REGISTERED COMPANY NUMBER: 00888176 (England and Waltrsl REGISTERED CHARITY NUMBER: 525924 REPORT OF THE GOVERNORS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 FOR WILMSLOW PREPARATORY SCHOOL TRUST LIMITED Clarke Nicklin LLP Charter8d Accountants and Stalulory Auditors Clarke Nicklin HoLtse Brooks Drive Cheadle Royal Business Park Cheadle Cheshire SK8 3TD
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Page Report of the Governors 1 10 15 Report of the Independènt Auditors 16 10 19 ststement of Financial Activitles 20 Bolance Sheet 21 Cash Flow Statement 22 Notes to the Cash Flow Statèment 23 Note$ to the Financial Ststements 24 to 33 Detslled Statement of Financ5al Actlvltles
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 The Governors who are also the members and directors for the purposes of the Companies Act 2006, present their report, which includes the Report of the Directors., with the financial slal¥menls of the Gharily for the year anded 31 August 2022. The trustees, referred lo as Governors, have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing thèir accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Irelarsd IFRS 1021 leffe¢live 1 January 2015), OBJECTIVES AND ACTIVITIES Objective In accordance with ils objects, the activity of tho Trust is the educational development of pupS18 atthe Wilmslow PpaI&10ry School {VVPSI, providing full-time education lo pupils aged 5 10 11. Full or part-lime education is provided lo pre-Receplion Ghildren from the age of 3. The School's overall objective is to.. 'Provide the best possible education for its pupils in a happy, caring and sllmulaling envlronmenv. Alms The School's specific aims are then identified as the following.. To provide acadernic eXcelnc8 through a broad, balanced and vailed curriculum., To ensuro that our pupils dovelop lively. enquiring and creative minds., To value each boy or girl as an individual so as lo maximise his or her pol8nlial and confidence., To offer a safe, kind and ¢aring environment- To encourage s&lf-respecl and respect for others. These are then underpinned by a number of key business objectives as follows.. To sustain financial viability, by maintaining pupil numb6rs and continually reviewing expenditure items in order lo contiol costs., To recruit and Telain high calibre staff, who between them bring broad teaching experience. 8 variety of creative skills and strong management and tèchnical skills.. To maintain our premises and buildings lo a high quality lo assist the above &ducalional aims to be achieved. In selling our specific objectives and planning our activities for the academic year 2021122, our Governors continued lo be mindful of the Charity Commission's general guidance Dn publi¢ benefit. Our particular objectives lor the year includ8d'. To ensure delniery of a high calibre remote learning programme, adaptable and wesponsive lo the requirements of the Covid Situation, as necessary., To assess and implement any catch-up iequired as a result of the pand$mic,' To look after our pupils ard staff through continued development of well-being stralegl8s, particularly bearing in mind the impact8 of thè pandemic., To increase pupil numbers, particularly in Reception and infant year groups., To provide continuing support of our pupils alrtsady in receipt of fee a8SiStance through bursaries., To develop joint working with local slate junior schools., To further develop our strategic partnership with The King's School Macclesfield for the bontsfit of our pupils and staff., To continue lo develop our rolé in tha lif8 of our local community through our charitable and community acllvities, whilst adding to the all-round education of our pupils. Page 1
WILMSLOW PREPARATORY SCHOOL TRUST UMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 OBJECTIVES AND ACTIVITIES Strategy. Ethos, Access, Educalional Links and Bursary Pollcy strategy.. The Governors are responsible for agTeeing a slialew lo achieve our objectives. The focus of our strategy is on the continued development Df our pupils, so that each child achieves hisffter potential. through high levels ol academic and exlra-¢urr¢cular achievement, and lo further widen access lo the eduCatn our School provides. Our èthos.. We aim lo be a happy, caring school, which creates a strong sense of community and seek8 to seThe the local community and soci81y. WPS is a Charitab Irusl, which sgeks to benofil the public through the pursuit of ils slated aims. Our fees are sel al a level lo ensure tho financial viability of tho School and al a level that is C(sIStenI with our aim of providing a first-class educallon to our pupils. Our School welcomes pupils from all backgrounds, To admit a prospective pupil we need lo be satisfied that our School will be able to educate and develop such a pupil lo Ihe best of hisJher potential and in line with the general standards achieved by hislher peers. There is no assessm8nl for enlry into our pre-school or Reception years, informal assessment and interview for the Infants (forms Prep 1 and 21, and rnore formalise inleNiew and assessment for entry into the Juniors (forms Prep 3 -61. These methods help us lo satisfy ourselves and parents that potential pupils can cope with the pace of learning and benefit from tho eduGation we provide. An Ind[1dual.S economic status, ethnicity, race, religion and in most cases disability do not foim Part of OUT ass8s8ment processes. Our School is commilled to safeguarding ancl promoting the welfare ol our pupils and expects all staff and volunteers to share this commitment. our most iecenl inspection by the Independent Schools. Inspeclorale (ISI) w8s a Compli8n¢e Inspection which look place in November 2021. We were rigorously assessed across all 8 factors. includlng Welfare, Health and Safely of Pupils, and were judged 8s compli8nl Ino grading is 15tsued fDr tliis IypE DI in5peGtiDnl. Our most recent Educational Quality Inspection was in July 2017 when we achieved 'excellenl' on all the outcomes assessed. The pastoral care provided by our staff was describeLI as "excellent Parents are given regular information about their child's social and academic progress through parents, evenings, in addition to the traditional end of term and year reports. We maintain regular Gonlacl with parents Ihroughuul the year through inforrnal contact and IhTough our weekly newsleller. All pupils have a Form Tutor responsible for pastoral care and academic develoFiment. We also have a syslttm of 'buddies' who are invoEved in assisting leaching staff in enfor¢ing our very vigorous anti-bullying policy. Robust strategies are usèd lo support the overall well-being of our pupils. We are an equal opportunity organisalion and are cornmitted lo a working environment that is Iree from any form ol discrimination on the grounds of ¢olour. race, elhnicily, religion, sex, sexual oiieFilalion or disability. We will make reasonable adjustmen18 to meet the needs of staff or pupils who are or become disabled. Access: 11 is important lo us that the first class education we offer is not r&s1Cted lo those who Can afford our fees, and we believe that oui pupils benefit from learning within a diverse community, through social inlera¢lion and shared experiences, which helps develop each individual's wider understanding. Page 2
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 OBJECTIVES AND ACTIVITIES Educational links.. Our School is part of a wider community and we are keen that our staff 8nd pupils parti¢ipale in that. We offer ourfacililies fora variety of sporting dovelopmenl activities for Children from Other schools through sport fixtures and are constantly looking to develop this. We also offer a holiday club during School holi(lay periods and Nursary, both through an external provider, and both are open lo children from the wider community. We have orgariised courses where we invita other schools lo participate, which obviously is beneficial lo them, and speciali81 teachers meet with others from different schools lo discuss best practice and share eas. Such meetings are open lo any local school. Bursary Pollcy: The Governors view our bursary awards 35 important in helping to ensure that children from families who would olherwiso not be able lo afford the fees can access the education we offer. Our School is a small prep school wilhoul the benefits of having any large endowments, and in funding our awards we have lo be mindful that we musl ensure a balance between fee-p8ying parents, many of whom make considerable personal sacrifices lo fund their chikl's education, and those beneliling from the 8wards. Our bursary awards are available lo all who meet our general entry requirements and are made sotely on the basis of parental rneans or lo reliev8 hardship where a pupil's education and future prospects would olhewise be al risk, lor 8xample, in Ihtr case of redundancy. The awards range from 100/0 10 100QA remission of faes. We also allempl lo supplement bursary awards to p8y for 8xtra-curriculai activities, equipment and school Irips, in particulaf hardship cases. To emphasise the importance we place on ¢onlinuily for families, we also offer di8¢ounls where parents have more than one Chi althe School. A discountschEm8 where staff members choose lo educate their child al our School is also in place, which we believe can help to allracl and relain high quality staff. Infomalion about fee assistance is provided to all who appty to WPS. We also advertise the fact that we offer Bursaries through the local press, and in any advert we place. as well as on our website. Page 3
WILMSLOW PREPARATORY SCHOOL TRUST UMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT Achlevement and perlorrnance Operational performance The lolal number of pupils educated during the year averaged 126. Our fees for 2021122, bafora the deduction of any bUrsarS or discounts were,, Kindergarten Infants Middle Juniors Upper Juniors £368 per session per week per lei £3,560 per larm £3,845 per term £4,1 $5 per term Having dealt with two years, 2019120 and 2020r21 both being impacted by challenging events with tho global COVID pandemic forcing three lockdown8 in a 12 Month period in England. the year commencing September 2021 started oplimislically as all adults aged over 18 years had been offered vaccinations against Covid by June 2Q21. In addition, isolation rUS wero changed for all double va¢cina19d adu118 in August before the return to School in September. which eased staffing chall8nges, Contact tracing then ended from 24th February 2022. All employed WPS staff followed the government's vaccination programm8 and have taken up vaccines when available. More specific performance details are provided below. Academic performance Our full inspection r&sull from 2017 is our most recent full external independent School Inspeclorale {ISI) inspection, wheie inspectors, yet again, awarded Wilmslow Prep the highest possible judgement in all categories inspected, of 'excellent'. In Novembei 2021, WPS met all Ihe requisite standards in the Compliance Inspection. This year foim Prep 8 leavers all chose lo Bil entrance examinations lo Independent S8nior S¢hool8, and again achieved an excelleiil pass ialg. Cliildiuii ieb¥iveLI ITiultiple Dffers, g 10181 of 34 offers across 14 chlldren, including 8 scholarships across academia, arts, Sports and music scholarships, lo Manchester consortium schools, which include some of the North West's top SGhools. Pupils al the School are formally assessed in the Summer Term Iwilh Prep 6 being 88se8sed in the Autumn in preparation for the Senior School exams). Pupils in the Early Years Foundation Stage IEYFS, which incorporatès the pre-school and Reception years), complole informal assessments and pupils in Years 1 mplele formal assessments in English and Maths {Year5 1 61 plus Verbal and Non-vertjal Reasoning (Years 3 - 61, lo assess academic progress and abllily. Currently the School use GL Education Assessments. FOT the Key Stage 2 pupils lie Years 3 61 the English and Maths 88sessmenls are ¢omplelod online and analysed exlernally providing an in-d8Pth analysis of èach pupll's performance. Thé lesls are slandardised to a national scale which enable staff lo fully track each pupil's progréss, which is Communicated regularly lo each pupil's parenl{sllgu8rdi8nlsl. Our Educational Quality Inspection in June 2017 noted that all groups ol pupils made excellent progress in Telalion lo their starting position and the ability piofile of tho School is above avemge, which continues lo be the case. P8g8 4
WILMSLOW PREPARATORY SCHCK)L TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT Achievement and performance Music.. Music is a strong feature of Wilmslow Prep life. Over 70QA of the children in Prep 2-6 continue lo have muslc lessons in one or more areas. Children in R8cepliDn and Prep 1 also start lo have lessons as the year progresses, Five professional musicians come in lo delivei the instrumental and vocal le880ns each week as well as a music specialist lo leach ¢u¥riculum music. 80 lessons are delivered each week on 12 inslrumenlslvoice. Musjc clubs Include Chamber Cholr and School Orchestra. Each of fhese group8 performell at the Garol Concert and al Speech Day. At Christmas, Kindergarten and Reception performed the 'Nuisery Nativity, and Prep 1 and 2 performed 'Hooray a Mangel., The whole school look part in a splendid Carol Concert al the WilmslDW Leisure Cenlre. Pupils also went carol singing across the roed al Canterbury Grange and through the town ¢enlre on the last day of temi. Once again, we were delighted that a pupil received a Musi¢ Scholarship for sscondary school entry. Each year we hav8 an internal House Music Competition and this year we had 75 performances from 56 children. We welcomed Sue Hallam as Adjudicator., a former Hèad of Music Service foT Staffordshire and she was extremely impressed with the standard of the performing. At the end of Spring Term, our Prep 3 and 4 pupils prepared their show calkd 'Wiz Wharn Alakazam.. There is mtjch talent across these two classes and many budding drama and music students to look out lor in the years lo come. Alderley Edge Festival look place this year, having been cancelled for the past two years due to thu pandemic, and Wilmslow Pr8p scored a hat trick, winning all three choir Sections for our age group. Theie were excellent perfomances from individual children loo. Our celebrations lo mark the late Queen's Jubilee saw all children singing tether for our invited guests and parents. This was a tru 8pecial occasion. including staff. parents, Governors, former staff and communsty guests, all of whom enjoyed a wonderful afternoon lea al School. 6 children look ABRSM music examinations in June with exams ranging from grade 1 up to grade 3. All pupils passed their examinations wilPI good marks. In addition, we successfully Irialled a differerst examination board, Trinity. Thi8 board offers more flexibility, and we were delighted with the results, 15 children took their exams ranging from Initial to grade 5. Across the iwo oxaminalion boards, our children g3ined 7 distinctions including a grade 5 pupil. 9 merits and 5 passes. Prep 5 and 6 performed thoir end of y83r show in Juty-'Olivia'. The ooslum@S, PTOPS, acting, and singing ware fantastic. Speech Day was a special occasion, particularly memorable as our last whole school live spegch day was in 2019, The event showcased beautifully our many talented musicians and performer8. The School &njoyed a busy and successful year of music, freeLf from the Covid reslriclions ofthe previous bmo years. Speech & Drama- Speech and Drama is laughl as part of the limelable lo all children from Reception upwards and continues lo go from strength lo stre¢igth. KG are involved in a number of our whole s¢h(K)l events and special dayslassemblies. Page 5
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT Achievement and performance Our Learning Ambassadors (in Prèp 61 speak al a rBnge of special occasions to inlfoduce these events, which gives them a great experience of public speaking to an audience. During tho year, all the childrell had the opportunity lo take part in a production &ilher al Chrtslmas, Easter or al the end of the Summer Term, as well as in particular assemblies. 11 has been wonderful to be able lo enter thè festivals such as the Alderley Edge Festival and th8 English Speaking Board IESBI exarninalions, which were both cancelled due lo Covid-19 resllictions ovei the last couple of years. A vary high proportion of our children entered the Alde[Y Edge Festival and received a number of placings. Children in Prep 3-6 entered the ESB examinations with 72'/o achieving distinction and 28 /0 schieving a merit or merit plus which was a truly excellent outcome. Th& 2021122 Prep 4 all achieved distinction.. a superb achievement. The children continued lo benefit from participation in events such as the Carol Service and Speech Day, and we were delighted lo b8 ablé lo come together once more for these events. Sport.. Our philosophy is lo encourage physical exerciso, with the added stimulation of healthy comp@lilion. Our pupilg take part in 8lhlelics and cross-counlry as well as a wide range of ball and racket sports, including hockey, netball, football and badminton, We have re¢enlly introduced Tag rugby. Teams are fielded for pupils in Years 4 upwards and our results ref18cI th8 hard work and enthusiasm of the children. We also offer the pupils the option lo join in a¢livilies such as judo, fencing, yoga, gymnastics, loolball, kwik crick81 and dance through ext¥8-curricular clL*bs. Sporting fixtures were resumed this year and our pupils were also able lo enter national competitions such as the Independent Schools Association IISAI Alhlelics. and the ISA Cross Country events. WPS pupils performed well in both, with some pupils gaining podium positions in the alhlelics and our boys coming 4th out of 17 groups in the cross country. Thése are excellent results for a small prep school, as we compete against schools significantly dilferenl in size. In addition, this year, our PE Coach. Mrs Broome. was recognised as a Sporting Hero. She was one of only 2d coachès in the UK lo reGeive thi5 award which was preseiil¢d by Prinivbb Aiiii¥ ul aWiiid5 ceremony. Art.. As with all th6 arts, this discipline i8 held in high regard al WPS. As a school, we are trxlremely proud of the high slaridard of work that is achieved by all our children under the guidance of our specialist art leachar. We believe in giving the children plenty of opportunities lo express themselves through a variety of ¢realive mediums, providing them with the chance to try new artistic techniques on a regular basis. The children are encouragtrd lo be proud of their WOTk which is displayed prominently around the School building and is often the source of comments and praise from visitors. The children continue to enjoy leaming about artists from all over the world, including more contemporary and less well known artists. They have opportunities lo explore and experirnenl with a broad range of materials and techniques, many of which would not be seen in other primary settings. such as fell making and lino printing. This year. the School was represented again in the annual ISA Art competition, where we were delighted lo have secured first place in five categorie8 31 the North Regional Competition. These entries were then forward lo the National Competition, where we secured two first plac8s. one second place and a highly comm8nd8d: a truly fantastic 8chievam8nl. Page8
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT AchieveTnent and performanGo Community Involvement.. Wilmslow Preparatory School pupils ar& actively 6ncour8ged lo engag6 in charitable work and fund raising baiely a week goes by wilhoul some form of activity taking place. Pupils are involved in raising money for Francis House la local children's hospice), for Barnardo's Ilhrough the box scheme), cancer chalIes and the NSPCC. They also regularly take part in Red Nose Day and Children in Need. Activities range from cake sal8s and rafllas lo non-uniform days. In 2021122 ov8r £2,000 was raised by pupils for go(xJ causes. In addition, pupils lake part in many local inilialives such as the Jeans for Genes, the Rola-Toy Appeal and supporting East Cheshire Hosp5cè. The pupils also lake part in aclivili8s such as Carol Singing at ChriBtmgs lime in eld@rly residential homes, lo Lifeshare, or out in the community, in a normal year. Harvest gifts are collected and distributed lo IDcal elderly 18sidenls 8ndlor homes and the pupils also take part in the Rotary Club Rota-Toy Appeal, packing a shoebox with gifts arid loilelries lo be stsnt to families locally. Similarly. disaster boxes are made up, as appropriate, by pupils, which the Rotary Club store and then use for local families, in the event of a disaster. We also collect Barnardo's Boxes for Barnardo's and support other charilies for our annual programrne such as Diabetes UK. The School made no political donations. Wilmslow Prep pupils and staff are well known within the community and the School is renowned for b8ing willing to help local businesses and individuals where possible, We see this maller as an extremely important part of the pupils, education, as they interact with those outside the School cotnmunity and gain a wider understanding of the environment. We have two defibrillalofs, one on an outside wall, for the benefit ol the community. the other in our sports hall which is well used by external local groups. All staff have reiVed training in the u88 of these delibrillalors, 8nd this training is updal8d as necessary, Our premises are also used by the wider community. During the School holidays, 'Holiday Zone,. use otjr maln School hall and facilities, to run a holiday club which is opon lo all local s¢hool-age children. Our Sports hall is a popular community facility well used by a number of local clubs. 1118 now used throughout the year by two local Badminton clubs. Wilmslow Football Association, a local Dodgeball group and a Karate Club. In addition, the local Alpine Society use our School hall on a regular basis for their meetings. A Day Nursery (run by an external provider through a lease agreemenll operates on our si18 which prOve8 US with a good link to families with younger children and, through them, with the wider community in general. Environmental Initiative5: Wè takè th8 education of our young pupils about the wider world very seriously and try lo sel a good example a8 an organisalion lo help influence the expectations and behaviour of our pupils in their later life, providing public benefit. To this end we have introduced a number of 8nvironm8nlal initiatives such as recycling of papor, cardboard and ¢omposl, and reducin9 use of energy leg elecliicily). The School Council meet on a waekly basis Ic> discuss naw inilialives both in and out of the classroom on how we can become more aNvare of the environment and what we can do lo support this. The programme is reinfoiGed through our PHSEE lessons as w811 as through School and Form assemblies. Buildings: In addition to curriculum development, the maintenance and development of the fabric and facilllies ol our School are key lo our strategy. Ov8r recent yeais, we have undertaken iwo key developments, extending and enhancing our entrall hall. and we also developed a mulli-surface Astro pitch alongside our Sports Hall. Pupils and staff enjoy the use of the Astro pitch for lessons as well as for break times, and over th8 paEt couple VI yLtcif6 we Iiavv lurlli¥r dev¥loped our outside area around the Sports hall to provide a 'Forest SGL1,. This Is particularly well-used by our Early Yea¥s Department and by our onsite Nursery, Page 7
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT Achi8vom8nt and performanc During Summer 2022, we carried out maintenance and refurbishment work of some of our leaching rooms, particularly in the Earfy Years areas lo further enhan the provision for ouryoungesl pupils. Ws a150 upgraded some of our ICT facilities throughout tho School, in line with our strategic development plan and enhancement programme, which involves not only new inleraclive TVS, laptops and IPADS, bul also a review ol leaching practices. In addition, we have a programme of planned mainlan8nea throughout thè Schtsol intprnAI and èxlpmxl redecoration was ¢arried also oul over the last summer break. As noted above, we conlinue lo review our computer facilllie8 and resources on an ongoing basis in order lo keep up lo dale for our pupils and staff, Review of bursary and discounts awards- In 2021122 the value of means le8led bursaries lolalled over £296,000 representing some 23°k of lolal fee income, and providing some assistance lo around 40 pupils. We usu811y help fund the costs of extras such as Ifips for some of otjr pupils in ieceipl of Bursaries, bul this year school trips were limited due lo Covid roslricl¢ons. The Governors continually review our Bursary awards lo ensure that we try lo help children, through the availability of means tested financial assistance. who would not othenNise be able lo allend Wilmslow Prep School. Pieviously take-up of Bursaries slabilised al around the 20°/o level ol lolal foe income bul during Covid we dicl provide additional short lemi help lo a vary small number of families. In the Autumn term 2022, they represented approximately 170/D of fee income supporting 31 pupils Isorne 250A of pupil numbers). We are keen to ensure the objective ol wider access is achieved, and our airn to maintain a minimum of 12Qh of total fee income on Bursaiies, has already been met and exceeded. The Governors view our bursaries as important in widening access to the first class education we provide.. as a charity this is important to the Board. Over the last couple of years we h8v6 m8d8 signili¢ant steps to incrsased marketing of the availability of bursaries. though specific press reloases and oui website. The Sub8> uf Iliiè bail bLt b¥¥li by Ili¥ aduiliuiiul pupil¥ we Iiuvv Iicive iilteiidiiig WPS through finanGial as515tancB. We aré also continuing to investigate the possibility of involving local slate schools in some of our teaching aclivilies. especially through ou¥ music. sport and language leaching. Future Plans: The Governors intend lo continue thelr slralegies of maintaining the School's posilK)n in an in¢re88ingty competitive market and with a potential recession ahead, by investing lo provide high quality education for Qui pupils. Achieving a high standard of academic results is a constant aim whilst maintaining the breadth and depth of the education provided. The Headteacher and senior staff review the curriculum on an ongoing basis lo en8ure that both academic and exlra<urricul8r provision is appropriate for OUT pupils, development. For example, in 2021122 our English provision has been a real focus and we have made adjuslmenls to our limelable for our older juniors to ensure our already excellent academi¢ provision for this subject is extended further (particularly fo¢u8lng on additional leading and comprèhension sessions). In 2022123 we have introduced a new phonics scheme across the School to really enhance pupils, development in this important area even further. Traditional, any future plans have been finan¢ed primarily from feg income and fiom our reserves and the Board has chosen not lo borrow lo fund piojecls. However, given the unpracedenled limes faced by all in the prior two academic years, and with the additional challenges those provided, the Board explored the Government backed loan schemes lie Bounce 8ack IBBLI and COVID Businoss Inlarruplion Loans ICBILII. and made the strategic decision lo lake out the smaller BBL in October 2020. Repayments for this started In November 2021. No further borrowing has been undertaken, The Governors will seek to continue lo invest in the School lo allow our current pupils lo benefit whilst at the same lime ensuring a sound infrastructure and linancial base are pr&served for the next genetalion of pupils just as our cur¥enl pupils benefit now from reserves and investments made in the past. Page 8
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 STRA TEGIC REPORT Achievement and performance All developments, rÉc8nt and historic, hav8 been linanc8d by reservgs, supported latterly by our small BBL. Our medium - k)ng term plans include continued redevelopment of our ICT facilities ar5d provision, Financial review Financlal position The financial Slalemenls show nel incoming resources for the year of £67,068 {2021 nel outgoing- £139,533). ilsl the pandemic brought challenges, the Governors and Senior Leadership team ISLTI had already put a strategy in placa to focus on growth and introduced some key Initiatives such as the Prep Pathway., our unique and cltsar vision of a child's learning journey 81 WPS. Our Headleacher lin post from September 20201 also introduced new initiatives and ha5 worked with the Bursar to grow our pupil base. During the second half of 202Q121, we received 8 growing number of referrals through personal rocommendalions, as well as enquiries from new families concerned about their children's lack of progress during lockdown periods. As a result of this, our pupil numbers have grown and in 2021122 averaged 126 compared lo 101 in the previous academic year. Our excellent reputation will allow us lo continue lo build on our successes. From September 2020, the School withdrew from the Government Teachers, Pension Scheme ITPSI. Instead teachers are able lojoin a sound defined Contribution scheme, approved by the Independent Schools, Bursars, Association. which allows teachers flexibility on contribution levels according lo th@ir own porsonal circurnslances. This move has also had the benefit of making savings for VVPS. as employef contributions to the TPS wore becoming unsustainable for a small prep school and subsequently placing a burden on fee levels. Principal funding sources The principal funding source during the year was lee income and the key objectives of the charity were supported by expenditure en leaching, welfare and running costs of the School. As a charity, the parents of our pupils hav8 the assuranc8 fhal all the income of the School is applied for ediicational purp058s As educationgl charity we onjoy tsx 8X8mption on our èdiieational setiviti$s and on our investment income, and these are all fed back Into the School's charitable aims. A8 a charity we are also enlilled to an 80.10 reduction on our business rates on our educational property. These financial benefits ar& all applied lo 8ducalional purposes and therefore indirectly help us lo maintain and develop our policy of widening access. Such benefits are important lo help ensure the financial viability of the Schcx)l. However, as a charity we are unable lo reclaim the VAT we pay on our costs as we are exempl for VAT purposes. We also pay tax as an &mployer through the n8lK)nal insuranc8 contributions we make. Investment pollcy The Company has absolute powers 01 inv&slmenl of ils ¢orporale reserv8$. The Finance sUb-wmmle8 review investment risks and the policy is lo invest in low risk Government Bonds and Unil Tiusls. An account with slightly higher return is used for day lo day surplus funds. Investments yielded income of £26412021.. £6531 outperforming the Board's largel. Pagè 9
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT Financial revlew Reserves and Financlal Health The Governors review fi'nancial performance al each oftheir meetings, there is a nominated Finance GDvernor who liai88s closely with the Bursar at other limes, and also a Finance subcommittee who are key in making recornmendations lo the full Board. In common with other independent Schools, the Governors have invested substant{ sums into the Schc)ol infraslruclure {Ih8 most %ignificant rècèntly, hèino ènhAnppmpnl nf niir rnuqir f%r.ililie.8. p.xlension of OLir onqite Nursery. anlrance hall, and exlellded development of our sports and playing facilitiès). We 8180 have a continued programme of refurbishm6nl, developmént and investment lo rnainlain the School's excellent leaching facilities. The excellent maintenance and condition of our buildings were noted by the Inspection Team at our last full qualitative ISI School Inspection (Summer 20171. Reserves Pollcy Traditionally, il hag been the policy of the School's Goveming Body to fund all capital projects from resetves and not to borrow any capital sums. As noted previously, bécause of the COVID sIILtalion, the Governors accessed the Govemmenl Bounce Back Loan, which we are now repaying in line with agreed terms. Potential prDjecls are identifd in the School's Development Plan and in the past have included.. redevelopment and refurbishment of our Music facililles., a new Nursery block., further extènsion lo th8 indoor and ouldooi facilities for our onsite Nuisery.. a new entrance hall and ICT suile., redevelopment of our entrance hall". a new mulli surfa¢e sports pitch outside our Sports Hall., further playground improvements. Iii additiuii tu wntinuirig tD IllVE51 in new faGililiE5, th8 Gov81nors have inv8St8d in updates to oui curient stte, for example, with development and enhan¢emenl of our Forest School area behind the Sports Hall. as well as other planned maintenance work. Such works, whilst not necessarily providing a vislble uplift, are essential lo keep our buildings safe, secure and modern. Note 20 to the fi'nancial statements shows the assets and liabilities atlribulable to the various funds by type. Unreslricled funds amounted 10 £1,187,055 bul only £44,fj29 of this is fieely available because the balance is invèsted in fixed assets or is designated for other purposes. 11 is the role of the Finance Subcommitte& lo review the levels of reseNes against current needs for the effective financial management of the Schc)ol's activities al their pr8s8nl lev81. Development5 Our current focus is on ICT as noted previously and new hardware such as interactiv& screens, is nc)w in place in many of the classrooms. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documont The charity 15 controlled by ils governing document, a deed of trust, and conslilules a limited company, limited by guarantee, as defined by the Companies Act 2006. Page 10
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT Organlsatlonal management The Governors determine the general policy of the School and they meel as a Board appFoximately Six limes a year lo review ils ov&rall m8nagem8nt and Control, for which they are legally responsible. The day to day running of the School is delegated lo the Headleacher and the Bursar. The Governors apprové thé School's policies and it8 Development Plan. Any key projects or major changes lo procedures are referred lo Governors for full debate. The Chairman of Governors has rogular communication with both the Headleacher and the Bursar, and other Governors are regular visitors lo S¢hool le.g. thè Health and Safely, Marketing, Staff and Educalionlsafeguarding Governors). The Headleacher oversees the re¢ruilmenl of all educational staff, generally supported by the Educallon Gov&rnor. Thè Bursar oversees the recruitment of administrative and non-lea¢hing support staff. usually together with the Headleacher. The Headleacher and Bursar were invited lo allend Governors, Me81ings in 2021122, and other staff are invited, as required, by the Governors, to share knowledge about their specific teaching area as well as about pastoral care. including well-being and safeguarding. Page11
WILMSLOW PREPARATORY SCHOOL TRUST UMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT Governor RecruitmÈnt and Training It is recognised that between them, the Governor8 need lo be able to speak with knowledgo and experienc on a wide rBnge of mallers that will be brought to their attention. Accordingly, when a vacancy is lo be filled, th8 Governor5 always lake into account what field of experience or training is not repres8nled. or is under- represented. on thé Board. The following ski115 are consideied essential to the Governing Body.. Education (including Special Needs) Safegu8rding FinancelBusiness -Law - Property Medical - PRlmarketing. However, the right persons with sound judgement, in sympathy wth the longe¥-lerm aims of th8 School, and the desire to serve the School. whilst being able lo gwe the necessary time and support freely and wlllingly, are also essential. In a small local School such as WPS, il is also considef8d beneficial that Governors live reasonably Glose lo the School, so that they have an understanding of the local Gommunily. Hence, the Governors consKler il wise lo appoint the right person with the necessary skills. even if this means having a vacancy in the shorl leim (professional expertise rllay then have lo be bought in temporarily). Itls recognised that il can take lime for a n6w Governor to become familiar with Iho School, the way in which il operates and the issues which face Governors and management. New Governors meet with al least the Chairman before they are officially appointed lo discuss the role and its requirements. They will also be invited into School to meet with the Headleacher and Bursar. New Govemors are issued with a Governors. Handbook, and a comprehensive pack of relevant papers, including copies of documents such as The T¥usl's Memorandum and Articles, the most recent Annual Report dllLI Abtsvuiilb ul iliv Gvv¥iiiiiiy Buayp Ili¥ Ibttlbl t¥iiii'b dbuuuiilb, pr¥viuuè Iniiiuleb. Ili¥ Sbliuvl'b D¥veluyiiiviil Plan arid the most recent inspection report. Néw GDv8rnors 8re asked lo familiarise themSe8S with recent developments in th8 edLtC81ion sector. To assist them. relevant developmen18 are noted al each Governors, Meeting by the SLT. Governors are also encouraged lo attend seminars run by AGBIS or IAPS, where they can exchange views with other schools. All Governors are also invited lo allend, where possible. slaff training days that take place the day before each term starts. 1115 expected that Governors should keep themselves up.lo.dale with what is happening in School, as well as more widely in education, particularly in the independent sector. Details of meetings le.g. IAPS, AGBISI are circulal8d lo Goveinois and wherever possible a Governor is ellcouraged lo allend a relevant org8nised session. Helshe will then report back lo the whole Governing Body 80 that the information is disseminated to other relationships The School is a member of IAPS Ilhe Independent Association of Prep Schools) of ISA Ilhe Independent Schools, Associalionl of ISBA Ilhe Independent Schools. Bursars. Associalionl, and of AGBIS (Association of Governing Bodies of Ind&pondenl Schoolsl. These associations provide a wealth of expertise, knowledge and expellence across the independent schools sector. Page 12
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management The Governor8 are responsible for the overseeing of the risks facéd by th8 School. Detailed assessments of rÉsk are delegated lo the Senior Management Team and a system of risk management and assessment is in place. The Governors assess the major risks that the School faces each financial year when preparing and updating the School's Development Plan. The Charity has devolop&d systems lo monitor and control these risks lo mitigate the impact they may have on the School in the lulure. 11 is recognised that any such systems can only provide reasonable bul not absolute ag8urance that major risks have been adequately managed. Key ri8ks at nationallpolitical level whlch would have a malor negallve Impact include.. The national short lorm economic situation, in particular a recession and rising inflation., Removal of busines5 rates relief., The Labour Party's proposals lo remove charitable slalus from private schools, which could mean such Schools being required to aéd lo fees Value Added Tax Icurrenlly 20Q/o on most seryicesl. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 00888176 (Erigland and Wales) Registergd Charlty number 525924 Registered office 7 GTove Avenue 'Imslow Cheshire SK9 SEG Governors MrA Gosnay Mrs L Anson Mr J Hughes ThAr N R4Jdgard (Chairman until 4.10.221 Mr D G Vanslonè Mr J Sharp Mr8 D Stephenson (Acting Chairman from 4.10.22, Chairman from 23.11.221 Mrs Wwynn Mrs B Williams Mrs H L D'urso lappoinled 14.6.221 Mr N Laird lappoinlgd 4.10.221 In accordance with Article 42 of the Articles of Association, Mr A. Gosnay, Mr J. Hughes, Mr O.G. Vanslone and Mis W. Wnn, the Governors retiring by rotslion, will retire al the Annual Gen8ral Meeting, and being 81igibl8, offÉr themselves for re-eleclson. Other Offlcers Headleacher Mrs B. Lavagna-Sl8ter HDipEd, BA (Honsl NPQH from 1.9.2020 Bursar Miss S J H Davies BS¢ {Hons}, IPFA (Hons) Clerk lo the Goveinors Miss S J H Davies Bsc IHon&l, IPFA {Hons) School Secretary Miss L K Kendal BA IHDnsl, PGCE Paoe 13
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 REFERENCE AND ADMINISTRATIVE DETAILS Company Secretary MrA Gosnay Auditors Clark@ Nicklin LLP Chartered Accountants an Statutory Auditors Clarke Nicklin House Brooks Drive Cheadle Royal Busine88 Park Cheadle Cheshire SK8 3TD Sollcitors Pannone Corporate LLP 378 - 380 Deansgale Manchester M3 4LY Freelhs LLP 5 New York St Manchester M14JB Pag6 14
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 STATEMENT OF GOVERNORS. RESPONSIBILITIES The Governo¥s who are also the charity Iruslees and the company directors, are Tesponsibte for the overall managÉmanl and control DI Wilmslow Pr8paralory School Trust Limited and meet generally six limgs a y8a¥, The School Bursar is responsible for cOrdInatIng the Nvoik of the Governors and any sub-commillees, prepalation of papers, management accounts and (he review of mallers arising. All Governors give their time freely and no remuneration or expen8&8 were paid in the year la the Gov8inor8 personally. No GovernoT, or person connected with a Goverllor, received any benefit from means te81ed Bursaries awarded lo our pupils. The Governois are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and Unilecl Kingdom Accounting Standards (Untied Kingdom Generally Accepted Accounting Praclicel. Company law requires the Governors lo prepare financial slalemenls for each financial year which give a true and fair view of the slate of affairs of th& charitable company and of ils incoming resources 8nd application of iesources, including income and tsxpendilure, of the charitable company for that period. In preparing thes6 financial slatemenls, the governors are required lo= sel&¢l suilable accounting policies and apply them collsi8lently'. observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., prepare the financial slalemenls on the going concern basis unless il is inappropriate to presume that the charity will continue in operation. The Governors are responsible for keeping proper accounting records that disclose with reasonable accura¢y al any lime the financial ptssilion of the charitable company and lo enable them lo ensure the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguardin9 the assets of the charity and h&n¢a fortaking r&asonable steps for th8 pr8ventson and doteclion of fraud and other irregularili8s. In so far as the Governors are aware.. There is no relevant audit information of whlch the charitable companls auditors are unaware and.. Thè Govemors hav8 lak6n all steps that they oughl lo h8ve taken lo make themselves 8ware of any relevant audit information and lo establish that the audilors are aware of that information. AUDITORS Th8 auditors, Clarke Nicklin LLP. will be propos6d for re-appointment al the forthcoming Annual General Meeting. Report of the trustees, incor company directors, on ..1 I oratin a strategic report, approved by order of the board of trustees, as the z ts 3 l and signed on the board's behalf by-. •0 ThAr A Gosnay- Secretary Pag815
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WILMSLOW PREPARATORY SCHOOL TRUST LIMITED OpinSon We have audited the financial statements of Wilmslow Preparatory School Trust Limilod Ilhe 'charilable company.) for the year ended 31 Aygusl 2022 which comprise the Slalemenl of Financial Activities, the Balance Sheet, the Cash Flow Slalement and notes lo the financial slalemenls, 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 {Uniled Kingdom Gen@r8lly A¢c8pl8d Accounting Praclicel. In our opinion the financial slatemgnls.. glve a ITue and fair view of the slate of the charitable company's affairs as 8131 August 2022 and of its Inr.nming rp.%oiJrr*% and Aprtrlir.alion of re8oiJreA8. including ilg income and oxpenditiire, for th8 year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pracli¢e', and have been prepared in accordance with the requirements of the Companies Act 20LE. Basis for opinion We conducted our audit in a¢¢ordanGe with International Standards on Auditing {UKI IISAS IUKII and applicable18w. Our responsibilities under those slanclards are further described in the Auditors, responsibilities for the audit of the financial slalemenls section of our report. We are ind6pendent of the charitablè company in accordance with the ethical requirèmènts that are ielevanl lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suffi¢ient and appropriate lo provide a basis for our opini()n. Concluslons relatlng to going concern In auditing the financial slalemenls, we have Goncluded that the trustees, use of th8 going conc8rn basis ol accounllng in the preparation of the financial slalemgnls is appropriate. Based on thè work we have perfomed. we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the charitable company's abilily to continue a5 a going cgnoern for a period of at least twelve months from when the flnanclal slalements aTe aulhorised for issue. Our responsibilities and the Tesponsibililies of the Iruslees with respect to going concern are described in the relev8nl sections of this report. Other Information The Iruslees are responsible for Ihe other information. The other information comprises the information includod in the Annual Report, other than the financial statements arid our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other infoimation and. except lo the extent otherwise explicitly sl8led in our report, we do not expre88 any form of assurance conclusion Ihereon. In connection with our audit of the financial slalements, our re8ponsibilily is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slalemenls or our knowledge oblailled in the audit orolhetwise appears lo be materially misslalod. Ilwe idanlify such malarial inconsistencies or apparent material misslalemenls, we are required lo determine whethèr this gives rise lo a material misslalemenl in the financial slalements themselves. If, based on the work we have performed, we conclLsde that there is a material misstatement of this other information, we are required to report that fact. We have nothina ID ieport in this reoaid. Oplnlons on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the informallon given in thè Report of the Governors for the financial year for which the financial slalemenls are piepared is consislenl with the financial slalements,. and the RepDrt of the Governors has been prepared in e0rdance with applicable legal requirernent5. Page 16
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WILMSLOW PREPARATORY SCHOOL TRUST LIMITED Malters on which we are required to report by exception In Ihe light of the knowledge and understanding of the chari18ble company and ils ènvironment obtained in the course of the audit. we have not idgnlilied material misslalements in thè Report of the Goverr50rs. Wè have nothing lo report in re$pe¢l of the following mallers where the Companies Act 2006 requires us lo report lo you bf, in our opinion.. adequate accounting records have not been kept or reluTnS adeqLFale for our audil have not been received frorn branches not visited by us,. or the financial slalemenls are not in agreement with the accounting records and returns., or certain disclosures of Iruslees, remuneration specifièd by law are not made., or we have not received all the information and explanation8 we require for our audit. Responsibilities of trustees As explained more fully in thè S1818m8nt of Gov8rnor8' Responsibilities, the trustees (who ale also the directors of the charitable company forthe purposes of company lawl are responsible for the preparation of the financial slalements and for being satisfi'ed that they give a tru8 and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial 81alements that are free from material misslalemenl, whether due to fraud or error. n preparing th8 fin8nci81 slalemenls, the Irusl88s are responsible lor assessing the charitable company's ability lo continue as a going concem. disclosing, as applicable. mallers related lo going concern and using the going CDncern basis of accounting unless the Iruslees either intend lo liquidate tha charitable company or to Cease operations, or have no realistic allernalwe bul to do so. Page 87
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WILMSLOW PREPARATORY SCHOOL TRUST LIMITED Our responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance abolit whether the financial slalemenls as 8 wholè gre frèe from material misslalemenl, whethe¥ due lo fraud or error, and to issue a Repurt of th8 Independent Auditors that includ8S OLJr opinKJn. Reasonable assurancè is a high18vel of a$suran¢e, bul 1$ not a guarantee that an audit conducted in a¢cordan¢e with ISAS IUKI will always detect a material misslalemenl when il exists. Misslalernenls can arise from fraud or eOr and are considered material if. individually or in the aggregate, they Could reasonably be expected lo influenGe tho economic decisions of users taken on the basis of these financial statèments. The extent lo which our procèdLtres are capable of detecting irregularities, induding fraud is detailed below.. Procedures to Klentify risks.. enquiring of management concerning the entity's procedures relating lo.. identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance.. detecting and responding lo the risks ol fraud and whether they have knowledge of any actual, suspected or alleged fraud", discussing among the engagement team regarding how and where fraud might occur in the linancial slgt8m8nts anrl 8ny potential indicators of fraud. As part of th18 discussion, we identified potential for ffaud in the following areas.. liming ol reCognlOn of income, and posting of unusual journals,. and obtaining an understanding of the legal and regulatory Iram8works that the company operates in, focusing on those laws and regulations that had a direct effe¢l on the financial statements or that had a fundamental effect on the operations of the enlily. The key laws and regulations we considered in this context included UK Companies Act. Charities Act, employment law, health and safely, pensions legislation and lax legislation. The procedures lo respond lo iisks identified included.. reviewing the financial stalernenl disclosures and testing to supporting documentation lo assess compliance with relevant laws and regulations discussed above,. enquiring of management. concerning actu81 and potential litigation and claims., performing anatylical procedures lo identify any unusual or unexpected relationships that may indicate risks of material misslalement due lo fraud., in addiessing the risk ol fraud through management override of controls. le81ing the appropriateness of journal entries and olhei adjustments,. assessing whether the judgements made in making accounting estimates are indicative of a potential bias., and &valualing thé rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regLJlalions and potential fraud risks lo all engagement team members, and remained alert lo any indications of fraud or non-¢ompliance with laws and regulations throughout the audit. A further description of our responsibilities for the audit of the financial statements is local8d on the Financial Reporting Council's website al www.frc.o¥g.uklaudilorsresponsibililies. This description forms part of our Report of the Iridep8ndenl Auditors. Page 18
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WILMSLOW PREPARATORY SCHOOL TRUST LIMITED Use of our report This ieport is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 20rK. Our audit work has be8n undertaken so that we might slate lo the charitable company's members those mallors we are requlred to slate lo them in an auditors, report and for no other purpo8&. To the fullest exlenl p&rmilled by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitablè company's members as a body. for our audit work, lor this report, or for the opinions we have formed. Graham Travis FGA (Senior Slslulory Audilorl for and on behalf of CEarke Nicklin LLP Chartered Accounlanls and Statutory AudiloTS Clarke Nicklin House Brooks Drive Ch8adlé Royal Business Park Cheadle Cheshire SK8 3TD Date-. 04/0412023 Page 19
WILMSLOW PREPAFIATORY SCHOOL TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 2022 Total funds 2021 Total funds Unrestricted Endowment funds fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 66,267 66.267 56,376 Charitable activities Fees and collection charges 1,000,951 1,000,951 731,183 Investment income 264 264 653 Total 1.067.482 1 067 482 788212 EXPENDITURE ON Charitable activities Teaching and welfare costs Running costs & maintenance Governance 666,373 316,828 666,373 316,828 8,650 649,311 270,385 7,950 Total 991,851 991851 927 646 Nel gainslllossesl on investments 8,5631 991 NET INCOMEIIEXPENDITUREI 67,068 67,068 (139,533) RECONCILIATION OF FUNDS Total funds brought fOard 1,119,987 752 1,120,739 1,260,272 TOTAL FUNDS CARRIED FORWARD 1.187 055 752 1 187,807 1,120739 The notes form part of the50 linanci81 slalemgnls Page 20
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED BALANCE SHEET 31 AUGUST 2022 2022 Total funds 2021 Total funds Unreslricled Endowmenl funds fund Notes FIXED ASSETS Tangible assets Investments 1,142,926 1,142,926 27.752 1,155,310 36.315 12 752 1,169,926 752 1,170,678 1,191.625 CURRENT ASSETS Stocks Doblors Inveslmenls Cash al bank 13 14 15 6,930 141,692 148.583 6,930 141.692 148,583 6,208 123,436 58,139 304,897 304,897 194,076 CREDITORS Amounts lalling due within oné year 16 {216,497) 121e,4971 1189,309} NET CURRENT ASSETS 88 400 4,767 TOTAL ASSETS LESS CURRENT LIABILITIES 1,258,326 752 1,259.078 1,196,392 CREDITORS Amounts falling due after more than one year 17 {71,271} {71.2711 175,653) NET ASSETS 1187 055 752 1,187.807 1120,739 FUNDS Unreslricled funds Endowment funds 20 1.187,055 752 1,119,987 752 TOTAL FUNDS 1 187 807 1,120,739 The financial Slalemenl were approved by the Board of Governors and authorised for issue on and were signed on ils behalf by.. hlr A Gosnay- Trustee ItlpW¥*. Trustee The nolas form part of these financial ¥talement8 Page 21
WILMSLOW PREPARATORY SCHOOL TRUST UMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Notes Cash flows from operating actlvitles Cash generated from operations Interest paid 119,017 775 180,847} Nel cash provided byl(used inl operating activities 118242 80 8471 Cash flows from investing activltles Purchase ol tangible fixed assets Purchase of current asset inveslmenl8 Sale of current asset inveslmenls 118,3001 190.4441 125,4251 62,471 Nel cash {used inllprovided by investing activities 108.7441 37,046 Cash flows from financing activities New loans in year Loan repayments in year 50,000 Nel cash (used in}Iprovided by financing activities Change in cash and cash 8quivalenls in the reporting period Cash and cash equlvalents at the beginning of the reporting period 1,399 6,199 94 Cash and Cash equlvalents at the end of the reporting period 6.293 The notes form part of these financial statements Page 22
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022 RECONCILIATION OF NET INCOMEIIEXPENDITUREI TO CASH FLOW FROM OPERATING ACTIVITIES 2022 2021 Net incomellexpendilurel for the reportlng period las per the statèment of Flnanclal A¢tlvitlesl Adtrustmonts for: Depreciation ch8rg@S Losses on investments Interest paid Ilncrtsaselldecrease in stocks Increase in debtors Increase in ¢redilor8 67,068 1139,5331 30,685 8,663 775 1722} 118,2561 30,9(14 32,399 99 2,695 128,9071 Net cash provided byllused inl operations 119017 80 8471 ANALYSIS OF CHANGES IN NET FUNDS At 1.9.21 Cash flow Al 31.8.22 Net cash Cash at bank 6,293 1,399 7,692 6,293 1,399 Liquid resources Dep051t5 inGluded in LEis11 Cur¥enl asset investments 58,139 90,444 148 583 58,139 148 583 Debt Debts falling due within 1 year Debts falling due after 1 year 18.8741 41 126} 18331 8.932 19,707} 32,194 50,000 8.09g 41,901 Total 14.432 99.942 114,374 The notes form part of these financial statements Page 23
WILMSLOW PREPARATORY SCHOOL TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 NFORMATION Wilmslow Preparatory School Trust Limited I'the Company l is a charitable company limited by guar8nloe, incorpoiated In the United Kingdom. The address of ils registered office and principal place ol business is 7 Grove Avenue, Wilmslow, Cheshire, SK9 SEG. ACCOUNTING POLICIES Basls of preparing the financlal statèments The financial slalements of the charitable company. which is a public benefit enlily under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounling and Reporting by Charities.. Statement of Recornmended Praclictr applicable lo charities preparing Ih&ir accounts iri accordance with the Financial Reporting Standard applicablè in the UK and Republic of Ireland IFRS 1021 {effective 1 January 2019),, Fir*ancial Reporting Standard 102 'Th8 Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companles Act 2006. The finan¢ial statements have been prepaTecl under th8 historical ¢osl convention, with the exception of inve8lmènl8 which are Included al market value, as modifi'ed by the revaluation of cartain assets. Income All income is recognised in the Slalemenl of Financial Activities once the charity has entitlement lo th8 funds. il is probab that the income will be received and the amount can be measured reliably. Fee Income represents the invoiced amount of luilion services and meals provided during the year together with miscEllaneous catering receipts and coll8clion Charges. Fees received for education lo be provided in future years are carried forward as deferred income. Donations receivable for the general purposes of the Charity aw credlted tts unrestricted funds. Donations for purposes reslricled by the donor are taken lo restricted funds. Amounts required lo bp retained as capital are accounted for as endowments. Expenditure Liabilili8s are recognised as expenditure as soon as there is a l&gal or constmctive obligation commilling the charity lo that expenditure, il is probable that a transfer ol economic benefits will be iequired in setllÈment and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis alld has been classified urder headings Ihataggregale all cost related lo the category. Where 91$ cannot be directly allribuled lo partiGul8r headings they have be8n allocated to activities on a basis consislenl with the use of resources. The irrecoverable element of VAT is inclucled with the item of expensé lo which il relates. Chariiable expenditure comp¥ises those costs incurfed by the charity in the delivery of its aelivilie5 and serViS for ils beneficiaries. 11 includes both costs that can b8 allocated directly lo such activities and those costs of an indirect nature necessary lo support them. Costs of generating funds are fundraising costs incurred in seeking voluntary conlribulions. Governaric8 costs include those costs associated with meeting the conslilulion81 and slatulory requiffmenls of the charity and include Ihg fees and costs linked to the strategic management of the charity. Tanglble fixed assets Depreciation Is provided on all tangible fixed assets bought by the school, other than freehold land, al rates calculated to write off the cost, less estimated residual value of aach asset over ils expected usef1 life, as follows:_ FreBhold Buildings Plant, Fixtures and Fittings 1.5YD strah1 line 200kn 8lraighl line Page 24 continued.,.
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES-contlnued Tangible fixed asset5 Tangible fixed assets presented lo the schoo5 as grfts are capilalised at cost to the donor and a corresponding amount is provided of depr8cialion. Items costing lass than £500 ar8 written off as an expense as acquired. sto¢ks The value of 8lo¢k, wh 18 not m8lerial lo the financial position of thé company, is eslimaled. Taxation The charity is @xempl from corporation tax on ils charitable aclivilies. Fund a¢Gountlng Unrestricted funds are available for use al the discretion of th8 trusle8s in furtherance of general objectives of the charity. Designated funds are unrestricted funds earmarked by the trustees for partular purposes. The aim and use ol each designated fund is sel out in the notes in the linan¢ial slalemenls. Reslricled funds are subject lo reslriclions on their expenditure imposed by the donor or through the terms of an appeal. Furthèr explanation Of th8 n8ture and purpos8 of 88ch fund is included in the notes lo the fi'nancial slalements. DONATIONS AND LEGACIES 2022 2021 Donations and sundry receipts Grants 66,267 46,954 66 267 56 378 Grants received, included in the above, ale as follow8.' 2022 2021 Other grants 9.422 INVESTMENT INCOME 2022 2021 Investment income 264 653 Page 25 continued...
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS- ¢ontlnued FOR THE YEAR ENDED 31 AUGUST 2022 INCOME FROM CHARITABLE ACTIVITIES 2022 2021 School fees add School fees received in advance less School fees carried tonard less Bursaries and allowances 1,355,673 78,393 190,506} 342,609} 1.027,572 60.589 178,3931 278 585 1,000,951 731183 CHARITA8LE ACTIVITIES COSTS Support costs (see note 71 Teaching and welfar8 ¢0s1s Running costs & maintenanc Govarnanc 666,373 316.828 991.851 2022 2021 Teachlng and welfare costs staff costs D8pre¢ialion Other operating charges 574.534 8,300 83.539 576,820 17.585 54,907 666 373 849,311 Running costs and maintenance Staff costs Depreciation Other operating charges 95.967 22,385 198.476 92,716 14,814 162855 316,828 270 385 GovornanGe Gosts Audilor8' remuneration 8.650 7,950 8,650 7.950 Page 26 continued..,
WILMSLOW PREPAIiATORY SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STA TEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022 SUPPORT COSTS Governance costs Management Flnance Totals Teaching and welfare ¢0818 Running costs & maintenance Governance 666,373 315,133 666,373 316,828 8.650 1.695 8,650 981.506 1,695 8,650 991 851 Support costs, included in the above, are as follows.. 2022 2021 Teaching and welfare costs activities Running costs & maintenance Govemance Total Total activi118S W8g8s Rates and water Light and heal Telephone Postage and stationery Sundries Provisions School books and maleTials Repairs and renewals Irièptstilivn G061s Deprecialian of tangible and heritage assèt8 Bank charges Interest payable and similar charges Auditors, remuneration 574,534 95,967 20,237 34,932 4,154 55,739 53,817 670,501 20,237 34,932 4,1S4 55,739 53,817 50,713 669,535 22,150 28,587 4,074 34,594 44,225 38,888 50,713 32,826 32,826 25,133 2,7S9 16,019 26,028 2,342 25,133 2,769 8,300 22,385 920 30,685 92D 32,399 855 775 775 8,650 8.650 666,373 316 828 991 851 927 646 NET INCOMEIIEXPENDITUREI Nel incomellexpendilure} is stated after chaTgingllcrediting}'. 2022 2021 Auditors, remuneration Depreciation - owned assfrls 8,650 30,684 7,950 Page 27 continued...
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022 GOVERNORS. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 August 2022 nor for the year ended 31 Augus12021. Governors. &xpensos There were no Irusleès, expenses paid lor the year ended 31 August 2022 rsoi for the year ended 31 AiigLI8t 2021. 10. STAFF COSTS 2022 2021 Wages and salaries 670 501 669 535 670,501 669,535 The average monlhty number of employe during the year was as follows: 2L122 2021 Teachers and assistants (full timel Ttsachers and assistants {part timel Sèlf employed Adminislralion - Office Adminislralion - Kitchen Adminislralion - Caretaker 20 18 The number of employees whose empk)yee benefits {excluding employer pension costs) exceeded £60,000 was.. 2D22 2021 £80,001- £70,QOO Page 28 continued...
WILMSLOW PREPARATORY SCHOOL TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022 11. TANGIBLE FIXED ASSETS Fixtures and Freehold property Totals COST Al 1 September 2021 Additions 1,586.999 477,893 1830Q 2,W,692 18.300 Al 31 August 2022 1,586.999 495 993 2.082,992 DEPRECIATION Al 1 September 2021 Chaige for year 431,689 21,719 477,693 8,965 909,382 30,684 At 31 August 2022 453 408 486 658 940 086 NET BOOK VALUE Al 31 August 2022 1,133,591 9.335 1 142 926 At 31 August 2021 1,155.310 1 155 310 12. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1 September 2021 Revaluations 38,315 At 31 August 2022 NET BOOK VALUE Al 31 August 2022 Al31 Augus12021 36,315 There were no investment assets outside Ihe UK. Cost or valuation al 31 August 2022 is represented by.. LFsl&d investments Valuation in 2022 Page 29 continued.
WILMSLOW PREPARATORY SCHOOL TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022 13. STOCKS 2022 2021 Finished goods 6,93 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Trade debtors Prepaym6nls and accrued income 129,077 114,277 9,159 141692 123.436 15. CURRENT ASSET INVESTMENTS 2022 2021 Short term d&posils 148.583 16. CREDITORS: AMQUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Bank loans and overdrafts (see note 181 Trade creditors Soclal security and other taxes Other creditors Accruals and deferred incomo 9,707 55,261 11,163 9,381 130,985 8,874 44,625 11,152 7,835 118823 216497 189,309 Other credilors Include unpaicl pension contributions of £9,34412021.' £7.8351. 17. CREDITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2022 2CJ21 Bank loans Isa8 note 181 Deposits held 32,194 39 077 41,126 34,527 75.653 Page 30 continued...
WILMSLOW PREPAIiATORY SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 AUGUST 2022 18. LOANS An analysis of the maturity of loans is given below., 2022 2021 Amounts falling due within one year on demand.. Bank loans 9,707 8.874 Amounts falling between one and two y&ars'. Bank k)ans- 1.2 years 9,952 10.648 Amounts falling due between b0 and fi've years., Bank loans- 2-5 yeais 19. LEASING AGREEMENTS Minimum lèase payments under nDn-cancellable Dperaling leases fall due as follows.. 2022 2021 Within one year Between one and five years 2.592 2.592 6.480 20. MOVEldlENT IN FUNDS Nel movement in funds Transfers between funds Al 31.8.22 At 1.9.21 Unrestricted funds General fund Designated fixed asset fund Designated repairs fund 161,3511 1,155,310 26,028 126,609 130,685) 28 856) 121,129} 18,301 44,129 1,142.926 1,119,987 67,068 1.187.055 Endowment funds Prize funds 752 752 TOTAL FUNDS 1120 739 1,187.807 Page 31 continued...
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 AUGUST 2022 20. MOVEMENT IN FUNDS- contlnued Nel movement in funds. included in the above are as follows.. Incoming resources Resources expended Gains and Movem&nt losses in funds Unrestrlcted funds General fund Designated fixed asset fund Designated repairs fund 1.067.482 1932.310) 130,6851 28,8561 18.563) 126.609 130,6851 28,8561 1,a67.482 991,851 8,583 TOTAL FUNDS Comparatives for movgm8nt in funds Nel movement n funds Transfers between funds Al 31.8.21 Al 1.9.20 Unrestricted funds General fund Designated fixed asset fund Designated repairs fund 64,915 1,162,284 32,321 181,1061 132,3991 26,0281 145,160} 25,425 19,735 161,3511 1,155,310 26,028 1.259,520 1139,5331 1,119,987 Endowment funds Prize funds 752 752 TOTAL FUNDS 1260 272 139 5331 1 12073S CompaTalThie net movement in funds, included in the above are as follows,. Incoming resources Resources expended Gains and Movement losses in funds Unr8slrlcted funds General fund Designated fixed asset fund Designated repairs fund 788,212 1869.2191 132,3991 26 0281 1991 181,106} 132,399} 26 028} 927.646 99 139533 TOTAL FUNDS 1¥11,212 Y2 I ti461 99) 139.53Jl Pago 32 cgnlinued..
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 AUGUST 2022 20. MOVEMENT IN FUNDS-continuèd A current year 12 months and prior year12 months combined Position is as follows.. Nel movemgnl in funds Transfers between funds At 31.8.22 Al 1.9.20 Unrestrlcled funds 68nèral fund Designated fixed 8ssel fund Designated repairs fund 64,915 1.1 $2,284 32,321 45,503 163,084} 54.8841 166,2891 43,726 22,563 44.129 1,142,926 1,259,52Q Endowment funds PrEe funds 172,465} 7,187.055 752 752 TOTAL FUNDS 1260,272 72.4651 1187807 A current year 12 months and prior year 12 months combined nel movement in fvnds, included In the above are as follows.. Incoming resources Resources expended Gains and Movement losses in funds Unrestrlcted funds General fund Designaled fixod fuiid Designated repairs fund 1,855,694 (1,801,529) 163,0841 54,8841 (8,662} 45,503 163,0841 54.8841 1 855,694 1.919,4971 8,662 72,465 TOTAL FUNDS 21. RELATED PARTY DISCLOSURES During the year Calvin Marketing Limited, a firm in which one of the Governors of the School, Mrs D Stephenson, is a director, provided mark6ting and publicity services for the Company. Fees payable lo Calvin Marketing Limited were £19,52212021- £18,414). This included the basic monthly agreBment fees plus additional prinling. marketing and Gosls for work in connection with the website and genetal adverts. During the year Freelhs LLP, a firm in which one of the Governors of the School, Mr A Gosnay, is a Consullanl, provided legal advice servlces for Ihg Company. Fees payable in the year lo Freelhs LLP wertr £nil12021.' £2,801). Page 33
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 INCOME AND ENDOWMENTS Donatlons and legacles Donations and sundry Teceipls Grants 66.267 46.954 9,422 66,267 58,378 Investment Income Investment income 264 653 Charitable activities Fees and colleGtSon charges Remissions 1.343.56Q 342.6091 1,009,768 278,5851 1000 951 731183 Totsl incoming re50urce5 1,067,482 788,212 EXPENDITURE Support costs Management Wages Rates and water Liqhl and heal Telephone Postage and slalionery SundTies Provisions School books and materi818 Repairs and renewals Inspection costs Plant and machinery 670,501 20,237 34,932 4,154 55,739 53,817 50,713 32,826 25.133 2,769 6C9,535 22,150 28,587 4,074 34,594 44,225 38,888 16,019 26,028 2.342 981,506 918,841 Finance Bank charg8S Bank loan interest 920 775 855 1,695 855 Governance costs Auditors, remuneration 8650 Total iesouice5 expend¥d 891,851 927,646 Net incomellexpenditurol This page does not form part of the statutory financial statements P8ge 34