2022-08-31-accounts

Legal and administrative	information	information
Introduction from Chair	and Chief Executive
Objectives and activities
Report ofthe Trustees	(including	the Strategic	Report)
Independent Auditor's	Report to the members		of Prep Schools Trust	14
Statement of Financial	Activities			17
Balance Sheet				18
Cash Flow Statement				19
Notes to the Accounts				20

Legal and	administrative information	administrative information	administrative information	administrative information
Trustees:
EE A McKendrick		(Chair)				E D Bottari
Dr R D Townsend		(retired 31 August 2022)				K M Pryce (retired 31 December 2021)
TJ Gibson						WA Danger
J C Pain						The Countess	of Darnley
W H Pitman						J P Spencer
L M E Newcombe						A J Derham
Executive	Board
Chief Executive:				T Beardmore-Gray
Chief Operating Officer:				K Sandhu (from 18July 2022)
Director of	Finance	and	Operations:	N J McAvoy (until 31 December 2021)
				W G	Jones (4 January 2022		to 30June 2022)
Director of	Marketing:			J Fitzroy-Ezzy
Head of HR:				JWareing
Head of Finance:				H Belcher (from 25 November 2021)
Biographies	ofthe Trustees and Executive Board can					be found on the Prep Schools Trust website.
Registered	Office:		7 Cothill
			Abingdon
			Oxon
			OX136JN
Company	Number:		961616
Charity Number:			309639
Professional advisors
Auditor:			Wenn Townsend
			Chartered	Accountants	and Statutory Auditor
			Oxford
Bankers:			Barclays Bank pic
			Oxford
Solicitors:			Stone King	LLP
			Bath

						Prep Schools Trust	Prep Schools Trust
						Balance Sheet
						31stAugust 2022
								2022		2021
								f.'000		E'000
						Note
Fixed assets
Tangible assets						11		35,668		34,086
investments						12
								35,668		34,086
Current assets
Stock						13	104		82
Debtors						14	332		6,152
Cash at bank and				in hand			4,464		2,345
							4,900		8,579
Creditors: Amounts			falling		due
		within		one	year	15	(4,401)		(7,931)
Net current assets								499		648
Total assets	less current				assets			36,167		34,734
Creditors: Amounts			falling		due
		after	one year			16		(752)		(641)
Net assets								35,415		34,093
Funds
Unrestricted	funds
Revaluation		reserve				19		15,526		15,619
Income and		expenditure			account	19		16,532		16,068
Designated		fund				19		30		30
								32,088		31,717
Restricted funds
Restricted		donations				19		3,327		2,376
								35,415		34,093

Reconciliation ofnet inco	me to net cash inflow from operat	ing activit	ies:
			2022		2021
			8'000		E'000
Net income for year			1,322		774
Interest payable			43		112
Impairment/depreciation	oftangible fixed assets		517		559
Loss on disposal oftangible fixed assets			32		463
(Increase)/Decrease in	stocks		(22)		6
(Increase)/Decrease in	debtors		(57)		348
(Increase)/Decrease in	accrued income for sale ofproperty		5,877		(5,877)
Increase in creditors			611		225
New fees in advance			55		29
Fees in advance applied in year Fees in advance refunded in year Fee composition discount			(173) (16) (1)		(300) 10
(Losses) arising from changes in foreign exchange rates					(15)
Cash flow from operating	activities		8,188		(3,666)
Cash flow from investing	activities
Payments to acquire tangible fixed assets		(2,122)		(763)
Receipts from sale oftangible fixed assets		(9)		894
Amounts received from	sale oftangible fixed assets			5,877
Net cash flow from investing activities			(2,131)		6,008
Cash flow from financing	activities".
Interest paid		(42)		(122)
Net cash flow from financing activities			(42)		(122)
Increase in cash and cash	equivalents		6,015		2,220
Cash and cash equivalents	at 1stSeptember 2021		(1,551)		(3,771)
Cash and cash equivalents	at 31stAugust 2022		4,464		(1,551)
Cash and cash equivalents	consist of:
Cash at bank and in hand			4,464		2,345
Overdrafts			0		(3,896)
Cash and cash equivalents	at 31stAugust 2022		4,464		(1,551)

School fe	es
			2022	2021
			f'000	f'000
Fees			19,394	17,311
Discounts	and	awards	(912)	(1,305)
			18,482	16,006

					2022	2021
					f'000	f'000
Music tuition	and associated		income		57	89
Extra tuition					157	216
Occasional	boarding	and summer		lets	344	233
Other income					242	273
					800	811

4.	Ancillary	income
			2022	2021
			f'000	f'000
	Other income		251	158
			251	158

5.	Donations	and grants
			2022	2021
			f'000	f'000
	Donations		968	1,461
	CJRS grants			174
	Other grants			61
			968	1,696

			Staff	Other	2022	2021
			Costs f'000	Costs f'000	Total f'000	Total f'000
Teaching			9,784	1,112	10,896	10,029
Welfare			916	1,622	2,538	2,190
Premises			593	2,515	3,108	2,631
Support	costs	of education	1,657	882	2,539	2,402
			12,950	6,131	19,081	17,252

The major compone	nts	ofsuppo	rt costs include:-
					2022	2021
					f'000	f'000
Administrative staff	costs				1,625	1,482
Postage, stationery,	telephone		and other administrative	costs	236	245
Advertising for staff	and	promotion			188	170
Bad debts					(3)	6
Legal and professional		fees			368	344
Recruitment fees					69	99
Bank charges					1	4
Governance costs (see		note 7)			55	52
					2,539	2,402

Governance costs
	Staff	Other	2022	2021
	Costs	Costs	Total	Total
	f.'000	f'000	f'000	f'000
Staff	32		32	29
Audit			23	23
	32	23	55

Staff costs and employee	benefits
					2022	2021
					f.'000	K'000
Staff costs
Wages and salaries					10,856	10,662
Social security costs					975	876
Pensions					1,119	1,075
					12,950	12,613
			2022	2022	2021	2021
			FTE	Number	FTE	Number
Average number employed	including	Trustees:
Trustees			11	11	9	9
Teachers			218	324	230	347
Household			39	61	67	110
Administration			52	65	56	70
			320	461	362	536

10.	Net resources expended	Net resources expended
				2022	2021
				F'000	R'000
	Results	for the year are	stated after charging:
	Depreciation:		owned assets	517	559
	Auditor's	fees:	audit work	23	23
			non-audit work	2	6
	Operating	leases:	equipment	9	12
			motor vehicles	63	71
	Net loss	on foreign currency translations			15

Tangible fixed assets
			Fixtures,	Freehold	Assets under
			Fittings &	Land &	the course of
	Vehicles	Computers	Equipment	Buildings	construction	Total
	K'000	R'000	R'000	@000	R'000	E'000
1stSeptember 2021	197	312	1,751	36,139	731	39,130
Additions			65		2,057	2,122
Disposals	(35)					(35)
Reallocation			32	867	(899)
31stAugust 2022	162	312	1,848	37,006	1,889	41,217
Depreciation and impairments
1stSeptember 2021	128	203	1,052	3,661		5,044
Depreciation	9	52	97	359		517
Disposals	(12)					(12)
31stAugust 2022	125	255	1,149	4,020		5,549
Net book value
31stAugust 2022		57	699	32,986	1,889	35,668
31stAugust 2021		109	699	32,478	731	34,086

for t Fixed asset investments	he year ended 31stAugust 2022
		Unlisted
		Investments
Cost
1st September 2021		101
Disposal		(1)
31stAugust 2022		100
Provision against diminution	ofvalue
1stSeptember 2021		101
Disposal		(1)
31stAugust 2022		100
Net book values
At 31stAugust 2022
At 31stAugust 2021

The Trust o	wns 100	%ofthe allotted	share capital ofthe	following undertaki	ng:
						Profit
		Country of	Class of	Nature of	Capital and	for
		registration	share capital	business	reserves at	year
					2022	2022
PST		England	Ordinary	Events	113,772	113,672
Enterprises	Limited	and Wales
CET Estates	Limited	was dissolved	during the period.
Stocks
					2022	2021
					f'000	f'000
Stock —consumables					104	82

Debtors
		2022	2021
		R'000	f'000
Trade debtors		130	34
Other debtors		6	5,883
Prepayments	and accrued income	196	235
		332	6,152

Creditors: am	ounts f	alling due within one year
			2022	2021
			E'000	8'000
Sank overdraft	and loan facility			3,896
Trade creditors			3,251	3,307
Other taxation	and social security		259	224
Other creditors			421	262
Accruals and deferred		income	470	242
			4,401	7,931

Credit	ors: amounts falling due after one y	ear
		2022	2021
		R'000	R'000
Other	creditors	752	641
		752	641

unds
		Restricted donations fund	Designated fund	Revaluation reserve	Income and expenditure	Total
		6'000	E'000	K'000	K'000	K'000
At 1"September 2020		931	30	17,926	14,447	33,334
Surplus/(deficit) the year	for	1,445			(686)	759
Transfers between funds				(2,307)	2,307
At 31"August 1"September	and 2021	2,376	30	15,619	16,068	34,093
Surplus/(deficit) the year	for	951			371	1,322
Transfers between funds				(93)	93
At 31"August	2022	3,327	30	15,526	16,532	35,415

Analysis of net assets	between funds
	Restricted donations fund f'000	Designated fund P'000	Revaluation reserve R'000	Income and expenditure f.'000	fo 2022 f.'000
Fund balances at
31"August 2022 are
represented by:
Tangible fixed assets	1,847		15,526	18,295	35,668
Net current assets/(liabilities)	1,480	3Q		(1,QQ9)	499
Long term liabilities				(752)	(752)
At31"August 2022	3,327	3Q	15,526	16,532	35,415
	Restricted donations fund F'000	Designated fund R'000	Revaluation reserve R'000	Income and expenditure K'000	Total 2021 6000
Fund balances at
31"August 2021 are
represented by:
Tangible fixed assets	12Q		15,619	18,347	34,086
Net current assets/(liabilities)	2,256	3Q		(1,638)	648
Long term liabilities				(641)	(641)
At31"August 2021	2,376	3Q	15,619	16,068	34,093

22.	Leases
	Total future	minimum	lease payments	under non-cancellable	operating leases are as follows:
	Expiring:
					2022	2021
					R'000	F'000
	Within one	year			73	68
	Within two	and five years			131	56
					204	124
23.	Future capital commitments
					2022 F'000	2021 f'000
	Expenditure	authorised	and contracted	for	3,876	385