COMPANY REGISTRATION NUMBER: 02435643 CHARITY REGISTRATION NUMBER: 803492 Grangewood Educational Association Company Limited by Guarantee Unaudited Financial Statements 31 August 2023 BURGESS HODGSON LLP Chartered Accountants Camburgh House 27 New Dover Road Canterbury Kent CT13DN
Grangewood Educational Association Company Limited by Guarantee Financial Ststements Year ended 31 August 2023 Page Trustees, annual report (incorporating the directors, report) Independent examinerfs report to the directors Statement of financial activities (including income and expenditure account) 11 Statement of financial position 12 Statement of cash flows 13 Notes to the financial statements 14
Grangewood Educational Association Company Limited by Guarantee Trustees, Annual Report Ilncorporating the Directors, Report) Year ended 31 August 2023 The directors, who are also the directors for the purposes of Company law, present their reF)Ort and the unaudited financial statements of the chanty for the year ended 31 August 2023. Reference and administrative delails Registered charity name Grangewood Educational AssocIatn Charity registration number 803492 Company registration number 02435643 Principal office and registered Grangewood Independent Sch1 office Chester Road Forest Gale London E7 8QT The dlrectors Mr J Agyeman Mr T Mpambawahle Ms J E E Jarvis (Resigned 1 January 20231 Independent examlner Andrew Coltyer Camburgh House 27 New Dover Road Canterbury Kent CT13DN
Grangewood Educational Association Company Limited by Guarantee Trustees, Annual Report Ilncorporating the Directors. Report) (conlinuedj Year ended 31 August 2023 Structure, governance and management The Charity is controlled by its Memorandum and Articles of Association and ¢onslitules a limited company, limited by guarantee as defined by the Companies Act 2011. The Council of Management, who were the trustees and directors who served throughout the year September 2022 - August 2023, were". Mr J. Agyem8n ICh8irl Ms J. Jarvis (Trustee l Director) Over the past 12 months, the charity has experienced an overall reduction in enquiries for new students (however our SEN enquires has increased significantly), our pupil numbers has reduced slightly and the income from non-core activities had remained the same, however the operational cost has increase significantly Inamely due increases lo the cost of insurance, utilities, IT and salary). All of this has resulted a reduetion in our deficit from £130k approximately lo £12.4k approximately. The cosl4of-living Crises has also affected a small number of families, nevertheless, the charity has provided the required support to the families, to ensure the welfare, safeguard and educating of the pupils have remained our primary obie¢tsve. Throughout this period, the trustees, governors, teachers and ancillary staff have remained Committed, devoted and dedicated lo providing and maintaining Ihe high standards expeeled at the school. Furthermore, the support of our parents has been ¢ru¢BI during these ¢hallenging limes, and their Iru$l and belief in the Charity has been a great source of strength and encouragement. The Iruslees, govemors, teachers and other staff have fulfilled the objectives of the Charity, along with ¢ultivating an environment where children can thrive in their edu¢alional attainment and holistic growth. The Trustees and Board of Governors for the period from the 1st September 2022 to 31 August 2023 were as follows". Mr J. Agyeman (Chairl Pastor D. Meade (Minister of local Baptist Church) Ms A. Green (Parent Governor & Physiasti Ms L. Bannis (Secondary teacher and head of department) Ms S. McDonald (Parent Govemor & office administrator} Mr Blankson ITeacherl Mr Roberts (School Business Manager) Mrs Roberts (Head Teacher) Due lo the extraordinary level of commitment. devotion, hard-work and determination of all the people passionate about Grangewood Independent School. we have continued to make good progress in our recovery plan, considering the tumultuous and devastating actions of the previous ttustees whose report to the Charity Commission stated calegoric81ty that "the charity's poor finances warranted the immediate closure of the school by the 31 March 2018" Unfortunately. we are still experiencing the impact of of this action neady 5 years later.
Grangewood Educational Association Company Limited by Guarantee Trustees, Annual Report Ilncorporating the Directors. Report) (conlinuedj Year ended 31 August 2023 Structure, governance and management (contlnu Vision & Mission Statement Grangewood Independent Schi)ol was founded in 1979, and is an independent, coeducab'onal school that provides a unique and multi-faeeted educational experience for children of all faiths, from two lo eleven years old. 'The attainment of pupils of all ages and abilrties including those with SEND or EAL, and those who are more able, is good. In the Early Years Foundation Stage IEYFSI, the children reach the expected levels of development. and in many cases, exceed them. National and standardised assessments in English and mathematics show that the small Cohorts of pupils achieved above average results. The small size of the school and the family atmosphere enable staff to know pupils well and ensure that pupils, individual needs are met. They make good progress because teachers have a good knowledge of their Strengths and weaknes$e$', a$ a result. pupils are aware of their individual targets from the frequent feedback they receive. All parents who responded lo the prInsPection questionnaire said that the teaching enables their children to make good progress and develop skills for their future, and that their children'5 educational needs are met effecb"vely' (Quote from last ISI Integrated In5pecbon of Grangewood Independent. May 20191. The vision of Grangewood is to establish a truty Caring community to act as an extended family engendering mutual stsndards and objeclives to foster pleasure in all achievements.. 'Unlocking Potential with Excellence as our Hallmark, thus inspinng success, developing excellence, forming character and nurturing diligence. The School's educational provision ntsIn$ values which mirror Christian truths and are in a¢¢ordance with the Articles of Faith. We rnaintain that the principles of FAITH, GROWTH, INDUSTRY, CARE and DISCIPLINE should be promoted In every pupil. Ml8slon Statement Grangewood Independent School was established to promote.. FAITH A faith in the Lord Jesus Christ in every pupil that 11 equip Ihem emotionally, spiritually and socially to face all of lrfe's ¢hallenge$. GROWTH Growth is fostered in pupils by providing in¢reasing opportunities for a¢¢epting responsibility during their passage through the School. Pupils are given Ihe opportunity to move into leadership roles in the academic, SFX)rting. ¢ultural or administrative aspects of the School. INDUSTRY - Industy is practiced through a Challenging academic programme offered to pupils through the curriculum, the development of physical agility through sport and the promotion of creative and artistic abilities. CARE - Care is an essential part of Grangewood Independent. The School's pastoral programme reflects many of the traditional moral values and seeks lo support the famity unit and to teach Christian values. DISCIPLINE - Discipline is a valued ingredient at Grangewood. The standards are cleady defined through school culture and expressed in a policy that recognises the rights of every individual lo feel safe, Comfortable and free to achieve the highest levels of success in each part of the many facets of school life. The key to the Maintenance of this environment at Grangewood is the development of self4liscipline and an appreciation of others.
Grangewood Educational Association Company Limited by Guarantee Trustees, Annual Report Ilncorporating the Directors. Report) (conlinuedj Year ended 31 August 2023 Structure, governance and management (contlnu Organisational Structure The Association is a fegistered charity with a Christian ethos and is managed by the Board of Trustees. The Association wholly owns Grangewood Independent School. The school is managed by the Board of Governors who are appointed by the trustees of the association. The Governors are resF)onsible for the day-lo-day management of the school as prescribed in the govemors, constitub'on and subject lo the overview and approval of the trustees. Objectives and activities Our Aims: The school is dedicated lo the provision of quality primary educatson in a depnved area of East London. To promote and leach Chrisban values wthin the framework of a structured curriculum. To leach the values of social responsibility and respect for others thus improving the quality of good citizenship within the community. To provide a slruclured educational environment that will ensure that pupils develop their competence and skills (academic, artists'c. linguistic, and musicall lo the limit of their ability. To promote health and fitness of pupils by including physical exer¢ise and organised sport activities both within the curriculum and in oulvof-school events. Our ObJectlves: In setting out objeth'ves and planning actNilies, the Trustees and Govemors have given due consideration to the Charities Commission's guidance on public benefit. To restrict class sizes to a maximum of 20 children per class thus enabling a high level of individual pastoral care and educational luilion. To enhance and improve before and after schc4)I care provision for children. To increase numbers of pupils on roll and by so doing increase income lo a level which will allow some financial aid being offered to those families who cannot afford the going rate of fees charged. To increase our involvement in communty regeneration activibes. To allow use of our school premises for suitable community andlor charitable purposes.new linel To continue collaboration wf(h local councillors. b)cal authority and partnerships lo improve slate education and social mobility.
Grangewood Educational Association Company Limited by Guarantee Trustees, Annual Report Ilncorporating the Directors. Report) (conlinuedj Year ended 31 August 2023 Objectlves and actlvlties (contIntd) Ethos. Strategy and Policies Grangewood Independent is a school with a Christian ethos. It is a reqU1ment that all Trustees, Governors and staff proleel and enhance this ethos. Children from other faith backgrounds are welcome as pupils at Grangewood, providing that their parentslguardians are aware of and accept our Christian ethos. All children will be given the same level of care and attenb'on regardless of their faith. race, gender, or sexual orientation. The Board of Trustees have overall responsibility for ensuring that no no school a¢livities are in COnflt with our published etho$. Matters relating to operational procedures, methods and all other operational activities will be dealt with by the Board of Govemors. Signifieant items agreed by Govemots may be piesented to the Trustees for approval al the dis¢retion of the ¢hairman of the governors. Trustees and Governors will regularly review, plan and sanction where applicable the following., Curriculum conlenl, teaching practs$ and performance and examinalion results Pre and post school day care provision Community projects in whi¢h we wish to Participate Investments in the resources and infraslruclure of the xhool Staff remuneration School fees adjuslmenls and discounts Development of method for awarding bursaries when thi$ becomes affordable Sschool development and promobon plans Grangewood Edu¢alional Association 1$ a chantable twst whi¢h seeks lo benefit the Community through the pursuit of rt$ staled aims. Our fees are set at the minimum level needed to attract sufficient sludenl numbers in an attempt to ensure the finan¢ial viability of Grangewood S¢hool and al a level that is ¢onsislent with our aim lo provide a first<la$s education lo both boys and girls of primary school age. To admit a pro$pe¢tsve pupil, we need to be satisfied that we wll be able lo educate and develop that pupil to the best of their potential and in line with the general stsndards achieved by their peers. To this end, entrance interview and classroom assessrnenls are undertaken to satisfy ourselves and parents that the child can cope with the pace of learning and benefit from the education that we provide. Gender, ethnicity, race. religion, disability, or economic status of parentslguardians do not form part of our assessment procedures. We are an equal opportunity organisalion and are ¢ommrtted to a working environment that is fe from any form of discrimination. Grangewood Independent S¢hool is Committed to safeguarding and promoting the welfare of its pupils. All Staff and volunteers are expected to share this commitment and are helped through training and sound governance to acb.vely play their part in protecb.ng children from harm and promoting their welfare. We are committed lo providing a safe and secure environment for learning and have a zero-tolerance policy on all forms of bullying and anb"_social behaviour. All staff and volunteers are committed lo these principles. We are accredited by the Independent School Association (ISAI and are inspected by the Independent Schools Inspectorate (ISI).
Grangewood Educational Association Company Limited by Guarantee Trustees, Annual Report Ilncorporating the Directors. Report) (conlinuedj Year ended 31 August 2023 Objectlves and actlvlties (contIntd) Access Policy We are exploring new and innovative ways of offering ac$$ lo the school to all of the local community regardless of ability to pay. We have investigated supplementing the hours ineluded in the Government funded Early Years Childcare scheme in every attempt lo increase accessibility. as well as planning to spearhead projects which will benefit the community and generate suffi¢ienl surplus income to increase the number of bursaries available at the school. In order lo make rt possible for as many lower income families as possible to benefit from the servi¢es of the sehool, we have elected to keep our base fee structure at a level whi¢h just recovers our totsl operating cost. Fee increases are measured to minimise any adverse impael on our current population and make the school less affordable to a number of families who ¢urrently support the $¢hool. Some of our parents already make personal sacrifices in order to meet the charges. Rlsk Management The Trustees understand the duty they have to identify and review Ihe risks to whi¢h the A$so¢iation is exposed and to ensure appropnate Controls are in place to provide reasonable assurance against fraud and error. strateglc report The following $Ktions for achievements and perfomiance and finan¢ial review form the strategi¢ report of the charity. Achlevements and perfomiance End of Key Stage Outcomes 202212023: During 2022123 our Reception data {Early Years Foundat Stsge Profile dalal was moderated by the Local Authority INev4haml. EYFS - Expected 1000 KS1- Expected 500 KS2 - Expected 1 OOV Workings towards ExFeCted 100% The education on offer at Grangewocé means that we are able lo stretch the more able and guide our students lo higher-than*xpecled progress, as well as SucsSfUlty tuming around children who transfer from other schools with behavioural or SEN needs. Secondary School Transitions: No students were entered for 11+ examinations or Common Entrance examinations. PE & Sport: All students from EYFS to Y6 continued lo enjoy a diverse array of fvlty inclusive in-house sports and P.E. opportunits'es.
Grangewood Educational Association Company Limited by Guarantee Trustees, Annual Report Ilncorporating the Directors. Report) (conlinuedj Year ended 31 August 2023 Achlevements and perfomiance (witlnued) Nursery Provlslon: We continue to offer part-lime tsv0-yearld provision, flexible "30 hours of free childcare" for working parents of three- and four-year olds and increased wrap around care through our Extended Hours Clubs, which have in¢rea$ed our a¢¢e$$ibilty for local families. School Travel Plan: The promotion of ¢y¢ling. scooting and walking as healthy, environmentslty friendly. and fun way$ to get to sehool remain a eentral part of our School Travel Plan. Students in KS2, including an eligible child in our speeialisl SEN resour¢e provision, su¢¢essfully participated in Bikability sessions, aimed at increasing cyeling competency and on-road safety.n. PSHE & Cltlzenshlp: Our Year Five and Year Six students continue to participate in Newham's Faith in Schools project and support k)cal primary sch¢)ol pupils in developing a better understanding of events such as Christmas and Easter. In the year 2022123, a video presentation was prepared by our students and presented in Several local primary $¢hool$ to support their Christmas programme. SEN Resource Provlslon: Since November 2020, we have introduced a specialist resource provision for ¢hildren th autism, with qualified and highly trained staff. Our provision provides a 1. 1 individualised edu¢alion for up lo 16 pupils, using precise leaching melh¢xlology, which documents the number of skills learned each week, and regular analysis of the data lo facililale ¢onts'nual pupil progress. Llnks: ABA SEN Resource Unil for under 5's on site. Students spent another year raising funds for local charities through Book Character Fund raising and non- uniform days. We have well established links with local universities and further educatson colleges. Flnanclal revlew The attached financial statements together wlh notes show the incoming and outgoing sources for the year and stale of affairs al the Balance Sheet dale. Net deficit for the year was £12.411 12022 net deficit for the year was £130,493). The principal source of income was SChcl fees which represented around 94Yo of total incoming resources. Included in the remaining income was-. £ 51,564 Other Income (Rental, Music, elcl £ 7,692 School Meals Income £ 2,069 Donations
Grangewood Educational Association Company Limited by Guarantee Trustees, Annual Report Ilncorporating the Directors. Report) (conlinuedj Year ended 31 August 2023 Achlevements and perfomiance (witlnued) Application of Funds. As an educational charity, the Association enjoys tax exempb.on on acb"vrties, provided that these benefits are applied towards charitsble aims. The Association also reiVeS a reducb'on in business rates. The financial benefits of these exemptions are applied for educational purposes. Reserrfes Pollcy The charity aims lo maintain reserves of £370,000 to ensure sufficient funds lo Cover the rent and operational costs for school terms., however given the financial pressures that the school has recently experienced, we have reduced the reserves down to £200.000 in order to allow us some flexibility to manage ¢a$hflow challenges. This target 1$ currently not being met bul plans are in place to turn this around and improve the position going forward. Trustees. responslbllltles statement The Iru$lee$, who are also d1Clor$ for the PUfP)ses of Company law. are responsible for preparing the trustees, report and the finan¢ial stslements in a¢¢ordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generalty Accepted Accounting Practice). Company law requires the charity Iruslees lo prepare financial ststemenls for each year which give a true and fair view of the slate of affairs of the ¢harilable company and the in¢oming resources andresour¢e$ and appli¢alion of resources, including the income and expenditure, for that period. In preparing these financial stalements, the Iru$lee$ a required to.. - select suitsble accounting poli¢ies and then apply them con$islenlty; - observe the methods and principles in the applicable Charits'es SORP," make judgments and accountsng eslimales that are reasonable and pnJdenl,' prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity wll continue in business.. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and discbse with reasonable accuracy al any time the financial posf(ion of the charity and enable them to ensure that the financial statements comply wlh the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees, annual port lincorporaling the directors. report) and the strategic report were approved on 3010812024 and signed on behalf of the board of trustees by". Mr J Agyeman Director Ms J E E Jarvis Direclor
Grangewood Educational Association Company Limited by Guarantee Independent Examiner's Report to the Directors of Grangewood Educational Association Year ended 31 August 2023 report to the directors on my examination of the financial staternents of Grangewood Educational Associab'on I'lhe charity'l for the year ended 31 August 2023. Responsibilities and basis of report As the charity's trustees of the company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance wrth the requirements of the Companies Act 20061'lhe 2006 Act'l. Having satisfied myself that the accounts of the company are not required lo be audited under Part 16 of the 201 S Act and are eligible for independent examination. I report in respect of my examination of your eharily s accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Acl'l. In earrying out my examination I have followed the Directions given by the Charity Commission under seetion 145151 Ibl of the 2011 Act. Indopendont examiner's qualified stalemenl Sin¢e the ¢harity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 A¢t. I confirm that l am qualified lo undertake the examination because l am member of the Insb'lule of Chartered Arxountants in England and Wales IICAEWI, which is one of the listed bodie$.
Grangewood Educational Association Company Limited by Guarantee Independent Examiner's Report to the Directors of Grangewood Educational Association {continuedJ Year ended 31 August 2023 The accounts have been prepared on a going ¢on¢em basis, however, a$ noted on page 15 there 1$ a material uncertainty regarding going concern. I note that the Iruslees are taking mitigating actions lo improve performance. bul am unable to eonfitm whether this will be sufficient lo recover the negative funds posib.on and ensure liabilib'es are met as they fall due. l also note that if a basis other than going coneem were lo be used, this would not Material affect the value of the assets and liabilities in the financ1 statements. As such my opinion for the independent examinerfs report remains unmodified. I have completed my examinabon. l ¢onfim Ihal no other matters have come to my attenb'on in connection with the examinab'on giving me ¢ause to believe.. 111 accounting re¢ord$ were nol kept in respect of the Company as required by section 386 of the 2006 Act., or 121 the ac¢ounl$ do not accord with those accounbng records; or 131 the a¢¢ounls do not comply with the accounting requirements of $e¢tion 396 of the 2006 Act other than any requirement that the a¢¢ounts give a 'true and fairf view which is not a matter considered as part of an independent examination". or 141 the accounts have not been prepared in accordance with the methc*J$ and principles of the Statement of Recommended practice for accounting and reF)Orting by charities. I have no concerns and have come across no matters, other than the material uncertainty in respect of going concern, in connection with the examination lo which attention should be dwn in this report in order to enable a proper understsnding of the a¢¢ounts to te reached. Andrew Collyer Independent Examiner Camburgh House 27 New Dover Road Canterbury Kent CT1 3DN 10
Grangewood Educational Association Company Limited by Guarantee Statement of Financial Activities lincluding income and expenditure account Year ended 31 August 2023 2023 Un$tcted funds Total funds Total fund$ 2022 Note Income and endowments Donations and legacies Total Incomo 813.085 813,085 813,085 612,042 612,042 813.085 ExpendSture Expenditure on raising funds.. Costs of raising donabons and legacies Expenditure on charitable actsvitses Other expenditure Total 0xndIture 243,265 243,265 1580,8551 {580,8551 1,376 1,376 206,182 1535,2221 1,131 10 825,496 825,496 742,535 Net expendlture and net movement In funds 112,4111 112,4111 1130,4931 Reconciliation of funds Total funds brought fomard Total fund8 carrled forward 1102.5091 1102,5091 1114,9201 (114,9201 27,984 1102,5091 The statement of financial aclivits'es includes all gains and losses recognised in the year. All income and expenditure derive from contsnLbing activities. The notes on page# 14 to 22 fonn part of these financial statements. 11
Grangewood Educational Association Company Limited by Guarantee ststement of Financial Position 31 August 2023 2023 2022 Nots Current assets Debtors Cash at bank and in hand 15 71,241 37.484 23,391 2.518 108,725 25,909 Credltors: amounts falllng due wlthln one year Net current Ilabllltles 16 223,645 114,920 1114,9201 1114,9201 128,418 102,509 1102,5091 1102,5091 Total assets le88 current IlabSlltles Net IlabSlltSes Funds ofthe charSty Unreslricled funds 1114,9201 1102,5091 (114,9201 1102,5091 Total charlty fund8 19 For the year ending 31 August 2023 the Charity was entitled lo exempts'on from audit under section 477 of the Companies A¢1 2006 relating lo small ¢ompanie$. Directors, re$ponsibilits'es". The members have not required the company lo obtain an audit of ils financial stslements for the year in question in accordance with section 476,. The directors acknowledge their responsibilities for complying the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance wrth the provisions applicable to companies subject to the small companies. regime. These financial slalements were approved by the t*)ard of tnjstees and authorised for issue on 3010812024 , and are signed on behalf of the tM)ard by.. Mr J Agyeman Director Ms J E E Jarvis Director The notes on page# 14 to 22 fonn part of these financial statements. 12
Grangewood Educational Association Company Limited by Guarantee ststement of Cash Flows Year ended 31 August 2023 2023 2022 Cash flows from operatlng actlvltles Net expenditure 112.411} 1130,4931 Changes in.. Trade and other debtors Trade and other creditors 147.8501 95,227 7,938 11,6161 1124,1711 1124,1711 Cash generated from operations Net cash fromllused inl operating activ"e$ 34.966 34.966 Cash flows from financing activiti Net increaselldecreasel Sn cash and cash equivalents Cash and cash equivalents at beginning ofyear Cash and cash equlvalents at end of year 34,966 2,518 1124,1711 126,689 37,484 2,518 The notes on page# 14 to 22 fonn part of these financial statements. 13
Grangewood Educational Association Company Limited by Guarantee Notes to the Financial Ststements Year ended 31 August 2023 General informatSon The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and 8 registered charity in England and Wales. The address of the registered office is Grangewood Independent S¢h¢x)l. Chester Road, Forest Gate, London, E7 8QT. Statement of compliance These financial statements have been prepared in complianee with FRS 102, 'The Financial ReF)Orting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Praelice applicable lo charitses preparing their accounts in accordance with the Financial Reporting Standard applieable in the UK and Republic of Iland IFRS 1021 (Charities SORP IFRS 10211 and the Companies A¢t2006. Accounting polSci08 Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of rtain financial assets and liats'lrb'es and investment prOpe.e$ measured al fair value through income or expenditure. The tinancial statements a prepared in sterling. whi¢h 1$ the functional currency of the entity. 14
Grangewood Educational Association Company Limited by Guarantee Notes to the Financial Ststements (Contin¢} Year ended 31 August 2023 Accountlng pollcles [1116) Going concern The directors have considered going coneem and assessed the possibility of cash running out as the historic data has shown the funds reducing year on year. Based on their review they accept there is a material uncertainty on the Charitys ability to continue however they are taking posrtive mitigating actions to generate the necessary reserves lo prevent this from being the ease. These actK)ns include.. Action 1.. The School has opened a SEND unil with capacty lo accommodate up lo 16 pupils with acute aulislic needs requiring specialist 1-10•1 supervision and bespoke learning plans and styles. Should full capacity be achieved within the next 18 months. this will generate significant revenues. We Currently have 10 pupils, with 2 more expected to start in the coming months where 1 offer has already been made. Action 2.. The school has recently entered into a new energy supply ¢ontra¢l which will reduce electricity cost$ by 25'h for the next 2 years. The school will also be seeking to renegoliale the gas ¢ontract which is due to be renewed in November 2024 to further decrease ¢osls. Action 3.. Supplementing and leveraging the xhool's stsffing ¢apabililie$ by using volunteers to cover non-core a¢livilies has Saved approximately £18k per year. Action 4". The school has got 7 years left of their lease $0 that the school ¢an be heavily marketed to prospective parents who may be ConMed by the ongoing lenan¢y di$¢u$sions with the landlord. The directors and staff continue to look at where income can be generated and costs can be reduced lo ensure that the School is 8 going concem. The accounts have been prepared on a going concern basis as the directors believe the charity wll be able to generate the funds necessary lo ¢onb'nue to meet liabilities as they fall due. Judgements and key sources of esllmatlon uncertalnty The preparation of the financial statements requires management to make judgements. estimates and assumptions that affect the amounts reported. These eslimales and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 15
Grangewood Educational Association Company Limited by Guarantee Notes to the Financial Ststements (Contin¢} Year ended 31 August 2023 Accountlng pollcles [1116) Fund accounting Unreslrieted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Oesignaled funds are unrestricted funds eamarked by the direclors for particular future project or commitment. Restricted funds are subjected to restricti'ons on their expenditure declared by the donor or through the terms of an appeal, and fall inlo one of two SUClaSSeS." restricted income funds or endowment funds. Incoming resources All incoming resources are included in the stslemenl of financial activities when enlillement has passed lo the charity," it is probable that the economic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. The following specifi'c policies are applied lo party'¢ular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is rec¢>Jnised when Teceipl is probable and entiuemenl is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost lo the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted servi. This is classified as unreslricled funds unless there Is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case il may be regarded as restricted. 16
Grangewood Educational Association Company Limited by Guarantee Notes to the Financial Ststements (Contin¢} Year ended 31 August 2023 Accountlng pollcles [1116) Resources expended Expenditure is reeognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which eannot be fully recovered, and is Classified under headings of the statement of financial aets'vilies to which it relates". expenditure on raising funds includes the costs of all fundraising acts'vities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitsble activities includes all costs incurred by a charity in undertaking activit'es that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating lo the governance of the charity apportioned lo charitsble activib'es. other expenditure includes all expendilure that is neither related lo raising funds for the charity nor part of rts expenditUTe on charitable aclivilies. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs atlribulable lo a single activity are allocated direcuy lo that activity. Shared costs are apportioned befv4een the activities they contribute to on a reasonable, justifiable and consislenl basis. Tanglble a8$0ts Tangible assets are initially recorded at cost. and subsequently staled al cost less any accumulated depreciation and impaimienl losses. Any tangible assets carried at revalued amounts are recorded al the fair value al the dale of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Dopro¢iation Depreciation is calculated so as lo write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Fixtures and fittings 20% straight line Impairmènt of fixed assèts A review for Indicators of impaimienl is carried out al each reporting dale. wlh the recoverable amount being eslimaled where such indicators exist_ Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. Government grants Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply wth the condib.ons attaching to them and the grants will be received. 17
Grangewood Educational Association Company Limited by Guarantee Notes to the Financial Ststements (Contin¢} Year ended 31 August 2023 Accountlng pollcles [1116) Government grants (contlnuedl Where the grant does not impose specffied future perfomance-related conditions on the recipient, rt is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performanee-relaled eondibons on the recipient, it is recognised in income only when the performance-related Conditions have been met. Where grants received are prior to satisfying the revenue reeognrtion Criteria, they are recognised as a liability. Financial instruments Financial instruments are classrfied and aeeounted for, according lo the substance of the conlraclual arrangement, as either financial assets, financi81 liabilities or equity instruments. An equity instrument is any eonlra¢t that evidences a residual Inte$t in the assets of the company after deducting all of ils Short term debtors and creditors are worded al transaclion price. Any losses ansing from impairment are recognised in the profit and loss account. Llmlted by guarantee The company is a private company limited by guarantee and has share capital. Each member will undertake lo contribute such amount as may be required (not exceeding £11 lo the company's assets if il should be wound up, erther whilst a member or within one year of ceasing to be a member. Donatlons and legacles Unrestricted Total Funds unreStrted Totsl Funds Funds 2023 Funds 2022 Donatlons Fees receivable Donations School meals 751,760 2,C69 7,692 751,760 2,069 7.692 556,858 641 7,788 556,858 641 7,788 Grants Government grant income 5,000 5,000 Other donations and legacles Other income 51,564 51,564 41,755 41,755 813,085 813,085 612,042 612,042 Costs of raising donations and legacies Unrestricted Total Funds UnreStred Total Funds Funds 2023 Funds 2022 Costs of raising donatsons and legacies Donations 243,265 243,265 206,182 206,182 18
Grangewood Educational Association Company Limited by Guarantee Notes to the Financial Ststements (Contin¢} Year ended 31 August 2023 Expendlture on charftable aetlvltles by fund type Unrestricted Total Funds Unrestred Totsl Funds Funds 2023 Funds 2022 Support ¢o$ts 580.855 580.855 535,222 535,222 Expenditure on charitable activities by activity type Total funds 2023 Total fund 2022 Support costs Education Governance costs 485,869 94,986 485,869 94,986 427,669 107,553 580,855 580,855 535,222 Analysls of support costs Analysis of support costs for education Total 2023 Total 2022 Staff costs Premises Communications and IT General office Governance costs Other costs 227,499 212.294 17,695 13.437 94.986 14.944 227,499 212,294 17,695 13,437 94,986 14,944 174,366 174,478 16,566 17,609 107,553 44,650 580,855 580,855 535,222 10. Othor oxpenditure Unrestricted Total Funds Unrestrted Total Funds Funds 2023 Funds 2022 Bank fees 1,376 1,376 1,131 1,131 11. Independent examination fees 2023 2022 Fees payable to the independent examiner for. Independent examination of the financial statements 1,595 1,475 19
Grangewood Educational Association Company Limited by Guarantee Notes to the Financial Ststements (Contin¢} Year ended 31 August 2023 12. Staff costs The total staff costs and employee benefits for the rep)ng period are analysed as follows". 2023 2022 Wages and salaries 461.787 370,314 The average head count of employees during the year was 27 12022.. 161. The average number of full-lime equivalent employees during the year is analysed as follows.. 2023 No. 2022 No. Number of full time stsff 27 16 No employee received employee benefits of more than £60,000 during the yeaf12022'. Nill. 13. Trustee remuneratlon and expenses No remuneration was received by the trustees during the year12022'. nil}. 14. T•nglblo I1x a8s0ts Flxtures and flttlngs Cost At 1 S•pt•rnbor 2022 and 31 August 2023 Depreciation At 1 September 2022 and 31 August 2023 Carrying amount At 31 August 2023 At 31 August 2022 60,618 60,618 1S. D•btor8 2023 2022 Trade debtors Prepayments and accrued income 26,730 44,511 16,502 6,889 71,241 23,391 20
Grangewood Educational Association Company Limited by Guarantee Notes to the Financial Ststements (Contin¢} Year ended 31 August 2023 16. Credltors: amounts falllng due wlthin one year 2023 2022 Trade creditors Accruals and deferred in¢ome Social security and other tsxes Other creditors 102,300 36,012 5,550 79,783 61,827 12,827 1,821 51,943 128,418 223,645 17. Deforrod incomo 2023 2022 At 1 September 2022 Amount released to income Amount deferred in year At 31 August 2023 8,627 18,6271 31,812 44,609 144,6091 8,627 31,812 8,827 18. Government grants The amounts recognised in the financial statements for govemment grants are as follows.. 2023 2022 Recognised in income from donatn$ and legacies.. Government grants income 5,000 19. Analy818 of charltablo fund8 Unrestrlcted fund8 At 1 September 2022 At 31 August 20 23 Income Expenditure General funds (102,509) 813,085 1825,496} {114,9201 At 1 September 2021 Al 31 August 20 22 Income Expenditure General funds 27.984 612.042 1742.535} 1102,5091 21
Grangewood Educational Association Company Limited by Guarantee Notes to the Financial Ststements (Contin¢} Year ended 31 August 2023 20. Analysls of net assets between funds unStCted Total Funds Funds 2023 Current assets Creditors less than 1 year Net Ilabllltles 108,725 108,725 1223,6451 1223,6451 1114,9201 1114,9201 Unrestricted Total Funds Funds 2022 Current assels Creditors less than 1 year Net IlabS1itle8 25.909 1128.4181 1102,5091 25,909 1128,4181 1102,5091 21. Analysis of changes In net debl At At 1 Sep 2022 Cash flows 31 Aug 2023 Cash at bank and in hand 2.518 34.966 37,484 22