REGISTERED COMPANY NUMSER: 0377730$ (En0lend end Welee)REGISTERED CHARITY NUMBER: 3777308

GOVERNORS' REPORT ANDFINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 3020

FORSEVENOAKS PREPARATORY SCHOOL LIEETED

Governors' report

Report of the Inctepemtent Aurtitors

Statement of Flnariclel Activities

Slatement of Ftnenciel Poseidon

Statement of Cash Flows

Boles to lne Soslement of Cash Flaws

Notes to lhe Financial Statements

Page

1 lo 8

9 lo 10

12

14

15 lo 26

OJtrirganfas4cf. gggg, present their rsliert wtgt

ttt; Tits ttustsss ttsve adopted the provfsioris offttt'tc™tkte.'ttbgttcettte te shaltttsa preparing their

Tn tfts UK and Republic oT pelsnd tpRB 102)

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It4Ãirt'. Charity nuniberlr ~ 1

Re'g(rttered officeattwkp cdttsgeGodden GreenSevenoeksKentTN15 OJU

GovernorsMs J S BerryDr M J CarboniT C DickinsonMrs S A HuangE GalleyC J Sutton-MattocksP D Wiltshire

R BurgessA G FernandoA DurtnellMrs T L Hornshaw

K R RushMrs M LlamasP Cheveley

Chairman

resigned 05 04 20- Vice Chairman

- aPPointed 14.10 20sPPoirrted14 10 20

- aPPointed 14.10 20

Company SecretariesMiss M PeifceMrs E Welsh

AuditorsDesks Evans Audit Services Limited

3 Boyne ParkTunbridge Wells

KentTN4 SEN

SogoltorsThickray Williams

Kings House32-40 Wtdm ore RoadBromleyKentBR1 tRY

BankersHandelsbankenSavenoaks Branch1st Floor50.52 London RoadBkgh's MeadowSevenoaksKentTN13 1AS

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SEVENOAKS PREPARATORY SBHDOL LIMITEDGOVER«IORS' REPORTFOR THE YEAR ENDED 31 AUGUST gggo

Governing DocumentThe charity is governed by its Memorandum snd Articles of Association dated 26 Msy 1999 as sniencled by SpecialResolution(s) dated 19 November 2014, as emended by certificate of inoomoralfon on change of name dated 9 February

STRUCTURE, GOVERNANCE AND MANAGEMENT

None of ihe Governors has any beneeaal interest in fhe company. AII the Gcverncm are members of the company andguarantee lo coneibuie 610 in Ihe event of a winding up

The Board of Governors met once per term on 9 October 2019, 16 March 2020 snd 23 June 2020.The main sub cbmmiuee of ttm Governors ls the Exscugve committee whkh meets ence a month to discuss the day lo deymettem concerned with the running of the School. Major iterhs ant passed fo ths blam Board for discussion, wsh thsExecutive Committee's recommendations. Ths Chairman snd Vice Chairman sit on this Corrrmittee with the Headroastsr,Bursar, Deputy Head and Heed of Prs-Prep In attendance.

The other permanent Sub Committees are as follows;

Academic CommigeeAppoirilmenls and Succession PlanningDevelopment CommitteeFhmnce and Risk CommhkreBumary Committee

D Wig«hireJ BonyR BurgessJ BerryC Sugon-Mattock«

ChairChairChairChairChair

Tile flay to dsy running of ihe school Is delegated lc the Headmaster Luke Harrison and the Bumw, Eflxebeth welsh. Theywork In cooper@ion wilh the Senfor Management Team, who am the Deputy Head, Heed of the pre-prep, Assistant Headsend Deputy Heed of pmprep, Heed of La«ming Suppert SEhlco,

RECRUITMENT, INDUCTION AND TRAINING OF GOVERNORS

Appdlntmsnl andre-appointment of GovemomThe Articles of As«octagon allow lor Ihere to be between seven «nd twenty appcfnurd Governors. There sre cunwntly ten onIhe Besicf. Governors era appointed by the existing Beard members in the smt instwtcs end Ihay are re appointed for 3years and csn serve up to s maximum ol 3 farms of 3 yearn unless thee are fehenuelfng circumetanceeTrainingMany planned courses and conferences were cancelled during the year due tc the COVID 19 restrictions.A virtual Governors Plannin'g-, D«y was held in June 2020.

All Governors are made aware of briefing documents provided by AGBIS, ISBA and other recognised bodies.Mrs J Barry snd Mrs E Welsh recewed a pension update from an aciusry.

The cost of Governors' courses to the School during the year was Enil.

KEY MANAGEMENT PAY POLICY

In Ifne with pay for all staff, key mslmgsmsnt psy. is rxrn8idered by Ihs Governors' Finsrioe and Risk committee who makemccmmemfslfons to lha full ixmrd. In deciding the fsvel of remuneration, the Commftttaf con«hler Ihe owrent markelnots 9 of the Scocunts.demand for pupils. the ffnan@af strshfgh of ths school end Ihe economic outlook. The ksy mansgsment rckre dsteged Ism n

EMPLOYNIENT POLICY

The School is an equal opportuntuas employer. F us end fair consider«eon ls given to fob appiicegons hem disabled personsand due consideration is given to their trmnlng and employment needs, cereultatlon with employees has oonbnued at alllevels with the sim of liking their views into account when dechions are mid« that sm likely to affect their Intern«Is. Thastaff council consnued to be con«chad and to rmntdbuta suggrmtions to the mr«sativa.

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SEVENOAKS PREPARATORY SCHOOL LIMITEDGOVERNORS' REPORTFOR THE YEAR ENDED 31 AUGUST 2S20

AIMS AND OBJECTIVES

The schoal spski td prsvfde an INkidgtfdg forgfe. , It agmr lertfrhtsve gtbr through Etc pre prep'Galdrfh Rules' sritd theVery of'Lfky in Iha pgfp, ~'with=is ~la ipprsaeh Ihat~ ori gfs hbTHN af ttta individual. 'In addlgon, theschabi tilde Clt fu ~p avaty ptfpjt tb bwlff I I best 'Ibay' tsfh ba, boih Ins'fde and oulside'ths rdpmjroom. Ths schoofsctitdsstf slikfsethos is cenbsl lo gs atmk Bhd emphssfses slronff pastoral cere of pupils, nurturing each one and aupporsng parents snd

Our aims are

~ to ensure IHagsfeguarfgng of all pupils.~ to afford all pupgrkefgxpNnibes to succeed bofh inside and outside the classroom.~ to rscruif and retain fhe highest calibre of teaching and support staff who embody our Way of Life.~ to provide excellent pastoral care and nurture outstanding relabonships between staff, pupils and parents.~ to be a wami, fnendly, family schoole to provide individualised learning which we believe is best provided for in small class sizes.~ to utilise technology to aid student learning and to ensure that our I CT provision complements existing and fulureleaching strategies.e to progress the School's commitment to bursaries

to develop the School's involvement with local, national and international charities.~ to maintain and enhance the school's environment and facilities.o to maintain a balanced budget approach to managing its finanmal resources and expenditures,

Sevsnoaks Prep "Wsy of Life"I ought lo think at all limes how my every actfon will affect others in my life. pamnts, friends,mlalions, tmtchers and everyone youhgbr than thyself.I ought «I treat. ail others as I weukl want to be tnurtsd myself, and take a personal interest inhow other people feet.I ought not to touch anything that is not mine, unless with permission or unless I am beinhelpful. nex am ng

I ought to be poligr lo everybody at all times and be positive in my actions.I ought to lake responsibility for my own maturity by ensuring I assist in the smooth running ofthe school end'my home,I aught to Iske ownership sf my studies, concentrating and applying myself to achieve to thebest of my ability'.I ought to obey in the right spirit Ihe instruolions of my tea chem arid parents.I ought to tape it immediately any damage or unforturmte behaviour to my teachers andi or my

I IBjght to remember that in life my alm sheuld be to solve problems not causa tham, te buildbn'rjgas ralhar than knodi them dovm, to trust othsm snd to be busted, to pul ole needs ofwith.othms first and mine last to improve end mgka batter whatever or wtiosver I arri )nvofv dnvo eI ought, at all times, to be totally honest to myself and to others.

The Schfrol gives means tested financial assistance te Ihe parents of some pupils who might otherwise tind lhe full fee asmiting Ikctor to sendmg and retainmg their sons and dsvghtsm at the School,The School works with 3 educational establishments in the Maintained Sector,

CHARITABLE OBJECTS

The object of the school as sst out in th» Ardckm of Asaorrisiion, are Iq establish and cary on in Great Britain (and anyother counkfes) Gdxrols at or by means of which students msy obtain education and instructions in languages,msgtemagcs, geography and hfstoiy, and all other subjects whatsoever that mey be incfuded in a commemial, technical,tKfsntfitc. classlml cr academic education.

public benefit.

In setting the oblectives the Governors have given careful consideration to the Charity Commissions' general gu'di ance on

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6EVSNOAKS PREPARATORY SCHOOL LEER EDGOVERNORS' REPORTFOR THE YEAR ENDED 31 AUGUST 2030

PRINCIPAL ACTIVITES FOR THE YEAR

Ws have continued to make achievements in a number of areas across the School.

Artsdrew our centenary yak r af 2016 to an and whh e very sptxhef Christmas carol Sewiea fcr the whale seheol snd ihsfrktmiffss st Sl Nkhkilas's church in ssvenosks. A variety of musical groups, cholrs snd archesuas performed In aurchridmas canosrL and tire upper sehaol performed a very successful pkly along wihi Iiw pre-prep performing theirNatlMty plays. In ihe nsw year we waiecmed chhdren farm Seal St Lawrence to take perl In 0 musical lehsinoon.

SportsTha bays had e good year of foolbah with tHe colts teams winning trophies al bath ths st Michael'4 snd Hilden GrangeTaumemsnls. The senior boys same runners up in fhs Nsw Beacon and Sevenoaks School foolbeh Icumwnenls wtgt'one of our pfayeni named player of ths lournamsnt at Ihe Ssvenoaks event. It has bean pfsasjng. to hear a number afboys who leh ua last year have continued to knptess on ths rugby gekt end have roads the lirst team in thek nmvSquad.sensate including Tonbridgs, sevsnaaks snd susan valence and canrinue la bs involved In th sa D I ntn e racers evs apm ant

The rugby tenn started aff strongly kri the senior bays wfth e numbw of impressive performances snd gle U13'4peifpimed adinirably st the Hudsan 7's rugby Iaumamanl agalrwl much bigger schools. Unfortunately, Covld prsvenMdhw Gussy Cup and Oldrayd 7's taking place which acr teams would hrws fared very wail in.The Thames Irophy cross cauntry competition was 0 success again tiffs year end Ihe school same third in the Brendhfeyrsktys. The if 1 'I girls had an anjoyabkr time at the IAps Nafbsil lourniiment snd Jamis wlsheit ( 6) loak in theIAPS judo corn paction. yr part n

~r ~down wa cominued ouf sparta provision vlrtualfy wkh skihs chelfenges being set by the games dep ri emVfhfch Ihe pupils became heavily involved in, sharing videos wllh us During their PE hymns M' ~™Sriuel ahtfatfcs lessons and a weakly house based emnpslitiorxwhsre pupfbr gained ptanbr ror their howe.

Ones the sohaol was able to mapsn and we could webama puphs beck we oilwsd 4 mixture of sthletfcs end crickstactfvees within the bubbles end with strict safely metwufes In place. lAb had I pupil otfsrsd a sports scholarship atCsterham with e number of schesis poalponfng their assessment days unlll this lenn.

Trips snd workshopsThe children enjoyed a variety of trips and woriahfaps Includfng a STEAM day when alf pupils participated in s day ofproblem solving and creativity hnhsd to stuccos, Technology, Eegineering Art and Maths.Key stags 3Ice skafing al Tunbridge WshsBushcmkA visit tO the Bridge TheaueBsysux tripRiver Bourne field tripKey siege 2A Irip to Hartan fcfritby to leam shout being svacuees in the 1640sA science trip to Herslm an eauxtntitars worltshopKey slaps 1Visit to Age UKBrorriley Refoan SynagoguePeter Pan pantomimeEarfy yawsEmmets Gardens

Ths Gavsrnmenl requfmd the school to ekss ks premises to sli btft the children af ksy workers aver Ilia lockdown penod,and this Ied to ths caneehalion of a variety af trips that-had been planned such es: the French Exchange, s kip to Jareeyand Ihs Wantage resitlentisi. It also led us ta cancel our annual pfep idol musie campsliticn, the pfknned Opening day forthe Centenary Csnlre together wkh gte Sports day. and Summer Fsyre.

The Govemom rs'oognised Ihsl nol being able to make use of the school's facilities and grounds would not provide Ihssame experience as a normal term. and so offered patents a percentage discount an the fstw for the summer tenn. Affsrhstsmng la parents feedback it wss cfeaV the! our youngest leamsts were those least able te bsneht from eriy remotelearning, and a further discount was affenid ta chgdren in Nursery and lgndergsrten.

Pegs 4

SEVENOAkg PREPARATORY SCHOOL LIMITEDGOVERNOR8' REPORTFOR THE YEAR ENDED 31 AUGUST 2020

PRINCIPAL ACTIVITES FOR THE YEAR -CONTINUED

Vvhllst the school continued to cere for ths children of key woikws through Ihe Easter hoydays and half term break aswell ss during term time, it eilso moved to ogarlng rernole I'earning fer sg children using a var!sly of pislfcrms andprogrammaa, Tbeaim was to challenge the chlMnm but kiss allow families lo fit the lesmkxl of chiidnln Of various agesInlo iheir dsy, After Inbrnsivs s'Ialf training In the technology and sub'stsngsl recalibralion 'of lesrum plans, t)w schoolcontinued lo offer both core sub)sour and project work. Usirtg Ihs ilechnoiogy, work submkurd was marked snd returned,together with the children hmxng live access to their teachers each wssk to discuss tlis work or any kwuss and tosupporl their mental wekbaing, This provided 6 level of pastoral suppcrt to all chydmn, but most psruevlerly to thosechildren who struggled lo desi wN1 being rssbtcum to online interaction and Isascns.

Ths progress of the chiMren wsa reported lo Iha psrsnls by means of grads report given to sll families et halt term, andour newslsltsrs celebrsusd lola of ths wondwful art projects Ihat the children wwe cmaung el horne. as well as virtualorchsstras sml lockdown pussy that wss ccmpcssrR Mr Creasy gave online free crioksl coaching end music challengeswere set to beth guess gle lunes ihst stall went playing and to ornate unusual hdme4nade inslrwnsnts. The key workerMtildrsn who vvers using cared for at school ag through lookdown made bantam and oolourful bags to thank lhe NHS.

Following an exhaustive rtsk assessment prfxxes and fhe Implementation cf various naw processes and proosdurssdesigned to reduce the possibility of infection, ss the Iockdcvm measures eased, the school~back Rsaepgpn,Year 1 end Year 6 at beginning af June in line wllh Ihe Government raqulremenls. The children came beck Se smelkvrleanllng groups. designated play areas end incmasrm hygiene measures. The reassignment of a variety of smffmembers working over end above Iheir noenal bourn and duties, together with orssbve use of all the space that thebuildings and grounds afforded, allowed the school to bring all year groups back onto site fcr the final twe weeks of gwterm lo extend ths beneRls of soma routine and cwumunity lo Ih'e children before lhs summer holidays.

As s result of Ihls partod. il became dear that the children ulro'ughout the school hsd become niwe ab)fr to nlenags IhIFir'own work, and the experience end skills dsvslcpsd by the slaff were pM lc usa daveloMing future strategies andllnproving ths plsni; for mmes provision with mom live lessons and teaching in pnsparstlan Ior fulum krckdovms endself Jsoiauon,

ACHIEVEMENTS AND PERFORMANCE

ScholarshipsThe following Scholarships were awarded to our pupils:

13+-1 Acsdenlc Scholarship- 2 Sporte Scholarships- 2 Music Scholarships-3 Drama Scholarships

Destination Schools- 4 pupils awarded 11+places at grammar schools- Popes gainedl places at their chosen 11+113+senior independent schools

FINANCIAL REVIEW

bankThe income of the School arises from fees end donaticne received and interest earned on short term deposks 'th iheWl

The charitable expenditure is ay met from this income. The Governors consider the assets snd the operation of theSchool sra sumolent in the short term to maintain its obligations in full.

The total Incoming msources during the year ended 31 August 2020 were E4,566,672 (2D16: 64, 742.566) and theresources expended were 54,246.801 (2019: 54,267067) whkh msulkxl in a surplus for gw year of 6319,871 compamdIo a surplus ef 2476 I79 generated ln fhe previous year. All of Ihe sshoofs axpsndxure was spent in edvancement of itscharitable objecUvss.

Reserves Policy

The Governors have a policy of achieving an cperegonel surplus to continua lo invest in msmtsining educational facilitiesthat meet snd exceed the current recommendations end slandards

The School holds msithled funda Of 528,043 (2019: R20,660) which have been donated fcr the funding of burssrlssUnlastrbted funds of 23;679,026 (2019' 53,566,515) allow the school to csny out it's cheritsble objectives, Ths totalfunds hald were 63,907,056 (2019', 63,587,105),

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SEVENOAKS PltEPARATORY SCHOOL LIMITEDGOVERNORS' REPORTFOR THE YEAR ENtjED 31 AUGUST 202a

FINANCIAL REVIEW - CONTINUED

Pension Schemes

The School parKipalss in the Teachers' Pension Scheme (TPS) for its leeching Staff and an auto enrolment scheme runby People's Fsnshns for suppod staff.

The Tps is an unfunded multi employer defined bsnelks scheme governed by the Teachers' Pension SchemeRegulations 2018 Membws conmbute on s 'psy ss you go' basis with contributions fram members and Ihe employerbeing credited to Ihe Exchequer. Retlnansnt and alber pensions bsndgts are paid by public funds provided by Parliament.

The employer aantribubon rstb is aet following schema valuations undertaken by ihe Government Actuary's Department.The cunsnl employer contrlbu3on rata for the TpS B 23.88rIL

For the Support Staff Pension administered by the People's Pension the employer contdibution was 3%. Ths employeerate increased la 5% on 6th April 2019.

Investment Powers snd Policy

The Governors investment powers are governed by the Memorandum and Artides d Association which pemiit theGovernors to make any investments they deem lit. Mast of the funds generated by the School are used in the short termin achieving the charitable aims and objectives. There are no funds svailabls for external long term investments. Shortterm surplus funds are held on deposit with the bank.

Bursary Policy

This year the Charity aws(ded Surssries of 857,808 (1.3% of fee income) from unrestr'icted funds. The Governors' palicy,in line with that of mast other independent schools, is to ewanl Sursades an the basis of nssd, All Surssriks are meanstested on application.

A Burswy fund hss been established and ls ovemeen by s subcommittee af 3 Governors, the Weed and the Bursar. Ouraim ls Io build up a fund which will support a child agsnd the Prep. This would be over and above the funds already setaside by the School.

Asset cover for funds

Note 18 sets out an analysis of the assets attrbulable to Ihe restricted arid un'restricted funds and a descnption of thefunds. These assets are considered sufficftint to treat the Charity'6 obligations an 8kind by fund basis.

Risk Management

Sevenaaks Prep School I4rd af Governors kt responsible for the management af Ihe risks faced by the School. Riskssre identified, assessed and cantmls established throughout the year. The Beard reviews ths full Risk Regkgar annuallyst the autumn governors mesdng and Risk is s standing item on the agenda for othw Beard Meetings an'd ell ExecutiveCo'm'miltee meetings.

The Governors consider the major potential risks to the School to be.'

~ A challenging economic environment adversely affsctirig pupil numbers 8 Iee levels.~ inflationary pressures on certain costs.~ Competition from both independent snd state sahoole for pupils.~ Ensuring Safeguarding 3 Inspection in an increasingly regulated environment,

The key controls used by the School to mitigate risks include:

Formal agenda for Committee and Board activities.~ Detailed Terms of reference for all Committees,~ Comprehensive strategic planning, budgeting and management accounting.~ Established arganisstlonsl structure and lines of reporting,~ Farmsl written pa!ides,~ ftabust scrutiny of policies.~ Clear authonsstion and approval levels.~ Safer recruitment as required by law For the protection of the vulnerable.~ Staf training, Child Protedion and safeguarding.

Through the nsk management processes established by ths School, the Gsvernais em sstisfstd that Ihe major risksidentified have been adequately miggated where necessary. 8 ls recognised Ihst the systems asn only pmvidereasonable but not absaluts assurance that major risks have been adequately managed.

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SEVENOAHS PREPARATORY SCHOOL LINE TEDGOVERNORS' REPORTFOR THE YEAR ENDED 34 AUGUST 2020

COMMUNITY LINKS AND PUBLIC BENEFIT

At the beginning of the year prior to the COVID lockdown, the School continued its links with three Mairitsined Scllools formusio, Sparta and forest school.

Once the Centenary Centre was in use, the School donated the portakabins that had formerly been classrooms to a statemaintained Grammar scliool trust in Kent The portakabins were refurbished and will become a nsw sixth form facility.

Ole to the, COVID restrictions there were much lewer opporlunities to allow focal orgsniuttians to use the grounds,however, wa did manage to allow the following organisattpns which offer educegon to young people to use schoolfecjlltias this year

Qtford Nelball dub surnrner Iraining facility.Elife Sabre lancing school holiday training schoolThomas TrophyPlayball holiday clubsCyclo Sportif

The School offered Bursaries and Fees subsidies. 14 Pupils received Means Tested Bursaries of which:

3 were 60% of fees,6 were 50% of the lees.2 were 40% of the feest was 30% of the fees and2 were 25% of the fees

Four Pupils received a Sibling Discount (5%).

Five members of staff act as Governors at other independent and maintained schools.

DEVELOPMENTS AND FUTURE PLANS

Our centenary Centre was completed in Fsbruwy 2020, This building provides teaching and communicatkxi spaceprimarily for our year 6-6 students, in particular providing spe5stlet space for Art, Science and Digital Learning.

The completion of the planned improvements to the pre-prep is planned, but this and other projects have been delayedby tha COVID pandemic

REPORTABLE INCIDENTS

There have been no reportable incidents.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charily is controlled by its governing document, s deed of trust, and constitutes a limited company, limited byguarafttee, as defined by Ihe Companies Act 2006.

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sgvENGAKs pREpARATDRY scHQQL Lla»ITEDGOVERI0ORS' REPORTFOR THE YEAR ENDED 31 AUGUST 2020

STATESIENT OF GOVERNORS RESPONSIBltf TIESThe Goverrem (who sre also Iha dlmctors of Sevenoaks pmpsratory School Limited for the purposes of company lawam responsible tor prrkmrlng the Governors' Repmt and the. 0nencial stetementa In secor»mmpm with applicable Isw andUnited Klngifom Accounung standards (United ÃJngdcm Generally Accapled Accounttng pracdce),

company law rehuirss Ihe Governors to prepam Iinandsl stalements fsr each fitancisl year which gkre a Irue and fairview of the stats of affairs of the chadtabta ccmpany and of the incoming resources and appacatioh of nmeunxra.the Oovamom are rsauksd to:ndudlng the Income and expenditure Of the chailtable Omnpany Ibr that parle'd In preparing thecal™lbariolal sisternals ants,

select au»able accoungng policies and then apply uxan conch»ectly,observe lhe medroda and principles in Ihe Charily. SORP,make judganmnts and satlmams that are reasonable end prudent;prepare the finandal slatementa on the going concern bees unless it is inappropriate to presume that thecharkabkr company will conainus in business.

The Governors sre responsible fsr keeping proper accounang nmorda whir@ diicloaa with reasonable accuracy at anlime. the Enenck» posillon of Ihs charitable company end to enable gram to ensure thai the financial slatemenls 'cornwith the Companies Am 2000, They are also responsible for safeguarding iha asssla sf ths chadlebla cmnpany amlhence for taking reasonable steps for the prevention end detection of fraud snd other irregulerhies.

In so far as the Governom are aware

the GovernIhem is no releverit audit Information of wt»ch the cheriyebla compaiiy's auditors am u; d

' ' a a unaware;anvsrnom have takeit all steps that they ouglit lo have taken to make themselves swore of any relevant aud»Information end to estabtish that the auditors ars aware of thai Information.

AUDITORSThe aurktors Desks Evans Audit Services Limited will be proposed for re-appointment at the forthcoming Annual GeneralMeeting,

Approved by order of the board of Governors on .....,.!4.. 4!....................., and signed on ita behalf by.

J S - Chairman

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OFSEVENOAKS PREPARATORY SCHOOL LIMITED

Opinionws nave audited the financial statemsnle of Sevsnoaks Preparatory School Limited (the 'chantable company') for theyear ended 31 August 2020 which comprise the Statement at Rnancial Activities, the Statement of Finandel Position,the statemenl of Cash Flows end nates to the financial statements, including a summary of slgniTicant accountingpoijc(ss, The finanolal reporllng Framework that has bast eppfied in their preparaikm is appficabkt law and UnitedHtbgd(fifi Accourtgng Standards indudfng Financial Reporting Standard 102, the financia reporting standard applicablein the UK & Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion Ihe financial statements:Elva a true slid fair vkfiv of the stats of ths charitable company's affairs as st 31 August 2020 and of its incomingiaapuioes and applicslton of resoumas, including its income and expendkure, for the year than ended;have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; andhave been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (I)K)) and applicable law. Ourresponsibilities under those standards are further described in the Auditors' responsibilities for ths audit of the financialstatements section of our report. Ws are independent of the charitable company in accordance srtith the ethicalrequirements that are relevant to our audit of the financial statements in the UK, induding the FROs Ethical Standard,snd we have fulfilled our other ethical responsibifitles in accordance with these requirements. Ws believe that the auditevidence we have obtained is sufiident and appropriate to provide a basis for our opinion.

Conclusions relating to going concernWe have nothing to report in reaped of the following matters in relation to which the ISAs (UK) require us to report to youwhere:

the Governors' uss of the going concern basis of accounting in the preparation of the financial statements is notappropriiate: orthe Governors' have not disclosed in the financial statemanls sny identified material uncertainfies that may castsignificant doubt about the charitable company, 's abfiily to continue to adopt the going concern basis of accounting fora period sf at least twelve monfits from the data when ths financial slstemenis are a uthortssd hr issue.

Other InformagonThe trustees are responsible for the other information. The other information comprises the inlormatiori induded in theGovernors' Report, other than the financial statements snd our Report of the Independent Auditors thereon.

our, opinion on the financia statements does not cover the other information and, except to the extent otherwise explicitlystated in our report, we do not express any form af assurance conclusion themnn.

In connection with our audit of Ihs financial statements, our rssponsibilky ls to read the ofiisr Infolmafion and, in doingscl, cotwkhr whether the trther information is matsriafiy inconsistent with the finsndsl stsbsnenls or our knowledge.obtaktsd In fits audit or otherwise appose to be matartstly nlisslatad. If we idenfify such mafisrtat Incormlstenciss orapparent material missts(g(nants, we am requimd to determinq whalhfir there is a malarial mifiststamant In Ihs financlalslatsmenls ar e mater)at rvfissiatemant of the other Information, If, based on Ihe work we have perfermed, we concludeinst there is a material misstatement of this other information, we am required to report that fact. We have nothing toreport in this regard

Opinions oti dthar mattam prescribed by ihe companies Acl 2008In ow opinion, based on the work undertaken in ths coume of the audit:

the informabon given in the Governors' Rspart for the financial year for which ths finandsl stalemenls ere prepared isconsistent with the finandat stalemente; andthe Governors' Report has been pmpared in accordance with applicable legal requirements.

Mat(am on which we are requited to repstt by eaeepgonIn Iha light of the knowledge snd undenrtantgng sfthe chsrilable company and its environment obtsmed in the course ofthe audit, we have not identified material misstatmnsnts in th'e Govwnois' Rspert.

Ws have nogting to report in respect of the following matters where the Companies Ad 2006 requires us to report to youif, In our opinion;

adequate accounting records have not been kept or returns adequate for our audit have not been received frombrefiches not vtkftad by us: orIha finendal sbrtements are not in agreement wfih the accounfing records and returns; orcsrlfiln disclosurei of trustees' mmuneratlon spedgad by lsw sm not made; orwa have not received all the informafion and sxplanatikms we mquire for our audit; or.the kusteas ware not entlfted lo take advantage of the smsfi'companies exemption horn lhe requirement to prepare aStrategic Report or in preparing the Rsport of ths Trustees.

Page 0

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS QFSEVEROAKS PREPARATORY SCHOOL LIMITED

Rssponsiliilitiss of trusteesAs axplainei( mors lully In tha ssrtsment of Govern«is' Rsspdnsiblgliss, the Bovemors' (wha are aso the dirsraim cf thschartteb(e «empery for the puiposrm of company krw&. are msponslble f«I (he prsparegon of fhe Iinwwlsl statemsnls andfor being tatusflel that they (tive a true and feh vktw, erid fdr euohin(«aud control as tha trustees dpbirmlne ls nfxxxumiyfduiktbfii fh's pntpiratlon sfsnanclef statemeffa grat am fms porn malwfel mkurtstsmsnf, whattwr dust« baud or error.In prspdifng the snsntfql slstsmsrits, Ihs Goy«motor' ara Nw puiwlbis for~the charitahls company's ability to:cenknue ss.s going con«em, dlscio'slrig, as spplhabkr, modem mtatsd lo gping concern snd using Ihe going concernno realistic slurmsgve but te do so.basis ot accounting uniwis the trustees either Intend to liquidate the'chsrilable oxnpany or to csww liopera ons, or neve

Auditor's meponslbltlliss forth« audit of ths snanofal. statementsOur objecbvee srs io «btsfn rsrwrmabte assurance about whether the flnancfal stat«ments as a whole am free frommtusrfsi mktsbitemant whether due to fraud or snor, and to issue e Rap«it of the Iridependsnl. Audit« th I i duitssopi, Rate«nable assurance b a high level of assurance but is not a guarantee that sn audit conducted in

nlon, rs a n «devouraccordance wfth ISA« (UK) will skveys dtusct a material misstatement when it axis. htlsslstements can arise horn fraudor error aml are considered material if, individually or in the aggregate, they coukt rsesonebl be peated uenceIhe sconcmlc dscisions cf users taken on the basis of these linen«i«I aha«ments.

sasone y sx lo Inliuence

A further description of cur iesponslbilitiss for Ihe audit of the financial statemems is located on the Financial RepcidngAutlltors.Council'swebsiteatwww. frc.org.uk/strdl(orsrespcnslbllibss. Thiadescrjtfionforms pert I R rt fth I

mw ps o our eportof the Independent

Uea of our report

thsThis report is meds solely to the rhariisble company's membem, as s borhr in ~ce 'th ch ku s Icompanies Act 2000. Our audit work hes bssn vndsrtsksn so that we might stale to Ihs charitable company'smembers those mattem wa ars required to slate lo.them in an auditors' repon end for no other purpose. To Ihs fullestcharkable cornexleril permfttsd by lsw, we do nol accept or assume responsibility tb anyone ther ths th charitablempany's membem. ss s body, tor our audit work, for this report. or lor the opinions we have formed,

o r n e csmpany and the

Richard Young (senior stelutery Auditor)for end on behalf of Desks Evans Audll Services LimitedStatutory Auditom3 Boyne ParkTunbridge WellsKentTN4 SEN

Page 10

&EVENOANS PREPARATORY SCHOOL LIMITED

STATEMENT OF FINANCtAL ACIIVITIESFOR THE YEAR ENDED 31 AUGUST 2820

Unmstnot sonrnds

Notes 2

Restnutedfund

2020Tolelfunds

8

2018Totalfunds

2INCOME AND ENDOWMENTS FROMDonations end isgeolssCharitable argnrteesOther tr'edlng sutfvinssInvestment inoome

2 72,2753 4.382,4804 '102,5375 2.0'l7

79,5764.362,480

102,5372 080

188.0214.548,958

2,8822,907

Tofal 4859„309 4,566,672 4r742, 885

EXPENDITURE ONCharitable as6viltlssEduoslfonFundralsing oosb 4,230282

'lg, 776sr230,292 4,199,545

'!9,776 '73,582

Tetel

HE'T INCOME

REOONCILIATIOh) OF FUND8

Total furefs brought fonssrd,

TOTAL FUNOSOARfbED FORWARD

~3267j4,248,801

312,30S 7,363

~STI ~54.246, 8IH 4,28FEfff

.319,871 476;178

28 043 ~3807 069 ~3587, 198

3365516 20680 3587,186 3112,019

Ths notes follrl Fsn ofthese enensell stetsmenbr

Page 11

SEVENOAKS PREPARATORY SCI4OOL LIEIITED

STATEsl!ENT OF FINAhlCIAL POSITION31 AUISUST 2020

Unmstrictedfunds

Nohm 5

Restrictedfund6

2020Totalfunds

2

2019Totalfunds

2FIXED ASSETS.Tangible assets 11 7,201,543 7,201,543 4,935,464CURRENTASSETSDebtorsCash st bank

12 377,126,377,126 349,752

1,304,486 28,043 1,332,529 830, 170CREDITORSAmaunts falling due within one year 13 (4,347,207) (4,347,207) (1,958.109)

SIST CURRENT ASSETS ~3 032 727) 29,093 ~3, 1:8?0) ~l, 23 939

TOTAL ASSETS LESS CURRENT LIABILITIES 4, 168,822

CREDITORSAmounts falling due after mors than one year 15 (279,796)

28,043 4, 196,865 3,809,515

(279,798) (222,317)

NET ASSETS

FUNDSUnmatrirded fundsRestrlsled funds

TOTAL FUNDS

3.370020 20083 0007,8a 3007190

3,566,51820,680

381 0!0 3007100

Th'ese financial sh)laments have been prepared irl accordance with the pro)ristorm applicable to chmltabie corn nlessut(ect to lhs sma0 campsnles regime. c pan

The Iin)srr)ssl staNrnen)p were appraued by the sosrd of Trustees and authorised for issue on----IP~----0."- -.'and were signed an its behalf by.

JS ny - Chsirin

The notes form part of these fmancisl stalemenls

Page 12

SEIIENOAKS PREPARATORY'SCHOOL LIIEITED

STATEEIENT OF CASH FLOWSFOR TIIE YEAR ENDED 31 AUGUST 2029

Cash howe num opersUng adttvttieeeeah generated from oparefions

Net cash pravidedby apsmtiag nctiviiier

~445 9

~45,349

20198

~1045,906

Cash Eowa fram InyeeUng seUvlsesPurchase af tsngible fixsd assetsSale af tangible fixed assetsIntelsat mcelved

Net cash ucsd in investing activities

)2.582,321)3,2872,050

~2556,974)

(1,916,344)'8',8C0

~2907~1905837)

Cash tlowa from financing activitiesNew loans in year

Nat cash provided by financing ecfivifiss

2,566610

~2588,610

413.390

4'l3 390

Change In aesh snd cash equivalents Inthe reporting periodCash and cash equivalents Sl thelnglnning af the reporgrig perlad

Cash and cash aquivafents at the end ofIhe rsporUng period

474,985

480 418

)448,541)

928,959

418

The notes form part of these finaricial statsmema

Page 13

SEVENOAKS PREPARATORY SCHOOL LIMITED

NOTES TO THE STA'7 EMENT OF CASH FLOWSFOR THE YEAR ENDED 31 AUGUST 2020

RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES2020

22019

6Net Income for the reporting period (as psr the Stats'ment of FinancialActivities)At()ustments for:Depreciation chargesProfit on disposal of fixed assetsInterest receivedIncmase iri detaors(Decrease)/increase in creditors

319,671

295,232(3267)(2,080)

(27,374)~136,033

475, 179

224, 370(6,440)(2,907)

(273,983)626'687

Net cash provided by operations ~445 349 ~1045 906

2. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Net can li

Cash at bank

At 1,9,19 Cash llaw At 31,8.206

~460 418 474,985 955,463

466,415 474 955 955.403

DebtDebts falling due after I year

Total

~413390) ~2,586 810 ~000 000

~413,360 ~566 610 ~3,000 000)

~67 028 ~2,111625) ~2'044, 597

The notes form part of these financial statements

Page 14

SEVENOAKS PREPARATORY SCHOOL LISSTED

NOTES TO THE FINANCIAL STATEISENTSFOR THE YEAR ENDED 31 AUGUST 2020

ACCOUNTING POLICIES

Basis of preparing ths Snsnolal statementsThe financial statements el the charitable company, which is s public benafll' entity uiidar FRs 102, have beenprepared in accordance with Ihe Chsrlllss SORp (FRS 102) 'Acaeungng and Repolfing by Chadtaer Stetemenlof Recommended pracfioe appficabls to charltlss prepaifng their accounts in accordance wllh the FlnsnrfialReporting Standard applicable In Ihe UK end Republic of Irsfshtl (FR8 102) (effacgva 1 January 2019I', FlnandelRsporgng Standard 102 'The Finer@fat Reporllng Standard appficable in the UK snd Republic of Irskrnd' and theCompanies Act 2008. Yhe financisl statements have been prepared under the htstorkal coal convmfiton,

Pirepsragon of the accounts on a going concern bastaAccounting standards require the trustees to consider the appropriateness of the going concern basis whenpreparing Financial statements. The trustees confirm that they consider that the going concern basis remainsappropriate. The trustees believe that the charity has sufficient resources to continue in operational existence forIhe foreseeable future. The truakres believe this to be the case es the chanty has posgve reserves, cashbalances and agreed long term tinancing agreements in place.

The global Covid-19 pandemic forced the UK into lockdown from 23rd March 2020, having an unprecedentedknock-on eflect on many ssotors of the economy. The charity wss impacted with the closure oF ths schooi. Thetrustees look immediate measures to minimise the school's outgoings such as furloughing staff and cutfing downon costs where possible.

It is Ihe opinion of thq Irusbum that. the charity corllinuas to ba a going concern ss the current pupil roll is almostentirely full, and Ihe admission Ibt for Nursery 2021 entry is also full. Enquiries for future years admissions arestrong and tmquiides for plaqbs throughout ths school continue to be received from families moving into the eme.Any's(ag vacancies have been fified by recruitment, end the staif provision is sufikfirmt lo enable us to deliver thehigh standards of educsllon that. chddty: is so preud of.

The trustees thereFore continue to adopt Ihe going concern basis of accounting in preparing the annual financialstatements.

IncomeAll income is recognised in ths Statement of Financial Activities once the charity has entitlement to the funds, it isprobable that ths Iricome will be received, and the amount can be measured reliably.

School fee income is accounted for on a receivable basis snd consish of charges billed for the school year ended31 August 2020, less bumaries and allowances. No value edged Isx is chargeable on the fess mndered, Feesreceived in advance for education to be provided in future years are carried forward as deferred income.

Donations sre acimunted for once the school has entifiement to the gift, it is probable that the income will bereceived, and the amount can be measured reliably.

Investment income is accounted when it is receivable, snd the amount can bs measured reliably.

Expenditure and Irrecoverable value added tax fvAT}Liabilities sm mcognised as expendltum as.soon as there ls a legal or conslrucfive obligation cemmitlirig thecharity fo thai expeirdfiure, It is probable that a transfer of economic benefits will be required in sstfismsnt end theamount of Ihe cbligstlon ean be measured reliably.

Efi(ten dlture is accounted for on an mxxua!s basis and haa been dsssilied unqer headings that rtggnrsate sll costrelatetl lo gre ce(egcry. Where hosts cannot bs dlremly 30Fibuted to pardcular headings, they have been allocatedto actiVrliss on e basis conslskrnt with the use of resources.

The Irrecoverable element of value added tax is induded with the related expanse.

Admimatrafion costs are allocated to the coal of raising funds end chantable activities on the basis of anappropriate apportionment of resources and ackviliss.

Governance costs have been afiocated in line with administration costs and indude those costs associated withmeeting the constitutional and statutory requirements of the charity end include audit fees snd coats linked to thestrategic management of the charity.

Donations of goods, services and faeifitlesDonated goods, professional Services and faclities are recognised as income when Ihe school hss control overthe item or has received the service, any conditions aasocbrtsd with ths donation have been hteL ths receipt ofthe economic benefit from the use of an flem by the school is probe@a, and that economic benefit can bemeasured reliably.

Page 15

SEVENOAKS PREPARATORY SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUEDFOR THE YEAR ENDED 31 AUGUST 2020

ACCOUNTING POLICIES - continued

On receipt, donated goods, professerral services and facilities are recognised on Iha basis of the value of the giftto the school which is the amount the aohool would have:been willing to psy to obtain the goods, services orfacilities on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.Goods dontttad for onqpting use by the school in carrying out ffa day to day aotlvlties are recognbad as tangiblefixed assets.

Fund accountingUnrestricted funds can be used in accordance with the charitable objectives at ihe discretion of the trustees.

Restricted funds can only be used fcr particular restricted purposes within the objects of the chaiity. Restrictionsarise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the nnancial statements.

Operating leasesRentals payable under operating leases are charged to the Statement of Financial Activities on a straight-linebasis over the period of the lease.

Tangible fixed assetsTahgible fixed assets are staled at cost less deprerxation. Depreciation is provided on ag fixed assets at ratescalculated to wnte olf their cost, less estimated residual value, over their expected useful lives by equal annualinstalments as follows

Improvements to leasehold propertyFixtures and fittingsMotor vehicles

- 4 to 10% on coal—25% on cost end 20% on cast-15% on cost

Assets under construction are not depreciated.

It is the school's policy to capitalise all sems of a capital nature over 5500.

Impairment of fixed assetsImpairment reviews are carried out if events of changes in Grcumstanses mdiwgs that the carrying value of anasset may not be recoverable. When an impairment revfew is necessary the carrying amount of an asset iscompared with the higher of ils net realissble value and value in use and any permanent diminution in value iswritten cff to the Statement of Financial Activities.

DebtorsTrade and other debtors am recognised at the settlement amount due. Prepaymenls are valued at the amountprepaid net of any trade discounts due.

Cash at bank and In handCash at bank and in hand includes cash and short term highly liquid investments with a short maturity of threemonths or less from the date of acquisition or opening of the deposit or sirhllar account

Creditors and provisionsCreditom and provisions are recognised when the school has a present obligation resulting from a past event thatwill probably result in the transfer of funds to s third party and the aipount due to settle the obligagon can bemeasured or estimated reliably creditors and provisions are normally reccgnkted at their settlement amount aRerellawfng for any trade discounts due

Financial instrumentsThe school only has finanaal assets and financial liabilities of a kind that qualify as basic financial instrumentsunder FRS102. Basic financial instruments are initially recognised at transaction value ancf subsequentlymeasured at their settlemant value with the exception of bank loans which are subsequently measured atamol1lsad cost using the effective interest method.

TaxationThe school is a Registered charily (number 1100021). All acgvffkts are undertaken to fulfil the primary objectivesof the charity and am theralore exempt under Part 11 of the Corporagon Tax Atd 2010

Page 16

SEVENOAKS PREPARA'TORY SCHOOL LIISITSD

NOTES TO TNE FINANCIAL. STATEMENTS - ODNTTNUEDFOR TtfE YEAR EHDED St AUSUST X020

1. ACCOUNTING POUCiES - Confl'nusd

Hire purchase. and leasing commltmenisRentals pNid undsrcl?orating brmes sm chsitmd. \o the. Statement of Financial Activities an a sbeight. line basisover (he period ef gm lease.

pension seats and ogrer poet rasremsm benelEsMeby ol the leaching staff are msmbsm cf the Teachers' Fansimr scheme (TFE). .e dellned benefit aohemsadmlnistennl by Irm Tmmhers' Permian Agency. Ths Teachsrd Pensian scheme Is e itiul6-employer psnsiansclleme which ls urkctdsd. Actuarial vslubacns sm cameo sut sh s national aet of lnwmlments.

The amicol ls unable to Identify lls shore of the underlying tnallbnal) assets and aebilNes of Ihs scheme.Accordingly, under FRstR, tlfb ssheme is trccsarltsd for as if il warn s defined rmntrlbuildns scheme. Theschcofs contwbudois, wheb are in accordance wltli tha reccmmenifations of the Government Actuary, arepayable.charged la the Statement of Ftnandst Activities in the psrlad in which the salaries lo whbh they late

The school also contrtbulee lo personal pension schemes I'or other teachers and nan. teaching stslf. Theseschemes ero deaned contrlbugan sctmmes. The assets af gre schemes am held separately from these sf Smschool in independenay administered fumls. contrlbutlans psysbls brr the year ars chargmf lo Ihe )aa\eiinmt al'Flnamysl Actwnbrs. The school has no other liebltiTres urwler lhasa schemes.

Employee banelltsshort tenn employee benefits Indurang holiday pay are recognised in the Statement af Financial Acdvfues in theperiod in which the service is rsndensd. Termination benellls are accounted for an en aacruel bash snd iriaccordance vrlth FRS IDS

Public benefitThs school is o Public Benefit Enuty

Page 1T

SEVENOAKS PREPARATORY SCHOOL LISSTED

NOTES TO THE FISIANCIAL SlATEIIIENTS - continuedFOR THE YEAR ENDED 31 AUGUST 2020

2. DONATIONS AND LEGACIES

DonahonsGift rud

Unrastrtcted Reatrkkedfunds hinds

E72,276 7,300

2020Totalfundsf

79.675

2019Totalfunthf

173,308~14713

722276 7,300 ~78 575 ~4739 959

CHARITABLE ACTIVITIES

SchoolfeesRegistratiorr feesBursariss, scholarships and discounlsSchool shop

Unreatrtdedfunds

4,862,2t(09,984

(483,097)~848

2920Tmsi

fundsE

4,852,2809.M4

(493,807)13243

2019Totalfunds

f4472tk872

8,126(191,141)

5.108

4 22488 4382. 28 4248848

Bursaries, scholamhips and discounts Indudes f331,140 (2019:ENIL) of discounts given due to the closure of theschool when Ihe country was placed Into the first C OVID. 19 lochdown.

OTHER TRADING ACTIVITIES

Job retention scheme grantExternal hire

Unrestnctedfundsf

89,6832874

Restrictedfundsf

2020Total

funds

99,6832.974

2019Total

fundsE

2 982

5, INVESTMENT INCOME

Deposit account 8nteresl

102,537

Unrestrictedfundsf

2 2

2.017

Restrlcledfundsf

83

102,537 2.982

2020 2019Total Tata(fuhde funds

f8888 2282

2,828 2 882

Page 18

SE)fENOAKS PREPARATORY SCHOOL LltETED

EOTEIS TO THE FINANCIAL STATEMENTS - COffTINUEDFOR THE YEAR ENDED 31 AUGUBT2020

8. EXPENDITURE

Stalf Depreciialrcn Other Total TotalCosts Cosh 2020 2019

6 7 f f.Raising funds

Fundrslslng coals

Total cosh ofraising funda

19,776

19,776

19,778 73,582

19,778 73,582

Chart tahts sc6vlthaEduca6on

Teaching coals

Pmmises coststnitrlfare coshSupport coshFinance costsGovernance costsOevaiOpment conte

2,357.826

105,501

325,566

296,231

188,1T3

573,863211,906104,45366,67632,421

2.545,999

915,395211,905431,02166,57532,42125,8TS

2,541,'f68

884,282266,726461,166

4„52233,17728,504

Total cherihhtsactivities 2,816,771 295,231 1,117,290 4,230.292 4, 199,545

Other

Burp!us on di'spssalof asset

(3,267) (3,267) (5,440)

Total oosls ofraising funda (3,267) (3,267) (5,440)

Total expendltum 2.518,771 1,137,066 4,246,801 4,267,687

Governance costs inRude paymsnh of f8800(2i)19:F7 310)for audit fess.

Nst Income Is state! sflsrcharging f13 519 (2019 f 24690) to operating hase rentals irtcluded within supportcosts and f194,615 (2019' f183,600) to operating lease mntsh inrfuded within premises costs.

Page 19

SEVENOAKS PREPARATORY SCHOOL LIS8TED

NOTES TO THE FINANCIAL STATEISENT8 - continuedFOR THE YEAR ENDED 31 AUGUST 2020

7. GOVERNORS' REMUNERATION AND BENEFITS

None sf the Goverrlors (or any persons connected with Ihem) received any remuneration or other benefits fromany employrrlsnt w(th the school doing the cunsnt ar prevtdus year.

The Gavsrnors were paid expenses of E546 (2019' E1,467) during the current year.

No amounts were due to or fram the Governors at Ihs balance sheet date (2019: Enil).

STAFF COSTS, STAFF NUMBERS AND THE COST OF KEY MANAGEMENT PERSONNEL

tfvhges snd salsdesSocktf security castsElthai pension costs

2020E

2,285,62821D,270339,873

2018'

2;229,809208,812245697

The average monlhly number of employees during the year was as follows:

~2818 771 ~2681 818

202086

201985

The number of employees whose employee benefits (sxduding employer pension costs) exceeded E60,000 wss:

E60,001 - E70,000E70,001 - 680,000E80,001 —Egg. DDD

2020 20192 11 1

1

4 3Gonlributions totalling E35,214 (2019; E27, 192) were made during the year to pension schemes on behalf ofemployees whose empiayss b enefits exceed B}0,000.

Ths ksy managsmd))t persannel of dts schaol campdss the Headmaster, the Bursar, the Deputy Head, the Head ofPre-pmp, the Head ef looming supped sENco, Asskrtant Heads snd ths Deputy Head af Prs4xlap. Ths tolsiE612,588).employee bensfifs Including pension contributions far the key management personnel were 6556,680 (2029:

CQMPARATIVES FOR THE STATEMENT OF FfNANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROINDarisiians

and�

'IsgacfssGhsrflsbls actWigesOther trading activitiesInvestment income

Unrestrictedfunds

187,5214,548,966

2,9822 727

Rsstihkhffund

180

Total funds

188,0214,548,956

2,9822,907

Total

ID(PENDITURE ONCharitable acgvltkrsEducationFundraising costaOther

Total

4,742, 'i86

4,}99,54573.582

~54404.267,867

680 4,742 866

4, 199,54573,582~5,440)

4,267,657

page 20

SEVENOAKS PREPARATORY SCHOOL L0NITED

NOTES TO THE FtNANCIAI. STATEINENTS - continuedFOR THE YEAR ENDED 31 AUGUST 2029

10. COINPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVI'flF8 - con6nued

NET INCOME

Unrestdc!edfunds

474,499

Restrictedhind5

476, 179

RECONCILIATION OF FUNDS

Total funds brought forward 3,095,0'l9 20,000 3,112,019

TOTAL FUNDS CARRIED FORWARD 3.56IL515 20 590 3,557,195

11. TANGIBLE FTXED ASSETS

COSTAt I September 2D18AddililopsDlspossis

Capltalisedlinence

lease forclsseroolls

f

Improvementsto

leaSeholdproperly

f8,614,8222,395,1D7

~6101)

Fixturesanal

5singsf

734,422167,214

Motorxehlciea

f76, 119

Totals

7,659,3592,552,321

~56.101)At 31 August 2020 134 D26 ~8851.528 ~901635 76119 10 DIO 509DEPRECIATIONAt 1 Ssplernbsr 2019Charge fer yearSlim)naiad on disposal

134,026 1,796.311218,240

~56 'I O'I)

526,97975,773

65,5133,210

2.623,936296,232

~58 101At 31 August 2D20

NET SOCK VALUEAl 31 August 202O

Al 31 August 2019

6 997 372 ~I97 884 6 257 ~7201 648

4.935.454

12. DEBTORS

2019Amounts falling due within one year.Trade dsbtcmRental depositOther debtorsPrepekl expenses

Anlounls felling due after mixe than one yeanRetention collateral

57,217'I9,2005,051

~41~126 739

250,387

44,05819.200

99 752

Aggregate amounts8 752

Page 21

SEVENOAKS PREPARATORY SCHOOL LIMITED

NOTES TO THE FINANCIAL STATESIENTS - continuedFOR THE YEAR ENDED 31 AUGUST 2020

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bsrtk loans and overdratts face note 16)Trade cmdilomSocial sscurlly and other taxesOther creditorsFees received in advanceAccrued expenses

2020

3,000,000253,00747,77940.021

974420~31

20195

413,390374,033

50,19632,715

1,056,07229 703

14. FEES IN ADVANCE

~4347 207 1.958 109

Fees in advance represent fees received for the Autumn 2020 tenn and are analysed as follows:

Balanoe at 1 Ssptsmbar2019Fees released during the yearFees deferred in Ihe currsrit year

Balance at 31 August 2020

21.056.072

f1,058,072)974.420

15. CREDITORS: AMOUNTS FALLING DUE AFTER ISORE THAN ONE YEAR

Long tenn fee deposits

2020

~279 798

2019

222 317

IS. LOANS

An analysis of the maturity of loans is given below;

2020 20195 6Amounts falling dus within one year on demand:

Bank loans ~3,0to 413 390rcThe bank loan shown trs repayable within one year will be replaced by a long-term loan with the same lander,Ttwre are no plans by lhs bank to dtscpnlinue support of ths company, and Ihe facility which is due lor nmswal on26 June 2021 will be replaced by a mutually agreed bank loan.

17. LEASING AGREEMENTS

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

lhlithm one yearBehveen one and live yearsin more than five years

2020

209,686849.947

2019f

208,441784.350

~46 750

1,038,541

The chanty operates from premises sub)ect to a lease that exptms in tyacember 2041 at an annual rental of5163 Bte psr annum The rani is mviswsrf every five years with the next review due in September 2022.

Page 22

'tl61IENDEKS PREPARATORY SCHOOL LIESTED

NOTES TO TNE FINANCIAL STATEIBENTS .continued,Fblt TI46 YEAR ENDED 31 AUGUST 2920

SECURED'DEBTS.

tile fclkiwlng eeculad debm:are tlioiu'dsdurithiri cfeditom;

Bank loans

24906

~3000 000

20192

~413 390

The bank lpen:from. Hsmlelabanken has been secured against tho land ragistamd with th'e tlse nlanbar I4739282,M~ Itf FUNDS

Nelrncvemenl At

At1.9.19 In funds 31.520f. 2 2Unrestricted funds

General fundDeaignaled capital fund 313,397~889) 3,859421

19705

Restrloted fundsRestricted Fund

3,588,518

20.580 7,363 28,043

312 508 3,879,028

TOTALFUNDB

Net movement in funds. induded in the above am as follows:

Unmetrlotea fundsGeneral fundDesignated capilal lurid

inocmlngleaouroee

4,659,309 (4,245,912)689

~3907 089

htovemahtirl funda

313,397~889Restricted fundsReatrlcled Fund

4.559;309 (4,246,80'I)

TOTALFUND8~4586;672 ~4,246,501) 319871

Comparadvee for movsinent In funds

Unrestricted fundsGeneral fundDesign'atsd capital fund.

At 1.9.'l5

3,070,536~21 4S3

Netmovenmnt

in funds2

475,368~869

At31.6.19

Restricted fundsReairictedpund

3,092,0'lg

2Q,MO

474,499 3.586,518

TOTAL FUNDS31123)39 475 'I79 ~3587198

Page 23

SEVENOAKS PREPARATORY SCHOOL LIMITED

NOTES TO THE FINAhlCIAL STATEIEENTS - continuedFOR THE YEAR ENDED 31 AUGUST 2020

20. MOVEMENT IN FUNDS - continued

21.

The restrtdsd funds sre hexf as part of the company's bank balance. The bursary funri repmwmts e donationtowards a bursary. Also a tmnsfer ffcm the geneng Srnd to ths bursary fund wss made durtng Ihs year ended 31August 20'l7. A sepsmte bursary ccrnmi8ee has been established to ovamae. this fund. The fund aims to supportfamlses who may succumb to unforeseen dlseskrre such as sudden bereavement, reveres, mdundsncy ar thecogapse of e family business snd will provide assistance in paying school hes

The designated capital fund relates to donations received in 2014 to seeK with the redevslepmam of the juniorschool. The redevelopment was completed during 2015 end ag costs relating to the project. were capltalised in therinancial statements. A proportion of the depreclariori of these costs is being charged to Ws rkxrigneted fund esohyear.

PENSION COMMITMENTS

The Scheol participates in the Tescham' pension Scheme (The TpS') for ils teaching staff. Ttrs pension charge forthe yssr fncludes contributions payable to the TPS of 8301,715 (2019;7232,579) and at the. year-end 538,419 (2019- 228,349) was accrued in mspect of cont(loosens to this schema

The TPS is an unfunded muigmmployer defined benefits pension scheme governed by The Teachers' PensionsRegulations 2010 (as amenrisd) and The Teachers' Pension Scheme Regulations 2014 (es amended). Membersoontribule on a 'pay as you go" basis with corrirlbutiens from members end Ihs employer being credited to theExchequer. Retirement and other pen skm banehls sre paid by public funrb provided by PsrliamenL

The employer coritributlon mte ls sst by lhs sacirrtmy of Setto following scheme valuations undertaken by theGovernment Actuary's DepsrlmenL Tha most recent scluartisi vblusgon of the TPS was prepsmd as al 31 March2018 and the vatusbcn Report, which was published In March 2019. confirmed inst fne employer contrtbukcn ratafor the TPS wookl Incmase fmm 16.4% to 23.8% fmm 1 Seplembsr 2019. Employers are also mqulred tb pay ascheme adrnhibtrslion levy of 008% givfng a total employer contiibulion nrie of238&%.

The 31 March 2015 Valuation Report was prepared in accordance with the benefits set out in the schemeregulations and under the approach speclged in the Directions, as they applied at 5 March 2019. However, theassumpsoos were considered and est by the Dapstgnent for Education prior to the ruling in the 'McCloud/Sergeantcase'. This case hes required the courts to consider oases regarding the implementation of the 2015 reforms toPublic Service Pensions including ths Teachers' Pensions.

on 27 June 2019 Ihe supreme court denied the govsmmerri perthlsslon to appeal the court af Apjmal's judgmentthat «ensltional provisions Introduced to the relbrmsd perielori schemes in 2015 gave rise to unlawful agedlseriminslion. The govenvnent iis respscdng fha Court'3 deckrion and hss saki 8 wi8 mhmgs tully wkh theEmpfeyment Trtbtjgal aa Well aS enfplayer end member repiaemrialiuee ta agme hoW the dlSajfalnrrtiens wgl bemmedied. A consulgtlfcn wes launched by' Ihe government on 1S July 2020, and ckxred to responses an 11 Oclobsr2020.

The Tps is subject to a cost cap mechanism which was put in piece to protect tmqmyem against unforeseenchanges in scheme costs. The Chief Secretary to the Treasury. having in 2018 announced that Ihara would lre areview of this cost.cap mechanism, in Janusly 2019 announced 's pause to tha cost cap mechenien following Ihecourt of Appeal's ruling in the Mccloutyssrtfsant riesa riml until thwe is certmnty about Iha value of peruricns loampfoyeas from April 2015 onwards. The penes wss 88ed rh July 2020 end the governmer» is F~ring to comfrieleths cost consol element of0m 2018valua8ons, which is wxperriatf to bs ocmpteted in.2021.

In view of the abave rulings and decfefons ilia assumptions used in the 31 March 2018 Actuarial valuation meybecame inappropriate. In this scenario. a valuation prepared in accordance wigr revised benerits and suitablyrevised assumptions would yield different results than those contained in the Actuarial Valuation.

Until the consultation and the cost cap mechanism review are completed it is not possible to conclude on anysnencial impact or future changes to the contribution rates of the TPS. Acoordingly no provision for arly additionalpast benefit pension costs is included in these financial statemenls.

Page 24

SEVENOAKS PREPARATORY SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continuedFOR THE YEAR EI4DED 31 AUGUST 2020

21. PENSION COMMITMENTS -continued

Valuation of the Teachers' Pension Scheme

The Government Actuary, using nermsl actuarial principles, conducts a faanal actuarial revfew of the TPS Inacccrdsnae wfih the Public Sarvkxr Pensions (Vahagon8 snd Employer Cast Gap) Diredions 2014 published byHM Tmasury every 4 years. The aim of the rsvhw is ta spsdfy the level of future contribv6ons. Actuarml schemevaluations are dependant on assumpllatta about the valve of fvtvrs costs, design al bsnsfits and many otlrerfsctam. The latmt acluariel valuation of the TPS wss carried out ss at 31 hterch 2016. The valuation ortpub ished by Ihs Departmen far Education an 5 March 2019 The key ehmtents of «m valuation snd cuba usiaf rep was

consultation are: savers

~ employer contributiqn rates set at 23.68% of pensionable psy (including a 0.08% administration levy)~ talal scheme lisbfiivas (pensions cwrsnliy in payment and the estimated cast of fulcra benefits) Ibr service to theet)suave date af 5218,100 milfion snd nalional esses (sstlmabrd future contnbtnians together wfih the nofianslinvestments held at the valuaffon date) ef 2198, 100 mfiilon, .ghnng a notional past service dsfxxt af222000 mlllkm~ Ihe SCAPE rale, sel by HhllT, is used lo determine the national Investment mlvrn. The cuimnt SCApE rats is2.4% above ths mte of Cpl. assumed real rate

afro(urn

N IL4% in excess af prices and 2% lri excess of asnIings.The rale of msl earnings growth is assumed to be 2.2%, The assumed nominal rale ef return Irxfiudi rn'growth is 4 45%.

The next valuation result ls due to be implemented from 1 April 2023.

A copy of the valuation report and supporting documentation is on the Teachers' Psnsens website.Uifder the definitions set out in FRs 102, the Tps yt an unfunded multi~player pension schema. The charity hasaccounted for its corrlributians to the scheme as if it were a defined contr tbub'an scheme.Government pension scheme

not rli

The charity pays pension contributions to into defined canplbubbn pension sahsrrxm for Ihose employees ha aoot psrlictpste in «m TPs. The amount rscegnlssd as en expense in fits year wss 23(L168 (2018 - K12,918). Thsemp oyess w ao

amount axed to the pension schemes at die year end was 25,003 (2019 .24,525).

ANALYSIS OF NET ASSETS BETWEEN FUNDS

Rxed esstxsCurrent assetaLang tenn assetscurient IiabifivesLong term fiebfiilles

Unresidctadfunds

7,201,5431,054,099

250,387(4,347,207)

~279 798)

Restrictedfund

2

2020Total funds

27,201,5431,082,142

250,387(4,347,207)

~3737

2019Total funds

4,935,454580,171250,000

(1,958,109)~22~317

~3879 026 ~28 ~337IN 3.337 .II3

23. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 Auguat 2020.

Page 25

SEVENQAKS PREPARATORY2ICtIOOL LENITY

NOTES To THE RNANCIAL STATEIEENTS - crmtlnsedFOR TiHE YEAR ENDEO 3$ AUSUST 2021

24. LEGAL STATUS-

The company, which Is rsgiid In England 8 wales, is gmwedby grtarantse and has no sham cspibri Ttmliiability of the membem in the event of e winding up Is limited fo Ef0 each par. mwsber.No one party has oversltcontml of the school.

28. CA I ITAL COSIIIST22EfyTS'

Contracted bitt notprovidsd for in the ananmht statements

282II 2bfgr

~2,258 823

This be%mes represenw the gross relsnliort ort brs conatniclicn of ths Centenary Cantm, This will be 2'by resstvas, donations end the bank kmn. nohrmd