| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2024 |
| FOR |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2024 |
| FOR |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 JULY 2024 |
| Page |
| Report of the Trustees | 1 | to | 9 |
| Report of the Independent Auditors | 10 | 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 | 27 |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC107480) |
| REPORT OF THE TRUSTEES |
| for the year ended 31 JULY 2024 |
| The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their annual report and financial statements of the charity for the year ended 31st July 2024. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, and 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 (FRS102) (effective 1 January 2019). |
| The principal activity of the charity in the year under review was that of a co-educational Christian independent school run in accordance with the objects of the charity as defined in the Memorandum of Association. |
| The charity operates under the name of Hamilton College. |
| OBJECTIVES AND ACTIVITIES |
| Objectives and activities |
| The charitable objects of Hamilton College are set out as follows in the Articles of Association dated 8th December 2020: |
| a) the advancement of education by the establishment and operation of an independent school or schools in Scotland for learners from the age of 2 to 18, and to provide mean-tested fee assistance (of up to 100% from age 5 to age 18); to provide a hardship fund to assist learners of families encountering financial difficulties; to create educational links with schools in Third World countries and to raise funds for the provision of education for young people in such Third World countries; to seek to serve the community and make the facilities of the school or schools available to the community at not-for-profit rates and to provide not-for-profit Aftercare facilities for working parents; |
| b) to advance the Christian faith by the active promotion in the independent school or schools to be established by the Company of a knowledge of the Christian faith through assemblies, Religious and Moral Education and class time, by the provision of reduction in fees for the children of full-time Christian workers including, without prejudice to the foregoing generality, the children of Ministers, Pastors and Missionaries and by the provision of facilities to churches and Christian organisations at not-for-profit rates. |
| The purpose of the School is to be a centre of excellence in education, where children are encouraged to develop their own unique pathways preparing them for life and work and to excel in a changing future. Our vision is by inspiring children, together we can change their future, shape society, and make an impact on our world. This vision and purpose are the main drivers of what we do as a school. |
| The School identified three main priorities as part of the School Improvement Plan for 2023/24. These three priority areas have remained consistent for the last two years and will remain the main headings for the near future as the School Leadership Team prioritise the young people in their care in line with the articles of association. |
| As part of the Safeguarding and Wellbeing Priority the Deputy Head Pastoral adapted the new National Guidance in Child Protection to update our own policies and procedures and undertook further training to deliver a high-level service to our the young people in our care. Training was provided to all staff in key areas of Child Protection including FGM and Peer to Peer abuse. The School introduced a Safe Physical Contact and Intervention Policy and embedded the Equality, Diversity and Inclusion Policy into day-to-day practice. The policy for positive behaviour was updated and implemented, to promote and celebrate behaviours that had a positive impact on the School and this included updating how incidents were recorded and analysed to recognise trends to inform policy and procedures. Finally, the Headteacher provided clear evidence of the School's approach to resolving RAAC in the School with the Registrar for Independent Schools and the new Compliance Committee was formed on the Board to track such processes in the School. |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC107480) |
| REPORT OF THE TRUSTEES |
| for the year ended 31 JULY 2024 |
| To improve the continuity of learning the School Leadership Team completed regular learning walks to observe and monitor the quality of teaching, and feedback was provided to teaching staff. The middle leaders completed learning trios on three occasions with a focus on pupil voice and the role of pupil voice in learning and teaching. Pupil voice was considered through learning questionnaires where all learners had the opportunity to comment on how they can shape their learning and pupil leadership. There was a focus on quality assuring the tracking data provided by class teachers and improved the recording of interventions with the learners and communication to home to support improvement in attainment. The curriculum was reviewed with a focus on which learners were taking each subject and linked this to bespoke timetables to meet the needs of our learners. There was also a focus on skills in the curriculum through the introduction of Gen+, making changes to the S6 Diploma. Senior School teachers spent time in the Junior School to work through transitions in their curricular areas to support the 5-18 journey. The Junior School developed a Curriculum Café where their views were taken into consideration to shape the next sessions curriculum. Opportunities for our young people to engage with foundation apprenticeships were improved. |
| In terms of leading change in the School community, a marketing review was completed with an external consultant to understand our current practices and how they support the recruitment of learners and the promotion of the School and an improvement agenda was formed. Following a staff, parental and learner survey we introduced a new Bring Your Own Device policy to replace the School Chromebook programme. This included a number of written communications and an information evening which a large number of parents attended for launching in August 2024. There was an improvement to the access of the wider community to our School facilities to improve our non-fee income. The School opened our new Nursery facility in October 2023 increasing our Nursery provision and we consulted with parents and learners to improve new equipment and planning. Pupil voice was developed in shaping the School community through "Ask Yourself" and other pupil voice initiatives to allow young people to have 'target questions' to 'check themselves' in their daily business. A number of events were developed to engage the community and the family atmosphere, which included the inaugural Founders' Day, Remembrance Assemblies, Christmas Market and improved sports fixtures. |
| In order to support the continuing development of sports provision as part of the wider curricular offering, the School reviewed the staffing structure in Sport and Activities to allow for a greater emphasis on physical activity and sport. The co-curricular clubs continued to offer a full range of activities to allow the learners to discover their talents and to pursue excellence. |
| The School is also committed to ensuring that learners receive an all-round education and provides access to a programme of extra-curricular activities, which encompasses sport, music, volunteering, and Duke of Edinburgh awards. |
| Hamilton College is open to supporting learners from local state sector schools in their studies, where subject choice is not available through their own school. |
| Hamilton College continues to be directly involved in the training of student teachers in the Junior and Senior Schools, and also in the Nursery. Teachers are committed to supporting national educational initiatives, such as Curriculum for Excellence, and several serve on Quality Design Teams and other committees. Many Senior School staff mark for the SQA and a high proportion are also involved in subject examining teams. |
| The school community has once again supported a large number of charities including The Beatson Cancer Charity, The Royal British Legion Poppy Appeal, Operation Christmas Child Shoebox appeal and Bethany Christian Trust. In the Junior School we sponsor 2 children, Eric and Sadia, through Compassion UK. |
| The School welcomed back the various community organisations to use our facilities including Michael Jamieson Swim Academy and wee wobblers. |
| Hamilton College is a fee charging school; however, we recognise that it is important to make education available to all and as such provide facilitated access to the schools. The Board of Governors provides financial support to learners through a means-tested bursary scheme and several non-means-tested fee remissions. The availability of financial support is publicised by way of the school's website, in media advertising and in our application packs for entry to the school. |
| Financial Assistance is also available for children of full-time Christian Workers, and siblings of children attending Hamilton College. |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC107480) |
| REPORT OF THE TRUSTEES |
| for the year ended 31 JULY 2024 |
| OBJECTIVES AND ACTIVITIES |
| Bursaries |
| The Board of Governors is committed to offering financial assistance to families wishing to attend the School but who otherwise are unable to pay the fees, or for those current learners where a change in family circumstances would compromise their ability to remain at the School. |
| Applicants to the Bursary Scheme are required to complete an Application Form giving full details of their financial circumstances, with supporting evidence. Bursaries are awarded based on the parents' ability to pay and the availability of bursary places. Hamilton College has no Bursary Fund therefore costs must be met as part of the school's operations. |
| Bursaries are reviewed annually to ensure that the awards target those who benefit the greatest and to ensure fairness and equality. |
| Means-Tested Bursaries |
| The value of means-tested bursaries awarded in academic year 2023-2024 amounted to £375,321.50 which is 7.47% of the school's tuition fee income. In total, there were 70 learners in receipt of bursary provision, representing 17.90% of the school roll. The range of bursary awards is as follows: |
| 0-20% 13 beneficiaries |
| 21-40% 21 beneficiaries |
| 41-60% 30 beneficiaries |
| 61-80% 3 beneficiaries |
| 81-90% 1 beneficiaries |
| 100% 2 beneficiaries |
| Non Means-Tested Fee Remissions |
| Non means-tested assistance was awarded during the academic year in the form of Sibling and Staff Discounts. In total, these awards were made to 62 learners and amounted to £175,250.25. Non-means tested fee remissions for the year 2023-24 benefitted 15.86% of the school roll and amounted to 3.49% of the school's income. |
| Bursaries & Remissions |
| The total of means and non-means tested bursaries and discounts represented 10.95% of the total tuition fee income. |
| Volunteers |
| Members of the Board of Governors did not receive any payment for the work they carried out in the capacity for the school in the year ending 31 July 2024. |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC107480) |
| REPORT OF THE TRUSTEES |
| for the year ended 31 JULY 2024 |
| OBJECTIVES AND ACTIVITIES |
| Estates |
| An on-going maintenance programme is in place to provide a pleasant, safe and secure environment for our learners and staff. Work carried out during the year included continued refurbishment, scheduled repairs to electrical wiring, and general improvements to the decorations, furnishings and flooring. |
| In particular, work started on a new modern, fit for purpose Nursery area where a major refurbishment and a new extension will be added to increase the capacity from 34.00fte to 70.00fte (covering all nursery age groups) |
| Preparation work also started on a new electrical substation replacement. |
| New Showers were also installed in the PE changing rooms. |
| There is annual substantial re-investment in ICT equipment, software and resources, and in PE equipment and facilities provision. |
| Further information is available on the Hamilton College website www.hamiltoncollege.co.uk. The school improvement plan and progress reports throughout the year can be viewed in the Standards and Quality review document on the website. |
| ACHIEVEMENT AND PERFORMANCE |
| Charitable Activities |
| Hamilton College provided education for an average of 433 learners over the academic session 2023-2024. Pupil numbers for each stage were: |
| Senior School - 247 |
| Junior School - 144 |
| Nursery - 42 |
| The objective of Christian Schools (Scotland) Limited is to promote the advancement of the Christian faith through the provision of excellence in education for all learners within a caring Christian ethos. |
| One way in which the Governors measure the excellence in education is academic attainment achieved through the SQA examinations. SQA attainment data for session 2023/24 was as follows. |
| - National 5 A-C 95% |
| - Higher A-C 95% |
| - Advanced higher A-C - 95% |
| 27% of the S5 cohort achieved 5As. |
| The School returned to providing a full trips programme including residential visits to outward bound venues in England and Scotland, New York, Alton Towers and Teen Ranch. These opportunities allowed the learners to experience being away from home and building resilience. |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC107480) |
| REPORT OF THE TRUSTEES |
| for the year ended 31 JULY 2024 |
| FINANCIAL REVIEW |
| Financial position |
| The financial results of the School for 2023/24 have been materially impacted by different external economic factors, including, Ukraine War, large increase in Energy costs, increase in Business rates, food inflation and transport costs. |
| Additional costs continued to be sustained during the year including facility works to ensure a continuation of the safe teaching and working environment, increased cleaning costs and hygiene resources. |
| The Governors are comfortable with the results for the year ended 31 July 2024. The results are in line with expectations following the rigorous budgeting exercise which is carried out each Spring time prior to commencement of the next academic year, a programme of cost-cutting initiatives and altering the overall model to reflect current school roll. The Governors and Key Management Personnel have always taken a prudent, but realistic view of the safeguarding of the schools' finances. |
| Against a continuing industry decline in pupil numbers, carefully considered fee increases coupled with appropriate and necessary staffing levels, have resulted in a profit of £112,821 in 2024 (profit of £18,062 in 2023) |
| Net assets remain robust at £2.78m and include healthy cash reserves of over £164k (£143k in 2023). |
| Reserves policy |
| The Governors consider the current level of reserves of £2.78m adequate, although the strategy is to build reserves through planned operating surpluses to enable the repayment of bank loans. Reserves are all Unrestricted Funds and are able to be wholly invested in the improvement of the school estate and learning environment to ensure the learners' educational requirements are met. |
| Risks and uncertainties |
| Going Concern |
| As mentioned above, the directors have monitored the financial position of the school, and looked to maximise the impact of the actions and strategies available to them to mitigate the impact of a reduction in forecasted income or unexpected expenditure costs. Forecasts for the year to July 2024 have been prepared on a prudent basis, and these forecasts demonstrate the financial stability of the school. Therefore, it is appropriate for the financial statements to be prepared on a going concern basis. |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC107480) |
| REPORT OF THE TRUSTEES |
| for the year ended 31 JULY 2024 |
| FUTURE PLANS |
| The Trustee's key focus for the year ahead is to ensure that the structure and strategy of the School are aligned with the growing pressures on the independent education sector. The greatest threat to the sector at present is the potential imposition of VAT and as such the School is preparing different business models to ensure that the business is viable and vibrant going forwards. This is in addition to the ongoing pressures of increased teachers salaries and the potential increase to pension contributions in the future. |
| The strategy must also result in the continued provision of an excellent education for every child, the nurturing of the individual's talents as well as ensuring that the teaching is carried out in facilities and using technology that meet modern standards. There will be a review of the provision in the Senior School and the shape of the school given the investment in the nursery to ensure the correct distribution of resources without reducing the offering to the young people. |
| The School Improvement Plan provides a framework for further development with 3 priorities having been identified in 2024/2025 - |
| 1. Safeguarding and Wellbeing |
| 2. Learning and Teaching |
| 3. Leadership |
| By working together on these Innovations and by realising their component parts, Hamilton College aims to excel in meeting our Purpose and in driving forward in our journey towards our Vision. |
| Our approach to safeguarding will continue to be a priority, ensuring a safe environment for our learners to grow will always remain the priority for the trustees. The School continues to grow the new nursery and as such the development of staff to lead the change has and will continue to be a focus. The School will be re-launching our House system which will support the development our 2 - 18 model which is a huge strength of the School. In order to ensure consistency over the 2 - 18 journey, we will explore a 'Hamilton College Lesson' to allow the young people a voice in how their lessons are delivered. Equally, the leadership of the School and interactions with parents, given the threat of VAT will be essential to build the community together. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is constituted as a company limited by guarantee and is therefore governed by its Memorandum and Articles of Association. |
| The management of the company is conducted through a Board of Governors, none of the members of which received any remuneration for their services as governors during the year under review. In accordance with the Memorandum and Articles of Association of the company, no shares are held by members of the Board of Governors. In the event of the winding up of the company, however, each member may be obliged to make a contribution not exceeding £1. |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC107480) |
| REPORT OF THE TRUSTEES |
| for the year ended 31 JULY 2024 |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Recruitment and appointment of new trustees |
| Election to the Board of Governors is on recommendation from an existing governor with reference to the skills he/she can bring to the overall governance of the school. The appointment process involves a detailed interview, and in each case the candidate is fully appraised of their responsibilities if appointed. Hamilton College is a member of the Scottish Council of Independent schools, which represents and promotes independent schools in Scotland. Governors are encouraged to take advantage of seminars provided by the Scottish Council of Independent Schools. |
| The Senior Leadership Team provides effective leadership and managerial skills that enable all staff to be aware of, and responsive to, the needs and aspirations of the learners, parents, other staff members and the wider community, and to be successful in pursuing continuous improvement. |
| Full responsibility for the day to day operation of the school as regards educational elements is the Headteacher, who reports directly to the Chairman of Governors. |
| Key Management Personnel |
| Headteacher | Mr Richard Charman |
| Business Manager | Mr Martin Murphy |
| Director of Education & Head of Upper School | Mrs Heather Stark |
| Deputy Head Pastoral | Mr Stuart Ross |
| Head of Junior School & Nursery | Mrs Jenny Paterson |
| Pay policy for senior staff |
| The charity operates banded salary ranges for all teaching staff, including senior staff and key management personnel. Hamilton College contributes to SSPA (full contributions) for all teaching staff. These bands are reviewed annually. This is dependent upon the financial success of the charity and also increases being offered in similar schools. |
| Related parties |
| Many of the Governors have children attending Hamilton College. In most cases, this does not affect their capability to make independent and fair decisions but, if there is a specific situation where there may be conflicted interests, directors will remove themselves from meetings. |
| Risk management |
| The governors have a risk management strategy which includes: |
| - consideration of the possible impact of the difficult economic climate on pupil numbers. This is kept under constant review and budgets are adjusted if required. There is also a strategy in place to ensure that the school is effectively marketed. |
| - a business continuity plan in case of emergencies, such as fire or flood. Business Continuity Insurance is in place in this respect. |
| - recognition that Health and Safety is of critical importance. Health and Safety policies and procedures are under constant review. A Health and Safety Committee meets on a two monthly basis to discuss any issues. Staffing training is ensured. In addition to a Health and Safety Coordinator, the school employs a Health and Safety consultant to audit procedures and to provide training and advice where necessary. |
| - a regular and comprehensive programme to maintain and improve the fabric of our buildings, sports pitches and other grounds. There is an annual review of the insurances in place to ensure that this adequately reflects the requirements of the school. |
| - regular review of key financial and operational management systems to ensure that controls are in place to mitigate any risks. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC107480) |
| REPORT OF THE TRUSTEES |
| for the year ended 31 JULY 2024 |
| Registered Charity number |
| Registered office |
| Trustees |
| Auditors |
| Statutory Auditor |
| Chartered Accountants |
| Atlantic House |
| 1a Cadogan Street |
| Glasgow |
| G2 6QE |
| STATEMENT OF TRUSTEES' RESPONSIBILITIES |
| The trustees (who are also the directors of Christian Schools (Scotland) 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) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". |
| 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. |
| 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. |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC107480) |
| REPORT OF THE TRUSTEES |
| for the year ended 31 JULY 2024 |
| AUDITORS |
| The auditors, Thomas Barrie & Co LLP, 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 TRUSTEES AND MEMBERS OF |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED |
| Opinion |
| We have audited the financial statements of Christian Schools (Scotland) Limited (the 'charitable company') for the year ended 31 July 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the charitable company's affairs as at 31 July 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 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. |
| Conclusions relating 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 TRUSTEES AND MEMBERS OF |
| CHRISTIAN SCHOOLS (SCOTLAND) 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 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion: |
| - | adequate and proper 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 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. |
| 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. |
| 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. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud, is detailed below: |
| - we identified the laws and regulations applicable to the charitable company through discussions with management, and from our 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 charity, including the Companies Act 2006, charity legislation, OSCR, Health & Safety and employment law; |
| - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, inspecting correspondence and reviewing board minutes; and |
| - we identified laws and regulations which were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit. |
| In common with all audits under ISA's (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES AND MEMBERS OF |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| 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. |
| 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, and to the charitable company's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and the trustees 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 |
| Statutory Auditor |
| Chartered Accountants |
| Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 |
| 1a Cadogan Street |
| Glasgow |
| G2 6QE |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED |
| STATEMENT OF FINANCIAL ACTIVITIES |
| (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
| for the year ended 31 JULY 2024 |
| 2024 | 2023 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Charitable activities | 3 |
| Investment income | 2 |
| Total |
| EXPENDITURE ON |
| Charitable activities | 4 |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 2,673,612 |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC107480) |
| BALANCE SHEET |
| 31 JULY 2024 |
| 2024 | 2023 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 |
| CURRENT ASSETS |
| Debtors | 11 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 12 | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS | ( |
) | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 13 | ( |
) | ( |
) | ( |
) |
| NET ASSETS |
| FUNDS | 17 |
| Unrestricted funds | 2,673,612 |
| TOTAL FUNDS | 2,673,612 |
| 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 |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED |
| CASH FLOW STATEMENT |
| for the year ended 31 JULY 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 346,509 | 389,748 |
| Interest paid | (63,556 | ) | (40,595 | ) |
| Interest element of hire purchase payments paid |
(280 |
) |
(280 |
) |
| Net cash provided by operating activities | 282,673 | 348,873 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (214,848 | ) | (910,828 | ) |
| Interest received | 25 | 31 |
| Net cash used in investing activities | (214,823 | ) | (910,797 | ) |
| Cash flows from financing activities |
| New loans in year | - | 815,000 |
| Loan repayments in year | (43,908 | ) | (477,898 | ) |
| FRS102 Arrangement fee | - | (6,430 | ) |
| Capital repayments in year | (1,750 | ) | (1,749 | ) |
| Net cash (used in)/provided by financing activities | (45,658 | ) | 328,923 |
| Change in cash and cash equivalents in the reporting period |
22,192 |
(233,001 |
) |
| Cash and cash equivalents at the beginning of the reporting period |
142,731 |
375,732 |
| Cash and cash equivalents at the end of the reporting period |
164,923 |
142,731 |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED |
| NOTES TO THE CASH FLOW STATEMENT |
| for the year ended 31 JULY 2024 |
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
| 2024 | 2023 |
| £ | £ |
| Net income for the reporting period (as per the Statement of Financial Activities) |
112,821 |
18,062 |
| Adjustments for: |
| Depreciation charges | 14,525 | 20,479 |
| Interest received | (25 | ) | (31 | ) |
| Interest paid | 63,556 | 40,595 |
| Interest element of hire purchase and finance lease rental payments | 280 | 280 |
| Decrease/(increase) in debtors | 2,220 | (11,670 | ) |
| Increase in creditors | 153,132 | 322,033 |
| Net cash provided by operations | 346,509 | 389,748 |
| 2. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.8.23 | Cash flow | At 31.7.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 142,731 | 22,192 | 164,923 |
| 142,731 | 22,192 | 164,923 |
| Debt |
| Finance leases | (3,938 | ) | 1,750 | (2,188 | ) |
| Debts falling due within 1 year | (43,648 | ) | (3,478 | ) | (47,126 | ) |
| Debts falling due after 1 year | (764,813 | ) | 47,385 | (717,428 | ) |
| (812,399 | ) | 45,657 | (766,742 | ) |
| Total | (669,668 | ) | 67,849 | (601,819 | ) |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 JULY 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. |
| The presentational and functional currency of the financial statements is Pounds Sterling (£). |
| Going concern |
| After reviewing the charity’s forecasts and projections on the school operations, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements. |
| Critical accounting judgements and key sources of estimation uncertainty |
| In preparing these financial statements, the directors are required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. |
| The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements: |
| Tangible Fixed Assets |
| The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives and residual values. The useful lives and residual values of the company's financial assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on management experience with similar assets. The depreciation rates applied have already been outlined elsewhere in these notes. |
| Income |
| Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably. |
| Fee income |
| Fees receivable are accounted for in the period in which the service is provided. Fees are stated net of bursaries and remissions granted by the School. |
| Deferred income - advance fees |
| Where income is received in advance of meeting any performance related conditions, and there is not unconditional entitlement to the income, its recognition is deferred and included in creditors as deferred income until the performance conditions are met. |
| Donations |
| Donations are generally recognised on receipt. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until those conditions are fully met. Donations receivable for the general purpose of the School are credited to "unrestricted funds". Donations for purposes restricted by the wishes of the donor are taken to "restricted funds". |
| Grants |
| Grants are recognised when the School has been notified in writing of both the amount and settlement date. Grants are deferred if terms or conditions must be met before the School has entitlement to the resources. |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 JULY 2024 |
| 1. | ACCOUNTING POLICIES - continued |
| 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. |
| The charity is not registered for VAT, therefore all expenditure is shown inclusive of irrecoverable VAT. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
| Freehold property | - |
| Fixtures and fittings | - |
| No depreciation is being charged on the property, which is in contravention of the requirements of the Charities SORP (FRS102). However, it is considered the residual value of the land and property is greater than the carrying value in the financial statements. In forming this opinion, the board of governors have considered several factors, including professional valuations. |
| Items deemed to be consumables, repairs and renewals or maintenance are not capitalised, but instead charged through the profit and loss account in the period in which they occur. Similarly, items where net book value is less than £500 are fully written down each year. |
| The carrying values of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying values may not be recoverable. |
| Taxation |
| The charity 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the Balance Sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter. |
| The interest element of these obligations is charged to the Statement of Financial Activities over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| IAS 19 - Employee Benefits paragraph 148 - Multi-employer plans |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 JULY 2024 |
| 1. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| (a) Hamilton College participates in the Scottish Teachers' Superannuation Scheme. The scheme is an unfunded statutory public service pension scheme with benefits underwritten by the UK Government. The scheme is financed by payments from employers and from those current employees who are members of the scheme and paying contributions at progressively higher marginal rates based on pensionable pay, as specified in the regulations. The rate of employer contributions is set with reference to a funding valuation undertaken by the scheme actuary. The last four-yearly valuation was undertaken as at 31 March 2020. The 2020 valuation set employer contribution rates at 22.4% for the period to 31 March 2024. This rises to 26% for the period 1st April 2024 to 31st March 2027. Member contributions continued at the same rates within a range of 7.2% to 11.9% and are anticipated to deliver a yield of 9.6%. |
| (b) Hamilton College has no liability for other employers' obligations to the multi-employer scheme. |
| (c) As the scheme is unfunded there can be no deficit or surplus to distribute on the wind-up of the scheme or withdrawal from the scheme |
| (d) (i) The scheme is an unfunded multi-employer defined benefit scheme. |
| (ii) It is accepted that the scheme can be treated for accounting purposes as a defined contribution scheme in circumstances where Hamilton College is unable to identify its share of the underlying assets and liabilities of the scheme. |
| (iii) The employer contribution rate for the period to 31st March 2024 is 22.4% of pensionable pay. The employee rate applied is variable and is anticipated to provide a yield of 9.6% of pensionable pay. |
| (iv) While a valuation was carried out as at 31 March 2016, it is not possible to say what deficit or surplus may affect future contributions. Work on the valuation was suspended by the UK Government pending the decision from the Court of Appeal (McCloud (Judiciary scheme)/Sargeant (Firefighters' Scheme) cases) that held that the transitional protections provided as part of the 2015 reforms was unlawfully discriminated on the grounds of age. Following consultation and an announcement in February 2021 on proposals to remedy the discrimination, the UK Government confirmed that the cost control element of the 2016 valuations could be completed. The UK Government has also asked the Government Actuary to review whether, and to what extent, the cost control mechanism is meeting its original objectives. The 2020 actuarial valuations will take the report's findings into account. The interim report is complete (restricted) and is currently being finalised with a consultation. Alongside these announcements, the UK Government confirmed that current employer contribution rates would stay in force until 1 April 2024. |
| (v) Hamilton College's level of participation in the scheme is less than 0.1% based on the proportion of employer contributions paid in 2023-24. |
| The School also operates a stakeholder pension scheme for support staff. The assets of the scheme are held separately from those of the school in an independently administered fund. |
| Financial instruments |
| The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Cash and cash equivalents |
| Cash and cash equivalents comprises cash balances. |
| Creditors |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 JULY 2024 |
| 1. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Short term trade creditors are measured at the 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. |
| Provisions |
| Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. |
| Short-term employee benefits |
| Short term employee benefits, including holiday pay, are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. |
| 2. | INVESTMENT INCOME |
| 2024 | 2023 |
| £ | £ |
| Interest received |
| 3. | INCOME FROM CHARITABLE ACTIVITIES |
| 2024 | 2023 |
| Activity | £ | £ |
| Tuition and registration fees | School operations | 5,212,336 | 4,885,711 |
| Meals, transport and uniforms | School operations | 466,872 | 438,320 |
| Lettings | School operations | 85,338 | 37,350 |
| Other income | School operations | 255,800 | 240,389 |
| Grants | School operations | 362 | 362 |
| Grants received, included in the above, are as follows: |
| 2024 | 2023 |
| £ | £ |
| Energy Saving Trust | 362 | 362 |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 JULY 2024 |
| 4. | CHARITABLE ACTIVITIES COSTS |
| Support |
| Direct | costs (see |
| Costs | note 5) | Totals |
| £ | £ | £ |
| Teaching and school operating costs | 5,127,427 | 780,485 | 5,907,912 |
| 5. | SUPPORT COSTS |
| Governance |
| Management | Finance | costs | Totals |
| £ | £ | £ | £ |
| Teaching and school operating costs | 665,905 | 72,428 | 42,152 | 780,485 |
| Support costs, included in the above, are as follows: |
| 2024 | 2023 |
| Teaching |
| and |
| school |
| operating | Total |
| costs | activities |
| £ | £ |
| Wages | 563,986 | 543,699 |
| Insurance | 55,882 | 44,582 |
| Postage | 1,237 | 1,700 |
| Subscriptions | 30,402 | 24,472 |
| Sundry expenses | 14,398 | 11,789 |
| Bank charges | 8,592 | 6,086 |
| Interest payable and similar charges | 63,836 | 40,875 |
| Auditors' remuneration | 11,340 | 11,178 |
| Auditors' remuneration for non audit work | 1,422 | 1,956 |
| Legal and professional fees | 29,390 | 41,057 |
| 780,485 | 727,394 |
| 6. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Audit fee | 11,340 | 11,178 |
| Other non-audit services | 1,422 | 1,956 |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts and finance leases |
| Hire of plant and machinery | 10,471 | 10,471 |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 JULY 2024 |
| 7. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration for the year ended 31 July 2024, nor for the year ended 31 July 2023. |
| Where Trustees' children attend the school, sibling and Christian Worker fee discounts are applied at the normal, appropriate levels. Bursaries granted are within the normal, consistent operating guidelines of the bursary committee. |
| Trustees' expenses |
| Trustee expenses of £170 (travel) were paid for the year ended 31 July 2024, & £62 of Trustee expenses being paid for the year ended 31 July 2023. |
| The School’s insurance policy includes Trustee Indemnity Insurance for all its trustees. |
| 8. | STAFF COSTS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Other pension costs |
| 3,996,892 | 3,758,458 |
| The average monthly number of employees during the year was as follows: |
| 2024 | 2023 |
| Management | 1 | 1 |
| Teaching | 48 | 49 |
| Administration | 12 | 13 |
| Non-Teachers | 36 | 34 |
| The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |
| 2024 | 2023 |
| £60,001 - £70,000 |
| £70,001 - £80,000 |
| £90,001 - £100,000 |
| 4 | 2 |
| The School considers its key management personnel comprises the Principal, Director of Education, and r. Business Manager. The total employment benefits, including employer pension contributions, of the key management personnel were £240,715 (2023: £205,589). |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 JULY 2024 |
| 9. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted | Restricted | Total |
| fund | funds | funds |
| £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Charitable activities |
| Investment income |
| Total |
| EXPENDITURE ON |
| Charitable activities |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 2,655,550 | - |
| TOTAL FUNDS CARRIED FORWARD | 2,673,612 | - | 2,673,612 |
| 10. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | and |
| property | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 August 2023 |
| Additions |
| At 31 July 2024 |
| DEPRECIATION |
| At 1 August 2023 |
| Charge for year |
| At 31 July 2024 |
| NET BOOK VALUE |
| At 31 July 2024 |
| At 31 July 2023 |
| The net book value of tangible fixed assets includes £ 4,256 (2023 - £ 5,320 ) in respect of assets held under hire purchase contracts. |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 JULY 2024 |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Prepayments and accrued income |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 14) |
| Other loans (see note 14) |
| Hire purchase (see note 15) | 1,750 | 1,750 |
| Trade creditors |
| Social security and other taxes |
| Advance fee payments | 1,066,953 | 795,625 |
| Levy fund | 7,205 | 8,123 |
| Bursary fund | 1,467 | 30,987 |
| Accrued expenses |
| Deferred income - Advance fee payments |
| Deferred income represents direct debit payments received during June and July in advance of the Autumn Term commencing in August. The full amount is released to income in the new financial year and is therefore recognised as being due within one year. |
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 14) |
| Other loans (see note 14) | 5,600 |
| Hire purchase (see note 15) | 438 | 2,188 |
| Levy fund | 44,660 | 44,630 |
| 14. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year on demand: |
| Bank loans |
| Other loans | 1,680 | 1,680 |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 JULY 2024 |
| 14. | LOANS - continued |
| 2024 | 2023 |
| £ | £ |
| Amounts falling between one and two years: |
| Bank loans - 1-2 years |
| Other loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Other loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments: |
| Bank loan over 5 years | 505,018 | 551,212 |
| The bank loan outstanding with the Bank of Scotland is due for repayment by 2035 with interest being charged at a rate of 7.18% variable. |
| The other loan is from the Energy Saving Trust, due for repayment by 2027 with interest being foregone by the lender. |
| 15. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Gross obligations repayable: |
| Within one year | 2,030 | 2,030 |
| Between one and five years | 508 | 2,538 |
| 2,538 | 4,568 |
| Finance charges repayable: |
| Within one year | 280 | 280 |
| Between one and five years | 70 | 350 |
| 350 | 630 |
| Net obligations repayable: |
| Within one year | 1,750 | 1,750 |
| Between one and five years | 438 | 2,188 |
| 2,188 | 3,938 |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 JULY 2024 |
| 15. | LEASING AGREEMENTS - continued |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 16. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| The bank loan is secured by a bond and floating charge over the property and assets of the Charity in favour of Bank of Scotland plc. |
| 17. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1.8.23 | in funds | 31.7.24 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 2,673,612 | 112,821 | 2,786,433 |
| TOTAL FUNDS | 112,821 | 2,786,433 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 6,020,733 | (5,907,912 | ) | 112,821 |
| TOTAL FUNDS | ( |
) | 112,821 |
| CHRISTIAN SCHOOLS (SCOTLAND) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 JULY 2024 |
| 17. | MOVEMENT IN FUNDS - continued |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.8.22 | in funds | 31.7.23 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 2,655,550 | 18,062 | 2,673,612 |
| TOTAL FUNDS | 2,655,550 | 18,062 | 2,673,612 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 5,602,163 | (5,584,101 | ) | 18,062 |
| TOTAL FUNDS | 5,602,163 | (5,584,101 | ) | 18,062 |
| The unrestricted funds are the funds which the directors are free to use in accordance with the charitable objectives of the School. |
| 18. | EMPLOYEE BENEFIT OBLIGATIONS |
| The company contributes to a superannuation scheme operated by the Scottish Government and two privately operated schemes for non teaching staff. Contributions payable are charged in the statement of financial activities. These amounted to £463,862 for the year (2023 - £440,682). |
| 19. | RELATED PARTY DISCLOSURES |
| Other than those identified in Note 7, there were no material related party transactions for the year ended 31st July 2024. |