COMPANY REGISTRATION NUMBER: 02435643 CHARITY REGISTRATION NUMBER: 803492 Grangewood Educational Association Company Limlted by Guarantee Unaudlted Flnanclal Statements 31 August 2024 Chartered Accountants Camburgh House 27 New Dover Road Canterbury Kent CT13DN
Grangewood Educational Association Company Llmlted by Guarantee FinanGial Ststemants Year ended 31 August 2024 Page Trustees, annual report (incorporating the directors, report) Independent examiner's report to the dlrectors statement of flnanclal activities (including Income and expenditure account) Statement of financial posltlon 11 12 Statement of cash flows 13 Notes to the financial statements 14
Grangewood Educational Association Company Llmlted by Guarantee Trustees. Annual Report {Incorporating the Dlrectors, Report) Year ended 31 August 2024 The dlr8ctor8, who are also the dlrectors for the purposes of company law, present thelr report and the unaudlted flnanclal 8tat8ments of the charity for the year ended 31 August 2024. Reference and admlnlstratlve deta118 Reglstared charlty name Grangewood Educational Assoclatlon Charlty reglstratlon number 803492 Company roglstratlon number 02435643 Prlnelpal offlee and ro918torad Grangewood Independent School offlc6 Chester Road Forest Gate London E7 8QT The dlrector8 Mr J Agyeman Ms J E E JarvSs Indopendent oxamln8r Andrew Collyer Camburgh House 27 New Dover Road Canterbury Kent CT13DN
Grangewood Educational Assoclation Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Directors, Raport) (conllnu•dJ Year ended 31 August 2024 Structure, governance and management The Charily Is conti'olled by ils Memorandum and Artlcles of Assoclation and con8tu18s a Ilmited company, limited by guarantee as defined by the Companies Act 2011. The Councll of Management, who were the trustees and dlrectors who served throughout the year September 2023 - August 2024, were: Mr J. Agyeman (Chalr) Ms J. Jarvis (Trustee l Direclor) It has been another financially challenglng academlc year for the charity, with our pupil numbers remainlng the same for the maln school, however the number of our SEND puplls Increased sllghtly, Some of the challenges included delays in the settlin9 of Involce by our debtors, whlGh often led to addltional short term interest free loans being secured vla helpful supporter8 to help brldge the shortfall, The governm8nt's decislon to charge VAT on Independ&nt schools fees from Jan 2025 has also caused anxlety among the parents and will unfortunately result In a reducllon In our pupll numbers for the nexl academic year, The Impact of Cost-of-llving Crlses contlnu8S to affect a numb8r of famllles, nevertheless, the charlly has provlded the required support to ensure the welfare, safeguardlng and educating of the pupils at the school remain our primary ob}ectlve. The trustees, governors, leachers, anclllary staff and external supporters of the school have remalned commilted, devoted and dedicated to providlng and malntainlng the high standards expected at the school throughout this period, The trust 8nd support of our parents has been cruclaS durlng these challenging limes, and their trust and bellef in the Charity has been a great source of strength and encouragemant, Signlflcant Increases in our staffing cost, rent, Insurance, business rates and utilltles, coupled wlth limlled Increases in our pupil numb6rs due to the ongolng "Cost-of-livlng Crlses" has led to an increase in our deficit. Our cashflow remains extremely tight and any further delay in the settling of Involces from our debtors In the next academic year could potentlally result In the closure of the schoollcharity, The Truste8s and Board of Governors for the perfod from the 1 st September 2023 to 31 Augusl 2024 were as follows,, Mr J. Agyeman {Chalr) Pastor D. Meade (Minlster of local Baptlst Church) Ms A. Green (Parent Governor & Physiclst) Ms L. Bannls (Secondary teacher and head of departmenl> Ms S. McDonald (Parent Governor & office admlnlstrator) Mr Blankson (Teacher) Mr Roberts (School Business Manager) Mrs Roberts (Head Teaclierl Our efforts to recover the school to Ihe pra-march 2018 pupil numbers remalns challenging, as the economlc climate, Increases in the operallonal cost and réputallonal damage caused by the action of the previous trustees continues to impact the operatlons of the school. We are however very grateful for the exiraordlnary level of commltment, devotion, hard-work and determlnatlon of all the people passionate about Grangewood Independent School.
Grangewood Educational Association Company Llmlted by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) (¢onllnu¢dJ Year ended 31 August 2024 StYuctur81 governance and management (¢ontli?uedJ Vlslon & M188lon Statement Grangewood Independent School was founded In 1979, and is an Independent, co-educatlonal school that provides a unique and multi-faceted educational experience for chlldren of all falths, from two to eleven years old. 'The attainment of puplls of all ages and abililles Including those with SEND or EAL, aiid those who are more able, Is good, In the Early Years Foundation Siage (EYFS), the chlldren re8¢h the expected levels of development, and In many cases, exceed them. Nallonal and slandardlsed assessments In Engllsh and mathematics show thal the small cohorts of pupils achleved above average results. The small slzé of the school and the family atmosphere enable staff to know pupils well and ensure that pupils, Indlvldual needs are met, They mak8 good progress because teachers Iiave a good l(nowledge of their strengths and weaknesses; as a result, puplls are aware of their Sndivldual largets from the frequent feedback they receive. 'Overall puplls, attainment is above ago-related expectations, so that pupils successfully gain places at senlor school wlth compelltlve entry requlrements., (Quote from last ISI Integrated Inspectlon of Gr8ng8wood Independent, Sept 2023). The vlsion of Grangewood is,to establish a truly carlng communily to act as an extended famlly engenderlng mutual standards and objectives to foster pleasure in all achievements: 'Unlocklng Potential with Excellence as our Hallmark, thus Insplrlng success, developlng excellence, forrnlng character and nurturlng dllig8nce. The SGhool'8 educatlonal provlslon contalns values which mlrror Christlan truths and are In accordance wlth the Article¥ of Fallh, We malntaln that the principles of FAITH, GROWTH, INDUSTRY, CARE and DISCIPLINE should be promoted In every pupll. Mlsslon Statement Grangewood Independent School was establlshed to promote; FAITH - A falth Iii the Lord Jesus Chrlst In every pupil that will equip them emotlonally, splrftually and socially to face all of life's challenges, GROWTH Growth 18 fostered in pupils by providlng increaslng opportunltles for acceptlng responslbility during thelr passage through the School. Puplls are given the opportunity to move into leadership roles in Ihe academic, sporting, cultural or admlnlstrative aspects of the School. INDUSTRY Industry Is practlrAd through a challenging academlc programme offered to puplls through the currlculum, th8 development of physlcal aolllly through sport and the promotion of cre.atlve and artistic abllllles, CARE - Care is an essentlal parl of Grangewood Independent. The School's pastoral programme reflects many of the traditlonal moral valu8s and seeks to support the famlly unlt and to teach Chrlstlan values, DISCIPI.INE Disclpline Is a valued Ingredient at Grangewood, The standards are clearly defined through school culture and expressed In'a policy that reco9nises the rights of every Indlvidual to fe81 safe, comfortable and free to achieve the highest levels of success In each part of the many facets of school Ilfo. The key to the maintenance of ttils environment al Grangewood is the development of self- dlscipllne 8nd an appreclation of others,
Grangewood Educational Association Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) fconllnu¢dJ Year ended 31 August 2024 Structurei governance and management (eonllnued) Organlsatlonal Structure The Assoclatlon Is a reg19tered charlty wllh a Chrlstlan ethos and is managed by the Board of Trustees. The Associatlon wholly owns Grangewood Independent School. The school is managed by the 8oard of Governors who are appolnted by the trusteeg of the asso¢latlon. The Governors are responslble for the day-lo-day management of the school as prescribed in the governors, con8titullon and subject to the overview and approval of the Érustees, ObJe¢tlves and aotlvltles Our Alms: The school is dedicated to the provislon of quality primary edu¢allon In a deprived area of E8sI London. To promote and teach Christian values wilhln the framework of a structured curriculum. To teach the values of soclal responslbillly and respect for others thus Improvlng the quality of good Gitlzenship within the community. To provlde a slruciured educational environment that wlll ensure that puplls develop their competence and skills {academlc, art18tlc, linguistlG, and musical) to the 51mit of thelr abillty. To promote heallh and fltness of puplls by Including physical exercise and organ18ed sport activltles both within the curriculum and in out-of-school events, Our ObJectlv8S: In seltlng out objectlves and plannlng aclivllles, the Trustees and Governors have glven due conslderatlon to the Chari118s Commlssion's guldance on public beneflt. To raslrlct class slzes lo a maxlmum of 20 chlldren per cl888 thus enabllng a hlgh level of Individual pasloral care and educatSonal tultion. To enhance and improve before and after school care provlslon for children. To Increase numbers of puplls on roll and by so doing increase income to a level whlch wlll allow some flnancial aKS being offered lo those famllles who cannol afford the golng rate of fees charged. To increase our involvement In community regeneratlon activities, To allow use of our school premises for sultable communlty andlor oharltable purposes,new Ilne] To continue collaboration wlth local counclllors, local authority and partnerships to improve state educalion and soGial moblllty,
Grangewood Educational Association Company Limited by Guarantee Tr.ustee8' Annual Report (Incorporating the Dlrectors. Report) (conllnued) Year ended 31 August 2024 ObJ6ctlves and actlvltles (Contlnuedj Ethos, Strategy and Pollcle8 Grangewood Independent Is a school wilh a Chrlstlan ethos, 1118. a requlremÈnt.thet all, Trustees, Governors and staff ,protect and enhance thls ethos, Children from .olher.faSth badkgrounds -are welcome as pupils at Grangewood, provldlng Ihai thelr parentslguardlan? are.aware of and aocept our Chrlstian ethos. All chlldren will be glven Ihe same level of carp and altentlon regardless of ,thelr fallh, race, gender, or sexLial orlentatlon. The-Board of Trustees hgve overall responsiblllty for ensurlng that no no school a¢llvllies are In conflict wlth our published ethos. Matters relallng lo. operatlonal procedures, melhods and all.olhei pperational. actiiiltles wlll be dealt wlth by the Board of Governors. Signlficant Items 8greed by Governors may be presented to the trustees . for approval at the dls¢retlon of the chalrman of the governors, Trustees c1nd Govornors wlll regularly revlow, plan and sanction where applicable the followlng,. Currl¢ulum Content, teachlng practloea and performance and examlnatlon rèsults Pro and post school day cal'e provi%lon CommunSty prolecls in whlch we wlsh to participate Investments in Ihe resources and Infrastructure of the school Staff remuneration School fees adlustment8 and dleJcounts Development of method for awardlng bursari6s when Ihls becomes,affor.dable S¢hool development and promotlon plans Grang8wood Educallonal Assooiatlon is a charitable trust which seeks - to beneflt. the .communlty through the puiyuit of Its stated aims. Our fees are set at the minimvm level needed to attract suffiGient student n(Imbers In an allempt to ensure the financlal viability of Grangewood School and at a Sevel that is conslstent with our alm to provide a first-class educatlon to both boys and glrls of prlmary school age. To admit a prospeGlive i)upil, we need: lo be satisfled that we wlll be able lo educate and develop th8l pupll to the b68t of their potC4ntial 8nd in Ilne wllh the general standards achleved by thelr peers. To thls end, entrance InteNiew and classrooin assessments are undertaken to satitsfy ourselves and parents that the child can cope wltl) the pace,,of learnlng and benefit from the education that we provide. Gender,'elhnicily, r¢lC8, religlon, dlsabllily,, or economic status of parentslguardlans do not form part of our 2sse8smenl prodreS. We are an equal opportunlty organlsatlon and are commltted lo a worklng environment that is free from any form of dlscrimlnallon. Grangewood Independent School Is Commltted to safeguarding and promoting th6 welfare of its puplls. All staff and volunteers are expected to share this coinmllment and are helped throLigh tralnlng and sound governance lo acllvely play thelr part In protecllng children from harm and promotlng Ihelr welfare. We are committed to provlding a safe and secure envlronment for le8rnlng 8nd have a zero-tolerance policy on all forms of bullylng and antl-soclal behaviour, All staff and volunteers are commltted to these princlples, We are 8ccrediled by the Independent School Assoclation (ISA) and are Inspected by the Independent Schools Inspectorate {ISI).
Grangewood Educational Associatioh Company Llmlted by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) fcontlnued) Year ended 31 August 2024 Oblectlvas and actlvltles {conllnued) Access Pollcy We are exploring new and innovative ways of offerlng access to the school to all of th8 local community regardless of ability to pay, We have Investlgated supplementlng the hours included in Ihe Government funded Early Years Chlldcare scheme in every altempt to increase accessibility, as well as planning to spearhead projects which wlll benefit the community and generate sufficient surplus Income to Increase the number of bursaries avallable at the school. In order to make It posslble for as many lower Income famllles as possible to benefit from the servlces of the school, we have elected lo keep our base fe8 structure at a level whlch Just recovers our total operating cost. Fee increases are measured to minimlse any adverse Impact on our currenl populatlon and make the school less affordable lo a number of famllles who currently support the school. Some of our parents already make personal sscrlflces In order to meet the charges, Rlsk Management The Trustees understand the duty they have to identlfy and revlew the rlsks lo whlch the Associallon is exposed and to ensure approprlate controls are In place to provlde reasonable assurance against fraud and error, strateglc report The followlng sections for achlevements and performance and flnanclal revlew form the strateglc report of the charlty. Achievements and performance End of Key Stage Outcomes 202312024: Durlng 2023124 our Reception data (Early Years Foundation Stage Profile dala) was moderaled by the Local Auihorlty (Newhaml and KS2 SATS and wrlting was moderated by Hackney Local Authority. EYFS - Expected 60% KS1- Expected 100% KS2 - Expected 93.4¥0 The education on offer at Grangewood means that we are able to stretch the more able and gulde our students ta hlgher-than-expected progress, as well as successfully turning around chlldren who transfer from other schools with behavioural or SEN needs, Secondary School Transltion8: 870/0 of students entered for 11+ examlnalions recelved pass grades and were offered Grammar school places. 100010 of studenls entered for Common Entrance examlnatlons recelved pass marks and were offered scholar8hlps and bursarles at their first-choice schools. PE & Sport. All students from EYFS to Y6 contlnued lo enjoy 8 dlverse array of fully inclusive In-house sports and P.E. opportunltles.
Grangewood Educational Association Company Limlted by Guarantee Trustees, Annual Report (Incorporating the Dlrectors. Report) (eonllnued) Year ended 31 August 2024 (conllnu&dJ Nur&ery Provlslon.. We contlnue to offer part-lime two.year-old provlslon, flexlble "?0 hours. of free.childcare" for working pai'ents of three- and four-year olds and Increased wrap around care through our Extended Hours Clubs, which have Increased our accesslblliiy for local familles. Scliool Travel Plan: The promotlon of cycllng, scootlng and walklng as healthy, environméntaiiy friendly, and fun ways to get to school remaln a central part of our School Travel Plan: PSHE & C,Itlzenshlp'. Our Year Flve and Year SIX student8 continue to partlclpate; In N w,h support local primary school pupils In developlng a better unders and Easter. m's.Falth In Schools project and ing:of'events such as Chrlstmas SF.N Resource Provlslon: Slnce the Introductlon of our specialist resource provislon for chll¢ren wllh autism. al the.end of 2021, the number of puplls within the provlslon h8s grown steadily, along with tha number of staff. Our unlt provides 1..1 indivlduall$od Ejducatlon for children in Year 1 to Year 6 arid can accommodate up to 16 pupils, uslng preclse teaching methodology, which documenls,:the number.of.skllls learned each week, and regular analysis of the fsata to facilltate contlnual pupll progress. 'Leader8 ensure that the effectlve provlsion for pupils who have SEND Is. dellvered by experlenced p.r?ctitioners,, Leaders and teachers have developed comprehen*oive and effective support prOgraeS, which aro carefully matched to th8 Indlvidual and specific needs of each pupil. Tliese include the support, where approprlate, of speclfically tralned therapists., (Quote from last ISI Integrated Inspecllon pf,Grgngewood Independent, Sept 2023), Llnks: Students spent another year ralsing.funds for local charltles through Book character Fund ralsing and non-unlform days. We have well establlshed Ilnks with local universities and further education colleges. Flnanclal revlew The attached flnanclal statements tog6ther wlth notes show the Incoming and outgoing sources for the year and state of affalrs at the Bal8nce-Sheet date. Nel deflclt for.the year was £99,084 (2023 - net deficlt for the year was £12,411). The prlnGlpal source of income was school fees whlch represented around 950h of total incomlng resources. Included In the remainlng income was,, £ 33,325 Other Income (Rental, Musl¢, elc) £ 9,694 School Meals Income £ 40 Donations
Grangewood Educational Association Company Limited by Guarantee Trustees. Annual Report {Incorporating the Dlrectors. Report) (conllnued) Year end8d 31 August 2024 {¢ontlnuadJ Appllcation of Funds.. As an educational charity, for the perlod covered by th18 set of A¢¢ounts (Sept 2023 Aug 2024), the Assoclation enjoyed lax exemptlon on acllvitles, provlded that these benefits are applied towards charitable aims, The Assoclatlon also received a reduction In buslnes8 rates, The financlal benefits of these exemptlons are applled for educational purposes. Reservas Pollcy The charlly alms to malntaln reserves of £370,000 lo ensure sufllclent funds to Gover the rent and operational costs for two school term8., however glven the financlal pressures that the school has recently experlenced, we have reduced the reserves down lo £200,000 In order lo allow us some flexibility lo manage cashflow challenges, This target Is currently not being met but plans are In place to turn thls around and improve the position golng forward, Trustees, re8pon61bllltle8 Statement The trustees, who are also directors for Ihe purposes of company law, are responsible for preparing the trustees, report and the financlal slatemonts in accordance wlth appllcable law and Unlted Kingdom Ac¢ountlng Standards (United Klngdom Generally Accepted Accountlng Practice). Company law requlres the charlly trustees to prepare ftnanclal statements for each year whlch give a true and fair view of the state of affairs of the charitable company and the incoming resouroes andresources and appllcallon of resources, including the Income and expendlture, for that period. In preparing these financlal stalements, the trustees are requlred to., select suitable accountlng policies and then apply them Conslstently; observe the methods and prlnciples In the appllcable Charlties SORP; make Judgments and accountlng estlmaies that are reasonable and prudent,, prepare the financial slatements on the going concern basis unless il Is inappropriate lo presume that the charity will continue in buslness.. The Iruslees are responslble for keeplng adequate aGcounling records that are sufflcient to show and explaln the Charity's transactions and dlsolose with reasonable accuracy at any tlme the financlal position of the charity and enable them to ensure that the flnanclal statements comply wlth the Companles Act 2006, They are al60 responslble for safeguardlng the assets of the charlty and hence for taking reasonable steps for Ihe prevention and d6tectlon of fraud and other Irregularllles. The twstees, annual report {Incorporatlng the directors, report> and the strategic report were approved on. and slgned on behalf of the board of trustees by: Mr J Agy6man Dlrector MSJE Dlrector Ja1
Grangewood Educational Association Company Llmited by Guarantee Independent Examiner'8 Rèport to the Director8 of Grangewood Educatlonal Association Year ended 31 August 2024 I report to th6 dlreclors on my examlnatlon of the financlal statements of Grangewood Educational Assoclation {'the charity,) for the year ended 31 August 2024. Rè8ponslbllltles and basls ol report As the charlty's trustees of the Company (and also its dlrectors for the purposes of company law) you are responslble for the preparatlon of the accounts In accordance wlth the requlrements of the Companles Aot 2006 ('Ihe 2006 Act,). Havlng satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2016 Act and are ellgible for Ind8pendent examlnation, I report in. respect. of my examinatlon of your charity's accounts as carrled out und6r sectlon 145 of the Charltles Act 2011 ('the 2011 Act,). In carrylng out my examlnatlon I have followed the Directlons glven by th8 Charlly Commlsslon under sectlon 145{5) (b) of the 2011 Act. Independent 6xamlner's quallfled statement Slncè the ¢harity's' gross Income exceeded £250,000 your"ekamlnaV:must.'be 'a member of a body Ilsted in section 145, of Ihe .2011 Act, I confirm that l aiii'quallfled to uhdehake the examination because l am a mamber of the Instltute of Chartered Accountants England. and Wales (ICAEW), whlch is one of the Ilsted bodles.
Grangewood Educational Association Company Limited by Guarantee Independent Examlner's Report to the Directors of Grangewood Educational Assoclation (conllnuod) Year ended 31 August 2024 The accounts have been prepared on a golng concern bas18, however, as noted on page 18 there is a material unc6rtainly regarding golng concern. I note that the trustees are taking mitigatlng actions lo Improve perforrnanee, but am unable to conflrm whether Ihl8 will be sufflcleiit lo recover.the negative funds posltion and ensurè liabilitles are liièt as they fall due. l also note that If a basls other than golng concern were to be used, thls Woold not materSally affect the value of the assel8 and Ilabllltles in the flnancial sl&lements, As, su¢h my opinlon for the Independent examlner's report remains unmodified. I have completad my exAmlnatlon. I conflrm that no other matter.s have come to my atlentlon In connection with the examlnallon givlng me cause to believe,., {1) accounting records were not l(ept in r@spect of the company.as requlred by sectlon 386,of the 2006 Act., or {2} the accounts do not dccord wlth those accounting records., or (31 the accounts do not Comply with the accountlng requ1MentS of sectlon 396 of. th8 2006 Act-other thali any I'eqLiiroment that the accounts glve a 'true and faiv view. whlch is not a matter consldered as part of an Independent examln81ion', or (4) tho accounts havo not been prepared In accordance Wlth the melhods,and principles.of the Statement of ReGoinmended practice for accounllng and reporting.by charlties,. I have no concerns and have come across no matters, other than the materlal uncertalnty In respect of. going concern, In connection wlth the examination lo whlch. attention should be drawn In this report In order to enable a proper uiidérstanding of the accounts to be reached. Andrew Collyer Independent Examiner Camburgh House 27 New Dover Road Canterbury Kent CTI 3DN 10
Grangewood Educatlonal Association Company Limlted by Guarantee Statement of Flnanclal Actlvitle8 (Includlng Income and expendlture account) Year ended 31 Augu8t 2024 2024 Unrestrlcted funds Total fund8 Total funds 2023 Not Income and endowments Donatlons and legaGles Total InGom6 855,817 855,817 855,817 855,817 813,085 813,085 Expendlture Expendlture on ralslng funds; Costs of raislng donatlons and legaclas Expendlture on charltable actlvllles Other expendlture Total •xpendlturo 269,532 269,532 243,265 {672,619) (672,619) {580,855) 2,150 2,150 1,376 944,301 944,301 825,496 10 Net 8XP6ndlture and net movement In fund8 (88,484) (88,484) (12,411) Récon¢lllatlon of lunds Total funds brought fOard Total fund8 Carrled lOard (114,920) (114,920) {102,509) (203,404) {203,404) {114,920) The statement of finan¢lal aditieS Includes all gains and losses recognised in the ye8r. All Income and expenditure derlve from continuing actlvities. The nots8 on pag98 14 to 21 fomi part of thèse flnan¢lal statemants.
Grangewood Educational Association Company Llmlted by Guarantee Statement of Flnancial Posltion 31 August 2024 2024 2023 Note Current assets Debtors Cash at bank and in hand 175,960 39,239 71,241 -215,199 .108,725 Credltors: amounts falling due wlthln on8 year Net current 41abllltles .418,603 ,223,645 .203,404 114,920 (203,404) .{114,920) . (203,404), {114,920) Total assets less ¢urront liabilities Net Ilabllltles Fiinds of tho charlty Unrestricted fund8 (203,404) {114,920) (203,404) . '<1.14,9201 Total charlly funds For the year endlng.31 August 2024 Ilie charlty was entitled to exemptlon from audlt.under sectlon 477 of Ilie Companles A¢t 2006 relatlng to small companles. Dlrectors, responsibllities: The mpmbers have not required the company lo obtain an audlt of It8 fin8nGial statements for the year in question in accordance wlth sectlon 478,. I"he clirectors acl<iiowledge Ihelr responsibllllles for complying with the requlrements of., the Act with respect to acoountlng records and the pr6parallon of finan¢lal statements. These flnanclal slat8ments have been prepared In accordance wlth the provlsions appllcable lo companles Subject to the small companies, reglme, These financial statements were approved by the board of, trLlStees and. authorls.ed .for..14sue .on and are slgned on behalf of the board by: Mr J Agyeman Director SJEE Director rvls The notes on pag68 14 to 21 form part of these tlnanclal statement8. 12
Grangewood Educational Assoclation Company Llmlted by Guarantee Statement of Cash Flows Year ended 31 August 2024 2024 2023 Ca8h flows fiom operatlng actlvltles Net expendlture (88,484) (12,411) Changas In.. Trade and other debtors Trade and other credltors (104,719) 194,958 1,755 1,755 (47,850) 95,227 Cash generated from operatlons Net cash from operatlng acllvltles 34,966 34,988 Not Increaso In cash and cash equlvalents Cash and ¢ash equlvalents at boglnnlng of year Cash and cash equlvalonts at end ol year 1,755 37,484 39,239 34,966 2,518 37,484 The notes on page8 14 to 21 fomi part of these flnanclal statement8. 13
Grangewood Educatlonal Association Company Llmlted by Guarantee Notes to tho Financlal Statamant8 Year ended 31 August 2024 Ganeial Informatlon The charlty18 a publlG benefll antlty and a private company Ilmlled by'guarantee, gIstered in England and Wales and a reglstered charlly In England and Wales, The address of the registered offic6 Is Grangewood Independent School, Chester Road, Forest Gate, London, E7 8QT. Statement of compllanca These financial stgtements have been prepared In ¢ompllance wlth FRS 102, 'The Financial Reporting Sland8rd appllcable In the UK and the Republic of Ireland,, the Statement of Recommended Practl¢e appllcable lo charS1185 preparlng their accounts In 'accordance wlth the Flnanclal Reportlng Standard applicable In the UK and Republlc of.Ireland' {FRS 102) (Charlties ' SORP (FRS 102)) and the Compani88 Act 2006. A¢¢ountlng poll¢loS Ba818 of preparatlon The flnancial siatemenis have been prepared on th& hlstorlcal cost b8sls, as modifled by the revaluation of certaln flnanclal assets and liabilitle8 and'lnvestment propertles measured at falr." value through income or expenditure. Tha flnancial Statemenis are prepared In sterling, whlch Is the-functlonal. currency of the entity. 14
Grangewood Educational Association Company Llmited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 August 2024 Accountlng pollcles {coiillnuedJ Golng concern The dlrectors have consldered golng concern and as8essed the posslbllity of cash running out as the hlstoric data has 8hown the funds reduclng year on year, Based on their review thay acGept there Is a materlal uncertainty on the charity's abllily to contlnue however they are taking poslllve mltlgatlng acllons to generate the necessary reserves to prevent this from belng the cas&. These actlons Include.. Action l.. The School has opened a SEND unlt wlth capacity to accommodate up to 16 puplls wlth acute autistlc needs requirlng speciallst 1-to-1 supeNision and bespoke learning plans and styles. Should full capaclty be achleved wlthln the next 18 months, this wlll generate significant revenues. We currently have 12 puplls, with I more expected to start in the coming months where 1 offer has already been made. 'Actlon 2: The school has re¢enlly entered into a new energy supply contract which will reduce electrlclty costs by 250/0 for the next 2 years. The School wlll also be seeking to rÉn8gollat8 the gas contract whlch Is due to be renewed In November 2024 Éo further decrease costs. Actlon 3,. Supplementing and leveraglng the school's staffing capabllltles by uslng volunteers to cover non- core actlvllles has saved approxlmately £18k per year. Actlon 4: The school has got 7 years left of Ihelr lease so that the school can be heavlly mark8ted lo prospective parents who may be concerned by the ongoing tenancy discussions wlth the18ndlord. The dlrectors and staff contlnue to look at where Income can be generated and costs can be reduced to ensure that the School Is a golng concern. The accounts have been prepared on a golng concern basls as the directors belleve the charlty wlll be able to gen6r8te the funds necessary to Gontlnue lo meet Ilabllities as they fall due. Judgements and key sources of estlmatlon uncertalnty The preparatlon of the financlal statements requlres management to make Judgements, estlmates and assumpllons that affect the amounts reported. Th68e estlmates and Judgements are ¢onllnually revlewed and are based on experlence and other factors, Includlng expectations of future events that are belleved to be reasonable under the circumstances. 15
Grangewood Educational Association Company Limlted by Guarantee Notes to the Financial Statements (¢onflnuadJ Year ended 31 August 2024 Aecounllng poll¢le8 {¢onllnuodJ Fund accountlng Unrestricted funds are avallable for use at the dlscretion of the trustees to fUrth6r any of the charity's purposes. Designated funds are unrestrlcled funds earmarked by the dlreclor8 for partiGular future project or commitment, Re8trlcted funds are subjected to restrictions on their expendlture declared by the donor or through the terms of an appeal, and fall Into one of Iwo sub-classes,, restriclèd Income funds or endowment funds, Incomlng resource8 All Incomlng resources are included in the slalemenl of flnanclal activitles when entltlement has passed to the charlty,. it Is probable that the economic benefits associated wlth the transaction will flow to the charily and the amount can be reliably measured. The following specifio policies are applied to partlcul8r categories of Income.. inoome from donatlons or grants is recognised when.there Is evidence of entStlem8nt to the glft, recelpt Is probable and Ils amount can be measured reliably. legacy Income Is recognised when recelpt Is probable and entitlement Is establlshed. Income from donated goods Is measured al the falr value of the goods unless thls Is Impractlcal lo measure reliably, in which case the value is derlved from the cost to the donor or the estimated resale value. Donated facilities and servlces are recognised in Ihe accounts when received If the value can be reliably measured. No amounts are Included for the conlrlbullon of general volunteers. Income from contracts for the supply of services Is recognised with the delSvery of the contracted seNlce. Thls is classlfled as unrestricted funds unless there Is a contractual requirement for It lo be spent on a partlcular purpose and relurned If unspent, In which case it may be regarded as restricted. 16
Grangewood Educational Assoclation Company Limited by Guarantee Notes to the Financial Statements (¢onllnu¢dJ Year ended 31 August 2024 Accountlng pollcles (conllnu¢d) Rasources expended Expendlture Is ra¢ognlsed on an accru815 basis as a Ilabllity 18 incurred. Expenditure includes any VAT whlch cannot be fully recovered, and is classlfled under headlngs of the statement of f6nanclal activlties to which It relates., exp8ndlture on ralslng funds Includes the Cost8 of all fundraislng aGlivitles, events, non- charitable tradlng acllvitles, and the sale of donated goods. expenditure on ¢h8rllable actlvitles includes all costs Incurred by a charlty In undertaklng actlvltles that further Its Charltable alms for the benefit of Its beneflclarles, Includlng those support costs and costs relatlng to the governance of the charlty apportloned to charltable activllles. other expenditure Includes all expendlture that is neithar related to ralslng funds for the charlty nor part of Its expendlture on charitable activities, All costs are allocated to expendlture categorles reflectlng the use of the resource, Dlrect costs atlfibutable to a 8ingle activily are allocated directly to that actlvlty. Shared costs are apportioned between the activities they contribute to on a reasonable, Justlfiable and consistent basls,. Tanglble assets Tanglble assets are inltlally recorded at cost, and subsèquently stated at cost less any accumulated depreciatlon and Impairment losses. Any tangible assets carrled at revalued amounts are recorded at the falr value al the date of revaluation less any subsequent accumulated depreclatlon and subsequent accumulated Impalrmenl losses, Depr¢¢latlon Depreclatlon Is calculated so as to write off the cost or valuatlon of an asset, less Its r6slduel value, over the useful economlc Slfe of that asset as follows: Flxtures and flttlngs 200/0 Straight line Impalrment of flxed assets A revlew for Indlcators of Impalrment is carrled out at each reportlng date, wlth the recoverable amount belng estlmated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset18 Impalred accordingly. Prior Impalrments are also revlewed for posslble reversal at each reportlng date. Flnanclal Instrumènts Flnanclal Instruments are Classlfied snd accounted for, accordlng to the substance of the Gonlractual arrangement, as elther flnanclal assets, fin8nGlal Ilablllties or eqully Instruments. An equlty Instrument Is any contract that evldences a resldu81 Interest In the assets of the company after deductlng all of ils liablllties. Short term debtors and credltors are recorded at Iransacllon prlce. Any losses arlslng from Impalrmant are recognl8ed In the proflt and loss account. 17
Grangewood Educational Association Company Llmlted by Guarante8 Note8 to the Financial Statements (conllnued) Year ended 31 August 2024 Llmlted by guarantee The company is a private company Ilmlled by guarantee and has no share capilal, Each member wlll undertake lo contribute such amount as may be required (not exceeding £11 to the company's assets If It should be wound up, elther whllst a member or wlthin one year of ceasing to be-a member. Donatlons and legacles Unrestricted Total Funds Unrestrlcled Total Funds Funds 2024 Funds 2023 Donatlons Fees recelvable Donatlons School meals 812,758 40 9,694 812,758 40 9,694 751,760 2,069 7,692 751,760 2,069 7,692 Other donatlons and legacles Other Income 33,325 855,817 61,664 813,085 51,564 813,085 855,817 Costs of ralslng donatlons and legacles Unr8Strl¢ted Tolal Funds Unrestrlcted Total Funds Funds 2024 Funds 2023 Go3t8 of ralsing donatlons and legacles Donations 289,532 269,532 243,265 243,265 Expendlture on charltable activitles by fund type Unrestrlcted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Support costs 672,619 672,819 580,855 580,855 Expendlture on charltab16 actlvltle8 by actlvlty type Total funds 2024 Total fund 2023 Support costs Educatlon Governance costs 545,267 127.352 672,619 545,267 127,352 672,619 485,869 94,986 680,855 18
Grangewood Educational Associatlon Company Llmited by Guarantee Note8 to the Flnancial Statements {¢onllnuedJ Year ended 31 August 2024 Analysls of 8upport cost8 Analysls of Support costs for education Total 2024 Total 2023 Staff costs Premlses Communicatlons and IT General offl¢e Govemance costs Other cost8 283,811 165,972 15,046 5,620 127,815 38,742 637,006 283,811 165,972 15,048 5,620 127,815 38,742 637,008 227,499 212,294 17,695 13,437 94,986 14,944 580,855 10. Other •xp6ndltuYe Unrestricted Total Fund8 Unrestrlcted Total Funds Funds 2024 Funds 2023 Bank fees 2,150 2,150 1,376 1,378 11. Independent examlnatlon fees 2024 2023 Fees payable to Ihe Independent examlner for: Ind6pendént 8xamlnatlon of the financlal statements 1,650 1,595 12. Staff costs The total staff cost8 and employee beneflts for the reportlng perlod are an8lysed as follows.. 2024 2023 Wages and salarles 547,551 461,787 The average head count of employees durlng the year was 20 {2023,. 18), The average number of full-tlme equlvalent employees durlng the year Is analysed as follows., 2024 2023 Number of full tima staff 20 18 No employee recelved employee benefits of more than £60,000 durlng the year (2023: Nil). 13. Tru8tee romuneratlon and expenses No remuneratlon was reGelved by the trustees during the year (2023: nll). 19
Grangewood Educatlonal Assoclation Company Llmlted by Guarantee Notes to the Financial Ststementg {¢onllnuedJ Year endad 31 August 2024 14. T8nglblo flxed asset8 Flxtures and flttlngs C08t At 1 September 2023 and 31 August 2024 Depreclatlon At I Septembar 2023 and 31 August 2024 Carrylng amount At 31 August 2024 At 31 August 2023 60,618 60,618 15. Debtor8 2024 2023 Trade debtors Prepayments and accrued income Other debtors 142,076 32,964 920 28,730 44,511 175,980 71,241 16. Credltor8: amounts falllng duo wlthln one year 2024 2023 Trade credllors. Accruals and deferred Income Social security and Olher taxes Other credllors 109,914 204,267 11,997 92,425 418,603 102,300 36,012 5,550 79,783 223,645 17. Oelerred Income 2024 2023 At 1 September 2023 Amount released lo Income Amount deferred In year At 31 August 2024 31,812 (31,812) 200.067 200,067 8,627 (8,627) 31,812 31,812 20
Grangewood Educational Association Company Llmited by Guarante6 Notes to tho Flnanclal Statements {¢onllnu¢dJ Year ended 31 August 2024 18. Analysls of charltable fund8 Unyestrlcted fund8 At 1 September 2023 At 31 Augu8t 20 24 Income Expendlture General funds (114,920) 855,817 (944,301) (203,404) At 1 Septemb6r 2022 At 31 August 20 23 Income Expendlture General funds (102,509) 813,085 (825,496) {114,920) 19. Analysls of net asset8 between funds Unrestrlcted Total Funds Funds 2024 Current assets Credltors less than 1 year Nat Ilabllltlos 215,199 215,199 (4rf8,603) {418,603) (203,404) (203,404) Unrestrlct8d Total Funds Funds 2023 Current assets Credltors less than 1 year Nat Ilabllltles 108,725 108,725 (223,645) (223,6451 (114,920) (114,920) 20. Analy818 of changes In net debt At At 1 Sep 2023 Cash flows 3q Aug 2024 Cash at b8nk and In hand 37,484 1,755 39,239 21