Leehurst Swan Limited (A Company Limited By Guarantee) Report of the Governors, Strategic Report and Financial Statements For the year ended 31 August 2024 Company number: 2306881 Charity number: 800158
Leehurst Swan Limited Contents For the year ended 31 August 2024 Page Company informatlon Report of the Governors (Including Strateglc Report) Report of the Independent Auditors Statement of Financlal Activities io Balan Sheet li ststement of Cash Flow Notes to the Flnanclal Statements 13 Detalled Income and Expendlture Account 20
Leehurst Swan Umlted Company Informatlon For the year ended 31 August 2024 GOVERNORS: Theresa Butler Sarah Erven William Howard Dr Candida Soames Alex Wilkinson appolnted 24/02/2025 oppointed 04/03/2025 appointed 26/03/2025 appointed 14/03/2025 appointed 01/05/2025 appointed Q1/09/2024,. re51gned 12/05/2025 appointed 23/11/2Q23," resigned 12/05/2025 uppolnted 28/02/2025,. resigned 25/04/2025 appointed 23/IV2023," resigned 05/11/2024 oppointed 23/11/2023.. resigned 25/09/2024 resigned 11/03/2025 resigned 31/12/2023 resigned 03/10/2023 resigned 12/07/2024 reslgned 03/03/2025 resigned 12/07/2024 Phlllp Oldroyd Richard Demain-Griffiths Crispin Morton Jane Bailey Matthew Round Douglas Gale Victorla Hance lan McDonald Michele Russell Stephen Spicer Jonathan Wansev HEADTEACHER: Mr Clive Marriott appolnted Interlm I September 2024, confirmed 27 March 2025. resignedjuly 2024 Mrs Mandy Bateman BURSAR AND COMPANY SECRETARY: Mrs Lindsay Chater re51gned 05 company Secretary 22 April 2025 appointed Interlm company 5ecretury 22 April 2025 Andrew Lewin REGISTERED OFFICE: 19 Campbell Road Salisbury SPI 3BQ REGISTERED NUMBER: 2306881 (EnBland and Wales} REGisfERED CHARITY NUMBER: 800158 AUDITORS: Fawcetts LLP Chartered Accountants and Statutory Auditors Windover House St Ann Street Sallsbury SPI 2DR
Leehurst Swan Umtted Company Informatlon For the year ended 31 August 2024 BANKERS: Barclays Bank plc 216 Hi8h Street Salisbury SPI 2YH SOLICITORS: Wilsons Solicitors LLP Alexandra House St Johns Street Salisbury SPI 2SB INSURANCE BROKERS: Marsh Commercial Belvedere 12 Booth Street Manchester M2 4AW
LEEHURST SWAN LIMITED IA COMPANY LIMITED BY GUARANTEE) REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 The Governors present their annual report, together with their Strategic Report, and the audited financial statements of the companyforthe yearended 31 August2024 and confirm they comply with the Charities Act 2011, the governing document and the Charities SORP 2019 IFRS 102). PRINCIPALAIMS 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 atms are as follows- To safeguard all members of a flourishin& sustainable school, committed to the development of good practice and sound procedures in all areas of child protection. To provide a supportive. nurturin& family-centred school community based on Christian values, where every child is valued and encouraged to excel. To provide a broad, innovative and holistic curriculum, focusing on creativity and independent enquiry with high academic expectations and achievement. To place strong emphasis on the individual and their personal development. To provide a vibrant and inclusive sporting and extracurricular programme. To adopt a global perspective and encourage links between the school and the wider community. To promote a sense of social responsibility and appreciation of the needs and gifts 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 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 puplls 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 AcfiviTIES & 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 setto 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,. Promoting a sense of social responsibility and appreciation of the need5 and gifts of others; Celebrating and fostering the unique interests and talents of each individual; Providing SUPPOrt to pupils in need of assistance through discounts and bursaries;
LEEHURST SWAN LIMITED IA COMPANY LIMITED BY GUARANTEE) REPORT OF THE GOVERNORS FOR THE YEAR ENDEO 31 AUGUST 2024 Commitment to the development of good practice and sound procedures in all areas of child protection and safeguardin& Encouragement of strong links between the school and the wider community; Financial rigour to ensure business survival. ACADEMIC Pupi15 in the senior school make excellent progress in preparation fortheir GCSE years. The School offers a wide range of GCSE and IGCSE subjects for pupils to ch005e from and optional subjerts include: physics, chemistry, biology, design technology. computer science, music, PE, drama, art, photography, history, geography, RS. business studies 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, 89% of the pupils gained five or more GCSES including mathematics, English and science and all pupils gained places at their first choice of sixth- form provider. with most choosing to attend either Bishop Wordsworth School, South Wilts or Peter Symonds Sixth Form College. 2023-2024 GCSE RESULTS 95°A achieved grade 4 and above in 5 or more subjects. Nationally pass rate fell for third year running (67.4%). 86% of pupils passed in 5 Subjects or more including English and maths. 44% of entries achieved top marks of grade 7 and above. (Nationally 22.6%, Independent schools 48.4Yo, Grammar schools 60.3%) 25% of grades were grade 8 or 9. 8Yo of grades were grade 9. Nationally 5.1%. Nationally a larger growth in top grades (7 or above) in English (19Y.) compared to maths (21.1%). 85% achieved grade 5 {strong pass) or above. (Nationally 54.6%. Nationally grade 5 or above English 55%, maths 53.3%). 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. Leehur5t 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 forexisting parents who fall on hard times. During the pastyear, a total of £452k {16.8% of fee income) was rebated in the form of scholarships, bursaries and discounts to siblings and staff. The Walker Hall, as a specialist auditorium hall, with fold awayseating, ser4ed 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 getto the school. The choir performs forcharity events including the mathetplace and the City Hall. The School airns to engage and help the local community by providing work experience places for Year 10 pupils from local maintained schools. GOVERNORS. INDucnoN AND TRAINING Governorskills and attributes are assessed regularlyto ensurethe 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 bodyi It includes those with expertise in education; a former head teacher, an engineerlng director, HR, former senior police officer and a multiple business owner. After appointment new governors are allocated to sub-committee{sl, that align to theirskills, experience and qualifications.
LEEHVRST SWAN LIMITED (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Governors are encouraged to attend regional seminars organised by thelr professional body; AGBIS. Other seminar5 attended include those organi5ed 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 governance-based assoclatlons, Including safeguarding. 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 serded 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 whlch welcome5 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 eviden 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 undert3ken to satisfy these requirements and ensure potential puplls can cope wlth the pace of learnlng and benefit from the education provided. An individual's economic status, Eender, ethnicity, race, religion or disability do notform 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 stsff, 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 2024 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 deficit of £152,726 was incurred during the year. INVESTMENf POWERS These are governed by the Memorandum and Articles of Association which Include the power to delegate to Investment Managers. RESERVES POUCY The school does notcarryfree funds. It isthe policyof the governorsto applyanyoperating surplustothe 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 mttigate those risks. Reviews are carried out regularly throughout the year, through all the Governance meetings. Risk review is a standing item on every agenda.
LEEHURST SWAN LIMITED (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGusf 2024 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.. Select suitable accounting policies and then apply them consistentlv; Make judgements and estimates that are reasonable and prudent; State whether applicable accounting standard5 have been followed, subject to any material departures disclosed and explained in the financial statements,. Prepare the financial statements onthe 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 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 Governor5 are aware, there is no relevant audit information (as defined by section 418 of the Companies Act 20061 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 companvs 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 OFTHE BOARD OF GOVERNOR5: 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 2024. William Howard -Governor Dated: 29. k- ao2J
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'l for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and related notes, including a summary of signlflcant accounting policies. The flnanclal reporting framework that has been applled In their preparation is appllcable law and United Kingdom Accounting Standards, including Flnancial Reporting Standard 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland. Iunited Kingdom Generally Accepted Accounting Prarticel. In our opinion the financial statements: give a true and fair vlew of the state of the charitable company's affairs as at 31 August 2024 and of its Incoming resources and application of resources, inclduing its income and expenditure, for the year then ended; have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practlce. and have been prepared in accordance with the requirements ofthe Companies Act 2006. Basls for opinion We conducted our audit in accordance with Internatlonal Standards on Auditlng IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements sectlon of our report. We are independent of the charitable company in accordance wlth the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCS Eth5cal Standard and we have fulfilled our other ethlcal responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined Is sufficient and appropriate to provide a basis for our opinlon. Conclusions relatlng to going concern In audlting 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 re5ating to events or conditions that, indivldually or collectlvely, may cast signlficant 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 ststement5 are authorised for issue. Our responsibilities and the responslbilitie5 of the trustees with respect to going concern are described in the relevant sections of this report. Other inforniatlon The other information comprlses 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 incon5i5tent with the financial statements or our knowledge obtained in the audit or otherwise appear5 to be materially misstated. If we identify such material inconslstencies or apparent material mi55tatements, we are required to determine whether there is a material misstatement in the financial statements or a material mlsstatement of the other information. If, based on the work we have perfomied, we conclude that there 15 a material misstatement of this other information. we are requlred to report that fact. We have nothingto report in thls regard. Oplnlons on other mattels prescrlbed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit: the information glven in the Report of the Governors, which includes the Report of the Directors prepared for the purposes of company law. for the financial year for which the financial ststements are prepared is consistent with the financial statements,. and The Report of the Directors included within the Report of the Governors has been prepared in accordance with applicable legal requirements.
Report of the Independent Audltors To the Members of Leehurst Swan Limited Matters on whlch we are required to report by exception In the light of the knowledge and understanding of the charitable company and Its envlronment obtained in the course of the audit, we have not identified material mi55tatements In the governor< report. We have nothlng to report in respect of the following matters in relatlon to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate 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 Member5 of the Governor5 remuneration specified by law are not made,. or we have not received all the information and explanation5 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 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 a5 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, discloslng, as applicable, matters related to going concern and using the golDg 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. Auditorfs responslbilities for the audlt of the linanclal 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 IUKI will always detect a material misstatement when it exists. Misstatement5 can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expetted to Influence the economic decisions of users taken on the basis of these flnancial statements. IdentifylnE and assessing potentlal risks related to Irregularities Irregularities, including fraud, are non-compliance with laws and regulations. We design procedures, in Ilne with our responsibilities. as set out in the auditor's responsibillties 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. incSudlng fraud, are detailed below. In identifying and asse55ing risks of waterial misstatement in respect of irregularities. including fraud and non-complian with laws and regulations we consider the following: the nature of the charity Sector, control environment and financial performance; results of our enquiries 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 regulations 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 attual, suspected or alleged fraud; - the Internal controls established to mitigate risks of fraud or non-compliance with laws and regulations the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunlties and incentives that may exlst 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 ISA5 IUKI, we are also required to perform speciflc procedures to respond to the risk of management override.
Report of the Independent Auditors {continued) To the Members of Leehurst Swan Llmlted We have also obtsined an understanding of the legal and regulatory frameworks that the charity operates in, focusing on provlsions of those laws and regulations that had a dlrect effect on the determinatlon of materlal amounts and dlsclosures 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: reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effert on the financial Statements; understanding the group's revenue recognition policies and how they are applied. including the relevant controls and performing a walkthrough to validate our understanding. enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to compare revenue recognised against expectations and based on past experiences and management forecasts and investigated material divergencies by obtaining corroboratNe evidence. reading minutes of meetings of those charged with governance- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; applying parameters designed to identify entries that were not within our expectations. This included analysing and selecting journals for testing which appeared unusual in nature, elther due to size, preparer or date of posting. To test their validity, we verified the journa15 to originating documentation. We also communicated relevant Identified laws and regulations and potentlal fraud rlsks to all engagement team members and remained alert to any Indicatlon5 of fraud or non-compliance with laws and regulatlon5 throughout the audit. Owing to the Inherent limitations of an audlt, there is an unavoidable risk that we may not have detected some materlal misstatements in the financial statements. even though we have properly planned and performed our audit in accordance wlth auditing stsndards. For example, the further removed non-compllance wlth laws and regulations Ilrregularities) 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 rlsk of non- detection of irre8ularities. as these may involve colluslon, forgery, intentional omission5, mlsrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non- compliance 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.orE.uklauditorsresponsibilities. 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 a of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stste 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 a55ume responsibility to anyone other than the charitable company and the charitable company's members as a body. for our audit work, forthis report, or for the opinions we have formed. on Ellingham BA FCA DChA (Senior Statutory Auditor) for and on behalf of Fawcetts LLP Chartered Accountants & Statutory Audltors Windover House. St Ann Street Sallsbury SPI 2DR Date..
Leehurst Swan Umlted Statement of Flnanclal Actlvltles For the year ended 31 August 2024 2024 Total 2023 Total INCOME AND EXPENDITURE Unrestricted Restricted Note INCOME ANO ENDOWMENTS FROM.. Charitable activities.. School fees receivable Other income 2,237,317 97.643 2,237,317 97.643 2.118,397 82.000 Investment Income Total income 2,334,960 2,334,960 2,200,397 EXPENDrruRE ON: Charitable activities 2,487.686 2,487,686 2,081.268 Total expendtture 2,487.686 2.487.686 2,081.268 NET INCOMVIEXPENDITURE) 1152.7261 (152,726) 119.129 RECONCILIATION OF FUNDS". Total funds brought forward at I September 2023 3,202,392 3,202,392 3,083,263 TOTAL FUNDS CARRIED FORWARD at 31 August 2024 3.049,666 3,049,666 3,202,392 CONTINUING OPERATIONS None of the charitable company'5 activities were acquired or discontinued during the current and previous years. The notes form part of these financial statements io
Leehurst Swan Umlted (Company number: 02306881) Balance Sheet As at 31 August 2024 2024 2023 Note Flxed assets Tangible fixed assets 3,822,933 3,873,344 Current assets Stock Debtors Cash at bank and in hand 20,936 60,004 645,129 15,240 37,900 785,471 Llabllitie$ Creditors: Amounts due within one year 8S3,346 679,984 Net current assets 1127,277) 158,627 Total assets less current liabilities 3,695,656 4,031.971 Creditors: Amounts due after more than one year io 645,990 829,579 NET ASSETS 3,049,666 3,202,392 Funds Unrestricted funds: 3.049,666 3.202.392 TOTAL FUNDS 3,049.666 3.202,392 The financial statements were approved and authorised for issue by the Governors and were signed on its behalf by.. Wllllam Howard Governor Date: 29- The notes form part of these financial statements li
Leehurst Swan Llmlted Statement of Cash Flow For the year ended 31 August 2024 2024 2023 Notes CASH FLOWS FROM OPERATING AcfiviTIES: Net cash provided byllused Inl operating activitles 95,092 364,182 Cash flows from investlng activities: Purchase of tangible fixed assets Proceeds on sale of tan8ible fixed assets (79,2611 {9,992) Net cash provided byllused inl investlng attivities 179,2611 19,992) Cash flows from financing activities.. Repayments of borrowlng Cash Inflows from new borrowing 1156,1731 1152,744) Net cash provlded byllused inl financlng activities {156,1731 {152,744} CHANGE IN CASH AND CASH EQUIVALENTS FOR THE YEAR 1140,3421 201.446 Cash and cash equlvalent5 brought forward 785.471 584,025 CASH AND CASH EQUIVALENTS CARRIED FORWARD AT 31 AUGUST 645.129 785,471 a) Reconciliatlon of net income/lexpendlture) to net cash flow from operating actlvltles 2024 2023 Net incomellexpenditurel for the year a5 per the Statement of Financlal Activities 1152,7261 119.129 Adjusted for: Depreciatlon {Profltl/loss on disposal of tangible fixed assets {Increasel/decrease in stock {Increaselldecrease In debtors Increase/ldecrease} in creditors 129,672 122,658 15,696) 122,1041 145,946 115,2401 26,034 111,601 Net cash (used in)/provlded by operatlng actlvltles 95,092 364,182 bl Analysis of cash and cash equivalents 2024 2023 Cash at bank and in hand 645,129 645,129 785.471 785,471 12
Leehurst Swan Limited Notes to the Flnandal Statements For the vear ended 31 AuEust 2024 Accountlng pollcles A summary of the prlncipal accountlng policies adopted, which have been applied consistently, are set out below: 1.1 General information and basis of accounting Leehurst Swan Limited is a company limited by guarantee incorporated and registered in England and Wales. The school constitutes o Public Benefit Entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reportlng by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102} (effective l January 20191- (Charities SORP 2019 IFRS 102}}, the Charities Att 2011 and the Companies Act 21KJ6. The financial statements are prepared under the historical c05t convention. modified to include certain items at fair value. The financial statements are prepared in Sterling l£} which is the functional currency of the charitable company. 1.2 Going concern The financlal statements have been prepared on a going concern basis. In common with other Schools, Leehurst Swan School fa¢e5 uncertainties 3risin8 from current economic conditlons including inflationary risks, interest rate rises. and government policles, all of which can impact on the costs faced by the school and also the demand for school places. After making due enqulrles, including review of the latest flnancial data and future projertlons, the Governor5 have a reasonable expectation that the School has adequate resources to contlnue In operational exlstence for the foreseeable future. For this reason they continue to adopt the golng concern basis in preparing these flnancial statements. 1.3 Funds The School'5 funds consist of unrestricted and restricted amounts. The School may use unrestricted amounts at its discretion. Deslgnated 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. 1.4 Incomlng resources The income and net incoming resources are attributsble to the one principal actlvity of the charitable company. Feesand similar Income Fees receivable and charges for services and use of premises are accounted for in the period in which the Seice is provided. Fees receivable are stated after deducting allowances, scholar5hip5 and other remissions allowed by the school. Donation5, legacies and fund accounting Donations and legacies received for the general purposes of the school are included as unrestricted fund5. Donation5 and legacies for activitie5 restricted by the wishes of the donor are taken to "restricted fund where these wishes are legally binding on the Governors. 1.5 Expenditure All expenditure 15 included on an accruals basis and is recognised when there 15 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. 13
Leehurst Swan Limited Notes to the Flnanclal Statements For the year ended 31 August 2024 Accounting polldes (continued) 1.6 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 replament 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 atquisttion. Depreciation Is calculated to write off the cost of tangible fixed asset5, less their estimated residual values. over the expected useful lives of the assets concerned. The principal annual rate5 used for this purpose are: Land Freehold property Fixtures and fittings Motor vehicles not depreciated between 2% and IO% on cost 20% reducing balance or 33.33% on cost 25% on reducing balance 1.7 Debtors Debtors are measured at their recoverable amount. 1.8 Stock Stocks of uniform are valued at the lower of cost and net realisable value, after maklng due allowantt for obsolete items. 1.9 Credltors and provisions Credltors 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 recognlsed at their settlement amount after allowingfor anytrade discounts due. 1.1 Taxatlon The company is a registered charity and, as such, Is not liable to corporation tax. 1.11 Flnancial instruments The School only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic finantial instruments are initially recognlsed at transaction value and subsequently measured at their settlement value. 1.12 Advance fees scheme The school offers parents the opportunity to pay fortuition fees in advance. The money may be returned subjert to specific conditions on receipt of one term's notice. These fees are treated as deferred income and the fee for each school tenn is charged againstthe remaining balan and tsken to income. 1.13 Operating leases Rentals paid under operating leases are charged on a time basis over the lease term. 1.14 Pension costs The School's teaching stsff have the option to be members of a pension scheme which is operated by the Teacher< Pension5 Scheme. This is a multi-employer pension scheme. It is not possible to identify the School's share of the underlying assets and liabilitie5 of the scheme on a consistent and reliable basi5 and therefore. as required by FRS 102, the School accounts for the scheme as if it were a defined contributlon scheme. Contribution5, which are in accordance with the recommendations of the Govemment Actuary. are charged In the period in which the Salaries to whlch they relate are payable. For non-teaching staff, the School contributes to a defined contribution group personal pension plan. 14
Leehurst Swan Limited Note5 to the Financial Statements Foi the vear ended 31 August 2024 Fees 2024 2023 Fees receivable consist of., Gross fees Less- Total bursarie5, grants and allowances 2,690,161 1452,8441 2,237,317 2,562.760 1444,3631 2.118,397 2,237,317 2.118.397 Sundry and other incorne 2024 2023 Lettings Sundry Income 53.187 44,456 49,152 32,848 97.643 82,000 Staff Costs 2024 2023 Wages and salaries Social security costs Other pension costs 1,459,160 123,482 283.490 1,866,132 1,211,936 107,526 225,034 1.544,496 The average number of employees during the yearwas as follows.. Heod count 2024 Full-time equlvulent.. 2024 2023 2023 Teaching Non-teaching 35 32 19 51 29 16 45 25 14 39 21 56 A termination payment of £42,436 was paid during the year12023 - £Nill. An additional ex-gratia payment of £18.OQKI has been accrued for and was paid in September 2024. None of the governors. nor persons connetted with them reiVed any remuneration or other material benefits from the schoDI or any connected organisation. Two governors paid school fees amountin2 to £44,862 to the school during the year. The key management personnel of the school comprise the Governor5, the Head and the Bursar. The toLIl remuneration of the key management personnel was £186.040 {2023- £140,5071. 2024 2023 £60.001- £70,000 £70,(KII- £80,000 Over £80,001 15
Leehurst Swan Llmlted Notes to the Financial Statements For the year ended ai August 2024 Analysi5 of expendlture 2024 Totsl 2023 Total Staft costs Other Depreciation Charitsble adlvltles: hool operating c05t5 Teachlng Premlses Support ¢05ts of schoollng 1.636,775 126,814 102.544 56.499 234,432 126.969 15,803 106,297 7,572 1,709,077 467.543 237,085 1,415,010 390,210 211,666 1.866,133 417.900 129.672 2.413,705 2,016,886 Govèmance costs 1.866,133 417,9 129.672 2,413.705 2.016,886 Flnance and other costs 73,981 73,981 64,382 Total re50UTces expended 1,866,133 491.881 129,672 2,487,686 2,081,268 Tangible Flxed Assets Freehold Property Fixtures and fittin85 Motor vehide5 Total Cost At I September 2023 Additions Dlsposals At 31 August 2024 5,786,169 380,120 79,261 24.006 6.190,295 79,261 5,786,169 459,381 24,IK16 6,269,556 Depreciat5on At I September 2023 Charge for the year Disposals At 31 August 2024 1,967,908 106,297 327.680 22,715 21,363 660 2,316,951 129,672 2,074,205 350,395 22,023 2,446,623 Nèt book Value At 31 August 2024 3,711,964 108,986 1,983 3.822,933 At 31 August 2023 3.818,261 52,440 2,643 3,873,344 Thè ¢ost of freehold property includes land of £319,408 which is not belng depreciated. Stock 2024 Z023 Unlform stocks 20,936 15,240 Debtors: Amounts fallln8 due wtthln t)ne year 2024 2023 Trade debtors Other debtors 36,831 23,173 24,610 13,290 60,004 37,900 Creditors: Amounts falling due vAthln one year 2024 2023 Bank loans and overdrafts Isee note 121 Deferred incomè (fees paid in advancel Autumn 2024 fee5 Other credltors Accrued expènsès 178,660 152.744 504,821 140.210 29,655 853,346 417,152 98,988 ii,ioo 679,984 16
Leehurst Swan Umlted Notes to the Financlal Statements For the vear ended 31 August 2024 10. Creditors: Amounts falllng due after more than one year 2024 2023 Bank loans (see note 121 Fee dep051ts 600,740 45,250 645,990 782.829 46,750 829.579 11. Obligations under leasing agreements The total future minimum payments due on leases expiring: 2024 2023 Motor vehicles: Expiring: Between one and five years 11.098 23.848 12. Loans and overdrafts An analysis of the maturity of loans and overdrafts is given below: 2024 2023 Amounts falling due within one year oron demand- Bank loan 178,660 152,744 Amounts falling due between one and two years: Bank loan - 1-2 years 175,028 152,744 Amounts falling due between two and flve years: Bank loan - 2-5 years 360,349 411,978 Amounts falllng due over five years: Bank loan - over 5 years 65,363 218.107 There are three bank loans, all repayable by instalments over 20 years. One loan Is repayable at a fixed interest rate of 5.5% per annum and the othertwo loans at base rate + 3% per annum. 13. Secured debts The following secured debts are included within creditors: 2024 2023 Bank loan5 779,400 935,573 The bank loans are secured by a first legal charge over the freehold property of the School. 17
Leehurst Swan Llmlted Notes to the Flnanclal Statements Fof the year ended 31 August 2024 14. Penslon ¢ommltments 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 £283.49012023 - £225,034) of which £59,14912023 - £71,866) relates to the money purchase pension scheme. Teacher5. Pension Scheme The School participates in the Teacher's Pension Scheme (England and Wales) I'the TPS'I for its teaching staff. The pension charge for the year include5 contributions payable to the TPS of £224,34112023- £153.1681 The Teachers, Pension Scheme ITPSI is a statutory. contributory. defined benefit scheme, governed by the Teachers, Pension scheme Regulations 2014. Membership 15 automatic for teachers in academies. All teacher5 have the option to opt-out of the TPS following enrolment. The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary- these contributions are credited to the Exchequer. Retlrement and other pension beneflts are paid by public funds provided by Parliament. The Government Actuary, uslng normal actuarlal prlnciple5, conducts a formal actuarlal review of the TPS in accordance with the Public Service Penslons (Valuations and Employer Cost Capl Directions 2014 published by HM Treasury every 4 years, The aim of the review is to specify the level of future contrlbutions. Actuarial scheme valuation5 are dependent on assumptions about the value of future costs, deslgn of benefits and many other factor5. The latest actuarial valuation of the TPS was carried out in 2020. The valuation report was published bv the Department for Education In October 2023 and confirmed that the employer contrlbution rate forTPS would increase from 23.6% to 28,6% from l April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution of 28.68%. 15. Company Status The company is limited by guarantee and has no share capital. The company is reg15tered 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. Atthe balance sheet date there were 4 members12023- 51. 16. Allocation of the charlty net 055ets The net assets are held for the various funds a5 follows-. Fixed assets Net current assets Long term Total Unrestricted funds Restricted funds 3,822,933 1127,2771 1645.9901 3,049.666 3,822,933 (127,2771 1645,9901 3,049,666 18
Leehurst Swan Llmited Notes to the Financial Statements For the year ended 31 August 2024 17 Comparatlve statement of financial actlvttles 2023 Total INCOME AND EXPENDITURE Unrestrirted Restrlrted INCOME AND ENDOWMENTS FROM: Charitable activities.. School fees receivable Other income 2.118,397 82,000 2.118,397 82.000 Investment Income Total income 2,200,397 2.200,397 EXPENDITURE ON: Charitable attivities 2.081.268 2,081,268 Total expenditure 2.081,268 2,081,268 NET INCOME/(EXPENDITURE) 119,129 119,129 RECONauATION OF FUNDS: Total funds brought forward at I September 2023 3,083,263 3,083,263 TOTAL FUNDS CARRIED FORWARD at 31 August 2024 3,202,392 3,202,392 CONTINUING OPERATIONS None of the charitable company's attivities were acquired or discontinued during the current and previous years. The notes form part of these financial ststement5 19
Leehurst Swan Limited Detailed Income and expenditure account For the vear ended 31 August 2024 2024 2023 Income: School fees Le5$: Scholarships Bursaries Staff discounts Sibling discounts Early years grants 2.690.161 2,562.760 120,241 180,767 134.536 17,922 1622) 148,577 160,036 120.338 14.493 919 452.844 444.363 2,237.317 2.118,397 Other income Registrations Lettings Wrap around care Sundry receipts Transport admin charge Bank interest receivable 5,050 53,187 8,685 8,859 4,500 49,152 5.236 8,677 6.812 7,623 14,418 97,643 82,000 2,334,960 2,2(K),397 Expenditure Curriculum Payroll Departmental expenses ICT support 1,636,775 42,754 13,745 1,693,274 1,334,659 57.407 11,742 1,403.808 Administratlon Staff - payroll Consumables and 5undries Equipment Telephone, photocopier and postage Subscriptions and licences Staff advertising Advertising Hospitality Trdining and general Legal and professional fees- general 102.544 6,435 8.683 12,510 8,140 9,859 26.643 4,681 20.540 35,173 235.208 91,369 8,804 8,208 15.089 7,618 7.249 28,872 3.608 14,201 36.728 221,746 Carried forward 1.928,482 2.334.960 1.625.554 2.200.397 20
Leehurst Swan Limited Detailed income and expenditure account For the vear ended 31 Auwst 2023 2024 2023 Broughtforward 1.928,482 2,334,960 1,625,S54 2,200,397 Establishment Staff payroll Rates and water Insurance Light and heat Building repairs, alterations and refurbishment Cleaning supplies and consumables Contact grass cutting and tree work Repairs and renewals Transport Security and fire 126.814 42,764 33.061 66,389 38.407 6.055 7,507 856 34,324 5.069 118.468 34.488 33.004 34.326 18,109 5.794 5.733 2,420 28.344 3.227 361,246 283.913 Finance costs: Bank charges Bank loan interest 6,114 67.867 64,382 Other expenditure Bad debt5 Uniform opening stock Uniform closlng stock 15,240 (20,935) 15.6951 115,2401 115,2401 2,358,014 1,958,609 123.054) 241,788 Depreciation Freehold property Fixtures and fittings Motor vehicles 106,297 22.715 660 106.297 15,481 881 129.672 122,659 Net Surplus/(Deficitl 1152.7261 119,129 21