Company Number: 2962095 RegisteTtd Cknarity Nurnber". 10403311 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 2021 A8491iaJOM* 1W05r2022 COMPANIES HOUSE %135 The AES Tring Park School Trwt TRUSTEES, REPORT FOR THE YEAR ENDED 31- AUGUST 2021 Conlents Page Governors. O￿lc¢r5 and Professional Advisers......................... . Annual Report of the Gov¢rnors. incortwating (he S￿￿¢gi¢ R¢w)rt..................................................... Independent Auditor's rewTrrt to the members of The AES Trin8 Park School Trusi........................... Staternent of Financial Activiti¢s._.-. 19 Balance Sheei...........................................................................................................-............................20 Sthterr£nt of Cash Flows....................................................................................................................... Notes to the financial 5tatenwits........ .22 The AES Tring Pgrk Sehool Trust TRUSTEES. REPORT FOR THE YEAR ENDED 31- AUGUST 2021 Governors, Officers and Professional Advisers GOVERNORS. DIRECTORS AND CHARffY TRUSTEKS The fjovernoTS of the ch4rithble company are its directors for the purpose of company law and trnsttts for the p￿r￿se of charity law. The CUTreni Governors in office are lis*d below. All served on the board throughoui the year from I SepteM1￿r 2020 to Ihe datt of th]"s re￿rt unless ststeAI. (I 3) Alice Cave (resi John Clark Michael H Mark Hewill Janet Mitchell ela Odell Eric Pillin er June Ta lor (retired 02102r2021 Daniel Zammjr Mark Ta lor Rachel Jose Robert Breakwell Edward Williams (a inted 241(knn021) Vanessa Cham ion-snmth oillied 0311112021 11 l Finance and Grneral PurFW¢S Commii (2) Educaiion Comrnii*e ned 1011212021) Vice Chair ofGovernor5 tterid ) Chair of Governor5 131 Appcals IFundiaLSItI81 Committee (4) MaTkainLT Commiuee thtring ihe year the aciiviiles of the Governing Bryjy were C8Triel Qui throllgh four committ2e5. The membership of these ¢ommiriees is shown above for each Gov¢rnor. All Governors are trustees and SLqnd as guarantor5 10 Ihe company in (he sum of £1 each. Offi¢trs: . Principal.. STefan Anderson. Deputy Principa].. Anselm Barker. Business Director.. s￿phen Robinson. Director of Stydies.. Elizairth Odell. Princi￿1 Offjee". - The Mansion. Tring Park. Trithg, Hertfordshire, HY23 5LX www.TringPark.com Professional AdvAsers". - Bankers- Yorkshire Bank . clo Clydesdate Bank PLC. 4th Floor, Verulam Point. Siation Way, Si Alhns. Hertfordshire. ALI SHE Solieiiors.. Matthew Waite & Co. Ariel House. FrognN)re St￿tt. Tring. Hert5. HP23 SAU Auditor: Mazars LLP. Chartered Accountants and St￿UtOry Auditors. The Pinnacle. 160 MÉdsummer Boulevard, Milton Keynes. MK9 IFF Valuers.. LAmbert Smith Harnpion. UK Hous< 180 OxfoTd Street, London WID INN Insurance Brokers: Marsh Brokers Lid 4 Milton Ro&d. Haywards HEath. West Sussex, RH161AH The ALS Tring Park School Trust TRUSTEES, REPORT FOR THE YEAR ENDED 31- AUGUST 2￿￿1 Annual Report of the Governors, incorporating the Strategic Report For the year ended 31 August 2021 The Governors of ih¢ S¢hwl preseni iheir Annua] Rew)rt. including the Sirateg]c Report. for the year ended 31 August 2021 together with rhe iiudiwt accounts for ihat year and confim they comply with the Companies Aci 21KJ6 and Chartiies Aci 2011 ("rhe Acr"), Ihe TIV￿ Deed and ihe Chariiies SORP (FRS 102)_ REFERENCE AND ADMINISTRA TIVE INFORMATION The AES Trinfw Park Sch(KJl Trust (-the ChaTity" aThJ "the School") in its currenr form was founded in 1994 #Lnd is a company 11rni￿A by guardn¢eE (Company No. 02962095) re￿S[eled wirh the Charity ComTNssion {Charity No. 1040330) and is governed by the provL5iOnS ¢ontaincd wiihin ih¢ Memorandum and Articles of AS￿￿latIOn_ The Govemors. executive off￿e[S and pnncipa] athlress of the Chariry. and paniculars of the Charity's professiona] advisers. are as listed on page 2. STru￿URE, GOVERNANCE AND MANAGEMENT Coverning Document The Charity is governed by lis Memorandum and Articles of ASS￿latIon dating from 1994, with th¢ Articles having been updated in 2019. Recruitment and TrAining ofGovernors The Charily's elected Governors are app)inied on the basi5 of nominations received and the suilability. of the nominee5 ￿ judged by the Board. The Board's SFecificaiions for new Governors in¢lude ¢ligibiliry, personal ¢omperence. specialist 5kn"11s and availability. New Governors are inducted inco the workings of the Chority arml the School ￿kIng into accounl particular respon5ibilitie5 allocated io the They are encouraged 10 undertake the Association of Gowerning Bodies of Independent Schools e- learning Course for new Governors. and other training course% as necessary, particularly Safe8￿arding children which they recognise is mand&ory. Or%ani$•ti•nal Management The Governors as tru51ees of ihe Chariiy are legally responsible forthe overall manage￿rnI and control of the Sch￿1 and TI￿et 0[￿ teTrn. During rhe year the Governots continued io ￿ covered by insurance ￿lIcY to illdemntfy Ihem against the consequences of any neg]pxt or defaulr on rheir pan (cover.. £2.000.(MJ)). The Cost of ihe policy was £296 (2020." £360). Preceding each of ihe Board meetinos are follr sub-committe£ nKetings covering Developmeni and Fundraising. Finance and General Purposes. Educaiion. and MarkeiinL7 Each committee comprises four or five Governors. the Principal. Depuiy Principal and Business Direciorlclerk. Repre5eniative staff n￿rnbe[S from ihe Academic. Vocarional and Support staff are a150 pre5enr. Their findings and recommndations are then reported Lo the subsequent Board nttting. Minutes from all sub conynillees are clicula￿l to ihe full IM)ard ￿￿mberShip. The work of implementing nwsi of the policies and the day 10 day tunning of the School is deleuated to the Ptincipal and his senior manage￿￿nI team. Remuneration for the senior manauetnEni (e&m is by (he Business Direaor and Principal, followino participaiion in sector specifit benchrnarking Surveys, reference io external recrui1￿￿nI consuliants. and con5ideNion of budgewy constrdinis. The AES Tring Park School Trus¢ TRUSTEES. REPORT FOR THE YEAR ENDED 31ST AUGUST 21Y21 Remun¢ratioTh decision5 forthe Principai and Bu5ine55 Directorare approved by Chair of Governor5. Wifh Finance and Genernl Purpose commiitee support. Related pgrties TnjS￿ES.' - remutjeration and benefits- no iru5tees were in receipt of remuneration andlor benefits expenses - Governors are able 10 claim reasonable travel expenses when allending school meetings and or atrending rel&ed trajning and conferences. transaciions with those ￿rson$ attd eniifies are ¢losely conne¢ted to the charity or its truste£s. referTed to as related parties- Ihe curtent chair of Governors is directly related to the Director of Studies. The trusw have in pl￿ a 'Conflict of In￿reSI. Policy ro ensure ihat mairers are deali with apprOprI￿]y_ OBJECTS, AIMS. OBJEcrtVLS AND AcrtvrriLS Charitable Objects The Charily 5 Objects. &8 sei out in the Men￿rand￿rn of ASs￿latIOn. are to w)nM)te and provide for th¢ advanceffrnt of education and in connection therewith to acquire. establish. provide. conduct, Carry on and develop in the UniteJ KingdoTn any residential and non-resideniial School in which children and s(udenis of either sex or both sexes may r￿e1ve a gelleral acthmic educ￿]0￿ rn conjunction with specialised education in dance. drama. mllsical theatre. music and other fomjs of lh￿re and any other subjec15 ronsidered likely to assisi sludents d&siring 10 follow a career in or Gonnect¢d wilh the performing arts, and t￿her training colleges specialising in similar subjects. In carrying out these objectives the Governor5 hdve given due Tegard to the Chariiy Commission's published guidance c(Fncernin8 the 0￿r*I0￿ of the Fknblic Be￿rit requirement under the Act and in panicular to its 5upplemeniary public benefit guidance on advancing educarion and on fee charging in order to make irs $￿CIalIst fa¢iliiies arid teaching expertlse generally availabl¢ to ihe significant pool of ialenied and potentially talented children aNI ywng adults * large. Aims Within these objects. the Sch(Kbl's aim is to provide an env1ronrt￿i where pupils. including those participating in the outreach. community and partnership initiatlves, can fulfil th¢ir acadernic and vocational polential. En addition to assisting pupi15 to excel both academically and ￿ their ¢h05en vocational disciplinels) the School seeks ¢0 provide an environtr¢nt that promotes social and life skrlls such as ￿leranCe. con5ideraiion for others. self-discipline and re5ilienc¢ in order to prepare them to be successful and ¥￿Ued merntW5 of s(Kiety. This incIll￿ ihe prnM￿l(￿ of Briiish Val￿. Objectives for the Year The School's key objetiive5 for the year were to: . Imple￿ni a financial operating Thdel and improved 5 year forewting tool which enables the schiM)l io better debver on its $￿ale81C plans. Up8rade boarding accommodation. improve ￿adeMiC and viKation&l teaching f￿llitieS aThd enhance sixth forrn 5mdy and day pupil facilili&s. The ALS Tring Park School Tn TRUSTEES, REPORT FOR THE YEAR ENDED 31- AUGusf 2(Pl Review the School's ¥￿atiOnal provision in order EO ensiire It rneeis the needs of the chamging world of the F¢rformincff art5. Ensure the School is able io ￿¢[vil tslented pupils and those with identified potential. Lrrespeciive of parental wns. Conrinue to actively market the School's facilities for additio￿￿1 ￿venUe sireams such as venue hire. and filming I￿aLlon. Coniinue to Stren￿hell ihe Sch(KJl'5 OUtTeach and community presence Ihrourrh ils existing rdnge of As5￿18(cd Prooramme classes. pannership activilies, and community ￿rf0mla￿eCs. Increase Specifically Ihe recwitmEnt of iN)ys and pupils fmm rngre ethnically diverse background5. Continue io work wilh the ￿her Mu5LC and Dance Sche￿£ Schools ro lobby ihe government lo continue iheir 5UPPOrt of rhe Arts ihrwgh the MDS and D￿A Awards. Sirategies to Achieve the Year's Objectives Ensuring financial stability was a key prioriiy during ihe COV]D 19 panderruc_ School fees had ¢0 be adjusted to reflect required school closures and financial support w&$ &nven where appropraate. Review of all eX￿ndItUre was carried oui and savings were achieved in many areas. Consuliation on the Teachers. Pension Scheme look place bui ir was decided not io rnake any changes at fhai iirre. Financial procedures on bursary 5neans iesiing and debt ollec(ion were improved. Capiial expenditure was made available for an extensive refurbishment programrt of Mansion Hou.%e boarding wilh an addiTional fifteen spaces creaied. Day pupil faciliiies in terms of common root￿ and chanoing facilities We￿ improved. The Sixth Form Cen¢te was refurbished and separaie study and leisure areas creawl. Boih ¥¢xational pnd academic stsff rooEnS were Tefurbished io creatr better working and relaxation facilities for ieackn.ng siaff. The provision of Voc￿lonal and academic reaching is subjeci to ongoing IEview in order to ensure it is nreting pupil needs and is relevani to the current educaiional and career Op￿rtuni[1eb. The school continued to provide bursaries and Schola￿hips to enable pupils wilh talent and potenlial to ￿tend the schwl. The school websiie was relaunched and oiher digiial communications reviewed order to ensure the School pr0nKTr￿d itself effectively to potential pupils_ Iniiial scoping n￿etIngS look place to eipl(Ye the School's next Major capital develOpn￿Trt projeci. External consultsnts have engaged to a55isi rhe school with irs fundraising and development plans for 2022 and kyond. The School achieved & succe55fv1 year in ￿rIn5 of hiring oui its facilities for 50rne major filming location5. Th¢ AES Trin% Park School TnLSt TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 2021 The school ensured it ¢onlinued to deliver its communiiy programme Tring Park AS$￿18t¢S in spite of the Covid-E9 pandemic, with many classes Ixing delivered virtually. Th¢ schwl ¢ontinwl to host opportullities t8rgeied at boys a￿d pupils from erhnically diverse backgrounds and will continue to do $0. The sclK)ol tontinues io work collaborntively wilh its fellow MDS sclMX)Is to ensure that the governrrthi is fully aware of the value and Eenefit that the MDS and DaDA awards bring in erbabiing pupils from all backgrounds to be able to engage with puforming arts iraining. Piiblic Benefit The School remain5 committed to the aim of providing public benefit in accordance with its principles and objeciives. Charity legislaiion requires demonsiraiion of Ihat public ￿n¢fIl. and ihe awarding of bursaries is a measurable n*ans of providing public benefil-. the School coniinu¢s to provide financi support io pupils and families who are unable to afford full fees, (o make the School &$ accessible as possible io the widest range of student5. This h&5 becn achieved with a mix of Governtrtnt funding, Schwl-provided scholarships. me3ns4es￿d topup scho13Jship bursaries, hardship bursaries. and fee discounts. In t¢rm5 of gov¢rnrr¢nt funding. th¢ School received £1.399m (2020: £1.334m) from the Music and Dance Scher￿, with 46 (2020- 40 pupils benefiling fr(>Tn tht5. DADA schevne receipts were £1 11.726 18 pupils) (see note 3). In iotal .<￿Vemn￿n[ fllndin8 of £1.51 Im represenwl 15% of ihe School's gr05S fee income during the year {2020.. 14%). Uiilising its own resources. including volunwily donawl restrict￿ funds. Ihc s¢hool provided £108k in Scholar5hhp funding (21r20". £141k). (ogether with £1.107k a5 IOP UP 5cholarsbip bursaries and hardship bursaries (all tnean54esled)12020.. £989k). Moreover. &$ ihe gOvernn￿￿[ funded schemes do nor meei Ihe full cost of fees. the School also funded this shortfall with a subsidy of £226k Ipnor yeat £115k) (see note 3). further supporting those siudents in ne£d of financial assistance. Finally. the School has offeted discounts to pupils whose parents awe n*mbers of sthff. and the value of thi5, together wilh sibling discounL and pupils who receive Atn*d Forces. discouni, 15 £191k (2020.. £163k). Thi5 took the total of School-provided funding &s5IsiaT￿e to £1.632m. accouniirjg for 16% of gro55 fee income (2020.. £1.408m. 14 ). A iotal of 163 pupils received financial assistance, which reptesenied 45% of total pupils (2020-. 134 pupils. 38%). Outreach: The school continued to run a well-supp)rted progranm* of (￿treach xiivities in all forms of Dance, Acting, Musical Theatre and Music. During the pandemic the programm¢ had to be adapied and many courses were rnn virnially. In addition ￿ bursaries for rn&in School pupils, the school engaged in many other actsviiies that provide benefii to the public. These included its ongokng eThleavours to widen public access io specialist performing art5 training via the program￿￿ of evening, weekend and holiday ¢our5es (for whirh buTsaTi¢S were also availabk), and the many other community xiivities, summarised below. Tring Park A&50ciat&s: The most significani outr&¥h activity continues 10 be the classes rnn in ihe evenings and weekends by Tring PaTk Associates. whictrl has seen increasino numbers and hosied approximately 341 students per week12020= 310 siudents). with many doing mre ihaD one and up io 10 cl&sses per week. Student numbeis therefore do not rryresent actuAI fix)tfa]l. Genres on offer io TPA pupils include ballei. rM)inie work. lap, m(xlern. jazz. street dance. contemporary. musical Iheatre dance. singing and acting. acrobatics. and Pro8re5sive Balld Training. There are a]$0 sev¢Tal classes every The AES Tring P*Tk School T￿￿t TRUSTEES. REPORT FOR THE YEAR ENDED 31- AUGUST 2021 week for adults. including ballet and tap and an additional ¢lass for adults that suffer from Parkinson's disease. Classical Ballet Academy: There are 143 pupils (2020.. 124 pupils) enrolled On this prottramn￿ which allows pupils from <ound the country io access $￿CIalTS[ cl&55ical ba]let iraininr The auditions lor ¢ntry to this programme are currently well subscribed with a wailing list to join. Kick Start: Providcs a high-qua]ity learninLt environryKnt for young male dancers to trnin wilh each other, le￿ning from a predominantly male faculry wirh a focus on rechnique. physical SI￿n￿h trainin& creativity and Exrformance. In 202(P21 there were 43 pupils (2(Y20.. 44 pupils). Holiday Courses: The School runs day. weekend aDd week-long courses to allow participants to experience the environrr£n( of a vocationa) school in a more fijcused 5eiiillg. There were 336 pupils (9020.. 394 pupils) who attended our weekend and day Holiday courses. About iwo thirds of the pupils attended in ￿r$OTh courses and about one third of the pupils al￿nded online courses. Our residential courses ivere &ble to run in person during the summer and allracted approximately 290 pupils {2020.. 168 pupils attended online SUTnn*r cour5es)_ Charitable Activities: Whilst Ihe school was able io contribute to clwitL&S with our ￿rfOrnia￿ces as in pievious years, the CMC pupils wert delIJ￿ led to Write and record origjnal tnaterial lor NHS Charities Together and the Hospice of St Francis. The musical iheatre course also FerfOrn￿d at Berkhamsted Golf club. SHOWS AND DEPARTMENf HIGHLIGHTS During the Academic year 2020- 2(Y21 there were many asp¢rts of live p¢rforman¢e that were not able io take place as ihearres across the Coun￿ closed. A5 a school we decided to be a5 cFeattve as possible and look ihe opportunity io fdm ￿rformanCeS Whe￿ possible and when pupils were in school. Dance.. Pupils were noi able W) lake part in the annual ￿rf0M￿n¢CS with English National Ba51et in Nutcracker. The annua] dance shows were filmEd during ihe sumnxr term and shared with friends amd family Drama.. The Department f11n￿d a numlxr of ￿rforManceS these included 'Dying for it, and 'Eyam'. In the sumThKI term. Ihe pupils ￿rfOrmed in an ouid(K>r pr(MlucEion of and Juliet. Musical Theatre.. The musical tlThue pupils ￿rf0M￿d an outdoor ￿rforn)aThCe of excerprs from 'Just So, to friends and family. PerforM￿￿e Found*ion: The pupils f11n￿d pr￿jU¢(lOnS of 'V#nhty Fair. and 'Jesus Chrisi Suter5tar' d a commercial music evening. The younger pupi15 in the sch(x>l fllmed a pr(Kluciion of Shrek ihe musical this year., Ihcse produciions were shared with friends and family_ The younger pupils were also able to filffl a performance of the number 'Fooi1005e' in rhe schwl Erounds which was shown at the local Tring Chrimmas Shopping event which replace the Tring Fesiiwal t￿'S-Year. Musio and commerci￿ Music.. The 5Ghool filmed perfornthnces of the catol servic¢ and sire&Tned thes¢ to parents ￿ (he end of the aiitumn ierm. A comnxreial music evening containing l)oth cover songs and original work WÉLS also f11n￿d and strean￿d to audiences. Prep Lkpartmenl: Th¢ Prep DeparttE%nt pupils filThrd a delightful adaptsuon of Roald Dahls 'Fanthstic Mr Fox.. The ALS Tring Park Sehool Trust TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 At ihe end of the summ¢r ierni. we w¢r¢ pleased ￿ b¢ able to w¢l¢ome audi¢n¢¢s back to the school for outdoor events including perforn]ances for our graduating pupils and our Founders, Day celebrations ouidoors which included of live p¢rfonnanc¢. Fundraising Performan There was no fuTMlraising aciivily during the year. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR School PerforniaKe Exam Results It was a very challenging year for all siudenL%. We are very ple&Yd th*. in line with naitonal tnids. our students perforn*d very highly in theirA l¢vel and GCSE qualifications. The students have showed high level of posiliviiy and resilience in the challenging circufft51ances that they found themselves in. There were 186 entries for A level and 380 entries for GCSE. Ar A level most students took 3 A levels and at GCSE students did an average of 9 GCSES. Teachers traincd and n￿le￿Ied durin¢p the summer temi so ihat ihey could award ihe grades Ihar were fair and well deserved. The evidence ih* was nKxlerated by exam bo&ds was consideThl good. A level- act￿Mu]￿tiVe % of results Subject Y￿r No. or entries A*% TOTALS 2021 16.1 43 762 94.6 CCSE (1-9) aceumulative % of results Subjeci Year No. of entries 9-8t% 9-7% 9-6% 9-5% 9-4% TOTALS 2D21 293 14.7 512 65 83.6 96.9 Geography. Maths. French. Spanish. Biology, Chemistry. Physics. Double Award Science, Single Award Science, History. Music, An, RS and Drama are the GCSE $ubje£ts awarded 1-9 grades GCSE (A*_U) aeeumulgtivt % of rt5uIts Subje£1 Year No. of entries A*% A*.A% A*.B% A*.C% TOTALS 2021 87 18.4 42 100.0 English Language. English Litewure al￿ ICT lh¢ Subjects where grad¢$ are awardeLI A*to U The AES Tring Park School TnLSt TRUSTEES. REPORT FOR THE YEAR ENDED 31- AUGugf 2021 Destinatiotts In the Upper Sixth there were 65 pupils. The graph below shows the pupil destinations. For the.8econd year running students were all able to secuTe ibeir firsi choice or firrn choice destinaiion ihTough UCAS. Of these pupils. 16 pupils reiumed foi 8 ihird year ai ihe school_ Pupil Destinations Thjrd Yeai6th Dance Employment Gap Yeal Unwer51t¥1H￿her tdU¢a￿n PErforrnifi8 Arts £6ucation 12 14 16 18 20 Vocational deslinations included Arts Educational selK￿l, LIPA. Laine, ICMP, Urdang and Royal Scottish. Univer51ty Desiinaiions included [￿rham. Sheffield. Noiiingham and Royal Holloway. An additional I I pupi15 who lefi the s¢hcol in Ilje previous year also gained places ai universities including Cambridge (NaiuTal Science5), Durham (Law and Languages) and Exeter (Geography and English). In The AES Tring Park School TnLSt TRUSJEES. REPORT FOR THE YEAR ENDED 31ST AUGUST 2￿2] FINANCIAL REVIEW R￿Ults for the Year The CharitYs surplus for ihe year was £922k (2020.. £807k). Investment Poliey The Governors siipulale th* unutilised cash is held at very low r55k in i¢rm deposits and instant access higher rate deposit accounts with its own bankers and CCLA Inves(n￿n[ managen￿nI Ltd. The School's cyclical liquidiiy requIre￿nI dictates tenn deposits of illlre (o six monihs m&Kimum. Employment Poliey The S¢hfy)l 15 an eqvaj opportunftties employer.. full and fair consideration is given io job applications from disabled persons and io (heir training and employnxni needs_ The School invests in training for all its staff and aitns to take th¢ views of employees into account when decisions are made Lhat likely to affeci iheir interests. E)wloyee5 are infOrTh￿d of the financial eco1￿￿1¢ perfor¥nance of ihe school. Reserves policy and FinaKial Viability The school's policy is io retain suffrcient unrestrtcte41 incon% reserves in the forni of cash to enable Ehe school io coniinuè to its short-term financiai obligations in the event gf an unexpected revenue shortfall. The school has a medium-ierm unttsiricted cash rarget of £1.5m (2020.. £ 1.5tn). which would provide cover for two months. running costs. This iarget was w as ai 31 August 2￿2l. The general ￿SerVe was a negative nunljer in th¢ previous year becxuse the balance sheet value of Lhe 5ch<>ol is"primarily in its fixed assets. The School s current assets are exceeded by iwo main liabililies.. fee5 Ln advance and de￿$1￿ (fees are routinely received before the stan of the new financial year aThJ are iheT¢fore recognised as a liability. and refundable deposits are held for all pupils). and bank borrowings. A decision has been made to show the borrowings against the Fixed Asset teserve to show the long ￿rnI loan finance drawn io sUp￿rt the develop)TKni of ihe ￿h0o] campys. PRtNCIPAL RISKS AND UNCERTAINTIRS The Board of Governors is responsible foT the managenxnt of risks facpAI by the School. In arriving at its regjsier of risks the Governors have examined the principa] arw of ihe School's operations and considered ihe major risks faced in each of ih05e areas. RL5ks are identifitd, assessed and controls established. In ihe opinion of ihe Govemors. Ihe Chariiy has established r¢50urc¢5. including insurance, review of systems. ongoing iraining, dethiled risk as5e55m¢nts and diwier tr¢oYery pldnning. which under normal condiiions shO￿ld ￿loW risk to be mitigated to ttn acceptable level. Some of rhe principal risks managed by the Trnst include Child protection (including (he risk of historic sex abuse cases). site security and safeguarding of asseis. cyixrcrime. health and safety, ieduction or removaj of government funding currently received through the Music and Dance Scheme. political changes which could cha]lenge the school's chariiable sthws for tax. and the operating and financial implicaiions of a major disasier. In addiiion. economic turbulence in recent y¢ar5 has the potential to create an affordability I￿lle for some families, aiihough growth of the School indicates this has not impacted to date. The AES Tring Park School Trus¢ TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 COVID-19 On 28 Autrust 2020 the UK Governmtni updaied lis COVID.19 guidance for schools. which enabled schools to weleome pupi15 back for the stan of ihe new academic year. This guidanee clearly sei out steps to be undertaken by 5chool$ in ￿ of risk assessments and social distancing measures to be put in pla¢e to min1rnt￿ rhe risk of transmission of COVID-19. In order 10 eDsure compliance with the gUIda￿e and 10 minimize the risk of I￿aliZed 'l(xkdown' Governors took the following action:. Risk assessmenis were pui in place Frequently asked questions were prepared LO answer parental qu¢rie5 Social distancin¥y n￿￿￿S wert put in place All pupils were iesced twice on arrival back at school All pupils and siaff maintained iwice weekly iesiing Vi5iiors 10 sile and Off-s1￿ (rips I visits etc. were limiied and carefully assessed The 5iiuaiion w&$ kept under constatti Feview by ihe Governors to consider Éhe risks and the control measures ihar were pui in place to maintain incOff￿ ensuring ihat the school continued io 0￿rate as a going concern. BREX The Governors have considered ihe economTC impact Brexit may have on School in setting siraiegic plans #nd have taken Steps to addres5 risk with appropriate budgetary restrnint and other measure5. Forecasiing mode15 sh()w th&1, alihotsgh Brexir may slow the Schwl's progress iowards achieving it5 buildinu develop￿*￿[ obieciives, rhe goino concern of the SchLX)l is noi believed to be under Ihreai. THE FUTURE The key sirategic plans for the future include.. Attracting and retaining high quality sr¥ff to mainthin the standard of l)oth academic and vocational re&ching En5UriDg ihai rhe School is able to recruit tslenied pupils and those wilh identified poieni&al, irrespeciive of parental nuls though a s(rong butsary programme Promoting the recrui(meni of pupils across all age groups and from ethnically and socially diverse backgrounds. explorhng new markets oversea5 Reviewing viKational and acadeTWC course provision e.g. academic subjecis offered, 3rd year Sixth Form for other V￿atiOnal courses. f11n￿rV pmduction. technical 5ki115 Evaluaisng the role of ihe Prep deparnr£nt and its poieniial for development Increasing specifically ihe reCrnIt￿￿n1 of boys and pupils from n￿re ethnically and socially diverse backgrounds Maximising ihe use of existing buildings to rnore effectively meet CUTreni boarding and educational needs. Continue to improve l)oarding facilities wilh the refurbishment of Clock House Establishing a fund raising progrdmnx to suppon ihe need for bursaries and also capital development proj¢¢is 12 The AES Tring Park School Tru TRUSTEES. REPORT FOR THE Y&¥R ENDED 31- AUGUST 2021 Hayints a capitsl developThKnt plan with specific focus on developm¢nl of a bespoke perforrtjance Space [rnp1en￿n1lng the 0￿[al7n8 which enables the School 10 oFrate efficierttly and fund the Sch(K)1'5 5trategi¢ plans PronN)iing a unique markeiing position as a ￿rformin0 arts school wilh a strong academic offering through a clear markeiing and comrnunicaiioAs plan. STATEMENT OF GOVERNORS, RFSPONSIBILrriES The Governors we rcsponsible for preparing the Annual Report and the finan¢i#l statements in Iccordance with applicable law and ￿gUI￿lOnS. Company law requtre5 the Governors ￿ prepare financial staten*nts for each financial year. Under that Ikw the Governors have ele¢ted io prepare the financial swenrnts in accordance with Uniled Kingdom Generally Accepted Ac¢ouniing Practice {United Kingdom Accounting Siandards and applicable law). Und¢r CO￿panY law the Gov¢rnor5 tJ)usi not approve the financial swenrnts unle55 they are satisfied that they give a tnje and fair view of ihe sthte of affairs of the clwitable company and of the surplus or deficit of the charitable company for th& Peri￿1. In preparing these Fin￿Kial staiemEnts. Ihe Governors are required to- seleci suitable xcounting polici&8 and then a￿pIY Ihem consistently- observe the n￿thodS and principles in ihe ChAriiies SORP: make judgW￿n[S and accounting e51imJies thai are r￿onable and prudent: state wheiheT applicable UK Accounting Stai)dards have been followe4 subje£t to any m&t¢rial departure5 disclosed and explained in the financial stsienxnts. and prepare the financial 51atenrnts on Ihe going concern basis uAless it is inapproptiaie to presume Ihat Ihe chatiiable company will continue in business. The Governors are responsible for keeping adequate accouniing reconls that are sufficient to show and explain the chaiiiable compally's iransactions and disclose with r¢a50nable accuracy ai any time th¢ fjnancial position of the charitsble company and enable them to ensure that the financi￿ statements comply with the Cornpanies Aci 2(X)6. They dre also res￿)￿s]ble for safeguarding ihe a55et5 of th¢ charitsble company and hence for taking reasonable sieps foT the prevention and deiection of fraud and other irregularities. Post balance sheet event On thc 17th August 2021 the UK GovcrnrrKnt announced fijrtlfft guidance for schools on COVID-19 to enable ihertj to fully open for the 2021-22 a¢ad¢mic year. In accordance with rhe government guhdance the sch(K>l fully re-opened on Lhe 5th SepteM￿r 2021, putting in place the required risk assessrnents for pupils. Slaff and visitors. ID addition the school already had in place robust provision for online remote ￿Irtual learning should ihis b¢ necessary the ¢veni of th¢ s¢hool needing to c105e due to COVI￿19. The Senior Leadership Team and the Governots believe that appropriate measures wer¢ put in plar¢ for tK>ih on-site and virtual learning along with contingency planning, which would cause the nMnimum disruption to pupils, continuing edu¢atiOli. Iri wklilion ongoiDg financial controls were put in place to ensure the School remained financially robu51. The AES Tring Park Sclwx)l Tr￿%( TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 21f21 Statement rf Disclosure to Auditor al So far as the Governor5 are aware. there is no relevant audii Inforn￿tIon of which the company's auditor is unaware. and b) They have taken all the srep5 lh& ihey ought to have thken ￿ Governors in ordet to make thewlves aware of any relevani audil inforrnation and to establish Lh￿ the company'5 auditor 15 aware of ihat information. Auditor A re501ution to reappoint Mazars LLP as auditor io ihe Chariiy and io authorise ihe Governors to fix their remuneration will be prowsed ai the Full Governino Bc*Jy Meeiing. This report tr£en approved by ihe Board of Governors and signed on their behalf by OrALU . Angela Odell Chair of Governors Date: 2P April 2022 14 The AFS Tring Park SclM)Dl Tr￿st (tradtng a5 Tring Park School for the Performing Arts) Company Number: Ill962095 Charity Number. 1040330 Independent Auditor's report to the members of The AKS Tring Park School Trust For ihe year tnded 31 Augu5l 2021 Opimion We have auditeAI the financial statements of AES Tring Park School Trust (the 'company') for the year ended 31 August 2021 which comprise of the s1￿C￿￿t of Financial Acuvities. the Balance Sheet. the Siatemeni of Cash Flows and noies to th¢ financial staten*nis. including a summary of signtficant accounting policies. The financial reFM)rting frdnrwork that applied in their preparJtion is Upplicable law and Uniied Kingdom Accouniing Siandards. 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 sratements.. give a true and fair view of ihe stste of the charity's affair5 &$ at 31 August 2021 and of its income and eXpeDdiiU￿ for the year then ended. have properly prepared in acC¢)rd8￿￿ with unit￿ KÈngdom Generally AccepteLI Accountsng Practice.. and have been prepare41 in accordance wilh the require[r￿nts of the Companies Au 2IXI6. B￿1$ for opinion We conducted our audil in accordance wilh International Stsndards on Audiling (UK) (ISA5 (UKI) and applicable law. OUT responsibilities under those swidatds are hjrther descrittd in the "Audiior's responsibiliiie5 for the audit of the fjnancial sI￿¢ments, section of our report. We ar¢ independent of the company in accordance with (he ethical requiremenrs that ar¢ relevant to our audit of ihe fjnancial staiements in Ihe UK. including the FRC'S Ethical Stath. and w¢ have fvlfilled our other ¢thicai responsibilities in accordance with ihese rcquirenknts. We klieve ihai ihe audit evidence we have obiained is sufficieni and appropriaie io provide a basis for our opinion. Conclusions relating to goin8 concern In auditints the financial si*ernents. we have conclude41 ihat the Govemois, use of the going concern b&sis of a¢counting in the preparnion of ih¢ financial staten*nis is appropriatr. Based on the work we have performed, we have not ideniified aJ)y maierial uncenainiies relating io events or condirions lh￿. iTrJividually OT colleciively. may cast SL8nifi¢ani doubi on the company's #bilily to ¢oniÉnue as a going concern for a period of ￿ le&st twelve nKJllThs frr)m when the fin4incittl staiewKnts are authorised for i&sue. Our responsibiliii&s and the res￿nSIbl}i1les of the Govern￿ with respect to going concern are d¢5rritrd in th¢ relevanl se£tions of this report. Other inform4tion The orher informaiion comprises the information includ¢d in the anrtllal rewi. other than the financial statements and our auditor's report ihereon. The Governors are responsible for the other informaiion contained within the annual repon. OUT opinion on the financial statements d￿$ not covei the other infom)ation and. except to the extent othenwise explicitly St￿ed in our Teport. we do not express any form of assurance conclusion ihereon. The AES Tring Park S¢lM)ol Tru (trading as Tring Park School for ihe Performing Ans) Company Number. In962095 Charity NwDb¢r. l(H0330 Our responsibility is to read ihe other inforniatton and. in dohng so, consider whether ihe other inforn￿rion is rnaieriaily inconsisieni with (he financial sia(etr*nis or our knowledtse obtained in the course of the audit. or othetwise appears io be materially rnisslated. If we identify such material inconsistencies or apparent matetial mi5Staiements. we a￿ required to deiennsne whether (his gives rise to & materia] rnissiaieff£ni in ihe finlincial st&tettEnts thetnselves. If. based on the work- we have perfor1￿1. we conclude that ihere is a mat¢rial nisst*¢rn¢Dt of this other infornjation, we are required to report th* fact. We have noihing io report in ihis ￿gard. Opinions on other motters pr¢5cribed by the Companies Act 2(M)6 In our opinion. based on the work undertaken in the course of the audit". Ihe inforn)aiion given in Ihe Annua] Report of Governors which include5 the Srraiegic Repon and (he DirECtois' Report Prepared for ihe purposes of Company law. for the financial year for which the financial S￿leMents ore prep8ttd is consisteni with (he finamcial staiemenis," and the Strategic Report and the Directors, Repon included within the Annual Report of the Governors has been prepa￿d in accoidance wilh applicable lega] requittrY*nts. Matler5 on which we are requind to report by exceptiom tn lighr of the knowledge and understhnding of (he ¢haTity and its environmeni obtairted in ihe course of th¢ audii. we have nor ideniified maierial miss(atemenLS in the Strate￿¢ RetK)rt or the Directots, Re￿rt included within rhe Annual Report of Ihe Govemors. We hawe noihing to report in respeci of the following matters in rElaiion to which Ih¢ Compani¢s Act 2006 requires us to report io you if, in our opinion.. adequate and proper accouniing record5 have not betn kept. or rewrns adequatr for our audil have not been received frotn branch¢s not V151t¢d by u5. or the financial statements ar¢ noi in agreerrtni with rhe accounting records and reiurns- or certain disclosures ol Governors. remuneration specific by law ate noi tnade.. or we have not received ajl ihe inforM￿lOn and explanaiions we require for our audit. Responsibilities of Governors As explained more fully in the Staterneni of Governots. Responsibiliiies sei out on page I l. the Governors (who a]so the directors of ihe charitable company for the purN)ses of eompany law and irnsrees for Ihe putP05e of charilv law) aTE tespon5ible for ihe preparation of ihe financial Statements and foi being satisfied that they give a true and fair view, and for such internal control as the GovernoTS dciermine is necessary to enable the preparaiion of financial staiements ihai are free from material rnisstatement. whdher due io fraud or error. In preparinu the financial sthtements. rhe Governors are res￿nsIble for assessing ihe charity's abiliiy to continue as a going concctn. di￿1051￿8. ￿ applicable. matters related ¢0 goin8 concern and usints ihe going concern basis of accounting unlcs5 the Governors eiiher intend to liquidate ihe charity or io cea5¢ operation5, or have no realistic a]ternative bul to do so. Auditor's responsibilities for the gudit ofthe fin*ncial 5tatun¢nts Our objectives are to obtain reasonable assurance about whether the financial statements as a whole ate free from m&ierial missraiemen(. whether due io ftaud or error. and io i55ue an audiioT'S report that includes our opinion. Reasonable assurance is u hi￿ level of assurance bui is noi a guarantee ihai an audil conducied in accordance with ISAS IUK) will ¥41ways detect a material misstaiemeni when it exists. MÉssiatemen(s cart arise from fraud or e￿Or and are considered ma￿TraI if. individually or in the The AES Tring Park School Tntst (trading as Tring Pdrk School for the Performing Arrs) Company Number: 029621195 Charity Number: IiM0330 aggrega￿, they could reasonably be eXp￿ted io infiuence the economic decision5 of users taken on the basis of the financial staleTT*nlS. Irregulariiies. including fraud. a￿ I￿%￿nCeS of non-compliance wilh law5 and ￿guI￿lOns. We design procedures in line with our restrf)nsibiliiies, outlined above. io detxt material mis5tatenrt7ts in respect of itTegularities. including fraud. Based on our understoJ)dino of ¢he Ch￿ltY and irs activilies, w¢ considered that non-compliance with the following laws and regulations Tnighi have a material effeci on the financiai statert*nts." employment regulation. healrh and safe(y regulauon, anti-money laundering regula(ion, fraud and non-compliance with impleThKntation of gov¢rnnKnt support sch¢m¢s relating to COVID-19. To help us ideniify instance5 of Don-compliance with these laws and regulations. and in identifying and asswsing ihe risks of maierikl missi￿eMen1 irt reS￿cl io non-compliance. our procedures included. bui were Dot limited to.. Inquiring of management and, where appropriate, th¢)se ¢harged wilh governance. as to whether the company is in compliance with laws and regulations. and discussing iheir w)licies and procedures regarding compliance with laws and regulaiion5; Insp¢cting correspondence. if any. with relevant licensing or regulatory authotities,. Comlnunitating identified laws and ￿gUlationS io the engagement team and remaining a]ert io any indications of non-cornpliance throughoui our audit,. and Considering the risk of acts by ihe company wkn.ch w￿e contrary io applicable laws and regulations. including fraud. We also considered those laws and regulations that have adireci effect on the preparation of the financial state￿￿n¢S, s￿h as lax legisl￿10n. tKn5ion legislation and the Companies Act 2(XK. In addition. we evaluated ihe Govemors, and manage1ne￿l'S irKentives and opportunKlie5 for fraudulent manipulalion of the financiai sthierT*nt5. irKluding the risk of managen￿nI override of controls. and determtned that the principal risks related ro Poming manual journal enrries to manipulare fina￿la1 perfomMnce. inappropriaiely shif(ing the tiTning and basis of revenue recognition. management bia5 through Judg¢menis and assumplions in significant accounting estimates, in particular in relation to fund accouniing, and si(pnÈficant one-off or umjsual transactions. Our audit procedures in relation io ftaud incl￿ded bui were noi limited io: Making enquiries of the Governors and managen￿l on wh￿her they had knowledge of any actu￿, suspected or allegtj fraud.. Gaining an understhnding of internal controls esiablished ro n)iiigat¢ risks related io fraud; Discussing amongst the ertgage￿￿nl team the risks of fraud- and Addres5Ang Ihe risks of fraud through management override of controls by perforniing journal entry testing. There are inherent limitations in the audit pr(Kedures thscribed atrM)ve and the prtmary responsibility for the preveniion and detection of irre.¢wlarities including frnud rests with management. As with any audit. there rewFoined a risk of non-deiection of itregulatilies. as ihese may involve collusion, forgery, intentional omissions, misr¢presentations or th¢ override of in*rnal controls. A further &scription of our resrKfynsibilities for ihe audit of the financial swements is located on ihe Financikl Reportin¢y Council's website at www.fre.org.uklauditorsresponsibilities. This description foms part of our auditor's rew>rt. 17 The AES Tring Park selK￿ T￿￿1 (tr&ling as Tring Park Sch￿] for ihe Performing Ans) Company Number: 0296209S Charity Number. 1040330 Use of the audit report This reporl is rnade solely io Ihe company's members as a tKxly ir] accordance with Chapter 3 of Part 16 of the Companies Aci 2(￿. Our audit work has Frtn undertaken so that we might slate io ihe company's members those mallers we are required io siaie io Lhem in an auditor's re[￿ and for no other purpose. To the Fullest exieni pern)ii(ed by law. we do noi accept or assume responsibility io anyone oiher ihan Ihe company and Ihe company's ￿m￿rS ￿ a body forour audit work. for ihis teport. orfor (he opinions we have formed. Vincent Marke (Senior Siarutory Audiior) for and on ￿half of MaL9rs LLP Chartered Accountsnis and Staiuiory Auditor The 14"nnacle 160 Midsumrr£r Boulevard Milton Keynes MK9 IFF Dale.. 4 May 2022 The AES Tring Park School Tru5¢ (trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number. 1040330 Statement of Financial Activities For the y￿r ended 31 Augwt 21121 Restrieted Other Development Rutrieted Un￿￿triCted Funds Funds Funds 2021 2021 Totsl Funds 2021 Totsl Funds 2020 Income Kncome from chorththle a¢¢iv￿leS.. School fees - Other classes and courses - Covid-19 grants Incomefrom rauingfunds.. Activities for raising funds Voluntary illCQTne Invesiment income Oiherincome.. Profit on sale of fixed assets Total income 9.798.191 421.658 133.650 9,798.191 421.658 133.650 9,358,715 319,085 474.959 84.699 84.699 30.919 15 70, 185 64.411 30,919 15 39J,956 10,438213 10,469,132 10,679J12 30,919 ExpenditUTe Cost oJrnisingfundY Fundraising Clwth7ble aclivities Bursaries Education seTvices Interesi payable Totsi ex nditure 802 802 40.496 52.(K)2 1.056.3tr2 8.196,073 217,056 9,470233 1,106,814 8.221,073 217,056 9547235 989,180 8.571.032 271.469 9,872,177 25.(￿> io li Net income (25,(KM) {21,083) 967980 921,897 807,135 Transfer between fund5 Net movement in fuud5 (25,1￿} {21,083) 967,￿80 921,897 807,135 Total funds brought forward at Ise tember Total funds carried forward at 31Au ust 25,IKKI 213948 8043,690 9.082,638 s,275￿03 20 192 9.811,670 10,004,535 9,082,638 The coryany's incorThe a￿1 expendiiure all telate io conunuing operaEions. The noks on pages 2110 39 form of these financial SthIen￿Thts. T9 The AES Tring Park Sch￿] Trus¢ {trading as Tring Park School for ihe Perforniing Arts) Compaoy Nujnber: 02962095 Charity Number: 11)40330 Balance Sheet As at 31 August 2021 2021 2020 Notes Fixed Assets Tantiible fixed assets 14 16.575.099 16,242,912 Curren¢ assets Siock Debtors Cash and cash equivalerns 15 16 17 26.967 186,054 4.(kn6,71X) 4.279,811 26.967 205,280 2.884,424 3.116,671 Creditors: amoyDts r￿ling due within one year 18 {3.553.430 (2,457,237 Net current asse￿(1]￿billtie$) 726.381 659.434 Total &$5ets le&s current liabiliti&s 17.301.480 10.902,346 Creditors: amounts falling dut after more thgn one year J9. (7.296,945) (7.819.708) Ne¢ 8ssets 10.004,535 9 082 638 Resrricted funds Developtnent funds Oiher resiricted funds 25.(MY) 213.948 192.865 192.865 238,948 Unresrricted funds Fixed assei reserv General 21 8.755.391 1.056.279 16.242.912 7,399,222 9.811,670 8,843,690 Totsl fvnd$ 20 10,004,535 9.082 638 The noies on pages 21 to 19 forni p•n of these finartial sw¢ffl¢n￿. Appmved And 4uthotistd for i55ue by the Boa¥d of Covernors on 3P March 2022 sig1￿1 on its b¢h¥ifby: Attge14 Od¢ll Chair of Governor5 The AES Tring Park School Trus¢ (trading as Tring Park S¢h(K>l for the Perfortntng Art5) Company Number: 11296209S Chgrity Number: 1040330 Staiement of Cash Flows For the year ended 31 August 2021 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIFS Nei income 921,897 807,135 Adjustments for.. Depreciation (Profiiy105$ on dispN)sal of fixed assets Invesiment Income 236.933 276.644 1391.9561 (15) 19.226 Dccea5e in deblois 54.588 {67,504) Increa5elldecreasel ID CTfAlitOTS 1.078.970 NET CASH INFLOW FROM OPERATING ACTtvrriES 2257.IIIA 678W6 Purchase of fixed 8S5ets {569.120) 15 {37.445) Invc51m¢nt irKome Sale of fjxtd assets 886.956 CASH FLOWS USED IN INVFsfiNG ACTIVITIES {569.1•5) 849512 Capital repay￿Kn (505340) (234.8301 NET CASH (OUTFLOWIIKNFLOW FROM FINANCING ACTIVITILS (SOSJ40) 1234,830) NET INCREASE I(DECREASE IN CASH 1,182J66 1,293.588 CASH AND CASH EQUJVALENfs AT I SEPTEMBER 4884A24 1.590,836 CASH AND CASH EQUIYALENIS AT 31 AUGUST 4,066,79¥) 1884.424 The noi&s orb pages 2110 39 form pan of tlKse financial $taLen￿￿L￿. Th¢ AES Tring Park Scknol Trust {rradrng a5 Tring Park School for the Perfomitng Atts) Company Number: 02962095 Charily Number: 1040330 Notes to the financial statements For the year ended 31 August 2021 l. Accounting policit3 AES Tiing Park School Tnjsi is a¢ompany limited by 8uarante¢. inCOTPOTated in England and Wd]¢s. The address of its registered office and principal place of business 15 disclosed on page 2. The principal ac(iviiy of the charity is to wOm￿e and provide genetal &ademic education in conjunction with a speciaiised education in th¢ Frforming art5. The company qualifies Ls a Public Be￿[11 Entity. The finamcial 5(aiemenis are presenred in Sterling a[￿ ihis is Ihe fvnctional currency ol Ihe Charity. The financial staiemen(s have ￿en rounded io the nearest whole p)und. ) Basi$ of preparation The financial sraternents ha*e been prepdred under the historica] cost convention. and in accordance with applicable o¢¢ouniing standards. In preparing ihe flnancial statements the charity follows best practtce a5 Set Oul in the Stsiement of Recorntrtnded Praciice". 'Accounring and Reporting by Charities., the Financial Reporting Standard applicable in the Uniied kn"ngdom and [￿land (FRS102) and ihe Chariiies and Companies Acrs. b) Going Concern The Governors hive reyiewcd dewil¢d cash flow ptojeciions ¢0 31 August 2026 and havc agreed delailed budgeis for the year ended 31 August 2022. Fee strnctuies for ihe year ended 31 August 202? have been agreed. The Governors believe thai the company has suffhcieni cash resources io cover the company's workn'ng capiiai and capital expenditure r¢quiremEllts. As a result of the foregoing the Governors are satisfied th31 it is appropriate to prepare the accounts on a going concern basis. tl Income Income compri5e5 rhe invoiced value of iuiii¢)n fees including burwies granted and nei of scholarships and awards includinu discounis given io those on ihe Music and Dance Scheme or rhe DaDA scheme. Dorjaiions and gifts arr recognised on te£eipl. d) Grants receivable Grants receivable from the Department for Education aJe credited to the Staien%ni of Financial Activities in the year for which they are receivable. e) Expenditure Expenditure is recognised on an aCen￿lS basis when theTt is a legal or consiructive obligation. All costs have been attributed either ditectly to one of the funeiional categories of expenditure in the Siatement of Financial ActlVLties. or for Overhe￿ co5￿, apportioned according to tnanagerneni estlmate of acrllal acihviry within the categories. Cost of raising fun¢15 includ¢ markeiing costs and event cosrs. Charitable activities include costs directly related to the Tunning of the Sch(x)l. Support costs are also iD¢luded in ihi5 category on the basis of an actual analysis of cosi, or an apponionment bA5ed on management e51imate based on aaivity. 22 The AES Tring Park School Trust (trading as Trincw Park School for th¢ Performing Arts) Company Number: 02962095 Charity Number: l(W330 Notes to the financial slatements (conlinued) For the year ended 31 August 2021 e) Expenditure leontinued) Governance costs include the c051 of governance arra￿￿rnents which relate io the general running of the charity as opwF5¢d io the direci managenxnt funclions hnhereni in generating funds or service delivery of the charitable activitres. This includes such items as a proportion of the Principal's and Deputy Principal's salaries, ¢051s of exiernal audiu and expenses incurred by Governois in carrying out their duties. O Fund accounting The ch8rily'S genernl funds consist of funds which the chariiy may use for its purposes at its disueiion. The charity's designaLed fund5 consist of ne( bala￿e of the unrealised tevaluation surphts on the freehold PrO￿rtiC$. The chari¢y's restricted funds aTe those where there aTe resEriCtions on ihe use of ￿ndS which are legally binding. iii) g) FiJ£ed assets and deprttiation All assets costing more than £250 are capt￿115ed al hiswric cosi. Depreciation is provided at raies calcula￿1 io write off ihe cost. less the eslimated residual value. of each fixed asser ovet lis estimated uselul lile on ihe following basis." Freehold property- Land and buildings Nil Fixtures. fumilure and equipn￿t 5*-33% sttaight line Freehold pro￿rtIeS comprise a Grade 11 listed mansion building, classrooms, and residential accommodation. The major programme of annual expendilure io maintain the fabtic of ihe buildings means Ihat the estfftm￿ed useful life of the buildings is considered by the d1￿ctOrS to be extended indefinitrly. The school assess for Indi(￿orS of impaimknt each year. h) C￿h and C&sh equivalents Cash and cash equivalents are c&sh and short term highly liquid investnEnts with a shon maturity of three n￿nthS or1¢5s from the date of wuisiiion ¢x opewng of the deposii or 5irnilar account. i) Leases Operatlng leases Rentals payabl¢ under operating leases charged on a Straight line basi5 over ihe terni of the lease. J) Stocks Siocks are valued at ihe lower of cost and nei realisable value. 21 The AES Tring Park School Trust {irading as Tring Park School for the Perforniing Arts) Company Number: 02962095 Charity Number. 1040330 Notes to Ihe financial statemenls (continued) For the year ended 31 August 2021 k) PeASiO The pen.4ion costs charged in ihe financial statements represeni contributions payable by ihe company during Ihe year in accordance with FRS I￿1. l) Taxation The company is registered as a charity and is eniiiled for the curreni year to the exemptions provided by Sextion 505 Income and Corporation Taxe5 Act 1988. rn) Valut Added Tax The company is exempi from regisiration for Value Added Tax purposes. All items of expenses the incon* and exFenditure ￿0￿nt therefore include. where appropriate. Ihe relatrd anM)unl of Value Added n) Finanti￿ instruments The charity only has financial asset and financial liabiliiies of a kn.nd that qualify as basic fin￿¢la1 instrUw￿nts. Basic financial In￿rUmEntS are initially ffcognised * tsansaction vaiu¢s and subsequently TyKasured ai iheir se(tlenKni value. o) Judgments in applying atcountiDg polioes and key source5 of estimation uncertsinty In applying the company'5 accounting policies. the Governors are required to make judgements. estimate5 ai)d assumptions in determining thc caTrying an￿UnIS of assds and liabililhcs. The Goveinois, judgements. e5tiTfbates and assurllptions are based (Trn the besi and reliable ¢viden¢e available ai the ti]rE when th¢ decisions are made. and are based on historical expeneThce and other factors th& ar¢ consideied to be applicable_ Due io inherenl subjectivily involved in making such JUd￿eMents. esttrnales and assurnptionts. the actuai results and ouicomes may differ. The estimates and uDderlying assumwions are reviewed on an ongoing basis. Revision5 to accouniing e5timale5 are recognisttl in ihe period in which the estimate is revised. if the revision affecis only thai period. or in ihe peri￿ of the revision a￿1 fuiure wiods. if the revision affects both cU￿ent and future periods. The key estimate and assumyion made in accounis is considered to ￿ depreciation. which is provided at rates calculated io write off rhe cost. les5 the esumaied residual value, of each fixed assei over irs estimaied useful life. 24 The AES TriDg Park School Tn￿¢ (rrading as Tring Park School for the Perfortning Arts) Company Number. 112962095 Charity Number: 1040331) Notes to the financial statements (continued) For the year ended 31 August 2021 2. Segmentsl inforniation The income. surplus for year and net assets are n7ainly atsributhble io the PTincipal activity of the provision of specialist education services. The company ottmes in rhe UK and its ir￿OrnE 1$ derived from leachinrr pupils fiom both (he UK aThJ overs￿. 3. School fees Income related to School fets received in ihe yur is analysed as follows: 2021 2020 Grosb School fees Subsidy for governmeni funded pupils S¢holaTships and ￿her awards Net Schwl fees 10,323.184 {225.655) 1299,338) 9,798.191 9,777,976 (115.165) (Jo4.￿)6) 9.358.715 Totsl fu￿￿1#1 assistance awarded t• pupiLs by tht scllool Subsidy for governr[￿l funded pupils Scholarships and other awards Means tested t￿(S￿leS 225.655 299,337 1.106,814 1.631.806 115,165 304.096 989,180 1,408.441 Tota] Financial assistance as % of gross fre IS.8* 14.4% Coniributions io nei schi)ol fe&&- 2021 2020 DtE_ Music and Dance S¢heTh DtE_ Dance arld Drama Awards Net School fees 1.399.066 111.726 1.510.792 1.334,268 1.334.268 15 The AES Tring Park School T￿$t {tradino as Trin8 PaTk School for the Perfortning Arts) Company Number: 02962095 Charity Number 11140330. Notes to the financial statements (continued) For the year ended 31 August 2021 Activities in [￿rther￿n¢t of the Charity's objects: other tl*sses •nd cwr5es 2021 2020 Associaie classes Holiday courses Registration Shows 224.040 141.611 51.855 457 161.502 65.503 59.003 32.049 428 Other 3,695 421,658 319.085 Attivitie% for rnising fund5 2021 2021 2021 2020 Restricted UDYes¢rieted Totsl Total Renthl of premi5e5 Other 717 230 1,867 (120) .005 84,699 717 230 717 10,118 1,597 5.516 52,237 70.185 Uniform shop Fundraising events Filming 1,867 11201 84,699 (L Vtsluntsry incorne 2021 2021 2021 2020 Restricted Developmenl Restricted Unrestricted Total Total Trus OLher 15.IMXI 15.919 30.919 15.(K 15,919 30.919 15.000 49,411 64.411 2fi The AES Triog Park School Tnlst Iirading as Tring Park Schty)I for ihe Performing Arts) Comp¥ny Number: 02962095 Charity Number.. l(I10330 Notes to the financial statements (continued) For the year ended 31 August 2021 7. Cosl of gener¥4tin8 2021 2021 2020 R&stricted Unrestrieted Total Total Fundratsing cosrs FUndr￿Sin8- staff costs 802 7,269 34.241 41.510 & Costs of aclivities in furtherAnce of the tharity's obj¢¢ts: seDices Restricted 2021 Unrtstracted 21ni Totsl 2021 Total 2020 Teaching. Welfare Catering Premises Sllpport 3.867,933 608,128 719.465 I J60,475 1351130 3367933 608.128 719.465 laOO.475 1277.130 3,850.587 710.633 557.610 1.305,034 1.762.293 Hire and Shows Donations Marketing- non fundraising Governance costs (note 9) 109,853 109*53 105.046 65J62 65J62 97.536 211 211927 182.293 8.571.032 1.073 9. Governance costs 2021 2020 Staff costs 87.880 28,613 9.5,434 86.785 13.600 81.9)8 182.293 Audit and accouncancy Legal and professional 211,927 27 The AES Tring Park School Tn&sl (trading as Tring Park School for the Perfimiing Arts) Company Num￿r. 02962095 Charity NutDber: 1040330 Notes to the financial statements (conlinued) For the year ended 31 August 2021 10. Inlere5t pay4lAe 2021 2020 On bank iemi loan On bank development loan 26,249 190.807 217,056 39.327 ?32.142 271.469 11. Net incorne and movekllent 2021 2020 Net income and movemeni in funds is St￿ed thr eX￿ndIng." tkpreciation of iangible fLAed asseis Hire of other as5ets- operaiing lea Auditor's remuneration- audii fee Auditor's remuneration- ￿her services (Profit) I loss on disposa] of fixed a55ets 236.933 37.767 I4,5￿} 14.'113 276,644 28.762 13,600 3,050 {391.956) 2A The ALS Tring Park School Trust (trading &s Tring Park Sch￿1 for the Performing An5) Company Number: 029621)95 Chgrity Number: 11)40330 Notes to the linancial statements (continued) For the year ended 31 August 2021 11 Stsff tosts 2021 2020 Wages and sa]aries SLKiai 5ecuriiy costs Pensions 4.513,689 423,486 624,296 60,707 92.763 5.714.941 (133.650) 5.581.291 4,972,048 470.964 664.545 96,346 Terwrrination costs (51Xtutory) Terminaiion costs (non-siaDJiOry) 6.203.903 (474,959) 5.728,944 Furlough grant income Non-statuiory terniination cosis that relate to redundancy paY￿￿ts were p￿d 10 7 nKmbets of staff in the year. The cost of pupils participahng in paid WOTk ex￿rie￿e ai Ehe school anm)un￿l to £8.548 (?020.. £12.773) and is nor includ¢d in Staff costs. The nurnber of persons ¢mploy¢d by thecompany durin8 theyear who received enK)lurrKnls (in¢luding taxable benefits in kind) in (he following ranges in excess of £60.(NY) was as follows.. 2021 2020 Nllmbtr £60,(￿- £70,OC £70.(K>i - £80.(KM) £80.000- £90.txx) £iOO.001- £1 10,(KX) £120.￿1 - £130,IXK) The number of higher paid employees to whom retirerrtnt benefits are accruing under a defined benefit pension scheme 15 2 (2020." 2). Coniriburions payable io higher paid employees in ihe year were £40.71KTr (2020. £37,702). The nurnber of higher paid employees who accrued tEiirement benefit under a defjned contribution scheme in 2021 15 1 (2020.. I). Contributions payable io highet paid employ￿$ in t￿ year wer¢ £16576 {2020.. £16,576). Total remunerdtion for key managemeni personnel including pension payments totalled £473.556 for 5 [￿L$ {2020.. £480,247 for 5 posts). 29 The AES Tring P￿k School Tr (iradino as Tring Park School for the Performing Ans) Company Nwnber. 112962095 Ch¥rity Number. 1040330 Notes to the financial slatements (continued) For the year ended 31 August 2021 12. Staff costs (eontinued) The a*erage number of persons, excluding Governors. employed by ihe company during ihe year was.. 2021 2020 Number Number Teacbing Welfare 114 28 27 Premises 36 28 35 Support Fundraisirtg ?C6 215 Th¢ number of employees eKpressed as full rime equivalents is 133 (2020-. 137). An average of 512020.. 12) pupils pariicipaung in paid work experience at ihe sclKM)l are included in ihe above staff headcouni. 13. Governors No Govcrnor received any ¢n￿1￿ments during the year (2020.. £nil) or Contribution5 to a ptnsion5 scheme (?020.. £llil). Expenses of £258 were reimbursed (2020.. £280) 10 2 irns(ees (2020= 2 ttustees).. and costs of £2.266 {2020.. £1..691) were S￿nI in respect of AGBJS rel￿ed courses ar￿ iravel. During the year the GovemoTS continued to be covered by an insurance cover to indemnify ihem against the consequences of any negleci or default on their part (cover-. £2.IKK).(m). The cost of ihe w>licy was £296 (2020.. £360). The AES Tring Park School Trust (Irddrng ILS Tring Park School for the Performing Ans) Company N￿rnber. 02962095 Charity Number: IIM0330 Notes to the financlal statements (contlnued) For the year ended 31 August 2021 14. Tangible r￿ed Fixture4 Furniture and Equipment Freehold Properties Total Co Ai I Sepiember 2D20 Addirions Reclassific￿lon Disposals Ai 31 August 2021 14,704.642 164.521 (2.631) 3,102,317 404,599 2,631 17,806,959 569,120 14.866.532 1.509.547 18.376.079 Deprecigtion At I Septemiyr 2020 chI￿ge for the period At 31 August 2021 1.564.047 236.933 1.8W.980 1.564.047 236.933 1.800.980 Net Book Values Ai I Sepiember 2020 14.704.642 1,538.270 16.242.912 At 31 August 2021 14.866.532 .708.567 16.575.099 IS. Stork 2020 Consumable siocks 26,967 26.967 l& Debtors 2021 2020 Trade debtors Oiher debior5 p￿paYMents 53.381 47.047 85,626 186.054 134.494 22,043 48,743 205.280 The ALS Trine Park Sch¢Jol Tn￿t (l[￿l￿g as Tring Park School for the Performing Arts) Company Number. 02962(85 CTharity Numlxr: IIM0330 Notes to the financial statements (continued) For the year ended 31 August 2021 17. Cash and cash equivalents 2021 2020 Restricted fund accounts Currenr account Cash in hand 332.601 3,733.677 512 318,705 2,565.165 554 4.066.790 2,884.424 18. Credi￿r$. fallin8 due within one yt*r 2021 2020 Bank term loans Trade crediiors Taxation and 50Ctal sel trLPS. Re51riciiYe [￿rnIng Difficuliies rtpresenis funds providing suppon for pupils Wifh learning difficulties. Nurse replacement fund repre5e4)t5 fvnds received ioward5 Ihe ￿plaCe￿I￿ni of a school nurse. The Mary Schon Fund r¢pr¢sents Bursary fundints For an Ass(Kiat¢ course pupils. Sports CotnmttteeJDrama tUfKt5 represent funds Teceivej f(Y those Specific aciiviiies. Building Fund represents funds received for general building rewrs. The AES Tring Park School Tr￿t (trading as Tring Park School for the Performing Arts) Company Number". 02962095 Charity Nllmbtr: 11140330 Notes to the financial statements {continued} For the year ended 31 August 2021 23. Othtr finanei#l #nd Capi￿ cornmitments Al 31 August 2021 Ihe company was committed io making the followinu paYrnen￿ urtdu non4anccllable operating lease.. 2021 2020 Wiihin l year Within 2-5 years After 5 years 32.442 70,573 5.764 108.779 28.204 49,811 78.015 24. Pension eotttributions Contributions weie made to The Teachets. Pension Scheme ("the TPS") for tra¢hers and to Sc¢xush Widows for support stsff. TP5 is a multi-employer defined benefits pension sChell￿ and it is noi possible or appropriate io consistently identify rhe liabiliiies of ihe TPS which are attributable to the Schwl. As requirexl by FRS17 "Retirement Benefits". the Schcx)l accounts for this as if li were a defined contributson scheme. Under the TPS Agreemeni. employer cbntribution ￿e$ increased in SeptrmEer 2019 to 23.68%. with employee rates varying bdwe¢n 7.4% and 11.7%. During the year. contributions payable by the company anJ)unied to £522,926 (2U20.. £551676). Def￿ contiibution scheme The company contTibuted io one defLned' contribuiion scherr* for non-traching STafT. The amount payable during ihe year an￿￿nted io £101,370 (2020.. £101,370 into two schenw). 25. Related partie5 TheT¢ were no related party transactions made ifb year. 26. Controlling party The controlling party is dee[l￿d to be the Boanl of Govern(Ks. 17 The AES TTing Park School Trust (trading as Tring Park School for the Perforrning Arts) Company Number. 02962095 Charily Number: 1040330 Notes to the financial statemenls (coniinued) For the year ended 31 August 2021 27. Comparative Statement of Adivilits Restrietsd Other Development RLstricted Unrestricted Funds Funds Funds 2020 2020 Total Funds 2020 2020 Notes Income Income from charitiTble activihes." SchcK)I fees - Other classes and course5 - Covid-19 Grants Incomefvm rdiSirt8funds." Activities for raising fu.nds - Voluntary income - Investment Inco￿ Other income.. - Profit on sa]e of fixed assets Totsl intomt 9.258.715 319,085 474.959 9.258.715 319,085 474.959 70.185 70.185 64,411 64,411 391.956 391,956 10,614,901 10,679,312 64,411 Expenditure Cost of r￿SIngI￿n￿¥ Fundraising Charitable octiviti¢s Bur501ie5 - Education services Interest payable Total ex enditu 40,496 40,496 129.229 11.154 859.951 8.559,878 271.469 9,731,794 989,180 8.571.032 271,469 9,872,177 io li 140,383 Net ineomt (75.972) 883,107 807,135 Transfer between fvnds Net movernent in fund5 (75972) 883,107 807,135 Total funds bTought forward at I Se tember (reslatedl Total fvnd5 carried forTYard at 31Au ust 289920 7.960,583 8,275503 20 25,IXKI 213948 8,843,690 9,082,638 The A&S Tring Park School TnLst (trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330 Notes to the financial statements (conlinued) For the year ended 31 August 2021 28. Post b￿ance sheet event On the 17th Au8USt 2021 ihe UK GovernM*ni annwnced further guidance for Schools on COVIt%19 roenable them ro fully foi the 2(r21-22 academic year. In accordance with the govemmeni guidance the school fully re-op¢ned on ihe 5th S¢piemE¢r 2021. Pulling in pl￿¢ the required risk L5s¢$smenis for pupils, stsff and visitors. In addition the school already had in place robusi provision for onlin¢ remote virtv8] learning should Ihis be necessary in the evenE of the schtK>I need to close due io COVID-19. The Senior tAdership Team and the Governors believe that appropriatr ￿￿UTES wete pul in place for both on-site and virtual learning along with contingency planning, which would cause th¢ minimum disnjplion to pupils. continuing education. tn addition ongoing financial contro15 were put in pl&e ro ensure the School reTnaineA financially robusL 19