The Trustees 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 charity'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).
The purpose of the trust, as set out in its governing document, is to promote and provide for the advancement of education and in connection therewith to conduct, carry on, acquire and develop in the United Kingdom any boarding or day school or schools for the education of children of either sex or both sexes and to supply to the pupils general instruction of the highest class, together with physical, moral and religious training, but so that each such school shall be carried on as an educational charity.
The objects of the Trust are to run Aberdour School and provide an excellent all-round education for boys and girls.
Its objectives are set to reflect the educational aims and the ethos of the School. It is important to the Council of Management to maintain and enhance the academic success of the School. This objective is, however, set in the context of the broader goals it sets for the School and its pupils.
In setting its objectives and planning its activities the Council of Management 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 Trust has formed close and ongoing relationships with local state-funded schools, providing leadership, advice and access to the Trusts’ educational facilities.
Mission Statement
Aberdour is a co-educational school for pupils between the ages of 2 and 11. It is a Christian community based upon the Anglican tradition and it welcomes those of all faiths and beliefs. It is committed to enabling all pupils to realise their potential through a uniquely personalised education, enriched by a creative programme of art, drama, music, technology and sport which builds future proof skills. Its desire is to produce pupils who make a positive contribution as they move through life, developing self-discipline, confidence, an entrepreneurial spirit, self-esteem and a sense of respect and tolerance for others during their time at Aberdour.
Aims and Objectives
To maximise the skills and abilities of every child.
Through Personalised Achievement Learning (PAL) and Aspirational Development, pupils are encouraged to 'reach for the stars' and to set their goals high.
To achieve academic excellence by providing the highest quality of teaching.
To develop an enthusiasm for learning and encourage self-discipline, self-motivated enquiry and personal responsibility.
To encourage understanding of and respect for others both inside the School and in the outside world.
To provide a caring environment in which each child will be given individual and sensitive guidance.
To provide wider means of access to an Aberdour education.
To play a part in the life of our local community.
The School is committed to safeguarding and promoting the welfare of its pupils and expects all staff and volunteers to share this commitment. In the last Independent Schools Inspectorate Report, the pastoral care provided by teaching staff was described as 'outstanding'.
Strategy and Policies
The Council of Management is responsible for setting a strategy for achieving the objectives it has set. The focus of its strategy is on the development of pupils, their continued high levels of academic and co-curricular achievement and to further wider access to the education the School provides. In taking forward its strategy the Council of Management:
review and benchmark the School's academic syllabus, teaching practices and examination results;
ensure the range of co-curricular activities available to pupils is stimulating and challenging;
invest in technology and the infrastructure of the School;
co-operate and share resources with local schools; and
continue to review and develop methods for awarding bursaries and scholarships to ensure wider access for pupils from all backgrounds.
Bursary Policy
The Council of Management views the Bursary awards as important in helping to ensure children from families who would otherwise not be able to afford the fees have access to the education the School offers. This year scholarships and bursaries of £120,000 (2023 - £100,169) were awarded. In keeping with our Aims and Objectives, Aberdour continues to offer access to the educational opportunities available at our School to a wide cross-section of our community. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
A great education begins with a great start, and our children continued to enjoy Aberdour's happy, nurturing, safe and reassuring environment in which they could grow. Staff continued to help children to explore, learn and develop their social and practical skills. Incorporating the principles of PAL, and the focus on the individual allowed children to continue developing a love of learning, as well as excitement and pride in their very real achievements.
Once more, all of the Year 6 pupils gained entry to their senior schools, with offers having been received from over 21 independent schools and with placements also being secured at local grammar schools. Between them, pupils secured a record number of 42 Scholarships to senior school - an incredible level of success for a non-selective school, and continues from recent years where pupils have been offered 142 scholarships between 2023 and 2025.
Leavers gained entry to a varied selection of schools, including; Reigate Grammar, Caterham, City of London Freeman’s, Woldingham, Worth, Ardingly, Downsend, Sutton High, St John's, Trinity, Epsom College, Dunottar, St Teresa's, Ewell Castle and Box Hill.
This year, saw the first year of operation in our new Nursery and Pre-Prep Department featuring new classrooms, Hall, a STEAM base, Dance Studio, Bakery, Sensory Room and Workshop – fully enabling the bespoke Wonder, Inspire, Discover curriculum. This exciting development has created a dynamic and modern learning facility for the children in Nursery through to Year 1 – recognised as a finalist for Pre-Prep of the Year in the Independent Schools Awards, and Winner of best Experiential Learning in the annual Muddy Stilettos Awards.
This academic year, also saw the refurbishment and redesign of our Year 2 classrooms, Middle School outdoor learning areas, and Prep Hall. This creates a seamless link from the award-winning Pre-Prep department, to the Prep School environment, where the curriculum evolves to the bespoke Create, Aspire, Innovate and Explore.
By maintaining a strong local and national reputation, and by offering an outstanding and unique learning provision, Aberdour has faced the year’s challenges with resilience and confidence and, as a result, the School continues to thrive. Interest in the School, together with excellent recruitment levels, have helped cement the School’s position as a local market leader.
Plans for Future Periods
We continue to invest heavily into the site and educational provision at Aberdour, ensuring that the infrastructure adequately supports the curriculum and pastoral objectives of the School. Following the recent re-development of the Pre-Prep department and the Middle School, future development will include the remainder of the Prep year groups’ classrooms and a refresh of the Nicol Centre – our exciting innovation centre, that includes language studios, STEM rooms, Performing Arts, and Music Rooms.
The state of the Trust's affairs at 31 August 2024 and the results of its operations for the year ended on that date are set out in the attached financial statements.
The Trust earned a surplus for the year of £342,697 (2023 - £163,056).
At the year end the balance sheet shows that the Trust had net assets of £2,791,663 (2023 - £2,448,966). All assets are used for the purpose of the Trust.
As set out in note 22 to the financial statements, the Trust currently participates in both the Aviva Pension Trust for Independent Schools (APTIS) and the Teachers' Pension Scheme (TPS) for its teaching staff.
Our principal risks, consistent with the sector as a whole, relate to government policy in the form of applying VAT to independent education, removal of our charitable business rate relief, and the increase in employer National Insurance. This triple-whammy of assault on the sector presents significant financial challenges. Our approach remains that we will mitigate the impact of such policies using all financial measures available, whilst not impacting the education of the children.
There have been no other significant events or factors that have materially affected the Trusts’ financial performance or position.
Reserves Policy
At 31 August 2024 free revenue reserves amounted to £2,791,663 (2023 - £2,448,966).
The Governing Instrument requires the Council of Management to ensure that the costs of operating the School are covered by income, taking one year with another.
It remains the long-term policy to build up the free revenue reserves in order to continue capital investment in improving the School's facilities and to reduce reliance on bank borrowings.
Investment Powers & Policy
The Memorandum and Articles of Association of the Trust give the Council of Management the power to make any investments which it deems fit.
The Council of Management's policy is to invest any surplus funds in a NatWest Liquidity Manager account which provides the best return.
In common with other Independent Schools, substantial sums have been invested in new school facilities in recent years and there is a continuing programme of refurbishment, development and investment in place to maintain excellent teaching facilities.
Risk Management
The Council of Management are responsible for the overseeing of the risks faced by the School. Detailed considerations of risk are delegated to the senior management of the School. Risks are identified, assessed and controls established throughout the year.
The Council of Management has examined the major strategic, business and operational risks which the Trust faces and confirms that systems have been established to enable the necessary steps to be taken to lessen these risks. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
Aberdour School Educational Trust is a charitable company, limited by guarantee. It is governed by its Memorandum and Articles of Association.
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:
The Members of the Council of Management are the trustees of the charity and directors of the company. The Members are elected by the full Council of Management. One third of the Members retire at each Annual General Meeting, by rotation. They are eligible for re-election. Potential Members of the Council of Management are first vetted and interviewed by the Nominations Committee before being proposed. Their ultimate appointment requires full Council approval.
New Members are provided with 'Guidelines for Governors', a manual of good practice for the governors of
independent schools as issued by the Governing Bodies Association and approved by the Independent Schools Council. They are made familiar with the policies of the School – in particular those relating to child protection and health and safety. They are encouraged to attend 'Governor' training courses.
The Members of the Council of Management determine the general policy of the School and are responsible for the overall management and planning of the Trust's affairs. The Council operates a system of sub-committees dealing with Finance and General Purposes, Academic Matters, Bursaries and Nominations. A member of the Council also sits on the School's Health and Safety Committee and on its Safeguarding Committee. The day to day management of the School is delegated to the Headmaster and his leadership team. The Council of Management are responsible for the recruitment of the Headmaster and the Bursar, the Headmaster oversees all other recruitment.
The Council of Management meet at least six times each academic year and invites the Headmaster and Bursar to attend its meetings.
In accordance with the company's articles, a resolution proposing that FLB Audit LLP be reappointed as auditor of the company will be put at a General Meeting.
The trustees report was approved by the Board of Trustees.
The Trustees, who are also the directors of Aberdour School Educational Trust 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable 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;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity 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 charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Opinion
We have audited the financial statements of Aberdour School Educational Trust (the ‘charity’) for the year ended 31 August 2024 which comprise the statement of financial activities, the statement of financial position, 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:
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 charity 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 charity’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.
In the light of the knowledge and understanding of the charity 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
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.
As explained more fully in the statement of trustees responsibilities, the Trustees, who are also the directors of the charity 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 charity’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 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We have gained an understating of the legal and regulatory framework applicable to the charity and the industry in which it operates and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures at charity levels to respond to the risk, recognising that risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to: the Companies Act 2006; Charities Act 2011; taxation legislation; data protection; anti-bribery; Children's Act 2004; Employment Law; and Health and Safety legislation.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included inquiries of management their own identification and assessment of the risks of irregularities; performing data analytics on income; comparing total expected income to actual on a proof in total basis; sample testing on income to validate existence to supporting documentation; risk-based sample testing on the posting of journals; reviewing accounting estimates for biases; reviewing regulatory correspondence where available; and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organised schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to
us.
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.
Aberdour School Educational Trust is a charitable company limited by guarantee incorporated in England and Wales. The members of the company are all trustees, who make up the Council of Management. In the event of the charity being wound up the liability in respect of the guarantee is limited to £1 per member of the company.
The registered office address is Aberdour School, Brighton Road, Burgh Heath, Tadworth, Surrey, KT20 6AJ.
The financial statements have been prepared in accordance with the charity'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 charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity 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.
The trustees consider that there are no material uncertainties affecting the current year's financial statements.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors or grantors 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.
Fees receivable, charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, bursaries and scholarships granted.
Where income is received in advance of meeting any performance related conditions and there is not unconditional entitlement to the income, its recognition is deferred and included in creditors as deferred income until the performance conditions are met.
Donations and other gifts are accounted for at the date they are received. Gifts in kind are included at valuation at the date of gifting. Any related tax recoverable on donations received is accounted for when due.
Other income, including the hire of facilities, is recognised in the period it is receivable and to the extent the trust has provided the goods or services.
Fees receivable for school trips and events where the charity acts as agent are presented net. The charity is considered to be agent in such transactions where they have no discretion about the use of the funds and are acting in accordance with the instructions of the principal.
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.
Expenditure on charitable activities includes the costs of teaching salaries, establishment costs and other educational activities undertaken to further the purposes of the charity and their associated support costs and costs relating to the governance of the trust apportioned to charitable activities.
The cost of miscellaneous equipment, textbooks, exercise books, sports equipment, etc is written off when the expenditure is incurred.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
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.
Freehold land is not depreciated.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, of if there is an indication of a significant change since the last reporting date.
Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each repotting date where there is an indication of impairment and any impairment losses or reversals of impairment losses are recognised immediately in statement of financial activities.
At each reporting end date, the charity 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 charity 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 charity's balance sheet when the charity 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 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.
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.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The Trust contributes to the Teachers' Pension Scheme (TPS) at rates set by the Government Actuary's Department. 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 Trust. In accordance with FRS102 and the SORP, the Scheme is accounted for as a defined contribution scheme.
The Trust also contributes to the defined contribution Aviva Pension Trust for Independent Schools (APTIS) scheme for teachers who do not wish to join the Teachers' Pension Scheme.
For certain senior, part time and non-teaching staff, the Trust contributes to other defined contribution schemes.
Retirement Benefits (continued)
The pension costs charged in the financial statements represent the contributions borne by the Trust. Contributions to all schemes are charged in the SOFA as they become due in accordance with the rules of the schemes.
Operating leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight-line basis over the life of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Benefit received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Government grants
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
In the application of the charity’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 annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. These are amended where necessary to reflect current estimates, based on economic utilisation and physical condition of the assets.
Income from government grants
Charitable Activity Income
Charitable Activity Income
Net school fees
Registration fees & non-refundable deposits
Interest on late payment of school fees
Courses & after school clubs
Included within net school fees are deductions of £120,000 (2023: £100,169) in respect of bursaries and scholarships, and £69,420 (2023: £122,896) in respect of other allowances.
Bursaries and scholarships were awarded to 15 (2023: 16) individuals.
Teaching
School running
Establishment
Administration
Other costs
Teaching
School running
Establishment
Administration
Other costs
Accountancy fees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the current or prior year.
During the year no trustees received any reimbursed expenses from the charity in their capacity as trustee (2023: nil).
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Aberdour International Limited was incorporated on 3 June 2016 with an issued share capital of 100 ordinary shares of £1 each. The Aberdour School Educational Trust owns 100% of the issued share capital. The company had not commenced trading at 31 August 2024.
The bank loan, included both in creditors falling due within one year and after more than one year, has an annual interest rate of 2.37% over the base rate. The final repayment date of the loan is 3 July 2043. The loan is secured by first legal charge over the freehold & associated assets at Wood Lodge, Brighton Road, Tadworth, Surrey.
Deferred income is included in the financial statements as follows:
Deferred income represents school fees paid in advance.
The Trust participates in a multi-employer defined benefits pension scheme, the Teachers' Pension Scheme (England and Wales) (TPS), for its teaching staff.
The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers' Pensions Regulations 2010 (as amended) and The Teachers' Pension Scheme Regulations 2014 (as amended). Members contribute on a 'pay as you go' basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
The employer contribution rate is set following scheme valuations undertaken by the Government Actuary Department.
The valuation of the Teachers' Pension Scheme applicable to 31 March 2024 was published in March 2019 and took place in line with directions issued by HM Treasury, using membership data as at 31 March 2016. From September 2019 to 31 March 2024, the employer contribution rate was 23.68% which includes a 0.08% administration levy.
The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023. Transitional Protection changes were introduced for members who have service in the period 1 April 2015 to 31 March 2022 (the remedy period). Under these changes, when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the remedy period. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the ‘greater value’ benefits for groups of relevant members. The valuation confirmed that the employer contribution rate for the TPS would increase from 23.68% to 28.68% from 1 April 2024, which includes a 0.08% administration levy.
As a multi-employer pension scheme, it is not possible to identify the assets and liabilities of the TPS which are attributable to the Trust. The Trust accounts for this scheme as if it were a defined contribution scheme.
The Trust also contributes to the Aviva Pension Trust for Independent Schools (a defined contribution scheme) in respect of some of its teachers; stakeholder/workplace pensions for certain part-time and non-teaching staff; and personal pension (insured) schemes for certain senior members of staff.
The charge to profit or loss in respect of defined contribution schemes was £361,873 (2023: £369,757).
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.
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The remuneration of key management personnel was as follows:
Other than remuneration of key management personnel, there were no transactions with related parties.