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 2024
ANNUAL REPORT & FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
CONTENTS
| Page | |
|---|---|
| Governors' Report (including the Strategic Report) | 1 |
| Statement of Governors' responsibilities | 8 |
| Independent Auditor's Report | 9 |
| Income and Expenditure Statement | 13 |
| Balance Sheet | 14 |
| Cash Flow Statement | 15 |
| Notes to the Financial Statements | 16 |
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) GOVERNORS' REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2024
The Board of Governors present their annual report incorporating the Strategic 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, 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 2019).
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 J Bainbridge Mrs G Bateman Mr T Giddings Mr C Gillow Mrs A Hauser (resigned 5 July 2024)
Mr C Lowe Mr W Pattisson Miss K Saund Mrs J Shergold (appointed 5 July 2024) Mr D Sibson Mrs K Stylski Mrs S Tice (resigned 5 July 2024)
Key Management Personnel and Professional Advisers
The Head: The Bursar: Bankers: Auditors:
Mr. A King
Mrs Poppy Hughes HSBC Bank pie, 58 High Street, Winchester, SO23 9BZ Crowe U.K. LLP, R+ Building, 2 Blagrave Street, Reading, Berkshire, RG1 1AZ
1
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) GOVERNORS, REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Company is governed by its Memorandum and Articles of Association, last amended on 21 December 1983 and June 2016 respectively. Governing Body The Governors, who are also required under the Articles to serve as members of the Company, are elected al 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 in accordance with all current legislation and Charity Commission requirements. Governance is as transparent as possible and aims to provide clear policy guidance lo allow the School's senior management to operate efficiently and effectively. Elected Governors are appointed al a Governors, Meeting on the basis of nominations reIVed from existing Governors and after an initial familiarisation visit lo 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 visil and attend a course on governance. Organisational Management The School Governors, as the Trustees of the Charity, are legally responsible for the overall 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 ofthe School's leadership and management teams through its meetings, cornmittees and through formal and informal visits lo the School. The day-to-day running of the school is 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-commillees. The remuneration of key management personnel is set by the Board, with the policy objective of providing appropriate IntIveS to encourage enhanced perfomance 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 is 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, lo ensure that Ihe School remains sensitive to the broader issues of pay and employment conditions elsewhere, and affordability. Academic matters are brought to Ihe attention of the Governors through the Education Committee and Ihe Headmaster's report.
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) GOVERNORS, REPORT {INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 Related and Connected Parties The School is a member of a number of industry associations including ISBA, AGBIS and ISC and operates under the compliance framework provided by ISI. The Headmaster is 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 lo the schooling provided, to optimise the educational use of the cultural and sporting facilities and lo awaken in the pupils an awareness of Ihe social context of the education they receive at the School. Prince's Mead also benefits from the generosity of a thriving parents, association. Ihe Prince's Mead Association {PMAI. 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 lime as well as the systems and procedures established to manage them. In addition, the Board is particularly mindful of ils 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. The Board actively assesses matters such as proposed changes to the taxation wime in which the Trust operates. taking advice where appropriate and planning accordingly. 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 Uniled 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 Ihe operation of the Public Benefit requirement under that Act. Strategic Aim and Intended Effect The School's stralegic 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 oulcomes 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 al 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. In addition, the Board have, in parallel, worked to ensure the School is in a financially robust position as the sector navigates the continuing economic conditions and proposed changes to the tax regime.
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) GOVERNORS, REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 Principal Activity Prince's Mead's principal activity continues to be the provision of education as a Day School for 3 - 11-year-old girls and boys. Volunteers The Prince's Mead Association {PMA) helped with the School's fundraising and cultural activilies to the exlenl 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 appreciales their continuing and valuable support for Ihe School's work. OUR PURPOSE, AIMS AND POLICIES PURPOSE To enable every child lo 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 expecls 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 lo 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 organisalion 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 disabilily 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 Ihe traditional end of lerm 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 ID US that access to the education we offer is nol 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 inleraction, conversation and shared experiences which helps our pupils develop an understanding of the perspectives of other people that will be vilal in their adult lives.
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 17857331 GOVERNORS, REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 OUR PURPOSE, AIMS AND POLICIES (CONTINUED) 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 aCsS 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. 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 lo fund their child's education, and those benefiting from the awards. 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 lo all applying lo 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 firsl-choice senior school with 6 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 operalions 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 wth 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 al 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 School continues lo 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 frarnework 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.
PRINCE'S MEAD SCHOOL TRUST ICOMPANY NO 1785733) GOVERNORS, REPORT (INCLUDING THE STRATEGIC REPORTI FOR THE YEAR ENDED 31 AUGUST 2024 REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR (CONTINUED) Public Benef it We have referred lo the advice contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objections this year and lake 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. 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 Slart 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 £255,749 (after depreciation of £336,539) 12022123. £274,167 surplus after £375,960 depreciation). The school continues to invest in its capital expenditure programme without borrowing or debt. 11 is important that the School strives to make a reasonable level of surplus in order to finan 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. 11 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 ils charitable objectives. To that end, the Governors seek to ensure that there are sufficient liquid reserves lo afford reasonable protection to the charitable company in the context of current and anticipated commitments and exposure to external andlor internal risks, As an educational charity, the parents of our pupils have the reassuran that all income is applied for educational purposes. The School is exempt from corporation lax on ils 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 servi$ 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 pul all available retained funds. other than those required for day-to-day cash management, on deposit for security.
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) GOVERNORS, REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 KEY PERFORMANCE INDICATORS Tuition fee income generation amounted to £4,617.74412022123'. £4,147,505). Actual pupil numbers for the academic year were 292. Tuition fee income accounted for 92 /D of total income {2022123' 91 0/0) which was £5,003,446 (2022123.. £4.535,7101. To provide the education and support needed to achieve the key objectives of the Trust, £2,793,015 12022123. £2,614,288) was paid in salaries (including Employers Nl and Pension Contribulionsl. This accounts for 60 /0 of the fee incorne (2022123.. 630/0) and 560/0 of total income12022123.' 580/01. The trustees agreed a whole staff salary increase of 40/0 {2022123. 3,750/01. The schools, pupillstaff ratio was 10.0 12022123.. 10.0). PRINCIPAL RISKS AND UNCERTAINTIES The significant risks lo which the School is exposed fall inlo 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 lo the economic and political climate within the UK and changes to the tax regime which may increase the Schools cost base, and raise the cost of fees which are paid. The management of this risk, which feature on the School's Risk Register, is actively reviewed by the board on a monthly basis. Approaches to mitigate the risk and respond to it are discussed and implemented quickly and efficiently, taking professional advi where required. The importance of managing Health and Safety risk proactively and continually is critical. These risks range from fire and infrastructure lo 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 IPMAI for parents. which fundraises proactively throughout the year. The PMA raised over £20,000 this year through activity and events at school, much of which is given to other charities or used to fund small projects around the school. FUTURE PLANS The Governors intend lo continue their current strategy of maintaining the School's position in a competitive market by investing to continually improve the high-qualily education for our pupils. The Headmaster and senior staff continue lo review the curriculum lo ensure that il 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 edLJcation our School provides. The Governors are continually reviewing our Bursary Awards policy to ensure that able children can acpt offers of places at our School through the availability of me8ns-tested fee assistance.
PRINCE'S MEAD SCHOOL TRUST ICOMPANY NO 1785733) GOVERNORS, REPORT (INCLUDING THE STRATEGIC REPORTI FOR THE YEAR ENDED 31 AUGUST 2024 FUTURE PLANS {CONTINUEDI The Board will continue to address the areas for development as identified in Ihe Slralegic Plan. The Board is mindful as to Ihe needs of the School and will continue to set forecasts which are both achievable and appropriate, particulady 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 lo the Company will be put to the annual general meeting. STATEMENT AS TO DISCLOSURE OF INFORMATION TO THE AUDITOR The Govemors who were in office on the date of approval of these financial statements have confirmed, as far as they are aware. that Ihere is no relevant audit information of which the auditor is unaware. Each of the Governors have confimied 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 lo establish thal it has been communicated to the auditor. The Govemors, 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 direclors at its meeting on 4th December 2024 and signed on its behalf by.. Mrs M J Renwick- Chair
Crowe U.K. LLP
Chartered Accountants Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk
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 2024 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:
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give a true and fair view of the state of the charitable company’s affairs as at 31 August 2024 and of the group’s incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 7JW. 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.
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PRINCE’S MEAD SCHOOL TRUST
Other information
The trustees 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 thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements 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 to 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
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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 statements are prepared is consistent with the financial statements; and
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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 exception
In light of the 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 misstatements in the strategic report or the directors’ report included within the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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the charity has not kept adequate accounting records; or
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the charity financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of the Governors
As explained more fully in the Statement of Governors’ Responsibilities set out on page 9, the Governors (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.
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PRINCE’S MEAD SCHOOL TRUST
In preparing the financial statements, the trustees are responsible for assessing the group’s or the 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 charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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 auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed 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, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. 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 required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to 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 Standards) Regulations 2014, Health and Safety and General Data Protection Regulations. Auditing standards limit the required audit procedures to identify noncompliance with these laws and regulations to 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 statements is from irregularities, including fraud, to be within the timing of recognition of non-fee income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance and General Purposes Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, sample testing on non-fee income, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, and reading minutes of meetings of those charged with governance.
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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
R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ
Date: 13 December 2024
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PRINCE’S MEAD SCHOOL TRUST (COMPANY NO 01785733) STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 AUGUST 2024
| 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 2024 £ 4,617,744 331,444 2,690 51,568 5,003,446 4,746,049 1,647 4,747,696 255,749 255,749 5,738,842 5,994,591 |
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 5,738,842 |
|---|---|---|
The notes on pages 16 to 26 form part of these accounts
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PRINCE'S MEAD SCHOOL TRUST
(COMPANY NUMBER 01785733)
BALANCE SHEET
FOR THE YEAR ENDED 31 AUGUST 2024
----- Start of picture text -----
Notes 2024 2023
£ £ £
FIXED ASSETS:
Tangible assets 7 4,711.266 4,940,994
4,711,266 4,940,994
CURRENT ASSETS:
Debtors 8 915,351 1,608,693
Cash at bank and in hand 3,931.220 1,085,461
4,846.571 2,694.154
CREDITORS:
Amounts falling due within one year 9 (3,563,245) (1,896,305)
NET CURRENT
1,283.326 797 848
ASSETS/(LIABILITIES)
TOTAL ASSETS LESS CURRENT
LIABILITIES 5,994,592 5,738,842
NET ASSETS 5,994,592 5.738 842
THE FUNDS OF THE CHARITY:
Designated funds 11 32,548 28,922
Unrestricted funds 5,962,044 5,709,920
TOTAL CHARITY FUNDS 5,994.592 5 738 842
----- End of picture text -----
The financial statements were approved and authorised for issue by the Board on 4 December 2024 and signed on its behalf:
Mrs M J Renwick - Chair
The notes on pages 16 to 26 form part of these financial statements
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PRINCE’S MEAD SCHOOL TRUST (COMPANY NO 01785733) STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 AUGUST 2024
| Notes CASH FLOWS FROM OPERATING ACTIVITIES Cash generated from operations 17 Interest paid CASH FROM OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Interest received Purchase of tangible 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 Closing (net debt)/cash |
2024 £ £ 2,901,003 - 2,901,003 51,568 (106,812) (55,244) - - 2,845,759 1,085,461 3,931,220 At 01/09/23 1,085,461 1,085,461 |
2023 £ £ 759,949 (9,577) 750,372 942 (241,072) (240,130) (185,254) (185,254) 324,938 760,473 1,085,461 Cashflow At 31/08/24 2,845,759 3,931,220 2,845,759 3,931,220 |
|---|---|---|
15
The notes on pages 17 to 27 form part of these financial statements
PRINCE’S MEAD SCHOOL TRUST (COMPANY NO 1785733) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
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 1785733 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. Budgets and cashflow forecasts have been prepared demonstrating that the School has adequate resources to continue its activities for at least twelve months following the approval of these financial statements. The Governors consider there are no material uncertainties relating to going concern and 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:-
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 331/3% per annum on a straight-line basis. |
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PRINCE’S MEAD SCHOOL TRUST (COMPANY NO 1785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
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 timeapportioned 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.
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PRINCE’S MEAD SCHOOL TRUST (COMPANY NO 1785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
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 2023/24 £32,548 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.
l) 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.
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PRINCE’S MEAD SCHOOL TRUST (COMPANY NO 1785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
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 |
2024 £ 4,830,006 (212,262) 4,617,744 |
2023 £ 4,395,357 (247,852) 4,147,505 |
|---|---|---|
4. STAFF COSTS
The average number of people, full and part-time, (excluding the governors) employed during the year was 73 (2023: 75). 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 |
2024 44 7 6 4 61 2024 £ 2,160,674 204,254 399,771 28,317 2,793,016 |
2023 44 6 5 5 60 2023 £ 2,009,205 190,695 387,890 26,498 2,614,288 |
|
|---|---|---|---|
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PRINCE’S MEAD SCHOOL TRUST (COMPANY NO 1785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
4. STAFF COSTS (continued)
| 4. | STAFF COSTS (continued) | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Aggregate employment benefits paid to key management personnel (including employer’s NI) |
255,664 | 245,381 | |
| Number of employees whose emoluments exceed £60,000: | |||
| £60,001 - £70,000 | 1 | 1 | |
| £70,001 - £80,000 | 1 | 1 | |
| £80,001 - £90,000 | - | - | |
| £90,001 - £100,000 | - | - | |
| £100,001 - £110,000 | - | - | |
| £110,001 - £120,000 | - | - | |
| £120,001 - £130,000 | 1 | 1 | |
| 5. | ANALYSIS OF EXPENDITURE |
| NALYSIS OF EXPENDITURE | ||||
|---|---|---|---|---|
| Depreciation | ||||
| Staff | and loss on | 2024 | ||
| Costs | Other | disposal | Total | |
| £ | £ | £ | £ | |
| Charitable Expenditure: | ||||
| School operating costs | ||||
| Teaching costs | 2,113,321 | 430,129 | 46,494 | 2,589,944 |
| Premises | 166,516 | 575,183 | 290,045 | 1,031,744 |
| Transport | 111,807 | 79,952 | - | 191,759 |
| Catering | - | 356,742 | - | 356,742 |
| Support costs and governance | 401,371 | 174,489 | - | 575,860 |
| 2,793,015 | 1,616,495 | 336,539 | 4,746,049 | |
| Finance Costs: | ||||
| Bank interest and charges | - | 1,647 | - | 1,647 |
| 2,793,015 | 1,618,142 | 336,539 | 4,747,696 | |
| School | ||||
| Support costs and governance | Operations | Governance | 2024 | |
| Support staff costs | 401,371 | - | 401,371 | |
| Other support costs | 21,349 | - | 21,349 | |
| Legal & Professional costs | 78,823 | - | 79,823 | |
| Technology costs | 29,331 | - | 29,331 | |
| Auditors’ remuneration | - | |||
| Audit fee | 24,596 | - | 24,596 | |
| Governors expenses | ||||
| (strategic planning and training) | 9,797 | - | 9,797 | |
| Support staff training and | - | 6,612 | 6,612 | |
| expenses | ||||
| Independent Schools Inspection | - | 3,981 | 3,981 | |
| Total | 565,267 | 10,593 | 575,860 |
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PRINCE’S MEAD SCHOOL TRUST (COMPANY NO 1785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
5. COMPARATIVE 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 |
Staff Costs £ 1,972,542 160,532 112,632 - 373,597 2,619,303 - 2,619,303 |
Other £ 340,882 333,595 67,783 341,905 171,193 1,255,358 10,924 1,266,281 School Operations 373,597 74,059 42,692 21,567 17,187 - 2,231 - 531,333 |
Depreciation and loss on disposal £ 36,827 321,382 17,750 - - 375,959 - 375,959 Governance - - - - - 6,285 - 7,171 13,456 |
2023 Total £ 2,350,251 815,509 198,165 341,905 544,790 4,250,620 10,924 4,261,544 2023 373,597 74,059 42,692 21,567 17,187 6,285 2,231 7,171 544,789 |
|---|---|---|---|---|
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PRINCE’S MEAD SCHOOL TRUST (COMPANY NO 1785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
6. NET INCOME/(EXPENDITURE) FOR THE YEAR
| This is stated after charging: Operating lease charges Depreciation of owned tangible fixed assets Auditors remuneration - statutory audit TANGIBLE ASSETS Freehold Land and Buildings £ Cost: As at 1.9.23 8,367,107 Additions 41,463 Reclassification - As at 31.8.24 8,408,570 Depreciation: As at 1.9.23 3,574,732 Charge for year 290,045 As at 31.8.24 3,864,777 Net Book Value: At 31.8.24 4,543,793 At 1.9.23 4,972,375 |
Asset Under Course of Construction £ 3,446 - - 3,446 - - - 3,446 3,446 |
2024 2023 £ £ 37,557 18,879 336,539 375,960 24,596 17,395 Vehicles Furniture and Equipment Total £ £ £ 200,377 433,891 9,004,821 - 65,348 106,811 - - - 200,377 499,239 9,111,632 170,376 318,719 4,063,827 - 46,494 336,539 170,376 365,213 4,400,366 30,001 134,026 4,711,266 30,001 115,172 4,940,994 |
|---|---|---|
7. TANGIBLE ASSETS
Note: The Company's policy in respect of depreciation is described under Note 2(c).
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PRINCE’S MEAD SCHOOL TRUST (COMPANY NO 1785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
8. DEBTORS
| Fee debtors Other debtors and prepayments 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 10. DEFERRED INCOME Deferred income comprises Michaelmas 24 tuition fees billed in advance of the start of term on 4thSeptember 2024 Balance as at 1 September Amount released to income earned from operating activities Amount deferred in year Balance as at 31 August |
2024 £ 687,716 227,635 915,351 2024 £ 106,007 98,492 49,983 138,950 3,169,813 3,563,245 2024 £ 1,486,625 (1,486,625) 3,169,813 3,169,813 |
2023 £ 1,389,424 219,269 1,608,693 2023 £ 170,498 67,045 49,287 122,850 1,486,625 1,896,305 2023 £ 1,333,876 (1,333,876) 1,486,625 1,486,625 |
||
|---|---|---|---|---|
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PRINCE’S MEAD SCHOOL TRUST (COMPANY NO 1785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
11. UNRESTRICTED FUNDS:
| General Funds Designated funds |
31 August 2023 £ 5,709,920 28,922 5,738,842 |
Incoming resources £ 5,003,446 - 5,003,446 |
Resources expended £ (4,747,696) - (4,747,696) |
Transfers £ (3,626) 3,626 - |
31 August 2024 £ 5,962,044 32,548 5,994,592 |
|---|---|---|---|---|---|
In 2023/24 £32,548 of funds have been designated for the maintenance of the tennis courts and pavilion. There were no restricted funds in the year.
12. FINANCIAL INSTRUMENTS
| Carrying amount of financial assets Measured at amortised cost Carrying amount of financial liabilities Measured at amortised cost |
2024 £ 4,846,571 393,432 |
2023 £ 2,694,154 |
|---|---|---|
| 409,680 |
The School’s income, expense, gains and losses in respect of financial instruments are summarised below:
| Interest income and expense Total interest income for financial assets held at amortised cost Total interest expense for financial liabilities held at amortised cost |
2024 £ 51,568 - |
2023 £ 942 9,577 |
|---|---|---|
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.
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PRINCE’S MEAD SCHOOL TRUST (COMPANY NO 1785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
13. PENSION COSTS
The Company contributes on a defined contribution basis to personal pension plans. Contributions totalling £399,771 (2023: £387,890 ) were payable to these funds for the year.
There were £Nil unpaid contributions (2023: £Nil) at the year end.
14. COMMITMENTS UNDER OPERATING LEASES
| At 31 August the School had outstanding commitments for future minimum lease payments which fall due as follows: Due within one year Due between two and five years Total |
2024 £ 25,939 26,786 52,725 |
2023 £ 42,027 52,725 94,752 |
|---|---|---|
15. 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.
16. 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 £1,246 (2023: £688). The nature of the 2024 expenses were reimbursed travel, and leaving gifts for retiring governors (2023: reimbursed travel, leaving gifts).
Remuneration of key management personnel is detailed in Note 4.
There were no other related party transactions.
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PRINCE’S MEAD SCHOOL TRUST (COMPANY NO 1785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
17. 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 |
2024 £ 255,749 336,539 - (51,567) - 540,721 693,343 1,666,939 - 2,901,003 |
2023 £ 274,167 375,960 - (942) 9,577 658,762 (60,547) 111,945 49,789 759,949 |
|---|---|---|
18. CAPITAL COMMITMENTS
At the year end the School was contractually committed to costs of £Nil (2023: £12,257).
26