Leehurst Swan Limited IA Company Llmlted By Guarantee} Report of the Governors, Strategic Report and Financial Statements For the year ended 31 August 2023 Company number: 2306881 Charity number: 800158
Leehursl Swan Limited Contents Forthe year ended 31 August 2023 Pa8e Company infomiatlon Report of the Governors Ilncludlng Strategic Report) Report of the Independent Auditors Statement of Financi31 Attivities Balance Sheet ststement of Cash Flow io Note5 to the Financial Statèments li Detailed Income and Expenditure Account 18
Leehurst Swan Llmltèd Company Information For the year ended 31 August 2023 GOVERNORS.. Mr Stephen Spicer Mr lan McDonald Mr Douglas Gale Ms Victoria Hance Mrs Michele Russell Mrjonathan Wansey Interlm Ch•lr re5igned3 October 2023 resigned31 December2023 HEADTEACHER: Mrs Mandy Bateman BURSAR AND COMPANY SECRETARY: Mrs Lindsay Chater REGISTERED OFFICE.. 19 Campbell Road Salisbury SPI 3BQ REGISTERED NUMBER: 2306881 (England and Wales) REGISTERED CHARITY NUMBER.. 800158 AUOITORS.. F3wcett5 LLP Chartered Accountants and Statutory Auditors Windover House St Ann Street Salisbury SPI 20R BANKERS.. Barclays Bank plc 216 Hi8h Street Salisbury SPI 2YH 50LICITORS: Wilsons Solicitor5 LLP Alexandra House St Johns Street Salisbury SPI 2S8 INSURANCE BROKERS: Marsh Commercial Belvedere 12 Booth Street Manchester M2 4AW
LEEHUR5T SWAN LIMITED IA COMPANY LIMITED By GUARANTEEI REPORT OF THE GOVERNORS FOR THEYEAR ENDED31AUGUST2023 The Governors present their annual report, together with their Strate8ic Report, and the audited financial statement5 of the company for the year ended 31 August 2023 and confirm they comply with the Charities Aci 2011, the governing document, and the Charities SORP 2019 IFRS 1021. PRINCIPAL AIMS The principal activity of the company in the year under review was the adv3ncement of education of boys and girls. focusslng not just on academic success but also ensuring development of their mental and physical wellbeing. The school's main airns are as follows.. To safegu3rd all member5 01 a flourishing, sustainable School, committed tolhe development of good practlce and sound procedures in all areas of thild protection. To provide a supportive, nurturing. family-centred school Community based on Christian values, where every child is valued and encoufa8ed to excel. ro provide a broad, innovative, and holistic curriculum, focusing on creativity and independent enquiry with high academic expect3tion5 and achievement. To place strong emphasis on the individual and their personal development. To provide a vibrant and inclusive sporling and extracurricular programme. To adopt a global perspective and encourage1Snks between the school and the wider community. Tts promote a sell5e of social responsibility and appreciation of the needs and gifis of others. To equip our pupils with the skills necessary for adult life. In the reporting period we delivered a well-balanced education through our pre-preparatory. preparatory, ènd senior departments, providin8 a first-class education to boys and girls from the ages of 4 to 16 years. We provided a stimulating educational environment that develop5 our pupi15' 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 a5 an individual and encouraged to develop to their full potential, building 5elf-esteern 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. responsibil¢ties. and experience5 of the next 5tège ol their lives. GOVERNING DOCUMENT The School is a company Ilmited by guarantee and is Roverned by its Memorandum and Article5 of A550Clation. originally in¢orporated in October 1988. and last adopted IN 2007. REVIEW OF ACTIVITIE5 & ACHIEVEMENrs The results for the year and financial p051tion of the company are ès shown in the annexed flnancSal statements. OUR OBJECTIVES Our objectives were set to reflect both our educational aims and the eth05 of the School. In 5ettin8 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. purptsseful community, based on Christian values. They intluded.. Educating every pupil to the highest standard each is capable of. whilst being sensitive to their various stages of developmeTht- Promoting a sense of Social responsibility and appreciation of the needs and gifts of others.. Celebrating and fostering the unique interest5 and talent5 of each indivitlual.. Providing support to pupils in need of assistance through discounts and bursaries- Cornmitment to the development of good practlce and sound procedures in all area5 of child protection and safeguarding.. Encouragement of strong link5 between the school and the wideT community., Financial ri8our to ensure business survival. ACADEMIC RESULTS Pupils in the senior school make excellent pro8ress in preparation lor their GCSE years. The School offer5 a wide range of GCSE and IGCSE Subjects for pupils to chtsose from and optional sublects include: physics, chemistry, biology, design technology, omputer science. rnu5ic, PE. drarna, art. photography. history, geography, and modern forei8n lan8ua8es. These are in addition
LEEHURST SWAN LIMvfED IA COMPAIIY LIMITÉD BY GUARANTEEI REPORT OF THE GOVERNORS FOR THEYEAR ENDED31 AUGUST2023 to the core subjects and most pupi15 study ten GCSE subjects over the course of Year 10 & 11. Academlc performance at the end of Year 11 was excellent, 89Yo of the pupi15 gained five or more GCSES including mathematics. English and sclence and all pupils 8ained place5 at their fifst choice ol sixih-form provider, with most choosing to artend 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 exeriising their powers and duties they have considered whether any alterations were required to the School's policies in re13tion to educational and lee-charging charities. Leehurst Swan actively pursues a policy of budgeting a proportion ol lee income lor the award of scholarships and bursaries, for those less able to afford the full fe&5 or for existing parents who fall on hard times. During the past year. a total of E443k117.3% of fee income) was rebated in the form of scholarship5, bursaries and discounts to siblings and staff. The Walker Hall. as a specialisr auditorium hall, with fold away sealing, served local dance, drama and musical group5. The School choir performs for vi51tors 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 place5 for Year 10 pupils from local malntained schools. GOVERNORS, INDUCTION AND TRAINING Governor skills and attribute5 are assessed regularly to ensure the make-up of the board piovides the levels of support and knowledge required, and so that governor recruitment targets ary 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 enEine&ring director. HR, forrnersenior police officer and a multiple busines5 owner. Afterappointment new governors are 311ocated to 5ub-committeelsl, th3t align to their ski115. experience. and Qualifications. Governors are encouraged to attend regional seminars organised by their professional body.. AGBIS. Other semSnars attended include those organ15ed 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 bulletin5 and reports through education and governance- based a550ciations. ORGANISATION The Eovernors of the school act as dSrecrors and truslee5 01 the charitable company. The governors include'Guardi3n Governor5, who are responsible for the protection of the character and ethos ol the school. The name5 of persons who served as governors are givon in the attached Report of the Governors. Strategic Report and Financial Statements. The day lo day running of the Schotsl is devolved to the head, supported by the bursar and the senior managernent team. ACCESS AND ADMISSIONS POLICY Leehur5t Swan School is 3 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 onee the school has a full picture ol an individual's ability and potential across the breadth of the curriculum. Entrance Interviews, references and assessments are undertaken to sat15fy 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 fofm parr of the assessment process. FUTURE DEVELOPMENTS The GoveinoTS continue their commitment to developing the quality of every aspect of the school. The School continues to invest heawily in the professional development of the staff, the school'5 rnajor asset, curriculum innovation and the school's site and infrastructure. GOVERNORS The governors ol the school in office at 31 August 2023 were as shown in the attached Report of the Governors. Strategic Report and Financial Statements. The Board of Governors is a 5elf-appointed bodv.
LEEHURST SWAN LIMITED IA COMPANY LIMETEO BY GUARANTEEI REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 THE FINANCIAL RESULTS A profit of £119,129 was rnade during the year. INVEmENT POWERS These are governed by the Memorandum and Articles of Association which include the power to delegate to Investment Manager5. RESERVES POUCY The School doe5 not carry free funds. It 15 the policy of the governors to apply any operating surplus to the development and improvement of the fabric and facilities ol the school. RISK MANAGEMENT The major risks to the School as identified by the governor5 have been reviewed and systems have been established to mitigate those risk5. Reviews are carried out regularly throughout the year. through all the Governance meetings. Risk review 15 a standing item on every agenda. STATEMENTOF GOVERNORS, RESPONS181LfTIES Law appSicable to incorporated charities in En8land and Wales require5 the Governor5 (who are a150 the direcrors 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 activit1£5 for that period. In preparing those financSal statements, the Governors are reouired to.. Select suitable accounting policies and then apply them consistently., Make judgements and estimates that are reasonable and prudent.. Statewhether applicable accounting standards have been followed. subject to any material departures disclosed and explained irn the financial statements,. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation. The Governors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the rinaHcial position of the company and to enable them to ensure that the financial staternents 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 ol fraud and other irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDtroRS So far a5 the Governors are aware, there is no relevant audit information la5 defined by section 418 of the Companies Act 20061 of which the compan¢s auditors are unaware. and each Governor ha5 taken all the steps that he or she ought to have taken as 3 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 governor5 lin their capacity as director5 of the company and trustees of the charity) approve the Report of the Governors and the Strategic Report lor the year ended 31 August 2023. stephen Splcer- Chair of Governors Dated..
Report of the Independent Auditor5 To the Members of Leehurst Swan Limited Opinlon We have audited the financial statements of Leehurst Swan Limited (the 'charitable companWI for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet. the Statement of Cash Flow5 and related notes, including a summary of significant accounting policies. rhe financial reporting Irarnework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standard5, including Financia1 Reporting standard 102 'Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" Iunited Kin8dom Generally Accepted Accounting Practice). In our optnion the financial statements.. give a true and fair view tsf the state of the charitable company's affairs as at 31 August 2023 and of its incoming resources and application of resources, inclduing its income and expenditure, lor the year then ended.. have been properly prepared in accordance with Uriited Kingdom Generally Accepted Accounting Pract*ce.' and have been prepared in accordance with the requirements of the Companies Act 21)06. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditillg IUKI IISAS IUKII and applicable law. Our responsibilitie5 under those standards are further described in the Audltor's responsibilities lor the audit ol the financial statement5 Section of our rèport. 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. includin8 the FRC'S Ethical Standard and we have fulfilleij OLJr other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 15 Sufficient and appropriate to provide a basi5 lor our opinion. Concluslons 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 ol the financial statements 15 appropriate. Based on the work we h8ve performed, we have rnot identified any material uncertaintie5 relating to events or conditions th3t. individually or collectively. may cast Significant doubt on the charitable company's ability to continue as a going concern for a period ol at least twelve months from when the financial statements are authori5ed for issue. Our responsibilities ènd the responsibilities of the trustees w¢th respect to going concern are described in the relevant sections ol thi5 report. Other Information The other information comprise5 the information included in the Report of the Governors. other than the finaneial statements and our auditoes report thereon. The Governors are responsible lor the other information. Our opinion on the financial statements does not cover the other information and. except Lo the extent otherwise explicitly stated in our report, we do not express any form ol 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 inctsnsistent with the financial Statements or our knowledge obtained in the 3udit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are requlred to determine whether there is a material misstatement in the financial statement5 or a rnaterial misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement ol this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters preKribed by thè Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the Governors. which includes the Report of the Director5 prepèred for the purposes ol company law, for the financial year for which the financial statements are prepared is con515tent with the financial sratements., and The Report of the Directors included within the Report ol the Governor5 has been prepared in accordance with applicable legal requirements.
Report of the Independent Audltors To the Members of Leehurst Swan Limited Matters on which we are requlred 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 mi55tatement5 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.. adequate accountirig records have not been kept, or returns adequate fgr 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 Members of the Governors remuneration 5peofied by law are ntst made., or we have not received all the information and explanations we require for our audit. Responsibilities of the Governors As explained more fully in the Statement of Governor's Responsibilities. the Members of the Board of Govemors (who are also directors of the charitable company lor the purpose5 of cornpany law are responsible for the preparaton 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 misstaternent whether due to fraud or error. In preparing the financial statements, the Governors are respon51ble for assessing the charitable compan5 ability to continue as a going concern, disclosin& as applicable. matter5 related to going concern and usin8 the going concern basls of accounting unless the Governor5 elther intend to liquidate the charitable company or to cease operation5, or have no realistic alternative but to do so. Audltor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the linanaal staternents as a whole are free from material misstatement, whether due to fraud or error, and to Issue a Report of the Auditor5 that include5 our opinion. Reasonable assurance is a high level of assurance, but 15 not a guarantee that an audit conducted in accordance with ISAS IUKI will alw3Y5 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 linanciol statements. Identifylng and assessin8 Potential risk5 related to irregulzrities Irregularities, Including fraud, are non-compli3nce with law5 and re8ulations. We design procedures, in line with our responsibilities, as set out in the auditor's responsibilities for the avdit of the financial statements section, to detect material misst3tements in respect of irregularities. including fraud. The extent to which are procedures are capable of etectin8 irregularities. including fraud. are detailed below. In identifying and assessing risks ol rnaterial misstatement in respect of irregularitie5. including fraud and non-cornpliance with laws and regulations we consider the following.. the nature of the charity sector, control environment and financial performance- results of our enquirie5 of management about their own identification and assessment of the risks of irregularities., • any matters we identified having obtained and reviewed the charity's documentation of their policies and procedures relating to.. identifying. evaluating and complying with laws and re8ulations and whether they were aware of any instances of non-compliance., detecting and responding to the risks of fraud and whether they have knowledge of any actual, Suspected or alleged fraud,. the internal mntrols established to mitigare risks ol fraud or non-compliance with laws and re8ulations the matter5 discussed among the audit engagement team regarding how and where froud mi8ht occur in the financial statements and any potential indicators of fraud. A5 a result of these procedures, we considered the opportunitie5 and incentives that may exist within the organisation for fraud and ideniifleé the 8reatest potential for fraud in the following area.. revenue and re50urc£ recognition. In common with all audits under ISA5 IUKI, we are also required to perform specific procedures to respond to the risk of management override.
Report of the Independent Audltors Icontinuedl To the Members of Leehurst Swan Llmlted We have also obtained an understanding ol the legal and regulatory frameworks rhat rhe charity operates in. focusin8 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 Charitie5 Act and 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 ol fraud. Our procedure5 to respond to risks identified included the following.. • reviewing the financial statement disclosures and testing to supporting documentation to a5se5s compliance with provisions of relevant laws arid regulations described as having a direct effect on the financial 5taternents', • understanding the group's revenue recognition policie5 and how they are applied. including the relevant controls and performing a walkthrough to validate our understanding. enquiring of management concerning actual and potentlal Ilii£atlon and claims., performing analytlC81 procedure5 to compare revenue recognised against expectations and based on past experiences and managernent forecast5 and investiEated material divergencies by obtaining corroborative evidence. • reading minutes of meetlngs ol those charged with governance., • in addre55in8 the risk of fraud through management override of controls. testing the appropriateness of journal entries nd other adjusiments,. applying parameters designed to identify entries that were not within our expectations. This included analysing and selecting journa15 for testirig which appeared unusual in nature, either due to size, preparer or date of posting. To test their validity, we verified the journals to originating documentation. We also communicated relevant identified laws and regulations and potential fraud risks to all en838ement team members and remained alert to any indications of fraud or non-compliance with laws and regulation5 throughout the audit. Owing to the inherent lirnitation5 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 lirreÉularitiesl is from the events and transactions reflected in the financial staternents. the le55 likely the inherently limited proced(Jres required by auditing srandards would identify it. In addition, as with any audit, there remained a higher risk of non- detection of irre8ul3rities. as these may involve collusitsn, forgery, intentional omissions, misrepresentation5. or the overdde of internal controls. We are not responsible for preventin8 non-compliance and cannot be expected to detect non- compliance with all laws and regulations. A further description ol our responsibilities ftsr the audit ol the financial statement5 is located on the Finantial Reporting Council's website at.. www.frc.org.uk/auditorsresponsibilities. This description form5 part ol our Report of the Auditors. Use ofour report This report is made solely to the charitable company's members. as a body, accordance with Chapter 3 01 Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we rnight State to the charitable company's members those matters we a required to state to them in a Reporl of the Auditors and for no other purpose. To the fullest eKtent permitted by law, we dts not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body. for our audit worl for this report, or for the opinions we have formed. Simon Ellingham BA FCA DChA Isenior Statutory Auditor) for and on behalf of Fawcetts LLP Chartered Accountants & Statutory Auilitors Windover House, St Ann Street Salisbury SPI 2DR Date.. 30 January 2024
Leehurst Swzn knmittd Statement of FinantÉal Activitles For the ear ended 31 August 2023 2023 Total 2022 Total INCOMEAND EXPENDITURE Unrestricted Restricted Note INCOME AND ENt)OWMENTS FROM.. Charitable activities= School fees receivable Other tncome 2.118.397 82,000 2,118.397 82.000 1.797.741 62,314 Investment Income Total Income 2,200,397 2,200,397 1,860.055 EXPENDITURE ON.. Charitable activities 2.081.268 2,081.268 1.965.142 Total expendlture 2,081,268 2.081,268 1,965,142 NET INCOMEIIEXPENDITUREI 119.129 119.129 1105.0871 RECONCILIATION OF FUNDS.. Total funds brought forward at I September 2022 3.083.263 3,083.263 3.188,350 TOTAL FUNDS CARRIED FORWARD ai 31 Au8USt 2023 3.202,392 3.202,392 3,083.263 CONTINUING OPERATIONS None of the charitable company's artivities were acqulred or discontinued during the current and previous years. The notss form part of these financial statements
Leehurst Swan Llmited (Company number.. 023068811 8alance Sheet As at 31 August 2023 2023 2022 Note Fixed assets Tangible fixed assets 3.873.344 3,986,010 Current assets Stock Debtors Cash at bank and in hand 15,240 37,900 785.471 63,934 584.025 Creditors.. Amounts due within one year io 679,984 555,965 Net current 35sets 158.627 91.994 Total assets lèss turrent Ilabllltles 4.031.971 4.078,004 Creditors.. Arnounts due after more than one year li 829,579 994,741 NET ASSET5 3.202.392 3,083,263 Funds Unrestricted funds.. 3.202,392 3,083,263 TOTAL FUNDS 3,202,392 3.083.263 The financial statements were approved and authorised for issue by the Governors and were signed on its behalf by.. Stephen Spiter- Chalr of Governors Date.. 9GZ The notes form part of these financial statements
Leehurst Swan Limited Statement of Cash Flow Fgr the year ended 31 August 2023 2023 2022 Notes CASH FLOWS FROM OPERATING ACTIVITIES: Net cash prowded byllused inl operatin8 activities 364,182 11,300 Cash flows from investing activities- Purchase of tangible fixed assets Proceed5 on sale of tangible fixed assets 19.9921 15,5101 Net tash prowded byllused inl investing activities 19,9921 15,5101 Cash flows from financing activilie5'. Repayments of borrowing Cash inflows from new borrowing 1152,7441 196,2651 Net cash provided byllused inl financing activities 1152,7441 196,2651 CHANGE IN CASH AND CASH EQUIVALENTS FOR THE YEAR 201,446 190,47SI Cash and cash equivalents brought forward 584.025 674.500 CASH AND CASH EQUIVALENTS CARRIED FORWARD AT 31 AUGUST 785,471 584,025 al Reconciliation ol net Incomellexpenditurel to net cash flow from operating activitie5 2023 2022 Net income/lexpenditurel for the year a5 per the Statement of Finèncial Activlties 119,129 1105,0871 Adjusted for.. Depreciation IProfitl/loss on disposal of tangible fixed assets Ilncreasel/decrease in Stock Ilncreasel/decrease in debtors Increase/ldecreasel in credito 122.658 128,527 115,2401 26.034 111,601 49,588 161,7281 Net cash (used inllprovidÈd by operatlng artivltles 364,182 11,3(KJ bl Analy515 of cash and cash equlvalents 2023 2022 Cash at bank and in hand 785.471 584,025 584,025 785,471 io
Leehurst Swan Llmlted Notes to the Flnanclal Statements For the year ended 31 August 2023 Accounting policies A summary of the principal accounting policies adopted, which have been applied consistently, are set out below.. 1.1 General informatlon and basis of preparation Leehurst Swan limited is a company limited by guarantee incorporated and registered in England and Wales. The School con5titute5 a Public 8enefit 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 Reportin8 Standard applicable In the United Kingdom and Republic of Ireland IFRS 1021 (effective l January 20191- (Charities SORP 2019 IFRS 10211, the Charities Act 2011 and the Companies Act 2006. The financial statement5 are prepared on a 8oin8 contern basis under the historical cost convention. modified to include certain iterns at fair value. The financial statements are prepared in Sterling 1£> which is the functional currency of the charitable companv, 1.2 Funds The School's funds con515t of unrestricted and restricted amounts. The School may use unrestricted amounts at its discretion. Designated funds compnse unrestricted funds that have been set aside for particular purposes. Restricted fund5 can only be used for a particular purpose as specified by the donor. 1.3 Incomint rèsources The income and net incoming resources are attributable to the one principal activity ol the charitable cornpany. 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. Fee5 receivable are stated after deducting allowances, scholarships and other remissions allowed by the school. Donations, legacles and fund a¢countin£ Donations and legacies received lor the general purposes ol the school are included as urirestricted funds. Donations and legacies for activities restricted by the wi5he5 of the donor are taken to-restricted funds- where these wishes are legally binding on the Governtsrs. 1.4 Expenditu All expenditure is included on an accruals basis and is reco8nised when there is a legal obligation to p3y lor expenditure. All costs have been directly attribured to one ol the functional categories of resource5 expended in the SOFA. The irrecoverable element ol VAT is included with the item of expense to which it relètes. li
Leehurst Swan Llmlted Notes to the Flnanclal Ststements For the year ended 31 August 2023 Actounting pollcies Icontlnuedl 1.5 Tangible flxed 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 15 written off as expenditure in the statement of financial activities. The cost of fixed asset5 IS their purchase c05t, together with any incidental costs ol acquisition. Depreciation is calculated to write off the cost of tangible fixed assets, less their estirnated residual values. over the expected useful live5 01 the a55ets concerned. The principal annual rates used for this purpose are.. Lènd Freehold property Fixtures and fittings Motor vehicles not depreciated between 2% and IO% on cost 20% reducing balance OT 33.33% on cost 25% on reducing balance 1.6 Delrt0r5 Debtors are measured at their recoverable amount. 1.7 Stock Stocks of uniform are valued at the lower of c05t and r¥et realisable value. after making due allowance lor obsolete items. 1.8 Credltors and provlslons 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. Credltors and provisions are norrnally recognised at their settlement amount after allowing lor any trade discounts due. 1.9 Taxatlon The 1.10 Flnanclal Instruments The School only has financial as5et5 and financial liabilities ol a kind that qualify a5 basic financial instruments. Basic financial instTUmernts are inltially recognised at transaction value and subsequently measured at their settlement value. 1.11 Advance fees scheme The school offers parents the opportunity to pay for tuition lees in advance. The money rnay be returned subject to specific conditions on receipt of one term's notice. These fees a treated a5 deferred income and the fee for each school term is charged against the remaining balanie and taken to income. 1.12 Operating lease5 Rentals paid under operating leases are charged on a time basis over the lease term. 1.13 Penslon costs The School'5 teaching staff have the option to be members of a pension scherne which is tsperated by the Teachers, Pen5ion5 Scheme. Thls 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 conslstent and reliable basis and therefore. as required by FRS 102, the School accounts lor the Scheme as il it were a defined contribution scheme. Contributions, which are in accordance with the recommendations of the GovernmeNt Actuary, are charged in the perioé in which the salaries to which they relate are payable. For non-teaching staff, the School contribute5 to a defined contribution group personal pension plan. 12
Leehurst Swan Umlted Notes to the Financial Statéments For the yezr ended 31 August 2023 Fee$ 2023 2022 Fees receivable consist of.. Gross lees Less.. Total bursaries, grants and allowances 2,562,760 1444,3631 2,118,397 2.155,083 1357,3421 1.797,741 2,118,397 1.797,741 Sundry and other income 2023 2022 Lettings Sundry Income 49.152 32,848 35,265 27,049 82,000 62.314 Staff Costs 2023 2022 Wages and salaries Social security costs Other pension costs 1.211.936 107.526 225,034 1,544,496 1,119,770 93,297 213,743 1,426,810 The avera8e number of employee5 during the year was as follows.. Heodcount 2023 Full-time equivalent.. 2023 2022 2022 Teaching Non-teaching 32 19 51 28 19 47 25 14 39 22 14 36 There were no termination payments made durin8 the year12022- £Nill. None of the governors. nor persons connected with them received any remuneration or other material benefits from the school or any ctsnnetted organisation. The key management personnel of the school comprise the Governors, the Head and the Bursar. The total remLJneration of the key management personnel wa5 £140.50712022- £120,4651. The number of employees whose emolument5 exceeded £60,000 w@re'. 2023 2022 £60,001- £70,000 £70.001- £80,000 13
ieehunl Swon Umlted Note5tothe Flnancial Statements Fofthe yearended 31A¥gust 2013 Analysis of expenditure 20Z3 Total 2022 Total stsflcosrs oiher Depredatlon Charitable activit¢e5'. Schod operatlngcosts Teaching Premises Support costs of schoollng 1,334,659 118.468 91.369 69,149 165.445 115,137 LI,202 106,297 5,160 1.415.010 390,210 211,666 1,328,177 350,883 247.360 1,544.496 349,731 122,659 2,016,886 1.926.420 GOvernae costs 1,544.496 349,731 122.659 2,016,886 1,926,420 FinaneÈ and other costs 64,382 64,382 38.722 Total rÈsources expended 1,544.496 414.113 122,659 2,081,268 1,965,142 Tan8lble Flxed Assets Freèhold Property Flxtures and fn8$ Motor vehKles Total At I September 2022 Additions Disposa15 At 31Au8USt 2023 5,786,169 370,128 9,992 24,006 6.180.303 9,992 5.786.169 380,120 24,006 6.19).295 Depreciatiorb At I SeplEmber 2022 Charge for the year Di5P053ls At 31 August 2023 1,861.610 106,298 312,200 15.480 20,483 2,194.293 122.658 1.967.908 327,680 21.363 2.316.951 Net bookvalu At 31Augv512023 3,818,261 52.440 2,643 3,873,344 At 31 August 2022 3,924,559 57,928 3.523 3.986.010 The cost of freehold wopeny Indudes land of £319,408which 15 not bÈin8depieciated. 2023 202Z Uniform stoc 15.240 Debtors: Amount5 fanln8due wlthln one year 2023 2022 Trade debt¢rs Other debtors 24,610 13.290 49.591 14.343 37.9(M) 63,934 10. Credltors.. Amount5fallingdve wlthlth one year 2023 2022 88nk loansand overdrafts Isee note 121 Deferred income (fees paid in advance) Autumn 2023 fees Advance fee5 scheme (see note 181 Oiher creditor5 Accrued expen5e5 ISZ.744 137,326 417.152 340.927 18,991 48,011 10.7JO 555,965 98,988 li.l(M) 679.984 14
Leehur5t Swan Llmlted Notes to the Financlal Statements For the year ended 31 Au ust 2023 11. Creditors- Amounts fallln8 due after more than one year 2023 2022 Bank loan5 Isee note 121 Fee deposits 782,829 46,750 829.579 950.991 43.750 994.741 12. Obllgatlons under leasing agreements The total future minimum payments due on lea5e5 expiring.. 2023 2022 Motor vehitles: Expiring.. Between one and live years 23.848 36,600 13. Loans and overdrafts An analysis of the maturity ol loans and overdrafts 15 given below.. 2023 2022 Amounts fallin8 due within one year or on demand.. Bank loan 152.744 137.326 Amounts fallin8 due between one and two years.. Bank loan- 1-2 year5 152,744 137.326 Amounts falling due between two and live years.. Bank loan - 2-5 year5 411.978 411.978 Amounts falling due over five years.. Bank loan- over S years 218,107 401,687 There are three bank loan5. all repayable by instalrnents over 20 years. One loan is repayable at a fixed interest rate of S.5% per annum and the other two loans at base rate + 3% per annum. 14. Secured debts The following secured debts are included within creditors.. 2023 2022 Bank loans 935,573 1,088,317 The bank loan5 are secured by a first legal char8e over the freehold property of the School. 15
Leehur5tSwan LFmited Notesto the Financial Statements For the year ended 31 August 2023 15. Pension commitments The company makes contributions to a defined benefit scheme operated by Teachers, Pensions on behalf of some of the teachin8 Staff. The company also makes contributions to money purchase pension schemes on behalf of non-teaching stalf. The total pension cost for the school wa5 £225,03412022- £213,743) of which £71.86612022 £57,333) relates to the money purchase pension scheme. Teachers, Pension Scheme The School participates in the Teachers, Pension Scheme (England and Wales) I'the TPS'I for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £153,16812O22- £156.4101. The TPS is an unfunded multi-ernployer defined beneflts penslon scherne governed by The Teachers. Penslons Regulations 2010 las amendedl 8nd The Te8cher5' Pension Schetne Regulations 2014 las amended). Members contribure on a "pay as you go- basis with contributions from members and the employer being credited to the Exchequer. Retirernent and other pension benefits are paid by public funds provided by Padiament. The employer contribution rate is set by the Secretary ol State following scheme valuations undertaken by the Government Actuarfs Department. The most recent actuarial v31uation ol the TPS wa5 prepared a$ 8t 31 March 2016 and the Valuation Report, which wa5 published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% Irorn I September 2019. Employer5 are also required to pay a Scheme 4dministration 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 beneflts set out in the scheme regulation5 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 rulinE in the 'McCloudlSargeant case,. This case has required the courts to consider cases regarding the irnplementation of the 2015 reforms to Public Serwce Pensions including the Teachers, Pensions, On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appe31'5 judgment that tran51tional provi5ion5 Introduced io the reformed pension scheme5 in 2015 gave rise to unlawful age discrimination. The government Is respectln8 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 rernedied. The TPS is subjett to a cost cap rnechanisrn which was pul in place to protect taxpayers against unforeseen change5 xheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review ol this c05t cap mechanism, in January 2019 announced a pause to the tost cap mechanism following the Court of Appeal'5 ruling in the McCloud/sargeant case 8nd until there is certainty about the value of pensions to employees from April 2015 onwards. In view of the above rulin8s and decisions the assumptions used in the 31 Marih 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suiiably revised assumptions would yield different re5uItS than those contained in the Actuarial Valuation. Until a remedy to the diserimination conclusion has been determined by rhe Employment Tribunal it is not possible to conclude on any financial irnpact or future changes to the contribution rates of the TPS. Accordinglv no provision for any additional past benefit pen510ll tosts is included in these financial statements. 16
Leehurst Swan Llmlted Notes to the Financlal Statements For the year ended 31 Avgust 2023 16. Company Status The company is limited by guarantee and has no share capital. The company 15 re8lStered in Englanil. The liability of the member5 in the event of a wirnding up 15 limited by guarantee to an amount not exceedin8 £2 per member. At the balance Sheet date there were 5 member$12022- 61. 17. Allotation of the charlty net assets The net assets are held for rhe VafiOUS funds as follows.. Fixed assets Net current assets Long term Total Unrestricted funds Restricted funds 3,873,344 158,627 1829,5791 3,202,392 3,873.344 158,627 1829.5791 3.202.392 18. Advance fee payments 2023 2022 Assuming pupils will remain in the school, advance fees will be applied as follows.. Within 2 to S years Within I year (included in deferred intomel 18,991 18,991 Balan at I September 2022 Advances in the year Amounts utilised in payments of lees 18.991 41,664 118,9911 122.6731 Balano at 31 August 2023 18,991 17
Leehurst Swan limited Detsiled incorne and expendlture account For the ear ended 31 August 2023 2023 2022 Income.. School fees Les5: Scholarships Bur5arie5 Staff discounts Sibling discounts Early years grants 2,562.760 2,155,083 148.577 160.036 120,338 14,493 919 151,497 110,352 85,168 12,316 11.9911 444,363 357,342 2.118.397 1,797,741 Other income Registrations Lettings Wrap around care Sundry receipts Tran5POrt admin charge Bank interest receivable 4,500 49,152 5,236 8,677 6,812 7,623 5,850 36,767 11,029 8.182 486 82,000 62,314 2,200.397 1,860,055 Expenditure Curriculum Payroll Departmental expenses Ict support 1,334.659 57,407 11,742 1,403.808 1,243,337 54,018 10,858 1,308,213 Administration Staff - payroll Consumables and sundries Equipment Telephone, photocopier and postage Subscriptions and licences Staff advertising Advertising Hospitality Training and general Le8al and professional lee5- general 91,369 8,804 8,208 15,089 7,618 7,249 28.872 3,608 14,201 36,728 221,746 93.604 7.502 7,508 18,109 10,843 5,734 16,898 3,744 30,511 45,864 240,317 Carried forward 1.625.554 2,200,397 1.548.530 1.860,055 18
Leehuist Swan Llmlted Detalled income and expenditure account For the year ended 31 August 2023 2023 2022 Brought forward 1,625.554 2,200.397 1,548,530 1,860,055 Establishment Staff payroll Rent Rates and water Insurance Light and heat Building repairs, alterations and refurbishnent ICT upgrades Cleaning Supplies and coll5umables Contact grass Cutting and tree work Repairs and renewals Transporr Security and fire 118.468 89,869 933 27,316 25,960 34,536 16,745 357 6.026 4.220 206 35,238 3,254 244.660 34.488 33,004 34,326 18,109 5,794 5,733 2,420 28.344 3,227 283,913 Finance costs: 8ank loan interest 64.382 38,722 Other expenditure 8ad debts Uniform closing stock 4,703 115,2401 115,2401 4.703 1.958.609 1.836,615 241,788 23,440 Depreciation Freehold property Fixture5 and fittings Motor vehicles 106,297 15.481 881 106.223 21.130 1.174 122,659 128,527 Net SurplusllDefititl 119,129 1105.0871 19