COW•ANY NUMBER.. 00843499 CHARtTY NUMBER: 527252 THE ELMS ICOLWALL) LIMITED (a company limited by guarantee) REPORTS AND RNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 'RM 3110￿2024 C(WANIES frhXISE J)4D41X7• 0110V2024 COMPANIES HOUSE *258 THE ELMS ICOLWALL) LIMtTED CONTENTS FOR THE YEAR ENDED 31 AUGUST 2023 Pago Leg•1 and Admlnlstratlvo Infornu Annu•l R•port of th• Tru#tts# Indopond•nl Auditor* R•port statement ol Flnan¢lal Aetbvii 10 Balanc• Sheet Cash Flow Sl•tem•nt 12 Noles to tho Flmnclal Stai•m•ni8 13-22 THE ELIAS ICOLWALLI UA11TEO LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2023 TRUSTEES J Rose- ch•'M￿ N Baldwin B Evans Gilliat Smith D Graham A MacKJnnon iresigned 02 t*omW 20221 Lady S J Mcfartane A Milliken L Redvers P Thomas (resigned 02 De￿mter 20221 H Wall {aFwnied 02 December 2022) C vthrr4￿)rth (resNJned 10 March 20231 COMPANY SECRETARY S BrarthQ￿j CLERK TO THE TRUSTEES HEAD OF SCHOOL E Lyddon COMPANY NUMBER 00843499 CHARrrY NUAIBER 527252 REGISTERED AND PRINCIPAL OFFICE The Elms School co￿￿all ma￿em Worcestershire IMt136EF AUDITOR Crowe U.IC LLP ststutw Auditor 441 Floor. St James Hwse St James Square Cheltenham BANKERS Lh)yds Bank plc 8 HwJh Town Herefiyd HR12AE soucrroR8 Harrison Clart( Rthertys Lwrmted Ellen￿¥OU9h House Wellinglon Street Cheltenham GL50 1YD Imatrey ilkston & Fox 15 & 16The Tything Worcester WRI 1HD THE ELIIS {COLWALL) LIMITED ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2023 The merters of the Governing Bcrtty of The ElnK8 {CoknRI Limited present ther Afin￿l ReF will continue in business. The Trnstee5 are re5P0115ible for keeping adequate accounting records that are sufficient to show and explain the charitsble compan} s tranwtions. disclose ￿'Ith reasonable accuracy at any lime the financial ￿5}llon of the charithble cornpan). and enabl¢ them io et)sure thai the financial statements comply M'ith th¢ Companies Act ?(M)6 and th¢ proi-isions of the charity's constitulioti. They are also responsible for safeguarding the assets of the charity and henc¢ ftr tsking r¢wnable llep5 r(Y th¢ prel'ention And detection of fraud aJKI other Arregularities. Insofar as each of the Tn15t¢es of the School at the date of approN'al of this report j5 aivare. th¢r¢ 15 TIQ relei'ant audit information of which the Schix)I's auditor is llnaM'a￿. Each of the Truslees have eaeh taken all th¢ 5t¢ps thal they oughi io hai'e taken as a Trnstee in ord¢r to make th¢m5¢1ves aware of any relevant audit i￿romiall0Tr and to ¢stablish thai the School's auditor is aware ofthat inforniation. STrATEGIC REPORT MISSION STATEMENT The school's mission is to prol'ide ihe n￿eSSary education to enable each pupil to develop their ndiTr'ld￿aJ talents in whateTr'er sphere rhry might lie. io foMer genuine 5elf-confidenc¢ and to matriculate successfully to their chosen sCh￿IS upon leaving and be confident [nemI￿S of the12rger society and effethi%'e Contri1￿10[S lo it. Our Vision Our vision is to help each pupil io realise the￿ are truly unique and possess gifts and talents which gil'es them unlitnited ￿ential. e ii'ish to Cttate an educational foundation ivhereby throughout their lii'es our pupils M'ill alw'ays be ambitious for s¢lf-improi'ement and so dei'elop he)ond their Frtrceii'ed potential. Our Mission Th¢ s¢h(K)I's mission is io: To provide exc¢llent teaching. leAminR and pasloral car¢ To proi'ide a w¢alth of opportunities both cuffi¢ul¥T and exua-curricular To encourag¢ pupils to be the besi the> can so that we help ihem to develop their untspped tential STRATEGIES TO ACHIEVE THE PRIMARY OBJECtIVES With effect from l August 2022. the DirKtors are actively involved in the implementstion of a five year business plan that H'ill run from 2022 10 2027 and which supersedes ihe prior development plan. The plan, the result of a new. encrgy garnered frorn within the parcnt group and local community, is focused on delivering a ￿.ell-fUndcd and 8roMing 5ch(M)l. run with greater eificicncy, that understands the market in w'hich it is operating and is confident aboul its offer into that market. The Accounts oi'ered in this re￿1 co￿er ihe first year of this strateg)., and reflect a reorganisalion of staff numbers, along M'ith A recognition of the C￿￿ent market trends and th¢ oplimisarion of the school's infrLstructure and offer in ord¢r to allow the 5chwl to flowish in the ¢UTreni maTket. THE ELMS (COLWALL) LIMITED ANNUAL REPORT OF THE TRUSTESS (COP￿INUED) FOR THE YEAR ENDED 31 AUGUST 2023 ACHKEVEMENTS AND PERFORMANCE Revitw of achiev¢menis and p¢rforniance for the Year. The s¢hool has had a sur¢¢ssful year, Jltaining excellent academic achievemeni wtth all pupils reaching their chosen schools for completion of their education. There ￿a5 Success for the school in its full range of 5POrting a¢tivilies in competiiftons ￿1th oth¢r 5ch(KJls. Cultl]Tal and rural artivities forni an important part of thc Sch￿I.S curriculum. PerfoTming arls contin￿e to wovide excellent ￿sUltS with frequent concerts and drama productions. Additionally, the farn) and rural snjdies actlVili¢s xre provitlg extremely tx)pular with the pupils and their parents. The school has been able to achieve its mission and these results by CODtinuing to ￿taIn ils high quality of teaching %taff. The Board's ¢ommitm¢nt to maintainin8 ihe school's excellencc has been reinfow¢d by the capital expenditure programme. Public B¢n¢fit The school lakes part in a wide variety of activities in order to carry out the Sch￿I,S aim for public benefit educating children in an environm¢ni not genera)Iv available to the state sector. The school has links with local state prim8ry scIMxyI and other l(Kal comrnunity or8anisaiions and provides its focilities fr¢e of char8¢. The sch(K)l ¢ngages in a wide range of other charilabl¢ work with ihe loeAI community. Mean5 iested financial assistance is available and during the year wnts and other awards in the forni of bursaries and allow'ances w¢r¢ made out of unrestricied (unds thereby in¢reasing acc¢ss to the school and thus reducing the annual fe¢ income by £438,782 (2022- £552.762). Thc Di)rctor5. as the charity Trustees, confimi thai thev have complied with their duty in section 17 of the Charities Acc 2011 to have regard to the public ￿TrefIt guidance published by the Charity Commission for England and Wal¢s. FINANCIAL REVIEW The rtsults for ihe y¢ar which show a loss of £153.908 {2022- sutplus of £207.113) are set out in ihe Stst¢m¢Dt of Financial Activilics on pag¢ I l. Reserv¢s Policy Accordin8 lo the charities SORP d¢finilioTL fr¢c r¢5erves aTe calculaied as total reserve5 ucluding rjxed assets. restricted and endom'ed funds. L'sing this definition. the Company would have free reserves of £580,635 (2022 - £724,040}. These free r￿TV¢S are w'ithin the paramel¢r5 set by the Direciors of relaining at least thc estimated costs of running the charity for thc forthLoming academic terni and to meet immediate ¢apitsl expendilvr¢, thereby ensuring there are Adequa* resources in place to continue curr¢ni operations. Investment Policy The school's surplus funds arc Inv¢s￿d ￿ all timcs to obtsin maximum protection and income at th¢ sam¢ time being readily realisable to meet its ¢ommitmenis within acceptabl¢ levels of risk. THE ELMS (COLWALL) LIMITED ANNUAL REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 FUTIJRE PLANS The s¢hool's dev¢lo¢Mneftt plan ts subjeet to an annual review by the Governots and the future plans ror the school include: ensurin8 thatthe ￿h￿)I and grounds are a safe and altractivc ¢nvironment for pupils. stsff and VISIt￿S alike. provision of a hppy and s¢¢vre past¢)Tal ¢nviTonment. suitsble for b¢Mh dxy and boarding pupils in which all pupils are offer¢d op￿)rtUnItieS for leadership and service to oihers., providing a stimu18tin8 learning eni'iromnent in which pupils can develop their •¢ademie lential in full. increasing the capability of the sch(M)I to offer edwtion to children whos¢ parents are unable to afford full fffs" providing an enjoyable and appropriately chxilenging enviromnent within which memE*rs of staff may develop their ¢areers; ensuring that the school plays a signifKant part in the life ofthe I￿al commwiity. sharing facilitie5 and seeking local partherships where&er p)ssible. Thes¢ aims underpin d¢v¢lopma)t plans so thai the school continues to enhonce its ability to provide rirstclass education. RISK MANAGEMENT Th¢ Governors have given consideration to the major risks io which the school ks exp(Fsed. The Governor5 consider the YAffi)rdability of fees by parents across the independent School S￿tOr. aIi affordability ¢hallenged in the recent p&st by the ewnornic thNbulenee and facifig the likelihood of a Cvnvemment seeking to Add VAT to the cosl of s¢hool fees. to be the principal risks faced by the School. S&feguardin8. Health Saf&y are always significant areas for risk management. The Governing Body has ultimate resp)nsibility fof mana8ing any risks fa¢¢d by th¢ ￿￿001 and has developed a Risk Managevncnt Plan. tktailed consideration of risks is delegated to the Welfare and Health and Saf¢ty committee which rep(rfts fornially to the Governing &*ly. Th¢ structure of th¢ committee comprists four members of the Governing Body assisted by Senior maDagemenL The risk management process •nd the resultln8 reiM)rt identifies risk4 assesses their IMp￿t and likelihood. and where n￿￿Ssary. recommends controls to mitigate and monitor those risks. The controls used by the *h(N)I to minimise risk include: d¢tailed terms of Tefer¢n¢¢ togetherwith fornial agend ornpr¢hensive budgeting and management a¢coillKin& estsblished organizational stru￿UreS and lin¢s of rew￿l￿g. fornial M'ritten p)licies includin8 clear authorization and approval level4 'etlin8 procedures as required by law for the protection of the i'uln¢rable. The Governors regulorly review th¢ effectiveness of ¢umt plans and strat¢gies formanagin8 all id¢niified major risks. Prin¢ipJl Risks and Uncertainti¢s The Governing Body has wnsidered the effects of the additional staff costs due to th¢ increase in broad inflation and, part of the year under review, the threai of Teachers, Pension contributions. as well &s the removal of the Second state F£nsion sdling fe¢ levels whilst remaining mindful of the effects of the economic situation in recent yea THE ELMS (COLWALL) uMrrED ANNUAL REPORT OF THE TRUSTESS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Health and safety is alw'a)'s a significant area for risk managcm¢nl. The risks range from fire and infiasiruciure to personal risk5 {in¢llldirtg wh¢n away from the sch￿1 premises on trips and expcditions).The risks asgKiata with all ￿tIvitIeS are minimized by thorough planning and risk assessmen¢. The Goveming Body is s￿isfI￿ that for all major risks ideniifl￿ appropriaie controls have bc¢n pul in place and maintAined to minimizc those risks adcqllaiely. It is recogniscd that sysiems can provid¢ only reasonable but n(￿ absolute assurance thai major risks have been managed. AUDITOR Crowe U.K have been audilor to the School since 2012. In accordance with the prinLLples of good Corporate govemance, a resolution prO￿sIng that the School"s external audit contract be put out for tend¢r was pa55ed at the AnnuaI (kn¢ral Meefing on I" December 2023. In acGordanc¢ with Sethi(Trn 485 of th¢ Compani¢s Art 2006, a res01￿10n proposing th¢ appoinlrnent of Coop¢r Pany as audiior io the Schcrf)I from lyl Septcmber 2023 was approved b). the Trustces of The Elms {ColwY¢ll) Limited on 15 Mi arch 20?4_ This Annual ReporL prepared under the Charities Act 2011 and the Companies Ad 2006 (in accordance w'iihin ihe special pruvisions reIaiing to 5m#ll compani¢4 subject lo the small companies regim¢ th'ithin Part 15 of th¢ Companies Act 2006X was approvd b) the Tru$tees of The Elms (Colwall) Limited on 15th March 2024 includin8 in their capacity &$ cofftpany directors approving the 5trat¢gi¢ R¢port contained therein, and is signcd a5 aulhoris￿ on ils b¢haifb)'- J Rose Chairnian of the Trustees THE ELMS (COLWALL) LIMITED INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Ind•pend•nl Auditor's Report to the M•mb¢rs of Th• Elms (Colwall> Llmitod Oplnlon We have audited the financial staten*nts of The Elms {Cotwall) Limtted 'the charitable company, the year ended 31 August 2023 which comprise the Statement of Financial A¢tNities, the Balan￿ Sheet. the Cash Flow Statement and notes lo the fmnckal stalen*nts. induding significanl accounting Polic￿5. The financial reporting framéwork that has been applièd in Ihw ￿￿paratIOn is apPI￿able law and United Kingdom Accounting Standards. includirrtJ Financial Reporbng Standard 102 The Financial Reporting Standafd applicab￿ in Ihe UK arid Republ￿ of IreL3nd (United Kingdom C*nerally Accepted Accounting Pract￿1. In our opinion the finanual staterrents". give a true and fair of the state of the charitable company's affairs as at 31 August 2023 and incorne and expenditure. for 31 AugLJS12023 then en¢Jed.' havè been properfy prepared in accordance with Unrted Kingdom Generalty Awted Practice,. and have been prepared in w£ordance with the requirem&nts oftt￿ Compan* Ad 2006. Basls for opinion We conducted our audrt in accordance wth [￿eMat￿l Standard5 on A￿thng {UK) {ISAs {UK)) and applicable I￿. Our responsibilities undw those standards are further described in the Auditor's re5ponsibililies for the audit ol the financial st*ement5 5eclion of ow reporL We a￿ independent of the tharilabk company in a¢cx)rdance withthe ethical requrrements that are re5evantto our audit ofthe financial statements in the UK, in¢luding the FRC'S Ethtal St¥Klard, and we have fvlfilled our olher eth￿[ resFX)nsibilities in ￿r￿arte￿ with tllesè requirements. We believe that the audit evMlen¢e we have obtained 15 suffllent an¢J apFryrith to provpje a ￿.8 for o¢x Cvin￿n. Conclusion$ relating to going concern In auditing the financi81 statements, we have c¢Jnduded that Ihe Trustee's use of going concern basis of accDunting in the preparabon of the fina￿al sL7ten￿tS is aprKopriate. Based on the work we have perfQrrr￿. we have not NJentif*d any rnat&1￿ w¢ertainlies feLating to events or conditions that. indNidually or c￿l￿tIVelY. may cast SvJnif￿ant doubt on the charttable company's ability lo contsnue as a going concem fL* a peried of at knt nK•nths from when the financial ststemenls are 8uthorwl for i%sue. Our fesponsibililies and the reSpOn￿lIrtIeS ofthe Trn5tees with respect to going C￿cern are described in the relevant seclhjns of thB report Other Inforniation The tnjstees are responsibfe for Ihe other infrKmakn contaThd wthin the annual reptrrt The other inf(ThatN)n comprises the infom)ation induded in theamual repor( olherthan the financial slalemonts and our 8uditorfs ￿pOrt thereon. Our opinion on ¢he financ￿• stateffÈnts does nol cover the other infomiation and. except to the extentolher4Vtse eXpl￿1ty stated ift our feport we do not express any fom7 ofassurance Jnclusion lher￿￿. Our responsibility is to read the other informattsi and. in doing so, C￿s￿der whether the other inf0m￿l￿n is materialty inconsistent with the financial stateft￿ts or our knCrt￿ge cotsined in the oudil or Othe￿$8 ap￿ar$ lo be materially misstated. If we bkntify such material inconsistencies or apparent material misststements, we are required to detemiine whether thts gives rL8e to a material misstatement in the financial statements themselves. If. based on the wcKk have Ferformed. we conclude that there is a material mi&8tate￿nt of this other informatm. we are required to report that fa( We have nothirwJ lo report in this regard. THE ELMS (COLWALL) UMITED INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Oplnlons on other mattern prescrlbed by thg Companles Act 2006 In our apini¢Jn based on the work undertaken in the Course of our audrt the informabon givèn in theTrustees' rep)rL wh￿h includes the Difftctors. report and the strateg¢ report prepared for thè purposes of company law, for the financial year for the fir￿nCIal statem8nts ar¢ prepared is consbslenl with ihe financial slatenEnts', and the ¥trategiG report and the ￿"rectors. rep)rt induded within the TNstees' report have been wepared in aC¢Ofdanee with appbcable leg￿ ts4uwements. Matters on whlch we are requir￿ to report by ¢xcoption In IKJhl of the kn¢)wledge and urKlerstsnding of the charitable fA>mpany and their environment obtained in the course ofthe aud¢ we have not idents.fied material misstaterrtnts in the strategK report OT the directors, report included wilhin the tnJslees' rew)rt We have nothin9 to ￿[jort in respect of the felk)wing matters in relat¥)n to wh¢h the Companies Act 2006 requires us to report to you if. in our opin￿. adequate and proFer accounting r￿Id$ have r￿t been kept: the financial State￿nts are not in agreement with the xcounting records and retums. or certain disclosures of trustees, remuneratsm specrfEd by law are not m*,. or we have not received all the informatb)n and explanations we require fof our audit Resptsnslbllltl•s of trustees As explained rtwjre ful￿ in the Tnjstees. resFth*knilities ststement sel out on pag8 3, th8 Trustees (who are aEso the directors of the charita￿• company for the pury>oses of company tsw) are re¥)onsible for the preparation of the financial st*ments and for ￿Ing sabsf*d that they give a true and fair y￿w. and fof ¥uch intemal GontrcA as the Trustees d¢terniw i¥ necessary io enable bye preparation of financial stalemenls that are free from material misstatemnc whether d￿e io fra￿1 or error. In preparing the tinan¢ial statements. the Trustees are responsible for assessing the charitable company's ability lo eonbnue as a going cmcem, di$d￿ng. as ¥p￿1¢able. matt￿5 reLAied to going ¢on¢em and using the going concem basis of a¢countirvJ unkn the Trustees either intend to liquidate the charitable coryany or to cease operations. or have no realistic a￿nati￿ io do w. Auditovs responslbillll8s fortho audit of the Ilnancial stat•m¢nts We have been appointed as auditor urKler se¢Ehx 144 of the Charities PLt 2011 and rewt in actt)rdance with the Act and relevant regulations made or havin9 effect thereunder. Our Otyecbves are to obtain r￿Sonab￿ assurance 8bout %•thether ￿ financial statements as a whDle are free from Material misstatement, whether due to fraud or e￿or, and to issue an audrtorfs reportthai indud&s our opink)n. Reasonable assurance is a high level of assuran￿, bul is not a guarantee that an aud(I conductgd in acLordance with ISAS (UK) thays detect a material misstatement when it exists. Misstatewents can arise from traLKI or error and are conshJered maleNal if, indNidually or in the aggregate. they coulJ reasonabty be expected to iTrfiUen￿ the ecOr￿n￿ decision50fusers taken on Ihe basis ofthesg finanoal statements. Irregularities. including fraLKI. are instsnees of non-com￿￿3n¢e wth laws and regUlat￿)nS. des￿￿ Pr￿edureS in line with our resFonsibiSit*s, outlrnd atove. to (lelect material misststements in respect of regularities, including fraud. The extent to which ¢)ur procedures are capatle of detecting irregularities, cluding fraud is detaiw belw" Wg i¢Jentifi8d the greatest risk ol material inwact on th8 f￿anCIal staten*nls irreguianties, including fraud, to be with the overri(fe of controls by management. Our wjdrt procedures to respond lo these risks included enquiries of management and the Audit and Risk Committee about their own identification and assetssment of the risks of irregularities. sampfe tests.ng on the posting of jouffla￿, reviewng accounting ests"Tn*s for biases. reviewtng regulal¢yy CO￿eS￿)nde￿ce with the Chanty commiss￿n. Independent Schfy)Is Inspectorate. Ofsled and reatting minutes of ff*etings of those tharged witrt govemance. THE ELMS (COLWALL) LIMITED INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Owing to the inherent limilabons of an aud￿ th8r8 15 an unavoKlablg risk that we may not have d?leGted SQTht materid misStatew￿Trts in the ffinanaal staternents. even though we have propedy planned and perffjr￿￿d our audit in acCOrdar￿ with audtil.ng Sta￿lardS. For exampte, thè fvrther rerroved no grryliance wfch laws and regulab'ons (lrwlarrt￿sI is from the events and tran58Cttons reflecled in the financial statements. the kss likely ts inherenuy limited ￿￿ted￿reS required by auditing standards would identify IL In addit￿n, as ￿th any audrt. there remaired a higher risk of non-delectjon of irregularities. as ihese may involve collusion. forgery. intentW￿l omissiorts. misrepresèntations, Dr th8 override of intema controls. We are not responsti%e for preventirwJ non•cwliarKe and cannot be expected to del￿1 noll- Corn￿18￿¢e wth all L4ws and reguL4tK•ns. In addition, we Considered pr¢)vis1)ns of other and regulations that do not have a dlrect effect on the financial ststemèrtts c(Mnpliano with whth might be fundamental to the charitable company's ability to Operate or to avoid a material penalty. We also consthred the opwrtunities and incentNes that may exist within the charilable company lor fraLKI. The and regulations we considered in ihis context for the UK gperations were The Educabon (Independent Standards) Regulakn"ons 2014, General Data Protedion Regulats"on {GOPR). Health and s*ty begisLation. and EmF4oymert legislatron A furtherdescription of our respjnsibilities for the audit of the ffinanaal staterrÈnts Is located on the Financial Reporting Council's website at wW￿.fr¢.C￿.uk1audIt0rsres[xInSIbl1i1Ies. This description forms part of our auditgr's repofi Ug? of our rcport This report is made 501ety ID the chartsbie company's members. a$ a tody. in aC￿rdOn￿ 7*thh Chapter 3 of Part 16 of the Companw Act 20C6. Our audit woth has W urKlertaken so that we might state to the Charitab￿ company's member5 those mattws we a￿ required to 5tste to them in an audrtor's report and for no other purpose. To the fullest extent permrtted by L8w. we do rnt aceepl or assume responsibility to anyone other thafi the charitable carnpany and the chartt3ble company's m8mbers as 8 body. for our audit work, for this rert orfor the opinions VR have fom￿. Guy Biggin Seni¢x Statutory Auditor For and orl tehalf of Crowe U.K LLP Slatulory Auditor 4th Floor, St James House St James Square Chellenham GLSO 3PR Dale.. 30 May 2024 io THE ELPAS qCOLWALL) LIMITED STATElhlENT OF FINANCIAL ACTIVITIES INCORPORATING THE INCOME AND EXPENDITURE AccouKr FOR THE YEAR ENDED 31 AUGUST 2023 funds 2023 nds 2023 Total 2023 Total 2022 INCOME FROPA: Chari¢abl¢ actlvllles Sthool fees Ancillary tsading incon Inv•stment Income Other trndlng a¢tlvltles Govèmmant grant Inc(*n• Local counell fvndlng Oonation8 Pront on d141￿1 of flx•d amets 2.440,162 215.750 12.41D 6,170 2,440,162 215,750 12,410 6.170 2,346,370 242,510 1.280 7. 712 57.902 23.310 57,902 164.660 42.659 605.957 1T.BOO 141.350 Total lTrcomlng r•source¥ IS￿1 81312 2,897053 3,258.288 EXPENDITURE ON= CharlLibl• aetivltle8 Education arky grant makir 2￿9749 81.212 3051 175 Total expenditure 1969,749 81.212 3,IJ50.961 3,051,175 Net mov•m•nt on funds Fund baianos * 1 Septert*r 2022 1153,908) {153,9081 207.113 3 673 186 3 466,073 Fund balan￿ at 31 August 2023 11112 49,601 3519278 3 6T3 186 AJI ar￿Unts relate tr• contMiuin9 operati￿. The State[T￿t of FIna￿la1 Aclrrfths Lxntans all ￿ gains and losses rwni*l in the current and preGeding year. The nole$ M pages 13 to 22 lorni pwt of tl)ese fjnanca4 statenwJt& li THE ELMS (COLWALL) UMITED BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 FIXED ASSETS T3ngible assets U89.042 2,899,545 CURRENT ASSETS Debt[￿$ Stock Cash at bank and in hand 165.222 10,C65 953.815 198.723 1,027,810 1.129.102 1.22¢533 CREDITORS- armunts falling due wthin one year 427.884 384.887 NEf CURRENT ASSETS n11.2f8 84f.646 CREDfTORS- amounts falling due after more than year (70.9821 (68,005) TOTAL NET ASSETS 10 78 3 673 186 FUNDS Unrestricted fvnds Restrthd lunds 12 3.469.677 49.801 3,624585 TOTAL Ful￿$ 10 3 673 186 These finan¢kal stslen*nts have been prepared ￿t￿lance with the special provisions relating to the small ¢ompanies regin* *Mthin Part 15 of the Cc*rpanies Act 20￿ relating to small cL)mpanies. Approved arnl authoftws for issue ty the Trustees ￿15th March 2024 and 9gl￿d on its beh81f by.. J Rose Chalnnan The notes on pw 13 to 22 fom part of lttese finanlxal statw 12 THE ELMS (COLWALL} UMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Cash flows from operatlng actl¥kl••: Net outg￿ngS for the year (153A42) 207. 113 A¢¥usiments lor. Investr)ent I￿rne and bank interest ￿Ved Pr¢)fft C*n disposal of tangible fixed assets Purchase of unrform stock Depreciation charge (Increase) in debtors (Decreaseifincrease wi ¢reditors {12.4101 (7.280J (t7.8QO) 110,(k35) 148,454 33,501 145,54Q (96.937J 53.619 183.023 $2,112 Net Cash fromllw•d) by opgrallng aGllvltl•s Cash nowB from Inve8ting actlvldqs Paymènts for tangible fixed assets Proceeds from sale of tangible fixed assets Investment income and bank interest recep￿1 (138.517) (5,6801 17.800 Net ¢4sh provided1(￿ed> by investlng actMtI•s Chanue In cash and cash •qulval•nts in thè y￿r C&¥h ond cash equivalgnh al Ihft beqinning of the 1m7.810 831,387 Cash and cash oqul¥alents al th• •nd crf th• y•ar 1027 810 Analysls of cash and eash gqui¥*nt* 2023 2022 Cash at bank and In hand 1,027,810 Analysls of ehang•s In nel d•bt At1 September 2022 Cash- At31 Au9USt 2023 Cash at bank and in hand 1.027,810 173.995) 953.815 The r￿te5 on pages 13 to 22 fomi partof these financHI Slateft￿ts. 13 THE ELMS (COLWALLI UIJITED NOTES TO THE FINANCIAL STAfEMEKrs FOR THE YEAR ENDED 31 AUGUST 2023 STA TÉMENT OF ACCOUNTING POLICIES Charlty Infomwdon The Elms Icotwalll Limited is a registered charity with the Charities Commission England and Wales (charity number.. 527252) andwas in¢orwrated asa private c(ynpany limited by guarantee (company number. 00843499} on 30 March 1￿5. The address of its registered office is The Elms Sch¢)ol. CoN¥al. MaEvern, Worcestershire. WR13 6EF. bl Ba8ls of Preparalion of Flnanclal Statements Th? financial stslewts have teen prepared under the htstorKal cost convent¥)n. The financial staiomenis have been prepared in a￿OrdanCe wrth Accounting and R8POrting by Charities". staterr￿nt of Recon￿nded Practtt applicable lo ch8rities preparing their occounts in acccrfd8nca with the Financial Reportbng Standard applicabla in the UK and Repllbl￿ of IrBkand IFRS 1021- {Chaiilies SORP IFRS 1021} and the Financial ReportiThJ Stsn¢J*d applicab￿ in the UK an Rewblic of Iieland {FRS 102). The Elms Icofvrnlll Lirrited [￿ets the definition ofa putlr bènefft entty under FRS 102. Golng Conc•rn The School has cash r&￿ul￿. that ￿re sNJnifranty augmented by a successfiJl fvrKI-r8is￿g campaign in June 2022, and no requirement for externa funding. The Trustees have ￿vieWed the expected ongoing demand for places and I￿sh fthv forecasts. and have a reasonabk expectation that the Schwl has adequate resources lo continue in c4)erab"onal ￿sIen￿ for the foreseeable future. They wntinuÈ to believe ts wing ￿)￿ern ba￿S of aco)unting app￿priate in ptpparing the annual fMeial statemwts. d) F¢8$ •nd Other Income Fees receivable are stated afler deducling scholarships and other r8mission$ grdnted by the &hool. All other income is induded in Staten￿tt of Financial A¢tivibes when the School has entitlement to the funds, any perfom*nce ca)ndit￿nS attacW to the iteffrfsl of In(x)ma have baon meL il is probable tha¢ the income will be reC￿Ved and the anM)unt can be mea5vr8d reliably. Oonatton income ts axounted fof as and when 8ntilleff*nl arrses the amount can be reltably quanffied. Investr*nt inccxne trom dNKlends and interes¢ are accounted for in an wxrual$ basis. Govprnment GAnt During the prev￿U$ yèar. The Ekns suspended Cert￿"n fvnctions in reactim lo gOVern￿nI dire¢lives aimed at reducing the spre*J of Covid-19 Icoronavirus). This resulted in a number of staff being lurloughed their wages by Ihe government. These wages are reflected in Noles 4 and 5 of the accounts. The ￿paYrne￿t of their Wages ftom tt)e govemment is represented in unrestricted income in Nots 3. The furfough sd*me has not beer• utilised in the ￿￿nt year by The Elms and a5 a result not income has been r•cwded in the year. During the C¥JTient year, The Elms received grant funding frcm their local authority to support expenses incurTed as well as at￿tri￿Art￿)n towards fora pupd du&to consideration for specialist leaming support. Exwndku Ex￿ndItUre is accrLTred as s(Kn as a IBbility is considered probable, di￿OUnted to present value for hjnger-iern) IialM"lities. Expenditure is allocated to expense headings on a direct cost basis, with staff costs being allLKated aCCOfding to the esiimated t1Th￿ spent by staff wo￿l￿g in ￿levant dgpartments. The irreC¢￿erab1e element of VAT is induded wrth the rtem of expense to which it relates. 14 THE ELMS (COLWALL) UPJIITED NOTES TO THE FINANCIAL STATEP4lENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 1. STATEMENT OF AccouTrmNG POUCIES {conllnu¢d) Tangible Fixed A8$0ts Tangible fixed assets are stated at cost less ￿p[eC￿trOn. Depreuation is not provided on freehold lan(L On other assets dweciation is provided on e4)st in equal annual instalments over the FTeehobJ buildings Fumrture, f￿1r&S and equirrnit Motor vett 2% straight line oi the exrethd remaining life of the building 10% or 20% stravJht line 25% stravJht line EXpendItu￿ on fL¥ed assats is catyalised except for exp￿dI￿lre inujrred on the replacement of assets of value with a short Irle. Repay. r￿0¥￿10n and replacement expend*ure is written off as eXpendrtU￿ in the ststement of fina￿1?1 athttses. Individual items costing less than £5.￿J0 are written off as an expense as ￿￿￿ed. Investments Investments are n￿ured at marketvalue with any chan98 in the St*ment offinanci41 activf(ies. Dgbtorn Short tenn debtors are irnbalty rraured at transxtA)n price. less any impalnnenl. J) Cash Cash is represented by in har*J and deposrts with fmancial 1nstitub.￿￿. Crnditors Sh)rt tefm creditcKs are initslly ff*&uréd at the transacticffl prKe. Flnancial Instrum•nts The Scht)ol only has finanual assets and ffi￿an￿￿ liabilities (* a kind qualrfy as basic financial instruments. Basic final￿￿1 InstrU￿￿nIS are inrtialty re(tsJnwd at transaclk)n value and subsequentty measured at their seluerr￿nt Vaue. m) R•Str1¢t￿ Fund• Funds donated for purFoses reslrthd by the wishes ofts don￿ are taken io restricled ffijnds. where thÈse wishe5 are legalty bin(kng on the Truslees. Rocognition of Liabililies Liabilrties are reGognised On￿ there is a *gal or constructNe obhgation Ihat g)mmits the Sch(h)I to the cknl1gati￿. Pension Schemes The School conthbutes to tr* Teachers. Pensw Defined Beneffls S¢hemg at rates set by th8 Scheme Actuary and advised to the Board by the Scherre Administrator. The scheme is a multi. empbyer pension scherne and rt is poss*)le to hlentfy the assets 1rabiliti.es of the scheme, whth are attributab￿ to the School. In acCOrdar￿ ￿t￿ FRS102 therefore. the scheme is accounted for as a defined contributsn schen*. The Schcx)l atso contributes to personal pension sthemes for p) T•x•tion The School is a regtstwed ch*ity. as such is enliued to certain tax eXempt￿n8 on surpluses on any trading acbvittes carr*d ￿ in furthera￿ of the charity's wimary objectives. 15 THE ELMS {COLWALL) UMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023 FEES RECEIVABLE Incorre represents gross SthC￿ fees invottd less dvscounts and alk)wances. 2023 2022 Gr035 Sthcol fees Less.. totsl sthoLqrships, bursaries. grdnts and alkyThw". 2,855,634 1438 782 2.885,822 552 762 2,416.852 2,333,060 Add back.. BursarEs and awards paKI for ty ￿Str[¢te0 frjnds 2A40.162 2.346,370 OTHER INCOME 2023 2022 Anclllary tradlng Income Fee extras and school trips 2(6.493 238,215 Oiher trading irwrne 215 750 242.510 Non anclllary trading income 2023 2022 Interest on overrlue fees 3,124 604 1, 108 1.712 2023 2022 Governmoftt grnnt Income- ￿rIOugh STAFF COSTS 2023 2022 Wages and $418tres Sctl81 security costs Pension contnbutions 1,599.045 146,446 224,044 1.590, 596 154.904 269.531 I.969￿35 2.015,031 The average nUM￿r of th8 School's effybyees dumg the year calC￿￿ted on aver898 head count was 61 (2022- 61). 16 THE ELMS {COLWALL) UMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 STAFF COSTS Irontinu￿ The number of employees paid in ex￿ of£60.000 duriTrJ the year were as follows". 2023 2022 £60.001 - £70,CKIO £80.001- £W,000 ContribLrtions to the Teaehers. Pension Scheme weie made for the benefit of none (2022 - two) higher paid employee. Payments made in the yÈarkf that n￿ther ofstaff into the Teachers. Pellsion Scheme totalled £0 (2022- £29.888J. The Trustees received no reINnerati￿ in either year, arnl expenses were paKI on behaff of Trustees in wther year. During the there were no redundancy or teM￿nati￿ payirwts made (2022- £7.500). The remun8ration of the Senior Management Team was: 2023 2022 Senior Management Team Remunefalb)n 387.495 5S3,643 ANALYSIS OF TOTAL RESOURCES EXPENDED 2023 Total 2022 Totsl Sthff Costs Othw lJ•prfflallon Charbtable activilios: Education 1.396,167 313.170 71,949 1.781386 1.870,283 Welfare Premises Marketir¥J and publiuty SUp￿rt c￿ts 241.141 133,931 128.135 274.977 57.873 369.276 485.986 57.873 397,911 360,227 42,563 77.078 198.296 134.941 333237 366,881 Grants, ￿ardS and priz8S 23,310 23.310 13.310 Total 1969 535 93 149 027 ￿968 3 051.175 Goveman¢è Costs linc1￿jed vAthin support eosts) comprfs• 2023 2022 Auditorfs fwuneralKsn- audit services 15,100 9&10 17 THE ELMS ICOLWALL) LIM￿ED NOTES TO THE FINANCIAL STATEMEKfs ICONTINUED> FOR THE YEAR ENDEO 31 AUGUST 2023 TANGIBLE FIXED ASSETS Land and I￿41d1n9$ Flxturos & Flttkngs PIA)tor vehicl•s Total At I Sgplember2022 Addrti)ns Disposal 3,841.226 18,756 920.367 111,703 124,036 8.D60 125,380) 4885.629 138.523 I25￿80} Al 31 Augusl 2023 3￿59￿8 1,032.070 106,716 4,998.772 Depreclatlon At i Spplember 2022 Charge the year Disposal 1.247.042 632.618 56.619 106,426 15,330 (25,380) 1.980.084 149.027 (25,380) Al 31 August 2023 1 J24,120 689,237 96,373 2.109,731 Net book value At 31 AUg￿t 2023 2,$35.866 342.833 10.343 2A89,042 At 31 August 2022 2.594. 184 287. 751 17.610 2.899,551 DEBTORS Z023 2022 Nel Schwl fee debtors other debtors Prepayffents and accrugd 57,772 25.349 47,107 96,695 CREDITORS . AMoui¥fs FALUNG OUE WITHIN ONE YEAR 2023 2022 Trade creditors TaXat￿n and social s8￿rity Other credrtors and aetruals Deferred incOff￿ . fees recewed in of term Derosts from parents 31,650 37,026 31.553 316,643 11,012 29.674 65,229 20,802 258. 189 10.993 427.884 18 THE ELMS ICOLWALL) LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 CREDITORS - AMOUNTS FALUNG DUE AFTER PIORE THAN ONE YEAR 2023 2022 Fee deposits 68,005 Fee deposlts 2023 2022 Repayab￿ as fc4k)ws: Due within Me year Due wrthin 2-5 years Due in more than 5 yws 11,012 43,982 10.993 40,505 27.000 78.998 Fee derm)sits represenl amounts re(xived on oyffimialion of a plxe. will ￿ repa*J aving the Schod vka a cr&ait against the tee for the lasl term attended, 10. ALLOCATION OF THE NET ASSETS BEfwEEN FUNDS Net Current Loty tgm Llablliii68 Total urrent year movement Restn"cted Funds {note 111 Unrestricted Fund5 Inote 121 2 889 042 49.601 651.617 701218 49.601 3 469 677 Fixed Assets Net Cunpnt Assels Long tenn Total Prforyear rt￿¥•ment Restitted Funds Inete 11) Unrestrictgj Funds Inoie 12) 2 899 545 49.601 49.601 3 623 585 841.646 68.005 .1 3673186 19 THE ELMS (COLWALLI LIMrrEO NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2023 11 RESTRICTED FUNDS Balance Incomlng 01109f2022 Re￿￿r¢¢5 Balanco 3110812023 Current year movemnt Expondèd Grwers donabon- bursary Sperialist leamhng supp(*t 49.601 23.310 57.902 (23,3101 157,902L 49￿01 Prlor y•ar mov•m•nt 8alan 0IA)9r2021 Incoming Resourc88 Balance 31ffjP/2022 GKxers donatr.on - bursary Specialist leaming support 49.601 13.310 (13,310) 42,659J 49.601 49.601 55 969J 49.601 The Grccers Company w0¥￿eS annual finaKial support for an identffied pupil throughout their stay at the scho￿. The tocal authC￿ty has granted fundwJ in rel91￿ to SFecrali5t ￿arn1ft9 supwrt to tt•ver related expenses. 12 UNRESTRICTED FUNDS Current year movemgnt lan fAW2022 Incomlng R￿0￿￿￿4 R¢sou￿•S 8alanc• 3110812023 General Resertsv DeS￿nated Fund 3.617,T30 2,815.841 12J69.7491 3AB4822 5.865 3.623 585 Unrestr￿￿ funds ￿present aecurnulated Ir￿off￿ from the ser￿1.8 and other sources that are available for the general purposes of the schod. Des*Jnated fvnds have been sel aside during the year forthe refvrbi%h ofthe tennis courts within the school ground5. 20 THE ELMS ICOLWALL) UMrfED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Prior yvar mov•m•nt Balance IA]9r2021 IncO￿ng Resourtss ResoU￿eS Expended 881anc8 31108f2022 G6nernl ReseNe Designat8d Fund 3.410.617 3,202.319 (2.995.206J 3.617,730 5,855 3,416.471 3.202 319 3 623 585 13. PENSIONS ach• •nsi nsch The School participates in the Teachers. pens￿)n Scheme l.the TPS'I fr)r its teaching staff. The pension charge forthe year includes (x)ntrilyJbJns Payab￿ to the TPS of£109.133 (2022.. £241,5171 and at the year*nd £Nil12022 - £nil) was acuued in respect of ￿nInbUll0ns to this scheme. The TPS is an unfunded fTMJlli*nWoyer defined benefits pension scheme governed by The Teachers. PensIc￿$ Regulations 2010 las amended) and The Teachers. Pension Scheme ReguL8t*)ns 2014 {as amended). meMb￿S ccntribute on a.pay as you go. basi% with (x)ntn"butions from members and the empbyer being cr&Jiled tu the Exchequer. Relj'rement and other pension beneffts are Pa￿ by public fvnds prov*Jed by Par1wqment The employer contrityjbon rate is set by the Secretary of Stste folltiwirKJ scheme valuab.ons undertaken by the fjovemrT￿llt Pthary's [Wartn￿l The T￿51 recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuaiion ReporL which was published in March 2019, confimied that the employercontribution rate for ￿e TPS would ￿Grease from 16.4% to 23.6% from 1 SeptemLEr 2019. Ery¥)ioyers are also required to pay a scherTE adrninistrat￿n levy of o.oe gmng a total emFdoyer eontntMJt*)n rate of 23.68%. The 31 March 2016 Va1uathJn ReFrfXt wa5 [ffepa￿d in ac£ordance with the ￿nefitS sèt out in the scheme regula￿nS and under the apptDach specif￿d in thg Directions. as they appli*J al 5 March 2019. Howaver. the assumptions were considered and set by the Depatment for Education prior to the rts5ing in the 'McCIoLKIJSargeanl case.. This case has requi￿ Ihe cowts to consider cases regarding the unpiementats.on of the 2015 ￿f0m￿ to Putlic sery￿e Pensions including IheTeachers' Pensions. The rps is subject to a cost cap r￿anisM which Was Put in p]aee to prote¢t taxpaye￿ ￿ainSt unforésaen changes in sthenw costs. The Chief S&retary to the Trèasury, having in 2018 announced ihat there W￿ld be a rev*w of this cost cap mec*anism. in January 2019 announced a pause to the c05t Cap mechantsm frAlrMng the Court of Appeal's ruliNJ in the Mccbudlsargeanl Case and until there is cwtainty about the valbje of ponsK)ns to empAoyees from April 2015 onwar(Is. The pause was lifted in July 2020, and follcw.ng a publr ¢￿Su1￿1￿￿ in 2021 the Government have ac￿pted three key proposals reoxn￿nded by the Government Actuary. and are aiming to Imp￿Ment these changes in tima for the 2020 valustKx)s. The 2016 ctst control valuations were completed in January 21r22. and the results indicated that there woukl be no changes to bw)efts or ffember contributKJns required. The result5 olthe cost cap valuation are not used to sel the employer witributicn raie. and HM Treasury has indicated that any change$ to the erwer Contribut￿ Tale resulting frwi the 2020 valuatbons will tskè effect in April 2024. 21 THE ELMS (COLWALL) LIMITED NOTES TO THE FINANCIAL STATEPAEKrs FOR THE YEAR ENDED 31 AUGUST 2023 Unts"l ihe 2020 valuation ￿ C￿npleted rt is not FossibF8 to Ly)ndudè on any financial impact or future changes to the contribution raies of the TPS. Ac£ord*igty no wovisK)n for any add￿'Onal past I￿nefIt pension costs is induded in these finanual statew*nts. AP From 1st April 2023 the Sthool has parbo"pated in the AvNa Pension Tru# for Independent Schwls IAPTISI for its teaching staff. The Fension charp for the ye¥ includes contributions payab￿ to APTIS 01 £98.643 (2022." £Nill and at th& year•id £￿11 (2022 - £nil) was accrued in respect of C(￿tribUtionS to this sthewe AvNa Pen5th TNst for IndeperKJent IAPTIS) is a defined contribut￿rIs pensvjn stheme available for all member schcrtls of the Inde￿dent S¢hoo15' ￿rSary AsKKiation IISBAI. 14 FINANCIAL INSTRUMENTS 2023 2022 Financlal a￿ts Financial assels rr￿Su[ed at arnortis￿ cost 1077 352 Flnancial Ilabllitles Financial liabilrtRs measured at anVtIs￿ cost Financial assets measur61 at amrtis8d c05t comprise of eash al bank. fee debtors and othef debtors. Finanrial liabilbties measuraj ￿ #rrk)rtsed cost comprise of traje cr8ditors. Other creditors. deptssits and fees in advan￿. 15. OPERATING LEASES At 31 August 2023 th• totsl ol the Schwfs future miniff￿n *ase payments under nC￿- caneellable operating knes was.. 2023 2022 Amounts payablg: Less than 1 year Bthveen 1 and 2 years Bèhyeen 2 and 5 years 31,371 7,698 301 7,499 7,499 1& RELATED PARTIES TRANSACTIONS A cfjfflparry whith 15 owned by a relaiive of A Miuiken, Director, was paid £1.608 f2022- £2,811) for landscape serY￿e5 provided to the schcd. £NI (2022 - £Nil) was ownèd to that company at 31 August 2023. 22 THE ELMS {COLWALL) LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 A company of whth J Rose ￿ a Directr was pakd £1.8(KJ (2022- £Nil) for advisory savices provKled lo the school. £Nil {2022- £Nill was ¢Md to that company at 31 August 2023. Five Tnjstees are parents of chldren th) vRre in the school durtng the financial year. The Sch￿1 had no other rek*d party Iransactions during th8 financial year. 17. STA7EMENT OF FINANCIAL ACTivmES- Comparatlve figUTeS by fun&type funds 2022 funds 2022 Tptal 2022 INCOME FROM: Charltable actmties School fees Ancilkry trading tncon Investment Income Other tradlng *¢t1vI￿*S Gov*mm•nt grant In¢om• Local counell funding DoThatlon8 Profft ort dlsposal of fix￿ as6•ts 2.346.370 242.510 1.280 l. T12 2.346.370 242.510 1,280 1. 712 42,659 13,310 42.659 605.957 IT.800 592.647 17.8LX) Total Incomlng I•8(w￿•S 3,202,319 55,969 3,258,288 EXPENDfTuRE ON: Charitable a¢tivitles Edu(*n and grant making 3051.175 Total expend1￿lfr 2.995,206 55,969 3,051.175 movern•nt on funds 207.713 3416472 207.113 Fund balarKes at 1 September 2021 Fund balances at 31 Augu•t 2022 11n2 49.601 3673 186 23 Document Requesled Page l of2 CSV:1.171.0-rcl. INFO :. 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