2024-08-31-accounts - Rougemont School Trust Limited

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ROUGEMONT SCHOOL TRUST LIMITED

GOVERNORS' REPORT

AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024

Company Registration No. 01178886 Charity Registration No. 532341

ROUGEMONT SCHOOL TRUST LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2024

CONTENTS	PAGE
Members of the Board and professional advisers	1
Governors’ Annual Report incorporating the Strategic Report	3
Independent auditor's report	13
Statement of Financial Activities
(incorporating the income and expenditure account)	16
Balance sheet	17
Cash flow statement	18
Notes to the financial statements	19

ROUGEMONT SCHOOL TRUST LIMITED

REFERENCE AND ADMINISTRATIVE INFORMATION

YEAR ENDED 31 AUGUST 2024

GOVERNORS AND CHARITY TRUSTEES

The Rougemont School Governors are the charity trustees and directors of Rougemont School Trust Ltd. They have all served in office throughout the year except where indicated. Together with past Governors who served in the year as indicated, they are:

Chair of Governors

Mr P Harris * - appointed 30 June 2021

Chair of Education Committee

Chair of Finance and General Purposes Committee

Mr A Kotecha ∞

Mr M Cordner * Mr R Green * Mrs F Bennett * Mr D Lunt * Mrs W Williams ∞ Dr S Anthony∞ Mrs E Farncombe ∞ Mrs S Kotecha *

Members of the Finance and General Purpose Committee. ∞ Members of the Education Committee.

KEY PERSONNEL AND PROFESSIONAL ADVISERS

HEAD

Mrs L Pritchard

COMPANY SECRETARY CLERK TO THE GOVERNORS KEY MANAGEMENT TEAM

Mr A Knight

Mrs C Shepherd

Mrs L Pritchard – Head Mr P Rich – Director of Operations Mr A Knight – Director of Business and Finance

CHARITY ADDRESS

Llantarnam Hall Malpas Road Newport South Wales NP20 6QB 01633 820800

WEBSITE

www.rougemontschool.co.uk

AUDITORS

Haysmac LLP, Chartered Accountants 10 Queen Street Place London, EC4R 1AG.

ROUGEMONT SCHOOL TRUST LIMITED

REFERENCE AND ADMINISTRATIVE INFORMATION

YEAR ENDED 31 AUGUST 2024

BANKERS

The Royal Bank of Scotland, South Wales Commercial Office One Kingsway Cardiff CF10 3AQ

SOLICITORS Veale Wasbrough Orchard Court Orchard Lane Bristol, BS1 5WS REGISTERED CHARITY NUMBER 532341 REGISTERED COMPANY NUMBER 01178886

ROUGEMONT SCHOOL TRUST LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

The Governors, who act as Trustees and who are also directors for the purposes of company law, present their annual report incorporating the Strategic Report and the financial statements for the year ended 31 August 2024. The Governors confirm that the financial statements comply with the charity’s governing documents, the Statement of Recommended Practice (SORP 2015) (second edition effective 1 January 2019) “Accounting and Reporting by Charities” and the Companies Act 2006.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Rougemont School Trust Ltd is a company limited by guarantee and a Registered Charity.

Governing Document

The Charity is governed by its Memorandum and Articles of Association and its Instrument of Government which are reviewed annually at the AGM.

Governing Body

Governors are elected at a Meeting of the Board of Governors on the basis of nominations received from other governors. Their appointment is based on their eligibility, personal competence and specialist skills. At least one Governor is always a parent of a pupil at the school; Dr Anthony, Mrs Farncombe, Mrs Bennett and Dr & Mrs Kotecha were all “parent governors” during the financial year ended 31[st] August 2024.

Governors serve for a term of five years and are eligible for re-election for two subsequent periods so that a consecutive period of fifteen years may be served. The Governors elect from their number a Chairman and a Vice Chairman for a period of five years who are each eligible to serve for one subsequent period, so that a consecutive period of ten years may be served.

No Governor receives any remuneration and where a Governor has a child at the School fees are paid on the same basis as all other parents. The Governors are entitled to recoup legitimate expenses incurred in the course of their duties as Governors. Please refer to note 17 of the accounts for related party transactions.

Induction and Training of Governors

New Governors are inducted into the workings of the School, Board Policy and Procedures by the Chairman, Headmaster and Clerk to the Governors. Trustees are encouraged to attend appropriate training courses or seminars and receive circulations of relevant publications.

Organisational Structure and Management

The Governors provide strategic leadership to the School. They formally meet as a Board at least once a term (3 times a year) to determine the general policy of the Charity and review its overall management and control, for which they are legally responsible. The work of implementing most of the Board’s policies is carried out by the Finance and General Purposes Committee which meets three times a year under the chairmanship of Mrs Bennett and by the Education Committee which also meets three times a year under the chairmanship of Mr Kotecha.

All Governors are kept fully informed of the management of the School, receiving Minutes of Governors’ Meetings and their Committees.

ROUGEMONT SCHOOL TRUST LIMITED

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

The day to day management of the School is delegated to the Head who works with a Senior Management Team to assist her in her leadership role. The Director of Business and Finance is part of her team and reports directly to the Board through the Finance and General Purposes Committee. The Headmaster appoints Heads of Department throughout the School structure to assist in the management of the organisation. Wherever sensible and appropriate and in order to encourage financial ownership and responsibility, Heads of Department manage their own budgets which are formally delegated by the Head through the Director of Business and Finance.

Remuneration for key management is set by the Board, with the policy objective providing appropriate incentives to encourage enhanced performance and of rewarding fairly and responsibly individual contributions to the School’s success. The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the school remains sensitive to the broader issues of pay and employment conditions elsewhere.

The Head is a member of the Headmasters’ and Headmistresses’ Conference, which consists of approximately 300 heads of leading British independent schools. The Director of Business and Finance is a member of The Independent Schools Bursars’ Association which enables the school to be kept abreast of best management practice in independent schools.

The School is also a member of a number of other professional bodies including the Governing Bodies’ Association and the Welsh Independent Schools’ Council.

The School provides use of its facilities to a number of local sporting clubs and associations as well as providing venues for local community events.

STRATEGIC REPORT

The following sections of the Governors’ Report forms part of the strategic report.

OBJECTIVES AND ACTIVITIES

The object of the Charity is the education, for the public benefit, of children between the ages of three and eighteen.

Strategic Aim and Intended Effect

The Principal Aim

Rougemont School aims to help each pupil realise his or her academic potential by offering an all-round education.

ROUGEMONT SCHOOL TRUST LIMITED

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

Academic Development

Rougemont School aims to provide an excellent academic education which seeks to develop the full potential of each pupil and to help each pupil to develop an enquiring and independent mind. In pursuing these aims the School has the following objectives:

to help each pupil to develop good working habits;
to enable each pupil to tackle work independently and to develop the ability to think independently;
to stimulate intellectual curiosity and help develop enquiring minds and a desire to learn;
to teach each pupil to communicate effectively in writing, speech and action;
to help each pupil to acquire a sense of judgment by encouraging the ability to read, listen, observe and discriminate;
to help each pupil to develop talents, skills and interest in art, drama, literature, music, manual and technical skills, sport and a wide variety of hobbies by encouraging creative and recreational pursuits both inside and outside school time.

Personal and Social Development

Rougemont School aims to have a positive influence on the development of each pupil's character and personality so as to enable him or her to be a useful member of society and to be prepared for the world beyond school. In pursuing these aims the School has the following objectives:

to encourage self-discipline and a sense of responsibility;
to help each pupil to develop as an individual and grow in independence, confidence and selfknowledge;
to encourage initiative, enterprise and a desire to excel;
to equip each pupil to use his or her leisure time effectively, enjoyably and profitably;
to help each pupil develop his or her physical abilities;
to promote and encourage good manners;
to make pupils aware of problems and dangers associated with drugs, alcohol and sex;
to promote teamwork and cooperation with others;
to appreciate and acknowledge the strengths and achievement of others;
to maintain the school as a caring community, emphasizing the central importance of good human relationships based upon sensitivity, tolerance, good will and a sense of humour;
to make pupils aware of the wider community and to teach them to appreciate the importance of the individual's contribution to and responsibility within the wider community;
to teach pupils to respect other people's property;
to teach pupils to take care of their cultural and physical environment;
to instil and encourage a sense of fair play and sportsmanship;
to encourage pupils to respect social, political, racial or religious attitudes that may differ from their own;
to help each pupil to acquire a set of moral values;
to help pupils to explore the spiritual dimension of life;
to enable pupils to understand both the Christian faith, and the needs and beliefs of others.

ROUGEMONT SCHOOL TRUST LIMITED

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

Objectives for the Year.

The Board’s main objective during the year continued to be to educate all the School’s pupils to their maximum potential. This includes:

to provide a stimulating learning environment in which pupils can develop their academic potential to the full;
to provide a happy and secure pastoral environment in which pupils can learn to live together and thus foster a sense of community, co-education, respect for one other and good citizenship;
to provide pupils with the opportunity to take advantage of a breadth of co-curricular activities in order to develop positively all aspects of their character;
to provide pupils with the opportunity to take decisions based on their own judgment and to communicate those decisions appropriately and effectively;

The strategy to achieve this is to maintain a low pupil to teacher ratio and to provide continuing professional development to staff to ensure that the school remains at the forefront of educational practice.

Principal Activity

The School’s principal activity continues to be the provision of a Co-educational Day school for pupils from 3 to 18.

ROUGEMONT SCHOOL TRUST LIMITED

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

A-level results , A/A grades 43.5% (national 34%), and 70.1% achieved A/B grades. The majority of our students were successful in accessing their university choices, ranging from: Artificial Intelligence, Cyber Security, Economics, History, Journalism, Mathematics, Marine Biology, Medicine, Natural Sciences, Psychology, Law and many more.

AS level results also produced the best ever results; 37.4% A grades (national average 22.5%), and 56% were graded A/B grades.

The GCSE results were outstanding; this included many in year 10 who were entered for Maths a year early. 49% achieved A/A grades (national 19%). 95% of all pupils achieved a minimum of 5A - C grades, including English and Maths.

Additional successes and activities

The Year 10 top set mathematics group sat Mathematics Numeracy GCSE external exam a year early and 90% of the group achieved A/A grades and a 100% A-C pass rate – an excellent achievement

Over Twenty pupils were selected to represent Wales/UK in a wide range of sporting and musical disciplines.

New Developments

The School has recently undertaken a significant amount of work to improve the current infrastructure of the School. During the current academic year works have started on the upgrade of Llantarnam Hall as part of a rolling program as well as improving security at the top of the site with the introduction of an ANPR barrier system. The school has also invested a significant amount to upgrade the IT infrastructure including new interactive screens in each classroom and the upgrade of two IT suites.

Significant work has also been undertaken to upgrade classrooms and offices as part of the change to accommodation that were implemented in the summer period. Further ongoing improvements to the School’s infrastructure are planned including the ongoing upgrading of Llantarnam Hall.

Principle Risks and Uncertainties

The Governors consider the economic turbulence of recent years and in particular the recent developments of the cost of living crisis and the pending introduction of VAT on school fees are impacting the affordability of fees by parents across the independent sector to be the principle risk faced by the School. Despite the levels of economic uncertainty pupil numbers have significantly increased over the past few years. Current numbers are encouraging despite the effects of the pandemic and cost of living issues to date, though caution is required given the potential effect on pupil numbers in future years as parents find it more and more difficult to afford school fees.

The school has an active marketing and strategic plan to increase pupil numbers. Retention of pupils is key to future pupil numbers. The Governing Body last year approved a fee increase in September 2023 of 4.5%. Health and Safety is always a significant area for risk management particularly in ensuring pupil and staff safety. The risks range from fire and infrastructure to personal risks (most notably when away from the school on trips, expeditions and school based productions). The level and breadth of activity at the School is impressive and the risks associated with all activities are minimised by thorough planning and risk assessment.

ROUGEMONT SCHOOL TRUST LIMITED

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

Principle Risks and Uncertainties (continued)

Data protection is also a significant risk particularly in the digital environment and staff regularly undergo training to ensure that they are up to date with the latest legislation and procedures.

Cyber risk is also an area that is being more an area of concern and the school is regularly reviewing its cyber security. Detailed consideration of risk is delegated to the Senior Management Team. The Director of Business and Finance updates the risk register annually which is then signed off by the governing body. The risk management process and the resulting report identifies risks, assesses their impact and likelihood and where necessary recommends controls to mitigate and monitor those risks that are assessed as high. The generic controls used by the school to minimise risk include:

Strategic development planning, reviewed annually by the Senior Management Team;
Comprehensive budgeting and management accounting;
Established organisational structures and lines of reporting;
Formal written policies including clear authorisation and approval levels;
Safeguarding and vetting procedures as required by law for the protection of the vulnerable.

Governors regularly review the effectiveness of current plans and strategies for managing all identified major risks for the school.

FINANCIAL REVIEW

Income for the year totalled £10,819,186 (2023: £9,360,260) and expenditure amounted to £9,422,386 (2023: £8,364,861) resulting in a surplus of £1,396,977 (2023: £995,399).

This is mainly the result of increased pupil numbers whilst also achieving the best value for money through cost effective procurement and better use of school resources. Income was significantly higher than budgeted due to increased pupil numbers, particularly in senior school.

ROUGEMONT SCHOOL TRUST LIMITED

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

FINANCIAL REVIEW (continued)

Reserves Policy

The Governors recognise the need for reserves to generate funds to provide for investment in property and the management of risks and contingencies. At 31 August 2024, the unrestricted funds of Rougemont School were £19,141,021. The school currently has no free reserves as all amounts are represented by the value of fixed assets. On a practical level, like many independent schools, the governors continually assess the financial resilience of the school through close monitoring of the termly cashflow and the governors are content that, looking forward, the school currently has adequate cashflow to meet its short and medium term strategic aims.

ROUGEMONT SCHOOL AND THE COMMUNITY (PUBLIC BENEFIT)

The School remains committed to the aim of providing public benefit in accordance with its founding principles. Charity legislation includes a requirement to demonstrate that public benefit for any charitable purpose where is had hitherto been presumed in the absence of evidence to the contrary. This calls in turn for commensurate disclosure of our public benefit aims. Public benefit is often discussed as part of the education committee agenda.

The Governors would like to confirm that they have paid due regard to the Charity Commission’s statutory guidance, on public benefit in deciding what activities the School should undertake. The Governors have always considered that the school should strive to play a full and responsible part in its local community, striving to pursue its charitable objects within and beyond the confines of its pupil population. The principal ways in which the School achieves this aim are as follows:

1. Bursary and Fee Assistance Policy

The School wishes to do all it can to widen access to the educational opportunities that it offers and to this end has increased the value of its bursary provision steadily in recent years, including the provision of 100% bursaries in cases where parental means are very slight.

The School supported 50 (2023: 42) children through the Bursary Scheme in the year ended 31 August 2024. This support, which is available on a means tested basis as determined by the Finance Manager in consultation with the Director of Business and Finance, reduced annual fee income by £407,532 (2023: £350,053). The School does all it can practically to advertise and promote the Bursary Scheme to the wider community, in an attempt to attract candidates who would otherwise be unable to attend a fee-paying school.

2. Scholarship and Headmaster Awards

The Scholarship Scheme, which recognises academic ability, continues to offer valuable grant awards. The School in so doing makes independent education affordable to a wider section of the community. Applications are welcomed from pupils already attending Rougemont, as well as those from other schools. Scholarships are awarded by the Headmaster on the results of the Scholarship Examinations. Successful applicants are currently awarded between a 5% and 25% scholarship which is applied to academic fees for between 2 and 5 years

ROUGEMONT SCHOOL TRUST LIMITED

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

ROUGEMONT SCHOOL AND THE COMMUNITY (PUBLIC BENEFIT) (continued)

2. Scholarship and Headmaster Awards (continued)

This scheme supported 100 (2023: 108) children and reduced annual fee income by £247,321 (2023: £232,392).

3. Charitable fund-raising

Rougemont School has a strong sense of community and through the enthusiastic support of pupils, staff and parents participates in a wide range of charitable fund raising events throughout the year. Charities which these activities support are usually selected on the grounds that they complement the objectives of the School and that they are based locally. Themes pertaining to charitable causes are incorporated into curricular learning programmes where possible. In the summer term children undertake their main fundraising activities of the year.

The Preparatory School has maintained its connections with the local community. Fundraising activities have been undertaken not only during the school day, such as mufti days, but also during evenings and weekends. Through these activities children continue to gain an appreciation of the needs of others. This charity link has fed into many areas of the Foundation Phase curriculum, such as Literacy and Knowledge and Understanding of the World. We continue to support the principles of Global Citizenship through our fundraising for schools in Africa.

The Senior School also promotes and supports good causes through its fundraising efforts. The various charity events across the whole school this year have raised a total of £4,867. The school also allowed its facilities to be used for a range of external fundraising events. A detailed analysis of the fund raising is detailed below.

From 1 September 2023 to 31 August 2024 Rougemont School supported the following charities through its fundraising activities:

aising activities:
	2024	2023
	£	£
Children in Need	2,385	1,302
Hello Yellow	108	-
Imran Khan- Cancer Appeal	-	30
MIND (Motor Neurone Disease)	-	62
NSPCC	1,261	505
Red Cross Ukraine Appeal	-	869
Save the Children	553	134
St David's Hospice	-	2,340
Turkey Earthquake Appeal	-	657
Whizz Kids	560
	-------------	------------
	4,867	5,899

ROUGEMONT SCHOOL TRUST LIMITED

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

ROUGEMONT SCHOOL AND THE COMMUNITY (PUBLIC BENEFIT) (continued) 4. Career development and workplace training

Rougemont School welcomes individuals who wish to undertake practical work experience in the school as part of their teacher or childcare training. The school donates its resources, in most cases freely, to help in the training and supervision of these students.

5. Working closely with local community groups

The School continues to work closely with its neighbours in the local community as part of its ethos of responsibility within the wider community. The School also opens its facilities for use to the general public, through local sporting, dance and drama groups. Letting of facilities for these activities is given at concessionary rates to enable as many local user groups to enjoy the excellent facilities Rougemont has to offer.

6. Saving to the Public Purse

The School relieves the pressure to provide places in the maintained sector by independently educating 740 children, of compulsory school age, which saved the public purse an estimated £5,520,400 in the year ended 31 August 2024. This illustrative estimate is calculated by assuming a rate of £7,460 per place in the state sector. The school also provides free use of its facilities and buses to support local schools and to carry out various events to help provide opportunities to the community and pupils from other neighbouring local state schools.

PLANS FOR FUTURE PERIODS

The Board’s detailed direction to the Headmaster and Senior Management Team for the next academic year remains unchanged. The areas of particular interest and attracting priority during the next 5 years are:

• Widening Accessibility

The School is to continue its efforts to widen accessibility. The School’s continued commitment to awarding new scholarships and increasing bursary assistance remains a corner stone of this policy. The importance of letting the School’s first class facilities to external organisations, such as community groups, sports clubs, holiday clubs and others remains of immense importance in the School’s aspirations to demonstrate real public benefit.

• Academic Success

The excellent academic success enjoyed in recent years is evidence of the value added by a Rougemont education. This continued success in the classroom, balanced by fine extra-curricular activities, remains a high priority.

• Maintenance of facilities

The Board acknowledges the importance of providing sufficient resources for the continuing routine reactive and preventative maintenance of the buildings, fixtures, fittings and grounds of Rougement School, including the historical building Llantarnam Hall and the protected woodland surrounding the School. During the coming five years this will remain a high priority.

Improvement of Facilities

The Board wishes the School to continue to improve the facilities for the use of the School and the wider community. With this in mind the School has a detailed plan of capital work, under continuous review, designed to greatly improve the internal and external facilities available for use.

ROUGEMONT SCHOOL TRUST LIMITED

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

GOVERNORS’ RESPONSIBILITIES

The Governors (who are also directors of Rougemont School Trust Limited for the purposes of company law) are responsible for preparing the Governors' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

Select suitable accounting policies and then apply them consistently;
Observe the methods and principles in the Charities SORP;
Make judgements and estimates that are reasonable and prudent;
State whether applicable UK Accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as we are aware:

There is no relevant audit information of which the charitable company's auditor is unaware; and
The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

AUDITORS

On 19 November 2024 the company auditor changed its name from Hanysmacintyre LLP to Haysmac LLP. The re-appointment of Haysmac LLP as auditors for the ensuing year will be considered at the Annual General Meeting in accordance with section 485 of the Companies Act 2006.

The Governors’ report including the strategic report was approved and authorised for issue by the Board of Directors (Governors) at its meeting on and signed on its behalf by: 04/12/2024

Paul Harris

……………………………….

P Harris Chairperson

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF

ROUGEMONT SCHOOL TRUST LIMITED

Opinion

We have audited the financial statements of Rougemont School Trust Limited for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Company Balance Sheets, Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the group’s and of the parent charitable company’s affairs as at 31 August 2024 and of the group’s and parent charitable company’s net movement in funds, including the income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting 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 doubt on the group’s or parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Governors’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF

ROUGEMONT SCHOOL TRUST LIMITED (CONTINUED)

the information given in the Governors’ Report (which incorporates the strategic report and the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Governors’ Report (which incorporates the strategic report and the directors’ report) has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors’ Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the group or parent charitable company; or
the group or parent charitable company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Governors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees for the financial statements

As explained more fully in the Governors’ responsibilities statement on page 12, the Governors (who are also the directors of the group and parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and parent charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to safeguarding regulations, health and safety law, GDPR and employment law and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011, and payroll tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF

ROUGEMONT SCHOOL TRUST LIMITED (CONTINUED)

posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

Inspecting correspondence with regulators and tax authorities;
Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud;
Review of minutes of relevant governor meetings during the period;
Evaluating management’s controls designed to prevent and detect irregularities;
Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and
Challenging assumptions and judgements made by management in their critical accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ser ………………………………………………. Siobhan Holmes (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditors

10 Queen Street Place London EC4R 1AG

Date : ………………………………. 4 February 2025

ROUGEMONT SCHOOL TRUST LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2024

(Incorporating Income & Expenditure Account)

		Unrestricted funds	Unrestricted funds
		General	Designated	Total	Total
		Funds	Funds	2024	2023
	Notes	£	£	£	£
INCOME FROM:
Charitable Activities
School fees	2	9,434,447	-	9,434,447	8,332,957
Ancillary trading income	3	1,194,931	-	1,194,931	914,135
Other Trading Activities
Other income	5	73,775	-	73,775	94,617
Investment Income
Bank and other interest	6	66,033	-	66,033	18,551
Income from Donations and Legacies
Grants and donations	4	50,000	-	50,000	-
		-------------------	---------------------	--------------------	--------------------
TOTAL INCOME		10,819,186	-	10,819,186	9,360,260
		-------------------	---------------------	--------------------	--------------------
EXPENDITURE
Raising Funds
Trading activities	8	8,824	-	8,824	7,928
Charitable Activities
Education and grant making	8	9,413,386	-	9,413,386	8,356,933
		------------------	-----------------	--------------------	-------------------
TOTAL EXPENDITURE		9,422,210	-	9,422,210	8,364,861
		------------------	-----------------	--------------------	--------------------
NET INCOME BEFORE TRANSFERS		1,396,977	-	1,396,977	995,399
Transfers		(1,608,467)	1,608,467	-	-
		-------------------	--------------------	--------------------	--------------------
NET MOVEMENT IN FUNDS AFTER		(211,490)	1,608,467	1,396,977	995,399
TRANSFERS
RECONCILLIATION OF FUNDS
Funds as at 1 September 2023		6,558,087	11,187,159	17,745,246	16,749,847
		-------------------	--------------------	--------------------	--------------------
FUNDS CARRIED FORWARD AT 31 AUGUST
2024
	15	6,346,597	12,795,626	19,142,223	17,745,246
		=========	==========	==========	==========

The notes on pages 19 to 34 form part of these financial statements.

The Statement of Financial Activities includes all gains and losses recognised in the year. All amounts derive from continuing activities.

ROUGEMONT SCHOOL TRUST LIMITED

Company number: 01178886

CONSOLIDATED AND CHARITY BALANCE SHEETS

AS AT 31 AUGUST 2024

		Group	Group	Charity	Charity
		2024	2023	2024	2023
	Notes		£		£
FIXED ASSETS
Tangible assets	10	18,517,274	18,273,716	18,517,274	18,273,716
Investment in Subsidiary		-	-	2	2
CURRENT ASSETS
Stock		4,550	4332	4,550	4,332
Debtors	11	184,640	164,629	252,985	269,735
Cash at bank and short term deposits		8,505,453	3,150,387	8,428,559	3,041,360
		------------------	------------------	------------------	------------------
		8,694,643	3,319,347	8,686,095	3,315,427
CREDITORS: amounts falling due
within one year	12	(2,928,429)	(1,112,905)	(2,919,881)	(1,108,984)
		------------------	--------------------	------------------	--------------------
NET CURRENT LIABILITIES		5,766,214	2,206,442	5,776,214	2,206,443
		------------------	--------------------	------------------	--------------------
TOTAL ASSETS LESS CURRENT
LIABILITIES		24,283,490	20,480,160	24,283,489	20,480,159
CREDITORS:amounts falling due
after more than one year	13	(5,141,267)	(2,734,914)	(5,141,267)	(2,734,914)
		------------------	--------------------	------------------	--------------------
NET ASSETS		19,142,223	17,745,245	19,142,223	17,745,245
		==========	==========	==========	==========
FUNDS
UNRESTRICTED FUNDS
General fund - Revaluation reserve	15 & 16	6,346,596	6,558,087	6,346,596	7,760,975
Designated funds	15 & 16	12,795,626	11,187,159	12,795,626	9,984,271
		------------------	--------------------	------------------	--------------------
		19,142,223	17,745,245	19,142,223	17,745,245
		------------------	--------------------	------------------	--------------------
TOTAL FUNDS		19,142,223	17,745,245	19,142,223	17,745,245

The financial statements were approved and authorised for issue by the Board of Governors on and 04/12/2024 were signed below on its behalf by:

Paul Harris

P Harris Chairperson

The notes on pages 19 to 34 form part of these financial statements.

ROUGEMONT SCHOOL TRUST LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2024

			2024		2023
CASH FLOWS FROM OPERATING		£	£	£	£
ACTIVITIES
Net cash inflow/(outflow) from operations
Net cash provided by/(used in) operating	18		2,478,148		1,382,264
activities
			------------------		------------------
Cash flows from investing activities
Payments to acquire tangible fixed assets		(746,867)		(772,318)
Receipts on disposal of tangible fixed assets		-		11,708
Investment income		66,033		18,551
		---------------------		---------------------
Net cash (used in)/provided by investing			(680,834)		(742,059)
activities
			------------------		--------------------
Cash inflow before financing			1,797,314		640,204
Cash flows from financing activities
Repayments and bank borrowings		(186,478)		(181,850)
Movement in fees received in advance		3,838,523
Leases		-		-
Finance costs paid		(94,293)		(95,953)
		---------------------		-------------------
Net cash inflow/(outflow) from financing			3,557,752		(277,802)
			------------------		------------------
Change in cash and cash equivalents in the			5,355,066		362,402
reporting period
			=========		=========
Cash and cash equivalents at the beginning of			3,150,387		2,787,984
the reporting period
Cash and cash equivalents at the end of the			8,505,453		3,150,387
reporting period

The notes on pages 19 to 34 form part of these financial statements.

ROUGEMONT SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

1. ACCOUNTING POLICIES

1.1 Basis of accounting

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – (Second Edition, effective 1 January 2019).

As highlighted in the Governors’ Report, having assessed the School’s financial position, the plans for the foreseeable future, the risks to which the School is exposed and the detailed cash projections, the Governors are satisfied that it remains appropriate to prepare the financial statements on a going concern basis.

The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates.

The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 29[th] July 1974 (company number: 1178886) and registered as a charity on 24[th] October 1974 (charity number: 532341)

Critical Accounting Judgements and key sources of estimation uncertainty

In the application of the accounting policies, Trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

The Governors consider the following items to be areas subject to estimation and judgement:

Depreciation:

The useful economic lives of tangible fixed assets are based on management’s judgement and experience. When management identifies that accrual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted retrospectively. Although tangible fixed assists are significant, variances between actual and estimated useful economic lives will not have a material impact on the operating results. Historically, no changes have been required.

In the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

The following principal accounting policies have been applied:

1.2 Income

All income and endowments are recognised when the criteria of entitlement, measurement and probability of receipt have been satisfied.

Rents are stated gross and are included on an accruals basis. Interest is included on an accruals basis.

ROUGEMONT SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2023

1.2 Income (continued)

Donations and legacies and other voluntary income

Voluntary incoming resources are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable.

Donations received for the general purposes of the School are credited to Unrestricted Funds. Donations Subject specific wishes of the donors are credited to the relevant Restricted Funds, where the amount is held as expendable capital, or to Endowment Funds.

Legacies are recognised when the School has entitlement to the funds, the amount can be reliably quantified and the economic benefit to the School is considered probable. Entitlement is the earlier of the School being notified of an impending distribution or the legacy being received.

Fees and similar earned income

Fees receivable and charges for services and use of the premises are accounted for in the year in which the services are provided. Fees receivable are stated after deducting bursaries, scholarships and other remissions allowed by the School.

Registration fees are non-refundable and are credited to income when received.

Deposits are included as a liability until refunded or, on ceasing to be refundable, are credited to income. Advance fees are credited to income as and when they fall due.

1.3 Expenditure

Expenditure is accounted for on an accruals basis where there is a legal and constructive obligation to make a payment to a third party and the amount of the obligation can be measured reliably, expenditure is allocated to the appropriate headings relevant to the charitable activities on a direct basis. Support costs mainly represent office administration. Irrecoverable VAT is charged to the Statement of Financial Activities as incurred. Governance costs comprise the costs of running the School, including strategic planning for its future development, external audit, legal advice and all the costs of complying with constitutional and statutory requirements. Charitable expenditure represents the costs of running the School including salaries, catering, premises and welfare costs. Costs of raising funds include non-ancillary trading, financing, investment management and fundraising and development costs.

1.4 Tangible Fixed Assets and Depreciation

All fixed assets are initially recorded at cost.

1.5 Depreciation

Depreciation is provided on fixed assets to write off the cost or valuation over their estimated useful economic lives at the following rates:

Freehold buildings	-	2% on cost or valuation
Fixtures and fittings	-	15% on reducing balance
Computers	-	20% on cost
Sports facilities	-	7.5% on cost
Agricultural Equipment	-	20% on reducing balance
Motor Vehicles	-	20% on cost

ROUGEMONT SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

1.6 Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the statement of financial activities on a straight line basis.

1.7 Finance lease agreements

Assets acquired under finance lease contracts are capitalised economic lives. Obligations under such contracts are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income and expenditure account in equal annual instalments over the length of the contract.

1.8 Operating lease agreements

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly on a straight-line basis over the lease term.

1.9 Fund accounting

The School has two types of funds:

Restricted – where the purpose for which the funds may be used has been restricted by donors; and
• Unrestricted – where the fund is not restricted as to use other than in furthering the objects of the School. These include Designated Funds, where the funds are unrestricted but the Governors have designated them for a specific purpose.

1.10Financial Instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and cash equivalents, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and cash equivalents is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current liabilities.

Debtors and creditors

Debtors and creditors are measured at the transaction price less any provision for impairment. Any losses arising from impairment are recognised as expenditure.

Bank borrowings

Liabilities for borrowings which are subject to a market rate of interest are measured at the value of the amount advanced, less capital repayments.

Advance Fees Fund

The Charity has an advance fees scheme whereby parents and others make advance payments, which together with the discount accruing thereon, provide for a set contribution each term towards the pupils’ fees.

ROUGEMONT SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

The capital portion outstanding is recognised as a liability and the amount of discount crystallised in the year is included in the Statement of Financial Activities.

Provisions for liabilities

Provisions are made where an event has taken place that gives the School a legal or constructive obligation that probably requires settlement by a transfer of economic benefits, and a reliable estimate can be made of the amount of the obligation.

1.11 Staff Benefits Including Pension costs

The school contributes to the following schemes:

i. The School contributes to the Teachers’ Pension Scheme. This is a multi-employer pension scheme and it is not possible to identify the School’s share of the underlying assets and liabilities on a consistent and reasonable basis. Therefore. As required by FRS 102, the School accounts for the scheme as if it were a defined contribution scheme. The School’s contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable.
ii. a contributory Group Personal Pension Plan. This is a defined contribution scheme, contributions to the plan are made in accordance with the rules of the plan and are charged to expenditure when they are payable. Pension costs are charged as a percentage of salaries and paid over to Scottish Widows on a monthly basis.

Short term benefits

Short term benefits, including holiday pay, are recognised as an expense in the period in which the service is received.

Employee termination benefits

Termination benefits are accounted for on an accruals basis and in accordance with FRS 102.

1.12 Bursary fund

Bursary assistance continues to be given on a means tested basis, however, this is achieved by discounting ongoing fee income.

ROUGEMONT SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

CHARITABLE ACTIVITIES – SCHOOL FEES	2024	2023
	£	£
Gross fees	10,514,420	9,310,535
	--------------------	--------------------
Bursaries	(407,532)	(350,053)
Scholarships	(247,321)	(232,393)
Fee discounts – Sibling	(230,733)	(188,707)
Staff discounts	(179,262)	(187,220)
Discounts on fees in advance	(15,125)	(19,205)
	--------------------	------------------
Less: Total bursaries, grants and allowances	(1,079,973)	(977,578)
	--------------------	--------------------
	9,434,447	8,332,957
	--------------------	--------------------

Bursaries totalling £407,532 were paid to 50 pupils (2023: £350,053 to 42 pupils) Scholarships totalling £247,321 were paid to 100 pupils (2023: £232,393 to 108 pupils)

3.	ANCILLARY TRADING INCOME	2024	2023
		£	£
	Registration fees	4,499	5,220
	Transport recoveries general	264,967	236,301
	Catering recoveries	401,207	390,268
	School trips	521,248	263,429
	Charges for late payment of fees	210	469
	Other	2,800	18,448
		---------------	---------------
		1,194,931	914,135
		=======	=======
4.	GRANTS AND DONATIONS	2024	2023
		£	£
	Donations received	50,000	-
		---------------	---------------
		50,000	-
		=======	=======
5.	OTHER INCOME	2024	2023
		£	£
	Lettings	73,775	81,825
	Other Income	-	12,792
		---------------	---------------
		73,775	94,617
		=======	=======

ROUGEMONT SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

6.	INVESTMENT INCOME	2024	2023
		£	£
	Bank interest receivable	66,033	18,551
		=======	=======
7.	STAFF COSTS	2024	2023
		£	£
	Total staff costs comprised:
	Wages and salaries	5,100,718	4,608,733
	Social security costs	523,025	463,614
	Pension contributions	881,877	785,124
	Redundancy Costs	26,970	10,000
		---------------	----------------------
		6,532,590	5,867,471

None of the Governors received any remuneration or other benefit from the School or from any connected body. No reimbursements were made to trustees during the year (2023: None) see note 1 for further details.

	2024	2023
	No.	No.
The average number of employees in the year, was as follows:
Teaching staff (FTE)	81	76
Support staff	62	64
	------------	------------
Number of staff	143	140
	======	======
The number of employees whose emoluments for the year fell within the
following bands were:
£60,000 - £69,999	7	1
£70,000 - £79,999	2	1
£90,000 - £99,999	-	1
£110,000 - £119,999	1	1

Employer pension contributions for Key Management Personnel total £52,303 (2023: £78,160)

Aggregate employee benefits of Key Management Personnel	337,787	470,974
	-----------	---------------
	337,787	470,974
	=========	=========
During the year termination and redundancy payments totalled £26,970 (2023: £10,000)

ROUGEMONT SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

ANALYSIS OF EXPENDITURE	ANALYSIS OF EXPENDITURE
	Staff costs	Other	Depreciation	2024
	£	£	£	£
Raising Funds		8,824		8,824
	---------------------------	-------------------	--------------------------------	-------------------
Charitable expenditure:
Teaching	5,003,489	292,144	71,464	5,367,097
Welfare	246,511	277,230	-	523,741
Premises	411,105	572,342	419,745	1,403,192
Support and governance costs	871,485	1,235,769	12,102	2,119,356
	---------------------	--------------------	-----------------	--------------------
	6,532,590	2,386,308	503,311	9,413,386
	---------------------	--------------------	-----------------	--------------------
Total	6,532,590	2,395,132	503,311	9,422,210
	===========	==========	========	=========

Support costs and other governance costs relates to the one activity of running a school. Other support costs consist of the following: -

	2024	2023
	£
Legal and professional fees	161,825	188,378
Telephones, postage, stationery and other costs	154,732	134,556
Advertising, marketing & PR expenditure	43,608	41,112
Transport, trips including related costs	771,441	470,408
Finance costs and bank charges	104,163	88,558
	------------------	------------------
	1,235,769	923,012
	=========	=========
Grants awards and prizes	2024	2023
	£	£
From Unrestricted Funds
Bursaries and other grants and awards	1,079,973	977,578
	------------------	------------------
	1,079,973	977,578
	=========	=========

ROUGEMONT SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2023

8. ANALYSIS OF EXPENDITURE (continued)

	Staff costs	Other	Depreciation	2023
	£	£	£	£
Charitable expenditure:
Raising Funds		7,928		7,928
	---------------------------	-------------------	--------------------------------	-------------------
School Activities
Teaching	4,495,472	203,596	62,564	4,761,632
Welfare	234,026	246,494	-	480,520
Premises	390,466	662,977	389,118	1,442,561
Support and governance costs	747,507	932,013	1,700	1,672,220
	---------------------	--------------------	-----------------	--------------------
	5,867,471	2,036,080	453,382	8,356,933
	---------------------	--------------------	-----------------	--------------------
Total	5,867,471	2,044,008	453,382	8,364,861
	===========	==========	========	=========
NET INCOME FOR THE YEAR			2024	2023
			£	£
This is stated after charging:
Staff pension contributions			881,877	776,065
Disposal of fixed assets			-	(11,708)
Depreciation			503,311	453,382
Auditors’ remuneration:
- audit of financial statements	(excluding VAT)		27,054	28,704
Operating lease costs:
- Plant and Machinery			37,203	13,375
- Other			161,453	112,456

9. NET INCOME FOR THE YEAR

ROUGEMONT SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

TANGIBLE FIXED
ASSETS	Land and	Fixtures &	Sports		Motor
GROUP AND	Buildings	Fittings	Facilities	Computers	Vehicles	Total
COMPANY
	£	£	£	£	£	£
Cost
At 1 September 2023	19,594,533	1,425,456	488,989	350,856	136,978	21,996,812
Additions	209,362	393,258	41,810	60,262	42,175	746,867
	----------------------	--------------------	-----------------------	-----------------------	------------------	-----------------
At 31 August 2024	19,803,895	1,818,714	530,799	411,118	179,153	22,743,679
	----------------------	--------------------	-----------------------	---------------------	------------------	-----------------
Depreciation
At 1 September 2023	2,212,832	729,568	396,522	259,005	125,172	3,723,099
Charge for the year	295,556	124,189	33,457	38,007	12,102	503,311
	--------------------	--------------------	--------------------	------------------------	-------------------	-----------------
At 31 August 2024	2,508,388	853,757	429,979	297,012	137,274	4,226,410
	-------------------	--------------------	--------------------	---------------------	-------------------	-----------------
Net Book Value
At 31 August 2024	17,295,507	964,958	100,820	114,106	41,880	18,517,274
	===========	=========	=========	=========	=========	=========
At 31 August 2023	17,381,701	695,889	92,467	91,851	11,805	18,273,713
	===========	=========	=========	=========	=========	=========

		Group		Charity	Charity
11.	DEBTORS	2024	2023	2024	2023
		£	£	£	£
	Trade Debtors	11,021	4,372	-	-
	School fees	76,263	114,969	76,263	114,969
	Prepayments	89,009	31,132	89,009	31,132
	Other Debtors	8,347	14,156	8,347	14,156
	Intercompany			79,366	109,478
		----------------	----------------	---------------	---------------
		184,640	164,629	252,985	269,735
		========	========	========	========
12.	CREDITORS: amounts falling due within one year	2024	2023	2024	2023
		£	£	£	£
	Bank loans and overdrafts (secured)	191,536	186,510	191,536	186,510
	Trade creditors	375,466	32,586	373,138	32,586
	2024-25 fees paid	658,260	488,432	658,260	488,432
	Advance fee payment schemes	1,322,468	81,802	1,322,468	81,802
	Pupil deposits	144,750	158,250	144,750	158,250
	Other taxes and social security	21,269	5,437	21,270	5,434
	Other creditors/Intercompany	137,641	104,348	137,641	104,348
	Accruals	77,036	55,540	70,818	51,622
	Hire purchase agreements	-	-	-	-
		-----------------	---------------	------------	------------
		2,928,429	1,112,905	2,919,881	1,108,984
		=========	=========	=========	=========

ROUGEMONT SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

CREDITORS: amounts falling due after more than		Group	Charity	Charity
one year
	2024	2023	2024	2023
	£		£	£
Bank loans	2,505,059	2,696,563	2,505,059	2,696,563
Advance fee payment schemes	2,636,208	38,351	2,636,208	38,351
	--------------------	--------------------	--------------------	------------------
	5,141,267	2,734,914	5,141,267	2,734,914
	=========	=========	=========	=========

Advanced fee payments:

Parents may enter into a contract to pay to the school up to the equivalent of five years’ tuition fees in advance and the amount received forms part of the schools working capital. It is treated as deferred income, until the pupil’s fees become due whereupon the fees for each school term are charged against the remaining balance and taken to income. A discount rate is agreed at the contracts inception and this is treated as a deduction from the school fee income in the relevant period. The money may be returned subject to specific conditions on the receipt of one term’s notice.

Assuming pupils will remain in the School, advance fees will be applied as follows:

		2024	2023
		£	£
Within	2 to 5 years	1,348,167	12,446
Within	1 to 2 years	1,288,042	25,906
		----------------	----------------
		2,636,208	38,352
Within	one year	1,322,468	81,802
		----------------	----------------
		3,958,678	120,154
		========	========

The balance represents the accrued liability under the contracts, and the movements during the year were:

	2024	2023
	£	£
Balance at 1 September 2023	120,154	265,565
New contracts	3,943,698	-
Amounts accrued to contracts	8,038	7,966
	----------------	----------------
	4,071,890	273,531
Amounts utilised in payment of fees	(113,213)	(153,377)
	----------------	----------------
Balance at 31 August 2024	3,958,678	120,154
	========	========

ROUGEMONT SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

13. CREDITORS: amounts falling due after more than one year (continued)

Bank loans:

The bank loan creditor falling due within one year and after more than one year is secured by the company and is disclosed as follows:

	2024	2023
	£	£
After 5 years	1,899,950	2,073,577
Within 2 to 5 years	408,585	415,265
Within 1 to 2 years	196,524	207,722
	-------------------	-------------------
	2,505,059	2,696,563
Within one year	191,536	186,510
	--------------------	--------------------
	2,696,595	2,883,073
	=========	=========

The bank overdraft and bank loans are secured by a first legal charge over the freehold property known as Llantarnam Hall and Llantarnam Hall Wood, Torfaen, Gwent dated 28 August 2006 valued at £5.7million, newer buildings more recently constructed and an unscheduled Mortgage Debenture dated 18th April 2002 incorporating a fixed and floating charge over all current and future assets of the charity. The school entered into two new loans in 2020, the first is for £1,980,000 and the second is for £1,320,000 both began drawdown in April 2021. Both are secured by a first legal charge over the freehold property known as Llantarnam Hall and its associated assets and a debenture.

14. COMMITMENTS UNDER OPERATING LEASES

At 31 August 2024 the company had the following future minimum operating payment as set out below. The charge to the Statement of Financial Activities in the year was £1,138,909 (2023: £52,322).

	Assets other than	Assets other than
	land and buildings
	2024	2023
	£	£
Payments due in:
Less than one year	261,103	15,194
Within 2 to 5 years	877,806	37,128
	----------------	----------------
	1,138,909	52,322

ROUGEMONT SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

STATEMENT OF FUNDS	Balance at			Gains/Loss	Balance at
GROUP	1 September	Income	Expenditure	Revaluation	31 August
Unrestricted funds	2023			& Transfers	2024
	£	£	£	£	£
General funds
Other reserves		10,819,186	(9,422,210)	(1,396,976)
Revaluation reserve	6,558,087			(211,491)	6,346,596
	-----------------------------	-------------------------	-------------------------	-------------------------	-------------------------
Total general funds	6,558,087	10,819,186	(9,422,210)	(1,608,467)	6,346,596
Designated funds
Auditorium & Refectory fund
Fixed Asset Reserve fund	11,187,159	-	-	1,608,467	12,795,626
	----------------------	--------------------	--------------------	------------------	----------------------
Total Unrestricted funds	17,745,246	10,819,186	(9,422,210)	-	19,142,223
	===========	==========	==========	=========	===========

ROUGEMONT SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

STATEMENT OF FUNDS	Balance at			Gains/Loss	Balance at
CHARITY	1 September	Income	Expenditure	Revaluation	31 August
Unrestricted funds	2023			& Transfers	2024
	£	£	£	£	£
General funds
Other reserves		10,810,363	(9,413,386)	(1,396,977)
Revaluation reserve	6,558,087			(211,490)	6,346,597
	-----------------------------	-------------------------------	------------------------------	----------------------------	-----------------------------
Total general funds	6,558,087	10,810,363	(9,413,386)	(1,608,467)	6,346,597
Designated funds
Fixed Asset Reserve fund	11,187,159	-	-	1,608,467	12,795,626
	----------------------	--------------------	--------------------	------------------	----------------------
Total Unrestricted funds	17,745,246	10,810,363	(9,413,386)	-	19,142,223
	===========	==========	==========	=========	===========
Comparative figures:
STATEMENT OF FUNDS	Balance at			Gains/Loss	Balance at
GROUP AND COMPANY	1 September	Income	Expenditure	Revaluation	31 August
Unrestricted funds	2022			& Transfers	2023
	£	£	£	£	£
General funds
Other reserves	-	9,360,260	(8,364,861)	(995,399)	-
Revaluation reserve	6,781,826	-	-	(223,739)	6,558,087
	-----------------------------	-------------------------------	------------------------------	----------------------------	-----------------------------
Total general funds	6,781,826	9,360,260	(8,364,861)	(1,219,138)	6,558,087
Designated funds
Auditorium & Refectory fund
Fixed Asset Reserve fund	9,968,021	-	-	1,219,138	11,187,159
	----------------------	--------------------	--------------------	------------------	----------------------
Total Unrestricted funds	16,749,847	9,360,260	(8,364,861)	-	17,745,246
	===========	==========	==========	=========	===========

Fixed Asset Reserve fund – The fund has been set up to separately build up balances to match the net book value of fixed assets excluding the revaluation reserve. Unrestricted funds represent accumulated income of the school that are available for the general purposes of the school.

The Comparative Statement of Funds note can be obtained from the published and authorised accounts from the Charity Commission website.

17. RELATED PARTY TRANSACTIONS

As at 31 August 2024, Rougemont School Trust Limited was owed £79,366 (2023: £109,478) from Rougemont School Activities Limited, the wholly owned subsidiary company. During the year Rougemont School Trust Limited charged the company £52,500 (2023: £50,000) relating to a management charge and recharged costs.

Five Governors had children who were pupils at Rougemont School during the year (2023: four). School fees paid and discounts received were at the same rate and on the same terms as for all other parents of pupils at the school. These Governors are not involved in decision making processes relating to their own children

ROUGEMONT SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2023

17. RELATED PARTY TRANSACTIONS (continued)

Governors are not remunerated for their duties, however, they are reimbursed travelling costs to attend meetings from time to time. No Governors were reimbursed for travel costs in the year £Nil (2023: £Nil).

Fiona Bennett invoices costs of £Nil (2023: £6,600) to the school for consultancy fees for infrastructure.

There were no other related party transactions.

18.	RECONCILIATION OF NET INCOME		2024	2023
	TO NET CASH INFLOW FROM OPERATING ACTIVITIES		£	£
	Net income before transfers		1,396,977	995,398
	Elimination of non-operating cash flows:
	Add: interest payable		94,293	95,953
	Less: interest receivable		(66,033)	(18,551)
			-------------------	-------------------
			1,425,237	1,072,800
	Profit on disposal of fixed assets		-	11,708
	Depreciation		503,311	453,382
	Decrease/(increase) in debtors		(20,011)	(135,125)
	Increase/(decrease) in creditors		569,829	(20,303)
	Decrease/(increase) in stock		(219)	(198)
			---------------------	---------------------
	Net cash inflow from operating activities		2,478,148	1,382,264
			==========	==========
19.	ANALYSIS OF CASH AND CASH EQUIVILENTS	At		At
		1 September		31 August
		2023	Cash flows	2024
		£	£	£
	Cash in hand and at bank	3,150,387	5,355,066	8,505,543
		--------------------	-------------------	--------------------
		3,150,387	5,355,066	8,505,543
		--------------------	-------------------	--------------------

ROUGEMONT SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2023

20. TRADING SUBSIDIARY

Rougemont School Trust Limited hold 100% of the share capital in Rougemont School Activities Limited, a company registered in the United Kingdom. The company began trading from September 2020, all profits are covenanted to the School. At the 31 August 2024 the net assets of the company were £2. (2023: £2).

	2024	2023
	£	£
Turnover	73,775	65,492
Cost of sales	-	-
	-----------------	-----------------
Gross profit	73,775	65,492
Administration	61,323	57,928
	-----------------	-----------------
Net profit	12,452	7,564
	-----------------	-----------------
Gift Aid	(12,452)	(7,564)
	-----------------	-----------------
	-	-
	========	========

The School is owed the gift aid payment of £12,452 (2023: £7,564) from Rougemont School Activities Limited at 31 August 2024.

21. PENSION COMMITMENTS

The School now operates two pension schemes for teaching staff. The Teachers’ Pension Scheme (TPS) remains available for all teaching staff appointed prior to September 2023 and who wish to remain in the TPS. The Aviva Pension Trust for Independent Schools (APTIS) is for all teaching staff appointed since September 2023 and for teaching staff appointed before September 2023 who no longer wish to be part of TPS.

The TPS is an unfunded multi-employer defined benefit pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Contributions are 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 rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the ‘greater value’ benefits for groups of relevant members.

The TPS contribution rate for the School increased from 23.6% to 28.6% from April 2024. The School is also required to pay an administrative levy of 0.08% giving the total employer contribution of 23.68%. Teachers who have chosen to remain in TPS are required to meet the ongoing costs of any future increases.

The APTIS scheme is a defined contribution scheme where the School contributes 23%, though teaching staff have the ability to flex some or all of this for a cash payment.

The Pension charge for the year includes a contribution to TPS of £912,491 and a contribution to the APTIS scheme of £108,381.

ROUGEMONT SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2023

21. PENSION COMMITMENTS (continued)

Non-teaching staff are offered membership of Scottish Widows, a defined contribution scheme (Group Personal Pension Plan), to which the School contributes 6%. The amount contributed into the scheme by the employer amounted to £1,115,559 (2023: £66,850). Employees contribute at least the same amount as the employer into the scheme.

22. CAPITAL COMMITMENTS

There were no capital commitments as at 31 August 2024 or 31 August 2023.