Company registration number 02226604 (England and Wales)
EGERTON-ROTHESAY SCHOOL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
EGERTON-ROTHESAY SCHOOL LIMITED
COMPANY INFORMATION
Directors
Mr D R Vesey
Mrs J A Walker
Mr S J East
Mrs C L Martin
(Appointed 1 January 2023)
Secretary
Mr Stephen Potts
Company number
02226604
Registered office
Egerton Rothesay School
Durrants Lane
Berkhamsted
Hertfordshire
United Kingdom
HP4 3UJ
Auditor
Azets
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
EGERTON-ROTHESAY SCHOOL LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 16
EGERTON-ROTHESAY SCHOOL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -

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

Principal activities

The principal activity of the company continued to be that of running an independent school which provides a supportive educational environment to meet the specific educational special needs of its pupils.

 

During the year, the Company continued to build on the success of the school which has developed a specialist approach for children who - for whatever reason - need a more supportive educational environment including specific educational special needs.

 

With this focus we continue to draw children from a wide area - made possible by our 8-route bus service and to also act as specialist education provider to 13 Local Authorities who pay full fees for 127, part fees for 3 and no part of the fees for 14 children with EHCP's so they can attend Egerton Rothesay School.

 

As we are now well established in the SEN market both on the open market with private fee paying parents and local authorities, the need for Open days has reduced amounting to one possibly two per year.

 

The average number of pupils for the year was 159.

 

The school has continued to develop its links to the local Christian community as part of its own ministry. We intend to build further network links with both ministers and youth activities in the area both for the benefit of our own children and to enable them to make a contribution for others.

Charitable contributions

 

During the year the school has paid a Gift Aid donation of £189,389 (2022: £212,705) to the parent Company Egerton Rothesay and other charitable donations of £nil (2022 - £378).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D R Vesey
Mrs J A Walker
Mr S J East
Mrs C L Martin
(Appointed 1 January 2023)
Auditor

In accordance with the company's articles, a resolution proposing that Azets be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

EGERTON-ROTHESAY SCHOOL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
On behalf of the board
Mr S J East
Director
25 March 2024
EGERTON-ROTHESAY SCHOOL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -

The directors are responsible for preparing the annual report and 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). Under company law the directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and 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 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

EGERTON-ROTHESAY SCHOOL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EGERTON-ROTHESAY SCHOOL LIMITED
- 4 -
Opinion

We have audited the financial statements of Egerton-Rothesay School Limited (the 'company') for the year ended 31 August 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity 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 company 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 directors' 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 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 directors 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 directors 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

EGERTON-ROTHESAY SCHOOL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EGERTON-ROTHESAY SCHOOL LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors 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 directors 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 auditor's 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.

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.

EGERTON-ROTHESAY SCHOOL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EGERTON-ROTHESAY SCHOOL LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we 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.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 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.

Use of our report

This report is made solely to the 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 company's members those matters we are required to state to them in an auditor's 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Mark Jackson FCA DChA
Senior Statutory Auditor
For and on behalf of Azets
2 April 2024
Chartered Accountants
Statutory Auditor
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
EGERTON-ROTHESAY SCHOOL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
2023
2022
£
£
Turnover
5,331,074
5,106,981
Cost of sales
(4,350,300)
(4,433,770)
Gross profit
980,774
673,211
Administrative expenses
(648,532)
(548,293)
Other operating income
15,710
-
0
Operating profit
347,952
124,918
Interest receivable and similar income
93
1,261
Interest payable and similar expenses
(24,080)
(18,900)
Profit before taxation
323,965
107,279
Tax on profit
(6,133)
(12,895)
Profit for the financial year
317,832
94,384

The profit and loss account has been prepared on the basis that all operations are continuing operations.

EGERTON-ROTHESAY SCHOOL LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,172,256
2,264,938
Current assets
Debtors
5
23,573
73,776
Cash at bank and in hand
357,520
783,031
381,093
856,807
Creditors: amounts falling due within one year
6
(683,576)
(1,079,889)
Net current liabilities
(302,483)
(223,082)
Total assets less current liabilities
1,869,773
2,041,856
Creditors: amounts falling due after more than one year
7
(146,476)
(426,250)
Provisions for liabilities
8
(62,455)
(83,198)
Net assets
1,660,842
1,532,408
Capital and reserves
Called up share capital
10
10,000
10,000
Share premium account
5,269
5,269
Profit and loss reserves
1,645,573
1,517,139
Total equity
1,660,842
1,532,408

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

The financial statements were approved by the board of directors and authorised for issue on 25 March 2024 and are signed on its behalf by:
Mr S J East
Director
Company Registration No. 02226604
EGERTON-ROTHESAY SCHOOL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
- 9 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2021
10,000
5,269
1,635,460
1,650,729
Year ended 31 August 2022:
Profit and total comprehensive income for the year
-
-
94,384
94,384
Distributions to parent charity under gift aid
-
-
(212,705)
(212,705)
Balance at 31 August 2022
10,000
5,269
1,517,139
1,532,408
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
-
317,832
317,832
Distributions to parent charity under gift aid
-
-
(189,398)
(189,398)
Balance at 31 August 2023
10,000
5,269
1,645,573
1,660,842
EGERTON-ROTHESAY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 10 -
1
Accounting policies
Company information

Egerton-Rothesay School Limited is a private company limited by shares incorporated in England and Wales. The registered office is Egerton Rothesay School, Durrants Lane, Berkhamsted, Hertfordshire, United Kingdom, HP4 3UJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Egerton Rothesay. These consolidated financial statements are available from its registered office.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. Further, forecasts and business plans have been prepared which provide comfort that the Company will continue to trade in the foreseeable future.

1.3
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 

School fees and similar income

Revenue from school fees and similar income is recognised in the term in which the services are provided and when:

 

Revenue is deferred where received in advance of the service.

EGERTON-ROTHESAY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 11 -
1.4
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. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% straight line
Plant and equipment
3 to 8 years straight line

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 credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

1.6
Financial instruments

The company 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 company's balance sheet when the company 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

EGERTON-ROTHESAY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 12 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 business 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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.10
Retirement benefits

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

1.11

Distributions

Distributions to the parent charity are recognised when they are paid.

EGERTON-ROTHESAY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 13 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors 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
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
150
151
4
Tangible fixed assets
Freehold property
Plant and equipment
Total
£
£
£
Cost
At 1 September 2022
2,664,120
1,109,719
3,773,839
Additions
11,719
12,731
24,450
At 31 August 2023
2,675,839
1,122,450
3,798,289
Depreciation and impairment
At 1 September 2022
733,939
774,962
1,508,901
Depreciation charged in the year
53,428
63,704
117,132
At 31 August 2023
787,367
838,666
1,626,033
Carrying amount
At 31 August 2023
1,888,472
283,784
2,172,256
At 31 August 2022
1,930,181
334,757
2,264,938
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
11,733
4,854
Other debtors
11,840
68,922
23,573
73,776
EGERTON-ROTHESAY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 14 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
8,968
70,391
Trade creditors
53,253
133,048
Corporation tax
26,876
-
0
Other taxation and social security
57,217
60,584
Other creditors
537,262
815,866
683,576
1,079,889
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,381
295,158
Other creditors
112,095
131,092
146,476
426,250

Amounts falling due after more than 5 years

 

£nil (2022 - £24,053) of the bank loan and £24,085 (2022 - £43,276) of the other loan is due after more than five years from the balance sheet date.

 

Secured loans

 

Banking facilities are secured by the first legal charge over the site at Durrants Lane, Berkhamsted, Herts, HP4 3UJ.

 

Interest on bank loans is paid at 2.25% above the base rate.

 

In 2016 a secured loan facility was taken out for £300,000 in order to acquire the Woods Building which was previously rented. The year end balance is shown above within other creditors and is secured by way of a second legal charge over the Durrants Lane site.

 

Interest on other loans is paid at 4%.

8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
62,455
83,198
EGERTON-ROTHESAY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 15 -
9
Pension commitments

Defined contribution schemes

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

 

The pension cost charge represents contributions payable by the Company to the fund and amounted to £107,058 (2022 - £109,398) in relation to NEST.

 

In addition, contributions are made to personal pension schemes. The pension cost charge represents contributions payable by the Company into the schemes and amounted to £312 (2022 - £625).

 

Defined benefit schemes

The Company contributes to a defined benefit multi-employer pension scheme, the Teachers Pension Scheme (TPS). This is an aggregate of the pre 2015 scheme and the 2015 scheme. Contributions to the scheme were determined on the basis of quadrennial actuarial valuations carried out by the Government Actuary. The latest actuarial valuation of the TPS was carried out as at 31 March 2016. This sets out the contribution rates for the implementation period (1 April 2019 to 31 March 2023).

 

The key elements of the valuation and subsequent consultation are:

 

The contributions during the year to TPS totalled £403,101 (2022 - £436,465).

 

A copy of the valuation report and supporting documentation is on the Teachers' Pension website.

 

Under the definitions set out in FRS102, the TPS is an unfunded multi-employer pension scheme. The Company has recognised contributions to the scheme as if it were a defined contribution scheme.

 

Contributions totalling £45,900 (2022 - £44,805) were payable in respect of pensions at the year end and are included in other creditors.

10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
EGERTON-ROTHESAY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 16 -
11
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
42,144
4,896
12
Related party transactions

The Company is a wholly owned subsidiary and has taken advantage of the exemption permitted by FRS 102 Section 33 "Related Party Disclosures" not to provide disclosures of transactions entered into with other wholly owned members of the Group.

 

The loan taken out to purchase the previous rented Woods building is provided by Pact Holdings Limited as Trustee of God Save Britain Crusade (registered charity number 262703). Mr S J East is a director of Pact Holdings Limited.

13
Parent company

The immediate and ultimate parent entity is Egerton Rothesay, a charitable company limited by guarantee. The registered office is Egerton Rothesay School, Durrants Lane, Berkhamstead, Hertfordshire, HP4 3UJ.

 

Egerton Rothesay prepares group financial statements and copies can be obtained from Companies House.

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