**Charity registration number 528152** **Company registration number 00668983 (England and Wales)** **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees And Governors**|A L Scott|(Appointed 21 June 2024)| |---|---|---| ||G H L Lester|(Appointed 21 June 2024)| ||R R Bajekal|| ||S Blair|| ||J Bal|| ||A Pearson|| ||P Hewitson|| ||C L Winskell|| |**Secretary**|S G Easton|| |**Charity number**|528152|| |**Company number**|00668983|| |**Registered office**|6 Eslington Road|| ||Jesmond|| ||Newcastle upon Tyne|| ||Tyne & Wear|| ||NE2 4RH|| |**Auditor**|Azets Audit Services|| ||Bulman House|| ||Regent Centre|| ||Gosforth|| ||Newcastle upon Tyne|| ||NE3 3LS|| |**Bankers**|Barclays PLC|| ||7 Market Street|| ||Newcastle upon Tyne|| ||NE1 6JN|| |**Solicitors**|Sintons|| ||The Cube|| ||Barrack Road|| ||Newcastle Upon Tyne|| ||Tyne And Wear|| ||United Kingdom|| ||NE4 6DB|| ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 5| |Statement of Trustees' responsibilities|6| |Independent auditor's report|7 - 10| |Statement of financial activities|11 - 12| |Balance sheet|13| |Statement of cash flows|14| |Notes to the financial statements|15 - 28| ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ The Trustees and Governors present their annual report and financial statements for the year ended 31 August 2024. ## **Objectives and activities** 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 solelytowards the promotion of the objects of the company as set forth in the Memorandum of Association. The Trustees and Governors have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. ## **Public benefit** ## Bursaries and Hardship Awards During the year, 10 pupils received a bursary award ranging from 50% to 100%. The value of means-tested bursaries and hardship awards (excluding other discounts) was £100,888. 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 have furthered links with organisations and schools in the locality. This has involved hosting events, such as MedicFest, The Code Show, robotics days and chess. These events included pupils from Ponteland Primary School; St Wilfrid’s School, Gateshead; Central Primary School, Ashington; and Northern Counties School. ## 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. Children have visited the local care home, Fleming Court, to share songs and celebrate National Children’s Day. Children from the choir also visited the retirement apartments at Jesmond Pegasus Assembly to share a short concert and communal singing. Members of staff volunteer in a variety of roles, including as a governor at a local school 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. A community champion has been appointed from current staff to raise the profile of community partnerships. ## Charitable Giving As a result of charity fundraising events within the school, a total of £7,352.57 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 regards to the public benefit guidance published by the Charities Commission for England and Wales. - 1 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ ## **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 set out by the Charity Commission and UK law in every respect. We respect the privacy and contact preferences of all public donors. ## **Risk management** The trustees are responsible for keeping accounting records and safeguarding the assets of the charity. The programme for 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. ## **Strategic report** The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the Trustees and Governors to present a strategic report. ## **Achievements and performance** ## Leadership and Management The leadership and management of the school has remained stable over the year, with some additional roles complementing those already existing. To assist with the provision of small group and individualised support for pupils in school, part of the personalised learning team, an intervention co-ordinator was successfully appointed. Additional champion roles were also appointed for the areas of staff wellbeing, community and equality, diversity and inclusion. The staff fulfilling these titles have a variety of experiences and roles, contributing to large themes which impact across the school and stakeholders. ## Resources and Opportunities Investment was made into the following resources and opportunities to enhance the educational experience of children in the school: - Additional playground resources purchased to allow wider variety of activities to take place; - Introduction of Tapestry to record learning of all EYFS pupils and share with parents, including purchase of devices for staff; - Holiday club provided on site for half terms and Easter holiday; - Begin research and development of NACE framework to increase challenge and provision for all learners; - Staff training in a neurodiversity approach; - Implement a dyslexia screener for older pupils; - New international residential offered to Paris, enabling children in Years 4-6 to develop their language skills in context; and - Range of excursions, trips and extra-curricular clubs for children to participate in. - 2 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ ## 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: - Renovation of school decoration, transforming classrooms and communal spaces with a muted colour palette of greys and whites; - Repairs to the sash windows to allow better airflow in classrooms; - Planning and development with architect of increased accessibility to EYFS playground from Nursery classroom; and - Redeveloped entrance area to Sports Hall and decoration of Sports Hall to create a practical and welcoming area. ## 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 wine tasting, community cinema, family robotics event and a summer fair; - Regular coffee, cake and catch-up sessions for parents were also held each term; - Gallery event at Jesmond Library, showcasing children’s work produced with a local artist; - Whole school art exhibition and musical showcase events; and - Looked at issues of sustainability and the environment relating to the school including working with a whole school Eco Committee to implement initiatives and communicate with the governing board. ## **Financial review** The financial position for the year shows a surplus of £351,975 (2023 - £319,625). The Trustees and Governors consider the financial position of the charity to be sound. 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. 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 £2,167,389 (2023: £1,696,692), an increase of £470,697 in the year. The trustees’ long term policy is to continue to build up reserves by means of annual operating surpluses when available, in order to develop financial resilience and fund investment in the assets of the school. - 3 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ 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, within the confines of our risk appetite. At present, the school does not hold any stocks and shares and manages any surplus funds via a higher rate interest account linked to the current bank account. 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 statments. 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. ## **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, selfesteem 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: - Celebrating the 140[th] anniversary of the school, including increased opportunities for community and alumni engagement; - Adapt the current programme of themed weeks to offer more cross-curricular themes and events; - Look into implementing the NACE framework and gaining accreditation as a NACE school; - Appoint further health and wellbeing services for pupils and families; - To participate in educational research; - Increase pupils taking instrument lessons in Key Stage 2; and - Redevelop the patio and garden area outside of the Sports Hall. ## **Structure, governance and management** The Charity is a company 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. - 4 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2024**_ D J Bailey A L Scott G H L Lester R R Bajekal S Blair J Bal A Pearson P Hewitson C L Winskell (Resigned 18 December 2023) (Appointed 21 June 2024) (Appointed 21 June 2024) None of the Trustees and Governors has any beneficial interest in the company. All of the Trustees and Governors are members of the company and guarantee to contribute £1 in the event of a winding up. 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, and do, attend the regular trustee meeting 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. The Board, who give their time freely and no Trustees received remuneration in the year, have considered, who are Key Management Personnel (KMP) of the charitable company, as noted in the Related Party Transactions note. 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. ## **Auditor** In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting. ## **Disclosure of information to auditor** Each of the Trustees and Governors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The Trustees' report, including the strategic report, was approved by the Board of Trustees And Governors. .............................. S Blair ## **Trustee** Date: ............................................. - 5 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** ## _**FOR THE YEAR ENDED 31 AUGUST 2024**_ The Trustees and Governors, who are also the directors of Newcastle Preparatory School Trust Limited (The) for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees and Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees and Governors are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees and Governors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. - 6 - ## **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 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance 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's 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 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 are authorised for issue. Our responsibilities and the responsibilities of the Trustees and Governors with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees and Governors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of our audit: - the information given in the Trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report and the strategic report prepared for the purposes of company law, is consistent with the financial statements; and - the strategic report and the directors' report included within the Trustees' report have been prepared in accordance with applicable legal requirements. - 7 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)** ## **TO THE MEMBERS OF NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report included within the Trustees' report. We have nothing to report in respect of the following matters in relation to which 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 and Governors** As explained more fully in the statement of Trustees' responsibilities, the Trustees and Governors, who are also the directors of the Charity for the purpose of company law, 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 and Governors 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 and Governors 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 and Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditor's responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the 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. A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. - 8 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)** ## **TO THE MEMBERS OF NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **Extent to which the audit was considered capable of detecting irregularities, including fraud** Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. 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. In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included: - Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; - Reviewing minutes of meetings of those charged with governance; - Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection; - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; - Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. - 9 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)** ## **TO THE MEMBERS OF NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** **Graham Fitzgerald BA FCA 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 - 10 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 AUGUST 2024**_ |**Current financial year**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
-
-
Charitable activities
**4**
3,776,192
(88,681)
Other trading activities
**5**
530
-
Investments
**6**
55,963
-
**Total income**
3,832,685
(88,681)
**Expenditure on:**
Charitable activities
**7**
3,392,029
-
**Net income/(expenditure) for the year/**
**Net movement in funds**
440,656
(88,681)
Fund balances at 1 September 2023
2,568,259
93,633
**Fund balances at 31 August 2024**
3,008,915
4,952|**Total**
**2024**
**£**
-
3,687,511
530
55,963
3,744,004
3,392,029
351,975
2,661,892
3,013,867|**Total**
**2023**
**£**
15,322
3,477,300
4,633
10,703| |---|---|---| |||3,507,958| |||3,188,333| |||319,625
2,342,267| |||2,661,892| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 11 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 AUGUST 2024**_ |**Prior financial year**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
322
15,000
Charitable activities
**4**
3,504,132
(26,832)
Other trading activities
**5**
4,633
-
Investments
**6**
10,703
-
**Total income**
3,519,790
(11,832)
**Expenditure on:**
Charitable activities
**7**
3,188,333
-
Gross transfers between funds
16,140
(16,140)
**Net income/(expenditure) for the year/**
**Net movement in funds**
347,597
(27,972)
Fund balances at 1 September 2022
2,220,662
121,605
**Fund balances at 31 August 2023**
2,568,259
93,633|**Total**
**2023**
**£**
15,322
3,477,300
4,633
10,703| |---|---| ||3,507,958| ||3,188,333| ||-
319,625
2,342,267| ||2,661,892| - 12 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **BALANCE SHEET** ## _**AS AT 31 AUGUST 2024**_ |**2024**
**Notes**
**£**
**£**
**Fixed assets**
Tangible assets
**12**
846,478
**Current assets**
Debtors
**13**
783,247
Cash at bank and in hand
2,856,777
3,640,024
**Creditors: amounts falling due within**
**one year**
**14**
(1,472,635)
Net current assets
2,167,389
**Total assets less current liabilities**
3,013,867
**Income funds**
Restricted funds
**17**
4,952
Unrestricted funds
Designated funds:
Revaluation
45,110
**18**
45,110
General unrestricted funds
2,963,805
3,008,915
3,013,867|**2023**
**£**
**£**
871,567
103,659
2,524,347
2,628,006
(837,681)
1,790,325
2,661,892
93,633
49,104
49,104
2,519,155
2,568,259
2,661,892|**2023**
**£**
**£**
871,567
103,659
2,524,347
2,628,006
(837,681)
1,790,325
2,661,892
93,633
49,104
49,104
2,519,155
2,568,259
2,661,892| |---|---|---| |||2,661,892| |||93,633
2,568,259| |||2,661,892| The notes on pages 15 to 28 form part of these financial statements. The financial statements were approved by the Trustees And Governors on ......................... .............................. S Blair ## **Trustee** ## **Company registration number 00668983** - 13 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ |**Notes**
**Cash flows from operating activities**
Cash generated from operations
**22**
**Investing activities**
Purchase of tangible fixed assets
Investment income received
**Net cash used in investing activities**
**Net cash used in financing activities**
**Net increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2024**
**£**
**£**
339,575
(63,108)
55,963
(7,145)
-
332,430
2,524,347
2,856,777|**2023**
**£**
**£**
424,712
(23,699)
10,703
(12,996)
-
411,716
2,112,631
2,524,347| |---|---|---| - 14 - **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ ## **1 Accounting policies** ## **Charity information** Newcastle Preparatory School Trust Limited (The) is a private company limited by guarantee incorporated in England and Wales. The registered office is 6 Eslington Road, Jesmond, Newcastle upon Tyne, Tyne & Wear, NE2 4RH. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The Charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the Trustees and Governors have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees and Governors continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the Trustees and Governors in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the Trustees and Governors for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. ## **1.4 Income** Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. In relation to school fees, these are invoiced prior to the commencement of each academic term with the income recognised as educational teaching commitments are fulfilled. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. - 15 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ ## **1 Accounting policies** **(Continued)** ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. ## **1.6 Tangible fixed assets** Tangible fixed assets costing £500 or more are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any 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 of depreciation charge over that charged on the original historic cost). Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |Freehold land and buildings|2% straight line| |---|---| |Office equipment|20% straight line| |Equipment|10% straight line| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **1.7 Impairment of fixed assets** At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Prior impairments are also reviewed for possible reversal at each reporting date. ## **1.8 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.9 Financial instruments** The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. - 16 - **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ ## **1 Accounting policies** ## **(Continued)** ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled. ## **1.10 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **1.11 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 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. - 17 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ ## **1 Accounting policies** ## **(Continued)** ## **1.12 Operating leases** Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease. ## **2 Critical accounting estimates and judgements** In the application of the Charity’s accounting policies, the Trustees and Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There are no significant judgements or estimates and assumptions used within the financial statements. ## **3 Donations and legacies** ||**Total**|**Unrestricted**|**Restricted**|**Total**| |---|---|---|---|---| |||**funds**|**funds**|| ||**2024**|**2023**|**2023**|**2023**| ||**£**|**£**|**£**|**£**| |Donations and gifts|-|322|15,000|15,322| The prior year restricted donation was received from The CMF Charitable Settlement. - 18 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ ## **4 Charitable activities** ||**Charitable**|**Charitable**| |---|---|---| ||**Income**|**Income**| ||**2024**|**2023**| ||**£**|**£**| |Gross school fees|3,473,466|3,339,714| |Total bursaries, scholarships and discounts|(130,375)|(152,220)| |Entrance and registration fees|6,450|3,793| |Performance related grants|25,290|-| |Ancillary trading income|4,825|-| |Extra-curricular activities|27,673|37,651| |Catering receipts|280,182|248,362| ||3,687,511|3,477,300| |**Analysis by fund**||| |Unrestricted funds|3,776,192|3,504,132| |Restricted funds|(88,681)|(26,832)| ||3,687,511|3,477,300| ## **5 Other trading activities** |||**Unrestricted **|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2024**|**2023**| |||**£**|**£**| ||Commissions receivable and other income|530|4,633| |**6**|**Investments**||| ||**Unrestricted **|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2024**|**2023**| ||**£**|**£**| |Interest receivable|55,963|10,703| - 19 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2024**_ ## **7 Charitable activities** ||**Charitable**|
**Charitable**| |---|---|---| ||**Expenditure**|
**Expenditure**| ||**2024**|**2023**| ||**£**|**£**| |Staff costs|2,188,349|2,010,090| |Charitable activity|622,083|642,678| ||2,810,432|2,652,768| |Share of support costs (see note 8)|283,566|282,458| |Share of governance costs (see note 8)|298,031|253,107| ||3,392,029|3,188,333| - 20 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ ## **8 Support costs** |Staff costs
Depreciation
Premises
Bank charges
Advertising
Audit & accountancy
Insurance
Legal and professional
Postage, stationery and
photocopying
Subscriptions
Inspection
Recruitment
Analysed between
Charitable activities|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
-
226,964
83,787
4,410
62,239
3,276
-
1,154
10,093
378
-
13,311
26,273
1,383
-
38,152
20,827
1,096
80,347
3,186
-
4,353
-
368
283,566
298,031
283,566
298,031|**2024**
**£**
226,964
88,197
65,515
1,154
10,471
13,311
27,656
38,152
21,923
83,533
4,353
368
581,597
581,597|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
-
212,079
90,785
4,778
64,496
3,395
-
1,436
9,536
2,729
-
9,780
25,357
1,335
-
13,296
19,816
1,093
72,468
3,186
-
-
-
-
282,458
253,107
282,458
253,107|**2023**
**£**
212,079
95,563
67,891
1,436
12,265
9,780
26,692
13,296
20,909
75,654
-
-| |---|---|---|---|---| |||||535,565| |||||535,565| 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. Governance costs includes payments to the auditors of £13,311 (2023- £9,780) for audit fees. ## **9 Trustees And Governors** None of the Trustees and Governors (or any persons connected with them) received any remuneration or benefits from the Charity during the year. - 21 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ ## **10 Employees** The average monthly number of employees during the year was: |Teaching staff
Nursery and Classroom Support
Office Staff
Maintenance
Total
**Employment costs**
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was more than £60,000
is as follows:
£60,001 - £70,000
£70,001 - £80,000|**2024**
**Number**
26
15
5
2
48
**2024**
**£**
1,865,822
183,341
366,150
2,415,313
**2024**
**Number**
1
1|**2023**
**Number**
24
15
5
2| |---|---|---| |||46| |||**2023**
**£**
1,738,612
168,321
315,236| |||2,222,169| |||**2023**
**Number**
2
-| ## **11 Taxation** The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. - 22 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ |**12**
**Tangible fixed assets**
**Freehold land**
**and buildings**
**£**
**Cost or valuation**
At 1 September 2023
1,553,423
Additions
-
At 31 August 2024
1,553,423
**Depreciation and impairment**
At 1 September 2023
841,232
Depreciation charged in the year
31,068
At 31 August 2024
872,300
**Carrying amount**
At 31 August 2024
681,123
At 31 August 2023
712,191|**Office**
**equipment**
**£**
548,623
47,319
595,942
420,694
41,631
462,325
133,617
127,929|**Equipment**
**£**
306,830
15,789
322,619
275,383
15,498
290,881
31,738
31,447|**Total**
**£**
2,408,876
63,108| |---|---|---|---| ||||2,471,984| ||||1,537,309
88,197| ||||1,625,506| ||||846,478| ||||871,567| The fair value of the company's Freehold properties were revalued on 31 August 1988. An independent valuer was not involved. Had this class of asset been measured on a historical basis, their carrying amount would have been £636,004 (2023 - £663,078). |**13**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income|**2024**
**£**
668,066
-
115,181
783,247|**2023**
**£**
30,160
221
73,278| |---|---|---| |||103,659| Included within trade debtors above, are gross debtors of £690,378 (2023 - £30,545) less a bad debt provision of £23,148 (2023 - £385). - 23 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ |**14**
**Creditors: amounts falling due within one year**
**Notes**
Other taxation and social security
Deferred income
**15**
Trade creditors
Other creditors
Accruals and deferred income
**15**
**Deferred income**
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 September 2023
Released from previous periods
Resources deferred in the year
Deferred income at 31 August 2024|**2024**
**£**
-
1,298,725
148,835
6,803
18,272
1,472,635
**2024**
**£**
1,298,725
**2024**
**£**
1,298,725
597,001
(597,001)
1,298,725
1,298,725|**2023**
**£**
46,451
597,001
62,930
30,202
101,097
837,681
**2023**
**£**
597,001
**2023**
**£**
597,001
498,397
(498,397)
597,001
597,001| |---|---|---| - 24 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ ## **16 Retirement benefit schemes** ## **Defined contribution 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 £48,513 (2023 - £51,255). Contributions totalling £Nil (2023 - £Nil) were payable into the funds at the year end and are included in other creditors. ## **Defined benefit pension scheme** The company contributes to a defined benefit teachers' pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. ## **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 ensure scheme costs are recognised and managed appropriately and the review specifies 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 27 October 2023, with the SCAPE rate, set by HMT, appyling a notional investment return based on 1.7% above the rate of CPI. The key elements of the valuation outcome are: - Employer contribution rates set at 28.68% of pensional pay (including a 0.08% administration levy). This is an increase of 5% in employer contributions and the cost control result is such that no change in member benefits is needed. - 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 £222,222 million, giving a notional past service deficit of £39,800 million. The results of this valuation will be implemented from 1 April 2024. The next valuation result is due to be implemented from 1 April 2028. The employer's pension costs paid to the TPS in the period amounted to £309,245 (2023 - £263,982). A copy of the valuation report and supporting documentation is on the Teachers' Pensions website. - 25 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ ## **17 Restricted funds** The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: 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. Catherine Cookson Charitable Trust is to go towards the school's bursary campaign. The negative income is the bursary offset. During the year a pupils school trip was funded via the Catherine Cookson Trust Bursary fund. The Fenwick Fund was a donation from The CMF Charitable Settlement towards the purchase of a replacement climbing frame. The playground frame was purchased in July 2023 and therefore the funds released to unresricted fund. |||**Movement in funds**|**Movement in funds**||**Movement**|| |---|---|---|---|---|---|---| ||||||**in funds**|| ||**Balance at**|**Incoming**|**Transfers**|**Balance at**|**Incoming**|**Balance at**| ||**1 September**|**resources**||**1 September**|**resources**|**31 August**| ||**2022**|||**2023**||**2024**| ||**£**|**£**|**£**|**£**|**£**|**£**| |Northumbrian Water|4,900|-|-|4,900|-|4,900| |Catherine Cookson||||||| |Charitable Trust|116,705|(26,832)|(1,140)|88,733|(88,681)|52| |Fenwick Frame|-|15,000|(15,000)|-|-|-| ||121,605|(11,832)|(16,140)|93,633|(88,681)|4,952| ## **18 Designated funds** As described in the accounting policy, the designated reserves relate to the revaluation reserve. |||**Balance at**|**Resources**|**Balance at**|**Resources**|**Balance at**| |---|---|---|---|---|---|---| ||**1**|**September**|**expended**|**1 September**|**expended**|**31 August**| |||**2022**||**2023**||**2024**| |||**£**|**£**|**£**|**£**|**£**| |Revaluation reserve||53,098|(3,994)|49,104|(3,994)|45,110| |||53,098|(3,994)|49,104|(3,994)|45,110| - 26 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2024**_ |**19**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2024**
**2024**
**£**
**£**
Fund balances at 31
August 2024 are
represented by:
Tangible assets
841,526
4,952
Current assets/(liabilities)
2,167,389
-
3,008,915
4,952|**Total Unrestricted**
**funds**
**Restricted**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
846,478
871,567
-
2,167,389
1,696,692
93,633
3,013,867
2,568,259
93,633|**Total**
**2023**
**£**
871,567
1,790,325| |---|---|---| |||2,661,892| Included in the unrestricted Tangible assets is £45,110 (2023 - £49,104) of designated funds. ## **20 Operating lease commitments** At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: |Within one year
Between two and five years|**2024**
**£**
20,792
-
20,792|**2023**
**£**
20,792
12,478| |---|---|---| |||33,270| ## **21 Related party transactions** ## **Remuneration of key management personnel** The key management personnel of the Charity are the Senior Leadership Team which consists of the Head Teacher, the Bursar and the 3 Assistant Heads. The remuneration of key management personnel (including employer pension contributions and employer national insurance contributions) is as follows. ||**2024**|**2023**| |---|---|---| ||**£**|**£**| |Aggregate compensation|408,272|379,108| - 27 - ## **NEWCASTLE PREPARATORY SCHOOL TRUST LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2024**_ ## **21 Related party transactions** ## **(Continued)** ## **Transactions with related parties** During the year the Charity entered into the following transactions with related parties: ## A Scott (Trustee) A Scott has a child attending the school. From the date of appointment, total school fees invoiced to A Scott were done so under the normal commercial terms of the entity. ## J Bal (Trustee) J Bal has a child 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. ## **22 Cash generated from operations** |**Cash generated from operations**
**2024**
**£**
Surplus for the year
351,975
Adjustments for:
Investment income recognised in statement of financial activities
(55,963)
Depreciation and impairment of tangible fixed assets
88,197
Movements in working capital:
(Increase) in debtors
(679,588)
(Decrease) in creditors
(66,770)
Increase in deferred income
701,724
**Cash generated from operations**
339,575|**2023**
**£**
319,625
(10,703)
95,563
(18,523)
(59,854)
98,604
424,712| |---|---| - **23 Analysis of changes in net funds** The Charity had no debt during the year. - 28 -