2022-07-31-accounts - The Prior's Field School Trust Limited

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s T A Cook MA (Oxon) MCIPR
Chair
Retired 31 Jul 2022
r R Dlcketts BSc
Retired 1 December 2021
rJ M Evans BScMRICS
Retired 10July 2022
Iss PJ Evans
Retired 14December 2021
Dr E Hlckmott
Retired 31 January 2022	X
r R Hughes FCMA	X
r A JGough BSc UED, BScHons MA
r C Ingham
From 16June 2022
Ms M James
From 16June 2022
r SJames
Retired 29 A ril 2022
r A McLean BSc(Hons)
rs A McNamara FRSA SFHEA
Retired 30Se tember 2021
rs H EMorris Dip Bldg Cons MRICS
r A Sanderson BA MloD
FBCSCDir CEng CITP
Retired 24 March 2022
rs M De Sausmarez
From 16June 2022
r RJSouthey BA FCA

Head				Mrs T Kirnig MA PGCE	Mrs T Kirnig MA PGCE
Bursar				Mrs H Edwardson	MA	(Hans)	Oxon
Clerk				Mrs J M Reckord	BA ACIS
PRINCIPAL		ADDRESS		Priorsfield Road,	Godalming,		Surrey GU7 2RH
ADVISORS
AUDITORS				Haysmacintyre LLP
				10Queen Street	Place
				London
				EC4R 1AG
BANKERS				NatWest Bank
				Guildford Commercial		Office
				PO Box 1, 2"~ Floor G3
				2Cathedral Hill
				Guildford
				Surrey
				GUI 3ZR
SOLICITORS				Moore Barlow LLP
				The Oriel
				Sydenham Road
				Guildford
				Surrey
				GUI 3SR
				Penningtons Manches		Cooper LLP
				Apex Plaza
				Forbury Road
				Reading
				Berkshire
				RGI IAX
INSURANCE		BROKERS		Marsh Brokers Limited
				Schools Division
				Rockwood House
				9—17Perrymount	Road
				Haywards Heath
				West Sussex
				RH163DU
PROJECT MANAGER			AND QS	Madlins LLP
				Nova Scotia House
				70Goldsworth Road
				Woking
				Surrey
				GU21 6LQ
SCHOOL WEBSITE				www. priorsfieldschool.		corn
CONTACT	EMAIL ADDRESS			clerktogovernors@priorsfieldschool.				corn

					Total	funds
			Unrestricted	Restricted
			Funds	Funds	2022	2021
INCOME FROM:		Note			E	E
Charitable activities
Fees			8,000,231		8,000,231	7,355,781
Other academic income			641,062		641,062	572,717
Other income			70,472		70,472	55,183
Grants, Donations and legacies			31,521	7,907	39,428	92,210
Other trading activities
Leffing income			103,235		103,235	47,743
Hire ofsports and transport	facilities		10,866		10,866	8,260
Investments			649		649	146
Total income			8,858,036	7,907	8,865,943	8,132,040
EXPENDITURE ON
Raising Funds
Trading expenditure			58,492		58,492	82,761
Charitable activities			8,462,543	101,202	8,563,745	7,896,341
Total expenditure			8,521,035	101,202	8,622,237	7,979,102
NET INCOME / (EXPENDITURE)			337,001	(93,295)	243,706	152,938
Total funds at 1 August 2021			10,929,861	249,558	11,179,419	11,026,481
Total funds at 31 July 2022			Z11,266,862	R156,263	811,423,125	811,179,419

				2022		2021
			Notes
FIXED ASSETS Tangible fixed assets					14,415,081		14,684,527
CURRENT ASSETS Stock Debtors Cash at bank and in hand			13 14	41,552 360,351 2,110,780		39,746 304,596 1,821,054
				2,512,683		2,165,396
CREDITORS: amounts	falling due
within one year			15	(2,116,216)		(1,984,546)
NET CURRENT (LIABILITIES)/ASSETS					396,467		180,850
TOTAL ASSETS LESS CURRENT LIABILITIES					14,811,548		14865377
CREDITORS: amounts after more than one	falling due year		16		(3,388,423)		(3,685,958)
NET ASSETS					f11,423,125		R11,179,419
FUNDS
Unrestricted funds			17a
General Non-charitable funds					1 068 167		1,115,793
Property fund (including reserve)		revaluation			10,198,695		9,814,068
					11,266,862		10,929,861
Restricted funds			17b		156,263		249,558
TOTAL FUNDS					f.11,423,125		611,179,419

FIXED ASSETS			Notes			2021
Tangible fixed assets Investments			12 11		13,669,229 12,820	13,906,510 12,820
CURRENT ASSETS					13,682,049	13,919,330
Stock
Debtors Cash at bank and	in	hand	13 14	41,552 356,621 2,103,164		39,746 286,732 1,814,612
CREDITORS: amounts falling due within one year NET CURRENT (LIABILITIES)/ASSETS			15	2,501,337 (2,440,005)		2,141,090 (2,310,836)
TOTAL ASSETS LESS CURRENT					61,332	(169,746)
LIABILITIES
CREDITORS: amounts after more than one NET ASSETS	falling due year		16		13,743,381 (3,388,423)	13,749,584 (3,685,958)
					F.10,354,958	Z10,063,626
FUNDS
Unrestricted funds General			17a
Property fund (including reserve)		revaluation
					10,198,695	9,814,068
Restricted funds TOTAL FUNDS			17b		10,198,695 156,263	9,814,068 249,558
			18		$10,354,958	Z10,063,626

						2022	2021
					Notes
Net cash inflow from operations						787,820	439,441
Cash flows from investing	activities
Interest received						649	146
Bank charges and interest						(80,725)	(76468)
Purchase oftangible fixed assets Proceeds form sale of fixed assets						(149,439)	(145,381) 50
						(229,515)	(221,653)
Net cash (used in) / provided		by investing				558,305	217,788
activities
Cash tlows from Financing	activities
Repayments ofcapital on	loans					(340,862)	(110,238)
New loan capital						72,283	13,215
Net cash (used in) / provided		by financing				(268,579)	(97,023)
activities
Change in cash and cash equivalents				in		F289,726	f.120,765
the reporting period
Reconciliation of net		cash	flow
movement
to movement in net debt
(Decrease)/increase in cash		in the year				289,726	120,765
Cash outflow/(inflow) from movement debt financing				in		268,579	97,023
Change in net debt resulting		from cash				558,305	217,788
flow
Movement in net debt in the year						558,305	217,788
Net debt at 1 August 2021						(2,085,632)	(2,303,420)
Net debt at 31 July 2022						(K1,527,327)	(K2,085,632)

NET CASH INFLOW F	ROM OPERATIONS
		2022	2021
		E	E
Net income before	transfers	243,706	I52,938
Depreciation		418,885	427,560
(Increase) in stock		(1,806)	(4,914)
(Increase) in debtors		(55,755)	(79,148)
Increase/(Decrease) Interest received	in creditors	102,714 (649)	(133,317) (146)
Bank charges and interest paid		80,725	76,468
Gain on disposal
Net cash inflow from	operations	F.787,820	f439,441

ANALYSIS OF CHANGES	At		At
DEBT	1 August		31 July
	2021	Cash flow	2022
	E	E	E
Nef Cash
Cash in hand and at bank	1,821,054	289,726	2,110,780
Debt
Debt falling due within one year Debt falling due after one year	(330,714) (3,575,972)	(46,453) 315,032	(377,167) (3,260,940)
	(3,906,686)	268,579	(3,638,107)
Tofal	(K2,085,632)	558,305	(R1,527,327)

Tangible fixed assets	Tangible fixed assets
Fixed assets are stated at		cost	ordeemed	cost less accumulated	depreciation	and impairment losses. Assets
costing more than R1,000are			capitalised.
Depreciation	is provided	on all tangible		fixed assets other than	freehold land,		at rates calculated to write
offthe cost less the estimated			residual value ofeach asset over		its expected	useful life, as		follows:
Leasehold Freehold	buildings buildings			—2%on cost, with a full year charge in year of -2%on deemed cost, with a full year charge				acquisition in year of
				acquisition
Motor vehicles				-25%on a reducing	balance basis,		with a full	year charge	in
				year ofacquisition
Furniture,	fittings and equipment			- 10%on a straight	line basis, with	a	full year charge in year		of
				acquisition
Computer	equipment			—25%on a straight	line basis, with	a	full year charge in year		of
				acquisition
Plant and	machinery			Iincluded in the total for furniture, -25%on a straight line basis, with a			fittings and equipment) full year charge in year		of
				acquisition

3.	FEESRECEIVABLE	FEESRECEIVABLE
					2022	2021
					E	E
	Fees receivable consist of:
	Gross fees				9,154,303	8,372,674
	Less: Bursaries,	scholarships		and other awards	(1,154,072)	(1,016,893)
					f.8,000,231	f.7,355„781
4.	NET INCOME				2022	2021
					E	F.
	Net income is	stated after		charging
	Depreciation	oftangible		fixed assets
	Owned				418,885	427,560
	Leased
	Auditors' remuneration		—audit services		19,910	18,020
	Auditors' remuneration		—non audit services		2,245	3,440
	Operating leases				36,555	31,230
	and after crediting
	Other interest					146

PARTICULARS OF EMPLOYEES	PARTICULARS OF EMPLOYEES			2022	2021
				No.	No.
The average number of persons employed			by the Trust during the year
was:
Education				88	89
Administration and domestic				47	43
				135	132
Their total remuneration	was:
Wages and salaries				4,085,900	3,935,926
Social security costs				421,115	395,602
Other pension costs				720,409	746,595
Other staff costs				227,277	201,202
Termination costs					24,081
				R5,454,701	R5,303,406
The number ofstaff with emoluments		within	the following ranges were:	No.	No.
R60,000- f69,999
870,000 - 879,999
f.110,000 —8119,999
R120,000 - 8129,999

GOVERNANCE	GOVERNANCE	2022	2021
		E	E
Auditors'	remuneration	19,910	18,020
		E,19,910	f18,02Q

B.	EXPENDITURE
			Staff	cosfs	Depreciation	Other costs	Total
			2022		2022	2022	2022
				E	E		E
	Costs of raising funds:
	Trading expenditure				32,165	26,327	58,492
	Charitable Activifies:
	School operating cosfs
	Teaching		4,007,720			174,291	4,182,011
	Establishment			201,248		535,376	736,624
	Welfare and	catering		454,355		700,217	1,154,572
	Administration			791,378	386,720	569,127	1,747,225
	Other academic and support costs					723,403	723,403
	Governance	costs				19,910	19,910
			5,454,701		386,720	2,722,324	8,563,745
			F.5,454,701		8418,885	R2,748,651	R8,622,237
			Staff costs		Depreciation	Ofher costs	Total
			2021		2021	2021	2021
			E			E	E
	Costs ofraising funds:
	Trading expenditure				46,165	36,596	82,761
	Charitable Activities:
	School operating costs
	Teaching		3,896403			141,287	4,037,690
	Establishment		188,950			405,074	594,024
	Welfare and	catering	436,960			621,598	1,058,558
	Administration		781,093		381,395	514,161	1,676,649
	Other academic and support					511,400	51 1,400
	costs
	Governance	costs				18,020	18,020
			5,303,406		381,395	2,211,540	7,896,341
			R5,303,406		8427,560	F2,248,136	R7,979,102
9.	INTEREST PAYABLE AND SIMILAR CHARGES					2022	2021
						E	E
	Bank interest					f80,725	E76,468
10.	TAXATION

THE PRIOR'S FIELD SCHOOL TRUST LIMITED	THE PRIOR'S FIELD SCHOOL TRUST LIMITED
NOTES	TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 JULY 2022
11.	INVESTMENT IN SUBSIDIARY UNDERTAKING	2022	2021
		E	E,
	Priors Field Enterprises Limited	F.12,82Q	812,820
	Incorporated in England and Wales
	Activity: Provision of Sport and Leisure facilities, transport	service and project management.

TANGIBLE FIXEDASSETS	-GROUP
	Freehold	Assets in			Furniture
	land and	course of		Leasehold	fittings and	Plant and	Motor
	buildings	construction		properly	equipment	machinery	vehicles	Total
	E	E		E	E	E	E	E
Cost or deemed cost
At I August 2021	15,059,971			1,435,735	1,Q04,163	50,015	0	17,549,884
Additions at cost					143,439		6,QOO	149,439
Disposals
At 31 July 2022	15,059,971			1,435,735	1,147,602	50,015	6,000	17,699,323
Depreciation
At 1 August 2021	1,488,011			677,890	659,844	39,612	0	2,865,357
Charge for the year	266,199			25,635	120,350	5,201	1,500	418,885
Disposals
At 31 July 2022	1,754,210			703,525	780,194	44,813	1,500	3,284,242
Net Book Value
At 31 July 2022	E13,305,761		E-	E732,210	f367,408	E5,202	K4,500	E14,415,081
At 31 July 2021	E13,571,960		E-	f757,845	2344,319	%10,403	EQ	f14,684,527

		Freehold	Freehold	Assets in	Furniture
		land	and	course of	fittings and		Motor
TRUST		buildings		construction	equipment	Vehicles			Total
			E	E	E		E		E
Cost ordeemed cost
At I August	2021	15,059,970			974,448				16,034,418
Additions					143,439		6,000		149„439
Disposals
Transfer
At 31 July 2022		15,059,970			1,117,887		6,000		16,183,858
Depreciation
At 1 August	2021	1,488,011			639,897				2,127,908
Charge for the year			266,199		119,021		1,500		386,720
Disposals
At 31 July 2022		1,754,210			758,918		1,500		2,514,628
Net Book Value
At 31 July 2022		f13,305,760			6358,969		f4,500		813,669,229
At 31 July 2021		f13,5?1,959			8334,551				f13,906,510
STOCK: GROUP AND TRUST							2022		2021
								E	E
Stationery									2,595
Other								41,552	37,151
							841,552		E39,746
DEBTORS					Group			Trust
					2022	2021	2022		2021
					E	E		E	E
Unpaid fees	and miscellaneous		debtors		163,912	72,458	161,416		67,502
Prepayments	and accrued	income			178,368	156,930	I	77,134	144,022
Other debtors					18,071	75,208		18,071	75,208
					R360,351	f304,596	f356,621		8286„732

CREDITORS: amounts	CREDITORS: amounts	falling	due within	1 year	Group	Group	Trust
					2022	2021	2022	2021
					E	E		f.
Bank loans and overdrafts					3?7,167	330,714	377,167	330,714
Trade creditors					141,739	302,397	141,070	300,790
Fees received	in advance		and deposits	held	569,650	404,933	569,650	404,933
Taxation and social		security			111,466	99,605	110,471	98,571
Other creditors					504,879	394,350	504,879	394,350
Accruals and	deferred income				411,315	452,547	408,078	449,484
Amounts due	to subsidiary						328,690	331,994
					R2,116,216	R1,984,546	R2,440,005	R2,310,836

	ANALYSIS OF DEFERRED INCOME	ANALYSIS OF DEFERRED INCOME
				Group				Trust
			2022			2021	2022		2021
			E			E	E		E
	Deferred income at	1 August		662		662		662	662
	Applied during the year		2,	130			2,130
	Released during the	year	(662)				(662)
	Deferred income at	31 July	R2,	130		F.662	R2,	130	$662
16.	CREDITORS: amounts falling due
	after more than one year				Group			Trust
				2022		2021		2022	2021
	Due within 1-2years			E		E		E	E
	Bank loans			377,167		330,714		377,167	330,714
	Fees in advance			82,264		94,140		82,264	94,140
	Due within 2 - 5 years
	Bank loans			1,131,502		992,141	1,131,502		992,141
	Feesin advance			45,219		15,846		45,219	15,846
	Due after 5years (payable by instalments)
	Bank loans			1,752,271		2,253,117	1,752,271		2,253,117
				R3,388,423		R3,685,958	F3,388,423		F3,685,958

UNRESTRICTED	UNRESTRICTED	FUNDS	Brought				Carried
			forward at				forward at
			1 August				31 July
			2021	Income	Expenditure	Transfers	2022
			E	R	E	E	F.
General funds				8,847, 170	(8,462,543)	(384,627)
Non-charitable		funds	1,115,793	10,866	(58,492)		1,068,167
			1,115,793	8,858,036	(8,521,035)	(384,627)	1,068,167
Designated	funds
Property fund			9,814,068			384,627	10,198,695
			9,814,068			384,627	10,198,695
			R10,929,861	F8,858,036	R(8,521,035)		f11,266,862

				Brought				Carried
				forward at				forward at
				1 August				31 July
				2020	Income	Expenditure	Transfers	2021
				E	E	E	E	E
General	funds				8,036,052	(7,845,052)	(191,000)
Non-charitable			funds	1,137,064	61,490	(82,761)		1,115,793
				1,137,064	8,097,542	(7,927,813)	(191,000)	1,115,793
Designated		funds
Property	fund			9,623,068			191,000	9,814,068
				9,623,068			191,000	9,814,068
				R10,760,132	R8,097,542	F.(7,927,813)		210,929,861

RESTRICTED FUNDS	RESTRICTED FUNDS	RESTRICTED FUNDS	Brought				Carried
			forward at				forward at
			1 August				31 July
			2021	Income	Expenditure	Transfers	2022
			E	E	E	E	E
Blake award			7,207				7,207
Archive	Fund		11,279	579	(11,858)
Catering	Van	Fund		2,085	(417)		1,668
Rose Garden		Fund		271			271
Foundation			231,072	4,972	(88,927)		147,117
			K249,558	K7,907	E,(101,202)		f156,263

		Brought				Carried
		forward at				forward at
		1 August				31 July
		2020	Income	Expenditure	Transfers	2021
		E	E	E	E	E
Blake award		7.207				7,207
Archive	Fund	4,550	20,777	(14,048)		11,279
Foundation		254,592	13,721	(37,241)		231,072
		K266,349	834,498	R(51,289)		R249,558

18.	ANALYSIS	OF TRUST NET ASSETS BETWEEN	OF TRUST NET ASSETS BETWEEN	OF TRUST NET ASSETS BETWEEN	OF TRUST NET ASSETS BETWEEN	FUNDS	Tangible	Other assets/
							Fixed assets	(liabilities)	Total
							2022	2022	2022
	GROUP						E	E	E
	Restricted		funds					156,263	156,263
	Unrestricted		funds
	General funds						3,470,534	(3,470,534)
	Non charitable			funds: trading	subsidiary		745,852	322,315	1,068,167
	Designated		funds				10,198,695		10,198,695
							f14,415,081	R(2,991,956)	F.11,423,125
							Tangible	Other assets/
						Investments	Fixed assets	(liabilities)	Total
						2022	2022	2022	2022
	TRUST					E	E	E	E
	Restricted	funds						156,263	156,263
	Unrestricted		funds
	General funds					12,820	3,470,531	(3,483,351)
	Designated		funds				10,198,695		10,198,695
						f12,820	f13,669,226	R(3,327,088)	810,354,958
18.							Tangible	Other assets/
							Fixed assets	(liabilities)	Total
							2021	2021	2021
	GROUP						E	E	E
	Restricted	funds						249,558	249,558
	Unrestricted		funds
	General funds						4,092442	(4,092,442)
	Non charitable			funds: trading	subsidiary		778,017	337,776	1,115,793
	Designated		funds				9,814,068		9,814,068
							214,684,527	K(3,505,108)	EI 1,179,419
							Tangible	Other assets/
						Investments	Fixed assets	(liabilities)	Total
						2021	2021	2021	2021
	TRUST					E	E	E	E
	Restricted funds							249,558	249,558
	Unrestricted		funds
	General funds					12,820	4,092,442	(4,105,262)
	Designated		funds				9,814,068		9,814,068
						K12,820	R13,906,510	R(3,855,704)	810,063,626

OPERATING	LEASE COMMITMENTS	2022	2021
Operating	leases not related to land and buildings	E	E
Within one Within 1 -2	year years	30,444 12,243	34„560 30,444
Within 2 - 5	years	16,347	28,388
		F.59,034	F93,392

			Unrestricted	Restricted
			Funds	Funds	2021
INCOME FROM			E,	E	E
Charitable activities
Fees			7,355,781		7,355,781
Other academic income			572,717		572,717
Other income			55,183		55,183
Donations and legacies			57,712	34,498	92,210
Other trading activities
Letting income			47,743		47,743
Hire of sports and	transport	facilities	8,260		8,260
Investments			146		146
Total income			8,097,542	34,498	8,132,040
EXPENDITURE ON
Raising Funds
Trading expenditure			82,761		82,761
Charitable activities
Educational expenditure			7,845,052	51,289	7,896,341
Total expenditure			7,927,813	51,289	7,979,102
NET INCOME			169,729	(16,791)	152,938
Gains on revaluation	of fixed	assets
NET MOVEMENT IN FUND			169,729	(16,791)	152,938
Total funds at 1 August 2020			10,760,132	266,349	11,026,481
Total funds at 31 July	2021		F.10,929,861	R249,558	f11,179,419