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Registered number: 01490100
Charity number: 280048
Northbourne Park School Limited
(A Company Limited by Guarantee)
Trustees' Report and Financial Statements
For the Year Ended 31 August 2022
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Contents
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Reference and Administrative Details of the Charity, its Trustees and Advisers
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Trustees' Responsibilities Statement
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Independent Auditors' Report on the Financial Statements
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Statement of Financial Activities
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Notes to the Financial Statements
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Reference and Administrative Details of the Charity, its Trustees and Advisers
For the Year Ended 31 August 2022
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Mr A Lucas (resigned 30 May 2022)
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Professor B Hutchinson (resigned 12 April 2023)
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Mrs S Loomis, Chair (resigned 13 September 2022)
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Miss M Aylward (appointed 22 September 2022)
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Mrs R Cartwright (appointed 22 September 2022)
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Ms E Hendy (appointed 22 September 2022)
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Mrs J Holland (appointed 22 September 2022)
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Mrs S Marmet (appointed 22 September 2022)
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Company registered number
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Charity registered number
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Northbourne Park School Limited
Betteshanger House
Betteshanger
Deal
Kent
CT14 0NW
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Kreston Reeves LLP
Statutory Auditor
Chartered Accountants
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
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HSBC
9 Rose Lane
Canterbury
Kent
CT1 2JP
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Mr S Rees BA (Hons), PGCE, NPQH
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Page 1
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Trustees' Report
For the Year Ended 31 August 2022
The Trustees present their annual report together with the audited financial statements of Northbourne Park School Limited for the year 1 September 2021 to 31 August 2022. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), 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).
Since the Charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.
The object of the Charity, in accordance with its Memorandum and Articles of Association, is the education of children from the age of 2 to 13 inclusive.
Objectives aims and principal activities
Strategic aim and intended effect
To provide a first-class education for every child, enabling them to reach their highest academic potential whilst benefitting fully from the extensive extra-curricular and pastoral programme offered by the School. This draws out their individual abilities, awakens and develops their wider interests in life and motivates them for a successful outcome at their chosen senior School. Children should leave the School with a robust set of values that enable them to contribute meaningfully to society as principled, honest, responsible and resilient individuals.
To achieve this outcome the School maintains:
• small class sizes that allow teaching to be tailored for each individual child
• a distinctive outdoor education programme affording children freedom and space
• a unique bilingual language programme
• an extensive programme of co-curricular activities
• exceptional individual care and support for every child
Objectives for the year
The School aims to
• deliver a full educational programme
• operate normal routines post-pandemic
• keep boarding provision open at all times during term-time.
• reintroduce the full range of extra-curricular activities and sports fixtures across the year groups
• develop enhanced mental health awareness amongst the staff and the children.
Principal activity
The activities undertaken include academic studies, an inclusive sporting programme, an inclusive music programme, a PSHEE programme (Personal, Social, Health, and Economic Education), an inclusive programme of outdoor education and STEAM activities together with a wide programme of additional extra-curricular activities.
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Northbourne Park School Limited
(A Company Limited by Guarantee)
The School had a compliance inspection in May 2022 from the ISI inspectorate. All areas of the School were compliant.
Public benefit
The School provides public benefit consistent with its role as a fee-charging educational charity.
Access to the education offered by the School is not restricted to those that can afford its fees:
• Means-tested scholarships are awarded to children from the local area who would particularly benefit from
a place at the School
• Means-tested bursaries provide financial support to those families who cannot afford the full fees.
• Fully funded places have been offered to 2 Ukrainian families displaced by the war in Ukraine.
The School provides a wide range of activities to fulfil the School’s aims for public benefit. These include:
• Providing enrichment days for local Schools and children.
• Letting School premises at no charge or below market rate to enable events such as:
o Girl Guides annual Jamboree
o Cyclo-Cross event
o Primary School football tournament
o Primary School cross country event
o W.I. netball club
o External Forest School group from Deal
o Sports courses run by Active Development Community
Financial Review
Results for the year show a deficit of £253,146 (2021: £159,689 surplus).
The School was impacted by significant increases in key operational costs such as utilities, food and transport. These costs were triggered by world events and could not have been foreseen.
The School continued to fund a programme of capital investment in the premises and facilities (reported in more detail in Development below) and invested further in the Schools’ IT capabilities.
Pupil numbers remain healthy. There were 197 pupils in the Autumn Term, 204 pupils in the Spring Term and 212 pupils in the Summer Term. However, the proportion of bursaries scholarships and staff/sibling discounts increased which impacted fee income for the year.
Trustees will continue to monitor these areas carefully to ensure a stable financial performance during times of worldwide financial pressure.
The cash balances are reviewed each year to ensure they are sufficient to meet our operational costs for 3 to 6 months in line with the Reserves Policy.
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Achievements and performance and plans for the future
Examinations
The strategic aim of the charity is to provide children with a first-class all-round education enabling them to reach their highest academic and personal potential. The School is non-selective and prepares children for a wide range of academic paths.
To this end the School prepares children for entry exams at 11+ and 13+. 6 children sat the 11+ exams and all passed. All the children in the Year 8 class who sat the Common Entrance exam passed to the senior School of their choice. In addition, 7 were awarded scholarships to senior Schools. All the children in the French 5ième class passed their exams to enter into the Lycée or International School of their choice, 7 of them achieved 100% in their results and four achieved places at prestigious English schools.
Extra-curricular
All the children who took LAMDA exams in Performance and Communication passed. 24 children took exams in the Spring with 16 merits and 8 distinctions.
The Afterschool clubs programme continues to play an essential part in the children’s development. The clubs provide a breadth of learning and experience that complements the academic learning. Each year the School looks to introduce new activities for the children to try. On average the School offers 18 different clubs through the course of the week.
Other activities included:
• European Day of Languages
• A whole School ceramic raku firing project
• Geography field trips
• Celebration of world events such as Chinese New Year
• Pre-Prep specialist days and weeks that include Environment Day, World Religion Day, Maths Week and
Art Week with a resident artist
• Spiritual links that include regular church services in the School chapel.
• Senior pupil residential trip to the Jurassic coast in Dorset, Year 6 residential trip with PGL, Year 5 day
trips in the local area including Clip and Climb and Go Ape, Year 3 and Year 4 local day trips to
Betteshanger Park and Folkestone beach.
• Year 8 and 5e 14-mile pilgrimage from Canterbury Cathedral to the School.
• The Choir performing Gloria by John Rutter in Canterbury Cathedral at St. Edmund’s Gala Concert
• Two full theatre productions, the senior performance of Calamity Jane and the junior performance of The
Jungle Book.
Charity work
• Continuing support of the Deal Food bank and Mustard Seed Relief Missions’ annual 'Love in a Box'
scheme which provide Christmas presents for children in orphanages in Eastern Europe.
• A countryside ramble with the Pre-Prep Children which raised over £700 for Children in Need with
• School-wide support of The Teddy Trust to provide teddy bears to children escaping war zones.
• Continuing support of our partner School in Uganda, St Paul's KAASO which reopened in January 2022,
following nearly 2 years of Covid School closure.
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Language and Cultural Exchange
The School continues to offer a comprehensive 6ieme and 5ieme programme for children from France and Spain through the ‘Section Française Bilingue’. This programme is in its 31st year and enables the francophone pupils to experience one or two years of bilingual education, in a traditional prep School setting. Pupils leave the School enriched by the full extra-curricular offering that is unique to the School and with fabulous English Language capabilities. The programme benefits all the children in the School – the Francophone pupils contribute to School life in all areas enabling our English language pupils to benefit from an enhanced multicultural and multilinguistic environment.
All of the senior school children benefit from the exchange of language skills and many leave the School having made lifelong friends with their English/French/Spanish counterparts.
STEAM and Outdoors
All children in the School make daily use of the extensive grounds and woods that form the School site. This is a key factor in fostering a sense of well-being and adventure in the children and contributes to their ability to perform at their best.
The School has continued to develop the programme for Saturday School. The programme has been extended to include Art and comprises: STEAM (Science, Technology, Engineering, Art & Mathematics), Outdoor pursuits and Bushcraft. This continues to be very popular with the children and their parents.
The Outdoor Education programme ensures that all the children from Nursery to Year 8 have outdoor lessons and activities. The programme of activities is of great benefit in supporting the children’s wellbeing post pandemic.
Mental Health
The School recognises the importance of good Mental Health. A key consideration in the development of the overall curriculum is creating an environment where children do not feel under undue pressure. The Saturday programme, Afterschool activities, tutoring system and mentoring system in boarding are all key in achieving this aim, giving the children breathing space and the opportunity to voice concerns. This overt support has taken on particular importance in the context of the Covid pandemic and its aftermath.
Sport
The all-weather sports pitch continues to have a significant impact on the quality of sport at the School, in particular hockey. It also provides the opportunity for boarders to practise sport in the evenings and at the weekends after School. The pitch is used for hockey, netball, tennis, 5-a-side football and basketball.
Highlights from the year include:
• The 1st Team Rugby Squad enjoyed an unbeaten season this year, the first time in almost 2 decades.
• A Year 8 girl was the first young lady to captain the 1st XI Football and 1st XI Cricket Teams.
• The U11 Boys 6 a side football squad were runners up in the Annual 6 a side Football tournament, out of
12 Schools.
• The U11B Mixed cross-country team ended up as 3rd place winners in the Annual Primary Schools cross-
country relay race, out of 22 teams. All three of the Schools mixed teams finished in the top 10.
• The U13 Girls played their first ever Girls’ hardball cricket fixture in the summer. This was an important
step in realising the Schools’ ambition to provide hardball fixtures across all senior and intermediate age
groups in the future.
• The U13 Girls played their first football fixture in March and hosted a return match in June.
• The School has been able to turn out A, B and C U9 boys and girls sports teams for the third year in a
row. This means that every child in the Prep School has represented the School in the sporting arena on
numerous occasions throughout the year.
• The School had its first season of hockey fixtures against other Schools on the new all-weather sports
pitch in the autumn term with all 3 age groups experiencing wins in hockey matches.
Educational visits
• The Institut Francais in London
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Northbourne Park School Limited
(A Company Limited by Guarantee)
• The Roman Museum, Canterbury
• Canterbury Cathedral
• Dover Museum
• The Roubaix exchange near Lille
• Geography fieldtrips to Kingsgate Bay, the ancient town of Rye, the River Dour in Dover and Coombe
Hole.
• Pre-Prep trips to Herstmonceux Science Centre, Quex Park, Monkton Nature Reserve and local farms.
Development
The School operates a rolling renovation programme to ensure that the historic buildings and grounds are maintained. Restrictions during the Covid pandemic inevitably impacted scheduled works but good progress has been made during this year.
The School has been successful in recruiting new members of the maintenance team to enhance the maintenance programme and identify and begin a new programme of works.
This year has seen large investment in motorised maintenance equipment: tractors, lawnmowers and cutting machinery. Maintaining the School grounds and woods for the benefit of the pupils is an intrinsic part of the offering of the School.
Further capital investment has included the replacement of all hanging tiles at The Old Rectory (the Pre Prep site) and a brand new roof on the gym of the Prep School.
The School has also installed a new fire system in all buildings at both sites and initiated a programme of upgraded fire doors, commissioned to complement the historic building.
School Community
The School was delighted to be able to invite the community onto the grounds again for a wide variety of events.
The programme included long-standing annual events such as the Burton Race, Historical Costume Day, Easter Egg Hunt and Leavers’ Dinner.
Parents also attended a Cheese and Wine evening, pre-prep Quiz Night, whole School Easter Egg Hunt, Christmas Fair, Sports Day at both the Pre-Prep and Prep School and a Parents Soirée hosted on the eve of Speech Day to finish the year.
Plans for the future
The School will continue to pursue its 3-year development plan for education. Next year Northbourne Park School will focus on the second phase of the Development Appeal to enhance the School's facilities.
The School continues to explore ideas for further developing links with France, Spain, China and elsewhere whilst retaining its unique characteristics as an English School that has a much wider reach.
Fundraising activities/ income generation
Due to the restrictions of the pandemic, the School continued to pause the fundraising activities. The plan is to review and resume fundraising activities in the new academic year.
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Reserves policy
The charity has a policy for reserves to ensure there are sufficient reserves to cover daily running costs, ensure continuity of the service by being able to meet unexpected costs and to carry out necessary repairs and maintenance to buildings, fixtures, furnishings and equipment.
The charity holds reserves at 31 August 2022 of £1,068,248 (2021: £1,321,430). General unrestricted reserves as at 31 August 2022 amounted to £1,037,182 (2021: 1,301,474).
The reserves balances are reviewed each year to ensure they are sufficient to meet our operational costs for 3 to 6 months in line with the Reserves Policy. The Governors believe that this level of reserves is prudent and necessary and will monitor it no less than once a year at the end of the academic year. Should the reserves fall significantly below the target level, the School will aim to restore the reserves as soon as possible by increasing revenue through fundraising or reducing expenditure. If reserves are significantly above the target level, the Governors will utilise the excess by enhancing School facilities and/or increasing the amount of public benefit.
Structure, governance and management
Governing body
The Directors and Charity Trustees are required under the Articles to serve as members of the Company and are elected at a full Board meeting according to the Board’s specifications concerning eligibility, personal competence and specialist skills. The Trustees conduct a skills audit once a year to determine necessary skills required for the Board and to aid recruitment.
One Trustee may be nominated by the Trustees of the Tormore Charitable Trust and historically one by the Betteshanger Trust, which dissolved at 31st August 2019. Other Trustees serve for a term of five years and are eligible to stand for re-election.
Trustee training
Trustees are inducted into the workings of the School, and the Company as a registered charity, including key Board Policy and Procedures.
The Trustees benefit from membership of The Association of Governing Bodies of Independent Schools (AGBIS) which provides training and advice and is a resource for best practice.
Key training courses are made available to Governors to complete in their own time and a log of training is kept up to date and under review. Annual safeguard training is provided to all Governors. Additional role specific specialist courses are made available to key Governors.
Governors receive regular updates on key topics relevant to their role.
Pay policy for senior staff
The Governors Remuneration Committee has delegated authority from the Governing Body to make decisions on the pay and remuneration of the School’s key management personnel. The Remuneration Committee determine pay using a variety of contributory factors which include:
• The level of qualifications and experience of the staff member
• The level of accountability and responsibility held
• The need to recruit key management personnel and retain them in post
• Salary data from IPAS, ISBA and DfE
• Affordability
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Organisational management
The Trustees meet regularly to determine the strategy of the School, review its performance against key strategic indicators and to review its management structures and financial control.
An Annual strategy planning day is held each year.
The work of approving and monitoring adherence to the policies is carried out by the two Committees, namely the Education Committee and the Finance and General Purposes Committee, which meet on a regular basis to address matters specific to their respective objectives.
The Trustees agree the general policies of the School.
The operational management of the School is delegated to the Head and the Bursar together with other members of the Senior Management Team.
Relationships
The School is an active member of the Independent Association of Preparatory Schools for the promotion and maintenance of preparatory School standards generally. It takes part in peer group studies for the evaluation of quality and performance improvement methods.
The School co-operates with local charities in its ongoing endeavour to widen public access to the education that it provides, to optimise the use of its cultural and sporting facilities and to awaken in its pupils an awareness of the social context of the education they receive at the School.
The School benefits from an extensive cohort of committed alumni and is keen to introduce an active network with opportunities to celebrate the School. The School greatly appreciates and acknowledges the generous support given by many alumni.
Risk Management
There is a continuous process in place to identify, evaluate and manage the most significant risks the School faces. This Risk Register is reviewed regularly by Trustees.
Safeguarding of children, and the continuous assessment of its’ associated risks are of the highest priority to the Trustees.
The Trustees have assessed the major risks to which the School is exposed, including: estate, operational, financial and reputational. The Trustees review and update the Risk Register at least once each year, employing a ranking system which considers likelihood of occurrence and subsequent impact.
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees’ report is approved has confirmed that:
• So far as that Trustee is aware, there is no relevant audit information of which the charitable company’s
auditors are unaware, and
• That Trustee has taken all the steps that ought to have been taken by a Trustee in order to be aware of
any information needed by the charitable company’s auditors in connection with preparing the report
and to establish that the charitable company’s auditors are aware of that information.
Approved by order of the members of the board of Trustees on 12 April 2023 and signed on their behalf by:
Ms S Barter
Chair of Trustees
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Page 9
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Statement of Trustees' responsibilities
For the Year Ended 31 August 2022
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
∙select suitable accounting policies and then apply them consistently;
∙observe the methods and principles of the Charities SORP (FRS 102);
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Page 10
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Northbourne Park School Limited
We have audited the financial statements of Northbourne Park School Limited (the 'charity') for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of 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:
∙give a true and fair view of the state of the charitable company's affairs as at 31 August 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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
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In auditing the financial statements, we have concluded that the Trustees' 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 charitable company'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 Trustees with respect to going concern are described in the relevant sections of this report.
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Northbourne Park School Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
∙the Trustees' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of Trustees' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
Responsibilities of trustees
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As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees 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 Trustees are responsible for assessing the charitable company'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 Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Northbourne Park School Limited (continued)
Auditors' responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the charity and the sector as a whole, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to child protection and safeguarding, health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019), the Companies Act 2006 and other relevant charity legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
We evaluated Trustees' and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in judgemental areas of the financial statements. Audit procedures performed by the engagement team included:
• Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including child protection and safeguarding, health and safety, anti-bribery, employment law) and fraud, and review of the reports made by management; and
• Assessment of identified fraud risk factors; and
• Review the latest Independent Schools Inspectorate reports to identify weaknesses in the quality of education provided and the spiritual, moral, social and cultural development of pupils; and
• Conducting interviews with the headmaster to understand whether there have been any safeguarding issues in the year; and
• Testing of internal controls procedures relating to expenditure potentially more susceptible to fraud and other irregularities including cash, payroll and credit card expenditure; and
• Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
• Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
• Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
• Reading minutes of meetings of those charged with governance, reviewing correspondence with relevant tax and regulatory authorities; and
• Review of internal controls and physical inspection of tangible assets susceptible to fraud or irregularity; and
• Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Northbourne Park School Limited (continued)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charitable company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.
∙Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Page 14
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Northbourne Park School Limited (continued)
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Peter Manser FCA DChA (Senior Statutory Auditor)
for and on behalf of
Kreston Reeves LLP
Statutory Auditor
Chartered Accountants
Canterbury
12 April 2023
Page 15
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Statement of financial activities (incorporating income and expenditure account)
For the Year Ended 31 August 2022
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Total funds brought forward
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Total funds carried forward
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The Statement of Financial Activities includes all gains and losses recognised in the year.
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The notes on pages 19 to 38 form part of these financial statements.
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Page 16
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Registered number: 01490100
Balance Sheet
As at 31 August 2022
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Creditors: amounts falling due within one year
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The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 12 April 2023 and signed on their behalf by:
Ms S Barter
Chair of Trustees
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The notes on pages 19 to 38 form part of these financial statements.
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Page 17
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Statement of Cash Flows
For the Year Ended 31 August 2022
Cash flows from operating activities
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Net cash used in operating activities
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Net cash used in investing activities
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Change in cash and cash equivalents in the year
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Cash and cash equivalents at the beginning of the year
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Cash and cash equivalents at the end of the year
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The notes on pages 19 to 38 form part of these financial statements
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Page 18
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 August 2022
Northbourne Park School Limited is a charity, limited by guarantee, incorporated in England and Wales.
The charity's registered office is Betteshanger House, Betteshanger, Deal, Kent, CT1 0NW.
The charitable activities of the charity continues to be the provision of a Day and Boarding School for 2-13 year old boys and girls.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Northbourne Park School Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The charity's functional currency is Pound Sterling.
The charity's financial statements are presented to the nearest pound.
The Charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the Charity.
The charity's main source of income is from its charitable objectives being the Gross Fees and Disbursements received for the provision of a Day and Boarding School for 2-13 year old boys and girls.
In order to meet its day to day working capital requirements the charity is dependent upon ensuring sufficient pupils attend the school to ensure sufficient incoming resources are generated from Gross Fees and Disbursements.
After making enquiries, the Trustees have a reasonable expectation that the Charity will have adequate resources to continue in operational existence for the foreseeable future.
The Trustees have reviewed the latest cash flow forecast and budgets and consider that the charity will be able to settle invoices, bills and commitments as they fall due and therefore continues to be a going concern. Accordingly, they continue to adopt a going concern basis in preparing the financial statements.
Page 19
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 August 2022
2.Accounting policies (continued)
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Turnover comprises revenue recognised by the Charity in respect of goods and services's supplied during the year, exclusive of Value Added Tax and trade discounts.
Page 20
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 August 2022
2.Accounting policies (continued)
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Tangible fixed assets and depreciation
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Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
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Long-term leasehold property
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The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.
Page 21
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 August 2022
2.Accounting policies (continued)
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of Financial Activities.
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
The Charity contributes to personal pension plans for non teaching staff.
Retirement benefits for teaching employees of the Charity are provided by the Teachers' Pension Scheme ("TPS"). This is a defined benefit scheme and the assets are held separately from those of the Charity.
The TPS is and unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees' working lives with the Charity in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. As stated in note 25, the TPS is a multi-employer scheme and there is insufficient information available to use defined benefit accounting. The TPS is therefore treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate.
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Liabilities and provisions
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Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
Page 22
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 August 2022
2.Accounting policies (continued)
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payable or receivables, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of the trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
Page 23
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 August 2022
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Critical accounting estimates and areas of judgment
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Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
Tangible fixed assets
The Charity has recognised tangible fixed assets with a carrying value of £485,713 at the reporting date (see note 15). These assets are stated at their cost less provision for depreciation and impairment. The Charity's accounting policy sets out the approach to calculating depreciation for immaterial assets acquired. For material assets the Charity determines at acquisition reliable estimates for the useful life of the asset, its residual value and decommissioning costs. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates the Trustees consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used.
Where there are indicators that the carrying value of tangible assets may be impaired the Charity undertakes tests to determine the recoverable amount of assets. These tests require estimates of the fair value of assets less cost to sell and of their value in use. Wherever possible the estimate of the fair value of assets is based upon observable market prices less incremental cost for disposing of the asset. The value in use calculation is based upon a discounted cash flow model, based upon the Charity’s forecasts for the foreseeable future which do not include any restructuring activities that the Charity is not yet committed to or significant future investments that will enhance the asset’s performance. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well expected future cash flows and the growth rate used for extrapolation purposes.
Critical areas of judgment:
Multi-employer defined benefit pension scheme
Certain employees participate in a multi-employer defined benefit pension scheme. In the judgement of the Trustees, the Charity does not have sufficient information on the plan assets and liabilities to be able to reliably account for its share of the defined benefit obligation and plan assets. Therefore the scheme is accounted for as a defined contribution scheme, see note 26 for further details.
Lease commitments
The Charity has entered into a range of lease commitments in respect of property, plant and equipment. The classification of these leases as either financial or operating leases requires the Trustees to consider whether the terms and conditions of each lease are such that the Charity has acquired the risks and rewards associated with the ownership of the underlying assets.
Going concern
The Trustees have reviewed the latest cash flow forecast and budgets and consider that the charity will be able to settle invoices, bills and commitments as they fall due and therefore continues to be a going concern. See note 2.3 for further details.
Page 24
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 August 2022
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Income from donations and legacies
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Income from charitable activities
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Gross fees and disbursements
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Staff discounts, other fee allowances and chargeable disbursement expenditure
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Government grant - Job Retention Scheme
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Page 25
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 August 2022
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Fundraising trading expenses
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Page 26
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 August 2022
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Analysis of resources expended by expenditure type
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Expenditure on trading activities
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Analysis of expenditure by activities
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Activities undertaken directly
2022
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Page 27
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 August 2022
11.Analysis of expenditure by activities (continued)
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Staff training and other costs
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Housekeeping and cleaning
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Restricted fund expenditure
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Bank charges, interest & penalties
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Membership, subscriptions & licences
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Page 28
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 August 2022
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This is stated after charging:
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Depreciation of tangible fixed assets:
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Auditors' remuneration - audit
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Auditors' remuneration - other services
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Contribution to defined contribution pension schemes
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The average number of persons employed by the Charity during the year was as follows:
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Page 29
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 August 2022
13.Staff costs (continued)
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The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
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In the band £90,001 - £100,000
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A total of £16,828 (2021: £16,436) was paid into the Pension Fund of the above employee.
The total compensation paid to key management personnel amounted to £238,589 (2021: £235,116). Employer pension contributions were a total of £46,597 (2021: £45,698) and Employer National Insurance contributions were a total of £29,738 (2021: £26,363). The key management personnel comprises of the Headmaster, Assistant Headmaster, Bursar and Senior Management Team.
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Trustees' remuneration and expenses
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During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
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During the year ended 31 August 2022, no Trustee expenses have been incurred (2021 - £NIL).
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Page 30
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 August 2022
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Long-term leasehold property
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Prepayments and accrued income
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Page 31
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 August 2022
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Accruals and deferred income
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Deferred income at 1 September 2021
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Resources deferred during the year
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Amounts released from previous periods
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Deferred income at 31 August 2022
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At the balance sheet date the Charity held funds received in advance of the 2022/23 financial year in respect of parent contributions towards school fees.
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Page 32
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 August 2022
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Statement of funds - current year
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Balance at 1 September 2021
£
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Balance at 31 August 2022
£
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Page 33
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 August 2022
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Statement of funds (continued)
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Statement of funds - prior year
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Balance at
1 September 2020
£
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Balance at
31 August 2021
£
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Page 34
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 August 2022
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Summary of funds - current year
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Balance at 1 September 2021
£
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Balance at 31 August 2022
£
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Summary of funds - prior year
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Balance at
1 September 2020
£
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Balance at
31 August 2021
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The following funds have been established by the Trustees:
The restricted funds are for various small items for specific purposes, which have been restricted by the donor. This includes Early Years funding donated by Kent County Council.
The restricted Friends fund is various income and expenditure associated with the activities of this association.
The restricted Development fund is various income and expenditure associated with development projects of the charity. Such development projects include the building of a 3G sports pitch and swimming pool. The total fund has been spent towards the 3G sports pitch.
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Analysis of net assets between funds
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Analysis of net assets between funds - current year
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Creditors due within one year
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Page 35
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 August 2022
22.Analysis of net assets between funds (continued)
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Analysis of net assets between funds - prior year
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Creditors due within one year
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Reconciliation of net movement in funds to net cash flow from operating activities
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Net income/expenditure for the year (as per Statement of Financial Activities)
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Decrease/(increase) in stocks
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Decrease/(increase) in debtors
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Increase/(decrease) in creditors
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Net cash provided by operating activities
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Analysis of cash and cash equivalents
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Total cash and cash equivalents
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Page 36
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 August 2022
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Analysis of changes in net debt
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The Charity participates in two pension schemes:
Teaching Staff
Teachers' Pension Scheme
Introduction
The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in schools. All teachers have the option to opt-out of the TPS following enrolment.
The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
Valuation of the Teachers’ Pension Scheme
The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are:
- employer contribution rates set at 23.68% of pensionable pay (including a 0.08% employer administration charge)
- total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £196,100 million giving a notional past service deficit of £22,000 million
- the SCAPE rate, set by HMT, is used to determine the notional investment return. The current SCAPE rate is 2.4% above the rate of CPI, assumed real rate of return is 2.4% in excess of prices and 2% in excess of earnings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of return including earnings growth is 4.45%.
The next valuation result is due to be implemented from 1 April 2023.
A copy of the valuation report and supporting documentation is on the Teachers' Pensions website (https://www.teacherspensions .co.uk/news /employers/2019/04/teachers -pensions-valuation -report.aspx).
Page 37
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Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 August 2022
26.Pension commitments (continued)
Under the definitions set out in FRS 102, the TPS is a multi-employer pension scheme. The trust has accounted for its contributions to the scheme as if it were a defined contribution scheme. The trust has set out above the information available on the scheme.
Non-Teaching Staff
The Charity contributes to personal pension plans for non teaching staff, at 4% of annual pay.
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Operating lease commitments
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At 31 August 2022 the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
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Later than 1 year and not later than 5 years
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Related party transactions
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During the year Mrs M Hutchinson, spouse of Professor B Hutchinson, a Trustee of the Charity, was employed by the Charity and as such was paid remuneration for her services. Remuneration for the year amounted to £36,595 (2021: £36,165). Transactions with Mrs M Hutchinson were conducted at arm’s length and in accordance with the Charity’s financial regulations and normal procurement procedures.
During the year, Mrs G Rees, spouse of Sebastian Rees, a member of key management personnel, was employed by the Charity and as such was paid remuneration for her services. Remuneration for the year amounted to £51,090 (2021: £51,214). Transactions with Mrs G Rees were conducted at arm's length and in accordance with the Charity's financial regulations and normal procurement procedures.
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The charity is a charitable company limited by guarantee and was controlled throughout the year by the Trustees.
Page 38
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