Ch¥rity r¢8l$tr*lioR number 528234 (England Ind Waltt) Company r¢glstr*don number 01000027 WELLOW HOUSE SCHOOL LIMITED ANNUAL REPORT AND FINILNCIAL STATEMENTS FOR THE YEAR ￿￿1)ED 31 AUGUST 2023 WELLOW HOUSE SCHOOL LIMITED LEGALAND ADMINISTRATIVE INFOILMATION Tr•stees P Buss R J Stattfflsfidd CILarity mumberlKbgland ¥nd Walea) 528234 C•mpDy Dumber 01(KKi127 R¢glst¢red offlct Wdlow How Sch￿1 Ltmit•J N¢wark Road W¢llo Newark NGZ20E Audltor Ri¢haTd Plactihbsott Seryitts Limitcd ound Floor 1- 7 Station R(thd Crawley W¢sl Sussex iiHIO IHT WELLOW HOUSE SCHOOL LIMITED CO,NTENTS T￿￿te¢s, report Staten]ent of trustres, respmsibiliti¢s Independent auditor's report State￿ent of fiDatteiai actt*'iti&s Balan¢¢ shcet Statemelltof cash flows Notes to the finan¢ia] ststen*hts 10-20 WELLOW HOUSE SCHOOL LIM￿ED TRUSTF,ES' REPORT ￿￿CLUDING DtRECTORSI REPORT) FOR THE YEAR ENDED 31 AUGUST2023 Th¢ trustees present their atmual ryort and fuwlcial ststem¢nts fwthe year ttth131 August 2023. The fmancial sta*ments have beeti prepared in actordarjce wi¢h the xcountiLg policies set out in note I to the financial staternstjts a￿1 Gomply with thr chayiiablr compan￿$ governing dLKumeffj the Companies Act 21x16. FRS 102 'The Finan¢ial Reporting Standard applicabl¢ in th¢ UK and Republic of IreIar￿, attd the Charities SORP 'AccffliDting and Reporning by Charities.. Statemcrtt of Rccomru¢nd¢d Ptxlice applithle to ¢h2ritie5 prewing their accLX]tLts in accordanc¢ witb'th¢ Financi Reporting Standard applieable in the UK atml Re￿￿]i¢ of Ireland (FRS Itrl)". ObJecllves *nd aellvltte$ The objective of tbe charitable company is to ptornot¢ and pioyide fTrr tb¢ 2dvats¢¢nJ¢nt of education and in c0s￿e¢ll0 th¢r¢with to carry on a sthool ￿ ￿h￿l5 whetheT ID the UnitedKingdom or aboard Wellow House School LiTnited ts an inthpendent Pryaratory Schwl lo￿1¢￿ in its own grouTMJs of 21 a¢rcs in North Nottinghamshire. Thc SGIl￿1 pro￿deS ethJc4tion lo girlg and boysbCtW￿ the of 3 a￿] 13 yea[8 and is open to applicatio by all rncmbsrs of th6 public. Th¢ sch(M>l bo&*ts an iTtwres8ive #cad￿nI¢ r￿d it is S¢knol'8 principal objectiyc to identify and ¢knelop the tai¢nts attd &bilities of its pupils to th¢ highest ￿sIbl¢ leirl. Of equal importance is the IkVelopD￿nt of the "personal qualities. of exh pupil so that when they evenbjally leaY¢ to on to anoth¢r 6¢hool the> are already c4)nfJdenl Gating a￿j r¢sponsible indii'idual$. In ￿der to achieve these r*&jectiv&% th6 trusteu recogllise importance of providing a safe and nurturing fflviroTJment at the Schth)I sutvorted by a professional motivatal t¢aTn of tea¢lws afftd o11￿ staff membcrs. For a snull school an ¢Kir¢m¢ly wide range of sporting and other non academic a¢livill¢s tsrr prDvidEd to pupils. Addttionally the Schwl involvE$ itsdf in raising rnoni¢s for a wide range ofiocal, national and internatiottal ¢Jwities in whith its pupils aT¢ ￿11}. involvsl The s¢}￿1 offers 81)me bursarics for pupils f￿ a Wcllow Scknl ethwaiion would not othernq$e be possible. a￿lIabl¢ on a mcaJJ8-tcsted basi5. The 1rUst￿ h&v6 paid du¢ rrgard ty gu￿?￿¢¢ i85u¢d by th¢ (knity Commi&8ion in thcidiDg Mthat acttviti¢$ th¢ ¢h&it2ble mp&Dy should undertake. FIMnclal revlew Iyue to tb¢ new owntts th¢ School ￿maInS on a sound financial basis &s all deficits being covered by them whilst they bulld the School for tb6 futur¢. Alph& bccanK involved with th6 ￿b001 for the long term with pupil numbu5 set to be at their highest I￿.¢1 for a numb¢r of years. This is the cl&qrest itidi¢ator the S¢hool is now on the upward trajeciory and cats put the 18gt fes4. diffi¢ult years behind them. The SclK)ol now ha8 a stsbls costbase is 8Ct ￿ reap bett¢fiLS Dwving f(Thard. It is tht policy of the charity thatuttrCStrictc4J Jjnds wbi¢h hav¢ ttot begn dwgDatd for a spe¢&fiG Should b¢ maintained at a level ￿u1valent to between tlwee and six month's expemoilure. Tre trustees coosid¢Ts ihaÉ reserves at this level WAII ensure th4L in the event of a 8ignifi¢ant drqy in fundin& they will b¢ ablc to ¢4ntinu¢ th¢ Charity's current activities whilc ¢On8Lderation is iv¢ntO W8y5 in whiGh *dditiODal may be rai￿ This level of res¢rYe8 notbeen maintained tbrou¥hout the year. Th¢ t￿￿t￿S ha5 o&srs8¢d tb¢ tnaior riskj to whiL* the charity is ex[￿, t￿1 are yatisfied that systeijjs sre placo to mitigatc exrA>SUte ￿ th¢ major risks. Pl*is f•r fvtsr¢ p¢riod8 The He4dt¢a¢h¢r been in tM)St foT a few yeaTS ar¥J pupil nwnbexs have irKr¢4se(L The Sclmxjl h&% extended out to YeaT 9 pupils from September 2ff21 which will further ￿tha￿t its OtTerillgalld gppeal to the oJark&. 11¢ kEy aints for the next 12 months wtll be inct￿l￿g pupil numbets throughout the School 8t￿ eDsuiiDg th6 OPErational Changes are fully implemented for the F*nefrt of the ex￿ting and fiJtur¢ ￿lIs. pA8e I WELLOW HOUSE SCHOOL LIMITED TRUSTEFS, REPORT UNCLUDING DIRECTORSI REPORT) (cO￿,TINUED} FOR THE YEAR ENDED 31 AUGUST2023 Strwture? goYern*nce mgDagement Wellow House Sch￿] Limited is a registered charity (Charity t￿. 518234) and & cotnpany li￿lled by shares (company no. 10(MM>27). Th6 Jnemordndum and articles of a8sociation a¢tas the governing dL*urnent of charitsbleéornpany The tru8te¢4 aTe also the dire¢tots for the pu4)￿¢ of cornpany law, and who 8¢rYed during thc year And up to th¢ date of $ign4tyr¢ of the financial State￿ents were.. PBuss AKha R J StattcrBfield New trustce5 are appoiutC4J by and with the a￿eement of the continuing tsusteel its d*irabsolute diSC￿li0￿. Sincc incortm>rnti0￿ no n¢w tn￿¢c8 have beett taken ots. As a Trfull there is no s¢t policy ITh pla¢¢ r¢gardin8 the illdu¢tion and trainin8 of new ¢wstee8. Ho￿.¢W￿, on th¢ apJK>intment of new trustees Eoing forwar4 sujficict)I PDlicies and trAining procedures will b¢ implet￿ented iti lits¢ with r¢quir¢ments. The r¢muA¢rntioA of kny manag¢mrnt wsonnel is 8tL reviewed atml diwssed tll d#ail by the ¢h8riry bustees. None of the ¢n￿te¢S h8Ye ally beneficial interest in ￿ company. All of the tmst¢e6 atr Th)eMb￿ of Ihe &T¥J guarantee lo contribut¢ £1 it) the ¢Y¢rLt of a witidillg up. The mantgcment structure ioyofves a combinatson of tompaThJ direewts. scknl SO￿￿nor$ (&ll paid) plus tb¢ senior management of th¢ Schwl led b). th¢ headmist￿. Gov¢ft￿ fonnulate policy and 5tratrgy for th¢ S¢hool witb directo providin8 thcir approval and input regardiJJg 411 major decisions iticludiTrg irwrrantly fujancial decisions. The headtnistr¢ss and her sensor nUllag¢￿ent t¢am implement these policy deetsi0￿ arrfl run the day to da} n)ana8ement of thc School for whirh there is a system of regular reviews and En￿lI0r1nEbY gov¢nvMs and dire£tors. Aa is the standard I￿actiCe for alt[M￿t all schools in ￿BIand and Wa]cs it is the btsgxd of govEllK)rs of the sch￿1 who tsk¢ responsibility foT risk In￿ag￿llen¢ that 18 identificatioo of 8te8s of risk plus tht control and monitoring pnxydures. Th¢ governot8 report rebwlatiy to the direct￿ on srrtifi¢ risks identsfied the directors cany out the annual review of ihos¢ risks. There is 4 well-established system for ideatifyAn8 ¥nd 8ppoititin8 Dew governors plus tbe provisioll of the n￿essary. induction on the 8pp)intm¢nt of any new governor. No prefert￿e dividetth were paid The director8 rewmmeThl payn)att of a fthal dividctt Audltor In accordaDc¢ with th¢ companys arti¢l¢s, a re￿lUtion PTOP)sing that Richard Place l*)bson Setvices Limited be r¢apwinted as auditor of th¢ ¢ornpany will be put at aG¢fternl M¢£ting. Dlsc105ure of l•forma¢lon to audltor E&h of the trustee8 ha5 confimed that there is ￿ infomi•ion of M*i¢h Iky are Aware which is relevarrt to the audit, but of which the auditor is unawarc. They have fvrther confrn￿I that they have taken apwopriate steps to identify such ￿leVant infomation and to esthlish that the auditor is aware of su¢h infmmtiott. The trLL8t¢& r¢p)rt wa8 approv￿ by th¢ Bcord of Tr PBuss Trnstee Date.. Zotf g¢2 WELLOW HOUSE SCHOOL LIMITED STATEMELYT OF TRUSTEESI RESPONSIBILrfiES FOR THE YEAR ENDED 31 AUGUST 2023 The tntstees, wkn are also the directors ofwellow Hfj￿ Limited for the FW of company law, ate responsible for pr¢paritxg the Th￿te¢s, Rwrt and the fimwial ststtmEnts ill accordaDce ￿7th applicable law and United Kingdom Accourntillg Standards IUnitedKiDgdom Gen¢rally A¢c¢pEed A¢¢outstirtg Praciicc). Comwdny Law rcquires Ihe trustres to prepare f￿a￿l21 stswrnents for fJtMll¢Aal year V¥lJi¢h giv¢ a lrn¢ and fair view ofthe state of affairs of tbe ebaritable Compa￿ arK] of th¢ iti￿1￿g reg)ur¢es and applic￿10￿ of Thtsur￿, includiug the iucomc and cxpenditur4 of thc cbaritablc company for that year. In preparing these fmatt¢ial ststementy the tntstres arc r¢¥4uired to: - sel¢Gt $uitabl¢ accountingpolicie8 then apply thern eonsistently;. - observe the methods and ptiticipi¢s itt the Charities SORP,. . makeiudgemeThts and estimates that r¢&wJJable and pn¥knu 4￿j - prepare the f￿ancIal $tat¢ments on th¢ going ¢orKe¥n b￿1$ uth]¢u it is ittaprniate to prcsumc that the charitable company will continu¢ in operatio Th¢ tru5tee6 arc r&￿nsIble for keeping adequate xcOunti￿8 recor. are a150 reswm5ible for Bafeguarding the &4scts of the charitable and ￿th¢t for tskitjg reasonable steps for pr8ventioD and detection of fra￿ 4Dd other irre8u]ariti¢& WELLOW HOUSE SCHOOLLIMITED INDEPENDENT AUDITORIS REPORT TO THE TRUSTEES OF WELLOW HOUSE SCHOOLLIMITED DRs¢laimer oropin￿) We w'¢r¢ engaged to audit the f￿8￿ClaI statemellts of Wellow Hous¢ S¢lM)ol Limittd (the 'charitable compaDy') (or the year ¢nded 31 August 2023 which comprise the statenTht of fir￿]￿1 aetivitsré, th6 balance slKeL the statem￿1 of cash flows and ol¢s b) thr fuwjcial 8tg1err￿ts, in¢luditLg Sbgnificant xcowititig ￿11¢1¢$. The fujancial rcrx)rting fiamework that has Eeen applied in their preparation is applirabl¢ law and UTrit¢d Kingth)m Ac￿UT￿lng Starmlardg, in¢ludtng Fi￿ancial Reporting Standard 102 The fr'in47nc141 Rwrtlng stand￿ appl￿ble ihe UK and Rewbllc of Irelond junited Kingdom Generally Accepted Accountittg Practic¢). We do not ¢xpress an opinion on the financial 8thtements. Becaw¢ of tht signifiGance of the matt¢r d&s¢nW in the Basis for Disc]aiT￿r of Opinion seetion of our r¢port, w¢ have not ￿en able ￿ obtoin suffi¢i6nt apptopriate audit ev1dets￿ to provide basis for an auditopiftion on the financial stat•TKnts. B￿14 for d16rl*imer of opinion Wc wuc not app)int¢d as auditors of the Charitable c￿npanY until aft¢r 31 Aiigust 2023. This fa¢ tO8¢ther with Changes In persomiel and th¢ requiremeDt to get acu)unts cornple4ed for filing bas meant we havr be¢D unable to satisfy outEelfves as to the ¢omplrt¢ness, ¢KlStthce and valuation of key balances in thc financial ￿*¢¢mentS. As a ruuli of these matt¢rs, we were unablc tu dd6ttnin¢ whether any adjustments might have be¢n found lleee&wi in respertof tecorded or unrecordcd balall￿B, atld the elements making up the statement of financial acttviues, and $tatm)¢nt of cash ftows. M2terlxl uncertalnty r*latsl to golng concern We draw atteDtion to nott I - in the finallcial statcmeDts, Tr*bi¢b indicatrs that at 31 August 2013 the Clwitable Company had net liabilities of £944,209 atyj mode a deficit for IhE Y￿ then etMJed of £271,916. .4$ S￿"¢d ill Dote l. the8e eYeDts or conditioThs, indicate thai a matuial uncenaiDty that may cast Si8n]f￿Ant doubt on tht ctsnpally's ability to continu¢ as a 80iDg C4bo¢ern. Our opinion 1$ ￿lmodifIed inI¢sp¢¢t of tbis matter In &uditiDg the fJThatrial &tat¢ments, we C￿lude41 th81 tk d]re£w￿. w of the going basis of a￿oUnting in the prep￿ati1)n orth¢ f￿￿￿¢la1 sthtrmettts is aptwiaie. Our evaluation of the directots, a58e&8ment of the elltity's ability to CODtinue to adopt the Eoitig CODeern b&sis of acwubting included ¢onfim>ing that batiknng faciliti￿ r¢tiJained ill place for at 1rn81 1 ? mtsDtb5 from the datc of SI￿lD8 the fmancial $tstements and re£eiving ¢onfirmatiODS from 4 ¢onllected part)" thai they w¢xdd ¢￿till￿e kn Sup[￿ the charitabl¢ ¢ompany in paying all of its debts &s they fall du Ow respo1￿1b11ilI¢s the responsli )ilities of the diwors w&th reqwt to going ¢ooc¢rn arr dcsttibed ID the rei¢vant se¢ti0tt8 of this report. Other Inform*twJ The othcr illfonllation C4Nnprises the Artfomwtion included in the report other than th¢ fwwKial statenKots aEMI ow guditorf8 [q￿rt there4>n. The tnwte¢8 are rc5p0￿1blC for th¢ other infornwtion contsined withiTJ Ih¢ annual ttport. Our opinion on the financiat statements the8 not ¢ov¢r the other infomJ*ion and we do expres5 ally fomi of a&vurdnce conclugiun theTeon. Our respons￿1 ility is to read the other inforniation arwl rn doing ￿, cOr￿]der whethw the other inforniation 18 t￿t￿iallY inconsistent with thr fin&Dcial statements or our kwwledge obtam&l ill the course of 8￿j1( or otherwise appea to be mat¢rially misstattd. If we identify such material"Inrthsitsies or apparent mit¢rial missiatemcnts, w¢ ar¢ required to detern)itte Mthether thi8 gives to a material tiiissts¢emeDt in the f￿nancIal staknneDts thEm%lves. If. b￿ed ￿ the work wc have perfcrf we eondLMk that the￿ 1$ arrthtttial Misstate￿￿1 ofthis thr InfornM¢io￿ we arc required to report that r￿t, Wr hav¢ noth1ng￿ rqK>rtin this T¢gAr(L pa8e4 WELLOW HOUSE SCHOOL LNITED INDF.PENDFNT AUDITORIS REPORT (COYTINUED) TO THE TRUSTEES OF WTLLOW HOUSE SCHOOL LIMITED Matters on whlck we are requlred io rwrt by ￿cePtiO Arising from the limitation on our work iefetred to aTrxbVC'. we have Dot obtained a][ the Anfomiation atLd explatiatio￿ thdl we coD8idenl ne[65S￿ for the PWFrf>BE of our audit" and we wcrc unabl¥ ¢od6tetTDin6 whC4hersu￿jenL8tEti1lttti￿ wrds had kepL We have nothitt8 to r¢[￿rt itt re5PeCt of the following in relation to wbich Charities (Accounts and Repotts) R¢gula¢ions 2008 requiru us to report lo you if. in our opinion: the infOrn￿tiOn given in the fin8n¢ial $￿eMents is iMonSi8tent in any matcrial respeKtwith the trustees, report or the fitlancial Staternellts are not in agr¢¢m¢nt with tkn x¢owiting re￿rds. Rwnalblllties of trustees As explained rnore fully in the statement of tnjstees, [e¥￿n￿￿l]ilIcs, the ￿￿tte$, are also the directors of the ¢haritable companj for th¢ puryosc of con]pany law, are restrfx)sibl¢ for th¢ preparation of the fill￿¢1)1 st8t¢m¢tLts and for b¢iDg 5atL5fied that thcy give 8 true and fair view. aThd for sucb intrxnal control LS the Irus¢ees detemint is A￿t$s￿ry to elublr the prcparation of financial 5tatem¢nts that ate free from rnatenal mi8stst¢tno4 whethet frnud or ettor. In preparing thE fiDanciai stateEllents, the trustees are respjnsible for assessing th¢ ¢baritsble ¢on)pally'S ability to continue as a going concery di￿loSIng, as applicabl¢. matters related to going cowtm attd using th¢ going cottrem basi5 of accounting unlc5s the tnJstE&4 either int¢nd to liquidate ibe Glwitable company or to cease ON￿10￿8. orh8v¢ no realistic alt¢rti&tiv¢ but to do w. Audhor's rupoo$lbiiitses ffyr the *udit o(tbe staternents We have been appoinllxi as auditor Wlder section 144 of the ClwitieJ Act 2011 atKI in xcordallcc wittL t￿ and relevant regttlations made or having effe¢t thereundcr. Our objrKtiYes are to obtain reasonable as5umcc aknut Wheth￿ the financial statements as a wknle a￿ fffe from material Mi￿tate￿¢Th￿ wh¢th¢i du¢ to fra￿ or ern)r, and to iwe audffttoPs rep)rt th8¢ Inch￿¢5 our tspinion. R¢a50nable assurance 18 a hi8lL level Of assurdnc¢ but Is llot a 8iiarante£ that an a￿lIt condurtcd ID aCCorda￿t with ISAS (UK) will alw'ays d6teGt a tnaterial mi&818t6m¢nt when it cxists. Misstatements can arise ftsud or enor and #re consid¢ted Materi￿ if, individually or in the a8gre8ate, they e4JJld r4%0nab]y be eXp￿t¢￿ to influ¢nc¢ th¢ d¢¢isions of us¢r8 loken on the basis of these finatLCAal statements. Th¢ ¢xt¢tst to whi¢b W￿¢1J￿rE3 ￿Pable ofddectiDg iwlarit&e4 I￿luding fraud. is detailed below. We have made enquiries of m8nagemthL atvj ditector5, te8ardin8 (he pr￿¢d￿e$ relating to ideDtifyin8, ¢valuatitig and ¢omplying with laws and regulations aThJ whetlKr tlw wtrc aware of any instancu of non￿lIance. 2. det¢¢ting rwJ]'ng to ￿ iith of frnwl and wh¢th¢s th¢y bay¢ kMwl¢d8¢ of any •¢tyal, suspectsd or alleged fr8u¢' the internal eontrols established to miiigatc risks r¢latrd to fraud OT n￿-cOMPlI0nc< laws and rtgulations. Dis¢ossion among th¢ engagement team r¢gaTding how and V¥lKYe fraud might OLxur in the finaftcial ststemenL8 and any poltntial wdi¢atws of fwd. AS part of this disc￿￿, we identified p>t¢ntial sigDifwt Tisks for fra￿j in following aJr&8: Man4gemeNt oFwFide ofrfhe cMtr•& Ixplxe Tb¢ awdit en8a8eJZLent tcanj identified th¢ risk of tnanagement ov¢rrid¢ of ¢Olltrols as the area ￿h¢1¥ the fiD&nGial 5tateinEnts were Dlosi S￿Sceptible to m￿CtIal mi&8ratemeni to fraud Audi( pr￿ planned itKIW but were Lot limited to testin8 t)￿nUal journal entrie5 and other adiustmffits aTMJ evatu•ting the iyjsiness titio￿Ale in telation to any siwficanl Un￿8￿ transac¢ioM transactions ent¢red ioto (￿tsIde of the nomwlc¢)utse of busines Reh*nue recognitso Audit p￿￿edureS planned lyjt were tKTrt ]itDited to pufoEm1￿8 walk thmugb tests to ideDtify the control proce4Jures in place and on¢¢ an vndustandiJg of the pupil fe¢ in¢(41)e rwitioll prc¢e5s was substantive PT￿£du[eS to ￿ cwri¢d out. ## **WELLOW HOUSE SCHOOL LIMITED** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WELLOW HOUSE SCHOOL LIMITED** ## _**Going concern**_ Another significant risk identified by the audit engagement team was going concern, as a result of falling pupil numbers and rising costs.Jn order to test that the accounts being prepared on the going concern basis was correct the following testing was planned: Obtain and review cashflow forecasts and budgets for a period through to July 2025; Obtain and review management accounts for future periods up to the date of signing of the accounts to review against budgets and identify any further funding issues; review correspondence with the bank regarding their willingness to continue providing banking facilities; Obtaining a letter of support, up to date management accounts and year end accounts from Alpha Schools to confirm their willingness and ability to continue to support the School. ## _**Laws and regulations**_ The audit engagement team identified laws and regulations as a significant risk. In order to test that the financial statements were not materially misstated through fraud or error arising from a breach of laws and regulations, the following testing procedures were planned; A review of any recent results issued by ISI (Independent Schools Inspectorate); review of correspondence from legal advisors, to look for evidence of breaches; review of board minutes to identify any breaches in laws and regulations, ## _**Valuation of property**_ The audit engagement team also identified the valuation of property as a significant risk. In order to test that the valuation of property per the accounts is valued reasonably, the following procedures were planned; a visit to the school premises to analyse indications of impairment; review documentation to any professional valuation undertaken; analyse property market to identify any potential indications of impairment of the school property. A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.ukl auditorsresponsibilities. This description forms part of our auditor's report. ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 law1 we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Darren Harding ACA FCCA DChA (Senior Statutory Auditor) For and on behalf of Richard Place Dobson Services Limited Chartered Accountants Ground Floor 1 - 7 Station Road Crawley West Sussex RHIO IHT 02/09/2025 Date: ........................ . Richard Place Dobson Services Limited is eligible for appointment as auditor of the charitable company by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. page6 WELLOW HOUSE SCHOOL LIMITED STATEMENT OF FINAIYCIALACTIVITIES INCLUDING INCOME AND EXPENDrruRE ACCOUI%T FOR THE YEAR ENDED 31AUGUST2023 Utsr¢slri¢led Unrestrlcted fund$ 2022 2023 Nots4 Income from: Charltable activities 1.536,815 1,564,907 Tot¥l In¢•m¢ 1,536,815 1,564,907 ExpeDdlt*re on: Charitsble aciivities 1.808,731 1,462,1( T•thl apenditllre 1.808,731 1.462,106 Net lrtcomel(¢xpendltur¢) lod moveD)ent in funds (271.916) 102,801 Retoneili3tiOD offunds: Fund balanG￿ at I Sept¢￿ber 2022 (672.293) {775,094) Fund baiantes at 31 AuzpAst 21)23 1944 409} (672293) The statement of finallcial activili&8 includcs all gaitis and"losye5 [￿ls￿ in the yeac All incoJn¢ and expenditure dttiye from contimuiThg a¢tivitie8. WELLOW HOUSE SCHOOL LIMrrED BALANCE SHEET ASAT31AUGUST2023 2023 2022 Notes Flx¢d #ssets Tangible assets 498,890 509,103 Current assets Debtors IA 598,035 658248 CredltoTh". •mounts falllng d￿e vAthin one year 12 (659.80•} (693,427) Net current lfiablllU¢$ (61.76T) (35,179) Total 4$$e¢s current li*bilitie# 437,123 473,924 Creditors: *moullt$ f#llittgdue gft¢r m•r¢ than one ye•r 13 (l.38lJ32> (1,146,217) Ne¢ It4blli¢w$ (944.209) (672,293) The fmnds of ¢he ch#rf¢abk company Share ¢apital Unr¢stri¢ied fiu￿8 17 A8 25.(K)O 25,(X>O (697293) (672,293) The compatty is etttitled to the exemption frIKn the &￿JIt requiTell*nt Cont￿ section 477 of th¢ Compsnies Act 2(K>6. for th¢ year ended 31 August 2023, although audit i￿n carried out umder section 144 of the Charities Act 2011. The th're¢ioTS a¢knowl¢dg¢ their r￿pO[￿￿bil￿l7ts for CUDpI)ryng with the Tcquitements of the CLMnpani¢s Ad 2006 with resp¢ct lo aCcoUnt￿g records and the prepardlioD of fuwicial statetneots. The members have A￿t rwuired the c•mpaDy to obtain an *MJit of its fioanciai s¢atemeot8 under requirements of the CompaniesAct 21N)6, forth¢ year in quesiii)n in acc•rd*n¢e with se¢tiort 476. Thcse fin&ll¢ial statem¢nt8 hAYe bee￿ tll a¢￿d￿ with th¢ t￿0ViSi￿8 awli¢4ble to compaDie5 5ubi¢ct to th6 $TDail companies regim¢. The slatements were atvroved by the trustees on.. P Buss Trustee Company re8istsatioti numbet 01(M￿? (Ettgiand and Wales) WELLOW HOUSE SCHOOLLIMITED STATEMEL¥T OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST2023 2023 2022 Cash flows Irom optrating •¢livitie8 Cash gb$orbeJ by 0￿rationS (229,767) (1.098 J70) ltsvesting activltles Pur¢has¢ of tsngiblc r￿ed a55¢ts Proc¢¢ds from disp)sal oft?￿gIble fixed &sscts (88,139) 2.1 Nel cash genemtsd froml(used ltt) ithvesling actlvhiu 2.1 (88,1391 ictivitiei K¢p8yntnt of bo￿￿7￿8$ 235,115 1,146.217 Net cash generated from fin*n¢lDg acti￿thi 235,115 ,146,217 Net IDcrea8eJ(decrex8e) In *Rd equlY¥lents 7,448 (40,2921 Cash and cash equivalents at beginning of year (36J20) 3,972 C￿h and ¢asb w4uIvAle*ts at eDd Df ymr (28,872) (36,320) Cash at bank and in houd Bank overdra&8 included irk ueditors payabk within one year (28,872) (36,320) pag¢ 9 WELLOW HOUSE SCHOOL LIMITED NOTES TO THE FIliA￿cIAL STATEMLNTS FOR THE YEAR ENDED 31 AUGUST2023 Aec•unting po]icks Cb4rlty Inform#tion Wellow House S¢hool Limited is a NIya￿ company limited by guaranke iDcorpordted IL England and Wales. Th¢ ' rcgistered offi¢¢ 15 Wellow Hous¢ School Lirnit&l NewArk Road, Wcllow, NtwaJK NG22 OEA. 1.1 AccountlDg CDllY¢ntlon Th¢ fioanciaj statements havc been PTtpar•l in ￿rdan￿ with the Gharitablc conwys governing thwnrnt, the Companies Act 2(MI6, FRS 102 "The Finjllcial Rw>rting Stajxdatd applicablc in the UK and Republic of Ireland" alld the Charttie8 SORP "A¢e(Kmting atmf Re[￿l￿g by Charities.. Statement of RecommetKled Pwtice applicabl¢ to ¢harities pteparing their accounts in accordance H'ith the Financial ReportitL8 StatK18rd applic8bl¢ in the UK and Republic of Ireland (FRS 102) The tharitabl¢ company is a Public Benefit Eniily as dtfiJ￿j by FRS 102. The fitmncial statements ars Prepared in st¢rlin8, which is the fithGtional curnry of the ¢haritrdble c<>rnpany. MoDetary atnwits in these fjwjcial are rounded to the newesl £ Th¢ fJnancia] stat￿llts hav¢ been wepartyl uDd6r historical Lmlst The principal aceountitig poliri¢s 4dopted are s¢t out below. 1,2 Golng ￿ll¢¢T￿ Thcs¢ financial slat¢m¢nts are prcparol th¢ going eoncMI IMgi5. The tnL8tees have a re&soTrable expectaLiDn ihat the school will conlitjue in op￿allonal ex1￿￿¢£ for the foreseeable fjJtsJre. how'eNer, th¢ IrvstKs are aware of ¢¢rtain material wJcert¥inti¢s w'hich may c4use doubt on the charity's ability to conlinwe as a going con¢¢rn. Wrth funding requirets*nts Teaching levels FKyond that whith bank would wppoiL Trwttts ￿l¢d proactively to Safegu￿ th¢1ong-t¢rm future of the seknl. T)6gotiatioDs with altenJatiN'¢ fuDders. BaDk SUp￿rt has been extended to allow due PT[￿￿8. an appro&h rcwarded b). intm'cntion of Alpha s¢}￿076, a national edwation group, providiog grvdter Certainty for tILe thl a￿j its lend¢TS. Alpha SchrKJls have to continue suppottittg the school for th¢ foreseeable future. The Th¥stees havc revicwcd the foree4sts twrnt bi" Tnanagemcnt which have sensitiscd to rcflec.t possible thwwidc Scenari(￿ as a resuli of rcdu¢¢d pwiil ttutnbers and io¢ome kve15. Trse demoDsts*e that additional ¢as injections ar¢ rtquir¢d by Alpha Scknols I￿t with ihis, the scknl 15 able to rneet its obligations they fall due for peri￿ of at least 12 months from the dat¢ of sigThing these fiDancial st8tements..48 such. the tD]stees are satisfied that tb¢ School has adequat¢ twurc£s to conlillwe lo otmte for fotrseeabie futute. For tbis re880Th iky conliw¢ to adopt the IJ Ch•rit*bk Unrestri¢t¢d fuTrJs arc available for use at the diw¢ts￿ of the tnLSttts IA fiytheraT¢¢ of their charitablc objr¢tives. 1.4 lllcome tncoffte is re¢o8nised when th¢ ¢harktable company is legally entitlcd to it after any perf0nDall￿ ¢onditioJL8 have b met. the amounts bc Meagu￿ r¢liably. aThlit is krobable that ir￿orne will be rett1v￿. Fee* r￿¢1￿ble are stated aft¢r deductiDg allowatKes. sdM)18r5hips and ot}￿r remi5&ions granted by the school. Vthere fe¢s are paid irn advance, th¢ itKome is def¢N¢d Until the terni Éo whi¢h 1¢ relates. Thcse defetred are shown on th¢ Balance Sheet within we4Jilors. Cash dottatio￿ are Tt£ogniscd on T¢¢eipI. Other thftatiorkq aff Te¢ognised (Mjce the ¢h8ritable company has been nthificd of th¢ donatio￿ uutes8 perforn￿¢ co[￿lI10￿S r¢qutre deferral of the am¢)unt. Inc0￿e tsx recoverable ill relation to do￿￿tionS re¢¢ived utt¢kr Gift Aid or deeth ofc0vcna￿t i$ I￿gnIsed at the tim¢ of tb¢ ¢knation. Legacies ste re¢ogTJised i)n rettipt or othen¥ise if tb¢ ¢harRtsble compatty kn been notifiEd of ao impending distribution, th¢ omount is known, and r¢(zipt i¥ ¢xp¢¢ted If tk is k￿W￿. the legacy is treattyj a5 a contingent asset. PAge 10 WELLOW HOUSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMEThTS (CONTINUED) FOR THE YEAR EIVDED 31.4UGUST2023 Ac¢oundng poll¢les (Contlhued) 13 Expenditure Expendithre 15 reCo￿i5￿ orKe there is a leEat or coDstnKtiie obligation to traDsferec4)no￿¢ b6nefit to a third party, il is probable that a transfer of economic benefts will be required in settlement, and the amount of the obligation can b¢ me&8ured reliably. EXpc1￿1lUre 18 classified by a¢tivity. Th¢ ¢08ts of each activity are m*J¢ w of thc total of dir¢ct ¢osts and shar¢d ¢(psts, including support ve Cornpanics atyl Alpha Schools (Holdings) Ltd ha5 a rharg¢ ovu the propErty held witbin this clwrity The sclM>ol has supported some it's tela*d wties through the ptovisioTh of loaTh&1kn¢108D8 d¢emed due over 0￿¢ year as follows.. Amounts oved by rel*ted pgrties 2023 2022 Th¢ Chath4erton Prepar8tory Grnnroar S¢bool Limitrd The Chalfonts GraTntw School Linhied Ab￿tsfOTd Preparaw School Limifr41 Wickham Court School Limited 50.IMJ 30.1MJO 180,(M)O paEe 19 WELLOW HOUSE SCHOOL LtMITED NOTES TO THE FINANCIAL STATEMENfs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2023 20 Casb 8bsorb¢d by oper*¢loD8 2023 2022 IDefi¢itVsurpl￿s for the year (271,9161 102,801 AdjustmeThts for: Depre¢iation and impalm￿nI￿r tangible fix¢d ass¢t8 8,113 8,113 Mov¢mettts i# worklng caplt•l: Dccreasel(inGre45¢) in debtors (Decreose} in creditors Illcrease in d¢fetted incotne 60.213 (643,417) {565,867) 455,810 Cash *biorb¢d by oper•t1￿$ (229,767) (1,098,370} 21 ADAlysh o(cha￿%¢5 ID Iiet (debtyfund9 At A SytethbEr 202Z C*th AI 31Au*urt 2023 Bank overthafts (36J?O> (28,8721 tA>aDS falling du¢ aftermore thaD One ycar {1.146217> 1235,115) {1.381,3321 (1,182.537) (227,667) (1,410,204) page 20