¢fvSF/e EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES AND FINANCIAL STATEIVIENTS FOR THE YEAR ENDED 31 JULY 2024 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 2024 Page Report of the Trustees I to7 Report of the Indep¢ndent Auditors 8t0 10 Statement of Financial Activities Balance Sheet 12to 13 Cash Flow Statement 14 Notes to ihe Cash Flow Statement 15 Notes to the Financial Statements 16to24
EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 The Trustees, who are also Directors of th¢ charity loi the purposes of thc Cotllpanies Act 2006, prc5enl Ihcir report with thc financial statements of the charity for the year ended 31 July 2024. The Trustees have adoplcd the provisions of Aecoiinting and Reporting by Charities.. Sialement of Recommcndcd Practice applicable to ehaiitics preparing their accounts in a¢cordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRSI 02) (effective l January 2015}. The School is a company limited by guarai)tee and is a registered charity. The Coinpany do¢s not have share capital. Every metnbcr of the compaiiy undertakes to Contribute to ihe Company, in the event of it being wound up while helshe is a Tncmber. or within one period after hclshc L¢ase5 to be a member, such amount as may bc rcquircd, not exceeding £ I for Ilie debts and liabilities contractcd before helshe c¢ases to be d member. The Company's principal activity continues to be the provision of a day school for 2 ¾ - 1 l-year-old boys and girls, with an averag¢ of 31 I pupils on role during the year (2023.. 310). The School was foundcd 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 th¢ senior scliool changed from 13+ to I l+ to meet wider ch2nges in the educational environment. The School engenders a strong sense of family and meets the needs ai)d potential of eacl) individual child. OBJECT, OBJEcfivES AND ACTIVITIES Object and public benefit aims The Objcct of the Company, in accorddnce with its Memorandlim 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 01. the Charities Act 2011 to have due re¥aid to the Charity Commission's published general and relevant siib-se¢tor guidance concerning the operation of the Public Benefit requirement under that A¢t. Strategic aim and intended effect Thc Board's stratcgic aim to reach its annual objective for the public bcnefil as a charitable Independent School is summarized as follows.. Promolc high moral standards throiigli clear and relevant core Christian teachings. Offcr broad eiirriciilum with opportunities in all areas for our children. Develop children's academic and non-academic talents by providing quality support and specific opportunities. Prepa pupils for successful I l+ entry exams. Develop excellent organisalional routines to help transition to senior school and general workllife skills. Ensure excellent pastoral care for all our pupils. Develop our piipils. self-confideiice to be Ihe best that they can be. Encouragc con]petition and risk taking in a supportive, motivational and caring environment whcre no child 18 afraid of making mistakes. Give opportunities foi piipils to lead and to work co-operatively. In addition the chariiy has in place systems to assist fatnilies who experience financial difficulties during their time al school and has set up a programme of annual bursaries to support children from lower-income or otherwis¢ disadvantaged families to benefit from our fee-based schooling, whilst allowing all pupils to benefLt from the extra- curricular programme. This is intended to draw oiit their abilities and academic potential. awaken and develop wider interests in life for eventual partiLipalion in civil society, motivating them for a siiccessful outcome at their chosen senior school. Page I
EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 Objectives & Achievements against objectives Ob"ectives Continue the improvement in teaching and learning across the school Achievements The Teaching, Learning and Feedback Policy was evaluated against practi¢¢. All staff are following guidelines. Good practices have been shared across the school with teachers gaining a clear understanding of success criteria. Oracy skills have bccn introduccd into the ciirriciiliim. teachers have been upskilled through professional development training and oracy objectives for the piipils have been piit in place as part of their continuous assesstnent. The approach to monitoring and assessing children's independent reading ivas rcvicwed and adapted with a focus on motivating those struggling to engage with rcadiii All teachers engaged with action research projects as CPD throughoiit the year. The modulc of The Chartered College of TeaLhing was completed and research presented to all staff. National College resources were also used foi CPD. The school received the Nalitsnal Onlinc Safety Certified Slhool Ac¢r¢ditalion,' an important mileslonc in the school's approach lo safeguarding pupils online and dcveloping a culturc of online safety throughout the communil Following fe¢dba¢k from pupils and staff, the approach to non-gender specific sports was assessed. Options werc ¢valuated culminating in a new approach to be trialled in 2024-25. An assessment of the current use of Al was made during the year. The intention for 2024-25 is to decide on the rioril of Al usa e within the school. A ¢onsultation pro¢esS took place during the year with the outcome of exiling the TP scheme on 31 March 2025. Teachers will movc into the already estsblislicd DC altemalive scheme (APTIS). A working group was established diiring the year to assess the implications of the proposed VAT and the potential options available for the school in addressing them. Since the financial year end, the Government has clarified its position on VAT as part of their budget, the Governors reached a conclusion regarding the implications for 2024-25, with parents beiiig infornied. Work is undenvay to ensure that the school is prepared for the introduction of VAT in Janiiary 2025 and the Strategy Groiip will bc rcvicwing any impact on pupil numbers and u atin their strate asa ro riate. Oracy skill development Refine the approach lo reading aeross the school Implement teacher professional dcvelopmcnt rcscarch modules Acqiiire online safety accreditation Review the approach and organisation of games throughout the school Explore the use of Artificial Intelligen¢¢ (Al) across teaching and learning in the s¢hool Govemors, review of the Teachers. Pension Scheme Development of a strategy to secure the long-temi future of the school given the likelihood of VAT being introduced on school fees by the future goverrllncnt Page 2
EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED REPORT or THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 Public Benefit The Company is a charity w,hich seeks lo benefit the publi¢ throuoh 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-cla5s eduLation for the School's pupils. The School welconics pupils from all backgrounds. The School is non-sclcctive but ainis to ensure that pupils cali copc with the pacc of leaming and thus benefit from tl)e education provided. An individual's economic status, ethnicity, racc, rcligion 01 disability do not fom) part of thc School's asscssmcnt process. The Governors are committed lo allowing those who cannot afford the current fees, lo gain access to the first-class education provided by the School. With this in mind, the School was able to support 7 piipils through the means tested Bursary scheme, and 7 further piipils are benefitling from 7+ s¢holarship awards. Total financial support ol. £139,778 which included biirsaries and dis¢ounts, was given against the gross fee income. Furth¢r bursaries will be aivarded tor the 2024125 academil year. Social Investments The School is part of the wider local community and the Govemors 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 £11.858 over this period which has been donated to FastAid: a local group of community first aid i'esponders. In recognition, not only of ihis tremendous effort, bul also in raising awareness of the work of FastAid. the School received the Community Initiative and Partnership Award from the West Midlands Ambulance Service Trusi. The School has continued to offer it5 facilities lo the community with the swimming pool ai)d gym being used for local club swimming, life-5aving courses to local youn¥slers and pi¢kleball. Volunteers The Eversfield School Association {Parenls' 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 fiindraising to assist the further de.elOp[llen1 of School faciliiies. The Governors would like lo lake this opportiinity to say how mu¢h the ESA'S continuing and valiiable support is appreciated. Page 3
EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 ACHIEVEMENTS AND PERFORMANCE Operational performgnce After the school being awarded TES Independent Preparatory School of the Year in 2024, this year marked another recognition, with the He<id selected as a finalist for the TES S¢hools Awards in th¢ category of Headteachei of the Year Independent School. Accolades continued with the school being invited 10 feature iii the Good Schools Guide and receiving an excellent rating by our parents for the school's Nursery and Kindergarten provision. The School continued to prepare pupils successfully for independent and grammar senior schools, with them receiving a total of 77 offers and 23 academic and other scholarships (2024.. 20) being awarded. The school continued to otTer a rich variety of over 40 co-curricular activities covering art, drama and movemen¢, sport, niiisic, STEM, Strategy and It)novation. On the sporting front. tlie school competcd in rugby, football, cricket and hockey matches and festivals across the region with the Year 5 and 6 finishing second in the local Partnership Netball Skills Competition. In The Arts, music and drama conliniied to play an important role in school life with school productions of Honkl th¢ Jcss Tree, Shine Star, Shinc and Macbcth. The pupils also joined a choir of 6,500 voices in one of th¢ largest children's choir concerts in the world. Throughout the year, the pupils experienced a host of workshops and trips such as investigating the Ecosystem at Bimiingham's Botanical Gardens, leaming about siistsinabilily al 8 local recycling plant, gaining an appreciation for the work of guide dogs, exploring the cultlV2tion and craftmanship of Chocolate and residential visits to Nomiandy, Snowdonia and York. We are very proud of these and all our pupil's achievements. As part of the Estates plan, signifi¢ant improvements werc made lo the Early Years playground alongside investment in the school's first electric minibus. FINANCIAL REVIEW Results and financial position The School's net surplus for the year of £462,336 {2023..£294,573). Capital expcnditure for the year was £174,980 {2023'. £206.5351, diid Nel Assets at year-end were £5,651,356 {2023.. £5,189,020) including a Lash position of £1,893,692 (2023.. £1,022.15]). Investment policy and performance The School's surplus tiinds are invcsted in bank and money-market deposits in order to minimise risk. Reserves policy In recent years, the Governors have aimed to incr¢as¢ unrestricted funds ea¢h year by budgeting for surpluses lo fund investment in the School estate. Excliiding fixed assets used for the school, unrestricted funds now stand in a STnall positive position. With the imminent Introduction of V AT. th¢ Govemors, objective is to ¢ontinue to generate surpluses lo protect the school's future ivhile recognising ihal programmes of work may need io be delayed without compromisiiig on the School's high standards. Future plans The full implication5 of the introduction of VAT on independent fees will take some time lo crystalise, however during this time of uncertainty, the Govemors retnain committed to eontinue to strive for excellence in teaching and learning, ensuring that the estate meets the schools objectives. Their aim is to ¢ontinu¢ to attract and educate a similar niimber of pupils in the future and to provide a bursary scheme so that pupils from low-income families can benefit from an education al the School. Page 4
EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 STRUCTURE, GOVERNATr4CE AND MANAGEMENT Governing document Thc 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, tliey appoiiit the Headmaster whose respoiisibility it is to sce that these objectives are pursiied, and thcy provide support <ind cncouragcmcnt for the Headmaster in this task. As well as setting budgcts. for the S¢hool, the Trustees are responsiblc for cnburing that relevant aspects of cotnpany, employment, hcalth & safety and education law are cornplied with. The Articles ofAssociation providc that the number of Trustces shall iiot be less than five nor more than thirty, unless otheThvise determined by a General Meeting. The members of the Governing Body are the Subs¢ribers to the Memoiandum of Association and such oihci persons (being members of ihe Tnist) as are elected by the Governing Body from time to lime. During the year, the Governing Body started a search for new Govemors. Induction and training of neiv Trustees All Trustees are indu¢t¢d on appoiiilnienl iiilo Il)e organisation aiid ivorkiiigs of tlie School and the Company as a registcrcd charity. including Board policy and proccdures by an induction session organi5ed for thein by the Chair of Govcrnors. Strategic planning and training workshops are organised and all Tru%te¢s are briefed as appropriate. Organisational structure The Trustees meet as a Board at least once in each tern) to deterniine the general policy of the Company, to review its overall Tnanagetnenr and control for which they are legally responsible and lo consider specific topics such as the School Improvement Plan, tinancial accounts, biidgets and reports. In addition there are two committees.. the Education and Personnel cotnmittee and the Coinmercial committee which tncet once in ¢a¢h terni. There are also three sub-con]mitlees.. Bursary, Rcmuncralion and Eslales. The Bursary sub-commillcc meets in the spring term to consider applications lor means-tested bursaries. thc Remuiieration sub-committe¢ meets in the summer temi to sel pay levels for Ihc company's key management pcr50nnel and the Estates committcc meets lennly to discuss plans for maintaiiiing and enhancing the school's grounds and facilities. All the committccs and sub-committees hav¢ their own clear temis of rcference. Smaller groups of the Trustees are also established when necessary looking at such areas as the iiitroduction of VAT on fees: Equality. Diversity and Inclusion. Teachers. Pension and the appointment of neKN Governors. The day to day running of the School is designated to the Headmaster, supported by members of the Leadership and Management teams. Wider network Thc Headmaster is an active member of the IAPS, who promote thc n]aintenance of preparatory school standards gencrally. and also takes part in pecr groiip studies for the evaliiation of qualily, performance and improvement methods. The School co-operates with many local charities in its ongoing endeavoiirs to widen public access to the schooling Eversfield can provide, to optimise the educational use of the School's cultiiral and sporting facilities and to awakcn in irs piipils an awareness of thc wider social context of thc education they rec¢ive at the School. There are no relationships between the charity and any related parties. Risk management The TtU5tees coiitinue to keep thc School's activities and risk managctncnt policies iindcr rcvicw. particularly with regard to any m&jor risks that may arise from time io time, as well as the systcms and procedures that havc becn established to manage them. They monitor the effectiveness of the system of internal controls and othcr viable means, including insurance cover where appropriate, by which risks identificd can best be mitigated. Thc Trustees review progress against the strategic plan and take appropLiaE actions. The Trustees coniinue to manage the School's finances prudently. Page 5
EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 REFERENCE AND ADMINISTRATIVE DETAILS ReiFlStered Companv Number 601727 (Engl£ind and Wales) R¢gistered Charity Number 528966 Registered Olee 647 Wanvick Road Solihull B91 IAT Trustees T J Brain G Marsh D E Mcmillan P J Scott JCBSh<lW C E Skouby {Resigned 1510812023) R M H Thomson A Perry R K Bansal {Appoint¢d 1210312024) C E Brown {appointed (1210312024) S G Moore (Appointed 1210312024) Company Secretary Jcwebb Auditors Thomas & Young Limited Chartered Accountants Carleton House 266-268 Stratford Rd Shirley Solihull B90 3AD Bankers HSBC Bank plc Regional Treasury Centre Exchange Buildings 8 Stephenson Place Bimingliam B2 4NH Page 6
EVERSFIELD PREPA114TORY SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 STATEMENT OF TRUSTEES RESPONSIBILITIES The Trublecs {who are also Directors of Eversfield Preparatory School Tnist Limited for the purpose5 Of company law) arc rcsponsible for prcparing the Report of ihe Trustees and the Financial Statements in a¢cordaYLee with applicablc 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 y¢ar which give a truc ]d fair view of the state of affairs of the charitable company and of thc ii)coming resources and application of resources, including the income and cxpendiiure, of thc charitable cotnpany for that period. In preparing thosc financial statetllcnts, the Trustecs are required to.. select suitable accounting policies and then apply them ¢onsistently; observe the methods and principles in the Charity SORP; make jiidgemenls and estimates that are reasonable and prudent,. prepare the financial statement5 on the going concern basis unless il is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping proper accounting records which dis¢lose with reasonable aeeurdcy at any time the financial position of thc charitable company and lo enable thcm lo ensure that the financial statements comply with the Compani¢s Act 2006. They are also rc5ponsible for safcguarding the assets of thc charitabl¢ company and hcnce for taking reasonable steps for the prevention and deteclioj) of fraud and other 1cgUIaritie$. In so far as the Trustees are aware.. there is no relevant audit inforniation of whi¢h the charitable company's aiiditors are unaware; and the Tnjstees have taken all steps that they ought to have iaken lo Inake themselves aware of any relevant audit infomalion and 10 ¢51ablish that thc auditors are aware of that information. The Trustees are responsible for the maintenance and integrity of the ¢oryorale and financial infornialion included on the charity s website. Legislation in the Unil¢d Kingdotn 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-appoinlmenl ai the forthcoming annual general meeting. Approved by order of the board of Trustees on . &7 fv! i•*nd signed on ils behalf by.. T J Brain - Trust Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF EVERSFIELD PREPAIL4TORY SCHOOL TRUST LIMITED Opinion Wc have auditcd Ihc financial statements of Eversfield Preparatory School Trust Limited (the 'charitable company,) for the year cnded 31 July 2024 which compi'ise the Siatcment of Financial Activities, the B1( lancc Sheet and notes to the financial statements, including significant accoiinting policies. The financial reporting framework that has been applied in tlieir preparation is applicable law and United Kingdom Accounting Standards. incliiding Financial Reporting Standard 102 The Financial Reporting Si8ndard applicable in the UK and Rcpiiblic of Ireland (United Kingdoin Geiierally Accepted Accounting Practice). In our opinion thc financial statcments.. give a tLU¢ and fair view of the state of the charitable company's affairs as at 31 July 2024 and ot. its incoming rcsource8 and application of resources, including its income and expcndittire, for thc ycar then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and appli¢able law. Our responsibilities under those standards are further described in tl)e Auditors responsibilities for the audit of the fiiiancial statetneiits sectioi) of our repon. We are independent of the charitable company in accordance with the ethical requircmcnts that <ire relevant to our audit of tlic financial statenicnts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these reqiiirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going coneern In auditing the financial statements, Ive have concluded that the tnistees. use of the going concern basis of accounting in the preparation of the finanuial slaletnents is appropriate. Based on the work we have perfom)ed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast si¥nificatLt doubt on the charitable company's ability to coiitiiiue as a goiiig concern for a period of at least livelve [nontI frotn when the financial statements are authoiised for i5bUC. Our responsibilities and thc responsibilities of the trustees with respecl 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 statemen15 and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the othcr infom]ation and, except to the extent otherwise explicitly stated in our report, we do not express any forni of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other inforjnalion and, in doing so. Consider whether the other inforn]ation is materially inconsistent with the financial statements or our knowledge obtained in the audit or othenvise appears to be materially misstated. If ive idcnlify such material inconsistencies or apparent material misstatements. we are required lo delemine whether there is a material misstatement in the financial statements or a material missialement of the other information. If, based on the work we have pcrfonlled. we conclude that there is a material misslalemcnt of this other information, we are required to report that fact. We hap'e 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 aiidit.. the infom)alion given in the Repott of the Trustees, which inclLides the directors, report prepared for the purposes of company law. for ihe financial year for which the financial statements are prepared is consistent with the financial sl8lemenls', and the Report of the Trustees, has been pr¢pared in accordance with applicable legal requiremenls. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF EVERSFIELD PREPAIL4TORY SCHOOL TRUST LILNIITID Matters on ivhich we are required to report by exception In the light of thc knowledge and iinderstanding of the charitable con]pany and its environment obtaincd in the eoursc of thc aLidil, wc havc not identificd material misstatetnents in the Rcport of Ihc Trustees. We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit havc not been received by us. or the financial slalcmcnls arc not in agreement with the accounting records and retums,. or certain disclosures of trustees. remuncration spccified by law are not made. or we have not receivcd all the inforniation and explanations we requir¢ for our aiidit. or the triteeS were not entitled to take advantage of the small companies exemption from thc requirement to prepare a Strategic Report or in preparing tlie Report of the Trustees. Responsibilitie5 of trustees As explained more fully in the Statement of Trustees Responsibilities, set out on page 7, the trusiees (who are also Ihe directors of the charitable company for the PUTposes of company law} are responsible for the prcparation of the financial statements and for being satisfied that they give a trne and fair view, and for Such internal control as the Irustces determine is necessary to enable the preparation of financial statements that are free from material tnisstalement, 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 concem, disclosing, as applicable, matters related lo going concern and using the going Loncern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or lo have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements Our objeelives are to obtain reasonable assurance about whether the financial stalemeilts as a whole are free from material misstatement, th'hether du¢ lo fraud or error, and to issiie a Rcport of the Independent Auditors that includes our opinion. Rcasonable assiirance is a high level of assurance, but is not a guarantee that an audit conducted in accordancc with ISAS (UK) will always detect 2 matcrial misstatement whcn it exists. Misstatements can arise from fraud or error and are considered malerial 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 stalemenls. Irregiilarities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our respoiisibilities. outlined above, to dclect material miqstatements in respect of irregularilies. including fraud. The extent lo which our procedures are capable of detecting irregularitics, including fraud is d¢tailed below.. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities. including fraud and non<ompliance with laws and regulations, was as follows.. the engagement partner ensured that the ¢ngagem¢nt team collectively had the appropriate compelen¢¢, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations- we identified the laws and regulations applicable lo the charitable company through discussions with directors and other management, and from our knowledge aiid experience of the sector; we focused on specific laws aiid regulati0115 Ivhich we considered may have a direct material effect on the finaneial slalements or the operations of thc charitable company- we assessed the extent of compliance with thc laws and rcgulations identified above through making enquiries of management and inspecting correspondence; We assessed the susceplibilily olthe charitable company's finan¢ial statements to material misstatement, including obtaining an understanding of hoiv fraud might occur, by: Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED making enquiries of management as to where they Considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraiid- and considering the internal conti'ols in place to mitigate risks of fraiid and non-compliance with laws and regulations. To address the risk of fraud through m<inagement bias and ovettide of Controls, we.. performed analytical procedures to identify any unusual or unexpected relationships. tested jounial entries to identify unusual traiis8Ctions' assessed whether judgements and assumptions made in deterniining accounting estimates were indicative of potential bias,. and investigated the rationale behind significant or iiniisual transactions. In response to the risk of irregiilarities and non-compliance with laws and regulations, we designed procedures which included, but were not liinited to.. agreeing financial statement disclosures lo iinderlying supporting documentation; and enquiring of management as to a¢tual and potential litigation and claims. 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 uje would become aware of noi)-compliai)ce. Auditing standards also limit the aiidit procedures required lo identify non-compliance with laws and regiilations to enquiry of the directors and other management and the inspe¢tion of regiilatory 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 oll the Financial Reporting Coiiiicil's website at www.frc.or .uklaudilorsres onsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the ¢haritable company's members, as a body, in ac¢ordance 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 ¢ompany's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyon¢ other than the charitable company aiid the charitable company's members as a body, for our audit work, for this report, or for the opinions we havc fom]cd. Mark McLean FCA Senior Statutory Audiior For and on behalf of Thomas & Young LiFnit¢d Statutory Auditor Carleton House 266-268 Straiford Rd Shirley B90 3AD Dat¢.' Page 10
EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED STATETrIELYT OF FINA,NCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 Unrestricted Restricted Funds Funds 2024 Total Funds 2023 Total Funds Notes INCOME AND ENDOWMENTS FROM Charitable activities: Educational 4,154,661 74,000 4,228,661 3,791,331 Donations and l¢gaci¢s 14,900 29,402 44,302 20,861 Investment incom¢ 54,327 54,327 16,596 Total 4,223,888 103,402 4J27,290 3,828,788 EXPENDITURE ON Charitable aetivities: Educational Domesti¢ Support Costs 2,151J76 250,458 1,388,180 64,698 2,216,074 250,458 1,398,422 1,962,914 265,820 1,297,769 10,242 Other 7,712 Total 3,790,014 74,940 3,864,954 3,534,215 NET INCOMEI(EXPENDITURE) 433,874 28,462 462,336 294,573 RECONCILIATION OF FUNDS Total funds brought forward 4,918,880 270,140 5,189,020 4,894,447 TOTAL FUNDS CARIUED FORWARD 5 352,754 298,602 5 651356 5 189020 CONTINUING OPE114TIONS All income and expenditure ha9 arisen from continuing activities. Thc notes form part of these financial slat¢tnent5 Page 11
EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED BALANCE SHEET AT 31 JULY 2024 Unrestricted Restricted Funds Funds 2024 Totail Funds 2023 Total Funds Notes FIXED ASSETS Tangible assets 4 610017 184 391 4 794 408 4.808.850 CURRENT ASSETS Debtors Cash al bank 10 114,538 1,779,481 114,538 1,893,692 81,809 1,022,151 114,211 1,894,019 114,211 2,008,230 1,103,960 CREDITORS Amounts falling due within one year (8J7,708) (817,708) (723,790) NET CURRENT (LIABILITIES)/ASSETS 1,076,311 1,190,522 380,170 TOTAL ASSETS LESS CURRENT LIABILITIES 5,686,328 298,602 5,984,930 5,189,020 CREDITORS Amounts falling due after more than one year 12 (333,574) {333,574} NET ASSETS 5,352,754 298,602 5,651,356 5,189,020 FUNDS Unrestricted ndS.. General nd 15 5,352,754 5,352,754 4,918,880 4,918,880 Restricted funds= Bursary fund Sports Hall Equipment fund Swimming pool fund Play Area fund iPad fund 83,936 71,934 1,448 3,472 1,411 5,525 2,271 1,373 3,684 F li Picnic Benches fund Playground Resources fut]d Piano fund Cricket Pavilion The Leo Grove nd Espace fund Raindrop fund 3,580 7,115 4,071 4,616 15,000 86,422 86,534 298,602 4,475 5,124 88,464 88,287 270,140 TOTAL FUNDS 5,651,356 5,189,020 The notes fomi part of these fitLancial statements Page 12
EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED BALALNCE SHEET AT 31 JULY 2024 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies for Ihe year ended 31 July 2024, but as this company is a ¢harily, it is subject to audit under the Charities Act 2011. The members have not deposit¢d notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements. The Trustees acki)owledge their responqibilitie% for (a) ensuring that the charitabl¢ ¢ompany keeps a¢counling r¢¢ords that comply with Sections 386 and 387 of the Companies Act 2006. and {bl preparing financial stateiiients which give a true and fair view of the state of affairs of the charitable company as al ihe end of each financial year and of ils surplus or deficit for ea¢h financial year in accordance with the requirements of the Companies Act 2006 rclaling to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating lo small charitable companies. Thc financial statements were approved by the Board of Trustees on on its bchalf by.. Z.7. fvj Th3*and w¢re signed T J Brain - Trustee The notes forn) part of these financial slatemenls Page 13
EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Notes Cash flows from operating activities: Cash generated from operations Int¢r¢st paid 1,004,057 560,271 (9,694) Net cash provided by operating actÉvitie$ 1,004,057 550,577 Cash floiv5 from investing activities: Purchasc of tangiblc fixcd assets Interest received (212,864) 50,846 (194,254) 16,015 Net cash used in investing activitie5 162 018 178,239 Cash floivs from fjnancing activities: Loan Settled in year Loan repayTMents in year Donations received rc-classcd (355,932) (49,735) 10,574 29,502 Net cash used in finxncing actii'ities 29,502 (395,093) Change ID ¢a5h and cash equivalents in the year 871,541 {22,755) Cash and cash equivalents at the beginning of the year 1,022,151 1,044,906 Cash gnd eash equivalents at the end of the year 1893.692 1.022.151 The notes forni part of these financial statements Page 14
EVERSFIELD PREPA114TORY SCHOOL TRUST LIMITED NOTES TO THK CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2024 RECONCILIATION OF NET INCOMEI(EXPENDITURE) TO NET CASH FLOW FROLV OPERATING ACTIVITIES 2024 2023 Net incotne for the year (as per the statement of financial activities) Adjustment5 for: Depreciation char¥es Interest rcccivablc Interest payablc Donations received re-classed Increase in debtors In¢r¢ase in creditors 462,336 294,573 187,422 (54,32D 178,606 (16,596) 7,712 (10,574) 7,122 99,428 (29,S02} (29,248) 467J76 Net cash provided by operating oc¢ivities 1,004,057 560,271 Page 15
EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED fOTES TO THE FIYI ANCIAL STATEMEPTS FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entLty under FRSI 02, have been prepared in accordance with the Charities SORP 'Accounting and Reporting by Charities.. Statement of Recommended Practice appli¢2ble to charities preparing their accoiints in accordance with the fiiiancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l 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 Statemcnt of Financial Activities once the charity has cntitlcment to thc lunds, il is probable that the income will bc received and the amount can be measured reliably. For school fees, entitlement begins on the firsi day of terni. and any income received for future accounting periods is deferred into the relevant period. Expenditure All expenditure and liabilities are iecogniscd a5 sooil as there is a legal or constructive obligation cotnmitting the charity to that expenditure, il is probable that a transfer of economic benefits will be reqiiired in settlemei)t and the amount of th¢ obligation can b¢ Incasured reliably. Expenditure is accounted for on an accruals basis and has been classified under headin¥s that dggregate all cost related to the category. Where costs cannot be directly attribiited to parti¢ii181 headings they havc bccn allocatcd to aclivitics on a basis con5islcnt with the use of resources. Tangible fixed assets With the exc¢plion of freehold land, depreciaiion is provided at the following annual rates in order to write off ea¢h asset over its eslimaled useful life= Freehold Property 2 /0 on c05t Furniiure and equipment l OQ/o on c05t and 200/0 on cost Motor Vehicles 20 /0 on cost Taxation The Charity is exempl from corporation tax otL its charitable activities. Fund accounting UnrestriLled funds can be used in accordance with the charitable obje¢tives at the discretion of the Trustees. Designated funds are amounts ivhich have been set aside at the discretion of the Trustees for a sp¢cifie, bul not Icgally binding purpose. Restrictcd fund5 can only be used for particular restricted purposes within the objects of the charity. Rcstrictions arisc when specified by the donor or when fLinds are raised for particiilar restri¢ted purposes. Further explanation of the nature and purpose of each fund is included in the notes lo the financial statements. Pension c05t5 The School participates in the Teachers, Pension Scheme {England and WalLsl (the TPSI for its teaching staff and also offers the Aviva Pension Trust for Independent Schools defined contribution scheme as an aliemative option. The TPS is an unfiinded multi-cmployer defined beiiefits pension scheme governed by the Teachers. Pension Regulations 2010 (as amciidcdl and by the Teachers. Pension Regulations 2014 {as amended). Members contribute on a "pay as you go" basis with contributions from members and the employer being credited lo thc Exchcqucr. 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 liabiliry of the members is limited and shall not cxceed £ l. Page 16
EVERSFIELD PREPAIL4TORY SCHOOL TRUST LIMITED NOTES TO THE FIINANCIAL STATEMEIryTS- CONTIINUED FOR THE YEAR END 31 JULY 2024 ACCOUNTING POLICIES- continued Operating leases Rentals payable under operating leases are charged to the statement of financial activities on a straight-line basis over the period of the lease. INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activi Educational Educational Educational Educational Fec income Minor fees and extras Holiday activity Miscellaneous incotne 3,851,821 241J17 25,559 109,964 4,228,661 3.472,155 209,849 24,730 84,597 3,791,331 DONATIONS AND LEGACIES 2024 2023 Donations 44,302 20,861 INVESTMENT tNCOME 2024 2023 Deposit account interest 16,596 NET INCOME/{EXPENDITURE) Net incomc/(expenditure) is stated after charging.. 2024 2023 Auditors, remuneration for statutory accounts Auditors. remuneration for other servi¢¢s Depreciation- owned assets 5,940 780 188,491 5,940 780 178,461 TRUSTEES, REMUNERATION AND BENEFITS There were no Trustees, remuncratioi) 01 other bcncfits for thc year endcd 31 July 2024, nor for rhe ycar cnded 31 July 2023. Tru51ce5' expcnsc5 paid for tl)c year atnountcd to £nil (2023.. £nil). Subscriptions to sehool governors association amounting to £355 (2023.. £350} and governor training costs of £nil (2023.. £nill were paid in the year. Page 17
EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR END 31 JULY 2024 STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension Costs 2,071,736 197.7110 358,287 2,627,803 1,873.616 175,418 300,632 2,349,666 The average monthly niimbcr of cmployees during the year was as follows.. 2024 52 2023 52 Teaching Domestic Administration Maintenance li 73 73 The number of employees paid emolumcnls grcalcr than £60.000 was 4 {2023.' 2}. The numbcr of cmployees paid emolumcnls within the range of £60,000 to £69,999 was 3 (2023 .' 1) The number of employees paid emoluments within Ihc rangc of £IOO.000 10 £109,999 was l (2023 . 1) Trustee and key management personnel reinuneralion benefits total £139,452 (2023.. £129,576). Pension Costs The employer contribution rale for the Teachers, Pension is set by the Secretary ofstaie following seheme valuations iindertaken by the Governmcnt Actuary's Dcpartmenl. Thc most recent actuarial valualioll of the TPS was prepared as al 31 March 2020 aiid the Valuatioii Rcport. which was publibhcd in October 2023. Th¢ valuation confinned that Ihc employcr contribution ratc for Ihc TPS would inLrcase from 23.60/0 to 28.60/0 from l April 2024. Employers are also required to pay a scheme administration levy of 0.08 /0 giving a total employer contribution rate of 28.680/0. The pension charge for the year includcs contributions payable to the TPS of £312.588 {2023.. £264,663) and at the year-end £38,85212023'. £31,864) wa8 accrued in respect of contributions to ihis scheme. Membership to the AVIVA Pension Trust for Independent Schools (APTIS) is offered as an alternative to the Tcachcrs, Pcnsion Schcmc. The pension charge for the year includcs contributions payablc to the schcmc of £5.801 {2023.. £3,031) with the minimum employer contribution rdte being 6 %. A premium is also paid for critical illness and death in service. 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 iThcludes contributions payable io the scheme of £39.997 {2023'. £32,937) with the employer contribution rate being 60/0. Al the balance sheei date conlribulions rclatiiig to this schcine amouiiliiig to £5.705 {2023.. £4,910} were outstaiiding. A pretnium is also paid for a death in service benefit scheme. Page 18
EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED OTES TO THE FINANCIAL STATEIMENTS- COINTINUED FOR THE YEAR END 31 JULY 2024 COMPARATIVES FOR THE STATEMENT OF FINAIYCIAL ACTIVITIES Unrestricted Funds Restricted Funds 2023 Total Funds ITrICOME AND ENDOITrNENTS FROM Charitable activitie5: Ediicational 3,743,331 48,000 3,791,331 Donations and legacies 9,550 11,311 20,861 Investment income 16,596 16,596 Total 3,769,477 59,311 3,828,788 EXPENDITURE ON Charitable activities: Educational Domestic Support Costs 1,912,701 265,820 1,289,446 50,213 1,962,914 26S,820 1297,769 8,323 Other 7,712 7,712 Total 3 475,679 S8,536 3,534,215 NET INCOMEI(EXPENDITURE) 293,798 775 294,573 RECONI CILIATION OF FUP4DS Total funds brought forward 4,625,082 269,365 4,894,447 TOTAL FUNDS CARRIED FORW ARD 4 918 880 270,140 5 189,020 Page 19
EVERSFIELD PREPAIL4TORY SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL SI"ATEMEf4TS- CONTIIYUED FOR THE YEAR END 31 JULY 2024 TANGIBLE FIXED ASSETS Freehold laJ)d and buildings Furniture And equipment Motor Vehicles Totals COST At l August 2023 Additions Disposals At 31 Jiily 2024 6,163,647 19,941 889,431 155,039 (20,8901 1,023,580 54,164 7,107,242 174,980 20,890 7,261,332 6,183,S88 54,164 DEPRECIATION At l August 2023 Charge for the year Eliminated on disposal At 31 July 2024 1,703,829 111,265 541,839 75,786 (19,959) 597 666 52,724 1,440 2,298,392 188,491 (19,959) 2 466,924 1815 094 NET BOOK VALUE At 31 July 2024 4,368,494 425,914 4,794,408 Al 31 July 2023 4,459,818 347,592 1,440 4,808,850 Incliided in cost or valuation of land and buildings is freehold land of £192,167 {2023..£192,167) which is not depreciated. 10. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors Prepayments and ac¢ni¢d income 6.730 25,621 82,186 114,537 9,737 8,068 64.004 81,809 11. CREDITORS: AMOUNE TS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and other taxes Other Creditors Accruals and deferred income 97,549 46,547 367,180 306,432 817,708 102,169 44,497 467,591 109,533 723,790 12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Defcrred income 333,574 Page 20
EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED P*'OTES TO THE FINANCIAL STATEME,NTS- CO,N'TIYI UED FOR THE YEAR END 31 JULY 2024 13. LEASING AGREEMELYTS Minimum lease paymenis under non-cancellable operating leases fall due as follows.. 2024 2023 Within one year Bctrvcen one and five ycars AfteT fivc years 22,162 72,739 480 95,381 24,829 25,233 50,062 Page21
EVERSFIELD PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR END 31 JULY 2024 15. MOVEMEwf IN FUNDS Movement in funds At 01108123 At 31107124 Unrestricted funds: General fiind 4,918,880 433,874 5,352,754 4,918,880 433,874 5,352,754 Restricted funds: Bursary fund Sports Hall Equipment fund Swimming pool fund Play Area fund iPad fund Picnic Benches fund Playground Resources fund Piano fund Cricket Pavilion The Leo Grove fund Espace fund Raindrop fund 71,934 1,448 3,472 1,411 5,525 4.475 5,124 12.002 (1,448) (1,201) (38) (1,841) {8951 1,991 4,071 4.616 15,000 (2,042) (1,753) 83,936 2,271 1,373 3,684 3,580 7,115 4,071 4,616 15,000 86,422 86,534 298,602 88,464 88,287 270 140 TOTAL FUNDS 5,189,020 462,336 5,651,356 Nel movement in funds, included in the above are as follows.. lllcoming resources Resources Expended MoT¥ement in funds Unrestricted funds: General fund 4 223,888 3,790,014 433,874 Restricted funds: Bursary fund Sports Hall Equipment fund Swimming pool fiind Play 't* fund iPad fund Picnic Benches fund Playground Resouwes fund Piano fund Cricket Pavilion The Leo Grove fund Library book fund Espace fund Raindrop fund 74,700 (62,698) (1,448) (1,201) (38) (1,841} (895) (1,024) 12,002 {1,448) (1,201) (38) (1,841) (895) 1,991 4,071 4,616 15,000 3,015 4,071 4,616 Is,000 2,000 (2,000) (2,042) (1,753) {2,042) (1,753) 28,462 103 402 TOTAL FUNDS 4 327 290 3,864 954 462 36 Page 22
EVERSFIELD PREPARAI'ORY SCHOOL TRUST LIMITED POTES TO THL filiYANI CIAL STATEMI ENTS- COPTINUED FOR THE YEAR END 31 JULY 2024 Restricted funds The Sports Hall Equipment, Pl&y Area, Espace. Raindrop, Swimming Pool Eqiiipment and iPad fund, Picnic Benehes. Playground Markings. Piano and Crieket Pavilion funds represent money donated for a specific purpose. Tlic money has been spcnt on the assets as detailed and the fvnds are being arnortised in line with the depreciation of ihose asseis. The Leo Grove fund I'epresei)t5 Inoney doiiatcd by a parciit for the purpose of temporarily supporting other parents in the purcha5iiig of 5POrt5 equipment or paying towards instrumental lessons. The Bursary fund rcprcscnts spccific donations rcccivcd, rctaincd dcposits from leavers and a transfer of unrestrictcd funds. The fund will be uscd to provide mean5-tested bursaries for pupils. 15. MOVEMENT IN FUNDS- continued Comparatives for movement In funds Movernent in fund5 At 01108122 At 31107123 Unrestricted funds: General fund 4.625,082 4.625.082 293,798 293,798 4,918.880 4,918,880 Restricted funds: Bursary fuiid Sports Hall Equipment fund SwitTllning pool fund Play Area fund iPad fund Picnic Benches fund Playgrolind Markings fund Espace fund Raindrop fvnd 72,435 2,897 4,674 1.449 7,367 15011 (1,449) (1,2021 (381 {1,8421 4,475 5,124 (2,039) 1,753) 775 71,934 1.448 3,472 1,411 5,525 4.475 5,124 88,464 88,287 270,140 90,503 90,040 269,365 TOTAL FUNDS 4,894,447 ?94,573 5,189,020 Page 23
EVERSFIELD PREPAIL4TORY SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMEP4TS- CONTINUED FOR THE YEAR END 31 JULY 2024 Comparative net movement in funds. included in ihe above were as follows.. Incoming resources Resources Expended Movement in funds Unrestricted funds: General fund 3,769,477 3,475,679 293,798 Restrieted funds". Bursary fund Sports Hall Equipment fund Swimmiiig pool fund Play Area fvnd iPad fiind Picnic Benches fund Playground Markings fiind Esp<ice ftind Raiiidrop fui)d 49,712 (50,213) 11,449) 11.202) 1381 {1,842) (501) (1,449} (1,202) {38) (1,8421 4,475 5,124 (2,039) 1,753 775 4.475 5,124 {2,039) (1.753 58.536 TOTAL FUNDS 3,828,788 3,534,215) 294,573 16. RELATED PARTY DISCLOSURES Thcrc were iio related party transaction5 for the year ended 31 July 2024 or 31 July 2023. 17. ULTIMATE CONTROLLING PARTY The company is controlled by the Board of Trustees. Page 24