VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 1/34 

Company registration number: 00668983 Charity registration number: 528152 

## NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE) 

(A company limited by guarantee) 

Annual Report and Financial Statements 

for the Year Ended 31 August 2023 



VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 2/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Contents** 

|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 8|
|Independent Auditors' Report|9 to 12|
|Statement of Financial Activities|13|
|Statement of Financial Activities|14|
|Balance Sheet|15|
|Statement of Cash Flows|16|
|Notes to the Financial Statements|17 to 32|





VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 3/34 

## **Newcastle Preparatory School Trust Limited (The) Reference and Administrative Details** 

**Trustees** Dr R R Bajekal S Blair P Hewitson C L Winskell A Pearson D J Bailey (resigned 18 December 2023) J Bal **Secretary** S G Easton **Key Management Personnel** G Strong, Head teacher S Easton, Bursar P Fargher, Pastoral Assistant Head Deputy A Porter, Academic Assistant Head N Johnson, Personalised Learning Assistant Head S Breakey, Early Years Lead **Registered Office** 6 Eslington Road Jesmond Newcastle upon Tyne NE2 4RH The charity is incorporated in England and Wales. **Company Registration Number** 00668983 **Charity Registration Number** 528152 **Solicitors:** Sintons LLP The Cube Barrack Road Newcastle NE4 6DB **Bankers** Barclays Bank plc Newcastle City 71 Grey Street Newcastle upon Tyne NE1 6EF **Auditor** Azets Audit Services Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS 

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VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 4/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Trustees' Report** 

The Trustees and Govenors who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 August 2023. 

## **Structure, governance and management** 

## _**Nature of governing document**_ 

The company is limited by guarantee and its governing document is its Memorandum and Articles of Association dated 31st August 1960, last amended by special resolution dated 13th March 2006. 

The governing body of the company is a board of trustees which meets on a regular basis throughout the year to decide overall financial and policy matters. 

## _**Induction and training of trustees**_ 

Most members are already familiar with the practical work and objectives of the charity bringing their own relevant and unique skills. 

Members are actively encouraged to attend the regular trustee meetings to ensure they are always up to date with the latest activities of the trust. Members are also encouraged to and do attend relevant seminars and training. 

## _**Arrangements for setting key management personnel remuneration**_ 

The Board, who give their time freely and no Trustees received remuneration in the year, have considered, who the Key Management Personnel (KMP) of the charitable company, as noted in the Reference and Administration section. Together with the Board, these KMP are those in charge of directing and controlling, running and operating the activities of the charity on a day to day basis. 

The pay of the KMP is reviewed annually and normally increased in accordance with average earnings. The Trustees' benchmark against pay levels of other charities and similar organisations within the sector and the region. Pay levels are set using this information together with budget and forecast information, ensuring that the charitable company can afford any proposed increases. The Board then agree any uplift to remuneration. 

## **Objectives and activities** 

## _**Objects and aims**_ 

The company was set up under a Trust Deed to establish a school or schools for the education of children. 

The income and property of the company, whensoever derived, shall be applied solely towards the promotion of the objects of the company as set forth in the Memorandum of Association. 

## _**Fundraising disclosures**_ 

The charity is required to report how it deals with fundraising from the public. The charity does not use a professional fundraiser or commercial participator to raise funds. Any monies raised direct from the public follows all guidelines setout by the Charity Commission and UK law in every respect. We respect the privacy and contact preference of all public donors. 

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VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 5/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Trustees' Report** 

## _**Public benefit**_ 

## Bursaries and Hardship Awards 

During the year, 13 pupils received a bursary award ranging from 30% to 100%. The value of means-tested bursaries and hardship awards (excluding other discounts) was £111,626. This allowed children to access educational provision they otherwise would not have been able to or allowed for educational consistency and continuity when financial circumstances changed within the family. 

## Partnerships and Collaboration 

The school established links with Pinewood and Pine Hall Schools in Saharanpur, India in 2019. In June 2023, eight delegates from Pine Hall school visited NPS to observe and share best practice. They engaged in pedagogical discussions, looked at planning and leadership strategies alongside resources and learning environments available to children. 

Sharing good practice links have been established with Ponteland Primary School and Little Tinklers Day Nursery. 

NPS hosted the Tri-County Chess Cup involving pupils from St Wilfred School, Gateshead and Central Primary School, Ashington. It is envisaged that this will become an annual event with further collaboration across different curriculum areas planned for the next academic year. 

The School took part in a local charitable art trail with St Oswald’s Hospice and raised £895 in funds for the hospice. 

## Community Services 

NPS is keen to support and engage with the wider community. The Northumbria Junior Chess Association held competitions on the School's premises and a member of staff acted in a capacity as Trustee during the year giving his time and expertise on a voluntary basis. 

The School supported the Jesmond Festival by participating in events at Jesmond library and providing prizes for various competitions throughout the year. 

Members of staff volunteer in a variety of roles, including as a trustee of a local state run playgroup and a cook at the People’s Kitchen. 

The School has formed an association with North Tyneside Steam Railway Association and regularly lends and donates items of equipment. 

## Charitable Giving 

As a result of charity fundraising events within the school, a total of £9,744 was donated to charity. 

The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. 

## _**Risk management**_ 

The trustees are responsible for keeping accounting records and safeguarding the assets of the charity. The programme of re-assessing the major risks to which the charity is exposed is continuing, in particular those relating to the operations and finances of the charity and the trustees are satisfied that systems are being put in place to mitigate the exposure to the major risks. 

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VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 6/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Trustees' Report** 

## **Achievements and performance** 

## Leadership and Management 

Following the appointment of a new head teacher, a renewed leadership structure was introduced and embedded into the day-to-day running of the school. This new organisation saw three assistant head teachers leading within the areas: personalised learning, academic and pastoral. This allowed for clear differentiation between roles and provided more specific support for staff in school. 

The introduction of school development co-ordinators for extra-curricular activities and parent partnerships also had a positive impact. Children benefitted from a wider range and enhanced provision of extra-curricular clubs, including optional and international residential excursions. An enriched programme of community events was provided by the parent partnerships co-ordinator. 

The school received a one-day no-notice inspection in October 2022 where compliance was the focus. The school met all of the Independent Schools Standards Regulations. 

## Resources and Opportunities 

Investment was made into the following resources and opportunities to enhance the educational experience of children in the school: 

• 110 more laptops to allow personal devices for each child in Key Stage 2, including storage and charging cabinets in each form classroom. 

• Renovation of the playground space, including a new safety surface around existing play equipment, the installation of 3 ‘buddy huts’ on the playground and replacing the degrading ‘Calisto’ climbing play equipment with the ‘Fenwick Frame’. 

• Updated the dining hall to make the layout more functional for both lunches and assemblies with the purchase new, more modern and accessible serveries. 

• Purchase of VEX IQ and VEX GO equipment to teach computing and robotics. 

• Introduction of photo learning journeys for every child. 

• Purchase of bespoke drapes to enable the creation of wing areas during school performances. 

- Introduction of further wellbeing initiatives including the introduction of 3 guinea pigs in school. 

• New international residential offered to Italy, enabling children in Years 4-6 to learn skiing as a group. 

• Reintroduction of additional residential trips including a choir trip to Wembley (Years 3-6) and a sports trip to Edinburgh (Under 11 team). 

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VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 7/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Trustees' Report** 

## Building and Facilities Development 

The nature of our historic site means that regular repairs and renovations are necessary to ensure that we provide a modern, inspiring and purposeful environment for children to learn. The following developments took place: 

• Investigation into the feasibility of opening up more of the EYFS spaces through consultation with the architect. 

- Update the décor in school with a refreshed colour scheme. 

- Remodelling and reorganisation of the Science Lab to create a STEM Hub. 

- Upgrading of the flooring within the Reception teaching space for functionality. 

## Community 

In addition to the public benefit community actions listed above, the following improvements were implemented: 

• Creation of a calendar of social events for parents and families to increase a sense of community, including a welly walk, wreath making event, community cinema and a picnic. 

- Regular coffee, cake and catch-up sessions for parents were also held each term. 

• Adoption of Instagram as an additional channel of communication regarding school events and news. 

- Gallery event at Jesmond Library, showcasing children’s work produced with a local artist. 

- Reintroduction of whole-school assemblies and core value awards. 

• Reinvigoration of the house point system across the school, including a house treat for the most points each half term. 

• Looked at issues of sustainability and the environment relating to the school including the introduction of House Environment Week and the establishment of a whole school Eco Committee. 

## **Financial review** 

The financial position for the year shows a surplus of £319,625 (2022 - £105,412). The Trustees and Governors consider the financial position of the charity to be sound. 

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VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 8/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Trustees' Report** 

## _**Policy on reserves**_ 

The calculation of free reserves is based on the definition included in the charity statement of recommended practice (SORP), which provides recommendations for accounting and reporting for charities. The trustees have examined the requirements of the charity to hold free reserves - those reserves not invested in tangible fixed assets, excluding long term liabilities, or designated for a particular purpose. The Trustees considered it would be appropriate to hold the equivalent to two to three months' salary costs, which would equate to holding approximately £500,000 in free reserves. The trustees continue to keep funding under review to ensure that, in the absence of free reserves, sufficient funding is available to cover the School's working capital requirements. 

At the year end, free reserves were £1,696,692 (2022: £1,277,231), an increase of £419,461 in the year. 

The trustees' long term policy is to continue to build up reserves by means of annual operating surpluses when available, whilst continuing to develop the School's facilities as appropriate. 

## _**Investment policy and objectives**_ 

The charity funds are controlled by the trustees, who invest with a view to maximising annual investment income while maintaining capital growth in line with market trends. The attached financial statements show the current state of finances which the trustees consider to be satisfactory. 

## **Market value of land and buildings** 

The School freehold properties were last revalued on 31st August 1988 and the valuation incorporated in the financial statements. The trustees are of the opinion that the current market value of the School freehold properties is not less than the carrying value and took advantage of the transitional provisions of FRS15 to leave property at its 1988 valuation. No further changes were made since the adoption of FRS102. 

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VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 9/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Trustees' Report** 

## **Plans for future periods** 

## _**Aims and key objectives for future periods**_ 

Our school, located in the popular residential area of Jesmond, is full of children who love learning, have a strong sense of self and feel inspired to make a difference. 

The school aims to provide an **inspiring** environment in which pupils feel secure and can grow in confidence, self-esteem and experience **success** . Furthermore, it aims to create a friendly, caring community, established on mutual **respect,** where every individual is valued and **included** ; to encourage pupils to confidently explore a broad curriculum, relish a **challenge** and, working in partnership with families, reach their full potential in all aspects of life. 

Specific objectives for future development include: 

- Development of a whole school program of study linked to the history of NPS. 

- Increase the holiday club provision to include half terms and Easter. 

- Review school uniform including bags and PE kit. 

- Create direct access to EYFS playground from the Nursery classroom. 

- Investigate partnerships and sponsorships to support STEM projects. 

- Unify assessment within EYFS and communication between home and school using Tapestry. 

• Redecorate and rebrand of sports hall internal décor, including upgrading the flooring in the sports hall entry lobby. 

- Upgrade of the technical performance equipment, including theatre lighting. 

- Additional outreach events involving other schools, including specialist subject visits such as the 

- Code Show and MedicFest. 

• Build relationships with other community groups including Jesmond Assembly and Fleming Court Care Home. 

• Look into the feasibility of environmentally sustainable modifications including replacement windows and the installation of solar panels. 

## **Going concern** 

The charity’s forecasts and projections for the next twelve months show that the charity should be able to continue in operational existence for that period. The charity has strong positive cash balances and is forecasting for this to continue to be the case. The trustees have stress tested their forecasts, taking into account various scenarios, and remain confident that the uncertainties do not cast significant doubt on the company’s ability to continue as a going concern. 

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VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 10/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Trustees' Report** 

## **Statement of Trustees' Responsibilities** 

The trustees (who are also the directors of Newcastle Preparatory School Trust Limited (The) for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. 

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **Disclosure of information to auditor** 

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware. 

## **Reappointment of auditor** 

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Azets Audit Services as auditors of the charity is to be proposed at the forthcoming Annual General Meeting. 

The annual report was approved by the trustees of the charity on 25/03/2024.................... and signed on its behalf by: 


Susan Blair 25 Mar 2024 12:20:32 GMT (UTC +0) 

......................................... S Blair Trustee 

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VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 11/34 

## **Newcastle Preparatory School Trust Limited (The) Independent Auditor's Report to the Members of Newcastle Preparatory School Trust Limited (The)** 

## **Opinion** 

We have audited the financial statements of Newcastle Preparatory School Trust Limited (The) (the 'charity') for the year ended 31 August 2023, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice). 

- In our opinion the financial statements: 

- give a true and fair view of the state of the charity's affairs as at 31 August 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting 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 Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements were authorised for issue. 

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

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VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 12/34 

## **Newcastle Preparatory School Trust Limited (The) Independent Auditor's Report to the Members of Newcastle Preparatory School Trust Limited (The)** 

## **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 statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

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

We have nothing to report in this regard. 

## **Opinion on other matters prescribed by the Companies Act 2006** 

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

- the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Trustees' Report has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report. 

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

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 8), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine 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 assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

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VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 13/34 

## **Newcastle Preparatory School Trust Limited (The) Independent Auditor's Report to the Members of Newcastle Preparatory School Trust Limited (The)** 

## **Auditor’s responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

- Enquiries with management about any known or suspected instances of non-compliance with laws and regulations and fraud; 

- Reviewing board minutes; 

- Challenging assumptions and judgements made by management in their significant accounting estimates; and 

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness. 

Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: Health and Safety; Independent Schools Inspectorate; employment laws; and compliance with the UK Companies Act and Charities Act. 

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). For instance, the further removed non-compliance is from the event and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance. 

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

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VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 14/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Independent Auditor's Report to the Members of Newcastle Preparatory School Trust Limited (The)** 

## **Use of our report** 

This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


Simon Brown 26 Mar 2024 07:56:46 GMT (UTC +0) 

...................................... Simon Brown BA ACA DChA (Senior Statutory Auditor) For and on behalf of Azets Audit Services Chartered Accountants Statutory Auditor Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS 

Date:.............................26/03/2024 

Azets Audit Services is a trading name of Azets Audit Services Limited 

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VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 15/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Statement of Financial Activities for the Year Ended 31 August 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)** 

|**Note**<br>**Income and Endowments from:**<br>Donations and legacies<br>3<br>Charitable activities<br>4<br>Investment income<br>5<br>Other income<br>6<br>Total Income<br>**Expenditure on:**<br>Charitable activities<br>7<br>Total Expenditure<br>Net income/(expenditure)<br>Transfers between funds<br>Net movement in funds<br>**Reconciliation of funds**<br>Total funds brought forward<br>Total funds carried forward<br>19|**Unrestricted**<br>**£**<br>322<br>3,504,132<br>10,703<br>4,633<br>3,519,790<br>(3,188,333)<br>(3,188,333)<br>331,457<br>16,140<br>347,597<br>2,220,662<br>2,568,259|**Restricted**<br>**£**<br>15,000<br>(26,832)<br>-<br>-<br>(11,832)<br>-<br>-<br>(11,832)<br>(16,140)<br>(27,972)<br>121,605<br>93,633|**Total**<br>**2023**<br>**£**<br>15,322<br>3,477,300<br>10,703<br>4,633<br>3,507,958<br>(3,188,333)<br>(3,188,333)<br>319,625<br>-<br>319,625<br>2,342,267<br>2,661,892|**Total**<br>**2022**<br>**£**<br>200<br>3,023,232<br>196<br>13,695|
|---|---|---|---|---|
|||||3,037,323|
|||||(2,931,911)|
|||||(2,931,911)|
|||||105,412<br>-|
|||||105,412<br>2,236,855|
|||||2,342,267|



All of the charity's activities derive from continuing operations during the above two periods. 

The funds breakdown for 2022 is shown in note 19. 

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VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 16/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Comparative Statement of Financial Activities for the Year Ended 31 August 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)** 

|**Recognised Gains and Losses)**||||
|---|---|---|---|
|**Note**<br>**Income and Endowments from:**<br>Donations and legacies<br>3<br>Charitable activities<br>4<br>Investment income<br>5<br>Other income<br>6<br>Total income<br>**Expenditure on:**<br>Charitable activities<br>7<br>Total expenditure<br>Net income/(expenditure)<br>Net movement in funds<br>**Reconciliation of funds**<br>Total funds brought forward<br>Total funds carried forward<br>19|**Unrestricted**<br>**£**<br>200<br>3,066,602<br>196<br>13,695<br>3,080,693<br>(2,931,911)<br>(2,931,911)<br>148,782<br>148,782<br>2,071,880<br>2,220,662|**Restricted**<br>**£**<br>-<br>(43,370)<br>-<br>-<br>(43,370)<br>-<br>-<br>(43,370)<br>(43,370)<br>164,975<br>121,605|**Total**<br>**2022**<br>**£**<br>200<br>3,023,232<br>196<br>13,695|
||||3,037,323|
||||(2,931,911)|
||||(2,931,911)|
||||105,412|
||||105,412<br>2,236,855|
||||2,342,267|



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VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 17/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **(Registration number: 00668983) Balance Sheet as at 31 August 2023** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>14<br>**Current assets**<br>Debtors<br>15<br>Cash at bank and in hand<br>**Creditors: Amounts falling due within one year**<br>16<br>**Net current assets**<br>**Net assets**<br>**Funds of the charity:**<br>**Restricted**<br>**Unrestricted income funds**<br>Unrestricted<br>**Total funds**<br>19|**2023**<br>**£**<br>871,567<br>103,659<br>2,524,347<br>2,628,006<br>(837,681)<br>1,790,325<br>2,661,892<br>93,633<br>2,568,259<br>2,661,892|**2022**<br>**£**<br>943,431<br>85,136<br>2,112,631|
|---|---|---|
|||2,197,767<br>(798,931)|
|||1,398,836|
|||2,342,267|
|||121,605<br>2,220,662|
|||2,342,267|



The financial statements on pages 13 to 32 were approved by the trustees, and authorised for issue on ....................25/03/2024 and signed on their behalf by: 


Susan Blair 25 Mar 2024 12:20:32 GMT (UTC +0) 

......................................... S Blair Trustee 

15 



VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 18/34 

## **Newcastle Preparatory School Trust Limited (The) Statement of Cash Flows for the Year Ended 31 August 2023** 

|**Note**<br>**Cash flows from operating activities**<br>Net cash income<br>**Adjustments to cash flows from non-cash items**<br>Depreciation<br>Investment income<br>5<br>**Working capital adjustments**<br>Increase in debtors<br>15<br>Increase in creditors<br>16<br>Net cash flows from operating activities<br>**Cash flows from investing activities**<br>Interest receivable and similar income<br>5<br>Purchase of tangible fixed assets<br>14<br>Net cash flows from investing activities<br>Net increase in cash and cash equivalents<br>Cash and cash equivalents at 1 September<br>Cash and cash equivalents at 31 August|**2023**<br>**£**<br>319,625<br>95,563<br>(10,703)<br>404,485<br>(18,523)<br>38,750<br>424,712<br>10,703<br>(23,699)<br>(12,996)<br>411,716<br>2,112,631<br>2,524,347|**2022**<br>**£**<br>105,412<br>99,130<br>(196)|
|---|---|---|
|||204,346<br>(4,530)<br>175,529|
|||375,345|
|||196<br>(13,911)|
|||(13,715)|
|||361,630<br>1,751,001|
|||2,112,631|



All of the cash flows are derived from continuing operations during the above two periods. 

16 



VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 19/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023** 

## **1 Charity status** 

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. 

The address of its registered office is: 6 Eslington Road, Jesmond, Newcastle upon Tyne, NE2 4RH, 

## **2 Accounting policies** 

## **Summary of significant accounting policies and key accounting estimates** 

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 

## **Statement of compliance** 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011. 

## **Basis of preparation** 

The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 6 Eslington Road, Jesmond, Newcastle upon Tyne, NE2 4RH. 

Newcastle Preparatory School Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. 

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

## **Going concern** 

The charity’s forecasts and projections for the next twelve months show that the charity should be able to continue in operational existence for that period. The charity has strong positive cash balances and is forecasting for this to continue to be the case. The trustees have stress tested their forecasts, taking into account various scenarios, and remain confident that the uncertainties do not cast significant doubt on the company’s ability to continue as a going concern. 

17 



VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 20/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023** 

## **Estimation uncertainty and judgements** 

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

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

Depreciation has been applied to all assets for the year in full regardless of whether they have been bought or sold during the year. 

There are no key estimates or assumptions to disclose. 

## **Income and endowments** 

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. 

## _**Donations and legacies**_ 

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. 

## _**Deferred income**_ 

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when: 

- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement. 

## _**Donated services and facilities**_ 

Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. 

## _**Investment income**_ 

Interest received is recognised on receipt into the bank account. 

## _**Other income**_ 

Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. 

18 



VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 21/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023** 

## **Expenditure** 

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources. 

## _**Charitable activities**_ 

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. 

## **Support costs** 

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. 

## **Governance costs** 

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees' meetings and reimbursed expenses. 

## **Taxation** 

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 

## **Tangible fixed assets** 

Individual fixed assets costing £500 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 

As noted in the tangible fixed asset note, the charity has the school freehold property held at a former valuation giving rise to treatment as 'deemed cost'. As a result of the historic uplift in value, the charity has part of its unrestricted reserve designated as a 'revaluation reserve' which is being released back into unrestricted reserves each year (equivalent to the excess depreciation charge over that charged on the original historic cost). 

## **Depreciation and amortisation** 

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: 

**Asset class Depreciation method and rate** Freehold buildings 2% straight line Office equipment 20% straight line Equipment 10% straight line 

19 



VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 22/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023** 

## **Impairment of fixed assets** 

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

## **Trade debtors** 

Parents/guardians are made aware of the terms and conditions that the charity expects to be met with regards to monies owed for school and lunch fees. 

Trade and other debtors are recognised at the settlement amount due after any discount/bursary offered. 

## **Cash and cash equivalents** 

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 

## **Trade creditors** 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. 

## **Fund structure** 

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity. 

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees. 

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. They fall into two sub-classes: restricted income funds or endowment funds. 

## **Hire purchase and finance leases** 

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight line basis over the lease term. 

20 



VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 23/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023** 

## **Pensions and other post retirement obligations** 

The School participates in the Teachers' Pension Scheme (England and Wales) ("the TPS"), for its teaching staff. This is a multi-employer defined benefits pension scheme. 

The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of the pension over employees' working lives with the school in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. As stated, the TPS is a multi-employer scheme and there is insufficient information available to use defined benefit accounting. The TPS is therefore treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate. 

The company also operates a defined contribution pension scheme for certain employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the income and expenditure account. 

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. 

21 



VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 24/34 

## **Newcastle Preparatory School Trust Limited (The) Notes to the Financial Statements for the Year Ended 31 August 2023** 

## **3 Income from donations and legacies** 

|Donations and legacies;<br>Donations|**Unrestricted**<br>**General**<br>**£**<br>322<br>322|**Restricted**<br>**£**<br>15,000<br>15,000|**Total**<br>**2023**<br>**£**<br>15,322|
|---|---|---|---|
||||15,322|



The restricted donation was received from The CMF Charitable Settlement. 

|Donations<br>Donations from individuals|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>200<br>200|**Restricted**<br>**funds**<br>**£**<br>-<br>-|**Total**<br>**2022**<br>**£**<br>200|
|---|---|---|---|
||||200|



## **4 Income from charitable activities** 

|Gross school fees<br>Total bursaries, scholarships and discounts<br>Entrance and registration fees<br>Catering receipts<br>Extra-curricular activities<br>Gross school fees<br>Total bursaries, scholarships and discounts<br>Entrance and registration fees<br>Catering receipts<br>Extra-curricular activities|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>3,339,714<br>(125,388)<br>3,793<br>248,362<br>37,651<br>3,504,132<br>**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>2,941,383<br>(128,858)<br>5,200<br>212,356<br>36,521<br>3,066,602|**Restricted**<br>**funds**<br>**£**<br>-<br>(26,832)<br>-<br>-<br>-<br>(26,832)<br>**Restricted**<br>**funds**<br>**£**<br>-<br>(43,370)<br>-<br>-<br>-<br>(43,370)|**Total**<br>**2023**<br>**£**<br>3,339,714<br>(152,220)<br>3,793<br>248,362<br>37,651|
|---|---|---|---|
||||3,477,300|
||||**Total**<br>**2022**<br>**£**<br>2,941,383<br>(172,228)<br>5,200<br>212,356<br>36,521|
||||3,023,232|



22 



VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 25/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023** 

## **5 Investment income** 

## **Unrestricted** 

||**Unrestricted**|||
|---|---|---|---|
|Interest receivable and similar income;<br>Interest receivable on bank deposits<br>Interest receivable and similar income;<br>Interest receivable on bank deposits<br>**6**<br>**Other income**<br>Commissions receivable and other income<br>**7**<br>**Expenditure on charitable activities**<br>**Note**<br>Charitable activity<br>Staff costs<br>Governance and support costs<br>8<br>Charitable activity<br>Staff costs<br>Governance and support costs|**funds**<br>**General**<br>**£**<br>10,703<br>**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>196<br>196<br>**Unrestricted**<br>**General**<br>**£**<br>4,633<br>**Unrestricted**<br>**General**<br>**£**<br>642,678<br>2,010,090<br>535,565<br>3,188,333<br>**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>484,008<br>1,927,118<br>520,785<br>2,931,911|**Restricted**<br>**funds**<br>**£**<br>-<br>**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>**Total**<br>**2023**<br>**£**<br>4,633<br>**Restricted**<br>**£**<br>-<br>-<br>-<br>-<br>**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>-<br>-|**Total**<br>**2023**<br>**£**<br>10,703|
||||**Total**<br>**2022**<br>**£**<br>196|
||||196|
||||**Total**<br>**2022**<br>**£**<br>13,695|
||||**Total**<br>**2023**<br>**£**<br>642,678<br>2,010,090<br>535,565|
||||3,188,333|
||||**Total**<br>**2022**<br>**£**<br>484,008<br>1,927,118<br>520,785|
||||2,931,911|



23 



VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 26/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023** 

## **8 Analysis of governance and support costs** 

## **Support costs allocated to charitable activities** 

|Premises<br>Depreciation<br>Bank charges<br>Advertising<br>Audit and accountancy<br>Insurance<br>Legal and professional<br>Postage, stationery and photocopying<br>Subscriptions<br>Salaries and wages<br>Premises<br>Depreciation<br>Bank charges<br>Advertising<br>Audit and accountancy<br>Insurance<br>Legal and professional<br>Postage, stationery and photocopying<br>Subscriptions<br>Salaries and wages|**Governance**<br>**costs**<br>**£**<br>3,395<br>4,778<br>1,436<br>2,729<br>9,780<br>1,335<br>13,296<br>1,093<br>3,186<br>212,079<br>253,107<br>**Governance**<br>**costs**<br>**£**<br>2,495<br>4,958<br>1,156<br>3,668<br>8,720<br>1,224<br>10,385<br>962<br>3,186<br>223,244<br>259,998|**Support**<br>**costs**<br>**£**<br>64,496<br>90,785<br>-<br>9,536<br>-<br>25,357<br>-<br>19,816<br>72,468<br>-<br>282,458<br>**Support**<br>**costs**<br>**£**<br>47,415<br>94,172<br>-<br>7,851<br>-<br>23,252<br>-<br>18,287<br>69,810<br>-<br>260,787|**Total**<br>**2023**<br>**£**<br>67,891<br>95,563<br>1,436<br>12,265<br>9,780<br>26,692<br>13,296<br>20,909<br>75,654<br>212,079|
|---|---|---|---|
||||535,565|
||||**Total**<br>**2022**<br>**£**<br>49,910<br>99,130<br>1,156<br>11,519<br>8,720<br>24,476<br>10,385<br>19,249<br>72,996<br>223,244|
||||520,785|



## **Governance and support costs** 

The charity allocates costs direct to activities as far as possible, then identifies the remaining costs of its support function. It then identifies those costs which relate to the governance function. Having identified its governance costs, the remaining support costs together with the governance costs are allocated to the key charitable activity undertaken in the year. The basis for apportionment and the analysis of support and governance costs is set out as follows: 

Direct to governance: Accountancy fees, Audit fees, Legal and professional fees and bank charges. Direct to charitable activities: All other support costs. 

24 



VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 27/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023** 

## **9 Net incoming/outgoing resources** 

Net incoming resources for the year include: 

|Audit fees<br>Depreciation of fixed assets|**2023**<br>**£**<br>9,780<br>95,563|**2022**<br>**£**<br>8,720<br>99,130|
|---|---|---|



## **10 Trustees remuneration and expenses** 

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. 

No trustees have received any reimbursed expenses or any other benefits from the charity during the year. 

## **11 Staff costs** 

The aggregate payroll costs were as follows: 

|**Staff costs during the year were:**<br>Wages and salaries<br>Social security costs<br>Pension costs|**2023**<br>**£**<br>1,738,612<br>168,321<br>315,236<br>2,222,169|**2022**<br>**£**<br>1,671,169<br>168,378<br>310,815|
|---|---|---|
|||2,150,362|



The monthly full time equivalent number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows: 

|Teaching Staff<br>Nursery and Classroom Support<br>Office Staff<br>Maintenance|**2023**<br>**No**<br>24<br>15<br>5<br>2<br>46|**2022**<br>**No**<br>26<br>13<br>3<br>2|
|---|---|---|
|||44|



The number of employees whose emoluments fell within the following bands was: 

|£60,001 - £70,000<br>£80,001 - £90,000<br>£110,001 - £120,000|**2023**<br>**No**<br>4<br>2<br>-|**2022**<br>**No**<br>3<br>-<br>1|
|---|---|---|



25 



VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 28/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023** 

The total employee benefits of the key management personnel of the charity were £379,108 (2022 - £465,451). 

## **12 Auditors' remuneration** 

|Audit of the financial statements|**2023**<br>**£**<br>9,780|**2022**<br>**£**<br>8,720|
|---|---|---|



## **13 Taxation** 

The charity is exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 

## **14 Tangible fixed assets** 

|**Cost**<br>At 1 September 2022<br>Additions<br>Disposals<br>At 31 August 2023<br>**Depreciation**<br>At 1 September 2022<br>Charge for the year<br>Eliminated on disposals<br>At 31 August 2023<br>**Net book value**<br>At 31 August 2023<br>At 31 August 2022|**Land and**<br>**buildings**<br>**£**<br>1,553,423<br>-<br>-<br>1,553,423<br>810,164<br>31,068<br>-<br>841,232<br>712,191<br>743,259|**Furniture and**<br>**equipment**<br>**£**<br>536,733<br>11,890<br>-<br>548,623<br>380,024<br>40,670<br>-<br>420,694<br>127,929<br>156,709|**Computer**<br>**equipment**<br>**£**<br>297,653<br>11,809<br>(2,632)<br>306,830<br>254,190<br>23,825<br>(2,632)<br>275,383<br>31,447<br>43,463|**Total**<br>**£**<br>2,387,809<br>23,699<br>(2,632)|
|---|---|---|---|---|
|||||2,408,876|
|||||1,444,378<br>95,563<br>(2,632)|
|||||1,537,309|
|||||871,567|
|||||943,431|



## **Revaluation** 

The fair value of the company's Freehold properties was revalued on 31 August 1988. An independent valuer was not involved. 

Had this class of asset been measured on a historical cost basis, their carrying amount would have been £663,078 (2022 - £690,149). 

26 



VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 29/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023** 

## **15 Debtors** 

|**15 Debtors**|||
|---|---|---|
|Trade debtors<br>Prepayments and Accrued Inome<br>Other debtors|**2023**<br>**£**<br>30,160<br>73,278<br>221<br>103,659|**2022**<br>**£**<br>5,434<br>79,702<br>-|
|||85,136|



Included within trade debtors above, are gross debtors of £30,545 (2022 - £16,428) less a bad debt provision of £385 (2022 - £10,994). 

## **16 Creditors: amounts falling due within one year** 

|Trade creditors<br>Other taxation and social security<br>Other creditors<br>Accruals<br>Deferred income<br>Deferred income at 1 September 2022<br>Resources deferred in the period<br>Amounts released from previous periods<br>Deferred income at year end|**2023**<br>**£**<br>62,930<br>46,451<br>30,202<br>101,097<br>597,001<br>837,681<br>**2023**<br>**£**<br>498,397<br>597,001<br>(498,397)<br>597,001|**2022**<br>**£**<br>142,001<br>44,206<br>31,143<br>83,184<br>498,397|
|---|---|---|
|||798,931|
|||**2022**<br>**£**<br>443,852<br>473,397<br>(418,852)|
|||498,397|



27 



VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 30/34 

## **Newcastle Preparatory School Trust Limited (The)** 

**Notes to the Financial Statements for the Year Ended 31 August 2023** 

## **17 Obligations under leases and hire purchase contracts** 

## **Operating lease commitments** 

Total future minimum lease payments under non-cancellable operating leases are as follows: 

|**Other**<br>Within one year<br>Between one and five years|**2023**<br>**£**<br>20,792<br>12,478<br>33,270|**2022**<br>**£**<br>20,792<br>33,270|
|---|---|---|
|||54,062|



## **18 Pension and other schemes** 

The company contributes to a defined benefits teachers' pension scheme and to certain employees personal pensions via a group personal pension scheme. The assets of the schemes are held separately from those of the company in independently administered funds. 

The pension cost charge represents contributions payable by the company and amounted to £51,255 (2022 - £46,320). Contributions totalling £Nil (2022 - £Nil) were payable into the funds at the year end and are included in other creditors. 

## **Defined benefit pension schemes** 

## **Teachers' Pension Scheme** 

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. These regulations apply to teachers in schools and other educational establishments, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership. Membership is automatic for teachers.All teachers have the option to opt-out of the TPS following enrolment. 

The TPS is an unfunded scheme to which both member and employer make contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by parliament. 

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 30 October 2023. 

28 



VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 31/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023** 

The key elements of the valuation and subsequent consultation are: 

Employers contribution rates set at 28.68% of pensionable pay (including a 0.08% administration levy) Total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262,000 million, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222,200 million giving a notional past service deficit of £39,800 million 

The SCAPE rate, set by HMT, is used to determine the notional investment return. The current SCAPE rate is 1.7% above the rate of CPI and is based on Office for Budget Responsibility's forecast for long-term GDP Growth. 

The next valuation result is due to be implemented from 1 April 2024. 

A copy of the valuation report and supporting documentation is on the Teachers' Pensions website. 

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The charitable company has accounted for its contributions to the scheme as if it were a defined contribution scheme. The charitable company has set out above the information available on the scheme. 

The total cost relating to defined benefit schemes for the year recognised in profit or loss as an expense was £263,982 (2022 - £264,995). 

Money Purchase Scheme: At the balance sheet date, £30,202 was owed to the money purchase scheme and included within creditors (2022 - £30,772). 

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VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 32/34 

## **Newcastle Preparatory School Trust Limited (The)** 

**Notes to the Financial Statements for the Year Ended 31 August 2023** 

## **19 Funds** 

The specific purposes for which the funds are to be applied are as follows: 

|**Unrestricted funds**<br>**_General_**<br>General reserve<br>**_Designated_**<br>Revaluation reserve<br>**Total unrestricted funds**<br>**Restricted funds**<br>Northumbrian Water<br>Catherine Cookson<br>Charitable Trust<br>Fenwick Frame<br>**Total restricted funds**<br>**Total funds**|**Balance at**<br>**1**<br>**September**<br>**2022**<br>**£**<br>2,167,564<br>53,098<br>2,220,662<br>4,900<br>116,705<br>-<br>121,605<br>2,342,267|**Incoming**<br>**resources**<br>**£**<br>3,519,790<br>-<br>3,519,790<br>-<br>(26,832)<br>15,000<br>(11,832)<br>3,507,958|**Resources**<br>**expended**<br>**£**<br>(3,184,339)<br>(3,994)<br>(3,188,333)<br>-<br>-<br>-<br>-<br>(3,188,333)|**Transfers**<br>**£**<br>16,140<br>-<br>16,140<br>-<br>(1,140)<br>(15,000)<br>(16,140)<br>-|**Balance at**<br>**31 August**<br>**2023**<br>**£**<br>2,519,155<br>49,104|
|---|---|---|---|---|---|
||||||2,568,259|
||||||4,900<br>88,733<br>-|
||||||93,633|
||||||2,661,892|



The brought forward restricted fund relating to Northumbrian Water is to go towards the maintenance of the flood defence system within the basement of 5 Eslington Road, Newcastle upon Tyne, NE2 4RH. 

The fund relating to the Catherine Cookson Charitable Trust is to go towards the school's bursary campaign. The negative income above is the bursary offset. 

The Fenwick Frame fund was a donation of £15,000 received from The CMF Chariatble Settlement towards the purchase of a replacement climibing frame. 

As described in the accounting policy, the designated reserves relate to the revaluation reserve. 

The playground frame was purchased in July 2023 and therfore the funds released to unrestricted fund. During the year a pupils school trip was funded via the Catherine Cookson Trust Bursary fund. 

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VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 33/34 

## **Newcastle Preparatory School Trust Limited (The) Notes to the Financial Statements for the Year Ended 31 August 2023** 

## **20 Analysis of net assets between funds** 

|Tangible fixed assets<br>Net current assets/(liabilities)<br>Total net assets<br>Tangible fixed assets<br>Net current assets/(liabilities)<br>Total net assets<br>**21 Analysis of net funds**<br>Cash at bank and in hand<br>Net funds<br>Cash at bank and in hand<br>Net funds|**Unrestricted**<br>**General**<br>**£**<br>**Designated**<br>**£**<br>822,463<br>49,104<br>1,696,692<br>-<br>2,519,155<br>49,104<br>**Unrestricted**<br>**General**<br>**£**<br>**Designated**<br>**£**<br>890,333<br>53,098<br>1,277,231<br>-<br>2,167,564<br>53,098<br>**At 1**<br>**September**<br>**2022**<br>**£**<br>2,112,631<br>2,112,631<br>**At 1**<br>**September**<br>**2021**<br>**£**<br>1,751,001<br>1,751,001|**Restricted**<br>**£**<br>-<br>93,633<br>93,633<br>**Restricted**<br>**£**<br>-<br>121,605<br>121,605<br>**Financing**<br>**cash flows**<br>**£**<br>411,716<br>411,716<br>**Financing**<br>**cash flows**<br>**£**<br>361,630<br>361,630|**2023 Total**<br>**funds**<br>**£**<br>871,567<br>1,790,325|
|---|---|---|---|
||||2,661,892|
||||**2022 Total**<br>**funds**<br>**£**<br>943,431<br>1,398,836|
||||2,342,267|
||||**At 31 August**<br>**2023**<br>**£**<br>2,524,347<br>2,524,347<br>**At 31 August**<br>**2022**<br>**£**<br>2,112,631<br>2,112,631|



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VirtualSignature Transaction Ref. 3DZS-M2KW-3SST 26 Mar 2024 07:56:47 GMT (UTC +0) D 3/3 P 34/34 

## **Newcastle Preparatory School Trust Limited (The)** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023** 

## **22 Related party transactions** 

During the year the charity made the following related party transactions: 

## **P Hewitson** 

(Trustee) 

P Hewitson has a child attending the school. From the date of appointment, total school fees invoiced to P Hewitson were done so under the normal commercial terms of the entity. The child left end of the academic year 31 August 2023. 

## **D Bailey** 

(Trustee) 

D Bailey during the prior had a child attending the school. From the date of appointment, total school fees invoiced to D Bailey were done so under the normal commercial terms of the entity. 

## **J Bal** 

(Trustee) 

J Bal had two children attending the school. From the date of appointment, total school fees invoiced to J Bal were done so under the normal commercial terms of the entity. From 1 September only one child will be attending. 

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