REGISTERED COMPANY NUMBER: 00396309 (England and Wales) REGISTERED CHARITY NUMBER: 528261
REVISED
Report of the Trustees and Financial Statements for the Year Ended 31 August 2025
for The Newark Preparatory School Company Limited
Wright Vigar Limited Statutory Auditors Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG
The Newark Preparatory School Company Limited
Contents of the REVISED Financial Statements for the Year Ended 31 August 2025
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 7 |
| Report of the Independent Auditors | 8 | to | 10 |
| Statement of Financial Activities | 11 | ||
| Balance Sheet | 12 | ||
| Cash Flow Statement | 13 | ||
| Notes to the Cash Flow Statement | 14 | ||
| Notes to the Financial Statements | 15 | to | 22 |
The Newark Preparatory School Company Limited
Reference and Administrative Details for the Year Ended 31 August 2025
TRUSTEES W E B Bicknell S L Cameron J A Dennis (resigned 1.3.25) J E Mumby R W South W J Staunton L Gordon COMPANY SECRETARY S Beaumont REGISTERED OFFICE Highfields London Road Balderton Newark-on-Trent Nottinghamshire NG24 3AL REGISTERED COMPANY NUMBER 00396309 (England and Wales) REGISTERED CHARITY NUMBER 528261 AUDITORS Wright Vigar Limited Statutory Auditors Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG
Page 1
The Newark Preparatory School Company Limited (Registered number: 00396309)
Report of the Trustees for the Year Ended 31 August 2025
The Trustees who are also the Directors of the charity for the purposes of the Companies Act 2026, present their report with the financial statements of the charity for the year ended 31 August 2025. The trustees have adopted the provisions of 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).
PRINCIPAL ACTIVITY
The charitable company's principal activity during the year continued to be that of an independent school.
TRUSTEES
The Trustees shown below have held office during the while of the period from 1 September 2023 to the date of this report.
R W South W E B Bicknell W J Staunton Mrs S L Cameron J A Dennis (resigned 1 March 2025) Dr J Mumby L Gordon S Beaumont
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal objective of the Charity is to provide high quality nursery, pre-prep and prep education. The management of the school was entrusted to the Headteacher, Mrs Sarah Lyons, who was appointed in September 2019, and who reports regularly to the Governors and Trustees. The school operates under the trading name of Highfields. In organising the Charity, Trustees are mindful of their duties under the Charities Act 2022 and have given careful consideration to compliance with the public benefit guidance issued by the Charity Commission.
Within the principal objective, the Charity aims to provide a broad-based education appropriate to the needs of the pupils in its target market and through this the pupils will:
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Acquire the knowledge and skills that will enable them to tackle the next phase of their educational, physical, spiritual, social and emotional lives with confidence and success;
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Feel valued and significant, whilst having an expectation that they should behave in a responsible manner, both to themselves and others. This is supported by appointing pupil Wellbeing ambassadors who are provided with training for the role;
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Develop as individuals, whilst having an understanding that they have a responsibility of service to the community; - Learn how to live together in a community, showing consideration, courtesy and respect for other people and their property at all times;
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Develop a Growth Mind set which will equip them for their educational journey and for their future;
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Work to acquire the resourcefulness that will enable them to obtain the best from their environment;
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Develop the foundations on which to build a happy and fulfilling life;
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Find their time spent at Highfields enjoyable and stimulating;
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Receive an education that nurtures the courage and confidence of every child to discover their talents and fulfil their potential within a caring environment.
Public benefit
In setting the objectives and planning its activities, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit. The key public benefit delivered by the Trust is the provision of a high quality of education to its pupils.
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The Newark Preparatory School Company Limited (Registered number: 00396309)
Report of the Trustees for the Year Ended 31 August 2025
STRATEGIC REPORT Achievements and performance
Charitable activities
The main objectives of the school for the year were to continue to provide high quality educational services and in so doing to:
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Ensure that the school finances are in line with expectations and to maintain the school as a viable going concern for many years to come;
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Increase the revenue and profile of the school, whilst offering value for money, in order to make the school's services available to as wide a range of parents and pupils as possible;
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Reinvest in the infrastructure of the school.
These are achieved by regular Board meetings which, as a matter of course:
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Regularly undertake a detailed review of the school accounts and areas of over and under spend;
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Plan marketing and promotional activities to increase the profiles and revenue generating potential of the school;
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Invest in IT for the benefit of pupils and to allow staff to fulfil their roles;
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Consider, and where appropriate pursue, opportunities to support the education of pupils;
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Within the limitations of the financial constraints, plan maintenance work on the fabric of the school and, when possible enhance the facilities provided.
The future objectives of the school are to:
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Maintain the high quality of nursery, pre-prep and prep education by using the Cambridge and National curriculum and the continued promotion of first-class pastoral care in small class sizes to enable every child to discover their talents and fulfil their potential confidently in a caring environment;
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Improve the facilities of the school by routine refurbishment and a programme of planned maintenance;
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Grow pupil enrolment numbers by ongoing marketing and promotional activity;
These will be achieved by:
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Utilising all opportunities to promote the school and raise its profile;
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Continuing to develop links with local schools and especially nursery and child care settings to increase awareness of the opportunity on offer at the school;
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When finances allow, the implementation of the refurbishment plan;
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Continuous training and professional development of both teaching and support staff.
The last inspection by the Independent School Inspectorate (ISI) was in November 2023; they carried out a thorough inspection following their new framework and found Highfields to have met all standards.
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The Newark Preparatory School Company Limited (Registered number: 00396309)
Report of the Trustees for the Year Ended 31 August 2025
Details of means tested bursary
The school has two further objectives:
-To provide continuing support of pupils already in receipt of fee assistance through bursaries and to provide support for existing pupils through means tested bursary places, should the need arise during their education at Highfields.
-To play our part in the life of the local community through community access and service programmes.
Bursaries
This year the value of means-tested bursaries totalled £50,299 and represented 5.2% of gross fees.
Review
The Governors periodically review the school's Bursary policies to ensure that children can continue to remain at School through the availability of means-tested fee assistance. The school policy is designed to widen access to Highfields. The reviews help inform the development of school policy and ensure the objective of wider access continues to be achieved.
Community access
The Trustees regard being part of the wider community as an important role.
The school’s 80th birthday celebration offered a rich cultural and historical experience, reinforcing a sense of community, heritage, and shared identity.
Where possible, without detriment to advancing the education of our pupils, Highfields supports the wider community by inviting local schools to events at Highfields and for local nurseries to use the grounds and attend the nativity performance. Highfields hosted a cross country event in November 2024 which was attended by twelve local schools (both state and independent). Highfields hosted the local Wolfit drama festival which gave access to our stage to pupils from other schools. Pupils also attend local chess competitions with other schools and the Highfields Orchestra participated in the Rotary Young Musician Competition and played three joint pieces with the Barnby Road school orchestra.
Highfields was also able to support local charities with Friendship Soup and generously filled shoeboxes. The pupils decorated Remembrance pebbles as part of the community Armistice Day event.
Pupils regularly take part in events within school to raise money for charities such as Children in Need, Newark Food Bank, women’s aid, Beaumond House hospice and Red Nose day.
Highfields regularly supports local groups by sharing our grounds such as with the Newark Rugby Club or renting out our facilities at favourable rates.
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The Newark Preparatory School Company Limited (Registered number: 00396309)
Report of the Trustees for the Year Ended 31 August 2025
STRATEGIC REPORT Financial review Financial position
The net movement in funds for the year amounted to an outflow of £146,952 (2024: an outflow of £15,512).
The Charity reserves total -£145,944 (2024: £1,008). This level of reserves is substantially represented by the property and other physical assets of the school, which are used for the continuing charitable objectives of the school. The Charity's balance sheet includes freehold property at historic cost. A detailed valuation of this asset was undertaken by Innis England on 3 April 2024 for the purposes of the Charity's bankers. The property was valued at £1.45 million based on its existing use and the valuation for vacant possession was £2.725 million. Should the property be restated to the £1.45 million valuation based on existing use the balance sheet net asset position would be £803,049.
The figure for freehold land and buildings on the balance sheet includes £145,147 in respect of the professional preparation for the construction project as stated in our plans for the future.
The Trustees' policy is to operate with a small surplus of income over resources expended to provide funds for capital expenditure improvements and working capital and plans are being developed to return the school to this position. The deficit this year was due to a number of exceptional circumstances which are not expected to be repeated in the current academic year; control of costs and striving for increased income remain a priority.
Subsequent to the year end the company has undertaken steps to convert overdraft facilities included within short term creditors into non-current liabilities to further improve the balance sheet of the company.
The main source of funding of the Charity is the fees and nursery income received from the parents and funding from the local authorities for Early Years funding towards nursery fees. These funds are expended on the running and upkeep of the school in order to provide the high-quality educational service needed to meet the objectives of the Charity.
Annual budgets and cash flow forecasts are prepared as part of the Charity's development plan and these are monitored against actual financial performance on a regular basis. The Trustees are confident to continue to adopt the going-concern basis in the preparation for financial statements. As the market for independent schools has become more challenging due to the downturn in the economy and the introduction of VAT in January 2025, we have been exploring different medium and long term investment strategies; one of these options is working in partnership with other independent schools.
Investment policy and objectives
There are no restrictions on the company's powers of investment.
Future plans
The charity is open to exploring suitable opportunities which may arise to provide a cash inflow to school to carry out refurbishment work.
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The Newark Preparatory School Company Limited (Registered number: 00396309)
Report of the Trustees for the Year Ended 31 August 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity was created by a trust deed as a registered charity (number 528261). The charitable company is limited by its members' liability. The members' liability is limited to the amount paid on share capital.
The charitable company is registered in the name of The Newark Preparatory School Company Limited (company number 00396309). The principal address and registered office is Highfields, London Road, Newark, Nottinghamshire, NG24 3AL.
All Directors of the company have complied with the latest legislation in relation to identity checks.
New trustees are recruited by personal recommendation from existing members of the Board, based on identified skills required by the Board. The induction and training of the new trustees is undertaken using external support from the Association of Governing Bodies for Independent Schools (AGBIS) with training tailored to the needs of each newly appointed trustee.
Decisions regarding the charity are made through debate, consideration and voting on proposals submitted to the Board by any one of the following at the regular trustees meeting:
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Headteacher / Senior Leadership Team;
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Subcommittees which cover Finance, Marketing and Health & Safety; Curriculum and Standards; and Pupils, Personnel and Safeguarding;
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Friends and Family of Highfields School, FFH (PTA)/Parents
All meetings are minuted.
Risk management
The Trustees continue to keep the school's activities under review, particularly with regard to any major risks that may arise from time to time. They monitor the effectiveness of the system of internal control and use other viable means, including insurance cover where appropriate, to best mitigate those risks identified.
The Trustees believe the major risks to the school are;
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The retention of key staff;
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The economy. As the school is an independent school, the trustees are aware the economy will directly impact on the school enrolment numbers and are monitoring and reviewing the situation regularly;
-Political changes – the introduction of VAT to school fees in January 2025 (the increase in fees due to VAT was kept to the expected effective VAT rate to protect pupil numbers as much as possible). However, the combination of VAT and the economy has made the market for independent schools challenging over the last 18 months.
The Trustees mitigate the above risk by ensuring that the quality of service remains high through continuous staff training and professional development.
EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.
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The Newark Preparatory School Company Limited (Registered number: 00396309)
Report of the Trustees for the Year Ended 31 August 2025
TRUSTEES' RESPONSIBILITY STATEMENT
The trustees (who are also the directors of The Newark Preparatory School Company Limited for the purposes of company law) are responsible for preparing the Report of the Trustees 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 to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.
In preparing those financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company's auditors are unaware; and - the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 30 May 2026 and signed on the board's behalf by:
R W South - Trustee
Page 7
Report of the Independent Auditors to the Members of The Newark Preparatory School Company Limited
Opinion
We have audited the revised financial statements of The Newark Preparatory School Company Limited (the 'charitable company') for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the revised financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). These revised financial statements replace the original financial statements approved by the trustees on 29 May 2026.
The revised financial statements have been prepared in accordance with The Companies (Revision of Defective Accounts and Reports) Regulations 2008 and accordingly do not take account of events which have taken place after the date the original financial statements were approved.
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In our opinion the financial statements:
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give a true and fair view, seen as at the date the original financial statements were approved, of the state of the charitable company's affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice seen as at the date the original financial statements were approved; and
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have been prepared in accordance with the requirements of the Companies Act 2006 as they have effect under the Companies (Revision of Defective Accounts and Reports) Regulations 2008.
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 Auditors' responsibilities for the audit of the revised financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the revised 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the original 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.
Emphasis of matter - Revised financial statements
The original financial statements were approved on 29 May 2026 and our previous auditors' report was signed on 29 May 2026. We have not performed a subsequent events review for the period from the date of our previous auditors' report to the date of this report. Our opinion is not modified in this respect. Details of changes between the Original and Revised Financial statements are set out in Note 1.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the revised financial statements and our Report of the Independent Auditors thereon.
Our opinion on the revised 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 revised financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the revised 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 this gives rise to a material misstatement in the revised 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 the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
In our opinion, the original financial statements for the year ended 31 August 2025 failed to comply with the requirements of in the respects identified by the trustees in note 1 to the revised financial statements.
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Report of the Independent Auditors to the Members of The Newark Preparatory School Company Limited
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
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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:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the revised financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the revised 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 revised financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the revised financial statements, the trustees are responsible for assessing the charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.
Our 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 a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our work is performed to include an assessment of the susceptibility of the entity's revised financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the revised financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
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We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework.
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We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance.
We assessed the susceptibility of the Charitable Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
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Substantive procedures performed in accordance with the ISAs (UK).
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Challenging assumptions and judgments made by management in its significant accounting estimates.
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Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals.
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Assessing the extent of compliance with the relevant laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
We are also required to report whether in we opinion the original financial statements failed to comply with the requirements of in the respects identified by the trustees. The audit of revised financial statements includes the performance of procedures to assess whether the revisions made by the trustees are appropriate and have been properly made.
Page 9
Report of the Independent Auditors to the Members of The Newark Preparatory School Company Limited
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with the Companies (Revision of Defective Accounts and Reports) Regulations 2008. 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 auditors' 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.
Paul Colcomb FCCA (Senior Statutory Auditor) for and on behalf of Wright Vigar Limited Statutory Auditors Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG
30 May 2026
Page 10
The Newark Preparatory School Company Limited
Statement of Financial Activities for the Year Ended 31 August 2025
| Notes INCOME AND ENDOWMENTS FROM Charitable activities 5 Donations Tuition and nursery fees Rent 4 Other income 6 Total EXPENDITURE ON Charitable activities 7 Education services NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 22,535 1,018,411 11,576 114,134 1,166,656 1,313,608 (146,952) 1,008 (145,944) |
Restricted funds £ - - - - - - - - - |
2025 Total funds £ 22,535 1,018,411 11,576 114,134 1,166,656 1,313,608 (146,952) 1,008 (145,944) |
2024 Total funds £ 47,112 1,069,557 10,851 109,533 |
|---|---|---|---|---|
| 1,237,053 | ||||
| 1,252,565 | ||||
| (15,512) 16,520 |
||||
| 1,008 |
The notes form part of these financial statements
Page 11
The Newark Preparatory School Company Limited (Registered number: 00396309)
Balance Sheet
31 August 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| funds | funds | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible assets | 13 | 576,617 | - | 576,617 | 591,028 |
| CURRENT ASSETS | |||||
| Debtors | 14 | 219,784 | - | 219,784 | 45,534 |
| Cash at bank and in hand | 159 | - | 159 | 126 | |
| 219,943 | - | 219,943 | 45,660 | ||
| CREDITORS | |||||
| Amounts falling due within one year | 15 | (942,504) | - | (942,504) | (627,347) |
| NET CURRENT ASSETS/(LIABILITIES) | (722,561) | - | (722,561) | (581,687) | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | (145,944) | - | (145,944) | 9,341 | |
| CREDITORS | |||||
| Amounts falling due after more than one year | 16 | - | - | - | (8,333) |
| NET ASSETS/(LIABILITIES) | (145,944) | - | (145,944) | 1,008 | |
| FUNDS | 19 | ||||
| Unrestricted funds | (145,944) | 1,008 | |||
| TOTAL FUNDS | (145,944) | 1,008 |
The financial statements were approved by the Board of Trustees and authorised for issue on 30 May 2026 and were signed on its behalf by:
R W South - Trustee
The notes form part of these financial statements
Page 12
The Newark Preparatory School Company Limited
Cash Flow Statement
| for the Year Ended 31 August 2025 2025 Notes £ Cash flows from operating activities Cash generated from operations 1 (70,135) Interest paid (22,647) Net cash (used in)/provided by operating activities (92,782) Cash flows from investing activities Purchase of tangible fixed assets (9,495) Interest received 1 Net cash used in investing activities (9,494) Cash flows from financing activities Loan repayments in year (9,994) Net cash used in financing activities (9,994) Change in cash and cash equivalents in the reporting period (112,270) Cash and cash equivalents at the beginning of the reporting period 2 (178,530) Cash and cash equivalents at the end of the reporting period 2 (290,800) |
2024 £ 149,541 (18,008) 131,533 (52,950) 1 (52,949) (10,000) (10,000) 68,584 (247,114) (178,530) |
|---|---|
The notes form part of these financial statements
Page 13
The Newark Preparatory School Company Limited
Notes to the Cash Flow Statement for the Year Ended 31 August 2025
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Net expenditure for the reporting period (as per the Statement of | ||||||
| Financial Activities) | (146,952) | (15,512) | ||||
| Adjustments for: | ||||||
| Depreciation charges | 23,906 | 17,458 | ||||
| Interest received | (1) | (1) | ||||
| Interest paid | 22,647 | 18,008 | ||||
| Increase in debtors | (174,250) | (8,397) | ||||
| Increase in creditors | 204,515 | 137,985 | ||||
| Net cash (used in)/provided by operations | (70,135) | 149,541 | ||||
| 2. | ANALYSIS OF CASH AND CASH EQUIVALENTS | |||||
| 2025 | 2024 | |||||
| £ | £ | |||||
| Cash in hand | 55 | 23 | ||||
| Notice deposits (less than 3 months) | 104 | 103 | ||||
| Overdrafts included in bank loans and overdrafts falling due within one year | (290,959) | (178,656) | ||||
| Total cash and cash equivalents | (290,800) | (178,530) | ||||
| 3. | ANALYSIS OF CHANGES IN NET DEBT | |||||
| At | 1.9.24 | Cash flow | At 31.8.25 | |||
| £ | £ | £ | ||||
| Net cash | ||||||
| Cash at bank and in hand | 126 | 33 | 159 | |||
| Bank overdraft | (178,656) | (112,303) | (290,959) | |||
| (178,530) | (112,270) | (290,800) | ||||
| Debt | ||||||
| Debts falling due within 1 year | (20,000) | 1,661 | (18,339) | |||
| Debts falling due after 1 year | (8,333) | 8,333 | - | |||
| (28,333) | 9,994 | (18,339) | ||||
| Total | (206,863) | (102,276) | (309,139) |
The notes form part of these financial statements
Page 14
The Newark Preparatory School Company Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
1. REVISED FINANCIAL STATEMENTS
The financial statements for the year ended 31 August 2025 have been revised.
They
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replace the original financial statements;
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are now the statutory financial statements;
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are prepared as they were at the date of the original financial statements and not as at the date of revision and accordingly do not deal with events between those dates.
The cashflow statement and reconciliation of net expenditure to net cashflow from operating activities note in the original financial statements included equal and opposite entries relating to fixed assets included in error. No fixed assets were disposed of during the year and hence these amounts have been removed in the revised set.
No significant amendments to the accounts were made as a consequence of correcting these entries.
2. LEGAL STATUS OF THE CHARITY
The charity is a charitable company registered in England and Wales. Details of the company number and registered office can be found in the reference and administration section of the Report of the Trustees.
STATUTORY INFORMATION
The presentation currency of the financial statements is the Pound Sterling (£).
3. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 25% on cost, 5% on cost and Straight line at 1% Fixtures and fittings - 15% straight line and 10% on cost Motor vehicles - 25% on cost Computer equipment - 25% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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The Newark Preparatory School Company Limited
Notes to the Financial Statements - continued for the Year Ended 31 August 2025
3. ACCOUNTING POLICIES - continued
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
4. RENT
| RENT | ||
|---|---|---|
| Rent Hire of Facilities Deposit account interest |
2025 £ 8,278 3,297 1 11,576 |
2024 £ 8,280 2,570 1 |
| 10,851 |
5. INCOME FROM CHARITABLE ACTIVITIES
| Parent Association donation Tuition fees Nursery fees Donations received OTHER INCOME Wrap around care Music Registration fees School trips Insurance recharge Sundry receipts |
Donations £ 22,432 - - 103 22,535 |
Tuition and nursery fees £ - 878,761 139,650 - 1,018,411 |
2025 Total activities £ 22,432 878,761 139,650 103 1,040,946 2025 £ 54,646 24,945 4,191 25,160 1,094 4,098 114,134 |
2024 Total activities £ 44,819 951,026 118,531 2,293 |
2024 Total activities £ 44,819 951,026 118,531 2,293 |
|---|---|---|---|---|---|
| 1,116,669 | |||||
| 2024 £ 63,426 23,881 1,520 19,451 297 958 |
|||||
| 109,533 |
6. OTHER INCOME
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The Newark Preparatory School Company Limited
Notes to the Financial Statements - continued
for the Year Ended 31 August 2025
7. CHARITABLE ACTIVITIES COSTS
| Education services 8. SUPPORT COSTS Management £ Education services 172,487 Support costs, included in the above, are as follows: Management Admin wages Professional fees Telephone Printing, postage and statione Photocopier costs Sundry expenses Subscriptions Marketing Interest payable Finance Bank charges Motor expenses Depreciation of tangible fixed assets Governance costs Auditors' remuneration |
Direct Costs £ 1,105,716 Finance £ 31,359 |
Support costs (see note 8) £ 207,892 Governance costs £ 4,046 2025 Education services £ 82,383 21,367 2,818 2,684 9,137 15 27,682 3,754 22,647 172,487 2025 Education services £ 5,758 1,695 23,906 31,359 2025 Education services £ 4,046 |
Totals £ 1,313,608 |
Totals £ 1,313,608 |
|---|---|---|---|---|
| Totals £ 207,892 |
||||
| 2024 Total activities £ 83,563 9,981 2,628 4,315 13,521 609 27,184 6,177 18,008 |
||||
| 165,986 | ||||
| 2024 Total activities £ 6,638 974 17,458 25,070 2024 Total activities £ 4,794 |
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The Newark Preparatory School Company Limited
Notes to the Financial Statements - continued for the Year Ended 31 August 2025
9. NET INCOME/(EXPENDITURE)
10.
| NET INCOME/(EXPENDITURE) | ||
|---|---|---|
| 2025 | 2025 | |
| £ | £ | |
| Depreciation | 23,906 | 17,458 |
| 2024 £ 4,794 |
||
| AUDITORS' REMUNERATION 2025 £ Fees payable to the charity's auditors and their associates for the audit of the charity's financial statements 4,046 |
11. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2025 nor for the year ended 31 August 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2025 nor for the year ended 31 August 2024.
12. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Wages and salaries | 707,149 | 697,990 |
| Social security costs | 67,644 | 54,590 |
| Other pension costs | 100,189 | 95,416 |
| 874,982 | 847,996 | |
| 2025 | 2024 | |
| Teaching | 20 | 19 |
| Non Teaching | 17 | 18 |
| 37 | 37 | |
Remuneration paid to key management personnel in the year was £127,061 (2024: £184,488).
None of the Trustees received any remuneration in the year.
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| was: | |||||
|---|---|---|---|---|---|
| 2025 | 2024 | ||||
| £60,001 | - £70,000 | 1 | 1 |
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The Newark Preparatory School Company Limited
Notes to the Financial Statements - continued for the Year Ended 31 August 2025
13. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |||||
|---|---|---|---|---|---|
| Fixtures | |||||
| Freehold | and | Motor | Computer | ||
| property | fittings | vehicles | equipment | Totals | |
| £ | £ | £ | £ | £ | |
| COST | |||||
| At 1 September 2024 | 703,605 | 123,720 | 42,639 | 234,073 | 1,104,037 |
| Additions | 7,997 | - | - | 1,498 | 9,495 |
| At 31 August 2025 | 711,602 | 123,720 | 42,639 | 235,571 | 1,113,532 |
| DEPRECIATION | |||||
| At 1 September 2024 | 203,802 | 85,209 | 3,000 | 220,998 | 513,009 |
| Charge for year | 6,793 | 5,529 | 9,910 | 1,674 | 23,906 |
| At 31 August 2025 | 210,595 | 90,738 | 12,910 | 222,672 | 536,915 |
| NET BOOK VALUE | |||||
| At 31 August 2025 | 501,007 | 32,982 | 29,729 | 12,899 | 576,617 |
| At 31 August 2024 | 499,803 | 38,511 | 39,639 | 13,075 | 591,028 |
Included in cost of land and buildings is freehold land of £100,000 (2024 - £100,000) which is not depreciated.
Freehold land and buildings includes £145,147 in respect of the professional preparation for a construction project as referred to in the Trustees' annual report. This expenditure has not been depreciated.
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Other debtors Prepayments and accrued income CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 17) Other loans (see note 17) Trade creditors Pensions VAT Other creditors Accruals and deferred income |
2025 £ 156,622 28,413 34,749 219,784 2025 £ 299,298 10,000 66,824 32,568 100,322 71,563 361,929 942,504 |
2024 £ 14,807 - 30,727 |
|---|---|---|
| 45,534 | ||
| 2024 £ 188,656 10,000 32,200 12,048 - 51,820 332,623 |
||
| 627,347 |
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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The Newark Preparatory School Company Limited
Notes to the Financial Statements - continued for the Year Ended 31 August 2025
16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Bank loans (see note 17) 17. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdrafts Bank loans Other loans Amounts falling due between two and five years: Creditors more than 1 year 18. SECURED DEBTS The following secured debts are included within creditors: Bank overdrafts Bank loans 19. MOVEMENT IN FUNDS Unrestricted funds General funds TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General funds TOTAL FUNDS |
At 1.9.24 £ 1,008 1,008 Incoming resources £ 1,166,656 1,166,656 |
2025 £ - 2025 £ 290,959 8,339 10,000 309,298 - 2025 £ 290,959 8,339 299,298 Net movement in funds £ (146,952) (146,952) Resources expended £ (1,313,608) (1,313,608) |
2024 £ 8,333 2024 £ 178,656 10,000 10,000 198,656 8,333 2024 £ 178,656 18,333 196,989 At 31.8.25 £ (145,944) (145,944) Movement in funds £ (146,952) (146,952) |
|---|---|---|---|
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The Newark Preparatory School Company Limited
Notes to the Financial Statements - continued for the Year Ended 31 August 2025
19. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.9.23 | in funds | 31.8.24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General funds | 16,520 | (15,512) | 1,008 |
| TOTAL FUNDS | 16,520 | (15,512) | 1,008 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General funds TOTAL FUNDS |
Incoming resources £ 1,237,053 1,237,053 |
Resources expended £ (1,252,565) (1,252,565) |
Movement in funds £ (15,512) (15,512) |
|---|---|---|---|
The total funds at the year end can be further split as detailed below:
| The total funds at the year end can be further split as detailed below: | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Called up share capital | 700 | 700 |
| Other reserves | 120 | 120 |
| Founder Governor prize fund | 1,677 | 1,677 |
| General funds | (148,487) | (1,489) |
| (145,990) | 1,008 | |
As referred to in the trustees report the company policy is to operate with a small surplus of income over resources expended to provide funds for capital expenditure improvements and working capital. Plans are being developed to return the school to this position. The deficit this year was due to a number of exceptional circumstances which are not expected to be repeated in the current academic year; control of costs and striving for increased income remain a priority. The company has also undertaken steps to convert overdraft facilities included within short term creditors into non-current liabilities to further improve the balance sheet of the company.
20. RELATED PARTY DISCLOSURES
The company incurred expenses on commercial terms for electrical work amounting to £840 (2024: £216) during the year with South Electrical Limited. Mr R South is a director of South Electrical Limited and a trustee of The Newark Preparatory School Company Limited. At the year end no amounts remained unpaid.
The company incurred expenses on commercial terms for payroll services amounting to £3,788 (2024: £3,654) during the year with TC Group. Mr J Dennis is a partner of TC Group and a trustee of The Newark Preparatory School Company Limited until 1 March 2025. At the year end there was a creditor balance of £279.
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The Newark Preparatory School Company Limited
Notes to the Financial Statements - continued for the Year Ended 31 August 2025
21. POST BALANCE SHEET EVENTS
As referred to in the trustees report subsequent to the year end the company has undertaken steps to convert overdraft facilities of £291k included within short term creditors in the accounts into non-current liabilities to further improve the balance sheet of the company.
22. TRUSTEES' ADVANCES, CREDITS AND GUARANTEES
The following advances and credits from a trustee subsisted during the year ended 31 August 2025 and the year ended 31 August 2024:
| ended 31 August 2024: | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| W J Staunton | ||
| Balance outstanding at the start and end of period | 10,000 | 10,000 |
The terms of the loan is that capital is to be repaid monthly at a minimum payment of £400 a month, although this has been suspended until the company is in a better financial position. The loan was from a Trustee W Staunton and there is no immediate repayment required for the money to be repaid. No interest is payable on the amount advanced.
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