Registered number:
FOR THE YEAR ENDED 31 JULY 2024
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
The director presents her strategic report for the year ended 31 July 2024.
St. John's Preparatory and Senior School is a co-educational day school situated in a total of 28 acres of green belt countryside, taking pupils from the age of 3 years old up through the Seniors to G.C.S.E. and 'A' levels. The school is on two separate sites with the Prep separated from the Seniors by less than half a mile.
Turnover has increased by 5.85% as fees have been increased overall to the school this year and net assets have increased from £9.9m to £11m. Cash reserves net of debt have increased by further £4.4m, primarily driven by a rise in advance deposits from parents securing future enrolment. The introduction of VAT on private school fees with effect from January 2025 and the changes to Employer's National Insurance from April 2025 have both had a significant impact on the school's budget and financial planning. In an attempt to assist with this transition, taking into account the fact that the School will be able to recover input VAT on its qualifying expenditure, offset by the significant impact of the large increase in Employer’s National Insurance costs, and the anticipated increase our suppliers will implement as the new National Insurance costs feed through, the School decided the following: a. The current published fees will be discounted by 5% for 3 terms commencing with Spring Term 2025 and including Summer Term 2025 and Autumn Term 2025. This is in addition to any other discounts that parents have been receiving such as siblings and alumni discounts. b. Fees for the 25/26 Academic Year will be frozen at 24/25 levels.
The assessment of risks faced by the company and the development of strategies for dealing with these risks is achieved on an ongoing basis through the way in which the company is controlled and managed. The risk management process seeks to enable the early identification, evaluation and effective management of the key risks facing the business at an operational level and to operate internal controls, which adequately mitigate these risks. The company regularly assesses its risk management activities to ensure good practice in all areas.
Despite the adverse impact of both the introduction of VAT on private school fees and increases in Employer National Insurance costs, the director considers that the principal risks and uncertainty to the business relate to its ability to continue to attract and retain the best teachers with the right capabilities at all levels in the school. The director has taken steps to ensure the school is in full compliance with all legal and regulatory requirements related to the VAT changes, including timely reporting and documentation to mitigate the additional regulatory risks associated with the new legislation.
The director considers the key performance indicators of the business to be student numbers and staff costs which directly impact turnover and operating profit as set out in the Statement of Comprehensive Income on page 8.
The director considers that the School has continued to deliver an outstanding education programme to students which has continued despite with a spectacularly successful transition to online learning, maintaining a steady demand for places. Net assets have increased from £9.8m to just over £11m and debt has reduced by £0.7m.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
The director recognises the importance of maintaining the continued delivery of an outstanding education programme to students and considers the outcome of Ofsted inspection reports to be a key non-financial performance indicator of the business.
The latest Ofsted report issued in May 2019 rated the school as "Outstanding" and this continues to have a positive impact on student applications. For the future, the school will be subject to compliance reviews by the Independent Schools Inspectorate, the first of which is expected to take place in summer 2025.
This report was approved by the director on 7 April 2025.
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DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2024
The director presents her report and the financial statements for the year ended 31 July 2024.
The director who served during the year was:
The profit for the year, after taxation, amounted to £1,270,791 (2023 - £1,465,108).
During the year dividends of £62,000 (2023 - £72,000) were paid to ordinary shareholders as recommended by the director. The director does not recommend the payment of a final dividend.
The director is confident the school will maintain its high educational and academic standards. Despite the adverse impact of changes to the taxation regime since the year end, the school will continue to look to expand to increase capacity and to maintain and improve both indoor and outdoor facilities.
Private school fees became subject to Value Added Tax at 20% with effect from January 2025. This constitutes a significant subsequent event impacting the school’s financial outlook.
The introduction of VAT on tuition fees will result in an increase in overall costs for parents and the school anticipates inevitable changes in enrolment levels due to affordability concerns. Cash flow projections and revenue forecasts have been adjusted to reflect the new VAT liability and the school has introduced measures to mitigate the financial burden on parents as set out in the Strategic Report.
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DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 director is 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 to enable her to ensure that the financial statements comply with the Companies Act 2006. She is 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.
Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the director on
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
In our opinion the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 31 July 2024 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED (CONTINUED)
The director is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
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 Director's 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:
∙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 director's remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
As explained more fully in the Director's Responsibilities Statement set out on page 4, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006,taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
∙understanding the design of the Company’s remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED (CONTINUED)
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 Auditors' 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 Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
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STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
The financial statements were approved and authorised for issue by the director and were signed on its behalf on
The notes on pages 14 to 25 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
St. John's Preparatory & Senior School Limited is a private limited liability company incorporated in England and Wales, with its principal business address at John's Preparatory School, The Ridgeway, Potters Bar EN6 5QT.
The principal activity of the company is the provision of educational services and independent schooling. The Company's functional and presentational currency is £ Sterling.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Turnover represents the total amount receivable by the Company for tuition and is recognised on a straight line basis over the period of provision. Where fees are invoiced in advance they are deferred on the Statement of Financial Position and recognised as turnover over the period of the service provision. The majority of the tuition fees invoiced by the company are invoiced termly in advance.
Goodwill represents the difference between amounts paid on the acquisition of a business and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Income Statement over its estimated useful economic life of 20 years.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
No depreciation is provided in respect of freehold property. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the director, necessary in order to give a true and fair view of the financial position of the Company.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Defined contribution pension plan
The Company contributes to defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
a) Determine whether leases entered into by the Company as a lease are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. b) Determine whether there are indicators of impairment of the Company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. In preparing these financial statements, the director has considered the following key sources of estimation uncertainty: Tangible and intangible assets are depreciated/amortised over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and estimated disposal values.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
The company contributes to defined contributions pension schemes. The assets of the schemes are held separately from those of the Company in an independently administered fund. The pension charge represents contributions payable by the Company to the funds and amounted to £55,964 (2023 - £49,143). Contributions totalling £14,920 (2023 - £12,026) were payable to the funds at the reporting date and are included in creditors.
The director,
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