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REGISTERED COMPANY NUMBER: 00396309 (England and Wales)
REGISTERED CHARITY NUMBER: 528261






















Report of the Trustees and

Financial Statements

for the Year Ended 31 August 2024

for

The Newark Preparatory School
Company Limited

The Newark Preparatory School
Company Limited






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Reference and Administrative Details 1

Report of the Trustees 2 to 6

Report of the Independent Auditors 7 to 8

Statement of Financial Activities 9

Balance Sheet 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13 to 19

The Newark Preparatory School
Company Limited

Reference and Administrative Details
for the Year Ended 31 August 2024



TRUSTEES W E B Bicknell
S L Cameron
J A Dennis
J E Mumby
R W South
W J Staunton
D N Ashton (resigned 12.6.24)
L Gordon (appointed 14.9.23)


COMPANY SECRETARY S Beaumont


REGISTERED OFFICE Highfields
London Road
Balderton
Newark-on-Trent
Nottinghamshire
NG24 3AL


REGISTERED COMPANY NUMBER 00396309 (England and Wales)


REGISTERED CHARITY NUMBER 528261


AUDITORS Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

The Newark Preparatory School
Company Limited (Registered number: 00396309)

Report of the Trustees
for the Year Ended 31 August 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

PRINCIPAL ACTIVITY

The charitable company's principal activity during the year continued to be that of an independent school.

TRUSTEES

The Trustees shown below have held office during the while of the period from 1 September 2023 to the date of this report.

R W South
W E B Bicknell
W J Staunton
Mrs S L Cameron
J A Dennis
Dr J Mumby
L Gordon (appointed 14/09/2023)
D Ashton (resigned 12/06/2024)
S Beaumont (appointed 12/07/2024)

OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal objective of the Charity is to provide high quality nursery, pre-prep and prep education. The management of the school was entrusted to the Headteacher, Mrs S Lyons, who was appointed in September 2019, and who reports regularly to the Governors and Trustees. The school operates under the trading name of Highfields. In organising the Charity, Trustees are mindful of their duties under the Charities Act 2022 and have given careful consideration to compliance with the public benefit guidance issued by the Charity Commission.

Within the principal objective, the Charity aims to provide a broad-based education appropriate to the needs of the pupils in its target market and through this the pupils will:

- Acquire the knowledge and skills that will enable them to tackle the next phase of their educational, physical, spiritual, social and emotional lives with confidence and success;
- Feel valued and significant, whilst having an expectation that they should behave in a responsible manner, both to themselves and others;
- Develop as individuals, whilst having an understanding that they have a responsibility of service to the community;
- Learn how to live together in a community, showing consideration, courtesy and respect for other people and their property at all times;
- Work to acquire the resourcefulness that will enable them to obtain the best from their environment;
- Develop the foundations on which to build a happy and fulfilling life;
- Find their time spent at Highfields enjoyable and stimulating;
- Receive an education that nurtures the courage and confidence of every child to discover their talents and fulfil their potential within a caring environment.

Public benefit
In setting the objectives and planning its activities, the trustees have given careful consideration to the Charity Commission's general guidance on public benefit. The key public benefit delivered by the Trust is the provision of a high quality of education to its pupils.


The Newark Preparatory School
Company Limited (Registered number: 00396309)

Report of the Trustees
for the Year Ended 31 August 2024

STRATEGIC REPORT
Achievement and performance
Charitable activities
The main objectives of the school for the year were to continue to provide high quality educational services and in so doing to:

- Ensure that the school finances are in line expectations and to maintain the school as a viable going concern for many years to come;
- Increase the revenue and profile of the school, whilst offering value for money, in order to make the school's services available to as wide a range of parents and pupils as possible;
- Reinvest in the infrastructure of the school.

These are achieved by regular Board meetings which, as a matter of course:
- Regularly undertake a detailed review of the school accounts and areas of over and under spend;
- Plan marketing and promotional activities to increase the profiles and revenue generating potential of the school;
- Invest in IT for the benefit of pupils and to allow staff to fulfil their roles;
- Within the limitations of the financial constraints, plan maintenance work on the fabric of the school and, when possible enhance the facilities provided.

The future objectives of the school are to:
- Maintain the high quality of nursery, pre-prep and prep education by using the Cambridge and National curriculum and the continued promotion of first-class pastoral care in small class sizes to enable every child to discover their talents and fulfil their potential confidently in a caring environment;
- Improve the facilities of the school by routine refurbishment and a programme of planned maintenance;
- Grow pupil enrolment numbers by ongoing marketing and promotional activity;

These will be achieved by:
- Utilising all opportunities to promote the school and raise its profile;
- Continuing to develop links with local schools and especially nursery and child care settings to increase awareness of the opportunity on offer at the school;
- The implementation of the refurbishment plan;
- Continuous training and professional development of both teaching and support staff.

The last inspection by the Independent School Inspectorate (ISI) was in November 2023; they carried out a thorough inspection following their new framework and found Highfields to have met all standards.


The Newark Preparatory School
Company Limited (Registered number: 00396309)

Report of the Trustees
for the Year Ended 31 August 2024


Details of means tested bursary

The school has two further objectives:
-To provide continuing support of pupils already in receipt of fee assistance through bursaries and to provide support for existing pupils through means tested bursary places, should the need arise during their education at Highfields.
-To play our part in the life of the local community through community access and service programmes.

Bursaries

This year the value of means-tested bursaries totalled £28,032 and represented 2.8% of gross fees.

Review

The Governors periodically review the school's Bursary policies to ensure that children can continue to remain at School through the availability of means-tested fee assistance. The school policy is designed to widen access to Highfields. The reviews help inform the development of school policy and ensure the objective of wider access continues to be achieved.

'Teaching Links' programme

The school looks for opportunities with other local schools where we can share each other's best practice, observe other settings and share in training where possible. The EY team regularly meet with other Early Years settings to share best practise. The Headteacher and Operations Manager also work with colleagues across both state and independent sector to support and enhance their own knowledge.

Community access

The Trustees regard being part of the wider community as an important role.

Where possible, without detriment to advancing the education of our pupils, Highfields supports the wider community by inviting local schools to events at Highfields and for local nurseries to use the grounds. Highfields hosted a cross country event in November 2023 which was attended by a number of local schools (both state and independent). Highfields takes part in the local Wolfit drama festival and will be hosting the event this year. Pupils also attend local chess competitions with other schools.

Highfields was also able to support local charities with Harvest Soup and generously filled shoeboxes. The pupils in form 5 and 6 read out Remembrance poems as part of the community Armistice Day event.

Pupils regularly take part in events within school to raise money for charities such as Children in Need, Jeans for Jeans, Shelterbox and Sports Aid.

Highfields regularly supports local groups by sharing our grounds such as with the Newark Rugby Club or renting out our facilities at favourable rates. Highfields have supported the community by loaning out its minibus to support Orchard school, a local special needs school whose own bus was not available.

Highfields attends the monthly Newark Business Club meeting to build relationships within the Newark Community and use local companies where possible. We entered their annual awards event and were thrilled to win the Employer of the Year award and be highly commended in the Team of the Year category.


The Newark Preparatory School
Company Limited (Registered number: 00396309)

Report of the Trustees
for the Year Ended 31 August 2024


STRATEGIC REPORT
Financial review
Financial review and reserves policy
The net movement in funds for the year amounted to an outflow of £15,512 (2023: an outflow of £5,363).

The revenue reserves of the Charity total £1,008 (2023: £16,520). This level of reserves is substantially represented by the property and other physical assets of the school, which are used for the continuing charitable objectives of the school. The Charity's balance sheet includes freehold property at historic cost. A detailed valuation of this asset was undertaken by Inn's England on 3 April 2024 for the purposes of the Charity's bankers. The property was valued at £1.45 million based on its existing use and the valuation for vacant possession was £2.725 million.

The figure for freehold land and buildings on the balance sheet includes £145,147 in respect of the professional preparation for the construction project as stated in our plans for the future.

The Trustees' policy is to operate with a small surplus of income over resources expended to provide funds for capital expenditure improvements and working capital.

The main source of funding of the Charity is the fees and nursery income received from the parents and funding from the local authorities for Early Years funding towards nursery fees. These funds are expended on the running and upkeep of the school in order to provide the high-quality educational service needed to meet the objectives of the Charity.

Annual budgets and cash flow forecasts are prepared as part of the Charity's development plan and these are monitored against actual financial performance on a regular basis. The Trustees are confident to continue to adopt the going-concern basis in the preparation for financial statements. However, as the market for independent schools has become more challenging following the introduction of VAT in January 2025, we have been exploring different medium and long term investment strategies; one of these options is working in partnership with other independent schools.

Investment policy and objectives
There are no restrictions on the company's powers of investment.

Future plans
Planning permission was turned down in August 2023 and the contract with Avant Homes has expired. However, the charity are still open to suitable opportunities which may arise to provide a cash inflow to school to carry out refurbishment work. The proposed planning reforms in the Planning and Infrastructure Bill may assist with opportunities.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity was created by a trust deed as a registered charity (number 528261). The charitable company is limited by its members' liability. The members' liability is limited to the amount paid on share capital.

The charitable company is registered in the name of The Newark Preparatory School Company Limited (company number 00396309). The principal address and registered office is Highfields, London Road, Newark, Nottinghamshire, NG24 3AL.

New trustees are recruited by personal recommendation from existing members of the Board, based on identified skills required by the Board. The induction and training of the new trustees is undertaken using external support from the Association of Governing Bodies for Independent Schools (AGBIS) with training tailored to the needs of each newly appointed trustee.

Decisions regarding the charity are made through debate, consideration and voting on proposals submitted to the Board by any one of the following at the regular trustees meeting:
- Headteacher / Senior Leadership Team;
- Subcommittees which cover Finance, Marketing and Health & Safety; Curriculum and Standards; and Pupils, Personnel and Safeguarding;
- Friends and Family of Highfields School, FFH (PTA)/Parents

All meetings are minuted.


The Newark Preparatory School
Company Limited (Registered number: 00396309)

Report of the Trustees
for the Year Ended 31 August 2024


STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The Trustees continue to keep the school's activities under review, particularly with regard to any major risks that may arise from time to time. They monitor the effectiveness of the system of internal control and use other viable means, including insurance cover where appropriate, to best mitigate those risks identified.

The Trustees believe the major risks to the school are;

- The retention of key staff;
- The economy. As the school is an independent school, the trustees are aware the economy will directly impact on the school enrolment numbers and are monitoring and reviewing the situation regularly;
- Political changes - the introduction of VAT to school fees in January 2025 and removal of business rates relief in April 2025 could have a detrimental impact on the finances of the school. So far, no pupils have been withdrawn due to the VAT change but it is possibly impacting on new pupils joining during the academic year. The increase in fees due to VAT was kept to the expected effective VAT rate to protect pupil numbers as much as possible.

The Trustees mitigate the above risk by ensuring that the quality of service remains high through continuous staff training and professional development.

TRUSTEES' RESPONSIBILITY STATEMENT
The trustees (who are also the directors of The Newark Preparatory School Company Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing those financial statements, the trustees are required to:

- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going-concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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

In so far as the trustees are aware:

- there is no relevant audit information of which the charitable company's auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 28 May 2025 and signed on the board's behalf by:





R W South - Trustee

Report of the Independent Auditors to the Members of
The Newark Preparatory School
Company Limited

Opinion
We have audited the financial statements of The Newark Preparatory School Company Limited (the 'charitable company') for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
The Newark Preparatory School
Company Limited


Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- We plan our work to gain an understanding of the significant laws and regulations that are of significance to the
entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its
legal and regulatory framework.
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by
making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Charitable Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- Substantive procedures performed in accordance with the ISAs (UK).
- Challenging assumptions and judgments made by management in its significant accounting estimates.
- Identifying and testing journal entries, in particular material journal entries and an assessment of year end
journals.
- Assessing the extent of compliance with the relevant laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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




Paul Colcomb FCCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

28 May 2025

The Newark Preparatory School
Company Limited

Statement of Financial Activities
for the Year Ended 31 August 2024

2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Charitable activities 4
Donations 47,112 - 47,112 16,980
Tuition and nursery fees 1,069,557 - 1,069,557 1,015,349
Other Income - - - 500

Rent 3 10,851 - 10,851 10,555
Other income 5 109,533 - 109,533 107,962
Total 1,237,053 - 1,237,053 1,151,346

EXPENDITURE ON
Charitable activities 6
Education services 1,252,565 - 1,252,565 1,156,709

NET INCOME/(EXPENDITURE) (15,512 ) - (15,512 ) (5,363 )


RECONCILIATION OF FUNDS
Total funds brought forward 16,520 - 16,520 21,883

TOTAL FUNDS CARRIED FORWARD 1,008 - 1,008 16,520

The Newark Preparatory School
Company Limited (Registered number: 00396309)

Balance Sheet
31 August 2024

2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 591,028 - 591,028 555,537

CURRENT ASSETS
Debtors 13 45,534 - 45,534 37,136
Cash at bank and in hand 126 - 126 173
45,660 - 45,660 37,309

CREDITORS
Amounts falling due within one year 14 (627,347 ) - (627,347 ) (557,993 )

NET CURRENT ASSETS (581,687 ) - (581,687 ) (520,684 )

TOTAL ASSETS LESS CURRENT LIABILITIES 9,341 - 9,341 34,853

CREDITORS
Amounts falling due after more than one year 15 (8,333 ) - (8,333 ) (18,333 )

NET ASSETS/(LIABILITIES) 1,008 - 1,008 16,520
FUNDS 18
Unrestricted funds 1,008 16,520
TOTAL FUNDS 1,008 16,520


The financial statements were approved by the Board of Trustees and authorised for issue on 28 May 2025 and were signed on its behalf by:





R W South - Trustee

The Newark Preparatory School
Company Limited

Cash Flow Statement
for the Year Ended 31 August 2024

2024 2023
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 149,541 82,802
Interest paid (18,008 ) (17,582 )
Net cash provided by operating activities 131,533 65,220

Cash flows from investing activities
Purchase of tangible fixed assets (52,950 ) (27,166 )
Interest received 1 1
Net cash used in investing activities (52,949 ) (27,165 )

Cash flows from financing activities
Loan repayments in year (10,000 ) (10,000 )
Net cash used in financing activities (10,000 ) (10,000 )

Change in cash and cash equivalents in
the reporting period

68,584

28,055
Cash and cash equivalents at the
beginning of the reporting period

2

(247,114

)

(275,169

)
Cash and cash equivalents at the end of
the reporting period

2

(178,530

)

(247,114

)

The Newark Preparatory School
Company Limited

Notes to the Cash Flow Statement
for the Year Ended 31 August 2024

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024 2023
£    £   
Net expenditure for the reporting period (as per the Statement of
Financial Activities)

(15,512

)

(5,363

)
Adjustments for:
Depreciation charges 17,458 26,086
Profit on disposal of fixed assets - (1 )
Interest received (1 ) (1 )
Interest paid 18,008 17,582
Increase in debtors (8,397 ) (3,162 )
Increase in creditors 137,985 47,661
Net cash provided by operations 149,541 82,802

2. ANALYSIS OF CASH AND CASH EQUIVALENTS
2024 2023
£    £   
Cash in hand 23 71
Notice deposits (less than 3 months) 103 102
Overdrafts included in bank loans and overdrafts falling due within one year (178,656 ) (247,287 )
Total cash and cash equivalents (178,530 ) (247,114 )



3. ANALYSIS OF CHANGES IN NET DEBT

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 173 (47 ) 126
Bank overdraft (247,287 ) 68,631 (178,656 )
(247,114 ) 68,584 (178,530 )

Debt
Debts falling due within 1 year (20,000 ) - (20,000 )
Debts falling due after 1 year (18,333 ) 10,000 (8,333 )
(38,333 ) 10,000 (28,333 )
Total (285,447 ) 78,584 (206,863 )

The Newark Preparatory School
Company Limited

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. LEGAL STATUS OF THE CHARITY

The charity is a charitable company registered in England and Wales. Details of the company number and registered office can be found in the reference and administration section of the Report of the Trustees.

STATUTORY INFORMATION

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold property - 25% on cost, 5% on cost and Straight line at 1%
Fixtures and fittings - 15% straight line and 10% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.


The Newark Preparatory School
Company Limited

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

3. RENT
2024 2023
£    £   
Rent 8,280 8,279
Hire of Facilities 2,570 2,275
Deposit account interest 1 1
10,851 10,555

4. INCOME FROM CHARITABLE ACTIVITIES
2024 2023
Tuition
and
nursery Total Total
Donations fees activities activities
£    £    £    £   
Parent Association donation 44,819 - 44,819 16,980
Tuition fees - 951,026 951,026 897,501
Nursery fees - 118,531 118,531 117,848
Donations received 2,293 - 2,293 500
47,112 1,069,557 1,116,669 1,032,829

5. OTHER INCOME
2024 2023
£    £   
Wrap around care 63,426 60,880
Music 23,881 25,643
Registration fees 1,520 1,200
School trips 19,451 19,555
Insurance recharge 297 400
Sundry receipts 958 284
109,533 107,962

6. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 7) Totals
£    £    £   
Education services 1,056,715 195,850 1,252,565

7. SUPPORT COSTS
Governance
Management Finance costs Totals
£    £    £    £   
Education services 165,986 25,070 4,794 195,850


The Newark Preparatory School
Company Limited

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

7. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:

Management
2024 2023
Education Total
services activities
£    £   
Admin wages 83,563 69,684
Professional fees 9,981 5,307
Telephone 2,628 5,194
Printing, postage and statione 4,315 5,285
Photocopier costs 13,521 8,225
Sundry expenses 609 662
Subscriptions 27,184 24,511
Marketing 6,177 7,420
Interest payable 18,008 17,582
165,986 143,870
Finance
2024 2023
Education Total
services activities
£    £   
Bank charges 6,638 6,026
Motor expenses 974 1,622
Depreciation of tangible fixed assets 17,458 26,086
25,070 33,734
Governance costs
2024 2023
Education Total
services activities
£    £   
Auditors' remuneration 4,794 4,206

8. NET INCOME/(EXPENDITURE)

2024 2023
£ £
Depreciation 17,458 26,085


9. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the charity's auditors and their associates for the audit of the
charity's financial statements

4,794

4,206


The Newark Preparatory School
Company Limited

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.


11. STAFF COSTS

2024 2023
£ £
Wages and salaries 697,990 658,194
Social security costs 54,590 47,987
Other pension costs 95,416 80,245
847,996 786,426


2024 2023

Teaching 19 19
Non Teaching 18 18
37 37

Remuneration paid to key management personnel in the year was £184,488 (2023: £167,247).

None of the Trustees received any remuneration in the year.

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
2024 2023

£60,001 - £70,000 1 1

12. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 703,605 123,720 3,000 220,762 1,051,087
Additions - - 39,639 13,311 52,950
At 31 August 2024 703,605 123,720 42,639 234,073 1,104,037
DEPRECIATION
At 1 September 2023 194,767 81,139 3,000 216,644 495,550
Charge for year 9,035 4,070 - 4,354 17,459
At 31 August 2024 203,802 85,209 3,000 220,998 513,009
NET BOOK VALUE
At 31 August 2024 499,803 38,511 39,639 13,075 591,028
At 31 August 2023 508,838 42,581 - 4,118 555,537

Included in cost of land and buildings is freehold land of £100,000 (2023 - £100,000) which is not depreciated.

The Newark Preparatory School
Company Limited

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

12. TANGIBLE FIXED ASSETS - continued


Freehold land and buildings includes £145,147 in respect of the professional preparation for a construction project as referred to in the Trustees' annual report. This expenditure has not been depreciated.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 14,807 15,842
Prepayments and accrued income 30,727 21,294
45,534 37,136

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 188,656 257,287
Other loans (see note 16) 10,000 10,000
Trade creditors 32,200 27,077
Pensions 12,048 9,908
Other creditors 51,820 54,826
Accruals and deferred income 332,623 198,895
627,347 557,993

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 16) 8,333 18,333

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year on demand:
Bank overdrafts 178,656 247,287
Bank loans 10,000 10,000
Other loans 10,000 10,000
198,656 267,287
Amounts falling due between two and five years:
Creditors more than 1 year 8,333 18,333

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 178,656 247,287
Bank loans 18,333 28,333
196,989 275,620

The Newark Preparatory School
Company Limited

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

18. MOVEMENT IN FUNDS
Net
movement At
At 1.9.23 in funds 31.8.24
£    £    £   
Unrestricted funds
General funds 16,520 (15,512 ) 1,008

TOTAL FUNDS 16,520 (15,512 ) 1,008

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General funds 1,237,053 (1,252,565 ) (15,512 )

TOTAL FUNDS 1,237,053 (1,252,565 ) (15,512 )


Comparatives for movement in funds

Net
movement At
At 1.9.22 in funds 31.8.23
£    £    £   
Unrestricted funds
General funds 21,883 (5,363 ) 16,520

TOTAL FUNDS 21,883 (5,363 ) 16,520

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General funds 1,151,346 (1,156,709 ) (5,363 )

TOTAL FUNDS 1,151,346 (1,156,709 ) (5,363 )

The total funds at the year end can be further split as detailed below:

2024 2023
£ £
Called up share capital 700 700
Other reserves 120 120
Founder Governor prize fund 1,677 1,677
General funds (1,489 ) 14,023
1,008 16,520


The Newark Preparatory School
Company Limited

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

19. RELATED PARTY DISCLOSURES

The company incurred expenses on commercial terms for electrical work amounting to £216 during the year with South Electrical Limited. Mr R South is a director of South Electrical Limited and a trustee of The Newark Preparatory School Company Limited. At the year end no amounts remained unpaid.

The company incurred expenses on commercial terms for payroll services amounting to £3,654 during the year with TC Group. Mr J Dennis is a partner of TC Group and a trustee of The Newark Preparatory School Company Limited.

20. TRUSTEES' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a trustee subsisted during the year ended 31 August 2024 and the year ended 31 August 2023:

2024 2023
£ £
W J Staunton

Balance outstanding at the start and end of period 10,000 10,000


The terms of the loan is that capital is to be repaid monthly at a minimum payment of £400 a month, although this has been suspended until the company is in a better financial position. The loan was from a Trustee W Staunton and there is no immediate repayment required for the money to be repaid. No interest is payable on the amount advanced.