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|Contents||||
|---|---|---|---|
||||Pages|
|Governors<br>and General||Information||
|Strategic Report|||2 —6|
|Governors'|Report||7 —6|
|Independent|Auditor's|Report|9 —12|
|Consolidated|Statement|ofFinancial Activities|13|
|Consolidated|Balance|Sheet|14|
|Company<br>Balance Sheet|||15|
|Consolidated|Statement<br>ofCash Flows||16|
|Notes to the|Consolidated<br>Financial Statements||17—31|





|Governors:|Governors:|||J A Barrett (President)|J A Barrett (President)||||
|---|---|---|---|---|---|---|---|---|
|||||Mrs L E Flowith|(Chairman)||||
|||||J R Brain ACA|||||
|||||Mrs P A Mayall|||||
|||||A<br>I Hazel|||||
|||||Mrs SDWatson|||||
|||||A BDavison|||||
|Head:||||Dr R Luker PhD|MA BA (Hone) PGCE (Resigned 31 August 2023)||||
|||||Mrs SCassell BA (Hons) PGCE (Acting Head from||||1 September 2023)|
|Educational||establishments:||Highclare<br>Preparatory||School: Woodfield|||
|||||Pre-Preparatory|and Preparatory||||
|||||241 Birmingham|Road||||
|||||Wylde Green|||||
|||||Sutton Coldfield|||||
|||||West Midlands|||||
|||||B72 1EA|||||
|||||Highclare<br>Preparatory||School; St.Paul's|||
|||||Pre-Preparatory|and Preparatory||||
|||||88 Lichfield Road|||||
|||||Sutton Coldfield|||||
|||||West Midlands|||||
|||||B71 2SY|||||
|||||Highclare: The Abbey|||||
|||||Senior School and Sixth Form|||||
|||||10Sutton Road|||||
|||||Erdington|||||
|||||Birmingham|||||
|||||B236QL|||||
|Registered||office:||241 Birmingham|Road||||
|||||Wylde Green|||||
|||||Sutton Coldfield|||||
|||||West Midlands|||||
|||||B72 1EA|||||
|Bankers:||||HSBC Bank Pic|||||
|||||The Bridge|||||
|||||Walsall|||||
|||||WS1 1LN|||||
|Auditors:||||Malcolm<br>Piper 8|Company||Limited||
|||||Kingsnorth<br>House|||||
|||||Blenheim Way|||||
|||||Kingstan ding|||||
|||||Birmingham|||||
|||||B448LS|||||
|Senior management|||personnel:|Dr R Luker (Resigned||31 August 2023)|||
|||||Mrs S Cassell|||||
|||||Mrs P Bennett|||||
|||||Mrs M P A McGoldrick|||||
|||||Mr M Coles|||||
|||||Mrs J Griffiths|||||
|||||Mrs H Good|||||
|Charity number:||||528940|||||
|Company|number:|||1074596|||||
|||||Page 1|||||





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|||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2023|2023|2023|2022|
||Note|K|6|K|K|
|Income from:||||||
|Charitable<br>activities||||||
|School fees receivable||6,642,916||6,642,916|6,255,310|
|Registration<br>fees||11,987||11,987|11,045|
|School activities &trips||150,000||150,000|63,828|
|Investments||||||
|Rents and lettings||8,250||8,250|8,250|
|Other||||||
|Other income||314,129||314,129|279,773|
|Total income||7,127,282||7,127,282|6,618,206|
|Resources expended||||||
|Expenditure<br>on:||||||
|Charitable<br>activities||||||
|School operating costs|5|(6,666,482)|(30)|(6,666,512)|(6,455,222)|
|School activities and trips||(150,000)||(150,000)|(63,828)|
|Governance costs|6|(11,150)||(11,150)|(11,640)|
|School finance costs||(36,422)||(36,422)|(13,336)|
|Exceptional<br>Expenditure|10|(157,102)||(157,102)||
|Total expenditure|11|(7,021,156)|(30)|(7,021,186)|(6,544,026)|
|Net Income||106,126|(30)|106,096|74,180|
|Transfers<br>between funds|20|||||
|Net movement<br>in funds for||||||
|year||106,126|(30)|106,096|74,180|
|Total funds brought forward||||||
|at 1 September 2022||4,760,959|664|4,761,623|4,687,443|
|Total funds carried||||||
|forward at 31August 2023||4,867,085|634|4,867,719|4,761,623|





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|Consolidated|B|alanc|e Sheet at 31 August 2|023 (Registr|ation<br>number|1074596)|
|---|---|---|---|---|---|---|
|||||Note|2023|2022|
||||||6|R|
|Fixed assets|||||||
|Tangible assets||||12|5,039,149|4,941,749|
||||||5,039,149|4,941,749|
|Current assets|||||||
|Debtors||||14|140,119|161,142|
|Cash at bank and|in|hand|||2,163,526|2,354,712|
||||||2,303,645|2,515,854|
|Creditors: Amounts||falling|due within one year|15|(1,920,400)|(2,055,408)|
|Net current assets|||||383,245|460,446|
|Total assets less|current||liabilities||5,422,394|5,402,195|
|Creditors: Amounts||falling|due more than one year|16|(554,675)|(640,572)|
|Total net assets|||||4,867,719|4,761,623|
|Charity Funds|||||||
|Restricted Funds||||19|634|664|
|Unrestricted<br>Funds|||||||
|General unrestricted||funds||19|4,515,609|4,409,483|
|Revaluation<br>reserves||||19|351,476|351,476|
||||||4,867,719|4,761,623|





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|||Note|2023|2022|
|---|---|---|---|---|
||||6|6|
|Fixed assets|||||
|Tangible assets||12|3,015,796|2,918,399|
|Investment||13|950,000|950,000|
||||3,965,796|3,868,399|
|Current assets|||||
|Debtors||14|2,345,418|2,366,441|
|Cash at bank and in|hand||2,163,520|2,354,694|
||||4,508,938|4,721,135|
|Creditors: Amounts|falling due within one year|15|(1,920,400)|(2,055,408)|
|Net current assets|||2,588,538|2,665,727|
|Total assets less current liabilities|||6,554,334|6,534,126|
|Creditors: Amounts<br>more than one year|falling due after|16|(554,675)|~646,572|
|Total net assets|||5,999,659|5,893,554|
|Charity Funds|||||
|Restricted Funds||19||664|
|Unrestdcted<br>Funds|||||
|General<br>unrestricted|funds|19|5,914,995|5,808,860|
|Revaluation<br>reserves||19|84,030|84,030|
||||5,999,659|5,893,554|






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|Consolidated<br>Cas|h|Flow Statement for t|he Year En|ded 31 August|2023|
|---|---|---|---|---|---|
||||Note|||
|||||2023|2022|
||||||6|
|Net cash inflow from operating<br>activities|||21|179,197|415,556|
|Cash flow from investing|activities|||||
|Payments<br>to acquire tangible||fixed assets||(256,732)|(241,713)|
|Receipts from sale of tangible||fixed assets||422|1,680|
|Rents received<br>from investment<br>properties||||8,250|8,250|
|Net cash flow from investing||activities||(248,063)|(231,783)|
|Cash flow from financing|activities|||||
|Repayment<br>ofloans||||(85,898)|(85,899)|
|Loan interest<br>paid||||(36,422)|(13,336)|
|Net cash flow from financing||activities||(122,320)|(99,235)|
|Net (decrease) increase<br>in|cash and cash|||(191,186)|84,538|
|equivalents||||||
|Cash and cash equivalents||at 1 September 2022||2,354,712|2,270,174|
|Cash and cash equivalents||at 31August 2023||2,163,526|2,354,712|
|Cash and cash equivalents||consist of:||||
|Cash at bank and<br>in hand||||2,163,526|2,354,712|





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|write each||asset dow|n to its estimated<br>re|sidual value evenly over its expe|cted us|eful|
|---|---|---|---|---|---|---|
|Freehold||properties||up to 50 years straight|line||
|Leasehold||improvements||up to 50 years straight|line||
|Fixtures,|fittings and||equipment|between<br>2 and 5years|straight|line|
|Computer||equipment|(teaching)|a maximum<br>of4 years|straight|line|
|Motor vehicles||||a maximum<br>of5years|straight|line|
|Investment||properties||not depreciated|||



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||||||2023|2022|
|---|---|---|---|---|---|---|
||||||6||
|Other Income|||||314,129|279,773|
|Other Income is attributable||to unrestricted<br>funds.|||||
|School Operating|Costs||||||
||||Unrestricted|Restncted|||
||||funds|funds|Total|Total|
||||2023|2023|2023|2022|
||||6|6|6|6|
|Salaries|||4,469,297||4,469,297|4,132,083|
|Teaching materials|||232,449||232,449|145,327|
|Kitchen expenses|||507,945||507,945|432,389|
|Rent, rates and insurance|||111,660||111,660|94,863|
|Heat and light|||220,532||220,532|225,808|
|Cleaning|||207,515||207,515|286,282|
|Training|||14,841||14,841|13,652|
|Repairs and maintenance|||244,590||244,590|433,914|
|Motor and transport|||43,164||43,164|51,945|
|School activities and trips|||150,000||150,000|63,828|
|Depreciation:|||||||
|Fixtures, vehicles|and equipment||117,154||117,154|130,840|
|Freehold<br>buildings|||42,134||42,134|56,717|
|Amortisation<br>of goodwill||||||11,530|
|Profit on disposal offixed||assets|(375)||(375)|(1,680)|
|Support costs:|||||||
|Printing<br>and stationery|||199,821||199,821|192,845|
|Advertising|||19,356||19,356|34,655|
|Sundry expenses|||106,903|30|106,933|60,529|
|Professional<br>charges|||102,676||102,676|125,758|
|Bank charges|||74,392||74,392|52,741|
||||6,864,054|30|6,864,084|6,544,026|





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|||||Unrestricted|Restricted|||
|---|---|---|---|---|---|---|---|
|||||funds|funds|Total|Total|
|||||2023f|2023f|2023f|2022|
|Auditors'|remuneration|(note|10)|11,150||11,150|11,640|



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||||2023|2022f|
|---|---|---|---|---|
|Bank|loan|Interest|36,422|13,336|



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|<br>These are as follows:||||||,|||
|---|---|---|---|---|---|---|---|---|
||||||||2023<br>f|2022<br>f|
|Legal and professional|fees in respect||of various||planning|related|||
|work|||||||157,102||
|Total Resources Expended|||||||||
||||||||2023f|2022f|
|Total resources expended||on charitable|activities||includes:||||
|Depreciation<br>oftangible|fixed assets||||||159,288|187,557|
|Amortisation<br>of intangible||fixed assets|||||||
|- purchased<br>goodwill||||||||11,530|
|Surplus on disposal of|tangible fixed assets||||||(375)|(1,680)|
|Auditor's<br>remuneration|in|respect of non-audit||services|||7,524|9,378|
|Governance costs includes:|||||||2023f|2022f|
|Auditors'<br>remuneration|in|respect ofaudit services|||||||
|- for audit services|||||||11,150|11,640|
|- for other services|||||||7,524|9,378|
||||||||18,674|21,018|





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|gible Fixed Assets|||||
|---|---|---|---|---|
||||Fixtures,||
||||fittings,||
||Investment|Freehold|vehicles &||
||properties|properties|equipment|Total|
|Group|||||
|Cost or valuation|||||
|At 1 September 2022|219,162|6,049,230|2,529,638|8,798,030|
|Additions||101,250|155,482|256,732|
|Disposals|||(836,482)|(836,482)|
|At 31 August 2023|219,162|6,150,480|1,848,638|8,218,280|
|Depreciation|||||
|At 1 September 2022||1,645,089|2,211,192|3,856,281|
|Charged<br>in the year||42,134|117,154|159,288|
|Elimination<br>on|||||
|disposals|||(836,435)|(836,435)|
|||1,687,220|1,491,911|3,179,131|
|At 31 August 2023|||||
|Net Book Value|||||
|At 31 August 2023|219,162|4,463,260|356,727|5,039,149|
|At 31 August 2022|219,162|4,404,141|318,446|4,941,749|
|Company|||||
|Cost or valuation|||||
|At 1 September 2022|219,162|2,921,295|2,529,638|5,670,095|
|Additions||101,250|155,482|256,732|
|Disposals|||(836,482)|(836,482)|
||219,162|3,022,545|1,848,638|5,090,345|
|At 31 August 2023|||||
|Depreciation|||||
|At 1 September 2022||540,504|2,211,192|2,751,696|
|Charged<br>in the year||42,134|117,154|159,288|
|Elimination<br>on|||(836,435)|(836,435)|
|disposals|||||
|||582,638|1,491,911|2,074,549|
|At 31 August 2023|||||
|Net Book Value|||||
|At 31 August 2023|219,162|2,439,907|356,727|3,015,796|
|At 31 August 2022|219,162|2,380,791|318,446|2,918,399|





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||of both subsid|iar|ies|is|property|owner|ship<br>and man|agement<br>and both|are incorporated|in England.|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||Highclare|Investments|||
||||||||Limited||Highclare|Limited|
||||||||2023|2022|2023|2022|
|||||||||E|E|E|
||Summary|profit|||and|loss|||||
||account||||||||||
||Turnover||||||||||
||Administrative||expenses|||||(4,756)||(5,999)|
||Net loss forthe year||||and||||||
||Retained<br>in|the subsidiary||||||(4,756)||(5999)|
||The assets|and||liabilities||of the|||||
||subsidiaries|were:|||||||||
||Fixed assets||||||2,048,350|2,048,350|875,000|875,000|
||Current assets||||||2|2|3|3|
||Creditors:|Amounts|||falling|due|||||
||within one year||||||(1,331,811)|(1,331,811)|(873,488)|(873,488)|
||Total net assets||||||716,541|716,541|1,515|1,515|
||Aggregate share|||capital and|||||||
||reserves||||||716,541|716,541|1,515|1,515|
|14.|Debtors||||||||||
||||||||Group||Company||
||||||||2023|2022|2023|2022|
||||||||E|E|E|E|
||Due within one||year:||||||||
||Outstanding|fees|||||13||13||
||Amounts<br>owed||by|subsidiary|||||||
||undertakings||||||||2,205,351|2,205,299|
||Other debtors||||||58,182|93,551|58,130|93,551|
||Prepayments||||||81,924|67,587|81,924|67,587|
||||||||140,119|161,142|2,345,418|2,366,441|





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|||Group||Company|Company|
|---|---|---|---|---|---|
|||2023|2022|2023|2022|
|||6||6|F|
|Bankloans||85,899|85,899|85,899|85,899|
|Trade creditors||288,870|181,262|288,870|181,262|
|Fees in advance||845,638|759,098|845,638|759,098|
|Other taxation and|social security|72,985|67,269|72,985|67,269|
|Other creditors||383,466|396,895|383,466|396,895|
|Accruals||242,066|560,496|242,066|560,496|
|Friends of Highclare|School Fund|1,476|4,489|1,476|4,489|
|||1,920,400|2,055,408|1,920,400|2,055,408|



|Creditors:|Amounts<br>falling due|after more than one|year|||
|---|---|---|---|---|---|
|||Group||Company||
|||2023|2022|2023|2022|
|||6||||
|Bank loans||554,675|640,572|554,675|640,572|
|Maturity of borrowings||||||
|||Group||Company||
|||2023|2022|2023|2022|
|Bank loans|||6|6||
|Amounts|fall due on the bank loans as follows:|||||
|Within one year||85,899|85,899|85,899|85,899|
|Between|one and two years|85,899|85,899|85,899|85,899|
|Between|two and five years|257,697|257,697|257,697|257,697|
|Over five|years|211,078|296,976|211,078|296,976|
|||640,573|726,471|640,573|726,471|





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|||||||Group|Group|Group|||Company|Company||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||2023||2022|||2023||2022|
|||||||6|||||||6|
|Other||||||||||||||
|Within one|year|||||51,088||48,088||51,088|||48,088|
|Between one and five years||||||154,242||182,330||154,242|||182,330|
|Over five years||||||165,000||128,000||165,000|||128,000|
|||||||370,330||358,418||370,330|||358,418|
|Included<br>in|the|operating|||leases|disclosure<br>above||is a twenty-five|year||tenancy|lease<br>with||
|Birmingham|City|Council||signed<br>on||6 September|2018 over land referred|||to|as "Highclare||Sports|
|Field". Under this||agreement,|||there|is a five yearly|rent|review.||||||
|Contingent|liabilities|||||||||||||
|In the event|that|bank|borrowings<br>arise, the Company|||||has guaranteed|the|bank borrowing|||ofthe|
|other Group|undertakings.|||||||||||||
|Funds Reconciliation||||||||||||||
|Group||||||||||||||
|||||As at 1||||||||As at 31||
||||September|||Income||Expenditure|Transfers||||August|
||||||2022||||||||2023|
||||||6||||||||6|
|Restricted|funds||||664|||(30)|||||634|
|Unrestricted|funds||4,409,483|||7,127,282||(7,021,186)||||4,515,609||
|Revaluation||||||||||||||
|reserve||||351,476|||||||||351,476|
|Total funds|||4,761,623|||7,127,282||(7,021,216)||||4,867,719||
|Company||||||||||||||
|||||As at1||||||||As at 31||
||||September|||Income||Expenditure|Transfers||||August|
||||||2022||||||||2023|
||||||6||||||||6|
|Restricted|funds||||664|||(30)|||||634|
|Unrestricted|funds||5,808,860|||7,127,282||(7,021,186)||||5,914,995||
|Revaluation||||||||||||||
|reserve||||84,030|||||||||84,030|
|Total funds|||5,893,554|||7,127,282||(7,021,216)||||5,999,659||



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||||||||
|---|---|---|---|---|---|---|
|20.|Analysis ofnet assets between funds||||||
||Group||||||
|||||Unrestricted|Restricted|Total|
|||||funds|Funds|Funds|
|||||6|||
||Fund balances at 31August||2023 are||||
||represented<br>by:||||||
||Tangible fixed assets|||5,039,149||5,039,149|
||Current assets|||2,303,011|634|2,303,645|
||Current<br>liabilities|||(1,920,400)||(1,920,400)|
||Long term liabilities|||(554,675)||(554,675)|
||Total net assets|||4,867,085|634|4,867,719|
||Unrealised<br>gains included above on tangible||||||
||fixed assets|||351,476||351,476|
||Company||||||
|||||Unrestricted|Restricted|Total|
|||||Funds|Funds|Funds|
|||||6|||
||Fund balances at 31August||2023are||||
||represented<br>by:||||||
||Tangible fixed assets|||3,015,796||3,015,796|
||Investment|||950,000||950,000|
||Current assets|||4,508,304|634|4,508,938|
||Current<br>liabilities|||(1,920,400)||(1,920,400)|
||Long term liabilities|||(554,675)||(554,675)|
||Total net assets|||5,999,025|634|5,999,659|
||Unrealised<br>gains included above on tangible||||||
||fixed assets|||84,030||84,030|
|21.|Reconciliation<br>of net|income|to net cash flow|from operating<br>activities|||
||||||2023|2022|
|||||||8|
||Net income for year||||106,095|74,180|
||Rents received from|Investment<br>properties|||(8,250)|(8,250)|
||Depreciation<br>oftangible fixed||assets||159,288|187,557|
||Surplus<br>on disposal oftangible fixed assets||||(375)|(1,680)|
||Amortisation<br>ofintangible<br>fixed assets|||||11,530|
||Interest payable||||36,422|13,336|
||(Increase)/decrease|in debtors|||21,023|(76,901)|
||(Decrease)/increase|in creditors|||(135,007)|215,784|
||Net cash flow from operating||activities||179,197|415,556|





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