Charity registration number 310637 Company registration number 00068471 (England and Walosl THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs T Leaver (Chairl Mrs KAAllner MIT Bunbury MrA Logan Dr F R Neale Mr S R Ni¢hols Mrs E Peikj'ns Mrs G Rogers rs S Sl¢kes Charlty numbor 310637 ompany number 00068471 Registered office Shrubbery Road High Wycombe Buckingham5hire United Kingdom HP13 6PR Auditor Azets Audi( Services Suites B & D Bumham Yaid Beaconsfield Buckinghamshire HP9 2JH 8ankeYs National Weslminslei Bank PIC Svenska Handelsbanken AB Barclays sank PIC Kgy executives Headmistress Diieclor of Finance & Operations Clerf( to thè Govemors Ms Kate Bailey M.A. (Honsl PGCE Mrs Samantha North Mrs Gundula Ackermann Website www.godstowe.org THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED CONTENTS Pay• Trustee$, r9POrt Statement of Trustees, responsibilities Independent auditorfs report 9- 11 Statement of finanaal activities 12 Balance sheet 13 Stalernenl of cash 11ows 14 Notes to the finaniaal staternent5 15-26 THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2022 The Trustees, who are a150 directors of the charity for the purposes of the Companies Act 20(￿. present their rèport and financial slalements for the year ended 31 August 2022. The financial statements have been prepared in ac¢ordan¢e with the accounting policie5 set ou( in the notes lo the financial statements and comply with the Company's governing document. the Companies Act 2006 and °Accounting and Reporting by Charities." Slalemenl of Recommended Practice applicable to charth'es preparing their accounts in accordanre with the Finanoal Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021° las amended for accounting periods comrnencing from 1 January 20191. Structurè, Governance and Management Constitution and Objects The Godstowe Preparatory School Comp8ny Limited (the 'Company'l was incorporated in 1900 as a company limited by shares, as defined by the Companies Act 20C6, is registered in England and is ￿gistered wrth the Chaiity Commission. The Cotnpany is governed by ils Articles of Association. The Company'$ objects. a5 Sel out in its Articles of Association, are to advance the education of young gills and boy5 by the provision of schooling (including nursery schocTrlingl. In pursuanee of these objects for the public benefrt. the Corrpanys sole business is the operation of Godstowe Preparatory School {Ihe 'School'}, incorpoialing a nursery, 'pre-prep' department and main school, and it has Èstablished and administers bursaries, s¢holaiship5 and other benefactions and acts as trustee and manager tsf property and gifts given in pursuance of these object5. The Trustees have paid due regard to guidan¢e issued by the Charity Commission in deciding what activth'es the Company should undertake. School Objectlves andAetlvltles The School was estsblished in 1900 with the principal objective of providing systematic education and training for young girfs and boys so as tts prepare them for subsequent education in public or other large schtsols. Thè School operates with boarding houses and a nursery as envisaged in the original objects. The School also holds lectures, exhibitions, public m8eling5 and classes calculated lo advance ihe cause of education, v4hich is also in accordance with the objects Ot the School. The School aims to provide a firsl-class education lo girfs from age 3 to 13 and boys from age 3 to 7. It seeks lo provide a structured educational environment that develops pupils. capabilities, competÈn¢es and ski115 and gives thém the ¢onfidence lo go on lo senior schools and succeed. The School promotès thè academic. moral and physical development of f(s pupils through the academic curriculum, pastoral care, sport and other activities. The S¢hotsl piovide5 an educational environment where each student can develop and fulfil their polenlial. building their sell-wnfidence and instilling a desire lo contribute to the wider community. The School is committed to safeguarding and promoting thè wèlfarè of pupils and expects all staff and volunteers lo share this commitment. Appropriate policies and pl(￿edureS are in pla￿ lo suppori this airn and all actsvities acr055 the School are judged against this objeclThie. Mlsslon Ststemenl The School's mission is to provide the necessary education and training to enable pupils to bè ctsnfidenl. happy and successful with a love of leaining. in an environment where they feel valued as they are prepared for the demands of the modem world. In doing so, the School aims to promote the bèst opportunities foi pupils by pioviding 8 challenging curriculum and a wide range of extra-curricular activities, together with a 51imulaling and enjoyable boarding experience. THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Governing 80dy The Board of Governors, or'council,, is responsiblè for the overall management and control of the Gornpany and the School. All rnembers of Council are Trustees of the Charity, Directors of the Company and Governors of the School. Counal meets al least three times per year. Gurienlly Council has a General Purposes sub-commillee which also meets three time5 a year and reports to CouncAI. The purpose of this commrttee is lo oversee all financial aspects of the School. working alongside the Director of Finance & Operations to en5￿￿ the Sehool's short lerrn and long-term viability. Furthei sub-committees are established when considered appropriate. ftsr exarnple, an E5tales committee to consider investment proposals in all their details. from finanaal through he8llh and safety to logistic5 and 8 Revenue and Remuner81ion Committee to provide recommèndations to Council on the annual rewew of staff iernuneralion and School fees. The Trustees. who are also the directors of the Company for the p(Jrp0s6s of company law. and who seNed during the year and up to the date ol signature of the finanaal statements wtrre.. Mrs T Leaver Ichairl Mrs KAAllner Mr T Bunbury MrA Logan Dr F R Ne8le Mr S R Nicholls Mrs E Perkin5 Mrs LA Poore Mrs G Rogers Mrs S Stokes Mr A Wilkinson Mr5 S Young {appointed 15 March 20221 {resigned 6 Septernber 20211 (appointed 23 November 20211 Iresigned 14 June 20221 {re51gned 7 February 20221 None of the Trustees has any benefiual interes( in the Cornpany. All of the Trustees are mèmbers of the Cornpany and guarantee to contribute £1 in the event of a winding up. Organisational Managemènt The day-to-day rnanagemènt of the School is delegatèd to the Headmistre55, who is supported by the Director ol Finants & Operations and other members of the senior management team. The Headmistress. the Director of Finan￿ & Operations and the Clerk to the Governors attend Council and General Purposes Su￿committee meetings and members of the senior management team attend other sU￿¢0mmIttee meettngs as appropriate. In Augvsl 2022. Sophie Green retiied 8$ Headmistress. The Governors are exiremely grateful for hèr dèdication and commitrnenl to the School over the last five years. Under her leadership the School has continued to thrive and her guidanoe of the staff and pupils through the significant challenges resulting from the pandemic was exemplary. The Governors wtsuld like to thank her for all she has done for the School. Thè Governors were delighted to appoint Ms Kate Bailey as the new Headmistress and are confident that She will uphold the values of the School and ensure that rt continues lo deliveT a firsl-cla55 education for Ihe pupils. Recniitment and Trnlnlng of Governors Governors are appointed by agreement at a full Council meeting. Surtable candidates for new governors are identified by existing Governors or key executives of the School followed by a formal recruitment proce$5. Wlth a recommendation presentèd lo Council. New Governois are introduced lo the workings ol the School through an induction programme. The Counal has periodic training ()[￿8¢e events. THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2022 Employment Policy The Company is an èqual opportunities employer. Full and fair consideration is given to job applications from disabled persons and due con51deralion Is given to their training and ernployment needs. Consultation with employees has ¢onlinued al all levels with the aim of taking the views of employees into account when decisions arè madè Ih8t ale likely lo affect their interests. Employees are made awarè of tho finanual and economic perfomance of the Company. Public Benefit In setting objectives and planning, th8 Govèmors give carefitl ¢onsider*ion lo the Charity Commission, guidance on public benefit. The Company is a charity which seeks lo bènèfit the public through the pursuit of its slated aims. Fees are set at a level to ensure the financial viability of the School and al a level that is consislent with Counal's aim of providing a first-class education for Ihtr S¢hool'$ pupils. In setting the fees the Govemors take into account future plans for the School, th6 cuirenl economic dimale and the ability of parents lo meet their finanaal commitments. The School welcome$ pupils from all badtgrounds. The School is non-selects've but aims lo ensure Ihal pupils can cope with thè pa¢e of leaming and thus benerrt from the education provided. An individual's èconomic status, ethnicity. race, ieligion or disability does not form part of the School's assessment process. The Govemors are committed lo their policy, with regard to allowing those who cannot afford the curtenl fees. lo gain access to the fiisl-class education provided by the School. Council is determined not lo dilLrte the quality of the edU￿tIon currently provided while still offering assisted places in defined circumstanees. With this in mind, Council h85 put in place the provision ol means tested bursaries (assisted places) for able children frorn families who ale less well-off, and the bursaries granted in the curr6nt yaar wero worth £181,483 12021.. £139.4601. Further bursaries will be awarded for the academic year 2022123. The School does not have endowrnents and in funding bursary awards Governois are mindlul that a balance must be struck be￿een fee-paying parents, many of whom make eon51der8ble personal sacrifices lo fund their children's education, and those benefiting from the awards. The Governors seek lo maximi5e the number of bursaries awarded each year whilst remaining within the constraints both of the foregoing and being able lo idenb'ty suitable benefKiaties. Social Investments The School is part ol tha wider Iwl community, and the Governors are keen that slaff and pupils participate in that community. During the year. pupils raised thousands of pounds for vaiious children's charib'es under the direction of a tharity officer. The School iegularfy meets with the local church in High Wycombe to coordinate servicès held in town and at the School. The Governors have allowed the School to be used as an examination cènlre al no Cost and the local community is allowed to use the School's facilities where appropriate. Wycombe District Swirn Club and Hamilton Academy have the use of the School's swimming pool complex when not in use by the School. The neighbourhood watch and local residents, association both use the School's premises on a regular basi5 al no charge. The School continues to c￿operate with the local fire brigade by each year allowing a fire drill to be carfied out by the fire brigade in one of the boarding housès. CouncAI is very aware that the seu2rity tsf pupils is of pnmary irnportan￿ and thus the School is a￿ayS careful fully to vet any oulside use of the School's facilitiès. THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) ICONTINUED} FOR THE YEAR ENDED 31 AUGusf 2022 Strategy The Governors are résponsible for setting a strategy lor achieving the objectives they have set. The fows of the strategy is the developrment tsf the pupils and their Continued high level of academic achievement. In taking forward the strategy. the Governors.. Rewew and benchmark the School's academ¢c syllabus. teaching practs.￿S and 8cademic results., Ensure that the range of co-curri¢ular activities available lo our pupils is stimulating and challenging., Invest in technology and the infrasliu¢ture of the School., Co-operate and share resources with local schools,. and Continue to rewew and develop methods for awarding bursarie5 and s¢holarships to ensure wider access to pupils from all backgrounds. Prlncipal Risks and Uncèrtainties and Risk Mana9•m•nt The impacl of the COVID pandemic has started lo ease but there remains economic uncertainty, both domestic 8nd internationally due lo th8 consequences of the pandemic and with additional new challenges resulting from Ihe war in Ukraine and significant increases in the cost of living. The School is sens11ive lo how this may affect our parents and seeks to provide appropriate support in these circumStan￿s, where possiblè. The Governors also continue lo monitor the economic and political situation from a widèr perspeclNe to ensure that the School responds lo challengès when they arise and that it remains financially viable. Fluctuations in pupil numkrs will always be a rnajor risk to any school. p8rttcularly when there is a change in teadership ol the School. In the circumstances. pupil numbers have held up well and there are waitir)g lists in some classes, bul the Governors and senior managemènt are aware that thi5 situation can change quickly. P8rti¢ulafly in the current econtsmic situation and therefore ctsntinue to explore new opportunities for pupil recruitment. In order to miluale the risk of reduced School ioll. the School continues lo investigate and take advantage tsf rental opportunities for thè School's faalilie5, with ¢onsFderation given lo the need to safeguard both the pupils and the School's assets. The Govemors and seni()r management constantly strive to improve performance and ts¢ilities and with our five-year rolling development plan. continuing lo plan the lu¢urÈ path of the School. Health and safety is always a significant area for risk management. The risks range from those relating 10 filè and infrastruclure lo personal risks, most notably when away from School on trips and expedilions. The risks aS50Clated with all activrties are minimised by thorough planning and risk assessments. The School has an annu81 heahh and safety audit carried out by the School's independent expert acwmpanied by a Governor responsible for reporting lo the Board on health and safety matters. Also, an annual fire risk assessment is carried out by the School's professional fire advisers. CoL*ncil keeps the School's adivilies under review and monitor5 risks that arise from lime lo fyme. The key controls include.. fomial agendas for all Counal and sub-COmTnittee meetings., comprehensive slialegic planning. budgeling and management accounting." an established organisational structure and lines of ièporting., lomal written policies., and vetting procedures for the piote¢tion of children. In addrtion, the Govèmors can establish additional sub-committee5 to de81 w*th specific risks 8s they arise. Through the risk management processes and controls established for the S¢hool. the Govemors are satisfied that all major risks identified have been adequately rnanagèd. It is recognised, however, that such pro￿sseS and controls can only provide reasonable but not absolute assurance that major risks have been adequately mitigated. THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Future Plans The main focus for the future continues to be the règulai rewew and updating of Council's 51ralegic plan lo determine the Schoofs futu￿ requirements for both edu¢allon and boarding and therefore a plan for the School estate to ensure all elements of it are fully utilised. Thè plan also covers the School'5 IT provision. The School coped well with the demands placed on its IT infrastiuctuie and ¢8pability during the COVID pandemic. particularly the delivery ol virtual schooling during periods of School full or partial closure. re5ulling in more integration ol IT on a day-to-day basis into the dassroom. Accordingly. the Governors recognise Ihe importance ol keeping the School's IT provision up-to-date and fil lor purpose, and that further investment could enhance both the qualty and progressFve naturè of the School'5 education provision in all respects. Review of A¢hlèv•monts and P•rforman¢* for th• Year The School has had another very successful yeai. Pupil numbers were 450 compared with 440 the year before, which given the uncertainly ￿ated by the economic srtualion and the changes in the School's leadership team, was very encouraging. Thèr& ar& wailing lists for a number of classes and intere51 at open days was very strong. 25 scholarships, awards and distln¢tions were offered lo pupils for their next schools and the School is again pleased to note that every pupil went to the school of their choice. Once again, the èfforts of all the staff across the School has been well received by the parents and the Governors iernain very grateful for their dedicatiori and commitment. Due to thè uncertainty created by the current economic climate and in particular the significant increases in energy Costs. Coun￿1 remained cautious when detemiining capital expenditure plans. Major projects started or complètéd during the year were the relurbishment of the kitchen and dining facilities and reS￿rf3¢1ng of the Louard netball and tennis courts. Addilionalty. the boarding houses benefited from the start ol a refurbishment plan and improvement in the facilities for the boarders. Further funds were used to improve the overall appearance of the School and signage. The wider investment plan for the futvre is being kept under review and decisions will bè made dependent on needs and the financAal strength of the School. Financial review Results for Ihe year The net income lor the year was £207,051 comparèd with £63,407 in the previous year. In the first full year sin the beginning ol the COVID pandemic unaffected by school closures. the School has recorded increased income and has been able lo reduce pandèmic-relaled ¢osls. These improvements have. however. been tempered by a very significant increase in the piice paid lor the School's energy usage. The School's cash position continued to be strong with cash generation from operation5 of £900.619 12021.. £666.5581 and year-end cash balances impromng to £2,879,01812021 £2.141.1851. This reflects the increased net income and prudent management of capital project expendrture. Thè erèation of Cash surpluses from operating actiwlies are an essential part of the long-term plans for the improvement of the School lo ensure it rernains the school of first ch0￿e in the area. A school of this age will a￿ayS require continuing Maintenan￿ (o meel the demands of modern technology and sociéty. and this represents a signifficanl element of School expenditure. THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Fundraising for the School During the year there were no formal fund-raising campaigns carried out by the School and no donation5 were received 12021.. £21,920). 'Friends of God5towe' Ithe parental charitable organisationl continues to play an invaluable role in raising funds for the School and the Governors are extrernely 3ppre¢iative of their efforts and tt)e generosty of everyone who ¢ontributes. These donations flow to the School a5 and when projects are identified and completed. New projects. and those currently in progress, are expected lo be ¢ompleted in the forthcc*ming year. Such donations allow the S¢hool to bring fO￿ard plans and complele them eadier than would otherwise have been possible or provide 'icing on the cake, items that are not considered essential bul further enhance the children's experiences. Inve$tment Pollcies The School does not have any external investments, but in line with rts poly of diveisifying financial risk Ihe School divides ts cash deposits be￿een ils principal banker5. The Gtsvemors continue lo keep this poliey under careful review. Rèsetve Levels and Poli¢y The Governors are mindful that the School does not havè Èndowments and that the current economic dimale makes the future somewhat uncertain. The running costs of the School continue lo rise. particularly this year as a result of significant increases in energy costs and the general effe¢t of cost inflation. In addition, the finanual dynamics of 115 operations make the School heavily dependent on pupil numbers and fee levels. With this in mind, the Govemors need to ensure that the level of reserves 15 adequate to maintain the running expensès of the School and to 8llow for future capital proje¢ts. At the end of the year, the School had total reseNès of £10,205,649 12021.. £9,998,598) and unrestricted resèrves of £9,500,221 12021. £9,250,6231. After adjusting lor unrestricted lunGtional fixed assets for the School's own use, there were no remaining free reserve$ 12021.. £nill. However. as a result of careful prioritisalion of caprtal expendituie this yèar the extent to which the School's unrestricted functional fixed assets exceed unrestricted reserves has been redU￿d and it remains the Intention ol the Governors to ¢ontinue to improve the free reserves position as soon as possible. 11 is. howevèr, recognised Ihat. with thè continuing uncertainty cfe8led by the current economi¢ conditions and the inciden¢è of unavoidable estate management projects, this may not be achievable in the short term. 11 is the policy of the School that its cash balances and access to additional liquidity should be maintained al 8 level equivalent to between thrèe and six month's expenditure and significant management attention is given to foreeasting and Monitoring cash levels for this purpose. Thè Governors consider that maintaining cash reserve5 al this1ov81 will ensure that. in the ev8nt of a significant drop In cash generation from operations, they will be able to continue the School's current activities while considerat￿n is given to ways in which additional funds may be raised o¥ costs reduced. This level of ¢ash reserves ha5 been maintained throughout the yèar with no requirement lo call on the School's overdraft facility with its bankers. This facility has been renewed foi the year ended 31 August 2023. THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 Auditor In accordance with the Cornpany's Artides of Assoication, a resolution proposing that Azets Audr( Services be appointed as auditor of the Company will be put at a General Meèting. Disclosure of informatlon to auditor Each ol the Trustees has confirmed that there is no information of which they are awaie which 15 relevant to the audit. bul of which the auditor is unawarè. They have further ¢onfirmed that they have taken appropriate steps to identify such relevant infom)ation and to establish that the auditor is 8ware of such infomiation. The Trustees. report, including the strategic ￿pOrt, was approved by the Board of Trustees. Mrs T Leavèr (Chairt Chair of Trustees Dated. £0 .12. 2011 THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2022 The Trustees. who are also the director5 of The Godstowe Preparatory School Company Lirniled for the purpose of company law, are iesponsible for preparing the Trustees, Report and the financial statements in accoidance wrth applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Ac¢ounting Pra¢li¢el. Company Law requiiès the Trustees lo prepare financial stalernenls for each financial ye8r which give a true and fair view of the slate of affairs of the Company and of the incoming resources and applicatson of resouicès, induding the income and expenditure, of the Company foi that year. In preparing these financial stalernenls, the Trustees are required to= select suitable accounting policies and then apply them consislenlly.. observe the methods and prinaples in the Charrties SORP,. make judgements and eslimales that a￿ reasonable and prud&nt', state whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financi81 slalements., and prepare the finanaal statements on the going concern basis unless il Is inappropriate to presumo that the Company will continue in operation. The Trustees are responsible fof keeping adequate accounting records that disclose with reasonable accuracy at any lirve the finanual position ol the Company and enable them to ensure that the fin8ncial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED Opinion We have audiled the financial statements of The Godslowe Preparatory School Company Limited Ilhè 'Company'l for the year ended 31 August 2022 which cornprise the statement of financial activities. the balan￿ sheet. the statement of cash flows and the notes to the financial staternents, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Unrted Kingdom Accounting Standards, induding Financtal Reporting Standard 102 The Financial Reporting Standanl applicèbl8 fflj thè UK and Republic of Ir&lènd (United Kt'ngdom Generally Accepted Accounling Practice). In our opinion. Ihe financial stslemenls.. give a true and fair view of the state of the Company's affairs as at 31 ALtgusl 2022 and of ils ino)ming resources and application of resourees, for the year then ended", have been properly prepared in accordance with United Kingdom Generally A￿pIed Accounting Pra¢ti<*". and have been prepared in aco)rdance wilh the requirements of the Companie5 Act 2006. Basls for opinion We conducted our audit in accordance wlh Intefn*ional Stsnd8rds on Audfting {UKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audilorfs r8spoftjsibiliti&s for thè audit of the financial statements section of our report. We are independent of the Company in accoidance with the ethieal requirernents that are relevant to our audit of the finanaal staternen15 in the UK. including thè FRC'S Ethical Slandard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We beliève that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons rnlating to golng concem In auditing the financial slalemenls, we have conduded that the Trustees, use of the going concern basis ol accounting in the preparation of the finanrjal sl8lemenls is appropriate. Based on the work we have perforrned, we have not identified any materi31 uncertaintie5 relating to events or conditions thal, individually or collectively. may cast signrficant doubt the Cornpany's abilrty lo continuè as a going concern for a period of al least twelve months from when the financial 51alemenls are aulhorised for issue. OLtr responsibilities and the responsibililies of the Trustees with respect lo going concern are describeil in the relevant sections of this report. Other inlomiation The other information comprises the information included in the annual report other than the financial $talémènts and our audilorfs report thereon. The Trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financAal statements does not cover the other information and we do not express amy fo¥m of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistenl with the finanaal ststements or our knowledge obtained in the CO￿rSe of the audit, or otherwise appears to be materially misstated. If we identify such material incon5islencies or apparent matèrial misstatèments, we are required to determine whether this gives rise to a material misstatement in the financial staternent5 themselves. If, based on the work we have performed. we condude that there is material misstalemenl of this olh8r information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters in relalitsn t(> which thè Charitiès (Accounts and Reportsl Regulations 2008 require us lo report to you if. in our opinion". the informatson given in the financial statements is inconsistent in any material respect with the Trustees, report." or SLrffiaent accounting records have not been kept,. or the financial slalements are not in agreement wlh the accounting records", or we have not ￿ceiVed am the inftsmatson and èxplanations we require our audit. THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED Responslbilities of Tru5tee$ As explained more fully in the ststement of Truslee$' responsibilities, the Trustees, who are also the directors of the Company for the purpose of company law, are re5pon$ible for Ihe preparation of the financial statemellls and for being satisfied that they give a truè and fair view, and for such inlemal control as the Trustees detemine is necessary lo enable the preparation of financial statements that arè free from material misslalement, whether due to fraud or error. In preparing the financial slalements, they are responsible for assessing the Company's ability lo continue as going concern, disdosing, as applicable, rnatters related to going Con￿rn and using the going concern basis ol accounting unless Trustees either intend to liquidate the charrtable company or to cease operations, or have no realistic allernalive but to do so. Auditorfs responsibilitie$ for thè audit of the financial ststsments Our objectives are lo obtain reasonable assurancè about whether the fin8n¢ial statements as a wholé are free from material misstatement. whether due to fraud or errtsr, and to issue an auditor's report that includes our opinion. Rèasonable assurance 15 8 high level ol assurance but is nol a guarantee that an audit conducted in 8c¢ordance with ISAS IUKI wll alway5 detecl a material misslalement when it exists. Mis5talements can arise fiorn fraud or error and are considered material if. Individually or in the aggiegate, they could reasonably be expected to inlluence the econtsmi¢ deosions of users taken on thè basis ol Ihese finanoal statements. A further description of our responsibilities 1$ available on the Finan¢ial Rèporting Council's website at.. https'.11 .frc.org.ukJaudilorsrÈsponsibilits'es. This description forms part of our audilorfs report. Extent to whlch the audit was ¢orEsidèred capable of detécting irregularities, including fraud Irregularitiés. induding Ifaud, are instances of non-complian¢e wrth laws and regulations. We design pr￿dur&S in line with our responsibilities, outlined above and on the Financial Reporting Coun￿1.5 website, to delect material misstatements In respect of irregularities. In¢luding fraud. We obtain and update our understanding tsf thè entity, ils a¢livilies. its control environment, and likely future developments. including in rèlation to the legal and iegulatory framework applicable and how the entty Is complying th that framework. Based on this understanding, we identify and assess the risks of malerial misstatement of the finallcial stalements. whether due to fraud or eiror. design and perform audit procedures responsive lo those risks, and obtain audit evidence that 15 suffiaent and appropriate to provide a b8$1$ lor our opinion. This includes consideration ol the risk of acts by the entity that were contrary to applicable laws and règulations, including fiaud. In response lo thè risk of irregularities and non-compliance with laws and Tegulations. induding fraud, we designed procedures which included.. Enquiry of management and those charged with governance around actual and potential litigation and claims as well as a¢tual, suspected and alleged fraud., Reviewing rninule5 Of mèètings of those charged with governance., Assessing the extent of compliance with the laws and regulations considered to have a dired material effect on the financial stslements or the operations tsf the ents'ty through enquiry and inspection.. Reviewing financial statement disclosures and lesling to supporting documentation to assess compliance wrth applicable laws and regulations., Perfotrning 3kJdit work over the ri$k of management bias and override of controls, including lesling of journal entrie5 and other adjustments Iof appropriateness, evaluating the business rationale of significant transactions outside the nomial couise of business and reviewing accounting e51imales for indicators ol potential bias_ Because of the inherent limitab"on$ of an audil, there is a risk thal we will not delect all irregularities. including those leading to a material rnisslalement in the financial statements or non-compliance with regulation. This risk increases the more that complianoe with a law or regulation Is removed frorn the events and transactions reflectèd in the finan¢i81 statements, as we will b& less likely to becofflè aware of instan￿S of non-eompliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as Iraud may involve collusion. ftsrgery, intentional omissions. misiepresenlalions, or the override of internal ¢ontrol. 10- THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED Use of OUT report This r8port is madè solely to thè Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those malleTS we are requi￿￿ to slate lo them in an auditor's report and lor no other purpose. To the fullest extent permitted by law, we do not a￿ept 01 assume responsibility to anyone other than the Company and the Companys mernbers as a body. for our audit woik. for Ihi5 report. or for the opinions we have formed. Christopher Nisbet BAIHonsl FCA Isenior Statutory Auditor> for and on bèhalf of Azèts Audit Services 20.12.2022 Chartered Ac¢ountants Statutory Auditor Suites 8 & 0 Bumham Yard Beaconsfield Bucks HP9 2JH THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2022 Unrèstricted Restricted funds fvnds 2022 2022 Totsl Unrestricted R•strlctsd funds funds 2021 2021 Total 2022 2021 Notes Income and endowments from: Donations and legacies Charitable activities Investments Other income 920 6,900,186 634 49,301 21,000 21,920 6,900.186 634 49,301 7,8SO.422 2,245 7,850,422 2,245 Totsl in¢oma 7,852,667 7,852,667 6,951,041 21,000 6,972,041 Ex nditure on: Charitable activities 7,603.069 42,547 7,645.616 6,881,584 27,050 6.908,634 Net incomellexpendituro) for the yearl Net movement in funds 249,598 142.5471 207.051 69,457 16.050) 63,407 Fund balances at 1 September 2021 9,250,623 747.975 9,998,598 9.181.166 754,025 9.935,191 Fund b8lan¢ès at 31 August 2022 9,SQO.221 705,428 10,205,649 9,250,623 747,975 9,998,598 The statement of financial activities includes all gains and losse5 recogni$ed in the year. All income and expendilufe derive from continuing 8ctThirties. The sl*emènt of financial activities also complies with the requirements for an income and èxpenditure account under the Companies Acl 2006. 12- THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED BALANCE SHEET AS AT31 AUGUST2022 2022 2021 Nots¥ Fixed assets Tangible assets Investments 10 11 10,556,392 10.683,933 10.556.396 10,683.937 Current assets Debtors Cash at bank and in hand 12 1,836,029 2,879,018 1,785,900 2,141,185 4,715,047 3.927,085 Crèdltoys: amounts tslling due within on• yèar 14 {3,546,0281 13,475,603) Nel Current assets 1,189,019 451,482 Total assets less current liabllitles 11.725.415 11,735,419 Creditors: amounts falllng duè aftèr more than one year 15 11.519,7661 11,136,821) Net assets 10,205,649 9,998,598 Income funds Restricted funds Unrestricted funds 705,428 9.500.221 747,975 9,250,623 10,205,649 9,998,598 0.12. 201I The financial statements were approved by the Trustees on .......-................. Mrs T Lèaver Ichairl Trustee Company Règlstration No. 00068471 13- THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Notes Cash flows from opèratlng activities Cash generaleil from operalions 19 900,619 666,558 Inv•sting activities Purchase of tangible fixed assets Investment inctsm8 received 1173,2511 2,245 1302,1111 634 Net ¢ash usèd In Investing activiti¢$ 1171,OCfl 1301,4771 Financing activitiès Repayment of bank and other loan5 Increase in deposits 171.3441 79,584 143.9911 36,875 Net cash generatèd fromllused in) flnancing activities 8.220 17.1161 Net inerèase In cash and cash •qulvalènts 737,833 357,965 Cash and cash equivalents at beginning of year 2,141,185 1,783,220 Cash and cash equivalents at ènd of year 2,879,018 2,141,185 14- THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf2022 A¢¢gunting policies Company inf0m￿tion The Godslowe Prepar*ory S¢hool Company Limiled is a private company limited by shares incorporated in England and Wales. The registered offi¢è is Shrubbery Road, High Wycombe, Buckinghamshire, HP13 6PR, United Kingdom. 1.1 Accounting convention The financial slalements have been prepared in accordance with the Company's goveming document, the Companies Act 2006 and 'Ac¢ounting and Repotbng by Charities-. Statement of Recommended Practice pplicable to charilies preparing their a¢¢ounls in aecordance with the Finanaal Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021" las amènded for accounting periods commencing from 1 January 20191. The Company is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in slerfing, which is Ihe fvnclional currency of the Cornpany. Monet8ry amounts in these financial statements are rounded to the nearest £. The finanual $18tements have been prepared under the histoiical cost convention wrth the exception of inve51tnenls which are induded al market value. The principal accounting policies adopted are set out below. 1.2 Going concern Al the time of approving the financial statements, the Trustees have a reasonable expectation that the Company has adequatè resourees to continue in operational existence for the foreseeable fvture. Thus the Tiuslees ¢onlinue lo adopt th& going concem basis of accounting in preparing the finanaal stalemenls. 1J Charitable funds Unrestricted funds are available foi use * the discretion of the Trustees in furtherance of their charitable objecb'ves. Reslricled funds are subjecl to specthc conditions by donors as to how they may be used. The purposes and uses of the reslricled funds are sel out in the notes to the financial statements. 1A Income Income is recognised when the Company is legally entrtled lo il after any performan¢e ¢ondrtions have been rnet, the amounls can be measured Teliably. and rt is probable that income wlll be received. Cash donations are recognised on receipt. Other donations a￿ recognised once the Company has been notified of the donation. unless perftsrmance ¢ondilions require deferral of the amount. Income tax recoverable in relation lo donation5 received undèr Gift Aid or deeds of covenant is recognised at the time of the donation. Legacie5 are recognised on receipt or otherwise il the Company has beèn notrfied of an impending dislribulion. the amount is known. and receipt is expected. If the 8mounl is not known, the legacy is treated as a conlingenl a55el. 1.5 Expenditure Liabilities are recognised as expendrture as soon as there is a tegal or conslruth've obligation comrnitting the Company to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been elassified under headings that aggregate all cost related to the category. 15 THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGusf2022 Accounting poll¢lg$ IContinuÈdl 1.6 Tangible fixed assets Tangible fixed a55els ar$ initially measured at cost and subsequently measured at cost. net of depre¢i8tion and any impairmenl1055es. Depreciation is provided on all fixed assets other than freehold land and is recognisèd so as to write off the cost of the fixed assets less Iheii rèsidLtal vaSues on a slrai9hl line basis using the following estimated useful economie lives.. Freehold buildings Fixtures and fitlings Motor vehicles 50 years 5- 20 years 5 years The gain or loss aiising on the disposal of an asset is deterrnined as the difference between the Sale proceeds and the carrying value of the asset, and is recognised in the slalemenl of financial activities. 1.7 Fixed asset investments Fixed asset invèstments are initially measured at transacts'on price ex¢luding transaction costs. and are subsequently measurèd at fair value at each reporting date. Changes in fair value are recognised in net incomelexpendiluie for the year. Transaction costs are expensed as incurred. 1.8 Impairnient of fixed assets Al each repoitng end dale, the Cornpany reviews the carrying amounts of ils tangible assets to determine whether there is any indicalion that those assets have suffered an trnpaiment loss. If any such Indication exists, the recovèrable amount of the asset is estimated in order lo determine Ihe extent of the imp8imi8nt loss lif anyl. 1.9 Cash and cash èquivalents Cash and cash equivalen15 inclurle cash in hand, deposits held at eall with banks, other short-lemi liquid inveslrnents with original malurilies of thfee months or less, and bank overdrafts. Bank overdraft$ are shown within boriowings in current liabilities_ 1.10 Financial instruments The Company has elecled lo apply the provisions of Section 11 'Basic Financial Instrumen15' and Section 12 'Other Financi81 Instruments Issues, of FRS 102 to all of its financjal instruments. Financial instruments are iecognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Finan¢ial assets and liabilities are offset, wilh the net amounts presented in the financial statèments. when there 1$ alégally enforceable right lo set off the recognised amounts and there is an intention to settle on a nel basi5 or Its ￿aliSe the asset and settle the liabilty simultaneously. Baslc financial assets Basic finan(￿al assèts, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective intere51 method unless the arrangement constitLJtes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rale of interest. Financial assets ¢lassified as receivable within one year are not amortised. 16 THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2022 Accounting policies IContlnu•d) Basic linancial liabilili•s Basic financial liabilitie5. iT)cluding creditors and bank108ns ale initially rècognisèd at transaction price unless the arrangernent constitutes a financing transaction, where the debt instrument is measured at the p￿sent value of the future payments discounted al a market rale of interest. Financi81 liabilities da$$ified as payable within one year a￿ not amortised. Debt instruments are subsequently carried at amortised cost, L151ng the effective interest rate method. Trade creditors are obligations to pay for goods or seN￿S that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilitie5 if payrnenl is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest meihod. Dereco9nition of fin3ncffal liabilities Financial liabil￿eS are derecognised when the Companys conlradual obligations expire or are discharged or caneelled. 1.11 Employee bènefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Temiination benefits are recognised immediately as an expense when the Company is demonstrably ctsmmitted to terminate the employment ol an employee or to provide termination benefiis. 1.12 Retirement benèfits Payments to defined contribution retirement benefit schernes are charged as an expense as they 1811 due. The Company also contributes to the Teachers. Pension Scherne al rates sel by the S¢hemÈ A¢tuary and a(tvi$èd to the Company by the Scheme Administrator. The scheme is a mulli-employer pen510n Scheme. and il is not possible to identify the assets and liabilities of the scheme which are attributable lo the Company. In accordance with FRS 102 therefore, the scheme is accounted for a5 a defined contribution scheme. Critl¢al a¢¢ountlng •stlmatss and judgèmènts In the application of the Company's accounting policies, the Tnjslees a￿ requireil lo m8ke ludgemenls, estimates and assumptions about the carrying amount ol assets and liabilibes that are not readity apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results rnay differ from these estimates. The estimates and undedying assumptions ale revsewed on an ongoing basis. Rewsions to accounting eslimales are recognised in Ihe period in which the estimate is revised where the revision affect5 only that péiiod, or in the period of the revision and futLsre periods where the revision affects both Current and future peiiods. Donations and legacies Unrestricted Restricted U￿￿tricted Restricted funds funds funds funds 2022 2022 2021 2021 Totsl 2021 Donations and gifts 920 21.000 21.920 17 THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2022 Charitable a¢tivitiè$ Charitablt Income 2022 Charitable Income 2021 Fees receivable from tuition and boarding Charitable rental income 7,77S,581 74,841 6.846,378 53,808 7,850,422 6.900,186 Investments UnreBtri¢ted Unrestricted funds funds 2022 2021 Deposit account interest 2,245 634 Other income Unre$tri¢tsd Unrestricted lunds funds 2022 2021 Job retention scheme 49.301 18- THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Charitable activities Charitable Charitable Expenditure Expenditure 2022 2021 Wages and salaries Teaching costs Support sèrvice costs Management and admin costs Depreciation and impairment Bank charges and interest Bad debts 4.691,051 330,877 1.548.303 334,849 674,055 29.863 36,618 4,675,555 199,322 1,090.147 247,248 626,567 37.794 32.001 7.645.616 6,908.634 Analysis by fund Unrestricted funds Restricted funds 7,603,069 42.547 6,881,584 27.050 7,645,616 6,908,634 19- THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Employees Number of employees The average monlhly number of employees during the year was". 2022 Number 2021 Number Teachers- Full lime Teachers - Part time Admin- Full time Admin- Part lime 39 11 41 13 44 28 28 122 126 Employment ¢o$ts 2022 2021 Wages and salaries Social security costs Othèr pension costs 3,720,748 373.257 597,046 3,710.498 363,835 601.222 4,691,051 4,675,555 The number of èmployees whose annual remuneration, exduding soual security and pension conlributsons, was £60.000 or mwe were.. 2022 Numbér 2021 Number £60.000- £70,000 £70.001 - £80,000 £110,001- £120.000 £120,001- £130.000 £130.001- £140,000 Trustees. remuneration and benefits During the year Mr S Nicholls received remuneration tolalling £23,062 {2021.' £nill. The amounts paid lo Mr Nicholls relate to the provision of financial management servicès to the School in an exècutive capacity for part of the period during the year in which the position of Director of Finance & Opeialions was vacant. During this period. as agreed with the ChaTilies Commission, appropriate measures were taken to ensure that no conflict ol interest arose in relation to Mr Nicholls's position as a Trustee. No other Trustees received remuneration or other benefits paid for by the Company for ihe year ended 31 August 2022 nor for the year ended 31 August 2021. During the year, a total of £12.757 12021.. £nill of travel and subsistence expenses were reimbursed by the Cornpany lo fv40 Trustees. -20- THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 10 Tanglblè fix•d assets Fre8hold Flxlures and Motor vehlcles bulldlngs flttlngs Totsl Cost At 1 September 2021 Additions 12,694.920 4,060,237 202,131 344,383 30,711 16.785.868 546,514 At 31 August 2022 12,897.051 4,404,620 30,711 17.332,382 Depreclatlon and Impalmient At 1 Septembei 2021 Depreciation charged in the year 3,971,969 2,099,255 383,875 290,180 30,711 6,101,935 674,055 Al 31 August 2022 4,355,844 2,389,435 30,711 6,775,990 Carying amount At 31 August 2022 8,541,207 2,015,185 10,558,392 At 31 August 2021 8,722.951 1,960,982 10,683,933 At the beginning of thè yèar. the Company Éntered Into a contract with its caterers for the provision of catering serwces foi a teitn tsf seven years. As part of this agreèment, the caterers assisted in the refurbishment of the School's kitchen and dining fa￿lItES by funding a p1tsptsrt￿0rn of the refijrbishment cost and prowding a loan on favourable lertns for the iemainder. Undei the lertns of the agreement, the benefit of the funding accrues evenly over the tetrn of the contract and thè loan is iepayable over the same period. The cost of the iefurbishment has been capitalised and is be￿n9 depreciatèd over its èstimated useful life in accordan￿ with the Company's depreciation policy. Al the end of the year, thè outstanding balance of the loan and the unarnortised amount of the funding benefit are included undei Bank and other loans and Defer￿d income respectively, within creditor5. 11 Flxed asset Invesknents Oth•r inv•stmènts Cost or Valuatlon At 1 September 2021 & 31 August 2022 Carrying amount At 31 Augus12022 At 31 August 2021 Fixed asset investments at the balance sheet date comprise the enhre ordinary share capital of the Company's fv40 dormant subsidiaries, High ￿COrnbe Music Activities Limited and Godslowe Developrnents Limited. 21 THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2022 12 Debtors 2022 2021 Amounts falling du¢ wjthln one year.. Trade debtors Othèr debtors Prèpayments and acctued income 1.669,352 8,186 158,491 1,609,799 45,815 130,286 1,836,029 1.785,900 13 Loan$ and deposlts 2022 2021 Bank and other loan5- due in 1 year Bank and other loans- 1-2 years Bank and other loans- 2-5 year5 Bank and other loans- over 5 years 68.158 69.016 212.374 629,140 44.940 45.673 141,542 638.418 978.688 870,573 Deposits- due in 1 y83r Deposits- 1-2 years Deposrts- 2-5 years Deposrts- over 5 years 50.486 121,736 200,244 148,825 130,539 39,743 1 $5,951 115,494 521,291 441.727 Bank and other loans Deposrts 978,688 521,291 870.573 441.727 1.499.979 1.312,300 Payable within one yèar Payable 8fter one year 118.644 1.381,335 175,479 1,136,821 1,499,979 1,312,300 22- THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 13 Loans and deposits IContlnu•dl Secured debts On 8 August 2018, the Cornp8ny entered into a 20 yeaf term loan with National Westminster Bank PIC which is secured by a charge on certain freehold land and buildings. Al 31 August 2022. £824,868 was still outstanding on thi5 loan12021.' £870,573). On 14 September 2021, the Company entered into a £1 million overdraft farility with National Westminstèr Bank Plc, initially for the period ended 31 August 2022. Prior to the end of the current reporting period, thè facility was extended to cover the period to 31 August 2023. The facility is secured by a charge over certain of the Company's freèhold land and buildings. 14 Creditors.. amounts falling due within one year 2022 2021 Ntste$ Trade (yeditors Bank and other loans Other laxalion and soaal sècunty Fees received in advance Deposits Other creditr)rs Accruals Oeferred income 91.798 68,158 95,080 370,147 50,486 128.911 84,367 2,657,081 167.818 44,940 92.767 313,OJS 130,539 81.105 147,13(1 2,498,299 13 13 3,546,028 3,475,603 Deferred income represents invoices issued before the year &nd for school lees in the following year and the namortised funding benerrt arising from the Cornpanls Catering contract whith will be amortised within one year (see Note 101. 16 Credltors: amounts falling due after more than one year 2022 2021 Notes Bank and other loans Defèrred income Deposrts 13 910,530 138.432 470,805 825,633 13 311,188 1.519.767 1,136.821 Defèrréd income represents the unamortised fvnding benefit arising from the Company's ￿tering ￿ntract which will be amortised after more than one year one year (see Note 101. 23- THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2022 16 Analysis of net assets bèt￿•￿ funds Unrestricted Restricted Funds Funds 2022 2022 Total Totsl 2022 2021 FurKI balances at 31 August 2022 are Tepiesented by.. Tangible assets Investments Net current as5els Long term liabilits'es 9,856,467 699,925 10,556,392 10,683,933 1,163,516 11,519.7661 5,503 1,169.019 451.482 {1.519.7661 11,136,821> 9,500,221 705.428 10,205,649 9,998.598 Restricted Funds rèpresent donations received for specific tangible fixed assets less accurnulalfyd depreciation in resped of those fixed assets. together with unexpended donations received for specific fuluie capital and non-capital expenditure. 17 Related party transactions In addition lo transactions with the trustees disclosed in note 9 the following related party transactions occurred during the year. During the year ended 31 August 2022. the following payments werè made for Services piovided to the Company.. £nil12021.. £1,105) to Mr D Ellis, 50n of Ms L Ellis, previous Finance Director £nil12021.. £7951 lo Mr J Stobbs, son of M$ S Green, previou5 Headmistiess £1,05012021'. 58811() Mr T Nicholls, son of Mr S Nicholls, Trustee £22012021.'£nill lo Mr H North, son of Mrs S North. Director of Finance & Operations AIS these transactions were approved by the Trustees and weie conducted at market r8les. Remunerotion of key management personn81 The remuneration of key manageTnent personnel is as follows. 2022 2021 Aggregate compensation 512,952 584.794 18 Opernting lease commitments At the reporting end date the Company had outstanding commitments for future minirnum lease payments under non-cancellable operating leases. which tsll due as follows.. 2022 2021 Within one year Belween two and five years 19,211 25,685 27,027 49,902 44,896 76.929 24- THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 19 Cash generated from operation$ 2022 2021 Surplus for the year 207,051 63,407 Adjustments for.. Investment income iecognis6d in statement of financial activities Other income Depreaation and impaim7enl of tsngible fixed assets 12,2451 127.6861 674.055 1634} 626,567 MovÈm6nts in working capital.. Ilncreasel in debtors Increase in ciedilors 150,1291 11,614,186) 99,573 1,591,404 Cash generated from operation$ 900.619 666,558 20 Analysls of changes in net debt At i September 202t Cash Ilo Non