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2020-08-31-accounts

Charity Registration No. 298326

Company Registration No. 02203226 (England and Wales)

ST. MARY'S HARE PARK SCHOOL

(A company limited by guarantee and not having a share capital)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

ST. MARY'S HARE PARK SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs. G. Spencer Mr. P. Doman Mr. V. Fellows Secretary Mrs. G. Spencer Charity number 298326 Company number 02203226 Principal address South Drive Gidea Park Romford Essex RM2 6HH Auditor Citroen Wells Chartered Accountants Devonshire House 1 Devonshire Street London W1W 5DR

ST. MARY'S HARE PARK SCHOOL

CONTENTS

Page
Trustees' report 1 - 4
Statement of trustees' responsibilities 5
Independent auditor's report 6 - 7
Statement of financial activities 8
Statement of financial position 9 - 10
Statement of cash flows 11
Notes to the financial statements 12 - 21

ST. MARY'S HARE PARK SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2020

The trustees present their report and financial statements for the year ended 31 August 2020.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association , the Companies Act 2006 and “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 from 1 January 2019.

Objectives and activities

The School's Vision Statement is as follows:

Within the ethos of our Catholic and Christian community:

To create:

To provide:

The school continues to offer a high quality education to children aged 2½ to 11 years by providing them with a balanced programme of educational activities and experiences.

The school also offers opportunities for secondary school students to carry out their work experience at St. Mary's, and a significant number of former students and children of staff have chosen to apply to the school to complete their Trident Work Experience.

The school continues to be a major supporter of the Diocesan Citizenship Award Scheme.

Achievements and performance

At the start of the Autumn term there was a total of 167 pupils (2019: 170) being the total number of pupils for the main school and the nursery.

Section 48 Diocesan Religious Education Inspection :January 2019 - Outstanding Early Years Ofsted Inspection :July 2018 - Outstanding Full Ofsted Inspection :June 2018 - Good to outstanding

The last Ofsted report on the school stated that St Mary's Hare Park School offers a good quality of education for its pupils. "The headteacher provides good leadership. She is well supported by senior leaders in providing an environment in which pupils can thrive. Teaching is good across the school so that by the time pupils reach the end of Year 6, they achieve very well. Parents and carers are overwhelmingly positive about the school’s work in keeping their children safe and providing a good education. The Early Years provision is also good."

Our academic results this year were, once again, excellent with the vast majority of our Year Six pupils being awarded their first choice school.

Yet again we received a one hundred percent pass rate for children who entered LAMDA Spoken English (Public Speaking), Choral Speaking, Musical Theatre and Performance Acting examinations.

ST. MARY'S HARE PARK SCHOOL

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2020

Safeguarding and Wellbeing for children and staff are key to all we do, the school has a clear policy which was updated this year. Since then we have had a major world pandemic which had a detrimental effect on our way of life. The school worked with parents and were able to demonstrate that health and safety are our first priority.

Our Charitable ventures this year have, as ever, proved very successful, not only for the recipients but also in widening our children's knowledge about the world around them. Our Harvest Festival offerings were once again donated to the Brentwood Catholic Children's Society and were then, in turn, shared and distributed to families in need in East London and areas of Essex. The Society's representatives were overwhelmed with the kindness and generosity of our school community.

Donations from events and collections have exceeded £2,500; a wide variety of charities have been supported including Clowns in the sky, Children in Need, Brentwood Catholic Children’s Society, Alzheimer’s Society, St Francis Hospice, Diabetes UK, Poppy Scotland, Little Havens Hospice and First Step.

Building and maintenance work during the year included painting the outside of the Old School, redecorating the Teachers staff room, clearing and cleaning the boundaries around the school. The replacement of entrance gates in both South and North Drives together with a new CCTV system improved our security immensely, we have since upgraded our system in and around the school.

Public benefit statement

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The trustees consider that the activities outlined above satisfy the public benefit requirements.

Fundraising standards information

The school does not actively fundraise and does not hold any agreements with professional fundraisers or commercial participators.

Covid-19 pandemic

The World Health Organization declared the novel Coronavirus (COVID-19) outbreak a pandemic on 11 March 2020. The pandemic and the measures to control its human impact have resulted in disruptions to economic activity, business operations and asset prices. T he scale and duration of this pandemic for the charity remains uncertain but ultimately may impact income , cash flow and financial condition.

Financial review

The school's principal source of income is school fees. The total incoming resources for the year was £ 1,283,847 (201 9 : £ 1,618,753 ).

Total resources expended in the year was £ 1,456,968 (2019: £ 1,373,310 ). The net expenditure for the year

was £ 173,121 (201 9 : net income £ 245,443 ).

Total assets less liabilities amounted to £1,320,001 (2019: £1,493,122), which is represented by the accumulated balances on the restricted fund, general unrestricted funds and designated funds.

Reserves policy

The reserves of the charity are primarily held to finance the day to day running costs of the school.

It is the policy of the trustees that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the school’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

ST. MARY'S HARE PARK SCHOOL

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2020

Risk management

The trustees have assessed the major risks to which the charity is exposed which includes the financing of the school's operations. The trustees are satisfied that systems are in place to mitigate exposure to the major risks .

Plans for the future

The trustees' strategy is one of continuing improvement including:

Structure, governance and management

The charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association which were signed by the subscribers on the 11th November 1987. The school is a registered charity registered under the name St. Mary's Hare Park School.

The trustees, who are also the directors for the purpose of company law, and who served during the year were:

Mrs. G. Spencer Mr. P. Doman Mr. V. Fellows

The trustees may appoint any member of the school as a trustee of the charity and at any time. This is usually done to replace a vacancy but it can be done to add to the number of trustees. Trustees appointed in this manner shall retain this position only until the next Annual General Meeting, however at this point they shall be eligible for re-election.

None of the trustees has any beneficial interest in the company.

All new trustees must undergo a day of orientation in order to brief them on their legal obligation u nder both charity and company law, the content of the Memorandum and Articles of Association, the school and decision making process, the future business plans and the financial performance of the charity.

The day to day manag e ment of the school is delegated to the Headteacher; however, the decisions regarding the overall direction of the school are determined by the trustees. The trustees meet as a group to make decisions about the budget, the long term plans of the school and also monitor the information they receive with respect to performance.

Auditor

A resolution proposing that Citroen Wells be reappointed as auditors of the company will be put to the members.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

ST. MARY'S HARE PARK SCHOOL

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2020

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' r eport was approved by the Board of Trustees.

..............................

Mrs. G. Spencer Trustee Dated: .........................

ST. MARY'S HARE PARK SCHOOL

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2020

The trustees, who are also the directors of St. Mary's Hare Park School for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ST. MARY'S HARE PARK SCHOOL

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST. MARY'S HARE PARK SCHOOL

Opinion

We have audited the accounts of St. Mary's Hare Park School (the ‘charity’) for the year ended 31 August 2020 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and the notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 charity 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and 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.

ST. MARY'S HARE PARK SCHOOL

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ST. MARY'S HARE PARK SCHOOL

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees, (who are also directors of the charitable company for the purposes of company law), are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustee s determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Citroen Wells ......................... Chartered Accountants Devonshire House Statutory Auditor 1 Devonshire Street London W1W 5DR

Citroen Wells is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006

ST. MARY'S HARE PARK SCHOOL

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2020

Unrestricted
Restricted
funds
funds
2020
2020
Notes
£
£
Income from:
Donations and legacies
3
-
-
Charitable activities
4
1,266,298
-
Other trading activities
5
395
-
Investments
6
17,154
-
Total income
1,283,847
-
Expenditure on:
Charitable activities
7
1,455,019
1,949
Net (expenditure)/income
for the year/
Net movement in funds
(171,172)
(1,949)
Fund balances at 1
September 2019
1,487,049
6,073
Fund balances at 31
August 2020
1,315,877
4,124		 TotalUnrestricted
funds
2020
2019
£
£
-
8,586
1,266,298
1,591,216
395
476
17,154
17,470
1,283,847
1,617,748
1,456,968
1,369,069
(173,121)
248,679
1,493,122
1,238,370
1,320,001
1,487,049		 Restricted
funds
2019
£
1,005
-
-
-
1,005
4,241
(3,236)
9,309
6,073		 Total
2019
£
9,591
1,591,216
476
17,470
1,618,753
1,373,310
245,443
1,247,679
1,493,122

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

ST. MARY'S HARE PARK SCHOOL

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2020

Notes
Fixed assets
Property, plant and equipment
10
Investment properties
11
Current assets
Inventories
12
Trade and other receivables
13
Cash at bank and in hand
Current liabilities
14
Net current assets
Total assets less current liabilities
Non-current liabilities
15
Net assets
Income funds
Restricted funds
16
Unrestricted funds
Designated funds
17
General unrestricted funds		 2020
£
£
124,460
320,000
444,460
2,792
40,733
1,337,388
1,380,913
(195,697)
1,185,216
1,629,676
(309,675)
1,320,001
4,124
655,226
660,651
1,315,877
1,320,001		 2019
£
£
102,215
320,000
422,215
3,217
47,252
1,527,362
1,577,831
(160,644)
1,417,187
1,839,402
(346,280)
1,493,122
6,073
487,159
999,890
1,487,049
1,493,122

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2020, although an audit has been carried out under section 144 of the Charities Act 2011.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ST. MARY'S HARE PARK SCHOOL

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 AUGUST 2020

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The accounts were approved by the Trustees on .........................

.............................. Mrs. G. Spencer Trustee

Company Registration No. 02203226

ST. MARY'S HARE PARK SCHOOL

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
20
Investing activities
Purchase of property, plant and equipment
Investment income
Net cash used in investing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2020
£
£
(123,979)
(83,149)
17,154
(65,995)
(189,974)
1,527,362
1,337,388		 2019
£
£
130,767
(43,928)
17,470
(26,458)
104,309
1,423,053
1,527,362

ST. MARY'S HARE PARK SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1 Accounting policies

Charity information

St. Mary's Hare Park School is a private company limited by guarantee incorporated in England and Wales. The charity's principle address is St. Mary's Hare Park School, South Drive, Gidea Park, Romford, RM2 6HH.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

The World Health Organization declared the novel Coronavirus (COVID-19) outbreak a pandemic on 11 March 2020. The pandemic and the measures to control its human impact have resulted in disruptions to economic activity, business operations and asset prices.

The charity has a strong balance sheet, which should see it through the current crisis . A s a result, t he trustees, at the time of approving the financial statements, have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

However, the scale and duration of this pandemic for the charity remains uncertain but ultimately may impact income , cash flow and financial condition.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount .

ST. MARY'S HARE PARK SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

1 Accounting policies

(Continued)

1.5 Expenditure

Charitable expenditure comprises expenses incurred directly in pursuance of the advancement of the charity's principle charitable objectives and are accounted for on an accruals basis.

Resources expended that are attributable to more than one heading of expenditure are apportioned accordingly. The apportionment is based on an estimate of the resources expended in each area.

1.6 Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

School building Over the term of the lease of the school's premises Computer equipment Straight line over 3 years Fixtures, fittings & equipment Straight line over 5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially measured at cost and subsequently measured using the fair value model and stated at its fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in net income/(expenditure) for the year.

1.8 Impairment of non-current assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount . Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at revalued amount where the impairment loss is a revaluation decrease.

1.9 Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell . Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less .

ST. MARY'S HARE PARK SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

1 Accounting policies

(Continued)

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other payables are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

The charity operates a defined contribution pension scheme. Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme.

1.14 Bond scheme

A Bond Scheme is used as a means of generating additional income. A single payment equivalent to one term's fees is required when the child commences school. This is an interest-free loan redeemable when the child completes Year 6 (any refund before this age is at the discretion of the Board of Trustees ). Accordingly, bonds in respect of children who have completed Year 5 in the year under review are treated as creditors due within one year, all other bonds are treated as creditors due after more than one year.

ST. MARY'S HARE PARK SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

1 Accounting policies

(Continued)

1.15 Coronavirus Job Retention Scheme

The Coronavirus Job Retention Scheme (CJRS) results in cash payments from the government to compensate employers for part of the wages, associated national insurance contributions (NICs) and employer pension contributions of employees who have been placed on furlough (i.e. placed on a temporary leave of absence from working for the employer).

The CJRS grant is recognised under the accrual model, and is recognised as income on a systematic basis over the periods in which the charity recognises the related costs for which the grant is intended to compensate. As such the income from the grant is recognised on a straight line basis over the furlough period for each relevant employee.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Donations and gifts
For the year ended 31 August 2019
Charitable activities
Income within charitable activities
Government grant income		 Unrestricted
Restricted
funds
funds
2020
2020
£
£
-
-
8,586
1,005
School fees
Nursery
school fees
Other school
income
2020
2020
2020
£
£
£
1,181,976
24,390
18,626
41,306
-
-
1,223,282
24,390
18,626		 Total
2020
£
-
Total
2020
£
1,224,992
41,306
1,266,298		 Total
2019
£
9,591
9,591
Total
2019
£
1,591,216
-
1,591,216

4 Charitable activities

ST. MARY'S HARE PARK SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

5 Other trading activities

2020
£
Commissions and other trading activities
395
Investments
Unrestricted
funds
2020
£
Rental income
14,400
Interest receivable
2,754
17,154		 2019
£
476
Total
2019
£
14,400
3,070
17,470

6 Investments

7 Charitable activities

Staff costs
Depreciation and impairment
General schooling costs
Bursaries
Governance costs
Operating lease rentals		 Teaching
£
1,060,055
-
-
-
-
-
1,060,055		 Premises
costs
Support
costs of
schooling
£
£
-
-
5,840
54,165
131,718
153,035
-
21,630
-
15,525
15,000
-
152,558
244,355		 Total
2020
£
1,060,055
60,005
284,753
21,630
15,525
15,000
1,456,968		 Total
2019
£
1,012,081
33,714
265,008
21,938
25,569
15,000
1,373,310

Governance costs includes payments to the auditors of £ 5,880 ( 2019: £ 5,880 ) for audit fees and £ 5,880 ( 2019: £ 5,880 ) for other accountancy services.

8 Trustees and key management remuneration

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

ST. MARY'S HARE PARK SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

9 Employees

Number of employees

The average monthly number of employees during the year was:

Teachers
Teaching assistants
Administration
Other
Employment costs
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was £60,000 or
more were:
£80,000 to £90,000		 2020
Number
16
21
3
3
43
2020
£
946,016
81,835
32,204
1,060,055
2020
Number
1		 2019
Number
16
19
3
3
41
2019
£
906,136
75,023
30,922
1,012,081
2019
Number
1

Of the employees whose emoluments exceed £60,000, one (201 9 : one ) had retirement benefits accruing under defined contribution pension schemes. Contributions totalling £ 6,235 (201 9 : £ 5,818 ) were made to defined contribution pension schemes on behalf of employees whose emoluments exceed £60,000.

ST. MARY'S HARE PARK SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

10 Property, plant and equipment

Cost
At 1 September 2019
Additions
Disposals
At 31 August 2020
Depreciation and impairment
At 1 September 2019
Depreciation charged in the year
Eliminated in respect of disposals
At 31 August 2020
Carrying amount
At 31 August 2020
At 31 August 2019
11
Investment property
Fair value
At 1 September 2019 and 31 August 2020		 School
building
Computer
equipment
Fixtures,
fittings &
equipment
£
£
£
86,306
132,620
403,470
-
69,677
13,472
-
(60,212)
-
86,306
142,085
416,942
68,788
110,898
340,495
5,840
30,982
23,183
-
(59,313)
-
74,628
82,567
363,678
11,678
59,518
53,264
17,518
21,722
62,975		 Total
£
622,396
83,149
(60,212)
645,333
520,181
60,005
(59,313)
520,873
124,460
102,215
2020
£
320,000

The investment property has been valued at 31 August 2020 by the trustees of the charitable company.

12
Inventories
Finished goods and goods for resale
13
Trade and other receivables
Amounts falling due within one year:
Trade receivables
Other receivables		 2020
£
2,792
2020
£
3,807
36,926
40,733		 2019
£
3,217
2019
£
-
47,252
47,252

ST. MARY'S HARE PARK SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

14
Current liabilities
Other taxation and social security
Deferred income
Trade payables
Other payables
Accruals
15
Non-current liabilities
Other payables		 2020
£
22,319
43,232
23,089
82,648
24,409
195,697
2020
£
309,675		 2019
£
20,079
29,335
22,812
55,203
33,215
160,644
2019
£
346,280

16 Restricted funds

The income funds of the charity include restricted funds comprising the following balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds
Balance at Incoming Resources Balance at Resources Balance at
1 September resources expended 1 September expended 31 August
2018 2019 2020
£ £ £ £ £ £
Outdoor play area shelter 5,169 - (1,292) 3,877 (1,292) 2,585
Bike shelter 1,665 - (501) 1,164 (501) 663
Portable hearing loop 400 - - 400 - 400
Laptop fund 2,075 - (2,075) - - -
Greenhouse - 1,005 (373) 632 (156) 476
9,309 1,005 (4,241) 6,073 (1,949) 4,124

ST. MARY'S HARE PARK SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

17 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 September
2018
£
Dilapidations
39,000
Property improvements
452,000
Garden maintenance
8,501
499,501		 Resources
expended
Balance at
1 September
2019
£
£
-
39,000
(6,911)
445,089
(5,431)
3,070
(12,342)
487,159		 Resources
expended
£
-
(10,197)
(4,236)
(14,433)		 Transfers
£
-
152,500
30,000
182,500		 Balance at
31 August
2020
£
39,000
587,392
28,834
655,226

The trustees have set aside the above designated funds for specific purposes indicated.

18 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
£
£
Fund balances at 31 August 2020 are represented by:
Property, plant and equipment
120,736
3,724
Investment properties
320,000
-
Current assets/(liabilities)
1,184,816
400
Long term liabilities
(309,675)
-
1,315,877
4,124		 Total
£
124,460
320,000
1,185,216
(309,675)
1,320,001

19 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2020
£
15,000
16,192
31,192		 2019
£
15,000
31,192
46,192

ST. MARY'S HARE PARK SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

20
Cash generated from operations
2020
£
(Deficit)/surpus for the year
(173,121)
Adjustments for:
Investment income recognised in statement of financial activities
(17,154)
Depreciation and impairment of property, plant and equipment
60,005
Movements in working capital:
Decrease in inventories
425
Decrease/(increase) in trade and other receivables
6,519
(Decrease) in trade and other payables
(14,550)
Increase/(decrease) in deferred income
13,897
Cash (absorbed by)/generated from operations
(123,979)		 2019
£
245,443
(17,470)
33,714
185
(25,480)
(91,740)
(13,885)
130,767