Company number: 01193407 TERRINGTON HALL TRUST LIMITED (Charfty numb•r 532362) ANNUAL REPORT AND FINANCIAL STATEMENTS for tho y••r end•d 31 Augu•t 2024 HPH Chartered A¢countant• 54 Bootharn YORK Y030 7XZ
TERRINGTON HALL TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 GONTErirs Govemor8' Annual R8port Auditorfs Report 14-17 St8tem8nt of Fin8ncial Actlvities 18 Balance Sheet 19 Cash Flow Slatem8nt 20 Note$ to th• FSnandal Statements 21-29
TERRINGTON HALL TRUST LIMITED GOVERNORS, ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024 REFERENCE AND ADMINISTRATIVE INFORMATION The Governors present their foty ninth annual report and audited financial statements for the year ended 31 August 2024. Charity Name.. Terrington Hall Trust Limited Charity Registration Number.. 532362 Company Reglstratlon Number: 01193407 Dire¢torslGovernors'. Mrs K E Lamont (Chalr) Mr R L Cordingley Ms Z A Bannister Mrs S Hogg Ms E Colquhoun Mr B Collins Ms G Eaton Mr A Dunn (resigned December 2024) Mr D Griffiths Mrs A Moore Mr J Simms Mrs I Willoughby Mr S Shelley (appointed 13 March 20251 Mr J Mutton (appointed 13 March 2025) Company Secretary: Mr A P Upton Head.. Mr H G Thomas Registered Office and Principal Address.. Terrington Hall Preparatory School Terrington, YORK, Y060 6PR Advisers Audltors: HPH Accountants LLP Chartered Accountants 54 Bootham YORK Y030 7XZ Solicltors.. Harrowells LLP 1 St. Saviourgate YORK Y018ZQ Bankers: HSBC plc 13 Parliament street YORK Y018X
TERRINGTON HALL TRUST LIMITED GOVERNORS. ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Terrington Hall Trust Limited is a charitable company limited by guarantee, incorporated on 11 December 1974 and registered as a charity on 3 March 1975 and is governed by Its Memorandum and Articles of Association. The Governors of the School are also the charity trustees and directors of the company. Recrultment and tralnlng of Govornors Terrington Hall's Board of Govemors brings a wealth ofexperience and knowledge. giving theirtlme and expertise to govern all aspects of running the school such as long-term strategic planning, financial sustainability, safeguarding and educational quality. New Governors are recrurted through an annual skills audit facilitated by the Association of Goveming Bodies of Independent Schools IAGBIS). This process ensures that the Board possesses the spectrum of skills necessary to effectively govern the school, both for th6 preserit and for the future. We recruit both locally and nationally according to the skillsets required. All candidates for Board positions are inteNiewed and go through the statutory Safer Recruitment process, which includes references, safeguarding screening and training, ratification by the Full Board and a comprehensive induction programme to ensure their roles and responsibilitie5 are effectively established. Regarding Govemor numbers, until otheNise determined by a general meeting, the number of Governors shall not be less than seven nor more than thirty. The member5 of the governing body are subscribers to the Memorandum of Association of the trust. In 2023124 there were 13 Govemors on the Board. To manage conflict of interest, no person who is a Head or deputy Head of the School and no person who is otherwise in receipt of a salary, fees, remuneration or other benefit, in money or monies worth from the trust (save as permitted by Clause 4 of the Memorandum of Association) shall be eligible to be members of the governing body. The Board of Governors operates through delegated authority to 4 subcommittees.. Education, Welfare and Staff Development Gov8rnance Finance & Eststes Strategy, Marketing & Development This structure enables the Board to maximise oversight of our statutory duties in addition to the devising and execution of the ambitious 5-year strategic development plan. Additionally, the Board operates a number of "taSkf0rs" to run key cr055-committee projects - these taskforces enable agile decision-making and execution and have proven to be especially effective with respect to planning for the sector 'Headwinds°.
TERRINGTON HALL TRUST LIMITED GOVERNORS, ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (contlnued) Key Strateglc Plan Dellverables 23124 Terrington Hall is a dynamic prep School whlch combines traditional prep values with a unlque and Innovative whole-child curriculum. The school continues to thrive, wlth roll numbers at capacity across most year groups and with our team of highly commltted staff delivering an exciting year of educational opportunities for our children. In support of the school's development plan, in 23124, the Board was focused upon the below deliverables to drive performance, compliance and pupll outcomes.. 1) Compllance oversight and inspection readiness (including inspection pass in November 2023) 2) Long term plannlng for financial sustainability in the context of the sector"Headwlnds" 3) Estates Improvements includlng full upgrade of IT Infrastructure 4) Currlculum enhancements a, Further enhancement of Indlvlduallsed tea¢hlng and learnlng including new data-driven assessment regime and enhanced, individual child academlc progress monitoring. b. Embeddlng of our Innovatlve co-currlcular and enrlchment programme to further enhance the diverse range of opportunities available to our pupils c. Inltlatlon of a comprehenslv8 Year 8 Ilfe skllls development programme Compliance Oversight The Governance committee oversees all aspects of compliance in terms of our status as a charity, as an employer, and in temis ofadherence to the Independent School Standard Regulations IISSRS) as stipulated by our inspectorate, the Independent Schools Inspectorate (ISI) and the National Minimum Standards for Boarding Schools (NMS) as stlpulated by the Boarding Schools Association (BSA). The school was inspected by ISI in November 2023 and all ISSRS were met. Although Terrington Hall was one of Ihe first schoo15 to be inspected in the new ISSR format (and at a time when indicative strengths were still being calibrated by the ISI), the school received excellent feedback, particularly with respect to the pastoral architecture and the well-embedded and lived-out valLJes evident within the school's community. A copy of the inspection report can be found on the school website. Long Term Financial Planning The Board has been Intensively planning for the eventualities of the imposition of VAT on independent school fees and the loss of Management Business Rates Relief on 5ndependent school charities. The first phase of the plan was focuslng upon the reduction of conlrollable costs and to that end, the school has taken the difficult decision to exit the Teacher's Pension Scheme ITPSI and for all academi¢ staff to move to the Aviva APTIS Defined Contributlon Scheme. The exit was managed and delivered through the voluntary consent of the academic staff body and takes effect on 1$1 September 2024. The long-term financial plan will continue to focus upon optimising costs, diversifying revenue and ensuring excellence in our educ3tional offering. As part of the financial plan, a Fees in Advance Scheme was offered to parents this year to provide further options for payment.
TERRINGTON HALL TRUST LIMrrED GOVERNORS, ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT (continued) Estates Impmvements A key priority for the school is to maintain the safety, security and quality of our estates for our children, staff, boarders and parents. In addition to the usual repairs and maintenance, this year a comprehensive IT investment was delivered to enhance speed and connectivity of our leaming infrastructure, with further technology infrastructure investment planned for the next two years. Additionally, the Terrington Hall family dining experience which is a hallmark of developing good manners and social skills, was supported through an upgrade of the dining hall including soundproofing and a fijll modernisation of the school catering facilities. Through the generous support of the Friends ofTerrington Hall, a'Hobbit House. was built to support outdoor leaming and provide additional classroom space for our growing School. Curriculum Enhancements The EWSD committee oversaw the embedding of a number of academic and Covcurricular initlatives including the incorporation of new GL pupil assessment sofvare in tandem with a new monitoring process for targeting individual educational needs. Additionally, the School has developed an innovative Year 8 Journey which is a lrfe skills programme designed to build confidence and readiness for senior school. Thi5 complements our existing programme of leadership opportunitses, exciting school trips and experiences which our Year 8 pupils enjoy in their final year at Terrington Hall. Co-curricular continues to be a notable area of strength for the School and the Ad Astra, TALL award and the House System are now fully embedded and give each child the confidence and opportunities to discover their talents in a broad range of areas of interest. Organisation The Governor5 detemine the general policy and strategy of the school as a whole. The school is divided into two sections- Preparatory ('Prep') Pre-Preparatory ('Pr&prep') for pupils aged seven to thirteen years old. for pupils aged three to seven years old. The day-to-day management of both sections of the school is delegated to the Head. Remuneratlon of Senlor Staff The school aims to provide overall remuneration which is fair and competitive with the independent School sector as well as proportionate to the Gomplexity of each role. In determining the right level of pay and wider remuneration, the schod.. Has an established pay policy and pay scale Has detailed job descriptions Has a professional developmerrt review process Appoints new staff to a point on the pay scale dependent on experience and qualifications The Bursar and Heads salaries are benchmarked, and their salaries are determined by the School Governors. There is no remuneration or other compensation for any Governor.
TERRINGTON HALL TRUST LIMITED GOVERNORS, ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024 CHARITY OBJECTIVES AND ACTIVITIES Charitable ObJectlves and Publlc Benefits The aims of the trust, as stated in the Memorandum and Articles and Association, dated 11 December 1974, are to provide all children, irrespective of race, religion, gender, background or academic ability. with the chance to be involved in a caring, supportive and challenging environment where their full potential may be reallsed. In the furtherance of this aim the Governors, as the charity trustees, have complied with the duty in the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sul>sector guidance concerning the operation of the Public Benefit requirement under that Act, Terrington Hall Trust Limlted's prlncipal activity continues to be the provision of a day and boardlng school for 3 -13-year-old children. Through our holistic, Innovative and purposeful curriculum, we aim to develop lively, enquirlng minds instilled with a love of learning, polite and well-mannered children who display natural self-confidence and humility, and critical thinkers and problem solvers with collaborative leadership skills to enable them to thrlve in the 2111 Century. To support these aims, we seek to encourage and foster in children our key values, which are rooted in the Chrisb'an traditlon upon which the school was founded: Kindness. We act with kindness always. It is at the heart of everything we do. We show children the power of kindness, encouraging them to act with empathy for each other, their community and our planet. Confldence. As we take our chlldren on a joumey of discovery, we make learning fun and Ilght a spark in hearts and minds. We show how with every small step, we learn and build confidence in our own unique abilities. Courage. It takes courage to do the right thing. We act with integrity, showing the value of honesty and good character. We show how with courage, we can take calculated risks and be willing to have a go without fear of failure. Growth. As the world around us evolves, so do w8. We encourage children to expand their minds, life experiences and skills, to build confidence and effect change now, and for the future. By following the values slated above and striving to equip our pupils with a love of learning and abundant opportunities, we aim to expand their horlzons and prepare them for the brightest possible future. Our vision is lo provide the best in preparatory education with opportunity, happiness and community at the core.
TERRINGTON HALL TRUST UMITED GOVERNORS, ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024 CHARITY OBJECTIVES AND ACTIVITIES (contlnued) The quality of education on offer at Terrington Hall continues to be broad, varied and of a high standard. A full review of our offering has taken place this year as we lay the ground for our next five-year strategic plan. A clear roadmap is now in place as we seek to continuously ensure that we are delivering a modern, forward-thinking education based on traditional values. This approach has included a refresh of our curriculum, new models of planning, mapping and tracking pupils progress with a connected calendar of reporting and assessment. We have also implemented a new set of classroom routines and approach to providing feedback as a response to pupil's work. Running concurrently to this review has been a new approach to staff CPD with a weekly sesslon now Included in the calendar. English has been a real focus this year with a newly appointed Head of Department. Increasing the volume and quality of readlng has been a core part of our short-lemi action plan and we are looking to refresh our Library over the next summer break. Teaching and Learning is very much at the forefront of our approach. SEN Support in the School is strong with new Head of Department in place. New pupil passports have been developed and training for staff implemented to best support the children in school. This includes senior school preparations for all pupils with progress, at the age of thirteen, to their senior school of choice, with the knowledge, abilities and confidence to continue lo grasp every opportunity presented to them and contribute positively wlthin their new setting. Our focus on the 'right school, right child, approach is an important element of our offering. Our annual lecture and careers Series which are also open to parents have been delivered on topics such as astronomy. the Bayeux Tapestry, marine biology and careers including medical, aviation and journalism, delivered by parents, governors, alumni, friends and senior school contacts on topics. For a small School Terrington Hall offers considerable breadth of the academic study with pupils enjoying the challenge of Engllsh and mathematics includlng vertically set mental maths each week, languages taught (Spanish, French, Latin and Greek) alongside three separate sciences, along with a variety ofArts, Humanities and Ouldoor Education. Teaching continues to demonstrate breadth and depth and adapted to individual puplls as appropriate through differentiation. All pupi15 have prep diaries to record Ihelr work and across the Prep School all pupils read for a daily 20-minute period. Pupil wellbeing continues to be at the heart of the school's outlook, with weekly "Safeguarding and Wellbeing, staff meetings, year group pastoral welfare lunches with the Headmaster and Deputy Head Pastoral, increased emphasis on pupil voice with extra committees added, year group designated boarding nights and a strong buddy and peer mentoring system. Our all-embracing approach to pastoral care is noteworthy and provides a safe and nurturing environment for all of our pupils and staff. We have introduced a new behaviour pollcy and invested significant time in staff tralning and meeting time to ensure that the new, positive approach, has been embedded into our routines. We have also made some signiflcant changes to our daily routines and room allocations to reduce transition times and unstructured times. This has certainly helped a lot of our pupils by reducing anxiety and increasing purpose to the start of lessons. We have also introduced a new 'Hobbit House, (thanks to our Friends Association) which provides a safe. quiet space during break times. The House System with three houses for all pupils from Reception to Year 8 to be affiliated to continues to provide a sense of belonging and purpose for our pupils. Points and house competitions are tallied up on a weekly and termly basis, wtth a weekly awards assembly to celebrate successes inside and outside of School. This culminates in a yearly overall winning house. We held numerous competition5 and House events acros5 the year, including a Bake Off, where the money raised wenl to our school charity, Dove Hospice, an essay competition, pancake race and many House sport competitions also. Pupils regularly get the chance to showcase their achievement in other co- curricular pursuits in our celebratory House assemblies, which are pupil-led to promote and celebrate engagement in the co-curriGular programme whllst building pupils, public speaking and presentation skills.
TERRINGTON HALL TRUST LIMITED GOVERNORS, ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024 CHARITY OBJECTIVES AND ACTIVITIES (continued) Our rich, broad and vibrant co-curricular offering continues to offer a vast array of opportunities to shape character. The Terrington Hall Adventure, Lrfe skills and Leadership (TALL) award programme launched is now fully embedded into our programme and is hugely popular with pupils and staff, facilitating hands on learning, STEM activities, collaboration, negotiation and critical thinking. We have increased the number of Pèrforming Arts ensembles and groups and continue to invest in resources and the infrastructure of our space. We have also increased the number of peripatetic music and drama teachers to 10 with over 150 lessons taking place per week. Pupils have had significant success with music and drama examination boards ABRSM and Trinity, wth all pupils achieving pass to distinction levels. Over thirty pupils have taken exams from Initial to Grade 2 but there have been significant successes at Grades 3 to 7, including three pupils achieving grade 5 or 6 piano, grade 7 saxophone and more than ten pupils achieving grades 4 or 5 in drama. We have modified the leadership of our sports department to provide a new Head of Sport role and Head of Athletic Development who also leads on PE and Swimming. This approach is aimed at alignment with our school values and drive to embrace a co-educational approach to sport alongside providing a separate focus for physical liter8cy and movement well-being. We also continue to offer a wide range of educational trips with all pupils in Year 3-8 having the opportunity to benefit from a residential trip during the school year. We offer additional tennis and cricket lessons which offer over 50 additional, peripatetic lessons per week. We also continue to put stsff welfare, development and leadership at the forefront of our thinking. A new leadership structure is now in place comprising of the Headmaster, Bursar, Deputy Head Academic (Senior Deputy Head), Deputy Head Pastoral and Assislant Head Co-curricular. Role clarity has also been developed for all Senior leaders and Middle managers. We have introduced staff well-being group and included forums for support staff and parents into our regular routines. As part of enhancing and improving the smooth running ofthe school, we now have a weekly operations meeting built into our programme to help ensure that we improve organisation and communications both internally and externally. We are working through our second cycle of the staff performance review and have added in a collaborative, target setting process. This will continue to enhance teaching excellence and assist with formally recognising exceptional performances of certain staff. We continue to make good use of the IAPS Digital Academy and Educare platforms as a source of professional development for stsff. The school also benefits from having an ISI Senior Team Inspector on staff, facilitating the introduction of best practs'ces from around the country. Our wider community is important and the strength of our 'Friends' committe8 is testament to this fact. Regular meetings, events and fund-raising events all part of the fabric of life at Terrington. We have also recently introduced a former pupils, parents and staff group called Terrington Connections which is actively working to connect, maintain connections or re-connect with these groups. A recent parent survey provided with some compelling information which has helped support the process of construth'ng our next strategic plan. Key statistics are highlighted below, and key learnings have helped us deliver a strong response as we seek to continue improving our offering. 95°A said they'd deflnitely or probably recommend the school - this is an exceptional result showing the community hold the school in high regard (vs 930 in 2020) 78D/o said they're completely or very satisfied with the School With 21 QA reportlng they're falrly satisfied = 99% overall satlsfactlon rate Ivs 96QA In 2022). 94°A sald the school has elther met or exceeded expectatlons Ivs 94% In 2020) 96°A of parents said) thelr chlldren are very happy or qulte happy at school Ivs 95/0 in 2020)
TERRINGTON HALL TRUST UMITED GOVERNORS, ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024 CHARITY OBJECTIVES AND ACTIVITIES (continued) Aligned to our values, we strive to support many charities, through fundraising and in-school events which resonate with, and are close to the hearts of our school communty. In recent years these have Included.. Dove House Hospice and Myeloma UK. We are committed to widen publlc access to our educational provision, via the use of our sports facilities and performing arts provision. This helps to instil in our pupils an awareness of the wider social context of the education they receive. This has included links with Terrington Primary school using our pool and collaborative support and training for ECT'S. Our connections wlth the local community continue to grow and children visit retirement homes at Christmas to sing carols, our grounds team maintain Terrington village church's lawns and salt its walkways in winter. The local primary school have attended our Remembrance Servi, been invited to whole school events, such as Harry Potter Quidditch Day, Marshall Arts Day, Christingle Service, Careers Lectures and STEAM activities. The local village is invited to attend our fireworks display and Christmas Fair free of charge. We also maintain strong links with the Yorkshire Girls. Cricket Board, who frequently use our indoor and outdoor facilities. Fundralslng The school's fundraising actlvlty Is mainly through events run by the dynamlc Friends of Terrington Hall parent group who continue to support the school with events that raise funds as well as enhance the community spirit that is so important to the Trust. The school does not have a paid Fundraiser. Events this year have included a Summer ball, Champagne and Canapés evening, Burns Night, Christmas Fair and Summer fete. Such activilies help to raise funds for special enhancements for the chlldren and pull the communlty together via friend-raising. Grant Maklng Pollcy Grants, scholarships and bursaries are awarded by the Governors, in consultation wlh the Head on a means-tested basis, through the Bursary Policy process. Various discounts are given to children of the clergy, the armed forces, siblings, ex pupils and staff.
TERRINGTON HALL TRUST LIMITED GOVERNORS, ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024 ACHIEVEMENTS AND PERFORMANCE Academic perfomance lies at the heart of the school's endeavours. To this end, quality teaching and learning, accurate academic assessment of academic performance and a corresponding record of pupils, academic achievements are core to our provision. Terrington Hall uses a variety of assessments to infomi teaching and learning. To achieve this, we use the suite of online and paper-based assessment tools offered by GL Assessment in the autumn temi, and for some year groups in late spring. These assessments are intended to be used by teachers to facilitate pupil progress and the evaluation of that progress against relevant national standards. We have also developed our own tracking system in English and Maths to monitor progress against this standardised data. Pupils in Year 8 sitthe Common Entrance Exams in English, maths, the sciences, Spanish, French, Latin, geography, history and TPR. Greek and additional maths are also examined as optional subjects for a small number of pupils. Below Is a table of the number of each CE grade awarded to pupils at the end of each of the last four academic school years, Percentage of all rades 2023-24 2022-23 2021-22 2020-21 C and below 23 26 15 12 22 27 25 26 33 32 43 31 21 15 16 27 Pupils at Terrington Hall are prepared for entry to a number of dlfferent schools. Terrington Hall's curriculum is designed to provide our pupils with a continuous learning experience throughout, but with the aim of pupils leavlng for 13+ senior schools. Pupils are prepared for entry andlor scholarshlp or exhibition awards to senior schools at 13+. Below is a table of the number of these awards achieved by pupils at the end of each of the last four academic school years. Academic Music Drama ArtIDT Sport Total Rounder 2023-24 2022-23 2021-22 2020-21 15 12 All Year 8 leaving pupils were successful in securing their first choice of senior school. Destinations in the past 5 years include Ampleforth College, Barnard Castle School, Bootham School, Durham School, Malton School, The Mount School, Oundle School, Pocklington School, Queen Margaret's School. Repton School, Ripon Grammar School. St Peter's School, Scarborough College, Sedbergh School. Shrewsbury School, Uppingham School, Wnchester College, and Worksop College. Our 22 Year 8 leavers achieved 15 scholarships to their senior school. The leavers, Common Entrance average pass rate was Grade B with 1 OOD/o of pupils passing their Common Entrance.
TERRINGTON HALL TRUST UMITED GOVERNORS, ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024 FINANCIAL REVIEW The Governors acknowledge that the 202312024 financial year has presented significant challenges for the independent school sector. The combination of inflation, elevated interest rales, and increased operational costs has required continued prudent financial management. The anticipated removal of business rates relief and the imposition of VAT on school fees from 1 January 2025 further compound the financial pressures on the sector. Despite these headwinds, the school has navigated the year effectively through rigorous cost control, strategic resource allocation, and proactive financial planning. Management and Govemors have continued to monitor financial performance closely, reviewing budgets and forecasts in response to the evolving economic landscape, This ongoing vigilance has ensured that necessary mitigating measures have been implemented to safeguard the school's financial stability. In temis of liquidity, cash flow remains strong and resilient, due to Strategic and responsible financial management. wnile the School maintains modest overdraft facilities with the Bank, these have not been utilised in recent years. An existing loan facility, initially secured as a precautionary measure during the Covid-19 period, remains In place, and its terms have been reviewed in light of prevailing financial conditions. The total funds of the school as of 31 August 2024 stand at £775,66012023 £888,355), of which £13,840 (2023 - £119,646) are held in restricted funds. The Governors maintain a policy that free reserves (those funds not tied up in fixed assets or restricted funds) should equate to at least months of expenditure on charitable activrties, which currently equates to £446,000 At this level, the Governors believe the school would be in a position to sustain it5 activities in the event of a significant downtum in income. At present, free reseNes remain below this threshold, with a deficlt of £223,187. The Governors continue to work towards strengthening reserves through a combination of cast efficiencies, targeted revenue generation, and careful financial stewardship. Contingency plans are in place to manage the financial impact of the forthcoming VAT changes, and the school is actively exploring measures to offset these additional costs while maintaining ils commitment to providing high-quality education. The Governors remain committed to ensuring the long-teTm financial resilience ofthe school and will continue to lake all necessary actions to navigate the challenges ahead while upholdlng the school's ethos and values. 10
TERRINGTON HALL TRUST LIMITED GOVERNORS, ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024 PRINCIPAL RISKS AND UNCERTAINTIES Durong the year, the School's Govemors have examined the principal areas of Terrington Hall Trust's operations and considered the major risks In each of these areas. In the opinion of the Governors, the School has established systems which, under normal circumstances, should allow these risks to be managed to an acceptable level in its day-to-day operation, A comprehensive Risk Register is maintained and is being further developed to form the basi5 of a regular annual review of mltigation measures necessary to mlnimise or control risks to an acceptable level, The Governors continue to keep Terrington Hall Trust's activities under review, particularly with regard to any major risks that may arise from time to time, and to monitor the effectiveness of the system of internal controls and other viable means, including insurance cover where appropriate, by which those risks identified by the Governors can best be managed and mitigated. For example, In response to the global inflationary environment and the poliucal and economic 'Headwinds' the school has a well-developed Board Long Term Financial Planning architecture for scenario planning and longer-term financlal decision-making. This team has been closely monitoring the political, economic and legal landscape, and in response, has continued to review all strategic options to ensure continued financial sustainability. The Senior Management Team is, through its day-to-day operational management of the charty, responslble for managing and controlling risk in line with the approved policy and framework agreed by the Board. The key controls used by Terrin9ton Hall Trust include: Formal agendas and documented Minutes for all Committee activity Comprehensive strategic planning, annual planning, budgeting and management accounting Established organisational structure and Ilnes of reporting Formal written policies which are reviewed by Senior Management and Governors Annually Clear delegation, authorisation and approval levels enshrined in formal Terms of Reference Vetting procedures and oversight as required by law for the safeguarding of pupils, in compliance with Keeping Children Safe in Education statutory requirements. Designated Governors for enhanced oversight in key areas of school policy and practice Clear procedures for safe staff and Governor recruitment Annual ski115 audlt, succession planning process and annual Governor training to ensure ongoing alignment of Board skills with the objectives of the school, Health and Safety Issues are considered at regular meetings of the School Health and Safety Committee.. a designated Governor is appointed to the committee, who reports to the Board.
TERRINGTON HALL TRUST LIMITED GOVERNORS, ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024 PLANS FOR FUTURE PERIODS The Governors and Senior Leadership Team are currently in the process of developing our next five- year strategic plan. The school has exceeded expectation over the last five years and is in a strong position to approach the next period of development. The Senior team and Governors have worked hard to meet the slrateglc objectives and initiatives to enable the school to grow and provide the best possible outcomes for our children and staff. Development of curriculum continues as a focus, as we seek to continually revlew and improve the quality of our teaching and learning, This wll include a full mapping exercise and a series of staff training sessions to SUPPOrt the development of our staff and a new digital strategy. Other possible income generation is being explored. with increasing boarding, and targeted marketing, along with holiday camps being key areas. In addltion to income generation, the school is looking at cost reduction measures and long-term 5UStainability, with an audit planned for solar energy usage next year. The governors have also committed to long term financial scenario planning, in view ofthe real threat of the political and financial headwinds. STATEMENT OF TRUSTEES, AND GOVERNORS, RESPONSIBILITIES The Governors (who are also the directors and trustees of the Terrington Hall Trust Limited for the purposes of company law) are responsible for preparing the Annual Report and financial statements in accordance with law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountlng Practice). Company law requires the Governing Body to prepare financial statements for each financial year which glve a true and fair view of the state of affairs ofthe charitable company at the end of the year and of its financial activlties for that year. In preparing those financial statements the Governors 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 unle5S It Is inappropriate to presume that the charity will continue in operation, The Governors are responsible for keeping adequate accounting records whlch disclose with reasonable accuracy the financial position of the charity and which enables them tc 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. 12
TERRINGTON HALL TRUST LIMITED GOVERNORS, ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024 STATEMENT AS TO DISCLOSURE TO OURAUDITORS In so far as the Govemors are aware at the time of approving our Governors, Annual Report: there is no relevant information, being information needed by the auditor in connection with preparing their report, of which the Company's auditor is unaware, and the Governors, having made enquires of fellow directors and the Company auditor that they ought to have individually taken, have each taken all steps that he15he is obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that infonnation. Approved by the Board of Governors at Its meeting on 13th March 2025 and slgned on Its behalf by: K E Lamont Trustee 13
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TERRINGTON HALL TRUST LIMITED Opinion We have audited the financial statements of Terrington Hall Trust Limited {the 'School') for the year ended 31 August 2024, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and Notes to the Financial Statements, including a summary of signifi'cant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A '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 School's affairs as at 31 August 2024 and of its surplus 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. Ba818 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 School 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 acoordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslon8 relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require us to report to you where: the Governors, (who are also directors of the School for the purposes of company law) use of the going concern basis of accounting in the preparalion of the financial ststements is not appropriate., or the Governors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the School's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other Information The other information comprises the information included in the Governors, annual report, other than the financial statements and our auditor's report thereon. 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 othemise 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 mi5Statement 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. 14
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TERRINGTON HALL TRUST LIMITED Opinion on oth8r matter prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Governors, Report for the financial year for which the financial statements are prepared is consistent with the financial statements., and the Governors, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the School and its enwronment obtained in the course of the audit, we have not identified material misstatements in the Governors, Annual Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the 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. or Responslbllltles of Govemors As explained more fully in the Governors, responsibilities statement set out on page 13, the Governors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Governors 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 governors are responsible for assessing the School'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 School or to cease operations, or have no realistic alternative but to do so. Audltor's re8ponsibilitie8 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 exient to whiGh our procedures are capable of detecting irregularities, including fraud is detailed below. We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit ProdureS on the related financial statement items. 15
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TERRINGTON HALL TRUST LIMITED Auditofs responsibilities for the audit of the flnancial statements (continued) In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent Schools Standards) Regulations 2014, Food Hygiene regulations, Health and Safety legislation, Employment legislation, Charity Commission regulations and General Data Protection Regulation (GDPR). Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We also considered the opportunities and incentives that may exist wrthin the charitable company for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and income recognition. In response to the risk of irregularities and non-compliance with laws and regulations and risk of fraud, we designed procedures which included but were not limited to.. sample testing on the posting of journals, proof in total testing of fee income, detailed substantive testing on the completeness of other sources of income, reviewing regulatory correspondence and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion, or the provision of intentional misrepresentations. We are not responsible for preventing fraud and cannot be expected to detect all fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at w.fre.Org.uk1audltorsrespQnSlb1lltle$. This description forms part of our auditor's reporL We are not responsible for preventing fraud and cannot be expected to detect all fraud. 16
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TERRINGTON HALL TRUST LIMITED Use of our report This report is made solely to the School's members, as a body, in acLordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the School's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the School and the School's members as a body, for our audit work, for this report, or for the opinions we have formed. Sarah Wearing (Senior Statutory or) For and on behalf of HPH, Statutory Auditor 54 Bootham YORK Y030 7XZ 12 May 2025 17
TERRINGTON HALL TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDtruRE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Unrestrlcted Funds Restrlcted Funds Totsl 2024 Totsl 2023 Note Income and endowments from: Donatsons 18,000 Charitable activities School fees other income 2,465,130 201.501 2,465,130 201,501 2,215,174 172,414 Other trading aclivities Total Incom• 11211 £ 2,666.510 9,379 £ 9.379 9,258 11,956 £ 2,417.544 É 2,675,889 Expondltur• on: Costs of Tai5ing funds Charitable activities 20.082 2.647,172 7.598 113.732 27,680 2,780.904 41,298 2.420,388 Total expfrndlture £ 2,667,254 £ 121,330 £ 2,788,584 £ 2,461.686 Net oxp•ndlturn Transfers between funds 17441 16,1451 1111,951) 6,145 {112,6951 144,1421 Net movement In fund• 16.8891 {105.8061 (112,6951 144.1421 Recon¢iliatlon of fund•: Total funds brought forward Totsl funds carrl&d forward 768,709 119,646 888,355 932,497 £ 761,820 £ 13,840 £ 775,660 £ 888,355 The notes on pag8s 21 to 29 fomi part of th8se financial statements. Income and nel movemant in funds derive wholly from conlinuing oper8tion$. 18
TERRINGTON HALL TRUST LIMITED BALANCE SHE AS AT 31 AUGUST 2024 Company number.. 01193407 2024 2023 Flxed assets Tangible fixed asset8 984,987 912,899 Current a85frts Stocks Debtors Cash at bank and in hand 8,824 94,8SI 1.392,450 12,010 139,828 435,158 10 21 1A96,125 586,996 Cr•dltor•: amounts falllng due wlthin one year 11 11,110,771) 1529,5511 N•t ¢urrnnt •••ets 386,334 67,445 Tolal a¥8•ts le•• current118blllti?¥ 1,370,341 970,344 Credltors: •mounts falllng dug •ft•r mom than one yoar 12 (594,681) 181,989} Total net assets £ 775,660 £ 888.355 The funds of the charlty Unrestricted funds Restricted funds 14 1S 761,820 13,840 768,709 119,646 Total charlty fund8 £ TlS,660 £ 888,355 The financi31 slat8m&nts hav8 been prepared in accordance with the special provisions of Part 15 of the Compani8$ Act relating to small companies and constitute th& annual accounts required by th8 Companies Act 2006 and ar8 for irculation to members of thè company. Approved by th8 Board on 13 M8rch 2025 and signed on their b8h8lfby.' K Lamont Gov&mor R L Cordingley G0MOr The notes on page$ 2110 29 ftim? part of these finan81 statements. 19
TERRINGTON HALL TRUST LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 Nots 2024 2023 Net cash {used inllprovided by operallng activities 20 1,105,405 1157.9781 Cash flow from Investing activilies: Purchase of tsngible fixed assets {133,617) 135,762) Nèt cash u60d in Investing actlviti08 {133,617 135,7621 Cash flow from Ilnanclng activitio4: Repayments of borrowin9S (14,496) 114,496) N•t ¢a8h u••d In Ilnancing a¢llvltlo• 114,496 114,496} Chang• in c•¥h and ¢o•h equlvalgnts In tho y•av 967,292 1208,2361 CaBh and ¢a•h oqulvalents at bgglnnlng of th• year 435,1 $8 643,394 Cash ¥nd G••h equlval•nts at ond of the year 21 £1,392,450 £435,158 The notes on pages 21 to 29 fomi part of these financi81 statem8nts. 20
TERRINGTON HALL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 1 ACCOUNTING POLICIES Legal entity Terrington Hall Trust Limited is regulated by the Charib"8s Commission {532362}, limited by guarantee and is registered in England and Wales. The address of the registered office and principal place of bu5ine5S IS Terrington Hall Trust Limitéd, Terrington, York. Y060 6PR. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of Ihe Charity. Ba818 of prepar•tion The financial statements have been prepared in accordance with Accounting and Reporting by Charities: statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 8pplicable in the UK (FRS1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK 8nd the Companies Act 2006. The charity m88ts the definition of a public benefit entity under FRS102. Going concèm The govemors have ¢onsidered the cash requirements beyond 12 month$ from datè of 8pproval of the accounts and, having undertaken 8 rigorous scenario planning process, have a reasonable 8xpectation that tha Charitable Company has adequate resource$ to continue in operational existence for the foreseeable future. They continue to believe that Ihe going concern basls of accounting is appropriate in preparing the annual flnancial statements. Fe0• and oth•r Income Parent81 contributions, charge5 for services and us8 ol prernis88 are accounted for Ill the period in which the service is provided. Fees Teceivable are slated after deducting allowances, scholaTship6 and other remissions grgnled by the School. Donatlon8 Donation5 rec8ivable for the genèral purpose of tha School are credited to "unreslTiCted funds" Donations for purposes restricted by the wishes of the donor are taken to "reslricled funds" where thes8 wishes are leg811y binding on the Trustees. Othèr trading actlvhie8 All other incoming resources aro in¢lud&d in th8 SOFA when the School 58 legally enlltled lo the Income and the amount can be quanllfied with reasonable accuracy. Exp•nditure Expenditure is accrued as soon as a liability is considered probable, di5counled to present value for longer-temi liabilities. Expenditure attributable to more than one cost Category is apportioned to them on the basis of the 65tirnated amount attributable lo each activity in the year, either by reference to stsff time or the Lbse rnade of the undeTtying assets, as appropriate. Thè irrecoverable element of VAT is included with the ilern of expense to which it relates. Bursaries and allowances from unrestricted funds towards school fees are treated as a reduction in those fees. Govemance costs are costs associated with constitutional and statutory requiremen15. They include audit fees and estimated costs linked to the strategic management of the School. Support costs are those incurred directly in support of expenditure on the objects of the Sthool. 21
TERRINGTON HALL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES Icontlnuedl Tanglble fixed assets Alteration and improvernent expendllure on freehold property is treated as capital if it results in additional floor area for use of the School or if it signifiranlly enhances the property. Otheise it 15 charged lo revenue a$ maintenance of buildings. Dgpreclatlon Depreciatson is calculated to write off the cost of fixed assets over their expected useful lives on a straight line basis. The rates used are as follows: Freehold propety Freehold property - Integral features Furniture, fittings and 8quipment Furnilura. fittings and equipment- IT Motor vehicles 2% per annurn straight line 5 % per annum straight line 1 OOA per annum straight line 25 /• per annum straight line 250A per annum straight lin8 Items costing less than £3.000 are vrritten off as an expense as acquired. Assets ore depra¢iated onc6 brought into use. Slo¢k• Stock8 are stated at tha lower of cost and nel reali8able value. Debtor• Trade and other debtors are recognised al the settlement amount due after any trad8 dlscounl Offed. Prepayments are valued gt the amount prepaid net of any trade discount5 due. Cash at bank and in hand Cash at bank and cash in hand includes cash and any short term deposit accounts with a maturity ol three month8 or less from the date of opening. Credltors and provislons Creditors and provision8 are recognised whère the chaTity has a present obligation resulting from a past event that wll probably result in the transfer of funds to 8 third party and the amount due lo settlè the obligation can be mèasurad or estimated reliably. Creditors and provl$lons are nomally recognised at their settlement amount after allowlng for any trade discoun16 due. Where the School has received tuition fees in advance the amount is traaled as defOrd income until the pupll joins the School whereupon the fees for each $¢hool lemi are Charged against the remaining balance and taken Into income. Any shortrall is treated as a deduction from school fee income and any excess accrued is treated as addition¥1 sthool income. Flnancial in¥trumènts The ch8rity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic finanaal instruments are inilialty recognised at transaction value and subsequently measured at their settlement value with the exception of bank loan5 which are subsequently measured at amortised cost using the effective intere8t method. Pension schemes The charitable company contiibules to the Teachers, Pension Defined Benefit Scheme at rates set by the scheme actuary and adSed to the board by the schème administrator. The schem8 is a MulteMploYer pension scheme and it is not possible to identify the assets and liabili118s of the scheme which ar6 attributable lo the Sthool. The Scheme is therefore accounted for as a defined contribution scheme. Thè charitable company also contributes to a defined contributions scheme for administration staff. In both Gases contn"butions are tharged lo the income and expenditure account in the year in which they accrue. 22
TERRINGTON HALL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 1 ACCOUNTING POLICIES (continued) Operating leases Rentals payable under opérating leases are tharged in the SOFA on a straight line basis over the lease temi. Funds structure Funds comprise unrestricted fvnds whith have not been designated for other Pufposes. and are available for use at the discretion of the Trustees in accordance with the chanlable objectives. Designated funds are unrestricted funds earmarked by the Trustee5 for particular purposes. Restricted funds are to be used for specific purposes as laid dowrs by th8 donor. Expenditure which meets thes8 criteria is charged to the fund. I TAXATION As a registered charity. Terringlon Hall Trust Limited is exempt from the lax on income falling within sections 466 to 493 of the Corporation Tax Act 2010 lo the extent that this is applied lo its charitsbl8 objècts. No tsx charges have arisen in the Company. 2024 2023 3 OPERATING SURPLUS Thè surplus for the y•ar 18 Ststsd after charylng: Depreciation Op6raling lease - equipment Auditors, remunoralion other fees paid to audltor 57.979 26,313 6,631 2,211 78,223 26,313 6,316 2.105 4 INCOME FROM CHARITABLE ACTIVITIES School fv•• Gross fees Less.. Scholarships and allowances 2,884,549 1419,4191 £ 2,465,130 2,567.126 1351.9521 £ 2,215,174 Other Income Recharges to puplls for education and sports requisites School Shop $818s Other incom 195.029 5,600 872 148,943 14,574 8,897 £ 201.501 £ 172.414 All income from tharitsblè activities relatss to unStriG1ed funds. 6 OTHER TRADING ACTIVITIES Fundr8i8ing activities 9,258 11,956 £ 9,258 £ 11,956 £12,126 of other trading activities relate5 to restricted funds12023.' £11,956). Hire of accommodation r&lates to the renting out of the school's accommodstion during school holiday$ and by renting out Properties.
TERRINGTON HALL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 6 ANALYSIS OF TOTAL EXPENDITURE Other costs Tot•1 2024 Totsl 2023 costs Depreciatlon Cost of generating funds Marketing and adv8rJslng Fundralslng costs Bank Intsr&st Bad debts provided for 19.010 7,598 703 369 18.010 7,598 703 369 28,411 9,428 1.618 1,841 27.680 27.680 41,298 £11,03812023'. £9,428) of expandlturg on genèr811nq lunds relatss to r•$lricted fund8. Chwltablo actlvkl•• Teathing costs Welfare Premls86 Support ¥13 Govemance co8t8 1,476,770 152,145 79.525 160.427 335,252 110,748 229.813 150.403 8.842 12.828 4,812 40.181 178 1,823.850 267.705 349.499 311,008 8.842 1,600.725 253,264 435,T13 222,205 8.421 1.867.867 835,058 67,979 2,760,904 2,420,388 Tot•1 •xp•ndltur• £113,03912023', £79,381) of the expenditure on charll8ble aCtIlIeS rg18t&s to r851rlcted funds. £ 1,867,867 £ 862,738 £ $7,979 £ 2.78B.584 £ 2.461,686 2024 2023 costs Includ•'. Audllors, remun8ratlon'. for 8udll serv18 for other GeIC&S 6,831 2,211 6.318 2,105 £ 8,842 £ 8,421 7 STAFF COSTS Woges and salarlos Sodal securlly c08ts Olher penslon costs Other costs 1,405,439 134,042 251,850 76,536 1,074.269 102,144 206.297 41.144 £ 1,867,867 £ 1,423,854 The 8verage monthly h8ad count waB 48 slafl 12023- 43> and tho average monthly number of full-llma equivalent employees durlng thè yg?r w8re aB follows.. Tèaching 28 27 Welfare Support 39 38 24
TERRINGTON HALL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 7 STAFF COSTS Icontlnued) No employees rec8iV8d benefits been £60,000 £69,999 during the year 12023., none). No employees received benefits been £70,000 £79,999 during the year12023.' non81. Onè employee received benefits between £80,000- £89,g99 during the year12023.' one). No governors nor any persons connected with them received any mneratIOn or other benefits from the school for their servicgs lo the charity nor were reimbursed for travel ewen5es during this or the pradIng year. The key management personnel of the Charity, comprise the governors, the Head Teacher. Deputy Heads - Pastoral and Academic and Burs8r. The total employee benefits of the paid key management personnel of the Charity were £322,35712023.' £307,458). 8 TANGIBLE FIXED ASSET8 Fumiture, Ilxtures and equipment Fr•èhold proporty Motor vehi¢188 Total Co$L' Al 1 September 2023 Additson8 1,702,983 104,125 357,976 25.942 45,944 2,106,903 13a.067 At 31 August 2024 1,807.108 383,918 45.944 2,238.970 Depreciats'on.. At 1 September 2023 Charge for the yaar At 31 August 2024 834,462 40,161 330,980 9,457 28,562 8,361 1,194,004 57.979 874,823 340,437 36,923 1,251,983 Net book values.. 31 August 2024 £ 932,485 £ 43,481 £ 9,021 £ 984,987 31 August 2023 £ 868.521 £ 26.996 £ 17.382 £ 912,899 The Governors consider th8 mark81 value of the freehold Property to be considerably in excess of ils book value. Due to the costs involved in obtaining a professional valuation it has not been practicable to quantify the excess. All of the tangible fixed a89ets relate to unrestricted funds. 2024 2023 9 STOCKS CIo8lng Stod¢ £ 8,824 £ 12,010 Stod( of £1,507 rel818s to restricted funds In 2024 {£300 in 20231 10 DEBTORS Trade debtor5 oth8r d8btor5 Prepayments and accrued income 55,599 6.297 32,955 82,543 10.821 46,464 £ 94,851 £ 139,828 Debtor5 of £2,803 relates to reslricled funds in 20241£2.110 in 20231 25
TERRINGTON HALL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11 CREDITORS: amounts falling due within one year 2024 2023 Fees received in advance Fe8s in advance scheme Trade creditors Other creditors Taxation and social security Pension Bank loan and overdraft Accruals 593.038 310,099 77,825 16.149 27,908 28,711 12.576 44,465 £ 1,110,771 333.808 62,527 17.855 26,920 20,508 14.498 53,435 £ 529,551 12 CREDITORS: amounts falling duo aftor one year Bank loan Fees in advance scheme Olhar creditors 44,631 523,050 27,000 £ 594.681 54,989 27,000 £ 81.989 Amounts duo aft•r morn than one y•ar. Repayable baeen 1-2 ytsars Repayable beeen 2 - 5 yesrs 12.576 594,681 14,498 40,491 £ 607,257 £ 54.989 All creditors relate to unrestricted funds. The bank loan facilities are secured by a first legal charge dated 15 May 2014 over freehold propaty known 85 Terringlon Hall School, Terringlon, York, Y060 6PR. and a debenture Ilncluding Charged landl dated 15 May 2014. The loan facilities represent 6Qh12023.' 8Vtrl of the nel book value of the freehold propety. The interest ralas on Ihg loan8 are 3.46% or 30h ovor basa. 13 DEFERRED INCOME Fèè• rncolved in advanc• Balan 811 Sepl8mb8r Rel&ased lo statemont of financral acttvities 2024 2023 333,808 {333,808) Deferred in the period Balance at 31 August 593,038 333,808 £ 593,038 £ 333.808 Foe8 in advance schgmg Balan* a11 September Released lo statgment of financial actiwties D8ferred in the period 833,149 Balan at 31 August £ 833,149
TERRINGTON HALL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14 UNRESTRICTED FUNDS Balance at 1 Sept. 2023 Income Balance at 31 Aug. 2024 Expended Transfers Designated funds Capital ftrnd Undesignated funds General 115.363 115,363 653,346 2,666.510 {2,667.2541 £ 2,686,510 £ {2,667,2541 {6.1451 £16,145) 646.457 £ 768,709 £ 761,820 Balance at I Sepl. 2022 Income Balance at 31 Aug. 2023 Exp8nded Tran8f8rn Designalad funds Copilal fund Undesignated lunds General 115,363 115.363 638,655 12,372,897) £ 754,018 £ 2,387,588 £ {2,372,8971 £ 768,709 Th8 unrestriclad 8chDoI funds are held to finance the freehold property and lo cover normal fluclualions in working c8pitsI, split a8 designated beeen freehold property and genèral reserves. The capit81 fund represents the caprtal cost of tha origin81 land and buildings. 16 RESTRICTED FUNDS 2,387,588 653,346 Balance at 1 SepL 2023 Incomo Balance at 31 Aug. 2024 Expended Transfern T&rringlon Hall Parents, Soci81 and Fundraising Group fund Bursary fund Ukranlan support fund 19,167 97,827 2,652 9,379 117,3011 1103,972) 1571 11,245 6,145 2,595 £ 119,646 £ 9,379 £1121,3301 £ 6.145 £ 13.840 Balance at 1 SepL 2022 In¢om• Balanc• at 31 Aug. 2023 Expend•d Trnnsf•r8 Terringlon Hall Parents, Social and Fundraising GrDUP fund Bursary fund Ukranian support fund 16,639 161,840 11,956 15,000 3,000 19,4281 179,0131 1348) 19,167 97.827 2,652 £ 178,479 £ 29,956 £188,789) £ 119.646 err lon H811 Parents, Social and Fundraisin The Terringlon Hall Parents, Social and Fundraising Group fund represents donations and fundraising to purchase specific items. fun This fund relates to grants received foi Bursaries for spe¢ific purposes and additional teacher support for these pupils. Ukranian su ortfuftd This fund relates lo monies received for supporting Ukrani8n Students. 27
TERRINGTON HALL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16 ANALYSIS OF NET ASSETS BETWEEN FUNDS Net current (liabilitie8)1 aets Tangible fixed assets Long temi Ilabillties 2024 Totsl Unrestricted funds Restricted funds 984.987 371,514 13.840 1594.6811 761,820 13,840 £ 984.987 £ 385,354 £ {594.6811 £ 775.660 Net current Iliablliti09y a88ets TaThglblo Ilxgd a8••t Long temi Ilablllties 2023 Total Unreslricled funds Restricted funds 912,899 {62.201) 119,646 181,989) 768,709 119,646 £ 912,899 £ 57.445 £181,989) £ 888,355 17 OPERATING LEASE COMMITMENTS As al 31 August 2024 the charitable company had future minimum leese payments under non-cancellable operating as follows.. 2024 2023 Within one yaar Betsveen one and five years 33,141 99.787 15,493 14,246 £ 132,928 18 RELATED PARTIES £ 29,739 There were no related paty transactions during th6 year which were not offered on the same lemis as the general public. 19 PENSION SCHEME8 The School partlClP8les in the Teachers, Pension Scheme I'the TPS'I for its leaching staff. The pension ch8rge for the year includes conldbulions payable lo the TPS of £227.685 12023.. £186,981) and al the year*nd £25,14012023 - £20,508) was accrued in respect of conlrlbulions lo this scheme. The TPS is an unlunded mulli-employer defined benefit$ pension scheme governed by The Teachers, Pensions Regulations 2010 las amenderj) and The Tea¢hers' Pension Scheme Regulations 2014 las amended). Members contribute on a "pay as you go" basis with conlribullons from members and the employer being credited lo the Exchequer. Retirement and other pension benefits are paid by public funds provided by Pariiament The employ8r contribution rale Is sel by the Secretary of Slate following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as al 31 March 2016 and the Valuation Report, which was published in March 2019. confirmed that the employer conlribulion rale for the TPS would increase from 76.40/0 10 23.60h from 1 September 2019. Employers are also requlred lo pay a schemo adminislralion levy ol 0.080h giving a total employer contribution rale of 23.680/•. The 31 March 2016 Valuation Report was prepared in accordano with the benefits sel out in the scheme regulations and under the approach specified in the DirectSons, as they applied at 5 March 2019. However, the assumptions were considered and sel by the Department for Education prior lo the ruling in the 'McCloudlSargeant case,. This case has required the courts lo consider cases regarding the implementation of the 2015 refom)s lo Public Service Pensions includlng the Teachers, Pensions. 28
TERRINGTON HALL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19 PENSION SCHEMES Icontinuedl On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appe81's judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave Tise to unlawful age discrimination. The govemment is respecting the Court's decision and has said it wll engage fully with the Employment Tribunal as well a5 employer and member represenlatwes to agree how the discriminab.ons will be remedied. The government announced on 4 February 2021 that it intends to proceed with a delerred thoice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their seTvice during the period baeen 1 April 2015 and 31 March 2022 at the point they become payable. The TPS is subjed to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury. having in 2018 announced that there would be review of this cost cap methanism. in January 2019 announced a pause to the cost cap mechanism followng the Court of Appeal's ruling in the McCloudlSarg6ant case and until there is certainty about the value of pensions lo employees from April 2015 onwards. The pause was lifted in July 2020, and a consullatson was launched on 24 June on proposed changes to the cost control mechanism following a review by the Govemmenl Actuary. The consultation dosed to rè8pons& on 19 August 2021 and the Government is currently anatysing the responses. In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inapproprlate. In thi5 Scenario, a valuation prepared in accordance With revised banefils and suitably ravised assumplions would yield different results than those conlain6d in the Actuarial Valuation. Untll the ¢o$l cap mechanism revlew is completed11 1$ not possible to conGlude on any financial impact or future changes to the contribution rates of the TPS. Accordlngly no provision for any addllion81 past benefit pension costs is included in these financial ststem8nts. The School also run5 a stheme for its non-leaching staff, which is a defined contributlon sch8me. The pènsion charge for the year includes contributions payable to the scheme of £24,165 12023-. £19.317. At the year-end £3,57212023= £nil) w88 accrued in respect of contribution5 to this sch8me. 20 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net Income for thè reportlng parlod Depreciation of tangible fixed 8ssels Loan interest Oecrease in stocks Decre8s811Infftase) in debtors {Dtcreaseylncrease in creditors Net cash used In operntlng acdvltles 1112,695) 57,979 2,216 3,186 44.977 1,109,742 144,1421 78,223 2.626 10,976 151,7021 11 $3,959) £1157.978) £ 1,105.40S 21 ANALYSIS OF CASH AND CASH EQUIVALENTS Cash at bank and in hand 1,392,450 £ 1,392,450 435,158 Total cash and cash equlvalents £ 435,158 ANALYSIS OF CHANGES IN NET DEBT At 1 Sept 23 At 31 Aug 24 Cash-flows Cash 435,158 957,292 1,392.450 435.158 117.498) 181.989) 957,292 11.922) (10.3581 1.392,450 115,5761 171.6311 Loans falling due within one year Loan5 falling due after more than one year 335.671 945,012 1,305,243 29