Docusgn Enwek)pe ID.. E1364D2&6FAfHFfjA41FK)3F11036WB Registered number- 01391805 Charity number.. 276787 FAIRSTEAD HOUSE SCHOOL TRUST LIMITED IA Company Limited by Guarantee) GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 •A856NC61• 31105r2022 COMPANIES HOUSE A21 #254 Do¢￿sign Enwdope ID.. E1￿102￿FA￿F6A￿lFgD3F71o36￿48B FAIRSTEAD HOUSE SCHOOL TRUST UMITED (A Company Limited by Guarantee) CONTENTS Page Reference and Administfative Details of the Charity. its Govemors and Advisers Governor5. Report Independent Auditors. Report on Ihe Finan¢lal Ststements 10-13 ststement of Financial Adivities 14 Balance Sheet 15 statemenl of Cash Flows 16 Notes to the Financial Statements 17-35 DocuSi9n Envek)r* ID.. E13640284FAD4F6A-81FgD3F110368A88 FAIRSTEAD HOUSE SCHOOL TRUST LIMITED {A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021 Governors Mr N F W Longford lappoinled 27 March 20211 Mr A Headland {appoinled 1 December 2020) MrNJay Ms E Lunn (appointed 16 June 2021) Mrs K Milne Mrs N Mrtdlell Mrs V L Parry (appointed 16 June 2021} Mr M J Parsons lappointed 2 December 2021) Mr C M Sanderson lappoinled 16 June 2021) Company regtstered number 01391805 Charity registered number 276787 Registered office Faifslead House Fordharn Road NeWrna￿et Suffolk CB8 7Aq Company secretary Mrs C L Freer Acting Head Mr M. Radford. B.Ed. IHons.l M.Ed. Independent auditors Peters E￿orthY & Moore Chartered Accountsnts Salisbury House Slalion Road Cambridge CB12LA Solicitors stone King LLP 8248 Hills Road Cambridge C82 1LQ Page I DoDJ&gn Envdope ID.. E1364D284FANF8A-81F￿03F7lO36&18O FAIRSTEAD HOUSE SCHOOL TRUST LIMITED {A Company Limited by Guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2021 The Governors present thwr annual report logether wrth the audited financial State￿￿￿t5 of the Charity for the year 1 September 2020 10 31 August 2021. The Annual Report serves the purposes of both a Governors, report and a directors. report under company law. The Governors confimi that the Annual Report and financial statements of the char((able company comply with the ¢urrent statutory requirements, the requirements of the charrtable company's governing dOCurr￿n1 and the piovisions of the Statement of Recommended Practice ISORPI applicable lo charit￿S prepanng their accounts in accordance with the Financial Reporting Standard applic￿le in the UK and Republic of Ireland IFRS1021 (second edition- Oclober 2019) effective January 2019. Since the Charity qualrfie5 as small under Section 382 of the Companie5 Act 2006. the Strategic Report required of medium and large companie5 undef the Companies Act 2006 Islralegic Report and Direclof5' Reporti Regulations 2013 has been omitted. OBJECTIVES AND ACTIVITIES Objèctives On 18 March 2022 the Governors agree(J lo merge the School wrth The King'5 School. Ely. The objectives of The King's School. Ely alun closely wrth Fairslead in provhling for the advancement of education of children for the public benefrt and in connection Iherewilh to acquire and carry on in the Unrted Kin9dom any nursery, preparatory or $enK*r $¢hool or schools for the edl￿tion of children of eilher Sex or both sexes. In settin9 objectives and planning for activitÈes. the Govemors have given ¢Jue consideratK)n lo general guidance published by the Charity Commiss￿￿ on publ￿ 8enefft. It is the School's aim lo provide a fn"endly. caring and happy communty wrth rts unique larni￿ 5y51em and ethos. Over the years the School has carefully nurtured this family atmosphere to provide pupils wlh real leaijership challenges. a sense ot personal responsibility and the opportunit￿S lo grow inlo mature, intelligent and socially respOns￿le individuals. The School aims to excite each chtld's boundless sense of wonder. capture their natural enthusiasms and foster a huge range of lalenls. A broad. balanced, creative and exciting curriculum devebps each pupil's lull potential and ensures they are well prepared for the challenges of their next school. The School aims to also encourage and develop self4iscipline and to promote carin9, polite and well-mannered children. The general philosophy ol the Sch¢)ol is based on Chn$tian values arthough aH laiths are welcomed. The children are encouraged to wor1( as part of the community and lo think about others. The S¢h¢)ol has links with Sl Mary's Church in Newmarket. where sewvices are hel¢J for Christma5 and End of Year. Strategies to ach•eve Ihi$ yearfs objectives The Board of Govemors has met ￿UladY to werve reports from the Head and the Bursar. The Governors have responded to the issues arising from these report5. The main issues raised were the lack of Sport5 provision and the need for more classroom space. The Governors and the management team have been exploring solutions lo these issues and as mofe information becomes available rt will be shared with the parents. The school year was On￿ again disrupted by the Coronavirus Pandemic which resulted in the Closu￿ of the School In January and February al the behest of the Government The children continued lo be educated via the remote provision that operated duiing the prK)r year closures. Nursery and School remained open for the children of key workers. This required the School lo undertake risk assessments lo ensure the safety of the staff and chikdren as far as possible and lo enhance the cleèning Page 2 Oocusign En¥elope ID". E136402￿FAW&1-61Fs-D3F7•O368m8 FAIRSTEAD HOUSE SCHOOL TRUST UMITED IA Company Limited by Guarantee) GOVERNORS, REPORT (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2021 regimes. The Governors decided that. to refflect the lower costs due to the partial dosure of the School and the Government Grant support for stsff, the Lent lerrn lees would be ￿dUced. The amount1£10.8581 discounted is shown in the accounts. Principal activities of the year Fairslead House Sch(yJl principally prowdes a co educational day school for children aged from 3 months to 11 years. On entering the main school, each child is placed in a lom which nomalty has the same class teacher lor the whole year. That teacher is responsible for day lo day pastoral Ca￿ as well as the academie progress of the child￿n. Classes are small, and children have the benefrt of a leaching assistsnt in athlition lo the class teacher, enabling èach Child to receive Indiwdual help and attention. Addrtional leaming support Is available for all children who need it. Parents, Evenings are held each temi. In September a -Meel the Teacher evening was held, with parents able lo rneel as 8"class" and hear the roLrtines and expe¢lth"ons of their child's new teacher. Report5 are issL￿d in Michaelmas. Lent and Summer lem and. in addrtion. members of staff are available al all times for Informal consuf(ations. During the lockdown period this was via Zoom. Close attention is paid to the standard of achievement and effort of each child. Parents, Evenings are held lermly giving leaching staff the opportunity to explain to parents what happens as their children progress through the School. All of the children would nomi￿lY have many opportunities throughoul the year to take an active part in a wide range of inter house antl inter school sports matches and cornpelrtion5 incl¥Jding football, wgby, Cfickel, netball, ross ¢ounlry and hockey. This year the opportunilEs were restricted in the fiT5t Iwo term5. Music plays an important part in the lrfe of the S¢hcA)l. FaTrstead House School would nomially host regular informal coneerts. These were curtailed this year. The School Pr￿ju¢e￿ productions during the year. KS1 gave us Alice in Wondertand. performed in the Palace gardens and the KS2 children gave us Joseph and his Technicolour Dreamcoat in an al fresco perfoimance al the Horse Racing Museum. Sports Days took place for Reception, Years 1 and 6 on the Severals again this year arKI Prize Giving for Year 6 leaving children look place in St MaWs Churth in Nevlmarket. The many curricular and extra c￿￿1C￿lar devek)pments were reduced thi$ year. Curriculum visits were seriousty affected by the pandem￿ however the foll¢xving trips look place.. Reception lo Kingfisher Bridge, Wicken Fen, The Jarman Centre and Banham Zoo Year 1 went lo Sealife Centre. The Hippodrome Circus and The Time and Tide Museum in G￿al Yamoulh Year 2 had an aulhor and drama teacher visit the class Years 1 and 2 had a circus day at School Years 3 and 4 shared outing lo The Olympic Path's Athletic Centre. an Ancient Maya Day at School Year 5 went for a Habrtat Hunt in Ely and a 'Trip to France, in Exning Years 5 and 6 visite(l Darley Slud and the NatK)nal Horse Racing Museum. Hilltop Outdoor Centre and Felbri9g Hall Year5 M went to Hunslanton for the day. Residential trips for Years 3. 4. 5 and 6 had to be can¢elkd. The school 15 continuing lo invest to strengthen the qualtty of e(Jucation provKled to the pupils. The Nursery continues to be very successfvl. 11 is expected that there will be 116 Children on role by the Summer of 2022. Page 3 Oocu&gn EnYeiope10.. E1264D28-6FpD4F6A-81F￿3F71￿8M8 FAIRSTEAD HOUSE sf400L TRUST LIMITED IA Company Limited by Guarantee) GOVERNORS. REPORT ICONfiNUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Comfflunity links Community links are very strong in S¢hoc4. Th8 Sch(N)l Supports several different local ¢hafities.' The Christmas Carol Concert and End of Year Seryice collection lor the upkeep of St Mary's church The Harvest Festival donalions go to Open Door, a charrty for the homeless and vulnerable in Newmarket Each Christmas the School Choir takes part in a eSrol SeNice al Tattersalls in aid of Racing Welfare Through fundraising activities the children have a159 SUPPOrted. amongst olhers". The Royal Bnlish Legion Jeans for Genes Day WWF Children in Need The links with the National Horse Racing Museum continued throughout the year and the School were very grateful to the NHRM for the Ljse of the Palace Gardens and Ihe Rothschild Yard at the rear of the museum to stage performances of Alice in Won¢Jertand and Joseph so we" o)uld invrte pa￿ntS safely to watch the children perform. The Govemors a￿ ¢¢Xtinually explonng ways of makin0 the Schwl's facilrties available to the local community. A local adull choir, Viva Voices, use(J the Perfomiing Art5 Centre as lon9 as they were able. Fairstead House Parents. Association The Parents, Association is very strong and this year organised for parents and Chi￿￿ren the following events befo￿ lockdown". A film night A Circu5 Day A virtual disco for the childre The aim ol the associat￿￿ is lo enhan￿ lrfe for the children in school and lo provhje a social platform for parents. Unfortunately, other fund raising actwi1￿$ We￿ s￿n￿¢an1￿ Curtai￿ due to COVKI. Bursary policy The Governors. award bursaries to pupils on the basis of advice from an independent bursary company. These awards are reviewed annualty by both the company and the Bursary commrttee. There are also scholarships awarded for merrt. This year the level ot support totamed t46.200 for 10 families. including staff discounls. ACHIEVEMENTS AND PERFORMANCE Main achlevements ofthe Charity Progres5. both academic and social. 15 carefulty monrtored by a var*ty of regular assessments. The external Music and LAMBDA exams unfortunately had to be cancelled. Page 4 Docuslgn En%*lope10.' El364D2UF￿D4F6A￿1F￿D3F7I￿jÉ8A88 FAIRSTEAD HOUSE SCHOOL TRUST LIMITED IA Company Limited by Guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Progres$ion Fairstead pupils piogress lo both independent and state sch￿1$. They are prepared for Ihese schools as appropfiale for Ihe senior school of their choice. Fundiaising policy The School does not engage in public fvndraising. During 2020rd1 the School did not engage any extemal professional fundraisers. Donations in Ihe yeat lotsled £3.01812020 - £5.4801. Investment policy The Memorandum and Artieles of Association govern the School's inveslmenl policy. which pemiits the Govemofs lo invest moneys not immediately required in investments as may be thought fit. The Govemors have invested in the PrLtdenlial Growth Fund which lakes a long lemi view of investments and has a highly diverse portfolio of holdings. mitigating investment risk. This year the unrealised gain was £45,111 compared lo a Ioss of £7.500 when the market was dislrupled by the pandemic. Going fo￿ard the investments will be reviewed by the Goveming Board of the nevAy merged entty. The intention is to utilise a proportN)n of the fvnds to fatylitale the developments that the Sch¢)ol will be going ahead with. Future developments The School continues to invest in the infrastntcture. There was a srte survey performed lo provide a basis for the review of the potential lo develw the site further. The School is also exploring. as a prioiity. a number of opportunities to secure a Games facility appropriate for an independent preparatory schod. Post balance sho8t events On 18 March 2022. Ihe Trustees entered into a merger agreement with The King's School, Ely. Under this agreement, the net assets of the School VAII transfei lo The King's School. Ety on 31 August 2022. Accordingly the finan¢ial statements have been plepa￿ on a basis other than going Concern as the legal entity will be wound up once the transfer is complete. FINANCIAL REVIEW Going concern The accounts have teen prepared on a basis other than goiro concem. On 18 March 2022. the Governors signed a merger agreement wrth The King's School. Ety. Under this a9reement, the nel a55ets of the School will transfer to The King's School. Ely on 31 Au9usI 2022. subsequentty the current legal enlrty Of Fairslead House School Trust Limite(I will be dissolved. The assets ha¥e not been measured * their reThfable amount nor have onerous committed liabilities been reeogni5ed as the assets and liabilities will transfer to The King's School. Ely and the operations of the School will conlinLbe. Annual review The Govemors review the finances. budgets and cash flow al the bi-lemity meetings. The policy of the School is lo reinvest ieserves in the School facilities and this policy was mainlained for the year. Page 5 Do¢uS4n Envelope ID.. E136402UFA04F6A-81F&03FT1¢)36&488 FAIRSTEAD HOUSE SCHOOL TRUST LlhlTED IA Company Limited by Guarnnleel GOVERNORS. REPORT (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2021 The mqority of the Trust's income is derived from sch¢y)l and nursery fees. These amounted lo £1.050.328 in the year lo 31 August 2021 12020 £1,086,891) before deduding financial assistance of £48,322. 12020 £52,800) and the Lent term 2021 rebates of £10.85812020- £59.7961. All expenditure in the year under Teview arises fiom the operat￿n ol the School and Nursery and in carrying oul the educational ob]"ectives of the Trust. The Financial Statements illustrate how the funds have been applied. Financial impact of COVID-19 The pandemic continued lo affect the School during the year with the c105ure of the School through January and February into eady March. The remote learning was reactivated duiing this perK)d. Some small savings were made and a proportion of thi5 was passed lo the pafenls in recognrtion of their continued support of the School. Reserves policy The unrestricted fvnds as al year end was £1.850.121 (2020 - £1.764,519}. There are no restricled funds. The School seeks lo maintain free reserves equivalent lo one tem's expenditure, we estimate this lo be £410,000. Currently, on the ba515 of the definition of free reserves in the Chanlies SORP. free reserves ale al £444.176. When the School is merged wth The King's School, Ety, reserves will be transferred. The re$erve$ poI￿Y wll then be assessed by the joint Governing Body_ STRUCTURE. GOVERNANCE AND MANAGEMENT Goveming document Fairslead House School Tru51 Limrted is a company limi(ed by guarantee govemed by rts Memorandum and Articles of Association dated 8 September 1978 {revi5ed November 20161. It is registered as a charty wlh the Charity Commission. Once the merger is complete the company and the charity will be wound up. Fairstead House was founded in 1950 by Rosamonde Taylor and, foll¢Mng her retirement, ownership passed lo a charitable Irusl. Fairslead House School 15 situated close lo the cenler of historic Newrnarkel, headquarters of Ihe'sport of Kings,, and adiacenl lo the famous gallops_ Until 31 August 2022. every parent or guardian of a child who is accepted as a pupil of the main school shall be qualified to become a member of the Twst. The number of the members of the TnJst shall not exceed 150. Appointment ol Governors Goin9 forward the appointment of Govemors folFJw the procedures lahd down in the Memorandum and Articles of The King's School. Ely. The Goveming Board of the School wll be dissotved and ￿ Govemors from FaiT$lead will ¢￿0p¢ed to The King's School. Ely Board. There will be an Education Committee for FaiTStead that wll be chaired by a former Fairslead Governor and will have two further represenlalives from Fairstead. This ci)mmittee wll report into the King's Board.. During the year and until 31 August 2022. full board meetings are held twice a lem). During the year a group of parents called for an E.G.M. as they were not $atisfied with the mak&up of the Board of Governors and wshed to propose that three members of the Board We￿ removed. and three members Page 6 Docusign Envelope ID.. El364D2B4FAD4F6A-81F￿O3F71O36BA88 FAIRSTEAD HOUSE SCHOOL TRUST LIMrrED (A Company Limited by Guarantee) GOVERNORS, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 nominated by them were cOn￿dered for election. The then Chair of the Governors had already indrcaled his intenlb)n lo slep down as a result of a change in his personal Circumstances and another, whom those parents had named. decide03F11036&48B FAIRSTEAD HOUSE SCHOOL TRUST LIMITED IA Company Limited by Guaranteel GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 control these risks in order to minimise any impart they may have on the School's future operations. Risk Management and the Risk Register follow the Charities Commission and Risk Management {CC261 guidance_ The Governots have identified susl8ln8b￿ty of income through maintenance of pupil numbers as the principal risk laced by the School. The merger ￿th the Kings will bring opportunth.es for the School lo develop the marketing for the School and provide other savings through synergies. STATEMENT OF GOVERNORS. RESPONSIBIUTIES The Govemors (who are a150 the directors ol the Charty for the purposes of company lawl are responsible for preparing the Govemors. Report and the financial Statements in accoidance wlh applicable law and Unrted Kingdom Accounting Standards {Unrted Kingdom Generally Accepted Accounting Practice}. Company law requires the Govemors lo prepare f￿anc￿ statements for each financial year. Under company law, Ihe Governors must not approve the financial statements unless they are satisfied that they give a true and fair view ol the state of affairs ol the Charity and of rts incoming resources and application of resources, including ils income and expenditure, for that period. In preparing these financial slalements. the Governors are required lo". select suitable accounting policies and then appty them consistenlty.. observe the methods and principles of the Charrties SORP IFRS 1021.. make judgements and accounting estimates that are reasonable and prudent., slate whether appli¢able UK Accounting Standards IFRS 1021 have been fOlk￿ed, subject to any material departures disclosed and explained In the financial 5talemenls', prepare the financial slalements on Ihe going ￿¢eM basis unless it ts inappropriate lo presume that the Charity will continue in business. The Governors are responsible for keeping adequate accounting record5 that are Sufficient lo show and explain the Charws transactions and disck*se with reasonable accuracy at any lime the financial posrf(ion of the Charity and enable them to ensure that the financial statemenls comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for tsking rea50nobk steps for the prevention and delKtion of fraud an(J other irregularibes. DISCLOSURE OF INFORMATION TO AUOITORS Each of Ihe persons who are Goverrbors at the lime when this Govemors. Report 15 approved has confirmed that.. $0 far as th* Govemor is aware. there no relevant aud(t infomi*ion of which the charitls auditors are unaware, and that Governor has taken all the steps that ought lo have been taken as a Governor in order lo be aware ol any relevant audit inbrmation and lo estsbl ish that the charity's auditor5 are aware of that infomialion. AUOITORS The auditors. PeleTS E￿¥OrthY & Moore. have indicated their willingness to continue in office. The desi9nated Governor$ will propose a motion reappointing the audrtors al a meetiThJ of the Govemors. Approved by order of the rnembe(s of the board of Govemors and svaned C￿ their behaW by.. Page 8 Oocusvjn Etb%Ek)pe ID.. E136402&6FAD4FfjA-81F￿O3F71O36w8 FAIRSTEAD HOUSE SCHOOL TRUST UMITEO {A C<¥mpany Limited by Guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Mr N Longford (Chair of Trustees} Dale.. 23 May 2022 Page 9 OocvS¥JTr Envelope ID.. E1364DNFA()4F64-81F9-D3F710368A88 FAIRSTEAD HOUSE SCHOOL TRUST LIMITED {A Company Limited by Guaranlee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FAIRSTEAD HOUSE SCHOOL TRUST LIMITED OPINION We have audited the financial ststemenls of Fairslead House School Trust Limited Ilhe 'charilll for the year ended 31 Aygu5t 2021 which comprise the Ststemenl of Financial Activities, Ihe Balarhce Sheet, the Slalemenl of Cash Flt)ws ané the related notes, includin9 8 svrnmary of 5wJnificant acctsunling policies. The financial reporting framew¢rk Ihat has been applied in their preparation is applicable law and Unrted Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and RepLJblic of Ireland, (United Kingdom Generalty Accepted A￿oUntIng Prxticel. In our opinKJn the financial statements.. give a true and fair view of the State of the charrtable companls affairs as al 31 August 2021 and of ils incoming resources and applicalion of rvsources. including ts income and expendrture for the year then ended". have been propedy preparetl in accordance wth Unrted Kingdom Generally Aecepled Accounting Practice- and have been prepared in a¢cordan¢e with the wuirements of the Companies Act 2006. BASIS FOR OPINION We wnducted our audrt in accordance vrith Intematronal Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilitie5 under those standards are further described in Ihe Audilor5' Tesponsibililies for the aLtdit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requiremenls that are relevant lo our audil of the financial slalemenls in the United Kingdom, including the Financial Reporting Council's EthKal Slandard, and we have fulfilled our olher ethical responsibilities in accordance wi(h these requ1￿MentS_ We believe that Ihe audrt evidence we have obtained is suffKienl ané appiopriale lo provide a basis for our opinion. EMPHASIS OF MATTER- FINANCIAL STATEMENTS PREPARED ON A BASIS OTHER THAN GOING CONCERN We draw attention lo note 2.2 in the financial slalemenls which explains that the Iinancial slalemenls have been prepared on a basis other than that of a going concein. On 31 August 2022 the Govemors will Iiansfer all assets an¢J liabilities of the charitable company lo The King's School. Ely and cease activities. As required by UK accounting slandards, the Governors have prepared the financial statements on the basis other that the charitable company is no lon9er a going ¢on¢em. Our opinion is not modified in respect of Ihis matter. OTrIER INFORMATION The other infomiation comprises the infomiation included in the Annual Report other than the tinancial slalemenls and our Auditors, Report Ihereon. The Governors are responsible for Ihe other information ¢onlained within the Annual Report. Our opinion on the financial slatemenls does not cover the other Information and, except to the extent otherwise explicrtly staled in our report. we do not express any form of assurance conelusion Ihereon. Our responsibility is lo read the olher infom)ation and, in doing so, ￿nSider whether the other information is Material￿ inconsislenl with the financial slalements or our knowledge obtsined in Ihe course ol the audit, Of Othenrlise appears lo be materialty mi5slated. If we ￿entIfy such material inconsistencies or apparent material misslalemenls, we are required to detem)ine whether this gives n5e lo a material misslalement in the financial 51alemenls themselves. If, based on the work we have performed, we conclude that there is a material mi5St8tement of this other information, we are required to report that fact. Page10 Oocusign En￿ope ID.. E1264D28￿AD4F6A-81F￿D3F7lQ36BA08 FAIRSTEAD HOUSE SCHOOL TRUST LIMITEO IA Company Limtted by Guarantee) INDEPENDENT AUDITORS, REPORT TO ThE MEMBERS OF FAIRSTEAD HOUSE SCHOOL TRUST LIMITED {CONTINUEDI We have nothing to report in this regard. OPINION ON OTHER MAThERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion. based on the work undertaken in the course of the audrt.. the inforniation gwen in the Governors. Report for the financial year for whtch Ihe financial statements are prepared is consistent with the financial statements. the Governois. Report has been prepa￿d in a¢cor(lance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIREO TO REPORT 8Y EXCEPTION In the li9hl of our knowledge and understanding of the char¢table company and its environment obtained In the course of the audi(, we have not idenlffied material misstatements in the Govemors, Report. We have nothing to report in ￿SpeCt of the folbwing matters in relalion to which Companie5 Aet 21x6 requires us to report lo you if, in our OPIn￿n.. adequate accounting records have not been kept. or ￿turnS adequate for our audit have not been received from branches not visrted by us. or the financial statements are not in agreement with Ihe accounting records and retLtms,' or certain disclosures of Govemors, remuneration specif*d by law are not made,. or we have not received all the informalion and explanations we requio for our audit., or the Governors We￿ not entitled to prepare the financial statements in accordance with the small companies regime and take advants9e of the small companies, exemption$ in preparing the Governor5, Report and from the requirement to prepare a Strategic Report. RESPONSIBILITIES OF TRUSTEES As explained more fully in the Governors, Responsibilities Statement, the GovernoTS (who are a150 the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slatements and for being satisfied thal they give a true and fair wew, and for such internal control as the Governors determine Is necessary lo enable the preParat￿n of financial slatemenls that are free from material misstatement, whether due lo fraud or error_ In preparing the financial slalemenls. the Govemors are responsible frjr assessing the ¢harilable company's abilily lo ¢ontinue as a going concern. dts¢losing. as applicable, matters related lo going concern and using the going concem basis of accounting unless the Govemors erther intend to liquidate the charrtable company or lo cease operations. or have no ￿all$tic aAernative but to do 50. AUDITORS. RESPONSIBIUTIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objeclNes are to obtain reasonable assurance about whether the financial slalements as a whole a￿ free from malerial misslalemenl. whether (Jue to fraud or error. and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a h￿h level of assurance, but is not a guarantee that an audit conducted in acwrdance wrth ISAS (UK) wll always detect a material misslalernenl when il exists. Misslalemenls can arise from fraud or error and are considered m*erial if, indivi(lualty or in the aggregate. they could reasonabty be e¥4)ected lo influenee the economic decisions of users taken on the basis of these financial statements. Irregularities, induding fraud, are instances ol nort-compliance wlh laws and regulations. We design procedures Page 11 DoG￿819n Enwdope ID.. E1364D2B4FA[HF6A-81F￿D3F7lo36&A88 FAIRSTEAD HOUSE SCHOOL TRUST UMITED IA Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF FAIRSTEAD HOUSE SCHOOL TRUST UMITEO ICONTINUEDI in line with oyi responsibrfities. ouvined above. to delecl m*erial misstatements in respect of irregularities, in¢ludin9 fraud. The extent lo wl)i¢h Our PT(KeduTes are capable of deteding ir￿UlaTItIes. includin9 fraud is detai￿￿ bekiw". Our approach lo identifying and assessing the risks of material mis5L*emenl in respect of irregularities. including fraud and nonpe ID. E136402B4FAD4F6A.81FgD3F710368A88 FAIRSTEAD HOUSE SCHOOL TRUST UMITED IA Company Limited by Guarantee} STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Note CASH FLOWS FROM OPERATING ACTIVITIES Net cash used in operating activitles 19 32,427 139,875 CASH FLOWS FROM INVESTING ACTIVITIES Dividends. intere515 and rents from investments Purchase of langible fixed assets 182 160,8551 120,5641 NET CASH USED IN INVESTING ACTIVITIES 120.5601 {60,6731 CASH FLOWS FROM FINANCING ACTivmES Cash inflows from new borrowng Repayments of finance leases 100.000 {8,6261 NET CASH (USED INVPROVIDED BY FINANCING ACTIVITIES {8,6261 100,000 CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR 3.241 179,202 Cash and cash equivalenls * the beginning of the year 329.883 150.681 CASH AND CASH EQL1vALETr￿s AT THE END OF THE YEAR 20 333.124 329.883 The notes on pages 17 10 35 form part of these financial Statements Page16 Do¢uSlgn En￿￿>￿ ID.. E1364D2MFAD4F6A-81F&03F710368Pa8 FAIRSTEAD HOUSE SCHOOL TRUST UMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 GENERAL INFORPAATION The Company is a company limrted by guarantee and incorporated in England and Wales. The members of the company are the governors named on page 1. In Ihe event of the company being woukl up, the liabilty in respect of the guaonlee is limtted lo £1 per member of the company. ACCOUNTING POUCIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial slalemenls have been prepared in accordance wAth the Charit￿S SORP IFRS 102} - Accounling and Reporting by Charities". Statement of Recommended Practice applicable to charilies preparing their accoun15 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (second ￿llion - October 2019} effective 1 January 2019, the Financial Reportin9 Standard appl￿b￿ in the UK and Republic ol Ireland IFRS 102) and the Companies Act 2006. Fairstead House Sch¢￿1 Trust Limited meets the defin￿On of a publi¢ benefit entty under FRS 102. Assets and liabilities are inilialty recognised al historical cost or transaction value unless otherwise stated in the relevant accounting pdicy. 2.2 GOING CONCERN On 18 March 2022. the Trustees entered into a merger agreement wf(h The King's School. Ely. Under this agreement. the net assets of the School wll transfer lo The King's School. Ely on 31 August 2022. According￿ Ihe financial statements have been prepa￿d on a basis other Ihan going concern. The assets have not been measured al their recoverable amounts nor have onerous committed lobilities been recognised as the assets and liabilrties will trarbsfer lo The King's School, Ely and the operalions of the School will continue. 2.3 INCOME All income is recognised once the Charity has entrtlemenl lo the income, rt 15 probable that the in¢ome will be received and the amount of income receivable can be measured reliably. Income lax recoverable in rdatb)n to investment income is recognised at the time the investment income is receivable. other income is recognised in the period in il is receivable and lo the extent the goods have been provideil or on complet*)n of the 5ervi¢e. Page 17 Do¢uSign Envek)pe10.. E1364D2B4FANF6A41F&D3F710368A88 FAIRSTEAD HOUSE SCHOOL TRUST UMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POUCIES (CONTINUED) 2A EXPENDITURE Expenditure is recognised once there is a legal or constnJclive obligation lo transfer economic benefit to a third party. r( is probable that a transfer of economi¢ benelils will be required in selllemenl and the amount of the abl￿alL0￿ can be measured rehabty. Expenditure is classified by activity. The costs of each actIv￿Y are made up of the total of direct costs and shared costs, including support cos15 inVo￿ed in undertaking each activity. Direct Costs attribulable lo a single activity are allocated directly lo that aclivity. Shared costs which contribule to more than one aclivrty and support costs wh￿h are not altributsble to a Single adivrty are apportioneil between those a¢lNities on a basis consistent with the use of resources. Central staff costs are alk)cated on the basis of time spent. and depreciation charges alkncaled on the portKJn ol the assel's use. Expenditure on raising funds in￿deS all expenditure incurred by the Charity to raise funds for its ¢haritable purposes and includes costs of all fvndrdising actiwties events and nQn-charrtab￿ trading. Expenditure on ch8ritable actNrties is incurred on dTrrettly undertaking Ihe activit￿$ which further the Charjtys objectives. as well as any assou3le(1 supwrt costs. All expenditure is inclusive of irrecoverable VAT. 2.5 GOVERNMENT GRANTS Grants of a revenue nature are re¢ognise(l in the Slatemenl of Finan¢ial Aclivilies in the same period as the related expenditure is in¢urred. 2.6 INTEREST RECEIVABLE Interest on funds hekj on deposrt is inclLKled vthen receivable and the amount can be measured ieliably by the Charity.. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 17 TANG18LE FIXED ASSETS AND DEPRECIATION Tangible fixed assets are Inrtialty recognised al cost. After recognition. under the cost model, tangible r￿ed assets are measured * cost less a¢¢umulaled depreciation and any accumulated impaiment losses. All costs Incurred to bring a langible fixe(l asset into its intended working ￿nditIOn should be included in the measurement of cosL Depreuation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful INes. using the straight-line melhod. Depreciation 15 provided on the folk)wing bases". Freehold propety no depreciation charged where. in the opinion of the Govemors, the estimated residual value is in excess of the net book value over the term of the lease - S years $1010years - 3 years Leasehold Property Molor vehtles Fixtures & fittings Cc¥nputer equipment Page18 DooJSvJn Envek)pe ID". E1364D284FANF6A-81F903F71036&488 FAIRSTEAD HOUSE SCHOOL TRUST UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POUCIES {CONTINUED) 2.8 INVESTMENTS Fixed asset investments are a form of financial instrnmenl and are initialty recognised al their Iran5adion cost and sub5equenlty measured at fair value al the Balance Sheet dale, unless the value cannot be measured reliabty in which case (( is measured at cost less impairment. Investment gains and losses. whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments. in the Statement of Finan¢wl Activities. 2.9 DEBTORS Trade and other debtors are recognised al the settlement amount after any trade discount offereij. Prepayrnents are valued at the amount prepaRI nel of any trade dis¢ounl$ due. 2.10 CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and 5hort4emi h￿hlY liquid investmènts with a short malurily of Ihfee rrrfjnths or less from the dale of acquisition or opening of the deposit or similar account. 111 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligation at the Balance Sheet dale as a result of a past event. it is probable that a transler of e¢onomic benefit will be required in settlement, and the amount of the settlement can be estimated reliabty. Liabilities are recognised al the amount that the Charity an1￿1p￿e$ it wim pay lo settle the debt or the amount it has received as advanced payments for the goods or services rt must provide. Prowsions are measured at the best estimale of the w￿)UnIS required lo settle the Obl￿allon. Where the effect of the time value of money is material, the provision 15 based on the present value of Ih05e amounts, discounted at the pre-tax discount rale that reflects the risks specific lo the liability. The unwindirvj of the dI￿Ount is recognised in the Statement of Financial Activities as a finance cost. 2.12 FINANCIAL INSTRUMENTS The Charity only has financial assets and finar￿lar liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value wrth the eX￿pIlO￿ of bank loans which are subsequently measured al amortised cost using Ihe effe¢tive interest method. 2.13 FINANCE LEASES AND HIRE PURCHASE Assets obtained under hire purchase contracts and finance leases are capttalised as tangible fixed 85sels. Assets acquired by finance lease are dep￿Ciated over the shorter of the lease term 8nd their Useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases ale those where subslantialty all of the benefits and risk$ of ownership are assumed by the Charity. Obligations under Such agreements are included in credilors. net of the finance charge allocated lo future period5. The finance element of the rental payment is charged lo the Slalemenl of Financial Aclwities so as lo produce a constant periodic rate of charge on the net obligation oulslanding in each period. Page 19 DocuSb?n En%*lope ID." E1364O2￿FAD4FfA-8lF￿D3F71036$￿6 FAIRSTEAD HOUSE SCHOOL TRUST UMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POUCIES ICONTINUEDI 2.14 PENSIONS The Charity operates a defined Contr￿Ul￿n pension scheme and the pension charge represents the amounts payable by the Charrty to the fund in respect of the year. Retirement benefft5 to teachers are provided by the Teachers. Pension Scherne ITPS'I. This is a defined benefrt pension scheme. The TPS is an unfunded scheme and conlribLrtions are cakulated 50 a5 to spread the cost of pensions oveT employees. working lives wrth the School in such a way that the pension cost is a sub51antially level percentage of current and future pensionable payroll. The contribution5 are determined by the Government Aduary on Ihe basis of quadrennial valuations using a prospective unit credit method. TPS 1$ an unfunded mulliemployer scheme with no underlying assets to assign between employers_ Consequentty. the TPS is Ire*ed as a defined contributTron scheme for accounting purposes and the contribubons recognised in the period lo which they relate. 2.15 FUND ACCOUNTING General funds are unrestricted funds which are available for use al the discretion ol the Governors in furtherance of the general objectives of the Charity and wh￿h have not been designated for other purposes. Deslqnated funds comprise unreslncled fvnds that have been Sel aside by the Governors for particular purposes_ The aim and use of each deswJnated fund is set oul in the notes lo the financial Statements. Restricted fund5 are fund5 which are lo be used in accordance with 5pecrfic reslriclions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fvnd. The aim and use of each restricted fund is sel out in the notes to the f nancial slalements. Page 20 Docusigfi Envelope ID.. El364D2￿FAD4F￿lF￿O3P71036aA88 FAIRSTEAD HOUSE SCHOOL TRUST UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 CRITICAL ACCOUNTING ESTIIAATES AND AREAS OF JUDGEMENT E51imales and judgemenls are continualty evaluated and are based on historical experience and other factors. including expectations of future events that are believed lo be reasonable under the circumstances. Critical accounting esbmates and assumptions." The Charrty makes estimates and assumptions conceming the future. The resulting accounting e51imales and assumption$ will. by definrtion. seldom equal the related actual resulis. The estimates and assumptions that have a significant risk of causing a material adjustment lo the Car￿n9 amounts of assets and liabililies within the next financial year are discussed below. Inveslments are measured al fair value for financral reporting purposes. Infomalion about the valuation technique 15 included in accounting policy 2.8. Crrtical aTea$ of IL￿geMent.. Useful economic lives of tangible fyed assets Depreciation is Charged annually based on the mana9emenVs estimate of economic useful life of the asset per the accounting poliues above. Provi￿0￿ of fee deblo Managernent consider whether fee debtofs are recoverable. Where there indication that recoverability is unlikely, the amounts are recognised as a provisKJn for bad debts. This assessment required an eslimatlon of likety future cash fknws. INCOME FROM DONATIONS AND LEGACIES Un￿StriCted fvnds 2021 Total fund5 2021 Totsl funds 2020 Donations 3.018 3,018 5,480 TOTAL 2020 5,480 5,480 Page21 Do¢￿s￿jn Envelupe ID.. E1364D2B4FA04F6A-61F>03F71036&048 FAIRSTEAD HOUSE SCHOOL TRUST UMITED IA Cornpany Limited by Guaianteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 INCOME FROM CHARITABLE ACTIVITIES Unrestricted fund5 2021 Total funds 2021 Total funds 2020 Turtion fees 1.050,328 {10.85B) {48.3221 869,050 35.227 5,168 12,982 1.050.328 110.85B) 148.322} 869.050 35,227 5,168 12.982 1.086.891 159,796) 152.8001 676,517 31,098 3.900 14.833 11,3321 20,922 Fee rebates Bursaries arKI schdsrships Nursery fee5 Specialist teaching Registration fees After Sch￿)1 dub Fee insurance Holiday dub 17.380 17,380 1.930.95S 1.930.955 1,720,233 TOTAL 2020 1.720,233 1.720,233 INVESTMENT INCOME Vnrestricted funds 2021 Totsl funds 2021 Total funds 2020 Investment income 182 TOTAL 2020 182 182 Page 22 Docusign Envdope ID". E1364D2PknFAD4F6A-81F￿3F71036&Aé8 FAIRSTEAD HOUSE SCHOOL TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 OTHER INCOMING RESOURCES Unrestricted funds 2021 Total funds 2021 Total funds 2020 Government grant$ 23.824 23.824 93.945 TOTAL 2020 93,945 93.945 The Charty recewed a govemment grant under the Coronavirus Job Retents"on Scheme ICJRSI lo cover salaries of fudou9hed staff of £20.674 12020 £93.9451. 11 also receNed a government grant of £3, 150 12020 - £nil} in respect of interesi payments Covered under the Coronavirus Busiries5 Interruption Loan Scheme ICBILS). EXPENDITURE ON RAISING FUNDS COSTS OF RAISING VOLUNTARY INCOME Unrestricted lunds 2021 Total funds 2021 Total funds 2020 Bank interest, charges and investment management fees 3,646 3.646 5.284 TOTAL 2020 5,284 5.284 Page 23 Docvsign En¥dope10." E1364D284FA04FG441FSLD3F71036W8 FAIRSTEAD HOUSE SCHOOL TRUST UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2021 ANALYSIS OF EXPENDITURE BY ACTMTIES Activities undertaken directty 2021 Support costs 2021 Total funds 2021 Tolal funds 2020 School running costs 1.423.209 503.761 1,926,970 1,731,539 TOTAL 2020 1.316,800 414.739 1.731.539 ANALYSIS OF DIRECT COSTS School nnin9 costs 2021 Total lund5 2021 Tolal funds 2020 Staff costs Classroom ￿sOUrceS Catering supplies Sehool t￿p$ 1.339.807 20.765 60.633 2,004 1,339,807 20,765 60,633 2,004 1,240.678 16.305 54.919 4.898 1.423.209 1,423.209 1,316.800 TOTAL 2020 1.316.800 1.316,800 Page 24 Oocusign Env*pe ID. E1364D2B4FA￿F6A￿IF￿D3F7lo368 FAIRSTEAD HOUSE SCHOOL TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ANALYSIS OF EXPENDITURE BY ACTIVITIES ICONTINUEDI Anatysis of support costs School running costs Governance 2021 2021 Total funds 2021 Total funds 2020 Staff costs Property expenses Admini51ralive expenses Transport and travel expenses Equipment repairs and renewals Classroom SLJPPOrt General expenses Depreciation Health and safety Inspection Management infomwtion Aud￿ and Aecountanty Bad debts Development projects Interest payable on finance 157.458 97.340 101.846 4.189 1.745 157.458 97.340 112.160 4.654 1.745 8.968 6.634 54.321 16,835 2.712 12.643 9,SOO 121,733 112,320 49,160 9,413 1,291 9,622 10,877 66.096 11,387 4.514 8,523 8,541 1,262 10,314 465 6.634 54.321 16.835 2.712 12.643 9.500 9.332 9,459 9,332 9,4S9 483,482 20,279 503,761 414,739 TOTAL 2020 400.361 14,378 414,739 10. AUDITORS. REMUNERATION 2021 2020 Fees payable lo the Charitls auditor for the audit of the Charivs annual accounts 6.700 5,865 All non-audil services 1,200 2,676 Page 25 Dowsign En¥ely10.. E1364o2￿F￿)4F6￿7F>o3FIlo?68A16 FAIRSTEAD HOUSE SCHOOL TRUST UMITED {A Company Limited by Guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 11. STAFF COSTS 2021 2020 Wages and salarie5 Social secunty costs Contribution to defined cOntribut￿n pensw 5chwnes 1,261.124 99,496 136,645 1,146,567 90.491 125,353 1,497,265 1,362,411 The average number of person5 employed by the Charrty durng the year was as follows.. 2021 No. 2020 No. Teaching and assistants Other 59 55 12 71 66 The number of employees whose employee benefrts (e￿lUdIng employer pension w$ts) exceeded £60,000 was.. 2021 No. 2020 No. In the band £60,001- £70.000 The key management personnel of the Chanty comprise the Governors. Head. Deputy Head and Bursar. No Governors received any remuneration or benefits in kind from the Charity 12020 £Nill. The total employee benefrts {including employerfs pension contributions and employer's national insurance conlributionsl received by key management personnel of the Charity We￿ £176.35912020 - £175,101). GovLYnors receNed ￿1MbUr$ement of expenses amounling to £Nrl12020- £Ndl. Page 26 DocuSi9n En¥elope ID". E1364D2&8FND4F6M1F¥DJF710368K88 FAIRSTEAD HOUSE SCHOOL TRUST UMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 12. TANGIBLE FIXED ASSETS Long-terni leasehold Flxturos and property rrttings Freehold property Motor vehicles Total COST OR VALUATION Al 1 September 2020 A¢Jdilions Disposals 1.241.266 55.104 473,843 20.$64 193.1871 41.000 1.811,213 20,564 193,1871 At 31 August 2021 1.241.266 55.104 401,220 41.000 1,738,590 DEPRECIATION At 1 Seplember 2020 Charge for the year On drsposals 48.349 2,755 278.162 51.$66 193.1871 41.000 367.511 54.321 193.187) At 31 August 2021 51.104 236.541 41,000 328,645 NET BOOK VALUE At 31 August 2021 1.241.266 4.000 164.679 1,409,945 Al 31 August 2020 1,241.266 6.755 195,681 1,443.702 The Charily owns assets which are hdd under hire purchased conlracls. The related assets are secured against the nel obligalions under hire purchase contracts (note 15). The net book value of assets held under htre purchase contracts is £8,241 12020 - £14.3151. This is included within fixtures and fittings above. Page 27 Docuslgn EnVe￿pel0." E136402B4FA(HF6A-81FKI3F710368PI8 FAIRSTEAD HOUSE SCHOOL TRUST UMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 13. FIXED ASSET INVESTMENTS Listed investments COST OR VALUATION Al 1 Septemtier 2020 Revaluations 265.084 45.111 AT 31 AUGUST 2021 310.195 The entire investment is held with Ihe Pr￿lentral Growth FurKI. The Govemors belEve that the carrying value of the Investment is supported by the undedying net as5els wrthin Ihe fund. The risk lo the investment is mitigated by the hvJhly diverse portfdio of holdings contained within the fund which takes a bng temi view of investments. 14. DEBTORS 2021 2020 DUE WITHIN ONE YEAR Trade debtors Other debtors PrepayThenls and accrued incorr 265,244 ss 105,8S6 335,442 633 45.583 371,155 381,658 1S. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 Bank loans Trade credttors Other taxation and social secunty Obligations under hire purchase Contr￿15 Other creditors Accruals and delerred income 20,000 28.132 25.069 5,689 49.014 377,309 92.875 21.320 8,626 41.709 376,308 505,213 540.838 Page 28 D¢KuSvJn Envdcye ID. E1364D2MFAD4F6A-81FgD3F71W8A88 FAIRSTEAD HOUSE SCHOOL TRUST UMITED IA Company Lirnited by Guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Oeferred income at 1 September 2020 Resources deferred during the year Amounts released from previous peTKxIs 323,412 332.417 1323,4121 377,842 323.412 1377.8421 332,417 323.412 Deferred income CoMp￿eS schwl fees and music luition fees ￿CeIved in advance. 16. CREDITORS". AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2021 2020 Bank loans Net obligations under hire purchase contracts Trade creditors 80.000 100,000 5,689 9,281 2,391 82.391 114,970 Bank loans include a Government backed Coronavirns Business Interruption Loan IC8ILsl which was drawn down in August 2020. This loan Is 100% gLtraranteed by the Government and there are no fees or interest payable in the first 12 months. After this 12 month penod, interest will be charged at 3.15Vh above the base rate. The loan is repayable in 60 equal monlhty installmenls from August 2021. Amounts dye under hire pufchase agreements are ￿ured on the related assets a¢quired. Page 29 Oocusign Envelope ￿.. ElW2B-&eAD4F6M1F￿3F7lo368A88 FAIRSTEAD HOUSE SCHOOL TRUST UMITED IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 17. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 1 September 2020 Balance at 31 August 2021 Transfers inllout) Gainsl (Losses) Income EXpendi￿re UNRESTRICT- ED FUNDS DESIGNATED FUNDS Fixed Assets Fund 1.443.702 (54.3211 20.S64 1,409,945 GENERAL FUNDS General Funds 320,817 1.957.801 {1.876.295) 120.5641 45,111 426,870 TOTAL UNRESTRIC- TED FUNDS 1.764,519 1.957.801 {1,930.616} 45,111 1,836.815 Page 30 EnYelLPE ID". E1264D2B-6FAD4F6A-8lF￿3F7IO368￿fj8 FAIRSTEAD HOUSE SCHOOL TRUST UMITED IA Company Ltmited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 17. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR Balance al 1 se￿ernber 2019 Balance al 31 August 2020 Transfers inl{outl Gainsl {Losses) Income Expenditure UNRESTRICT- ED FUNDS DESIGNATED FUNDS Fixed Assets Furtd 1,444,054 (66,096} 65,744 1,443,702 GENERAL FUNDS General Funds 244.948 1.819.840 {1,670.7271 165.7441 17.5001 320.817 TOTAL UNRESTRIC- TED FUNDS 1.689.002 1.819,840 {1,736.823) 17,5¢)01 1,764.519 The Fixed Assets Fund rep￿SentS the balance of the Trusl's funds Ihal are invested in ftxed assets. A transfer is wnade each year from General Funds to rellect the nel additK)ns to fixed as5et5. Page 31 DoDJS&n Env4(ye ID.. E1364D2&6FND4F6A41F￿3F71QJ6sPl8 FAIRSTEAD HOUSE SCHOOL TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ANALYSIS OF NET ASSETS BETVVEEN FUNDS ANALY515 OF NET ASSEfs BETWEEN FUNDS - CURRENT YEAR Unrestricted funds 2021 Total funds 2021 Tangible fixed assets Fixed asset investments 1,409.945 1,409.945 310,195 310.195 704.279 704,279 1505,2131 150S,2131 {82,3911 182.3911 CUr￿n1 assets Credf(ors due wrthin one year Credrtors due in more than one year TOTAL 1.836,815 1.836,815 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Unrestricted funds 2020 Total funds 2020 Tangible fixed assets Fixed asset investrnenls Current assets Creditors due wrthin year Creditors due in more than one year 1.443,702 265,084 711,541 {540,8381 1114,970) 1.443.702 265,084 711,541 1540.838} 1114.9701 TOTAL 1.764,519 1.764.519 Page 32 Docusyn Envelcpe ID.. Éj384D2B￿A1￿EA-81F￿D3FT1036w8 FAIRSTEAD HOUSE SCHOOL TRUST UMITED (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 19. 2021 2020 Net income for the year la5 per Statement of Financial Actiwlies) 72,296 75,517 ADJUSTMENTS FOR: Depreciation charges (Gainslllosses on investments Dividends, interests and renls from investments L05s on the Sale of fixed assets De¢￿ase in debtOT5 IDe¢reaSeY￿Crea5e in credito 54.321 145.1111 66.096 7,500 11821 9,426 15.862 134,3441 10.503 159.5781 NET CASH PROVIDED BY OPERAnNG ACTIVITIES 32.427 139.875 20. ANALYSIS OF CASH AND CASH EQUIVALENTS 2021 2020 Cash in hand 333.124 329,883 TOTAL CASH AND CASH EQUNALENTS 333.124 329,883 21. ANALYSIS OF CHANGES IN NET DEBT At1 September 2020 Cash flows other non- cash At31 ¢hange$ August 2021 Cash at bank and in hand Debt due within 1 year Debt due after 1 year Finance lease5 329.883 3.241 333,124 120,000} 180,0001 15.689) 120,0001 20.000 1100,000 114,315) 8.626 215.568 11.867 227.43S Page 33 DocuSi9n ETr*￿pe ID.. E136402B*FA04F6M1F¥03F71036BA88 FAIRSTEAD HOUSE SCHOOL TRUST UMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 22. PENSION COMMITMENTS Teachlng staff The School particip*es in the Teachers. Perts￿n Scheme IEThJland and Wale$l {Wie TPS.) for its leaching staff. The pension charge for the year includes contributions payable to the TPS of £103,69612020 £96.1361 and al the year end £10,195 {2020- £10,776) was aeerued in Tespecl of contributions to this scheme. This balance is disclosed in other creditors. The Teachers, Pension Scheme ITPS) is a statutory. conlribLrtory, defined benefit scheme, governed by the Teachers, Pen5K)n Scheme Regulations 2014. Membership is automatic for full-bme teachers in academies. All le8cher5 have the option to opt-out of the TPS following enrolrnenl. The TPS is an unlunded scheme to which both the member and employer makes contr(oulions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension enefits are paKI by publ￿ fvnds provided by Parhament. Valuation of the Teachers. P nsion Scheme The Govemmenl Actuary, using nomal actuarial principles. conducts 8 fomal actuarial review of the TPS in accordance the Public Service Pensions (Valuations and Employer C05t Capl Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valu*ions a￿ dependent on assumptions about the value of future ¢0stS, design ol benefits an¢J many other factors. The latest a¢luarial valuation of the TPS was carried out as al 31 March 2016. The valuat￿￿ ￿port was published by the Departmènt for Education on S March 2019. The key elements of the valuation and subsequent Consu￿ation are.. employer contribution rates set al 23.68% of pensionable pay (including a 0.08% adminislralion levyl lolal scheme liabilities {pensions currentfy in payment and the estimated ¢ost of fvture benefits) for se￿1￿ to the effective date of £218.100 million and notional assets (estimated future contributions together Nwth the notional investments held al the valuation datel of £196,100 million. giving a notional past service deficit of £22.000 million the SCAPE rate. sel by HMT. is used lo delernine the notional inveslmenl relurn. The current SCAPE rale is 2.4% above the rate of CPI, assumed real rale of retufn is 2.40/• in excess of prices and 20A In excess of eafflings. The rale of real earnings growth is assumed lo be 2.2Y*. The assumed nominal rale of return includin9 eaming5 grovAh is 4.45°h. The next valuation iesult is due to be impjemented from 1 April 2023. A copy of the valuation report and supporting documentation is on the Teachers, Pensions website Ihttps.'IlvMv.teacherspensions.co.UkJnew￿eMpIoyerS120l9I04Ite3¢her$-penSlons-va1UatIon-feport.aSpx). Under the definitions set out in FRS 102. the TPS is an unfunded mulli*mployer pension ￿herne. The Foundation has accounted for its ¢onlribulions lo the scheme as rf il were a defined ¢onlribution scheme. The Foundation has Set out above the Infom￿1￿?￿ availab￿ on the scheme. Page 34 DocuSb3n Envelope ID.. El384D28-6F￿F6A-81F¥O3F71o36￿A8& FAIRSTEAD HOUSE SCHOOL TRUST UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 PENSION COMMITMENTS (CONTINUED} Non-teaching $taff The school a150 Contributes lo the personal pension arrangements of non4eachirwJ staff via the Pensions Trust ￿ via a group 5takehokler pension scheme wrth Scottish Widows. The pension charge for the year include5 conlribulions of £32,94912020 £29,217) and at the year end £5,49512020 - t4,890} wa5 accrued in Tespect of ¢OntT￿￿t1OnS lo thi5 scheme. Thi5 balance Is disclosed in other creditors. 23. OPERATING LEASE COMMITMENTS At 31 August 2021 the Charity hall commitments lo make fvlure minimum lease payments under non- canceliable operating leases as follows.. 2021 2020 Not laler than 1 year Later than 1 year and not later than S years 730 365 730 1,095 1,095 1,825 RELATED PARTY TRANSACTIONS In the nomal course of funding rt5 aclivrties, the rnajority of the charity's income is derived from education fees paid by parents. sorne of whom are Members andlor Govenors of the school. In the ordinary course of business the charrty has acquired professional indemnity and Govemors. liabilty eover at a c05t of £30812020- 3081. 26. POST BALANCE SHEET EVEP On 18 Mar¢h 2022, Ihe Trustees entered into a merger agreement wth The King's Sch¢)g1. Ely. Under this ag￿eMent. the net assets of the Schcol will transfer lo The King's School, Ety on 31 August 2022. Accordingly the financial stalernents have been prepared on a basis other than going concern as the legal enlty will be wound up orts the transfer is complete. Page 35