Registered number: 02454554 Charity number.. 900347 THE MANOR PREPARATORY SCHOOL TRUST IA company limited by guarantee) GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
THE MANOR PREPARATORY SCHOOL TRUST IA company liffliied by guarantee) copirENTS Page Refèrencè and admlnl8tratlvo detalls of the charfty. Its Govfrmorn and advlsorn Govemors. report Independgnt auditor's r•port on tho flnanclal statfjmgnts Stat•ment of financlal actlvltl•s 3-13 14-17 18 Balance sheet 19-20 Statoment of cash flows 21 Noto• to the financial statom?nts 22-36
THE MANOR PREPARATORY SCHOOL TRUST (A company Ilmlted ty guarnnteel REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS GOVERNORS ANO ADVISERS FOR THE YEAR ENDED 31 JULY 2023 GovernorJ Mrs S L Champkin (resigned 31 Juty 2023)1,2 Mi S M Forrestal, Chairl.2 Mr T James Dr L MacLaren (resvJned 31 Juty 2023) Mr S J McConne111.2 Mrs M Ruiseal Ms S Sowden Mrs A Stokes Mr S Wooldridge (reSned 23 November 2022)1,2 Mrs D Clayphan lappoinled 7 September 20221 Mr A Morgan (appointed 2 June 202311.2 Mr M sMh lappoinled 2 Juty 2023112 Mrs K Jackson {appoinled 4 Juty 2023) Mrs S FeiCk lappoinled 7 Juty 2023) Finance and general Purp sUcOMMittee Premises Subiommittee Company reglster number 2454554 Charlty roglstèrod number 900347 R•glst•r•d office The Manor Preparatory Schod Trust Faringdon Road Abingd Oxon OX13 6LN Offlce {Key Management Pgrnonn811 Mr A Thomas (Headmaslerl Mrs V Evans (Oeputy Head Academic) Mr V Foolring (Deputy Head Pastor811 Mr P Quinn (Director of Finance and Oper*ions Cl8rk to the Govemors and Company Secretsry, Re5wned 15103r231 Mrs Louise Dench (Director of Finance and Operations, Clerk to the G¢)vemors and Company Secretary, Appointed 171041231 Mrs P Mcconnell IH&•J of Pre Prep) Indepondont audltor CrNe U.K. LLP Aquis House 451 8lagrave Street Reading Berkshire RG1 1PL Page 1
THE MANOR PREPARATORY SCHOOL TRUST {A ¢ompany1Smlted by guarant} REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS GOVERNORS AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 Bankers National Westminstef Bank Oxford C¢)MmerCl Office Willthv Court Minn$ Business Park 7 Wesl Way Oxford OX2 OJB Svenska Handelsbanken AB Ipubll Seacourt Tower Wesl Way Botley Oxlord OX2 OJJ Sollc5tors Harrison Clark RkO Ellenborough Houso Wellington Slreet Chertenham GLSO IYD Page 2
THE PIANOR PREPARATORY SCHOOL TrUST IA company Ilmited by guarantsol GOVERNORS. REPORT FOR THE YEAR ENDED 31 JULY 2023 The Govemors of the School. who are also the Directors of the Crynpany and Charsty Tfuslee8 for the purposes of the Charities Act 2011, have pleasure in presenting their annual report. together with the financial slatemenls. for the year ending 31 Juty 2023. The formal and content of the report and finala1 $lalemenls compty with the Companies Act 2006, the Charities Act 2011 and the Statement of Recommende(I Pradice.. 'Accounting and Reporting by Charities, {SORP FRS 1021. REFERENCE AND ADMINISTRATIVE INFORMATION The Manor Preparatory Sch¢)ol Trust was incorporated on 12 December 1989 as a company limited by guarantee. The company number is 2454554, and thè charity number 900347. STRUCTURE, GOVERNANCE AND hlANAGEMENT Gov•rnlng Documenl The company 18 govemed by its Articles ofAs8oualion which were updated on 17 June 2021. Govornlng Body The Govtmors of the Trust are all Direcl¢)rs of the Company. Those who held office during the financial year are listed on page 1. Governors aro eleded by the Board lo fill a vacancy due lo reliremenl. or lo enhance or add lo the particulai skills of the Board. One third of the ewed Govemors, based on those who have been fongest in office since Iheir last eleclion, retire from office at each Annual G?neral Meeting but, Whe eligible, retiring Govemors are encouraged lo sland fof wlection al Ihal Annual Genefal Meeling. Governors may remain in office for a continuous per of nine years. A retiring elected Govemor, who. al the dale of his retirement 18 serving as Chairman of the Tru51. is ellqible for T&610ft (Subject lo annual re-election as Chaimianl lor a MamuM poricJ ofthree years even rf the continuous pericJ of exeeeds nine consecutive year8. The Trust has t)0 share captsl and consequenlty none of the Govemors has any interest in the Tru$l. The liabilsty ofthe Govemor8 is limrted lo the ex1ent of £1 each in the evenl of the Trust being wound up. Recrultment nd Trnlnlng of Gov•rnorn Potenti?1 govemoTS are identifd by members of the GovemirKJ Boty arKJ considered against the B&ty'8 spe¢ifi¢alK>ns concerning eJ*•1ty. competenee. speeialisl skills and kal availability. Training is offered to all Goveinors. Page 3
THE MANOR PREPARATORY SCHOOL TRUST (A company limitod by guarantsel GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT {¢onlinu•d) Oryanlsational Managomgnt The members of the Govemin9 B¢)dy are legally responsible for the overall management and control of the sch1. The Governing Bc%ly meets four times during the year and at other limes as required by the School's business. Much of the preparation for these meetings is undertakon ty the Finance and General Purpose and the Premises sUb-mMitteeS of the 8oard. Al the end of each meeting of the Governing Body there is an opportunity for the Governors lo have a di$cLsssion wrthout staff present rf and when the need arises. The day to day njnning of the School is delegated lo the Headmaster. OepLty Heads, Director ol Finanee and Operations and Head of Pre Prep. as the key management personnel, who in tum are supported by the Senior Leadership Team. The Headmaster, Deputy Heads. Director of Finance and Operations and Head of Pre Prep allend meetings of the Goveining Body and rts Committees. The remuneration of key management personnd is set by the Board. with th8 policy objective of PToviding appftjpriale incentives lo encourage enhanced perfomiance and of rthvarding them fairty and responsibly for their individual contributions lo the School's Su. The appropriateness and relevance of the pay policy B perlICal rev4¥¢d, ensuring that the School remain8 sensitive lo the broadèr issues of pay and empbwnent conditions ewihere. Delivery of the School's chantab vision and purpose is primarity dependent on our key manag8menl personngl and staff costs are the largest single element of our charrtable expendrture. Group Structurn The company has no sub8idiaries. The School is an active member of.. The Independent sch18 Courril The Association of Goveming Bodies of Independenl Schools The Independent Schod8' Bursars Assouation The Headmaster, Oeputy Head (Academ) and Deputy Head (Pastorall are active members of.. The Independent Association of Preparatory SchcA Local Communlty Relatlonshlps and other Charltabl8 Actlvltlol The School provhses Ihe use of its facilrties to thal communty groups and lo Iccal families on a iegular basis al either low cost or no cost. It supports both national and internatnal charrties through a wide variety of fund raising inrtialNes. The School is also committed lo seNing the b9$1 interests of the local community by protecting and activety promoting the improvement of the bcal enwronmenL Page 4
THE MANOR PREPARATORY SCHOOL TRUST IA company limited by guarantsel GOVERNORS. REPORT {CONTINUEO} FOR THE YEAR ENDED 31 JULY 2023 08JECTS, AIMS. OWECTIVES AND ACTMnES Primary ObJectlv•s To promote and provide for the advancement of educab.on of children In the United Kingdom and elsewhere through an inclusive ethical and moral framework by providing and assisting in the provision of facilities and services for education with recognitn of the Chnstian foundat of the Chafity. Stratogl•s for •chl•vlng the prlmary obloctlv The Manor Preparatory School's strategic aim 1$ lo provide every chikj wrth an ex¢elknt academic, spiritual and moral education in a warm and supportive environment and to enthuse them wth a love of learning and the desire lo make the very most of their abilrties and Opportunit in a rapidty changing wodd. The School also aims lo provide a wide cumculum of activrtw induding drama. art. music. sport and lrfe skilts. ObJectlv8s for th• y•ar The Board's main cJjeclbv6 continued to be to edLKate all the SC1Kl's pupils to atlgast the same high standard achieved by the School in previous years. The School aims to provide generous resource$ lo support thè ddivery of the curriculum and lo maintain and enhan, through a continuous programme of professional development. an experienced, dedicated and well qualifie(I staff who can edueale effeclNely both academicalty and Spiritualty. The refining and enhancing of efficient processes and structures In all areas of managemenl. ulilising technological advances where practical and co81 effective. support these objectives. The School also encourages all staff and pupils lo play a posrtive role in conlribuling lo the lrfe of the School and the wider community. thus helping the pupils lo propare tor their nexl school and the OpportUnrt. responsibilities and experiene$ of aduK Irfe. Strat•glrt to Achlave the Yearfs ObJectlv• Our strolegy lo aehieve our objectives for the yeaf has been lo continue to strive for g Successful and prosperous school. so that our objective of providing generous resources can be fvlfilled. Our objective of providing the best possible staff has been achVed by maintaining a most thorough and demanding recruilmenl proces5. The School is committed to continuing to invest in the staffs Professn81 development. Volunte•rn The School is immensely gfatefvl to be supported by volunteer parents. The Manor Association of Parents {MAPI run fund-raising activities tM)th for the School and for national and intemalional ¢hanties. There 18 restricted fund 'Manof Assctiation of Pafents, within the h0. See note 16. Fundralslng actlvllles The Manor Preparatory School Trust does not engage In large scale fundraising aclrvities like mass m8iling$, telephone fvndraising or door-tO-dc<Jr campaigns. The School does not empby a separate fundraising team or third party organisalion lo help raise funds. Any small level fundraising activrties focus on the curTenl parents and other indivKluals or organisalions connected wth the rather than the wider communty. During the financial year, the Sthool not receive any fundraising complaints requiring adion by the Fundraising Regulator. Page S
THE MANOR PREPARATORY SCHOOL TRUST IA company Ilmited by guarants•l GOVERNORS. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 Stratsglc report SIGNIFICANT EVENTS After the national sadness of the passing of Her Majesty Queen Elizabeth al the slart of the academic year, 202212023 also saw the celebration of the Coronation of King Chat1es111. historical events the likes of which very few of our School community have wrtnessed before. Again, (( was a time to reflect on the service, wsdom, empathy and leadership that Queen Elgabeth had shcmed the nation, qualilios which all schools should encourage in their children. The school ha5, once &¥in, enjoyed a very successful arnl posrtive year th strong numbers on roll and the pro$ped of an increase once again for the followin9 ac&lemL year. We continue to offer an outstanding education to the children at Th& Manor. not onty wrthin the curriculum bul also through the provision of excellent extracurricular activities. We have focussed on our wraparound care. to support busy working families and this is an area that continues lo be exlremety popular. After the hialus of the COVID period, we have had a full programme of Sport, Music, Drama, Art, DT. Inps and visrtors to supplement the academic education. We have also focussed on v4h31 we can do lo support ouf loc4 communty, and this will remain a focus as we move into the new academ year. The political landscape, and the threats that ale contsined Ihefein remain unknown. bul we are proadively planning for the future. Alongside threats. there will also be opportunrties and we remain very proud of what conslilules a Manor education In all rts forms. Al the heart of our school liés the happiness of all the children and our staff are dgdicated lo ensuiing Ihal their ¢hildhc¥)d a lim8 that they will look bxk on with great fondness. An annual highlight was the gatherin9 logelher of the dffterenl parts of the school community lor our feslivg celebrations. whether that be for the Eady Years, Yeats l and 2 Of fof the retum lo our normal Carol Service al the end ol the Autumn Tèm). This truty $KJnif*d a return to nom1 operation6. Our Leavers in Yeaf 6 provided us with several hyhlvdhts throughout the course of the year. Their academic results were some of the very best that the school has enjoyed bLrt each Child was placed in an environment which will allow them lo make the most of their wide range of abilit6. The range of Scholarships and Awards as well as the variety of Schools that they move on lo shchv that we a able lo place every child in the environment whh will bgst Surt their needs and which 11 help them lo realL8è their polenlial. ACHIEVEMENTS AND PERFORMANCE Academlc Exc•ll•nc• The children in Year 6 surpassed expectations in their SenN)r Schcd examinations. Offers were te1Ved from 22 diffefenl schools and the children attained 31 Awards and sChorShipS. 11 was particularly pleasing lo again receive awards to the many highly selectNe schools within Oxfordshire and across the country, including Abingdon, Headinglon, Magdalen College. Millfiekj, Oxford HKJh School, Our Lady's Abingdon, Queen Anne's School, Rye St Antony, Sl Helen's and Sl Kalharine's. WychwcKxl and Wycombe Abbey, proving the great value of a Manor education. The awards were gained in a we number of areas includin9 Academia, Art, Music and Sport. The Manor's 2022123 Yèar 6 Leavèrn In the nalionalty normed GL Assessment core subjects pro9$5 tests in English, Maths and Science in 2023. Year 6 Manor pupils achVed an average 5COTe of 118 against 8 national average of 100. This average mart( puls The Manor al the 88th percent1 nalionalty". a remarkable achievement for a broadly non-sole(live school. Page 6
THE MANOR PREPARATORY SCHOOL TRUST IA company limlt¢d by guarantsel GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 Strateglc report {contlnuedl ACHIEVEMENTS AND PERFORMANCE l¢ontinuedl Sport has been another packed year of sport at The Manor with every chihj in the Prep School IY341 rgpresenling the school. There have been almos1300 fixtures png other schools in friendly matches, * local and regional competitions and representing the school al Notnal Level. One ¢hikJ qualified for the National Swimming Finals and one child won the national Prep Schools Cioss Country ChampK)nships held al Mafvem College IU11 Girt51. Sport plays such a $ignific8nl part in physul and mentsl wellbein9, and il is great to see this embedded in our school both wrthin the curriculum and in extraeurncular aetivrties. CompelrtNe sport as well as sport for all remains al the forefronl of our vision for sporting devewnent at The Man¢y. Art Oncè again. we were able lo ful participate in the Young Art Oxford compelttion with 26 entries from Reception lo Year 6 chosen lo be sh¢Jwn al The A$hmoan Museum, Oxford. One chisd won first prvze in her calogory, one child won second prize for her age group and five other children were commended or highly commended. There were over 3000 entries to the compolition from a¢ros$ the county. Drama Drama continues to play a very important part of lrfe at The Manof. This year we have enjoyed productions with Year 2 (Eddie the Penguin Saves the Worldl. Year 4 (The Tudoi Dudes) and Year 6 Iwhal a Knighlll. Year 3 rehearsed poems and or short scenes for cla85 a$5embty and Year S worked on a media project, Drama is very much part of our extracurricular programme as well and il devel¢Jps so many $kill$ for the children which they can use throughout their lives. Mu8k 11 has been another exlremety busy ytar lor the Music Depaflmenl. Hhlffjhts included the annual Manor Concert lo end the Spring Term and Tea Concerts for singing, wr%xJ4w'nd. guitar, bass, drums and piano. Many children continue lo enjoy tUrtn on mus•1 instruments whth ennches the cpwtunrties and offerings. Page 7
THE MANOR PREPARATORY SCHOOL TRUST (A company lifflited by guarantsel GOVERNORS, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 Strateglc report Icontlnuedl ACHIEVEMENTS AND PERFORMANCE lcontlnugd) ACHIEVEMENT IN RELATION TO LAST YEAR'S FUTURE PLANS Developing programmes lo support staff and pupil mentsl health and wellbeing alongsid8 promoting resilience and risk taking in th8 dass1M environment. A full wellbeing survey has been carried oul in order to identify ways to best support staff. Learnings taken from this survey will be implemented in the next academic year. Children ntinue lo enjoy many ¢)PPOrtunilies and risk taking and failure Trs encouraged wrthin classroom environment and in the other activils that are ¢)n offer. Review the school's Professional Development Revivw system to ensure th rt delivers the best outcom95 for children and 81•ff. This has been reviewed. There ar6 areas sts"Il lo dévelcrf) but rt is vèry much an ongoing process lo rèfine and Improve. Implem8nl a new Managemnl Inlormalion System and train staff ahead of full adOptn in September 2023. ISAMS was introduced for the start of the new academic (2023r2024). Training h8s been given to $18ff 8nd will continue to be gNen to Staff lo ensure maximum use of the new MIS. Continue lo provide Opportunities to develop ccx))munity links, for local schools and charities tt) work together and support one arKJlher. This is an area that we conlinue lo deveknp and wil continue lo do so into the new academic year as well. Whilst we are working well wrth certain organisations and certain age groups, there are still ways lo share best practice with other schools in the local area. We are proud of our links wrth local charities and the work that hos been done lo foster this. PUBLIC BENEFIT Wootton C ol E Prlmary Sch¢)ol Partnernhlp *nd otr Communlty links We have continued to develop our partnership wth Wc¥)tton Primary School and Year 2 children from both school$ came together on a weekty basis to share cookery lessons. Building on this. we came together as a whole year group (Year 21 for a momirbg Celebratn. The chikIn made their ¢Y•vn picnic, and the children re- ented the Abingdon Bun Thfowing in celebrntion of the Coronation of King chae$. We also opened our facilit lo the Active Communrties Team at The Vale who ran a day for their Youmove families. These are primari families that access free sch¢)ol meals. They used the Forest School area for foresvnalure session, foolbalvcricket $essn$ on the field, tables tennis and muttisports in the Sports Hall. Pe90 8
THE PAANOR PREPARATORY SCHOOL TrUST IA company limlled by guarantsg} GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 Stratoglc roport l¢ontInu) ACHIEVEMENTS AND PERFORMANCE Icontlnu•dl Charltles A huge amount has been done lo support local, nats'onal and inlemattonal chariti8s over the course of the year. This foms a significant part of The Manorfs culture, encouraging our chIldn to give back and lo understand the oncept of social responsibilty. The main thread for charrtable giving cenlres on the need lo look locally in the first instance lo show the chikdren the drflerence that they can make in the c(rfTwnunty around them. Through the year, sevefal donatK)ns have been made. A book collection was made for The Berin Cenlre, community hub in Berinsfield whth fc¢usses on pd1Th9 family Services also providing services for the wider community as well. One of our Year 6 classes ran a Bake Sale to support Ihe Earthquake Appeal for the victims of the earthquake in Turkèy and Syria. A chikl in Year 3 drove an in8 to Support the homel83s. This was reali8ed through ft)od donations and then this food was prepared and cooked by chihyren fr{ Year 3 to year 6 * h0o1 b&fofe bèing delivered lo Sl Ebbe's Church, Oxford lo feed the homeless. Moving on from this, the pr&Prep identified a way for them to support local charities ar+d, led by a child in Year 2, the children presented their ideas lo the PPrep (Nursery lo Year21 and several boxes of Easter Ireal8 were donated lo the Abingdon FcK¥Jbank and the Chiklren's Hosprtal in Oxford. Y6 fan the annual Summer Fete and they chose Fle¢are as their chanty to support. This charity offer8 a respite sffting service for severely disabled ehihjren and their siblings. Pag& 9
THE MANOR PREPARATORY SCHOOL TRUST IA company Ilmlted by guarantee} GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 Stratèglc rèport (contlnued) ACHIEVEMENTS AND PERFORAIANCE {contInu1 Further information atrf)ut r charitable donations can b8 found bebw.. DATE CHARITY AMOUNT DESCRIPTION October 2022 Abingdon Foodb•nk 444Kg8 Weight ol Harvest don•tions Harvest Festival Collection from St Jarne5 the Loss in Winl8rboLtrn¢ In nks wtth a Manor family Money r8isod through car parking for thè Abingdon Marathon Mouslache growing to support Bwareness of men'8 m&ntal he•llh October 2022 Abingdon Foodbank £85. October 2022 Stomibr•ok £150. Nov¢mber 2022 Movember £5CQ. November 2022 Royal British Leglon Poppy App••l £717.64 Poppi•$ •old In school December 2022 Th• Children'¥ Society £404.00 Y1 •nd 2 Chii•tingl• Donation8 car Concert December 2022 Donalions Oe¢tsmty•r 2022 St Hel,& Church £496.00 D8c8mb•r C•rol Coficort D•¢•mber 2022 Don•tlons 2022 Kapvmpe Oxford HoSpal8 Charity 496.00 Decamber 2022 £166.SO Natmty Performance 2022 Donatlons New toys for chlldf¥n who would recetvè nothing thi$ Chri$tms due to famity circum81ance$ Dr•%5 to Expr•88 Day as part of Children's Mental Health Week Ihgrdi•nls +Jon#ted #nsy then food prepared to feed lh• hom•ltrs$ in Oxford Doeembèr 2022 ACE Toy Drl IS huge boxes ol toy8 January 2023 Plac•28• £241.07 Ingr*<lients donat•<1 •nd then food prepared lo 18ed the home88 In Oxfrjrd J•nu•ry 2023 st Ebbè'a Church January Book colleeiion for a local thaty supporting f8milies in no8d 2023 The Berin Centro Abingdon Foodbank 8nd Children's Hosprtal Oxford Collection of treats for children at Easter March 2023 Easter tre•ts July 2023 Flexicarè £5,673.33 Summer Fete with ¢h•rity ¢hosen by the Y6 children Page 10
THE MANOR PREPARATORY SCHOOL TRUST (A company limiled ty guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 Strat•glc r•port (ContInu) FINANCIAL REVIEW R8suIts for the yèar The nel incoming resources for the ypar amounted to a deTrt of £261.611 12022.. 48,296). The Governors consider that the results for the year. as sh¢)wn on the attxhed financial statements are satisfactory when taking into aceounl the impact of a signrficanl increase in energy costs along wrth some one-off unexpected expendrture in the year. The School continues lo manage finances carefvlly againsl an uncertain economic climate whieh is forecast lo remain lutbujent (wer t ¢oming mnlhs and yearn. The Sch1 aims lo aChve a Suffnt level of net incc¥ning resources lo finaTr the ongoing capital expenditure requi lo keep the School's facilrties and infraslructure at a level which may be expacted of an independent preparatory school and to allow for UnfOseen, bul essential. expendrture. ReseNo• l•¥ol and pollcy The School's unrestrted funds al £5.072.793 (2022.. £5,351,535) al the year end. After deducting the carrying value of tangible fixed assets held for the charity's tyvn use, adjusted for ljorrowings. there were no freely availabie reseN8s. It is the Govornor8' policy lo buikl up free reserves out of annual operating 8urpluse8. subiect lo the prior demands ol fvrther expenditure lo equip th8 School with the up404ate facilrties néeded to maintsin the standard of eduealional services provided ft)r the benefit of lulure pupils. 11 is also thèir policy lo establish free reseNes of £2.027,269 Irepresenling one temi's expendtturel to cover the immediate needs for essential operating expendrture for a tem. RISK MANAGEMENT The Board continues lo keep the School's aCtiVrt5 under revie•V, part¢culady wrth regard lo any major risks that may arise from time lo lime. and lo monrtor the effectiveness of the system of internal control$ and other viable means, ineluding insurance cover where appropriate. by which Ih¢)se risks already Ktenlified by the Governors Can best be mrtigated. Tha Governing Body Is responsible for the management of these risks. The School has a comprehensNe risk management framework which Includes a detaId risk map. Detailed considerations of risk are assessed by senior staff for review by the Finance and General Pu)Se SubrnMit1ee and the Goveming Body. Risks are identified and assessed and controls estsblished Ihroughoth the year. A formal roview of th8 risk management proces5 is undertaken on a basis. The key ntrOl$ used in¢lude'. Fomi81 agendas for Goveming Body and Committee meetin9S Strategic planning. budgeting and managerrent xcounling Established reporting line5 Formal Wfitten polie8 Authorisation and approval levels Through Ihts established risk man4ement PToce8s, the Governors a satisfied that the major risks identified have been adequately mrtigaled where necessary and practicable. It is recognised that these systems Can only provide wsonable, and not absolute. assurance that the major risk5 have been adequately managed. Page 11
THE MANOR PREPARATORY SCHOOL TrUST IA company Ilmlled by guarnnteel GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 Prlncipal rlsks and uncertalntl6s The increased cost of living alongSKle the rise in energy prices prowdes a sHJnifi¢anl risk to all businesses. In addf(ion lo this. there has been ¢on$iderable polbtical uncertainty and chaInge$ to the independent sector which continues lo be a th81 and uncertainty in the short, medium and long lem. We continue to provide an outstanding education fof the children in our care atthough we recognise that some families may struggle with the cost of pllvale education. We continue lo support bursary applications lo enable familie$ to access a Manor education and our strategic aim is to provKfe education in oui setting to those who woukj otherwise not be able lo afford it. We are pulling plans in placfr lo ensure we are prepared for any fuluie policy changes and to ensure we ore in the best posrti¢Jn possible lo tackle th8 risks and uncertainties head on as we move into the new schogl year. FUTURE PLANS The long temi Strateg plan is in place arKI we will Continue lo work INards this. With the global uncertainty of the year ahead and the increased costs. the fLrture remains unclear foi the IndeperNlenl Sector. We are in a strong market posrtion and numbers remain al a high volume with the largest roll to date for September 2023. Our principal futLtre plans for thè year ahead are as folk)ws'. Continue to promote link$ with Ictsl Pfimary schools and to develop p8rtn8rship$ in ord&r lo share be81 proctice, particulady in the area of pedagtsjy. Whilst we have a good link lor the ¢hiklren, we are keen lo identify b9$1 learning Pract from the dassry)oms lo develop the opportunrties lor all of our chiklren. Continue lo drive lOard l&*hing and arnIng in order lo moximise the potential of all children in an environment whKh therishe5, challengés and inspires th&m. Implement scenario planning around the proposed polrtical agenda of the Labour Party in order to be sure that the school is $u¢tably equipped to face whatever tandscape is on the horizon. Carry out a full Curriculum rev lo ensure that each academic department is delivering relevant and appropriate material lo enable the Chikjren to floLbriSh. Review the provisll of Learning Support and EAL to ensure thal we are able lo pry)vide the best possible Support for those chiklren with SENO or Language needs. Identify the best syste possib lo Support the delivery of IT cufficulum and dKJitsl strategy. Page 12
THE MANOR PREPARATORY SCHOOL TRUST IA company limitfjd by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDEO 31 JULY 2023 STATEMENT OF GOVERNORS, RESPONSIBIUTIES Thè Govemors (who are also the directors of the charty for the puSeS of company lawl are responsible for preparing the Governors, ieport including the strategic report and the financial Statements in aceordance with applicable law and United Kingth)m Accounting Standards (United Kiry Generalty Accepted Accounting Practice). Company law requi$ the Govemors lo prepare financial slalemenls for each financial year. Under company law. the Governors musl not approve the financ1 slalements unless they are satisfied that they give 8 true and fair view of the slate of affairs of the chanty and of rts incoming resources and application of rèsources, including ils income and expenditure, foi that penod. In preparing these financhil stalemenls. the Governors are required lo.. Select 8Liilable accounting pdicwJ and then appty them consistently. obselve the mothc4s and principles of the Chanties SORP IFRS 1021, make judgments and accoLtrnting &slimales that are reasonable and prudent., slate whelher applicable UK Accounting Stsndards IFRS 1021 have beèn folkjwed. Subject lo any materi81 departules disclosed arid explained in the financial slalements.. prepare the financial statements on the going cOrern basis unkns rt is inappropnale to presume that the charity will Continue in business. Thè Govemor8 are responsOle for keeping adegue accounting rocords that are $Lrfficienl to show and explain the charity's transactions and dIroSe with reasonabte accuracy at any time the financial position of the charity and enable them lo ensure that the financial slalemenls comply wrth the Companies Act 2006. They are also responsible for safeguarding the assets ol the charity and hence for taking reasonable steps for the prevention and detection of fraud and other iffegularbties. PROVISION OF INFORMATION TO AUOITORS Each of the persons who are Govemors al the lime when this GovemoTS' report is approved has confimed Ihal.. so far as that Govemor is aware, there is no relgvanl audit infomwtion of which the chanvs audrtor is unaware, and that Governor has taken all steps that ought lo have been taken as a Govemor in order lo be aware of any relevant audit infomiation needed by the School's audrtOTS In eonneetion wrth preparing their report and lo establish that the School's auditors are aware of that information. AUDITORS The auditor, crLw U.K. LLP. has indicaled his willingness lo continue in office. The designated Governors will propose a motion reappointing the audrtor at a meeting of the G¢)vemoTS. Approved by o he members of the boar(l of Govomors and sMJned their behaff by.. Mr S M Forrestal Governor Dale. L{L(L4 Page13
THE MANOR PREPARATORY SCHOOL TRUST IA company Ilmited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MANOR PREPARATORY SCHOOL TRUST Opinlon We have audited the financial statements of The Mar[ Preparatory S¢hLwJ Trust {the 'ch8rity'l for the year ended 31 July 2023 which comprise the slalemenl of financial aCINit$. the balance sheet. the statement of cash flows and the related notes. indudino a summary of sKJnrfunl xcounting policies. The financial ieporting framework that has been applied in their preparatKn is applicable law and Unrted Kingdorn Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Stsnd8rd applicable in the UK and Republic of Ireland. Iunrted Kingdom Generally Accepted AOntIng Practice). In our opinion the financial statements". give a true and fair vithv of the state of the charitsble companls affairs as at 31 July 2023 and of ils incoming resources and application of resources. including ils in¢om8 at)d expendi(ure for the year then ended., have been property prepared in xcordance with United Kingdom Generally Accepted A¢wunling Practice". and have been prepared in accordance with the requirements of the Companies Act 2006. Basis ft>r oplnlon We conducted our audrt in aecordance with Intemational Standards on Auditing IUKI (ISA$ IUK}} and applicable law. OLtr responsibilities under those standards are further described In the Audilorfs responsibilities for the audrt of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant Io Ouf audrt of the financkgl slalements in the Unrted Kingdom, including the Financial Reporting Council's Eth1 Stsndard. and we have fulfilled our other ethical responsibilrties in accordance wrth these requirements. We bel that the audit evidence we have obtained is sufficient and appropriate lo piovide a basis for our opinion. Concluslons r•l•tlng to golng con¢•m In auditing the financial statements. we have concluded that the Gov8mors' use of the going concern ba818 of accounting in the preparation of the finafiCl statements is appr¢Jpnale. Based on the work we have perfomed, we have not idenlffied any material uncertsinlies relating to events or Conditions that, individualty or eolleclivety, may cast sonificant doubl on the eharilable wmpanWs abilty lo continue as a going concern for a peric<l of at 31 twelve months from when the financial statements are aulhorised for i5$ue. Our responsibilities and the responsibilrties of the G¢)vemots with respect to going concern are described in the relevant sections of this report. Page 14
THE MANOR PREPARATORY SCHOOL TRUST {A company limi10d by guaranteol INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE AIANOR PREPARATORY SCHOOL TRUST (CONTINUED} Other Infomiatlon The other infomith'on ¢cwnprises the information induded in the annual report other than the financial slalemenl$ and our audilo¢s report Ihereon. The Governors are responsib for the other infomialion ntained wlhin the annual report. Our opinion on the financial statements does not Cover the othef infomiation and, except lo the extent otheiSe explieilly staled in our feport, we do not express any fomi of assurance conclusion thereon. Our responsibilrty is lo read the other information and, in dthng so, consider whether the other infomiation 15 materially inconsislent with the financial statements or our kn¢edge obtained In the course of the audit, or otheiSe appears lo be malerialty misstated. 11 we hdentfy such material incon$islen¢ies or apparent material misslalemenls. we are required to detemine whether this gNes rise to a material misstalemenl in the financial slalemenls Ihemsefves. 11, based on the work wè have perfomed, we conclude that there is a malerk41 misslalement of this other infomialion. we are required to report that ft. We have nothing lo report in this regard. Oplnk)n on oth•r matters pre8crlbed by tho Compan1 Act 21)06 In our opinion, based on th6 work undertaken in the ccAJr8e of the audit.. the infomalion gwen in the Govemors. report including the Strategic report for th& financial year for which the financial slalemenls are prepared is con8i$lenl with the financ1 slalements. the Gover1. report and the Strategic report have l)een prepareil in accordarKe with applicable legal requirements. Matt•rs on whlch we arn requlred to rnport by excoptlon In the light of our knovAedge and understanding of the charitable company and its environment ¢)btained in the course of the audrt, we have not lden1rfd malefial missLernenls in the Govemors. report including the Strategic report. We have nothing lo report in respect of the folhmng matters in relation to whh Companies Act 2006 require8 us to report lo you rf. in our cPinn.. adequate accounting iecords have not been kopt. or rgtums adequate for our audit have not been ceived from branches not wsrted by us.. or the financial statements are not in agreerrnt with the attountin9 records and retums.. or certain disclosures of Govemors. iemuneralion specified by law are not made., or we have not received all the information and eXpnatIonS we require for our audit. Page 15
THE IAANOR PREPARATORY SCHOOL TRUST (A company limited by guaranteel INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF THE MANOR PREPARATORY SCHOOL TRUST {CONTINUEDI R8sponsibSlltSes of Governorn As explained rn0 lulty in the govemors. wponsibilit slalement. the GovernoTS I0 are also the directory of the charitable company for the purposes of company Lgwl a responsible for the pparatiOn of the financial slalements and for being satisfied that they give a InFe ar fair view, and for such inlemal control as the Governors detemiine is necessary lo enabk the preparath)n of financial slalemenls that are free from material misslalement, whether due to fraud or error. In preparing the financial statements, the Govemors are responsible for assessing the charitable companys ability to continue as a going concem, disclosing, as applicabie. matters related lo going concern and using the going concern basis of accounting unles$ the Govemors erther intend to IH4uthle the charrtable company or lo cease operations. or have no realistic alternative bLrt lo do so. Audlto¢# rnsponsSbllltlM for tho •udlt of the financlal statements Our obieclwes are lo obtain reasonable a$Surar about whether the financial statements as a whde are free from material misslatemenl, whelhef due lo fraud or error, and lo issue an auditor's report that includos our opinion. Reasonable assurance is a hvjh level ol a$$uran¢e, bul is not a guarantee that an audit conduclod in accordance with ISA$ (UK} WAI aay3 deted a matenal misslalomfrnl when it exists. Misslalemenls can ari8e from fraud or error and are considered malerial rf. indiwdualty or in the aggwale, they coukd reasonably be eXPted lo influ6nc8 the economic decisn5 of usern t8ken on the basis of these financial statements. Irrogularilies. including fraud, arè instances of non4omplknqnce wrth laws and regulations. We design procedures in lino with our responsibilities, OLrtlined above. lo deteet material misststemenls in resped of irregulanties. including fraud. Tho extent lo which our procedures are capable of detecting Irregularities, including fraud is detailed bebw.. We identified and assessed the risks of material mi8Statemenl of Ihe financial slalemenls from irregularities, whether due lo fraud or error, and diseussed thesè bets¥een our audit team members. We then Oesigned and performed audit predureS responsive lo those risks. including obtaining audrt eMd$n¢e sufficient and appropriale lo provide a basis for our Inion. We obtained an understanding of the legal and gUlatOry frameworks within which the charrtable company operates. fSing on those laws and regulation8 that have direct effect on the deleminalion of material amounts and disclosures in tho finat)cial stalemenls. The laws and regulations we considered in this context were the Companies Act 2¢X%, The Charities Act 2011, logelhgr wf(h the Charities SORP IFRS 102}. We asges5ed the reouiTed eomplianee w((h these laws and regulations as pail of our audit procedures on the related financial statement rtems. In addition, we consKlered pmisions of other l•¥s and regulations that do not have a direct effect on the financial statements but compliance with which rnh1 be fvndamenlal lo the charitable company's ability lo operate or lo avoid a material penalty. We also considered the opportunities and incenlNes that may exist wrthin the charitable C¢)mpany for fraud. The laws and u10n5 we considered in this context for the School were The Educalion Ilndependenl School Slandafdsl Regulations 2014. safeguarding regulations, Health & Safety legislalKJn, General Data Protection Regulatn8 ar Food Hygiene slandards. Auditing standards limrt the required audit procedures to identify non-compliance wrth these laws and regulations lo erbquiry of the Govemors and other management and inspection of regulatory and legal correspondence. rf any. We identffied the greatest fisk of material impact on the financkgl sL*ements frorn irregLFlarities, including fraud, to be wthin the override of controls by management. OLtr audrt procedure5 to respond to these lisks included enquiries of management. and the Finance Commrttee about their idenlrficab.on and assessment of the risks of irregularities, sample testsng on other income and the posting of joumals, revIng accounting eslimales for biases, reviewing regulatory correspondence with the Chanty Commission. Independent SchcK)Is Inspectorate, Ofsted and reading minutes of meetings of those charged wrth govemance. Page 16
THE MANOR PREPARATORY SCHOOL TRUST
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MANOR PREPARATORY SCHOOL TRUST (CONTINUED)
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non compliance with laws and regulations (irregularities) is from the events and transactiona reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non compliance and cannot be expected to detect non compliance with all laws and regulations.
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.orq.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Janette Joyce (senior statutory auditor)
for and on behalf of
Crowe U.K. LLP
Statutory Auditor
Aquis House 49-51 Blagrave Street
Reading
Berkshire RG11PL
Date: 7 February 2024
Page 17
THE MANOR PREPARATORY SCHOOL TRUST (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2023 Unrestrlct•d funds 2023 R•strfded Endowment fund* funds 2023 2023 Total funds 2023 Tot81 lunds 2022 Income and endowments from: Donations Chantoble adiviti8S'. School fees recetvable Other Ine¢)me other trading aetivrtie$'. Letting income Investments.. Bank interest 48.134 48,134 28,060 6.417.650 332.135 6.417.SSO 332,135 5,323, T47 375.409 26,041 26,041 17,830 232 Total Incorno and endowmgnts 5,781.566 48.134 5,829,700 5, 745,278 Expondlturo on: Raising funds.. Financing Costs Marketing and advertising Charitable activities. Schod operating costs 96,221 96,221 64.490 77.266 77.266 82,905 5.886.821 17.103 13.900 5,917,824 5,646, 1T9 Total •xp•ndlture 8,000,308 17,103 13,900 6,091,311 793,574 Net rnovem•nt In funds (278.7421 31,031 113.900) 1261,6111 (48,296) R8conclllatlon of funds.. Total funds brought forward Net movement in funds 5.351,535 1278.7421 66.691 31.031 542,100 113.900) 5,960.326 1261,6111 6,008,622 (48,296) Total funds ¢arrf•d forward 5.072.793 97,722 528,200 5.698.715 5,960,326 The Statement of financ1 actm.ties includes all 9ains and losses recognised in the year. The notes on pages 22 to 36 form part of these finanual statements. Page18
THE MANOR PREPARATORY SCHOOL TRUST {A company limited by guarantee) REGISTEREO NUMBER: 02454554 BALANCE SHEET AS AT 31 JULY 2023 2023 2022 FIX as¥ets Tangible assets 11 7,611.886 8,007,272 7.611,886 Current assets 8,007,272 Stocks Debtors Cash at bank and in hand 0,491 311.440 314.105 4,876 268.366 284,272 12 632,036 557,514 CredrtOTS.' amounts fdling due wrthin one yeai 13 11.145,2071 (1. 104,455) N•t curr8nt Ilabllltlo3 {513,1711 (546,941) Total ass•ts l•#s Currènt Ilabllttlos Creditors., amounts falling due after more than one year 7,098,715 7,460,331 14 {1.400,0001 {7,?,(115} Net aats 6.698,715 5,960,326 Total n•t as••ts 5,698,715 5,960,326 Charlty funds End¢)wmenl funds Restricted funds Unreslricled fun(Is 16 16 16 528.200 97,722 5.072.793 542, Ick) 66.691 5,351,535 Totsl funds 5.698.716 5,960,326 Page 19
THE MANOR PREPARATORY SCHOOL TRUST IA company lirnited by guarantee) REGISTERED NUMBER: 02454554 BALANCE SHEET (CONTINUED) AS AT 31 JULY 2023 The Govemors acknowledge their responsibilities for c¢yrP.ng with the requirements of the Act with respecl lo accounting records and preparalK*n of financial statements. atements were approved arKI authorised for issue by the Govemors on The financial 61 V'ILLI and ssgned on their behalf by". Mr S M Formta Go¥errr The notes on pages 22 10 36 form part of these financial $tatemenl8. Page 20
THE MANOR PREPARATORY SCHOOL TRUST IA company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023 2023 2022 Note Cash flows provlded by operatlng actlvhles Nel cash used in operating activit 18 316,087 440,916 Calh flowg from Inve*tlng aetlvltlo1 Dividends and intefesl r¢vable Purchase of tangible fixed assets 232 (253,512J {64,6871 Net c••h us•d In Invmtlng actlvltles 148,8471 {253,2801 Cash flows fr¢)m finan¢lng a¢tl¥ltl•s Repayments of bom)wing Interest payable 1100,OOS) {76,088 (99,999J (68,489) Not cash usod In financlng acthiltles 1175,0931 1168,4881 Change In cash and Cash •qulvahnts In the year Cash and ca8h equivalents at the beginning of the year 92,147 19,148 1132.6141 (151, T62J 19 CJ¥h and ¢•¥h •qufval8nts at thg gnd of tho year 19 140,4671 (132.614) The nolos on page$ 22 to 36 lo part ofthese financial ststements Page 21
THE MANOR PREPARATORY SCHOOL TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 G•n•ral Infomiat5on The principal current actmty of the Trust 1$ the operalKJn of an independent preparatory, pre-proparalory and nursery school. The incorporated chanty {charity number 900347. company number 024545541. is domiciled in the UK. The addiess of the iegistered oifKe The Manor Preparatory Sche1 Trust. Farringdon Road, Abingdon, Oxon. OX13 6LN. Accountlng poll¢l8s 2.1 Basls of pr•p•rntlon of flnan¢l•l ¥lal•m•nts The financial statements have been prepared in accothnce with the Charitie8 SORP IFRS 1021- Accounting and Reporting by Charrties.. Statement of Recommended PractKe applicable lo charrties preparing their accounts in ardance wrth the Financial Reporting Standard applicable in the UK and Republ of Ireland IFRS 1021 leffedive 1 January 20191, the Financial Reporting Standard applicable in the UK and RepublK of Ireld IFRS 1021 and the Companies Act 2006. The Manor Preparatory School Trust meets the definrtion of a publ benefit entity under FRS 102. Assets and liabilrties are inrtialty recc43nised at hisloncal Mst or transaction value unless olheThvise staled in the ielevant accounting polw. 2.2 Golng concern Desprte a challenging ar where the school has faeed inereased co$1$ from high inflation and significant increase in energy costs and Inler8sI rates, our pupil numbers have remained strong. We started in September 2022 wrth 371 pupils and increased throughoLrt the year lo 389. We continue to market the school aclwety and maintain hvjh levels of InteSt in the school wlh règular parent visits and excellent attendance at Open Days. As a resutt. we started the year in September 2023 al record number of 379 pupils on roll and expect this number lo increase throughout 2023-2024. Pupil out¢ome3 aro excellent and the recent year 6 eohort received 31 awards and scholarships in Iheir senr h¢?01 examinations to som8 of the most highty $eledive schools in the area. AS consequence our repulatson remains strong and interest and registrations remain high. Manaoemenl have continued lo review and reduce costs and have prc*Jueed financial models showing the revised cash flows arKI future forecasts lo accommdale the uncertain polrtical and economic threats on the horizon. The Ihfeat of VAT on sch¢)ol fees and the possible withdrawal of business rates relief have the potentia lo create increased cost and uncertainty across the whole independent education se¢tor. Plans arg being made lo ensure the school can minimise the impact ol these threats as much as possible. The Governors consider there are no material uncertainties relating lo going concem and that the School has adequate resourees to continue rts acIN"e$ for al least the efve months lo February 2025. Accordingty, they continue to operate on a going corKem basis in preparing the financial slatemenls. Page 22
THE MANOR PREPARATORY SCHOOL TRUST {A company limited by guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accounting pollcles Icontinu•dl 2.3 Tanglble fixed assots and d?pr•cÈ•tion Tangible fixed assets costing £SOO or more are capitalised and recognised when future economie benefits are Probable and the cost or vdue of th8 a88et can be measured reliabty. Tangible fixed assets are inrtialty renISed al cost. After recognrtion, under the Cost model. tsngible fixed assets are measured at cosl less accumulated depreciation and any accumulated impaimenl losses. All costs incurred lo bring a tangib fixed assel into rts intended w01n9 condition should be included in the MsUrement of ¢o$l. Freehold land is not depwialed. Dep1¥n on other assets is charged so as lo allocate the cost of tangible fixed assets less their re$Ual value over their estimated useful lives, using the slraighl-line method. Depreciati¢M is provided on the follw'rvJ basis.. Building$ Long-lemi fixtures and frttings Short-lerm fixtures and frttings Motor VehleS Equipment and furniture Computer equipment Iseh¢)olloffice) 2.00% strah141na 6.670A slraigh14ine 1S.OOO/• Straight4ine 20.0A slraigh14ine 15.0A straigh14ine 33.33% straigh14ine 1.4 stkty stocks are valued at the Iu4¥er of cost and estimated net realisable value. 2.6 In¢om• F•os rKglvabl• School fees income c(ffiPfi59S the ¥u8 of amounts invoud for lurtion fees charged in respect of pupils. They are slated after deducting any remissbon$ granted by the School in respecl of bursarie8 and allowances. Olhor income other income ccrfnprises the value of wnounls in respect of related services charged in rospecl of the pupils. including regiStratn fees. Donatlons Donations eeNable for the general purposes of Ihe Charity are rerded separalety and any wishes of the donorls) taken into account whenever and wherever piactical. 2.6 EXnditur* Expenditure is included on an accrua15 basis and is reeognised when there is a legal or nStructive obligation to pay for expendrture. Costs have been direct attributed to one of the functional ¢ategofies of resources expended in the Slalement of FinarKial Activrties. The school is not regisleied for VAT and accordingty expendrture is shown gros5 of Irrecoverable VAT. Page 23
THE MANOR PREPARATORY SCHOOL TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accountlng pollcles (continu 2.6 Expendlturn Icontlnuedl Expendrture in respect of the other support costs of the charity includes sch¢)ol trip$ expenditure. recfurtment costs and general office co$l$. Govemance costs comprise the cost of running the chanty, including exl8mal audit. Govemors, legal adwce, and constitutional and sL*Lrtory compliance cosls. 2.7 Burnarf Bursaries are ehaiged in the year when the offer is conveyed lo the recipient except in those cases wher8 the offer is ¢¢dlOOI. Bursanes ao wognised as expenditure when the conditions attaching are fulfilled. 2.8 Fund •ccountlng UntriCted funds are nel ineoming r¢80urces gen8raled for expenditure on the general obieclives of the charty. Expendable endowThent funds are capital that rn intended to prowde long term benefrt lo the School bul which are expendable at the discretion ol the Govemors. 8ubject to re8lriction8 imposed by the donor. Restrictgd fLtnds arg lo be useil for the splf purposes laid d¢Y4vn by the donor. Expendrture for those purposes is chaiged to Ihe fund. 2.9 kncept•nce d•poslts The contract tafms under whieh atteptance deposits are hehy by the School have bgen reviewed. Although under nomial circumStanS these will be repaid over future years when the pupils complete their education at the school. pupih can leave at earlr dates. The School does not therefo have an uncondrtional nghl lo retain the individual deposits for at least 12 months after thè balance sheet dale and, in line with the requirements in FRS 102. the balance of the deposits heFd at the balance sheet date have been included within cuffent lbilitIes. The prior year acceptsnce deposits balance has been similarty represented. 2.10 Pen•lon8 The Schc¢)I has contributed lo APTIS, a deffined contribvtion pension scheme on behaK of leaching staff. The a55e15 of the scheme a held separately from those of the School. The pension cost harges represent conlnbutions by ttte Schod to the scheme, which is recognised when they become payable. The School also Contributes to a pension scheme for non-teaching staff PTov7ding beneffts based on a defined ¢onlribLrtKsn scheme. The assets of the scheme are held separately from those of the Sch(xJl. The pension ¢osl Charges represent contributions by the School lo the scheme, which is recognised when they become payable. Page 24
THE MANOR PREPARATORY SCHOOL TRUST IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accountlng pollcies {contInU) 2.11 Opgrntlng 1ga¥es Rentals paid undef cyerats'ng aSeS are charged lo the slolemenl of financial activrties on a Strahl- line basis over the lease lemi. 2.12 Flnanclal Inslrum•nts Basic financ1 instruments include deblors and creditors. Debtors and creditors are inrtially recognised at transaction value and subsequenlty measured at amortised cost. Note 15 provides more infom)alion on financial in$lrumenl$ where future cash flcws are anlicipaled, with financial assets referring lo cash and debtor balances excluding prepayments. and financial liabilities referring 10 811 credilof balances excluding deferred income and lax and social security. Crltlcal a¢¢ountlng utlm•¢•s and •r•as of Judgmont In the application of the chantys accounting pcAici88. vthich are described in Note 2. Govemor8 are required to make judgements, e$limale$ and assumplh)ns about the calng values of assets an liabilities that ale not readily apparent from other sources. Actual r6sulis may differ from these eslimale8. The Governors consider Ihat there are no malerial iudgerrenls in app1Wr accounting polithas or key sources of eslimalion uncertainty. School f•es 2023 2022 Gross fees Less.. 8ursaries and alkwances 6,906.832 5, T30,809 1489,282) 1407,062? 5,417,550 5,323, 747 Charltablg 4ctlvttl83 2023 2022 Chargeable extras- Income Registration fees 323,002 9.133 365,584 9,825 332.135 375,409 Page 25
THE PIANOR PREPARATORY SCHOOL TRUST (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Expendlture on raislng lund8 Costs of ralslng voluntary Income Unrestrlcted funds 2023 Total funds 2023 Tot fvnds 2022 Bank charges Interest pa*J Bad debt provision Marketing and adve$•n4 3.083 75,088 18,050 77,266 3,083 76,088 18.050 Tl,266 3.030 68.489 (7,029) 82,905 173.487 173.487 147,395 Total 2022 147,395 147,395 An•ly•5s of •xp•ndSturg on charftabh a¢thittlos Summary by fund type Unrnstrictod Restricted Endowment funds funds fund$ 2023 2023 2023 Total 2023 Tot81 2022 Teaching costs Weware costs Premises costs 3.608.S45 543.995 763,851 970.430 3.608,$45 $43.995 777.751 987.633 3,429, 197 562,823 654,802 999,357 13.9 Support cost5 17.103 5.886.821 17,103 13,900 5.917,824 5, 646, 1T9 Total 2022 5,611,694 20,585 13,9 5,646, 179 Page 26
THE MANOR PREPARATORY SCHOOL TrUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Analysts of exp•nditure on charltsble actlvitlos (contlnued) Summary by expend¢turn typ Staff costs D•pr¢clatlon Other costs 2023 2023 2023 Total 2023 Total 2022 Teaching costs Weware costs Premises eosls Support C1$ 3,113,707 87.139 186,312 524,934 243,194 251,644 456,856 396,610 450,549 3.608.545 S43.996 777.761 987.633 3,429, 197 562,823 654,802 999,357 194.829 12,050 3,912,092 450,073 1,555,659 ,917,824 5,646, 179 Tot812022 3,687.352 455, 120 I,3, 707 5.646. 179 N•t Incomlng r•8ouvc 2023 2022 Net Incomlng resourc¢8 are Stat •ft•r charglng: Depreciation of tangible fixed assets Auditors, remuneration- audit fees 450,073 15.250 455, 120 13,600 Staff costs 2023 2022 Wages and salaries Social securty cosls Contribution lo defined conlribution pension 8chemes 3,261.131 322,426 328,535 3,060, 119 301,286 325,947 3,912.092 3,687,352 Page 27
THE MANOR PREPARATORY SCHOOL TRUST (A company lirnrted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Staff costs (contonu The average number of persons employed by the chanty during the year wa5 as follows.. 2023 2022 T8aching' Support Premises and Welfare 82 21 17 77 20 18 120 115 eaching staff include lèhets. lèachiro assislanls and club The number of employees whose employee benefrts {exdlln9 empbyer pension c051s) oxeeeded £60,000 was.. 2023 No. 2022 No. In the band £60,001 - £70.OLKI In the band £130.001- £140.000 In the band £140.001- £150,C Retirement bendrts are accFuing for the four (2022.. crt) hi9her paid empl¢)yees. ConlribLrtion8 in the year lotalled £10,333 (2022.. £7,615). Key management pernonnd comprise Ihe GovemoTS, H&adma$ler, the Ivh) Deputy Heads, Diwlor of Finance and OperalKJns and Head of Pre Prep. Their aggregate employee benefits for the year lincluding employer's Nl and employerfs pension conlributionsl are £511.471 (2022." £382.578). Inforniatn regarding Govemor remuneration can be found in notè 24. There were no lerminalion payments in the ped (2022.. £Nil). 10. Taxatlon The Manor Preparatory School Trust is a chanty and is entrtfed for the current and prior year lo the exempl¢ons provided by Se¢tKn 505 Income and corporab.on Taxes Act 1988. Page 28
THE MANOR PREPARATORY SCHOOL TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 11. Tanglble fixed assets Other Flxtures. freèhold fittings, land & furniture & building$ uipment Church Farm {see note 161 Motor v•hlclei Total Cost or valuatlon Al 1 August 2022 Addiltons 695.000 9.159.559 3.525,572 54.687 112.641 13,492,772 54,087 At 31 Juty 2023 696,000 9.159.S59 3,680.2Sg 112.641 13.547.469 D•pr•clatlon At 1 August 2022 Charge for the year 152,900 13,900 2,811,854 180,929 2.414,917 252.983 106,829 2,261 6,485,500 450.073 Al 31 2023 166.800 1992.783 2.667.900 108.090 5,936,573 Net book value At 31 Juty 2023 628,200 6.166.776 912.359 4.S61 7,611,886 At31 July 2022 542. 1CiI 6,347, 705 1, 110.655 6,812 8,007,272 12. Dfjblor& 2023 122 Tr8de deblof8 PrepayThen15 and accrued inrAJffle Other debtors 108.408 181.632 21.500 138,279 130,087 311.440 268,366 Page 29
THE MANOR PREPARATORY SCHOOL TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 13. Creditorn: Amounts falling due within one year 2023 2022 Bank o¥èrdraft5 354,572 100.000 161,322 218,971 85.143 11.099 224.100 416,886 99,999 129,449 166. 126 73,426 4,669 213,900 Bank loans Trade credrtors Accruals and defefred income Other taxation and soctal securty Other credrtors Acceptance deposrts 1,145,207 1, 104.455 Acceptance deposrts are repayab in th8 event of one temi's notti being received for the withdrawal of pupils. 14. Cr•dltorn: Amounts falllng du• after morn than on• year 2023 2022 Bank loans 1,400,000 1.500,CQ5 Included within the above are 0nts tslling due as follows.. 2023 2022 Between ono and two yearn Bank loans 100,000 99,999 Between two and five yearn Bank loans 300.000 299.997 Over flve yoar5 Bank knans 1.01)0,000 I, l¢X),009 Two loans of £1.000,000 ere laken in March and June 2018 to cover the construction of the sports hall. Loan one has interest charged al a fixed re of 3.465% for 10 yeats %wth the full balan repayable al the er. Loan 2 was Tenegoliated during the year and new lemis agreed. effective from June 2023 the seh¢)ol has committed to a 2 year variable rate of interest at 1.7% plus BOE base rale with Capital repayTnents of £100.000 per >Ear. The Loan is subj.ect to further rene9Othknns after hvo ygars. The £950k overdraft facrfrty and loans are secured by a W charge over the assets of the charity. Page 30
THE MANOR PREPARATORY SCHOOL TRUST {A company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 15. Flnanclal Instruments 2023 2022 Flnanclal assets Financ1 asset8 measured at amrtised cost 444.013 422,551 2023 2022 Flnanclal Ilabllltles Financial liabilrt*s measured at amortised cost 2.398,382 2,496.301 Included within financial 8s8els hekl al amortised co81 are Ifade debtors, other debtors and c85h al bank. Included within financial liabilrties hekl at amortised cost are bank kians, trade credrtors, accruals, acceptance deposits aThJ other credrt¢YS. Page 31
THE MANOR PREPARATORY SCHOOL TRUST IA Company limited by guarante¥l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 16. Ststement of fvnds EXndable èndowment furbd5: During 2006, the School was grfted chUh Fann. At that time the grfl was professionally valued al £695,000. In the event that the School were to dispose of rts interest in Church Farm in the foreseeable future. the prctee(Is may be recwved by anothef. unconnected charitable trust and consequently thi5 grft has been accounted for as expendable endowinent. Statsment of funds- curr•nl y•ar 8*l•nce •t 1 Augu$t 2022 Balancè at Income Exp•ndlture 31 July 2023 Unr•strl¢t•d fvnds General Funds 6.361.635 5.781.566 (6,060.3081 6,072.793 Endowmont lunds Endowment Fund 642.100 113,9001 528,200 Ro¥trfct•d fund• Marr Association of Parents IMAP) SHUS 31,777 34.914 34.867 13.267 115,0691 12,0341 61,575 48,147 66,691 48,134 (17.103) 97,722 Total of fund• 5.960,326 5,829.700 16.091,3111 5,698,716 Page 32
ThE MANOR PREPARATORY SCHOOL TRUST IA Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 16. Statement of funds (continued) Statemènt of funds- prlor year Balance 81 f August 2021 Incom8 Expendilurg 31 July 2022 Unro¥trfctod fuDd• General Funds 5.393.406 5, 717,218 (5, 759,089) 5,351,535 Endowment lunds Endovrnenl Fund (13,900) 542, 1CQ R•8trfcl•d lunds ManorAssocialion of PanIS IKAPI SHUS 30.90T 28,309 15,040 13,020 (14, 1 TOJ (6,415) 31,777 34.914 59,216 28.060 f20,585) 66,691 Total of fund• 6,CQ8.622 745,278 (5. 793,574) 5,960,326 17. Analysls of net assets between funds Analysls of n•t assèts b•twè•n fundi - current ye*r Unrnstrlctod Re8trict8d Endowment lunds fund$ fund8 2023 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due wrthin one year Creditors due in more than one year 7.083,686 $34,314 {1.145.2071 (1,400.000) 528,21XS 7,611,886 632,036 11.145.207) (1.400.000) 97.722 Total 5,072.793 97,722 528.200 5,698,715 Page 33
THE PAANOR PREPAFIATORY SCHOOL TRUST IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 17. Analysis of net asuts b91n funds {continuedl Analysh of net assèts between funds- prlor yr UnTrslncled funds 2022 Rosliycted Endowment lunds funds 2022 2022 Tolal lunds 2022 Tangible fixed assets Current assets Credrt¢n dué within onè ar Credrtors due in more than one year 7,465, 172 490,823 (1, 104.455) (l.5.1Xj 542, 100 8,007,272 557,514 (1, 104,455) {1,5,005} 66,691 Total 5,351,535 66,691 542, 100 5,960,326 18. R•conclll•tlon of not movem•nt In fund• to n•t cmh flow from op•ratlng actlvltl•s 2023 2022 Net expendrture lor the year las per Stateff1 crf Financial Adivitie8} (261,611 {48,296) AdJu8tm•nts for: Intere$t recewed Interest paid Depreciation charges Ilncrea8elldecrea8e in stocks {Increaseydecrease in deblor8 IncreaselldécTrasel in credrtor8 IS,8401 75,088 450.073 11,615 143,0741 103.066 (232J 68,489 455, 120 455 64,032 (98,652J N•1 cash provld•d by op•r•tlng ad6vlti•• 316,087 440,916 19. Analysb of ush •nd cash •qulvalgnts 2023 2022 Cash in hand Overdraft 314,105 1354,5721 284,272 (416,886) Total cash and ¢ash •qulvalents (40.4671 (132,614) Page 34
THE MANOR PREPARATORY SCHOOL TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Analysis of changos in net debt At 1 August 2022 Cash flows At 31 Juty 2023 Cash at bank and in hand Bank overdrafts repayable on demand Debt due wrthin 1 year Debt due after 1 year 284.272 (416.8861 199.999} 11,500,1)051 29.833 62.314 314,106 {364,5721 1100,0001 100,005 11.400.000) 11.732.618) 192.151 11,540,467) 21. Capltal cornrnStments At 31 Juty 2023 the schtr)I had no wrtal commilments (2022.. £Nil). 22. Penslon commltrnents The School has ntrib(ed to APTIS. a defined contribution pension scheme on behaff of leaching staff. Contributions lotalling £260,861 (2022.. £257.535) were payabl8 to the hame for the year. The School al conlribules lo a defined cofilribuiion group pension scheme for non-leaching staff. Contributions totalling £67,673 (2022.. £68,4121 were payable to the scheme for Ihg year. There wer& Unpa contrt¥ut5 of £9,997 (2022.. £10,054) at the year end. 23. Opèratlng l••s• commlimènts At 31 Juty 2023 the charity had ¢ommitment$ lo rnake future minimum Igasg payments under non- cancellable operating leases as follw.. 2023 2022 Not later than 1 year Later than 1 year and not later than 5 192 2.483 192 192 2,675 Page 35
THE MANOR PREPARATORY SCHOOL TRUST IA Company lirnited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 24. Related party transactlons £3,600 (2022.. £4.9Xt) was paid lo Carter Jonas during the year for professional services where S J Mcconnell (Govemorl was a partner. £Nil was oulslanding to the fim at thè yearénd (2022.. £Nil). A Stokès was paid £Nil in the year in respect of her work as a suppty teachor (2022.. £4.044). No Govemorn have been paid in relation to Ihgir le as Govemor. Close members of th8 Govemorfs and the Key Management Pernn81'S famity Inoted on page 1) are paid a total salary of £135,782 {2022.. £134,440). Afi close relaltves are or have been employed by the school have a slandard contract of employment and their salaries are deemed as part of a full Staff salary review whKh is appft)ved by the Govemors. Page 36