DoCuS￿ry Envelope ID.. 3081CA07-5FAW77-BE524AF08793CEF1 Charlty reglstratlon numbèr $29111 (England and Walès) Company registration number 00926012 THE FROEBELIAN SCHOOL (HORSFORTH) LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Docus￿￿ Envelope ID.. 3081CA07.5FA84071-BE52-6AF08793CEF1 THE FROEBELIAN SCHOOL {HORSFORTH) LIMITED LEGALAND ADMINISTRATIVE INFORMATION School Council Mr J Roberts (Chairl (Appointed 26 March 2025} (VI￿ Chairl Mr N Naru Mr T Cuthbertson Mrs C Da￿ldSOn Mrs J Dè-viell Mrs H Forshaw Mrs R James Mrs C Johnson Mrs P Rishi Mr R Southwood Mr R Taylor Mr S Bickerton (Appointed 26 March 20251 (Chairl (Resigned 14 February 20251 {Resigned 27 February 20251 IResigned 17 June 20241 (Resigned 16 October 2024} Ms S Brett Mi S Dalii)gwaler Mr M Jones Head Ms A Coulson Deputy Hèad Ms J Giles Ms L Soutar Bursar Ms J Brophy Charity nLSmber 529111 Company number 00926012 Règl$tered office Clarence Road Horsforth Leeds LS18 4LB Auditor Hentons Northgale 118 North Street Leeds West Yorkshi LS2 7PN Bankers Virgin Money UK Leeds City Bran¢h 94-96 Briggate Leeds LS16NP Docuswjn Envelope10.' 2081CA07-5FA84077-BE524AF08793CEF1 THE FROEBELIAN SCHOOL {HORSFORTH) LIMITED CONTENTS Page Trustees report Independent auditorfs report 9-11 Slalemenl of financial actiwties 12 Balan￿ sheet 13 Statement of cash flows 14 Note5 to the financial slalernents 15-28 DocJJslgn Envelope ID.. 3081CAD7.5FA84077-BE524AF08793CEF1 THE FROEBELIAN SCHOOL (HORSFORTH) LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The School Coun¢il present the report and financial statements for the year ended 31 August 2024. The finan￿al statements havè been prepared in accordan￿ with the accounting policies set out in note 110 the rinancial slalements and comply with the School's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice 8pplicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}. las amended for a¢￿untIng periods commenong from 1 January 2016). Aims and Oble¢tives The Froebelian School and First Stèps Nursery aims to provide education and caTe of the highest possible standard to children from 3 months lo the age of 11. The S¢hool has the following specific objectives.. To provide a caring, supportive and stiuctured learning Ènvironrllenl,. To deliver quality education which develops the whole child., enabling them to maximise their potèntial., To offei a wide rai)y¥ ul vpyuilunilies lor learning including a diverse range of extra-cumcular 8Glivities'. To foster good relationships throughout our Froebeli8n family and beyond,. To ensure a smooth transition for children toward5 the next phase of their learning joumey. In addition, the School 8150 fosters links wth the local community and raises funds ft>r local. national and intemalional chariti'es. The School Counryl'5 main role is ensuring delivery of these objectives and also lo maintain pupil nurnber5, 10 invest in facilities, to identify possiblè opportunities to extend our pro￿ls1On and lo continue to provide financial support to pupi15 in need of fee assistance whenever possible and compatible with the responsibility lo run the school prudenlty. In setting ils objectives 8nd planning its actmlies, Council has given careful consider81ion lo the Charity Commission's general guidance on public benefit and in particular lo ils supplementary public benefit guidance on advanang edu¢alion and on fee charying. Ethos, stratsgy and policiès Our school motto, 'Giving a fying start to the citizens of torn0￿0￿. empha5ises our dedication lo providing the knowledge, skills, experiences and opportunities that prepare childien for the future. Small dass sizes and an ex￿lIent staff to pupil ratio allow The Froebelian School to treat each child as an individual. The partnership with parents is close and supportive and every child's progress 15 carefully monito￿d and reported to parents règularly. In addition to prowding an outstanding academic education in the crucial e3rly years, The Froebelian School encourage5 the development of expressive talents and a love for and appreciation of music and the performing arts with plenty of opportunitie5 for public perforTn8nce. The sporting and extra-curriculai programme has recently undergone significant development and provides exceptional fac41ilies. speualisl coaches and the opportunity to partieipate in regular competitive fixtures. The Froebelian School seeks to benefit the public through thè pursuit of its staled airns. School fees are set at a level to ensure the financAal viability of the School whilst remaining consistent with our aim of providing education and care of the highest possible standard at affordable fee levels. Docusign Envelope ID.. 3D81CA07-5FA&4077-BE524AF08793CEF1 THE FROEBELIAN SCHOOL (HORSFORTH) LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) R)R THE YEAR ENDED 31 AUGUST 2024 The Froebelian School provides significant public benefit in a variety of ways, induding: Facilitating saving on public expenditure., Prowding Significant benefit to the local economy as an ernployer and as 3 consumer of goods and services (wherever possible, the School uses local suppliers lo benefit the local economy).. and Engaging in fundraising 8clivities for selected charities. Our School welcomes pupils from all backgrounds. An individual's economic statu5, gender. ethnicity, race, religion or disability do nol form part ol our asses5tnenl procedures. We are an equal opportunity organisation and 8re committed to a working environment that is free frorn any form of discrimination on the grounds ol colour, race, ethnicity. religion, sex, sexual orienlalion or disability. We will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled. The School Counal (whose members 8re both ttustees and directors) meets regularfy and 15 fesponsible for setting strategic priorities and objectives and overseeing delivery of these. In addition, Council reviews operational perfortnance and has constituted a numbei of sub-cotnmittees le.g. Finance, Marketing, Education. Govem8nce. Nur5eryl and working groups las required) lo provide support, guidance and oversight in certain key aspects of operations. Our School is committed 10 Safeguarding and promoiing the welfare of our pupils and expects all staff and volunteers lo share this commitment. In the latest Independent Schools Inspectorate report, the pastoral care at the school was described as 'Excellenl" the highest Possible grade. The School regularly reviews ils policies on child protection, safeguarding and health arid safety. All staff regularly undertake safeguarding and child PToleclion training. Access Policy We are confident that our fees are reasonable and represent excellent value for money. It IS 3 long standing policy that fee levels are set to ensure that they are affordable lo as wide a cross section of the local population as possible. However, il is important to us that acc8SS to the education we offer is not restricted only lo Ihose who can afford our lees. Bursaries & Hardship Assistancè The Council places great importance on the School's Bursary Policy. We established a Bursary Fund in the year 2000 and generally have added lo il every year. The School Council has agreed that a prudent proportion of lee income should also be used to fund bursaries or hardship CAses. The School embraces the principle that lee incomè will, whenever possible. contribute support lo bur5arie5 and hardship. Our bursary awards are available to all who meet our general entry requirements and are made solely on the basis of parental means or lo relieve hardship where a pupil's education and future prospects would otherwise be al risk, for example in the case of redundancy. Bursaries are reviewed annually, and haidship assistance is reviewed termly. The level of support will vary accoiding to family income, but those with low incornes may qualify lor up to 100.10 remission of the norrnal fees. The School believes that bursary provision is a vital tool in broadening a¢￿SS, ensuring that pupils from a range of b8ckgrounds are able to benefit from the education we provide. In this academic year 2023124, we awarded bursaries of up to 100°k lo 15 pupils. The lotsl awardèd amounted to £60,313. Details of our Bursary Policy and how to apply are on our website. We have provided hardship support to 6 children whose families have suffered finanaal challenges. We provided hardship support lo the value of £2.224 during the 2023124 academic year. Dow8ign En¥elope10.. 3061CA07.£FA84077-BE52-6AF08793CEF1 THE FROEBELIAN SCHOOL (HORSFORTH) LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Rèvi w of Activltl and Achievem8n The School's princjpal activity tonlinues to be thè prowsion of a C￿￿ducational day school and nursery for children up to 11 years. In addition, the School has provided care both before and after School and holiday club5 throughout the school holidays. When necessary, services are reg151ered with Ofsted. First Steps Nursery underwent its second Otsled inspection in June 2022 and retained the "Oulslanding" rating that was first awarded in 2016 shortly after the Nursery opened. The nursery 15 open 51 weeks of the year. A detailed remew of the School's achievements is prowded each year by the Head at Speech Day and many of Ihern are reported in the Froebelian Digest, published lermly and circulated to all current parents. prospectiv8 parents. many former pupils and other interested parties. The School was most recently inspected by the Independent Schools InspectoialellSII in Marth 2025. This was the first inspection under the new ISI fi8mework. The School met all the standards across every aieg- education. wellbeing, leadership, governance and safeguarding. The report itself affirrns the strength of the School's leadership, the quality of our le8ching and uJrriculutH, the exception31 behavinijf and >ltitiides of our childre and the positive irnpact of our Induswe. values-led approach. The feedback from inspeolor5 throughout the w5it was rich with praise-particularty regarding our culture of kindness, the depth of pupil voice. and thè Strong relationships be￿een stsff, pupils and parènts. Although the formal report cannot reflect rnany of the anecdotes and individual commendations shared verbalty, it does highlight.. Our broad, ambitious and inclusive curriculum The strength of our Early Years provision, including for our youngest ￿0-Year-oldS Effeclwe leaching and assessment leading lo high academic outcomes Strong safeguarding culture and well-eslablished systems Pupils who are self-motivated, respectful, and eager lo contribute to their school and wider so¢￿ty Effective govemance that provides meaningful oversight and strategic rÈport The School was Prewously inspected by the ISI in January 2022. The School met all regulatory requirements. In the Education Quality Inspection {20171 we were rated as'ExcellenY. the highest possible grade. All leavers progressed to the school of their choice. many of them receiving multiple offers of places and scholarships. School GouncAI would like to take this opportunity to thank all our staff at both the school and nLJrsery for their hard work, dedication and support in the strategic growth of the school. In September 2024, the school opened brand new facility to accommodate children from 2 year5 old within the school building. This builds on the school's strength in Early Years. There are currentty 14 children attending with plans to increase this to 17 places with the increase in funded prowsion to 30 hours. The S¢hool is actively supported by the FPTA, a separate registered charity, and the School Council would like lo thank FPTA for their continued and valuable support. Further inforrnation ab(>ut FPTA can be accessed via the School website www.froebelian.com. The School also receives assistance from a number of other parents and supporters with aclwities such as reading, school projects and trips. Again, we are very gralèlul for this help. Financlal review Pupil fees The lerrnly fees before the deduction of any means assisted bursaries and hardship a55islance were.. Lower Kindergarten.. £2,085 All other foims." £3,100 First Steps Nursery al Froebelian curTenliy has a subslanlial waiting list. Fees during the 2023124 financlal year were as follow5". Baby room.. £65 per day raising to £72 from May 2024 Toddler and Pie School rooms.. £63 per day rising to £70 from May 2024 Docusign Envelope ID.. 3081CAa7.5FA84077_BE52-6AF08793CEF1 THE FROEBELIAN SCHOOL (HORSFORTH) LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Flnanclal results for thè yéar The School Gouncil reports an overall defiat of £211,494 after payment of Bvrsary and Hardship grants totalling £59,047. The cash deficit in the year, lolal deficit adding back depreciation. is £129,809. Following the financjal year end the caretakerfs house owned by the School was deemed suiplus to requirements and was sold in January 2025, generab'ng cash in excess of £200,000. The Ffoebelian School remains financially strong due to subslanlial balance sheet ie5erves and a year-end cash balance of £138.237 Istated after payment ol the final proportion of refurbishment cost51. Cost control remained a key focus for the Council throughout the year, particularly in response lo persislenlly high inflation and rising utility and staff costs. Reserves Council regulady reviews the adequacy of reserves to ensure that the long leirn future of the School is secure. Al 31st August 2024 our total reserves stood al £2.2m, of which £2.2m were unie51ricted. The School has no borrowings and all the assets are unencumbered. Investment policy The investment powers of the School are governed by the Memorandum and Artides ofAssociation which peimit monies to be invesled as considered appropriate and after taking the necessary professional adwce. Investment Irhcotn8 is iaisèd primarily from placing monies on deposit with banks and building sO￿eties. Memorandum and Artides ofAs$ociation prohibits the payment of any dividends lo the rnembers. The School Council has assessed the major risks lo which the Sthool is exposed, and are satisfied that systems are in place to mitigate exposure lo the major risks. Future Plans Council intends lo continue its current strategy of maintaining the School's position in a competitive market by investing to prowde high quality education for all pupils. Thè 2024r2025 academic year sees the fruition of the 2 year old expansion with further growth in Froebelian'5 Eatly yeais10 10 5 years) offer. In addition, Gouncil regulaT￿ reviews its strategy in order to continue lo place Froebelian al thè forefront of excellent education provision and care. Do¢us￿n Envelope10.. 3081CA07.5FA84077-BE52-6AFO8793CEF1 THE FROEBELIAN SCHOOL {HORSFORTH) LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) R)R THE YEAR ENDED 31 AUGUST 2024 Educational Futu Plans At Froebelian. we remain steadfast in our mission to provide an exeeptional, values-led educatton that nurtures the whole child. As we look ahead, our strategic educational development will build on our long-standing commitment lo academic excellen￿, personal grovAh. and community engagement. Our future plans focus on four transfomab'onal pillars.. l. Future-Ready Learning We are evolving our curriculum to ensure children are equipped with the skills they néed lo thrive in an ever- changing wodd. This includes.. Expanding digital fluency through an inlegraled technology and coding curriculum. Embedding global citizenship, environmental stewardship. and sustainability into thematic units. Developing rnelacognition and independent thinking ski115 from the earfie51 years. 2. Flourishing Minds and Bodles We will further embed wellbeing and performance &nh8ncernent into daily School life, including= A school-wide mental health and resilien￿ piogramme rooted in Froebeliaii's pi iiicjples. Nutrition and movement innovations. in collaboration with leading specialists, lo optimise leaming and health. Expansion of The Power Start to include parenlr the school year ending 31 August 2024. 15- DocJJsvJn Envelope10.. 3081CA07-5FA84077-BE52-6AF08793CEF1 THE FROEBELIAN SCHOOL (HORSFORTH) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies {Continuedl 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo Ir8nsfer economic benefit lo a third party, it is probable that a transfer of economic benefits will be required in settletnent, and the arnounl of the obligalion can be rne8suied reliably. Expenditure is dassified by activrty. The costs of each activity are made up of the lolal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity ale allocated directly to that activity. Shared costs which contribute to more than one activity and support cos15 which are not attributable to a Single actiwty are apportioned between those actiwlies on a basis consistent with the use ol resources. Centi81 staff costs are allocated on the basis of time spent, and deprecjation charges are allocated on the portion of the assets use. Direct expenditure is summarised under functional headings on a direct C051 basis. For overhead costs, it is apportioned according to management estimates. Th8 iriecoverable elernenl of VAT is induded with the item of expense to which il relates. 1.6 Tangible fixed a$5ets Tangible Iixed assels are inilialty measured at cost and Subsequent￿ measured al cost or valuation, nel of depreciation and any impairment losses. Depreciation has been provided on tangible assets to write off the cost over their useful lives adopting the following rates and bases.. Land and buildings Fixtuies. filtings & equipment IT equipment 1°A straight line 20°k reducing balance 33.33DA straight line The gain or loss arising on the disposal of an asset is determined as the drfterence befvleen the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activit￿s. 1.7 Impaimient of fixed assets At each reporting end date, the Schoo5 rewews the carrying amounts of its tangible assets lo determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exisls, the recoverable 3rn0unt of the asset 15 eslirnated in order to determine the extent of the impaiirnent loss lif any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand. dèposits held at call with banks, other short-lerm liquid investments with original maturities of three month5 or less, and bank overdraft5. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial Én5truments The School has elected Io 8pply the provisions of Section 11 'Basic Financial Inslrumenls, and Section 12 'Olher Financial Instruments Issue5, of FRS 102 lo all of its IinancA81 instruments. Financial insliuments are recognised in the School's balance sheet when th8 School becomes party lo the conlractual provisions of the instrument. Finan￿31 assets and liabilities ale offset. with the nel amounts presented in the financial Statements, when Iheie 15 a legally enforceable right to set off the recognised amounts and there is an intention lo settle on a nel basis or lo realise the asset and settle the liability simultaneously. 16- Do¢us￿n Envelope ID.. 3081CA07-5FA84077-8E52-6AF08793CEF1 THE FROEBELIAN SCHOOL (HORSFORTH) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies Icontlrbuedl Basic financi31assets B35ic financial assets, which include debtors and cash and bank balance5, are measured at transaction price. Financial assets classified as rècewable within onè year are not amortised. Basic financial liabilitiés Basic financial liabilities, including creditors and bank loans ale recognised at t18nsaction prieè. Finanrjal liabilities classified as payable within one year are not amortised. Trade creditors are oblig8lions to pay ft>r goods or service5 that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not, they are presènted as non-cutrenl liabilities. Trade creditors are recognised initially al transaction price and subsequently rneasured at amortised cost using the effective inteie51 method. De￿cognItIOn of financial 113bilities Financial liabilities are derecogni5ed when the School's contraetU81 obligations èXPiTe or are discharged or can￿lled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Terminallon benefits are recognised immediately as an expense when the School is demonslrabty committed to terminate the employment of an employee or to provide termination benelils. 1.11 True and Falr Wiew By the nature of ils principal activities, the Company is a non-profit rnaking organisation and because of this, a Piofil and Loss Account is not in¢iuded in these accounts, being replaced by a Slalement ol Financial Actmties. 1.12 Donatlon¥ Donations receivable for the general purposes of the Charity Are credited to Unieslricted Funds. Donations for purposes restricted by the wishes of the donor are taken lo Restricted Funds where these wishes are legally binding on the Council, except that any amounts Tequired to be retained as capital in accordance with the donorfs wishes are accounted for instead as Endowtnents - pemanent or expendable according to the nature of the restriction. 1.13 Share capltal The company has no share capital. The liability of the members is Limited by Guarantee. each mernber having undertaken lo contribute such arnount not exceeding one pound as may be required in the ovenl of the company bein9 wound up whilst he or she is a member, or within one year thereafter. Critical accounting estlmatss and judgements In the application of the School's accounting policies, the School Council are required lo make judgemenls, estimates and assumptions about the carrying arnounl of assets and liabilities that are not readily apparenl from other sources. The estimates and associated assumptions are based on historical experien￿ and other factors that are c4)nsidered to be relevant. Actual results may differ from these eslimales. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised where the rèvision affects only that period, or in the period of the revision and fvture periods where thé revision affects both current and future periods. 17_ DwLLsign Envelope10'. 2081CA07-5FA84077.BES2-6AF08793CEF1 THE FROEBELIAN SCHOOL (HORSFORTH) LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Income from cha￿tsb1e activities Unrestricted funds 2024 Unrestricted funds 2023 Fees recew8b18 2.307,171 2,296,958 Incomè from investments Unrestricted Unrestricted funds funds 2024 2023 Interest recewable 6,459 7,008 Other Income Unrestricted Unrestricted funds fund5 2024 2023 Other income Rental income 1.851 5,340 1.266 10,765 7,191 12,031 18- Docuslgn Envelope10.. 2081CA07.5FA84O77-8E52￿AF067g3cEFl THE FROEBELIAN SCHOOL (HORSFORTH) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 Charitable activities Stsff costs Depreciatlon Other costs Totsl 2024 Total 2023 2024 2024 2024 Teaching costs Welfare costs Premises Managemeril & adminislralion Charitable donations 1.585,119 48,383 48,201 167,549 57,248 186.038 1.808,405 92,160 140,543 193,383 266,021 85,710 253.259 59,047 59,047 1,802,036 164,037 227,572 260,741 47,162 24,437 1,829,252 81,685 616.338 2,527,275 2,501,548 Fees payable to auditor- audit 5,040 5,400 1,829,252 81,685 627,378 2.532.315 2,506,948 Analys15 by fund Unrestricted funds Restricted funds 1,829,252 81.685 562,331 2,473,268 59,047 59,047 2.459,786 47,162 1,829.252 81,685 621,378 2.532,315 2,506.948 Prlor year Unrestricted funds ReslTlCted funds 1.805,155 81.460 573,171 47,162 2.459,786 47,162 1,805.155 81,460 620,333 2,506,948 2024 2023 Teaching costs includè: School activrties and projects School books & Èquipment 18,847 16,666 44,305 19,814 Welfare costs include: Food and kilthen expenses 92.160 95,969 Premisès costs include: Repairs and ienewals Cleaning 29,711 8,059 28,053 6.140 Governance costs include= Auditors remuneration 5,040 5,400 19 DocusvJn En%￿lope ID.. 3081CA07-5FA84077-BE52-6AF08793CEF1 THE FROEBELIAN SCHOOL (HORSFORTH) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Nèt movement in funds 2024 2023 The nel rnovement in funds is slated after thargingllcredrtingl.. Fees payable for the 8udit of the charity's financial statements DeprecAation of owned tangible fixed assets 81,685 82.526 School Council None of the School Council lor any persons connected with them) received any remuneration or benefits from the School during the year. Members of the Counctl received no remunefalion in iespect of Iheir role as director and trustee. Audltorfs remuneration The analysis ol auditols remuneration is as follows.. Fees payab18 to the School's auditor and associates.. 2024 2023 Audit of the School's annual accounts 5,400 5,400 In respect of a5soclated pension scheme$ Audit 600 1.000 20- Docusign Envelope ID.. 3081CA07-5FA84077.BE524AF08793CEF1 THE FROEBELIAN SCHOOL (HORSFORTH) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGusf 2024 10 Employees Number of employees The average monthly number of employees during the year was.. 2024 Number 2023 NLFmber Teachers Teaching Assistants Domestic Administration Nursery f3 13 11 15 26 27 64 66 Key management personnel 2024 2023 Totsl 2024 Employment costs 2023 Wages and salariès Social security costs Other pension costs 204,655 26,671 30,206 188.653 22,092 26.881 1,497,945 129,932 145,092 1.453,353 124,496 129,773 261,532 237,626 1,772,969 1,707,622 During the prior year the charitable company underwent significant stafting changes. This has resulted in a higher staffing cost for the year than normal. It has also resulted in 2 members of 51aff earning over £60,000, which has been caused by a member of staff stepping up while another membÈi ol staff was absent from work. The number of employees whose annual remuneration was £60.000 or more were". 2024 Numb•r 2023 Number Teaching 11 Taxation The tompany is a Registered Charity prowding edu￿tIonal needs and 35 such is exempl from tsxalion. 21 Docuswjn Envelope ID.. 3D81CA07-5FA&4077-BE52-6AF08793CEF1 THE FROEBELIAN SCHOOL {HORSFORTH) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 12 Tangible fixed assets Land and bulldlngs Flxtures, flttlngs & equipment Total Cost Al 1 Sepletnber 2023 Additions 2,443.739 728,210 3,171.949 32,037 32,037 At 31 August 2024 2.443,739 760,247 3,203,986 Depreciation and impaim)ent Al 1 September 2023 Depreciation chaiged in the year 376,157 24.437 535,055 57,248 911,212 81.685 Al 31 August 2024 400,594 592,303 992,897 Carrying amount Al 31 August 2024 2.043,145 167,944 2.211,089 Al 31 August 2023 2,067,582 193,155 2,260,737 13 Dèbtoys 2024 2023 Amounts falllng due wÈthin one year= Trade debtors Other debtors PrepayTnent5 and accrued income 173.093 49,417 9.992 58,693 25,036 198,129 118,102 14 Cr•ditors.' amounts falling due within one year 2024 2023 Notes Other taxation and social security Deferred income Trade creditors Other ciedilors Accruals 28,126 212,707 32,549 55,856 11,996 27,424 109.210 88,480 21,709 45,798 15 341,234 292,621 22- Docusign Envelope ID.. 3081CA07_5FA84077-BE52ffjAF08793CEF1 THE FROEBELIAN SCHOOL (HORSFORTH> LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 15 Deferred Income 2024 2023 Other deferred income 212,707 109,210 Deferred income is induded in the finanaal slalements as follows.. 2024 2023 Deferred income is induded wlhin.. Current liabilities 212,707 109,210 Movements in the year.. Deferred incoTne al fj September 2023 Resources deferred in the year 109,210 103,497 87.927 21.283 Deferred income at 31 August 2024 212,707 109,210 Deferred income relates to fées for the forthcoming school tetm. 16 Re¥tricted fund$ The restricted funds of the charity comprise the un6xpended balances of donations and grants held on trust subject to specific condllions by donors as lo how they may be used. Atl Septembèr 2023 Resourcès expended Transfèrs At 31 August 2024 Fundraising ac￿Unt Restricted donations Bursary and hardship 13,4691 37,661 35.613 (3,469) 37,661 (23,4341 (59,04n 69,805 159.0471 10,758 Previous year: At1 Septembèr 2022 Resources expended Transfers At 31 August 2023 Fundraising account Restricted donations Bursary and hardship 13,4691 37.661 46,480 13,469) 37,661 35,613 147.1621 36,295 80,672 (47.162} 36,295 69,805 -23- Docus￿n Envelope10'. 3081CA07-5FA84071.BE52-6AF08793CEF1 THE FROEBELIAN SCHOOL (HORSFORTH) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 16 Restricted funds (Continued) The fundraising accounl refers lo fundiaising carried out by the School speafically for the purpose of making donations to other charitable bodies. The School, in recognition ol its charitable status, established a bur58ry fund to prowde support for current and future pupils who experience difficulties ￿n meeting their fin8ncial commitment lo the School. 17 Unrestricted fundg The unrestricted fund5 Of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and giantors as to how they rnay be used. These include designated funds which have been set aside out of Ljnrestricted funds by the ttustees for specific purposes. At1 September 2023 Incomtn9 resources Rèsources expended Transfers At 31 August 2024 General funds 2,347,910 2,320.821 12,473,268) 2,195,463 Prevlous year.. At1 September 2022 Incotning resourcas Resources expended Transfers At 31 August 2023 General funds 2,527,994 2,315.997 12,459.7861 {36,2951 2,347.910 18 Analysis of net assets bètween funds Unrestrlctèd funds 2024 Restricted funds 2024 Total 2024 At 31 August 2024.. Tangible assets Curienl assetsllliabilitiesl 2,211.089 115,6261 2,211.089 14,8681 10,758 2,195,463 10,758 2.206,221 Unrèstricted funds 2023 Restricted funds 2023 Totsl 2023 At 31 August 2023: Tangible assets Currènt assetsl{liabililies) 2.260,737 87,173 2,260.737 156,978 69.805 2,347,910 69.805 2.417,715 -24- Docu5￿n Envelope ID.. 3081CA07-5F￿4O71-BES2-GAFO8793CEFl THE FROEBELIAN SCHOOL (HORSFORTH) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 19 Rèlatsd party transactions During the year Kenneth Beaty, who was a director of The Froebelian School (Horsforth Limited until his resignation on 31 August 2023. is a director of a company which uhimalely owns Sagars Accountants, who provided accounting È551slance to the school. Thè total expensed in the year was £18,600 {2023 £7,938) there was £6,000 (2023 £3,000) oulslanding at the year end. The school also incurred costs of £nil 12023 £6,47911o Anderson. Anderson & Brown. who a￿ part of Sagar5. The amount ou151anding at the year end is £nil12023 £1.8551. There werè no other disclos8ble related party transactions during the year12023- none). -25- Docus￿￿ Envelopp ID.. 3081CA07.5FA84077.BE52-6AF08793CEF1 THE FROEBELIAN SCHOOL (HORSFORTH) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 20 Pension costs The School makes pension contributions under the Teacheff5 Pension Scheme ITPSI and The Pensions Trust Growth Plan. The assets of both schemes are held separately frorn those of the company in independernlly admiriisleied funds. The amounts ieoognised in the Statement of Financial Activities a5 an expense for both schemes was £145.092 12023.. £129.7731. Included in creditor5 at the year end was a balanc8 01 £20.281 12023.. £15.6371 in iespect of unpaid conlribLJtions. THE PENSION TRUST GROWTH PLAN The Charitable Company participales in the scheTne, 3 multi-employer scherne which provides benefits to sotne 1,300 non-associaled participating employers. The scheme is a defined benefit stheme in the UK. 11 is not possible for the company to obtain sufficient inforrn8lion to enable it to account for the scheme a5 8 defined benefit scheme. Therefore il accounls lor the scheme 85 8 defined conlribulion 5cherne. The scheme is dassified as a 'lasl man standing arrangement.. Therefore the company 15 potential￿ liable for olher participating etnployers. obligations il those employers are unable to meel their share of the scheme deficit following wilhdr8wal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation foi the scheme was carried out 8t 30 September 2017. Thi5 valuation showed a55èts of t794.9m. liabilities of £926.4m and a defial of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participaling employers to pay additional contributions lo the scheme as follows". Deficit contributions From 1 April 2019 to 31 January 2025.. £11.243,000 per annurn Ipayable monthly and increasing by 30k ea¢h on 1st April) Unless a con￿$s1on has be8n agreed with the Tru51ee the tem to 31 January 2025 applies. Note that the scheme's previous valualion was carried out with an effective dale of 30 September 2014. This valuation showed asse15 of t793.4m, liabilities of £969.grll and a deficit of £176.5m. To eliminate this fvnding shortfall, the Trustee has asked the partiapating employers to pay additional contributions to the scheme as follows.. Deficit contributlons From 1 April 2016 10 30 Seplember 2025.. £12,945,44Q per annum (payable monthly and increasing by 3°A each on 1 st From 1 April 2016 10 30 Septèmber 2028.. £54,560 per annum Ipayable monthly and increasing by 3°A each on 1st The recovery plan contributions are allocated to each partiCApaling employer in line wth their estimated share of the Series 1 and Series 2 stheme liabilrtiés. ere the SChe￿e is in deficit and where the company has agreed lo a defiat funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the defiut reduction contributions payable under the agreernenl that ielates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rale is recognised as a finance cost. 26- Docu8ign Envdope ID.. 3081CA07-5FA84077-BE524AF08793CEF1 THE FROEBELIAN SCHOOL (HORSFORTH) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 20 Pènsion costs (Continued) TEACHERS, PENSION SCHEME ITPSI Introduetlon The Teachers, Pension Scheme (TPS or scheme) is a statutory, unfunded, defined benefit occupational scheme, govemed by the Teacher5. Pensions Regulations 2010 (as amended), and the Teachers. Pension Scheme Regulations 2014 las amended). These regulations apply to teacher5 in schools and other educational establishments, including academies. in England and Wales that are maintained by local authorities. In addition, teacher5 in many independent and volLJnlary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership. Membership is autornalic for full-time teachers and ledurers and, from 1 January 2007, automatic too for teachers and lecturers in part time employment following appoinlmènl or a change of contract. Teachèrs and lecturers are able lo opt out of the TPS. The T•achers' Penslon Budgeting and Valuation Account Although members may be employed by various bodies, their retirement and other pension benefits are set out in regulations made under the Superannuation Act (19721 and Public Se￿￿ Pensions Act {20131 and a paid by public funds provided by P8rliament. The TPS is an unfunded scheme and members contribute on a 'pay as you go. basis - contributions from membeis, along with those made by employers, are uedited lo the Exchequer urider arrangements govemed by the 8bove Acts. The Teachers, Pension Regulations 2010 require an annual account, the Teachers. Penston Budgeting and Valuation Account. lo be kept of receipts and expenditure (including the oosl of pension increases). From 1 April 2001. the Acc4)unl has been ciediled with a real rale of return. which is equivalent lo assuming that th8 balance in the Account is invested in notional investments that produ￿ that real rate of relum. Valuation of thè Teachers. Penslon Scheme As a result of the latest scheme valuation employer contributions were increased in September 2019 from a rate of 16.40A lo 23.6°A. Employers also pay a charge equiv31enl lo 0.08°A of pensionable salary costs lo covèr administration expenses. The next valuation is expected to take effect in 2023 A copy of the latest valuation report can be found on the Teachers, Pension Scheme website. Scheme Changès In December 2018, the Coijrt of Appeal held th81 transitional proledion provisions contained in the refowrned judicial 3nd firefighter pension schemes, introduced as part of public service pènsion reforms in 2015. gave rise to direct age discritnillalion and were therefore unlawful. The Supreme Court, in a deasion tnade in June 2019, rejected the Governmenys application for permission lo appeal the Court of Appe81'5 ruling and subsequently referred the case to an Ernployment Tiibun81 to determine a remedy which will need to be offered lo those members of the sthemes who were subject ofthe age discrimination. Since then, claims have been lodged against the main public 5erv7ce schemes induding the TPS. The Department has conceded those in line with the rest of the govemment. In July 2020 HM Treasury launched a 12-week public cA)nsultation which will provide evidence to support the delThiery of an appropriate remedy for the affected schemes. induding TPS. A final remedy wll be determined once the results of the consultation ale established. -27- Docu5vJn Envelope ID.. 3081CA07-5FA&4077-BE524AF08793CEF1 THE FROEBELIAN SCHOOL (HORSFORTH) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 20 Pension easts Contlnuedl In December 2019, a further legal challenge was made 8g31llSt the TPS relation to an identified equalities issue whereby male surwvors of opposite-sex marriages and civil partnerships are treated less favourably than survivois In same-sex marriages and CNII partnerships. The Secretary of Stale for Education agreed not to defend the case. In June 2020, the Employrnent Tribunal recorded its findings in respect ol Ihe daimanl. DfE is currenlty working to establish what ohange5 are necessary to addiess this discrimination. 21 Analysis of changes in net funds The Sd)ool had no debt during the year. 22 Cash generatèd from operations 2024 2023 OeficAt for the yeai 1211,4941 1190,951) Adjustments for.. Inveslment incorne recognised in statement of financial activities Depreciation and impairment of tangible fixed assets {6,459) 81.685 17,0081 82,526 Movements in working capital.. Ilncreasel in deblors {Decieasel in creditors Inciease in deferred income {80,0271 {54,8841 103,497 {54,4561 {10,1551 21.283 Cash absorbed by operations 1167.682) 1158.7611 -28-