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2021-08-31-accounts

ST. EDMUND’S SCHOOL TRUST LIMITED

(A Charitable Company Limited by Guarantee)

(COMPANY NUMBER: 01425355)

(REGISTERED CHARITY NUMBER: 278301)

REPORT OF THE GOVERNORS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021

INDEX

Page
Report of the governors 1 to 8
Report of the auditors 9 & 10
Statement of financial activities 11
Statement of cash flows 12 & 13
Balance sheet 14
Notes forming part of the financial statements 15 to 25

Page 1

ST. EDMUND’S SCHOOL TRUST LIMITED

REPORT OF THE GOVERNORS

FOR THE YEAR ENDED 31ST AUGUST 2021

REFERENCE AND ADMINISTRATIVE INFORMATION

St. Edmund’s School Trust Limited (‘the School’) was incorporated as a company limited by guarantee on 4 June 1979, number 01425355, and is a registered charity, number 278301. The liability of the members is limited to £1 each. The registered office and principal address of the Company is at Hindhead, Surrey, GU26 6BH.

Governors

The present Governors of the School who are the directors of the Company and also the charity trustees, are:

J A Alliss (Chairman) M Carter G E Doodes, MA B E Farley, BEM (Deputy Chairman) D A Gardiner Dr T G A Griffiths, MA, DPhil N W Kaula, FCA I V Maier, BA L G Michael J E Taylor*

*Member of the Finance Committee

Officers and advisors

Headmaster: A J Walliker, MA(Cambridge), MBA, PGCE Bursar: J Beeston, BSc, ACA Company Secretary: B E Farley Auditors: Knox Cropper LLP Office Suite 1, Haslemere House Lower Street Haslemere Surrey GU27 2PE Bankers: Lloyds Bank plc 12 High Street 5 The Square Haslemere Petersfield Surrey GU27 2JG Hampshire GU32 3HL Solicitors: Blake Morgan LLP Harbour Court Compass Road North Harbour Portsmouth Hampshire PO6 4ST

Page 2

ST. EDMUND’S SCHOOL TRUST LIMITED

REPORT OF THE GOVERNORS

FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

PROFILE

In the autumn of 2011 the governors of St. Edmund’s announced that they had decided unanimously to expand the school from a traditional Preparatory School to a Preparatory plus Senior School, thereby extending the education for boys and girls up to age 16 and GCSE level.

The governors’ vision for a senior St Edmund’s is one that:

In achieving the governors’ vision the School furthers its legal purpose as set out in the Articles of Association, the measurement of the School’s success being reflected in the academic results for the year, despite the global pandemic which has seen a temporary move to online provision.

The first new year group (Year 9) opened in September 2014. Children are now enrolling into earlier year groups with a view to staying to GCSE. Some places are reserved for children at traditional prep schools who wish to enter Year 9 at 13+ and joiners to the senior section have come from 13+ prep and junior schools such as Barfield, Barrow Hills, Cranmore, Dunhurst, Edgeborough, Frensham, Highfield, and Seaford.

All Year 11 cohorts to date have achieved excellent results in their GCSE exams. Recent leavers have been successful in gaining places at a wide range of 6[th] Form providers including Alton College, Bedales, Charterhouse, Churcher’s, Cranleigh, Farnborough, Godalming, Kind Edward’s Witley, Hurstpierpoint, Portsmouth Grammar and Wellington.

Numbers of pupils throughout the school have continued to grow this year and demand for places remains strong. Several Open Mornings take place each term for the different sections of the school and a Seniors at Work morning offers the opportunity for parents to see the senior students ‘live’ as they pursue their GCSE courses.

Standards at the school are at the highest level and staff provide the nurturing yet challenging environment in which the children are able to thrive, achieve, and enjoy. An expanded leadership team was put in place to cope with the expansion and a new timetable using 60 minute lessons has been introduced. In January 2014 an inspection by the Independent Schools Inspectorate (ISI) awarded the top grade, “Excellent” in every academic and pastoral category. In April 2015 an inspection by the Joint Council for Qualifications (JCQ) approved the school as a centre for GCSE examinations. In May 2015 a “material change” inspection by the Department for Education rated the academic provision and planning for the senior years to be excellent. In July 2016 a final “material change” inspection was undertaken for the Department for Education and the school given permission to complete its structure to 16+ as well as to increase its pupil numbers. The school has continued to perform strongly financially recording a surplus of £303,565 during the year. It is the governors’ policy to apply surpluses to invest in improvements to the school’s provision for its children.

Academic results continue to be very strong with many scholarships awarded to children including awards to Charterhouse, Guildford High School, Millfield and Seaford College and Common Entrance subject awards gained at several schools. Other senior school destinations over the past two years are: Ampleforth, Bradfield, Canford, Charterhouse, Churcher’s, Cranleigh, Downside, Frensham Heights, Guildford High, King Edward’s (Witley), King’s Dubai, Lord Wandsworth, Portsmouth Grammar, Prior’s Field, Royal Grammar (Guildford), Seaford, St Catherine’s, St Edward’s (Oxford), St Swithun’s, Wellington and Winchester.

Page 3

ST. EDMUND’S SCHOOL TRUST LIMITED

REPORT OF THE GOVERNORS

FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

PROFILE (CONTINUED)

In 2013 planning permission was granted for a new classroom block incorporating two new senior science laboratories, a science preparation room, an art studio, and six general classrooms. Building work took place during the academic year 2013/14 and the new building, named the W H Auden Centre after one of the school’s famous Old Boys, was opened in October 2014 by the late Sir Bruce Forsyth. A new design technology centre opened showcasing the latest machinery and technology. The Jubilee Hall was refurbished with new staging, a new lighting and audio control room, new tiered seating and improvements to general décor and stage equipment.

In 2016, the Dimbleby Rooms, four new senior classrooms named after the broadcaster Richard Dimbleby, were opened by our Old Boy Jonathan Dimbleby. A bespoke Dance & Drama studio was erected adjacent to the indoor swimming pool and this has proved an excellent additional resource. Classrooms at the back of the Jubilee Hall underwent extensive refurbishing and rebuilding works whilst a new Music Block of practice and ensemble rooms was created. In addition, a new Textiles Studio was opened adjacent to the Technology centre to allow focus on those elements of Art involving a wider range of materials and a third specialist Science Laboratory was opened. Improvements to the site continued throughout last year with further investment in the main building and outside areas. In January 2019 the Alliss Building was opened for children in the lower years, providing 8 spacious, air-conditioned classrooms and an extensive decking area allowing free-flow play.

In Drama, a wide range of performances and productions took place. During the Michaelmas term, The Form 5 – 8’s delivered the first ever Digital Performing Arts Showcase, filmed over two days and viewed by many from the comfort of their homes. During the Lent term, Our Form 11 IGCSE delivered some wonderful performances from the play ‘Holes’ by Tom Basden, as part of their examination pieces. The form 11 Drama students performed extremely well in their summer IGCSE results, with 100% 6-9 grades and 80% achieving 7-9. In June, our Form 10’s gave a tremendous performance of Tom Stoppard’s ‘The Real Inspector Hound’, which was enjoyed by many of our staff. In LAMDA, our children once again performed superbly, with 100% merit and above, and 81% distinction. Despite the restrictions set out by lockdown, drama and the performing arts continued to thrive at St. Ed’s. Pupils from Forms 3 and 4 took part in a virtual Performing Arts Showcase, providing an opportunity to apply the skills developed over the course of the year. The highlight of the day was the spectacular awards ceremony, filled with everything from a red carpet to paparazzi – certainly one of the highlights of the year!

Music continues to be a great strength in the school, with 6 or more concerts taking place each term to cater for various different ages, abilities, singers and instrumentalists who wish to perform. This now includes a Music Scholars concert held in an external venue to raise money for the schools chosen charity. We have created more choirs across the school to cater for the number of children who wish to sing. There are 2 choirs in the Senior School (Senior Choir, and Senior Chamber Choir) 2 in the Prep (Chapel Choir and Pop Choir) and choirs for Form Groups from Form 4 downwards. In 2018, our Chapel Choir toured to Venice where they sang Mass in the famous St. Mark’s Basilica, as well as giving concerts in both Verona Cathedral and St Anthony’s, Padua. This year we plan to tour to Salzburg in July, 2022. The Senior Choir and Chapel Choir have featured on BBC Radio Surrey. Our instrumental ensembles are growing in number – the Wind and Brass Ensembles have now combined to form a larger group, and our String Ensemble continues to perform music to a high standard. This year we have combined the ensembles for the first time to create the first St. Edmund’s Orchestra, including pupils from Form 5 to Form 11. More collaborative work is now done with the Drama Department, with various Performing Arts Showcases happening across the year to cater to more pupils. We now perform 3 musical productions a year, split into Form 3 and 4, Form 5 and 6 and Form 7 to 11 respectively. Approximately 150 music lessons take place each week, 50 of those being for our singers. We now have 2 Music Theory teachers who teach the ABRSM G5 certificate to help prepare those for more advanced grades, or for GCSE Music. Academically, Music is thriving with 100% 7-9 grades achieved in the past 3 years. Numbers are growing for GCSE Music, with the current Form 10 and Form 11 groups being the biggest the department have seen. There are currently 14 Music Scholars in Form 7 to Form 11, with 3 of the current Form 11 gaining Music Scholarships at 16+ to Charterhouse, Cranleigh and Churchers College.

Page 4

ST. EDMUND’S SCHOOL TRUST LIMITED

REPORT OF THE GOVERNORS

FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

PROFILE (CONTINUED)

The Art department is flourishing following the opening of a purpose built Textiles studio in September 2016. An impressive virtual Art Exhibition showcased a variety of genres across all year groups, including GCSE course work and examination pieces.

All children in the prep school are involved in our public speaking community programme, from parliamentary style debating in the winter to poetry recital and declamation in the spring and summer. The Teambuilding and Leadership programme is followed by all pupils and individual feedback is given on qualities relating to contributing and leading. Technology (music, computer and design) remains a popular activity and the programme of educational trips is extensive.

In 2021 we opened the new Farley Hall including a large, combined sports hall and theatre space with an adjoining classroom and drama studio.

Over the course of the 2020/21 academic year due to the pandemic, sport at St. Ed’s was broken down into three very different terms. In Michaelmas pupils were in school playing in year group bubbles. On match afternoons pupils in Forms 3-11 competed in house/divisional matches and in a weekly league competition with each staff member having their own team which they managed and coached. This fun competition was well received by the pupils and culminated in some fierce and highly enjoyable matches on the last match afternoon before the Christmas break. The extracurricular programme during this term concentrated on individual sports and personal growth. Sports such as athletics, cross country and tennis, were well received and had good participation numbers.

In the Lent term the school was in a national lockdown and so pupils sporting lessons played a crucial role in their mental health and keeping pupils active and engaged. During these five hours the pupils completed a variety of challenges, fitness classes, skill sessions and general light hearted games to help keep them active. Pupils were also encouraged to go out and exercise during this time and we ran a Strava fitness club where pupils could compete against each other on their runs and bike rides. Attendance level was high during these live Zoom lessons with pupils across all age groups participating in activities such as the 5k race from your computer screen out and then back to the computer screen, virtual walks, a Deal or no Deal fitness game as well as things like cooking and health and nutrition.

The school returned to a more normal programme during the Summer term, with all pupils in Forms 3-11 participating in cricket, athletics and rounders matches. On a normal week we were participating on average of between 30 and 35 matches a week with all pupils participating on a weekly basis. It was great to get back to playing matches against other schools and we saw a greater uptake and enthusiasm for playing cricket in school and the extracurricular programme. The boys U15A team had an unbeaten season with the girls U15A team performing well and only losing one game. We were also fortunate to be able to welcome back parents to all our sports days from nursery to Form 11. Our EYFS Olympic based sports day was well attended for nursery and reception with races such as Dujardin Dash, Murray Mania balance race and the Torch relay.

Our Prep and Senior sports day saw us introduce a new layout of the running track with the 100m straight through the middle of the track. This allowed parents to sit either side of the track and was well received. We saw a record number of school records set at the Senior sports day, which is a great reflection of the leaving form 11 students.

Page 5

ST. EDMUND’S SCHOOL TRUST LIMITED

REPORT OF THE GOVERNORS

FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

PROFILE (CONTINUED)

The school continues to interact positively with local schools and the local community generally. The school provides facilities for free to many in the local community and runs very popular sessions for local schools in master-class activities such as languages, music, maths, and technology. As before, the school’s indoor swimming pool and Astroturf all-weather pitch are provided at no cost to groups at local schools and in the community. In association with St Luke’s Church the school co-sponsors and underwrites the employment of a Youth Worker in the local community. The school hosts a range of sporting events for local schools throughout the year.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Company is governed by its Memorandum and Articles of Association dated 4th June 1979, as amended by special resolution dated 17th March 2014 and a further amendment on 25th June 2018.

Governing body

The Governors, who are also required under the articles to serve as members of the Company, are elected at a full Governors’ Board meeting. Governors are recruited on the basis of nominations received to the Board’s specifications concerning eligibility, personal competence, specialist skills and local availability.

Trustee training

New Governors are inducted into the workings of the School, and also of the Company as a registered charity, including Board Policy and Procedures, by the Head, Bursar, and Chairman and Deputy Chairman of Governors.

Organisational management

The Governors meet as a Board at least three times a year, once in each academic term, to determine the general policy of the Company and review its overall management and control, for which they are legally responsible. The Board also meets annually for an ‘Away Day’ to discuss the School’s long-term strategy. The Finance and Governance Committee, chaired by the Board’s Deputy Chairman, carries out the work of implementing most of the Board’s policies and meets two weeks before each meeting of the full Governing Board.

The Remuneration Committee is a sub-committee of the Finance Committee and meets annually to review staff pay and benefits. The day-to-day running of the School is delegated to the Headmaster, supported by the Bursar who is responsible for financial and administration matters, and by other teaching members of the Senior Management Team. Two new Governor Committees were created in 2015, the, Welfare & Education Committee and the Resources & Infrastructure Committee. Both Committees now meet once per academic term and assist in the overall management of the growing school.

Relationships

We welcome the local community in an ongoing programme to widen public access to the schooling we can provide, to optimise the educational use of our cultural and sporting facilities and to awaken in our pupils an awareness of the social context of the education they receive at the School. Examples are our Technology Day, our football and cricket tournaments for local primary schools and use of our indoor swimming pool by other schools for their swimming lessons. A local choir uses our facilities for weekly rehearsals and local sports clubs use our artificial pitches for training several times each week. In association with St Luke’s Church the school co-sponsors and underwrites the employment of a Youth Worker in the local community. School minibuses are regularly loaned to local schools and churches. The School benefits from the support of a thriving Old St. Edmund’s Association for former pupils. St. Edmund’s is a member of the IAPS for the promotion of preparatory school standards and the Headmaster is a member of the national Finance Committee.

Page 6

ST. EDMUND’S SCHOOL TRUST LIMITED

REPORT OF THE GOVERNORS

FOR THE YEAR ENDED 31ST AUGUST 2021

(Continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

Risk management

The members of the Board of Governors have overall responsibility for ensuring that the School has appropriate systems of control, care, financial and otherwise. The systems of financial control are designed to provide reasonable, but not absolute, assurance against material misstatement of loss. They include an annual budget, approved by the Board of Governors, regular review of actual results and variances from budget, and delegation of authority and segregation of duties as far as possible given staffing levels.

The Board of Governors formally monitors risks annually and sets up policies to mitigate them.

The members of the Board of Governors are committed to ensuring that the School’s whole system of internal controls are adequate and effective. A number of steps have been taken to enhance further the existing systems of internal control. These include:

OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES

The Object of the Company, in accordance with its Memorandum of Association, is the education of children.

In the furtherance of this Object, the Governors have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commission’s guidance on public benefit when reviewing objectives and planning activities.

Strategic aim and intended effect

The School’s strategic aim is to provide the highest quality of academic tuition and extra-curricular activities where pupils can develop and fulfil their potential and become active, responsible members of the community.

Objectives for the year

The Board’s main objective continued to be to educate all the School’s pupils to at least the same high standard achieved by the School in previous years, so that they will be ideally placed to gain maximum benefit from their chosen senior schools.

Principal activity

St. Edmund’s School continues to operate as a nursery and pre-preparatory school for boys and girls aged 2 to 7, a preparatory school for boys and girls, aged 7 to 13, and a senior school for boys and girls ages 14 to 16, with flexible boarding options. There were 484 pupils in 2021

Grant-making

This year we have supported 60 pupils through scholarships and 45 through means-tested bursaries, valued at a combined total of £455,868 for the year. Scholarships are awarded by the Headmaster, whilst means-tested bursaries are granted by the Bursar, after consultation with the Governors’ Finance Committee.

Public benefit

We are considering means of providing further support to parents whose children would not otherwise be able to afford private education. The Governors have referred to the guidance contained in the Charity Commission’s guidance on public benefit. In particular the Governors considered how planned activities contribute to the aims and objectives of the School and are satisfied that this is the case. Examples of public benefit activities can be found in the profile section of the Report of the Governors.

Volunteers

Friends of St. Edmund’s (FOSE) is a volunteer group of parents that works tirelessly to organise and run a range of events that raises thousands of pounds for the benefit of the School while encouraging a friendly, cohesive community through social events. Numerous projects are funded through this generosity and the Board of Governors wishes to take this opportunity to express its gratitude for the continued support and valuable work of these parents and friends.

Page 7

ST. EDMUND’S SCHOOL TRUST LIMITED

REPORT OF THE GOVERNORS

FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Operational performance of the School

All our leavers gained entry to their first choice of senior school and the results in pre-tests to academically selective senior schools were at their highest in the school’s 147 year history.

Fundraising performance

The money raised by FOSE this year is being saved towards a new Trim Trail to be commissioned in the next academic year.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The School achieved an operating surplus of £303,365 which will be added to general funds. The principal source of funding for the School remains tuition fees.

Reserves Policy

The Charity Commission expects that all charities have plans to spend the money that they receive for charitable purposes. However, they also expect charities to hold reserves to meet specific longer term charitable purposes, and also to mitigate the risks inherent in their businesses. The Governors believe that the major financial risks the School requires reserves for are:

  1. To address the possibility of a rapid downturn in pupil numbers which would adversely affect our income generation. Thus a reserve would be needed to allow for a restructuring of the School.

  2. The School has built, and intends to continue building, reserves to ensure its existing operations remain fit for purpose and to develop new services.

  3. The School intends to continue building reserves so as to be able to continue to make improvements to facilities and the estate.

The Balance Sheet shown in these financial statements, and broken down in more detail in note 13 shows the School to have Reserves of £3,578,472 at 31st August 2021. These reserves are held in unrestricted funds.

GOING CONCERN

The Governors have considered the effect of the Covid-19 pandemic on income and activities, and believe the likelihood of the charity not being able to continue as a going concern to be extremely remote. While the Covid-19 pandemic had an effect on the result for the year, with increased expenditure, the School is still very well placed to withstand any further impact of Covid-19. During the year the School took advantage of the Government Job Retention Scheme by furloughing some staff during lockdown.

FUTURE PLANS

Work continued during lockdown on the new Carna Pitch and was completed just after the year end. The new Multi-Purpose Hall has been renamed as The Farley Hall. Plans will be finalised soon for an additional Astro and a new stand-alone Kitchen and Dining Facility.

Page 8

ST. EDMUND’S SCHOOL TRUST LIMITED

REPORT OF THE GOVERNORS

FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

STATEMENT OF GOVERNORS’ RESPONSIBILITIES

Company Law requires the Governors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the School and of its net income or expenditure for the year. In preparing the accounts, the Governors are required to:

The Governors are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the School at any time, and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the School and, therefore, for taking reasonable steps for the prevention and detection of error, fraud or other irregularities.

In the case of each of the persons who are governors at the time when the report of the governors is approved:

AUDITORS

In accordance with Section s.485 of the Companies Act 2006, a resolution proposing the reappointment of Knox Cropper as auditors to the School will be put to the annual general meeting.

Approved by the Board of Governors at its meeting on 21st March 2022. And signed on its behalf by:

Mrs J A Alliss Chairman

Page 9

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF

ST. EDMUND’S SCHOOL TRUST LIMITED

Opinion

We have audited the financial statements of St Edmund’s School Trust Limited (the ‘charitable company’) for the year ended 31st August 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The Governors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 10

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF

ST. EDMUND’S SCHOOL TRUST LIMITED

(Continued)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Governors.

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:

Responsibilities of governors

As explained more fully in the Statement of Governors Responsibilities set out on page 8, 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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Page 10

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF

ST. EDMUND’S SCHOOL TRUST LIMITED

(Continued)

Our responsibilities for the audit of the financial statements (continued)

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved review of the reporting to the directors with respect to the application of the documented policies and procedures and review of the financial statements to ensure compliance with the reporting requirements of the charitable company.

There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company’s and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Greg Stevenson FCA (Senior Statutory Auditor) For and on behalf of Knox Cropper LLP Chartered Accountants and Statutory Auditors Office Suite 1, Haslemere House Lower Street, Haslemere Surrey GU27 2PE

Date: 12[th] May 2022

Page 11

ST. EDMUND’S SCHOOL TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31ST AUGUST 2021

2021 2020
£ £
Unrestricted Unrestricted
Funds Funds
£ £
INCOME FROM
Donations and legacies 4,922 500
Charitable activities 2 6,809,381 5,930,164
Other trading activities 3 11,313 10,784
Other 4 63,755 216,136
Investments 4 19
___ ___
TOTAL INCOME 6,889,375 6,157,603
___ ___
EXPENDITURE ON
Raising funds 135,250 120,094
Charitable activities 6,450,560 5,783,329
___ ___
TOTAL RESOURCES EXPENDED 5 6,585,810 5,903,423
___ ___
NET MOVEMENT IN FUNDS 303,565 254,180
RECONCILIATION OF FUNDS
Total funds at 1st September 2020 3,274,907 3,020,727
___ ___
TOTAL FUNDS AT 31ST AUGUST 2021 £3,578,472
___		 £3,274,907
___

Page 12

ST. EDMUND’S SCHOOL TRUST LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31ST AUGUST 2021

Total Total
2021 2020
£ £
Net cash flow from operating activities 1,694,186 958,638
Net cash provided by/(used in) investing activities
Purchase of fixed assets (1,547,354) (1,865,600)
Interest received 4 19
Net cash provided by/(used in) financing activities
Interest paid (186,758) (168,889)
Loan advance 722,748 1,209,752
Hire purchase 73,585 76,220
Repayment of loans and hire purchase (203,496) (171,499)
_ _
Change in cash and cash equivalents in the period 552,915 38,641
Cash and cash equivalents at the beginning of the period 225,259 186,618
_ _
Cash and cash equivalents at the end of the period £778,174 £225,259
_ _
Reconciliation of net income to net
cash flow from operating activities
Net income for the reporting period 303,565 254,180
Investment income (4) (19)
Interest paid 186,758 168,889
(Increase) / decrease in stocks (822) 971
(Increase) / decrease in debtors (127,113) 40,799
(Increase) / decrease in creditors 684,797 (77,578)
Depreciation 645,751 569,873
Loss/(profit) on disposal of fixed assets 1,254 1,523
__ _
Net cash flow from operating activities £1,694,186 £958,638
__ _
Analysis of cash and cash equivalents
Bank balances £778,174
_		 £225,259
_

Page 13

ST. EDMUND’S SCHOOL TRUST LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31ST AUGUST 2021

RECONCILIATION OF NET DEBT

RECONCILIATION OF NET DEBT
Cash and cash equivalents
Loans falling due within one year
Loans falling due after more than one year
Hire purchase contracts falling due within one year
Hire purchase contracts falling due within one year		 At 01.09.20
£
225,259
(129,001)
(3,988,042)
(34,189)
(89,793)
£(4,015,766)		 Cash Flows
£
552,915
(45,911)
(554,492)
(21,494)
29,060
£(39,922)
 At 31.08.21
£
778,174
(174,912)
(4,542,534)
(55,683)
(60,733)
£(4,055,688)

Page 14

ST. EDMUND’S SCHOOL TRUST LIMITED

BALANCE SHEET AT 31ST AUGUST 2021

FIXED ASSETS
Tangible assets
CURRENT ASSETS
Stock
Debtors
Cash at bank and in hand
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
NET CURRENT LIABILITIES
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR
TOTAL NET ASSETS
The funds of the charity:
UNRESTRICTED FUNDS
RESTRICTED FUNDS		 2021
2020
Notes
£
£
£
£
8
9,044,189
8,143,840
9
10
5,986
358,795
778,174
_
5,164
231,682
225,259
_
1,142,955
462,105
11
1,828,125
_
1,078,903
_
(685,170)
_
(616,798)
_
8,359,019
7,527,042
12
4,780,547
_
4,252,135
_
£3,578,472
_
£3,274,907
_
13
13
3,578,472
-
_
3,274,907
-
_
£3,578,472
_
£3,274,907
_

The financial statements were approved by the Board of Governors on 21[st] March 2022 and signed on its behalf by:

……………………………………………. ) Mrs J A Alliss ) ) GOVERNORS ) …………………………………………… ) B E Farley

Company number: 01425355

Page 15

ST. EDMUND’S SCHOOL TRUST LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021

  1. ACCOUNTING POLICIES

  2. 1.1 Basis of preparation of financial statements and assessment of going concern The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared under the historical cost convention and in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition issued in October 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements are prepared in sterling, which is the presentational currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The trustees consider that there are no material uncertainties about the School’s ability to continue as a going concern. In the normal course of events and based on expected future pupil numbers, the School expects to maintain a budgeted surplus for the foreseeable future.

1.2 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Governors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

1.3 Fees and similar income

Fees receivable and similar income represents the value of educational services provided during the year and are stated after deducting allowances, scholarships and other remissions allowed by the School.

Fees are generally invoiced termly in advance. Any payment received against such fees is deferred until the start of the relevant teaching period to which they relate.

Income from donations is accounted for when received, and if for the general purposes of the School, is included in the general fund. Where the donor specifies that the donation is for a particular purpose, the income is included in the incoming resources of restricted funds when receivable.

1.4 Resources expended

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. The irrecoverable VAT is included with the item of expense to which it relates.

Page 16

ST. EDMUND’S SCHOOL TRUST LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2021

(Continued)

1. ACCOUNTING POLICIES (Continued)

1.5 Depreciation

Depreciation is provided on permanent buildings acquired before the year ended 31st August 2000 at one half percent per annum, and for subsequent properties at two percent per annum. This is after allowing for the estimated cost of land in the original transfer value (not subject to depreciation) of £60,000.

In accordance with the requirements of the SORP, properties are accounted for on a component cost basis with each component being depreciated over its estimated economic life. The principal components identified and the depreciation rate applied too each component are set out below:

Main fabric Over 70 years Roof structure and covering Over 70 years Windows & external doors Over 30 years Boilers / heating systems Over 20 years Kitchen Over 20 years Bathrooms / WC Over 30 years Mechanical systems Over 30 years Electrics Over 40 years

Depreciation is provided on other fixed assets to write off their cost over estimated useful lives at the following rates:

Freehold buildings of non-permanent construction

Storage containers - 20% p.a. on cost Other - 6% p.a. on cost

Furniture, fittings and equipment Computers - 33[1] /3% p.a. on cost Other - 10% p.a. on cost Motor vehicles - 25% p.a. on written down value

1.6 Stock

Stock is valued at the lower of cost and net realisable value.

1.7 Work in progress

1.8 Gifts

Miscellaneous gifts received for financing items of capital expenditure or given to the headmaster for use, at his discretion, for school purposes are brought into incoming resources.

1.9 Finance leases and leasing commitments

Assets obtained under finance leases are capitalised in the balance sheet. Those held under such finance leases are depreciated over their estimated useful life or the lease term, whichever is shorter.

Page 17

ST. EDMUND’S SCHOOL TRUST LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2021

(Continued)

1. ACCOUNTING POLICIES (Continued)

1.9 Finance leases and leasing commitments (continued)

The interest element of these obligations is charged to the Statement of Financial Activities over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the Statement of Financial Activities as incurred.

1.10 Pension Costs

The School participates in the Teachers’ Pension defined benefits scheme (TPS) and also pays into defined contribution schemes open to the School’s non-teaching staff.

The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees’ working lives with the School in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The TPS is a multiemployer pension scheme open to the School’s teaching staff and it is not possible to identify the assets and liabilities of the scheme attributable to the School. The TPS is treated as a defined contribution scheme and the contributions recognised as they are paid each year. The scheme is managed by the Department for Education.

1.11 Taxation

No provision is made for taxation, since the company is a registered charity which has claimed tax exemption status.

1.12 Debtors and creditors

Debtors and creditors are classified as basic financial instruments and are measured and recorded in the accounts at the initial transaction price.

1.13 Financial Instruments

1.14 Significant management judgements and estimation uncertainties

The significant management judgements and estimation uncertainties applicable to these accounts relate to the areas of:

Page 18

ST. EDMUND’S SCHOOL TRUST LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2021

(Continued)

2.
CHARITABLE ACTIVITIES
Tuition and boarding fees
Less: Scholarships, bursaries and awards
Extras and disbursements recovery
Registration fees
3.
OTHER TRADING ACTIVITIES
Rents and lettings
Sundry income
4.
OTHER INCOME
Grants received		 2021
£
8,262,853
(1,575,043)
113,671
7,900
_
£6,809,381
_
2021
£
9,095
2,218
_
£11,313
_
£63,755
___		 2020
£
7,186,925
(1,337,787)
75,976
5,050
_
£5,930,164
_
2020
£
10,144
640
_
£10,784
_
£216,136
___

The grants received in the year related to the Coronavirus Job Retention Scheme and were fully expended in the year.

5. ANALYSIS OF RESOURCES EXPENDED

Raising funds
Marketing costs and salary
Charitable activities
Teaching
Welfare
Premises
Supporting costs of schooling
Staff
costs
£
28,268
_
3,187,349
64,615
323,666
488,277
_
4,063,907
_
£4,092,175
_		 2021
Total
£
135,250
_
3,833,439
526,326
1,047,548
1,043,247
_
6,450,560
_
£6,585,810
_
Other
costs
£
Depreciation
£
106,982
__
-
_
277,088
461,711
498,133
503,970
_
369,002
-
225,749
51,000
_
1,740,902
_
645,751
_
£1,847,884
___
£645,751
_

Page 19

ST. EDMUND’S SCHOOL TRUST LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2021

(Continued)

5. ANALYSIS OF RESOURCES EXPENDED (CONTINUED)

Raising funds
Marketing costs and salary
Charitable activities
Teaching
Welfare
Premises
Supporting costs of schooling
6.
NET MOVEMENT IN FUNDS
This is stated after charging:
Depreciation of tangible fixed assets
Auditors’ remuneration
Auditors’ non-audit costs
Interest on hire purchase contracts
Staff
costs
£
25,671
_
2,942,614
59,892
305,204
447,467
_
3,755,177
_
£3,780,848
_		 2020
Other
costs
£
Depreciation
£
94,423
__
-
_
209,926
387,129
463,402
397,822
_
311,322
-
217,700
40,851
_
1,458,279
_
569,873
_
£1,552,702
___
£569,873
_
2021
£
645,751
7,800
3,360
10,179
_

During the year no Governors received any remuneration or benefits in kind (2020: £Nil)

7.
STAFF COSTS
Wages and salaries
Social Security costs
Pension contributions		 2021
£
3,237,137
303,490
551,548
_
£4,092,175
_		 2020
£
2,972,143
286,315
522,390
_
£3,780,848
_

Page 20

ST. EDMUND’S SCHOOL TRUST LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2021

(Continued)

7. STAFF COSTS (CONTINUED)

2021 2020
The average monthly number of employees Number Number
in the year was:
Teaching - full-time 41 38
- part-time 13 13
Other - full-time 11 11
- part-time 53 51
____ ____
118 113
____ ____

Three employees received remuneration benefits, excluding employer pension costs, of more than £60,000 during the year. One of between £60,000 and £69,999, one between £100,000 and £109,999 and one of between £160,000 and £169,999

Employment benefits received by Key Management Personnel amount to £751,522 (2020: £673,812). Key Management Personnel are those persons who, in addition to the Governors, have directly or indirectly authority and responsibility for planning, directing and controlling the activities of the School.

ST. EDMUND’S SCHOOL TRUST LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2021

(Continued)

8. TANGIBLE FIXED ASSETS

Freehold
land and
permanent
buildings
£
Freehold
buildings of
non
permanent
construction
£
Furniture
fittings
and
equipment
£
Computer
equipment
£
Motor
vehicles
£
Work in
Progress
£
COST
At 1st September 2020
Additions
Disposal
Transfers
4,585,021
654,870
-
922,435
_
2,554,104
444,348
-
-
_
1,617,717
190,113
-
-
_
1,163,676
200,772
(5,560)
-
_
317,888
57,251
(5,406)
-
_
922,435
-
-
(922,435)
_
At 31st August 2021
6,162,326
_
2,998,452
_
1,807,830
_
1,358,888
_
369,733
_
-
_
DEPRECIATION
At 1st September 2020
On disposals
Charge for the year
499,879
-
84,093
_
787,676
-
141,656
_
733,781
-
167,009
_
831,900
(4,438)
201,993
_
163,765
(5,274)
51,000
_
-
-
-
_
At 31st August 2021
583,972
_
929,332
_
900,790
_
1,029,455
_
209,491
_
-
_
NET BOOK VALUE
At 31st August 2021
£5,578,354
_
£2,069,120
_
£907,040
_
£329,433
_
£160,242
_
£-
_
At 31st August 2020
£4,085,142

£1,766,428

£883,936

£331,776

£154,123

£922,435
 Total
£
11,160,841
1,547,354
(10,966)
-
_
12,697,229
_
3,017,001
(9,712)
645,751
_
3,653,040
_
£9,044,189
___
£8,143,840

Included in computer equipment are assets held under hire purchase contracts with a bank value £20,263 (2020: £16,635). Included in motor vehicles are assets held under hire purchase contracts with a net bank value of £125,745 (2020: £132,250).

Page 22

ST. EDMUND’S SCHOOL TRUST LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2021

(Continued)

9.
STOCK
Consumables
10.
DEBTORS
Fees debtors
Other debtors and prepayments
11.
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
Fees charged in advance
Bank loans (current instalments)
Hire purchase
Payroll taxes and social security costs
Other creditors and accruals		 2021
£
£5,986
_
140,624
218,171
_
£358,795
_
965,753
174,912
55,683
79,956
551,821
_
£1,828,125
_		 2020
£
£5,164
_
117,271
114,411
_
£231,682
_
670,503
129,001
34,189
73,360
171,850
_
£1,078,903
_

Bank loans and overdraft facilities:

All monies advanced by the bank are secured on the School’s freehold land and buildings.

The bank loans are repayable by July 2025, May 2026, November 2038, August 2043, June 2044 and July 2045. Interest is charged at 4.23%, 2.18%, 5.84%, 4.91%, 3.17% and 2.94% respectively.

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans
Hire purchase
Other creditors		 4,542,534
60,733
177,280
_
£4,780,547
_		 3,988,042
89,793
174,300
_
£4,252,135
_

The bank loans include £3,232,269 which is repayable after more than five years.

Page 23

ST. EDMUND’S SCHOOL TRUST LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

13. FUNDS 2021
Unrestricted Restricted Total
£ £ £
Balance at 1st September 2020 3,274,907 -
3,274,907
Net incoming resources before transfers 303,565 -
303,565
___ ______
___
Balance at 31st August 2021 £3,578,472 £ -
£3,578,472
___ ______ ___
REPRESENTED BY:
Tangible fixed assets 9,044,189 -
9,044,189
Net current liabilities (685,170) -
(685,170)
Long term liabilities (4,780,547) -
(4,780,547)
___ ______
___
£3,578,472 £ -
£3,578,472
___ ______ ___
2020
Unrestricted Restricted Unrestricted
£ £ £
Balance at 1st September 2019 3,020,727 -
3,020,727
Net incoming resources before transfers 254,180 -
254,180
___ ______
___
Balance at 31st August 2020 £3,274,907 £ -
£3,274,907
___ ______ ___
REPRESENTED BY:
Tangible fixed assets 8,143,840 -
8,143,840
Net current liabilities (616,798) -
(616,798)
Long term liabilities (4,252,135) -
(4,252,135)
___ ______
___
3,274,907
___		 £ -
______
3,274,907
___

The General Fund represents the unrestricted funds which the Governors are free to use in accordance with the charitable objects.

Page 24

ST. EDMUND’S SCHOOL TRUST LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2021

(Continued)

14. RELATED PARTY TRANSACTIONS

Three spouses of key management personnel received salaries and pensions contributions during the year along with associated social security costs totalling £209,896.

15. TEACHERS’ PENSION SCHEME FINANCIAL NOTE

The School participates in the Teachers’ Pension Scheme (‘the TPS’) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £478,754 (2020: £475,567) and at the year end £56,879 (2020: £51,678) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a ‘pay as you go’ basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31st March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1st September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31st March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5th March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27th June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4th February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1st April 2015 and 31st March 2022 at the point they become payable.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24th June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations.

Page 25

ST. EDMUND’S SCHOOL TRUST LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2021

(Continued)

15. TEACHERS’ PENSION SCHEME FINANCIAL NOTE (Continued)

In view of the above rulings and decisions the assumptions used in the 31st March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results that those contained in the Actuarial Valuation

Until the cost cap mechanism revision is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

16. COVID-19

As detailed in the Report of the Governors, the Covid-19 pandemic and the restrictions required during the year did have an impact on the School’s operations resulting in continued increased costs as the various pandemic safeguarding procedures were maintained. The additional costs were absorbed and income did not decline significantly over the budgeted figures for the year under the circumstances. Based on the experiences of the year ended 31st August 2021 the Governors are satisfied that the School would be able to continue to operate as normal should the pandemic persist based on recent experience and the reduced severity of the current dominant strain of the virus.