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PRIOR'S FIELD SCHOOL iNANCIALE3TATEMENTSt*¥, Ju INDEPENDENT DAY & BOARDING SCHOOL FOR GIRLSAGED 11-18 prlorsfieldschool.com
CONTENTS PAGE Governors, Senior Advisors Report Report Governors Strategic Independent Auditors, report 20 Consolidated Activities Statement Financial 23 Balance Sheets 25 Consolidated Statement 27 Financial Statements 28 PRIOR'S FIELD SCHOOL Page 2
GOVERNORS, DIRECTORS AND CHARITY TRUSTEES The Governors of The Prior's Field School Trust Limit8d {"the Charity") are the School's charity trustees under charity law and the directors of the charitable company. The members of the Governing Body who served during the year are detailed below. MlssAChan MSC Mrs E Flor•ntlad•s Until 30.11.2023 Mr R Huzhos BS¢(Hons) FCMA Mr A J Oough BS¢ UED. BSc(Hons) MA Mr C Ingham Mr M K•Uwood DSC From 30.11.2023 MrAGrlfflths BA From 13.06.2024 Ms M James, BA Mrs R Kamaryc, BA (Hons). Msc, PGCE MrA McLoan B&BS¢ {Hons) Ms M de Sausm•rez BS¢ Mrs H E Morrls Dlp Bldgcons MRICS Mr RJ Southey BA FCA Until 31.08.2023 Page 3
(1,) Education &Welfare Committee (2) E8tstes Committee ,. 13) Flnance Committee (4) Governance Committee. During the year the 8Ctivitle8 Of the'Governfrng Body were carried out through four committees. The membershlp of these committees is shown above for each Governor. Page 4
.SENIOR STAFF.... . Ms Zoe Ireland BA (Hons): PG,CSÉ .Mrs È-L Mccann LNBA . -Mrs'S Churchill.. i>rlorsfleld Road . Godalming Surrey. GU7:2RH.. ci•rk .ADVISORS, ,.. Hays Mac"LLP. '10.:Quèen,Street P,lace: 'Lo'ndon'ffg.'""..,. &F:":EC4RY1 AG .-.... ,15-':"4 NatMi.est liarik..:. . Guildford'cornrnercial Office: "P.O.:Box.1."2nd Floor G3". 'Guildford.::.l- ..-:Surrey.:'".Ik-.. ..GU,1:3ZR: . The.Oriel. °''124Guildford k;"-k ' Surrey.,- P.enningtons Manches'CoOper.L'L'P- . ' F.orbu.ry..Roaci) .Reading. .Berkshire%41•. RG1'1.1AX . ' ? Marsh Brokers Liiiiited -sch-ools Division r.." . •{.ROckwoQd.H0use.- '9-17 Perrymount Road. . •Haywards'Heath', iVvest'.Sussex-.. RH1.6-3DU:. -. riorsfieldschool=corri I rktogovernors hool:.com'.
REPORT OFTHE GOVERNORSAND STRATEGIC REPORT STATEMENT FORSTAT Accouilfs 202>24 The members of the Prior's Field School Trust Limited Governing Body present theirAnnual Report and Financlal Statements for the year ended 31 July 2024 under the Charities Act 2011, includingthe Directors, and Strategy Reports under the Companies Act 2006. REFERENCE AND ADMINISTRATIVE INFORIqATION The Priorts field SchoolTrust Limited is constituted as a company limited byguaiantee registered in England. No. 667700 and is registered with the Charity Commission under Charity Number 312038. The Prior's Field School Foundation is a subsidiary charity registered in England No 312038-1. Prior's Field Enterprises Ltd is a wholly owned subsidiary registered in England, No. 3760347. Details of the Governors, Senior Staff and PrincipalAdvisors duringthe yearare shown on pages 3 and 5. STRUCTURE GOVERNANCE AND MANAGEMENT Governlnrf D•¢um•nt The Charity is governed by its Articles of Association adopted by special resolution on 22 March 2012. GovernlnK B•dy The Governing Body is self-appointing: with one-third of its members required to retire by rotation at each Annual General Meeting. Thefirst appointed. or longest serving since their last reappointment, are the firstto retire. Members retiring by rotation may offer themselves for re-election every three years up to a maximum period of twelve years. Members who have reached the age of 70 must be re-elected annually. Ro¢rultment and TralTrlng GoMrnors Nominations for new Governors are sought through introductions from existing Governors. the Head orthe Bursar. Advertisements are also posted in appropriate forums. Particular regard is given to the need to maintain a range of skills within the Governing Body, including finance, education, pastoral and propety expertise. Prospective Governors are invited to discuss their skills and experience with the Chair. Deputy Chair and Head in the first instance and are given information about the School and the role and responsibilities of a Governor. New Governors are provided with induction support. including a tour of the school, discussion of key aspects of school business and developments and lesson observations. Through a "Buddy" system, existing Governors provide support and guidance to new Governors. Newly appointed Governors are encouraged to attend external conferences and training events, and seminars organised by the Association of Governing Bodies of Independent Schoots (AGBISI and other provideis. Ongoingtrainingto all Governors is normally provided through workshop sessions at Board meetings. Page 6
REPORT OF THE GOVERNORS AND STRATEGIC REPORT oryanl•atlon•l Manaq•m•nt The members of the Governing Body. as the charity trustees, are legally responsible for the overalL management and control of the Schoo(. They meet as a Board at least three times a year. The work of reviewing and monitoring the implementation of their policies is carried out byfour committees. each of which usually meets at least once Igri'ii. EULI I Guv¥i Iiui ri Igiiibgi uf dl lea¥t uiiv cuinniittee-and all Governors are eriLL>uiaged to attend meetings of other committees to 8SSiSt in their understanding of the School s activities. Membership of the ,"/ri_% ((IU//n? committees is shown on page 3. The Education and Welfare Comrnittee monitors and evaluates the School's educational programmes and welfare policies and procedures:.the committee was chaired byAndrew Gough and Is now chaired by Ros Karmaryc. The Estates Committee monitors arid evaluatesthe upkeep and further development of the school buildings and grounds; the committee is chaired by Crispin Ingham. The Finance Committee scrutinises budgets and capital expenditure. monitors spending, reviews management accounts and finalises the audited financial'statements and,annual reportfor approval bythe Governing Body: the committee is chaired by Richard Hughes. The Governance Committee reviews'811 matters relatingtothe governance of the School includingthe functioning I I i and merntiership of the Board and its committees and the appointment of new Governors; the committee is chaired by Andrew McLean. The day to day,management of the School is delegated to the Head and.the Bursar.4SUPPQrted bythe Senior Leadership Team, who together are the key management personnel. The Head and the Bursariattend Board and most committee meetings. Empioymont and R•muner•tlon Ttrie Budrd sets the remuneration uf key Irianageilieiii personnel. with the objeLtive of.provldlng appropriaie incentives to encourage enhanced pertormance and of rewardingthem fairiyfor their individual'contributions to the success of the School-. The appropriateness and relevance of the remuneration policyfor all staff is reviewed annualty, including rèference to benchmarking information.:to ensure thatthe School remains sensitive to the broader issues of payand employment conditions elsewhere.%Delivery of the School's charitable vision and purpose is p.rimarily dependent on the key management personnel: the largest element of chaiitabLe expenditure is staff costs. The School'is activelycommitted to ensuring equality of opportunitythrough the cieation of an environment in which individuals are treated on thc ba1 of thoir rclovorit Merit and abilitiC*J and where all mcmbcr3 feEI respected. Consultation with employees at all levels ensures thatthe views of employees are taken into account wtrieri (JeLi25iUllb are made th8t are likely to dffeLt their interests. All yt8ff ¥ie biiefed at Ilie be8iriiiing of e8c'FI teirn. with shorter briefing sessions held once a week.-The Senior LeadershipjTeam meets regularlyto discuss progress on the achievement of strategic plans and there are a150 regular meetings ot Heads of Department where teaching and learning strategies are discussed. The Governors brief staff on a regular basis. coveringtopics of whole school interest. Pastoralteams also meetweekly. The Head is a member of the Girls. Schools Association and the school is an accredited mernber of the Independent Schools Council. Cluster group meetings are arranged at all levels providing many opportunities for staff development. The School is a member ofthe BSA and the Head is a member of the GSA Boarding committee. The Bursar is a member of ISBA and Head and Governois are associates of AGBIS. UI 2N5V/f ) 11 Page 7
OBJECTS AIMS OBJECTIVESAND ACTIVITIES Charitable objects: The principal charitable object is to promote education in England and through the development of Prior's Field School. Prior's Field is a school where individuals and individuality matters. Our aim is to allow every individual to fuLfil their potential through an outstanding all-round education. Our five core pillars to achieve this are: 1. Intellectually Ambitious 2. Welcoming and Inclusive 3.Embr8cinE Opportunity Empoweringeach glrl to aspire. aehithy 8nd exeeL we cultivate on ambhlous acadernic environment where detennination fuels success. . Our pastoral care extends be}nd . the classroom, nurturinghgarts. rnlndj. and spirlts of both daygirts and boarders. Oui COvcurricu18r progr8mm8 compleme3 acadèmi¢ pursults. auowlnggirts to develop Into well- rounded Indlvidu81s. 4. Global Perspective 5. Inspiring Spaces W8 are commitlod to oxcollen¢o, ineluslon. social responslbllhy and su¥talnabllity. We empoweryoung women tob8 bold leaders. maklnga PO8ltive imp,a¢t on soclety ano tho en¥iionment. (r Insplring spaces encourag8 exploratlon. ¢reatMty, and ¢oliaboration, insttllinga deep eppreciation for our rurol surroundlngs, and allowlng students to flourish. Our Mission Statement: We inspire individuals to fulfil their potential and cultivate a deep sense of self. Through a culture of admiration, hope, and love, our students celebrate achievement and creativity, becoming bold and brilliant women readyto make their mark on the world. PRIOR'S FIELD SCHOOL Page 8
ntelle ous Empoweringieach girl aspire, and excel, environmerit where determination Through innovative teachingimethods unwaveringisupport, Instil drive for everyone lo fulfil their potential, allowing them become lifelong'iearners and future leaders ever-evolving, modern to ackiieve we cultivate ambitious academic success. we to Welcoming p8storal boarders. ncluslve care extends beyond the cla3sroom, nurturing,he8rts, spirits of both know thJt and contented girls thrive. every girl at Prior's they are. We create a warm, inclusive atmosphere. that all girls Cdli flourisli now and future valued, einuliuridl resilieiice for who encouraging so Embracing ortunlty co-cuiriculdl program coinpleiiieiits acacjeniic pursuits, allowing girls to develop iiilo well- rounded individuals. Physical vitality, creativity, problem solving, leadership, social responsibility enrich the Ilves of our students, helping them navlgate thelr future confidently, express themselves and explore their passions. Perspectlve colminitled to are excellence, inclusion, social responsibility and sustainability. We enipower youngwomen leaders, making4a positive impaction.society and environment. transformative day and boarding,education Is shaped by the ever-changing world beyond 2cademics, enabling,young women to embr8ce their unique potent181 and comp&s8ion8te le8ders with 8 global perspective. to extends become. ces Traditional architecture interlwines with modern facilities, creating,a unique meets,the future. Our inspiringispaces encourage exploralion, creativity, collaboration, instilling a appreciation for our rural surroundings, allowingistudents flourish. environment where to Governors, learning through parents and pupils are admiration, hope dnd Involved a creative Darlnership to explore life
111, .) iJ- rtlopl¢JTli•ldts, l:-Jlj aj4lltr.iijs 'y'= i•J•Jalkls, l..Ni-Jlfj-J:4 .41.. 1•1, (JA"I.3 Intellectually Ambltlous Reviewthe curriculum for a modern education Create a Middle Leaders Group to lead on strategy and training Create and review a digital strategy with training led by lead practitioners Instil a sense of excitement and inquisitiveness to learning Develop a clear and unified monitoring system to continually enhance the ac8d6mic accomplishments ofthe school Planning a programme of super-curricular opportunities Continue to review and develop our curriculum in terms of d8Pth and breadth. and relevance to life beyond the classroom 1S'A•Jii4 •.•iJdle Jll.. Il. J'A4p/=k1•14¢1 =11 •).J' i•il?nn¢J.ts1 A¢l-lilj '&'l¥)Irl41' •Jpri•l4-1:4+" l- J •JcJ•J•Jrl.•pff 411.i•i Ipr.Ir Il .14I11?J4& ¢} Welcomlng and Inclusfve Create an inclusive hub incorporatingsEND and wellbeing Continu8 to reviewand developthe PSHEE curriculum alongsidewellbein& pastoral care and EDI Create opportunities through thetaught and wider urriculum for girls to care for others within Prior's Field, in the local community and the widerworld Continue to promote the schoolvalues of 'admiration. hope and love. Annual staff developmenton wellbeing. SEND and pastoral care -¥eJiii1i41-liil'4J )¢JeltJp{..I.fi0& vpi44i/ .=Jl,.4-lffl4' Ilpi". Jl. 'JJgJi•l4 j •La8¢J.iplJ . . •lX¢ .•)•r.11-, l.l=.l-)': I.JLiJ•¥l', J 4."-iJe dtlO?J-: Jr.14 pi}=J:{-- Itl•i:l4i". eli,, tle1[AS} Jt411•l..¢tL•hliJiY.11 el(t4iiiiao¢knJl"- .ybl•J•Jé)rl&•' •]] •:WJlIA Embraclng Opportunlty Commit to co-curricular and super-curricular opportunities beyond academic specifications Ensure opportunities to develop new skills are taken Ensure engagement of all staff in Pfomoting co-curricular opportunities Continue to develop leadership opportunities for students Create regular opportunities for clear student voice Page10
Review comrnittees to identify gaps and establish a robust structure so that all sectors of the community are represented Identify and pursue opportunities to establish academic and cultural links beyond the school All staff to engage in providing leadership opportunities for students Proactively engage with agents to make usthe first-choice school for more overseas students Members of SLTto engage with Prior's Field's international outrea¢h Educatingthe communityto understand the impact each person can have on the local enviionment Workwith key stakeholders and committees to implement all reports Workwith staff to develop vibrant and creative learning spaces Collaborate with the School Eco Committee to achieve selfand community understanding of environmental responsibilities Develop the Estate for future generations Explore opportunities for the local communityto use the school facilities Streamlining of systems to improve consistency and reduce unnecessary software purchases. Review of local and cloud-based systems to manage storage and securitywhile future-proofing. Ernbedding of systems for effective delivery of teaching and learning. Development of vision for future classrooms and T&L based on redesigned IT infrastructure. Installation and embedding of VOIP system. Installation and embedding of IT-based sign-in system. Increased training for staff and students on phishing and cyber-attacks. Increased quality of filtering and protection from external threats. The School was inspected by ISI in September 2022. The school passed the Regulatory Compliance aspect of the Inspection. The keyfindings of the Educational Quality Inspection were that the quality of the pupils academic and other achievements are good and the quality of the pupil's personal development is excellent. The recommendation made was that. 'the school is advised to ensure that all pupils approach their learning independently because all teachers share and implement the most effective method5 to encourage this,. Work is continuingto ensure that this good practice is happening across the curriculum. Ten Year Plan and Projects The Governors and SLT are working hard on updating the Ten Year Plan taking into account maximising wheelchair access and ensuring any development includes inclusivity. Focus will be on ensuringthe infrastructure of Prior's Garth is enhanced to provide a solid buildingfor continued future use and rolling plans of maintenance are being implemented. Future pLans are taking place to include traff ic control and parking. enhancingthe diningfacilities, swimming poolcomplex. additional classrooms and enhancing the sports hall. Wellbelnz To further strengthen and enhance the roles within the Pastoral Team. To have a Wellbeing Centre which would incorporate all key pastoral offices, a nurture room and a quite study space. Page11
Actlons to achleve the prlmary objectlves for 2023124 IT An audit has been started to streamline the systems to improve consistency and reduce unnecessary software purchases. ISAMS is now cloud-based and FROG is underway. Embedding of systems for effective delivery of teaching and learning and development of vision for future cLassrooms and T&L based on redesigned IT infrastructure is a work in progress. Installation and embedding of VOIP system has been completed. Installation and embedding of IT-based sign-in system has been installed and is being monitored. There have been two sessions of training for staff and students on phishing and cyber-attacks. Progress has been made with the quality of filtering and protection from external threats. and this is being reviewed and developed. Independent learning by students has progressed and is being monitored through learning walks and lesson observations. SLT oversee and monitor student outcomes through Departmental reviews of examination results and Departmental Development Plans. The school has a clear five year vision and SchooL Development Plan, which all members of the school community feed into. There are many outlets for student voice through student led committees. Ten Year Plan and ProJe¢ts The kitchen refurbishment was completed to a high standard and has provided a free flow for the students through the seNery. The area is well presented with a modern feel. The entrance to the site has been enhanced and the car park project has been approved by Highways and is currently with the Case Officer. The School is considering fundraising events for certain projects. Wellbelng The Wellbeing Centre is part of the ten year plan. Page 12
Publi¢ Beneflt AGtlvltles and Charltles the S¢hool Supported throughout the year The Governors have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. The School is committed to ensuring that it is meeting its main aim and its charitable objective. The School's aims for the public benefit are: To recognise the need to respond to the challenge of change by giving all members of its community the opportunity to develop, by continual improvement of its facilities and by fostering links with the wider community. To optimise its resources and recognise its responsibilities for administering its charitable funds efficiently and for the benefit of the School and the wider community. ors is committe School to access elcomes rom ac rounds. barrier joining support economic no opinion academic soun progres5 potential enefit Ission. ossess evelop articipation on at er co-curricul8r norma circ stances, School, norm81. should ac8demic irements. several assifications School as co are ea School ac ance It '8nzania. (tr)flxa>yIsfj1 ea ee ocus on Isco 10 20 03 co es owards 8S ce ie IC18 com 202.2123: st partners con ping to Ildren Improve ies re applications 00 eceived Inga., the 00 eason ringthe Page13
Priorfs Fleld actively supports the local community, local charities and associations by making its facilities available at less than cost price or free to a variety of different clubs and organisations. Developlng a sense of philanthropy h8s been at the heart ot Priorfs Field since the school opened and contlnues to be Important. We continued to . actively look at ways we could support And .deve(op tinks with charities and th8 loca( community, encouraging our girls to take the inltiatlve in leading fundraising events. m8king 8 Postrtive difference. despite the global pandemic and the uncertainty in the wortd. We were therefore able to continue to stienwh8n our close links with local maintained school& Soffl• sp¢ •x•mplos of th• S01.* •utr••oh pr•gr•mm•thlsy•ar ar6: A Large niimbe.r of Sixth Formers contlnue to embark enthusiastically on outreach enabling them to volunteer at local primary schools and a local day centre. Prior's Field girls have continued to foster our link with member¥ vf a IuL8I ck)uici) Primetime group and al%0 Robertson Nursing Home who enjoyed an afternoon tea and musical performance in the Rose Garden duringjune. Fifth Form students have been p18nnSng and running sportsworkshops on 81x separate occasions in October and November for students from 8 local junior school. Music outreach dayfor localjunior schools and Future Engineers Dayfor local primary school students and the School held at textiles workshop at a local school. House charity Initiatives whefe the students choose a new charityto support each year. The School ran a'jeans for Genes, dayto raise money for thos8 With genetic dlsorders. Many staff have raised funds for local end national charities and supported them in other ways. Prior's Field Scouts group. which launched iri September 2019, contiiiues tu flouiisl). W¥ liave lidd a varied program over the ye8rwith air rifle shooting. night hike. climbing and other activities with Olher groups Ilkewide games in the Prior's Fleld Woods and a Christmas quiz here at PF aswell. We attended the Frost camp at 8entley Copse which took place at the end of February. Wetook p8rt in the Remembrance Sunday service in Godalming and, ' paraded through Godalmlng afterwards all in smart uniform. Scout participation h'8s been an even mix of students ofthe School and young people from Godalmlng. The School has hosted Tnajor events for a local .Church and lor the Glri guldes Diviston Olympics. Other Charltles the School supported throughout th• y•ar These Charities are suggested by the students A total of £7,500 was raised for the following charities: Macmillan cancer, World Wide Fund for Nature, Marie Curie, Cancer Research, Hygiene Bank, British Red Cross and Help for Heros. The School went through a de-cluttering process and donated Maths text books to Books2Africa. Page 14
STRAITEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Reviewof achievements and pertormancp forthe year The new Head. Zoe Ireland. has extensive senior l8adership experience in the ail girls independent sector. She has also worked overseas with service children. She has implemented a newfive yearvision and strategic pian and a working school development plan has already bean PLrt in pI8C8. Our summer 2024 public examination results were as follows: GCSE- 9-7= 57.7% GCSE- 9-4= 98.6% A Level-A"_C- 100% Student aehlevements: One of our students is now British Senior Alpine Champion and was a finalist in the Independent School of the Year awards, in the Rising Star category Another student last year became National Champion for dressage atthe NSEA Championships at Hickstead Chemistry Olympiad excellent results Tennis successes: Surrey LTA Schools Competition. Runner up (Year 9110), Division 2 100% pass ratc in As600iatcd 8oord. Rooksc.hool ond Trinity Guildhall Musie cxomg U16 and U14 Hockey successes- the U16 team reached the last sixteen of the national Tier 1 Championships Wider school achlevements: Upper School Production 'Guys and Dolls, Rock Chic (celebration of Creative and Performing Arts) Lower school production 'Mirror Mirror. Hosting first ever GSA U12 Crickettournament. which wewon Hosting u13 Novice Gymnastics Battle of the Bands Female Future Engineers Day Sixth Form enrichment including volunteering Eleven students completed a Duke of Edinburgh award {6 Bronze: 3 Silver: 2 Gold) Page 15
FIFtlAFtJCIAL REVUEWAND RESULTS FOR THE YEAR The group's net incomel{expenditure) on unrestricted funds for the year was £(273,896) {2023 £306,767) The total restricted net incomel(expenditure) was £(34,198) {2023 {£(50.910)). The principal source of income is from tuition and boardingfees. This is supplemented by income from letting outthe facilities to third parties. In pursuing its business. the charitytakes account of its responsibilityto maintain the Grade 2 listed buildings and site, which are its principal, tangible asset. The group's total reserves amount to £11,370.888 of which £71.154 is restricted and £11.299.734 is designated, representing as far as possible. the investment the school has made in the fabric of the buildings. Reserv•s Pollcy and ObJ¢¢tlv•$ All surpluses are retained for reinvestment in the School and therefore the group currently has no free reserves (general funds less those held in tangible fixed assets). The Board reviews annuallythe level of reserves and the financial needs for the future taking into consideration the overall Strategic Plan covering the following five years. The Board is satisfied that the resources 8vai18ble to the Trust, including a continuing loan f8ciLityfrom its banker; are sufficientto sustain its operations forthe foreseeable future. Fundralslng Perforniane• and Practl¢¢s The Prior's Field School Foundation is a subsidiary (linked) charitywhose purpose is to raise funds to provide fortransformationaL bursaries and to develop the school's educational facilities. Working in collaboration with 8 number of other partner charities, we are able to reduce economic barriers further and enable more girls to access the education and pastoral care on offer at the School. The Foundation supported two pupils during the 2023124 academic year. During 2023124 donations and fundraising activities raised a total of £15.290. In total £614.711 has been raised since the formation of the Foundation in 2012. The Governors are aware of the Charities (Protection and Social Investment) Act 2016 and recognise the importance of meeting the highest standards of practice and care in relation to fundraising activities. The School only raises.funds from Old'Giris. parents,"staff and thosewith a personal connection to the school ///n I!Il///n/ and does not undertake fundraising campaigns to members of the public. The School considers the origin of unsolicited donations and legacies. The School does not share or purchase any donow data with or from third parties. In 2023124 the School did not engage with independent professionalfundraisers. In 2023124 the School did not receive any complaints 1/11 in.relation to-fundraising or raise any matterwith regulators. Page16
FINANCIAL REVIEWAND RESULTS FOR THE YEAR Prln¢lpal Rlsks and Unc•rtalntlo9 r)p.tailpd conside.ration of risk i.s dplp.gated to thp Cyovernanr.e. e*ommittee assisted by t.he Hp.ad and Bursar. .Spp.r.ifie. ri8Ls Afp. A88P.8.8pd anrf c.c)nlrc•lled on a rfay-tn-day basis by memhe.r8 of thp. sp.nior L.eadership Team. TFie Guverriurs consider the econoniiG Jnd politicdl unceri¥iiilies of current tilTies and tlie abilily ul par8rit¥ to afford fees to be the principal risks facing the School. The School has maintained good pupil numbers but there is no room for complacency. The Governing Body is mindful of the financial pressures on parents and tias ¥uuglit lo limit fee increases as much as possible. Tlie Seiiior Leadership TeaiTI and Ilie BL)<ird tri¥v rp.vifiwp.d thp. Rijsinpss Risk Rp.gister and have identified thp. fnllowing key risks that coijld havp. a npgativp. iiiipdLI il me¥suies were not In pl8Le to iiiuiiilur and mitigdte tligiii: Failure to safeguard children Failure to recruit suitable staff to work in a boarding school environment F¥ilureto educate aTid maiiitain reabVll<ible exarTI grades Safety and Security infringements Politically motivated changes VAT on schoolfees Loss of business rate relief Increased cost of National Insurance Page 17
In each case the Goveming Body has &yaMin the corrttvl medsures iri pla to prevttiil or ri11dIe the risks. diid is satisfied thattr Senior Leadership Team is successfully implementingthese measures. The Govemors require thefollowing keycontrols to be in placeto manage business risk. Fofm8lTerms of Reference. 8gendas and minLrtes for all Committee and Board meetings: StratsOC deNElopment planningand subsequent staff briefing Comprehensive budgetifl8 prucess'et+. monitorir of iTwlldgement accounts and fonnaifinaiiLial regutdlivi sgliii Ig (xjtdelegations and limitations of financialauthority. togetherth operational practices and prOdUres. Fofmal WTitten policies and operational guidelines reguL3rty reviewed for effectiveness and updated to comply with regulatorychanges; Prescribed recruitment and vetting procedures for staffr. estsblished organisational structures and lines of reportin& The Head and the Bursar.proMde rffjilar(letaiied POt0 the Board and Commiitees; and The Governing BodypiS"satisfied tll it)é:rnajor riskslidentified'h<Ae been adequately rriitigate(J where necess(Ily tt)ougli it is recognised that systems can'onty" provide reasonable birt not absolute assurance that major risks have I: IL/, been 8dequatety managed.-- The Governo are responsible for préparing the Govemors'iReport'aThY the financial statements in accordance wth applicable iawarid regulations. Compary law.requires the. Govemors to preF)are financial,stateinents,for.eath financpl year. The GoNEmors have elected to prepare the financial"staternents in accordarice.Yath-United lfjngdom Ge[aUY Accepted Accounting F*actice IUnited.Kingdom-Accounting Standfird4¥ 8fKI opplicable law). Undcr.CoMpry the Governow muot rKrt ij approv6 the financial sLqtements unless they are satisfied that Ih8y gwe a tfue and tsir view of the stste of affairs of the I,. /1 compary and ofthe profft or loss of the comparyfor that petiod..in preparingthesefinancial statements. the Govemors are requiredto: Selectsuit8ble accounting pdiciès andthen apptythem consistently, Observethe methods and principlès inthe Charitss SORP: Make judgeriients and accountingestimatesthat are reasonable and prudent. Preparethe financial state, ments on the going concem basis unless it is inappropTiate to presumethatthe company willcontinue in busin&ss: and stste whether appts'cable UK.Accounting.standards have.been disclosed and explained in thefinancialstatemerts. followed, subject to ary material departures Page 18
The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at anytime the financial position of the company and enable them to ensure that the financial statements complywith the Companies Act 2006. They are also responsible for s8feguarding Ilie dssets of Ihe company and hence for taking reasonable steps forthe prevention and detection of fraud 8nd other irregularities. Having reviewed the funding facilities available to the Trust togetherwith the expected ongoing demand for places and the Trust's future projected cash flows, the Governors have a reasonable expectation that the Trust has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the School's financial viability. Accordingly, they also continue to adopt the going concern basis in preparing the financial statements. So far as each of the Governors is aware at the time the report is approved: there is no relevant audit information of which the company's auditors are unaware; and the Governors have taken all steps that they uughL lo li¢ive Lakeii to inake themselves aware of any relevant audit information and to establish that the auditors are aware of that information. The Governors report, incorporating the Strategic Report, was approved by the Board of Governors on 20th March 2025 And signed below on its behalf by: Clerkto Governors Sarah Churchill IW/ Page19
REPORTOFTHE INDEPENDENT AUDITORSTOTHE OOVERNORS Oplnl•n Wt) Iidve audil'ed the firidiiLldl strdlenieiits uf Piiui's Field School Tiu¥l Liiiiited for tlie yttdi elided 31 July 2024 which comprise the Consolidated Statement of Financial Activities. the Consolidated and ChArity Balance Sheet. the Consolidated Statement of Cash Rows and notes to the financial statements. including a summary of sigiiifiLdllt aLLouritirig poliLiv*•. Tlie firianGial reporting frarnework that trias been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom GenerallyAccepted Accounting Practice)- In our opinion. the financial statements: give 8 true and fail view of the state of the group'2> and of the parent's charitable company's affairs a.8 at 31 July 2024 aiid of Ilie group's aiid parent Lliarit8bLe comp8iiy's riel niuveiTieKit iii fuiiLI?•, inGludirig ilie income and expenditure. forthe yearthen ended: tldV¥ b¥¥ii pivp¥rly prepaivd iri accordance willi Uniled Kingduiii G8ii¥i¥lly Accepted Accountln8 Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing {UK) {ISAs (UK)) and applicable law. Our responsibilities under those Standards are further described in the Auditor's responsibilities foi the audit of the financial statements section of our report. We are independent of thp. group in accordance with the ethical requir¥iiitsnts that are relevant to our audit of the findncial statement8 in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibiliti88 in aGLvrdance willi ltriese requirerrierils. We believe that the audit evidence we have obtained is 8uffic.ip.nt and appropriate to provide a basis for our opinion. Con¢luslons rnlatlng to golng concern In auditing the firi&iiiGiaL stdtements. we liave concluded thdt the tiustees. use of the going concern basls of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfurrF)ed. we have not identified any material uncertaintie8 relating to event8 nr Lundiiiofls that. iiidividually LullvLlively. may cast significant doubt on the group's abilityto continufi A8 A 'oiiig Goncern foi a periud uf at least tW8lve months from when the fi118ncial stateiri8iil¥ authoris8d fnr issue. Our respurisibilili¥s diid Ili¥ 1¥spviisibilities of the Irustees with respect to going concern are describe.d in the relevant sections of this report. Oth•r Inform•tl•n The trustees are responsible for the other information. The other information comprises the Information included in the Report ol the Governors and Strategic Report. Our opinion on the financial state.mpnt8 dnp.8 riot cove.r the. other information and, pxr.ppt t() the extent otherwii>e explicitly stated in OLir report. W8 do not express anyform of assurance conclusion thereon. In conn¥Lliuri willi oui audit of the financial statements, our respunsibilily is lu Ili8 uther informatlnn and. in doing so. consider whether the other information is materially inconsistent with the financial ¥tyleriieiit¥ uur kriowledge obtained 511 tli¥ audit or utlienNise appears to be materially mlsstated. If we identify such material inconsistencies or apparent material misstatem8nts. we are required to determin whetlivr Iliere is a material niisstatement in the financial statements or a materlal mlsstatement of the other infoirnaliuii. Ir. based uri the woik we liave perfuirTied. we conL'lude Iliat Iliere Is a material mi.8statemfint nf this other inform8tion. we are required to report that fact. We have nothing to report in this regard. Page 20
Oplnlons on oth•r matters pres¢rlb¢d by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Report of the Governors and Strategic Report (which includes the strategic report and the directors. report prepared for the purposes of company law) for the financial year for which the financiat statements are prepared is consistent with the financial statements; and the strategic report and the directors. report included within the Report of the Governors and Strategic Report have been prepared in accordance with applicable legal requirements. Matters on whl¢h we are requlred to r¢poi1 by exceptlon In the light of the knowledge and understanding of the group and the parent charitab(e company and its environment obtained in the course of the audit. we have not identified material misstatements in the Report of the Governors and Strategic Report {which incorporates the strategic report and the directors. report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion: adequate accounting records have not been kept bythe parent charitable company: or the parent charitable company financial statements are not in agreement with the accounting records and returns: or certain disclosures of trustees. remuneration specified by law are not made; or we have not received alL the information and explanations we require for our audit As explained more fully in the trustees. responsibilities statement set out on page11, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessaryto enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the group's and the parent charitable company's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group Of the parent charitable company or to cease operations. or have no realistic alternative but to do so. Audltor's responslbllltles for Ihe audft of the flnanclal st•tom•nts Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not 8 guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instsnces of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the independent school regulations, safeguarding regulations, health and safety requirements. GDPR, ernployment law. company law and charity law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011. and payrolltax. Page 21
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to the improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: Inspecting correspondence with regulators and tax authorities; Discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud. EvaLuating management's controls designed to prevent and detect irreguLarities' and Identifying and testing journals, in particular journal entries poste(J with unusual account combinations. journals posted around the financial year end. and journals postings with unexpected or unusual descriptions- Challenging assumptions and judgements made by management in their critical accounting estimates and areas of judgement. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likeLy to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as frau(J involves intentional concealment. forgery. colLusion. omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: wwl.frc.0rg.uklauditorsrespQnsl o&. This description forms part of our auditor's report. Use of our report This ieport is made solely to the charitable 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 charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work. for this report, or for the opinions we have formed. Jane Askew. Senlor Statutory Audltor for and on behalf of Hays Mac LLP. Statutory Audltors. 10 Queen Street Place. London. EC4R 1AG Date 9 April 2025 Page 22
THE PRIOR'S FIELDSCHOOL TRUST LIMrrED-Comp4ny Number. 66rn0 CONSOUDATED STATEMEKf OF FINANCIALrmTIEs (IncorpoMin8 lncoma8f Expandrn Acco FOR THEYEAR ENDED 31 JULY 2024 Unre*rictsd Totsi Fd8 Funds Fund 2024 2023 INCOME FROM: eIllIble activltl Fees 7.586.326 7.586,326 8,174.332 Other ac•demi¢ income 616.424 616.424 768,693 Other income 85.397 85.397 124.687 Grant4 Donations andlogaeies 8.232 20.040 28.272 47.866 Otheriradlng act118$ L8ttln8 income 172.592 172.592 89.295 Hire of sports and transport facilities {54) 1541 15.930 Investments 25.116 25.116 17.998 Totsi income 8.494.033 20.040 8.514.073 9.238,801 EXPENDITURE ON RalslrqFund8 Tradingexpenditure 36.751 36.751 53.139 Ch8rltsbie actlvltles 8.731.178 54.238 8.785.416 8.929.805 Total expendlture 8.767.929 54.238 8.822,167 8.982,944 NEf INCOMEI (EXPENDITUREI (273.8961 (34.1981 1308.0941 255.857 Total funds at 1 August 2023 11.573.630 105.352 11.678.982 11.423.125 Total fvnds at 31 July2024 £11.299.734 £71.154 11.370,888 £11.678,982 CONTINUING OPERATIONS None of the group's activities were acquired or discontinued duringthe current or previous periods. TOTAL RECOGNISED GAINS AND LOSSES The Siaiement ot Financial Activities of the parent undertaking is not presented as part of these financial statements. The parent undertaking's total funds at the year-end were É10.376.73712023: £10.648.025) and its surplus of income over expenditure for the year amounted to £308,09312023: £293,067). Comparative figures for 2023 are shown. The accornpanyingnotes tothe Financialstatements on pages24-37are an integral partofthis statement. The financial staternents were approved and authorised for issue bythe Governors on 20th March 2025 and were signed below on its behalf ty: +sd ytrw9 H Morris Chair Page 23 IlDEPEr4DEIT DAY & OOARDING fCI IOOL foftGifiLSAGEDI1-18 prinrsfie.ldschool.com
THE PRIOR'S FIELD SCHOOL TRUST UMITED-Comp8ny Number. 66T7rxi CONSOLIDATED STATEMENf OF FINANCIALI£TMTIES On¢owing Income and Ewondibjre Account) FOR THE YEAR ENDED 31 XILY 2024 2024 2023 FIXED ASSETS Tangibl8 fixed assets 12 14.088.786 14,110.074 CURRENT ASSETS Stock 13 35.621 28.951 Debtors 14 360.959 475.987 CJsh 8tbank8nd in hand 3.165.338 2.372.994 3.561.918 2.877.932 CREDITORS: amounts falling due within one year 15 12.349.316) (2.155.288) NEfcuRRENT IUABIUTIESYASSETS 1.212.596 722,644 TOTALASSEfs LESS CURRENT LBluEs 15.301.383 14,832.718 CREDITORS: 8mounts faIng due after rnore than one year 16 13.930.5(KII 13.1 $3.7361 £11.370,888 £11.678.982 FUNDS Vnr08tri¢tod lund8 178 General Non-charitable lunds 1.030.957 Propertyfvnd lincludini revaluation resorve} 11.299.734 10.542,673 11299.734 11.573,630 Restrlcted fvnds 17b 71.154 10S,352 TOTAL FUNDS 18 £11.370.888 £11.678,982 The accompanying notes to the Financlal Statements on pages 24-37 are an integral part of thi$ ststement The financi81 st8tements were opproved and authorised lor i88ue by the Go¥ernw8 on 20th March 2025 and were signed below on its behalf ty- +sfyL H Morris Chair Page 24 INDEPENDENT DAY & BOARDING SCHOOL FOR GIRLSAGED 11-18 priorsfieldschool.com
THE PRIORS FIELD SCHOOL TRLIST LIMFfED-CompanyNurnb8r. 6677(Kl CHARtTY BALANCE SHEEr AS AT31 JULY 2024 2024 2023 Notes FIXED ASSErs Tangible fixed assets Investments 12 14,088.786 12.820 14.101.606 13.395.487 12.820 13,408.307 11 CURRENT ASSErs Stock Debtors Cash at bankand in hand 13 14 3S.621 360.959 28,951 485.577 3.162.388 2.361.318 3.558,968 2.875.846 CREDITORS: amounts falling due within one year 15 12.359.186) (2.482.392) NEfcuRRENT {LIA8ILITIES)IASSErs 1,199,782 393.454 TOTALASSEfs LESS CURRENT UABILMES 15.301.788 13,801,761 CREDITORS: amounts falling due after more than one year NEfASSErs 16 {3.930.500) 13.153.736) £11.370,888 £10,648.025 FUNDS Unre8trict8d fund8 General Propertyfund (including revaluation reserve) 17a 11.299.734 10,542.673 11,299,734 71.154 10.542.673 105.352 Restricted funds 17b TOTAL FUNDS 18 £11,370.888 £10.648.025 The accompanying notes to the Financial Statements on pages 24-37 are an integral part oflhis statement. The financial statements were approved and authorised for issue by the Governors on 20 March 2025 and Yre signed below on its behalf by: +sa H Morris Chair Page 25 INDEPENDENT DAY & BOARDINGSCHOOL FORGIRLS AGEDI1-18 priorsfièldschool.com
THE PRIOWS FIELD SCHOOL TRUST LIMITED-Crynpany Numl)er. 667700 CONSOLIDATED BALANCE SHEEr ASAT31 JULY2024 2024 2023 Notes Nol c88h Infiowfrom operatlon¥ 1.611.975 811.926 Cash flows from investing activities Interest received 25.116 17.998 8ankcharges and interest Purchase of tanwble fixed assets (239.5121 (173,669) (402,7501 (113.441) 1617.146) (269.111) Net cash (used in) I Provided by Inv88tlng actlvltlo8 Cash flows from Financing actsvitles Repayments of capital on loans Newlaan capital 994,829 542.814 1428.750) (639.842) 226.266 359.249 Net Cash (used in) I prOded by financlng activities 1202.484) 1280.5931 Change in ¢88h and c88h equlvalents In the reportlng perlod 792.345 262.221 Reconciliation of net cash ftow movementto movement in net debt (Decreaselfincrease in cash in the year Cash oufflowl(inflow) from movement in debt financing 792.345 262.221 202.484 280.593 Change in net debt resultingfrom cash flow 994.829 542.814 Movement in net debt in the ye 994.829 542.814 Nel debtat 1 August 2023 (984.5211 (1.527.327) Netdebtat31 Juty2024 10,308 {984.521) Page 26 INDEPENOENT DAY & 80ARDING SCHOOL FOR GIRLS AGED 11-18 prlorsfieldschool.com
THE PRIOR'S FIELD SCHOOL TRUST LIMITED-Conwony Number. 667700 CONSOUDATEO STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 NEfcASH INFLOW FROM OPERATIONS 2024 2023 Net income beforetransfers 1308.0941 255.857 Depreciation 424.038 418.448 Ilncreasel in stock (6.6701 12.601 Ilncfeasel in debtors 115.029 {115,6361 Increasel(Decrease} in creditors 1.173.276 84.985 Interest recelveil (25,116) 117.9981 Bankcharges and interest paid 239.512 173,669 Net cash inflow from operations 1,611.975 811,926 At 1 August 2023 At 31 July 2024 ANALYSIS OF CHANGES IN NET DEBT Ca8hilow Netcash Cash in hand and at bank 2,372.994 792.344 3.165.338 Debt: b8nk loan and ov8rdr8ft Debt falling due within one year (280.755) 206.217 174,538) Debtfallingdue afterone year 13,076.7601 13.732) {3.080.4921 Subtotal 13,357.515) 202.485 {3.155.0301 (984.521) 994.829 10.308 Page 27 IrDEpeNDErT DAY & DOARDING tClplOOL FOR GIRLS AGEDI1-18 prlorsfieldschool.com
TrIE PAIOA'S FIELD SCHOOL TRUST UMrrED_ Company Numb•r. 86771)0 NOTES TOTrIE CONSOLIDATED CASH FLOWSTATEMENT FOR THE YEAR ENDED 31 JULY 2024 1. ACCOUNTING POLICIES Accountlng conv8ntlon The financial $tatements have been prepared in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFAS102). the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland (FRS 102) second edition effective 1 January 2019. On transition to FRS102. Ihe School elected to include its freehold land and building at deemed cost, as permitted undèr the transitional rule$. The Trust has taken advanlage of the exemption available to a qualifying entity in FRS 102 from the requirernent to present a charity only Cash Flow Statement with the consolidated financial statements. Golng Concem Basls Having reviewed the funding fa¢ilities available to the Trust together with the expected ongoing dèmand for places and the Trust's fulure projected cash flows. the Governors have a aSonable expectation that the Trust has adequate resources to continue its activities forthe foreseeable future and considerthatthere were no material unctsrtainties over the School's financial viability. AGcordingly. they also continue to adopt the going concern basis in preparingthe financial statements. These financial statements consolidate the results of the Trust and its whoLiy owned subsidiary. Priors Field Enterprises Limlted. on a line by line b8SiS. The Trust is a Public Benefit Entity rewstered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 15 August 1960 (company number- 667700) and registered as a charity on 4September 1963. charity number: 3120381- Critical accounting judgements and key sources of estimalion uncertainty In the application of the accounting pokn"cies. Governors are requirèd to make ludgement. 8Stimates. and gssumptions about the carrying value of assets and liabiirties that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differfrom these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects onlyihat period, or in the period of the revision and future periods if the revision affected current and future periods. In the view of the Governors, no assumptions Concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material 8djuslment to their carrying amounts in the nextfinancialyear. The following accounting policies have been applied consistently in dealingwith items which are considered material in retation to the Trusl's financial ststements. Basis of consoudatlon These financial statements consolidate the results of the Trusi and its subsidiary charity. Prlor's Fleld Foundation, with its wholly owned trading subsidiary, Priors Field Enterprises Limited. on a line by line basis. Income Income is accounted for oncetheTrust has entitlement to income. it is probable that income will be received. and the amouni of income receivable Can be measured reliably. Page 28 INDEPENDENT DAY & 80ARDING SCHOOL FOR GIRLSAGED 11-18 priorsfieldschool.com
THE PRIOR'S FIELD HOOL TRUST UMrrED-Company Number. 6677rxi NOTESTO THE CONSOUDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Fees are shown net of bursaries. scholarships and other awards {note 3). Staff discounts are treated as an expenditure item. Furlough income is accounted for In the year in which employees w8r8 placed on temporary leave. enditure Expenditure is accounted for on an accruals basis and is recognised when there is a legal or constructive obligatlon to pay for expenditure. All costs have been attributed to the f unctional categorias of expenditure in the Statement of Financial Activities. The Trust is not iegistered for VAT and accordingly expenditure attributable to the Trust is included gross of irrecoverable VAT. The subsidiary is registered for VAT and expenditure attributable to that company is included net of VAT. Tanglble flx8d a88et8 Fixed assets are stated at cost or deemed cost less accumu18ted depreciation and impairment losses. Assets costing more than £1.000 are capitalised. Depreciation is provided on all tangible fixed assets other than freehold land. at rates calculated to write oft the cost less the estimated residual value of each asset over its expected useful life, as follows: Leasehold buildings 2% on cost. with a full yegr charge in year of acquisition 2Wo on deemed cost. with a full year charge in year of acquisition 25% on a reducing balance basis. with a full year harge in year of 8CqUlSition 10% on a straight line basis. with a full year charge in year of acquisition 16.6% on a straight line basis, with a full year charge in year of acquisition (included in the total for furniture. fittings and equipment) 25% on a straight line basis. with a full year charge in year of acquisition Fweehold buildings Motorvehicles Furniture. fittings and equipment Computerequipment Plant and machinery Flnancial Instruments The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at trans8Ction value and subsequently measured attheir settlementvalue. Debtor8 Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net ofanytrade discounts due. Ca8h8t bankand In hand Cash at bank and cash in hand includes cash and shortterm highly liquid investmentswith a short maturity ofthree months or lessftom the date of acquisition oropeningolthe deposit or similar account. Credftors and provisions Creditors and provisions are recognised Ythere the Trust has a present obligation resulting from a past event that will probably result in the transfer of fund5 to a third party 8nd the amount due to settle the obligation can be measured or estimated reliably. Creditorsand provisions are normallyrecognised at their settlement amountafter allowingfor anytrade discounts due. Stock Stock is stated at the lower of cost and net realisable value. Stock reflects books and stationery. art and photographysupplies and otheritems. Page 29 INDEPÉNDENT DAY & 80ARDING SCHOOLFOR GIRLS AGEDI1-18 priorsfiéldschool.com
THE PRIOR'S FIELD SCHOOL TRUSTLIMfTED- CompanyNumbor. 66T700 NOTES TOThE CONSOUDATED NNANCIALsfATEMENrs FOR THEYEAR ENDEO 31 JULY2024 Employee Ben8fft8 Short term benefits including holiday pay are recognised as an expense in the period in which the service is received. The school participates in a multi-employer scheme. the Govemment's Teachers, Pensions Defined Benefit Scheme. for its teaching staff. The pension liability is the responsibility of the Teachers. Pension Scheme. As a result. it is not possible to identify the assets and liabilities of the scheme that are attributable to the school. Accordingly. under FRSI 02 section 28 the scheme is accounted for as if it were a defined contribution scheme. The majority of the stsff are now in the Royal London defined contribution scheme. Hire purchase and leasingcommitments Assets obtained under hire purchase contracts orfinance leases are capitalised in the balance $h88t. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held undei finance leases are depreciated overtheir estimated useful INes orthe lease term, whichèver is the shorter. The interest element ofthese obligations is charged to income and expenditure overthe relevant period. The capital element of future payments is treated as a liability. Rentals paid under operating leases are charged to income and expenditure as incurred. IMStments Fixed asset investments are ineluded in the balance sheet at historic cost. The gains. losses and income of the investments are shown as movements on the relevantfund onthe Statement of Financial Activities. Fund accounting Funds held bytheTrustare: Unre8trlcted lunds-these arefundswhich can be used in accordance with the charitable objects at the discretion of the Governors Restricted fund$- these are funds that can only be used for particular restricted purposes within the objects of the Trust. Further explanation of the nature and purpose of the restricted funds is included in note 17b to the accounts Non chaiitablefunds-these arefunds which are used bythe trading subsidiary Degnated fund8 - these are unrestricted tunds earmarked by the Board of Governors for particular purposes. 2. TURNOVER The turnover ofthe Trust is vtholly allribLrtable tothe principal activity of beingan independent boardingand day school. The turnover of the trading subsidiary is wholly attributable to the princip81 activity of the management of sports. leisurefacilities andtransport. 3. FEES RECEIVABLE 2024 2023 Fees receivable consist of: Gross fees Less.. Bursaries. Scholarships and other awards 9,139.123 (1.552.797) 9.559.010 {1.384,677) 7.586.326 8.174.332 Page 30 INDEPÉNDENT OAY & 80ARDING SCHOOL FORGIFiLS AGED 11-18 priorsfieldschool.com
THE PRIORE FIELD SCHOOL TRUSTLIMITED-CompanyNumber. 66771)0 NOTES TOTHE CONSOUDATED FINANCIAL sfAIEMENIS FOR THE YEAR ENDED 31 JULY2024 INCOME 2024 2023 Net Income is statsd after charong Depreciation of tangible fixed assets owned Auditors. remuneration- audit services Auditors'remuneration-non audit seNice8 Operatingieases and aftercrediting Other interest 424,038 28.360 4,600 33.680 418,448 19.700 3.088 39.856 25.116 17.998 5. PARTICULARS OF EMPLOYEES 2024 2023 The average number of persons employed by the Trust during the yearwas: Education Administration and domestic 79 57 48 136 132 Theirtotal remuneration w8$: Wages and salaries Social securitycosts Other pension costs Other staff costs Termination costs 4.074,963 399,238 681.371 153.222 4,193.093 424.459 702.583 159.040 12.700 38.817 5.321.494 5.517.992 The number of staff with emoluments within the following ranges were: No. No. £60,000- £69,999 £70,000- £79,999 £120.000-£129,999 £130.000- £139,999 The number of individuals above forwhom retirement benefits are accruing is 7 (2023: 4}. Employer pension contributions in theyearwere £117,284.16 (2023: £95.039). The cost to the employer of remunerating key management personnel in the year was £711.907.88 (2023: £775,376). Page 31 INDEPENDENT DAY & BOARDING SCHOOL FORGIRLS AGEDI1-18 prlorsfieldschool.com
THE PRIORE FIELD SCHOOL TRUST LIMITED-Company Number. 667700 NOTESTOTHE CONSOUDATED FINANCIAL sfATEMEfrirs FOR THE YEAR ENDED 31 JULY 2024 6. RELATEO PARTITRANSACTIONS Governors. remuneration arml roimbursad 8xpons8s None of the Govemors received anyform of remuneration. Travel and motor expenses were reimbursed to none12023: NIL) Governors in the year amounted to NIL12023: NIL). Govemors, Donatlon8 The aggregate of donations received frorn the Governors in the yearwas NIL (2023: NIL). There were no other transactions wilh related parties in either year. 7. GOVERNANCE COSTS 2024 2023 Auditors. remuneration 28.360 19.700 EXPENDITURE Stsff Costs 2024 ' Deprecl8tlon 2024 Other Costs 2024 Total 2024 Costs of ra181ngfund8: Tradln8 expenditure Charlt8ble Activitie8: SclK*oI operthng costs Te8ching Establishment Welfare and catering Administration Other academic and support costs Governance costs 9.686 36,751 3,969.653 131.743 478.208 741,890 170.955 607.350 711.698 781.115 767,471 28.360 4.140.608 739.093 1.189.906 1,919,978 767.471 28.360 396.973 5.321.494 5.321.494 424.038 424.038 3.076.635 3.076.635 8.822.167 8.822.167 Dopreclatlon 2023 Othor¢o8ts 2023 Total 2023 2023 Costs of raisingfunds: Trading expenditure 32.265 20,874 S3.139 Ch8rltab(e AC11ties. School oPering co8t8 Teaching Establishment Welfare and catering Administration 3,985.724 216.228 500.405 815.636 218,526 518.515 744,107 703,716 821.066 19,700 4,204.249 734.743 1,244.512 1.905.535 821.066 19.700 386.183 Other academic and support costs Governance costs 5.517,992 386,183 3,02S.630 8,929,805 5.517.992 418.448 3.046.504 8,982.944 Page 32 INDEPENDENT DAY & BOARDING SCHOOL FOR GIRLS AGED 11-18 priorsfieldschooj.com
TrIE PRIORS FIELD SCHOOL TRusf UMITEO-Comp8nyNumber. 66TIOO NOTES TOTHE CONSOUDATED ANINCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2024 INTEREST PAYABLE AND SIMILAR CHARGES 2024 2023 Bank interest 239.512 173.669 10. TAKATION Tax is provided fow in relation to irading activitywhere necessary. The charity is exempt from tax in so far as it applies its income for charitable purposes. 11. INVESTMENT IN SU8SIDIARY UNDERTAKING 2024 2023 Prior's Field Enterprisés Limited 12,820 12.820 Incorporated in England and Wales Activity- Provision of Sport and Leisure facilities. transport service and project management. Tradlng actlvltle8 Prior's Field Enterprises Limited is dormant as at 31 July 24 and all its property assets have been transferred to the Trust. AS 8t 31 Jul 2024 The Tnjst owned the whole of the share capital. consisting of 2 ordinary £1 shares and 1.281,790 £0.01p preferenceshares. of Priors Field Enterprises Limited. Services supplied tothe Trust amounted to NIL (2023: NIL). Costs recharged by the Trust to Priors. Field Enterprises Limited 8mounted to NIL12023: £26,764}. Attheyear-end £10.174was due tothe subsidiary12023: £328.6). During the year the subsidiary had turnover amounting to (2023: £15,930) and expenditure totalling £1.030.903 {2023". £53,139). which includes the transfer of assets to the Trust. and paid tax of £nil (2023: NIL). It had tangible fixed assets of NIL {2023: £714.5861. debtors of £10.17412023: £319.101),'cash of NIL 12023: £11.616) and creditors ot NIL (2023= £1,5861- Its share capitalwas £12.820 (2023.. £12.820) and profit and loss accountwas NIL (2023: £1.030.957} after makinga profit distribution tothe ch8rityof NIL Page 33 INDEPENDENT DAY & BOARDING SCHOOL FOR GIRLS AGED 11-18 priorsfièldschool.com
THE PRIOR'S FIELD SCHOOL TRUST LIMITED-Company Prnbor. 667700 NOTESTO TrIE CONSOLIDATED FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 JULY 2024 12. TANGIBLE FIXED ASSETS-GROUP Froohold land and buildin Lea$ehoid Fumiwr• fittiw8n equiprnenl Plent aNI Intsn8lbies Motor vehicles Totsl Colt OT doemed cost At 1 August 2023 15.059.970 1,435.735 1.087.438 50.014 12.600 17.645.757 Additions •t cost 8.728 323.066 61.401 9.556 402,751 Transfer of Sports Hou assets from subsidiaryto school 687,522 {1.435.7351 130.7171 {50.0141 1828,9441 Disposats At 31 July2024 Depreciation At l August 2023 {6.3541 16.3541 17.213,210 15.756.220 1.373.433 61.401 22.156 2.020.410 729.159 731.451 50.014 4.650 3.535.684 Charge for the yyar 266.374 25.635 126.490 5.539 424.038 Transfer of Sports Hall assets from subsidiary to school (754.7941 124.1361 150.0141 1828.9441 Disposals At 31 July2024 Net BookVoIu• (6.3541 827.451 16.3541 3.124.424 2.286.784 10.189 At 31 July 2024 13,469.436 545.982 61.401 11.967 14.088,784 At 31 July 2023 13,039,560 706.576 355.987 7.950 14.110,073 Page 34 INDEPENOENT OAY & BOARDING SCHOOL FOR GIRLS AGED 11-18 prlorsfieldschool.com
THE PRIORE RELD SCHOOL TrUST LIMITED-Company Number: 667 NOTESTOTHE CONSOUDATED FINANCIALsfATEMENrs FOftTrIE YFAR ENDED 31 JULY2024 1Z TANGIBLE FIXED ASSEfs.TRL&8T FreehoLd lond and bulidin Fumitu fittings and Intbi•S equipment Motor hlci86 Costordeemed ¢ost At 1 August 2023 Additions at cost Transfer of Sport$ Hall assets from subsioiaryto school Disposal8 15,059.970 8.728 1.056.721 323.(166 12.600 9.556 16.129.291 402.751 61.401 687.S22 687.522 16.3541 16.3541 At31 July 2024 15.756220 1.373.433 61.401 22.156 17.213.210 Depreclatlon At 1 August 2023 Charge forthe year Disposals 2.020.410 266.374 708.743 125.062 16.3S4) 2.733.803 396.97S 16,3541 5.539 At 31 July 2024 2.286.784 827.451 10,189 3.124.424 NetBcJokValue At 31 july 2024 13.469.436 545.982 61.401 11.967 14.088.786 At 31 july 2023 13.039.$60 347.978 7.950 13,39S.487 1& srocL. GROUP AND TrUST 2024 2023 Other 35.621 28.951 14. DEBTORS Group Trust 2024 2023 2024 2023 Unpaid fees and miscellaneous debtors Prepayments and accfued income Other debtors 46.914 300.513 13.532 296.433 174.262 5,292 46.914 300.513 13,532 306.022 174.262 5,292 360.959 475.987 360,959 485,577 Page 35 INDEPENDENT DAY & BOARDING SCHOOL FOR GIRLSAGED 11-18 priorsfieldschool.com
THE PRIORE FIELD SCHOOL TrUST LIMrrED-COmponyfflbor. 667700 NOTESTOTrIE CONSOUDATED HNANCIALsfATEMENrs FOR THE YEAR ENDED 31 JULY2024 15. CREDITORS: amounts falling due within 1 year Group Trust 2024 2023 2024 2023 Bank loans and overdrafts Trade creditors Fees received in advance and deposits heid Taxation and social security Other creditors Accruals and defèrred incorne Amountsdue to subsidiary 74.538 299.818 1.063.435 112,560 467,263 331.702 280,755 217.752 468.725 100.695 684.S18 402.843 74,538 299,818 1,063.435 112.256 467.263 331.702 10.174 280.755 217.467 468.725 100.512 684.517 401,726 328.690 2.349.316 2,155,288 2,359,186 2.482,392 The bankloan and overdraft are secured as noted in note 16. ANALYSIS OF DEFERRED INCOME Group 2023 Trust 2024 2024 2023 Deferred in¢ome8t 1 August Applied duringthe year Released duringthe year 2.130 2.130 2.130 2.130 (2.1301 (2.130) {2,130) (2.130) Deferred income at 31 July 16. CREDITORS: amount8falling due aftermorethan one year Group 2023 Trust 2023 2024 2024 Due within 1-2ya8 Bankloans Fees in advance 132.827 476.779) 280.755 57.826 132.827 476.779 280.755 57.826 Duewlthln 2- 5years Bank Loans Fees in advance 450.800 373.229 842.26S 19.150 450.800 373.229 842.265 19.150 Due after 5 year3 (payabl8 by In8t8lm•nt8) Bank loans 2.496.865 1.953.740 2.496.865 1.953.740 3.930.500 3.153.736 3.930.500 3.153,736 Page 36 INDEPENDENT OAY & BOARDING SCHOOL FOR GIRLSAGED 11.18 priorsfieldschool.com
THE PRIOR'S FIELD SCHOOL TRUST LIMITED-Comp8nyNurnber. 66TIOO NOTESTO THE CONSOUDATED FINANCIAL sfATEMENIS FOR ThEYEARENDE031 JULY2024 16. CREDITORS: amounts falling du8 after more than oneyear {continued) The school has two bank I08ns at the year-end. The first loan has a year-end balance of E1.04m. Monthly capital repayments commenced in September 2014 and interest is payable at a rate equivalent to 1.579b per annum above base rate. The second loan has a year-end balance of £2.12m. Monthly capital repayments commenced in August 2017 and interest is payable at a rate equivalent to 1.57% per annum above base rate. The loans and overdwaft are held with th8 same bank vthich holds first legal charge over the school and its associated assets. unlimited guarante8 by Prior's Field Enterprise Limited and a debenture by both the School and Prior's Field Enterprise Limited. 178. UNREsfRICTED FUNDS Brought forward at 1 August 2023 Carried foTW8rd at 31 July 2024 Income Expendltu Tr8n8fer3 Generalfunds Non-charitable funds 8.494.033 18.767.929) 273.896 {1.030.957J {757.061) 1.030.957 1.030.957 8.494.033 18.767.929) Design8tedfunds Propetyhjnd 10.542,673 10.542,673 11.573.630 757.061 757.061 11.299.734 11.299.734 11.299,734 8,494.033 (8.767.929) The Property fund balance represents. as far as possible. the net bookvaiue of the propety held by the Trusl atihe year end. The transfer from non-charitabl8 lunds to th8 property fund relates to the profit distribulion made by the subsidiary undertakingduringthe financialyear in addition to the transferof assetsfrom the subsidiaryto the school. 2023 COMPARATIVE Bioutht fomard at 1 Auguat 2022 Carrled forward at 31 July 2023 Income Exponditure Tr8nsfors Generalfunds Non-charitable funds 9,200.759 1 5.930 9.216.688 18.856,7821 (53.1391 18.909.921) (343,977) 1.068.167 1.068.167 1.030.957 1.030.957 {343.977) Design8t8dfvnds Property fund 10.198.696 10.198.696 11.266.863 343.977 343,977 10.542,673 10.542.673 11.573,630 9.216.688 {8.909,921) Page 37 INDCPINDCNT DAY & DOARDING f4CI IOOL r.OR GlnLf AGED 11-18 priorsfieldschool.com
THE PRIORE FIELD SCHOOL TRUST UMITED_ C+xnpany Number. 6677Th) NOTESTOTHE CONSOUDATED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 JULY 2024 17b. RESTRICTED FUNDS Brought forward at 1 August 2023 Carrfad forward at 31 July 2024 Income Expend6ture Transtsrs Blake award 7.207 5.(M)O 6.519 6.532 80,094 105.352 7,207 5.000 6.494 4.904 47.S49 71,154 Sport Fund Caterlngvan Fund Rose Gardèn Fund Foundation 2.365 680 16.995 20.040 (2.3901 (2.3081 (49.5401 (54.2381 The B18ke award is used to support the History of Art department of the school. The Foundation is used to provide for bursaries and to develop the school's educational facilit.ies. 2023 COMPARATIVE Brouqht forward at 1 August 2022 C8rrl8d forward at 31 July 2023 Income Expenditure Transfers Blake award Sport Fund Cateringvan Fund Rose Garden Fund Foundation 7.207 7.207 5.000 6.519 6.532 80.094 105.352 5.000 5.498 6.268 5.347 22.113 {6471 (71 172.3701 173.0241 271 147,117 156.263 Page 38 INDEPENDENT OAY & 80ARDING SCHOOL FOR GIRLS AGEDII.18 prlorsfieldschooj.com
TrIE PRIOR% FIELD SCHOOL TRusf UMtrED-Company Trmber. 66771x1 NOTES TOTrIE CONSOLIDATED FINANCIALsfATEMENIS FOR THE YEAR ENDED 31 JULY2024 18. ANAiYSIS 01 TRUST NET ASSETS BETWEEN FUNDS Tanglble Flx¢d Assets Olher wsetsl Olabllltles) Tolal GROUP RestKted frJnds 71.154 71.154 UnTeslricted funds General ndS 2.789.052 12.789.052) Non choritable fijnds: trading subsidiory DesKJnoted fvnds 11.299.735 11.299.735 14.CQ8.786 12,717,898) 11,370.889 knveslnwnts Tanglble Flxed Aswts Olher a$$etsl Olablllffes) 2024 Tolal 2024 2024 TRUST Restricted ftJnds 71.154 71.154 Unrestricted funds General funds 2789.052 11.299.735 12.789,052) Deywoted fijnds 11.299.735 14.oe8,786 12.717.898) 11.370,889 Tane Flxed Assets Olher assetsl (Nobllllles) 2023 Tolal GROUP Restricted fiJnds 105.352 105.352 Unrestricted funds General ndS 2A52MI 4 714.S86 12,852,8141 316.371 Non chaTitable fvjnds: tradng svbsidiory Desilated ndS 1.030.957 10.542.673 10.542.673 14.110.073 11431.0921 11.678.982 knveilments Tanglbl• Flx•d Assets Oth•T 4ss•ts1 Olablllllei) 2ff23 TRUST Re5tiicted ndS IOS.352 105.352 Unrestricted funds General ndS Designoled fvjnds 2.852.814 12.865.614) 10.542.673 10,542.673 13.395.487 12.760.262) 10.648.025 Page 39 INDEPENDENT DAY & BOARDING SCHOOL FOR GIRLSAGED 11-18 priorsfieldschool.com
THE PRIOR% FIELD SCHOOL TRUST UMrrED-Compwry Number: 667700 NOTESTOTHE CONSOUDATED FIfri4NCIAL STATEMENTS FOR THE YE( ENDED 31 JULY2024 19. PENSION cosrs Teachers. pension xheme The School Participates in the Teachers. Pension Scheme 1.the TPS-I some of its teaching staff. The pension charge for the year includes Contributions payable to the TPS of £231.58612023= £306.9241 and at the year-end £25,82012023- £32.9041 was accrued in respeci otcontributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension schern8 governed by The Teachers. Pensions Regulations 2010 las amended) and TheTeachers' Pension Scheme Regulations 2014 (as amended). Members contribute on a.pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid bypublic funds provided by Parliament. The employer contribution rate is set by the Secretary of Stale following scheme valuations undertaken by the GovernmentActuarfs Department. The most recent actuarialvaluation of th8 TPS was prepared as at 31 March 2020 and the Valuation Reportwas published in October 2023. Followingthe Mccloud judgement. the remedyproposed thatwhen benefits become payable. eligible mernbers can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits. and in Pfeparingthe 2020valuation has valued the'greatervalue, benefitsforgroups of relevant members. The employer contribution rate for the TPS is 28.6%. and employers are also required to pay a scheme administration levy ofO.08% @vinga total employer contsibution rate of 28.68%. Deflned contrlbution 8chem08 The school also 8dmini$ters two defined contribution schemes for eli&ble teachers and support Staff. The cost for the year of the school's contributions for both schemes was E554,23812023: £476.154 for support staff only). The school has also contributed £0 (2023: £7.861) to personal stakeholders¢heme$. 20. FINANCIAL COMMITMENTS At 31 July 2024. £250k has been approved and committed lor facility improvement projects (2023 £250k). Page 40 INDEPENDENT OAY & BOARDING SCHOOL FOR GIRLS AGED 17-18 prlorsfieldschool.com
THE PRIOR'S FIELD SCHOOL TRUST UMrrED~Company Numbor. 66TJIXI NOTESTO THE CONSOUDATED RNANCIAL STATEMENTS FOR THEYEAR ENDED 31 JULY2024 21. OPERATING LEcoMmrrmENTS Operatlng le8888 not related to larKI and bulldlngs 2024 2023 Within oneyear 36,744 19,204 Within 1- 2years 27,295 17,078 Within 2- 5years 66.627 17.934 130,666 54.216 22. SHARE CAPITALAND CONTROLUNG PARTY The Trust is limited by guarantee and therefore has no share capital. The liablty of the members in the event of winding up is £1 each. No one member has overall control of the Trust. 23. COMPARATIVE STATEMENT OF FINANCIALP£TlVtnES Unrn•trlcted Rejlrfcted Tot8iFunds Fundy 2023 INCOME FROM: Charttabia actfvitie8 Fees 8.174.332 768,693 125.124 ,174,332 768,693 125.124 Other academic income Other incorne Grants. Donatlons •nd ¥8¢108 Othortsadlng a¢leS Letting income 2S.316 22.113 47,429 89.295 89,295 Hire of sports gnd transport facilities 15.930 15.930 17.998 17.998 Tot81 Iorn0 9.216.688 22.113 9.238.802 EXPENDMJRE ON Raising Fund8 Trading expenditure 53.139 53.139 Chorftsbig 8Ctr¥iti88 8.856.782 73.024 8.929.805 Tot818xpendlture 8.909.921 73.024 8.982.944 NEf INCOME I{EXPENDITUAE) 306,767 {50,9101 255.857 Tot81fund$ at 1 August 2022 11.266.862 156.263 11.423.125 Totslfunds at 31 July 2023 £11.573,629 É105,352 É11.678.982 Page 41 INDEPENDENT OAY & BOARDING SCHOOL FOR GIRLS AGED 11-18 priorsfiéldschool.eom