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 AssocIat￿n Charity registration number 803492 Company registration number 02435643 Principal office and registered Grangewood Independent Sch￿1 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 pr￿InsPection 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 (contInt￿d) Ethos. Strategy and Policies Grangewood Independent is a school with a Christian ethos. It is a reqU1￿ment 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 COnfl￿t 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 firstJnised 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 [￿111￿￿6￿) 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 [￿111￿￿6￿) 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 unreStr￿ted 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 UnreStr￿ed 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 Unrestr￿ed 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 Unrestr￿ted 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 donat￿n$ 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 un￿St￿Cted 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