THORPE HOUSE SCHOOL TRUST

• ⚠

  Material uncertainty over going concern

  The school makes use of a bank loan secured by a legal charge over the School's property. As a result of additional accruals included in the accounts and increasing the deficit for the year ended 31 August 2024, the bank covenant has been breached. The full amount of the bank loan of £4,185,571 has been recognised as due within one year. The School has received assurance that the bank has no concerns over the School's continued viability and has agreed to waive the breach for 2024 but intends to test again in 2025 which the School is forecast to comply with.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Crowe U.K. LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The school makes use of a bank loan secured by a legal charge over the School's property. As a result of additional accruals included in the accounts and increasing the deficit for the year ended 31 August 2024, the bank covenant has been breached. The full amount of the bank loan of £4,185,571 has been recognised as due within one year. The School has received assurance that the bank has no concerns over the School's continued viability and has agreed to waive the breach for 2024 but intends to test again in 2025 which the School is forecast to comply with.”

Significant events

• “We were inspected by the Independent Schools Inspectorate in March 2024... resulting in the recognition that 'all standards were met'. This gave the final approval for the change of material use to include girls in the Sixth Form, and to allow for entry of students in Year 12 (Sept 2024) and Year 13 (Sept 2025).”
• “With the upcoming introduction of VAT on school fees, we have been carefully analysing a range of cost efficiencies, and with the appointment of a new Finance Manager from the start of November 2024, we will be able to focus on this in earnest.”
• “building work has commenced on site for the new science laboratories and sixth form common room and washroom facilities and these reserves will be used in part to fund this project.”
• “The Governing Board approved extending the educational offering up to age 18 with agreement to open a Sixth Form from September 2024. The sixth form will be co-educational...”
• “the bank covenant has been breached. The full amount of the bank loan of £4,185,571 has been recognised as due within one year.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

3

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +5.3%

  £4,576,769 → £4,818,562

• Cash

  -29%

  £1,936,806 → £1,375,005

• Net assets

  -5.7%

  £3,672,157 → £3,463,047

• Employees

  -1.6%

  64 → 63

• Operating profit

  -231.4%

  £159,397 → -£209,432

• Wages

  +14.3%

  £2,529,072 → £2,890,962

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers