HALLFIELD SCHOOL uNDD 1879 HALLFIELD SCHOOL TRUST (A company limited by Guarantee) THE GOVERNORS, ANNUAL REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2024 Company Number: 00631045 Charity Number: 528956
HALLFIELD SCHOOL TRUST CONTENTS Page Governors. Annual Report Reference and admlnistratlve Information Governorg Annual Report Strategic Report Governors. Annual Rèport Sirurture, Governance and Management 13 Report of the Independent Audilors 16 Statement of Financial Activities 20 Balance Sheet 22 Cash flow Statement 23 Noles formin8 part ot the Flnandal Statements 24 Page 2
HALLFIEUI SCHOOL TRU GOVERNORS. ANNUAL REPORT REFERENCE AND ADMINISTRATIVE INFORMATION The Dlrectors and Trustees are pleased to present thelr report for the year ended 31 August 2024. Charity Name Haltheld Sch¢J)l Charity Registratlon Number 528956 Company Registration Number 631045 Reglstered Office 48 Church Road Edgbaston Birmingham B15 3SJ Governors The Governors who served during the year and up to the date of this rert are set out below- G RH Ralphs Ichairrnanl K McEwen (Vice Chairl 3.6.7 S Aulak L4,9 S Balfour4A H Coverdale 2,fj10 A Earnshaw. G M Faber 16JJO P Gough LY A Ollver M R Plummer M Georgevic Finance and Facilities Commtee Education Committee 3 Human Resources and Legal Committee Marketlng Committee Nominations Committee 6compliance Committee Parent of former pupll Parent of current pupil Old Hallfieldian Resigned 3 July 2024 The Chaim)an and Vice Chair are ex-officio members of each of the Committees. Executlve Team from I September 2023 K B Morrow BA (Honsl QTS. PGCPSIEdl. NPQH, FRSA C Florida-lames B Ed IHons} E Sanderson B Ed (Honsl QTS B Patel ACA A Edwards E Cook MCIM - Head M&ter - Deputy Head (Atademitl - Deputy Head (Head ofPre-ppj Director of Flnance and Operations Direttor of Estates and Facilities lapFx>lnted I" February 20241 - Marketing and Communications Manager Auditors Bankers Solicitors Crowe U.K. LLP Black Country House Rounds Green Roa(1 Oldbury 869 2DG Barclays Bank PIC 79- 84 High Street Birmingham B4 7TE Veale Wa5brough Vizards LLP Narrow auay House Narrow auay Bdstol BSI 40A Page 3
HALLFIELD SCHOOL TRUST GOVERNOR5. ANNUAL REPORT STRATEGIC REPORT Achlevements and Performance Academic The year ended 31 August 2024 wa5 outstanding for the Il+ examination results. This year 56 pupils In Year 6 Sat the Il+ gMMar school èxam with 92% achievingthe qualifylng score and 89% of those who sat being offered a place at a grammar school. This year we have sèen a shfft in preference far the independent sector with 54 and 10 places to independent Senlor Schools belng accepied by our Year 6 and Year 8 pupils respettivety. There were 6110-11 year olds12023.. 571 entering theselertNe Local Authorlty Grammar schools and selective independent schools. Our Year 6 pupiLs left us to 80 to 10 drfFerent schools in the Birmingham area, and further afleld with 50me choosinE lo stay wlth us and continue their education n Halllield Seniors. This year seès outstandin8 resutts for the two highly selectlve independent 5chools- King Edward's and Klng Edward Vl High School for Glrls- 22 boys 12023: 21 trM)ysI have been offered places (including 3 sCholahIpSl2O23- 3 scholarshlpll at King Edward's School and 11 girls 12023.. 9 girls) have been offered places Ilncluding I scholarships12023= 3 scholarshipll at King Edward Vl High School for Glrls. 10 places were offered at Solihull School (including 3 scholarships12023.' 10 places}l and 12 places 12023: 13 placesl at Edgbaston High School for Girls (including 8 Scholah[pS2O23. 8 scholarshipsll and a totsl of 35 scholatship512023- 36 scholarshipsl were awarded. In total 26 scholarships were awarded to the outgoing Year 6 pupils. Hallfield Seniors started in September 2020, with the purpose of educating boys and glrts In Year 7 an(1 Year 8, to allow the pupiLsthe opportuntty of transferri to schools at 13+ rather than at the end of Year 6, 11+. This year we have had a record number of 23 pupi15 in the Seniors who achieved eXlIent result5 and entry to the following schools: St George's. Brown5grove. Priory Edgbaston and Old Swinford Hospital. The school delighted with the results and Is keen to continue the 8mWth and expanslon of Hallfield Seniors to enable pupils who desire to staythrough to the end of Year 8. There are currently 15 puplls enrolled in Hallfield Seniors. In the National Primary Schoob Maths Challenge. 3512023- 191 chlldren earned Gold, Silver or Bronze medals: and 6412023.. 591 children achieved gold, sllver or bronze In the Junior Maths Challenge. Musi¢ Our commitment to Music continued during the year with a number of perfomiances by the school. The academic year started fantasticalty wtkh a COnrt in collaboration with the Midland Chamber Orchestra in the second week of temi. The concert featured the Hallfield Orchestra Inewly reformed to include woodwind, bTr55 and percussionl, and was to promote an excf(in& first-of-its-kind opportunlty. Pupils In Year l enjoyed a trlp tr) see the Crty of Birmingham Symphony Orchestra perforfYT at the Symphony Hall. This was a wonderful opportunty for children to see instTuments being played and story-telling through music by world-cla55 musicians. Page 4
HALLFIELD SCHOOL TRusr GOVERNORS, ANNUAL REPORT sntATEGIC REPORT The school's Dirertor of Muslc has continued to develop and enhance the Work of the Muslc Department. Pupils have had numerous opportunitiesto play and sing and take part in a huge number of ensembles, concerts, Pre-Prep end of year cOnrt and a Prep Prom concert, including a rendition of Land of Hope and Glory. As part of our slrateBY for tommunity engagement next year, the Midlands Chamber Orchestra wlll be the Orchestra In Resldence at Halffield and this will give the pupib even more opportunlties to play alongside and be involved wlth professional musiclans. Sport Swrt remains a very important part of life at HallrId. The sports clubs had started off successfullyi With a wide range of sporting clubs on offer throughout the week wtth after-school clubs, before school and lunchtlme dropin clubs. In PE. the Pre-Prep have taken part In mu1-skIlls,. an introduction to a wide range of fun activities which focus on key movement, balance and co-ordination skills which will help them develop acros5 all sports. In Years 3 & 4, they covered a range of ball and movement skills wlth a focus on a dlfferent sport each week. Year 5 enjoyed learnin8 a new 5POrt: handball, and ouryear 6,5 always looks forward to their basketball lessons. The Seniors walk to Edgbaston GOW aub in their PE lessons each week, where they are coached by SpecialtS using the extensive faciliti on offer. In boys, football we have pLayed matches against local Schoo with many exclting games with just one goal separntin8 thè teams. The highlight being the ISFA Ull football tournament whlch saw most of the best Midland'5 football playin8 schoo15 competing. The Ull also had a great day out at Warwick School for the Rugby Festival. In the morning they were treated to some coachlng by the Warwickschool staff on their 4G pitch. After lunch they won all thelr games in the group. scoring some finetries on the way and really developln8 the children's knowledge of the game. The school hosted our annual UIO girLs' football tournament in September, desplte the mlxed weather, it was another succe55 for the school and 60 girls Ifrom Ix)th the State and Private Sector Schools) enjoying playing football. We have already had interest from some schools asking if we can play more girls, football throughout the next year. The school had six boys put fopNard for Warwickshire County Crickèt trials at various age groups,. with one pupil being selected to represent Warwickshire U105. even though they are in the U9 Year Groupi a fantastic achievement. Page 5
HALLFIELD SCHOOL TRU
GOVERNORS, ANNUAL REPORT
sfRATEGIC REPORT
Drama
Drama conllnues to develop in the school and rtaInty last yearfs production5 reflected this. In an
efftjrt to maximise drama opportunities and wtih the right balance, the annual performance schedule
had under gone a revlew. There were smaller-scale 'performing showcases, with Year 2 and Year 4
and, excitingty, a large-scale performance wtth Year 6 In the year.
Internally held tAMDA lessons have started thisyear. We were able to offerthis to any Prep pupll who
would like to engage with lessons as eFther duos. trios or quartets. There was an incredible uptake for
these se55ions, with 99 puplls from Y3-8 taking lessons. Both Speaking and Verse & Actlng are being
offered with roughly a 50150 5plti. We are a150 looking to extend our Senlors programme by offering
LAMDA leon5 Inclusive in their fees.
Extra
HAiLFIELD SCHOOL TRUST GOVERNORS, ANNUAL REPORT srRATEGIC REPORT Financial Review Review of Transactions and Financlal Posltton The Governors are pleased to report a strong financial performance, achieving a surplus for the Year of £919,865. The 2024 surplus excluding the falr value adjustment of the Investment Properties wa5 £453,23812023: £569,195). The Govemors felt the need to build reserves as we arè anticipating an uncertain year ahead given the Introduttbn of VATon school fees. Costs continued to be tightly controlled and discretionary expendtture was targeted at priority areas durlng the year to ensure the thlldren enjoyed the best experience possible. OpportunTties to continualty improve the facilities were focused on this year and signrficant capital inv@stment of £1,9.757 was Incurred. Durlng the year the school completed the fitst stage of our ambitlous Prolett 150 prolect- beingthe building of two new cla55tooms on the school site to support our growing Senior year groups. The school akso made improvements to the front of School with new gates to Improve securlty and access. The lower carpark was also expanded to free up the front car park for parents to alleviate congestlon durlng school pick up and drop off. Durln8 the year we also completed a refurbishment of the Foundatlon Kltchen to Improve the food seNice across the school srte and also a refurbishment of the Pre-Prep hall. other smaller projeLts induded up8rades to school electrical system to create ènergy efficiencies and cost savlngs. Pupll Numbers The number of children attending the khool increased during the academic year. rising from 550 In Autumn 2023 to 578 in summer of 2024. We attract pupils through the quality of the education the school delivers including sporting, cUural, social and personal development as well a5 academi excellen. We focus on developing the talents of each child to reach their full potential. Fundraising The charlty had no fUndraIng adNities requiring disc105ure under 5.162A of the Charitles Act 2011. All fundraising conducted by the school L8 done internally. We do not engage the servltes of a professional fund-rar5er or commercial participator to carry on any of these activities. Page 7
HALLFIELD SCHOOL TRU GOVERNORS, ANNUAL REPORT STRATEGIC REPORT Objectives and Alms The prlmary object of the Trust to manage, maintain and improve Hallfield School. Its aim is to operate the most educationally successful independent co*ducatlonal junior and infant school In the Blrmin8ham area, providinB the hlghest standard of day care and education for chlldren aged 3 months to 13 years old. The school aims to prepare children for competitive entry to local secondary schoo15 In the state and independent sectors. It offers a rounded foundation for chlldren under the age of 5 and a particularly acadernic, subjeLt-based educatlon for 7 to 13 year old5, also encouraging development of personal, sports, social, spirrtual. musical and artistic skllls. The Achievements and Perforn)ance as shown above, demonstrdte the School's continued meeting of its objectives and aims. Speclfic Plans for 202412025 The next academic year is a key one for the sector as a whole with VAT regulations comlng into force on the l January 2025. This is expected to have an impact on pupil numbers. not just for our school but the sector as a whole. Varlous financlal modeL5 and projections have been prepared and used as basls for discussions at a Board level. The school has forecast a modest budget for the next financial year to ensure education is delivered to a high standard during this transitional period. As such the schooys plans for the next year are modest compared to our previous years of op&ration. The School plans to continue to progre55 essential capit818nd maintenance Spending. Charllles Aci ZOII and Publ1¢ Benefft The Trustees have considered the Chartties Art 2011 on public benefrt and have had due regard for Charity Commlsslon Guidance on the subject. The school 15 committed to funding the education at Hallfield of members of the local commvr7ity who would not normally be in a position to afford the school fees but who demonstrate at assessment that they would benefit from the educatlonal environment that Hallfield offer5. The School has limf(ed reserves and the assisted places scheme is funded through revenues generated bythe School and not through investment income. The Hallfleld Inslghts progrnmme, which includes inspirational speakers including dancers, musicians, and scientists is available free of tharge to local residents in Ca 1Me5 ond to pupi15 attendlng local state schools. The Assisted Places Scheme, awarding bursaries for fees to families with household Incomes of le5S than £16,385 p.a. During the 2023124 year. ktfunded the educatKJn at Hallfield of 17 pupils. The value of this funding was £163,17612023: 17 pupils costing £182.1341. The school continue5 to create a public benefrt by working with a network of local state schools. Page 8
HALLFIEU) SCHOOL Trust GOVERNORS, ANNUAL REPORT srRATEGIC REPORT Charlty Governance Code The Governors are aware of the new Buidance and during the year have continued their revlew to produce recornfflendations and Bn action plan In order to ensure that the school takes positive steps towards worklng In line with the Code In all ways where it is pratticable to do so. Investment Polky Due to the nature of the Trusvs activitbes. surplus funds are not held for long periods of time and are not therefore available for long-term investment. Accordinglyi its policy is to Invest such funds in deposit accounts offering a market rate of interest. The investment policy a150 require5 deposrts to be spread across a range of institutions in orderto reduce the risk of cap6tal loss. Reserve5 Policy The school's reseTves policy relates to unrestrltted readily reali5able reserye5 freely avallable to be spent on the charitvs purposes which are held to ensure that the core activtties of the school could continue in the event of a period of unforeseen dhfficulty. According, the Governors consider that free reserve5 should be held in cash or assets whith can be ea5ity convertlble Into cash should the need arise. A sum of £500.000 rernains de5Enated for future major development of the school site. In excess of routine capltal expenditure. The assessment of the requlred level of reserves Is an inteEral part of the Schooys planning and fOrecting cycle and takes account of expected changes in the economic erwironment, demographic changes in the school'5 catchment area, expected operating results and associated risk fattors. Htstori¢Jlly, the major risk considered In this respect 15 a Shortfall of annual income, but consideratlon has also been glvento unexpected expendiiure of both a routine and an unusual nature, and situatlons out of our control. Having taken into account of these risks, the Governors continue to belleve that reserves held should steadily be increased over a period of ot)e to two years to equate to one term's expenditure which ranges between £1,500,OIX) and £1,800,(JK). At 31 August 2024, the charws free reserves amounted to £1,059,73312023= £1,939,462). The shortfall of free reserves will be addressed through the sale of Investment properties and a Series of budgetary amendments in the years ahead. Page 9
HAiLFIELD SCHOOL TRUST GOVERNORS, ANNUAL REPORT STRATEGIC REPORT Going concern The school is facing a number of uncertainties following the change in Government- whlch ha5 threatened the Charitable status of Independent schools and has plans to impose VAT on school fee5 as one of their central policiès. The Governors have looked especially carefully at the financlal Implications for Hallheld School. The School is in thè fortunate posttion of havlng cash reseNes and no borrowings. Fee income for the 2023-24 remained incredibly strong which enabled the Governors to offer selective support to parents sufferlng short-term financial problems. After maklng appropriate enquirie5, the Governors cortsiderthat the company has adequate reSoUrS to contlnue in operatlonal existence for the foreseeable fvture. For thls reason, continuing to adopt the going conrn basis in preparing the flnancial statements is considered appropriate. Further details regarding the adoption of the going concern basis can be found In the Accounting Policies. Remuneration pollcy The remuneratlon of key manaEement personnel is set by the governors, with the objertive of providing appropriate incentives to encourage existing staff to stay. and to attract new staff when required. The appropriateness of the poliry is reviewed regulady by the governors. and also compared with other independent schoo15, to ensure that the school remains Sensfve to the broader i55ues of pay and employment conditions elsewhere. Strategic Risk Management There are a number of Strategic Risks thatthe Govemors are artivety monltorlng due to the significant level of Impart they may have- Economic Risk The impart on the economlc climate. while inflation rates have fallen towards the year end the impact on pay and c0515 are yet to follow sutt, may affect the ability of parents to afford school fees, and the affordability of fees i5 considered an important factor in the long-temi financial planningof the School. In temis of unexpected costs, the Govemors ensure that insurance 15 in place for known and insurable risks. With a large estate. the khool also monttor5 and plans for foreseeable future building repairs. The management team aL%o carefully monitor the level of scholarships and bursaries to ensure that grant commitments are maintained at a sustainable level. Teacher Pensions April 2024 saw an increase in the Empk)yer Contribution rate to the Teacher Pension Scheme from 23.68% to 28.68%. This increase is a substantial additlDnal burden to our cost base. During the year the &oard approved the introduction of the APTIS pension scheme for new employees, thls was done to ensure the school remained a competitive employer whlle making remalning in the Teacher's Penslon Scheme forexLstin8 employees affordable. Pa8e 10
HALLFIELD SCHOOL TRUST GOVERNORS, ANNUAL REPORT srRATEGIC REposrr Rlsk Management Consideratlon has been given to the major risks to which the school is exposed and systems or procedures are estabIhed in orderto manage those risks which Include: Risk Mitlgallng FKtors Reduction in IS headcount An unforeseen significant fall In pupil numbers , Regular parEnt dro15 are held by the Senior could place the school under operational and , Leadership Team to enable parents to provide flnanclal pressure within an academic year. feedback Parent survey5 ensure that concerns are Identified and appropriate action is taken. The School maintalns ieseNes to provide emergency funding. Ins ection Re ime Failure The Independent School's Inspertorate'51"151"1 Inspection reglme changes regularly as leg151ation and statutory guidance are updated. We monitor change5 to guidance and compllance. Senior members of our team are ISI Inspeclors and undenvent an ISI inspection in February 2019, where the school wasjudged to be outstanding in all areas. IT As with most modern businesses, the School ts The School's core infrastructure is well monitored heavily reliant on Information Technok)gv for its . and appropriate fail over systems are in place. day to day operations. During the year signiflcant upgrades were made to the infrastructure for a more resilient network and to support our Digital Leaming Platform. Child Protection & Safe uardin Keeplng chlldren safe while they are atschool or . The School adheres to legislation and guidance on on an activity organised by the School 15 our recruitment, child protertion and Heafth & Safety. A highest priority. "ring of steel" prevent5 entry to the site expt at secure polnts. The School operates a Cctv system to help maintain stte Security. A Paxton key card security Svslem was introduced in 2016 on all extemal doors and gates, and provides a lodtdown environment. Natural and other disasters With over 5CM) pupils, the schty)l is at risk from health epidemics, fire and flooding. A crisis management plan is in place which 15 tested perlodically: the school has regular fire protection and safety audits. Page 11
HALLHELD SCHOOL TRUST GOVERNORS, ANNUAL REPORT RATEGIC REPORT Rlsk Management (Continued) Risk Mltlgatyng Factors Chan e in Government omestic rate relie VAT& l of At the year end there was a change in The Governors have reqUId the Executive Teèrn to Government. It is expected that indepèndent plan for the risks as a part of the School's financial schools will be required to pay VAT on school planning process. fees from January 2025. The key impact on this will be a 1055 of ihe current reduction In As a school we have started to look at what impart domestic rates. This will increase the c05tsto the thi% might have on parents. school by £90,WO per annum as the current rellef Is at 8D%. We are looking very carefijlly at how Haiifield can achieve efficiency savings and how much VAT could be absorbed by the School (through re<lalming VAT that we are currenity unable to claim backl and hence redu the burden to parent5. All schools will be facing the same challenge5, but we feel the size and sound financial footing that Hallfleld enjoys mean that we are In an excellent Position to face these challenge5. Page 12
HALLFIELD SCHOOL TRUSr GOVERNORS, ANNUAL REPORT srRucfuRE, GOVERNANCE & MANAGEMEKr Governlng Document The Trust is a charf(able company limited by Euarantee. It was incorporated on 24 June 1959 and registered as a Charity on 12 November 1963. Its Memorandum of Association, which established it5 oblerts and powers provide that in the event of it being wound up, members are requir@d to cOntribe an amount not exceeding £1. Membership of the Trust is reviewed at the Annual General Meeting a5 appropriate. It is exempt from using°Limtted- under s.60 of the Companles Act 2m6. The Board of Governors New Governors are given approprlate induction about the school on appointment- Dlsclosure and Barring Service dlsclosures are sought in each case. Appointments are made to the Board prlmarlly with a view to enhancin8 its skill base. None of the governors has any beneficial interest in the school and a11 serve wlthout remuneration. Governors do not participate in detisions whlch Involve a personal Conflict of Interest: in particular, govemofs who a also parents do not participate in pricing decisions in respect of future fee level5. Governo are involved in on-going general and specific training according to thelr areas of responsibllity. A tailored tralning programme was organised during the year where Governo received training on Safeguardin& Health & Safety and risk management. Governors are a150 encouraged to V151t the school regularly, during the worknnB day and for speclal events. In accordance with nomal commercial practice the sthool ha5 purchased Governance insurance. The insurance provides cover up to £5m12023- £5ml on any one claim and the cost for the year ended 31 August 2024 was £1,19512023: £1,130). Committee struCre Matters of poliry and governance are detemined by the Board nomial at least once per term. In addition, the following committees consider policy issues in more detail and reporl to the Board accordingly: The Flnance and Facilities Committee monttors capital expendFture, e5tate5, Catering and rlsk managerrent together with management accounting and public reportin The Education Committee is responsible for academic curriculum matter5,' The Marketing Committee 15 responsib for the admissions 11 and marketing the School,. The Human Resources and Legal thmmittee is responsible for human resource policy and various legal matters: The Compliance Committee responsible for ensuring compliance wlth etlucational, health and safety, child protection and financial statutes, regulations and recommended practice.. The Nominations Committee meets on an ad hoc ba515 to review the composltion of the Board of Governors and to recommend changes according to the requirements for appropriate skills and experience. Page 13
HALLFIELD SCHOOL TRUST GOVERNORS, ANNUAL REPORT srRucfuRE, GOVERNANCE & MANAGEMETr Durlng the year the Governance of the school was reviewed and changes to the committee strurture have taken place on I September 2024. These new committees will create a more efficient and strategic focus for Governors to better steward the school: The Finance and General Purposes Committee wnonitors finance. admissions policy, marketinE the school capttal expenditure. estates, health and safety, Catering and risk management together with management accounting and public reportin& Thè Education & Safeguarding Committee is responsible foracademic curriculum matters; The Legal, Compliance & Governance Committee is responsible for governance, varlous legal matters compliance wtth regulation5 and recommended practice,. The Nomlnatlons Committee meets on an ad hoc basis to review the composltion of the Board of Governor5 and to recommené changes according to the requirernent5 for appropriate skllls and experlence. Executive Team The Governors are responsible for the overall management of the school but delegate rts day-to-day running to the Head Master, the Director of Finance and Operations Iboth of whom normally attend Ihe above meetings) and other members of the Executive Team. Compliance wlth laws and regulations The school is subject to inspection by the Independentschools Inspectorate and is re8ulated by Ofsted for children under the age of three. The Schi¥ol pro-aCtIve manages it5 legal compliance in respect of education, nursery provision, child protectk)n, health and safety, and various financlal. adminlstratlve and regulatory matters. As a charitable company, the School is regulated by the Charity Commission and by the Registrar of Companies. The School maintain5 a Register of Interests in respect of members of ihe Board of Governors. Related Pardes Hallfield School b affiliated to the Independent Association of Preparatory Schoo[5. Professlonal support is also specifically available from the Independent SchooLs' Bursars Association, the Independent Schools Counal and the Association of Governing Bodies of Independent Schoo15. The members of the Friends of Hallrield provide greatly valued voluntary effort and funding. Statement of Governors. Responsibillties The Governors (who are also the directors and the Trustees of Haltheld khool Trust for the purposes of company law and tharTty law respecttvetyl are responsible for prepaflng the Governors, Report. Including the strategic report, and the financial statements in accordance with applicable law, and United Kingdorn Accounting Standard5 (Untted Kingdom Generally Accepted Accounting Practice) and the Charities SORP. Page 14
HALLFIELD SCHOOL TRusr GOVERNORS, ANNUAL REpoirr srRucfuRE. GOVERNANCE & MANAGEMENT Stalement of Governors, Responslbllltles {c¢hned) Company law requires the Governors to prepare financial statements for each financial year. Under that law, the Governors have elerted to prepare the flnancial statements In accordance wlth United Kingdom Generally Accepted Accounting practi Iuntted Kingdom Accountlng Standards) and applicable law. Under company law, the directors must not approve the financial statements unless they are satlshed thattheygivea true and fairview of the state of affair5 and of the incomins resoue5 and application of resources, including the income and expenditure, of the charitable company for that period, In preparing these financlal statements, the Governors are required to.. select suitable accounting pollcles and then appty them conslstently: observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent: state whetherapplicable UK accountingstandards have beenfollowed. Subject to any material departures disdosed and explained In the financlal statements; and prepare the financial statements on the golng concern basis Ltnless It is Inappropriate to presume that the charitable company will continue in business. The Governars are re5pon5ible for keeping adequate accounting records that are sufficient to 5hDW and explain the compan(5 transactions and disc105e with reasonable accuracy at any time, the financial position of the charitable company and enable them to ensure that the flnancial statements cornply with the Companies Act 21x16. They a also responsible for Safeguarding the assets of the charltable company and hence for taking reasonable steps for the preventk)n and detection of fraud and other Irregularftles. The Governors are responsible for the maintenance and inte8rtty of the corporate and financial Informatlon included on the charitable compan$ website. Legislation in the United Kingdorn 8overninB the preparation and dissemination of the financial Statements may differ from legislation in otherjurisdic1ions. ProNision of information to auditors In so far as the Governors are aware- there Is no reEevant audtt information of which the charitable company's auditors are unaware,. and the governors have tsken all steps that they ought to have taken to make themselves aware of any relevant audit infomiation and to establbh that the audttors a aware of that Inforniation. Auditors Crowe U.K. LLP continue to art as auditor Approved by the Governor5 on 5 December, 2024 and signed on their behalf by.. GRH Ral Chairman of Governors Page 15
HALiFIELD SCHOOL TRUST Independent Auditorfs Report to the Members ol Hallfield School Trust Independent Audltorfs Report to the Members of Hallfield Sd1 Tntyt Opinion We have auded the financial statements of Hallfield School Trust I'the charitable companll for the year ended 31 August 2024 whlch comprise the Statement of Financlal Activitles, Balance Sheet, Cash Flow Statement, and note5 to the finantial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Starkdards, including Financial Reporting Standard 102 The Financlal Reporting Standard applicable in the UK and Republlcof Ireland (United Kingdom GenerallyAccepted Accounting Practicel. In our opinion the financial statements- give a true and falr vlew of the state of the charftable tompanVs affairs as at 31 August 2024 and of its income and expenditure, for the yearthen ended. have been properly prepared in accordance with Untted Kingdom Generalty Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companles Act 2W6. Ba51s for opinlon We condurted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responslbllltles under those standard5 are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charltable company in accordante with the ethical requirements that are rekvant to our audit of the financial statement5 Ill the UK, includingthe FRCS Ethical Slandard, and we have fulfilled ourother ethical responsibilities in accordance with these requirements. We believe that the audit evldence we have obtained is sufflclent and appropriate to provide a basls for our opinion. Concluslons relatln8 t¢ goln8 nCern In auditing the financial statements, we have tonduded that the twstee's use of the golng concern basis of accounting in the preparation of the financial statefflents is approprlate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or colleCtety. may cast slgnificant doubt on the charitable cornpany's abiltyto continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilitie5 and the re5ponsibillties of thetrustees wtth Sperttog0ingC0cern are destribed in the relevant sections of this F>ort. Other information The tnistees are responsible for the other informatlon contained within the annual report. The other Information cornpre5 the infomiation induded in the annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explbcitly stated in our report, we do not express any form of assurance conclusion thereon. Page 16
HALiFIEU) SCHOOL TRusr Independent Audito¢5 Reportto the Members ol Hallfield School Trust Our responsibility 5s to read the other infomiatlon and, In doing so. consider whether the other information 15 materially inconsistent with the financial statements or our knowledge obtained In the audit or OtheISe appears to be materially mlsstated. If we identrfy such material inconsistencies or apparent material misstatements, we are required to determine whether thi5 gives rise to a materlal mlsstatement in the financial statements theMS@eS. If, based on the work we have performed, we conclude that there 15 a material mi5Statement of this other infom)ation, we are requlred to report that fact. We have nothing to report in thi5 regard. Oplnlons on other matters prescribed bythe Companies Act 2006 In our opinion based on the work undertaken in the course of our audit the information glven In the governors, report. which include5 the directors, report and the strategic report prepared for the purposes of comparby law, for the financial year for which the flnanclal statements are prepared is consistent with the financial statements; and the strateglc report and the governors. report includd wflhin the trustees, report have been prepared in accordance wf(h applicable legal requirements. Matters on whlch we are requlred ts report by exfeptlon In Ilght of the knowledge and understanding of the charitable company and their envlronment obialned in the (Durse of the audtt, we have not identified material mStementS in the Strategic report or the directors, report included within the governor5, report. We have nothing to report in respect of the following matters in relation to whlch the Companies Act 21K16 ruIreS u5 to report to you if, in our opinion- adequate and proper accounting recornls have not been kept: or the financlal statements are not In agreement wlth the accountlng CordS and returns; or certain disclosures of trustees, remuneration specified by law are not made: or we have not ceiVed all the bnfOrn)atn and explanatlons we require for our audit Re5pon5ibilities of Govemor5 As explained more fully in the govemors. responsibllities statement set out on page 14, the trustees (who are also the directors of the charf(able company for the purposes of company lawl are responsible for the preparation of the financlal statements and for being satisfied thatthey give a true and falr view, and for such internal control as the tru5tee5 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charltable companws abilily to continue as a going concern, ddoSIn& as applicable, matters related to golng concern and usingthe going COnrn bas of accounting unless the tfU5tee5 either intend to Ilquldate the charltabk company orto ase 0ratIonS, or have no realistic alternative but to do so. Page 17
HALLFIELD SCHOOL TRUST Independent Auditor's Report to the Members of Hallfield School Trust Auditorfs 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 mi5Statement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material mi55tètement 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 basi5 of these financial statemenls. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are Set out below. 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.or auditorsres This description forms part of our auditorf5 report. Extent to which the audit was considered capable of detecting Irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and di5CUS5ed these between our audit team mernbers. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence Sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory framework5 Wlthin which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disc105ures in the flnancial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, together with the Charities SORP IFRS 1021. We asse55ed the required compliance with these laws and regtjlations a5 part of our audit procedures on the related financial Statement items. In addition, we considered provision5 of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable cornpany for fraud. The laws and regulations we considered in this context were The Education Ilndependent School Standards) Regulations 2014. General Data Protertion Re8ulation IGDPRI, Health and Safety legislation and Employment legislation. Auditing standard5 limit the required audit procedures to identify non-compliance with these laws and regulation5 to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if anv. We identified the greatest risk of material impact on the financial statements from IrguI8r1tieS, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance & Facilities Committee about their own identification and assessment of the risk5 of irregularities, sarnple testing on the posting of journals, reviewing accounting estlmates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Otsted, and reading minutes of meetings of those charged with governance. Page 18
HALLFIELD SCHI)OL TRUST Independent Auditorfs Report to the Members ol Hallfield School Trust Owing to the inherent limitations of an audtt, the is an unavoidable risk that we may tt have detected some material misstatements in the financial Statements, even though we have prtsperlv planned and performed our audit in accordance wtih auditing standards. For example, the further removed non-compliancewith laws and regulation5 lirregularitie51 15 from the events and transattions reflerted in the financial statements, the less likety the inherentty Ilmited procedure5 required bv auditing standard5 would identify rfc. In addrf(ion. as with any audit, there remained a higher risk of Thon-detettion of irregularities. as these may involve collusion. forgery, intentional omissions, misrepresentatlons, or the override of internal cortroLs. We are not responsible for preventing non- compliance and cannot be expected to detert non-compliance with all laws and regulations. Use of ¢)ur report This report is made solely to the charttable companrfs members. as a body, in accordance with Chapter3 of Part 16 of the Companie5 Act 2006. Our audit work ha5 been undertaken so that we might state to the charitable compan(s member5 those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not acpt or assume responsibility to anyone other than the charitable company and the tharitable comp3nVs members as a body, for our audit work. forthis report, or for the opinions we have formed. Helen Blundell LLB FCA FCIE DChA Senlor Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor Black Country House Rounds Green Road Oldbury B69 2DG Date". I I 2024 Pa8e 19
HAUFIELD SCHOOL TRUSr STATEMENT OF FINANUAL ACTIVITIES Ilncorpor*lng an Income and Expenditure Account) Year ended 31 Au8USt 2024 2024 2024 Unrestricted Restrltted Funds Fund5 2024 Totsl Funds 2023 Total Funds Note In¢ome and endowments from: Donatlons and legacies 4.337 16,631 20.968 13.018 Investment income 70,761 70,761 61,492 Charitable actNities 8.524,677 8,524,677 8.076,987 Total income and endowments ,599,775 16,631 8,616,406 8,151,497 Eypendlture on: Charitable actNitles 8,161,294 1,874 8.163,168 7.582,302 Total expenditure 8,161,294 1.874 8,163,168 7,582,302 Net Income I lexpenditurel forthe year 438,481 14,757 453,238 569,195 Transfers between funds 9A60 19,4601 Fair value adjustment 466.627 466,627 Net movement of funds 914.568 5.297 919065 569,195 Reconciliation of funds: Funds brought foNard at I September 2023 9,194,280 44,888 9,239,168 8,669,973 Total funds carried fonvard at 31 August 2024 10,108,848 50,185 10,159,033 9,239,168 There were no recognised gains or losses for 2024 or 2023 other thar¢ those included in the statement of financlal artivities. All income and expenditure relates to continuing operations. The notes on page5 24 to 41 form part of these financial statements. Page 20
HALLFIELD SCHOOL TRUST ATEMENT OF HNANCIAL AcfiviTIES Iln¢orporating an Intome and Exndire Account) Year ended 31 August 2023 2023 2023 Unrestricted Restrirted Funds Funds 2023 Total Funds 2022 Total Funds Note Income and endowments from: Donations and legacies 12,868 150 13,018 6,240 Investrnent income 61,492 61A92 3.503 Charitable activities 8,076,987 8,076,987 7,606,567 Total Income and endowments 8,151,347 150 8,151,497 7,616,310 Expendlture on: Charltable aciivities 7,580,995 1,307 7,582,302 6,678,284 Total expendltrre 7,580,995 1,307 7,582.302 6,678.284 Net income I (expenditure} forthe year 570,352 11,1571 569,195 938,026 Reconcillation of fund5: Funds brou8ht forward at I September 2022 8,623.928 46,045 8.669,973 7,731,947 Total funds carried forward at 31 August 2023 9,194,280 44,888 9,239,168 8,669,973 There were no recognised galns or1055es for 2023 or 2022 other than those induded in the statement of financial activitles. All income and expenditure relates to continuing operations. Page 21
HALLFIELD SCHOOL TRU BALANCE SHEET Company Number: (X)631045 as * 31 August 2024 2024 2023 Flxed assets Intangible Assets Tangible assets Assets Held for Sale Investment Property 31.459 7.1)90,767 420,49S 480,000 8.022,722 651 6.224,606 6,225,257 Current assets Debton due after more than one year Debtors due within one year Stock Cash at bank and in hand io io 721,589 149,850 16,679 3,206,381 4,094,499 730,035 202,547 8,931 3,949,938 4,891,451 Creditors: amounts falllng due wlthin une year li 11.571,2921 11,680,242) Net current assets 2,523,207 3,211,209 Total assets less current Ilabllltles 10,545,928 9.436,466 Credltors: Hmounts falling due after more than one year li 1386.8951 1197,2981 10.159,033 9,239,168 Restricted funds 13 50,185 44,888 Unrestricted funds 14 10,108,848 10,159,033 9,194,280 9,239,168 The financial statements were approved bythe Governors on 5 DeMber, 2024 and slgned on their behalf by GRH Ralphs Chalnnan of Governorg Page 22
HALLFIELD SCHOOL TRUST CASH FLOW STATEMENT Year ended 31 August 2024 Reconcillatlon of net Income to net cash flow from operatlnB activitles 2024 2023 Net Income for the year Interest receivable Depreciation and amortisation of fixed assets IGalnslllosses on investments Loss/lProfitl on disposal of fixed assets IlncreasellDecrease in stock Ilncreasel/Decrease in debto Increase/lDecreasel in creditors Net cash flow from operatin8 artlvltles 919,865 170,7611 578,920 1466,6271 569,195 161,4921 541,617 17,7481 61,143 80.647 1,095,439 2,634 99,618 236,147 1,387,719 Cash flow from investing activities Proceed from the Sa of flxed assets Payments to acquire fixed assets Interest received Net tash flow from Investlng athvlttes 11.9)9.7571 70,761 11,838,996) 1769,5361 61,492 1708,0441 Net increase In cash and cash equlvalents 1743,5571 679,675 Cash and cash equivalents at I September 3.949,938 3,270,263 Cash and cash equlvalents at 31 AugiBt 3,206,381 3,949,938 Cash and cash equivalenls consists ofr. Cash at bank and In hand 3.206,381 3,949,938 Analys15 of change5 In net debt Balance at I September 2023 Balances at 31 August 2024 Cash fiow Cash Total 3,949,938 3.949,938 {743.5571 1743,557) 3,206,381 3,206,381 Page 23
HALLFIELD SCHOOL TRUST NOTES TO THE FINANCIAL ATEmEThS Year ended 31 August 2024 AccountSn8 policies 1.1 General Inlormation and basis of preparation HalWield SchoolTrust is a charitable company limited by guarantee (registered numberO1%310451 which 15 intorporated and registered In England and Wales. Its charity reglstration number 15 528956. In the event of the charitable company being wound up, the1Sability in respert of the guarantee Is limited to £1 per member of the charity. The address of the registered office 15 given in the charity infomiation on page 3 of these financial statements. The nature of the charity's opèration and principal activity is the provision of a ctreducational day sthool for pupi between the ages of 3 months and 13 years. The flnancial 5tatemen15 have been prepared in accordance wfth Accounting and Reporting bv Charltles.. Statement of Recommended Practice applicable to charities preparing thelr accounts In accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffective ljanuary 20151-ICharit*s SORP {FRS 10211, the Financlal Rewrting Standard applicable in the UK and Republic of Ireland IFRS1021 and Companies Act 2006. Hallfield School Trust meets the definition of a public benefrt entlty under FRS102. Assets and liabilities are Initially recognised at histortC31 cost or transaction value unles5 OtherWe stated In the relevant accounting policy. The financial statements are prepared on a going concern basis under the ht0COl cost convention. The finanaal statements are prepared in sterllng which is the functional currency of the chartty. The significant accounting policies applled In the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 1.2 Golngconcern The Governors assess whether the use of goingc0nrn is appropriate, i.e. whetherthere are any material uncertainties relatetl to wents or conditions that may cast sSgntficant doubt on the ability of the school to continue as a going concem. The Govèrnors make this asse55wnent in respect of at least one yearfrom the date of authorisation for Issue of the financial statementg. With uncertainty over the implication of VAT on pupll numbers, forecasts and budgets have been stre5S-te5ted to assess how the School could cope under different scenarlos. The Governors have concluded that the Company is well placed to cope with the continuing uncertainties and has adequate resources to continue providing first class education to its pupils for the foreseeable future. After making appropriate enquirtes. the Governors consider that the Company has adequate resources to continue in operational existence for the foreseeable future and it is therefore appropriate to continue to adopt the going concern basls In preparing the financlal statements. Page 24
HALLFIELD SCHOOL TRUST MOTES TO THE FINANaAL sfATEMEwrs Year ended 31 August 2024 Accounting policies Icontinuedl 1.3 Fund accounting Restrictedfunds Restricted funds represent grants and donation5 which are subject to restrictions on their expenditure Imw)sed by the donor or through the temis of an appeal. Unrestrlctedfunds und deslgnatedfvnds Unrestrfcted funds present funds that are expendable at the discretion of the Governor5 in the furtheran of the objects of the charitable company. Such funds may be held in orderto finance both working capital and capital investment. Designated fund5 are those funds which are unrestricted in nature butwhich have been designaied by the Governors to be used In a particular m8nner. IA In¢ome re¢ognlllon All incoming oUrceS are included in the Statement of Financial Attrvtties when the charltable company is legalty entitled to the income after any perforniance conditions have been met, the amount can be measured reliably and wt is probable that the income wlll be received. The following speclfic pollcles are applied to particular categories of income: Fees and charges forservlces are accounted for inthe period in which tuition and services are provided at the experted level of income. Fees which have been physitally recelved in advance are treated as deferred income. other income is recognised as tt is receivable. Government grants are credlted to the Statement of Financial ActNities as the related expendtture is incurred. 1.5 Expendlture Expenditure 15 recogni5ed on an accrua15 basis as a liabilrty is Incurred. The followlng speciflc policies are applied to particular fdtegories of expendtture- Rentals applicable to operating leases are charged tothe Statement of Financial Activities over the perlod In whlch the cost is incurred. Charltable expendfture comprises those costs incurred by the charitable tompany in the delivery o* rts aciNlties and services for its beneficiarie5. All costs are allocated between the expenditure categorie5 of the Statement of Flnanclal Activities on a basis designed to reflect the use of the resource. Costs relating to particular actlvity comprise both costs that can be allocated directlyto such activities and those costs of an indirect nature necessary to supwrt them. Governan costs include those costs associated with meeting the constitutlonal an statutory requirements of the charitable company and include audit fees and costs linked tothe strategic rnanagemenl of the chaitable company. Page 25
HALLFIELD SCHOOL TRUST NOTES TO THE FINANaAL STATEMENTS Year ended 31 August 2024 AccountinB policies (continued) 1.6 Lea5e5 All leases are operating leases and the annual rentsL£ are expensed on a straight Ilne bas over the lease terni with any deferred charges Included within creditors. Lease premiums. includln8 associated professional fees, are tated as prepayments and amOrted on a StIght lin@ basis over the lrfe of the lease wlth the unamortised balante disclosed within debtors due after more than onè year. 1.7 Penslons Retirement benefrts to employee5 of the Hallfield School Trust who are qualified Teachers are provided by the Teachers, Penslon Scheme ITPS'I. The TP5 15 an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees, workin8 lives with the school In such a way that the pension cost is a 5ub5tantially level percentage of current and future pensionable payroll. The contributlons are determined by the Government Actuaryon the basis of quadrennial valuations using a prospective unit credit method. As stated In Note 12, the TP5 is a multi-employer5cheme and there is insufficient information available to use defined benefit accounting. The TPS is therefore treated as a defined contrlbution scheme for accountin8 purposes and the contributions recognised in the period to which they relate. The charity also contributes to APT15. a defined contribution pension scheme on behalf of teaching staff. All newly recruited teaching staff from l January 2024 have been enrolled into the scheme. Contributions payable forthe year are charged in the Statement of Flnanclal Activitie5. The charity also contributes towards a defined contribution Group Personal Pension Plan for Its non-teaching staff. Contributions payable for the year are charged in the Statement of Flnancial Activitie5. 1.8 Intsngible flxed assets and amortisation Intangible fixed a55etS COWllPri5e the licence cost of the School's trademark and the costs of the school's webslte. These assets arè amortised over ten years on a straight Ilne basi5, this being the period covered by the licence and the useful economic life of the website. 1.9 Tanglble flxed assets and depreciation Tangible fiKed assets are stated at cost less accumulated depreciation. Addltlons over £500 are capitalised. Assets under con5ttuction are accounted for at cost incurred to 31 August. They are not depreciated until the accounting period in which they are brought into Use. Depreciation is provided at rate5 talculated to write off the cost of fixed a55ets, le$5 thelr estimated residual value, overtheir expected useful lives on the following bases- Computer equipment over four years Flxtures and 1pment - over seven year5 Leasehold property - over the lrfe of the lease or 50 years, whichever is the shorter Leasehold Improvèments - over 10 years Freehold tlIdIng$ - over 50 years Assets under constnjctlon Freehold land is not depreciated. Page 26
HALLFIEID SCHOOL TRUST MOTES TOTHE FINANCIAL STATEMEMts Year ended 31 August 2024 A¢counlinB policies Icontinuedl I.IOAssets Held for Sale Freehold land and asset5 held for sale are not depreciated. 1.11 Investment Propertles Investment Properties are stated at Fairvalue. Any gains or losses arislng from a change In the falr value of investment property shall be recognised in statement of financial w51tion for the period in which it arises. The gains or losses shall be held a5 indi5tributable funds withln the unrestricted reseTrve. 1.12VAT Value added tax is not recoverable by the charitable company. and & such is Included In the relevant costs in the Statement of Financial ActNitie5 and tangible fixed assets. 1.11 Debtors and creditors recelvable / payable within one year Debtors and creditors wrkh no Stated interest rdte and receivable or payable wlthln one year are recorded at transaction price. Anylosses arising from impairment are recognised in expenditure. 1.13Cash and cash equlvalents Cash is represented by cash in hand and deposits with financial institutions repayable wtthout penalty on notlce. Cash equivalents are highly liquid investments that mature In no more than three months from the date of acquisition and that are readily convertlble Into known amounts of cash with insignificant risk of change in value. 1.14 Flnan¢l81 Instruments The Company enters into only basic financial instrument trdn5actions that result In the recognition of financial assets and liabilities. Basic financial instruments a Inltially recognlsed at transaction value and 5ub5equently measured at their settlement value. Judgements in applying accounting policie5 and key sources of estlmation uncertainty The tharltable company makes estlmates anil assumptions concerning the future. Managernent are a150 required to exercise jvdgement in the process of applying the charitable company's atcounting policies. Estimates and judgement5 are continually evaluated and are based on historical experien and other factors. induding expectations of future events that are believed to be reasonable undef the circumstances. The estimates and assurnption5 that have a sv6nrfint risk of causlng a materlal adjustment to the tarrying amounts of assets and liabilttles withln the next fjnancial year are addressed below: Page 27
HALiFIELD SCHOOL TRU NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2024 Judgements in applying accountlng pollcies and key sources of estimation uncertainty Icontlnuedl Leases All leases are deemed to be either operating or finante leases, depending on whether the risks and rewards of ownership have been transferred from the lessorto the lessee on a lease by lease basls based on an evaluation of the terms and condr¢ion5 of the arrangements. In particular, in relation to the sthool bulldlngs leased from Calthorpe Estates a number of judgements have been made that resuft in the condusion that the agreement constitutes an operating lease.. the lease does not transfer ownership of the bullding to Hallfield School at the end of the lease, nor offers the option to purchase the buildings- the lease temi (to 21101 has been assessed not to constitute the majorlty of the useful lrfe of the building5,' the buildings are deemed not to be of such a specialist nature that they could not be used by an alternative lessor in the future. Fair Value Investment Propert are measured initially at their fair value. Fair value gains and losses are recognised as they arise in the Statement of Financial Posttion. 'Market Value" is the estimated amount for which an asset or liability should exchange, on the date of the valuation between a willing buyer and a willlng seller, in an arm's length transaction. Factors taken into consideration are the condttion of the property. comparable Sal wlthln close proxlmity to the property and the market conditions for sale at the date of valuation. Investh)ent Income 2024 2023 Bank Interest- Unrestricted Funds Bank Interest- Restricted Funds 70.761 61.492 70,761 61,492 Income 2024 2023 Net incoming resources are stated after charglng: Depreclation- (note 81 Amortisation- Intangible A55et (note 71 Amortisation- Lease Premium (note 91 Auditors. rernuneration- audwt servi$ Audltors, r@muner3tion- non-audit service5 Operating lease rental- plant, machinery & vehicles 566,967 12,054 8,446 23.199 541,456 84 8,446 14,438 10,425 32,751 Page 28
HALLFIELD SCHOOL TRUST NOTES TO THE FINANaAL STATEMEMrs Year ended 31 August 2024 Incorne {continued) 2024 2023 Income from Charitable Aclivities- Unrestricted School fees Le55.' Assisted places Net Fee Income Other educational income Other ancillary income 8,246.051 1197,2361 8.048,815 433,146 42,716 8,524,677 7.736,441 1182,1341 7,554,307 477,553 45,127 8,076,987 Included in school fee5 15 a grant awarded by Birmingham City Councll to parents of 3 and 4 year old chlldren whlch Is collected by The School. This amounted to £297,55612023.. £335,7081 to provide upto 15 hours per week of free education to each pupil aged 3 or 4. Artalysls of resources expended 5.1 Total expendiwre Year ended 31 August 2024 Depreclatlon Total 2024 Charitsble acOvhles Teaching Welfare Premises repair and maintenance Inote 6) 3.768,681 677.965 576.044 840.802 182,531 26,611 378,215 4.629.177 602,655 1.554.662 335.fA5 Support costs and govemance Grants and prizes Total charitable expenditure 940,894 419,376 109 1,360,379 16,295 16,295 5,045,220 2,530.482 587,466 8,163,168 Page 29
HALLFIELD SCHOOL TRUST NOTESTO THE FINANCIAL ATEME$ Year ended 31 August 2024 Analysis of resources experKled (¢ontlnued) 5.1 Total expendire Year ended 31 Au8USt 2023 Other costs Stsft costs Depreciation Totsl 2023 Charltable a¢tl¥lties Teaching Welfare Premises repair and maintenante Support costs and governance Grants and prizes Total charitable expenditure {note 61 3.446,620 636,324 544,742 759,288 170,885 24,913 354,085 4,253,829 569,655 1.465,510 352,137 893.970 376.073 103 1,270,146 23,162 23,162 4,692,727 2.339.589 549,986 7,582.302 S.2 Grants, awards and prlzes 2024 2023 From restrkted funds Maths prize From unrestrirted funds Flowers, piizes and leaving presents 25 25 16.268 16,293 23,137 23,162 5.3 Governance included in support Cljsts 2024 2023 Remuneratlon paid to auditor for audit seNices Reimbursement of personal expenses to govemors-travel costs Other governance costs 23.199 637 9,371 33,207 13,750 631 7,462 21,843 Page 30
HALLFIELD SCHOOL TRusr NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2024 Staff costs arKI numbers 2024 Total 2023 Total Salaries and wages Social security Penslon costs 4,033,931 320,166 602,373 4,956,470 88,750 5.045,220 3,724,540 338,519 527,071 4,590,130 102,597 4,692,727 Agency staff costs Intluded wlthln in salarfes and wages are Staff tennlnatlon costs of £20,13012023'. £30,654) wrth £Nil12023.' ENill remain outstanding at the year*nd. A0 included within salaries and wages Is £16,20612023: £5,335) of premiums for staff tleath In SeN1 benefit cover and £5,333 {2023: E5,6591 of prernium5 for private healthcare cover for senior managers. The total amount of employee benefits received by key management personnel, including ernployer pension contributions, É638.44612023- £687,733). The Governors consider that the key management personnel comprise the Executive team. The average number of employee5 during the year was: 2024 No. 42 45 16 23 126 2023 No. 40 42 14 20 116 Teaching staff TeachSng assistants and nsjrsery nurses Domestic staff orrice and management staff Page 31
HALLFIEID SCHOOL TRUST NOTES TO THE FINANCIAL STATEMErirs Year ended 31 August 2024 Staff costs and number5 Icontlnued The table below shows details of employees who on an annuallsed basi5 reiVed reTnuneratlon, including benefits but excludins employer penslon contrlbutions, in exce55 of £60,0.. 2024 No. 2023 £60,(KII- £70,LK)O £70,¢)DI- £80.(K)O £80,001- £90,tK)o £,001- £ioo,000 £140,001- £150,OIJJ £150,001- £160,000 One employee In the £60,001 - £70,(KJD12023= One), two employees In the £70,001 - £80,DOD bracket12023.. One) and the employee in the £150,LKJI- £160,00012023.' One) are members of the Governments, Teachers. Pension Defined Benefrts Scheme and the School pays standard contributions a5 detailed in note 11. The remaining employees are MeberS of the deflned contribution scheme set out in note 11. No governDr reiVed any remuneration. During the year 4 12023: 01 governors Ceived relmbursement of £637 for travel expenses (2023= £6311. No governor received reimbursement for subsistence costs for Govemors, meetings in 2024 12023-. £NIII. No governors 12023.. 01 recelved reimbursement for travel CDsts associated with training courses of £Nil12023: £Nill. No governors recelved reimbursement for entertalning expenses in either 2024 or 2023. Intanglble fixed assets Trademark Ucence Website Total Cost As at I September 2023 Additions Transfers At 31 August 2024 840 47,880 47,880 47,880 48,720 Depreclation As at I September 2023 Charge Transfers At 31 Au8USt 2024 189 189 12,054 5,018 17,261 11,970 5,018 16,988 273 Net Book Value At 31 August 2024 567 30,892 31,459 At I September 2023 651 651 The licence to use the trademark of Hallfield School wlll expl in slx years. Page 32
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HALLFIELD SCHOOL TRU NOTES TO THE FINANCIAL STATEMEKrs Year erKled 31 Au8USt 2024 Tanglble fixed assets (continued) sets Held for Sale consist of Ireehold property and lan(1 owned by the Trust which was vacant and on open sale as at 31" August 2024. It is anticipated that th will be sold wf(hin 12 month5 of the year end. The property 15 held at NBV as thls is less than the Fair Value less costs to sell. There have been no Impairments or revaluation within the year. Investment Propertles 2024 Cost As at I September 2023 Addition5 Transfers in Fair Value Adlustment At 31 August 2024 13,373 466,627 480,000 Investment Property held by the Trust at the 31 August 2024 conslst of 2 dwelling5 Within a single buildin& no associated land is owned bythe Trust. The Fair Value of the property wa5 conducted by an independent valuer who holds a rècognlsed and relevant professional qualffication and has recent experience in the location and category of the investment property being valued. The value 15 based on a Section 119 report conducted on the 6 June 2024. 10. Debtors: amounts due wlthln one year 2024 2023 Trade debtors Other debtors (Lease pmIUm) Prepayments and accrued income 11,663 8,446 129,741 149,850 21,388 8,446 172,713 202,547 Debtor$: amounts due after more than onÈ year 2024 2023 Lease Premium 721,589 730,035 The lease premium represerbts amounts paid to the Trusvs Landlord on completion of the lease arrangements tO8etherwith profe55ional costs incurred in reachlngthe agreement. The premlum is amortised over the lrfe of the lease whKh expires on 24 March 2110. Page 34
HALLFIELD SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENT5 Year ended 31 August 2024 11. Creditors- amounts fallin8 due wSthln one year 2024 2023 Fee5 in advance Trade credllors Other creditor5 Accruals and deferred intome Deferred rental charge Other tax and Social Security 730,692 158,796 198,729 479,021 4.054 477,204 581,962 299,162 216,554 4,054 101,306 1,680,242 1,571,292 Included within other credttors are amounts relating to outstandlng penSn contributions of £92212023.. £67,108) and an amount of £193,(KKJ12023.' £202,346) relating to deposits received from pats for pupils attending the School,. der*)slts are repayable when ihe pupil leave5 the School In Year 6 or Year 8. The Governor5 have reviewed the contract ternis under which the Pupll fee deposlts are held by the school. Although under normal cirojmstans these will be repaid over future years when the pupils complete their edu(3tiork at the school. pupiLs can leave at earller dates. The school does not therefore have an vnconditional right to retain the Individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balarnce of the deposits held at 31 Au8USt 2024 has been induded within current liabilities. Credltors: amounts Fallln8 due after more than one year 2024 2023 Fees in advante Deferred Rental Charges 2(,152 180,743 386,895 197,298 197,298 These charges arise a5 the rent payable under the new lease arrangements steps up over the period to 24 March 2029. Our polity is to recognlse the rent equalty over this period and the arnount is expected to reverse by 31 August 2029. Page 35
HAiLFIELD SCHOOL TRUST NOTES TO THE FINANaAL STATEMETrS Year ended 51 August 2024 12. Pension5 Teochers'pension Defined 8eneJFts Schen The School participates in the Teachers, Pension Scheme 1.the TPS") for its teaching staff. The pension charge for the year includes contributions payable to ihe TPS of £509,105 12023.. £404,7501 and at the year*nd £86312023: £53,5511 was accruèd in respect of contributions to thls scheme. The TPS 15 an unfunded multi-employer defined benefts pensft scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retlrement and other pension benefits are paid by public funds provided by Padiament. The employer cOntrfb10n rate 15 set by the Secretary of State following scheme valuations undertaken by the Government Actuarfs Department. The m05t recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. Following the Mccloud judgement. the remedy proposed thèt when benefits become payable, eligible members can selett to receive them from either the reformed or legacy schemes for the periud l April 2015 to 31 March 2022. The actuarfes have assumed that members are likely to choose the option that provides them wtih the greater benefits, and In preparing the 2020 valuation has valued the '8reater value, benefits forgroup5 of relevant members. The employer contrlbutlon rate for the TPS is 28.6%, and employers are also required to pay scheme admlnistration levy of 0.08% grving a total employer contribution rdte of 28.68%. Other crrangements The school has contributed to APTIS, a defined contribuiion pension scheme on behalf of teaching staff. All newly recrukted teaching staff from l January 2024 have been enrolled into the scheme. The school also contributes to a defined contrlbution pension scheme in respert of its non- teaching staff. All ellgible employees were enrolled in the defined contrlbution auto-enrolment scheme as of its staging date on l May 2014. The pension status of all employees is reviewed monthly to ensure that all employees who are eligible are enrolled in the scheme and that all non-eligible or entitled workers are aware of their right to opt to loin the scheme. The pension charge in the Statement of Financlal Activities and reported in note 6 to the flnanrial statements represents contributions payable to all of the pension scheme5 of £602,37312023.' £527,071). Page 36
HALLFIELD SCHOOL TRusr NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2024 13. Restricted funds The funds of the charitable company include restricted funds comprising unexpended balances of donatlons and grants. held on trust, to be applied for specific purposes, as follows: At 31 August 2024 Balances at Balances at31 August 2024 Incoming Resource5 Outgoing Resources Transfers September 2023 Pavillon Appeal Fund Rigby Bursary Hardship Fund Gwfted and Talented Fund Stanley Owen Alldav Memorial Ranleen Neelima Memorial Award Make a Dtfference Fund 7,568 14,213 18,9f 3.357 11,2241 6,344 14,213 25,451 3,357 16,601 1650} 19,4601 50 130 130 610 44,888 30 16,631 640 50,185 11,8741 19,4601 At 31 Au8USt 2023 Balances at Transfers Balances at31 August 2023 Incoming Resources Outgoing ReSoue5 September 2022 Pavilion Appeal Fund Rlgby Bursary Hardship Fund Gifted and Talented Fund Stanley Owen Allday Merllorial Ranjeen Neelima Memorial Award Make a Difference Fund 8.850 14,213 18,885 3,357 11.2821 7,568 14,213 18,960 3,357 75 50 50 155 1251 130 535 46,045 75 150 610 44.888 11,3071 Page 37
HALLHELD SCHOOL TRUST MOTES TO THE FINANCIAL ATEmE{r$ Year ended 31 Au8USt 2024 13. Restricted funds Icontinuedl Capital lund5 The Pavillon Appeal Fund was created in the 125th Anniversary year, 2(K13, to Supplement the school's provision of funds for the new sports pavilion. b@nefiting from the gener05tty of various friends as well as the Old Hallfieldian Society- The cash raised was fulty utilised on the purchase of the pavilion which is included in fiyed a5sets- depreciation is charged on a straight line basis over the estimated maInIng useful lrfe of 10 years. The fun(1 balance at the end of the year represented by the attributable proportion of the net book amount of the asset to the extent that it was funded by the donation. Other funds The Rigby Bursary Fund isthe resutt of 3 legacy from a fomier headmaster, Mr. R. Vaughan Rlgby, to improve acces5 for children from famllles with limited resource5 for independent schoolin& especially the children of Old Haltheldians. The Hardship Fund was created to provide short temi asslstanceto current pupils whose familie5 run into finanaal difficulty. This money is to be used to support families that have had an unforeseen change of clrcumstances within an academic year. The Gifted and Talented Fund began in 2(X)9 due to an enlghtened donation by the retiring deputy head. M. Rosemary Mountford. The Stanley Owen Allday Memorial Fund is a prfze fvnd awarded in respect of excellence at 5POrt in memory of a pupil who was ki1Sed in actNe Service during the First World War in 1915. The Ranjan Neelima Memorial Award is the result of a donation received in respect of a former pupil for an award for excellence in mathematics. During the year the fund donated £2512023.. £251 for the School's prize in mathernatics. Page 38
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HALiFIELD SCHOOL TRU NOTES TO THE FINANaAL STATEMEiirs Year endÈd 31 August 2024 15. Analys5s of net assets between funds At 31 August 2024 General funds Restricted funds Total Flxed assets Net current assets Long term debtors Long term liabilities 8,016,378 1,757,777 721,589 1386,8951 10,108,848 6,344 43,841 8,022,722 1,801.618 721,589 1386,8951 10,159,033 50,185 At 31 August 2023 GeneTal funds Restrlcted funds Total Fixed assets Net current assets Long term debtors Long term liabilities 6,217,689 2,443,854 730,035 1197,2981 9,194,280 7,568 37,320 6,225,257 2,481,174 730,035 1197,2981 9.239,168 44,888 16. Commltments under leases Operotlng Leases The charitable company ha5 total future mlnlmum lease payment5 under nOn-CanlIable operating leases are as set out below.. 2024 Land and buildings 2023 Land and bulldings Other Leases expiring.. Within one year Within 2- 5 years Over five years 125,(KM) 33,499 99.874 2.3 135.376 112.5Tr) 5tX),OLNJ 27,391,677 28.129,177 10,425 11,191 27,379.177 28.016,677 21,616 The land and buildings commitment relatesto a rental Eease on the school premises which expires on 24 March 2110. Page 40
HALLFIELD SCHOOL TRUST NOTES TO THE FINANaAL STATEME15 Year ended 31 August 2024 17. Capital commhments At 31 August 2024. the charitable company had £Nil of capital commttments12023: £1,093,054). 18, Members The charity Is incorporated as a company limited by guarantee having no share capital and, in accordance with the memottndum of association, every member is liable to contribute a sum of £1 in the event of the company being wound up. At 31 August 2024 there were 10 members 12023: 111. 19. Related partytransartlons At the year-end there was a £1,34812023- £1,348) creditor preSentng amounts due to the Friends of Haiifield Soclety l.the Frfends"} in respect of the combination of payments due from the School to thè Socièty for annual subscriptiDns collected and other associated tran5action5 made by the School on behalf of the S¢xlety. The Head Master is the President of the society and the Dlrector of Finance and Operations 15 the Treasurer. During the year one Govemor {2023- 1 Governor) had chlldren at the school. Fees and extras were charged at a standard market rdte and based on standard commerclal terms. During the year the Head Master utillsed the SeiCe$ of the school in connection with his employment bythe Trust. These service5 We provided on standard commercial terms and were paid in full by the Head Master with no amounts owing at the year end and with no beneffts derived from the service. Page 41