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|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|||||
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|||||||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)|
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|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||
##
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|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|
##
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##
|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|
##
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|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|
##
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|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|
##
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|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|
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|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|