**REGISTRATION NUMBER 5472420 (ENGLAND AND WALES) CHARITY REGISTRATION NUMBER 1110286**
**NEW HALL SCHOOL TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 31 JULY 2022**
## **NEW HALL SCHOOL TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022**
|**Contents**|**Page**|
|---|---|
|Reference and Administrative Details|1|
|Trustees’ Report|3|
|Strategic Report|8|
|Independent Auditor’s Report|14|
|Consolidated Statement of Financial Activities|17|
|Consolidated and Parent Charity Balance Sheets|18|
|Consolidated Cashflow Statement|19|
|Principal Accounting Policies|21|
|Notes to the Financial Statements|25|
## **NEW HALL SCHOOL TRUST REFERENCE AND ADMINISTRATIVE DETAILS**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **GOVERNORS, DIRECTORS AND CHARITY TRUSTEES**
The Governors of New Hall School are the charity trustees under the charity law and the directors of the charitable company, for the purposes of company law. The members of the Governing Body who served in office as Governors during the year and subsequently are detailed below.
|||(1)|(2)|(3)|(4)|(5)|
|---|---|---|---|---|---|---|
|Dr M Edelsten (Chair)|||||||
|J Aldridge|||||||
|D Buxton|||||||
|J Croom|||||||
|M Day|Appointed Chair of F&GP 22 June
2022||||||
|K Jeffrey* (Principal)|||||**||
|J Peake (Vice Chair)|||||||
|O Slater|Appointed 23 March 2022||||||
|Y Sutton|||||||
|R Talbut|Resigned 22 June 2022||||***||
|A Williams|||||||
|P M Wilson|||||||
|P R Wilson|||||||
(1) Education & Staffing Committee
(2) Finance & General Purposes
(3) Nominations Committee
(4) Remuneration Committee (**except with respect to Principal’s Remuneration); *** except with respect to the Deputy Principal’s Remuneration)
(5) Bursaries and Scholarships Committee
* Parent of student at the School
During the year the activities of the Governing Body were carried out through five committees. The membership of these committees is shown above for each Governor.
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**NEW HALL SCHOOL TRUST REFERENCE AND ADMINISTRATIVE DETAILS**
**FOR THE YEAR ENDED 31 JULY 2022**
|**Principal address**|New Hall School|
|---|---|
||The Avenue|
||Boreham|
||Chelmsford|
||Essex CM3 3HS|
|**Auditor**|RSM UK Audit LLP|
||Blenheim House|
||Newmarket Road|
||Bury St Edmunds|
||Suffolk IP33 3SB|
|**Bankers**|National Westminster Bank plc|
||4-5 High Street|
||Chelmsford|
||Essex CM1 1BL|
|**Solicitors**|Birketts LLP|
||Providence House|
||141-145 Princes Street|
||Ipswich|
||Suffolk|
||IP1 1QJ|
|**Website**|www.newhallschool.co.uk|
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**NEW HALL SCHOOL TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022**
The Governors present their statutory report together with the consolidated financial statements of New Hall School Trust (“NHST”) and its subsidiaries, New Hall School Enterprises Limited (“NHSE”), a general trading company, and New Hall Multi Academy Trust (“NHMAT”), an exempt charity, which operates Messing Primary School as an academy, for the year ended 31 July 2022.
This report has been prepared in accordance with the Companies Act 2006 and constitutes a directors' report for the purposes of company legislation.
The financial statements have been prepared in accordance with the accounting policies set out on pages 21 to 24 of the attached financial statements and comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the Charities Statement of Recommended Practice ('Charities SORP') (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland; FRS 102) issued in October 2019.
## **GOVERNORS’ REPORT**
## _**CONSTITUTION AND OBJECTS**_
New Hall School was founded in 1642 by the Religious Community known as ‘The Regular Canonesses of the Order of the Holy Sepulchre of Our Lord in Jerusalem’. In 1799, the School moved to its present site of King Henry VIII’s former palace of Beaulieu.
In 2005, a new charity was formed to continue the work of the School. New Hall School Trust was incorporated as a company limited by guarantee on 6 June 2005 (Company Registration No. 5472420 (England and Wales)). On 1 July 2005, NHST was registered with the Charity Commission (Charity Registration No. 1110286). On 1 August 2005, the activities and net assets of The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord in Jerusalem connected with the operation of an independent school were transferred to this new charitable company. The buildings, grounds and facilities necessary for the functioning of the school thus form the assets of NHST.
The School is governed by its Memorandum of Association and Articles of Association last amended on 23 March 2022. The impact of the amendment was to permit the option of extending a term of office.
The School aims:
- to give students an experience of life in a Christian community:
- affirming each individual as a unique part of God’s creation, and nurturing in each person a sense of dignity and self-worth
- fostering caring relationships, a sense of team spirit, and respect for others
- to inspire students to develop their God-given gifts and talents to their full potential:
- intellectual
- spiritual
- social and emotional
- aesthetic and physical
- to provide a broad and balanced education, rooted in the School’s Catholic foundation, which is responsive to and supportive of the needs and aspirations of the individual:
- fostering intellectual curiosity, a desire to seek truth, and a life-long love of learning
- enabling students to discover their own strengths and weaknesses, to learn from ‘failures’, and to develop the self-discipline and determination to persevere, in order to pursue their goals in a rapidly changing world
- to enable staff to be aware of the values and vision of the School and to give them support and encouragement to carry out their professional duties and responsibilities in the pursuit of excellence, with pride and commitment
The object of NHST, as set out in the Memorandum and Articles, is "to advance the Roman Catholic religion by the conduct of Roman Catholic schools".
The School shares its teaching expertise and other resources and facilities with children in the local and wider community who do not attend the School. Educational initiatives include running NHMAT, through which NHST sponsors a primary academy.
NHST is also committed to operate its school on the New Hall campus in Chelmsford, which is the site of the magnificent former Tudor palace of Beaulieu. The main building is Grade I listed and the historic avenue of trees is also a listed park and garden. The charity, therefore, has a commitment to maintain and enhance the heritage buildings and setting of New Hall, not just for the students but for the wider community and public interest. New Hall is ranked by English Heritage in the top 2% of heritage buildings in the country.
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**NEW HALL SCHOOL TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022**
## **The ethos of the charity**
At NHST, the ethos is inspired by the founding Religious Community, The Canonesses of the Order of the Holy Sepulchre; their beliefs and values remain essential to the character of the charity today. The distinctive Catholic ethos of the School has a special emphasis on welcome, community, prayer and service to others. The charity, in accordance with its objects, founding ethos and aims, seeks to support students, and those in the wider community, in their faith development. The charity also lives out Christian beliefs and values through community work, hospitality and voluntary and charitable service to those in need.
When setting the objectives and planning the work of the charity for the year, the Governors have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary guidance on the advancement of religion, advancing education and fee charging. The principal work of the charity during the year was to own and operate an independent school for day and boarding students between the ages of 1 and 18. In July 2022, there were 1,355 students, of whom 220 were boarders.
The distinctive 'diamond model' school structure, established from 2006, is one in which students are educated in coeducational classes from 1-11, in single-sex classes from 11-16, and in co-educational classes at Sixth Form. The School continues to believe that this model gives the best of both worlds, with the optimal combination of single-sex and coeducational teaching at appropriate stages of students' development. The School won the overall TES Independent School of the Year 2016-17 as well as the TES Financial/Commercial (Green Travel & Transport Strategy) Initiative of the Year. The School was also in the final shortlists for Governing Body of the Year and Senior Leadership Team of the Year. Katherine Jeffrey, Principal, was shortlisted for the TES Headteacher of the Year Award in 2015. The School was on the national shortlist in 2014, for the TES Independent School Award (ISA) for Boarding Initiative of the Year and for Best Independent-Maintained School Collaboration (in relation to the sponsorship of Messing Primary School). The School won the national Independent Schools Award (ISA), 2011, for Outstanding Strategic Initiative, for the excellence of this development initiative and the consequent successful expansion and improvement of the School.
Following the opening of a Senior School Boys' Division in 2006, the School has expanded and now has boys in all year groups and overall equal numbers of girls and boys. NHST provides the only Catholic independent school provision for senior school aged boys in the Diocese of Brentwood.
## _**AIMS, OBJECTIVES AND ACTIVITIES**_
The Mission & Ethos Statement was reviewed and amended, as follows, in light of feedback from students, staff and Governors:
New Hall, a Catholic boarding and day school, provides **the best start in life** , enabling students to meet confidently the challenges of the wider world.
Here **academic excellence** is achieved in surroundings where relationships are based on **care, trust and respect.**
We **welcome** students from many traditions, building a Christian **community** that has at its heart **prayer** and **service** to others.
## **Strategic Aims of New Hall School**
- **(1)** To promote the Catholic life of the School and provide outstanding Religious Education
- **(2)** To be an outstanding and caring educator of all students
- **(3)** To recruit, support and develop outstanding staff
- **(4)** To provide outstanding learning opportunities through the co-curriculum
- **(5)** To promote New Hall’s reputation as a distinctive school of choice
- **(6)** To share our ethos, grow and innovate
- **(7)** To ensure the on-going security of the School’s financial future, and ensure affordability of fees, while continuing to invest in improving the quality of education
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**NEW HALL SCHOOL TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022**
## **Governing Body**
Details of Governors, including those who served during the year and those in office at the date the financial statements were signed, are listed in the "reference and administrative details" on page 1 of this report. Governors with children attending the School are on the same commercial terms as other parents.
At any one time there must be a minimum of 6 Governors, whilst the maximum number permitted is 13. New Governors are appointed by the full Governing Body following recommendations from the Nominations Committee of Governors. A majority of the Governors must be Catholic. One third of the Governors must retire each year. Retiring Governors shall be eligible for re-appointment for consecutive periods not exceeding in aggregate 9 years from the date of their original appointment. Thereafter, Governors are not eligible for re-appointment until one year after their retirement.
## **Recruitment and training of Governors**
The Charity's Governors are appointed at a meeting of the Board of Governors, following a selection process and recommendation from the Nominations Committee. The Governing Body requires breadth and depth of experience to carry out its duties effectively. When recruiting new Governors, the Nominations Committee takes into consideration eligibility, personal competence, specialist skills, representation of the diversity of the School community and local availability.
New Governors are inducted into the workings of the School, including the provision of key information covering Board policy, School ethos and financial information. All Governors are encouraged to attend training courses and workshops run by specialist school organisations.
## **Charity Governance Code**
The Governors are aware of the Charity Governance Code, which sets out the principles and recommended practice for good governance within the sector. The Governors are satisfied that the Charity applies the principles of the code within its current governance arrangements and reviews its performance.
## **Fundraising**
The majority of the School’s income is from School fees and other associated income. NHST has not engaged with third parties to raise funds and any direct approach to members of the public for funding has been limited to parents of pupils and alumni and is financially insignificant. NHST’s ethos applies equally to fundraising activity, including policies regarding protection of vulnerable individuals, intrusion of privacy or pressure to donate. NHST is registered with the Fundraising Regulator. No complaints have been received in relation to our fundraising activities.
## **Organisational management of the group**
New Hall School Trust has two subsidiaries, New Hall School Enterprises Limited (“NHSE”) (Company Registration No. 3521688, England and Wales), a company carrying out general trading activities, and New Hall Multi Academy Trust (“NHMAT”) (Company Registration No. 08643881, England and Wales), a company limited by guarantee and an exempt charity, which operates Messing Primary School as an academy. NHMAT was incorporated on 8 August 2013 and took over the management of Messing Primary School when it converted to academy status on 1 September 2013. The Governors, as charity Governors, maintain overall responsibility for the charity and its subsidiaries and their assets.
During the year, the Governors determined the general policy of the charity with regards to the provision of education. The Governors attended a wide range of School events.
Governors assisted in the management of the charity via the operation of five sub-committees: the Education & Staffing Committee, the Finance & General Purposes Committee, the Bursaries and Scholarships Committee, the Nominations Committee and the Remuneration Committee. Remuneration policy for all staff including senior management personnel is set by the Board, with the objective of providing appropriate incentives to encourage enhanced performance and of rewarding fairly and responsibly individual contributions to the School’s success.
During the year, the day-to-day management of the charity was delegated to the Principal, who was supported by a Senior Leadership & Management Team as follows as of July 2022:
- Principal, Governor (NHST) and Executive Head & Accounting Officer (NHMAT)
- Deputy Principal
- Vice Principal (Curriculum, Growth & Innovation) and Chair & Director of New Hall Multi Academy Trust
- Vice Principal (Boarding & Operations)
- Head of Finance (NHST) and Chief Financial Officer (NHMAT)
- Estate Manager and Health & Safety Co-ordinator
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**NEW HALL SCHOOL TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022**
- Head of Nursery Division
- Head of Pre-Prep Division
- Head of Preparatory Division
- Head of Girls’ & Boys’ Divisions
- Head of Sixth Form
- Head of Human Resources
- Director of Learning & Teaching
- Director of Studies
- Head of Theology
- Executive Assistant & Clerk to Governors
There is an overall Lead Designated Safeguarding Lead (Lead DSL). The Head of each Division is also the DSL for their respective Division.
## **Members’ liability**
NHST is constituted as a company limited by guarantee. In the event of NHST being wound up, members are required to contribute an amount not exceeding £1.
## **Employment policy**
At the heart of our School is the faith that is essential to its character. While the School is a Catholic community, it welcomes students and staff of different religious beliefs who support its ethos. The spiritual and faith development of all those at NHST is of the highest importance. As a Catholic school, the School reserves the right to reserve certain posts for practising Catholics, in accordance with Diocesan guidance, and seeks to ensure that all staff support the School’s ethos, as a Catholic independent boarding & day school.
The School supports the principle of equal opportunities and opposes unfair discrimination on the basis of age, sex, marriage and civil partnership, gender reassignment, race, disability, sexual orientation, religion or belief, pregnancy and maternity and part-time or fixed-term employment (defined as ‘Protected Characteristics’). Being a committed equal opportunities employer, the School will take every possible step to ensure that employees are treated equally and fairly. Policies and practices will conform with the principle of equal opportunities in terms of recruitment, selection, training, promotion, career development, discipline, redundancy and dismissal, taking into account that the Catholic ethos is upheld and supported (e.g. through the provision of specified reserved posts for practising Catholics).
The mean gender pay gap measures the difference between the average pay of all women and all men. Our mean gender pay gap is 4.6%. This compares favourably with the National Average of 13.9%.
When analysed further by employee category, this shows that at senior management level there is a positive mean pay gap, with female employees earning on average more than men. Among teaching and educational professionals, where women make up 65% of the workforce, the mean pay gap is 8.4%. This compares favourably with the National Average of 9.9% for this occupational group.
Of our support employees 68% are women and the mean gender pay gap is 1.3%.
The median gender pay gap measures the difference in pay between the ‘middle man’ and ‘middle women’ if you rank employees according to pay. Our median gender pay gap is 8.6% compared to the National Median pay gap for all employees of 14.9%.
An analysis of part-time to full time working shows that the median pay gap remains positive for part-time support staff. The steps taken to make the School a welcoming environment for female employees include the opening of our own Nursery on the School site, assisting staff to return to the workplace following parental leave.
All staff are provided with an Employment Manual detailing all policies and procedures relating to employment. The Employment Manual template is provided by Veale Wasbrough Vizards, a leading law firm, who ensure that the School is provided with any changes required as a result of changes to legislation.
The School communicates with all employees regularly through normal management channels which include weekly staff briefings for teachers, half termly staff meetings for all staff, email communication and team meetings. Staff are informed of any decisions that are likely to affect their interests and are consulted on any significant changes.
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## **NEW HALL SCHOOL TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022**
## _**GOVERNORS’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS**_
The Governors as Trustees (who are also directors of New Hall School Trust for the purposes of company law) are responsible for preparing the Annual Report (incorporating a strategic report) and the financial statements in accordance with applicable law and regulations.
Company law requires the Governors to prepare financial statements for each financial year. Under that law the Governors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.
Under company law, the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the result of the group for that period. In preparing these financial statements, the Governors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Each Governor confirms that:
- so far as they are aware, there is no relevant audit information of which New Hall School Trust's auditor is unaware; and
- the Governor has taken all the steps that they ought to have taken as a Governor in order to make themself aware of any relevant audit information and to establish that New Hall School Trust's auditor is aware of that information.
The Governors are responsible for the maintenance and integrity of financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
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**NEW HALL SCHOOL TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022**
## **STRATEGIC REPORT**
## _**ACHIEVEMENTS AND PERFORMANCE**_
## **Review of achievements and performance for the year**
## **Key targets of the 2021/22 Development Plan**
The following targets were completed:
**1.** To embed the flexible boarding structure
**2.** To invest in and promote the whole school Chaplaincy provision
**3.** To increase the provision of subject specialist teaching within the Preparatory Division
4. To support Messing Primary School with funding, infrastructure and response to pandemic
_**5.**_ To implement the travel plan to mitigate the impact of external road developments
In addition to the above, the senior staff and Governors have created a draft Masterplan for the School's medium- and long-term development and are undertaking strategic reviews, to assess priorities. A number of feasibility studies have been commissioned in relation to expansion of facilities, including acquisition of additional land/property. NHST's establishment of a Multi Academy trust (NHMAT) enables it to sponsor further academies, where this is considered appropriate and beneficial. These options are kept under annual review.
## **School Roll**
The roll reached 1,344 by the end of the academic year 2021/22. 1,338 students were confirmed on roll from September 2022.
## **Academic Standards and Performance**
In the KS2 SAT examinations, 98% were at or above average in Mathematics, Reading and Grammar, Punctuation & Spelling.
At GCSE, 60% of grades were at 7+ (A*/A), with 40% at 8+ and one fifth of grades at top grade 9. Eight students achieved a perfect score of straight 9s.
At A Level, 82% of grades were at A*-B, with 57% at A*/A and a quarter of grades at A*.
## **Premises**
The buildings and grounds at New Hall are Grade I listed and are a magnificent setting for a school. The extensive facilities and grounds continue to need careful maintenance and, during the year, a thorough programme of improvement and refurbishment continued.
The School prides itself on its rich heritage, magnificent main building and stunning campus. It is a major priority for the School that the campus is developed in a way that enhances its beauty and emphasises its historical features for the benefit of the local and wider community. The School does not receive grants from Historic England for essential works to maintain the main building, and so relies on funding the works through future financial stability, which can be achieved best through the School's recent expansion. Within the grounds, the School has excellent sports facilities, including a 25-metre, 6-lane heated indoor swimming pool, ten tennis courts, eight netball courts, two Astroturf hockey/football pitches, 3G pitch, five cricket wickets, eight rugby pitches, golf nets and launch monitor, a 400-metre national standard athletics track and a - purpose-built fitness suite, fully equipped with state of-the-art gym equipment. Most outdoor facilities are now floodlit.
The School continues to face challenges due to the planned development around the campus within the North East Chelmsford Area Action Plan (NECAAP). The School worked closely throughout the year with professional advisers, Chelmsford City Council and the property developers for NECAAP, to ensure that our concerns over the impact that the proposed development is having on New Hall are taken into account. The Planning Inspector had previously confirmed the requirement that the potential erosion of the setting of New Hall should be balanced by Compensatory Measures, to be achieved via a comprehensive Land Design & Management Plan. The School therefore continues to engage with the planning process and development of the scheme, to protect NHST's interests and to ensure ways are found to enhance the setting of Grade I Listed Building and Grade II Registered Park & Garden.
In accordance with the key 2021/22 targets in the School Development Plan, a range of premises improvements and new developments have been achieved, to enhance the educational facilities and the site:
- A Prep music suite in the Prep Divisions
- Establishment of a Prep science laboratory
- A dedicated Health & Wellbeing Centre
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## **NEW HALL SCHOOL TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022**
- Bike racks and fleet of New Hall bicycles purchased for staff and students
- Improvements to access/egress routes, including landscaping of the Northern Access Link Road
Work also continues on a number of further projects for the future, for which feasibility studies have been completed or are in process:
- Redevelopment of the historic Hawley Quad area, including a dedicated Chaplaincy Hub.
## **Charity Fundraising for those in Need**
The students and staff of the School engage in a wide range of charitable work, including raising substantial funds for local, national and international charities. Charitable fundraising continued to have a high profile in School activities, supported by students, staff and parents. In 2021/22, funds were raised for a number of charities including:
Macmillan Cancer Support, Brentwood Catholic Children’s Society (“BCCS”), Mid & South Essex NHS Foundation Trust, Shoebox Appeal, Cancer Research, Great Ormond Street, Young Minds, Douai Foundation, Ukraine DEC, British Red Cross, Ukraine, Silverline, The Mental Health Foundation, Chelmsford Food Bank, Kissing It Better, WWF Climate Crisis Fund, Farleigh Hospice. In total, we have raised £18,811 for charities in 2021/22.
## _**PUBLIC BENEFIT**_
## **Community Service & Charitable Work**
Key examples of how the charity provides public benefit through its values and aims:
## **1. New Hall Multi Academy Trust (NHMAT) – academy sponsorship**
NHST has undertaken sponsorship of a primary academy, which was in special measures in 2012, to help enable that school to improve its performance and grow the roll. NHST was the first independent school nationally to agree to sponsor a primary school. For this pioneering work with the maintained sector, NHST was commended by Rt Hon Michael Gove MP, Lord Nash and by the DfE.
NHST established a Multi-Academy Trust (NHMAT) from 8 August 2013, having worked closely with the primary school over the previous 18 months, including involvement in the appointment of the new Headteacher. New Hall School shares members of staff and facilities with Messing Primary School; an SLMT member has become a Governor of Messing Primary School; specialist teachers from New Hall School teach PE, Mathematics, Languages and swimming to the primary school pupils; and New Hall School staff have assisted with the primary school's educational, IT, payroll, financial, marketing/PR and premises developments.
In the 2021/22 academic year, Messing Primary School’s roll remained steady, with 84 pupils by September 2022. Messing Primary School was rated by Ofsted as ‘good with outstanding leadership and management, outstanding personal development, behaviour and welfare, and outstanding Early Years’ provision’ in September 2019.
## **2. Advance of the Roman Catholic Religion**
The School welcomes members of the Catholic parish of Springfield to attend the Sunday evening boarders’ Mass in the New Hall Chapel. The Chapel has been licensed for weddings and a number of New Hall alumni and staff have been married at New Hall.
The School hosts retreats for Catholic feeder schools within the Diocese and hosts meetings of catholic school trusts.
## **3. New Hall Voluntary Service (NHVS)**
Through the voluntary work of NHVS and other charitable work, help is given to those in need in the local and wider community. From Year 8, students are invited to join NHVS Action Groups which are appropriate to their age, to give them the opportunity to experience one-to-one contact with those in need in the community. Once they are in Year 12, many of these same students volunteer to become leaders of the Action Groups. This involvement encourages many students to offer voluntary work in their adult lives. Parents, staff and other adults support the activities of the Action Groups in many ways. The current Action Groups are detailed on the School website.
NHVS is important to the educational work of the School and to its religious purpose as a Catholic school. A major feature of a New Hall education, commended by the Diocesan Section 48 inspectors, is the caring ethos and spirit of service to others.
New Hall hosts a number of charity days including for the Little Edi Foundation and a Community Fun Day organised by the Canonesses of the Holy Sepulchre.
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**NEW HALL SCHOOL TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022**
## 4. **Governorship of Heritage Campus for the Local Community**
The beautiful heritage campus is enjoyed by the local and wider community; in the last year the School organised a Christmas market and summer fete which were attended by parents, staff and members of the Beaulieu, Boreham, Springfield and wider Chelmsford communities. The School shares its first class facilities with a variety of educational and religious groups. These facilities are often provided either without charge or at minimal cost.
NHST seeks to protect and enhance the heritage of the Grade I Listed Building and Grade II Registered Park and Garden (The Avenue), as the setting for the running of New Hall School and for the benefit of others.
## **5. Organisations Using New Hall Facilities**
Many of the New Hall facilities are made available for use by the public. A number of local, regional and national groups have made use of School facilities during the year, including weekdays, evenings, weekends and school holidays. These are detailed on the 'public benefit' section of the New Hall School website.
## **6. Bursaries and Fee Remissions**
NHST has made significant bursaries, grants and fee remissions available. These help students whose parents would otherwise be unable to afford a New Hall education. Bursaries are widely advertised, including on the School website, in the prospectus, in mailings to schools, in parish newsletters, in regional newspapers and magazines, in national papers and by word-of-mouth.
Bursaries and hardship funds are available for current families experiencing financial difficulties. These bursaries and awards can also be for up to 100% of the fees. The pandemic has had a significant financial impact on some New Hall families. In response, the School created a Coronavirus Hardship Fund to ensure continuity of education, particularly for those students completing their examination years. Donations were received from parents to support the fund and has enabled the School to offer an extended number of hardship grants.
During 2021/22, 38 (52 in 2020/21) students in the School benefitted from means-tested bursary grants towards their school fees. Of these 12 (8 in 2020/21) received 100% fee remission. In order to maximise the funds available to existing students, no new bursary awards were made to students joining the School at the start of 2021/22 (none in 2020/21).
The School also offers other forms of fee discounts to make a New Hall education more accessible to those who would not otherwise be able to join. Sibling discounts are applied from the third child onwards. Grants were also made to cover boarding charges for students who cannot afford this provision. During 2021/22, a total of 313 (349 in 2020/21) students in the whole School did not pay full fees.
In 2022, the School admitted six Ukrainian students on fully funded places.
## _**FINANCIAL REVIEW**_
Total income for the year was £25,596,070 (£23,719,230 in 2021) whilst total expenditure amounted to £24,602,261 (£22,688,613 in 2021), giving rise to net income of £993,809 (£1,030,617 in 2021). The net movement in funds, after investment losses of £7,019 (losses of £2,394 in 2021), and an actuarial gain of £244,000 (loss of £31,000 in 2021) in respect of New Hall Multi Academy Trust’s Local Government Pension Scheme deficit, was an increase of £1,230,790 (£997,223 in 2021). This included an increase in general funds of £1,183,774 (£1,153,029 increase in 2021) and no movement in the designated fund (2021 no movement).
Group tangible fixed assets have increased by £2,458,733 (£483,950 in 2021) with acquisition and development of property for staff accommodation, modernisation of areas within the Senior and Prep Divisions and investment in refurbishment of the Boarding Houses.
Net current assets have reduced by £2,002,218 (£113,713 reduction in 2021) due to the purchase of the above tangible fixed assets being funded from cash reserves, as opposed to a loan. Cash has reduced by £2,126,329 (£70,087 reduction in 2021). Debtors have reduced by £15,698 (£251,074 reduction in 2021) with an increase in bad debts provision of £248,865 (2021 provision at a similar level to the previous year). Debtors and creditors are subject to fluctuations arising from the timing of receipts and payments; net current assets remain within the normal range. Long term liabilities have reduced by £578,294 (£691,380 reduction in 2021) due mainly to the repayment of long term bank loans.
New Hall School Enterprises Limited carried out trading activities during the year including the operation of the swimming pool complex at the School. These activities, for legal and tax reasons, are carried out by a commercial company rather than a charity. Due to the pandemic, trading activities were greatly reduced in 2020/21 resulting in a loss of £31,925 for the year. As the level of activities has picked up, the company returned to profit in 2021/22 showing a net profit of £21,272
Page 10
## **NEW HALL SCHOOL TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022**
for the year. All taxable profits of the company for the year are normally paid to the NHST under Gift Aid and will resume once the losses incurred during the pandemic have been covered.
Overall, the Governors consider the affairs of the charity to be satisfactory, but they are aware of the level of risk associated with the School's borrowing. Initially, this debt was incurred to finance the acquisition of the net assets of NHST and subsequent loans have been required to finance the School's expansion. The Governors continue to be aware of the need to monitor budgets and cash flow forecasts carefully and to ensure that all conditions of the loans continue to be satisfied.
## **Going Concern**
The Governors have prepared a number of scenarios that consider the cash position, sources of income and planned expenditure of the charity and the group. These scenarios consider anticipated student numbers, delayed fee payment, reduced fees and other income, bursary support and potential bad debts as well as capital spend required to deliver the School’s 5-year plan and any loan funding required to fund this, and the resulting capital and interest payment profiles. They take into account a range of inflations, fee increases and cost management initiatives, as well as the interrelationships between the various development activities.
Results of the financial forecasts and expected future cashflows indicate that the cash reserves of the charity and the group are adequate to meet their obligations as they fall due, with sufficient float to weather unexpected headwinds. Having regard to the above, the Governors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
## **Reserves level and policy**
At 31 July 2022, NHST had total consolidated reserves of £26,898,085 (£25,667,295 in 2021), comprising permanent endowment funds of £2,916,349 (£3,004,723 in 2021), unrestricted funds of £22,586,040 (£21,402,266 in 2021) (including designated funds of £1,519,466 (£1,519,466 in 2021)) and restricted funds of £1,395,696 (£1,260,306 in 2021) (including £1,280,150 relating to NHMAT (£1,119,107 in 2021).
The permanent endowment fund of £2,916,349 is the net book value of the freehold land and buildings gifted to NHST by The Regular Canonesses of the Order of the Holy Sepulchre of Our Lord for use in furtherance of the charity's objectives.
The restricted funds of £115,546 of the School include unexpended balances of donations and grants held on trust. These have either been raised for, and their use restricted to, specific purposes or they comprise donations subject to donor imposed conditions. There is also a restricted fund balance of £1,280,150 (£1,119,107 in 2021) which represents the funds of New Hall Multi Academy Trust. Full details of these restricted funds can be found in note 21 to the financial statements together with an analysis of movements in the year.
The total free reserves of the Group are considered to be £718,672 (£2,655,797 in 2021), after deducting restricted and endowment funds within the group and tangible fixed assets (net of related loans and fixed assets within the endowment and restricted fixed asset funds) of £26,179,412 (£2,301,498 in 2021).
The Governors have considered carefully an appropriate target level for the Group's free reserves, albeit they acknowledge that the need to continue to invest significantly in the School's facilities may mean that any target is a longterm aim. Having regard to the likelihood of financial risks and mitigating factors, the Governors consider the target level of free reserves should be approximately 6 to 8 weeks expenditure (currently £2.4 million to £3.2 million). At 31 July 2022, free reserves were £0.7m, predominately due to the strategic acquisition of tangible fixed assets and the continuing paying down of existing loans, out of cash reserves.
The Governors consider that the current low level of free reserves is acceptable in light of the relative liquidity and value of certain land and buildings assets on the register, the current low level of the School’s borrowings and discussions with potential funders for additional borrowing as the current loans near the point of being fully paid down.
The policy, therefore, is to continue to target holding free reserves within the target range in the medium-term, subject to the need to undertake strategic capital investments required to enhance educational and historical assets. The target level will remain under review by the Governors.
## **Donations**
Donations received for the year to 31 July 2022 were £18,532 (£46,048 in 2021). Most donations were in relation to the Ukraine hardship fund.
Prior to 1 August 2021, the School received a donation of £3,290,088, from a donor who wishes to remain anonymous with respect to the donation. Due to the nature of the donation, in the context of compensatory measures relating to the
Page 11
**NEW HALL SCHOOL TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022**
housing development around the School and the consequent loss of open space, the donation was designated by the School’s Governors for a land acquisition project during the next 5 years.
## **Investment policy, objectives and performance**
The charity has one holding invested in a Common Investment Fund, representing funds donated to support scholarship awards. The charity's investment objectives are to generate income to support these awards, while providing security of the capital sum.
The Governors are satisfied with the overall performance of the charity's investments.
## **Carbon emissions reporting**
The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 came into force on 1 April 2019 for accounting periods commencing on or after that date. UK Greenhouse gas emissions and energy use for the Group
**Energy Consumption used to calculate emissions 1 August 2020 to 31 July 2022**
|||Total Consumption:||
|---|---|---|---|
|**Consumption**|Measure|2022|2021|
|**Electricity**|per kWh|2,103,558|1,807,460|
|**Liquid fuels**|per litre|464,533|524,963|
|**Gas**|per litre/kWh|115,487|140,858|
|**Transport Fuel**|per litre|38,067|29,343|
|**Scope 1 Emissions**||Metric tonnes tCO2e:||
|**Liquid fuels**||1,181.9|1,336.0|
|**Gas**||75.7|78.3|
|**Transport Fuel**||96.8|73.5|
|**Scope 2 Emissions**||||
|**Purchased Electricity**||406.8|383.8|
|**Total**||1,761.2|1,871.6|
|**Intensity Ratio**||1.23 tCO2e per pupil|1.36 tCO2e per pupil|
|**Number of pupils**||1,435|1,373|
Emissions have been calculated with reference to the 2019 HM Government Environmental Reporting Guidelines and GHG Reporting Protocol – Corporate Standard and using the 2022 UK Government’s Conversion Factors for Company Reporting. Data have been drawn from invoices from suppliers in all cases.
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per pupil, the recommended ratio for the school sector.
The Governors take the impact of greenhouse gas emissions on the environment seriously and consider initiatives across the Trust and its subsidiaries, to reduce the impact. As a Grade 1 listed site, significant alterations to mitigate energy usage are limited, however opportunities continue to be explored to reduce energy usage. The following energy efficiency measures have been undertaken:
- Energy Savings Opportunity Scheme (ESOS) compliance audit completed and recommendations for energy efficiency received
- Installation of Passive Infra-Red (PIR) lighting across the School
- Rolling programme to replace all general and display lighting with LED equivalents (30% complete)
- Rolling programme to improve energy efficiency of heating systems, including installation of air source heat pumps to all new builds, and on refurbishment of classrooms, offices and communal areas
- Implementation of new building management systems to improve energy monitoring facilities and variable temperature controls.
Page 12
**NEW HALL SCHOOL TRUST TRUSTEES'REPORT FOR THE YEAR ENDED 31 JULY 2022**
## _**RISK MANAGEMENT**_
## **Princi[p] al risks and uncertainties**
The principal risks to the School at present are:
1. Development risks - traffic congestion, parking, access & egress, planning constraints, pace of change, change of infrastructure
2. Significant reduction in students due to e.g. affordability of fees, changes in school provision, more grammar school places, new school opening on boundary, recession, increase in university fees
3. Potential financial pressure due to increase in costs, such as changes to taxation rates, the removal of charitable relief on business rates, changes to the employers' contribution rate on TPS, and the imposition of VAT or levy on school fees
The Governors have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity, its assets, its investments and its finances. The Governors believe that by monitoring borrowing and reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks. Emphasis has been placed on certain key risks so that the chances of occurrence are minimised at source. In relation to the charity's heritage campus, the Governors have sought to protect the interests of the charity in relation to the City Council's Northeast Chelmsford Area Action Plan (NECAAP).
- Over recent years, development risks including traffic congestion, parking, access & egress have been mitigated by: • building an Eastern Access Road, New Hall Lane
- building a footpath along the Avenue
- conducting a travel survey including a traffic management plan
- appointing a specialist School Transport Management company who review and monitor the School bus routes
- • introducing a zonal parking system on site
- offering breakfast and supper club for day students
- encouraging green travel including investing in a fleet of bikes to be lent to staff and students
- building a Northern Access Road, New Hall Way
## _**FUTURE PLANS**_
## **Key Targets for the 2022/23 Academic Year**
**1.** to encourage staff participation in Catholic further education courses, e.g. Catholic Certification of Religious Studies, Durham University's new MA in Catholic Theology
**2.** to induct the new Health & Wellbeing Centre staff
**3.** to embed the new RSE programme throughout the Divisions
**4.** to conduct a feasibility study for the creation of a learn-to-ride centre
**5.** to explore possibilities for acquiring further land for educational and equestrian purposes
This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of New Hall School Trust on 22 March 2023, including in their capacity as company directors approving the Strategic Report contaimf therein, and is signed as authorised on its behalf by:
Chair of Governors & Governor
Page 13
**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF NEW HALL SCHOOL TRUST**
## **Opinion**
We have audited the financial statements of New Hall School Trust (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 July 2022 which comprise the consolidated Statement of Financial Activities the consolidated and parent charity Balance Sheets, the consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 state of the groups and the parent charitable company’s affairs as at 31 July 2022 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We have been appointed auditors under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.
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 group and parent 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 Governors’ 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 group’s or parent 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 Governors with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. The Governors are responsible for the other information contained within the Annual Report. 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.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 in the course of the audit:
- the information given in the Governors’ Report, which includes the Directors’ Report and the Strategic Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
Page 14
**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF NEW HALL SCHOOL TRUST (CONTINUED)**
- the Directors’ Report and the Strategic Report included within the Governors’ Report have 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 group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report, or the Strategic Report included within the Governors’ 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 by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Governors’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of Governors**
As explained more fully in the Statement of Governors’ responsibilities, as set out on page 7, the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors 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 Governors are responsible for assessing the group’s and parent 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 Governors either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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.
## **The extent to which the audit was considered capable of detecting irregularities, including fraud**
Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:
- obtained an understanding of the nature of the sector, including the legal and regulatory framework that the group and parent charitable company operates in and how the group and parent charitable company are complying with the legal and regulatory framework;
Page 15
**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF NEW HALL SCHOOL TRUST (CONTINUED)**
- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the parent charitable company’s governing document, tax legislation and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Governors’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence with local tax authorities and evaluating advice received from external advisors.
The most significant laws and regulations that have an indirect impact on the financial statements are The Education (Independent School Standards) Regulations 2014, Keeping Children Safe in Education under section 175 of the Education Act 2002, and the UK General Data Protection Regulation (UK GDPR). We performed audit procedures to inquire of management and those charged with governance whether the charitable company is in compliance with these law and regulations and inspected correspondence with regulatory authorities.
The group audit engagement team identified the risk of management override of controls and completeness of certain income streams as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and performing tests of details in relation to the completeness of income.
A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at http://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, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
## Claire Sutherland
CLAIRE SUTHERLAND (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Blenheim House Newmarket Road Bury St Edmunds IP33 3SB Date 25 April 2023
RSM UK Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Page 16
## **NEW HALL SCHOOL TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2022**
|Notes
**Income and endowments**
**from:**
**Donations**
**Charitable activities**
School fees and other charges
2
Funding for educational
purposes
3
Other
**Other trading activities**
**Investments**
1
**Other income**
4
**Total income**
**Expenditure on:**
**Charitable activities**
Provision of education
7
**Raising funds**
Raising donations
5
Trading: cost of goods sold and
other costs
6
**Total expenditure**
Net (losses) on investments
13
**Net income/(expenditure)**
Transfers between funds
Actuarial gains/(losses) on
defined benefit pension scheme
**Net movement in funds**
Balances brought forward
at 1 August 2021
**Balances carried forward**
**at 31 July 2022**|Unrestricted
Funds
£
Restricted
Funds
£
Multi
Academy
Restricted
Fund
£
Permanent
Endowment
Fund
£
-
9,430
9,102
-
24,672,319
-
-
-
-
-
555,633
-
59,300
13
-
-
254,599
-
21,783
-
10,497
1,860
52
-
1,482
-
-
-
24,998,197
11,303
586,570
-
23,550,338
39,437
683,520
88,374
-
-
7,265
-
233,327
-
-
-
23,783,665
39,437
690,785
88,374
-
(7,019)
-
-
1,214,532
(35,153)
(104,215)
(88,374)
(30,758)
9,500
21,258
-
-
-
244,000
-
1,183,774
(25,653)
161,043
(88,374)
21,402,266
141,199
1,119,107
3,004,723
22,586,040
115,546
1,280,150
2,916,349|**Total**
**2022**
**£**
**18,532**
**24,672,319**
**555,633**
**59,313**
**276,382**
**12,409**
**1,482**
**25,596,070**
**24,361,669**
**7,265**
**233,327**
**24,602,261**
**(7,019)**
**986,790**
**-**
**244,000**
**1,230,790**
**25,667,295**
**26,898,085**|Total
2021
£
46,048
22,704,206
558,762
53,723
112,518
25,855
218,118
23,719,230
22,477,694
464
210,455
22,688,613
(2,394)
1,028,223
-
(31,000)
997,223
24,670,072
25,667,295|
|---|---|---|---|
The notes on pages 21 to 42 form part of these financial statements.
Page 17
## **NEW HALL SCHOOL TRUST**
## **CONSOLIDATED AND PARENT CHARITY BALANCE SHEETS AS AT 31 JULY 2022**
|**Fixed assets**
Tangible assets
Investments
**Current assets**
Stocks
Debtors
Cash at bank and in hand
**Current Liabilities**
Creditors payable within one year
**Net current assets**
**Total assets less current**
**liabilities**
**Long term Liabilities**
Creditors payable after one year
Pension scheme liability
**Total net assets**
**Represented by:**
**Funds and reserves**
Capital funds
Permanent endowment fund
Charitable income funds
Unrestricted funds
General fund
Designated fund
Restricted funds
Multi Academy restricted fund
Notes
12
13
14
15
16
23
18
19
20
21
21|**2022**
**£**
**27,616,943**
**44,344**
**27,661,287**
**110,576**
**753,126**
**6,118,580**
**6,982,282**
**(6,037,424)**
**944,858**
**28,606,145**
**(1,635,060)**
**(73,000)**
**26,898,085**
**2,916,349**
**21,066,574**
**1,519,466**
**115,546**
**1,280,150**
**26,898,085**
Group
2021
£
25,158,210
51,363
25,209,573
87,249
768,824
8,244,909
9,100,982
(6,153,906)
2,947,076
28,156,649
(2,213,354)
(276,000)
25,667,295
3,004,723
19,882,800
1,519,466
141,199
1,119,107
25,667,295||**Charity**
**2022**
2021
**£**
£
**26,450,385**
23,946,748
**44,346**
51,365
**26,494,731**
23,998,113
**60,510**
31,775
**702,026**
815,775
**5,908,866**
8,023,557
**6,671,402**
8,871,107
**(5,882,773)**
(6,056,041)
**788,629**
2,815,066
**27,283,360**
26,813,179
**(1,635,060)**
(2,213,354)
**25,648,300**
24,599,825
**2,916,349**
3,004,723
**21,096,939**
19,934,437
**1,519,466**
1,519,466
**115,546**
141,199
**25,648,300**
24,599,825|**Charity**
**2022**
2021
**£**
£
**26,450,385**
23,946,748
**44,346**
51,365
**26,494,731**
23,998,113
**60,510**
31,775
**702,026**
815,775
**5,908,866**
8,023,557
**6,671,402**
8,871,107
**(5,882,773)**
(6,056,041)
**788,629**
2,815,066
**27,283,360**
26,813,179
**(1,635,060)**
(2,213,354)
**25,648,300**
24,599,825
**2,916,349**
3,004,723
**21,096,939**
19,934,437
**1,519,466**
1,519,466
**115,546**
141,199
**25,648,300**
24,599,825|
|---|---|---|---|---|
|||||31,775
815,775
8,023,557
8,871,107
(6,056,041)
2,815,066|
|||||26,813,179
(2,213,354)
24,599,825
3,004,723
19,934,437
1,519,466
141,199
24,599,825|
The surplus for the financial year dealt with in the financial statements of the Parent Charity was £1,048,475 (2021: 1,105,765).
_j_
Approved by the Governors of New Hall School Trust (Company Registration No. 5472420 (England and Wales)) and signed on their beh/)y: **D, M EdetJ'JLUU t** Approved by the Governors� March 2023Governor t // / ' _fi � ;1_
The notes on pages 21 to 42 form part of these financial statements.
Page 18
## **NEW HALL SCHOOL TRUST CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2022**
|Notes
**Cash flows from operating activities**
Net cash provided by operating
activities
A
**Cash flows from investing activities**
Interest and investment income
received
Proceeds from sale of tangible fixed assets
Payment for tangible fixed assets
Capital grants from DfE
Net cash used in investing activities
**Cash flows from financing activities**
Repayment of bank loans
Repayment of finance leases
New composition fees
Composition fees utilised
**Change in cash and cash**
**equivalents in the reporting period**
Cash and cash equivalents at the
beginning of the reporting period
**Cash and cash equivalents at the**
**end of the reporting period**|**£**
**12,409**
**6,050**
**(5,019,677)**
**4,968**
**(528,888)**
**(137,127)**
**1,518,711**
**(1,763,852)**
|**Total**
**2022**
**£**
**3,781,077**
**(4,996,250)**
**(911,156)**
**(2,126,329)**
**8,244,909**
**6,118,580**|£
25,856
-
(2,702,955)
4,979
(508,921)
(136,679)
1,305,135
(1,755,629)
|Total
2021
£
3,698,127
(2,672,120)
(1,096,094)
(70,087)
8,314,996
8,244,909|
|---|---|---|---|---|
The notes on pages 21 to 42 form part of these financial statements.
Page 19
## **NEW HALL SCHOOL TRUST CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2022**
**A Reconciliation of net income to net cash flow from operating activities**
|Net income
Net losses on Investments
Depreciation charge
Profit on disposal of tangible assets
Capital grants from DfE and other capital income
FRS 102 pension cost less contributions payable
FRS 102 pension finance cost
Investment income
(Increase)/Decrease in stocks
Decrease in debtors
Increase in creditors
**Net cash provided by operating activities**|**£**
**7,019**
**2,581,719**
**(5,450)**
**(4,968)**
**37,000**
**4,000**
**(12,409)**
**(23,327)**
**15,698**
**195,005**
|**Total**
**2022**
**£**
**986,790**
**2,794,287**
**3,781,077**|£
2,394
2,383,681
-
(4,979)
28,000
3,000
(25,856)
1,035
251,073
31,556
|Total
2021
£
1,028,223
2,669,904|
|---|---|---|---|---|
|||||
3,698,127|
## **B Analysis of changes in net debt**
|**At 1**
**August**
**2021**
**£**
**Cash and cash equivalents**
**Cash**
8,244,909
(
**Borrowings**
**Loans falling due within one year**
(532,213)
**Loans falling due after one year**
(1,663,343)
**Finance lease obligations**
(191,012)
(2,386,568)
**Total**
5,858,341|**Cash**
**flows**
**£**
2,126,329)
528,888
-
137,127
666,015
(1,460,314)|**Non-cash changes**
**New**
**finance**
**leases**
**Other**
**non-cash**
**changes**
**At 31 July**
**2022**
**£**
**£**
**£**
-
-
**6,118,580**
-
(504,064)
**(507,389)**
-
504,064
**(1,159,279)**
-
-
**(53,885)**
-
-
**(1,720,553)**
-
-
**4,398,027**|
|---|---|---|
The notes on pages 21 to 42 form part of these financial statements.
Page 20
## **NEW HALL SCHOOL TRUST PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2022**
## **ACCOUNTING POLICIES**
The financial statements have been prepared under the historical cost convention, as modified by the inclusion of investments at market value and freehold land and buildings at a valuation, and in accordance with the requirements of the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
Consolidated accounts have been prepared on a line by line basis for the charity and its wholly owned subsidiary. New Hall School Trust (“NHST”) has the power under its sponsorship agreement with New Hall Multi Academy Trust (“NHMAT”) to appoint Governors and to govern the financial and operating policies. As a consequence, it is considered under FRS102 to have control and therefore NHMAT has been consolidated into these financial statements. The audited accounts for NHMAT have been consolidated for the year ended 31 August 2022 in line with NHMAT’s academic year end, as it is not considered that the differing reporting dates will have a significant impact on the position reported. As a qualifying entity within the meaning of FRS102, the charitable company has chosen to take advantage in its individual financial statements of the following disclosure exemptions: Section 7 Statement of Cash Flows, Section 11 Basic Financial Instruments and Section 12 Other Financial Instrument Issues.
The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 6 June 2005 (5472420) and registered as a charity on 1 July 2005 (charity number 1110286).
These financial statements are presented in pounds sterling and are rounded to the nearest £.
## **GOING CONCERN BASIS OF ACCOUNTING**
Demand for School places at New Hall School remains strong for the academic year 2022/23, and the position is slightly stronger for the academic year 2023/24, based on projected numbers after the 1 March 2023 deadline for accepting a place at the School for September 2023. The charity currently holds significant cash balances and cash flow modelling with sensitivity analysis in the period to 31 July 2024 indicates that the cash reserves of the charity are adequate to meet the charity’s obligations as they fall due. The charity has investigated the option to borrow funds to support any future strategic capital purchases as they might arise, whilst not affecting its ability to meet its ongoing operational and financial obligations, and these funding scenarios are included in the financial scenarios reviewed by Governors.
The Governors therefore continue to have a reasonable expectation that the Group and Charity have adequate resources to continue in operation for at least 12 months from the date of approval of the financial statements and that there are no material uncertainties about the group and charity’s ability to continue as a going concern. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
## **CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY**
In the application of the accounting policies, Governors are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.
## **Critical Judgements**
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:
**Useful economic lives of tangible fixed assets**
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. Useful economic lives and residual values are reviewed annually and reassessed where necessary to better reflect the actual usage of the assets involved.
**Provision for fee debtors**
The Governors consider whether fee debts are recoverable. Where there is an indication that recovery is unlikely, the amounts involved are recognised as a provision for bad debts. This assessment requires an estimation of future likely receipts in order to calculate the appropriate amount of any provision.
The Governors do not consider there to be any significant sources of estimation uncertainty giving significant risk of causing a material adjustment to these financial statements.
## **INCOME**
Income is recognised in the period in which the group is entitled to receipt and the amount can be measured with reasonable probability.
Page 21
## **NEW HALL SCHOOL TRUST PRINCIPAL ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022**
Fees receivable and charges for services and use of premises are accounted for in the year in which the services are provided.
Fees receivable are stated after deducting bursaries, scholarships and other remissions allowed by the School, but include contributions received from restricted bursary funds and third parties.
Registration fees are non-refundable and are credited to income when received.
Deposits are included as a liability until refunded or, on ceasing to be refundable, are credited to income.
Advance fees are credited to income as and when they fall due.
Funding for Educational Purposes are grants received from Education & Skills Funding Agency and Local Authority for the operation of Messing Primary School.
Rents are stated gross and are included on an accruals basis. Interest is included on an accruals basis. Dividends from investment funds are included as receivable on the due dates.
Donations are accounted for in the financial year in which they are received. Donations received for the general purposes of the School are credited to Unrestricted Funds. Donations subject to specific wishes of the donors are credited to the relevant Restricted Fund, or to Endowment Funds where the amount is held as expendable capital.
## **GRANTS RECEIVABLE FOR REVENUE EXPENDITURE**
Grants are recognised in the Statement of Financial Activities (“SOFA”) when the conditions for receipt have been met. Where a grant is performance related, i.e. linked to specific volumes of output, the grant income will be recognised to the extent that the service has been provided.
General Annual Grant is recognised in full in the year for which is receivable and any unspent amount is reflected as a balance of the Multi Academy Trust restricted fund.
Grants without preconditions are recognised immediately in the SOFA.
## **GRANTS RECEIVABLE FOR CAPITAL EXPENDITURE**
Grants in respect of capital expenditure are recognised in the SOFA when receivable and not deferred. Once the capital asset is acquired, the asset is then used in line with the funder's requirements. Where the restriction remains, the asset is allocated to a restricted fund and shown as restricted capital reserves. The reserves are then reduced each year by the amount of the annual depreciation charge to the asset.
## **EXPENDITURE AND THE BASIS OF APPORTIONING COSTS**
Expenditure is included in the SOFA when incurred and includes any attributable VAT which cannot be recovered.
Expenditure comprise the following:
- The costs of charitable activities include direct costs and overheads associated with generating donations and trading income.
- Expenditure on raising funds comprises expenditure on the charity’s primary charitable purposes as described in the Governors’ report. Such costs include provision of education. This comprises:
- Teaching costs i.e. the cost of salaries, pension, and national insurance costs for teaching and support staff, including curriculum technician and Preparatory School classroom assistants, books and other tuition expenses, and the cost of games and activities.
- Welfare costs i.e. all domestic and sundry costs relating to boarding including house staff and domestic staff employment costs for boarding houses, school health centre costs, consumables, laundry and catering costs. Welfare costs also include costs of Preparatory School nurses and after school care assistants.
- Premises costs i.e. all costs associated with the premises, grounds and estate belonging to the charity and used for the purposes of education, including the salaries etc. of certain domestic staff and the estate staff.
- Support costs of schooling i.e. costs of directly administering and supporting the School operations including the cost of the Admissions and Marketing department, Bursary and School Office.
- Governance costs include expenditure on compliance with constitutional and statutory requirements.
The majority of costs are directly attributable to specific activities and any apportionment between headings is negligible.
## **TANGIBLE FIXED ASSETS**
All individual assets or sets of assets costing more than £2,500 and with an expected useful life exceeding one year are capitalised.
Page 22
## **NEW HALL SCHOOL TRUST PRINCIPAL ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022**
Freehold land and buildings, furniture and equipment and motor vehicles purchased on or prior to 1 August 2005 (being the date the net assets and operations of the School transferred to the Trust) are included in the accounts at their deemed cost at that date based on valuations determined by the Governors as at that date with professional assistance, based on their open market value for existing use. All assets purchased after 1 August 2005 are shown on the balance sheet at cost. Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in income receipts in the relevant year.
Impairment reviews are carried out as and when evidence comes to light that the recoverable amount of an asset is below its net book value due to damage, obsolescence or other relevant factors. If the recoverable amount is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount and an impairment loss is recognised in the SOFA.
**Freehold land and buildings** With the exception of freehold buildings under construction and land, neither of which are depreciated, buildings are depreciated at a rate of 2% per annum on a straight line basis or depreciated over their estimated useful life where the building is classed as a temporary structure.
Modifications to existing buildings are depreciated over a 15 year period on a straight line basis in order to write the modifications off over their estimated useful life.
**Fixtures, furniture and equipment** Fixtures, furniture and equipment are capitalised and depreciated at a rate of between 10% and 33.33% per annum on cost in order to write off each asset over its estimated useful life.
**Motor vehicles** Motor vehicles are capitalised and depreciated at rates of between 20% and 25% per annum on cost in order to write off each asset over its estimated useful life.
## **INVESTMENTS**
With the exception of investments in subsidiary companies, investments are included on the balance sheet at their market value at the end of the financial year. Realised and unrealised gains (or losses) are credited (or debited) to the SOFA in the period in which they arise, less impairment.
Investments in subsidiary companies are included in the financial statements at cost.
## **STOCKS**
Stocks of miscellaneous supplies are valued at the lower of cost and net realisable value.
## **FUND ACCOUNTING**
The permanent endowment fund comprises freehold land and buildings gifted to the Trust by The Regular Canonesses of the Order of the Holy Sepulchre of Our Lord for use in the furtherance of the charity’s objectives. The fund is reduced each year by the depreciation attributable to the underlying buildings.
The general fund comprises those monies which may be used towards meeting the charitable objectives of the charity and which may be applied at the discretion of the Governors.
The designated fund comprises unrestricted funds of the charity which have been designated by the Governors for particular purposes consistent with meeting the charitable objectives of the charity.
The restricted funds are monies given for, and their use restricted to, a specific purpose, or donations subject to donor imposed conditions.
Non-charitable trading funds consist of the retained profits or accumulated losses of activities conducted through noncharitable trading subsidiaries.
## **FINANCIAL INSTRUMENTS**
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Investments, excluding those in subsidiary undertakings which are held at cost, are held at fair value at the Balance Sheet date, with gains and losses being recognised within income and expenditure. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income
Page 23
## **NEW HALL SCHOOL TRUST PRINCIPAL ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022**
and provisions. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate.
## **LEASED ASSETS**
Assets under finance lease agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payment is treated as a liability and the interest charged to the SOFA on a straight line basis.
Under operating leases, the lessor effectively retains substantially all of the risks and rewards of ownership. The rentals are charged on a straight-line basis over the lease term.
## **PENSION COSTS**
The Charity contributes to the Teachers’ Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. Contributions are charged in the period in which the salaries to which they relate are payable. The scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme on a consistent basis and therefore, as required by FRS102, the Charity accounts for the scheme as if it were a defined contribution scheme.
Contributions are paid, in respect of support staff of the School, to the Standard Life Stakeholder Pension Scheme, a defined contribution scheme. Contributions are charged to expenditure when falling due.
Retirement benefits to non-teaching staff of New Hall Multi-Academy Trust are provided by the Local Government Pension Scheme (‘LGPS’). This is a defined benefit scheme and the assets are held separately from those of NHMAT.
The LGPS is a funded scheme and the assets are held separately from those of the academy trust in separate Governor administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each Balance Sheet date. The amounts charged to operating surplus are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also recognised in the SOFA and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the scheme assets and the actual return on the scheme assets is recognised in other recognised gains and losses.
Actuarial gains and losses are recognised immediately in other recognised gains and losses.
Page 24
## **NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022**
## **1 INCOME FROM INVESTMENTS**
|Unrestricted
funds
£
Restricted
funds
£
Multi
academy
restricted
fund
£
Investment income
-
1,632
-
Interest receivable
10,497
228
52
10,497
1,860
52
**SCHOOL FEES AND OTHER CHARGES**
Unrestricted
funds
£
Restricted
funds
£
Multi
academy
restricted
fund
£
Gross fees
25,070,299
-
-
Less: Bursaries, scholarships and other
discounts
(1,940,987)
-
-
Add back: Scholarships and bursaries paid
for from Restricted Funds
1,682
-
-
23,130,994
-
-
Other school charges
1,541,325
-
-
24,672,319
-
-
**FUNDING FOR EDUCATIONAL PURPOSES**
**DfE/ESFA revenue grants:**
Multi
academy
restricted
fund
£
General Annual Grant (GAG)
464,732
Other DfE/ESFA Grants
68,264
**Other government grants:**
Local authority grants
22,637
**COVID-19 additional funding (DfE/ESFA):**
Catch-up Premium
-
555,633|Multi
academy
restricted
fund
£
-
52|
**Total**
**2022**
**£**
**1,632**
**10,777**
**12,409**
**Total**
**2022**
**£**
**25,070,299**
**(1,940,987)**
**1,682**
**23,130,994**
**1,541,325**
**24,672,319**
**Total**
**2022**
**£**
**464,732**
**68,264**
**22,637**
**-**
**555,633**|Total
2021
£
1,769
24,086
25,855
Total
2021
£
24,142,288
(2,378,169)
20,163|Total
2021
£
1,769
24,086|
|---|---|---|---|---|
||
52|||
25,855|
||||
21,784,282
919,924||
||||
22,704,206||
|||||
Total
2021
£
445,109
82,968
27,755
2,930|
|||||
558,762|
## **2 SCHOOL FEES AND OTHER CHARGES**
## **3 FUNDING FOR EDUCATIONAL PURPOSES**
## **4 OTHER INCOME**
During 2021/22, the charity received £1,482 from the Government Coronavirus Job Retention Scheme (2020/21 £218,118).
## **5 EXPENDITURE ON RAISING DONATIONS**
|Unrestricted
funds
£
Restricted
funds
£
Fundraising expenses
-
-|Multi
academy
restricted
fund
£
7,265|**Total**
**2022**
**£**
Total
2021
£
**7,265**
464|
|---|---|---|
Page 25
## **NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022**
## **6 EXPENDITURE ON TRADING: COST OF GOODS SOLD AND OTHER COSTS**
Multi
|Trading expenses
**PROVISION OF EDUCATION**
Unrestricted
funds
£
Teaching
10,629,714
Welfare
2,692,155
Premises
6,556,826
Support costs of schooling
3,671,643
23,550,338
Teaching
Welfare
Premises
Support costs of schooling|Unrestricted
funds
£
Restricted
funds
£
academy
restricted
fund
£
233,327
-
-
Multi
academy
Permanent
Restricted
restricted
endowment
funds
fund
fund
£
£
£
1,682
432,475
-
13,650
-
-
-
-
88,374
24,105
251,045
-
39,437
683,520
88,374
Staff
costs
£
Depreciation &
impairment
£
Other
costs
£
9,251,624
313,877
1,498,370
1,628,459
43,914
1,033,432
1,459,715
2,164,954
3,020,531
1,297,973
58,974
2,589,846
13,637,771
2,581,719
8,142,179|**Total**
**2022**
**£**
**233,327**
**Total**
**2022**
**£**
**11,063,871**
**2,705,805**
**6,645,200**
**3,946,793**
**24,361,669**
**Total**
**2022**
**£**
**11,063,871**
**2,705,805**
**6,645,200**
**3,946,793**
**24,361,669**|Total
2021
£
210,455
Total
2021
£
9,889,047
2,253,085
6,949,101
3,386,461|
|---|---|---|---|
||||
22,477,694|
||||
Total
2021
£
9,889,047
2,253,085
6,949,101
3,386,461
22,477,694|
## **7 PROVISION OF EDUCATION**
## **8 GOVERNANCE INCLUDED IN SUPPORT COSTS**
|Unrestricted
funds
£
Restricted
funds
£
Remuneration paid to Auditor for
audit of the Charity’s financial
statements
28,325
-
Fees payable to the Auditor for other
services:
Audit related assurance services
1,100
-
Audit of the financial statements of
subsidiaries
3,275
-
Tax compliance services
2,040
-
Other advisory services
-
-
Governors’ training and expenses
3,111
-
Other governance costs
30,491
-
68,342
-|Multi
academy
restricted
fund
£
-
-
-
-
-
-
7,750
7,750|**Total**
**2022**
**£**
**28,325**
**1,100**
**3,275**
**2,040**
**-**
**3,111**
**38,241**
**76,092**|Total
2021
£
24,600
1,050
3,050
1,900
1,500
730
24,586
57,416|
|---|---|---|---|
Page 26
## **NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022**
## **9 STAFF COSTS**
|**£**
Staff costs during the year were as follows:
Wages and salaries
Social security costs
Other pension costs (see note 23)
Defined Benefit Schemes
**1,217,535**
Defined Contribution Schemes
**174,794**
Life assurance
**1,965**
Contract catering staff costs
Supply teacher costs - NHMAT
Other staff related costs|**Total**
**2022**
**£**
£
**10,255,846**
**1,066,452**
1,232,236
132,854
1,130
**1,394,294**
**12,716,592**
**867,871**
**-**
**53,308**
**13,637,771**|Total
2021
£
9,585,350
908,246
1,366,220
11,859,816
681,842
(756)
41,404
12,582,306|
|---|---|---|
The average number of employees, excluding contract catering staff, analysed by function during the period was as follows:
|**Group**
**Total**
**2022**
**Full time**
**Equivalent**
**number**
Teaching
**167**
Welfare
**21**
Premises
**45**
School administration
**40**
**273**|**Total**
**2022**
**Actual**
**number**
Total
2021
Full time
Equivalent
number
**215**
166
**30**
25
**58**
45
**53**
45
**356**
281|Total
2021
Actual
number
283
44
66
58|
|---|---|---|
|||
451|
The key management personnel of the group comprise the Governors, the Principal and Executive Head & Accounting Officer, Headteacher (NHMAT), Deputy Principal, Vice Principals, Head of Finance/Chief Financial Officer (NHMAT), Estate Manager & Health & Safety Co-ordinator, Head of HR, Heads of Divisions, Directors of Learning and Teaching, Head of Theology and Executive Assistant & Clerk to Governors. The total employee benefits of the key management personnel of the group were £1,745,449 (2021 - £1,591,686).
The number of employees who earned £60,000 or more (including taxable benefits but excluding employer pension contributions) during the period was as follows:
|contributions) during the period was as follows:|||
|---|---|---|
||**Total**|Total|
||**2022**|2021|
||**Number**|Number|
|£60,000 - £70,000|**5**|2|
|£70,001 - £80,000|**3**|2|
|£80,001 - £90,000|**-**|1|
|£90,001 - £100,000|**-**|1|
|£110,001 - £120,000|**1**|-|
|£220,001 - £230,000|**-**|1|
|£320,001 - £330,000*|**1**
|-
|
*Includes employer’s pension contributions taken as salary.
Following a restructuring process, termination payments totalling £69,233 (2021 - £30,102) have been made. The full liability due has been included in these financial statements.
Page 27
## **NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022**
## **10 GOVERNORS’ REMUNERATION**
No Governor or governor received any remuneration in respect of these voluntary services during the year from either the charity or the group (2021 - none). £2,621 (2021 - £730) was reimbursed to five Governors (2021 - four) for travel and incidental expenses incurred in the course of their duties during the year. The general insurance policy of the charity includes professional indemnity insurance, which includes cover for the personal liability of Governors. The premium paid in respect of this cover is not identified separately. The Principal was appointed to the board of governors from 1 July 2008, in accordance with the Memorandum and Articles of Association; no payment was received for governance work undertaken throughout the year (2021 - £nil). During the year, salary payments were made in accordance with the contract of employment for services as Principal of New Hall School (1,344 students, aged 1-18; 339 staff) and Executive Head & Accounting Officer of NHMAT (77 pupils, aged 4-11). The salary was £307k, including pension contributions taken as salary (2021 - £214k excluding pension); standard TPS employer’s pension contributions of £nil (2021: £59k) were made. Benefits in kind were £12k (2021 - £12k).
## **11 TAXATION**
New Hall School Trust is a registered charity and, therefore, is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.
## **12 TANGIBLE FIXED ASSETS**
|**GROUP**
**Cost or valuation**
At 31 July 2021
Additions
Disposals
Reclassification
**At 31 July 2022**
Cost
Valuation (2005)
**Depreciation and**
**Impairment**
At 31 July 2021
Disposals
Depreciation
**At 31 July 2022**
**Net book values**
**At 31 July 2022**
At 31 July 2021|Freehold
land and
buildings
£
Grounds
improvements
& buildings
under
construction
£
33,809,916
9,000
4,647,271
101,527
-
-
7,200
(7,200)
**38,464,387**
**103,327**
32,464,387
103,327
6,000,000
-
38,464,387
103,327
9,789,241
-
-
-
2,012,693
-
**11,801,934**
**-**
**26,662,453**
**103,327**
24,020,675
9,000|Fixtures,
furniture
and
equipment
£
6,872,395
292,255
(12,597)
-
**7,152,053**
7,152,053
-
7,152,053
5,799,408
(11,996)
550,734
**6,338,146**
**813,907**
1,072,987|Motor
vehicles
£
160,620
-
-
-
**160,620**
160,620
-
160,620
105,072
-
18,292
**123,364**
**37,256**
55,548|**Total**
**£**
**40,851,931**
**5,041,053**
**(12,597)**
**-**
**45,880,387**
**39,880,387**
**6,000,000**
**45,880,387**
**15,693,721**
**(11,996)**
**2,581,719**
**18,263,444**
**27,616,943**
25,158,210|
|---|---|---|---|---|
Page 28
## **NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022**
## **12 TANGIBLE FIXED ASSETS (CONTINUED)**
|**CHARITY**
**Cost or valuation**
At 31 July 2021
Additions
Disposals
Reclassification
**At 31 July 2022**
Cost
Valuation (2005)
**Depreciation and**
**Impairment**
At 31 July 2021
Disposals
Depreciation
**At 31 July 2022**
**Net book values**
**At 31 July 2022**
At 31 July 2021|Freehold
land and
buildings
£
Grounds
improvements
& buildings
under
construction
£
32,457,955
9,000
4,647,271
101,527
-
-
7,200
(7,200)
**37,112,426**
**103,327**
31,112,426
103,327
6,000,000
-
37,112,426
103,327
9,635,087
-
-
-
1,973,498
-
**11,608,585**
**-**
**25,503,841**
**103,327**
22,822,868
9,000|Fixtures,
furniture
and
equipment
£
6,771,123
292,255
(12,596)
-
**7,050,782**
7,050,782
-
7,050,782
5,711,791
(11,996)
545,026
**6,244,821**
**805,961**
1,059,332|Motor
vehicles
£
160,620
-
-
-
**160,620**
160,620
-
160,620
105,072
-
18,292
**123,364**
**37,256**
55,548|**Total**
**£**
**39,398,698**
**5,041,053**
**(12,596)**
**-**
**44,427,155**
**38,427,155**
**6,000,000**
**44,427,155**
**15,451,950**
**(11,996)**
**2,536,816**
**17,976,770**
**26,450,385**
23,946,748|
|---|---|---|---|---|
The charity’s freehold land and buildings are subject to a legal charge in favour of the charity’s bankers as security for bank loans (see note 16). They are also subject to restrictive covenants relating to their future disposal.
Fixtures, furniture and equipment includes assets under finance lease at net book value £26,008 and depreciation charge for the year £136,817 (2021: £162,825 and £136,815 respectively). Future commitments are included in creditors amounts due within one year of £53,885 and after one year £nil (2021: £137,127 and £53,885).
## **Capital commitments**
At 31 July 2022 the group and charity had the following capital commitments:
|**Charity and Group**
Contracted but not provided for: –
Plant and machinery
Ground improvements|**Total**
**2022**
**£**
**-**
**-**
-|Total
2021
£
**-**
**-**|
|---|---|---|
|||
-|
Page 29
## **NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022**
## **13 FIXED ASSET INVESTMENTS**
|**FIXED ASSET INVESTMENTS**||
|---|---|
||**Listed**|
||**investment**|
||**£**|
|**Group**||
|Market value at 1 August 2021|51,363|
|Net unrealised investment (losses)|(7,019)|
|**Market value at 31 July 2022**|
**44,344**|
|Historical cost of investments at 31 July 2022 and 31 July 2021|
47,577
|
|**Charity**
Shares in
subsidiary
company
£
Listed
investments
£
Market value at 1 August 2021
2
51,363
Net unrealised investment (losses)
-
(7,019)
**Market value at 31 July 2022**
**2**
**44,344**
Cost of investments at 31 July 2022 and 31 July 2021
2
47,577|Total
£
51,365
(7,019)
**44,346**
47,579|
|---|---|
## _**Shares in subsidiary company**_
At 31 July 2022 New Hall School Trust owned the entire called up share capital of New Hall School Enterprises Limited, New Hall School, The Avenue, Boreham, CM3 3HS, a company incorporated in England (No.3521688) and carrying out commercial trading activities, including letting of educational and sports facilities.
## **Charity**
A summary of the results of New Hall School Enterprises Limited for the year ended 31 July 2022 is given below. Audited financial statements will be filed with the Registrar of Companies.
|**Profit and loss account**
Turnover
Cost of sales
Gross profit/(loss)
Administrative expenses
Net profit (net income)
Profit/(loss) for the year before Gift Aid
Retained profit/(loss) for the financial year
The assets and liabilities of New Hall School Enterprises Limited were as
follows:
Current assets
Current liabilities
Total net (liabilities)
Share capital and reserves|**Total**
**2022**
**£**
**393,702**
**(353,224)**
**40,478**
**(19,206)**
**21,272**
**21,272**
**21,272**
**92,897**
**(123,260)**
**(30,363)**
**(30,363)**|Total
2021
£
178,530
(203,163)
(24,633)
(7,292)
(31,925)
(31,925)
(31,925)
90,643
(142,278)
(51,635)
(51,635)|
|---|---|---|
Page 30
**NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022**
## **13 FIXED ASSET INVESTMENTS (CONTINUED)**
Turnover includes £139,103 in respect of commission charges to the School (2021 - £68,001). At 31 July 2022 the total capital and reserves of New Hall School Enterprises Limited amounted to £(30,363) (2021 - £(51,635)).
New Hall Multi-Academy Trust (“NHMAT”) is an exempt charity regulated by the Secretary of State for Education through the Education Funding Agency, and a company limited by guarantee, incorporated in England (No. 8643881) on 8 August 2013. Its charitable purpose is the advancement of education. Whilst its assets are not wholly owned by New Hall School Trust, the charity does exercise control over its affairs and its accounts are therefore consolidated with those of the charity. NHMAT operates Messing Primary School as an academy.
A Summary of the results of NHMAT for the year ended 31 August 2022 is given below. Audited financial statements will be filed with the Registrar of Companies.
|Total income
Total expenditure
Net (expenditure) for the year
Actuarial gain/(loss) on defined benefit pension scheme
Net movement in funds
The assets, liabilities and funds of NHMAT were as follows:
Fixed assets
Current assets
Current liabilities
Defined benefit pension scheme liability
Total net assets
Funds:
Total restricted funds
Unrestricted income funds
Total funds|**Total**
**2022**
**£**
**607,828**
**(690,785)**
**(82,957)**
**244,000**
**161,043**
**1,166,558**
**232,883**
**(46,291)**
**(73,000)**
**1,280,150**
**1,125,558**
**154,592**
**1,280,150**
|Total
2021
£
603,781
(649,397)
(45,616)
(31,000)
(76,616)
1,211,461
224,584
(40,938)
(276,000)
1,119,107
996,589
122,518
1,119,107|
|---|---|---|
**14 DEBTORS**
|**DEBTORS**|||||
|---|---|---|---|---|
|School fees and related charges
Amount due from subsidiary company
Sundry debtors
Prepayments and accrued income|**Group**
**2022**
**£**
**324,901**
**-**
**30,048**
**398,177**
**753,126**|2021
£
549,837
-
16,049
202,938
768,824|**Charity**
**2022**
**£**
**324,902**
**14,899**
**14,029**
**348,196**
**702,026**|2021
£
549,837
73,513
11,211
181,214|
|||||
815,775|
Page 31
## **NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022**
## **15 CREDITORS amounts falling due within one year**
|Bank loans (note 16)
Trade creditors
Taxation and social security
Other creditors and accruals
Finance lease
Tuition fees received in advance
Returnable fee deposits from pupils
Composition fees scheme (note 17)|**Group**
**2022**
**£**
**507,389**
**552,710**
**280,467**
**1,896,649**
**53,885**
**644,418**
**1,520,811**
**581,095**
**6,037,424**|2021
£
532,213
702,796
249,316
1,796,068
137,127
602,842
1,327,653
805,891
6,153,906|**Charity**
**2022**
**£**
**507,389**
**487,871**
**264,891**
**1,822,413**
**53,885**
**644,418**
**1,520,811**
**581,095**
**5,882,773**|
2021
£
532,213
666,970
232,666
1,750,679
137,127
602,842
1,327,653
805,891
6,056,041|
|---|---|---|---|---|
## **16 CREDITORS amounts falling due after more than one year**
|**Charity and Group**
Bank loans (see below)
Finance lease
Composition fees scheme (note 17)|**2022**
**£**
**1,159,279**
**-**
**475,781**
**1,635,060**|2021
£
1,663,343
53,885
496,126
2,213,354|
|---|---|---|
The charity and group have four bank loans secured by way of a first legal charge over the charity’s freehold land and buildings and associated assets. Loan terms and repayments are as follows:
|**Charity and Group**
Loan 1
£
After 5 years
-
Within 2 to 5 years
-
Within 1 to 2 years
27,388
27,388
Within 1 year
156,556
183,944
Interest rate
Base rate plus:
0.95%
Repayments commenced
September
2010
Final repayment
August
2030|Loan 2
Loan 3
£
£
-
-
272,992
-
87,640
12,701
360,632
12,701
85,547
28,519
446,179
41,220
0.95%
0.95%
February
2013
December
2010
January
2033
November
2030|Loan 4
£
-
514,400
244,158
758,558
236,767
995,325
1.35%
November
2013
October
2033|**At**
**31 July**
**2022**
**£**
**-**
**787,392**
**371,887**
**1,159,279**
**507,389**
**1,666,668**
|At
31 July
2021
£
72,895
1,059,332
531,116
1,663,343
532,213
2,195,556|
|---|---|---|---|---|
||||||
Page 32
## **NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022**
## **17 COMPOSITION FEES SCHEME**
Parents may pay to the School up to the equivalent of seven years’ tuition fees in advance. The money may be returned subject to specific conditions on the receipt of one term’s notice.
|**Charity and Group**
At 1 August 2021
New contracts
Fees paid
Discount allowed
At 31 July 2022
Assuming pupils will remain in the School the fees will be applied as follows:
After 5 years
Within 2 to 5 years
Within 1 to 2 years
Within one year
**18 PERMANENT ENDOWMENT FUND**
**Charity and Group**
At 1 August 2021
Movement in fund for the year:
Depreciation charge
At 31 July 2022|**2022**
**£**
**1,302,017**
**1,518,711**
**(1,782,371)**
**18,519**
**1,056,876**
**26,105**
**241,070**
**208,606**
**475,781**
**581,095**
**1,056,876**
**2022**
**£**
**3,004,723**
**(88,374)**
**2,916,349**|2021
£
1,752,511
1,305,135
(1,778,713)
23,084
1,302,017
20,695
230,137
245,294
496,126
805,891
1,302,017
2021
£
3,093,097
(88,374)
3,004,723|
|---|---|---|
The permanent endowment fund comprises freehold land and buildings gifted to the school on 1 August 2005 by The Regular Canonesses of the Order of the Holy Sepulchre of Our Lord, for use in the furtherance of the charity’s objectives. The fund is reduced each year by the depreciation attributable to the underlying buildings.
## **19 GENERAL FUND**
||**2022**|2021|
|---|---|---|
|**Group**|**£**|£|
|At 1 August 2021|**19,882,800**|18,729,771|
|Income|**24,998,197**|23,100,587|
|Expenditure|**(23,783,665)**|(21,926,220)|
|Gains, losses and transfers|**(30,758)**|(21,338)|
|At 31 July 2022|
**21,066,574**|
19,882,800|
|**Charity**|||
|At 1 August 2021|**19,934,437**|18,749,483|
|Income|**24,743,598**|22,990,058|
|Expenditure|**(23,571,596)**|(21,795,604)|
|Gains, losses and transfers|**(9,500)**|(9,500)|
|At 31 July 2022|
**21,096,939**
|
19,934,437
|
Page 33
## **NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022**
## **20 DESIGNATED FUND**
The income funds of the charity include the following designated fund, which has been set aside out of unrestricted funds by the Governors for specific purposes.
|**Charity and Group**
Building development fund|**At**
**31 July**
**2021**
£
1,519,466|**Income**
**Expenditure**
**t**
£
£
-
-|**Gains,**
**losses**
**and**
**ransfers**
**At**
**31 July**
**2022**
£
**£**
-
**1,519,466**|
|---|---|---|---|
## **Building development fund:**
Donations received in previous years have been set aside to help fund planned future building projects.
## **21 RESTRICTED FUNDS**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trusts to be applied for specific purposes:
|**Charity**
Scholarship funds
Other restricted donations
New Hall Voluntary Services
New Hall Association
**NHMAT funds**
General Annual Grant (GAG)
Start Up Grants
Other DfE/ESFA Grants
Pupil Premium
Local authority grants
Other restricted funds:
Pension reserve
Fixed assets transferred on conversion
Capital expenditure
Unrestricted funds
**Total Charity and Group**|**At**
**31 July**
**2021**
£
54,434
-
35,322
51,443
141,199
6,940
43,660
5,838
4,690
-
(276,000)
1,011,405
200,056
122,518
1,119,107
1,260,306|**Income**
**Expenditure**
**Gains,**
**losses**
**and**
**transfers**
£
£
£
1,632
(1,682)
(7,019)
8,319
-
-
1,111
(13,650)
9,500
241
(24,105)
-
11,303
(39,437)
2,481
464,732
(476,640)
4,968
-
(23,305)
-
35,531
(34,731)
-
32,694
(32,377)
-
22,676
(22,676)
-
-
(41,000)
244,000
-
(15,719)
-
4,968
(29,184)
(4,968)
25,969
(15,153)
21,258
586,570
(690,785)
265,258
597,873
(730,222)
267,739||
|---|---|---|---|
The specific purposes for which the funds held at 31 July 2022 are to be applied are as follows:
- **Scholarship funds**
Monies received towards the funding and payment of scholarships and school prizes.
- **Other restricted funds**
Donations received to support Hardship Bursary awards.
Page 34
## **NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022**
## **21 RESTRICTED FUNDS (CONTINUED)**
- **New Hall Voluntary Services**
Monies received include donations to be applied to various charities and towards the provision of community lunches and an annual summer scheme for deprived children. Due to the pandemic – Covid-19, not all planned activities took place during this year.
- **New Hall Association (New Hallian/Old Fishes)**
Monies received to be applied to maintain contact with former students of New Hall School and to promote the aims of the School.
- **NHMAT funds**
- General Annual Grant (GAG) grant fund - Funds received from the ESFA under the General Annual Grant arrangements for the recurrent expenditure of the School as defined in the Funding Agreement.
- Start Up Grants - This represents one off funding received from the ESFA to contribute to the cost of setting up the Multi Academy Trust and to support the academy following the transition to academy status.
- Other DfE/ ESFA grants - Other government grants received for restricted educational purposes not forming part of General Annual Grant.
- Local authority grants - Grants received from the local authority received for restricted educational purposes.
- Pupil Premium – Funds received from the ESFA under the Pupil Premium grant arrangements for the recurrent expenditure of the School as defined in the Funding Agreement.
- Pension reserve - The pension reserve recognises the deficit of the local government pension scheme.
- The purpose of the Restricted Fixed Asset Fund is to hold the Academy's fixed assets recorded net of depreciation.
Included in the above are transfers between capital expenditure and GAG. These transfers represent Devolved Formula Capital (DFC) funding being received but no capital items being purchased in the year.
## **22 ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**Group**
**General**
**fund**
**Designated**
**fund**
**Restricted**
**funds**
**£**
**£**
**£**
**Fund balances at**
**31 July 2022**
**are represented by:**
Tangible fixed assets
23,534,036
-
-
Fixed asset investments
-
-
44,344
Net current assets
(832,402)
1,519,466
71,202
Creditors: amounts falling due
after more than one year
(1,635,060)
-
-
Pension scheme liability
-
-
-
**Total net assets**
**21,066,574**
**1,519,466**
**115,546**|**NHMAT**
**restricted**
**funds**
**Permanent**
**endowment**
**fund**
**Total**
**funds**
**£**
**£**
**£**
1,166,558
2,916,349
**27,616,943**
-
-
**44,344**
186,592
-
**944,858**
-
-
**(1,635,060)**
(73,000)
-
**(73,000)**
**1,280,150**
**2,916,349**
**26,898,085**|
|---|---|
Page 35
## **NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022**
## **22 ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)**
|**Charity**
**Fund balances at**
**31 July 2022**
**are represented by:**
Tangible fixed assets
Fixed asset investments
Net current assets
Creditors: amounts falling due
after more than one year
**Total net assets**|**General**
**fund**
**Designated**
**fund**
**Restricted**
**funds**
**Permanent**
**endowment**
**fund Total funds**
**£**
**£**
**£**
**£**
**£**
23,534,036
-
-
2,916,349
**26,450,385**
2
-
44,344
-
**44,346**
(802,039)
1,519,466
71,202
-
**788,629**
(1,635,060)
-
-
-
**(1,635,060)**
**21,096,939**
**1,519,466**
**115,546**
**2,916,349**
**25,648,300**|
|---|---|
## **23 PENSION COMMITMENTS**
## **Teachers’ Pension Scheme**
The School and the Multi-Academy Trust participate in the Teachers’ Pension Scheme (“the TPS”) for their teaching staff. At the year-end £136,219 (2021 - £8,422) was accrued in respect of contributions to this scheme.
The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in academies. All teachers have the option to opt-out of the TPS following enrolment.
The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
## **Valuation of the Teachers' Pension Scheme**
The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are:
- employer contribution rates set at 23.68% of pensionable pay (including a 0.08% administration levy)
- • total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £196,100 million, giving a notional past service deficit of £22,000 million
- the SCAPE rate, set by HMT, is used to determine the notional investment return. The current SCAPE rate is 2.4% above the rate of CPI, assumed real rate of return is 2.4% in excess of prices and 2% in excess of earnings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of return including earnings growth is 4.45%.
The next valuation result is due to be implemented from 1 April 2023.
The employer's pension costs paid to TPS in the year amounted to £1,155,535 (2021 - £1,180,236).
A copy of the valuation report and supporting documentation is on the Teachers' Pensions website (https://www.teacherspensions.co.uk/news/employers/2019/04/teachers-pensions-valuation-report.aspx).
Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The School and the Multi-Academy Trust have accounted for their contributions to the scheme as if it were a defined contribution scheme. The School and the Multi-Academy Trust haves set out above the information available on the scheme.
Page 36
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022**
## **NEW HALL SCHOOL TRUST**
## **23 PENSION COMMITMENTS (CONTINUED)**
## **Standard Life Stakeholder Pension Scheme**
This is a defined contribution scheme towards which employees can choose their level of contribution. For employees who commenced employment before 1 January 2010 for contributions up to 9% of gross salary, this is matched by the employer, but if 9% or above, then employer contributions are 9%. For employees who commenced employment from 1 January 2010, the maximum employer contribution is 4% of gross salary. The cost to the charity of contributions paid to the Scheme during the year was £174,794 (2021: £132,854) and at the year-end £29,619 (2021 - £28,718) was accrued in respect of contributions to this scheme.
## **Local Government Pension Scheme**
The LGPS is a funded defined benefit scheme, with the assets held in separate Governor-administered funds. The total contribution made for the year ended 31 August 2022 was £31,000 (2021 - £30,000), of which employer's contributions totalled £25,000 (2021 - £24,000) and employees' contributions totalled £6,000 (2021 - £6,000). The agreed contribution rates for future years are 24.6% for employers and 6% for employees.
Parliament has agreed, at the request of the Secretary of State for Education, to a guarantee that, in the event of academy closure, outstanding Local Government Pension Scheme liabilities would be met by the Department for Education. The guarantee came into force on 18 July 2013.
## **Principal Actuarial Assumptions**
||**At 31 August**|At 31 August|
|---|---|---|
||**2022**|2021|
|Discount rate|**4.20%**|1.70%|
|Rate of increase in salaries|**3.90%**|3.85%|
|Rate of increase for pensions in payment / inflation|**2.90%**|2.85%|
The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are:
||**At 31 August**|At 31 August|
|---|---|---|
||**2022**|2021|
|_Retiring today_|||
|Males|**21.0**|21.6|
|Females|**23.5**|23.6|
|_Retiring in 20 years_|||
|Males|**22.3**|22.9|
|Females|**24.9**|25.1|
|**Sensitivity analysis**|**2022**|2021|
||**£**|£|
|Discount rate +0.1%|**240,000**|411,000|
|Discount rate -0.1%|**255,000**|437,000|
|Life expectancy – 1 year increase|**254,000**|440,000|
|Life expectancy – 1 year decrease|**240,000**|408,000|
|Salary increase +0.1%|**247,000**|424,000|
|Salary decrease -0.1%|**247,000**|424,000|
Page 37
## **NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022**
## **23 PENSION COMMITMENTS (CONTINUED)**
**Local Government Pension Scheme (continued)**
The academy’s share of the assets in the scheme was:
||**Fair value at**|Fair value at|
|---|---|---|
||**31 August**|1 September|
||**2022**|2021|
||**£**|£|
|Equities|**99,000**|95,000|
|Gilts|**3,000**|4,000|
|Debt instruments|**8,000**|7,000|
|Property|**16,000**|10,000|
|Cash and other liquid assets|**5,000**|4,000|
|Alternative assets/other managed funds|**43,000**|28,000|
|**Total market value of assets**|
**174,000**
|
148,000
|
The actual return on scheme assets was £NIL (2021 - £25,000).
The amounts recognised in the Statement of Financial Activities are as follows:
|Current service cost
Interest income
Interest cost
**Total amount recognised in the Statement of Financial Activities**|**2022**
**£**
**(62,000)**
**3,000**
**(7,000)**
**(66,000)**|2021
£
(52,000)
2,000
(5,000)
(55,000)|
|---|---|---|
Changes in the present value of the defined benefit obligation were as follows:
|**2022**
**£**
**At 1 September**
**424,000**
Current service cost
**62,000**
Interest cost
**7,000**
Employee contributions
**6,000**
Actuarial (gains)/losses
**(247,000)**
Estimated benefits paid net of transfers in
**(5,000)**
**At 31 August**
**247,000**
anges in the fair value of the academy's share of scheme assets were as follows:
**2022**
**£**
**At 1 September**
**148,000**
Interest income
**3,000**
Actuarial (losses)/gains
**(3,000)**
Employer contributions
**25,000**
Employee contributions
**6,000**
Estimated benefits paid plus unfunded net of transfers in
**(5,000)**
**At 31 August**
**174,000**|2021
£
311,000
52,000
5,000
6,000
54,000
(4,000)
424,000
2021
£
97,000
2,000
23,000
24,000
6,000
(4,000)
148,000|
|---|---|
Changes in the fair value of the academy's share of scheme assets were as follows:
Page 38
## **NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022**
## **24 FINANCIAL INSTRUMENTS**
||**2022**|2021|
|---|---|---|
||**£**|£|
|Financial assets measured at fair value|**44,344**|51,363|
Financial assets held at fair value include assets held as investments
## **25 OPERATING LEASES**
At 31 July 2022, the charity had commitments under non-cancellable operating leases as follows:
|**Charity and group**
Operating leases payments in the
following periods:
Within one year
Within two to five years
After more than five years
Expenditure for the year includes
operating lease rentals:|**2022**
**Land and**
**buildings**
**Equipment**
**£**
**£**
**14,421**
**64,531**
**57,682**
**64,237**
**234,298**
-
**306,401**
**128,768**
**15,047**
**80,111**|2021
Land and
buildings
Equipment
£
£
11,300
60,489
49,200
80,156
215,850
-
276,350
140,645
10,300
75,507|
|---|---|---|
## **26 MEMBERS’ LIABILITY**
The charity is constituted as a company limited by guarantee. In the event of the charity being wound up, members are required to contribute an amount not exceeding £1.
## **27 RELATED PARTY TRANSACTIONS**
During the year, NHST paid NHSE £139,103 (2021 - £68,001) in respect of commission charges. NHMAT received administrative support, payroll services, teaching support and senior management oversight during the year on an ad hoc basis. No material financial transactions occurred during 2021-22 (2021 - nil).
During the preceding year, one Governor had a child employed by NHST as support staff. The Governors were not involved in the appointment and the standard advertised salary scale was applied. During the year, one Governor had two children studying at the School.
## **28 POST BALANCE SHEET EVENTS**
Prior to 1 August 2021, the School received a donation of £3.29m from a donor who wished to remain anonymous with respect to the donation. Due to the nature of the donation, which was made in the context of the housing development around the School and the consequent loss of open space, the donation has been held within the School’s Unrestricted Funds to be used for a land acquisition project since that time.
Since the year end, a suitable site became available and in January 2023 the School purchased the property now known as New Hall Park Farm for £3.3m.
Page 39
## **NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022**
## **29 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES – COMPARATIVE FIGURES BY FUND TYPE**
|Unrestricted
Funds
£
**Income and endowments from:**
**Donations**
**Charitable activities**
-
School fees and other charges
Funding for educational purposes
22,704,206
Other
-
**Other trading activities**
53,711
**Investments**
100,528
**Other income**
24,024
**Donations**
218,118
Total income
23,100,587
**Expenditure on:**
**Charitable activities**
Provision of education
21,715,765
**Raising funds**
Raising donations
-
Trading: cost of goods sold and
other costs
210,455
**Total expenditure**
21,926,220
Net losses on investments
-
**Net income/(expenditure)**
1,174,367
Transfers between funds
(21,338)
Actuarial losses on defined benefit
pension scheme
-
**Net movement in funds**
1,153,029
Balances brought forward
at 1 August 2020
20,249,237
**Balances carried forward**
21,402,266
**at 31 July 2021**
|Restricted
Funds
£
24,604
-
-
12
296
1,790
-
26,702
24,583
40
-
24,623
(2,394)
(315)
9,500
-
9,185
132,014
141,199
|Multi
Academy
Restricted
Fund
£
Permanent
Endowment
Fund
£
21,444
-
-
-
558,762
-
-
-
11,694
-
41
-
-
-
591,941
-
648,972
88,374
424
-
-
-
649,396
88,374
-
-
(57,455)
(88,374)
11,838
-
(31,000)
-
(76,617)
(88,374)
1,195,724
3,093,097
1,119,107
3,004,723
|**Total**
**2021**
**£**
**46,048**
**22,704,206**
**558,762**
**53,723**
**112,518**
**25,855**
**218,118**
**23,719,230**
**22,477,694**
**464**
**210,455**
**22,688,613**
**(2,394)**
**1,028,223**
**-**
**(31,000)**
**997,223**
**24,670,072**
**25,667,295**
|
|---|---|---|---|
|||||
## **COMPARATIVE FUND NOTES**
## **General Fund**
||**2021**|2020|
|---|---|---|
|**Group**|**£**|£|
|At 1 August 2020|**18,729,771**|16,264,263|
|Income|**23,100,587**|23,334,606|
|Expenditure|**(21,926,220)**|(22,616,756)|
|Gains, losses and transfers|**(21,338)**|1,747,658|
|At 31 July 2021|
**19,882,800**
|
18,729,771
|
Page 40
## **NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022**
|**Charity**
At 1 August 2020
Income
Expenditure
Gains, losses and transfers
At 31 July 2021
**Designated Fund**
**Charity and group**
Building development fund
**Restricted Funds**
**Charity**
Scholarship funds
Other restricted donations
New Hall Voluntary Services
New Hall Association
**NHMAT funds**
General Annual Grant (GAG)
Start Up Grants
Other DfE/ESFA Grants
Pupil Premium
Local authority grants
Other restricted funds
Pension reserve
Fixed assets transferred on conversion
Capital expenditure
Unrestricted funds
**Total Charity and group**|At
31 July
2020
£
1,519,466
**At**
**31 July**
**2020**
£
56,865
-
21,898
53,251
132,014
11,197
60,252
6,486
4,690
-
(214,000)
1,027,124
212,734
87,241
1,195,724
1,327,738|**2021**
**£**
2020
£
**18,749,483**
16,261,733
**22,990,058**
23,176,276
**(21,795,604)**
(22,445,439)
**(9,500)**
1,756,913
**19,934,437**
18,749,483
Income Expenditure
Grains,
losses and
transfers
**At**
**31 July**
**2021**
£
£
£
**£**
-
-
-
**1,519,466**
**Income**
**Expenditure**
**Gains,**
**losses**
**and**
**transfers**
**At**
**31 July**
**2021**
£
£
£
**£**
1,769
(1,806)
(2,394)
**54,434**
18,357
(18,357)
-
**-**
6,543
(2,619)
9,500
**35,322**
33
(1,841)
-
**51,443**
26,702
(24,623)
7,106
**141,199**
445,109
(437,753)
(11,613)
**6,940**
-
(16,592)
-
**43,660**
53,068
(53,716)
-
**5,838**
29,900
(29,900)
-
**4,690**
30,685
(30,685)
-
**-**
-
(31,000)
(31,000)
**(276,000)**
-
(15,719)
-
**1,011,405**
4,979
(29,270)
11,613
**200,056**
28,200
(4,761)
11,838
**122,518**
591,941
(649,396)
(19,162)
**1,119,107**
618,643
(674,019)
(12,056)
**1,260,306**|
|---|---|---|
||||
||||
Page 41
## **NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022**
## **Analysis of Net Assets Between Funds**
|**Group**
**Fund balances at**
**31 July 2021**
**are represented by:**
Tangible fixed assets
Fixed asset investments
Net current assets
Creditors: amounts falling due
after more than one year
Pension scheme liability
**Total net assets**
**Charity**
**Fund balances at**
**31 July 2021**
**are represented by:**
Tangible fixed assets
Fixed asset investments
Net current assets
Creditors: amounts falling due
after more than one year
**Total net assets**|**General**
**fund**
**Designated**
**fund**
**Restricted**
**funds**
**NHMAT**
**restricted**
**funds**
**£**
**£**
**£**
**£**
20,942,026
-
-
1,211,461
-
-
51,363
-
1,154,128
1,519,466
89,836
183,646
(2,213,354)
-
-
-
-
-
-
(276,000)
**19,882,800**
**1,519,466**
**141,199**
**1,119,107**
**General**
**fund**
**Designated**
**fund**
**Restricted**
**funds**
**Permanent**
**endowment**
**fund**
**£**
**£**
**£**
**£**
20,942,025
-
-
3,004,723
2
-
51,363
-
1,205,764
1,519,466
89,836
-
(2,213,354)
-
-
-
**19,934,437**
**1,519,466**
**141,199**
**3,004,723**|**Permanent**
**endowment**
**fund**
**Total**
**funds**
**£**
**£**
3,004,723
**25,158,210**
-
**51,363**
-
**2,947,076**
-
**(2,213,354)**
-
**(276,000)**
**3,004,723**
**25,667,295**
**Total funds**
**£**
**23,946,748**
**51,365**
**2,815,066**
**(2,213,354)**
**24,599,825**|
|---|---|---|
Page 42