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2022-08-31-accounts

Leehurst Swan Limited

(A Company Limited By Guarantee)

Report of the Governors, Strategic Report and Financial Statements For the year ended 31 August 2022

Company number: 2306881 Charity number: 800158

Leehurst Swan Limited Contents

For the year ended 31 August 2022

Page
Company information 1
Report of the Governors (including Strategic Report) 2
Report of the Independent Auditors 6
Statement of Financial Activities 9
Balance Sheet 10
Statement of Cash Flow 11
Notes to the Financial Statements 12
Detailed Income and Expenditure Account 19

Leehurst Swan Limited Company information For the year ended 31 August 2022

GOVERNORS:

HEADTEACHER:

BURSAR AND COMPANY SECRETARY:

REGISTERED OFFICE:

REGISTERED NUMBER:

REGISTERED CHARITY NUMBER:

AUDITORS:

BANKERS:

SOLICITORS:

INSURANCE BROKERS:

Mr Ian McDonald Chair Mr Robert Clarke resigned 24 June 2022 Mr Douglas Gale resigned 24 March 2022 Mrs Deborah Lewis Ms Victoria Hance Mrs Michele Russell Mr Stephen Spicer

Mr Jonathan Wansey

Mrs Mandy Bateman Mrs Lindsay Chater 19 Campbell Road Salisbury SP1 3BQ 2306881 (England and Wales) 800158 Fawcetts LLP Chartered Accountants and Statutory Auditors Windover House St Ann Street Salisbury SP1 2DR Barclays Bank plc 2/6 High Street Salisbury SP1 2YH Wilsons Solicitors LLP Alexander House St John's Street Salisbury SP1 2SB Marsh Commercial Belvedere 12 Booth Street Manchester M2 4AW

1

LEEHURST SWAN LIMITED (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE GOVERNORS

FOR THE YEAR ENDED 31 AUGUST 2022

The Governors present their annual report, together with their Strategic Report, and the audited financial statements of the company for the year ended 31 August 2022 and confirm they comply with the Charities Act 2011, the governing document, and the Charities SORP 2019 (FRS 102).

PRINCIPAL AIMS

The principal activity of the company in the year under review was the advancement of education of boys and girls, focussing not just on academic success but also ensuring development of their mental and physical wellbeing. The school’s main aims are as follows:

In the reporting period we delivered a well-balanced education through our pre-preparatory, preparatory and senior departments, providing a first-class education to boys and girls from the ages of 4 to 16 years. We provided a stimulating educational environment that develops our pupils’ abilities, competence and skills. We promoted the academic, moral and physical development of our pupils through our academic curriculum, pastoral care, sporting and other activities. We provided an educational environment where every child was valued as an individual and encouraged to develop to their full potential, building self-esteem and confidence, and an inherent desire to contribute to the wider community. Those students who left over the period were well prepared to embrace the opportunities, responsibilities and experiences of the next stage of their lives.

GOVERNING DOCUMENT

The School is a company limited by guarantee and is governed by its Memorandum and Articles of Association, originally incorporated in October 1988 and last adopted in 2007.

REVIEW OF ACTIVITIES & ACHIEVEMENTS

The results for the year and financial position of the company are as shown in the annexed financial statements.

OUR OBJECTIVES

Our objectives were set to reflect both our educational aims and the ethos of the School. In setting our objectives the School have carefully considered the Charity Commission’s public benefit guidance.

Our objectives for the year were set in the wider context of providing a financially secure, happy, purposeful community, based on Christian values. They included:

• Educating every pupil to the highest standard each is capable of, whilst being sensitive to their various stages of development;

2

LEEHURST SWAN LIMITED (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE GOVERNORS

FOR THE YEAR ENDED 31 AUGUST 2022

ACADEMIC RESULTS

Pupils in the prep years exceeded the national standards and by the end of Year 6 the cohort were on average, significantly ahead of their peers according to standardised scores in the core subjects of mathematics and English, with some prep aged pupils considerably in advance of this.

Pupils in the senior school make excellent progress in preparation for their GCSE years. The School offers a wide range of GCSE and IGCSE subjects for pupils to choose from and optional subjects include: physics, chemistry, biology, design technology, computer science, music, PE, drama, art, photography, history, geography, and modern foreign languages. These are in addition to the core subjects and most pupils study ten GCSE subjects over the course of Year 10 & 11. Academic performance at the end of Year 11 was excellent 100% of the pupils gained five or more GCSEs including mathematics, English and science; 50% of pupils achieved the English baccalaureate (English, Maths, Science, a modern foreign language, History or Geography) and all students gained places at their first choice of sixth-form provider, with most students choosing to attend either Bishop Wordsworth School, South Wilts or Peter Symonds Sixth Form College .

PUBLIC BENEFIT

The governors have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission. In exercising their powers and duties they have considered whether any alterations were required to the School’s policies in relation to educational and fee-charging charities.

Leehurst Swan actively pursues a policy of budgeting a proportion of fee income for the award of scholarships and bursaries, for those less able to afford the full fees or for existing parents who fall on hard times. During the past year, a total of £357k (16% of fee income) was rebated in the form of scholarships, bursaries and discounts to siblings and staff.

The school playing fields were released for use by local cub and scout groups.

The Walker Hall, as a specialist auditorium hall, with fold away seating, served local dance, drama and musical groups.

The School choir performs for visitors from local care homes as well as performing in their residence for those less able to get to the school. The choir performs for charity events including the market place and the City Hall. The School aims to engage and help the local community by providing work experience places for Year 10 pupils from local maintained schools.

GOVERNORS’ INDUCTION AND TRAINING

Governor skills and attributes are assessed regularly to ensure the make-up of the board provides the levels of support and knowledge required, and so that governor recruitment targets any skills gaps.

There are a wide range of competencies across the governing body, it includes those with expertise in education; a former head teacher, an engineering director, HR, former senior police officer and a multiple business owner. After appointment new governors are allocated to sub-committee(s), that align to their skills, experience and qualifications.

Governors are encouraged to attend regional seminars organised by their professional body; AGBIS. Other seminars attended include those organised by local firms and organisations on a variety of relevant topics and issues such as Charity Law and Employment Law updates. Governors have access to various regular bulletins and reports through education and governancebased associations.

3

LEEHURST SWAN LIMITED (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE GOVERNORS

FOR THE YEAR ENDED 31 AUGUST 2022

ORGANISATION

The governors of the school act as directors and trustees of the charitable company. The governors include ‘Guardian Governors’ who are responsible for the protection of the character and ethos of the school. The names of persons who served as governors are given in the attached Report of the Governors, Strategic Report and Financial Statements. The day to day running of the School is devolved to the head, supported by the bursar and the senior management team.

ACCESS AND ADMISSIONS POLICY

Leehurst Swan School is a selective school which welcomes pupils from all backgrounds. Prior to admission, prospective pupils are assessed to provide the school with a snapshot of performance which contributes to the raft of evidence collected before a place is offered. Places are only offered once the school has a full picture of an individual’s ability and potential across the breadth of the curriculum. Entrance interviews, references and assessments are undertaken to satisfy these requirements and ensure potential pupils can cope with the pace of learning and benefit from the education provided. An individual’s economic status, gender, ethnicity, race, religion or disability do not form part of the assessment process.

FUTURE DEVELOPMENTS

The Governors continue their commitment to developing the quality of every aspect of the school. The School continues to invest heavily in the professional development of the staff, the school’s major asset, curriculum innovation and the school’s site and infrastructure.

GOVERNORS

The governors of the school in office at 31 August 2022 were as shown in the attached Report of the Governors, Strategic Report and Financial Statements.

The Board of Governors is a self-appointed body.

THE FINANCIAL RESULTS

A loss of £105,087 was made during the year.

INVESTMENT POWERS

These are governed by the Memorandum and Articles of Association which include the power to delegate to Investment Managers.

RESERVES POLICY

The school does not carry free funds. It is the policy of the governors to apply any operating surplus to the development and improvement of the fabric and facilities of the school.

RISK MANAGEMENT

The major risks to the School as identified by the governors have been reviewed and systems have been established to mitigate those risks. Reviews are carried out regularly throughout the year, through all the Governance meetings. Risk review is a standing item on every agenda.

STATEMENT OF GOVERNORS' RESPONSIBILITIES

Law applicable to incorporated charities in England and Wales requires the Governors (who are also the directors of the company and trustees of the charity) to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of its financial activities for that period. In preparing those financial statements, the Governors are required to:

4

LEEHURST SWAN LIMITED (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE GOVERNORS

FOR THE YEAR ENDED 31 AUGUST 2022

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the Governors are aware, there is no relevant audit information (as defined by section 418 of the Companies Act 2006) of which the company’s auditors are unaware, and each Governor has taken all the steps that he or she ought to have taken as a Governor in order to make himself of herself aware of any relevant information and to establish that the company’s auditors are aware of that information.

AUDITORS

The auditors, Fawcetts LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD OF GOVERNORS:

The governors (in their capacity as directors of the company and trustees of the charity) approve the Report of the Governors and the Strategic Report for the year ended 31 August 2022.

……………………………………………….

Ian McDonald – Chair of Governors

Dated: April 19[th] 2023

5

Report of the Independent Auditors To the Members of

Leehurst Swan Limited

Opinion

We have audited the financial statements of Leehurst Swan Limited (the ‘charitable company’) for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and related notes, 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:

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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have 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 governors’ 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 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 other information comprises the information included in the Report of the Governors, other than the financial statements and our auditor's report thereon. The Governors are responsible for the other information. 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:

6

Report of the Independent Auditors To

the Members of

Leehurst Swan Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the governors’ 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:

Responsibilities of the Governors

As explained more fully in the Statement of Governor's Responsibilities, the Members of the Board of Governors (who are also directors of the 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 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 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 a Report of the Auditors 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.

Identifying and assessing potential risks related to irregularities

Irregularities, including fraud, are non-compliance with laws and regulations. We design procedures, in line with our responsibilities, as set out in the auditor's responsibilities for the audit of the financial statements section, to detect material misstatements in respect of irregularities, including fraud. The extent to which are procedures are capable of detecting irregularities, including fraud, are detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations we consider the following:

to:

fraud;

7

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: revenue and resource recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. Report of the Independent Auditors (continued) To

the Members of

Leehurst Swan Limited

We have also obtained an understanding of the legal and regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Charities Act and related legislation.

Audit response to risks identified

As a result of performing the above, we identified revenue and resource recognition as a key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

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 Report of the Auditors.

Use of our report

This report is made solely to the 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 charitable company's members those matters we are required to state to them in a Report of the Auditors 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.

Simon Ellingham BA FCA DChA (Senior Statutory Auditor) for and on behalf of Fawcetts LLP Chartered Accountants & Statutory Auditors Windover House, St Ann Street Salisbury SP1 2DR

Date:……………………………………………..

8

9

Leehurst Swan Limited

Statement of Financial Activities

For the year ended 31 August 2022

INCOME AND EXPENDITURE
INCOME AND ENDOWMENTS
FROM:
Charitable activities:
School fees receivable
Other income
Investment Income
Total income
EXPENDITURE ON:
Charitable activities
Total expenditure
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS:
Note
2
3
6
Total funds brought forward at 1 September 2021
TOTAL FUNDS CARRIED FORWARD at 31 August 2022		 Unrestricted
Restricted

£
£
1,797,741
-
62,314
-
-
-

1,965,142
-
(105,087)
-
3,188,350
-
3,083,263
-
1,860,055




1,965,142



 2022
2021
Total
Total
£
£
1,797,741
2,066,093
62,314
86,797
-
-
1,965,142
2,160,376
(105,087) (7,486)
3,188,350
3,195,836
3,083,263
3,188,350
1,860,055


2,152,890


1,965,142


2,160,376

CONTINUING OPERATIONS

None of the charitable company's activities were acquired or discontinued during the current and previous years.

The notes form part of these financial statements

Leehurst Swan Limited

10

(Company number: 02306881) Balance Sheet As at 31 August 2022

2022
Note
£
Fixed assets
Tangible fixed assets
Current assets
7
3,986,010
Debtors
8
63,934
Cash at bank and in hand
584,025
Liabilities
Creditors: Amounts due within one year
9
555,965
Net current assets
Total assets less current liabilities
Creditors: Amounts due after more than one year
NET ASSETS
Funds
Unrestricted funds:
TOTAL FUNDS
10
4,078,004
994,741
3,083,263
3,083,263
3,083,263
91,994		 2021
£
4,109,028
113,522
674,500
605,518
4,291,532
1,103,182
3,188,350
3,188,350
3,188,350

TOTAL FUNDS 3,083,263 3,188,350 The financial statements were approved and authorised for issue by the Governors and were signed on its behalf by:

Ian McDonald - Chair of Governors

Date: April 19[th] 2023

11

The notes form part of these financial statements

Leehurst Swan Limited

Statement of Cash Flow

For the year ended 31 August 2022

CASH AND CASH EQUIVALENTS CARRIED FORWARD AT 31
AUGUST
b
CASH FLOWS FROM OPERATING ACTIVITIES:
Notes
Net cash provided by/(used in) operating activities
Cash flows from investing activities:
a
Purchase of tangible fixed assets
Proceeds on sale of tangible fixed assets
Net cash provided by/(used in) investing activities
Cash flows from financing activities:
Repayments of borrowing
Cash inflows from new borrowing
Net cash provided by/(used in) financing activities
CHANGE IN CASH AND CASH EQUIVALENTS FOR THE
YEAR
Cash and cash equivalents brought forward
b
Net income/(expenditure) for the year as per the
Statement of Financial Activities
Adjusted for:
Depreciation
(Profit)/loss on disposal of tangible fixed assets
(Increase)/decrease in debtors		 2022
£
11,300
(5,509)
-
(5,509)
(96,265)
-
(96,265)
(90,474)
674,500
2022
£
(105,087)
128,527
-
49,588
584,026

 2021
£
195,354
(15,804)
-
(15,804)
(119,782)
23,690
(96,092)
83,458
591,042
2021
£
(7,486)
131,063
1,541
(9,701)
674,500

12

(61,728)

Increase/(decrease) in creditors

79,937

Net cash (used in)/provided by operating activities

b) Analysis of cash and cash equivalents

a)
Reconciliation of net income/(expenditure) to net cash flow from
operating activities
Cash at bank and in hand		 2022
£
584,025
584,025		 2021
£
674,500
674,500
195,354

13

For the year ended 31 August 2022

Leehurst Swan Limited Notes to the Financial Statements

1. Accounting policies

A summary of the principal accounting policies adopted, which have been applied consistently, are set out below:

1.1 General information and basis of preparation

Leehurst Swan Limited is a company limited by guarantee incorporated and registered in England and Wales. The school constitutes a Public Benefit Entity as defined by FRS 102. 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 applicable in the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2015) – (Charities SORP 2015 (FRS 102)), the Charities Act 2011 and the Companies Act 2006.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in Sterling (£) which is the functional currency of the charitable company.

1.2 Funds

The School’s funds consist of unrestricted and restricted amounts. The School may use unrestricted amounts at its discretion. Designated funds comprise unrestricted funds that have been set aside for particular purposes. Restricted funds can only be used for a particular purpose as specified by the donor.

1.3 Incoming resources

The income and net incoming resources are attributable to the one principal activity of the charitable company.

Fees and similar income

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions allowed by the school.

Donations, legacies and fund accounting

Donations and legacies received for the general purposes of the school are included as unrestricted funds. Donations and legacies for activities restricted by the wishes of the donor are taken to “restricted funds” where these wishes are legally binding on the Governors.

1.4 Expenditure

All expenditure is included on an accruals basis and is recognised when there is a legal obligation to pay for expenditure. All costs have been directly attributed to one of the functional categories of resources expended in the SOFA. The irrecoverable element of VAT is included with the item of expense to which it relates.

12

Leehurst Swan Limited Notes to the Financial Statements

For the year ended 31 August 2022

1. Accounting policies (continued)

1.5 Tangible fixed assets and depreciation

Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low value with a short life. Repair, renovation and replacement expenditure is written off as expenditure in the statement of financial activities. The cost of fixed assets is their purchase cost, together with any incidental costs of acquisition. Depreciation is calculated to write off the cost of tangible fixed assets, less their estimated residual values, over the expected useful lives of the assets concerned. The principal annual rates used for this purpose are: Land not depreciated Freehold property between 2% and 10% on cost Fixtures and fittings 20% reducing balance or 33.33% on cost Motor vehicles 25% on reducing balance

Debtors are measured at their recoverable amount.

1.7 Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.8 Taxation

The company is a registered charity and, as such, is not liable to corporation tax.

The School only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.10 Advance fees scheme

The school offers parents the opportunity to pay for tuition fees in advance. The money may be returned subject to specific conditions on receipt of one term’s notice. These fees are treated as deferred income and the fee for each school term is charged against the remaining balance and taken to income.

1.11 Operating leases

Rentals paid under operating leases are charged on a time basis over the lease term.

1.12 Pension costs

The School’s teaching staff have the option to be members of a pension scheme which is operated by the Teachers’ Pensions Scheme. This is a multi-employer pension scheme. It is not possible to identify the School’s share of the underlying assets and liabilities of the scheme on a consistent and reliable basis and therefore, as required by FRS 102, the School accounts for the scheme as if it were a defined contribution scheme. 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. For non-teaching staff, the School contributes to a defined contribution group personal pension plan.

1.14 Government grants and COVID-19

The company has received support from the UK Government as part of a package of measures introduced to support businesses during the coronavirus pandemic. Government grants are recognised in the financial statements in the period in which they become receivable.

13

Leehurst Swan Limited Notes to the Financial Statements

For the year ended 31 August 2022

2.
Fees
Fees receivable consist of:
Gross fees
Less: Total bursaries, grants and allowances
4.
Sundry and other income
Lettings
Sundry Income
Coronavirus Job Retention Scheme
5.
Staff Costs
Wages and salaries
Social security costs
Other pension costs
Teaching
Non-teaching		 2022
£
2,155,083
(357,342)
1,797,741
1,797,741
2022
£
35,265
27,049
-
62,314
2022
£
1,119,770
93,297
213,743
1,426,810
2022
31
13
44		 2021
£
2,499,030
(432,937)
2,066,093
2,066,093
2021
£
26,268
26,158
34,371
86,797
2021
£
1,245,981
102,893
228,926
1,577,800
2021
28
10
38

The average number of employees during the year, calculated on a full time equivalent basis, was as follows:

There were no termination payments made during the year (2021 - £Nil).

None of the governors, nor persons connected with them received any remuneration or other material benefits from the school or any connected organisation.

16

The key management personnel of the school comprise the Governors, the Head and the Bursar. The total remuneration of the key management personnel was £120,465 (2021 - £158,847).

The number of employees whose emoluments exceeded £60,000 were:

2022 2021
£60,001 - £70,000 1 £70,001 - £80,000 - 1

Leehurst Swan Limited Notes to the Financial Statements

For the year ended 31 August 2022

6.
Analysis of expenditure
Charitable activities:
School operating costs
Teaching

Premises

Support costs of schooling
Governance costs

Finance and other costs

Total resources expended
 Staff costs
Other
Depreciation
2022
Total
2021
Total
1,243,337
69,579
15,261
1,328,177
1,469,214
89,869
154,791
106,223
350,883
343,737
93,604
146,713
7,043
247,360
283,631
1,426,810
371,083
128,527
1,926,420
2,096,582

-
-
-
-
13,758
1,426,810
371,083
128,527
1,926,420
2,110,340

-
38,722
-
38,722
50,036

1,426,810
409,805
128,527
1,965,142
2,160,376
7.
Tangible Fixed Assets
Cost
At 1 September 2021
Additions
Disposals
At 31 August 2022
Depreciation
At 1 September 2021
Charge for the year
Disposals
At 31 August 2022
Net book value
At 31 August 2022
At 31 August 2021		 Freehold
Property
£
5,786,169

-

-

Fixtures and fittings
£
368,280
5,509
(3,661)
Motor
vehicles
£
24,006
-
-
Total
£
6,178,455
5,509
(3,661)
5,786,169
370,128
24,006
6,180,303
1,755,387

106,223

-

294,731
21,130
(3,661)
19,309
1,174
-
2,069,427
128,527
(3,661)
1,861,610
312,200
20,483
2,194,293
3,924,559
57,928
3,523
3,986,010
4,030,782
73,549
4,697
4,109,028

The cost of freehold property includes land of £319,408 which is not being depreciated.

2022 2021
Trade debtors 49,591 87,011
Other debtors 14,343
26,511
63,934
113,522
  1. Creditors: Amounts falling due within one year

18

2022 2021
Bank loans and overdrafts (see note 12) 137,326
Deferred income (fees paid in advance) 137,326
Autumn 2022 fees 340,927
319,289
Advance fees scheme (see note 17) 18,991
23,738
Other creditors 48,011
106,302
Accrued expenses 10,710
18,863
555,965
605,518

8. Debtors: Amounts falling due within one year

Leehurst Swan Limited Notes to the Financial Statements

For the year ended 31 August 2022

10. Creditors: Amounts falling due after more than one year

10.
Creditors: Amounts falling due after more than one year
12.
Loans and overdrafts
An analysis of the maturity of
Amounts falling due within one
Bank loans (see note 12)
Fee deposits
Advanced fees scheme (see note 17)
11.
Obligations under leasing agreements
The total future minimum payments due on leases expiring:
Motor vehicles:
Expiring:
Between one and five years
2022
2021
£
£
137,326
137,326		 loans and overdrafts is given below:
year or on demand:
2022
2021
£
£
950,991
1,047,256
43,750
38,000
-
17,926
994,741
1,103,182
2022
2021
£
£
36,600
49,350		 2021
£
1,047,256
38,000
17,926
1,103,182
2021
£
49,350

Amounts falling due between one and two years:

19

137,326 137,326

Bank loan - 1-2 years

Bank loan

There are three bank loans, all repayable by instalments over 20 years. One loan is repayable at a fixed interest Amounts falling due between two and five years:

Bank loan - 2-5 years 411,978 411,978 Amounts falling due over five years: Bank loan - over 5 years 401,687 497,952 rate of 5.5% per annum and the other two loans at base rate + 3% per annum.

13. Secured debts

The following secured debts are included within creditors:

2022 2021 £ £ Bank loans 1,088,317 1,184,582

The bank loans are secured by a first legal charge over the freehold property of the School. Leehurst Swan Limited Notes to the Financial Statements

For the year ended 31 August 2022

14. Pension commitments

The company makes contributions to a defined benefit scheme operated by Teachers' Pensions on behalf of some of the teaching staff. The company also makes contributions to money purchase pension schemes on behalf of non-teaching staff.

The total pension cost for the school was £213,743 (2021 - £228,926) of which £57,333 (2021 - £52,737) relates to the money purchase pension scheme.

Teachers’ Pension Scheme

The School participates in the Teachers' Pension Scheme (England and Wales) ("the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £156,410 (2021 - £176,189).

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute 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 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution

20

rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied.

The TPS is subject 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 a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until a remedy to the discrimination conclusion has been determined by the Employment Tribunal it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

21

Leehurst Swan Limited Notes to the Financial Statements

For the year ended 31 August 2022

15. Company Status

The company is limited by guarantee and has no share capital. The company is registered in England. The liability of the members in the event of a winding up is limited by guarantee to an amount not exceeding £2 per member. At the balance sheet date there were 6 members (2021 – 8).

16.
Allocation of the charity net assets
The net assets are held for the various funds as follows:
Within 1 year (included in deferred income)
Balance at 1 September 2021
Advances in the year
Amounts utilised in payments of fees
Balance at 31 August 2022
Fixed assets
Net current
assets
£
£
Unrestricted funds
3,986,010
91,994.00
Restricted funds
-
-
3,986,010
91,994
17.
Advance fee payments
Assuming pupils will remain in the school, advance fees will be applied as follows:
Within 2 to 5 years		 -
18,991
18,991
£
41,664
-
(22,673)
18,991
Long term
liabilities
£
(994,741)
-
(994,741)
2022
£
-		 Total
£
3,083,263
-
3,083,263
2021
£
17,926
17,926
23,738
41,664
£
65,119
-
(23,455)
41,664

22

Leehurst Swan Limited Detailed income and expenditure account

For the year ended 31 August 2022

Income:
School fees
Less:
Scholarships
Bursaries
Staff discounts
Sibling discounts
Early years grants
Covid discounts
Other income
Registrations
Lettings
Summer school
Expenditure
Curriculum
Payroll
Departmental expenses
ICT support
Administration
Staff - payroll
Consumables and sundries
Equipment
Telephone, photocopier and postage
Subscriptions and licences
Staff advertising
Advertising
Hospitality
Training and general
Legal and professional fees - general
Carried forward		 2022 2021
£
2,155,083
151,497
110,352
85,168
12,316
(1,991)
-
357,342
1,797,741
5,850
35,265
1,502
1,860,055
1,243,337
54,018
10,858
1,308,213
93,604
7,502
7,508
18,109
10,843
5,734
16,898
3,744
30,511
45,864
240,317
1,548,530 1,860,055		 £
2,499,030
210,902
109,712
90,216
20,823
(5,227)
6,511
432,937
2,066,093
2,300
26,268
995
2,152,890
1,373,453
59,758
7,525
1,440,736
130,547
6,007
8,850
29,563
6,877
8,123
33,197
2,198
20,334
43,935
289,631
1,730,367
2,152,890

23

Leehurst Swan Limited
Wrap around care
11,029
Sundry receipts
8,182
Transport admin charge
-
Bank interest receivable
486
Coronavirus job retention scheme
-
62,314		 2,318
17,160
3,329
56
34,371
86,797

24

Leehurst Swan Limited

Finance costs:
Bank loan interest 38,722 50,036
Other expenditure
Bad debts 4,703 9,855
1,836,615 2,027,772
23,440
125,118
Depreciation
Freehold property 106,223 106,223
Fixtures and fittings 21,130 23,275
Motor vehicles 1,174 1,565
128,527
131,063
(Profit)/Loss on Disposal of assets
Fixtures and fittings - 1,541

25

Leehurst Swan Limited

(105,087)

(7,486)

Net Surplus/(Deficit)

Detailed income and expenditure account

For the year ended 31 August 2022

2022 2021

Brought forward £ 1,860,055 £

26

Leehurst Swan Limited
Establishment
Staff payroll
Rent
Rates and water
Insurance
Light and heat
Building repairs, alterations and refurbishment
ICT upgrades
Repairs and renewals
Transport
Security and fire
Cleaning
Cleaning contract
Other costs
Grounds
Contact grass cutting and tree work
1,548,530
89,869
933
27,316
25,960
34,536
16,745
357
206
35,238
3,254
234,414
5,381
645
6,026
4,220		 1,730,367
73,800
667
15,666
27,230
38,130
28,843
375
611
16,188
5,464
206,974
17,358
1,931
19,289
11,251
2,152,890

27