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 #101 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 Tn￿t .............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 sep*Mb￿ 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) Developn*nt & Fundraising Commiitee {4) Marketin8 Comrnitste During the year the activities of the Governing B￿Y 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. PriN1￿1. Anselm Barker, Business DI￿lor. Siephen Robinso Director of Studi¢5.' EIiz4bdh (haell. Prineipal oif*e.'- 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. Mil￿n 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 pre￿t 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 2￿6 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[ts￿330) and is 8overncd by the wovisions Contain￿ within the Memorandum and Articles of AsSctiatiC￿. The GoYernoTS. ex¢¢utive offic¢rs and princi￿1 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 Up￿tea in 2019. Recruitment and Trxlnittg of Governors The Charl￿S 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 Sch￿1 which in¢ludes all mandatory training in particular Safeguarding children. They are encouraged to ujm1ert￿e 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 1K￿d 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 B￿sIn￿5 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 Pet￿nS 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 0ne0ftheTn￿tCcS is currently a memberof thebts￿dof AGBIS serving in the Cap￿lty as Chair. The trusttt5 hav¢ in place a fi>nfli¢t of Interesv Policy to ensure that all malirr5 are dealt with appropria¢¢ly. Ch*ritsbl¢ Objeet$ Th¢ ClJarAtYs Objects. &% w out in the Memorandum of A8$￿￿atIO￿ are to promote and provide for the advancement of education and in connection therewith to acquire, establish. FKovide, conduct. ¢8 on and develop in the United Kingdom any residentia] 4Th1 non-r¢sid¢ntial SchcM)l in which children and students may rec¢iv¢ a general academic education in conjunction wtth a specialised education in dance, dram4 rnusicai theatr¢ music and other fonns of theatre and any other subjects Considw￿l lik¢ly to a55isI sttthts d¢5iring to follow a or ¢onnedal with th¢ tvfornling arts. In Ca￿ng out these objectives the Governo￿ have given due regard to the Charity Commission's published guidance Concerning the opcration of the Public Benefit requirement und¢r the Aci and in partiwlw to its supplementary public benefii guidaD¢¢ on advancing education and on fee Char￿n8 in order to make its specialist facilities and teaching expertise generally availabl¢ to the Si￿1fi￿¢ FWI of talented and pol￿tiallY talental children and young adults at larg Aim$ 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 p￿rf0T￿lng 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 a￿deMiCallY 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 s￿l¢ty. The Sch￿1 aims to pmvide its ￿lon io talented pupils from all backgrounds and io extend its speciaii$t facilities and teaching eX￿1$t to children young adults in the wider community with tal¢nt or potential in the F￿0￿lIng 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 ¢Ol￿ern, eSp￿1411Y 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(K￿lY 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 Com￿lDYe 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 a￿1VitIes including overseas connections, and WOTk within l(Kal s¢hools and the community. Actively promote welltting to create a ￿>sitive working and I￿ning ¢nvirornt in which both individuals and the School thrive. Actionj to Achieve the Year's Obj¢¢tives The f￿￿S 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 Im￿rtanCe 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 depar￿n1 to include year 3 as this now enables the School to cover the whole of Key Stsge 2. A Se￿nd full-time Pr¢p Teacher is now working in the d¢portm¢ni and pupil numbers are growing The progrdnlme ofrefuTbithment of ￿Ording f￿llitt¢S ¢ontinual this year f￿uSsing 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 Past￿al behaviow Collordtnator's role has also been broadened to include well-bein& Initial scoping meeting5 t￿k pl￿e 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 succu￿f￿1 year in tams of hiring out its f￿LlitieS 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 L￿efit 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 pro*ide 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 S￿dentS. 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 m￿siC 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 inc￿le during the year (2021: 15Vo). Utilising its own resources, in¢luding voluntarily donated restrided funds, the sclKYJl provided £109k in Scholarship f￿dIng (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 Sch￿1 also funded this shortf￿1 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 sch￿1-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 rep￿ented 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 AssoeS*tes: 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 pro￿￿ne are currently well subscribed with a waiting lisi io join. Kiek Statr. ProTrid¢5 a high-qU41ity learning envIro￿ent 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] sch￿1 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. Ch*ritable & 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 m￿l¢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 n￿llber 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 t￿k place in the School's Markova Th￿tre 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 W0￿0p5 On stag¢. In July. a Gala da￿e perforn)ance was held to honour the life of Eve Pdtinger. a former pupil and 1￿cher 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 I￿luded 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 I￿al primary schr￿11S 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 m￿lca1 theatre pupils [￿rfOrmed 'Dirty Rotten Scoundrels. and in the summer t¢rn) perfomied a medley from the show'Newsies'. Performance Foundation.. The pupils ￿rfOrMed prod￿lonS of 'Find Me. and 'Fame'. The younger pupils in the school r*rfonned 'P￿er Pan. the Musical this year. The young¢r pupils were also able to perforn) a medley of rn￿1¢ 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 b￿d on'45 minutes. ￿ part of our Founders. Day celebratio￿. Music and Commercial Music.. The Sthwl *ag￿l 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¢pA*t 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 ptrforn￿￿S 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 re￿￿rt, 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 tslenl￿l 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.pUr￿se theatre. given that the sch￿1 has expanded significantly in teTms of pupil numbers And courses offer￿1 sitKe the ¢urrent th¢atr¢ was built 30 ago. The school also i￿efitted 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 S￿dents 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 i￿k 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¢¢umul*tive •/• of results No. of entries Subject Ye*r 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 Ye*r 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 a￿UM￿l*tiVe 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 SUbj￿ts where ￿deS are awarded A*io U DestAnAtlons In Upper Sixth, there were 80 pupils. Most S￿dents 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 L￿4]& 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 fi￿d 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￿$1( accounts with ILS own bankers and CCLA Investment Man4gement Ltd. The S¢hool's cyclical liquidity requirement dictates term de￿￿1t5 of three to six months maximum. Employmeni Policy The School is an equal Op￿rtunitIeS employr. full and fair consideration is given to job applications from disabled persons and to their training and employrn￿t needs. The Sch(K)l invests in training for all its staff and aims w thke the views of employees into account when decisions are made thai are likely to affect their interests. Employees are infonned of th¢ financi￿ and economic perfornwKe of the school. R¢serv¢s po15ey aAd FIn￿e￿I VAablllty The School's policy is io retain sufficient unTa4tricted income reserves in the fomi of ¢ash io enable the School to continue to meet its short-tenn financkal obligations in the ¢vent of an unexpeLted revenue shortfall. The School 4150 has a FK)li¢yof maintaining fr¢¢ reserves (beingunK4tricted andundesignat fi￿d$) 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$ks fa¢¢d Tn ¢&¢h of those areas. Risks are identified, assessed and controls &qtablished. In the opinion of the Governors, the Charityhas established re50uffts, in¢luding insurance. review of systems, ongoing trainin& detailed risk a5sessmeDts and disaster recovery planning. which under n¢xmal ronth'tions Should allow risk to b¢ mitigated to an acceptable level. Some of the principal risks managoj by the TnLSt irKlude child pm1￿110￿ (including the risk of histori¢ abuse cases). site security and 8afeguarth.ng of assets. cybercriTne, health and safety. reduction or removal of government fimding currently received through the m￿1¢ and Danee Scheme. political changes which could challenge the Sch(x)Is tharitsbl¢ sta￿$ for tsx. and the 0￿rating 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 pas￿ra1 care Ensuring that the Sch￿1 is able to r￿ruIttalC￿led pu￿lS and thos¢ with identified potential, irrespe£(ive of parental Ill￿15 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 ¢On1irtuitig￿thtiaI 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 refi￿l5}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 Sch￿I.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 Re￿t 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 Kin￿Orn AcwJn¢ing Standards and applicable law). Under company law th¢ Governors M￿$1 not approve the financial statement5 unless they are satisfied that they giv¢ a (Tue and fair vi¢w of the state of affairs of the charitable company and of the surplus or deficit of the tharitable c(xnpany for that In preparlng these financial statements, the Govern¢xs are Tequired to: select suitable accounting wJli¢ia and then apply them consistently" observe the methods and principles in the ChaTiti&s SORP. make judgments and accounting estimaies that are re&g)nabl¢ and pntht. 12 The AES Trlng Pirk Sehool Trust TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 2022 State whether applicable UK Accounting Standar&% have beett followed. subjttt to any material depart￿ di5¢1osed and explait￿d in the financial staiements" and prepare the finan¢i81 stht¢m¢nts oll the going concan basis Unl￿$ it is inapprO￿te to presume that the ¢hariiabl¢ company will continue in b￿SInesS. The Governors are responsible for keeping adequate accounting th#t ar¢ suffi¢ient to show and explain the charitable company's tranwtion5 and di￿105¢ 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¢ prev￿tion and detection of fraud and other irregularities. Post baiAtt¢e shert ¢v¢nt This year the Inde￿dellt 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 r￿ort (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) co1np￿Y Number: 02962095 Charity Number. 1040330 Independent Auditor's report to the members of The AES Tri￿g Park School Trn$t For tbe ye*r ended 31 August 2022 Oplnlon We have audiled the financial statements of AES Tring Park Sch(h)l Trust (the '¢omp3ny') for the year ended 31 August 2022 which comprise the Statement of Financial Activities. tbe Balance SheeL the Statement of Cash Flows and notes to tl* fiDanci814atements. including a SUMM￿ of Si￿lficant a¢¢ounting polici¢s. The finBncia] reporting framework th￿ has been applied in th¢irpreparation is applicable law and uT)l￿d Kingdom Accourlling STandards, including FRS 102"The Financial Reporting Stsndard applicable in the UK and Republic of Ireland" (United Kingdom Genernlly Accepted A¢counling Practice). In our opinioo the financial Statem¢￿$. 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 prrp￿r￿ 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 Ir￿e￿ndent 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 Ethi￿1 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 si￿1ficant doubt on the coMpan￿S 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 7nfCrn￿lO￿ 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 ann￿1 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 r￿Ort. we do not express any form of a55uran¢e conclusion thereon. 14 The AES Tring Park Seb￿1 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& inc0t￿lStencieS or apparent materia] misstatements, w¢ are required to deterniine whether this gives rise to a material misststan¢nt in ¢h¢ fllLincia] statements themselves. Ef. ba￿1 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 m*tterJ pr¢s¢ribed by the comp￿leS Act 2(K16 In our opinion. b8*1 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. M*tt¢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 agrensible for assessing the ch8TiWs 8bility to onlinu¢ as # going ¢on¢¢rn. dixlosing. as applicable. matters related to going ￿ncern and using the going ¢on¢ern basis of accoullting unless the Governors either intend to liquidate the chatity QT to ¢eas¢ operaLlOtis. or have rffto realistic alternative but to do so. Auditor's responsibilities for the *udlt of the ffflattel￿ statements Our obj¢rtiv¢s #re io oErtain reasonable a5suran¢e a1X￿t wh¢th¢r th¢ fllwicial statement5 as a whole ar¢ free from matrrial missthtrmenL whether due io fraud or wror. and to issue an auditor's report that includ&s our opinion. Reasonable &SSUTanc¢ is a high I￿1 of assurance but is not a guarantee thai an audit conducted in accordance with ISAS (UK) will always detect a material misststement when it exists. Misststements can arise from fraud or ffmr and are ¢onsidered material if, individually or in the 15 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 rea￿nablY k eXp￿ted 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 re￿lationS. 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 Identif￿ng and assessing the risks of n￿terIal 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 gOVerna￿e. as to whether the ¢oTnp￿Y is in ¢ompliau¢e with laws and regulations. and discussing their ￿licIeS and prraur¢s regarding compliance with laws and rwlations" Inspecting cOrres￿ndenCe. 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¢gisl*ioN 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 SI￿7r1eant 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 i￿1 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 Managell￿nt override of controls by perforn]ing journal entry lestin& Ther¢ 4r¢ inher￿1 limitstions in the audit pr1￿c1ju￿S 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 Coll￿470n, forgery* intentional ornission4 misreprtsentAtiOnS or the override of internal controls. A fiIrtl￿r 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 coMpan￿S 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 pU￿m)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 i￿Y for ouraudit Work, forthi5 report. or forthe opinions we bave forniol. tan Holder (Senior Statutory Auditor) for and on behalf of M*z*n 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 y￿r 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•t*l 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 9￿7,335 . 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 3￿1.650 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 fina￿181 **¢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 f*llinz dlle within one year 18 3.632 710 3 553 430 Net current assets 3.797.877 726,381 Tot*l 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]32UtJSG￿*1> 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 re￿y￿￿ts (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 P*rk S¢hool Trnst (trading as Tring Park Schwl for the Performing ATts) Coinp*Dy Number: 02902095 Ch*rity Number: 1040330 Notes to the financial statements For the year ended 31 August 2022 l. Accountlmg policies AES Tring Park School Tn￿t 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 CUrr￿cY of the Charity. The financial statements have Ixen rounded to the nearest whole ￿und. ) Basis of pre￿ratIon 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 Re￿lIrtg by Charities,, the Fina￿141 Reporting Stsndard applicabl¢ in th¢ Uni*d 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 a￿ed 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 CoMpan￿S 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 Eth￿ti0ft are credited to the Ststement of Financial Activities in the year for which they are receivable. e) Expendlture Expenditure is rgcognised on an a¢¢n￿lS 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 exp￿dib￿re in.the Statement of Financial Activities. or for overhead costs. apixirtioned acccffding to management estimate of acth￿1 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 ba￿1 on a¢tivity. 21 Tbe AES Trfng P*rk Stbool Trnst (trdding as Tring Park SchTh)I for the Performing Art5) Comp*ny 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 ca￿￿ng 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 b￿lS.. Fr¢¢hold propffj- 14nd and building5 Nil Fixtures. firniftre and 04uipment 5%-33% straitht line Freehold prO￿tieS wnprise a Grnde Il li5trd mansion bJildin& ¢l&sw(x)m$. and residential accomm¢>Jation. The major programme of annual ¢xpenditure io maitllain the fabn'c of the buildings means thai the estimated useful lile of the bui]dings is considered by the diTector5 to be ext¢nd¢d indefinitely. The s¢h(x)l assess for indi¢8tors of irnpainnent each year. h) C*sh And Cash equIv￿¢￿tr Cash and cath equivalents aff and short terni highly liquid inve51m¢nt5 with a short maturity of three months or less from th¢ dat¢ of a¢quisition or opening of the dewsii (K similar a¢¢ounl. I) IAasey Operating leas Renials paydble under operating lease5 are charged on a straight line basis over the terni of the lease. j) Sto¢ks Stocks are valued at the lower of c051 and net reaiisable valu¢. 22 The AES Trlng Park School Trnsl (trading as Tring Park Schix)I for the Performing Arts) Company Number: 02962095 Cbarity Number: 11510330 Notes to the financial statements (continued) For the year ended 31 August 2022 k) Pensions The pension costs chw in the financial ststeD￿Dts represent contributions payable by the company during the y¢ar in accordance with FRS 102. l) Tax*tion The company is regi$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) V*lue 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$. Basie financial instrwnent5 are initially recognised al transaction values and subsequently measured at their s¢ttl¢m¢nt valu¢. o) Judgmellts in •pplyfing aeeounthig polltleg atsd key sollrees of estlmation unetrtalnty In applying the companYs accounting policies. the Governors aTe required to make judgements, estimates and assumptions in deiern)inin8 the canyingamounts Or￿ets and liabilities. The Governors, judgements. stimates and ￿ll￿VIons ar¢ ba%d on th¢ best and most r¢liabl¢ ¢vid¢n¢e available at th¢ lim¢ when th¢ decisions are made. and are bassj on historical exper]er￿e and other factOTS that are Consider￿ to be applicable. Due to inherent subjectivity involved in nmking such judgements. estimates and assumptions. the actual results and may differ. The ¢stiJnaie$ 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 Sch￿1 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 princi￿1 activity of the provision of SFrtialist education Thce& The company oper*es in the UK and its income is den.ved from teaching pupils from both the UK and Overs￿$. 3. School fees Income r¢lated to SchTh)I frts received in the year is analysed as follows: 2022 Gross S¢hool ftts Subsidy for gov¢rnmellt fimded pupils S¢holaTships and other awards Net Schwl fees 11270.700 (352.587) (3￿,834) 10.617.279 10.323.184 (225.655) {299.338) 9,798,191 Tots] fiMa￿tIll •uisi*M¢¢ *W￿ded to pwpib by th¢ selmm Subsidy for government funded pupils Scholarthips and other awards Means tested bursaries 352,587 300.834 985.257 1.638.678 225,655 299.338 1,108.304 1.633.297 Total Financial as5i5tance as % of gro&5 fee 14.5% 15.8% Contributlons to nct schod r 2022 2021 D￿- Musi¢ and Danc¢ Sth¢tn¢ DfE- tkn¢e and Drama Award5 1,353.170 170.603 1,523.773 1.399,066 111,726 1.510.792 Net SchLK)I fees 24 The AES Trlng Park School Trust (trading &$ 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 a*d 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 r*ising 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. Volunt*ry income 2022 2022 2022 2021 Restricted Unrestrieted Tot*1 Total 15.0 Tn￿1$ 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 ex￿iD￿. 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) COm￿nY 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 pa￿ents 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 includ￿1 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 aCcn￿d under a defined benefit pension scheme was 2 (2021.. 2). contrib￿10￿$ 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 Sch￿1 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 a￿ve 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 tr￿ste¢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 inSur3r￿e 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) Com￿nY Number: 02962095 Charlty Number: 1040330 Notes to the financial statements (continued) For the year ended 31 August 2022 14. TaDE1b￿ r￿ed ugets FRthre$, Fnrniture F4￿1Pment Fre¢hold Prnptrties Totsl Cost At I S¢ptanb¢r 2021 Additions 14,866.532 3509.547 517,567 18,376,079 517.567 At 31 Au2u$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 s￿ternber 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 S￿la] Security is £83880 (2021: £70.221) of outswiding pension Contributions that were paid when they fell due, after the year end. Defe￿ed 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 th*D one year Bank loans •Dd overdraft- ￿￿y$l9 ofdebt m*lurity 2022 2021 Amounts payable by insthlments: Between one and two ye4ts Between and fiv¢ y¢aTS In five years or more 6,130,652 632.037 498.485 6.663,3 135.070 6,762.689 7.296,945 Included in the above maturity tabl¢ are the following amounts repayable by inStsl￿ts. 2022 2021 Repayable within five years Not wholly repayable within five years 6.762.689 7.161,875 135,070 6.762.689 7.296,945 The bank loans and charges are secured by a r￿ed and floating charge over the CoMpan￿S a55ets. Jnterest is payable on loan l at a variable rate ol 1.75% 8EK)v¢ b￿ rnt¢. This loan is set to m#tUT¢ in DecembeT 2026. Int¢ffst was payable on ierni loan 2 at a v4ri4bl¢ rnte of 2.75% abov¢ base ra￿. This loan was set 10 mabjre in August 2024. New were a￿ed on loan 2 in December 2022 with interest now payable at variable rate of 2.25% above base rate and maturity set for December 2032. 32 The AES Tring Park S¢hool Trnst (trading as Tring Park Schwl for the Perfijrming Arts) Company Number: 02962095 Ch•nty Number: 1040330 Notes to the financial statements (continued) For the year ended 31 August 2022 20. Restrve8 Unrestricted Fund$ . 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 depr￿lated 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 a￿1$ 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 Cb*rity NMmb¢r: IIM0330 Ivotes to the financial statements (continued) For the year ended 31 August 2022 22. Restrl¢¢ed F￿ndS ISep21 lu¢on* Ex￿dI￿re Tr*nsf¢n 31 Amz 22 Department for Ed￿ation 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 Sch￿1 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 Ass￿1*¢ ¢ourse pupils. Eve Pettinger Funds support the Dance depthent and classical dancers Eve Pettinger Award Trust supporting pupils studying Dance. Alexander T￿hnIqUe 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 supp￿rt 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 Sp￿AriC activitie5. Building Fund represenis fimds re￿ived for gerv41 bjilding repairs. The Errol Pickford Fund 5UPPOrts dance students at TTing Patk Schwl. 35 The AFS Tring Park S¢hool T￿$¢ {trading as Tting Park School for the Perfomitig Arts) Company Number". 029621)95 Ch*rity Number: 1040330 Notes to the financial statements (contlnued) For the year ended 31 August 2022 23. Other fjnaneial and tap1t￿ eommltmtnts At 31 August 2022 the company was conuwtted to making the following payments under non•cancellable operating lease: 2022 2021 Within l year Within 2-5 yeaTS After 5 years 32.304 48.IK)4 32,442 70.573 5,764 108,779 80.308 24. Pension contributions Contributions weRmth to TheTeache￿. P￿￿10n Scheme {'the TPSJ for teacheT5. and also to three defined Itribution s¢hem&8' Scottish Widows and Old Murual for suFyort staff. and AVIVA fty teachers. Th¢ S¢hool participates inih¢ Teache￿, Pension Scheme (*h¢ TPS") for itsteaching staff. Th¢ pension ¢harg¢ for the year includes contributions payable io the TPS of £519.458 (2021: £522.926) aod at th¢ yeor-end £54,194 (2021: £55.230) was accrued in res￿ of contributions to thi5 scheme. The TPS is an wifunded multi71i¢s - Bursaries - Education services - Interest payable Totsl eXp￿dI￿re 802 802 52.002 1.056.302 1,108,304 8,196,073 8221,073 217.056 217.056 9,470233 9￿7.235 io li 52,iK12 (25,IJQO) {21.0￿} 967,980 921,897 TT8nsfer be￿ funds Net movement in funds (25,(KKI) (21.083) 967,980 921,897 Total fullds brought lorn#rd At Ise tember Total fund$ ¢*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 carefi￿Y through its management team and ￿gUlar r4)orting to the Finan¢e & General Purw)5¢s committe¢. Scenario planning is in pla¢¢"4nd regular di￿ll$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 I￿k at apFWi4te cos1 ¢fficieti¢i¢s. During the academic year. the school were i￿eric1aTles of the will of Eve Pettinger who was a fonn¢r pupil and t¢ach¢r at the Sch￿1. and Ms Pettinger left within ber will the sum of £2.6m to Tring Park School for the Perforniing Arts to SUp￿rt pupils StI￿Ying 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 sel￿tion of trusiees to the new tn￿l comes directly from the mairt School TrM)grd and is overseen by the Chair of Governors. Since the estsblishment of the new tr￿St. 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 a￿Ced 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