REGISTERED COMPANY NUMBER: 01157S90 (England and Wales) REGISTERED CHARITY NUMBER.. 532262 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 FOR HIGHFIELD PRIORY SCHOOL LIMITED MN 'AE01BR2Y' 1510412025 COMPANIES HOUSE A14
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Rushtons Chartered Accountants Statutory Audilors Shorrock House 1 Faraday Court Fulwood Preston Lancashire PR2 9NB
HIGHFIELD PRIORY SCHOOL LIMrrED LEGAL AND ADMINISTRATIVE INFORMATION Governors D Whitman EMSAhmed JA TNaim BRHall N Mason S Moylon P P Noall J Southworth W Hayhurst A M Flynn S Magill Secretary and School Buslne88 Manager R J Cottom Headmaster J Duke BEd Hons Charlly number 532262 Company number 01157590 R•glstèrèd offlc• 58 FuMfood Row Fulwood Preston Lancashire PR2 5RW Audltor Rushtons Chartered Accountants Statutory Auditors Shorrock House 1 Faraday Court Fulwood Prgslon Lanca5hiro PR2 9NB Bankers National Wèslminsler Bank PIC 292 Garslang Road Fulwood Preston PR2 9RQ
HIGHFIELD PRIORY SCHOOL LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Page Roport of the Trustees Report of the Independent Audltors Statement of Flnanclal Activities Balance Sho•t Cash Flow Statement Notes to the Cash Flow Statement Not•s to th• Flnanclal Slatom•nts 10 to 18
HIGHFIELD PRIORY SCHOOL LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 Introdu¢tlon The Board of Governors presents the annual report and the audited financial statements lor the year ending 31 August 2024. All Governors are Directors and Trustees of the charity. Key Infomiatlon The school continues to operate as a registered charity {number 532262), providing a high-qualily educalion for boys and girfs of all backgrounds. Founded in 1940, the school's mission is to advance education and support students. personal development in a welcoming. familyryoriented environment. Bursarles and Communlty Engagement The Governors offer financial support, or bursaries, to help eligible families afford the school fees. The school also aclively engages with the local communty through various initiatives and events, from charity work to professional development opportunities lor stsff. Charltable Actlvltles and Alm$ The main goal is to creale a nurturing environment where children can grow academicalty. socially, and morally. The school aims to-. Provide high.qualily educatlon lallored lo individual needs. Foster respect for diversity. Promote personal responsibility and a Sense of community. Support continuous professional development for staff. Maintain an open and inclusive approach to admissions, welcoming sludenls from all backgrounds. Objectives for the Year The primary goals for the year included.. Continuing to provide excellent eduGalion with the best facilities. Ensuring staff continue lo receive any training and support they need, to carry out thelr roles al a high level. Preparing students for the next sla9es of their education. Achlevements and Performance The academic year 2023-2024 was a very successful year for Hlghfield Priory School. Our students have shown remarkable growth and progress In Ihelr studies, demonstrating a strong Ihirsl for knowledge and a detemination lo reach their full polentl81. Year 6, our NCT r8sulls this year are the best we have ever had al Highfield. Highfield Priory School is already ranked 5th in the country based on our results. Twenty-three children also passed the Grammar Schools examination. which is among our best results on record, In October, Highfield Priory School was one of the first s¢h¢)ols in the country to be inspectèd under the new Iramework. The report was a true ieflection of Hlghfield, with inspectors able to see so much of the school in action and receive feedback from parents, children, and staff. Thank you for taking the time lo fill in the quèstionnaire. In summary. the school met all of the Independent School Standards. The report highlights Ihe 8lrenglhs across the school and is a leslament to Ihe hard work of all the staff, children, and parents. There is a real sense ol community in the rèport, which describes a safé and secure environment that allows chlldren lo alm hl9h, achleve Ihelr potenllal, and prepare for the next stage of their lives. In the sporb'ng arena. our Highfield teams won the Preston Schools Netball competition. came second in Preston Schools Swimming, Preston School Athletics, and Beech House Athletics, and finished third in the ISA Cricket. Individuals have also excelled in ballet, synchronized swimming, tennis, and gymnastics this year. Each member of our Junior School was given the opportunity to compel8 against other Schools in a rang8 of sports. includlng football, rugby, hockey. netball. and cricket. The$6 opportun51ies held them build confidence, develop a love for sport, and prepare for compelilive fixtures at secondary school. In Ihe performin9 arts, we put on fwe produdions, with every child in the school appearing on stage, continuing to grow in confidence and self-belief. Our junior pupils havè excelled in their HPSED exams, and over 34 pupils have performed In a Muslcal Assembly this year. Our continued excellence in all areas led to Highfield Priory being shortlisted for the TES Independent Preparatory School of the Year award. This is a great achievement for the sGhool and a true testament to the hard work and support of our pupils. parents. and teachers. Our new Nursery building has risen from the ashes this year. 11 has been the source of much excitement in the playground as the children have watchèd their new Nursèry take shape, witnessing th8 creation, brick by brick, of the new home our Nursery ¢hildr8n will enjoy in the next academic year. Page 1
HIGHFIELD PRIORY SCHOOL LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 We bid farewell to a valued membèr of our Highfield community. Mr. Garment stepped down as Govemor after 21 years as both a parent and a Governor, and Highfiekl owes him a tremendous debt of gratitude for the time, expertise, and commitment he has shown to our school. The aGcomplishments that have marked this year will inspire even greater success in the future. Oevelopmenl and Facllltles The Governors are focused on improving the school's facilities, with signrficant éfforts direded toward rebuilding the nursery after the fire. Investments continue in ensurin9 the school has first<lass learning environments. Financial Reviow Income increased to £1.95 million. The school achieved a surplus of £358,256. Excluding insurance monies in rèlation to the nursery building, the surplus was £7,804. Insurance monies have been re-invested in our new Nursery building. Strong cash flow management wlth no oulslandlng loans or overdrafts, R•s•rves Pollcy The school has free reserves of which are allocated for future facility enhancements and bursary support. The Governors monitor the reseprfes to ensure financial stability. Investment and Rl8k Management The school does not hold monetary inveslmenls, focusing on malnlaining liquidity lo cover day-to4ay needs. Risks include financial sustainabilily, safeguarding, and the Impact of markel changes. The Governors have systems in place to manage these risks effectlvely. Plans for the Futur• The primary 9oal is to continue providing excellent education by invesling in facilities and resources. Governance and Management The school is governed by a Bo8rd of Govemors who are also Truste85. There are currently twelve Governors. including parents and COwOPted members with relevant skills. Govemors are appointed for their expertise and availability lo Serve the school The directors who held office during the year and slnce Ihe year end are detailed below.. - Name of dlre¢tor D Whitman Office held In year Chair of Govemors, Chair of Strategic Committee Vice Chair of Govemors Chair of H&S Committee Commlttèès attendèd STR. FGP STR AUD, STR, HS EMSAhmed A M Flynn V Fundiia W R Garment W Hayhurst BRHall M Illsley N Mason S Magill S Moylon JA TNaim P Noall J Southworth STR, FGP STR, FGP AUD, STR, FGP Chair of FGP Committee STR, FGP AUD, EDU, STR. SCP Chair of Safeguarding & Child Protection Chair of Sales & Markaling Chair ofAudit & Compliance Committee, Chalr AUD, STR, EDU of Education Committee Chair ofAudit & Compliance Committee, Chair AUD, STR, EDU of Education Committee JR Wood The committees to which the Governors are appointed are indicated above, as identified using the kay shown below.. AUD Audit and Compliance STR Stralegic Committee scp Safeguarding and Child Protection FGP Finance and General Purposes Commlttee Ilnc. Marketing) HS Health, Safety & Wellbeing EDU Education Committee Pag8 2
HIGHFIELD PRIORY SCHOOL LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 Governor Inducllon and Responslbllltles New govemors are introduced lo the school's operations, legal status as a limited company and registered charity. and key poliaes. They receive a range of documents. including the Memorandum and Articles of Association. recent accounts. meeting minutes, and infomiation about their role as trustees. The Chaiman, other Governors, Headmaster. and School Business Manager provide ongoing support. The headmaster manages the day-l04ay operations of the school, attending governors. meetings. Governors meal three times a year lo discuss general policies and review management. Theré are sub<ommiltees for Audit and Compliance, strategic Plannlng. Finance, Safeguarding. Health and Safety. and Education. Each committee has clear objectives lor the year. Key Management Personnel The Headmaster. School Business Manager, Senior Management Team. and Governors are the key management personnel. Governors volunteer their lime and don't receive Gompensalion, The Pay Revlew Commlttee sets salaries for the Head and senior staff, ensuring fair pay In line with sector standards. Trustees. Responsibilities Thè trustees (who are also the directors of Highfield Priory School Limited for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial slalemenls in accordance with applicab law and United Kingdom AG¢ounling Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires Ihe trustees to prepare financial statements for each financial year which give a true and fair vlew of the stale of affairs ol the charitable company and of the incoming resources and application of resources, including the income and expenditure, of Ihe charitable company for that period. In preparing those financial stslements, the trustees are required to.. Choose and apply suitable acGounting pollcles Follow the Charities SORP Make reasonable and prudenl decisions Stale whelher UK accounting standards are foll¢)wed Prepar8 the accounts on the basis of the charity's ongoing operation The trustees are responsible for keeping proper accounting records which dIscIe with reasonablè aecuracy at any time the financial posllion of the charltable company and to enable them lo ensur8 Ihal the financlal statements comply wlth Ihe Companies Act 2006. They are also responsible for safeguarding the assets of the charltable company and hence for laking feasonable steps for the prevention and detection of fraud and olher irregularities. Audltor Rushtons have been appointed as the school's audilors for the fourth consecutive year. DSs¢losure of Informallon to auditor Each of the Iruslees has conflrffled that there Is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have fLtrlher confirmed that they have taken appropriate steps to identify such relevant infomiation and lo establish that the auditor is aware of such informalion. Thls report has been prepared havlng taken advantage of the small companies, exemption In Companles Act 2006. Report of the trustees. incorporating a slrate9lc report. approved by order of the board of trustees, as the company directors. on ..1410412025.... and signed on the board's behalf by: (i(ck Mrs N Mason - Trustee Page 3
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HIGHFIELD PRIORY SCHOOL LIMITED Opinion We have audited the financial statements of Highfield Priory School Limited (the 'charilable company'l for the year endèd 31 August 2024 which comprise the Ststement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes lo the financial stalemènts, including a sumrnary of significant accounting policies. The financial reporling framework that has been applied in their preparalion is applicable law and United Kingdom Accounting Standards (Unlled Kingdom Generally Accepted Accounting Practice). In our opinion the financial st818ments: give a true and fair view of the slate of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prèpared In accordancè with United Kingdom Genèrally Accepted Accountin9 Practice; and have been prepared in accordance with the requirements of Ihe Companies Act 2006. Basls for oplnion We conductéd our audit In accordance with InternatSonal Standards on Audillng (UK) {ISAs {UK)18nd applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for Ihe audit of the financial statements section of our report. We are Independenl of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fulfilkd our other ethical responslbilllies in accordance wilh these requirements. We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a basis for our opinion. Concluslons r•lallng to golng conc•m In audillng the financial slalements. we have concluded Ihal the trustees, use ol the going concem basis of accountlng in the preparation of the financial statements Is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charitable company's ability to continue as a going Concern for a peri¢)d ol al least twelve months from when the financial slalements are authorised for issue. Our responsibilities and Ihe re8ponsibiliti8s of the trustèes with respect to going concem are desGribed in the relevanl sections of Ihis report. Other Informatlon The trustees are responsible for the other information. The other information comprises the infomalion included in Ihe Annual Report, other than the financial statements and our Report of the Independent Auditors Ihereon. Our opinion on Ihe financial statements does not cover the other information and. except lo the extent otherwise explicilly stalèd In our report. we do not express any fom of 8$$urance conclusion thereon. In connectlon wlth our audlt ol the financial stslements, our responsibllily Is to read the other Snfomiation and, in dolng so. Consider whether the other information is materially inconsislenl with the financial statements, or our knowled9e obtained in Ihe audit or otherwise appears to be malerially misstated. If we identify such material inconsistencies or apparent malerial misstatements, we are required to determine whether this gives rise lo a material misstatement in the rinancial slalements themselves. If, based on the work wè havè pèrformed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Oplnlons on other matters pre•crlbed by the Companl•s Acl 2006 In our opinion, based on the work undertaken in the course ol the audit.. the information given in the Report of the Trustees for the financlal year fof which the financial statements are prepared is consistent with the financial slatements., and the Report of th8 Trustees has been prepared in acwrdance with applicable leg81 requirements. Matters on whlch w• are requlr•d to report by èxcèption In the light of the knowledge and understanding of the charilable company and its environment obtained in the course of the audit. we have not identified material mis518lements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies A¢t 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept or retums adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the aountIng records ar retums; or ertain disclosures of truslees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HIGHFIELD PRIORY SCHOOL LIMrrEO Responsibilities of trustees As explained more fully in Ihe Statement of Trustees. Responsibilities, the trusteès (who are also the directors of the charitable company for the purposes of company law} are responsible for the preparation of the financial statement5 and for being satisfied that they give a true and fair view, and for such internal control as th8 trustees detemiine 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 Ihè charitable company's ability to continue as a going concem, disclosing. as applicable, matters related to going concern and using Ihe going concern basis of accounling unless Ihe Iruslees eilher intend lo liquidate the charitable company or lo cease operations, or have no realisti¢ alternative but to do so. Our responslbllltles for the audll of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whethèr due to fraud or error, and lo issue a Rèport of thè Indépendént Auditors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee thal an audit conducted in accordance with ISAS {UKI will always detect a material misslatemenl when it exists. Misstatemènts can arise from fraud or error and are considered material if, individually or in the ag9regale, they could reasonably be expected to influence the economic decisions ol users taken on the basis of these financial statements. The extent to whlch our procedures are capable of dete¢ting irregularltles, including fraud is detslled below: Idenllfylng and assésslng pot•ntlal risks r•lated lo irregularities In identifying and assessing the risks of material misslatemenl In respect of Irregularities, Including Iraud and non-compliance wllh laws and regulations, we considered 8 number of issues, such as the nature of the charity's Industry. their control 8nvironment and business performance. We also dlscussèd amongst our engagement team how and where fraud might occur and any potential indicators of fraud. We obtained an understanding of ihe legal and regulatory framework that the charity operates in and focussed our attention on any laws and regulations which mighl be considered as "showsloppers" We also looked al internal controls in place al the company, established lo mitigate risks related lo fraud or non-compliance with laws and regulations. In response to other identified risks, we reviewed the financial statement di$closure$, we made enquiries of the charity as lo potential litigation and claims, we performed ana1ICal procedures to look for unusual trends or unexpected relationships and w8 read any available meeting minutes. We also addressed the rlsk of Iraud through managemenl overrlde of controls by lestlng approprlale loumal entrles and other adjustments. We also assessed arKounling esllmales and ¢on$ldered any slgnlficant transactions that might be considered unusual in the normal course of business. A further description of our rèsponsibililies for the audit of the financial statements is lOted on the Financial Reporting Council's website at www.frc.org.uklaudilorsresponsibilities. This description fomis part of our Report of the Independent Auditors. Us• of our r•port This report is made solely to the charitable company's members, as a body, in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audil work has been undertaken so that we might stale to Ihe charitable company's members those mallers we are required to state to them in an auditors. report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone olher than the charilable company and the charitable company's members as a body, for our audit work. for Ihis report, or for the opinlons we have formed. Adam Calvert ACA (Senior Statutory Audilorl for and on behalf of Rushtons Chartered Accountants Slalulory Auditors Shorrock House 1 Faraday Court Fulwood Preslon Lancashire PR2 9N8 1410412025 Date: ..................................... Page 5
HIGHFIELD PRIORY SCHOOL LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Charitable activities 1,954,425 1,954,425 1,856,660 other trading aclivili88 Investment income Other income 23,476 4.427 350,452 23,476 4,427 350 452 19,878 2,714 28,800 Total 2 332.780 2,332,780 1908 052 EXPENDITURE ON Charitsble activities 1.950,852 1,950.852 1.794,159 Othèr 155 060 Total 1974,524 1974,524 1,949,219 NET INCOMEI(EXPENDITURE) 358.256 358,256 (41,167> RECONCILIATION OF FUNDS Total funds brought forward 1.520,137 11,637 1.531.774 1.572.941 TOTAL FUNDS CARRIED FORWARD 1878 393 1,890 030 1,531,774 The notes form parl of these financial statements Page 6
HIGHFIELD PRIORY SCHOOL LIMITED BALANCE SHEET 31 AUGUST 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Tangible assets 14 1,897,936 1,897,936 1,164,626 CURRENT ASSETS Debtors Cash at bank and in hand 15 39,637 477,341 39,637 488.978 40,652 644,440 516,978 11,637 528,615 685.092 CREDITORS Amounts lalling due within one year 16 1536,5211 {536,521) (317,944) NET CURRENT (LIABILITIES) I ASSETS 19 5431 367,148 TOTAL ASSETS LESS CURRENT LIABILITIES 1.878,393 11,637 1,890,030 1.531,774 NET ASSETS 1.878,393 1.890,030 1,531.774 FUNDS Share Capital Unrèslricled lunds Reslricled funds 20 18 18 13 1,878,393 13 1.520.137 11,837 TOTAL FUNDS 1890 043 1,531 787 The financial statements were approvèd by the Board of Tnjsiees and authorised for issue on 1.11(y425' and were signed on its behalf by: Darren D Whitman - Trustee The notes form part of these financial statements Pa9e 7
HIGHFIELD PRIORY SCHOOL LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Cash flows from operatlng adlvltle6 Cash generated from operations 660,834 Net cash provided by operating activities 660,834 234,784 Cash flows from investing activities Purchase of tangible fixed assets Interest received (820,7231 4.427 (71.592) Net cash used in investing activities 816 296) 68,878) Change In cash and cash equlvalents In the reportlng perlod Cash and cash •qulvalenls at the beglnnlng of the reportlng perlod {155,462> 165,906 644.440 478 534 Cash and cash equlvalenls at the end of the reportlng period 488,978 644.440 Th8 notes form part of these financial stalements Pagè 8
HIGHFIELD PRIORY SCHOOL LIMITED NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 RECONCILIATION OF NET INCOMEIIEXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Nèt incomellexp•ndlture) for the rèportlng perlod (as per the Statement of Flnanclal A¢tfvltles} Adjustments for: Depreciation charges Loss on disposal of fixed assets Interest received Decrease in debtors Increase in creditors 358.256 {41,167} 87.413 78.501 114,285 {2,714> 2,832 {4,427) 1,015 218.577 Nel cash provlded by operatlons 660,834 234,784 ANALYSIS OF CHANGES IN NET FUNDS At 1.9.23 Cash flow Al 31.8.24 Net cash Cash al bank and in hand 644.440 155.462) 488.978 644,440 155,462) 488 978 Total 644,440 155.4621 488,978 The notes form part of these financial statements Page 9
HIGHFIELD PRIORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 CHARITY INFORMATION Highfield Priory School Limited is a private company limited by shares incorporated in England and Wales. The re9iStered office is 58 Fulwood Row, Fulwood, Preston, Lancashire, PR2 5RW. ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charilable company. which is a public benefit entity under FRS 102, have been prèpared in accordance with the Charities SORP IFRS 102) 'Accounling and Reporting by Charities: Ststement of Recommended Practice applicable lo charities preparing their acGounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} leffeclive 1 January 2019}', Financial Reportin9 Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The financial statèments are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial slatements are rounded to the nearest £. Golng concern Al the lime of approvlng the financial statements. the Injstees have a reasonable expectation that the Gharity has adequate resources lo conllnue In operallonal existence lor the foreseeable future. Thus, the trustees conllnue lo adopt the going concèrn basis of accounting in preparing the financial statements. Income Income from charitable activities comprises school fees, net of bursaries, and related receipts, accounted for in the period in which the service is provided. Fees for education lo be provided in the next academic year, are Carried forward as deferred income in the balance sheet. Cash donallons are recogni5ed on recglpl, Other don8tlons are recognlsed once the charity has been notlfied of the donation, unless performance condillons require deferral of th8 amount. Voluntary income including, gifts and donations received for the general purposes of the charity are included in unrestricted lunds when received. Where these Comprise of donated fixed assets, they are included at market value. Investment Income Is recognised on 8 receivable basis. Expendltur• Exp8ndilure is accounts for on an a¢cruals basis, including VAT whi¢h cannot be recovered. Governance costs comprise the cost$ of running the charity, induding strategic planning for its future development, extemal audit and all the costs ol complying with conslilutional and statutory requirements, such 8S the costs of Board and Comrnittee meetings and of preparing statutory accounts and satisfying public accountsbility. Support costs and governance costs have been allocated to the charitable acllvllles as there is only one main activity undertaken by the charity. Tanglblfr fixfrd assots Tangible fixed assets are initially measured al cost and subsequently measured al cost or valuation, net of depreciation and any Impairment losses. Only items over £150 are capilalised. Depreciation is recognlsed so as to wrlt8 off the Cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land Freehold properties Leasehold land and buildings Furniture IT équipmenl Motor vehicles 1-10°A Straight line 6.67% Straight line 15 /• Reducing balance 250/4 Slraighl line 10•h Reducing balance The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carrying value of the asset and is recognised in net incomel{expendrture) for the year. Pa9e 10 continued...
HIGHFIELD PRIORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES - continued Taxatlon The school is a registered charity and as such is entiued to tax exemptions on all its income and gains. propèrly applied for its charitable purposes. Charllable funds Unreslricled funds are availabl8 for use at the discretion of the Irustees in furtherance of their charitable objectives. Destgnated fur)ds ¢omprlse hjnds which have been set aslde at Ihe dls¢retion of the trustees for Speclfic purposes. The purposes and uses of the designated funds are set out in the notes lo the financial statements. Restricted fijnds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Cash at bank Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-term liquid investrnents with original maturities of three months or18ss, and bank overdrafts. Flnanelal Instruments The charlty only had fin8nclal assets (debtors. cash and bank balances) and flnancial liabllllles Icredltots and accruals) of a klnd Ihal quallfy as basic financlal inslrumenls. Basic financial instruments are initially recognised at transactlon value and subsequenY mèasurèd at their settlement value. Employèe benoflts The cost of any unused holiday entillemenl is recogni5ed in the period In whiGh the employee's services are received, Termination benefils are recognised immediately as an expense when the charlly is demonstrably committed lo termlnate the employment of an employee or to provide terminatlon benefits. Penslon schème The Charity contributes to the Teachers. Pension Defined Benefits Schéme al the rates set by the Scheme Actuary and advised lo the Board by the Scheme Adminislralor. The scheme is a mulli-employer pension Scheme, and 11 Is not posslble to idenlify the assets and liablllties ol the scheme which are attributable to the school. Therefore. in accordance with FRS102 the $chemg Is awounted for as a defined conlrlbution schem8 (see note 22). The Charity also contributes to defined contribution individual personal pension schemes for certain non-teaching staff al 5Q/o-7.5Q/• of annu81 basic pay. Contributions to both schames are charged in the SOFA as they become payable in accordance with Ihe rules of the schemes. L•as•s Renlals payable charged to the Statement of Financial Activities as incurred over the temi of the lease. Irrecoverablo VAT The charity is nol registered for Value Added Tax and accordin9ly expenditure is shown including irrecoverable Value Added Tax. OTHER TRADING ACTIVITIES 2024 2023 Hire of school and hall Other rèoipts 13,061 6,047 13,831 23,476 19,878 Page11 continued...
HIGHFIELD PRIORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 INVESTMENT INCOME 2024 2023 Inleresl receivable 4,427 2,714 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Gross fees Less.. bursaries 1,964,787 10.362> 1.870,820 14,160) 1954,425 1856 660 Analysis by fund.. Unrestricted funds Restricted funds 1,954,425 1,856.660 1954,425 1,856,660 OTHER INCOME 2024 2023 Insuranc8 monies (see note 8) 350,452 28,800 CHARITABLE ACTIVITIES COSTS 2024 2023 Teachlng costs, books and school meals Non-teaching staff costs Premises expenses Depreciation Governance costs 1.208.583 351,873 291,583 87.413 11.400 1,149,042 323,783 234,043 78.501 8.790 1,950 852 1794.159 Analysls by fund- Unrestricted funds Restrlcted funds 1,950,852 1,794,159 1950 852 1794,159 OTHER~ EXCEPTIONAL ITEMS 2024 2023 Cost of demolishing the nursery building Loss on dlsposal of fixed asset (nursery building) 23.672 40.775 114285 23.672 155,060 During the prior year, the school suffered a deslruclive arson attack which resulted in the nursery building being destroyed. As a result, the nursery building has been fully demolished, and the asset had been written off in the 2023 accounts. Included in other income is £350,452 {not8 6). being monies received from the Insurance company in rèspect of the rebuildin9 costs. Whilst il is expected that the ongoing insurance claim will cover the costs associated with rebuilding the nursery, the amount is not rtaIn, and therefore it has not been included in the acGounts. Page 12 continued...
HIGHFIELD PRIORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENOED 31 AUGUST 2024 NET INCOMEI{EXPENDITURE) Net incomel(expenditure) is stated after charglngllcditing)'. 2024 2023 Depreciation - owned assets 78,500 10. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees. rèmuneration or other benefits for the year ended 31 August 2024 nor for the year Énded 31 August 2023. Trust¢o5' expens•s There were no trustees, expenses paid for the year ended 31 Augus12024 nor for the year ended 31 August 2023. 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricled funds R8strlcl8d funds Total funds INCOME AND ENDOWMENTS FROM Charltabl• actlvlll•• General 1.856,660 1,856,660 Other tradin9 aclivilies Investment income Other income 19,878 2,714 28,800 19,878 2,714 28,800 Total 1908 052 1,908 052 EXPENDITURE ON Charllable actlvltles General 1,794,159 1.794,159 Other 155 060 155,060 Total 1 949 219 1949 219 NET INCOMEI{EXPENDITURE) (41,167) (41,1671 RECONCILIATION OF FUNDS Total funds brought forward 1.561,304 11,637 1.572,941 TOTAL FUNDS CARRIED FORWARD 1.520,137 1,531,774 Page 13 continued...
HIGHFIELD PRIORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 AUGUST 2024 12. AUDrroR'S REMUNERATION The analysis of auditor's remuneration is as follows: 2024 2023 Audit services (inclusive of VAT) Other services (inclusive of VAT) 8,500 4,750 13. EMPLOYEES Number of employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Teachers and Assislants Administration Domestic 34 37 12 49 55 Employm•nl cost8 2024 2023 Wages and salaries Social security costs Olher pension costs 1,185,007 103,745 167 935 1,118,216 95,103 162,722 1,456,687 1,376,041 The number of employees whosè annual remuneration was £60,000 or more were: 2024 Number 2023 Number Of the employees vthose emoluments exceed £60,000, 1 (2023.. 1} has retirement bènefits accruing under defined benefit pension schemes. Page 14 ¢ontinued...
HIGHFIELD PRIORY SCHOOL LIMrrED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 14. TANGIBLE FIXED ASSETS Freehold land and buildings Leasehold land and buildings Furniture and equipment Motor vehicles Totals COST At 1 September 2023 Addilions 1,625,658 758 743 277,493 650,933 24.839 22,053 37,141 2,576.137 820 723 At 31 August 2024 2,384,401 277,493 675,772 59,194 3,396,860 DEPRECIATION At 1 September 2023 Charge for year 716,502 148,072 524,976 28,751 21,961 1.411,511 Al 31 August 2024 752 201 166 581 553.727 1.498.924 NET BOOK VALUE At 31 August 2024 1,632,200 110912 122,045 32.779 1 897,936 At 31 August 2023 909,156 129,421 125,957 92 1,164,626 The cost of land and bulldings Include an amLMJnt of £64.917 (2023: £64,917) relating lo the cost of land whlch Is not depreciated. Although Ihere are no bank borrowlngs al the year end, the bank has a flryJl legal charge over the school and nursery buildings for the agreed overdraft facility. 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors Prepayments 3,240 4.162 32,235 4.330 4.562 31,760 39.637 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and other laxes Other creditors Fees received in advance Accruals and deferred income 31,535 22,651 8,169 107.387 366.779 60,180 22,054 6,345 167,479 536,521 317,944 17. LEASING AGREEMENTS Minimum lease payments under nonvcancellable operaling leases fall due as follows: 2024 2023 Within one yèar Between one and five years In more than five years 3.071 2.568 16,440 3,071 5,159 16,920 25,150 Page 15 continued...
HIGHFIELD PRIORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 18. MOVEMENT IN FUNDS Not movement in funds Transfers between funds Al 31.8.24 At 1.9.23 Unrestricted funds General fund Property Assel Fund 8ursary Fund 355,511 1,164,626 456,031 (87,413) 10362} (831,084) 820,722 {79,542> 1.897,935 1,520,137 358.256 1,878,393 Restricted funds AEN Early Years Funding 11,637 11,637 TOTAL FUNDS 1.531,774 358,256 1.890,030 Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestrlcled funds General fund Propety Asset Fund Bursary Fund 2.343,142 (1.887,111> (87.4131 456.031 (87,413) 10 362) 10 3621 2.332 780 1974.524) 358 256 TOTAL FUNDS 2.332,780 1,974,524) 358,256 Comp•ratlv•s for movom•nt In funds Nel movement in funds Transfers between funds At 31.8.23 At 1.9.22 Unr•$trl¢led fvnd• General fund Propety Asset Fund Bursary Fund 262,864 1,285,820 12.620 165,778 {192,7851 14.1601 {73,131} 71,591 355,511 1.164,626 1.561,304 (41,167> 1,520.137 R•strict•d funds AEN Early Years Funding 11,637 11,637 TOTAL FUNDS 1.572.941 (41.167) 1,531,774 Page 16 continued...
HIGHFIELD PRIORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 AUGUST 2024 18. MOVEMENT IN FUNDS- contlnued Comparative net movement in furKls, included in the above are as follows.. Incoming rèsources Resources expended Movement in funds Unrestrl¢ted funds General fund Property Asset Fund Bursary Fund 1.922,211 (1.756,433) 1192,786) 165,778 (192,785) 14,160) 14,160) 1908 052 1.949,2191 41,167) TOTAL FUNDS 1908 052 A current year 12 months and prior year 12 months comblned position is as follows- Net movement in lund8 Transfers behveen lunds At 31.8.24 Al 1.9.22 Unr•$trlcted funds General fund Property Asset Fund Bursary Fund 262,864 1.285.820 12,620 621,809 (280,198) 24,522) {904,215) 892.313 11,902 {19,542) 1.897,935 1.561,304 317,089 1,878,393 R•strlct•d funds AEN Early Years Funding 11,637 11,637 TOTAL FUNDS 1,572,941 317,089 1,890.030 A curfenl year 12 months and prior year 12 months combined net movement in funds. included in Ihe above are as follows.. Incoming resources Resources expended Movement in funds Unr•strlcted funds General fund Property Assel Fund Bursary Fund 4.265,353 13.643.544) {280,199) 621,809 (280.1981 24,522> 24.522} 4,240,832 3.923,743) 317,089 TOTAL FUNDS 4,240,832 3.923,743) 317,089 Unrestricted funds The general fund is the free reserves of the charity after allowing for all designated funds. The general fund is currently in deficit as the school has used general reserves to fund part of the reulld of the Nursery in the year. Additional insurance monies will be received in the year ended 31 August 2025. retuming the reserves position to a surplus balance. The property asset fund is represenied by monies spent on the tangible fixed assets of the charity. The Iransfer of £820,722 {2023: £71,591) from the free resetves represents the funds spent on fixed assets In Ihe current year. The resources expended of £87,413 (2023: £192.7851 represents the depreciation charges and losses on disposal in the current year. Page 17 continued...
HIGHFIELD PRIORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 18, MOVEMENT IN FUNDS - contlnuod The bursary fund represents moniés designated and set aside to meet the future cosls of the bursanes for existing pupils. Reslrlcted funds The AEN fund is monies received to support certain childn. Any unused funds are carried fOard to future years. 19. RELATED PARTY DISCLOSURES Remuneration of key management personnel The remuneralion of key management personnel is as follows.. 2024 2023 Aggregate compensation 391.770 341.150 Ber+jamln H811, who reslgned as a trustee during the financial year, is a dlrector of Slgns Express Llmlted who suppli8d signs lo the school at a cost of £Nil {2023'. £6,094). One govemor ceiVed travel expenses totalling £282 during Ihe year (2023: £148). No other governors or persons connected lo them received any remuneration and were nol reimbursed for any expenses in this or the prevlous year. During the year In$uran¢e premlums of £284 12023.. £277} wore pald by tha school in respect of indemnity insurance for the Governors. 20. SHARE CAPITAL 2024 2023 Authorlsed 13 Ordlnary shares of £1 each 13 13 All the assets are held for charitable purposes and cannot be distributed to the members. Should the company b8 wound up or dissolved, the assets have to be transferred to another charily wilh similar objects and which also prohibits the distribullon of any income or propety io Ils member. 21. FINANCIAL COMMITMENTS. GUARANTEES AND CONTINGENT LIABILITIES Nalwesl hold a letter of set off over credit balances by Highfield Priory School Paients Association allowing the bank to sel off the credit balances of the Parents Association account with the debil balances of Highfield Priory School Llmited, although there have been no such credit balances to sel off during the year. 22. PENSION SCHEMES The school participates in the Teachers, Pension Scheme {Ih8 TPS"> for its teaching staff. The pension scheme charge for the year included contributions payable lo the TPS of £155,91012023= £151.113). The TPS is an unfundéd mulli4mployer dèfined benefits schémé governed by The Teachers. Penslon Regulallons 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members ontribule on a 'pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rale is sel by Ihe Socretary of Slate following scheme valuations undertaken by the Government Actuary's Department. The most recenl valuation of the TPS was prepared as al 31 MarGh 2020 and the valuatlon report, which was published in October 2023, confirmed an employer contribution rale for the TPS of 28.600/0 from 1 April 2024. Employers are also currently required to pay a scheme administration levy of 0.089/9 giving a total employer contribution rale of 28.680/.. This employer rate is expecled to be paid until 31 March 2027. The charlty also runs a scheme for certain non-teaching staff, which is a defined contributions scheme Managed by Complete Pension Trust. The cost for the year represents the Charity's contributions to that scheme of £12.025 {2023: £11,609). This page does not form part of the stalutory financial stalements Page 18