Company No. 2042309 Reglstered in England and Wales Charity No. 518009 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A Company Llmited by Guarantee) ANNUALREPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS Contents Page Govemors. Directors and Advisors Annual Report of the Directors Strdlegic Report Statement of Accounling and Reporting Responsibilities 10 Independent Awlilorfs Report Statement of Financial ActNib'es 15 Balance Sheet 16 Cash flow statement 17 Notes to the Financial Statements 19 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED GOVERNORS, OFFICERS AND ADVISERS YEAR ENDED 31 AUGUST 2023 GOVERNORS, DIRECTORS AND CHARrrY TRUSTEES The Govemors of Priory School Edgbaslon Trustees Limtted are the Sch(K>l's charity trustees under charity law and they are the directors of the charitable ¢on¥Jany. Members of the Goveming Body {Goveming Counca) who served in office as Govemors during the year and subsequently are detailed below. 121 131 Ms H Somerfield (Chair) Ms D Mattison (Vice Chair) Mrv Naik Mrs A Cleary Mr S Brereton Mrs P Skrybant Rev J O'Brien Appointe¢J 5 October 2022 Misss Rai Appointed 5 Othber 2022 During the year certain activities of the Governing Body were carried out through three committees, being the following 11} Finance and General Purposes Committee {2} Risk and Compliance Committee (incorporating Health and Safely) (31 Education Committee 141 Safeguan1ing and Wellbeing Committee meMbe￿hIP of Committees is shown above for each Covemoi. PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED GOVERNORS, OFFICERS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 ADVISORS Offlcers (currently and throughout the yearl MrJ Cramb BA Hons, PGCE, MEd Hgadmaster Mr Nedal Al-chamaa Finance Director and Company Secretary Registered Office Priory School, 39 Sir Harry's Road. Edgbaslon, Bim)ingham, B15 2UR Audltors Crowe U.K. LLP, Rounds Green Road, Oldbury, West Midlands. B69 2DG Bankers Handelsbanken. 55 Calthorpe Road. Edgbaslon. Bimiingham B15 1TH and Barclays Bank, Birmingham Business Cenlre. 15 Colmore Row, Bimingham, B3 2EP Wobsitg et PRIORYSCHOOL EDGBASTONTRUSTEES LIM￿ED DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The members of the Priory Sehtx)l Goveming Body presenttheirAnnual Report for the year ended 31 August 2023 underthe Charities Act 2011, including the Direetors, and Strategic Reports. under the Companies Act 2006, logetr with the audited f inancial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION Priory School Edgbaslon Trustee8 Lirrited is Lx)nstituted as a wmpanylimiled by guarantee wistered in Englarnl, ￿. 2042309, and is registered with the Charity Commlssion under Charity No. 518009. STRUCTURE. GOVERNANCE AND MANAGEMEfr Governing documents The School is 9overned by its Memorandum of Associatton and Articles of Assoclatlon. as adopted by special rosolution daied 3 October 2023. Governing Body The Goveming Council is Iha Goveming Body. Council members are elected al a generai meeting and must be proposed bya memberqualtriedto atÈnd and vote at such meetings, in accordancemrilh Ihememordndum and Artic of Assrriation. The number of Council members in office should ftol be more than 16 and not less Ihan 6, as proMd&J in the Memorandum and Articles of Association. Racruitment and trainlng of Directors New Directors Imgmbers of the Goveming Council) ar8 introduced to the workings of the School, including Governing Councl policy and procedures, by members of the Goveming Council. Directors also attend specialist exlemal courses from lime to time, for example on Safeguarding Training. Oryanisational managament The Council meTnbers meet as a Board al least fourtimes per annum to determine the generdl policy of the comww and to reviow its overall management and conliol. f or which they are legally responsible. The Council members delegats dayto day Manage￿nt of the School to th8 Headmasterand his senky managemwt team, comprising the Finance Director, the Financeand Facilities Managerand the Deputy Heacssand Assistant H&s of the Preparatory and Senior Schools. Together, this group are the key management personnel. The Council operates a numberof Committees with delegated responsbilibes in specific areas. These include t Finance and General Purposes Committee, the Flsk and Compliance Commrttee. The Safeguarding and Wellb* Committee and the Edu￿ti)n Committee. The Head and ￿nance Directorallend meetings oflhe Goveming Couneifs Commillegs. In addition. certain members of the Council have spe¢rfic govemance responsibilities in key areas SLLh as Eady Years, Child Protection, Markellng and Speclal Educational Neecls. The Finance and General Purposes Committee meets shortly b&fore each meeting of the f ull Goveming Courkll, Specifi￿llyto reviewfinancial perfornwnce, budgets and management accounts. Responsibiltties of this Commrtt also include Marketing, Facilities. Fundraising and Infraslruclural Development projects. The Committee mak reoommendations to Goveming Council on the annual reviews of School Fee tariffs ar￿ Staff Salary scales. PRIORY SCHOOL EDGBASTON TRUSTEES LIM￿E0 DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Employment policy Delivery of the School's charitable vision and purFose is prinwrily dependent on ils key Managen￿nt personnel, ¥KI staff costs are the largest single element of charitable expenditure. Rernuneration policy is set by the Headmaster and Finan￿ Director, subject to board (Council) approval, wth the objective of providing appropriate incentives to encourage optimal perfomance and of rewarding individual contributions lo the School's success fairty and responsibly. The appropriateness and relevance of remuneration policy is reviewed annually. While reviews include refere￿e to conditions in the education sectorgenerally, the School is free to sel ils pay stzles independently. Here the objthe is to ensure that the School remains sensitive to the broader issues of pay and employlnentconditions elsewhere, whilg adapling lo local budgetary conditions. The School is an equal opportunit￿$ employer. Full and fair consideratp)n is given lo job applic2li)ns frr￿7 disab persons and due attention is given to their training and employment needs. Communication with employees continues through normal management channels, in particular through the Dai Bulletin in which staff are apprised of current issues and of key decisions affecting the school. Whole staff meel'rgs, which are held temily. include briefings from the Headmaster, Finance Director. and other members of the setx)r management team. Key Relatlonships The School is a member of ISA Ilndependent Schools Assoaalnnl, AGBIS IAssoc4ation of Goveming BodEs of Independent Schools), and ISBA Ilndèpendent Schools Bursars, Assoclallonl. Locally, the School 15 a member of the Bim)SnghaFn CalholiG Schools Partnership. In recognition of its heritage, the Sthod m8intsins links wth the So(aety ofthe Holy chi￿ Jesus and with Sistersd￿lS in the UK, Europe and North America. We cooperate ¥Arith a numberof local organisations in our ongoing endeavours lowden publlc a￿esS lo the sth0o￿ry that we can provtde. to optimise the use of our cuitural and sportvig faalit'es and to develop in our pupils an awarerws of the social context of the education that they receive al the School. The School also beneflts from the generosity of SIS p8rents' assoriatDn, the Frfends of Priory School, those cb support we greatly appreciate and gladly aCknO￿edge. 0￿ECT8, AIMS. OWECTIVES AND ACTIVITIES The company is established lo advance education by running a School in the United Kingdom as a registered charity for the education of children of both sexos and all denominations. The company's principal activity refflainsthe promsion of independent education for chlkjren from Earfy Years lo St Forni. Strategic Aim Priory School is a Catholic Heritage school which welcomes pupils of all fallhs and abilities and is Committ￿ to delivering successforevery child in ils care, complemenling8cademiclifewith perfonringarts, sports, and otherextra- curricular activities designed to develop self-confident and well-rounded individuals. Our aim is encapsulated in the followng extract from our Mission Statement.. 'Inpartn8rshipwithparents orguardisns. weprovide a nurturing, f8mily-b88edethos, elongsidehighstandarls of leaching and leaming, enabling all pupils to a¢hi8ve theirpotsntial., PRIORYSCHOOL EDGBASTONTRUSTEES LIMrrED DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Principal actlvSty The companls principal activityremains the provisionof independent education forchildrenfromnur5eryto sixth fonn. Serving the public banefit In selling our objectives end planning our activities the Tn￿tee5 have given caref ul consideration to the Charity Commission's general guidance on public bgnefil. In particular, the School has continued to SUPPDrtthe wdeniry of access lo ourschool bypupilsfrom lowerincomefamilies throughthe provision of Scholarships and Supported Pl￿. However, as the School has no endoTMnenl fund, we have had lo maintain a careful balance between fee payir parents and those benefil'ng fromthe awards, in order lo ensure our ongoing fnancial viablily and to support furtk development of the School. The Scholarshipscherne offers accesslo ourschool forbrighl pupilswho eXcelaCadem￿aIty orinareas such as spor¢ art. music ordranig. During the 202212023 academic year we have again (￿MPle￿Ented the Stholarsh￿) scheme Mith Supported Place awards. which have been means-testedand which havefurthersuppbmentedthe Scholarshipawad in appropriate cases. The Council views our Scholarship 8nd Supported Places awards a5 essential in helping lo ensure that childw fDm families who would othewse notbeabletoaffordthef eescan accesslhe educationthalwe offer. Additionally, awads of Bursaries are made on the basis of parental means orto relieve f inanaal hardship where an existing pupil's p￿e might othemise be al risk. To underfine the value that we place on continuity forfamlies. we continue to offer siblir discounts where parents have more than one child al the School. We continug to offer, speaal full scholarship awards to on8 child, as part of the SthoDI's response lo the crisis in th8r native country. The Trustees achieve the wider public ben￿lt aim by prov￿Ing use of the school'sfacifjtEs for a range of commurlty events and activities, induding c8r parking for major sporting events at Edgbaston Priory Club (tennis toumarnentsl. Other benef iciaries of this policy this year included National Youth Recorder Orchestra Bimiingham Reggae Choir Short Tennis.. coached in our sports hall under the auspices of Edgbaston Priory Ctub. The School continuès to play 2n active part in seeking lo extend its charitable activities to the genoral public and is willing lo assist and support in areas of need. We encourage our pupils to be good team players who are able to think independently and lead when required and we seek to foster a strong sense of the pupils, place in their local community and wder sociely. We play a key role in the Catholic Partnership, which consists mainly of slate schcK)Is, by hosting sports events and by opening our acclaimed Forest School lo Partnership pupils. Our pupils also servè the community by entertaining residents of Sunrise Senior Living Care Home in Edgbaston with singing and music. Our pupils also serve the community by suggesting charities lo support and by actNely engaging in fund raising activities in support of worthy causes, including CAFOD Macmillan Cancer Support St Chad's Fair Trade NSPCC Children in Need SIFA Fireside Homeless Charfly Save the Children Ukraine Appeal Unicef Banardos STRATEGIC REPORT PRIORYSCHOOL EDGBASTONTRUSTEES LIMrrED DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 FINANCIAL REVIEW Results for the year This year, th8 school reports a surplus of £57,279 continuing the upward trend 88 seen over thg last 2 years. Continued growth has been achieved through the dedicated efforts of the Priory Staff. including cost savings whe possible and strategic management of key resources thllsl pupll numbers continue lo grow. Priory School staff remain our biggest asset and were rewarded forlheir continued hard work, loyatty and commitnB* during 2022123 with a signifranl pay ttse. tt has also been agreed to reinstate the teacher pay scale arrangemwt as soon as financially possible. Reserves Level and Policy and Financial Vlability The school's total reserves ￿Ere £1.509,893 at the year- end. £940,846 of this represented the net book vakE of f ixed assets, leaving f ree resetves of £569,24712022 £423,450). There was no restricted income. The Councll's conllnuing pollcy is lo seek lo have f ree reserves al a level SUff￿len1t0 enable the Schooi lo wthstar consequentkil pupil losses of up lo 100h. Th8 target level of free resources on this basis is approximately £503( this has been achieved. The Council has reviewed finanuai P￿￿ebon$ for the future. These projections refled the School's aim lo return lo growth in pupil numbers throughout the school and lo increase nel income through modest annual increases In school fee lartFfs while continuing the poI￿Y of prowding jud￿K)US1Y for scholarships, supported places 2nd bursaries. Combined with continuèd attention to (xedil control and costs, achievement of this strategic obiective should conliN to deliver growing surpluses in the year ahead On this basis, production of these accounts on a going concem basis is considered appropriate. The Gov&ming Council is aware Df wider general threats to the ind&pendent education sector in a high inflation economy combined wth the potential for rnajor¢hanges in taxation policy at future date. There is little that Can be done lo slop adverse changes in public policies, otherthan lo keep infomied and lo rely on the con*ined lobbyrYJ efforts of our representative bodies. PRINCIPAL RISKS AND UNCERTAINTIES The Council continuès lo keep under review the School's activitEs, the risks that may arise from them and the interr controls. systems and procedures established to manage them. Detailed consideration of risk is delegated to the Risk arid Compliance Committee, which meets three times a year and reports formally lo the Goveming Body. The structure Df the Committee comprises two members of the Goveming Council. assisted by Senior Management. The risk management process adopted by the Riskand Complian¢z Committee identffies major risks, assesses their impact 2nd likelihood and, where necessary, recommends controls to mitigate and monitor those risks that are assessed as high. Mitigation measures include ensuring that app ropriate insurance cover is in place to cover any insurable risks identified. The key risks and actions to mitigate those areas are as follows.. PRIORYSCHOOL EDGBASTONTRUSTEES LIMrrED DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Risk identrfied Mitigation Damage lo reputati)n f￿)M fraucl, accident, unsatisfactory inspection reports or adverse media coverage Careful financial management by Goveming Council, supported by Financg and General Purpose5 Commillee and by the Finance Director, A Risk and Compliance Committee of the Board wth specrfic delegated responsibility for Health & Safety meets three times a year and reviews policy, pracliee, and any incidents requiring Board level attention. Continuous programmg of campus security improvements in place The ethos of the school is to act promptly in response lo exlemal communScations including those fiom parents Regularreview of the tisk register by the Risk and Compliance Committee Risk Assessments checked arKI approved by the Finance and Facilities Mana er Heavy emphasis on and continuing investment In marketing,. Close involvement of senior management in pupil recruitment process. Increased focus on improving the academic achievement of pupils Limited. as changes would apply lo the entire Independent education sector Chan ema be radual rather than immediate ReduclSon in pupil numbers Change in Charitable Status andlor Impos￿on of VAT on School Fees Otherrisk aspects.. The Twstees considerthe affordablityof fees by parerrts across the independent secbr to be the principal f inama risk faced by the School, especaally as local competition from other independent schools remains intense. How6vw ts ref lect the high level of irflation the Goveming Council deaded lo increase the school fee tariff for202312024 by 7.5% 1301. for 2022120231. Health and Safety is alway5 2 Signifi￿nt area for risk man8gement. The risks generally range f rom f ire a￿1 infrastructure to personal rtsks (most notab￿ when away from the campus on trips and expeditions). The level breadth of activrfcy at the SGhool is impressive and the risks associated with all activities are minimised by th0￿￿3h planning and risk assessment. FUTURE PLANS 202312024 will beanotherchallÈngingyearforPriorySchool,inwhichwewll continueto build on ourfinancHI recovay. Plans include.. Seeking to build up pupil numbers again throughout the school by use of intensive marketing initiat Optimislng the use of the Mayfield building Svuring a high cohort value for pupils at the main entry points Note
Funds
**£**
Income from:
Charitable activities
School fees receivable
2
4,513,051
Ancillar trading income
3
276,288
Other trading activities
4
5,974
Investments
**5**
7,360
Donations and legacies
**6**
10Q
Total incoming resources
4,802,773
Expenditure on:
Raising funds
Financing costs
7
69,959
Charitable activities
Education
7
4,675,535
Total expenditure
4,745,94
Net incoming funds from operations befre
57,279
transfers
Net movement in funds for the year
57,279
Fund balances at 1 September 2022
1,52,614
Fund balances at 31 August 2023
: 509 83|2023
Total
£
4,513,051
276,288
5,974
7,360
10Q
4,802,773
69,959
4,675,535
4.745.494
57.279
57,279
1,452,614
1509893
_2022_
_Total_
£
4,247,862
221,891
10,807
14
4,80.574
52,330
4,05.80
4,57,810
22,764
22,764
1,29,850
:4526:4| |---|---| **The notes on pages 17 to 28 form part of these financial statements** 13 PRIORYSCHOOL EDGBASTONTRUSTEES LIMITED BALANCE SHEET AS AT 31 AUGUST 2023 Note 2023 2022 FIXED ASSETS Tangible assets 10 CURRENT ASSETS Debtors Cash and deposits 516,182 676 245,948 CURREKf LIABILITIES Creditors payable wthin one year 1.192.759 988,677 12 NET CURRENT ASSETS NET ASSETS REPRESENTED BY: UNRESTRICTED FUNDS General Reserve 15 These financiai statements were 8pproved by the Goveming 3ody and signed on its behalf by: H Somerfield (Chairl Date.. 22 May 2024 The notes on pages 17 to 28 fomi part of these financial statements 14 PRIORYSCHOOL EDGBASTONTRUSTEES LIMITED CASH FLOWSTATEMENT AS AT 31 AUGUST 2023 2023 2022 Net cash outllow from operation$ Nel cash provided by opemting activities Ci) 76 31 Cash flows from Investing activitles.. Payments f or tangible fixed assets Investment income and bank inte￿t received Net eash used In by Invesung activities 180,4761 151,447) 433 h flows from flnanclng actlvltlgs: Finance costs paid 169.9591 152,330) Net cash providod by financlng acttvitios Change in cash and cash equivalents in the period 166.1521 (1,450) Cash and cash equivalents al the beginning of the period Cash and cash equivalents at the end of the period 76 The notes on pages 17 to 28 forni part of these financial statements 15 PRIORYSCHOOL EDGBASTONTRUSTEES LIMITED NOTES TOTHE CASH FLOW STATEMENT AS AT 31 AUGUST 2023 Reconciliation of ngt incomo to net cash flow from operating activitigs 2023 2022 Net incoming resources Elimination of non-operating cash flows: Investmonl income Finance costs Depreciation charge Decr6as&llln¢reasel in debtors IncreasellDecreasel in creditors (excluding fees in advance and deposit} Increasel{Decreasel in fees in advance scheme creditors (Decrease) in parents. deposits 57,279 22,764 17,360) 69,959 168,994 (270,2341 51,026 1141 52,330 169,386 98,161 (55,6341 {9,791) 119492Q) 10 Not cash inflowllouffiowl from op$rations lil) Analysls of cash and cash equivalents Cash al bank Analysis of changes In net debt At1 September 2022 Cash Other tlows non*osh changes At31 August 2023 Cash at bank and in hand The notes on pages 17 to 28 forni part of these financial statements 16 PRIORY SCHOOL EDGBASTONTRUSTEES LIMITED NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES Basls The financial statements have been prepared in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leff eclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The functional currency of the School is considered lo be sterling because that is the currency of the primary economic environment in which the School operates. The Trustees have a reasonable expectation that Priory School Edgbaston Trusteès Limited has adequate resources lo continue in operational existence forthe foreseeable future. There are ro materi81 uncestsinties about the School's ability lo continue and therefore the Trustees adopt the going concem basis of accounting in preparing the financial statement5. The School is a Public Benefit Entity registered as a charity in England and Wales and a compary limited by guarantee. It was incorporated on 30 July 1986 Icompany number. 20423091 and registered as a charity on 6 October 1986 Icharily number. 5180091. Tre registered office a principal place of business is 39 Sir Hary's Road. Edgbaston, Bimingham. B15 2UFi 1.2 Critical accounting judgements and key sources of estimation uncertainty In the view of the Iruslees, no assumptions ¢onceming the future or estimation uncertainty affectirg assets or liabilities al the balance sheet date are likely to result in a material adjustment to their carying amounts in the next financial year. 1.3 Fees and simllar aarned income Fees receivable and eharges for services and use of the premises. less any allowdnces, scholarships, bursaries granted by the School against those fees. but including conlribulio received from restricted funds, are accounted f or in the pellod in which the service is provided. Fees received In advance of education to be provided in future years are treated as deferred inco and included within creditor5. 1.4 Donations, legad8s, grants and othar voluntary incomlng resources Voluntary incoming resources are accounted foras and when entillemenl arises, the amount can be reliably quanlrfied and the economic benefit to the School is considered probable. Voluntary income f or the School's general purposes is accounted for as unrestricted and is ¢redileJ to the General Resetve. Where the donor or an appeal has imposed trust law restrictions, voluntary inoome is credited to the relevant reslricled fund. 17 PRIORYSCHOOL EDGBASTONTRUSTEES LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES (conttnuedl 1.5 Expendlture Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-lerm liabilities. Expenditure attributable to more than one cost category in the SOFA apportioned lo them on the basis of the estimated amount allributable to each activity in the year, either by reference to staff time or the use made of the underfying assets. as appropriat& Irrecoverable VAT is included wth the item of expenditure to which il relates. Grants awarded expensed as soon as they become legal or operational commitments. Govemance costs comprise the costs of complying wth constitullonal and statutory requSrements. 1.6 Tangible fixed assets Fixed assets are slated al historical cost less accumulated depreciation. Depreciation is providaj on all tangible f ixed assets at rates calculated to wrtle each asset down lo ils estimated residual value, evenly over its expected useful life. as follows.. Fixtures. fillings and equipment 3to 10 years Leasehold Improvements 5 10 20 years Depreciation is provided in full in the year of acquisition. Expenditure of a capital nature below £500 are not capitallsed. 1.7 Debtors Trade and other debtors are recognised al the settlement amount after any trade discounts offeBY. Prepayments are valued at tho amount prepaid net of any trade discounts due. 1.8 Credltors and provisions Creditors and provisions are recognIs￿ where the School has a present obligation resulting from a past event that wll probably result in the transfer of f unds lo a third party and the amount due to settle the obligation can be measured or estimated reliably. Crecsitors and provisions are normally cognised al their settlement amount after allowing for any trade discounts due. 1.9 Fund accounting The charitable trust f unds of the School are accounted for as unreslricled or reslricled income Unrestricted income belongs lo the Schools, corporate reseNes, spendable at the discretion of t Trustees either lo further the School's Objects or to benefit the School itself. Where the Trustees decide to sel aside any part of these funds lo be used in f uture forsome specific purpose, this accounted for by Irdnsfer to the appropriate designated f uncl. Restricted income comprises gifts, legacies and grants where there is capital retention obligali)n or power but only a trust law restriction lo some specific purposg intended by the donor. 18 PRIORYSCHOOL EDGBASTONTRUSTEES LIMrrED NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES (Gonttnuedl 1.10 Pen$lon costs Retirement benef ils to employees of the School who are teachers are provid￿ through a defiwl benefit scheme. The per+sion costs charged in the Statement of Financial Activities are determined as follows-. The Teachers, Pension Scheme - This scheme is a multiemployer pension scheme. It is not possb lo identify the Schools, share of the underlying assets and liabilities of the Teachers, Pension Scheme on 8 consistent and reasonable basis and therefore, as ￿quired by FRS102, accounts for the s¢h8me as if il were a def ined contribution scheme. The Schools, contributions, which are in accordance with the recommendations of the Govemment Actuary, are charged Sn the pedod in which the salarfes lo which they relate 8re payable. AVIVA APMS Pension Scheme, is a defined contribution schem8. See Note 17 for further details. 1.11 Operatlng leases Rentals under opernting leases are charged on a straight-line basis over the lease lem, even if 11 payments are not made on sijch a basis. Benefits received and receivable as an incgnlive lo sign an operating lease are simi18dy spre8d on a slraigh14ine basis over the lease tem. 1.12 FinanGial Snstrumgnts Basic f inancial instruments are initially recognised al traiis2clion value and subsequently measured at amortised cost. Financial assets held al amortised cost comprise cash al bank and in hand together wlh trade and other debtors. A specific provision is made for debts forwhich recoverability is in doubt. Financial liabilrties held at amortised cost comprise all creditors except social security and other taxes and PJDvisions. 1.13 Cash at Bank and in hand Cash at bank and in hand includes cash and short terni highly liquid investments ￿th a short malurily of three months or less from the date of a¢quis11ion or opening of the depo811 or similar account. CHARITABLE ACTIVITIES - FEES RECEIVABLE 2023 2022 Fees ro￿[Vable consist ofr. School f ees Less.. total scholarships and bursaries 5.443,664 930 5.050,606 744 Scholarships, bursaries and other awards wgre paid to 263 pupils 12022.- 2101- Wrthin Ihis means- tested bursaries lot81ing £186,748 were paid lo 55 pupils12022.' £166,322 to 60 pupils). 19 PRIORY SCHOOL EDGBASTONTRUSTEES LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 CHARITABLE ACTIVITIES - OTHER INCOME 2022 Extras Entrance and registration fees Commissions and other income 216.780 56.830 169,193 47,851 OTHER TRADING ACTIVITIES 2023 2022 Other a¢tlvSties Lettings Other 3.500 INVESTME￿ Total 2023 Total 2022 Bank interest DONATIONS & LEGACIES Totsl 2023 Total 2022 Donations 20 PRIORYSCHOOL EDGBASTONTRUSTEES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ANALYSIS OF EXPENDITURE {al Totsl expendlture staff ￿sts Depr￿SatIon Other Total Tot (note 91 (note 10) 2023 2022 Costs of ggneratlng funds Financing costs (note 81 Totsl costs of generating funds Charltsble expenditure Education Teaching Welfare Premises Support costs and govemance 3,796,579 148,125 2.944.704 2.864,287 361,075 361,075 227.294 41 D,797 831,576 731.679 164,417 538.810 582.220 251,785 373.763 168,994 Total charitable expenditure Total expended 422 127 rotal expenditu￿ comparative Staff costs Dep￿latIon Other To181 rotal {note 9) (note 101 2022 2021 Costs of generating funds Financing costs (note 8} Total costs of 9eneraling funds Charftable expenditure Education Teaching Welfare Premises Support costs and govemance 2,706,210 158,071 2,864,287 3,013,021 227,294 227.294 324,455 282.733 731,679 809, 394 296,530 582,220 482,492 279,560 285,690 189,386 Total charitable expenditure Total expended 21 PRIORYSCHOOL EDGBASTONTRUSTEES LIMrrED NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ANALYSIS OF EXPENDITURE {CONTINUED} {bl Governan¢e Included In support costs.. 2023 2022 Remuneration paid to auditor for audit services Slatulory Accounts production other govemance cost8 12,175 825 11.500 FINANCE AND OTHER COSTS 2023 2022 Bank charges Bad and doubtful debts 10,864 9.539 42 STAFF COSTS 2023 2022 The aggregate payroll costs lor the year were as followE- Wages and salaries Social security costs Other pension costs 2,766,354 253,197 2.592,981 249,873 Supply stsff Costs 3.374,928 47.199 3.248,391 23,069 None of the members of the goveming body re¢￿Ved any remuneration or other benefits from Priory School orfrom any connected body. Travel expenses reclalmed by members of the goveming body £Nil (2022.. Nil). Aggr8gate employee&eneflts of key management personnel PRIORYSCHOOL EDGBASTONTRUSTEES LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 STAFF COSTS (CONTINUED) Number of higher paid employees in taxable emoluments bands of.. £60,001 10 £70,000 £70.001 to £80,000 £80,00110 £90,000 £90,001 to £100,000 £100.001 to £110,000 £110,00110 £120,000 £120,001 to £130,000 2023 2022 The number wlh retirement benefits accruing in Defined Benefit schemes was of which contributions amounted to The average number of persons employed by the School durirg the year was as follows: 2023 2022 Teaching Other activities 77 23 PRIORYSCHOOL EDGBASTONTRUSTEES LIMITED NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 10. TANGIBLE FIXED ASSETS Fixtures, Fittings & Equipment Leasehold Improvements Total Cost Al 1 September 2022 Additions Disposals At 31 August 2023 2.046,280 39,585 742,666 40,891 2.788,946 80,476 Depreciation Al 1 September 2022 Charge for the year Disposals 1,092,295 120,016 6S7,487 48,978 1,759, 782 168,994 At 31 August 2023 Net book value AI 31 August 2023 At 31 August 2022 953.985 75,179 1,029, 164 DEBTORS 2023 2022 Trade debtors Other debtors Prepayments and accrued Income 337,617 73,855 104,710 166,825 15,681 An impairment loss of £59.09512022.. loss of £42.7911 was r&ognised against the School Fees debtors during the year. 24 PRIORY SCHOOL EDGBASTONTRUSTEES LIMITED NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 CREDITORS: amounts falllng duewithin ono year 2023 2022 Deposits from parents Deferred income Trade creditor5 Taxes and Social Security Cost Accruals and other creditors 1157,626} 1221.085} 1102,496) {60.850} 181,4551 1140.5761 1230,8761 (25,8381 163,0411 {1048961 The Governors have reviewed the contract temis under which Pupil fee deposits are held by the school. Although under nomal circumstances these will be repaid overfulure years when the pupiLs complete their education at the school, pupils can leave al earfier dates. The school does not therefore have an unconditional right to retain the individual deposits forat least 12 months after the balance sheet dale and, in line wth the requirements in FRS 102, the balance of the deposits heky al 31 August 2023 have been included within current liabilities. The prior year Pupil fee deposts balance has been slmllarfy represonted. DEFERRED INCOME Summary of movements In liabillty Balance at 1 September 2022 Amounts released to incoming resources Amounts deferred in the year Balance at 31 August 2023 230,876 {230,8761 221,0851 Deferred income comprises school fees received in advance and trip monies received in advance. PRIORYSCHOOL EDGBASTONTRUSTEES LIMrfED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 14. OPERATING LEASES The commitments due overthe life of the leases, undgr norrfancellable operating leases afft analysed as follows= 2023 2022 <1year 2-5ye8rs > 5 years 12.932 39,039 22,272 34,179 66 Total The operating lease expense charged in the year was £22,27212022.' £22,272)- 26 PRIORYSCHOOL EDGBASTONTRUSTEES LIMrrED NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 STATEMENT & s￿mARy OF FUNDS Balance at 1 September 2022 Incoming Resources rèsource5 expended Transfgrs botsveen funds Balance at 31 August 2023 Unrestricted funds General funds 1,452.614 4,802,773 14,745.494} 1.509,893 Totsl Funds 1,452,614 (4,745.4941 1,509.893 STATEMENT & SUMMARY OF FUNDS- PRIOR YEAR Balance at 1 September 2021 Incoming Resources resources expended Trdnsfers between funds 821ance at 31 August 2022 Unrestricted f unds General funds 1.429,850 4.480,574 14,457.8101 1,452.614 Total Funds 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Fund balances at 31 August 2023 are represented by= Unrestricted Total TarKJlble fixed assets Current assets Current liabilities 94D,646 1.192.759 1623,512) 940.646 1,192.759 1623,512} ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Fund balances at 31 August 2022 are represented by= Unrestricted Total Tangible fixed assets Current assets Current liabilitie8 1,029. 164 988,677 (565.2271 1,029,164 988,677 (565,227) 27 PRIORYSCHOOL EDGBASTONTRUSTEES LIMrrED NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 17. PENSION SCHEMES Teachers, Pension Scheme The School participates in the Teacher5, Pension Scheme (England and Wales) nhe TPS.) for ils teaching staff. The pension charge for the year includes contributions payable to the TPS of £391,155 {2022: £522,771) and at the year*nd £22.718 12022.. £28.6301 was accrued in respect of contributions lo this scheme. The TPS is an unfunded multi-employer defined benefrts pension scheme govemed by The Teachers. Pensions Regulations 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 {as amended). Members contribute on 8 tray as you go" basis with contributiors f rom members and the employer being credited lo the Exchequer. Retirement and other pension benef its are paid by public funds provided by Parfiament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Govemment Actuary's Department. The most recent actuarral valuation of the Trs was prepared as al 31 March 2020 and the Valuation Report Was published October 2023. Follo￿ng the Mccloud judgement, the remedy proposed that when benefits become payabl eligible member can seleet lo receive them from either the refomied 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 preparing the 2020 valuation have valued the 'greater value, benefits for groups of relevant members. The valuation confirrned that the employer contribution rate forthe TPS would increase from 23.6V. 10 28.60A from 1 April 2024. Employers are also roquired lo pay a scheme administration levy of 0.08.10 giving a total employer contribution rale of 28.68%. Given the increase in employer contribution rate and the possibility of further increases in the fulurq a decision was taken to proceed with Phased Withdrawal from the TPS from 1 September 2022. meaning those teachers joining the school on or aflerthis dale would not be eligible to join the TPS, but would instead be eligible to join the AVIVA APTIS defined contribution scheme. NOW Ponsion Schemé The school participates in the NOW pension scheme for its non-teaching staff. The pension charge for the year includes contributions payable lo the NOW of £34,406 12022.. £28, 1641 and al the year-and £1.523 (2022.. £639) was accrued in respect of contributions lo this scheme. AVIVA APTIS Pension scheme The school participate5 in the AVWA APMS Pension scheme for its teaching staff. All teacher5 joining on or after 01 September 2022 will automatically be placed onto the APllS scheme wth an employer contribution rale of 17%. The pension charge for the year includ85 contributions payable to the AVIVA Apms of £58,20012022'. nil) and at the year*nd £337 12022.. nil) was accrued in respect of contributions to this scheme. RELATED PARTY TRANSACTIONS 18. There were no rdated party trdnsactions in the year {2022: None). 28