**Company number 1986868 Registered as a Charity 294085**
**ST. CLARE’S, OXFORD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **ST. CLARE’S, OXFORD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
|CONTENTS|Pages|
|---|---|
|Report of the Governors including the Strategic Report|1 – 14|
|Statement of Governors’ Responsibilities|15|
|Report of the Independent Auditor|16 - 19|
|Consolidated Statement of Financial Activities|20|
|Balance Sheets|21|
|Consolidated Cash Flow Statement|22|
|Notes to the Financial Statements|23 - 38|
## **ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS**
## **FOR THE YEAR ENDED 31 AUGUST 2021**
The Governors present their report and the audited Financial Statements for the year ended 31 August 2021.
## **Reference and Administrative Details of the Charity, its Trustees and Advisers**
St. Clare’s, Oxford (St. Clare’s) is a Company limited by guarantee, registered number 1986868 and registered as a charity, number 294085. The address and registered office is 139 Banbury Road, Oxford, OX2 7AL.
## _**Governors**_
The Governors of St. Clare’s, who are also the Trustees of the Charity and the Directors of the Company, are members of the Company but, as there is no share capital, none have any interest in the Company as defined by the Companies Act 2006. The Governors who served during the year or were appointed or resigned subsequently are:
|resigned subsequently are:||||
|---|---|---|---|
|_Governor_|_Appointed_|_Resigned/Retired_|_Last Reappointment_|
|Ian Ashcroft|14 December 2017||12 December 2018|
|Bartholomew Ashton|16 March 2017||09 December 2020|
|Paul Bright|13 October 2021|||
|John Church|14 June 2007||12 December 2018|
|Mary Louise Culpepper|14 December 2016||09 December 2020|
|Moira Darlington|13 June 2013||12 December 2018|
|Richard Dick|22 March 2001||09 December 2020|
|Yao-Su Hu|5 June 2003||09 December 2020|
|Ann Lewis|23 November 2000||09 December 2020|
|Lucia Nixon|30 October 2020||09 December 2020|
|Peter Oppenheimer|11 April 1986||12 December 2018|
|Gordon Rankin|12 December 2018|||
|Jens Tholstrup (Chair)|22 March 2006||11 December 2019|
## _**Key Management**_
The key personnel who served during the year were:
|Principal|**Andrew Rattue**MA (Oxford) MA (London) PGCE (London)|
|---|---|
|Bursar|**Justin Moore**LLB (Open) MSc (Cranfield) ACMA|
|Vice-Principal Pastoral|**Elena Hesse**MSc (Banská Bystrica) PaedDr (Nitra) Assoc
CIPD MOL CELTA|
|Vice-Principal Academic|**Alastair Summers**BSc (Edinburgh) PGCE|
|Director of Marketing, Admissions
and Development|**Suzanne Mowat**BA (Glamorgan) CIM|
## _**Advisers**_
Principal Barclays Bank plc, Oxford Corporate Banking Centre, PO Box 858, Oxford, OX2 0XP Bankers Handelsbanken , Seacourt Tower, 7[th] Floor, West Way, Botley, Oxford, OX2 0JJ Solicitors Lewis Silkin, King Charles House, Park End Street, Oxford, OX1 1JD Plainlaw, 11a West Way, Oxford, OX2 0JB Auditor Crowe U.K. LLP, Aquis House, 49-51 Blagrave Street, Reading, Berkshire, RG1 1PL
## **Structure, Governance and Management**
## _**Structure**_
St. Clare’s was founded in 1953. It was formed into a trust on 8 March, 1962 and registered as a charity on 13 December, 1985. The company limited by guarantee was incorporated on 6 February, 1986.
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**ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021**
## _**Subsidiary company**_
St. Clare’s Services Limited was incorporated on 30 April, 2008. The subsidiary was formed to manage the property developments of St. Clare’s, and will Gift Aid any profit it makes to St. Clare’s (see note 9 to the Financial Statements). St. Clare’s owns 100% of the subsidiary’s share capital, and these Financial Statements present the consolidated results of both entities.
## _**Governance and Management**_
Under the Company’s Articles of Association the number of Governors shall not be less than five nor more than twenty. New Governors are appointed at a full Governors' meeting and serve until the next Annual General Meeting, when they are eligible for re-election. At each Annual General Meeting one-third of the Governors currently serving, or the nearest number to one-third, retire, the Governors retiring being those who have been longest in office since their election or last re-appointment. A retiring Governor is eligible for re-appointment. New Governors are asked to join St. Clare’s by general agreement of the serving Governors. St. Clare’s particularly wants to appoint people with experience in education, finance, property and general management. New Governors are given briefings on the operations of St. Clare’s and receive a selection of printed material to assist them in their understanding of the College’s operations and its current position.
The Governors meet three times a year but may meet more frequently if required. The Board of Governors has two Committees; Finance, Personnel & General Purposes, and Education. The Finance, Personnel & General Purposes Committee meets four times a year, and the Education Committee meets three times a year. The Governors who served on the Committees during the year are:
_Finance, Personnel & General Purposes –_ Bartholomew Ashton (Committee Chair), Richard Dick, John Church, Ian Ashcroft, Jens Tholstrup (ex oficio), and Gordon Rankin.
_Education –_ Lucia Nixon (Committee Chair), Ann Lewis, Moira Darlington, Mary Louise Culpepper, Peter Oppenheimer, and Jens Tholstrup (ex officio).
## _**Remuneration Policy for Key Management**_
Remuneration for key management is set by the Governors’ Senior Pay Group which meets once each year. It seeks to ensure that the College can recruit and retain high quality senior managers to enable it to achieve its objectives and goals. Pay and benefits are set by reference to relevant benchmarks, and taking account of the skills and experience required for each of the roles and the remuneration in the sectors from which suitable candidates for such posts would be found. The Group’s recommendations are put to the full Board for approval.
## _**Decisions and powers**_
The Governors determine the general policy of St. Clare’s and approve the College’s business plan, the fiveyear financial plans and the annual operating budget. The day-to-day management of St. Clare’s is delegated to the Principal and Bursar. The Governors receive regular papers giving details of St. Clare’s performance against its targets, which are monitored at Board and Committee meetings.
The Memorandum and Articles of Association permit moneys to be invested in such investments, securities or property as may be thought fit. Surplus cash is placed on deposit with deposit takers with a Standard and Poor rating of at least A- as authorised by the Finance, Personnel & General Purposes Committee.
## **Objectives and Activities**
## _**Objectives**_
- The objects set out in the Company’s Memorandum of Association are to: ▪ advance international education and understanding;
- acquire, establish, maintain and carry on schools, nursery schools, kindergartens, colleges and educational institutions.
## **ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS**
## **FOR THE YEAR ENDED 31 AUGUST 2021**
## _**Activities**_
The principal activity of St Clare’s is the operation of an IB World School for 15-18 year olds, an International College for students over the age of 18 and a Summer School. The main courses offered are the International Baccalaureate Diploma, University Foundation Courses, English as a Foreign Language with academic enrichment and Liberal Arts at university level for visiting students mainly from the USA, as well as short summer courses for children and teenagers aged from 10 to 18, and for adults. In addition, St Clare’s IB Institute is the only school-based authorized teacher training provider in the UK for the International Baccalaureate Diploma. English language testing and consultancy work are also undertaken.
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## **ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021**
## **CHAIRMAN’S FOREWORD**
I am pleased to present the annual report and accounts for St Clare’s, Oxford for the year ending 31 August 2021.
2020-21 was another challenging year for the college. The Covid-19 crisis continued to have an impact on our finances, with lower than anticipated income from the International College and only very low income from Summer Courses. We have had excellent support from all our stakeholders, however, and we also took advantage of the government furlough scheme temporarily to defray some of our staff costs by £458K. Income for the year was £11,482K, which included generous parental donations of £23K and the deficit was £42K. The total number of student weeks for the whole college in 2020-21 was 11,032 (11,856 in 201920).
The college has had another very successful year across the many fronts described in this report. As always, all surpluses are used for various forms of investment in the education of our present and future students and for the benefit of the public in accordance with our charitable objectives: to advance international education and understanding, and to run a successful educational establishment.
St Clare’s achieves what it does only through the first-rate work of its staff under the overall leadership of the Principal. I take this opportunity of thanking them for all that they do to sustain and enhance the quality and standing of St Clare’s, and to further our mission in the field of international education. The complications of quarantine, self-isolation, Covid-19 testing and changing, government-imposed travel restrictions were managed with great skill and are testament to the expertise, commitment, dynamism and flexibility of our staff, and communications with all stakeholders have been outstanding. I also thank my fellow Governors for their stewardship, their wise counsel and unswerving commitment to the benefit of the college during this difficult period.
I would like to extend particular thanks to Richard Dick who stood down as Chairman of Governors on 31 August 2021 after ten years in post, and to John Church who relinquished the Chairmanship of the Finance, Personnel & General Purposes Committee in April 2021, also after more than a decade’s service, and to Ann Lewis, the inaugural Chair of the Education Committee, who stood down from this role in June 2021. They have led the governing body and its sub-committees with common sense, wisdom and great skill. We are delighted that all three have stayed on as governors. The new Chairs of the sub-committees are Bart Ashton (Finance, Personnel & General Purposes) and Lucia Nixon (Education).
We remain committed to academic excellence and young people's personal development in an international context. The outstanding quality of the education we offer to young people and the highly professional way in which the college is run mean that St Clare's is well placed to recover from the financial shock brought on by Covid-19 and continue to flourish in an ever-changing and challenging environment.
## **Jens Tholstrup Chairman**
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## **ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021**
## **PRINCIPAL’S INTRODUCTION**
There has never been a more important time for the optimistic mission of St Clare’s, Oxford to be promulgated. The vision of Anne Dreydel and Pamela Morris remains as true in 2021 as it was in 1953 when the college was founded: young people from different countries living and learning together, challenging preconceptions and stereotypes and thereby achieving a greater understanding of each other’s cultures. In a world in which xenophobia is on the increase the values of St Clare’s are its antithesis: an open-minded welcome towards people from other countries and a willingness to adjust one’s views in the light of such encounters.
As for all other independent schools, 2020-21 presented the college with a unique set of challenges. At both the IB World School and the International College online teaching and learning was implemented during the January-April period, but Autumn and Summer Terms took place with predominantly face-toface interaction with hybrid teaching used when needed. All relevant government social distancing and other regulations were followed. A great deal of work was devoted to communicating with all students, parents and agents using a multi-channel approach to provide academic and pastoral support as well as information about college policies and procedures and reassurance as government regulations changed. Feedback about the quality of our service and communications was overwhelmingly positive.
In spite of the unusual circumstances, 2020-21 has seen continued success in all areas of college activity. The IB World School had an enrolment of 255 students and boasts one of the largest cohorts of IB Diploma students in the UK. IB Diploma results in 2021 were again very strong, especially considering that St Clare’s is unselective in its intake.
St Clare’s is the only school in the UK which is an authorized IB training provider. Our IB Institute trained 198 teachers from all over the world in 27 workshops in various aspects of the IB Diploma during 2020-21, participants coming from 26 different countries. We were authorized by the IBO to deliver online teacher training from August 2020. We also successfully ran short online IB preparatory courses for teenagers in the summer period.
Alongside all other providers, our International College is adjusting to the changing market for English language teaching and strong competition in the provision of University Foundation courses from UK universities and commercial providers.
Owing to the Covid-19 situation there were no live summer courses in 2021. However, we planned, marketed and delivered a very successful, small-scale suite of online summer courses.
I hope that this report will enable those interested in St Clare’s to gain an insight into our educational and other charitable activities as well as the sound business practices which support them.
**Andrew Rattue Principal**
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**ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021**
## **STRATEGIC REPORT**
## a. **Achievements and Performance**
The Banbury Road Campus is the principal base for courses for pre-university students aged 15-19. The Bardwell Road Centre is the main academic centre for courses for students aged over 18. Aggregated bookings on all courses run during the year were as follows:
|2021 Total Student Weeks|2020 Total Student Weeks|
|---|---|
|11,032|11,856|
The College was founded in 1953 by Anne Dreydel and Pamela Morris who wished, amongst other things, to promote interaction between students from England and Europe after the Second World War. The College continues to support and give meaning to their ambitions by maintaining its mission of promoting international education and understanding. Last year 48 nationalities were represented at St. Clare’s and more than 20 different languages were taught.
The College operates a number of business streams on two sites. The Pre-IB and International Baccalaureate Diploma are taught at the IB World School on the Banbury Road site. Separately, courses for students aged 17+ are taught at the International College situated at Bardwell Road.
## b. **Academic performance**
At the IB World School, students prepare for the International Baccalaureate Diploma which is taken in May of each year. As in 2020, there were no final examinations in 2021. Instead, calculated grades were awarded by the IBO on the basis of externally-marked coursework, teacher predictions and the achievement of schools in previous years. Results for our IB2 cohort of 89 students in May 2021 were excellent:
- An **overall average points score of 39** compared to a **world average of 33 points.** The maximum possible score at IB Diploma is 45 points. 36 points is the equivalent of AAA at A Level.
- The pass rate was 100%.
- Six students were awarded 45 points, the maximum possible score achieved by only 0.2% of candidates around the world. 26 St Clare’s students have achieved the elusive 45 points in the last decade.
- 47% of students scored 40 points or higher, widely regarded as the elite level internationally achieved by only 5% of candidates.
- The following eight students illustrate both the range of nationalities of our student body, and the diversity of university pathways they go on to follow. Denis (Switzerland/Russia) scored 45 points and will be reading Land Economy at Cambridge. Kiara (Albania) scored 43 points and will take up her place at Imperial College to study Design Engineering. Oluwadamilola (Nigeria) scored 42 points and is heading for the US and a place at UCLA, where she intends to specialise in Sociology. Sachi (India) scored 42 points and is also going to the United States to study at Tufts University, Massachusetts. Romane (France) scored 43 points and will read International Economics & Management at Bocconi University in Milan. Adrian (Netherlands) scored 44 points and will take his place at LSE to study Politics & Economics. Nicole (Poland/United Kingdom) scored 44 points and earned the most prestigious Trustee Scholarship at Boston University where she will undertake their Innovation and Entrepreneurship major. Finally, Anna (Canada/Italy) who is one of our local day students scored 44 points and will read Geography at Durham University.
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## **ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021**
At the International College (Bardwell Road) students studied a variety of courses, including English Language courses, the University Foundation Programme (UFP), and English plus Academic Subjects (EAS). The College also runs semester programmes for undergraduate students mainly from the US. The University of Record for this course is the University of San Diego. Results have been very good at the International College although performance tables are not available to allow direct comparisons with other institutions.
The university destinations of our leavers demonstrate the high quality of the teaching and careers advice which they receive. UFP and EAS graduates gained offers from the universities of Bath, Exeter, Glasgow, Leeds, Lancaster, Manchester and Loughborough among others in the UK, and Maastricht, ESADE in Spain, WHU Business School in Germany and Ecole Hotelière de Lausanne elsewhere in Europe.
The report by our UFP external examiner from the University of Warwick for the 2021 examinations was also highly complimentary _: I am impressed with the student-focused, holistic nature of the course; this has been a highlight every year; tutors really know their students and I get the feeling the students come to identify strongly with St Clare’s. The Corona Virus pandemic continues to challenge the way we teach and learn. Last year I was very impressed with the agile manner in which systems and policies adapted to online. I am pleased that the excellent standard of online teaching was built upon for this year with a blended approach including some fully online classes, some face-to-face and some impressive hybrid delivery…. The standard of student performance and academic performance is comparable to similar programmes which I am familiar with at The Open University and The University of Warwick. International travel remained problematic this year and quarantine rules further complicated matters. Students were taught in a blended fashion and some shifts in delivery were needed as health policies shifted. It is testament to the high quality of blended teaching and the student focused nature of the programme that the standard of student performance was high. Student performance has again remained high which is very impressive given the circumstances._ (Dr Steve Gascoigne)
The College normally runs a nine-week summer programme of English Language Courses and courses related to the IB Diploma at the main site at Banbury Road, at the International College at Bardwell Road and also at Rye St Antony School which is hired every year to accommodate summer school students aged 10 to 15. Owing to the shutdown of schools and travel, live courses were cancelled. Instead, a programme of high-quality online courses was devised and delivered successfully to a small number of teenagers and young adults.
## c. **Pastoral Care**
The academic year 2020-21 was dominated by Covid-19 and pastoral care had to be adapted to meet the needs of our students during this time.
Robust Covid-19 measures that we had in place to minimise the risk of infection resulted in zero Covid-19 positive students in the autumn term 2020 and summer term 2021. Two students tested positive during the lockdown in spring 2021. Both were cared for by our staff on the college premises.
**The Pastoral team consists of:** Vice Principal Pastoral, Assistant Principal Pastoral, Nurse, Health Care Practitioner, Counsellor, Personal tutors and boarding staff.
**Personal Tutors** (PTs) continued to monitor academic progress and personal development of their tutees and they also provided support and care during online learning. Under the new leadership of a newly appointed APP, PTs underwent a comprehensive development programme to enhance their skills. They had several sessions on sharing good practice in how to support their tutees during online learning and the pandemic in general.
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## **ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021**
**Boarding staff** came under significant pressure during the quarantine periods as they had to manage 3 meal deliveries for students, garden time of each student, individual students’ requests, PCR and lateral flow testing in their houses in addition to their normal duties.
The outcome of the boarding restructure that took place in the autumn term 2019 and finished in February 2020 was our successful ability to deal with Covid-19 measures and extra pressures that boarding had to endure. Our new boarding model was tested during the pandemic and proved to be effective. Boarding houses were open for the whole academic year, including October and February half-term holidays and the Easter holiday in order to accommodate those students who were unable to return to their home countries during the lockdown or holidays. Some students made an active choice to stay in our boarding houses during the lockdown in spring 2021.
## **Global Causes**
We continued to be fully committed and engaged with important causes like Black Lives Matter, Social Justice, Diversity and Inclusion and Everyone’s Invited.
**Diversity and Inclusion.** As a result of the Social Justice working party established in the autumn of 2020 as a response to Black Lives Matter movement, we have initiated the following:
- Staff and student training on Cultural Sensitivities.
- During Black History Month in October 2021, students discussed racism, stereotypes, slavery, heritage and cultural sensitivities as a part of their session with their personal tutors.
- We have made contacts with a local Hindu community, African Families in the UK (AFiUK) group and Jewish community to promote our scholarships for the academic year 2022-23. The Cofounder of AFiUK and our VPP set up a tutoring session for secondary students from the African Families in the UK every Thursday. A group of 15 students come to our library where they are tutored by our students in maths, English and science.
- Our Orientation Programme in September 2021 included training on Cultural Sensitivities. New students commented that they had been in international schools before but nobody had talked to them about cultural sensitivities and invited them to share their views and experiences.
- We have also diversified our boarding team: we now have members of staff from Gambia, Hong Kong, Germany, South Africa, Lithuania, UK and one of Canadian-Indian heritage.
- Our teaching staff continues to be very diverse.
- Due to our online scholarship process, we have attracted applicants from a much wider international community which resulted in having students from countries such as Sudan, India, Indonesia, South Africa and Slovakia.
## **Everyone’s Invited website**
This website, which began in June 2020 and received a great deal of national attention from March 2021, contains thousands of statements by victims of sexual violence and sexual harassment amongst secondary school children across the UK. The government responded by commissioning Ofsted to do a rapid review. As a result, Keeping Children in Education 2021 (KCSIE) was updated increasing the responsibilities that schools have to eliminate rape culture in schools.
Our response is:
- While St Clare’s was not named on the Everyone’s Invited website, we had an extensive discussion with our students in May 2021 on consent and discussed testimonies from the Everyone’s Invited website.
- The Designated Safeguarding Lead (DSL) carried out an audit of St Clare’s dealing with any reports of sexual violence and sexual harassment and reviewed relevant files.
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## **ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS**
## **FOR THE YEAR ENDED 31 AUGUST 2021**
- An annual Relationship and Sex Education Day has been launched for IB1 students. Sessions include sexual relationships, consent, gender identity, sexual orientation, sexual health, sexual violence and harassment, respectful and toxic relationships.
- IB2 students receive training on online safety and consent (a follow-up session on 2019-20) annually.
- PIB and IB students are briefed on reporting sexual violence and harassment.
- IC students receive training on the avoidance of sexual violence, sexual harassment and drugs misuse.
## d. **Co-curricular activities: Creativity, Activity and Service 2019-20**
Creativity, Activity and Service (CAS) is an integral part of the International Baccalaureate Diploma and provides an excellent structure for the co-curricular and community service aspects of the education provided by St Clare’s, as well as our pastoral mission to help develop the whole person.
CAS has six main characteristics for personal development:
## • _**Enjoy and find significance in a range of CAS experiences**_
The students are required to commit to one creativity, one activity, and one service experience each term from a programme which offers over 50 different choices each week. The Activities Department plans, coordinates and publishes the term’s programmes which draw on the experience of the teaching and nonteaching staff for leadership. Creativity experiences include the coding club, studio art, economics club and the psychology club. Activity experiences (which incorporate team sports and individual sports) include students working on their gym programmes at the Oxfordshire Health and Racquets club, the football club at Oxford City FC, and the tennis club. Service experiences (which includes advocacy, research, or direct work) include the animal rights action group, the ‘terracycle’ group, and the work of elected student representatives. Students can choose to continue with the same set of experiences throughout the two years of their diploma. However, we encourage them to try a variety.
## • _**Purposefully reflect upon their experiences**_
All CAS students are expected to maintain and complete a CAS portfolio as evidence of their engagement. The Portfolio is meant to be a collection of evidence that showcases the overall experience and is a source of pride for the student. Through regular CAS sessions the CAS Co-ordinator coaches the students on how to produce meaningful reflection, which are either spoken or written. We also encourage students to explore visual (photography, painting), kinaesthetic, (dance, theatre), and auditory (lyrical) means of reflection.
- _**Identify goals, develop strategies, and determine further actions for personal growth**_
Guidelines focus the students on identifying goals in each of their chosen experiences, developing strategies on how to progress and through the process of regular reflection, determine further actions for personal growth. Through regular CAS sessions, the CAS Coordinator assists the students through these steps.
• _**Explore new possibilities, embrace new challenges, and adapt to new roles**_ We are continuing to support students who establish and offer student-led experiences in the programme. The medical society, table tennis, and our debating society are examples of CAS experiences led by students.
## • _**Actively participate in planned, sustained, and collaborative CAS projects.**_
Every Diploma student must participate in a sustained collaboration to discover the benefits of teamwork and of achievements realised through an exchange of ideas and abilities. The CAS project challenges students to show initiative, demonstrate perseverance, and develop skills including cooperation, problemsolving, and decision-making.
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## **ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS**
## **FOR THE YEAR ENDED 31 AUGUST 2021**
## • _**Understand they are members of local and global communities with responsibilities towards each other and the environment.**_
The Peer support group comprises second year Diploma students who arrange drop-in sessions for fellow students to discuss all aspects of boarding life at St. Clare’s, exam preparation and technique, friendship, and relationship advice amongst many other topics. The Pets and Plants group helps to develop the skills associated with the care of reptiles and plants in the Science department. The Share and Care group is taking direct action to support the homeless community and to set up links and support networks to encourage others to assist as well.
Creativity, Activity, Service (CAS) highlights during 2020-21 include:
## **Creativity**
The ‘studio art’ group, a creativity option, chose the concept of ‘Kintsugu’, the Japanese tradition of mending broken ceramics and then highlighting the joins in gold, making a feature of the breaks rather than hiding them. The students have learnt to appreciate and conserve what we have and celebrate the re-using of objects rather than disposing of them.
## **Activity**
The Duke of Edinburgh’s Award continues to grow at St Clare’s. We now have our Pre-IB students enrolled in the Bronze Award. We continue to offer the Gold Award.
## **Service**
The ‘terracycle’ group continued with awareness presentation to all three-year groups on their recycling initiative and links to climate change.
## e. **Buildings and premises**
St Clare’s occupies 24 buildings in North Oxford, 23 of which are owned freehold by the college and one is leasehold. Another leasehold building (18 Bardwell Road) was given back to its owners, St John’s College, on the expiry of its lease in June 2021. Many of these buildings are in the North Oxford Conservation Area and one of them is grade II listed. We maintain all our properties to a high standard and adapt and upgrade them as needs arise. During 2020-21, the budget for repairs, refurbishment and maintenance was £779K. A major £2.3M project to improve the dining experience, to expand student social space and to modernize the kitchen area at 135 Banbury Road was completed in March 2021. The completion of this project has improved the working conditions for kitchen staff, among other benefits. A smaller project to convert rooms in 3 Bardwell Road for academic use was completed in June 2021.
## f. **Public Benefit**
The primary purpose of St Clare’s, Oxford is the advancement of education and the fostering of international education and understanding. Inextricably linked with this purpose is the aim of contributing to the public good. St Clare’s aims to contribute considerable public benefit to the local, national and international community. Students are encouraged and expected to develop an understanding of, and a commitment to, public benefit values as an integral part of their education. Students absorb these values both consciously and unconsciously and the college tries to deliver an appropriate programme in both a structured and unstructured way, and to lead by example. Perhaps the greatest public benefit that St Clare’s can offer is the provision of an education that maximises the likelihood of its students developing into principled, informed, open minded and confident citizens who respect the beliefs of others and who are determined to make a positive contribution to society.
Alongside our primary role of educating young people who attend the college, St Clare’s also contributes to the public good, directly and indirectly, in the following ways:
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**ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021**
## _**Direct Benefits**_
**Means-tested bursaries and scholarships.** In 2020-21 there were 36 students at St Clare’s in receipt of means-tested scholarship and bursary support. The total amount of means-tested fee discount in 2020-21 was £770K (£713K in 2019-20). Both IB World School and International College students benefit. The Marie-Noelle Kelly Bursary (named in honour of one of our original Governors) at the International College, for instance, is aimed specifically at adult asylum seekers. These have helped young people have access to the College who would otherwise not be able to do so.
**Partnerships and teacher training** . St Clare’s has informal partnership agreements with a number of local primary and secondary schools which host adult teacher trainees from other countries who undertake work experience: The Cherwell School, Pegasus Primary School, West Kidlington Primary School, St Nicholas’ Primary School, SS Philip and James Primary School. Two formal partnership have been registered with the ISSP (Independent/State Schools Partnership). The first is between St Clare’s and XP School, a state-funded Free School in Doncaster. The second partnership is with The Europa School, a state-funded Free School in Culham, Oxfordshire. St Clare’s supported the Europa School as it prepared to deliver the IB Diploma curriculum from September 2020. Less formally, St Clare’s has also supported two other state schools which either deliver IB Diploma or which are preparing to do so: Westminster Academy in west London, and Ysgol Bro Pedr in Lampeter, Wales. St Clare’s has been supporting the Swan School (part of the River Learning Trust), a new state secondary school in Marston, in a variety of ways.
**Facilities and lettings** . St Clare’s allowed several local organisations to use its facilities either free-ofcharge or at cost price: Japanese, Finnish and Bulgarian Schools each weekend, and Oxford Bardwell Speakers Club (affiliated to Toastmasters International) each month. School pupils benefited from Chess coaching free of charge from the St Clare’s Chess coach, who is a FIDE Master.
**Governance of state schools and other educational organisations** . The Principal is Chair of Governors of the Oxfordshire Hospital School, a Trustee of the Alliance Française, Oxford and ViceChair of the Boarding Schools Association. The Assistant Principal Pastoral is a Governor of St Swithun’s Primary School in Kennington. The Vice Principal Pastoral is a Governor of the John Watson School and Chair of the Pay and Resources Committees. The Bursar is a Trustee of Vale House, a specialist care home for people with dementia in Sandford-on-Thames near Oxford.
**Providing work experience** . Covid-19 and the lockdown denied St Clare’s the opportunity to provide work experience for young people from local state schools in a variety of work areas (in 2018/19 two young people benefited).
**Community and charity** . Always coming up with creative ways to fundraise in college, the ‘share and care’ group raised over £750 through pumpkin carving competitions, raffles, and a Share-a-Santa giftgiving fundraiser. Over Christmas – one of the hardest times of year for many sleeping rough – the money they raised went to building winter crisis boxes for the charity, Crisis UK. Due to their tireless action, the team were shortlisted as finalists for ISA’s ‘Outstanding Local Community Involvement’ award and even appeared in an article published by The Oxford Mail. We are very proud of everything the team has achieved.
The Red Cross group inspired by the issue of food poverty within the UK organised a food drive to help support the local food banks. The group managed to raise £456.00 for UNHCR, the UN Refugee Agency, by selling branded face masks. The donation means that the charity can continue to provide healthcare, education, shelter, and safety all around the world. For refugees, the donation means so much more – it means the chance to rebuild lives and escape the trauma of conflict and violence.
A group of students researched the work of the African Children’s Fund and established a CAS project where they asked fellow students to donate items as they leave for the summer break. Donation boxes were placed in the residential houses and many delivery trips were made to their base in Witney, Oxfordshire.
11
## **ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021**
We are very proud of our local environmental action group which continued to combine physical exercise with volunteering at the Trap Grounds nature reserve in Oxford. The students involved have learnt how a reclaimed rubbish dump has been transformed with human intervention and how activism can have success as it won the right to be common land and not used for housing.
Another exciting CAS initiative was our contribution to the Oxfordshire Hospital School, (OHS), which celebrated its 100[th] anniversary. The remit was to create motivational messages for children in hospital in as many languages possible. The OHS target was 100 languages to match their 100 years of history. Over the Spring 2021 lockdown our students collated a video where everyone sent best wishes to the students at the OHS in their native language.
**Custodianship of local heritage and buildings of historic interest.** St Clare’s plays an important role in maintaining and promoting the heritage of the City of Oxford. We own and therefore have the responsibility for maintaining 24 Victorian/Edwardian buildings, many of which are in the North Oxford conservation area. Over the past ten years, through a process of sympathetic redevelopments and renovations, at a cost of over £13M (largely to local businesses), the college has made considerable improvements to the built environment of the North Oxford conservation area. This has been recognised not only by favourable comment from local residents but also formally by the award of two Oxford Preservation Trust (OPT) certificates and a letter of commendation. St Clare’s was a participant in the OPT Open Doors event for 2020 and 2021.
## _**Indirect Benefits**_
**Savings to the local authority education budget** . St Clare’s contributed £1.7 million to the public purse by way of income tax and NIC on payroll, as well as irrecoverable VAT on purchases during 202021 of £594K. With 47 UK students who would be entitled to a free place at a maintained school, the parents saved the public purse a further £197K (based on the national funding formula).
**Student spending in local businesses** . Assuming (conservatively) an average weekly spend of £40 in local businesses, the students contributed at least a further £440K directly to the local economy.
**Employment of local people** . During the year, St Clare’s employed 203 people who mostly live within 15 miles of the City of Oxford, thus making a significant contribution to the local economy through a payroll of £6.1M.
**Contracts for local suppliers.** St Clare’s provides or has provided work for many local businesses, spending £2.0M (£2.8M and £5.5M in each of the two previous years respectively) to local (Oxfordshire) suppliers. Eighteen businesses with OX postcodes (twenty-three in 2019/20) benefited from contracts with St Clare’s which were worth more than £15K in 2020/21, and eight were worth more than £50K (ten in 2019/20).
**International links.** St Clare’s has contributed to the public good in encouraging international links and fostering open-mindedness about the world. Our students come from over 50 countries world-wide. All IB students study at least one modern foreign language in addition to their own. We teach literature in 25 modern foreign languages and virtually all our languages teachers are native speakers. Non-British students gain a good insight into British society and institutions as well as working alongside people from other nations in events such as the Model United Nations. St Clare’s current practice is closely aligned with its original mission. St Clare’s has long-standing links with overseas schools and universities in Italy, the USA, China, Argentina, Uruguay, Kazakhstan and South Korea.
12
## **ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021**
During 2020-21, St Clare’s made a successful bid for a British Council grant to fund an English language teacher training project in Argentina under the Partnered Remote Language Improvement (PRELIM) project. The scheme was part of HMG’s post-Brexit international development strategy and Argentina is one of the countries which qualify for ODA (Official Development Assistance). The mission is to build confidence among developing country teachers as a springboard for future partnerships. We were one of 13 bidders nationally who were successful. More than 100 Argentinian teachers received our training in 2021.
Participants in our authorised online IB Institute teacher training workshops came from 26 different countries during 2020-21.
## g. **Employment and staffing**
St Clare’s is a good place to work both because of the terms and conditions which it offers employees but also because of the positive workplace environment which the College promotes. HR practices are fair and thorough, all employees and candidates for employment being treated with equity, courtesy and consideration. Staff benefit from free lunch and other refreshments, good pension arrangements, life assurance and an Employee Assistance Programme (EAP) provided by Life and Progress which provides confidential care and support. A Staff Welfare and Recognition package was introduced in December 2017. This offers all staff long-service awards, periodic staff breakfasts, free yoga classes, mindfulness classes and discounted membership of Oxfordshire Health and Racquets Club via our partnership with Nuffield Health.
Staff turnover is low and, despite the expense of living in Oxford, excellent quality teachers and other staff have been recruited to replace those who leave.
Staff are provided with the professional training they require to do their jobs. Senior managers listen sympathetically to requests for career development opportunities. St Clare’s staff have received pay increases of between 1.5% and 2.5% most years for the past ten years while many employees in the public and private sectors and teachers (in both state and independent schools) have either had their pay frozen or have only received minimal 1% increases. The salaries of the two lowest pay bands (Catering and Housekeeping) are regularly reviewed in the light of any changes made by the government to the National Minimum Wage in April each year.
## **Financial Review**
|**2021**|**2020**|
|---|---|
|**£000**|**£000**|
St Clare’s consolidated financial results for the year were as follows:
|Surplus/(Deficit) for the year
Net cash inflow from operating activities
Plus: Bank and other interest income
Drawdown of bank facility
Profit on disposal of tangible assets
Less: Payments to acquire tangible fixed assets
Bank and other interest paid
Increase/(Decrease) in overall cash balances
Cash at the beginning of the year
Cash at the end of the year
Represented by:
Bank current and deposit accounts|**(42)**
**376**
**-**
**400**
**13**
**(1,275)**
**(44)**
**(530)**
**947**
**417**
**417**
**417**|48|
|---|---|---|
|||177
6
1,000
-
(2,071)
(41)|
|||(929)
1,876|
|||947
947|
|||947|
As a registered charity St. Clare’s is generally exempt from Corporation Tax on its income and gains under Part 11 of CTA 2010 and S256 TCGA 1992.
12
## **ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021**
## _**Principal Risks**_
**Safeguarding and Child Protection legislation and guidelines** – The College remains committed to full compliance with both its legal obligations and its duty of care towards students. As well as increasing the risk to students, failure to comply with legislation could have consequences from poor inspection reports to the prosecution of the College and/or members of staff. Consequently, the College has long had in place a range of measures to minimise the risks. These include:
- Three senior members of staff have received specialist training in safeguarding.
- Other key members of staff all trained in ‘Safer Recruitment’ to ensure that recruitment practices are complied with.
- All staff receive child protection briefings as part of their induction. This includes a detailed reading of the College’s clear statement on its child protection policy and procedure.
- All staff receive full training in identifying and dealing with potential child protection issues every three years in line with recommended practice.
- Safeguarding is a standing annual agenda item for the Governors.
**Maintenance of Licensed Sponsorship for Tier 4 visa purposes** – By its very nature, the College is completely dependent on enrolling overseas student onto its courses. A substantial proportion of these students require a Tier 4 visa, for which the College must act as sponsor. That in turn means that it must meet an increasingly rigorous set of compliance requirements. A strict compliance regime is operated within the College, and spot checks undertaken internally without prior warning. Staff failing to meet internal compliance requirements will be subject to disciplinary action.
**Consequences of the UK leaving the EU** – It is not yet possible to assess the impact of the UK leaving the EU because it is not clear whether lower IB numbers are attributable to this, or are a consequence of travel restrictions during the pandemic. In the short term, there may be some risk to enrolment because of the perception of prospective students; equally there could be some benefit from the current lower value of Sterling. In the longer term, the principal focus is on effective compliance with UKVI requirements and responsiveness to students’ visa enquiries, as being a visa sponsor is all the more important.
**COVID-19** – the situation regarding COVID-19 remains fluid and is characterised by uncertainty, and the impact of the UK and international response to the pandemic may affect operations and student recruitment. In mitigation, strict infection control measures (eg. social distancing and the wearing of face coverings) can be implemented and escalated at short notice, risk assessments are conducted and reassessed routinely, and contingency plans are developed to deal with changes in the assessed level of risk.
## _**Reserves**_
Note 16 to the Financial Statements sets out the restricted and unrestricted funds and the assets attributable thereto. These assets are sufficient to meet St. Clare’s obligations on a fund by fund basis.
The College aims to retain sufficient free reserves to allow it to cope with unforeseen financial difficulties and to be able to maintain and develop its estate to maintain a high standard of environment for its students. At 31 August 2021 the College’s total unrestricted funds stood at £37,078K (2020: £37,120K) and after adjusting for unrestricted functional fixed assets for the charity’s own use, the College has no free reserves (as defined by the Charities SORP). The Governors have determined therefore to build up free reserves out of annual operating surpluses, so that once current borrowings have been cleared, the College will be able to call on 3 months’ operating expenditure, of which at least 50% is in cash holdings (with the remainder by way of overdraft facility). At current expenditure levels, this would require free reserves of £1.75 million.
## _**Property**_
There has been one change to the St. Clare’s portfolio of properties during the year, with the hand back of 18 Bardwell Road to the landlord, St John’s College, in June 2021.
13
## **ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021**
A full condition survey was undertaken during 2015/16 which has provided the College with a prioritized programme of preventative maintenance work for the next five to seven years. A full space audit was also commissioned in 2016 to identify potential for better use of the existing properties, particularly for classrooms. The main project arising from this was the extension of 131 Banbury Road, to provide four new classrooms, which was completed in April 2018. Work commenced in June 2019 for major improvements to the dining room and construction of new kitchens at 133-135 Banbury Road; the project was completed in March 2021. Plans are also being developed for better use of the main site at 139143 Banbury Road.
## _**Plans for the future**_
St. Clare’s business of providing courses will continue in much the same way as in previous years. The College will continue to seek out new markets in order to keep the flow of student enrolments for all of its courses as high as possible. Work will continue, as appropriate, to revise the content of certain courses so as to keep them in line with market expectations and developments in education. St. Clare’s will continue to promote the concept of Global Citizenship with its staff and students and within the wider community.
## _**Transactions with Governors and other connected persons**_
Transactions with Governors or other connected persons during the year are set out in note 20 to the financial statements
## **Provision of information to auditors**
In so far as each of the Governors is aware:
- there is no relevant audit information of which the charitable company’s auditor is unaware; and
- • the Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor are aware of that information.
## **Auditor**
In accordance with Section 485 of the Companies Act 2006, a resolution proposing the re- appointment of Crowe U.K. LLP as auditors to the company will be put to the Annual General Meeting.
The Report of the Governors, under the Charities Act 2011 and the Companies Act 2006, was approved by the Board of Governors on 8 December 2021 including approving in their capacity as company directors the Strategic Report contained therein, and is signed as authorised on its behalf by:
Justin Moore Company Secretary
14
## **ST. CLARE’S, OXFORD STATEMENT OF GOVERNORS’ RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2021**
The Governors (who are also directors of St. Clare's, Oxford for the purposes of company law and trustees for the purposes of charity law) are responsible for preparing the Report of the Governors and the financial statements in accordance with applicable law and regulations.
Company law requires the Governors to prepare financial statements for each financial year. Under that law the Governors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period.
In preparing these financial statements, the Governors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable group will continue in business.
The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Governors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
15
## **Crowe U.K. LLP**
_Chartered Accountants_ Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST. CLARE’S, OXFORD**
## **Opinion**
We have audited the financial statements of St. Clare’s, Oxford for the year ended 31 August 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated Summary Income and Expenditure Account, the Consolidated and Company Balance Sheets, the Consolidated Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the Group’s and the Charitable Company’s affairs as at 31 August 2021 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Governors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or Charitable Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.
> Crowe U.K. LLP is a limited liability partnership registered in England and Wales with registered number OC307043. The registered office is at 55 Ludgate Hill, London EC4M 7JW. A list of the LLP’s members is available at the registered office. Authorised and regulated by the Financial Conduct Authority. All insolvency practitioners in the firm are licensed in the UK by the Insolvency Practitioners Association. Crowe U.K. LLP is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Crowe U.K. LLP and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global.
16
## **INDEPENDENT AUDITOR’S REPORT**
## **TO THE MEMBERS OF ST. CLARE’S, OXFORD (CONTINUED)**
## **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 auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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 material 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 matter prescribed by the Companies Act 2006**
In our opinion based on the work undertaken in the course of our audit
- the information given in the Strategic Report and the Report of the Governors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Governors and Strategic Report have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In light of the knowledge and understanding of the Group and the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Governors.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Governors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
17
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST. CLARE’S, OXFORD (CONTINUED)**
## **Responsibilities of the Governors**
As explained more fully in the Governors’ Responsibilities Statement set out on page 15, the Governors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Governors are responsible for assessing the Group’s or 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 Governors either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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 auditor’s report.
## **Extent to which the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the College were Charity Commission legislation, General Data Protection Regulation (GDPR); anti-fraud, bribery and corruption legislation; health and safety legislation as well as employment legislation.
18
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST. CLARE’S, OXFORD (CONTINUED)**
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included inquiries of management their own identification and assessment of the risks of irregularities, sample testing on income and the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance. Our audit procedures to respond to revenue recognition risks included sample testing of income across the year to agree to supporting documentation and testing income either side of the year to ensure this has been correctly recognised.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
## **Use of our report**
This report is made solely to the Group and Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Group and Charitable Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Group and Charitable Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
## **Alastair Lyon**
Senior Statutory Auditor For and on behalf of
**Crowe U.K. LLP**
Statutory Auditor
**Reading**
**9 December 2021**
19
## **ST. CLARE’S, OXFORD**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2021**
|Notes
**INCOME AND ENDOWMENTS**
**Charitable activities:**
Fees receivable
4
Other income
5
**Investments**
Bank and other interest
**Donations and legacies**
Donations and government
grants
**Total income**
**EXPENDITURE ON:**
**Charitable activities**
School operating costs
7
**Raising funds**
Financing costs
7
**Total expenditure**
7
**Net income for the year and**
**net movement in funds**
16
_Balances brought forward at_
_1 September 2020_
16
**Balances carried forward at**
**31 August 2021**
16|**Unrestricted**
**Funds**
**£000**
**10,435**
**566**
**-**
**481**
**11,482**
**11,480**
**44**
**11,524**
**(42)**
_37,120_
**37,078**|**Restricted**
**Funds**
**£000**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
_16_
**16**|**Total**
**2021**
**£000**
**10,435**
**566**
**-**
**481**
**11,482**
**11,480**
**44**
**11,524**
**(42)**
_37,136_
**37,094**|_Total_
_2020_
_£’000_
_11,008_
_415_
_6_
_727_
_12,156_
_12,067_
_41_
_12,108_
_48_
_37,088_
_37,136_|
|---|---|---|---|---|
All incoming resources and resources expended derive from continuing activities.
_The accompanying accounting policies and notes form an integral part of these Financial Statements_
20
## **ST. CLARE’S, OXFORD COMPANY REGISTRATION NUMBER: 01986868 BALANCE SHEETS**
## **AS AT 31 AUGUST 2021**
|Notes
**FIXED ASSETS**
Investments
9
Tangible assets
10
**CURRENT ASSETS**
Stocks
11
Debtors
12
Cash at bank and in hand
**CREDITORS**
Amounts falling due within
one year
13
**NET CURRENT LIABILITIES**
**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**
**CREDITORS:**amounts falling
due after one year
14
**NET ASSETS**
**FUNDS**
Capital reserve
16
Revaluation reserve
16
General fund
16
Unrestricted funds
Restricted funds
16
**TOTAL FUNDS**|**Consolidated**
**2021**
_2020_
**£000**
_£000_
**-**
_-_
**44,305**
_43,737_
**44,305**
_43,737_
**40**
_12_
**1,964**
_1,666_
**417**
_947_
**2,421**
_2,625_
**(8,232)**
_(8,226)_
**(5,811)**
_(5,601) _
**38,494**
_38,136_
**(1,400)**
_(1,000)_
**37,094**
_37,136_
**1,313**
_1,313_
**19,285**
_19,339_
**16,480**
_16,468_
**37,078**
_37,120_
**16**
_16_
**37,094**
_37,136_|**Company**
**2021**
_2020_
**£000**
_£000_
**-**
_-_
**44,457**
_43,893_
**44,457**
_43,893_
**40**
_12_
**1,968**
_1,670_
**413**
_943_
**2,421**
_2,625_
**(8,232)**
_(8,226)_
**(5,811)**
_(5,601)_
**38,646**
_38,292_
**(1,400)**
_(1,000)_
**37,246**
_37,292_
**1,313**
_1,313_
**19,285**
_19,339_
**16,632**
_16,624_
**37,230**
_37,276_
**16**
_16_
**37,246**
_37,292_|**Company**
**2021**
_2020_
**£000**
_£000_
**-**
_-_
**44,457**
_43,893_
**44,457**
_43,893_
**40**
_12_
**1,968**
_1,670_
**413**
_943_
**2,421**
_2,625_
**(8,232)**
_(8,226)_
**(5,811)**
_(5,601)_
**38,646**
_38,292_
**(1,400)**
_(1,000)_
**37,246**
_37,292_
**1,313**
_1,313_
**19,285**
_19,339_
**16,632**
_16,624_
**37,230**
_37,276_
**16**
_16_
**37,246**
_37,292_|
|---|---|---|---|
||||
_(5,601)_|
||||
_38,292_
_(1,000)_|
||||
_37,292_
_1,313_
_19,339_
_16,624_
_37,276_
_16_
_37,292_|
The surplus/(deficit) for the year in relation to the Company only was £(46k) _(2020: £44k)._
The Financial Statements were approved and authorised for issue by the Board of Governors on 8 December 2021 and signed on their behalf by:
Jens Tholstrup Bart Ashton Chairman Governor
_The accompanying accounting policies and notes form an integral part of these Financial Statements_
21
## **ST. CLARE’S, OXFORD CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021**
|**Cash flows from operating activities**
Net movement in funds
Depreciation
Interest income
Interest paid
(Increase)/decrease in debtors
Increase/(decrease) in stock
(Decrease)/increase in creditors
**Cash provided by operating activities**
**Cash flows from investing activities**
Payments to acquire tangible fixed assets
(Profit)/loss on disposal of tangible assets
Interest paid
Interest income
**Cash flows used in investing activities**
**Cash flows from financing activities**
Bank loan borrowing/(repayment)
**Cash provided by/(used in) financing activities**
(Decrease)/Increase in cash and cash equivalents in
the year
Cash and cash equivalents at the beginning of the
year
**Total cash and cash equivalents at the end of the**
**year**
**Analysis of cash and cash equivalents**
Cash at bank and in hand|**2021**
**£’000**
**(42)**
**694**
**-**
**44**
**(298)**
**(28)**
**6**
**376**
**(1,275)**
**13**
**(44)**
**-**
**(1,306)**
**400**
**400**
**(530)**
**947**
**£**
**417**
**£**
**417**|_2020_
_£’000_
_48_
_677_
_(6)_
_41_
_(338)_
_25_
_(270)_
_177_
_(2,071)_
_-_
_(41)_
_6_
_(2,106)_
_1,000_
_1,000_
_(929)_
_1,876_
_£_
_947_
_£_
_947_|
|---|---|---|
**Analysis of changes in net debt**
|Cash
Loans falling due after more than one year|_At 1_
_September_
_2020_
_£’000_
_947_
_(1,000)_
_(53)_|Cash flow
£’000
(530)
(400)
(930)|**At 31**
**August**
**2021**
**£’000**
**417**
**(1,400)**
**(983)**|
|---|---|---|---|
_The accompanying accounting policies and notes form an integral part of these Financial Statements_
22
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **1. CHARITY INFORMATION**
The principal activity of St. Clare’s Oxford is the operation of educational courses in Oxford. The incorporated (charity number 294085, company number 1986868) is domiciled in the UK. The address of the registered office is 139 Banbury Road, Oxford, OX2 7AS
## **2 ACCOUNTING POLICIES**
## **a) Basis of Preparation**
The financial statements have been prepared in accordance with 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) (effective 1 January 2015) – Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. St. Clare’s, Oxford meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
The College makes occasional use of its existing bank facilities to meet its day to day working capital requirements. Current forecasts indicate the College expects to be able to operate within these facilities for the foreseeable future. In making their assessment the Governors have considered the impact on the business of COVID-19 including the ability of the College to continue to provide education, the impact on future revenues and cash collections and the financial position of the wider group. Accordingly, the Governors believes it is appropriate to prepare the annual financial statements on the going concern basis of accounting.
## **b) Basis of consolidation**
The Financial Statements consolidate the results of St. Clare’s, Oxford and its wholly owned subsidiary St Clare’s Services Limited (Company number: 06580963) on a line by line basis. No profit and loss account is presented for St. Clare’s, Oxford as permitted by Section 408 of the Companies Act 2006.
## **c) Income**
Income comprise the amounts receivable for courses delivered by the balance sheet date and other supplies made during the financial year, donations received, and bank and other interest. Donations are deferred only when the donor has imposed restrictions on the expenditure of resources which amount to pre-conditions for use of the funds.
## **d) Government grant income**
Grants are accounted for under the performance model as permitted by the Charity SORP. Coronavirus Job Retention Scheme grant income is therefore recognised on a straight line basis over the furlough period for each relevant employee.
## **e) Expenditure**
Direct charitable expenditure is allocated to expense headings either on a direct cost basis, or apportioned according to time spent. Irrecoverable VAT is included with the item of expense to which it relates. Certain expenditure is apportioned to cost categories based on the estimated amount attributable to that activity in the year.
## **f) Investments**
Investments in subsidiaries are included in the company’s accounts at cost.
23
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **g) Fixed Assets**
Tangible fixed assets are capitalised at cost where their acquisition value is greater than £500, and are stated at cost net of depreciation.
Freehold land and buildings are included in the balance sheet at the updated valuation under the transitional provisions of FRS102.
Depreciation is calculated to write down the cost or revaluation of all tangible fixed assets, other than freehold land, by equal annual instalments over their expected useful lives. The depreciation rates applicable are:
Leasehold property Period of lease Freehold buildings and extensions 2% - 3.3% Other fixed assets 10% - 25% Fixtures & fittings 10% - 25% Motor Vehicles 25%
## **h) Assets** _**under construction**_
Design fees, refurbishment and other professional and construction expenditure incurred on properties owned by St. Clare’s are classed as ‘Assets under construction’ until refurbishment work has been completed. On completion of work the value of those costs is transferred to ‘Freehold Land and Buildings’. No depreciation is charged on additions to ‘Assets under construction’.
## **i) Stocks**
Stocks are stated at the lower of cost and net realisable value. Books purchased for the library are written off in the year of purchase.
## **j) Debtors**
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
## **k)** _**Cash and cash equivalents**_
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
## **l) Creditors**
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Governors have reviewed the contract terms under which Pupil fee deposits are held by the school. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the school, pupils can leave at earlier dates. The school does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at 31 August 2020 have been included within current liabilities. The prior year Pupil fee deposits balance has been similarly represented.
24
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **m) Foreign Currencies**
St. Clare’s translates all fees invoiced in a foreign currency at a standard rate fixed for each term during the academic year. All differences between the standard rate and the actual rate ruling when fees are received are treated as exchange gains or losses in the year and are included in the General Fund. Foreign currency debtors and cash balances are translated at the rate prevailing at the end of the year.
## **n) Contributions to Pension Funds**
_Defined benefit scheme_ – The College contributes to the Teachers’ Pension Defined Benefits Scheme at rates set out by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the College. In accordance with FRS102 therefore, the scheme is accounted for as a defined contribution scheme.
_Defined contribution scheme_ - Pensions for other staff currently in employment are provided by means of a defined contribution scheme.
Both schemes are externally managed and employees’ and employer’s contributions are made to both of them. The annual cost of these contributions is charged to the General Fund.
Pensions paid to former employees out of St. Clare’s own funds are charged to the General Fund. The number of former employees who are paid pensions is fixed and will not increase.
## **o) Education Scholarships**
The value of scholarships awarded by St. Clare’s to its students is deducted from fees receivable.
## **p) Leased assets**
All leases are treated as operating leases and the payments made under them are charged to the General Fund on a straight-line basis over the term of the lease.
## **q) Financial** _**instruments**_
Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost. Note 21 provides more information on financial instruments where future cash flows are anticipated, with financial assets referring to fixed asset investments and all debtor balances excluding prepayments, and financial liabilities referring to all creditor balances excluding payments on account, fees and deposits received in advance and social security and other taxes.
## **r) Funds**
Funds are described in Note 16 to the Financial Statements.
25
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **3. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY**
Preparation of the financial statements requires management to make significant judgments and estimates. The items in the financial statements where these judgments and estimates have been made include:
In the application of the charity’s accounting policies, which are described in note 2, Governors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.
The Governors consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty.
## **4. FEE INCOME**
|Gross fees
Less: Scholarships
**5.**
**OTHER INCOME**
Chargeable extras
Registration and exam fees
Rent and room hire
Other ancillary income
**6.**
**DONATIONS**
Donations
Coronavirus Job Retention Scheme Grant|**2021**
**£000**
**11,208**
**(773)**
**10,435**
**2021**
**£000**
**193**
**77**
**9**
**287**
**566**
**2021**
**£000**
**23**
**458**
**481**|_2020_
_£000_
_11,755_
_(747)_
_11,008_|
|---|---|---|
|||
_2020_
_£000_
_152_
_102_
_14_
_147_|
|||_415_|
|||_2020_
_£000_
_64_
_663_|
|||_727_|
26
## **ST. CLARE’S, OXFORD**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **7. TOTAL RESOURCES EXPENDED**
|**Charitable activities**
Teaching costs
Catering and other
domestic costs
Premises
Support costs
**Raising funds**
Financing costs
Total|**Staff**
**Costs**
**£000**
**4,147**
**1,244**
**498**
**1,214**
**7,103**
**-**
**7,103**|**Other**
**£000**
**1,571**
**208**
**1,167**
**737**
**3,683**
**44**
**3,727**|**Depreciation**
**£000**
**-**
**23**
**607**
**64**
**694**
**-**
**694**|**Total**
**2021**
**£000**
**5,718**
**1,475**
**2,272**
**2,017**
**11,480**
**44**
**11,524**|_Total_
_2020_
_£000_
_6,038_
_1,522_
_2,328_
_2,179_
_12,067_
_41_
_12,108_|
|---|---|---|---|---|---|
Included in support costs are governance costs of £24k ( _2020: £24k_ ).
|Net income is stated after charging:
Auditors’ remuneration:
Audit – College
Audit – Subsidiary
Corporation tax compliance
Other tax advisory
Other services
Depreciation
Tangible fixed assets, owned
Hire of plant and machinery under operating leases
Other operating lease rentals|**2021**
**£000**
**14**
**3**
**2**
**-**
**-**
**694**
**147**
**223**|_2020_
_£000_
_13_
_3_
_1_
_-_
_-_
_677_
_155_
_186_|
|---|---|---|
Key management personnel, as shown on page 1, received aggregate remuneration of £592k ( _2020: £719k_ ).
27
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **8. STAFF COSTS**
|Staff costs during the year were as follows:
Wages and salaries
Social Security costs
Other pension costs
Other staff costs
Governors’ expenses for travel and accommodation
Governors are not remunerated for their services
The average number of employees during the year was:
The number of employees whose emoluments exceeded £60,000 was:
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£120,000 - £130,000|**2021**
**£000**
**5,539**
**542**
**900**
**6,981**
**122**
**7,103**
**No.**
**204**
**4**
**2**
**-**
**1**
**1**|_2020_
_£000_
_5,840_
_573_
_937_
_7,350_
_126_
_7,476_
_1_
_No._
_218_
_7_
_2_
_-_
_1_
_1_|
|---|---|---|
In connection with these higher paid employees, retirement benefits are accruing under money purchase schemes for 3 employees _(2020: 5)_ and under multi-employer defined benefit schemes for 5 employees _(2020: 6)_ . The total employer contributions in this year to the schemes were £126k _(2020: £148k)._
Staff restructuring costs of £65k _(2020: £82k)_ are non-statutory/non-contractual payments.
## **9. INVESTMENTS**
|Investments in subsidiary undertakings|Group
**2021**
_2020_
**£000**
_£000_
_-_
_-_|Company
**2021**
_2020_
**£000**
_£000_
_-_
_-_|
|---|---|---|
St Clare’s Services Limited (incorporated in the United Kingdom, company number: 6580963) was set up to manage and control construction services on the College’s property developments. The £1 ordinary share capital is held by St. Clare’s, Oxford, and its results are included in the consolidated financial statements.
Any profits St Clare’s Services Limited generates will be gifted to St. Clare’s, Oxford. This year profits were £nil _(2020: £nil)._
28
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **10. TANGIBLE FIXED ASSETS**
|**Freehold**
**Land &**
**Buildings**
**Leasehold**
**Property**
**Fixtures &**
**Fittings**
**Motor**
**Vehicles**
**Assets**
**Under**
**Construction**
**£000**
**£000**
**£000**
**£000**
**£000**
**Group**
Deemed cost at
1 September 2020
47,157
183
1,898
37
2,819
Additions
-
-
144
-
1,132
Disposals
-
(50)
(652)
-
-
Transfers
3,188
-
131
-
(3,319)
At 31 August 2021
50,345
133
1,521
37
632
Depreciation at
1 September 2020
6,626
183
1,511
37
-
Charge for the year
550
-
144
-
-
Disposals
-
(50)
(638)
-
-
At 31 August 2021
7,176
133
1,017
37
-
**Net book value at**
**31 August 2021**
**43,169**
**-**
**504**
**-**
**632**
_31 August 2020_
_40,531_
_-_
_387_
**-**
_2,819_|**Total**
**£000**
52,094
1,276
(702)
-
52,668
8,357
694
(688)
8,363
**44,305**
_43,737_|
|---|---|
On transition to FRS 102 FPD Savills, Chartered Surveyors, valued freehold land & buildings held at that date on the basis of existing use assuming vacant possession. Had the valuation not been made freehold land & buildings would have been included on the historical cost basis at the following amounts:
|Cost
Transfers
Disposals
Aggregate depreciation
Net book value at 31 August 2021|**2021**
**£000**
26,981
3,188
-
(6,499)
23,670|
|---|---|
29
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **10. TANGIBLE FIXED ASSETS (CONTINUED)**
|**Freehold**
**Land &**
**Buildings**
**Leasehold**
**Property**
**Fixtures &**
**Fittings**
**Motor**
**Vehicles**
**Assets**
**Under**
**Construction**
**£000**
**£000**
**£000**
**£000**
**£000**
**COMPANY**
Deemed cost at
1 September 2020
47,338
183
1,898
37
2,819
Additions
-
-
144
-
1,132
Disposals
-
(50)
(652)
-
-
Transfers
3,188
-
131
-
(3,319)
At 31 August 2021
50,526
133
1,521
37
632
Depreciation at
1 September 2020
6,651
183
1,511
37
-
Charge for the year
554
-
144
-
-
Disposals
-
(50)
(638)
-
-
At 31 August 2021
7,205
133
1,017
37
-
**Net book value at**
**31 August 2021**
**43,321**
**-**
**504**
**-**
**632**
_31 August 2020_
_40,687_
_-_
_387_
**-**
_2,819_|**Total**
**£000**
52,275
1,276
(702)
-
52,849
8,382
694
(688)
8,392
**44,457**
_43,893_|
|---|---|
On transition to FRS102 FPD Savills, Chartered Surveyors, valued freehold land & buildings held at that date on the basis of existing use assuming vacant possession. Had the valuation not been made freehold land & buildings would have been included on the historical cost basis at the following amounts:
|Cost
Transfers
Disposals
Aggregate depreciation
Net book amount at 31 August 2021|**2021**
**£000**
27,162
3,188
-
(6,527)
23,823|
|---|---|
30
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **11. STOCKS**
|General consumables
**2.**
**DEBTORS**
Trade debtors
Prepayments and accrued income
Amounts owed by group undertakings||**Group**
**2021**
_2020_
**£000**
_£000_
**40**
_12_
**Group**
**2021**
_2020_
**£000**
_£000_
**1,056**
_1,113_
**908**
_553_
**-**
_-_
**1,964**
_1,666_|**Company**
**2021**
_2020_
**£000**
_£000_
**40**
_12_
**Company**
**2021**
_2020_
**£000**
_£000_
**1,056**
_1,113_
**908**
_553_
**4**
_4_
**1,968**
_1,670_|
|---|---|---|---|
|||||
## **12. DEBTORS**
## **13. CREDITORS: FALLING DUE WITHIN ONE YEAR**
|Trade creditors
Social security and other taxes
Other creditors
Accruals
Fees and deposits received in advance|**Group**
**2021**
_2020_
**£000**
_£000_
**182**
_120_
**141**
_155_
**100**
_107_
**258**
_241_
**7,551**
_7,603_
**8,232**
_8,226_|**Company**
**2021**
_2020_
**£000**
_£000_
**182**
_120_
**141**
_155_
**100**
_107_
**258**
_241_
**7,551**
_7,603_
**8,232**
_8,226_|
|---|---|---|
## **14. CREDITORS: FALLING DUE AFTER MORE THAN ONE YEAR**
|Bank loans repayable in more than one year|**Group**
**2021**
_2020_
**£000**
_£000_
**1,400**
_1,000_|**Company**
**2021**
_2020_
**£000**
_£000_
**1,400**
_1,000_|
|---|---|---|
St. Clare’s, Oxford has loan facilities available totalling £5m, repayable in 2024. The banking facilities are secured on the freehold property held.
31
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **15. PENSION COSTS**
St. Clare’s participates in the Teachers' Pension Scheme (England and Wales) ("the TPS") for its teaching staff and a defined contribution pension schemes for the administrative staff. During the year pension costs of £626,506 _(2020: £631,603)_ and £270,077 _(2020: £303,320)_ were incurred relating to the schemes respectively. At the year-end £67,003 _(2020: £70,757)_ was accrued in respect of contributions due to the Teachers’ Pension Scheme and £31,875 _(2020: £34,858)_ for other schemes.
The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.
The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.
On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. A consultation was launched by the government on 16 July 2020, and closed to responses on 11 October 2020.
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 the government is preparing to complete the cost control element of the 2016 valuations, which is expected to be completed in 2021.
In view of the above rulings and decisions the assumptions used in the 31 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 than those contained in the Actuarial Valuation.
Until the consultation and the cost cap mechanism review are completed it is not possible to conclude on 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.
32
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **16. FUNDS**
## **Group - 2021**
|Unrestricted funds
Capital Reserve
Revaluation Reserve
General Fund
Repairs & Maintenance
(Designated)
Total Unrestricted Funds
Restricted Funds
Building Fund
Scholarship Fund
**Total funds 2021**|_Balance at_
_1 September_
_2020_
_£000_
_1,313_
_19,339_
_14,801_
_1,667_
_37,120_
_8_
_8_
_16_
**_37,136_**|**Incoming**
**Resources**
**£000**
-
-
11,482
-
11,482
-
-
-
**11,482**|**Resources**
**Expended**
**£000**
-
-
(11,524)
-
(11,524)
-
-
-
**(11,524)**|**Transfer**
**Between**
**Funds**
**£000**
-
(54)
37
17
-
-
-
-
**-**|**Balance at**
**31 August**
**2021**
**£000**
**1,313**
**19,285**
**14,796**
**1,684**
**37,078**
**8**
**8**
**16**
**37,094**|
|---|---|---|---|---|---|
The transfer from the revaluation reserve to the General Fund represents the difference between depreciation calculated on historical cost and at valuation. The transfer to the Designated Fund for Repairs & Maintenance for the year amounts to notional interest of £17k.
The funds are:
- Capital Reserve - the balance of the accumulated surplus on the Income & Expenditure Account of St. Clare’s as at 31 August, 1986 when the College’s operations as a charitable trust were taken over by the Company. The balance on the Capital Reserve has not altered since that date.
- Revaluation Reserve - the balance of the unamortised surplus on the revaluation of St. Clare’s freehold properties.
- General Fund - the accumulated surplus on St. Clare’s operations since it took over the business of St. Clare’s on 1 September, 1986.
- Designated Fund for Repairs & Maintenance – to finance projects for repair and renovation of St. Clare’s properties to a target fund balance of £1.5m. This will be annually increased by notional interest.
- Scholarship Fund – funds donated for providing scholarships to students.
- Building Fund – funds donated to support development work on St. Clare’s building programme.
33
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020**
## **16. FUNDS (continued)**
|Group – 2020
Unrestricted funds
Capital Reserve
Revaluation Reserve
General Fund
Repairs & Maintenance
(Designated)
Total Unrestricted Funds
Restricted Funds
Building Fund
Scholarship Fund
Total funds 2020
**Company - 2021**
Unrestricted funds
Capital Reserve
Revaluation Reserve
General Fund
Repairs & Maintenance
(Designated)
Total Unrestricted Funds
Restricted Funds
Building Fund
Scholarship Fund
**Total funds 2021**|_Balance at_
_1 September_
_2019_
_£000_
_1,313_
_19,392_
_14,716_
_1,651_
_37,072_
_8_
_8_
_16_
_37,088_
_Balance at_
_1 September_
_2020_
_£000_
_1,313_
_19,339_
_14,956_
_1,668_
_37,276_
_8_
_8_
_16_
**_37,292_**|Incoming
Resources
£000
-
-
12,156
-
12,156
-
-
-
12,156
**Incoming**
**Resources**
**£000**
-
-
11,742
-
11,742
-
-
-
**11,742**|Resources
Expended
£000
-
-
(12,108)
-
(12,108)
-
-
-
(12,108)
**Resources**
**Expended**
**£000**
-
-
(11,788)
-
(11,788)
-
-
-
**(11,788)**|Transfer
Between
Funds
Balance at
31 August
2020
£000
£000
-
1,313
(53)
19,339
37
14,801
16
1,667
-
37,120
-
8
-
8
-
16
-
37,136
**Transfer**
**Between**
**Funds**
**Balance at**
**31 August**
**2021**
**£000**
**£000**
-
**1,313**
(54)
**19,285**
37
**14,947**
17
**1,685**
-
**37,230**
-
**8**
-
**8**
-
**16**
**-**
**37,246**|
|---|---|---|---|---|
34
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020**
## **16. FUNDS (continued)**
|_Company – 2020_
_Unrestricted funds_
_Capital Reserve_
_Revaluation Reserve_
_General Fund_
_Repairs & Maintenance_
_(Designated)_
_Total Unrestricted Funds_
_Restricted Funds_
_Building Fund_
_Scholarship Fund_
_Total funds 2020_|_Balance at_
_1 September_
_2019_
_£000_
_1,313_
_19,392_
_14,876_
_1,651_
_37,232_
_8_
_8_
_16_
_37,248_|_Incoming_
_Resources_
_£000_
_-_
_-_
_12,156_
_-_
_12,156_
_-_
_-_
_-_
_12,156_|_Resources_
_Expended_
_£000_
_-_
_-_
_(12,113)_
_-_
_(12,113) _
_-_
_-_
_-_
_(12,113) _|_Transfer_
_Between_
_Funds_
_£000_
_-_
_(53)_
_37_
_17_
_1_
_-_
_-_
_-_
_1_|_Balance at_
_31 August_
_2020_
_£000_
_1,313_
_19,339_
_14,956_
_1,668_
_37,276_
_8_
_8_
_16_
_37,292_|
|---|---|---|---|---|---|
## **17. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**2021**
**Group**
Unrestricted funds
Restricted funds
Total funds
**2021**
**Company**
Unrestricted funds
Restricted funds
Total funds|**Fixed**
**Assets**
**£000**
44,305
-
44,305
**Fixed**
**Assets**
**£000**
44,457
-
44,457|**Current**
**Assets**
**£000**
2,405
16
2,421
**Current**
**Assets**
**£000**
2,405
16
2,421|**Current**
**Liabilities**
**£000**
(8,232)
-
(8,232)
**Current**
**Liabilities**
**£000**
(8,232)
-
(8,232)|**Creditors**
**over 1 year**
**£000**
(1,400)
-
(1,400)
**Creditors**
**over 1 year**
**£000**
(1,400)
-
(1,400)|**Total**
**£000**
**2021**
**37,078**
**16**
**37,094**
**Total**
**£000**
**2021**
**37,230**
**16**
**37,246**|
|---|---|---|---|---|---|
35
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020**
## **17. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)**
|_2020_
_Group_
_Unrestricted funds_
_Restricted funds_
_Total funds_
_2020_
_Company_
_Unrestricted funds_
_Restricted funds_
_Total funds_|_Fixed_
_Assets_
_£000_
_43,737_
_-_
_43,737_
_Fixed_
_Assets_
_£000_
_43,893_
_-_
_43,893_|_Current_
_Assets_
_£000_
_2,609_
_16_
_2,625_
_Current_
_Assets_
_£000_
_2,609_
_16_
_2,625_|_Current_
_Liabilities_
_£000_
_(8,226)_
_-_
_(8,226)_
_Current_
_Liabilities_
_£000_
_(8,226)_
_-_
_(8,226)_|_Creditors_
_over 1 year_
_£000_
_(1,000)_
_-_
_(1,000)_
_Creditors_
_over 1 year_
_£000_
_(1,000)_
_-_
_(1,000)_|_Total_
_£000_
_2020_
_37,120_
_16_
_37,136_
_Total_
_£000_
_2020_
_37,276_
_16_
_37,292_|
|---|---|---|---|---|---|
## **18. CAPITAL COMMITMENTS**
At 31 August 2021 capital commitments amounted to £nil _(2020: £665,743)._
## **19. LEASING COMMITMENTS**
At 31 August 2021 the College had future minimum lease payments under non-cancellable operating leases as follows:
|In one year or less
Between one and five years
In five years or more|**2021**
**Land &**
**Buildings**
**£000**
**84**
**336**
**84**|**2021**
**Other**
**£000**
**130**
**337**
**63**|_2020_
_Land &_
_Buildings_
_£000_
_91_
_-_
_-_|_2020_
_Other_
_£000_
_101_
_138_
_-_|
|---|---|---|---|---|
## **20. RELATED PARTY TRANSACTIONS**
During the year St. Clare’s had transactions with its wholly owned subsidiary St Clare’s Services Limited totalling £nil ( _2020: £nil_ ). At year end the balance outstanding was a debtor of £3,883 ( _2020: £3,943)_ .
Expenses reimbursed to Governors during the year, amounting to £nil _(2020: £1,023 for 3 Governors)_ in respect of travel and subsistence.
There were no other related party transactions during the year.
36
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **21. FINANCIAL INSTRUMENTS**
|**Group**
Financial assets measured at amortised cost
Financial liabilities measured at amortised cost|**2021**
**£’000**
**1,473**
**(3,184)**|_2020_
_£’000_
_2,059_
_(2,159)_|
|---|---|---|
The group’s income, expense, gains and losses in respect of financial instruments are summarised below:
|**Interest income and expense:**
Interest income
Impairment losses
**Company**
Financial assets measured at amortised cost
Financial liabilities measured at amortised cost|**2021**
**£’000**
**-**
**56**
**2021**
**£’000**
**1,473**
**3,184**|_2020_
_£’000_
_6_
_44_
_2020_
_£’000_
_2,059_
_(2,159)_|
|---|---|---|
The company’s income, expense, gains and losses in respect of financial instruments are summarised below:
|**Interest income and expense:**
Interest income
Impairment losses|**2021**
**£’000**
**-**
**56**|_2020_
_£’000_
_6_
_44_|
|---|---|---|
Included within Financial instruments held at amortised cost are Trade Debtors, Cash at Bank, Trade Creditors, Fee’s Receivable Accruals, Intercompany Loans and Bank Loans.
37
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **24. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES**
|Notes
**INCOME AND ENDOWMENTS**
**Charitable activities:**
Fees receivable
4
Other income
5
**Investments**
Bank and other interest
**Donations and legacies**
Donations and government
grants
**Total income**
**EXPENDITURE ON:**
**Charitable activities**
School operating costs
6
**Raising funds**
Financing costs
6
**Total expenditure**
6
**Net income for the year and**
**net movement in funds**
15
_Balances brought forward at_
_1 September 2019_
15
**Balances carried forward at**
**31 August 2020**
15|**Unrestricted**
**Funds**
**£000**
**11,008**
**415**
**6**
**727**
**12,156**
**12,067**
**41**
**12,108**
**48**
_37,072_
**37,120**|**Restricted**
**Funds**
**£000**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
_16_
**16**|**Total**
**2020**
**£000**
**11,008**
**415**
**6**
**727**
**12,156**
**12,067**
**41**
**12,108**
**48**
_37,088_
**37,136**|
|---|---|---|---|
38