**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:
- 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;
- 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 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.
9
## **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
- 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
- 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:
- the charity has not kept adequate accounting records; or
- the charity financial statements are not in agreement with the accounting 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 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.
10
## **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.
11
## **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
12
## **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
13
## **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
14
## **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.|
16
## **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.
17
**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.
18
**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_|
|---|---|---|---|
|||||
|||||
19
## **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**|
20
## **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_|
|---|---|---|---|---|
21
## **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).
22
## **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_|
|---|---|---|---|---|
||||||
||||||
||||||
23
## **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.
24
**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.
25
## **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