rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M p ir33 Rggislered numbgr: 02114440 Charity number: 296691 STAINES PREPARATORY SCHOOL TRUST (A company limitod by guarantee) GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 2r33 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 CONTENTS Page Reference and admlnlstratlve detalls of the Company, tts Governors and advlsers Governors. report Indepgndènt auditorfs rnport on th& financial stat6m•nts Statement of financial actlvlties 8-11 12 Balance shoet 13 Statement of cash flov 14 Notgs to thg financial ¥tstemgnts 15-30
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 3ts3 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023 Governors Mr R F Adams Mr D Brown Mrs S J Caulfield {resiqned 23 January 20241 Mr R A Davies Iresiqned 10 March 20231 Mr M Graham. Vice Chaim)an Ms S Gill Mr M R Hall, Chaiman Mr A Madiaan Iresioned 19 May 2023) Mr G Want Mr B R Wassell lappointed 23 June 2023. Tesiqned 15 November 20231 Colnpany registered numbgr 02114440 Charity registered number 296691 Reglsterod office 3 Gresham Road. Staines-upon-Thames, Middlesex. TW18 2BT The Headmlstress Ms S Sawyer School Buslness Manager Mr J E G Philpott Indep8ndant audltor James Cowper Kreslon Audit. Reading Bridge House. George Street. Reading, Berkshire. RGI 8LS Bankars Lloyds Bank Plc. PO Box 2593, Reading. Berkshire, RG12ZH Solicitors Barlow Robbins, The Oriel. Sydenham Road, Guildford. Surrey. GU13SR Page 1
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 4r33 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The Governors present their annual report together with the audited financial statements of the Company for the period 1 September 2022 to 31 August 2023. The annual report serves the purposes of both a Governors, port and a directors, report under company law. The Govemors confirm that the annual report and financial statements of the charitable company compty wrth the cuffenl statutory requirements. the requirements of the charitable companvs governing document and the provisions of the Statement of Recommended Practice {SORPI applicable lo charities preparing their accounts In accordance with the Financial Reporb"ng Standard applicable in the UK and Republic of Ireland IFRS1021 {effective 1 January 20191- Objectivgs and activitigs . Governance The governing document of Slaines Preparatory SchrK)l Trust is the Memorandum and Articles of Association dated 23 March 1987. The Trust endeavours to ensure the Board is comprised of Governors with the widest possible range of skill sets to the extent that when a Govemor steps down another pefson with similar sknlls is sought. New Governors are proposed by membeTS of the existing Board and are elected at full Govemors. Meetings. Rotalion of the members of the Governing Body is dealt with under Article 33, whtch states: '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. if their number is not three or a multiple of three. then the number nearest to one-third, shall retire from office. The members of the Governing Body to retire in every year shall be those who have been longest in office since their last election, bul as between persons who became members of the Goveming Bc#Jy on the same day those to retire (unless they otherwise agree among themselves) be determined by lol. A reliring member of the Governing Body shall be eligible for re-election., The Board regularty reviews the skills mix of the Govemors and identifies any gaps to ensure the expertise of the Board remains appropriate. Any potential Governors ate interviewed by the Chair of GoveTnors and the Headmistress. New Govemors attend inthouse training and may also attend seminars and workshops organised by professional bodies. b. Arranggrngnts for $8tting pay and rornunaration of kèy managèm•nl pgrsonnol Remuneration of the Senior Leadership Team is undertaken annually by the Remuneration Committee. Any salary award is made wrth due regard to performance management outcomes, and the wider context wthin the sector. c. Organisational Structure The Governors are also Directors for the purposes of the Companies Act). detemiine the policies ol the School al the termly Meeting of the Board of Governors when the reports of the various sutFcommittees are reviewed. The School has six sub committees which report into the Main Board. These are Education; Staffing.. Propety. Marketing. Bursaries. Fees and Scholarships- and Finance and General Purposes committees. All have Iheir own temis of reference under which they operate. The School operates under the supervision of the Governors with the Headmistress, Ms Samantha Sawyer. and the Bursar. Mr Jon Philpotl. responsible for the day-to-day organisalion and operation. Page 2
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 5ts3 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Objectlves and actlvltles Icontlnuedl d. Charltable Objects Our slated charitable objects are.. lo promote and provide for the advancement of education of children in the United Kingdom and elsewhere. This is based on the four principles of the founders,. a kindly approach to children- a love of leaming: an ethnically diverse community., and a non-academieally selective entrance policy. The School also has a policy of reviewing fees and the bursary policy lo allow access to the widest possible cross-section of the community- o. Tho Alms of tha School Educatton, personal development, and community and the wider world are the key areas that underpin the aims of SPS. Through these focus areas, the School encourage5 each child to allain their full potential through broad and balanced curriculum, provides an environment which promotes the personal and social development of each child and develops an understanding of community and the wider wodd. The children are encouraged to fulfil these aims through the 'Staines Prep Wal, a moral code which encourages children to listen., share., forgive,. be kind.. respect others., be your best- and be honest. f. Objgctives for thg Ygar The main objective is, and has always been, to put the children al the centre of all we do regardless of the department within the School, through the continuing development of high educational standards and resutts. Each year the staff write a School Development Plan, and key objectives this year include: Raise all teaching slandards towards 'outstanding' Develop self-evalualion and identfficalion of future areas of rriCUluM development In addition to maintaining the high educational standards, build on the development of positive physical and emotional wellbeing Explore feasibility aspects of the School's stralegy lo evolve g. Charftablo Status The Governors confimi they have complied with the duty in S17 of the Charities Act 2011 to have due regard lo the Charity Commission's guidance on Public Benefit. To that end we offer a significant number of awards from our Burges Bursary fund, higher than many other Prep Schools and we offer a minimum of 200 hours of community use lo local groups at the lower community rate. This is in addition to the preferential rate charged lo The Gap Club. a local holiday club provider which serves the whole community- As an educational charity 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 charity. As a charity the School benefits from some tax exemption5 on its educational activities and investments and is entitled to an 800A reduction on business rates on all properties used for charitable purposes. These financial benefits allow us lo sustain a bursary policy that enables children whose families would not otherwise be able to afford the fee5 to benefit from a Staines Preparatory School education. Page 3
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 6ts3 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Objectlves and actlvltles Icontlnuedl h. Burges Bursarles Burges Bufsary awards are available lo pupils on entry lo the School and to relieve hardship where a current pupil's education would be al risk due lo a substantial drop in family income, for example. through redundancy, ill health or bereavement. All awards are means tested and a number of facto are considered, including family income and expenditure. investments. savings and family cilcumstances. In 2022123 the School awarded 14 bursaries al the beginning of the financial year and also provided emergency hardship frjnding in the Autumn and Swing lemis for a pupil who had experienced significant family changes. However, Staines Preparatory School does not have a large endowmellt fund and, collsequendy, the School is mindful of the balance that needs lo be struck between Setting fees that are affordable to a wide cross section of the community and providing the widest possible access through bursaries. Information about Burge5 Bursaries 15 available on request and on the School website. . U$& of Fatilitios The School welcomes local youth sport5 teams lo use its facilities which enables the children to benefit from coaching throughout the year. We have established links with local groups such as sports, amateur dramatics and fitness groups who make use of our large multi-purpose hall, as well as our outdoor facilikn"es. Preferential hire rates are given to local groups to offer aCsS of our facilities 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 2022123 we let our facilities lo the community at a lower rate for 106.5 hours. . Achievements and Perfonnance from the School's Revlow of the Year This year we provided 173 days of leaming which exceeds expectslions within the Independent Sector. Fees were increased for this academic year as planned. and this still covers hot lunches. trips and visits. as well as all books and stationery being included. The Govemors and Leadership Team of Staines Prep remain committed to prowding high qualty teaching and excellent facilities. In addition. the children benefit from specialist leaching throughout the School in a number of subject areas= English, Drama, Maths, Science. Forest Schooling, Computing, Frenchlspanish, History. Geography, Classical Studies. ArL Design and Technology. Music. Religious Education. Games and Physical EdLtcation. In keeping with its non-selective F)olicy. SPS provided for pupils with a wide range of abilities through srnall class sizes, Leaming SupF)Ort Assistants. individual needs lessons. and intervention suppx)rt groups where required. The extemal 11+ examination re5uIt5 were again exceptionally impressive. Pupils received 15 offers of GramTnar School place lout of a cohort of 361, despite the fact that some of the pupils did not sit them as their parents wished them to remain within the independent sector. This is a tremendous figure, especially bearing in mind the increased compeb.tion for grammar school places. The results for the independent schools were also strong with pupils gaining places at a variety of hhlY selective and seleth.ve senior schools. Nine Scholarships were offered this year.. Page 4
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 7ts3 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 {contlnuedl The SchcK)I prepares pupils for 11+ examinations by using our own assessment procedures as well as external assessment using ISEB, GL Assessments. Our assessment levels are now based on slandardised scores and are often more useful and relevant than raw dala as they offer a number of opportunities for different comparisons to be made. The results are checked against a national sample, providing a greater insight into the pupil's performance in the examination. Furthemiore, it also takes into account the age of the child on the day of the lesl. Our Tesults were exceptionally impressive. Charities- 2022-2023 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. were also donated to Manna Food Bank. The following sums were also raised for chaiÉties= Jean5 for Gene5 mufti123.09.23)- £343.90 Macmillan coffee ffloining107.10.221- £362.41 Manna Food Bank bake off108.12.221- £123.50 Save the Children mufb109.12.221- £177.00 British Red Cr05s crazy hair day122.02.231- £1056.36 Our Lady of the Rosary School- school visil121.03.231- £50 .(YJ Epilepsy Society quiz night in memory of 8arry123.03.231- £405.00 UNICEF- House charity fundraising105.05.23}- £75.70 Save the Children - House chanty fundraising105.05.231- £75.35 DisasteTS and Emergency Committee- House charity fundraising105.05.23}- £75.00 Beauty Banks- House charity fiJndraising105.05.23}- £75.35 Manna Food Bank donations from Nursery in lieu of food donations126.04.23}- £32.00 Daybreak Respite- Enterprise Day129.06.231- £300.00 We held our annual Award and Celebration Evening in the Peter Roberts Hall. Parents were invited to attend. Awards were given in the followng categorEes The Staines Prep Way- for demonstrating the values of the Staine$ Prep Way The Whitaker Award for MathematiGS The Miles Award for English The Concord Prize for Achievement in Science The Humanities Award for Geography. History and R E The Oliver Griffin Award lor Linguistic Achievement The Russell Award for Perfomiing Arts The Art and Design Award The Computing Award The Derek Taylor Shield - the boy and girl who have given the most in terms of effort and character The Lemon Trophy for Greatest Contribution to Sport The Endeavour Award The Cox Award our most prestigious award given for excellence was awarded to the whole of Year 6 in recognition of their resilien and hard woik during the unprecedented lockdown The 'Friends of Staines Prep. ran the Someone Spectal Grfttng Rooms which is not a profitmaking event. but very popular wTrlh the children. They also provided a hugely successful refreshrnent stall at Sports Day. The 'Burges Bursary Fund, continues to be a key part of our charttable actiwty. Many children have benefited from the help that we can offer and we continue to invtte applications from those who seek our support. Page 5
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 8ts3 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 {contlnuedl b. School Improvements The school made significant investments in ICT. utgrading all switches and Wll-Fl equipment as well as providing new Smartboards for every classroom. a. Flnanclal revlew The Trust has feceived income of £3.877,932 during the year compared with £3,644,061 in the year lo 31 Augu512023. Expenditure amounted lo £3.862,681 {2022= £3,650.4351 giving a surplus of £15.25112022: deficrt £6.3741. The reSLtIts are surnmarised on page 12 of the School's accounts. b. Rosorvos policy The Governors have determined that the long-term appropriate level of free reserves. drawn from the general fund, should be equivalent to one term's expenditure. (Approximately £1,210,000}. Currently, free reserves are £1,304,544. The Govemors consider that it is prudent given the current uncertain general economic conditions and potential legislative changes affecting private schools (VAT on school fees in particularl. that free reserves are in eXsS of the long-temi target. c. Risk Managgmont The Govemors use a number of ways to monitor the risks facing the school, both from inlemal and extemal factors. A Risk Audit is carried out annually and monitored and updated throughout the year. This audit lakes account of the School's Charitable Objects, ReglatiOnS and Compliance, Governance & Management. Extemal Influences. Operational Issues, Fundraising. HR, IT, Finan and Infrastructure. Every sub-committee of the Board of Governors considers Safeguarding and Health and Safety as an agenda item. and these topics are embedded throughout the school_ A major risk focussed on in 2022123 was the changing economic and political landscape affecting Preparatory Schools. An immediate focus was placed upon increasing pupil numbers, together with strong financial modelling and sensitivity analysis. The key controls used to manage risk include: An annual review of the risks facing the school Governor level monitoring of Safer Recruitment & Safeguarding Terms of Reference for all Su¢0mMitteeS A skills-based approach lo Governor Recwitmenl Fomial policies and procedures covering all major 8Cttvities RegulaT Vlslts from School Govemors and involvement in school life Comprehensive budget and monitoring procedures Regular review5 on strategy Use of external consultants when necessary to validate practise within the school. For example, Health & Safely Audits. The School Govemors are continuing to closely monitor developments wth regards to key risk5 from economic and political sectors and are mindful of the parental base and the potential impact of any uncertainty. The School remains focussed on providing an Independent Education lo the widest possible cr05s seclioll of the community. by balancing this wtth the fee levels required to maintain and improve the quality of the educakn.on provided. This will be done by raising the profile of the school, and further strengthening our admissions list. This wtll be done through targeted marketing for Nursery, Recepb"on and Year 3 entry. Page 6
rtUslgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P V33 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 statement of Governors. responslbllltles The Governors (who are also the directors of the Company for ltte purposes of company lawl are reswnsible for preparing the Govemors, report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Praclicel. Company law fequires the Governors to prepare financial statements for each financial . Under company law. the Governors must not approve the financial stslements unless they are satisfied that they give a true and fair view of the slate of affairs of the Company and of ils incoming resouices and application of resources. including ils income and expenditure. for that period. In preparing these financial statements. the Governors are required to: select suitable accounting policies and then appty them consistently., observe the methods and principles of the Charities SORP IFRS 1021.. make judgments and accounting estimates that are reasonable and prudent,. slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial slalements., prepare the finanaal 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 Company's transaction5 and disclose wrth reasonable accuracy al any bme the financial position of the Company and enable them to ensure that the financial statements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevenb.on and detection of fraud and other irregularities. Disclosure of inforniation to auditor Eath of the persons who are Govemors at the time when this Govemors. report is approved has confimied that.. so far as that Governor is aware. Ihere is no relevant audit infomialion of which the chariws auditor is unaware, and that Govemor has taken all the steps that ought to have been taken as a Governor in order to be aware of any relevant audit infomiation and lo establish Ihal the charrtys auditor is aware of Ihal information. Audltor The auditor, James Cowper Kreslon Audit, has indicated his willingness to continue in office. The designated Governors will propose a motion reappointing the audilor at a meeting of the Governors. Approved by order of the members of the board of Govemors and sign&J on their behalf by.. M HALL +r•>tJoz4yJTr4&e9Tivfc*l MrMRHall Chairman Date: 21 May 2024 Page 7
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P i¢)n3 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAINES PREPARATORY SCHOOL TRUST Opinion We have audited the of Staines Preparatory School Trust (the 'charitable companll for the year ended 31 August 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes. including a summary of significant accounting policies. The financial reporting framework that has been applied In their preparab.on is applicable law and United Kingdom Accounting Standards, including Financial Reporbng Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. {UnÈted Kingdom Generally Accepted Accounting Practice). In our opinion the give a true and fair view of the state of the charitable companys affairs as at 31 August 2023 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 with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with Intemational Standard5 on Auditing IUKI IISA5 IUKI) and applicable law. Our responsibilities under those standards are further descrTbed in the Auditor's responsibilities for the audit of the section of our report. We are independent of the charitable cornpany in accordance with 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 with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Con¢lu$ion$ rnlating to going con¢9rn In auditing the financial statements, we have conduded that the Govemors. use of the going concem basis of accounting in the preparation of the finanual statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectivety. may cast significant doubt on the charitable companls ability lo continue as a going concem for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and Ihe responsibilities of Ihe Governors with respect to going concem are described in the relevant sections of this report. Other Infomiatlon The other infomialion comprises the information included in the annual report ottter than the and our audilorfs report thereon. The Governors are responsible for the other information contained within the annual report. Our opinion on the does not cover the other information and, except lo the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihe¥eon. Our responsibility is lo read the other information and. in doing so, consider whether the other information is materially inconsistent with the or our knowledge obtained in the course of the audit, or olhetvlise appears lo be materially misststed. If we identity such matellal incon51Stencies or apparent material mi55laternenls. we are required lo 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 rnaterial mis5taternenl of this other information, we are required to report that fact. We have nothing to report in this regard. Page 8
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M p iir33 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAINES PREPARATORY SCHOOL TRUST (CONTINUED) Opinion on olhor mattors pro$tribèd by tho Companio$ Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Govemors. report for the financial year for which the are prepared is consistent with the . the Govemors. report has been prepared in accordan wsth applicable legal requirements. Matters on whlch we are requlr8d to report by exceptlon In the light of our knowledge and understanding of the chaT¢lable company and ils environment obtained in the course of the audit. we have not identified material misslatemenls in the Governors. report. We have nothing lo report in respect of the followng matters in relation to which Companies Act 2006 requires us to rewrt to you rf, in our opinion.. adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches not visited by us., or the are not in agreement with the accounting records and rerns., or certain disdosures of Govemors, remuneration specified by law are not made. or we have not reiVed all the information and explanations we require for our audit. Responslbllltles of Irustees As explained more fully in the governors, responsibilities slalemenl, the Govemors (who are also the directors of the charitable company for the purposes of company law} are responsible for the preparation of the and for being satisfied that they give a true and fair view. and for such intemal control as the Govemors determine is neSSary to enable the preparation of that are free from material misstatement. whether due to fraud or error. In preparing the , the Govemor5 are responsible for assessing the charitable companV5 ability to continue as a going concern, disclosing, as applicable. matters related to going concem and using the going concern basis of accounb.ng unless the Govemors either intend to liquidate the charitable company or to cease operations. or have no realistic altemative but to do so. Page g
rtUslgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 133 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAINES PREPARATORY SCHOOL TRUST (CONTINUED) Auditorf$ r8sponsibiliti8s for thè audit of the financial ststomonts Our objectwes are to obtain reasonable assurance about whether the as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assuran is a high level of assuran, but is not a guarantee that an audrt conducted in accordance with ISAS IUKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Because of the inherent limitations of an audit. there is a risk that we wll not detect all irregularities, including those leading lo a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance wth a law or regulation is removed from Ihe events and ITansactions reffiected irs the financial ststements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularilies occurring due to fraud rather than error, as fraud involves inlentional concealment. forgery. collusion. omission or misrepresentation. The specific procedures for this engagement that we designed and perfomied lo detect material misslalemenls in respect of ifregularities, including fraud. wefe as follows.. Enquiry of management and those charged wth govemance around actual and potential litigation and daims.. Enquiry of managemenl and those charged wtlh governance lo identify any material instances of non- Complian with laws and regulations- Reviewing financial statement disclosures and testing lo supporting docufnentation to as5es5 compliance with applicable laws and regulations., Performing audit work to address the risk of irregularities due to management override of controls, including testing of joumal entries and other adjuslrnents for appropriatenes5, evaluating the business rationale of significant transactions outside the nomial course of business and reviewing accounling estimates for evidence of bias. A further description of our responsibilities for the audrt of the is located on the Financial Reporting Council's website at: www.frc.or .uklaudilorsres onsibilities. This description fomis part of our auditorfs rerxjrt. Page 10
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 13133 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAINES PREPARATORY SCHOOL TRUST (CONTINUED) Uso of our rèport This report is made solely to the charitable companvs members, as a by, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audrt work has been undertaken so that we might stale to the charitable companys members those matters we are required to stale to them in an auditor's report and for no other purpose. To the fullest extent pemiitted 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 fomied. Darren O'connor Bsc (Hons) FCCA ACA Isenlor statutory audltor) for and on behalf of James Cowper Kroston Audlt Chartered Accountant5 2nd Statutory Auditor Reading Bridge House George Street Reading Berkshire RGI 8LS Date: 22 May 2024 Page11
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 14ts3 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023 Unrgstricted funds 2023 Rgstri¢tgd fund5 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and grants Charitable activities Investments Other incJ)me 25.887 3.768.625 13.467 69,953 25.887 3.768.625 13.467 69,9S3 19,656 3.580,010 593 43.802 Total Incom8 3.877.932 3,877.932 3.644,061 Expenditurg On: Chartlable activities 3,861,539 1,142 3,862,681 3,650.435 Total oxpendlture 3.861.539 1.142 3,862.681 3,650,435 Net movement In funds 16.393 {1,142) 15.251 16.3741 Roconciliation of funds: Total fvnds brought forward Net rnovement in funds 5,052,147 16,393 4,568 (1,142) 5,056,715 1S,251 5,063.089 {6.374} Total funds carrfed forward 5.068.540 3.426 5.071.966 5,056,715 The Statement of ffnancial activities includes all gains and losses recognised in the year. The notes on pages 15 to 30 form part of these financial statements. Page 12
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 1&33 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 REGISTERED NUMBER: 02114440 BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 Notg Fixod a$sets Tangible assets Current assets 11 5,442.411 5.504.772 Slocks Debtors 12 13 3,262 85,339 1.446.273 582 83,698 1.575.844 Cash al bank and in hand 1.534.874 1,660.124 Creditor5'. amoun15 falling due within one year 14 {690,7181 1792.1191 Net current assets 844,156 868.005 Total assets less current IlablllU8s 6,286,567 6,372.777 Credrtors.. amounts falling due after more than one year 15 11,214.601) 11.316,0621 Ttstsl not a$sot$ 5,071,966 5,056.715 Charity funds Reslricled funds 16 3.426 5,068.540 4.568 5,052.147 Unrestricted funds 16 Total funds 5,071.966 5,056,715 The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial stalemenls. The financial stslements were approved and authorised for issue by the Governors aThJ signed on their behalf by.. MHdL MrMRHall Chairman Date: 21 May 2024 The note5 on page5 15 to 30 form part of these financial statements. Page13
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 16r33 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Not8 Cash flows from operdtlng actlvltles Net cash used in operating activities 19 125,067 376,174 Cash flows from Invostlng actlvltlos Interest received Purchase of tangible fixed assets 13,467 1165,983} 593 1169,670) Nat cash uséd in inv&sting aetivittas 1152,516) 1169,0771 Cash flows from financlng actlvltles Repayments of booWIng 1102,122} 179,2581 Nat cash us•d in financing adivitias 1102,122> (79,2S8) Change In cash and cash 4uivalants In tha yèar Cash and cash equivalents al the beginning of the year 1129,571) 1.575,844 127,839 1.448,005 Cash and cash gquivalents at thg gnd of thg ygar 20 1.446,273 1,575.844 The notes on pages 15 10 30 form part of Ihese financial statements Page 14
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policiès 1.1 Basls of preparatlon of flnanclal statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their aceounls in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019}, the FinanGial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Staines Preparatory School Trust meet5 the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless OtheiSe stated in the relevant accounting policy. 1.2 In¢omo All income is recognised once the Company ha5 entitlement to the income. it is probable that the income wll be received and the amount of income re1vable can be measured reliably. Charrtable income comprises general school fees, disbursements and extras recharged and are accounted for in the period in which the SerVe is provided. Donations received for the general purposes of the charity are credited to unrestricted funds. Donations subjects lo specific wishes of the donors are crediled to reslricled fijnds. Gifts in kind donated are included and the COespondIng asset included wthin fixed asset additions or charged against Ihe Statement of Financial Activities as appropriate. Investment income is inciuded on a recoverable basis. Grants are included in the slalement of finanaal activities on a receivable basis. The balance of income received for speufic purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of enlitsement of reipl, ils recognition is deferred and included in creditors as deferred income. Where entiuement occurs before income is received, the income is accrued. Page15
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P i5 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policiès Icontinu&d) 1.3 EXndItur¥ Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classrfied by activty. The costs of each activty are made up of the total of direct costs and shared costs, including support costs involved in undertaking each aclivty. Direct costs attribulable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attrÈbulable to a single activity are apportioned beeen those activities on a basis consistent with 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. Expenditure on charitable activities is InCued on directly undertaking the activities which fvrther the Companys objectives, as well as any associated support costs. All expendire is inclusive of iffecoverable VAT. 1.4 Government grants Govemment grants relating to tsngible fixed assets are treated as deferred income and released lo the statement of financial activities over Ihe expected useful lives of the assets concemed. Other grants are credited lo the statement of financial activities as the related expenditLITe is incurred. 1.5 Interest rneelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company., this is normally uwn notification of the interest paid or payable by the institution with whom the funds are deposited. 1.6 Tanglble fixed assots and depr&ciatlon Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially rec(Ignised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impaimient losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis= Freehold property Mini bus Fixtures, fittings, fumiture and equipment (excluding computers) Computers Netball court and portacabins 2% straight line 25% reducing balance 15% reducing balance 33% slraighl line 25% reducing balance Page 16
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M p 1gr33 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policiès Icontinu&d) 1.7 Stocks Stocks are valued at the lower of cost and nel realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proporb.on of fixed and variable overheads. 1.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. PrepayTnents 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 includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.10 Llab115tles and provlslons Liabilities afe recognised when there is an obligation al the balance sheet dale as a result of a past event. il is probable that a transfer of economic benefit will be required in setllemenl. and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates il will pay to settle the debt or the amount il has 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 material, the provision is based on the present value of those amounts. discounted at the pre-tax discount rate that reflects the llsks specFfic to the liabilty- The unwinding of the discount is recognised in the statement of financial activities as a finance cost. 1.11 Financial instrumonts The Company only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initialty recognised al transaction value and sUbseqUenY measured at their settlement value wtth the excepb.on of bank loans which are sUbseqUenY measured at amortised cost using the effeth.ve interest method. 1.12 Ponsions Teaching staff employed by the company are eligible for membership of the Teachers. Pension Stheme, which is a national scheme administered by the Teachers. Pension Agency. The charity has arranged a defined conlribulion scheme for staff who are not eligible to loin the Teachers, Pension Stheme. The pension costs charged represent the contributions payable by the School during the year. 1.13 Operatlng leases Rentsls paid undeT operaling leases are charged to the statement of financlal activities on a straight line basis over the lease lem). Page17
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 20133 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policiès Icontinu&d) 1.14 Fund a¢¢ounting General funds are unrestricted funds which are available for use al the discretion of the Governors in furtherance of the geneial objectives of the Company and which have not been designated for other purposes. Designated funds comprise unreslrided lunds that have been sel aside by the Govemors 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 to be used in accordance with specffic restrictions imposed by donors or which have been raised by the Company for particular purposes. The cosls of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Crltlcal accountlng estlmat8s and areas of Judgment Estimates and judgments are continually evaluated and are based on historical experience and other factOTS. including expectations of fLslure events that are believed to be reasonable under the cifcumstsnces. In the application of the companys aCUnting 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 associated 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 estimates and assumptions conceming the future. The resulting accounting estimates and assumptions will. by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adlu5tmenl lo the carrying amounts of assets and liabilits.es within the next financial year are discussed below. The eslimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The most significant estimates and assumptions which affect the c3y7ng amount of each assets and liabilities in the accounts relates to.. Depreaation - The annual deprecation charge for propety. plant and equipment is sensitive to change in the estimated useful economic lives and residual value of assels. These are reassessed annually and amended were necessary lo relect current circumstances. Page 18
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 21r33 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Incomé from donations and grants Unrnstrictod fund$ 2023 Total funds 2023 Total funds 2022 Donations 25,887 25,887 19,451 205 Governrnenl grants 25,887 25,887 19,656 Total 2022 19,656 19.656 Government grants relate to the Coronavinjs Job Retention Scheme grant. Incorne from charltable actlvltles Unrostrlctèd funds 2023 Total funds 2023 Total funds 2022 Gross fees Less bursaries and discounts SPARKS Fees in lieu 3,750,516 {102,9561 4,282 9,000 84,560 23,223 3,750,516 1102,956} 4,282 9,000 84,560 23,223 3.594.565 1155,1371 32.257 4.220 83,578 20.527 Extras Disbursements 3,768,625 3.768,625 3,560,010 Total 2022 3,580.010 3.580,010 Children of SPS staff attending the school receive a discount in school fees in line with the school's policy. These costs are included within 'bursaries and discounts. above. Page 19
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 35 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 InvoStm&nt incom• Unrnstrictod fund$ 2023 Total funds 2023 Total funds 2022 Investment incorne 13.467 13,467 593 Total 2022 593 593 Other Incomlng resources Unrostrlcted funds 2023 Total funds 2023 Total funds 2022 Other income 31,632 38,321 31,632 38,321 8,343 35.459 Commission and letting income 69,953 69,953 43,802 Total 2022 43,802 43,802 Page 20
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 23r33 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Analysis of 8xponditure on charitabl• activitiès Summary by fund typ Unrgstrictgd Rg$trictgd funds funds 2023 2023 Total 2023 Total 2022 Teaching Welfare and catering Premises Adminislration costs Bank interest 2,251,537 288.103 587,355 665,638 57,831 11,075 2,251,537 288,103 587,355 666,780 57,831 11,075 2,140.934 241.816 484,514 698,126 74,005 11.040 1,142 Governance costs 3,861.539 1,142 3.862,681 3,650,435 Total 2022 3,648,913 1,522 3,650,435 Summary by expendlture type Staff costs Depreclatlon Other costs 2023 2023 2023 Total 2023 Total 2022 Teaching Welfare and Catering Premises 1.995,094 17,262 89,003 334,574 256,443 270,841 381,426 220,788 57,831 11,075 2.251,537 288,103 587,355 666,780 57,831 11,075 2.140,934 241,816 484,514 698.126 74,005 11,040 116,926 111.418 Administration costs Bank interest Governance costs 2.435,933 228,344 1.198,404 3.862,681 3,650,435 Total 2022 2.372,838 208,619 1,068,978 3,650,435 Page21
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 24133 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Auditorfs romun&ration 2023 2022 Fees payable to the Companls auditor for the audit of the Company's annual accounts 8,675 8.030 Fees payable to the Companls auditor in respect of.. Ail non-audit services not included above 2,400 3.010 Staff costs 2023 2022 Wages and salaries Swal securty costs Contribution to defined contribution pension schemes 2,012,559 166,305 257,069 1.935.093 176,980 260,765 2,435,933 2,372.838 The average number of persons employed by the Company during the year was as follows.. 2023 No. 2022 Teaching staff Support staff 48 22 19 69 70 The number of employee5 whose employee benefits (excluding ernployer pension cost51 exceeded £60.000 was.. 2023 No. 2022 In the band £60,001 £70.000 In the band £100,001- £110,000 The pension contributions in relation to the higher paid employees are £20.57512022.' £19.976). Koy Management Personnel: The schwl considers ils key management personnel as the Headteacher and the Bursar. The lolal employment benefits including employer pension conlributions of the key management personnel were £224.568 {2021'. £217,665). Page 22
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 25133 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 10. Govèrnors. romun•ration and •xp&nso$ During the year, no Govemors received any remuneration or other benefits {2022- £NILI. During the year ended 31 August 2023, no Govemor expenses have been Incued12O22- £NIL). The Governors have taken out indemnity insurance costing £4,87512022.. £2,443). 11. Tangiblg fixgd assgts Fr8ehold proporty Motor Flxturès and vèhlclas fittings Total Cost or valuation At 1 September 2022 Additions 6,720,214 SO,061 1,SS1,068 165,983 ,321,343 16S,983 Al 31 August 2023 6.720.214 50.061 1.717.051 8A87.326 Depreclatlon Al 1 September 2022 Charge for the year 1.700.647 116.926 45,494 1.142 1.070.430 110.276 2,816.571 228.344 At 31 August 2023 1,817,573 46,636 1,180,706 3,044,915 Not book value Al 31 August 2023 4.902.641 3,425 536.345 5,442.411 Al 31 August 2022 5,019,567 4,567 480.638 5,504,772 Page 23
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 26ts3 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 11. Tangibl& fix8d assots Icontinu&d) Included in land and buildings is freehold land at cost of £826,827 12022.. £826,827). which is not depreciated. The Govemors are of the opinFon that the current market value of the school's land and buildings rs substantially in eXsS of the figures shown in the financial statements. However, il Is not possible lo quantify the market value without carrwng out a costly revaluation of the school's propety. The school's buildings are currently insured al a value of £12.904,921 12022.. £12.904,9211. 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 Staines Prep. In the accounts of The Friends of Siaines Prep these are shown as owned by the charity with a WTÈtten down value of £1. To comply with the Statement of Recommended Practice and to show a true and fair view of the school's assets these are induded in the accounts of the school. At 31 August 2023 the nel bwk value of these assets was £48012022.. £640}. All of the assets of the school with the eXpIlOn of the minor items of office equipment are used for direcl charilable purposes. Lloyds Bank PLC have a charge on the land and buildings. 12. Stocks 2023 2022 Finished goods and goods for resale 3,262 582 13. Debtors 2023 2022 Trade debtors 2,361 1,145 81,833 16,267 1.145 66,286 Other debtors Prepayments 85,339 83,698 Page 24
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 2fn3 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 14. Crèditors- Amounts falling du• within on• yèar 2023 2022 Bank loans Trade creditors 95,770 49,584 46,706 75,493 423,165 92,256 58.439 47.313 88,806 505,305 Other taxation and social security Fee deposits held Other credilors 690,718 792,119 2023 2022 Included in other creditors: Deferred income al 1 September 2022 Re50urce5 deferred during the year Amounts released from previous periods 398,310 416,556 1398,310} 1416.5561 398,599 398.310 Deferred Income at 31 August 2023 398,599 398.310 The deferred income balance mainly represents school fees and trip income relaling to the 23124 year. School fees receNed in advance relates to fees for the next sch¢xJl year. which some parents pay in advance. 15. Craditors: Amount$ falling duè aft&r mora than ona yèar 2023 2022 Bank loans Fee deposits held 1.042,876 171,725 1.148.512 167,550 1,214,601 1.316.062 The aggregate arnount of liabilibes payable or repayable wholly or in part more than five years after the reporting date is.. 2023 2022 Payable or repayable by instalments 590,238 700,643 There are two bank loans both secured by a first legal charge and an LFnlimited debenture over the school building5 at 3 Gresham Road. The interest rate attributed to the £1.500,000 loan is 5.25% fixed rate. The intetesl rate attributable to the £400.000 loan is variable, and is currently 7.4Vo. Page 25
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 28133 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 16. Statèmènt of funds Statgmènt of funds - eurrènt yoar Balanco at 1 Septembgr 2022 Balanc8 at 31 August 2023 Transfors inlout Income Expgnditurg Unrestrlctsd funds Dgsignatgd funds Freehold property 3,778,799 (116,926) 102,123 3,763,996 General funds General funds 1,273,348 3,8TI,932 13,744,613) 1102,123) 1,304,S44 Total Unrestrlct8d funds 5.052.147 3.8TI.932 13,861.539) 5.068.540 Rgstrictgd funds Restricted funds 4,568 (1,142) 3,426 Total of fund$ 5.056.715 3.8TI,932 13,862.681) 5.071.966 Transfer: The transfer represents the amount needed to reflect the change in the net book value of freehold land and buildings after taking into account additions. disposals and depreciation during the year less the amounts outstanding on the bank loan. D8slgnatod Funds: The freehold property fund represents the net book value of the property less outstanding amounls on the bank loan secured over the school buildings. Rostridod Funds- Restricted funds represents the net book value of a minibu5. paid for by donations made by The Frtends of Staines Prep. Page 26
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 29r33 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 16. Statèmènt of funds Icontinu&d) Statgmènt of funds - prior year Balan at 1 September 2021 Balance at 31 August 2022 Transfers inloul Income Expenditure Unrestrlctsd funds Dgsignatgd funds Designated Funds- all funds 3.818,336 {117.8681 78.331 3,778,799 General funds General funds 1.238,663 3.644,061 13,531.0451 (78,3311 1,273.348 Total Unrestrlct8d funds 5,056,999 3,644,061 13.648,9131 5,052,147 Restrlcted funds Restricted funds 6,090 {1,5221 4.568 Total of funds 5.063.089 3,644,061 13,650.4351 S.0.715 17. Summary of fund5 Summary of funds - current year Balance at 1 September 2022 Balance at 31 August 2023 Transfers inlout Income Expenditure Designated funds General funds 3,n8,799 1,273,348 4.568 (116,926) 3,877,932 13,744.613) {1.142) 102,123 3,763,996 1102,123} 1,304,544 3.426 Restricted funds 5.056.715 3.877,932 13,862.681) 5.071.966 Page 27
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 30n3 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 17. Summary of funds Icontinu8d} Summary of funds - prior yéar Balan at 1 September 2021 Balance at 31 August 2022 Transfers inloul Income Expenditure Designated funds General funds Restricted funds 3.818,336 1.238,663 6,0 (117,8681 13.531,0451 {1,5221 78.331 {78.331) 3.778.799 1.273,348 4.568 3,644.061 5.063,089 3,644,061 13,650,435) 5,056,715 18. Analysis of ngt 0SSgts betwegn funds Analysis of ng103sgts betwgen funds - currgnt ygar Unrestricted funds 2023 Rgstrictgd funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due wthin one year Creditor5 due more than one year 5,438,985 1.534,874 1690,7181 11,214.6011 3.426 5A42.411 1,534.874 1690,7181 (1,214,601) Total 5,068,540 3,426 5.071.966 Analysls of not assets between funds - prfor year Unreslricled funds 2022 Reslricled fvnds 2022 Total funds 2022 Tangible fixed assets Current assets 5.500,204 1,660,124 {792,1191 11,316,062) 4,568 5,504.772 1,660.124 1792,1191 11,316.0621 Creditors due wilhin one year Creditors due in more than one year Totsl 5,052,147 4,568 5,056,715 Page 28
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 31r33 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 19. Rèconciliation of nat movèmènt in funds to nat cash flow from opèrating activitiès 2023 2022 Net incomelexpenditure for the year las per Statement of Financial Activities) 15,251 16.3741 Adjustments for: Depreaation charges Intere51 received 228,344 {13,4671 208.619 15931 16,901 15821 19,801 138.402 Loss on the sale of fixed assets Increase in stocks (2,680} (1,641} 1100,740} Decreasellincreasel in debtors Increaselldecreasel in creditor$ Ngt cash providod by opgrating activitios 125,067 376.174 20. Analysis of cash and cash equivalgnts 2023 2022 Cash in hand 1,446,273 1.575.844 Total cash and cash oqulvalonts 1,446,273 1,575.844 21. Analysis of thanggs in not dobt At1 Saptsmbor At31 2022 Cash flows August 2023 Cash al bank and in hand Debt due wthin 1 year Debt due after 1 year 1,575.844 192.2561 11,148,512) 1129,571} 1A46.273 13,514} (95.770) 105,636 (1,042,876) Page 29
rtUslgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 333 STAINES PREPARATORY SCHOOL TRUST (A cornpany lirnitgd by guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 P&nsion commitm#nts T&achèrs Pansion Schèmè After consultation the Staines Preparatory School Trust left the Teachers, Pension Scheme on 5 April 2021. TPT Schgmo The support staff are members of TPT Scheme, which is a defined contn"bution scheme., the school contributes beeen 2% and 9% dependent on the position of the employee in the school and the employees contribute betsveen 3% and 6%. Stsines Preparatory School operates a defined contribution pension scheme. The assets ol the scheme are held separately from Ihose of the Charity in an independently administered fund. The pension wst charge represents contributions payable by the Charity to the fund and amounted to £257,069 12022 £260,765). Al the balan sheet date amounts were payable to the fund tolalling £34,02512022'. £34,187) and are included in other credilors. 23. Operatlng leas8 commltments Al 31 AugL¢St 2023 the Company had commilments lo make fvture minimum lease payments under non- cancellable operating leases as follows.. 2023 2022 Not later than 1 year Later than 1 year and not later than S years 7,893 7.893 7.893 7,893 15,786 Rolated party transactlons The Company has not entered into any related party transaction during the year, nor are there any outstanding balance5 owing betWn related parbe5 and the Company at 31 August 2023. 25. Controlling party The school is under the control of the Governors who are Trustees under Charity Law and Directors under Company Law. 26. Toxation The company is a registered charity and no taxation is payable on its income. Page 30
rtU*slgnalweTRnsaEU ZgXK-Tgw44rrw2t May 2D24 21"XI..47 8STtUTC +1) 0 2M P 33r33