2021-08-31-accounts

Legal and administrative	information	information
Introduction from Chairman and		Chief Executive
Objectives and activities
Report ofthe Trustees	(including	the Strategic	Report)
Independent Auditor's	Report to	the members	of Prep Schools Trust	15
Statement of Financial	Activities			18
Balance Sheet				19
Cash Flow Statement				20
Notes to the Accounts

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					Prep Schools Trust	Prep Schools Trust
					Balance Sheet
					31st August 2021
							2021		2020
							E'000		F'000
					Note
Fixed assets
Tangible assets					11		34,086		41,116
investments					12
							34,086		41,116
Current assets
Stock					13	82		88
Debtors					14	6,152		623
Cash at bank and			in hand			2,345		954
						8,579		1,665
Creditors: Amounts		falling due
	within		one year		15	(7,931)		(8,784)
Net current assets/(liabilities}							648		(7,119)
Total assets less current assets/(liabilities)							34,734		33,997
Creditors: Amounts		falling due
	after	one year			16		(641)		(663)
Net assets							34,093		33,334
Funds
Unrestricted funds
Revaluation	reserve				19		15,619		17,926
Income and	expenditure			account	19		16,068		14,447
Designated	fund				19		30		30
							31,717		32,403
Restricted funds
Restricted	donations						2,376		931
							34,093		33,334

				2021		2020
				E'000		f.'000
Net income for year				774		(2,060)
Interest payabie				112		139
Impairment/depreciation oftangible	fixed	assets		559		621
Loss/(profit) on disposal oftangible	fixed	assets		463		(12)
Decrease/(increase) in stocks				6		(17)
Decrease/(increase) in debtors				348		(152)
Increase in accrued income for sale	of property			(5,877)
Increase/(decrease) in creditors				225		(570)
New fees in advance				29		262
Fees in advance applied in year				(300)		(360)
Fee composition discount				10		13
(Losses)/gains arising from changes	in foreign exchange		rates	(15)		15
Cash flow from operating activities				(3,666)		(2,121)
Cash flow from investing activities
Payments to acquire tangible fixed	assets		(763)		(284)
Receipts from sale oftangible fixed	assets		894		22
Amounts receivable from sale oftangible		fixed assets	5,877
Net cash flow from investing activities				6,008		(262)
Cash flow from financing activities:
Interest paid			(122)		(152)
Net cash flow from financing activities				(122)		(152)
Increase/(decrease) in cash and cash	equivalents			2,220		(2,535)
Cash and cash equivalents at 1stSeptember 2020				(3,771)		(1,236)
Cash and cash equivalents at 31stAugust		2021		(1,551)		(3,771)
Cash and cash equivalents consist of:
Cash at bank and in hand				2,345		954
Overdrafts				(3,896)		(4,725)
Cash and cash equivalents at 31stAugust		2021		(1,551)		(3,771)

School fe	es
			2021	2020
			E'000	f'000
Fees			17,311	19,206
Discounts	and	awards	(1,305)	(2,291)
			16,006	16,915

					2021	2020
					6'000	f.'000
Music tuition	and associated		income		324	333
Extra tuition					216	155
Occasional	boarding	and summer		lets	233	278
Other income					273	166
					1,046	932

		2021	2020
		F'000	E'000
Other	income	158	211
		158	211

Donations and grants
	2021	2020
	E'000	E'000
Donations	1,461	252
CJRS grants	174	1,106
Other grants	61	76
	1,696	1,434

				Staff	Other	2021	2020
				costs	costs	Total	Total
				E'000	E'000	E'000	E'000
Teaching				9,454	810	10,264	13,015
Welfare				1,101	1,089	2,190	2,915
Premises				547	2,084	2,631	2,652
Support	costs	of	education	1,511	891	2,402	2,822
				12,613	4,874	17,487	21,404

The major compone	nts	ofsuppo	rt costs include:-
					2021	2020
					E'000	E'000
Administrative staff	costs				1,482	1,644
Postage, stationery,	telephone		and other administrative	costs	245	216
Advertising for staff	and	promotion			170	172
Bad debts					6	91
Legal and professional		fees			344	586
Recruitment fees					99	49
Bank charges					4	16
Governance costs {seenote 7)					52	48
					2,402	2,822

Governance costs
	Staff	Other	2021	2020
	costs	costs	Total	Total
	E'000	E'000	E'000	E'000
Staff	29		29	26
Audit		23	23	22
	29	83	52	48

Staff costs and	employee b	enefits
						2021	2020
						F'000	8'000
Staff costs
Wages and salaries Social security costs Pensions						10,662 876 1,075	13,862 1,132 1,504
						12,613	16,498
				2021	2021	2020	2020
				FTE	Number	FTE	Number
Average number Trustees	employed	including	Trustees:	9	9	10	10
Teachers				230	347	245	368
Household				67	110	100	137
Administration				56	70	48	68
				362	536	403	579

10.	Net resources	Net resources	expended
						2021	2020
						E'000	R'000
	Results	for the	year are	stated after charging:
	Depreciation:			owned assets		559	621
	Auditor's	fees:		audit work		23	22
				non-audit	work	6	38
	Operating	leases:		equipment motor vehicles		12 71	21 94
	Net loss/(gain)		on foreign	currency	translations	15	(15)

Tangible fixed assets
			Fixtures,	Freehold	Assets under
			Fittings &	Land &	the course of
	Vehicles f'000	Computers F'000	Equipment E'000	Buildings E'000	construction E'000	Total f'000
1stSeptember 2020	223	402	2,088	45,208	148	48,069
Additions		14	106	6	637	763
Disposals	(26)	(104)	(443)	(9,129)		(9,702)
Reallocation				54	(54)
31stAugust 2021	197	312	1,751	36,139	731	39,130
Depreciation and impairments
1st September 2020	138	214	1,351	5,250		6,953
Depreciation	16	57	91	395		559
Disposals	(26)	(68)	(390)	(1,984)		(2,468)
31stAugust 2021	128	203	'I,052	3,661		5,044
Net book value
31stAugust 2021	69	109	699	32,478	731	34,086
31stAugust 2020	85	188	737	39,958	148	41,116

Cost
At 1st September 2020 and 31st August 2021
Provision against diminution	ofvalue
At 1st September 2020 and 31stAugust 2021
Net book values
At 31stAugust 2021
At 31stAugust 2020

	The Trust ow	ns 100	%ofthe allotted	share capital of the	following undertak	ings:
							Profit
			Country of	Class of	Nature of	Capital and	for
			registration	share capital held	business	reserves at 31stAugust	year ended 31stAugust
						2021	2021
						f	F
	CET Estates	Limited	England	Ordinary	Dormant	(1,184)
			and Wales
	PST		England	Ordinary	Events	54,760	73,781
	Enterprises	Limited	and Wales
13.	Stocks
						2021	2020
						E'000	f.'000
	Stock - consumables					82	88
14.	Debtors
						2021	2020
						R'000	E'000
	Trade debtors					34	215
	Other debtors					5,883	346
	Prepayments	and accrued income				235	62
						6,152	623

			2021	2020
			6'000	f'000
Bank overdraft	and loan facility		3,896	4,725
Trade creditors			3,307	2,652
Other taxation	and social security		224	277
Other creditors			262	407
Accruals and deferred		income	242	723
			7,931	8,784

Credit	ors: amounts falling due after one y	ear
		2021	2020
		f'000	f'000
Other	creditors	641	663
		641	663

unds
	Restricted donations fund	Designated fund	Revaluation reserve	Income and expenditure	Total 2020
	E'000	E'000	f'000	E'000	E'000
At 1"September 2019	686	30	18,019	16,644	35,379
Surplus/(deficit) for the year	245			(2,290)	(2,045)
Transfers between funds			(93)	93
At 31"August and 1"September 2020	93 I	30	17,926	14,447	33,334
Surplus/(deficit) for the year	1,445			(686)	759
Transfers between funds			(2,307)	2,307
At 31"August 2021	2,376	30	15,619	16,068	34,093

Analysis of net assets	between funds
	Restricted donations fund	Designated fund	Revaluation reserve	income and expenditure	Total 2021
	E'000	F'000	E'000	E'000	E'000
Fund balances at
31"August 2021 are
represented by:
Tangible fixed assets	120		15,619	18,347	34,086
Net current assets/(liabilities)	2,256	30		(1,638)	648
Long term liabilities				(641)	(641)
At 31"August 2021	2,376	30	15,619	16,068	34,093
	Restricted donations fund	Designated fund	Reva luation reserve	Income and expenditure	Total 2020
	E'000	e.000	E'000	E'000	6'000
Fund balances at
31"August 2019are
represented by:
Tangible fixed assets	83		17,926	23,107	41,116
Net current assets/(liabilities)	848	30		(7,997)	(7,119)
Long term liabilities				(663)	(663)
At 31"August 2020	931	30	17,926	14,447	33,334

	Total future	Total future	minimum l	ease payments	under non-cancel	lable operating leases are	as follows:
	Expiring:
						2021	2020
						6'000	E'000
	Within	one	year			68	99
	Within	two	and five years			56	117
						124	216
23.	Future	capital commitments
						2021	2020
						f'000	F'000
	Expenditure		authorised	and contracted	for	385