Company Nmrnber. 2962095 Registered Ch•rity Nynthr: 1040330 The AES Trillg Park School Trust (trading as TriDg Park School for the Performing Arts) Report and Financial Statements For the year ended 31 August 2022 •AC2suW3* 0410512023 ¢PANIEs HOUSE
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The AES Trlng Park School Trust TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 2022 Contents Governors. Officers and Professional Advisers........ Annual Report of the Govunors, incorw)rating the Strdtegic Report............ Independent Audiior's report to the members of The AES Tring Park School Tnt .............14 Statement of Financial Activities............................................................................................. 18 Balancc Sheet....................................................................................................................... .19 Statement of Cash Flows ... .20 Notes to the fitwicial statements.............................................................................................21
The AES Trlttg Park School Trust TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 2022 Governors Off¢rs Axd Prof¢sslottAI Advisers GOVERNORS, DIRECTORS AND CHARITY TRUSTEES The Governors of the charitsble company are its directors for the purp of company law and trnste for the puryxw of clwity law. The current Governots in office are listed below. All served on the board throughout the year from I sepMb 2021 th¢ date of this report unless sts¢ Bonar Alice Cav¢ John Clark Michael H Mark Hewitt Janet Mitchell An la Odell ETiC Pillin Daniel Zammit Mark Ta lor Rachel Jos Robert Breakwell Edward Williams Vanessa Cham ion-smith inted 0311 In021 Simon Knee intd 1010112023 (l) Fin8n¢e and General Puryw Committe¢ (2) Education Committee ed 3111212022 ed 1011212021 Vice amir of GovcrTb)rs Kiiierid (kn"r of Govermrs (3) Developnnt & Fundraising Commiitee {4) Marketin8 Comrnitste During the year the activities of the Governing BY were c8rried ow thmugb four committees. The membership of these Committe is shown above each Governor. All Governors are trustees and stand as ELmMors to the company in the sum of £1 each. Offleers:. Principal: Stefan AndeT50n. PriN11. Anselm Barker, Business DIlor. Siephen Robinso Director of Studi¢5.' EIiz4bdh (haell. Prineipal oife.'- The Mansioo Tring Tring. H¢rtfor&shire. HP23 5LX Profe$$ional Advisers:. Virgin Money. The Team at Virgin Money. 5 L(thy House. I Si. Peters Street. Saint Albans. ALI 3LP Solicitots: Matthew Waite & Co, Ariel House, Frogmore Strett. Trin& Herts, HP23 SAU Auditor: Mazars LLP. Chartffld Accountants and Statutory Auditors. The Pinnacle. 160 Mithumm¢r Boulevard. Miln KeyiKs, MK9 IFF Valuers.. tAmbert Smith Harnp UK Hous4 180 Oxford StrA ithdon WID INN Insurance Brokets: Marsh Br(kn Ltd, 4 Milton Hayiwards Heat West Sussex. RH161AH
The AES TrlDg Park Sehool Trnsl TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 2022 Annual Report of the Governo ineorporatiD8 th¢ Str•trEi¢ R¢port For the year ended 31 Autust 2022 The Governors of the School pret their Annual Report. Including the StrAtegic Rem for the year ended 31 Augusi 2022 together with the auth.ted accounts for year and Confi they comply with the Companies Act 26 and Ckwiti¢5 kn12011 ('the Act"). th¢ TnL51 Dcd and th¢ Ch8rities SORP (FRS 102). REFERENCE AND ADMINISTRATIVE INFORMATION The AES Tring Park SchLX)l Trust {"the Charirf and "the Schwlj in its curr¢nt forni was founded in 1994 al is a Company limited by guarani¢¢ (Company No. 02962095) rtgister¢d with the Ch8Tity Comrnission (Charity No. I[ts330) and is 8overncd by the wovisions Contain within the Memorandum and Articles of AsSctiatiC. The GoYernoTS. ex¢¢utive offic¢rs and princi1 adthess of the Chatity. and particulars of the Tharitys professional adviser4 are as listed on page 2. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing DoeumeDt Th¢ Clwity is governed by its M¢mornth aod Article5 of A5XKi4ti0n dating from 1994. with the Articl having b¢¢n Uptea in 2019. Recruitment and Trxlnittg of Governors The CharlS elected Governo are apwinted on the basis of nominations [1v and the suitability. of ihe nominee5 as judged by the Board. Th¢ Board5 sp]fiCationS foT new Governors include eligibility, experience. competence and wialist skills and availability. Increasing the diversity of the Board in ternis of age. gender and ethnicity is also tsken into Consideration. New Governors undertake fornTral induction into the workings of the Charity and the Sch1 which in¢ludes all mandatory training in particular Safeguarding children. They are encouraged to ujm1erte the Association of Governing Bodies of Independent Schools e- learning course for new Governors, and other training ¢our5¢5 as nc¢css)ry. Org$tIon1] M•n•g¢m¢Dt The Governors as trustees of the Chariry are legally [sKIllS1b1¢ forthe overdll management and control of ¢h¢ Sthool. thjring the year the GoveTnor5 continued to be covered by an insurance policy to indemnify th¢m against the ¢ons¢quenco4 of any neglect or default on their part (cover.. £2.0.[)0). The cost of the p)licy £875 (2021: £296). Th¢ full GoveTning m¢¢ts pry tmn. Preceding eath of th¢ Board m¢¢titLgs ar¢ four sub- comjrrittee meetings covering Developmeniand Fundrnisin& Finance and General Purpose4 Education. and Marketing. Each committee compTises four or five Governors. the Princtpa]. Deputy Principal and Business Directorlclerk. Repr¢s¢nt#tive staff members from the Academic, V(Kotional and SupF stsffmaya150 kpre5entde[ndjng upon the business io b¢disru5S¢4L Minut¢s from all sub committees aTe circulated to the full 1Kd membership. Any f]ndin&s and rtcommendation8 are then reported to the subsequent Board meeting where d¢¢i8iOrts will be Tatifie Th¢ work of implementing poli¢i¢s and the opuatii>Dal nw]agm¢nt of th¢ Sc]hx)l is the responsibility of the Principal and his s¢rtior management team. Remuneraiion for the senior management teom is reconunendd by the BsIn5 Director and Pnncipal. following participalion in sth specific
The AES Tring Park School Trus¢ TRUSTEES. REPORT FOR THE YEAR ENDED 3] AUGUST 2022 benchmarking surveys reference to exlernal T¢¢ruitTnent consultants. aDd consideration of bwlg¢tary constraints. Remuneration decisions for the Principal and senior m8naganent team Are approved by the Chair of GovernoTS following review by the Finw¢ and General Purpose committ Related partles Trnsiees,: r¢munerntion and benefits. no trustees were in receipt of remuneralion andlor benefits expensts - Governors are able to claim reasonable travel expenses when attending meetings and or attending relatd tr¥ining and confer¢n¢es. transactions With those PetnS and entities that are closely ¢omi¢cted to the tharity or its trustee5. r¢f¢rred to as related parties - the ¢UTrent Chair of GovernoTS is directly related to the Director of Studies and 0ne0ftheTntCcS is currently a memberof thebtsdof AGBIS serving in the Caplty as Chair. The trusttt5 hav¢ in place a fi>nfli¢t of Interesv Policy to ensure that all malirr5 are dealt with appropria¢¢ly. Chritsbl¢ Objeet$ Th¢ ClJarAtYs Objects. &% w out in the Memorandum of A8$atIO are to promote and provide for the advancement of education and in connection therewith to acquire, establish. FKovide, conduct. ¢8 on and develop in the United Kingdom any residentia] 4Th1 non-r¢sid¢ntial SchcM)l in which children and students may rec¢iv¢ a general academic education in conjunction wtth a specialised education in dance, dram4 rnusicai theatr¢ music and other fonns of theatre and any other subjects Considwl lik¢ly to a55isI sttthts d¢5iring to follow a or ¢onnedal with th¢ tvfornling arts. In Cang out these objectives the Governo have given due regard to the Charity Commission's published guidance Concerning the opcration of the Public Benefit requirement und¢r the Aci and in partiwlw to its supplementary public benefii guidaD¢¢ on advancing education and on fee Charn8 in order to make its specialist facilities and teaching expertise generally availabl¢ to the Si1fi¢ FWI of talented and poltiallY talental children and young adults at larg Aim$ The S¢bool provides o unique curriculum consisting of a specialised education in dance, music, acting and musical theatre Combined with a acadetnic offering. Our mission is to provide the besi vocationaI and academic ethicati(NJ in the UL enabling pupils to ch(x)se a c4r¢tr in the prf0Tlng arts. th¢ opEknurtity to PUT5ue the full tonge of edUCatiOn options or to follow any other chosen career path. tn addition to assisting pupils to excel Erf)th adeMiCallY and their chosen vocational disciplin4s) the School s¢¢ks to provide an environmeni thai pr(rynot¢s social and life skills such tolerance, consideration for oth¢T5. s¢le4is¢iplitie and r&siliert¢e in order to prepare them to be successfvl and valued members of sl¢ty. The Sch1 aims to pmvide its lon io talented pupils from all backgrounds and io extend its speciaii$t facilities and teaching eX1$t to children young adults in the wider community with tal¢nt or potential in the F0lIng arts. The School started th¢ academic yeat with 369 pupils on roll. Objeetives for the Y
The AES Tring Park Sehool Trnst TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 2022 The School'5 key objectives for the year were ¢onlinue to be: _ Manage k¢y financial risk5 and implem¢ni appropriat¢ wntrols to ensure the Sch(K)I reD]ai a going ¢Olern, eSp1411Y given the current worldwide economic challenges and futUTe ' threais to th¢ independ¢ni sector in this country. ]mplem¢nt an operating model capable of woducing a surplus in operating r¢venue iti ordu to fund the School's sirategic plan5 Ensure the Schwl is able lo recruit ented pupils 4nd thos¢ with identified wtential. Encourage the recruitment of pupils acr055 all age group5 and in particular. y$ and pupils fTom ethnically and s(KlY divu5¢ backwwids Extend th¢ uge rdngc within the Prep department to cover the whole of Key stage 2 and incrw¢ th¢ intake of Pr ag¢d pupils in all four year groups Maintain fe¢s at on affordable and ComlDYe level and also to prowide a sustainable level of income support to enable talented pupils to attend the School regardless of m¢ans To continue the progTamme of refurbishmenl of the EKMrding and t¢o¢hing facilities Create and drive a sustsinable fundraising capability to fund buT5aries. scholarships and capitsi spending Increase the S¢l¥x)I's outreach activities thrwgh its existing range of A550ciated Programme Classes, p8rther8hip a1VitIes including overseas connections, and WOTk within l(Kal s¢hools and the community. Actively promote welltting to create a >sitive working and Ining ¢nvirornt in which both individuals and the School thrive. Actionj to Achieve the Year's Obj¢¢tives The fS for the year was to bTJng the Schwl back to full a¢tivity following the Covid pandemic. Face to fac¢ Ching w8$ Teinststoj and the full programme of vocational activities resumed. The ImrtanCe of providing live pufornwice opportunities Ilas been pfirdmount and a fitll schedule h&s been in place. Pupil demand has remained positive and open days and auditi(ms ¢ontinued to be fijll. Stmng pupil nwnbers have largely accounkd for the tK)sitiv¢ overall fllwiciai outcome for the year The school Continues to provide me#ns-iested bursari&s and scholarships lo enable pupils with talent and FKTrt¢ntia] to attend the school. The de¢ision was made io exiend the Prep deparn1 to include year 3 as this now enables the School to cover the whole of Key Stsge 2. A Send full-time Pr¢p Teacher is now working in the d¢portm¢ni and pupil numbers are growing The progrdnlme ofrefuTbithment of Ording fllitt¢S ¢ontinual this year fuSsing on Cl(Kk Housc. the ix)y's boarding house. Addillonally the Prep department Wds extended with an additional Classr&m. dedicated ioilets and changing area and an updaia Outsid¢ play area. Th¢ progranllne of IT upgrade Continued with the installation of new smart scr¢wJs A school nurse has been given a specific remit to oversee menial health and well.kÈng more generally. The Pastal behaviow Collordtnator's role has also been broadened to include well-bein& Initial scoping meeting5 tk ple to expl¢ the Sclwl's next major capital develoFMnent project and a pre-planning application has submitted to the l(Kai borough m¢il An ext¢tllai ¢onsultallt was engaged to rtstart the School's fuNlraising initiatives. Murh preparatory work been done and the outline of a fimdraising carnpaign develoFd. The School has bttn working with consultants to develop plans for ¢apitsl development projects. The School had a succuf1 year in tams of hiring out its fLlitieS for some major filming activitics. Publie Benefit
The AES Trlng Park School Trnst TRUSTEES, REPORT FOR THE YEAR ENDED 315f AUGUST 2022 Scholarships Burwies The Schi)ol remains comnuit&l lo the aim of providing public Lefit in xcordanLY wilh its pritL¢iples and obj¢¢iives. Chariry legislation requires demonstration of that public Ixnefit. and the awarding of bursaries is a measurable means of providing public b¢nefii. The School continu&8 to proide financial support to pupils and farnilies who are unable io afford fiill fees. in order io make the S¢hwl as a¢¢essibl¢ as possible to the widest range of SdentS. This b&s be¢n a¢hieved wilh a tnix of Government fimdin& S¢hool-provided scholarship4 means-tested topup holarShip bursari&s. hardship bursaries, and fee discounts. In tern]s of government fundin& the SdKN)I received £1.353m (2021.. £1.399m) frorn the msiC and Dance Schetne. with 46 (2021.. 46) pupils benefiting from this. DADA scheme receipts were £170,603 (17 pupils) (see note 3). In total gov¢mment funding of £1.524m (2021.. £1.51 Im) rw¢sented 14Vo of the S¢hool'$ gross f¢e incle during the year (2021: 15Vo). Utilising its own resources, in¢luding voluntarily donated restrided funds, the sclKYJl provided £109k in Scholarship fdIng (2021.. £108k), together with £985k as top UP Scholarship bursaries and hardship bursaries (all means+tested) (2021: £1.107k). Moreover. as the government funded scheme5 do not meet the full cost of fees the Sch1 also funded this shortf1 with a subsidy of £353k {2021- £226k) (see note 3). fi]rther supporting thos¢ Students itineed of financial assistance. Finally. th¢ h&8 offerejj discounls to p¥Jpils whose parents are members of staff, and the value of this. together with sibling discouni. and pupils who receive ArnKd Forces, di5counL is £191k (2021: £191 k). This took th¢ total of sch1-proVided funding tStanCe to £1.639m. accounting for 15Vo of wss fee income (2021: £1.633m, 160/0). A total of 164 pupils rettived financial sIStanCe. which repented 46Yfr of total pupils (2021: 163 pupils. 45%). Otstr¢•eh Aetivlty The Schwl ¢oMinues to a well-supported Progra of Outreach a¢tiviti¢s in all fomis of Dance, Acling> Musical Thektre and Music in its ongoing endeavours to Wkden public access to specialist fonning arts tiaining via the prorn of evenin& weekend and holiday couT5¢s (for whk¢h bursaries were also available), and also many other ¢ommwiity a¢tiviti£s which include: _ Trfng Park AssoeStes: The most significant outreach activity continues io be the cl&8ses in the evenings and wttkends by Tring Park Assctiates, there were approximately 272 pupils enrolled in this with 731 individual class ¢nrolments. Genres OD offer to TPA pupils include balleL lryt¢ work tsp, modern. jaz4 strt¢t dan¢e. contemp)r3ry. musical theatre dance, singing and actin& acrobatics, and Progressing Ballet Technique. Thffe are also severdl classes every week for adults, including ballet and tap and an additiOTMI class for adults who wffer from Parktnson's dise&se. Cla55i¢al Ballet Academy: Th¢r¢ art 80 pupils enmlled on this prowjrne which allows pupils from all over the county to alytt specialist classical ballet training. Th¢ audiiions for eDtry to this prone are currently well subscribed with a waiting lisi io join. Kiek Statr. ProTrid¢5 a high-qU41ity learning envIroent for young male danceT5 to train with each oth¢r. legrning from a predominantly male faculty with a on te¢hn7qu¢. physi¢al strength trainin& creativity and pttf(my)arttt. There aye 27 pupils enrolled in this progrdmm Holiday Courses: The School nlljs day. weekend and week-long courses to allow participants to experi¢n¢e the ¢nvironm¢nt of a vc¢ation8] sch1 in a more f(*used setting. There were 432 pupils who attended our w¢ckend and day Holiday ¢ourKs whith is an increase on previous years. Our
The AES Tring Park S¢hool Trns¢ TRUSTEES, REPORT F.OR THE YEAR ENDED 31 AUGUST 2022 w¢¢klong residential c(Kuses attr8a¢d approximaiely 408 pupils who came to the schwl to exwience training in Dance, Acting and Musical Th¢atre. Chritable & Conmiunity Aetfvltleg: The Scho)I was once again able to contribu1¢ io ¢h8rities witb our perforniances as in previous ye8rs. The Musical Theatre Course perffflned at an event at Killworth House in aid of Brain Tumow r¢s¢ar¢h. P¢rfoman¢¢s of the ml¢al 'Dity Rotten Scoundrels, were also held in aid of lan Rennie Hospice and the M8yor'5 Charity which was Dens. The Commercial bAusic pupils were delighted to WTite and record origiDal material for thc Hospice of St Francis. ()Jr Perforniance Foulldation Course pupils perfornied for the l(Kal community at the Christmas Festival and our Sixth Forni A¢iing Course pupils YASited a nllber of local prinwy 5chLX)I to deliver a the&tre in education pcrf0rnw. SHOWS AND DEPARTME[ HIGHLIGHTS thjring the Academic year 2021- 2022. live theatre r¢ntrrt¢d 8nd we were able to wforni cNJr full pro8ramme of shows. D4n¢e: Pupils took part in th¢ EDglisb National Ballet annual perfornwice of The Nutcrack¢r at th¢ Coliseum in London. The Young Dancers Show and the Senior Dance slx)w tk place in the School's Markova Thtre whilst our grdduatsngpupi15 perfornled as the Encore Cotnpany both at School and al the Elgiva Theatr¢. Ch¢5harn and the Shaw Theatre in tA)ndon. In Chesham, local pupils were also invited to attend a day of dance with W00p5 On stag¢. In July. a Gala dae perforn)ance was held to honour the life of Eve Pdtinger. a former pupil and 1cher of the schwl and a pmminent figure in the dance worlsi ActiDg: Th¢ tkpaTlm¢n¢ p¢rfornied a de varidy of pieces covering different genres. In thc aulumn rm. these included 'Machinai Idomineus. and 'Amadeus'. In the Spring temj, the School held our contemporary theatre festival which Iluded six play5 and supportitig Q and A sessions with the actor5 and creative teams. These included 'Parliarneni Square., 'Gui Girls.. 'Candide'. 'In Lieu of a Mother,, 'A Doll's House. and 'Captain Correlli's Mandolin,. Pupi15 also visited Ial primary schr11S with their Theatre in Ed¥Jcation Tour which focu5xd OD the Primary Science rurri¢ulum. lrt the summw trrn). the pupils fOrn]ed in (Ar td(M)r Shakespeare Fe5tiVdl production of 'A Midsummer Night'5 Dream.. This produclion included Frformers not only from the Acting course but Musical Theatre: The mlca1 theatre pupils [rfOrmed 'Dirty Rotten Scoundrels. and in the summer t¢rn) perfomied a medley from the show'Newsies'. Performance Foundation.. The pupils rfOrMed prodlonS of 'Find Me. and 'Fame'. The younger pupils in the school rrfonned 'Per Pan. the Musical this year. The young¢r pupils were also able to perforn) a medley of rn1¢ from the musical 'Frozen' at the Tring Festival thi5 year. In the summer terni the older pupils perfomed ¢x¢erpts from 'Gr¢&se' and a play bd on'45 minutes. part of our Founders. Day celebratio. Music and Commercial Music.. The Sthwl *agl pufOrma from th¢ Con]m¢rcial ML8ic Course in the aunttnn t¢rni in th¢ Markova Theatre and again in the Spring lertn when a night of acoustic music was perfoTm¢d in the Mansion. The school community came together in the annual carol service at Tring PaTish Church at the end of the autumn tam. In the spnng term. pupils from across the school
The AES Tritt8 P•rk S¢hool Trnst TRUSTEES. REPORT FOR THE,YEAR ENDED 31 AUGUST 2022 showcased their talents in the Music Show¢as< DuTing the summer tetm our Conunercial Music course pupils wfonned in L4)nd(n at Bush Hall. Prep Depathent: Th¢ Prq> D¢pAt pupils fOrn1ed a delight] adaoation of 'Th¢ Hous¢ thit Sailed Awdy.. At the end of th¢ Sutlltt iernl. we wtte ple&Yd to be able to welcome audiences back to the schwl for outdoor evenis I]Uding ptrfornS for our graduaiing pupils and our Founders. Day celebrntions <)utdoory which included dements of liv¢ ptyfrn]n from #ll dwgrtrnrnts. Fundraising Perforniance As mentioned earlier in this rert, an external consultant was engaged to restart the Schix)I's fun(trai5ing'initiatives. Much preparatory WO has be done and the outlin¢ of 4 fundraising Catw)aI developed. A Development Board consisting of current and past parents, a Patron, a Governor and members of the Senior Leaduship team ha5 been set up and works in conjunction with the external Consultsni and bis PA. Three forni¢r pupils have been ¢hos¢n as ombassadors for our ¢aMpaI). Th¢ campai> A Stage f All, will have a twofold pwxbse. We aim to create ten transfoTmational bursaries of b¢tw¢en 75% ¥nd l(Kf/o of fe¢$ in ordw that tslenll youtLg pernons frnm disadvanthged backgrounds are able to attend our scbwl. The other strand of the ¢awaign is to rnise money to build a new fit-fOr.pUrse theatre. given that the sch1 has expanded significantly in teTms of pupil numbers And courses offer1 sitKe the ¢urrent th¢atr¢ was built 30 ago. The school also iefitted from a lew gift from a fornKr pupil al teacher at the schty)l Miss Eve Pettinger. REVIEW OF ACHIEVEMETh AM) PERFORMANCE FOR THE YEAR Sehool Performance Exam Results Summtr 2022 was a y¢4r of ¢xcWioJ]al results for A levels. 74 5tud¢nts t(¥)k A-l¢v¢l ex4tns. Our results for 2022 were higher than in 2019 when external exa last happene4L Ov¢r 45Vo Sdents attained A•_A at A level and 7411/0 A B. This is well above the national averages of A_A of 3611 and A B of 6Y/• . There were 211 entri¢s for A level in total wbich included 152 entries for female stud¢nts and 59 erttries formales. There were 284 entrias f(r GCSE de and 78 entria for International GCSES A•.E. 92% of entries ¥biev¢d 94. and A-C. in Comparison with th¢ national averdge of 73Yo grade 41C and abov Athlitionally. 46% of our entri¢5 achi pJ¢s 9-7, and 6Y/o attain A to & c(xnparal to a national average of 27% pade 71A and above. At A l¢v¢l most srudents ik 3 A levels and ai GCSE sknts did an av¢rag¢ of 9 GCSES.
The AES Trfng Park School Trust TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 2022 A levd- 4¢¢umultive •/• of results No. of entries Subject Yer A.A A.B TOTAL 2022 211 99.IV• 73.5Vo 86.7Y 96.2% 99.lyo GCSE tellmulatlve •/0 of re%lts Subje¢t Yer No. or eDtrieJ Pms Y• 9-8% 9.7•A 9.6(A 9.59 9-40/• TOTAL 2022 92.3% 29.Wh 46.5% 78.WA 92.3Y Many subj¢¢l arw achievoj a l(h)Q/o pa55 ral¢. including English Llt¢ra¢U. Biology. Chemistry, Physics. Art and Desi. Spanisl Dance. Drn Icr Music. GCSE aUMltiVe Y• of results No. of entries Subj¢¢i A_A A_D TOTALS 2022 78 98.7V 61.5tyA 88.5% 98.70 l(M).(P/o English Language. English Literature and ICT are the SUbjts where deS are awarded Aio U DestAnAtlons In Upper Sixth, there were 80 pupils. Most Sdents were able to secure their first choiL% or firni choice destination throush UCAS. Of these pupils. 21 pupi15 returned for a third year at the School. one of these pupils is doing a Third Year in MtLsical Theatre. The 8rapb below shows the pupil destinations: pil De"stinations Perform1"A Un"l¥s*itsl Hlth¥:Edii¢aii .Thlrd.Ye4r6th "io Vocational destinations include the Arts Educational Scho)I, Bristol Old Vic Theatre School, L£¢d8 Cons¢tvatoire. Rose Btuford. Royal Birniingham Cons¢Mtoire. Royal Northern College of Music and Royal C¢rttral S¢hwl for Speech and Drama. Univ¢Tsity d¢stination5 in¢lude University of Exeter, Imperial College London. Univetsity of L4]& University of Southampion. Trinity College Dublin, and University Colleg¢ London. io
The AFS Trlng Park ScknoDI TTU$t TRUSTEES, REPORT FOR THE YEAR ENDED 31- AUGUST 2022 FINANCIAL REVIEW Results for th¢ Year The Chariry's surplLLS for the year was £1.272m (2021.. £922k), in addilion a le8a¢y of £2.6m was received from Eve Pettinger lo gjpwrt pupils stud]ng dan¢¢ and is shown &8 a restricted fid in the Charity's accounts. The ¢OTnbined surplus for the year including the legacy is £3.872m IDvestment Policy Th¢ Governor5 Stipulaie that unutilised cash is held at very low risk in lerrn d¢sits and inslanl a¢¢¢ss higher rni¢ de$1( accounts with ILS own bankers and CCLA Investment Man4gement Ltd. The S¢hool's cyclical liquidity requirement dictates term de1t5 of three to six months maximum. Employmeni Policy The School is an equal OprtunitIeS employr. full and fair consideration is given to job applications from disabled persons and to their training and employrnt needs. The Sch(K)l invests in training for all its staff and aims w thke the views of employees into account when decisions are made thai are likely to affect their interests. Employees are infonned of th¢ financi and economic perfornwKe of the school. R¢serv¢s po15ey aAd FIneI VAablllty The School's policy is io retain sufficient unTa4tricted income reserves in the fomi of ¢ash io enable the School to continue to meet its short-tenn financkal obligations in the ¢vent of an unexpeLted revenue shortfall. The School 4150 has a FK)li¢yof maintaining fr¢¢ reserves (beingunK4tricted andundesignat fid$) At £1.5m (2021: £ 1.5m). which would provide cover for two months, running¢osts. As is shown in note 20 g¢neral fund5 Stood at £1.54m. This tsrget was met at 31 August 2022. UnreslTiCted funds comprise the G¢n¢rnl Reserve and a designated Fixed Asset Reserve. This design8i¢d r¢serve rqresents the dewttiated cost of fixed assets less the Itwjs secured on the fixed 8sset& PRINCIPAL IUSKS AI¥D UNCERTAINfiES The Board of Governors is resp)nsible fLT the management of risks fa¢¢d by the School. In arrivtng at its r¢ster of risks the Govunors have examined the principal area8 of the School's operntions and considernl the major ri$ks fa¢¢d Tn ¢&¢h of those areas. Risks are identified, assessed and controls &qtablished. In the opinion of the Governors, the Charityhas established re50uffts, in¢luding insurance. review of systems, ongoing trainin& detailed risk a5sessmeDts and disaster recovery planning. which under n¢xmal ronth'tions Should allow risk to b¢ mitigated to an acceptable level. Some of the principal risks managoj by the TnLSt irKlude child pm1110 (including the risk of histori¢ abuse cases). site security and 8afeguarth.ng of assets. cybercriTne, health and safety. reduction or removal of government fimding currently received through the m1¢ and Danee Scheme. political changes which could challenge the Sch(x)Is tharitsbl¢ sta$ for tsx. and the 0rating and financial implications of a major disaster. In addition, ¢wnoTnir tUTbui¢ttt ill re£ent years has the potentia] to create an affordability issue for some families. although gro of the School indicates this has not impacied ro dale.
The AES Trlng Park School Trust TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 2022 THE FirruRE The key strat¢gic plans for the futltt include: Attracting and retaining higb quality staff to maintain the standards of a¢ad¢mic and v(Kational i¢aching and pasra1 care Ensuring that the Sch1 is able to rruIttalCled pulS and thos¢ with identified potential, irrespe£(ive of parental Ill15 though a strortg bursary programme Promoting th¢ [lIment of pupils across all age groups and from ethnically and socially diverse backgrounds. exploring new nwkets overseas and increasing llumb¢rs of bo in particular from all backgrounds Rewiewing vocati(1 and xad¢mic ¢ourse provision e.g.. academic subjects offerd, 3rd y¢ar Sixth Forni for other vocational cout5es. filmrrv priKluction. techuiral skills Evaluating the role of the PTepdepartsn¢nt and its ¢On1irtuitigthtiaI for development and owth M&ximising the use of existing buildin to more effe¢tively meet cumt boarding and ucational need& Having complet¢d th¢ fffillbishment of Clock House to focus next on refil5}UnCnt of the acad¢Tnir t¢arhing facilities To continue to build and expand our fijnd-raising progrdmrne to suppmxt the need for transfornutiottal and other bursarie5 and also capital development projects Refining our wi181 dvel(sxneni plan fora new f1t-f0r-putp theatre Jmpl¢m¢nting th¢ op¢rating model wbich enables the school to op¢rat¢ ¢ffi¢i¢ntly and fund the SchI.S strategic Pla Promot?n8 a unique markding [sItion as a pttforming arts school with a strong academic offering through * ¢l¢ar rnarkntiDg and wmnunications plan. STATEMENT OF GOVERNOILS. RESPONSIBILITIFS Th¢ Govmitys are wnsible for preparing the Annual Ret and the financial $tstemertts in a¢rordan¢¢ with applicable law and regulations. Company law requires the Governors to prepare financial stsiements for each financial srar. Under thai law the Governors have elected to prepare th¢ financial swements in accordance with United Kingdom Generally Accepted Accounting Prnctice (Unii¢d KinOrn AcwJn¢ing Standards and applicable law). Under company law th¢ Governors M$1 not approve the financial statement5 unless they are satisfied that they giv¢ a (Tue and fair vi¢w of the state of affairs of the charitable company and of the surplus or deficit of the tharitable c(xnpany for that In preparlng these financial statements, the Govern¢xs are Tequired to: select suitable accounting wJli¢ia and then apply them consistently" observe the methods and principles in the ChaTiti&s SORP. make judgments and accounting estimaies that are re&g)nabl¢ and pntht. 12
The AES Trlng Pirk Sehool Trust TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 2022 State whether applicable UK Accounting Standar&% have beett followed. subjttt to any material depart di5¢1osed and explaitd in the financial staiements" and prepare the finan¢i81 stht¢m¢nts oll the going concan basis Unl$ it is inapprOte to presume that the ¢hariiabl¢ company will continue in bSInesS. The Governors are responsible for keeping adequate accounting th#t ar¢ suffi¢ient to show and explain the charitable company's tranwtion5 and di105¢ with reasonable accuracy at any time the financi41 position of the ¢haTitable company alld enable them to ensure that the financial statem¢nts comply with the Companies Act 2(X)6. They are a150 responsible for safeguarding the &ssets of th¢ charitable company and hence fortsking reasonable stw for th¢ prevtion and detection of fraud and other irregularities. Post baiAtt¢e shert ¢v¢nt This year the Indedellt seci(ff had to manage a numL*r of external challenge5 which have and continue to have a significant impact on the finances of the SchLM)l. these being th¢ in¢re&9es in inflation, inleresl rntes and utility Costs. The School is monitoring these impacts carefully thmugh its management team and regular rep)rting io the Finance & G)eral committee. Scenario planning ts in place and regular discussion undertaken with the Schwl'5 bank and th¢ utility broker. Jn addition. a small sub-group of governo has been set up to work rlos¢ly with the management ¢e4m to ]k at options to miti881¢ the impa¢t aad io identify how scbool can best maximise its income and to look ai appmpriaie cost efficiencies. Statement of Diselosure to Auditor a) So far &$ the Governo are awar4 there is rto relevant audit inf(rntion of which the Company's auditor is unaware. and b) T]y have taken all the steps that theyought to have taken as Gov¢rnoTS in order to make th¢mselv¢s aware of any relevant audit infoTmation and to esthlish thai the company's auditor is aware of that infomation. Auditor A resolution io re&ppoint MaLqrs LLP as auditor to the CTrwity and to authorise the GoverM)rs to fix their remuneration will be proposed at the Full GOI)ng Bl Meetin& This rort (which includa the str4t¢gi¢ r¢FM)rt) has beth 4)w>ved by the Board of Governors and on their bdolf by Angela Odell Chiir of Governors Date: Apr 3, 2023 13
The AES Tring Park School Tr4st (trading as Tring Park khcM)I for the Performing Arts) co1npY Number: 02962095 Charity Number. 1040330 Independent Auditor's report to the members of The AES Trig Park School Trn$t For tbe yer ended 31 August 2022 Oplnlon We have audiled the financial statements of AES Tring Park Sch(h)l Trust (the '¢omp3ny') for the year ended 31 August 2022 which comprise the Statement of Financial Activities. tbe Balance SheeL the Statement of Cash Flows and notes to tl fiDanci814atements. including a SUMM of Silficant a¢¢ounting polici¢s. The finBncia] reporting framework th has been applied in th¢irpreparation is applicable law and uT)ld Kingdom Accourlling STandards, including FRS 102"The Financial Reporting Stsndard applicable in the UK and Republic of Ireland" (United Kingdom Genernlly Accepted A¢counling Practice). In our opinioo the financial Statem¢$. give a true and fair view of the state of the ¢harity'S affaits &s at 31 August 2022 and of its income and expenth'ture for the y¢ar th¢n ¢nd¢d: have EMI prowly prrpr ID accordance wRth Uoitol Kingdom Get[allY A¢cq)ted Accourttirtg Prnctice. and have be¢n prepared in accordance with the Tequirements of th¢ Compani¢s Act 2CKI6. Basis for opinion We conducted our audit in accordance with Internati standa on Auditing (UK) (ISAS (UK)) and applicable law. Ow responsibilities undcr th05¢ Standards are further described in the "Audiior's responsibilities for the audii of the financial statements" seciion of our rewrt. We are Irendent of the company in accordance with the ethical requirements that are r¢l¢vant io our audit ol the financial Statements in the UK. including ihe FRC'S Ethi1 Srandard. and we have fulfilled our other ethical r¢swnsibilÉti¢s in accordan¢¢ with these r4uirements. We klieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinio ConelusioD5 relating to going coDcer• In auditing the financial statements, we have concludod that the Governors. w of th¢ going concern basis of accounting in the preparation of the fuwicial 5talaD¢Dts is appropriate. Based on the work we have forn1ed, we have not i(kntified any mai¢rial un¢ertainties relating to events or conditions that, individually or collethivdy. may ¢ast si1ficant doubt on the coMpanS ability to continue as a going concern for 4 pts1 of at I£t twelve months from when the financial stst¢m¢nts are authorised for i&8ue. Our responsibilities and the resFx)nsibilities of the Governors with res to going concern are described in the relevant sethions of this re Otber informwtion The other infonnation comprises the 7nfCrnlO Incl in the annual rem other than the financial Statements and our audilor's rewrt thereon. The Governors aTe r*Ible for the other infoTTnaiion containd within the ann1 report. Ow opinion on the ffftancial statements does not cover th¢ oth¢r inform4ts.on and, ¢xc¢pt to the extent otherwise explicitly stated in our rOrt. we do not express any form of a55uran¢e conclusion thereon. 14
The AES Tring Park Seb1 Trust
(,trading as Tring Park Schwl for th¢ Perfonning Arts)
Company Number. 02962095 Ch•rity Iywmber: IIMO330
Our responsibility is to read the other infornwtion and in doing so. consider whether the oth¢r
information is materially inconsist¢ni with the financial statements or our knowledg¢ obtained in the
¢ourse of the kudit. or rtherwise appears to be materially misstated. If we identify su¢h mater&
inc0tlStencieS or apparent materia] misstatements, w¢ are required to deterniine whether this gives rise
to a material misststan¢nt in ¢h¢ fllLincia] statements themselves. Ef. ba1 on th¢ work we have
perfonned. we ¢on¢lude that thtr¢ is a material misstatement of this th infotmation, w¢ are requirnl
to report that fact.
We have nothing to re( in this Tegard.
Opinions on other mtterJ pr¢s¢ribed by the compleS Act 2(K16
In our opinion. b81 on the work undotaken in the course of the audit..
the inforniaiion given in the Annual Report of theGoVem0 which includes the Strategic Report
and the Directors. Rep prepared for ihe PUTPOSe5 of company lamf, for the financial year for
which the financia] statements are pr¢parul is ¢onsistent with the financial statements" and
the Strdtegic ReP(t and the Dire£iors' RewL included within the Annual Report of the
GovernoTS has be¢n Pr¢PaT in aco)rthce with applicable legal rquirements.
Mtt¢rs whi¢h we Are required to rep)rt by exception
In light of the knowledge and understanding ofthe charity and its environrnenl obtain¢d in th¢ ¢ourne of
the audiL we have not Identifi material misstatements in the Str4iegi¢ Rep)rt or the Director5, Report
included within the Annual ReEK)rt of the Governors.
We have nothing to reprt in of the following matters in relation io which the Companies Act
2006 requiTe5 US to reF to you if. in our opinioD'.
equate and proper accounting records have not be kepL OT rettwns adequate for our audit
have not be Teceived from branches not visiieAJ by us" or
the financial statements are nol in agre
Th¢ ALS TriDg Park School Trust (trading as Tring Park S¢b(K>l for the Perfonning Arts) CompiDy Nujnber: 02962095 Charity Number: 1040330 4gM¢. th¢y could reanablY k eXpted to influence the economic decisions of u5er5 taken on the basis of th¢ finan¢ial stat¢m¢nts. Frregularitie4 including frdu4 are insthncts of non-compliance with laws and relationS. We design procedures in line with our responsibilities. Outlined aix)ve. to detect maittial misstatem¢nts in Tespect of itTe8ularities. including fraud. Based on our undeT5tanding of the ¢harity and ils activities. we onsidered thal non-complianc¢ with th¢ following laws and regulations might have a material effect on the financial stst¢rnents: employmeni regulation. health and safety regulation. anti-money laundering regulatioo ud and non-compliance with implementation of government t s¢h¢mes. To help us identify inslancc5 of non-wnpliance with these laws attd regulations, and in Identifng and assessing the risks of nterIal misstaiement in respect to non-cornpliance. our pr(Kedur¢5 in¢luded. but were not limitrd to: Inquiring of management and, where approFYiat4 thos¢ ¢harg¢d with gOVernae. as to whether the ¢oTnpY is in ¢ompliau¢e with laws and regulations. and discussing their licIeS and prraur¢s regarding compliance with laws and rwlations" Inspecting cOrresndenCe. if any, with relevant licen5iffjg or regulatory 4uthoriti¢s' Communicating identifid laws and Tegulations to the engagement te4m r¢maitiing alert to any indications of non-complianc¢ throuthout our 4udil: and Consideringthe risk of acts by th¢ companywhi¢h wtte contrary io applicable laws and regulations, including fraud. We also considered those laws andre8ulatioas that have adiTect effed on theprq)aration of the financial statements. su¢h as tsx l¢gislioN pension legislation and the Companies Act 2006. In addition. we evaluated the Governors. and management's incentivcs and OPEX)rtunities for fraudulent nwiipulation of th¢ financial statements. in¢luding th¢ risk of management override of controls, and deierniined that the principal risks relatoj to Frf)Sting manual journal entri¢s io manipulafr financial perforniance, inappn)ptiately shifiing the timing and basis of r¢venu¢ recognition. management bias through judgements and &ssumptions in SI7r1eant accounting &stimates. in particular in relation to fund a¢¢ountiD& and Si]ficant one-off or unusual transactions. Our audit pr(edUreS in relatilm to fiaud included i1 were limitrd to: Making enquiri&8 of the Governors atMI management on whether they had knowl¢dge of any actual, suspected or alleged fraud. Gaining an unda5tanding of th¢ in¢em41 ¢ontrols &%tablished to mitigate risks related to fraud. Dis¢ussing amongsi the engag¢ment team the risks of fraud; and Addressing the risk8 of fraud thrnugb Managellnt override of controls by perforn]ing journal entry lestin& Ther¢ 4r¢ inher1 limitstions in the audit pr1c1juS dwibed above and the Primary r¢5pthsibility for the prevention and detection of iTre8ulariti&s including fraud Tests with Tnanagement. As with any audit, there remained a risk of non-deteclion of iTregularitie5. as th¢5e may involve Coll470n, forgery intentional ornission4 misreprtsentAtiOnS or the override of internal controls. A fiIrtlr description of our responsibiliti f the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklaudi(otsresponsibiliti¢s. This description forms parf of our auditor's reFK)TL 16
The AES TriDg Park School Trn$¢ (trading as TriT]g Park School for the PerforniiDg Arts) Company Number: 02962095 Charity Number: IIJ40330 U8¢ of ihe 4udlt report This report is made sol¢ly to the coMpanS members as a body in accordance with Chapter 3 of Part 16 of th¢ Companies Act 2006. Chjr audit work has iren undertaken so that we might 5ts1¢ to the compgny's members those matters we are required w sthi¢ to them in an auditofs Teport and for no other pUm)se. To the fullesi ¢xt¢nt p¢rmitted by law, we do not accept or &8sume responsibility to anyone other than the company and companls members as a iY for ouraudit Work, forthi5 report. or forthe opinions we bave forniol. tan Holder (Senior Statutory Auditor) for and on behalf of Mzn LLP Chartered Accowilants and Ststutory Auditlx The Pinnacle 160 Midsummer Boulevard Milton Keyijes MK9 IFF Date.. Apr 5, 2023 17
The AES Trlng Park School Trust (trading as TTing PaTk Schwl for the Perforniing Arts) Compgny Number: 02962095 Cbarity Number." 1040330 S¢aiem¢nr of Fin¢1?] Aaivities For the yr e•ded 31 Augvst 2022 Restricted Ullrejtricted Ftsttdx Funds 2022 2022 Total Funds 2021 Fllttds 2022 Notrs Ineome Incomefrom chapitable édii¥fre&' - S¢h(Kil f¢¢s . h¢r cla55¢5 and COUT5¢5 - Covid-19 grants IHcomefrom rai5ingfunds.' - Activiti&% for Taising fiJnds - Voluntary income - Investrnent income OtheriMcomÉ.' - Profit on sale of fixed assets T•tl Income 10.617279 10,617,279 J5.646 5,646 9.798.191 421.658 133.650 167237 167.237 2.613.751 936 84.699 30.919 15 1613.751 936 1613.751 11 J91,098 14,004,849 10,469,132 Expenditure Fundraising Choriiable aclivitses 33.361 33.361 802 8.6)9 187 976.648 985.257 1.108.304 8.874,5W 8.874.777 8,221,073 239.804 239,804 217,056 10,124,403 10.133.199 97,335 . Education seTriL - tnterest payable Totsl ex enditsre io 796 Net iN¢ome 61M,955 126Q695 Wl.65(1 921097 Transfer between funds Net mow¢men¢ in funds 1604gSS 136605 31.650 921097 Total fuDds bn)UEht forT¥3rd at Ise tember Total funds carried forward t 31Au St 191865 9JII.670 10,004J35 9.082.638 20 2,797020 11,078J65 1307&185 10,iMM,535 Thc cotnpany's income and cxpctlditurc all relate to continuing opcrations. The notes ort pages 21 to 39 forni w of these fina181 **¢ments. 18
The AES Trlng Park Sehool Trust (trading as Tring Park Schwl for the Perfonning Atts) Compny Number: 02962095 Charity Number: 1040330 Balance Sheet As at 31 August 2022 2022 2021 Notes Fixed ssets Tangible fixed 14 16,840,997 16J75.099 Cyrrent •5sets Stock Debto C&sh and ¢ash equival¢t)ts 15 16 17 26.967 2.714,640 4.688 980 7,430.587 26.967 186.054 4.066.79) 4279.811 Creditors: amounts fllinz dlle within one year 18 3.632 710 3 553 430 Net current assets 3.797.877 726,381 Totl a$8ets less ¢urrent liabiliti 20,638,874 17.301.480 Crediton- 4mounts f•Uillg du¢ •fter more tkan one year 19 {6.762.689) (7.296.945) Net wgets I3,6,185 10 004 535 Restricted bJnds Other restricted fimd8 1797.820 192,865 2,797,820 192.865 Untestricted funds Fixed Lsset reserve 21 9.542.175 1.536.1 8,755,391 1056 279 11.078.365 9,811,670 Totsl thd$ 13J7A185 10 004 535 The notes on pages 21 to 39 fmn part of thtte finaYKial statemth Approved and #uthorlsed for isslle by the Bovd of Governors on Apr 3. 2023 8Dd signed OD Its behalf by: .OdqUiAyalg]32UtJSG1> Angela Odell Ch¥ir of G•verrtor5 19
The AES Tring Park Sebool Trnst (trading &8 Tring Park School for the Perforniing Arts) CompaDy Number: 02962095 Ch•rity Number: 1040330 Statement of Cash Flows For the year ended 31 August 2022 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES Nct inwtn¢ 3.871.650 921,897 Adjustments for. Depre¢ia¢ion (ProfLtyioss on disposa] of fixed a55ets Investmeni income 251.669 236,933 (930 (2.528,586) 65.910 (151 19.226 {1rKreafeYdecre in debtors In¢iease in ¢r¢ditors . 1.078,970 NET CASH INFLOW FROM OPERATING ACTIVITIES Ih59.705 22S7.011 Pur¢has¢ of fixed wets (5l7J67) 936 (569,120) 15 Inveslment income Sale of fixcd as%ts CASH FLOWS USED IN INVESTING ACTIVITIES (51WO) (569,105) Capital reyts (520.885) (505J40) NET CASH OUTFLOW FROM FINANCING ACTIVITIFS (520186) (50&54O) NET INCREASE IN CASH 62LI 1.182J66 CASH AND CASH EQUIVALENTS AT I SEPTEMBER 4.06Q U84A24 CASH AND CASH EQUIVALENTS AT 31 AUGUST 4,1161790 The notes on pa8es 21 to 39 fomj of these finan¢ial #aiemu) 20
The AES Trlng Prk S¢hool Trnst (trading as Tring Park Schwl for the Performing ATts) CoinpDy Number: 02902095 Chrity Number: 1040330 Notes to the financial statements For the year ended 31 August 2022 l. Accountlmg policies AES Tring Park School Tnt is a company limited by guarantee, incorpornted in Eng14nd and Wales. The address of its registsr office and prin¢ipal plac¢ of business is disclosed on page 2. The principal activity of the cTrwiry 1$ to promote and provide general academic education in wijunction with a spe£ialised eAlucation in the FrrfoTming aTts. The company qualifies as a Ptsblic Ben¢fit Entity. Th¢ financial stat¢m¢nts ar¢ pra¢nt¢d in Sterling and thi$ is the functional CUrrcY of the Charity. The financial statements have Ixen rounded to the nearest whole und. ) Basis of preratIon Th¢ financial statanents have beth Prcpared under th¢ historical cost convention. and in accordan¢¢ with applicable accounting standards. In preparing the financial statements the charity follows best practice as set out in the Ststem¢nl of Recornmend Pwti¢e.. 'A¢¢ounting and RelIrtg by Charities,, the Fina141 Reporting Stsndard applicabl¢ in th¢ Unid Kingdom and Ireland (FRS102) and the ChJTiti¢$ and Companies Acts. b) Colng Coneern The GovernoTS have revi¢wed ddailed flow projectio% to 31 August 2027 and have aed detailed budgets for ihe year ended 31 Au8usi 2023. Fee structures for the year ended 31 August 2023 have been a. The Governo believe that the company has sufficient ¢ash r¢sources to cover the CoMpanS working capital and capi¢al ¢xp¢nditure r¢quir¢m¢nt& As a r¢sult of the foregoing the GovernoT5 ar¢ satisfied that it is appropriat¢ to pr¢pare the accowits oo a going concern basis. c) lttcome Jncome compris&s the invoiced value of tuition fees including bursaries grdnted and net of scholarships and awards including discounts given to those on the Music and Dance Scheme or the DaDA scheme. Donatio and gifts ar¢ r¢¢ognised when receivable. d) Gr*Dts rtceivable Gronts receivable from the Department for Ethti0ft are credited to the Ststement of Financial Activities in the year for which they are receivable. e) Expendlture Expenditure is rgcognised on an a¢¢nlS basis when thtte is a kgal (r w)sini¢tiv¢ obligation. All cos have been attributèd either directly to on¢ of ihe functioTW] ¢aiegori¢s of expdibre in.the Statement of Financial Activities. or for overhead costs. apixirtioned acccffding to management estimate of acth1 activity within the categories. Cost of raising fiumls include maTkding ¢ts and event cos Charitabl¢ activities include costs dire¢dy relaied to the nmning of the Sch(M)l. Support costs are also included in thi5 category on the basis of an 4¢tU41 analysis of cost. or an apportionmeDi b&sed o management ¢5tima¢e ba1 on a¢tivity. 21
Tbe AES Trfng Prk Stbool Trnst (trdding as Tring Park SchTh)I for the Performing Art5) Compny Nuwber: 02962095 Charity Number:'Il)40330 Notes to the financial statements (continued) For the year ended 31 August 2022 e) Exptnditure (continued) Govemance costs inclwle the cost of governance attangements which relate to the genera] ll]ng of th¢ charity as opposed to the dire¢t rn8nag¢ment fimctions inherent in generating funds or servic¢ delivery of the charitable activities. This includes such iiem$ as a prowjrtion of the PTin¢ipal's and Deputy Principal s sa]aTies. costs of external audiL and expenses incutTed by Governors in cang out their duties. 0 Fllnd accounting i) The chariws general fi]nd8 consist of funts whi¢h th¢ charity may e for its PUTPOSes at its dis¢r¢tion. The chaTiry'S designated fund consists of the net tM)ok value of fixed assets I$ the loans secured on those assets. The ¢harity'S T¢stri¢i¢d funds ore db)se where there are T¢51TiCt1o on the use of funds which ar¢ legally binding. g) Fixed assets and depreci8tioD All a5sels costing more than £250 are capitalised at bistori¢ Cost. Depff¢i8tion is provided ai rntes ¢al¢ulored to write off the CLW, the ¢stimat¢d residua] v4lu@ of each fixed asset over its estimated usefvl life on the following blS.. Fr¢¢hold propffj- 14nd and building5 Nil Fixtures. firniftre and 04uipment 5%-33% straitht line Freehold prOtieS wnprise a Grnde Il li5trd mansion bJildin& ¢l&sw(x)m$. and residential accomm¢>Jation. The major programme of annual ¢xpenditure io maitllain the fabn'c of the buildings means thai the estimated useful lile of the bui]dings is considered by the diTector5 to be ext¢nd¢d indefinitely. The s¢h(x)l assess for indi¢8tors of irnpainnent each year. h) C*sh And Cash equIv¢tr Cash and cath equivalents aff and short terni highly liquid inve51m¢nt5 with a short maturity of three months or less from th¢ dat¢ of a¢quisition or opening of the dewsii (K similar a¢¢ounl. I) IAasey Operating leas Renials paydble under operating lease5 are charged on a straight line basis over the terni of the lease. j) Sto¢ks Stocks are valued at the lower of c051 and net reaiisable valu¢. 22
The AES Trlng Park School Trnsl (trading as Tring Park Schix)I for the Performing Arts) Company Number: 02962095 Cbarity Number: 11510330 Notes to the financial statements (continued) For the year ended 31 August 2022 k) Pensions The pension costs chw in the financial ststeDDts represent contributions payable by the company during the y¢ar in accordance with FRS 102. l) Taxtion The company is regi$t¢red as a cFthriry and is entided for the current year to the exetnptions provided by Section 505 Income and C(Kporation T&xes Act 1988. m) Vlue Added Tax The company is exempt from registration for V8lu¢ Added Tax purposes. A]1 11¢n of expenses in the incorneand expenditureaccount therefore include. whereappropriatfy the related amount of Value Add Tax. n) Fin¥Jneial illstruments The charity only h&s financial asset and fjnancial liabilities of a kind that qualify as basic financial instrument$. Basie financial instrwnent5 are initially recognised al transaction values and subsequently measured at their s¢ttl¢m¢nt valu¢. o) Judgmellts in •pplyfing aeeounthig polltleg atsd key sollrees of estlmation unetrtalnty In applying the companYs accounting policies. the Governors aTe required to make judgements, estimates and assumptions in deiern)inin8 the canyingamounts Orets and liabilities. The Governors, judgements. stimates and llVIons ar¢ ba%d on th¢ best and most r¢liabl¢ ¢vid¢n¢e available at th¢ lim¢ when th¢ decisions are made. and are bassj on historical exper]ere and other factOTS that are Consider to be applicable. Due to inherent subjectivity involved in nmking such judgements. estimates and assumptions. the actual results and may differ. The ¢stiJnaie$ 4nd underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognisoa in the period in which the esiimaie is revised. if the revision affecis Only that period, or in the peri(Kl of th¢ rcvision and 1[¢ peri(th. if th¢ ffvision affecls both CUTr¢nt and fut¢ p¢riods. The key L8timate and asswnption made in thes¢ xcounts is considered to depreciation. which 1$ provided ar ra*s calculated to WTit¢ off the COSL less the estin residual value, of each fixed asset over its estimated useful life. 23
The AES Trlng Park School Trnst (trading as Tring Park Sch1 for the Performing Arts) Company Number: 02962095 Charity Number: 1040330 Notes to the financial statements (continued) For the year ended 31 August 2022 2. Segmentsl information The income, surplus for the year and net assets are mainly attributsble to the princi1 activity of the provision of SFrtialist education Thce& The company operes in the UK and its income is den.ved from teaching pupils from both the UK and Overs$. 3. School fees Income r¢lated to SchTh)I frts received in the year is analysed as follows: 2022 Gross S¢hool ftts Subsidy for gov¢rnmellt fimded pupils S¢holaTships and other awards Net Schwl fees 11270.700 (352.587) (3,834) 10.617.279 10.323.184 (225.655) {299.338) 9,798,191 Tots] fiMatIll •uisiM¢¢ *Wded to pwpib by th¢ selmm Subsidy for government funded pupils Scholarthips and other awards Means tested bursaries 352,587 300.834 985.257 1.638.678 225,655 299.338 1,108.304 1.633.297 Total Financial as5i5tance as % of gro&5 fee 14.5% 15.8% Contributlons to nct schod r 2022 2021 D- Musi¢ and Danc¢ Sth¢tn¢ DfE- tkn¢e and Drama Award5 1,353.170 170.603 1,523.773 1.399,066 111,726 1.510.792 Net SchLK)I fees 24
The AES Trlng Park School Trust (trading &$ Tring Park School for the Pcrforniing Arts) Compaoy Number: 029621)95 Charity Nurnber: IIMI)330 Notes to the financial ststements (continued) For the year ended 31 August 2022 4. Activities in further4nce of the charity's objects: other ad eollrses 2022 2021 Associate cla&ses Holiday ¢ourses Registration Shows Other 248.026 220.446 51238 70.189 15.747 (4)5,646 224,040 141,611 51.855 457 3.695 421.658 5. Aetivities for rising fulld$ 2022 2022 2022 2021 Total Totsl 717 Rental of premises Othcr Uniforni shop Fundraising events Filmirtg 3.092 14.092 1,634 14,092 1,634 230 1.867 (120) 82.005 84,699 148.419 167.237 148.419 167,237 6. Voluntry income 2022 2022 2022 2021 Restricted Unrestrieted Tot1 Total 15.0 Tn1$ Legacy Other 1599.975 13.776 2,613.751 1599,975 15.919 30,919 1613.751 25
The Trfng Park School Trust (trading as Tring Park S¢hwl for th¢ Perfonning Arts) Company Number: 02962095 Charity Number: 1040330 Notes to the financial statements (continued) For the year ended 31 August 2022 7. Cost of generating funds 2022 2022 2022 2021 Rutricted Unratsi¢ted 33J61 33.361 Totsl 33J61 33.361 To¢AI 802 802 FundTaising costs & Costs of *ctivitie5 in furtherantt of the chaiity's objects: education services Restricted 2022 Unr¢stri¢ted 2022 Tots] 2022 Total 2021 Teaching Welfare Catering PreTnises SupF Hir¢ and Show$ Donalions MarkeiiDg- non fundraising Governance costs (note 9) 3.764.665 675,362 849.475 1.461595 1.536217 246.628 .150 117.19) 3,764.665 675,362 849.475 1,461,595 1536.404 246.628 1,150 117,199 3.867.933 608,128 719.465 1.360,475 l.277,130 109,853 800 65 J62 187 222,299 88745 222.293 .874.777 187 8221073 9. Governan¢e eo 2022 2021 Staff costs Audit and accountancy Legal and professional 90,239 23.970 108,0 222.299 87.880 28.613 95.434 211.927
The AES Trillg Park S¢hool Trust Itr#dirtg &$ Tring Park Scho)I for the Perforniing Arts} Company Number: 02962095 Charity Number: 11fy103301 Notes to the financial statements (continued) For the year ended 31 August 2022 10. IDtertst payable 2022 2021 28.731 211.073 239,804 26249 190.807 217.056 On bank development loan 11. Net thcome Alld movemettt iti (ndS 2022 2021 Net income and movement in fimds is statrd after exiD. Depreciation of tangible fixed Hire of other assets- owing le& Auditor's remuneration- audit fee Auditor's remuneration- (Aher services (Profii) I loss on dispsal of fixed assets 251.669 33.611 15.5(Kl 8.470 236,933 37,767 14.500 14,113 27
Tbe AES Tring Park Sehool Trust (trnding as Trin8 Park Sckool for the Performing Arts) COmnY Number: 029621)95 Charity Number: 1040330 Notes to the financial ststsments (continued) For the year ended 31 August 2022 12. Staff costs 2022 2021 Wages and salari Social s¢¢urity Costs Pensions Terniination Costs (statutory) Termination COSLS (non-stsrutory) 4.716.301 452.701 623,522 7288 8,336 5.808,148 4.513.689 423.486 624.296 60.707 92.763 5.714.941 (133.650) 5.581,291 Furlough income 5,808,148 Non.stalutory tern)inatioo costs that relate to redundaw paents were paid to I member of staff in the year (2021: 7). The cost of pupils parti¢ipating in paid at the scbtx)l amountoj to £25,325 (2021: £8.548) and is not includ1 in staff costs. The numberofpersonsemployed bythe company durin8 the yearwho received emoluments{includingtaxable benefits in kind) in the following range5 in excess of £60.OW Wds as follows: 2022 2021 Number Number £60,1)01- £70.(KJO £70,IKII - £80,0 £80.IKIi - £90.(KJO £120,(KII - £130.(KJO . The number of higher paid employees to whom retiraneni benefits aCcnd under a defined benefit pension scheme was 2 (2021.. 2). contrib10$ payable to higher paid employees in ihe year were £24.759 (2021: £40,700). These two ernployees moved froTn the define4J benefit pension 5¢herne to the defined contTibution scheme in April 2022. The number of hither paid employees who accrued retirement nefit under a defined contribution scheme in 2022 is 3 (2021.. 1). Contributions payable lo hither paid employees ill the year were £28.769 (2021.. £16,576). Total mnuneration fff key man8£¢m¢ni personnd in¢luding petision pay)nents totalled £411.711 for 4 posts (2021- £473.556 for 5 sts)- 28
The AES Trlng hrk School Trnst (trading Ls Tring Park Sch1 for the Pwforniiog Arts) CompAny l¥umber: 0296209S Cbarity Number: 1040330 Notes to the financial statements (continued) For the year ended 31 August 2022 12. Staff wsts (eontinued) The averag¢ nutnb¢r of [Solls. excluding G0ven. anployed by the company during the year was: 2022 2021 Number Teaching Welfare Premise$ Support iii 28 35 27 28 36 28 201 206 The Dumber of employees expressed as full-tim¢ equival¢nLS is 133 (2021: 133). An average of 10 (2021: 5) pupils participating in paid work expezieDce at the schcKJl are not included in the ave staff headcount. 13. Governon No Governors received emoluments during the year (2021: £nil). No governors received contributions to a p¢nsion heme (2021.. £nil). Expen5e5 of£l,448 werereimbursed (2021: £258) to4 trste¢S (2021: 2 trustee5)'. and ¢osts of £2,271 (2021: £2.266) were spent in respect of AGBIS relat courses and travel. thjring the year the Governors ¢ontinued to be coveroj by an inSur3re cover to indemnify them against th¢ consequences of any neglttt or default on their part (cL)ver'. £2,000,(KKI). The cost of the licY was £875 (2021.. £296). 29
The AES Trfn% Park School Trust (trading as Tring Park S¢hwl for th¢ Performing Arts) ComnY Number: 02962095 Charlty Number: 1040330 Notes to the financial statements (continued) For the year ended 31 August 2022 14. TaDE1b red ugets FRthre$, Fnrniture F41Pment Fre¢hold Prnptrties Totsl Cost At I S¢ptanb¢r 2021 Additions 14,866.532 3509.547 517,567 18,376,079 517.567 At 31 Au2u$t 2022 14.866.532 4.027.1 14 18,893.646 Depreci*tloD At I September 2021 Charge for the period At 31 Angu5t 2022 1,800.980 251.669 2.052.9 1,8(Kl,980 251.669 2.052.649 Net Book Values At I sternber 2021 14,866,532 1,708,567 16,575,099 At 31 AuguJt 2022 14.866.532 1,974,465 16.840,997 15. Stoek 2022 2021 Consumable stocks 26.967 26.967 16. Debtors 2022 2021 Trade debtors Other debtOTS Prepaym¢nls 13.832 Ifl)2.768 53J81 47.047 85.626 186.054 2,714.640 30
., The AES Tring Park School Trust '. (trading Is Tring Park Scho)I for the Perforniing Arts) Company Number: 02962095 Cbarity Number: IlJ41)330 . ,. Notes to the financial statements (continued) For the year ended 31 August 2022 17. Cash and c8sh equivalents 2022 2021 Restricted fund a¢Unts Current account Cash in hand 340.733 4J47211 .036 4.688.980 331601 3,733,677 512 4,066,790 18. Cr¢di¢orJ: anjounts f•Uing due witbiD OD¢ yur 2022 2021 Bank terni loans Trnde ¢rediwrs Taxation and srtial security Deposits and fees in advance her creditors Accrua15 536.133 113.384 199.665 2.433,399 61,468 288,661 3.632.710 522.763 206.758 178.805 1412.727 3,557 228.820 3.553.430 Included in taxation and Sla] Security is £83880 (2021: £70.221) of outswiding pension Contributions that were paid when they fell due, after the year end. Defeed ina)me (fees in advance) movements were &$ follow& 2022 2021 F¢¢s in advanc¢ brought f(n¥ard R¢leased in the year Invoiced in the year. F¢es in advance cattied forward 1.663.634 (1.663.634) 1.856,627 1.856.627 943,336 (943.336) 1,663.634 1.663.634 31
The AES TTing Park School Trnst (trading as Tring Park School for the Perfom]ing Arts) CompAny Number: 02962095 Charity NuJnbeT: 1040330 Notes to the financial statements (continued) For the year ended 31 August 2022 19. Credltors: mounts (lIng die after more thD one year Bank loans •Dd overdraft- y$l9 ofdebt m*lurity 2022 2021 Amounts payable by insthlments: Between one and two ye4ts Between and fiv¢ y¢aTS In five years or more 6,130,652 632.037 498.485 6.663,3 135.070 6,762.689 7.296,945 Included in the above maturity tabl¢ are the following amounts repayable by inStslts. 2022 2021 Repayable within five years Not wholly repayable within five years 6.762.689 7.161,875 135,070 6.762.689 7.296,945 The bank loans and charges are secured by a red and floating charge over the CoMpanS a55ets. Jnterest is payable on loan l at a variable rate ol 1.75% 8EK)v¢ b rnt¢. This loan is set to m#tUT¢ in DecembeT 2026. Int¢ffst was payable on ierni loan 2 at a v4ri4bl¢ rnte of 2.75% abov¢ base ra. This loan was set 10 mabjre in August 2024. New were aed on loan 2 in December 2022 with interest now payable at variable rate of 2.25% above base rate and maturity set for December 2032. 32
The AES Tring Park S¢hool Trnst (trading as Tring Park Schwl for the Perfijrming Arts) Company Number: 02962095 Ch•nty Number: 1040330 Notes to the financial statements (continued) For the year ended 31 August 2022 20. Restrve8 Unrestricted Fund$ . Restricted General Flxed asset (Ke note 22) Totsl funds As at I Sept 2021 192.865 1.056279 8.755.391 10.004,535 Surplus for the year 2.(4)4.955 1.518.364 (251,669) 3.871.650 Transfer be¢en fuTMIs (1.038,453) 1,038,453 At 31 Aug 2022 2.797.820 1,536.1 9,541175 13.876,185 * The fixed assd rc4erve represa]ts deprlated cost less the 102ns secured on the fixed &8sets. The tr8nsfer Tepresents tk addiiions fixed assets during the year of £517,567 plus the £522.763 repayment of the loans. secured on the fix¢d assets. 21. An*lysis ofnet ets between funds The net a1$ of the ¢ompany are atmljutsble as follo UllMtri¢¢ed Fwids Tolal fynd$ 2022 Total funds 2021 Restricted General Flxed et fwidg reserve es¢rve Fixed &ssas 16.840.997 16.840.997 16.575,099 2,791,820 4.632.767 7,430587 4,279,811 Current liabilities (3,1)96,577) (536.133) (3,632.710) (3,553,430) Long terni liabililies {6,762.689) (6,762.689) (7,296,945) At 31 August 2,797,820 1536.1 9,542,175 13,876,185 10.004,535 33
The AES Trfng Park School Trnst (trnding as Tring Park Schwl for the Performing ATts) Company Number: 02962095 Cbrity NMmb¢r: IIM0330 Ivotes to the financial statements (continued) For the year ended 31 August 2022 22. Restrl¢¢ed FndS ISep21 lu¢on ExdIre Tr*nsf¢n 31 Amz 22 Department for Edation Tring Park Sch(N)l Bursary Fund 48.722 (366} 48.356 69287 7525 76.812 Marden Drama Equipment 468 468 Paul WaLson Bursary Fund Eve Pettinger Fund Eve Pettinger Award Trust 33.965 3.0 {1.943) {6.030) 35,022 22234 16204 2,599.975 2.599.975 Al¢xander Te¢hnique Fund Helen Wells Trip Fund R¢strictiv¢ Learning Difficulties 9.783 (270) 9.513 988 988 Nurse Replacement Fund 4.691 670 5.361 Mary Schon Burslry 317 Sports C(llnmitt 633 264 (187) 710 Building Fund Errol Pi¢kftird Fund I,(x)o 2,797,820 192.865 2.613,751 {8,796) Totsi restrleted funds 192,865 1613,751 (4796) 2.797,820
,. The AXS Trin% Park Sehool Trnst ' (trading 18 Tting Park Sch¢y)I for the Performing Arts) Company Npmber: 02962095 Charity Number: IIM0330 . Notes to the financial statements (continued) For the year ended 31 August 2022 22. Rests4etsd Fullds-(contillued) The Department for Education t is for the provision of an outreach and partnership prograrnmes, the putpos¢ of which are to bring dance to a wider audience. The Tring Park Sch1 Bursary Fund is to incre&8e accvA for tslented students througb scholarship and Bursary support. Marden Drama Equipment fijnd is for fit out of the drama studio Paul Watson Futwj r¢pr¢s¢Dts funds for Butsaries for Ass1¢ ¢ourse pupils. Eve Pettinger Funds support the Dance depthent and classical dancers Eve Pettinger Award Trust supporting pupils studying Dance. Alexander ThnIqUe Fund is ¢0 Pro& fjnancial assistance a talented pupil in the Alexander Te¢l)nique lessons. Helen Wells Trip Fund Tepr¢sents fwmjs providing finan¢io1 S towards the cost of S¢hLxJl trips. Restrictive Lurning Difficulties represents funds providing supprt for pupils with leaTning difficulti¢S. Nurse Replacement Fund repr&%enLS fimds rtteived towards the replacement of a schrKJl nurse. The S¢hon Fund reprtsents Bursary fundxng for an Asy)ciate Cou¢ pupils. SporLs CommitteelDrama fiumls represent received for those SpAriC activitie5. Building Fund represenis fimds reived for gerv41 bjilding repairs. The Errol Pickford Fund 5UPPOrts dance students at TTing Patk Schwl. 35
The AFS Tring Park S¢hool T$¢ {trading as Tting Park School for the Perfomitig Arts) Company Number". 029621)95 Chrity Number: 1040330 Notes to the financial statements (contlnued) For the year ended 31 August 2022 23. Other fjnaneial and tap1t eommltmtnts At 31 August 2022 the company was conuwtted to making the following payments under non•cancellable operating lease: 2022 2021 Within l year Within 2-5 yeaTS After 5 years 32.304 48.IK)4 32,442 70.573 5,764 108,779 80.308 24. Pension contributions Contributions weRmth to TheTeache. P10n Scheme {'the TPSJ for teacheT5. and also to three defined Itribution s¢hem&8' Scottish Widows and Old Murual for suFyort staff. and AVIVA fty teachers. Th¢ S¢hool participates inih¢ Teache, Pension Scheme (h¢ TPS") for itsteaching staff. Th¢ pension ¢harg¢ for the year includes contributions payable io the TPS of £519.458 (2021: £522.926) aod at th¢ yeor-end £54,194 (2021: £55.230) was accrued in res of contributions to thi5 scheme. The TPS is an wifunded multi<mploy¢r defined b¢nefiLS pension scheme gov¢rn¢d by The Teachers, Pensions Regulations 2010 (as amended) and The Teachers, Persion Scheme Regulations 2014 {as arnended). Members contribute on a'tray as you go" basis with contribull0 from members and the employer king credited the Exclwuer. Retirement and other po)sion knefits are paid by public funds prr)vided by Parliament. Th¢ employer contribution rn* is by the st of Statr following Schell valuolions undertaken by the Govemment Actuary's Department. The mosi recent actuarial valuation of the TPS w&s prepared a8 at 31 March 2016 and the Valuatton Rqmjn. which was publisheAJ in March 2019. confirrned that the employer ¢orttribution rate for the TPS would incr¢&5e from 16.4Q/o to 23.6% from I September 2019. Employers are also required to pay a scheme athninis¢Io l¢vy of O.OW• giving a total ¢mployer contriblon rate of 23.68Vo. The 31 March 2016 Valuation Ret%)rt w&$ epaffd in ardance with the benefits set out in th¢ scheme regulations and under the approach specified in the Directions, as theyapplted at 5 March 2019. However. the assumption5 were considered and set by the Departtnent for Education wior to the Tuling in the 'McCloudlSargeani c&se'. This case ha5 required the courts w consider cascs regarding the implementation of the 2015 reforms to Public Servi¢e Pensions including the Tea¢hffs' Pensions. On 27 June 2019 the Supreme Court denicd the govcmment p¢m?ission to appeal the Court of Appeal's judgment that transitional provisions intr(duced the refornied ps]l sd)emes in 2015 gave rise lo un]awfi age discrimination. The gOvernMl is rewttng the Court's decision and h&$ said it will engage fully with the EMplotrtt Tribunal as well as employer and member representatives lo agree how the discriminations will b¢ remedied. The government announ¢¢d on 4 February 2021 that it intend5 to proce¢d with a deferred hoice underpin under which rnetnl will able io choos¢ either legacy or refOrni scheme benefits in respect of their service during the period between l April 2015 and 31 March 2022 at the point they become pa)Ebl The TPS is subject to a cosi cap m¢clwiism which was pui in plac¢ io PToieci taxpayers against uDfor¢se¢n Chan in s¢han¢ costs. The Chief s to the Trtasury. having in 2018 announced that there would be 36
The AES TrinE Park School Trust (tradtng as Tring Park Sch(K)I for th¢ Perforniing Arts) Comp*ny NumLw: 02962095 Cbarity Number." 1040330 a review of this cost cap meclwii in Janwry 2019 8 paus¢ to the cost cap mechanism following the Court of Appeal's Tuling in the M¢CI(wthSargeani case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020. and a consultation WLS laun¢hed on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a public con5ultstson, the Gov¢rnrn¢nt have accepted three key proposals recommended by the Government A¢nwy. alld a aimillg lo implement these changes in tirne for the 2020 valuations. The 2016 cost control valuations have 5iDce been c¥)mpl¢ta in January 2022. the results indicated that th¢r¢ would be no changcs to b¢n¢fiLS or member COtitributiOL8 required. The Tesults of the c051 cap valuxtion are not used to set the employu contribution rate, and HM Treasury has confirm that arty changes to the etnployer contribution rate resulting from the 2020 valuatsons will tske ¢ffe¢i ia A1 2024. Until the 2020 valuation is completed it Is not pMible to conclude on any finan¢Tal impact or fvnwe cbanges to the contribution rates of the TPS. Accordingly, no provision for otty additiOtMI post benefit pension costs 15 included in thes¢ financial 51JtaDrn¢& The company contributeA to one defined CtriltiOn scheme for non-tea¢hing stsff. The amount payable during the year amounted to £104.064 {2021: £101.370). 25. Related parties There were no related party transactions made in the year. 26. CoDtroUing party The Controlling party is de•n¢d to b¢ the Board of Governcrs. 37
The AES TriDg Park School Trust (trading &8 Tring Park Sch(x)I f the Pfffomirtg Arts) Company Number: 02962095 Cbrfty Number: 1040330 Notes to the financial statements (continued) For the year ended 31 August 2022 27. Compratlve Sttemettt of FIn4n¢1 A¢tivitlu- yeAr ended 31 August 2021 Restricted Other DevehpmeDt Restricted Unre5tri¢ted Funds Funds Funds 2021 2021 2021 Total Funds 2021 otrs Intome Jrteome from ehaptsable - S¢h(KJl fees . (XheT ¢l&sses And courses - Covid-19 Grants Incomefrom raisinzfund5.' - Activities f raising fimds - Voluntary income - tnvestment income Other ineome.. - Profit on sale of fixaj assets Total ineome 9.798.191 421.658 133.650 9.798.19l 421,658 133,650 84.699 84,699 30,919 15 30.919 15 30,919 10.438213 10,469,132 Expenditure Cosl ofraisingfvnds Fundraising Ch4rithble adi>71i¢s - Bursaries - Education services - Interest payable Totsl eXpdIre 802 802 52.002 1.056.302 1,108,304 8,196,073 8221,073 217.056 217.056 9,470233 97.235 io li 52,iK12 (25,IJQO) {21.0} 967,980 921,897 TT8nsfer be funds Net movement in funds (25,(KKI) (21.083) 967,980 921,897 Total fullds brought lorn#rd At Ise tember Total fund$ ¢rried forn*rd at 31Au 25JKKI 213,948 8.843,690 9,082.638 9.811,670 10,004,535 38
The AES Tring Park School Trust (trading a5 Tring Park Seh(K)I for the Performing Arts) Company Number: 0296209S Cbarity Number: l(M0330 Notes to the financial statements (continued) For the year ended 31 August 2022 28. Post balattee sheet event This year the Independent sector had to manage a number of exiernal challenges which have and continue to have a significant impact on the financts of the school, these being. the increases in inflation. interest ral¢s and utility Costs. Tr school is monitoring these impacts carefiY through its management team and gUlar r4)orting to the Finan¢e & General Purw)5¢s committe¢. Scenario planning is in pla¢¢"4nd regular dill$s1o undertaken with the sch(KTrls bank and the utility broker. In additio a small sub-group of governors has been set up lo work cloxly with th¢ SLT to look at omions to mitiga* the impact and to identify how th¢ school best maximise its income and to Ik at apFWi4te cos1 ¢fficieti¢i¢s. During the academic year. the school were ieric1aTles of the will of Eve Pettinger who was a fonn¢r pupil and t¢ach¢r at the Sch1. and Ms Pettinger left within ber will the sum of £2.6m to Tring Park School for the Perforniing Arts to SUprt pupils StIYing dance. As a requiretnent of th¢ will the sch?1 h&% established a separate INSI. which con515ts of five trnstees who are a]so governoT5 of the main Sch¢Jol iM)ard. The seltion of trusiees to the new tnl comes directly from the mairt School TrM)grd and is overseen by the Chair of Governors. Since the estsblishment of the new trSt. the sch)] has now received the funds from the Executor of the will. Solicit(Y5 x¢iug on behalf of the School are a150 in the process of registering the new trust with the Chariiy Cottunission. lkn is a further 511Tn yet to be r#eived. bu¢ the actual amount is ye¢ to be finalis¢d by the executor of Ms Pettinger's estate. New tern were aCed on loan 2 in December 2022 with initrest N)w payabl¢ at a variable rnte of 2.25Y• above base rate and maturity set for December 2032. 39