Charlty reglstratlon number 525929 Company reulstration number 00681518 (England and Wale81 POWNALL HALL SCHOOL TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 27AUGUST 2024 NALL HALL SCHOOL TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Govèrnors Mrs E M MacAulay (Chairl MrT F Barnes Mr T J Wareham Mrs N M Wood MrRB Wwood Mrs S Kelly Mis D Hueling MrsASimmonds Mrs K Meht8 Mr R Hill IAppolnl8d 4 SeplembeT 20231 {Appointed 20 April 20241 (Appointed 21 Odober 20241 Headmaster Mr D Goulbourn Secretary Mr D Goulbourn Buslness Manager Mr M Hughes Charlty number 525929 Company number 00661518 Reglstered offlce Pownall Hall School Carrwood Road Pown811 Park Wilmslow Cheshir6 SK9 5DW Audltor Josolyne LLP Merchant Exchange Waters Green Macclesffeld Cheshire SK116JX Bankers Lloyds Bank Group PIC 223 Finney Lane Cheadle Cheshire SK8 3PY POWNALL HALL SCHOOL TRUST LIMITED CONTENTS Page Governors, r8port Independent audilo¥'s report Statement of financial activitles io statement of financial position 11 ststemenl of cash flows 12 Notes lo thè financlal ststemenls 13-30 POWNALL HALL SCHOOL TRUST LIMITED GOVERNORS, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 27AUGUST 2024 The Governors prèsènt their annual report and financlal slalemenls for the year ended 27 August 2024. The financial statements have been pr8pared in accordance wlh the accounting policies set out in note 1 to the financial slalemenls and comply with the school's Memorandum and Articles of Association, the Gompanies Act 2006 and "Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparlng Ihelr accounts in accordance with the Financi81 Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffedve 1 January 2019}, Objectlvos and actlvltles In selling objectives for the School and planning ils a¢livilies, the Governors have given careful consideration to the Charity Cornmission's general guidance on public benefit and in particular lo ils supplementary public guidance on advancing education and fee charging. The Governors have for many years offered assistance with fees and the School has been particularly successful in attracting children whose parents would not be able lo afford a full fre paying place. The assistsnce lakes in lo account the cost of extra curricular activities. The Governors are also conscious of the role that the School has always played, and continues to play, in the local community and this Report sets out details of activities which benefit all seelion8 of that communlty. However we are not complacent in respect of the publlc benefit requirements,. on the contrary we are continuously exploring OPPDrtunilies Io 8nhance the School's activities and use all its resources for the benefit of all strands of tha local community. Our School welcomes pupils from all backgrounds. There is no entran￿ requirement as such although in the upper forms an initial a¢ademi¢ assessment Is madts, and this identifies the educational requirements and programme for the child. We have made significant investments in infrastructure lo cater for the needs of children who are. or b@come. disabled. The welfare and progress of the children in every respect is a prlority commllment and our procedures facililale effective monitoring of development and success. The School's objectives are the advancement ol èducallon for 6 months to 11 year old children. The Charity has also lo maintain ils h8rilage endowment, in particular Ihe Hall which is a grade 2. listed building and various artelacts, books and works of art. The Govemors have also emphasised the need lo make the School's resources and activbties available lo the wider ￿MMunItY and lo contribute lo the welfare of the communily. The Governors also make bursaries available and are intent on achieving a wider acces5 lo the School, offering assisted places lo children whose parents are unable lo meet Ihe full fees and making the School's resoureès available to the local community. thin thes8 Objects, the School's aiffl is to provide a first class independ8nl education, based on excellent academic luilion and extra curricular 8¢1ivilies involving the development of sporting, artistic and social skills in all its pupils. This is designed to provide an envlronment in whlch all pupils can develop and fulfil their polenlial, both in gaining access lo the secondary school of their choi￿. and in building self confidènce and a desire to contribute to Ihe wider wmmunity. The focus in the perlod ended 27 Augusl 2024 and beyond has been on maintaining and improving academlc performance., increasing contribution to tho wider Community both by activity and visibility in the community and by making the School's resolfrces and achvilies available lo others., actively pursuing the development and introduction ol a bursary scheme,. and investment in the School's infrastructure and facilities. The aclivitles whlch have contributed to the implemenlalion of the School's Strategy 2nd the achievemènt of Ils objectives are dealt ￿th in the next section of this ReFQrt. The Governors have paid due regard lo guidance Issued by the Charity Commission in deciding what activilies the school should undertake. Strateglc report The description under the headings "Achievements and performance" and "Financlal rev1￿ meet the company law requiiemenls for the Glivernors lo present a slraleglc report. POWNALL HALL SCHOOL TRUST LIMITED GOVERNORS, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 27AUGUST 2024 Achlevements and porfom)an¢e Education Quality and Compliance Inspections were undertaken by the Independent Schools Inspector818 in March 2017. The Inspectors eoncluded that the quality of Ihg pupils. academic and other achlevemenls is excellent and that the quality of the pupils, personal development Is 8xcellent. Specific mention was made of excellent p&rformanc8 in every aspect of pupils, education. The Inspe¢lors made no recommendations themselves bul commended the objectives in the School's slr8legic plan. The results of the Compliance Inspection were similarly positive with the School meeling the laid down standards. A further Compliance Inspection in March 2020 resulted in a very positive assessment. The Robins room lor under 2 has al￿ received an OFSTED inspection in July 23 and has feceived a 'Good' rating for all asp8cls which was a lanlasb'c oulcome for a provision which had b8en in opeTatiori for just 30 months. Finally, in order to obtain a Material Change Increase lo the Schools Registered Capaeily 8 further compliance inspection was carried out during 2023 and all expectations were found to have been met and the Material Change application was approved. Our children continued lo allain the highest quality academic standards. 96% of th8 children in Form 6 achievet% passes in the 11+ entrance examinations arKI were offered places al the secondary Schools ol thelT ¢k￿lce, including Manchester Grammar School, Sloekport Grammar School, The King's School Ma¢¢lesfield, Cheadle Hulme School, Alderley Edge School for Girls, Manchester High School for Gills, Hulme Hall Grammar School. Wilmslow High. Newcastle Under Lym8 Our children Teceived 68 offers ol places including 9 scholarships. Although the primary focus of the School Is on academic success, all our children partlclpale in many extra- curricular activities which we consider 68senlial for their development and prepares them for the rigorous demands of secondary school and beyond. There is considerable emphasis on music and drama. Many of th8 children passed music examinations and almost all are involved in choral aclivilies. The majorlly tsf the senior School participal8d in excellent productlons throughout the year, oulslanding performances which received numerous accolades. All children in the School sung and performed in numerous concerts and plays. Our outstanding choiis participatod in many public. as well as internal, performanc8s during the year. There were numerous achievemen18 al the Alderley Edge Festival. where the chamber and senior choir achièved 1 $1 place whilst the junior choir came second. There were also individual successes in the piano solo, vocal solo. piano duel and duologue categories. Sport continues lo be an inlegral part of our children's activities and opportunities, and the all weather hard court, which was originally fin8nc8d by a specific and generous donation from our Parents. As$¢cialion, is used extensively for football, hockey, tennis, netball and other sports. This together with the Sports Hall and gur extensive external facilities provides for a variely of sportlng activilie8 in which our children participate with great enthusiasm, enjoyment and success. Tennis, football, hockey, cricket, nelb811, cross-counlry, swimming, rugby and alhl8tics are just some of thg sports in which our children are extensively involved. No less imporlanl are other aclivilies such as music, art, cooking and chess which add to th8 broad education which is provided. The Gtrvernors in implementing the buisary policy, awarded a number of assisted places lo children who otherwise would have been unable lo attend the School. Th8 Finance Governor continues lo develop the lomial policy and the Governors are anxious lo ensure that assisled places are made avallablè to the wider communlly on a consistent, equitable and realistic basis. Considerable emphasis has been plac8d on updating the School's Inlraslruclure and facilities. This year the focus has continued lo be on enhancing and modemising leaching facilities. Ther8 has been further investment in ICT with the purchase of laptops, chrome books and iPads for both pupils and staff, Classroom inleraclive touchscreen5. inslallalion of a new computer hub. Investment has also been made into maintaining the glade 11 listed Hall with refurbishment ol the oak looring ir) the reception area and classroom5. The theatre has also been upgraded with new lighting, curtains and toilet lacilllies. The EYFS has received further signlficant inveslmonl with a refurblshment of the Owls room the provision for 2 year olds. Th8 privale road beyond the school drive has also been rè-laid fof the benefit of our paienls, staff and neighhours. The Parents and Staff Association have also funded play oquipmenl for the EYFS, wep and pre-prep areas and contributed towards the previously mentioned Ihealfe upgrade. POWNALL HALL SCHOOL TRUST LIMITED GOVERNORS, REPORT {CONTINUEDI{INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 27AUGUST 2024 The Governors. staff and parents. together with their chitdren, are particularly committed to the School's conlribulion lo the wider local community. Thts Ha11 being a grade 2. listed Arts and Crafts building is opened to visitors on several occaslons during the year. The School's sporting and other facilities are frequently useL* by local sport5 clubs and similar organisalions and the Governors ar8 seeking lo extend this opportunity lo those who are not fortunate enough lo hav8 their own facilllies. Our children's plays and choral activities are provided lo many in the comm4Jriily, In particular pensioners. and a considerable number of charitable activities are organised by all members of the School communty. The School's operations are funded in the main by fee incomè. However, the Governors and other voknnteers and supporteis of the School are alert lo potential fundraising opportunilles although these are largely focused on specific projects. The School's Parents. Committee is particularfy active and successful in mounting social and other events and surpluses ar& typically used to purchase equipment for classrooms and other school facJlilie8, entirely at the discretion of the Committee. The Governors would like to record their appreciation of the parenls, contribution lo the School. Flnanclal revlew Al 29 August 2021 the financing of the School comprised a loan of £1,050,000 from 8 personal lender and loans trom Governors and their families of £458,000. The repayment of these loans were exlend8d lo April 2022 to enable the Governors lo conclude allernalive fundin9 arrangemenls. The adverse financial impact of the Covid pandemic, which ¢onlinued into 20121 8nd beyond, meant that the School was unable lo meet the lending parameters and criteria indicated by our bankers as a raquiremenl for refinancing. As a result an a￿ernative souice of finan￿ was obtained again from a personal lender to r6pla¢e the above mentioned108n of £1,050,000. This new loan for £1,050,000 commenced on 26th August 2022 and is interest free with no repayments required for a period 013 years whilst the Governors source replacement finance from the School's bankers. During the period ended 27th August 2024 the school has continued repayment ol the Governors loans and the balance was reduced by £125,00012023 £50,000) to £283.000. Numbers Iri the School have increased throughout the period rising from 306 on role al thè stsrt of the year rising 10 340 by the end of the school year. Numbers remain strong and again 8r8 at 306 for the stsrt of the new school, year 24125 and are sel again to rise to a similar level as la¥1 year by the end of the school year. The Governors report a surplu5 of £264,446 for Ihe perlod, compared lo £188,719 in the previous period, the improvement reftecls the growth In pupil numbers during the year. This does however, include don81ions of Capital Items funded by the PSA within the restricted funds which will be depreciated over the lifetime of the assets. The underlying numbers for the unrestricted fund show a movement from a surplus of £141,715 10 £245,493. During the last Iwo or three years cash flow ha8 significantly Improved in line with rising pupil numbers. As a result, deferred payments of Teachers Pensions as well as repayment ol Governors loans have been made tolalling in excess of £230,00012023 £250,000). Reserves pollcy The Governors, policy towards reserves is to invest a proportion of its surpluses in the School's facililles and nlraslructuro. Although this discretionary spending impacts on reserves only through th8 progressive recognillon of depreciation in the Slalemenl of Financial Activities, il impacts on the School's cash reSoUr￿s. Consequently, the Governors think il appropriate that the overall financial position, including and in particular the cash position. informs and influences the poliey on, and level of, reserves. The Governors are cons¢ious that the Unrestricted funds are In deficit, However. as staled above, the schogl has experienced signific8nl increase5 in numbers over the past few years and although the impact of Covid-19 had postponed the return lo profilabilily, this was achieved in the year to August 23 and August 24, with further surpluses forecast for Augusl 25 ?nd beyond whilst pupil numbers remain consislenl. The sale of sutplus land in 2017118 yielded a significant profil anEI was ￿nsIstenI with the valuation of the School's freehold lan(1 and buildings. undertaken in 2012 as part of the nègotiations in connection wlh the increased bank facilities, which Indicated a value signifi'cantly in excess of the carrying value In the balance sheet. POWNALL HALL SCHOOL TRUST LIMITED GOVERNORS, REPORT ICONTINUED){INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 27AUGUST 2024 Under the direction of the Governors and the Headm8Ster, the School has conlinueLI lo inve81 in modernising and enhanclng the leaching provision, and in the provision of new facilities which will enhance the education experience of our children. Essential, albeit modest, investment programmes were continued during this period. Some of the investment w8s onco again funded by our Parents, Committee and we a9ain record our appreciation of their tireless aetivilies, support and contribution. The Board of Governors is responsible for the management of risks faced by the School. Detailed consideration and managemènt of risks are delegated to the exe¢uliv8 management team who report informally to the Business Management Committee I'BMC'I and Board. The Governors have continued lo implement enhanced risk management processes during the year. Major risks and issue5 are evaluated and considered al all m8nagemenl meetings and the risk idenliflcation, assessment and response process has beon formally documented during the year. The Governurs and exe¢ulive management team are risk conscious and are satisfied that the major risks fa¢ed by the School have been managed and miligaled to an adequate extent. The governors recognise that systems can only provide reasonable bul r￿l absolute 88sur8nce that major risks have been adequately managed. The key objectives of the medium lo long 16rm strategic plan are.. To achieve optimum ￿pacItY in each cl8ss throughout the School To 8nsura that teaching capaclly and capability is commensurate with these class sizes To maintsin Ihe current high standards of academic achievemènt measured in the main by the succe88 of the School's children in securing offers from th8 secondary schools of Iheif choice To continue lo main18in the School's reputation for excellence in extra curricular activily in the arts, sport and community activity To wlden participallon in the School by offering assisted p18ces for children, and to make the School's resources. facilities and activities available to the wider community To continue the programme of improving the School's infraslruclure and facililles. In the short term the Governors are conscious of the School's financial position particularly In light of the recent introduction of VAT on school fees, loss of Charitable Business Rates Relief and increases ol both Teachers Pension contributions and employers national insurance. Initiatives lo achieve efficiencies and economies in the cost base Continu& lo be implemenl&d and emphasis Is bèing placed on initiatives lo increase pupll numbers. The Govemors will implement proj8cls and inilialives only on the basis that the School remains within Its financlal facilllies. Structure* governance and management The activities of the Trust are referred to in the Memorandum and Article5 ofAssociation which 1$ thè governing document of the Trusl. The Govemors, who are 8180 the directors for the purpose of company law, and who have served since 28th August 2023 were.. Mrs E M MacAulay {Chairl Mr T F Barnes Mr G D Dawber Mr T J Wareham Mrs L Window Mrs N M Wood Mr R B Wwood Mrs S K8lly Mrs H F Jeys Mrs D Huetlng Mrs A Simmonds Mr8 K Meht8 Mr R Hill IResign8d 31 August 2024} Resigned 4 September 20231 {R85igned 4 September 20231 {Appoinled 4 September 20231 (Appointed 20 April 20241 (Appointed 21 Odober 20241 POWNALL HALL SCHOOL TRUST LIMITED GOVERNORS, REPORT (CONTINUED)IINCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 27AUGUST 2024 In accordance with the Articles ofAssocSalion, Mrs E M MacAulay, Mr T F Bames and Mrs S Kelly wlll retire by rotation at the forthcomlng AGM, and being eligib18, will off8r themselves lor re.election. The Trust does not have any share capital but each G0v8rr￿r is guarantor lo the extent of £1. No Governor has beneficial interest in the Trust. Governors are ele¢led by The Board of Govemors having regard lo th8 skills r8quiremenls of the Board. Each Gov8rnor conlribules a specific aiea of eX￿rtISe relevant to the management of the School. The Governors, as the Charlly TTuslee5, are legally responsible for the overall management and control of the School and meet al least five limes a year. The work of implementing most ol the policies laid down by the Board of Governors and the d8y to day management of the School Is undertaken by the executive senior managem8nl team under the supervision of the BMC, chaired by the Chair ol the Board, which meets at least five limes a year before the meetings of the Board, and which r￿rMallY includès the Deputy Chair, Flnance Governor, Headmaster and Business Manager. Statement of Governors, responslbllltles The Governors, who are also the directors of Pownall Hall School Trust Limited for the purpose of company law, are responsible for preparing the Governors, Report and the financial slalemenls in accordan￿ with applicable law and Unil8d Kingdom Accountiny Standards (United Kingdom GeneralsyA￿pted A¢counting Practice). Company Law requires the Goveinors lo piepare financial slalemenls for each financial year which give a true and fair view of the slal8 of aflairs of the schoLII and ol the incoming resoltrces appli¢alion of resourcès. Ineluding tho income and expenditure. ol the charitable company lor that y8ar. In preparing these financial stslemenls, the Governors are required lo.. select 8uilable accounting PDlirAes and Ihen apply them consislenlly., - observe the methods and principles in the Charities SORP,, make judgements and eslimales that are reasonable and prudent., slate whether applicable UK Accounling Standards have been followed. subject lo any malerial departures disclosed and explalned in Ihe financial slalemenls., and prepare the financial slalemenls on the going concern basis unless il is inappropriate lo pr8sumè that the s¢hog1 will continue in op&raliDn. The Governors are responsible for keeping adequate accounting records that disclose with reasonable accuT8Cy al any time the financial position of thè school and enable them lo ensure that th8 financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the school and hence for loking ieasonable steps lor the prevention ar)d detection of fraud and other Irregularities. POWNALL HALL SCHOOL TRUST LIMITED GOVERNORS, REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 27AUGUST 2024 Audltor In accordance with the company's articles, a resolution proposing that Josolyne LLP be reappointed as al￿$101 of the company will be pul al a G&neral Meeting. Dls¢lo$ur8 of Informatlon to audltor Each of the Governors has confirmèd that there is no infoTmalion of which they are aware whlch is relevant lo the audit, bul of which the auditor is unaware. They have further confirmed that they have taken appropriat8 step5 10 identity suth relevant inlormation and to establish Ihat the audllor is aware of such informalion. The Govemors. report. Including the strategic report, was approved by the Board of Governors. Mr R Hlll Governor Dated.. 7 February 2025 POWNALL HALL SCHOOL TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF POWNALL HALL SCHOOL TRUST LIMITED Oplnlon We have audited the financial slatoments of Pownall Hall School Trust Limited Ilhe 'school'l for the year ended 27 August 2024 which comprise the Statement of Financial A¢livilles. the Slalem8nl of Financial Posilior¢. tha Statement of Cash Flows and th? notes lo the financial Statements, including a summary of significant 8ccounling policies. The financial reporting framework that has been applied in Ihelr preparation is applicable law and United Kingdom Accounting Standards, including Financlal Reporting Slandard 102 The Financial Reporting Standard appllc&ble in the UK and Republic of Ireland (United Kingdom Gonerally Accepted Accounting Praclieel. In our opinion, the fi'nancial slal@menls'. give a true and fair view of the stale of the charitable company's affairs as at 27 August 2024 and of ils incorning resources and application of resources. Including ils incomè and expenditure, for the year then ende¢', have been prop8Tly prepared in accordance wlth Uniied Klngdom Generally Accepted Ac¢ounling Praclic8', and have been prepared in accordanc8 wlfh the requirements of Ihe Companies Act 2006. 8a$l$ for opSnlon We conducted our audit in accordance with International Standards on Auditing {UK) IISAS IUKI} and applicable law. Our responsibilities under those standards are further de8crib8d in the Audilofs responsibililies for the audil ol Ihe financial slatem&nls section of our r8port. We are Independent of the school in accordance with the ethical requiremenls that arè ralevant to our audit of the financial statements in the UK. including the FRC'S Elhi¢al Standard, and w& have fulfilled Dur ulher ethical responsibilities in accordan￿ with these requirements. We believe that the audit evidence we have obtained is Sufficienl and appropriate lo provide a basis for our opinion. Emphasls of matter Due lo tha Slalemenl of Financial Position showing net liabililitis of £1,021,174 we draw your allenlion to th& relevant disclosure in the Govèrnors report and note 1.2. Our opinion has not been modified in respect of this disclosure. other Informatlon The glher Information ¢omprises thè information Included in the annual report other than Ihe financial slalements and our auditor's report thereon. The Govemors are responsible for the other information Gonlained wthin the annual report. Our opinion on the financial slalemenls does not cover the other Information and, except to the extent otherwise explicllly staled in our ieport, we do not express any lorm of assurance ￿nClusion thereon. Our responsibility is lo read the other Information and, in dolng so. consider whether the other information is materialty inconsislenl with the financial slalemenls or our knowledge obtained in the coursts of the audit, or olherwse appears lo be materially misstated. If we identify such material inconsistencies or apparent m8tefial misstalemenls, we are required lo determine whèther this gives rise to a rnalerial mi5slalemenl in the financial statements themselves. If. basèd on the work we have performed, w& conclude Ihal there is a mal&rial misstslemenl of this other informallon, we are iequired lo report that fact. We have nothing lo report in this regard. Oplnlons on other matters prescrlbed by the CompanSes Act 2006 In our opinion, based on the work undertakon in the coursè of our audit.. the information given in the Governors. report for the financial year for which the fin?ncial slalemenls are prepared, which includes the directors. report and the strategic report prepared lor th& purpose8 of company law. is consistent with the financial slalements.. and the strategic report and the directors. report Included within the Governors, report have been prepared in accordance with appli¢able legal r8qulrements. POWNALL HALL SCHOOL TRUST LIMITED INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE MEMBERS OF POWNALL HALL SCHOOL TRUST LIMITED Matters on whlch w& are requirèd to report by exception In the light of the knowledge and understanding of the school and ils environment obtained in the course of th8 audit, we have not identrfied malerlal missla18ments in the strategic report or the direclors, report included within the Governors. rèport. We have nothing lo report in respect of the following mallers in relalon lo which tbe Companles Acl 2006 requiies us lo report lo you if, in our tspinion.. adequate accounllng recortjs have not be8n 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 Telum8.' or ertairi diselosures of Iruslee8' remuneration specified by law ar8 not made,. or we have not received all the information and explanations we Tequife foi our audit. Responslbllltlg5 of Governors As explained more fully in the statement of Governors, responsibilities, the Governors, who are also the directors of Ihe school for the purpose ol company law, are responslble for the preparation of the financial statements and for being salisfied that they give a true and lair view, and for Such internal control as the Governors delerffline is necessary lo enable Ihe preparation of fi'nancial slalements that are free from material misslalement, whether due lo fraud or error. In preparing the financial slalemenls, the Governors ore responsible for assessing the school's 8bilily lo continue as a going concern. disclosing, as applicable, mall8rs related lo going concern and using the going cOn￿M basis of accounting unless th8 Govemors either intend lo liquidate the charitable company or to cease operatlons, or have no realistic allernalive bul lo do so. Audltorfs responslbllltles for the audK ol thè flnanclal ststsmonts Our objectives are lo obtain reasonable assurance aboul whether the financial slalemenls as a Who￿ are free from material misslatemenl, whether due lo fraud or error, and to issue an auditor's report th81 includes our opinion. Reasonable assurance 15 a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstatement when il exists. Misslalemenls can arfse from fraud or error and are consid8red material if, individually or in the aggregate, they could reasonably be expected lo influen the economic decisions of users taken on Ihe basls of these financial slalements. The extent to which our procedures are capable of deleding irregul8rilies, including fraud.18 detailed below. We obtained an understanding of the legal and regulatory Irameworks that are applicable lo the enlily and its industry, and dètermined that the most significant are Ihose that relate lo breaches of safeguarding, hea51h and safely regulations, data protection and employm&nl laws. We also considered those laws and regulations that have a direct effect on the finan¢ial statements such as FRS102 accounting principles and the Companlts Act 2006. We have considered the 8xl8nl ID which non-wmpliance might hav8 a maleiial effect on the financial ststemenls and 81so evaluated management's incentives and opportunitles lor ffaudulenl manipulation of the financial slalemenls. POWNALL HALL SCHOOL TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF POWNALL HALL SCHOOL TRUST LIMITED We established that the principal risks related lo revenue recogn(fion, management bias in gwunbfig eslimales and managernenl override. reGoverabilily of debtors, potential understatement of cr@ditors and the going concern status of the ￿h0O1. Audit procedures perfoTmed included.. Performed a reconciliation of total school fees lo expectations based on pupil numb8rs and current fee rates. Reviewed fee invoices raised either side ol the year end lo ensure accounted for in the correct period. Vouched year end aceruals and prepaymfrnl balances lo supportiny Invoices. Reviewed paymenls and involces post year end for omilled creditois and 8ccruals. Checked cash received after dats to confirm Tecoverabilily of year end debtors and ensure 5ufficienl provision was included. Designed our audit procedures order lo incorporate unpredictsbilily around the nature, liming or exlenl ol our lesling. Identified and tested journal entries lo consider the appropriateness of journal entries arEd other adjuslmenls., Assessed whether the judgèments made in making accounting eslimales are Indicative of a potential bias.. and evaluated the business rallonale of significant Iransaclions that were unusual or outside Ihe normal course of business. Challenged assumptions made by managemenl in making their significant accounting eslimates, Reviewed financial statement disclosures and lesled lo supporting documenl81ion lo assass compliance with applicable laws and regulations. Reviewed managements assumptlons wlh regard lo the going concern slalus of the school. Reviewed profit and cash flow forecasts prepared for 8 period in excess 0112 months from approval of the 8ccounls. We Communicate with those charged with governance regardlng. among other matters. the planned scope and liming Df the audit and significant audit findings. Includlng 8ny significant defi¢ierb¢ies in internal control Ihal we identify during our audlt A further description of our responsibilities is available on the Finanaal Reporting Council's website al.. hllps'.11 www.frc.org.uklaudilorsrespon5ibilili&s. This description forms part of our auditor's report. Use olour report This report is made solely lo the charllable company's mèmbers, as a body, in accordance with Chapter 3 of Part 16 ol the Companies Acl 2006. Our audit work has been undertaken so that we might slate to the charilat4e company's memb8rs Ihose mallers we are required lo $lal8 lo them in an auditor's report and for no other purpose. To the fullest &xtenl permilled by law, we do not a￿epI or assume responsibility lo anyon@ other than the charllable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. JaYlJL flQ LLP Chloe Harrlson ACA {Senlor Statutory Audltor> for and on behalf of Josolyne LLP 7 February 2025 Chartered Accountants statutory Audltor Merchanl Exchange Waters Green Macclesfield Cheshire SK116JX POWNALL HALL SCHOOL TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 27 AUGUST 2024 Unregtrlcted R&strlcted funds funds 2024 2024 Total Unr•strlcted Restrkted funds funds 2023 2023 Total 2024 2023 Notss Incom8 and endowments from: Donations and legacies Charitable activities Investments Other incomo 36,604 36,604 3.755,896 4,524 13,489 5,750 3,080,646 122 66,552 72,302 3,080,646 122 3,755,896 4,524 13,489 Total Income 3,773,909 36,604 3.810.513 3.086,518 66,552 3,153,070 Expendlture on: Raising funds Charitable activities Other expenditure 15.569 3,488,614 24,233 15.569 17,651 3,506.265 24,233 14,678 2,902,494 27,631 14,878 19,548 2,922,042 27,831 13 Total expendlture 3,528.416 17,651 3,546,067 2,944,803 19.548 2,964,351 Net Incomè and movement In fund5 245,493 18,953 264,446 141.715 47,004 188,719 Reconclllatlon of funds: Fund balances al 28Augusl 2023 11,511.662) 226,042 11,285,620) 11,853.377) 179.038 {1,474,339) Fund balances at 27 August 2024 (1,266,169) 244,995 {1.021,1741 {1,511.662) 226,042 11,285,620) Thg s1818menl of financial aclivilies Includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 10- POWNALL HALL SCHOOL TRUST LIMITED STATEMENT OF FINANCIAL POSITION ASAT27AUGUST2024 2024 2023 Notes Flxed assets Property, plant and equipment 16 1,134,215 1,076.726 Current assets Trade and other receivable8 Cash al bank and in hand 17 176,226 1,D37,902 151,429 255,984 1,214,128 11,865,758) 407,413 11,333,105) Current IlabllStle$ 20 Net current Ilabilltlès {651,6281 1925.6921 Total assets less current Ibabllltlès 482,587 151,034 Non-¢urr¢nt Ilahllities 21 {1,503.761) 11,436,654) Net IlabilltSes 11,021,174> 11,285,620) The funds of the school Reslricled income funds Unreslricled funds 24 244.995 11,266,169) 226,042 {1.511,6621 11.021.174) 11,285.6201 The financtal statement5 were approved by the Govèrntsrs on 7 February 2025 Mrs E M MacAulay (Chair Governor Mr R Hill Governor Company registration number 00661518 (England and Wales) 11 POWNALL HALL SCHOOL TRUST LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 27 AUGUST 2024 2024 2023 NotOS Cash flovts Irom op•ratlng actlvltlos Cash generated from operations 29 1,100.490 382,767 Inv￿tIng actbvltlos Purchase of property, plant and equlpmenl Proceeds from disposal of property, plant and equipment Investment income re￿iVed 1222,184) {142.6631 76,663 4,524 122 Net cash used In Invgstlng actlvltles 1140,997) 1142.541) Flnanclng activltles Repayment of borrowings Repayment ol bank loans Paym&nt of finance leases obllgalions 1125.0001 {10,0001 142,5751 {50,0001 110.0001 123.2981 Not cash used In flnanclng actfvitles 1177.575) 183,298} Net InGrease In cash and cash equlvalents 781.918 15e,928 Cash and cash equiv81enls at beginning of year 255,984 99,056 ash and cash equlvalènts at end of year 1,037,902 255,984 12- POWNALL HALL SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 27AUGUST 2024 AG¢ountlng pollclos Charlty Informatlon Pownall Hall School Twst Limited is a private company limited by guarantee incDrporaled in EnglaThJ and Wales, The registered office is Pownall Hall School, CamNood Road, Pownall Park, Wlmslow, Cheshlre, SK9 50W. 1.1 Accountlng eonventlon The financial slalements have been prepared in accordance with the school's Memorandum and Articles of Assoeialion, Ih@ Companies Aet 2006, FRS 102 The Financlal Reporting Standard applicabl8 in the UK and Republic of Ireland. I'FRS 102.1 and the Chaiilies SORP"Accounting and Reporting by Charities.. Slalemenl of Recommendod Practice applicable lo charities preparing their accounts in accordance with the Financial Rèporting Standard applicable in the UK and Republic of Irelan(I IFRS 1021" leffeclive 1 January 2019}. The school is a Public Benefit Entlty as defined by FRS 102. The financial slalements are prepared in sterling, which is the functional curronw of the school. Monetary amounts in these financial statements are rounded to the nearest £. The financial sl8temenls have been prepared under the hislorlcal cost convention, modified to include certain rinoncial Inslrumenls al fair value. The principal accounting policies adopted are sel out below. 1.2 Golng concern The financing of the School al 27 August 2024 Comprised Interim funding of £1.05m from a personal lender and loans of £283.000 from Governors and their families. The School's bankers, Lloyds, have orally indicated their willingness to consider replacing this funding based on the School'g return to profitsbillty. The interim funding of £1.05m was agreed in August 2022 and has been provided interest free and with no repayments required until 28th August 2025. As more fully explained in the Govemor8' Report, the adverse financial impad of Covid-19 h85 been significant. The losses arising were funded Initially by a Bounce Back Loan of £50,000, a deferral of amounts due to HMRC, repayment of which by inslalmenls commenced in October 2020 and have been completed in July 23 and finally by deferral of amoun15 due lo Teachers Pension Scheme which have been completed in March 2024. As a result the School has been funding the Covid~19 losses over a Telalively short per40d and the Governors and School Executive have implemented measures lu mael this funding requirement by Income, cost and cash flow management. Based on these measures. the school has now returned lo a position of positive trading cash flow and this has been eviden￿￿ by the s&tllemenl of arrears of Teachers Pension lolalling £108,559 during the year ended 27th August 24 as well as a reduction in Governors108ns ol £125,000 during the same period. Although the School's statement of financial position as at 27th August 2024 show a ¢umulalive defic￿1 ol £1.05m. this is of course wilh properties included al a deprec¢aled cost well below their current values. During the year ended 27th Augu8124 the sellSemenl of borrowings as detailed above in excess of £230,000 clearly demonslrales that the School is having no difficulty meeting liabilities as they f811 due and is g6neraling signifi'cant operating cash flows. Draft management accounts and foreca5t8 for the years to August 2025 and August 2026 show significant surpluses that will continue lo generate sufficient ￿sh1OW$ to reduce berrowings further before the interest free peiiod provided by the personal lender finance of £1.05m comes to an end in August 2025. By this lime the expeclalion is Ihal the School wll be showing significant surpluses that will support fefinaneing of the £1.05m loan facility. The Trustees therefore have a reasonable expectation that the company has adequale resources lo continue in operational existence for the foreseeable future. Thus they continue lo adopt the going conGefn basis of accounting in prepaTillg the annual a￿o￿nIS. 1.3 Charltable funds Unreslricl&d funds are available for use at the discretipn of the Governors in hjrtherance of Ihelr charitable objectives. 13- POWNALL HALL SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 27AUGUST 2024 Accountlng pollcles (Continued) Reslricled funds are Subject lo specifi¢ conditions by donors or grantors as lo how they may be used. The purposes and uses of the restricted funds are sel out in the notes to the financial slalemenls. Endowment funds ar8 subs'ect to Specific conditlons by donors that the capital must be maintained by the school. 1.4 Incomlng resources Income 18 recognised when the schotsl is legalty enlilled to il after any performance condltions have been mel. the amounts can be measured reliably. and It is probablg that income will be received. Fee ineomè is recognised in th8 Slalemenl of Fln8nc181 Activits'es on the accruals basis. Fees received In advance of education lo be provlded in fulure years are held until either taken lo inwme In the lern or else refunded. Cash donations are r8cognised on receipt. Other donations are recognlsed once the school has been notified of the donation, unless pèrformance conditions require deferral of the amount, Incom8 lax recoverable in relation to donations received under Gift Aid or deeds of covenant 1$ re¢ognised al the time of Ihe donation. Legacies are recognised on receipt or olherwist11 the school has been nollfied of an impendlng distfibution, the amount is known, and reeeipl is expected. If amount 1$ not known, the le9aGy is treated as a contingent asset. 1.6 Resource5 expended Expenditure is recognised once there 15 a legal or conslruclive obllgallon to transfer economic benefit IL) a third party. il is probable that a Iransfer of economic benefits will be required in selllement, and the amount ol the obligation ¢an be measured reliably. Expenditure is classified by activity. The Costs of each activity are made up of the total of dirÉ¢t cosls and sh8red costs, Including support costs involved in undertaking each aclivily. Direct costs attributaue lo a single activity arè allocated directly lo that activity. Shared costs which contribute lo more than one activity and support costs whlch ar& not altribulable to a single activity are 8PPOrtioned beiween those aetivilies on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges are allocated on the portion of the assefs use. Expenditure is accounted for on an accruals basis. The cost headings comprise expenditure, InclLKAng staff Costs and depreciation, directly ttttribulabl@ to the activlly. Where ¢osls cannot be directly atlribuled they have been allocated lo aclivi11os orb a lalr and reasonable basis. Support costs comprise all servlces including an appropriate proportion of gen8Tal overheads specifically identified as wholly or mainSy incuried in support of the direcl charitable expenditure. Governance costs comprise the costs Incurred in managing the schools assets, organisalion81 management. administration of and compliance ￿th the stslulory requirements of the school. Whére overheads and other costs canngl be dlrectly attributed they have been allocated on the basis of management e51im8les ol the amounl altribulable lo such activities, either by reference to staff lime or space occupied, il material. Expenses are inclusive of VAT 8s it is irwoverable. 14- POWNALL HALL SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 27AUGUST 2024 Accountlng policies Icontinuedl 1.6 Property, plant and equlpment Property, pl8nl and equipment are initially measured al cost and subsequently m8asured at cost or valu81ion, nel of depreciation and any impairment losses. Depreciatlon is re￿gnised so as lo write off the cost or valualion ol assets less their residual values ov8r their useful lives on the following bases.. Freehold land and buildlngs Prefab buildings Plant and machinery Fixlures, fittin9s. planl and eq¥Jipment Computers and office equipment Motor vehicles over 50 years over 20 years over 5 years over 10 years over 5 years over 4 yeats The g8in 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 reeogni8ed in the statement of financial activitles. 1.7 Impalmient of nonn costs of £9,848 were incurred on accoLEntsncy, bookkeeplng and payroll seNices12023- £8,875). 10 Net movement In funds 2024 2023 The nel movement in funds Is Staled after chargIn￿(creditingl'. Fees poyable for the audll of the charity's financial stal8menls Depreciation of owned property, plant and equipment Depreciation of property, plant and eguipmenl held under finance leases Profil on disposal of property, plant and equlpmenl 1e.044 93.674 7.847 113,4891 19,2 73,326 23,771 11 Governors None of the Governors lor any persons connected with them) rece￿Ved any remuneration durlng the year and lolal reimbursed expenses amounted to £7412023- £Nill. 19- POWNALL HALL SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 27 AUGUST2024 12 Employees The average mor)thly number of employees duriro the year was.. 2024 Numbor 2023 Number Teaching Staff Support staff 62 19 60 13 Tot81 81 73 Employment Costs 2024 2023 Wages and sal8ries Social security costs Other pension c051s 2,166,376 195,811 289,798 1.756,279 151,099 223.220 2,651,985 2,130.598 The number of employees whos& annual remuneration was more than £80,000 is a8 follows., 2024 Number 2023 Number £60,001 £70,000 £80,001 £90,000 £90,001- £100,000 Of the employees whose 8molumenls exceed £60,000, 1 {2023 - 11 has rellremenl benefits accruing under a defined benefit pension scheme ITPSI described more fully in note 21. 1 has retirement benefits accruing under a defined contribution pension scheme. 13 Ot￿¢ 2024 2023 Financing interest and tharges 24,233 27.631 24.233 27.631 14 Taxatlon The charity is exempl from taxation on Ils activities because all ils Income is applied for charitable purposes. -20- POWNALL HALL SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 27AUGUST 2024 15 Property. plant and equlpmènt Freehold land Flxtures, and bulldlno$ flttlng$, plant and equlpmènt Motor V8hicl88 Total Cost At 28 August 2023 Addltions Disposals 1,603.739 1,166.686 13,848 208,336 12,8201 1278,5881 20,000 2,790,425 222,184 1281,4081 Al 27 August 2024 1,614,767 1.096.434 20.000 2.731,201 Depreclatlon and impalrment AI 28 Au9usI 2023 Depreciation charged in the year Eliminated in respect of disposals 776,245 930,787 32,877 61,977 12.8201 1215,4141 6.667 1,713,699 6.667 101,521 1218,2341 At 27 August 2024 806.302 777,350 13.334 1,596,986 Carrylng amount At 27 August 2024 808,465 319.084 6.866 1,134,215 Al 27 August 2023 827.494 235,899 13,333 1.076,728 The nel GaTrying value of tangible fixed assets includes the foll¢)wing in respect of assets held Lmder finance leases or hire purchase contracts. The depreciation charge in respect of such assels amounleé to £7,847 12023 - £23,771) for the year. 2024 2023 Motor vehicles Computers and olfice eqvyment 6,667 1,180 13,333 22,209 7,847 35.542 16 Flnanclal Instruments 2024 2023 Carrylng amount of flnanclal ass8t5 Debt instruments measured al amort18ed cost 72.547 71,865 Carrylng amount of flnanclal Ilabllitlos Measurèd al amortised cost 1,909,885 2.182.199 21 POWNALL HALL SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 27AUGUST 2024 17 Trade and other recelvables 2024 2023 Amounts falllng due wlthln one ygar: Trade receivables Other receivables Prepayments and accrued Income 68,935 3,812 103,679 70,545 1.320 79,564 178,226 151,429 18 Borrowlngs 2024 2023 Bank loans Other loan 21,667 1,333,000 31.667 1.458,000 1.354,667 1,469,667 Payable within one year Payable aftei one year 293.000 1,061,667 90,000 1,399,667 The loan of £1.050,000 from o Ihifd party individual is secured by a legal charge over the property known as Pownall Hall School, Carrwood Road. WThlmslow, SK9 SDW. The loan from the third party Individual slart6d on 26th Augu812022 and is interest free for a period 36 months al which point the school will have obtained replacement fun(is from its bankers. The loans from the Governor's ar)d their families carry an interest rate of 2.5% pa above base Imir#mum 3% pal., allhough 30h per annum has now been agreed as the maximum Tale. These loans have since beèn extended and repayments have commenced. During the year ended 3151 August 2024 there has been repayments lolalling £125,000 of these l¢)ans and a monlhly Tepaymenl plan is now in place. The agreement is that these loans wlll be cleared during the year en(iing 31slAugust 2025. Additional Commentary on these loans is provlded in Ihe Governors, Report and in Note 1.2. 22- POWNALL HALL SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 27AUGUST 2024 19 Flnance lease commltments Future minimum loase payments due under finance leases.. 2024 2023 Wthin one year thin two and five years 6,898 27,847 28.430 6.898 18871 56,277 {5,8171 Less." future finance charges 6,011 50.460 The above r@presenls finance leases to acquire equipment and motor vehicles entered into for a term of 3 Dr 5 years. All leases are on a fixed repayment basis and airangemenls have b98n entered into for conlingenl rental paymenls. The finance lease creditors are secured over th8 assets lo which they relate. 20 Current Ilabllltles 2024 2023 Notes Bank loans Obligations under finance leases Other borrowngs Other taxation and social security Deferred income Trade payablgs Other payables Accruals q8 q9 10,000 6,011 283,000 44.921 972,617 266,415 200,060 82,732 10,000 23,067 80,000 39,661 536,431 279,486 287,246 77,214 22 1,8e5,756 1.333,105 Other PaYa￿e inc1l￿e$ deposits of £146.984 12023 £139,734) le(*nically payable wSlh one terms fiotice hence included as due iri under 1 year, However. exp@clation is that these will be repald over a numLEr ol years as each pupil leavès the school. 21 Non-current Ilabllltles 2024 2023 Notes Bank loans Obligations under finance lèases Other l)orfowings Deferred income 18 19 11,667 21,667 25,519 1,378,0()o 11,468 1,050.000 442,094 22 1.503.761 1,436,654 POWNALL HALL SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 27AUGUST 2024 22 D6f•rrèd Income 2024 2023 Arising from Advance fees and dep0511s 1,414,711 547,899 Deferred income is included in the financial statements as follow8.. 2024 2023 Current liabllilies Non-currenl liabilities 972.617 442.094 536,431 11,468 1,414,711 547.899 Fges In advance mov•m&nt 2024 Brought forward August 2023 Ulilised in year Received in the year 547,899 {547,8991 1,414,711 Carried forward atAugus12024 1,414,711 Parents may enter into an agreement lo pay thè school fees in advanc8. The money may be reluined 8ubjed to specific eonditions on Ihe receipt of one term's notice. In addition the school Teceives advance paymenls from Cheshlre East in respect of childcare funding for the Early y¢ars pupils and from parents prior lo the start of the Michaelmas term in September. The amounts paid in advance are split b@tween fees in connection wllh the year 8￿ed 31$1 August 2025 and lif8lim8 fees paid lor fuluTe school years post 31 slAugusl 2025. -24- POWNALL HALL SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 27AUGUST2024 23 Retlrement benefit schomes Th8 school participates in the Teachers, Pension Scheme I'lhe TPS I for ils leaching staff. The pension charge lor the year indudes contributions payable to the scheme of £266,136 12023 - £208,281) and al the year end contributions of £32.20812023 - £133,376> accrued in respect of contributions lo tho scheme. The TPS is an unfunded mulli-employ8r defined benefils pension scheme governed by The Teachèrs, Pensions R8gulalions 2010 las amended) and The Teachers, Pension Scheme Regulatlons 2014 105 &m&ndedl. Members contribute on a "pay as you go" basis with Conlribulions from members and the employer being ¢rediled lo the Exchequer. Retirement and other p8nsion benefits are paid by public funds provided by Parliamenl. The employer conlribulion rale is sel by the Secretary of Slate following scheme valuations undertaken by Ihe Goveinmenl Actuary s D8partmenl. The most recent actuarial valuation of thè TPS was prepared as at 31 March 2020 an(i the ValualÉon Repc)rt, which was publishèd in Odober 2023. Followlng the Mccloud judgemènt, the remedy proposed that when benefits become pay8bl8, eligible members can select lo receive them from either Ihe refomied or18gacy schemes for the period 1 April 2015 to 31 March 2022. The a¢luaries have assumed that mombers are likely lo choose the option that provides them with the greatei benefits, and in preparing the 2020 valuation have valued Ihe 'greatef value, benefits for groups ol relevant members. The valuation confirmed that the employer conlrlbulion rale for the TPS increased from 23.eo/D lo 28.60/0 from 1 April 2024. Employers are also required lo pay a scheme adminislralion levy of 0.08% giving a total 8mployer contribution rale of 28.68%. The ch8rge lo profil or loss in respect of defined contributs'on schemes Wds £23.66212023 - £14,939). and al the year end £4,458 was accrued12023- £3,159} in respecl of contributions to this scheme. .25. POWNALL HALL SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 27 AUGUST 2024 24 Restrlcted fund8 The funds of the charity include feslricted funds Comprising the following unexpended balances of donations and gr8nts held on trust for specific purposes. The expended resources relate lo the depreciation tharges for the p&riod and repair work undertaken in the year. Al the year end, unexpended income was £220,86512023 £226,042} Movement In tunds IfiGomlng Resources r•$our¢es exp6nd6d Movement In funds Incomlng Resources resource$ èxptrnd?d Balance at 28 August 2022 Balance at 28 August 2023 Balance at 27 August 2024 Roof appeal Playmatt Nelballl Tennis court Playground EYFS Canopy and play area NtJrs8ry canopy Astro turf Outdoor classroom and lighting Grickel works Radio slalion and Ipads Stsge lighting, Sound and recordlng equlpmenl Outdoor play area Theatre refurb Floodlights Saence lab refvrb Artifi'clal grass play area EYFS play equipment Hall resloralion P5ay equipment Thealfe lights Art departmenl 82,449 2,5761 79,873 12,576} 77,297 18,778 2,217 15371 {2,2171 18.241 1537) 17.704 5,991 {2,6201 3,371 12,621) 750 1,251 33,249 11,2511 {7561 32.493 17581 31,737 7,631 3,782 11,5641 182) 6.067 3.700 11,5171 {821 4,550 3,618 3,416 13,416} 5,170 18621 4,308 {8621 3,446 15,104 13211 14.783 (3211 14,462 6,769 4,694 11,3541 11561 5,415 4,538 1677} 14691 4,738 4,069 30,879 11,029} 29,850 (3.0681 26,762 24,210 1807} 23,403 (2.4211 20,982 25,854 {1,7241 24,130 5,000 5,000 5,000 5,000 144 179,038 66,552 119,5481 226,042 36,604 117,6511 244.995 -26- POWNALL HALL SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 27AUGusf 2024 Re$trlcted lunds {Continued} 25 Unrestrlcted funds The unreslricled funds of the charity comprige the unexpended balances of donations and grants which 8r8 r￿1 subject lo specific conditions by donors grantors as to how they may be used. These Include designated funds which have beèn sel aside out of unieslricted funds by the Iruslees for specific purposes. At 28 August 2023 Incoming resoU￿e$ Resourc88 At 27 August expended 2024 General funds 11,511,662 3,773,909 13,528,416) 11,266,169) Prevlous year: At 28 August 2022 Incomlng resources Rosourcès At 27 August expended 2023 General funds {1,653,3771 3,086,518 12,944,803) 11,511,662) 26 Analy$Es of net assets between funds Unrestrlcted funds 2024 Restrlcted funds 2024 Total 2024 At 27 August 2024: Property, plant and equipment Current asselsllliabililiesl Long term liabili118S 889,220 651,6281 11,503,761) 244,995 1,134,215 1651,6281 11.503,7611 11,266,169) 244,995 11,021,174) Unrestrleted funds 2023 R￿trIcted nds 2023 Total 2023 At 27 August 2023: Property, plant and equipment Current asselsl{liabililiesl Long term ligbililies 850,684 925,6921 11,436,654) 226.042 1,076,726 1925.6921 11,436,654) 11,511,682) 226,042 11,285.620) Reslricled Funds are funds which have been given for particular purposes and proj8cls. The reslricled fund musl be used for the purpose specified ie,. roof appeal. the netball court, nursery play floor, Bay Window repairs. Pupil playground. quality improvement, ICT software arKI Earfy Years Foundation Stage canopy and play afea. 27- POWNALL HALL SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 27AUGUST 2024 27 Operatlng lease commltmenis Al the reporting end dale the school had oulslanding eommrtmenls for future minimum lease payments under non-cancellable opèrating leases. which fall due as follows.. 2024 2023 Within one year Between Iwo and five years 38.245 125.688 5,454 10,909 163,933 16.363 The opgraling leases represent leases of 18lephones, copiers and computer equipmenl from third parties. The leases are negotiated ov&r terms of 5 years and rentals are fixed for this period. Amounts recoynise(i in the Statement of Financial Aclivilies for the year was £32,249 (2023 - £9,543). .28- POWNALL HALL SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 27AUGUST 2024 28 Related party tran$actlons Remuneratlon of key management personnel The remuneration of key manayemonl personnel was as follows.. 2024 2023 Aggr8gale compensation 178,554 135.494 Loans During previous years, the school received loans from Governor Mr G D Dawber's immediate famlly and from the Chair of Governors Mr8 E M M8cAulay, shown In other loans in note 17. These loans remain oulslanding as follows.. Loan$ from the famlly of Mr G D Dawber Balanc Balance outstandlng out5tsndlng 27th August Advances In Repayments 27th August 2023 perlod In perlod 2024 Loan from A Dawber Iwlfe of Mr Dawberl Loan from G Dawber Ison of Mr Dawberl 208,000 129,000 {62,5001 {40,0001 145,500 89.000 337,000 1102,6001 234,500 Atrx)ve IDans were originally agreed with interest payable al base rale plus 2.50A (minimum 3•A pal. As a resuFt of a subsequent agieemenl. Interest on the loans is now fixed at 3% pa. The above loans are being repaid monthly from January 2024 subject to cashflow. Repayments lolalling £62,500 were made to A Dawber from 24th January 2024. Repayments lolalling £40,000 were made lo G Dawber from 24th January 2024. The terms of the loarbs, including interest rale payable. were approved by the Governors (excluding Mr Dawberl having regards lo prèvaillng rates for loans and deposits. Inleresl of £22,656 has been paid during the y&ar and further interest lolalling £9.412 is accrued al the year end. The interest charge for Ihe period irk relation to thè above loans is £9.412. Loans frorn Mrs E M MacAulay {Chalr of the Board of Governors} Balance Balance outstandlng outstandlng 27th August Advances in Repayments 27th August 2023 perlod In perlod 2024 Loan from EM MacAulay 71,000 122,500} 48,500 71,000 122,500) 48.600 Above loan was originally agreed wlh interest payable al base rate plus 2.5% (minimum 3% pal. As a rgsull of a subsequent agreement, inlerèsl on the l¢)ans is now fixed al 3% pa. Repayments lotalling £22,500 were made to Mrs E M MacAulay from 24th January 2024. -29- POWNALL HALL SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 27AUGUST 2024 28 Related party transactlons Icontlnuedl The amount of £48,500 due lo Mrs E M MacAulay was oulslanding as al 27th August 2024 the balan¢e sheet dale. The terms of the loans, induding interest rale payab18, w8re approved by the Govemors lexcluding Mrs MacAulayl having regards lo prevalling rates for loans and deposits. Interest of £4.795 has been paid during the year and further intere81 totalling £1,976 is accru8d as atAugust 2024 Th8 inl8rest charge lor the period in relation to Ihe above loans is £1,976. 29 Cash generated from operatlons 2024 2023 Surplus for the year 264.446 188.719 Adjuslmenls for.. Investment incomè recognised In slalem&nt of financial activities Gain on dispcisal of property, plant and 8quipmenl Depreciation and impairment of property, plant and equipment 14.524) 113.4891 101.521 1122 97,097 Movements in working capital: Ilncreasel in trade and other reeeivables IDecreaselllncr&ase in trade and other payables Increase in deferred income 124,797) 189,479} 866,812 150,0981 55,500 91,671 Cash generated from operallons 1,100,490 382.767 30 Analysls of chang9$ In net Idebtlttunds At 28 Augu$t 2023 Cjsh fiows At 27 August 2024 Cash al bank and in hand 255,984 781,918 1.037,902 Loans falling due within one year Loans falling due aft8r more than one year Obligations under financ81@8S6S 190,0001 11,399,667) 148,586} {203,0001 338,000 42,575 {293,0001 11,061,667) 16.0111 11.282.269} 959,493 1322,7761