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2023-08-31-accounts

Prior Park Educational Trust

(a company limited by guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS

for the year ended 31 August 2023

Company Registration Number: 01521832 Charity Number: 281242

Contents Page
Trustees, Officers and Advisers 3 – 4
Annual Report of the Trustees 5 – 22
Independent Auditor’s Report 23 - 26
Consolidated Statement of Financial Activities 27
Consolidated and Charity Balance Sheets 28
Consolidated Statement of Cash Flows 29
Notes to the Financial Statements 30 - 55

Company Registration Number: 01521832 Charity Number: 281242

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Prior Park Educational Trust (a company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES For the year ended 31 August 2023

Trustees, Officers and Advisers

President, Patrons and Trustees:

The members of the Governing Body who served in office as Trustees throughout the year and subsequently, unless otherwise stated, are detailed below:

PRESIDENT

Sister Jane Livesey CJ, MA (Cantab)

PATRONS

Miss J Bisgood CBE Mr C J B Davy CB The Rt Rev DR Lang BA, Bishop of Clifton Sir Cameron Mackintosh The Rt Hon the Lord Patten of Barnes CH Commodore C York, KSG

TRUSTEES COMMITTEES Ms A Shepherd MBE, BA Hons (Chair of Trustees) 2, 6 Mr A Alves MA (Cantab) (Vice Chair of Trustees) 1 (Chair), 3, 4, 5, 6 (Chair) Mrs L Costello OBE, FRSA 2, 7 (Chair) (appointed 20/10/2022) Mr N Dowler 1, 2 (appointed 8/11/2022) Mr S Head MA (Cantab) 2 Mrs V Humphries BA (Hons), PGCE 4 (Chair), 5 (appointed 20/10/2022) Mr L McKell MA, Med, PGCE 7 Mrs M Moore BA 5 (Chair), 6 Rev Prebendary J N Rawlinson, MA, MB, BChir 2 FRCS, FRCEM, Cert Pall Med Dip Th Mrs J Singleton BA Hons, Dip TEFL 2 (Chair), 3 (Chair), 5 Mr J Shinkwin MA (Oxon), PGCE (resigned 31/08/2023) Mrs S Hall CGMA (resigned 09/07/2023) Mr W Hutchison BA (resigned 09/07/2023) ASSOCIATE GOVERNORS: THE PARAGON SCHOOL Mr J Webster BA, BArch, MCD, RIBA, MRTPI 3 Mrs A-M Dempsey BCL 3

ASSOCIATE GOVERNORS: PRIOR PARK SCHOOL GIBRALTAR

Ms E Lang 4 Mr C Risso 4 Mr P Lyon 4 Mr J Jarvis 4 Mr M Nicholls 4 Rear Admiral N J Raby OBE, MSc (resigned 31/08/2023)

Note:

(1) Finance, Audit, Investment and Risk (FAIR) Committee

(6) Governance & Nominations Committee

(7) Safeguarding Committee

(8) Estates Committee (Trustees to be allocated for 2023/24)

Company Registration Number: 01521832 Charity Number: 281242

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Prior Park Educational Trust (a company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES For the year ended 31 August 2023

TRUST SCHOOLS:

Prior Park College The Paragon School Prior Park School Gibraltar

PRIOR PARK COLLEGE ADDRESS:

Prior Park College Ralph Allen Drive Bath, BA2 5AH

THE PARAGON SCHOOL ADDRESS:

The Paragon School Lyncombe House Lyncombe Vale Bath, BA2 4LT

PRIOR PARK SCHOOL GIBRALTAR ADDRESS:

Prior Park School Sacred Heart Terrace Old Town Gibraltar

KEY MANAGEMENT PERSONNEL & PROFESSIONAL ADVISERS: The Head (Prior Park College): The Head (The Paragon School): The Head (Prior Park School Gibraltar): Director of Operations and Finance and Clerk to the Trustees:

Mr B Horan MA Mrs R Allen, BA, PGCE Mr P Watts BSc Ms E Sandberg LLB (Hons)

SOLICITORS:

Stone King 13 Queen Square Bath BA1 2HJ

BANKERS: Barclays Bank Plc 4-5 Southgate Street Bath BA1 1AQ

AUDITOR:

RSM UK Audit LLP Chartered Accountants Second Floor, 1 The Square Temple Quay, Bristol BS1 6DG

UK REGISTRATION: GIBRALTAR REGISTRATION: WEBSITE:

Charity No. 281242, Company No. 01521832 Charity No. 000272, Company No. 00113158 www.priorparkschools.com

Company Registration Number: 01521832 Charity Number: 281242

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Prior Park Educational Trust (a company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES For the year ended 31 August 2023

INTRODUCTION

The Board of Trustees present their annual report for the year ended 31 August 2023 under the Companies Act 2006 and the Charities Act 2011, together with the audited financial statements for the year.

Prior Park Educational Trust (“the Trust”) is a company limited by guarantee and not having a share capital it is governed by its Memorandum and Articles of Association and is known as “Prior Park Schools”.

STRATEGIC REPORT

This report is deemed to encompass all matters which are required to be included in both the Strategic and Directors’ Reports of the Charity.

OBJECTS AND MISSION STATEMENT

The Objects of the Trust as defined in its Articles of Association are:

The Mission Statement of Prior Park Schools is:

To steward a thriving family of communities with love for the young people they serve at their heart: communities which cultivate creativity, foster integrity, and transform lives.

The values which underpin our mission statement are: Curiosity, Generosity and Courage

In setting our objectives and planning our activities, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and, in particular, to its supplementary public benefit guidance on advancing education and on fee-charging. Further details of the Trust’s benefit to the public over the academic year can be seen in the public benefit and cohesion section on page 11. The Trust runs Prior Park College, The Paragon School and Prior Park School, Gibraltar.

Prior Park Schools is a family of Christian schools based in Bath and Gibraltar. Together, the Schools offer education for pupils aged between 3 and 18. Since the establishment of Prior Park College in 1830, the family has grown, with The Paragon School joining in 2006, and Prior Park School Gibraltar being opened by Prior Park Schools in 2016.

Across three sites, the Schools educate over 1,100 young people of all faiths and none. The values underpinning the Mission and the Schools’ educational offerings are Curiosity, Generosity, and Courage. The Schools believe that quality education changes lives and that outstanding schools are engines for positive social transformation.

Our Schools provide excellent teaching, equipping our young people to leave for a variety of exciting destinations. The success of what the Schools do in the classroom is intertwined with their co-curricular offerings. The young people undertake a wide variety of activities, which, in addition to being fun, challenge them to persevere to succeed. We work together imaginatively and courageously to hone the skills our young people need to forge their place in the world.

Prior Park Schools have long been renowned for the quality of their pastoral care. Grounded in the love that sits at the centre of our Mission, our pastoral ethos allows young people to feel safe and secure to challenge themselves, to learn who they want to be, and to discover the difference they want to make.

Company Registration Number: 01521832 Charity Number: 281242

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Prior Park Educational Trust (a company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES For the year ended 31 August 2023

TRUSTEES’ OBJECTIVES & KEY PERFORMANCE INDICATORS

The Trustees directed that the objectives for 2022/23 should be in line with the objectives for the previous year and have agreed a detailed set of Key Performance Indicators and performance measures with the Head of each school. These are in line with the vision of Prior Park Schools and the objectives of the Trustees.

The Trustees have established a set of Board priorities which act as a golden thread on which the individual School Development Plans are built.

STRUCTURE AND DELIVERY OF GOVERNANCE

Responsibility for Prior Park Schools lies with the Board of Trustees. The Trustees are the Trustees of Prior Park Educational Trust and are the Directors of the Company. They are also the Members of the Company. In the course of administering the Charity, Trustees have paid due regard to the published Charity Commission guidance on the operation of the public benefit requirement.

Trustees are selected and appointed by a general meeting of the Members following the considerations and review of the Nominations Committee. The Articles of Association require that the majority of Trustees are Roman Catholics. There is a written policy for the recruitment of Trustees, and care is taken to ensure that they are drawn from a spread of educational, church, business and other backgrounds, besides maintaining a mix of genders.

Written policies also cover the induction and training of Trustees, the avoidance of conflicts of interest and other responsibilities at this level.

The Board of Trustees meets once per term to consider matters of policy and strategy. The Board delegates many of its responsibilities to other committees but maintains oversight and responsibility for the decisions of these committees. The most significant of these sub-committees is the Finance, Audit, Investment and Risk (FAIR) Committee, which meets at least 4 times a year to exercise financial oversight and to make decisions on other matters on behalf of the full Board. In addition to the Trustees appointed to FAIR, the Chairs of the Local Committees are also invited to attend. Other Trustees may attend FAIR if they wish. The three Local Committees provide more immediate support and guidance for each school than can normally be provided by either the full Board of Trustees or the FAIR Committee.

Prior Park School Gibraltar is a separate company limited by guarantee and a charity registered in Gibraltar. Prior Park Educational Trust is its sole subscriber and exercises effective control via a majority of common directors. Other sub-committees cover Estates, Remuneration, Nominations, Safeguarding and Education. These committees report to the Board of Trustees regarding their respective areas of responsibility.

The Heads of each Prior Park school and the Director of Operations and Finance, each of whose name is given on page 4, are responsible to the Trustees for the day-to-day management of each school and are the senior executives of Prior Park Schools. They meet frequently to review operational performance and to deliver the Trustees’ strategic intent. In addition, each school has an internal governance structure that includes weekly Senior Leadership Team meetings and weekly senior support staff meetings.

The remuneration of key management personnel is considered by the Remuneration Committee and agreed by the Board of Trustees, with the objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the success of the Trust.

PERFORMANCE AND ACHIEVEMENTS 2022 – 2023

The number of pupils in Prior Park Schools between 1 September 2022 and 31 August 2023 averaged 1,141 compared to 1,138 in 2021-22.

Prior Park College

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Prior Park Educational Trust (a company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES For the year ended 31 August 2023

Company Registration Number: 01521832 Charity Number: 281242

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Prior Park Educational Trust (a company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES For the year ended 31 August 2023

The Paragon School

The Paragon School roll at the end of the Summer Term 2023 had 271 pupils in attendance. Numbers grew over the year due to the large number of new recruits to Squirrels Pre-School which steadily increased over the course of the year. Visiting prospective parents have been continuous and frequent throughout the year with a high intake in Pre-School and Pre-Prep.

Company Registration Number: 01521832 Charity Number: 281242

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Prior Park Educational Trust (a company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES For the year ended 31 August 2023

Prior Park School, Gibraltar

An overview of the academic year 2022 – 2023 follows below:

Company Registration Number: 01521832 Charity Number: 281242

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Prior Park Educational Trust (a company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES For the year ended 31 August 2023

GCSE: Once again, the school achieved an impressive higher pass rate of 90% grades 4-9, and this GCSE cohort achieved 35% of grades at 7-9, significantly exceeding the students' forecasts set by Durham University, England. An impressive 9.1% of all grades achieved by the year group were at a 9, the highest grade, despite no 9 grades being forecasted and the national total in the UK being just 5% for the Summer 2023 exam series.

At an individual level, many students achieved excellent grades, and the school's 'value added' scores were also impressive, revealing that not only does the school achieve excellent raw academic results but that a significant number of students improve on their externally predicted outcomes.

GCE: 14.6% of all grades were A*-A. Furthermore, 70.7% of grades achieved were at C grade or higher, and such strong results helped our students secure places at some of the most prestigious universities in the UK – including Cambridge, Bath, Exeter, Durham, and many other Russel Group Universities and institutions of similar prestige.

Company Registration Number: 01521832 Charity Number: 281242

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Prior Park Educational Trust (a company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES For the year ended 31 August 2023

PLANS FOR FUTURE PERIODS

The Board of Trustees intends to continue its current strategy of maintaining Prior Park Schools position in a highly competitive marketplace by investing to provide high-quality education for all pupils. The Board's detailed direction to the Executive for the next academic year remains essentially unchanged. However, the Board has begun a full review of its strategy to ensure the Trust’s vision, its educational and pastoral offer, and its impact on our community remains relevant and valued over the next decade.

The Trust plans to continue its initiatives to widen accessibility. The provision of transformational bursaries is central to this initiative. The importance of the letting of our schools’ first-class facilities to other schools as well as community groups, clubs and other charities remains of immense importance in the Trust’s aspirations to demonstrate real public benefit.

The Board acknowledges the importance of providing sufficient resources for the continuing routine, reactive and preventative maintenance of the buildings, fixtures, fittings, and grounds of Prior Park Schools including our heritage and Grade I Listed buildings. The Board recognises that the nature of our historic buildings, particularly at Prior Park College, offer both opportunity and risk. During the coming years this will remain a high priority. The Trust does not make applications to construct new buildings unless there is a strong educational justification. The application for Classroom Project at The Paragon School is submitted and this project is likely to be the major capital investment the Trust looks to make in the next two years.

PUBLIC BENEFIT AND COMMUNITY COHESION

Relief to Families

The Trust has confirmed its commitment for the provision of continued means-tested bursary funding for pupils whose parents would otherwise find the cost of an independent school education unaffordable and of continuing means-tested bursary support for pupils already in receipt of fee assistance through bursaries.

Bursaries are means-tested awards designed to assist pupils who otherwise would be unable to afford a Prior Park Schools education, or for current pupils whose parents have difficulty funding the fees following a change in family circumstances, thereby providing education continuity for the child.

The Trust has begun a campaign to raise funds for transformational bursaries. These bursaries are quite often in excess of 100% fee remission which helps cover the costs of uniform, school trips and visits back home. The Trust has teamed up with the charity, Royal Springboard, who help identify and prepare deserving young people for a fully funded place at a boarding school. The cost of one of these bursaries is more than £110,000 and it is hoped that every year, a young girl or boy will be awarded this life changing opportunity.

Relief to the State

During the period, Prior Park Schools educated a total of 970 locally based pupils at no cost to the state of either the UK or Gibraltar. Thereby saving these Governments a combined total of nearly £7 million in education costs.

Local Community Cohesion

Indoor and outdoor facilities are normally made available to approximately 20 clubs and six groups within the local community for the advancement of Christian education and/or the Roman Catholic faith.

Company Registration Number: 01521832 Charity Number: 281242

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Prior Park Educational Trust (a company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES For the year ended 31 August 2023

local primary schools visited the College for our STEAM days, which took place over two days. The Year 6 class from a local primary school attended an Art day at the College. Prior's Music dept visited local primary schools to run workshops and give concerts. Sixth form students from St Gregory's joined Prior students for our annual Inspire Day, and sixth form students from local school were also invited to Prior to attend mock Oxbridge interviews, Bath Student Parliament discussions, Medical Society lectures.

Company Registration Number: 01521832 Charity Number: 281242

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Prior Park Educational Trust (a company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES For the year ended 31 August 2023

FINANCIAL PERFORMANCE

A summary of the financial results for the year is set out in the consolidated statement of financial activities on Page 27 of the Financial Statements. The key financial indicators are detailed below:

These healthy results are a consequence of several contributing factors as follows: A strong level of pupil retention and recruitment across all schools (in particular international boarding at Prior Park College); a high level of donations; an increasing surplus for Prior Park School Gibraltar; tight control over the cost base and significant growth in the commercial income generated through Prior Park Enterprises Limited.

In the year ended 31 August 2023, means-tested bursarial awards with a value of £579,578 (2022: £603,257) (including awards of £130,400 (2022: £145,879) from restricted and designated funds) were made. A total of 79 (2022: 98) pupils benefited from these awards. These awards helped to widen access to Prior Park Schools and helped support some current parents with payment towards their children’s school fees during 2022/23.

The Trustees intend to continue to allocate a significant budget to the provision of means-tested bursary support available to prospective applicants to Prior Park Schools. The financial support available ranges from 5% of fees to, in exceptional circumstances, 100% of fees, depending on need. Prior Park Schools total incoming resources limit the overall level of support available.

RESERVES POLICY

It is the general policy of Prior Park Educational Trust to apply as much of their surplus funds as possible towards its charitable objectives and to avoid accumulating excessive reserves. Where considered appropriate and being conscious not to over commit the Trust, borrowings are also considered to fund elements of significant capital projects.

In setting the reserves policy, account is taken of the Trust’s ongoing financial commitment in terms of staffing, technology projects and overheads, including the maintenance of its estates and buildings. The Trust also considers the risk that its income for any particular year may be impacted by a number of factors outside of its control such as political and economic changes, legislation in the industry and changes in the education sector.

The Trustees' policy is to ensure that there is a surplus on the unrestricted funds each year, to be applied for further capital investment in school facilities or in the reduction of borrowings. The Trustees’ aim is for an annual unrestricted fund surplus of 10% of total net income to be generated each year to allow for re-investment into the schools. This policy is supported by external financing as and when necessary, allocated to specific capital projects.

Having considered the above factors it is considered prudent to hold unrestricted free reserves at Group level of a minimum of one term’s essential running costs (£5.4m). Based on the position as at 31[st] August 2023, the Group’s free reserves currently exceed this level. The trustees are considering the use of these reserves to fund capital projects in the near future and/or to ensure sufficient cash flow to cope with any future changes to the Independent School market.

Free reserves, as defined by the Charity Commission, are the undesignated general funds of the Charity excluding the funds invested in tangible fixed assets. If this adjustment was made to the school’s unrestricted reserves, there would remain a small surplus of £0.6m, which is typical of many Independent schools (see notes 19 & 20 to the accounts). This is due to the need for continuing capital expenditure out of retained reserves. The borrowings to finance the building programmes both at Prior Park College and Prior Park School, Gibraltar are at a level which the Trustees are confident can be serviced, based on current cash flow projections. The Trustees are committed to improving the level of reserves across the Group and will do this through the delivery of annual financial surpluses in each school.

Company Registration Number: 01521832 Charity Number: 281242

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Prior Park Educational Trust (a company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES For the year ended 31 August 2023

The Trustees have also set up the Prior Park Schools 2030 Bursary Fund with the long term aim to build a bursary fund of £10m by 2030 to assist some parents with the payment of school fees via bursarial support. This fund will consist of a mix of Designated Funds from the Trust and Restricted Funds from donors. The borrowings to finance the building programmes both at Prior Park College and Prior Park School, Gibraltar are at a level which the Trustees are confident can be serviced, based on current cash flow projections.

All restricted funds (as highlighted in note 21 to the accounts) have either already been spent on developing the schools or are fully committed to particular projects such as bursarial support, the entrepreneurial programme or sports facilities development projects.

The Group balance sheet shows fixed assets of £19,229,529 (2022: £17,017,219) but the majority of these could only be realised by disposing of fixed assets held by the Charity, principally the functional land and buildings from which the Charity carries out its activities.

INVESTMENTS POLICY

The Trust’s Investment Policy is summarised below. The policy is regularly reviewed and updated to cover the position of the Trust.

FUNDRAISING PERFORMANCE

Restricted donations totalling £1,015,305 (2022: £75,612) and unrestricted donations totalling £270,582 (2022: £23,512) were either received or pledged during the year. These donations can be broken down as follows:

Company Registration Number: 01521832 Charity Number: 281242

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Prior Park Educational Trust (a company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES For the year ended 31 August 2023

The Trustees have complied with the fundraising regulations in this regard by taking the following steps:

S172 STATEMENT

Section 172 of the Companies Act 2006 requires the directors to act in the way they consider, in good faith, would be most likely to promote the success of the charity to achieve its charitable purposes. The Act states that in doing so, the directors should have regard, amongst other matters, to:

Company Registration Number: 01521832 Charity Number: 281242

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Prior Park Educational Trust (a company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES For the year ended 31 August 2023

PRINCIPAL RISKS AND UNCERTAINTIES

The process of identifying and assessing risks, then mitigating them by the establishment of appropriate controls, is continuous. Much of this task lies in the hands of the staff and executives of each school, but key arrangements established by the Trustees include:

The Trustees are satisfied that there is a suitable risk management process in place to plan and mitigate all major risks. This includes an annual review of the risk management policy and plan and scrutiny at both the school executive level and at by the FAIR Committee. However, systems and policies can only provide reasonable, not absolute, assurance that adverse events will not occur.

The Board of Trustees systematically review the Trust's Risk Register annually, at FAIR, Local Committee and at Board of Trustee level. The risks for each school are reviewed in detail by PEB, the relevant Local Board and FAIR each term, and by the Board of Trustees in the Summer Term. The schools’ Senior Leadership Teams review the risks prior to presentation to committees.

The key risks have been identified as follows:

Company Registration Number: 01521832 Charity Number: 281242

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Prior Park Educational Trust (a company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES For the year ended 31 August 2023

Prior Park School Gibraltar has now started to deliver an annual surplus and this will allow for a phased repayment of these funds to Gibraltar International Bank in the future.

GOING CONCERN

After making due enquiries, including review of latest financial data and future projections (three year budgets for each school) the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future.

The Trust has a healthy reserve position and with pupil numbers continuing to grow and the cost base under control the Group is in a strong financial position.

For these reasons they continue to adopt the going concern basis in preparing the financial statements.

DIRECTORS’ INDEMNITY INSURANCE

We can confirm that Directors’ Indemnity Insurance was in place for the 2022/23 academic year and going forwards.

This is arranged through our broker Hettle Andrews with the cover provided by AXA Insurance UK Plc.

Company Registration Number: 01521832 Charity Number: 281242

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Prior Park Educational Trust (a company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES For the year ended 31 August 2023

STREAMLINED ENERGY & CARBON REPORTING FOR PRIOR PARK SCHOOLS (UK)

GHG emissions and energy use data for period 1 September 2022 to 31 August 2023

GHG emissions and energy use data for period 1 September 2022 to 31 August 2023
Previous Reporting Year
2021-2022		 Current Reporting Year
2022-2023
UK GHG Emission and
Energy Data (2022)		 UK GHG Emission and
Energy Data (2023)
Energy consumption used to calculate
emissions (kWh); all mandatory energy
sources are included.		 3,736,445.3 3,587,928.7
Scope 1: Emissions from the combustion of
Natural Gas tCO2e		 444.8 447.5
Scope 1: Emissions from combustion of
Fuel for transport and / or heating tCO2e
(see evidence pack for breakdown)		 43.7 55.8
Scope 1: Emissions of Biomass Pellets
tCO2e		 0.0 0.0
Scope 3: Emissions from business travel in
employee-owned vehicles, where the
company repaid mileage claims tCO2e
(average vehicle / fuel source unknown)		 1.0 0.7
Scope 2: Emissions from purchased
Electricity tCO2e		 214.0 196.5
Total gross CO2e based on above (tCO2e) 703.5 700.5
Intensity Ratio 1: kg CO2e gross based on
mandatory fields above per metre square of
Gross Internal Area:
(Kg CO2e m-2), being20,107 m2		 35.1 kg CO2e m-2 35.0 kg CO2e m-2
Intensity Ratio 2: kg CO2e gross based on
mandatory fields above per pupil:		 789.6 kg CO2e per Pupil
(891 Pupils)		 793.3 kg CO2e per Pupil
(883 Pupils)

Methodology

An evidence-based methodology was adopted in accordance with BS EN ISO 14064-3:2019, Section 4.3; verifiable data has been collected from the following sources:

Energy Data: Energy Metering, Invoices, Supply Summaries / Statements, Repayment Claims for business mileage, Fuel Cards, and correspondence with suppliers.

Previous Audit Data: ESOS Phase 1 & Phase II, SECR Report 2019-20, and SECR 201-22.

Emission Conversions: All emission factors for CO2e, have been calculated using Defra Conversions 2023, as the period covers four-months of 2022 and eight-months of 2023, in accordance with Defra guidelines.

Reporting Period: The SECR disclosure is for the Financial Year 1[st] September 2022 to 31[st] August 2023, for inclusion to Annual Accounts made up to 31[st] August 2023.

Company Registration Number: 01521832 Charity Number: 281242

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Prior Park Educational Trust (a company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES For the year ended 31 August 2023

Intensity Ratio:

The Intensity Ratio is based on the College Area in square metres as kilograms of Carbon-dioxide Equivalent (Kg CO2e / square Meter) of Gross Internal Area and pupil numbers from autumn 2022 Census.

Grey Fleet:

Where applicable, consumption was converted using Defra conversions, based on the information provided, Miles Reclaimed as a total cost at Rates Payable or Miles Claimed. Where Size, Type and Fuel are unknown, these have been calculated using Averages and Unknown, respectively.

Energy Efficiency Action

Prior Park Schools (PPS) have started a process of decarbonisation of the school estate as follows:

Due to an error with the Main Gas supply data, the consumption for this supply has had to be recalculated from meter readings taken 17-Aug-2022 and 15-Aug-2023. The invoiced consumption does not match that of the meter readings shown on the invoices. Therefore, the investments in the energy savings below, cannot be verified, the issue has been raised with PPC and the gas supplier.

Gas consumption is affected by variables such as weather, occupancy, controls, setpoints, gas consuming equipment and the building envelope. The original baseload being relatively unaffected, except for new more energy-efficient boilers, due to the swimming pool being supplied by this meter.

Due to the metering data issue, monthly consumption data is unable to be assessed against local temperatures (known as Heating Degree Day Analysis). Heating Degree Day Analysis would have given a clear performance indication, resulting from the improved building fabric / envelope and energy efficient boilers, as listed below.

Company Registration Number: 01521832 Charity Number: 281242

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Prior Park Educational Trust (a company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES For the year ended 31 August 2023

Company Registration Number: 01521832 Charity Number: 281242

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Prior Park Educational Trust (a company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES For the year ended 31 August 2023

EMPLOYMENT POLICIES

EQUAL OPPORTUNITIES

The Trust have given due consideration to applicants and employees with disability as documented in our accessibility plan contained within our set of policies and procedures. The objectives of this policy are:

The Prior Park Schools plan, over time, is to increase the accessibility of provision for all pupils, staff and visitors to the schools. The Accessibility Plan will contain relevant actions to:

This policy is reviewed and updated every three years. The Trust also applies its equal opportunities policy when reviewing candidates for roles at any of the Prior Park Schools. These policies can be accessed via the school’s website.

EMPLOYEE ENGAGEMENT

The Trust seeks to provide employees with information and increase employee engagement in many ways some of which are as follows:

BUSINESS RELATIONSHIPS

During the year the Trust collaborated with local businesses in the following areas:

Company Registration Number: 01521832 Charity Number: 281242

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Prior Park Educational Trust (a company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES For the year ended 31 August 2023

CONNECTED AND RELATED ENTITIES

The following have not been incorporated in these financial statements as their activities are not directly under the control of the Trustees of Prior Park Educational Trust: Parents of Prior (POP), Paragon Parents Committee, Friends of Prior (FOP).

RESPONSIBILITIES OF TRUSTEES

The Trustees, (who are also directors of Prior Park Educational Trust for the purposes of company law) are responsible for preparing the Annual Report of the Trustees (and the incorporated Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the requirements of the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees confirm that they have complied with their duties in the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. The Trustees have referred to the guidance in the Charity Commission’s general guidance on Public Benefit when reviewing the School’s aims and objectives and in planning the School’s future activities. In particular, the Trustees have considered how planned activities will contribute to the aims and objectives they have set.

The Trustees have taken all of the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

AUDITOR

A proposal will be put forward for Board approval at the Board of Trustees meeting on 5 December 2023 for audit services to be retendered.

The Annual Report of the Trustees, incorporating the Strategic Report, was approved by the Board of Trustees on Friday 5th December 2023 and signed on its behalf by:

BY ORDER OF THE BOARD

Mr A Alves Date: 5[th] December 2023

Company Registration Number: 01521832 Charity Number: 281242

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Prior Park Educational Trust (a company limited by guarantee) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PRIOR PARK EDUCATIONAL TRUST For the year ended 31 August 2023

Opinion

We have audited the financial statements of Prior Park Educational Trust (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 August 2023 which comprise the Consolidated Statement of Financial Activities (incorporating an income and expenditure account), the Group and Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

Company Registration Number: 01521832 Charity Number: 281242

23

Prior Park Educational Trust (a company limited by guarantee) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PRIOR PARK EDUCATIONAL TRUST For the year ended 31 August 2023

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report or the Strategic Report included within the Annual Report of the Trustees.

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 22, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the

Company Registration Number: 01521832 Charity Number: 281242

24

Prior Park Educational Trust (a company limited by guarantee) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PRIOR PARK EDUCATIONAL TRUST For the year ended 31 August 2023

financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team and component auditors:

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the parent charitable company’s governing document, tax legislation and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence with local tax authorities and evaluating advice received from internal/external advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are The Education (Independent School Standards) Regulations 2014, Keeping Children Safe in Education under section 175 of the Education Act 2002, and the UK General Data Protection Regulation (UK GDPR). We performed audit procedures to inquire of management and those charged with governance whether the charitable company is in compliance with these law and regulations and inspected correspondence with regulatory authorities.

The audit engagement team identified the risk of management override of controls and income recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates, and performing substantive test of details over a sampling of income transactions.

All relevant laws and regulations identified at a Group level and areas susceptible to fraud that could have a material effect on the consolidated financial statements were communicated to component auditors. Any instances of non-compliance with laws and regulations identified and communicated by a component auditor were considered in our group audit approach.

Company Registration Number: 01521832 Charity Number: 281242

25

Prior Park Educational Trust (a company limited by guarantee) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PRIOR PARK EDUCATIONAL TRUST For the year ended 31 August 2023

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

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Anna Spencer-Gray

ANNA SPENCER-GRAY (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Second Floor 1 The Square Temple Quay Bristol BS1 6DG

Date: 8 December 2023

Company Registration Number: 01521832 Charity Number: 281242

26

Prior Park Educational Trust (a company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating an income and expenditure account) for the year ended 31 August 2023

Unrest-
ricted
Notes
Funds
INCOME:
£
Income from charitable activities:
School fees receivable
2
18,079,391
Other educational income
3
2,331,667
Donations
4
270,582
Investment income
296,359
Other trading activities:
Rents and lettings
427,412
_
TOTAL INCOME
21,405,411
_
EXPENDITURE ON:
Charitable activities
5
18,753,283
Cost of raising funds
Fundraising
126,713
Finance costs
8
244,832
_
TOTAL EXPENDITURE
19,124,828
_
NET INCOME before gain on investments
2,280,583
Net gain / (loss) on investments
11
51,828
NET MOVEMENT IN FUNDS
2,332,411
Fund balances brought forward (unrestricted)
19,231,530
Fund balances brought forward (restricted)
-
__
FUND BALANCES CARRIED FORWARD
21,563,941		 Rest-
ricted
2023
2022
Funds
Total
Total
£
£
£
-
18,079,391
17,104,378
-
2,331,667
2,014,802
1,015,305
1,285,887
99,124
-
296,359
29,490
-
427,412
320,224
_
_
_
1,015,305
22,420,716
19,568,018
_
_
_
192,785
18,946,068
16,929,010
-
126,713
91,373
-
244,832
138,546
_
_
_
192,785
19,317,613
17,158,929
_
_
_
822,520
3,103,103
2,409,089
-
51,828
(232,514)
822,520
3,154,931
2,176,575
-
19,231,530
16,908,312
2,296,451
2,296,451
2,443,094
_
_
__
3,118,971
24,682,912
21,527,981

All of the Trust’s activities relate to continuing operations.

The notes on pages 30 to 54 form part of these accounts

Company Registration Number: 01521832 Charity Number: 281242

27

Prior Park Educational Trust (a company limited by guarantee) GROUP AND CHARITY BALANCE SHEETS as at 31 August 2023

as at 31 August 2023
Group Charity
Notes 2023
2022		 2023 2022
£
£		 £ £
FIXED ASSETS
Tangible assets 10 19,229,529
17,017,219		 17,035,999 14,841,831
Investments 11 3,479,848
3,428,020		 3,479,848 3,428,020
Investments in subsidiaries 11 -
-		 7 7
__
__		 __ __
22,709,377
20,445,239		 20,515,854 18,269,858
CURRENT ASSETS
Stocks 12 5,166
5,507		 5,166 5,507
Debtors 13 4,359,153
893,344		 4,861,521 1,898,583
Cash at bank and in hand 12,475,274
11,157,272		 9,324,730 8,862,795
__
__		 __ __
16,839,593
12,056,123		 14,191,417 10,766,885
CREDITORS: Amounts falling
due within one year 14 (12,585,464) (6,996,452) (10,358,850) (5,910,402)
__
__		 __ __
NET CURRENT ASSETS 4,254,129
5,059,671		 3,832,567 4,856,483
__
__		 __ __
TOTAL ASSETS LESS CURRENT
LIABILITIES 26,963,506
25,504,910		 24,348,421 23,126,341
CREDITORS: Amounts falling 15 (2,280,594) (3,976,929) (77,008) (1,257,041)
due after one year
Provisions 18 -
-		 - -
__
__		 __ __
NET ASSETS 24,682,912
21,527,981		 24,271,413 21,869,300
__ __ __ __
FUNDS
RESTRICTED 21 3,118,971
2,296,451		 2,583,732 2,254,244
__
__		 __ __
UNRESTRICTED
Designated 19 3,828,489
3,508,172		 3,828,489 3,508,172
General 19 17,735,452
15,723,358		 17,859,192 16,106,884
__
__		 __ __
21,563,941
19,231,530		 21,687,681 19,615,056
__
__		 __ __
TOTAL FUNDS 24,682,912
__
21,527,981
__		 24,271,413
__		 21,869,300
__

The parent company charity, whose net income for the year was £2,170,658 (2022: £1,827,216), has taken advantage of the exemption under S408 of the Companies Act 2006 of not disclosing its own income and expenditure account.

Approved by the Board of Trustees, and authorised for issue, on 5[th] December 2023 and signed on its behalf by:

A Alves ) ) Trustees A Shepherd )

The notes on pages 30 to 54 form part of these accounts

Company Registration Number: 01521832 Charity Number: 281242

28

Prior Park Educational Trust (a company limited by guarantee) CONSOLIDATED STATEMENT OF CASHFLOWS for the year ended 31 August 2023


CONSOLIDATED STATEMENT OF CASHFLOWS
for theyear ended 31 August 2023
2023 2022
Cash flows from operating activities: £ £
Net cash provided by operating activities 4,848,998 4,619,399
Interest paid (143,552) (103,168)
__ __
Net cash provided by operating activities 4,705,446 4,516,231
__ __
Cash flows from investing activities:
Dividends, interest and rents from investments 296,359 29,489
Transfer (to) / from investments - (1,250,000)
Purchase of property, plant & equipment (3,118,735) (1,424,806)
__ __
Net cash used in investing activities (2,822,376) (2,645,317)
__ __
Cash flows from financing activities:
Repayments of borrowing (565,068) (210,443)
__ __
Net cash used in financing activities (565,068) (210,443)
__ __
Change in cash and cash equivalents in the reporting period 1,318,002 1,660,471
Cash and cash equivalents at the beginning of the reporting period 11,157,272 9,496,801
__ __
Cash and cash equivalents at the end of the reporting period 12,475,274 11,157,272
__ __
Reconciliation of net income to net cash flow from operating activities
2023 2022
Net cash inflow from operating activities: £ £
Net income for the reporting period 3,154,931 2,176,575
Adjustments for:
Depreciation charges 906,425 818,099
Other recognised gains - -
Dividends, interest and rents from investments (296,359) (29,489)
Interest payable 162,518 122,134
Decrease / (Increase) in stocks 341 (866)
Net (gains) / losses on investments (51,828) 232,514
Increase in debtors (3,465,808) (258,333)
Increase in creditors 4,438,778 1,563,262
Decrease in provision - (4,497)
_ _
Net cash provided by operating activities 4,848,998
_		 4,619,399
_

The notes on pages 30 to 54 form part of these accounts

Company Registration Number: 01521832 Charity Number: 281242

29

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

1 ACCOUNTING POLICIES

GENERAL INFORMATION

Prior Park Educational Trust (“the Company”) is a company limited by guarantee, domiciled and incorporated in England.

The Company meets the definition of a Public Benefit entity under FRS102.

The address of the Company’s registered office and principal place of business is Prior Park College, Ralph Allen Drive, Bath, BA2 5AH.

Throughout the year under review the Group consisted of Prior Park Educational Trust, Prior Park Enterprises Limited, Prior Park Holdings Limited and Prior Park School, Gibraltar.

The Company’s and the Group’s principal activities are detailed in the Trustees’ Report on pages 5 to 22. The nature of the Company’s operations and the Group’s operations are also detailed in this section.

BASIS OF PREPARATION

The accounts have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice and Financial Reporting Standard hereinafter collectively referred to as “SORP (FRS102)”. The accounts are drawn up on the historical cost basis of accounting.

GOING CONCERN

After making due enquiries, including review of latest financial data and future projections (three year budgets for each school and cash flow projections for the next two years) the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future.

The Trust has a healthy reserve position and with pupil numbers continuing to grow and the cost base under control the Group is in a strong financial position.

For these reasons they continue to adopt the going concern basis in preparing the financial statements.

BASIS OF CONSOLIDATION

These financial statements consolidate the results, assets and liabilities of the School, its wholly owned non-charitable subsidiary (Prior Park Enterprises Limited), Prior Park Holdings Limited and Prior Park School, Gibraltar on a line by line basis. The results of the subsidiaries are included from the date on which the Trust took control of them. A separate statement of financial activities (including income and expenditure account) for the Charity itself is not presented as permitted by Section 408 of the Companies Act 2006.

REDUCED DISCLOSURES

In accordance with FRS 102, the Company has taken advantage of the exemptions from the following disclosure requirements:

Company Registration Number: 01521832 Charity Number: 281242

30

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

ACCOUNTING POLICIES (continued)

FEES

Fees receivable consist of charges billed for the school year ending 31 August 2023, less bursaries and allowances. Fees received for education to be provided in future years are carried forward within creditors as deferred income.

The Trust changed accounting policy this year to fully recognise school fee income once billed as a debtor. The school fee income for the following Michaelmas Term is therefore included as a debtor and as deferred income in the statutory accounts.

EXPENDITURE

Expenditure is accounted for on an accruals basis. Overhead and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year. The irrecoverable element of VAT is included with the item of expense to which it relates.

Governance costs comprise the costs of running the Charity. These include: strategic planning for its future development; external audit; legal advice for the Trustees; and all the costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.

TANGIBLE FIXED ASSETS

Tangible fixed assets are stated in the balance sheet at cost less impairment and accumulated depreciation. Only assets individually costing more than £1,000 are capitalised.

DEPRECIATION

Depreciation is provided on all tangible fixed assets except land and assets under construction at rates calculated to write off the cost of each asset, less its estimated residual value, evenly over its expected useful life, as follows:


useful life, as follows:
Freehold buildings - Buildings: 50 years (or length of the lease if shorter
than 50 years)
- AstroTurf and Drive 20 years
Plant and equipment - Boilers: 15 years
- ICT infrastructure: 10 years (or length of the contract if
shorter than 10 years)
- Other: 10 years
- Domestic: 5 years
Musical instruments: 50 years
Motor vehicles: 5 years
IT Equipment: 5 years

DONATIONS

Donations receivable for the general purposes of the Charity are credited to Unrestricted Funds. Donations for purposes restricted by the wishes of the donor are taken to Restricted Funds where these wishes are binding on the Trustees.

Company Registration Number: 01521832 Charity Number: 281242

31

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

ACCOUNTING POLICIES (continued)

INVESTMENTS AND INVESTMENT INCOME

Fixed Asset Investments are included at their market value as at the balance sheet date. Any surplus or deficit on revaluation is taken to the Statement of Financial Activities (SOFA). Investment income is accounted for in the period in which the company is entitled to receipt.

BAD DEBT PROVISION

The provision for bad debts is calculated based on a detailed review of all outstanding balances as at Year-End. Each individual debt is reviewed and management judgement used to determine an appropriate provision to make in each individual case.

STOCKS

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

LEASE COMMITMENTS

Operating lease commitments are charged to the Statement of Financial Activities on a straight line basis over the lease term.

EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102, in full, to all of its financial instruments.

Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument, and are offset only when the Group currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets

Trade, group and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate.

Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Company Registration Number: 01521832 Charity Number: 281242

32

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

ACCOUNTING POLICIES (continued)

Financial liabilities and equity

Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Trade, group and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled. Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost.

Borrowings

Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

The Company, via its management, has made judgements in the following areas:

2 FEES RECEIVABLE

Unrestricted
Funds
£
Gross fees
19,924,966
Remote Learning Discount
-
Less bursaries, scholarships and allowances
(1,845,575)
__
18,079,391		 Restricted
2023
2022
Funds
Total
Total
£
£
£
-
19,924,966
19,011,650
-
-
(4,835)
-
(1,845,575) (1,902,437)
_
_
__
-
18,079,391
17,104,378

Company Registration Number: 01521832 Charity Number: 281242

33

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

3 OTHER EDUCATIONAL INCOME

3
OTHER EDUCATIONAL INCOME
Unrestricted
Funds
£
Extras
1,951,940
Sundry income
379,727
_
2,331,667
_
4
DONATIONS
Donations comprise the following:
Unrestricted
Funds
£
Designated Fund donations (note 19)
270,582
Restricted donations (note 21)
-
__
270,582		 Restricted
Funds
£
-
-
_
-
_
Restricted
Funds
£
-
1,015,305
__
1,015,305		 2023
Total
£
1,951,940
379,727
_
2,331,667
_
2023
Total
£
270,582
1,015,305
__
1,285,887		 2022
Total
£
1,724,384
290,418
__
2,014,802
_
2022
Total
£
23,512
75,612
_
99,124

During the year Prior Park Enterprises Limited (PPEL) made a surplus of £91,545 (2022: £86,165). Payment of this surplus will be made via gift aid to PPET within nine months of the year end. PPEL undertakes the letting of the schools and it donates any profit to the Trust. This income is shown on the Statement of Financial Activities under Rents & Lettings.

5 TOTAL EXPENDITURE

Staff
costs
£
Cost of generating funds:
Fundraising Costs
Finance costs
Charitable activities:
Teaching
8,931,944
Welfare
139,953
Premises
1,066,826
Marketing and publicity
-
Support costs of schooling
1,273,645
Extras & Trips
-
Governance costs
-
__
Total Expenditure
11,412,368
 Deprec-
iation
£
2,577
-
771,741
-
75,592
-
-
__
849,910		 Other
Total
Total
costs
2023
2022
£
£
£
126,713
126,713
91,373
244,832
244,832
138,546
_
_
_
371,545
371,545
229,919
_
_
_
558,600
9,493,121
8,828,654
1,265,292
1,405,245
1,215,915
1,475,206
3,313,773
2,872,394
132,931
132,931
125,141
1,181,318
2,530,555
2,090,693
1,951,940
1,951,940
1,724,384
118,503
118,503
71,829
_
_
__
6,683,790
18,946,068
16,929,010		 Total
2022
£
91,373
138,546
__
229,919

Note: Depreciation in year of Fixed Assets is £906,425 but is shown above net of amortisation of the applicable funds of £56,515. The donated funds used to purchase the fixed assets being amortised at the same rate as the fixed assets are depreciated.

Company Registration Number: 01521832 Charity Number: 281242

34

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

6
GOVERNANCE COSTS
Governance costs can be analysed as follows:
Fees payable to auditor – audit & other services (see note 9)
Indemnity insurance
Other governance costs
Total		 2023
£
69,810
12,756
35,937
__
118,503		 2022
£
52,504
9,473
9,852
__
71,829

7 STAFF COSTS

Staff costs can be analysed as follows:

Group:

Group:
2023 2022
£ £
Wages and salaries 9,263,603 8,475,130
Social security costs 851,525 793,130
Pension costs 1,297,240 1,190,570
__ __
Total 11,412,368 10,458,830
__ __
Charity:
2023 2022
£ £
Wages and salaries 7,253,033 6,737,382
Social security costs 710,845 665,827
Pension costs 1,189,242 1,096,291
__ __
Total 9,153,120
__		 8,499,500
__

None of the Trustees have received any remuneration in this year or the previous year. During the year Trustees' expenses of £35,937 (2022: £9,852) were reimbursed by the Group in respect of travel, accommodation, recruitment, training and legal costs during the year in respect of 12 Trustees (2022: 12 Trustees).

The monthly average number of persons employed, full and part time, during the year was:

Group:

Educational
Support staff		 2023
Number
225
105
_
330		 2022
Number
223
91
_
314

Company Registration Number: 01521832 Charity Number: 281242

35

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

7 STAFF COSTS (continued)

Charity:

Educational
Support staff		 2023
Number
178
91
_
269		 2022
Number
183
78
_
261

Group:

The number of Group employees whose emoluments (excluding employer’s pension and National Insurance contributions) fell in the following bands were:

£60,001 - £70,000
£70,001 - £80,000
£90,001- £100,000
£100,001 - £110,000
£140,001 - £150,000
£160,001 - £170,000		 2023
Number
4
-
-
3
1
1
_
9		 2022
Number
4
-
2
1
1
1
_
9

For these employees the number with retirement benefits accruing in:

Money purchase schemes was
for which the contributions amounted to
Defined benefit scheme was
for which the contributions amounted to		 2023
8
£90,544
__
1
£20,195		 2022
8
£78,694
__
1
£19,073

Remuneration of Key Group Personnel:

The total remuneration for 2022/23 of the key personnel in the group (as identified on page 4) is £671,279 (2022: £651,990).

Company Registration Number: 01521832 Charity Number: 281242

36

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

8 FINANCE COSTS

Unrestricted
£
Bank & other loan interest
162,518
Other finance costs
82,314
__
244,832		 Restricted
£
-
-
__
-		 2023
Total
£
162,518
82,314
__
244,832		 2022
Total
£
122,134
16,412
__
138,546

9 NET INCOME FOR THE YEAR

This is stated after charging:

This is stated after charging:
2023 2022
£ £
Depreciation of owned assets 906,425 818,099
Auditor’s remuneration (including VAT):
Audit services: fees payable for the audit of the Trust’s financial statements 46,600 29,660
Audit services: fees payable for the audit of the subsidiaries’ financial statements 13,000 12,636
Other services - taxation and other services 10,210 10,208
Operating lease rentals:
Plant & machinery 283,787 286,105

A gain of £51,828 due to an increase in value in the Prior Park Schools 2030 Bursary Fund investment was reported outside of normal operating activities.

Company Registration Number: 01521832 Charity Number: 281242

37

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

10 TANGIBLE FIXED ASSETS (GROUP)

Assets in the
course of
construction		 Land Buildings Astro Turf &
Drive		 Plant &
Equipment		 Motor Vehicles Musical
Instruments		 IT Equipment Total
COST
As at 1 September 2022 105,758 598,274 18,743,898 647,694 3,981,572 129,035 128,845 495,367 24,830,443
Additions 59,926 147,109 747,185 1,834,618 12,000 - 317,897 3,118,735
As at 31 August 2023 165,684 598,274 18,891,007 1,394,879 5,816,190 141,035 128,845 813,264 27,949,178
DEPRECIATION AND IMPAIRMENT
As at 1 September 2022 - - 5,457,561 280,510 1,547,325 90,738 48,714 388,376 7,813,224
Charge for Year - - 428,462 32,246 367,547 15,100 2,577 60,493 906,425
As at 31 August 2023 - - 5,886,023 312,756 1,914,872 105,838 51,291 448,869 8,719,649
Net Book Value at 31
August 2023		 165,684 598,274 13,004,983 1,082,123 3,901,318 35,197 77,555 364,396 19,229,529
As at 1 September 2022 105,758 598,274 13,286,336 367,185 2,434,247 38,297 80,131 106,992 17,017,219

All the above assets are held for direct charitable purposes.

Company Registration Number: 1521832 Charity Number: 281242

38

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2023

10 TANGIBLE FIXED ASSETS (CHARITY)

Assets in the
course of
construction		 Land Buildings Astro Turf &
Drive		 Plant &
Equipment		 Motor Vehicles Musical
Instruments		 IT Equipment Total
COST
As at 1 September 2022 105,758 598,274 16,135,636 647,694 3,775,735 129,035 128,845 331,936 21,852,913
Additions 56,926 - 27,717 747,185 1,811,191 12,000 - 317,897 2,972,916
As at 31 August 2023 162,684 598,274 16,163,353 1,394,879 5,586,926 141,035 128,845 649,833 24,825,829
DEPRECIATION AND IMPAIRMENT
As at 1 September 2022 - - 4,909,980 280,510 1,455,344 90,738 48,714 225,796 7,011,082
Charge for Year - - 322,720 32,246 346,464 15,100 2,576 59,642 778,748
As at 31 August 2023 - - 5,232,700 312,756 1,801,808 105,838 51,290 285,438 7,789,830
Net Book Value at 31
August 2023		 162,684 598,274 10,390,653 1,082,123 3,785,118 35,197 77,555 364,395 17,035,999
As at 1 September 2022 105,758 598,274 11,225,656 367,184 2,320,391 38,297 80,131 106,140 14,841,831

All the above assets are held for direct charitable purposes.

Company Registration Number: 1521832 Charity Number: 281242

39

Prior Park School (a company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (incorporating an income and expenditure account) for the year ended 31 August 2023

11 INVESTMENTS

In October 2018 the PPS Bursary Fund 2030 was established which initial funds of £2m. The fund saw a rise in value of £51,828 (2022: decline of £232,514) during the financial year:


rise in value of£51,828(2022: decline of £232,514) during the financial
year:
2023 2022
£ £
Opening Balance 3,428,020 2,410,534
Transfer of funds from (to) other designated funds (see note 19) - 150,000
Transfer of Funds from Reserves - 1,100,000
Net (loss) / gains on investment 51,828 (232,514)
_ _
Closing Balance as at 31 August 2023: 3,479,848
_		 3,428,020
_

The above investment was placed with Stanhope Capital and the portfolio consists of a mix of global equities, bonds and commodities to ensure a fully diversified portfolio. The value shown is the market value as at 31[st] August 2023. The investment was placed under the terms of the Prior Park Educational Trust investment policy and is monitored by the FAIR Committee on a regular basis.

The Investment balance as at 31 August 2023 is split as follows:

2023 2022
£ £
Cash & Equivalents 385,314 765,062
Bonds 362,719 93,245
Equities 2,024,106 1,874,666
Hedge Funds 173,123 183,956
Commodities 191,533 187,791
Other Funds 168,773 175,028
Private Equity 174,281 148,272
_ _
Total 3,479,848 3,428,020
______ _

The following notes detail the investments of the Charity in the other Group Companies:

Charity:
Shares at cost		 2023
£
7
_
7
 2022
£
7
_
7

Company Registration Number: 1521832 Charity Number: 281242

40

Prior Park School (a company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (incorporating an income and expenditure account) for the year ended 31 August 2023

11 INVESTMENTS (continued)

PRIOR PARK HOLDINGS LIMITED (Company number: 09598950)

Prior Park Holdings Limited was incorporated on 19 May 2015 and commenced trading on 1 September 2018. The principal activity of the company is to provide educational and management services to satellite schools within the Prior Park Group. A summary of the subsidiary’s results for the year to 31 August 2023, and its balance sheet position is shown below:


and its balance sheet position is shown below:
2023 2022
£ £
TURNOVER 215,032 235,017
Cost of sales (168,162) (171,546)
-------------------- --------------------
GROSS PROFIT 46,870 63,471
Administrative expenses (5,001) (5,010)
-------------------- --------------------
OPERATING PROFIT 41,869 58,461
Interest payable and similar charges - -
-------------------- --------------------
PROFIT BEFORE TAXATION 41,869 58,461
Taxation - -
-------------------- --------------------
PROFIT FOR THE FINANCIAL YEAR 41,869 58,461
AND RETAINED EARNINGS ========= =========
2023 2022
£ £
Fixed and Current assets 1,181,444 1,029,884
Current liabilities (1,139,574) (971,422)
_ _
41,870 58,462
_ _
Called up share capital 1 1
Profit and loss account 41,869 58,461
_ _
41,870
_		 58,462
_

Company Registration Number: 1521832 Charity Number: 281242

41

Prior Park School (a company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (incorporating an income and expenditure account) for the year ended 31 August 2023

11 INVESTMENTS (continued)

PRIOR PARK ENTERPRISES LIMITED (Company number: 2224611)

On 29 August 2008, the entire issued share capital of Prior Park Enterprises Limited was gifted to the Trust. No consideration was paid for the shares. Their value to the Trust was considered to be equal to the value of the net assets of the company at the date of transfer. The subsidiary runs the commercial activities of Prior Park Schools. A summary of the subsidiary’s results for the year to 31 August 2023, and its balance sheet position is shown below:

Turnover
Expenditure
Gross Profit
Administrative Expenses
Net profit before taxation
Taxation
Net profit after taxation
Current assets
Current liabilities
Called up share capital
Profit and loss account		 2023
2022
£
£
351,796
232,268
(246,338)
(100,366)
_
_
105,458
131,902
(13,913)
(45,737)
91,545
86,165
-
-
_
_
91,545
86,165
_
_
193,824
138,686
(102,273)
(52,515)
_
_
91,551
86,171
_
_
6
6
91,545
86,165
_
_
91,551
86,171

Company Registration Number: 1521832 Charity Number: 281242

42

Prior Park School (a company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (incorporating an income and expenditure account) for the year ended 31 August 2023

11 INVESTMENTS (continued)

PRIOR PARK SCHOOL, GIBRALTAR (Company number: 00113158, Charity number: 000272)

Prior Park School, Gibraltar is a wholly owned subsidiary of the Trust, involved in the establishment of the School in Gibraltar. The School was opened on 7[th] September 2016 and there were an average of 258 pupils attending in the 2022/23 academic year.

INCOME:
Income from charitable activities:
School Fees receivable
Other educational income
Donations
Other income
TOTAL INCOME
EXPENDITURE ON:
Charitable activities
Cost of raising funds
Fundraising
Finance costs
TOTAL EXPENDITURE
NET MOVEMENT IN FUNDS
Fund balances brought forward (unrestricted)
Fund balances brought forward (restricted)
FUND SURPLUS / (DEFICIT)
CARRIED FORWARD		 Unrest-
ricted
Funds
£
3,450,522
483,548
-
-
_
3,934,070
_
3,549,542
-
113,531
_
3,663,073
_
270,997
_
(528,151)
-
_
(257,154)		 Rest-
ricted
Funds
£
-
-
505,994
-
_
505,994
_
12,961
-
-
_
12,961
_
493,033
_
-
42,207
_
535,240		 2023
Total
£
3,450,522
483,548
505,994
-
_
4,440,064
_
3,562,503
-
113,531
_
3,676,034
_
764,030
_
(528,151)
42,207
_
278,086		 2022
Total
£
3,127,798
402,209
4,300
-
_
3,534,307
_
3,088,460
-
64,635
_
3,153,095
_
381,212
_
(920,133)
52,999
_
(485,944)

In the prior year, all activities related to unrestricted funds, with the exception of donation income of £4,300 and expenditure on charitable activities of £15,070 which related to restricted funds.

Company Registration Number: 1521832 Charity Number: 281242

43

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

11 INVESTMENTS (continued)

FIXED ASSETS
Tangible assets
CURRENT ASSETS
Debtors
Cash at bank and in hand
CREDITORS: Amounts falling due within one
year
NET CURRENT ASSETS
TOTAL ASSETS PLUS CURRENT
LIABILITIES
CREDITORS: Amounts falling due after one year
NET ASSETS / (LIABILITIES)
FUNDS
Restricted
Unrestricted Funds
General
Total surplus / (deficit)		 2023
£
2,193,531
2,193,531
770,249
2,487,940
3,258,189
(2,247,313)
1,010,876
3,204,407
(2,926,321)
278,086
535,240
(257,154)
278,086		 2022
£
2,175,388
2,175,388
180,003
1,977,977
2,157,980
(1,297,189)
860,791
3,036,179
(3,522,123)
(485,944)
42,207
(528,151)
(485,944)

Company Registration Number: 1521832 Charity Number: 281242

44

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

12 STOCKS (GROUP AND CHARITY)

12 STOCKS (GROUP AND CHARITY)
2023 2022
£ £
Goods for resale 5,166 5,507
_ _
13 DEBTORS
Group Charity
2023
2022		 2023 2022
£
£		 £ £
Trade debtors 48,559
35,367		 - 50
School fees 4,023,334
320,539		 3,291,464 254,818
Other debtors 224,758
212,550		 221,508 199,038
Prepayments and accrued income 62,502
324,888		 30,503 227,369
Amounts owed by group undertakings -
-		 1,318,046 1,217,308
_
_		 _ _
4,359,153
893,344		 4,861,521 1,898,583
_ _ _ _
14 CREDITORS: Amounts falling due within one year
Group Charity
2023
2022		 2023 2022
£
£		 £ £
Current instalments due on bank loans (note 17) 1,130,150
50,560		 1,130,150 50,560
School fees received in advance 476,989
3,026,762		 383,422 2,527,227
Trade creditors 1,048,700
1,151,786		 924,423 1,108,603
Taxation and social security payable 203,519
187,257		 192,711 187,257
Other creditors 2,950,481
2,358,548		 2,183,588 1,834,279
Deferred Income 6,481,398
-		 5,273,103 -
Accruals 294,227
221,539		 271,453 202,476
_
_		 _ _
12,585,464
6,996,452		 10,358,850 5,910,402
_ _ _ _
15 CREDITORS: Amounts falling due after more than one year
Group Charity
2023
2022		 2023 2022
£
£		 £ £
Bank and other loans (note 17) 2,203,586
3,848,243		 - 1,128,355
School fees received in advance 77,008
128,686		 77,008 128,686
_
_		 _ _
2,280,594
3,976,929		 77,008 1,257,041
_ _ _ _
16 DEFERRED INCOME
Group Charity
£ £
Brought forward fees in advance 3,155,448 2,655,913
Cash received in 2022/23 2,970,961 2,369,273
Amounts utilised in 2022/23 (5,572,412) (4,564,756)
_ _
Carried forward fees in advance 553,997
_		 460,430
_

Company Registration Number: 1521832 Charity Number: 281242

45

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

The deferred income shown above relates to payments of school fees and activity charges before 31/8/2023 for the unbilled terms (Lent and Summer) in the 2023/24 school year, except for £77,008 which relates to the payment of school fees beyond the 2023/24 school year.

17 BANK AND OTHER LOANS

Group:

Bank loans repayable by instalments are due for repayment as follows:

2023 2022
£ £
Repayable within one year 1,130,150 50,560
Repayable within one to two years 100,000 152,777
Repayable within two to five years 300,000 472,631
Repayable beyond five years 1,803,586 3,222,835
_ _
3,333,736
_		 3,898,803
_

Charity:

Bank loans repayable by instalments are due for repayment as follows:

2023 2022
£ £
Repayable within one year 1,130,150 50,560
Repayable within one to two years - 52,777
Repayable within two to five years - 172,631
Repayable beyond five years - 902,947
_ _
1,130,150 1,178,915
_ _

Note regarding loan held by the Charity:

The Charity currently has a bank loan which was taken out to help fund the building of the Sports Hall at Prior Park College repayable over 25 years at a rate which is currently fixed at 4.3% with a break clause in April 2024, hence why the loan is shown as repayable within one year. The bank holds security in respect of this loan over the following freehold properties: Gate Lodge, Fyfield House and Creffield House, all on Ralph Allen Drive, Bath and Prior Lodge, North Road, Bath.

Note regarding additional loans held by the Group:

Prior Park School, Gibraltar (“PPSG”) also has 2 loans:

The first with SPG Limited with a facility to drawdown up to £2m, is unsecured and is repayable in line with the Funding Agreement between SPG Limited and PPSG, dated 11 March 2016. The total remaining loan balance (net of repayments, write-downs and reductions in lieu of school fees) as at 31[st] August 2023 was £644,793 (2022: £1,077,144). Total accumulated accrued interest on the remaining loan balance as at 31[st] August 2023 was £58,793 (2022: £142,744). The interest rate is 2% per annum on the remaining balance and the terms of repayment to the remaining SPG members are yet to be agreed.

The second loan is with Gibraltar International Bank with a facility to drawdown up to £1.5m. This loan is secured on PPSG’s leasehold interest in the site at Sacred Heart Terraces and is repayable in line with the terms of the loan facility with the bank. The total drawdown as at 31[st] August 2023 was £1.5m (2022: £1.5m). The interest rate is 3% above Bank of England base rate per annum.

These loans were put in place to facilitate the refurbishment of PPSG’s buildings and to cover the initial set up costs of PPSG.

Company Registration Number: 1521832 Charity Number: 281242

46

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

18 PROVISIONS

The following provision was established during 2017/18 to reflect the ongoing liability to pay for scholarships and bursaries in relation to children at Prior Park Preparatory School under the terms of the sale to Wishford Schools.

Provision as at 31stAugust 2022
Payments to Wishford during 2022/23
Changes to provision for future years
Provision as at 31stAugust 2023		 2023
£
-
-
-
_

-
 2022
£
4,497
(4,866)
369
__
-

19 UNRESTRICTED FUNDS (GROUP)

At 31 August 2023 total unrestricted funds amounted to £21,563,941 (2022: £19,231,530). Included within this total are funds which the Trustees have designated for specific purposes as detailed below.

Position as per 2022/23 Accounts:

Unrestricted Fund Fund balance
as at 1st
September
2022
£		 Income
£		 Expenditure
£		 Net Income /
(expenditure)
£		 Adjustments
/ Transfers
£		 Fund
balance as at
31st August
2023
£
Open Funds
Gillan Bursary Fund 10,921 - - - (10,921) -
Designated Bursary
Fund		 67,986 36,214 (2,093) 34,121 10,921 113,028
PPS 2030 Bursary
Fund		 3,428,020 51,828 - 51,828 - 3,479,848
Greatest Need Fund 1,245 234,368 - 234,368 (235,613) -
Closed Funds
New
Founders
Garden		 - - - - 235,613 235,613
Designated
Funds
Total		 3,508,172 322,410 (2,093) 320,317 - 3,828,489
General Fund 15,723,358 21,134,829 (19,122,737) 2,012,092 - 17,735,452
Total 19,231,530 21,457,239 (19,124,830) 2,332,409 - 21,563,941

Company Registration Number: 1521832 Charity Number: 281242

47

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

Comparative position as per 2021/22 Accounts:

Unrestricted
Fund		 Fund balance as
at 1st September
2021
£		 Income
£		 Expenditure
£		 Net Income /
(expenditure)
£		 Adjustments
/ Transfers
£		 Fund balance as
at 31st August
2022
£
Gillan
Bursary
Fund		 10,921 - - - - 10,921
Designated
Bursary Fund		 198,985 22,267 (3,266) 19,001 (150,000) 67,986
Greatest
Need
Fund		 - 1,245 - 1,245 - 1,245
PPS 2030 Bursary
Fund		 2,410,534 - (232,514) (232,514) 1,250,000 3,428,020
Designated
Funds Total		 2,620,440 23,512 (235,780) (212,267) 1,100,000 3,508,172
General Fund 14,287,872 19,468,894 (16,933,408) 2,535,486 (1,100,000) 15,723,358
Total 16,908,312 19,492,406 (17,169,188) 2,323,218 - 19,231,530

The Gillan Bursary Fund was established in the Summer of 2018 by a legacy donation from a former pupil of Prior Park College. This fund has now been amalgamated into the designated bursary fund.

The Designated Bursary Fund was established to hold funds donated by staff and parents during the Covid pandemic and to hold the release of any funds from the PPS 2030 Bursary Fund. It will also be used to hold any non-restricted donations from parents and former pupils.

The Greatest Need Fund was established during 2022 to accumulate donated funds towards the greatest need of Prior Park Educational Trust each year. The funds donated so far were used to help pay for the refurbishment of the New Founders Garden in the Summer of 2023.

The Prior Park Schools 2030 Bursary Fund was established during 2018/19 as a designated fund with the aim of building towards £10m by 2030 (see note 11). The fund will then be used to support bursarial funding requests from that date onwards.

The New Founders Garden Fund was created to help fund the refurbishment and creation of the New Founders Garden in the Summer of 2023. The project has now been completed and the fund closed.

20 UNRESTRICTED FUNDS (CHARITY)

The table below shows how the Charity’s unrestricted funds have moved since last year, with prior year movement shown for comparison purposes:

2022/23 £ 2021/22 £
Total Charity Unrestricted Funds brought
forward		 16,106,884 15,031,527
Plus:Unrestricted Funds Surplus in Year 1,752,308 2,175,357
Less:Transfer of Funds to Designated Fund:
PPS 2030 Bursary Fund		 - (1,100,000)
Total Charity Unrestricted Funds carried
forward		 17,859,192 16,106,884

Company Registration Number: 1521832 Charity Number: 281242

48

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

21 RESTRICTED FUNDS (GROUP & CHARITY)

The following table details the in-year restricted fund movements. The restricted funds all relate to the Charity with the exception of the following funds which are in relation to Prior Park School, Gibraltar: The Bursary, SPG Donated, Facilities and Events, Ball Court (closed) and Library (closed) funds.

Restricted Fund Fund balance as
at 1st September
2022
£		 Income
£		 Expenditure
£		 Expenditure
£		 Net Income /
(expenditure)
£		 Adjustments
/ Transfers
£		 Fund balance
as at 31st
August 2023
£
Open Funds Amortisation
&
depreciation		 Other
Bursary (general) 106,569 12,409 - 50,464 (38,055) - 68,514
Bursary (specific) 98,543 - - 73,844 (73,844) - 24,699
Chapel 85,546 2,275 - - 2,275 - 87,821
Entrepreneurial 241,064 - - - - - 241,064
Big School Room 49,040 - - - - - 49,040
Heritage 66,261 1,611 - - 1,611 (67,257) 615
Paragon Bursary 250 969 - - 969 - 1,219
Gibraltar Bursary 13,601 10,235 - 4,000 6,235 - 19,836
SPG Donated - 478,199 - - 478,199 - 478,199
Gibraltar – Facilities &
Events		 5,050 17,560 - 7,961 9,599 306 14,955
Closed Funds
Mansion Steps 48,532 - 1,103 - (1,103) - 47,429
Science Project 6,225 - 1,557 - (1,557) - 4,668
Sports Centre 482,251 - 11,281 - (11,281) - 470,970
Piano 32,241 - 929 - (929) - 31,312
College Freehold 107,963 - 4,004 - (4,004) - 103,959
Old Gymnasium 183,972 - 6,835 - (6,835) - 177,137
Sixth Form Centre 102,345 - 3,870 - (3,870) - 98,475
Campaign 486,369 - 11,580 - (11,580) - 474,789
Organ 36,356 - 1,200 - (1,200) - 35,156
Chapel Improvements 60,731 - 4,478 - (4,478) - 56,253
All Weather Pitch 6,380 - 423 - (423) - 5,957
Sports Facilities 15,677 - 2,613 - (2,613) - 13,064
Sports Fund 11,250 - 1,250 - (1,250) - 10,000
Covid-19 Appeal 8,679 - 2,893 - (2,893) - 5,786
Sixth
Form
Centre
(2023)		 - 492,047 - - 492,047 - 492,047
New Founders Garden - - - - - 67,257 67,257
Paragon
Parents
Association		 18,000 - 1,500 - (1,500) - 16,500
Gibraltar – Ball Court 23,250 - 1,000 - (1,000) - 22,250
Gibraltar - Library 306 - - - - (306) -
Total 2,296,451 1,015,305 56,516 136,269 822,520 - 3,118,971

Company Registration Number: 1521832 Charity Number: 281242

49

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

Open Funds:

Closed Funds:

Company Registration Number: 1521832 Charity Number: 281242

50

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

Comparative position as per 2021/22 Accounts:

Restricted Fund Fund balance as
at 1st September
2021
£		 Income
£		 Expenditure
£		 Expenditure
£		 Net Income /
(expenditure)
£		 Adjustments
/ Transfers
£		 Fund balance
as at 31st
August 2022
£
Open Funds Amortisation
&
depreciation		 Other
Bursary (general) 165,698 40,302 - 99,431 (59,129) - 106,569
Bursary (specific) 118,855 9,000 - 29,312 (20,312) - 98,543
Grants & Donations (in
year)		 - 18,528 - 18,528 - - -
Chapel 87,105 2,701 - 4,260 (1,559) - 85,546
Entrepreneurial 241,064 - - - - - 241,064
Big School Room 49,040 - - - - - 49,040
Heritage Fund 65,730 531 - - 531 - 66,261
Paragon Bursary Fund - 250 - - 250 - 250
Gibraltar - Bursary 27,671 - - 14,070 (14,070) - 13,601
Gibraltar – Facilities &
Events		 750 4,300 - - 4,300 - 5,050
Gibraltar - Library 306 - - - - - 306
Closed Funds
Mansion Steps 49,635 - 1,103 - (1,103) - 48,532
Science Project 7,782 - 1,557 - (1,557) - 6,225
Sports Centre 493,532 - 11,281 - (11,281) - 482,251
Piano 33,170 - 929 - (929) - 32,241
College Freehold 111,967 - 4,004 - (4,004) - 107,963
Old Gymnasium 190,807 - 6,835 - (6,835) - 183,972
Sixth Form Centre 106,215 - 3,870 - (3,870) - 102,345
Campaign 497,949 - 11,580 - (11,580) - 486,369
Organ 37,556 - 1,200 - (1,200) - 36,356
Chapel Improvements 65,209 - 4,478 - (4,478) - 60,731
All Weather Pitch 6,803 - 423 - (423) - 6,380
Sports Facilities 18,290 - 2,613 - (2,613) - 15,677
Sports Fund 12,638 - 1,250 138 (1,388) - 11,250
Covid-19 Appeal 11,572 - 2,893 - (2,893) - 8,679
Paragon
Parents
Association		 19,500 - 1,500 - (1,500) - 18,000
Gibraltar – Ball Court 24,250 - 1,000 - (1,000) - 23,250
Total 2,443,094 75,612 56,516 165,739 (146,643) - 2,296,451

Company Registration Number: 1521832 Charity Number: 281242

51

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

22 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2023
£ £ £ £
Tangible Fixed Assets 17,096,521 2,133,008 - 19,229,529
Investments 3,479,848 - - 3,479,848
Current Assets 15,868,585 971,008 - 16,839,593
Liabilities (14,866,058) - - (14,866,058)
_ _ _ _
21,578,896
_		 3,104,016
_		 -
_		 24,682,912
_

23 SHARE CAPITAL

The company is limited by guarantee and has no called-up share capital. As at 31 August 2023 there were 12 members of the Trust and each has a limited liability of £1.

24 PENSION COSTS

TEACHERS PENSION SCHEME

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £692,559 (2022: £675,641) and at the yearend £83,926 (2022: £74,280) was accrued in respect of contributions to this scheme.

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. The TPS is an unfunded scheme and members contribute on a ’pay as you go' basis – these contributions, along with those made by employers, are credited to the Exchequer. The TPS is a multi-employer pension plan and there is insufficient information to account for the scheme on as a defined benefit plan so it is accounted for as a defined contribution plan. Valuation of the Teachers’ Pension Scheme Not less than every four years the Government Actuary (“GA”), using normal actuarial principles, conducts a formal actuarial review of the TPS. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation was carried out as at 31 March 2020 and in accordance with The Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 and the Employer Contribution Rate was assessed using agreed assumptions in line with the Directions and was accepted at the original assessed rate as there was no cost control mechanism breach.

VALUATION OF THE TEACHERS’ PENSION SCHEME

The valuation report was published on 26 October 2023. The key results of the valuation are:

As a result of the valuation, new employer contribution rates have been set at 28.6% of pensionable pay from 1 April 2024 until 31 March 2027 (compared to 23.68% under the previous valuation including a 0.08% administration levy).

Company Registration Number: 1521832 Charity Number: 281242

52

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

The School undertook a consultation exercise with teaching staff during 2019/20 with the conclusion that the school offered the APTIS scheme (run by Aviva) for those teaching staff who wished to join this scheme from 1[st] September 2020 onwards. The School continues to offer UK teaching staff the option to remain in the TPS (with the additional employers pension contribution made up via a deduction from gross salary) or to join the APTIS scheme at a choice of contribution levels.

CONTRIBUTIONS TO PENSION FUNDS

The Trust makes contributions to the Teachers’ Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the College by the Scheme Administrator. The Scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the Scheme which are directly attributable to the Trust. In accordance with the SORP (FRS102) the Scheme is accounted for as a defined contribution scheme and contributions are accounted for when advised as due by the Scheme Administrator (see above for further details).

As detailed above, UK teaching staff have the option to remain in TPS but to pay the additional employer contribution as a deduction from their gross pay or to move across to the APTIS Master Trust Scheme, run by Aviva from 1[st] September 2021.

From 1[st] September 2022 APTIS was also the default pension scheme for support staff with the incumbent Support Staff Group Personal Pension Scheme run by Aviva now closed to new members. Employer contributions into APTIS are now at either 7.5% or 4% (depending on the employee’s choice of pension contributions) of annual basic pay during 2022/23. These contributions are recorded accordingly in these financial statements.

The APTIS scheme is a defined contribution scheme run by Aviva under a Master Trust Arrangement. There were £48,467 (2022: £42,239) of contributions accrued at Year End regarding employers’ contributions from August 2023. The Trust also operates a salary sacrifice scheme for staff members who wish to make their pension contributions via this method into APTIS.

25 COMMITMENTS UNDER OPERATING LEASES

The Group as a lessee:

The total future minimum lease payments under non-cancellable operating leases for plant and machinery are as follows:

Amounts due:
Within one year
Between one and five years		 2023
£
215,205
294,609
_
509,814		 2022
£
263,199
126,899
_
390,098

Prior Park Schools UK as a lessee:

The total future minimum lease payments under non-cancellable operating leases for plant and machinery are as follows:

Amounts due:
Within one year
Between one and five years		 2023
£
150,760
294,609
_
445,369		 2022
£
197,869
62,454
_
260,323

Company Registration Number: 1521832 Charity Number: 281242

53

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

26 RELATED PARTY TRANSACTIONS

Prior Park Enterprises Limited (“PPEL”), Prior Park Holdings Limited (“PPHL”) and Prior Park School, Gibraltar (“PPSG”) are wholly owned subsidiaries of Prior Park Educational Trust (“PPET”). Related party transactions during the year were as follows:

27 ANALYSIS OF NET DEBT

The following note is provided in addition to the Cash flow statement:

As at 1.9.2022
£		 Cash Flows
£		 Other non-
cash changes
£		 As at 31.8.2023
£
Cash at bank and in hand
Loans falling due within one year
Loans falling due after more than one year
TOTAL		 11,157,272
394,151
923,851
12,475,274
(50,560)
(1,079,590)
(1,130,150)
(3,848,243)
1,644,657
(2,203,586)
7,258,469
394,151
1,488,918
9,141,538

Company Registration Number: 1521832 Charity Number: 281242

54

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

28 2021/22 SOFA SHOWING SPLIT BETWEEN UNRESTRICTED AND RESTRICTED FUNDS

Unrest-
ricted
Funds
INCOME:
£
Income from charitable activities:
School fees receivable
17,104,378
Other educational income
2,014,802
Donations
23,512
Investment income
29,490
Other trading activities:
Rents and lettings
320,224
Other Income (Furlough Claim)
-
_
TOTAL INCOME
19,492,406
_
EXPENDITURE ON:
Charitable activities
16,706,755
Cost of raising funds
Fundraising
91,373
Finance costs
138,546
_
TOTAL EXPENDITURE
16,936,674
_
NET INCOME before loss on investments
2,555,732
Net loss on investments
(232,514)
NET MOVEMENT IN FUNDS
2,323,218
Fund balances brought forward (unrestricted)
16,908,312
Fund balances brought forward (restricted)
-
__
FUND BALANCES CARRIED FORWARD
19,231,530		 Rest-
ricted
2022
2021
Funds
Total
Total
£
£
£
-
17,104,378
14,364,418
-
2,014,802
1,515,947
75,612
99,124
336,121
-
29,490
4,095
-
320,224
144,213
-
-
141,099
_
_
_
75,612
19,568,018
16,505,893
_
_
_
222,255
16,929,010
14,663,061
-
91,373
96,266
-
138,546
275,253
_
_
_
222,255
17,158,929
15,034,580
_
_
_
(146,643)
2,409,089
1,471,313
-
(232,514)
347,819
(146,643)
2,176,575
1,819,132
-
16,908,312
15,186,813
2,443,094
2,443,094
2,345,461
_
_
__
2,296,451
21,527,981
19,351,406

Company Registration Number: 1521832 Charity Number: 281242

55