PREP SCHOOLS TRUST PST Annual Report and Accounts for the year ended 31st August 2023 1111111 ACIHRB4kl 1f41212023 COMPANIES MOUSE
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Registered Company NThber. 961616 Reglstered Charlty Number: 309639
Prnp Schools Trpmt Repryt oftho Tntstses {In¢luding thè Strat•gk R•port) For the year ending 31st August 2023 Contents Legal and rninistrative infomation Intrc¥JudK>n frcrfn Chair and Chief Execubve Oty'ectives aNJ aclivii Rwrt of TrLtstees {including Stregr Rewt) Independent A10$ Report to the mwnbers of Prep Sch)ol$ Trust 14 ststent of Finala1 Ac*'vities 15 Balance She 16 Cash Fhxt Statent 17 Notes to the ACcnts 18 Pa9E 2 of Xl
Pr•p Sehools Tnmt R•port ofthe Trust lincludlng the Strntegit R•po Forthe year endlng 31st August 2023 Prep Schools Trust Schools and their Heads Andrew Boyle BARFIELD PPEP SCHOOL Christine Cook Chandlings PREP. OXFORD George May COTHILL HOUSE Bennjamyn Smith Kitebrook PREPAFIATOA Y SCHOOL Mowden Hall Scknol Kate Martin P•Je 3 ofxl
Prep Schools Twst Rèport ofth• Trusttss Ilneluding the Strdte9k R•port Forthtr ar ending 315t August 2023 Legal and admlnlslratlve infomiation TfUStees.' Emma McKendrick F Burkitt ( Awinted 1" Sept 20231 TJGibs W A tknger { ResvJned 2P Sept 20231 JCPain The C(nIe$S d Dam W H Pitman J P SperK L M E NeKombe A J Derham EDBcthri ExKuti¥• Board Chief Executive.. Chief Operatin9 Offr.. Director of MarketJ"ng". Head of HR.. T BeardrrKYe-Gray K Sandhu J Fitzroy.Ezzy J Warwng Biographies of the Trustees and ExeeutJ¥e Board can be n on the Prep sch1$ Trust *ebsrte. Registered Offlce". 7 Cothill . Abingdon Ox OX136JN Cmipany Numb•r: 961616 Charity Numb•r. 309639 Professional advlso Auditor.. Wenn Ttywnsend Chartered Accountants and Stsliiw Awjitor oOrd Bankers.. Bardays Bank pk Oxtord Handelsbanken Oxford Soli¢itor5'. Stone King LLP P¥p4rJy)
Pv•p S¢hty)l¥ Tru8t R4 o1th• Trustees {In¢l(¢dlng the Strategic Report} Forthe ending 31st August 2023 Introduction from the Chalr of Trwste tt is one year since I beeame Chair of Trustees. ft is wilhcwl dtyjbt an exciting time in the Trust's develcpment. The Trust invrted the Association of Goveming BleS of Independent Schools IAGBISI lo cont1uct a review of our syBtems of governare at the end of 2022. We have been encouraged that an aulhonty such as AGBIS has judged that the Trust is well governed. There are nonetheless areas where we further improve and the Board of TNstees has welcomed the recommendatKJns of AGBIS in this regard. As a resuk we have formally constituted two sub committees of the Board. Nejninations and Govemance and Education, iaken steps to fill diversity and skills gaps on the Boafd and Inited further suppryl on safeguarding matters for our 5ch(x)Is. All of our schods have teen inspected by teams from the Independent Schools Inspeclorate during the past year al we have been delighted to have recVed the huhest ratings in all cases. As an educational charty. the pupiLs a the I$ of all Ihal we do. l am grateful to the staff across cmjr schods are committed to the provision of the very best educalM)n. care and Opportunit in line with the Tnjst's vahjes and ambilior and to all those at Tntsl offtt who Pfovhje invaluabk supp)rt to our schcds. I k)ok fOard to working closety vthh Our Tntstees and slaff the year ahead. Emma M¢Kendrick Messa9e from the Chlef Executlve The Trust be proud of all that has been achwed over the past year. twite some headwiThJs. not least hjgh inflation, signrficant prcgress has been made in many areas. Our pupil numbers have remained steady and there has been an encouraging amount of interest in our schwls from pafents of young children who are slartiThJ their educabonal journey. The Ihreal of the ¥mposthon of VAT on school fees and the removal of other charrtable reliels lts)m large for the sector. Consh1erat is being given on how best lo Mitale the impacl of these deveh)pments on our schools We recenlty undert¢))k a Trusl-wde parent survey in order to find out parents. need$ and preferences. and also lo leam how the current econcffiK climate might te impacting our famil$. There is an increasin9 amunt of interest in Prep Schools Trust at a twne bthen many prep schc¥)I boards of governors are exwnining how best to Ure their futures. We have been very pleased to conclude an agreement for Beeston Hall Schoof lo j¢in Prep Schools Trust in January 2024. The values of Prep Schcds Trust and Blon Hall are closely ali9ned and the inClusn of Beeston Hall Setthl L8 CMSiStent with strategy to grow Prep Schoob Trust. Further SignifnI achievements during the year include the Comption of the Bailey Sports Centre at Cothill House and a new dining hall and kitchen at Kiéebrcok Both of these f[IleS wll signrficantly enhancg the experience of pupils in these schcds. Further capital prciecls al Mowden Hall and Barf*ld are planned in the ar ahead. We are very grateful to donors vhKJ haNE contribuled to these pro1. We continue lo focus on our staff who delNer the Trust's mi8sb)n of proV1ng the best $dution and Ca for pupils. We wenlty conducted a staff survey in support of our strategic aim of being an employer of ch0e and this will help direct resources in the year ahead. We hosted our second Trust Conference, this lime at Kilebrook, and weed speakets on topKal educalKal issues. A programme of staff leadetship training look place during the year and we launched a new employee assistan Prramrne. The Trust is poised for further grth¥lh and ready to SUPPfAt sch)1$ with the challerrfjes fxe the whole of the independent schTrJ sector in the Per1j ahead. Tom 8eardmortrGray Ptye5rfXI
Prep S¢hoots Tnwt Report ol the Tnjstees Ilncludlng the Strate9k Report) Forthe >ar •nding 31stAugUSt 2023 About Objectives and activitles Our mission is to deliver oulstsnding preparatory edUCaon and pastoral care as a famity of schools, gNing our pupils the opportunity. skills and Ccrfffence to Ppare them for th"r fLrture. The Tnjsl provides support and expertt5e lo our schools in SUPE of this mission. Our ethos is to Celebrate dividualrty and the freedom of chikdhcod. the best tradrtion5 of British primary educat)n and deliver exceptional academic teachry and pastryal [e as a family of sch¢)S. Exh school has rts tjwn unique personalty Ixrt all our Sch¢ share consistent values.. puttiThJ our pupils first.. performing to the highest standards" pooling our streWh$ lo collaborate and &hve Mo,. innoving by anticipats.ng change and adapbng to rt.. and looking beyond the sdKJl gates to serve the wider local commUnes. Most mFQrtantly. we prb)ritise deyelcfrfrnt of our pupi15 and we treat exh pupil as an indivAJual. Involvemenl with Ic¢al Prim sCh(S Ihrough the provision CA teathing. shared f&ilities and speciali51 services is a further imFfjrt aspect of the Trusfs pU1C benefrt. Structure. governance and management Prep sch1$ Trust currently operates fNe prep schools. Cothill House IAII boys boarding 8 to 13+1. Chandling5 IC¢>educatnaI day nursery to 11+1. Kitebrook Preparatory IC04ducatnaI day nursery to 8+ day and boarding 8 to 13+1. Mowden Hall School (COcal)naI day nursery to 13+ c0-educnal boarding 8 to 13+1 and Bathdd Sehool ICtre(lucational day nursery to 111 during the year. Prep Schools Trust is yemed by a Board of Trustees {see page 4 fry details) who deleg8le rnana9emenl responsibility for our schods to the Chief Executive. The Board meets at least four times annually and is assisted by three sub commrttees, the Finarte Committee. the EdUCatan Committee and the Nominations Committee. Exh school has a Head Teacher responsible for day to day operatKin$. Regular mana9emenl meetings are Id ben the school's senior l&idership teams aTrJ stuff al trust off¢e. The B¢)ard of Trustees comprises experts in educatth and a range (rf Professnal disciplines. Many of our Trustees have sent their 1>4vn children to Trust schLx)l$. CollectNely they have a breadth of expertise. experien and knowledge. Trustees are apwinled in acc(Ydance ¥th the MemorarKlum and Artth 0fAssociath. principal roles of the Trustees are.. to set the Trust's strategy to monrtor perfc¥mance against key perfance indicators lo ensure the Trust has policies that provhde adequate intemal ts)ntrd and mitigate risk to maintain the financial stabilty of the Trust Trustees. Inducllon and trainlng Trustees are briefed on their oblhjatns under chwity and ccthpany Iw, the ent of the Memorandum and Articles of ASKlatKJn, the Cc¥Je of G¢)vernan, the deas*Jn making processes and the strategic plan. Trustees are encouraged to attend approprrate exlernal training events where these wll facilrtale the perfomance of their role. Eath schwl ha5 a Local Athi¥iyy Group. wtmch i% chald by a Trustee. P•Je6rfJJ
Report ol the Trustees (including the Strateglc R•port) Forth• al •ndin9 31stAu9USt 2023 Strategle report The Trustees present their report and the audited financial statements of the charity for the year ended 31st August 2023. The Trustees have ad¢)pled the proVisnS of the Stslement of Recommended PractiGe ISORPI "Accounting aThJ ReportiThJ by Chanb"es" (FRS 102) in preparing the annual report and financial sLements the charity. The directors of the charitabb c(Knpany are ts Trustees for the purposes of charity law. The Trustees who have seNed during the year and since the yearnd are listed on page 4. The Board of Truslees sets the strategy for ts Tt focuses on the pr¢)vtsion of an outstanding education for pupils in the Tnjsfs sch(y)is. The Trustees have had regard to the matets set out in seckn 17211) {a) to (fj of the Companies Acl 2CK16 when performing their duties under S172. Achievements and perfom)ance The Trusys performance can be measured by progress against its 6 strategic obj'ectives. Grow school fee Income School fee Ire has fftcreased due lo pupl increase. The number of pupiL% during the year vas 1,053 {2022. 1,0391 Acqulre new Prep schools Prep Schools Trust announced on 30 Octobei 2023 that Beeslon Hall will join the Trust in early 2024. The Tiusl is considering fLErthef Optthunrties for further grthvth. Refine services provided by Tntst Olfice The Trust is continuousty reviewng the level of expertise and service provhled lo our schools by Trust Olfice. Trusl OffKe has refined or enhanced ils capability in various functions during the year. Invest In our estate Each of our schcols is through programmes del8nnmed by recent Condrtn suNeys. Dlversificatlon of Income FLKther lo fundraising successes at Ccrthill House Mtylen Hall. further fundraising canpaigns to support the develcyment of schcds Wlill be pLgnned in the fvtwe. B¢¢orne an empW¢r of choice in the sector Fc41owing a survey lo gain Ihe vws of staff xross the Trust. yU$ inTiiatives have been Thplemented. These include further development of Trust Leadership Forum aTrJ the kuneh of an Employee Assistance Programme. During the coming year W a Icoking al fvrther benefts could offer to all employees, for exarnp. a cycle to work stheme. We wll also be ensuriw staff have suitabk spaces for noncontaet ts"me. Flnanclal review Prep Schools Tnjst wld its Incne 1ved during the year to the of cperating schoo15 at Cothill House, Chandlings, Kitebrod(. Mth¥den Hall and Barfld. The results for the year are shown in the irKcffie arKI expendrture ace¢t crfi page 15. The Trust proded a suU$ for the year of £24k12022'. surplus of £1.322k). Payroil costs there 67% of income (2022: 67%). P•Je 7 l)
Pr•p Schools Tnmt R•port ol the Trusteès {Includin9 the Strats9k R•port For the year ending 31st August 2023 Publlc benellt and sla1 responsibility The Trustees have compl with their duty lo have due regard lo the guKlan¢e on publ benefft published by the Charily Commis5)n in exercising their wers and duties. Educational The independent sector as a thole prowdes eXllenCe in-challenging subjects.. INhile nationalty the number of ¢hikJren studying languages has detlined. the Trust continues to teach all chikjren mc<lem foreign LqThJuages. All children are screened for Special Education Needs. The pwS1 of sp8ciali81 $upwt to those idgnlifwl with needs 15 in rtseff a public gc¥)d. The standards of the Trust's elltIOn are revwed annually against national benchmths and the Trust's educational promsion exceeds Ihose benchmarks. The Trust uses it5 own resources to recruit people into the leaching profession, then to induet and train them. They are actwety assL%ted in athving Qualffied Texher Status. wthich alkxs t&Yhers lo move to the maintained sector should they wish Wlder communlty and partnorshlps The Trusl is constantly seeking new ways in whKh to delNef its charilabbe obj$ to a young public without regard to wealth. race, religion, sctol or academK Status. The Twsl's schcols have continued to buikl on links with their hxal wnmuniies aTrJ schools in the fflaintained sector. Partnerships and communty engagement xb.vths incl. STEM support f¢y local primary s¢h)ds by both Mcrwden Hall and ChandliThJ5,' Access lo facilrties for pupils in the maintained sector. for example Chandlings has developed link5 th Long Fudong Schwl. enabling their Year 4. Year 5 and Year 6 pupiL8 lo have weekly swimming lessons al Chandlings swlmming PLX)I taught by Chandlings, speuali8t Swmming teachers" The Trust schools take an active part in Irxal church lrfe. Lal residents a$sOn$ meeb.ngs held at Bak1 Sch¢1 Hosting DfE weekej al 8arfiefd for Famborough Hill Pknwden Hall has created a new partnership with WISE Academies Access to Our Schools Bursaries - It is important that access to the education we offer is not reslricted only to those who can afford our fees. The Trust has a bursary polw which is reMeAtd gUlarlY by Trustees. The Trustees ale mmitted to broadening acces5 to the Trust's schods by offering means-tesled financpl support wlh the payment of sch1 lees. Bursaries may be awarded in the fomi of a discount of up lo 100% of the tuition fees, depending on the financral C1UMstanceS of applicants. The Trust suppLy1&1 24 famils wrth aTral W during the year exduding any $laff or forc discounts. Principal risks and uncertainties Risk is assessed in terms of srgnificanl matters which may prevent the Trust frcrfn achieving its strategic objectives. The heallh, safety, weare and safeguarding of the children in the Trust's care is paramount. The Trustees take Ihts responsibility very seriously, ensuring its pc4tcies are appropriate and implemented in each s¢hool. The Trustees are aware of the finanaal rtsks assctd th the Tnjst's activities and are focused on managing the Twst's financial position and perfomiance. Rlsk management The Trust has eStatl$hed $yslem$ urKler normal CorKlitn$ shtyjkj al risks to be miligaled to an acceptable level in its day lo day operatS. SpeCffj fisks that have been eons•Jered are safeguarding. pupil numbers. cash fiow, reputational issues. and uncertain economic a1 prtal conditi¢)ns. A traffic IwJht system alerts Trustees to spec(fic risks and direction of Change as they arise and are mit¥Jated. Pae8d
Pr•p Schools Tnl Rep¢xt of th• Trust••$ (including th• Strttsgk Report) For tho year •nding 31stAugus¢ 2023 Safeguarding The Trustees are ccmmittetl lo hHJhesl stsndards of safeguarding and the weffare of the Trust's pupils. All staff and Trustees receive appropriate training on an annual basis and are ccwnmitied lo ensure pupils are protected and enjoy a sale environment. Res•r¥es policy The Trustees plan to borrow to invest in the devdopment of the Trust, furKling interest and knan repayments out of current irKome. As is the se with fflany schoo15 and schools groups. the Trust has rK) free reserves and il is not anlicipaled that free reserves wll be available in the rar future. ReseNes are mcmi(ored temi by reference to eash flows projecled lo the end of the year and then for a further three years. Investment policy The Trust hdd$ no pennanent end¢)wment bul any temporary surpkn cash is hekl on shcrt tem) deposrts to secure a high rale of interest. Plans for futur• p•riods The Trust wll continue contributing to its schcols in acc¢ydance wlh bts ¢harrtable objectives. The Trust is cthnmrtted lo the Wer eommunrty and fulfilling its charrtab. Further. the Trust will continue to seek ¢WPOrtunrties for Strate9 acquisilths and mergers with other similar edUCatial establishments in order lo fulfil rts obJ"ectNes. Charitable and company status The Prep Schods Trust is a company does not have Share caprtal and is limited by the gu¥anlee of the members to a maximum of £1 each. The membership at 31st August 2023 was 1012022." 101. The Trust is governed by the mn0Tand(mn and Artides oflhe 1pany. Fundraising Adivilios The Trust ¢¢'nUed to enlist the support of a DeVdMeftt Direcaor during the year to raise funds on beha of the organisatn lo invest in the development of Trust schools through Ikaising with school alumni, current and former parents. and other stakeholders. Their work was monitored an¢J guided by the Exewtive 8oard in regular meetings and reports were made to the Trustees. The Trust is registered wth the Fundraisin9 Regulator ar bs committed to following the Cede of Fundratsir@ Practice. No complaints were received by the Trust regarding these fundraising a¢ts"vrtb8$. Employees Prep Schools Trust regnIseS that in order lo achieve our goal of being the best prep schools group in the UK, we must develop and invest in our pec9. Attracting and retaining ab and committed staff is a key objedive. We believe in fostering an environment where $laff fed Yalued and ernpTed to contribute their very test and develop lo thw'r full potent1. Fair consideration is given lo any applicatv)ns for eM0Yent from registered disabled persons, wth due regard to Ihr aptrtudes and abilrties. Disabled empl¢)yees are given equal cs)portunity wi(h regards to career development and prOMotn. as well as ongoing training n15. SyThpathetic consideration is given lo the retenti of any newly disabled eMOyee, inclLKling affdIThJ. if rgjuired. a per)d of rehats"lrtation and training. The Trust slrNes to enhance diver5rty arKI has an plan tawed at narrthiryng Ihe gender pay gap. Key Management Perwnnel Remun•ration The Trustees Consider the Chd Exeeutfft. the ch Operating Offttr. the Director of Marketing. the Head of HR and Head of Trusi Schcol to be the key management personnel of the charty. The remuneration of the key management personnel is remewed annualty. Page 9 Lrf
Prep S¢hooh TTUSt R•port of the Tntstees Ilneludln9 thè Str4tegl¢ Report) Forth• J•ar endin9 31stAuoU$t 2023 Go¥eman¢e of Envlronmenlal and Sustslnability issues Prep Schools Trust is ¢ommrtted b)Ih to ils staff kadiThJ by exafflp and to educating its pupils about environmental and sustainabilty issues. Each school has devised policies and obJ"ectNes. During the reporting year 2022-23 a range of sustainability actions were tmplemenbj to the facilrties in¢luding Ihe foll¢)wiThJ'. InslalL4lion of soLqr panels on the new Oining R¢Kyn at Klée and new Sports Centre al Cothill House. Replxement tois in the main plant r¢ * ChlIng5. An improved cover the at Barfd to improve efflentY. Repairs on the roof and guttering al Mowden Hall on the Perforniing Arts building. Continued phased repLxernents of LED Ittting aNI implemenlion of motion sensors xross the schools. An action plan to reduce unissh)ns over the eoming years includes the continuat)n of a phased programme of replacement LED lighting and wnprovements lo the insulation of the buildings through improvwnenls to windth¥s, dcrfys and rcvJf spa. Greenhouse gas wnlsslons, energy con$umpllon and eneryy efficiency Emissions of carbon dioxKle equv4alenl during the ye ended 31st August 23 {C02e Itonnesl) were as folkjws.. 2023 1.601.85 54.70 431. 5879 15_97 2022 1.8S9.46 Ccmmbustion of Gas {natural arwj LPG) Consumption of fuel for the purposes clTranswt Consumption of Oils for H&th"ng aThJ Hot dter Purchase of Electricrty Use of Wale 403 6452 11.02 Total 2.163.27 2A63.85 Number of Pupils Intensity ratio ITotabPupil number51 1,053 2.05 1,039 2.37 The largest propOrtn of energy use and a$sl0ted emisshjns arise frcrfn gaseous fvel combustion. primarily for healing and water as expeded. The second largest proportion of energy use and associated emiSSn$ artses fron etricty usage. PriMty for13htw¥J. kitchen equipment arKI IT. The Trust continues lo enlist the servtis of an exlemal c(MIor to identrfy and adwse on schools can be rn0 effKienl in their use of energy. Third party indemnity pro¥i5iOfbS The Trust has in place directots, and 0e[s. liability insurance the purpose of 1ndeMn.ng the Trustees against liability in respect of PreedIng9 bro(h3ht by third part. su'8Ct to the corKIrtKJns sel out in SeCtn 234 of the Compan$ Act 2006. Thi% insuRnce was in ftyce durirtg the year, and is in force as al the date of approving thi5 report. Statement of Trustees. responslbllltles The Trustees {who are also dir&tors of Prep Schcds Trust for the puryxws of ccfflpany Lawl are responsible for preparing the Trustees, Report and the financial slalements in *cordance with applicable w and Uniled Kingdom Accounting Slandards (Unrted Kirw3d Generalty Accepted Accounting Practice). Company law requires the Trustees to prepare fina191 $tentS for each financial year. whh gNe a true arKI fair vw of the slate of affairs of Ihe chantabb company and of the incoming reSlee$ and application P4e 10 of30
Pr•p Schools Trusl Reportol the Trustees (including the strat•gle R•port) For the Jarendlng 31$t August 2023 of resources, including the iOrne arKI expenditure, d the Chant company for the year. In preparing these financial stalemenls. the Trustees a required lo.. select suilabk accounting and t11 apply them consistendy., observe the methods arKI prinwks in the Charils SORP 2019 IFRS 102)" make judgwnents and estimates that we reasonable pruderrt., ste whether appluble UK Accounting Standards have been folloed. subject to any material departures disclosed and explained in the financial statements: prepare the finarKial slalements on the gcing concem bas unless tl is inappropriate to presume Iha the ehartsble cc¥npany 11 cont#iue in operaticm. The Trustees ¥e responsible for keeping ajequate aCcntIng records thal disclose th reasonable Ur0 at any time the finan01 posrtion of the charrtable Company and enable them lo ensure that the finanal statements compty wrth the CompanEs Act 20[. They are also responsible for safeguarding the assets of the charitable company and hen for lakiTrJ reasonable Steps for the wevention and deteclion of fraLtrJ and other irregularrties. In so far as the Trustees are awa.. there is no relevant audit informati¢)n of whth the chafbtable clynpanls auditor is unaware,. and the Trustees have taken all steps that they ought lo have taken to make themselves aware of any relevant audit informatKJn arKI to eslablish that the audrtor is aware of that infcxmalion. The Trustees are responsitAe for the maintenance and integnty of the Co1(ale and finarKial infcwmalion included on the charrtable company's website. Legislation in the Unrted Kingdom goveming the preparation and dissemrtion of financial slements may drffer from •SLation in other1urisdictic$. In approving the Trustees. Annual ReFQrt, the Trustees also appnjve the Strategic Rewt included therein, in their capacity as company directors. Signed on behall of the Board E E A McKendri¢k Chair of the Tntte8 5th December 2023 Ptye 11 <J]
Pwep Tr1 Report of the Trustees Iln¢luding the Stytegi¢ Rtrptsrt) Forthe >ac èndino 31st August 2023 Independenl Auditorfs Report to the members of Prep Schools Trust OpiTrlon We have audited the financial statements of Prep Trust (the charitable companYI for the year ended 31st August 2023 whth comprise the Statement of FInara7 Activrts, the Balance Sheet. the Cash Flow Statement. and notes to the financL81 statwnenls. including a summary of signrficant accounting Folicies. The financial reporting framework that has been appl in their preparation is applicable law and Unrted KIngdn Accounting Standards, including Financial Reporting Standard 102 Thg Financial Repothig Standard applrable in the UK and Republic Lrf IrEland (United Kingdom Generally Accepted Accounting PraclKel. In our opinion the finarKo1 stslements". give a true and fair view of the slate of tr charilable ¢cAnpan¥s affairs as at 31st August 2022, and of its ieoming re5cr¢e$ and appli¢atk)n of resources. including its irKcYne aThJ expenditure, for the year then ended., have been properly prepared in aeccKtsrtt with United Kingthxn Generally Accept&J AuntIng Practi¢e', and have been prepare(l in accordance wilh the requirem of the Companies Aet 2006. Basis for opinion We conducted our aLhYit in xcordance 1h International Standards Cffb Auditing (UK) IISAS IUK}l aThJ appltcable law. Our resp)nsibilitres uThJer those standards are further described in the Auditor's responsibilities f the audrt of the financial statements Sect of our reFQrt. We are independent of the charitable company in accordance the elhical requirement$ that are relevant lo our audit of the financial stslemenls in the UK. including Ihe FRC'S Eth1 Standard. and we have fulfilled our other ethical responsibilities in &COfdarKe with these requirements. We believe that the audil evidence we have obtained is sufficient and appropriate to prowde a basis for our opini(. Conclusions relating to going concern In auditing the financial 5talement5. we have concluded that the trustees. use of going COnM basis of accrntIng in the preparation of the financol statements is appfopnate. Based on the worf( Ferfixmed, have not identrfd any material uncertaints relating lo events or ondrf(ions that, individually or colWively, may cast sunrficant doubt on the charitable companls ability to onlinue a5 a going ncern for a perKJ of at kast e1Ve months from WI the financsal statements are authonsed for issue. Our responsibilrties the responsibilitw of the trustees wth respect to goin9 ccfflcem are described in the re18vanl of this repcvi. Other infornialion The truslees are rnsponsibb for the otr lnfMat. The other inforrnat eomprise5 the infom8lK)n included in the Injstees. annual repcKt, otr than Ihe financk41 stemenls and our audrtorfs report thereon. Our winion on the financial slalements does not coNtr the olher infomi*ion and, except to the extent otherwise eXPl111Y stsled in (yjr pOrt. we do not express any form of assurarKe conclusion thereon. In cennection wrth our audit of the financHI stalernenls. OUT respons&)ilrty 15 to read the otr infomation and, in doing 50. consider whether the other informalh)n is materialty inconsislenl with the financial statements iy our krwledge ¢)btained in audrt or otherwise appears to be matenally misstated. If we identify such material inconsistencies or app3nI malerol misstatemenls. are required to determine vthether there is a material misstatement in the financial slalements or a material misstatement of Ihe other Information. If. based on the work we have performed, V•e conclude that there is a material misstatement of this other inf0mlaln, we are required to report that fael. We have ThhIng lo report in this regard. Py12dJ)
Prep S¢hool• Tr1 Report olthe Trustees Ilneluding the StrategSc Report) Forth• y•ar•nding 31st August 2023 Independent Auditorfs Report to the mWnr$ of Prep Schools Trust Icontinuedl Oplnlons on olher matters prescribed by the Companies Act 2006 In our opinion, based the undertaken in the course of the aud. the infomiation given in the tru5tees' report lincorpor81ing the strategtc rewt and the directors. reporti for the financial year for whieh the financial sLements a prepared consistent with the financial statements,. and the strategic report and the directors. rewrt have been prepared in accordance wilh applicable legal requirements. Matters on whlch we are required to report by exception Sn the light of our knovAedge aTrJ undgrslanding of the Charrtab company and its enMrorunent obtained in the course of the audrt. we ha¥e not ldentrfd matenal misstslements in the strategic report and the directors. rep)rL We have nothing to report in respect of the folh)wvig matters in relatk)n lo the Companies A£t 2006 requires u5 to report to you if, our opin. Jequate CountIng recdS have not been kept. or retums equate our audit have not been received from branches not Msrted by us.. or the financial statements are in agfeernent with the accounting records and returns," or certsin disclosu$ of direct$, remuneratw $Ified by law are not made: or we have not receNed all the informatKm and eXplanatK$ ¥ require fry our audbt. Responsibilities of tNstees As explained mcKe fully in the trustees, responsibilities ststemenl sel ¢)ul on page 8, the trustees (who a also the directors of the Charitab company the purposes company kw) are responsible for the preparation ol the financial ststemenls and for beirtg $alfied that they give a true and fair view, and for such intemal control as the Iruslees determine is necessary lo enab the preparation of financial statements that are free frC malenal missLement, ether due lo fraud or error. In preparing the finanekql sLemenls. the trustees are respons)be for assessing the tharitabk cApan8 abilrty lo continue as a going concern. di5cthing, a5 applio3ble, matters related lo going coern and using the going concern basis of xccyJnting un5 the trustees either intend to IK4yidate the charitab18 MpanY or to cease operalh)ns, ¢y have no realists"c attemative but to do so. Auditorfs r•spoThsibiliti•s for th• audit of the financial statements Our t'ectives are to obtain reasonab assurance about whether the financial stslements as a vthole are free from material misstatement. whether due to ftaud or error, and to issue an audi(ols report that includes our opinion. Reasonable assurance is a high levd of assurance, tyjt L% not a guarantee that an audit conducted in accordance with ISAS IUK) will always detect a malerial mL8slatemenl when il exists. Misstatements can arise from fraud or error and are considered material rf, indivtdually or in the aggregate. they could reasonably be expected to infiuerKe the dLsn$ d users taken on the basis of these financial slatemenls. Irregularittes, including fraud, are Instan of non-ecffipharte with laws and regulations. We design procedures in line wth our responsibi1rt, outlined above. to detect material misstatements in respect of irregularrties. in¢ludirvJ fraud. The speofic predUreS for this enga31 and the extent lo Ithich these are capable of detecting irregularrties, including fraud is detailed bekjw.. Enquiry of management, those eliarged wth goNemance the entitls sOlrtOrS aiound actual and potent1 litigation and claims.. Enquiry of enlily staff in accounting and HR fvncl?ns tQ Klentfy any instances of rLJn-complonce with laws and regulations." Reviewng minutes of meetings of those charged tmth go¥emance: Reviwng financial slalement disclosures and testing to suppryling dcurnenLition to assess compliance wlh applicable lats and regulaIK). p4?13
Pr•p khools Tnt R•port of the TrteS Ilncluding the Strategic Report) Forth• y•ar èndiny 31st AUgt 2023 Independent Audltorfs Report to the members of Prnp Schools Trust {¢ontinued Perf¢)rning audit vKJrk over the risk of management override of controls, ineluding testing of journal entries aNJ other adjustmerts for appropriateness. evaluating the business rationale of STgnifunt transactions CsIde the rrnal eoutse of busines$ and reviemng aeccAJnting estwnates for bias. Perfonning deL?ed audit work over the risk of timrng tssues within the rewgnition of both fee and non- fee income and the override of Controls in this area by managerrnt, in particular wrth regards lo fee concessions awarded. This included full reconcl1l0nS of fee inccthe rwnised compared lo student numbefs and fee rates. as well as detailed subslantive testing of eoncessions awarded on fees, and non- fee irKome arising in the peivj. Because of the inherent Iwnitalions of an audit. there is a risk that wll deted al irregularities, including th¢)se leading lo a material misslalement in the financial stalements or nonthcc¥npliance wrth regulation. This risk increases the more that ecmpliance with a or wulation removed from the events and Iransaclions reflected in the finala1 statements. as we will be less likety to become aware of instances of non- compliance. The risk is also greater regarding irregularrties occurring due lo fraud rather than error, as fraud involves intentnal concealment. forgery. lIUsn. omission or mi5represenlalion. A further deriptn cl our responwbilitie5 t1 audrt of the financial statements is kcated on the Financial Reporting Council's website at.. w¥w.frc.org.uklauditorsrespsIb1lIts. Thi5 descripton fomis part of our auditorfs rep. Use of our report This report is made soldy to the charitats c(ryan$ mbers. as a boJy. in &ctrdance with Chapter 3 of Part 18 of the Companies Act 20[. Our audit VIrk has been undertaken so that we might stsle lo the charitable company's members trh)se mattets we afe required lo slate lo them in an audrtorfs report and for no other purpose. To the fullest extent pemitted by law. we do r1 accept or assume respon5ibilty to anyone other than the charrtabk c47rnpany and the charita1 ccnpanls members as a b¢Jy. for our audit work, for this report, or for the opinKJn5 we have formed. Andrew Rodzynski FC {Senior Ststutory Auditor) For and on behalf of Wenn Towr6end. Chartored Ac¢ountsnts. Statutory Auditor Oxford 5th December 2023 P4?14*)
th• y•ar•rth#JlstAI11o2j 2ty22Talil To Fe9$ 19.181 19.4•1 10.luz 18.482 lio 351 351 251 Tthl*rt•m• 21XJ6 20.901 20.yji EAp1ndr•G11'. knd5 24 71 21.107 21.1 19.040 19.091 19 32 Totsl•xpthidth 21.178 21.ln 19.179 24 1522 39.415 Jl.S$9 .439 35.415 PW15
Company numbgr. 961616 Prep Schools Trust Balance Sheet 31st August 2023 2023 2022 Note Fixed assets Tangible assets IrNestrnerrts 35.668 12 35.668 Current assets Stock Deblors Cash at bank and in hand 13 14 115 597 104 332 4.464 3.696 4,900 Creditors.. Amounts faling ¢Jue within one year 15 (8,189) {4.401) Net cunent assets {4.4931 499 Total assets less current assets 36.353 36,167 Creditors: Amounts falling due after one year 16 1914} {752) Net assets 35,439 35,415 Funds Unrestrlcted funds Revalual¢on reserve Inwme and expenditure aeeount Designated fund 19 19 19 15.433 16.096 15,526 16,532 30 31,559 32,088 Restricted fvnds Restricted donations 19 3.880 3,327 35.439 35,415 The financial sLitnentS were approved and aulhLYwl by the 8oard on 5th December 2023. Signed on bèhalf of th• Board E E A McKendrick Trustee
The notes on pages 21 to 32 fomi part of these financlal statements. Prep Schools Trust Cash Flow Statement for the year ended 31st Au9USt 2023 Reconciliation of net income to net cash inlltyw from owratlng xtivities: 2023 2022 Net ineome for Interest payable Impalnnenvdeprl4h oftsngible fixed a55ets (Gain)OsS on disposal of tarKJOle fixed assets (IncreasellDecrease in stocks (Increase)IDecrease in detrkn5 Iln¢reaseYDe¢rease in acw8d s of pr InCaSe in Cor$ New fees in vare Fees in advance applied in year Fees in advance refunded in ye Fee comp)si(ion disctsjnt {Lossesl arisirKJ frcm changes in fwjn excange rates 24 45 475 141 1111 (2861 43 517 1221 1571 5,877 611 55 (1731 1161 1.239 285 (741 Cash flow from operatlng actlvltles 1,717 8.188 Cash flow from investing activities PayTnents to wuire tangib fixed assets Receipts from sak 0ftsngIb [ed assets Arnc4Jnts rttei¥ed from sak 0ftsn9 ftx&J 8ssets 15.653) (2,122) 19) Nat Cash flow from Invastlng xtivltles {5.648 12,1311 Cash flow from financlng athilies: Receipts from issue of new long term loans Interest paid (49) 142} Net cash flow from financing activities (2,451) 1421 Incrnase In cash and cash equNalents (1.480) 6.015 Cash and cash equivalents at 1st September 2022 {1.5511 Cash and cash equivaltS at 31st August 2023 4,464 Cash and cash equlvalents conslst ot. Cash at bank and in hand Overdrdfts- 4.464 Cash and cash •quiv•lents at 31st August 2023 4,464 Pw174YXI
Prep Sch¢)ols Trust Notes to the Accounts for the year ended 31st August 2023 Summary of significant accounting polici•s General infom)atlon and basis of preparntion Prep S¢hod$ Trust is a Charrtab company limited by guarantee in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per rnber of the chanty. The address ot the registered office is gNen in the charrty irrfOatIOn on page 1 of these financial statements. The nature of Ihe charrty s OperatnS arKI principal activthes are inciuded in the Trustees. Report. The chanty ¢onstitutes a Publ t enlrty as defined by FRS 102. The financial s¢alements have been prepared in accordance wth.. Accounting and Rwbng by Charities: Stalemert of Recommended Pr&tice applicab to charities preparing their &counts in a¢cordarKe with the Financial Reporting Standard applicable in the UK and Republ¢ of Irelarnl issued in October 2019: The Financkql ReFrfXting Standard applicab in the United Kingd¢yn arwj Republic of Ireland IFRS 1021.. The Ch¥ities Ad 2011.. The Companies Att 2¢)J6'. and UK GenerlY Accepted Acc(MJnlirth3 Pr? The financpl statements are prepared on a goiT¥J concern basis under the historical cost eonventTOn, moxlifd to include certain rtems at fair vue_ The financpl $tstements are prepared in sterfing whh is the funct)nal currency of the ch¥ty and rounded to the nearest £000. The signfficant accounting pOlS appld in the preparation of these financial stalemenls are set out bebw. These pole8 have been consislentty appld to all Yea presented unless otherwise stated. The Trust Idenbfies each school as representing a separate geographical aiea of operations. As $u¢h, in the event of the dosure of a school, this i% considered lo be a discontinued operation. Ashd¢)wn House c105ed during the prior year. The ineome and expeTh4rture directty attributable to this site is disdosed as diontInUed cyerath)ns on the f&e of the SOFA in accordance wth the requirements of sectton S of FRS 102. Funds Unrestricted fvnds are avaiL4ble for use al the discretion of the Trustees in furtherance of the general objectives of the charity and vknich have not been dewgnated for othei purposes. Designated funds comprise unStricted funds that have been set a$ide by the Trustees for PartUlar purposes. The aim and use of each desonated fund is set out in the notes to the financial stalemenls. Restricted lunds are funds wtiieh are to be used in aecordtrte with specifK restrictions Knposed by dorr5 or which have been raised by the charty for partieulaf purposes. The cost of raising and administering suth funds is charged agoinsl the fund. The awn and use of each reslrKted fund is sel out in the notes lo the financk41 statements. Incorne regnitIon All incoming resources are induded in the SLitement of Finartial Activrtes {SoFAI when the Charity is legally enliUed to the income after any performance condrtKJns have been met, the amount can be measurgd relK4bly arnl it is probable Ihal the 1cne will be r1ved. For donations to be rece<Jntsed the charity will have been notified of the amounts and the settlement dale in wri(ing. If there are CorKlrtnS attached to the dOr1)n and Ihts requIS a level of perfOanCe before entrtlement can be obtained then incc¥ne is deferred until those eonditions are fully met or the fulfilmerrt of those conditnS is wthin the control of the charty and li is probable that they wll be fUffild. 18 1rf30
Prep Schools Trust Notes to the Accowts (conllnued) for the year ended 31st August 2023 Summary of significant a¢counting polkles (continu) Income w•cognition {continuedl Oonaled facilits.es and donated prOfeSsnal services are ree<yJnised in ineome al their fair value when Iheir economic benefit is probable. rt can be measured reliably and the charrty has control over the item. Fair value ts detemined on the basis of the value of the to the charty. For example the amount the ¢harity would be wlling to pay in the open market for such flItS and seNiees. A corresponding amount is reco3nt5ed in expenditure. No amount rs included in the finala1 statements for volunteer time in line with the SORP IFRS 102}. Experbditure rKognition All expenditure is accounted for on an aeenlS basts and has been Class under headings that aggregate all costs related to the category. Expendrture i8 recognLsed where there is a legal or onstrudwe oblualion to make payTnents lo third parties, r( probable that the settlernent will be required aThJ the am(wnt of the obltqatKffl can be nwsured reliat4y. It is categorised under the following headings. Costs of raising funds includes of interest paNJ aThJ fee comp05itN)n discounts: Expenditure on tharitabk actmlw includes the opera"n9 costs of the scFb)015 in the Trust.. and Other expenditure represents I1)$e itwns fallir¥J into the categories aLw)ve. VAT is charged as an expense against the for wthi¢h expenditwe arose. Support costs allocatlon Support cosls are those that assist the work of the charity bLrt do not direclty represent Charitable acliwlies and indude office costs, govemance ensts. administrative and payroll costs. They are incurred direedy Trn support of expendrture on the objects of the charity and irtlude project management. Where support eosts eannot be dir• attrbuled lo particular headings they have been althaled lo cost of raising funds and expendrture on charrtable "Vrt1eS on a basts conststent wrth use of the SourCes. The anysis of Ihese costs is inclLKled in ncrte 6. Tangible fixed assets Tangible fixed assets are sLed at cost {or deemed costl $ accumulated deprecialion and accumulated impaimienl k)sses. Cost includes costs direclty attributabbe to making the asset capable of operating as intended. Depreciation is provided on all t4ftgb fixed assets. at rates ealcuLated to wrle off the cost. less estimated residual value. of each asset on a system basis oNEr rt5 expected useful lrfe as follows.. Land, htstoric and JeA11 buildiws Freehold buildrtYJs- schcol bUjinadd Assets under the course d construct C(#nputer equiwient Other eqUient. fixtures aThJ fittin9S vehleS 2% strh1 line 1¥33.33% StraKJht line &20% Strayht line 10-25% straht line Inv•stments Investments in subsidrts e measurejj at ectst lèss wnwrnent St(xs are Wdlued at the ofcost net reah'sable value. P•y19d
Prep Schoob Trust Not•$ to the Accounts (continued) forthe year endad 31st August 2023 Summary of signlficant accounthry pollcles Iconllnued) Debtots and creditorn r¢•yoblelpay•b1e within year Debtols and cred((¢)rs witth no slated interest rate and receNable or Payab within year are recorded at ISact)n pr. Ar)y kjsses artsry fr(>n inpaimwit e recOgnd in expendrture. Loans and borrowings Loans and b)rrowings a rec(yJns&J al the Iransth pe inchJJir#J transaction costs. Subsequently. they are measured at arnO.$ed cost using the effeth interest rate methtsj. less inpaimient. If an arrangemwl Consti a finance transxlKn rt L% measured at present alUe. Impairnient Assets not measured at fair vakne are revW&j for any irKl1catn that the asset may be impaired at each balance sheet dale. If such irKIt exisls. the recoverabk amount of the asset. or the asset's cash 9enerating unit, is estimated and Compa to the carrying amount. Where the carrying amount exceeds rts recoverable nount. an impaimient loss is regnIsed in profrt or10sS. Leases Rentals payable and receivab under operating leases are charged to the SOFA on a straight line basis over the period of the kne. Foreign currency Foreign ¢urren¢y Iranwtis are inrtialty reccgnised by applying to the foretqn currency amount the spot exchange rale beknn the fUn¢tnal currency aTrJ the forewn eurrency at the date of the Iransaction. Monetsry assets aThJ Itabilities deninated in a foreign Tre at the balartt sht dale are transled using the ck)sing rate. Employee benefits When employees have serye to the charty. shy14wm ernoyee benefits to whth the empknyees a enIrtd e recg)gnis&Y at the undiscounted expeclgd to be pa>J in exchange fc¢ that seNice. The charty operates a defined contn"butN)n plan for the beneft of ts empk)yees. Conlit•ulJons are expensed as they bne payable. Tax The ¢harty is an exempl charty wrthin the meaning crf Schedu 3 of the Ch8rit*s Act 2011 and is consvjered to pass the tests set QLrt in Paragraph 1 schedu 6 FInae Act 2010 and therefore it meets the definrth)n of a charitable UK tsx purFw)ses. Going ¢oncem The financial statements have been prepared on a g(xng coneem basis as the trustees beIve that no material uncertainties exist. The trustees have conshlered the level of funds and the expected vel of inCe and expenditure for 12 monlhs frcrfn aLrthorising these financ1 ststements. The budgeted income ar1 expenditu Is SuffnI with the level of reserves for the charrty to be able to continue as a going coneem. Group accounts The Charty does prewe w accounts as ts sthidiary entilies are deemed immaterial to the group. 20dX)
Prep Schools Tntst Notss to the Accounts IntinUed1 forthe year ended 31st August 20ZJ School fees 2023 £'ooo 2022 £'ooo 20.6C (1.125) 19,394 1912> Discourts and wards 19,481 18,482 None ofthe irKcYre wa5 attr1)ule to restrthj frJrth in erther peri¢1. Other educational Income 2023 2022 £'ooo Must luiknon aThl aSsl8tl irKAyne Extra turtion Occasional bcording aKI sLYnM k Other income 52 204 318 236 57 157 242 810 Ncne of y)ve ¥icome vrds attrtjutable to restricted funds eitlv peri(¥J. Anclllary Income 2023 rooo 2022 £'ooo Oiher ineijme 351 251 351 251 Ne ofthe above inc(YnevM alrbulable to restrKtsd furvJs in either peri¢>J. Donations and grants 2023 2022 £'ooo Donations 590 Dca"OnS include £587k (2. £963k) attrbutable lo reslrthd funds. Page 21
Prep Schools Trust Notes lo the Accounts Intinued) for the year ended 31st Augusl 2023 Charltsble activltles Staff Costs Other 2023 Total 2022 Total £'ooo Teaching WeKare Premises Support costs ofeducattc 10.533 1,059 620 1.938 1,420 1,831 2.771 970 11,953 2,890 3.391 2.8 10.896 2,538 3,108 2,539 14.150 21.142 19,081 £34k12022.. £12k) of the above expendiiure was atlrknulle to restrKted fvTrJs. The major ccffiFnts of SUPFNt costs irKIle'.. 2023 2022 £'ooo Administralive staff costs PO$Je, ststionery, telephone adminislratbve costs Adverting fu staff and PrOI)n Bad debts Legal and Pressic01 fees Rruitment fees Bank ¢harges G¢)vem8nee costs {see n 1.625 236 188 13) 368 297 195 In 389 67 61 2,539 Governance costs 2023 Total £'ooo 2022 Totsl £'ooo Costs £'ooo £'ooo Staff Audit 32 23 25 25 25 61 Pa9e 22 OIXI
Prep Schools Trust Notes to the Acc¢wnts Icontlnued) for the year ended 31st Aug4L812023 2023 £'ooo 2022 £'ooo Wage5 and arS ial securty costs Pensio 11,909 1.038 1.203 10,856 975 1.119 14.150 12,950 2023 FTE 2023 Number 2022 FTE 2022 Number Average number empbyed including TAte•s. Trustees Teachers Household A<trninistrab'c 10 225 10 339 11 218 39 324 61 65 55 475 320 461 Number of employees vkno recefved totsl employee beneffts (excluding empbyer penslons costs but including temlnation costs) of more than £60.000 is as follows: X123 2022 £ 60,001- £ 70.CKKI £ 70,001- £ 80.OCLI £ 80,(KJ1 - £ 90,0 £ 90,001 - £100.0 £1 W,IX11- t110,0 £110.IJ)1 - £120.OCKI £120.001 - £130.O¢XI £14Q.001 - £150.OtXI £150.001 - £160,IJXI £170.001 - £180.OC(I £180,001 - £190.OCiI T(al lerminaiKn payments during year £298k (21.. £273k). These are rectr3nised expeThJiture *then setilement agrewnwits are rexhwj. Pension schemes The Trust partripales in the Avi4 pensk Trust fcff lTrJependent Sthcds fAPTIS°) for Ils leachirvJ slaff. The Pensi ¢ge the year iludeS c0nlribLrtnS payable to APTIS of £983k {2022: £925k). APTIS is a tsfined contribulw Fen5•)n scheme developed by Awva in assouatK)n with the Independent Schools. Bursars ctrUle on a 'pay as go" baS with contrt)utnS aL80 made by the Tn&st Nethteaching staff are ¢)ffered membetship of deffin contribtstic pension schem8s. The pensit harge for the year includes contr1onS of £220k {2022." £193kl. Page 23 01
Prep Schools Tftt m8$ to thg A¢¢ounts (¢ontInu) for the year ended 31st August 2023 Trustees and key managomonl personnol remuneration and exnseS The Tntstees rther TeceNed rTh waNed remuner*)n during thi5 crf last y. The total amount of empknyee benefrts received by key man•Jement personnel is £1.042k {2022.' £939kl. The Trustees consKJer its key management personnel during the pertij comprised the Board of TNstees. the Chief ExecLrtive. the ch Opernb'n9 Officer (preV$1Y Diiect¢x of Finance and Operations), and the Head of each Trust schcrtjl. Fr¥e Trustees were 1mbur5ed for travel expenses trtalling £3.97S {2022." five 1Mbur5ed for travel expenses totslling £1. during the year. 10. Net resources expended 2023 rooo 2022 Results foi the year are stated after charglng: DeprecialpJn: ¢ywned assets 475 517 Auditor's fees.. 25 23 nort-audit M)rk Operating leases: equip1nI 92 Net loss on foreign ¢urrerKy trnnslalb)ns Page 24 0130
Prep Sch¢)ols Trust Notes to thè Accounts (Continued) fr>r the year ended 31st August 2023 11. Tangible Ilxed assots Fixturns. Fittings & Equipmenl Freehold Assets under Land & the course of Buildings construction £'ooo Vehicles comper$ Total rooo £'ooo 1st September 2022 Addrtions Disposals Realkt* 162 312 1.848 37,OC 1.889 5,653 41.217 5.6S3 121 12) 15 1151 31st August 2023 160 312 1.e63 37.OC6 7,527 46.868 Depreciation and impaimients 1st September 2022 125 Depreciation Di¥osals 255 23 1,149 92 4.020 353 5.549 475 121 {2) 31st August 2023 278 1.241 4.373 6.022 Net book value 31st August 223 622 32,633 7,527 40.846 31st Au9USt 2022 37 57 699 32.986 1,889 35.668 The Trustees elected. in accrxdarKe with SeclK)n 35.101d) of FRS 102, to use the carrying value on 1 September 2014. the date of transition to FRS 102. of any of the above fieehold laTrJ and buildings previously carried al a valuats'on. as their deemed cost arKI is the companys poIY not lo revalue fixed assets. The surplus ol a premous revalUatn over cost had been credrted lo a revalualw reserve which now stsnds at £15.4m (Note 19). The (¥KJinal purchase k)rtt (hist cost} is £14.4m. Tangible fixed assets wilh a net value of £7.321k (2022: £1,173k) have been pbjged as $urity for liat4lrties of the charity. No propert5 were sold by the Trust during the yew. Page 25 30
Prep Sch¢)ols Tn Notes to the Accounts {continued} for the year ended 315t August 2023 11 Fixed asset Invvstments Unllsled Invtments Cost 1st September 2022 100 31st August 2023 1LKI Provlslon agalnst dImIn10Th of value 1st September 2022 1(N) 31st August 2023 1ts) Net book values At 31st August 2023 At 31st August 2022 The Trust 101yA ofthe albtted share captsl of the foJkAving undertaking.. Profrt for year Country of rogistration Class of share upitsl Nature of buslness Caprtal and reserves at 2023 PST Enterprises knmtted EngLqnd and Wa Ordinary Evenls 124,317 124.217 13. Stoc 2023 rooo 2022 £'(x)o Stc¢k- consumab5 115 104 P•J* 26 ofXI
Prep Schools Tntsl Notes to the Accounts {contlnuedl for the year ended 31st August 2023 14. Debtors 2023 £'ooo 2022 £'ooo Trade debto Other debtcs Prepayments KI aeerwl income 113 130 478 196 597 332 15. Creditors: aM(nIS falling due within (ffje year 2023 2022 £'ooo Bank loan Trade creditors Other laxatKJn and Sfxial secunty Other creditors Accruals and deferred income 2.500 3,287 266 592 3,251 259 421 470 8.189 4,401 Trade creditots include £2.260k {2022: £2.521k) in respect of fees recaved in advance for Autumn 2023 lem. and £45k12022." £53kl for acadwx years 202Y24 onwards. The bank b)an is sttured- see note 17 for delails. 16. Creditors: aMntS faling due after one year 2023 2022 £'ooo (Xher credrtors 914 752 914 752 Other credrtors include £153k 12022: £30k} for fees receNed in tharKe for academ years 2022r23 onwards urKler the fees in aVar scheme. 17. Bank ovfjrdratl loan facility and In8 The bank ban of £2.5m has an interest rate of 1.65% Ihe Base Re The Trust's bank bgrr(Mings are sttured by a debentwe arml fixed charge over sorne of rts freehdd and Lqnd. Pai 27
Prep khools Tntst Notes to the Accounts {continued for the year ended 31st August 2023 18. Deferred Income under the fees In advance scheme Durry the year, fees amounbng to £285k (2022.. £55kl were received in adwance for pupils for future years. Fees leaSed to income amounted lo £74k {2022". £173k) and £nil 12022.. £16kl were refunded to parents. Fee cunposition discounts of £4k (2022." -£1kl were charged to expendbture. All amounts on9 at 31st August 2023 are shown as Ih8bihts in ncles 15 arwj 16. 19. Funds Income and expenditure £'ooo donations fund £'ooo Designated Revaluation fund reseNe Total £'ooo £'ooo Al 1st Seplernber 2021 Surplus1(def1lI for the year Transfers beh¥e funds 2.376 15.619 16.068 34.093 951 371 1.322 (93) 93 At 31N August and 19t September 2022 Surpluslldert) for the year Transfers betsveen funds 3.327 15.526 16.532 35,415 553 {529} 24 (931 93 At 31 August 2023 3,880 15,433 16,096 35,439 The restricted donations fund balance carried ftsryrd Irude$ monies rarsed for a sports hall at Cothill £3.617k whh achieved practical completion on 2r September 202312022.. £3.294kl. P•281
Pyep Schools Tntst Notes to the A¢Munts lcontinued) for the year ended 31st Augu$¢ 2023 20. Analysls of n•t assets between funds Restsi¢ted donations fund tl¢slgnated RalUatIon lund reseNe Incom• arbd expenditure Total 2022 £'ooo Fund balances at 314 August 2023 are represenletj by". Tangible fixed assets Nel current a5setsl(liabililEs) Long terffl liabilities 3.617 263 15.433 21,796 40,846 14,786) {4.493} {914} (9141 At 311t August 2023 15.433 16,0* 35.439 Incomo and expendlture £'ooo donalions fund £'ooo Deslgnated Revaluati¢)n fund reserve T¢)tal 2021 £'ooo Fund balances at 31Sg August 2022 are represented by.. Tangible fixed assets Net current assetsllliabililiesl Long lefm liabilities 1.847 1.480 15.526 18.295 35.668 11.CK)91 499 {752> (7521 At 31x1 August 2022 3,327 15,$26 16,532 35,415 21. Related party transactions Mr T Beardmore-Gray, Chf Executive. is a Dirertor of the As50ciatton of Governing Bodies of Independent Schools. During the year to 31st August 2023, yMentS made to the Association of Governing Bodies of Independent Schools amounied to £10,46412022- £6351. There was nothing outstanding at the year end 12022.. £6351. P4e29dYJ
Prep Schools Trust Notes lo the Accounts l¢ontinuedl for the year endod 31$1 Augvst 2023 22. Leases Total future minim se payments under nOn-cellab1e operaling kases are as follows.. Expiring.. 2023 £'ooo 2022 £'ooo Within one year Wthin I¥ and fNe year5 73 131 195 294 204 23. Fulure capital conlIments 2023 £'ooo 2022 £'ooo Expendrtwe aulhorised and contrxted 3,876 24. Events after the end of the Peii¢)d An agreement that Beeston Hall School is to join Prep Schoo15 Trust by way of charitable merger was announced on 30 October 2023. Beeston Hall School is a co*ducational independent day and irf)arding preparatory school in Norfolk, England. This aBreement after the year end doe5 not impact the carrying value of assets or liabilities reflected on the balance sheet or require recognition of new asset5 or liabilits. Completion for this merger is due to tske pla in earty 2024.