DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
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 2022
DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
F. Jones K. Wilson B. Olofinjana
(Appointed 1 June 2022) (Appointed 1 June 2022)
Charity number 298326
Company number 02203226
South Drive Gidea Park Romford Essex RM2 6HH
Principal address
- Auditor Citroen Wells Chartered Accountants Devonshire House 1 Devonshire Street London W1W 5DR
DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
CONTENTS
| D | raft for discussio Page Trustees' report 1 - 7 Independent auditor's report 8 - 10 Statement of financial activities 11 Statement of financial position 12 Statement of cash flows 13 Notes to the financial statements 14 - 25 |
n |
DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2022
The trustees present their annual report and financial statements for the year ended 31 August 2022.
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, Activities and Performance
School Vision 2022
Workshops were held with the school council (pupils), class representatives (parents) and staff over a course of several weeks, to review our school vision and values. All groups appreciated the opportunity to contribute their thoughts and feelings with regards to our school’s vision for the future, and how they themselves identify with this vision. As a result, the SLT proposed a new school vision which was approved by all stakeholders:
several weeks, to review our school vision and values. All groups appreciated the opportunity to contribute their thoughts and feelings with regards to our school’s vision for the future, and how they themselves identify with this vision. As a result, the SLT proposed a new school vision which was approved by all stakeholders: Our school vision is to provide within a nurturing and respectful community, a diverse and inspirational learning experience delivered by skilled, passionate staff to motivated pupils. We aim to empower each child towards striving for excellence and fulfilling their full potential. From the suggestions and contributions, four core values have been identified: C - Care O - Opportunity R - Respect E - Excellence These four values have been reviewed and given context for the children both in the classroom and in whole school assemblies. The objective is that with one unified school vision, we can all, staff and children, work towards one common goal in harmony. Pupils Currently we have 141 pupils on roll. There are two classes (Years 2 and 3) which have the optimum number of students being 21/22.
Projected numbers of pupils for September 2022 are 135 rising to 141 in January. These figures are in line with the current year, but are still below the desired numbers as discussed with Trustees.
Plans are being put in place to review the school’s approach to marketing with the aim of attracting new families and increasing pupil numbers significantly.
An action plan is being prepared which will focus on the most effective strategies to employ. These will include two open days, improved quality of website, introduction of approved social media platforms (such as Twitter, Instagram and LinkedIn), high quality advertisements, school brochures and leaflets. A team including staff, Trustees and parents will be assembled to oversee the implementation of the action plan.
Covid Cases
After an initial start of the year with relatively high numbers of cases across the Year groups and including staff, there were no reported positive cases in pupils since the Easter period.
Secondary Places
Our current Year 6 class were very successful in securing their first choices for schools following excellent results in the 11+ exams sat last September. Half of the class were accepted to their first choice Grammar school and the rest to local independent or comprehensive schools.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
Pupil Data
The latest data collected following end of Spring term tests show that the school is continuing to produce an excellent standard of academic achievement, especially when taking into account the impact of the pandemic on lost curriculum time this last two years. Reading and Maths results commonly show that our classes achieve exceeding and above percentages of 75% and more. A key area of focus identified for improvement next school year is writing, which is very much in common with national trends. In addition, a review will be made of the current provision for our able and talented children, and how this will be supported, monitored and tracked from September 2022/23.
School council met with the Head Teacher on a regular weekly basis, and have been very proactive in representing their respective classes. Their main themes for discussion are based on environmental initiatives that we would like the school to implement. This led to the delivery of a new composting device called a ‘Ridon’ which will recycle food waste from the lunch room. We have also secured new recycling wheely-bins from Havering Council to recycle plastic and paper waste on a weekly basis.
Lamda Three classes have sat Lamda exams over the course of the year, and once again are results have been outstanding. Year 6: Solo speaking Exams - all children entered received ‘distinction’. Year 5: Solo speaking Exams - - all children entered received ‘distinction’. Year 2: Solo speaking Exams all children entered passed with the majority receiving ‘distinction’. Sporting Events Following the excellent work of our PE team led by PE coordinator, children of all ages from Years 1-6 were entered for numerous competitions this year including; athletics, tag rugby, badminton, football, tennis and cricket. Our boys cricket team having won their category and will be played in the finals. ISA Events The school entered children for art and drama events for the first time with some excellent results. In the Shakespearean Monologue competition, a Year 5 pupil was the overall winner (nationally) in the Key Stage 2 category, a truly outstanding achievement. The school has recently participated in the ISA Platinum Jubilee Design Challenge, where the judges selected the work of two Year 5 students and that of the Year 2 class, to feature in their final online gallery of all work submitted by ISA schools nationally.
The school has recently participated in the ISA Platinum Jubilee Design Challenge, where the judges selected the work of two Year 5 students and that of the Year 2 class, to feature in their final online gallery of all work submitted by ISA schools nationally. We anticipate investing more time and preparation towards taking part further in events in a number of categories including sports, arts, music and drama next school year.
School Events
The school has been able to host a number of events previously suspended due to Covid restrictions in place. This year we have had a maths and science week, which were both hugely successful. Staff prepared a number of engaging activities to celebrate these subjects with all year groups, and we invited a number of guests who brought their talents and enthusiasm to our school to extend the children further.
Children’s mental health week was held during February. This was the first time that the school had participated in the event, which is linked with the introduction of mental health awareness activities within our PSHE scheme, and tied to parts of our RE scheme too.
We held our first every French Day in February 2022. Led by our French teacher Mrs Kemp, the school turned blue, white and red for the day. The French language and culture was given the spotlight for the day supported by a visiting French theatre group and some of our native French speaking parents. The day was a huge success.
Book week: World book day and the book fair all took place in March 2022. As always, the activities proved to be very successful, most importantly in promoting the importance and enjoyment of reading.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
The Queen’s Jubilee was celebrated in style. The School ran a number of jubilee themed workshops across the school. Lady Sidra Naeem (deputy lord lieutenant for Essex) was our VIP for the day and she presented an inspiring Assembly about the charitable work she has done during her life and about her relationship with the Queen. The Jubilee Tea Party, was the first time in the last two years that a whole school event involving parents had been held. The PTA prepared an amazing array of cakes and activities for the staff and children to enjoy. Lady Naeem presided over the official opening of the outdoor classroom as well, and this was followed by music from the school orchestra and choir. A truly memorable occasion for all involved.
In June the Sports day involving Years 1-6 took place at the local Cricket ground. An unprecedented number of families turned up to support the children at which was a fantastic event. The first-time sports day had been held offsite for many years, everyone appreciated the sense of community that was engendered and renewed.
After the success of two Christmas performances by our younger years in December, the Junior classes put on a Spring Music concert for their families. Led by our music teacher, individuals and pairs of children performed a variety of pieces from beginner to more advanced levels. These included violins, piano, flute, guitar, vocals, keyboard and drum performance from children of all ages. The school choir and orchestra performed a series of pieces on a wonderful night celebrating the musical talents of our children.
variety of pieces from beginner to more advanced levels. These included violins, piano, flute, guitar, vocals, keyboard and drum performance from children of all ages. The school choir and orchestra performed a series of pieces on a wonderful night celebrating the musical talents of our children. The school year ended with a school mass, prize giving ceremony, graduation ceremony and end of year production. Educational and Residential Trips The school has arranged a variety of opportunities for children of all ages to attend various sites for curricular and extra-curricular opportunities. School trips have been permitted in general, following the relative relaxing of Covid rules in public spaces. These include: Year 3 and 4 Farm Trip Year 1 and 2 Barbican Trip (interactive music concert) Year 5 and 6 visits to local places of worship Year 4 Stubbers outward bounds trip Year 6 visit to Duxford War Museum PGL Residential
Our Year 6 class spent three days at the PGL centre at Marchants Hill Adventure Centre in Surrey from the 11th to the 13th May. This was the first residential trip to an outward bounds centre of this nature for a number of years, and was very well received by parents. The trip was a huge success and a similar trip is being planned for next school year. Next year’s Year 6 class will also be attending the same centre in May 2023.We are in the process of planning a similar trip for a shorter time for our Year 5 class at a local centre in Danbury. This trip is planned for September 2022.
Attendance
Pupil attendance has been very good since the start of the Spring term. Currently this stands at 93% for the whole school, which includes children absent due to Covid cases.
We have not had any reported positive Covid cases in children or staff since the Easter period. Since January we have seen extended periods of absence due to illness for 2 staff members.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
Covid Preventative Measures
We have maintained most of our enhanced cleaning arrangements to help sanitise the school and prevent any further outbreaks. Bubbles have not been required, although in general we aim to keep the classes from mixing. We have continued to follow and adapt our procedures in line with both National and local recommendations.
Staff
We have seen a number of staff departures over the last term or so. Teachers leaving/ retiring and absences has meant more need of using supply teachers while a recruitment process took time to complete.
New Staff
After an extensive recruitment process the following new members of staff have been appointed to join our team in September Deputy Head/KS2 Teacher, 2 further KS2 Teachers, a KS1 Teacher and a Transition Teacher.
Staff Professional Development A series of professional development meetings were conducted with all members of staff. The key focus was on their alignment with the school vision, to celebrate their achievements and establish professional and wellbeing targets for the new school year. Staff have been encouraged to participate in training opportunities predominantly those offered by the ISA. All staff have received health and safety, first aid and safeguarding training since the start of this calendar year. Safeguarding The staff received all of the relevant updates regarding the latest ‘keeping children safe in education‘ document in the staff inset at the start of the school year. A new Designated Safeguarding Lead (DSL) has been appointed and the School has updated the school’s records and files on safeguarding. The DSL has attended all relevant webinars and meetings proposed by the Havering School Services and has established links with the relevant persons providing this essentials support. The staff completed the annual certificate in safeguarding though the national college platform. It was recommended that Trustees complete a safeguarding course designed for Trustees which was completed. The School sends out weekly safeguarding information and advice to parents attached to our school newsletter.
The School sends out weekly safeguarding information and advice to parents attached to our school newsletter. The safeguarding policy has been reviewed and updated.
RE Inspection (48)
We received a full RE Inspection 48 in March. The inspection proved to be a huge success and the school was awarded an outstanding grading in all aspects.
The final report states that:
"St Mary’s is a genuine worshipping community. Prayer is fundamental to the daily routine of school life and is recognised by pupils as a valuable part of what they do".
In addition, they comment that;
"The school’s Catholic identity is extremely strong and Pastoral care is exceptional”
iPads
An action plan had been agreed in conjunction with the company JTRS, who have been helping us to formulate our strategy and vision with regards to iPad integration. iPads continue to be implemented in the classroom, and with the creation of a new IT room and with plans to incorporate iPads into the Computing Curriculum on a regular basis, we are considering increasing our provision of iPads for the next academic year. This would be an important step towards improving the quality and diversity of learning in the classroom across all ages.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
Communication with Parents
The School continues to strive to improve communication with parents in a variety of ways. The school newsletter continues to be well received by parents who appreciate its colourful content and updates on what their children have been doing in school.
Discussions with parents are ongoing to consider ways in which the school and office can communicate more effectively with our families. This has seen improvements through emails via ISAMS and the introduction of Google forms as a way to gain parental consent efficiently for trips etc. However, there is still work to be done to make this more consistent and to aim for a ‘one stop shop’ solution, so that parents can receive communications in time and in one place.
School Website
The website has had an overhaul from the Head Teacher and is now full of content and the website has a much more complete look to it.
more complete look to it. Improvement to School Premises A number of transformations and improvements have been completed this year. The Transition class has moved to its new classroom on the ground floor (previously a Reception classroom). The room has been redecorated and includes some new furniture, wall to ceiling storage and most importantly a closer proximity to the outdoor space. The Year 1 class has been moved to the classroom previously occupied by Transition class. In the summer break, this class will move downstairs to take up the classroom now vacated by Reception class. The ‘old’ Year 1 class, has become the IT room. The server has been moved from the lodge, and is now positioned in the room adjacent to the new IT room. The corridor area outside these rooms, has received a much-needed coat of paint after years of neglect. This new IT room will receive some attention in the Summer break. It will need some new furnishings but the school already possess the hardware and key resources it needs. Reception class have now moved to the lodge. This classroom has been refurbished to include a small kitchen area and toilet facilities. It has also been redecorated and the majority of furniture and tables moved to these new surroundings. New furniture has been purchased and a new screen installed. The initial feedback from staff is extremely positive given the potential provided by these new spaces, which are much more conducive to allow for the quality of learning and surroundings required for an Early Years environment.
The initial feedback from staff is extremely positive given the potential provided by these new spaces, which are much more conducive to allow for the quality of learning and surroundings required for an Early Years environment. An architect has recently completed drawings for a proposal to extend the nursery building to increase the number of children that we can receive in the future. It is not anticipated that this work, if agreed, will go ahead before the summer of 2023.
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 £1,316,277 (2021: £1,400,241). Total resources expended in the year was £1,661,399 (2021: £1,504,487). The net expenditure for the year was £395,122 (2021: £74,246).
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
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 three 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 reduced during 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.
The trustees' strategy is one of continuing improvement including: - The replacement of the roof - it is hoped that our landlord will contribute to the replacement - Replacement of the boiler - it is hoped that our landlord will contribute to the replacement - The replacement and repairs of all windows - it is hoped that our landlord will contribute - An extension to the Nursery facilities is under consideration, which will enable us to increase the number of children in the nursery. 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: G. Spencer (Resigned 8 December 2022) V. Fellows (Resigned 1 June 2022) F. Jones K. Wilson (Appointed 1 June 2022) B. Olofinjana (Appointed 1 June 2022)
G. Spencer (Resigned 8 December 2022) V. Fellows (Resigned 1 June 2022) F. Jones K. Wilson (Appointed 1 June 2022) B. Olofinjana (Appointed 1 June 2022)
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 reelection.
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.
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.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and 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; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 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 In accordance with the company's articles, a resolution proposing that Citroen Wells be reappointed as auditor of the company will be put at a General Meeting. 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. 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' report was approved by the Board of Trustees.
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F. Jones
Trustee
26/5/2023 Date: ......................
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
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 2022 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).
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 August 2022 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 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
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.
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:
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the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
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adequate accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ST. MARY'S HARE PARK SCHOOL
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.
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. Our approach was as follows: � We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are those that relate to the reporting framework being the 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 (FRS102), the
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. Our approach was as follows: � We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are those that relate to the reporting framework being the 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 (FRS102), the Companies Act 2006, the Charities Act 2011, and the relevant direct and indirect tax compliance regulation in the United Kingdom.
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We understood how the charitable company is complying with those frameworks by making enquiries of management and seeking representations from those charged with governance. We corroborated our understanding by reviewing supporting documentation including board meeting minutes along with their procedures and policies in place to ensure compliance with the Department of Education.
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We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override of internal control and by designating revenue recognition as a fraud risk. We performed journal entry testing by specific risk criteria, with a focus on journals indicating large or unusual transactions based on our understanding of the business. We have performed a proof in total of income, and performed testing to verify the systems and controls.
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Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries of management and those charged with governance, review of legal and professional expenses and review of board meeting minutes.
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The charitable company is a regulated entity under the supervision of the Charities Commission. As such, the Senior Statutory Auditor considered the experience and expertise of the engagement team to ensure that the team had the appropriate competence and capabilities.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ST. MARY'S HARE PARK SCHOOL
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 company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the 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 company and the company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.
Kim Youle FCA (Senior Statutory Auditor) 26/5/2023 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 section 1212 of the Companies Act 2006.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2022
| FOR THE YEAR ENDED 31 AUGUST 2022 | FOR THE YEAR ENDED 31 AUGUST 2022 | FOR THE YEAR ENDED 31 AUGUST 2022 | FOR THE YEAR ENDED 31 AUGUST 2022 | FOR THE YEAR ENDED 31 AUGUST 2022 | |
|---|---|---|---|---|---|
| D | raft for di Unrestricted Restricted funds funds 2022 2022 Notes £ £ Income from: Donations and legacies 3 3,482 - Charitable activities 4 1,298,274 - Other trading activities 5 - - Investments 6 14,521 - Total income 1,316,277 - Expenditure on: Charitable activities 7 1,659,788 1,611 Net gains/(losses) on investments 11 (50,000) - Net expenditure for the year/ Net movement in funds (393,511) (1,611) Fund balances at 1 September 2021 1,243,580 2,175 Fund balances at 31 August 2022 850,069 564 |
scuss Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 3,482 744 - 1,298,274 1,383,939 - - 185 - 14,521 15,373 - 1,316,277 1,400,241 - 1,661,399 1,502,538 1,949 (50,000) 30,000 - (395,122) (72,297) (1,949) 1,245,755 1,315,877 4,124 850,633 1,243,580 2,175 |
Total 2021 £ 744 1,383,939 185 15,373 |
n ) |
|
1,400,241 |
|||||
1,504,487 |
|||||
30,000 |
|||||
(74,246 1,320,001 |
|||||
1,245,755 |
|||||
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. |
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2022
| AS AT 31 AUGUST 2022 | AS AT 31 AUGUST 2022 | AS AT 31 AUGUST 2022 | AS AT 31 AUGUST 2022 | AS AT 31 AUGUST 2022 | |
|---|---|---|---|---|---|
| D | raft for d 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 |
iscu 2022 £ £ 152,349 300,000 452,349 2,232 40,701 793,811 836,744 (165,000) 671,744 1,124,093 (273,460) 850,633 564 604,595 245,474 850,069 850,633 |
ssio 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 |
n ) |
|
| io 445,765 1,088,980 |
|||||
1,534,745 (288,990 |
|||||
1,245,755 |
|||||
2,175 1,243,580 |
|||||
| 1,245,755 | |||||
| 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 2022, although an audit has been carried out under section 144 of the Charities Act 2011. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on ......................... .............................. F. Jones Trustee Company Registration No. 02203226 26/5/2023 |
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 2022, although an audit has been carried out under section 144 of the Charities Act 2011.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
26/5/2023
The financial statements were approved by the Trustees on .........................
..............................
F. Jones Trustee Company Registration No. 02203226
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022
| FOR THE YEAR ENDED 31 AUGUST 2022 | FOR THE YEAR ENDED 31 AUGUST 2022 | |
|---|---|---|
| D |
raft for discussio 2022 2021 Notes £ £ £ £ Cash flows from operating activities Cash absorbed by operations 24 (345,186) (68,553) Investing activities Purchase of property, plant and equipment (125,780) (33,952) Investment income received 14,521 15,373 Net cash used in investing activities (111,259) (18,579) Net cash used in financing activities - - Net decrease in cash and cash equivalents (456,445) (87,132) Cash and cash equivalents at beginning of year 1,250,256 1,337,388 Cash and cash equivalents at end of year 793,811 1,250,256 |
n |
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
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.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
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 the statement of financial activities. 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.
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ST. MARY'S HARE PARK SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
1 Accounting policies
(Continued)
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.
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 and
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.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
1 Accounting policies
(Continued)
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.
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 | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Donations and gifts | 3,482 | 744 |
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
5 Other trading activities
| **Total ** | Unrestricted | |
|---|---|---|
| funds | ||
| 2022 | 2021 | |
| £ | £ | |
| Commission and other trading activities | - | 185 |
- 6 Investments
| Draft for discussion Unrestricted Unrestricted funds funds 2022 2021 £ £ Rental income 14,400 14,400 Interest receivable 121 973 14,521 15,373 |
|---|
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
8 Support costs
| 8 | Support costs | ||
|---|---|---|---|
| Support Governance 2022 Support Governance |
2021 | ||
| costs costs costs costs |
|||
| £ £ £ £ £ |
£ | ||
| Audit fees - 12,600 12,600 - 12,000 |
12,000 | ||
| Legal and professional - 15,348 15,348 - 5,790 |
5,790 | ||
| - 27,948 27,948 - 17,790 |
17,790 | ||
| Analysed between | |||
| Draft for discussion Charitable activities - 27,948 27,948 - 17,790 17,790 Governance costs includes payments to the auditors of £12,000 (2021: £12,000) for audit fees. 9 Trustees During the prior year, a trustee was paid £26,000 for HR and Administrative services provided to the charity, there were no such amounts paid in the current year. During the current year, the charity also re-imbursed expenses of £500 to this trustee (2021: £672). 10 Employees The average monthly number of employees during the year was: 2022 2021 Number Number Teachers 13 16 |
| ft for Employees The average monthly number of employees during the year was: |
||
|---|---|---|
| a Teachers |
2022 Number 13 |
2021 Number 16 |
| Teaching assistants Administration Other Total Employment costs Wages and salaries Social security costs Other pension costs |
19 4 3 39 2022 £ 944,254 75,993 25,098 1,045,345 |
17 4 3 |
| 40 | ||
| 2021 £ 963,750 79,065 27,465 |
||
| 1,070,280 |
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
10 Employees (Continued)
The number of employees whose annual remuneration was £60,000 or more were:
| 2022 | 2021 | ||
|---|---|---|---|
| Number | Number | ||
| £60,000 | to £70,000 | 1 | - |
| £80,000 | to £90,000 | 1 | 1 |
The employee whose emoluments exceed £60,000 had retirement benefits accruing under defined contribution pension schemes.
11 Net gains/(losses) on investments
| Draft for discussi 2022 £ Gain on revaluation of investment properties (50,000) 12 Property, plant and equipment School building Computer equipment Fixtures, fittings & equipment £ £ £ Cost At 1 September 2021 86,306 154,768 438,211 Additions 66,730 11,590 47,460 At 31 August 2022 153,036 166,358 485,671 Depreciation and impairment At 1 September 2021 80,468 116,815 386,237 Depreciation charged in the year 8,508 33,690 26,998 At 31 August 2022 88,976 150,505 413,235 Carrying amount At 31 August 2022 64,060 15,853 72,436 At 31 August 2021 5,838 37,953 51,974 |
on 2021 £ 30,000 Total £ 679,285 125,780 805,065 583,520 69,196 652,716 152,349 95,765 |
|---|---|
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
13 Investment property
| Fair value At 1 September 2021 Revaluation At 31 August 2022 |
2022 £ 350,000 (50,000) 300,000 |
|---|---|
The investment property has been valued at 31 August 2022 by the trustees of the charitable company.
| Draft for discu 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 |
ssi 2022 £ 2,232 2022 £ 1,645 39,056 40,701 2022 £ - 44,932 39,623 57,088 23,357 165,000 2022 £ 273,460 |
on 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 |
|---|---|---|
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
18 Deferred income
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| School fees paid in advance | 44,932 | 44,998 |
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 2020 2021 2022 £ £ £ £ £ - Outdoor play area shelter 2,585 (1,292) 1,293 (1,293) Bike shelter 663 (501) 162 (162) - Portable hearing loop 400 - 400 - 400 Greenhouse 476 (156) 320 (156) 164 4,124 (1,949) 2,175 (1,611) 564 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 Balance at Resources Balance at 1 September expended 1 September expended 31 August 2020 2021 2022
Balance at 1 September 2020 |
Resources expended |
Balance at 1 September 2021 |
Resources expended |
Balance at 31 August 2022 |
|
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Dilapidations | 39,000 | - | 39,000 | - | 39,000 |
| Property improvements | 587,392 | (15,078) | 572,314 | (35,553) | 536,761 |
| Garden maintenance | 28,834 | - | 28,834 | - | 28,834 |
| 655,226 | (15,078) | 640,148 | (35,553) | 604,595 |
The trustees have set aside the above designated funds for specific purposes as indicated above.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
21 Analysis of net assets between funds Unrestricted funds Restricted funds 2022 2022 £ £ Fund balances at 31 August 2022 are represented by: Property, plant and equipment 152,185 164 Investment properties 300,000 - Current assets/(liabilities) 671,344 400 Long term liabilities (273,460) - 850,069 564 |
21 Analysis of net assets between funds Unrestricted funds Restricted funds 2022 2022 £ £ Fund balances at 31 August 2022 are represented by: Property, plant and equipment 152,185 164 Investment properties 300,000 - Current assets/(liabilities) 671,344 400 Long term liabilities (273,460) - 850,069 564 |
Total Unrestricted funds Restricted funds 2022 2021 2021 £ £ £ 152,349 93,990 1,775 300,000 350,000 - 671,744 1,088,580 400 (273,460) (288,990) - 850,633 1,243,580 2,175 |
Total Unrestricted funds Restricted funds 2022 2021 2021 £ £ £ 152,349 93,990 1,775 300,000 350,000 - 671,744 1,088,580 400 (273,460) (288,990) - 850,633 1,243,580 2,175 |
Total Unrestricted funds Restricted funds 2022 2021 2021 £ £ £ 152,349 93,990 1,775 300,000 350,000 - 671,744 1,088,580 400 (273,460) (288,990) - 850,633 1,243,580 2,175 |
Total 2021 £ 95,765 350,000 1,088,980 (288,990) 1,245,755 |
|---|---|---|---|---|---|
| Draft for discussion 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: 2022 2021 £ £ Within one year 25,274 23,051 Between two and five years 6,004 13,965 31,278 37,016 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. |
|---|
| 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: Decrease in inventories (Increase)/decrease in trade and other receivables (Decrease) in trade and other payables (Decrease)/increase in deferred income Cash absorbed by operations |
2022 £ (395,122) (14,521) 50,000 69,196 560 (14,839) (40,394) (66) (345,186) |
2021 £ (74,246) (15,373) (30,000) 62,647 - 14,871 (28,218) 1,766 (68,553) |
|---|---|---|
24
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
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 2022
DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
F. Jones K. Wilson B. Olofinjana
(Appointed 1 June 2022) (Appointed 1 June 2022)
Charity number 298326
Company number 02203226
South Drive Gidea Park Romford Essex RM2 6HH
Principal address
- Auditor Citroen Wells Chartered Accountants Devonshire House 1 Devonshire Street London W1W 5DR
DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
CONTENTS
| D | raft for discussio Page Trustees' report 1 - 7 Independent auditor's report 8 - 10 Statement of financial activities 11 Statement of financial position 12 Statement of cash flows 13 Notes to the financial statements 14 - 25 |
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ST. MARY'S HARE PARK SCHOOL
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2022
The trustees present their annual report and financial statements for the year ended 31 August 2022.
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, Activities and Performance
School Vision 2022
Workshops were held with the school council (pupils), class representatives (parents) and staff over a course of several weeks, to review our school vision and values. All groups appreciated the opportunity to contribute their thoughts and feelings with regards to our school’s vision for the future, and how they themselves identify with this vision. As a result, the SLT proposed a new school vision which was approved by all stakeholders:
several weeks, to review our school vision and values. All groups appreciated the opportunity to contribute their thoughts and feelings with regards to our school’s vision for the future, and how they themselves identify with this vision. As a result, the SLT proposed a new school vision which was approved by all stakeholders: Our school vision is to provide within a nurturing and respectful community, a diverse and inspirational learning experience delivered by skilled, passionate staff to motivated pupils. We aim to empower each child towards striving for excellence and fulfilling their full potential. From the suggestions and contributions, four core values have been identified: C - Care O - Opportunity R - Respect E - Excellence These four values have been reviewed and given context for the children both in the classroom and in whole school assemblies. The objective is that with one unified school vision, we can all, staff and children, work towards one common goal in harmony. Pupils Currently we have 141 pupils on roll. There are two classes (Years 2 and 3) which have the optimum number of students being 21/22.
Projected numbers of pupils for September 2022 are 135 rising to 141 in January. These figures are in line with the current year, but are still below the desired numbers as discussed with Trustees.
Plans are being put in place to review the school’s approach to marketing with the aim of attracting new families and increasing pupil numbers significantly.
An action plan is being prepared which will focus on the most effective strategies to employ. These will include two open days, improved quality of website, introduction of approved social media platforms (such as Twitter, Instagram and LinkedIn), high quality advertisements, school brochures and leaflets. A team including staff, Trustees and parents will be assembled to oversee the implementation of the action plan.
Covid Cases
After an initial start of the year with relatively high numbers of cases across the Year groups and including staff, there were no reported positive cases in pupils since the Easter period.
Secondary Places
Our current Year 6 class were very successful in securing their first choices for schools following excellent results in the 11+ exams sat last September. Half of the class were accepted to their first choice Grammar school and the rest to local independent or comprehensive schools.
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ST. MARY'S HARE PARK SCHOOL
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
Pupil Data
The latest data collected following end of Spring term tests show that the school is continuing to produce an excellent standard of academic achievement, especially when taking into account the impact of the pandemic on lost curriculum time this last two years. Reading and Maths results commonly show that our classes achieve exceeding and above percentages of 75% and more. A key area of focus identified for improvement next school year is writing, which is very much in common with national trends. In addition, a review will be made of the current provision for our able and talented children, and how this will be supported, monitored and tracked from September 2022/23.
School council met with the Head Teacher on a regular weekly basis, and have been very proactive in representing their respective classes. Their main themes for discussion are based on environmental initiatives that we would like the school to implement. This led to the delivery of a new composting device called a ‘Ridon’ which will recycle food waste from the lunch room. We have also secured new recycling wheely-bins from Havering Council to recycle plastic and paper waste on a weekly basis.
Lamda Three classes have sat Lamda exams over the course of the year, and once again are results have been outstanding. Year 6: Solo speaking Exams - all children entered received ‘distinction’. Year 5: Solo speaking Exams - - all children entered received ‘distinction’. Year 2: Solo speaking Exams all children entered passed with the majority receiving ‘distinction’. Sporting Events Following the excellent work of our PE team led by PE coordinator, children of all ages from Years 1-6 were entered for numerous competitions this year including; athletics, tag rugby, badminton, football, tennis and cricket. Our boys cricket team having won their category and will be played in the finals. ISA Events The school entered children for art and drama events for the first time with some excellent results. In the Shakespearean Monologue competition, a Year 5 pupil was the overall winner (nationally) in the Key Stage 2 category, a truly outstanding achievement. The school has recently participated in the ISA Platinum Jubilee Design Challenge, where the judges selected the work of two Year 5 students and that of the Year 2 class, to feature in their final online gallery of all work submitted by ISA schools nationally.
The school has recently participated in the ISA Platinum Jubilee Design Challenge, where the judges selected the work of two Year 5 students and that of the Year 2 class, to feature in their final online gallery of all work submitted by ISA schools nationally. We anticipate investing more time and preparation towards taking part further in events in a number of categories including sports, arts, music and drama next school year.
School Events
The school has been able to host a number of events previously suspended due to Covid restrictions in place. This year we have had a maths and science week, which were both hugely successful. Staff prepared a number of engaging activities to celebrate these subjects with all year groups, and we invited a number of guests who brought their talents and enthusiasm to our school to extend the children further.
Children’s mental health week was held during February. This was the first time that the school had participated in the event, which is linked with the introduction of mental health awareness activities within our PSHE scheme, and tied to parts of our RE scheme too.
We held our first every French Day in February 2022. Led by our French teacher Mrs Kemp, the school turned blue, white and red for the day. The French language and culture was given the spotlight for the day supported by a visiting French theatre group and some of our native French speaking parents. The day was a huge success.
Book week: World book day and the book fair all took place in March 2022. As always, the activities proved to be very successful, most importantly in promoting the importance and enjoyment of reading.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
The Queen’s Jubilee was celebrated in style. The School ran a number of jubilee themed workshops across the school. Lady Sidra Naeem (deputy lord lieutenant for Essex) was our VIP for the day and she presented an inspiring Assembly about the charitable work she has done during her life and about her relationship with the Queen. The Jubilee Tea Party, was the first time in the last two years that a whole school event involving parents had been held. The PTA prepared an amazing array of cakes and activities for the staff and children to enjoy. Lady Naeem presided over the official opening of the outdoor classroom as well, and this was followed by music from the school orchestra and choir. A truly memorable occasion for all involved.
In June the Sports day involving Years 1-6 took place at the local Cricket ground. An unprecedented number of families turned up to support the children at which was a fantastic event. The first-time sports day had been held offsite for many years, everyone appreciated the sense of community that was engendered and renewed.
After the success of two Christmas performances by our younger years in December, the Junior classes put on a Spring Music concert for their families. Led by our music teacher, individuals and pairs of children performed a variety of pieces from beginner to more advanced levels. These included violins, piano, flute, guitar, vocals, keyboard and drum performance from children of all ages. The school choir and orchestra performed a series of pieces on a wonderful night celebrating the musical talents of our children.
variety of pieces from beginner to more advanced levels. These included violins, piano, flute, guitar, vocals, keyboard and drum performance from children of all ages. The school choir and orchestra performed a series of pieces on a wonderful night celebrating the musical talents of our children. The school year ended with a school mass, prize giving ceremony, graduation ceremony and end of year production. Educational and Residential Trips The school has arranged a variety of opportunities for children of all ages to attend various sites for curricular and extra-curricular opportunities. School trips have been permitted in general, following the relative relaxing of Covid rules in public spaces. These include: Year 3 and 4 Farm Trip Year 1 and 2 Barbican Trip (interactive music concert) Year 5 and 6 visits to local places of worship Year 4 Stubbers outward bounds trip Year 6 visit to Duxford War Museum PGL Residential
Our Year 6 class spent three days at the PGL centre at Marchants Hill Adventure Centre in Surrey from the 11th to the 13th May. This was the first residential trip to an outward bounds centre of this nature for a number of years, and was very well received by parents. The trip was a huge success and a similar trip is being planned for next school year. Next year’s Year 6 class will also be attending the same centre in May 2023.We are in the process of planning a similar trip for a shorter time for our Year 5 class at a local centre in Danbury. This trip is planned for September 2022.
Attendance
Pupil attendance has been very good since the start of the Spring term. Currently this stands at 93% for the whole school, which includes children absent due to Covid cases.
We have not had any reported positive Covid cases in children or staff since the Easter period. Since January we have seen extended periods of absence due to illness for 2 staff members.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
Covid Preventative Measures
We have maintained most of our enhanced cleaning arrangements to help sanitise the school and prevent any further outbreaks. Bubbles have not been required, although in general we aim to keep the classes from mixing. We have continued to follow and adapt our procedures in line with both National and local recommendations.
Staff
We have seen a number of staff departures over the last term or so. Teachers leaving/ retiring and absences has meant more need of using supply teachers while a recruitment process took time to complete.
New Staff
After an extensive recruitment process the following new members of staff have been appointed to join our team in September Deputy Head/KS2 Teacher, 2 further KS2 Teachers, a KS1 Teacher and a Transition Teacher.
Staff Professional Development A series of professional development meetings were conducted with all members of staff. The key focus was on their alignment with the school vision, to celebrate their achievements and establish professional and wellbeing targets for the new school year. Staff have been encouraged to participate in training opportunities predominantly those offered by the ISA. All staff have received health and safety, first aid and safeguarding training since the start of this calendar year. Safeguarding The staff received all of the relevant updates regarding the latest ‘keeping children safe in education‘ document in the staff inset at the start of the school year. A new Designated Safeguarding Lead (DSL) has been appointed and the School has updated the school’s records and files on safeguarding. The DSL has attended all relevant webinars and meetings proposed by the Havering School Services and has established links with the relevant persons providing this essentials support. The staff completed the annual certificate in safeguarding though the national college platform. It was recommended that Trustees complete a safeguarding course designed for Trustees which was completed. The School sends out weekly safeguarding information and advice to parents attached to our school newsletter.
The School sends out weekly safeguarding information and advice to parents attached to our school newsletter. The safeguarding policy has been reviewed and updated.
RE Inspection (48)
We received a full RE Inspection 48 in March. The inspection proved to be a huge success and the school was awarded an outstanding grading in all aspects.
The final report states that:
"St Mary’s is a genuine worshipping community. Prayer is fundamental to the daily routine of school life and is recognised by pupils as a valuable part of what they do".
In addition, they comment that;
"The school’s Catholic identity is extremely strong and Pastoral care is exceptional”
iPads
An action plan had been agreed in conjunction with the company JTRS, who have been helping us to formulate our strategy and vision with regards to iPad integration. iPads continue to be implemented in the classroom, and with the creation of a new IT room and with plans to incorporate iPads into the Computing Curriculum on a regular basis, we are considering increasing our provision of iPads for the next academic year. This would be an important step towards improving the quality and diversity of learning in the classroom across all ages.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
Communication with Parents
The School continues to strive to improve communication with parents in a variety of ways. The school newsletter continues to be well received by parents who appreciate its colourful content and updates on what their children have been doing in school.
Discussions with parents are ongoing to consider ways in which the school and office can communicate more effectively with our families. This has seen improvements through emails via ISAMS and the introduction of Google forms as a way to gain parental consent efficiently for trips etc. However, there is still work to be done to make this more consistent and to aim for a ‘one stop shop’ solution, so that parents can receive communications in time and in one place.
School Website
The website has had an overhaul from the Head Teacher and is now full of content and the website has a much more complete look to it.
more complete look to it. Improvement to School Premises A number of transformations and improvements have been completed this year. The Transition class has moved to its new classroom on the ground floor (previously a Reception classroom). The room has been redecorated and includes some new furniture, wall to ceiling storage and most importantly a closer proximity to the outdoor space. The Year 1 class has been moved to the classroom previously occupied by Transition class. In the summer break, this class will move downstairs to take up the classroom now vacated by Reception class. The ‘old’ Year 1 class, has become the IT room. The server has been moved from the lodge, and is now positioned in the room adjacent to the new IT room. The corridor area outside these rooms, has received a much-needed coat of paint after years of neglect. This new IT room will receive some attention in the Summer break. It will need some new furnishings but the school already possess the hardware and key resources it needs. Reception class have now moved to the lodge. This classroom has been refurbished to include a small kitchen area and toilet facilities. It has also been redecorated and the majority of furniture and tables moved to these new surroundings. New furniture has been purchased and a new screen installed. The initial feedback from staff is extremely positive given the potential provided by these new spaces, which are much more conducive to allow for the quality of learning and surroundings required for an Early Years environment.
The initial feedback from staff is extremely positive given the potential provided by these new spaces, which are much more conducive to allow for the quality of learning and surroundings required for an Early Years environment. An architect has recently completed drawings for a proposal to extend the nursery building to increase the number of children that we can receive in the future. It is not anticipated that this work, if agreed, will go ahead before the summer of 2023.
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 £1,316,277 (2021: £1,400,241). Total resources expended in the year was £1,661,399 (2021: £1,504,487). The net expenditure for the year was £395,122 (2021: £74,246).
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
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 three 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 reduced during 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.
The trustees' strategy is one of continuing improvement including: - The replacement of the roof - it is hoped that our landlord will contribute to the replacement - Replacement of the boiler - it is hoped that our landlord will contribute to the replacement - The replacement and repairs of all windows - it is hoped that our landlord will contribute - An extension to the Nursery facilities is under consideration, which will enable us to increase the number of children in the nursery. 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: G. Spencer (Resigned 8 December 2022) V. Fellows (Resigned 1 June 2022) F. Jones K. Wilson (Appointed 1 June 2022) B. Olofinjana (Appointed 1 June 2022)
G. Spencer (Resigned 8 December 2022) V. Fellows (Resigned 1 June 2022) F. Jones K. Wilson (Appointed 1 June 2022) B. Olofinjana (Appointed 1 June 2022)
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 reelection.
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.
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.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and 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; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 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 In accordance with the company's articles, a resolution proposing that Citroen Wells be reappointed as auditor of the company will be put at a General Meeting. 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. 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' report was approved by the Board of Trustees.
..............................
F. Jones
Trustee
26/5/2023 Date: ......................
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
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 2022 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).
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 August 2022 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 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
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.
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:
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the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
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adequate accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ST. MARY'S HARE PARK SCHOOL
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.
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. Our approach was as follows: � We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are those that relate to the reporting framework being the 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 (FRS102), the
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. Our approach was as follows: � We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are those that relate to the reporting framework being the 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 (FRS102), the Companies Act 2006, the Charities Act 2011, and the relevant direct and indirect tax compliance regulation in the United Kingdom.
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We understood how the charitable company is complying with those frameworks by making enquiries of management and seeking representations from those charged with governance. We corroborated our understanding by reviewing supporting documentation including board meeting minutes along with their procedures and policies in place to ensure compliance with the Department of Education.
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We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override of internal control and by designating revenue recognition as a fraud risk. We performed journal entry testing by specific risk criteria, with a focus on journals indicating large or unusual transactions based on our understanding of the business. We have performed a proof in total of income, and performed testing to verify the systems and controls.
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Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries of management and those charged with governance, review of legal and professional expenses and review of board meeting minutes.
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The charitable company is a regulated entity under the supervision of the Charities Commission. As such, the Senior Statutory Auditor considered the experience and expertise of the engagement team to ensure that the team had the appropriate competence and capabilities.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ST. MARY'S HARE PARK SCHOOL
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 company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the 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 company and the company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.
Kim Youle FCA (Senior Statutory Auditor) 26/5/2023 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 section 1212 of the Companies Act 2006.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2022
| FOR THE YEAR ENDED 31 AUGUST 2022 | FOR THE YEAR ENDED 31 AUGUST 2022 | FOR THE YEAR ENDED 31 AUGUST 2022 | FOR THE YEAR ENDED 31 AUGUST 2022 | FOR THE YEAR ENDED 31 AUGUST 2022 | |
|---|---|---|---|---|---|
| D | raft for di Unrestricted Restricted funds funds 2022 2022 Notes £ £ Income from: Donations and legacies 3 3,482 - Charitable activities 4 1,298,274 - Other trading activities 5 - - Investments 6 14,521 - Total income 1,316,277 - Expenditure on: Charitable activities 7 1,659,788 1,611 Net gains/(losses) on investments 11 (50,000) - Net expenditure for the year/ Net movement in funds (393,511) (1,611) Fund balances at 1 September 2021 1,243,580 2,175 Fund balances at 31 August 2022 850,069 564 |
scuss Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 3,482 744 - 1,298,274 1,383,939 - - 185 - 14,521 15,373 - 1,316,277 1,400,241 - 1,661,399 1,502,538 1,949 (50,000) 30,000 - (395,122) (72,297) (1,949) 1,245,755 1,315,877 4,124 850,633 1,243,580 2,175 |
Total 2021 £ 744 1,383,939 185 15,373 |
n ) |
|
1,400,241 |
|||||
1,504,487 |
|||||
30,000 |
|||||
(74,246 1,320,001 |
|||||
1,245,755 |
|||||
The statement of financial activities includes all gains and losses recognised in the year. |
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All income and expenditure derive from continuing activities. |
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| The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. |
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2022
| AS AT 31 AUGUST 2022 | AS AT 31 AUGUST 2022 | AS AT 31 AUGUST 2022 | AS AT 31 AUGUST 2022 | AS AT 31 AUGUST 2022 | |
|---|---|---|---|---|---|
| D | raft for d 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 |
iscu 2022 £ £ 152,349 300,000 452,349 2,232 40,701 793,811 836,744 (165,000) 671,744 1,124,093 (273,460) 850,633 564 604,595 245,474 850,069 850,633 |
ssio 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 |
n ) |
|
| io 445,765 1,088,980 |
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1,534,745 (288,990 |
|||||
1,245,755 |
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2,175 1,243,580 |
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| 1,245,755 | |||||
| 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 2022, although an audit has been carried out under section 144 of the Charities Act 2011. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on ......................... .............................. F. Jones Trustee Company Registration No. 02203226 26/5/2023 |
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 2022, although an audit has been carried out under section 144 of the Charities Act 2011.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
26/5/2023
The financial statements were approved by the Trustees on .........................
..............................
F. Jones
Trustee Company Registration No. 02203226
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022
| FOR THE YEAR ENDED 31 AUGUST 2022 | FOR THE YEAR ENDED 31 AUGUST 2022 | |
|---|---|---|
| D |
raft for discussio 2022 2021 Notes £ £ £ £ Cash flows from operating activities Cash absorbed by operations 24 (345,186) (68,553) Investing activities Purchase of property, plant and equipment (125,780) (33,952) Investment income received 14,521 15,373 Net cash used in investing activities (111,259) (18,579) Net cash used in financing activities - - Net decrease in cash and cash equivalents (456,445) (87,132) Cash and cash equivalents at beginning of year 1,250,256 1,337,388 Cash and cash equivalents at end of year 793,811 1,250,256 |
n |
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
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.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
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 the statement of financial activities. 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.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
1 Accounting policies
(Continued)
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.
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 and
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.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
1 Accounting policies
(Continued)
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.
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 | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Donations and gifts | 3,482 | 744 |
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Docusign En¥ÈlopÈ ID". 1447427F-93624259-A161-204D1A178C36
DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
5 Other trading activities
| **Total ** | Unrestricted | |
|---|---|---|
| funds | ||
| 2022 | 2021 | |
| £ | £ | |
| Commission and other trading activities | - | 185 |
- 6 Investments
| Draft for discussion Unrestricted Unrestricted funds funds 2022 2021 £ £ Rental income 14,400 14,400 Interest receivable 121 973 14,521 15,373 |
|---|
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
8 Support costs
| 8 | Support costs | ||
|---|---|---|---|
| Support Governance 2022 Support Governance |
2021 | ||
| costs costs costs costs |
|||
| £ £ £ £ £ |
£ | ||
| Audit fees - 12,600 12,600 - 12,000 |
12,000 | ||
| Legal and professional - 15,348 15,348 - 5,790 |
5,790 | ||
| - 27,948 27,948 - 17,790 |
17,790 | ||
| Analysed between | |||
| Draft for discussion Charitable activities - 27,948 27,948 - 17,790 17,790 Governance costs includes payments to the auditors of £12,000 (2021: £12,000) for audit fees. 9 Trustees During the prior year, a trustee was paid £26,000 for HR and Administrative services provided to the charity, there were no such amounts paid in the current year. During the current year, the charity also re-imbursed expenses of £500 to this trustee (2021: £672). 10 Employees The average monthly number of employees during the year was: 2022 2021 Number Number Teachers 13 16 |
| ft for Employees The average monthly number of employees during the year was: |
||
|---|---|---|
| a Teachers |
2022 Number 13 |
2021 Number 16 |
| Teaching assistants Administration Other Total Employment costs Wages and salaries Social security costs Other pension costs |
19 4 3 39 2022 £ 944,254 75,993 25,098 1,045,345 |
17 4 3 |
| 40 | ||
| 2021 £ 963,750 79,065 27,465 |
||
| 1,070,280 |
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
10 Employees (Continued)
The number of employees whose annual remuneration was £60,000 or more were:
| 2022 | 2021 | ||
|---|---|---|---|
| Number | Number | ||
| £60,000 | to £70,000 | 1 | - |
| £80,000 | to £90,000 | 1 | 1 |
The employee whose emoluments exceed £60,000 had retirement benefits accruing under defined contribution pension schemes.
11 Net gains/(losses) on investments
| Draft for discussi 2022 £ Gain on revaluation of investment properties (50,000) 12 Property, plant and equipment School building Computer equipment Fixtures, fittings & equipment £ £ £ Cost At 1 September 2021 86,306 154,768 438,211 Additions 66,730 11,590 47,460 At 31 August 2022 153,036 166,358 485,671 Depreciation and impairment At 1 September 2021 80,468 116,815 386,237 Depreciation charged in the year 8,508 33,690 26,998 At 31 August 2022 88,976 150,505 413,235 Carrying amount At 31 August 2022 64,060 15,853 72,436 At 31 August 2021 5,838 37,953 51,974 |
on 2021 £ 30,000 Total £ 679,285 125,780 805,065 583,520 69,196 652,716 152,349 95,765 |
|---|---|
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
13 Investment property
| Fair value At 1 September 2021 Revaluation At 31 August 2022 |
2022 £ 350,000 (50,000) 300,000 |
|---|---|
The investment property has been valued at 31 August 2022 by the trustees of the charitable company.
| Draft for discu 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 |
ssi 2022 £ 2,232 2022 £ 1,645 39,056 40,701 2022 £ - 44,932 39,623 57,088 23,357 165,000 2022 £ 273,460 |
on 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 |
|---|---|---|
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
18 Deferred income
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| School fees paid in advance | 44,932 | 44,998 |
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 2020 2021 2022 £ £ £ £ £ - Outdoor play area shelter 2,585 (1,292) 1,293 (1,293) Bike shelter 663 (501) 162 (162) - Portable hearing loop 400 - 400 - 400 Greenhouse 476 (156) 320 (156) 164 4,124 (1,949) 2,175 (1,611) 564 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 Balance at Resources Balance at 1 September expended 1 September expended 31 August 2020 2021 2022
Balance at 1 September 2020 |
Resources expended |
Balance at 1 September 2021 |
Resources expended |
Balance at 31 August 2022 |
|
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Dilapidations | 39,000 | - | 39,000 | - | 39,000 |
| Property improvements | 587,392 | (15,078) | 572,314 | (35,553) | 536,761 |
| Garden maintenance | 28,834 | - | 28,834 | - | 28,834 |
| 655,226 | (15,078) | 640,148 | (35,553) | 604,595 |
The trustees have set aside the above designated funds for specific purposes as indicated above.
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
ST. MARY'S HARE PARK SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
21 Analysis of net assets between funds Unrestricted funds Restricted funds 2022 2022 £ £ Fund balances at 31 August 2022 are represented by: Property, plant and equipment 152,185 164 Investment properties 300,000 - Current assets/(liabilities) 671,344 400 Long term liabilities (273,460) - 850,069 564 |
21 Analysis of net assets between funds Unrestricted funds Restricted funds 2022 2022 £ £ Fund balances at 31 August 2022 are represented by: Property, plant and equipment 152,185 164 Investment properties 300,000 - Current assets/(liabilities) 671,344 400 Long term liabilities (273,460) - 850,069 564 |
Total Unrestricted funds Restricted funds 2022 2021 2021 £ £ £ 152,349 93,990 1,775 300,000 350,000 - 671,744 1,088,580 400 (273,460) (288,990) - 850,633 1,243,580 2,175 |
Total Unrestricted funds Restricted funds 2022 2021 2021 £ £ £ 152,349 93,990 1,775 300,000 350,000 - 671,744 1,088,580 400 (273,460) (288,990) - 850,633 1,243,580 2,175 |
Total Unrestricted funds Restricted funds 2022 2021 2021 £ £ £ 152,349 93,990 1,775 300,000 350,000 - 671,744 1,088,580 400 (273,460) (288,990) - 850,633 1,243,580 2,175 |
Total 2021 £ 95,765 350,000 1,088,980 (288,990) 1,245,755 |
|---|---|---|---|---|---|
| Draft for discussion 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: 2022 2021 £ £ Within one year 25,274 23,051 Between two and five years 6,004 13,965 31,278 37,016 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. |
|---|
| 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: Decrease in inventories (Increase)/decrease in trade and other receivables (Decrease) in trade and other payables (Decrease)/increase in deferred income Cash absorbed by operations |
2022 £ (395,122) (14,521) 50,000 69,196 560 (14,839) (40,394) (66) (345,186) |
2021 £ (74,246) (15,373) (30,000) 62,647 - 14,871 (28,218) 1,766 (68,553) |
|---|---|---|
24
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DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
St. Mary’s Hare Park School South Drive Gidea Park Romford Essex RM2 6HH
Citroen Wells Chartered Accountants Statutory Auditor Devonshire House 1 Devonshire Street London
W1W 5DR
Dear Sirs, RE: FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 We confirm that the following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience (and, where appropriate, of inspection of supporting documentation) sufficient to satisfy ourselves that we can properly make each of the following representations to you. We confirm to the best of our knowledge and belief, and having made appropriate enquiries of other trustees and officials of the charity, the following representations given to you in connection with your audit of the charity's financial statements for the year ended 31 August 2022. GENERAL 1. We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that so far as we are aware, there is no relevant audit information needed by you in connection with preparing your audit report of which you are unaware.
-
We acknowledge as trustees our responsibility under the Companies Act 2006 and Charities Act 2011 for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view and for making accurate representations to you.
-
All the accounting records have been made available to you for the purpose of your audit and all the transactions undertaken by the charity have been properly reflected and recorded in the accounting records, including those related to the Covid-19 pandemic. We have provided you with unrestricted access to all appropriate persons within the charity, and with all other records and related information requested, including minutes of all management and trustee meetings, and correspondence with the Charity Commission.
-
The financial statements are free of material misstatements, including omissions.
-
We believe that the efforts of the uncorrected misstatements are immaterial both individually and in total.
DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
INTERNAL CONTROL AND FRAUD
-
We acknowledge our responsibility for the design and implementation of internal control systems to prevent and detect fraud and error. We have disclosed to you the results of our risk assessment that the financial statements may be misstated as a result of fraud. We have disclosed to you all instances of known or suspected fraud affecting the charity involving management, employees who have a significant role in internal control or others that could have a material effect on the financial statements. We have also disclosed to you all information in relation to allegations of fraud or suspected fraud affecting the charity’s financial statements communicated by current or former employees, analysts, regulators or others.
-
We have disclosed to you any significant changes in our processes, controls, policies and procedures that we have made to address the effects of the Covid-19 pandemic on our system of internal controls.
ASSETS AND LIABILITIES
- In our opinion, on realisation in the ordinary course of business the current assets in the balance sheet are expected to produce not less than the net book amounts at which they are stated within one year of the balance sheet date.
stated within one year of the balance sheet date. 9. The charity has satisfactory title to all assets and there are no liens or encumbrances on the charity’s assets, except for those that are disclosed in the notes to the financial statements. 10. Stock is stated at the lower of cost and estimated selling price less costs to complete and sell, with adequate provision made for obsolete and slow-moving items. 11. Debtors are stated at their recoverable amount, with adequate provision made for potential non-recovery of bad and doubtful debts. 12. We have recorded or disclosed, as appropriate, all liabilities, both actual and contingent, and have disclosed in the notes to the financial statements all guarantees that we have given to third parties. 13. We have no plans or intentions that may materially alter the carrying value, and where relevant, the fair value measurements or classification of assets and liabilities reflected in the financial statements. 14. The market value of the investment property at 31 August 2022 is at a trustees’ valuation of £300,000. ACCOUNTING ESTIMATES
- The methods, data and significant assumptions used by us in making accounting estimates, and their related disclosures, are appropriate to achieve recognition, measurement and disclosure that is reasonable in the context of the applicable financial reporting framework.
ACCOUNTING ESTIMATES
- The methods, data and significant assumptions used by us in making accounting estimates, and their related disclosures, are appropriate to achieve recognition, measurement and disclosure that is reasonable in the context of the applicable financial reporting framework.
LOANS AND ARRANGEMENTS
- The charity has not granted any advances or credits to, or made guarantees on behalf of, trustees other than those disclosed in the financial statements.
LEGAL CLAIMS
- We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for and disclosed in the financial statements.
DocuSign Envelope ID: 1447427F-9362-4259-A161-204D1A17BC36
LAWS AND REGULATIONS
- We have disclosed to you all known instances of non-compliance or suspected noncompliance with laws and regulations whose effects should be considered when preparing the financial statements.
RELATED PARTIES
- Related party relationships and transactions have been appropriately accounted for and disclosed in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with the requirements of legislation and accounting standards.
SUBSEQUENT EVENTS
- All events subsequent to the date of the financial statements which require adjustment or disclosure, including events related to the Covid-19 pandemic, have been properly accounted for and disclosed.
GOING CONCERN
- We believe that the charity's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charity's financial needs for at least 12 months from approval of the financial statements. 23. We believe that the school has sufficient funding available to carry out significant capital works that are known at the time of writing this letter, including immediate roof repair and boiler works. We do not believe that the financial impact of performing this work will have a significant detrimental impact on the school’s ability to operate financially for at least 12 months from the balance sheet date. 24. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the charity's ability to continue as a going concern need to be made in the financial statements. GRANTS AND DONATIONS 25. All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income.
Yours faithfully
.............................................................................................................................. B Jones (Trustee)
Signed on behalf of the board of directors/trustees on
Company Registered No.02203226 Charity Registration No.298326
26/5/2023