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$s￿lation, 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 eff￿t 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 pri￿giVIngs.
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 dI￿Us5]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 cU￿1¢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 traCkIn￿aSSeSSMent 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 COv￿d 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 Borou￿1 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 I￿al 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 ojJrela￿d(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¢ dir￿tOrS 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 m1￿ht 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
st￿ks
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 recO￿ls¢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 all￿ated 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 re￿rb1shed 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