Reglst•r8d numbor: 02114440 Charlty number. 296691 STAINES PREPARATORY SCHOOL TRUST (A company limitad by guardnta8) GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 ## **STAINES PREPARATORY SCHOOL TRUST** ## **(A company limited by guarantee)** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the Company, its Governors and advisers**|1| |**Governors' report**|2 - 9| |**Independent auditor's report on the financial statements**|10 - 12| |**Statement of financial activities**|13| |**Balance sheet**|14| |**Statement of cash flows**|15| |**Notes to the financial statements**|16 - 32| STAINES PREPARATORY SCHOOL TRUST IAcompany Ilmlled by guarants•) REFERENCE AND ADkllNISTRATIVE DEfAILS OF THE COMPANY. rrs GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2020 Governors MrR F Adams Mr M Bannister {resiyned 1 September2f20) Mr D BroNn (appO￿lled 24 J￿a 2020 Mrs S J Caulfield Mr R H Chadbum Mr R A Davies Mr M (>tham, CIAirm Ms S Gill lappoinled 18 Odrt>8r 2019) Mr M R H*1. Chaimian MrA Madigan Mrs W Ran50m (reS￿ned 11 Mwch 2tI20) Mr5 M Robinson (resigned 6 Auwst 2020) Mrs J M Sti (resigned 11 Merch 20201 Mr G Want (appointed 24 June 2020) Company rogtslor•d number 02114440 Charfty reglst•rfjd numb•r 296691 Reglstored offlce 3 Gresham Road. Sknes.LpcTrThames. PAddlew TW18 28T The H8admlstress Ms S Sawyer School Busln•55 IAanagor Mrs R 14kLennan mrJEGphl￿tt Independent audltor James Cowper Kreston, Reading Bridge Hcuse. Ge￿ Strert R&yJi)g. Berkshi￿ RG18LS BankerJ Uoyds Bank Pk. F)0 Box 2593. ReadiTrJ, Berf(shire. RG12ZH Sollcftors Barkhv Robbins. Th& Oriel, Sydenham R¢xl. GuikifO￿. Surrty. GU13SR Page 1 STAINES PREPARATORY SCHOOL TRUST IA company Ilmlted by guarnntse) GOVERNOR'S REPORT FOR TrE YEAR ENDEO 31 AUGUST 2020 The Govemors present Ihor anTwJal fEWt togthr *ith the a￿Jited fin￿￿131 51atements of the Company for the year 1 Seplembtt 2019 to 31 Aug￿1 2020. The annual rewl seNes the purposes of both a G0ven￿r$. report and a director5. report under ccrfnpany I￿. The G[mrr￿ C<￿￿￿Tr that th8 annual report and financial $tsttrnenl¥ of the ¢hwitable ¢CrnFkiny comtdy wlh cl￿￿1 slatuw rewirements. Ihe requiremen15 of the charilabla companls gov8ming ¢￿￿ent and the pThIS￿ of the Statement of Recommended Pract¢ce {SORP} appli¢*)le to charlies prepamg their accounls wi accfjrd￿ thith the Financid Reporting Standard applicable in the UK RepJt* of Ireland {FRS102) {effecti* 1 JaNay 2015) as amended by Update Buletins 1 and 2. Governance The goveryung document of Staines Prepar*y Schxl Tntst is the lthemorarthm and Arkncles of AssocSation dated 23 March 1987. The Trust endewrtffs lo enswe the Bo¥d is ¢(ffipris￿ d G¢yrtrn the wdest possible range of skHI sets lo the exlent t￿ when a Gth•nKJr steps persm 7*ith swndar skrf15 15 soughL Rotation o1th8 ￿￿ts8r$ ofthe Body 15 deal urthr Athle 33. wh￿h $￿e$.. 'At the frst Annual General Meeting ol the TnJst and at Ihe Annual MeetiThJ In every subsequent yearontrthlrd of the Governing Body for the time beiThJ. or. rf their n￿nb￿ ts not three or a muttiple of three. then the mimber nearest lo cntrthl￿. shall retire from office. The member5 of the GovemirwJ BL*ty to relTr in every year shall be those who have been lorwJest wi offi¢e sn¢e thelr last elec1K￿. but as bet￿en pers<￿$ who became members of the Go¥eming Body on the sam& day those to retire (un￿sS th8y olharwisa agrag among themselves) be deternined by A r*ing member of the GOVwnK￿ B(*Jy shall be d¥Jlile for r￿leCt￿)n., The Board regulaty reviews the skills mix of the Govemots and idenlrfies any g4)S to ensure the exp•li$e ofthe 8oard ranans apprq)riale. Any p￿entIal Golpm￿ are inteNivNed by th8 Chair of Gov8rnors and the Headmi5tre5s. New Govtrnen traiiiry axl mty also attend santnars and VK¥rkshop$ Nganised by profes5wJnal bodies. Arrnngernents for settlng pay and remunerallon of key management personnel Remuneration of the SenNx Leadership Tea)) is urnlertaken annuaty by the Remuneralhin C¢Jnmdtee. Ar)y salary award Is made with regard to perfrn outtsxnes. and the Mrfder conlexl the OrganlsatTonal Structure The Govemors {who are aso lJrectors fty the PL¥P￿ d Ihe C¢%npa￿ Acll. detemilne the pol￿185 of the SchDJl at the temity Meeting ol Ihe 803rd of G0vWn￿ when the reptyts of the var*)u$ sub<(¥nmiltees a The Schcol has si¥ sub committees wbich report ir40 the Main Board. These are EducatM?n.' Stsffing.. Propety. Marketing., Burnaries, Fees and Schc4arsly". and Finance and Genwd Pwposes committees. Al have their ¢y•m tenns rf reference underwlith they The School oper*es urKlw thg sUpervr5v￿ crfthe G(wmm Mth the Headmistress, Ms S￿antha Saw, and thg Business M￿ager, Mr Jcfj Phlpott reSPTh￿ for Ihe da*tW oryani5alion and (perat￿. OBJECTIVES AND ACTMTIES Charttabl• ObJects Our staled charitable objects ￿.. to pr￿1th aThJ provide ts th8 advarwwrt ol educati￿ of Child￿ in the United Kingdom and elsewher sT￿NEs PREPARATORY SCHOOL TRUST (A company Ilmlt•d by guar￿￿•) GOVERNoifs REPORT (CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2020 Charftable Obl•cts IcontSnu•d) This t5 based on the four prirKples of the f(xmdets: a khymy approach to chlldm. a love of ￿MIng. an ethn divefse communty and a nOT￿academiCa￿ s*bve entrar￿ p(thy. The SchoDI also ha5 a FK>lw of fees the bursary pdKy lo 4kMt lo Ihe wdest P05$1>le ¢roS>secli￿ ofthe communty. The Aknj of the School Education. personal developmer& and communty WKI the wwjertthffjrkl are the key areas that underpin the aims of SPS. Through the$8 fo¢u$ weas. the S¢hool e￿o￿￿e$ each Child to allaln thelr ftll potential through broad and bdarKed cuniculum, woknides an envronment which promotes the p8r¥onal and Social devek)pment of each cNld and develop5 an urKlerstaThdwg ofoJmmui￿Y w*Jerv•Dth children a￿ emr4ed to fuhll these ains thwh th8'Stsin8s Prep Wal. a mcd code bthich encourages chik*en to listen: share,. forgve: b8 ki￿. respect (thers: b8 ￿)ur best and b8 honesL Objèctlves for the Year Tha fflain objective is. and has aw b88n. to th8 cWr8n al lh8 rantr8 of al we (h) ragardléss of the departmentwithin the SCIMKI, through the CL￿￿[¥￿￿ d￿e￿1Pment of hith echjcational Stand￿d5 resuhs. Each year the Staff wrle a Sthjol Deb*k)pW Pkn. and k* cl4eth¢s this Irthde.. Ralse all tea¢hiig Sta￿ardS trMwdS.¢￿btth Devdop sell4valuabon and idertitsts¢￿ offuture areas of Gunio￿M d8v8Wm8nl In addi¢ion to rnaink*ning high st8AKlards. b￿1 on the devebpmenl of positNe physical t4KI emotional welljew Explore feasibility aspects ol the Sclwjofs str*yto Upgrxle the (lning to match the q• ofth8 rest olthe Sch(K Ch8rltable Siatu$ The Governor5 confi￿ they hwe compfwl the (hty in S17 of the Charrties Act 201110 have due regard lo the Charity Ccffimission'5 gLidance on put￿lC BenrfL To that end we offer a significant r￿rnber of awards fri>m our Burges Bursary fund, highw than many other Prep Schools and we offer a minimum of 200 hours of communty use lo local grow)s at the ￿￿￿r commurmty rate. TINS is In addrf￿Th to tPe preferential rate charged to The Gap Club, a kral holKlay dub proVider￿1¢h serve¥ the G(ThmurNty. As an edUce￿nal chorty the parwls have the assurance that all of the of School is used for e￿catIonal pur￿SeS as descrthd bythe objects ofthe chwty. As a charity th8 School benefts frcln s¢Th lax on its ethuti(Thl actpiibes and investments and is entitled to an 80% reduction Dn lyJsiness rates on an prr4>erties used for charitable purpose5. These financial benefrts allcAY us lo sustsin a bwsary polcy that enables thildren *those fami￿e& w0￿d not olherwise be able to Buryes Bursarles 8urges 8ursary awards are available to pup115 on entry to the School and to rel￿ve h¥dship where a current pupifs edu¢ath)n V+Thikl be al risk due io a S￿)S￿n￿?1 drcp in famity in¢ome. fr* example. thrwgh redundancy. ill heatth or bereavemenL All ayards ￿ means testad and a number of P&tor5 are ￿5￿Jer8d. incluthng knly income and expenditure. ln￿trnents. savings and famty circumstances. In 2019r20 the se￿01 aw¥ded 20 bursit * the Iwnning of the financial y with an addrtK)nal 2 emergency hardship bursaries in the summer term as a resuli of the COVltk19 pandem￿. Ho•Yever. St8hRs Preparthy School does not have a I￿ endcpmnent furKI arKI. consequerlly, the se￿0[ is min(¥ul of the baan¢e that neets to be $tru¢k betfften setting fees that are alfordable lo a wde cros$ sectK*n of Infarniabon ab￿J1 Burges BUrSt￿e$ awloble on request and on the School websita Page 3 STAINES PREPARATORY SCHOOL TRUST (A company Ilmlled ty guaTantM> GOVERNOR% REPORT (CONTINUED) FOR THE YEAR ENDED 31 ALIGUST 2020 Use of Fadlllles The School wdcomes k¢81 ￿￿th Sp￿ts leams lo use Its TAthith enables the chiklren to t¢nefrt from coxhing through0￿ the year. We havg established fink$ *ith k)¢al grwps such as sp(xts. analeur fithess groups who make use of ow larg? mulb-purpose hal, a5 VRI as OLW 0￿d¢jor f*Art*s. Preferentd hi￿ rates are given to local groups to offer access of our facilties to the widest possible cr055 Secti[￿ of the Cunmuruty. The Gap Club provide holKlay camps for bcrth pupils at the school those frLYn the local communty. In 2019r20 we kt our f&thies to the ¢Thnmw)ty * a kmw rae tr 208.S ￿Urs. TPas ts a r•Juction on last ye due lo the Gcwemment Cov1￿19 k£kd(h￿ wi subsequent Go4Trmment guidance on the re•Op￿INj schods. Achlevements and Perforniance from the Schoofs Revlvw ￿the Year ISI Inspecdon 2019 In December 2019, a fLII ISI Inspeclion Vds held at stawies Prep and de￿ghted lo anr￿unC￿ that ¥￿ have been rated as EXCELLENT in ai ar&8s. This means that staines Prep Wds a￿a￿lled the highest mark for ea¢h of the fdl(wing areas: Qualty ofthe pupils, academ￿ and cther ach￿￿1￿￿ Qualty ofthe puplls, wson81 devekipment Not onty does the report xcur*ly recognise %•thal our p￿11$ achieve. tt also captures the esserKe ol staines Prep and hcyw realty do educate tod￿$ chlkn for th8 chaI￿aS of lunorrThv. Key findiNJs from the report [￿k￿le.. The quatty of pupils. academic and ofher achkvemerls is excellenL Pupils. achievement is high. Part￿arfy in entrance and sclw)larslK) lo selectw senw)r 5cIKols Pupils appty their kn￿￿edge and underslwKlwo effectivety to problBm4 particularty in mathemalics. Pupils demonslrate extremety pos*r4e attitLKles their leamiThJ Pupils. communtcation skils t*e excellerL spea( articLdatdy. dem￿￿9 texls ￿ use Imgh qualty writsng in al subAecl% Pupils display considerabfe research ar￿ collabtyaive ski115 The qudity of the pupils. personal development is excellent Pupils display high levels of self*teem due to nurturi￿ enwronment of the school Pupils have a deep sense aKI wror4J. Their behawour manners are impeccable. Pupils have very purposeful and relation5hy5 vilh each other and In th9 5Glwl C￿mmUnIty. Pupils demonslTale a Str￿ sense of social ￿eneSs. Th c*lest uThJertake their elected lealership rcAes wrth maturity. Pupils from a diNvse corrmwwty ntefv extre￿ty WKI resFÉCt e*h clherfs drfIe￿nt cultures and bel￿ts. Sclthl leadership and gmmance en5urethat e(yHty is at Ihg l*wt ofthe Overall achie%fment w) the EYFS 15 excellwrt in mathematkal, xientifK, and sodal Pupifs wriiing in English is excellent sr￿mE$ PREPARATORY SCHOOL TRUST (A company Hmlt•d by guaTrnt•el GOVERNOn REPORT (COTrmNUED) FOR THE YEAR ENDED 31 AUGUST 2020 Achlevements and perforn￿n¢0 from tho School's R•vlva7 of th• Y•4r Icontlnugd) 11 has been Sn unprecedented year. The start d the academk Y￿ rdn smoothty. but 5adty thJ• to the pandemic Cov1￿19 * has been a Nwy drflffiertt ¢rnl to the >w. Due lo Cov1￿19 the sclbjol was plxed Wi fr¢￿ 23 of Marth ￿til 1 of j￿e. However SPS provwjed a comprehensive virtual learning progran during tlus time. The sch(wJl alw provKJed ons*e proviskjn fcrf Key Worker chlktren throughout the nalKfd trKJ(dtr*n. From 1 June Nursery. Rece￿Tr, Yeai 1 al￿ Year 6 ratumed to school and th8 Nirtua teaming prc•Jram continued for other sear goups. Towards the el￿ of the academic year, through detailed planning and organi5ation, The were able to have all year graups. back to cetebrale the end ofthe year. Fees wwe increased slightly, at the Start of the ￿ wlmlst remainlng hYJhtry coM￿￿t￿? for 2019r20, bfraring in mind healthy dalr￿u$ hot lufKhes. trijs a￿1 visls. wi¢Wirw residential ¢Wrr￿uM tiips lor chiklren in Years 3 - 6. and all books and stationery are inchjded. For the Swnmer Term, faes were reduced by 20% ftr maln school 8nd 51YA for N￿Sery as a result ofthe c0vir￿19 pwthi The Govemors Leadw5hp of Stwne5 Prep remain ¢(xwithd to pmvlllng hlgh qualty teachirMJ excellent facilthes. In &ldition, the chldren beneft fr(Nn speCial￿t texhing throughout th8 SchorA in a number of subject areas." ErwJlish, Drnna. Mkn. Suence. FrKest Schoofing. Compthing, FrenchlSpani5h. History, Geography, Classtal Sludw, Art. Desw aKI TedMv*y. Relw•ous Education, Games and Physlcal Education. In koeping with its non-academThty selectlve pofy. SPS prowded ts pupi15 Imth a wNle range of abilitles through small class sizes. Le￿Ing Supwrt Assist￿. Indmdual ne&ts lessorffj, and intervention support groups ￿ere requye The School Prep￿ PLyils lor 11+ exaMrAt￿￿ by using bclh ow assessment pr￿edureS as well as external as¥e55menl using GL Assessments. Our 8ssessmert IVAS are n(AY based on $t￿dardl$ed score5 and are often more uselul and rel8Vart Ihan data a5 th8y Dffer a number of opportunltles lor drfferent comparlsons lo be made. The resutts we thecked against a nati¢rf￿l samFle. prO￿￿r￿j a greater in$bhl Into the pupifs per10m￿nCe in the examinatiYL Furthefmorq li *50 takes into xcounl th8 agg of the chikl on the day of the lesL Out of fthty three chlklren ttr*leen Granmar School p*es V•we offered. chmren received four of Ihose offers. This ￿ounts to 30.¥A. Sune ¢hlldM tfAI Mt sit bewse their parents wish them ta remain in the indeperKlent sedor. There Tw•re a IDtal ofsb( schol•shlp offers 7nJ one thvard the IndePer￿ent 5eclor. Please visit our Futur8 Schoo15 pag8 on OUr￿*b5118 lor frjrther infomiatlon. Charltl Our Harvest Fe$tivd donated l￿d to Marth Bard(, a local charity based wi sts1nes-upo￿Tharne$. In addition to this. our successful Macmillw Coffe8 raised an •maing £831. Save the ChllJren received £28139 from our Chrislmas Jurryr D￿. Our House Ch* Week. where each trKMJse Choo￿ a charity arnl wise5 fwpjraising events on thelr b8half was ar￿ther su¢ce55 during the aulwnn temL Attenborough raiwl funds for The LaThJ Trust (£296.81) 1)thl for Roakl Dohfs Mwveknus Chiklren's Charity 1£109.40}, Ennis-Hil for Besom CPwity (£301.34) Sexoh for Help for Heroes1£143.51). Olher events thrthW the y YKhJded ow Mufti Days. wtd our Chthas appeal. vthere familes donated a Cthstmas wesonl. wlych (wr Pupl Lead￿$￿ Team de￿•￿ed to the E%•&na Chldren's Hospital. Page 5 STAINES PREPARATORY SCHOOL TRUST IA company Ilmtted ty guarantee} GOVERNoifs REPORT ICONTWUED) FOR THE YEAR ENDED 31 AUGUST 2020 Charhlos Iconfjnued) Due to the Govemment regulations in plxe during Juty, we were (fwjpointed not ts be ab￿ lo host our Year 6 Speech Evening, h￿NeVer rvjt vdrtiro Ihe chmren to miss cwt on this event. we instead celebrated their Aw8rd5 were gtven In the Ickn*YJ c*egcThs The Slalnes Prep Way- fw dem￿ ts vakm oflhe sta￿8$ Prw Way The Endeav￿r Avrdrd- Gre*est effcrft urfer a perKwJ of li)x in cyderto 8£h￿Ie their b85t The WhÉiakerAward lar Mathem The Mdes Avr￿d for Engfish The Concorde Prize for Achiev￿)ent in Sc The Humaniues Award for Gewaphy. History R E The Olver Griffin Award for Linwistic Achievement The Russdl Award lor Perfomi#vJ Arts The Art Deslgn Award The Compubng Aw*d The Savryer Cup for The Roberts Trophy for Netbal The Indla Gymkhana Cup for Hock The Wilham Purkiss Cup for FocAball The Defek Ta￿Or Shield. the boy wl the m05t in temis of eff(Yl and character The 3R's Cr￿ke1 Award The Leman Trcphy for Greatest Cortr*#Jtion to Sport The Cox Award - our most westigvJu5 avth gi￿ lor excelEnce Mra5 ￿lded to the wh¢Jle of y￿ 6 In recognili¢Jn ol their re5118￿e and *x¥k dur¥vJ the uwecedented lo¢k{kn￿ and for adap￿n9 to tt home leamin School Councll Each class, Sel￿)01 C(Mm¢il ￿Present* met *eek to discuss a variety of different tq)u and to share the pupil voic8 of Ihe Schoc4. Th8 school ccAxKI focus for 201￿2020 was reotling. The conducted a school survey aboul whether SPS s￿JUld be more ecTrfriendty. hal written lo Spelthoff* Cwn¢il to ask about re¢yding (no responsel) had IKqMd facilities tean abc#Jl thfferent cthirad birK8 5choDI ts drflerant waste. Eco Councll Our Eco Councl (crtinued lo b8 a ￿K¢aSS. a￿1 &vardwJ our Sifver Fl*J and hope lo &hie4e the Green ftag acajemtc year. The Frl¢nds of Stslnes Prep Once again TFOSP prthfjded Valu￿78 funds for w*hin the sthcKII. by holdlng thelr annual Flrew?rk SpectsvJlar. tuck shw5, Bags2SchoL4, Christmas aThJ slynec￿ Speoal gi￿n9 rc*)ms. Unfortunalety due to cov1￿19. they I￿re urAble to hc4J Itm Easter e￿nts arKI Spryts Day famity BBQ. SPARKS. the SPS chlkkare facCty runs frcm 7.30an - 8.3￿ aThd 3.20pm - 6.OOw, remaining popular working parents wh) ¢an off CO￿ theirctthn at a that suits them. The Gap Club remains wfth us wthfjding Chi￿ to SPS and non SPS chthlren for the school holidays. Unfortunalety Ihey were unable to run thjiing Easter Holiday5 and ti*ir t1￿￿ al SPS dLwing the summer holidays was shortened lo olbw ts th￿Ugh deep C1￿]￿J. pknning and prepwam of our schcol opening in S9pt￿t￿￿Ih all cov1￿19 r851rKli￿ in *. STAINES PREPARATORY SCHOOL TRUST IA compw 1kn1t￿ trj guarnnt••) GOVERNoFfs REPORT IcopmNUED FOR THE YEAR ENDED 31 AUGUST 2020 The Frfends of Staln•s Prep IcoThtlnued) Our Irwolvemenl in the kxal commuiyty is realty inptht to us and contlnues to exparrfj. There has been a considerable expansion of cunmur¥ty use thmugh the ayastsblty d the Foundets Buihjing. The facilities have been usad for tannis and Mcket coaching, tho wfonning *ts. confere￿8$ physlcal fthess sesskins as well as our school being wed as a verw8 k) IK>St chikjren's partm. We Ghargg 'Gommurvty rat•s' for 'CCAnmunty WPS.. Th8 '8urg8s BU￿ary Fund eontiNe5 to be a key part of ch*llable Many chNdren have benefrta from the help that we can offer arKI we C{￿tinUe lo wi¥ite applutions fr¢￿ those seek our s¥*po Prgp School of the Year We were dglighted that Stanes Prap was 5hcrfdisted in the ITKl8wdenl Sch(xJls of Year 2020 kn the P categwy. The Independent Scho￿5 of the Year ￿dS were Iwrthed in 2018 to highWJhi the ex¢elknc8 of th8 student experience in iThlependent sch¢x4s. School Improv•monts The Facimies team have been irve(fjbly busy thi5 *ademt yew. The All Weather has begn completety relurbished. along wilh the cricket rds. The kitchen has urKlergone an Lydat8, ￿￿th new equipment lor tho ch8f and néw serving cL￿rterS. Our Nursery has had a complete transfonnatlon. wth new flooring, a complete repairt aTvJ new fwn*ure, scll fumishu¥> arnl plwy equwnt Feodbxk I￿rn vithg prospectr parents has been oveThYhelnNngty p05ib COV1[￿19 Adjustments Preparing the schcd to reopen li June. arnl then •Jaii xi Septwrt)w folkxryng thé most up io date Government guidelines has been a major undertaking. Guidance had changed Signfrantly fr(wn ¢)ur Phase One reopenlng lo how the kioked in September. Risk assessments far staffing and facilitie5 had to b8 &irried out. Area5 had lo b& elearty marked OUL the dining hal split into a socialkm disLwKed staff c￿munal and work room and lolet facilth8s *hxated to exh l)ubblo group. fimetables drop off. p￿k up and lunches had to be introduced. All adjuslments were carried out during th8 summer hohjays and al a swJnrftsnt cost to tha school. Flnanclal R•vl8w The Trust has recewed wK<¥ne of £3.656.084 duriYJ tre >tar ¢omp¥ed ￿ £4.070.901 in the year lo 31st August 2019. ExperKliture wnounted to £3,611,569 {2019.. £3,608,TT2) giwng 8 5ury)lus of £44.515 1201*. £462.129>. The resulls are summarned on page 13 ofthe School's xcounts. Rfjserves Poll¢y The Govemors have dete￿Ined thal thg apwwi*18vfjI Lrf frge resery85, dwm frtjm th8 g8neral fund, shoukl be equNalent to one lemis experrfjrtu￿ (Appmximately £1,200,0(K)l. Currenlty, free reseNos are £1,222.550. The S¢hocl VAII endeavour lo buld up free reserves through close monitoriTrJ of costs, and buiwing th8 schcd roll. The School inereased free reserves In the aUt￿1n lem) h(W•ever the impact of the COVID-19 Pandemic resulted in re5epRs being utiLryed over the remairring I¥￿ t￿s. The Schooi is lorecasting a defictt In the pericdj lo 31 August 2021 V*hKh YM redl￿ th8 curmt Iwrfel of fre8 reser￿. Rlsk ManaB8m•nt The Govemors use a number of way5 to m(￿￿Or the risks fxing the 5choDI. both from intemal and exiemal factors. A Risk Audit is caffi•l ryjt annualty. and m(￿rt￿l arKI upd*ed througl¥)ul the year. Sch¢)ol Governors revE# the rlsk reyister In the Spring Tern. Thi5 audit takes xcount of the School's Charitable Objec RegulalKJrYs and Cc¥n￿kS1Ke. Governance & Management. Extemal Influences. o￿lo￿al Issues, Fundraisin HR, rr, Finance and Infrastructu￿. Every su1￿C¢￿m￿1ee of the Board of Governors considers Safeguarding and Health and Safety as an agenda ￿ern. and th8se tOPiC5 ar8 8mb8dded thrc4Jghout the school. A major risk focussed on in 2020 was the pandemic ii5k wtiKh chaw to huh given the C0VIC￿l9 situation the increased HeaAh & Safety concerns for pupls WKI slaff as ¥MII as the s•Jnificant ffirwKial impact for the schocl. STAINES PREPARATORY SCHOOL TRUST IA coMp￿Y Ilmlled by guardntw} GOVERNOn REPORT IcopillNUED} FOR THE YEAR EM)ED 31 AUGUST 2020 Rlgk Management {conllnued) An annual reviv•V of the risks faciThJ the schcd Govemor level moniknng of Safer Recrith￿rt & Safewrfuwj Temis of Reference for al sulKommitiees A skli I based approach to Govwnor recnknw Fomial poI￿leS and prfv￿n¢ in 5cIxKI Ile c￿nPrehens￿e budget a￿{ Pr￿edUreS Regular re*￿ewS on str Use of extemal consulants ￿t￿n ne¢essay to pr*tse *ilhKI Ihe school. F￿ e%￿pIe HeaMh & SafetyAudils. pollical sector5, and are mlndful of the parenlal base and the potential knpact of any uncertalnty. The School remain5 focussed on prowdvu an IrnIep￿denI EdUcalk￿ io ts wdest ￿5s￿lE crD55 5ectiun of the ￿nmUnity, by balancing this with the fee knts required to maintain WKI Thprove the qualty of the edwtkn provlded. Thk8 be done by raslng the profie of the school, lurther streWeMwJ our admisswjns lrt This will be done through targeted marketlig for Nursery. Rece￿ aNI Yaw 3 entry. COV11￿19 From 20 March 2020, al schry)Is were instnthd to ck>$e their bU￿ding¥. exwt for chthlren of Key Worker5 and Vdnerable Children. The School introduced a fvll online b&Tning syogram ulifBYy Zoom, Seesaw and eS¢hwL8. Folich￿ry exlensrve financial rernv, the Govemors decided lo implemert a 20QA fee rgduclvjn on tuition fe85 for the Summer Temi 2020. A 50% fee reduC1￿7n was Inpl￿ented for Nwsery parents. The Govemors also set a5¥Je a Hardshry) 8urs¥y FuThJ. el￿oU￿91rt9 811 parents *re in financol diffthty due lo Covi&19 leading lo Inabil￿ lo afford schod f885, to apply for a Hardship B￿s￿. Final￿. the Goverrnrs confimied that Ihere w0￿d be irfflationary increase in fees the entire 2ry2￿21 year. The School did recebve"furkJugh" payments from HMRC in respect cl scffie n￿4eachng staff tAtho ware placed on temporary furbugh leave. The partdemlc had an adverse effect on the original budgeted suWus to 31 August 2020. re5ultin9 in a much 5mallgr than expecled surplus for that year. All m4or capital prw been postponed at presenL Thg G￿rnorS are foracastiry a smal delkil the ￿r to 31 ￿￿JUst 2021 whkh wil be financed by retalned reSe￿e$. The Goverrvjrs have tsken all r8a¥#* steps to contrd costs whitst an5￿n9 that the School c¢)ntinues to aCli￿ ils objeclNe& Gov•rnor5' Responsibllitles Statom8nt Tho Governors (who are also dfjred￿ of blavm Piep¥*thy Sel¥xJl Trust the purposes ol comp8ry Iww) are reSponsi￿e for prepariTrJ the G￿￿nIN5' report thfr fin￿cial 5tsternents in a¢¢tythn¢e with appli¢able l•¥ and United Kingdom Accourtin9 SI￿dards {Unrted Kir¥Jd(￿ Ger• Accepted Accounting Prthl. Ccmpany law requires the Governors to prepare firwKial statements for each firwKHI year. Under company law the Govem¢xs must not 4)Pfove the financial slalements unless they are satisf*d that they gNe a true arKI fair of the state of affaws of the ch*btable company and ol the Incoming re￿rCeS and applKation of resources, wicluding the income and exFeTrdrture. ol the chaiitable company for that perfjL￿. In preparing the financial sLknnts. the GO¥eMc￿ ￿ required to: select suitable xCo￿ting pokie5 and then appty them observe the methods and princples li the Charrtie5 SORP, makejudsynents and a¢cOUth￿ estvnth that are reasonabl8 and pNdort prepare th8 finarKial statements on the goiry CL￿ basis wless I Is inapprcymte to p￿SuMe that the STAINES PREPARATORY SCHOOL TRUST IA company nmltod by guarnnt••) GOVERNoifs REPOFrr (COPMNUED) FOR THE YEAR ENDED 31 AUGUST 2020 Gov¢morn' R￿PonsIbl1t1￿ Slatement Iconlknued) The Governors are respons1L￿e for keeping adequate &C￿ting ￿OrdS that ￿ sufficlent to shcN4 and explain the chwilable companys transaclions and discl)se with reasonaLq& *rJJracy at any twne the financLal PDsitlon of the charitable Co￿￿nY enable Ihem to ensure that the financial st*ments compky wilh the Companies AGt 2006. They are a150 responsble for safeguarm date the fmancial slaigment5 arg authorised for issue. Page 10 STAINES PR&OARATORY SCHOOL TRUST IA company lknlted lry gurntee) INDEPENDEP￿ AUDrroFfS REPO1￿ TO THE MEMBERS OF 5TAINES PREPARATORY SCHOOL TRUST (CONTINUED) Oth•r Infomiatlon The G¢)vemors are resFthsit4e for the other informati(m. The information compri585 th¢ Inf0M￿l￿n included in the annual repor( other than the financial statements aKI ￿r audbtorfs report Ihereon. Our opinion on the financial st*ements does not cover the other informth arKI. except to the extent other*tse explKlly stat kn our rep￿. we do not eypress any forni of assuwce corKIusiDn thereon. In connethn with our au are also the dlre¢tors cl the charitth ¢cffipany ts the purposes cl ccrfnpwty I￿) are res￿ns￿le for the preparation of the finanual Stat￿ents for beiry satisfied that gNe a truè fair vitr*. for suth Inlemal c(Jntrd as the Govemors detemine 15 necessary to enable the prep¥*on of financial statemenls that are free from material misstatemenL whether due to fra￿j or erTQr. In preparing the financia statements. Ihe GfATrrn(￿ are respcThll)le for a9$￿1ng Ihe Charitable ¢ompanls abwty to contwiue as a gory concem, thclosir¥J, as apphcable. matter5 related to going concern and using Ihe going Col￿eM basis of actr￿nting unless the Govemors either irtend to INiidate the charilabkn c¢ynpany or to Audltofs responslbllltlos forth• audlt of the fin￿¢￿1 statem￿ts Our Objecti￿ are to oblain reasonable assunnce ab￿1 whelhw th8 fffJancBI statements a5 a wtbjle are free frorn material misstatement. ¥A￿ther the to ftaud crf erfor, to issue an auditorfs Twt that includes our ¢Jpw)*Jn. Reasonable a5¥urance is a high level of assurance, is nol a guarantee that an audit conducted in accordance with ISAS {UK> wl ak¥ays dete¢l a materra misst*a)wil when it exi8ts. Misstatements can arise fn)m fraLMI or error and are conslllered mthal rf. in[th￿d￿alty or in the aggregate. they could reasonabty be A furthtt descdpllon of our responsbillies fcff Ihe audrt ol the financial statements 15 Ic¢ated on the Financial Repryb"ng Councifs website at. . Thi5 de5CfiPtKn forns part of our audit(¢s reporL Use of our rfjport This report is m￿e sO￿ty to the charitable C￿panIS rnembe￿. a5 a body. in acLYJrdance Y￿1￿ Chapter 3 of Part 16 of the Companies Act 2006. Our audit worft has been urKlert*en so thal we might State to the charitable companys members those matters we we required to slate to them in an aud*ofs report and for no other purpose. To the futlesl exlent pemilted by I￿. we do not accept ￿ assume responsibl￿ty lo ￿Yone other than the charitable ¢¢fflpany ts mernbers. as a f￿ our wcrfk. for this reporL or fty thg opinions we Darren O'connor Bsc IHons? FCCA ACA (s•nlor stautory audltOT) for and ¢Jn behaw of James Cowyr Kr•ston Chartered Accountants and StatUt￿Y Authtor Reading Brklge House George Street Reading Berkshire RG18LS Dae: 17 May 2021 Pa98 12 srAINES PREPARATORY SCH¢X)L TRUST IA cOM￿TrY Ilmlt•d by guarnntw) STATEMENT OF FIIIANCIAL ACTJvrnES IINCORPORATING INCOAIE AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2020 Totsl fund8 2020 Ti>tal funds 2019 fund5 2020 2020 Nol• Income from: Donations and gr￿ts Charlabla activibes Investrnents Other Income 97.775 1505.767 224 97.999 3.$06.767 9,640 42,678 10,873 3.991,072 14.413 54,543 Totsl Incom8 Expendmure on: Charitable acts￿be5 3,￿,860 224 3,656,084 4.070,901 4608.637 1932 3.611.$69 3.608.772 Totsl expendlture 3.608,637 1932 3.611,569 3,608,772 N•t IncomgllexpendltUTe) 47.223 (1708) 44,515 462,129 Transfers belween lunds 15 307 {30n Net movement In funds Re¢on¢lllatlon of funds: Total funds bro￿h¢ foThvard Net movement in furKIs 47.530 (3,015) 44,515 462,129 6.028J 47,530 11,135 I3￿15) 6.040.031 44.516 4.5T7,902 462,129 Tolal funds carrled fonward 5.076.426 8.120 6,084,546 5,040,031 The Slatement offina￿lS1 xtr4iti85 inthjdes al and h)sses recognised in the yw. The notes on pages 16 to 32 fum pwiol these fffwKial Staern￿ p￿13 srAINES PREPARATORY SCHOOL TRUST {A cwny Ilmlted ty guarantso) REGISTERED NUMBER: I￿114440 BALANCE SHEEr AS AT 31 AUGUST 2020 2019 Flxed assets Tangt•le assets Current assets 11 5,64670 5,701,260 Debtors Cash at bank SKI n hand 12 129,64S 1JB7211 109,003 1.435,181 1￿16￿56 1.544,184 Creditors: aMO￿lS falling due withn ¢Jne 13 (633WO) (660,824) N•t ¢urr¢nt assots 883A16 883.360 Total assets less currnnt IlabSlltl•s 6,538,086 6.$84.720 Crethtors.. am01￿ts falh'ng due after n than one y 14 (1,453,540) {1.544.6891 Total net assgts 4084.546 5.040.031 Charftylund5 Restricted fl￿dS Unrestricted lund5 15 15 8,120 5,076,426 11,135 5.028,896 Total funds 5,084,546 5,040,031 Govemors ackrkn*ledge their resp(￿$1￿1￿1es f¢x Comp￿￿ry wlh the requirements of the Act wlh respect to accounting records and preparation irf financia slalements. The f￿anCIal statem tilrPA Hall Oat¢ 10 MA7 0021 Page 14 STAINES PREPARATORY SCHOOL TRUST IA c(xnpw Ilmlt•d by guarantw) STATEMEMT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020 2020 2019 Cash flows from ¢yeratlng acllvltlos Net cash used in (watirvj acb¥itses 18 17&370 640,012 Cash flDW5 from Invutlng actlvltl•s Inl6resl ￿¢$iVed Purchase oftsngible ￿ed assets 14.413 {34.533) (161,1591 Net cash used In Invesllng a¢llvltles (151.519) {20.120) Cash flows from flnanclng acllvllles RePa￿th$ ofborrch¥ir 174,8211 (79.639) Net cash used ln Ilnanclng actlvlt105 174.W21 {79,639) Chango In cash and cash •qulvalonts In tho year Cash arKI cash equvlalents at the begiMWVJ of the year 147,9701 1,435.181 540.253 894.926 Cash and cash equlva￿nts al the ond of the year 19 1AB7.211 1,435,181 The nol85 pages 18 to 32 foThn wt of these frnn￿￿ slatements Page 15 STATr4ES PREVARATORY SCHOOL TRUST con4)any Ilmtted ty guarnntso) NOTES TO THE FINAIKIAL STATEMEKrs FOR THE YEAR EM)ED 31 AUGUST 2020 Ac¢ountlng polklos 1.1 Basls of pr•paratlon of Ilnanclal statem The financial Statements been prepared in accordarKe V•ilh the Charitle5 SORP {FRS 102) - ACc￿nI￿g and Reportnig by cha￿es." Statement of Recommended Prnctice applicable to charities prw)aring their accounls in xcottlance with Ihe FThncial Rep￿ sknd8￿ applKable in the UK and Repubk of Irdand (FRS 102) (effed1￿ 1 j￿Uary 20191. th& Financial Reporting Slandard applicable in the UK and Republ￿ ol Irelarxl (FRS 102) and the C(￿￿nieS Art 2006. staines Prep•*fry s¢￿￿1 Tntst meets the defirknn d a public benefft ertity under FRS 102. Assets and l**ilities are inilialty recc*Jntsed 8t hIstOr￿ or transaction yahje unl883 othenM8e stated in the releva￿ &counting pc*y. 1.2 Golng concern The G¢)vemors ￿13￿j￿ the the gh)bal C(Md-19 pandemic on the abl￿ of thB charty to cL￿tInUe trwjing fcy the fw8se8abl8 future. Thi5 ha¥ ncluded ¢onsidering the impact of the pandwnic io the date of signing the firrancial statements aKI LpdatiTr3 financsal projections and perfm#ig rvjorous stress tes11￿ on these Fvojections in respect of incuno and the charit￿5 supply Chain for a pericd of 12 montlts from swJning the accounts. Based on this fevivN and taken together ilh existing ffinancwwJ f#￿illeS the Govemots beknt th* ts finan¢ial ststements have been prepared appropriately the going concem ba51& 13 Income All income 15 recogniwl once Ihe CLYnpany ha5 entItl￿ent lo the income. 11 is prithbl8 that the In￿rne V•ryl be rec￿ed a￿1 the ￿Qu￿of inC(￿e le¢￿vable can be measured reliabty. Charitable wicome ccfflprises genwal scho)I fees, disbursements and extras recharyed and a accounted for li the peritrj in the ￿ is prnwded. C)(Ybaknns r￿81¥*d for the purpos￿ thB are credited to urne51ricled fund& D(¥WI￿n$ ￿bJects to wfficwishes ofthe dcrflys we credited to ￿tr￿d lunds. Gffts in k¥KI thnated we inc￿M￿ and Cmspr￿M9 asset irKluded T￿ed asset ath Grants are Inthded In the strIw)￿l cl fwAnual actsvA& on a recdvable basLs. The balance of income received for $￿ifiC purposes Ixrt not expended during the pernd is skthvn in the relevant lunds on the balance sh*t Where inctffie is received fft •Jvance of ertitlement of receipl, its recognibon is delerred and uKluded wi rxellit￿S as deferred ￿cOMe. Where entrfement ￿curS Prye 16 STAINes PREPARATORY SCHCK)L TRUST IA comp•ny Ilmltod by guarnntoe} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Accountlng pollcles (contlnued) 1A EX￿ndIturn Expen(*ture is recognised oKe thwe 15 a legal w Ccfflstructr￿ C￿lI98ti￿ to transl8r aconomic benef to a thi￿ party, li is probable that a I￿Sfer d economic b•nefts Voill b8 required in 5etllement and the amount of the colpalion can be measured r*bty. Expendrture is ckssthed by activty. The costs of each are made up c4 the tota of direct costs ar#J shared costs. Ir￿L￿ding support costs involved in undertaking each actswty. Dwe¢t Costs altrl>Lrtable to a single actsvity are allocated d1￿CtlY to that actsvity. Shared costs which contnbLrte to more than on8 • arKI sUPPOrt costs whlch are not atribtrtable to a slngle we aPPCAkned betrween ttK)se actNibes on a ba¥15 corisislent the use of resowces. Certrl 51aff C{￿ are alkThted crb the basis of time spen( and depreciat clwges alkxated ofthe assrf$ t All ex￿dit￿e is 1rK*jsi￿ ol VAT. 1.5 Govornment grnnts Goverrrnrt grants relating to fwl assets we treated as defer￿d I￿oMe and released to the 51atement of financi41 thities over the expected usefLd fves of the assets conc8med. other grants are cred*ed to th¢ offwial as th8 related expeThliture is incurred. 1A Interest recelvable Interest on funds hekl on deposk Is inckxtsj when recavabbe and the amount can be measured relrably by the C(¥npany. thi5 is UP￿ rntir￿ of ihe ir*erest paid or payable by the i￿titu￿0n bmth ￿0M the fund5 ar8 deposited. 1.7 Tanglblo Ilx•d ass•ts and d•pr•clad Tangible T￿ed assets costing £500 or mor8 ￿ capila15ed and recognlsed when flrture e￿nOMiC beneffts are probable the cost c￿ ofthe asset can be measured reknbty. Tawlble ffixed assets we at After recognition, ￿der the cost model, tangible fixed assets ￿ mgasured at cost18ss accumulated depreclation and any accumuLaled Impainnenl losses. A]1 costs incurred to bring a tarvJth asset irto Is thnded Mjrking condbts￿ Should be lr￿￿jded in the measurement of cosL Depreciatic￿ is chwged so a5 to albc*e th8 C05t of tangl￿e r￿ed assets less thetr re51du21 Wdlue over their estimated uselul Irles. Freehold prryerty Mini bus Fixtures. fftUrKJS. lurr*ure and equipmenl {exduthrvJ coryutern) 2% $￿ah1 kne 25% b*nce 15% reducing baance 33% strwght Fffle 25% reducry bal￿e Page 17 STAINES PRepARATORY SCHOOL TRUST IA company Ilmlted ty guarantse) NOTES TO THE FINANC￿ STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2020 Accountlng pollcles Iconllnued} Trade and <*her ¢JeblL¥s a￿ wnised * the sduement amount after any trade dls¢rAnt offere(l. Pr8paym8rts are vak*d * the anounl Pre￿ net ofany trwje due. 1S Cash at bank and In hand Cash at ba￿ and in hand NKlude5 cash and 5hort4erm Imghly fiquid investments with a short maturity ofthree months or less ftryn the date ol wukgtion or opening of the deposit or $￿tsr a¢￿UnL 1.10 Llablltl85 and pTovlslong Liabimies a￿ re¢c4Jnised vthen t1￿ is ￿ obl￿￿10n at the lth¢e sf*l dale as a result of a pasl event, li is wobable thai a transler of be￿rrt b8 rew¥ed in sgttknien( and the amount of the settlement can be estimated reliably. Llatiilrfies are re¢¢gniged ai the an(wrt th# c￿pary antkwes ft *il pay to seltle the debl or Ihe amourt it has receiv8d as advanc￿ pa￿o￿ts for th8 w15 or savices it must pffj￿de. Prolfjsixs are measured at the best estirn* of wnowts required ¢0 setue the obly1K￿. Where the effect of the tine vpjue ol morw Is Mate￿1. proVts￿n is based on the present vdue ofthose amounts. di5caunted at the prfrtax discount rnte that reflects Ihe risks spe(ific to the l*billy. The n￿n(*¥j ofthe dB¢wnl Is we¢c¥Ji¥sed kn the slaltynert offin•Kkil as a finarth ¢osL 1.11 Flnanclal Instruments Company has assets and fr￿￿181 kabths ol a kind that qualfy as basic fmarK¢al Instruments. Basic instruments are Iiitb81ty reeo3rlsed at tr￿Saction value subsequently m&wred at their settl￿ent vakE the &Ycepb'on of bar* loans vthich are 5ubsequenUy measured al ￿OrtISed cost usvvj th8 effeclr¥e irtwe5t metlwxl. 1.12 Penslo Teaching $12ff em&tyd ty the company *e *ble for membershlp of the Teachers, Pension Scheme. ¥thiGh is a national scheme administered by the Teachers, Pe￿IOn Agry. The charity has arrangwj a defined contribL*h?n scheme for slaff are not eb3ible to j(in the Teachers. Pension Stheme. The pensi¢Jn costs chwged represert fhe cortrtlutions payabbe by the School during the 1.13 Opgrntlng Jea5 Rentals Lmder operalry *es we chty to tt)? stateM￿t or r¥wncHI aclNitses on a strai9 'ne basis o￿the ltsse temi. Page 18 STAINES PR&VARATORY SCHOOL TRUST company Ilmlt•d by guArnntw) NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR EMDED 31 AUGUST 2020 A￿)untIng pollcl05 (￿￿1￿yed) 1.14 Fund aG¢ountlng General knds are unrestricled funds are a¥￿abl? usè at the di8Crntlon of the Govemors In furtherance of the gew* oWN85 ￿ the CryTW have rn)t been thignaled for olher purpose5. Deg1W￿ funds comwise unreslrict&J lunds that been set aside by Govemors for particul¥ purposes. The use cl e*h d6siwated fffid is set Ixrt In the noles to the financlal slatements. Restricted funds are l￿d$ we to be used in acec*dance speCrf￿ restrickns imposed by donars or which have been raised by the Compwry for particutar purposes. Thè costs of ralsing and admwiistemg such funds are charged against the spe￿￿ fund. The aim arKI use of exh restricted Crltlcal accountlng estlmates and arnas of Judgment Estynales and Jwlgmenls are corthually evalu*d and are based ¢M INstoric41 experience and other factors, including eXPedatiu￿ ol future events thai are be￿ffed lo be reasonable under thè CYCL¥nstance5. In the appllcalton of the acco￿thYd pc**s, the thectors are rewlred to make ludgments. estimates assumptions ab¢Mrt the amount of as%t5 ￿ liaLMlitie5 not readity apparenl frcKn other s¢Jurces. The estimates and associated assumpti[￿ are based on his1￿1¢81 experien¢e and other factors that are considered to be releva￿ Aciual results may dtffer from these estimates. ¢ompary m&kes estin*s and assumpti￿ C(*￿eming the futm Thè regulry accounting astimates assumptions wl, by defin￿K￿, seldom aqual thè related actual results. The estlmates and assumptions that have a signfftant risk of caus¥)g a malerid adjuslm8nt to t￿ wing ￿ounts of assets and 1k￿lIrt*S the next finarKial year are discussed behx. Thg eslvnates WKI tmd8rl￿n9 assLvnpkns aTr on ￿ ongovwJ basis. Rthrysions lo accourtlng estimates are recoJnised in tha pwiod in which th8 estim* is revised where the re¥￿1)n affects I)n￿ that period. or in the p￿d of Ihe reviswjn ar#J future per￿5 where the affects both current and future periods. Th& most signthcwrt e5tin*s afect the ￿rryIng amount ol exh assets and liablities in Ihe accounts rdates to. Dep￿18￿crfl- Thg annual depreCalK￿ chaye for pr￿, Fknt and eq￿Pment 15 sernitive to change in the estimated useful fjconom￿ kns and resKlual value cl assets. These are reassessed amually and nended were necessary lo refflect current circumstances. P¥Je 19 STAINES PREPARATORY SCHOOL TRUST IA company Ilmlted by guarnntee} NOTes TO THE RNANCIAL STATEMENTS FOR THE YEAR EM)ED 31 AUGUST 2020 Income from donailons and grants Total funds 2020 Tolal funds 2019 funds 2020 2020 Don*ions 224 4,109 93,890 10,873 97.775 224 97.999 10.873 Total 2019 8.391 10.873 Goverrffient grants ￿late to the Jd) Rel￿¢￿￿ SclBne Income from ¢harltsbl¢ a¢tlvltles Unrv5tr1cted funds 2020 Total funds 2020 Total funds 2019 Gross fees Less burs•les dlscou SPARKS F8e5 in 18U 3.514.736 3,614.736 3.850.466 (213.933) 1213,933) {177.CKO) 57.939 51,939 I(￿.357 30.120 71.694 109.455 71,336 75,689 71.336 75,689 Disbursements 3.505,767 3,SOS,767 3,991.on Totsl 2019 3,991.072 3,991,072 Childr8n of SPS staff atterKlirvJ the sclwx4 receive a thscount in school le￿ in line vrilh the 5choofs 20 STAINES PREPARATORY SCHOOL TRUST IA company lkn#ed trj guarnnts•) NOTES TO ThE FINANCIAL STATEMEpirs FOR THe YeAR ENDED 31 AUGUST 2020 Investment Income Unypstrlrted funds 2020 Totsl funds 2020 Total ds 2019 Invasknent inccrne 9.640 14,413 Tda12019 14,413 14,413 Other Incomlng ￿￿Ur¢¢5 Unr•strlcted funds 2020 Total funds 2020 Total ftmds 2019 other Income Commi$5icffi arKI kttwvJ inc(me 8.560 34.118 8.560 H118 12,639 41.904 42.878 41678 Total 2019 54,543 54,543 P¥21 STAINES PREPARATORY SCHOOL TRUST company Ilmlted by guarnnto81 NOTes TO THE FWANCWL STAieMEIITS FOR THE YEAR ENDED 31 AUGUST 2020 Analysls ol expendlture on charkable actl¥lU Summary by fund typ• Total funds 2020 funds funds 2020 funds 2019 Teachirvj Weware and caterry Preml Administration costs Bank interest Governance costs 1289.616 182.184 437.125 611,309 1289.616 181184 437,125 614,241 78,503 9.900 2,268,430 237,465 448,250 571.415 73.602 9,610 3,608.637 2.932 3,611,569 3.608,772 Totai 2019 3,605,736 3,036 3,608,T72 Summary by •xp•ndltur• type Tolal fund5 2020 Slaff costs Deprnclallon Cxher costs 2020 2020 2020 fund5 2019 Texhiro Wdfare and pr￿lSeS Administrati￿ costs Bank interest Govemance costs 1017.450 21.418 272.166 160.766 234.217 227.741 78.503 9.9fMI 2.289,616 182.184 437,125 614241 78.503 9,900 1268.430 237.465 448.250 571,415 73.602 9.610 117,813 .036 296.464 2.420,427 207.849 983,293 3,611.569 3.608,772 Totsl 2019 2.305,101 194,143 1.109.528 3.608,772 Page 22 STAINES PREPARATORY SCHOOL TRUST IA company Ilmlted lry guarnntw) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AVGUST 2020 Audftorfs rthnuntrnllon 2020 2019 F￿5 payth to the Companl5 aHlit￿laT the aKlit ofth8 CuTynls 9,220 8.950 Fee5 payable to the C￿Pan￿$ aKlitor in respect (t All nOn.a￿jrt septhes not included atth* Slaff costs 2020 2019 Wages sdaries Social security costs 1.943,788 162,619 314020 1,912,651 170,711 221.739 I420N27 2,305,101 The average number of per￿* empw by th• Cclnpxby durwy th8 year was as fol(w". 2020 2019 Teaching staff Support staff 49 53 28 76 81 The numbw ol **Ks8 b8nrfts (exckmling employer pension ￿$15) exceeded 2020 No. 2019 No. In the band £￿I.001- £1(KJ.(X)O In the band £100.CK11- £110,000 Th8 pension c0ntnlXrt￿ in rel•bon tothe higher pad emplffjws we £23,34112019: 14,9201. The school ￿r￿lderS *s key manag￿ent personnel as Ihe Hea(#eacher and th8 Business Manager. The total eryknyment benefits includiro enwloyw pension contributicms ol the key management personnel were £221.834 (2019: £186.170). Page 23 STAINES PREPARATORY SCHOOL TRUST IA company Ilmlted by guarantse) NOTES TO THE FINA14￿ STAT￿ENTs FOR THE YEAR eNDED 31 AUGUST 2020 During the year. no Go¥ernots dher benefits (2019. £NIL). Durmg the year ended 31 Aug￿1 2020. M GubYrnc¥ expense5 trove be￿ i￿jITed {2019- £NIL). The G¢Mmor5 have taken tswjemnty Q443 {2019: £2,443). 11. Tanglble flxed assets Fr¢ehold Molor FIxty￿ and vahlcles frttlngs Total Cosl orvaluatlon At 1 September 2019 Addillu 6,717A86 $0.061 1,174961 161.169 7,941508 161,159 At 31 2020 6,717.48S 50,061 1.338,120 8,103,667 D•prnclatSon At 1 September 2019 Ch￿0 foT Iha year 1A47212 117,813 854.702 87,328 1241,148 207,849 2,708 At 31 AwJl￿t 2020 1,465,025 41,942 942,030 2,448,997 Net book valug At 31 2020 6251461 8,119 394.090 6,664.670 At 31 August 2019 5.370274 10,827 320,259 5.701,360 Page 24 STAINES PREPARATORY SCHOOL TRUST IA CoMp￿Y lknlt•d by guarnnt••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 11. Tanglbl• fixod wets Icontlnuad Included in land arKI is freelN)kl Iwwj at cost of £826,827 {2019: £826.827), ¥th￿h Is not depreci*d. Th G¢)vemrys w8 of th8 opiNon thal the Cuffefbl market of the schcds land buildings Is substantialty in excess of the figures shrrwn in the 51atements. Hrywever. il i¥ not possible to quanltfy the market value ￿ut caryiThJ a C￿ reVaI￿tIon of the school's property. The $chfA's bulljings are Curr￿1￿ insured at a vdue 01 £12.904.921 {2019.' £12,639.492). Land and buiklings are recognued n the accounts WKl8r the hthitxl (xJ5t [￿￿y. in Imie with the SORP. Fixed assets include items donated by The of Slaines Prep. In th8 xcounts of The Frbnd5 of Stalnes Prep these are as vlmed by the ch*ity Mith a written d17wn value of £1. To compty w¢th the Slalement of Recommer￿9d PTrctice to sh¢yw a true fair vw of th8 5choofs as8els Ihese are induded n the aCc￿nts of the sclKM)l. At 31 ALWI 2￿20 the net book vakn of these assets was £1.13812019= £1.577). Al of thg assets of the school wikn ￿ exC•¥Al￿ of il•ns of Of￿ equipm￿1 are used frjr direct charitable pwposes. Lbyds Bank PLC have a C￿￿e ffi the IWKI bL*W. 11 Dobtors 2020 2019 Trade dettrs Other debt(Ys Prepayments and aCC￿ed ira¥n8 17.802 25.369 86,474 41,463 5.260 62.280 129,645 109,003 13. Credltors: Amounts falllng due wSthln one y 2020 2019 Bank loans Trade creditor5 Other taxation and sccHI security Fee deposits held Olher creditors A¢cru￿S arvj deferred 83Y5 8I209 7T,475 27,970 48.694 24,123 2,665 479.897 41137 349.010 633.440 660,824 P•p 25 STAINES PREPARATORY SCHOOL TrLIST IA company Ilmlted by guardnteel NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 1￿ Credltorn: Amounts falmng due aft•r morn th•n ono ye•r 2020 2019 B￿k loans Fee (kposits hekl 1,315,040 138,61Jl 1,395,931 148.758 1.453,540 1.544,689 aggregate rnnt of b*i￿lIeS OT repay*le WIM￿Y cf in part more than fve yws after the rwting date i& 2020 2019 925,746 1,049,413 There are loans both secured by a fwst legd charge an unlinled debenture the school bjikh'ngs al 3 Gresham Road. The irteregt rae attributed to the £1.51)0.￿0 loan is 5.25% fLxed rae. The in18rest rate attrtsut￿ ko th8 £41X),IKJO 15 variabl8. as ik cwrenlly 2.5%. STAINES PREPARATORY SCHOOL TRUST IA company lknfted ty guarant••} NOTES TO THE FINANCIAL STATEME1￿5 FOR THE YEAR ENDED 31 AUGUST 2020 15. Statement of funds Statwnènt of fund$- currentyear Balance at 1 Sepleml 2019 Balance at 31 August 2020 Tran5f•rs Inlout Income Expendlture Unrestrkted fvnds Deslgnatod funds Freehohj property {117M13) 74.W21 3,853,876 General funds General lunds 1.131028 3.6S5,860 13Ng),824) 174.5141 1,221550 Total Unr•strlcW funds 6J)28.896 465i860 13,608,637) 5,078,426 Restrth furKI$ 11.135 119321 130n 8,120 Totsl offunds S,040,031 3,656.084 (3.611,569) 5,084,546 Trdnsf•r. The Iwsfer repieswts th8 amI￿rt needad to rofk¢t tre d￿r￿Je in the r*t book Vdlue of freehokt land d buiklin9s after taking into accwnt addliLTh. (Ispos* arKI depreciaknan dLwlrKJ the ￿ less the nounls outstandlng on the bank kxn. D•sIgnal￿ Funds: The freehold property fund the net boo* ofth8 prwy [855 (wJ15tandwy am(￿nts on the bank108n secured OVEr the sdlool bJthJiThJ& R￿trIcted Funds: ReStr￿le￿ funds represerts the nel brx* of a min*￿5. paid for by donations made by The Frtends of Stanes Prep. Page 27 STAINES PREPARATORY SCHOOL TRUST IA company Ilmlted by guarantsel FOR THE YEAR ENDED 31 AUGUST 2020 16. Statement of funds Icontlnu• 8tstomont ol funds- wloryear Batance at 1 September 2018 I￿¥￿e ExpwKliutp Balance at 31 August 2019 Transfers Unrestrkted funds Deslgnat•d funds Freehold woperty 3.935.042 (117.813) 79.639 3.￿.868 Genfjfal funds General funds 637.080 4.W510 {3,487,￿23) (79.639) 1.132,028 Totsl unre¥trkt￿ funds 4.572.122 4.IK510 (3.605.736) 5.028,8 Restrlcled funds Restr￿1￿￿ funds 5.780 8.391 (3,036 11,135 Total of funds 4.577.902 4.070,901 (3,608,772) 5,040,031 16. Summary of fvnds Summary of funds- cuThentyear Balance at 1 September Balance at Transfers 31 August Inlout 2020 Incomg ExptrNllture Designated fund5 General fvThJs RestrKted funds 3,896,868 1117,B131 1,131028 3.655A60 11490.8241 11,135 {l9321 74I21 3.853,876 174514} 1,222,560 (3071 8,120 5,040,031 3,656,OB4 14611,5691 5.084.546 P¥28 STAINES PREPARATORY SCHOOL TRUST IA company Ilmlled ty guarnntse) NOTES TO THE FINANCIAL sTATEmE￿Ts FOR THE YEAR ENDED 31 AUGUST 2020 16. Summary of funds {conllnued) Summary of funds- prfor yo•r Ba1￿ce at 1 September 2018 Balanc8 TR[￿fe[S 31 August 2019 lrtrme Expenditwe De51gnated funds General funds ReStr￿ted funds 3,935.042 {117.8131 637.080 4.062,510 (3.487.923) 5.780 8.391 (3.0361 79,639 3,896,866 (79,639) 1.132.028 11,135 4.$77.9)2 4.070.901 {3.608.T12) 5,040,031 17. Analysls of nae assets bthe•n funds Anatysls of not ass•ts b•tw•en funds. cuThent pwlod Total funds 2020 funds 2020 funds 2020 ￿ed assets Current assets Creditors due *ithin ane y Creditors due in more than one swr 5.646.550 1,516,856 (633,440> (1.453,540} 8.120 .654,670 1,516,856 1633,440) 11A53,540) Total 5.076,426 B,120 S.OB4,546 Anatysls of net ajsets betweon fund5. prfor perfod lunds 2019 fvnds 2019 funds 2019 TaThJitle fixed assels Current assets Creditors due within one year Credilovs due in more than one year 5.690.225 1.544.184 {660,B24) {1,544.689) 11.135 5.701,360 1,544.184 1660.8241 11,544,689) Totsl 5,028,896 11.135 5,040.031 Paae 29 STAIIES PREPARATORY SCHOOL TRUST (A company Ilmlted by guarantse) N¢yfES TO THE HNANCIAL STATEMENT5 FOR THE YEAR ENDED 31 AUGUST 2020 1& ReconclllaU¢)n of not movemont In funds lo n•t ¢ash flow frnm 0￿￿tIng actl¥ltles 2020 2019 44,515 462.129 Adlustmfjnts for. Depreciaion chwge5 Interest receNed Inc￿8$? In debtors Increasel{decreasel wi Credit￿5 194,143 114.413) 153,0601 51.213 {9,640) 120.642) 143,712) Net cash provldqd by opwatlny actl¥lU 178.370 640,012 19. Analysls olc&8h and cash equlvalents 2020 2019 Cash in hand 1A87211 1.435,181 Totsl cash and cash equlvalents 1,387211 1.435.181 20. Anatysls of changes In net dobt At1 September At31 2019 Cash flows August 2020 Cash at bank aKI in h Debt due within 1 year Debt due after 1 1,43S.181 (101,5981 (1.395.9311 147,970) 1,387,211 124,084) 1125,6821 lo￿91 11,315.040) (62.348> 8.837 153.6111 Page 30 STAINes PREPARATORY SCHOOL TRUST {A company Ilmlted by guarantea NOTES TO THE RNANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2020 21. Penslon ryjrnknts The School partKipates in the T&xheT5' Penskm Scheme (Englatyl wd Wales> I'lhe TPS? for its teachiThJ staff. The per￿lon charge for the ￿ incl￿185 contribution5 payable to the TPS 01 £287.496 12019: £200.521 > 81 the £33.063 PQ1*. £4.11JS) was xcnJed in r85P8Ct of eLMtrfbutlon$ to this scheme. The Teacher5. PensM?n Scheme (TPS) is a StsILrt￿, cOnt￿LrtOry, defin8d ￿nefft scheme, govemed by the Teachers. Penslon Scheme Regulaticms 2014. Mertjership is aUl￿a￿¢ for teach¥s. All teachers have Ihe opti)n to Opt￿ rfthe TPS f¢kny￿ The TPS is an unfunded scheme to b(th the mery&)er ar¥1 employer make5 contribLtknons, as a percenlage of salary - these ¢￿trit￿lOn5 are credited to lh8 Exclwu8r. Retiomenl and olher pens benefft5 pad by pubk fvn(ts provided by P•liamenL Valuatl¢)n of the Teachers. Penslon Scheme The Govemmgnl Actuary, using nL*mai &iuarial prk*les. conducts a formal actuarial of the TPS in accordance with the Public SeThice PenSKN￿ (Valuations and EM￿0yer Cost Capl Direc￿On5 2014 publshed by HM Treasury every 4 Jwr5. The aim of tho revitrw is lo spe¢tfy the level of luture ¢ontributiM$. A¢luarial scheme vatuations we dependent on asswnptions 3knul th8 Yalue of fLrtur& costs. design of b8neffts and othtt f*tors. The lalesi actuarial valualion of the TPS wa5 carried out as al 31 March 2016. The ￿dI￿tion report ¥ra5 published by the Departmeni lor Educat￿ on 5 March 2019. The key elements of the valuation and subsequent consumation ar8.. nplwr contributlon r*s set at 23.8￿￿ of pensionable pay (InckKlng a O.OW• 8dmSrtslratlon levy) totsl scheme liabil￿e$ {pensms currentty li payThent and th8 estimated c05t of future ￿nefft5) for seNice lo the effective date of £218.11JO millon and notional a5S8ts le5timated futwe ¢onlribLrtion$ tOgether￿th the notional invesb))ents held a th& date) of £196.100 million, ￿ing a notional past serwe def￿rt of £22.OLKI milK the SCAPE rate. set by Hpif. Is used to detwmine the nOtI￿al ¥ive5tmenl retum. The ¢Uffent SCAPE rnte is 2.4% ab)ve the rate of CPI. assumed real rate of retum 15 2.4% in exc8s$ Qf prv5 and 2% exce55 of eamwy. The rnte ol real e8mrKJs asswned to be 2.2%. The assumed nominal r* of retum In¢￿(￿g eamhws is 4.45%. The next valu*on result is due to be inFknented frtyn 1 Awl 2023. A copy ofth8 Valuati(￿ rBpJt arKI supwtirvJ is on the Teachers, Pensions web5iie. Under the definiknons set out in FRS 11Yi Ihe TPS is ￿ wthirKled mull4mployer penslon scheme. The charlty h8s accounted for its cOntrbulK￿S to the scheme as rf it were a defined contnbution Schem TPT Scheme The 9￿port staff are members of TPT Scheme. wlith ks a defiwl ContrbUtM￿ scheme., the school ¢ontribule5 behveen 2% arwj 9% deper#Jent on the posthn of the empbyee in the s¢hool and the p*85 contit>ule ttheen 3% ￿1 6%. Page 31 STAINES PREPARATORY SCHOOL TRUST (A company Ilmlied by guaranlee) NOTES TO THE FINANCIAL STATEmETr￿s FOR TrE YEAR ENDED 31 AUGUST 2020 Operatlng leas• commllments At 31 Atyust 2020 the Ccthpary h*1 ccthmitments to m*e future rrw)imum knase paYM￿ts untler r￿n. C￿cellable cper*lrKJ leases as l¢)ly*%' 2020 2019 Not later than 1 year Laterthan 1 year •d not i* than 5Jews 10,268 23,678 12.373 33,946 33,946 46,319 23. R8lat•d party transactloThs The Ccffipany has not entered rel*d pAty tra)saction dw]rwJ the swr. nor ire Ihere ary JtstarKling balarKes (Mr#J bth￿en rel*ed the Ccffipany * 31 AUW 2020. 24. Connected Charlty The Trust is suppcrfted by The Friends of Stawies Prep. a separate Regi518r8d Charity INumb8r 802721). Included in donations 15 an anounl of £224 (2019.. £8.391) donated by the thwty. These dor￿lOn5 have been lulty Util￿ in the day io day nmniry of the sdMx4. The F￿r￿JS of Staines Prep ￿ be contx¢ed at 3 Gresh￿ Roal sta￿6. Middlesex. f¥V18 2BT 25. Controllng party The ¥ch>Jl is undgr the corlrol Gwnors weTnJstees under Charty L￿T and Directors under Company ￿V. 26. Taxallon The CoMp￿Y Is a reglstered ch*ity*KI no tax811￿ 15 payablB on ils YKom8.