TWICKENHAM PREPARATORY SCHOOL {A Company Limited by Guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Company Number: 3475951 Registered Charity Number: 1067S72
TWICKENHAM PREPARATORY SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 CONTENTS Page Directors, report Independent auditor5, report Statement of financial activities 13 Balance sheet 14 Cash flow siatement Changes in net debt 16 Notes io the financial statements 17-27
TWICKENHAM PREPARATORY SCHOOL DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2020 The Directors pre5ellt their annual report for the year ended 31 August 2020 under the Companies Act 2006 and the Charitie5 A¢t 1993, together with th¢ audited financial statements for the year. and confirm that ihe laiier comply with the requirement5 of the Coinpallie5 Act 2006, the Company's Memorandum & Articles of Association, the Charities Act 2011 and ihe Charities SORP {FRS 102). REFERENCE AND ADMINISTRATIVE 1Tr4FORMATION DIRECTORS The Dire¢tors of the Company, who are also th¢ charity trustee5 and the Governors of the School. who seTved during the year and 5ub5equently were.. Mr Harry Bates Mr Michael J Fisher Mr Gavin J Donaldson Mrs Elizabeth M Ferguson Miss Barbara A Flight Mr Brian M Jones Mrs Ruby Jones Mr Mike Michael Mr Andrew J Murray Mr Thomas JJ Owens Mr Nigel G Rickard (Chairman) (Deputy Chairman) KEY MANAGEMENT PERSONNEL AND PROFESSIONAL ADVISERS HEADMASTER Mr David Malam Mr Oliver Barrett (Resigned 31 August 20201 (Appointed I September 2020) KEY MANAGEMENT PERSONNEL Key management p¢rsoniiel includes the Headmaster, four members of the Senior Leadership Team and two others. BANKERS Barclays Bank plc On51ow Hall Little Green Richmond Surrey TW9 IQS AUDITORS Haysmacintyre LLP 10 Queen Street Place London EC4R IAG SOLICITORS Vecile Wasbrough Vizards LLP Narrow Quay House Narrow Quay Bristol BSI 4QA
TWICKENHAM PREPARATORY SCHOOL DIRECTORS, REPORT (eontinutd) FOR THE YEAR ENDED 31 AUGUST 2020 STRUCTURE, GOVERNANCE AND MANAGEMENT Twickenham Preparatory Scliool (TPSI was founded in 1969. The School is incorporated as a Company Limiied by Guarantee and is a registered charity, number 106757? 1(s regisiered company number is J475951. Tlie Registered Office and address of the school is at 43 High Street. Hampion. Middlesex, TW12 2SA. At the start of the year, the Company was governed by lis Memorandum and Arti¢l¢s of A$slation, last amended on 24 November 20(19. These were replaced by Articles of Association adopt¢d on 7 November 2019 which are modernised to reflect changes in leftislation, best practice in the charities and independent school sectors. and the manner in which the charity is governed and operates in practice. The Directors are elected ai a full Direciors, Meeting on the basis oftheir eligibility. personal competenc¢, specialist skills and local availability. New Governors are inducted into the workings of the School. and also of the Company a5 a registered Charity. All Gov¢rnors are en¢ouTag¢d to attend relevant Trnsiee training opportunities. The Directors meet a5 a Board at least tliree times a year to deiemiine the general policy of the charitsble company and to review its overall managTem¢nt and control, for which they are legally responsible. Sub-comiMittee5 of the Board comprising Directors. togetlier with soine key management personnel representaiion, also meet at least three times a year or as required to undertake more detailed reviews of operarional management., these committees report directly io the Board and make recominendations for Board approval. Currently, there are four 5ub-COTnmittees of the Board.. Education and Strategic Planning, Finance, Risk and Premises. The welfare and safety of th¢ School Community is of paramount importance and a school Healih and Safety commillee. comprising ernployee5 and wilh Director representaiion. reports to the Risk Cornmittee. The day-to-day running of the School is delegated to the Headmaster supported by the Senior Leadership Team and two others and together this group are the key management personnel. Remuneration is set by the Board, with the policy objective of ensuring appropriaie incentives to encollratse enhanced performance and rewarding individual contributions to the School's success. The appropriaieness and relevance of the pay policy is reviewed annually including reference to comparisons with other independent schools to ensure that we remain sensitive to the broader issues of pay and employment conditions within the sector. Delivery of the School's charitable vision and purpose is primarily dependent on our key rnanagement personnel,. staff costs are the largest single elemellt of our charitable expenditure. OUR AIMS The objects, as set out in the Articles of Association adopted on 7 November 2019, are to advance education including (but not limited io) Ihe provision of a school or schools in Great Britain. These updated objects clai'ify the charitable PUTPOS¢ and will allow the charity to further its purpos¢s for the public benefit in a broader manner. Our mission stat¢Tnent is.. 'To be the Prepoi't7tory School of choice providing £rcelleF7t, innovalFve and inspiring education where pei'sonal .¥UCCe5S is L7chieved through our niiriiii'ing ond c&ring ethos, The key elements of this st3t¢m¢nt underlie all our straiegic decision T]Vdking. We aim to provide a first class education within a Structured environTnent that develops our pupi15' capabilities. ornpetences and skills enabling them to fulfil their potential. We promote the academic, moral and physEcal development of ourpupils throllgh oura¢adeinic curriculum. pastoral care, sporting and other activities. We actively seek to build pupils. self-confiden¢e and resilience and 10 inculcate in them a desire to contribute to the wider community. In so doing. we aitn to prepare our pupils for the oppornjnities. responsibilitses and experience of later life. OUR OBJECTIVES Our objeetives are sei io refleei the education812ims and ethos of the School. In seiting our objectives and planning our activities, the Direciors have given careful consideration to the Charity Commission's public benefit guidance.
TWICKENHAM PREPARATORY SCHOOL DIRECTORS. REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2020 OUR OWECTIVES (eontinued) Key objectives foi. the year were.. To continue to raise the School's already l)igh Standards of academic performance and sporting, artistic and mysical achievements,. and, in advancement of this objective, to COTnplete tlie School self-evaluation. io increase staff online training and to retain and recruit high calibre teaching Staff, reviewing remuneration including pension arrangemeni5', To enhance further the curriculum including further enhancement of the Enrichment and Personal. Social and Health Education (PSHE) prograinme& promotion of STEM aciiviiies and rev2ew of curriculum for Years 7 and To continue refllrbishment of the School and upgrading of equipment including major refurbighment of the recenrly acquired premises at 51 High Streei., To enhance our service to current and prospective parents. and, particularly. to highlight and markei our key positive outcomes for pupils of all ages, including Years 7 and 8.. To celebrate the soih anjiiversary of the School's foundation in 1969 including a commemorative service and aliiinni nCtion ai)d cross curriculai. activities to appreciate the key historic events and culture of ihe past five decades,. To continue io offer scholarships and means-tested bursarie5 to widen public access to the School. and To continue to develop the principle of 'involvemeni for all. and involvement of the local COTnmunity. including fuitheT collaboration End shai'ed use of faciliiies, particularly with our partnership school. REVIEW OF ACTIVITIES AND ACHIEVEMENTS Landmark events in the School's history The wl)ole Schotsl cotninunity joined together throughout the Autumn Tem to celebratethe 50 anniversary of the School's foundation in 1969. Highlights included a commemorative service led by the Bishop of Kensington and a successful alumni function, attended by fonner pupils, their parents and former staff. A collaboi'ative art collag¢ 'Silver Birch Triptych, was created to mark the 50111 birthday using recycled materials donated by parents and frieDds of the School. The pupils also ¢re8ted a fantastic mural depicting key historic events and culture of the past five decades with archive material illustrating the development of the School during the period. A series of yeai group assetnblies informed pupils of key events in each decade and the houses were renained in recognition of1969 inventions.. Apollo, Concorde, Firebird and Harrier. The ¢v¢nts provided a wonderful Celebration of the life of the School and all it has achieved siiice its formation in 1969. In July 2020, the school community unired again, albeit remotely, to bid farewell to our much-loved Headmaster, Mr David Malam. who retired after 15 years as Headmasier and a total of 25 years as a teacher at the School. Under liis leadership. pupil numbers have grown significanily and pupil athievements, both academic and non-academic. have continued to strengthen such thai TPS is well recognised locally forthe quality of its overall education. Pasloral care underlies all aspects of school life and Mr Malam's strong Christian laith has und¢rpinned this eihos. The Directors air grateful to him for his dedication and committed stewardship over many years. We are delighted to have appointed Mr Oliver Barrett as the fifth Headmaster of the School with efft from Septetnber 2020. Mr Barrett joins lis fi.OTll St George's Junior Scliool, Weybridge where he was Deputy Head. He brings a wealth of experience to his new role and liis values are very much aligned to the School's ethos. The Directors liave every confidence that Mr Barrett will continue to shape the School to ensure its continued sucees5 and they look forward to supporting him in his vision for the tUre and hi5 leadership of the School. Coronavirus pandemic As with other education establishments, the coronavirus 'l(Kkdown" meant that the School closed a week early in the Spring term and did not reopen to pupils until after the Sumn)er half term. Despite the challenges, for botl) teachers and pupils, in adapting to a remoie learning model. the academic staff displayed resilience and flexibility in embracing the new technology in order to deliver a robust, high quality online curriculum programme to the pupils. The online provision also covered co-cuThicular activities and pasioral support for tl)e year groups.
TWICKENHAM PREPARATORY SCHOOL DIREcfoRS' REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2020 REVIEW OF ACTIVITIES AND ACHIEVEMENTS {continued) Coronavirus pandemic (continued) Feedback from parents was extremely supportive of the School and this was confirmed by the latest ISC parent survey which reported TPS far outperformed sector averag7e score5. We were delighted to welcotne baek pupils after half term, soine on a full-tiine basis and some by rotation wiiliin year groups. Sadly, many of the traditional events could not take place.. sporting fixtures and st)orts day5, Switnming galas, residential and day trips. leaver funeiions and prigiVIngs. The unprecedented 5ituaiion also had implications for the School business operdiions. We value greatly the relationship with the parental body and with due regard to their commenis and the ongoing financial health of the School. the Directors decided to award a discount on the Suminer terin fees. namely ?OQ/o in Prep and 300/0 in Pre-Prep. In Addition. we were able to provide addiiional shon-term financial gUPPOrt 10 some parents facinbi r¢al hardship as a result of the'"lockdown" The School made cost savings wherever possible, includinb pla¢ing staff on rIoUgh and freezing contractual obligations, and were grateful for govemmeni support received under the Job Retention Scheme. Throughout the Summer the School continued io reformlllate risk as5es5ments to ensure a5 safe an environment a5 possible for siaff and pupils returning to school in September. Although this was a very stressfvl lime for all. the Directors also reeognise the many positive outcomes; new technology platforms introduced. blended leaming for pupils, 'ean do, attitude of siaff. resilienee of pupils and the supportiwe cotnmunity within our TPS family. Aeademie athievejnents The School achieved excellent result5 again tl)is year in our girls, senior school I l+ examinations and boy5, 13+ entrance to a variety of 5e¢oiidary schoo15, soIMe hiLThly academically selective. There was wide variety in destination schoo15 for our Year 6 girls wilh Sir William Perkins's and Notre Dame schools being th¢ most popular. Scholarship awards were offered at these schools together with academic scholarships to Lady Eleanor Holles and Clareinont Fan Court. Other schools chosen included Kingston Grammar, Cranleigh and local tnaintained scl)0015. Year 6 boys pre-test results were also very sirong with many offers to Hampton, St George's, Reeds and other %hools. Unfortunately. the Coronavirus 'lockdown' prevented our Y8 boys from sitting Common Entrance exaTllS this Summer and the School ran a scaled down iniernal version insiead. Hampton, St George's and St James were the rn05t popular destination schools this year with Epsom. St John's. Halliford and a local maintsined school also chosen. Boys performed well once again ai Scholarship level wilh Iwo academic scholarships and a performing arts scholarship awarded to Hampion School and a spons scholarship awarded to Epsom College. Strategie and curriculum activities and achievements In advancement of raising ihe School's already high siandards of a¢hievemenL both academic and non-academic, the School has retained ihe services of an independent education consultani who assisis with ongoing review5 of all aspects of our school life. During the year, she llndertook a coupl¢ of advisory reviews. Her assistance to the Senior Leadership TeaTn enabled them to complete their S¢hool self-evaluation to ensure that high standards of educating and compliance are being rnaintaii)ed throughout th¢ school. The findinÉTS will also be incorporated into fijture strategic development dIUs5]0ns with Governing body involveThent during the forthcoming year. The ¢urri¢ulum has been enhanced during the year. In particular. the PSHE programme has been further developed to include revised sex education in line with national guidelines. We continue to enhance our STEM offering, running a number of workshops including link activities wilh BP and several other specialist third party Science workshops with cross-curricular PSHE and career focus. The proposed review of cU1¢UlUrn for Years 7 and 8 was deferred to academic year 2020121. Art enrichment clasges continue to be especially beneficial to ihose pupils preparing a portfolio for Art Scholarship awai'ds to senioT 5choo15. A WateTSPQrts Club has also continued successfully this year. Foi younger pupils, the outdoor leaTning experience rernains very populai. and continues to be extended by our trained Forest Schools leic der. In the area of PSHE, we continued to develop our progFramme of pupil and parent workshops and also offered parent5 the opportunity for individiial sessions with our consultant child psychologist.
TWICKENHAM PREPARATORY SCHOOL DIRECTORS, REPORT (eontinued) FOR THE YEAR ENDED 31 AUGUST 2020 REVIEW OF ACTIVITIES AND ACHIEVEMENTS {eontinutd) C(pcurrieular activities and achievemeNts The School continues 10 embrace Think Tank MindLab, a thinking skills progrdmme taught ihrou(Thout the School which promotes different methods and iechniques for dealing with problem solving aciiwities and enhances the academie curriculLJm. Unfortunalely. the Coronavirus lockdown meant that the MindLab National Olympics, which TPS has won conwincingly for the past seven consecutive years. could not take plac¢ this year. Pupils also perfomed well in both the naiional Junior Maths Challenge and Primary Maths Challellge and a Year 5 team came third in Ihe Maths Wizards challenge organised by Hampton School. Our girls gave a strong performance ai the Epsom College Public Speaking Competition. For the first time. Iwo teams of Year 7 & 8 boys parti¢ipated in the DaVin¢i Decathlon at Ampleforth College, a series of hi(Ther order ihinkingF ¢hallenges: the boys enjoyed sampling boarding school life and one tearn ¢ame se¢ond OV¢Tall. We were one of 3000 schools whose Year 3 pupils were photographed for inclusion in the Steve M¢Queen Project at Tate Britain. The S¢hool continues tts give opportunity to all of its pupils to be involved in spons and chess match¢s, concerts and produ¢tions. All year groups from Reception to Year 7 participated in a variety of productions ihroughout the year and all classes contributed to music concerts. Our new Head of Music introduced several orchesiral clubs and peripatetic Drum lessons proved a popular new music option. We also held an inaugural House Music Competition which showcased some aTnazing musical talent. 'B' ieam sport5 fixtures were held for boys and girls to ensure that all pupils were able to represent school teams. Our U13 football team was highly successful ihis year, winning the TPS tournament and the I, Xl team were unbeaten all season. The U8 team also performed extremely well losing only on¢ m8tch. Likewise, our I, XV rugby team had an excelleni season and were unbeaien. The U8A netball team also had a good season alld were undefeated. The TPS cross county teams were strong competitors at the Richmond Schools, Cross Country event and at other senior school events. Our boys had swimming successes wilh the ix medley relay team making it to the Richmond Borou fInal, as well as ihree individual boy finalisis in freestyle, backstroke and breaststroke. It was another successful year ftsr our chess players but sadly the School was unable to host ihe IAPS National Championships in April or participate in this Sumrner's national EPSCA chess tournament due to the Coronavirus lockdown. although ihree teams did qualify for the EPSCA national semi-final5. Educational trips were organised forpupils throughoui the School and extra-¢urricular clubs continue to develop and thrive. Senior pupils are encouraged to assume positions of responsibility. with many being s¢hool and house monitors and the introduction of fomi captain appoiniments this year. All our senior pupils are involved in Showing prospective parents around Ihe School. Outside school, pupils excelled in a wide variety of activities. N4any were involved with rugby. footb811, netball, hockey and swimming clubs. Pupils represenied the county at cricket and hockey and Richmond in cross-country running. Tennis, cyclin& kardte and martial arts. equestrian pursuits and gyTnnastlC5 were also undertaken with various success¢5. Other a¢tivities and ¥¢hRev¢rnent$ to support the School During the year, the School embarked on the major refurbishment of our property at 51 High Street. Hampton purchased in April 2019, now named the Hub@51. The building work suffered minor delays during lockdown but it is hoped that fitting out will be compleied in November 2020. The Hub@51 provides a bespoke Art and Design Technology facility, classrooms and office space and is a great enhancement to our existing facilities. We are exiremely proud of the vibrant and creative teaching space that has been achieved for our pupsls to enhance their learning experience. Funher upgrade of the School's faeilities continued during the year with the refurbishment of several classrooms and the playground sports surface. The School's ongoing upgrade of IT equipment continued as did the rolling decoration and refurbishrnent programme and air conditioning was installed in several cla5sroom5. In advancement of our commiinication strategy. the School portal laiinched last Summer is now fully operational providing improved infomiation access for parents with electronic pupil report5 and traCkInaSSeSSMent together with general parent communications. Remote learning requirement5 also gave us the opportuiiity to embrace virtual communication plaifomis; theiT future use is assured as an appropriate modus operandi for many aspects of school life.
TWICKENHAM PREPARATORY SCHOOL DIRECTORS, REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2020 REVIEW OF ACTIVITIES AND ACHIEVEMENTS (¢on¢inued) Other a¢tavities and achievements to suppori the School (continued) During the year, a visitor management system was introduced with a number of key benefiis.. not only recording visitors to our premises but also ensuring safeguarding standards are upheld and stsff and pupil registers are aceuraiely maintained in real lime. The COvd relaied messaging and pre-recordiniF tsf visitor details have proved an effective aide in performing our 'track and trace" duties. The phone system wa5 also upgraded to a VOIP infrastructure. Both these initiatives will ensllre the SiMOOth inte&irdtion of the Hub@51 into our existing office services. PUBLIC BENEFIT The Directors confirni that they have complied with the duty in section 17 of the Cl)arities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in deterniiningthe activities undertaken by the charitable company. The School is registered with Schools Together. a website fornm maintain¢d by the Independent Schools Council in collaboration with the Department for Education to hi(rhlight the proje¢ts and partnerships which currently exist between our school and maintained schools or eommuniry groups. Widening public access to the School The School grants scholarships and means-tssted bursaries inio Year 7 and 8 10 widen public acce5S to the School within the constraints of available funding and as appropriate to a school of its t)ry)e and size. We currently support 50m¢ younger children and hope io widen such access in the future. Sn funding our awards, we are mindful thai we Tlliist ensure equity between fee payino parents. many of whom make considerable personal sacrifices to fund their child{ren)'s education, and those benefiting from the awards. We are also responsible for ensuring the ongoing financial sustainability of the School and the development of our faciliiies to remain attraetiv¢ in 3 compeiirive market. Within these constraints. funding for bursaries and allowances represenied 4.7D/o {2019.. 4.90/0} of gross tuition fee income in the aeademic y¢ar 2019r20. In conjunction with the London Borou1 of Richmond upon Thames. the School also operates the Early Education Funding niiiative for eligible pupils in th¢ir R¢¢¢ption year. Fosterlng links wÉth the local community The School actively se¢k5 to foster links with the local community. It has created links Wlth a local home schooling group who hav¢ had u5¢ Qf thc S¢ien¢e and ICT facilities on a number of Saturdays through the year. Richmond Chess Club runs rent-free weekly sessions at the School joinrly for TPS pupils and some other junior players in the Borough. Pupils from local state schools have also joined our aft¢r-school chess club. Unfortunately, the Coronavirus pandemic prevented other Chess and MindLab events. involving many participants from local schools, from taking place. In addition, the School continues to welcoTne visits from other schools interested in oiir innovative Think Tank programme. There has been a ¢ontinuinÉY close link b¢tw¢¢n the School and St. Mary's Church in Hampton. The School was delighted to invite local re5identS to tour our new premises at 51 High Street and explain our plans for refurbishment which were warmly received. The School continues to use sporting facilities in the area su¢h as those of Colets, Powerleague Feltham, Th¢ Lensbury and Kempton Cricket Club. Our annual football tournament once again attracted about 180 piipils frotn sehools in the local area and the Souih of England. In addition, use of a school minibus is provided at no charge to local Seouts. a church communiiy youth group and to St Mary's Harnpton Church of England Primary School. Members of the public al'e Elso invited to attend school fairs and other events. Several pupils from local secondary schools hav¢ been accepted for work experience and Duke of Edinburgh Award placements. together with mature individuals considering a career in ¢ducation Iwelfare. The School is coinmitted to Continuing and furrhering these links with the local community. A variety of out-of-hours school clubs and aciivities are offered to our pupils, many at no additional char8e, including a Breakfast Club. Services to parents have been enhanced with extended hours of wrap-around care providing cover from 7.30am to 6.30pm on weekdays. These initiatives benefit working parents in the provision of wrap-around ¢hildcare. A home to school minibus Service is operaied to benefii parents and the School Travel Plan was updaied.
TWICKENHAM PREPARATORY SCHOOL DIRECTORS, REPORT (continuedl FOR THE YEAR ENDED 31 AUGUST 2020 PUBLIC BENEFIT (continued) Partnership opportunities Wliilst partneTsliip opportunitie5 are limited for a school of olli. size and profile, we are delighted to have agreed an infomal partnership with St Mary's Hampton CE Pi'iniary School. During the year, we have asslsted them with minibus transport, provided support to the Head and assisted with soine extra-cuiriculw. activities. We liope to introduce some sportinbi fixtllre5 and art and Inusic activitie5 Wlth pupils from both schools. We are excited at this opportunity which we hope will enrich the olltcome5 for all pupils involved. Charity support Pupils actively assist Ial and national charities by underthking a number of fundraising initiatives. Thi5 year, efforts were restricted by the pandeinic,. £817 from Autumn Term activiiies was donated to African Vision Malawi (for Songwe School) together with other local and national charities. The School also sponsors a child livinsj in Ubjanda through the Compassion UK charity. and pupils correspond wilh our beneficiary and send bFifts. We are also forging new links with pupils from Songwe School and corresponding with pupils there. For Harvest thanksgiving, provisions were donated to the food bank at the White House. Hampton. The choir were once again delighted to perfortn at the Royal Albert Hall as part of the Bamardo's Young Supporters Concert in aid of the charity. Ollr pupils have also dtsne charitable WOTk5 Outside school hours, raising money for worthy causes. Members of staff held coffee morning in aid of MacTnillan Cancel. Support and a netball challenge in aid of Sport Relief.. they are also involved in local church communities and Forest School courses foi. youtli carers in the Richmond Borough. FINANCIAL REVIEW The School had net incomingj resources foi. the year of £84,432 which have been added 10 reserves. The Dire¢tor5 consider this a positive outturn. given the Suininei. Terjn discount awarded on tuition fees which iotalled £?59,521 and increased contributions to Teachers, Pen5ioiis of £97,70? They also recognise ihe considerable financial support provided by the governtnent's Job Retentiot) ScheTnt which benefitted the School by £109.404. Net incotning resources included restricted donations of £25,986.. £24,686 from the Parents. Committee (£20.400 pledged towards equipment foi. our new premises at 51 HI Street and £4,286 for lease costs of a minibus) and a further donation of £50 for 51 High Street. A donation received of £1 ?50 for a Coronavirus Hardship fund was fully utilised during the year. In addition, £15,267 was transferred froni restricted to unresrricied reserves during the year.. as well as the Parents, Committee donation for tlie tninibus lease fundiiig, £1 0,989 of £50.000 received from a benefactor in 2017 was utilised to fund a place at the Scliool foi. an acadeinically able child who would not otherwise be able to afford the fees. The School is extreinely appreciative of this additional financial support. At 31 August ?020, the School had reserves of £2.916.695 of which £58,983 are resiricied funds. comprising £1 8.847 bursary fuiid balance described above, £4,286 designated for minibus lease commitment and various pledges and receipts toialling £35,850 for equipment for the Hub@51. to be expended shortly. The unrestricted thnds of £2,857,712 are all invested. together with bank borrowings. in the fixed a55¢ts of £3,499,085. The net assets are sufficient to meei the Company's obligations. The School is in sound financial health. with secure financial management and healthy registraiion number5 for future years. The Directors have re¥ularly iEviewed the financial performance ihroughou( the year and continu¢ to monitor closely the current economic climate and impact of the pgndemic. RESERVES POLICY The Directors regularly review the level and nature of ihe reserves of the School, and th¢ reserves policy is reviewed annually. The DirectOTS aiin to maintain an annual operating surplus to finance capital expenditure on improving buildings, equipment and other faciliiies and io creaie a small Charity ieserve. This enables ihe Charity to provide a ¢on5iStently high quality of education to the public and to meei contingei)cies. Tlie Directors recognise that ihe level of free reserves {as defined by the Charity Commission) fluciuates with investment and building activiiies.
TWICKENHAM PREPARATORY SCHOOL DIRECTORS, REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2020 RISK MANAGEMENT The Board continue to keep the Scliool's activities under review, particularly with regard to any major risks that may arise froin tinie to tiine. aiid to Inonitor the effectiveness of ihe system of internal controls and other viable means, including insurance cover where appropriate, by which the risks idenlified by the Directors can best be mitigated. A Risk Committee, coinprising Directors and stsff and reporting directly io the Board. monitors risk and Compliance and a Humat) R¢sources and Compliance Officer supports further this role. Risk assessments are in place and are being maintained for all aspects of the School's activities and operations. Detailed consideration of risk is delegTated to othei committees as appropriate and includes review of reports from senior management and independent professional advisor5. A review of risk managemeni processes is undertaken by the Board. The ISI Regulatory Compliance inspection in June 2017 was a detailed review of all aspects of Regulation and Compliance and eonfirined that the S¢hool Inet the regulatory standards in all areas. Key areas of risk are seen to exist iii the following areas. common 10 all independent schools: Governance including compliance wilh applicable regulaiions and legislation; Financial control: Disaster planning. Loss of reputation,. Healih and safely., and Recniitment and retention of pupils given economic conditions. The current Coronavirus pandemic has triggered many of these key risk areas. In particular, the serious nature of the Corongvirus pandeinic has resulted in detailed risk mitigation planning by Directors and staff at all the various stages of the lockdown period.. initially the transfer to remote learnin& then partial return to school iii June with blended leaTning nd full return to school from September. All aspecis of the quality of educational provision and the health and well-being of boih staff and pupils have been given very careful consideration to ensure compliance with government guidelines. Th¢ Finanee Committee also held numerous nieetings throughout the Siiininer to stay abreast of the impact of the pandemic on the school finances with regular reforecasting and contingency planning. The Committee continues ro monitor the situation closely in order to take decisive action if required. At the tim¢ of writing there is no indication as io when the viru5 may be curbed and the leadership of the School remains ever vigilaiit and adh¢res strictly io the procedures to protect the community as far as is possible. In assessing risks, the Board has in place key controls that include= Fonnal mechanisn15 for the operation of the Board of Governors- T¢mis of reference for all committees. Close personal involvement of the Directors ii) the activities of the School. Compr¢hen5ive 5trdtegic planning, budgeting and accounting procedure5', Fomial written policies and procedures: Review and development of the Cllrrieulum and extra-curricular activities. and Early identification of staffing needs and professional development opporluniiies. Through the strategic planning process, specific risks (other than Coronavirus) fa¢ing the School have been identified as- Poieniial restrnctLiring of senior School 8dmis5ions' Potential preference for deferred entry 10 independeni school education. Significani nllmber of schools in the area., 2nd The affordability of fees given economic conditions. These specific risks are being addressed Ihrough investmeni in the Pre-Prep department and targeted marketin& emphasising the many beiiefiis of an independent school education and in particular the key points of difference offered by a Twickenham Prep schooling. We seek to strengthen our adrni5si0n lists further, particularly fo¥r entry to R¢¢eption and Year 3, by offering an excellent'value-added" service at a fair price making us a destination school of ¢hoi¢e.
TWICKENHAM PREPARATORY SCHOOL DIRECTORS, REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2020 RISK MANAGEMENT (coiilinued) Through the risk manabweineni pi'ocesses established. the Directors are satisfied that the major risks have been identified and appropriately mitigated. Howevei., it is recoLTnised that systems cali only provide reasonable bui noi absolute assurance that major rigks have been adequately managed. PLANS FOR FUTURE PERIODS The School is comiTJitted to n)aintsining high standards in all areas of school life. During the academic year 2020121, the Directors togetlier with the Headinaster and other senior leaders and stakeholders will eollaboraie to advance the School's V15i0n aiid strategic plan for tlie Inedium term. This will incorporate development areas identified by the School self- evaluation carried out during 2019120. Key objectives for the nexi academic year include.. Academic and Pasioral To enhance further the Clltyiculum including the d¢velopment of a strategic plan for ICT whsch will Consider the longer-tern) objectives for staff and pupi15. This will encompass increased flexibility for staff and pupils in accessing resource5 and a r¢view of devices used across the School, whilst also improving efficiency and the sharing of information through the systems used., To deliver ICT provision in the Hub@51 which will see staff use a mobile device solution. both in ¢la5sri)oms and the shared workspaces; To review the curriculum taught in Year 7 and Year 8 in line with national expectations and through feedback from local senior schools; To review and implenient the changes a5swiated with the directives on Relationships and Sex Education {RSE), consulting with staff and informing parents of the nature of the changes: To iimprove the provision for our rnore able pupils through establishing staff specifically responsible for Gifted 2nd T21ented provi5i0n across the Prep and Pre-Prep', To place wellbeing of the staff and pupils as a high prioi'ity in all aspects of School decision-making and to establish ways in wl)ieh they can develop resilience and the skills to manage work expectation5. giv¢n the current challenges. Communiry To continue lo develop the principle of 'involvement for all, and engagement with the local Comrnuniry. including further collabordtion aiid shared use of facilities. panicularly with oiir partnership school., To ensure that the School has a stronger presence locally and regionally through initiatives which 5¢e the establishment of links with the local community and associations, whilst using marketing in a targeted manner to share news about School's partnerships and cl)aritabl¢ work. Infrastructure Tts continue Tefurbishment of the School and upgrading of equipment includiiig cotnpletion of the refurbishment of our premises at the Hiib@51 and iise of the building through the retnaii)der of the school year. with specific focus on the older boys in the PIEp S¢hool.
TWICKENHAM PREPARATORY SCHOOL DIRECTORS, REPORT {continuedl FOR THE YEAR ENDED 31 AUGUST 2020 STATEMENT OF DIRECTORS, RESPONSIBILITIES The Directol's are responsible fgr prepai'ing the Directors, Report and the financial statements in accordance with applicable law and regulations. Company law require5 the Directors to prepare financial statements for each financial year. Under that law the Directors have elected io prepare ihe financial siatemenis in accordance with United Kingdom GeneTally A¢cepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Dire¢tor5 must noi approve Ihe financial staiemenLS unless they are satisfied thai they give a true and fair view of the state of affairs of the charitable company and of the result of the charitable company for that year. In preparing ihese financial siatemenis, the Directors are required to.. select suitable accounting policies and then apply them consistently. make judgments and accounting estimate5 that are reasonable and prnd¢nt' prepare the financial statements on the going concern basis unless it is inappropriaie to presume that the charitable company will continue in bu5ine5S. The Director5 are respor15ible for keeping adequate accounting records that are sufficient to show and explain the chariiable coinpany's trans&ctioiis and disclose with reasonable accuracy ar any time Ihe financial position of the charitable company and eiiable thein to ensure that the financial stotements comply with the Companies Act 2006. They are also responsible for safeguarding tl)e assets of the charitable company and hence fortaking reasonable steps for the prevention and detection of fraud and other irregularities. So far a5 each of the Directors is aware ai the time the report is approved.. there is no relevani audit inforn)ation ofwhich the charitable company's &uditQTS are unaware. and the Directo have raken all stepsthat they ought to havetaken to make themselves aware of any relevartt audit snfomiation and io establish that the auditors are aware of that infonnation. AUDITORS In accordance with Section 485 of the Companies Act 2006, a resolution proposing the appoit]tment of Haysmacintyre LLP as auditors tsf the Company will be piit to the Annual General Meeting. Approved by the Board of DiTe¢tors at its meeting on 24 Noveinber 2020 and signed on its behalf by.. Chaimlan 10
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF TWICKENHAM PREPARATORY SCHOOL Opinion We have audited the financial statements of Twickenham Preparatory School for the year ended 31 August 2020 which coinprise the Statement of Financial Activities, the Balance Sheet, the Staieinent of Cash Flows and notes to the financial statements, including a suinmary of significant accountiiig policies. The financial reporting framework that lias been applied iii their preparatioii is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 10? fhg FinaKcial Reporiingstavdardapplicable in ihe UK andRepublic ojJrelad(un1Ied Kingdom Generdlly Accepied Aceouniing Practice). In our opinion, the financial statements.. give a true 2nd fair view of the state of the cliaritable company's affairs as at 31 August 2020 and of the charitsble company's nei movemeni in funds. including the income and expenditure, for the year then ended; have been properly prepared in accordance with United Killgdojn Gen¢rally A¢cepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducied our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are furtherdescribed in the Auditor's responsibilities for the audit of the financial statements section of our repon. We are independent of the cliarity ac£ordanc¢ with the ethical requirements that are relevant io our audit of ihe financial statements in the UK. including th¢ FRC'S Ethical Standard, and we have fulfill¢d 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. Responsibilities of directors for the financial statements As explained more fully in the stc1tement of directors. respon5ibilitl¢5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for sucl) internal control as the directors deiemine is necessary to enable the preparation of financial statements that are free froin material misstatement, whether due io fraud or error. In preparing the financial statement5, the directors are responsible for assessing the charitsble company's ability io continue as a going concern. disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative bui to do so. Auditors, responsibilities for the audit of the fiNanci81 statements Our objectives are to obtain reasoiiable assurance about whether the financial statements as a wliole are free from material misstatement. wlietheT due to fraud or error, andto issue an auditors, report that includes oui. opinion. Reasonable a55UTance is a high level of assurdnce. but is not a guarantee that an audit conducted in accordance wsth ISA5 (UK) will always detect 2 material rnisstatement when it exists. Mi5Statements can arise from fraud or error and are considered material if, individually or in the aggregate, tliey could reasonably be expected to influence the economic de¢isions of users taken on the basis of these financial statement5. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. i%'iiii.IrL.L)r This description fortn5 Part of our auditors, report. Conclusion5 relating to going coneern We have nothing to report in respect of the followints matters in relation to which the ISAS {UK) require us to Teport io you where.. the directors. use of the going concern basis of accounting in the preparation (Ff the financial staieinents is not appropriate: or th¢ dirtOrS have not disclosed in the financial statements any identified material uncertaintie5 that may cast significaiit doubt aboutthe charitable company's ability to continue to adopt th¢ going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF TWICKENHAM PREPARATORY SCHOOL (continued) Other information The directors are responsible for the other informaiion. The other information ¢ompri5es the inforniation intluded in the Directors, Report. Our opinion on the financial statemenis does noi cover the other infomiation and, except to the ¢xtent otherwise explicitly stated in our reporL we do noi express any form of assuran¢e wnclusion thereon. In ¢onneetion with our audit of the financial siaiements, our responsibility 15 to read the other informaiion and, doing so. consider wheiher the other infomiaiion is maierially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materi811y misstated. If we ideniify such material inconsisrencies or apparent material misstaiements. we are required to detern)ine whetlier there is a material rnisstaiemeni in the financial statements or a material misstatement of the otlier information. If, based on the work we have perforn)ed. we conclude that there i5 a material misstatement of this other information, we are required to report that fact. We hav¢ nothing to report in this regard. Opinions on other rnatters prescribed by the Companies Aet 2006 In our opinion, based on the work undertaken in the course of the audit.. the inforn)ation given in the Directors, Report forth¢ financial year forwhich the financial statements are prepared is consistent with the financial statements., and the Directors, Report ha5 been prepared in accordance with applicable legal requir¢m¢nts. Matters on which Trve are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified niaterial niisstatements in the Direciors, Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 r4uir¢s us to report to you if, in our opinioi).. adeqiiate accounting records have not been kept by the charitable company; or Ihe chariiable company financial statements are not in agreement with the a¢¢ounting records and returns. or certain disclosures of directors, reinuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Use of our report This report is made solely to the charitable Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so thai we m1ht state to the charitable company's members Ihose matters we are required io stale to ihem in an Auditors, report and for no other PUTpose. To the fullest extent pennitted by law, we do not accepiorassume responsibslity to anyone otherthan the ehariiable company and the charitsble company's members as a body. for our audit work, for this report, or for the opinions we have forni¢d. Richard Wemier ePI10 slalutory oudiini.) foi. and behalfoJ'Haysmacintyre LLP, Staluiory At4dilOIS 10 QugeK S¢reei Place London EC4R IAG 09 Decernber . 2029 12
TWICKENHAM PREPARATORY SCHOOL STATEMENT OF F1Tr4ANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020 Unrestricted funds Restrieted funds Totxl 2020 Total 2019 Notes IJYCOME FROM: Charitable activities Scliool fees receivable Other educatioiial income CateriniT and Welfare incoine Otlier income Donat10115 and tkgacie5 Donation5 and gFraiit income InvestmeThts Interest receivable 3,007,399 79.117 146.219 27.?30 (1.250) 3.006.149 79.117 146.219 27,230 3.116.282 193.194 211.340 35,192 109.763 25,986 135.749 23,776 5.549 5.549 10,198 TOTAL INCOME J,J75,277 24,736 3,400,013 3,589,982 EXPEIYDITURE O]Y: Charitable activities: Scliool operaiing cos15 Teaching costs Welfare costs Premises cosis Support costs of schooling 2.330.145 184,85? 356,028 424,460 2.330,145 184,852 356,028 424,460 2,323.745 209.856 402.962 372,758 3,295,485 3.295,485 3.309,321 Raising funds Finance cosis 20,096 20,096 20,997 TOTAL EXPEIYDITURE 3,315,581 3,315,581 3,330,318 NET INCOME 59.696 24,736 84,432 259,664 TRANSFERS Gross tr2nsfer5 between fund5 15.267 (1 5,267) NET INCOME FOR THE YEAR 74.963 9,469 84.432 259.664 Fund5 bTought forward at I September 2019 2.782,749 49.514 2.832.263 2.572.599 Funds carried forward at 31 August 2020 £2,857,712 £58,983 £2,916,695 £2,832,263 There were no recognised gains and losses other than those shown in the above Statement of Financial Activities. The noies on pages 17 to 27 forrn part of these accounts. 13
TWICKENHAM PREPARATORY SCHOOL REGISTERED COMPANY NO: 3475951 BALANCE SHEET AT 31 AUGUST 2020 2020 2019 Notes FIXED ASSETS Tangible fixed assets 3,499,085 3.051.854 CURRENT ASSETS stks Debtors Cash at bank and in hand 5,755 162.020 854.071 5,487 148.364 1,175.719 12 1.021.846 1,329,570 CREDITORS.. amounts falling due within one year 13 (742.716) (652.728) 279,130 676,842 TOTAL ASSETS LESS CURRINT LIABILITIES 3.778.215 ),728.696 CREDITORS: amounts falltng due after more than one year 14 (861.520) 1896,433) £2,916.695 £2,832,263 FUNDS 15 Unrestricted funds iiestricted funds 2.857.712 58.983 2.782,749 49,514 TOTAL £2.916.695 £2.832.263 The notes on pages 17 to 27 forni part of these accounis. The financial staiements were approved and authorised for issue by the Board of Directors on 24 November 2020 and were signed below on its behalf by.. Harry Mike Mich•tl:_- 14
TWICKENHAM PREPARATORY SCHOOL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020 2020 2019 CASH FLOWS FROM OPERATING ACTIVITIES Net movement in funds for the reporting period (as per the Staternent of financial activitie5) 84,432 259,664 Adjustrnenls for: Depreciation charges Investment income Financing costs Ilncrease)Idecrease in debtors Increaselldecrease} in creditors (excluding fees in advance and bank loans) Ilncrease) in stock Increase in fees in advance 105,983 (5,549) 15.727 113.656) 55,361 145.983 (10,198) 7,648 10,081 {36,6711 (268) 17,954 (368) 93.075 175,552 209,550 Net cash provided by operating activities 259.984 469.214 CASH FLOW.$ FROM INVESTIIYG ACTIVITIES Illvestsnent incoTne Payments for tAngible fixed assets 5,549 (553,214) 10,198 (1.271.809) Net cash used investing activitie5 (547,665) {1261.611) CASH FLOWS FROM FINANCING ACTIVITIES Cash inflow from borrowing Financing costs Capital repayment of loans 703.500 17,6481 18,9561 115,727) 118,2401 Net cash provided by financing activities (33,967) 686,896 CHANGE IN CASH ATr4D CASH EQUIVALENTS IN THE REPORTING PERIOD {321,648) (105,501) Cash and cash equivalents at beginning of the reporting period 1,175,719 1,281220 Cash and cash equivalents at the end of the reporting period £854,071 £1,175.719 ANALYSIS OF CASH AND CASH EQUIVALENTS 2020 2019 Cash at bank and in hand Cash on deposit 854,071 275,719 900,000 Total ¢a$h and cash equivalents £854,071 £1,175,719 The notes on pages 17 to 27 fomi part of these accounts. 15
TWICKENHAM PREPARATORY SCHOOL ANALYSIS OF CHANGES IN NET DEBT FOR THE YEAR ENDED 31 AUGUST 2020 Analysis of change5 in net debt At start of year Cash tlows Other movements At end of year Cash Loans falling due within one year Loans falling due after one year ,175,719 127.361) (667,183) (321.fv18) 327 17,913 854.071 (27,034) (649,270) Total £481,175 £(303,408) £177,767 The notes on pages 17 to 27 form part of these accounts. 16
TWICKENHAM PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 ACCOUNTING POLICIES Accounting convention Tlie finaiicial stalemei)ts have been prepared under the historical cosi convention and in accordance with FRS102 issued March 2013, tlie applicable finaiicial reporting standard, the Siatemeni of Recommended Practice"Accounting and Repoiling by Charities" issued iii July 2014, and the Companies Acl 2006. Incoming resources School fees comprise charges for the school less bursaries and allowances. Other educational income and catering income is accounted for on a receivable basis. Donations Donations are recognised in the Siatemeni of Financial Activitie5 when receivable. Grant Ineome Grant incoine, includii)g governtnent grant income. relating to revenue is recOls¢d in the Staiement of Financial Activities oi) an accruals basis in tlie saine period as the related cosis for which the grani is intended to compensate provided tliat d)eTe 15 evidence of entitlement. receipt is probable and the amount can be measured reliably. Depreciation Depreciatioji of tangible fjxed assets is calculated so ag ro write the cosi over their estimated useful econoThic live5. Depreciatioji rate5 were reviewed and revised at the siart of the year as follows.. Freehold buildiiigs on a straiglit line basis over 50 years Freehold iiiiprovemeiits on a strpight line basis over 10 years Fixtures, fittings and furniture on a straiglit line basis over 10 years (previously at 150/0) Electroi)ic equipment on a straight line basis over 5 y¢ars {previously over 3 years) No depreciation has been charged against the property purchased at 51 High Street as the building is not yet in use. Stocks Stock5 are stated at the lower of ¢ost and net realisable value. Expenditur¢ ExpenditUlE 15 allated to expense headings on an accrnals basis. The irrecovernble VAT element is included with the item of expense to which li relates. Governance eosts Governance costs include the costs of the alldit of the staiutory accounts and advic¢ on legal, property and other matter5. Pension contributions Tlie Coinpany coniribules to the Teachers, Pension Scheme. Payments are made to th¢ Teachers. Pensions Agency in accordance with the Teaehers. Sllperannllation (Consolidation) Regulation$ 1988, as amended. Contributions payable in respect of the accountin& period are cliarged to direei charitable ¢xpenditure. The Company Contributes to a s¢pardte defined contribution scheme for non-tea¢hing staff. Contribution5 payable in respect of the accounting period are chargTed to direct chariiable expenditure. Lease transaction5 Rentals under operaiing leases are charkFed to the Staiement of Financial Activities as they fall due. UDre5tricted fund5 Unrestricted funds comprise funds not subject (o any r¢stri¢tions regardingtheir use and are available forany charitable purpose of the Company. Restrieted funds Resiricted funds comprise fllnds donated to the Company to be applied towards specific capital and revenue items.
TWICKENHAM PREPARATOR Y SCHOOL NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUCUST 2020 ACCOUNTING POLICIES (continued) Taxatio Tlie Company is a registered charity. Any surplus is applied solely for the purpose of the charity and is exempt from corpordtion tax. Financial In5trument5 Basic financial instruments are initially recognised at transaction value and subsequently measured at ainortised cost. Financial assets held at aniortised cost comprise casli at bank and in hand, together witl) trade and other debtors. A specific provision is made for debts for which iecoverability is in doubt. Cash at bank and iii hand is defined all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all crediiors except social security and other taxes and provisions. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end excliange rate. Critical #ceounting judgements and key source5 of estimation uncertainty In the view of tlie Directors there are no areas of tnaterial critical accounting judgements or material e%tim8tion uncertainty in tl)e account5. Going Concer The Director5 believe that there are no material uncertainties over the School's ability to continue operating as a going concern. In makijig this assertion the Directors liave considered detailed budgets for both the next twelve Inonths and strategic plans for the mediun) term and are satisfied that the liquidiiy of the business is sutTicient to meet the business reqiiirements including any obligations arising froin financial, operating and other conditions. 18
TWICKENHAM PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2020 SCHOOL FEES RECEIVABLE 2020 2019 Full fee5 for pupils at the School Less.. Sumnier Term fee discouiit Less.. biirsaries and allowances L¢s5'. Staff 531ary sacrifEce scheme fee adjustment 3,435,207 (259,521) (162,903) 16,6341 3.291,474 (160,777} {14,415) £3,000.149 £3,116.282 OTHER EDUCATIONAL INCOME 2020 2019 Private tuition income Registration fees School trips 54,321 3,000 21,796 51,134 5,250 136,810 £79,117 £193,194 OTHER INCOME 2020 2019 School fees protection insurance Dental protection insurance Book and uniform sales Home to School Jninibus servi¢e Other income 8.016 9.024 494 6.374 13.489 5.811 3,702 9,772 5,740 £27,230 £35.192 DONATIONS 2020 2019 Unrestricied donations Restricted donations Grant income- government grani (Job Retention Scheme) 359 793 109,404 £135,749 £23,776 EXPENDITURE 2020 2019 Charitable expenditure includes-. Depreciation Operating lease5- odier 105.983 36.794 145,983 41,045 Governance costs includes.. Auditors. remuneration - for audit 11.760 19
TWICKENHAM PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2020 CHARITABLE ACTIVITIES Staff costs (note 8) Other Depreciation Total 2020 Charitable activities School operaiing cosis Teaching costs Welfare costs Premises Support costs 2,099,014 134,945 51,668 2?1.349 231.131 49.907 198.377 ?03.111 2,330.145 184.852 356.028 424.460 105,983 £2,506.976 £682,526 £105,983 £3,295,485 Staff costs (note 8) Other Depreciation Total 2019 Chxril#bl¢ activities School operating costs - Teaching costs Welfare costs Premises Support costs 1.957.348 130.847 50,888 208.058 366,397 79,009 ?06,091 164,700 2.323.745 209,856 402,962 372,758 145,983 £2,347.141 £816.197 £145,983 £3.309,321 All costs Telate to the one activity of operating the School. Included within other support ¢OSts are governance costs of £16,172 (2019: £16,260>. STAFF COSTS 2020 2019 Salaries and wages Social security cosis Pension costs 1,950.074 186.717 370.185 1,895,718 182,536 268,887 £2,506.976 £2,347,141 Th¢ total valu¢ of all compensation and benefits provided to the key management personnel in the year was £564,147 (2019.. £577,299). Ther¢ was on¢ termination payTnent of £2,160 made during the year {2019-. £nil). The average nllinber of employ¢¢s dursng the year was made up as follows.. Teaching Full time Part time Other Full time Part time 18 15 19 23 22 65 61 20
TWICKENHAM PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS {eoNtinued) VOR THE YEAR EIYDED 31 AUGUST 2020 STAFF COSTS (continued) The number of employees whose emoluments exceeded £60.000 wer¢.. No. £90,001 £1 00.000 £60,001- £70,000 The above employee5 have retirement benefits aceruing under a defined benefits Scheme. FINANCE COSTS 2020 2019 Bank charges Bank interest on loans repayable within five years Bad and doubtful debis Fee5 in advance discount 830 15.727 (657) 4,196 4,389 7,648 3,794 5,166 £20.096 £20,997 io. GOVERNORS, REMUNERATION AND EXPENSES No remuneration or benefits were provided to any Governor. No expenses were reimbursed to any Govemor during the ytkr (2019-. £nil). Two of the governor5 during the year (2019.. three) had children in the school and paid ]7 fees. TANGIBLE FIXED ASSETS Freehold land buildings Fixtures. rittings and furniture Freehold itnprovements Electroni equipment Total Cost At I September 2019 Additions Disposals 3.527,168 508.193 270,750 9,397 420,789 18,153 (3.173) 241,335 17.471 {8.203) 4,460.042 553214 (11,376) At 31 August 2020 4,035.361 280,147 435.769 250,603 5.001,880 Depreciation At I Septeiiiber ?019 Charg¢ foT the year Disposals 780,966 46,854 154,923 26,537 269,404 20,556 13,173) 202,895 12,036 (8.203) 1,408.188 105.983 {11,376) At 31 August 2020 827.820 181,460 286.787 206.728 1.502,795 Net Book Value AI 31 AugJu5t ?020 £3 ?07,541 £98,687 £148.982 £43,875 £3,499,085 Ai 31 August2019 £2,746,202 £115,827 £151.385 £38.440 £3,051,854
TWICKENHAM PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS {eontinued) FOR THE YEAR ENDED 31 AUGUST 2020 12. DEBTORS 2020 2019 Fees receivable Otlier debtors 8,155 153,865 2.665 145.699 £162,020 £148.364 13. CREDITORS: amounts falling due within one year 2020 2019 Bank loans Trade creditors Fees received in advance Social security payable and other taxation Pupil deposits Sundry creditors and accruals 27.034 81,028 424,381 44,210 34,750 131,31i 27,361 63.279 406.427 44.837 26.750 84.074 £742.716 £652.728 14. CREDITORS.. arnounts falling due after one year 2020 2019 Pupil deposits 212,250 229,250 Bank loans Due between one and two years Due between two and five years 30,051 619,219 28,113 639,070 649,270 667.183 £861,520 £896.433 The bank loan facility of £700.000 was drawn down on 3 April 2019. The terni of the loan is 5 years with a ?0 year amort15aiitsn profile. The loan of £676,304 is repayable by 3 April 2024. The repayment is by instalments and the loan bears interest at a floating rate of 1.86% over base rate. An interest only period (capital repayment holiday) was agreed from 3 April 2020 with tnonthly repayinent instalments recommencsng on 2 October 2020. b} The bank loan 15 secured by a fIrst l¢gal charge over the freehold property of the S¢hool ai 43 High Street. Hampton. 22
TWICKENHAM PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS {continuedl FOR THE YEAR ENDED 31 AUGUST 2020 IS. FUNDS Balance at 31 August 2019 TrAllsf£rs between Funds Balance at 31 August 2020 Total income Total expenditure MOVEMENT IN FUNDS The movement in funds during the year was tnade up as follows.. Unrestricted funds 2,782,749 3,375,277 13,315,581) 15,267 2,857.712 Restricted fiinds Parents, Commsttee Bursary Fund 51 High Street 4.678 29.836 15.000 24,686 14,278) 110,989) 25,086 18.847 15.050 50 £2.8J2,263 £3,400,013 £13,315,581) £2,916,695 Parents, Committee relates to donations received frotn the Parents, Committee towards various projects. The opening balance relates to the proposed purchase of a weatl)er station and the funding of a lease of a minibus. acquired in Summer 2018. The Committee has pledged £20.400 towards equipment for the premises at 51 High Street, Hampion and has agreed that the weather station funds will also be reassigned to this project. A furtlier donation of £4,286 was received during the year for tlie continued funding of the lease of a minibus and £4,278 was transferred io unrestricted ndS in respect of the current year minibus lease charge. Bursary Fund relates to a donation received from a benefactor to fund an academic means tested award for a child{renl who would not otherwise be able to attend the School. One pupil's fees are currently being met by this Fund. 51 High Street relates to ali anonyinou5 donation iowards fitting oui of the premise5 at 51 Higli Street. Hampion. Anotlier donation of £50 was received during the year for this same project. The funds will be utilised in Autumn 2020 to purchase furniture for the rerb1shed building. A donation was received from a parent towards the Provision of financial assistance io parentg facing hardship as a result of the pandemic. £1,250 was received and fully utilised in the year. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted ruNd5 Restricted fund5 Total fund5 Fund balances at 31 August 2020 are represented by= Fixed assets Net curreiit assets Long t¢rm liabilities 3,499,085 220,147 (861,5201 3,499.085 279,130 (861.520) 58,983 £2.857.712 £58,983 £2,916,695 16. SHARE CAPITAL The Company is liinited by guardntee and therefoi'e has no issued share capitsl. In the event of a winding up eath metnber. currently 13 in total, agrees to contribute £1. 23
TWICKENHAM PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS {continued) FOR THE YEAR ENDED 31 AUGUST 2020 17. PENSION COSTS The School participates in the Teachers, Pension Scheme for its teachillg Staff. The pension charge for the year includes coniriburions payable of £317,872 12019.. £220,170) and at the y¢ar ¢nd, £35,640 {2019.. £28,698) was accrued in respect of contributions to this scheine. The Teacliers, Pension Scheme is an unfunded mulri-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 (as am¢nd¢dl and The Teachers, Pension Scheme Regulations 2014 (as amended). Members contribut¢ on a'pay as you go" basis with contributions from members and the employer being r¢dit¢d to the Exchequ¢r. R¢tir¢ment 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 valuation5 undertaken by the Government Actuary's Departinent. The mosr recent aciuarial valuation of the Teachei'5' Pension Scheme was pr¢pared as at 31 March 2016 and the Valuation Report. which was published in March 2019, confirined thai ihe employer contribution rate for the scheme would increase from 16.41b/o to 23.6% from I September 2019. Employers are also required to pay a scheme administration levy of 0.08Q/D giving a total employer coiitribution rate of 23.68Q/o. The 31 March 2016 Valuatioii Report was prepared iii accordance with the benefils set out in the scheme reg7ulations and under the approach specified in the Directions, as they applied at 5 March 2019. However. the assumptions were considered and set by the Department for Education prior to the ruling in the 'McCloudlSargeani Case, This case lias required the courts to consider cases regarding the implemeniation of the 201 S refomis to Public Service Pensions includii)g the Teacher5. Pensioiis. On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal's judgtnent that transitional provisions introduced to the reforned pension schemes in 2015 gave rise io unlawful age discrin)ination. The govemment is respectiiig tlie Court's decision and has said it will engage fully with the Employiment Tribuiial as well as employer and member represenialives to agree how the discriminations will be reinedied. A consultation was launched by the government on 16 July 2020, and closed to responses on I l October 2020. The Teachers, Pensioi) ScheTne is subject to a cosi cap mechanism which was put in place to protect taxpayeTS atsaill5t unforeseen chaii(Tes in 5clieme costs. The Chief Secretary to the Treasury. having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap Inechanism followiiig the Court of Appeal's ruliiig in the McCloud/Sargeant case and until thei'e is certainty about the value of pensions to employees from April 2015 onwards. The pause wa5 lifted in July 2020 and the government is preparing to complete the cost control element of the 2016 valuations. which is expected to be completed in 2021. In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised asSUlllPtions would yield different results than tliose contained in the A¢tuarial Valuation. Until the consultation and the cost cap Inechanisni review are completed it is not possible to conclude on any financial impact or future changes to the tontribution rates of the scheme. Accordingly, no provision for any additional past benefit pension costs is included in these finaiicial statements. The Coinpany contribute5 to a separate scheme for non-teaching staff under The Independent Association of Prep Scl)0015. This is a defined contributloll Scheme. The assets of the scherne are held separately from those of the Cotnpany in an independently adniinistered fund. Coniribulions are paid based tsn the recommeiidations of a qualified actuary and are charged to resources expended when they become payable. The pension charge for the year in respect of tl)is scheme was £51,747 {9019.. £48.272). At the year end, £4,653 12019.. £Nil) wa5 accrued in respect of contributions to tliis schen)e. 24
TWICKENHAM PREPARATORY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 AUGUST 2020
17. PENSION COSTS (continued)
The Company contributes to the NEST pension scheme for non-teaching workers meeting the criteria for autoenrolment. This is a defined contribution scheme set up by the Government. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions are paid based on the regulatory minimum contributions and are charged to resources expended when they become payable.
The pension charge for the year in respect of this scheme was £566 (2019: £445). No contributions (2019: £Nil) were outstanding at the year end.
| 18. | CAPITAL COMMITMENTS | 2020 | 2019 |
|---|---|---|---|
| £ | £ | ||
| Future capital expenditure | |||
| Authorised and contracted for: | £56,888 | - | |
| ======== | ======== |
19. OPERATING LEASE COMMITMENTS
At 31 August 2020 the total future minimum lease payments under non-cancellable operating leases were as follows:
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Not later than one year | 33,507 | 36,444 |
| Between one and five years | 78,032 | 66,616 |
| Later than five years | - | - |
| ----------------- | ----------------- | |
| £111,539 | £103,060 | |
| ======== | ======== |
20. RELATED PARTY TRANSACTIONS
During the year the School employed the wife of Mike Michael, a Governor of the School, as a part time teaching assistant. Her appointment in December 2014 was carried out in accordance with standard school recruitment procedures under the same conditions as that offered to all other staff members. No Governor was involved in the recruitment process.
During the year the school engaged Brittain Hadley as Chartered Building Surveyors and Property Consultants for professional services. Nigel Rickard, a Governor of the School and a chartered surveyor, is a director of Brittain Hadley. During the year, professional services in respect of a party wall were undertaken by another director of the firm with all costs met by a third party (2019: a full building survey of the premises at 51 High Street was undertaken by Mr Rickard at no charge to the school).
During the year the School employed the son of David Malam, Headmaster of the School, as a part time student assistant and Chess/ Mindsports club organiser. His appointment in September 2019 was carried out in accordance with standard school recruitment procedures under the same conditions as that offered to all other staff members. The Headmaster was not involved in the recruitment process. The cost to the School of employing him this academic year was £10,722.
During the year, the School also employed the daughter of David Malam on an ad hoc supply basis to assist with After School Care and pupil supervision. Her appointment in September 2019 was carried out in accordance with standard school recruitment procedures under the same conditions as that offered to all other staff members. The Headmaster was not involved in the recruitment process. The cost to the School of employing her this academic year was £2,067.
There were no other related party transactions.
25
TWICKENHAM PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2020 21. STATEMENT OF FINANCIAL ACTIVITIES FOR THE PRIOR YEAR Unrestricted Restricted funds funds Total 2019 Notes INCOME FROM: Charitable activities School fees receivable Other educatsonal income Catering and Welfare income Other ijicome Donations and Legacie5 Donations Investments Interest receivable 3.116.282 193.194 211.340 35,192 3.116,282 193,194 211,340 35.192 793 22,983 23.776 10,198 10,198 TOTAL INCOME 3,566,999 22,983 3,589.98? EXPENDITURE ON.. Charitable activities: School operating costs Teaching costs Welfare Costs Preini5e5 Costs Support costs of schooling 2,323,745 209,856 402,962 372,758 2.323,745 209,856 402,962 372.758 3,309.321 3,309,321 Raising fund5 Finance costs 20.997 20.997 TOTAL EXPENDITURE 3,330.318 3.330.318 NET INCOME ?36,681 22,983 259.664 TRANSFERS Gl'oss tran5fei's between funds 20,6(K) (20,600) NET INCOME FOR THE YEAR 257,281 2.383 259,664 Funds brought forward ai I September 2018 2,525,468 47.131 2.572,599 Funds carried fonvard at 31 Augllsl 2019 £2.782,749 £49,514 £2,832.263 There were no r¢¢ognis¢d gains and losses other than (hose shown in the above Statement of Financial Activities. 26
TWICKENHAM PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMEIYTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2020 22. FUNDS MOVEMENT FOR THE PRIOR YEAR FUNDS BAlanee at 31 August 2018 Transfers between Funds Balance at 31 August 2019 Total income Total expenditure MOVEMENT IN FUNDS The movement in funds during the year was made up as follows.. Unrestricted funds 2,525.468 3,566.999 {3.330.318) 20,600 2,782,749 Restricted funds Parents. Committee Bursary Fund 51 High Street 6,825 40.306 7,983 {10,130} (10,470} 4,678 29,836 15,000 15,0(X) £2,572,599 £3,589,982 £(3,330,318) £2,832.263 Parents, Committee relates to donations rec¢iv¢d from the Parents, Committee towards the capital cost of a new pull-oiit gtage and curtains for the Hall, a 3-D printer for the Art Room. a display monitor for an electronic noti¢eboard and a weather station. The Parents, Committee also funded the purchase of all the medals foi the inaugural Mind Sports OIyTnpiad hosted by the School in February 2019. All capital itetns were installed during the y¢ar with the exception of the weather station and a display monitor which will be purchased during 2018119. Bursary Fund relates to a donation received from Mrs EH Jenkinson to futjd an academic means tested award for a hildlren) who would not otherwise be able to attend the Scl)ool. Other relates to a donation received towards the capital cost of six digital boards which were purchased and installed dui'sng the year. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted funds Restricted funds Total funds Fund balances at 31 August 2019 are represented by.. Fixed SetS Nei eurrent assets Long terni liabilities 3,051,854 627,328 (896.433) 3,051.854 676,842 {896,433} 49.514 £2.782,749 £49,514 £2.832,263 27