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2020-08-31-accounts

Company Number: 2962095 Registered Charity Number: 1040330

The AES Tring Park School Trust

(trading as Tring Park School for the Performing Arts)

Report and Financial Statements

For the year ended

31 August 2020

The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2020

Contents Page
Governors, Officers and Professional Advisers 2
Annual Report of the Governors, incorporating the Strategic Report 3 – 12
Independent Auditor’s Report 13 – 15
Statement of Financial Activities 16
Balance Sheet 17
Statement of Cash Flows 18
Notes to the Financial Statements 19 – 36

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The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2020

Governors, Officers and Professional Advisers

GOVERNORS, DIRECTORS AND CHARITY TRUSTEES

The Governors of the charitable company are its directors for the purpose of company law and trustees for the purpose of charity law. The current Governors in office are listed below. All served on the board throughout the year from 1 September 2019 to the date of this report unless stated.

(1) (2) (3) (4)
MaryBonar
AliceCave
John Clark
Michael Harper
Mark Hewitt Vice Chair of Governors
Janet Mitchell(Kitteridge)
Angela Odell Chair of Governors
Eric Pillinger
June Taylor(retired02/02/2021)
Daniel Zammit
Mark Taylor
Rachel Joseph
Robert Breakwell(appointed 21/11/2019)
Mike Geddes(retired 14/07/2020)

(1) Finance and General Purposes Committee (3) Development &Fundraising Committee (2) Education Committee (4) Marketing Committee

During the year the activities of the Governing Body were carried out through four committees. The membership of these committees is shown above for each Governor. All Governors are trustees and stand as guarantors to the company in the sum of £1 each.

Officers: -

Principal: Stefan Anderson, Deputy Principal: Anselm Barker, Business Director: Stephen Robinson, Director of Vocational Studies: Elizabeth Odell. Director of Academic Studies: Brian Liddle

Principal Office : -

The Mansion, Tring Park, Tring, Hertfordshire, HP23 5LX www.TringPark.com

Professional Advisers : -

Bankers: Yorkshire Bank , c/o Clydesdale Bank PLC, 4th Floor, Verulam Point, Station Way, St Albans, Hertfordshire, AL1 5HE Solicitors: Matthew Waite & Co, Ariel House, Frogmore Street, Tring, Herts, HP23 5AU Auditor: Mazars LLP, Chartered Accountants and Statutory Auditors, The Pinnacle, 160 Midsummer Boulevard, Milton Keynes, MK9 1FF Valuers: Lambert Smith Hampton, UK House, 180 Oxford Street, London W1D 1NN Insurance Brokers: Marsh Brokers Ltd, 4 Milton Road, Haywards Heath, West Sussex, RH16 1AH

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The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2020

Annual Report of the Governors, incorporating the Strategic Report For the year ended 31 August 2020

The Governors of the School present their Annual Report, including the Strategic Report, for the year ended 31 August 2020 together with the audited accounts for that year and confirm they comply with the Companies Act 2006 and Charities Act 2011 (“the Act”), the Trust Deed and the Charities SORP (FRS 102).

REFERENCE AND ADMINISTRATIVE INFORMATION

The AES Tring Park School Trust (“the Charity” and “the School”) in its current form was founded in 1994 and is a company limited by guarantee (Company No. 2962095) registered with the Charity Commission (Charity No. 1040330) and is governed by the provisions contained within the Memorandum and Articles of Association.

The Governors, executive officers and principal address of the Charity, and particulars of the Charity’s professional advisers, are as listed on page 2.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Charity is governed by its Memorandum and Articles of Association dating from 1994.

Recruitment and Training of Governors

The Charity’s elected Governors are appointed on the basis of nominations received and the suitability of the nominees as judged by the Board. The Board’s specifications for new Governors include eligibility, personal competence, specialist skills and availability. New Governors are inducted into the workings of the Charity and the School taking into account particular responsibilities allocated to them. They are encouraged to undertake the Association of Governing Bodies of Independent Schools e- learning course for new Governors, and other training courses as necessary, particularly safeguarding children which they recognise is mandatory.

Organisational Management

The Governors as trustees of the Charity are legally responsible for the overall management and control of the School and meet once per term. During the year the Governors continued to be covered by an insurance policy to indemnify them against the consequences of any neglect or default on their part. The cost of the policy was £360 (2019: £343).

Preceding each of the Board meetings are four sub-committee meetings covering Development and Fundraising, Finance and General Purposes, Education, and Marketing. Each committee comprises three to four Governors, the Principal, Deputy Principal and Business Director/Clerk. Representative staff members from the Academic, Vocational and Support staff are also present. Their findings and recommendations are then reported to the subsequent Board meeting. Minutes from all sub committees are circulated to the full board membership.

The work of implementing most of the policies and the day to day running of the School is delegated to the Principal and his senior management team. Remuneration for the senior management team is set by the Business Director and Principal, following participation in sector specific benchmarking surveys, reference to external recruitment consultants, and consideration of budgetary constraints. Remuneration decisions for the Principal and Business Director are approved by the Chair of Governors, with Finance and General Purpose committee support.

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The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2020

Related parties

Trustees’: -

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects

The Charity’s Objects, as set out in the Memorandum of Association, are to promote and provide for the advancement of education and in connection therewith to acquire, establish, provide, conduct, carry on and develop in the United Kingdom any residential and non-residential School in which children and students of either sex or both sexes may receive a general academic education in conjunction with a specialised education in dance, drama, musical theatre, music and other forms of theatre and any other subjects considered likely to assist students desiring to follow a career in or connected with the performing arts, and teacher training colleges specialising in similar subjects.

In carrying out these objectives the Governors have given due regard to the Charity Commission’s published guidance concerning the operation of the Public Benefit requirement under the Act and in particular to its supplementary public benefit guidance on advancing education and on fee charging in order to make its specialist facilities and teaching expertise generally available to the significant pool of talented and potentially talented children and young adults at large.

Aims

Within these objects, the School’s aim is to provide an environment where pupils, including those participating in the outreach, community and partnership initiatives, can fulfil their academic and vocational potential.

In addition to assisting pupils to excel both academically and at their chosen vocational discipline(s) the School seeks to provide an environment that promotes social and life skills such as tolerance, consideration for others, self-discipline and resilience in order to prepare them to be successful and valued members of society. This includes the promotion of British Values.

Objectives for the Year

The School’s key objectives for the year were:

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The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2020

Strategies to Achieve the Year’s Objectives

Public Benefit

The School remains committed to the aim of providing public benefit in accordance with its principles and objectives. Charity legislation requires demonstration of that public benefit, and the awarding of bursaries is a measurable means of providing public benefit: the School continues to provide financial support to pupils and families who are unable to afford full fees, to make the School as accessible as possible to the widest range of students. This has been achieved with a mix of Government funding, School-provided scholarships, means-tested top-up scholarship bursaries, hardship bursaries, and fee discounts.

In terms of government funding, the School received £1.33m (see note 3) from the Music and Dance Scheme, with 46 pupils benefiting from this. MDS government funding represented 14% of the School’s gross fee income during the year (prior year 12%).

Utilising its own resources, including voluntarily donated restricted funds, the school provided £141k in Scholarship funding (prior year £155k), together with £989k as top up scholarship bursaries and hardship bursaries (all means-tested) (prior year £813k). Moreover, as the government funded schemes do not meet the full cost of fees, the School also funded this shortfall with a subsidy of £115k (prior year £152) (see note 3), further supporting those students in need of financial assistance. Finally, the School has offered discounts to pupils whose parents are members of staff, and the value of this, together with sibling discount, and pupils who receive Armed Forces’ discount, is £163k (prior year £150k). This took the total of School-provided funding assistance to £1.408m, accounting for 14% of gross fee income (prior year £1.269m, 12%). A total of 134 pupils received financial assistance, which represented 38% of total pupils.

Outreach: The school continued to run a well-supported programme of Outreach activities in all forms of Dance, Acting, Musical Theatre and Music. In addition to bursaries for main school pupils, the school engaged in many other activities that provide benefit to the public. These included its ongoing endeavours to widen public access to specialist performing arts training via the programme of evening, weekend and holiday courses (for which bursaries were also available), and the many other community activities, summarised below. In the second half of this year the programmes ran ‘virtually’, enabling many pupils to attend whilst the country was in lockdown.

Tring Park Associates : The most significant outreach activity continues to be the classes run in the evenings and weekends by Tring Park Associates, which has seen increasing numbers and hosted approximately 310 students per week, with many doing more than one and up to 10 classes per week. Student numbers therefore do not represent actual footfall. Genres on offer to TPA pupils include ballet, pointe work, tap, modern, jazz, street dance, contemporary, musical theatre dance, singing and acting, acrobatics, and Progressive Ballet Training. There are also several classes every week for adults, including ballet and tap and an additional class for adults that suffer from Parkinson’s disease.

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The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2020

Classical Ballet Academy: There are 124 pupils enrolled on this programme which allows pupils from around the country to access specialist classical ballet training. The auditions for entry to this programme are currently well subscribed with a waiting list to join.

Kick Start : Provides a high-quality learning environment for young male dancers to train with each other, learning from a predominantly male faculty with a focus on technique, physical strength training, creativity and performance. In 2019-20 there were 44 pupils.

Holiday Courses : The School runs day, weekend and weeklong courses to allow participants to experience the environment of a vocational school in a more focused setting. Last year there were 394 pupils who attended our Holiday courses. This was down from the previous year due to the fact that we were unable to run any of our residential courses or any summer term day or weekend courses. We did however, hold some online courses during the summer holidays which were attended by 168 pupils.

Charitable Activities : The school has been involved in a significant number of benefit events for third party charities in the year, including Rennie Grove Hospice, Ewing’s Sarcoma Research, Great Ormond Street Children’s Hospital, Hospice of St Francis, Chiltern MS Society, Dance Again, Tring Festival, Herts Virtual School, Royal Variety, Macmillan Cancer Support, Save the Children, the Salvation Army, DENS Harvest Appeal, and War Child. The school donated the proceeds from two of its Musical Theatre performances to the Mayor of Tring’s selected charity.

SHOWS AND DEPARTMENT HIGHLIGHTS

Dance: Pupils perform annually with English National Ballet in Nutcracker, on tour with ENB and at the Coliseum in London.

The annual dance shows were unfortunately unable to be performed due to the pandemic. During the year, the Department invited many guest teachers into the school to give master classes and professional experience to the pupils.

Drama: The Department has had a very successful year. Students performed two major plays in the autumn term: “Faustus” and “12 Angry Men”. The Lower 6[th] performed a theatre in education play in various local primary schools. The contemporary theatre festival returned in the spring term in the Markova Theatre and once again the matinee performances were followed by insightful Q&A sessions.

Acting course pupils also visited Singapore to continue the connection with schools there, where they performed Theatre in Education projects, plays, cabaret evenings and held workshops with schools.

Musical Theatre: The musical theatre production was a success, and the school designated the proceeds from two performances of “Kipps” to the Mayor’s charity. The Pheasantry residency was relaunched in a new format which proved successful but was not able to continue due to the pandemic.

The percentage of graduate destination success remained high and alumni are flourishing across theatres in the West End, Europe and on tour, in addition to some high-profile achievements in film and television.

Performance Foundation: The pupils performed in “We Will Rock You” and “Far from the Madding Crowd”, as well as taking part in a Commercial Music acoustic evening. The younger pupils in the School were due to perform “The Little Mermaid” this year; however, unfortunately this could not take place due to the pandemic.

The junior pupils performed once again at the Tring Christmas festival and in a cabaret for the Herts Virtual School Awards. The Performance Foundation Course pupils performed a cabaret on two

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The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2020

occasions for local businesses. This part of the school continues to attract a large number of pupils, and it is an encouraging and welcome trend.

Music and Commercial Music: The course gave a number of performances both internally and externally throughout the year. In school these included: CMC Showcase, Christmas Fair and the Unplugged Acoustic Night. The events planned later in the year were not able to go ahead due to the pandemic.

During the initial lockdown, the pupils worked to create online content that was sent to parents and also held their first ‘live streamed’ gig.

A number of alumni and industry professionals were invited to give a series of talks/workshops to our pupils online during the summer term. These included Matthew Bourne, Anthony Van Laast, Edward Watson, Amba Tremain, Sabrina Bartlett, Monique Young and Bart Edwards.

Fundraising Performance

Restricted donations in the year totalled £64k (prior year £86k) and a further £6k was raised through fundraising events. Fundraising costs were £42k (prior year £90k), comprising remuneration for the 1.4 FTE in-house fundraising team, production costs for fundraising material, professional adviser fees and event costs. No professional participators were used in the year.

The School complies with industry best practice when approaching all potential benefactors.

The School had no failures in the year in terms of compliance with best practice.

The fundraising team are mindful of their responsibilities to vulnerable people and the wider school community and uphold ethical standards in all their interactions.

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

School Performance

As the 2020 results were based on Centre Assessed Grades, we have not been able to get the usual data from CEM for value added. There has been no reporting from JCQ of subject grade data on a national level. We are pleased with the grades our students achieved. The 5th Form and A level students this year were one of the most academic that we have had for a while and we are delighted that they have achieved the grades that their hard work deserves.

A level – accumulative % of results

Subject Year No. of
entries		 A* A B C D E U
TOTALS 2020 171 15.2 45.6 73.7 94.2 98.8 100.0 100.0

GCSE (1-9) accumulative % of results

Subject Year No. of
entries		 9 8 7 6 5 4 3 2 1 U
TOTALS 2020 366 13.1 27.6 50.8 72.1 86.6 97.8 99.7 100.0 100.0 100.0

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The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2020

Geography, Maths, French, Spanish, Biology, Chemistry, Physics, Double Award Science, Single Award Science, History, Music, Art, RS and Drama are the GCSE subjects awarded 1-9 grades

GCSE (A*-U) accumulative % of results

Subject Year No. of
entries		 A* A B C D E F G U
TOTALS 2020 104 18.3 47.1 75.0 100.0 100.0 100.0 100.0 100.0 100.0

English Language, English Literature and ICT are the subjects where grades are awarded A*to U

Destinations

In the Upper Sixth there were 62 students. For the second year running students were all able to secure their first choice or firm choice destination through UCAS, although some opted to go through adjustment as their grades were higher than initially predicted. Below is a break-down of the destination of the 62 students:

----- Start of picture text -----
U6 Destinations 2020
Unknown
University/Higher Education
Gap year and A level retakes
Gap Year
Further Training - Vocational
Employment
3rd Year Dance Course
0 2 4 6 8 10 12 14 16 18 20
----- End of picture text -----

The only comparable data with the previous year is that of the break-down of university and further training by course type. This shows that we had considerably greater success in students applying for Performing Arts courses this year. This is due to the fact that we have had several students accepted to Manchester Drama School for the first time in a number of years (Manchester Drama School is attached to Manchester Metropolitan University).

This year we are happy to report that 2 out of 3 students were accepted to Cambridge in the 2020 cycle (One 2020 leaver and one 2019 leaver) one for Geography and the 2019 graduate for History (included below).

Not reported in these figures are students who left upper sixth form year three. 3 students have chosen to go to university from this group. One student gained a place to read History at Pembroke College Cambridge, another gap year student gained a place to read Biomedical Sciences at University College London, a 3[rd] gap year student has a deferred place to read English Literature at the University of Manchester.

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The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2020

U6 University Destinations by Course Area

----- Start of picture text -----
Business and Marketing
Performing Arts
Creative Arts
English and Humanities
Languages
Maths and Sciences
0 5 10 15 20
2017 2018 2019 2020
----- End of picture text -----

FINANCIAL REVIEW

Results for the Year

The Charity’s surplus for the year was £807k (prior year £662k); £883k through activities generating unrestricted funds and (£76k) net restricted fund expenditure.

Investment Policy

The Governors stipulate that unutilised cash is held at very low risk in term deposits and instant access higher rate deposit accounts with its own bankers and CCLA Investment Management Ltd. The School’s cyclical liquidity requirement dictates term deposits of three to six months maximum.

Employment Policy

The School is an equal opportunities employer: full and fair consideration is given to job applications from disabled persons and to their training and employment needs. The School invests in training for all its staff and aims to take the views of employees into account when decisions are made that are likely to affect their interests. Employees are informed of the financial and economic performance of the school.

Reserves policy and Financial Viability

The school’s policy is to retain sufficient unrestricted income reserves in the form of cash to enable the school to continue to meet its short-term financial obligations in the event of an unexpected revenue shortfall. The school has a medium-term unrestricted cash target of £1.5m, which would provide cover for two month’s running costs. This target was met as at 31 August 2020.

The general reserve is a negative number because the balance sheet value of the school is primarily in its fixed assets. The School’s current assets of £3,116,671 were exceeded by two main liabilities, fees in advance and deposits of £1,485,130 (fees are routinely received before the start of the new financial year and are therefore recognised as a liability, and refundable deposits are held for all pupils), and bank borrowings of £8,325,248. The School will continue to report a negative general reserve, due to the long-term loan finance drawn to support the development of the school campus.

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The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2020

PRINCIPAL RISKS AND UNCERTAINTIES

The Board of Governors is responsible for the management of risks faced by the School. In arriving at its register of risks the Governors have examined the principal areas of the School’s operations and considered the major risks faced in each of those areas. Risks are identified, assessed and controls established. In the opinion of the Governors, the Charity has established resources, including insurance, review of systems, ongoing training, detailed risk assessments and disaster recovery planning, which under normal conditions should allow risk to be mitigated to an acceptable level.

Some of the principal risks managed by the Trust include child protection (including the risk of historic sex abuse cases, of which it is not currently aware of any), site security and safeguarding of assets, cybercrime, health and safety, reduction or removal of government funding currently received through the Music and Dance Scheme, political changes which could challenge the school’s charitable status for tax, and the operating and financial implications of a major disaster. In addition, economic turbulence in recent years has the potential to create an affordability issue for some families, although growth of the school indicates this has not impacted to date.

COVID-19

On 18 March 2020 the UK Government announced the closure of all schools due to the Covid19 pandemic, effective from Friday 20 March 2020. The School took significant steps to enable the teaching of pupils (academic and vocational) to continue on a “virtual” basis. The impact of COVID19 continued into the summer term though some partial return to school was allowed during the last few weeks of the summer term. In order to mitigate the impact, Governors took the following actions to manage cash flow during the lockdown:-

The situation was kept under constant review by the Governors with additional meetings taking place to consider the risks and the control measures that were put in place to maintain income during the lockdown period to ensure that the school continued to operate as a going concern.

BREXIT

The Governors have considered the economic impact Brexit may have on the School in setting strategic plans and have taken steps to address risk with appropriate budgetary restraint and other measures. Forecasting models show that, although Brexit may slow the School’s progress towards achieving its building development objectives, the going concern of the School is not believed to be under threat.

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The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2020 THE FUTURE

The key strategic plans for the future include:

STATEMENT OF GOVERNORS’ RESPONSIBILITIES

The Governors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Governors to prepare financial statements for each financial year. Under that law the Governors 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 Governors 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 charitable company and of the surplus or deficit of the charitable company for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Post balance sheet event

On 30[th] December 2020 the UK Government announced a further national lockdown and the closure of all schools due to the Covid19 pandemic, effective from Monday 4[th] January 2021, with an initial indication that schools may be able to reopen after the February half-term. The School had previously

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The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2020

taken significant steps to enable the teaching of pupils to continue on a “virtual” basis and as such was able to make a quick transition back to online virtual learning. At this stage no reasonable estimate of the effect of the government announcement can be made, but given the School’s contingency planning and arrangements for remote teaching, the Governors believe the situation can be managed with the minimum possible disruption to the pupils’ continuing education via remote teaching, and that the school remains financially viable in the event of a closure until April 2021, by relying to some degree on government assistance for furloughed workers, undertaking further efficiency measures and controlling all non-essential expenditure during this period.

Statement of Disclosure to Auditor

a) So far as the Governors are aware, there is no relevant audit information of which the company’s auditor is unaware, and

b) They have taken all the steps that they ought to have taken as Governors in order to make themselves aware of any relevant audit information and to establish that the company’s auditor is aware of that information.

Auditor

A resolution to reappoint Mazars LLP as auditor to the Charity and to authorise the Governors to fix their remuneration will be proposed at the Full Governing Body Meeting.

This report has been approved by the Board of Governors and signed on their behalf by

Angela Odell (Apr 19, 2021 14:17 GMT+1)

Angela Odell

Chair of Governors

Date: Apr 19, 2021

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The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

Independent Auditor’s report to the members of The AES Tring Park School Trust For the year ended 31 August 2020

Opinion

We have audited the financial statements of AES Tring Park School Trust (the ‘charity’) for the year ended 31 August 2020 which comprise of the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows 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, including FRS 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.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you were:

Other information

The Governors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the

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The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

other information. 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:

Matters on which we are required to report by exception

In 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 Strategic Report or the Directors’ Report included within the Annual Report of the Governors.

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:

Responsibilities of Governors

As explained more fully in the Statement of Governors’ Responsibilities set out on page 11, the Governors (who are also the directors of the charitable company for the purposes of company law and trustees for the purpose of charity 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 Governors 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 Governors 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 Governors either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 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.

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The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

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 auditor’s report.

Use of the audit 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 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 company and the company’s members as a body for our audit work, for this report, or for the opinions we have formed.

Vincent Marke (Apr 22, 2021 16:39 GMT+1)

Vincent Marke

(Senior Statutory Auditor)

for and on behalf of Mazars LLP

Chartered Accountants and Statutory Auditor The Pinnacle 160 Midsummer Boulevard Milton Keynes MK9 1FF

Date: Apr 22, 2021

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The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts)

Company Number: 2962095 Charity Number: 1040330

Statement of Financial Activities For the year ended 31 August 2020

Restricted Other Restated
Development Restricted Unrestricted Total Total
Funds Funds Funds Funds Funds
2020 2020 2020 2020 2019
Notes £ £ £ £ £
Income
Income from charitable activities:
- School fees 3 - - 9,358,715 9,358,715 10,173,637
- Other classes and courses 4 - - 319,085 319,085 617,331
- Covid-19 grants - - 474,959 474,959 -
Income from raising funds:
- Activities for raising funds 5 - - 70,185 70,185 35,985
- Voluntary income 6 - 64,411 - 64,411 85,821
- Investment income - - 1 1 160
Other income:
- Profit on sale of fixed assets - - 391,956 391,956
Total income - 64,411 10,614,901 10,679,312 10,912,934
Expenditure
Cost of raising funds
-
Fundraising		 7 - - 40,496 40,496 90,108
Charitable activities
- Bursaries - 129,229 859,951 989,180 812,680
- Education services 8 - 11,154 8,559,878 8,571,032 9,161,174
- Interest payable 10 - - 271,469 271,469 186,956
Total expenditure 11 - 140,383 9,731,794 9,872,177 10,250,918
Net income - (75,972) 883,107 807,135 662,016
Transfer between funds - - - - -
Net movement in funds - (75,972) 883,107 807,135 662,016
Total funds brought forward at
1 September (restated)		 20 25,000 289,920 7,960,583 8,275,503 7,613,487
Total funds carried forward at
31 August		 20 25,000 213,948 8,843,690 9,082,638 8,275,503

The company's income and expenditure all relate to continuing operations.

The notes on pages 19 to 36 form part of these financial statements.

16

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

Balance Sheet As at 31 August 2020

Balance Sheet
As at 31 August 2020
Notes
Fixed assets
Tangible fixed assets
14
Current assets
Stock
15
Debtors
16
Cash and cash equivalents
17
Creditors: amounts falling due
within one year
18
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due
after more than one year
19
Net assets
Restricted funds
Development funds
Other restricted funds
Unrestricted funds
Fixed asset reserve
General
Total funds
20		 2020
£
£
16,242,912
26,967
205,280
2,884,424
3,116,671
(2,457,237)
659,434
16,902,347
(7,819,708)

9,082,638
25,000
213,948
238,948
16,242,912
(7,399,222)
8,843,690
9,082,638		 2019
£
26,967
259,868
1,590,836
1,877,671
(2,507,300)

25,000
289,920
16,977,111
(9,016,528)		 restated
£
16,977,111
(629,627)
16,347,482
(8,071,979)
8,275,503
314,920
7,960,583
8,275,503

The notes on pages 19 to 36 form part of these financial statements.

Approved and authorised for issue by the Board of Governors on ………………… and signed on its behalf Apr 19, 2021 by:

Angela Odell (Apr 19, 2021 14:17 GMT+1)

Angela Odell Chair of Governors

17

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

Statement of Cash Flows For the year ended 31 August 2020

CASH FLOWS FROM OPERATING
ACTIVITIES
Net income
Adjustments for:
Depreciation
(Profit)/loss on disposal of fixed assets
Investment income
(Increase)/decrease in stock
(Increase)/decrease in debtors
Increase/(decrease) in creditors
NET CASH INFLOW FROM
OPERATING ACTIVITIES
Purchase of fixed assets
Investment income
Sale of fixed assets
CASH FLOWS USED IN
INVESTING ACTIVITIES
Capital repayments
Development loan advanced
NET CASH (OUTFLOW)/INFLOW
FROM FINANCING ACTIVITIES
NET INCREASE /(DECREASE IN
CASH
CASH AND CASH EQUIVALENTS
AT 1 SEPTEMBER
CASH AND CASH EQUIVALENTS
AT 31 AUGUST		 2020
£
276,644
(391,956)
(1)
-
54,588
(67,504)		 £
807,135
(128,229)
678,906
849,512
(234,830)
1,293,588
1,590,836
2,884,424		 2019
£
236,303
2,761
(160)
-
(21,669)
(466,236)		 £
662,016
(249,000)
(37,445)
1
886,956		 (4,429,324)
160
413,016
(4,429,164)
5,142,429
(234,830)
-		 (202,775)
5,534,204
1,126,281
464,554
1,590,836

The notes on pages 19 to 36 form part of these financial statements.

18

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

Notes to the financial statements For the year ended 31 August 2020

1. Accounting policies

AES Tring Park School Trust is a company limited by guarantee, incorporated in England and Wales. The address of its registered office and principal place of business is disclosed on page 2.

The principal activity of the charity is to promote and provide general academic education in conjunction with a specialised education in the performing arts.

The company qualifies as a Public Benefit Entity.

The financial statements are presented in Sterling and this is the functional currency of the Charity. The financial statements have been rounded to the nearest whole pound.

The financial statements have been prepared under the historical cost convention, and in accordance with applicable accounting standards. In preparing the financial statements the charity follows best practice as set out in the Statement of Recommended Practice: 'Accounting and Reporting by Charities' (SORP 15), the Financial Reporting Standard applicable in the United Kingdom and Ireland (FRS102) and the Charities and Companies Acts.

b) Going Concern

The Governors have reviewed detailed cash flow projections to 31 August 2026 and have agreed detailed budgets for the year ended 31 August 2021. Fee structures for the year ended 31 August 2021 have been agreed. The Governors believe that the company has sufficient cash resources to cover the company's working capital and capital expenditure requirements. As a result of the foregoing the Governors are satisfied that it is appropriate to prepare the accounts on a going concern basis.

c) Income

Income comprises the invoiced value of tuition fees including bursaries granted and net of scholarships and awards including discounts given to those on the Music and Dance Scheme or the DaDA scheme.

Donations and gifts are recognised on receipt.

d) Grants receivable

Grants receivable from the Department for Education are credited to the Statement of Financial Activities in the year for which they are receivable.

e) Expenditure

Expenditure is recognised on an accruals basis when there is a legal or constructive obligation. All costs have been attributed either directly to one of the functional categories of expenditure in the Statement of Financial Activities, or for overhead costs, apportioned according to management estimate of actual activity within the categories.

Cost of raising funds include marketing costs and event costs.

Charitable activities include costs directly related to the running of the School. Support costs are also included in this category on the basis of an actual analysis of cost, or an apportionment based on management estimate based on activity.

19

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2020

e) Expenditure (continued)

Governance costs include the cost of governance arrangements which relate to the general running of the charity as opposed to the direct management functions inherent in generating funds or service delivery of the charitable activities. This includes such items as a proportion of the Principal’s and Deputy Principal’s salaries, costs of external audit, and expenses incurred by Governors in carrying out their duties.

f) Fund accounting

g) Fixed assets and depreciation

All assets costing more than £250 are capitalised at historic cost.

Depreciation is provided at rates calculated to write off the cost, less the estimated residual value, of each fixed asset over its estimated useful life on the following basis:

Freehold property Nil Fixtures, furniture and equipment 5%-33% straight line

Freehold properties comprise a Grade II listed mansion building, classrooms, and residential accommodation. The major programme of annual expenditure to maintain the fabric of the buildings means that the estimated useful life of the buildings is considered by the directors to be extended indefinitely. The school asses for indicators of impairment each year.

h) Cash and Cash equivalents

Cash and cash equivalents are cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

i) Leases

Operating leases

Rentals payable under operating leases are charged on a straight line basis over the term of the lease.

j) Stocks

Stocks are valued at the lower of cost and net realisable value.

20

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2020

k) Pensions

The pension costs charged in the financial statements represent contributions payable by the company during the year in accordance with FRS 102.

l) Taxation

The company is registered as a charity and is entitled for the current year to the exemptions provided by Section 505 Income and Corporation Taxes Act 1988.

m) Value Added Tax

The company is exempt from registration for Value Added Tax purposes. All items of expenses in the income and expenditure account therefore include, where appropriate, the related amount of Value Added Tax.

n) Financial instruments

The charity only has financial asset and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction values and subsequently measured at their settlement value.

o) Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the company’s accounting policies, the Governors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The Governors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

The key estimate and assumption made in these accounts is considered to be depreciation, which is provided at rates calculated to write off the cost, less the estimated residual value, of each fixed asset over its estimated useful life.

21

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2020

2. Segmental information

The income, surplus for the year and net assets are mainly attributable to the principal activity of the provision of specialist education services. The company operates in the UK and its income is derived from teaching pupils from both the UK and overseas.

3. School fees

Income related to School fees received in the year is analysed as follows:

Gross School fees
Subsidy for government funded pupils
Scholarships and other awards
Net School fees
Total financial assistance awarded to pupils by the school
Subsidy for government funded pupils
Scholarships and other awards
Means tested bursaries
Total
Financial assistance as % of gross fee
Contributions to net school fees:
DfE – Music and Dance Scheme
DfE – Dance and Drama Awards
Net School fees		 2020
£
9,777,976
(115,165)
(304,096)
9,358,715
115,165
304,096
989,180
1,408,441
14%
2020
£
1,334,268
1,334,268		 2019
£
10,630,394
(152,041)
(304,716)
10,173,637
152,041
304,716
812,680
1,269,436
12%
2019
£
1,209,694
50,960
1,260,654

22

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2020

4. Activities in furtherance of the charity’s objects: other classes and courses

Associate classes
Holiday courses
Registration
Shows
Administrative fees
Other
5. Activities for raising funds
Rental of premises
Other
Uniform shop
Fundraising events
Filming
6. Voluntary income
2020
£
Restricted
Development
Trusts
-
Other
-
-		 2020
£
Restricted
-
-
-
-
-
-
2020
£
Restricted
15,000
49,411
64,411		 2020
£
Unrestricted
717
10,118
1,597
5,516
52,237		 2020
£
161,502
65,503
59,003
32,649
-
428
319,085
2020
£
Total
717
10,118
1,597
5,516
52,237
70,185
2020
£
Total
15,000
49,411
64,411		 2019
£
238,988
254,305
50,059
67,006
4,999
1,974
617,331







2019
£
Total
717
21,348
2,456
3,975
7,489
70,185 35,985
2020
£
Unrestricted
-
-
-
2019
£
Total
18,004
67,817
85,821

23

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts)

Company Number: 2962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2020

7. Cost of generating funds

Fundraising costs
Fundraising – staff costs		 2020
£
Restricted
-
-
-		 2020
£
Unrestricted
7,269
34,241
41,510		 2020
£
Total
7,269
34,241
41,510		 2019
£
Total
31,498
58,610
90,108

8. Costs of activities in furtherance of the charity’s objects: education services

Teaching
Welfare
Catering
Premises
Support
Hire and Shows
Marketing – non
fundraising
Governance costs (note 9)		 Restricted
2020
£
503
10,651
-
-
-
-
-
-
11,154		 Unrestricted
2020
Total
2020
Total
2019
£
£
£
4,325,043
4,325,546
4,034,442
699,982
710,633
805,088
557,610
557,610
820,467
830,075
830,075
1,327,296
1,762,293
1,762,293
1,620,321
105,046
105,046
241,614
97,536
97,536
146,079
182,293
182,293
165,866
8,559,878
8,571,032
9,161,174

9. Governance costs

Staff costs
Audit
Legal and professional
nterest payable
On bank term loan
On bank development loan		 2020
£
86,785
13,600
81,908
182,293

2020
£
39,327
232,142
271,469		 2019
£
86,079
17,330
62,457
165,866

2019
£
47,676
139,281
186,956

10. Interest payable

24

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2020

11. Net income and movement in funds

Net income and movement in funds is stated after expending:
Depreciation of tangible fixed assets
Hire of other assets – operating leases
Auditor’s remuneration – audit fee
Auditor’s remuneration – assurance services
(Profit) / loss on disposal of fixed assets
taff costs
Wages and salaries
Social security costs
Pensions
Termination costs		 2020
£
276,644
4,013
13,600
3,050
(391,956)
2020
£
4,972,048
470,964
664,545
96,346
6,203,903		 2019
£
236,303
23,059
15,632
1,698
2,761
2019
£
5,240,620
491,715
515,273
142,298
6,389,906

12. Staff costs

The cost of pupils participating in paid work experience at the school amounted to £12,773 and is not included in staff costs.

In the year £96,346, relates to redundancy payments for 15 staff.

The number of persons employed by the company during the year who received emoluments (including taxable benefits in kind) in the following ranges in excess of £60,000 was as follows:

2020 2019
Number Number
£60,000 - £70,000 2 2
£70,001 - £80,000 - -
£80,000 - £90,000 1 1
£100,001 - £110,000 - -
£120,001 - £130,000 1 1

The number of higher paid employees to whom retirement benefits are accruing under a defined benefit pension scheme is 2 (2019: 3). Contributions payable to higher paid employees in the year were £37,702 (2019: £47,489). The number of higher paid employees who accrued retirement benefit under a defined contribution scheme in 2020 is 1 (2019:1). Contributions payable to higher paid employees in the year were £16,576 (2019: £7,691).

Total remuneration for key management personnel including pension payments totalled £480,247 for 5 posts (2019: £534,340 for 6 posts).

25

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2020

12. Staff costs (continued)

The average number of persons, excluding Governors, employed by the company during the year was:

Teaching
Welfare
Premises
Support
Fundraising		 2020
Number
111
27
35
40
2
215		 2019
Number
113
29
35
42
2
221

The number of employees expressed as full time equivalents is 137. An average of 12 pupils participating in paid work experience at the school are not included in the above staff headcount.

13. Governors

No Governor received any emoluments during the year (2019: £nil) or contributions to a pensions scheme (2019: £nil). Expenses of £280 were reimbursed (2019: £nil) to 2 trustees and costs of £1,691 (2019: £1,508) were spent in respect of AGBIS related courses and travel.

During the year the Governors continued to be covered by an insurance cover to indemnify them against the consequences of any neglect or default on their part. The cost of the policy was £360 (2019: £343).

26

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2020

14. Tangible fixed assets

At 1 September 2019
Additions
Disposals
At 31 August 2020
Cost or valuation
Depreciation
At 1 September 2018
Charge for the period
At 31 August 2020
Net Book Values
At 1 September 2019
At 31 August 2020		 Freehold
Properties
Fixtures,
Furniture and
Equipment
Total
£
£
£
15,191,338
3,073,176
18,264,514
8,304
29,141
37,445
(495,000)
-
(495,000)
14,704,642
3,102,317
17,806,959
-
1,287,403
1,287,403
-
276,644
236,303
-
1,564,047
1,564,047
15,191,338
1,785,773
16,977,111
14,704,642
1,538,270
16,242,912

Freehold properties are held at depreciated cost following a change in accounting policy in the period 2018/19 – please refer to accounting policies note 1g for further details.

15. Stock

2020 2019
£ £
Consumable stocks 26,967 26,967

27

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2020

16. Debtors
Trade debtors
Other debtors
Prepayments
17. Cash and cash equivalents
Restricted fund accounts
Current account
Cash in hand
18. Creditors: amounts falling due within one year
Bank term loans
Trade creditors
Taxation and social security
Deposits and fees in advance
Other creditors
Accruals		 2020
£
134,494
22,043
48,743
205,280
2020
£
318,705
2,565,165
554
2,884,424
2020
£
505,540
127,337
196,871
1,485,130
2,547
139,811
2,457,326		 2019
£
178,948
55,688
25,232
259,868
2019
£
314,920
1,273,420
2,496
1,590,836
2019
£
488,100
3,026
186,216
1,323,790
2,714
503,454
2,507,300

Included in taxation and social security is £84,568 (2019: £66,537) of outstanding pension contributions that were paid when they fell due, after the year end.

Deferred income (fees in advance) movements were as follows:

Fees in advance brought forward
Released in the year
Invoiced in the year
Fees in advance carried forward		 2020
£
820,170
(820,170)
943,336
943,336		 2019
£
802,464
(802,464)
820,170
820,170

28

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2020

19. Creditors: amounts falling due after more than one year

Bank loans and overdraft – analysis of debt maturity
Amounts payable by instalments:
In one year or less or on demand
Between one and two years
Between two and five years
In five years or more		 2020
£
518,370
534,089
1,681,497
5,085,752
7,819,708		 2019
£
502,397
517,140
1,644,544
5,407,898
8,071,979

Included in the above maturity table are the following amounts repayable by instalments:

Repayable within five years
Not wholly repayable within five years		 2020
£
2,733,956
5,085,752
7,819,708		 2019
£
2,664,082
5,407,897
8,071,979

The bank loans and charges are secured by a fixed and floating charge charged over the company’s assets. Interest is payable on term loan 1 at a variable rate of 1.75% above LIBOR. This loan is set to mature in December 2026. Interest is payable on term loan 2 at a variable rate of 2.75% above LIBOR. This loan is set to mature in August 2037.

29

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2020

20. Reserves

20.
Reserves
As at 1 Sept 2019
Surplus for the year
Transfer for capital receipts
At 31 Aug 2020		 Restricted
Development
Fund
Unrestricted Funds
Other
Restricted
Funds
(see note 22)
General
reserve
Fixed asset
reserve *Total funds
£
£
£
£
£
25,000
289,920
(9,016,528)
16,977,111
8,275,503
-
(75,972)
1,225,350
(342,243)
807,135
-
-
391,956
(391,956)
-
25,000
213,948
(7,399,222)
16,242,912
9,082,638

** The general reserve is a negative number because the balance sheet value of the school is primarily in its fixed assets. The School’s current assets of £3,116,671 were exceeded by two main liabilities; fees in advance and deposits of £1,485,130 (fees are routinely received before the start of the new financial year and are therefore recognised as a liability, and refundable deposits are held for all pupils), and bank borrowings of £8,325,248. The School will continue to report a negative general reserve, due to the long term loan finance drawn to support the development of the school campus.

30

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2020

21. Analysis of net assets between funds

The net assets of the company are attributable as follows:

Fixed assets
Current assets
Current liabilities
Long term
liabilities
At 31 August		 Restricted
Development
Fund
Other
Restricted
funds
Unrestricted Funds
Total
funds
2020
Total
funds
2019
General
reserve
Fixed asset
reserve
£
£
£
£
£
£
-
-
-
16,242,912
16,242,912
16,977,111
25,000
213,948
2,877,723
-
3,116,671
1,877,671
-
-
(2,457,237)
-
(2,457,237)
(2,507,298)
-
-
(7,819,708)
-
(7,819,708)
(8,071,979)
25,000
213,948
(7,399,222)
16,242,912
9,082,638
8,275,505

31

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2020

__________________

22. Restricted Funds

1 Sep 19
Income
Expenditure
Transfers 31 Aug 20
£
£
£
£
£
Vandervell Fund -
15,000
(15,000)
-
-
Department for Education 48,722
-
-
-
48,722
Tring Park School Bursary
Fund		 147,610
37,079
(100,000)
-
84,689
Marden Drama Equipment 970
-
(502)
-
468
Paul Watson Bursary Fund 29,425
3,000
(1,460)
-
30,965
Eve Pettinger Fund 38,222
6,240
(11,800)
-
32,662
Alexander Technique Fund 10,483
-
(700)
-
9,783
Helen Wells Trip Fund 988
-
-
-
988
Restrictive Learning
Difficulties		 1,000
-
-
-
1,000
Nurse Replacement Fund 4,027
-
-
-
4,027
Mary Schon Bursary 363
-
(269)
-
94
Sports Committee 5,110
3,092
(7,652)
-
550
HeartScreening 3,000
-
(3,000)
-
-
289,920
64,411
(140,383)
-
213,948
Restricted development
fund
Estate development fund 25,000
-
-
-
25,000
Total restricted funds 314,920
64,411
(140,383)
-
238,948

32

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2020

22. Restricted Funds – (continued)

The Vandervell Foundation donations are for the same purpose as above but without age restrictions.

The Department for Education grant is for the provision of an outreach and partnership programmes, the purpose of which are to bring dance to a wider audience.

The Tring Park School Bursary Fund is to increase access for talented students through scholarship and Bursary support.

Marden Drama Equipment fund is for fit out of the drama studio

Paul Watson Fund represents funds for Bursaries for Associate course pupils.

Eve Pettinger Fund represents fund given towards individual School projects as stipulated by the donor.

Alexander Technique Fund is to provide financial assistance to a talented pupil in the Alexander Technique lessons.

Helen Wells Trip Fund represents funds providing financial support towards the cost of School trips.

Restrictive Learning Difficulties represents funds providing support for pupils with learning difficulties.

Nurse replacement fund represents funds received towards the replacement of a school nurse.

The Mary Schon Fund represents Bursary funding for an Associate course pupils.

Sports Committee/Drama funds represent funds received for those specific activities.

The Heart Screening fund is for ECG cardiac screening for all lower sixth dancers. The fund was spent in September 2019.

The Estate Development Fund represents restricted income for the purpose of providing a staged implementation of the following major site development initiatives:

33

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2020

23. Other financial and capital commitments

At 31 August 2020 the company was committed to making the following payments under non-cancellable operating lease:

Within 1 year
Within 2-5 years
After 5 years		 Other
2020
2019
£
£
28,204
27,282
49,811
51,946
-
4,560
78,015
83,787		 Other
2020
2019
£
£
28,204
27,282
49,811
51,946
-
4,560
78,015
83,787
83,787

24. Pension contributions

Contributions were made to The Teachers’ Pension Scheme (“the TPS”) for teachers and to Scottish Widows for support staff.

TPS is a multi-employer defined benefits pension scheme and it is not possible or appropriate to consistently identify the liabilities of the TPS which are attributable to the School. As required by FRS17 "Retirement Benefits", the School accounts for this scheme as if it were a defined contribution scheme.

Under the TPS Agreement, employer contribution rates increased in September 2019 to 23.68%, with employee rates varying between 7.4% and 11.7%.

During the year, contributions payable by the company amounted to £552,676 (2019: £417,746).

Defined contribution scheme

The company contributed to one defined contribution scheme for non-teaching staff. The amount payable during the year amounted to £111,870 (2019: £97,526 into two schemes).

25. Related parties

During the year the charity committed grants amounting to £Nil (or during the year the charity did not commit grants) (2019: £13,000) to Chrysalis London Ltd to support dance students from a variety of schools and colleges to find employment and experience in the dance industry.

26. Controlling party

The controlling party is deemed to be the Board of Governors.

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The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2020

27. Comparative Statement of Financial Activities

Restricted Other
Development Restricted Unrestricted Total
Funds Funds Funds Funds
2019 2019 2019 2019
Notes £ £ £ £
Income
Income from charitable activities:
- School fees 3 - - 10,173,637 10,173,637
- Other classes and courses 4 - - 617,331 617,331
Income from raising funds:
- Activities for raising funds 5 - - 35,985 35,985
- Voluntary income 6 35,043 50,778 - 85,821
- Investment income - - 160 160
Total income 35,043 50,778 10,827,113 10,912,934
Expenditure
Cost of raising funds
-
Fundraising		 7 - - 90,108 90,108
Charitable activities
- Bursaries - 61,480 751,200 812,680
- Education services 8 - 5,162 9,156,012 9,161,174
- Interest payable 10 - - 186,956 186,956
Total expenditure 11 - 66,642 10,184,276 10,250,918
Net income 35,043 (15,864) 642,837 662,016
Transfer between funds (10,043) - 10,043 -
Net movement in funds 25,000 (15,864) 652,880 662,016
Total funds brought forward at
1September (restated)		 20 - 305,784 7,307,703 7,613,487
Total funds carried forward at
31 August		 20 25,000 289,920 7,960,583 8,275,503

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The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 2962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2020

28. Post balance sheet event

On 30[th] December 2020 the UK Government announced a further national lockdown and the closure of all schools due to the Covid19 pandemic, effective from Monday 4[th] January 2021, with an initial indication that schools may be able to reopen after the February half-term. The School had previously taken significant steps to enable the teaching of pupils to continue on a “virtual” basis and as such was able to make a quick transition back to online virtual learning. At this stage no reasonable estimate of the effect of the government announcement can be made, but given the School’s contingency planning and arrangements for remote teaching, the Governors believe the situation can be managed with the minimum possible disruption to the pupils’ continuing education via remote teaching, and that the school remains financially viable in the event of a closure until April 2021, by relying to some degree on government assistance for furloughed workers, undertaking further efficiency measures and controlling all non-essential expenditure during this period.

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