VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P 1r32 Registered number: 02114440 Charity number.. 296691 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P2r32 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) CONTENTS Page Roference and administrative details of the Company. its Govemors and advisors Governors. report Indepeiideiit auditor's report on tl)e finajicial statsments 7-10 Statement of financial activities Balan¢& sheet 12 Statement of cash flows 13 Notes to the financial statements 14-28
VYbJsk9unurnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P3r32 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 Governors Mr R F Adams Mr D Brown Mrs S J Caulfield Mr R H Chadbum (resigned 24 November 2021 } Mr R A Davies Mr M Graham, VI Chaimian Ms S Gill Mr M R Hall, Chairman MrA Madigan Mr G Want Company registered number 02114440 Charity registered number 296691 Regisierad office 3 Gresham Road. Staines-upon-Thames. Middlesex. TW18 2BT Tho Headmistress Ms S Sawyer School Business Manager Mr J E G Philpott Independent auditor James Cowper Kreston Audit, Reading Bridge House, George Street, Reading. Berkshire, RG18LS Bankers Lloyds Bank Plc. PO Box 2593. Reading. Berkshire. RG12ZH 8oliciiors Barlow Robbins. The Oriel. Sydenham Road. Guildfcd. Surrey, GU13SR Page 1
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P4132 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) GOVERNOR'S REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The Govemors present their annual report together with the audited financial statement5 for the 1 September 2021 to 31 August 2022. The Govemors confirm Ihal the Annual Report and financial Statements of the company comply wth the current statutory requirements, the requirements of the companl5 goveming document and the provisions of the Statement of Recommended Practice ISORPI, applicable lo charFties preparing their accounts in accordance Mqth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. Governance The goveming document of Staines Preparatory School Trust is the Memorandum and Articles of Association dated 23 March 1987. The Trust endeavours to ensure the Board is comprised of Governors wqth the Mqdest p0sbIe range of skill sets to the extent that Mthen a Govemor steps down another person Mqth similar skills is sought. New Govemors are proposed by members of the existing Board and are elected al full Govemors. Meetings. Rotation of the members of the Goveming Body is dea wth under Article 33, which slates.. 'At the first Annual General Meeting of the Trust and at the Annual Meeting in every subsequent year one-third of the Goveming Body for the time being. or. rf their number is not three or a multiple of three, then the number nearest to one-third, shall retire from office. The member5 of the Goveming Body to retire in every year shall be those who have been longest in Offi since their last election, but as belween persons who became members of the Goveming Body on the same day those lo retire (unless they othewse agree among themselves) be detemiined by lot. A retiring member of the Goveming Body shall be eligible for re-election., The Board regularfy reviews the skills mix of the Governors and identtfies any gaps to ensure the expertise of the Board remains appropriate. Any potential Governors are interviewed by the Chair of Governors and the Headmistress. New Govemors attend in-house training and may also attend seminars and workshops organised by professional bodies. Arrangements for setting pay and remuneration of key management personnel Remuneration of the Senior Leadership Team is undertaken annually by the Remuneration Committee. Any salary award is made with due regard lo perfomian¢e management outcomes. and the wider context within the sector. Organisational Structur8 The Govemors (who are also Directors for the purposes of the Companies Act). detemiine the policies of the School at the termly Meeting of the Board of Governors when the reports of the various suPxommittees are reviewed. The School has six sub committees which report inl0 the Main Board. These are Education., Staffing., Property,. Marketing., Bursaries, Fees and Scholarships,. and Finance and General Purposes committees. Al have their own terms of reference under which they operate. The School operates under the supervision of the Governors with the Headmistress, Ms Samantha Sawyer, and the 8ursar, Mr Jon Philpott, reSponsie for the day-to-day organisation and operation. OBJECTIVES AND ACTIVITIES Charitable Objects Our staled charitable objects are.. to promote and provide for the advancement of education of children in the United Kingdom and elsewhere. Page 2
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P sr32 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) GOVERNOR'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Charitable Objects {continuedl This is based on the four principles of the founders- a kindty approach to children, a love of learning, an ethnicalty diverse community and a non-academically selective entrance policy. The School also has a policy of reviewing fees and the bursary policy to allow access to the widest possible cross-section of the community. The Aims of the School Education, personal development, and community and the wqder world are the key areas that underpin the aims of SPS. Through these focus areas, the Schwl encourages each child to attain their full potential through a broad and balanced curriculum. provides an environmenl which promotes the personal and social development of each chikl and develops an understanding of communty and the wider world. The children are encouraged to fulfil these aims Ihrough the 'Staines Prep Wal, a moral ccKle which encourages children to listen- share," forgive." be kind- respect others," be your best- and be honest. Objectives for the Year The main objecb've is, and has ay5 been, to put the children at the centre irf all we do regardless of the department Mqthin the School, through the continuing development of high educational standards and results. Each year the staff write a School Development Plan, and key ctjjectives this year include.. Raise all teaching standards towards 'oulstantJing' Develop selfevaluation and identification of future areas of curriculum development In addilion to maintaining the high educational standards, build on the development of positive physical and omotional lIbeIng Explore feasibility aspects of the School's strategy to evolve Upgrade the dining faulits'es to match the quality of the rest of the School Charitable Status The Govemors confinm they have complied with the duty in S17 of the Charittes Act 2011 to have due regard to the Charity Commission's guidance on Public Benefjt. To that end we offer a significant number of awards from our Burges Bursary fvnd, higher than many other Prep Schools and we offer a minimum of 200 hours of community use to local groups at the lower community rate. This is in addition lo the preferential rale charged to The Gap Club. a local holiday club provider which serve5 the whole communtty. A5 an educational charty the parents and pupils have the assurance that all of the income of the School is used for educational purposes as described by the objects of the charty. As a charity the School benefits from some tax exemptions on its educational activities and investments and is entitled to an 80% reduction on business rates on all properties used for charitable puryx>ses_ These financial benefits allow us to sustain a bursary policy that enables children Mthose families would not otheise be able to afford the fees to benefit from a Staines Preparatory School education. The Governors are proud of the charitable activities carried on by the School. and continue to look for ways to further these activities in accordanco Wlth tho obj8ets of tho charity. Burges Bursaries Burges Bursary awards are available to pupils on entry lo the School and to relieve hardship where a current pupil's education would be at risk due to a substantial drop in family income. for example. through redundancy, ill health OT bereavernent. Al awards are means lesled and a number of factors are considered. including family income and expenditure. investments, savings and family circumstances. In 2021122 the SchcKJl awarded 22 bursaries at the beginning of the financial year and also providing full fiJnding for a localty hosted Ukrainian pupil to join the school In the spring term due to the conflict in Ukraine. However. Staines Preparatory School does not have a large endowment fund and, consequently, the School is mindlul of the balance that needs to struck betyveen setting fees that are affordable to a wide 0$9 section of the community and providing the Mqdest possible access through bursaries. Information about Burges Bursaries is available on request and on the Schoc4 website. Page 3
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 per32 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) GOVERNOR'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Use of Facilities The School welcomes local youth sports teams to use its falIb.e$ which enables the children to benefit from coaching throughout the year. We have established links with local groups such as swrts. amateur dramatics and fitness groups who make use of OUT large multi-pury)ose hall, as well as our outdoor facilities. Preferential hire rates are given to local groups to offer access of our falIb.eS to the widest possible cross section of the Community. The Gap Club provide holiday camps for both pupils at the school and those from the local community. In 2021122 we let our facilities to the community at a lower rate for 110.5 hours. This is a significant increase on last year due to the lifting of the Govemmenl COVID-19 restrictions. Achievernents and Performance frorn the School's Review of the Year Review of the Year 2021-2022 This year we provÉded 173 days of leaming which exceeds expectatsons Mqthin the Independent Sector. Fees were increased ft)r this academic year as planned, and this still covers hot lunches, trips and visits, as well as all bwks and stationery being included. Pupil numbers, hamng fallen following the global pandemic, are now iising. Tho Govornors and Leadorship Toam of Stainos Prèp romain committod to providing high quality toaching and excellent facilities. In addttion, the children benefit from specialist teaching throughout the School in a number of subject areas- English, Drama, Maths, Science, Forest Sch(KJling. Computing, Frenchlspanish, History, Geography, Classical Studies. Art. Design and Tethnology, Music, Religious Education. Games and Physical Education. In keeping with its non-seleclive policy. SPS provided for pupils wth a wide range of abilities through small class stzes, Learning Support Assistants. indimdual needs lessons. and inteNention support groups where required. The external 11+ examination re5Utts were again exceptionally impre55ive. Pupi15 received 21 offers of Grammar School place lout of a cohort of 441, despite the fact that some of the pupils did not srt them as their parents wqshed them to remain wthin the independent sector. This is a tremendous figure, especially bearing in mind the increased competition for grammar school places. The results for the independent schools were also strong Mrith pupils gaining plaS at a variety of highty selective and selective senior schools. Five Scholarships were offered this year, Please visit our Future Schools page on our website for further infomiation. The School prepares pupils for 11 + examinations by using trx)th our own assessment procedures as well as external assessment using ISEB, GL Assessments. Our assessment levels are now based on standardised scores and are often more useful and relevant than raw data as they offer a number of opportunities for different comparisons to bo mado. Tho rosults aro chockod against a national sampl•, providing a groator insight into tho pupil's performance in the examination. Furthemiore, it also takes into account the age of the child on the day of the test. Our results were exceptionally impressive. Charities- 2021-2022 Our Harvest Festival donated food lo Manna Food Bank. a local charity based in Staines-Upon-Thames. For our first Mufti Day of the year, we asked families to bring in tinned goods, which were also donated to Manna Foc Bank. Jeans for Genes raised £286.20 We raised £19_00 during our poppy appeal Christmas Jumper Day for Save the Children raised £271.70 Our Number day for NSPCC raised £277.45 Year 3 raised £1054.20 for the Orangutang Charity as part of their rainforest project Our parents contributed £733.93 to the DEC Ukraine Humanitarian Appeal Page 4
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P7r32 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) GOVERNOR'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Year 6 fete contributed £207.54 to Evelina Children's. HospilallGuy's and St Thomas. Foundation Our charities week saw donats'cms to WWF1£68.101. RSPCA {£61.20). Save the Children1£69.30) and Cancer Research UK {£59.401 The schwl also dcated £100 to the Epilepsy Society in memory of Bary Bolton. Our Speech Evening reverted to its original format in the Peter Roberts Hall. Parents were invited to attend. Awards were given in the followng categories The Staines Prep Way- for demonstrating the values of the Staines Prep Way The Whitaker Award for Mathematics The Miles Award for English The Concord Prize for Achievement in Science The Hufflanities Award for Geography, History and R E The Oliver Griffin Award for Linguistic Achievement The Russell Award for Performing Arts The Art and Design Award The Computing Award The Defek Taor Shield - the boy and girl Ntho have given the most in terms of effort and character The Lemon Trophy for Greatest Contribution to Sport The Cox Award - OUT most prestigious award given for excellence was awarded to the whole of Year 6 in recognition of their resilience and hard work during the unprecedented IcKkdown The Friends of Slaines Prep made a contribution of £5000 towards our Home Economics rcKJm. They ran Ihe Somaone Spocial Gifvng Rooms, Ml)ich is not a profitmaking ovont. but vory popular with tho ehildron. Duo to changes in the committee, they were unable to manage the Sports Day refreshments, however outside caterers wefe sourced for this event. SPARKS, the SPS childcare facility ran from 7.30am - 8.30am and 3.20pm - 6.00pm. This has continued to see a drop in numbers over Ihe last year and the school has taken Ihe decision lo work with an external supplier. the Gap Club. to provide after school care going foNard. The 'Burges Bursary Fund, continues to be a key part of our charitable activity. Many children have benefited from the help that we can offer, and we continue to invite applications from those who seek our 5UPPOrt. School Improvements The school transformed one of the rooms in the Burgess building into a home economics room to be used as part of the curriculum in the new academic year. In addib"on, an ooutdoor classroom was installed at the beginning of the academic year, new carpets in the Jubilee and Burgess buildings, new ovens in the kitchen and a new telephone system across the schcy)l. Financial Review The Trust has received income of £3,644,061 during Ihe year compared wlh £3,338,932 in the year to 31 August 2021. Expondituro amountod to £3,650.43512020= £3.360,389} giving a dofieit of £6.374 {2021.' doficit £21.4571. The results are summarised on page 11 cl the School's accounts. Reserves Policy The Governors have determined that the appropriate level of free reserves. drawn from the general fund, should be equivalent to one temi's expenditure. {Approximalely £1,120,000). Currently, free reserves are £1.273,348. The School will endeavour to build up free reserves through the close moni(oring of costs, and building the school roll. The SchcKJl 15 forecasting a deficit in the period to 31 August 2023 which will decrease the current level of free reserves to a level in line Mryth the reserves policy. Risk Management The Governors use a number of ways to monitor Ihe risks facing the school, both trom intemal and external factors. A Risk Audit is carried annually and mDnilored and updated throughout the year. This audit takes account of the School's Charitable Objects, Regulations and Compliance, Governance & Management, External Influences, Operational Issues. Fundraising, HR, IT, Finance and Infrastructure. Every sub-committee of Ihe Board of Governors considers Safeguarding and Health and Safety as an agenda ttem. and these topics are Page 5
VkiuaBunatLnTrarffjxlvM Ref. J8WI4G284Hm 11 Apr225 17..31..24 BST (UTC +1lD¥2 P 8132 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) GOVERNOR'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 embedded throughout the schcd. A major risk focussed on in 2021122 was C)er Crime and the schcol implemented several enhancements to IT security such as factor authentication ereVer required. The key controls used to manage risk indude= An annual review of the risks facing the schcL)I Govemor level moniloring of Safer Recruitment & Safeguarding Tems of Reference for all sub-comrntttees A skills-based approach to Govemor Recruitment Fomial policies and procedures covering all major activitie5 Regular visits from School Govemors and involvement in schLbJl life Comprehensive budget and monitoring procedures Regular reviews on strategy Use of extemal consultants when nesSary to validate practi5e within the schod. For examFde. Health & Safety Audit5. The School Governor5 are closely monitoring dewelopments wth regards to key risks fr1 economic and polÉtical sectors and are mindful of the parental base and the potential impact of any uncertainty. The School remains focussed on proMdiThJ an Independent Education to the wde5t possible cross section of the community, by balancing this with the fee levels required to maintain and improve the qualty of the education provided. This wll be done by raising the profile of the school, and further strengthening our admiss)ns list. This wll be done through targeted markeb.ng for Nursery, Reception and Year 3 enty. The School Govemors are also monitoring and modelling the impact of potential legislative changes which could arise should a change of govemment occur in 2024_ The Govemors {who are also the directors of the Company for the purposes of company lawl are responsible for preparing the Governors. report including the strategic repct and the finanryal statements in accordance wth applicable law and United Kingdom Accounting Standards (United KirffJdom Generally Accepted AcUntIng Practice}. Statomont of Govemors. responsibilities Company law requires the Govemors to prepare financial statements for each financial Under company law. the Govemors must not approve the financial statements unless they are satisfied that they give a trne and fair view of the stale of affairs of the Company and of its incoming resources and application of reSoUrs, including its income and expenditure. for that period. In preparing these financial statements. the Govemors are required select suitable acwunting policies and then apply them ¢SiStentIy'. observe the methoxls and principle5 of the Charitie5 SORP {FRS 1021", make judgments and accounting e51imate5 that are reasonable and prudent- state whether applicable UK Accounting Standards {FRS 1021 have been followed, subject to any material departures disclosed and explained in the financial sLitements', prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Company will continue in business. The Govemors are responsible for keeping adequate accounting records that are sufficient to show and explain the CompanW5 transactions and disclose wth reasonable accuracy al any ts.me the financial position of the Company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Govemors and signed on their behalf by. M H¢LLL MrMRHall Chairman Dale= 11 April 2023 Page 6
VYbJsk9unurnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P9r32 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAINES PREPARATORY SCHOOL TRUST Opinion Our responsibilities and the responsibilities of the Govemors wth respect to going concern are described in the relevant sections of thi5 report. have audited the of Staines Preparatory School Trust (the 'charitable companrfl for the year ended 31 August 2022 which comprise the sLitement of financial acttvitie5, the balance sheet, the statement of cash flows and the related notes, including a summary of signffiGant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United lfjngdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally ACpted Accounting Practicel- In our opinion the '. give a true and fair view of the state of the charitable companls affairs as at 31 August 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended". have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance wth the requirement5 of the Companie5 Act 2006. Basis for opinion Our responsibilities and the responsibilities of the Govemors with respect to going concem are described in the relevant sections of this Teport. conducted our audit In accordance with International Standards on Auditing {UKI {ISAs IUK)) and applicable law. Our responsibilities under those standards are further described in the Auditols responsibilities for the audit of the section of our report. Our responsibilities and the responsibilities of the Governors with respect to going concem are described in the relevant sections of this report. are independent of the charitable company in accordance the ethical requirements that are relevant to our audit of the in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance Mqth these requirements. Our responsibilits'es and the responsibilities of the Govemors with respect to going concern are described in the relevant sections of this rewrt. believe that the audit evidence we have obtained is Slrfficient and appropriate to provide a basis for our opinion. Conclvsions rolating to going concern In aLEditing the financial statements, we have concluded that the use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or condlfjons that, Indlvldually or collecJvely, may cast slgnlflcant doubt on the chartiable companys abllty to continue as a going concem for a pericJ of at least bNelve months from when the financial statements are authorised for issue. Our responsibilities and the reswnsibilities of the with respect lo going concem are descrid in the relevant sections of this rewrt. Page 7
VYbJsk9unurnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P 11 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAINES PREPARATORY SCHOOL TRUST {CONTINUED) Other infonnation The other infomiation comprises the information included in the annual report other than the and our audito¢s report thereon. The Governors are responsible for the other information contained wthin the annual report. Our opinion on the does not Gover the other infomiation and, except to the extent other¥ise expliGItIy stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomialion and. in doing so. consider whether the other infomiation is materially incon51Stent wth the or our know4edge obtained in the course of the audit, or othewse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise lo a material misstatement in the themselves. If, based on the work we have performed, we conclude that there is a matersal misstatement of this other information, we are required to report that fact. Our responsibilities and the responsibilities of the Governors wqth respect to going concem are described in the relevant sections of this rewrt. have nothing lo report in this regard. Opinion on other matters prascribad by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit-. the information given in the Governors, report including the Strategic rewt for the financial year for which the are prepared is consistent wth the . the Governors. ieport and the Stiategic report have been piepared in accordance wth applicable legal rwjuirementg. Matters on which we are required to report by exception In the light of our knOedge and understanding of the charrtable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors. report including the Strategic report. Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report. have nothing lo report in respect of the followng matters in relation to which Companies Act 2006 requires to report to you rf. in our opinion.. adequate accounting record5 have not been kept, or returns adequate for our audit have not been received from branches not visited by ,' or the are not in agreement with the accounting records and retums., or certain disclosures of remuneration specified by law are not made.. or we have not received all the infmatIon and explanations we require for our audit. Rosponsibilities of trustees As explained more fully in the govemors. responsibiif(ies statement, the Govemors (who are also the directors of the charitable company for the Purposes of company lawl are reswn5ible for the preparation of the and for being satisfied that they give a true and fair view. and for such intemal control as the determine is necessary to enable the preparab'on of that are free from material misstatement, whether due to fraud or etror. In preparing the , the are responsible for assessing the charitable companys ability lo continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the either intend to liquidate charitable company or to cease operations, or have no realistic a5temative but to do so. Page 8
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P 11132 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAINES PREPARATORY SCHOOL TRUST {CONTINUED) Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the as a whole are free from material misstatement, whether due lo 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 ISAS {UKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these . Because of the inherent limitations of an audit, theTe is a risk that we will not detect all IegulaTIties, including those leading to a material misstatement in the financial statements or non-compliance with regulation_ This risk incfeases the more that Complian wth a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be IS likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error. as fraud invc4ves intentional concealmenl. forgery. collusion. omission or misrepresentation. The spectfic procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities. including fraud, were as follows.. Enquiry of management and those charged Mrylh govemance around actual and potential litigation and Enquiry of management and those charged with governance to identify any material instances of non- compliance with laws and regulations- Reviewng financial statement disclosures and iesting to supportiThJ documentation to assess complian th applicable laws and regulations., Perfomiing audit work to address the risk of irregularits'es due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of signrficant transaction5 outside the nomial course of business and reviemqng accounting estimates for evidence of bias. A further description of our responsibilities for the audit of the is located on the Financial Reporting Council's website at". ww.frc.or .uklaudilorsTes nsibilthes. Thi5 description fomis part of our auditor's report. Page 9
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P 12132 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAINES PREPARATORY SCHOOL TRUST {CONTINUED) Use of our report This report is made solely to the charitable compan15 members, as a body, in accordance with Chapter 3 of Part 111 of the Companies Acl 2006. Our audil work has been undertaken so that we might state to Ihe chantable compan15 members those matters we are required to stale 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 its members. as a body, for our audit work, for this report. or for the opinions we have formed. Darren O'connor Bsc {Hons) FCCA ACA (senior statutory auditor) for and on behalf of James Cowper Kreston Audit Chartered Accountants and Statutory Auditor Reading Bridge House George Street Reading Berkshire RG18LS Dale= 12 April 2023 Page 10
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P 1W32 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022 Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Total funds 2021 Note Income from: Donations and grants Charitable actimties 19,656 3.580,010 593 43,802 19,656 3,580.010 593 43.802 51,367 3,241,803 712 45,050 Investments Other income Total income 3.644,061 3,644,061 3.338,932 Expenditure on: Charitable actimties 3.648,913 1,522 3,650.435 3,360,389 Total expenditure 3,648,913 1.522 3,650,435 3.360,389 Net rnovement in funds (4,8521 {1,522) 16,3741 {21,4571 Reconciliation of funds- Total funds brought forward Nel movement in funds 5,056,999 (4,8521 6,090 {1.522) 5,063,089 16.3741 5.084,546 (21,457) Total funds carried fopward 5.052,147 4.568 5,056.715 5.063,089 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 14 to 28 form part of these finanal statements. Page 11
VkiuaBunatLnTrarffjxlvM Ref. J8WI4G284Hm 11 Apr225 17..31..24 BST (UTC +1lD¥2 P 14132 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) REGISTERED NUMBER: 02114440 BALANCE SHEET AS AT 31 AUGUST 2022 2022 2021 Note Fixed assets Tangible assets Current assets 11 5.504.772 5.560.622 Stocks 12 582 Debtors Cash at bank and in hand 13 83.698 1,575.844 103.499 1.448.005 1,660.124 1,551,504 Creditors- amounts falling due thin one year 14 {792.119) (671,541) Not currant assets 868.005 879.963 Total assets less current liabilitiOS 6.372.777 6.440.585 Creditors= amounts falling due after more than one year 15 11,316.062) {1,377,496) Total net assets 5,056,715 5.063,089 Charity funds Restricted fund5 16 4.568 &052.147 6,090 5.056.999 Unrestricted funds Total funds 5.056.715 5.063,089 The Governors acknovAedge their resF4)nsibilities for complwng wth the requirements of the Act wth respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Governors and signed on their behalf by.. M H6LLL MrMRHall Dale= 11 April 2023 The notes on pages 14 to 28 fom part of these ffinancial statements. Page 12
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P 1 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENOED 31 AUGUST 2022 2022 2021 Note Cash flows from operating activitios Nel cash used in operating actimties 376,174 241,243 Cash flows from investing activities Interest received Purchase of tangible fixed assets 593 (169,670) 712 1102,602) Net cash used in invesling activities 1169,077) 1101,8901 Cash flows from financing activities Repayments of rowing {79.258) {78,559) Net cash used in financing activities {79.258) (78,5591 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 127,839 60,794 1,448,005 1.387,211 Cash and cash equivalents al the end of the year 1.575,844 1,448,005 The notes on pages 14 to 28 form part of these finanal statements Page 13
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P 1e432 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 Accounting policie5 1.1 Basis of preparation of financial statements The financial slalements have been prepared in accordance wlh the Charities SORP {FRS 1021 Accountsng and Reporting by Charrties-. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance writh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 2019}. the Financial Repotting Standard applicable in the UK and Republic of Ireld {FRS 1021 and the Companies Act 2006. Slaines Preparatory Sch¢)ol Trust meets the definOn of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othermse stated in the relevant accounting policy. 1.2 Income All InMe is Tecognised once the Company has entement to the income, rt is probable that the income will k received and the amount of income receivable can be measured reliabty. Charitable income comprises general school fees. disbursements and extras recharged and are accounted for in the period in which the swice is prowded. Donations received for the general purposes of the charity are credited to unrestrtcted funds. Donation5 subjeGts to 5peGific wshes of the donors are Grediled to re5triGted fvnds. Gifts in kind donated are included and the corresponding asset included within fixed asset additions or charged against the Statement of Financial Activities as appropriate. Investment income is included on a recowerable basis. Grants are included in the ststement of financial activitie5 on a receivable basis. The balance of income received for Specific putposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Page 14
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P 17132 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 Accounting policie5 Icontinuedl 1.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third party, it Is probable that a transfer of eGonomiG benefits will be required in setlement and the amount of the obligation can be measured reliably. Expendibjre is classified by actiwly. The costs of each actiwty are made up of the total of direct costs and shared cost5, induding support costs involved in undertaking each activity- Direct costs attributable to a single activity are allocated directly to that acttvity. Shared costs wthich contribute to more than one activity and support costs which are not attn"butable to a single acb.wty are apportioned between those activities on a basis consistent wth the use of resources_ Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. ExnditUre on charitable activities is in¢xrred on directly undertaking the activities lch further the Companys objectives, as well as any associated supwrt cosls. AJI expenditure is inclusive of Irrecoverab VAT. 1.4 Govemment grants Govemment grants relating to tangible fixed assets are treated as deferred income and released to the slalement of financial aclivib.es over the expected useful lives of the assets concerned. Other grants are credited to the statement of financial actiwties as the related expenditure is incuThed. 1.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company., this is nomialty upon notification of the interest paid or payable by the institution with whom the funds are deposited. 1.6 Tangible fixed assets and depreciation Tangible fixed assels costing £500 or more are capitalised and recognised fure ec(momic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised al cost. After recognition. under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All cos15 incurred to bring a tangible fixed asset into ils intended working condition should included in the measurement of c05t. Depreciation is charged so as to allocate the cost of tangible fed assets less their residual value over their estimated useful INes. Depreciation is provided on the followThJ basis: Freehold property Mini bus Fixtures, fittings. furnire and equipment lexduding computers) Computers Netball court and portacabins 2% straight line 25% reducing balance 15% reducing balance 33% slraighl line 25% reducing balance Page 15
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P 1W32 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 Accounting policie5 Icontinuedl 1.7 Stock5 Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-mowng stOGks. Cost InGludes all direct Gosts and an appropriate proportK)n of fixed and variable overheads. 1.8 Debtors Trade and other deblors are recognised at the setNement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.9 Cash at bank and in hand Cash at bank and in hand indudes cash and SIrt-tem1 highly liquid investments with a short malurty of three months or less from the date of acquisition or opening of the dewsit or similar account. 1.10 Liabilities and provisions Liabilities are recognised when there is an obligation at the balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in setttement, and the amount of the settlement can be ests"mated reliably. Liabilities are recognised at the amount that the Company anticipates it ?11 pay to settle the debt or the amount it ha5 received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the lime value of money is rnaterial, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that refflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost. 1.11 Financial instruments The Company only has financial assets and financial liabilities of a kind that qualrfy as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequendy measured at amorti5ed cost using the effective interest method. 1.12 Pensions Teaching staff employed by the company are eligible for membership of the Teachers, Pension Scheme, which is a national scheme adrninistered by the Teachers, Pension Agency. The charity has arranged a defined contribution scheme for staff who are not eligible to join the Teachers, Pension Scheme. The pension costs charged represent the contribub.ons payable by the Schc¥)I during the year. 1.13 Operating leases Rentals paid under operating leases are charged to the statement of financial activities on a straight line basis over the lease temi. Page 16
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P 1 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 Accounting policie5 Icontinuedl 1.14 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Govemors in furtherance of the general objeGtives of the Company and ithich have not been designated for other purposes. Designated funds comprise unrestricted fund5 that have been set aside by the Governors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are lo be used in accordance wth specrfic reslriclions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the S¢IfiC fund. The aim and use of each restricted fund is set out in the notes lo the financial statements. Critical accouniing ostimates and areas of judgmant Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the application of the companls accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities not readily apparent from other sources. The estimates and assoaated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The company makes esb"mates and assumptions concerning the fubjre. The resulting accounting estimates and assumptions wqll, by definition, seldom equal the related actual results. The estimates and assumpts'ons that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in whith the estimate is revised where the revision affects only that period. or in the period of the revision and fulure persods where the revision affects both current and future peri(NJs. The most signrficant estimates and assumptions which affect the carrying amount of each assets and liabilities in the accounts relates to.. Depreciatson - The annual deprecation charge for propety, plant and equipment is sensttive to change in the estimated useful economic lives and residual value of assets. These are reassessed annually and amended were necessary to reflect cuent circumstances. Page 17
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P2 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 Income frorn donations and grant5 Unrestricted funds 2022 Total fund5 2022 Total funds 2021 Donations 19.451 205 19,451 205 12,273 39,094 Govemment grants 19,656 19,656 51,367 Total 2021 51,367 51,367 Govemment grants relate to the Coronavirus Job Retenti Scheme grant. Income frorn charitable activities Unrestricted funds 2022 Total funds 2022 Total funds 2021 Gross fee5 Less bursaries and discounts 3.594.565 (155.1371 32.257 4,220 83,578 20,527 3.594,565 (155,137) 32.257 4.220 83,578 20,527 3.335,851 1162,099) 19.288 7.530 11,334 29,899 SPARKS Fees in lieu Extras Disbursements 3,580.010 3.580,010 3.241,803 Total 2021 3,241.803 3.241,803 Children of SPS staff attending the school receive a discount in school fees in line th the school's policy. These costs are included wthin 'bursanes and discounts, above. Page 18
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P21132 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 Investmenl income Unrestricted funds 2022 Total fund5 2022 Total funds 2021 Investment income 593 593 712 Total 2021 712 712 Other incoming rosourcas Unrestricted funds 2022 Total funds 2022 Total funds 2021 other income Commission and letting income 7.379 37,671 35.459 35,459 43,802 43,802 45,050 Total 2021 45,050 45,050 Page 19
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P22132 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 Analysis of expenditure on charitable activitie5 Summary by fund type Unrestricted Restricted funds funds 2022 2022 Total 2022 Total 2021 Teaching Welfare and catering Premises Adminislrali(m costs 2,140,934 241,816 484.514 696,604 74,005 11,040 2.140,934 241,816 484.514 698.126 74,005 11,040 2,039,608 212,913 472,457 554,089 70,822 10,500 1,522 Bank interest Govemance costs 3,648,913 1.522 3.650,435 3,360,389 Total 2021 3,358,359 2.030 3.360,389 Summary by expenditure type Staff Costs Dopraciaiion Other costs 2022 2022 2022 Total 2022 Total 2021 Teaching Welfare and catering Premises 1.920,732 26,904 84,974 340.228 220,202 214.912 281.672 267,147 74,005 11,040 2.140,934 241.816 484.514 698.126 74.005 11,040 2,039,608 212,913 472,457 554,089 70,822 10,500 117.868 90,751 Administration costs Bank interest Govemance costs 2.372.838 208.619 1.068.978 3.650.435 3.3PJO,389 Total 2021 2.350,6M 196,650 813,095 3.360,389 Page 20
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P232 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 Auditorfs rernuneration 2022 2021 Fees payable to the Companys auditor for the audit of the Compan5 annual arcounts 10.290 9,800 Fees payable lo the CoMpanS auditor in respect of.. Al non-audil services not included above 750 700 Staff costs 2022 2021 Wages and salaries Social security costs Contribution to defined contribution pension schemes 1.935.093 176,980 260,765 1.891,240 166,948 292,456 2.372,838 2.350,644 The average number of persons employed by the Company during the year was as follows: 2022 2021 Teaching staff Support staff 22 27 70 71 The number of employees se employee nerrtS {excluding employer pension costs} exceeded £60.000 was.. 2022 No. 2021 No. In the band £60,001 - £70,000 In the band £90.001- £100,000 In the band £100.001- £110,000 The pension corrtributions in relation to the higher paid employees are £19.976 (2021.. 21,803)- The school considers its key management personnel as the Headteacher and the school business managers. The total employment benefits including employer pension contributions of the key management personnel were £217.62512021'. £233,406}. Page 21
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P24132 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 10. Governors. rernuneration and expenses During the year, no Governors received any remuneration or other beneffts {2021- £NIL). During the year ended 31 Augu512022, no Govemor expenses have been incurred12021- £NILI. The Govemors have taken out indemnity Insuran c05ting £2.44312021: £2.4431. 11. Tangible red assets Fraehold property Motor Fixtures and vehicles fittings Total Cost or valuation At 1 September 2021 Additions Di5posa15 6,721.276 $0,061 1,434,932 169,670 153.5341 8,206,269 169,670 (54,5961 {1.062) At 31 August 2022 6,720.214 50,061 1,551.068 8.321,343 Dopreciation At I September 2021 Charge for the year On disposals 1,582.914 117,868 1135) 43,972 1.522 1,018.761 89.229 137,5601 2.645,647 208,619 {37,6951 At 31 August 2022 1,700,647 45,494 1,070.430 2,816,571 Net book value At 31 August 2022 5,019.567 4,567 480.638 5.504,772 At 31 August 2021 5,138,362 6,089 416,171 5,560,622 Page 22
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P2 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 11. Tangible fixed assets {conlinued} Included in land and buildings 15 freehold land at cost of £826,827 12021.. £826,827). which is not depreciated. The Govemors are of the opinion that the current market value of the school's land and buildings is substantially in excess of the figure5 shown in the financial statement5. However, it is not possible to quantrfy the market value wlhout carrwng out a cosly revaluation of the school's property. The school's buildings are currently insured at a value of £12,904,921 12021.. £12,gM,9211. Land and buildings are recognised in the accounts under the historical cost policy, in line with the Charity SORP. Fixed assets include items donated by The Friends of Slaines Prep. In Ihe accounts of The Friends of staines Prep these are shown as owned by the charity with a WTitten down value of £1. To comply with the Ststement of Recommended Practice and to show a true and fair view of the schwl's assets these are included in the accounts of the school. At 31 August 2022 the net book value of these assets was £64012021= £8541. All of the assets of the school with the exception of the minor items of office equipment are used for direct charitable purposes. Lloyds Bank PLC have a charge on the land and buildings. 12. Stocks 2022 2021 Finished goods and goods for resale 582 13. Debtors 2022 2021 Trade debtors 16,267 1,145 66,286 14,780 1,136 87,583 other debtors Prepayments and accrued income 83.698 103.499 Page 23
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P%432 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 14. Creditors: Amounts falling due within one year 2022 2021 Bank loans Trade creditors 92,256 58,439 47.313 88,806 505.305 87,580 1,137 42,049 81,695 459,080 Other laxalion and S(la1 security Fee deposits held other creditors 792.119 671,541 15. Creditors: Amounts falling due after more than one year 2022 2021 Bank loans Fee deposits held 1.148.512 167,550 1,232,446 14S.OSO 1.316.062 1.377,496 The aggregate amount of liabilities payable or repayable OllY or in part more than five years after the reporting dale is.. 2022 2021 Payable or repayable by instalments 700.643 847,186 There are bank loans both secured by a first legal charge arKI an unlimited debenture over the school buildings at 3 Gresham Road. The interest rale attributed to the £1,500,000 loan is 5.25% fixed rate. The interest rate attributable to the £400,0 loan is variable, and is currently 2.5Yo. Page 24
VYbJsk9unurnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P27132 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 16. Statement of funds Statement of funds - current year Balance at 1 September 2021 Balance at 31 August 2022 Transfers inlout Income Expenditure Unrestricled funds Designated funds Designated Funds- all funds 3.818,336 (117.868) 78.331 3.778,799 General funds General funds 1.238,663 3,644.061 13,531,045) {78,331) 1,273,348 Total Unrestricted funds 5.056,999 3,644.061 13,648.913) 5.052,147 Restricted funds Restricted fund5 6,090 11.522) 4,568 Total of funds 5.063,089 3.644.061 13,650.435) 5.056,715 Transfer: The transfer represents the amount needed to reflect the change in the net book value of freehold land and buildings after taking into accourrt addibons, disposals and depreciation during the year less the amounts outstanding on the bank loan. Designated Funds: The freehold propety fund represents the net boc value of the Property less outstanding amounts on the bank loan secured over the school buildings. Restricted Funds: Reslricled funds represents the net book value of a minibus. paid for by donations maje by The Friends of Slaine5 Prep. Page 25
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P2W32 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 16. Statement of funds (continued) Statement of funds - prior year Balance al 1 September 2020 Balance at 31 August 2021 Transfers inlout Income Expenditure Unrestricled funds Designated funds Freehold property 3.853,876 (117.8891 82,349 3.818,336 General funds General funds 1,222,550 3,338,932 13,240,470) {82,3491 1,238,663 Total Unrestricted funds 5.076,426 3,338,932 13,358,359) 5.056,999 Restricted funds Restricted funds 8.120 12,0301 6,090 Total of funds 5,084,546 3,338,932 13,360,389) 5,063,089 17. Summary offunds Summary of funds - current year Balance at 1 September 2021 Balance at 31 August 2022 Transfers inlout Income Expenditure Designated funds General funds 3.818,336 1.238,663 090 (117.868) 13,531.045) {1.522) 78.331 {78.331) 3.778,799 1.273,348 3.644.061 Restricted funds 5,063,089 3,644,061 13,650,435) 5,056,715 Page 26
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 P2 STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 17. Summary of funds (continued) Summary of funds - prior year Balance al 1 September 2020 Balance at 31 August 2021 Transfers inlout Income Expenditure Designated funds General funds Restricted funds 3.853,876 1.222,550 8,120 (117,8891 3,338,932 13,240,470) 12,0301 82,349 {82,3491 3.818,336 1,238,663 6,090 5.084,546 3,338,932 13,360,389) 5,063,089 18. Analysis of net assets between funds Analysis of net assets between funds- current year Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Tangible fixed assets CuTTent assets 5.500,204 1.660,124 1792,1191 11,316,062) 4,568 5.504,772 1.660,124 1792,1191 {1.316,0621 Creditors due within one year Creditors due in more than one year Total 5.052.147 4,568 5.056,715 Analysis of net assets between funds- prior year UnTeslricted funds 2021 Restricted funds 2021 Total funds 2021 Tangible fixed assets CuTTent assets 5.554.532 1.551,504 (671,5411 11,377,496) 6,090 5.560,622 1,551,504 1671,541) {1,377,496) Creditors due within one year Creditors due in more than one year Total 5.056.999 6,090 5.063,089 Page 27
VYbJsk9un*urnTransorbc Ref. J8W4G2&8HWN 11 Apr 2V23 17..31..24 BST (UTC +11D¥2 Pal STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 19. Pension comrnilments Teacher5 Pension Scheme After consultation the Staines Preparatory School Trust left the Teachers, Pension Scheme on 5 April 2021. TPT Scheme The support staff are members of TPT Scheme, which is a defined contribution scheme., the school contributes between 2010 and 9% dependent on the position of the employee in the school and the employees corrtribute bebNeen 3% and 6%. Operating lease commitments At 31 August 2022 the Company had commitments to make future minimum lease payments under non- cancellable operating leases as follows= 2022 2021 Not later than 1 year Later than 1 year and not later than 5 years 7.893 7,893 7,893 15,785 15,786 23,678 21. Related party transactions The Company has not entered into any related paty transaction during the year, nor are there any outstanding balances owing betrNeen related parties and the Company at 31 August 2022. Controlling party The schwl is under the control of the Govemors are Trustees under Chaiity Law and DIrectc5 under Company Law. Taxation The company is a registered charity and no taxation is payable on its income. Page 28