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2021-08-31-accounts

DocuSign Envelope ID: 1914377D-24B7-41A3-9B2A-5B03505855D2

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 2021

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ST. MARY'S HARE PARK SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs. G. Spencer Mr. V. Fellows Mr. F. Jones (Appointed 8 January 2021) 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

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ST. MARY'S HARE PARK SCHOOL

CONTENTS

Page
Trustees' report 1 - 5
Independent auditor's report 6 - 8
Statement of financial activities 9
Statement of financial position 10 - 11
Statement of cash flows 12
Notes to the financial statements 13 - 25

DocuSign Envelope ID: 1914377D-24B7-41A3-9B2A-5B03505855D2

ST. MARY'S HARE PARK SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

The trustees present their report and financial statements for the year ended 31 August 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements 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 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 158 pupils (2020: 177) being the total number of pupils for the main school and the nursery.

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."

In September 2020 we appointed a new head teacher replacing the headteacher who retired after over 30 years or service

The new headteacher took over during the COVID 19 pandemic and has settled well.

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ST. MARY'S HARE PARK SCHOOL

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

Parents were informed by letter and an extract of the headteacher letter to parents is included below.

“It gives me great pleasure to write to you all having just accepted the role of head teacher at St Mary’s Hare Park School as from September 2020.

During my recent visit and interview I had the opportunity to meet with Mrs K, the staff and children of your wonderful school. I was instantly taken by the warmth and joy that enveloped me and must say that I am both honored and excited to be joining the St Mary’s Hare Park ‘family’."

It was a difficult year for parents, staff, trustees and children, but, by working together as a team and following COVID19 guidelines and procedures, we were able to provide stability for the school community.

Our academic result 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.

Following a meeting with the trustees and the head teacher, to review the Ofsted report of 2019, it was decided that the school should join ISA (Independent School Association) The benefits of joining the ISA are numerous and will enable the school to use the many resources including training that ISA offers.

It was felt that since we are an independent school, we should be part of an organisation that specialises in judging and supporting independent schools. The last OFSTED report was felt by the school, that the inspectors did not appreciate or consider fairly, the subtle and key differences between state and independent schools.

Joining the ISA gives the school access to a wealth of resources and opportunities including; excellent training and CPD developed for independent schools, at reduced rates, a calendar of sporting events and many competitions and events for the arts, which gives our school fantastic opportunities to team up with other ISA schools.

We have just had our first taste of 'success' when a student in Y5 came first out of 240 schools, in the Shakespearean Monologue competition, for example.

Having the status of an ISA school, should also appeal to prospective new families who will hopefully see this as a strong indicator of an excellent education for their child.

Safeguarding and Wellbeing for children and staff are key to all we do, the school has a clear policy which is updated yearly. During the pandemic, which had an enormous impact on school life, we ensured that parents and visitors understood that Health and Safety was our first priority. Having clear policies and procedures ensure that all staff and pupils were at the forefront of every decision made.

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.

DocuSign Envelope ID: 1914377D-24B7-41A3-9B2A-5B03505855D2

ST. MARY'S HARE PARK SCHOOL

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

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.

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

Financial review

The school's principal source of income is school fees. The total incoming resources for the year was £1,400,241 (2020: £1,283,847).

Total resources expended in the year was £1,504,487 (2020: £1,456,968). The net expenditure for the year was £74,246 (2020: £173,121).

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.

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 and up to the date of signature of the financial statements were:

Mrs. G. Spencer Mr. P. Doman (Resigned 21 December 2020) Mr. V. Fellows Mr. F. Jones (Appointed 8 January 2021)

(Resigned 21 December 2020)

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ST. MARY'S HARE PARK SCHOOL

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

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 under 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 management 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.

Statement of trustees' responsibilities

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.

Auditor

The auditor, Citroen Wells, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

DocuSign Envelope ID: 1914377D-24B7-41A3-9B2A-5B03505855D2

ST. MARY'S HARE PARK SCHOOL

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

Trustees' report and small companies exemption

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

The trustees' report was approved by the Board of Trustees.

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

Mrs. G. Spencer Trustee 26/5/2022 Dated: .........................

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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 financial statements of St. Mary's Hare Park School (the ‘charity’) for the year ended 31 August 2021 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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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 (Accounts and Reports) Regulations 2008 require 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 trustees 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.

The 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 design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

DocuSign Envelope ID: 1914377D-24B7-41A3-9B2A-5B03505855D2

ST. MARY'S HARE PARK SCHOOL

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

Our approach was as follows:

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// 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.

Kim Youle FCA (Senior Statutory Auditor) 26/5/2022 for and on behalf of Citroen Wells ......................... Chartered Accountants Statutory Auditor Devonshire House 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 of section 1212 of the Companies Act 2006.

DocuSign Envelope ID: 1914377D-24B7-41A3-9B2A-5B03505855D2

ST. MARY'S HARE PARK SCHOOL

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2021

Unrestricted Restricted Total Unrestricted Total Unrestricted Restricted Total
funds funds funds funds
2021 2021 2021 2020 2020 2020
Notes £ £ £ £ £ £
Income from:
Donations and legacies 3 744 - 744 - - -
Charitable activities 4 1,383,939 - 1,383,939 1,266,298 - 1,266,298
Other trading activities 5 185 - 185 395 - 395
Investments 6 15,373 - 15,373 17,154 - 17,154
Total income 1,400,241 - 1,400,241 1,283,847 - 1,283,847
Expenditure on:
Charitable activities 7 1,502,538 1,949 1,504,487 1,455,019 1,949 1,456,968
Net gains/(losses) on
investments 11 30,000 - 30,000 - - -
Net expenditure for the year/
Net movement in funds (72,297) (1,949) (74,246) (171,172) (1,949) (173,121)
Fund balances at 1
September 2020 1,315,877 4,124 1,320,001 1,487,049 6,073 1,493,122
Fund balances at 31
August 2021 1,243,580 2,175 1,245,755 1,315,877 4,124 1,320,001

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.

DocuSign Envelope ID: 1914377D-24B7-41A3-9B2A-5B03505855D2

ST. MARY'S HARE PARK SCHOOL

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2021

AS AT 31 AUGUST 2021 AS AT 31 AUGUST 2021 AS AT 31 AUGUST 2021 AS AT 31 AUGUST 2021
Notes
Fixed assets
Property, plant and equipment
12
Investment properties
13
Current assets
Inventories
14
Trade and other receivables
15
Cash at bank and in hand
Current liabilities
16
Net current assets
Total assets less current liabilities
Non-current liabilities
17
Net assets
Income funds
Restricted funds
19
Unrestricted funds
Designated funds
20
General unrestricted funds		 2021
£
£
95,765
350,000
445,765
2,792
25,862
1,250,256
1,278,910
(189,930)
1,088,980
1,534,745
(288,990)
1,245,755
2,175
640,148
603,432
1,243,580
1,245,755		 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
444,460
1,185,216
1,629,676
(309,675)
1,320,001
4,124
1,315,877
1,320,001

DocuSign Envelope ID: 1914377D-24B7-41A3-9B2A-5B03505855D2

ST. MARY'S HARE PARK SCHOOL

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 AUGUST 2021

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 2021, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors 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.

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

26/5/2022

The financial statements were approved by the Trustees on .........................

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

Mrs. G. Spencer Trustee

Company Registration No. 02203226

DocuSign Envelope ID: 1914377D-24B7-41A3-9B2A-5B03505855D2

ST. MARY'S HARE PARK SCHOOL

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021

2021 2020
Notes £ £ £ £
Cash flows from operating activities
Cash absorbed by operations 24 (68,553) (123,979)
Investing activities
Purchase of property, plant and equipment (33,952) (83,149)
Investment income received 15,373 17,154
Net cash used in investing activities (18,579) (65,995)
Net cash used in financing activities - -
Net decrease in cash and cash equivalents (87,132) (189,974)
Cash and cash equivalents at beginning of year 1,337,388 1,527,362
Cash and cash equivalents at end of year 1,250,256 1,337,388

DocuSign Envelope ID: 1914377D-24B7-41A3-9B2A-5B03505855D2

ST. MARY'S HARE PARK SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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 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 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 amounts in these financial statements are rounded to the nearest pound sterling.

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

At the time of approving the financial statements, the trustees 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.

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.

DocuSign Envelope ID: 1914377D-24B7-41A3-9B2A-5B03505855D2

ST. MARY'S HARE PARK SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

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 recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

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 costs and the estimated net present value.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

DocuSign Envelope ID: 1914377D-24B7-41A3-9B2A-5B03505855D2

ST. MARY'S HARE PARK SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting policies

(Continued)

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.

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and bank loans 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 payments 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.

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 Interest free loans (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.

DocuSign Envelope ID: 1914377D-24B7-41A3-9B2A-5B03505855D2

ST. MARY'S HARE PARK SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting policies

(Continued)

1.15 Coronavirus Job Retention Scheme

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable.

The charity received grant income from the UK government during the year as part of a support package for businesses affected by COVID-19.

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.

The trustees do not consider there to be any critical accounting estimates or judgements during the current or prior year.

3 Donations and legacies

Unrestricted Total
funds
2021 2020
£ £
Donations and gifts 744 -

Docusign En¥ÈlopÈ ID". 1914377D-24B741A3-9B2A-SB03505855D2

DocuSign Envelope ID: 1914377D-24B7-41A3-9B2A-5B03505855D2

ST. MARY'S HARE PARK SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

5 Other trading activities

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Commission and other trading activities 185 395

6 Investments

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Rental income 14,400 14,400
Interest receivable 973 2,754
15,373 17,154

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DocuSign Envelope ID: 1914377D-24B7-41A3-9B2A-5B03505855D2

ST. MARY'S HARE PARK SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

8 Support costs

Support costs
Audit fees
Legal and professional
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
-
12,000
-
5,790
-
17,790
-
17,790		 2021
£
12,000
5,790
17,790
17,790		 Support
costs
Governance
costs
£
£
-
12,480
-
3,045
-
15,525
-
15,525		 2020
£
12,480
3,045
15,525
15,525

Governance costs includes payments to the auditors of £12,000 (2020: £12,000) for audit fees.

9 Employees

The average monthly number of employees during the year was:

2021
Number
Teachers
16
Teaching assistants
17
Administration
4
Other
3
Total
40
Employment costs
2021
£
Wages and salaries
963,750
Social security costs
79,065
Other pension costs
27,465
1,070,280
The number of employees whose annual remuneration was £60,000 or more were:
2021
Number
£80,000 to £90,000
1		 2020
Number
16
21
3
3
43
2020
£
946,016
81,835
32,204
1,060,055
2020
Number
1

The employee whose emoluments exceed £60,000 had retirement benefits accruing under defined contribution pension schemes.

DocuSign Envelope ID: 1914377D-24B7-41A3-9B2A-5B03505855D2

ST. MARY'S HARE PARK SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

10 Trustees

During the year, a trustee was paid £26,000 for HR and Administrative services provided to the charity (2020: £nil). The charity also re-imbursed expenses of £672 to this trustee (2020 £123).

11 Net gains/(losses) on investments

2021
£
Gain on revaluation of investment properties
30,000
Property, plant and equipment
School
building
Computer
equipment
Fixtures,
fittings &
equipment
£
£
£
Cost
At 1 September 2020
86,306
142,085
416,942
Additions
-
12,683
21,269
At 31 August 2021
86,306
154,768
438,211
Depreciation and impairment
At 1 September 2020
74,628
82,567
363,678
Depreciation charged in the year
5,840
34,248
22,559
At 31 August 2021
80,468
116,815
386,237
Carrying amount
At 31 August 2021
5,838
37,953
51,974
At 31 August 2020
11,678
59,518
53,264		 2020
£
-
Total
£
645,333
33,952
679,285
520,873
62,647
583,520
95,765
124,460

12 Property, plant and equipment

13 Investment property

Fair value
At 1 September 2020
Revaluation
At 31 August 2021		 2021
£
320,000
30,000
350,000

DocuSign Envelope ID: 1914377D-24B7-41A3-9B2A-5B03505855D2

ST. MARY'S HARE PARK SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

13 Investment property

(Continued)

The investment property has been valued at 31 August 2021 by the trustees of the charitable company.

14
Inventories
Finished goods and goods for resale
15
Trade and other receivables
Amounts falling due within one year:
Trade receivables
Prepayments and accrued income
16
Current liabilities
Notes
Other taxation and social security
Deferred income
18
Trade payables
Other payables
Accruals
17
Non-current liabilities
Other payables
18
Deferred income
School fees paid in advance		 2021
£
2,792
2021
£
6,067
19,795
25,862
2021
£
19,349
44,998
31,531
67,707
26,345
189,930
2021
£
288,990
2021
£
44,998		 2020
£
2,792
2020
£
3,807
36,926
40,733
2020
£
22,319
43,232
23,089
82,648
24,409
195,697
2020
£
309,675
2020
£
43,232

DocuSign Envelope ID: 1914377D-24B7-41A3-9B2A-5B03505855D2

ST. MARY'S HARE PARK SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

19 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:

Balance at Resources Balance at Resources Balance at
1 September expended 1 September expended 31 August
2019 2020 2021
£ £ £ £ £
Outdoor play area shelter 3,877 (1,292) 2,585 (1,292) 1,293
Bike shelter 1,164 (501) 663 (501) 162
Portable hearing loop 400 - 400 - 400
Greenhouse 632 (156) 476 (156) 320
6,073 (1,949) 4,124 (1,949) 2,175

20 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 Resources Transfers Balance at Resources Balance at
1 September expended 1 September expended 31 August
2019 2020 2021
£ £ £ £ £ £
Dilapidations 39,000 - - 39,000 - 39,000
Property
improvements 445,089 (10,197) 152,500 587,392 (15,078) 572,314
Garden maintenance 3,070 (4,236) 30,000 28,834 - 28,834
487,159 (14,433) 182,500 655,226 (15,078) 640,148

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

DocuSign Envelope ID: 1914377D-24B7-41A3-9B2A-5B03505855D2

ST. MARY'S HARE PARK SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

21
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2021
2021
£
£
Fund balances at 31 August 2021 are represented by:
Property, plant and
equipment
93,990
1,775
Investment properties
350,000
-
Current assets/
(liabilities)
1,088,580
400
Long term liabilities
(288,990)
-
1,243,580
2,175		 Total Unrestricted
funds
Restricted
funds
2021
2020
2020
£
£
£
95,765
120,736
3,724
350,000
320,000
-
1,088,980
1,184,816
400
(288,990)
(309,675)
-
1,245,755
1,315,877
4,124		 Total
2020
£
124,460
320,000
1,185,216
(309,675)
1,320,001

22 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		 2021
£
23,051
13,965
37,016		 2020
£
15,000
16,192
31,192

23 Related party transactions

There were no disclosable related party transactions during the current or prior year, other than those noted in the Trustees note 10 (2020: none).

DocuSign Envelope ID: 1914377D-24B7-41A3-9B2A-5B03505855D2

ST. MARY'S HARE PARK SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

24
Cash generated from operations
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
Fair value gains and losses on investment properties
Depreciation and impairment of property, plant and equipment
Movements in working capital:
(Increase)/decrease in inventories
Decrease in trade and other receivables
(Decrease) in trade and other payables
Increase in deferred income
Cash absorbed by operations		 2021
2020
£
£
(74,246)
(173,121)
(15,373)
(17,154)
(30,000)
-
62,647
60,005
-
425
14,871
6,519
(28,218)
(14,550)
1,766
13,897
(68,553)
(123,979)