REGISTERED COMPANY NUMBER: 00888476 {England and Wales) REGISTERED CHARITY NUMBER.. 525924 REPORTOF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 FOR WILMSLOW PREPARATORY SCHOOL TRUST LIMITED Clarke Nicklin LLP Chartèréd Accountants and Statutory Auditors Clarke Nicklin Hou8e Brook8 Drive Cheadle Royal Business Park Cheadle ChÈshirE SK8 3TD
WILMSLOW PREPARATORY SCHOOL TRUST Lll4fjlTED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Pago Rgport of the Trusteos 1 to 17 Report of thtr Independent Auditors 18 to 21 Statement of Financlal ActÉvities 22 Balance Sh&8t 23 to 24 Cash Flow Statèment 25 Notes to the Cash Flow 8tat•ment 26 Notes to the Flnancial Statements 27 10 37 Dètslled Statemgnt of Financlal ACvItIeS 38
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 The Governors who are also the memb&rs and dire¢tors for the purposes of the Companies Act 2006, present their report. which includes thé Réport of thé Directors,, with the financial slalemen18 of Ihg charity for the year ended 31 August 2Q24. The trustees, referred lo as Governors, havè adopted the provisions of Accounting and Rèporting by Charitses.. Statement of Recommende(f P¥aclic¢ 8ppEieable to charities preparing their accounts In accordance with the Financlal RtsportSnu Stsndard applicable in the UK and Republic of Iréland IFRS 1021 (effective 1 January 20151. OBJECTIVES AND ACTIVITIES Objective In accordanee with its objects, the activity of the Trust is the educational development of pupils at the Imlmslow Preparatory School IWPSI, providing full-limè Èdueation lo pupils aged 5 to 11. Full or part-lime education is provided to pre-Receplion ¢hildr8n from thè age of 3. The Sohool's overall objective Is to.. 'offer academic creative excellence in a caring, respèctful and stimulating environmenv. AiTn$ The School's specific aims are then Identified as the following.. To provide acadèmic Èxcellence through a broad, balanced and varled CUrrLI1um- To ensure that our pupils develop lively. enquirsng and croalive minds., To value each boy or girl as an Individual go as to maximise his or her pol8ntial and nfidents., To offer a saf8, kind and carlng environment., To encourage self-respect and respect for others. These are then underpinned by a numbér of key business objectives a8 follow8,, To sustsln financial viability, by maintaining pupil numbers and ¢onlinually reviewing expenditure Items In order to control costs., To recruit and relain high calibre stsff, who beiween them bring broad tèaching 8xper¢ence, a variety of ere8tsvè skills and strong management and technic81 skllls., To malntain our premises and buildings to a high quslity to assist the above educational alms to b8 achieved. In settlng our specific Objectives and planning our activities for the academic year 2023124, our Govwnors eonlinued to be mindful of the Charity Commission's general guidance on public bènéfit. Our partl¢ular gbjectives for the year included.. To ensure delivery of a high calibre remote leaming programme which prepares ¢hlldren for today's world., To conllnue lo focus on the well-being of our pupils and staff., To focus on recruitment into our lower yèar groups., To provide continulng support of our pupils already in receipt of fee 8$8islan¢e through bLErsaries', To rdvièw joint working Opportunities with IoGal stale junlor schools., To further enhance and develop our Information and Communications Technology IICTI stratégy to ensure we de5iver our le2ehing though up-tts•dale methodologies and equipment,. To continue lo explore opportunities for working collaboratively with Kin9's School Macclesfield through our strategic partnership arrangemsnts.. To continue to dgvelop our rol¢ Sn the lile of our local community through our charitable and community adivf(ie$, whilst Adding to the all-round education of our puplls. Page 1
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 OBJECTIVES AND ACTIVITIES Stratagyi Ethos, Access, Educatlon81 Llnks and Bursary Policy Strategy. The Governors are responsiblè for agreeing a strategy to achieve our obiactivès. The fwus of our strategy Is on the continued developrnent of our pupi18, SO that each child achieves hislher polgnlial, th¥ough high levels of academic and 6xtra-curricular achievem¢nl, and lo further widen access lo the education our Sehool provides. Our ètho8.' W8 aim to be a happy, caring school, whlch creates a strong sen88 of community and seeks 10 Serve the local OFrmunily and society. WPS is a charitable trust, which se8ks lo benefit the public through the pursuit of its stated alms. Our fees are sel at a level lo ensure the financial viability of the School and al a lèvèl that is consistent with our aim of providlng & fir81-class education to our pupils. Our School welcornes pupils from all backgrounds. To admit a prospeclNe pupil we need to bè sausfied that our School will be able to educate and develop such 8 pupil lo the best of histhèr potential and in line with the general standard8 achieved by histhèr peers. There is no a88essmenl for entry Into our pre-school or Reception years, inform81 assessment and interview for the Infants (forms Prèp 1 and 21, and moro formalised Snterview and assessment for entry into the Juniors (forms Prep 3 61. These methods help us to satisfy ourselvès and parents Ihal potential pupils can cope with the pace of learning and benèfit from the education we provide. An individual's economic status, ethnialy, race, religion and in most cases disability do not form part of our as8e88ment processes. Our Sthool is commted to safeguarding and promoting the welfarè of our pupils and expects all staff and volunteers to share Ihis commllmenl. Our most recent inspe¢lion by the Indepondent Schools, Inspectorate IISII took place in Novgmb&r 2024. The role of the learn ol inspectors is lo assess and report on the exlenl lo which the School meets the Independent School Standards I'the standard'} Sn the Schedule lo the Education Ilndgpendenl School Standards) Regulations 2014. Tho visiting team rigorously and extensively analysèd all aspects of WPS Including lesson observation8, interviews with senior leaders, goveirK>f8, teaching and non-teaching staff and pupils. reviews of processes and procedures, and feedback from parant, pupil, and staff quèstionnaires. We are delighted that the inspectton reptsrt Identifies that VVPS meÉts all of the standards and Is highly pos11ive with regard lo the quality of education. pastoral provision. safeguarding, pupils. contribution to society and leadèrship al Wlmslow Prep Schwl. With regards to pupn wglfare the inspectK)n report comments Ihat'leadeTS diligently identify thè needs of each pupll and promote Iheirwell-belng,. Parents are given regular information about thèir ¢hild's social and academic progress through parents, evenings, in addition to the traditional end of temi and year reports. Wè mainlsln regular contact with parents throughout the year through informal ¢orntact and through our weekly newsletter. All pupils have a Form Tutor responsible for pastoral care and academlc dgvelopment. W& also have a system of'buddi6s' who are involved in assisting leachN)g staff In enforcing our very vigorous anti-bullying pollcy. Robu8181rategies arÉ Ltsed lo support thè oveiall welbbeing of our pupS18. We are an equal opportunity organisation and are committed to a working ènvlronment that is free from any fomi of discrimlnatlon on the groLJnds of colaur, race, ethnicity, rèligion, sex. sexual orienlalion or disability. W6 will make reasonablè adjuslmenls lo meet tho need8 of 81aff or pupils who are or become disabled. Access.. 11 is important to us th81 the flrsl class education we offer is not restrictéd lo those who can aflotd our fees, and we believe that our pupils bénefit from learning wilhln a diverse community, through Social interactiot) and sh8r@d éxperiences, which helps devolop each individual's wider understanding. Page 2
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 AUGUST 2024 OBJECTIVES AND ACTIVITIES Educational links.. Our Schocil is part of a wldèr community and we are keen that our staff and pupi18 part4cipat¢ In that. We offer our fac¢lilies for a variety of sporting development a¢livlties for children from other schools through sport fixtures and are constantly looking lo develop this. We also offer a holiday club during School holaY perlods and a Nursery. both through an axtern81 provider, and both are open to children from the wlder tommunily. We have organised courses wh&re we invite other schools lo participato, whid) obviously is benefiaal to them, and specialist teachers meet with others from drfferénl schools to diusS best practice and share ideas. Such meetings are open to any k>¢al school. Bursary Policy: The Governors view our bursary awa8 as import8nt in helping io ensure Ihal children from famili08 who would otherwise not be able lo aff(wd the fees can accEss the education wè offèr. Our School is a small prep school without the benefits of having any large endowments, and in funding our awards we have lo be mindful that we must ensure a balance between fee-paying pareNIs. many of whom make considerable personal sacrifices lo nd their chilcfs education, and Ihogé bènsfiting from the awards. Our bursary awards are available lo all who meet our general entry requirements and are made Solely on the basis of parental means or 19 relleve hardship where a pupil's education and fulura pragpècts would othen&se bè al risk, for 8xample, in the case ol redundancy. The awards range from 10% 10 90°h remission of fees. We a150 attempt to supplement bursary awards lo pay for èxtra-eurricular 8ctsvities, equipment and schwl trips, In particular hardship cases. To emphasise thè importance, we place on conlinuily for familios, we also offer discounts where pargnls have more than one child at the School. A dl8¢ount schèma whère staff members choose to educate their child al our School is also in place. which we b81ieve can help to atlraet and rètain high quality staff. Information about fee assistance is provided Its all who apply to WPS. We also advertise the fact that we off¢r Bursaries through the local press, and in any advert we place. as well as on our website. Page 3
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT Achievement and performancè Operational p&rform8nce The tolal number of pupi15 educated during the year averaged 133. Our fees for 2023124, before the deduction of any burs3rièg or disccyjnts wero.. Kinderg8rtèt) Infants Middle Juniors Upper Junlor £400 per session per week per term £3,88Q per term £4,195 per term £4,545 per term Acad&mlc pèrformance As noted previously, our most rècent Imspeclion look place In NovembÈr 2024, where we were judged to have mel all the required figorous standards. The new inspection report differs lo that under the previous inspection framework, in that the school is no longer gradèd. Instead, the report slates whethèr the school meets the five regulatory standards. WPS met all 5 regulatory standards. In addilion, the WPS report positFvely noted that 'pupils are articulate speakers and attentivè lèamers, and Ihal 'lea¢hers give pupils largels to work towards and provide constructive feedback which helps pupils improve,. This year form Pr8p 6 leavers all chose to sil entrance éxamlnations lo Ind¢pendenl Senior Schools, and again achievèd an excellent pas8 rate. Children rècelved multiple offers, a lolal of 28 offers, induding schc>larships, across 15 children, to Manchester oonsortium schools, which include some ofthe North West's top schools. Pupils al the School ara formally assessed In the Summer Term Iwllh Prep 6 being 888essed in the Atjlumn in preparation lor the Senior School exams). Pupils in the Early Years Foundation Stage (EYFS, which incorporates the pre-school and Reaeptiofj years), comK4ele informal assessments and pupil? in Years 1 complètè formal assessment8 in English and Maths, plus Verbal and Non-verbal Reasoning in Years 3 - 6, 10 assess academic progress and ability. Currently the School use GL Edu¢alion Assessmènts. For the Key Stage 2 pupils liè Years 3 61 the English and Maths assessments arg completed online and analysed externally providing an in-depth analysis of each pupil's performance. The tests are standardised to a national scale which enable staff to fvlly track each pupil's progre88. which 18 communicated regularly to each pupil's parenllsllguardianlsl. Muslc uslc continues to be a strong feature of Wilmslow Prep life and in 2023124 tha School enjoyed another busy and successful year of music. Over 660A of the childrèn in Reception- Prep 6 have individual musl¢ lessons in ono or more areas (in8lrumontal or vocall. This Is in addition lo ¢18ss music lessons. Five professional fftusicians {including a nèw guitar teach¢rl come in to deliver the instrumenl818nd vocal lessons e8¢h week as well as a music specialist to leach CLsrrioulum music. 85 lessons were delivered each week on 12 instrumenlslvoice. To encourage children to praclise regularly at home, in 202312d we Illlrodud a practice chart, This was very positively received by children and parents. We continued ID use our set of plastic wind inslrumÈnls so that all the children in KS1 could try out an instrument in their curriculum lessons without having lo commll lo 1..1 les30ns. Page 4
IMLMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT Aehievèm•nt and porformance Muslc: nAusic Clubs included ChamEr Choir and School Orchestra. Each of these groups performed at the Carol Concert and al Speech Day. Our Prep 8 Music Ambassadors also ran 8 club for Prep 3 and under. Two ftjrther Choirs were established for the Aldertey Edge Fe8tiv81. Through our bld lor Artsmark status, our children had many other musi¢al opwrtunfGes outside School, All KS2 Childre went to listen to the Halle Orchestra, tha boys were invited lo a Halle singing event and the Sohool Orchestra performed with the Hallo. The older children went on a trip lo see the musical 'Annig The EYFS and Music staff enjoy some Dal¢roze Training to encourage young childrèn to combin& music and movement. Al Christmas, Kindergarten and ReeÈption parformed the 'Christmas Tree Nativity and Prep l and 2 performed 'Belhlehem Ballroom., We retumèd to the Church for the splendid Carol Concert. Community Carol singing also look place al a shellgred housing unit, and through the town cènlrè on the last day of term. The Chamber Cholr were Invitèd once again lo take part in the Christmas Evgnl al Tatton Hall. Each year we have 2n inlemal House Music Compelillon and Ihls year we had 83 performances from 67 children, with an ex-pupil as Adjudi¢alor. Our Prep 3 and 4 pupils pr•pAred thelr show called "Mystery at Mggpi8 Manort, which showcased the conslder2ble lalants of these pupils. For Alderley Edgg Festival this year, we entered 3 cholrs, w6nnlng a first Pla and a second place. TherÈ wèré ex¢éll8nt indiwdLJal perfomiances with 47 entries from 32 indiwdual children. Many of our pupils gained places in th6 top three. In total, 58 thildren were involved in the Music sections. Three puplls wèr6 ehos6n lo perfM al the final celebration rA)fCèrt on the Saturday evening. 28 Pupsl$ look Music Trinity Exams Ihl¥ year.. 15 achièved 3 distinction. 12 a merit and l a pass. Four pupils were very dose lo achleving full marks. Two further pupils rea¢hed Gradè 4, and six pupils reathed grade 3. Prep 5 and 6 performed their show in July - "Bugsy Malone This was a much more challènging show than we had ever done betore, and the chlldren 8g8in demonstrated their talen18 and abilities. Spéèeh Day was yel again a memorable oocas1on and there were many superb perform8nces from our fabulous musiaans. Staff and children sang th8 linal song together. Page 5
V41LMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT Achièv8mont and p8rformance Speèch & Drama: Speech and Drama is taught as part of the timetable to all children from Receptitsn upwards and continuès to go from strength Its strength. KG are invalved in a number of our whole school events and sp&ci81 dayslassemblies. Our Learning Ambassadors1Sn Prep 61 speak at a range of special occasions to introduce these ev$nts, whlch gives them a wonderfvl experlence of public speaklng lo a large audiènce. In 2023124 we inlroducad a mental health ambassador whose role will include a range of re8ponsibililies ncluding overseelng community event8 Imlh the Spéèch and Drama ordinatOr and h6lping lead assemblies. During the year, all the Children had the opportunity to lake part In a production allher al Christmas, Easter or al the end of the Summer Term, as well as during particular assemblle5. We also again entered festivals such 88 the Alderley Ed99 Festival, as well as the English Speaking Board {ESBI examinations. A very high proportion of our chlldren entered tha Alderley Edge Festival and 10 children received qst to 3rd placings. Children in Prep 3-8 entered the ESB 8xaminalions with an exceptional ntjmber achieving distinction and all a¢hVIng a meriL maril plu8 or distinction, which was a truly 6xcellenl outcome. The children continued to b8nèlil from participatlon in events such 28 the Carol Service and Speech D8y. which are ahNfays real highlights of thè School calendar. Wè continue tD expand our events for Artsmark including Artsmark weeksldayslevenlg including welcoming into School SItOrS such as a children's poet, and tsking the children out of School, for example, lo the theatrè. We are already lookitr)g forward to the next theatre trips Ilhè muwcal "Vlficked. and a pantomime trlpl. The children have entered competitions such as Poetry Together and this year wa extended this event even fvrther to includè our Community linked group of people, Inviting them into School to shale the poetry, combat lonoliness and share aftemoon lea and cak8. Prep 4 had a nurnber of children entér a poetry comp81ition and they are now pubjished poets experience for the childrèn to receive a copy of the book in which their poems 8re printed. a super Page 8
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT Achigvemont and pÈrfom)ance Sport: Our philosophy is lo encourage physical exeiclse, with the added stimulation of healthy competition. Our puplls lake part in alhlelies cross-country as well as a wide range of ball and racket Swrts, Including hockey. nelball, football and badminton. Teams are fielded for pupils in Prep 3 upward$ and our results reflect th8 hard work and enthusiasm of the ¢hlldren. Wè Also offèr thè pupils the option lo join in aclwilies such as netball, judo, fencing. yoga. gymnastics, football, pickle ball, kwik cricket and dance through exlra-currieular clLJhs. Sporting fixturas continued this year and our pupils were able lo enter nallonal competOnS such Ss the Independent Schools Association {ISAI Alhlelics, and the ISA Cr088 Counlry events. Thi5 year we had a Prep 5 pupil selected lo represent the North aréa in the 600m event held at The Alexandra Stadium in Blrmlngham. We continue lo g81 exce119nl re5u115 lor a small prep school, as we compete aga*llsl schools significantly different in Art: A8 Wth all the art5, thls discipline is held in high regard al WPS. As a school, we are exlr&mely proud of the high standard of work that is achieved by all our chlldren under thè guidance of our specialist art teach618. We belleve in giving the children plonly of opportunities to express themselves through 8 Variéty of creative mèdiums, providing them with the chance lo try new artistic lechnlques on a regular basis. The children are encouraged to be proud of their work whkh is displayèd prominently around the School building and is often the source of comments and pralse from visitors. The ohildren continue to enjoy leaming about artists from all over the world, induding more contemporary and less well known artists. Thèy hava opportunities to explore and èxperiment with a broad range of materials and techniqu08, many ol whlch would not be seen in other primary settings, such as félt making and lino printing. Thls year. the School was represented again In the annual ISA Art competitK)n, where we were delighted lo secure first places al tho North Regional Competition. These entries had the honour of b8ing fOrnarded to the mallal Competition. We have also been working towards our 3pplication for the 'Artsmark Award,. This year one of our inltiatives working towards Artsmark wa5 for the children to take part in a Fashlon Show. Each class made a large three-dimensional model of a famous building to represent thelr tthosèn capital city, which was part of their pèrformance. Some olasses also made their c08tume3 alld combined drama with Art in their performancas, which was a great success, demonslraling thé high standard of Art achieved throughout Wilmslow Prep School. Pagè 7
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT Achlèvèmentand p&rforman¢e Community Involvement: Imslow Prep2r8tory School pupils are actively encouraged lo engage in charllablo work and fvnd raising barety 8 week goes by wlthoul some fomi of activity taking place. Pupils are involvèd In ralsing money for FraneAS House la kJcal children's hospice), for Barnardo's {Ihrough the box sehemel, cancer charilles and the NSPCC. They also r¢gulaTly take part in Red Nose Day and Children in Need. Activllles range from cake sales and raffles to non-unilorm days. In 2023124 80me £3,000 was raisèd by pupils for good cau3e5. In addition. pupils lakg part in many k)cal initiatives such as th& Jeans for Genes, the Rola-Toy Appeal and support¢ng East Cheshire Hosplcé. The pupils a180 lake part in activities such as Garol 8inging al Christmas time in elderly residontlal homes. to Lifeshare, or out the community. Harvest gifts are collectèd and distributed to local elderly residents andlor homes and the pupils also lake part in the Rotary Club Rota-Toy Appeal, packing a sho8box with gifts and toiletriès to be sent to lamilles locally. Similarly, disaster boxes are made up, a3 appropriate, by puplls, which the Rotary Club Store and then usè for local families, in th8 event of a dlsaster. also coThect Ba¥nardo'8 Boxe8 for Barnardo's and support other charities for our annual programmè such as Diabetes UK. The School made no polltical donations. Wilmslow Prep pupils and Staff are well knowts within ihe community and the School IÈ reNowned for being willing lo help local businesses and individuals whero possible. We se8 this maller as an exlrornely important part of the pupils, education, as they interact with those outside the School commLEnity and gain a wider understanding of the environment. We have two defibrillators, one on an outside wall, for the benefr'l of thè community, the other in our sports hall which Is well Ljsed by external I[al groups. All staff havé received training in thé u88 of these defibrlllalor8, and this training is updalod as necessary. Our prèmlses are also u8¢d by the wider communty. During the School holidays. 'Holiday Zone.. use our maln School hall and fac¢lilies, to wn a hollday club which is opÈn tr* all local primary school-age children. Our Sports hall is a popular community facility well used by a number of local cjubs. It is now used throughout the year by o loeal Badminton clubs, Wlmslow Football Associalian, a IoGal Thai Cl)1 group and a Karate Club. In addition, the local Alplne Swiely use our School hall on a regular basis for their meetings. A Day Nursery (run by 8n external provider through a lease agr8emenll operates on our sit6 whitth provides us with a gor)d Ilnk lo families with younger children and, through them, with tho wider community in general. Envlronmental InlliatlVg5'. We take the education of our young puplls about the widor world very sertously and try to set a good example as an organlsatitsn to help influence the expe¢lalions and behavioLJr of our pupils in their later life, providing publi¢ benefit. To this end we have introduced a number of environmental inilialives such 85 recycling of paper, cardboard and compost, and roducing use of pjastic and ol energy (eg el¢¢lri¢Sly). Th8 School Coundl M&81 on a weekly basis to discuss new initiatives th in and out of the cla88room on how we can kiecome more aw8r8 of the environment and what we can do to support this. Th& programme is reinforced through our PHSEE lessons as well as through School and Form assemblles. P89è 8
WILMSLOW PREPARATORY SCHOOL TRUST LIMrrED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT Achi&vam8nt and parformanco Buildings.. In addition lo curdculum development, the mainl8nan¢e and dovelopm¢nt of the fabrto and facilities of our School are key to our stratègy. Ovèr recènt years, we hav& undertaken two key developments, extending and enhancing our entrance hall, and we also developed a mulli-surface Astro pitch alongside our Sports Hall. Puplls and staff enjoy the use ol the Astro pitch for lessons as well as foi break Ilmes, and over the past eouple of yegr8 we have further developed our outside area around the Sports hall to provide a Forest School. This is partieularly wéll-used by our Earfy Years Department and by our onsite Nursery. We have also reorganised our space to provide a larger music room which is used for curriculum muslc lassons as well as 1-f lessons and music practeS eg cholr and orGheslr8. We h8ve also enhanced the provision of our ICT facilities throughout the School, in line with our slraleglc development plan and enhan¢emenl Programme. We havè siunifie2ntly improvèd our Vlfi-Fi access and Inslalled new interactive Tvs, IPADS, and Chromè books. We have extended the use of technology in lessons and continue to review teathing practices with regards lo effective use of ICT. In additlan, we havè a prograNmÉ of plannèd maintenanc& throughout the School - Internal and external redecoration was carried alsck out over the last summer break. As noted above, we continue lo review our computer facilities and resources on an ongoing basis in order to keep up to date lor our pupils and staff, wth this beinu a key focus over 2022-2025. R8viow of bursary and discounts awards: In 2023124 the value of means lesled bursarias totallad over £270,000 representing almost 19¥0 of lolal fee incorne, and providing some assistance lo over 40 pupils. We usually help fund the costs of extras such as Irlps for scAne of our pupils in receipt of Bursaries. ThÈ Govèrnors continuauy ravièw our Bursary awards lo ensure that we try to help children. through the availability of means tested financial assistance, who would not othèrL4fiSè be ablè to attènd Wilmslow Prep School. Previously lake-up of Bursaries slabilised al around the 20QA level of tot21 fee income but during Comd we did provide additional short term help lo a very small number of families. In the Aulumn term 2024. they represented approximately 13°k of fee income supporting 27 pupils {some 21% 01 pupll numbers). We are keen to ensLFre the objective ol wider awess Is achieved, and our aim lo maintain 8 mlnimum of 120h of lolal fee income on Bursar8, has 2lrè2dy bèèn mèt and 8Xeé8ded. The Governors view our bursaries as important in widening access lo the firsl-class education we providè,, Ès a charity this Is Important lo thè Board. Over thÈ last couple of years, we have made significant steps lo increased markèting of the availability of bursaries, though specific press rejeases and our website. The succe88 of this can be seen by the additional pupils we now have attendlng INPS through financial assistance. W8 are also continuing lo investigate the possibilty of Involving local slate schools in some of our teaching acliwties, esp&ci81ty through our mus1c, sp(*( and lan9uag¢ teaching. Future Plans: The Govemors intend tts conllnuè their strategies of maintaining the School's po811ion in an increaslngly competitive market and with a potential recession ahead, by Invèst[r to prov8 high quality 8ducation for our pupils. Achieving a high 8tandard of academic iesulls is a co51ant aim whilsl maintaining the breadth and depth of thé èducation providèd. Page 9
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT Achievement and porfomiance The Headleacher and sénlor staff review the cuirl¢ulum on ar¢ ongoing basis to ensure that both academlc and extra-ourrieular provision is appropriate for our pupils, developm8nL For example, in 2022123 wè introduced a new phonics s¢hgm8 across the School to really enhance pupils, dev&lopmenl in this important arèa even further. In 2023124, our Reading and Comprehen$lon wa8 a real locus and wè made adjustments to our timetable for the provision of dediealed reading slots. lo ensur¢ our already exclent academic offering in English as 8 whole subjed, was extended further. TradlonalIY. any future plans have been financed prim8rlty from fee income and from our reserves and the Board has chosen not lo borrow to fund projeels. However. given the unpTecedenled times faced by all In the 2020121 and 2021122 aeademic years. and with Ihg additional challenges thosè provided. the Board explored the Goverllmenl backed loan schemes lie Hounce Back IBBLI and COVID Business Interruption Loans ICBILII, and made the strategic decision lo take out th8 sm311er BBL in October 2020. Repayments for this started In November 2021, and have been maintained monthly since then, leaving a balance at the end of the 2023124 year of less than £20,000. No further borrowing has been undertaken. The Governors will seek to continue to invest in the School lo allow our etjrrenl pupils to benefft whilst at thè same lime ensuring a sound infTaslructure and financial basè sre preseNed for the next genefati¢K) of pupils just as our current pupils benefit now from resèrvÈs and investments made In the past. All developmanls, recent and historic, havè b88n financed by reserves, Supported latterly by our small 88 Our m8dium - long term plans include continued redevelopm8nl of our ICT facilities and provi8ion. refurbishment of our Science facili11È8 and replacing the bulldlngs behind our School hall with a higher specification, two-storèy construction. Financlal reviéw Flnancial positlon The financial slalements show nel Incomlng resources for tha yèar of £158.180 {2023 nel Incomlng £131.0191. Pupil growth and relentlon rèmains a key challenge for the majority of small prep schools, but one lo which WPS eonlinues lo respond well. The Governors and Senior Leadership téam ISLT) have a re81 focus on growth and have intmducèd some key initiatives sueh as the Prep Pathway- our unique and clear viSn of a child's1èarning journey at IIVPS. Our Headleacher and 8ursar Ithe iwo forming the Senlor Leadership Team) have worked together lo grow our pupil base. Over thè past three years. gn)wth In pupil numbers has bean evldenl with the efforts mado resulting in a growing number of referrals through personal recommendations, as well as enquirtes from new families. As a consequence, our pupil numbers have g¥own and in 2023124 averaged 133 compared to 101 3 yèars previously in 2020121. Our excellent reputation will allow us lo continue lo build ON our successes, although we are fully aware of th& potonti31 Impact of the imposition of VAT on our fees wll have en wr parental body. Govemors and the SLT have been reviewing possible options over the past year and have consulted parents lo gain their conslrucbvè input. Undoubtedly. the new VAT regime will impact th8 indèpendent Sector. From Septembèr 2020, the School withdrew from the GJv8mmenl Teachers, Pen8ion Scheme ITPS). InstÈad teachers are able lo join a sound defined contribution scheme, appToved by the independant Schools, Bursars, Associati(1, which allows teachers flexibility on contribution level8 according lo their own personal Circumstan$. This move ha8 also had the benefit of making savings for WPS, 88 émployer ntribUtIOnS lo the TPS were becomlrkg unsustain8blè for a small prep school and subsequently placing a burden on fee18vels. Page10
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT Financial review Principal funding source8 Tho prinelpal funding source durlng the year was fee income and the key objectives of the charity wère supported by expenditure on leaching. welfare and running costs of the Sthool. As 8 ehArity, tha p8rènts of our pupils have th@ assurance Ihsl all the inoome of the School Is applied for educational purposes. As an educational charty we enjoy lax exemption on our educational activities and on otjr inveslment income, and these are all fed back into the School's charllable alms. A8 a oharily we are also entill8d to an 80Yo reduction on our business rates on our educational property. These financial benefits are all applied to èdLJcational purposes 2nd th8refore indirectly help us lo maintain and develop our policy of widenirrfJ access. SLtch benefits are important to help ensure the financial vkibilily of the School. However, a8 3 Charity we have lo-date been unable to reclaim Ihe VAT we pay on our costs as we are exèmpt for VAT purposes. This is likely to change from January 2025. with VAT being imp08ed on school fees. W¢ alsQ pay tax as an employer through the national insuranoe contributions we make. Investment pollcy The Company has absolute powers of investment of its corporate reserves. The Finance sub-committee review investmènt risks and thè policy is to invèst in low risk Govemment Bonds and Unit Trusts. An account with a sllghtly higher return is used for day to day surplus funds. Investmen18 yielded income of £6.803 {2023.. £2,580). P8ga 11
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT Financial r&vlèw ReseNes and Flnan¢ial Health The Governors review financial wrformance al each of their meetings, ther& is a nominated Finance Governor who lialses closely with the 8ursar al other limes, and also a Fin8nce subcommittee who are key in making recommendations to thÈ full Board. In commtsn with other independent sthools, the Govemors have invested subslanlial sums Into the School Infrastructure (the most significant recently, belng enhancement of our music f2dlilies, extension tsf tsur onsite Nursery. entrance hall, and éxtended dev&lopmenl of our Sports and playlng facilities). We also have a continued prograrnme of refurbishmelll, development and investment lo maintain the School's excellent teaching faoilities. The excellent Maintenance and condition of our buildings were noted by the Inspection Tèam al our last full qualitative ISI School In8P#Ction (Summer 20171. Reservas Polley Traditionally, il has been the policy ol the School's Governing Body lo fund all capitsl projects from res8rvès and not tc> borrow any capital sum8. As noted previously. because of the COVID situation, thè Governors accessed the Government Bounce Back Loan, which wè are now repaying in Ilne wllh agreed terms. Pal¢nl(al projects are identified in the School's Development Plan and in the past have induded.. redevelopment and refurbishment of our Music lacililles., new Nursery block.. fvrther extension lo the indoor and outdoor facllllles for our onsite NLÈrsery' a new entrance hall and ICT suIIe'. redèvalopment of our entrance hall., a new multi surfa¢e sports pitch outside our Sports Hall.. - further playground improvèments. In addition to continuing to invest in new facllities, the Governors h8v8 invèsted in updates to our curr8nl sile, for example, with develtspmenl and enfvanment of our Forest School area behlnd the Sports Hall, as well as olhèr plann8d mainlenanGe work, and significant investment in W-FI access. Such works, whilst not e$sarIlY providing a visibte uplift, are essenti81 to k8ep our buildings and our education provisK>n s8fe, secure and modern. Note 20 to thè financial statements shows the assets and liabili11È8 allributable to the vaflous funds by type. Unrestricted funds amounlcd lo £1,476,254 but only £289,705 of this is freely available because the balance Is inveslod in fr'xed assets or is désignated for other purposes. It 18 the role of the Finan Subcommittee to revlew the lovel3 of reserves against current needs for the effective lin8ndal management of the School's acliwlies at their present18vÈl. D&v&lopmènts Our current focus 18 on ICT and on ScienGe f8cilibès, as noted previously and now hardware sijch as Interactive 8creen8 or Tvs. is now in placè in all of the classrooms. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is ¢onlrolled by ils governing documÈnl, memorandum and article8 of association, and eonslilutes a limlted company, limlled by guarantee, as defined by the Companies Act 2006. Page 12
WILMSLOW PREPARATORY 8CHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Organlsatlonal structure Organisational management The Governors detormine the general pollcy of the School and they meet as a Board approximately six limes 8 yèar to rèvièw its ovèrall management and control, for whith they are legaSly responsible. The day lo day running of the School is delegated to the Headleacher and the Burs8r. Tha Governors approve the School's policies and 118 Developmènt Plan. Any key projèets or major changes to procedures are referred lo GoveTn(ws fw full debate. The Chairman of Governors has regular communication with both the He8dl2ach&i thè Bursar, a other Governors are regular visitors to School {e.g. the Health and Safety, Marketing, Staff and Educalionlsafeguardlng Governor81. The Headteacher oversees the recruitment ol all educational staff, gèrtÈrally supportéd by Ihts Education Governor. The Bursar oversees the rectuitmgnl of adminlslr8tiwe and non-teaohing support staff. usually together with the H¢adleach¢r. The HEadleacher and 8ursar were invited lo attend Governors, Meètings in 2023124. and othèr staff are invited, as required, by the Governors. lo share knowledge about their specific teaching area as well as about pastoral care, induding well-being and safeguarding. Paga 13
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNANCE AND mANAGEENT Govèrnor R9¢ruitment and Trainlng 11 is recognlsed that between them, the Governors need to t* able lo speak with knowledge and &xperiencé on a wlde range of matters th21 will be brought to their attention. Accordingly, when a vacancy 18 lo be filled. the Govarnors always take into account what fièld of experien or training is not represented. or is under-repr8g@ntèd, on the Board. The following skills are consldered essential to thé Governing Body., Education (including Spècial Needs) SafeguaTdSnu FinancelBusinèss -Law PropeTty Medical PRlmarkeling. However, the rlghl persons with sound judgement. in sympslhy wth the longer-tÈrn) alms of the School, and the desire lo serve the School, whilst being able to olvo the necessary timè and support freely and willingly, are also essential. In a small local School such as WPS. it Is a180 considered beneficial that Governors liva rèasonably close lo the School, so that they have an understanding of tha local community. Henco, the Governors considér il wise lo appoint thè right petson with the necessary skills. even if thls means having a vacancy in the short lemi Iprofèsslonal experbse may then have lo be boLtght in lemporarilyl. 11 is recognised that it can lake time for a new Governor to become familiar Mrilh the Sthool, the way in which it operates and the issues which face Governors and management. New Govemors meet with at léast the Chaiiman before they are officially appointed to discuss the role and ils requirements. They will also be invited into School to meet with the Headteacher and Bursar. New GovornoTs are issued with a Governors, Handbook, and a comprehenswe pack of relevsnt papers. induding copies of documents such as The Trust'8 Memorandum and Articles. the most r8Cèt)l Annual Report and Accounts of the Governing Body, the lalesl term's accounts. previou5 minute8, the School's Dèvelopment Plan and the most renI inspection report. New Govemors are askod to familiarise themselves with recent developments in the education s8Ctor. To assist them, relèvant developments are noted al eaoh Govejrnors, Meeting by the SLT, Govemors are also enixkuiaged lo attend seminars rLJn by AGBIS or IAPS. where they can exchange vlew8 With other sd)ools. All Governors are also invited lo attend, where po88ible. staff training d#y8 that lake place tho d8y before each term start8. 11 is expected that Governors should keep themselves upto-date wllh what is happeniru in School, as well as more widely in education, Parti1alY in th6 ind8pendent sector. Detai18 of meetings le.g. IAPS. AGBISI are circulatèd to Governors and wherever possibEe a Govemor is encouraged lo attend a relevant organi8ed session. Helshe wlll thon report back to tha whole Governing BOKIY 80 that the information 1$ disseminated to all. Other rglatlonships The School is È member of IAPS Ilhe Independent Association of Prep Schools) of ISA Ilhe Independent Schools, Association) of ISBA (the Independent Schools, Bursars, A5sorAalionl, and of AGBIS (Association of Governlng Bodies of Independ¢nl Schools). These association8 provide a wèslth of expertise, knowlfjdge and experience across the independent schools sector. Paga 14
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management Th8 Governors are responsible for the overseeing of the risks faced by the School. Detailed assessments of risk are delegated lo the Senior Management Team and a system of risk managemelll and assessment is in place. The Governors assess the major risks that thè School faces aach financi81 year when pr8paring and updating the School's Development Plan. The Charity has developed systems to monitor and control these risks to Mitigat8 th8 imp8el they may havè on thè School in th8 futu. 11 1$ recognised that any such systems can only provide reasonable but not absolute assuranco that major risk5 havo beon adequaloly managed. Key risk¥ at nalionallpolillcal level whlch would have a major negative Impact include.. The new government's announcement that Value Added Tax (currently 200kn on mts51 servlcesl wlll be added to fees from January 2025 and the removal of Business Rale8 Relief from April 2025. These actions will seriously damage the sustainability of many small prep school8. Fortunately, WPS has a financially strong, 8ecure position. Low birth rates which are impacting Reception class sizes generally. The national short-mid-term economic situation, which is still a concern for many families. REFERENCE AND ADPIINISTRATIVE DETAILS RèglÈtèrÈd Company number 0888176 (England and Walesl Registered Charity number 525924 Rggistgred offico 7 Grove Avenue Inh'lmslow Cheshire SK9 SEG Page15
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 Trustees MrA Gosnay Mrs L. Anson Mr J. Hughes Mr D.G. Vanstone Mr J. Sharp Mr8 0. Stephenson Mrs W. Vwnn Mrs B. Wlliams H. D'urso Mr N. Laird In accordance with Article 42 of thè Articles of Association, Mrs Wendy Wynn, Mr D.G Vanslone, Mr J Hughès and Mr N Laird, the Governors retiring by rotation, will retire al the Annual Gènèral Meeting. and being eligible, offer themselv88 for re-election. Oth8r Officers Headleacher Thlr B. Lavagna-slater HDipEd, 8A IHonsl NPQH Bursar Miss S. J. H. Davies BSC IHonsl, IPFA (Hon81 Clerk lo the Gov¢rnors Miss S. J. H. Davies Bsc IHonsl. IPFA (Hons) School Secratary Miss L. K. Kendal BA IHonsl, PGCE Comp8ny Secretary rA. GoEnay Auditors Clarké Nicklin LLP Chartered Aeeounlan18 and statutory Auditors Clarko Nicklin House Brooks Drive Cheadle Royal Business Park Cheadle Cheshire SK8 3TD Sollcltors Pannone Corporate LLP 378- 380 Deansgate M4llche8lor M3 4LY Page 16
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Governors who are also the charlty trustèès and tho company directors. are fesponsible for the overall management and control of Wilmslow Preparatory Sch7 Trust Limited and meet generally six limes a year. The School Burlar Is responsible for c&ordinating the work ol thé Govèrnors and any sub.committees, prèparation of papers, management accounts and the reviow ol rllatlers arising. All Govemors give their time freely and no remuneration or expenses ware pald In the year lo the Governors p¢rsonally. No Governor. or person connected wllh a Governor, racèived any benefit from mean8 le81ed Bursaries awarded to our pupils. The Governtsrs are responsible for preparing the Annual Report and the fillarla1 statements in accordance w¢th applicable law and United Kingdom Aowunling Standards Iunited Kingdom Generally Accepted AOUntIng Praclicel. Company law requires the Governors lo prepare financial stslemenls for each financial year which give a truè and lair view of the slate of affairs of the charitablè company and of ils incoming resourGes and applicallon of re8ource8, indudlN9 Income and expènditure, of the charitable company for that period. In preparing these finanoial slalements, the governors are required lo.. select suitable accounting policies and apply them consistently., observe the methods and principles in the Chaiilies SORP; make judgements and estimates that are regsonable and prudant., prepare the financial slat8fflents on th¢ golng concern basis unless it is inappropriate to prÈgumÉ that the charity will continue in operation. The Governors are re8pon81kAe for kÉ8ping proper aocounling records that disclos8 wlh rea80nable a¢curacy at any lime the financial position of the charilable company and lo ènablè th8m to ensure the finano*al slalement8 comply with the Companies Act 2006. They are al80 responsible for safeguarding the assets of the charity and hence for taklryg reasanablè steps for th8 prevention and deteotion of fraud and other Irregularllles. In so far as the Govemors are aware.. - There 18 no relevant audit informatSon of which the charitable company's audltors ar8 unawarè and,. Thè Govèrnors havè taken all steps that they ought lo have taken to make thèmsèlvés awar6 of 8ny relevant audit informati(>n and to establish that the auditors are aware of th81 inft)rmation, AUDITORS The auditors. Clarke Nicklin LLP. will be proposed for rè-appointmènt at the forthcoming Annual General Mèeting. Report of the Iruslees, incorporatin company direclors, on ........... . ..... a stralegikreport, approved by ordor of the board of trustees. as the ..?u L) . and signed on the board's behalf by.. Mr A Gosnay- Trustee Page 17
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WILMSLOW PREPARATORY SCHOOL TRUST LIMITED Opinion We have audited the financial Statements of Wfilmslow Preparatory School Tru81 Limited (the 'charitablè companVI for the year ended 31 August 2024 which comprise the Slaloment ol Financial Activitiès, the Balan¢8 Sheet. the Cash Flow Slalemenl and notes lo the financial statements, indudlng a summary of slgnificant accounting policies. ThÈ financial Yeporting framework that ha5 been applied In their preparation is applicable law and UnilÈd Kingdom Accounllng Standards (United Kingdom Gènerally Ac£epted Aeeounling Practice). In our opinion the finan¢i81 $18tements'. give a true and fair view of th6 stal8 of the charilable company's affairs as at 31 August 2024 and of ils Incoming rèsources and application of resources, including its ineome and expenditure, for the year then ended- have been properly prepared in attordance with Uniled Kingdom Generally Acceptéd Accounting Practs'ce- have been prepared In accordance with the requirements of the Compani85 Aet 2006. Basis for oplnion We conducted our audit in accordance with Intarnalianal Standards on Audlting IUKI IISAS IUKII and applk8ble law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial slalements section of our report. We are Indapendént of the charitable company in accordance with the ethical requirèments that are relpvanl to our audit of the financial slalemenls in the UK. including the FRC'S Elhital Standard. and we have fulfilled our othèr èthlcal responsibilities ir4 accordance with these requirements. We believe that the audit evidence we have obtained 18 sufficient and appropriate lo provide a kjasis for our opinion. Conclusions relating to golng concern In auditing the fin2neial statements. we have concludèd that the trustees, us¢ of the going concern basis of 8ceaunling in the preparation of the financlal slalements is appropriate. Based on the worf< we have perfomied. we hav¢ not identified any materi81 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charllable oompany's ability to continuè as a going concern for a period of al leasl e1ve months from when the financial statements are aulhorised for issue. Our re8POT181bililie6 and the responsibllllles of the trustees with rospect lo going Goncem are de8ciibed in the relevant sections of Ihls report. Othttr information The trustees are responsible for the othar information. The other inforrnatton comprises the informallon included in the Annual Report, othèr than the financial statements and our Report of the Indèpendent Auditors thereon. Our opinlon on the financial statemonls does not cove¥ the other Information and. except to the èxtènt otherwise explicilly staled in our report, we do not express any fomi of assurance concluslon theieon. In connedion w4th our audil ol the financlal statements, our responsibility is to read the other information and, in doing so, consider whether the other infomiation is m8terially inconsistent with the financial statementg or our knowledge obtained in tho audit or otherwise appears to be materially misstated. If wè identify such material inconsislencles or apparent maler*al misstatements, we are required lo d01eTmine whether this givés rise lo a material misstatement in the linancyal statements Ihem8elve8. If. based on thè work we have performed, we onclude that there is a material mlsstalement of this other information, we are required lo report that fact. We have nothing to report In this regard. Page18
REPORTOF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WILMSLOWV PREPARATORY SCHOOL TRUST LIMITED Oplnlons on oth•r matteY$ prescrlbed by the Compan1•$ Act 2006 In our opinion, basèd on the work undèrtakèn in tha course ol the audit.. the informats'on given in the Report of the Trustees for the financial year for which the finan81 statements are prepa¥ed Is con818lenl with the finan(yal $talemenls', and the Report of tho Trustees has boen prepared in accordance with applicable legal requirements. Matters on which wo are required to report by exception In the light of the knowledge and understanding tsf the charitable company and its environment obtained in the course of the audit. we have not identified malerial misslalemenls in the Report of the Trustees. WÈ havè nothing to rèpc>rt in reset of thè following matt6rs wh&re the Companies Act 2006 reqLFires us to report lo you if. in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not bèan rec•ived from branche8 riot visited by u8.. or thè financial statements are not in agreement with the accounting records and returns.. or certain disolosures of Iruslees, remuneration specified by law are not made., or we have llol received all the Infomialion and explanations we r8qulr8 for audit. Résponsibilities of truste&s As explained more fully in the Statement of Tru8lees' Responsibilitie8, the Irusle08 (who are also tho directors of th8 charitablè company for thé purpos88 of company 18wI ar& responsible for the preparation of the financial statements and for being satisfied that they give a twe and fair view, and for such internal control as the Irusleas determine is necessary lo enable the preparation of financial slaternents that are free from materi81 misstatement, whether due IL) fraud or error. In preparing the financial statements. the trustees are responslble for a88es8lng the ¢haiilabl$ company's ability lo continue as a going ntErn, disclosing, 88 appllcable, matters related to going concern and using the going concem basis of accounting ullle5S the Iru5tees eilher intend to liquidate the charitable company or to cease operations, or have no realistic alternative bul to do so. Page 19
REPORT OF THE INDEPENDENT AUDITORS TO THE MEIABERS OF WILMSLOW PREPARATORYSCHOOL TRUST LIMITED Our responslbllltles for the audlt of the financial statements Our objectsves are to oblaln reasonable assurance about whether the financtal slalement8 a8 a whole are free from material misstatement, whelhgr due lo fraud or @rror, and lo issue a Report of the Independent Auditors that includes our oplnlon. Reasonable 38sur8nce is a high level of assurance, but is not a gua¥antee that an audit conducted in accordance with ISAS IUKI will always delecl a material misst8tÈmenl when il exists. MSs8lalemenls can arise from fraud or error and are considered material if, individually or In the aggregate, they could reasonably be expected to InfflUen the economic dectsions of ¢Jsér8 taken on the basis of these financial 8lalements. Our objectivos are lo obla1n reasonabla 8ssuran¢e about whether the finan¢lal statements as a whole are frea from material misstatement, whether due to fraud or error. and lo issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance Is a high lévél of assurance. but is not a guarantee that an audit condu¢led in accordance with ISA$ IUKI will ahMays deleet a material misslalement whèn it axists. Misstatements can arise from fraud or error and considered material if, individually or in the aggregate, they could reasonably be expectèd lo inftuence the economlc dec18ions of users taken on thé basis of these financial slatom&nls. Ir¢egularities. including fraud, are instances of n(trn-compliance wth laws and regulations. We design prowlures in line with our ¥8sponsihililies. outlined above. lo delect material misstatements in resp8¢1 of irregularities, in¢lLiding fraud. The extent to which our procedures ar6 capable ol detecting irregularities, including fraud is detailèd béltsw. Procedure5 10 identify risks-. enquirlng of management ¢onGeming the entity's procedure8 relating lo.. identifying, evaluating and complying with laws and regulations and whether they were aware of any IN8lances of noncompliance,. detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., discussing among the engagomelll team regarding how and where fraud might occur in tha financial statemen15 and any polentsal indicators of fraud, As part of Ihis discussion, we identified potential for Iraud in th8 following areas.. liming of r8eognilion of income. and posting of unusual journals,. and obtainlng an understanding of the legal and regulatory fr8mèworks that the company operates in, focu8ing on thosè laws and regulalions that had a direct effect on the financial slalemenls or that had a fundamental effect on the operalions of the entity. The key laws and règulations we considered IN this context induded Companies Act. Charllles Act, wnploymenl law. health and safoty, pgn8ions legislation and tax18gislaliDn. The procedurès lo respond lo risks identified in¢ludod.. reviewing the financial statement disclosures and testing to #upporting documentation lo a$88$8 compliance with relevant laws and regulations dlscussed 8bove', enquiring of management, concerning actual and potential litigation and clalms.. perfomiing analytical procèdures to identify any unusual or unoxpecled relatlonships that may Indicate risks of matèrial misslalement due to Iraud., testing the liming and matching of incoma and expense Iransaotions either Side of the year end.. and in addressing Ihe rlsk of fraud through management override of controls. testlng thg apprtsprialeness of journal entries and other adjustments,. 888esslng whether the judgements made in making accounting estimates are indicative of a potèntial blas,. and evaluating the rationale of any significant transactsons that are unusual or outside tha normal course of bu8lness. We also communicated relevant identified laws and regulations and potenilal fraud risks to all engagement team members, and r&mained alert to any indications of fraud non-compliance wth laws and regulations throughout the audit. A further description of our respon8ibilities for the audit ol tha financial statements is located oll the Financial Reporting Council's website al w4hw.fr¢.org.uklaudilorsresponsibilities. Thls description forms part of our Rèport of the Indop¢ndonl Auditors. P8gè 20
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WILMSLOW PREPAIiATORY SCHOOL TRVST LIMITED Use of our report Thls report Is made solely lo th8 oharitabl8 company's memters, 88 a body, in a¢¢ordancg wllh Chaptsr 3 Df Parl 16 of the Companla8 Ael 2006. Our audll work has beèn underiaken 80 that we might state to the charitable company'$ members Ihose matters are requlred lo slats to them In an auditors, repoil and for no other purpose. To the fulle8t extent pemiltled by law, we do not acc•pl or a98ume responsiblllly to anyone other than the charitablè company and the charilabla company's mfrmbers as a body, lor our aud51 work, for th18 report, or for the opinions we hove formed. Graham Travis FCA {Senlor Statutory Audllorl for and on behalf of Clarke Nlcklin LLP Charler8d A¢Gountants and stalLrtory Auditors Clarke Nittklin Hou80 Brooks Drive Cheadlo Royal Busine88 Park Cheadle Cheshlre SK8 3TD 2710312025 Pag821
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 2024 Total fund8 2023 Total funds Unre8trlcled Endowment funds fund Notes INCOME AND ENDOWMENTS FROM Donallons and legaoies 74,380 74.380 65.353 Charitable actlvltles Fee8 and collection charges 1,216,644 1,218,644 1,154,430 Invèslménl In¢omo 6.803 Total 1297 827 1.297 827 1222 363 EXPENDITURE ON Charltabla aetlvltlas Teaching and welfare costs Running c081s & maintenance Govoinance 702,034 430,947 9.200 702,034 430,947 731,439 349,808 Total 1 142181 1.142,181 1,090,007 Net gainslllossès} on Invastmènts 2,534 1,3371 NET INCOME 158,180 158,180 131,019 RECONCILIATION OF FUNDS Total funds brought foward 1,318.074 752 1.318,826 1,187.807 TOTAL FUNDS CARRIED FORWARD 1476,254 752 1,477,006 1,318,826 The notes form part of these financlal statements Pgge 22
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED BALANCE SHEET 31 AUGUST 2024 2024 Total funds 2023 Total funds Unrestricted Endowment fund$ fund Notes FIXED ASSETS Tangible assets Investments 1,151,163 28.200 1,151,163 28,952 1,145,164 12 752 1,179,363 752 1,180,115 1.171,57S CURRENT ASSETS Stock Debtors Investments Cash al bank 13 14 t5 8,878 184,620 637,408 14.218 8,878 184,620 637,408 14,216 7,959 157.152 289,645 14,007 845,122 845,122 468,763 CREDITORS Amounts falllng due wthin one year 1490,8481 1490,8481 1257.3971 NET CURRENT ASSETS 354 274 354 274 211.366 TOTAL ASSETS LESS CURRENT LIABILITIES 1.533,637 752 1,534,389 1,382.945 CREDITORS Amounts falling due 8fter more than one year 17 157,3831 157,383) 164,1191 NET ASSETS 1,476,254 752 1477,006 1,318.826 The notes form part ol these financial statements Page 23 ntinued...
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED BALANCE SHEET - continued 31 AUGUST 2024 2024 2023 Unrestricted fund# Endosyment fLEnds 1.476.254 752 1,318,074 752 TOTAL FUNDS 1.477,006 1,318,826 TDq financi st leme ts were approvèd by the Board of Trustees and 8ulhori8ed for issue on and were signed on ils behalf by.. Mr A Gosnay . Trusteè D Stephenson- Trustee The notes form part ofthe9e financial statements Page 24
WILMSLOW PREPARATORY SCHOOL TRUST UMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notès Cash flows from operating activities Cash generalad from operations Interest paid 404,733 187,385 Nèl eash provided by operating aetivllies 1e6443 Cash flows from investirtg actlvltles Purchase of tangible fixed assèts Purchase of CLSrY¢nt assel investments 146,305} 347,7631 129,359) 141.082) Nel cash used in invesiing activ¢L188 394.068 170,4211 Cash flows from flnancing activitles Loan repayments in year 9,760 9,7C171 Net cash used in financing 8Ctivities 9,760 Changè In cash and cash equivalents In the reportÈng pèrlod Cash and cash equlvalents at the beginning of the reporting pèylod 209 6,315 14,007 7,692 Cash and cash equivalgnts at the end of the rèporfng pariod 14.216 14,007 The notes fom) part of these financial 8tatements Pag8 25
WILMSLOW PREPARATORY SCHOOL TRUST Lll&qlTED NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for tho raporting period las per th8 Statament of FirEancial Activitlesl Adjustments for.. Depreciation charges {Gainlllosses on investments Interest paid Increase in stocks Increase in débtors Increase in creditors 158,180 131,019 40,306 {2,5341 696 {9191 (27,4681 236,472 27,121 1.337 11,0291 (15,4601 43,455 Net cash provided ljy op•rations 404,733 187 385 ANALYSIS OF CHANGES IN NET FUNDS Al 1.9.23 Cash flow Al 31.8.24 Net cash Cash al bank 14,007 209 14,216 209 Llquid resourcès Deposi18 included in cash Current 3ssÈl investments 289,845 347 763 37 408 289.845 347,763 e37,408 Dèbt Debts falling due within 1 year Debts falllng due after 1 ygar 19,9521 22,2421 {2511 110.2031 32,1941 9.760 22.434 Total 271,458 357,732 629,190 The notes form part of these financi81 slalemenls Page 26
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 AUGUST 2024 INFORMATION VMlrn8low Prepa¥atory School Trust Limited C'the Company") 18 8 ch8ritsble company limited by guar8ntee, incorporated in the United Kinudom. The address of ils reglslered office and prineip81 place of business is 7 Grove Avenue, Wilmslow, Cheshire. SK9 SEG. ACCOUNTING POLICIES Basis of preparing thg financlal statements The financial stalemenls of the charitable company, which is a public banefil enlily under FRS 102, have been prepared in accordanca with ttie Charities SORP IFRS 1021 'Accounling and Reporting by Charities.. Slalemenl of Recommended Practice applicable to Gharlties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) lèffeclive 1January 20191., FSnancial Reporting SlandArd 102 'The Financial Reporting Standard applicable in the UK 2nd R&public of Ireland. and the CompÈnies Act 2006. The financial statements havè been prepared under the historical cost convention. with the exception of Invèstments which are included al maikel value, as modified by the revaluatK)n of certain assets. There are no matgrial uncertainties about the Charity's ability lo continue as a 9olng COnrn. The financial statements arè prasanled in Sterling {£). Income All income is reoognised in the Stslemenl tsf Financial Aolivlllés once the charity has enlillemenl to the funds, it is probablè that the income will be recelved and the amount can b8 measured reliably. Fèè Income iepresenl8 the involcéd 8mount of luillon se1¢$$ and meals provided dtjring the year together with miscellalloous catering reip1S and eollèction charges. Fees received fr)r education lo be provided in future yéars are carried forward as deferred incorne. Donations receivable for the gèneral purposes of the Charity are credited lo unrèstricted funds. Donations for purposes re81Ticled by the donor are takèn to restricted funds. Amounts required to be retainèd as capital are accounted for as endowments. Expendlture LiabilitlQs are recognised as expendituw as soon as there is a legal or conslruclive obligalon committing the charity to that expenditure, It is probable that a transfer of economic beneflls will b8 required in settlement and thè amount of the obligation can be measured reliably, Expenditure is accounted for on An accruals ba$ls and has been classified under headings that aggregatè 811 eosl related to the ¢al¢gory. lthere costs cannot be directly attributèd to particular heading3 they have been allocated to activities on 8 basis consislenl wth the use (rf resources. The irre¢overable element of VAT 18 included with the item of expense lo which it relates. Charitab5e expenditure camprisés those costs incurred by the charity in the delivery of its activities and seNces for ils beneficlarles. It indudes both costs that can be allocated directly to such activitie8 8nd those costs of an indirect nature neoéssary to support thern. Costs ol genèrating funds are fundrai8ing co8ts incurred in seeking voluntary conlribulion8. Governance costs indude those costs assoriated wllh meeting the Constitutional and statutory requirements of the charity and include thè fè&s and costs linked to the strategic management of th¢ charity. Page 27 c(tInued.
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES- continued Tangible fixed ass8t8 Depreciation is provided on all tangible fixèd ass81s bought by the sohool, other than freehold land, al rates calculated lo write off the east, less eslimaled residual valuè of each asset over ils expected useful life, as follows:_ Freehold Buildings 1.5% straight Ilne Plant, Flxlures and Fitting8 20% straight line Tangiblè fixed assets presented to the school as gifts 8re capilalised al cost lo the donor and a corresponding amount is provid8d ol depreeiatlon. Items costing less than £50(l are wrillen ¢Jff as an Éxpellse as acquiréd. Stocks Thè value of stock, which is not matérlal lo the financial position of th8 company. is e8tsmaled. Taxatlon The charity is ex6mpl from corporation lax on its charllable activitie$. Fund accounting Unrestricted fund8 are avai18bl8 for use at the discrelh)n of tho Iruslees in f(trtherall of general objectiv08 of the charity. Designatèd funds are unr8stricled funds èa¥marked by the Iruslees for particular purposes. The airn and use of each designated fund is sel out in the notes in the finanal st8t8menls. Reslyieted funds are subject lo restritttions on their expénditure imposed by the donor or through the terms of an appeal. Further explanation of the nature and purpose of Èach fund is Included in th8 not88 to the finan¢ial statements. DONATIONS AND LEGACIES 2024 2023 Donations and Sundry receipts 74,380 INVESTMENT INCOME 2L124 2023 Investment incomo 2.580 Page 28 continued...
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED NOTES ro THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 School fees add School fees recewed in advancé lÉss School fees carried forward less Bursaries and 8llow8nces 1,761,791 148,314 1354,656} 338,805) 1,530.235 90.506 1148,3141 317 9971 1.216,644 1,154,430 CHARITABLE ACTIVITIES COSTS Support Costs (see note 71 Teaching and wèlfare costs Running costs & maintenance Governance 702,034 430,947 1142.181 2024 2023 Teaching and welfar6 ¢o$ts Staff costs DepT8cialion Other operating charge$ 603,445 4.246 631,295 5.401 94,743 702.034 731.439 Runnlng Gosts and maintgnancè Staff costs Depreciation other oper8tlng charges 161,437 36,060 238,450 101,052 21,720 227,036 349,808 Governancg costs AudiloT8' remuneration 9,200 8,760 8.76Q Page 29 contlnued..,
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS- ¢ontinued FOR THE YEAR ENDED 31 AUGUST 2024 SUPPORT COSTS Governance costs Management Financé Totals Teaching and welfaro costs Running costs & maintenance Govemance 702,034 429.243 702,034 430,947 1,704 9,200 1,131,277 1,142 181 Support costs, included in thè above. are as follows.. 2024 2023 T&8ching and welfare costs Running costs & maintenance Govemance Total acliwlias Total activities Wages Rates and water Light and heat Telephone costs Postage and stationèry Sundries Provisions School books and materials Repairs and renewals Inspection costs Depreciation of tangible and heritage asse18 Bank charges Interest p8yable and 8imilar charges Auditors, remuneration 603,445 161,437 29,789 32,85S 10.883 49,318 68.445 764,882 29,789 32,859 10,883 49,316 68.445 65,455 732,347 23,1S6 29.442 8,448 65,350 65.612 72,103 65,455 28,888 28,888 38.454 2,000 22,640 30.078 3,070 38,454 2,000 4,246 36,06 1,008 4Q,308 1,008 27,121 940 696 696 942 9,200 702.034 430 947 1,142,181 1090,007 Page 30 continugd...
WILMSLOW PREPARATORY SCHOOL TRUST LIPIITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 NET INCOMEIIEXPENDITURE} Nel incomellexpendilurel 15 slated aft8r chargingl{credilingl= 2024 2023 Audllors, remuneration D&preciation- owned 89S6ts 9,200 40,306 8,760 27.121 TRUSTEES. REMUNERATION AND BENEFITS There were no ITuslees' remuneration or other benefits for the year ended 31 August 2024 nw for the year ended 31 August 2023. Truste¢$' axpense6 There were no trustees, expenses pald for the year ended 31 August2024 nor for the year ended 31 Augusl 2023. IQ. STAFF C08TS 2024 2023 Wages and salari8s 764,882 732,347 764,882 732,347 The average monthly number ol employees durlng thè year was a8 foll¢.. 2024 2023 Teaohers and assistants Ifull time} Teachers and assi8tsnls Ipart time) Self employed Admini$lration- Office Administration- Kitchen Adminislralion- Caretaker 18 38 42 Thè number of employee5 whose employeÈ b8neflts lexduding employer pension c081$) exceeded £60,000 was,. 2024 2023 £60,001- £70.000 Page 31 continued...
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 TANGIBLE FIXED ASSETS Fixluies and fiitlngs Freehold property Totals COST At 1 Seplembar 2023 Additions 1,586,999 S25,352 2,112.351 46,305 At 31 August 2024 1,586,999 571,657 2,158656 DEPRECIATION At 1 September 2023 Charge for year 475,128 21.710 492,059 18,596 967,187 40,306 Al 31 August 2024 496,838 510655 1007,493 NET BOOK VALUE At 31 August 2024 1,090,161 61.002 1.151 163 Al 31 August 2023 1 fl1,871 1 145.164 12. FIXED ASSET INVESTMENTS Listed investrnents MARKET VALUE At 1 SeptembÉr 2023 Revaluations 26,415 2,537 Al 31 August 2024 28,952 NET BOOK VALUE At 31 August 2024 28,952 At 31 August 2023 26,415 Ther¢ were no investment 888ets outside thè UK. Cost or valuation al 31 August 20241s represented by., Listed Inveslmènls Valuation in 2024 28,952 Page 32 conlinuad...
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED NOTES TOTHE FINANCIAL STATEMENTS- ¢ontlnued FOR THE YEAR ENDED 31 AUGUST 2024 13. STOCKS 2024 2023 Finished goods 8.878 7,959 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Prepayments and ared income 170,791 148,452 184,620 157,152 15. CURRENT ASSET INVESTDJlENTS 2024 2023 Short term dèposits 837 408 289,645 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see note 181 Trade creditors Social security and other taxes Other creditors Accru81$ and deferred incomè 10,203 49.481 38.921 9,724 382,519 9.952 50,687 11,720 7,460 177 578 490,848 257,397 Other CT8ditOl8 Indude unpaid pen#iM contributions of £9,72412023'. £7,480). Page 33 ¢onllnued...
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS- ¢ontlnued FOR THEYEAR ENDED 31 AUGUST 2024 17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Bank loans (see noté 18) Deposits held 12.231 45,152 22,242 57.383 64,119 18. LOANS An analysis of the maturity of loans is given below.. 2024 2023 Amounts falling due within onè yèar on demand.. Bank loans 10,203 9,952 Amounts fxlling between one and yèars.. Bank loans- 1-2 years Amounts falling due between two and fiva yÈars'. Bank loans- 2-5 years 1,769 12.038 19. LEASING AGREEMENTS Mlnimum lease payments und6r non-cancellable operating le8ses fatl due as follows.. 2024 2023 Ihln one year BebNeen one and live years 1,512 2,592 1,512 4,104 Page 34 continued...
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS- ¢ontlnued FOR THE YEAR ENDED 31 AUGUST 2024 20. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.8.24 At 1.9.23 Unrèstricted funds General fvnd Designated fixed asset fund De8i9nated repairs fund 172.910 1,145.164 198,487 140,307) 181,692) 46.308 35,386 289,705 1,151,163 1,318,074 158,180 1,478.254 Endowmenl funds Prize funds 752 752 TOTAL FUNDS 1,318,826 158180 1,477,006 Net movament In funds, induded in the above are as follows: Incoming resourcgs ResouTces expended Gain8 and losses Movement in funds Unreslrlcted funds General fund D8signat8d fixed asset fund 1,297,827 11,101,874) 4Q.307 2,534 198.487 40,3071 1.297,827 1,142,181 158,180 TOTAL FUNDS 1,297 827 1,142,181) 2.534 158,180 Comparatives for movemènt funds Net movement ln funds Transfers belween funds At 31.8.23 At 1.9.22 UnYo$trlctod funds General fund Designated fixèd asset fund 44.129 1 142,926 158,140 27 121) {29,359} 29,359 172,910 1,145 164 1.187,055 131,019 1,218,074 Endowment fvDd# Prtze fund5 752 752 TOTAL FUNDS 1.187,807 131 019 1,318826 Pago 35 nlinu6d...
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 AUGUST 2024 20. MOVEMENT IN FUNDS- continued Comparatlve nel movement In furbds, included in thè above are as follows.. Incoming resource R&sources expendéd Gains and losses Kovement In lunds Unrestricted funds General fund Designated fixed a88el fund 1,222,363 (1,062,886) 27,1211 11.337) 158,140 27,1211 1,222 363 1 090 0071 131,019 TOTAL FUNDS 131019 A current year 12 months and prior yaar 12 months comblned positson is as follows., Net movement in fund8 Transfers betwèen funds Al 1.9.22 31.8.24 Unrestrlct8d funds General fund Designat8d fixed asset fund Designated rapairs fund 44,129 1.142,926 356,627 167,428) 1111,051} 75.665 289,705 1,151,163 35.386 1,187,055 289.199 1,476.254 Endowment funds Prize funds 752 752 TOTAL FUNDS 1,187 807 289.199 1,477,006 A current yéar 12 months and prior year 12 rnonlhs combined nel movement In funds, included In the above Sre as follows.. Incoming resouwces Rèsources expended Gains and losses Movement In funds Unrestrict•d thnd8 General fund Designated fixed asset fund 2,520,190 12,164,760) 67.4281 1,197 356,627 67 428) 2,520 190 2.232 188> 289,19S TOTAL FUNDS 2.520.190 2,232,188) 289,199 Pagè 36 continued...
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 21. RELATED PARTY DISCLOSURES During the year Calvin Marketing Limited. a finn in which one of the Governors of the School, Mrs D Stephènson, is 2 dirèctor, provided markéting and publieily services for the Company. Fees payable to Calvin Marketing Umlled were £20,152 (2023.. É21,1781. Thls Included the basic monlhly agreement fees plus additional printing, marketing and costs for work in connection with the website and general advorts. Page 37
WILMSLOW PREPARATORY SCHOOL TRUST LIMITED DETAILED ST ATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 INCOME AND ENDOWMENTS Donatlons and 10gacles Donations and sundry receipts 74,380 65.353 Investment Income Investment income 6,803 2,580 Charitable activitlès Fees and collection charg85 R&misgions 1,555,449 338,8051 1,472,427 317,997 1 216,644 1,154430 Totsl incoming resource$ 1,297,827 1,222,363 EXPENDITURE Support costs Management Wages Rates and water Llght and heat Telephone costs Postage and slallonery Sundries Provigions School books and materials Repairs and renewals Inspection costs Plant and machinery 764,882 29,789 32,859 10,883 49,316 fj8,445 65,455 28.888 38,454 2.000 40.3C 732,347 23,156 29.442 8,448 65.350 e5.812 72,103 22,640 30,Q76 3,070 1,131,277 1.079,365 Flnanc¢ Bank charges Bank loan Interest 1,008 696 940 942 1.704 1.882 Govemance costs Auditors, remuneratlon 9,200 8,760 Total resours expended 1.142,181 1,090 007 Nat incom• 155,648 132,356 This page does not fomi part of thè slatulory flnancial slalemenls Page 38