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2025-08-31-accounts

Company Number: 2962095 Registered Charity Number: 1040330

The AES Tring Park School Trust

(trading as Tring Park School for the Performing Arts)

Report and Financial Statements

For the year ended

31 August 2025

The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2025

Governors, Officers and Professional Advisers

GOVERNORS, DIRECTORS AND CHARITY TRUSTEES

The Governors of the charitable company are its directors for the purpose of company law and trustees for the purpose of charity law. The current Governors in office are listed below. All served on the board throughout the year from 1 September 2024 to the date of this report unless otherwise stated.

(1) (2) (3)
Mark Hewitt Chair of Governors
Edward Williams Vice Chair of Governors
Angela Odell
Michael Harper(resigned18/07/2025)
Eric Pillinger
Janet Mitchell (Kitteridge)
JohnClark(resigned 04/04/2025)
Mark Taylor (resigned 19/03/2025)
RobertBreakwell
Simon Knee
ClaireDickson(resigned27/03/2025)
Kathryn Gorman (appointed 08/11/2024)
Kate O’Shaughnessy (appointed 08/11/2024)
Vanessa Champion-Smith (resigned 13/12/2024)
Christine Zammit (appointed 17/03/2025)
RichardBrash(appointed17/03/2025)
Emma Wilson (appointed 17/03/2025)

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

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

Officers: - Principal: Simon Larter Evans (stepped down on 31[st] December 2025), Deputy Principal: Anselm Barker, Director of Studies: Elizabeth Odell, Business Director: Stephen Robinson.

Principal Office : -

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

Professional Advisers : -

Bankers:

Virgin Money, The Team at Virgin Money, 5 Lockey House, 1 St. Peters Street, Saint Albans. AL1 3LP

Auditor:

Forvis Mazars LLP, Chartered Accountants and Statutory Auditors, The Pinnacle, 160 Midsummer Boulevard, Milton Keynes, MK9 1FF

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The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2025

Annual Report of the Governors, incorporating the Strategic Report For the year ended 31 August 2025

The Governors of the School present their Annual Report, including the Strategic Report, for the year ended 31 August 2025 together with the audited accounts for that year and confirm they comply with the Companies Act 2006 and Charities Act 2011 (''the Act"), the Trust Deed and the Charities SORP (FRS 102).

REFERENCE AND ADMINISTRATIVE INFORMATION

The AES Tring Park School Trust ("the Charity" and "the School") in its current form was founded in 1994 and is a company limited by guarantee (Company No. 02962095) registered with the Charity Commission (Charity No. 1040330) and is governed by the provisions contained within the Memorandum and Articles of Association.

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

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Charity is governed by its Memorandum and Articles of Association dating from 1994, with the Articles having been updated in 2019.

Recruitment and Training of Governors

The Charity's elected Governors are appointed on the basis of nominations received and the suitability, of the nominees as judged by the Board. The Board's specifications for new Governors include eligibility, experience, competence and specialist skills and availability. Increasing the diversity of the Board in terms of age, gender and ethnicity is also taken into consideration. New Governors undertake a formal induction programme into the workings of the Charity and the School which includes all mandatory training in particular Safeguarding children. They are encouraged to undertake the Association of Governing Bodies of Independent Schools e- learning course for new Governors, and other training courses as necessary. A nominations committee has been established to ensure adequate succession planning.

Organisational Management

The Governors as trustees of the Charity are legally responsible for the overall management and control of the School. During the year the Governors continued to be covered by an insurance policy to indemnify them against the consequences of any neglect or default on their part (cover: £2,000,000). The cost of the policy was £1,465 (2024: £1,393).

The full Governing Body meets once per term. Preceding each of the Board meetings are four subcommittee meetings covering Development and Fundraising, Finance and General Purposes, Education, and Marketing. Each committee comprises four or five Governors, the Principal, and Business Director/Clerk. Representative staff members from the Academic, Vocational and Support staff may also be present depending upon the business to be discussed. Minutes from all sub-committees are circulated to the full board membership. Any findings and recommendations are then reported to the subsequent Board meeting where decisions will be ratified.

The work of implementing policies and the operational management of the School is the responsibility of the Principal and his senior management team. Remuneration for the senior management team is

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The AES Tring Park School Trust TRUSTEES’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2025

recommended by the Business Director and Principal, following participation in sector specific benchmarking surveys, reference to external recruitment consultants, and consideration of budgetary constraints. Remuneration decisions for the Principal and the Business Director are approved by the Chair of Governors following review by the Finance and General-Purpose committee.

Related parties

Trustees': -

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

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

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

Vision and Aims

The School’s vision is to be the pre-eminent centre of excellence for the next generation of the most versatile performance artists in the world. It aims to provide this education to pupils from all backgrounds who have the potential to benefit from this specialist environment. It also aims to make its specialist facilities and teaching expertise more widely available to potentially talented children and adults through its open access classes and courses. In addition, the School aims to create meaningful partnerships with industry expertise at home and aboard, alongside ambitious arts programmes that benefit some of the most disadvantaged young people in the UK

Purpose

The School provides a creative environment in which pupils with a love of the performing arts can flourish. The unique combination of a specialised education in dance, drama, musical theatre, music, associated technical crafts and other subjects provides students desiring to follow a career in the performing arts with the best possible training whilst also ensuring a full academic education and qualification, enabling them to pursue other career options should they so wish. This integrated approach to the curriculum gives pupils the best opportunity to fulfil their potential.

The School’s pastoral care and safeguarding provides pupils with a safe, caring and supportive environment in which to pursue their studies.

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The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2025

The School’s values are Excellence, Creativity, Resilience, Collaboration and Adaptability. It promotes social and life skills such as tolerance, consideration for others, and self-discipline in order to prepare pupils to be successful and valued members of society.

In order for the School to thrive and retain its place at the forefront of performing arts education and training, it needs to remain sustainable in terms of attracting new pupils and operating on a secure financial footing. The School needs to generate sufficient annual surplus to reinvest in staff and updated facilities to enable it to continue to offer high quality education.

Key activities during the year:

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The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2025

This was successfully undertaken, though it entailed extensive work to ensure the school was ready for the implementation at the 1[st] January 2025.

The School’s partnership agreement with the Share Foundation (UK Charity 1108068, which also runs the Child Trust Fund and Junior ISA scheme on behalf of the DfE) successfully produced an access course for Care Experienced Young People, some of the most disadvantaged young people in the country. Part funded by the Rothschild Foundation, the course, developed with virtual Schools and local authorities launched early 2025. The uptake, delivered through Local Authorities, has been encouraging.

In the summer term the Principal announced he would be stepping down to pursue different activities and departed the school on the 31[st] December 2025. The governors commenced the process to recruit a new Principal. Following an extensive search, governors were in the fortunate position of having a very strong list of candidates to consider, which is a real testament to the reputation and high regard in which our School is held within the independent school sector. At the end of the process, and following careful consideration and evaluation, governors offered the role to Mr Andrew McGarva, who accepted the position. Until Mr McGarva arrives, School will continue to be run on a day-to-day basis by the Senior Leadership Team working together, with oversight from the Chair of Governors.

Public Benefit

Scholarships and Bursaries

The School remains committed to the aim of providing public benefit in accordance with its principles and objectives. Charity legislation requires demonstration of public benefit, and the awarding of bursaries is a measurable means of providing this. The School continues to provide financial support to pupils and families who are unable to afford full fees, in order to make the School as accessible as possible to the widest range of students. This has been achieved with a mix of Government funding, School-provided scholarships, means-tested top-up scholarship bursaries, hardship bursaries, and fee discounts. The school continued to provide bursaries, including those from the Eve Pettinger Trust set up following a legacy from the former pupil and teacher.

In terms of government funding, the School received £1.392m (2024: £1.347m) from the Music and Dance Scheme, with 46 (2024: 46) pupils benefiting from this. DADA scheme receipts were £212,695

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The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2025

(2024: £219,712) for 22 pupils (2024: 24 pupils) (see note 3). In total government funding of £1.604m (2024: £1.567m) represented 13.8% of the School's gross fee income during the year (2024: 12.9%).

Utilising its own resources, including voluntarily donated restricted funds, the school provided £86k in Scholarship funding (2024: £93k), together with £590k as top up scholarship bursaries and hardship bursaries (all means-tested) (2024: £747k). Moreover, as the government funded schemes do not meet the full cost of fees, the School also funded this shortfall with a subsidy of £588k (2024: £535k) (see note 3), further supporting those students in need of financial assistance. Finally, the School has offered discounts to pupils whose parents are members of staff, and the value of this, together with sibling discount, and pupils who receive Armed Forces' discount, is £186k (2024: £128k). This took the total of School-provided funding assistance to £1.449m, accounting for 12.5% of gross fee income (2024: £1.503m, 12.4%). A total of 139 pupils received financial assistance, which represented 41% of total pupils (2024: 145 pupils, 41%).

Outreach Activity

The School continues to run a well-supported programme of Outreach activities in all forms of Dance, Acting, Musical Theatre and Music in its ongoing endeavours to widen public access to specialist performing arts training. This is done via the programme of evening, weekend and holiday courses (for which bursaries were also available), and many other community activities. including: -

Tring Park Performance Academy: The most significant outreach activity continues to be the classes run in the evenings and weekends by Tring Park Performance Academy. There were approximately 306 pupils enrolled in classes including ballet, pointework, tap, modern, jazz, street dance, contemporary, singing and acting and acrobatics. There are also several classes every week for adults, including ballet and tap and an additional class for adults who suffer from Parkinson’s disease.

Classical Ballet Associates: There were 115 pupils enrolled on this programme which allows pupils from all over the country to access specialist classical ballet training. The auditions for entry to this programme are currently well subscribed with a waiting list to join. Sessions consist of body conditioning, and a classical ballet class and include elements of coaching, repertoire and pointe work for the upper-level female students.

Holiday Courses: The School runs week-long courses to allow participants to experience the environment of a vocational School. Over 300 bookings for our week-long residential courses in Dance, Acting, Commercial Music and Musical Theatre.

Charitable & Community Activities: The School was once again able to contribute to charities with our performances as in previous years. The Performance Foundation course performed for the local community at the Christmas Festival. Performances of the Musical ‘Footloose’ were also held in aid of Rennie Grove Hospice Care. Our Sixth Form Acting Course pupils visited a number of local primary School to deliver a Theatre in Education performance. They also invited the local care home residents to the school for an afternoon tea dance. Our Senior dance pupils collaborated with the charity ‘icandance’ in a performance featuring both disabled and able-bodied dancers .

SHOWS AND DEPARTMENT HIGHLIGHTS

Dance: Pupils took part in the English National Ballet annual performance of The Nutcracker at the Coliseum in London. The Young Dancers Show and the Senior Dance show took place in the School’s Markova Theatre, whilst our graduating pupils performed as the Encore Company both at School and at the Shaw Theatre in London. Some Year 13 students had the opportunity to work with ICanDance, they created and performed both during the Senior Dance Show and at Jacksons Lane Theatre in Highgate, ensuring that the dance course reaches out to the wider community.

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The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2025

Acting: The Department performed a wide variety of pieces covering different genres. In the Autumn term, these included ‘Inherit the Wind’ and ‘The Street of Crocodiles’. In the Spring term, the School held our Contemporary Theatre Festival which included five plays and supporting Q and A sessions with the actors and creative teams. These included ‘Electric Rosary’, ‘Fury’, ‘Muswell Hill’, ‘Girls Like That’ and ‘The Roses of Eyam’. 24 students also visited St Kitts and Nevis and performed The Roses of Eyam and a Theatre in Education science play to the islands’ children. The visit was at the behest of the Ministry of Education in SKN and along with the performances, the pupils also assisted in the delivery of drama and dance workshops for local children. The TIE play was again performed in local primary schools in Tring and its environs and in the summer term residents of the local care home were invited to the school for a tea dance hosted by the Acting Course pupils but which included informal performances in the ballroom by the commercial musicians and the senior dancers as well as the actors. The year finished with a successful production of Twelfth Night as part of the annual Shakespeare in the Park performance.

Musical Theatre : Musical Theatre Course students presented the book musical, ‘Footloose’, directed by the industry professional Mark Hilton, which included a charity performance for Rennie Grove, the local hospice. A second, smaller cabaret charity performance for the Rotary Club in Berkhamsted.

A new initiative was explored in June, allowing the year 12s an in-house opportunity to perform the play ‘The Arsonists’. The year 13s celebrated their graduation with another splendid evening of song and the whole course came together at Founders Day with excerpts from ‘The Wild Party’.

Performance Foundation : The pupils performed productions of 'Far From The Madding Crowd' and ’Anything Goes' The younger pupils in the School performed ‘SpongeBob the musical. They were also able to perform a medley of music from the musical ‘Oliver’ at the Tring Festival. In the Summer term the older pupils performed excerpts from ‘Wicked', a devised play, and a short programme of commercial music as part of our Founders’ Day celebrations.

Music and Commercial Music : The School staged performances from the Commercial Music Course in an acoustic music night held in the Mansion in the Autumn term and during the Spring term a night of commercial music was performed in the Markova Theatre. Some of the Commercial Music course also played original in ‘The Roses of Eyam’ staged by the Acting course. The school community came together in the annual carol service at Tring Parish Church at the end of the Autumn term. In the Spring term, pupils from across the school showcased their talents in an evening of choral and instrumental music. The Senior Chamber Choir entered the Barnardo’s choir competition and won the popular music category. The musicians also supported the community by composing a song in aid of the local hospice and playing at a tea dance for local care home residents. During the Summer term our Commercial Music Pupils also performed at Bush Hall in London. At our Founders’ Day celebration, the pupils performed a short programme of music on an outdoor stage.

Prep Department : The Prep Department pupils performed an entertaining and original play titled ‘The trial of the Fairytale Four’.

Fundraising Performance

The School has taken the decision to bring fundraising in-house, and focused its work on local fundraising for capital developments, and more widely for bursary support, all under the banner A Stage For All.

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The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2025 REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

School Performance

Exam Results

There were 177 exam entries for A level during the Summer 2025 exam series.

Students almost surpassed the national average, with 27.1% achieving A*-A grades. This was a slight drop from last year (32%). The national average was 28.3%.

61% secured an A* to B, again a slight drop on last year (64.8%), but significantly surpassed the national average (55.2%).

97.2% of students achieved an A*- E with the national average slightly higher at 97.5%

This success underscores the effectiveness of combining academic and vocational learning to support well-rounded individuals committed to excellence.

For A levels the overall percentage grades were:

Tring Park School
National Statistics
A-A = 27.1%
A-B = 61%
A-E =97.2%
A-A = 28.3%
A-B = 55.2 %
A- E =97.5%

Students performed well in certain subjects:

This is a significant achievement in these subjects.

GCSE Results

There were 310 exam entries for GCSE during the Summer 2025 exam series. On average most students took an average of 9 subjects.

In total, 96.5% of students secured grades 9-4, and 97.8% A-C, surpassing the national average of 67.1% grade 4/C and above. Furthermore, 38.4% of entries received grades 9-8, and 62.2% achieved grades A to A (9-7).

Certain subject areas (Dance, Triple Science, Music, Drama, Spanish, History and Further Maths) achieved a 100% pass rate, demonstrating that a dual curriculum, with both academic and vocational study, can work in nurturing industrious and committed young people, dedicated to their learning.

97.8% of students achieved a grade A*-C in English Language, and 97.8% attained 9-4 for Mathematics. This represents one student in the cohort in each subject.

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The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2025 A level – accumulative % of results

A-level Data August 2024 A-level Data August 2024 A-level Data August 2024
ENTRIES Pass % A* - A % A* - B % A* - C % A* - D % A* - E %
TOTALS 177 97.2% 27.1% 61% 82.5% 94.4% 97.2%

GCSE (1-9) accumulative % of results

GCSE Data(9 – 1) August 2025
No. of entries 9-8 9-7 9-6 9-5 9-4
Total 310 38.7% 58.1% 74.2% 90.3% 96.5%

GCSE (A*-U) accumulative % of results
GCSE Data(A* - U) August 2025
No. of entries A* - A A* - B A* - C A* - D
Total 90 62.2% 86.7% 97.8% 100%

Destinations for 2025

Academic Destinations

University of Exeter – History University of Exeter – History and Politics Hong Kong University of Science and Technology - Business King’s College, London – History King’s College, London – Philosophy, Politics and Economics King’s College, London – Physiotherapy The University of Sheffield - Materials Science and Engineering University College London – Business and Health

Vocational Destinations

Bird College English National Ballet Guildford School of Acting Italia Conti Laine Theatre Arts Leeds Conservatoire LIPA Northern Ballet Graduate Programme Pinewood Studios Royal Northern College of Music Urdang

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The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2025 FINANCIAL REVIEW

Results for the Year

The Charity's surplus for the year was £0.694m (2024: surplus £1.228m).

Investment Policy

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

Employment Policy

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

Reserves policy and Financial Viability

The Schools policy is to retain sufficient unrestricted income reserves in the form of cash to enable the School to continue to meet its short-term financial obligations in the event of an unexpected revenue shortfall. The School has an unrestricted cash target of £1.5m, which would cover two months running costs. The School is meeting this target with net current assets of £2.3m after deducting restricted funds. The School currently has no free reserves and the medium-term aim is to move to positive free reserves, with the aim of this to be achieved in the next five years as the current bank loan connected to School buildings is repaid.

PRINCIPAL RISKS AND UNCERTAINTIES

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

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

THE FUTURE

The strategic objectives as previously stated have been identified as those needed to achieve the School’s overall vision and ambition to be at the forefront of educating the next generation of performance artists, both vocationally and academically. The key objectives which will enable us to achieve this include:

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The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2025

STATEMENT OF GOVERNORS’ RESPONSIBILITIES

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

Company law requires the Governors to prepare financial statements for each financial year. Under that law the Governors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the surplus or deficit of the charitable company for that period. In preparing these financial statements, the Governors are required to:

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The AES Tring Park School Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2025

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of Disclosure to Auditor

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

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

Auditor

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

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

Mark Hewitt

Chair of Governors Date: 22/05/2026

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The AES Tring Park School Trust

(trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE AES TRING PARK SCHOOL TRUST

For the year ended 31 August 2025

Opinion

We have audited the financial statements of The AES Tring Park School Trust (the ‘charity’) for the year ended 31 August 2025 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the

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The AES Tring Park School Trust

(trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement set out on page 12, the trustees (who are also directors of the charity for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

15

The AES Tring Park School Trust

(trading as Tring Park School for the Performing Arts)

Company Number: 02962095 Charity Number: 1040330

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the charity and its sector, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Charities Act 2011 and the Companies Act 2006.

In addition, we evaluated the trustees’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to income recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the charity’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity’s

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The AES Tring Park School Trust

(trading as Tring Park School for the Performing Arts)

Company Number: 02962095 Charity Number: 1040330

members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s members as a body for our audit work, for this report, or for the opinions we have formed.

Michael Speight

Michael Speight (May 22, 2026 12:45:53 GMT+1)

Michael Speight (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor The Pinnacle 160 Midsummer Boulevard Milton Keynes MK9 1FF Date: 22/05/2026

17

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

Statement of Financial Activities For the year ended 31 August 2025

Restricted Unrestricted Total Total
Funds Funds Funds Funds
2025 2025 2025 2024
Notes £ £ £ £
Income
Income from charitable activities:
- School fees 3 - 10,733,525 10,733,525 11,403,395
- Other classes and courses 4 - 630,219 630,219 644,616
Income from raising funds:
- Activities for raising funds 5 - 35,052 35,052 15,221
- Voluntary income 6 128,344 1,150 129,494 43,385
- Investment income 112,429 223,476 335,905 363,669
Other income:
-
Profit on sale of fixed assets		 - - - 1,819,632
Total income 240,773 11,623,422 11,864,195 14,289,918
Expenditure
Cost of raising funds
-
Fundraising		 7 - 3,007 3,007 13,052
Charitable activities
- Bursaries 103,328 486,195 589,523 746,541
- Education services 8 - 10,305,701 10,305,701 10,124,276
- Interest payable 10 - 233,810 233,810 358,875
Other expenditure:
-
Loss on disposal of fixed		 11 - 37,676 37,676 -
assets
Total expenditure 11 103,328 11,066,389 11,169,717 11,242,744
Net income 137,445 557,033 694,478 3,047,174
Net movement in funds 137,445 557,033 694,478 3,047,174
Total funds brought forward at
1September
21		 3,079,591 14,735,852 17,815,443 14,768,269
Total funds carried forward at
31 August		 21 3,217,036 15,292,885 18,509,921 17,815,443

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

The notes on pages 21 to 38 form part of these financial statements.

18

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

Balance Sheet As at 31 August 2025

Notes
Fixed assets
Tangible fixed assets
14
Current assets
Stock
15
Debtors
16a
Debtors: due after one year
16b
Cash and cash equivalents
17a
Current asset investments
17b
Creditors: amounts falling due
within one year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due
after more than one year
19
Net assets
Restricted funds
Other restricted funds
23
Unrestricted funds
Fixed asset reserve
21
General
Total funds
21		 2025
£
£
15,404,014
34,795
2,290,391
189,472
5,413,846
3,571,576
11,500,080
(5,787,870)

5,712,210

21,116,224
(2,606,303)

18,509,921
3,217,036
3,217,036
12,264,476
3,028,409
15,292,885
18,509,921		 2024
£
£
15,681,248
26,967
2,352,904
-
7,298,083
1,045,626
10,723,580
(5,582,034)
5,141,546
20,822,794
(3,007,351)
17,815,443
3,079,591
3,079,591
12,161,192
2,574,660
14,735,852
17,815,443		 2024
£
£
15,681,248
26,967
2,352,904
-
7,298,083
1,045,626
10,723,580
(5,582,034)
5,141,546
20,822,794
(3,007,351)
17,815,443
3,079,591
3,079,591
12,161,192
2,574,660
14,735,852
17,815,443
20,822,794
(3,007,351)
17,815,443
3,079,591
14,735,852
17,815,443

The notes on pages 21 to 38 form part of these financial statements.

Approved and authorised for issue by the Board of Governors on x and signed on its behalf by:

Mark Hewitt Chair of Governors 22/05/2026

19

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

Statement of Cash Flows For the year ended 31 August 2025

Net income
Adjustments for:
Depreciation
Capital Goods Scheme Reclaim
Loss/(Profit) on disposal of fixed assets
Movement in Stock
Investment income
(Increase) in debtors
Increase in creditors
Interest on borrowing (Note 10)
NET CASH INFLOW FROM
OPERATING ACTIVITIES
Purchase of fixed assets
Deposit – current asset investments
Investment income
Sale of fixed assets
CASH FLOWS INFLOW
FROM/(USED IN) INVESTING
ACTIVITIES
Repayments of borrowing
Interest on borrowing
NET CASH (OUTFLOW)/INFLOW
FROM FINANCING ACTIVITIES
NET (DECREASE)/INCREASE IN
CASH
CASH AND CASH EQUIVALENTS
AT 1 SEPTEMBER
CASH AND CASH EQUIVALENTS
AT 31 AUGUST		 2025
£
308,249
205,577
37,676
(7,828)
(335,905)
(126,959)
185,305
233,810		 £
694,478
499,915
1,194,403
(2,464,313)
(614,327)
(1,884,237)
7,298,083
5,413,846		 2024
£
312,375
-
(1,819,632)
-
(363,669)
(427,714)
65,318
358,875		 £
3,047,174
(1,874,447)
(274,268)
(2,525,950)
335,905
-		 (131,696)
(45,626)
363,669
2,904,632
1,172,727
3,090,979
(3,736,429)

(380,517)
(233,810)		 (3,377,554)
(358,875)
527,277
6,770,806
7,298,083

The notes on pages 21 to 38 form part of these financial statements.

20

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

Notes to the financial statements For the year ended 31 August 2025

1. Accounting policies

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

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

The company qualifies as a Public Benefit Entity.

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

a) Basis of preparation

b) Going Concern

The Governors have reviewed detailed cash flow projections to 31 August 2029 and have agreed detailed budgets for the year ended 31 August 2026. Fee structures for the year ended 31 August 2026 have been agreed. The Governors believe that the company has sufficient cash resources to cover the company's working capital and capital expenditure requirements. As a result of the foregoing the Governors are satisfied that it is appropriate to prepare the accounts on a going concern basis.

c) Income

Donations and gifts are recognised when receivable.

d) Grants receivable

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

e) Expenditure

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

Cost of raising funds include marketing costs and event costs.

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

21

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2025

f) Governance costs

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

g) Fund accounting

h) Fixed assets and depreciation

All assets costing more than £500 are capitalised at historic cost.

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

Freehold property – Land and buildings Nil

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

i) Cash and Cash equivalents

Cash and cash equivalents comprise cash balances and call deposits which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value and have an original maturity of three months or less at acquisition.

j) Leases

Operating leases

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

k) Stocks

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

22

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2025

l) Pensions

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

m) Taxation

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

n) Value Added Tax

As of the 1[st] January 2025, the company is now registered for Value Added Tax purpose. All relevant items of income and expenditure in the income and expenditure accounts, therefore exclude where appropriate the related amount of Value Added Tax.

o) Financial instruments

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

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

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

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

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

23

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2025

2. Segmental information

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

3. School fees

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

Gross School fees
Subsidy for government funded pupils
Scholarships and other awards
Net School fees
Total financial assistance awarded to pupils by the school
Subsidy for government funded pupils
Scholarships and other awards
Means tested bursaries
Total
Financial assistance as % of gross fee
Contributions to net school fees:
DfE – Music and Dance Scheme
DfE – Dance and Drama Awards
Net School fees		 2025
£
11,593,004
(587,558)
(271,921)
10,733,525
587,558
271,921
589,523
1,449,002
12.5%
2025
£
1,391,666
212,695
1,604,361		 2024
£
12,159,639
(534,669)
(221,575)
11,403,395
534,669
221,575
746,541
1,502,785
12.4%
2024
£
1,347,170
219,712
1,566,882

24

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2025

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

Associate classes
Holiday courses
Registration
Shows
Other
5. Activities for raising funds
Rental of premises
Other
Uniform shop
Filming
6. Voluntary income
Legacy
Other		 2025
£
Restricted
-
-
-
-
-
2025
£
Restricted
128,344
128,344		 2025
£
Unrestricted
785
-
650
33,617		 2025
£
296,910
174,705
45,646
79,521
33,437
630,219
2025
£
Total
785
-
650
33,617
35,052
2025
£
Total
-
129,494
129,494		 2024
£
252,815
225,842
50,920
103,746
11,293
644,616
2024
£
Total
-
875
2,035
12,311
15,221

2024
£
Total
-
153,969







35,052
2025
£
Unrestricted
-
1,150
1,150
153,969

25

The AES Tring Park School Trust

(trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2025

7. Cost of generating funds

ost of generating funds
Fundraising costs 2025
£
Restricted
-
-		 2025
£
Unrestricted
3,007
3,007		 2025
£
Total
3,007
3,007		 2024
£
Total
13,052
13,052

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

Teaching
Welfare
Catering
Premises
Support
Hire and Shows
Marketing – non
fundraising
Governance costs (note 9)		 Restricted
2025
£
-
-
-
-
-
-
-
-
-		 Unrestricted
2025
Total
2025
Total
2024
£
£
£
4,178,460
4,178,460
4,029,583
851,012
851,012
679,773
935,098
935,098
1,023,669
1,690,490
1,690,490
1,722,511
1,890,105
1,890,105
1,912,044
273,285
273,285
227,672
128,760
128,760
145,530
358,491
358,491
383,494
10,305,701
10,305,701
10,124,276

9. Governance costs

Staff costs
Audit and accountancy
Legal and professional		 2025
£
113,438
35,751
209,302
358,491		 2024
£
99,157
35,903
248,434
383,494

26

The AES Tring Park School Trust

(trading as Tring Park School for the Performing Arts)

Company Number: 02962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2025

10. Interest payable

10. Interest payable
On bank term loan
On bank development loan
11. Net income and movement in funds
Net income and movement in funds is stated after expending:
Depreciation of tangible fixed assets
Hire of other assets – operating leases
Auditor’s remuneration – audit fee (current year)
Auditor’s remuneration – audit fee (prior year)
Auditor’s remuneration – other services
Auditor’s remuneration – other services (Music & Dance grant review)
Loss/(Profit) on disposal of fixed assets		 2025
£
33,404
200,406
233,810
2025
£
308.249
37,102
23,875
307
9,303
2,266
37,676		 2024
£
52,856
306,019
358,875
2024
£
312,375
33,273
21,600
-
8,903
5,400
(1,819,632)

27

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2025

12. Staff costs

taff costs
Wages and salaries
Social security costs
Pensions
Termination costs (statutory)
Termination costs (non-statutory)		 2025
£
5,136,303
555,813
798,786
89,159
18,031
6,598,092		 2024
£
5,034,864
482,322
671,385
9,486
19,716
6,217,773

Non-statutory termination costs that relate to redundancy payments were paid to 7 members of staff in the year (2024:1).

The cost of pupils participating in paid work experience at the school amounted to £20,243 (2024: £22,028) and is not included in staff costs.

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

2025 2024
Number Number
£60,001 - £70,000 4
-
£70,001 - £80,000 1
-
£80,001 - £90,000 2 2
£90,001 - £100,000 - 1
£100,001 - £110,000 1 -
£120,001 - £130,000 1 1

The number of higher paid employees who accrued retirement benefits in 2025 is 8 (2024: 4). Contributions payable to higher paid employees in the year were £140,645 (2024: £69,714).

Total remuneration for key management personnel including pension payments totalled £567,425 for 4 posts (2024: £519,394 for 4 posts).

28

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2025

12. Staff costs (continued)

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

Teaching
Welfare
Premises
Support		 2025
Number
108
30
28
29
195		 2024
Number
107
30
31
29
197

The number of employees expressed as full-time equivalents is 118 (2024: 123). An average of 13 (2024: 11) pupils participating in paid work experience at the school are not included in the above staff headcount.

13. Governors

No Governors received emoluments during the year (2024: £nil). No governors received contributions to a pension scheme (2024: £nil). Expenses of £642 (2024: £315) were reimbursed to 2 trustees (2024: 2) and costs of £597 (2024: £Nil) were spent in respect of AGBIS related courses and Governors Strategy Day.

During the year the Governors continued to be covered by an insurance cover to indemnify them against the consequences of any neglect or default on their part (cover: £2,000,000). The cost of the policy was £1,465 (2024: £1,393).

29

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2025

14. Tangible fixed assets

Cost
At 1 September 2024
Additions
Capital Goods Scheme Reclaim
Disposals
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the period
Disposals
At 31 August 2025
Net Book Values
At 1 September 2024
At 31 August 2025
15. Stock
Consumable stocks
16a.
Debtors – due within one year
Trade debtors
Other debtors
Prepayments		 Freehold
Properties
£
13,781,532
-
(205,577)
-		 Fixtures,
Furniture and
Equipment
£
4,564,379
274,268
-
(64,129)		 Total
£
18,345,911
274,268
(205,577)
(64,129)
18,350,473
2,664,663
308,249
(26,453)
2,946,459
15,681,248
15,404,014
2024
£
26,967
2024
£
2,194,354
10,625
147,925
13,575,955 4,774,518
-
-		 2,664,663
308,249
(26,453)
- 2,946,459
13,781,532 1,899,716
13,575,955 1,828,059
2025
£
34,795
2025
£
2,073,534
10,404
206,453
2,290,391
2,352,904

30

The AES Tring Park School Trust

(trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2025

16b. Debtors – due after one year
Capital Goods Scheme Reclaim
17a. Cash and cash equivalents
Deposit accounts
Current account
Cash in hand
17b. Current asset investments
Current asset investment – 12-month deposit accounts
18. Creditors: amounts falling due within one year
Bank term loans
Trade creditors
Taxation and social security
VAT
Deposits
Deferred fee income
Other creditors
Accruals		 2025
£
189,472
189,472
2025
£
739,855
4,665,181
8,810
5,413,846
2025
£
3,571,576
3,571,576
2025
£
533,235
88,634
230,158
461,887
566,152
3,591,631
-
316,173
5,787,870		 2024
£
-
-
2024
£
3,241,591
4,052,821
3,671
7,298,083
2024
£
1,045,626
1,045,626
2024
£
512,704
265,702
258,320
-
517,861
3,682,258
-
345,189
5,582,034

Included in taxation and social security is £89,601 (2024: £137,904) of outstanding pension contributions that were paid when they fell due, after the year end.

31

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2025

Deferred fee income:

Invoiced in year for Autumn 2025
Fees paid for future terms (beyond Autumn 2025)
Deferred income (fees in advance) movements were as follows:
Fees in advance brought forward
Released in the year
Invoiced in the year
Fees in advance carried forward
19.Creditors: amounts falling due after more than one year
Bank loans and overdraft – analysis of debt maturity
Amounts payable by instalments:
Between one and two years
Between two and five years
In five years or more		 2025
£
3,412,324
179,307
3,591,631
2025
£
3,682,258
(3,682,258)
3,591,631
3,591,631
2025
£
424,910
1,364,449
816,944
2,606,303		 2024
£
3,531,443
150,815
3,682,258
2024
£
3,768,315
(3,768,315)
3,682,258
3,682,258
2024
£
533,235
1,152,435
1,321,681
3,007,351

32

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2025

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

Repayable within five years
Not wholly repayable within five years		 2025
£
1,789,359
816,944
2,606,303		 2024
£
1,685,670
1,321,681
3,007,351

The bank loans and charges are secured by a fixed and floating charge over the company's assets. Interest is payable on term loan 1 at a variable rate of 1.75% above base rate. This loan is set to mature in December 2026. Interest is payable on term loan 2 at a variable rate of 2.25% above base rate. This loan is set to mature in December 2032.

20. Analysis of changes in net debt

Deposit accounts
Current account
Cash in hand
Current asset investments
Loans falling due within one year
Loans falling due after one year
Total		 At start of
year
Cash flows
At end of
year
£
£
£
3,241,591
(2,501,736)
739,855
4,052,821
612,360
4,665,181
3,671
5,139
8,810
1,045,626
2.525,950
3,571,576
8,343,709
641,713
8,985,422
(512,704)
(20,531)
(533,235)
(3,007,351)
401,048
(2,606,303)
4,823,654
1,022,230
5,845,884

33

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2025

21. Reserves

Unrestricted Funds Unrestricted Funds Unrestricted Funds
Restricted
Funds
General		 Fixed asset
(see note 22)
reserve		 reserve* Total funds
£ £ £ £
As at 1 Sept 2024 3,079,591
2,574,660		 12,161,192
17,815,443
Surplus/(Deficit) for the 137,445
453,749		 103,284 694,478
year
At 31 August 2025 3,217,036
3,028,409		 12,264,476
18,509,921
The fixed asset reserve represents depreciated cost less the loans secured on the fixed assets.
.Analysis of net assets between funds
The net assets of the company are attributable as follows:
Unrestricted Funds
Total
Total
Restricted General Fixed asset funds
funds
funds reserve reserve 2025
2024
£ £ £ £
£
Fixed assets - - 15,404,014 15,404,014 15,681,248
Current assets 3,217,036 8,283,044 - 11,500,080
10,723,580
Current liabilities - (5,254,635) (533,235) (5,787,870)
(5,582,034)
Long term
liabilities - - (2,606,303) (2,606,303) (3,007,351)
At 31 August 3,217,036 3,028,409 12,264,476 18,509,921
17,815,443

22. Analysis of net assets between funds

34

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2025

23. Restricted Funds

3. Restricted Funds
1 Sep 24
Income
Expenditure
Transfers 31 Aug 25
£
£
£
£
£
Department for Education 47,636
-
-
-
47,636
Tring Park School Bursary
Fund		 91,179
82,256
-
-
173,435
Marden Drama Equipment 468
-
-
-
468
Paul Watson Bursary Fund 29,170
3,000
(27,840)
-
4,330
Eve Pettinger Fund 7,560
-
-
-
7,560
Eve Pettinger Award Trust 2,838,607
112,429
(68,842)
-
2,882,194
Alexander Technique Fund 8,853
-
(270)
-
8,583
Helen Wells Trip Fund 1,113
(708)
-
405
Restrictive Learning
Difficulties		 1,000
-
-
-
1,000
Nurse Replacement Fund 7,136
719
-
-
7,855
Mary Schon Bursary 995
24
-
-
1,019
Sports Committee 772
-
-
-
772
Building Fund 12,250
5,500
(4,007)
-
13,743
Vandervell Fund -
15,000
-
-
15,000
Errol Pickford Fund 900
-
(750)
-
150
Dance with Parkinsons -
400
-
-
400
Stage for All Awards 21,952
25
-
-
21,977
Maria Bjornson Memorial
Fund		 -
10,000
-
-
10,000
Tring Park Parents
Association		 -
1,420
(911)
-
509
Rothschild 10,000
10,000
-
-
20,000
Total restricted funds 3,079,591
240,773
(103,328)
-
3,217,036

35

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2025

23. Restricted Funds – (continued)

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

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

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

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

Eve Pettinger Funds represent funds given towards individual School projects as stipulated by the donor.

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

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

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

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

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

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

Building Fund represents funds received for general building repairs.

The Errol Pickford Fund supports dance students at Tring Park School

The Gavin Oldham Fund is an outreach initiative exploring links between the school and those children is looked after residential settings who would benefit from more exposure to the performing arts world.

Stage for All Awards is a new bursary fund being developed through the school fundraising activities to support pupils who would not have the financial means to be able to attend Tring Park School.

The Rothschild Foundation Grant agreement is funding in support of a two-year bursary to Tring Park's sixth form for a student from a low-income or care experience background.

Dance with Parkinson’s is to assist with an associate programme designed to encourage people with Parkinson’s to dance.

Tring Park Parents Association exists to raise funds for the school.

Vandervell Fund provides funding for a pupil.

Maria Bjornson Memorial Fund contributes towards funding for a place, in Tring Park School’s Sixth Form, for a young person with potential in the performing arts.

36

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2025

24. Other financial and capital commitments

At 31 August 2025 the company was committed to making the following payments under non-cancellable operating lease:

Within 1 year
Within 2-5 years
After 5 years		 Other
2025
2024
£
£
40,394
22,689
61,228
42,338
-
-
101,622
65,027		 Other
2025
2024
£
£
40,394
22,689
61,228
42,338
-
-
101,622
65,027
65,027

25. Pension contributions

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

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £569,928 (2024: £553,881) and at the year-end £55,465 (2024: £60,346) was accrued in respect of contributions to this scheme. The TPS is an unfunded multiemployer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. Every four years, the Government Actuary’s Department carries out a valuation of all unfunded public service pension schemes, including the Teachers’ Pension Scheme (TPS). – The employer contributions increased by 5% to 28.6% of pensionable pay, which came into effect 1[st] April 2024. A levy of 0.08% of pensionable pay is also payable by employers in order to meet the cost of administering the scheme.

Defined contribution schemes

The company contributed to one defined contribution scheme for non-teaching staff. The amount payable during the year amounted to £125,656 (2024: £117,573), and the amount owed at the year-end is £ Nil (2024: £ Nil). The company contributed to one defined contribution scheme for teaching staff. The amount payable during the year amounted to £103,202 (2024: £14,692), and the amount owed at the year-end is £Nil (2024: £Nil).

26. Related parties

One trustee is directly related to the Director of Studies and has grandchildren at the school. The trustees have in place a 'Conflict of lnterest' Policy to ensure that all matters are dealt with appropriately. One Trustee (now resigned) had an interest, via a connected party, in Origin Communications which is engaged by the school for PR. In the year £33,950 was paid to Origin Communications (2024: £44,520).

Two governors made donations totalling £4,300 in the year, including amounts to an already established restricted fund. The Estate of a former Governor donated £1,000.

37

The AES Tring Park School Trust (trading as Tring Park School for the Performing Arts) Company Number: 02962095 Charity Number: 1040330

Notes to the financial statements (continued) For the year ended 31 August 2025

27. Controlling party

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

28. Comparative Statement of Financial Activities – year ended 31 August 2024

Other
Restricted Unrestricted Total
Funds Funds Funds
2024 2024 2024
Notes £ £ £
Income
Income from charitable activities:
- School fees 3 - 11,403,395 11,403,395
- Other classes and courses 4 - 644,616 644,616
Income from raising funds:
- Activities for raising funds 5 - 15,221 15,221
- Voluntary income 6 43,385 - 43,385
- Investment income 110,584 253,085 363,669
Other Income:
-
Profit on sale of fixed assets		 - 1,819,632 1,819,632
Total income 153,969 14,135,949 14,289,918
Expenditure
Cost of raising funds
-
Fundraising		 7 - 13,052 13,052
Charitable activities
- Bursaries 70,981 675,560 746,541
- Education services 8 - 10,124,276 10,124,276
- Interest payable 10 - 358,875 358,875
Total expenditure 11 70,981 11,171,763 11,242,744
Net income 82,988 2,964,186 3,047,174
Transfer between funds - - -
Net movement in funds 82,988 2,964,186 3,047,174
Total funds brought forward at
1 September
21		 2,996,603 11,771,666 14,768,269
Total funds carried forward at
31 August		 21 3,079,591 14,735,852 17,815,443

38