Rgglstered 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 2024
STAINES PREPARATORY SCHOOL TRUST IA company1Smltod by guarantst) cop¥rENTS Poge Rèference and admlnlstratlve dotslls of the Company. Its Govemors and advisers Gov8rnor$' report Independent audttorfs report on th• finan¢ial statements Statsment of financlal actlvitl•s 8-11 12 Balance sheet 13 Statement of cash flows 14 Notes to the financial statements 15-30
STAINES PREPARATORY SCHOOL TRUST (A cornpany Ilmited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Govemor5 Mr R F Adams Mr A AU(inson-Young (appointed 27 November 2024) Mr D Brown Mrs S J Cauifield (resigned 23 January 2024) Mr M Graham, Vice Chairman Ms S Gill (resigned 19 March 2025) Mr M R Hall. Chaiman Mr D G M Harry (appointed 27 November 2024) Mrs V L Siatham lapw)inled 27 November 2024) Mr G Want (resigned 19 May 2024) Mr B R Wassell {appointed 23 June 2023, resigned 15 November 2023) coMnY reglstored numbor 02114440 Charlty reglstered numbgr 296691 Registered office 3 Gresham Road, StsinewpoTrThames, Middlesex, TW18 2BT The Headmlstress Ms S Sawyer School Business Manager Mr J E G Philpott Independent audltor James Cowper Kreston Audit. Reading Brithje House, George StreeL Reading, Berkshire, RG18LS Bankers Lloyds Bank c. PO Box 2593. Reading, Berkshire. RG12ZH Solicitors Barlow Robbins. The Oriel. Sydenham Road. Guildford, Surrey. GU13SR Page 1
STAtNES PREPARATORY SCHOOL TRUST {A company limlted by guaranteo GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Governors present thelr annual report l(YJether Trmlh the audlted financAal statements of the Company for th9 period 1 September 2023 10 31 August 2024. The annual report seNes the purposes of both a Govemors. report and a directors, report under company law. The Govemors cL)nfirni that the annual report and fi'nanaal statements of the charitable company cornply with the current statutory requirements. the requirements of the charitable companls goveming document and th& provi5KJns of the Statemenl of Recommended Pradce {SORPI applicable lo charities preparing their alxounts in accordance %wth the Finanual Reporting Stsndar(S applicable in the UK and Republic of Irelarnl IFRS102) leffeclNe 1 January 2019}. Objectives and a¢tlvitie$ a. Govornan The goveming document of Starnes Preparatory Sch1 Trust the Memorandum and Artides of Association dated 23 March 1987. The Trusl endeavours to ensure the Board is comprised of Govemors with the widest possible range of skill sets lo thè extent that when a Govemor steps down another person wtth similar skills is sought. New Govemors 8re proposed by membeTS ofthe existrng Board and are elected at fijll Govemors, Meetsngs. Rotstion of the members of the Goveming Brxly is dealt wth under tiCle 33. which states.. 'Al the first Annual General Meeting of the Trust and at the Annual Meeting in every subsequent year on&third of the Govemlng Body for the time being. or. rf their number is not three or a multiple of three, then the number nearest lo one•third. shall retire from office. The members of the Goveming Body trj retire in every year shall be those who have been longost in Offi Sin their last election. but as between persons who became members of the Governing Ba on the same day those lo retire (unless they otherwise agree among themselves) be determined by lol. A retiring member of the Goveming B(Mty shall be eligible for lection., The Board regulady ewS the skills mix of the Govemors and identifies any gaps to ensure the expertise of the Board remains approprrale. Any potential Govemors are interviewed by the Chair of Govemors lor a delegated (rrent Governor) and the Headmistress. New Governors attend in-house training and may also allend seminars and workshops organised by professtonal LdieS. b. Arrangements for setting pay and remuneratlon 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 to perf0mlan management outcomes. and the wider context within th8 sector. c. Organisatlonal Stru¢tUTe The Govemors {who are also Diredors for the purposes of the Companies Act). detemiine the policies of the School al Ihe termly Meeting of the Boafd of Governors when the reports of the various SutcomMitteeS are reviewed. The School h8s slx sub committees which report into the Main Board. These are EducAtion', Stsffing" Property.. Marketing: Bursaries. Fees and Scholarships" and Finance and General Purposes (ommlttees. Al have their own terrns of reference under which they operate. The Sch(K)l operates under the supeNslon of the Governors with the Headmistress and the Bursar responsible fDr the datTrdaY organisation and Opetion. Page 2
STAINES PREPARATORY SCHOOL TRUST {A company Ilmlted by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Obl•ctlves and activiti•s (continued) d. Charftable Objects Our stated thari13ble objects are.. to promote arKI provvje for tho advanr£menl of education of children in th8 United lQngdom and elsewhere. This is based on the four prinaples of the founders- a knndly approach to children.. a love of leaming., an ethnical diverse communlty. and a non-academically selective entran policy. The School also has a policy of reviewing fees and the bursary policy lo allow ac$ to Ihe wdest WJ5sible cross•section of the community. 6. The m$ of the School Education, personal development. and communtty and the vmder world are the key areas that undeTpin the aims of SPS. Through these locus areas. the School erKo¥Jrages each child to attain their full potential through a broad and balanced curriculum, provides an environment which promotes the pefsonal and sodal development of each child and develops an understanding of communty and the wider wortd. The children are encouraged to fuffil these aims through the'stsines Prep Way, a moral code which encourages children lo li51en.' share", forgive.. be kind: respect others" be sfjur best" and be honest. f. Oblectlves for the Year The main objective is, and has ah¥ays been. to put Ihe children at the centre of all we do regardless of the department within the School, through the continuing development of high 8tional standards and results. Each year the stsff write a School Development Plan, and key objecves this year include: Raise all teaching standards towards 'outstanding' Develop sell-evalualion and identification of futUTe areas of cuthculum development In addition to maintsining the high educational standards, build on the deVeprnent of posltlv8 phyEical and emtional wellbeing Explore feasibility aspects of the Schwl's strategy to evolve g. Charltablo Status The Govemors nriMi they have complied wiEh the duty in S17 of the Chartlies Act 2011 to have due regard to the Charity Commission's guidan orb Public Benefft. To that end we offer a signifioznt number of awards from our Burges Bursary fund and we offer a minimum of 200 hours of (yjmmunty use to local groups at tho lower communty rate. This is in addition to the preferential rdte charged to The Gap Club, a local holiday club provider which serves the whole community. As an educational charity the parents and pupils have the assurance thal all of the income of the School is used for educational purposes as described by the objects of the tharity. As a tharity the School benefits fr(n some tax exemptlons on ils educational actiwlies and investments and until 1 April 2025 was entitled to an 80% reducbon on business rates on all properbes used for Charitable purposes. These financi benefrts allow us to sustain a butsary policy that enable5 children whose families would not otherwse be able to aff¢yd the fees lo ben&fit fr(Kn a Staine5 Preparatory School education. Page 3
STAINES PREPARATORY SCHOOL TRUST (A company Ilmlted by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 ObJ8ctlves and activities Icontinu8d) h. Burg05 Bursarles Burges Bursary awards are available lo pupils on entry lo the School and to r81ieve hardship where a current pupil's education would be at risk due to a substantial drop in family inwme. for example. through redundan¢y.111 health or bereavement. All awards are means tested and a number of factors are considered, including family income and expenditure. investrnents. SaThj$ and family CarmStances. In 2023124 the Schwl awarded 13 imjrsaries at the beginning of the financial year and also prDvided additional bursaries for families who had experienced Significant family changes. However, Stsines Preparatory Sch does rt have a large endowment fund and, consequently, the School is mindful of the balance that needs to be struck beeen setting fees that are affordable to a wide cross section of the community and provkllng the widest possible a¢$ through bursaries. Infomialion aljout Burges 8uTsari&s is available C wuest arKI on Ihe Sch1 webslle. l. Use of Facilities The School welcoffles kjcal youth sports teams to use its facilities which enables the children lo benafrt from coaching throughout the ar. We have established links with lo1 groups such as sports. amateur dramatics and fitness groups wtrv) make use of our large multt-purpose hall. as well as our outdoor fales. Preferential hire rates are gwen trj local groups to offer aCsS of our fa¢ilttses to the widest possible cross Secti of the Community- The Gap Club provide holiday camps for tth pupils at the school and those from the local community. In 2023124 we let our facilities to Ihe community at a k)wer rale for 235 hours. a. hieVeMents and Performance from th• S¢l)ool'$ Review of the Y8ar This r we provided 172 dayE of leaming whk* excseds expectations within the IndepeNJent Sector. Fees were increased for this atxdemic sear as planned. and this still ¢erS hot lunches. trips and visits, as well as all books and ststionery being induded. The Governors and Leadership Team of Staines Prep remain committed to providing high quality leaching and excellent faolities. In addition. the children benefit from specialist teaching throughout the School in 8 number of sublect ar&as.' English, Drama. Maths, Suence. Fest Schooling. Cornputing. FrenchlSpani$h, History, Geography. Classical Studies. Art. Deslgn and Technd(wJy. mus. Religi¢ws Educatton. Games and Physical Education. In keeplng its non-selective policy, SPS provided for pupils with a wde range of abilities through small class sizes, Leaming Support Assistsnts. indmdual needs leS)nS, and inteNention support groups where required. The extemal 11+ examination results were again eXtlI0nalty impressive. Pupils received 22 offers of a Grammar Schod place lout of a cohort of 491. despite the fact Ihal some of the pupils did not sit them as their parents wished them lo remain within the independent secliK. This 1$ a tremendous figure. especially bearing in mind the increased competition for grammar sch[ pla$. The results for the independent schools were also strong with pupils gaining places at 8 varw of highly selectNe and selectiva senior schools. Twenty Scholarships were offered this year. Page 4
STAINES PREPARATORY SCHOOL TRUST IA company Ilmlted by guaranteo) GOVERNORS. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Icontlnuod) The School prepares pupils for 11+ examinations by using both our own assessment procedures as well as extemal assessment using ISEB, GL Assessments. Our assessment levels a now based on slandardlsed scores 8nd are often more useful and relevant than raw data as they offer a number of opportunities for different comparisons lo be made. The rasults are Checked against a national sample, providing a greater insight into the pupil's perfom)ance in the examination. Furthermre. it also takes into account the age of the child on the day of the lesL Our results were exceptionalty impressfve. Charities- 2023-2024 Our Harvest Festival donated food to Manna Fcth BanK a local tharity based in Stsines-Upon-Thames. For our fiTSt Mufti Day of the year. we asked families to bring in tinned gLx)ds, whith were also donatsd lo Manna Food Bank. The following sums were also rdised for charitÈes: Jeans for Genes mufti127.09.231- £222.10 Macmillan coffee moming105.10.23}- £419.86 Save the Children111.01.24}- £93.57 Littl& Hearts matter {09.02.24)- £284.07 Brilish Hgart Foundation {01.03.24)- £406. Our Lady of the Rosary School- school Msit {18.03.231- £50.C Macmillan Cancer Care124.04.24)- £73.45 Action against Hunger124.04.241- £73.45 The British Red Cross124.04.24)- £73.45 People Against Poverty124.04.24)- £73.46 Manna Food Bank {15.05.24}- £58.35 Brian Tumour Research {15.05.241- £229.00 Teddls Wish119.08.24)- £421.44 We held our annual Award ond Celebration Evening in the Peter Roberts Hall. Pants were invlted lo ottend. Awdrds were given in the fdlowing rategories: The Staines Prep Way- for demonstrating the values ofthe Staines Prep Way The WhitakeT Award for Mathemalics 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 for Linguistic Athlevennl The Russell Awar(J for Performing Arts The Art and Design Award The Computing Award The Derek Taylor Shield - the boy and girf who have given the most in ternis of effort and chardcter The Lemon Trophy for Greatest Contribution to Sport The Endeavour Award The Cox Award The 'Frf8nds of Staines Prep" ran the Someone Speaal Gifbng Rooms whlth is not a profitmaking event, but very popular wth the children. They also prowded a hugely su(xessful refreshment stall at Sports Day. The 'Burges 8ursary FuThY' continues to bo a key part of (w charitable 8cbvty. Many children have benefile¢J from the help that we cn offer and we (ntinue to invite awlilxtions from th¢)se who seek our supwjrt. b. Sch¢)ol Improvamgnts The school upgraded the Aud & Vtsual equipment in the Pet8r Roberts Hall and a150 upgraded lighting across the sthool. Page 5
STAINES PREPARATORY SCHOOL TRUST IA Company limited by guaranleg) GOVERNORS. REPORT ICOPtnNUED) FOR THE YEAR ENDED 31 AUGUST 2024 . Financial roview The Trust has receNed income of £4.094.702 duriThJ the year compared wth £3,877.932 in the year to 31 August 2024. Expenditure amounted to £4,070,723 {2023'. £3.862.681) gtwng a surplus of £23,979 12023: SuU$ £15.251). The results are summarfsed on page 12 of the School's accounts. b. Reserves pollcy The Govemors have detemiined that the long-term appropriale level of free reserves. drawn from the general fund, sholsld be equivalent to one temi's expertditu. (Approximately £1.357,000}- CUrn11Y, free reserves are £1,361,939. . Risk ManaMnt The Govemors use a number of ways lo monilor the risks facing the school, both from intem81 and extemal factors. A Risk Audit is carried out annually and monitored and updated throughout the year. This audit takes account of the School's Charttable Objects. Regulations and Compliance. Govemance & Management, Ex1omal Infiuences. Operational Issues. Fundraising, HR, IT, Finan and Irrfrastructure. Every suFTrcommlitee of the Board of Governors considers Safeguarding and Health and Safety as an agenda Item, and these tr)pics are embedded throughout the school. A major risk focussed on in 2023124 was the changing economic and politScal landscape affecting Preparatory Schools. An immediate focu5 was placed upon pupil numbers, together wtth strong finanal JdellIng SenSvty anatysis. The key ntrS used to manage risk indude: An annual review of the risks faang the schcKA GovernoT level monitoring of Safer Recruitment & Safeguarding Tem)s of Referenc& for 811 suFTrcommittees A sknlls-based approach lo Governor Recruitment Formal policies and procedures coveriro all maJor activrtres Rggular visits from Schrx)l Govemors and involvement in school lrfe Comprehensive bltdget and rnonrkng procedures Regular reviews on strategy Use of external consultants %then necessaryto validate practrse within the schwl. For example, Health & Safety Audtts. The School Govemors are continuing lo dosely monitor developments wth regards to key risks from economic and political sectors and are mindful of the parental base and the tx)tenlial impact of any uncertainty. The school remains focussed on providing an Independeni EducAtion to the wd8sI possible cross section of the comrnunity, by balancing this with the fae 18vels raquir8d to maintsin and improve the quality of the education prowded. This will be done by raising the profil8 of the schty)I, and further strengthening OLtr admissions list. This wll be done Ihrough targeted marketlng for Nursery. Reception and Year 3 enty. Looking forward, the financial year ending 31 August 2025 saw the Inlroduc*on of 20% VAT on private school fees. The school sought to minimise the impact of this utKJn parents by only passing on the n81 cost lo the school. Thore are limited costs upon whith the school can reojver VAT. meaning that the VAT cost necessarily passed on lo parents reflected an increase in amounis Payab of approximately 19%. The Governors were saddened by this Government policy and the finarrial pre&sure it placed upon parents. The debate, publicity and ultimate inlroductvjn of VAT on school fees placed a significant burden upon the sector and created great uncertainties for parents considering eniering or remaining in the private school sector. Slaines Preparatory Schwl was not immune lo these uncertainties. Whilst numbers remained satisfactory in the y8ar lo 31 August 2025, there 11 be a reduction in pupil numbers entering into the year ended 31 August 2026. The school's approach to sound and prudent finanaal managemènt means that the cost of this reduction in pupil numbers will be met out of retained reseNes whilst the sd)ool continues to rebuild numbers going fr>rward into the year ended 31 AugLtst 2027 and ensuring the prudent approach to cost and financial management remains in place. Page 6
STAINES PREPARATORY SCHOOL TRUST (A company Ilmlted by guaranteo) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The Govemor5 review finarrial forecasts. including S(8110 planning. on a regular basis and are committed lo taking the necessary steps to ensure that the ITUSI remains able to continue to deliver the School's mission and aims in delivering high quality edu(3tion to a wtde a demographic as possible. Statem9nt of Govemors. responsibilltles The Govemors (who are also the directors of the Company for the purposes of company lawl are responsible for preparing the Governors. rewrt and the finano>al statements in aw)rdance with applicable law and United lfjngdom Accounting Stsndards (Uniled KiNJdom Generally Accepted Accounting Practice). Company law requires the Govemors to prepare financial ststements for each financial . Under company law, the Governor5 must not approve the finanaal ststements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its inwming resources and application of resources, including ils income and eXpendire, for that period. In preparing these financAal statements, the Govemors are required select suitsble ac¢ountiThJ poliaes and then apply them consistently. observe the methods and princAple5 of the Charities SORP IFRS 102). make judgments and accounting eslimales that are reasonable and prudent: stale whether applicable UK AcUting Standards {FRS 102) have been followed. subSect to any material departure5 disdosed and explained in the financial statements- prepare the financial statements on the gxng cL)ncem basis unless It is inappropriate lo presume that the Company wll continue in bJsirbe5S. The Govemors are reswjnsible for keeping 8dequate accounting records that are sufficient lo show and explain the Companls transactions and ¢Jisclose th reasonable accuracy at any lime the financial position of the Company and enable them to ensure that the financial statements comply wth the Companies Act 2(X)6. They a also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and othar irregularities. Dl$¢losure of inforniatton to auditi>r Each of the persons who are Govemors at the time when this Govemors, report is approved ha5 confimied that.. so far as that Govemor is aware, there is rw) relevant au(Jit information of which the tharivs auditor is unaware, and that Govemor has taken all the steps that ought to have been tsken as a Govemor in order to be aware of any relevant audit infomiation and to establish that the charitys auditor is awar8 of that infom110n. Audltor The auditor, Jarnes Cowper Kreston Audr(, has indicated his willirwjness to continue in office. The designated Governors will propose a motion reappointing the audttor at a me8ting of the Governors. Approv yor er fth bers of the ard of Govemors and signed on their behatl by. MrMRHall Chairman Date.. Is i0E loic Page 7
STAINES PREPARATORY SCHOOL TRUST {A cornpany limltod by guarantee) INDEPENDEKf AUDOR's REPORT TO THE MEMBERS OF STAINES PREPARATORY SCHOOL TRUST Oplnlon We have audited the of Staines Preparalory School Trnst Ithe 'charitable companll for the year ended 31 August 2024 which ¢omprise the statement of financial activities, the balance sheel, the slalemenl of cash flows and the related noles, including a summary of signtficanl accounting pdiues. The financial reporting framework that has been applied in their preparation is applKable law and United Ktngdom Accounting Standards, including Financial Reporbng Stsndard 102 Tr Finanaal Repon9 Standard applicable in the UK and Republio of Irelanif (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the . gNe a truè and fair view of the stata of the charilable (a)mpan$ affairs as at 31 August 2024 and of ils incoming resources and applicati of resources, inctthling its inLme and expenditure for the year than ended.. have been propety prepared in accordance with Uniled lfjngdLMn Generally Accepled Accounting Practice.. and have been prepared in aCrdanCe wth the requirements ofthe Companies Act 2CK)6. Ba$is for opinion We conducted our audit in accordance wrth Inlemalional Standards on Audrting IUKI IISAS {UKII and applicablg law. Our responsibilities under those standards are ftjrther described in the Audilorfs responsibilities for the audit of the secknon of our report. We are independent of the tharitab5e company in accordance with the &thical requiremen15 that are relevant lo our audit of the in the United KinknM, induding the Financial Reporting Council's Ethical Standard, and we have fulfilled our olher ethical responsibilities in accordance with these requirements. We believe that the atjdil evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relatlng to going concern In auditing the financial slalemenls. we have conduded that the Govemors, use of the going concem basis of accounting in the preparation of the finantial statements is appropriate. Based on the work we have perfonned. we have not identrfied any material uncertainties relating lo events or conditions that, indimdually or collectivdy. may cast signtfi(nt doubt on the charitable companls ability trj continu8 as a going LDncem for a peric#Y of al least Iwefve rnonths from Sthen the finan¢ial slalements are aulhorised for issue. Our responsibilities and the responsibilities of the Govemors th wpect lo going concem are described in the relev8nt sections of this report. Other Informatlon The other information comprises the infom)ation 1ndLed in the annual report 0th8r than the and our auditor's report thereon. The Governors are responsible for the other information o)ntained wthin the anrbual rgport. Our Opini on the does not cover the other inforniation and. ex(*pt lo the extent otheiSe explicidy staled in our rep)rt, we do not express any lorm of assur3 (x)ndusion Ihereon. Our responsibility is to read the other infomiation and. in (Soing so. crmsider whether the other information is malerialty inconsistent with the OT our knowledge obtsined in the (ul$e of the audit. or olherwise appears lo be materially misstated. If we idenlrfy such matsrial inconsistencies or apparent material misststemenls. we are required lo detemiine whether this gives rise to a materTal mi5Statement in the ihemselves. If, based on the work we have performed, we conclude that there Is a material misstatement of this other infomation, we are required to report that faci. We have nothing to report in this regard. Page 8
STAINES PREPARATORY SCHOOL TRUST (A company Ilmlled by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAINES PREPARATORY SCHOOL TRUST {CONTINUEDI Opinion on other matters prescrfbed by the Companles Act 2006 In our opinion. based on the work urbdertaken in the cc¥Jr5e of the audrt the infomalion gNen in the Govemors. rep(Ml for the finanL?al year for whsth the are prepared is consistent wth the . the Govemors, report has been prepared in accordanc* with applicable legal requiremènts. Matters on whlch we aTe requlred to report by oxcepllon In the Ilghl of our knovAedge and understanding of the charitable LY)mpany and its environment obtained in the ue of the audit. we have not KJentifi8d materid misststements in the Govemors. report. We have nothing to report in respect of the following matters in relation to whth Companles Act 2006 requires us to report to you rf, in our opinion.. adequate accounting records have nol been kepL or retums adeqLSate for our audtt have not been receNed from branches not wsited by L¢S', or the are not in agreement with the accounting records and retums: or certain disdosure5 of Governors. remuneralN)n specffied by law are not mad8.' or we have not received all thè infomiation and explanations we reqvir8 for our audtt. Rg$ponsibilitie$ of tru$tees As explained more fully in the govemors. resFK>nsibilities statement, the Govemors {who are also the directors of the charitable company for the purposes of company lawl are responsible for the prepar8tion of the and for belng satisfied that they gwe a true and fair view. and for such intemal control 8$ the Govemors detemiine is neSary to enable the preparation of Ihat aro free from material misstatemenL whether (Jue to fral or error. In preparing the , the Govemor5 are responsible for assessing the charitsble cornpanvs abilily to continue as a going concem. disclosing, 8s applicable. matters related lo goiThJ concem and using the going concern basis of auntIng unless the Govemors either interKI to liquidale thg charitable company or to cease operations. or have no realistic altemative but lo do so. Page 9
STAINES PREPARATORY SCHOOL TRUST (A company Ilmll•d by guarantee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAINES PREPARATORY SCHOOL TRUST ICONTINUEDI Auditorfs rosponslbllities for the audtt ol the financial statements Our objectives are to obtsin reasonable assuran abc whether the as a whole are free from material mSsstatement. whether due to ftaud error. and to issue an audttorfs report that indudes our opinion. Reasonable assurance is a high level of assuran. but is not a guarantee that an audit conducted in accordan with ISAS {UKI will ahvays detect a material misslatement when it exists. Misststements can arise from fraud or error and are considered material rf. indrwdualty or in the aggregate. they could reasonably be expected to influence the e¢onomic deasions of users laken on the basis of Ihese . Because of the inh8rent limitations of an a(Klit. there is a risk that we wll not delect all irragularities. including those leading to a material misstatemenl in the fir7an(xal statements or non•compl1an with gUlatiOn. This risk increases the more that compliance with a law or regulation is rernoved from th8 events and transactions refflected in the )Inancial ststement5. as we will b818ss likely to become aware of Intstan of nOn-MplIanC%. The risk is also greater regarding irregularities occurring due lo frdud rather than ernr. as fraud involves intentional conwlmenl, forgery. collusion, orni10n or misrepresentation. The specific pnKedures for thi% engagement that we designed and perfomied to delect material misstatements in respect of irregularities, induding Iraud. were as follows- Enquiry of management and those charged tmth governan around actual and potential litKJatlon and clalms., Enquiry of management aThJ those tharged wth govemance to kl8ntify any material instances of non compliance %Mth laws and regulations., Reviewing financ?al statement disdosur8s and testing to suprK)rbng d0mentatiOn to assess compliance th applicable laws and regulations,. Performing audit work to address the risk of irregularthes due to management override of controls, including testing of joumal entries and other adjustrnents for appropriateness. evaluating the businoss rationale of significant transactions outside the normal course of business and reviewing accx)unllng estimates lor evidenc8 of bias. A further description of our responsibilrlies for the audit of the ts located on tha Financial Reporting Coundl's website al: www.frc.o .uklttudito nsibilitses. This description fom)s part of our audilorfs report. Page 10
STAINES PREPARATORY SCHOOL TRUST {A company Ilmited 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 CMpan$ members. as a body, in accor(lan¢g with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable comp8nls members those matters we a required to stale lo them in an audilorfs report and for no other purpose. To the ftjllest extent permttted by law, we do not 8pt or assume responsibility to anyone other than the charitable LX)mpany and ils members. as a iKxty, for our audil work. for this pOrt. or for the opinions we have fomied. Darren O'connor 8Sc {Honsl FCCA ACA l$ènior sLthrtory auditor) for and on behalf of James Cowper Kr•ston Audlt Chartered Accountants and Statutory Auditor Reading Bridge House George Street Reading Berkshire RG18LS Dale.. 27th June 2025 Page 11
STAINES PREPARATORY SCHOOL TRUST IA company limiled by guarantee) STATEMENT OF FINANCIAL ACThES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted funds 2024 Restrl¢ted funds 2024 Total funds 2024 Totsl funds 2023 Note Income from: Donations and grants Charttable activities Investments 25,600 3.923.359 27,386 118.3S7 25.600 3,923.359 27,386 118.357 25,887 3,768,625 13,467 69,953 Olher income Total income 4.094,702 4094,7D2 3.877.932 Expenditure on: Charitsble activities 4.069.114 1.609 4.070,723 3,862.681 Total oxpendlturn 4,069.114 1.609 4,070,723 3.862,681 Net In¢omellexpenditure) Transfers between funds 25.588 (7521 11.609) 752 23.979 15,251 16 Net movement in funds 24,836 {857) 23.979 15.251 Reconciliatlon of funds: Total fvnds broLtght fvard Net movem6nl in funds 5.068.$40 24.836 3.426 1857) 5.071,966 23.979 5.056.715 15,251 Total funds carrled forward 5.093,376 2.569 5,095,945 5,071,966 The Statement of finan(aal actrmties indudes an gains and losses rectyJnised in the year. The notes on pages 15 to 30 fom part ol these financial statements. Page 12
STAINES PREPARATORY SCHOOL TRUST {A company limited by guardnteel REGISTERED NUMBER: 02114440 BALANCE SHEET AT 31 AUGUST 2024 2024 2023 Fixed assets Tangible assets Currgnt assots 11 5.273.344 5.442.411 Stocks Debtors 12 13 3,319 93,572 1.829,942 3.262 85.339 1,446.273 Cash at bank and In hand 1,926,833 1.534,874 Creditors: amounts falling due wiihin one 14 1980.663) {6),718} Net current assets 946.170 844,156 Total assets less current Ilabllltles 6219,514 6.286.567 Creditors.. amounts falling due after more than one year 15 {1.123.569) {1,214,6011 Total net assets 5.095,945 5.071.966 Charity fvnds Re51ricled funds Urbreslricted funds 16 16 3.426 5,068.540 5.093.376 Totsl funds 5,095.945 5.071.966 The Govemors acknowledge their responsibilibes for complwng with the requirements of the Act SpeCt to accounting recoyds antl preparation of fInarla1 slatements. Thg financtal statements w roved arKI aUthc$ed for issue by the Govemors an(J signed on thelr behalf MrMRHall Chaimian Dale: 25 20IJ The notes on pages 15 to 30 foryn part ofthese finan¢ial statements. Page 13
STAINES PREPARATORY SCHOOL TRUST IA company limited by guarantse) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Nots Cash flows from opardtlng a¢tivi¢ies Nel cash used in operating &tNtties 19 485.310 125,067 Cash flows from Investing activltles Interest received Purchase of tangible fix8d ats 27.386 13,467 144,7761 1165,9831 Net cash used In investing activitses 117,3901 1152,516) Cash flows from flnan¢lng a¢tivities Repayments of borron9 {84.251) {102,122} Net cash used in financing activities (84251) (102,1221 Change in ¢ash and cash equivalents In the year Cash and ozsh equivalenls at the beginning of the 383,669 1129,5711 1,575,844 1.446.273 Cash and cash oquivalents at th¢ end of the year 1,829.942 1.446,273 The notes on pages 15 to 30 form part ofthese finanaal ststements Page 14
STAINES PREPARATORY SCHOOL TRUST IA company Ilmlted by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcles 1.1 Bas1$ of preparntlon of financlal statom8nts The financAal statements have been prepared in a(rdance wth 1J)e Charities SORP IFRS 1021- Accounting and ReKM)rting by Charities: Ststemenl of Recommended Practice applicable to charities preparing their accounts in accoidance wth the Finanual Repong Standard appIlble in the UK and Republic of Iland IFRS 102) leffectNe 1 January 2019}. the Financial Repon9 Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. S12ines Preparatory School Tru51 meets the definttion of a public benefit entity under FRS 102. Assets and liabilities are initially rec¥yJnise(l at historical cost or transaction value unless otherwise ststed in the relevant acwunting policy. 1.2 Income l income is recognised the Company has entitlement to the inLX)m&. 11 is probable that the income wll be received and the anKJunt of InMe receivable c2n be measured reliably. Charitable income comprises generd school fees. disbursements and extras recharged and are accounted for in the period in whi( the Sery1 is provwjed. Donations received for the gener purposes of the charity are Credited to unrestricted funds. Donations subjocts lo spectfic v•ishes of the dorKJrs a credited lo restricted funds. Gifts in kind donated a induded and the corresp)ndirMJ asset Snclude(J wthin fixed asset additions or charged against the Ststement of Financial Actiwties as appropriate. Inv8stsnent incomè Is Induded on a recoverdble basis. Grants are included in the statement of finanual activttse5 on a re1vable basis. Thg balance of income r1ved for 5pecifi¢ purposes but not expended durin9 the period is shown in the relevant funds on the balance sheeL Where income is re(ived in advance of enliuement of receipt, its recognition is deferred and included in cre(Jitors as deferred inrne. Where enliuement occurs before incorne is reived. the income 15 accrued. Page 15
STAINES PREPARATORY SCHOOL TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting poll¢les Icontinuedl 1.3 Expendlture Expenditure is rec(¥Jnised once there is a legal or constructNe obligatk)n to transfer e¢onomic benefit to a third party. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be aSUd reliably. Expenditure is ctassified by actiwly. The costs of each activty are made up of the lotsl of direci costs and shared costs. inctuding 8LlPPOrt costs involved in undertaking each actNty. Direct costs attributable to a single activity are allocated directly lo that activity. Shared costs which ¢ontr"bute lo more than one activity and support costs whtch are not attributable lo a single activity are apporboned belween those activities on a basis consistent with tho use of resources. Central staff costs are allocated on the basis of tim8 spenL and depreciation charges allocated on the Portm of the asseys use. Expenditure on charitable a¢bwbe5 is incJJrred on direcvy undertaking the actmties which further the Compan$ objectives, as well a5 any asscKiated support costs. All expenditure is inclusive of irrecoverable VAT. 1.4 Govemment grants Govemmenl grants relating to tangible fixed asseL8 are treated as d8f&rred income and released to the statement of financial act]lieS over the expe¢ted usefijl lives of the assets ¢oncemed. Other grants are credited to the ststement of finanoal a¢ttvtties as the related expenditure is incurred. 1.5 Interest re¢elvablè Interest on ftjnds held on derM)sil is induded recNable and the amount can be measured reliably by the Company, this is norn1 upon nottfication of the interest paid or payab by the institution wilh whom the funds are derx)sited. 1.8 Tanglble fixed assats and depreclation Tangibfe fixed assets (x>sting £500 or more are (apitalised and rec#)gnised when futu eoJnomic benefits are probable and the cost or value of the asset (2n be measured reliably. Tangible fixed assets are InallY re(wnised at cost. After reCognOn. u18r the )St model, langlble fixed assets are measured at cost less accumulated depreciation an¢J any accumulated impairment losses. Al costs incurred to bring a tangitle fixed asset into its intended workÈng condition should b included in the measurement of cosL Depreciation is charged so as to allocate the cost of tangibje fixed assets less their residual value over their estimated usefijl lives. Depreciation is provided on the following basis: Freehold property Mini bus Fixtures. fittings. fumitur8 and equipment lexduding compuleTS) Computers Netball wurt arKI p(wtscabins 2% str8ight Ie 25% redu(xng balan 15% reducing balanc 33% straight ling 25% reduiang balan Page 16
STAINES PREPARATORY SCHOOL TRUST (A company Ilmltsd by guarantso} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting poll¢los (continued) 1.7 stocks Stocks are Valu at the lower of $t and net realisable value after makin9 due allowan for obsolete and slow-moving sloc*s. C051 indudes all direct costs and an appropriate proportion of fixed arKI variable overheads. 1.8 Debtors Tr8d8 and other debtors are reu)gnised at the sotuement amount after any trade discount offered. Prepayments are valued at the amount prepaKI net of any trade dixounts due. 1.9 Cash at bank and in hand Cash at bank and in hand indudes cash an¢J short-temi highly liqutd investments with a short maturity of three months or less from the date of acquisibon or opening of the deposit or similar account. 1.10 Llabllltlas and provisions LiabIleS are rejnised when there is an oblwjatvjn at the balance sheet dale as a resull of a past event. it is probable that a transfer of economic benefit WTII be required in settlemenL and tha amount ol the settlement can be estimated reliably. Liabilities are rec(NJnised at the amount that the Company anticipates it wll p8y to settle the d8bt or the amount it has receNed as advanced payments for the goods or services il must prowde. Provisions are measured at the best estimate of the amounts reqLtlred to setue the obligation. Where the effect of the time value of money is material. the provisK)n is based on Ihe present value of those amounts. discounled al the pre-tax disc£Junt rate that reflects the risk5 spefiC to the liability. The urhwinding of the dIoUnt is recognised in the statement of financk41 activities as a finance cost. 1.11 Finan¢lal Instruments The Company onty h8s finanry81 assets and financh?I liabillties of a kind that qualrfy as basic financial instruments. Basic financial instruments are inibally recognised at transaction valu8 and subsequently measured at their setuement value wilh the exception of bank loans which are subsequenuy meas¥Jred at am0Sed cost Un9 the effective interest method. 1.12 Pensions TeIng staff employed by the company are elU1b for membership of the Tea¢hers' Pension Scheme. which is a national scheme administered by the Teache, Pension Agency. The Charity has arranged a defined contn"bution 5otheme for stsff who are rtot eligible to ioin the Teachers, Pension Scheme. The pension costs tharged represent the contributiorbs payable by the School during the year. 1.13 Operatlng leases Rentals paid under operating leases are charged to the statement of finanual actiwties on a stralght line basis over the lease temi. Page 17
STPJNES PREPARATORY SCHOOL TRUST IA company Ilmlted by guarantts) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies Icontinu8d) 1.14 Fund a¢¢ounting General funds are unrestricted funds which are available for use at the discretion of the GovemoTS In furtheran of the general objecti$ of the Company arnl have not been desiqnated for other purposes. Designated funds comprise unrestrtcted funds that have been set aside by the Governors for particular purposes. Th8 aim and us8 of ead) designated fund is set out in the notes tri the financial stslements. Restricted funds are funds which are to be used in accordance with specific reslrictlons imposed by donors or which have been raised by the Company for PartI18r purposes. The costs of raising and administering such funds are Charged against the speoxfic fund. The aim and use of each restricted fund is set out in the notes lo the financial statements. Critical accounting estimates and areas of judgment Estimates and judgments are o)ntinualty evaluated and are based on historical experien and other factors, including expectations of future events that are beliaved to ba rèasonable under the cirCumstans. In the appllcatlon of the companvs accounting polides. the directors are requlred to make judgments, eslimales and assumptions about the (aryng amount of assets and liabilities not readily appaienl from other sources. The estimates and assouated assumptions are based on historical experience and other factors that are considered to be relevant Actual results may dtffer from these estimates. The company makes estimates and assumptions conceming Ihe fiJture. The resulting accounting estimates and assumptions wll, by definition. seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing o material adjustment to the carwng amounts of assets and liabil¢bes wthin th8 next finan(4al year are discussed lOw. Th8 estimates and UnderIn9 assumptions are TO8W9d on an ongoir¥J basis. ReMs1t$ to accounting gStimat6s are reccwJnised in the p6riod in vthich the èstimate is revised where the Tewsion affects only that period. or in the peri(xJ of the remsion and future periods where the rewsK)n affects both current and future periods. The most signrficant estimates and assumplions whid) affecl the carrying amounl of each assets and Ilabilities in the accounts relales to- Depreciation - The annual deprecation charge for property. plant and equipment is sensttive lo change in the estimated useful economic lives and residual value of assets. These are reassessed annually and amended were necessary to reffiect current arcuMStan$. P8ge 18
STAINES PREPARATORY SCHOOL TRUST (A company limit by guarants•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from donations and grants Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Donations 25.6cl 25,600 25.887 Total 2023 25,887 25,887 In¢om• frorn charitabk actlvities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Gros5 fees Less bursaries and discounts SPARKS Fees in ligv Extras Disbursements 3.932.739 3.932.739 3,750,516 1140,028) (140.028) 1102,9561 5.819 5,819 4,282 14.123 14,123 9,000 85.228 85.228 84,560 25.478 25,478 23,223 3.923.359 3.923,359 3,768,625 Total 2023 3.768.625 3,768.625 Chlldren of SPS staff attending the 0(4 recetve 8 discount in School fees in line Mlh the sthool's policy. These costs are induded wtthin'bursaries dis¢J)unts' above. Investment In¢om• Unrestricted funds 2024 Totsl funds 2024 Total funds 2023 Investment incilme 27,386 27.386 13,467 Total 2023 13,467 13.467 Page 19
STAINES PREPARATORY SCHOOL TRUST (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 other Incoming resources Unrestricted funds 2024 Total fund$ 2024 Total funds 2023 Other income Commission and letting inLxJme 80.173 38.184 80,173 38,184 31,632 38.321 118,357 118,357 9.953 Total 2023 69,953 69,953 AnaFysis of expendlture on charitsble aclivrtles Summary by fund typo Unrestri¢ted Rtricted tunds funds 2024 2024 Total 2024 Total 2023 Teaching Weare and catsring Premise5 Administration costs Bank interest Govemanc8 ¢x>sts 2.408.059 300.984 626.444 641,069 2.408.059 300.984 626,444 642.678 80.938 11,620 2.251.537 288,103 $87.355 666,780 57.831 11,075 1.609 11.620 4.069.114 1,609 4.070,723 3,862,681 Total 2023 3,861,539 1.142 3,862.681 Page 20
STAINES PREPARATORY SCHOOL TRUST {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expondliuro on charitable a¢tlvftlos {continued) Summary by expendlture type Staff costs Doproclation Other costs 2024 2024 2024 Total 2024 Total 2023 Teaching Welfare and catering Premise5 Adminislralion costs Bank interest Goveman costs 2.115,467 22.590 92.555 348.030 292,592 278,394 417.081 197.612 80,938 11.620 2.408.059 300,984 626.444 642.678 80.938 11.620 2,251,537 288,103 587,355 666,780 57,831 11.075 116,808 97.036 2,578,642 213.844 1.278,237 4,070.723 3,862,681 Tot812023 2.435,933 228.344 1.198,404 3,862.681 Auditorfs remuneration 2024 2023 Fees payable to the CompanYs auditorforthe audrf( of the Compatys annual ants 9.100 8.675 Fees payable lo the Companvs auditor in respect of. I non-audil services not induded above 2.520 2.400 staff costs 2024 2023 Wages and salaries SocAal securtty costs Contribution to defined contrlbutknn peIOn schem8S 2.132,714 164,982 280.946 2.012.559 166,305 257,069 2,578,642 2,435,933 Page 21
STAINES PREPARATORY SCHOOL TRUST (A company liml¢od by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Staff costs {continu8dl The average number of PeonS ernOY by the Compary during th& yearwas as folhThs: 2024 2023 No. TeachSng staff Support staff 50 20 19 70 The number of employ88s lthose emplo benefits {exduding employer pension Sts> exceeded £60,OIK> was: 2024 No. 2023 No. In the band £60.001- £70.000 In the band £1 tM).001 - £110.000 In the band £110.001- £119.999 The pension contributions in relation to the hIgr paKI emplo$ are £21.15612023: £20.575). Key Management Petsonnel: The school considers its key management personnel as the Headteacher 8nd the Bursar. The total employment benefits induding empk)yer pension o)ntributtons of the key management pgrsonn81 were £232.20412023.. £224.568). Page 22
STAINES PREPARATORY SCHOOL TRUST IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Govomors. remunerallon and expenses During the year. no Govemors received any remunerntion or other benefits (2023- £NIL}. Durir¥J the year ended 31 August 2024. no Govemor expenses have been incurred {2023- £NILI. The Govemors have taken out indemnity insurance costing £4,875 {2023: £4,875). 11. Tangible flxod assets Frgèhold pr¢porty Motor Fixtures and vehicles ffttings Total Cost or valuatjon At 1 September 2023 Additions 6,720.214 50.061 1.717.051 44,777 8.487,326 44,777 At 31 AUSt 2024 6.720.214 50.061 1.761.828 8,532,103 Dgpreclatlon At 1 September 2023 Charge for the year 1.817,573 116,808 46.636 856 1.180.706 96,180 3,044,915 213,844 At 31 August 2024 1.934,381 47.492 1.276.886 3,258.759 Net book value At 31 August 2024 4.785,833 2.569 484.942 5,273.344 At 31 August 2023 4,)2.641 3,425 536,345 5,442,411 Pagè 23
STAINES PREPARATORY SCHOOL TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Tangiblo Ilxed assets (continued) Induded In larKI and buildings is freehokl land at i>)st of £826.827 12023.. £826.8271. whith is not depreciated. The Govemors are of the opinicfft that the rrent market value of the sthool's land and buildings is substantially in excess of the figures shown in the finanaal statements. However, tt is not Possible to quantify the market value wtthoul carrying out a costly revaluation of the school's propety. The school's buildings are currently insured at a value of £12,904,921 {2023.. £12,904.921)- Land and buildings are recognised in the aczounts under the historKsI LTht policy. in line the Charity SORP. Flxed assets include ttems donated by The Frfends of Stsines Prep. In the accounts of The Friends of Slaines Prep these are shown as owned by the charity wrth a written down value of £1. To comply with the Statement of Recommended Practice and to show a true ant1 fair view of the school's assets these are included in the aOUnts of the school. At 31 August 2024 the net book valu8 of thesè assets was £360 {2023.. £4801. All of the assets of the school the eption of Ihe minor items of office equipment are used for direct charitable purtK)ses. Uoyds Bank PLC have a charge on the land and bjildings. 12. Stocks 2024 2023 Flnished goods and goods for resale 3,319 3,262 13. Debtors 2024 2023 Trade debtor5 Other debtors Prepayments 13.096 2.361 1.145 81,833 80,476 93.572 85.339 Page 24
STAINES PREPARATORY SCHOOL TRUST (A company limltgd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Credit¢)rs: Amounts falling due within one year 2024 2023 Bank loans Trade creditors Other taxation antl social security Fee deposits held Other creditors 100.652 31.448 46,564 81.189 720,810 95,770 49,584 46,706 75,493 423,165 980.663 690,718 15. Creditors: knounts falling due after more than one year 2024 2023 Bank loans Fee deposits held 953,744 169,825 1,042.876 171,725 1,123.569 1.214.601 Included thIn the above are amounts falling due as folkNB: Bet%Yeen two and flve years Bank bans 473,383 452.638 Over five years Bank loans 480.361 590.238 The aggregate amount of liabiltknes payable or repayable vtholty or in part more than five years after the reporting dale is: 2024 2023 Payable or repayable by instalments 480.361 590,238 There are tsvo bank loan5 both se(#Jred by a first legal charge and an unlimited debenture over the scl)ool buildings al 3 Gre5harn Road. The interest rate attributed lo the £1.500.(M)O loan is 5.25Qh flxed ratg. The interest rate attributable to the £400.000 loan is variable. and is currenuy 7.4%. Pag8 25
STAINES PREPARATORY SCHOOL TRUST (A company Ilmhed by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Statement of funds ststement of fund$ - rrent year 8alance at 1 Septembar 2023 Balance at 31 August 2024 Transfers Inlout Incom8 Expendtture Unrestrl¢ted funds D8slgnatsd funds Freehold property 3,763.996 (116.808} 249 3,731,437 General funds General funds 1.304.544 4,094.702 13.952,306) {85,001) 1.361.939 Total Unrestrictgd funds 5.068,540 4.094702 (4.069.1141 1752} 5,093,376 Rostri¢ted funds Restricted funds 3.426 {1.609} 752 2,569 Total olfunds 5.071.966 094.702 14,070.7231 5,095.945 Transfer: The transfer represenls the am(NJnt needed lo reflect the change in the nel book value of freehold land and buildings after taking into account additions. disposals and depreciation during the year less the amounts ou151anding on the bank k)an. Designated Funds". The freehold property fijnd represents the nel bk valu& of the propety lass outstsrKling amunls on the bank loan secured over Ihe school buildings. Rgstricted Funds: Restricted funds represents the net book value of a mlnibus. paMI for by donallons made by Th8 Friends of Staings Prep. Page 26
STAINES PREPARATORY SCHOOL TRUST {A company Ilmlted by guarantsg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 a6. Statement of funds (continued) statement of funds - prlor year Balan at 1 September 2022 Balance al 31 August 2023 Transfers inlout Income Expentlittjre Unrestrictsd fund$ Deslgnated funds Freehold property 3.778.799 1116.9261 102.123 3,763,996 General funds General fvnds 1.273.348 3.877.932 (3.744.613) 1102.123) 1,304.544 Total Unrestricted funds 5.052.147 3,877.932 (3.861,539) 5.068.540 Restrlcted funds Restricled funds (1,1421 3,426 Total of fund5 5.056.715 3.877,932 {3.862.681) 5.071,966 17. Summary offunds Summary of funds- current year Balance at 1 Seplembgr 2023 Balance at 31 August 2024 Transf•rs inlout Income Expenditur• Designated ftjnds General funds Restricted fLfjnds 3.763,996 1.304,544 3,426 (116.808) (3.952.306) (1,609) 84.249 3.731.437 {85.001) 1,361.939 752 2.569 4.094.702 5.071.966 4.094,702 14,070.723) 5.095,945 Page 27
STAINES PREPARATORY SCHOOL TRUST (A c¢)mpany Ilrnlted ty guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Summary of funds (contlnued) Summary of lunds- prfor year Balance al 1 September 2022 Balance at 31 August 2023 Transfers InloLrt In¢xxne Expenditure Designated fuftds Ggneral funds Restrictsd funds 3.778.799 1,273,348 4.568 1116.9261 102.123 3,763.996 3.877.932 {3,744,6131 {102.123) 1,304,544 {1.1421 3,426 5,056.715 3.877.932 (3,862,681) 5,071,986 Analy$ls of net assets betweèn funds Analysis of net assets belwgen fvnds - current period Unrestrlctod Restrlcted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Credttors due within one year Creditors due in more than one year 5,270,775 f.926.833 (980.663) 11,123.569) 2.569 5,273.344 1,926.833 980,663) {1.123.569) Total 5,093,376 2,569 5,095,945 Anatysis of nèt assets between funds- prior period Unrestricted funds 2023 Rèstrict funds 2023 Total fijnds 2023 Tangible fixed assets Current assets Creditors due wtthin one year Creditors due in more than one year 5.438,985 1,534,874 1690,7181 (1,214,601) 3.426 5.442,411 1,534,874 1690.7181 11,214,601) Total 5.068.540 3.426 5.071,966 Page 28
STAINES PREPARATORY SCHOOL TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Reconcilia0 of net movement In fvnds to net cash flow from operating adivities 2024 2023 Net incorne for the period las per Ststemnt of Financial Activibesl 23.979 15251 Adjustments for: Depreciation charges Interest received Increase in stocks Increase in debtors Increasel{decrease) in creditors 213,844 (27,386) 157) 18.233) 283.163 228,344 113.4671 12,6801 11.6411 (100,7401 Nel ¢ash provlded by operatlng actlvltles 485,310 125.067 20. Analysis of cash and cash equivalents 2024 2023 Cash In hand 1.829.942 1.446,273 Total cash and cash equival8nts 1,829,942 1,446,273 21. AnaSysls of changes In net debt Atl September At31 2023 Cash flows August 2024 Cash al bank and in harKI Debt due within 1 year Debt due after 1 year 1.446.273 (131.19n (1,042.876} 383.669 15.964} 89,132 1,829,942 1137,1611 1953.7441 Page 29
STAINES PREPARATORY SCHOOL TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Panslon commltmgnts Teachers Pension Scheme After consu]tation the Stair$ Preparatory Sthool Trnst left the Teachers. Pension Stheme on 5 April 2021. TPT Schem8 The support staff are members of TPT Scheme. is a defined colltributior) Scheme., the school contributes between 5% and 90A dependent on the position of the ernpYee in the school and the employees conlritMJte befven 5% and 6%. Staines Preparatory SthocA op8rales a deffined ntributiOn pension scheme. Th& assetg of the scheme arg held separately from those of the Charity in an independentty administered fund. The pension cost Charge represents contributions payable by the Charity to the fund and amounted to £280,946 12023 - £257.0691. At the balance sheet date amounts were payable lo the fund totslling £36,35312023.. £34,025) and are induded in olher (¥edilors. 23. Oparatlng loaso commitments At 31 August 2024 the Company had commitments lo make future minimum lease paents under non- ¢ancell8ble operating leases as follows.- 2024 2023 Not18ter than 1 year Later than l yEar and not later than 5 years 6,264 16,183 7,893 22,447 7.893 24. Ralatsd party tran$a¢tlons The Company has not entered into any related paty transaciion durir4J the year, noT are th8re any outstanding balances owing befven lated parties and the Company at 31 August 2024. 25. Controlllng party The school is under Iha contrd of the Govgmors who are Trustees urbder Charity Law and Directors under Company Law. 26. Taxatlon The ¢xJmpany is a registered tharity and no taxation is payable on its inrne. Page 30