REGISTERED COMPANY NUMBER.. 00539636 (England and Wales) REGISTERED CHARITY NUMBER: 526609 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 FOR C.P.S. (PRESTON) LIMITED Ainswofths Limited Chartered Accountants and Statutory Auditors Chaner House Siansfield Sireet Nelson Lancashire BB9 9XY
C.P.S. (PRESTON) LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31ST AUGUST2024 Page Report of the Trugtees Report of the Indepettdent Auditors 9 to 12 Statement of FiThancial Aetivities Balance Sheet 14 Cash Flow Statement 15 Notes to the Cash Flow Statement 16 Notes to the Financial Statements 17 to 26
C.P.S. {PRESTON) LIMITED REPORT OF THF. TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 The trustees who are also directors of the cliarity for tlie purposes of the Conipaiiies Act 2006, pr¢sent tlieir rcport witli the financial statements of the ¢harity for the year ended 31 st Augug12024. The irustees have adopted ihe provisions of Accouniing and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparin(T their atcounis in accordance with the Financial Reptsrting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l JaDUgry 20191. Reference and administration details of the Charity* Its Trustees and Advisors The Reference and Adminisiraiive infomation are set out at the end of this report. The financial statements comply with cunent statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice applicable to charities. OKIECTIVES AND ACTIVITIES Objtetives and aimg The objects of the charity are set out in paragraph 3 of the Memorandum of Association of the Company, the principal objeciive being referred to as follows.. "The carying on of a school in the County of Lancashire, and the doing of all such other things as are incidenial or conducive to the attainment of ihe above object. In setting its objectives and planning its activities the Governors have given careful consideration to the Charity Commissions general guidance on public benefit and in particular to its 5uppletnentary public benefit (Tuidance on advancing education and on fee charging. St Plus X Preparatory School was founded in 1955 by a group of Caiholit Preston businessmen. li is owned by CPS (Preston) Limited, and is a non-profit making charitable tTU5t adrninistered by a board of governors. The s¢hool is a member of the Independent A5suciation of Preparatory S¢hools and is recognised by the Depanment of Educaiion and Employment. It is co-educational and has a Catholic foundation. but welcomes children of all denotninat10115 and faiths. St Plus X has a tradition of academic excellence and is committed to nurturing and enhancing each child's academic and social development. It is committed to safeguarding and promoting the welfare of lis pupils. The charity aims to maintain its high standard of caring and academie success by eoniinuing the current level of quality teaching and commitment by its staff. The school provides a full nurserylprimarylpreparatory education foi children between the ages of 2 and I l years and welcomes children from all backgrounds. It operate5 three departments.. EYFS, Key Staiye l and Key Stage 2. The total number of chEldren on the roll in June 2024 was 118 (including Nursery). The school is academitally successful, achieving a high pass rate to the area's leading state grammar schools and independent schools with many pupi15 ganIng top s¢holarships. The leaving cohort gained places to the senior schools of their choice. The school has a hiJts 5POrtin profile, Coverin a good numb¢r and wide range of sports for all children. Spon is played cotnpetitively and at club level. The school also operates a number of clubs linked to arts. music, drama STEM and Leadership ete. Page I
C.P.S. IPRESTONI LIMITED REPORT OFTHF. TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 Our eth05 C.P.S. (Preston) Limited is a charitable trust which seeks to benefii the public through the pursuit of its stated aims. Our fees are set at a level io ensure the financial viability of the School and ai a level thai is consisieni with our aim of providing a first clas5 education to boys and girls. Our school welcomes pupils from all backurounds. To admit a prospective pupil, we need to be satisfied thai our school will be able to educate and develop the pupil to the best of their potential. Entrance interviews and asse55ments are undenaken to satisfy ourselves and parents that potential pupils can benefit from ihe education we provide. An individual's economic status. gender. ethnicity, race, religion or disability do not fomi part of our assessment processes. We are an equal oppottunity organisation and are committed to a working environmeni ihat is free from any form of discrimination on the grounds of colour, race, ethnicity, reliuion, sex, Sexual orientation or di52bility. We will make reasonable adjustments to meet the needs of employees or pupils who are or become disabled. Our school is committed io safetsuarding and promoting the welfare of our pupils and expects all staff and volunteers to share this commitment. Publie benefit The trustees are Confident that the charity offers services of real and practical use to the local populat20n and therefore complies with the responsibility placed on all charities under the Charities Act 201 I to demonstrate a public benefit. It 15 important to us that access to the education we offer is not restricted to those who can afford our fees. We believe our pupils benefit from leaming within a diverse community. A great deal of learning occurs through social interaciion, conversation and Shared experiences which helps our pupils develop an understanding of the perspectives of other people that will b¢ vital in their adult lives. The Trustees approved a bursary scheme (community award} which was introduced in September 2009. The award is advertised each Spring and continues to benefit families who would not othenvise be able to afford the fees and therefore access the educaiion otTered by Si. Plus X. The trustees have paid due reard to the guidance of the Charity Commission on Public Benefit in decidin(F what activities the charity should undertake. The trustees are aware of their responsibilities in this respect. The bursary scheme, referred to above, is intended to provide Public Benefit. The trustees intend to provide appropriate services and facilities to comply with the 'Public Benefit" requireTnent5. Details on amounts awarded ihrough the bursary scheme can be found in noie 4 to Ihe accounts. Investrn¢nl policy Under the memorandum and articles of association the eharity has the power to tnake any investments which the trustees See fit. ACHIEVEMENT AND PERFORMANCE Charitable activities The Board of GoveTnors would like to publicly acknowledue the dedicated contribution and professionalism of the schools teachin¥F staff and significant contribution made by all of the ancillary staff without whom the school would not have achieved the year's success. In November 2022 the Independent School Inspectorate assessed the Quality of Educaiion and Compliance. They declared the 5¢hool to be'Excellent in All Areas,, and fully compliant. PagJ¢ 2
C.P.S. {PRESTONI LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 Acadeinics The academic year 2023124 showed ongoing and further success for our Year 6 pupils wilh outstanding results io Grammar Schoo15 and Independent Senior Schools. 6 GrainmaF School places were achieved by our pupils 3 pupils, also passed the entrance exains to senior independent schools, and accepted those places. Since September 2022 the school has further overhauled, extended and enriched the titnetabled curriculum throughout the EYFS, Key Stage l and Key Stage 2 areas. P¢rfonninu & Creative Arts Many children play differeni musical instruments. All children currenily access at least 45 minutes of music-related curriculum per week. All Children leave St Plus evidencing a wide-ranging musi¢al awareness. The school holds a Christmas Carol Service and an EYFSIKS l Nativity each year. All children participate in public performances throuuhout the year, from our younL*esi pupil in the EYFS to school leaver5 at the end of Key Stage 2. Inspiring teaching and dedicated staff has maintained this enrichment. Drama. dance and poetry reciiation has been added to our aesthetics programme during the year for all pupils. Productions exhibit an amalgamation of creative and perfortnini7 art5 skills. giving opportunities to all pupils throughout the school. Since September 2021 the school has introduced a specific curriculum lesson of Speech & Drama to enhance this provision. Speech and Drama is a curriculum subject. This has been a huge success and our school is registered as an examination centre for New Era Academy Drama and Music Exams for our children. Th¢ school freely provide5 the facility for our children and when required. local children from other schools. io take their ballet and musical theatre Royal Ballet exams at our school. ort & Outdoor Education Our aim is to be all inclusive and offer Opiimum sportino opportunity io all children, along with health and ritness ai all levels. Outdoor Education and Forest School have been successfully embedded. The school continues to host football and netball matches and tournaments for independent and state school children. The school provides the opportuniry for the children to go on 3-day tours io play against independent and stale schools. The School continued to implement Fitness and Wellbeing in the curriculum to lead on best practice in Mental & Physical Health. Younger and older Children participate in organised festivals and tournaments across the region, enabling a healthy awareness of competitive skill5. rhe school is currently investigating the opportuniry to apply for Independent Prep School of the Year. Communi Access The school sees itself as part of the wider community - this is reflected in the provision of a heart defibrillator attached to our property for the use ofby the ¥eneral public. Our children frequently use the local area for investigative purposes as part of their studie5 - including urban and natural environments. We are frequently seen in the Community visiting and singing carols for the nearby COTnmunity of nuns and providing service and entertainment for the elderly in the area. Chari The school provides food for the Ingol (Preston) food bank (Share IT) twice a year as part of our Lenten Charity, Christmas Shoe-Box Appeal and Cafod Harvest Charity. The children hold a Chri5tma5 charity day and initiate their own stalls and fund-raising ideas to try to achieve their targets for the school.. previously a new roof. new fumiiure. writing resources, statrprovision etc. The school children choose their own charity io support - thi5 becotnes an anchored spotlight for specsfic fundraising where delegates from each clas5 propose an aid-orgaiii5ation. After a rigorous election process, the following ¢haritie5 were sUPPOrted chosen for the year 202312024.. NSPCC., Save the Children; Macmillan Cancer Jeans for Genes and the Po eal. The school continues to develop each and every child's individual awareness of authentic Gospel value5. These principles. woven together by loving God and neighbour, eiiables our charitable giving to become part of our DNA - calling us to work towards the Common good.good. Page 3
C.P.S. (PRESTON) LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 Additional Children are also invited by the school to participaie in two separate residential sporr tours - football and netball to experience different venues in and around the York area. The Curriculum was enhanced bv the introduction of '4 Pillar5 of Learning,: Outdoor Education, Forest School, Mindfulness, Sign Language all support our sirong Academic credentials.t. FINANCIAL REVIEW Finaneial position The school has had a comparable year froin a financial perspective compared io previous years. The income has ncreased, however due to the increases in national livino wage, the result is a deficit of £14i.JOO compared to £61,298 in the previous year. The school has been experiencing a fall in pupil numbers in recent years but thi5 has now slowed. Retention and reeruitmeni has improved, visits, applicatior15 and reqistration are beginninow to increase. The governors are very mindful of the fall in pupil nutnbers overall and the need to reduce expenditure to compensate for this. They are currently undertaking steps to address both of these issues. Remedial action on salaries, fee5 and expenditure were put in plac¢ to reduce cosis for 2023124. The governors are pleased to report that the school has a strong leadership structure in place. There is clearly now a school with unified departments. with these departments IEYFS and Main School l-vl) being led by very well-experienced manaijers. This has allowed departmental budgets to be centralised providing better control. It takes time for a new Head to settle into the runnino of the school and to work on the development plans and with the new Direcior of Education, Ihe govemors are lotskin¥ towards a two-year period to consolidate this position and increase school numbers. The governors, development plan is to re-establish a two-form entry. This will, over a fiv¢-ye3r period, retum the numbers in ihe school to where they should be to provide a stsble and successful school. Th¢ school's fee colle¢tion policy has again proved to be satisfactory, however, the school ended the year with an overdraft position of £124.922, an improveTnent from the overdraft last year of £167,170. The school has secured a bank overdraft of £200,000 which is in place until May 2026, now reviewed annually. and we will be able to operate within this. Our Parents Assotiation wa5 dormant during the Pandemic but is now thriving and created a successful summer festival. Family Discount5 Poliey To underline the value placed on continuity for families, the Trustees offer discounts where parents have more than one child in the school. The Governors have resolved that from Sepiember 2016 onward5, they aTe pleased to offer discounts to members of staff whose children wish to come to the school. Governors see this a5 a very positive move to both retain and attract new leaching staff and at the saTne time extend the benefit to families who might otherwise not provide private education to their children. Page 4
C.P.S. {PRESTONI LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 FINANCIAL REVIEW Reseri'es p(Trliey The governors reoularly review the finances, budgets and spend against budget together with a monthly cash flow analysis as part of the etTeciive stewardship of the School. A5 Sho) on the Balance Sheet the free reserves are currently in deficit of £244,653. This is as a result of operating at a deficii in receni years. Plans have been put in place to manage expendiiure for the forthcoining year. Whilst the reserves are not of the level we seek to maintain, the trllste¢s consider that given th¢ strength of the charity'5 balance sheet, the continued cash floiv from fees, and the banking faciliry, Ihe reserves are adequate in rhe short term. The rrustees are however fully aware thai the level of free reserves, together with the reduction in pupil numbers, makes for a challenging environment. The govemors recognise that the level of reserves has reduced in recent years and arrangements are in place with our bank to bridtre any short term deficits in cash flow. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by ils governing document. a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The charity is a charitable company limited by guarantee and a reIStered charity ¥ovetned by its metnorandum and article5 of association dated ?3 Octob¢r 1954, as atnended by special resolutions pass¢d 28 April 1955, 1 l December 1971 and 28 April 2020. Recruitrnenl and appointment of new trustees The Board of Trustees always seeks to appoint new members of the Board with skill sets appropriate for the needs of the school. Prospective trustees are invited to become members of ihe Board of Trustees. The prospeciive irusiees will almost always will be selected from past parents. The prospective tStee$ ar¢ interviewed by the Chairman or other existing members of the Board to explain the responsibilities and commitment required of the trustees. In the new financial year, the Board has invited nominations from parents and members of staff to appoint new governor5. Auain, these petsple will be interviewed and their responsibilities explained in detail. Training will be provided to prospective trusiees if they never had previous experience of such an appointment. None of the trustee5 has any beneficial interest in the company. All of the trustees are members of the company and guarantee io contribute £ l in the event of a winding up. Page 5
C.P.S. IPRESTONI LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Organi5ation and policies Policies are detennined, from time to time. by the goveming body of the school, with regard to the Christian, moral, educaiional. euliural, sporting and social activities of the School. Like all educational establishmenis the school has certain defined policies which are required by its Inspectors and Regulators. Policies are diart up within the school and then approved by the Head and Submitted to the Board of Governors, which will approve those policies. Since ihere are many policies, rhe approval process is often passed dowry) to the Committees, here the Chair of Ehe Committees will approve the policy 10 then be ratified at the fvll Board meeiing. The school is organised and administered by a governing body consisting of the Board of Governors, comprising all the trustees. The Board of Governors tneet5 three times a year. The trustees who &Te not director5 are appointed by the Board. The Board of governors may approach individuals to act as trustees when vacancies 3rise or when it is considered thai Ihe Board requires addiiional expenise in a particular area. Candidates are interviewed before being appointed. Policies are in place for the induction and training of trustees through the provision of various documenis and mentoring. There are also committees responsible for finance, education and staff, grounds and property. and business operations, maaed by smaller groups of governors reporting to the board at the termly meetings. The school is tnanaged and administered by the Headteacher, and staff on a day-io-day basis, who are responsible io the goveming body. Related parties There weie no transaction5 Wlth any related paty other than the paJThent of key tnanagement personnel and trustee indetnnity insurance. Risk management The trnstee% have assessed the major risks to which the charity is exposed. and are satisfied that systems are in place io mitigate exposure to the major risks. The main risk faced by the school are the uncertainties of the future school numbers since this 15 the major funding source. Additional revenue streams continue to be explored. The trustees are aware of this risk and monitor this on a regular basis in line with school numbers and produce forecasts in ord¢r to d¢terniine the extent of risks in respect of future years. The economic climate currently has certainly affected parents, abiliry to choose private school education and the School ha5 received a more than usual number of requests for rinancial assistance under the school's bur5arylcoTnmunity fund provision. This is not an open ¢hequebook for parents but occasionally there are some significantly deserving cases where the school is able to help with the provision of school fees. Trustees are constantly looking at ways of promoting the school, in particular the school's track record on entrance success to senior schools which has been remarkably good over receni years. The school ha5 enjoyed good liquidity of recent years though with the anticipated fall off of pupil numbers the trustees have sought to mitigate ihe cashflow risk by seeking bank support as a short temi soluiion. The Trustees have put in place policies concerning Health and Safety and in particular the risk to children's safety both on site and from external sources. The h0o1 operates on a '5ecure peritneter" which protect5 children for the whole time they are at school. REFERENCE AND ADMINISTRATIVE DETAILS 00539636 (England and Wales} Page 6
C.P.S. (PRESTON) LIMITED REPORT OF THF. TRUSTF.ES FOR THE YEAR ENDED 31ST AUGUST 2024 Registered Charity number 526609 Registered office Si Plus X Preparatory School 200 Gar5tdng Road Fulwood Preston Lancashire PR2 8RD Trustees T F Bashall * {resigned 20.11.2023) D M Hurst (resigned 20.11.2023) R Luthra ' (appointed 9.12.20?31 Y Low (appointed 19.12.20?31 V S Golhar ' (appointed 19.12.2023) A trustee who is a director for the purpose of Companies House, is denoted wilh an ' following their name. The directors of the charitable company are also trustees for the purpose of chariry law and throughout this report are collectively referred to as the trustees. As set out in the Articles of A5s0ciaiion, the number of directors is limited to three and these are elected by the members tsf the charity attending the Annual General Meeting. The directors retire by rotation land being eligible aY be re-¢le¢ted} at the Annual General Meeiing. All INsiees give iheir time freely and no remuneration or expense5 were pa2d in the year. No trust¢e or person connected with a trustee received any benefit froTn means tested awards. Auditors Ain5WOrths Litnited Chanered Accountants and Siatutory Audiiors Charter House Stansfield Street Nelson LancashiTe BB9 9XY STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of C.P.S. (Preston) Limited for the purposes of cotnpany lawl are responsible for preparints the Report of the Trustee5 and the financial statetnents in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepied Accounting Practice). Company law requires the trustees io prepare financial statements for each financial year which give a true and fair view of the state of affair5 of the charitable company and of the incoming resources and application of resources, including the illcoine and expenditure, of the charitable company for ihai period. In preparing those financial stateTnentS, the Irustees are required to select Sultable accounting policies and then apply them consistently: observe the methods and principles in the Chariry SORP., make judgements and esiimates thai are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate io presume that the charitable Page 7
C.P.S. (PRESTON) LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES- continued Tlie trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at ajiy tiine the financial position of the charitable company and to enable them 10 ensure Ihai Ihe financial staiements comply with the Companies Act 2006. They are also respoiisible for safeguarding the assets of tlie charitable company and hence for taking reasonable steps for ihe prevention and deieciion of fraud and other irregularities. In so far as the trustees are aiyare.. there is no relevant audit infomation of which the charitable ¢ompany's auditor5 are unaware., and the tn15tees have taken all steps that they ought to have taken to make themselves aware of any relevant audit inforniation and to establish that the auditors are aware of that information. AUDITORS The audiiors. Ainsworths Limited. will be proposed for re-appointment at the forthcoming Annual General Meeting. Approved by order of the board of irustees on 12ih May 2025 and signed on its behalf by.. Y Low- Trustee Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF C.P.S. (PRESTON) LIMI ITED Opinion We have audited the financial statements of C.P.S. (Preston) Limited (the 'charitable company'l for the year ended 3 Isi Au¥ust 2024 which comprise the Statement of Financial Activities, the Balance Sheet, th¢ Cash Floiv Statement and notes to tlie financial stateinents, including a sumn)ary of sigiiificdnt accountin¥ policies. The financial reporting framework that has been applied in their preparation is applicablc law and United Kingdom Accountinu Standards (United Kingdom Generally Accepted Accounting Practice}. In our opinion the finttncial stateTnents'. ive a true and fair view of the stale of the charitable company's affairs as at 31 si August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance witli United Kinijdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standard5 on Auditing (UK) (ISAS (UK}} and applicable law. Our responsibilities under those standard5 are further described in the Auditors, Tesponsibilities for the audit of the rinancial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statetnent5 in the UK. includints the FRC'5 Ethical Standard, and we have fvifilled 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. Material uncertainty related to going concern In auditing the financial staiements, we have concluded that the trustees, use of the going concem basis of accoutjting in the preparation of Ihe financial statetnents is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast sitsnificanl doubt on the charitable COTnpany's ability to continue a5 a going concem for a period of at least tw¢lve months from when the financial statements are auihorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial staiements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, ex¢ept to the extent othenvise explicitly Stated in our report, we do not express any forni of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inforniation and. in doing so. consider whether the other infomiation Trs materially inconsisient with the financial staiements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencie5 or apparent material misstatetnent5, we are required to determine whether this gives rise to a material Inisststement in the linancial 5tatement5 themselves. If, bgsed on the work we have perfonned. we conclude that there is a maierial misstatement of this other infomiation. we are required to report thai faci. We have nothing to report in this regard. Opinions on other rnatler5 prescribed by the Companies Aet 2006 In our opinion, based on the work undertaken in ihe course of the audit.. the infonnation given in the Report of the Trustees for the financial year for whi¢h the financial statements are prepared is consistent witli the financial statements; and the Report of the Trustees has been prepared in accordance with applitable legal requirements. Pa¥e 9
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF C.P.S. (PRESTON) LIMITED Matters on whicb we are required to report bv exeeption In the light ot the knowledtse and understandine of the charitable tompany and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 require5 US to report to you if. in our opinion.. adequate accounting records have noi been kept or rerums adequate for our audit have noi been received from branches not visited by us. or the financial statements are not in agreement with Ihe accounting records and returns: or certain disclosures of irustees. remuneration specified by law are not made,. or we have not received all the snformation and explanations we require for our audit; or the trustees were not entitled to take advaniage ot ihe small companies exemption from the requirement io prepare a Strategic Report or in preparing the Report of the Trustees. Responsibilities ol trustees As explained tnore fully I the Statement of Trustees, Responsibiliti¢s, the trustees (who are a15Q the directors of the charitable conipany for the purposes of company law) are responsible for the preparaiion of the financial statemenis and for being satlsfied thai Ihey give a irue and fair view, and for such internal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial Statements, the trustees are responsible for assessinu the charitable company'5 ability tg continue as a going Concern. disclosin a5 applicable, matter5 related to going concern and using the going concern basi5 of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative bur to do so. Page 10
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF C.P.S. {PRESTON) LIMITED Our responsibilitie5 for the audit of the financial Statements Ollr objectives are to obtain reasonable c15surance about whether the financial statemeiits as a whole are free from maierial misstaiement, whether due to fraud or error, and to issue a Report of the Independent Audiiors that includes our opiiTrioii. Reasonable assurance is a high level of (15sufdnLe, bul is not a ¥uarantee that an audit conducted in accordance with ISAS (UK) will always detect a material tnisstateinent when it exists. Misstatements ¢an arise from fraud or error and are considered material if, individually or in rhe aggregate, Ihey could reasonably be expected to influence the economic decisions of users taken on the basis of these Iinancial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Based on our understanding of the charity and the nature of the sector in which it operates, we have identified that ihe principal risk5 of non-compliance with laws and regulaiions related to. but were not limited to. the Companies Act 2006 and tax legislation. We have evaluclted manaueinent's incentives and opportuniiies for fraudulent manipulation of the financial statements {including the risk of override of controls) and deteTmined that the principal risk was related to inappropriate assessment of going concem and inappropriate journal entries. Our audit procedures designed io address these risks included. but were not limited to.. Enquires wilh management. regarding any known or suspected instances of non-cornpliance with laws and regulations, and fraud., Agreement of the financial statement disclosures to the underlying supporting documentation. Perforniing analytical procedure5 to identify any unusual or unexpected relationships that may indicate risk of material mi5Statement due to fraud,. Challenging assumptions and judgements made by manatsernent in particular within ther significant accounting estimates and going concem assessments; Auditints the risk of management override of controls, through the testing ofjoumal entries and other adjustments for appropriateness. and Reviewing minuies of meetings of those charged with govemance. Our audit procedures were designed to respond to risks of maierial misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is hioher than the risk of not detecting one resulting from error, as fraud may involve concealment by rnisrepresentations or through collusion. There are inherent limitations in the audit procedures performed, and the further removed the non-compliance with law5 and regulations is from the events and transactions reflected in ihe financial statements, the less likely we are to becoTne aware of it. A further description of our responsibilities for the audit of the financial statements is locaied on the Financial Reporting Council's website at www.frc.org.uklaudiiorsresponsibilities. This description fom15 part of our Report of the Independent Auditors. Page I I
REPORT OF THE INDEPENDF.NT AUDITORS TO THE MEMBERS OF C.P.S. (PRESTON} LIMITED Use ol our report This report is niade solely to the charitable company's members, as a bodv, in accordance with Chapier 3 of Part 16 of the Coinpanies Act 2006. Our audit work has been undertaken 50 that w'e mi(Tht state to the charitable comp&ny'5 members those matters we are required to staic to them in an audiiors, report and for no oiher purpose. To Ihe fullesi extent permitted by law, we do not accept or assume responsibility to anjone other than the chartable company and the charitable company's members as a body. for our audit work, for this report, or for the opinions we have formed. Mark Sunter FCA (Senior statOry Auditor) for and on behalf of Ainsworths Limited Chartered Accountants and Statutory Auditors Charter House Siansfield Sireei Nelson Lancashire BB9 9XY 12th May 2025 Page 12
C.P.S. IPRESTONI LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDF,D 31ST AUGUST 2024 31.8.24 Total lunds 31.8.23 Total funds Unrestricted fund DesibFnated Funds Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 30 30 1,000 Charitable activities Educational 944,368 186.407 1.130.775 1.118,160 Other trading activities 13,835 13,835 10,795 Total 958,233 186.407 1,144,640 1.129,955 EXPENDITURE ON Charitable activities Educational 1,043,740 57.793 186.407 1.287,940 1,191,253 NET INCOMEI{EXPENDITURE) Transfers between funds {85,$07) (5,768) (57.793) 5,768 (143 JOO) {61,298) 19 iyet movement in funds (91,275) 152,025) {143,300) (61,2981 RECONCILIATION OF FUNDS Total funds brought forward (353,196) 1,245,097 891,901 953,199 TOTAL FUNDS CARRIED FORWARD {444,471) 1,193,072 748.601 891,901 The notes fomi part of these financial Statements Page 13
C.P.S. {PRESTONI LIMITED BALANCE SHEET 31ST AUGUST 2024 31.8.24 Total funds 31.8.23 Total funds Unresiritted fund Designated Funds Restricted fund Noies FIXED ASSETS Tangible as5et5 12 1,193,072 ,193,072 1,245,097 CURRENT ASSETS Debiors Cash at bank and in hand 13 78.139 391 78,139 391 83,311 391 78,530 78,530 83,702 CREDITORS Amtsunt5 falling due within one year 14 {490.954) (490,954) 1404,851) NET CURRENT ASSETSI(LIABILITIES) (412,424) 1412,424) {321,149} TOTAL ASSETS LESS CURRENT LIABILITIES {412,424) 1,193,072 780,648 923.948 CREDITORS Amounts fallino due after more than one year (32,047) (32,047} (32,047) NET ASSETS 1444,4711 1,193,072 748,601 891,901 FUNDS Unrestricted funds.. General fund Property asset fund 19 (444,471) ,193,072 1353,196) 1,245.097 748.601 891.901 TOTAL FUNDS 748,601 891.901 These financial ststements have been prepared in accordance with the provisions applicable to chariiable companies subject to the sm211 ctstnpanies regime. The financial staiements were approved by the Board of Trustees and authorised for issue on 12th May 2025 and were signed on its behalf by.. The notes form part of ihese financial statements Page 14
C.P.S. (PRESTON) LIMITED CASH FLOW STATF.MENT FOR THE YEAR ENDED 31ST AUGUST 2024 31.8.24 Notes Cash flows from operating activities Cash generated from operations Interest paid 48,796 {780) 141,130) 1729) Net cash provided byllused inl operating activities 48.016 (41,859) Cash flows frotn iNve5ting activities Purchase of tangible fixed assets Sale of tangible fixed assets (5.768) {13,571) 13,189 Net cash used in investing activities {5.768) (382) Cash flows frotN financing activities Loan repayments in year 18,1451 Net cash provided byl(used inl financing a¢tivities (8,145) Change in cash and eash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 42.248 (50,386) (166.779) (116,393) Cash and cash equivalents at the end of the reporting period (124.531) {166,779) The notes fortn part of these flnancial siatements Page 15
C.P.S. (PRESTON) LIMITED NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST AUGUST 2024 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.8.24 31.8.23 Net expenditure for the reporting period {as per the Statement of Financial Activities) Adjustments for: Depreciaiion charges Profit on disposal of fixed assets Interest paid Decreasel{increase) in debtors Increa5el{decrease) in creditors (143,300) {61.298) 57,793 60,612 (13,189) 729 19,195} (18,7891 780 5,172 128,351 Net cash provided byl(used in) operations 48,796 141.130) ANALYSIS OF CASH AND CASH EQUIVALENTS 31.8.24 31.8.23 Cash in hand Notice deposits (less than 3 months) Overdrafts included in bank loans and overdrafts falling due within one year 107 284 {124,922) 107 284 (167,1701 Total cash and cash equivalents (124.531) (166,779) ANALYSIS OF CHANGES IN NET DEBT At 1.9.23 Cash flow At 31.8.24 Net eash Cash at bank and in hand Bank overdraft 391 (167,170) 391 (124.922) 42,248 1166,779) 42,248 {124,531) Debt Debts fallin due w'ithin l year Debis falling due after l year 11,3991 (32.0471 (386) (1,7851 132,047) {33,446) 1386) 133,832) Total 1200,225) 41,862 (158,363) The notes fomi part of these financial statements Page 16
C.P.S. {PRESTONI LIMITED NOTES TO THE FINANCIAL STATEMENTS Foli THE YEAR ENDED 31ST AUGUST 2024 ACCOUNTING POLICIES Ba515 of preparing the financial statements The financial statements of the chariiable company, which is a public benefit entity under FRS 102, have been prepared in accordance wilh the Charities SORP IFRS I O?) 'Accounting and Reporting by Chariiies.. Siatemeni of R¢commended Practice applicable to charities preparing their accounrs in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective l January 2019),. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and ihe Companies Act 2006. The financial staiements have been prepared under the historical cost conveniion. as modified by the revaluation of certain assets. Going eoneerft As described in the Trustees Report. the school has had a dilTicult financial year. resulting in a net deficEt of £14i,300 (2023.. £61.298). Steps have been and continue to be taken io address this issue. The School has net cuent liabilities of £412.424 (20?3.. £321,149}. The trustees have prepared annual forecasts covering to 31 st August 2026. At the time of approving the financial statements, the forecast to 31 st August 2026 demonstrate that the trustee5 have a reasonable expectation that the charitable COTnpany has adequate resouice5 to continue in operational existence for the foreseeable future, subj¢ct to the continued support of the bank in the fomi of an overdiaft. The trustees contEnue to adopt the going concern basis of accounting in preparing the financial statement5. Critical aecounting judgeEnent5 and key sources of estlmation uncertainty Preparaiion of the financial statements requires management to make significant judgemenis and estimates. The main area of estimation is in respect of the useful lives of fixed asseis. The depreciation lates used can be identified tn Ehe fixed asset accounting policy below. Ineom¢ All income is recognised in the Statement of Financial Activitses once the charity has entitlement to the funds. it is probable that the in¢ome will be received and the amollnt ¢an be measured reliably. Income from charitable activities comprises school fees. net of community awards, and related receipis accounted for in the period in which the service is provided. Fees for education to be provided in the next academic year are caled forward as deferred income in the balance sheet. Donations are re¢ogni5ed on receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant 3r¢ recognised at the titne of donation. Investment income is recognised on a receivable basis. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constNciive obligation comtnitting the charity to that expenditure. it is probable that a transfer of economic benefits will be required in settlement and the amouni of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where cosis cannot be directly attributed to particular headings they have b¢en allocated to activities on a basis consistent with the use of resources. Governance costs Governance costs comprise the costs of running the charitable cotnpany. including straiegic planning for its ture development, external audit, and all the costs Of complying with consiitutional and statutory requirements, sueh a5 COSt5 of Governors meeiings and of preparing the statutory accounts and satisfying public accountability. Allocation apportionrnent of costs Support costs and govemance costs have been allocated to charitable activities as there 15 only one main activity undertaken by ihe charity. Page 17 continued...
C.P.S. (PRESTON) LIMITED NOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED 31ST AUGUST 2024 ACCOUNTING POLICIES- continued Tangible fixed 8ssets Depreciation is provided at the following annual rate5 in order to write off each asset over its estimated useful Freehold property Plant and machinery Motor vehicles IOQ/o OTi C05t and 2Q/D on cost 330/0 on cost, 200/0 on cost and 15 /0 on cost 25 /0 on cost Tangible assets are included in the balance sheet at cost or at market value at the date of gift (if assets are gifted), except for freehold properry which is included at market value as at 27th February 1990 together with any additions at CO91 since the valuation date. Assets with a value of less then £500 are not capitalised. Freehold land 15 not depreciated. Taxation The charitable company is exempi from corporation tax on its charitable activiiies. Fund accounting Unrestricted fvnds Can be used in accordance with the charitable objective5 at the discretion of the trnste¢s. Restricted funds can only be used for particular restricted purposes within the objetis of the charity. Restrictions arise when specified by the donor or when fijnds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to ihe financial staiements. Pension Costs And other p05t-retirem¢nt benefi¢5 The charitable company operates a defined contribuiion pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Financial instruments The chariiable company only has financ27 assets {debtors, cash and bank balances) and financial liabilities {creditor5 and accrua15) of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. DONATIONS AND LEGACIES 31.8.24 31.8.23 Donations 30 1,000 Page 18 continued...
C.P.S. (PRESTON) LIMITED NOTF.S TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST AUGUST 2024 OTHER TRADING ACTIVITIES 31.8.24 31.8.23 Unifomi sales Hire of facilities Other income 3,572 8,588 ,675 879 2,750 7,166 13,835 10,795 INCOME FROM CHARITABLE ACTIVITIES 31.8.24 31.8.23 Activity Educational Educational Gross fees Less.. Community awards 1,167,079 (36,304) 1,146,979 128,8191 ,130,775 CHARITABLE ACTIVITIES COSTS Direct Costs {see note 61 Sllpport osts (se¢ note 7) Totals Educational 1,125,413 162,527 1,287.940 DIRECT COSTS OF CHARITABLE ACTIVITIES 31.8.24 31.8.23 Staff costs Rates and water Insurance Lighi and heat Telephone Postage and stationery Advertising Sundries Educational supplies Repairs and renewals Technology costs Motor expenses Caiering costs Bad debts Depreciation Loss on sale of assets 705J84 15,976 36,499 47,803 9,418 6,644 14,403 8.620 73,670 75.619 18,556 19J15 36,648 {93SI 57.793 55i,946 13,453 36,470 36.095 6,302 6,941 3,680 6,874 99,522 104,223 30.435 17,881 40.016 8.472 60,612 {13,189) 1,125,413 1,011,733 Page 19 continued...
C.P.S. {PRESTON) LIMITED NOTES TO THE FINAf4ciAL STATEMENTS- continued FOR THE YEAR ENDED 31ST AUGUST 2024 SUPPORT COSTS Governance costs Management Finance Totals Educational 127,897 17,946 16,684 162,527 Support costs, included in the above. are as follows.. Management 31.8.24 31.8.23 Total Educational Wages Social security Pensions 114,2S3 7,645 5,999 123,624 12,681 8,880 127,897 145,185 Finance 31.8.24 31.8.23 Total Educational Bank charges Bank loan interest 17,166 780 7,352 729 17,946 8,081 Governance costs 31.8.24 31.8.23 Totsl activities Educational Audiiors, remuneration Professional and legal fees io,soo 6.184 10.500 15,754 16,684 26,254 Page 20 continued...
C.P.S. (PRESTON) LIMITED NOTES TO THE FINANCIAL STATEMENTS- eontinueij FOR THE YEAR ENDED 31ST AUGUST 2024 NET INCOMEIIEXPENDITUREI Net income/(e¥penditure) is siaied after charging{crediting)'. 31.8.24 31.8.23 Auditors, remuneration Depreciation - Oled assets Surplus on disposal of fixed assets 10,soo 57,793 10,500 60,612 (13,189) TRUSTEES, REMUNERATION AND BENEFITS There were no twstees, remuneration or other benefiis for the year ended 3 Isi Auoust 2024 nor for the year ended 31 st August 20?3. Trustees, expenses There were no trustees, expenses paid for the year ended 31st August 2024 nor for the year ended 31 st August 2023. 10. STAFF COSTS 31.8.24 31.8.23 Wages and salarie5 Social security costs Other pension costs 739,604 59,753 33.924 622.349 46,462 833,281 699,131 Th¢ average monthly number of employees during the year was as follows.. 31.8.24 29 31.8.23 24 Teachers and assistants Administration Domestic 35 30 No employe¢s received emolumenis in excess of £60,000. Page21 continued...
C.P.S. (PRESTON) LIMITED NOTES TO THE FINANCIAL STATEMF.NTS- eontinued FOR THE YEAR ENDED JIST AUGUST 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unresiricied Designated fund Fund5 Restricted fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 1,000 1.000 Charitable activities Educational 1,010,373 107.787 Other trdding aetiviiies 10,795 10.795 Total 1,022,168 107,787 1,129,955 EXPENDITURE ON Charitable activities Educational 1,022,854 60.612 107.787 ,191,253 NET INCOME/{EXPENDITUREI Transfer5 between funds {686) (13,571) (60,612) 13,571 (61,2981 Net movement in funds (14,257) (47,041) 161.298) RECONCILIATION OF FUNDS Total funds broughi forward (338,9391 1,292.138 953,199 TOTAL FUNDS CARRIED FORWARD 1353,196) 1.245,097 891,901 12. TANGIBLE FIXED ASSETS Freehold property Plant and machinery Motor vehicles Totals COST At 1st September 2023 Additions 2.528.793 288,124 5,768 346 2,817.263 5,768 At 3 1st August 2024 2,S28,793 293,892 346 2.823,031 DEPRECIATION At Isi Sepiember 2023 Charge for year ,299.416 51,687 272.404 6.106 346 ,572,166 57,793 At 3 1st August 2024 1,351,103 278,510 340 ,629.959 NET BOOK VALUE Ai 31 st August 2024 1,177,690 15,382 1,193,072 At 315t August 2023 1,229.377 15.720 1.245.097 Included in tost or valuation of land and buildings is freehold land of £400,000 {2023 £400,000) which is noi depreciated. Page 22 continued...
C.P.S. {PRESTON} LIMITED NOTES TO THE FINANCIAL STATEMF,NTS- continued FOR THE YEAR ENDED 31ST AUGUST 2024 12. TANGIBLE FIXED ASSETS- eontinued The bank holds a legal charge over the freehold land and building5, although there is no loan or mortgage outstanding to the bank. The freehold property was revalued at market value on 27th February 1990 by Hurst Dean Ainsworth Kevill, Chartered Surveyors. The charity elected 10 use the valuation as deemed cost on trdllsltion to FRS102. Additions since the date of valuation have been included at cost. 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.24 31.8.23 Trade debtors Oiher debiors Prepayments and accrued income 36,957 119 41,063 45,852 37,340 78.139 83,311 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.24 Bank loans and overdrafts {see note 161 Trade creditors Social security 2nd other taxes Other creditors Accruals and deferred income 126.707 48,618 74,899 2,110 238,620 168,569 39.535 36,202 3,359 157,186 490,954 404,851 15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.8.24 31.8.23 Bank loans (see note 16) Other loans (see note 16} 29,342 2,705 29,342 2,705 32,047 32,047 16. LOANS An analysis of the maturity of loans is given below.. 31.8.24 31.8.23 Amounts falling due within one year on demand.. Bank overdrafts Bank loans 124,922 ,785 167,170 1,399 126,707 168,569 Amounts fallin¥ between one and two years.. Bank loans - 1-2 year5 10,037 10,037 Page 23 continued...
C.P.S. (PRESTON} LIMITED NOTES TO THE FINANCIAL STATEMENTS- continutd FOR THE YEAR ENDED 31ST AUGUST 2024 16. LOANS- eontinued 31.8.24 Amounts falling due between two and five years.. Bank loans- 2-5 years 19 J05 19,305 Amounts fallin¥ due in more than five years.. Repayable otherwise than by instalments.. Other loans mor¢ Sys non-inst 2,705 2,705 The RBS bank loan is guaranteed by ihe UK Govemment under the Bounce Bank Loan Scheme. 17. LEASING AGREEMENTS Minimutn lease payments under non-cancellable operating leases fall due as follows.. 31.8.24 31.8.23 Within one year Berween one and five years 17 J37 24.048 18,892 37.155 41,385 56,047 18. SECURED DEBTS The following secllred debts are included within creditors.. 31.8.24 31.8.23 Bank overdrafts 124,922 167,170 The bank hold5 a freehold 1st legal charge over the land and buildin(Ts known as 200 Garstang Road to secure the overdraft. 19, MOVEMENT IN FUNDS Net movement in fvnds Transfers between funds At 31.8.24 At 1.9.23 UNrestrieted funds General fund Property asset fund (353,196) 1,245.097 (85,507) {57,7931 {5,768) 5,768 (444,4711 1,193,072 891,901 {143 JOOI 748,601 TOTAL FUNDS 891,901 {143JOO) 748.601 Page 24 eoniinued...
C.P.S. {PRESTON) LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST AUGUST 2024 19. MOVEMENT IN FUNDS- continued Net tnovement fund5. included in the above are as follows.. Inctsming resources Resources expended Movement in funds Unrestricted fund5 General fund Property asset fund 958,233 {1,043.740) (57,793) (85.507) (57.793) 958.233 (1,101,533) (143,3001 Restricted funds Education, Health and Care Plat) 186,407 {186.407) TOTAL FUNDS .144,640 (1,287.940) (143,300) Comparatives for movetnent in funds Net movement in funds Transfers between funds At 31.8.23 At 1.9.22 Unrestrtcted fund5 General fund Property asset fund (338,939) 1,292.138 {6861 160,6121 {13.571} (353,1961 1,245,097 953,199 {61,298) 891.901 TOTAL FUNDS 953,199 (61,298) 891,901 Comparative net movement in funds. included in the above are as follows.. Incoming resources Resources expended Movement in funds Unre5trieted funds General fund Property asset fund 1,022.168 (1,022.854} {60,61 ?) {6861 160.61 ?) 1,022.168 {1.083.4661 161,2981 Re5tri¢ted fund5 Education, Health and Care Plan 107,787 {107,787) TOTAL FUNDS .129,955 {61,298) Pa¥e 25 continued.
C.P.S. {PRESTON) LIMITED NOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED 31ST AUGUST 2024 19. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months cotnbined position is as follows.. Nei moveinent in funds Transfers between funds At 31.8.24 At 1.9.22 Unrestricted funds General fund Property asset fund (3J8.9i91 1 ?92,lj8 {86,19i) 1118,405) (19,3i9) 19,3i9 (444.4711 1,19i,072 953.199 {204,598) 748,601 TOTAL FUNDS 953,199 (204.5981 748,601 A current year 12 monihs and prior year 12 months combined net movement in funds, included in the above are as follows.. Incomin¥ resources Resources expended Movement in funds Unrestricte(I funds General fund Propety asset nd 1,980,401 (2,066,594) 1118.4051 (86,193) 1118,405) 1,980,401 {2,184.9991 {204,598} R¢5tricted funds Educaiion. Health and Care Plan 294,194 1294,194) TOTAL FUNDS 2,274,595 (2,479,193) (204.598) 20. RELATED PARTY DISCLOSURES There were no relad party transactions for the year ended 315t Augll5t 2024. Pa¥e 26