| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| FOR |
| C.P.S. (PRESTON) LIMITED |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| FOR |
| C.P.S. (PRESTON) LIMITED |
| C.P.S. (PRESTON) LIMITED |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| Page |
| Report of the Trustees | 1 | to | 8 |
| Report of the Independent Auditors | 9 | to | 12 |
| Statement of Financial Activities | 13 |
| Balance Sheet | 14 |
| Cash Flow Statement | 15 |
| Notes to the Cash Flow Statement | 16 |
| Notes to the Financial Statements | 17 | to | 26 |
| C.P.S. (PRESTON) LIMITED (REGISTERED NUMBER: 00539636) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st August 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
| Reference and administration details of the Charity, its Trustees and Advisors |
| The Reference and Administrative information are set out at the end of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice applicable to charities. |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| The objects of the charity are set out in paragraph 3 of the Memorandum of Association of the Company, the principal objective being referred to as follows: |
| "The carrying on of a school in the county of Lancashire, and the doing of all such other things as are incidental or conducive to the attainment of the above object." |
| In setting its objectives and planning its activities the Governors have given careful consideration to the Charity Commissions general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee charging. |
| St Pius X Preparatory School was founded in 1955 by a group of Catholic Preston businessmen. It is owned by CPS (Preston) Limited, and is a non-profit making charitable trust administered by a board of governors. The school is a member of the Independent Association of Preparatory Schools and is recognised by the Department of Education and Employment. It is co-educational and has a Catholic foundation, but welcomes children of all denominations and faiths. |
| St Pius X has a tradition of academic excellence and is committed to nurturing and enhancing each child's academic and social development. It is committed to safeguarding and promoting the welfare of its pupils. The charity aims to maintain its high standard of caring and academic success by continuing the current level of quality teaching and commitment by its staff. |
| The school provides a full nursery/primary/preparatory education for children between the ages of 2 and 11 years and welcomes children from all backgrounds. It operates three departments: EYFS, Key Stage 1 and Key Stage 2. The total number of children on the roll in June 2024 was 118 (including Nursery). |
| The school is academically successful, achieving a high pass rate to the area's leading state grammar schools and independent schools with many pupils gaining top scholarships. The leaving cohort gained places to the senior schools of their choice. |
| The school has a high sporting profile, covering a good number and wide range of sports for all children. Sport is played competitively and at club level. The school also operates a number of clubs linked to arts, music, drama STEM and Leadership etc. |
| C.P.S. (PRESTON) LIMITED (REGISTERED NUMBER: 00539636) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| Our ethos |
| C.P.S. (Preston) Limited is a charitable trust which seeks to benefit the public through the pursuit of its stated aims. Our fees are set at a level to ensure the financial viability of the School and at a level that is consistent with our aim of providing a first class education to boys and girls. |
| Our school welcomes pupils from all backgrounds. To admit a prospective pupil, we need to be satisfied that our school will be able to educate and develop the pupil to the best of their potential. Entrance interviews and assessments are undertaken to satisfy ourselves and parents that potential pupils can benefit from the education we provide. An individual's economic status, gender, ethnicity, race, religion or disability do not form part of our assessment processes. |
| We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability. We will make reasonable adjustments to meet the needs of employees or pupils who are or become disabled. |
| Our school is committed to safeguarding and promoting the welfare of our pupils and expects all staff and volunteers to share this commitment. |
| Public benefit |
| The trustees are confident that the charity offers services of real and practical use to the local population and therefore complies with the responsibility placed on all charities under the Charities Act 2011 to demonstrate a public benefit. |
| It is important to us that access to the education we offer is not restricted to those who can afford our fees. We believe our pupils benefit from learning within a diverse community. A great deal of learning occurs through social interaction, conversation and shared experiences which helps our pupils develop an understanding of the perspectives of other people that will be vital in their adult lives. |
| The Trustees approved a bursary scheme (community award) which was introduced in September 2009. The award is advertised each Spring and continues to benefit families who would not otherwise be able to afford the fees and therefore access the education offered by St. Pius X. |
| The trustees have paid due regard to the guidance of the Charity Commission on Public Benefit in deciding what activities the charity should undertake. The trustees are aware of their responsibilities in this respect. The bursary scheme, referred to above, is intended to provide Public Benefit. The trustees intend to provide appropriate services and facilities to comply with the "Public Benefit" requirements. |
| Details on amounts awarded through the bursary scheme can be found in note 4 to the accounts. |
| Investment policy |
| Under the memorandum and articles of association the charity has the power to make any investments which the trustees see fit. |
| ACHIEVEMENT AND PERFORMANCE |
| Charitable activities |
| The Board of Governors would like to publicly acknowledge the dedicated contribution and professionalism of the schools teaching staff and significant contribution made by all of the ancillary staff without whom the school would not have achieved the year's success. In November 2022 the Independent School Inspectorate assessed the Quality of Education and Compliance. They declared the school to be 'Excellent in All Areas', and fully compliant. |
| C.P.S. (PRESTON) LIMITED (REGISTERED NUMBER: 00539636) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| Academics |
| - | The academic year 2023/24 showed ongoing and further success for our Year 6 pupils with outstanding results to Grammar Schools and Independent Senior Schools. |
| - | 6 Grammar School places were achieved by our pupils |
| - | 3 pupils, also passed the entrance exams to senior independent schools, and accepted those places. |
| - | Since September 2022 the school has further overhauled, extended and enriched the timetabled curriculum throughout the EYFS, Key Stage 1 and Key Stage 2 areas. |
| Performing & Creative Arts |
| - | Many children play different musical instruments. All children currently access at least 45 minutes of music-related curriculum per week. |
| - | All Children leave St Pius evidencing a wide-ranging musical awareness. |
| - | The school holds a Christmas Carol Service and an EYFS/KS1 Nativity each year. |
| - | All children participate in public performances throughout the year, from our youngest pupil in the EYFS to school leavers at the end of Key Stage 2. Inspiring teaching and dedicated staff has maintained this enrichment. |
| - | Drama, dance and poetry recitation has been added to our aesthetics programme during the year for all pupils. Productions exhibit an amalgamation of creative and performing arts skills, giving opportunities to all pupils throughout the school. Since September 2021 the school has introduced a specific curriculum lesson of Speech & Drama to enhance this provision. |
| - | Speech and Drama is a curriculum subject. This has been a huge success and our school is registered as an examination centre for New Era Academy Drama and Music Exams for our children. The school freely provides the facility for our children and when required, local children from other schools, to take their ballet and musical theatre Royal Ballet exams at our school. |
| Sport & Outdoor Education |
| - | Our aim is to be all inclusive and offer optimum sporting opportunity to all children, along with health and fitness at all levels. Outdoor Education and Forest School have been successfully embedded. |
| - | The school continues to host football and netball matches and tournaments for independent and state school children. The school provides the opportunity for the children to go on 3-day tours to play against independent and state schools. |
| - | The School continued to implement Fitness and Wellbeing in the curriculum to lead on best practice in Mental & Physical Health. |
| - | Younger and older children participate in organised festivals and tournaments across the region, enabling a healthy awareness of competitive skills. |
| - | The school is currently investigating the opportunity to apply for Independent Prep School of the Year. |
| Community Access |
| - | The school sees itself as part of the wider community - this is reflected in the provision of a heart defibrillator attached to our property for the use of by the general public. |
| - | Our children frequently use the local area for investigative purposes as part of their studies - including urban and natural environments. We are frequently seen in the Community visiting and singing carols for the nearby community of nuns and providing service and entertainment for the elderly in the area. |
| Charity |
| - | The school provides food for the Ingol (Preston) food bank (Share IT) twice a year as part of our Lenten Charity, Christmas Shoe-Box Appeal and Cafod Harvest Charity. |
| - | The children hold a Christmas charity day and initiate their own stalls and fund-raising ideas to try to achieve their targets for the school: previously a new roof, new furniture, writing resources, staff provision etc. |
| - | The school children choose their own charity to support - this becomes an anchored spotlight for specific fundraising where delegates from each class propose an aid-organisation. After a rigorous election process, the following charities were supported chosen for the year 2023/2024: NSPCC; Save the Children; Macmillan Cancer Jeans for Genes and the Poppy Appeal. |
| - | The school continues to develop each and every child's individual awareness of authentic Gospel values. These principles, woven together by loving God and neighbour, enables our charitable giving to become part of our DNA - calling us to work towards the common good.good. |
| C.P.S. (PRESTON) LIMITED (REGISTERED NUMBER: 00539636) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| Additional |
| - | Children are also invited by the school to participate in two separate residential sport tours - football and netball - to experience different venues in and around the York area. |
| - | The Curriculum was enhanced by the introduction of '4 Pillars of Learning': Outdoor Education, Forest School, Mindfulness, Sign Language all support our strong Academic credentials.t. |
| FINANCIAL REVIEW |
| Financial position |
| The school has had a comparable year from a financial perspective compared to previous years. The income has increased, however due to the increases in national living wage, the result is a deficit of £143,300 compared to £61,298 in the previous year. |
| The school has been experiencing a fall in pupil numbers in recent years but this has now slowed. Retention and recruitment has improved, visits, applications and registration are beginning to increase. The governors are very mindful of the fall in pupil numbers overall and the need to reduce expenditure to compensate for this. They are currently undertaking steps to address both of these issues. Remedial action on salaries, fees and expenditure were put in place to reduce costs for 2023/24. |
| The governors are pleased to report that the school has a strong leadership structure in place. There is clearly now a school with unified departments, with these departments (EYFS and Main School I-VI) being led by very well-experienced managers. |
| This has allowed departmental budgets to be centralised providing better control. |
| It takes time for a new Head to settle into the running of the school and to work on the development plans and with the new Director of Education, the governors are looking towards a two-year period to consolidate this position and increase school numbers. |
| The governors' development plan is to re-establish a two-form entry. This will, over a five-year period, return the numbers in the school to where they should be to provide a stable and successful school. |
| The school's fee collection policy has again proved to be satisfactory, however, the school ended the year with an overdraft position of £124,922, an improvement from the overdraft last year of £167,170. The school has secured a bank overdraft of £200,000 which is in place until May 2026, now reviewed annually, and we will be able to operate within this. |
| Our Parents Association was dormant during the Pandemic but is now thriving and created a successful summer festival. |
| Family Discounts Policy |
| To underline the value placed on continuity for families, the Trustees offer discounts where parents have more than one child in the school. |
| The Governors have resolved that from September 2016 onwards, they are pleased to offer discounts to members of staff whose children wish to come to the school. Governors see this as a very positive move to both retain and attract new teaching staff and at the same time extend the benefit to families who might otherwise not provide private education to their children. |
| C.P.S. (PRESTON) LIMITED (REGISTERED NUMBER: 00539636) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| FINANCIAL REVIEW |
| Reserves policy |
| The governors regularly review the finances, budgets and spend against budget together with a monthly cash flow analysis as part of the effective stewardship of the School. |
| As shown on the Balance Sheet the free reserves are currently in deficit of £244,653. This is as a result of operating at a deficit in recent years. Plans have been put in place to manage expenditure for the forthcoming year. Whilst the reserves are not of the level we seek to maintain, the trustees consider that given the strength of the charity's balance sheet, the continued cash flow from fees, and the banking facility, the reserves are adequate in the short term. The trustees are however fully aware that the level of free reserves, together with the reduction in pupil numbers, makes for a challenging environment. |
| The governors recognise that the level of reserves has reduced in recent years and arrangements are in place with our bank to bridge any short term deficits in cash flow. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
| The charity is a charitable company limited by guarantee and a registered charity governed by its memorandum and articles of association dated 23 October 1954, as amended by special resolutions passed 28 April 1955, 11 December 1971 and 28 April 2020. |
| Recruitment and appointment of new trustees |
| The Board of Trustees always seeks to appoint new members of the Board with skill sets appropriate for the needs of the school. |
| Prospective trustees are invited to become members of the Board of Trustees. The prospective trustees will almost always will be selected from past parents. The prospective trustees are interviewed by the Chairman or other existing members of the Board to explain the responsibilities and commitment required of the trustees. |
| In the new financial year, the Board has invited nominations from parents and members of staff to appoint new governors. Again, these people will be interviewed and their responsibilities explained in detail. |
| Training will be provided to prospective trustees if they never had previous experience of such an appointment. |
| None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. |
| C.P.S. (PRESTON) LIMITED (REGISTERED NUMBER: 00539636) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Organisation and policies |
| Policies are determined, from time to time, by the governing body of the school, with regard to the Christian, moral, educational, cultural, sporting and social activities of the school. |
| Like all educational establishments the school has certain defined policies which are required by its Inspectors and Regulators. Policies are drawn up within the school and then approved by the Head and submitted to the Board of Governors, which will approve those policies. Since there are many policies, the approval process is often passed down to the Committees, where the Chair of the Committees will approve the policy to then be ratified at the full Board meeting. |
| The school is organised and administered by a governing body consisting of the Board of Governors, comprising all the trustees. The Board of Governors meets three times a year. The trustees who are not directors are appointed by the Board. The Board of governors may approach individuals to act as trustees when vacancies arise or when it is considered that the Board requires additional expertise in a particular area. Candidates are interviewed before being appointed. Policies are in place for the induction and training of trustees through the provision of various documents and mentoring. |
| There are also committees responsible for finance, education and staff, grounds and property, and business operations, managed by smaller groups of governors reporting to the board at the termly meetings. The school is managed and administered by the Headteacher, and staff on a day-to-day basis, who are responsible to the governing body. |
| Related parties |
| There were no transactions with any related party other than the payment of key management personnel and trustee indemnity insurance. |
| Risk management |
| The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. |
| The main risk faced by the school are the uncertainties of the future school numbers since this is the major funding source. Additional revenue streams continue to be explored. |
| The trustees are aware of this risk and monitor this on a regular basis in line with school numbers and produce forecasts in order to determine the extent of risks in respect of future years. The economic climate currently has certainly affected parents' ability to choose private school education and the school has received a more than usual number of requests for financial assistance under the school's bursary/community fund provision. This is not an open chequebook for parents but occasionally there are some significantly deserving cases where the school is able to help with the provision of school fees. |
| Trustees are constantly looking at ways of promoting the school, in particular the school's track record on entrance success to senior schools which has been remarkably good over recent years. |
| The school has enjoyed good liquidity of recent years though with the anticipated fall off of pupil numbers, the trustees have sought to mitigate the cashflow risk by seeking bank support as a short term solution. |
| The Trustees have put in place policies concerning Health and Safety and in particular the risk to children's safety both on site and from external sources. |
| The school operates on a "secure perimeter" which protects children for the whole time they are at school. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| C.P.S. (PRESTON) LIMITED (REGISTERED NUMBER: 00539636) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| Registered Charity number |
| Registered office |
| Trustees |
| A trustee who is a director for the purpose of Companies House, is denoted with an "*" following their name. |
| The directors of the charitable company are also trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. As set out in the Articles of Association, the number of directors is limited to three and these are elected by the members of the charity attending the Annual General Meeting. The directors retire by rotation (and being eligible may be re-elected) at the Annual General Meeting. |
| All trustees give their time freely and no remuneration or expenses were paid in the year. No trustee or person connected with a trustee received any benefit from means tested awards. |
| Auditors |
| Chartered Accountants |
| and Statutory Auditors |
| Charter House |
| Stansfield Street |
| Nelson |
| Lancashire |
| BB9 9XY |
| STATEMENT OF TRUSTEES' RESPONSIBILITIES |
| The trustees (who are also the directors of C.P.S. (Preston) Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
| Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
| - | select suitable accounting policies and then apply them consistently; |
| - | observe the methods and principles in the Charity SORP; |
| - | make judgements and estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
| C.P.S. (PRESTON) LIMITED (REGISTERED NUMBER: 00539636) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued |
| The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| In so far as the trustees are aware: |
| - | there is no relevant audit information of which the charitable company's auditors are unaware; and |
| - | the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. |
| AUDITORS |
| The auditors, Ainsworths Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| Approved by order of the board of trustees on |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| C.P.S. (PRESTON) LIMITED |
| Opinion |
| We have audited the financial statements of C.P.S. (Preston) Limited (the 'charitable company') for the year ended 31st August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and 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 (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the charitable company's affairs as at 31st August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| 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 charitable 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 related to going concern |
| In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent 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. |
| 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 Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Report of the Trustees has been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| C.P.S. (PRESTON) LIMITED |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. |
| 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 trustees' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit; or |
| - | the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. |
| Responsibilities of trustees |
| As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| C.P.S. (PRESTON) LIMITED |
| Our 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 Independent 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Based on our understanding of the charity and the nature of the sector in which it operates, we have identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to, the Companies Act 2006 and tax legislation. |
| We have evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risk was related to inappropriate assessment of going concern and inappropriate journal entries. Our audit procedures designed to address these risks included, but were not limited to: |
| - | Enquires with management, regarding any known or suspected instances of non-compliance with laws and regulations, and fraud; |
| - | Agreement of the financial statement disclosures to the underlying supporting documentation; |
| - | Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; |
| - | Challenging assumptions and judgements made by management in particular within their significant accounting estimates and going concern assessments; |
| - | Auditing the risk of management override of controls, through the testing of journal entries and other adjustments for appropriateness; and |
| - | Reviewing minutes of meetings of those charged with governance. |
| Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment by misrepresentations or through collusion. There are inherent limitations in the audit procedures performed, and the further removed the non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
| 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 Independent Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| C.P.S. (PRESTON) LIMITED |
| Use of our report |
| This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable 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 |
| and Statutory Auditors |
| Stansfield Street |
| Nelson |
| Lancashire |
| BB9 9XY |
| C.P.S. (PRESTON) LIMITED |
| STATEMENT OF FINANCIAL ACTIVITIES |
| (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| 31.8.24 | 31.8.23 |
| Unrestricted | Designated | Restricted | Total | Total |
| fund | Funds | fund | funds | funds |
| Notes | £ | £ | £ | £ | £ |
| INCOME AND | ENDOWMENTS FROM |
| Donations and legacies | 2 | 30 | - |
| Charitable activities | 4 |
| 944,368 | - |
| Other trading activities | 3 | 13,835 | - |
| Total | 958,233 | - |
| EXPENDITURE ON |
| Charitable activities | 5 |
| 1,043,740 | 57,793 |
| NET INCOME/(EXPENDITURE) |
(85,507 |
) |
(57,793 |
) |
( |
) |
( |
) |
| Transfers between funds | 19 | (5,768 | ) | 5,768 | - | - | - |
| Net movement in funds | (91,275 | ) | (52,025 | ) | ( |
) | ( |
) |
| RECONCILIATION OF | FUNDS |
| Total funds brought forward | (353,196 | ) | 1,245,097 |
| TOTAL FUNDS CARRIED FORWARD |
(444,471 |
) |
1,193,072 |
891,901 |
| C.P.S. (PRESTON) LIMITED (REGISTERED NUMBER: 00539636) |
| BALANCE SHEET |
| 31ST AUGUST 2024 |
| 31.8.24 | 31.8.23 |
| Unrestricted | Designated | Restricted | Total | Total |
| fund | Funds | fund | funds | funds |
| Notes | £ | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 12 | - | 1,193,072 |
| CURRENT ASSETS |
| Debtors | 13 | 78,139 | - |
| Cash at bank and in hand | 391 | - |
| 78,530 | - |
| CREDITORS |
| Amounts falling due within one year |
14 |
(490,954 |
) |
- |
( |
) |
( |
) |
| NET CURRENT ASSETS/(LIABILITIES) |
(412,424 |
) |
- |
( |
) |
( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
(412,424 |
) |
1,193,072 |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
(32,047 |
) |
- |
( |
) |
( |
) |
| NET ASSETS | (444,471 | ) | 1,193,072 |
| FUNDS | 19 |
| Unrestricted funds: |
| General fund | (444,471 | ) | (353,196 | ) |
| Property asset fund | 1,193,072 | 1,245,097 |
| 891,901 |
| TOTAL FUNDS | 891,901 |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| C.P.S. (PRESTON) LIMITED |
| CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 48,796 | (41,130 | ) |
| Interest paid | (780 | ) | (729 | ) |
| Net cash provided by/(used in) operating activities | 48,016 | (41,859 | ) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (5,768 | ) | (13,571 | ) |
| Sale of tangible fixed assets | - | 13,189 |
| Net cash used in investing activities | (5,768 | ) | (382 | ) |
| Cash flows from financing activities |
| Loan repayments in year | - | (8,145 | ) |
| Net cash provided by/(used in) financing activities | - | (8,145 | ) |
| Change in cash and cash equivalents in the reporting period |
42,248 |
(50,386 |
) |
| Cash and cash equivalents at the beginning of the reporting period |
2 |
(166,779 |
) |
(116,393 |
) |
| Cash and cash equivalents at the end of the reporting period |
2 |
(124,531 |
) |
(166,779 |
) |
| C.P.S. (PRESTON) LIMITED |
| NOTES TO THE CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| 1. | RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Net expenditure for the reporting period (as per the Statement of Financial Activities) |
(143,300 |
) |
(61,298 |
) |
| Adjustments for: |
| Depreciation charges | 57,793 | 60,612 |
| Profit on disposal of fixed assets | - | (13,189 | ) |
| Interest paid | 780 | 729 |
| Decrease/(increase) in debtors | 5,172 | (9,195 | ) |
| Increase/(decrease) in creditors | 128,351 | (18,789 | ) |
| Net cash provided by/(used in) operations | 48,796 | (41,130 | ) |
| 2. | ANALYSIS OF CASH AND CASH EQUIVALENTS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Cash in hand | 107 | 107 |
| Notice deposits (less than 3 months) | 284 | 284 |
| Overdrafts included in bank loans and overdrafts falling due within one year | (124,922 | ) | (167,170 | ) |
| Total cash and cash equivalents | (124,531 | ) | (166,779 | ) |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.9.23 | Cash flow | At 31.8.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 391 | - | 391 |
| Bank overdraft | (167,170 | ) | 42,248 | (124,922 | ) |
| (166,779 | ) | 42,248 | (124,531 | ) |
| Debt |
| Debts falling due within 1 year | (1,399 | ) | (386 | ) | (1,785 | ) |
| Debts falling due after 1 year | (32,047 | ) | - | (32,047 | ) |
| (33,446 | ) | (386 | ) | (33,832 | ) |
| Total | (200,225 | ) | 41,862 | (158,363 | ) |
| C.P.S. (PRESTON) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', 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, as modified by the revaluation of certain assets. |
| Going concern |
| As described in the Trustees Report, the school has had a difficult financial year, resulting in a net deficit of £143,300 (2023: £61,298). Steps have been and continue to be taken to address this issue. The school has net current liabilities of £412,424 (2023: £321,149). |
| The trustees have prepared annual forecasts covering to 31st August 2026. At the time of approving the financial statements, the forecast to 31st August 2026 demonstrate that the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future, subject to the continued support of the bank in the form of an overdraft. The trustees continue to adopt the going concern basis of accounting in preparing the financial statements. |
| Critical accounting judgements and key sources of estimation uncertainty |
| Preparation of the financial statements requires management to make significant judgements and estimates. The main area of estimation is in respect of the useful lives of fixed assets. The depreciation rates used can be identified in the fixed asset accounting policy below. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
| Income from charitable activities comprises school fees, net of community awards, and related receipts accounted for in the period in which the service is provided. Fees for education to be provided in the next academic year are carried forward as deferred income in the balance sheet. |
| Donations are recognised on receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant are recognised at the time of donation. |
| Investment income is recognised on a receivable basis. |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
| Governance costs |
| Governance costs comprise the costs of running the charitable company, including strategic planning for its future development, external audit, and all the costs of complying with constitutional and statutory requirements, such as costs of Governors meetings and of preparing the statutory accounts and satisfying public accountability. |
| Allocation and apportionment of costs |
| Support costs and governance costs have been allocated to charitable activities as there is only one main activity undertaken by the charity. |
| C.P.S. (PRESTON) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| 1. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Freehold property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Tangible assets are included in the balance sheet at cost or at market value at the date of gift (if assets are gifted), except for freehold property which is included at market value as at 27th February 1990 together with any additions at cost since the valuation date. Assets with a value of less then £500 are not capitalised. Freehold land is not depreciated. |
| Taxation |
| The charitable company is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
| Pension costs and other post-retirement benefits |
| The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
| Financial instruments |
| The charitable company only has financial assets (debtors, cash and bank balances) and financial liabilities (creditors and accruals) of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
| 2. | DONATIONS AND LEGACIES |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Donations |
| C.P.S. (PRESTON) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| 3. | OTHER TRADING ACTIVITIES |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Uniform sales | 3,572 | 879 |
| Hire of facilities | 8,588 | 2,750 |
| Other income | 1,675 | 7,166 |
| 4. | INCOME FROM CHARITABLE ACTIVITIES |
| 31.8.24 | 31.8.23 |
| Activity | £ | £ |
| Gross fees | Educational | 1,167,079 | 1,146,979 |
| Less: Community awards | Educational | (36,304 | ) | (28,819 | ) |
| 5. | CHARITABLE ACTIVITIES COSTS |
| Direct | Support |
| Costs (see | costs (see |
| note 6) | note 7) | Totals |
| £ | £ | £ |
| Educational | 1,125,413 | 162,527 | 1,287,940 |
| 6. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Staff costs | 705,384 | 553,946 |
| Rates and water | 15,976 | 13,453 |
| Insurance | 36,499 | 36,470 |
| Light and heat | 47,803 | 36,095 |
| Telephone | 9,418 | 6,302 |
| Postage and stationery | 6,644 | 6,941 |
| Advertising | 14,403 | 3,680 |
| Sundries | 8,620 | 6,874 |
| Educational supplies | 73,670 | 99,522 |
| Repairs and renewals | 75,619 | 104,223 |
| Technology costs | 18,556 | 30,435 |
| Motor expenses | 19,315 | 17,881 |
| Catering costs | 36,648 | 40,016 |
| Bad debts | (935 | ) | 8,472 |
| Depreciation | 57,793 | 60,612 |
| Loss on sale of assets | - | (13,189 | ) |
| 1,125,413 | 1,011,733 |
| C.P.S. (PRESTON) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| 7. | SUPPORT COSTS |
| Governance |
| Management | Finance | costs | Totals |
| £ | £ | £ | £ |
| Educational | 127,897 | 17,946 | 16,684 | 162,527 |
| Support costs, included in the above, are as follows: |
| Management |
| 31.8.24 | 31.8.23 |
| Total |
| Educational | activities |
| £ | £ |
| Wages | 114,253 | 123,624 |
| Social security | 7,645 | 12,681 |
| Pensions | 5,999 | 8,880 |
| 127,897 | 145,185 |
| Finance |
| 31.8.24 | 31.8.23 |
| Total |
| Educational | activities |
| £ | £ |
| Bank charges | 17,166 | 7,352 |
| Bank loan interest | 780 | 729 |
| 17,946 | 8,081 |
| Governance costs |
| 31.8.24 | 31.8.23 |
| Total |
| Educational | activities |
| £ | £ |
| Auditors' remuneration | 10,500 | 10,500 |
| Professional and legal fees | 6,184 | 15,754 |
| 16,684 | 26,254 |
| C.P.S. (PRESTON) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| 8. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Auditors' remuneration | 10,500 | 10,500 |
| Depreciation - owned assets |
| Surplus on disposal of fixed assets | ( |
) |
| 9. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31st August 2024 nor for the year ended 31st August 2023. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31st August 2024 nor for the year ended 31st August 2023. |
| 10. | STAFF COSTS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| 833,281 | 699,131 |
| The average monthly number of employees during the year was as follows: |
| 31.8.24 | 31.8.23 |
| Teachers and assistants | 29 | 24 |
| Administration | 4 | 4 |
| Domestic | 2 | 2 |
| C.P.S. (PRESTON) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| 11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted | Designated | Restricted | Total |
| fund | Funds | fund | funds |
| £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies | 1,000 | - |
| Charitable activities |
| 1,010,373 | - |
| Other trading activities | 10,795 | - |
| Total | 1,022,168 | - |
| EXPENDITURE ON |
| Charitable activities |
| 1,022,854 | 60,612 |
| NET INCOME/(EXPENDITURE) | (686 | ) | (60,612 | ) | ( |
) |
| Transfers between funds | (13,571 | ) | 13,571 | - | - |
| Net movement in funds | (14,257 | ) | (47,041 | ) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | (338,939 | ) | 1,292,138 | - |
| TOTAL FUNDS CARRIED FORWARD | (353,196 | ) | 1,245,097 | - | 891,901 |
| 12. | TANGIBLE FIXED ASSETS |
| Freehold | Plant and | Motor |
| property | machinery | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1st September 2023 |
| Additions |
| At 31st August 2024 |
| DEPRECIATION |
| At 1st September 2023 |
| Charge for year |
| At 31st August 2024 |
| NET BOOK VALUE |
| At 31st August 2024 |
| At 31st August 2023 |
| Included in cost or valuation of land and buildings is freehold land of £400,000 (2023 - £400,000) which is not depreciated. |
| C.P.S. (PRESTON) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| 12. | TANGIBLE FIXED ASSETS - continued |
| The bank holds a legal charge over the freehold land and buildings, although there is no loan or mortgage outstanding to the bank. The freehold property was revalued at market value on 27th February 1990 by Hurst Dean Ainsworth Kevill, Chartered Surveyors. The charity elected to use the valuation as deemed cost on transition to FRS102. Additions since the date of valuation have been included at cost. |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Bank loans and overdrafts (see note 16) |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Bank loans (see note 16) |
| Other loans (see note 16) | 2,705 |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Amounts falling due within one year on demand: |
| Bank overdrafts |
| Bank loans |
| Amounts falling between one and two years: |
| Bank loans - 1-2 years |
| C.P.S. (PRESTON) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| 16. | LOANS - continued |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments: |
| Other loans more 5yrs non-inst | 2,705 | 2,705 |
| The RBS bank loan is guaranteed by the UK Government under the Bounce Bank Loan Scheme. |
| 17. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| 18. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Bank overdrafts |
| The bank holds a freehold 1st legal charge over the land and buildings known as 200 Garstang Road to secure the overdraft. |
| 19. | MOVEMENT IN FUNDS |
| Net | Transfers |
| movement | between | At |
| At 1.9.23 | in funds | funds | 31.8.24 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | (353,196 | ) | (85,507 | ) | (5,768 | ) | (444,471 | ) |
| Property asset fund | 1,245,097 | (57,793 | ) | 5,768 | 1,193,072 |
| (143,300 | ) |
| TOTAL FUNDS | (143,300 | ) | 748,601 |
| C.P.S. (PRESTON) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| 19. | MOVEMENT IN FUNDS - continued |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 958,233 | (1,043,740 | ) | (85,507 | ) |
| Property asset fund | - | (57,793 | ) | (57,793 | ) |
| ( |
) | (143,300 | ) |
| Restricted funds |
| Education, Health and Care Plan | 186,407 | (186,407 | ) | - |
| TOTAL FUNDS | ( |
) | (143,300 | ) |
| Comparatives for movement in funds |
| Net | Transfers |
| movement | between | At |
| At 1.9.22 | in funds | funds | 31.8.23 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | (338,939 | ) | (686 | ) | (13,571 | ) | (353,196 | ) |
| Property asset fund | 1,292,138 | (60,612 | ) | 13,571 | 1,245,097 |
| 953,199 | (61,298 | ) | - | 891,901 |
| TOTAL FUNDS | 953,199 | (61,298 | ) | - | 891,901 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 1,022,168 | (1,022,854 | ) | (686 | ) |
| Property asset fund | - | (60,612 | ) | (60,612 | ) |
| 1,022,168 | (1,083,466 | ) | (61,298 | ) |
| Restricted funds |
| Education, Health and Care Plan | 107,787 | (107,787 | ) | - |
| TOTAL FUNDS | 1,129,955 | (1,191,253 | ) | (61,298 | ) |
| C.P.S. (PRESTON) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| 19. | MOVEMENT IN FUNDS - continued |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net | Transfers |
| movement | between | At |
| At 1.9.22 | in funds | funds | 31.8.24 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | (338,939 | ) | (86,193 | ) | (19,339 | ) | (444,471 | ) |
| Property asset fund | 1,292,138 | (118,405 | ) | 19,339 | 1,193,072 |
| 953,199 | (204,598 | ) | - | 748,601 |
| TOTAL FUNDS | 953,199 | (204,598 | ) | - | 748,601 |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 1,980,401 | (2,066,594 | ) | (86,193 | ) |
| Property asset fund | - | (118,405 | ) | (118,405 | ) |
| 1,980,401 | (2,184,999 | ) | (204,598 | ) |
| Restricted funds |
| Education, Health and Care Plan | 294,194 | (294,194 | ) | - |
| TOTAL FUNDS | 2,274,595 | (2,479,193 | ) | (204,598 | ) |
| 20. | RELATED PARTY DISCLOSURES |