PRIOFI'S FIELD GODALMING SURREY THE PRIOR'S FIELD SCHOOL TRUST LIMITED REPORTS AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Prior's Fidd khool Piiorsfield RI￿(￿ GoLlalming Surrey GU7 2RH 1.. 07483 810551 e. officeK￿p[iQTsfieldsChoOF.Corn w. www.priorslielLlschoDI com Ro9F$1èrÈd in Ènglono ond Woles os o C¢mpuD¥ LrnTriltd b¥ No66770D Prla¢'s Fie10 S(boDI Tivsl Ll4 ke9i519fod Chtsrrtw Wo St2D38 THE PRIOR'S FIELD SCHOOL TRUST LIMITED REPORTS AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 CONTENTS Pag• Govemors, Senior Staff and Advisors Report ol the Governors ond Strategic Report Independent Auditors. report 12 Consolidoled Slotement of Finoncial Aclivilies Bolonce 5heels Consolidoled Slalemenl ol Cosh Flows and Notes Note5 to the Financial Slalements 19 THE PRIOR'S FIELD SCHOOL TRUST LIMITED GOVERNORS, DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 JULY 2021 GOVERNORS, DIRECTORS AND CHARITY TRUSTEES The Governors of The Prior's Field School Trust Limited I'the Chority'l are Ihe School's charity trv5tees under charity law and the director5 of the choriloble company. The members of the Governing Body who Served during the yeor are detoiW below. T A Cook MA {Oxon) MCIPR r R Dlcketts BS¢ hoir to 4 Febrvory 2021 r J M Evans Bsc MRICS Sss P J Evons r E Hlckmott r R Hughes FCMA rA J Gough Bsc VED, Bsc Hons MA S James r J J Jens•n-Hvmphr•￿ FCA etiied 18 Morch 2021 rs J Leggett Retired 31 Jul 2021 r A McLeon BSC (Honsl From 26 November 2020 rs A McNomora FRSA SFHEA rom 26 November 2020 Retired 31 Jul 2021 TS H E Morrf5 Dlp Bldg Cons MRICS A Sonderson BA MIOD FBCS CDlr CEng CITP hoir fvom S Februu 2021 r R J Sovlhey BA FCA 11 l Educotion & Welfore Committee 121 Eslol&s Committee 131 Finonce Committee 141 Governor￿& Commillee During the year the activities of Ihe Goveming Bocly were corried out through four committees. The membership ol these commiltees is shown above for eoch Govemor. THE PRIOR'S FIELD SCHOOL TRUST LIMITED SENIOR STAFF AND ADVISORS FOR THE YEAR ENDED 31 JULY 2027 SENIOR STAFF AND ADVISORS SENIOR STAFF Head Bursar Clerk Mrs T Kirnig MA PGCE Mrs H Edwardson MA (Honsl Oxon Mrs J M Reckord BA ACIS PRINCIPAL ADDRESS Prior5field Road. Godalming, Surrey GU7 2RH ADVISORS AUDITORS Hoysmocintyre LLP l O Queen Street Place London EC4R IAG BANKERS Nalwesl 8ank Guildford Commerciol office PO Box 1, 2nd Floor G3 2 Cathedrul Hill Guildford Suffey GUI 3ZR SOLICFTORS Moore Barlow LLP The Oriel Sydenhom Rood Guildlord Surrey GUI 3SR Penningtons Manches Cooper LLP Apex Plozo FO￿vry Rood Reoding Berkshire RGI IAX INSURANCE BROKERS Marsh Brokers ￿Miled Schools Division Rockwood Hov56 9- 17 Perrymount Road Hoywords Healh West Su55ex RH1630U PROJECT MANAGER AND QS Madlins LLP Novo Scolio House 70 Goldsworth Rood Woking Surr&y GU21 6LQ SCHOOL WEBSITE w.priorsfieldschool.com CONTACT EMAIL ADDRESS clerktogovemcys@priorslieldschool.com THE PRIOR'S FIELD SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS AND STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2021 The members ol the Prior's Field School Trvst Limited Goveming Body present their Annual Report and Financiol Slatemenls for the year ended 31 July 2021 under the Chorilies Acl 2011. including the Directors, and Slrotegic Reports LJfKJer the Companies Act 2W6. REFERENCE AND ADMINISTRATIVE INFORMATION The Prior's Fi&ld School Trvsl Limited is con5tiluled as o company limited by guarantee registered in Englond, No. 6677QKI ond is registered with the Ch¢￿ty Commission under Charity Number 312038. The Prior'5 Field School Foundation is a 5ubsidiory charity registered in Englar)d No 31 ￿38-1. Priors Field Enterprises Ltd is a wholly owned subsidiory registered in England, No. 3760847. Detai15 01 the Govemors. Senior Slaff and Principol Advisors during the year oro shown on poge$ 3 and 4. STRU RE GOVERNANCE AND MANAGEMENT Governlng Do¢vment The Chority is governed by its Articles of Associolion odopted by special resolution on 22 Morch 2012. Governln9 Body The Governing Body 15 self-appointing.. with one-third ol ils members required lo retire by rolalion ol each Annual General Meeting. The first appointed, or longest serving since their lost reoppoinlmenl, are the first to retire. Members retiring by rololion may offer themselves lor re- election every three yeors up to a maximum period ol tWe￿e yeors. Members who have reached the age of 70 musl be re-elected annuolly. ReCru￿Ment and Tralnlng of Governors Nominations lor new Govemors ore sought through introduclion5 from e￿$tIng Govemors, the Head or the Bursar. Particulor regard is given lo the need to maintain a ronge of skills within Ihe Goveming Body, includin9 linonce. educotion, posloral ond property expertise. PT05peclive Governors are invited lo discuss their skills ond experience with the Choir, Depuly Chair and Heod in the first instance and ore given inlormotion about the School and the role and responsibilities ol o Governor. New Govem(ys ore provided wilh induction support. including o tour of the school, discussion of key aspects of school business and developments ond lesson observations. fftrough c 'Bvcldy" syslem. existing Governors provide support and guidonce lo new Governors. Newly oppointed Govemors are encouroged lo altend exlernol conferences ond Iroining events. oncl 5eminors orgonised by the A$50ciolion of Goveming Bodies ol Independenl Schoo15 IAGBISI and other providers. Ongoing training lo oll Govemors is normally provided through workshop sessions ol Boord rneelings. Orgonlsallonul Management The member5 of the Goveming Body, 05 the chority Iruslees. ore legally responsible lor the overall manogemenl ond control ol the School. They meet as o Boord al leost three limes o year. The work of reviewing and moniloring the implemenlalion of their policies 15 carried out by lovr commillees. eoch ol which usvally meets ot least once o term. Each Governor is o member ol ot least one committee and oll Governors ore encouroged lo attend meetings ol other commillee5 lo assist in their underslonding of Ihe School's aclivitles. Membership ol the committees is shown on poge 3. The Educotion and Welfore Commillee monitors ond evaluoles the School's educolionol progrommes ond welfore policies ond procedure5-, the committee is chaired by Trocy Cook. The Estates Committee monitors ond evalijotes the upkeep and further development of the School buildings and ground5,' the committee is choired by Mark Evans. The Finance Committee scrutinises bvdget5 and copital expenditure. monitors spending. reviews monagemenl occounls and finolise5 the ovdiled finonciul slalement5 and annuol report lor opproval by the Goveming Body.. the committee is Choired by Robert Southey. The Govemonc8 Committee reviews all motters relating to the govemonce of the School including the functioning and membership of the Board ond its commiltees ond the oppoinlment ol new Govemors,. the committee is choired by Anclrew McLone. THE PRIOR'S FIELD SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS AND STRATEGIC REPORT (Conllnv•dl FOR THE YEAR ENDED 31 JULY 2021 The day lo day monogemenl ol the School i& dfylegoted to the Heod ond the 8ursor, suppcyted by the Senior Leoder5hip Team. who together ore Ihe key management personn&l. The Head and the Bursor otlend Board ond most committee meetings. Employment and Remuneratlon The Board sets the remvnerolion of key management personnel, with the objeclNe of ￿0vidIng appropriate incentives lo encourage enhanced perfomance and of rewording them loirly for their individual contributions lo the success ol the School. The appropriateness ond relevonce of the remurnerotion policy for all slatt is reviewed onnually. including reference to benchmarking inlormotion, to ensure that the School remain5 sensitive lo the broader issue5 01 pay ond employment conditions elsewhere. Delivery of the School's choritoble vision and purpose is primarily dependent on the key monogemenl personnel," the largest element of choriloble expenditure 15 Staff costs. The School is ocliyely comrnitted to ensuring equolily ol opportunity Ihrough the creotion ol on environmenl in which individua15 are Irealed on the basi5 of their relevant merils ond obilities and where oll members feel respected. Consullalion with employees al oll levels ensvres thal the views ol employees ore taken into account when decisions are made thot ore likely to affect their interests. All 5toff are briefed al the beginrTring of each term. with shorter tKiefing 5essior)s held once o week. The Senior Leadership Team meets regularly lo discuss progress on the achievement ol Strategic plons and there ore 0150 regulor meetings ol Heods of Deportment, where leaching ond learning strategies ore discussed. The Govemus brief sloff on o regular basis, covering topics of whole school interest. The Head is o member ol the Gids, Schools Association ond the school is on occrediled rrember ol the Independent Schoo15 Council. Cluster group meetings are orranged ot oll levels providing mony opportunitie5 lor staff development. S OBJECTIVES AND ACTIVITIES Charllable ObJects The principal chariloble object ￿ to promote education in Englond and through the development of Prior's f ield School. Alm To provide on excellent all-round secondory educoti)n thol brings out the best in each girl accorcling lo her obililie5, talents and inleresls. Mlsslon Statement Prior's Field pupils are inspired by on ombilious, loilored edvcalion which encovroges them lo think for themselves and er)ables them lo reoSise their potential. Their individuolily 15 encouraged and celebrated and the School's culture ol proise and encourogement ensure5 that pupils ore fulfilled and confident enough to know ond be theMse￿e$. Through o wide range ol opportunities new inleresls. passions ond tolent5 are discovered and nurtured= eoch girl is supported in reolising her own polenliol. Pupils leave Prior's Field as well bolonced, enterprising young wornen of integrity, lully prepored for the next stage in life and reody to make a valuable conlribulion. More specifically, the principal activity ol the School has been ond continue5 to be to provide education lo 413 pupiLs12020'. 4251 of whom 4212020.. 681 were boordws. Prlmary Obleclfves for 2020121 The school's key Iocv5 lor the year was lo novvJale our woy ltrwough the challenges presented by the Coronovirus pandemic including.. Continuing lo look afper pupil oncl staff wellbeing. ensuring the school supports them during this chollenging period. Priorilising communicotion wilh pupils. parents, stoll and other members ol the school community regording the School's response to the pandemic Further cleveloping teaching and learning to respond lo the dynamic circvmstonce5, ensuring we t*ovide high quolily remote ond hyiyid teaching. THE PRIOR'S FIELD SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS AND STRATEGIC REPORT Iconllnued) FOR THE YEAR ENDED 31 JULY 2021 Adlons to achleve th• prfmary oblecttves lor 2020121 Regular wellbeing Surveys were carried out ond the findings were vsed lo ensure that appropriate support was given. Tulors ar)d boording staff maintained regular contact with pupi15. porent5 and guordians. Line-managers kept close contact with slaff including those on furtough. The school op6ned for'keywotkerf and vulnerable children. including some boarders, whli 51 forced lo close for olherg. The school followed all necessary oncl recommended meosures lo ensure that oll sloll and pupils were as protected os possible from the Coronavirus.. this included setting up o Loleral Flow leslin9 focility. Communications were regular. frequenl and comprehernsive. On-line ond hybrid leorning was of on extremely high slandard and feedbock from parents ancl pupils wos good. The remote ond hybrid teaching ensured Ihot olmosl all stvdenls mode excellent progress including those taking public examinotions. Publlc Benefft Acllvllles The Govemors hove complied with the duly in Section 17 of the Chorities Act 2011 lo have due regord to the Charity Commission's general gvidonce on public benefit. The School is committed to ensuring thot il is meeting ils moin aim ancl its choritoble objectwe. The School's aims for the ublic benefit are.. To fecognise the need to respond to the chollenge ol change by giving all members of its community the opportunity lo clevelop. by continual irrprovemenl of ils focilrfries and by loslering links with the wider comrnunily. To oplimi5e ils resouices and recognise its responsibilities for odminislering its choritoble funcls efficiently ond for the benefit ol Ihe School ond the wider community. The Board of Govemors is commilled to widening access lo the School ond welcorres pupils from all backgrovnds,. economic status is no barrier to joining Ihe School. Each pupil to whom support is offered must, in the opinion ol the Heod. be likely lo make sound ocademic progress following admission, possess Ihe potenliol to develop the quality of her WO￿ ond benefit from parlicipolion in the wider, co-curriculoraclivitie5 on offer ot the School. In normal circumslonces. each opplicant should meet the Schools normol ocademic entry reouiremenls. There are severol cla5%1icotions ol bursaries. bul oll are meons-tesled in accordonce with on estoblished policy. In the yeor lo 31 July 2021 tolol fee discounts omounled lo £968.461 13)20.' 809,8291 ol which £410,030 12020.. £343.0161 wos aworded as mean5-lested bursaries to 38 berneficiorie$12020.' 491-, and of these, 1412020: 201 sludents were granted bvr5aries in excess of )%. Many more opplieations are received than the School can reasonably support. The School works c105ely with o number ol other partnercharilies that help identity pupils who coul benefit subslonlively from the education and postorol support that Ihe School con provide. 3 pupils 12020.. 41 receive signif￿an1 contributions loword5 Iheir lee5 from these exlemol granl-moking bodies which in some coses, resulled in full remI￿on of their tuilK)n lees. The School has continued ils portnership with Tin90 finga School near Arusha. Tonzonio. Ting0 ringo's V￿lon. which 15 to focus on the eclucalion of girts ond to chonge community atlilLJdes towords the importance of education, 15 Strongly endorgea by the Prior's Field community. An important port of our portnership is helping to improve the conditions lor children allending finga Inga, and our current focus 15 to provide two new classrooms for the School. This follows on from the fundroising completed last yeor, when we raised £2,807 to benefit Tingo finga. This year we have roisecl a tolol of £10,200 towards the new classrooms fund. Prior's Yield normally actively supports the locol community, locol chorilies and ossocialions by moking ils locililies avoiloble al less Ihan cost price or free to a variety ol different clubs ond organisalions. Tris was obviously a chollenge clvring 2020121. Developing o sense ol philonthropy has been ot the heart ol Prior's Field since the school opened and continued lo be importonl whilst we were on lockclown. We conlinued lo actively look ot ways we could support and develop links with charities oncl the locol communily. encouroging our girls lo lake the iniliotive in leading lundroising event5, making o positive difference. de5Plte the global ponclemic ond the uncertointy in Ihe wortd. We were. therefore. oble lo continue lo strengthen our close links with local mointained schools. THE PRIOR'S FIELD SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS AND STRATEGIC REPORT (Contlnu•d} FOR THE YEAR ENDED 31 JULY 2021 Some specific exomples of the School's outreach progromme in this very difficult year. dominoted by COVIt>19 conceorns, are.. Prior'5 Field girls hove continued lo foster our link with members ol o locol church Primetime group ond also Robertson Nursing Home. During the year, our Droma ond Music department produced video performances in lieu of live evenls ond we were oble to shore these with Primelime and Robertson's. Boarding pupils olso sent o c(Yd ond pictures lo Prirnelime with descriptions of their lockdown activities and reloted photogrophs. When pupils returned lo school in person in the SummerTerm, severol rrembers of the Sixth Form wenl lo work ol Robertson's os port of their Duke ol Edinburgh Aword. We donated items lincluding hockey sticks, lablel slylus, and books to local stole schools.) We were also pleased lo loon tr equipment lo a slate school with insufficient device5 10 enable their teachers eosily to work from home. Teaching slall shared res￿r¢&$ and knowledge with a lorge number of other schools during lockdown. Teachers were olso philanthropic in their own right, offerring tutor services lor free lo pupils ol other schools struggling wilh lockdown. recording performonces lo be shown al a care home ord being w)lerviewed by o Reception class during their 'hero' week Prior's Field Scouts group. which lounched in September 2019, continues to flourish and provide5 girfs with the opportunity lo volunteer and learn new skills. STRATEGIC REP ACHIEVEMENTS AND PERFof¢MANCE Revlew ol achlevements and perf0m￿nCe for the year Despile the challenges presented by COVID-19 Ihrcvghoul the ocodemic year, the school celebrated some wonderful ochievements in the year. Due lo COVID-19. exam grodes were awarded based on Teacher Assessed Grades. These grades were calculated using the school's data, including mock exom rssulls, end of unil lesls and inlernol formal assessments to determine the grade lor eoch student that could lairty be supported by appropriole and ogreed evidence. The Heod. olong with Ihe Director of Teaching ond Learning and SLT line monoger reviewed all grades ond scrvtinised the evidence lo ensLJre o robust proce$5. The Sixth Fom and Fifth Form sludenls c&lebroted some wonderful exam results in 2021. InSFired oncl motivoted by high quality leachin9 and individual svpport. all Sixth Form girls went on to their rirst choice university lo study o wide ronge of degree subjects. reflecting the dwersity of their ombilion5, interes15 and lalenls. 11 was interesting Ihat a higher proportion than usual opted lor gap years. Particular resulls highlight5 thi5 yeor included.. 76% of oll GCSES gained by girfs were Level 9 to 7. Level 9 10 6 being 91 % and o poss rote of lOO%. A Level ie5u115'. the class of 2021 achieved 77% A. B. with 39% A. 24.8% A ond 100% A - 8eyoF)d exam resullg. pupils hod mony opportunities lo develop through o truly in5piralional range ol oclivilies in support of the School's aim lo offer a distinclive route to high achievement. This wos mode much horder by COVID-19 rules and restrictions but we are extremely proud ol how much wos ochieved. Archives- Archivist researched ond creotecl o display on 1911 census al PF, lo coincide with 2021 cen5US. Career5- 1.'l interview with the Core&r5 Coordinator for every Fifth Former, looking al appropriate future pathways and subjects WSt GCSE - development ol Ihe Med Ahead programme for Fifth Form and Sixth F<)rm student5 interested in a coreer in the heolth sector. Clubs ond co-curricular- new in Autumn.. Astronomy Club, Business Enterprise. Fun Science. DofE expedition5 resumed ir) the summer. Curriculum - Fourth Form Textiles new project of 'Culture' locuses on Block Lives Molter and then goes on to slvdy artists ond techniques from other BIPOC cultures each week. Geography.. Plymouth and Royol Hollowoy conlirTrued lo oller Sixth Form lectures virtually and we shared these opportunities with our Sixth Formers. Latin.. onolher increose in uptoke ot GCSE with equal enthusiosm lor new Classical Civilisalion course. THE PRIOR'S FIELD SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS AND STRATEGIC REPORT {ContSnu•d) FOR THE YEAR ENDED 31 JULY 2021 Moths.. in Februory. 25 Third lo Fifth Form pupils sal on online versiorn of the Inlermediale Maths Challenge run by the UK Mothemolics Trust. Alan Turing cryplogrophy competition. Music.. sp￿ng Term during k)ckdown. some 190 pupils engoged with individual music lessons. shared between olr lanlaslic stoff of 18 peripotetic leochers. Tenni5 Academy- continued to nJn after the first lockdown (June /Julyl so the gir15 could continue to play tennis and be octwe. This move was welcomed by por&nts and wos very beneliciol lo pupils, wellbeing. Business and Enlerpii5e.' development and defNery of o 'Finance for your future, programme lor Upper Sixth Next Steps pro9romme. CMI leadership quaificalion- 20 girfs signed up. Creative Arts.. Summer- The Big Show- combination ofGCSE and A Level and House Art exhibition5. Drama ond Music - Prior's Field gitls perfomed in productions ol 'Joseph' ond Colour Coborel. and also porticipoted in musical concerts such as Rock ond Pop. The linol song of Colour Cobarel was used os an opportunity lo thank some ol the key worker5 in our school communily 0$ they have shown their 'lrue colours, under such chollenging working conditions since Morch. School production. 'Joseph' went aheud. unlike at most other schools- chose for eose ol rehearsing in bubbles. We linked the themes of Ihe production through video footage ornd ospecls of the direction to modern icons ocross culture and religion who have stood up to their oppressors wtlh love and forgiveness. We continued to work in 'bubbles' ond to film. os physical audiences were not pemitted by the stringenl Covid19 reqviremenls. The Endangered Instrument9 scheme enobled girls new lo the school to try bass guilor and horp. Choir. J02z Bond. Rock & Pop, Strings, Bross oll continued, ulbeil in smoll bubble grovps. For Remembrance. we produced two videos.. one pop duet with two Sixth Fom girfs. o video that is inter5per5ed with image of PF girfs in wartime, the other a choir onlhem. Houses- There 15 healthy competition between the Houses with girls toking part in o number of house events throughout the yeor including cr05s country, art, choir. droma and sports. Pupils con also eam House Points. eaming Merits. porticipalion and Head's Cornmendotions. Such octivities conlinuea, albeit remotely, whilst the School wos operating remotely in the latter part ol the yeor due lo COVID-19. Heads of House ron virtuol House meetings every other week and the House spirit was kept olive during school closure. Librory- Prior's Field hosted a virtual Cluster Group meeting lor Libroriorns. Outreach- 4 glrls volunleeringlworking ot Robertson Nursing Home. Posloral- Wellbeing svNey lor girls ond staff in the Autumn. Sping-. school limelable was oajusled in lockdown lo ensure sulfscienl lime lor lulors lo give postorol support lo girls and hov& time lo moke contacts with parenls/9uordians. Summer.. introduction of Student Wellbeing Ambo55ador Programme - 34 girls from Fourth Form ond Lower Sixth volunteered to leam. Iwe then leach wellbeing lips and techniques to their peers and other girl5. Sixth Form- Students encovraged lo be independent leamers ond remote leorning has certoinly reinforced this FINANCIAL REVIEW AND RES LTS FOR THE YEAR The group's net income for the year was £169,72912020 £101.2101. The principal source of income is from tuition ond boarding lees. This is supplemented by income from letting out the facilities lo third parties. In pursuing ils business. the charity lakes account of its responsibility to moinlain the Grade 2 lislecl buildings and sile. which ore ils principal tangible Q55el. The group's lolal reserves amount to £1 1.179.419 01 which £249.558 is restricted and £9.814.068 is designated, representing 05 far as possible. the investment the School has mode in the lobiic of the bLJildings. The remoining £l.115,793 are unrestricted nonn These financiol stotemenls con501idale the results ol the Trust ond its subsidiory chorily. Prior's Field Foundation, with ils wholly owned trading svbsidiory. Prior5 Field Enlerprises Limited, on a line by fine basis. Incom• Income is accovnled lor once the Trust has enlillemenl to Income. it is probable thot income will be received and the omounl ol income receivable can be meosured reliobly. Fegs are shown net ol bursories, scholarships ond other aword5 Inole 31. Staff discoun15 ore Ireoted as an expenditure ilem. Furlough income is accovnled for in the year in which employees were placed on temporary leove. 19 THE PRIOR'S FIELD SCHOOL TRUST LIMITED NOTES TOTHE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 ACCOUNTING POLICIES Expendllure Expenditure is occountecl for on on occrvols bosis and is recognised when there is o legol or conslruclive obligation lo poy lor expenditure. All costs hove been allribuled to the functional colegorie5 of expenditure in the Slalement ol Financiol Aclwilies. The Tru51 is not registered lor VA T and occordingly expendilure atlribuloble to the Trvsl is included gr055 of irrecoveroble VAT. The subsidiory is registered for VAT ond expenditure otlribulable lo that compony is included net of VAT. Tonglble flxed oss•ts Fixed ossels ore stoled ot C05t or deemed cost less accumulated depreciation and impoirment1055es. Assets costing more thon £l,OW ure capilalised. Depreciolion is provided on all tangible fixed assets other than freehold land. ot rotes calculated to write oll the cost les5 the estimated residvol volue of each asset over ils expected useful life, a5 follows-. Leosehold buildings Freehold buildings 2% on cost, with a lull year chorge in year ol ocquisition 2% on deemed cosl. wrfrh o full year charge in yeor of ocqvisition - 25% on a reducing balance basi5. with a full year charge in year of acquisition l 0% on o straight line basis. wilh o lull yeor charge in year of acquisition 25% on o straighl line basis. wilh o ￿11 year charge in year of acquisition (included in the lolal lor furniture, fillngs and equipment) 2S% on 0 5traighl line bosls, Wlth o full year chorge in year ol ocquisilion Motor vehicles Furniture, frtting5 and equipment Computer equipment Plant and mochinery Flnanclal Instrum•nts The Trust only hos linanciol osset5 and financiol liobilities of a kind Ihot qualify as basic financiol inslrumenls. Basic financiol inslrvment5 (Ye initially recognised at Iransaclion volue and subsequently meosured al their 5eltlemenl volue. Debtois Trade and olher debtors are reCogn￿e￿ al the settlement omounl due. Prepoyments are valued al the amount prepoid nel ol any trade discovnt5 due. Cosh al bank and In hand Cosh at bank and cash in hond includes cash and short term highly liquid investments with a Short maturity of three months or less from the date ol acquisition or opening ol the deposit or Similar account. Credllors ond pr¢vlslon5 Creditors and provi5ion5 are recognised where the Trust hos o present obligolion resulting from a past event thol will probobly result in the Ironsfer ol funds lo o third party and the amount due to Settle the obligolion con be meosured or eslimoted reliobty. Creditors and provisions are normolly recognised al their seltlemenl omounl c7fter allowing lor ony Irode discounts due. Slock Slock is sloled ol the lower of cost and net reolisable value. Stock reflects books ond stotionery. art and photography supplies ond other items. Stock r&cognised in cost of soles during the yeor os on expense wos £4.50011)19". £4,(XX)I. Employee Benef115 Short term benefits including holidoy pay are recognised as an expense in the period in which the service is received. The school porticipotes in a multiemployer scheme. Ihe Government's Teachers, Pensions Defined Benefit Scheme. lor ils teaching Staff. The pension liobility Is the responsibility of the Teachers Pension Scheme. As o result il is not P055ible lo identify the ossels and liabilities of the Scheme that ore ottributable lo the school. Accordingly under FRSI 02 seclion 28 the scheme is occounted for os ￿1 it were o defined contribution scheme. 20 THE PRIOR'S FIELD SCHOOL TRUST LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontlnued) FOR THE YEAR ENDED 31 JULY 2021 ACCOUNTING POLICIES (conllnv•dl Hlre pvrcho$e and leoslng commllments Assets obtoined under hire purchase controcts or financ& leose5 are copitolised in the balonce Sheet. Those held vnder hire purchose contracts are depreciated over their eslimoted useful lives. Those held under finance leases are deprecioled over their estimated use￿1 lives or the leose term. whichever is the shorter. The interest element of these obligotions is charged lo income and expenditure over the relevonl period. The capitol element of future payments is Ireoted as o liobillfy. Renlols poid under operoting leases are ch￿ged lo income and expenditure as incurred. Inve51menls Fixed ossel investments are includecl in the bolonce sheet ot h￿toriC cost. The goin5, losses and income ol the investments are shown 0$ movements on the relevant fund on Ihe Slotement of Financial Activities. Fvnd occovntlng Funds held by the Trust are.. Unrestrlcl•d funds- these are luncls which con be used in occordance with the charitable objects al the discretion ol the Governors Reslrlcled fvnds - these ore funds that con only be used for particulor reslricled purpose5 within the objects of the Trvsl. Further explanation ol the nalure and purpose of the reslricled lund5 is included in nole 17b lo the accounts Non Churflable Ivnds- these are funds which are usecl by the Iroding subsidiary Deslgnaled funds - these ore unrestricted funds earmarked by the Board of Govemor5 for porticular purposes. TURNOVER The tumover of the Trust is wholly allribulable to the principol activity ol beng an independent boarding and day school. The turnover ol the Iroding Subsidiary is wholly allribvloble lo the principol aclivily ol Ihe manogemenl ol sports, leisure lacililies ond transport. FEES RECEIVABLE 2027 2020 Fees iecèfvoble consht otr. Gross lees Less.. Bursaries. scholtyship5 and other owards 8.372,674 11.016,8931 8,207,721 1889,3311 £7,355.781 £7.318.390 NET INCOME 2021 2020 Net Income Is slated ofter charglng Depreciolion ol tongible fixed assets Owned Lease Audilors, remuneration- oudil services Auditors, remunerolion- non audit serv¢es Operoling leases and after crèdlllng Other interest 427.5éA) 410.569 18,020 3,440 31.230 20,520 9W 28.806 146 2,920 21 THE PRIOR'5 f IELD SCHOOL TRUST LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {conllnuedl FOR THE YEAR ENDED 31 JIJLY 2021 PARTICULARS OF EMPLOYEES 2021 No. 2020 No. The overoge number of persons employed by the Trust during the year was.. Education Administration ond domestic 89 43 91 47 132 Their lolal remunerotion wa5= Wages ond solories Sociol security costs Other pension costs Other stoff costs Termination costs 3,935,926 395,602 746,595 201,202 24,081 4,042.546 406.203 742.452 181.965 £5.303.406 £5,373.166 The number ol staff with emoluments within the following ronges were.. No. No. £60.OCQ- £69.999 £70.Cth- £79.999 £80.(￿- £89,999 £1 10,(X()- £119.999 The number ol individuals above lorwhom retirement beneffls are accruing 1$ 412020: 51. Employer pension contributions in the year were £73,26012020.' £85.2621. The cost lo the employer of remunerating key monogemenl personnel in the year was £756,421 12020.. £746,557). RELATED PARTY TRANSACTIONS Governors, remunefallon and relmbursèd expen5e3 None of the Govemor5 received any form of remunerolion. Trovel and motor expenses were reimbursed to no (2020.. NILI Governors in th& yeor omounted lo NIL12020= NILI. Governors. Donallons The aggregate of clonotions received from the Governors in the yeor was NIL12020.' NILI. There were no other transactions with relot&d parties in either year. GOVERNANCE COSTS 2021 2020 Auditors, remunerotion 18.020 20.520 £18,020 £20.$20 22 THE PRIOR'S FIELD SCHOOL TRUST LIMITED NOTES TO THE CONSOLIDAfED FINANCIAL STATEMENTS {contlnued) FOR THE YEAR ENDED 31 JULY 2021 EXPENDITURE st¢ff costs 2021 Depreclotlon 2021 other costs 2021 Total 2021 Costs ol rolslng lunds: Trading expendilwe 46,165 36.596 82.761 CharkabFe Aclfvllles- School owoftlng costs Teaching Esloblishmenl Welfore ond catering Administration Other academic ond support costs Govemance costs 3,896.403 188.950 436,96L) 781.093 141,287 405,074 621,598 514.161 511.4(K) 18.020 4.037,690 594,024 1,058.558 1.676.649 511.4CQ 18.020 381.395 5,N)3.406 381,395 2,211,540 7,896,341 £5,303.406 £427.560 £2,248.136 £7.979.102 Slfjff ¢051s 2020 Depreclallon 2020 Other costs 2020 Total 2020 Costs of ralsSng funds: Trading expenditure 46,324 56,735 103,059 CharlP¢ble ActIV￿le$-. School operallng costs Teoching Establishmenl Welfare and cotering Aclministralion other ocodemic and support costs Governonce costs 3.968,650 177,639 447,468 779,409 127.636 371.316 505.793 521,097 860.257 4.096.286 548.955 953.261 1.664,751 860.257 364.245 20,520 20,520 5.373,166 364,245 2,406,619 8,144.030 £5,373,166 £410.569 £2.463,354 £8,247,089 INTEREST PA YABLE AND SIMILAR CHARGES 2021 2020 Bank interest £76,468 £97,229 10. TAXAnoN Tax 15 provided lor in relation lo troding activity where necessory. The chority is exempl from tax in so for as it opplies ils income lor choriloble purposes. 23 THE PRIOR'S FIELD SCHOOL TRUST LIMITED NOTES TO THE CONSOIIDATED FINANCIAL STATEMENTS (Conllnved) FOR THE YEAR ENDED 31 JULY 2021 INVESTMENT IN SUBSIDIARY UNDERTAKING 2021 20 Prfors Field Enterprises Limited £12,8X) £12.820 Incorporated in Englond and Wale5 Activity.. Provision of Sport ond Leisure lacililies, Ironsport service ond project management. Tradlng aclfvttles The Trust own5 the wh(Je of Ihe shore copital, consisting 012 ordinary £1 shares ond 1,281.790 £0.01 p prelergnce 5hare512020'. 1.281.790 preference shares ot £0.01 pl, ol Priors Field Enterpri5e5 Limited. Services svpplied to the Trust amounted to £57,36012020'. W.1 CM)). Costs rechorged by the Trust lo Priors Field Enterprises Limited amountecl lo £40,19612020.' £44.7681. At the year-end £331,994 was due lo the SLJbsidiary 12020.. £330.8581. During the yeor the subsidiary had lumover amounting lo £61.49012020.' £88.9291 and expenditure totalling £82.761 12020.. £103,059) and poid lax ol £nil 12020-. nill. 11 had tongible fixed ossels of £778,017 12020.. £821.8661, debtors of £349.858 I￿20.. £344.0931, cash of £6.44212020.' £8.5751 and credito[5 of £5.70312020'. £24.6501- It5 share capital wos £12,82012020'. £12.8201 oncl tyofit and loss occount was £l,115,7931202fr. £1.137.0641 after makin9 0 profit distribution lo the chority ol NIL. 12. TANGIBIE FIXED ASSEfs.GROUP Frtehold ltsnd ond bulldlngs Assets In course ol ¢on5truclton Fvmllure Illllngs un equlpm¢nt leo5ehold Pfoperty Plant and mochlnery Motoi vehIc￿$ Tolol Cost oi deemed cost At l Augu512020 Addillons at cost Disposols 15.030.739 29.232 1.435,735 888.014 50.015 1.750 17,406.253 145.381 11.7501 At 31 JU￿ 2021 15.059.971 1.435.735 l.W4.163 50,015 17.549,884 Depreclollon Al l August 2020 Chorge for the year Disposols 1.221.812 266.199 638.255 39.635 543.319 116.525 34,411 5,201 1.700 2.¥9.497 427.500 11.71X>I 11,7C()I At 31 Juty 2021 1.488.011 677.890 059.844 39.612 2.865.357 Nel book Volue A131 July2021 £13.571.960 £757.845 44.319 £10.403 £0 £14.684.527 Al 31 JUW 2020 £13.8KJ8.927 £797.4 44.695 £15.604 £50 £14.966.756 The leasehold property included within the group relales lo a lease between the School ond ils subsidiary company. All ossets ore owned by the Trust. 24 THE PRIOR'S FIELD SCHOOL TRUST LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {contlnuedl FOR THE YEAR ENDED 31 JULY 2021 TANGIBLE FIXED ASSETS-IRVST Freehold land tsnd bulldlngs Assels In cours• ol constructlon FurnSture flltlngs ond equlpmènt Motor Vehlcl TRUST Total Cosl or deemed cost At l August 2020 Additions Disposals Transfer 15,030,738 29.232 860,614 113.834 1.750 15.893.102 143,066 11,7501 11,7501 At31 Jvly2021 15,059,970 974,448 16,034.418 DepreclalFon Al l August 2020 Charge for the year Disposols 1221.812 266,199 524.701 115.196 1,700 1,748.213 381,395 11,70DI A131 July2021 1,488,011 639,897 2,127.908 Net Book Valv• At31 July2021 £13,571.959 £334.551 £13.906,510 At 31 July 2020 £13.808.926 5.913 £50 £14,144.889 13. STOCK: GROUP AND TRUST 2020 Slolionery Other 2,595 37,151 2.923 31.909 £39,746 £34,832 14. DEBTORS Group Trust 21y2I 2020 2021 2020 Unpoid fees ond miscelloneou5 debtors Prepuymenls and occrued income Other debtors 72,458 156,930 75,208 15.252 194.155 16.041 67,502 144.022 75.208 15.252 180.9 16,041 £304.596 £225,448 £286,732 £212.213 25 THE PRIOR'S FIELD SCHOOL TRUST LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (contlnuod} FOR THE YEAR ENDED 31 JULY 2021 15. CREDfioRS: omount5 fdlSng due wllhln l y•ar Group Twst 2020 2021 2020 Bonk loans and overc*alls Trade creditors Fees received in advonce ond ¢Jeposi15 held Taxation ond sociol security Other creditors Accrvols ond deferred income Amounts due lo subsidiary 330.714 302,397 404,933 99,605 394.350 452.547 110,793 118.886 395.737 420.405 510,808 399,585 330.714 3￿.790 404.9 98.571 394,3XI 449.484 1.994 110.793 117.254 395,737 402.(K)6 510.808 394.966 0.858 £1.984,546 £1,956.214 £2.310.836 £2,262,422 The bonk loon ond overdraft are secured os noted in note 16. ANALYSIS OF DEFERRED INCOME Group Trusl 2021 2020 2021 2020 Deferred income al l Augvsl Applied during the year Released during the yeor 662 32,406 662 132,4061 662 32,406 662 132.4061 Deferred income ot 31 Ju £662 £662 £662 £662 16. CREDITORS= ornounts laN5ng due cther more than one yeai Group Twst 2021 2020 2021 2020 Dve wllhln 1. 2 years Bank loans Fees in advance 330.714 94.140 332.379 34.784 0.714 94,140 332,379 34.784 Due wllhln 2 - 5 years Bonk loons Fees in advance 992.141 15.846 997.138 16.930 992,141 15,846 997.1 &8 16.930 Due altei S years (payable by Indolments) Bank loat 2,253,117 2.563.399 2,253,117 2,563,399 £3,685,958 .944,630 £3,685,958 £3,944.6X) 26 THE PRIOR'S FIELD SCHOOL TRUST LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {¢onttnued) f OR THE YEAR ENDED 31 JULY 2021 CREDrtORS- amovnls folllng due alter more than one y•or (conllnued) The School has two bank loans and on overdraft ol the year-end. The first loan has o yeor-end balance of £1.29m. Monthly copilal repayment5 commenced in September 2014 and interest is poyoble ot a rale equivolenl lo 1.57% per onnum obove bose rate. The second loon has a yeor-end balance ol £2.71 m. Monthly copital repayments commenced in Augusl 2017 and interest is payable ot o rote equivalent lo 1.57% per annum obove bose rote. The loans and over(toN are all held with the Same bank which holds fir51 legal chorge over the School ond its ossocialed ossets, unlimited guorontee by the Prior's Field Enterprise Limited and o debenture by both the School ond the Prior's Field Enlerprile Limited 170. UNRESTRICTED FUNDS Brought foTh¥ord al l Avgv 2020 Corrfed f¢rword al 31 July Income Expendllvre Tionsfers Generol funds Non-churitoble funds 8.036,052 61,490 17.845.052) 1191.ClJJl 182.7611 1,137,064 1,115.793 1.137.064 8.097,542 17,927,8131 1191,(x)01 1.115.793 Designoled funds Property fund 9.623.068 191,(K¥J 9.814,068 9.623,068 191.QX) 9,814,068 £10,760.132 £8,097,542 £17,927,813) £10.929.861 The Property fvnd balance represents, as for as possible, Ihe net book value ol the property held by the Trust al the yeor end. The Ironsler fr¢Jm non 60,479 17,598 2,920 60.479 17.598 2,920 Total Income 8,314,658 33,641 8,348.299 EXPENDITURE ON Ralslng Funds Troding expenditure 103.059 103,059 Charllable actlvlmes Educalionol expendilure 8,101,595 42.435 8.144,030 Total expendllure 8.204,654 42,435 8.247.089 NET INCOME 110,004 18.7941 101.210 Gains on revolualion ol fixed assets NET MOVEMENT IN FUND I10,(X)4 18,7941 101,210 Total ILJnds ol l August 2019 10,650.128 275.143 10,925,271 Tolol fvnds Qt 31 Juty 2020 £10.760.132 £266.349 £11,026,481 32