**Company No. 01785733 Charity No. 288675** **PRINCE'S MEAD SCHOOL TRUST (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** ## **ANNUAL REPORT & FINANCIAL STATEMENTS (COMPANY NO 01785733) FOR THE YEAR ENDED 31 AUGUST 2023 CONTENTS** ||**Page**| |---|---| |Governors' Report (including the Strategic Report)|1| |Statement of Governors' responsibilities|9| |Independent Auditor's Report|10| |Income and Expenditure Statement|**14**| |Balance Sheet|15| |Cash Flow Statement|16| |Notes to the Financial Statements|17| ## **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) GOVERNORS' REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2023** The Board of Governors present their annual report incorporating the strategic report for the year ended 31 August 2023 under the Companies Act 2006 and the Charities Act 2011, together with the audited financial statements for the year, and confirm that the latter comply with the requirements of the Companies Act 2006, the Company's Memorandum & Articles of Association and the Charities SORP FRS102 (effective 1 January 2015). ## **REFERENCE & ADMINISTRATIVE INFORMATION** Prince's Mead School ("Prince's Mead") was founded in 1949 and was incorporated as a charitable company (Prince's Mead School Trust) in 1984, charity registration number 288675, company registration number 1785733, with the liability of its members limited to £1 each by guarantee. The Registered Office and principal address of the Company is at Worthy Park House, Kings Worthy, Winchester, SO21 1AN. ## **Governors** The present Governors of the Company, who are also the Charity Trustees and the Company's directors, are: Mrs M Renwick Chairman Mrs S Annesley (resigned 21 June 2023) Mrs J Bainbridge (appointed 22 March 2023) Mrs G Bateman Mrs S Dryden (resigned 2 March 2023) Mr T Giddings Mr C Gillow Mrs A Hauser Mr C Lowe Mr W Pattisson Miss K Saund Mr D Sibson Mrs K Stylski Mrs S Tice ## **Key Management Personnel and Professional Advisers** The Head: The Bursar: Bankers: Auditors: Mr. A King BA Hons appointed 1 September 2022. Mrs Poppy Hughes BA Hons appointed 1 September 2022. Mr R I White BA Hons resigned 31 October 2022. HSBC Bank pie, 58 High Street, Winchester, SO23 9BZ Crowe U.K. LLP, Aquis House, 49-51 Blagrave Street, Reading, Berkshire, RG1 1PL Page 1 ## **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) GOVERNORS' REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2023** -------------- ---------------------- ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing Document** The Company is governed by its Memorandum and Articles of Association, last amended on 21 December 1983 and 15 June 2016. ## **Governing Body** The Governors, who are also required under the Articles to serve as members of the Company, are elected at a full Governors' Meeting. Nominations are made by current Board members and the Head having taken due note of eligibility, personal competence, specialist skills and local availability. ## **Recruitment and Training of Governors** The School is administered by its Governors 1n accordance with all current legislation and Charity Commission requirements. Governance is as transparent as possible and aims to provide clear policy guidance to al"ow the School's senior management to operate efficiently and effectively. Elected Governors are appointed at a Governors' Meeting on the basis of nominations received from ex1st1ng Governors and after an initial familiarisation visit to the School. On appointment new Governors receive a pack of information covering their role and all relevant policy documents. They also undertake a further induction v,sit and attend a course on governance. ## **Organisational Management** The School Governors as the Trustees of the Charity, are legally responsible for the overa I management and control of the School including all regulatory compliance. The Governing Body sets and approves strategic direction and policy and meets four times each year and additionally as required. The Governing Body monitors the work of the School's management team through its meetings, committees and through formal and informal visits to the School. The day�to-day running of the school 1s delegated to the Headmaster and Bursar, as the key management personnel, who in turn are supported by their Senior Leadership Team. The Headmaster and the Bursar attend all meetings of the Governing Body's sub-committees. The remuneratron of key management personnel is set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the School's success. Delivery of the School's charitable vision and purpose 1s primarily dependent on our key management personnel. The appropriateness of remuneration levels is reviewed annually within the budgeting process including reference to comparisons with other independent schools and the annual IAPS Salary Survey, to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere. Academic matters are brought to the attention of the Governors through the Education Committee and the Headmaster's report ## **Related and Connected Parties** The Schoof is a member of a number of industry associations including ISBA, AGBIS and ISC and operates under the compliance framework provided by ISL The Headmaster ls a member of the Independent Association of Preparatory Schools (IAPS) which exists for the promotion and maintenance of preparatory school standards. Prince's Mead co-operates with many local charities in on-going endeavours to widen public access to the schooling provided, to optimise the educational use of the cultural and sporting faciltties and to awaken in the pupils an awareness of the social context of the education they receive at the School. Prince's Mead also benefits from the generosity of a thriving parents' association, the Prince·s Mead Association (PMA). ----------------------------------- Page 2 ## **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) GOVERNORS' REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2023** ## **Risk Management** The Board continue to keep the School's activities under review, particularly with regard to any major risks that may arise from time to time as well as the systems and procedures established to manage them. In addition, the Board is particularly mindful of its responsibility for regulatory compliance. It monitors the effectiveness of the system of internal controls and other viable means, including insurance cover where appropriate, by which those risks already identified can best be mitigated. ## **OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES** The Object of the Company, in accordance with its Memorandum of Association, is to promote and provide for the advancement of education of children in the United Kingdom and elsewhere. In furtherance of this Object the Governors, as the Charity Trustees, have complied with the duty in s.4 of the Charities Act 2006 to have due regard to the Charity Commission's published general and relevant sub-sector guidance concerning the operation of the Public Benefit requirement under that Act. ## **Strategic Aim and Intended Effect** The School's strategic aim is to enable every child to flourish in a stimulating, nurturing environment where they will develop a lifelong love of learning, a curiosity about the world they live in and a desire to make their own contribution to it. One of the key outcomes of this strategy is the attainment of the highest academic standards whilst allowing pupils to benefit from a broad extra-curricular programme. This is intended to draw out their abilities and academic potential, awaken and develop wider interests in life, and motivate them for a successful outcome at their chosen senior school. In pursuit of this aim the Board will continue to enhance and develop facilities and accommodation, continue to improve educational performance, assess and, where necessary, improve public benefit, and ensure governor succession and expertise. ## **Objectives for the Year** The Board's main objective continued to be to ensure the education of all the School's pupils so that they will be fully able to benefit from their chosen senior school for the completion of their education in due course. The Board's strategy for achieving this is to set high teaching standards and tailor its care and tuition as appropriate in each case to suit individual needs. ## **Principal Activity** Prince's Mead's principal activity continues to be the provision of a Day School for 3 - 11-year-old boys and girls. ## **Volunteers** The Prince's Mead Association (PMA) helped with the School's fundraising and cultural activities to the extent of more than 1,000 hours of voluntary service during the year, and the Board would like to take this opportunity to say how much it appreciates their continuing and valuable support for the School's work. Page 3 ## **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) GOVERNORS' REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2023** ## **OUR STRATEGY, ETHOS AND ACCESS POLICIES** ## **Our Strategy:** To enable every child to flourish in a stimulating, nurturing environment where they will develop a lifelong love of learning, a curiosity about the world they live in and a desire to make their own contribution to it. ## **AIMS** - To provide a broad, balanced and stimulating range of learning opportunities inside and outside the - classroom - To encourage pupils to foster an intellectual curiosity and a lifelong love of learning - To nurture independent, courageous pupils who will use their talents, be ambitious, and rise to future - opportunities - To create responsible citizens who understand the value of mutual respect - To prepare pupils academically, socially, physically, digitally and emotionally for their future lives in an - ever-changing world - To enable pupils to embrace life with happiness, confidence and resilience Our School is committed to safeguarding and promoting the welfare of our pupils and expects all staff and volunteers to share this commitment. Our School welcomes pupils from all backgrounds. When considering a prospective pupil, we need to be satisfied that our School will be able to educate and develop a prospective pupil to the best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy ourselves and parents that potential pupils can cope with the pace of learning and benefit from the education that the School provides. An individual's economic status, gender, ethnicity, race, religion or disability do not form part of our assessment process. We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability. We will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled. Parents are given regular information about their children's social and academic progress through parent evenings in addition to the traditional end of term and year reports. We maintain regular contact with parents throughout the year through informal contacts and through our weekly newsletter. ## **Our Policies: Access policy** It is important to us that access to the education we offer is not restricted to those who can afford our fees. We believe our pupils benefit from learning within a diverse community. A great deal of learning occurs through social interaction, conversation and shared experiences which helps our pupils develop an understanding of the perspectives of other people that will be vital in their adult lives. ## **Bursary policy** The Governors view our bursary awards as important in helping to ensure children from families who would otherwise not be able to afford the fees can access the education we offer. Our bursary awards are available to those who meet our general entry requirements and are made solely on the basis of parental means or to relieve hardship where a pupil's education and future prospects would otherwise be at risk, for example in the case of redundancy. Page 4 ## **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) GOVERNORS' REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2023** ## **OUR STRATEGY, ETHOS AND ACCESS POLICIES (CONTINUED)** In assessing means we take a number of factors into consideration including family income, investments, savings and family circumstances, for example dependant relatives and the number of siblings. However, our School does not have a large endowment and in funding our awards we have to be mindful that we must ensure a balance between fee-paying parents, many of whom make considerable personal sacrifices to fund their child's education, and those benefiting from the awards. The bursary awards ranged from 10% to 95% remission of fees. During the year the School supported 4 (2022 = 5) pupils through our own Bursary Scheme. This support, which is available on a needs basis as determined by the Finance and General Purposes sub-committee, reduced the year's annual fee income by 2023 £23,228 (2022 = £25,695). To widen public access to the School yet further, we can now refer other families with financial need to external funding sources able and willing to provide help with school fees, subject to qualifying criteria, through the Educational Trusts' Forum. We also have a hardship fund that supplements bursary awards to pay for co-curricular activities, equipment and school trips. Information about fee assistance through bursaries is provided to all applying to the School. ## **REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR** ## **Achievements and Performance of the School** At the end of Year 6 all pupils gained places at their first-choice senior school with 17 scholarships and exhibitions being won by pupils across the full breadth of the curriculum. These achievements have been greatly helped by the high-calibre teaching and operations staff employed by the School. The Governors recognise the importance of the quality of the School staff and they remain focused on providing a working environment which recognises the value placed on staff and their contribution individually and as a team, commensurate with the market in which they operate. The breadth and quality of sport, the arts and music across the school has continued to be impressive with awards at regional and individual level for most year groups. A culture of embracing and celebrating participation in all areas of school life has been exhibited by all pupils. The introduction of a number of new events around the school has allowed pupils to excel in more ways outside the classroom, especially in the performing arts. The School continues to monitor developments within the education sector, and the Pre-Senior Baccalaureate curriculum which is being implemented is continually reviewed and developed in order to ensure the framework and content reflects best practice and forms a firm foundation for each pupil's next stage of education. The Governors continue to place the highest importance on the pastoral care of pupils. The School continues to review and adapt the framework for pastoral care to reflect the changing social environment that pupils now experience from a young age, and the School continues to invest in processes to support this including the monitoring framework. ## **Public Benefit** We have referred to the advice contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objections this year and take this into consideration when planning our future activities. The School provides bursaries for pupils of parents in financial hardship or changing circumstances, the Governors believe that this ongoing support is consistent with the aims and objectives of the Charity. Page 5 ## **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) GOVERNORS' REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2023** ## **Public Benefit (continued)** The School has supported a number of charities within the community as well as further afield. We are actively engaged with the Winchester Basics Bank, Naomi House Hospice, Home Start and a number of other charities. These activities not only benefit the community but also heighten our pupils' social awareness and understanding of the value of acts of kindness to support those who are less fortunate. The school is also able to provide charitable transport solutions within the community and regularly supports local charities and community groups. ## **FINANCIAL REVIEW AND RESULTS FOR THE YEAR** This year's accounts show a surplus of £274,167 (after depreciation of £375,960 (2021 /22: £391,384 surplus after £383,466 depreciation). The school paid off a bank loan amounting to £158,254 and has continued to invest in its capital expenditure programme without borrowing. It is important that the School strives to make a reasonable level of surplus in order to finance the on-going capital expenditure needed to upgrade the School's facilities and keep pace with what is expected of it as a premier educational establishment. It is the Governors' policy to maintain liquid reserves that will permit them to maintain and develop the School's facilities for the purpose of meeting its charitable objectives. To that end, the Governors seek to ensure that there are sufficient liquid reserves to afford reasonable protection to the charitable company in the context of current and anticipated commitments and exposure to external and/or internal risks. As an educational charity, the parents of our pupils have the reassurance that all income is applied for educational purposes. The School is exempt from corporation tax on its educational activities and surpluses, although the School does pay employer's National Insurance contributions on all staff salaries and the VAT that it pays for items purchased and services received is irrecoverable. ## **Investment Policy and Objectives** The Board continues to keep under review the investment risks and rewards in the current state of the market and our policy is still to put all available retained funds, other than those required for day-to-day cash management, on deposit for security. ## **KEY PERFORMANCE INDICATORS** Tuition fee income generation amounted to £4,147,505 (2021/22: £3,937,435). Average pupil numbers for the academic year were 292. Tuition fee income accounted for 91 % of total income (2021/22: 92%) which was £4,535,710 (2021/22: £4,262,623). To provide the education and support needed to achieve the key objectives of the Trust, £2,614,288 (20221 /22: £2,344,799) was paid in salaries (including Employers NI and Pension Contributions). This accounts for 63% of the fee income (2021/22:60%) and 58% of total income (2021/22: 55%). The trustees agreed a whole staff salary increase of 4% (2021/22: 3.75%). The schools' pupil/staff ratio was 10.0 (2021/22:10.0). Page 6 ## **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) GOVERNORS' REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2023** ## **KEY PERFOMRANCE INDICATORS (CONTINUED)** In a very competitive market for preparatory education in the Winchester area the Board considers the level of surplus generated a satisfactory achievement. ## **PRINCIPAL RISKS AND UNCERTAINTIES** The significant risks to which the School is exposed fall into two categories: - risks which are largely outside the control of the School - risks that are largely within the operational control of the School. The main risk to the School is the same as to the whole independent school sector, being a potential fall in pupil numbers resulting from a reduction in affordability of private education due to the economic and political climate within the UK. This risk features heavily on the School Risk Register, which is reviewed by each sub­ committee and the full governing board on a regular basis. The importance of managing Health and Safety risk proactively and continually is critical. These risks range from fire and infrastructure to personal risks, including the risks associated with trips and expeditions. Risks associated with the wide range of activities provided by the school are minimised by thorough planning and risk assessment. ## **FUNDRAISING PERFORMANCE** The school has a very active Prince's Mead Association (PMA) for parents, which fundraises proactively throughout the year, much of which is given to charities or used to fund various projects around the school. ## **FUTURE PLANS** The Governors intend to continue their current strategy of maintaining the School's position in a competitive market by investing to continually improve the high-quality education for our pupils. The Headmaster and his senior staff will continue to review the curriculum to ensure that it remains appropriate for our pupils' development. Our future plans are financed primarily from fee income and from our reserves. The Governors need to maintain an equitable balance ensuring our current pupils benefit whilst, at the same time, ensuring a sound infrastructure and financial base are preserved for the next generation of pupils in the same way as our current pupils benefit today from historic investment. The Governors view our bursary awards as important in widening access to the education our School provides. The Governors are continually reviewing our Bursary Awards policy to ensure that able children can accept offers of places at our School through the availability of means-tested fee assistance. The Board will continue to address the areas for development as identified in the Strategic Plan. The Board is mindful as to the needs of the School and will continue to set forecasts which are both achievable and appropriate, particularly in the current economic climate. ## **AUDITOR** In accordance with Section 485 of the Companies Act 2006, a resolution proposing the reappointment of Crowe U.K. LLP as auditor to the Company will be put to the annual general meeting. Page 7 ## **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) GOVERNORS' REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2023** ## **STATEMENT AS TO DISCLOSURE OF INFORMATION TO THE AUDITOR** The Governors who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditor is unaware. Each of the Governors have confirmed that they have taken all the steps that they ought to have taken as Governors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor. The Governors' report is approved by the Board of Governors and the strategic report (included therein) is approved by the Board of Governors in their capacity as the directors at its meeting on 6 December 2023 and signed on its behalf by: **Mrs M J Renwick - Chair** �t- **Mrs M J Renwick - Chair** Page 8 ## **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) STATEMENT OF GOVERNORS' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2023** The Governors (who are also directors of Prince's Mead School Trust for the purposes of company law) are responsible for preparing the Governor's Annual 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 of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the accounts the Governors are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK accounting standards have been followed, subject to any material - departures disclosed and explained in the accounts; and - prepare the accounts on the going concern basis unless it is inappropriate to assume that the charitable - Company will continue in business. The Governors are responsible for keeping proper accounting records which disclose, with reasonable accuracy, the financial position of the charitable Company at any time, and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the charitable Company's corporate assets and those of its trust funds and ensuring their proper application in accordance with charity law, and hence for taking reasonable steps for the prevention and detection of error, fraud or other irregularities. Page 9 Crowe **U.1(. LLP** _Chartered Acco1111/ants_ Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RGI I PL, UK Tel +44 (0) 118 959 7222 Fax +44 (0) 118 958 4640 www.crowe.co. uk ## **Crowe** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRINCE'S MEAD SCHOOL TRUST** ## **Opinion** We have audited the financial statements of Prince's Mead School Trust for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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). In our opinion the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 31 August 2023 and of the company's incoming resources and application of resources for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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. > Crowe U.K. LLP is a limited liability partnership registered in England and Wales with registered number OC307043. The registered office is at 55 Ludgate Hill, London EC4M 7 JW. A list of the LLP's members is available at the registered office. Authorised and regulated by the Financial Conduct Authority. All insolvency practitioners in the firm are licensed in the UK by the Insolvency Practitioners Association. Crowe U.K. LLP is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Crowe U.K. LLP and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global. Page 10 A Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRINCE'S MEAD SCHOOL TRUST Other Information The Iruslees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report Ihereon. Our opinion on the fi'nancial slalements does not cover the other information and, except to the exlenl otherwise explicitly staled in our report. we do not express any form of assurance conclusion thereon. In connection wlth our audit of the financial stalemenls, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls. we are required lo determine whether there is a material misslatemenl in the financial slalements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit the information given in the trustees, report. which includes the directors. report and the strategic report prepared for the purposes of company law, for the financial year for which the financial slalements are prepared is consistent with the financial slatemenls.. and the strategic report and the directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exceptlon In light ofthe knowledge and understanding of the group and the charitable company and their environment obtained in the course of the audit, we have not identified material misslalemenls in the strategic report or the directors, report included within the Iruslees. report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us lo reFX)rt to you if, in our opinion.. the charity has not kept adequate accounting records., or the charity financial statements are not in agreement with the a￿OUntIng records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of the Governors As explained more fully in the Stslement of Governors, Responsibilities sel out on page 9, the Governors (who are also the directors of the charitable company for the purposes of company lawl 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 Iruslees determine is necessary to enable the preparation of financial statements that are free from material miss18tement. whether due to fraud or error. Page 11 A Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRINCE'S MEAD SCHOOL TRUST In Preparing the financial slalemenls. the Iruslees are responsible for assessillg the group's or the charitable company's ability lo continue as a going concefn. disclosing. as applicable. matters related lo going concern and using the going concern basis of accounting unless the tTuslees either intend to liquidate the chantable company or lo cease operations. or have no realistic allemalive bul lo do so. Audltorfs responslbllltles for the audft of the flnanclal statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance wth ISAS (UK) will always delecl a material misslalemenl when il 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 slalements. A further description of our responslbililies for the audit of the financial statements is located on the Financial Reporting Council's webslle 81.. www.fr¢.or .uklaudilorsres onsibilities. This description foims part of our audilorfs report. Extent to which the audlt was consldered capablè of detecting irregularities, including fraud Irregularities, including fraud, are Snstan¢es of non-compliance with laws and regulations. We identif￿d and assessed the risks of material misslatemenl of the financial statements from irregularities, whelhef due lo fraud or error, and discussed these between our audit team members. We then designed and perfo¥med audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, fC￿Uslng on those laws and regulations that have a direct effect on the delemiination of mateTial amounts and disclosures in the financial stalemenls. The laws and regulations we considered in this context were the Companies Act 2006, Charities Act together with the Charities SORP {FRS 102). We assessed the iequired compliance with these laws and regulatsons as part of our audit procedures on the related financial stalemenl items. In addition. we considered provisions of other laws and regulations that do not have a direct effect on the financial statements bul compliance with which M￿h1 be fundamental to the chanlable company's ability lo operate or lo avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Slandardsl Regulations 2014, Health and Safely and General Data Protection Regulations. Auditing standards limit the required audit procedures lo identify non- compliance with these laws and regulations lo enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any. The greatest risk of material impact on the financial slalements is from irregularities, including fraud, to be wllhin the liming of recognition of non-fee income, and the override of controls by management. Our audit procedures lo respond lo these risks included enquiries of management. and the Finance and General Purposes Committee about their own idenlilicalion and assessment ol the risks of irregularities, sample lesling on the posting of journals, sample testing on non-fee income, reviewing accounting eslimales for biases, revlewing regulatory Corresponden￿ with the Charity Commission. Independent Sch(x)Is Inspectorate, and reading mlnules of meetings of those charged with governanee. Page 12 ## **Crowe ""** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF PRINCE'S MEAD SCHOOL TRUST** Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Alastair Lyon Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor Reading 49-51 Blagrave Street Reading Berkshire RG1 1PL Date: 13 February 2024 Page 13 ## **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) STATEMENT OF FINANCIAL ACTIVITIES** ## **(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023** |Notes
**Income from:**
**Charitable activities**
School Fees
2(d) & 3
Other educational income
**Donations**
**Investments**
**TOTAL INCOME**
**EXPENDITURE ON:**
**Charitable activities**
School operating costs
**Raising Funds**
School financing costs
**TOTAL EXPENDITURE**
5&6
**NET INCOME BEFORE INVESTMENT GAINS /(LOSSES)**
**NET INCOME AFTER INVESTMENT GAINS/NET MOVEMENT**
**IN FUNDS**
Funds brought forward at 1 September
**Funds carried forward at 31 August**||**Unrestricted Funds**
**2023**
£
**4,147,505**
**344,513**
**42,751**
**942**
**4,535,710**
**4,250,620**
**10,924**
**4,261,543**
**274,167**
**274,167**
**5,464,675**
**5,138,842**
_2022_
£
_3,937,435_
_309,436_
_15,737_
_16_
_4,262,624_
_3,860,550_
_10 690_
_3,871,240_
_391,384_
_391,384_
_5,073,291_
_5,464,675_| |---|---|---| |||| |||| The notes on pages 17 to 27 form part of these accounts Page 14 ## **PRINCE'S MEAD SCHOOL TRUST** ## **(COMPANY NUMBER 01785733)** ## **BALANCE SHEET** ## **FOR THE YEAR ENDED 31 AUGUST 2023** |Notes
**FIXED ASSETS:**
Tangible assets
7
**CURRENT ASSETS:**
Debtors
8
Cash at bank and in hand
**CREDITORS:**
Amounts falling due within one year
9
**NET CURRENT**
**ASSETS/(LIABILITIES)**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS:**
Amounts falling due after more than
one year
11
**NET ASSETS**
**THE FUNDS OF THE CHARITY:**
Designated funds
12
Unrestricted funds
**TOTAL CHARITY FUNDS**|**2023**
£
**1,608,693**
**1,085,61**
**2,694,154**
**(1,896,305)**|
£
**4,940,994**
**4,940,994**
**797,848**
**5,738,842**
**5.738.842**
**28,922**
**5,709,920**
**5.738.842**|_2022_
£
_1,548,146_
_760 473_
_2,308,619_
_(1,784,361)_|£
5,075,883
5,075,883
_524,258_
_5,600,141_
_(35,66)_
5_464 675_
_26,530_
_5,438,145_
_5.464.675_| |---|---|---|---|---| The financial statements were approved and authorised for issue by the Board on 6 December 2024 and signed on its behalf: Mrs M J Renwick - Chair �t- The notes on pages 17 to 27 form part of these financial statements Page 15 ## **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) STATEMENT OF CASHFLOWS** ## **FOR THE YEAR ENDED 31 AUGUST 2023** |Notes
**CASH FLOWS FROM**
**OPERATING ACTIVITIES**
Cash generated from operations
**18**
Interest paid
**CASH FROM OPERATING**
**ACTIVITIES**
**CASH FLOWS FROM INVESTING**
**ACTIVITIES**
Interest received
Purchase of tangible fixed assets
Proceeds from sale of fixed assets
**CASH (USED IN) INVESTING**
**ACTIVITIES**
**CASH FLOWS FROM FINANCING**
**ACTIVITIES**
Loan repayments
**CASH (USED IN) FINANCING**
**ACTIVITIES**
Increase (decrease) in cash and cash
equivalents in the year
Cash and cash equivalents at the
beginning of the year
**TOTAL CASH AND CASH**
**EQUIVALENTS AT THE END OF**
**THE YEAR**
**ANALYSIS OF MOVEMENT IN NET DEBT**
Cash at bank and in hand
Bank loan
Closing (net debt)/cash||**2023**
_2022_
£
£
£
£
**759,949**
_746,170_
**(9,577}**
_(7,3221_
**750,372**
_738,848_
**942**
_16_
**(241,072)**
_(168,725_
**(240,130)**
_(168,710)_
**(185,254}**
_(51,8411_
**(185,254}**
_(51,841 _
**324,988**
_518,298_
**760,73**
_242,175_
**j,Q85,46j**
_760,473_
**At 01/09/22**
**Cashflow**
**At 31/08/23**
**760,473**
**324,988**
**1,085,461**
**(185,254}**
**(185,254}**
**5Z5,2H**
**j39,Z34**
**j,Q85,46j**| |---|---|---| |||| The notes on pages 17 to 27 form part of these financial statements Page 16 ## **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** **1.** The School's principal activity in the period under review was the provision of prep school education. The charity, a company limited by guarantee (registered number 01785733 and charity number 288675), is incorporated and domiciled in the UK. The address of the registered office is Worthy Park House, Kings Worthy, Winchester, Hampshire SO21 1AN ## **2. ACCOUNTING POLICIES** ## **a) Basis of Preparation** The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Prince's Mead School Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). - **b) Preparation of the accounts on a going concern basis:** - As part of their normal risk management process, the Governors have examined the major risks to the School and the mitigating actions both taken and available to be taken. The Governors consider there are no material uncertainties relating to going concern and that the School has adequate resources to continue its activities for at least twelve months following the approval of these financial statements. Accordingly, they continue to operate the going concern basis in preparing the financial statements. - **c) Tangible Fixed Assets** The Company policy is to capitalise items with a cost in excess of £1,000 from the date of purchase. The following is the depreciation policy in respect of the categories of tangible assets listed in Note 7:- **Worthy Park House and** Depreciation has been provided on a straight-line basis of 3.33% on **the Coach House:** the original cost of the buildings, so that the buildings will be written off over a period not greater than 30 years. Improvements are written _off_ over a 10-year period. **Sports Hall:** Depreciation has been provided on a straight-line basis of 5% on cost. **Freehold Land:** Land is not depreciated. **Motor Vehicles:** Depreciation of new vehicles has been provided on a straight-line basis of 12% over the useful life of the vehicle to a residual value of £5,000. Old second-hand vehicles are depreciated at 25% per annum on a straight-line basis. **Furniture & Equipment:** Depreciation is being provided at 25% per annum on a straight-line basis. **IT hardware:** Depreciation is provided at 33[1] 13% per annum on a straight-line basis. Page 17 ## **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **2. ACCOUNTING POLICIES (continued)** ## **d) Fee Income** This comprises fees receivable for pupils' tuition and extra charges. Fees receivable are stated after deducting allowances and scholarships granted by the school. Fees received for education to be provided in future years are carried forward as deferred income and released to income in the period to which the education is given ## **e) Non-Fee Income** This comprises income derived from then hire of facilities, donations and interest received. Hire income is recognised upon provision of hire to the user. Donations are recognised on a receivable basis when the amount can be reliably measured. Interest received is recognised on a time­ apportioned basis. ## **f) Expenditure** Expenditure is included on an accruals basis and is summarised under functional headings on a direct cost basis. Charitable activities comprise the School operating costs; educational aids, catering, salary, premises, administration and motor costs. Governance costs comprise the costs of running the charity, including strategic planning for its future development, also audit, legal advice and all the costs of complying with statutory requirements. Cost of raising funds comprises banking and interest charges. ## **g) Pension Schemes** The School operates a defined contribution group personal pension scheme for all staff with Royal London. For auto enrolment purposes the School uses the Royal London pension scheme. ## **h) Operating Leases** Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight-line basis over the lease term. Page 18 **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **2. ACCOUNTING POLICIES (continued)** ## **i) Investments and Investment Income** Investments are valued in the balance sheet at their mid-market value at the balance sheet date. Any gain or loss on revaluation is taken to the SOFA Investment income is accounted for in the period in which the charity is entitled to receipt. ## **j) Funding Accounting** Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Trust's work or for specific projects being undertaken by the Trust. In 2022/23 £28,922 of funds are designated for the maintenance of the tennis courts and pavilion. There were no restricted funds in the year. ## **k) Debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **I) Cash at bank and in hand** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **m) Creditors and provisions** Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **n) Legal status of the Trust** The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. ## **o) Financial instruments** The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Page 19 **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **2. ACCOUNTING POLICIES[(] continued[)]** ## **p) Acceptance deposits** Acceptance deposits are paid to the School to secure a place for the child at the School. Deposits held form part of the general funds of the School until the child leaves the School at which point they are credited without interest to the final payment of the fees or other sums due to the School. The Governors have reviewed the contract terms under which Pupil fee deposits are held by the School. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the School, pupils can leave at earlier dates. The School does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held is included within current liabilities. ## **3. FEE INCOME** |Gross tuition fees receivable
Less Bursaries, scholarships and discounts
|**2023**
£
**4,395,357**
**(247,852)**
**4.147.505**|_2022_
£
_4,142,137_
_(204,702)_
_3.937.435_| |---|---|---| ## **4. STAFF COSTS** The average number of people, full and part-time, (excluding the governors) employed during the year was 75 (2022: 62). The full time equivalent of these people was as follows: |Teaching staff
Administration
Domestic
Transport
Total
The cost of the above compromised:
Salaries and wages
Social security costs
Other pension costs
Other
Total|**2023**
**44**
**6**
**5**
**5**
**60**
**2023**
£
**2,009,205**
**190,695**
**387,890**
**26,98**
**2,614,288**|_2022_
_38_
_6_
5
5
_54_| |---|---|---| |||_2022_
£
_1,775,429_
_165,717_
_374,378_
_29 275_
_2.344, 799_| Page 20 ## **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **4. STAFF COSTS (continued)** |**5.**
Aggregateemploymentbenefitspaidtokeymanagement
personnel (including employer's NI)
Number of employees whose emoluments exceed £60,000:
**ANALYSIS OF EXPENDITURE**
**Charitable Expenditure:**
**School operating costs**
Teaching costs
Premises
Transport
Catering
Support costs and governance
**Finance Costs:**
Bank interest and charges
**Support costs and governance**
Support staff costs
Other support costs
Legal & Professional costs
Technology costs
Auditors' remuneration
Audit fee
Governors expenses
(strategic planning and training)
Support staff training and
expenses
Independent Schools Inspection
Total
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£110,001 - £120,000
£120,001 - £130,000
**Staff**
**Costs**
£
1,972,542
160,532
112,632
373 597
2,619,303
2.619303
**Other**
£
340,882
333,595
67,783
341,905
171 192
1,255,357
10 924
1 266 281
**School**
**Operations**
373,597
74,059
42,692
21,567
17,187
2,231
**531.333**|**2023**
£
**245,381**
**1**
**1**
**1**
**Depreciation**
**and loss on**
**disposal**
£
36,827
321,382
17,750
375 959
375.959
**Governance**
6,285
7 171
**13.456**||_2022_
£
_218,301_
_1_
_1_
**2023**
**Total**
£
**2,350,251**
**815,509**
**198,165**
**341,905**
**544,789**
**4,250,619**
**10,924**
**4,261.543**
**2023**
**373,597**
**74,059**
**42,692**
**21,567**
**17,187**
**2,231**
**7 171**
**544,Z89**| |---|---|---|---| ||||| Page 21 ## **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **5. COMPARATIVE ANALYSIS OF EXPENDITURE** |_Charitable Expenditure:_
_School operating costs_
_Teaching costs_
_Premises_
_Transport_
_Catering_
_Support costs and goverance_
_Finance Costs:_
_Bank interest and charges_
_Support costs and goverance_
_Support staf costs_
_Other support costs_
_Legal_&_Prfessional costs_
_Technology costs_
_Auditors' remunertion_
_Audit fee_
_Goverors expenses_
_(strategic planning and training)_
_Staf training and expenses_
_Independent Schools Inspection_||_Staf_
_Costs_
_Other_
£
£
_1,774,132_
_310,473_
_134,715_
_242,785_
_109,038_
_57,318_
_314,017_
_340,264_
_188 760_
_2,358,149_
_1 113 653_
_10 690_
_2.358.149_
_1.124.342_
_School_
_Operations_
_340,264_
_117,996_
_24,771_
_20,210_
_15,615_
_1,945_
_520.801_|_Depreciation_
_and loss on_
_disposal_
£
_56,270_
_314,726_
_17,752_
_388,748_
_388 748_
_Goverance_
_5,548_
_2 675_
_8.223_|_2022_
_Total_
£
_2,140,875_
_692,226_
_184,408_
_314,017_
_529,024_
_3,860,550_
_10 690_
_3 871 240_
_2022_
_340,264_
_117,996_
_24,771_
_20,210_
_15,615_
_5,548_
_1,945_
_2 675_
_529.024_| |---|---|---|---|---| |||||| Page 22 **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **6. NET INCOME/(EXPENDITURE) FOR THE YEAR** ||**2023**|_2022_| |---|---|---| ||£|£| |This is stated after charging:||| |Operating lease charges|**18,879**|_23,154_| |Depreciation of owned tangible fixed assets|**375,960**|_383,466_| |Auditors remuneration||| |-
statutory audit|**17,395**|_15,615_| ## **7. TANGIBLE ASSETS** |**ANGIBLE ASSETS**||||||||| |---|---|---|---|---|---|---|---|---| |**Cost:**
As at 1.9.22
Additions
Reclassification
As at 31.8.23
**Depreciation:**
As at 1.9.22
Charge for year
As at 31.8.23
**Net Book Value:**
At 31.8.23
At 1.9.22|**Freehold**
**Land and**
**Buildings**
£
8,146,587
140,634
79 886
**8,367,107**
3,253,350
321,382
**3,574,732**
**4,972,375**
4,893.36|**Asset Under**
**Course of**
**Construction**
£
83,332
(79,886)
**3, 6**
**3.446**
83,332|||**Vehicles**
£
200,377
**200,377**
152,626
17,750
**170,376**
**30.001**
47 751||**Furniture**
**and**
**Equipment**
£
333,454
100,437
**433,891**
281,892
36,827
**318,719**
**15.172**
51 562|**Total**
£
8,763,750
241,071
**9,004,821**
3,687,868
375,959
**4,063,827**
**4.940.994**
5,075883| |||||||||| |||||||||| **Note:** The Company's policy in respect of depreciation is described under Note 2(c). Page 23 **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR** ## **THE YEAR ENDED 31 AUGUST 2023** ## **8. DEBTORS** |Fee debtors
Other debtors and prepayments|**2023**
£
**1,389,424**
**219,269**
**1,608,693**|_2022_
£
_1,338,615_
_209 531_
_1 548 146_| |---|---|---| ## **9. CREDITORS: Amounts falling due within one year:** |Trade creditors
Other creditors and accruals
Other tax and social security
Final term deposits
Fees received in advance and deferred income
Bank loan due < 12 months (see Note 20)
**DEFERRED INCOME**
Deferred income comprises Michaelmas 23 tuition fees billed in
advance of the start of term on 6thSeptember 2023
Balance as at 1 September
Amount released to income earned from operating activities
Amount deferred in year
Balance as at 31 August||| |---|---|---| ## **10. DEFERRED INCOME** Page 24 **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **11. CREDITORS: Amounts falling due after more than one year:** |Bank loan
**12.**
**UNRESTRICTED FUNDS:**
General Funds
Designated funds
_31 August_
_2022_
£
_5,438,145_
_26,530_
_5.464.675_|Incoming
resources
£
4,535,710
4,535.710|Resources
expended
(4,261,543)
(4,261,543}|**2023**
£
Transfers
£
(2,392)
2,392|_2022_
£
_135 466_
_135 466_
31 August
2023
£
5,709,920
28,922
5.738 842| |---|---|---|---|---| In 2022/23 £28,922 of funds have been designated for the maintenance of the tennis courts and pavilion. There were no restricted funds in the year. ## **13. FINANCIAL INSTRUMENTS** |**Carrying amount of financial assets**
Measured at amortised cost
**Carrying amount of financial liabilities**
Measured at amortised cost|**2023**
£
2,694,154
409,680|_2022_
£
_2,308,219_|_2022_
£
_2,308,219_| |---|---|---|---| ||||_400 696_| The School's income, expense, gains and losses in respect of financial instruments are summarised below: |
below:|||| |---|---|---|---| ||**2023**||_2022_| ||£||£| |**Interest income and expense**|||| |Total interest income for financial assets held at amortised cost||942|| |Total interest expense for financial liabilities held at amortised cost|_9_|577|7_322_| Included within financial assets measured at amortised cost are cash at bank, trade debtors and other debtors. Included within financial liabilities measured at amortised cost are trade creditors, accruals, other creditors, deposits held and bank loans and overdrafts. Page 25 **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **14. PENSION COSTS** The Company contributes on a defined contribution basis to personal pension plans. Contributions totalling £387,890 _(2022:_ £374,378) were payable to these funds for the year. There were £Nil unpaid contributions _(2022: £Nil)_ at the year end. ## **15. COMMITMENTS UNDER OPERATING LEASES** |**2023**
At 31 August the School had outstanding commitments for future
minimum lease payments which fall due as follows:
Due within one year
**42,027**
Due between two and five years
**52,725**
Total
**94.752**|_2022_
£
_20,267_
_24 867_
_45134_| |---|---| ## **16. CORPORATION TAX** The charity is exempt from tax on income and gains falling within Section 505 of the Taxes Act 1988 or Section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. ## **17. TRANSACTIONS WITH RELATED PARTIES** The Governors received no remuneration or other benefits for the year but were entitled to reimbursement of travel and other expenses during the year. Expenses were reimbursed to governors amounting to £688 (2022: £950). The nature of the 2023 expenses were reimbursed travel, and leaving gifts for retiring governors (2022: reimbursed travel, leaving gifts). Remuneration of key management personnel is detailed in Note 4. There were no other related party transactions. Page 26 ## **PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **18. RECONCILIATION OF MOVEMENT IN FUNDS TO NET CASH USED IN OPERATING ACTIVITIES** |Net movement in funds
Adjustments for:
Depreciation of tangible fixed assets
Loss on disposal of tangible fixed assets
Interest receivable
Interest payable
Operating cash flows before movement in working capital
Increase in trade and other debtors
Decrease in trade and other creditors
Loan repayment <1 year
**Cash generated from operations**||**2023**
**£**
**274,167**
**375,960**
**(942)**
**9 577**
**658,762**
**(60,547)**
**111,945**
**49,789**
**759,949**|_2022_
£
_391,384_
_383,466_
_5,282_
_(16)_
7_322_
_787,439_
_(144,475)_
_103,206_
_746 170_| |---|---|---|---| ||||| ## **19. CAPITAL COMMITMENTS** At the year end the School was contractually committed to costs of £12,257 (2022: £15,388). ## **20. BANK LOAN DISCLOSURE** The School repaid in full the loan with HSBC on 20[th ] June 2023. This loan was entered in to in April 2021 and secured by a legal charge over Worthy Park House and the land on the north, west and south sides of Worthy Park House. Interest had been payable at 3.2% over the base rate per annum. Page 27