On Track Education Services Limited - Limited company accounts 23.2

REGISTERED NUMBER: 05363653 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

ON TRACK EDUCATION SERVICES LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

Mrs J M Cox

Mrs P A Harris

SECRETARY:

Mrs P A Harris

REGISTERED OFFICE:

Bedford I-Lab

Priory Business Park

Stannard Way

Bedford

Bedfordshire

MK44 3RZ

REGISTERED NUMBER:

05363653 (England and Wales)

AUDITORS:

Wright Connections Limited

Registered Auditors

Bedford I-Lab

Priory Business Park

Stannard Way

Bedford

Bedfordshire

MK44 3RZ

The directors present their strategic report for the year ended 31 December 2022.

REVIEW OF BUSINESS

The company is a company limited by guarantee and the principal activity continues to be the provision of not for profit education services through Independent Special Schools.

Results and Performance

The results of the company for the year has been set out in the following pages of this Financial Report. For the year ended 31 December 2022, the company has made a surplus before tax of £387,552 (2021: £497,271), and the reserves of the company totals £2,870,901 (2021: £2,549,275).

2022 showed continued growth in income with turnover increasing from £12,069,397 in 2021 to £13,424,596 in 2022. This is due to an increase in pupil numbers which were an average of 240 per month in 2021 compared to 260 in 2022. The company continues to achieve its aim of giving students access to a curriculum that provides a wide range of academic, vocational and outdoor learning experiences to sustain their interest and re-engage them in education.

Strategy

The company's success is dependent upon recruitment and retention of employees that share the company's aims for its pupils. The company strives to offer young people a fresh start, restoring confidence, self-esteem, self-control and motivation through flexible, personalised, needs-led programmes with unconditional care, nurture and support.

PRINCIPAL RISKS AND UNCERTAINTIES

As a response to the risks inherent in providing education services the company has systems in place to ensure that they meet and exceed all independent school standards and comply fully with the requirements of the Education Inspection Framework. The company has a comprehensive safeguarding and child protection policy and directors and staff implement the policy effectively.

FUTURE DEVELOPMENT

The company continues to seek opportunities to open new settings and increase pupil places in existing settings whilst always ensuring that the high standards it has set are maintained.

ON BEHALF OF THE BOARD:

Mrs P A Harris - Director

26 July 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2022.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of education services.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

Mrs J M Cox

Mrs P A Harris

ENGAGEMENT WITH EMPLOYEES

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The Company's policy is to consult and discuss with employees through meetings, discussions and surveys on matters likely to affect employees' interests. Employees are involved in daily and weekly staff meetings, school evaluation and school development processes and team work is at the heart of the company's performance and integral to the success of pupils.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they 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 these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Wright Connections Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs P A Harris - Director

26 July 2023

Opinion

We have audited the financial statements of On Track Education Services Limited (the 'company') for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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:

-	give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its surplus 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 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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 directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors 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 directors determine 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 directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 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. 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 obtained an understanding of the company and its activities and identified that the most significant law and regulations it needs to comply with are the independent school standards, incorporating those specific to safe guarding.

We also considered the laws and regulations that have a direct impact on preparation of the financial statements as being the Companies Act 2006 and the Financial Reporting Standard 102 (FRS102) applicable in the United Kingdom and Republic of Ireland.

We obtained an understanding of how the company complies with these requirements by discussion wit the directors and management of their policies and procedures regarding compliance with laws and regulations.

We assessed the risk of material misstatement to the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with the directors and management and made enquiries of them whether they have any knowledge of any actual, suspected or alleged fraud.

We reviewed the business management meeting minutes.

We gained an understanding of the internal controls established to mitigate risks associated with fraud by discussion with the directors.

We ascertained the operational procedures and associated accounting systems to establish the completeness and accuracy of transactions. Specifically we identified completeness of revenue as a risk area and performed work to ensure that all pupils attending school during the year had a Local Education Authority agreement in place, were invoiced according to this agreement, paid for and accounted for in the correct period.

We assessed the risk of management override by reviewing journals and processes around posting journals.

We completed a disclosure checklist to ensure the financial statements complied with the disclosures required by FRS102.

We enquired of the directors the findings from the latest Ofsted school visits and reviewed the recent reports for all schools.

We evaluated the directors' assumptions regarding going concern.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non compliance with regulation. The risk increases the more that compliance and regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors.

Use of our report

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

Catherine Brown BA FCA (Senior Statutory Auditor)

for and on behalf of Wright Connections Limited

Registered Auditors

Bedford I-Lab

Priory Business Park

Stannard Way

Bedford

Bedfordshire

MK44 3RZ

27 July 2023

TURNOVER

3

13,424,596

12,069,397

Administrative expenses

13,039,187

11,565,071

385,409

504,326

Other operating income

4

7,050

-

OPERATING SURPLUS

6

392,459

504,326

Interest receivable and similar income

7

2,959

140

395,418

504,466

Interest payable and similar expenses

8

7,866

7,195

SURPLUS BEFORE TAXATION

387,552

497,271

Tax on surplus

9

65,926

99,176

SURPLUS FOR THE FINANCIAL YEAR

321,626

398,095

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

321,626

398,095

FIXED ASSETS

Tangible assets

11

1,772,360

1,737,397

CURRENT ASSETS

Debtors

12

2,532,475

1,907,026

Cash at bank and in hand

3,706,487

3,890,780

6,238,962

5,797,806

CREDITORS

Amounts falling due within one year

13

5,067,719

4,639,424

NET CURRENT ASSETS

1,171,243

1,158,382

TOTAL ASSETS LESS CURRENT LIABILITIES

2,943,603

2,895,779

CREDITORS

Amounts falling due after more than one year

14

-

(274,760

)

PROVISIONS FOR LIABILITIES

18

(72,702

)

(71,744

)

NET ASSETS

2,870,901

2,549,275

RESERVES

Income and expenditure account

19

2,870,901

2,549,275

2,870,901

2,549,275

The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2023 and were signed on its behalf by:

Mrs P A Harris - Director

Mrs J M Cox - Director

Retained

Total

earnings

equity

£

£

Balance at 1 January 2021

2,151,180

2,151,180

Changes in equity

Total comprehensive income

398,095

398,095

Balance at 31 December 2021

2,549,275

2,549,275

Changes in equity

Total comprehensive income

321,626

321,626

Balance at 31 December 2022

2,870,901

2,870,901

Cash flows from operating activities

Cash generated from operations

1

419,947

1,703,835

Interest paid

(7,866

)

(7,195

)

Tax paid

(71,169

)

(108,599

)

Net cash from operating activities

340,912

1,588,041

Cash flows from investing activities

Purchase of tangible fixed assets

(259,128

)

(624,924

)

Sale of tangible fixed assets

27,159

19,278

Interest received

2,959

140

Net cash from investing activities

(229,010

)

(605,506

)

Cash flows from financing activities

Loan repayments in year

(296,195

)

(21,156

)

Net cash from financing activities

(296,195

)

(21,156

)

(Decrease)/increase in cash and cash equivalents

(184,293

)

961,379

Cash and cash equivalents at beginning of year

2

3,890,780

2,929,401

Cash and cash equivalents at end of year

2

3,706,487

3,890,780

1.	RECONCILIATION OF SURPLUS FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

31.12.22

31.12.21

£

£

Surplus for the financial year

321,626

398,095

Depreciation charges

196,821

374,939

Loss/(profit) on disposal of fixed assets

185

(1,303

)

Finance costs

7,866

7,195

Finance income

(2,959

)

(140

)

Taxation

65,926

99,176

589,465

877,962

(Increase)/decrease in trade and other debtors

(625,449

)

256,871

Increase in trade and other creditors

455,931

569,002

Cash generated from operations

419,947

1,703,835

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2022

31.12.22

1.1.22

£

£

Cash and cash equivalents

3,706,487

3,890,780

Year ended 31 December 2021

31.12.21

1.1.21

£

£

Cash and cash equivalents

3,890,780

2,929,401

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.22

Cash flow

At 31.12.22

£

£

£

Net cash

Cash at bank and in hand

3,890,780

(184,293

)

3,706,487

3,890,780

(184,293

)

3,706,487

Debt

Debts falling due within 1 year

(21,435

)

21,435

-

Debts falling due after 1 year

(274,760

)

274,760

-

(296,195

)

296,195

-

Total

3,594,585

111,902

3,706,487

1.	STATUTORY INFORMATION

On Track Education Services Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with 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.

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

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

Significant judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors 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 key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include the carrying value of fixed assets.

In preparing these accounts the directors have given consideration to the effect on all assets and liabilities at the balance sheet date.

Having reviewed the carrying value of freehold properties the directors have revised their estimate of residual values and hence the provision for depreciation as at the balance sheet date. This has resulted in an adjustment in the period.

Income and expenditure

Income represents amounts receivable for education services.

Income and expenses are included in the financial statements as they become receivable or due.

Income received for general school fees is deemed receivable when educational services have been contractually agreed. They are recognised in the period to which they relate. Any services invoiced in advance of the time to which they relate are deferred and only recognised as income in the period to which they relate.

Income in addition to general school fees relating to pupil premium are recognised when they become entitled to keep it which is when it has been spent.

Expenses include VAT where applicable as the company cannot reclaim it.

Tangible fixed assets

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

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold building straight line over 50 years

Leasehold property improvements straight line over the term of the lease

Plant and machinery 10% reducing balance

Fixtures, fittings & equipment 25% reducing balance

Computer equipment Straight line over 3 years

Motor vehicles 25% reducing balance

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 credited or charged to surplus or deficit.

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

Recoverable amount is the higher of fair value less costs to sell and value in use.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

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

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

Basic financial assets, 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.

Classification of financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

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

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leases

Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term 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.

Pension costs and other post-retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

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

3.

TURNOVER

The turnover and surplus before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.22

31.12.21

£

£

Pupil Premium

8,972

75,761

Examination fees

287

446

Fees from local authorities

13,415,337

11,993,190

13,424,596

12,069,397

4.	OTHER OPERATING INCOME

31.12.22

31.12.21

£

£

Sundry receipts

6,583

-

Donations

467

-

7,050

-

5.	EMPLOYEES AND DIRECTORS

31.12.22

31.12.21

£

£

Wages and salaries

8,195,754

7,402,514

Social security costs

804,328

705,786

Other pension costs

385,942

330,988

9,386,024

8,439,288

The average number of employees during the year was as follows:

31.12.22

31.12.21

Directors

2

2

Human Resources

3

3

Finance

6

5

Schools

283

268

294

278

31.12.22

31.12.21

£

£

Directors' remuneration

226,633

226,101

Directors' pension contributions to money purchase schemes

30,558

26,363

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

31.12.22

31.12.21

£

£

Emoluments etc

117,173

117,019

Pension contributions to money purchase schemes

16,034

13,760

6.	OPERATING SURPLUS

The operating surplus is stated after charging/(crediting):

31.12.22

31.12.21

£

£

Other operating leases

525,835

351,006

Depreciation - owned assets

312,650

374,939

Loss/(profit) on disposal of fixed assets

185

(1,303

)

Audit fee

18,900

18,000

Auditor remuneration - other

6,300

-

Depreciation written back

(115,829

)

-

7.

INTEREST RECEIVABLE AND SIMILAR INCOME

31.12.22

31.12.21

£

£

Deposit account interest

2,959

140

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.22

31.12.21

£

£

Bank interest

7,866

7,195