Reglstered number: 02042309 Charlty number: 518009 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company limited by guarantee) CONTENTS Page Reference and admlnlstrative detalls of the Company, Its Trustees and advlsers Trustees. report Independent auditor's report on the financial statements ststement of flnanclal activitles 9-12 13 Balance sheet 14 Statement of cash flows 15 Notes to the financlal statements 16-30 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company Ilmited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees Ms H Somerfield. Chair (resigned 4 October 2024}1.2 Ms D Mattison, Vice Chair1,2 Ms V Naik1 Mrs A Clearyl,3,4 Mr S Brereton2 Mrs P Skrybant3 Rev J O'Brien Miss S Rai Miss E Cutler (appolnted 15 October 2024) Finance and General Purpose Comittee 2 Risk and Compliance Committee (incorporating Health and Safety) 3 Education Committee Safeguarding and Wellbeing Committee Company registered number 02042309 Charity registered number 518009 Registered office Priory School 39 Sir Harrys Road Edgbaston Birmingham B152UR Independent auditor Crowe U.K. LLP Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Bankers Barclays Bank PIC 15 Colmore row Birmingham B3 2EP Handelsbanken 55 Calthorpe road Edgbaston B15 1TH Headmaster Mr J Cramb BA Hons, PGCE, MEd Finance Director and Company Secretary Mr N Al-chamaa BA Hons Page 1 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company limlted by guarantee) DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 GOVERNORS, DIRECTORS AND CHARITY TRUSTEES The Governors of Priory School Edgbaston Trustees Limiled are the School's charity trustees under charity law and they are the direclors of the charitable company. Members of the Goveming Body (Governing Council) who served in office as Governors during the year and subsequently are detailed below. During the year certain activities of the Goveming Body were carried out through four committees. being thè following {1) (2} (31 (41 Mr S Brereton Chair) Ms D Mattison (Vice Chair) Mr V Naik Mrs Aclea Mrs P Skrybant Rev J O'Brien DrSRai {1) Finance and General Purpose Committee (2) {3} Risk and Compliance Committe (incorporating Health and Safety) Education Committe (4) Saf8guarding and Welbeing Committee Membership of Committees is shown above for each Governor. Page 2 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED {A company Ilmlt8d by guarantee) DIRECTORS, REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The members of the Priory School Governing Body present their Annual Report for the year ended 31 August 2024 under the Charities Act 2011, including the Directors, and Strategic Reports. under the Companies Act 2006, together with the audiled financial slatements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION Priory School Edgbaston Trustees Limited is constituted as a company limit8d by guarantee registered in England, No. 2042309, and is registered with the Charity Commission undar Charity No. 518009. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing documents The School is governed by its Memorandum of Association and Articles of Associatlon, as adopted by a special resolution dated 3rd October 2023. Governing Body The Governing Council is the Goveming Body. Council members are elected at a general meeting and must be proposed by a member qualified to attend and vote at such meetings, in accordance with the Memorandum and Articles of Association. The number of Council members in office should not be more than 16 and not less than 6. as provided in the Memorandum and Articles of Association. Recrultment and tralnlng of Dlrectors New Directors (Members of the Governing Council) are introduced to the workings of the School, including Governing Council policy and procedures, by members of the Governing Council. Directors also attend specialist external courses from time to time. for example on Safeguarding Training. Organisational managernent The Council members meet as a Board at least four times per annum to determine the general policy of the company and to review its overa51 management and control, for which they are legally responsible. The Council members delegate day to day management of the School to the Headmaster and his senior management team. comprising the Flnance Director, the Finance and Facilities Manager and the Deputy Heads and Assistant Heads of the Preparatory and Senior Schools. Together, this group are the key management personnel. The Council operates a number of Committees with delegated responsibilities in specific areas. These include the Finance and General Purposes Committee, the Risk and Compliance Committee, The Safeguarding and Wellbeing Committee and the Education Committee. The Head and Finance Director attend meetings of the Governing Council's Committees. In addition, certain members of the Council have specific governance responsibilities in key areas such as Early Years, Child Protection, Marketing and Special Educational Needs. The Finance and General Purposes Committee meets shortly before each meeting of the full Governing Council, specifically to review financial performance, budgets and management accounts. Responsibilities of Ihis Committee also includ& Mark&ting, Facilities, Fundraising and Infrastructural Devèlopment projects. The Committee makes racomm8ndations to Governing Council on the annual r6views of School Fae tariffs and Staff Salary scales. Pagè 3 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company limlted by guarantee) DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Employment policy Delivery of the School's charitable vision and purpose is primarily dependent on its key management personnel. and staff costs are the largest single element of charitable expenditure. Remuneration policy is set by the Headmaster and Finance Director, subject to board {Council} approval, with the objective of providing appropriat8 in￿ntiVeS to encourage optimal performance and of rewarding individual Contributions to the School's success fairly and responsibly. The appropriateness and relevance of remuneration policy is revi8wed annually. While reviews include reference to conditions in the education sector generally, the School is free to set its pay scales independently. Here th& objective is to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere, while adapting to local budgetary conditions. The School is an equal opportunities employer. Full and fair consideration is given to job applications from disabled persons and due attention is given to their training and employment needs. Communication with employees continues through normal management channels, in particular through the Daily Bulletin in which staff are apprised of current issues and of key decisions affecting the school. Whole staff meetings, which are held termly, include briefings from the Headmaster, Finance Director. and other members of the senior management team. Key Relatlonships The School is a member of ISA (Independent Schools Association), AGBIS (Association of Goveming Bodies of Independent Schools). and ISBA (Independent Schools Bursars, Association). Locally. the School is a member of the Birmingham Catholic Schools Partnership. In recognition of its heritage, the School maintains link5 Wlth the Society of the Holy Child Jesus and with sister schools in the UK, Europe and North America. The Head of Prep and the Chair of Govemors will be attending the SHCJ conference as invited guests in March of 2025. We coop@rate with a number of local organisations in our ongoing endeavours to widen public access to the schooling that we can provide, to optimise the use of our cultural and sporting facilities and to develop in our pupils an awareness of the social context of the education that they receive at the School. The School also benefits from the generosity of its parents. assoGiation, the Friends of Priory School, whose close support we greatly appreciate and gladly acknowledge. OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES The company is established to advance education by running a School in the United Kingdom as a registered charity for the education of children of both sexes and all denominations. The ¢ompanVs principal activity remains the provision of independent educatlon for children from Earty Years to Sixth Form. Strateglc Aim Priory School is a Catholic Heritage school which welcomes pupils of all faiths and abilities and is committed to delivering success for every child in its care, complementing academic life with performing arts, sports, and other extra-curricular activities designed to develop self-confident and well-rounded individuals. Our aim is encapsulated in the following extract from our Mission Statement: 'In partnership with parents or guanlians, we pmvide a nurturing, family-based ethos, alongside high standards of teaching and leaming, enabling all pupils to achieve theirpotential.. Page 4 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company Ilmlted by guarantee) DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Princlpal actlvity The company's principal activity remains the provision of independent education for children from nursery to sixth form. Serving the public benefit In setting our objectives and planning our activlties the Trustees have given careful conslderation to the Charity Commission's general guidanca on public benefit. In particular, the School has continued to support the widening of access to our school by pupils from lower income families through the provision of Scholarships and Supported Places. However, as the School has no endowment fund, we have had to maintain a careful balance be￿een fee paying parents and those benefiting from the awards, in order to ensur6 our ongoing financial viability and to support further development of the School. The Scholarship scheme offers access to our School for bright pupils who excel academically or in areas such as sport, art, music or drama. During the 202312024 academic year we have again complemented the Scholarship SGheme with Supported Place awards, which have been means-tested and which have further supplemented the Scholarship award in appropriate cases. The Council views our Scholarship and Supported Places awards as essential in helping to ensure that children from families who would othemise not be able to afford the fèes can access thé education that we offer. Additionally, awards of Bursaries are made on the basis of parental means or to relieve financial hardship whère an existing pupil's place might otherwise be at risk. To underline the value that we place on continuity for families, we continue to offer sibling discounts where parents have more than one chlld at the School. The Trustees achieve the wider public benefit aim by providing use of the school's facilities for a range of community events and adivities, in¢luding Car parking for major sporting events at Edgbaston Priory Club (tennis tournaments). Other beneficiaries of this policy this year included National Youth Recorder Orchestra Birmingham Reggae Choir Short Tennis: coached in our sports hall under the auspices of Edgbaston Priory Club. The School continues to play an active part in seeking to extend its charitable actlvitles to the general public and is willing to 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 wider society. Our pupils also serve the community by entertaining residents of Sunrise Senior Living Care Home in Edgbaston with singing and music. Our pupils also seNe Ihe community by suggesting charitias lo support and by actively 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 Charity Save the Children Ukraine Appeal Unicef Banardos Page 5 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company Ilmited by guarantee) DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT FINANCIAL REVIEW Results for the year This year. the school reports a deficit of £425,527. This owing to a range of issues. The school now has every determination - including cost savings where possible and strategic management of key resources to do what it can to ensure a better outcome for 202412025. Priory School staff remain our biggest asset but due to the financial performance in 2023124 it has unfortunately not be able to reward staff with a pay rise in 2024125. Reserves Level and Policy and Financial Vlability The school's tolal resarves were £1,084.366 at the year- end. £931,675 of this represenled the net book value of fixed assets,18aving free r8seNes of £152,691. There was no restricted income. The Council's continulng policy Is to seek to have free reserves at a level sufficient to enable the School to withstand consequential pupil losses of up to 10%. The target lev81 of free resources on this basis is approximately £503k and this has b88n achieved. The Council has reviewed financial projections for the future. These projections reflect the School's aim to r8turn to growth in pupil numbers throughout the school and to increase net income through modest annual increases in school fee tariffs while conlinuing the policy of providing judiciously for scholarships, supported places and bursaries. Combined with continued attention to credit control and costs, achievement of this strategic objective should continue to deliver growing surpluses in the year ahead On this basis, production of these accounts on a going concem basis is considered appropriate. The Goveming Council is aware of wider general threats to the independent education sector in a high inflation economy combined with major changes in taxation policy (VAT) There is little that can be don8 to stop adverse changes In public policies, other than to keep informed and to rely on the combined lobbying efforts of our representative bodies. PRINCIPAL RISKS AND UNCERTAINTIES The Council continues to keep under review the School's activities, the risks that may arise from them and the intemal conlrols, systems and procedures established to manage them. Detailed consideration of risk is delegated to the Risk and Compliance Committee, which meets three times a year and reports formally to the Goveming Body. The structure of the Committee comprises two members of the Gov8rning Council, assisted by Senior Management. The risk management process adopted by the Risk and Compliance Commlttee identifies major risks, assesses their impact and likelihood and, where necessary, recommends controls to mitigate and monitor those risks that are assessed as high. Mitigation measures include ensuring that appropriate insurance cover is in place to cover any insurable risks identified. The key risks and actions to mitigate those areas are as follows: Page 6 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company limlted by guarantee) DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Risk identified Damage lo ￿putatiOn from fraud. accident, unsatisfactory inspection reports or adverse media coverage Mti ation Careful financial management by Goveming Council, supported by a Finance and General Purposes Committee and by the Finance Director., A Risk and Compliance Committee of the Board with specific deleg8ted responsibility for Health & Safety meets three times a year and reviews policy, pra¢tl¢e, and any incidents requiring Board level attention. Continuous programme of campus security improvements in place The eth05 of the school 15 to act promplly in response to extemal communications including those from parents Regular review of the risk register by the Risk and Compliance CoMm￿tee Risk Assessments Checked and approved by the Finance and Facilities ria er Heavy emphasis on and continuing investment in marketing", Close involvement of senior management in pupil recruitment process., Reduction in il numbers hcr8ased focus on im rovin th8 academic achievement of Change in Charitable Status andlor osition of VAT on School Fees other risk aspects.. Limited, as changes would apply to Ihe entire independent education sector Cha ema be radual rather than immediate The Trustees consider the affordability of fees by parents across the independent sector to be the principal financial risk faced by the School, especially as local competition from other independent schools remains intense. However, to reflect the high level of inflation the Governing Council decided to increase the school fee tarbff for 202312024 by 7.59/0 (3910 for 202212023). Health and Safety is always a significant area for risk management. The risks generally range from fire and infrastructure to personal risks (most notably when away from the campus on trips and expeditions). The level and breadth of 8¢tivity at the School is impressive and the risks associated with all activtties are minimised by thorough planning and risk assessment. FUTURE PLANS 202412025 will be another challenging year for Priory School. in which we will continue to build on our financial recovary. Plans include: Seeking to build up pupil numbers again throughout the school by use of intensive marketing initiatives Optimising the use of the Mayfield building Securing a high cohort valu8 for pupils at the main entry points (principally Year 7) Continuing to manage our estate in a cost effective way Page 7 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company Ilmlted by guarantee) DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Using the School grounds where possible for development of the outdoor curriculum- Continuing to strengthen our IT platform and pupil access to IT leaming facilities; Reopen the TPS consultation to leave the scheme STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The trustees (who are also the directors of Priory School for the purposes of company law) are responsible for preparing the Annual Report and the financial statements with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources for that period. In preparing these financial statements, the Governing Body members are required to: select the most appropriat8 accounting policies and then apply them consistently., obseNe the methods and principles in the Charities SORP- make judgments and accounting estimates that are reasonable and prudent" state whether applicable Accounting Standards have been followed, SLJbject to any material departures disclosed and explained in the financial statements; and prepare the financial stalements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions, disclose with reasonable accuracy at any time the financial posilion of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Relevant Audit Information Insofar as each of the Directors, as members of the Governing Body, at the date of approval of this report is aware there is no relevant audit information of which the Company's auditor is unaware. Each member of the Governing Body has taken all the steps that he or she should have taken as a member of the Governing Body in order to make himself or herself aware of the relevant audit information and to establish that the Company's auditor is aware of that information. Approved by the Governing Council of Prtory School Edgbaston including, in thelr capacity as company dir8Ctors, approving the Directors, and Strategic Reports contained herein, and signed on its behalf by: Mr S Brereton Chair of Governing Council Pag& 8 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED Oplnion We have audit8d the financial statements of Priory School Edgbaston Trustees Limited (the 'charitab18 companl) for the year ended 31 August 2024 which comprise the Statement of financial activities. the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has 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 Generally Accepted Accounting Practice). In our opinion the financial statemants: give a true and fair view of th8 State of the charitable companys affairs as at 31 August 2024 and of its incoming resources and application of rèsources, including its income and expenditur6 for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice", and have been prepared in accordance with the r8quirements of the Companies Act 2006. Basls for oplnion 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 for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial ststements in the United Kingdom, including the Financial Reporting Council's Ethical Slandard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material uncertainty related to going concern We draw attention to note 2.2 In the financial statements, which indicates the conditions identified that may cast significant doubt on the charitable companvs ability to conlinue as a going concern. As stat6d in note 2.2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the charitable companys ability to continue as a going concern. Our opinion is not modified in respect of this matter. In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Our resF)onsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 9 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (CONTINUED) Other informatlon The other information comprises the infomiation included in the Annual report other than the financial statements and our Auditor's report Ihereon. The Truslees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent othe￿iSe explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with Ihe financial statements or our knowledge oblained in the course of the audit, or otherwise appear5 to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misslatement in the financial statements themselves. If, based on the work we have perfortned, we conclude that there is a material misstatement of this othgr information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companios Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, Report for the financial y8ar for which the financial statements are prepared is consistenl with the financial statements. the Trustees, Report has been pr8pa￿d in accordance with applicable legal r8quirements. Matters on whlch we are required to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the followlng matters in relation to which Companies Act 2006 requires us to report to you rf, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us. or the 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 infomiation and explanations we require for our audit- or the Trustees were not entitled to prepare thè financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and from the requiremenl lo prepare a Strategic Report. Page 10 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company Ilmited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (CONTINUED) Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, 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 Truslees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the Twstees are responsible for assessing the charitable companvs ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounling unless the Trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenl, whelher due to fraud or error, and to issue an Auditorfs report that includes our opinion. Reasonable assurance 15 a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK} will always detect a material misstatement when it exists. Misstatements Gan arise from fraud or error and are considered material if, individually or in the aggregate, they Gould reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, Including fraud, are Instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oullined 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.. We oblained an understsnding of the legal and regulatory frameworks within which the charitable company operates, focusing on those law5 and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, together with the Charities SORP IFRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addillon, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable companls ability lo operate or to avoid a material penalty. We also consider8d the opportunities and inc8ntives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education Ilndependent School Standards) Regulations 2014. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance & General Purposes Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of m8&tings of those charged with governance. Page 11 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED ICONTINUED) 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 awafe of instsnces of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is localed on the Financial Reporting Council's website at: www.frc.or .uklaudilorsres Auditor's report. onsibilities. This description forms part of our Use of our report This report 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 companys members those matters we are required to state to them in an Auditorfs 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed. Helen Blundell LLB FCA FCIE DChA (Senlor statutory auditor) for and on behalf of Crowe U.K. LLP Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Date: 25 May 2025 Page 12 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legaGies Charitable activities: School fees receivable Ancillary trading income Other trading activities Investments 100 4.580,164 318.888 8,893 9,630 4,580,164 318,888 8,893 9.630 4.513,051 276,288 5.974 7.360 Total Income 4,917,575 4,917,575 4.802, 773 Expenditure on: Raising funds: Financing cost Charitable activities.. Education 59,370 59,370 69,959 10 5,283,732 5.283.732 4.675,535 Total expenditure 5.343,102 5,343,102 4,745,494 Net movement In funds (425,527) (425,527) 57,279 Reconciliation of funds: Total funds brought fO￿ard Net movement in funds 1,509,893 {425,527) 1,509,893 (425,527) 1.452,614 57,279 Total funds carried forward 1,084,366 1,084,366 1,509,893 The Ststement of Financia5 Activities includes all gains and losses recognised in the year. The notes on pages 16 to 30 form part of these financial statements. Page 13 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED {A company Ilmited by guarantee REGISTERED NUMBER: 02042309 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Fixed assets Tangible assets 13 931,675 940,646 Current ass8ts Debtors Cash at bank and in hand 14 518,552 380,949 516,182 676.577 899.501 1,192. 759 Cr8ditors.' amounts falling du8 Wlthin on8 year 15 (746.810) (623,512) Net current assets 152,691 569.247 Total net assets 1,084,368 1,509, 893 Charlty funds Unrestricted funds 19 1,084,366 1,509,893 Total funds 1,084,366 1,509, 893 The Trustees acknowledge their responsibilities for complylng with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance wtth the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by. Mr S Brereton (Chair) Date.. 11 10512tX The notes on pages 16 to 30 form part of these financial statements. Page 14 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Cash flows from operatlng actlvltles Net cash used in operating activilies 21 (86,524) 76,923 Cash flows from Investing actlvlties Payment for tangible fixed assets Investment income and bank interest received (159,364) 9.630 (80,476) 7,360 Net cash used In Investlng actlvltles {149,734) (73,116) Cash flows from financing activities Finance costs paid (59,370) (69,959) Net cash us8d in financing activitie5 (59,370) {69,959) Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (295.628) 676,577 (66,152) 742, 729 Cash and cash equivalents at the end of the year 22 380,949 676,577 The notes on pages 16 to 30 form part of these financial statements Page 15 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company Ilmlted by guarant88) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General Informatlon The School is registered as a charity in England and Wales and a Company limited by guarantee. It was incorporated on 30 July 1986 {company number. 2042309) and registered as a charity on 6 October 1986 (charity number.. 518009). The registered office and principal place of business is 39 Sir Harry's Road. Edgbaston, Birmingham, B15 2UR. It's principle activity is provision of schooling. Accounting policles 2.1 Basls of preparatlon of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities- Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019}, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The school meets the definition of a public entity under FRS 102. The functional currency of the School is considered to be sterling because that is the currency of the primary economic environment in which the School operates. 2.2 Going concern The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Trust to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements. Th8 year ended 31 August 2024 has resulted in a significant deficit for the School for a number of reasons and this has had the effect of reducing the level of reseNes available to withstsnd any future deficits. The cash flow forecasts which cover the period of the next 12 monlhs from point of approval of the financial statements show a potential low point in cash flow such that even with the additional facility of the bank overdraft of £150,000, there is a risk that if there were to be any unexpected delays in receipt of fees, reduction in pupil numbers or unexpected costs, the School cash resources might be insufficient. The recent introduction of VAT for independent schools is an additional factor contributing to uncertainties as it is too early to assess with any great certainty, the likely impact on pupil numbers for the Independent School sector as a whole and for the School itself. The Trustees and management have already taken actions to mitigate this risk which includes careful monitoring of costs, management of cash flows, monitoring pupil numbers and structuring of operations. The Trustees and management a￿ satisfied from their review of budgets and forecasts and their agreed adion plans that it remains appropriate to prepare the financial ststements on a going concem basis, but recognise that as a consequence of reduced reserves there remains a material uncertainty that factors which are not wholly in the direct control of the Trustees could impact the financial viability of the School. Page 16 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policles (contlnued) 2.3 Fees and slmllar earned Income Fees receivable and charges for services and use of the premises. less any allowances, scholarships. bursaries granted by the School against Ihose fees, but including contributions received from restricted funds, are accounted for in the period in which the service is provided. Fees received in advance of education to be provided in future years are treated as deferred income and included within creditors. 2.4 Donations, legacies¥ grants and other voluntary Incomlng resources Voluntary incoming resources are accounted for as and when entitlement aris8S. the amount can be reliably quantified and the economic benefit to the School is considered probable. Voluntary income for the School's general purposes is accounted for as unrestricled and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to Ihe relevant restricted fund. 2.5 Expenditure Exp8nditur8 is accruad as soon as a liability is considered probable, discounted to present value for longer-term liabilities. Expenditure attributable to more than one cost catègory in the SOFA is apportioned to them on the basis of the estimated amount attributable to each activity in the year. elther by reference to staff time or the use made of the underlying assats, as appropriate. Irrecoverable VAT is included with the Item of expenditure to which it relates. Grants awarded are expensed as soon as they b6come legal or operational commitments. Governance costs comprise the costs of complying with constitutional and slatutory requirements. Page 17 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting pollcles (continued) 2.6 Tangibl8 flxed assets and depreclatlon Tangible fixed assets costing £500 or more are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. D8preciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the straight-line method. Depr8ciation is provided on the following bases.. Leasehold Improvements Fixtures, Fittings & EqLtipment 5 to 20 years 3 to 10 years 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trad8 discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturily of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 Creditors and provlsions Creditors and provisions are recognised where the School has a present obligation resulling from a past event that will probably result in the transfer of funds to a Ihird party and the amount due to settle th8 obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 2.10 Flnancial Instruments Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. 2.11 Fund accountlng The charitable trust funds of the school are accounted for as unrestricted or restricted income. Unrestrlcted Income belongs to the Schools. corporate reserves, spendable at the discrelion of the Trustees either to further the School's Objects or to benefit the School itself. Where the Truste8S decide to set aside any part of these funds to be used in future for some specific purpose. this is accounted for by transfer to the appropriate designated fund. Page18 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting pollcles (contlnued) 2.12 Pension costs Retirement benefits to employees of the School who are teachers are provided through a defined benefit scheme. The pension costs charged in the Statement of Financial Activities are detemiined as follows.. The Teachers. Pension Scheme- This 5Gheme is a multi-employer pension scheme. It is not possible to identify the Schools, share of the underlying assets and liabilities of the Teachers, Pension Scheme on a consistent and reasonable basi5 and therefore, as required by FRS102, accounts for the scheme as if it were a defined contribution scheme. The Schools. contributions, which are In accordance with the recommendations of the Government Actuary, are charged In the period In which the salaries to which they relate are pay able. AVIVA APTIS Pension Scheme, is a defined contribution scheme. See Note 17 for further details. 2.13 Operating leases Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payment5 are not made on such a basis. Benefils received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term. Critical accounting estimates and areas of judgement Estimates and judgements are contlnually evaluated and are based on historical experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. In the view of the Trustees, no assumptions concerning the future or estimation uncertainity affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. Page 19 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from donatlons and legacles Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donations 100 Charitable actlvltles - Fees recefvable 2024 2023 School fees Less: total scholarships and bursaries 5,530.728 5,443.664 (950,564) (930,613) 4,580,164 4,513,051 Scholarships. bursaries and other awards were paid to 214 pupils {2023.' 2631- Within this means-tested bursaries totaling £172,135 were paid to 19 pupils (2023.. £186, 748 to 55 pupils). The total income from school fees is all unrestricted in both years. Charitable activities - Other income 2024 2023 Extras Entrance and registration fees Commissions and other income 265,934 51,428 1,526 216,780 56,830 2,678 318,888 276. 288 The total other income is all unrestricted in both years. Page 20 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Other tradlng actlvitles Unreslricted funds 2024 Total funds 2024 Total ftinds 2023 Lettings Other 4,171 4,722 4.171 4.722 3, 500 2.474 8,893 8,893 5.974 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Bank Inter&st 9,630 9,630 7.360 Finance and other costs Unrestricted funds 2024 Total funds 2024 Total fvnds 2023 Bad and doubtful debts Bank charges 46,670 12,700 46,670 12,700 59,095 10.864 59,370 59,370 69,959 Page 21 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Analysis of expendlture on charitable activltles Summary by fund type Unrestricted fund5 2024 Total 2024 Total 2023 Teaching Welfare 3,378,213 503,399 808,243 593,877 3,378,213 503,399 808.243 593,877 2,944, 704 361,075 831,578 538, 178 Premises Support costs and govemance 5,283,732 5,283,732 4, 675,535 Summary by expenditure type Staff costs Depreciation Olher costs 2024 2024 2024 Total 2024 Total 2023 Teaching Welfare Premises Support costs and governanc8 3,176,820 201,393 503,399 369,260 238,043 3,378,213 503,399 808,243 593,877 2.944. 704 361.075 831.578 538.178 270,648 355,834 168,335 Total 2024 3,803,302 168,335 1,312,095 5,283,732 4.675,535 Total 2023 3,422,127 168,994 1,Q84,414 4, 675,535 Governance costs included In support costs: 2024 2Q23 Remuneration paid to auditor for audit services Statutory accounts porduction other governance costs 11,825 875 44.006 12,175 825 56.773 56,706 69,773 Page 22 ## **PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## **11. Staff costs** ||**2024**|_2023_| |---|---|---| ||£|£| |Wages and salaries|**3,094,420**|_2,813,553_| |Social security costs|**278,990**|_253,197_| |Contribution to defined contribution pension schemes|**429,892**|_355,377_| ||**3,803,302**|_3,422,127_| Included within wages and salaries is supply staff costs which amounted to £127,610 _(2023: £47,199)._ Aggregate employee benefits of key management personnel £720,708 _(2023: £658,646)._ The average number of persons employed by the Company during the year was as follows: ||**2024**|_2023_| |---|---|---| ||**No.**|_No._| |Teaching|**85**|77| |Other activities|**21**|_22_| ||**106**|_99_| During the year termination payments were made of £16,881 to one individual (2023: £nil). The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: ||**2024**|_2023_| |---|---|---| ||**No.**|_No._| |In the band £60,001 - £70,000|**1**|_1_| |In the band £70,001 - £80,000|**1**|_1_| |In the band £110,001 - £120,000||_1_| |In the band £120,001 - £130,000||_3_| |In the band £150,001 - £160,000|**1**|| ## **12. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits _(2023: £Nil)._ During the year ended 31 August 2024, no Trustee expenses have been incurred _(2023: £Nil)._ Page 23 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED {A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Tanglble fixed assets Flxtures. Flttlngs & Equipment Leasehold Improvements Total Cost or valuatlon At 1 September 2023 Additions 2,085,865 15,082 783,557 144.282 2,869,422 159,364 At 31 August 2024 2,100,947 927.839 3.028,786 Depreciation At 1 September 2023 Charge for the year 1,212,311 118,272 716,465 50.063 1.928,776 168,335 At 31 August 2024 1,330,583 766.528 2,097,111 Net book value At 31 August 2024 770,364 161,311 931,675 At 31 August 2023 873.554 67,092 940.646 14. Debtors 2024 2023 Trade debtors Other debtors Prepayments and accrued income 414,305 17.740 86,507 337,617 73, 855 104,710 518.552 516, 182 An impairm8nt loss of £46,670 (2023.. loss of £59,095) was recognised against the School Fees debtors during th8 year. Page 24 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Creditors: Amounts falllng due wlthln one year 2024 2023 Deposils from parents Trade creditors 136,946 156,478 74,013 246,025 133.348 157,626 102,496 60, 850 221,085 81,455 Taxes and Social Security Cost Deferred income (see note 16) Accruals and other creditors 746.810 623,512 16. Deferred Income 2024 2023 Balance as at 1 September 2023 Amounts released to incoming rasources Amounts deferred in the year 221,085 (221,085> 246,025 230,876 (230,876) 221,085 Balance as at 31 August 2024 246,025 221,085 Deferred income comprises school fees received in advance and trip moni8s recelved in advance. Page 25 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Pension commltments Teachers. Pension Scheme The School participates in the Teachers, Pension Scheme (England and Wales) ('the TPS") for it5 teaching staff who joined pre 1 September 2022. The pension Gharge for the year includes contributions payable to the TPS of £268,037 (2023.. £391, 155) and at the year*nd £33,603 (2023.. £31,354) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers. Pensions Regulations 2010 (as amended) and The Teachers, 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 olher pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valliation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published October 2023. Following the Mccloud judgemenl. the remedy proposed that when benefits become payable, eligible member can select to receive them from either the reformed or legacy schemes far the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose Ihe option that provides them with Ihe greater benefits, and in preparing the 2020 valuation have valued the 'greater value, benefits for groups of relevant members. The employer contribution rate for the TPS is 28.60/0, and employers are also r8quired to pay a scheme administration levy of 0.080/0 giving a totsl employer contribution rate of 28.680/0. Given th8 increase in employer contribution rate and the possibility of further increases in the future. a decision was taken to proceed with Phased Withdrawal from the TPS from 1 September 2022, meaning those teachers joining the school on or after this date would not be eligible to join the TPS, but would instead be eligible to join the AVIVA APTIS defined contribution scheme. NOW Pension scheme The school participates in the NOW pension scheme for its non-teaching staff. The pension charge for the year includes contributions payable to the NOW of £41,966 (2023.. £34,406) and at the year-end £4,098 (2023.. £3.512) was accrued in respect of contributions to this scheme. AVIVA APTIS Penslon scheme The school participates in the AVIVA APTIS Pension scheme for its teaching staff. All teachers joining on or after 1 September 2022 will automatically be placed onto the APTIS scheme with an employer Contribution rate of 170/0. The pension charge for the year includes contributions payab16 to the AVIVA APTIS of £107,264 (2023.. £58,200) and at the year-end £17,079 (2023.. £337) was accrued in respect of contributions to this scheme. Page 26 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Operatlng lease commltments At 31 August 2024 th8 Company had commitments to make future minlmum lease payments under non- cancellable operating leases as follows: 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 14,537 30,609 157,500 12,932 39,039 762,000 202,646 213,971 The following lease payments have been recognised as an expense in the Statamant of financial activities: 2024 2023 Operatinglgase ￿ntalS 14,537 22,272 19. ststement & summary of funds Balance at 1 September 2023 Balance at 31 August 2024 Income Expenditure Unrestrlcted funds General Funds 1,509,893 4,917,575 (5,343,102) 1,084,366 ststement of funds - prlor year Balance at 1 September 2022 Balanc& at 31 August 2023 Income Expenditure Unrestricted funds General Funds 1,452,614 4,802, 773 (4. 745,494) 1,509,893 Page 27 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Analysis of net assets between funds Fund balances at 31 August 2024 are represented by: Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year 931,675 931,675 899,501 899,501 (746,810} (746.810) Total 1,084,366 1,084,366 Analysis of net assets between funds - prior perlod Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year 940,646 940,646 I, 192, 759 1.192, 759 (623,512) (623,512) Total 1, 509,893 1.509, 893 Page 28 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company1Smlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Reconcillatlon of net movement in funds to net cash flow from operating activltles 2024 2023 Net incom8lexpenditure for the period (a5 per Statement of Financial Activities) (425.527) 57,279 Adjustments for: Investment income Finance costs Depreciation charge Increase in debtors Increase in creditors {excluding fee5 in advance and deposit) Increasel{DeGrease} in fees in advance scheme creditors (Decrease)lincrease in parents deposlts {9.630) 59,370 168,335 {23,728) 141,366 23,970 {20,680) (7,360) 69,959 168,994 (270,234) 51,026 (9, 791) 17.050 Net cash provld8d byl(used In) operatlng actlvltles (86,524) 76,923 22. Analysis of cash and cash equivalents 2024 2023 Cash in hand 380.949 676,577 23. Analysls of changes in net debt At1 September At31 2023 Cash flows August 2024 Cash at bank and in hand Debt due within 1 year 676,577 (221,085) (295,628) 380,949 {23,970) (245,055) 455,492 (319,598) 135,894 Page 29 PRIORY SCHOOL EDGBASTON TRUSTEES LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 24. Related party transactlons The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 31 August 2024. Page 30