Great Ballard has had another successful year and many new families have joined us despite the difficult economic times we are living in. It is rewarding to see the senior school growing and. emerging as a respected local 16+ school. This year we also saw our third inspection in 3 years with a full ISI report following hot on the heels of two material change applications. While our progress has been clear in all three, we know we still have a way to travel.
Our GCSE curriculum continues to develop with new options available for the second wave of Year 9s this year. We approach our first GCSE year next year with excitement. Overall though we are most excited by the breadth of the offering and the way it prepares students for life beyond school. The Great Ballard Diploma includes a Microsoft qualification in ICT, cookery and gardening, training in leadership, project qualification, a financial qualification and a focus on personal health and regulation as delivered through MAP (Mental Academic Physical). We also teach Learning to Learn which helps us to link Great Outdoors (Our Forest School) with Duke of Edinburgh and it is notable that 100% of our current Year 9s are signed up for this qualification.
67% of all students made expected or more than expected progress in English this year with 83% making the same progress in Maths and 86% in Science. 69% of SEN students made expected or better than expected progress across the school. Our scholarship assessment day was the most popular so far, with 12 external candidates and all offered a place, with the award of 11 scholarships. Our own students achieved 10 scholarships at 11 and 13+ (3 All Rounders, 4 service and leadership, 1 Computer Science, 1 sport, 1 art). No students applied for scholarships elsewhere. 10 students in the senior school took part in the UK Maths Challenge in November and were successful, with a bronze award going to a Y8 student, a silver in Y7 and a bronze, silver and gold award in Y9. LAMDA awards continue to be a feature of our Performing Arts students, with a number achieving excellence across the difference disciplines. This year we achieved our highest grade we have set yet (Grade 6 Bronze medal) in Acting, Verse and Prose. Several students performed at Chichester & Worthing festivals and won in their relative categories.
The year started with our KS3 residential to Le Touquet, with students having the opportunity to taste snails, see how chocolate is made and practice their language skills at the market. At the end of the year, all year groups enjoyed a residential, tied into the Great Ballard diploma as their ‘residential.’. All students from Years 7 – 10 attended a trip related to the Equality & Human Rights Act (2010) – Y7 – 9 attended a place of worship and Y10 had a tour of Parliament followed by a trip to Brixton market to experience some food from a range of cultures. This was supported by a whole-school assembly in Diversity Week, visiting speakers across all sections of the school and PSHE lessons focussing on media from different cultures. Our Performing Arts department has had a busy year with the successful musical Matilda running across Prep and Senior, and a regular series of concerts – formal and informal – with performances from students across both sections of the school. Our fixture list continues to be wider as our numbers have grown to facilitate more teams across the senior school. Netball is emerging as a particular ‘pocket of excellence’. Service and Leadership dinners were successful, with speakers including an ex-international cricketer, and a head charity worker with local charity Stone Pillow.
Our Service & Leadership scholars led this event well, and feedback was excellent from attending guests. House competition continues to thrive, with this year seeing a really successful House Music competition, the biggest ever sports day and the ever-popular end of year House Quiz.
Financial review
Firstly, I would like to thank the charitable trust that continues to assist our growth path and provides funding which supports the school facilities and advances the education of our pupils.
The year ended with total turnover up by £731,704 or 35%, an improvement of £399,744 over the prior year’s gain of 19%, which mainly reflects the continued pupil gains from the addition of our senior school. Overall pupil recruitment and retention across the school remained very strong, with a year-on-year pupil gain of 51 pupils or 45%, an improvement of 27 pupils over the prior year. On top of major refurbishments during the year we also invested £390,057 capital expenditure in facilities and added computer equipment, which resulted in a small operating loss of -£11,662 for the year compared to the previous year’s net profit of £14,940. Cash at the bank reduced by -£27,390 to £175,892. The average monthly number of employees (including directors) rose from 41 to 62 during the year. The school prepares for the possible challenge of our Parents having to face a future imposition of VAT being added to their school fees. We continue to work on a strategic business plan that provides for continued growth whilst maintaining the family ethos and culture of the school which is so important to us.
Future developments
At the end of this financial year, we have refitted the old Art Room and it is now a 21st century Science Lab. We have developed the top floor so that we have more classrooms for the older students along with common rooms and a study space with computers set up. All this will be ready for the academic year 23/24. We are also hoping to be making use of the Stable block which will be the new Art Studio, but this is subject to acquiring planning permission.
Governance
The Board of Governance is now made up of my son, Christopher and I and we are supported by 3 other members. The board meet once a month to look at all aspects of school life. We also have an Advisory board who meet once a term and look at the strategic options open to us so that we continue to grow and meet the needs of our pupils and parents.
Our parent body continues to be very supportive. The Friends of Great Ballard’s (FOGB) raise money to buy additional extras for the school and, for this, we are very grateful.
On behalf of the Chairman
We have audited the financial statements of Great Ballard School Limited (the 'company') for the year ended 31 August 2023 which comprise , the balance sheet 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:
give a true and fair view of the state of the company's affairs as at 31 August 2023 and of its loss 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.
Basis for 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
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.
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
Our approach was as follows:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.
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.
Great Ballard School Limited is a private company limited by shares incorporated in England and Wales. The registered office is Eartham House, Eartham, Chichester, West Sussex, PO18 0LR.
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 £.
As set out in the Directors’ Responsibilities Statement on page 6, in preparing these financial statements the directors are required to prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The business of the company is that of operating as an independent school and in satisfaction of this responsibility the directors have reviewed in detail the cash flow projections of the school which are updated weekly, and considered the school’s ability to meet its liabilities as they fall due.
Whilst the school has continued to incur operating losses which currently reflects our largest ever period of investment in added staffing and facilities to accommodate the expansion of our new senior school. We have favourable increases in pupil numbers and fee income which is only expected to increase over the next year as the additional senior classes come onstream and the directors are confident that the school will now return to an operating surplus.
The school has no bank lending facilities in place and operates entirely from its bank current account to meet its commitments as they fall due. The school receives grants from an educational charity, towards the costs of providing educational services at the school. The directors have discussed the projected funding requirements with the educational charity who have committed to provide the necessary funding. Accordingly, the directors consider it appropriate to prepare these financial statements on a going concern basis.
In addition the school prepares for the possible challenge of our Parents having to face a future imposition of VAT being added to their school fees.
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.
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.
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.
Basic financial liabilities, including creditors, bank loans and loans from shareholders 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.
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Pensions
The company contributes to pension schemes on behalf of its teaching and non-teaching staff. Contributions are charged to the profit and loss account as they become payable. The funds of the schemes are administered by trustees and are separate from the company.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the previous periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
A net deferred tax asset is regarded as recoverable and therefore recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
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.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
The average monthly number of persons (including directors) employed by the company during the year was:
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
The directors have applied the exemption available within FRS 102 Section 1AC from disclosing transactions with related parties which have been undertaken under normal market conditions. The directors reviewed the transactions with related parties and have concluded that there are no transactions requiring disclosure.