TMqCKLNHAM PREPARATORY SCHOOL (A Company Limited by Guarantee) REPORT AND FINANCIAL ST ATEmE'T5 FOR THE YLAR ETr4DED 31 AUGUST 2023 Company Number: 03475951 Registered Charity Number: 01067572
TII'ICKETr4HAVA PREPARATORY SCHOOL REPORT AliD FINknNCIAL STATELIIENTS FOR THE YEAR E.NDED 31 AUGUST 2023 CONTLf4TS P2ge DirectLirs' repon Independent auth"tor's report 10 Stattment of financsal activities 13 Balan¢¢ sheel 14 Cash flow siat¢ment 15 Changes in net d¢bt 16 Noies (o th¢ financial ststements 17-27
TVI'ICKENHAM PREPARATORY SCHOOL DIRECTORS, REPORT FOR THE YEAR ENDED 31 ALTGUST 2023 The Director% pr&sent their aT)nual report for the year ended 31 August 2023 undei the Companies Aci 2006 and the Charitie8 Act 1993, together with the audited financial sthtements for the y¢ar, and cvnfm ihat the laller Lomply willi th¢ rcquircments of the Companies Act 2006, th¢ Company's Articles of Asso¢iation, the Chariiies ALI 2011 and the Chariti¢s SORP IFRS 102). REFERENCE AND ADMI,[STRATIVE INFORMATION DIBICTORS The Directors of the Company. who are also the charity trustees and the (iovemors of the School. who served during the year and subsequently were: Mt Harry Bates Mr Michdel J Fisher Mrs Jessica A Harvey Mrs S&wa C Ball Mrs Kalpana Bhalla Mr Philippe L Buron Mrs Ehzabeih M Ferguson Mis5 Barbata A Flight Mrs Ruby Jones Mi Paul J Kenny MF Mikt Michael Mr Andrew J Murray Ms D Jane O'connor Mr Thomas JJ Owens Mrs N Gillian Warnis (Chaimianl (Resigned 22 November 2022 both as Deputy Chaimian and Director) (D¢puly Chainnan with effect from 26 October 2023) (Appointed 27 September 2023) (Appointed 18 Septembcr 2023) {Resigned 5 May 2023) {Appointed 8 March 20231 {R¢signed 21 June 2023) (Appointed 8 March 2023) KEY MANAGEMEINT PERSONNEL AND PROFESSIONAL ADVISERS HEADMASTER Mr Oliver Batreti KEY MANAGEMEfs'T PERSONNEL Key maniig¢m¢nl personnel includes the Ileadmaster, four members of the Senior Leadcrship Team alld (W'o others. BAI%'KbRS BaTclay% Bank plc Onslow Hall Liitle Green Richmond Surrey TW9 IQS AUDITORS Haysmacilltyre LLP 10 Queen Street Place London EC4R IAG SOLJCITOR8 Veale Wa5brouEh Vizards LLP Narrow Quay House NaJTOW Quay Bristol BS14QA
TII'ICKENHANI PREPAIL4TORY SCHOOL DIRECTORS, REPORT (continued) FOR THE YEAR EDED 31 AUGLIST 2023 STRUCTLIRL GOVERNANCE AF4D MANAGEMENT Twcketjham Preparalory School ITPS) w85 founded in 1969. The School is iiicorporated as a Company Limiied by OLwane and is 3 registered charity, number 1067572. Its regjstcred cornpaiiy tTrutnber is 3475951. The Registered Office and ad¢lress of the whool is at 43 High Streel, Hamplon, Middl¢s¢x, TW12 2SA. t)urirtg the year. the Company was governed by its Articles of Associatson which were modernised in 2019 to reflecl chatjges in legislation, best practice in the ¢haTiti¢s and independent school sectOTS, and the marm¢r in which the chariiy is Joverned and operates in praciice. The Directors are elected at a fvll Directors, Meeting on the basis of their eligibility, personal compeience, specialist skills and local availability. New Governors arc inducted into the workings of the School, and also of the Company as a registered Lharity. All Governors are en¢oura8ed 10 atiend rclevani (rllstee training opportUDlties. l-h¢ DiTectOTS meet as a F3oard at least three limes a year to deterniine the general poliLy of the clwitable company and to rcview its overall martagement and control. for which thcy are legally responsible. Sub-¢ommitlees of the Board comprising Directois, togeih¢r wilh some key management perSo[tI repre8entall0 also eet at ledst Ihree limes a year or & required to ui)dertake rnore detailed reviews of operational rnanagement: these commiitres report directly io the Board and make recommendatio1 for Board approval. cently, there are four sub-conmittees L¥f the Board.. Eduration and Strategic PlalnS. fin8nce, Risk and Premises. The welfare and safety of the School community is of pararnount importan¢¢ and a school Health and Safely coEnmitt¢e, compriging employees and with Director representation. rq)orts to the Risk Committ¢¢. The day-to-day running of the Schcol is delegated to the Headmaster supported by ihe Senior L£ader5hip Team and Éwo others and together this grvup are die key inaiiagein¢nt pcrsonnel. Remw)¢ratson is sei by the Board, with the policy objcciive of ensuring appropriatc incentives io encourage enhanced perfOrni1Cc and rewarding individual contributions to the School's succes5. The apprupriateness and relevCe of tlie pay policy ts reviewed annually including referencc to comparisons other independent schools io ensure that 'e rem<tiD sensitive to the broader i.%sues of pay and emploirynenl conditionts wiihin ihe secloT. Delivery of the School'5 Lharitabl¢ vision and purposc is primarily dependent on our key rnanauement personnel,. stdff cosis are the largest single element of our charitable exndIture. OUR ADIS The objects, as Set out in the Arti¢1¢5 of Association adopted on 7 November 2019, ar¢ lo advance education including (but not ljmited tol thc provision of a school or schools in CJreat Britain. Th¢ updated objects clarify th¢ Charitable purpose and will allomr the charity io funhcr its puryoses for the public benefit in a broader rnanner. Our vision %tatement is.. 'To be the Prepaj'aioy? School of choice providing arcel/¢nl, inAovalive and in3Firing education where personal Succ5 is achieved ihr0gh our nuriuring apjd caring ethos Th¢ kev elements of this staiement und¢rlie 811 our strategic d¢c*sion making. We aim to provide a f51-claSS education within a structured eni'ironTncnt that develop. our pupils, capabilities. ompetenccs and skills enabling Ihem to fulfil their potcntial. We promote the academic. moral and physical developmenl olour pupils through our academic curriculum, pa510ral care, sporting other aciiviiies. Thre aclively seek io build pupils, seif-confidenLe and resilience and ¢0 inculcate in them a desirc to contribute w the u'ider communily. In so doing, we aim to PTepare our pupils for the opportwiities, responsibilities and experience of laT life. OUR OBJF,CTIVES Our obJ11VeS are set to reflect the educational aims and ethos of the School. setting uur objectives plannitsg our activilies, Ihe Dir¢ctors have given careful consideration to the Chan"ty Commission's public benefjt guidance.
TM,ICKEHAD*I PREPARATORY SCHOOL DIR£CTORS' REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2023 OUR OBJF.CTJVE8 (eontlnued) Key objective5 for the year were.. Academic and Pastoral To enhance further the reporiing procesges at the school, focusing on the childr¢n's attitude to learning. their oiganisaiion and behaviouT', To cnhance funher ihe co-curricular aciivities including offering opportunities to Use ne. off-site fa¢ililies for sport% and a TC.sidential spons tour for senior pupils., To conduct a revi¢, of the cumculum for Y&qr 7 and 8 pupils. exploring other curriculwD rnodels w,hich allow great cross-¢urricular projccts and broader learning opportunities beyond ihe conventional subject areas. To improve ihe proi'ision for our more able pupils through establishing staff specifically responsible for Gifted and Talented provtsion across the Prep and Pre-Prep; Tu w'vrk w'iih parents in order to better inform them aboui online safety, ¢hildren's learning habiis and resilience through a pannership Th'ith Tooled Up Edu¢ation' To progress the strategtc planning for the school aud subsequently complete a master planning ex¢rcisf for the school sile in line with those aims. To rei'iew. remuneraiion Of.taff includll flexible b¢n¢fits and pension provision, including salary bench rnarking and review of pay scales. Com]nunity To ¢ontinu¢ to develop the principle of 'involvemeni for all. and engagernent M'ith th¢ Ivcal community, includu fitr collaboration and shared use of facililies, particularly with our partnership 8¢hool., To ellsuTe thdi the School has a stronger presence locally and regiot]ally through initiatives which see the establishment of li]S '1th the local cotnrnunily and associations, whilst using marketing in a targed mami¢r to shaTe neth's about School'5 partnerships and ¢haritable work. Infrastructure To continue refurbishment of the School and upgrading of equipment Encluditig refi)Ishment of th¢ Piep library and funh¢r initiatives to reduce carbon etnissions towards net-zero. REVIEW OF ACTIVITIES Af4D ACHIEVEMENTS Strateglc currieulum 4¢tivilies and aebievement5 hilst ,¢ hope the coronavirus pandemic is now well behind u5, the resulianl adv¢r8e effects on learning and development, particularly in oui youngesl pupils, con(inue io bc evideiiced. In response, we have recruited an additjonal Teacliing Assislanl lll Ihe Pre-Pr¢p departmenl 10 SUPPOrt the children. Woik8hops io address aTLxieiy have b¢en also been held for thi.s age group as a new iniliaiive. Throughoui the school. the Personal. Social, Health and Economic IPSHEI programme and tutor liine have prtsvidcd a valuable lorum f()r the pupil. (o express any conccrns they may have. The children's attitude to leanjing, their oiganisatiot) and behaviour is now being effectively recorded and ieported through grade cords, M'ith clear guidance on the cnteria for parents. We have also Iorked M'ith parents in order to belter infom them aboul online safely, childreii'5 learning habits and resilience ihroug]i our workshups and through a parenl information session with Tooled Up EducatLOn, also aitetided by parents associated th our local partnership schools I'he Directors continue io place wellbeing of the staff and pupils as a high priority in all aspects of School decision-making. During the year, a detailed review ol the lu1¢u1uM provision for Years 7 and 8 was undertaken and a decision taken io adopt the Pre-seniur Bac¢alaureaie (PSBI. PSB is a registered charity M,hi¢h aims to prepare the pupils for the challenges of life as youllg adults in senior schools academi¢ally, personally, 0¢iallY, culturally and spiritually by actively developing and trackillg knowledge, skills and attitude5. Wc believe li provides a 21, ¢enthry education for our senior boys, enabling Cross-cu1cuIa[ proje¢iq and broadeT learnlng opportllnities beyond ihe conventional subject areas. W¢ also held a 'Bring Your Own Dei'ice. (B YOD) trial for the Year 7 and 8 boys which proved very successful. W¢ ar¢ excited to be laullcbing both the PSB and BI'OD in the new academic year.
TM'ICKENHAM PREPARATORY SCHOOL DIRECTORS, REPORT {continued) FOR TIIE YEAR ENDED 31 AUGUSI. 2023 REVIEM, OF ACTIN'ITIES AI¥D ACHIEVEMENI'S (coutinuedl Strategic and curriculum activities and 8chievement$ {eontinMedl Neatly complsmenting the curriculum development, the School has enhanced the provision of the BOUNCE proLramme in partnership witli Raising Resslicn¢¢, which see all the pupils frorn Year 3 to Year 8 engage in a programme to develop their self-e5tcem, resilience and ihc kno.ledge and understa11¥ of hoiij best io deal adversity alld poientEal challenges in later life. In addition to lh¢ PSB and Bounce initiaiives, staff training in 2022-23 included specific guidance on anli-racism, prejudice and PTivilcgc through a workshop and resourcc 8haTing with The Aris¢ Projec(. along wilh training on the use ofcpoms. a rte, pastoral, bchaTr".iour managemenl and safeguarding platfor. Ilc continue to seek neiv initiatives to enhance the cu)Ticulum further for the benefit of our pupils, During the year, study skills workshops M'erc held for pupÈls in Years 6 through to 8. Tbrough the IT Strale¥y Group, we aim io increase flexibilily for staff and pupils it) a¢cessing learning iesour¢es whilst also improving efficieiicy and ihe shaTing of infomation through thc systems used. The rollit]g programme of providing both staff and pupi15 th Microsoft Surface devices has been eoiilinued and the Pre-Prep iPad devices have also been upgraded. Microsofi Teams is in¢reasillgly being used io promote collaborative M'orking amongsi both senior pupils and s&ff. The School has llol yet appointed a metnberof staff specifically responsible for Gifted and Talenled provision dLross the school; this rernains an objective and will be pursued in the forthcoming year. The extra curriculum progranune has benefiiied hugely from the extth)ally led specialist clubs off¢ring ¢ompul¢r coding, touch t)ying, music ond dramatic ari. dance, and various sports. TPS staff also introduced ne. Initiatives during the year, inbluding cello taster lessons and music ensembles. The scn]or boys eDjoyed the introduction of playing padel as an aiternative to tennis. The Art Scholat5hip club Continues lo benefit those pupils preparing a portfolio for a'ardS to senior schools, with il good degree of success. Support and extension is also provided for pupils in sports, mu8[¢ and drama in Preparation for scholarship assessmenis. The School coiitiiiues to embr8¢¢ Think l'ank, a thinking skills progrdmme tsught throughout the School: which prornotes diffcrent methods and techniqu¢s for dealing problcm solving activitie5 and enhances ihe academic curriculum. In ihc Autumn half temi break, many senior pupils panicipalcd in thc inaugural residential spons tour to Manchester. Ihc trip was highly success1 and enjoyed by all and u'e hope such tours u'ill becoEne regulat event in the school calendar. Academic 8¢hÉevements The School achieved excellent results again this year in our gir15' and boys, s¢nior school I l + examinations and boys, 13+ entrance to a variety of secoJLdary schools, some highly academically sclective. There was wide variety in destination schools for our Year 6 girls with Sir William Perkins'5, Surbilon High S¢hool, Kingston Grammar and Claremont Fan Court School being the most popular. Year 6 results were also very strone w'ith offers to a M'ide ranRe of schools includinR, Hampton School, St. George's College, Radnor House School, St. James's Bo)5 School, Tiffin Boy5 School, Hallrfor6 School, CranIeigh Prep School at Claremont Fats Court School. From the Year 6 and Year 8 cohorts. TPS pupils achieved 6 academic scholatships, 2 art scholarship5, 2 sports scholarships and I music scholarship to their ¢hosell s¢nior schools. Co-curricular aetlvities and achieveellt$ The School Lontinu¢s lo place great importance on opportunities ftsr ihe children hcvond the cutticulum in order to broaden th¢ir learning experiences and ran8e of skills. The co-cuj£u[a1 provision offering sports camps within the holida}, periods, through an association with Premier Education, has proired exirernelypopulaF and the number of camps has beell expanded. A chess and thinking Ekills club continues to be offered in school holEdays and a school holiday art club also very popular. Extr8-curriculaT clubs coniinue to thriye and there was a flurry, of educational trips organised for pupils thToughout the School. Senior pupils are encouraged to assume posiiiot)s of resptsnsibilily, 1th all of the girls in Year 6 and boys in Year 8 taking on roles, following a follal appointmentprocess, along wkth the School Coullcil ,kn.¢h offers the opportLUllty for th¢ childrei) to make decisions about school life.
TMRJCKEIIHAM PREPARATORY SCHOOL DIRECTORS, REPORT {continued) FOR THL YTr AR ENDED 31 AUGUST 2023 REVIIII., OF ACTtVITIES ADID AcIlIEVEIhI TS (continued) Co-¢urricular actiiryties and athievements (continued) Pupils participated in a wide rnige of activitses wilh the malt) sports for boys being football. rugby attd cricket with squash and padel for senioTS and nctball, hockey and crickct lor girls. Mixed opportunities are encouraged with mixed clubs introduced durirlg the vcar for football and Cricket. Swimming Continues to be taught lo children in Years I to 5. Durifjg tl)e year pupils participated Ln many inter-school toumaments with considerable success. Individual spons have also seen Strong pcrformances, with children from Year 5 to Year 8 taking part in the IAPS Nalional Triathloij Championship5, including top ten finishes in both the girls and boys, Ul O events. The Prep sporis day 'aS agaRn held at the Elmbridge X¢el L¢isure Ccntre and pupils benefitted from the specialisl athletics facility in w,hat was a highly successful event. Other #ctiviiies and achÉevements to support the Sehool Rtfurbishment ofour facilities continued this Y the upgrade of the Prep Librnry atid the boys. cloakroom fa¢iliiies. Extensive repairs ..ere undertaken io both the Beveree main rooland the Hub r(x)f,' paving in the main playgrtsund was re- laid and major tree WOTks carried out as recommended by an arborial consulianl. A rninibu5 was purchased upon expiry of its lease ierni. In pursuance of our aim 10 reduce LgJbon emissions towards net-£ero, the radiators throughout Beverce have been refurbi%hed and with the exception of the suppori ofFILes, all ligh¢ing and emergency lighting throughout the school has now been upgraded io LED. The School's ongoing upgrade of IT equipment Continued witli replacement of the school servei and the stan of a rolling p10gTme lo replac¢ olaer desktop COTnputers. Further investm¢nt Jn 5ff IT has seen the purchase of Microsi)fi Surfa¢e Pro and Laptop devices to enable s(aff to work flexibly in the teaching spaces and at hom¢. Key tnembers of staff have ¢ived additional second monir9 to assist with theiT duties. In pursuance of our 5lrategic platming, the School participal¢d in the triei)nial Baines Cutler salary benchmarking exercise in Febrnary 2023. Goi'eTnors have progressed their review of the remuneration of staff. including flexible benefits and pension provision, through ihc working party established last yeAT. Marketing consultancy was cummissioned in Summer 2023 to provtde insight Into socio-dernographic factors and potentia] cahment are35 for out pupil body and this will direct our markcting strategy. Aside from this the School is preparing fur possible challges in the lax siatus of private schools by cnsuring fanCial robustness, identifiing areas of potenlia] cosi saving alld incorne generation. PUBLIC BENEFIT The Direciors ¢onfiTm that they have ¢omplied wilh the duty in section 17 of the Chariiies Act 2011 io have due regard to the public benefit guidanLe published by the Charity Commission in detennitling the a¢iivities undertaken by the charitable company. The S¢hool is re8j5tered wilh Schools Together, a website FoTUtn maintained by the IndependeJ]t Schools Council in collaboration with ilie Departmeni for Education to highlight the projects and pannersl]ips M'lllLh currently exist b¢tw¢en our school attd mait]taincd schools or Community gtOUPS. We have inerca5ed availability of our facilities io Premier holtday camps and Litile Kickers football club al subsidised rental for the benefit of the local conununity as u'ell as our lamilies. Il'idening publle access to ihe Sebool We se£k to grant means-t¢sted burs1¢$ to 'Iden public acee88 to the 8chool within the cot)strainiS of available fiding and as appropriate to a school of its type and size. In fvnding our awards, we arc mindful that w'e must ei]sure equity beiween fee paying paTents, many of ivhom make considerable personal sa¢rifJces to fund iheir child(renl'.% education, and those b¢r)efJling froin the aards. We are also rc.sponsiblc for enguring the ongoing finanLial sust8inability ol the Schuol aod the developmeni of our fa¢ilEtics to remain altra¢tive in a compeiitive markel. Wiihin these constraints, tundin8 for bursaries and allowanccs repres¢nted 2.7°/ {2022.. 4. 10/0) of gruss tuiiion fe¢ illcome in the acadenjic 2022,'23.
TM'ICKENHANI PREPAIL4TORY SCIIOOL DIRbCTORS' REPORT (eontinued) FOR I'HE YEAR EDED 31 AUGUST 2023 PUBLIC BE,Tr.1'f IcoDtiDuedl Wadening publi¢ access to the School (continued) In conjunction with the London Borough of Richrnot]d upon Thames, the School also operatrs the Early Education Funding initiative for eligible pupils in their Recepiion year. Fostering links with the local eommunlty I'he School actively secks to foster li]S th¢ local community. Post-palldemi¢, w¢ aim ¢0 resume our contact with local schools in ihe new ac8deElliC year. hosting events dnd involving pariicipanls frorD local s¢hools where possible. Lx)cal youih groups have benefitied from use of school n]imbuses. Our pupils have ¢oniinued io make use of the local sporting fa¢ililies through our Close links wilh Kempton Cricket Club and sporiiug a¢tlVLties at Colets and lrnbercourt sports ¢lubs, Powerleague Feltham and Sunbury Leisure Cei)tie. A variety of out-of-hours h0o2 clubs and activities are oifered io our pupils, many at no additional ehargt, Including Breakfast Club. Services to parents have been ejthanced w'iih eKtend¢d hours of MTap-around care providing covcr from 7.30am to 6.30pm on 'eekd&YS. th our afier-school Lare now tsulsourced to a specialist provider.'fhe5c iniiiativc% benefit working parents in the provision of wrap-arL)und childcare. A horne to school minibus servi¢¢ is operated to benefit parenls aud during the year a School to home service 'aS also intsLKluced. Partnership opportunltles Whilst partnership opportunities are limited for a scljool of our si7e and profile, .¢ are delighted to offer IN8ET training opponun5ti¢s to local state schools Vb'hcncN'er ihe opportunjty anses. Our sports ¢amps i)re open to local pupils to atteJ]d and aitendee5 this year have included children from the Ukraine. Staff members at th¢ school hold positions at local state schools as governors, sharing their expertise. Charity support Pup21s actavely assist local and national charities by undertak]ng a number of fundraising initiatives. This year, donations totalling £3,728 '¢re made to vatious local and national charities with a further £1.997 donal¢d to Africaii Vision Malawi {lor Songw'e School). Food and other hous¢hold essentials have been dollaled to Easi Elmbridge Foodbank. The School also sponsors a child living in Uganda ihrough the Compassion UK charity, and pupils correspond wryth our beneliciary and send gifL%. We are also forgtng new links wilh pupils from SoDgwe School and COespOnding with pupils ihere. A pupil driven iniiiative lo raise charilable funds ihrough various house entetprises has been introduced,. Concorde held a toy sale in the SuDllner TemJ rdising £424 in aid of their chosen char2ty Cancer Research UK. Our pupi15 have also don¢ charitable works ouisidc school hours, Tassing money for worth> causes. Members of staff held a coffee morning in aid ofmacmillan Cancer Support and they are also involved in local ¢hur¢h communities and Forest School courses for youih carer.% in the Richmond Borough. In April, nearly all staff participated in a n)arathon wa]k from the Tower of Londoli io TPS raising £9,685 for Teddington RNLI. This was an amazing feai and staff were 41teful for all d)¢ support given by friends, family and ihc TPS comrnunity. Tr ILNANCIAL REVIEW The School had net incoming resources for the y¢aF 01£178,989 which have been added to reserves. The Directors consider this a positive outlurn. Net incoming resources included reslricted donations of £4,286 from the Parents, CoTnmittee for minibus lease fundin& rully utilis¢d in the year. There was llo Iransfer of fund% frorn restricted to unrestricied reserves duTmg the year. The School is extr¢mely appr¢¢iative of thi5 additional financial suppori. At 31 August 2023, the School had reserves of £3,330,439 of ,hICh £4,000 are restsi¢ied fvods. With the agreeme]Jt of the Parents, Committ¢e, the iestricted funds which w'ere originally donated tom'ards tlie development of gTounds at 51 High Street are now planned to be allocated to.2rd5 the upgrade of Hall media equipment. I'he unrestricied fiuads of £3,326,439 are all invested, together w'iih bank borrowings. in the fix¢d assels of £3,395.1 $1.
TII'ICKENHAM PREPAKATORV SCHOOL DIRECTORS, REPORT (continued) FOR'I'HE YEAR ENDED 31 AUGUST 2023 Fif4ANCIAL REVIEW (eontlDued) The S¢bool is in sound financial h1th, with secure fittancial manaBemenl and healthy registration numbers for future years. l-hc Directors have regularly reviem'cd the financial perfornnCe throughoui the year and continue Éo monilor closely the Current economic climate. RESERVES POLICY The Directors yeglllarly review, the level and llalure of ihe reserves of the Srh¢)ol, and the reserves policy is r¢vi¢M'ed annually. The Dsrcctors aim n)aintain an a]]nual operating Surplus lo fJT)aiice capitsl expenditure on improving buildings. equipmcni and oiher facilities ajid lo creaie a small Charity reserve. This enable5 Ihe Lhariiy io provide a ConlstentIY high quality of educaiion to the public and to meet contingencies. The Director5 recognise th21 the Itvcl of frec reserves las defincd by the Chariiy Con]niissioD} fluciuaies with inve51meni and buildin8 activitie% and thai at presellt the reserves are negative. The School finance5 the day io da} operations of the School through ¢areful cashflow management and the Direciors are content thdt the net assets are sulticient to meet the Cotnpany's obligations and future straiegy. RISK MANAGEMENT The Board coniinue to keep th¢ Scliool's £lCtivilies under review, panicularly with regard to any major risks that may arise from time to time. and to monilor the elfectiveness of the system of internal cot]trols and other viable means, including insurance cover 'here appropriate, by which the risks identified by the Directors can bestbc mitlgated. A Rigk Committee, omprising Directors and slaftand Ivporiittg directly to the Board, monitors risk and compliance and ihe Human Resources alid Cvmpliance oifir¢r supports further iliis role. Risk assessments are in place and are being maintained for all aspects of the School's aetiviti¢s and operations. During the year, specialist software has been sinplemenl¢d to eAUre consistency in risk assessments and to a5SiSt in the mitigation and conlrol of risk throughout the school. Detailed consideration of risk is delegatsd to other com]nittees ds approprialt and includes revs¢w of reports from scnior management and independellt profession<il advisors. A ieifiew of risk management pioces5es is undertaken by the Board. The ISI Regulatory Compliance inspeciioll in MCh 2022 Wds a detailed review of all aspecL8 of Rcgulation and Compliancc and confinned that the School met ihe regulatory s&ndards in all areas. Key ar of risk are seen to exist in ihe following areas, cornmon to all indepeiiderlt schools: Governance including Compliance with applicable re8ulatiuns al legislatioTh,' Financial conirol. Disaster pla[llIg. Loss of reputation; Healih and saf¢ly; and Recruitmeni and reiention of pupils given economic conditions. All aspects of the quality ofeducational provisioo and the health and well-being of boih stsff and pupils have been given very careful cunsiderati(In to ensure compliance wilh governmeni guidelines. The Fillance Committee ¢onlinues io monitur the finaiicial situation ¢losely in order to take dc¢isiv¢ actioii if required. In assessing risks, the Board has in place key controls that include.. Formal mechanisms for the operation of the Board oEGovernors' T¢nn% of reference for all committees.. Close personal involvement of tlLe Directors in the activilies of Ihe Sehool; CotnpreheDsive straiegic plallning, budgetii)g and accounting procedures. Forn[ written ptslici¢s and proccdures. RevieKp and developmeni of ihe C1cUlurn dnd exira-¢urricular activities. and Early ideniifi¢aiion of staffing n¢eds and prole5sional d¢velopment opportunities.
rii'icKENHAM PREPARATORI, SCHOOL DIRECTORS, REPORT (continued) FOR TH£ I'EAR ENDED 31 AUCUST 2023 RISK NIATr4AGENqENT (continued) Through thc stratcgic planning process, specific risks facing the Schwl have been idenlified as. Pot¢ntial restructuring of senior school admisgions. Poiential PTcference for delayed entry to independent sch<)ol educalion; Significani number ofschools in the area; Potenlial removal of Lharitable benefiis," and The arfordability of fees given eCOt]omic ¢oiJdit?ons. These specifjc risks are being addressed through investment in the Pre-Prep department and iargetrd marketing, ejnphasising the many benefits of an indepet]dent school educatiot] and in particular the kev points of difference offered by a T.1ckenhaAl Prep schooling. W¢ seek to strengihen ollr admission lisis further, particularly for entry to Reception and Year 3, by offering an exccll¢nt "value-added" service at a (air price making us a destination School of choice. Tl]rough t]ie risk management processes established, the Direciors are satisfied thai ihe major rislts have been identified Ind appropriately mitigated. Ilowever, it is re¢ogni5ed that sysiems ¢ati only provide reasonable bul not absoluie assurance that inajor ri5k5 have been adequately mat)aged. PLANS FOR FUTURE PERIODS The School is committed io maintaining hSEh SndardS in all areas of school life. During the academic year 2022-23, the Directors togetlier with the Headrnastei and other senior leaders stskeholders collaborated to advance the School's vision and strategic plan foT the medium ierni. Ke), objc¢tiv¢s for the next academic year include.. Academic and Pastoral To introduce the Pre-senior Baccalaureate Curriculum for Year 7 and 8 pupils together with 'Bring Your Ow'n D¢vice', encouraging collaborative and broad learning opportunities in preparation for the tran51tion (o senior school.. To implemeni an enhanced BOUNCE progran]me, including trdining for staff, 'OrkshopS for parents and a planned sequence of activities for Year 3 10 Year 8; To appoint a member of %taff to take on the role of senior mentsl health lead, compleiing the necessary training to support pupils and staff. To revicw aspects of divcrsity and inclusion ai the school. including aspects of recruitmettt, leadership aiid the curriculum", To itnprove the provision for our mole able pupils through esthblishing staff spe¢ifi¢ally responsible for Gified and a alenied provision across the Prep and Pr¢-Prep,' Tv progress thc strategic planning for the school and 5ubsequenlly coll)plete a masier plonning ex¢r¢ise for ¢he school slte in line with those aims.. To revie*. remuneration of staff including flexible ben¢fJts and pension provision. Community To continue to develop the principle of'involvemeni forall, and engagement with the local community, includijig fitrther CollairlI0rt and shared use of faciliues, particularly with local state 5chool8 and Hampton and Richmond Borougli Football Club To ensure that the School has a strunger presence locally and regionally through iniiiatives which see the esthbli.%hment of links with the local commuiiily and sOcIations, whilst using marketing in a targeted manner to share ne'S about School's partnerships and Charitable work. Infra5tJu¢ture To continue refvrbishtnenl of the School and upgrading of ¢quipmenl including upgrade of the lighting and audio- ViSU411 equipment in the School Hall and fi¢[ initiaiives to reduce carbon emissions towards net-zero.
TM'1CKEHAm PREPARATORY SCHOOL DIRECTOR%, REPORT {eontinued) TrOR THE YEAR ENDED 31 AUGUST 2023 STATEMENT OF DIHECTORS, RESPONSIBILITIES Thc Directors aTC respan%ible for prcpaTing the Dire¢tors' Report and ihe fan(la] statements ID accordance M'ith applicable law.. and regulatioRs. Company law requires the Directors to prepare financial statements for each fll)an¢ial year. Under that law the Directors have elected io prepare (he financial siaiemellls in ac¢orda]iCE with United Kingdorn Generally Accepted Accounting Pra¢iice (United Kingdom A¢¢ounting Stdndards and applicable lam,). Uiider Company la". the Directors must not approve the financial stalements unless they are satssfied thai ihey give a true and fair view olthe state of affairs of the charitable company and of the result of the charitable company for thal year. In preparing these fJnan¢ial slatemenis. the Directors are required to.. select suitable accounting policies and ihen apply them conslstently; ake judgments and accounting estimates that are reasonable and prudeDI' piepare the fJnanci21 sÉatemenis on the going concern basis unles5 il is inappropriate to presLmie that the charitable ¢ompat)y will continu¢ in busines5. The Directors are responsible for keeping adequate ac¢oLmting records that ale sufficient to shvw and explain the Charitsble company's trallsaction5 and disclos¢ with reasonable accuracy at any (ime the fman¢ial possiion of the charitable company id enable them to ensure that the ftt)ancial stai¢ments cnmply with the Companies Aci 2006. They are also responsible fur safeguardilig the assets of the charitable Company and hence fortaking reasonable sw)s lor the pr¢ventioll and detection of fraud and other irre8ulariiies. So far as each of Ihc Directors ss aware at the tirne the report is approved.. there is no relevant audit inforniation of 'hICh the charitable conwany's auth'tors are unaware,. and the Direeiors have taken all steps ihatthcyoughtto havetaken to ntske themselves aware ofany relevantaudii knfornjation and to establish that the auditors are aware of that mforn]auo AUDITORS In accordance with Seciion 485 of tbe Companies Act 2006, a iesL)Iu¢ion proposing the appointment of Hay5macintyre LLP as auditors of the Company 411 be put the Annual Genejal Meeting In prepariDg this repon the Directors have tak¢n advantage of the small companies exempiiorns proTrided by section 415A of th¢ Companies Act 2006. AppmvpA hy the. Rn3rd af t)irectors at its rnecti1 on 23 November 2023 and signed OD it$ behalf by.. Chairman
INDLPENDENT AUDITOR>S KEPOR'I. TO TIIE MEf*qBLRS OF TII'ICKEYHAM PREPARATORY SCHOOL Opfftnion Ve have audj.ied ihe financial staternents ofTwi¢kettham Prepardiory School for the year ended 31 August 2023 which coPse ihe Sthiem¢nl of Financial A¢tivities, the Balance She¢t, the 8tatement of Cash Flows and notcs to the financial stdtemenLS, including a summary of significant accounting poli¢i¢s. The f]nancial reporting framework that has been applied in their prepardlioji is applicablc law and UIiited Kingdom Accounting Standards, including Financial Reporting StandaFd 102 7lie FiniJKcidl R£porting SiortdardL7pplicable in the UK&ptdRepublieofJreland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the flnancial statement8'. gii(c a true and fair view of the state of the charithble company's affairs as at 31 August 2023 and of the charithble compan) s nei movement in funds, including ihe inLome and expenditure, for the year thesi ended,. have beell properl). prepared in accordance w'sth United Kingdom Generally Acctpled Ac¢ounling Praclice; and h)vc b¢en prepared in accordance wsth the requirements of the Companies Act 2006. Basis for opinio We ¢ottducted our audit in ac¢ordance M'ith Iniernational Standards on Auditing {UK} {ISAs (UKII and applicable law. Our rcsponsibilities under those stat]dards aTe further dewribed in ihe Auditor's responsibilities for tlie audit of the financial SLqtements section of our report. We are independenl of the charity ill accordance with the ethical requirements ihat are relevant to our audit of the flnancial sthiements in the UK. including the FRC'S Ethical Standard, and we have fuifjlled our other ethical responsibilities in a¢cordan¢e with these requirements. We believe ihat the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conelusions relating to golng COllc¢r]I ITJ audiiing the financial 5(aiements, we have concluded that the direGiors' use of the going conc¢m basis of a¢counting itt the preporation of the fJnan¢ial staternents is appropriate. Based on ihe Th'ork we have performed, we have llot idenlified any material ut]certainli¢s relating to events or conditions Ih(It, indiviaually or collectivelyj may oast signiflcant doubi on ihe chariiable company's ability t(> tontinue as s going concern for a period of ai least twelve montbs from u,hen the fancial statements ale authoriscd for issue. Our responsibilities and the regponsibilities of the direclois with respect to going concern arc described in ihe relevant s¢¢lions of thi.s report. Other iuformation I'he directors are responsible for the other infotrnatson. The other infoTmaiion comprises the inforntIOn included in the Directors, Report. Our opinion on the finaIicial statements does not cover the other infonnation and, except to the extent othernqse explicitly stated in our report, we do noi express ally fonn of assuran¢¢ COllLlusion thereon. In conne¢tiotJ with our audit of th¢ financial staiements, our respoDsibilily is to read the other information and, in doing so, Consider whcther the other inforniation is maierially inconsistenl with the financial statementfi or our knowledge obtaincd in the audit oi otherwise appears to be marIallY rnisslaled. If we Identify such maierial inconsistencies or apparent tnateTial misstatements. we are required io deterniine ,hether there is a material misstatemeni in the financial statemenis or a rnaterial misslament of the other infomiation. If, based on th¢ work we have perfornicd, we conclude that there is a rnaterial misstslemeiit of this Other inforn)ation, we are required to r¢port that fact. We have iiothing Éu ieport ID this regard. Opillioll5 on other matters prescribed b), the Companies Act 2006 In our opiDion. based on thc work undertaken in the course of ihe audit.. the Lnformalion given in the Directors, lieport (which includcs the straiegic report and the directors, report prepared for the purposes of company lawl for the financial ycar for 'hICh ihe financial siaiements. ale prepared is cvnsistenl lIh the financial staitrnet)ts,' and Ihe strategic report and the dir¢ciors' report included within the Directors, Repon have been prepared in awordance 7th applicablc legal requirernents. latter$ on which we Ire required to report by exception In the light of the knowledge and understanding uf the charitable Company and its environment obtained in the course of the audit, we haiTe noi identified terIal misstatements in ihe Directors. R¢port (which incorporates the strategic report and the diredors. report). 10
1Tr4DEPTr.NDb'T ALDITOR'S REPORT TO THE IIIEMBERS OF TMqCKELN'HAM PREPARATORY SCHOOL (continued) We have noihlng to report in respect of the follothing rnattcr5 in relaiion to M,hich the Companies Act 2000 requir¢s us 10 report to you il, in our opinion.. adequatc accounting records have not been kept by th£ chatilable company. or tht charitablc companv financial statements are not in agreement with the accounling records aDd ieiurns. or ccrtain disclosure8 oldire¢tors' remuneration specified by law are noi made. or we have not received all thc infomiaiion and explattsiions we require for our audil Respon5ibilitie5 of direttor$ for the finanei215t#temeD¢5 A% explaincd niore fully in rhe directors, responsibilities staiemenr set out on Pdge 10, the directors (who are also the Injstees of the chariiable company for the purposes of Company lawl are responsible for ihe preparation of the financial st&lemcnis and for bcing satisfied that the). give a true and fair view, and for Such internal contrul a5 the direclors deiemisne is ne¢tyssary io enable the preparatlOD of financial statements that are free from ]naterial misstdlement, wheihtr due lo fraud or cm)r. In prcpaTing the financial staietnents. the directors are responsible forassessing the Lharitable company's ability to continue 05 a going ¢oncem. disclo.%ing, as applicable, matter5 related to going concern and using the going conceni basis of accounting unless the directors either intend to liquidate the chari(able Company or to cease operalions, OE bave no realistic alternative but to do so. Auditor's responsibilities for the audit ofthe financial stat¢m¢nts Our objcctives are to obthin reasonable assurkU]ce about wh¢iher the fanCIal staternenls as a whole are free from material missthtcmeiit, whether due to fraud or ertor: and 10 issue an auditor's report ihat includes our opinion. Reasonable assuran¢e is a high leiiel of assurance, bui is not a guarantee ihat an audil conducied in accordance with ISAS (UK) will always detect a material misstaTrment ,he it exists. bqibStatem¢nts' can arise from fraud or error and are c4)nsidcrcd material if, individually or in the aggregale, they could reasonably be expected ¢0 influence the economic dccisions of us¢rs taken ot] the bÈsis of these financial stal¥rnenlS. Irregularities. includiDg fraud, are insiances of uon-tompliance with and regulations. Wc design PTo¢edureg In line 'ith our responsibilities, outlined above. io detect terial misstalements in re5PCCt ofirregularities, includtng fraud. The extellt to which our procedures are capable of detecting itTcgularitiCS, including Iraud is dethiled below.. Bed our uiiderstanding of the charitable compally and the environment in which it operates. we identified that the prit)¢ipal risks of noii-compliance Mpiih law5 and regulations related to (he regulatory requirements of the Charity Lommission, the Independent S¢hools In%pectorate (JSI) and the statutory safeguarding and clll'ld proiection guidance issued bv ihe DepurtTnent for E.duc8tiot] (DfEI and w'e considered the extent to whi¢h non-cotnpliance inighi have a maierial effect on the financial statements. We also considered those laws and regulaiions that have a direcl impa¢t on the prepardiion of the fmancial star¢tnents such as the Chariti¢s Act 2011. Charities SORP {2019), Companies Aci 2006 and pairyoll t&xes. We evaluated managem¢nt's inceniives and opporiullilie5 for fraudulent tnanipulation of ihe financial statements (including the tisk ofowerride of contruls). Audii procedures perfoimed by ihc cngagemenl ieam Lncluded.. Inspe¢iing ¢orrespondei)¢e with regulators and lax authorilie.s,' Discussions with Jnanagemelkl including consideration of knowi or suspected ingtan¢es of non-cornpltancc with lar$ and regulalion and fraud; Evaludting maiJagement'5 controls designed to prevent and delect i¢gUlaTIties. ReVIe,ing n]iJiules of rneetings in the year., Identifying and testing journals. In particular journal entnes posted 1th unusual descripiions,. and Challenging assumptions and judgetnents made by management in ihcir criiical accounting estimates Because of the inh¢Tent limitation5 of an audit, Ihcre is a rik ihat we will not detect all I#guIar1[ICs, including those leadillg to a material misstatement in the financial statements or non-compliance with regulation. This risk increases ihe more Ihal compliance with a lam. or regulation is remoired from ihe events and transaciions reflecled in the fLnanLial staternenls, we will be less likely io become aH'are of insiances of non-cornplidnce. The risk also greater regarding IegularitICS OCCUJTing due io fraud rather than errol. as fraud involves intentio1 concealment, forgery, collusion, omission or misrcpresentation. A fiu1her deSCTiPtion of our responsibilities for ihe audit of the fancial st)iements is located on the Financial Reporting Council'5 w¢bsiie at.. www.fv. .uklaudiiorsr¢s nsibilities. This description forn]s part of our audiior's report.
IliDEPENDLNT AUDITOR'S REPORT TO THL MEMBERS OF TM'ICKEFIHAIKI PREPARATORY SCHOOL {¢ontinued) Llse of our report This report is llde solely to the charitable compangs members, as a body. in accordance with Chapter 3 of Part 16 of the Companie5 Act 2006. Our audit 'ork ha5 been Jndenaktn qo thai 'e mighi state to the charitsble company's menibers those matter5 't are required io state to the in an Auditols report and for no other purp05e. Tu the fullesi exient pemiitled by law, we do not accepl orassume responssbility to anyone other than the charithble cotnpanyand the charitable companls members, as a body, for our audit work, for this reporL or for the opinions M'e have fornied. Jane Askew (Senior siaiuiory auditor) for on hehalfofHaysmocintyre LLP, Sialutory Audiior 6 December 10 Quecfr7 Sireei Place London EC4R IAG . 2023 12
TM'ICKENHLM PREPAIL4TORI' SC1400L iI'ATEP*lEIS'T OTr FIN'ANCIAL ACTIVITJES OR THE I'FAR ENDF,D 31 ALGUST 2023 Unrestrieted funds Restricted funds Total 2023 Total 2022 Iyotes INcof+l£ FROM: CharitAble aetlvffitles School fees receivable Other educational income Catering and Ivclfare income Other income Donktions 8nd Legacies Donatiot]s and grant income Investments Interest receivable 3,704,985 239,909 218,329 48,603 3,704.985 239.909 218,329 48,603 3,396,119 188,328 204,107 41,569 95 4,286 4,381 18.383 14,336 14,336 3.905 TOTAL INCONIE 4,226,257 4,286 4,230.543 3,852,411 EXPEfsDITURE Charitablt aetlvitles". Schuol operating cosis - Teaching costs - Welfare cosis - Premises costS' - Support Costs of schooling 2.779,766 208.646 622,823 402.905 4,286 2,784,052 208,646 622,823 402,905 2.606.913 201.158 530.120 377.671 4,014,140 4,286 4,018,426 3,715,862 Rais18 funds Finan¢e Costs 33,128 33,128 15,133 TOTAL EXPENDITURE 4,047,268 4,286 4.051,554 3,730,995 NET JNCOLIIE FOR THE YEAR 178,989 178,989 121.416 Funds brought fonvard al I September 2022 3,147.450 4,000 3,151.450 3,030,034 Funds carri¢d forward at 31 August 2023 £3,326,439 £4,000 £3,330.439 £3,151,450 There w'ere no re¢ognised gains and losses other than those showll in (be above Siai¢m¢nt of Financial Activities. The notes on page$ 17 to 27 forni part of these accounts. 13
TM'ICKENHAIII PREPARATORI, SCIIOOL REGISTERED COI¥IPAh'l' NO: 3475951 BALCk SIIEb.T AT 31 AUGUST 2023 2023 2022 Iyotes FIXED ASSETS Tangible flxed asseis 3,395,181 3,492.221 CURRENT ASSETS 4,737 170,785 1,209,770 6,600 167,333 961,047 Debtor Cash at bank and in hand 12 1,385,292 1,134.980 CREDITORS.. amounts fall&ng dye wlthin one year 13 {1,199,534) (760,717) 185,758 374.263 TOTAL ASSETS LESS CURRENT LIABILITIES 3,580.939 3,866,484 CREDITORS: #rntsunts falling due after mor¢ th#D one year 14 (250,500) (715,034) £3,330.439 £3,151,450 FU.N'DS 15 UT)restricled funds Restri¢t¢d fund5 3.326,439 4,000 3,147,450 4,000 TOTAL £3,330,439 £3.151,450 The notes on pa8e5 17 to 27 lomi part of these accoutits. The f2nancial ststement8 were approved and authorised tor issu¢ by ihe Buard of Ulle£lor5 on 25 Novemb¢r 2023 and M'ere signed below on its behalf by.. Harry Bat Jessic arvey 14
TM'ICKEISHAM PREPARATORY SCHOOL STATEMENT OF CASH FLOII'S FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 CASII FLOV*'S FRO]¥I OPb114TING ACTIVJTIES het moTr'ement in fujjds for the reportlng period (&$ per the statement of financial activities) 178,989 121,416 Adjustment5 for.. Depreciation charges Loss on disposal of fiKed assets Investment income Financing costs (Increase) in debtors InCree in Gredilors {excluding lees in advance and bank loans) Decreasellincrease) in stock In¢reas¢l(decrease) in fees in advan¢¢ 161.428 234 (14,336) 25,832 (3,452) 31,551 171,505 2,538 (3,905) 14,560 (31,982} 88,612 1,863 19,442 (2,281} (2.148) 222.552 236,899 Net cash provided by operating aetivities 401.541 358,315 CASII bLOM'S IIliOM INVESTING ACTEVITIES Investmefti income PayTnents for iangibl¢ fixed assets 14,336 (64,6121 3.905 {122,0851 Tiet cash used iD imvesting activlties {50,276J (118.1801 CASH FLOWS FROM FINANCTh'G ACTII'ITIES Cash outflow froin burrowing Financing costs Capithl repayment of loans (25,8321 {76.710) (14,560) (152,398) Net ¢a5h provided by financing acti11¢$ (102,5421 (166,9581 CHLYGE CASH AND CASII EQUIVALENTS IN THE REPORTING PERIOD 248,723 73,177 Cttsh and cash equivalenis at beginning of the reporting perlod 961.047 887.870 Cu&li uiid ¢quivalellt& at the ¢Jkd of the reporting perlod £1,209,770 £961,047 ANALYSIS OF CASH AN'D CASH EQUIVALENTS 2023 2022 Cash at bank and ITJ hand Cash on deposii 1.059,770 150,000 311,047 650,000 Total cash and Lash equivalents £1,209,770 £961,047 The notes on pages 17 to 27 forni part of th¢se accounts. 15
TII'ICKENHAM PRLI PA]L4TORY SCHOOL IINALI'Sl&+ OF CIIANGES IN NET DEBY OR THE YEAR EN'DED 31 AUGUST 2023 Analysi5 of ehallEes All Met debt At start of year Cash flows Otbe movements Al end of year 961,047 (28,977) {467,5341 248.723 76.710 1.209,770 {419,801) Loans falling du¢ within one year Loans falling du¢ after one year (467.534) 467,534 Total £464.536 £325,433 £789,969 I'he notes on pages 17 ÉO 27 fomi part of these accounts.
TW'ICKE'HATh{ PREPARATORY SCIIOOL NOTES TO I'HL bINANCIAL STATEMENTS OR THE YEAR ENDED 31 ALGUST 2023 ACCOUNTING POI,ICIES Accounting convention The financial stai¢menis have been preparedunderthe hists)rical cost convention and an ac¢ordance with the applicable Financial Reporting Standard (FRS102, effective fTon] l Jartry 2019).. the Siatern¢ni of Recornmetided Practice for Charities {SORP 2015, second ¢diiiOU efleclive January 20191 and the Companies Act 2006. T]CkenhaM Preparalory School meeLs the definition of a public benefii entity under fRS 102. It is a ¢omp2ny limited by guarantee and incoryorated in England and Wales. The Registered Office is." Beveree, 43 High Street. Ilampton, Middl¢sex, TW12 2SA. Ineome School fees ¢omprise charges for the schoc>l less bursari¢s and alloH7n¢es. Other educational income 2nd Catering income is accounted for on a rec¢ivable basLS. Donatiolls Douations dre recognised in the Staternent of Fioancial Activities when r¢¢¢ivable. Grant Ineome Grani iti¢ome, including g7ovemm¢nt grani income. relaling to reveauc is recognised in thc Staternent of Financial Aciivities on an acClS b15 in the same period as the rclai¢d costs for which ihe grant 15 intended to compensate provided that there is evidence ofentitlement, receipt is probable and the amoLmt can be measured reliably. Depreciatio Depreciation of tangible fixed &s5ets is calculat¢d so as to lte the cost over their estimated useful economic lives. D¢pr¢ciation ratcs are as follo.. Fre¢hold buildings reehold improvcmenls Molor Vehicles Fixtures, fittings and fum2ture Electronic equipment on a Strdighi line basis over 50 years on a straight line bas over 10 years on a stsaighi line basis over 5 years on a straight line basis over l O years on a straighi line basis over 5 years Stoeks Stocks are stated at the lower of cosi md net realisable value. Expenditure Expenditure is allocated to expense headings on an a¢¢nlS basis. The irrecoverablc VAT element is incluoed with the item of expense to which it relates. Govern2nce costs Governance costs includc the wsts of ihe audit of the statutory accounts and advice on legal, property and other matters. Pension contributlollS I"h¢ Company contribute5 to the Teachers. PeJ)sion Scheme. Payments are made to ihe Teachers" P¢nsions Agency in accordance witb ihe Teachers, SuperatinualTron ICons01idationl liegulations 1988, as amended. L'ontributions payable in respect of the accouniing period are cbaigEd to direcl chariiable expendilure. Tbe Company coiitribuies to a separate dered contr5bution scheme for non-teaching staff. ContTibutions payable in resyect of the accounting period are char8ed to direct ¢hariiabl¢ expenditure. Lease tran5action$ Renials ujider operaiing leas&8 are charged to the Statement of Financial A¢tivilies as they fall due. L,nrestrieted funds Unrestricted funds comprige fimds noi subjeciio allyrestrictions regarding their use and ar¢ available for any charitable puryose ofthe Company. 17
TII'ICKENIIAM PKEPAJIATORY SCIIOOL NOTES TO THE FP4ANCIAL STATEMEYTS (¢ODtiDued) FOR THE YEAR ENDED 31 AUGUST 2023 ACCOL,NTINC. POLICIES (continued) lie5trieted fuRds Rc5tricted funds comprise fimds donated to the Company to b¢ applied towaids specific capital and revenue items. Taxatlon The Company is a register¢d Charity. Ally surplus is applied solely for ihe purtx)s¢ of the charjty and xs exempt from corporétion tax. Finatlcial Instrument¥ Basic financial itisirujnents are initldlly recognib¢d at iransactioii value aiid subsequently rneasured at amortj5ed cost. Financial asseLS held at an)0rt15ed cost comprise cash al bank and ill hand, iogether 1th trade and other debtors. A specific provision is madt for debts for w.hich recoverability is in doubt. Cash at bank and in hand is defined as all cash held in it)slant access bank ar¢oun¢s and used as worhng capital. Financial liabilities held at amortised cost comprise all credilors except social security and other taxes and provisions. A55ets and liabiliiies held in foreign currency are translated to GBP <*t the balance sheet date at an appropriate year end exchange rate. Critical aeeounting judgement5 and key sources of estimatioD uneertainty In the view of the Directors there are DO areas of mat¢rial critical accounting judgcments or material estimaiion uncertainty in the a¢counts. Going Concer The Directors believe that there are no maierial ut]certainties over the School's abiliiy io Continue operating as a goit)g ctsncern. In making this assertion the Directors have Considered detailed budgets for boih the next twelve months and sirategic plan5 for the medium tcnn and are satisfied thai the liquiditv of the business Is sutTicient to meet the business Tequirements in¢luding any obliEations arising from fiiiaiicial, operating and other condilions.
TwICKE,11Am PREPARA TORY SCHOOL NOTES TO THE FJNANCIAL STATEIMENTS (Contittued) OR THE YEAR ENDED3] AUGiJST 2023 SCIIOOL FEES RECEIVABLE 2023 2022 Full fceg for pupils at ihe Schoo Legs.. bursaties and allowan¢¢s 3,806.660 (101,6751 3,541,672 (145,553) £3,704,985 £3,396,119 OTHER EDUCATIONAL I.NCOME 2023 2022 Private tuition income Registration fees School trips 79,880 6,800 153,229 63,567 10,350 114,411 £239,909 £188,328 OTHER LNCOME 2023 2022 Srhool fees protection insurance Book and uniform sales Home to School minibLts servic¢ Rental income Other income 3,993 3.938 23.587 14,251 2,834 6.741 4.633 12.702 12,509 4,984 £48,6L)3 £41,569 DONATIONS 2023 2022 Unrestricted donations Restricted donations 95 4286 97 18,286 £4,381 £18.383 EXPLliDITURE 2023 2022 Charitable cxpenditure includes.. Depreciation Loss on di5PO&<il of fixed assets Op¢raling leases- oth¢r 161,418 234 37.117 171,505 2.53S 36,550 Governance bosls includes.. Auditvrs, remun¢ratioIi for audit 15,960 13,884 19
TWICKENHAM PREPARATORY SCHOOL OTES TO THE FIYA.NCIAL STATEtIlENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2023 CIL41UTABLE ACTII'ITIES Staff costs (note 8) Other Deprecfiation Total 2023 Charitable activities School operating costs Teaching costs - Welfare colts 2.391,799 122.446 92,811 227.810 392,253 86,200 368,594 175.095 2,784,052 208.646 622,823 402.905 161,418 Support costs £2,834.866 £1.022.142 £161,41 £4,018,426 Staff eosts (note 8) Other Depr¢£iatio Total 2022 Charitable activities School operating cosis Teaching costs - W¢lf3re costs Prcmises - Support costs 2,257,095 120,829 76,883 224,687 349,818 80,329 281,732 152,984 2.6U6,913 201,158 530,120 377.671 171,505 £2,679.494 £864.863 £171.505 £3.715.862 All costs relate lo the one aLtivitv of operatit]8 the School. Jncluded tIll"n other support costs are governance Ctssis of £20,58812022.. £23,320). STA COSTS 2023 2022 Salaries and wag Soci&l security costs Pension costs 2,208,639 217,164 409,063 2,077,539 207,701 394,254 £2,834,866 £2,679,494 The iotal value of all compensation and benefits provided to the key managemeni p¢rsonnel in the Ye w'as tyuts,449 (2U22'. £581,428}. The averagc number of e]2]ployees during the year made up as follows.. No. Teaching Full time Part time Other Full time Part lime 17 19 18 25 28 69 70 20
TM'ICKEI¥4HAM PREPAIL4TORY SCIIOOL TrIOTES TO fHE FINANCIAI. SI'ATEMENTS (continued) FOR THE YF.AR ENDED 31 AUGUST 2023 STAFF COSTS {etsntinued) The number of en]ployees whose ¢rnoluments exceed¢d £60,000 were: £ioo,001 £iio.000 £60.001- £70.000 Three of the above employees have relirement benefjls accruing under a d¢fLned benefits sch¢m¢ and oJ)¢ undeT a defined contribution scheme. FINANCE COSTS 2023 2022 Bank ciwges Bank interest on loans repayable Mryth]"n five years Bad alld doubiful debis Fe¢s ill advance discount 642 25,832 3,753 2,901 764 14,560 {6.0651 5.874 £33,128 £15.133 io. GOVERP40RS' REMUTr4ERATION AND EXPEN.SES No Temuneration or benefits were providcd to atly Governor. No expenses were rekmbursed to any Governor dutLnE the ycar12022.. £tsil). Two of thc #overntsrs during the y¢ar (2022.. three) bad children in the school and paEd full ftcs. IJ. TAD*GJBLE FIXED ASSETS Freehold land and buildings Flxture5, riiting5 2nd furniture Freehold Improvements Motor Vehicles Electronic equipment Total Cost Ai l %eplember 2022 Additions Disposals 4,135,136 318,630 501,526 10,512 -316,345 25,900 (23,380} 5,271,637 64.612 {23,380J 28.200 At 31 Au8uSt 2023 4,135,136 3 Ig,630 28,?00 512,038 3 18,865 4,312.86Q Depreeigtion At I Sepiember 2022 Charge for the year Disposals 993,235 82,703 220.354 17.887 333,362 29,268 232.465 31.560 123,146) 1,779,416 161,418 {23.1461 Ai 31 August 2023 1,075,938 238,241 362,630 240,879 1,917.688 Net Book Value Ai 31 August 2023 £3,059.198 £80,389 £28,200 £149,408 £77,986 £3.395.181 At 31 August 2022 £3,141,901 £98.276 £168,164 £83,880 £3,492,221 21
TNI'ICKENIIAM PRb PARAI'ORY SCJIOOL IYOTLS TO THE FINANCJAL.8TATEMEI%TS (continued) FOR THE YEAR ENDED 31 ALGUST 2023 12. DEBTORS 2023 2022 Fees receivable Prepa!mcnt.% and a¢¢nd incorne Other debtors 9,960 155.031 5,794 152,439 3,716 £170,785 £167,333 13. CREDITORS- Amouut$ falling due within oDe year 2023 2022 Bank loans Tiade Lreditors Fees re¢eiN¢d in advance Svcial security payable and other tsxatioll Pupil deposit5 Accruals and deferred in¢orn¢ Sulldry creditors 419,801 117,215 397,774 53,488 26,000 135,869 49,387 28,977 128,039 378.332 52.000 23,500 99,319 50,550 £1.199,534 £760,717 14. CREDITORS: amoutlts falliu¥ due after one year 2023 2022 Pupil deposits 250,500 247,500 Bank loans Due between one and two years 467,534 467,534 £250,500 £715,034 The bank loan facility of £700,000 was dra] on 3 April 2019. The ternj of the loan is 5 Year. with a 20 year amortisation profile. The loan of £419,801 is rcpayable by 3 April 2024. The repawient is by instalments and the loanbe5 interest at a floating late of1.86¢/o oi'er base raie. Durit]g the year, an additional overpoyrnent wa5 made of £47,950. bl The bank loan is secured by a first legal charge over the frechold ptoperty of the Srhool ai 43 High Streel Hampton. 22
TII'ICKENHAM PRbPARATORI' SCHOOL NOTES TO TIIE D INANCIAL STATF,MEliTS {eontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 IS. FUNDS Balance al 31 August 2022 Transfers betiveen Funds Balance at 31 August 2023 Total income Total expeDditure MOVEMENT IN FLNDS The movement in funds duriiig the year was n]ade up as follows. Unres¢ricted fvnds 3,147,450 4.226,257 {4.047,268) 3,326.439 Restricted funds Parents, Committee 4.000 4.286 14,286) 4,000 £3,151,450 £4.230.543 £{4,051,5541 £3,330,439 "Parcnts. Commirtee" relates io donation5 received from the Parents, Commillee toH'ards vaiioux projects. During thc year, a donation of £4.286 received for the continued funding of the lease of a minibus. The £4.000 previously assigned 10 the development of the reaT grounds at 51 High Stseet has now been re-assigned I0rdS the upgrad¢ of Hall media equiptnent. ANALYSIS OF NET ASSETS BETWTEN FUNDS L'llrestricted fullds Restricted funds Total funds Fund balances at 31 Augusi 2023 are repres¢llted by.. Fixed asse Net CU)Tenl assets. Long terni liabilities 3,395,181 181,758 (250.500) 3,395,181 185.758 {250,5001 4.000 £3,326,439 £4.000 £3.330,439 16. SHARE CAPITAL The Company is limited by guarantee and iherefore has no issu¢d share capital. In th¢ ¢v¢nt of a 'indIng up each ember, currently 12 in (otsl. agrees to contribute £1. 23
TWICKb:NHAP+q PRLPARATORY SCHOOL NOTES 'I'O THE FIINAIYCIAL 51'ATEMENTS (continued) FOR THE YEAR ENDED 3] AUGUST 2023 17. PEliSIOY COSTS Teachers. Pension Scberne The Schvol participates in Ilie l-ea¢hers' Pension Scheme for its leaching staff. The pet)sion Charge for the year includes ¢oniributions pavable tsf £347,5 18 12022.. £336,418) and at the year end. £41,060 (2022.. £36,610) accrued in r¢e0t of contributions to this scheme. The Teachers, P¢nsion Scheme is an unfunded multi-employer defiDed benefits. pension scheme govemed by The Teachers Pensions Regulations 201 O las amcnded) and The Teachers, Pension Scheme Regulations 2014 la5 amended). Members conthbute on a'pay as }'ou go" basis with ¢ontributiong from members and the employer being crediied to the bxchequer. Reiiremenl and other pension benefiis are paid by publi¢ fujids proi'ided by Pdrliatnent. The ernploycr Contribution ratc IS set by ihe Se¢retary of Stste follolg scheme valuaiions undettsken by the Goverjiment Acruary's Departrnent. The most recent actuarial valuation of the Teachers, Pension Scheme was prepared as at 31 March 2020 and the Valuaiiott Report was published in Oclober 2023. Followng the M¢Cloud judgement, the remed}, proposed that when benefits become payable, eligible members can select to rec¢ive them frotn either the refornied or legacy scbemes lor the period l April 2015 to 31 Marcl) 2022. The acwaries have assumed that n)embers ale likelv to choose the oplioii that provides them with the greater benefits, and in preparing the 2020 valuation have valu¢d the 'greater valu¢, benefits for groups of relevant embers. The valuation ¢onfirn)¢d that the emplosier Contribution rate for the Tea¢hers' Pension Scheme would increase from 23.6¢/o to 28.60/. from l April 2024. Employers are. also Fequired to pay a scheme administraiion leTry ol- 0.08 /0 giving a total employer contribution rate of 28.680/0. Defined Cotttribution Chemes The Company contributes to a separate scheme for non-leaching stsff under'fhe Independent Association of Prep Schoolts. This is a defined contribulion s¢heme. The assets of the sch¢me arc held separaiely from ihose of the Cotnpany in an independently adrninistered fund. Contributions are paid based on the recommendaiions of a qualified 4tctuary and are charged to resources cxpended when they become payable. The pension Charge for the year in respecl of this scheme was £61,107 {2022-. £57.739). At the year end. £Nil12022: £5,514} was accrued in re5P¢Ct of ¢ontributiot]s to this scheme. The Company contribL)tes to the NEST peDsion scheme for iion-leaching 'OrkerS meeting the criteria for auto- enrolment. This is a defined ¢Lintribulion scheme sel up by the (ioveTnment. I"he a8set5 of the scherne ale held separately frurn Ibose of the Company in an independently admini51ered fund. Contributions are paid based on ihe regulalory minitnum contributions and are charged to resources expended whell they become payable. The pension Lharge for the year in respcct of thi5 scheme was £438 (2022-. £97). Ai ihe year end, £17812022.. £44) was accrued in respeci of ¢Ontriblltions to this scheme. 18. OPERATING LEASE COMMITMENTS At 3 1 August 2023 the total future EEllniJnum lease payments Lmder non-¢an¢¢llable operating leases were as follows.. 2023 2022 Not law thall one yeat Be¢ween one and five years 28,940 28,621 35.679 26.587 £57,561 £62,266 24
TIIIICKETr4HAM PREPARATORY SCHOOL TriOTES TO THE FINAP4CIAL STATE.MEh'TS {coDtittued) FOR THE YEAR ENDED 31 AUGUST 2023 19. BILATED PARTY TRAf4SACTIOF4S During the ycaT the School employed the wife ofmtke Michael. a Governor of the School until his resignation oll 21 June 2023, as a part lime leaching assistant. Her appoiiiltnent ID December 2014 was carried out in accordance with standard school re¢nLiiment procedures under tlje same conditions as thal offered to all other sthff rnembcrs. No Governor was involv¢d in the recruitment process. Mrs Nqichael left her cmplo)rynent the School on 31 August 2023. There w¢r¢ othei related party transactions. 25
TM'ICKENHAIWI PREPARA TORY SCHOOL NOTES TO THE FIIYANCKAL STATEIET5 (Continued> FOR THE I'EAR ENDED 31 AUGUST 2023 20. STATENqEN'T OF FINANCIAL ACTIVITIES FOR THE PRIOR YEAR UDrestri¢ted funds Restricted funds Total 2022 INCOME FROM: ChArAtable #etivities School fees receii'ablc Oiher educalional income Calering and le1[are income Othei ii?come Donation$ and Legacie5 Donations and grant incon)e Inveslments Intgrest r¢ctivable 3,396,119 188.328 204,107 41,569 3,396,119 188.328 204,107 41,569 97 18,286 18,383 3,905 3,905 TOTAL INCOME 3,834,125 18,286 3.852,411 EXPETr4'DITURE ON: Charitabl¢ activities: School operaiing costs Teaching c08ts - Welfare cos - Pren)ises costs Support costs of sLhooling 2,602,627 201,158 530,120 377,671 4,286 2,606,913 201,158 530,120 377,671 3,711,576 4,286 3.715,862 Raising Finattce costs 15.133 15,133 TOTAL EXPEFIDITURE 3,726,709 4,286 3,730.995 NET Th'COME 107.416 14.0(X) 121.416 TRANSFF.RS Gross transfers between funds 16,637 116.637) NET INCOMEI{LXPENDITURE) FOR THE YEAR 124,053 {2,6371 121,416 Funds brought forwatd ai I Septemb¢r 2020 3,023,397 6,637 3,030,034 FuDds tarried forward at 31 August 2022 £3.147.450 £4.000 £3,151,450 There were no rQgnISed gains and losses other than those shown in the above Sthtement ofFinancial Activities. 26
TM'ICKENHAM PREPARA TORY SCHOOL NOTES TO THF. FIYI ANCIAL STATEfvIES'TS (eontinued) FOR THE YEAR ENDED 31 AUGUST 2023 21. FUNDS IMOVEMENT FOR THE PRtOR YEAR Balance at 3J Au%ust 2021 TJ'an5fers behyeen Fund5 Balancc at 31 August 2022 Total income Total expenditure MOI'EMENT IN FUNDS The movemenl in funds during the Jear was made up as follows.. unreStricd funds 3,023,397 3,834.125 (3,726,709) 16,637 3,147,450 Restricted funds Parents, Committee Bursar}. Fund Radio Ststion 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 donations received from the Parents. Committee tow{05 various projecis. During the year, donations totalling £8,286 Th'ere e]Ved.. £4,286 was expended ot) the continued fuiiditig of the lease of a minibu5 and £4,000 was assigned to the dcvelopment of the rear grounds at 51 High Streei. "Bursary Fund" relates to a donation received from a benefactor to fund an acadtrmic means tested aw'ard for ¢hildlret]} who would not othenvise be able to atiend the School. The fund was fvlly expended during the year '1th continued funding tOMi&rds oll¢ pupil's fees. "Radio siation" relates to a donaiion from lh¢ Limbachid family which wa5 fully utilised in the year to purchase rddio station. ANALYSIS OF NET ASSli'I'S BETWEEN FuDs Unrestricted funds Restrleted funds Total rullds Fund b21ances at 31 August 2022 are rq)rttsented by.. Fixed assets Nct CLmt asse Long terni liabiliiies 3,492,221 370,263 (715,0341 3,492,221 374,263 (715,034) 4,000 £3,147,450 £4,000 £3,151,450 27