REGISTERED COMPANY NUMBER: 01157590 {England and Wales) REGISTERED CHARITY NUMBER: 532262 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 FOR HIGHFELD PRIORY SCHOOL LIMifED RLtshtons Chartered Accountants Slatulory Auditors Shorrock House 1 Faraday Court Fuh¥ood Ptestc¥) Lancashirè PR2 9N8 'K13DTZ6Q' 18105rk024 . COMPANIES FKIUSE. A7 #149 HIGHFIELD PRIORY SCHOOL LIMtrED LEGAL AND ADMINISTRATIVE INFORMAMON Govèrnors W R Gannent Dwhthan EMSAhmed JATNaim BRHall J R W(xyJ N Mason D Patel Sn S Moylon M Illsley PPNoal Secr•tary and Sehool Buslnèss RJ Cottom Manay•r H•admast•r J Duke BEd Hc Charity number $32262 Company numbgr 01157590 R•glst•r•d ¢)ffle• Fulwood Preston Lancashir• PR2 5RW Audltor Rushlons Chart$red A¢¢ountsnts Stattrtory Audiiots ShorTock House 1 Faraday Ccmjrt Fuknod Preston Lancashirè PR2 9NB 8ank• National W•sknnster Bank Pk 292 Garstang Road Fulwood Pr•ston PR2 9RQ HIGHFIELD PRIORY SCHOOL UMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Pag• Rwrt oftho Try$to¢s Report ol the Independent Auditors 8 10 10 Stat•m•nt of Flnanclal Aetl¥ltl•s Balane• Sh••1 12 Cash Flow Statement 13 Notes to th* Cash Flow Statemmt 14 M(*t•s to th• FSn•nelal Stat•m•nts 1S to 23 HIGHFIELD PRIORY SCHOOL LIPAITED {REGISTERED NUMBER: 0115T5901 REPORT OF THE TRUSTEES FOR THE YEAR E140ED 31 AUGUST 2023 The Board of Govemors presenl annual re￿rt and the audited ffinancial statemenls for the year ended 31 August 2023. Al Governors ol the Scho￿ a￿ Dire¢1ry5 and Trustees of the charity. The accounts have been prepared in accordance with Ihe a￿oUnting poh'caes Set out in nole 1 to Ihe accounts and comply with the Companres Act 21)06 and "A¢¢ouniing and Rep)ftyng by Charities." Stsiemenl of Re¢ommended Practice aP￿Icable lo chari¢*s p￿paring their a¢ry)unts in accordan￿ with Ihe Financial Reporting Standard applirable in the VK and Republic of Ireland IFRS 1021" las am•rthd lor a￿n￿"Th￿ pewiG*Js ￿Mmenc4r￿ from 1 janu￿ 20161. Prlnclpal A¢tl¥ltJes The Company's prinopal aetivity thring the year continw1 to be Ihat of a regstered charity (number. 5322621 operating as a s¢hool. Th• sdKx>l was founded in 1940. ObJectlves and actlvltles The objecl lor whtch the Company is estsblT5hed las out in Ihe Memorandum of Asswatronl 1$ the advaneern¢nt of education for both boys arKI gids of all sedTrtins of thè eommunty. arKI in conneciK>n thÈrtvth to condl￿ and cary on a school in which they may receive a genernl edUCat￿n. The Governows and SenM?r Management Team of High￿￿ PrKNy sc￿ rHVJhfie￿l dwek)ped the long temi strategy, together with operating plans to achieve the aims. lo provKYe strategic dI￿110n and io set oul where it plans io carry out actions and allocate r•sle growlh prr•3￿$ in Ihey sttjdies this year. demtsnslrating their thirst for knowledge and their detem)inalKsn to reach thwr full potential. Our Year Six has. orr2 again. achieved excellenl results 17{100.￿ Pa55 Ralel children passed the Grammar Schryjl Examinalion. 3 achwed 4 $cholatship and all thildrgn who I¢￿k entrance examinab.ons were accèplèd by thèir d)osèn Independènt SChtr￿. In th• NCT Examinations ￿ aChI￿•d.. 111 English, 111 Maths and 115 SPAG. signffjuntty above the NalicThl Average. The School's Geography exhibition saw the chik1￿n researching Ihe world around them and producing m￿Y models to support their investigations. including a Vdcano. a Sea Worfd and a Sustainatye House. Beyond the classrwm. we have vthesse(I mtJ5ical assemWies that have show￿￿ our $iu(10nts' remarkable music81 talents on in5tnJments ranging frorn the tromlM)ne to Ih8 flute. These mustsl endèavours havè alltswad our students to express their creats.vity and nurture th￿"￿ love for lh8 arts as w811 as buÈk1iThJ Ih•ir confi¢J•nc• performing in front of a largo audience. At Highfield. the chikknn WO￿ har(1 to buikl Confide￿ and sew-bekf. The sclth produclions a￿ an imrAHtsnt part of this. Irorn gur Pre-scIKJoler5' Chrislmas Dance performance: to our Infant Boo9￿-wo0gI9 Nativity., to our Junior Chnstmas Concert,. to the Years 3 and 5 perfom)ance ofArchibakl'sWar, to the Year4 proLluction ofThe Jungle Bcx)k atthe LaThJma Theatre,. and culminatsng. wrfh our Year 6's final HvJhfield play.. Jill and Fred's Hyslerical. Historul Adventure. Through these perf0rn7ances. our stydents have embraced the power of slorytelling. teamwork. and $eK-expre5sion. They build conffidence each year and enioy cekntin9 exh otherfs rTKrfrenl in the sp0vi￿1. Sp)rting sueeess has also st￿e brighty thrOug￿￿j( th"s year. (*Jr sbJLlents have exhitsted ￿markable sportsmanship. dedicats"on. and skill in various competitions and toumaments. They ce￿brate not only their victories but also the lessons Ihey have ￿arned through hard work. pw5everance. resilience. Th￿ year wr hockey players reached the final of the SMH toumament, they won the DNision Onè of the Preston Schools. Swimmirrfj GaLa, thèy wern runnèrs up in the ISA Kwk Cncket toumamenl and semi-finalisls in the p￿S1on Girfs. Football Toumament. Individually, Za￿an, ￿bhIIn, Graee and Wei Ann all qualified for Nat￿al events wth ￿"bh￿n wnning gok1 in the long jump and relay. and silver in the 75m. Naina has represented ETrJland at tennis. ￿bhIffi has rep￿SenIed the Norlh and the County al hockey and Lyla has represented Preston Norlh FrKJlban aub aThJ has ￿￿ned the FA Engk8nd Wo￿￿￿.5 Pathway. Thi5 yearw8 also paid tribute to our knng4•Ning Staff. dedKakn a)d commNmènthave shaped our school's legacy. Their yèars of s*Nicè hav6 t(yJched thè livès of counuèss students. leaving an impact on their education and personal groth. Their passion, resilience, and support have made our school a nurturing and inspiring place to leam and Ihrive. Each member of staff is greatly Valu￿ by us al, but today l like to menlM)n those who have seNed tsventy or more years at Highfield= Mr5 Haythomthwaite. Mis5 Macklam. Mw5 B•nn?t( Mr5 MC￿"ne, Miss Cath•rall, Mts Wilson. Mrs Hay8s. Miss J•b%itt and Mrs Jones. At HvJhfield, corrrfnunity is central to all we do. ¥¥there dreams fhwrish. ambith)ns thrive lutures are transforned. The achievernents and chaifgnges that have defined Ihi5 year knad the lo ?mbracg greater challew¥Jes and inspire IhÈ School to even grèater succèss in the lulure. Page 3 HIGHFIELD PRIORY SCH¢)OL LIMITED (REGISTERED NUMBER: 01157590 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 Developments The Govemors are committed to 1he ong(xng Knprovement of sthod facillie5. The main fo¢u$ of investment continues to centre on the provision of first class leamiThJ and tèaching facilitses. WÈ continued io improve Ihe security ol thè bLtildings and grounds. Significant w¢gr¢ss has t¢en made in the year on pU3ns for thè rebuild ol t￿1 nursery building, aft¢r il wa$ déstroyed in an arson attack. Thè Govermrs are ￿￿kIng at itas an oppw)rtunity to review the nursery facilities and impwvt provision. Thè rn4èswnÈd rwjrsery *ryll be an IrL￿dIb￿ asset for thè sch￿1. Flnanclal r•vl•w The results lor the year are sel oul in Staterneni of F¥woal A¢tiVit￿$ on pag? 11. Income shows an increase to £1.908.051. We have managed io maintain eonsistent pupil numbers and tem)ly fees belng held at a competitive kvel. Maintainir¥J fees at a competib.ve level ensures that as many pupils as possible can access the school, whilst ensuring that Ihe best teaching reSC￿lrCes and kaming environmenl are p)wded. The overall resuhs show a defirit of £41.167. The Schod Business Manager m8intsin$ a $trong cash and working capital posrtion wilh no bank overdraft or loans outstanding al the year end. R•serves Policy Th• Govtrmors regularty revièw lh• finances. budg•ts and sp8nd against tcxJ8ther wth cash fiow ana￿lS as part of the effective stewardship ol the Sch¢x4. In cornmon with olher irKlependent sch<)ofs. the Governors havè in￿st￿ substanttal sums in thè School buildings and have a conthnuing programmtr of refurtiishment. devefopment aThJ investmenl to maintain excel￿nt tead)ing facilities for our pupils. As shown in note 18 lo the a¢￿￿nts. the school has free reserves of £145.954 supported by available cash which will be utili5ed for lutyre enharvments to tscikl￿S and to support cornmrtted bursary place5 through those pvwls time al Highfield. The high proportion of desi9nat8d lunds illustrdles the èxtènt of in¥￿tment in our School, in line *ith Ihe ¢apitsl investsnent plans. The Govemors a￿ comfortable with the feseThes positi.on gNen Ihe stability of cash flows from l•• income, *)ngoirvJ popuLarity of ihe Sclwot and tho available banking facilit￿s. The Govemors recognise thal Ihe kvel gf reseNes fluduates durirg pericKts of $wJnificant investment in the Sch(K)l and ¢ontinu8lly n￿All{* the avaikbilty of free cash fl¢M and availablè banking facilities to manage the sch￿I.s need$. Inv•$thient Poll¢y The Board aim5 tts safeguard ils furKl$ and ensur¢ av¥ilalylity of I￿￿￿1 resour¢¢s io meet the day lo d•y r*&ds of the School. The Schod doès noi hdd any nKffiètary lnvèstrn￿ts. Rlsk Manag•m•nt The Governor5 have a risk management strategy corryli￿.. an annual review of the risks thé charity may fa(*.' Ihe e51ablishment of systems and pn)cedu￿5 to mitsgate IIM)s• risks Kl•ntified in the plan", and Ihe implementation of ￿￿edL￿e$ des#Jned to miThrr4se ￿Y potent￿1 impact ￿ the charity shouhy those risks materialise. Financial Sustainability The school is at risk from ecotKJmic factors whth may impact ¢M Ihe affordability of f•es. The c*)vem￿S also se•k to ensure that lees are retained at a kvel which maximises the a￿sSibl￿ty of the education provided at HighfieKI Priory vknilst also ensurir4J that reserves are available to maintain and develop fac11rt￿5 at the schocl. A prudenl approach to b￿jgeting is athJpted each year perfrymance 15 rn(xMt(Ked thrThWout the year. Page 4 HIGHFIELD PRIORY SCHOOL LIMITED {REGISTERED NUMBER: 011575901 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 Safeguardlng and w•llar• The safety of pupib i% a significant rtsk in any Sc￿1 enVIr(￿￿nI. A separate comrnillee 15 in place vthich reviews all elements of safeguarding and ensures that Iraining is in ￿ace for all stsff and Goverrrfys. ISI In$p•cllon The risk of non-compliance and failing to meel Standards as a res￿ of an ISI inS￿bon are mana9ed by thb èstsblishmènl and continuous review of robusl polws and prc¢edures. ademi¢ Re$utt8 The risk of a delerioralion in Ihe excellent ￿ultS ach*ved by the Sd￿01 is managed by continuous review ol provision and rèsults by bolh $laff and Govemots. The academic Fwress of each pupil is monitored as part of their overall davèlopmenl. Rlsks wSthln the market or Industry sector The school faces Ihe risk oflwng Ihè aeccAadès and awards 0facademicexcel1er￿, it has 3￿yS achieved in past years. There is ah¥ay5 the ¢on¢em that parents may rnove thè yt￿nger chihl of an dd•r sibling wh•n helshe goes to sen schtsol. Cornpetilttsn is stroNJ. both in the in¢Justry sector and in the bcal geographic area. Thefe is a risk of the demographic changing as mobilrty of populations is so vdab"le. The Sthool ha5 also considered the effects of proposed new housing developmènts. It is uncertain as to wthether powlatim grryth wll avail il of a W￿der admission base or if il will have an adverse effect. Plans for future periods The Governors have Strateg￿ and opefab.ng plarts that are regulaty reviewj. At ihe core ofthe plans is the key 0tr4ective to continue to provide a good quabty education to the pupils al HTr*field Priory School ty investir¥J ￿ the facilities and resources requi￿ to do so. SIn￿lUre. g(trvèmane• and manaym•nt Highfield PTiOry School Ltd is a charitable company limited by shares. The charity is governed by the companys Memorandum and Artide of Associatson and regulated by the Companies Act 2006 ar￿ the Chanty Crxnmission ftsr Engtand and Wales. The ma¥imurn number ol govemor5 15 thirteen. AJI governors ofthe are ￿l￿torS and tfUSteÈs of Ihe charity. Th• number of current govemors is ten, consisbng of ts¥o govemors who are parents of children at Ihe s¢hotsl and eight Co-opted govemors. Governors are apwinted by the Board on recommendatKJn from a nominations committee. Governors are reuuited and appointed based w speryah'st skn"N5. pewsonal comp•l•r￿. •ligibility and availability to S•Ne the sch(xil. All of the Govamors of the School a￿ D￿(￿$ aTrJ TTuslees of Ihe charity. The directors ¥Ntho held offKe during the year and sinrx Ihe year arè detailod btlow:. Name of direclor Offica hèkl in year Commiltees attended D Whitman ChaK of Go¥emors. Chair of Strategi¢ Commrtiee Vice Chair of Govemor5 Chair of H&S Cornmtheè AUD. STR. FGP STr AUD, STR, HS STR. FGP EMSAhrned Swon W R Garnent BRHall M Illslèy N Mason JATNaim STR. FGP STR. FGP AUD. STR. FGP AUD. EDU. STR, SCP Chaif of FGP Commrttee Chair of SafgJuarding & Chibj Protection P Noall JRWood STr AUD. STR,EDU Chair olAudii & Cornpli?nce Commrtlee. Chair of Education Commrtlee Page 5 IGHFIELD PRIORY SCHOOL LIMrrED (REGISTERED NUMBER: 011S7590) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 Govemots are inducted into the workings of the schcrf)l and of its kgal status of a limited company an¢J as a registered ¢harity. The induction indvdes familiarisalion ol all wlicy and prwxdures. The Induct￿ ￿L￿MentatIOn eontains the MeffwNandum and Artides ol Association. the last iwo years. final accounts, the latèst rnanagemenl accounts, previous minLrtes, information on the role ofa SC￿ gtsvèmor and tharity comMtsS￿ publicat￿n$ ward#)g the responsibil￿'e$ ol a trustee and Temis of Reference for sub-eornmittees. The Chaimian, fellow Govemors, Headmaster and Schc Business Manager pwovide orrfJory supr*YL The day.lTrday managernent of thè Chwity is dekgated to the Headlead￿r. Mr J Duke 7fvtho altend$ the governor¥. mèétings. The govemors meet Ihree ￿MeS per year to determinè Ihè 9Ènèral policy and review its o¥ernll controLs and management structure. There are Sub-committees covering Auditand CLNnpliance. Strategic Planning, Finance and General Purpose5. Safeguarding and Child Protèctitin, Héallh and Safety and Education. objecti￿ for each Commrtiee are Set at the start of Ihe year as part of a wider rewew of Ihe strategy of tr￿ charity. The v)mmittees to ¥thich the Govemors are apponted are ¥￿icated above. as identified LLsing th? key Shown bg10w'. ALID Audit and Compliar STR Stralegic Comm*ttee SCP Safeguarding arKJ Child Pmteclion FGP Finance and Gentrral PufPOS6S Commitlee {1￿. Markeliryl HS H•allh, Safety & Wellbeiwj EDU Education Committee s￿￿¢0mMItte•s arè chawed by a gOVerr￿ and ￿her meths ofthe s￿Vern1r￿j toty, the Senror manage￿nt Team and othèr sctrKKJI •Nyloy88s. Key management personnel The Govemors. lo98lhef with thè He*lmaster. the Sthod Business Managerand the Senky Management Team compii5e Ihg Key Management Personnel Isee Th)te 17 to the accountsl. The Govemors volunteer th￿rtiMe and do not rècèivè any rèmuneratK)n or benefit in consideratth of the lime given. The pay and remtjrerabon of the Head ar￿ senior staff 1$ detemiined by the Pay Review Committee under the iems of the Pay Policy. vthich aims to set oul Ihe framework for making decisions on Ihe pay for all sch￿￿ stsff, not just sen￿r leadets. It has been devekjped to meel the aims the school laking into consideration Ihat it is an independent school whth is susceptibk to polibcal and ecorKyni¢ extemal influèncès oulsid* its control, the school aims to offerattractive salaries and pay progression. when rAyTrpared with the educatitsn an èducats.onal support seclor generally to SUFVOrt reCru1trn￿t arKI retention arKJ ensure accountabi&ty. transparenty. objeclivity and equality of opwrtunty. Statement of trustee5' responsibllltlè$ The trustÈts. who are also the directors of Highfieid Priory School Limited forthe purpose of cornpany18w, are responsiblts for prepariThJ the Trustees, Report and Ihe ￿COUnts in acwrdance wrfh applicable and unit￿ Kiiwdom Accounts"ng Standards (United Kir¥Jdom Generalty A¢￿pted A¢¢gunting Practice). Company Law requi￿ Ihe trustees to prepare awA)unts for each finanual y•ar gNe a twe and fair view of the ol Ihe charity and ol the incoming rèsourtès aThl applKatKJn of resourcts, YKluding the irm expenditure. of the charitable Ixrnpany forthat year. In preparing these accounts. the trustees a￿ required lo_' select suitable a¢￿￿ntIng and then appty them ¢on5i5tenty'. observe the methods and principk5 in the charit￿$ SORP., make judgements and estimate5 thal are reasonabk and prudent stat8 whethèr applicable UK Acctyjnting Stan¢Jards have been followeLI. su*'ecl to any material depa￿re5 di5¢bs and explaing(l in the awjunts". ant1 prepare the accounts on th• 90ing CLY)c•m ba￿$ unless il is inappropriate to presume that the charity wll ¢￿tinUe in opèratron. The trustees are respO￿￿e for keeF¥ro adequate ￿Coun11r￿j re(x)Tds Ihat di8¢lose ¥￿1h reasonable accur8cy at any lime the finanaal position ol Ihe charity and enable them to ensure thal Ihe awounts crynpty with the Companies Act 2006. They are also responsible for safeguardin9 the assets of the chanty and h•ncè for taking rèasonable steps for th8 preven1￿n and deteclion of fraud and cthr irregul#iil*. Auditor Rushlons have been apprynted as the sclKrf)I's audiiors (orth• trmrd CLytseojti￿ year. Page 6 HIGHFIELD PRIORY SCHOOL LIMITED {REGISTERED NUMBER". 011S759D) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 AUDITORS The auditors, Ru$htorts, Mll be proposed for fe-appoinlrnenl at the forthcA)m¥y Ann[￿1 General Meeting. E•¢h of thè trustees has confimied that there i% no information of which ihey are aware whith is rthvant to audit. but of whi¢h the auditor is ltnawa￿. They have lurther confiffi￿￿ thal they have t*en appropri8ie steps to id*ntsfy such rèlevant infomiation and to establish ihat the auditor ts aware of suth inforrnatiorb. This report has been prepwed having taken advanta9p ofthe smal ¢ompanitts extmpb.on Companies Act 2006. Report of the trustees. incorkxyating a strategc repÉyt. aFvoved by order of the board of trustees. as the company ￿1￿ctorS. on ..... T510512024""" .. and &gr￿1 on thè board's b•hall by.. Nicola Mason Mrs N Masors- Trustee Page 7 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HIGHFIELD PRIORY SCHOOL LIMITED Opinlon We have audited th¢ ffi￿a￿al ststements of Plghffield Priory Sd￿1 Limited {the'charitable cornpanYI for Ihe year ended 31 August 2023 which comprise the Slatement of Financkgl Actrwl*s, the Balance Sheet. the Cash Fbw Staterngnt and notes to the financial statements. including a summary of S￿3n￿¢an1 accounting polKie5. Th& financial rèportirrfj framèwtsrk that has been apptsed in thwr preparatym is app￿a￿￿ law Untled Kir¥Jdom A¢¢wnting Standards (United Kkngdom Generalty Accepted Acr￿uD￿￿j Practice). In our opin￿n the financial ststements: give a truè and fair vièw of thè state of the charitabbe comp*w's affaits as at 31 August 2023 and of its incomlng resources and ap￿1¢￿tion of ￿SOUrces. induding rts income and expendrture, for the year then ended., have been properfy prèpared in accordan￿ with Uniled Kit)gdom Generally Acctpted Accwnting Practice.. and have been prèpared in accordance with the requ1￿Me￿I$ ofthe Cc¥npanies Act 20Ck8. Ba$ls for opinion We conducted our audit In a¢cordan¢e wth Intemathxal Standarvld•d by opèrations 234.785 93.934 ANALYSIS OF CHANGES IN NET FUNDS At 1.9.22 Cash ficrw Al 31.8.23 Net cash Cash al bank and in hand 478.534 165.906 644.440 Total 478.534 165.906 644.440 The ￿te$ fom pwl of these finanrial statements Pag9 14 HIGHFIELD PRIORY SCH(K)L LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 CHARITY INFORIIATION Highfield Pfiory School Limiled is a private company limited by shares irKowaled in Er4JlaTrJ and Wales. The registered office is 58 FuN¥ood Row. Fulwcoj. Preston. Lar￿ShiTe. PR2 5RW. ACCOUNTING POLICIES Basls of pr•parlng the financl•l statem?nts The financial slatements of tharitab￿ Gompany, is a public ben¢frt entity und¢r FRS 102. have been prepared in accorda￿e with the Charrtiès SORP IFRS 1021'Aeeounh"rvJ and Repjrting by Charities-. Statemènt of Recommended Praetice applicable to charib.es preparing their accounts in accordance wrth the Financial Reporting Standar(l applicablè in the UK and Republic of Irefand IFRS 1021 leffecb.ve 1 January 2019}'. Financial Reporting Standard 102 The Financial Reporting Standard appI￿ab￿ in the UK and RepublK of Iretand, and the Cowjanies Act 2006. The financial ststements have t)een kxepared under the hislorical cost (x)nvention. The financial statements are p￿Paffjd in stèrfing, the fun¢titywl currenty of Il* Charity. IAonelary 8movnts in Ihose finan¢ial $tst¢ments am muThled to the rlearest £. Golng eonc•rn At the time of approwng the finanual $talen￿ts. the tnjstees have a reasonab￿ expectstion that the charity has adequate resources to continue in operabonal existence for ihe fore5eeabte fvivre. Thus the trustees continue to adopl the going basis of accounts"n9 in preparing Ihg fina￿1￿1 ststements. Incomè Income from CharIts￿e activit￿$ comprises Scho￿ fees. net of burwes. and Telaied ￿lpts. accounted for in the perKJd in which Ihe service Is provKled. Fees for edu¢alion to be provided in next ac•Jern￿ year, are carried forward as deferred income in th• balancè shèet. Cash ¢Jonations are rec￿lse￿ on ￿lPl. Other donatws ar8 rec(oDised once the charity has been notified of tha donai¥)n, unl&ss p8rfomiance condiitons rnquire deferral of the ar￿unI. Voluntsry inwme indudiry. grfts and (b)n*￿5 ￿CeNe(l for the general purwses of the tharity are irKluded in unrestrict¢d lund$ rwN¢d. Vth&r* these ¢onyise d dMatèd fLx¢d assets. thèy a￿ indude(18t market value. Investsnent income is rec¢4Jni5ed ￿ ¥ rereNatAe basis. Expenditure Expentjiture is ￿coUnts fw on an accrnals basis. •xI￿j1￿3 VAT whth c￿nOt be recovered. Governance costs oynprise the costs ol running the tharity. includiry Strategic planning for its ￿re development. extemal a￿￿41 and all the ￿$ts of complying ￿1h ¢on5titutional and statulory requirements. suth as the o)sts of Board and Cornmittee meetirys and ol PTeparing Statutory accounts and satis￿"n9 public accountability. SvpF¥Nt costs Lh)vemance costs have be￿ allocated kn the charitsble as thère is only on8 main activty undertaken by the chalty. Tanglble flxed assets Tan9ible fixed assets are inrtialty rn&qsured at cost and subs8quènUy rn•asured at (X)5t or v81uation, of dèprecia*"on and any impaim)ent bsses. Only items ovei £150 are capitalised. Oepreriation is reCO￿lsed so as 10 T￿lIe off the o)st or valuati￿ of assets less their residual values over their usefijl lives on the fdhJwNig ba5es.' Freehokl land Fre•htskl properhes Fvmthjre and equipment IT èquiprnant Motor ¥eh￿leS 1-10% Straight line 15% Reduang bai8rKe 25% Str8i9ht line 25% Re(luong balar Th• gain or loss arising on the disF4)sal of an ass￿ i% dètèmiitd as fv drtfèr￿C• bè￿¥8￿n the 3818 proceeds and Ihe Caff￿'ng vahje ofthe asse( and is ret09nk￿ in net incomellexpendrturel for the ￿*r. Page 15 cont¥vJed... HIGHFIELD PRIORY SCHOOL UMITED NOTES TO THE FINANCIAL STATEMENTS- ¢¢)ntinuod FOR THE YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES - eontinu Taxalion The school is 8 regiStèr8t1 chaiity as suth i$ entrtltrj to lax exenwtiorts on all its kncome and gaSns, prope applied for its charitablè purposes. Charitabl• fvnds Unrestricted lunds are avalable for use at the discretion of ihe trustees in furtherance of their Charitab￿ objecbves. Designated tund$ o*npris& fvThJs %bthi¢h have b¢Èn $¢1 •SKle ot the dis¢r¢tion ofthe trustees for spetyfi¢ pu￿0$¢$. The PurP￿eS and uses ofthe desgnated fvnd$ ao $et in the notes to thè financial statemènts. Restrieted funds are subject to SF￿r￿ coThJitions by don0￿ as to how they may be used. The purposes and uses ofthe ￿StriCted fijnds are set out ￿ the notes to fmancial slalements. Cash at bank Cash and cash equivalents include cash in harbJ, deFKxits hehd at ￿11 with banks, Qthgr shryt-lgrm liquid vèslmènts with Original maturilies ofthre• months or less. and bank ovttdrafts. Financlal Instrum•nts The charity only had financial assets l¢Yebtors. cash and bank balance51 and financial liabilities Icredrtors and accruals) of a kind that qualtfy as basic financial instruments. Basic finar￿la1 instruments are inrtially recognised at Iransaction value subsequenty measured al Iheir seluement v*9. Employee btn•flts The cost of any unused holKlay entitlement is recognised in the period in wh'th the empkjyee's services are received. TerminatK)n benefits ar¢ feccyJnised Fmffiediate￿ as an expenses when the charty is dam0nstrab￿ committed to terminate the employment ol an employee or to provide tem)nats"on benefits. Penslon scheme The Charity wnlribuies lo Ihe Teach￿￿. Pension Defined Benefits SC￿rn• atthè rntes set by thè Schemè Actuary and advised to the Board by Ihe Scheme Administrator. The Sche￿ is a mults ￿}P￿Yer pension scheme and it is not pM)ssible to idenlty the assets and labili1￿ of the stheme which are attributab￿ to the school. Therefore. in cordance vthh FRS102 the scheme 15 accounted for as a defined contribulion schen* {5ee nole 231. The Charity also contribLFles to dèffi[￿d c0nth.bu￿rb indwidual par$￿al p￿$￿*￿ sthemes for cortain non-teaching staff at 5%-7.5% of annual basic pay. Contributions to both schemes are charged in the SOFA as they become payable in acCOrdar￿ wth the rules ofthe schemes. L•ases Rentals payable tharged to the St•tsrn¢nt of Finw•l Athikn"es a$ inwwr•d ¢)ver lh¢ tèm of th• bèasè. Irrecovèrabh VAT Th• charity is nol regISte￿d ksr Value Added Tax and accordingty exFenditure is shown including irrecoverab Va￿e Added Tax. OTHER TRADING ACTNMES 2023 2022 Hife of SCh(X￿ and hall Other receipts 6,047 13,831 4,$04 25,158 19.878 29,662 Page 16 conlinued... HIGHFIELD PIIIORY SCHOOL uMrrED NOTES TO THE FINANCIAL STATEMENTS - conllnu•d FOR THE YEAR ENDED 31 AUGUST 2023 INVESTMENT INCOME 2023 2022 Interest recewable 2.713 140 INCOME FROM CHARITABLE ACTivrriES 2023 2022 Gross fees Less.. bursaries 1.870.820 14,1601 1,825,521 16.6121 1,856,660 1,808,909 Anatysis by fund.. Un￿striCted funds Restricted fvnds 1,851.901 4,759 1.804.290 4,619 1.856,660 1,808,909 OTHER INCOME 2023 2022 Coronavims Job Retenbon Schem& In$uran¢e moniès {s•t Th)tè 81 213 213 CHAR￿ABLE ACTIVITIES COSTS 2023 2022 Teaching costs, books and sclKw)I m•* Non taaching Staff costs Premis•s èxpens Dèprèciats"on &)vemance costs 1,149,042 323,783 234,124 78.419 8,7 1,095.806 328.980 278.033 79.542 7,701 1,794.158 1,7W,062 Anatysis by fund.. Unrestricted funds Restricted funds 1.794,158 1,784,505 5.557 1.794.158 1.790,062 Page 17 contiThJed... HIGHFIELD PRIORY SCHOOL LIMtrED NOTES TO THE FINANCIAL STATEMENTS - ¢¢>ntlnued FOR THE YEAR ENDED 31 AUGUST 2023 EXCEPTIONAL ITEMS 2023 2022 Cost of demolishin9 the nursery bLrihJing Loss on disposal of fixed assel (nursery buihJirwJl 40,775 114.285 155,060 During the year, the schwl suffered a destructive af50n attad( vthich resutted Fn Ihe nursery buikling being destroyed. As a ￿sum the nursery buikJin9 has been fvlly demolished and the asset has been written off in the accounts. Included in olher Income is £28,800 Inote 61. beirrfJ monies recewed from the Insuran￿ company in respect of the demolib.on costs. Whilst it is expected that the ongoing insurance daim will cnver ihe costs associated with rebuilding Ihe nursery. the arrK¥Jnt is not certain. and therefcffe it has not been IrKI￿ in the accounls. NET INCOMEIIEXPENDITURE) Net incOry￿1(¥xpQr￿llUre) is ststed after Char￿@{Cred￿"n91.. 2023 2022 Depreciakn- ovmed assets Deficit on disposal offixed assèts 78,5(*J 114,28S 79.542 10. TRUSTEES. REMUNERATION AND BENEFtrs Th¢r8 were no trustees, remuneratKJn ￿ other benefits for the year ended 31 Augusl 2023 nor for the year ended 31 August 2022. Trustees. expense5 Ther¢ wem no trusl#•s' expènsès pad forlhe year •nded 31 August 2023 rKYforthe yearended 31 August 2022. COMPARATIVES FOR THE STATEMENT OF FINANC14L ACTNITIES Unre51ri¢t (und5 RestrKl¢d funds Total lunds INCOME AND ENDOWMENTS FRO charltab￿ a￿l¥It1•S G8n•ial 1.804.29) 4,619 1.808,909 Other trading activtbes Investrnbnt incomè othgr incorne 29,662 140 213 29,662 140 213 Tot•1 1,834,305 4,619 1.838,924 EXPENDITURE ON Ch•ritabl• a¢￿vItIeS General 1.790,062 NET INCOMEIIEXPENDITURE) 49.800 19381 48.862 RECONCILIATION OF FUNDS Total funds bfought I0￿3rd 1.511,504 12.575 1.S24,079 P8gtr 18 nlinued... HIGHFIELD PRIORY SCHOOL LIIIITED NOTES TO THE FINANCIAL STATEMEP4TS- contlnued FOR THE YEAR ENDED 31 AIJGUST 2023 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued UnreslrictÈd funds Resbicted ftjnds Totsl funds TOTAL FUNDS CARRIED FORWARD 1.561.304 1,572 941 12. AUDrroRS REMUNERATION The anatysis of auditors remunerat￿ is as folows". 2023 2022 Audit seryices Othef servus 4.750 4.040 4.500 8.790 7.701 13. EMPLOYEES Number of employees The average monthly number ofemFloyees durirq the year was: 2023 Numbèr 2022 Number Tead￿r5 and Assislants Administr41¢ Domestic 37 12 10 55 51 Employm•nt costs 2023 2022 Wagès and salaries Sqcial secunty costs Other pensM)n o)sts 1,118.216 95.103 162,722 1,078,076 91.012 158,411 1.376,041 1,327,499 The number of empknyees whose an￿al remunèrnb.on was £60.000 or morè ￿Te.. 2023 Number 2022 Number 60,001 - ￿.fI)0 Ofthe employees whose er￿lUMentS exeeed £60.0￿1. 1 12022.. 1) has re1irement benefits accnjing under defined benefil pension schemes. Page 19 )nb'nued... HIGHFIELD PRIORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- eonllnued FOR THE YEAR ENDED 31 AUGUST 2023 14. TANGIBLE FIXED ASSETS Fumiture and equpmenl lan(1 and t￿lId1r￿S land and bu￿ding5 Motor Veh￿1& Totals COST At 1 Sèpt•mb•r 2022 Addthons Disposals 1.791.231 54.692 220.2651 277.493 634.033 18,￿) 22,053 2.724.610 71,592 220,2851 At 31 August 2023 1625 658 277 493 650 933 22.053 2.576.137 DEPRECIATION At 1 September 2022 Char9e for year Eliminated en disposal 787.735 34.746 105,979) 129.563 18.509 499.762 25.214 21.930 31 1.438,990 78,5CX) 105.9791 At 31 August 2023 716,9)2 148,072 524.976 21.961 1411 511 NET BOOK VALUE At 31 August 2023 9.156 129,421 92 1.164.626 At 31 August 2022 1.rA13.496 147.930 134,271 123 1.285.820 The wsl of L8nd buiklings inclwje an arr￿￿t of £64.917 {2022". £64.9171 rektirg to the cost of laTrJ which Is not dèpr•ciaie(1. Atthough there are rKJ bank buft)wings at Ihe y•ai •r#l, th8 bank have a firsl ￿al charg• ovtt lh• sd)ool for thè agreed overdraft facihty. 1S. DEBTORS.. AIAOUNTS FALLWG DUE WITHIN ONE YEAR 2023 2022 Trade debtors Other debiors Prepayments 4,330 4,562 31,760 6,190 113 37.181 40,652 16. cRED￿ORS. AMOUNTS FALLING DUE wifHIN ONE YEAR 2023 2022 Trade vedilors Social sècurity and othèr toxes Olher creditor5 Fe•s received in advance Accruals and deferred income 60.180 22.054 6,345 167,479 61,886 18.474 20.704 4,908 123,346 67,465 317,944 234,897 17. LEASING AGREEMENTS Minimum lease payTrents und¢r n¢n￿ncelloWe OFef8bng leastss tsl due 8$ foll)w5.' 2023 2022 Wsthin one year Beh¥een one and fve years In more than ffive years 3.071 5.159 16,920 3.071 7.750 17.400 25,150 28,221 Page 20 cLJntinued... HIGHFIELD PRIORY SCHOOL UMrrED NOTES TO THE FINANCIAL STATEMEP4TS- continu•d FOR THE YEAR ENDED 31 AUGUST 2023 18. MOVEMENT IN FUNDS Net movement funds Transfe beNveen funds At 31.8.23 Al 1.9.22 Unr•strtet•d funds General fund Propety Asset Fund Bursary Fund 262.864 1.285.820 12.620 165.779 (192.7861 14.1601 173,1321 71.592 1.540 355.510 1.164,626 1.561.304 {41.1671 1,520.137 Res1rkt￿ fund¥ AEN Early yea￿ FundirvJ 11,637 11,637 TOTAL FUNDS 1.572.941 41,1671 1,531.774 Net rrK¢vemenl in fijnds. induded in the above are as folk)V￿.. IrKoming Resources expended Movement in funds Unr•strf¢t•d funds General fund Property Asset Fund Bursary Fund 1.922.211 {1.756.4321 1192,7861 165,779 1192,7861 14.1601 14.1601 1 949,218 TOTAL FUNDS 1,949 2181 41,1671 Comparatives for movement in funds Nei rnovement in fvnds Transfers b&￿￿8￿ funds At 31.8.22 At 1.9.21 Unrestrbcted funds General tund Property Asset Fund Bursary FLtrKI 140.606 1.341,666 29,232 145,954 179.5421 16.6121 123.696} 23.696 262.864 1,285,820 12,620 1.511,504 49.800 1.561.304 Restrf¢t•d lunds AEN Early Years Funding 12.575 {9381 11.637 TOTAL FUNDS 1.524,079 48.862 1.572.941 Pa98 21 continued... HIGHFIELD PRIORY SCHOOL LIMITED IIOTES TO THE FINANCIAL STATEMENTS - contlnu•d FOR ThE YEAR ENDED 31 AUGUST 2023 18. MOVEMENT IN FUNDS - ¢ontinu¢d Comparative mov¢ment in funds. included in Ihe atw are as fdlows: Inwning Resources re50urce5 expended ovement ¢n funds Urtr•striet•d funds General fund Piopety Asset Fund Bursary FurKI 1.850.917 11,704,963) 179.5421 145,954 179.5421 16,6121 16,6121 1.834,305 11.784,505) 49,800 Rtstrietèd lunds AEN Earfy Years Funding 4.619 15.5571 {9381 TOTAL FUNDS 1838 924 1 790 062 48.862 Unrestricted funds Th? gÈneral lund 15 Ihe free reseryes of Ihe chwrty after alkymng for all desiwated funds. The property asset fund is represented by MOn￿S spent on thè taw"W fixed assets of the tharity (note 81. The transfer of £71.59212022.' £23,696) frorn the free ￿serveS repiesents the funds S￿nt ¢)n fix•d assets in the current year. The ￿sOurCeS expended of£192.78612022.' £79.S421 rèprestnts Ihe depTecaat￿ charges and losses on disposal in the current year. The bursary fvrKI represents de5•Jnated and set aside to meet ihe fiJbJre costs of ihe bJrsarle$ forexi$ltn9 pupils. Restrlcted fvnds The AEN fund 15 rnonies received Io Sup[￿ certain chiktren. Any unused furM1s are carried forvArd lo future years. 19. RELATED PARTY DISCLOSURES R•muneratSon of k•y managemènt p•tsonn The remuneration of key management personnet is as folk)*s: 2023 2022 Aggregate cOMpe￿ation 341.150 290.889 Benjamin Hall. trusl¢e. 1$ a director of &ws ExFYe55 Lwnited who suppbed Sig￿ to the schwl at a ct)st of £6,094 12022= 1,6691. One govemor rtC•N•d trav•1 •xpens8s totalling £148 thrir*J Ihe year {2022: £2211. No other gov8rnors or persons connected to them recewed any ren￿ne￿lIaft. and not réimbursed for any expenses in this or the previous year. During the year insurance premiwns of £271 (2022." £1.6631 were Pa￿ by the sthool in respect of indemnity ifisuranr* for the Goverrrfxs. Page 22 continued... HIGHFIELD PRIORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- ¢onlin•Jed FOR THE YEAR ENDED 31 AUGUST 2023 20. SHARE CAPITAL 2023 2022 Authoris•d 13 Ordinary shares of £1 each 13 13 All th8 assèts are held for charitabk pur￿Se& and cannol be distributed io the rnembers. Should the company be wound up or dissolved. the assets have to be transferred lo another thartty with similar obj'ects and which also prohibAs the distribLrtKJn of any irthme or propety to ifs membèr. 21. FINANCIAL COMMITMENTS. GUARANTEES AND CONTINGENT UABILITIES Natwè$l hoh4 a kltsr of set ¢Af ovtrr ￿dit balaftces by Highfield Priory School Parents Assoaation alowng Ihe bank to set off the ¢redit balan￿5 of the Parents Association a¢￿Unt with the debr¢ balances of Highfield Priory Sd)ool Limitèd. although there ha5 been no such credit bajartts lo set off during the year. PENSION SCHEMES The School participates in the Teathers. Pension Stherne fthe TPS") for its teaching staff. Th• pension sthome tha￿e for thè year included ConthL￿1]￿S payab￿ to the TPS of £151.11312022.. £146.623} and al the year end £16,77512022'. £15,8201 was accrued in respect of conlributions to this SL*èm¢. The TPS is an unfunded ML41￿ernpkJYer defined benefits scheme govemed by Th8 T6ach•rs' Pension Regulations 2010 las arn8ndedl and The Teathers. Pension Scheme Regul8lK)n$ 2014 las amended). Members contribute on a "pay as you go" basis vitth contri￿1￿)n$ frc¥n members and thè employer bw'ng credited to the Exchequer. Retbrement atvj other pension bonefits are paid by pubfK fund$ provKlad by Parlkament. The employer contrilxjtion rate is set by the Secretary ol Stste follwng seheme Valuat￿￿$ undertaken by the Government Actuary'5 Departmenl. The most recent valualion olthe TPS was prepared as at 31 Klarch 2020 and the valuatKJn report, which was publishÈ(l in O¢tober 2023, o)nfinned an employer contribution rale for the TPS of 28.6(YA from 1 April 2024. Employers are also cuwrenly ￿UlTed lo pay 3 Scheme administration of 0.08% giving a totsl empkjyer Contrit￿lti0n rate of 28.68%. This em￿0yer rate is expected to be pahl unb"131 Marth 2027. The charity also run$ a s¢hemè for certain n￿4eaching Slaff. t*thKh is a defined contributws scheme managed by Complete Penwn Twu$t. The ry1st for the year r¢pre5ents Ihe Charity'$ conlritxjtions to that scheme of£11,609 12022. £11,788). 23