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2022-07-31-accounts

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EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 JULY 2022

Registered Company Number: 601727 (England and Wales) Registered Charity Number: 528966

EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

Page
Report ofthe Trustees 1 to 8
Report ofthe IndependentAuditors 9 to 11
Statement ofFinancial Activities 12
Balance Sheet 13 to 14
Cash Flow Statement 15
Notes to the Cash Flow Statement 16
NotestotheFinancialStatements 17to25

EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

The Trustees, who are also Directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2022. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015).

The School is a company limited by guarantee and is a registered charity. The Company does not have share capital. Every member of the company undertakes to contribute to the Company, in the event of it being wound up while he/she is a member, or within one period after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

The Company’s principal activity continues to be the provision of a day school for 2% - 11-year-old boys and girls, with an average of 301 pupils on role during the year. The School was founded in 1931, initially as a boarding school for boys until it became a day school in 1982. A strategic review saw the first intake of girls in 1999, whilst the senior school changed from 13+ to 11+ to meet wider changes in the educational environment. The School engenders a strong sense of family and meets the needs and potential of each individual child.

OBJECT, OBJECTIVES AND ACTIVITIES

Object and public benefit aims

The Object of the Company, in accordance with its Memorandum of Association, is the education of children. In the furtherance of this Object the Directors, as the charity trustees, have complied with the duty in s.4 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance concerning the operation of the Public Benefit requirement under that Act.

Strategic aim and intended effect

The Board’s strategic aim to reach its annual objective for the public benefit as a charitable Independent School is summarized as follows:

In addition the charity has in place systems to assist families who experience financial difficulties during their time at school and has set up a programme of annual bursaries to support children from lower-income or otherwise disadvantaged families to benefit from our fee-based schooling, whilst allowing all pupils to benefit from the extracurricular programme. This is intended to draw out their abilities and academic potential, awaken and develop wider interests in life for eventual participation in civil society, motivating them for a successful outcome at their chosen senior school.

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EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

Objectives & Achievements against objectives

Continue to improve thegood practice across all Professional development ofstaffhas led to improved
teaching staff teaching and learning. Focus on sharing best practice,
selfandpeer review, developing lesson objectives and
success criteria.
Develop thenew continuous assessment testing Data collection and assessment information formatted
regime across the school. in continuous assessment grids throughout the school.
Improved data analysis opportunities.
Improve the effectiveness ofteaching and learning Professional development for teaching and learning
support assistants assistants improved.
Introduce a more effective and integrated pastoral Integrated safeguarding, child protection and pupil
record system information system in place. Staff trained in its use.
Ensure the school continued to function during School continual provision ofhigh standards ofonline
potential restrictions under Covid-19 teaching to support children absent due to Covid-19.
Staffabsences covered.
Increase focus on the school’s estate Estates sub-committee established with oversight of
the short-term and longer-term plans for maintaining
and enhancing the school’s grounds and
facilities
taking into consideration the environmental impacts.
Undertake a review ofthe Teacher’s Pension Review of Teacher’s Pension (TP) completed with
significant teacher engagement culminating
in
the
decision to remain in the TP scheme while offering an
alternativeDCscheme

Public Benefit

The Company is a charity which seeks to benefit the public through the pursuit of its stated aims. Fees are set at a level to ensure the financial viability of the School and at a level that is consistent with the School’s aim of providing a first-class education for the School’s pupils.

The School welcomes pupils from all backgrounds. The School is non-selective but aims to ensure that pupils can cope with the pace of learning and thus benefit from the education provided. An individual’s economic status, ethnicity, race, religion or disability do not form part of the School’s assessment process.

The Governors are committed to allowing those who cannot afford the current fees, to gain access to the first-class education provided by the School. With this in mind, the School was able to support 4 pupils through the means tested Bursary scheme, and 13 further pupils are benefitting from 7+ scholarship awards. Total financial support of £121,797 which included bursaries and discounts, was given against the gross fee income. Further bursaries will be awarded for the 2022/23 academic year.

Social Investments

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EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

The School is part of the wider local community and the Governors are keen that staff and pupils participate in that community.

The pupils have participated in many fundraising events this year and have raised a considerable £14,270 over this period which was presented to Zoe’s place; a hospice for babies and young children in June 2022.

We also supported some of the families caught up in the Ukrainian disaster by helping facilitate a humanitarian appeal. Donations were collected and distributed via a local collection to refugees in Ukraine.

The School has continued to offer its facilities to the community with the swimming pool and gym being used for local club swimming life-saving courses to local youngsters.

Volunteers

The Eversfield School Association (Parents’ association - ESA) helped with the School’s fundraising and cultural activities with many hours of voluntary service during the year. They have provided a strong link with parents and initiated fundraising to assist the further development of School facilities. The Governors would like to take this opportunity to say how much the ESA’s continuing and valuable support is appreciated.

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EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

ACHIEVEMENTS AND PERFORMANCE

Operational performance

This year saw the school being inspected by the Independent Schools Inspectorate (ISI). The Inspectors found that the School met all the standards required of the regulatory framework, and the quality of the children’s academic and their personal development were in all respects excellent. Such comments as “the quality of pupils’ personal development is excellent”, staff who “deliver effectively paced lessons, challenging, open-ended questioning and extended tasks”, pupils who are “achieving highly and often in advance of expectations for their ages” indicate the strength of the school. The Governors would like to thank everyone at the school who has contributed to this outstanding achievement.

Pupils achieved 20 academic and other scholarships (2021: 15). The School continues to prepare pupils successfully for independent senior and grammar schools, with 100% of our pupils being offered places across 17 leading independent and grammar schools.

The school continued to offer a rich variety of over 45 co-curricular activities including various sports, cookery, computing, languages and chess.

On the sporting front, the under 11’s netball team were crowned league champions and the U10 boys swimming team came 4th at the IAPS National Swimming Finals. The school also competed in rugby, football, cricket and hockey matches and festivals across the region.

In The Arts, music continued to play an important role in school life with over half of the pupils gaining Distinction or Merit in their music exams. In Drama, LAMDA clubs have continued to provide a platform for pupils to gain confidence and develop crucial communication skills.

In the area of STEM (Science, Technology, Engineering & Mathematics), pupils from Form 6 gained achievements in an engineering challenge to design and manufacture a battery-operated car and we had representation at the National Science Quiz Championships.

We are very proud of these and all our pupil’s achievements.

FINANCIAL REVIEW

Results and financial position

The School’s net surplus for the year of £341,202 (2021: £312,248). Capital expenditure for the year was £137,701 (2021: £40,311), and Net Assets at year-end were £4,894,447 (2021: £4,553,245) including a cash position of £1,044,906 (2021: £569,956). Being an educational charity, we are unable to reclaim VAT input tax on our costs as we are exempt for VAT purposes.

Investment policy and performance

The School’s surplus funds are invested in bank and money-market deposits in order to minimise risk. The income from these deposits has fallen from prior year as a result of lower interest rates.

Reserves policy

The Governors aim to increase unrestricted funds each year by budgeting for surpluses to fund investment in the School estate. In common with other independent schools, substantial sums have been invested into new buildings in recent years and the School has a continuing programme of refurbishment to maintain the excellent teaching facilities for our pupils. The Charity Commission defines free reserves as unrestricted funds less the amounts invested in tangible fixed assets. On this basis, the School has zero free reserves which is common for schools which have to finance their own capital investment plans. The Governors consider that, given the strength of the

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EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

charity’s balance sheet, its stable cash flow and the ongoing popularity of the School, underpinned by the available banking facility which can be called upon if need arises, there is no current need to build up a free reserve.

Future plans

The Governors hope to attract and educate a similar number ofpupils in the future and continue to provide a bursary scheme so that pupils from low-income families can benefit from an education at the School. The School will continue to strive for excellence in teaching and learning, ensuring that the estate meets the schools objectives. The Governors and School will also look to undertake a review of the estate to better understand its energy consumption with the intention of reducing costs and carbon emissions.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The Company’s Memorandum and Articles of Association are the primary governing documents of the School.

Governing body

The Trustees set the policies to achieve the School’s objectives and these are reflected in the School’s prospectus. In particular, they appoint the Headmaster whose responsibility it is to see that these objectives are pursued, and they provide support and encouragement for the Headmaster in this task. As well as setting budgets for the School, the Trustees are responsible for ensuring that relevant aspects of company, employment, health & safety and education law are complied with. The Articles of Association provide that the number of Trustees shall not be less than five nor more than thirty, unless otherwise determined by a General Meeting. The members of the Governing Body are the Subscribers to the Memorandum of Association and such other persons (being members of the Trust) as are elected by the Governing Body from time to time.

Induction and training of new Trustees

All Trustees are inducted on appointment into the organisation and workings of the School and the Company as a registered charity, including Board policy and procedures by an induction session organised for them by the Chair of Governors. Strategic planning and training workshops are organised and all Trustees are briefed as appropriate.

Organisational structure

The Trustees meet as a Board at least once in each term to determine the general policy of the Company, to review its overall management and control for which they are legally responsible and to consider specific topics such as the School Improvement Plan, financial accounts, budgets and reports. In addition there are three sub-committees: the Education and Personnel committee, the Commercial committee and the Estates committee, all of which have their own clear terms of reference as set out in the Governors’ protocol. The sub-committees also meet once in each term. There is also a Bursary committee which meets in the spring term to consider applications for means-tested bursaries, and a Remuneration committee which meets in the summer term to set pay levels for the company’s key management personnel. The day to day running of the School is designated to the Headmaster, supported by members of the Leadership and Management teams.

Wider network

The Headmaster is an active member of the IAPS, who promote the maintenance of preparatory school standards generally, and also takes part in peer group studies for the evaluation of quality, performance and improvement methods. The School co-operates with many local charities in its ongoing endeavours to widen public access to the schooling Eversfield can provide, to optimise the educational use of the School’s cultural and sporting facilities and to awaken in its pupils an awareness of the wider social context of the education they receive at the School. There are no relationships between the charity and any related parties.

Risk management

The Trustees continue to keep the School’s activities and risk management policies under review, particularly with regard to any major risks that may arise from time to time, as well as the systems and procedures that have been established to manage them. They monitor the effectiveness of the system of internal controls and other viable

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EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

means, including insurance cover where appropriate, by which risks identified can best be mitigated. The Trustees have reviewed progress against the strategic plan and have taken the appropriate actions. The Trustees continue to manage the School’s finances prudently.

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EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2022

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company Number 601727 (England and Wales)

Registered Charity Number 528966

Registered Office 647 Warwick Road Solihull B91 1AT

Trustees T J Brain G Marsh D E McMillan P J Scott J CB Shaw C E Skouby RM H Thomson A Perry - appointed 01/03/2022

Company Secretary J C Webb

Auditors

Thomas & Young Limited Chartered Accountants Carleton House 266-268 Stratford Rd Shirley Solihull B90 3AD

Bankers HSBC Bank ple Regional Treasury Centre Exchange Buildings 8 Stephenson Place Birmingham B2 4NH

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EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

STATEMENT OF TRUSTEES RESPONSIBILITIES

The Trustees (who are also Directors of Eversfield Preparatory School Trust Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice - UK GAAP).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

AUDITORS

The auditors, Thomas & Young Limited, will be proposed for re-appointment at the forthcoming annual general meeting.

Approved by order of the board of Trustees on La Necmber 2012— and signed on its behalf by:

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; T J Brain - Trustee

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED

Opinion

We have audited the financial statements of Eversfield Preparatory School Trust Limited (the ‘charitable company’) for the year ended 31 July 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees Responsibilities, set out on page 8, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or to have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the charitable company through discussions with directors and other management, and from our knowledge and experience of the sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company;

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions

we haveA Mark McLean FCA Senior Statutory Auditor For and on behalf of

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Thomas & Young Limited
Statutory Auditor
Carleton House
266-268 Stratford Rd
Shirley
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B90 3AD \ \
Date: ee DOI ES
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EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2022

Unrestricted Restricted 2022 2021
Funds Funds Total Funds Total Funds
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM
Charitable activities:
Educational 2 3,505,172 60,000 3,565,172 3,264,489
Donations and legacies 3 12,050 11,539 23,589 27,495
Investment income 4 311 0 311 67
Total 3,517,533 71,539 3,589,072 3,292,051
EXPENDITURE ON
Charitable activities:
Educational 1,836,723 36,875 1,873,598 1,737,616
Domestic 242,610 0 242,610 181,717
Support Costs 1,111,648 8,323 1,119,971 1,048,383
Other 11,691 0 11,691 12,087
Total 3,202,672 45,198 3,247,870 2,979,803
NET INCOME/(EXPENDITURE) 5 314,861 26,341 341,202 312,248
RECONCILIATION OF FUNDS
Total funds brought forward 4,310,221 243,024 4,553,245 4,240,997
TOTALFUNDSCARRIEDFORWARD 4,625,082 269,365 4,894,447 4,553,245

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

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EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED

BALANCE SHEET AT 31 JULY 2022

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|2022|2021| |Funds|Funds|Total|Funds|Total|Funds| |Notes|£|£|£|£| |FIXED|ASSETS| |Tangible|assets|9|4,601,265|179,655|4,780,920|4,828,705| |CURRENT ASSETS| |Debtors|10|88,349|0|88,349|137,696| |Cash|at|bank|955,196|89,710|1,044,906|569,956| |1,043,545|89,710|1,133,255|707,652| |CREDITORS| |Amounts|falling|due|within|one|year|11|(729,461)|0|(729,461)|(588,763)| |NET CURRENT|(LIABILITIES)/ASSETS|314,084|89,710|403,794|118,889| |TOTAL|ASSETS|LESS| |CURRENT LIABILITIES|4,915,349|269,365|5,184,714|4,947,594| |CREDITORS| |a falling due after more than one|2|(290,267)|0|(290,267)|(394,349)| |NET ASSETS|4,625,082|269,365|4,894,447|4,553,245| |FUNDS|15| |Unrestricted|funds:| |General|fund|4,625,082|4,309,761| |Prize|and|Gifts|fund|0|460| |4,625,082|4,310,221| |Restricted|funds:| |Bursary|fund|72,435|47,361| |Sports|Hall|Equipment|fund|2,897|4,345| |Swimming|pool|fund|4,674|5,875| |Play Area fund|1,449|1,487| |iPad|fund|7,367|0| |Espace|fund|90,503|92,543| |Raindrop|fund|90,040|91,413| |269,365|243,024| |TOTAL FUNDS|4,894,447|4,553,245|

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The notes form part of these financial statements

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EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED

BALANCE SHEET AT 31 JULY 2022

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies for the year ended 31 July 2022, but as this company is a charity, it is subject to audit under the Charities Act 2011.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The Trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

The financial statements were approved by the Board of Trustees on 2ANUnbey 20D —and were signed on its behalf by:

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:
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T J Brain — Trustee

The notes form part of these financial statements

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EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2022

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2022|2021| |Notes|£|£| |Cash|flows|from|operating|activities:| |Cash|generated|from|operations|1|662,608|380,682| |Interest|paid|(11,319)|(12,392)| |Net|cash|provided|by|operating|activities|651,289|368,290| |Cash|flows|from|investing|activities:| |Purchase|of tangible|fixed|assets|(89,273)|(47,851)| |Interest|received|266|64| |Net|cash|used|in|investing|activities|(89,007)|(47,787)| |Cash|flows|from|financing|activities:| |Loan|settled|in|year|0|0| |Loan|repayments|in year|(96,921)|(95,847)| |Donations|received|re-classed|9,589|6,445| |Net|cash|used|in|financing|activities|(87,332)|(89,402)| |Change|in|cash|and|cash|equivalents|in|the|year|474,950|231,101| |Cash|and|cash|equivalents|at the|beginning|of the|year|569,956|338,855| |Cash|and|cash|equivalents|at|the|end|of the|year|1,044,906|569,956|

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The notes form part of these financial statements

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EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2022

  1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

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|||||||| |---|---|---|---|---|---|---| |2022|2021| |£|£| |Net|income|for|the|year| |(as per the statement of financial|activities)|341,202|312,248| |Adjustments|for:| |Depreciation|charges|185,486|184,197| |Interest|receivable|(311)|(67)| |Interest|payable|11,691|12,087| |Donations|received|re-classed|(9,589)|(6,445)| |Increase|in|debtors|49,391|(44,166)| |Increase|in|creditors|84,738|(77,172)| |Net|cash|provided|by operating|activities|662,608|380,682|

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EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

  1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)’, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. For school fees, entitlement begins on the first day of term, and any income received for future accounting periods is deferred into the relevant period.

Expenditure

All expenditure and liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

With the exception of freehold land, depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: Freehold Property 2% on cost Furniture and equipment 10% on cost and 20% on cost Motor Vehicles 20% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees. Designated funds are amounts which have been set aside at the discretion of the Trustees for a specific, but not legally binding purpose. :

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs

The School participates in the Teachers’ Pension Scheme (England and Wales) (the TPS) for its teaching staff.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by the Teachers’ Pension Regulations 2014. Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Share capital

The company is limited by guarantee and does not have share capital. The members of the company are the trustees. The liability of the members is limited and shall not exceed £1.

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EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR END 31 JULY 2022

7. STAFF COSTS
2022 2021
£ £
Wages and salaries 1,749,168 1,688,234
Social security costs 165,604 151,734
Other pension costs 293,441 284,188
2,208,213 2,124,156
The average monthly numberofemployees during the yearwas as
follows:
2022 2021
Teaching 51 50
Domestic 5 6
Administration 11 11
Maintenance 4 5
71 TZ

The number of employees paid emoluments greater than £60,000 was 2 (2021: 1). The number of employees paid emoluments within the range of £60,000 to £69,999 was 1 (2021 : nil) The number of employees paid emoluments within the range of £90,000 to £99,999 was 1 (2021 : nil) The number of employees paid emoluments within the range of £80,000 to £89,999 was nil (2021: 1). Trustee and key management personnel remuneration benefits total £117,266 (2021: £113,158).

Pension Costs

The employer contribution rate is set following scheme valuations undertaken by the Government Actuary Department. The effective rate for the year ended 31 July 2022 of 23.6% (2021: 23.6%), was supplemented by a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The pension charge for the year includes contributions payable to the TPS of £262,678 (2021: £254,115) and at the year-end £30,766 (2021: £29,819) was accrued in respect of contributions to this scheme.

Membership of the Independent Association of Prep Schools (IAPS) defined contribution pension scheme is offered to other non-teaching staff and is also used in respect of the company’s auto-enrolment obligations. The pension charge for the year includes contributions payable to the scheme of£30,014 (2021: £30,073) with the employer contribution rate being 6%. At the balance sheet date contributions relating to this scheme amounting to £4,121 (2021: £3,910) were outstanding. A premium is also paid for a death in service benefit scheme.

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EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR END 31 JULY 2022

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Unrestricted|Restricted|2021| |Funds|Funds|Total|Funds| |£|£|£| |INCOME|AND|ENDOWMENTS|FROM| |Charitable|activities:| |Educational|3,264,489|0|3,264,489| |Donations|and|legacies|18,800|8,695|27,495| |Investment|income|67|0|67| |Total|3,283,356|8,695|3,292,051| |EXPENDITURE|ON| |Charitable|activities:| |Educational|1,732,934|4,682|1,737,616| |Domestic|181,717|0|181,717| |Support|Costs|1,043,104|5,279|1,048,383| |Other|12,087|0|12,087| |Total|2,969,842|9,961|2,979,803| |NET|INCOME/(EXPENDITURE)|313,514|(1,266)|312,248| |RECONCILIATION|OF|FUNDS| |Total|funds|brought|forward|3,996,707|244,290|4,240,997| |TOTAL FUNDS|CARRIED FORWARD|4,310,221|243,024|4,553,245|

----- End of picture text -----

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EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR END 31 JULY 2022

9. TANGIBLE FIXED ASSETS
Freehold Furniture
land and And Motor
buildings equipment Vehicles Totals
£ £ £ £
COST
At 1 August 2021 6,081,562 645,390 54,164 6,781,116
Additions 60,560 77,141 0 137,701
Disposals 0 (13,474) 0 (13,474)
At 31 July 2022 6,142,122 709,057 54,164 6,905,343
DEPRECIATION
At 1 August 2021 1,475,333 436,352 40,726 1,952,411
Charge for the year 117,661 61,826 5,000 185,486
Eliminated on disposal 0 (13,474) 0 (13,474)
At 31 July 2022 1,592,994 484,704 46,725 2,214,423
NET BOOKVALUE
At 31 July 2022 4,549,128 224,353 7,439 4,780,920
At31July2021 4,606,229 209,038 13,438 4,828,705

Included in cost or valuation of land and buildings is freehold land of £192,167 (2021:£192,167) which is not depreciated.

  1. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Trade debtors 23,875 49,931
Other debtors 9,152 20,261
Prepayments and accrued income 55,322 67,504
88,349 137,696

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022 2021
£ £
Bank loans and overdrafts (see note 13) 115,400 108,239
Trade creditors 113,740 33,781
Social security and other taxes 40,949 38,401
Other creditors 411,937 373,663
Accruals and deferred income 47,435 34,679
729,461 588,763
CREDITORS: AMOUNTS FALLINGDUE AFTERMORE THAN ONE YEAR
2022 2021
£ £
Bankloans(seenote13) 290,267 394,349

12, CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

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EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR END 31 JULY 2022

13. LOANS

An analysis ofthe maturity ofloans is given below. 2022 2021
£ £
Amounts falling due within one year ondemand:
Bank loans 115,400 108,239
Amounts falling due between one andtwo years:
Bank loans — 1-2 years 115,400 108,239
Amounts falling due between two and five years:
Bank loans —2-5 years 174,867 286,110
Amounts falling due inmore than five years:
Bankloansmorethan5yearsbyinstalments NIL NIL

Secured debts consist of bank loans included within creditors for £405,667 (2021: £502,588).

The bank loans are secured by a legal mortgage over freehold property owned by Eversfield Preparatory School Trust Limited, with a debenture over all the assets of the company.

  1. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022 2021
£ £
Within one year 25,730 25,730
Between one and five years 34,651 60,381
60,381 86,111

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EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR END 31 JULY 2022

15. MOVEMENT IN FUNDS

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Movement| |At|01/08/21|infunds|At|31/07/22| |£|£|£| |Unrestricted|funds:| |General|fund|4,309,761|315,321|4,625,082| |Prize|and|Gifts|fund|460|(460)|0| |4,310,221|314,861|4,625,082| |Restricted|funds:| |Bursary|fund|47,361|25,074|72,435| |Sports|Hall|Equipment|fund|4,345|(1,448)|2,897| |Swimming|pool|fund|5,875|(1,201)|4,674| |Play|Area|fund|1,487|(38)|1,449| |iPad|fund|0|7,367|7,367| |Espace|fund|92,543|(2,040)|90,503| |Raindrop|fund|91,413|(1,373)|90,040| |243,024|26,341|269,365| |TOTAL FUNDS|4,553,245|341,202|4,894,447| |Net|movement|in|funds,|included|in|the|above|are|as|follows:| |Incoming|Resources|Movement| |resources|Expended|in|funds| |£|£|£| |Unrestricted|funds:| |General|fund|3,515,492|(3,200,631)|314,861| |Restricted|funds:| |Bursary|fund|61,950|(36,876)|25,074| |Sports|Hall|Equipment|fund|0|(1,448)|(1,448)| |Swimming|pool|fund|0|(1,201)|(1,201)| |Play Area|fund|0|(38)|(38)| |iPad fund|9,209|(1,842)|7,367| |Espace|fund|0|(2,040)|(2,040)| |Raindrop|fund|380|(1,753)|(1,373)| |71,539|(45,198)|26,341| |TOTAL FUNDS|3,581,185|(3,239,983)|341,202|

----- End of picture text -----

Restricted funds

The Sports Hall Equipment, Play Area, Espace, Raindrop, Swimming Pool Equipment and iPad funds represent money donated for a specific purpose. The money has been spent on the assets as detailed and the funds are being amortised in line with the depreciation of those assets.

The Bursary fund represents specific donations received, retained deposits from leavers and a transfer of unrestricted funds. The fund will be used to provide means-tested bursaries for pupils.

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EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR END 31 JULY 2022

15. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Movement| |At|01/08/20|infunds|At|31/07/21| |£|£|£| |Unrestricted|funds:| |General|fund|3,996,247|313,514|4,309,761| |Prize|and|Gifts|fund|460|0|460| |3,996,707|313,514|4,310,221| |Restricted|funds:| |Bursary|fund|49,793|(2,432)|47,361| |Sports|Hall|Equipment|fund|5,794|(1,449)|4,345| |Swimming|pool|fund|0|5,875|5,875| |Play Area|fund|1,525|(38)|1,487| |Espace|fund|94,582|(2,039)|92,543| |Raindrop|fund|92,596|(1,183)|91,413| |244,290|(1,266)|243,024| |TOTAL|FUNDS|4,240,997|312,248|4,553,245|

----- End of picture text -----

Comparative net movement in funds, included in the above were as follows:

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Incoming|Resources|Movement| |resources|Expended|in|funds| |£|£|£| |Unrestricted|funds:| |General|fund|3,283,356|(2,969,842)|313,514| |Restricted|funds:| |Bursary|fund|62,250|(64,682)|(2,432)| |Sports|Hall|Equipment|fund|0|(1,449)|(1,449)| |Swimming|pool|fund|5,875|0|5,875| |Play|Area fund|0|(38)|(38)| |Espace|fund|0|(2,039)|(2,039)| |Raindrop|fund|570|(1,753)|(1,183)| |68,695|(69,961)|(1,266)| |TOTAL FUNDS|3,292,051|(2,979,803)|312,248|

----- End of picture text -----

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EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR END 31 JULY 2022

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 July 2022 or 31 July 2021.

17. ULTIMATE CONTROLLING PARTY

The company is controlled by the Board of Trustees.

Page 25