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← Austin Friars

2024-08-31-accounts

AUSTIN FRIARS

GROUP FINANCIAL STATEMENTS

31 AUGUST 2024

Company Registration Number 1894340 Charity Number 516289

SAINT & CO

Chartered Accountants & Statutory Auditor 26 High Street Annan Dumfries & Galloway DG12 6AJ

Austin Friars

Company Limited by Guarantee

Financial Statements

Year Ended 31 August 2024

CONTENTS PAGE
Company Information 1
Trustees Annual Report (incorporating the directors report) 2
Independent auditor's report to the members 11
Group Statement of financial activities (including the
income and expenditure account) 15
Group Statement of Financial Position 16
Company Statement of Financial Position 17
Group Statement of Cash Flows 18
Notes to the financial statements 19

Austin Friars

Company Limited by Guarantee

Company Information

Registered charity name Austin Friars
Charity number 516289
Company registration number 1894340
Registered office Etterby Scaur
Carlisle
Cumbria
CA3 9PB
Trustees Mr P Elder
Mr S Graham (Resigned 01 October 2024)
Mrs K Martin (Resigned 19 March 2024)
Mr S Mitton
Fr I Wilson
Mr E Swinton
Mrs M Roberts
Mrs M Skeer
Dr B McCall
Mr D Strycharczyk
Mrs S Meakin
Miss L Graham (Appointed 19 January 2024)
Secretary Mr D Strawbridge
Key management personnel Mr M Harris (Headmaster) (Retired 31.08.24)
Mr C Hattam (Appointed 01.09.24)
Mr D Harte
Mr S Parry
Miss K Quinn
Mr D Strawbridge
Mrs J Thornborrow
Mr C Marsh
Mr J Tiffen
Auditor Saint & Co
Chartered Accountants
& Statutory Auditor
26 High Street
Annan
Dumfries & Galloway
DG12 6AJ
Bankers Virgin Money
82 English Street
Carlisle
CA3 8HP
Solicitors Burnetts
Victoria House
Wavell Drive
Carlisle
CA1 2ST

- 1 -

Austin Friars

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors Report)

Year Ended 31 August 2024

The Trustees, who are also directors for the purposes of company law, present their report and the financial statements of the parent charity and its subsidiary undertakings for the year ended 31 August 2024.

Reference and administrative details

Reference and administrative details are shown in the schedule of company information on page 1 of the financial statements.

The Trustees

The Trustees who served the parent charity and its subsidiary undertakings during the period were as follows:

Trustee Member of Committee Member of Committee Member of Committee Member of Committee Member of Committee
1 2 3 4 5
Mr P Elder
Mr S Graham(resigned 1 October 2024)
Mr S Mitton*
Fr. I Wilson
Mrs M Skeer *
Mrs M Roberts *
Mr D Strycharczyk
Dr B McCall
Mrs S Meakin *
Mr E Swinton
Miss L Graham
Mr Stephen Bolger

  1. Finance and General Purposes Committee

  2. Academic sub-committee

  3. Bursary Committee

  4. Remuneration Committee

  5. Health and Safety sub-committee

*Parent of a child or children attending the School

The day to day running of the School is delegated to the Headmaster and the Bursar, supported by members of the Senior Management Team. The Headmaster and the Bursar also attend the Trustees' meetings.

- 2 -

Austin Friars

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors Report)

Year Ended 31 August 2024

Structure, governance and management

Austin Friars is a company limited by guarantee governed by its Memorandum and Articles of Association dated September 2015.

Austin Friars is registered as a charity with the Charity Commission - Charity Number 516289. The Trustees confirm that they have complied with section 17(5) of the 2011 Charities Act in having paid due regard to the Charities Commission guidance on public benefit.

Austin Friars has an established Board of Trustees. The Board of Trustees, as the Trustees of the parent charity and its subsidiary undertakings, are legally responsible for the overall management and control of the School and meet at least three times a year. They determine the strategic direction and the general policy of the School.

Recruitment and training of Trustees

The Trustees recruit individuals to serve on the Board. Individuals whose skill sets would complement and enhance the existing members are invited to join for an initial three year term from the Annual General Meeting.

A copy of the Memorandum and Articles of Association is available for all new Trustees and all Trustees are encouraged to attend training days provided by the Association of Governing Bodies of Independent Schools (AGBIS) and other suitable training organisations.

Group structure and relationships

The Charity has a close relationship with the Austin Friars St Monica's Development Fund which has similar objectives and beliefs. It is also connected to Austin Friars School Trading Limited which manages the School’s vehicle fleet. Following the introduction of VAT on school fees, the Trustees intend to wind up this entity given this has removed any benefits to having this group structure in place.

Remuneration of key management personnel

Remuneration for the Senior Management Team is determined by the Remuneration sub-committee of the Trustees. This sub-committee reviews the terms and conditions on an annual basis. Due consideration is given to national benchmarking reports including periodic surveys by AGBIS to ensure that their total remuneration package is commensurate to similar roles within the sector.

Charitable objectives

The Charitable Company’s objective is the advancement of education by the carrying on of a Catholic School in the Carlisle area educating boys and girls in the Augustinian tradition.

Within this, the Charity assumes trusteeship of two unendowed trust funds held for special purposes which are the Pat Bailes Memorial Fund and the Graham Prizes for advanced mathematical study and advanced study in Computer Science.

Aims and intended impact

Austin Friars is an inclusive community inspired by the Gospel and the works of St Augustine. It seeks to enable its pupils, staff and friends to develop in a spirit of generosity, enquiry and justice.

As the only independent day School for girls and boys aged 3 - 18 in the north of Cumbria and South West Scotland, Austin Friars is continuing to develop its strong reputation for meeting the individual needs of all its pupils.

- 3 -

Austin Friars

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors Report)

Year Ended 31 August 2024

The School aims to maintain its established tradition for outstanding academic achievement, sporting excellence and a high standard of pastoral care. The cultural life of the School is strong. Art, music and drama feature both in the curriculum and the wide-ranging extra-curricular programme. The Duke of Edinburgh award scheme is well supported by both pupils and staff.

Objectives for the year

(4) Work towards meeting the targets arising from the ISI inspection (November 2022).

parents who welcome and are in sympathy with the school’s ethos, aims and policies

(6) To ensure that the teacher-pupil engagement is of the highest quality, that the features of effective teaching are evident in all lessons and that pupils are offered consistent academic challenge.

(7) To strengthen the profile of the school in the locality by effective marketing and so ensure and increase the numbers on roll.

(8) To have governance of the highest quality that is consistent with the Augustinian values of the school and ensures that the school’s finances are actively managed to meet its short-term requirements as well as ensuring its long-term viability.

(9) To ensure that all statutory and regulatory requirements are met and that the school’s Trustees and Senior Leaders maintain active oversight of these matters.

(10) To develop and enhance its resources and facilities to ensure an environment that is capable of meeting the school’s educational ambitions.

(11) To promote and foster an active alumni community dedicated to supporting the continued development of the school through its fundraising and promotional events.

The practical strategies adopted to support this year's objectives have included the continuation of the refurbishment programme, which this year included works on the grounds and repairs to the fabric of buildings and supporting the Development Fund fundraising for the potential refurbishment of the Art Department and construction of a new Sports Hall.

- 4 -

Austin Friars

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors Report)

(continued)

Year Ended 31 August 2024

Principal activities for the year

The parent charity and its subsidiary undertakings provides education for boys and girls from the ages of 3 -18. This year the senior School had a pupil roll of 231 and The Junior School ended the year with a pupil roll of 92 on average.

In order to support the School's outstanding academic record, the School will strive to invest in a capital expenditure programme during the coming years.

Grant making policy

This year the School awarded Scholarships, Bursaries and other grants in the sum of £275,435 (2023: £315,085) out of unrestricted funds.

The Trustees' policy, in line with that of other independent Schools, is to widen access to Austin Friars by making awards on the basis of the individual's educational potential as well as parental circumstances. This is facilitated by an active bursary scheme.

Volunteers

The parents and friends of the School (PTA) have helped with School fundraising and cultural activities which has often involved many hours of voluntary service during the year. The Trustees greatly appreciate these efforts.

The PTA continued to play an important role in the life of the School during 2023/2024, and have supported numerous events and the funds raised have provided valuable support for both academic departments and the wider curricular life of the School.

Public benefit

Austin Friars remains committed to the aim of providing public benefit in accordance with its founding principles.

The awarding of bursaries to assist with bringing students into the School who would ordinarily not be in a position to join the School is a measurable means of providing public benefit. These pupils who attended 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 in some cases the wider community. This year the School awarded various bursaries and scholarships in the sum of £662,487 (2023: £726,490) (inclusive of staff discounts). This included a high proportion of means tested awards and in total represented 12.3 % of the Schools gross fee income.

The School brings £4M annually into the local economy through the use of local companies and by employing approximately 100 staff at the School. The School also alleviates pressures on local state education resources with the education of approximately 360 pupils out with the state sector. Using government figures of £7,690pa to educate a child, this equates to saving the state £2.7M pa.

In addition to bursaries, the School has engaged in many other activities that provide benefit to the public within the School's objectives. Indoor and outdoor facilities are made available to a number of clubs and groups within the local community. Recent examples include:

- 5 -

Austin Friars

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors Report)

(continued)

Year Ended 31 August 2024

Annually through the School's charity committee and individual charitable events held throughout the year the whole School raises money, which is donated to local, national and international charities. The school has strong links with a number of local maintained primary Schools and a local special needs School. Recent examples of charitable giving, other than cash include:

Achievements and performance

The after effects of the pandemic which saw a reduction in new pupils, coupled with the cost of living crisis, has resulted in a slight reduction in pupil numbers. Nevertheless, there remains a steady interest in the School. The year ended with 89 pupils in the Junior School and 228 in the Senior School for a total roll of 317. Numbers remain vibrant in the pre-School since the move into the Junior School.

A Level results were closely in line with this year’s National Averages, with 27% of all grades at A*-A, and an overall pass rate of 96%. 53% of students secured a place at their first choice of university with 97% getting their first or second choice. 33% of GCSEs were graded 9-7, compared to the national average of 21%. The average Attainment 8 score was 56% compared to. 49% nationally.

Principal risks and uncertainties

The Board of Trustees is responsible for the management of the risks faced by the School. The principal risks to which the School is exposed are analysed under the following headings:

Compliance (including Child Protection and Safeguarding as well as Legal and Regulatory) Finance (which includes Credit Risk which is mitigated by the credit control procedures enforced by the bursar and Liquidity Risk which is mitigated by constant monitoring of cash flow forecasts) Strategic (which includes the risk of lower pupil numbers) Premises (including Health and Safety) Cyber

- 6 -

Austin Friars

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors Report)

(continued)

Year Ended 31 August 2024

Public Profile Political HR

Given the legislative changes that have been brought into force post year end, a number of threats are being discussed within political circles such as the; loss of business rates relief and VAT on school fees. Such threats, sitting alongside the ongoing cost of living crisis and increased energy costs, have the potential to create a degree of financial uncertainty in the years ahead. The Board will continue to monitor and where possible manage these risks, building as much resilience into the School as possible.

The Trustees have reviewed the adequacy of the Charity's current internal controls and consider them adequate for the full operation of the trading operation of the entity.

Objective vs performance / Key performance indicators

The School is not narrowly selective and is justifiably proud of its very successful academic record and the achievement of its pupils in securing good university places.

The School underwent it’s Independent School’s Inspectorate (ISI) Focused Compliance Inspection in November 2022 and the School was assessed as meeting all the standards with the Educational Quality assessed as ‘Good’. We are now in the process of preparing for our next Compliance and Education Inspection which is expected to be in November 2025

The Trustees have been provided evidence of individual pupil performances, departmental reviews of these performances, overall standardised residuals (i.e. value added data) and an overview of the examination results separately.

The School continues to consistently be one of the top Cumbrian co-educational providers. The strong academic performance is a key element in the continuing interest in places at the School.

The Trustees continue to keep the School's activities under review, particularly with regard to any major risks. The Trustees monitor the risks to the School by a system of internal controls and other viable means.

The key controls used by the parent charity and its subsidiary undertakings include:

The controls are periodically reviewed to ensure that they continue to meet the needs of the Charity and its’ subsidiary.

- 7 -

Austin Friars

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors Report)

(continued)

Year Ended 31 August 2024

Going concern

After making appropriate enquiries, the Board of Trustees has a reasonable expectation that the school has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements. However, it has been decided to close the trading company, therefore, its separate financial statements are prepared on a basis other than going concern. Liquidation of this company has no impact on going concern of the school.

Financial review

Total group income for the Year was £5,428,157 (2023: £4,829,643), with the main funding source being tuition fees. The charitable group incurred Expenditure of £5,380,944 (2023: £4,912,473), with the main cost of providing education being staff costs. Finally, the charity made a gain on investments of £10,242 (2023: loss on investments of £123) which has resulted in a surplus for the year of £57,455 (2023: a deficit of £82,953).

Great care continues to be exercised in the financial management of the School. Bank borrowing is being reduced where possible, however, the Bank of England base rate has significantly impacted on the cost of the School’s borrowings in the last two years, albeit this has now stabilised and we appear to be on a slow downward trend.

Reserves policy

The long term objective of the Trustees is to achieve a position of financial security.

It is the intention of the Trustees to return “free reserves” to a surplus position and to maintain a level that would cover a minimum of three months expenditure. The Trustees intend to reinvest operational surpluses generated in excess of this level back into School improvements. The level of reserves will continue to be monitored.

Total funds of the Group have increased from £6,304,264 to £6,361,719 in the year. Within total funds is £36,346 of restricted funds and the remaining £6,325,373 of unrestricted funds can only be realised by disposing of tangible fixed assets and settling the associated loans. This leaves no free reserves.

Investment policy

The Trustees hold monies in investments which have been set aside for various contingencies. In addition, the Trustees also have some restricted funds in investments in order to obtain reasonable returns on monies held. The investments have performed in line with the Trustee’s objectives.

Plans for future periods

A comprehensive annual Development Plan is produced by the Schools' Senior Management Team (SMT) after consultation with the staff and the plan is then ratified by the Trustees.

The coming 12 months are set out in objectives for the year and will see the School continuing to ensure that the resources and facilities are further enhanced to promote the educational objectives of the School. The School is currently awaiting final tenders for its new Art and Digital Design Centre and anticipate a final decision regarding the construction of the new Sports Hall in April 2025.

Innovations to enhance the extra-curricular offerings in both the junior and senior school are currently being reviewed and a renewed engagement with parents through Parent Forum and a new PTA committee.

- 8 -

Austin Friars

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors Report)

(continued)

Year Ended 31 August 2024

Responsibilities of the Trustees

The Trustees (who are also the directors of Austin Friars for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted 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 the income and expenditure, of the charitable company for that period. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable group and the profit or loss of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding 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:

- 9 -

Austin Friars

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors Report)

(continued)

Year Ended 31 August 2024

Auditor

A resolution to re-appoint Saint & Co as auditors for the ensuing year will be proposed at the annual general meeting in accordance with section 487(2) of the Companies Act 2006.

Registered office: Signed on behalf of the Trustees Etterby Scaur Carlisle Cumbria CA3 9PB Mr E Swinton Chairman Mr S Mitton Vice Chairman 14[th] February, 2025

- 10 -

Austin Friars

Company Limited by Guarantee

Independent Auditor’s Report to the Members of Austin Friars

Year Ended 31 August 2024

Opinion

We have audited the financial statements of Austin Friars (the parent charity) and its subsidiary (the group) for the year ended 31 August 2024 which comprise the consolidated statement of financial activities (including income and expenditure account), consolidated statement of financial position, company statement of financial position and consolidated statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those 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 group and parent 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.

Emphasis of Matter – Basis of preparation

We draw attention to note 34 of the financial statements which explains that the senior management has decided to close the trading company/subsidiary after the year end. Consequently, its separate financial statements have been prepared on a basis other than going concern as described in the note. The results of the trading company are immaterial to the group and therefore the trustees do not believe it to have a material impact on the going concern of the parent charity. Our opinion is not modified in respect of this matter.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

- 11 -

Austin Friars

Company Limited by Guarantee

Independent Auditor’s Report to the Members of

Austin Friars (continued)

Year Ended 31 August 2024

Other information

The other information comprises the information included in the annual report, other than the group financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the group 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.

In connection with our audit of the group financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the group financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and the parent charity and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees report (incorporating the directors' and strategic reports).

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the group financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

- 12 -

Austin Friars

Company Limited by Guarantee

Independent Auditor’s Report to the Members of

Austin Friars (continued)

Year Ended 31 August 2024

In preparing the group financial statements, the Trustees are responsible for assessing the charitable group'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 group 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 group 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 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 group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which the audit was considered capable of detecting 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:

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- 13 -

Austin Friars

Company Limited by Guarantee

Independent Auditor’s Report to the Members of

Austin Friars (continued)

Year Ended 31 August 2024

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent 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 standards 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 than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of Our Report

This report is made solely to the charity'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 charity'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 group and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

26 High Street Annan, Dumfries & Galloway DG12 6AJ

JENNIFER MCDAIRMANT (Senior Statutory Auditor) For and on behalf of SAINT & CO Chartered Accountants & Statutory Auditor

14 March 2025 ____

- 14 -

Austin Friars

Company Limited by Guarantee

Group Statement of Financial Activities (including the income and expenditure account)

Year Ended 31 August 2024

Unrestricted Restricted
Total Funds		 Total Funds
Funds Funds
2024		 2023
Note £ £ £ £
Income and endowments
Donations and legacies 4 19,365 6,500 25,865 58,334
Charitable activities 5 5,116,382 - 5,116,382 4,489,726
Other trading activities 6 202,818 - 202,818 203,230
Investment income 7 41,547 - 41,547 24,486
Other income 8 41,545 - 41,545 53,867
----------------------------------- ----------------------------------- ----------------------------------- -----------------------------------
Total income 5,421,657 6,500 5,428,157 4,829,643
----------------------------------- ----------------------------------- ----------------------------------- -----------------------------------
Expenditure
Expenditure on raising funds:
Costs of raising donations
and legacies 9 - (7,703) (7,703)
(68,015)
Costs of other trading
activities 10 (197,498)
-		 (197,498)
(215,228)
Expenditure on charitable
activities 11 (5,174,919)
(774)		 (5,175,693)
(4,629,230)
Other expenditure (50)
-		 (50) (4,629,230)
-
----------------------------------- ----------------------------------- ----------------------------------- -----------------------------------
Total expenditure (5,372,467)
(8,477)
(5,380,944)
(4,912,473)
----------------------------------- ----------------------------------- ----------------------------------- -----------------------------------
Net gains/(losses) on
investments 14 9,595 647 10,242 (123)
----------------------------------- ----------------------------------- ----------------------------------- -----------------------------------
Net income /(expenditure) 58,785 (1,330)
57,455		 (82,953)
Revaluation of assets used for
charitable purposes - - - 356,864
----------------------------------- ----------------------------------- ----------------------------------- -----------------------------------
Net movement in funds 15 58,785 (1,330)
57,455		 273,911
Reconciliation of funds
Total funds brought forward 6,266,588 37,676 6,304,264 6,030,353
------------------------------- ------------------------------- ------------------------------- -------------------------------
Total funds carried forward 6,325,373 36,346 6,361,719 6,304,264
======================== ======================== ======================== ========================

The Group Statement of Financial Activities includes all gains and losses in the year. All income and expenditure derive from continuing activities.

The parent charity and its subsidiary undertaking has taken advantage of section 408 of the Companies Act 2006 not to publish its own Profit and Loss Account.

The notes on pages 20 to 42 form part of these financial statements.

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Austin Friars

Company Limited by Guarantee

Group Statement of Financial Position

31 August 2024

2024 2023
Note £ £ £
Fixed assets
Tangible fixed assets 20 7,936,870 7,952,629
Investments 21 1,070,886 155,817
------------------------ ------------------------
9,007,756 8,108,446
Current assets
Debtors 22 3,280,201 234,378
Cash at bank and in hand 900,128 349,347
----------------------- ------------------------
4,180,329 583,725
Creditors: amounts falling due within one year 23 (5,535,743) (1,016,852)
----------------------- ------------------------
Net current liabilities (1,355,414) (433,127)
----------------------- ------------------------
Total assets less current liabilities 7,652,342 7,675,319
Creditors: amounts falling due after more than one year 24 (1,290,623) (1,371,055)
----------------------- -----------------------
Net assets 6,361,719 6,304,264
================= =================
Funds of the charity
Restricted income funds 27 36,346 37,676
Unrestricted income funds 27
Revaluation reserve 2,962,971 2,962,971
Other unrestricted income funds 3,362,402 3,303,617
---------------------- -----------------------
Total charity funds 6,361,719 6,304,264
================= =================

These financial statements were approved by the members of the committee and authorised for issue on the 14[th] February 2025 and are signed on their behalf by:

Mr E Swinton (Chair)

Mr S Mitton (Vice Chair)

The notes on pages 20 to 42 form part of these financial statements.

- 16 -

Austin Friars

Company Limited by Guarantee

Company Statement of Financial Position

31 August 2024

2024 2023
Note £ £ £
Fixed assets
Tangible assets 20 7,893,503 7,904,668
Investments 21 1,070,886 155,817
----------------------- -----------------------
8,964,389 8,060,485
Current assets
Debtors 22 3,327,767 290,174
Cash at bank and in hand 898,961 346,597
------------------------- -----------------------
4,226,728 636,771
Creditors: amounts falling due within one year 23 (5,532,537) (1,015,746)
------------------------- -----------------------
Net current liabilities (1,305,809) (378,975)
----------------------- -----------------------
Total assets less current liabilities 7,658,580 7,681,510
Creditors: amounts falling due after more than one year 24 (1,290,623) (1,371,055)
----------------------- -----------------------
Net assets 6,367,957 6,310,455
================= =================
Funds of the charity
Restricted income funds 28 36,346 37,676
Unrestricted income funds 28
Revaluation reserve 2,962,971 2,962,971
Other unrestricted income funds 3,368,640 3,309,808
----------------------- -----------------------
Total charity funds 6,367,957 6,310,455
================= =================

The profit/(loss) for the financial year of the parent charitable company was a profit of £57,502 (2023: a loss of £81,314).

These financial statements were approved by the members of the committee and authorised for issue on the 14[th] February 2025 and are signed on their behalf by:

Mr E Swinton (Chair)

Mr S Mitton (Vice Chair)

Company Registration Number: 01894340

The notes on pages 20 to 42 form part of these financial statements.

- 17 -

Austin Friars

Company Limited by Guarantee

Group Statement of Cash Flows

Year Ended 31 August 2024

2024 2023
£ £
Reconciliation of net income/(expenditure) to net cash flow from operating activities
Net income (as per the statement of financial activities) 57,455 (82,953)
Adjusted for:
Depreciation 169,121 220,490
(Profit)/Loss on disposal of property, plant and equipment 50 (9,438)
Interest payable and similar charges - -
Other interest receivable and similar income (41,547) (24,693)
Net (gains)/losses on investments (10,242) 123
Changes in:
Trade and other debtors (3,045,823) (84,733)
Trade and other creditors 4,527,659 48,392
------------------------ -----------------------
Cash generated from operating activities 1,656,673 67,188
Interest paid - -
Interest received 41,547 24,693
----------------------- -----------------------
Net cash from operating activities 1,698,220 91,881
================= =================
Cash flow from investing activities
Purchase of tangible fixed assets (153,411) (69,097)
Proceeds from sale of tangible assets - 18,108
Purchase of investments (904,827) (50,000)
----------------------- -----------------------
Net cash provided by/(used in) investing activities (1,058,238) (100,989)
================= =================
Cash flow from financing activities
Net repayments of hire purchase liabilities - (18,109)
Repayments of loan (89,201) (200,105)
---------------------- -----------------------
Net cash (used in)/from financing activities (89,201) (218,214)
================= =================
Net increase in cash and cash equivalents 550,781 (227,322)
Cash and cash equivalents at beginning of year 349,347 576,669
---------------------- ----------------------
Cash and cash equivalents at end of year 900,128 349,347
================= =================

The notes on pages 20 to 42 form part of these financial statements.

- 18 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 August 2024

1. General information

The parent company is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Etterby Scaur, Carlisle, Cumbria, CA3 9PB.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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 102) (Charities SORP (FRS 102)), the Companies Act 2006 and the Charities Act 2011.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going Concern

The trustees have a reasonable expectation that the parent charity will continue in operational existence for the foreseeable future. The trustees have reviewed the period of assessment together with budgets and cashflow forecasts and deem the going concern basis of preparation appropriate.

However, after the year end the senior management has decided to close the trading company and intend to transfer the trade and assets of this company up to the parent charity. Therefore, the trustees do not consider it to be appropriate to adopt the going concern basis of accounting in preparation of the separate financial statements of the trading company for the current year. The trading company’s accounts have been prepared on a basis other than going concern as a result of this decision. The income as well as net assets of the trading company are immaterial to the group and therefore the trustees do not believe it to have any impact on the going concern of the parent charity.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the charitable company and all group undertakings, i.e. the trading company. As a consolidated statement of financial activities is published, a separate statement of financial activities for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

Disclosure exemptions

The parent charitable company satisfies the criteria of being a qualifying entity as defined in FRS102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS102:

(a) No cash flow statement has been presented for the company.

(b) Disclosures in respect of financial instruments have not been presented.

- 19 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 August 2024

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the school; it is probable that the economic benefits associated with the transaction will flow to the school and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

VAT

The parent charity is not VAT registered, however the subsidiary undertaking is VAT registered therefore items may be stated VAT inclusive or exclusive where applicable.

- 20 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 August 2024

3. Accounting policies (continued)

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Tangible assets

Tangible assets are initially recorded at cost, except for land and buildings which are valued at market value, and subsequently stated at cost less any accumulated depreciation and impairment losses. Assets below £1,000 are not capitalised. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Freehold property - land nil, buildings 2% straight line,
finance costs 20% straight line
Computer equipment - 33% reducing balance
Furniture, fittings and equipment
- 5-20% reducing balance,
- 20% straight line
- 10% straight line
Nursery - 25% reducing balance
Plant and machinery - 20% reducing balance
Astroturf Pitch - Structure 2% straight line
- carpeting 6.66% straight line
Motor Vehicles - 20% reducing balance

Borrowing costs

Finance costs directly attributable to the construction of an asset have been capitalised as part of the cost of the asset. Depreciation at 20% straight line has been charged on this.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

- 21 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 August 2024

3. Accounting policies (continued)

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Government grants

Government grants are recognised at the fair value of the assets received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received.

Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Operating lease agreements

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Financial Instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

- 22 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2024

3. Accounting policies (continued)

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Pension Schemes

Retirement benefits for the School's teaching staff are provided by the Teachers' Pensions Scheme (TPS). The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees’ working lives with the School in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. TPS is an unfunded multi-employer scheme with no underlying assets to assign between employers. Consequently, the TPS is treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate.

Other non-teaching staff are covered by a defined contribution scheme. Contributions to the defined contribution scheme are recognised as an expense in the period in which the related service is provided.

Fund accounting

The School has various types of funds for which it is responsible and which require separate disclosure. These are as follows:

Unrestricted funds; are expendable at the discretion of the Trustees in furtherance of the objects of the school. In addition to expenditure on tuition, such funds may be held in order to finance capital investment and working capital.

Restricted funds; donations and or legacies received which are earmarked by the donor for specific purposes. Such purposes are within the overall aims of the School.

Endowed funds; funds given to the School where the income may be used for general purposes, but the capital must be retained.

Designated funds; The School may at its discretion set aside funds for specific purposes, which would otherwise form part of the general reserves of the School.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

- 23 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2024

3. Accounting policies (continued)

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

  1. The Trustees are accounting for the teacher's pension scheme as a multi-employer defined contribution scheme as the school is unable to identify its share of the underlying assets and liabilities of the scheme.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

  1. The Trustees have estimated the Depreciated Replacement Cost of the property, see note 20 for further details. The carrying value of property at the 31 August 2024 was £7,085,528.

  2. The Trustees have calculated an estimate of debts which may be irrecoverable in the future, this figure has been calculated based on previous recovery rates and detailed discussions about the status of larger debts. The carrying value of the bad debt provision at 31 August 2024 was £93,649.

  3. The Trustees have estimated the average useful economic life of each class of fixed asset when setting applicable depreciation policies. These were based on the Trustees' knowledge and previous experience, they do not believe there have been any material changes to the average useful economic lives of the assets.

4. Donations and legacies

Unrestricted Restricted Total Funds Total Funds
Funds Funds 2024 2023
£ £ £ £
Donations
Grants & donations 19,365 - 19,365 10,220
PTA Donations - 6,500 6,500 11,111
Miscellaneous donations - - - 37,003
-------------------------- -------------------------- -------------------------- --------------------------
19,365 6,500 25,865 58,334
==================== ==================== ==================== ====================

The income from voluntary income was £25,865 (2023: £58,334) of which £19,365 (2023: £10,220) was unrestricted and £6,500 (2023: £48,114) was restricted.

- 24 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2024

5. Charitable activities

Charitable activities
Unrestricted Total Funds Total Funds
Funds 2024 2023
£ £ £
Tuition fees and learning support charges 5,351,267 5,351,267 4,972,674
Trip income 296,840 296,840 103,164
Nursery fees 117,226 117,226 123,076
After school club – Junior School 11,561 11,561 13,867
Registration fees 1,975 1,975 3,435
Sibling discounts (73,091) (73,091) (63,794)
Staff discounts (313,961) (313,961) (347,612)
Scholarships (96,019) (96,019) (90,439)
Bursaries and grants (179,416) (179,416) (224,645)
---------------------- ----------------------- -----------------------
5,116,382 5,116,382 4,489,726
================= ================= =================

The income from charitable activities was £5,116,382 (2023: £4,489,726) of which all £5,116,382 (2023: £4,489,726) was unrestricted.

6. Other trading activities

Unrestricted Total Funds Total Funds
Funds 2024 2023
£ £ £
Pupil account income 82,679 82,679 98,314
School transport income 118,876 118,876 102,489
Stationery shop income 1,263 1,263 3,089
Music Lessons - - (662)
-------------------------- -------------------------- --------------------------
202,818 202,818 203,230
==================== ==================== ====================

The income from other trading activities was £202,818 (2023: £203,230) of which all £202,818 (2023: £203,230) was unrestricted.

7. Investment income

nvestment income
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2024 2023
£ £ £ £
Bank interest receivable 38,692 - 38,692 21,685
Other investment income 2,855 - 2,855 2,801
----------------------- ---------------- ----------------------- -----------------------
41,547 - 41,547 24,486
================= ============ ================= =================

The income from investments was £41,547 (2023: £24,486) of which £41,547 (2023: £24,011) was unrestricted and £0 (2023: £475) was restricted.

- 25 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2024

8. Other income

Other income
Unrestricted Total Funds Total Funds
Funds 2024 2023
£ £ £
Lettings 19,105 19,105 18,779
Orange income 7,000 7,000 7,000
Interest on overdue accounts - - 208
Miscellaneous income 7,002 7,002 8,872
Old debt recovery 138 138 895
Other income – sale of goods 8,300 8,300 8,675
Gain on disposal of fixed assets - - 9,438
----------------------- ----------------------- -----------------------
41,545 41,545 53,867
================= ================= =================

The income from other income was £41,545 (2023: £53,867) of which all £41,545 (2023: £53,867) was unrestricted.

9. Costs of raising donations and legacies

Costs of raising donations and legacies
Restricted Total Funds Total Funds
Funds 2024 2023
£ £ £
PTA Donations – Relevant expenditure 7,703 7,703 11,111
Father Hannon donations – Relevant expenditure - - -
Donation to development fund - - 56,904
----------------------- ----------------------- -----------------------
7,703 7,703 68,015
================= ================= =================

The cost of raising donations and legacies was £7,703 (2023: £68,015) of which all £7,703 (2023: £68,015) was restricted.

10. Costs of other trading activities

Costs of other trading activities
Unrestricted Total Funds Total Funds
Funds 2024 2023
£ £ £
Pupil account expenditure 33,562 33,562 39,578
School transport costs 163,936 163,936 175,650
----------------------- ----------------------- -----------------------
197,498 197,498 215,228
================= ================= =================

The cost of other trading activities was £197,498 (2023: £215,228) of which all £197,498 (2023: £215,228) was unrestricted.

- 26 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2024

11. Expenditure on charitable activities by fund type

==> picture [428 x 106] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Unrestricted|Restricted|Total Funds|Total Funds| |Funds|Funds|2024|2023| |£|£|£|£| |Providing education to children aged three| |to eighteen years|4,912,206|774|4,912,980|4,344,376| |Support costs|262,713|-|262,713|284,854| |--------------------------- ------------------------ ---------------------------|--------------------------| |5,174,919|774|5,175,693|4,629,230| |===================== ===================|=====================|====================|

----- End of picture text -----

The expenditure on charitable activities was £5,175,693 (2023: £4,629,230) of which £5,174,919 (2023: £4,628,469) was unrestricted and £774 (2023: £761) was restricted.

12. Expenditure on charitable activities by activity type

==> picture [429 x 117] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Activities| |undertaken|Total funds|Total funds| |directly Support costs|2024|2023| |£|£|£|£| |Providing education to children aged| |three to eighteen years|4,912,980|230,438|5,143,418|4,591,559| |Governance costs|-|32,275|32,275|37,671| |----------------------------- ----------------------------- ----------------------------- -----------------------------| |4,912,980|262,713|5,175,693|4,629,230| |======================= ======================= ======================= =======================|

----- End of picture text -----

13. Analysis of support costs

==> picture [429 x 94] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |Total 2024|Total 2023| |£|£| |Premises|100,392|150,528| |Finance costs|130,046|96,655| |Governance costs|32,275|37,671| |----------------------------- -----------------------------| |262,713|284,854| |======================= ======================|

----- End of picture text -----

14. Net gains on investments

==> picture [430 x 57] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Unrestricted|Restricted|Total Funds|Total Funds| |Funds|Funds|2024|2023| |£|£|£|£| |Unrealised gain/(loss) on investments|9,595|647|10,242|(123)| |==================|==================|==================|==================|

----- End of picture text -----

The net gain/loss on investments was £10,242 gain (2023: £123 loss) of which £9,595 (2023: £36) was unrestricted and £647 (2023: £87) was restricted.

- 27 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2024

15. Net income

This is stated after charging/(crediting): 2024 2023
£ £
Depreciation 169,121 220,490
(Gains)/Loss on disposal of fixed assets 50 (9,438)
Bad debts written off in the year 7,533 1,410
Provision for doubtful debts - -
Operating Leases 13,714 14,380
Interest on bank loans and overdrafts 107,720 96,022
================= =================
Auditors remuneration
2024 2023
£ £
Fees payable for the audit of the financial statements 7,615 6,925
======================== ========================
Fees payable to the charity's auditor and its associates for other services:
Other non-audit services 4,491 3,630
======================== ========================

16. Auditors remuneration

17. Reserve transfers

No transfer has been made between the revaluation reserve and the general reserve during the current year, as there is no additional depreciation charged as a result of the upwards revaluation of the property in the previous year.

18. Staff costs

Total staff costs and employee benefits were as follows: 2024 2023
£ £
Wages and salaries 2,640,914 2,520,846
Social security costs 244,512 232,626
Pension Costs 458,836 459,588
----------------------------------------------- ----------------------
3,344,262 3,213,060
================= =================

Included within the wages and salaries are termination payments totalling £nil (2023: £29,744 to two members of staff, these were paid in the reporting period and were in relation to notice periods).

The total contributions paid into the Teachers’ Pension Scheme amounted to £347,277 (2023: £401,469), the creditor at the year end was £38,927 (2023: £40,213). The total contributions paid into other defined contribution schemes amounted to £111,559 (2023: £58,120), the creditor for other pensions was £37,863 (2023: £5,090).

- 28 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2024

18. Staff costs (continued)

Particulars of employees:

The average number of employees during the year is analysed as follows:

2024 2023
No No
Teaching staff 48 48
Technician staff 14 14
Administrative staff 11 11
Maintenance staff 4 4
Junior School staff 8 8
Domestic staff 7 8
----------- -----------
92 93
======== ========

The number of employees whose remuneration for the year fell within the following bands, were:

2024 2023
No No
£100,000 - £109,999 1 1
£60,000 - £69,999 2 -
=============== ===============
All other employees earned less than £60,000 in the year.
2024 2023
No No
Accrued benefits under defined benefit pension schemes 3 1
=============== ===============

Key Management Personnel

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation (including Employer’s national insurance contributions and Employer’s pension contributions) paid to key management personnel for services provided to the charity was £616,525 (2023: £639,774).

19. Trustee remuneration and expenses

During the current period and previous period, the Trustees received no remuneration.

Austin Friars School have combined indemnity insurance against loss in the parent charity and its subsidiary undertakings from neglect or default of its Trustees, employees or agents. The professional indemnity cover is £2 million. It also has insurance cover to indemnify the Trustees or officers against the consequences of neglect or default on their part. The cost of the employers liability insurance cover was £295 (2023: £411). The total cover provided was £10 million (2023: £2 million).

During the current and prior period no Trustees received reimbursement of travel expenses.

- 29 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2024

20. Tangible fixed assets

Group

Plant &
Astroturf Furniture, Machinery Assets
Freehold Hockey Fittings & & Motor under
property Pitch Equipment vehicles
construction		 Total
£ £ £ £ £ £
COST OR VALUATION
At 1 September 2023 7,143,000 961,972 241,055 401,021 - 8,747,048
Additions 42,920 - 54,091 - 56,400 153,411
Disposals - - (36,873) - - (36,873)
Revaluation - - - - - -
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
At 31 August 2024 7,185,920 961,972 258,273 401,021 56,400 8,863,586
================= ================= ================= ================= ================= =================
DEPRECIATION
At 1 September 2023
-		 349,870 193,915 250,633 - 794,418
Charge for the year 100,392 28,153 17,310 23,266 - 169,121
Dep’n on disposals - - (36,823) - - (36,823)
Revaluation - - - - - -
---------------------- ---------------------- --------------------- --------------------- --------------------- ----------------------
At 31 August 2024 100,392 378,023 174,402 273,899 - 926,716
================= ================= ================= ================= ================= =================
NET BOOK VALUE
At 31 August 2024 7,085,528 583,949 83,871 127,122 56,400 7,936,870
================= ================= ================= ================= ================= =================
At 31 August 2023 7,143,000 612,102 47,139 150,388 - 7,952,629
================= ================= ================= ================= ================= =================

A valuation was performed and adopted by the Trustees at 31 August 2023, using the Depreciated Replacement Cost methodology, based on the reinstatement values provided by Barrett Corp Harrington provided at 31 August 2022. The buildings were valued using depreciated replacement cost at £4,934,000. The property was gifted to the Charity by the Augustinian Order in 2003. The carrying amount that would be recognised had buildings remained under the cost model would be £3,728,916 (Cost: £5,758,406 and Accumulated Depreciation: £2,029,490) (2023: Carrying value £3,744,764, Cost: £5,659,086 and Accumulated Depreciation: £1,914,322).

- 30 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2024

20. Tangible fixed assets (continued)

Freehold land and Buildings include land approximately valued at £2,209,000 which has not been depreciated.

Included within Freehold property is £56,700 of finance costs relating directly to the construction of an asset. As at the year end and the previous year end this asset was fully depreciated.

Assets under construction include expenses related to demolition / site clearance of Art block for construction of new sports hall.

Company

Company
Astroturf Furniture, Plant & Assets
Freehold Hockey Fittings & Machinery under
property Pitch Equipment construction Total
£ £ £ £ £ £
COST OR VALUATION
At 1 September 2023 7,143,000 961,972 241,055 345,183 - 8,691,210
Additions 42,920 - 54,091 - 56,400 153,411
Disposals - - (36,873) - - (36,873)
Revaluation - - - - - -
--------------------- --------------------- --------------------- --------------------- --------------------- ---------------------
At 31 August 2024 7,185,920 961,972 258,273 345,183 56,400 8,807,748
================= ================= ================= ================= ================= =================
DEPRECIATION
At 1 September 2023
-		 349,870 193,915 242,756 - 786,541
Charge for the year 100,392 28,153 17,310 18,672 - 164,527
Dep’n on disposals - - (36,823) - - (36,823)
Revaluation - - - - - -
---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ----------------------
At 31 August 2024 100,392 378,023 174,402 261,428 - 914,245
================= ================= ================= ================= ================= =================
NET BOOK VALUE
At 31 August 2024 7,085,528 583,949 83,871 83,755 56,400 7,893,503
================= ================= ================= ================= =================
=================
At 31 August 2023 7,143,000 612,102 47,139 102,427 - 7,904,668
================= ================= ================= ================= =================
=================

- 31 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2024

21. Investments

Group and Company

Movement in market value 2024 2023
£ £
Market value at 1 September 2023 155,817 105,939
Additions 904,827 50,000
Fair value movements 10,242 (122)
-------------------------- --------------------------
Market value at 31 August 2024 1,070,886 155,817
==================== ====================
Historical cost at 31 August 2024 1,003,642 98,815
==================== ====================

All investments shown above are held at valuation.

Analysis of investments at 31 August 2024 between funds

Unrestricted Restricted Total Funds Total Funds
Funds Funds 2024 2023
£ £ £ £
Other investments
Barclays Wealth Units 30,011 - 30,011 26,093
COIF Units 76,231 9,817 86,048 79,724
Cash in portfolio 954,827 - 954,827 50,000
------------------ ------------------ ------------------ ----------------
1,061,069 9,817 1,070,886 155,817
========= ===== ========= ==== ========= ===== ========= ====

The parent charity has one subsidiary undertaking; Austin Friars School Trading Limited (company registration number: 03091390) as the sole member, the subsidiary is included in the group accounts. The principal activity of Austin Friars School Trading Limited is the provision of transport services to Austin Friars School. This subsidiary company is limited by guarantee and incorporated in England & Wales. The address of the registered office is Etterby Scaur, Stanwix, Carlisle, CA3 9PB.

2024 2023
Austin Friars School Trading Limited £ £
Aggregate capital and reserves (6,238) (6,191)
Profit/(loss) for the year (47) (1,639)
Turnover 21,000 25,377
Expenditure (21,047) (27,016)
Gross assets at 31stAugust 45,030 57,377
Gross Liabilities at 31stAugust (51,268) (63,568)

- 32 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2024

22. Debtors

==> picture [427 x 137] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Group Company| |2024|2023|2024|2023| |£|£|£|£| |Trade debtors| |3,190,568|82,815|3,190,568|82,815| |Trading Company loan|-|-|48,062|62,462| |Other debtors| |50,642|20,328|50,146|13,662| |Prepayments and accrued interest|38,991|131,235|38,991|131,235| |-------------------|------------------ --------------------|-------------------| |3,280,201|234,378|3,327,767|290,174| |===============|=============|===============|==============|

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23. Creditors: Amounts falling due within one year

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----- Start of picture text -----
|||||| |---|---|---|---|---| |Group Company| |2024|2023|2024|2023| |£|£|£|£| |Bank loans and overdrafts|80,432|89,200|80,432|89,200| |Trade creditors|86,265|59,975|84,849|59,259| |Taxation and social security|53,546|55,952|53,546|55,952| |Pension control account|76,790|45,303|76,790|45,303| |Fees billed / paid in advance|5,074,324|576,221|5,074,324|576,221| |Entrance deposits|82,685|85,215|82,685|85,215| |Other creditors|63,765|72,648|61,975|72,648| |Accruals|17,936|32,338|17,936|31,949| |Hire purchase|-|-|-|-| |-----------------|-----------------|-------------------|------------------| |5,535,743|1,016,852|5,532,537|1,015,747| |=============|============= ==============|==============|

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The following liabilities disclosed under creditors falling due within one year are secured by the parent charity and its subsidiary undertakings:

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||||| |---|---|---|---| |Group Company| |2024|2023|2024|2023| |£|£|£|£| |Bank loans and overdrafts| |80,432|89,200|80,432|89,200| |_|__|_ _____| |80,432|89,200|80,432|89,200|

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The Bank loan and bank overdraft are secured by a debenture, this contains a fixed charge and a floating charge over all the property of the group. The carrying value of all the assets of the group is noted on the group balance sheet.

- 33 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2024

24. Creditors: Amounts falling due after more than one year

Creditors: Amounts falling due after more than one year than one year
Group
 Company
2024 2023 2024 2023
£ £ £ £
Bank loans and overdrafts 1,290,623 1,371,055 1,290,623 1,371,055
__ __ __ __
1,290,623 1,371,055 1,290,623 1,371,055
=============== ============== =============== ==============

The following liabilities disclosed under creditors falling due after more than one year are secured by the parent charity and its subsidiary undertakings:

Group
 Group
 Company
2024 2023 2024 2023
£ £ £ £
Bank loans 1,290,623 1,371,055 1,290,623 1,371,055
__ _ _ __
1,290,623 1,371,055 1,290,623 1,371,055
=============== ============== ============== =============

The loan agreement is for a term of 5 years and has an interest rate of LIBOR plus 2.45% and repayments are made monthly.

The Bank loan is secured by a debenture, this contains a fixed charge and a floating charge over all the property of the group. The carrying value of all the assets of the group is noted on the group balance sheet.

Amounts payable by instalments which falls due before 5 years totals £1,009,878 (2023: due after 5 years totals £1,009,878).

- 34 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2024

25. Deferred income

Group and Company

Group and Company
2024 2023
£ £
At 1 September 2023 661,436 616,211
Amount released to income from charitable activities (661,436) (542,446)
Amount deferred in the year 5,157,009 587,671
--------------------------------------- ----------------------------------
Balance as at 31 August 2024 5,157,009 661,436
======================================= ==================================

Deferred income comprises tuition fees billed / paid in advance and entrance deposits held.

26. Retirement Benefit Schemes

Defined contribution schemes

The charity operates 3 pension schemes, the Teacher's Pension Scheme and two defined contribution schemes: Aviva Pension Trust for Independent Schools (for Teachers) and a Standard Life defined contribution pension scheme for all other qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £458,836 (2023 - £459,588). 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 £347,277 (2023: £401,469) and at the yearend £38,927 (2023 - £40,213) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which 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 have valued the ‘greater value’ benefits for groups of relevant members.

The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

- 35 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2024

27. Analysis of charitable funds Analysis of charitable funds
Restricted funds – Group and Company
Balance at Incoming Outgoing Gains and Balance at
1 Sep 2023 resources resources losses 31 Aug 2024
£ £ £ £ £
Pat Bailes
Memorial Fund 11,739 - (100) 647 12,286
S Graham prizes
for maths and ICT 5,267 - (100) - 5,167
Bavidge Memorial
Cup 200 - (25) - 175
Restricted Assets –
Organ 1,863 - (373) - 1,490
Restricted PTA
Donation 2,167 6,500 (7,854) - 813
Restricted – Father
Hannon 16,165 - - - 16,165
McCarthy Award
for Innovation 275 - (25) - 250
Development
office fund - - - - -
------------------------- ------------------------- ------------------------ ------------------------ ------------------------
37,676 6,500 (8,477) 647 36,346
=================== =================== =================== =================== ===================
Restricted funds - Group and Company – prior year
Balance at Incoming Outgoing Gains and Balance at
1 Sep 2022 resources resources losses 31 Aug 2023
£ £ £ £ £
Pat Bailes
Memorial Fund 11,681 245 (100) (87) 11,739
S Graham prizes
for maths and ICT 5,037 230 - - 5,267
Bavidge Memorial
Cup 225 - (25) - 200
Restricted Assets –
Organ 2,329 - (466) - 1,863
Restricted PTA
Donation 2,337 11,111 (11,281) - 2,167
Restricted – Father
Hannon 16,165 - - - 16,165
McCarthy Award
for Innovation 275 - - - 275
Development
office fund 19,901 37,003 (56,904) - -
----------------------------- ----------------------------- ----------------------------- ----------------------------- -----------------------------
57,950 48,589 (68,776) (87) 37,676
=================== =================== =================== =================== ===================

- 36 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2024

27. Analysis of charitable funds (continued)

Name of restricted fund Description, nature and purpose of fund

Pat Bailes Memorial Fund This fund is held in investments, each year an amount is provided for student prizes.

S Graham prizes for maths & This is moneys held for the purposes of prize giving. ICT Bavidge Memorial Cup This is moneys held for the purposes of prize giving. Restricted assets – Organ This is an organ which was purchased using a donation from the Father Hannon Trust. Restricted PTA Donation The PTA provides funding each year for approved items requested by teachers and pupils. Restricted – Father Hannon This is funding provided by the Father Hannon Trust for music related expenditure. McCarthy Award for This is moneys held for the purposes of prize giving. Innovation Development office fund This money is held to create a development office within the school.

Unrestricted funds - Group

Balance at Incoming Outgoing Gains and Balance at
1 Sep 2023 resources resources
Transfers		 losses 31 Aug 2024
£ £ £ £ £ £
General Funds 3,303,617 5,421,657 (5,372,467) - 9,595 3,362,402
Revaluation
Reserve 2,962,971 - - - - 2,962,971
---------------------------- ---------------------------- ---------------------------- ------------------------- -------------------------- ---------------------------
6,266,588 5,421,657 (5,372,467) - 9,595 6,325,373
===================== ====================== ====================== =================== ==================== ====================
Unrestricted funds – Group – prior year
Balance at Incoming Outgoing Gains and Balance at
1 Sep 2022 resources resources
Transfers		 losses 31 Aug 2023
£ £ £ £ £ £
General Funds 3,287,594 4,781,054 (4,843,697)
78,702		 (36) 3,303,617
Revaluation
Reserve 2,684,809 - - (78,702) 356,864 2,962,971
--------------------------- ---------------------------- ---------------------------- ------------------------- -------------------------- --------------------------
5,972,403 4,781,054 (4,843,697) - 356,828 6,266,588
===================== ====================== ====================== ==================== ==================== ====================

Name of unrestricted fund Description, nature and purpose of fund

General funds The ‘free’ reserves after allowing for all designated funds. Revaluation reserve This is the excess of the latest revaluation of the property less depreciated replacement cost.

- 37 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2024

27. Analysis of charitable funds (continued)

Unrestricted funds - Company Unrestricted funds - Company
Balance at
Incoming		 Outgoing Gains and Balance at
1 Sep 2023 resources resources
Transfers		 losses 31 Aug 2024
£ £ £ £ £ £
General Funds
reserve 3,309,808
5,421,657		 (5,372,420)
-		 9,595 3,368,640
Revaluation
Reserve 2,962,971
-		 - - - 2,962,971
------------------------- ------------------------- ---------------------------- ------------------------ -------------------------- --------------------------
6,272,779
5,421,657		 (5,372,420)
-		 9,595 6,331,611
==================== ==================== ====================== =================== ==================== ====================
Unrestricted funds – Company – prior year
Balance at
Incoming		 Outgoing Gains and Balance at
1 Sep 2022 resources resources
Transfers		 losses 31 Aug 2023
£ £ £ £ £ £
General Funds 3,292,146
4,781,054		 (4,842,058)
78,702		 (36) 3,309,808
Revaluation
Reserve 2,684,809
-		 - (78,702) 356,864 2,962,971
-------------------------- -------------------------- -------------------------- ------------------------- ------------------------- -------------------------
5,976,955
4,781,054		 (4,842,058)
-		 356,828 6,272,779
===================== ===================== ===================== ==================== ==================== ====================

28. Analysis of net assets between funds

Group

Tangible Investments Current Current Long Term Total
Fixed Assets Assets Liabilities Liabilities
Restricted Income Funds: £ £ £ £ £ £
Pat Bailes Memorial fund - 9,817 2,469 - - 12,286
S Graham Prizes for maths & ICT - - 5,167 - - 5,167
Bavidge Memorial Cup - - 175 - - 175
Restricted Fixed Assets – Organ 1,490 - - - - 1,490
Restricted PTA Donation 813 - - - - 813
Restricted – Father Hannon - - 16,165 - - 16,165
McCarthy Award for Innovation - - 250 - - 250
Development office fund - - - - - -
__ __ __ ___ __ __
2,303 9,817 24,226 - - 36,346
__ __ __ ___ __ __
Unrestricted Income Funds 7,934,567 1,061,069 4,156,103 (5,535,743) (1,290,623) 6,325,373
__ __ __ ___ __ __
Total Funds 7,936,870 1,070,886 4,180,329 (5,535,743) (1,290,623) 6,361,719
========== ====== ================ ================ ================== ================ ================

- 38 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2024

28. Analysis of net assets between funds ( continued)

Company

Tangible Investments Current Current Long Term Total
Fixed Assets Assets Liabilities Liabilities
Restricted Income Funds: £ £ £ £ £ £
Pat Bailes Memorial fund - 9,817 2,469 - - 12,286
S Graham Prizes for maths & ICT - - 5,167 - - 5,167
Bavidge Memorial Cup - - 175 - - 175
Restricted Fixed Assets – Organ 1,490 - - - - 1,490
Restricted PTA Donation 813 - - - - 813
Restricted – Father Hannon - - 16,165 - - 16,165
McCarthy Award for Innovation - - 250 - - 250
Development office fund - - - - - -
__ _ _ ___ __ __
2,303 9,817 24,226 - - 36,346
__ _ _ ___ __ __
Unrestricted Income Funds 7,891,200 1,061,069 4,202,502 (5,532,537) (1,290,623) 6,331,611
__ _ _ ___ __ __
Total Funds 7,893,503 1,070,886 4,226,728 (5,532,537) (1,290,623) 6,367,957
========== ====== ============== ============== ================== ================ ================

Analysis of net assets between funds – Prior Year Group

Group
Tangible Investments Current Current Long Term Total
Fixed Assets Assets Liabilities Liabilities
Restricted Income Funds: £ £ £ £ £ £
Pat Bailes Memorial fund - 9,170 2,568 - - 11,738
S Graham Prizes for maths & ICT - - 5,268 - - 5,268
Bavidge Memorial Cup - - 200 - - 200
Restricted Fixed Assets – Organ 1,863 - - - - 1,863
Restricted PTA Donation 1,767 - 400 - - 2,167
Restricted – Father Hannon - - 16,165 - - 16,165
McCarthy Award for Innovation - - 275 - - 275
Development office fund - - 26,643 (26,643) - -
__ ______ _ __ __ __
3,630 9,170 51,519 (26,643) - 37,676
__ ______ _ __ __ __
Unrestricted Income Funds 7,948,999 146,647 532,206 (990,209) (1,371,055) 6,266,588
__ ______ _ __ __ __
Total Funds 7,952,629 155,817 583,725 (1,016,852) (1,371,055) 6,304,264
===== =========== ============ ============= ================= ================== ===============

- 39 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2024

28. Analysis of net assets between funds ( continued) Company

Tangible Investments Current Current Long Term Total
Fixed Assets Assets Liabilities Liabilities
Restricted Income Funds: £ £ £ £ £ £
Pat Bailes Memorial fund - 9,170 2,568 - - 11,738
S Graham Prizes for maths & ICT - - 5,268 - - 5,268
Bavidge Memorial Cup - - 200 - - 200
Restricted Fixed Assets – Organ 1,863 - - - - 1,863
Restricted PTA Donation 1,767 - 400 - - 2,167
Restricted – Father Hannon - - 16,165 - - 16,165
- - 275 - - 275
- - 26,643 (26,643) - -
__ ______ _ ___ ___ ___
3,630 9,170 51,519 (26,643) - 37,676
__ ______ _ ___ ___ ___
Unrestricted Income Funds 7,901,038 146,647 585,252 (989,103) (1,371,055) 6,272,779
__ ______ _ ___ ___ ___
Total Funds 7,904,668 155,817 636,771 (1,015,746) (1,371,055) 6,310,455
================ ============= ============= ================== ================== =================

29. Financial Instruments

The carrying amount for each category of financial instrument is as follows:

2024 2023
£ £
Financial assets measured at fair value through income and expenditure
Listed investments 1,070,886 155,817
================ ===============

30. Operating lease commitments

At 31 August 2024 the total future minimum lease payments under non-cancellable operating leases for the parent charity and its subsidiary are as follows:

Assets other than

Land and buildings

Group Company
2024 2023 2024 2023
£ £ £ £
Not later than 1 year 13,713 14,002 13,713 14,002
Later than 1 year and not later than 5 years 23,784 37,497 23,784 37,497
______ ______ ______ ______
37,497 51,499 37,497 51,499
============ ============ ============ ============

- 40 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2024

31. Capital commitments

At 31 August 2024 the group had the following capital commitments:

Group Company
2024 2023 2024 2023
Capital commitments - - - -
======== ======== ======== ========

32. Analysis of changes in net debt

At 1 Sep 2023 Cash flows At 31 Aug 2024
£ £ £
Cash at bank and in hand 349,347 550,781
900,128
Debt due within one year (89,200) 8,768
(80,432)
Debt due after one year (1,371,055) 80,432
(1,290,623)
──────────── ──────────
────────────
(1,110,908) 639,981
(470,927)
════════════ ══════════
════════════

33. Related parties

In addition to the related party transactions listed in notes 18 and 19, the following transactions occurred:

Austin Friars St Monica's School Parent Teacher Association, a connected charity donated £6,500 (2023: £11,111) to Austin Friars School to use on certain items / projects.

One of the Trustees, Mr S Mitton and three members of Key Management Personnel, Mr M Harris, Mr S Parry and Miss K Quinn, had children attending the school during the year. All transactions were on normal commercial terms and no preferential rates or terms were received by the Trustees, key management personnel received discounts on fees on the same basis as all other members of staff.

During the year CTS Statutory Inspections Limited, a company of which Mr N Elsender (a trustee of the school, resigned 20/07/2023) is a director, invoiced the school £1,419 during the year (2023: £1,377).

During the year Burnetts Solicitors, a company in which Mr M Walby (a trustee of the school, resigned 09/10/2022) was a partner, invoiced the school for services totalling £2,469 (2023: £5,297).

34. Going Concern

The trustees have a reasonable expectation that the parent charity will continue in operational existence for the foreseeable future. The trustees and the management are keen to ensure that every aspect of the business is regularly reviewed so that the parent charity is well prepared for the challenges which lie ahead.

Since the year end, the senior management has decided to close the trading company following the introduction of VAT on school fees, given this has removed any benefits to having this group structure in place. Therefore, the trustees do not consider it to be appropriate to adopt the going concern basis of accounting in the preparation of the separate financial statements of the trading company for the current year.

- 41 -