Charity registration number 310637
Company registration number 00068471 (England and Wales)
THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mrs Tara Leaver (Chair)
Mr Jeremy Banks
Mrs Kathryn Berens
Mr David Flower
Mr Nigel Garrett
Mrs Janine Kochman
Mr Andrew Logan
Mr Jack Murray
Mr Stuart Nicholls
Mrs Modupe Omonijo
Mr Geoffrey Parkin
Mrs Emma Perkins
Charity number
310637
Company number
00068471
Registered office
Godstowe Preparatory School
Shrubbery Road
High Wycombe
Buckinghamshire
United Kingdom
HP13 6PR
Auditor
Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
Bankers
National Westminster Bank Plc
Svenska Handelsbanken AB
Barclays Bank Plc
Key executives
Headmistress
Ms Kate Bailey M.A. (Hons) PGCE
Director of Finance & Operations
Mrs Samantha North
Clerk to the Governors
Ms Hannah Miles
Website
www.godstowe.org
THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
CONTENTS
Page
Trustees' report
1 - 7
Statement of Trustees' responsibilities
8
Independent auditor's report
9 - 11
Statement of financial activities
12
Balance sheet
13
Statement of cash flows
14
Notes to the financial statements
15 - 27
THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The Trustees, who are also Directors for the purposes of the Companies Act 2006, present their annual report and financial statements for the year ended 31 August 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Company's governing document, the Companies Act 2006 and "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).

Constitution and Objects

The Godstowe Preparatory School Company Limited (the ‘Company’) was incorporated in 1900 as a company limited by shares, as defined by the Companies Act 2006, is registered in England and is also registered with the Charity Commission. The Company is governed by its Articles of Association.

 

The Company's objects, as set out in its Articles of Association, are to advance the education of young girls and boys by the provision of schooling (including nursery schooling). In pursuance of these objects for the public benefit, the Company's sole business is the operation of Godstowe Preparatory School (the 'School'), incorporating a nursery, 'pre-prep' department and main school, and it has established and administers bursaries, scholarships and other benefactions and acts as trustee and manager of property and gifts given in pursuance of these objects.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Company should undertake.

School Objectives and Activities

 

The School was established in 1900 with the principal objective of providing systematic education and training for young girls and boys so as to prepare them for subsequent education in public or other senior schools. The School operates with boarding houses and a nursery as envisaged in the original objects. The School also holds lectures, exhibitions, public meetings and classes calculated to advance the cause of education, which is also in accordance with the objects of the School.

 

The School aims to provide a first-class education to girls from age 3 to 13 and boys from age 3 to 7. It seeks to provide a structured educational environment that develops pupils' capabilities, competences and skills and gives them the confidence to go on to senior schools and succeed. The School promotes the academic, moral and physical development of its pupils through the academic curriculum, pastoral care, sport and other activities. The School provides an educational environment where each student can develop and fulfil their potential, building their self-confidence and instilling a desire to contribute to the wider community.

 

The School is committed to safeguarding and promoting the welfare of pupils and expects all staff and volunteers to share this commitment. Appropriate policies and procedures are in place to support this aim and all activities across the School are judged against this objective.

Mission Statement

 

The School's mission is to provide the necessary education and environment where the School values of kindness, respect, integrity and balance are embedded, to enable pupils to develop through a journey of self-assurance and personal achievement to ensure they become confident, happy and successful.

 

In doing so, the School aims to promote the best opportunities for pupils by providing a challenging curriculum and a wide range of extra-curricular activities, together with a stimulating and enjoyable boarding experience.

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Structure, Governance and Management

The Board of Governors, or ‘Council’, is responsible for the overall management and control of the Company and the School. All members of Council are Trustees of the Charity, Directors of the Company and Governors of the School. Council meets at least three times per year. Currently Council has a Finance sub-committee which also meets three times a year and reports to Council. The purpose of this committee is to oversee all financial aspects of the School, working alongside the Director of Finance & Operations to ensure the School’s short-term and long-term viability. Further sub-committees have been established - an Estates sub-committee to consider investment proposals in all their details, from financial through health and safety to logistics, an Education sub-committee to ensure that the School’s curriculum, systems and activities deliver the best outcomes for pupils and a Revenue and Remuneration sub-committee to provide recommendations to Council on the annual review of staff remuneration and School fees. These sub-committees meet as and when appropriate. In addition, Governors are also assigned to oversee specific areas of the School’s operations, for example, safeguarding and boarding.

The Trustees, who are also the Directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mrs Tara Leaver (Chair)
Mrs Kathryn Allner
(Resigned 19 March 2024)
Mr Jeremy Banks
(Appointed 28 November 2024)
Mrs Kathryn Berens
(Appointed 28 November 2024)
Mr David Flower
(Appointed 28 November 2024)
Mr Nigel Garrett
Mrs Janine Kochman
(Appointed 28 November 2023)
Mr Andrew Logan
Mr Jack Murray
Dr Fiona Neale
(Resigned 31 August 2024)
Mr Stuart Nicholls
Mrs Modupe Omonijo
Mr Geoffrey Parkin
Mrs Emma Perkins
Mr Thomas Richardson-Bunbury
(Resigned 31 August 2024)
Mrs Geraldine Rogers
(Resigned 31 August 2024)
Mrs Sarah Stokes
(Resigned 31 August 2024)

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.

Organisational Management

 

The day-to-day management of the School is delegated to the Headmistress, who is supported by the Director of Finance & Operations and other members of the senior leadership team. The Headmistress, the Director of Finance & Operations and the Clerk to the Governors attend Council and Finance sub-committee meetings. Other sub-committees will be attended by either the Headmistress or the Director of Finance and Operations and Governors nominated as members. Other members of School staff also attend meetings on occasion, according to their responsibilities.

 

Recruitment and Training of Governors

 

Governors are appointed by agreement at a full Council meeting. Suitable candidates for new governors are identified by existing Governors or key executives of the School followed by a formal recruitment process, with a recommendation presented to Council. New Governors are introduced to the workings of the School through an induction programme. Council has periodic training up-date events.

 

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

Employment Policy

 

The Company is an equal opportunities employer. Full and fair consideration is given to job applications from disabled persons and due consideration is given to their training and employment needs. Consultation with employees takes place at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. Employees are made aware of the financial and economic performance of the Company.

 

Public Benefit

 

In setting objectives and planning, the Governors give careful consideration to the Charity Commission’s guidance on public benefit.

 

The Company is a charity which seeks to benefit the public through the pursuit of its stated aims. Fees are set at a level to ensure the financial viability of the School and at a level that is consistent with Council's aim of providing a first-class education for the School’s pupils. In setting the fees the Governors take into account future plans for the School, the current economic and political climate and the ability of parents to meet their financial commitments.

 

The School welcomes pupils from all backgrounds. The School is non-selective but aims to ensure that pupils can cope with the pace of learning and thus benefit from the education provided. An individual's economic status, ethnicity, race, religion or disability does not form part of the School's assessment process.

 

The Governors are committed to their policy with regard to allowing those who cannot afford the current fees to gain access to the first-class education provided by the School. Council is determined not to dilute the quality of the education currently provided while still offering assisted places in defined circumstances. With this in mind, Council has put in place the provision of means tested bursaries (assisted places) for able children from families who are less well-off, and the bursaries granted in the current year were worth £279,266 (2023: £208,552).

 

The School does not have endowments and, in funding bursary awards, the Governors are mindful that a balance must be struck between fee-paying parents, many of whom make considerable personal sacrifices to fund their children's education, and those benefiting from the awards. The Governors seek to maximise the number of bursaries awarded each year whilst remaining within the constraints both of the foregoing and being able to identify suitable beneficiaries.

Social Investments

 

The School is part of the wider local community and the Governors are keen that staff and pupils participate in that community.

 

During the year, pupils raised thousands of pounds for various children's charities under the direction of a charity officer. The School regularly meets with the local church in High Wycombe to coordinate services held in town and at the School. The Governors have allowed the School to be used as an examination centre at no cost and the local community is allowed to use the School's facilities where appropriate. Wycombe District Swim Club uses the School’s swimming pool complex when not in use by the School at a discount to commercial rates. Hamilton Road Primary School pupils use the pool regularly without charge. The neighbourhood watch and local residents' association both use the School's premises on a regular basis at no charge. The School continues to co-operate with the local fire brigade by allowing an annual fire drill to be carried out in one of the boarding houses.

 

Council is very aware that the security of pupils is of primary importance and thus the School is always careful to vet fully any outside use of the School's facilities but, subject to this consideration, is keen to build further partnerships with the local community.

 

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -

Strategy

 

The Governors are responsible for setting a strategy for achieving the School’s objectives. The focus of the strategy is the development of the pupils and their continued high level of academic achievement, whilst supporting them pastorally, covering a range of pupil ability and enabling each child to fulfil their potential. In taking forward the strategy, the Governors:

Principal Risks and Uncertainties and Risk Management

 

Risk Management

 

Council keeps the School's activities under regular review and closely monitors risks that arise from time to time and the effectiveness of the controls and other means by which those risks are mitigated. The key controls include:

 

In addition, the Governors can establish additional sub-committees to deal with specific risks as they arise.

Principal Risks and Mitigation

 

The two principal risks for UK independent schools are:

 

These risks are created or exacerbated by the following factors or a combination of them:

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -

Council has placed significant focus on these risks over the past year and continues to do so. Mitigating actions have included:

 

Through the risk management processes and controls established for the School, the Governors are satisfied that all major risks, including those relating to health and safety, have been identified and are being adequately managed. It is recognised, however, that such processes and controls can only provide reasonable but not absolute assurance that major risks have been adequately mitigated.

Future Plans

 

The main focus for the future continues to be the regular review and updating of Council’s strategic plan to ensure it remains the school of choice for those seeking single sex prep-school education, with the option for boarding, up to the age of 13. This plan considers the academic, extra-curricular, pastoral and boarding elements of the School’s offering and the facilities required to support this.

 

The plan also covers the School’s IT provision. Having delivered greater integration of IT on a day-to-day basis into the classroom during the Covid pandemic, the benefits that technology can deliver are well understood and, accordingly, the Governors recognise the importance of keeping the School’s IT provision up-to-date and fit for purpose for both the delivery of high quality and progressive education together with the support functions necessary to achieve this. However, it is also recognised that the costs related to these improvements need to be carefully managed.

 

Review of Achievements and Performance for the Year

 

The educational performance of the School during the year continues to deliver results that allow leavers to be offered places at their first choice of senior school. Furthermore, 23 scholarships, awards and distinctions were offered to pupils for their next schools. The senior leadership team continues to provide clear and enthusiastic direction for the School in challenging times and has received strong supportive feedback from parents.

 

The success of the School has been recognised in the year by the School having been nominated for and achieved the following awards:

Pupil numbers were 397 compared with 433 the year before. Whilst these numbers are lower than the school would have preferred, given the uncertainty created by the economic and political situation, this was not unexpected. As a result, strategies are being implemented to improve pupil numbers through increased recruitment of new pupils as well as retention of existing pupils.

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -

Once again, the efforts of all the staff across the School has been well received by the parents and the Governors appreciate the dedication and commitment of the whole school team.

 

Due to the uncertainty created by the current economic climate and in particular some significant increases in costs, particularly in catering, Council remains cautious when determining capital expenditure plans. Accordingly, there have been no major projects carried out during the year, although several more minor replacements and repairs have been completed. The wider investment plan for the future is being kept under review and decisions will be made dependent on needs and the financial strength of the School.

 

Financial Review

 

Results for the Year

 

The net deficit for the year was £363,055 compared with net income of £14,303 in the previous year. The current economic climate continues to create challenges for the School in both managing its costs and protecting its income, as parents’ personal finances are also under challenge. This situation has been exacerbated by the threat of removal of VAT exemptions on school fees. In response, as noted in Principal Risks and Mitigation (above), the School has scaled back its commitment to capital projects and carefully reviewed the level of all its costs, including a restructuring of its staff resources, the cost of which was borne during the year.

 

Despite the impact of the net deficit for the year, cash generated from operations has remained healthy at £727,235 compared to £931,035 in the previous year, driven primarily by an increased level of fees paid in advance. This, together with continued prudent management of capital expenditure, resulted in cash balances at the end of the year improving to £4,336,986 (2023: £3,650,226).

 

Fundraising

 

Donations during the year amounted to £7,145 (2023: £29,802). Although there were no formal fund-raising campaigns carried out by the School during the year, ‘Friends of Godstowe’ (the parental charitable organisation) continued to play an invaluable role in raising funds for the School and the Governors are extremely appreciative of their efforts and the generosity of everyone who has contributed. These donations allow the School to bring forward plans and complete them earlier than would otherwise have been possible, or provide ‘icing on the cake’ items that are not considered essential but further enhance the pupil’s experiences.

 

Investment Policies

 

The School does not have any external investments, but in line with our policy of diversifying financial risk the School divides its short-term cash deposits between its principal bankers. The Governors continue to keep this policy under careful review.

 

Reserve Levels and Policy

 

The Governors are mindful that the School does not have endowments and that the current economic climate makes the future somewhat uncertain.

 

The running costs of the School continue to rise, due to a number of inflationary factors. In addition, the financial dynamics of its operations make the School heavily dependent on pupil numbers and fee levels. With this in mind, the Governors need to ensure that the level of reserves is adequate to meet the running expenses of the School and to allow for future capital projects.

 

At the end of the year, the Company had total reserves of £9,856,897 (2023: £10,219,952) and unrestricted reserves of £9,174,381 (2023: £9,561,820). After adjusting for unrestricted functional fixed assets for the Company’s own use, free reserves improved further to £224,310 (2023: £102,915) reflecting the continued careful prioritisation of capital expenditure. It remains the intention of the Governors to continue to improve the free reserves position as soon as possible. It is, however, recognised that, with the continuing uncertainty created by the risks faced by the School, this may not be achievable in the short term.

 

 

 

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -

It is the policy of the Company that its cash balances and access to additional liquidity should be maintained at a level equivalent to between three and six month’s expenditure and significant management attention is given to forecasting and monitoring cash levels for this purpose. The Governors consider that maintaining cash reserves at this level will ensure that, in the event of a significant drop in cash generation from operations, they will be able to continue the School’s current activities while consideration is given to ways in which additional funds may be raised or costs further reduced. This level of cash reserves has been maintained throughout the year.

Auditor

In accordance with the Company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the Company will be put at a General Meeting.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees' report was approved by the Board of Trustees.

Mrs Tara Leaver (Chair)
28 November 2024
THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -

The Trustees, who are also the Directors of The Godstowe Preparatory School Company Limited for the purpose of company law, are responsible for preparing the Trustees' Report 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 Company and of the incoming resources and application of resources, including the income and expenditure, of the Company for that year.

 

In preparing these financial statements, the Trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in operation.

 

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
- 9 -

Opinion

We have audited the financial statements of The Godstowe Preparatory School Company Limited (the ‘Company’) for the year ended 31 August 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the Company's affairs as at 31 August 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

-

the information given in the Trustees' report for the financial year for which the financial statements are prepared, which includes the Directors' report prepared for the purposes of company law, is consistent with the financial statements; and

-

the directors' report included within the Trustees' report has been prepared in accordance with applicable legal requirements.

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
- 10 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report included within the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of 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 prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a strategic report.

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the Directors of the Company for the purpose 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 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 Company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
- 11 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Tracey Richardson BSc (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
28 November 2024
Chartered Accountants
Statutory Auditor
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
-
7,145
7,145
-
29,802
29,802
Charitable activities
4
8,236,893
-
8,236,893
8,143,877
-
8,143,877
Investments
5
103,253
-
103,253
36,339
-
36,339
Total income
8,340,146
7,145
8,347,291
8,180,216
29,802
8,210,018
Expenditure on:
Charitable activities
6
8,682,585
27,761
8,710,346
8,163,617
32,098
8,195,715
Net (expenditure)/income for the year/
Net movement in funds
(342,439)
(20,616)
(363,055)
16,599
(2,296)
14,303
Fund balances at 1 September 2023
9,516,820
703,132
10,219,952
9,500,221
705,428
10,205,649
Fund balances at 31 August 2024
9,174,381
682,516
9,856,897
9,516,820
703,132
10,219,952

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
9,627,700
10,114,150
Investments
11
4
4
9,627,704
10,114,154
Current assets
Debtors
12
1,789,538
1,884,863
Cash at bank and in hand
4,336,986
3,650,226
6,126,524
5,535,089
Creditors: amounts falling due within one year
13
(4,562,748)
(3,902,642)
Net current assets
1,563,776
1,632,447
Total assets less current liabilities
11,191,480
11,746,601
Creditors: amounts falling due after more than one year
14
(1,334,583)
(1,526,649)
Net assets
9,856,897
10,219,952
Income funds
Restricted funds
18
682,516
703,132
Unrestricted funds:
General unrestricted funds
9,174,366
9,516,805
Share capital
15
15
9,174,381
9,516,820
9,856,897
10,219,952
The financial statements were approved by the Trustees on 28 November 2024
Mrs Tara Leaver (Chair)
Trustee
Company registration number 00068471
THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
727,235
931,035
Investing activities
Purchase of tangible fixed assets
(137,447)
(241,607)
Investment income received
103,253
36,339
Net cash used in investing activities
(34,194)
(205,268)
Financing activities
Repayment of bank loans
(57,642)
(66,110)
Deposits
51,361
111,551
Net cash (used in)/generated from financing activities
(6,281)
45,441
Net increase in cash and cash equivalents
686,760
771,208
Cash and cash equivalents at beginning of year
3,650,226
2,879,018
Cash and cash equivalents at end of year
4,336,986
3,650,226
THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -
1
Accounting policies
Company information

The Godstowe Preparatory School Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Godstowe Preparatory School, Shrubbery Road, High Wycombe, Buckinghamshire, HP13 6PR, United Kingdom.

1.1
Accounting convention

The financial statements have been prepared in accordance with the Company's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The Company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income
Income is recognised when the Company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5
Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Company 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.

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 16 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Depreciation is provided on all fixed assets other than freehold land and is recognised so as to write off the cost of the fixed assets less their residual values on a straight line basis using the following estimated useful economic lives:

Freehold land and buildings
10 - 50 years
Fixtures and fittings
5 - 33 years
Motor   vehicles
5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8
Impairment of fixed assets

At each reporting end date, the Company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. In the prior year the Company also contributed to the Teachers' Pension Scheme at rates set by the Scheme Actuary and advised to the Company by the Scheme Administrator. The scheme is a multi-employer pension scheme, and it is not possible to identify the assets and liabilities of the scheme which are attributable to the Company. In accordance with FRS 102 therefore, the scheme is accounted for as a defined contribution scheme. The company withdrew from the Teachers' Pension Scheme on 31 March 2023.

2
Critical accounting estimates and judgements

In the application of the Company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 18 -
3
Donations and legacies
Restricted
Restricted
funds
funds
2024
2023
£
£
Donations and gifts
7,145
29,802
4
Charitable activities

Charitable Income

Charitable Income

2024
2023
£
£

Fees receivable from tuition and boarding

8,135,485
8,068,936
Charitable rental income
101,408
74,941
8,236,893
8,143,877
5
Investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£

Deposit account interest

103,253
36,339
THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -
6
Charitable activities

Charitable Expenditure

Charitable Expenditure

2024
2023
£
£
Staff costs
5,323,555
4,862,387
Depreciation and impairment
623,897
683,849

Teaching costs

336,698
326,809

Support service costs

1,798,031
1,799,750

Management and admin costs

548,573
440,366

Bank charges and interest

68,910
51,398

Bad debt expense

10,682
31,156
8,710,346
8,195,715
Analysis by fund
Unrestricted funds
8,682,585
8,163,617
Restricted funds
27,761
32,098
8,710,346
8,195,715
7
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Teachers - Full time
41
40
Teachers - Part time
14
12
Admin - Full time
45
49
Admin - Part time
28
26
Total
128
127
Employment costs
2024
2023
£
£
Wages and salaries
4,394,867
3,929,637
Social security costs
386,679
367,711
Other pension costs
542,009
565,039
5,323,555
4,862,387

Included within the above costs are redundancy payments amounting to £109,066 which were paid as part of the staff restructuring during the year.

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
7
Employees
(Continued)
- 20 -
The number of employees whose annual remuneration was more than £60,000 is as follows:
2024
2023
Number
Number
£60,001 - £70,000
3
4
£70,001 - £80,000
-
1
£80,001 - £90,000
2
-
£100,001 - £110,000
1
-
£110,001 - £120,000
1
1
8
Trustees and key management personnel

No Trustees received remuneration or other benefits paid for by the Company for the year ended 31 August 2024 nor for the year ended 31 August 2023.

 

During the year there were no trustee expenses paid in relation to travel and subsistence nor for the year ended 31 August 2023.

Remuneration of key management personnel

The remuneration of key management personnel is as follows:

2024
2023
£
£
Aggregate compensation
647,374
618,163
9
Taxation

The Company is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
10
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor   vehicles
Total
£
£
£
£
Cost
At 1 September 2023
12,986,325
4,556,953
30,711
17,573,989
Additions
66,770
51,927
18,750
137,447
Disposals
-
-
(4,000)
(4,000)
At 31 August 2024
13,053,095
4,608,880
45,461
17,707,436
Depreciation and impairment
At 1 September 2023
4,749,773
2,679,355
30,711
7,459,839
Depreciation charged in the year
397,282
224,115
2,500
623,897
Eliminated in respect of disposals
-
-
(4,000)
(4,000)
At 31 August 2024
5,147,055
2,903,470
29,211
8,079,736
Carrying amount
At 31 August 2024
7,906,040
1,705,410
16,250
9,627,700
At 31 August 2023
8,236,552
1,877,598
-
10,114,150

During the year ended 31st August 2022, the Company entered into a contract with its caterers for the provision of catering services for a term of seven years. As part of this agreement, the caterers assisted in the refurbishment of the School’s kitchen and dining facilities by funding a proportion of the refurbishment cost and providing a loan on favourable terms for the remainder. Under the terms of the agreement, the benefit of the funding accrues evenly over the term of the contract and the loan is repayable over the same period. The cost of the refurbishment has been capitalised and is being depreciated over its estimated useful life in accordance with the Company’s depreciation policy. At the end of the year, the outstanding balance of the loan and the unamortised amount of the funding benefit are included under Bank and other loans and Deferred income respectively, within creditors.

11
Fixed asset investments
Other investments
Cost or valuation
At 1 September 2023 & 31 August 2024
4
Carrying amount
At 31 August 2024
4
At 31 August 2023
4

Fixed asset investments at the balance sheet date comprise the entire ordinary share capital of the Company's two UK registered dormant subsidiaries, High Wycombe Music Activities Limited and Godstowe Developments Limited.

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,514,270
1,685,584
Other debtors
41,494
4,747
Prepayments and accrued income
233,774
194,532
1,789,538
1,884,863
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank and other loans
16
69,892
69,016
Other taxation and social security
111,347
91,512
Deferred income
15
2,365,718
2,666,474
Trade creditors
133,207
54,301
Fees received in advance
1,450,727
668,691
Deposits
217,722
60,500
Other creditors
148,990
197,544
Accruals
65,145
94,604
4,562,748
3,902,642
14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and other loans
16
785,044
843,562
Deferred income
15
83,059
110,746
Deposits
466,480
572,341
1,334,583
1,526,649
THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
15
Deferred income

Deferred income is included in the financial statements as follows:

2024
2023
£
£
Deferred income is included within:
Current liabilities
2,365,718
2,666,474
Non-current liabilities
83,059
110,746
2,448,777
2,777,220
Movements in the year:
Deferred income at 1 September 2023
2,777,220
2,795,513
Released from previous periods
(2,666,474)
(2,657,081)
Resources deferred in the year
2,338,031
2,638,788
Deferred income at 31 August 2024
2,448,777
2,777,220

Deferred income represents invoices issued before the year end for school fees in the following year and the unamortised funding benefit arising from the Company's catering contract (see Note 10).

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -
16
Loans and deposits
2024
2023
£
£
Bank and other loans - due in 1 year
69,892
69,016
Bank and other  loans - 1-2 years
70,785
69,892
Bank and other loans - 2-5 years
192,260
215,108
Bank and other loans - over 5 years
521,999
558,562
854,936
912,578
Deposits - due in 1 year
217,722
60,500
Deposits - 1-2 years
154,050
166,073
Deposits - 2-5 years
192,250
229,253
Deposits - over 5 years
120,180
177,015
684,202
632,841
Bank and other loans
854,936
912,578
Deposits
684,202
632,841
1,539,138
1,545,419
Payable within one year
287,614
129,516
Payable after one year
1,251,524
1,415,903
1,539,138
1,545,419
Secured debts

On 8 August 2018, the Company entered into a 20 year term loan with National Westminster Bank Plc which is secured by a charge on certain freehold land and buildings. At 31 August 2024, £752,388 was still outstanding on this loan (2023: £784,393).

17
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
15 Ordinary B of £1 each
15
15
THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
18
Restricted funds

The income funds of the Company include restricted funds comprising the following balances of donations and grants held on trust for specific purposes:

Movement in funds
Balance at
1 September 2023
Incoming resources
Resources expended / depreciation charged
Transfers
Balance at
31 August 2024
£
£
£
£
£
Fixed assets funded from donations
700,245
-
(27,761)
5,145
677,629
Donations
2,887
7,145
-
(5,145)
4,887
703,132
7,145
(27,761)
-
682,516
Movement in funds
Balance at
1 September 2022
Incoming resources
Resources expended / depreciation charged
Transfers
Balance at
1 September 2023
£
£
£
£
£
Fixed assets funded from donations
699,925
-
(29,795)
30,115
700,245
Donations
5,503
29,802
(2,303)
(30,115)
2,887
705,428
29,802
(32,098)
-
703,132
19
Analysis of net assets between funds
Unrestricted funds
Restricted funds
Total
Unrestricted funds
Restricted funds
Total
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Fund balances at 31 August 2024 are represented by:
Tangible assets
8,950,071
677,629
9,627,700
9,413,905
700,245
10,114,150
Investments
4
-
4
4
-
4
Current assets/(liabilities)
1,558,889
4,887
1,563,776
1,629,560
2,887
1,632,447
Long term liabilities
(1,334,583)
-
(1,334,583)
(1,526,649)
-
(1,526,649)
9,174,381
682,516
9,856,897
9,516,820
703,132
10,219,952
THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
20
Operating lease commitments

At the reporting end date the Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
19,597
23,951
Between two and five years
43,076
23,064
62,673
47,015
21
Cash generated from operations
2024
2023
£
£
(Deficit)/surpus for the year
(363,055)
14,303
Adjustments for:
Investment income recognised in statement of financial activities
(103,253)
(36,339)
Other income
(27,686)
(27,686)
Depreciation and impairment of tangible fixed assets
623,897
683,849
Movements in working capital:
Decrease/(increase) in debtors
95,325
(48,834)
Increase in creditors
502,007
345,742
Cash generated from operations
727,235
931,035
22
Analysis of changes in net funds
At 1 September 2023
Cash flows
At 31 August 2024
£
£
£
Cash at bank and in hand
3,650,226
686,760
4,336,986
Bank and other loans
(912,578)
57,642
(854,936)
2,737,648
744,402
3,482,050
23
Related party transactions

There were no related party transactions during the current year (2023: None).

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 27 -
24
Pension commitments

With effect from 1 April 2023, the Company contributes to a defined contribution scheme for the benefit of all its eligible and opted-in staff, run by The Royal London Mutual Insurance Society Limited ("Royal London"). Previously the Company participated in the Teachers' Pension Scheme ("TPS") for its teaching staff and contributed to the National Employment Savings Trust ("NEST") in respect of its eligiblle and opted-in non-teaching staff. The assets of all three schemes are held seperately from those of the Company in independently administered funds.

 

The pension cost charge for the current year represents contributions payable by the Company to Royal London amounting to £542,009 (2023: £565,039, Royal London, TPS and NEST). At the year-end £77,440 was accrued in respect of contributions to Royal London (2023: £63,815).

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