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REGISTERED NUMBER: 01454970 (England and Wales)














STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

CHASE GRAMMAR SCHOOL LTD

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


CHASE GRAMMAR SCHOOL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: Mr C Bao
Ms T Zhou





REGISTERED OFFICE: Chase Grammar School
Convent Close
Cannock
Staffordshire
WS11 0UR





REGISTERED NUMBER: 01454970 (England and Wales)





AUDITORS: Wynniatt-Husey Ltd
Chartered Accountants
and Statutory Auditors
The Old Coach House
Horse fair
Rugeley
Staffordshire
WS15 2EL

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

BACKGROUND AND ETHOS
Chase Grammar School Limited (Chase Grammar) is a non-selective independent school for 2 to 19 year olds and offers a stimulating, personalised curriculum designed to promote the academic achievement and personal development of all pupils in small focused classes from Nursery to A-Level, culminating in public examinations at BTEC, GCSE and A-Level. IELTS and the International Foundation Diploma are offered to international pupils. Our curriculum includes the core areas of Mathematics (including Advanced Mathematics and Further Mathematics), Sciences, English, English as an additional language, English Literature, Humanities (Classics, Geography, History, Religious Studies) and Performing Arts, as well as Art, Business, Computer Science, Drama, Economics, Music, Photography, Psychology, Sport Science and a choice of six different modern languages (French, German, Italian, Mandarin, Russian and Spanish). Careers, P.E, Sport and Wellbeing are taught throughout the school.

The school has non-selective entry and is inclusive of pupils of a wide range of abilities and talents and provides a broad selection of academic and extra-curricular opportunities. The international element within the school creates a platform for pupils to become global citizens and effective contributors within a competitive environment. Chase Grammar is non-selective and has an impressive reputation for outstanding academic results. At A level, nearly 15% of year 13 pupils were accepted on courses for medicine. Overall the pupils in year 12 and year 13 made 0.6 grade progress against their targets, on average, and international pupils made 1.8 grades progress. At GCSE, two of the pupils achieved top candidates awards, 30% of grades achieved were two grades above pupils' targets, and 25% were a whole grade above target. Also 56% of international pupils achieved grade 8 and grade 9. The school offers the Extended Project Qualification and with 67% of pupils achieving an A* grade. Chase Grammar achieved outstanding results with pupils receiving offers to top universities. Academic study is central for every pupil and will always take priority, but the experiences of a Chase Grammar pupil are never confined only to the classroom.

Pupils are introduced to a range of learning strategies through the Learning Toolbox programme run by their Academic Mentors and enjoy an offer of over 50 different enrichment activities each week. A wide range of school trips and special events are also part of every pupil's experience at Chase Grammar.

International pupils may join the school at any stage but many join as part of our "Pre A Level" programme, before starting A levels. In year 13, international pupils have the opportunity to study the International Foundational Diploma as an alternative route to university entrance.

Whilst offering an excellent, broad education with modest fees, we aim to continually invest in the infrastructure and facilities at the school. Chase Grammar has a remarkable pool of outstanding teaching, pastoral and coaching staff who ensure that each pupil's needs and aspirations are met. The school aims to prepare its pupils for the whole of life - to be able to respond to life's challenges and opportunities by giving them a balanced education through a strong academic curriculum and an extensive range of extra-curricular activities in an inspiring setting. The breadth and diversity of opportunity offered to all pupils allows each to develop and achieve their potential.

Within fulfilling its ethos and values the directors are conscious of its various key stakeholders and seeks to understand the respective interests of all its stakeholders, parents, staff, pupils and alumnae so that they may be properly considered in the Advisory Board decisions. We do this through various methods, including direct engagement by the board members, the receiving of reports and updates from the members of the school management who engage with such groups, and coverage in the Advisory Board papers of relevant stakeholders interest with regard to proposed courses of action.

The school continues to position itself through its effective marketing, both locally and internationally, to be a competitive player within the independent sector.The school markets itself widely and is benefiting from renewed pupil growth as confidence returns to the market. The strength of Chase Grammar provision is built on the hard work and commitment of all the dedicated staff. Chase Grammar provides a safe and stable working environment where teaching and support staff contribute to the wider life of the school.


REVIEW OF BUSINESS
The company aims to provide a top-quality education program to a wide range of pupils. The company is committed to investing into education to improve the service and provide wider scholarship and bursary opportunities for both local and international pupils.


CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

The independent education sector remains a challenging environment particularly when the economic uncertainty of recent years, following the Covid-19 pandemic, are considered. The Advisory Board are very aware of the risk surrounding the general affordability of school fees across the sector. This together with the risks related to the political environment and a potential Labour government imposing VAT on school fees will have substantial implications to parents and fee affordability.

Scholarship and mentoring programme
The Chase Grammar Oxbridge Programme aims to prepare pupils holistically for applications to Oxford, Cambridge and other Russell Group universities, not only in terms of academic excellence, but also in developing their critical, scholarly analysis, passion for their subject, and the interview skills unique to these universities. The programme operates on the belief that, while examination performance is an important prerequisite for application, the most successful applicants will have proven their intrinsic enjoyment of the subject, will already have begun working at an undergraduate level and will be able to clearly express their ideas and respond to the constructive criticism given during interviews. The focus of the Scholarship Programme is on supporting students with their preparation.
The Scholarship Programme seeks to create strong applicants through personal development, skills coaching, high-quality teaching and interview skills, while also offering excellent leadership and learning opportunities through wider school life. Learning for the sake of learning is strongly encouraged, and the Oxbridge scholars should consider themselves to be part of a learning community - sharing their ideas, challenging each other and supporting each other to greater academic success. They will, in the Classical mode, be 'symposiasts' who see the play in learning.

International programme with Chinese schools
The school has formed a number of partnerships with Chinese Schools to further its international growth. The partnership has proved very successful and is an opportunity for Chase Grammar to expand its brand within the international education market further enhancing its cultural diversity.


KEY PERFORMANCE INDICATORS
- In the current financial year, the company's turnover has increased from £3.10m in 2022 to £4.27m in 2023.
- The gross profit has increased from £83k in 2022 from £630k in 2023.
- The net profit before tax and interest charges has increased from a deficit of £436k in 2022 to a profit of £51k.

The company's net asset value now stands at £3,177,363.


DEBTORS, CREDITORS AND FINANCIAL INSTRUMENTS
The company endeavours to pay all suppliers within 30 days. Borrowing facilities have been re-negotiated during the last year which has eased the pressure on cash flow. All loan repayments are made in accordance with the terms set out in the agreements.
The Company has a robust fee collection process with all fees due and payable on or before the first day of the term unless parents subscribe to the monthly fee collection service, Go Cardless.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks to the business are:
Retaining high level teachers and keeping class sizes to an optimum level.
Pupil recruitment and retention within a competitive market and challenging financial climate for families.


CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

BUSINESS IN THE FUTURE
The company has continued its principal activities throughout the year and the directors expect it to do so for the foreseeable future. The impact of the Covid-19 pandemic has had a significant impact on the school's traditional recruitment streams and has resulted in a lower than normal recruitment of international students which has affected the Chase Grammar revenue streams.

The marketing of the school and engagement with prospective parents has been a strategic priority with a focus on diversification of international markets to broaden the recruitment reach and make the school less reliant on traditional markets.

The directors have committed to continue to support the business for the foreseeable future whilst pupils numbers return to pre pandemic levels.

ON BEHALF OF THE BOARD:





Mr C Bao - Director


31 August 2024

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2023

The directors present their report with the financial statements of the company for the year ended 31 August 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of school curriculum education.

DIVIDENDS
No dividends will be distributed for the year ended 31 August 2023.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2022 to the date of this report.

Mr C Bao
Ms T Zhou

Other changes in directors holding office are as follows:

Mr M C Farmer ceased to be a director after 31 August 2023 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The exposure of the company and its subsidiary undertakings included in the consolidation to price risk, credit risk, liquidity risk and cash flow risk is set out in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2023


AUDITORS
The auditors, Wynniatt-Husey Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr C Bao - Director


31 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHASE GRAMMAR SCHOOL LTD

Opinion
We have audited the financial statements of Chase Grammar School Ltd (the 'company') for the year ended 31 August 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 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
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 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.

Material uncertainty relating to going concern
We draw attention to note 17 in the financial statements, which indicates that the company made a net loss of £226,509 during the period ended 31 August 2023, however at that date, the company retains a positive balance sheet of £3,177,363. As stated in note 24, events or conditions indicate that a material uncertainty exists which may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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.

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

Key audit matters
Except for the matter described in the Material uncertainty relating to going concern section, we have determined that there are no other key audit matters to be communicated in our report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHASE GRAMMAR SCHOOL LTD


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the 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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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.

Auditors' 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 a Report of the Auditors 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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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

We ensured the engagement team had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHASE GRAMMAR SCHOOL LTD


We assessed the extent of compliance with the laws and regulations identified above, through enquiries of management and inspecting correspondence with HM Revenue & Customs. Remaining alert for instances of non-compliance throughout the audit. We responded to these risks by enquiring of management about their own identification and assessment of the risks including enquiries of management about their own identification and assessment of the risks of irregularities, performing analytical procedures to identify unusual transactions, sample testing journals and investigation the rationale behind significant or unusual transactions, and reviewing estimates for bias. Also agreeing the financial statement disclosures to underlying supporting documentation

We assessed the susceptibility of the company's financial statements to material misstatement in respect of fraud, by making enquiries of management as to where they considered there was susceptibility to fraud, and knowledge of actual, suspected and alleged fraud. We considered the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

We made enquiries of management as to the existence of actual or potential litigation and claims.

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. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Anna Richards (Senior Statutory Auditor)
for and on behalf of Wynniatt-Husey Ltd
Chartered Accountants
and Statutory Auditors
The Old Coach House
Horse fair
Rugeley
Staffordshire
WS15 2EL

31 August 2024

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

INCOME STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023

31.8.22 31.8.23
£    Notes £   

3,101,764 TURNOVER 4,274,315

(3,018,681 ) Cost of sales (3,643,856 )
83,083 GROSS PROFIT 630,459

(550,316 ) Administrative expenses (706,068 )
(467,233 ) (75,609 )

31,306 Other operating income 3 24,678
(435,927 ) OPERATING LOSS 5 (50,931 )


(109,861 ) Interest payable and similar expenses 6 (183,153 )
(545,788 ) LOSS BEFORE TAXATION (234,084 )

(11,186 ) Tax on loss 7 7,575
(556,974 ) LOSS FOR THE FINANCIAL YEAR (226,509 )

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023

31.8.22 31.8.23
£    Notes £   

(556,974 ) LOSS FOR THE YEAR (226,509 )


- OTHER COMPREHENSIVE INCOME -
(556,974 ) TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(226,509

)

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

BALANCE SHEET
31 AUGUST 2023

31.8.22 31.8.23
£    £    Notes £    £   
FIXED ASSETS
4,619,184 Tangible assets 8 4,579,660

CURRENT ASSETS
3,208,985 Debtors 9 3,234,362
485,816 Cash at bank and in hand 999,753
3,694,801 4,234,115
CREDITORS
2,379,706 Amounts falling due within one year 10 5,356,932
1,315,095 NET CURRENT (LIABILITIES)/ASSETS (1,122,817 )
5,934,279 TOTAL ASSETS LESS CURRENT
LIABILITIES

3,456,843

CREDITORS
(2,473,352 ) Amounts falling due after more than one year 11 (230,000 )

(57,055 ) PROVISIONS FOR LIABILITIES 15 (49,480 )
3,403,872 NET ASSETS 3,177,363

CAPITAL AND RESERVES
86,001 Called up share capital 16 86,001
120,494 Revaluation reserve 17 120,494
3,197,377 Retained earnings 17 2,970,868
3,403,872 SHAREHOLDERS' FUNDS 3,177,363

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2024 and were signed on its behalf by:




Ms T Zhou - Director



Mr C Bao - Director


CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 September 2021 86,001 3,754,351 120,494 3,960,846

Changes in equity
Total comprehensive income - (556,974 ) - (556,974 )
Balance at 31 August 2022 86,001 3,197,377 120,494 3,403,872

Changes in equity
Total comprehensive income - (226,509 ) - (226,509 )
Balance at 31 August 2023 86,001 2,970,868 120,494 3,177,363

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023

31.8.22 31.8.23
£    Notes £   
Cash flows from operating activities
(141,889 ) Cash generated from operations 1 964,631
3,382 Government grants -
(138,507 ) Net cash from operating activities 964,631

Cash flows from investing activities
(11,882 ) Purchase of tangible fixed assets (14,956 )
(11,882 ) Net cash from investing activities (14,956 )

Cash flows from financing activities
79,133 New loans in year (33,545 )
(219,040 ) Loan repayments in year (219,040 )
(109,861 ) Interest paid (183,153 )
522,527 Amount introduced by directors -
272,759 Net cash from financing activities (435,738 )

122,370 Increase in cash and cash equivalents 513,937
363,446 Cash and cash equivalents at beginning of
year

2

485,816

485,816 Cash and cash equivalents at end of year 2 999,753

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.8.23 31.8.22
£    £   
Loss before taxation (234,084 ) (545,788 )
Depreciation charges 54,480 27,028
Government grants - (3,382 )
Finance costs 183,153 109,861
3,549 (412,281 )
(Increase)/decrease in trade and other debtors (12,986 ) 16,391
Increase in trade and other creditors 974,068 254,001
Cash generated from operations 964,631 (141,889 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 999,753 485,816
Year ended 31 August 2022
31.8.22 1.9.21
£    £   
Cash and cash equivalents 485,816 363,446


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.9.22 Cash flow At 31.8.23
£    £    £   
Net cash
Cash at bank and in hand 485,816 513,937 999,753
485,816 513,937 999,753
Debt
Debts falling due within 1 year (219,040 ) (2,024,312 ) (2,243,352 )
Debts falling due after 1 year (2,473,352 ) 2,243,352 (230,000 )
(2,692,392 ) 219,040 (2,473,352 )
Total (2,206,576 ) 732,977 (1,473,599 )

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

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

1. STATUTORY INFORMATION

Chase Grammar School Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The presentation of the financial statements requires judgements, estimations and assumptions to be made that affect the reported values of assets, liabilities, revenue and expenses. The nature of estimation and judgement means that actual outcomes could differ from those estimates. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.

Turnover
Turnover is measured at the fair value of the consideration received or receivable recognised by the company in respect of services supplied during the period.
In the past turnover was always net of pupils remissions, bursaries and scholarships. The company has changed this accounting policy to be in line with FRS 102 section 23 and therefore the income will be shown gross and cost of remissions will be included in cost of sales.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Portable classrooms - 20% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.
Buildings - 2% straight line on depreciable value ( cost less residual value).
The freehold land is shown in the accounts at cost and is not depreciated.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Going concern
The directors expect the company to continue operating on a going concern basis for the next 12 months.Thus the accounts have been prepared on a going concern basis.

Financial instruments
Financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of the derivative.

Payments in advance
Payments in advance represent sums paid by pupils in advance of their courses which are refundable in whole or in part should they cancel their course.

Bad debts
Unpaid amounts contractually due by pupils and agents relating to pupils no longer attending school are written off to bad debts.

Fee deposits
Fee deposits received are held on the balance sheet and refunded when a student leaves the school.

3. OTHER OPERATING INCOME

Other operating income includes grant income. This was received for the following:
Coronavirus Job Retention Scheme 2023: Nil (2022: £3,382).

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

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

4. EMPLOYEES AND DIRECTORS
31.8.23 31.8.22
£    £   
Wages and salaries 1,990,692 1,850,516
Social security costs 167,528 160,941
Other pension costs 240,612 194,407
2,398,832 2,205,864

The average number of employees during the year was as follows:
31.8.23 31.8.22

Management staff 2 2
Administrative staff / Support staff 28 27
Teaching staff 42 49
72 78

31.8.23 31.8.22
£    £   
Directors' remuneration 31,307 31,044
Directors' pension contributions to money purchase schemes 564 556

5. OPERATING LOSS

The operating loss is stated after charging:

31.8.23 31.8.22
£    £   
Other operating leases 10,175 14,659
Depreciation - owned assets 54,480 27,028
Auditors' remuneration 10,500 10,500
Non-auditors' remuneration 2,640 2,640

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.8.23 31.8.22
£    £   
Bank loan interest 182,757 109,129
HMRC interest 396 732
183,153 109,861

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
31.8.23 31.8.22
£    £   
Deferred tax (7,575 ) 11,186
Tax on loss (7,575 ) 11,186

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

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

7. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.8.23 31.8.22
£    £   
Loss before tax (234,084 ) (545,788 )
Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

(58,521

)

(103,700

)

Effects of:
Expenses not deductible for tax purposes 13,620 5,135
Capital allowances in excess of depreciation (4,561 ) (3,089 )
Deferred tax (7,575 ) 11,186

Loss carried forward for which no deferred tax asset was recognised 49,462 101,654
Total tax (credit)/charge (7,575 ) 11,186

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Portable and Computer
Totals property classrooms fittings equipment
£    £    £    £    £   
COST
At 1 September 2022 4,904,941 4,375,924 65,893 320,158 142,966
Additions 14,956 - - 2,076 12,880
Disposals (8,047 ) - - - (8,047 )
At 31 August 2023 4,911,850 4,375,924 65,893 322,234 147,799
DEPRECIATION
At 1 September 2022 285,757 - 55,674 167,686 62,397
Charge for year 54,480 7,518 1,022 15,247 30,693
Eliminated on disposal (8,047 ) - - - (8,047 )
At 31 August 2023 332,190 7,518 56,696 182,933 85,043
NET BOOK VALUE
At 31 August 2023 4,579,660 4,368,406 9,197 139,301 62,756
At 31 August 2022 4,619,184 4,375,924 10,219 152,472 80,569

The freehold land and buildings are shown at cost. The buildings are depreciated at 2% straight line on cost less residual value. The directors believe that the value of the land and property is higher than the original cost. The company continues a relentless program of repairs and renewals each year to keep the buildings to a high standard.

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

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

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 92,063 63,839
Bad debts provision (48,390 ) (24,384 )
Amounts owed by group undertakings 3,115,546 3,103,155
Other debtors 110 -
Prepayments and accrued income 75,033 66,375
3,234,362 3,208,985

Amounts owed by group undertakings in the parent company are unsecured, interest free and are repayable on demand.

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts (see note 12) 2,243,352 219,040
Trade creditors 60,669 71,853
Coutts company credit card 792 363
HSBC Commercial credit card - 1,694
Amounts owed to group undertakings 12,902 34,056
Payments in advance 1,421,724 687,283
Wages control account 220 -
PAYE control account 41,478 81,465
Pension liabilities 55,438 26,361
Directors' current accounts 571,399 571,399
Accrued expenses 196,862 66,986
Fee deposits 752,096 619,206
5,356,932 2,379,706

Amounts owed to group undertakings in the parent company are unsecured, interest free and are repayable on demand.

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Bank loans (see note 12) 230,000 2,473,352

12. LOANS

An analysis of the maturity of loans is given below:

31.8.23 31.8.22
£    £   
Amounts falling due within one year or on demand:
Bank loans less 1 year 2,243,352 219,040

Amounts falling due between one and two years:
Bank loans 1-2 years 120,000 2,243,352

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

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

12. LOANS - continued
31.8.23 31.8.22
£    £   
Amounts falling due between two and five years:
Bank loans 2-5 years 110,000 230,000

The loans are carrying interest rates of between approximately 3.30% and 3.99%.
The Coutts bank loan repayment started on 9 September 2021. The outstanding balance has been repaid in full.
HSBC Business Interruption Loan repayment started on 3 August 2021 and has the CBILS Guarantee which is backed by the UK Government. The outstanding balance must be repaid in full by 3 July 2026.

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.8.23 31.8.22
£    £   
Within one year 16,767 11,926
Between one and five years 12,909 -
29,676 11,926

14. SECURED DEBTS

The following secured debts are included within creditors:

31.8.23 31.8.22
£    £   
Bank loans 1,923,352 2,117,392

Bank debt is secured by first legal charges on the company's freehold land and buildings. The company also have fixed and floating charge on its other assets.

15. PROVISIONS FOR LIABILITIES
31.8.23 31.8.22
£    £   
Deferred tax 49,480 57,055

Deferred
tax
£   
Balance at 1 September 2022 57,055
Provided during year (7,575 )
Balance at 31 August 2023 49,480

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
86,001 Ordinary £1 86,001 86,001

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

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

17. RESERVES
Retained Revaluation
Totals earnings reserve
£    £    £   

At 1 September 2022 3,317,871 3,197,377 120,494
Deficit for the year (226,509 ) (226,509 )
At 31 August 2023 3,091,362 2,970,868 120,494

Retained earnings represent cumulative distributable profits net of dividends.

18. ULTIMATE PARENT COMPANY

Achieve Education Limited is regarded by the directors as being the company's ultimate parent company.

Achieve Education Limited owns 100% of the company. Registered office: Chase Grammar School, Convent Close, Cannock, Staffordshire, WS11 0UR. A copy of the parent company's consolidated accounts are available from Companies House.

19. CONTINGENT LIABILITIES

There is a potential contingent liability of £40,000 in relation to a shortfall in the teachers pension scheme. However this may not be payable if future conditions are met.

20. RELATED PARTY DISCLOSURES

During the year no dividends were paid to the directors/shareholders.

Included in creditors is an amount due to a director of the company of £571,399 (2022: £571,399). This is an interest free loan and repayable upon demand.

During the year student fees of £732,779 (2022: £437,478) were received from UK Schools Consultant (HK) Limited t/a UK Boarding Schools Admissions Service( a company with a common director).
Included in cost of sales are £109,450 of costs from a company with a common director.

21. POST BALANCE SHEET EVENTS

Since the year end the company secured a new bank loan after a current loan was repaid.

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr C Bao by virtue of his majority shareholding in Achieve Education Limited.

23. CHARGES AND SECURITIES

There are fixed and floating charges secured against the assets of the company.

24. GOING CONCERN

Despite current year losses and the current reduction in the pupil numbers, the directors are confident that the company is able to meet its liabilities as they fall due, with the support of the parent company, Achieve Education Limited. The directors have also agreed to subordinate their directors' loans in the group in favour of any other creditor.