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2024-08-31-accounts

Prior Park Educational Trust

(a company limited by guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS

for the year ended 31 August 2024

Company Registration Number: 01521832 Charity Number: 281242

Prior Park Educational Trust (a company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES For the year ended 31 August 2024

Contents Page
Trustees, Officers and Advisers 2 – 3
Annual Report of the Trustees 4 – 21
Independent Auditor’s Report 22 - 24
Consolidated Statement of Financial Activities 25
Consolidated and Charity Balance Sheets 26
Consolidated Statement of Cash Flows 27
Notes to the Financial Statements 28 - 54

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 2024

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)

(resigned as President 31/07/2024)

PATRONS

Mr C J B Davy CB Sir Cameron Mackintosh The Rt Hon the Lord Patten of Barnes CH Commodore C York, KSG

TRUSTEES

Mr D Catlow (Chair of Trustees)

Mr A Alves MA (Cantab) (Vice Chair of Trustees)

COMMITTEES

(appointed 01/03/2024, Chair 01/08/24), 6 1 (Chair), 3, 4, 5, 6 (Chair)

Mrs A-M Dempsey Mr N Dowler Mr S Head MA (Cantab) Mrs V Humphries BA (Hons), PGCE Mr D Leach PGDipLaw, LPCO, LL.M, LL.B Mr P Lyon Ed.D, M.Phil, M.Ed Mrs M Moore BA Rev Prebendary J N Rawlinson, MA, MB, BChir FRCS, FRCEM, Cert Pall Med Dip Th Mrs J Singleton BA Hons, Dip TEFL Mr J Spencer BDS

(appointed 30/08/2024) 1, 2, 3 (Chair), 5, 7 2 4 (Chair), 5 (appointed 10/04/2024) 4, 7 (appointed 31/05/2024) 5 (Chair), 6 3 2 (Chair), 5 2 (appointed 04/09/2024)

Ms A Shepherd MBE, BA Hons Mrs L Costello OBE, FRSA Mr L McKell MA, Med, PGCE

(resigned 31/07/2024) (resigned 06/08/2024) (resigned 31/03/2024)

ASSOCIATE GOVERNORS: THE PARAGON SCHOOL

Mr J Webster BA, BArch, MCD, RIBA, MRTPI 3

ASSOCIATE GOVERNORS: PRIOR PARK SCHOOL GIBRALTAR

Ms E Lang 4 Mr C Risso 4 Mr J Jarvis 4 Mr M Nicholls 4

Note:

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 2024

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 Martyn (Mr P Watts resigned 31/8/24) 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

UK REGISTRATION:

GIBRALTAR REGISTRATION: WEBSITE:

AUDITOR:

Bishop Fleming LLP Chartered Accountants & Registered Auditors The Colonnades 9-10 Bath Street Bath BA1 1SN 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 2024

INTRODUCTION

The Board of Trustees present their annual report for the year ended 31 August 2024 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 nearly 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 2024

TRUSTEES’ OBJECTIVES & KEY PERFORMANCE INDICATORS

The Trustees directed that the objectives for 2023/24 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 Governance and 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 Governance Committees are also invited to attend. Other Trustees may attend FAIR if they wish. The three Local Governance 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, Governance and Nominations and Safeguarding. 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 Business Services 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.

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 2024

PERFORMANCE AND ACHIEVEMENTS 2023 – 2024

The number of pupils in Prior Park Schools between 1 September 2023 and 31 August 2024 averaged 1,091 compared to 1,141 in 2022-23.

Prior Park College

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 2024

concert for their parents; 150 students from 4 primary schools visited the College for our STEM days, which took place over two days.

The Paragon 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 2024

Prior Park School, Gibraltar

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 2024

GCSE: Along with a 99.7% pass rate, an impressive 78.3% of all grades were the higher-grade pass rate of 4-9. A further 25.1% of all grades were within the highest threshold of grades 7-9, over four times as many as were externally forecasted for the cohort by the UK education charity Fischer Family Trust. Along with the GCSE outcomes, a significant number of the cohort sat their AS Spanish qualification early, with a 100% pass rate and 89% of grades at A*-C.

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 sees a significant shift following decisions made at the Board Strategy Day in August 2024. 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 political and financial landscape for independent education is seeing the most significant changes in a generation and the Board and the Executive are committed to adapting operations and financial modelling to thrive in the current inhospitable political environment.

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 2024

The Trust has announced that the faith designation of Prior Park College has changed, effective from September 2024. The school will now be designated as a Christian school in the Catholic tradition. This decision was taken after a long period of reflection amongst the Trustees and the College Executive. The rationale for the decision is clearly explained on the College’s website and is a positive move. The change reflects the College’s families today, and the needs of our current community. The hope and desire is to continue to enjoy good relations with the Catholic Church and to support all our young people as they go through their faith journeys.

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 strategic intent to see more alignment between The Paragon School and Prior Park College is underway.

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 Classroom Project at The Paragon School is one such project and will 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 meanstested 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 is continuing its efforts 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 partners with the charity, Royal National Children’s Springboard Foundation, 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 940 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.

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 2024

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 2024

FINANCIAL PERFORMANCE

A summary of the financial results for the year is set out in the consolidated statement of financial activities on Page 25 of the Financial Statements. The key financial indicators are detailed below:

These healthy results are a consequence of several contributing factors as follows: Good pupil numbers across all schools (in particular international boarding at Prior Park College); increased investment income and interest on deposits; 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 2024, means-tested bursarial awards with a value of £569,439 (2023: £579,578) (including awards of £168,163 (2023: £130,400) from restricted and designated funds) were made. A total of 67 (2023: 79) 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 2023/24.

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. The imposition of VAT on school fees may see many of our families in our UK schools require additional financial support over the next two years as the impacts of this new tax on education are felt.

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 (£6m). Based on the position as at 31[st] August 2024, 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 £1.2m, which is typical of many Independent schools. This is due to the need for continuing capital expenditure out of retained reserves. The borrowings at Prior Park School, Gibraltar are at a level which the

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 2024

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.

The Trustees continue to support 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 consists 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 22 to the accounts) have either already been spent on developing the schools or are fully committed to particular projects such as bursarial support or facilities development projects.

The Group balance sheet shows tangible fixed assets of £20,122,954 (2023: £19,229,529) but the majority of these could only be realised by disposing of fixed assets held by the Trust, principally the functional land, buildings and infrastructure from which the Trust 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.

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 2024

FUNDRAISING PERFORMANCE

Restricted donations totalling £438,379 (2023: £1,015,305) and unrestricted donations totalling £24,319 (2023: £270,582) were either received or pledged during the year. £179,344 was refunded from the Entrepreneurial programme to the donor following closure of this programme during 2024.

The donations during 2023/24 can be broken down as follows:

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 2024

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 2024

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 appropriate enquiries, including a review of the latest financial data, consideration of the impacts of impending tax changes, and future projections (three-year budgets for each school and the Group as a whole) the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future.

The Trust has a healthy reserve position, and with liquidity of assets, steady pupil numbers and a cost base which is under control, the Group remains in a strong financial position.

For these reasons, Trustees 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 2023/24 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 2024

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

Summary

Prior Park Educational Trust’s greenhouse gas emissions, reportable under SECR in 2023-24 were 685.6 tonnes CO2e. These include the emissions associated with electricity and natural gas consumption, gas oil, and business travel in company and private vehicles by employees. Prior Park Educational Trust’s greenhouse gas emissions were 2% lower than in 2022-23. The intensity of 0.8 tonnes CO2e per pupil is 1% higher than last year, and the intensity of 34.1 tonnes CO2e per m² is 2% lower than last year.

Greenhouse gas emissions

Table 1 Greenhouse gas emissions by year (tonnes CO2e) - Location Based

Emissions source 2022-23 2023-24 Share (%) (%) Annual
Change
Purchased electricity 196.5 219.3 32% +12%
Fuel combustion: Naturalgas 447.5 444.4 65% -1%
Fuel Combustion: Diesel Generators 0.5 0%
Fuel combustion: Transport 56.5 21.4 3% -62%
Total emissions (tCO2e) 700.5 685.6 100% -2%
Pupils 883 853 -3%
Floor Area (m²) 20,107 20,107 -
Intensity: (tCO2eper Pupil) 0.79 0.80 +1%
Intensity: (kg CO2e per m²) 34.84 34.10 -2%

Table 2 Greenhouse gas emissions by year (tonnes CO2e) - Market Based

Emissions source 2022-23 2023-24 Share
(%)		 (%) Annual
Change
Purchased electricity 17.8 4%
Fuel combustion: Naturalgas 447.5 444.4 92% -1%
Fuel Combustion: Diesel Generators 0.5 0%
Fuel combustion: Transport 56.5 21.4 4% -62%
Total emissions (tCO2e) 504.0 484.1 100% -4%
Pupils 883 853 -3%
Floor Area (m²) 20,107 20,107 -%
Intensity: (tCO2e per Pupil) 0.57 0.57 -1%
Intensity: (kg CO2e per m²) 25.07 24.08 -4%

Scope 1: Natural gas and company-operated transport.

Scope 2: Electricity.

Scope 3: Losses from electricity distribution and transmission. This only includes emissions reportable under SECR and may not reflect the entire carbon footprint of the organisation.

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 2024

Table 3 Greenhouse gas emissions by scope (tonnes CO2e) - Location Based

Emissions source 2022-23 2023-24 Share (%) (%)
Annual
Change
Scope 1 503.3 459.7 67% -9%
Scope 2 196.5 201.5 29% +3%
Scope 3 0.7 24.4 4% +3,381%
Total emissions (tCO2e) 700.5 685.6 100% -2%

Table 4 Greenhouse gas emissions by scope (tonnes CO2e) – Market Based

Emissions source 2022-23 2023-24 Share (%) (%) Annual
Change
Scope 1 503.3 459.7 92% -9%
Scope 2 0 4%
Scope 3 0.7 24.4 5% +3,381%
Total emissions (tCO2e) 504.0 484.1 100% -0.4%

Energy consumption

Table 5 Energy consumption by year (kWh)

Emissions source 2022-23 2023-24 Share
(%)		 (%) Annual
Change
Electricity 948,935 973,047 28% +3%
Naturalgas 2,446,305 2,429,590 69% -1%
Fuel Combustion: Diesel Generators 20,660 1%
Transport fuel 192,689 85,826 2% -55%
Total consumption (kWh) 3,587,929 3,509,123 100% -2%

Boundary, methodology and exclusions

An ‘operational control’ approach has been used to define the Greenhouse Gas emissions boundary (An operational control approach to GHG emissions boundary is defined as: “Your organisation has operational control over an operation if it, or one of its subsidiaries, has the full authority to introduce and implement its operating policies at the operation”).

This approach captures emissions associated with the operation of all buildings such as warehouses, offices and manufacturing sites, plus company-owned and leased transport. This report covers UK operations only, as required by SECR for Non-Quoted Large Companies.

This information was collected and reported in line with the methodology set out in the UK Government’s Environmental Reporting Guidelines, 2019.

The GHG Protocol Corporate Accounting and Reporting Standard (revised edition) and emission factors from the UK Government’s GHG Conversion Factors for Company Reporting 2023 have been used calculate the SECR disclosures.

The reporting period is September 2023 to August 2024, as per the financial accounts.

September 2023’s monthly invoice was for an erroneous 1.13MWh of recorded Natural Gas consumption. A malfunctioning meter was found to be the cause. The meter has since been replaced and Prior Park Educational Trust have addressed the mistake with the supplier. For reporting purposes an estimate to the actual consumption has been made relative to September’s HDD (Heating Degree Days), aligning it with usage covered by the rest of the reporting period.

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 2024

Observations

Transmission and Distribution losses on Purchased Electricity (Scope 3) are now included in the report. As a result, emissions from Purchased Electricity are reported to have increased by 12% while consumption only increases by 3%. Last year’s T&D losses will have been near to the current reporting period (~17 tCO2e). Elsewhere the inclusion leads to a 3,381% increase in Scope 3 emissions. Gas Oil used in Diesel Generators is now reported as a separate line item from Transport fuels. As a result, variance from last year’s consumption is not shown.

Energy efficiency initiatives

In the period covered by this SECR report Prior Park Educational Trust have undertaken/completed the following energy efficiency actions.

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 2024

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 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 2024

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

The Board of Trustees approved the re-appointment of Bishop Fleming as auditors during the meeting on 11 December 2024.

The Annual Report of the Trustees, incorporating the Strategic Report, was approved by the Board of Trustees on Friday 11th December 2024 and signed on its behalf by:

BY ORDER OF THE BOARD

Mr A Alves Date: 11[th] December 2024

Company Registration Number: 01521832 Charity Number: 281242

21

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 2024

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 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Statement of Financial Position, the Charity Statement of Financial Position, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 the 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 other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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.

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

Company Registration Number: 01521832 Charity Number: 281242

22

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 2024

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

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

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, 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 the 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 the parent charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITORS' 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 Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut off.

In common with all audits under ISAS (UK) we are also required to perform specific procedures to respond to the risk of management override.

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 2024

We have also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation. In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity's ability to operate or avoid a material penalty. These included data protection regulations, health and safety regulations and employment legislation.

Our procedures to respond to risks identified included the following:

We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit. As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in financial statements or non-compliance with regulation, will be detected by us. The risk increases the further removed compliance with a law and regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one off error, as this may involve intentional concealment, forgery. collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

USE OF OUR REPORT

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 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 Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

David Butler FCA DChA (Senior statutory auditor)

Chartered Accountants and Statutory Auditors 10 Temple Back Bristol BS1 6FL

Date: 19 December 2024

Company Registration Number: 01521832 Charity Number: 281242

24

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 2024

Unrest-
ricted
Notes
Funds
INCOME:
£
Income from charitable activities:
School fees receivable
2
19,073,946
Other educational income
3
1,869,712
Donations
4
24,319
Investment income
5
599,974
Other trading activities:
Rents and lettings
672,537
_
TOTAL INCOME
22,240,488
_
EXPENDITURE ON:
Charitable activities
6
20,443,698
Cost of raising funds
Fundraising
168,177
Finance costs
9
297,759
_
TOTAL EXPENDITURE
20,909,634
_
NET INCOME before gain on investments
1,330,854
Net gain on investments
12
437,299
NET MOVEMENT IN FUNDS
1,768,153
Fund balances brought forward (unrestricted)
21,563,941
Transfer between Funds
(20,458)
Fund balances brought forward (restricted)
-
_
FUND BALANCES CARRIED FORWARD
23,311,636
_		 Rest-
ricted
2024
2023
Funds
Total
Total
£
£
£
-
19,073,946
18,079,391
-
1,869,712
2,331,667
259,035
283,354
1,285,887
-
599,974
296,359
-
672,537
427,412
_
_
_
259,035
22,499,523
22,420,716
_
_
_
295,560
20,739,258
18,946,068
-
168,177
126,713
-
297,759
244,832
_
_
_
295,560
21,205,194
19,317,613
_
_
_
(36,525)
1,294,329
3,103,103
-
437,299
51,828
(36,525)
1,731,628
3,154,931
-
21,563,941
19,231,530
20,458
-
-
3,118,971
3,118,971
2,296,451
_
_
_
3,102,904
26,414,540
24,682,912
_
_
_

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

The notes on pages 28 to 54 form part of these accounts

Company Registration Number: 01521832 Charity Number: 281242

25

Prior Park Educational Trust (a company limited by guarantee) GROUP AND CHARITY BALANCE SHEETS as at 31 August 2024

Group Group Charity
Notes 2024 2023 2024 2023
£ £ £ £
FIXED ASSETS
Tangible assets 11 20,122,954 19,229,529 17,973,607 17,035,999
Investments 12 3,917,147 3,479,848 3,917,147 3,479,848
Investments in subsidiaries 12 - - 7 7
__ __ __ __
24,040,101 22,709,377 21,890,761 20,515,854
CURRENT ASSETS
Stocks 13 4,020 5,166 4,020 5,166
Debtors 14 5,320,579 4,359,153 5,855,552 4,861,521
Cash at bank and in hand 15,538,523 12,475,274 12,070,747 9,324,730
__ __ __ __
20,863,122 16,839,593 17,930,319 14,191,417
CREDITORS: Amounts falling
due within one year 15 (13,943,099) (12,585,464) (11,732,367) (10,358,850)
__ __ __ __
NET CURRENT ASSETS 6,920,023 4,254,129 6,197,952 3,832,567
__ __ __ __
TOTAL ASSETS LESS CURRENT
LIABILITIES 30,960,124 26,963,506 28,088,713 24,348,421
CREDITORS: Amounts falling 16 (4,495,584) (2,280,594) (2,442,731)
(77,008)
due after one year
Provisions 19 (50,000) - (50,000) -
__ __ __ __
NET ASSETS 26,414,540
__		 24,682,912
__		 25,595,982
__		 24,271,413
__
FUNDS
RESTRICTED 22 3,102,904 3,118,971 2,488,657 2,583,732
__ __ __ __
UNRESTRICTED
Designated 20 4,257,867 3,828,489 4,257,867 3,828,489
General 20 19,053,769 17,735,452 18,849,458 17,859,192
__ __ __ __
23,311,636 21,563,941 23,107,325 21,687,681
__ __ __ __
TOTAL FUNDS 26,414,540
__		 24,682,912
__		 25,595,982
__		 24,271,413
__

The parent company charity, whose net income for the year was £1,191,156 (2023: £2,170,658), 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 11[th] December 2024 and signed on its behalf by:

A Alves ) ) Trustees D Catlow )

The notes on pages 28 to 54 form part of these accounts

Company Registration Number: 01521832 Charity Number: 281242

26

Prior Park Educational Trust (a company limited by guarantee) CONSOLIDATED STATEMENT OF CASHFLOWS for the year ended 31 August 2024

2024 2023
Cash flows from operating activities: £ £
Net cash provided by operating activities 5,938,045 4,848,998
Interest paid (182,848) (143,552)
__ __
Net cash provided by operating activities 5,755,197 4,705,446
__ __
Cash flows from investing activities:
Dividends, interest and rents from investments 599,974 296,359
Purchase of property, plant & equipment (2,011,039) (3,118,735)
__ __
Net cash used in investing activities (1,411,065) (2,822,376)
__ __
Cash flows from financing activities:
Repayments of borrowing (1,280,883) (565,068)
__ __
Net cash used in financing activities (1,280,883) (565,068)
__ __
Change in cash and cash equivalents in the reporting period 3,063,249 1,318,002
Cash and cash equivalents at the beginning of the reporting period 12,475,274 11,157,272
__ __
Cash and cash equivalents at the end of the reporting period 15,538,523 12,475,274
__ __
Reconciliation of net income to net cash flow from operating activities
2024 2023
Net cash inflow from operating activities: £ £
Net income for the reporting period 1,731,628 3,154,931
Adjustments for:
Depreciation charges 1,117,615 906,425
Dividends, interest and rents from investments (599,974) (296,359)
Interest payable 192,624 162,518
Decrease in stocks 1,146 341
Net gains on investments (437,299) (51,828)
Increase in debtors (961,426) (3,465,808)
Increase in creditors 4,843,731 4,438,778
Increase in provisions 50,000 -
_ _
Net cash provided by operating activities 5,938,045
_		 4,848,998
_

The notes on pages 28 to 54 form part of these accounts

Company Registration Number: 01521832 Charity Number: 281242

27

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024

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 4 to 21. 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 appropriate enquiries, including a review of the latest financial data, consideration of the impacts of impending tax changes, and future projections (three-year budgets for each school and the Group as a whole) the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future.

The Trust has a healthy reserve position, and with liquidity of assets, steady pupil numbers and a cost base which is under control, the Group remains in a strong financial position.

For these reasons, Trustees 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

28

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024

ACCOUNTING POLICIES (continued)

FEES

Fees receivable consist of charges billed for the school year ending 31 August 2024, 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:

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

29

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024

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.

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. 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 2024

ACCOUNTING POLICIES (continued)

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
20,778,649
Less bursaries, scholarships and allowances
(1,704,703)
_
19,073,946
_
OTHER EDUCATIONAL INCOME
Unrestricted
Funds
£
Extras
1,385,426
Sundry income
484,286
_
1,869,712
_		 Restricted
2024
2023
Funds
Total
Total
£
£
£
-
20,778,649
19,924,966
-
(1,704,703) (1,845,575)
_
_
_
-
19,073,946
18,079,391
_
_
_
Restricted
2024
2023
Funds
Total
Total
£
£
£
-
1,385,426
1,951,940
-
484,286
379,727
_
_
_
-
1,869,712
2,331,667
_
_
_

3 OTHER EDUCATIONAL INCOME

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 2024

4 DONATIONS

Donations comprise the following:

Unrestricted
Funds
£
Designated Fund donations (note 19)
24,319
Restricted donations (note 21)
-
_
24,319
_		 Restricted
Funds
£
-
259,035
_
259,035
_		 2024
Total
£
24,319
259,035
_
283,354
_		 2023
Total
£
270,582
1,015,305
_
1,285,887
_

During the year Prior Park Enterprises Limited (PPEL) made a surplus of £195,834 (2023: £91,545). 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 INVESTMENT INCOME

Income as follows:

Unrestricted
Funds
£
Bank Interest
599,974
_
599,974
_
6
TOTAL EXPENDITURE
Staff
Deprec-
costs
iation
£
£
Cost of generating funds:
Fundraising Costs
Finance costs
Charitable activities:
Teaching
9,523,372
2,577
Welfare
255,578
-
Premises
1,243,031
877,540
Marketing and publicity
-
-
Support costs of schooling
1,575,611
116,633
Extras & Trips
-
-
Governance costs
-
-
_
_
Total Expenditure
12,597,592
996,750
_
_		 Restricted
2024
2023
Funds
Total
Total
£
£
£
-
599,974
296,359
_
_
_
-
599,974
296,359
_
_
_
Other
Total
Total
costs
2024
2023
£
£
£
168,177
168,177
126,713
297,758
297,758
244,832
_
_
_
465,935
465,935
371,545
_
_
_
610,188
10,136,137
9,493,121
1,264,304
1,519,882
1,405,245
1,708,416
3,828,987
3,313,773
174,363
174,363
132,931
1,913,757
3,606,001
2,530,555
1,385,426
1,385,426
1,951,940
88,462
88,462
118,503
_
_
_
7,144,916
20,739,258
18,946,068
_
_
_

Note: Depreciation in year of Fixed Assets is £1,117,615 but is shown above net of amortisation of the applicable funds of £120,865. 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

32

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024

7
GOVERNANCE COSTS
Governance costs can be analysed as follows:
Fees payable to auditor – audit & other services (see note 10)
Indemnity insurance
Other governance costs
Total		 2024
£
57,582
13,869
17,011
_
88,462
_		 2023
£
69,810
12,756
35,937
_
118,503
_

8 STAFF COSTS

Staff costs can be analysed as follows:

Group:

Group:
2024 2023
£ £
Wages and salaries 10,147,965 9,263,603
Social security costs 940,208 851,525
Pension costs 1,509,419 1,297,240
__ __
Total 12,597,592 11,412,368
__ __
Charity:
2024 2023
£ £
Wages and salaries 7,959,637 7,253,033
Social security costs 783,590 710,845
Pension costs 1,402,525 1,189,242
__ __
Total 10,145,752
__		 9,153,120
__

None of the Trustees have received any remuneration in this year or the previous year. During the year Trustees' expenses of £17,011 (2023: £35,937) were reimbursed by the Group in respect of travel, accommodation, recruitment, training and legal costs during the year in respect of 12 Trustees (2023: 12 Trustees).

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

Group:
Educational
Support staff		 2024
Number
230
109
_
339
_		 2023
Number
225
105
_
330
_

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 2024

8 STAFF COSTS (continued)

Charity:

Educational
Support staff		 2024
Number
181
94
_
275
_		 2023
Number
178
91
_
269
_

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
£100,001 - £110,000
£110,001 - £120,000
£140,001 - £150,000
£160,001 - £170,000
£170,001 - £180,000		 2024
Number
4
3
-
2
-
1
1
_
11
_		 2023
Number
4
-
3
-
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		 2024
9
£109,721
_
2
£26,038
_		 2023
8
£90,544
_
1
£20,195
_

Remuneration of Key Group Personnel:

The total remuneration for 2023/24 of the key personnel in the group (as identified on page 4) is £722,522 (2023: £671,279).

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 2024

9 FINANCE COSTS

Unrestricted
£
Bank & other loan interest
204,402
Other finance costs
93,357
_
297,759
_		 Restricted
£
-
-
_
-
_		 2024
Total
£
204,402
93,357
_
297,759
_		 2023
Total
£
162,518
82,314
_
244,832
_

10 NET INCOME FOR THE YEAR

This is stated after charging:

2024 2023
£ £
Depreciation of owned assets 1,117,615 906,425
Auditor’s remuneration (including VAT):
Audit services: fees payable for the audit of the Trust’s financial statements 30,160 46,600
Audit services: fees payable for the audit of the subsidiaries’ financial statements
20,846		 13,000
Other services - taxation and other services 6,576 10,210
Operating lease rentals:
Plant & machinery 307,255 283,787

A gain of £437,299 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

35

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

for the year ended 31 August 2024

11 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 2023 165,684 598,274 18,891,007 1,394,879 5,816,190 141,035 128,845 813,264 27,949,178
Additions (165,684) - 771,189 174,352 1,144,929 13,345 - 72,908 2,011,039
Disposals / adjustments - - 493 (6,235) (267,646) (56,760) (1) (168,488) (498,637)
As at 31 August 2024 - 598,274 19,662,689 1,562,996 6,693,473 97,620 128,844 717,684 29,461,580
DEPRECIATION AND IMPAIRMENT
As at 1 September 2023 - - 5,886,023 312,756 1,914,872 105,838 51,291 448,868 8,719,648
Charge for Year - - 432,352 69,996 495,557 15,893 2,576 101,241 1,117,615
Eliminated on disposal - - 493 (6,235) (267,646) (56,760) (1) (168,488) (498,637)
As at 31 August 2024 - - 6,318,868 376,517 2,142,783 64,971 53,866 381,621 9,338,626
Net Book Value at 31
August 2024		 - 598,274 13,343,821 1,186,479 4,550,690 32,649 74,978 336,063 20,122,954
As at 1 September 2023 165,684 598,274 13,004,983 1,082,123 3,901,318 35,197 77,555 364,396 19,229,530

All the above assets are held for direct charitable purposes.

Company Registration Number: 1521832 Charity Number: 281242

36

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

for the year ended 31 August 2024

11 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 2023 162,684 598,274 16,163,353 1,394,879 5,586,926 141,035 128,845 649,833 24,825,829
Additions / Movements (162,684) - 691,418 174,352 1,133,305 13,345 - 72,909 1,922,645
Disposals / adjustments - - 493 (6,235) (267,646) (56,760) (1) (168,488) (498,637)
As at 31 August 2024 - 598,274 16,855,264 1,562,996 6,452,585 97,620 128,844 554,254 26,249,837
DEPRECIATION AND IMPAIRMENT
As at 1 September 2023 - - 5,232,700 312,756 1,801,808 105,838 51,290 285,438 7,789,830
Charge for Year - - 322,768 69,996 472,562 15,893 2,577 101,241 985,037
Eliminated on disposal - - 493 (6,235) (267,646) (56,760) (1) (168,488) (498,637)
As at 31 August 2024 - - 5,555,961 376,517 2,006,724 64,971 53,866 218,191 8,276,230
Net Book Value at 31
August 2024		 - 598,274 11,299,303 1,186,479 4,445,861 32,649 74,978 336,063 17,973,607
As at 1 September 2023 162,684 598,274 10,930,653 1,082,123 3,785,118 35,197 77,555 364,395 17,035,999

All the above assets are held for direct charitable purposes.

Company Registration Number: 1521832 Charity Number: 281242

37

Prior Park School (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024

12 INVESTMENTS

In October 2018 the PPS Bursary Fund 2030 was established with initial funds of £2m. The fund saw a rise in value of £437,299 (2023: £51,828) during the financial year:

2024 2023
£ £
Opening Balance 3,479,848 3,428,020
Transfer of funds from (to) other designated funds (see note 19) - -
Transfer of Funds from Reserves - -
Net (loss) / gains on investment 437,299 51,828
_ _
Closing Balance as at 31 August 2024: 3,917,147
_		 3,479,848
_

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 2024. 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 2024 is split as follows:

2024 2023
£ £
Cash & Equivalents 278,117 385,314
Bonds 462,223 362,719
Equities 2,350,288 2,024,106
Hedge Funds 176,272 173,123
Commodities 246,780 191,533
Other Funds 78,343 168,773
Private Equity 211,526 174,281
_ _
Total 3,917,147
______		 3,479,848
_

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

Charity:
Shares at cost		 2024
£
7
_
7
_		 2023
£
7
_
7
_

Company Registration Number: 1521832 Charity Number: 281242

38

Prior Park School (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024

12 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 2024, and its balance sheet position is shown below:

2024 2023
£ £
TURNOVER 226,572 215,032
Cost of sales (186,188) (168,162)
-------------------- --------------------
GROSS PROFIT 40,384 46,870
Administrative expenses (3,600) (5,001)
-------------------- --------------------
OPERATING PROFIT 36,784 41,869
Interest payable and similar charges - -
-------------------- --------------------
PROFIT BEFORE TAXATION 36,784 41,869
Taxation - -
-------------------- --------------------
PROFIT FOR THE FINANCIAL YEAR 36,784 41,869
AND RETAINED EARNINGS ========= =========
2024 2023
£ £
Fixed and Current assets 1,119,277 1,181,444
Current liabilities (1,082,492) (1,139,574)
_ _
36,785 41,870
_ _
Called up share capital 1 1
Profit and loss account 36,784 41,869
_ _
36,784
_		 41,870
_

Company Registration Number: 1521832 Charity Number: 281242

39

Prior Park School (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024

12 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 2024, 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		 2024
2023
£
£
667,000
351,796
(461,132)
(246,338)
_
_
205,868
105,458
(10,034)
(13,913)
195,834
91,545
-
-
_
_
195,834
91,545
_
_
515,516
193,824
(319,676)
(102,273)
_
_
195,840
91,551
_
_
6
6
195,834
91,545
_
_
195,840
91,551
_
_

Company Registration Number: 1521832 Charity Number: 281242

40

Prior Park School (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024

12 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 238 pupils attending in the 2023/24 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
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
£
3,615,479
280,138
-
84,126
_
3,979,743
_
3,615,981
134,916
_
3,750,897
_
228,846
_
(257,154)
-
_
(28,308)
__		 Rest-
ricted
Funds
£
-
-
86,922
-
_
86,922
_
7,914
-
_
7,914
_
79,008
_
-
535,240
_
614,248
__		 2024
Total
£
3,615,479
280,138
86,922
84,126
_
4,066,665
_
3,623,895
134,916
_
3,758,811
_
307,854
_
(257,154)
535,240
_
585,940
__		 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
__

In the prior year, all activities related to unrestricted funds, with the exception of donation income of £505,994 and expenditure on charitable activities of £12,961 which related to restricted funds.

Company Registration Number: 1521832 Charity Number: 281242

41

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024

12 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
FUNDS
Restricted
Unrestricted Funds
General
TOTAL SURPLUS		 2024
£
2,149,346
2,149,346
730,930
2,651,734
3,382,664
(2,249,982)
1,132,682
3,282,028
(2,696,088)
585,940
614,248
(28,308)
585,940		 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

Company Registration Number: 1521832 Charity Number: 281242

42

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024

13 STOCKS (GROUP AND CHARITY)

13 STOCKS (GROUP AND CHARITY)
2024 2023
£ £
Goods for resale 4,020 5,166
_ _
14 DEBTORS
Group Charity
2024
2023		 2024 2023
£
£		 £ £
Trade debtors 185,633
48,559		 - -
School fees 4,751,809
4,023,334		 4,064,454 3,291,464
Other debtors 291,227
224,758		 284,311 221,508
Prepayments and accrued income 91,910
62,502		 51,585 30,503
Amounts owed by group undertakings -
-		 1,455,202 1,318,046
_
_		 _ _
5,320,579
4,359,153		 5,855,552 4,861,521
_
_		 _ _
15 CREDITORS: Amounts falling due within one year
Group Charity
2024
2023		 2024 2023
£
£		 £ £
Current instalments due on bank loans (note 18) - 1,130,150 - 1,130,150
School fees received in advance 2,751,826
476,989		 2,632,491 383,422
Trade creditors 1,189,679
1,048,700		 1,057,224 924,423
Taxation and social security payable 223,285
203,519		 208,517 192,711
Other creditors 2,749,365
2,950,481		 2,019,850 2,183,588
Deferred Income 6,627,596
6,481,398		 5,445,252 5,273,103
Accruals 401,348
294,227		 369,033 271,453
_
_		 _ _
13,943,099
12,585,464		 11,732,367 10,358,850
_
_		 _ _
16 CREDITORS: Amounts falling due after more than one year
Group Charity
2024
2023		 2024 2023
£
£		 £ £
Bank and other loans (note 18) 2,052,853
2,203,586		 - -
School fees received in advance 2,442,731
77,008		 2,442,731 77,008
_
_		 _ _
4,495,584
2,280,594		 2,442,731 77,008
_
_		 _ _
17 DEFERRED INCOME
Group Charity
£ £
Brought forward fees in advance 553,997 460,430
Cash received in 2023/24 5,194,557 5,075,222
Amounts utilised in 2023/24 (553,997)
(460,430)
_ _
Carried forward fees in advance 5,194,557
_		 5,075,222
_

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 2024

The deferred income shown above relates to payments of school fees and activity charges before 31/8/2024 for the unbilled terms (Lent and Summer) in the 2024/25 school year, except for £2,442,731 which relates to the payment of school fees beyond the 2024/25 school year.

18 BANK AND OTHER LOANS

Group:

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

2024 2023
£ £
Repayable within one year - 1,130,150
Repayable within one to two years 100,000 100,000
Repayable within two to five years 300,000 300,000
Repayable beyond five years 1,652,853 1,803,586
_ _
2,052,853
_		 3,333,736
_

Charity:

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

Repayable within one year
Repayable within one to two years
Repayable within two to five years
Repayable beyond five years		 2024
2023
£
£
-
1,130,150
-
-
-
-
-
-
_
_
-
1,130,150
_
_

Note regarding loan held by the Charity:

The Charity currently has no external loans, with the Sports Centre loan having been paid off during 2024.

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 2024 was £501,407 (2023: £644,793). Total accumulated accrued interest on the remaining loan balance as at 31[st] August 2024 was £51,446 (2023: £58,793). 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 2024 was £1.5m (2023: £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

44

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024

19 PROVISIONS

The following provision was established during 2024 to reflect the potential costs of dealing with the Ash Die back of tees in the Prior Park Schools Estates.

Provision as at 31stAugust 2023
Payments from provision in 2023/24
Changes to provision for future years
Provision as at 31stAugust 2024		 2024
£
-
-
50,000
_

50,000
_		 2023
£
-
-
-
__
-
_

20 UNRESTRICTED FUNDS (GROUP)

At 31 August 2024 total unrestricted funds amounted to £23,311,636 (2023: £21,563,941). Included within this total are funds which the Trustees have designated for specific purposes as detailed below.

Position as per 2023/24 Accounts:

Unrestricted Fund Fund balance as at
1st September 2023
£		 Income
£		 Expenditure
£		 Net Income /
(expenditure) £		 Adjustments
/ Transfers
£		 Fund balance as at
31st August 2024
£
Open Funds
Designated Bursary Fund 113,028 15,965 - 15,965 (12,105) 116,888
PPS 2030 Bursary Fund 3,479,848 437,299 - 437,299 - 3,917,147
Greatest Need Fund - 8,353 - 8,353 (8,353) -
Closed Funds
New Founders Garden 235,613 - (11,781) (11,781) - 223,832
Designated Funds Total 3,828,489 461,617 (11,781) 449,836 (20,458) 4,257,867
General Fund 17,735,452 22,216,170 (20,897,853) 1,318,317 - 19,053,769
Total 21,563,941 22,677,787 (20,909,634) 1,768,153 (20,458) 23,311,636

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 2024

Comparative 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

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 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 Greatest Need Fund was established during 2023 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 2024.

The New Founders Garden Fund was created to help fund the refurbishment and creation of the New Founders Garden in the Summer of 2024. The project has now been completed and the fund closed.

21 UNRESTRICTED GENERAL 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:

2023/24 £ 2022/23 £
Total Charity Unrestricted General Funds brought forward 17,859,192 16,106,884
Plus:Unrestricted General Funds Surplus in Year 990,266 1,752,308
Less:Transfer of Funds to Heritage Restricted Funds - -
Total Charity Unrestricted Funds carried forward 18,849,458 17,859,192

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 2024

22 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
2023
£		 Income
£		 Expenditure
£		 Expenditure
£		 Net Income /
(expenditure)
£		 Adjustments
/ Transfers
£		 Fund
balance as
at 31st
August 2024
£
Open Funds Amortisation
&
depreciation		 Other
Bursary (general) 68,514 112,553 - 143,464 (30,911) - 37,603
Bursary (specific) 24,699 - - 24,699 (24,699) - -
Chapel 87,821 - - - - - 87,821
Entrepreneurial 241,064 (179,344) - 6,720 (186,064) - 55,000
Big School Room 49,040 - - - - - 49,040
Heritage 615 11,070 - - 11,070 10,458 22,143
Ferguson Award - 25,317 - 943 24,374 - 24,374
Paragon Development - 200,000 - - 200,000 - 200,000
Paragon Bursary 1,219 2,517 - 3,736 (1,219) - -
Gibraltar Bursary 19,836 4,300 - - 4,300 - 24,136
SPG Donated 478,199 82,122 - - 82,122 - 560,321
Gibraltar School Start up Fund - 500 - - 500 - 500
Gibraltar – Facilities & Events 14,955 - - 6,914 (6,914) - 8,041
Closed Funds
Mansion Steps 47,429 - 1,103 - (1,103) - 46,326
Science Project 4,668 - 1,557 - (1,557) - 3,111
Sports Centre 470,970 - 11,281 - (11,281) - 459,689
Piano 31,312 - 929 - (929) - 30,383
College Freehold 103,959 - 4,004 - (4,004) - 99,955
Old Gymnasium 177,137 - 6,835 - (6,835) - 170,302
Sixth Form Centre 98,475 - 3,870 - (3,870) - 94,605
Campaign 474,789 - 11,580 - (11,580) - 463,209
Organ 35,156 - 1,200 - (1,200) - 33,956
Chapel Improvements 56,253 - 4,478 - (4,478) - 51,775
All Weather Pitch 5,957 - 423 - (423) - 5,534
Sports Facilities 13,064 - 2,613 - (2,613) - 10,451
Sports Fund 10,000 - 1,250 - (1,250) - 8,750
Covid-19 Appeal 5,786 - 2,893 - (2,893) - 2,893
Sixth Form Centre (2024) 492,047 - 49,205 - (49,205) - 442,842
New Founders Garden 67,257 - 3,363 - (3,363) - 63,894
Observatory - - - - - 10,000 10,000
Paragon Parents Association 16,500 - 1,500 - (1,500) - 15,000
Gibraltar – Ball Court 22,250 - 1,000 - (1,000) - 21,250
Total 3,118,971 259,035 109,084 186,476 (36,525) 20,458 3,102,904

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 2024

Open Funds:

Closed Funds:

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 2024

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 2024

Comparative position as per 2022/23 Accounts:

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
(2024)		 - 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

50

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024

23 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2024
£ £ £ £
Tangible Fixed Assets 18,089,030 2,033,924 - 20,122,954
Investments 3,917,147 - - 3,917,147
Current Assets 19,794,142 1,068,980 - 20,863,122
Liabilities & Provisions (18,488,683) - - (18,488,683)
_ _ _ _
23,311,636
_		 3,102,904
_		 -
_		 26,414,540
_

24 SHARE CAPITAL

The company is limited by guarantee and has no called-up share capital. As at 31 August 2024 there were 12 members of the Trust and each has a limited liability of £1.

25 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 £850,372 (2023: £692,559) and at the yearend £113,163 (2023: £83,926) 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 2024 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 2024. The key results of the valuation are:

As a result of the valuation, new employer contribution rates have been set at 28.68% 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

51

Prior Park Educational Trust (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024

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.

The School undertook a further consultation exercise with teaching staff in 2023/24 with the conclusion that the additional 5% employers’ contribution would be paid in full by the School but that the School would begin a phased withdrawal from TPS from 1[st] January 2025.

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 2023 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. From 1[st] September 2024 Employer contributions into APTIS are now at either 10% (increased from 7.5% in 2023/24) or 4% (depending on the employee’s choice of pension contributions) of annual basic pay. 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 £62,326 (2023: £48,467) of contributions accrued at Year End regarding employers’ contributions from August 2024. The Trust also operates a salary sacrifice scheme for staff members who wish to make their pension contributions via this method into APTIS.

26 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		 2024
£
252,839
371,744
_
624,583
_		 2023
£
215,205
294,609
_
509,814
_

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 2024

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		 2024
£
180,613
227,292
_
407,905
_		 2023
£
150,760
294,609
_
445,369
_

27 RELATED PARTY TRANSACTIONS

As shown in the Gibraltar Accounts, there is an amount of £552,853 (2023: £703,586), including accrued interest of £51,446 (2023: £58,793) due to SPG Limited, a Gibraltar registered company which is related through its directorship of Prior Park School, Gibraltar.

28 ANALYSIS OF NET DEBT

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

As at 1.9.2023
£		 Cash Flows
£		 Other non-
cash changes
£		 As at 31.8.2024
£
Cash at bank and in hand
Loans falling due within one year
Loans falling due after more than one year
TOTAL		 12,475,274
(432,904)
3,496,153
15,538,523
(1,130,150)
1,130,150
-
-
(2,203,586)
150,733
(2,052,853)
9,141,538
697,246
3,646,886
13,485,670

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 2024

29 2022/23 SOFA SHOWING SPLIT BETWEEN UNRESTRICTED AND RESTRICTED FUNDS

Unrest-
ricted
Funds
INCOME:
£
Income from charitable activities:
School fees receivable
18,079,391
Other educational income
2,331,667
Donations
270,582
Investment income
296,359
Other trading activities:
Rents and lettings
427,412
_
TOTAL INCOME
21,405,411
_
EXPENDITURE ON:
Charitable activities
18,753,283
Cost of raising funds
Fundraising
126,713
Finance costs
244,832
_
TOTAL EXPENDITURE
19,124,828
_
NET INCOME before gain on investments
2,280,583
Net gain / (loss) on investments
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
_
_
_

Company Registration Number: 1521832 Charity Number: 281242

54