REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
Page |
Report of the Trustees | 1 | to | 17 |
Report of the Independent Auditors | 18 | to | 21 |
Statement of Financial Activities | 22 |
Balance Sheet | 23 | to | 24 |
Cash Flow Statement | 25 |
Notes to the Cash Flow Statement | 26 |
Notes to the Financial Statements | 27 | to | 37 |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED (REGISTERED NUMBER: 00888176) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2024 |
The Governors who are also the members and directors for the purposes of the Companies Act 2006, present their report, which includes the Report of the Directors', with the financial statements of the charity for the year ended 31 August 2024. The trustees, referred to as Governors, have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015). |
OBJECTIVES AND ACTIVITIES |
Objective |
In accordance with its objects, the activity of the Trust is the educational development of pupils at the Wilmslow Preparatory School (WPS), providing full-time education to pupils aged 5 to 11. Full or part-time education is provided to pre-Reception children from the age of 3. |
The School's overall objective is to: 'offer academic and creative excellence in a caring, respectful and stimulating environment'. |
Aims |
The School's specific aims are then identified as the following: |
- | To provide academic excellence through a broad, balanced and varied curriculum; |
- | To ensure that our pupils develop lively, enquiring and creative minds; |
- | To value each boy or girl as an individual so as to maximise his or her potential and confidence; |
- | To offer a safe, kind and caring environment; |
- | To encourage self-respect and respect for others. |
These are then underpinned by a number of key business objectives as follows: |
- | To sustain financial viability, by maintaining pupil numbers and continually reviewing expenditure items in order to control costs; |
- | To recruit and retain high calibre staff, who between them bring broad teaching experience, a variety of creative skills and strong management and technical skills; |
- | To maintain our premises and buildings to a high quality to assist the above educational aims to be achieved. |
In setting our specific objectives and planning our activities for the academic year 2023/24, our Governors continued to be mindful of the Charity Commission's general guidance on public benefit. |
Our particular objectives for the year included: |
- | To ensure delivery of a high calibre remote learning programme which prepares children for today's world; |
- | To continue to focus on the well-being of our pupils and staff; |
- | To focus on recruitment into our lower year groups; |
- | To provide continuing support of our pupils already in receipt of fee assistance through bursaries; |
- | To review joint working opportunities with local state junior schools; |
- | To further enhance and develop our Information and Communications Technology (ICT) strategy to ensure we deliver our teaching though up-to-date methodologies and equipment; |
- | To continue to explore opportunities for working collaboratively with King's School Macclesfield through our strategic partnership arrangements; |
- | To continue to develop our role in the life of our local community through our charitable and community activities, whilst adding to the all-round education of our pupils. |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED (REGISTERED NUMBER: 00888176) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2024 |
OBJECTIVES AND ACTIVITIES |
Strategy, Ethos, Access, Educational Links and Bursary Policy |
Strategy: |
The Governors are responsible for agreeing a strategy to achieve our objectives. The focus of our strategy is on the continued development of our pupils, so that each child achieves his/her potential, through high levels of academic and extra-curricular achievement, and to further widen access to the education our School provides. |
Our ethos: |
We aim to be a happy, caring school, which creates a strong sense of community and seeks to serve the local community and society. |
WPS is a charitable trust, which seeks to benefit the public through the pursuit of its stated aims. Our fees are set at a level to ensure the financial viability of the School and at a level that is consistent with our aim of providing a first-class education to our pupils. |
Our School welcomes pupils from all backgrounds. To admit a prospective pupil we need to be satisfied that our School will be able to educate and develop such a pupil to the best of his/her potential and in line with the general standards achieved by his/her peers. There is no assessment for entry into our pre-school or Reception years, informal assessment and interview for the Infants (forms Prep 1 and 2), and more formalised interview and assessment for entry into the Juniors (forms Prep 3 - 6). These methods help us to satisfy ourselves and parents that potential pupils can cope with the pace of learning and benefit from the education we provide. An individual's economic status, ethnicity, race, religion and in most cases disability do not form part of our assessment processes. |
Our School is committed to safeguarding and promoting the welfare of our pupils and expects all staff and volunteers to share this commitment. Our most recent inspection by the Independent Schools' Inspectorate (ISI) took place in November 2024. The role of the team of inspectors is to assess and report on the extent to which the School meets the Independent School Standards ('the standard') in the Schedule to the Education (Independent School Standards) Regulations 2014. The visiting team rigorously and extensively analysed all aspects of WPS including lesson observations, interviews with senior leaders, governors, teaching and non-teaching staff and pupils, reviews of processes and procedures, and feedback from parent, pupil, and staff questionnaires. We are delighted that the inspection report identifies that WPS meets all of the standards and is highly positive with regard to the quality of education, pastoral provision, safeguarding, pupils' contribution to society and leadership at Wilmslow Prep School. With regards to pupil welfare the inspection report comments that 'leaders diligently identify the needs of each pupil and promote their well-being'. |
Parents are given regular information about their child's social and academic progress through parents' evenings, in addition to the traditional end of term and year reports. We maintain regular contact with parents throughout the year through informal contact and through our weekly newsletter. All pupils have a Form Tutor responsible for pastoral care and academic development. We also have a system of 'buddies' who are involved in assisting teaching staff in enforcing our very vigorous anti-bullying policy. Robust strategies are used to support the overall well-being of our pupils. |
We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability. We will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled. |
Access: |
It is important to us that the first class education we offer is not restricted to those who can afford our fees, and we believe that our pupils benefit from learning within a diverse community, through social interaction and shared experiences, which helps develop each individual's wider understanding. |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED (REGISTERED NUMBER: 00888176) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2024 |
OBJECTIVES AND ACTIVITIES |
Educational links: |
Our School is part of a wider community and we are keen that our staff and pupils participate in that. We offer our facilities for a variety of sporting development activities for children from other schools through sport fixtures and are constantly looking to develop this. We also offer a holiday club during School holiday periods and a Nursery, both through an external provider, and both are open to children from the wider community. We have organised courses where we invite other schools to participate, which obviously is beneficial to them, and specialist teachers meet with others from different schools to discuss best practice and share ideas. Such meetings are open to any local school. |
Bursary Policy: |
The Governors view our bursary awards as important in helping to ensure that children from families who would otherwise not be able to afford the fees can access the education we offer. Our School is a small prep school without the benefits of having any large endowments, and in funding our awards we have to be mindful that we must ensure a balance between fee-paying parents, many of whom make considerable personal sacrifices to fund their child's education, and those benefiting from the awards. |
Our bursary awards are available to all who meet our general entry requirements and are made solely on the basis of parental means or to relieve hardship where a pupil's education and future prospects would otherwise be at risk, for example, in the case of redundancy. The awards range from 10% to 90% remission of fees. We also attempt to supplement bursary awards to pay for extra-curricular activities, equipment and school trips, in particular hardship cases. To emphasise the importance, we place on continuity for families, we also offer discounts where parents have more than one child at the School. A discount scheme where staff members choose to educate their child at our School is also in place, which we believe can help to attract and retain high quality staff. |
Information about fee assistance is provided to all who apply to WPS. We also advertise the fact that we offer Bursaries through the local press, and in any advert we place, as well as on our website. |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED (REGISTERED NUMBER: 00888176) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2024 |
STRATEGIC REPORT |
Achievement and performance |
Operational performance |
The total number of pupils educated during the year averaged 133. |
Our fees for 2023/24, before the deduction of any bursaries or discounts were: |
Kindergarten | £400 per session per week per term |
Infants | £3,880 per term |
Middle Juniors | £4,195 per term |
Upper Juniors | £4,545 per term |
Academic performance |
As noted previously, our most recent Inspection took place in November 2024, where we were judged to have met all the required rigorous standards. The new inspection report differs to that under the previous inspection framework, in that the school is no longer graded. Instead, the report states whether the school meets the five regulatory standards. WPS met all 5 regulatory standards. In addition, the WPS report positively noted that 'pupils are articulate speakers and attentive learners' and that 'teachers give pupils targets to work towards and provide constructive feedback which helps pupils improve'. |
This year form Prep 6 leavers all chose to sit entrance examinations to Independent Senior Schools, and again achieved an excellent pass rate. Children received multiple offers, a total of 28 offers, including scholarships, across 15 children, to Manchester consortium schools, which include some of the North West's top schools. |
Pupils at the School are formally assessed in the Summer Term (with Prep 6 being assessed in the Autumn in preparation for the Senior School exams). Pupils in the Early Years Foundation Stage (EYFS, which incorporates the pre-school and Reception years), complete informal assessments and pupils in Years 1 - 6 complete formal assessments in English and Maths, plus Verbal and Non-Verbal Reasoning in Years 3 - 6, to assess academic progress and ability. Currently the School use GL Education Assessments. For the Key Stage 2 pupils (ie Years 3 - 6) the English and Maths assessments are completed online and analysed externally providing an in-depth analysis of each pupil's performance. The tests are standardised to a national scale which enable staff to fully track each pupil's progress, which is communicated regularly to each pupil's parent(s)/guardian(s). |
Music |
Music continues to be a strong feature of Wilmslow Prep life and in 2023/24 the School enjoyed another busy and successful year of music. |
Over 66% of the children in Reception - Prep 6 have individual music lessons in one or more areas (instrumental or vocal). This is in addition to class music lessons. |
Five professional musicians (including a new guitar teacher) come in to deliver the instrumental and vocal lessons each week as well as a music specialist to teach curriculum music. 85 lessons were delivered each week on 12 instruments/voice. To encourage children to practise regularly at home, in 2023/24 we introduced a practice chart. This was very positively received by children and parents. We continued to use our set of plastic wind instruments so that all the children in KS1 could try out an instrument in their curriculum lessons without having to commit to 1:1 lessons. |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED (REGISTERED NUMBER: 00888176) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2024 |
STRATEGIC REPORT |
Achievement and performance |
Music: |
Music clubs included Chamber Choir and School Orchestra. Each of these groups performed at the Carol Concert and at Speech Day. Our Prep 6 Music Ambassadors also ran a club for Prep 3 and under. Two further Choirs were established for the Alderley Edge Festival. |
Through our bid for Artsmark status, our children had many other musical opportunities outside School. All KS2 children went to listen to the Halle Orchestra, the boys were invited to a Halle singing event and the School Orchestra performed with the Halle. The older children went on a trip to see the musical "Annie". The EYFS and Music staff enjoyed some Dalcroze Training to encourage young children to combine music and movement. |
At Christmas, Kindergarten and Reception performed the 'Christmas Tree Nativity and Prep 1 and 2 performed 'Bethlehem Ballroom.' We returned to the Church for the splendid Carol Concert. Community Carol singing also took place at a sheltered housing unit, and through the town centre on the last day of term. The Chamber Choir were invited once again to take part in the Christmas Event at Tatton Hall. |
Each year we have an internal House Music Competition and this year we had 83 performances from 67 children, with an ex-pupil as Adjudicator. |
Our Prep 3 and 4 pupils prepared their show called "Mystery at Magpie Manor", which showcased the considerable talents of these pupils. |
For Alderley Edge Festival this year, we entered 3 choirs, winning a first place and a second place. There were excellent individual performances with 47 entries from 32 individual children. Many of our pupils gained places in the top three. In total, 58 children were involved in the Music sections. Three pupils were chosen to perform at the final celebration concert on the Saturday evening. |
28 Pupils took Music Trinity Exams this year: 15 achieved a distinction, 12 a merit and 1 a pass. Four pupils were very close to achieving full marks. Two further pupils reached Grade 4, and six pupils reached grade 3. |
Prep 5 and 6 performed their show in July - "Bugsy Malone". This was a much more challenging show than we had ever done before, and the children again demonstrated their talents and abilities. |
Speech Day was yet again a memorable occasion and there were many superb performances from our fabulous musicians. Staff and children sang the final song together. |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED (REGISTERED NUMBER: 00888176) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2024 |
STRATEGIC REPORT |
Achievement and performance |
Speech & Drama: |
Speech and Drama is taught as part of the timetable to all children from Reception upwards and continues to go from strength to strength. KG are involved in a number of our whole school events and special days/assemblies. |
Our Learning Ambassadors (in Prep 6) speak at a range of special occasions to introduce these events, which gives them a wonderful experience of public speaking to a large audience. |
In 2023/24 we introduced a mental health ambassador whose role will include a range of responsibilities including overseeing community events with the Speech and Drama coordinator and helping lead assemblies. |
During the year, all the children had the opportunity to take part in a production either at Christmas, Easter or at the end of the Summer Term, as well as during particular assemblies. We also again entered festivals such as the Alderley Edge Festival, as well as the English Speaking Board (ESB) examinations. A very high proportion of our children entered the Alderley Edge Festival and 10 children received 1st to 3rd placings. Children in Prep 3-6 entered the ESB examinations with an exceptional number achieving distinction and all achieving a merit, merit plus or distinction, which was a truly excellent outcome. |
The children continued to benefit from participation in events such as the Carol Service and Speech Day, which are always real highlights of the School calendar. We continue to expand our events for Artsmark including Artsmark weeks/days/events including welcoming into School visitors such as a children's poet, and taking the children out of School, for example, to the theatre. We are already looking forward to the next theatre trips (the musical "Wicked" and a pantomime trip). |
The children have entered competitions such as Poetry Together and this year we extended this event even further to include our community linked group of people, inviting them into School to share the poetry, combat loneliness and share afternoon tea and cake. |
Prep 4 had a number of children enter a poetry competition and they are now published poets - a super experience for the children to receive a copy of the book in which their poems are printed. |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED (REGISTERED NUMBER: 00888176) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2024 |
STRATEGIC REPORT |
Achievement and performance |
Sport: |
Our philosophy is to encourage physical exercise, with the added stimulation of healthy competition. Our pupils take part in athletics and cross-country as well as a wide range of ball and racket sports, including hockey, netball, football and badminton. Teams are fielded for pupils in Prep 3 upwards and our results reflect the hard work and enthusiasm of the children. We also offer the pupils the option to join in activities such as netball, judo, fencing, yoga, gymnastics, football, pickle ball, kwik cricket and dance through extra-curricular clubs. Sporting fixtures continued this year and our pupils were able to enter national competitions such as the Independent Schools Association (ISA) Athletics, and the ISA Cross Country events. This year we had a Prep 5 pupil selected to represent the North area in the 600m event held at The Alexandra Stadium in Birmingham. We continue to get excellent results for a small prep school, as we compete against schools significantly different in size. |
Art: |
As with all the arts, this discipline is held in high regard at WPS. As a school, we are extremely proud of the high standard of work that is achieved by all our children under the guidance of our specialist art teachers. We believe in giving the children plenty of opportunities to express themselves through a variety of creative mediums, providing them with the chance to try new artistic techniques on a regular basis. The children are encouraged to be proud of their work which is displayed prominently around the School building and is often the source of comments and praise from visitors. The children continue to enjoy learning about artists from all over the world, including more contemporary and less well known artists. They have opportunities to explore and experiment with a broad range of materials and techniques, many of which would not be seen in other primary settings, such as felt making and lino printing. |
This year, the School was represented again in the annual ISA Art competition, where we were delighted to secure two first places at the North Regional Competition. These entries had the honour of being forwarded to the National Competition. |
We have also been working towards our application for the 'Artsmark Award'. This year one of our initiatives working towards Artsmark was for the children to take part in a Fashion Show. Each class made a large three-dimensional model of a famous building to represent their chosen capital city, which was part of their performance. Some classes also made their costumes and combined drama with Art in their performances, which was a great success, demonstrating the high standard of Art achieved throughout Wilmslow Prep School. |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED (REGISTERED NUMBER: 00888176) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2024 |
STRATEGIC REPORT |
Achievement and performance |
Community Involvement: |
Wilmslow Preparatory School pupils are actively encouraged to engage in charitable work and fund raising - barely a week goes by without some form of activity taking place. Pupils are involved in raising money for Francis House (a local children's hospice), for Barnardo's (through the box scheme), cancer charities and the NSPCC. They also regularly take part in Red Nose Day and Children in Need. Activities range from cake sales and raffles to non-uniform days. In 2023/24 some £3,000 was raised by pupils for good causes. In addition, pupils take part in many local initiatives such as the Jeans for Genes, the Rota-Toy Appeal and supporting East Cheshire Hospice. |
The pupils also take part in activities such as carol singing at Christmas time in elderly residential homes, to Lifeshare, or out in the community. Harvest gifts are collected and distributed to local elderly residents and/or homes and the pupils also take part in the Rotary Club Rota-Toy Appeal, packing a shoebox with gifts and toiletries to be sent to families locally. Similarly, disaster boxes are made up, as appropriate, by pupils, which the Rotary Club store and then use for local families, in the event of a disaster. We also collect Barnardo's Boxes for Barnardo's and support other charities for our annual programme such as Diabetes UK. The School made no political donations. |
Wilmslow Prep pupils and staff are well known within the community and the School is renowned for being willing to help local businesses and individuals where possible. We see this matter as an extremely important part of the pupils' education, as they interact with those outside the School community and gain a wider understanding of the environment. We have two defibrillators, one on an outside wall, for the benefit of the community, the other in our sports hall which is well used by external local groups. All staff have received training in the use of these defibrillators, and this training is updated as necessary. |
Our premises are also used by the wider community. During the School holidays, 'Holiday Zone', use our main School hall and facilities, to run a holiday club which is open to all local primary school-age children. Our Sports hall is a popular community facility well used by a number of local clubs. It is now used throughout the year by two local Badminton clubs, Wilmslow Football Association, a local Thai Chi group and a Karate Club. In addition, the local Alpine Society use our School hall on a regular basis for their meetings. |
A Day Nursery (run by an external provider through a lease agreement) operates on our site which provides us with a good link to families with younger children and, through them, with the wider community in general. |
Environmental Initiatives: |
We take the education of our young pupils about the wider world very seriously and try to set a good example as an organisation to help influence the expectations and behaviour of our pupils in their later life, providing public benefit. To this end we have introduced a number of environmental initiatives such as recycling of paper, cardboard and compost, and reducing use of plastic and of energy (eg electricity). |
The School Council meet on a weekly basis to discuss new initiatives both in and out of the classroom on how we can become more aware of the environment and what we can do to support this. The programme is reinforced through our PHSEE lessons as well as through School and Form assemblies. |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED (REGISTERED NUMBER: 00888176) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2024 |
STRATEGIC REPORT |
Achievement and performance |
Buildings: |
In addition to curriculum development, the maintenance and development of the fabric and facilities of our School are key to our strategy. Over recent years, we have undertaken two key developments, extending and enhancing our entrance hall, and we also developed a multi-surface Astro pitch alongside our Sports Hall. Pupils and staff enjoy the use of the Astro pitch for lessons as well as for break times, and over the past couple of years we have further developed our outside area around the Sports hall to provide a Forest School. This is particularly well-used by our Early Years Department and by our onsite Nursery. We have also reorganised our space to provide a larger music room which is used for curriculum music lessons as well as 1-1 lessons and music practices eg choir and orchestra. |
We have also enhanced the provision of our ICT facilities throughout the School, in line with our strategic development plan and enhancement programme. We have significantly improved our Wi-Fi access and installed new interactive TVs, IPADs, and Chrome books. We have extended the use of technology in lessons and continue to review teaching practices with regards to effective use of ICT. |
In addition, we have a programme of planned maintenance throughout the School - internal and external redecoration was carried also out over the last summer break. As noted above, we continue to review our computer facilities and resources on an ongoing basis in order to keep up to date for our pupils and staff, with this being a key focus over 2022-2025. |
Review of bursary and discounts awards: |
In 2023/24 the value of means tested bursaries totalled over £270,000 representing almost 19% of total fee income, and providing some assistance to over 40 pupils. We usually help fund the costs of extras such as trips for some of our pupils in receipt of Bursaries. |
The Governors continually review our Bursary awards to ensure that we try to help children, through the availability of means tested financial assistance, who would not otherwise be able to attend Wilmslow Prep School. Previously take-up of Bursaries stabilised at around the 20% level of total fee income but during Covid we did provide additional short term help to a very small number of families. In the Autumn term 2024, they represented approximately 13% of fee income supporting 27 pupils (some 21% of pupil numbers). We are keen to ensure the objective of wider access is achieved, and our aim to maintain a minimum of 12% of total fee income on Bursaries, has already been met and exceeded. |
The Governors view our bursaries as important in widening access to the first-class education we provide: as a charity this is important to the Board. Over the last couple of years, we have made significant steps to increased marketing of the availability of bursaries, though specific press releases and our website. The success of this can be seen by the additional pupils we now have attending WPS through financial assistance. We are also continuing to investigate the possibility of involving local state schools in some of our teaching activities, especially through our music, sport and language teaching. |
Future Plans: |
The Governors intend to continue their strategies of maintaining the School's position in an increasingly competitive market and with a potential recession ahead, by investing to provide high quality education for our pupils. Achieving a high standard of academic results is a constant aim whilst maintaining the breadth and depth of the education provided. |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED (REGISTERED NUMBER: 00888176) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2024 |
STRATEGIC REPORT |
Achievement and performance |
The Headteacher and senior staff review the curriculum on an ongoing basis to ensure that both academic and extra-curricular provision is appropriate for our pupils' development. For example, in 2022/23 we introduced a new phonics scheme across the School to really enhance pupils' development in this important area even further. In 2023/24, our Reading and Comprehension was a real focus and we made adjustments to our timetable for the provision of dedicated reading slots, to ensure our already excellent academic offering in English as a whole subject, was extended further. |
Traditionally, any future plans have been financed primarily from fee income and from our reserves and the Board has chosen not to borrow to fund projects. However, given the unprecedented times faced by all in the 2020/21 and 2021/22 academic years, and with the additional challenges those provided, the Board explored the Government backed loan schemes (ie Bounce Back (BBL) and COVID Business Interruption Loans (CBIL)), and made the strategic decision to take out the smaller BBL in October 2020. Repayments for this started in November 2021, and have been maintained monthly since then, leaving a balance at the end of the 2023/24 year of less than £20,000. No further borrowing has been undertaken. The Governors will seek to continue to invest in the School to allow our current pupils to benefit whilst at the same time ensuring a sound infrastructure and financial base are preserved for the next generation of pupils - just as our current pupils benefit now from reserves and investments made in the past. |
All developments, recent and historic, have been financed by reserves, supported latterly by our small BBL. |
Our medium - long term plans include continued redevelopment of our ICT facilities and provision, refurbishment of our Science facilities and replacing the buildings behind our School hall with a higher specification, two-storey construction. |
Financial review |
Financial position |
The financial statements show net incoming resources for the year of £158,180 (2023 net incoming - £131,019). |
Pupil growth and retention remains a key challenge for the majority of small prep schools, but one to which WPS continues to respond well. The Governors and Senior Leadership team (SLT) have a real focus on growth and have introduced some key initiatives such as the Prep Pathway- our unique and clear vision of a child's learning journey at WPS. Our Headteacher and Bursar (the two forming the Senior Leadership Team) have worked together to grow our pupil base. Over the past three years, growth in pupil numbers has been evident with the efforts made resulting in a growing number of referrals through personal recommendations, as well as enquiries from new families. As a consequence, our pupil numbers have grown and in 2023/24 averaged 133 compared to 101 3 years previously in 2020/21. Our excellent reputation will allow us to continue to build on our successes, although we are fully aware of the potential impact of the imposition of VAT on our fees will have on our parental body. Governors and the SLT have been reviewing possible options over the past year and have consulted parents to gain their constructive input. Undoubtedly, the new VAT regime will impact the independent sector. |
From September 2020, the School withdrew from the Government Teachers' Pension Scheme (TPS). Instead teachers are able to join a sound defined contribution scheme, approved by the independent Schools' Bursars' Association, which allows teachers flexibility on contribution levels according to their own personal circumstances. This move has also had the benefit of making savings for WPS, as employer contributions to the TPS were becoming unsustainable for a small prep school and subsequently placing a burden on fee levels. |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED (REGISTERED NUMBER: 00888176) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2024 |
STRATEGIC REPORT |
Financial review |
Principal funding sources |
The principal funding source during the year was fee income and the key objectives of the charity were supported by expenditure on teaching, welfare and running costs of the School. |
As a charity, the parents of our pupils have the assurance that all the income of the School is applied for educational purposes. As an educational charity we enjoy tax exemption on our educational activities and on our investment income, and these are all fed back into the School's charitable aims. As a charity we are also entitled to an 80% reduction on our business rates on our educational property. These financial benefits are all applied to educational purposes and therefore indirectly help us to maintain and develop our policy of widening access. Such benefits are important to help ensure the financial viability of the School. |
However, as a charity we have to-date been unable to reclaim the VAT we pay on our costs as we are exempt for VAT purposes. This is likely to change from January 2025, with VAT being imposed on school fees. We also pay tax as an employer through the national insurance contributions we make. |
Investment policy |
The Company has absolute powers of investment of its corporate reserves. The Finance sub-committee review investment risks and the policy is to invest in low risk Government Bonds and Unit Trusts. An account with a slightly higher return is used for day to day surplus funds. |
Investments yielded income of £6,803 (2023: £2,580). |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED (REGISTERED NUMBER: 00888176) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2024 |
STRATEGIC REPORT |
Financial review |
Reserves and Financial Health |
The Governors review financial performance at each of their meetings, there is a nominated Finance Governor who liaises closely with the Bursar at other times, and also a Finance subcommittee who are key in making recommendations to the full Board. |
In common with other independent schools, the Governors have invested substantial sums into the School infrastructure (the most significant recently, being enhancement of our music facilities, extension of our onsite Nursery, entrance hall, and extended development of our sports and playing facilities). We also have a continued programme of refurbishment, development and investment to maintain the School's excellent teaching facilities. The excellent maintenance and condition of our buildings were noted by the Inspection Team at our last full qualitative ISI School Inspection (Summer 2017). |
Reserves Policy |
Traditionally, it has been the policy of the School's Governing Body to fund all capital projects from reserves and not to borrow any capital sums. As noted previously, because of the COVID situation, the Governors accessed the Government Bounce Back Loan, which we are now repaying in line with agreed terms. |
Potential projects are identified in the School's Development Plan and in the past have included: |
- redevelopment and refurbishment of our Music facilities; |
- a new Nursery block; |
- further extension to the indoor and outdoor facilities for our onsite Nursery; |
- a new entrance hall and ICT suite; |
- redevelopment of our entrance hall; |
- a new multi surface sports pitch outside our Sports Hall; |
- further playground improvements. |
In addition to continuing to invest in new facilities, the Governors have invested in updates to our current site, for example, with development and enhancement of our Forest School area behind the Sports Hall, as well as other planned maintenance work, and significant investment in Wi-Fi access. Such works, whilst not necessarily providing a visible uplift, are essential to keep our buildings and our education provision safe, secure and modern. |
Note 20 to the financial statements shows the assets and liabilities attributable to the various funds by type. Unrestricted funds amounted to £1,476,254 but only £289,705 of this is freely available because the balance is invested in fixed assets or is designated for other purposes. It is the role of the Finance Subcommittee to review the levels of reserves against current needs for the effective financial management of the School's activities at their present level. |
Developments |
Our current focus is on ICT and on Science facilities, as noted previously and new hardware such as interactive screens or TVs, is now in place in all of the classrooms. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED (REGISTERED NUMBER: 00888176) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Organisational structure |
Organisational management |
The Governors determine the general policy of the School and they meet as a Board approximately six times a year to review its overall management and control, for which they are legally responsible. The day to day running of the School is delegated to the Headteacher and the Bursar. The Governors approve the School's policies and its Development Plan. Any key projects or major changes to procedures are referred to Governors for full debate. The Chairman of Governors has regular communication with both the Headteacher and the Bursar, and other Governors are regular visitors to School (e.g. the Health and Safety, Marketing, Staff and Education/Safeguarding Governors). |
The Headteacher oversees the recruitment of all educational staff, generally supported by the Education Governor. The Bursar oversees the recruitment of administrative and non-teaching support staff, usually together with the Headteacher. The Headteacher and Bursar were invited to attend Governors' Meetings in 2023/24, and other staff are invited, as required, by the Governors, to share knowledge about their specific teaching area as well as about pastoral care, including well-being and safeguarding. |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED (REGISTERED NUMBER: 00888176) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governor Recruitment and Training |
It is recognised that between them, the Governors need to be able to speak with knowledge and experience on a wide range of matters that will be brought to their attention. Accordingly, when a vacancy is to be filled, the Governors always take into account what field of experience or training is not represented, or is under-represented, on the Board. The following skills are considered essential to the Governing Body: |
- Education (including Special Needs) |
- Safeguarding |
- Finance/Business |
- Law |
- Property |
- Medical |
- PR/marketing. |
However, the right persons with sound judgement, in sympathy with the longer-term aims of the School, and the desire to serve the School, whilst being able to give the necessary time and support freely and willingly, are also essential. In a small local School such as WPS, it is also considered beneficial that Governors live reasonably close to the School, so that they have an understanding of the local community. Hence, the Governors consider it wise to appoint the right person with the necessary skills, even if this means having a vacancy in the short term (professional expertise may then have to be bought in temporarily). |
It is recognised that it can take time for a new Governor to become familiar with the School, the way in which it operates and the issues which face Governors and management. New Governors meet with at least the Chairman before they are officially appointed to discuss the role and its requirements. They will also be invited into School to meet with the Headteacher and Bursar. |
New Governors are issued with a Governors' Handbook, and a comprehensive pack of relevant papers, including copies of documents such as The Trust's Memorandum and Articles, the most recent Annual Report and Accounts of the Governing Body, the latest term's accounts, previous minutes, the School's Development Plan and the most recent inspection report. |
New Governors are asked to familiarise themselves with recent developments in the education sector. To assist them, relevant developments are noted at each Governors' Meeting by the SLT. Governors are also encouraged to attend seminars run by AGBIS or IAPS, where they can exchange views with other schools. All Governors are also invited to attend, where possible, staff training days that take place the day before each term starts. |
It is expected that Governors should keep themselves up-to-date with what is happening in School, as well as more widely in education, particularly in the independent sector. Details of meetings (e.g. IAPS, AGBIS) are circulated to Governors and wherever possible a Governor is encouraged to attend a relevant organised session. He/she will then report back to the whole Governing Body so that the information is disseminated to all. |
Other relationships |
The School is a member of IAPS (the Independent Association of Prep Schools) of ISA (the Independent Schools' Association) of ISBA (the Independent Schools' Bursars' Association), and of AGBIS (Association of Governing Bodies of Independent Schools). These associations provide a wealth of expertise, knowledge and experience across the independent schools sector. |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED (REGISTERED NUMBER: 00888176) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Risk management |
The Governors are responsible for the overseeing of the risks faced by the School. Detailed assessments of risk are delegated to the Senior Management Team and a system of risk management and assessment is in place. The Governors assess the major risks that the School faces each financial year when preparing and updating the School's Development Plan. The Charity has developed systems to monitor and control these risks to mitigate the impact they may have on the School in the future. It is recognised that any such systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. |
Key risks at national/political level which would have a major negative impact include: |
- The new government's announcement that Value Added Tax (currently 20% on most services) will be added to fees from January 2025 and the removal of Business Rates Relief from April 2025. These actions will seriously damage the sustainability of many small prep schools. Fortunately, WPS has a financially strong, secure position. |
- Low birth rates which are impacting Reception class sizes generally. |
- The national short-mid-term economic situation, which is still a concern for many families. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED (REGISTERED NUMBER: 00888176) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2024 |
Trustees |
Mr A Gosnay |
Mrs L. Anson |
Mr J. Hughes |
Mr D.G. Vanstone |
Mr J. Sharp |
Mrs D. Stephenson |
Mrs W. Wynn |
Mrs B. Williams |
Mrs H. D'urso |
Mr N. Laird |
In accordance with Article 42 of the Articles of Association, Mrs Wendy Wynn, Mr D.G Vanstone, Mr J Hughes and Mr N Laird, the Governors retiring by rotation, will retire at the Annual General Meeting, and being eligible, offer themselves for re-election. |
Other Officers |
Headteacher | Mr B. Lavagna-Slater HDipEd, BA (Hons) NPQH |
Bursar | Miss S. J. H. Davies BSc (Hons), IPFA (Hons) |
Clerk to the Governors | Miss S. J. H. Davies BSc (Hons), IPFA (Hons) |
School Secretary | Miss L. K. Kendal BA (Hons), PGCE |
Company Secretary | Mr A. Gosnay |
Auditors |
Chartered Accountants and |
Statutory Auditors |
Clarke Nicklin House |
Brooks Drive |
Cheadle Royal Business Park |
Cheadle |
Cheshire |
SK8 3TD |
Solicitors |
Pannone Corporate LLP |
378 - 380 Deansgate |
Manchester M3 4LY |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED (REGISTERED NUMBER: 00888176) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2024 |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The Governors who are also the charity trustees and the company directors, are responsible for the overall management and control of Wilmslow Preparatory School Trust Limited and meet generally six times a year. The School Bursar is responsible for co-ordinating the work of the Governors and any sub-committees, preparation of papers, management accounts and the review of matters arising. |
All Governors give their time freely and no remuneration or expenses were paid in the year to the Governors personally. No Governor, or person connected with a Governor, received any benefit from means tested Bursaries awarded to our pupils. |
The Governors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
Company law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including income and expenditure, of the charitable company for that period. In preparing these financial statements, the governors are required to: |
- select suitable accounting policies and apply them consistently; |
- observe the methods and principles in the Charities SORP; |
- make judgements and estimates that are reasonable and prudent; |
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. |
The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
In so far as the Governors are aware: |
- There is no relevant audit information of which the charitable company's auditors are unaware and; |
- The Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. |
AUDITORS |
The auditors, Clarke Nicklin LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED |
Opinion |
We have audited the financial statements of Wilmslow Preparatory School Trust Limited (the 'charitable company') for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year 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 applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. |
Other information |
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Trustees has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of trustees' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of trustees |
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED |
Our responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion.Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. |
Procedures to identify risks: |
- enquiring of management concerning the entity's procedures relating to: |
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas: timing of recognition of income, and posting of unusual journals; and |
- obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the entity. The key laws and regulations we considered in this context included Companies Act, Charities Act, employment law, health and safety, pensions legislation and tax legislation. |
The procedures to respond to risks identified included: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above; |
- enquiring of management, concerning actual and potential litigation and claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- testing the timing and matching of income and expense transactions either side of the year end; and |
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud non-compliance with laws and regulations throughout the audit. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED |
Use of our report |
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and |
Statutory Auditors |
Brooks Drive |
Cheadle Royal Business Park |
Cheadle |
Cheshire |
SK8 3TD |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2024 | 2023 |
Unrestricted | Endowment | Total | Total |
funds | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 3 |
Charitable activities | 5 |
Investment income | 4 |
Total |
EXPENDITURE ON |
Charitable activities | 6 |
Total |
Net gains/(losses) on investments | ( |
) |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 1,318,826 |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED (REGISTERED NUMBER: 00888176) |
BALANCE SHEET |
31 AUGUST 2024 |
2024 | 2023 |
Unrestricted | Endowment | Total | Total |
funds | fund | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Investments | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 17 | ( |
) | ( |
) | ( |
) |
NET ASSETS |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED (REGISTERED NUMBER: 00888176) |
BALANCE SHEET - continued |
31 AUGUST 2024 |
FUNDS | 20 |
Unrestricted funds | 1,318,074 |
Endowment funds | 752 |
TOTAL FUNDS | 1,318,826 |
The financial statements were approved by the Board of Trustees and authorised for issue on |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 404,733 | 187,385 |
Interest paid | (696 | ) | (942 | ) |
Net cash provided by operating activities | 404,037 | 186,443 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (46,305 | ) | (29,359 | ) |
Purchase of current asset investments | (347,763 | ) | (141,062 | ) |
Net cash used in investing activities | (394,068 | ) | (170,421 | ) |
Cash flows from financing activities |
Loan repayments in year | (9,760 | ) | (9,707 | ) |
Net cash used in financing activities | (9,760 | ) | (9,707 | ) |
Change in cash and cash equivalents in the reporting period |
209 |
6,315 |
Cash and cash equivalents at the beginning of the reporting period |
14,007 |
7,692 |
Cash and cash equivalents at the end of the reporting period |
14,216 |
14,007 |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
2024 | 2023 |
£ | £ |
Net income for the reporting period (as per the Statement of Financial Activities) |
158,180 |
131,019 |
Adjustments for: |
Depreciation charges | 40,306 | 27,121 |
(Gain)/losses on investments | (2,534 | ) | 1,337 |
Interest paid | 696 | 942 |
Increase in stocks | (919 | ) | (1,029 | ) |
Increase in debtors | (27,468 | ) | (15,460 | ) |
Increase in creditors | 236,472 | 43,455 |
Net cash provided by operations | 404,733 | 187,385 |
2. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.9.23 | Cash flow | At 31.8.24 |
£ | £ | £ |
Net cash |
Cash at bank | 14,007 | 209 | 14,216 |
14,007 | 209 | 14,216 |
Liquid resources |
Deposits included in cash | - | - | - |
Current asset investments | 289,645 | 347,763 | 637,408 |
289,645 | 347,763 | 637,408 |
Debt |
Debts falling due within 1 year | (9,952 | ) | (251 | ) | (10,203 | ) |
Debts falling due after 1 year | (22,242 | ) | 10,011 | (12,231 | ) |
(32,194 | ) | 9,760 | (22,434 | ) |
Total | 271,458 | 357,732 | 629,190 |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
1. | INFORMATION |
Wilmslow Preparatory School Trust Limited ("the Company") is a charitable company limited by guarantee, incorporated in the United Kingdom. The address of its registered office and principal place of business is 7 Grove Avenue, Wilmslow, Cheshire, SK9 5EG. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. |
There are no material uncertainties about the charity's ability to continue as a going concern. |
The financial statements are presented in Sterling (£). |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Fee income represents the invoiced amount of tuition services and meals provided during the year together with miscellaneous catering receipts and collection charges. Fees received for education to be provided in future years are carried forward as deferred income. |
Donations receivable for the general purposes of the Charity are credited to unrestricted funds. Donations for purposes restricted by the donor are taken to restricted funds. Amounts required to be retained as capital are accounted for as endowments. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. The irrecoverable element of VAT is included with the item of expense to which it relates. |
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. |
Costs of generating funds are fundraising costs incurred in seeking voluntary contributions. |
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the fees and costs linked to the strategic management of the charity. |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided on all tangible fixed assets bought by the school, other than freehold land, at rates calculated to write off the cost, less estimated residual value of each asset over its expected useful life, as follows:- |
Freehold Buildings | 1.5% straight line |
Plant, Fixtures and Fittings | 20% straight line |
Tangible fixed assets presented to the school as gifts are capitalised at cost to the donor and a corresponding amount is provided of depreciation. Items costing less than £500 are written off as an expense as acquired. |
Stocks |
The value of stock, which is not material to the financial position of the company, is estimated. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds are available for use at the discretion of the trustees in furtherance of general objectives of the charity. |
Designated funds are unrestricted funds earmarked by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes in the financial statements. |
Restricted funds are subject to restrictions on their expenditure imposed by the donor or through the terms of an appeal. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
3. | DONATIONS AND LEGACIES |
2024 | 2023 |
£ | £ |
Donations and sundry receipts |
4. | INVESTMENT INCOME |
2024 | 2023 |
£ | £ |
Investment income | 6,803 | 2,580 |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
5. | INCOME FROM CHARITABLE ACTIVITIES |
2024 | 2023 |
School fees | 1,761,791 | 1,530,235 |
add School fees received in advance | 148,314 | 90,506 |
less School fees carried forward | (354,656 | ) | (148,314 | ) |
less Bursaries and allowances | (338,805 | ) | (317,997 | ) |
1,216,644 | 1,154,430 |
6. | CHARITABLE ACTIVITIES COSTS |
Support |
costs (see |
note 7) |
£ |
Teaching and welfare costs | 702,034 |
Running costs & maintenance | 430,947 |
Governance | 9,200 |
1,142,181 |
2024 | 2023 |
£ | £ |
Teaching and welfare costs |
Staff costs | 603,445 | 631,295 |
Depreciation | 4,246 | 5,401 |
Other operating charges | 94,343 | 94,743 |
702,034 | 731,439 |
Running costs and maintenance |
Staff costs | 161,437 | 101,052 |
Depreciation | 36,060 | 21,720 |
Other operating charges | 236,450 | 227,036 |
433,947 | 349,808 |
Governance costs |
Auditors' remuneration | 9,200 | 8,760 |
9,200 | 8,760 |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
7. | SUPPORT COSTS |
Governance |
Management | Finance | costs | Totals |
£ | £ | £ | £ |
Teaching and welfare costs | 702,034 | - | - | 702,034 |
Running costs & maintenance | 429,243 | 1,704 | - | 430,947 |
Governance | - | - | 9,200 | 9,200 |
1,131,277 | 1,704 | 9,200 | 1,142,181 |
Support costs, included in the above, are as follows: |
2024 | 2023 |
Teaching |
and | Running |
welfare | costs & | Total | Total |
costs | maintenance | Governance | activities | activities |
£ | £ | £ | £ | £ |
Wages | 603,445 | 161,437 | - | 764,882 | 732,347 |
Rates and water | - | 29,789 | - | 29,789 | 23,156 |
Light and heat | - | 32,859 | - | 32,859 | 29,442 |
Telephone costs | - | 10,883 | - | 10,883 | 8,448 |
Postage and stationery | - | 49,316 | - | 49,316 | 65,350 |
Sundries | - | 68,445 | - | 68,445 | 65,612 |
Provisions | 65,455 | - | - | 65,455 | 72,103 |
School books and materials |
28,888 |
- |
- |
28,888 |
22,640 |
Repairs and renewals | - | 38,454 | - | 38,454 | 30,076 |
Inspection costs | - | 2,000 | - | 2,000 | 3,070 |
Depreciation of tangible and heritage assets |
4,246 |
36,060 |
- |
40,306 |
27,121 |
Bank charges | - | 1,008 | - | 1,008 | 940 |
Interest payable and similar charges |
- |
696 |
- |
696 |
942 |
Auditors' remuneration | - | - | 9,200 | 9,200 | 8,760 |
702,034 | 430,947 | 9,200 | 1,142,181 | 1,090,007 |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
8. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Auditors' remuneration | 9,200 | 8,760 |
Depreciation - owned assets |
9. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023. |
10. | STAFF COSTS |
2024 | 2023 |
£ | £ |
Wages and salaries |
764,882 | 732,347 |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
Teachers and assistants (full time) | 6 | 13 |
Teachers and assistants (part time) | 18 | 18 |
Self employed | 5 | 5 |
Administration - Office | 4 | 3 |
Administration - Kitchen | 4 | 2 |
Administration - Caretaker | 1 | 1 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |
2024 | 2023 |
£60,001 - £70,000 |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 September 2023 |
Additions |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
12. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
MARKET VALUE |
At 1 September 2023 |
Revaluations |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 | 28,952 |
At 31 August 2023 | 26,415 |
There were no investment assets outside the UK. |
Cost or valuation at 31 August 2024 is represented by: |
Listed |
investments |
£ |
Valuation in 2024 | 28,952 |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
13. | STOCKS |
2024 | 2023 |
£ | £ |
Finished goods |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
15. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Short term deposits | 637,408 | 289,645 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 18) |
Trade creditors |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
Other creditors include unpaid pension contributions of £9,724 (2023: £7,460). |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 18) |
Deposits held |
18. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year on demand: |
Bank loans |
Amounts falling between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
19. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
20. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.9.23 | in funds | funds | 31.8.24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 172,910 | 198,486 | (81,692 | ) | 289,704 |
Designated fixed asset fund | 1,145,164 | (40,306 | ) | 46,306 | 1,151,164 |
Designated repairs fund | - | - | 35,386 | 35,386 |
158,180 |
Endowment funds |
Prize funds | 752 | - | - | 752 |
TOTAL FUNDS | 158,180 | 1,477,006 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 1,297,827 | (1,101,875 | ) | 2,534 | 198,486 |
Designated fixed asset fund | - | (40,306 | ) | - | (40,306 | ) |
( |
) | 158,180 |
TOTAL FUNDS | ( |
) | 158,180 |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.9.22 | in funds | funds | 31.8.23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 44,129 | 158,140 | (29,359 | ) | 172,910 |
Designated fixed asset fund | 1,142,926 | (27,121 | ) | 29,359 | 1,145,164 |
1,187,055 | 131,019 | - | 1,318,074 |
Endowment funds |
Prize funds | 752 | - | - | 752 |
TOTAL FUNDS | 1,187,807 | 131,019 | - | 1,318,826 |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
20. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 1,222,363 | (1,062,886 | ) | (1,337 | ) | 158,140 |
Designated fixed asset fund | - | (27,121 | ) | - | (27,121 | ) |
1,222,363 | (1,090,007 | ) | (1,337 | ) | 131,019 |
TOTAL FUNDS | 1,222,363 | (1,090,007 | ) | (1,337 | ) | 131,019 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
movement | between | At |
At 1.9.22 | in funds | funds | 31.8.24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 44,129 | 356,626 | (111,051 | ) | 289,704 |
Designated fixed asset fund | 1,142,926 | (67,427 | ) | 75,665 | 1,151,164 |
Designated repairs fund | - | - | 35,386 | 35,386 |
1,187,055 | 289,199 | - | 1,476,254 |
Endowment funds |
Prize funds | 752 | - | - | 752 |
TOTAL FUNDS | 1,187,807 | 289,199 | - | 1,477,006 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 2,520,190 | (2,164,761 | ) | 1,197 | 356,626 |
Designated fixed asset fund | - | (67,427 | ) | - | (67,427 | ) |
2,520,190 | (2,232,188 | ) | 1,197 | 289,199 |
TOTAL FUNDS | 2,520,190 | (2,232,188 | ) | 1,197 | 289,199 |
WILMSLOW PREPARATORY SCHOOL TRUST |
LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
21. | RELATED PARTY DISCLOSURES |
During the year Calvin Marketing Limited, a firm in which one of the Governors of the School, |
Mrs D Stephenson, is a director, provided marketing and publicity services for the Company. Fees payable to Calvin Marketing Limited were £20,152 (2023: £21,178). This included the basic monthly agreement fees plus additional printing, marketing and costs for work in connection with the website and general adverts. |