The School Council present the 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 School's Memorandum and Articles of Association, 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)” (as amended for accounting periods commencing from 1 January 2016).
The Froebelian School and First Steps Nursery aims to provide education and care of the highest possible standard to children from 3 months to the age of 11.
The School has the following specific objectives:
To provide a caring, supportive and structured learning environment;
To deliver quality education which develops the whole child; enabling them to maximise their potential;
To offer a wide range of opportunities for learning including a diverse range of extra-curricular activities;
To foster good relationships throughout our Froebelian family and beyond;
To ensure a smooth transition for children towards the next phase of their learning journey.
In addition, the School also fosters links with the local community and raises funds for local, national and international charities.
The School Council’s main role is ensuring delivery of these objectives and also to maintain pupil numbers, to invest in facilities, to identify possible opportunities to extend our provision and to continue to provide financial support to pupils in need of fee assistance whenever possible and compatible with the responsibility to run the school prudently.
In setting its objectives and planning its activities, Council has given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee charging.
The School Council (whose members are both trustees and directors) meets regularly and is responsible for setting strategic priorities and objectives and overseeing delivery of these. In addition, Council reviews operational performance and has constituted a number of sub-committees (e.g. Finance, Marketing, Education, Governance, Nursery) and working groups (as required) to provide support, guidance and oversight in certain key aspects of operations.
Our School is committed to safeguarding and promoting the welfare of our pupils and expects all staff and volunteers to share this commitment. In the latest Independent Schools Inspectorate report, the pastoral care at the school was described as "Excellent", the highest possible grade. The School regularly reviews its policies on child protection, safeguarding and health and safety. All staff regularly undertake safeguarding and child protection training.
Access Policy
We are confident that our fees are reasonable and represent excellent value for money. It is a long standing policy that fee levels are set to ensure that they are affordable to as wide a cross section of the local population as possible. However, it is important to us that access to the education we offer is not restricted only to those who can afford our fees.
Bursaries & Hardship Assistance
The Council places great importance on the School's Bursary Policy. We established a Bursary Fund in the year 2000 and generally have added to it every year. The School Council has agreed that a prudent proportion of fee income should also be used to fund bursaries or hardship cases. The School embraces the principle that fee income will, whenever possible, contribute support to bursaries and hardship.
Our bursary awards are available to all who meet our general entry requirements and are made solely on the basis of parental means or to relieve hardship where a pupil’s education and future prospects would otherwise be at risk, for example in the case of redundancy. Bursaries are reviewed annually, and hardship assistance is reviewed termly. The level of support will vary according to family income, but those with low incomes may qualify for up to 100% remission of the normal fees. The School believes that bursary provision is a vital tool in broadening access, ensuring that pupils from a range of backgrounds are able to benefit from the education we provide.
In this academic year 2023/24, we awarded bursaries of up to 100% to 15 pupils. The total awarded amounted to £60,313. Details of our Bursary Policy and how to apply are on our website.
We have provided hardship support to 6 children whose families have suffered financial challenges. We provided hardship support to the value of £2,224 during the 2023/24 academic year.
The School was most recently inspected by the Independent Schools Inspectorate(ISI) in March 2025. This was the first inspection under the new ISI framework. The School met all the standards across every area- education, wellbeing, leadership, governance and safeguarding. The report itself affirms the strength of the School’s leadership, the quality of our teaching and curriculum, the exceptional behaviour and attitudes of our children, and the positive impact of our inclusive, values-led approach. The feedback from inspectors throughout the visit was rich with praise-particularly regarding our culture of kindness, the depth of pupil voice, and the strong relationships between staff, pupils and parents.
Although the formal report cannot reflect many of the anecdotes and individual commendations shared verbally, it does highlight:
Our broad, ambitious and inclusive curriculum
The strength of our Early Years provision, including for our youngest two-year-olds
Effective teaching and assessment leading to high academic outcomes
Strong safeguarding culture and well-established systems
Pupils who are self-motivated, respectful, and eager to contribute to their school and wider society
Effective governance that provides meaningful oversight and strategic report
The School was previously inspected by the ISI in January 2022. The School met all regulatory requirements. In the Education Quality Inspection (2017) we were rated as 'Excellent', the highest possible grade.
All leavers progressed to the school of their choice, many of them receiving multiple offers of places and scholarships.
School Council would like to take this opportunity to thank all our staff at both the school and nursery for their hard work, dedication and support in the strategic growth of the school. In September 2024, the school opened a brand new facility to accommodate children from 2 years old within the school building. This builds on the school's strength in Early Years. There are currently 14 children attending with plans to increase this to 17 places with the increase in funded provision to 30 hours.
The School is actively supported by the FPTA, a separate registered charity, and the School Council would like to thank FPTA for their continued and valuable support. Further information about FPTA can be accessed via the School website www.froebelian.com. The School also receives assistance from a number of other parents and supporters with activities such as reading, school projects and trips. Again, we are very grateful for this help.
Pupil fees
The termly fees before the deduction of any means assisted bursaries and hardship assistance were:
Lower Kindergarten: £2,085
All other forms: £3,100
First Steps Nursery at Froebelian currently has a substantial waiting list. Fees during the 2023/24 financial year were as follows:
Baby room: £65 per day raising to £72 from May 2024
Toddler and Pre School rooms: £63 per day rising to £70 from May 2024
Investment policy
The investment powers of the School are governed by the Memorandum and Articles of Association which permit monies to be invested as considered appropriate and after taking the necessary professional advice. Investment income is raised primarily from placing monies on deposit with banks and building societies.
Memorandum and Articles of Association prohibits the payment of any dividends to the members.
The School Council has assessed the major risks to which the School is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Future Plans
Council intends to continue its current strategy of maintaining the School's position in a competitive market by investing to provide high quality education for all pupils.
The 2024/2025 academic year sees the fruition of the 2 year old expansion with further growth in Froebelian’s Early years (0 to 5 years) offer.
In addition, Council regularly reviews its strategy in order to continue to place Froebelian at the forefront of excellent education provision and care.
Educational Future Plans
At Froebelian, we remain steadfast in our mission to provide an exceptional, values-led education that nurtures the whole child. As we look ahead, our strategic educational development will build on our long-standing commitment to academic excellence, personal growth, and community engagement.
Our future plans focus on four transformational pillars:
1. Future-Ready Learning
We are evolving our curriculum to ensure children are equipped with the skills they need to thrive in an ever-changing world. This includes:
• Expanding digital fluency through an integrated technology and coding curriculum.
• Embedding global citizenship, environmental stewardship, and sustainability into thematic units.
• Developing metacognition and independent thinking skills from the earliest years.
2. Flourishing Minds and Bodies
We will further embed wellbeing and performance enhancement into daily school life, including:
• A school-wide mental health and resilience programme rooted in Froebelian's principles.
• Nutrition and movement innovations, in collaboration with leading specialists, to optimise learning and health.
• Expansion of The Power Start to include parent-child sessions and targeted performance coaching.
3. Excellence Through Individualised Learning
Recognising the unique potential in every child, we will:
• Invest in adaptive learning technologies and specialist-led provision for those who need additional stretch or support.
• Develop a Gifted Learners Pathway and continue to enrich our SEND provision.
• Introduce personal learning journals for all children, linked to the Froebelian Learner Profile.
4. Strengthening Community and Opportunity
Froebelian will always be a family. Looking ahead, we will:
a. Continue to Build upon a Culture of Belonging
• Foster even stronger relationships through initiatives that celebrate diversity and inclusion across our school community.
• Launch parent-led interest groups and community storytelling events to deepen bonds between families and staff.
b. Froebelian Families in Partnership
• Introduce a structured parent partnership programme, including workshops, open classrooms, and ‘learning alongside’ days.
c. Alumni and Legacy Connections
• Establish a formal Froebelian Alumni Network to inspire current children through real-world stories and mentoring.
• Create a legacy programme where alumni and former parents can contribute to bursaries, facilities, and special projects.
d. Service, Citizenship and Outreach
• Launch a Froebelian Service Programme encouraging children to lead and participate in community projects and charitable ventures.
• Build partnerships with local schools, care homes, and charities to develop empathy and real-world engagement.
e. Celebrating Childhood Together
• Introduce seasonal family experiences and intergenerational events—from Forest School picnics to creative arts festivals.
• Make school a hub of joy, wonder, and shared memory-making for children and families alike.
f. Creating Shared Spaces
• Reimagine key areas of the school into multi-use, welcoming spaces for family learning, parent support, and out-of-hours enrichment.
• Design a “Community Courtyard” or “Wellbeing Garden” as a physical symbol of connection and calm.
The school was founded in 1913 and was incorporated as a company limited by guarantee (no.00926012) in 1969. The School is a registered charity (no.529111).
Governing document
The company is governed by its Memorandum and Articles of Association dated 28 February 1969.
Governing body
School Council members serve as directors of the company and are the charity trustees. Members are elected at a meeting of the School Council on the basis of nominations received concerning eligibility, personal competence, specialist skills and local availability. Council ensures that there is an appropriate balance of diversity and that a relevant blend of specialist skills is represented in the membership. The members who served during the year are listed on the Legal and Administrative pages of this report.
All Trustees give up their time freely and no remuneration or expenses for their services were paid in the year. In 2023/24 no governor or person connected with a governor received any benefit from means tested bursaries or hardship assistance awarded to our pupils.
Organisation management
The School Council meets at least once each term and therefore at least three times each year to determine the general policy of the School (company with charitable status) and to review its management, performance and control, for which they are legally responsible. In addition, the School council holds an Annual General Meeting (AGM) to receive and approve the audited accounts. The day to day management of the School is delegated to the Head (who is chief executive), assisted by the Senior Leadership Team and the Bursar.
Company law requires the members of the Council 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 surplus or deficit of the company for that period.
In preparing those financial statements, the members of the Council are required to
select suitable accounting policies and then apply them consistently;
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 Company will continue in business.
The members of the Council are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The members of the Council must, in determining how amounts are presented within items in the statement of financial activities and balance sheet, have regard to the substance of the reported transaction or arrangement, in accordance with generally accepted accounting principles and practice.
The members of the Council have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
The auditors, Henton & Co LLP, were appointed in the year.
This report has been prepared in accordance with the provisions applicable to companies subject to the Small Companies Regime.
The appointment of Henton & Co LLP as auditor was first approved by the Council at its meeting on 28 January 2011.
The Trustees report was approved by the School Council.
Opinion
We have audited the financial statements of The Froebelian School (Horsforth) Limited (the ‘School’) for the year ended 31 August 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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 School 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.
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 School’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 School Council 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 School Council 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.
In the light of the knowledge and understanding of the School 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 School Council 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.
As explained more fully in the statement of Trustees responsibilities, the School Council, who are also the directors of the School 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 School Council 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 School Council are responsible for assessing the School’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 School Council either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Reviewed the nature of the industry and sector, the control environment and business performance for the year.
Identifying the laws and regulations the company operates within and enquiring with management if they are aware of any non compliance issues.
Discussed how and where fraud may occur with all members of the audit engagement team.
In line with all audits under ISAs (UK) we were required to perform tests to respond to the risk of management override. We tested the appropriateness of journal entries, evaluated the judgements made for accounting estimates to assess if any bias, and assessed the rationale behind any significant or unusual transactions.
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.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an 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 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.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 15 to 28 form part of these financial statements.
The notes on pages 15 to 28 form part of these financial statements.
The notes on pages 15 to 28 form part of these financial statements.
The Froebelian School (Horsforth) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Clarence Road, Horsforth, Leeds, LS18 4LB.
The financial statements have been prepared in accordance with the School's Memorandum and Articles of Association, 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)” (as amended for accounting periods commencing from 1 January 2016). The School is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the School. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the School Council have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future. Thus the School Council continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the School Council in furtherance of their charitable objectives.
Restricted funds are those donated for use in a particular area or are for specific purposes, the use of which is restricted to that area or purpose.
Cash donations are recognised on receipt. Other donations are recognised once the School 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. Donations receivable for the general purposes of the Charity are credited to Unrestricted Funds. Donations for purposes restricted by the wishes of the donor are taken to Restricted Funds where these wishes are legally binding on the Council, except that any amounts required to be retained as capital in accordance with the donor's wishes are accounted for instead as Endowments - permanent or expendable according to the nature of the restriction.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for fees for the school year ending 31 August 2024.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Direct expenditure is summarised under functional headings on a direct cost basis. For overhead costs, it is apportioned according to management estimates. The irrecoverable element of VAT is included with the item of expense to which it relates.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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.
At each reporting end date, the School 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).
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.
The School 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 School's balance sheet when the School 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, which include debtors and cash and bank balances, are measured at transaction price. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
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.
Financial liabilities are derecognised when the School’s contractual obligations expire or are discharged or cancelled.
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 School is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
In the application of the School’s accounting policies, the School Council 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.
Fees receivable
Other income
Other income
Rental income
Staff costs
Depreciation
Other costs
Welfare costs
Premises
Management & administration
Charitable donations
Members of the Council received no remuneration in respect of their role as director and trustee.
The analysis of auditor's remuneration is as follows:
The average monthly number of employees during the year was:
During the prior year the charitable company underwent significant staffing changes. This has resulted in a higher staffing cost for the year than normal. It has also resulted in 2 members of staff earning over £60,000, which has been caused by a member of staff stepping up while another member of staff was absent from work.
Deferred income is included in the financial statements as follows:
Deferred income relates to fees for the forthcoming school term.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The fundraising account refers to fundraising carried out by the School specifically for the purpose of making donations to other charitable bodies.
The School, in recognition of its charitable status, established a bursary fund to provide support for current and future pupils who experience difficulties in meeting their financial commitment to the School.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
During the year Kenneth Beaty, who was a director of The Froebelian School (Horsforth Limited until his resignation on 31 August 2023, is a director of a company which ultimately owns Sagars Accountants, who provided accounting assistance to the school. The total expensed in the year was £18,600 (2023 £7,938), there was £6,000 (2023 £3,000) outstanding at the year end. The school also incurred costs of £nil (2023 £6,479) to Anderson. Anderson & Brown, who are part of Sagars. The amount outstanding at the year end is £nil (2023 £1,855).
There were no other disclosable related party transactions during the year (2023 - none).
The School makes pension contributions under the Teacher's Pension Scheme (TPS) and The Pensions Trust Growth Plan. The assets of both schemes are held separately from those of the company in independently administered funds. The amounts recognised in the Statement of Financial Activities as an expense for both schemes was £145,092 (2023: £129,773). Included in creditors at the year end was a balance of £20,281 (2023: £15,637) in respect of unpaid contributions.
THE PENSION TRUST GROWTH PLAN
The Charitable Company participates in the scheme, a multi-employer scheme which provides benefits to some 1,300 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.
The scheme is classified as a 'last man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.
A full actuarial valuation for the scheme was carried out at 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:
Deficit contributions
From 1 April 2019 to 31 January 2025: | £11,243,000 per annum (payable monthly and increasing by 3% each on 1st April) |
Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.
Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2014. This valuation showed assets of £793.4m, liabilities of £969.9m and a deficit of £176.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:
Deficit contributions
From 1 April 2016 to 30 September 2025: | £12,945,440 per annum (payable monthly and increasing by 3% each on 1st April) |
From 1 April 2016 to 30 September 2028: | £54,560 per annum (payable monthly and increasing by 3% each on 1st April) |
The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.
Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.
The School had no debt during the year.