TWICKENHAM PREPARATORY SCHOOL {A Company Limited by Guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Company Number: 3475951 Registered Charity Number: 1067572
TWICKENHAM PREPARATORY SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 CONTENTS P#ge Directors, report Ind¢pendent audiior's report Staiement of finan¢ial activities 14 Balance sheet Cash flow statement 16 Changes in net debt Notes to the financial statements
TWICKENHAM PREPARATORY SCHOOL DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The Director5 present their annual report for the year ended 31 August 2022 under the Companies Act 2006 and the Charitie5 Act 1993, iogcther with the audited financial stsiements foT the year, and confirm that the latter comply with the reqllirements of the Companies Act 2006. the Company's Articles of Association, Ihe Chariti¢s Act 2011 and the Charities SORP IFRS 102). REFERENCE AND ADMINISTRATIVE INFORMATION DIRECTORS The Directors of ihe Company. who are also the charity trustees and the Governors of the School, who Served during th¢ y¢ar 2nd subsequently were.. Mr Ilarry Bates Mr Michael J Fisher Mr Philippe L Buron Mr Gavin J Donaldson Mrs Elizabeth M Ferguson Miss Barbara A Flight Mrs Jessica A Flarvey Mr Brian M Jones Mr5 Ruby Jones Mr Mike Michael Mr Andrew J MuTray Ms D Jane O'connor Mr Thomas JJ Owens (Chaimanl (R¢signed 22 Novernber 2022 both as Depuly Chairman and Director) (Resigned 8 July 2022) (Resigned 8 June 2022) (Appointed 18 November 2021) KEY MANAGEMENT PERSONNEL AND PROFESSIONAL ADVISERS HEADMASTER Mr Oliver Baett KEY MANAGEMENT PERSONNEL Key management personnel includes the Headmaster, four members of the S¢nior Leadership Tearn and tsvo oihers. BAf4KERS Barclays Bank pl¢ Onslow Hall Lillle Green Richmond Surr¢y TW9 IQS AUDITORS Haysmacintyre LLP 10 Queen Street Place London EC4R IAG SOLICITORS Veale Wasbrough Vizards LLP Narrow Quay Flouse Narrow Quay Bristo5 BSI 4QA
TWICKENHAM PREPARATORY SCHOOL DIRECTORS, REPORT {eontiDued) FOR THE YEAR ENDED31 AUGUST 2022 STRUCTURE. GOVERNANCE AND MANAGEMENT Twickcnharn Preparatory School ITPSI was founded in 1969. The School is incorporated as a Company Limired by GU8ntee and is a registered charity, number 1067572. Its registered company number is 3475951. Th¢ Registered Office and address of (he school is at 43 High StreeL Hampton, Middlesex. TW12 2SA. During the year, the Company was gov¢rned by its Anicles of Association which were Tnodernised in 2019 to r¢flect changes in legislation, best practice in th¢ charities and independ¢nt school sectors. and the manner in which the charity is governed and op¢rates in praciice. The Directors are elected at a full Directors, Meeting on the basis of their eligibility, personal competence, specialist skills and local availability. New Governor5 are inducicd into the workings of ihe School, and also of the Company as a registered Charity. All Governors ar¢ ¢ncouraBed to ai¢end rel¢vant trustee iraining opportunities. The Directors meet as a Board at least three times a year to detemiine the g¢neral policy of the charitsble company and to review its overall managetnent and control, for which they are legally r¢spon5ible. Sub-committees of the Board comprising Directors, together with some kcy management personnel repr¢scntation. also meet at least three times a year or as r¢quired to undertake tnore detailed r¢views of operational management; these committees report directly to ihe Board and tnake recommendations for Board approval. Currently, there are four sub-committees of the Board.. Educaiion and Straie¥7ic Planning, Finance, Risk and Premi5e5. The welfare and safety of the SchLN)I community is of paramount importance and a school Health and Safety committee. comprising employees and with Director representation, reports to the Risk Conirnittee. The day-to-day running of the School is delegated to the Fleadmaster supported by the Senior Leadership Team and two others and together this group are the key management personnel. Rcmuneraiion is set by the Board, with the policy objective of ensuring appropriate incentive5 to encourage enhan¢¢d perforniance and rewarding individual contributions to the School's success. The appropriateness and relevance of the pay policy is reviewed annually including referen¢e lo comparison5 Wlth other independent schools lo ensure that we remain sensitive to the broad¢r issues of pay and employment conditions within the sector. Delivery of ihe School's charitable vision and purpose is primarily dependent on our key Management personn¢l,' Staff costs are the largest singl¢ elemeni of our charitabl¢ expenditure. OUR AIMS The objects, as set out in the Article5 of Association adopted OR 7 November 2019, are to advance educalion including (but noi limited to} the provision of a sehool or schools in Great Britain. These updated objects ¢]lrY the charitabl¢ purpose and will allow the chariry to further ils purposes for the public benefit in a broader manner. Our mission siatement is-. 'To be ihe Preporoii)ry School of Choice providing ayeellent, innovative ond inspiring educaiioN where per50nul succe.¥.¥ is achieved ihrough our L7ndcOri£ eihos" The key elements of ihis staiement underlie all our straiegic d¢cision making. We aim to provide a fir5t-class education within a structured ejivironment that develops our pupils, ¢apabilitie5, ompetences and skills enabling ihem to fulfil their potential. We promote the acadetnic, rnoral and physical d¢velopment of our pupils through our academic curriculum, pastoral care. sporting and oiher activities. We actively seek to build pupil5' self-confidence and resilience and to incul¢at¢ in them a desire to contribute to the wider community. In so doing, w'e aim to prepare our pupils for the opportunities, r¢sponsibilities and experi¢nce of later life. OUR OWECTIVES Our objectives are sei io r¢fl¢¢t the educational aims and ethos of the School. In setting our objeciiwes and planning our activities. the Dir¢ctors have given careful consideratiort to the Charity Cornmission'5 public benefit LTuidan¢¢.
TWICKENHAM PREPARATORY SCHOOL DIRECTORS, REPORT Icomtinued) FOR THE YEAR ENDED31 AUGUST 2022 OUR 0ECTIVEs {¢ontinued) Key objectives for the year were.. Academic and Pastoral To ¢tthance further the CulCUlu[n including the introduction of a new whole s¢hool Maths scheme and a reading prOgrmMe. TLI enhan¢e further the co-curri¢ular activities including increased use of specialist sports and after school club teachers and the launch of a school radio 5talion- To improve the provision for our ttjore able pupils ihrough establishing staff specifically responsible for Gifted and Talented provision acros5 the Prep and Pre-Prep; To review the curriculum taught in Year 7 and YeaT 8 in line with national exp¢ctstions and through f¢¢dback from local senior schools; To introduce a more etTeciive staff perfomance appraisal process with individual objectives aligned to th¢ strategic plan objectives., To review remuneration of staff includinb f]exible benefits and pension provision. Community To Continue to develop the principle of 'involvem¢nt for all, and engagement with the local community. including further collaboration and shared use of faciliiies, particularly wilh our partnership sehool. To ensure that ihe School has a sironger presence locally and regionally through initiatives which see the establishment of links with the local community and associations, whilst using markeiing in a tarLTet¢d manner to share news about School's pannerships and charitable work. Infrastruciure To continue refurbishment of the School and upgrading of equipment including commission of a thernlll study. aligned with the atchilectural mast¢rplan, to reduce carbon emissions towards net-zero. REVIEW OF ACTIVITIES AND ACHIEVEMENTS Coronavirus pandemic Followin¥ the previous two yeaTS of adjusiment due to the pandemic, 2021122 has seen a reiurn to normality with a full pro¥amme of on-site learning together with events. trips and fixiures. Whilst in-petson meeiings were able to regume. the new te¢hnology platfornis adopted during 'lockdown" periods have eontinued io be utilised to great effect for many meetings with parents, external contacts and staff trdining, allowing greater cosi and titne e]CienCY and convenience for the participants. The Directors continue to place wellbeing of the stafyand pupils as a high priority in all aspects of School deci5ion-making. Inspection by the Independent Schools Insp¢clor#te {ISI) In March 2022 the School underwent a focused compliance and edurational quality inspection by the ISI. We are delighted with the outcome in which the School demonsiraied li meets all the siandardg of regulatory ¢ornpliance and achieved 'Exccllent' in both the quality of pupils, academic and oiher achievemenis and of iheir personal developmeni. l-his affirmation was a welcome reflection Of ihe School we re¢ognise daily. whilst also highlighting particular aspecis of th¢ outcomes for pupils that sets TPS apart from other schools. Inspeciors commented on the excellent ¢ommunicatioti skills of ihe pupils and the strong contribution Tnade by the collaborativ¢ learninbT OPPOrtuniiies, along with high levels or perseverance and commitment shown by pupils in lessons. In addition. the tommentary highlighted the initiative and ind¢pend¢nce of the children and their enthusiasm 10 lake on leadership role5 wjihin their learning, whilst also pointing out high l¢v¢ls of independeni study ski115 and inielleciual curiosity. The report pleasingly highlighted the excellent progress madc by pupils of all abilities in their time al TPS, with ¢hildren thriving on ihe Culture of aspirational challenge and achieving highly in both academic and non-acadeinic aspects of school life. It also pointed out ihe many ¢xtra-cutTicular aciiviiies on offer for the pupils io enjoy.
TWICKENHAM PREPAtiATOR Y SCHOOL DIRECTORS. REPORT Icontinutd) FOR THE YEAR ENDED 31 AUGUST 2022 REVIEW OF ACTIVITIES AND ACHIEVEMENTS leontinued) Inspection by the Independent Schools Inspecloratt (ISI) (CODtiDu¢dl Within their evaluation of the School, the inspectors also highlighted the very high l¢v¢ls of 5Pirituality and moral understanding dcmonstraied by OUT pupils. They found pupils to be caring and compassionate towards others, respectful of differences and eager to learn about other culiures. They know how to stsy safe and healthy whilst also d¢monstrating excellent collaborative skills and high levels of self-esteetn, conlidence. discipline and Te5ilience. These attributes will enable TPS pupils to succeed in th¢ future. recognising opportunities to learn from others and ¢ontribiJt¢ positively 10 society. The Directors are delighted wilh ihis very positive a1311n of all that the School does and they are grateful to Mr BaTrett and his staff for providing such a first-class educaiion to our pupils. The ISI Inspection r¢port 15 available to read on th¢ school websit¢ www.1wickenham re .co.uk Aeademic achitvements The S¢htsol achieved excellent results again this year in (Fur girls, and boys, senior school I l + examinations and boys. 13+ entrdn¢e to a variety of secondary schools. some highly academically selective. There was wide variety in destination schools for our Year 6 bjirls with Surbiton Fligh, St Catherine's, Lady Eleanor Holles and Sir William Perkin5's schools being the most popular. Year 6 boys, r¢sults were also very strong with offers including those to Hampton, Si George's, Reeds. Halliford. RGS Guildford, King's Wimbledon and St James. From the Year 6 cohort. the TPS pupils were offer¢d three academic scholarships, two drama hOlarships, one art scholarship and one music h0[arshIp. The Coronavirus pandemic changed the requiremenis for Common Entrance exams in the Summer and senior schools weTe more flexible in their expectations. At TPS the academic staff decided co continue with the programme, with the boys completing the CE syllabu5 and associated examinations, with a group of boys also completing the scholarship programrne in preparation for the assessments in May, resulting in several academic scholarship offers. In total. the Year 8 boys achieved four academic scholarships, two 5POrt5 Scholarships and one music hOlarShip to their chosen senior schools. Stral¢gie and curriculum 8¢tivitie5 and aehievements We continue to s¢¢k new initiatives io enhanc¢ the curriculum further for the bcnefit of our pupils. DuringT the year and as planned, new Maths schemes were introduced in both the Prep and Pre-Pr¢p departments and Accelerated Reader was SULcessfully launched throusihout the school io foster a love of reading whilst at the same time enabling teachers ihe opportunity to manage and n)onitor reading practice. A new Head of ICT and Computing was appointed ond an ICT sirategy group formed to drive the dtvelopment of ICT throu out the school. W¢ aim tts increase tlexibility for staff and pupils in a¢¢¢ssing leatninby resources whilsi also improving efticiency and the sharing of information through the systems used. The rollinb programme of providing both staff and pupils with Microsoft Surface devi¢es has been coniinued. Mi¢ro5oft Team5 is being used to promote collaborative working amongst both senior pupils and sthff. The School has not yet appointed a memb¢r of staff specifically responsibl¢ for Gifted and Talented provision across the school,. thi5 objective will be pursued in the forthcoming year. The PSHE programme. including revised Relationships and Sex Education (RSE) and Health Education in line with statutory guidance, was laun¢hed at the start of ihe academic yoar. Details of topics to be covered were shared with the parent body, with some parent WOTkshops io compliment the proaMMe. and wh¢re appropriate external specialist speakeTS were engaged to deliver aspecis of rhe ¢urriculurn to pllpils. We continue to enhance our STEM offeritjg with specialist third party Science workshops. with ¢r05S-curricular PSHE and career focus, and the popular Science club. The rocket club developed a rocket and look part in the water rocket competition for schools organised by the National Physical Laboratory. During the year, the purchase of radio station equipmeni enabled pupils to develop their broadcasting skills with several successful transmi55i0n5 taking place and we look forward (o increased activity in the future.
TWICKENHAM PREPARATOR Y SCHOOL DIRECTORS, REPORT {coDtiNued) FOR THE YEAR ENDED 31 AUGUST 2022 REVIEW OF ACTIVITIES AND ACHIEVEMENTS (eontinued) Strategic and curriculum activities and achievements (continued) The extra curriculum programme has b¢nefitted hugely from the further introduction of extemally led specialist clubs offering music and dramatic art, dance and various sports. TPS staff also introduced many new clubs during the year, including the Junior Duke programme (a junior version of thc Duke of Edinburgh scheme). Spanish and other languages. performance poetry. book illustration, mixed cricket and cooking. The Art Scholarship club continues ro benefit those pupils preparingy a portlolio for awards to senior schools, with a good degree of success. The School continues to embrace I'hink Tank MindLab, a thinking skills programme taught throughout ihe School which promotes different methods and techniques for dealing with problem solving activiiies and enhances ihe academi¢ curri¢ulLUn. Changes in the Common Entrance curriculum across key academic subjects w¢re fully adopted in September 2021. The proposed review of curriculum for Years 7 and 8 was deferred io a¢ademi¢ year 2022123. given thai th¢r¢ is no lonbjer set expectation from the senior schools for feeder schools io follow the Common Entrance syllabus. The provision for our senior cohort and their personal development is being considered carefully and we aim to maximis¢ their beneficial use of the facility at the Hubfj51. Co-currieular activities and aehievements The School contlTiUe5 to place great imponance on opportuniiies for the children beyond ihe curriculum in order to broaden their l¢arning experiences and range of 5ki115. The co-curricular provision offering sports carnps within the holiday periods, through art association wilh Prcrnier Education. has proved extr¢mely popular and the number of camps ha5 been expand¢d. MT Malam's chess and thinking skills club continues to be offered in school holidays and a school run holiday Art Club has been introduced during the year. Extra-curricular clubs eoniinue to thrive and there was a flurry of educational trips, once pemiitted, OTganised for pupils throughout the S¢hool. Senior pupils are ¢ncollraged to assume positions of re5ponsibiliiy. with all of the girls in Year 6 and boys in Year 8 iaking on roles, following a fornthl appointment process. After ihe adverse impaci of ihe Coronavirus pandemic on the previous two acadetnic years, we were delighted to be able to offer a full sporting programme this year. Pupils participated in a wide range of activities with the main sports for boys being football, Tugby and cricket with Squash and iennis for seniors and netball, hockey and cricket for girls. Mixed opportun2ties are encouraged wilh mixed clubs introduced during? the J¢ar for football and cricket. Swimtning continues to be tauuht to children in Years I to 5. Duringthe year pupils participated in many inter_school iournaments with con5ideiable success. Individual sports have also seen sirong perfortnances, with children from Year 5 to Year 8 taking part in the IAPS Naiional Triathlon Chdmpionships. including a national title in the U13 category. The Prep 5POrts day was held for the first time ai the Elmbridge Xcel Leisure Centre and pupils benefitted from the sp¢cialist athletics facility in what was a highly successful ¢vent. Other activities achievetn¢Mts to support the School Refurbishment of the Pre-Prep depanment has been the focus of our facilities ¢nhancement this year: the remaining thr¢¢ classrootns have been refurbished and all ¢xternal play surfaces in the gardens have been resurfaced. Security has been improved with the replacement of the main gate lo the playground and installation of an additional CCTV camera. The welfare of the pupils will be enhanced further with the implementaiion of software to as51St with recording and management of safeguarding concerns to be laun¢h¢d in Autumn 2022. Upkeep of the facilities has been continued with the Tolling decoration and refurbishrnent prograrnme. The firsi phase of a Ihermal study was Commissioned, ali¥ned with the architectural ma5terplan. to reducc carbon emissions towards net-zero. The School's on&?oing upgrade of IT equipmeni continued with the purchase of additional Microsoft Surface devices for pupils and staff with all teacher classroom comput¢rs replaced with docking stations for Surface devices. The Pre-Prep mobile devices have also en upgraded. Durinb the year. a more eff¢ctive staff perfomance appraisal process was introduced with individual objectives aligned to the straiegic plan objectives. A working party comprising of Directors and senior staff has been ¢stablished io undenake a review of staff remuneration ineluding flexible b¢nefits and pension provision and will b¢ progressed in 2022Q3.
TWICKENHAM PREPARATORY SCHOOL DIRECTORS, REPORT (eontinued) FOR THE YEAR ENDED 31 AUGUST 2022 PUBLIC BEf4EFIT The Direciors confirm that they have compli¢d with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in d¢termining the activities undertaken by ihe charitable ¢ompany. The School is registered with Schoo15 Together, a w¢bsite foTum maintained by the Independent Schools Council in collabtsration with the Department for Education to highlight the projects and partnerships which CUTrently ¢xist between our school and maintained schools or community groups. Widening publi¢ acce55 to the School The School grant5 means-tested bursarie5 into Year 7 and 8 10 widen public access to th¢ School within ihe constraints of available fundin¥ and as appropriate to a school of its typ¢ and size. We currently support some younger children and hope to widen 5u¢h access in th¢ future. In funding our awards, we are mindful that we must ensure equity beiween fee paying parents, many of whom make considerable personal sacrifice5 to fund iheir child(r¢n)'s education. and those benefiting from the awards. We are a150 responsiblc for ensuring the ongoing financial susiainability of the School and the development of our facilitie5 to remain attra¢tive in a competitive market. Within these constraints, funding for bursarie5 and allowances represented 4.1 /0 {2021: 4.70/0) of gr055 tuition fee income in the academic year 2021122. In conjunction with the London Borough of Richmond upon Thames, the S¢hool also operates the Early Education Funding initiaiiye for eligible pupils in their Rec¢ption year. Fostering links with the local community The School actively s¢¢ks io foster links with the local community. Post-pandemic, we aim to resume our conts¢t with local schools in the new academie year, hosting events and involving participants from local schools where possible. Local youih groups have benefitted from use of school Tninibuses. Our pupils have continued to make use of the local sponing facilities at The Lensbury and Kempton Crickei Club and this year we have been able to r¢sume sporting activities at Colets, Powerleague Fcltham and Sunbury Leisure Centre. A vaiiely of out-of-hours school clubs and activities are offcred to our pupils, many at no additional charge, in¢luding a Breakfast Club. %ervice5 to parents have been enhanced with exiended hours of wrap-around care providingy cover from 7.30am 10 6.30pm on weekdays. with OUT after-h0o1 eare now outsourced to a specialisi provider. These initiatives benefii working parents in the provision of wrap-8round childcare. A home to school minibus service is operated to benefit parents and ihe School Travel Plan was updated. Partnership opportunities Whi15t partnership opportunities are limited fora school of our size and profile. we are delighted to have agreed an informal partnership with St Mary's Hamplort CE Primary School. During the year, we have maintained eontsct and hope to resutne some extra-curricular activities with pupils from both schools in the new academic year. We are excited at this opportunity which we hope will ¢nrich the outcomes for all pupils involved. Charity support Pupils actively assist local and national charities by llndertakin¥ a number of fundraising initiatives. This year, donations totalling £3,288 were made to Vario local and national charities with a further £1.204 donated io African Vision Malawi (for Songwe School). F(h)d and other household essentials have been dgnated to East Elmbridge Foodbank. The School also sponsors a child living in Uganda throubih the Compassion UK charity, and pupils coffespond with our beneficiary and send gifts. We are also forgin&T Ticw links with pupils from Son&TWe School and corresponding with pupils there and one of our pupils visited the school in Augusi 2022, taking out dO[tionS of sports equipment and curriculum resources. Our pupils have also done charitsble works outside 5¢hool hours. raising money for worthy causes. Members of staff held a cotTee morning in aid of Macmillan Can¢er Support and they are also involved in local church communities and Forest School cour5¢s for youth carers in the Richmond Borough.
TWICKENHAM PREPARATORY SCHOOL DIRECTORS, REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2022 FINANCIAL REVIEW The School had net incoming resources for the yearof £121,416 which have been added to res¢rves. The Directors consider this a positiv¢ outturn. Nei incoming resources included restricted donations of £18.286.' £10.000 from the Limbachia family for the purchase of Ihe radio station and £8,286 from the Parents, Committe¢, with £4.000 towards dcvelopmeni of the grounds al 51 Hixh Street and £4,286 for minibus lease funding. The donatign in respec( of Ihe minibus funding was fully utilis¢d in the year. In total, £16,637 was transferred from resiricied to unrcstricted reserves durinu the year. This was attributable to the donation of £10,000 for the radio station and the rernaining £6.637 of £50,000 received from a benefactor in 2017 utilised to fund a place at the School for an academically ablc child who would not otherwise have been able to afford the fees. The School is extreTnely appreciative of this additional financial support. At 31 August 2022. the School had reserves of £3,151.450 ofwhich £4,000 are restricted funds relating to the development of grounds at 51 14igh Street described above. The unresiricted funds of £i.147,450 are all inv¢sted. together wilh bank borrowings, in the fixed asseis of £3,492,221. The School is in sound flnancial health. with SUre financial management and healthy registration numbers for future years. The Diredors have regularly reviewed the financial performance throu&hout the year and continue to rnonitorclosely Ihe current econornie climaie. RESERVES POLICY I'he Direetors regularly review the level and nature of the r¢serves of the School, and the reserves policy is reviewed annually. The Directors aim to maintain an annual operatingy sllrplus to finance capital expenditure on improving building5, equipment and other facilities and io create a STnall Charity reserve. This enables the Charity to provide a consistently high qualiry of education to the public and to tneet coniingencies. The Dir¢ctors recobjnise that ihe lev¢] of free reserves (as defined by the Charity Commission) flu¢tuates with investment and building activities and thai ai pr¢sent the reserves are negativ¢. The Sch(M)I finances the day to day operations of the School thtousjh careful cashflow management and the Dir¢dors are content that the net a55¢ts are sufficient to meet the Company's obligations and futur¢ strategy. RISK MAf4AGEMENT The Board ¢ontinue to keep the School's activities under review, panicularly with regard to any major risks that may arise from time to lime, and io moniior the effeclivenesg of the system of Trnternal controls and other viable means, including insurance cover where appropriate. by which (he risks identifi¢d by the Directors can best be mitigated. A Risk Committee, comprising Direciors and staff and reporting directly to th¢ Board, monitors risk and compliance and the Human Resources and Compliance olter suppons further this rol¢. Risk asse5sm¢nts are in place and are being maintained for all agpects of the School's activities and operaiions. During th¢ year, specialist soflware has been implemented to ensure consistency in risk asses5ment5 and to assist in the mitigation and control gf risk throughout the school. Detailed consideration of risk is delegated to other committees as appropriate and includes review of repons from senior tnanagement and independ¢nt professional advisors. A review of risk management processes is undertaken by the Board. The ISI Regiulatory Compliance inspection in March 2022 wa5 a detailed review of all aspeeis of Regulation and Compliance and confirmed that the School met the regulatory Standards in all ar¢as. Key areas of risk are seen to exist in the following areas. common to all independent schools.. Governance including compliance with applicable rebjulations and legislation; Financial control; Disaster planning., L05s of reputation: Health and safety,. and Reeruitment and refrntion of pupils given economic conditions.
TWICKENHAM PREPARATORY SCHOOL DIRECTORS, REPORT (contiThueil) FOR THE YEAR ENDED 31 AUGUST 2022 RISK MANAGEMENT (continutd) All aspects of the qualiry of educational provision and the health and well-being of both staff and pupils have been given v¢ry careful consideration to ensure compliance with government guidelines. The Finance CoJnmittee toniinues to monitor the financial situation closely in order ro tak¢ d¢ci5ive action if required. In assessing risk5, the Board has in place key controls that include.. Formal mechanisms for the operation of the Board of Governors; Temis of reference for all committee5', Close pcrsonal involvement of the Dirertors in the activities of th¢ School. Comprehensive strntegic planning. budg¢ting and accounting proc¢dures; Fomal written policies and procedures; Review and development of the curriculum and extra-curricular activities. and Early ideniification of staffing need5 and prof¢ssional developmeni opportunities. Through the Strategic planning presS, specific risks facing the School have been identified as.. Potential restruciuring of senior s¢hool admissions; Potential preference for delayed entry to independent school ¢du¢ation' Sig)nificant nllmber of schools in the area; Potential removal of charitable tax ben¢fits- and The atTordability of fees given economi¢ conditions. These specific risks are being addressed through investmeni in ihe Pre-Prep department and targeted marketing. ¢nipha5l5ing the many benefits of an independent school cduc4tion and in particular the key points of differen¢e offeTed by a Twi¢kenham Prep schooling. We seek to strengthen our admission list5 further, particularly for entry to Reception and Year 3, by offtring an excellent"valu¢-added" service at a fair price making us a destination 5¢hool of choice. Through the risk management processes established. the Directors are satisfied that the major risks have been identified and appropr2ately miiigaied. However. it is recognised ihat Systems can only provide reasonable but not absolute assuranc¢ that major risks hav¢ been ad¢quaiely managed. PLANS FOR FUTURE PERIODS The School is committed to maintaining high standards in all are of school life. During the academi¢ year 2021122. the Direciors tog¢ther with the Headmaster and other senior leaders and stakeholders collaborated to advance the School's vision and strategic plan for the Tnedium temi. The strategic plan and underlyinx phased obj¢ctives will be finalised alld communicated to ihe school community in the nexi academi¢ y¢ar. Key objectives for the next a¢ademic year include.. Academic and Pastoral To enhance further the reporting processes at ihe school, focusing on the children's attitud¢ to learnin& their organi5ation and behaviour; To enhance fi2rther the co-¢urri¢ular activities including offering opportunities to use new off-51te facilities for sports and a residential sports tour for senior pupils: To conduct a review of the curriculum for Year 7 and 8 pupils, exploring other cu)Ticulum models which allow great cross•curricular project5 and broader learning opportunities beyond ihe conventional subject areas,. To improve the provision for our more able pupils through establishing staff specifically responsible for Gifted and Talented provision across the Prep and Pre-Prep,' To work with parents in order to better inform them about online safely. chil(tren's learning habits and resilience through a parthership with Tooled Up Education; To progress the stratcujic planning for ihe school and Subsequently complets a master planning exercise for the school sire in line with those aims., To review remun¢ration of staff ineluding flexible bencfits and pension provision, including salary bench marking and rewiew of pay scale5.
TWICKENHAM PREPARATORY SCHOOL DIRECTORS, REPORT (contiThutd) FOR THE YEAR ENDED31 AUGUST 2022 PLANS FOR FUTURE PERIODS {eontinued) Community Tts coniinue to develop the principle of 'involvement for all. and engagelnent with ihe local comrnunity. including further collaboration and shared use of facilities, particularly with our partnership school,. To ensure that the S¢hool has a strongeT presence locally and regionally through initiatives which see the establishment of links with ihe local community and associations, whilst usinbj marketing in a targeted manner to share news about School's pam)erships and charitable work. Infyastructure To continue refurbishment of the School and upgrading of equipment including refurbishment of the Prep library and further initiatives to reduce carbon emissions towards n¢t-z¢ro.
TWICKENHAM PREPARATORY SCHOOL DIRECTORS, REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2022 STATEMENT OF DIRECTORS, RESPONSIBILITIES The Directors are responsible for preparing ihe Directors, Report and the finan¢ial statements in accordance with applicable lam, and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to Prepare ihe financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting St2ndards and appli¢able law}. Under company law the Direciors must not approve the financial statcments unless they ar¢ satisfied ihai they give a true and fair view of the state of affairs of the charitable company and of the resuli of the charitable company for that y¢ar. In preparing these financial statem¢nts, the Director5 aTe required to.. select suitable accounting polacies and then apply them consistently,. make judgments and a¢counting estimates ihat aTe reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable company will continue in business. The Direciors are responsible for keeping adequate accounting records that ar¢ sufficient to show and explain the charithble company's transactions and disclose with r¢asonable accuracy ar any tim¢ the financial position of th¢ oharitable company and enable them to ensure thai the financial statemenis comply with the Companies Act 2006. They are also responsibl¢ for safeguaidinu7 the assets of the charitable company and hence fortaking reasonable steps forthe prevention and det¢¢tion of fraud and other irregularitie5. So far as each of the Dtr¢¢tors is aware at the time th¢ Teport is approved.. there is no relevant audit infornjation of which th¢ charÈtable company's auditors are unaware.. and th¢ Direciors have taken all steps that they ought to have taken to make themselvesaware of any relevaniaudir information and to establish that th¢ auditors are aware of that infomjation. AUDITORS In accordance with Seciion 485 of the Companies Act 20(kn, a resolution proposing the appointm¢nt of Haysmaeintyre LLP as auditorg of the Company will b¢ pllt to the Annual Genernl M¢eting. Approved by the Board of Diredors at its meeting on 23 Novetnber 2022 amd signed on its behalf by.. Chaimian 10
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TWICKENHAM PREPARATORY SCHOOL Opinion We have audited the financial 5tatemenis of Twickenharn Preparawry School for the year ended 31 August 2022 which comprise the Siatemeni of Financial Activities, th¢ Balance Sheet, the Statetneni of Cash Flows and notes to the financial ststements, including a 5UTnmary of significant accounting policies. The fjnancial reporting framework that has been applied in their prcparntion ig applicable law and United Kingdom Ac¢ountinb Siandar(ts, including Financial Reporting Standard 102 The FinaClaI Reporlingsiandardapplicable in ihe UK andReFthliL ofjr¥lud(united Kinb7dom Generally Accepted Accounting Practice). In our opinion. the financial statements.. giv¢ a tNe and fair view of the state of the Charitable company's atTairs as at 31 August 2022 and of the charitable company'5 net movement in fund5, including the income and expendiiure, for the year then ended., havc b¢en properly prepared in accordance M'ith United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the r¢quirements of the Companies Act 2006. Basis for opinio We conducted our audit in accordan¢¢ with International Standards on Auditing (UK) (ISAS (UK)) and applicable low. Our respon5ibslities underthose standards are further described in the Audiior's responsibilities for the audit of the flnancial statements secrion of our rcport. We are independent of the charity in accordan¢e with the ethical requirements that are relevant to our audii of the financial statemenis in the UK. including the FRC'S Ethical Siandard, and we have fulfilled our other ethical responsibilitie5 in accordance with thes¢ requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going eoncern In audiiing th¢ financial siatemenis, we have concluded that the directors, us¢ of the going concern basis of accounting in the preparatign of the financial statements 15 appiopriaie. Based on the work we have perfornied, we have not identified any material uncenainties relating to events or eonditions that, individually or colleciively, rnay cast significant doubt on the chariiable company's ability to continue a going oncem for a period of at least twelve months from when the financial sraiements are authorised for issue. Our responsibilities and the responsibilities of ih¢ direetors with respecl to going concern are described in th¢ relevant sections of this r¢port. Other inform#tion The directors are respons2ble for the other information. The other infonnation comprises the inforniation included in the Direciors, Report. OUT tspinion on the financial statetnent5 does noi cover the other inforniation and, except to th¢ extent othenvise explicitly stad in our report, we do not express any form of assurance conclusion thereon. In connection with our audii of the financial statements, our responsibility is to read the other inforniation and, in doing so, consider whether the oiher infom)ation $ Inaterially inconsistent with the fjnancial statements or our knowledge obtained in the audit orothenvise appears to be materially misstated. If w¢ identify such material inconsist¢n¢ies orapparent material isstatements. we are required to detemiine wheiher there is a material misstatement in the financial Statements or a Tnaterial missiatement of th¢ other inforn)ation. If, based on the work we have perform¢d, we conclude that there is a material missthtement of this other informaiion. we are required to report that fact. We hav¢ nothinB to report in this regard. Opinions on other njalters preseribed by the Comp8nie5 Act 2006 In our opinion, based on the work undertak¢n in the coutse of the audit.. the information given in the Directors, Report {which includes the strategic report and the dire¢tors' report pparcd for ihe purposes of company law) for ihe financial year for which the financial statements are prepared 15 consisteni with the financial statementg: and the strategic repon and the directors. report included within lh¢ Direciors. Report have be¢n prepared in accordance with applicable legal requirements. Matters on which we #re qUIred to report by exception In ihe light of the knowledge and understanding of ihe charitsble company and its environment obtained in the course of th¢ audit, we have not identified material misstatements in the Directors, R¢port (which incotyorates th¢ strategic report and the dir¢ctors' report).
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OFTWICKENHAM PREPARATORY SCHOOL (contillutd) We have nothing to report in respect of the following matters in relation to whieh the Companies Att 2006 requires us to report 10 you if, in our opinion.. adequate aceouniing records haw¢ not been kepi by the Charitable Company- or Ihe charitable company financial statetnents are not in agreement with the accounting record5 and retums; or certain disclosures of directors, remun¢ratlOn specified by law are not made,. or we have not received all the inforniation and ¢xplanaiions we require for our audit Responsibilities of directors for the flnaneial statements A5 explained more fully in the directors, responsibilities staiement set out on page 10. the directors (who are also the trustees of the charitable ctsmpany for the purpos¢s of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for 5llch iniemal control as the directors detennin¢ is necessary to enable the preparation of financial statements (hat are free from tnaterial misstatement, whether due to fraud or error. In preparing the financial siatements, the directors are responsibl¢ for assessing the charitable company's ability to continue as a going concem. disclosing, a5 applicable, matters related to going CLincern and using the s7oingT concern basis of accounting unless the directors either int¢nd to liquidaie the charitabl¢ company or to cease op¢rations. or have no realisti altcrnative but to do so. Auditor's responsibilities for the audlt of the financi815t&tements Our objectives ar¢ to obtain reasonable assurance about whether ihe financial statements as a whole are free from material misstaiement, whetherdue io fraud OT ernir, and to issue an auditor's report that includes ouropinion. Reasonable assurance is a high level of assurance, but is not a guarantee ihai an audii conducted in accordance with ISAS (UK) will always dete¢t a material misstatement when it exists. Miss(aiements can arise from fraud or error and are considered material if, individually or in ihe aggreg7ate, they Collld reasonably be exp¢cied to influence the e¢onomic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are ]nsLc¢S of non-compliance with laws and regulations. We design procedures in line wilh our SpOnsIbl]ll]eS, outlined aix)ve, to detect material misstatem¢nls in re5pe¢t of irregularities, including fraud. The extent to whi¢h our procedures are capable of detecting irregularities including fraud is detailed b¢low: Ba5¢d on our understanding of the charitable company and the environment in which it operate5, we identified thai the principal risks of non-compliance with laws and regyulations Telated to the regulatory requirements of ihe Charity Commission, the Independent Schools Inspectorate {ISII and the statutory safeguarding and child proteciion guidance issued by (he Department for Education {DtE) and we considered the extent to which non-compliance might have a material effeci on ihe financial strdtements. We alsl) consider¢d those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 201 l. Chariiies SORP (2019), Companies Act 2006 and payroll taxes. We evalllaied management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures perforn)ed by the enga¥ement team included.. Inspecting correspondence with reg>ulators and tax authorities,. Discussions with managiement including consideration of known or suspected instance5 of non-compliance with laws and regulation and Iraud: Evaluating TnanaLJement's controls designed to pr¢v¢nt and detect irregularities- Reviewing minuies of meetings in the year.. Identifying and tesiing joumals. in particular journal entries posted with unusual descripiions,. and Challenging assumptions and judgements made by management in their Critical accounting estimates Because of the inh¢rent limiiations of an audit, th¢r¢ is a risk thai we will not detect all irregularities, including those leading to a material misstatement in the financial sratements or non-compliance with regulation. This risk in¢rease5 the more that compliance with a law or regulation is removed from the event5 and transaciions reflected in the financial stst¢meftts. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud raiher than error. as fraud involves intentional conc¢alment, forgery, collusion, omission or misrepresentation. A furtheT de%ription of our responsibilities for the audit of the financial statements 15 located on the Financial Rew)rting Council's website ai.. ll..fr¢.Or -uWdudiior4res onsibiliiies. This description forms part of our audiror s report. 12
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TWICKENHAM PREPARATORY SCHOOL (conlinued) Use ofour report This Teport is made solely to the charitable company's member5, as a body. in accordan¢¢ with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undenaken so that we might state to ihe charirable company's members those maiters we are required io state to them in an Audiior'5 report and for no other purpose. To the full¢st extent pemiitted by law, we do not accept or assum¢ responsibility io anyone otherihan ihe chaTitablc company and the charitable company's members, as a body, for our audit worK for this report, or for the opinions we have fom)ed. Richurd W#uv¥r (Senior sialulory auditor) for undon bchalfofH(rysmacintyrc LLP, Siaiulory Auditor 10 Queen SirEéi Place londo EC4R IAG Date.. 12 December 2Q22 13
TWICKENHAM PREPARA TORY SCHOOL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 Unrestrieted funds Restrieted funds Total 2022 Total 2021 Notes INCOME FROM: Charitable activities School fees receivable Other educational income Catering and Welfare incom¢ Other income Donations and Legacie5 Donations and grant incotne Investments Interest reccivable 3,396,119 188,328 204,107 41,569 3.i96.119 188.3?8 204.107 41,569 3.189,754 87,356 146,145 32,446 97 18,286 18,383 44,552 3,905 3,905 459 TOTAL INCOME 3,834,125 18,286 3,852,411 3,500,712 EXPENDITURE ON: Charitable activities: School operating costs Teachinu costs Welfare Costs Prernises COSIS Support costs of schooling 2,602.627 201,158 530.120 377.671 4.286 2,606,913 201,158 530,120 377,671 2.333,933 172.119 499,037 360,142 3,711.576 4,286 3.715,862 3,365,231 Raising funds Finance costs 15.133 15.133 22,142 TOTAL EXPENDITURE 3,726,709 4,286 3,730,995 3,387,373 NET INCOME 107.416 14,000 121,416 113,339 TRANSFERS Gross transfers between funds 16,637 (16.6371 NET INCOMEI(EXPENDITURE) FOR THE YEAR 124,053 (2,637} 121,416 13,339 Funds brought forward at I September 2021 3.023.397 6,637 3,030.034 2.916,695 FuNd5 earrled forward at 31 August 2022 £3,147,450 £4,000 £3,151,450 £3,030,034 There were no recognised gains and Ioss¢s Other than those shown in the above Statement of Financial Activitie5. The not¢s on pages 18 10 28 fom) part of these accounts. 14
TWICKENHAM PREPARATORY SCHOOL REGISTERED COMPANY NO: 3475951 BALANCE SHEET AT 31 AUGUST 2022 2022 2021 Notes FIXED ASSETS Tangibl¢ fixed assets 3.492.221 3,544,179 CURRENT ASSETS Stocks Debtor5 Cash at bank and in hand 6.600 167,333 961,047 4,319 135,351 887,870 12 1.134.980 1.027,540 CREDITORS.. arnounts falling due within one year 13 {760,717) (683,0721 374.263 344,468 TOTAL ASSETS LESS CURRENT LIABILITIES 3,866,484 3,888,647 CREDITORS: #mounts falling due after more than one year 14 {715.034) {858,613) £3.151.450 £3,030,034 FUNDS Unrestricted funds Restricted funds 3,147.450 4,000 3,023,397 6,637 TOTAL £3.151,450 £3,030,034 The not¢s on pages 18 to 28 forni part Of these accounts. The financial statements were approved and authoris¢d for issue by the Board of Dir¢rtor5 on 23 November 2022 and were signed loW on its behalf by.. e Michael
TWICKENHAM PREPARATORY SCHOOL STA TEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES Net movement in funds for the rtporting period (a5 per tht statement or rinancial activities) 121,416 113,339 Adjustments for: Depreciaiion charges Loss on disposal of fixed asseis Investment income Financin&J costs (Increascydecrease in debtors In¢rease in creditors (excluding fe¢s in advance and baThk loans) (Inereaseydecrease in stock (Decr&gse) in fees in advance 171.505 2,538 (3,905) 14.560 131,9821 88,612 159,782 (4591 12,997 26,669 8,745 {2,2811 {2,1481 1.436 (43,9011 236,899 165,269 P4et cash provided by operating activities 358,315 278,608 CASH FLOWS FROM INVESTING ACTIVITIES Inves(meni income Payments for tangible fix¢d asgeis 3,905 {122,085) 459 (204,8761 Net cash used in iDvesting activities (118,180) (204,417) CASH FLOWS FROM FINANCING ACTIVITIES Cash outflow from boJTowing Financing Costs Capital repayment of loans (14,560) (152.398) (12,997} (27,3951 f4et cash provided by fillaneing activities {166,958) (40,392) CHANGE IN CASH AND CASH EQUIVALENTS IJY THE REPORTIIYG PERIOD 73,177 33,799 Cash and cash equivaleDts at beginnillg of the rertIng period 887,870 854.071 Cash and cash equivalents at the end of th¢ reporting period £961,047 £887,870 Af4ALYSIS OF CASH AND CASH EQUIVALEiYTS 2022 2021 Cash at bank and in hand Cash on deposit 311,047 650,1)00 887,870 Total Cash and cash equivaltnts £961,047 £887,870 The notes On pages 18 10 28 fomi part of th¢5¢ a¢counts. 16
TWICKENHAM PREPARATORY SCHOOL ANALYSIS OFCHANGES IN NET DEBT FOR THE YEAR ENDED 31 AUGUST 2022 Analysis of changes in net debt At start of year Cash tIow5 Other movements At end of year Cash Loans falling due within one year Loans falling due after one year 887.870 (31,046) (617,863) 73,177 2,069 150,329 961,047 {28,977} {467,534} Tolal £238.961 £225,575 £464.536 The notes on pages 18 to 28 forn) part of these accounts.
TWICKENHAM PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES Accounting conwention I'h¢ financial statements have been prepared under the historical cost convention and in accordance with the applicable Financial Reporting Siandard (FRSI 02. issued March 201)). the Sthtement of R¢commended Practice for Charities {SORP 2015. second edition effective January 2019) and the Companies Act 2006. Incoming resources School fees comprise charges for the school less blltsaries and allowaDc¢s. Other educational in¢ome and catering income is accounted for on a receivable basi5. Donations Donations are recognised in th¢ Statement of Financial A¢tivities when receivable. Grant Income Grani income, including government grant income, relaiing to revenu¢ is recosnised in the Stateent of Financial Activities on an accruals basis in the same period as the related costs for which the grant is intended lo compensate provid¢d that there is evidence of entitlement. receipt is probabl¢ and the amouni can be m¢asured reliably. Depr¢cixtion D¢preciation of tangible fixed ass¢ts is calculated so as to write off the cost over their estimat¢d useful economic Iiv¢s. Depreciation raies are as follows.. Freehold buildings Freehold improvements Fixtures, fittings and rnIture Electronic equipment on a straight Ikn¢ basis over 50 years on a srraigjht line basis over 10 years on a siraikjht line basis over 10 years on a straikht line basis over 5 years Stocks Stocks are stated at the lower of ¢ost and net realisable ¥alu¢. Expenditure Expenditure is allocated io expense headings on an accruals basis. The irre¢ov¢rable VAT element is includ¢d with the item of ¢xpense to which it relaies. Guvernanee e05ts Governance costs in¢lude the costs of the audir of the statutory accounts and advi¢¢ on legal, propety and other matters. Pension contribution$ The Company contributes io the Teachers, Pension Scheme. Payments are made to the Teachers. Pensions Agency in accordance with the Teachers, Superannuation {Consolidation} Regulations 1988, as amended. Conknbutions payabl¢ in respect of the accounting period are charged to direct charitable expenditure. The Company contributes to a separate dered coniribution sch¢me for non-teaching staff. Contributions payable in r¢sp¢ct of the accounting period ar¢ charged to direct charitab5e ¢xp¢nditure. Lease transaclioDs Rentals under opeTatin¥ leases are charg¢d to the Statetnent of Financial Activities as they fall due. Unre5trieted funds Unrestricted funds comprise funds not Subject to any restrictions regarding their use and are availabl¢ forany charitsble purpose of the Cotnpany. Restricted funds Restricted funds comprise fund5 donated to the Company to be appli¢d towards specific capital and rev¢nue items.
TWICKENHAM PREPARATORY SCHOOL IYOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES (eontinued) Taxatio The Company is a registered charity. Any surplus is applied sol¢ly for the purpose of th¢ charity and is exempt from corporation taK. Financial Instrument5 Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets held at amortised cost comprise Cash at bank and in hand, together with trade and other debtors. A specific provisioll is Tnade for debts for which recoverability is in doubi. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. financial liabililies held at amortised cost CLimprise all ¢rediiors except social security and other laxes and provision5. Assets and liabilities held in foreign currency are trnnslated to GBP at the balance sheet date at an appropriate year end exchange rat¢. Critical accountine judgements and key sourees of estirnation uncertainty In the view of ihe Directors there are no areas of material criti¢al accounting judgements or material estimation unccrtainty in the accounts. Going Concern The Direciors believ¢ that there are no material uncertainties over the SchLwI's ability to continue operating as a going Clincern. In makin&1 this sertion the Directors have con55dered detailed budgets for both the next twelve months and strategic plans foT Ihe medium ierm and are satl5fied ihat the liquidity of the business is sutTicient to m¢¢t the business requiiemenis including any obligations arising from fJnan¢ial, operating and other conditions. 19
TWICKENHAM PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2022 SCHOOL FEES RECEIVABLE 2022 2021 Full fees for pupils at the School Less. Sumnier Term fee discount Less.. bursaries and allowance5 Les5: staff salary sacrifice scheme fee adjusiment 3,541,672 3.435,077 (78,680) (162,166} (4,477) (145.553) £3,396.119 £3,189.754 OTHER EDUCATIONAL INCOME 2022 2021 Private iuition in¢om¢ Registration fees School trips 63,567 10,350 43,991 7,650 35,715 £188,328 £87.356 OTHER INCOME 2022 2021 School fees protection Insurance Book and uniform sales Home to School mhnibus service Rental income Other income 6,741 4.633 12.702 12.509 4,984 7,761 2,862 9,765 6,351 5,707 £41.569 £32,446 DONATIONS 2022 202] Unrestricted donations Restricted donaiions Grani income- govemment grant (Job Reteniion Scheme) 97 18,286 157 1.588 42.807 £18.383 £44,552 EXPENDITURE 2022 2021 Chari(able expenditure in¢ludes'. Depreciation Loss on disposal of fixed assets Operatingr lea5es- oiher 171,505 2,538 36,550 159.782 37,045 Governance costs includes: Audiiors, remuneration- for audit 13,884 13,224 20
TWICKENHAM PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS {¢ontinued) FOR THE YEAR ENDED 31 AUGUST 2022 CHARITABLE ACTIVITIES Staff eosts (note 8) Other Depreciation Total 2022 Charitabl¢ 8ctiwitie% School operatlTiU7 Costs Teaching costs Welfare costs Premises - Support costs 2.257,095 120.829 76,883 224,687 349,818 80,329 281,732 152,984 2,606,913 201,158 530,120 377,671 171,505 £2,679.494 £864.863 £171,505 £3,715,862 Staff Costs (note 8) Other Depre¢ialioD Total 2021 Charitable aetivities School operating cosls Teaching costs Welfare costs Premises Support eosts 2,130.012 203,921 52,606 263,506 147.259 2,333,933 172,119 499,037 360,142 75,749 212.883 159,782 £2.538,157 £667,292 £159,782 £3,365,231 All costs relate to the one activiiy of operating the School. Included within other sUPPOrt costs are governance costs of £23,320 (2021.. £16.172). STAFF COSTS 2022 2021 Salaries and wages Social security costs Pension costs 2,077.539 207.701 394.254 1.969,925 192,194 376,038 £2.679,494 £2,538,157 The iotal value of all ¢ompen5ation and benefiis provided to the key management personnel in the year was £581.428 (2021: £573,408). The average number of employees during lh¢ year wa5 made up as follows.. No. No. T¢achins Full time Pan time Other Full time Part time 17 20 19 28 24 70 67 21
TWICKENHAM PREPARATORY SCHOOL IYOTES TO THE FINANCIAL STATEMENTS (eontlnued) FOR THE YEAR ENDED 31 AUGUST 2022 STAFF COSTS (continued) The number of employee5 whose emolument5 exceeded £60,000 w¢r¢'. No. £ioo,001-£i 10.o(x) £60,001- £70.(X)o The above employees have retirement b¢n¢fits accruing under a defined benefits scheme. FINANCE COSTS 2022 2021 Bank charges Bank interest on loans repayabl¢ within five years Bad and doubfful debts Fees in advance discount 764 14,560 {6,065) 5,874 689 12,997 3.593 4.863 £15,133 £22.142 io. GOVERNORS. REMUNERATION AND EXPENSES NO remuneration or benefits were provided to any Governor. No expenses w¢re reimbursed to any Governor during the year {2021.' £nil). Three of th¢ govemors during the year (2021: four) had children in the sehool and paid full f¢es. TANCIBLE FIXED ASSETS Freehold land and buildings Faxtures, ri¢ting5 and furniture Freehold improvements Electronic equipment Tothl Cost At I September 2021 Additions Disposals 4,135,574 (438) 286,856 51,108 (19,334) 489,032 20,287 (7,793) 295,294 51.128 (30,077) 5,206,756 122,085 (57,204) At 31 August 2022 4,135,136 318.630 501,526 316,345 5.271,637 Depreeiation At I September 2021 Charge for the year Disposals 910.532 82.703 208.862 28.876 (17.384) 313,029 27,749 {7,416) 230.154 32,177 {29,866) 1,662,577 171,505 (54.666) At 31 August 2022 993.235 220,354 333.362 232,465 ,779,416 Net Book Value At 31 August 2022 £3,141,901 £98,276 £168.164 £83,880 £3,492,221 At 31 August 2021 £3.225,042 £77.994 £176.003 £65,140 £3,544,179 22
TWICKENHAM PREPARATORY SCHOOL r40TES TO THE FINANCIAL STATEMENTS leontinued) FOR THE YEAR ENDED31 AUGUST 2022 12. DEBTORS 2022 2021 Fees receivable O(her debtors 11,178 156,155 10,887 124,464 £167,333 £135,351 13. CREDITORS: amounts f#lltng due Ivithin one year 2022 2021 Bank loans Trade creditors Fees received in advance Soc2al security payable and other taxation Pupil deposits Sundry credEtors artd accjwals 28,977 128,039 378,332 52,0(K) 23,5(K) 149.869 31,046 72,806 380,480 46,862 28.000 123,878 £760,717 £683,072 14. CREDITORS: amounts falling due after ont year 21122 2021 Pupil deposits 247,500 240,750 Bank loans Due between one and two years Due between two and five years 467,534 31,660 586,203 467,534 617,863 £715,034 £858,613 The bank loan facility of £700,000 wa5 drawn down on 3 April 2019. The temi of the loan is 5 years with a 20 year amortisaiion profil¢. The loan of £496,51 l is repayable by 3 April 2024. The repaymeni is by instaltnents and ihe loan bears interest al a floating rate of 1.860/0 over be Tat¢. During the year. two additional overpayments w¢re made totalling £121,595. b) The bank loan is s¢cured by a first legal charg¢ ov¢r the freehold property of th¢ Sehool at 43 High Stree¢ Hampton. 23
TWICKENHAM PREPARATORY SCHOOL NOTES TO THE FINANCJAL STATEMENTS (eontinued) FOR THE YEAR ENDED 31 AUGUST 2022 15. FUNDS Balance at 31 August 2021 Transfers between Futhd5 Balance at 31 August 2022 Total income Total exptnditure MOVEMENT IN FUNDS The mov¢ment in funds during the year was made up as follow5.' Unrestricted funds 3,023.397 3,834,125 (3,726,709} 16.637 3,147,450 Restricted fund5 Parents. Committee Bursary Fund Radio Station 8,286 {4,286) 4.000 6,637 (6,637) (10,000) 10,000 £3,030,034 £3,852,411 £(3.730,995) £3.151.450 'Parents' Committee" relates to donatitsns received from th¢ Parent5, Committee towards variou5 projec(s. During the year. donations totallin&y £8,286 were received.. £4,286 was expended on the continued funding of the lease of a minibus and £4,000 was asSlb)ned to the development of the rear grounds at 51 High Street. "Bursary Fwid" relates io a donation received from a benefactor to fund an academic means tested award for a child(r¢n) who would not oiherwise be able to attend the School. The fvnd was fully expended during the year with continued fllnding towards one pupil's fees. "Radio siarion" relate5 to a donation from the Limbachia family which was fully utilised in the year io pUhas¢ a radio station. ANALYSIS OFPIET ASSETS BETWEEN FUNDS Unr¢stricttd funds Restricted funds Total funds Fund balances at 31 August 2022 are represented by.. Fixed assets Net cuent assets Long term liabilitle5 3,492.221 370,263 (715,0341 3,492.221 374,263 (715,034) 4,000 £3,147,450 £4,000 £3,151.450 16. SHARE CAPITAL The Company is limited by guarantee and therefore has no issued share ¢apital. In the event of a winding up each member, currenily 10 in total, agree5 to coniribuie £1. 24
TWICKENHAM PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2022 17. PENSION COSTS The School participate5 in the Teachers, Pension Scheme for its teaching 91atT. The pen5i0n charge for the year includes contributlolls payable of £336,418 (2021.. £321.45]) and at the year end, £36,610 (2021.. £37,535) was accrued in respect of contributions to this s¢heme. The TPS is an unfunded multi-employ¢r defined benefiis pensson scheme governed by Th¢ Teachers. Pensions RegulatioRs 2010 las amended) and The Teachers. Pension Scheme Regulations 2014 (as amended). Members contribut¢ on a "pay as you go" basis with Contributions from members and the ernployer being credited to the Exchequer. Retirement and oth¢r pension benefits arc paid by public funds provided by Parliament. The employer contribution rate is set by the S¢cretary of Stale following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the Teachers, Pension Scheme was prepared as at 31 March 2016 and the Valuation Report, which was published in Mah 2019. confim]ed that the employer contribution raie for the scherne would increase from 16.4Q/D to 23.60/0 from I September 2019. Employers ar¢ also required to pay a s¢heme administraiion leTry of 0.080/0 giving a totsl employ¢r coniribuiion rate of 23.68fj/0. The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in ihe scheme regulations and under the approach specified in the Direction5. as they applied at 5 March 2019. HoweveT, the asgumpiions were consider¢d and set by the Depanment for Education prior to the ruling in the 'McClOuSargJcanI ease. This case has required the courts to consider cas¢s regarding the implementation of the 2015 reforms lo Public Service Pensions including the Teachers. Pensions. On 27 June 2019 the Supreme Court denied the government peTmis5ion to appeal the Court of Appeal's judgment thai transitional provisions introduced to the refornied pension schemes in 2015 gav¢ rise to unlawful ag¢ discrimination. The government is respecting the Court's d¢cision and has said it will engage fully with the Employment Tribunal as w¢ll a5 ernployer and member representatives io agree how the discriminaiions will be r¢medied. The governmcnt announced on 4 February 2021 that it intends io proceed with a deferred choice underpin under which members will be able to choose either legacy or refomied scheme benefits in respeei of their s¢rvice during the period b¢tween l April 2015 and 31 March 2022 at the point they ¢me payable. The Teachers. Pension Scheme is Subject to a cosi cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the TreUry, having in 2018 announ¢ed that there would be a revi¢w of this Cost cap mechanism, in January 2019 announ¢ed a pause to the cost cap mechani51n following the Court of Appeal's ruling in the M¢Cloud/Sargeant case and until there is certainly about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020. and a consultation was launched on 24 June 2021 on proposed changesto the cost control mechanism followinbj a review by the Governtnent Actuary. Following a public consulration, the Government have accept¢d three key proposals recommended by the Government Aetuary. and are aiming to implement ihese changes in lime for the 2020 valuatlOn5. The 2016 Cost control valuations have since been complet¢d in January 2022, and the result5 indicated that there would be no changes to benefits or member contributions required. The results of the c05t cap valuaiion ar¢ not used to set the employer contribuiion rate, and HM Tr¢asury has confirmed that any chan8eS to the employer ¢ontribution rate resuliing from th¢ 2020 valuations will tak¢ ¢ffect in April 2024. Until ihe 2020 valuation is completed it is not Pts5sible io conclude on aiiy fjnancial impact or futur¢ change5 to the contribution rates of the scheme. Accordingly. no provision for any additional past benefit pension costs is included in these financial staiements. The Company contributes to a separate scheme for ntsn-teaching staff under The Independent Association of Prep Schools. This is a defined contribution scheme. The asseis of the scheme are held separately from those of the CoTnpany in an independently administered fund. Contributions are paid based on the recornmendations of a qualified actuary and ar¢ chargyed to resources expended when they become payable. 'l-he pengion charge for the year in respect of this scheme was £57,739 (2021: £54,587). At the year end, £5,514 (2021.. £4.899) was ac¢ru¢d in respect of contributions io ihis scheme. 25
TWICKENHAM PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2022 17. PENSION COSTS (eontinued) The Company conthbuies to the NEST pension scheme for non-teachingi workers meeting the criteria for auto- cnrolm¢nt. This is a defined contribution scheme set up by the Government. The asset5 of the schem¢ are held separately from those of the Company in an independcntly administsred fund. Contributions are paid based on the regulatory minimum contributions and are charged io resources expended when they become payable. The pension chargc for the year in respect of this scheme was £9712021: £Nil). At the year ¢nd, £44 {2021.. £Nil) was accrued in resp1 of contribuiions to thi5 scheme. 18. CAPITAL COMMITMENTS 2022 2021 Future capital expenditure Authorised and coniract¢d for.. £31,076 19. OPERATING LEASE COMMITMENTS At 31 August 2022 the total future minimum lease payments under non-cancellable operating leases were as follows: 2022 2021 Not later than one year Betw¢en one and five years Lat¢r than five years 35.679 26,587 32.207 52.023 £62,266 £84,230 20. RELA TED PARTY TRANSACTIONS During the year the School employed the wife of Mike Michael. a Governor of th¢ School. as a part time tea¢hing assisiant. Her appointmeni in December 2014 was carried out in accordance with sthndard school TeKruittnent procedures under the same conditions as that offered to all oiher staff members. No Governor in¥olv¢d in the recn]itment process. There were no other relat¢d party transactions. 26
TWICKENHAM PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS (conttnued) FOR THE YEAR ENDED31 AUGUST 2022 21. STATEMENT OF FINANCIAL ACTIVITIES FOR THE PRIOR YEAR Unrestricted funds Re5trieted funds Total 2021 Notes INCOME FROM: Charitable activittes School fees receivable Other educational income Catering and Welfare income Other income Donations and L¢g2cies Donations and grant income Investment% Inierest reccivable 3,190,986 87,356 146,145 32.446 (1.232) 3,189,754 87,356 146.145 32,446 42.964 1,588 44,552 459 459 TOTAL INCOME 3,500,356 356 3,500,712 EXPENDITURE ON: Charitable aetivities: School operating costs Teaching cosL 'elfare ¢o5t5 Premises costs Support Costs of schooling 2,333,933 172,119 499.037 360.142 2,333,933 172,119 499,037 360,142 3,365.231 3,365,231 Raising funds Finance costs 22,142 22,142 TOTAL EXPENDITURE 3,387.373 3.387.373 NET INCOME 112.983 356 113,339 TRANSFERS Gr055 transfers beiw¢en funds 52.702 (52,702) NET INCOME/{EXPENDITURE) FOR THE YEAR 165,685 (52,346) 113,339 Fund5 brought forward at I September 2020 2,857,712 58,983 2,916,695 Funds carried foThard at 31 August 2021 £3.023,397 £6.637 £3,030,034 There were no recognised gains and losses other than those shown in the above Siatement of Financkal Activiiies. 27
TWICKENHAM PREPARATORY SCHOOL IYOTES TO THE FINANCIAL STATEMEIYTS (coThtiAued) FOR THE YEAR ENDED 31 AUGUST 2022 22. FUNDS MOVEMENT FOR THE PRIOR YEAR Balance at 31 August 2020 Transfers between Funds Balance at 31 August 2021 Total Total expenditure MOVEMENT IN Fuf4DS The movement in funds during th¢ year was made up as follow5.. Unrestricted funds 2,857,712 3,500.356 (3,387,373) 52.702 3.023.397 Restricted fund5 Parents, Committee Bursary Fund S l High Street Digital Media Suiie 25,086 18,847 15,050 (25.086) (12.210) (15.050) (356) 6,637 356 £2,916,695 £3.500.712 £(3,387,373) £3.030,034 "Parents, Committee" relates to donations received from the Parents. Committee towards various projecis. During the year. the lund was fully utilised.. £20,800 was a55ign¢d towards equipment for th¢ premises at 51 High Str¢¢t, Hatnpton and £4.286 exp¢nded on the coniinued funding of the lease of a minibus. "Bursary Fund" relat¢s to a donation received frorn a benefactor to fund an a¢ad¢mic means tested award for a childlren) who would not otherwise be able to attend the School. One pupil's fc¢s are currenily being met by this Fund. "51 High Street" relaies io an anonymoug donation towards fitting out of the premises at 51 High Street, Hampton. The fund5 were fully utilised in Autumn 2022 10 purchase fumiture for ihe refurbished building. Donations were received from parenis towards ihe provision of financia] assistance lo parents facing hardship as a resulr of the panderni¢. £1,232 was received and fully utilised in the year. ANALYSIS OF NET ASSETS BETWEEN FUIYDS UDrestrieted funds Restricted fund5 Total funds Fund balance5 at 31 Augllst 2021 are repre5¢nt¢d by.. Fixed assets Net cuent assets Long term liabilities 3,544,179 337,831 {858,6131 3,544,179 344,468 1858,613) 6,637 £3.023,397 £6,637 £3.030.034 28