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2023-08-31-accounts

Charity registration number 803766

Company registration number 2516633 (England and Wales)

CANBURY SCHOOL LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

CANBURY SCHOOL LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Governors Mr C Soden-Bird (Chair of
Governors and Compliance)
Mr W Keat (Curriculum and
Academic)
Mrs C Patterson (Health and Safety,
SEND)
Dr E Shergold (Safeguarding and (Appointed 22 September 2022)
Pastoral)
Mr R Marks (Finance and General
Purpose)
Head Ms P Rich
Bursar and Clerk to the Governors Mrs L Anindita-Beckman
Charity number 803766
Company number 2516633
Registered office Canbury School
Kingston Hill
Kingston Upon Thames
Surrey
KT2 7LN
Auditor Warner Wilde Limited
4 Marigold Drive
Bisley
Woking
Surrey
GU24 9SF
Bankers Barclays Bank PLC Kingston
6 Clarence Street
Kingston-upon-Thames
Surrey
KT1 1NY

CANBURY SCHOOL LIMITED

CONTENTS

Page
Governors' report 1 - 3
Statement of governors' responsibilities 4
Independent auditor's report 5 - 7
Statement of financial activities 8 - 9
Summary income and expenditure account 10
Balance sheet 11 - 12
Statement of cash flows 13
Notes to the financial statements 14 - 27

CANBURY SCHOOL LIMITED

GOVERNORS' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2023

The governors present their annual report and financial statements for the year ended 31 August 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

The principal object of the company as set out in the constitution dated 1990 and revised in 2022 is as follows: "The objects for which the Company is established are to promote and provide for the advancement of education and in connection therewith to conduct, carry on acquire and develop in the United Kingdom any boarding or day school or schools for the education of children of either sex or both sexes. "

Public Benefit

In furtherance of these aims Canbury School's Governors, as the charity trustees, have complied with the duty in the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant subsector guidance concerning the operation of the Public Benefit requirement under the Act.

For the year ended 31 August 2023 Canbury School's principal activity continued to be the provision of a Day School for 11 - 18 year old boys and girls. The total number of students in the school in September 2022 was 76.

Achievements and Performance

Despite its readiness to make its premises available for the use of other schools and the local community, Canbury School is not able to do so due to the stringent planning restrictions applying to the site.

The educational performance of the school was demonstrated by the public examination results. In the summer of 2023, the percentage of entries achieving grade 5+ was 81.9%; 42% of students achieved 5 or more GCSEs graded 4-9, including Maths and English; 36% of the total results were graded 7-9; 85.7% of students who were able to sit 5+ GCSEs achieved at least 5 Grade 4+ qualifications including English and Maths; and 45% of our Year 11 students exceeded their targets. With the appropriate intervention and support from the School, the vast majority of students obtained a place at their first choice of Sixth Form/College.

In-house and remote external training for staff took place throughout the year with courses including: those to comply with regulatory requirements; safeguarding refreshers; onsite pastoral therapies; Behaviour; Relationships and Sex Education; Fire Safety and Fire Marshalling; the GDPR; expectations for an inspection; whole school curriculum overview; Critical Incident planning; Online Exam Invigilation; Educational Visits and Risk Assessments; whole school Occupational Therapies; Autism; Working with Autistic Girls; First Aid. Canbury School continues to provide places for students with an Education Healthcare Plan (EHCP). The School provides specialist assistance to those students with special educational needs and to those who benefit from being educated in a deliberately small school.

Canbury School continues to develop wider community links. In addition to funds raised for a local charity each year, the Sports Department at the School is active in, and organises, competitions with other local schools. Due to stringent planning restrictions, the school facilities cannot be offered to other organisations for their use when the School is not using them.

The staff, students and parents worked hard this year to raise a total of £2787.33 for various charities including: Anstee Bridge, part of Achieving for Children, which supports vulnerable young people in the local area struggling with their social, emotional and mental health needs; Macmillan Cancer Support; Children in Need; Stomp Out Bullying; Pride; Save the Children; Red Nose Day; The Proud Trust; and the Eco Committee raised funds for Living Eggs.

This money was raised through a combination of mufti days, Christmas Jumper Day, bake sales and a sponsored walk.

CANBURY SCHOOL LIMITED

GOVERNORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

The School has a bursary fund which is awarded following a means tested assessment of those families in need who submit an application.

Investment performance this year yielded a capital return of -0.5 (2022: -0.4%) and an income return of 2.0% (2022: 3.8%). The calculations were performed as follows:

Capital return = {profit on investments sold + change in market value of investments)/cost of investments brought forward %

Income return= (dividends & interest received)/market value of investments brought forward %

FOR THE YEAR ENDED 31 AUGUST 2023 Financial review The Statement of Financial Activities shows net incoming resources of £219,554 (2022: £87,654). Having taken account of net gains/(losses) on investments of £(11,533) (2022: (£37,789)), the net movement in funds amounts to a surplus of £208,021 (2022: £49,865).

Income generated annually can be expended as required.

A Designated Fund is available to meet the cost of bursaries that are awarded at the discretion of the Head.

It is the policy of the charity that Unrestricted Funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months’ expenditure.

The Governors are empowered to invest monies on behalf of the company from the Endowment Fund in such securities or property etc. as may be thought fit. In so doing the Governors may delegate to any company or firm of repute which is an authorised person for the purposes of the Financial Services Act, the power to buy and sell investments on behalf of the company in accordance with the agreed investment policy.

The investment objective of the Governors is to continue to maximise total return through diversified investment both within the UK and overseas in equities, fixed income securities and/or cash. The performance of the company's investment managers is monitored on a regular basis.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months’ expenditure. The governors consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The Board, with assistance from the Senior Leadership Team and the sub-committees, continues to keep the School's activities under review, particularly with regard to any major risks that may arise from time to time as well as the systems and procedures established to manage them. They monitor the effectiveness of the system of internal controls and other viable means, including insurance cover where appropriate, by which those risks already identified can best be mitigated.

Canbury School co-operates with many local charities in an ongoing endeavour to widen public access to the education Canbury can provide and to awaken in the students, in the public interest, an awareness of the social context of the all-round education they receive.

Canbury School's Board of Governors is responsible for the management of the risks faced by the School. Risks are identified and assessed, and controls established, throughout the year. A formal review of the charity's risk management processes is undertaken on an annual basis.

The key controls used by the charity include: - formal agendas for all Committee and Board activity; - detailed terms of reference for all committees; - comprehensive strategic planning, budgeting and management accounting; - established organisational structure and lines of reporting; - formal written policies; - clear authorisation and approval levels, and vetting procedures as required by law for the protection of the vulnerable.

Through the risk management processes established for the School, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

Our key objective for the future remains the same as reported above for this year.

CANBURY SCHOOL LIMITED

GOVERNORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

FOR THE YEAR ENDED 31 AUGUST 2024: plans include a review of the post-16 curriculum and the creation of additional rooming and accommodation.

Structure and governance

Canbury School Limited is a charitable company founded in 1982, charity registration number 803766, company registration number 2516633, with the liability of its members limited to £1 each by guarantee. The Registered Office and principal address of the Company is at Kingston Hill, Kingston-Upon-Thames, Surrey, KT2 7LN.

The company is governed by the Articles of Association adopted on 21 November 2022 which replaced the Memorandum and Articles of Association of 1990. The Articles deal with such issues as the general powers and duties of the Governors as well as the detailed aspects of the day to day running of the school.

Governors during the year: Mr M Cook (Property), Mr W Keat (Curriculum, Education, and Standard), Mr R Marks (Finance & General Purposes), Mrs C Patterson (Health & Safety; SEND Governor), Mr C Soden-Bird (Chairman of Governors), Dr E Waites (Safeguarding & Pastoral).

None of the governors has any beneficial interest in the company.

Mr M Cook (Estates) (Resigned 14 April 2023) Mr C Soden-Bird (Chair of Governors and Compliance) Mr W Keat (Curriculum and Academic) Mrs C Patterson (Health and Safety, SEND) Dr E Shergold (Safeguarding and Pastoral) (Appointed 22 September 2022) Mr R Marks (Finance and General Purpose)

The Governors meet as a Board at least three times a year to determine the general policy of the Company and to review its overall management and control, for which they are legally responsible. The work of implementing the Board's policies and the day-to-day running of the School is delegated to the Head and the Bursar.

A resolution proposing that Warner Wilde Limited be reappointed as auditors of the company will be put to the members.

Disclosure of information to auditor

Each of the Governors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor are aware of such information.

Approved by the Board of Directors and signed on its behalf by:

..............................

Mr C Soden-Bird (Chair of Governors and Compliance)

Governor Dated: .........................26 April 2024

CANBURY SCHOOL LIMITED

STATEMENT OF GOVERNORS' RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2023

The directors are responsible for preparing the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period.

In preparing those financial statements, the directors are required to:

The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 1985. They are also responsible for safeguarding the company's corporate assets and ensure their proper application in accordance with charity law, and hence for taking reasonable steps for the prevention and detection of error, fraud and other irregularities.

CANBURY SCHOOL LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF CANBURY SCHOOL LIMITED

Opinion

We have audited the financial statements of Canbury School Limited (the ‘charity’) for the year ended 31 August 2023 which comprise the statement of financial activities, the summary income and expenditure account, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the governors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the governors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The governors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

CANBURY SCHOOL LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF CANBURY SCHOOL LIMITED

Responsibilities of governors

As explained more fully in the statement of governors' responsibilities, the governors, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the governors are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

-testing controls with walk through procedures and substantive transaction testing;

To address the risk of fraud through management bias and override of controls, we:

-performed analytical procedures to identify any unusual or unexpected relationships;

-tested journal entries to identify unusual transactions;

-assessed whether judgements and assumptions made in determining any accounting estimates were indicative of potential bias;

-investigated the rationale behind significant or unusual transactions; and

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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CANBURY SCHOOL LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023

Current financial year

Unrestricted Unrestricted Endowment
funds
funds
funds
general
designated
2023
2023
2023
Notes
£
£
£
Income from:
Charitable activities
3
2,134,609
-
-
Investment income
4
4,150
3,889
-
Total income
2,138,759
3,889
-
Expenditure on:
Raising funds
5
-
-
3,912
Charitable activities
6
1,907,701
11,481
-
Other
11
-
-
-
Total expenditure
1,907,701
11,481
3,912
Net gains/(losses) on investments
12
-
-
(11,533)
Net movement in funds
231,058
(7,592)
(15,445)
Fund balances at 1 September 2022
573,381
741,222
1,088,711
Fund balances at 31 August 2023
804,439
733,630
1,073,266		 Total
2023
£
2,134,609
8,039
2,142,648
3,912
1,919,182
-
1,923,094
(11,533)
208,021
2,403,314
2,611,335		 Total
2022
£
1,790,085
17,383
1,807,468
4,205
1,715,459
150
1,719,814
(37,789)
49,865
2,353,449
2,403,314

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

CANBURY SCHOOL LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Prior financial year
Unrestricted Unrestricted Endowment
funds
funds
funds
general
designated
2022
2022
2022
Notes
£
£
£
Income from:
Charitable activities
3
1,790,085
-
-
Investment income
4
119
17,264
-
Total income
1,790,204
17,264
-
Expenditure on:
Raising funds
5
-
-
4,205
Charitable activities
6
1,701,269
14,190
-
Other
11
150
-
-
Total expenditure
1,701,419
14,190
4,205
Net gains/(losses) on investments
12
-
-
(37,789)
Net movement in funds
88,785
3,074
(41,994)
Fund balances at 1 September 2021
484,596
738,148
1,130,705
Fund balances at 31 August 2022
573,381
741,222
1,088,711		 Total
2022
£
1,790,085
17,383
1,807,468
4,205
1,715,459
150
1,719,814
(37,789)
49,865
2,353,449
2,403,314

CANBURY SCHOOL LIMITED

SUMMARY INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

All income funds
2023
£
Gross income
2,142,648
Total expenditure from income funds
1,919,182
Net income for the year
223,466		 2022
£
1,807,468
1,715,609
91,859

CANBURY SCHOOL LIMITED

BALANCE SHEET

AS AT 31 AUGUST 2023

Notes
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within
one year
18
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds
General endowment funds
Revaluation reserve
21
Income funds
Unrestricted funds
Designated funds
22
General unrestricted funds		 2023
£
£
1,129,166
380,545
1,509,711
489,139
1,494,607
1,983,746
(882,122)
1,101,624
2,611,335
1,009,953
63,313
1,073,266
733,630
804,439
1,538,069
2,611,335		 2022
£
£
1,176,881
405,377
1,582,258
496,593
1,077,025
1,573,618
(752,562)
821,056
2,403,314
987,345
101,366
1,088,711
741,222
573,381
1,314,603
2,403,314		 2022
£
£
1,176,881
405,377
1,582,258
496,593
1,077,025
1,573,618
(752,562)
821,056
2,403,314
987,345
101,366
1,088,711
741,222
573,381
1,314,603
2,403,314
1,582,258
821,056
2,403,314
1,088,711
1,314,603
2,403,314

CANBURY SCHOOL LIMITED

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2023

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2023, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

26 April 2024 The financial statements were approved by the Governors on .........................

..............................

Mr C Soden-Bird (Chair of Governors and Compliance)

Trustee

Company registration number 2516633

CANBURY SCHOOL LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
25
Investing activities
Purchase of tangible fixed assets
Proceeds on disposal of tangible fixed assets
Purchase of investments
Proceeds on disposal of investments
Investment income received
Net cash generated from/(used in)
investing activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
406,808
(2,955)
17
(46,711)
52,385
8,038
10,774
-
417,582
1,077,025
1,494,607		 2022
£
£
(10,324)
(44,505)
-
(59,022)
59,574
17,385
(26,568)
-
(36,892)
1,113,917
1,077,025

CANBURY SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

Charity information

Canbury School Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Canbury School, Kingston Hill, Kingston Upon Thames, Surrey, KT2 7LN.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the governors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the governors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the governors in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Fees represents school fees receivable, together with the recovery of certain direct costs. Income invoiced in advance is deferred. Income receivable in respect of the endowment fund is designated income.

1.5 Expenditure

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

CANBURY SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold Building 0% Freehold buildings, Property improvements 20% straight line Plant and machinery IT: 25% straight line; Office equipment and furniture 25% reducing balance Freehold improvements 25% reducing balance Motor vehicles 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

CANBURY SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13 Resources Expended

Liabilities are recognised where either a legal or constructive obligation exists.

Charitable expenditure comprises the costs of running the school. This includes departmental expenses together with the cost of teaching staff.

Management and administration costs include the costs of running the school building together with administration staff costs and other costs not directly associated with teaching.

1.14 Irrecoverable VAT

Irrecoverable VAT is written off to the SOFA as incurred and is disclosed in the same manner as the expense to which it relates.

1.15 Leases

Rental costs under operating leases are charged to the statement of financial activity in equal amounts over the period of the leases.

Interest on finance leases are charged to the statement of financial activity whilst capital repayments are debited to the balance sheet reducing the liabiility.

CANBURY SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Charitable activities

Services provided under contract
Other income
Less: deferred income		 2023
£
2,802,986
16,501
(684,878)
2,134,609		 2022
£
2,441,458
23,352
(674,725)
1,790,085

4 Investment income

Unrestricted Unrestricted
funds
funds
general
designated
2023
2023
£
£
Income from unlisted
investments
-
3,889
Interest receivable
4,150
-
4,150
3,889
Raising funds
Investment management		 Total
Unrestricted
Unrestricted
Total
funds
funds
general
designated
2023
2022
2022
2022
£
£
£
£
3,889
-
17,264
17,264
4,150
119
-
119
8,039
119
17,264
17,383
Endowment
Endowment
funds
funds
2023
2022
£
£
3,912
4,205
3,912
4,205		 Total
2022
£
17,264
119
17,383
4,205

5 Raising funds

CANBURY SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

6 Charitable activities

Staff costs
Depreciation and impairment
Other costs
Grant funding of activities (see note 7)
Share of support costs (see note 8)
Share of governance costs (see note 8)
Analysis by fund
Unrestricted funds - general
Unrestricted funds - designated		 2023
£
1,333,514
50,654
213,762
1,597,930
11,481
196,681
113,090
1,919,182
1,907,701
11,481
1,919,182		 2022
£
1,232,735
57,905
179,391
1,470,031
5,565
164,616
75,247
1,715,459
1,701,269
14,190
1,715,459

7 Grants payable

Grants to individuals 2023
£
11,481
11,481		 2022
£
5,565
5,565

In order to allow affected students to continue with their studies, the Governors have utilised some of the School's bursary and hardship fund to subsidise a shortfall for students funded by Local Authorities, where those Authorities do not settle the full cost of the invoices issued to them.

CANBURY SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

8 Support costs

Premises running costs
Insurance
Repairs and
Maintenance
Office and computer
costs
Subscriptions
Entertaining
Sundry expenses
Advertising
Audit fees
Legal and professional
Bank charges
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
52,854
-
30,375
-
26,417
-
75,654
-
2,844
-
853
-
639
-
7,045
-
-
9,424
-
103,248
-
418
196,681
113,090
196,681
113,090		 2023Support costs Governance
costs
£
£
£
52,854
45,756
-
30,375
25,683
-
26,417
23,351
-
75,654
59,768
-
2,844
2,750
-
853
28
-
639
402
-
7,045
6,878
-
9,424
-
8,580
103,248
-
66,189
418
-
478
309,771
164,616
75,247
309,771
164,616
75,247		 2022
£
45,756
25,683
23,351
59,768
2,750
28
402
6,878
8,580
66,189
478
239,863
239,863

Audit fees includes an accrual of £4,800 audit services, £2,600 accounts preparation and £1,480 irrecoverable VAT (2022: £4,650, £2,500 accounts preparation plus £1,430 irrecoverable VAT).

9 Governors

None of the governors (or any persons connected with them) received any remuneration or benefits from the charity during the year.

10 Employees

The average monthly number of employees during the year was:

Teaching
Non-teaching
Administration and support
Total		 2023
Number
15
16
6
37		 2022
Number
17
15
6
38

CANBURY SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

10
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Continued)
2023
2022
£
£
1,163,065
1,035,879
94,863
95,952
75,586
100,904
1,333,514
1,232,735		 (Continued)
2023
2022
£
£
1,163,065
1,035,879
94,863
95,952
75,586
100,904
1,333,514
1,232,735
1,232,735

Annual remuneration for the purposes of disclosing higher paid employees excludes employer's pension contributions.

Key management personnel are defined as the Senior Leadership Team, total remuneration including employer's national insurance and pension contributions for the year was £301,357 (2022: £282,377). The 2023 figure includes an accrual for the notice period of the outgoing Head Teacher in accordance with their contract.

The number of employees whose annual remuneration was more than £60,000
is as follows:
2023 2022
Number Number
Direct charitable: Full time £60,000 - £69,999 1 -
Direct charitable: Full time £90,000 - £99,999 1 1

Of the employees whose emoluments exceed £60,000, 2 (2022: 1) has retirement benefits accruing under defined benefit pension schemes.

11 Other

Net loss on disposal of tangible fixed assets
For the year ended 31 August 2022		 Total
Unrestricted
funds
£
general
2023
2022
-
150
-
150		 Total
Unrestricted
funds
£
general
2023
2022
-
150
-
150
150

CANBURY SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

12 Net gains/(losses) on investments

Endowment Endowment
funds funds
2023 2022
£ £
Revaluation of investments (13,729) (62,325)
Gain/(loss) on sale of investments 2,196 24,536
(11,533) (37,789)

13 Taxation

The whole of the company's income is applied for charitable purposes and as a result the company is exempt from corporation tax.

14 Tangible fixed assets

Cost
At 1 September 2022
Additions
Disposals
At 31 August 2023
Depreciation and impairment
At 1 September 2022
Depreciation charged in the year
Eliminated in respect of disposals
At 31 August 2023
Carrying amount
At 31 August 2023
At 31 August 2022		 Freehold
Building
£
1,054,052
-
-
1,054,052
-
-
-
-
1,054,052
1,054,052		 Plant and
machinery
Freehold
improvements
Motor vehicles
£
£
£
337,979
289,073
56,480
2,955
-
-
(45,697)
-
-
295,237
289,073
56,480
301,441
226,643
32,619
16,114
28,574
5,965
(45,680)
-
-
271,875
255,217
38,584
23,362
33,856
17,896
36,538
62,430
23,861		 Total
£
1,737,584
2,955
(45,697)
1,694,842
560,703
50,653
(45,680)
565,676
1,129,166
1,176,881

The governors consider that the market value of freehold land and buildings is materially greater than the cost of those buildings. The market value cannot be easily quantified due to alterations made over time to make the building suitable for its specialised use as a school.

CANBURY SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

15 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 September 2022 405,377
Additions 46,711
Valuation changes (21,354)
Disposals (50,189)
At 31 August 2023 380,545
Carrying amount
At 31 August 2023 380,545
At 31 August 2022 405,377

Fixed asset investments revalued

Investments are valued at Market Value, specifically the previous trading day's closing prices. The historic cost of investments as at the year end is £340,926 (2022: £347,393).

16
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
17
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
380,545
2023
£
343,734
138,129
7,276
489,139		 2022
£
405,377
2022
£
451,701
31,825
13,067
496,593

CANBURY SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

18 Creditors: amounts falling due within one year

Notes
Other taxation and social security
Deferred income
19
Trade creditors
Other creditors
Accruals
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 September 2022
Released from previous periods

Resources deferred in the year
Deferred income at 31 August 2023		 2023
2022
£
£
21,706
21,670
684,878
674,725
9,555
1,062
151,103
42,405
14,880
12,700
882,122
752,562
2023
2022
£
£
684,878
674,725
2023
2022
£
£
684,878
674,725
674,725
566,439
(674,725)
(566,439)
684,878
674,725
684,878
674,725

19 Deferred income

Income is invoiced termly in advance. Income is deferred where it relates to future periods.

20 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The pension cost charge represents contributions payable by the company to the fund. The organisation also participates as a member of a group pension, the Teacher's Pension Scheme (TPS). Contributions to the scheme are determined by the Government Actuary every five years using normal actuarial principles. The scheme is a statutory, contributory, final salary scheme and the company is unable to identify its share of underlying assets and liabilities. Consequently, the charity has accounted for the contributions as if it were a defined contribution scheme.

The charge to profit or loss in respect of defined contribution schemes was £75,586 (2022 - £100,904).

CANBURY SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

21 Endowment funds

The endowment fund was established by a gift from a previous headmaster. It comprises the school building and investment portfolio.

Balance at
1 September
2021
£
Permanent endowments
Permanent
endowment
1,130,705
1,130,705		 Incoming
resources
£
-
-		 Movement in funds
Resources
expended
Change in
Market Value
Revaluations
gains and
losses
Balance at
1 September
2022
£
£
£
£
(4,205)
(37,789)
-
1,088,711
(4,205)
(37,789)
-
1,088,711		 Incoming
resources
£
-
-		 Movement in funds
Resources
expended
Change in
Market Value
Revaluations
gains and
losses
£
£
£
(3,912)
(11,533)
-
(3,912)
(11,533)
-		 Balance at
31 August
2023
£
1,073,266
1,073,266

CANBURY SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

22 Designated funds

A designated fund has been established from income generated by the charity's investment portfolio to fund major repairs to property, bursaries and certain capital expenditure.

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 September resources expended 1 September resources expended 31 August
2021 2022 2023
£ £ £ £ £ £ £
Investment
Income
Bursary and
Major Repairs
Fund 338,148 17,264 (5,565) 349,847 3,889 (11,481) 342,255
Information
Technology
Development
Fund 100,000 - - 100,000 - - 100,000
Refurbishmen
t Fund 300,000 - (8,625) 291,375 - - 291,375
738,148 17,264 (14,190) 741,222 3,889 (11,481) 733,630

Bursary Fund Donations represent donations to the school, allocated to provide bursaries by the Trustees.

The Information Technology Development Fund represent a provision for planned IT expenditure.

Refurbishment Fund: The trustees have established a designated fund to refurbish designated areas including the student cloakroom and toilets.

CANBURY SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

23 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
funds
Designated
Funds
Endowment
Funds
2023
2023
2023
£
£
£
Fund balances at 31 August 2023 are represented
by:
Tangible assets
55,900
-
1,073,266
Investments
38,290
342,255
-
Current assets/(liabilities)
710,249
391,375
-
804,439
733,630
1,073,266		 Total
Unrestricted
funds
Designated
Funds
Endowment
Funds
2023
2022
2022
2022
£
£
£
£
1,129,166
122,829
-
1,054,052
380,545
20,871
349,847
34,659
1,101,624
429,681
391,375
-
2,611,335
573,381
741,222
1,088,711		 Total
2022
£
1,176,881
405,377
821,056
2,403,314

CANBURY SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

24 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

25
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
(Gain)/loss on disposal of tangible fixed assets
Gain on disposal of investments
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Increase in deferred income
Cash generated from/(absorbed by) operations		 2023
2022
£
£
208,021
49,865
(8,039)
(17,383)
-
150
(2,196)
(24,536)
21,354
62,325
50,654
57,905
7,454
(225,772)
119,407
(21,164)
10,153
108,286
406,808
(10,324)

26 Analysis of changes in net funds

The charity had no debt during the year.