Inham Park School (A Company Limited by Guarantee)
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Finham Park School (A Company Limited by Guarantee) Report and Financial Statements Year Ended 31 August 2013 Company Number 7700317 I BDO Fin ham Park School Report and financial statements for the year ended 31 August 2013 Contents Page: 1 Reference and administrative details 3 Trustees' report 12 Governance statement 16 Statement on regularity, propriety and compliance 16 Statement of trustees' responsibilities 17 Independent auditor's report 19 Independent reporting auditor's assurance report on regularity 21 Statement of financial activities 22 Balance sheet 23 Cash flow statement 24 Notes forming part of the financial statements Finham Park School Reference and administrative details for the year ended 31 August 2013 Trustees Peter Burns" (Chair) Mercer Mottram" (Vice Chair) Perihan Yavash Alethea Fuller John Blundell"' Mark Bailie * (Headteacher and accounting officer) Dhiran Vagdia* Laura Dodd Chloe Agg (resigned 16/3/13) Jayne Armitage Mark Hughes Kerry Blakeman Rachel Goves Kalwinder Sandhu" Catherine Colby-Johnson Aaron Tighe Paul Bates Phil Kerry Fanny Anderson (appointed 15/5/13) " Member of the finance committee Senior Leadership Team Mark Bailie Headteacher Mandy Gilmore Business Manager Russell Plester Deputy Headteacher Vivien Maginnis Deputy Headteacher Jo Brake Assistant Headteacher Matt Gaynon Assistant Headteacher Foorkan Kiddy Assistant Headteacher Sarah Megeney Assistant Headteacher Warwick Webster Assistant Headteacher Ryan Downie Head of Sixth Form Company Secretary Mandy Gilmore Finham Park School Reference and administrative details for the year ended 31 August 2013 (continued) Principal and registered office Finham Park School, Green Lane, Coventry, CV3 6EA. Independent auditor BDO LLP, 125 Colmore Row, Birmingham, B3 3SD. Bankers Lloyds TSB, 2nd Floor, 30 High Street, Coventry, CV1 5RA. Solicitors Baker Small Solicitors, 494 Midsummer Boulevard, Milton Keynes, MK9 2EA. Company number 7700317 Finham Park School Trustees' report for the year ended 31 August 2013 The trustees, who are also directors for the purposes of company law and make up the trust's governing body, present their report and audited financial statements of Finham Park School (hereafter referred to as the school, or academy, or charitable company) for the year ended 31 August 2013 STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The school is a company limited by guarantee and an exempt charity. The charitable company's memorandum and articles of association are the primary governing documents of the academy. It was incorporated on 11 July 2011. Details of trustees who served throughout the year except as noted are included in the reference and administration details on page 1. Members' liability Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £10, for the debts and liabilities contracted before he/she ceases to be a member. Members and trustees' indemnities The school has purchased insurance to protect all trustees, trustees and members of the school from claims arising from negligent acts, errors or omissions occurring whilst on academy business. The insurance provides cover up to £5,000,000 for trustees' liability on any one occurrence. Principal activities The principal activity of Finham Park School is to advance education for the public benefit by establishing, maintaining, carrying on, managing of and developing a school offering a broad curriculum with strong emphasis on, but in no way limited to mathematics and computing. Method of recruitment and appointment or election of trustees Article 50 of the articles of association states that up to 20 trustees may be appointed comprising; • any staff trustees; • up to 9 community trustees; • a minimum of two parent trustees; • the head teacher • any additional trustees as required Additionally the Secretary of State may also appoint additional trustees, in certain circumstances, and the governing body may appoint up to 3 co-opted trustees. The governing body may appoint staff trustees through such process as they may determine, provided that the total numbers of trustees (including the head teacher) who are employees of the academy trust does not exceed one third of the total numbers of trustees. The head teacher shall be treated for all purposes as being an ex officio governor. Except for the head teacher, trustees are subject to retirement after 4 years of service but are eligible for re- appointment or re-election at the meeting at which they retire. Organisational structure The governing body is responsible for the strategic direction of the academy. The governing body reviews progress towards educational objectives and results. They also approve major expenditure requests, set the budget for the following year, and set the organisational staffing structure. 3 Finham Park School Trustees' report for the year ended 31 August 2013 (continued) STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Policies and procedures adopted for the induction and training of trustees Training and induction provided for new trustees will depend on their existing experience. Our trustees are given the opportunity to attend training sessions at any time during the year. Where necessary induction will provide training on charity, educational legal and financial matters. Upon conversion, all trustees attended a training session ran by the Specialist Schools & Academies Trust on the legal framework and the role and responsibilities of being an academy trustee. Each year the trustees will be offered updates on relevant issues and changes in legislation. The topics covered are regularly reviewed to ensure that trustees are kept as up to date as possible. There are five trustee committees in place to which specific responsibilities are delegated by the main governing body: • The finance committee meets half termly, to consider the financial position of the academy. It has limited delegated powers to approve revenue and capital expenditure, disposal of assets and risk. • The personnel committee reviews issues relating to human resources, and approves changes to the staffing structure of the academy. • The resources committee reviews issues relating health and safety, premises and projects. • The experience & outcomes committee monitors those issues around curriculum provision — ensuring statutory obligations are met; examination outcomes and intervention strategies used to support the learning progress of key student groups across the school, • The learning & support committee reviews teaching quality; provision of Continuing Professional Development; pastoral support; and monitors safeguarding for all students at the academy. The head teacher is the designated accounting officer of the academy and has overall responsibility for the day to day financial management of the charitable company. The head teacher has delegated responsibility for low values of expenditure to specific budget holders who are each responsible for managing their own departments within the constraints of their allocated budgets. A system of financial controls is in place to manage this process. The head teacher manages the academy on a daily basis supported by the senior leadership team. The senior leadership team meets frequently to discuss emerging matters and to help to develop strategies for future development to be put to the head teacher and the governing body, as required, for approval. Each member of the senior leadership team has specific responsibilities to assist the head teacher to manage certain aspects of the academy. Risk management The major risks to which the academy is exposed are as follows: • Loss of (or reduction in) funding • Loss of building or facilities preventing the delivery of education • Loss of members of staff (either sudden or gradually over time) • Loss of reputation • Lack of safeguarding of students • Breach legislation, such as health & safety. • Funding of pension deficits under the LGPS scheme. The academy leadership team has considered these risks. Policies and procedures have been put into place to minimise these risks, including budget management and forecasting procedures, the procurement of adequate insurance cover, investing in staff training and continuing professional development, and continued local marketing and advertising highlighting the achievement of our students. We include a budgeted reserve for staff cover costs, and maintain a large number of policies and procedures which protect our staff, students and the academy, also reducing the risk of safeguarding failures. The school also engages the support of professional legal advice to help reduce the risk of employment tribunal liability, and has created a business continuity plan, which addresses the imperative to provide continuous education for students in the event of unforeseen occurrence. 4 Fin ham Park School Trustees' report for the year ended 31 August 2013 (continued) STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Risk management (continued) The pension scheme is reviewed by qualified actuaries on behalf of the academy. There is currently a deficit on this scheme as disclosed in note 25. The trustees of the LGPS pension scheme arrange for appropriate contribution rates to be paid by the members and the employer to ensure that the pension scheme is properly funded over time. 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