St Laurence Education Trust (a company limited by guarantee)
Trustees' report and financial statements 31st August 2021
Charity number: 1063808 Company number: 3415320
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
## CONTENTS
|Reference and administration details|1|
|---|---|
|Trustees’ and directors’ report|4|
|Statement of accounting and reporting responsibilities|11|
|Report of the auditors to the members of St Laurence Education Trust|12|
|Statement of financial activities|17|
|Balance sheet|18|
|Statement of cash flows|19|
|Notes|20|
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
## **REFERENCE AND ADMINISTRATION DETAILS**
## **The Charity**
**S** t Laurence Education Trust is a company limited by guarantee and a registered charity. It was incorporated in 1997 and in the year under review was responsible for the operation of Ampleforth College **,** an independent co-educational boarding school for children aged 11-18.
## **Trustees**
The directors of the company are also the charity trustees. The trustees who served during the year and up to the date of signing were:
Mr E Sparrow (Chair) Mr D Ashcroft (Appointed 15 November 2021)
Mrs CA Baines Sir J Brazier (Appointed 15 November 2021) Mr R Burdell
Mrs M Byrne-Hill (Appointed 11 September 2020)
Dr M Clarke (Appointed 15 November 2021) Mrs L Cooper (Resigned 22 February 2021) Mr M Craston (Resigned 25 May 2021) Mrs C Fairhead (Resigned 16 January 2021) Mrs B Matthews
Mr M McCandless (Appointed 15 November 2021)
Mr P McDermott (Appointed 15 November 2021) Mr K McLaughlin (Resigned 4 February 2022) Mr C Passmore (Appointed 15 November 2021) Mr M Rigby (Resigned 4 February 2022) Mr J Sykes (Resigned 4 February 2022) Mr R Tams (Resigned 4 February 2022) Mr M Vander Weyer (Appointed 15 November 2021) Mrs P Walkinshaw (Appointed 15 November 2021)
Sub-committees:
Education Safeguarding Governance and Nominations Finance and General Purposes
1
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
## **Officers and key management personnel**
> Mr R Dyer Head
> Mr P Bryan Bursar/Chief Operating Officer (secretary from 1 April 2022)
> Mr C Bilson Secretary (appointed 24 March 2021, resigned 27 May 2021)
> Mrs J Lightley Secretary (appointed 27 May 2021, resigned 31 March 2022)
## **Registered address**
Ampleforth College York North Yorkshire YO62 4EY
School address
Ampleforth College York YO62 4ER
## **Auditors**
Saffery Champness LLP Mitre House North Park Road Harrogate North Yorkshire HG1 5RX
## **Solicitors**
Veale Wasbrough Vizards LLP Orchard Court Bristol BS1 5WS
Farrers LLP 65-66 Lincoln’s Inn Fields London WC2A 3LH
2
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
## **Bankers**
Barclays Bank plc 1 – 3 Parliament Street York YO1 8SE
## **Insurance Brokers**
PIB Insurance Brokers Poppleton Grange Low Poppleton Lane York YO26 6GZ
3
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
## **TRUSTEES’ AND DIRECTORS’ REPORT**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
St Laurence Education Trust is a company limited by guarantee and a registered charity. It was incorporated in 1997 and in the year under review was responsible for the operation of Ampleforth College, an independent co-educational boarding school for children aged 11-18.
## **Governance**
The St Laurence Education Trust board of trustees meets at least four times a year and has established four sub-committees, Education, Safeguarding, Governance and Nominations, and Finance and General Purposes each of which meet at least termly. There are nominated trustees for Safeguarding, Health and Safety and staff liaison. The trustees conduct regular evaluations to ensure effective governance and the adoption of best practice.
The College is a member of the Association of Governing Bodies of Independent Schools.
## **Trustees**
Candidates identified as potential new trustees are recommended by the Governance and Nominations Committee.
Since the year end eight new Trustees have been appointed, to ensure a more independent oversight of the college and to strengthen the expertise of the Governing Body in relation to safeguarding and education.
Trustees receive a comprehensive induction into the workings of the trust and its activities. Appropriate training is provided to all trustees through attendance at outside events and internally organised courses. This training includes the specific responsibilities that trustees have under charity law. Trustees receive comprehensive and regular safeguarding training.
No trustees received any remuneration and details of trustees’ expenses and related party transactions are disclosed in the notes to the accounts.
## **Management and Leadership**
The management of the school is delegated to the Head and the senior leadership teams. The Trustees work closely with the Senior Leadership Team, many of whom routinely attend Trustee Committees. The Trustees have full confidence in the professionalism and capabilities of the Leadership Team and the wider College staff, and indeed have huge faith in the future of Ampleforth College.
Management of Risk
The oversight of the management of operational risk is exercised through the trustees’ sub-committees and strategic risk by the full board of trustees.
4
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
Risks are considered under the following headings, strategic direction, safeguarding, reputation, financial, academic, health & safety, human resources, estates and grounds, IT, catering, transport, and housekeeping. The critical risks considered during the period have included Covid-19, regulatory compliance, financial, student numbers, safeguarding, destabilising change, staff wellbeing, network infrastructure and the latest inspection and impact on student numbers regarding overseas visas, please refer to page 11.
## **STRATEGIC REPORT OBJECTIVES, ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE Objects of the charity**
During the year the objects of the charity were:
- The education of children, young persons, and mature students in accordance with the principles of the Roman Catholic faith and the spirit of the rule of St Benedict
- • The advancement of the Roman Catholic faith and
-
- Such other charitable purposes in connection with the advancement of education which are in accordance with the general aims of the St Laurence Education Trust and of the Roman Catholic faith as the Trustees think fit from time to time
## **Aims**
The mission of the St Laurence Education Trust is:
- To share with families in the spiritual, moral, and intellectual formation of their children
- To invite students through the Catholic and Benedictine tradition into a life of faith
- To work for excellence in every endeavour; to love learning and to pursue the truth
- To strive for the flourishing of each student; so that they may become agents for change through service and leadership
## **Principal Activities of the charity for the year**
The principal activities were the provision of education to boys and girls from the ages of 11 to 18. During the Covid 19 pandemic education in person at the College was severely restricted and a comprehensive remote learning programme was established through Ampleforth Online enabling continued face to face contact between teachers and students.
The education provided is consistent with the Catholic and Benedictine ethos, with 9 monks either teaching or acting as chaplains to the students, equipping them for later life and to be an example to others.
## **Bursaries and Grants Policy**
Bursaries and grants totalling £2,505,000 (2020: £2,523,000) were made, £2,241,000 from within unrestricted funds and £264,000 from restricted funds. This includes £237,000 from the Ampleforth Abbey Trust, which holds a number of funds for bursaries, scholarships, and other grants. The Trustees' policy, in line with that of other independent schools, is to make these awards based on the individual's educational ability and to meet cases of need. There is a Bursary Policy defining the processes and committees to administer the awards.
5
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
## **Public Benefit**
When planning activities for the year the Trustees have considered the Charity Commission guidance on public benefit.
The Trustees enable students to attend the school who would not otherwise be able to afford the fees by providing bursary support, and arrangements are in place to enable those attending local state schools to make use of Ampleforth’s facilities and services. Examples are set out below. Incidental public benefit is also provided, such as students raising funds for other charities and to support those less privileged than themselves. The impact of the Covid 19 pandemic has inevitably affected the scope and extent of any provision for public benefit during the year but wherever possible this has been maintained or adapted to suit the particular situation.
Activities during the year:
- The College is currently involved in a wide range of collaborative projects with local state schools, with the aim of supporting their teachers’ knowledge and skills and providing leadership experience at different levels
- The College runs an extensive Outreach Programme, supporting pupils and staff from many secondary schools in the region. Pupils from other schools are able to use the College’s facilities and teachers can access individuals with specific expertise and share best practice. Examples of recent and planned outreach activities include:
- Sports coaching and refereeing workshops for pupils and teachers, run by county and national level players who work on the Ampleforth staff
- Master classes and/or enrichment days in Maths, English, Physics, Chemistry and Music
- Leadership and team building programmes for young people
- A wide range of musical events which allow primary and secondary pupils to participate in choirs, instrumental workshops **,** and community opera
- The College organises a Higher Education Conference, which provides a forum for pupils from local schools to join presentations and discussion about tertiary education and careers. The conference this year was held on-line.
- The College has extensive programmes to raise funds for other charities and to engage in good works, including:
- Face-faw (Friendship and Aid to Central and Eastern Europe Friendship and Aid to the World) a student-led charity. Through this charity funds are raised for a wide variety of charitable projects such as Mary’s Meals, The Yorkshire Air Ambulance, three local hospices, refugees, a children’s centre in Kenya and a school in a deprived area in Chile. Face-faw continued to support the construction of the Nick van der Borgh Primary School in Zanzibar.
- The Friendship Holiday - a large number of sixth form students help to provide an annual holiday based at Ampleforth for pupils from Oakfield School, Nottingham, a specialist sports college for students with mental, physical, and other disabilities. College students raise funds to support this holiday, by arranging various fundraising events throughout the year and help to look after the pupils during their stay. Due to Covid it was not possible to provide the holiday at Ampleforth this year. However, during the year students in Nottingham and Ampleforth were in regular contact with one another.
- Approximately 50 students from the College participate in the annual Ampleforth to Lourdes Pilgrimage. The week of the pilgrimage is devoted to prayer and the service of the sick. Again,
6
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
because of Covid there was no pilgrimage but the work of the pupils and friends to fundraise for future events continued.
- Provision of access to Schools: For 2020/21 the College allocated 99 means tested bursaries, totalling £1,525,444 being 9.4% of the gross fee income. Of these there were 18 students whose parents receive substantial support (defined as more than 75% of their fees). The Trust aims to continue to raise funds for the bursary fund which provides places for students requiring substantial assistance with the fees.
## **The Academic Year 2020/21**
## Academic
The curriculum at Ampleforth is designed to provide a broad and balanced education for students where all are given the opportunity to study a wide range of subjects in a specialist, supportive environment. In Years 9 to 11, students follow a core curriculum in English, Mathematics, Science, PE, Christian Theology, and Christian Living. A number of ancient and modern languages are offered, and students are expected to take at least one to GCSE. Students also have access to excellent teaching in History, Geography, Art, Music, Design and Technology, Drama and Computer Science. For Sixth Form, students can choose from a large selection of A levels and BTECs and are given the freedom to opt for a full programme of A levels or BTECs or a combination of the two. Ampleforth welcomes students with a range of abilities and is proud of its academic success, providing excellent academic support for students and a full post-results service.
In 2021, 65% of A level grades were A*-A with 94.5% A*-C. Students also achieved 68% of grades 9 – 7 at GCSE, with 96% of grades at 9 – 4. Leavers go on to a variety of destinations, including Oxbridge and the Russell Group Universities, and the College also supports students interested in applying to destinations in the US, Canada, Europe, and elsewhere.
## Co-Curricular and Activities
The Ampleforth tradition emphasises the importance of educating the whole person and provides plenty of opportunities for students to get involved in an extensive array of co-curricular activities. Sport is an integral part of life at Ampleforth, and the College has a long tradition of sporting excellence. Whilst representing Ampleforth at competitive sport is considered an honour and a privilege, there are opportunities to participate for students at every skill level. Rugby, hockey, netball, cricket, and tennis are Ampleforth’s five key sports, but there are opportunities to take part in everything from squash to yoga to water polo throughout the year. There is also a strong Equestrian programme, with a new Outdoor Arena opened in 2018 including Dressage and Show Jump facilities.
Students can also take part in large and small-scale performing arts productions including theatre, dance, and music, as well as backstage activities and broadcasting through Ampleforth Television.
A particularly high number of students choose to participate in the Combined Cadet Force, with Army and RAF sections offered. Many also take part in the Duke of Edinburgh award, with regular expeditions to the North Yorkshire Moors, the Dales, the Lake District, and Scotland.
There are a myriad of clubs and societies on offer, with every possible hobby catered for, from debating to Land Rover restoration to a Highland pipe band.
Students also participate in copious volunteering opportunities throughout the year and a dedication to service lies at the heart of an Ampleforth education.
7
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
## Spirituality
Ampleforth's grounding in Gospel values offers a way of life which is a contemporary response to the needs of young people today. Students, staff, and parents are invited into a transforming encounter with Christ through active participation in the life of a living Christian community.
All at Ampleforth are formed by the Word, the Sacraments, and good works. Student led Lectio groups, service projects and charitable initiatives are not taken for granted and flourish here. The spiritual life and mission of the school is an invitation extended to every single student regardless of background.
## Boarding
There are nine boarding houses at Ampleforth: three for girls, five for boys, and a dedicated Junior House for Years 7 and 8. Each House is home to up to 70 students of all ages who live in a friendly and supportive atmosphere, usually described as a second family.
The vast majority of students are boarders, but day students are fully integrated into the life of a House and are allocated their own study space, as well as having the option to stay overnight on occasion. Spirituality is a key part of House life, and morning and evening prayers, Mass, and seasonal prayers are centred on each student’s House and House Chapel
## Key objectives and achievements for this year included:
Ampleforth College – Our Vision was launched in September 2020. The vision focussed on the size and shape of the College, access, including bursaries, the global Ampleforth community and the relationship with the Monastery. It also identified a number of key themes for development including spiritual growth, innovation, service and making the most of the College’s unique and beautiful setting. In terms of academic provision, the Vision established a new framework for teaching and learning based around Independent Thinking, Learning and Coping (ITLC). A lifelong love of learning together with an enquiring independent mind are two important features of ITLC and essential elements to the Compass for Life that an Ampleforth education provides.
The roll-out of ITLC has been though a comprehensive programme of training and development for staff. The programme has been directed and to a large extent delivered internally through the programme of regular professional development.
## **Inspection**
The College was inspected in January 2020 by the Independent Schools Inspectorate (ISI) and were found to be fully compliant in respect of all the regulatory standards that were scrutinised. A further inspection took place in August 2020 in response to an application for material change, to enable the junior years to move across from St Martin’s Ampleforth, Gilling, to become part of the College. The inspection was carried out by ISI and again the College was found to be compliant.
In September 2020 an emergency inspection was carried out by the Office for Standards in Education (Ofsted). The College was found to not meet a number of Independent School Standards (ISS).
Following the Ofsted inspection in September 2020 there was an intense focus on safeguarding practices and procedures. In December the College appointed the Safeguarding Alliance to carry out a root and branch
8
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
review of safeguarding. New safeguarding appointments were made to the posts of safeguarding lead trustee and designated safeguarding lead. All staff, including trustees, received and continue to receive comprehensive and regular training in safeguarding.
In November 2020 the Secretary of State for Education (SoS) placed a Restriction Order on the College, restricting it from recruiting new pupils.
Following a progress monitoring visit in March 2021 the Secretary of State required the College to submit an action plan which was accepted in April. The plan set out a comprehensive pathway to remedy the instances in which any Independent Schools Standards ISS remained unmet. It re-affirmed the College’s commitment not only to understand and demonstrate the very best standards of safeguarding but also to work alongside and develop symbiotic relationships with regulators and all statutory authorities that are charged with the care and wellbeing of children.
In April 2021, the SoS agreed the Action Plan for improvement and whilst acknowledging that considerable progress had been made, whilst some remained unmet. At the same time the restriction order over the recruitment of new pupils was lifted.
During the course of the year further progress was made towards separating the two trusts, St Laurence Education Trust and the Ampleforth Abbey Trust. On 31 August 2021 around 120 staff transferred across by a TUPE agreement from Ampleforth Abbey Trust. The College now employs all of its staff, TUPE took place on the 31[st] August 2021 and there are no longer any contracts in place for the Abbey Trust to supply support staff services to St Laurence Education Trust. Further progress was also made to designate the school site and to improve its security.
As part of the action plan with the Department for Education it was agreed there should be a number of new trustees. Following a recruitment programme eight new trustees were identified during the course of 2020/21 and their appointment was confirmed in November 2021.
In November/December 2021 the School received a further inspection, again from Ofsted. All standards were rated as Good with the exception of overall experiences and progress of children and **,** as a consequence **,** leadership **,** and management. Despite this finding, Ofsted were able to report from their survey of parents that 100% felt “my child feels safe in this school”. The survey was completed by 75% of all parents. 99.6% of pupils who fed back to Ofsted reported that they felt safe.
Ofsted’s report from the November/December 2021 inspection was published in March 2022. As a consequence of the inspection the Home Office has removed the entitlement to issue visas for any new overseas students. The impact of the inspection has been factored into the Trustees’ assessment of going concern as detailed on page 11. The report contained a number of inaccuracies which the College appealed under stage three of the Ofsted’s complaints procedure, three of which were corrected as a result of the appeal.
## Covid 19
In common with all schools, the College has had to work around the restrictions imposed by Covid. During the first half of the Lent Term the School was closed and the programmes of academic, pastoral care and cocurricular provision moved back to the platform of e-Ampleforth that had been used so successfully during the period of the previous lock-down.
9
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
## PLANS FOR THE FUTURE
## Plans for and review of 2021-2022
The College continues to strive to make progress across all areas subject to inspection by Ofsted and the ISI. In furtherance of this objective, it seeks to agree a further action plan following the November/December Ofsted inspection.
Following the appointment of eight new trustees in line with the previous action plan the board has carried out a review of governance. This has led to greater clarification around some of the governance and management structures and a rationalisation of the board.
The academic year 2021/22 has not suffered any significant interruptions from Covid restrictions. This return to normal school life has been welcomed by the whole school community. Apart from renewing existing contacts the College plans to have more context locally by fostering and developing local links through increased outreach. The effects of the pandemic have been significant and full support is being and will be provided to those within our community who have suffered.
## Fundraising
All fundraising staff are professionally trained **,** and all activities of the department are carried out in accordance with standards and guidelines set by the Institute of Development Professionals in Education (IDPE). Donors are kept informed of how their donations are being used and the impact their philanthropy has for Ampleforth. Where the donor restricts the application of their donation, the gift is applied to the purpose originally intended. Donors' rights to privacy are also respected and the Trust fully complies with the General Data Protection Regulation (GDPR).
The Trust does not work with any commercial partners in fundraising and has no plans to do so in the future. Where it works with Data Processors or professional fundraisers it ensures that they meet and comply with GDPR, do not pass on any personal details to a third party and have the necessary privacy and security systems in place. A Legitimate Interest audit has been carried out which provides evidence and comfort when communicating with members of the Ampleforth Society.
## Employees
The College’s policies for recruitment, training, career development and promotion of employees are based on the role and capability of the individual and give those who are disabled equal treatment with the able bodied. In addition **,** the Trust does not discriminate against employees or potential employees on the basis of race, colour, nationality, ethnic or national origin, religion, political beliefs, sex **,** or marital status. Where appropriate employees disabled after joining the Trust are given suitable training for continuing employment with the College or elsewhere.
## FINANCIAL REVIEW
The Financial results for the period are shown on page 17 of the financial statements.
Gross fee income was £15,559,000 (2020: £15,725,000) before scholarships and bursaries of £2,505,000 (2020: £2,523,000). The net incoming resources for the year were £489,000 (2020: Outgoing £1,934,000).
10
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
The Trustees consider the turnaround from deficit to surplus as satisfactory, particularly as this occurred during a period that was affected by Covid restrictions.
Cashflow was strong with an overall improvement in the cash position of £1,548,000, the result of improved operating results, better collection of fees and improved working capital management.
The College is planning to make a surplus for 2021/22 with a further improvement in the cash position.
## Reserves policy
Historically and from the formation of the Trust any surpluses generated by it were transferred to the Ampleforth Abbey Trust. The only reserves that were retained were sufficient to cover working capital requirements. The Trust was loss making for three years prior to 2020/21 and these losses were retained within the Trust Balance Sheet. Despite the surplus arising in the year 2020/21 there was still an accumulated deficit on reserves by the year end. The deficit on reserves will further reduce in 2021/22.
The Trustees have identified the need to build up a general fund reserve and are considering the level required. A revised policy wording will be agreed during the forthcoming year.
## Going concern
At the year end the Trust had net liabilities of £2,528,000 (2020: £3,017,000). The Trust made a surplus in the year, having incurred a deficit for the previous three years. During the year 2021/22, the Trust is again expected to make a surplus.
The Trustees have prepared detailed forecasts as part of the recovery plan which have been flexed to take account of the current environment to the best of their knowledge and its expected impact on pupil numbers including the current position with regard to overseas students and visas.
Cashflow has also improved significantly **,** and the Trust has moved to having a net current asset position. This is sufficient to confirm the Trust as a going concern, after taking into account reasonable sensitivity analysis around the most recent forecasts including the impact of the recent inspection and impact regarding visas.
Owing to the losses incurred by the Trust in the three financial years ended 31 August 2020 there is an accumulated deficit on the Trust’s reserves, much of which is funded by the Ampleforth Abbey Trust. There is an on-going negotiation between the Trustees of the Ampleforth Abbey Trust and St Laurence Education Trust over a number of inter-trust transactions that comprise this balance. Irrespective of the outcome of those discussions the Trustees of the Ampleforth Abbey Trust have confirmed any balance agreed as outstanding on 31 August 2021 will not be collected for the foreseeable future and at least twelve months from the date of approval of these financial statements.
The Trustees’ report and strategic report is approved by the board and signed on its behalf by:
Mr E Sparrow Trustee Date 27 May 2022
11
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
## Statement of trustees’ responsibilities
The Trustees (who are also directors of St Laurence Education Trust for the purposes of company law) are responsible for preparing the Trustees’ 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 Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently.
- observe the methods and principles in the Charities SORP (FRS 102).
- make judgements and estimates that are reasonable and prudent.
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The **T** rustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## In so far as the Trustees are aware:
- there is no relevant audit information of which the charitable company’s auditor is unaware; and
- • the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the reparation and dissemination of financial statements may differ from legislation in other jurisdictions.
12
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
Independent Auditor’s Report to St Laurence Education Trust, a Company Limited by Guarantee
## Opinion
We have audited the financial statements of St Laurence Education Trust for the year ended 31 August 2021 which comprise the statement of financial activities, balance sheet, statement of cash flows 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, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the charitable company’s state of affairs as at 31 August 2021 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 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 Auditor’s 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 auditor’s report 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.
13
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
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 during 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken during the audit:
- the information given in the Trustees’ Annual Report which includes the Directors’ Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Trustees’ Annual Report which includes the Directors’ Report, and the Strategic Report 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 during the audit, we have not identified material misstatements in the Trustees’ Annual Report and Strategic Report.
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 Trustees’ Responsibilities Statement set out on page 11, the Trustees (who are also 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 to do so.
14
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
## Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.
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 an auditor’s report 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
## Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the Trustees, discussions within our audit team planning meeting, updating our record of internal controls, and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with Trustees and updating our understanding of the sector in which the charitable company operates.
Laws and regulations of direct significance to the charitable company include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales. Further the charitable company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, through significant fine, litigation or restrictions on the charity’s operations. We identified the most significant laws and regulations to be the Independent School Standards as found in the Education and Skills Act 2008 and guidance issued by the Department for Education.
## Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities including Ofsted reports to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected, or alleged fraud. We addressed the risk of fraud through management override of controls by
15
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## Use of our report
This report is made solely to the charitable company’s members and the Trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members, and Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## Sally Appleton (Senior Statutory Auditor) for and on behalf of Saffery Champness LLP
Saffery Champness LLP Chartered Mitre House Accountants Harrogate HG1 5RX
## Statutory Auditors
Date: 27 May 2022
Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
16
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
**Statement of financial activities (Incorporating an Income and Expenditure Account)** _for the year ended 31st August 2021_
|**Income from:**
_Note_
**Charitable activities**
School fee income
_2_
Ancillary trading income
_2_
**Other income**
Grant Income
_3_
**Other trading activities**
Other activities
_3_
**Investments**
Bank and other interest
_4_
**Donations and legacies**
Donations
_5_
**Total incoming resources**
**Raising funds**
Other income generating activities
Financing costs
**Total deductible costs**
**Charitable activities**
Education and grant making:
**Total expenditure**
_6_
**Net income/(expenditure) and**
**net movement in funds**
Fund balances brought forward
Fund balance carried forward|_2021_
£'000
_Unrestricted_
13,318
346
564
3
1
52
14,284
-
-
-
13,851
13,851
**433**
(3,062)
(2,629)|_2021_
£'000
_Restricted_
-
-
-
-
-
320
320
-
-
-
264
264
**56**
45
101|_2021_
£'000
_Total_
13,318
346
564
3
1
372
14,604
-
-
-
14,115
14,115
**489**
(3,017)
(2,528)|_2020_
£'000
_Total_
13,616
254
425
22
2
484|
|---|---|---|---|---|
|||||14,803
2
76|
|||||78
16,659|
|||||16,737|
|||||**(1,934)**
(1,083)|
|||||(3,017)|
All the above results are derived from continuing activities.
There are no recognised gains and losses other than those passing through the statement of financial activities.
The notes on pages 20 to 30 form part of these financial statements.
17
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
## **Balance sheet**
_as at 31st August 2021_
|_Note_
**Fixed assets**
Tangible assets
_8_
**Current assets**
Stocks
Debtors
Cash and deposits
_9_
_10_
**Current liabilities**
Creditors payable within one year
_11_
**Total assets less current liabilities**
**Long term liabilities**
Creditors payable after one year
_12_
**Net liabilities**
**Reserves**
Restricted funds
_15_
Unrestricted funds
_15_|_2021_
£'000
114
86
724
3,227
4,151
(3,659)
492
(3,020)
(2,528)
101
(2,629)
(2,528)|_2020_
£'000
-
20
736
1,793|
|---|---|---|
|||2,549
(2,550)|
|||(1)
(3,016)|
|||(3,017)|
|||45
(3,062)|
|||(3,017)|
Signed on behalf of the Board of trustees and authorised for issue by:
Mr E Sparrow, Trustee Date: 27th May 2022
Registered company number: 3415320
18
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
## **Statement of Cash Flows**
_for the year ended 31st August 2021_
|_Note_
**Net cash inflow from**
_16_
**operations**
**Change in cash and cash equivalents in the**
**reporting period**
**Cashflow from investing activites**
Purchase of equipment
**Cash and cash equivalents at the beginning**
**of the reporting period**
**Cash and cash equivalents at the end of the**
**reporting period**|_2021_
£'000
1,581
1,581
(147)
1,793
3,227|_2020_
£'000
1,096|
|---|---|---|
|||1,096
-
697|
|||1,793|
19
**Notes**
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
_(forming part of the accounts)_
## **1 Accounting policies**
The accounts have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice (SORP FRS102) and Financial Reporting Standard 102. The accounts are drawn up on the historical cost basis of accounting. The Trust constitutes a public benefit entity as defined by FRS 102.
## **Going Concern**
At the year end the trust had net liabilties of £2,528,000. Since the year end the trust has operated at a surplus.
The Trustees have prepared detailed forecasts as part of the recovery plan which have been flexed to take account of the current environment to the best of their knowledge and its expected impact on pupil numbers, including the current position with regard to overseas students and visas. Cashflow continues to improve and is sufficient to confirm the trust as a going concern,even after taking into account reasonable sensitivity analysis around the most recent forecasts including the impact of the recent inspection and the impact regarding visas.
Owing to the losses incurred by the Trust in the three financial years ended 31 August 2020 there is an accumulated deficit on the Trust's reserves, much of which is funded by the Ampleforth Abbey Trust. There is an on-going negotiation between the trustees of the Ampleforth Abbey Trust and the St Laurence Education Trust over a number of inter-trust transactions that comprise this balance. Irrespective of the outcome of those discussions the trustees of the Ampleforth Abbey Trust have confirmed any balance agreed as outstanding at 31 August 2021 will not be collected for the foreseeable future and at least twelve months from the date of any such agreement.
The following accounts policies have been applied consistently in dealing with items which are considered material in relation to the Charity's financial statements.
## **Pension schemes**
Retirement benefits to academic employees of the school are provided by The Teachers' Pension Scheme (TPS). This scheme is a multi employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the Trust and therefore, as required by FRS102, accounts for the scheme as if it were a defined contribution scheme. The Charity's contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable.
Non teaching staff are members of a defined contribution scheme. The assets of the schemes are held separately from the Trust in independently administered funds. The amount charged to the Statement of Financial Activities represents the contributions payable to the scheme in respect of the accounting period.
During the year the Ampleforth Abbey Trust entered into a deed of De-Adherence with the St Laurence Education Trust over a defined benefit scheme. The deed released the St Laurence Education Trust from any futher obligations under the scheme as a previously partcipating employer.
## I **ncome**
Fee income represents the amounts receivable for fees, less any scholarships, bursaries or discounts from unrestricted funds. Income is accounted for in the period in which the service is provided. Extras relate to ancillary charges but exclude items where the charity is effectively acting as an agent and is simply recharging for costs incurred on behalf of the students.
## **Donations, legacies and fund accounting**
Incoming resources received by way of grant, donation or legacy to fund general or specific activities are recognised where there is entitlement, the amount can be reliably quantified and the economic benefit to the Charity is considered probable. Donations received for the general purpose of the Trust are credited to unrestricted funds. The Trust may at its discretion set aside funds for specific purposes as designated funds which would otherwise form part of the general reserves of the Trust. Donations subject to specific wishes of the donors are credited to relevant restricted funds, or to endowed funds where the amount is required to be held as permanent capital.
## **Stocks**
Stocks are stated at the lower of cost and net realisable value.
## **Expenditure**
Expenditure is recognised when a liability is considered probable, discounted to present value for longer-term liabilities. Expenditure is summarised under functional activity headings either on a direct cost basis, or for overhead and support costs, apportioned according to a number of evaluation criteria. These include absorption based upon floor space, number of staff, estimates of actual consumption and time in use.
## **Operating leases**
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
## **Financial instruments**
The Trust only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured as amortised cost using the effective interest method.
20
**Notes** _(continued)_
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
|**2**
**Charitable activities**
**a) Fees receivable**
Fees receivable consist of:
School fees
Less: total scholarships, bursaries and discounts
Less: Covid related fee remissions
Add back: Bursaries paid for by restricted funds|_2021_
£'000
Total
16,276
(2,505)
(717)
13,054
264
13,318|_2020_
£'000
Total
17,439
(2,523)
(1,714)|
|---|---|---|
|||13,202
414|
|||13,616|
There were 253 (2020: 239) recipients of bursaries and discounts. Within this means tested bursaries of £1,525,444 were awarded to 99 students (2020: £1,446,568 to 96 students). All current and prior year income from charitable activities is unrestricted.
|**b) Ancillary trading**
Extras
Registration fees and retained deposits
All current and prior year trading income is unrestricted.
_2021_
_2021_
£'000
£'000
**c) Other Income**
Unrestricted
Restricted
Grant Income
564
-|_2021_
£'000
Total
315
31
346
_2021_
£'000
Total
564|_2020_
£'000
Total
235
19|
|---|---|---|
|||254|
|||_2020_
£'000
Total
425|
During the year a number of staff were furloughed and claims for the salaries, employers pension contributions and employers National Insurance contributions of these staff were made in accordance with rules of the Coronavirus Job Retention Scheme introduced by the UK Government. The income received in this regard was £564,000 (2020: £425,000) which was spent in full in the year, and both grant income and the associated staff costs are included within unrestricted transactions within the statement of financial activities.
|**3**
**Other trading activities**
**Other activities**
Interest on overdue fees
All interest was unrestricted in prior year.
**4**
**Bank and other interest**
Bank and other Interest|_2021_
£'000
Unrestricted
3
_2021_
£'000
Unrestricted
1|_2021_
£'000
Restricted
-
_2021_
£'000
Restricted
-|_2021_
£'000
Total
3
_2021_
£'000
Total
1|_2020_
£'000
Total
22|
|---|---|---|---|---|
|||||_2020_
£'000
Total
2|
All interest was unrestricted in prior year.
21
|**Notes**_(continued)_
**5**
**Donations and legacies**
Donations
Legacies
Donation from Ampleforth Abbey Trust|_2021_
£'000
Unrestricted
52
-
-
52|_St Laurence Education Trust_
_Trustees' report and financial statements_
_31st August 2021_
_2021_
_2021_
_2020_
£'000
£'000
£'000
Restricted
Total
Total
143
195
85
-
-
70
177
177
329
320
372
484|_St Laurence Education Trust_
_Trustees' report and financial statements_
_31st August 2021_
_2021_
_2021_
_2020_
£'000
£'000
£'000
Restricted
Total
Total
143
195
85
-
-
70
177
177
329
320
372
484|
|---|---|---|---|
||||484|
A number of bursary funds are also held by Ampleforth Abbey Trust.
Included within the 2020 legacies figure is £25k of unrestricted income, the balance of donations and legacies were restricted.
|**6**
**Analysis of expenditure**
_2021_
**6a**
**Total expenditure**
_Staff costs_
£'000
**Expenditure on raising funds**
Other income generating activities
-
Financing costs
-
-
**Charitable activities**
**Education and grant making**
Teaching and welfare
8,132
Premises
451
Other
151
Support costs and governance
1,422
Grants, awards and prizes (restricted)
-
10,156
10,156
**6b**
**Governance included in support costs:**
Remuneration costs paid to auditor for audit services
Trustee related expenses and training including reimbursement of travel
Other|_2021_
_Other_
£'000
-
-
-
599
1,999
136
961
264
3,959
3,959|_2021_
_Total_
£'000
-
-
-
8,731
2,450
287
2,383
264
14,115
14,115
_2021_
_Total_
£'000
18
1
55
74|_2020_
_Total_
£'000
2
76|
|---|---|---|---|
||||78
9,842
3,605
263
2,535
414|
||||16,659|
||||16,737|
||||_2020_
_Total_
£'000
13
18
99|
||||130|
In addition to the above audit remuneration the auditor received fees for other services totalling £nil (2020: nil)
Included within Charitable activities is a recharge from Ampleforth Abbey Trust of £nil (2020: £986,290) for depreciation on assets used by the St. Laurence Education Trust and a rental charge of £306,605 (2020: £274,649).
22
**Notes** _(continued)_
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
## **7 Staff numbers and costs**
The average number of persons employed during the year directly by the company was 231 (2020: 245). The average number employed including recharges was 340 (2020: 398)
The average number of persons (full time equivalent) employed by functions was:
|**Schools:**
Teaching and welfare
Premises
Support costs and governance
Other activities
The aggregate payroll costs of these persons were as follows:
Wages and salaries
Social Security costs
Pension contributions - defined benefit
Pension contributions - defined contribution
Aggregate employee - benefits of key management personnel
(relates to 4 individuals, 2020: 4)|_2021_
166
29
29
7
231
_2021_
£'000
8,372
716
850
218
10,156
595|_2020_
169
37
27
5|
|---|---|---|
|||238|
|||_2020_
£'000
8,516
820
977
224|
|||10,537|
|||578|
||||
Redundancy and termination payments of £47,125 (2020: £21,041) were incurred during the year relating to 5 employees. At the year end £ nil (2020: £2,508) of these were accrued for.
The number of staff earning in excess of £60,000 per annum were as follows:-
|£60,000 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £110,000
£120,000-£130,000
£200,000 - £220,000|_2021_
4
1
1
1
1
1|_2020_
1
4
3
-
-
1|
|---|---|---|
Of the above 7 (2020: 8) were accruing retirement benefits under the Teachers' Pension Defined Benefits Scheme and nil (2020: nil) under defined contribution schemes.
23
## **Notes** _(continued)_
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
## **8 Tangible assets**
|**Tangible assets**|||
|---|---|---|
|**Cost**
Balance at 31st August 2020
Additions
Balance at 31st August 2021
**Accumulated depreciation**
Balance at 31st August 2020
Charge for the year
Balance at 31st August 2021
**Net book value**
At 31st August 2021
At 31st August 2020|_Plant and_
_Machinery_
£'000
-
147
147
-
33
33
114
-|_Total_
£'000
-
147|
|||147|
|||-
33|
|||33|
|||114|
|||-|
24
## **Notes** _(continued)_
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
|**9**
**Stocks**
Stationery
Other
**10**
**Debtors**
Trade debtors
Prepayments
Other
**11**
**Creditors:**amounts falling due within one year
Trade creditors
Fees received in advance of term
Amount owed to group undertakings
Confirmation fees
Accruals
Other creditors|_2021_
£'000
-
86
86
_2021_
£'000
603
94
27
724
_2021_
£'000
253
2,273
367
269
374
123
3,659|_2020_
£'000
2
18|
|---|---|---|
|||20|
|||_2020_
£'000
708
5
23|
|||736|
|||_2020_
£'000
12
1,758
-
170
396
214|
|||2,550|
Confirmation fees are deposits that are repayable when the pupil leaves the school and are technically repayable on demand, however it is expected that they will be repayable as follows:
|Within 1 year
Within 1 to 2 years
Within 2 to 5 years
Over 5 years
**12**
**Creditors:**amounts falling due after more than one year
Confirmation fees
Amounts owed to group undertakings|_2021_
£'000
269
189
366
19
843
_2021_
£'000
574
2,446
3,020|_2020_
£'000
170
217
387
26|
|---|---|---|
|||800|
|||_2020_
£'000
630
2,386|
|||3,016|
25
## **Notes** _(continued)_
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
## **13 Analysis of net assets between funds**
|**Analysis of net assets between funds**|||||
|---|---|---|---|---|
|Fund balances at 31st August 2021 are
represented by:
Current assets
Current liabilities
Long term liabilities
Fund balances at 31st August 2020 are
represented by:
Current assets
Current liabilities
Long term liabilities|_2021_
_Unrestricted_
£'000
4,050
(3,659)
(3,020)
(2,629)
_2020_
_Unrestricted_
£'000
2,504
(2,550)
(3,016)
(3,062)|2021
_Restricted_
£'000
101
-
-
101
2020
_Restricted_
£'000
45
-
-
45|_2021_
_Total_
£'000
4,151
(3,659)
(3,020)
(2,528)
_2020_
_Total_
£'000
2,549
(2,550)
(3,016)
(3,017)|_2020_
_Total_
£'000
2,549
(2,550)
(3,016)|
|||||(3,017)|
|||||_2019_
_Total_
£'000
2,341
(2,837)
(587)|
|||||(1,083)|
## **14 Pension and similar obligations**
There are two pension schemes to which contributions were made:
**14a** The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.
The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the 'McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.
On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage ñally with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The Government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable.
26
## **Notes** _(continued)_
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020 and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. The consultation closed to response on 19 August 2021 and the Government is currently analysing the responses. In View of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become innappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results that those contained in the Actuarial Valuation. Until the consultation and the cost cap mechanism review are completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.
## **14b The Ampleforth Abbey Trust Money Purchase Scheme**
Ampleforth Abbey Trust also operates a defined contribution pension scheme for other staff employed by the Trust and its subsidiaries. The scheme is administered by Legal and General. The employer's contributions are charged to the Statement of Financial Activities in the period in which the salaries to which they relate are due.
|**15a**
**Movements on funds**
**Restricted funds**
Bursary fund (i)
Donations towards bursaries (ii)
Donations towards Learning Hub
**Unrestricted funds**
General fund
**Total funds**|_Balance at_
_31-Aug-20_
£'000
45
-
-
45
(3,062)
(3,062)
(3,017)|_Income_
£'000
264
34
22
320
14,284
14,284
14,604|_Expended_
£'000
(264)
-
-
(264)
(13,851)
(13,851)
(14,115)|_Balance at_
_31-Aug-21_
£'000
45
34
22|
|---|---|---|---|---|
|||||101|
|||||(2,629)|
|||||(2,629)|
|||||(2,528)|
(i) The bursary fund was set up to provide bursary assistance.
(ii) The bursary fund is made up of parent donations.
27
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
## **Notes** _(continued)_
## **15b Movements on funds - Comparative**
|**Restricted funds**
Bursary fund (i)
**Unrestricted funds**
General fund
**Total funds**|_Balance at_
_31-Aug-19_
£'000
-
-
(1,083)
(1,083)
(1,083)|_Income_
£'000
459
459
14,344
14,344
14,803|_Expended_
£'000
(414)
(414)
(16,323)
(16,323)
(16,737)|_Balance at_
_31-Aug-20_
£'000
45|
|---|---|---|---|---|
|||||45|
|||||(3,062)|
|||||(3,062)|
|||||(3,017)|
i) The bursary fund was set up to provide bursary assistance.
## **16 Notes to the Cash Flow Statement**
**16a Reconciliation of net incoming resources to net cash flow from operations**
|**Net Income/(expenditure)**
Elimination of non-operating cash flows:
(Increase)/decrease in stock
Decrease in debtors
Increase in creditors
Increase in depreciation
Net cash inflow from operating activities
**16b Analysis of cash and cash equivalents**
Cash at bank and in hand|_2021_
£'000
489
(66)
12
1,113
33
1,581
_2021_
£'000
3,227
3,227|_2020_
£'000
(1,934)
22
866
2,142
-|
|---|---|---|
|||1,096|
|||_2020_
£'000
1,793|
|||1,793|
28
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
## **Notes** _(continued)_
## **17 Related party transactions**
£152 (2020: £6,310) of travel expenses were reimbursed to 2 (2020: 13 ) Trustees during the year.
The Ampleforth Society promotes the interests of former students of Ampleforth College and it provides funds for bursaries at Ampleforth College.
During the year the St Laurence Education Trust paid across £66,575 (2020: £63,088) from net fee income across to the Ampleforth Society and the Society provided £72,900, (2020: £74,150) to St Laurence Education Trust for bursaries.
The following transactions took place with the parent charity, Ampleforth Abbey Trust:
||_2021_|_2020_|
|---|---|---|
||£'000|£'000|
|- recharges to the St Laurence Education Trust for a proportion of centrally|||
|managed costs.|153|6,834|
|- rental charge by Ampleforth Abbey Trust for use of land and buildings|307|275|
|- balance at the year end owed (to) the Ampleforth Abbey Trust|(2,813)|(2,387)|
|The following transactions took place with Ampleforth Abbey Trading Limited, a fellow subsidiary||of the|
|Ampleforth Abbey Trust:|||
|Charges from Ampleforth Abbey Trading for use of residential properties,|95|113|
|other properties and the sports centre.|||
|Purchase of Stock - sports kit|85|-|
29
_St Laurence Education Trust Trustees' report and financial statements 31st August 2021_
## **Notes** _(continued)_
## **18 Statement of financial activities - comparative figures by fund-type**
_for the year ended 31st August 2020_
|**Income from:**
**Charitable activities**
School fee income
Ancillary trading income
**Other Income**
Grant Income
**Other trading activities**
Non ancillary trading income
Other activities
**Investments**
Bank and other interest
**Donations and legacies**
Donations
**Total incoming resources**
**Expenditure on:**
**Raising funds**
Other income generating activities
Financing costs
**Total deductible costs**
**Charitable activities**
Education and grant making:
**Donation to Ampleforth Abbey Trust**
**Total expenditure**
**Net movement in funds**
**Net movements in funds**
Fund balances brought forward at
31st August 2019
31st August 2020|_2020_
£'000
_Unrestricted_
13,616
254
425
-
22
2
25
14,344
2
76
78
16,245
-
16,323
**(1,979)**
(1,083)
(3,062)|_2020_
£'000
_Restricted_
-
-
-
-
-
-
459
459
-
-
-
414
-
414
**45**
-
45|_2020_
£'000
_Total_
13,616
254
425
-
22
2
484|
|---|---|---|---|
||||14,803
2
76|
||||78
16,659
-|
||||16,737|
||||**(1,934)**
(1,083)|
||||(3,017)|
30