Registered number.. 00758856 Charity number: 307322 ROOKWOOD SCHOOL TRUST LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 A49¥QAQ' 2910712021 COMPANIES PVJUSE A16
ROOKWOOD SCHOOL TRUST UMITED (A Company Limited by Guarantee) CONTENTS Page Reference and Admlnistrntive Detslls ol the Charity. its Trustees and Advlse Trustees. Report Independent Auditors. Report on th¢ Financial Statements Statemènt of Financial Activities 8-11 12 Balance Sheet 13 Statement of Cash Flows 14 Notes lo the Financial Statements 15-35
ROOKWOOD SCHOOL TRUST UMITED IA Company Llmited by Guarantee REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2020 Trustees C Ma¢hin. Trustee D Drew, Trustee C Hardiman. Chair L Bedborough, Trustee V Wici(ens. Trustee Lower. Trustee F Penlold. TNstee Company registered number 7588S6 Charity regislered number 307322 R•glstered offi¢e Rookwocmj School Weyhill Road Ant*)ver Hampshire SP10 3AL Company s$¢retary S Bench Independent audito BRC Ac¢ounlants Al¢fvrych House Win¢he51er Street Anth)ver Hampshire SP10 2EA Bankers Barclays Bank PLC 5 High Street An(k)ver Hampshire SP10 1LN Page 1
ROOKWOOD SCHOOL TRUST UMITED (A Company Linited by Guarant) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2020 The Govemors, who are also directors for the purposes of u>mpany I, have pleasure in presenting their report and Ihe audited finala1 ststements of the ¢harty lor the year ended 31 August 2020 and conlirm they Comply wrth the requirements of the Charitw Act 2011 and the Charrties SORP IFRS 102). Referen and adrninistrative detai15 Reference and MinIstrative details are shcmfn in the schedule of members of the board and professional advisers on page l of the financial Statements. The Governors C Machin D Drew C Hardiman L Bedborough V Wiekens M L¢)wer F Penfold Each member is liable lo a maximum of £1 each in the event that the company is wound up. Stiucture. govefnèncè and management The School's Governing Dc¢ument is its Memorandum and ArtKles dated the 26th April 1963. This was last amended on 151 Febwary 1999, The School is govemed by a Board of Govemors. New members of the Board are recruited and elected to the Board after due process by the existing Governors. Individual and colleclNe training of Governors is arranged to meet the requirements of the Board. The Board of Govemors is charged wrth the overall mement and control of the Trust. Both the full Board and the Finance and Resources Sub-committee meet three times a year in addition, regular meetings we held by the Seftror Managemenl Team. The day-tw running of the School is delegated to the Senior Management Tearn, which, during the year, consisted of the Headmaster. the Deputy Head. the Bursar and the Heads of School. as Y11 as committees as required for the eftlent management of the SclKd. The School i8 a single charrtable and business enlty- ft maintsins ckjse links wlh other inrlependenl schools, local schools and the communrty through spO"ny. educational, social. relvJK•us and charitats aclivilies, The maj¢r risks lo which the School is exFosed as TrJentrfd by Ihe Governors. have been rev1 and Systems eslabhshed lo manage these risks. Obj¢¢tive5 and adivities The principal purpose of the scho continues to be the provision of edu&.0n. Rookwood School is a non4elective C(eduCatiOnal school which aims lo prowde a first cla55 day and boarding education lof children ben the ages of 2 and 16 on a fee payiThJ basis through strong academic luilion of a broad, balanced CUulm. together with the development of whle sportirKJ, artistic and social skills in an environment where each pupil can devek)p his or her potential, seffwconfidence and desire lo contribute lo the wider community. Every puprl is enccyjraged to perform to the best of their atm.lty in all ¥heres of aclivrty. Hb3h stsndards are expected whilst recognising th success come diflerenl guises for drfferent pupils and wll be celebrated al every level. The personal develcyment of each pupil is pan1. and the Sch1 aims to provNJe a safe, happy and relaxed atmosphere in which the pupils f1 free lo develop Iheif play and rning. The School encourages the Page 2
ROOKWOOD SCHOOL TRUST UMfTED IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2020 developrnenl of pupils, self4discipline and seifsleern. so thal they leave Rookwood as confident, well-pre5enled young people, as well as aimirvJ to instil the values of care and con5Kleration for others. of courtesy and ol the necessity to be able to work erther ccweratwety as part of a team or as an indmlual. Public benefit AVrdS and discounts The School ha5 a grant making polry. During the year. in •Jdition lo proes for academic, sporting and olhei achievement$, 21 separe wards were made in resFect of s¢holarship$, bursarie$ and other dIount$. Means-tesled opportunities provide ac¢ess to an eduCatn at the SchcJl to chihlren, whose famih'es are unable to afford the fees. includirg those in povety. The S¢hool provwjes means-tesled fvnding to milvJate fees for prospective and exisling pupils. There are no predetemined quotas for the numbef of awards. hcwever. the financral total of awards shoukl not exceed 10P of gross fee income. Bursaries for prospe¢tNe pupils are advertised as being worth up to 100% of fees. A bursary can sometimes be offered in nItiOn wrth a scholarship. In 20120 means4esled bursaries were awarded to 48 pupi15 tolalling 7.6% of gros5 fee Incne. The availabilty of bursar$ for pro$pectNe pwils aThJ hty4V to appty for them is advertised widety and on the Schwl's web$ite. The criteria for admission are based on whether the chikj is likety lo benefit from an education al the School. Awards are made followiro an appIallOn lincludiryJ a statement of financral circumstances) and reviewed by the Bursar and the Headmaster. Decisions are based on the degree of financial need tsu¢Jged by irorne and asselsl as well as social need (for example, famity break or problems al the ¢u¥rent school). Children of armed forces familS may receive a Continuty of Education Alluwae from the MOD, which is not means-tested but avaiLable to all ranks_ Parents wishing to send their chAd lo the nursery larKI Reception pupifs who are under 51 are able to lake advantage of the Government's Eaty Years Enternent IEYEI grant, which provKles up to 30 hours per week free funding. Enlttlemenl lo this scheme is not means-lesled and B therefore available lo those who can and cannot afford the fees. However, rt is capable of provKling an cyportunty to benerrt people who cannot afford the full fees. Links wlth the local community The Hall, Sports Hall and school grounds are aVarIab for use by clubs and groups in the wder Community Group$ LKsing the facilrties during the year included.. a football club, a badminton club. three netball clubs. a brownie pack, a crket team and a music band. The l&ilrt*s We aL%o used for holiday camps during the utiimn term by Super Camps and the summer tern by our cmn s¢hool slaff. These a¢lNilies We severety cvrtailed due the impact of the Coronavirus Pan(Jemic. Fund raislng performance and tupport for charllles Significant Fund raisirg by pafenls in support of the Schwl is carried out by a separate charity cald The Friends of Rookwood (FOR}. Thi8 charty is a separate enlty and ports on its own aclivilies. Governors ensure that members of FOR are awa of Ihew pOnsIblI1es under the Charty Commission guidance for Charty lundraisiry. The pupils theMSee$ corKluet a nurnber of fvnd raising activities for lo¢al. national and interrwtional charities. Lasl year the school supported Giwngworks. Women V Cancer. Young Minds Mental Health, CharlE Waller Memorial Trust and Chikdren'5 Srxiety- Page 3
ROOKWOOD SCHOOL TRUST UIMTED (A Company Limited by Guafanteel TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2020 Fund raising has been sKJnrfKantly curtaile(I due to the wnpxl of the Coronavirus Pandemic. STRATEGIC REPORT Achievement and pèrforniance The School provided educalKfyn for 239 chthjren in the main schcol and 49 in the nursery duriN4 the year. There continues lo be demand for pes in the Senk?r Schwl (Years 7 - 111 as well as an increase in demand for places in the Lower School {Nvrsery-Year 61 throughoul the academK year. AH of our students achieved fNe or more GCSE examinth.ons at Grade 4 or above (equivalent lo a Grade C under the old sy51eml Including English, Maths and Science. and the maionty of GCSES were awarded a Grade 7 or above lequwalent lo an AIA. under the old system). This is a fantastic set of res15 and we are delighted that our students will now be able to progress to their chosen Sixth Fomi settirwJ. While exam resutts are very important for our $ludenl$ lo continue their beaming joumey w8 a very proud ofth8 resilience and focus they have shown durirrfj the lockdce•vn period. Rookwood students have used the lime they would have spent on revision and sitting examinatKJns lo develop their key skilLs and prepare for their A-level courses, supported by our investment in the Seneca leaming platfomi. Our students have also been hard 81 work in the communty. supporting therr kxal area and in many Cases finding employment in key worker settings. We wish them every success at their chosen college and a delighted that this is the t cohort we wll need to say 9ocYoye to al this stage. wlh the openirvj of our new Sixlh Form in September 2021. The results achieved in a genUIty rkJn-sele¢iNe school reflect the hard WOTk of tre StentS and their teachers, and the s¢hoofs dedication to xademic and pastoral excelb2nce. Extra<urricular activities Trips. both in this ¢ounlry and abroad continue to feure prominenlty in the actmties of the school. Trips included.. Win¢he$lef Cathedral. R¢)man Baths, Liwng Rainforest, Pra Express. Winchester S¢ien¢e Centre, 5 Hwnpton Court, Hawk Conservancy, Windsor Castle The Duke of Edinburgh's Award Scheme continues to be a very popular extra-curitular &livity. The S¢h¢JoI also ran a hugely successful Persal Development Programme for Lth¥er School Pupils based on the previously adopted Prince William Award. Flnanclal revlew The school had a net deficit in funds of £18.074. Due lo a tough economic climate resulting predorninantry from the Coronawrus Pandemic, the School reduced fees lo reflect the change to an online teaching provision during the period of lockdown closure. Fixed and Percentage Bursarie5 awarded lo pupi15 increased in comparison lo the prh)r year. Where appropriate. the schcd aceessed the Govemmenfs ConaruS Job Relentn Scheme ICJRSI. the funding from which. enabled the schcx)I lo pass discounts on to pants. Due lo the Sehoofs clo$ure resulting from the Coronavirus Pandemic, no Est*e$ capital work was undertaken and the Schoofs normal progrwnme of planned maintenance vtas signrfrantly curtailed. although all essential Health & Safety matters were attended to. The S¢hool remains highly competitive in the Independent School sedor. offering highty qualified and expefience<l lehing staff at an affordable level in the market. 1nlroduc1 of the Sixth Form in September 2021 will m8ke Rookwood Scho)I the onty 'all through. Indeper¥Jenl School in the area providing eduCatn for pupit5 aged 2 10 18. Interest rate swap The charitys interest rate swap liabilty ded from £384,910 10 £345.2291£39.681 gain) during the year. The Paye 4
ROOKWOOD SCHOOL TRUST UMITED IA Company Limlted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDEO 31 AUGUST 2020 Govemors have taken the view that rt loo costty and not an appropriate use of the ¢harty's' lund$ lo obtain independent actuarial valuations on the interest rate swaps, therefore. valuation5 provided by Barclays Bank have been used. FluctuatS have been reWd for reasonableness and the Governors are happy they are in line with expectations. Reserves polKy The Governors consxjer that Ie resetves of one tem)'s expenditure S1 be prove£l to co¥er the risks and uncertainties of operating an independent Sch1. The poly is thefore to build up reseeS out of annual operating surpluses until that level is reached. Principal risks and unCertaintS The Boafd of Governors is re5ponsfole or the 1denlrftI(. assessment and management of a58i51ed by the Senior Management Team. The major risk5 1dentrfd have been reviewed and system5 3fKI procedures estsblished to manage the risks. Risks are Monrt0 by the Senbor Management. The School Oeveloprnenl Pl8n is drafted with these risks in mind. A fomal by the Governors undertaken annually. The principal risks identified are as folknws.. Compelilwe Risk In a hwhty compelrtNe market. the School aims lo ensure that there are procedures in place for the effective and limejy assessment of leaching and karning and Ihe overall pupil experience. The marketing 51ralegy is reviewed regularty lo ensure rt is responding to changes in Ihe market place Safe Environmenl Safeguarding procedures are fdlthved at all times in of recruitment, training of staff and Msitors s(te. Appropriate employTrenl poIleS and prclureS are in place and regularty reviewed_ The Healih & Safety policy Is reviewed and update(l annualty. The Heallh & Safety Commrttee, which is chaired by the Bursar and attended by a member of the Board of Goverr#)rs. meets three times per year Compliance The education seclor ts highty lated. The Governors, as guided by the Seni¢y Management Team ensure that the School is up to date with all requirements. The s¢hool maintsin$ membership of relevant bodies to ensure that it has access to appr¢Jprkate 9uwJance and support Legal & Financi The Schod appoints the appropriate professional thisors where necessary and ensures that rt is cover&J by approprBle insurance using sector specralisl brokers External Economic condrtns ECormIC condrtions are consideied by Govemots arKI the SenK)r Management Team arKI are fa¢tOTed into the risk VIeW and School devebpment plan accoidingty. Key ¢onlrols adopted aTe as folk)ws'. Regular meetings of the full Board of Govemors and Senior Management Team, as well as sub- committee meetings. all of which have lomial agendas and minutes rorded.. Annual review of the Schod Development Plan as well as comprehensive bLMJgeting. forewliry and review ol managemenl accounts.. Comprehensive fomial written policies.. Clear controls and authorisation limits.. Safeguarding procedures for the prolectKJn of chrfdren". Criti¢a5 incident planning and procedures in pL%e. Plans for future periods The Future aims of the Scho(A are reftected in the current 5 year Developmenl Plan whi¢h is ntInUallY under review. The key elements of the plan are" The preservation of the ethos of Rookwood School, its excelent P8Storal care, its academK achievement and its w*Je range of high quality exlra<urricular actmties. The school is delighted lo announce that rt wll open a ne•¥ Sixlh Fomi in September 2021 making Rookwood School the only independent 'all-Ihrough' school in the Andover area, educating children from age 2 10 18. The development of the schools, reputslion for excelnce as a 2 - 18 all-through school_ Page 5
ROOKWOOD SCHOOL TRVST UMITED IA Company Limlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 The success of the sch¢)ol wrth regard to re¢rutting and retsining pupib in a Competrlive marketplace. The development of boarding at the school. The development of the nursery provision al the schcd. The continued development rna1ntenan of the schoofs extstirKJ buihjing stock and the future development of lacilrtyès. Continued development of curriculum arKI eXtrxurruIaT opportunrttes in order to ensure qualty provision. Remairttng abreast of chaftges in national educional poly for example in EYFS, al GCSE, 8t A Level and the MOD'S allocation of CEA. Fundraising standards inforniation Friends of Rts)kwood, who on behaEf of Rookwood School, false funds from members of the public by organi5ing the events and activities detailed in this report and vla indivYuals. organisalions, community groups and companies who lundraise on our behatt. We Comply wrth legal requirements and adhere lo the Inslilule of Fundraising Code of PrXle and guideline. We do not empby any third parties to fundraise on our behatf and have not received any complainls in relalion to our fundraising ivilEs. We will promulgate our policy on safe and legal fundraisiThJ lo those individuals. groups and wmpanies that we know are fundraisiThJ for us. These aclNities are reviewed and monitored by the Trust DITtor and indNiduals supported and advised where appropriate. Important non adSustlng events after the flnanclal perfod On 20th March 2020 due to COVID-19. schools were instructed. by the Government, to close to all pupils less those ol key workers and vulner&sle ¢hiklren. Where possible. schools We requested to prowde a provision for these ¢hiklren during Ihe Easter holiday period and hawng iden11t these children, R¢)okwood School provided such provision. Having moved lo onh'ne learnirKJ. there wa5 a moral laAhough not a contractuall obligation lo revw school fees where the school could nol provKle the selwice being charged for. Our priorty to the ¢harity is to ensure that it remains a viable business once things begin to return to nomial. We needed to consitler all options that allowed the school to retain pupils and staff for the 2020 Autumn Temi. In assessing appropriate fee discounts. the Schcrtjl hlentrfied a staffin9 level suffiuenl to delNer the revised curriculum and to ensure e5senlkql functn$ We delNered. Subsequentty, and where appropriate, staff were placed on the Govemment's Coronavirus Job Retention Scheme with the School ensuring that staff received full conlraclual pay. Non5senlial expendrture was Suspended IncdIng planned captsl works. Taken in isolation, the School's financial response to the im1 of COVID-19. has delive the best Possib financial outcome whilst ensuring lees refflected Ihe level of learning delNered. Teacher Pen$h)n Scheme (TPS) Empbyer contributh)ns increased on 1st September 2019 resling in an increased financial commitment consmdered to be unsustainab. The Governors undertook a period of formal consutt8tv)n vmth teaching staff o.ry a proposal to 8ve the TPS move lo an alternative pensKJn provision from 1 st January 2020. At the end of the consultalK)n perh the proposal was ratif*d and the school left TPS on 31st December 2019 ond moved lo the agreed alternative prov¥Jer. Going Concern As a colle¢tive Board, the Trustees believe that they have the neSSary fi'nan¢o1 skills to scrutinise, interpret and understand the detai financial forecastrepOrtS provKJed to them. It is on this basts that the Board 1$ ¢onlidenl with the Goiro Concem nole lo the xcounls. Statement of Responsibilities The Governors {who are also the dirtttorn of Rookwjod School Tru51 Limited for the purposes of company Lwl are responsible for preparing the &Jvemors' Report (including the sITateg Rew)rtl and the financial Statements in accordance with the Unrted Kingdom Accounbng Standard5 (United Kingdom Generalty Accepted A¢untIng Pradicel and applicable L¥ and regulations. Page 6
ROOKWOOD SCHOOL TRUST UMITED IA Company Llmwiod by Guarantee) TRUSTEES. REPORT ICONTINVEDI FOR THE YEAR ENDED 31 AUGUST 2020 Company law requires the GoverrA)rs to prepare fin¢ial ststements for each financial year. Under mpanY law the Goverr¢ors must not approve the financial ststements unless they are satrsfed that they gNe a true and fair view of the state of affairs of the ¢harrtable ¢panY and ol its inccming SoUrceS and application of resources, including its income and expendrture, for that perttl. In preparing these financial statements, the Governors are required lo.. select surtable accounting polkles and appty Ihem consBlenty. observe the methods and principles in the char"eS SORP 2015 {FRS 102),. make judgements and eslimales that we reasonable and PnKlent". state whether applble UK Accountirwj Standards have been folh)wed subj'ecl to any material departures disclosed and explained in the financtal statements_" and plep8 the financial ststemenls on the going concem basi5 unless it is inappropriate to presume that the eharitsble company will continue in business. The Govemors are responsole for keeping quate a¢¢ountH)g re¢ord$ thal are suffKient to show and explain the chantable companls transactions and disclose 7Mth reasonable a¢curacy at any time the financial posrtK)n of the charitable Company aThJ enle them to enswe that the financral statements compty wth the Companies Acl 2006. They are also respons)le for Jafeguarding the as5els of the charitable company and hence lor taking Teasonable steps for the Prevention and deleclKJn of fraud aTrJ other irre9ularrties. In $0 far as the trustees are avrare.. there is no relevant audil inf0m)atn of vknich the Charitab C(KnlS auditor i5 unaware.. and the Iruslees have Len all steps thal they ought to have taken lo make themselves aware of any relevant audit information and lo establish thai the audrtor is aware or thal informatn. Thea d by the Irusts of the chariy on ...............aThJ signed on its behalf ty. C Hardima Chair of G ve ors Page 7
ROOKWOOD SCHOOL TRUST UMITED {A Company Limited by Guarnnteel INDEPENDEPIT AuorfoRS' REPORT TO THE MEMBERS OF ROOKWOOD SCHOOL TRUST UMITED Opinion We have audrted the financial sLiternents of Rookwcod Sch¢xA Trust Limited (the 'charity'l for the year ended 31 August 2020 which comprise the Statement of Financial Acliwlies. the Balance Sheet. the Statement of Cash Flows and the relateil notes, including a summary of SignrfanI accounting policies. The financial reporting framework that has been applied in their preparation is appltable law and Unrted Kingdom Accounting Standards, includiro Financial Reporting Standard 102 The Financial Reporting Stsndard appltable in the UK and Republ of Ireland. {United Kingdom Generalty Accepted Accounting Practice). In ¢)ur opinion the financial stements.' give a true and fair view of the state of the charitable companys aftairs as at 31 August 2020 and of its incoming resources and applicat)n of resources, in¢luding its irKome and expendrture for the year then ended.. have been prcpety Prepa in accordance th Unrted King¢kn Gènerally Accepted Accounting Practice", and have been prepared in aceor¢Jarte th the requirements of the Companies Ael 2006. Basis for opinion We cOndted our audit in a¢cDrdan¢e wilh International Standard5 on Auditing IUKI IISAS {UKII and appl¢cable law. Our respOnsli11t1es under those standard5 are further described in the Auditors, responsibilrties for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audrt of the financrdl slalements in the Unrted Kingdom. including the Financial Reporting Councifs Ethical Stsndard. and we have fulfil our other ethical e5ponsibilities in accordance %wth these requirement5. We belwe that Il audit w¢Jence we have obtained 15 sufficient and appropriate to provKJe a basis for our opinion. Conclusions relating to going concern We have Th)thing to report in respect of the fdbmng matters in relation lo which the ISAS IUKI require us to report to you where.. the Trustees, use of the gc¥ng concem basis of accounting in the pparat)n of the financd ststemenls is not appropriate- or the Trustees have not disclosed in the financial ststemenls any identified malerol uncertainties that may cast signrftant doubt about the ¢haiitable companys )ilty to continue lo adopt Ihe 90ing concern basis of accountin9 for a period of at ieasl months from the date vthen the financial sLitements are aUtriSed for SUe. Page 8
ROOKWOOO SCHOOL TRUST UMITED (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ROOKWOOD SCHOOL TRUST UMITED (CONTINUED) Other infomiatlon The Trustees are responsible for the other inf0mlatl. The other inf0mlatn comprises the information included in the Annual Report, othei than the financial statements and our Audrtors, Report Ihereon. Our opinion on the financial statements doe$ not Cover the other infomialion and, except to the exlent olherwise explicrtty slated in our report, we do not express any fomi of assuran thereon. In connection wrth our audit of the financial statements, our responsibility is to read the other informatson and. in doing so. consicler whether the other infomiation 15 materialty inconsistent with the financ1 slalements OT our knr)wledge obtained in the auLIrt or otheMse appears to be Materlty mi5slaled. If we hyentify such rnalerial in¢onsistencies or apparent material mi55taternents. we are required to deterrnl whether there Is a rnalerial, misstatement in the finan¢o1 $tatement5 or a materBI misststement of the other infom)ation. If. based on the work we have performed. we Co[lude th Ihere is a merK41 misstatement of Its's Lmher information, we are iequired to report that fact. We have nothing lo rep)rt in this regard. Opinion on olher mattgrs prescribed by the Companies Act 2006 In tyjr opin)n, based on the work undertaken in the course of the audit.. the information given in the TfUStees' Report includirrfJ the Slralegic Report fly the financial year lor which the financial slalements are prepared is consL%tenl wth thè financial statements. the Trustees. Report and Strategic Report have been prepared in acwrdance with appIab legal requirements. Mattets on vthich we are required to report by exeeption In the lt of our knowledge and understsnding of the charrtable company and its environment obtsined in the course of the audit. we have not K1entrf material mis$tements in the Trustees. Report including the Strategic Report. We have nothing to report in respect of the foltcMiNJ matters in relation to which Companies Act 2006 requires us lo report lo you if, in our opinion". adeque xcounlmw re¢dS have not been kept. or ietums &Yequate lor our audit have not bèen reeeNed from branches not visrted by us." or the financial statements are not in a9ment with the auntIj records and rerns., or certain disck)sures of Trustees. remunerathin SPecrfd by are mt made., or we have not received all the information and explanations we require for our aud Page 9
ROOKWOOD SCHOOL TRUST UMITED IA Company Lim5tod by Guaranteg) INDEPENDENT AUDITORS. RFPORT TO THE MEMBERS OF ROOKWOOD SCHOOL TRUST UMITED {CONTINUEO} Responsibllitles of trnstees As explained more fulty in the Tnlee$, Responsth"litres Statement. the Trustees (who are also the diredors of the charitable company for the purposes of wnpany lawl are responsible for the preparation of the financial slalements and for being satisfth that they give a true and fair vw. and for such inte¥nal control as the Trustees determine is necessary lo enable the preparation of financol statements that are free from material rnisstatement. whether due to fraud or erroT. In preparing the financial statements, the TnteeS are sponsible for assessing the chantable company's ability lo continue as a going COern, disch)$ing. as appluble, matters relaled lo going concem and using the going concern basis of ac¢ounling un$ the Trustee5 erther intend lo liuidate the charitable company or to cease operatlQn5, or have no realist ternalive bvl to do $0. AuditOlS' TespoTrs•bilitles for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from mateiial misstatement. whether due to fraud or error. and lo issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audrt conducted in accordance with ISAS IUKI will always detect a matenal mi5slatement when il exists. Misstatements can arise frem fraud or error and are consrdered matwral rf. indiwdualty or in the agggate. they could reasonably be expected lo influence the economt decisions ol usef5 taken on the basi$ of these fi'nancial $tslements. A I1her descriptrt of our resp)nsllH"lrt for the audrt of the fincial statements is located on the FinancBI ReportityJ Council's website at.. wth.fre.or .ukl ditors ilit. Thi8 descripth fomis part of our Audrtors, Report. Use of our report This report is made solety to the ¢harrtable ¢paS members. as a t*, in rdance wilh Chapter 3 of Part 16 of the Companies Act 20C6. Our audit work has been undertaken so that we mi9hl slate to the charitable companls members those matters we are required to stale to them in an Audrtors. Report and fol no other purpose. To the fullest extent perrned by law, we do nol accept or assume responsibility lo anyDne other than the charrtable company and ts members. as a body. for our audit WOTk. for this report. or for Ihe opinions we have fomied. Page 10
ROOKWOOD SCHOOL TRUST UMITED (A Company Limlted by Guaranteel INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ROOKWOOD SCHOOL TRUST LIMITED {COMTINUEDI Jacqueline Taylor (Senlor str1.Ory Audllor) for and on behalf of BRC Accountants Awch House Winchester Street Andover Hampshire SP10 2EA S1712b Date". Page 11
. ROOKWOOD Cl IOOL TRUST UMITED {A Company Limiled by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2020 Restricted Unrestrfcted funds funds 2020 2020 T¢)tsl funds 2020 Total funds 2019 Note Income from: Donal$ and legac Charitable a¢livilies Investments 173 1.521 2.916.102 16,843 3.493,375 2,841 1916.102 883 Other inccffle 438.745 438.745 Total income Expenditure on: Charitable a¢tiwes 173 3.357.078 3.357.251 3,513,059 10.669 3.404.337 3.415,006 3,624, 173 Tolal expenditure 10.669 3.404.337 3.415,006 3, 624. 173 Net movement in funds before other recognised gainslllossesl Other recognised gainslllosses): Olher gainsl{105sesl 110,496) 147.2S91 IS7.7551 (111,774) 39.681 39.681 (37.634) Net movement in funds Ron¢ll1at10n of funds: Total lunds brought forward Net movement in funds (10.4961 (7.578 {18.0741 (142. 748) 33.30S 110,496) 3,485.276 17.578} 3,518,581 {18.0741 3,661,329 (142. 748J Total lunds carried forward 22.809 3.477,698 3.SOO,507 3.518,581 The Statement of Financial Aclivrties indude5 all gains and losses rects3ni%ed in the year. The notes on pages 15 to 35 fc¥m part of these fina181 stements. Page 12
ROOKWOOD SCHIX)L TRUST UMITED IA Company Llmlted by Guarante•l REGISTERED NUMBER: 00758856 8ALANCE SHEET AS AT 31 AUGUST 2020 2020 2Q19 Fixed assets T8n9ible assets 16 5.786.063 &844.242 5.786,063 &844,242 Current assets Stocks Debtors Cash al bank and in hand 5,605 869,148 275.229 3,168 670,384 660.905 17 1.149.982 7.334.457 Creditors.. amounts faling wrthin or year 18 {1.321.5821 (1.377,559) Net Current liabilities {171.600) f43, 102) Total assets loss current liabilities 5,614.463 5,801, 140 Creditors.. amounts falling due after more than one year 19 11113.9561 (2,282,559} Net assets excluding pension asset 3.500,$07 3,518,581 Total net assets 3,500,$07 3,518,581 Charity funds Restricted funds Unreslricted funds 22.809 3.477,698 33,305 3.485,276 . Total funds 3.500.507 3,518,581 The Trustees acknowledge their responsibilrties for comptying with the reqUirents of the Acl with respect to accounting records and preparaticn of financial statements_ ci sl approved and autPth)rtsed for issue by the Trustees and s ne on their behalf by.. rough (Chair Dale.. GoverTh)rs) (Trusleel The notes on pages 1 S to 35 fom part of these finala1 statements. Page13
ROOKWOOD SCHOOL TRUST UMITED A Company Limlted by Guarantee} STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020 2020 2019 Cash Ilows from opernting activities Net cash used rn operattng a¢tiviti85 1283.9281 182,044 Cash flows from investing activitles Dividends, inlere51s and rents from investrnenls Purchase of larible fixed assets 883 2.841 f75, 771) 121.009} N•t cash used In Inv•sting a¢ti¥ities 120.126> (72,930) Cash flo frorn financing activities Repayinents orf borrowiNJ {81.6221 (747.269) Net cash used in financing activilies 181.622) 1147,2691 Changè in cash and cash equivalents in the year Cash and cash equivaknts at the beginning of the year 1385.676 660.90S {38,155) 699,060 Cash and cash equivalents at the end of the year 275,229 660,905 The notes on pagès 15 to 35 form wt of these firkincial ststements Page 14
ROOKWOOD SCHOOL TRUST UMITED IA Company LIMIt by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 General InfomHtlon The charty is a Company limited by guarantee incorporaied in England and consequently does not have share capital. Each of the Iwstees is liable lo contribute wnount not exceedir4J £1 towards the assets of the charty In the event of 1UatiOn. The address of rts regstered office is". Ro0kv0d School Weyhill Road Andover SP10 3AL A¢¢ounting polities 2.1 Basls of preparation ol financlal staternents The financial statements have been prepared in accordance with the Charrties SORP IFRS 1021 Accounting and Reporting by Charrties". Statement of Recommended Pracb"ee applicable to charities Preparing their accounts in COrdanCe wrth the Financial ReportirKJ Standard appIab in the UK and Republi of Ireland IFRS 102) leffeclive 1 January 20191. the Financial Reporting Standt&d applic¥knle in the UK and Republt of Iland IFRS 1021 and the Companv&s Act 2006. Rookwood School Trust knmtrted meets the definition of a public benerrt enlty under FRS 102. Assets and liabilrties are initsalty recognised al historal cost or transaction value unless otherwise staled in the relevant accounting polry. The financial ststemenls are prepared in sterling. which is the fuThctK)nal curneY of the Charity, monetary amounts in these financial statements are rounded lo the nearest £. Page 15
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ROOKWOOD SCHOOL TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Aceounting policies (continued) 2.3 Income Fees receivable and charges for servtis and use of premises are &¢ounted for in the period whrch the service 15 provbged. Fees receivable are stated at fair value and after deducting allowances, scholarships and other remissions granted by the sctrwl from rts unrestricled funds. DOnatnS and legacies Donations, gifts and *acies are reccyni5ed where there is enlitlemenl, probability of receipt and the amount can be measured with sufficient reliability. Iorne received for the general purposes of the Chanty is included as UntriCted funds. Income for 8etiwlies trIcted by the wshes of the donor 15 taken to restrted funds where these wshes are legalty binding on the trustees. Defenvdincome Fees are charged in VanCe of the new term and the income is deferred lo the first day of the new term. Olherin¢ome Other income including investrrient incc¥ne i8 accounted for on an accru8 basis. 2.4 Expenditu Liabilities are recognised as soon as there a legal or constructive Ob1KJatn committing the charity lo the expendrture. All expendrture is accounted for on an ¥cruals basis and has been classified under headiros that aggregate all costs related to the category. The irrecoverable element ol VAT is included wilh the rtem of expense lo which rt relates. Charitable acbvilies Charitable expenditure comprises those ¢ost$ iVIred by Ihe Charty in the delNery of ts activrties and services for rts beneficiaries. It includes both costs that Can be alocated di¢tty lo such xliwties and those costs of an indirect nalure ne¢essary to support them. Grant expenditure The school offers a number of burs¥ies exh year to rts pupils. All fllieS in receipt of a bursary are means tested with the level of bursary awarded dependent on the family incorne and assets. All burs8ries are subject to annual rewew. In addition the school offers a small number of $¢holar$hips lo pupils for perf0mnCe in the senK)r schcK)l entrance exam. Redundancy and tern?inalwipayments Redundancy and termination payments are charged against the Statement of Financial klivities in the year in which the employees leave. 2.5 Govemance costs These include the costs attribulable lo the chartys compliance wilh constilulional and slatutory requirements. includirg audrt. slralegic managemenl and goveTnrxs' meebngs and reimbursed expenses. Page 17
ROOKWOOD SCHOOL TRUST UMITED {A Company Limited by GuaTanteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Accounting policies (continued 2.6 Govemment grants Government grants are credrted lo the Stalement of Financial A¢tMties as the related expenditure ts incurred. 2.7 Interest e1vable Interest on lunds heky on deposit is inclLKled when receNable and the amount be measured reliably by the Charrty.. this L% rKrrnalty upon noIrfatIOn of the interest paid or payable by the inslilulion wrth whom the funds are tkF)srted. 2.8 Tangible fixed asyts and depreclatlon Tangible fixed assets costing £1,500 or more are caprtalBed and recognised when ftrture econornic beneffts are probable and the cost or value of the asset can be measured reliabty. Tangible red asset5 are initK?Ily recognised at C05t. fes5 Subsequent accumulated depreciation aThJ subsequent accumuled impaim)ent losses. Where donations are recewl tthvards the cost of fixed assets. the amount ol Ihe dOnatn is treated a5 reslricled funds. The equivalent proportKJn of the annual depreck81ion charge of the assets conceme(l is Oebrted lo trIcted funds. Depreciation is charged so as to alILte the cost of tarvjible fued assets less their resklual value over their estimated useful Iwes. Depreciation 15 provhjed on Ihe folk)wing ba5i5". Motor vehicles Fixtures and f1.J$ Computer equipment Temporary buibjings Property improvements Tractor & garden equipment Freehold PToperty- boar¢Jing houses Freehokl property- main srte & bursary 20% straight line ba515 10% straight line basis 25% straight line bas 4% straight line basis 10% straight line b8SiS 25% straight line basi5 1% straight line bas see bekMI The cost of land inckjded in the t¥)arding hjSeS but not depreciated is £345,000. The schod operates a continuiro maintenance Program on the free1j property main sile, bursary, catering cottage and boarding houses and this is undertaken lo ensure there is no significant diminutKJn in the value of the freehokl propety. All properties are revEwed on an annual basis foT impaimenl wrth any diminution recorded in the 51atement of finèneial activrties in the pericJ incurred. The Iruslees believe the carry'ng value of the main srte and bursary wrthin the accounts is SnIfant1Y lower than the m051 recent valuation undertaken in 2018 and therelore any provisK)n for depreciation woukl be immaterial and 15 therefore rt provided thIn the accounts. Page 18
ROOKWOOD SCHOOL TRUST LIMITEO ' . IA Company Limitcd by.Cuaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Accounting polic {conlinued) 2.9 Stocks Food stcck is valued at the of cost or net realisable value. 2.10Cash at bank and In hand Cash and cash equivalents comprtse cash on hand and call deposrts. olher short-tem highly liqurd rnvestments that are conVertle to a kn¢)wn amount of cash and are subje¢t lo an insignifi'cant risk ol change in value. 111 Financial instruments ClassCall0n The Charity has elected to appty the provisions of Secttthn 11 'Basic Financial Instruments, and Section 12 '0ther Financial Inslnjments Issues. of FRS 102, in full, to all of its financial inslrumenls. The Ch8rty has financ$ assets and liabilrties of a kind Ihal qu8hfy as bastc and other financ181 instrument iSSLS. Recognit andmeasurement Trade and other debtors and crethlors are inrtkihty rtognised at tran&tIOn vahje and subsequently measured al their settlement val. Bank loans are initialty recc•3nised at their twsaction value and subsequentty measured al amortised cost using the effective Inte$t re method. Interest expense is recognised on the basts of the effective interest method and is included in interest payable and simikr interest charges. Defivalwes are Initial fecognised al fair value on the date a derative contract is entered into and are subsequenlty re-measured lo lair value at each reporting dale. Fair value gains and 105ses are reccgnised in the financial statements in &COrdar wilh FRS 102. Impainnenl Assets are assessed for indicators of irnpairnient al each reporting end date. Assets are Impaired where the objectNe evidence that, as a result of one or more evenls Ihat occurred after the initial recognition of the asset. the estimated future benerrt has been affected. The impairment knss is recognised in Slalement of Financol Aclmties. 2.12 Finance leases and hire puvchase Leases in which SubstantllY al the rtsks and reward5 of ¢y•mership are retsined by the lessor are classifd as operating lease5. Rentsls payable under operating leases are charged in the Statement of Financial ACti¥rts on a straghl line basi% ¢)ver Ihe se tem. 2.13 Pensions The Charty conlribules to the Texhers, PenSn Defined Benefrts Seheme * rates sel by the Scheme Actuary and as advised lo the Govemors by the scheme Administr*or. The Charty also contributes lo indwKJual personal pension schemes for various non•leaching staff at rates according to individual empkjyment contrxts. Further details are gtven in the pensions note lo the financial slalements. The 5¢hool wthdrew from Ihe Teacherfs pens1n Scheme on 31$1 Decembei 2019 ènd teaching staff moved lo a new ocCUpatnal scheme piowded by Awva. Page 19
ROOKWOOD SCHOOL TRUST LIMITED (A Company L1rn5t by Guarantee) NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Accounting policies Icontinuedl 2.14 Fund a¢¢ounting General funds are unreslricled funds whth are available for use at the dtscretion of the TnJstees in furtheran¢e of the general obje¢tives of the Charty and Wtth have not been designated for other purposes. Designated funds ccrfnprise unreslrided funds that have been set asKle by the Trustees for particular purposes. The aim and use of each deswnated fund is set out in the notes to the fancIal stalemenls. Restricted fvnds are funds whKh are to be used in accdae with specrfK restricti¢MS imposed by donors or which have been raised by the Chanty for particular purptsses. The costs ol raising 8nd administering such funds are charged against the specthc fund. The am and use of each restricted fund is set out in the notes lo financkgl s&ements. Critical accounting estimates and area5 of judgment Estimate5 and judgments are continualty evaluated and are based on historical experience 8nd other factors. includin9 expectations of future events that are belkeved to bfy reasonable under the circumstances. Critical accounting estimates and assLrnPtf)ns" The Charity makes estimates and assumptrons conng the future. The Slting accounting estimates and assumptions wll, by definrtion, seklom equal the related xtual resuhs. The eslimales and assumptions that have a sonrfunl risk of causing a material adjustment to the rying amounts of asse15 and Ikibilrtie5 wlhin the nexl financial year are discussed belcm. The Teach8r5' Penston Defined Benefts Scheme a muMFmployer pension scheme and it is not possible to identify the assets and liabililies of the scheme whKh are attributable to the Charty. In accordance wth FRS 102, Ihe scheme is accounted for as a defined Contribution seheme and nlribulions are charged to the Statement of Financkal Actmties when payable. During the year, payments lo Tr Teachers. Pen$w Defined Benefits Scheme ase{l due lo all staff opting out of the scheme. Hedging Assumptions have been made by the bank in ¢akulating the Va of the interest rate swap and collar al the year end. Critical areas of judgement A provision for impairment of fee debtors is established vA)en there ts obiective evidence that the nounts due will not be collected in line wih Ihe usual fee colknlions due to financial difficuty of the parents. Depreciation Depreciation is a svJnifKant accounting estimate thin the accounts. Depreciion rates a based on the Useful expected Iwes of eh asset_ The Trustees revitrw the assels lo ensure that their kx)ll¢$ remain up lo dale, accurate an(J in line wlh previous expeCtn$ to confirni Ihal depreciation is not celeraled or under provKled. Page 20
ROOKWOOD SCHOOL TRUST UMITED (A Company Lknited by Guarante•) NOTES TO THE FIMANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Income frorn donations and le9acie5 Reslricted Unrestricled funds funds 2020 2020 Total funds 2020 Total funds 2019 Donations 173 1,348 1.521 16,843 Tots12019 16.673 170 16,843 Income from charitable adiviti•s Vnrestri¢ted funds 2020 Total funds 2020 Total funds 2019 Fees receivable Extra subjects and dtsbursements Super camps activrtEs 2.712.200 202,713 1,189 2.712.200 202.713 1,189 3.201.589 281, 746 10,040 2.916,102 2.916.102 3,493,375 Total 2019 3,493,375 3.493,375 Investment income Unrestricted funds 2020 Total lundg 2020 Total funds 2019 Invesknent income- kcal cash 883 883 2,841 Tolal 2019 2.841 2,841 Page 21
ROOKWOOD SCHOOL TRUST UMITED IA Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 (Xher IncomSng resources Unrestricted funds 2020 Total funds 2020 Tolal fvnds 2019 Government grants 438,745 438.745 Anatysis of expenditure ofi chaiitable activities Summary by fund type Restricted UtrICted funds funds 2020 2020 Tolal fund$ 2020 Tolal funds 2019 Educational ¥liviti"es 10.869 3.404,337 3.415,006 3,624, 173 Total 2019 36,648 3.587.525 3.624. 173 Analysis of expendilure by activitles Activities undertaken dlrectly 2020 Total funds 2020 Total nds 2019 Educational actiwties 3,415.006 3A15,006 3,624, 173 Total 2019 3.624. 173 3.624, 173 Page 22
ROOKWOOD SCHOOL TRUST UMITED IA Company Llmited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Anatysis ol expendituve by actlvttles IntInued1 Anatysls ol dlrect costs Fees reeeivable 2020 Total funds 2020 Tot funds 2019 Staff costs Depreciation Academi¢ costs ActNilies and disbursements Eslablishmenl costs 2.469.464 79,189 171.811 106.533 141.015 59.467 84,210 52,385 35.086 73,835 14,137 119.S96 8.298 2.469.464 79.189 171.811 106,533 141.015 59,467 84,210 52.385 35,066 73.835 14,137 119,596 8,298 2,397,547 700,849 210,329 118,118 127,846 210, 168 87.931 53,002 40,Q86 119,996 23,767 126.350 8. 784 Repaits an¢J mèintenance Office and IT expenses Advertising and marketing Equipment hire Motor expenses Legal and professional costs Inleiest payable Governance costs 3,415,OC6 3.415,006 3, 624, 173 Tola12019 3.624, 173 3, 624. 173 10. Other gainsllosses 2020 2019 Movement in valLtn of financial derNalNes 39,681 (31.634) The charity has loan facilities available tolalling £1,885,261. There are l)edging instruments or inlerest rate swaps in place to protect the charty 4ainst increases in interest rates in line wrth the Chartys interest rale management policy. The hedging instruments have been measuTed at lair value and are recognised in the financial st*ements In accordance wrth Charitses SORP IFRS 1021 and FRS 102. Pège 23
ROOKWOOD SCHOOL TRUST UMITED IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL sTATEmEPs FOR THE YEAR ENDED 31 AUGUST 2020 11. Auditors. remuneration 2020 2019 Fees payable lo the Charws alItOr for the audit of the Charitys anrthl aceoLtnts 4.460 4.460 Fees payable lo Ihe Chartys alItOr in resFect of.. All rKwudit servi¢es not included above 3.838 3, 724 12. Staff Costs 2020 2019 Wage5 and salaries Socol secunty costs ContfibLrtion to defined contribUtn pension schemes 1,969.426 161,739 338,299 2,020,285 168.489 208, 773 2.469.464 2.397,547 The 2020 penswjn contribLrtions include an increase i) employer ¢onlribulions from 16.4°h to 23.6°h during the period Seplernber- December 2019. The new Aviva pensM)n scheme alknvs staff lo sak4y 1$ relknted in the 2020 increased pension conlribLrtions. During the year, the chity mae redundancy aTrJlor terMInatn payments which lotalled £Nil12019- £9,500}. The aver&Je number of petsons empwed by the Charty during the year was as folk)ws: 2020 No. 2019 No. Teaching and ancillary staff Admlnlslrativelcleral staff Pastoral staff 58 12 61 11 32 29 102 loi Pagè 24
ROOKWOOD SCHOOL TRUST LIMITED IA Company Limited by Guarantgej NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 12. Staff costs Icontinuedl The number of employees se empbyee benefts lexclL¥JirKJ empwr pension costs) exceeded £60,000 was.. 2020 No. 2019 In the band £60,001- £70,000 In the band £70,001- £80,GOO The tol81 employee belts of the key management personnel of Ihe charity were £299.119 12019.'£331.19n 13. Trustees. remuneralion and expenses During the year. no Trustees received any remunerat or other benefrts {2019- £NIL). Duiing the year, hvo trustees paid a total of £25,81512019". £42.304) in turtion fees to the charity al open market value. 14. Related party tran%%tions During the year the charty ma¢Je the folyMn9 relaled patty Iransxtions.. Friends of Rookwood (Friends of Rwkwo)d We a parent run chariy wlw) fundraise on behall of RoOkwd School Trust Limited) Rookwood School Trust Lirnrted colkct dIallOnS on behalt of the Friends of Rookwood and pay for expenses on their behaK. all of which are rewnbursed. At the balance sheet date the amount due from Friends of Rookwood was f.17312019 - £10). 15. Taxation The charity i8 a regISted charty, and as such is enlilled to certain tax exeMptI¢S on iOme and profits from investments, and surpluses on any trading activities c8fTied on in furtherance of the charity's primary obieclives, rf these profrts ar surpluses are applied solety for charrtable putP05es. Page 25
ROOKWOOD OCHOOL TRUST UMITED (A Company Limited by Guarnntee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 16. Tangible flxed assets Freehold Plant and Office Temporary property equipment equipment building$ Totsl Cost or valuation Al 1 September 2019 Additions 5,471.900 497.878 15.463 370.691 6,WJ,522 21,009 Al 31 August 2020 5.477.446 9.053 S13.341 370,691 6.370,531 DePCIatIon At 1 September 2019 Charge for the year 35.374 9.130 8.287 207.106 254.514 10.862 605,280 79.188 Al 31 August 2020 8.637 265.951 265.376 584.468 . Net book value Al 31 August 2020 5.432.942 416 247.390 105.31S 5.786.063 Al 31 August 2019 &436.526 766 290. 773 116,177 5,844,242 Assets with a rt book value of £5,412.40012019.. £5.419.300) a pwed a5 securty for liabilrties. 17. Debto 2020 2019 Due within one year Trade debtOTS Other debtor5 Prepayments and aCcryd income 701.773 1.730 165.645 572, 737 1,741 95,906 869.148 670,384 Page 26
ROOKWOOO SCHOOL TRUST UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 18. Creditors: Amounts falling due within one year 2020 2019 Bank loans Trade credrtors Other taxation and socia secunty Other creditors AccTuals and deferred ncome 178,001 37,813 40,908 46.684 1.018.178 t55.075 60,450 42,310 32.898 1.086.826 1.321.582 1,377,559 2020 deferred income consisled of fees invoiced in advance of the autumn tem. The amount was then released in the nexl year. Se¢ured debts CdItorS due wrthin one year in¢de bank bans of £178.001 {2019". £155.0751. on which security h8$ been given ty the charity. The bank loans and facil((5 are red by charges over Rwkwood School dated 2111112008, a charge over 15 & 17 The Avenue dated 21111r2008, ar¥J a debenture on the banks standard form dated 0311212008. 19. Creditors: Amounts falllng due after more than one year 2020 2019 Bank108ns Accruals and deferred income Financial instruments 1.707.260 61.467 345.229 1,871,808 85.841 384,910 2,113.956 2,282,559 Included in creditors are the folbirg wnounts after )re than fve years of £947,749 12019.. £1,108,518). Borrowings due after fwe yea Two bank loans wrth aggregate 0nIS of £947.749 {2019". £1.108,5181 vthich fal due after S years and which are PaYae by in5talments are in pl&e with Barclays with Inte$t being paid at 2(kn+ above the Barclays base rate. The first lo is due lo mure in November 2028 and the second loan is due lo mature in Juky 2029. Secured debts Credrtors due after more than one year include of £1.707.26012019.. £1.811,8081. on whh securty has been given by the chanty. The bank loans arKI facilrties are Secured by charge5 over RcokwoDJ School dated 21111r2Crt)8, a Charge Page 27
ROOKWOOD SCHOOL TRUST UMITED {A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 19. Creditorn: Amounts falllng due after move than one yr Icontlnued over 15 & 17 The Avenue dated 21111f2CKJ8. arKI a debenture on the bank$ standard form dated 03112QCN)8. 20. Penslon commllments Ttre Charity parti¢ipale$ in ITie follown9 Pensp)n Schemes". lal the Teachers. Pens)n Scheme Idefined beIrrtI,. and Ibl defined contribulson schemes. the asset5 of which are held separatety ffl)m those of the Charity in independently administered funds. The total pension ¢osl charge for the year £338,299 12019." £208.773) includes contributions payable lo the Teachers. PensKJn Scheme IVPS") of £92,47712019". £194.993) and contributions payable to defined conlribulion smeS of £245.82212019= £13.780). The total contributions not been paid lo the Schwnes at the year end are £65.607 (2019." £28,656).. Teachers, Pension Scheffle The TPS is a statutory, conlributory. defined benefft scheme. The regulalitins under which the TPS operates are the Teache, Pension Regul"ons 2010 las amendedl and the Te%hers' Pension Regulations 2014 {as amended). These regulations appty to teachers in schools and other educational establishments in ErKJLand and Waes maintained by local aLrthorrties, lo teachers in many independent and volunlary-aided schools, and lo leachers and CtUrerS in establishments of further and higher educalKin. Membership is automab"c for fulktime teachers and lecturers and from 1 January 2007 automatic loo for teachers and lecturers in part-tirne employrnenl fo1b.n9 appointment or a change of contract. Teachers and lecturers are able lo opt out of the TPS. The Teachers. Pension budgeting and valuation account Although teachers and knturers are employed by vartous bCxls, their retirement and other pension benefits. including annyal increases payable under the PensnS Ilncreasel Acts are, as provided for in the Superannuation Act 1972, paid out of monies provided by Parliament. Under the unfunded TPS. tea¢hers' contributions on a 'pay-as-youo' basis. and empioyers. conlributions, are clediled lo the Exchequer under arrar¥Jements govemed by the above Act. The Teachers. Penshjns Regulations requi an annual account, Ihe Teachers. Pension Budgeting and Valuation Account, to be kept of receipts and eXPendrtu lin¢lwling the cost of pensions, inereasesl. From 1 April 2001, the Account has been credrted wrth a al rale of retum lin excess of price increases and currently set al 3.0%}, which is equivalent to assumirwj th the balance in the Accounts is inve51ed in notional inve51menls that produce that real rate of otum. Valuation of the Teachets. Pension Scheme Not less than every four years IPre GovernnnI Acluary {"GAI, usry nomial actuarial principles, cotKlucts fornial actuarial revw of the TPS. The aim of the is to specify the level of future ¢onlribulions. The contnbution rate patd into the TPS is assessed in ts¥o parts. First, a standard contribution rale I'SCR") is delemir*d. Thts is the contributn, expressed as a percentage of the salaries of teachers and IuTers In service or entering service durirvj the perK)d over Ithich the ¢ontributk)n rate applies. which rf it were paid over the entire acbve service of these leactrws and lecturers woukl broadty defray the cost of benefrts payable in respect of that servi¢e. Secondty. a supplementary contribLrtion is payable rf, as resuA of Ihe actuarial inve51igation, it is found that accumulaled liabilrties of the Account for benefits lo Page 28
ROOKWOOD SCHOOL TRUST UMITED IA Company L'imited by Guar•ntee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 AUGUST 2020 20. Pension commitments Icontinuedl past and present teachers. a not fulty cOVed by stsn¢lard contributions to be Pa in future J)d by the notional fund build up from past contributions. The total contribution rale payable is the sum of the SCR and the supplementary eonlribuh'on rate. The last valualton of Ihe TPS reIe0 to the per 1 April 2012 - 31 M8r¢h 2016. The GA'S report of the March 2019 vealed that tPE total liabil((ies of the Scheme {peTr$i$ currently in payment and the estimated cost of fvture benefrts. amounted to £218.1 billtin. The value of the assets lestim*ed lulure. contributions together wrth the PeedS from the notional investments held at the valuats'on dalel was £1.1 billn. Scheme Changes From 1 Seplernber 2015. the empw contrthrtKJn rale increased to 16.4(+A. From 1 April 2015. the TPS was reformed. wrth a drfferenl benefrt slrucluie for a number of members. Ffom September 2019 the employer contributK)n rate incwsed lo 23.6Y•. whh onty impacted the school for one lem due to all stsff opting out of the Teachers PensM)n Scheme on 31st December 2019. 21. Operating lease commitments At 31 Au9USt 2020 the ChaTty had commrtmenls to make future minimum se payments under non- cancellable operating leases as folhThvs". 2020 2019 Not later than 1 year Later than 1 year and not later than 5 years 34,335 46,310 31,552 73. 726 105,278 Page 29
ROOKWOOD SCHOOL TRUST LIMITCD {A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Statement of funds Statement of funds- Current y•aT Balance at 1 September 2019 Balance at Gain 31 August ILosse$l 2020 Inrne Expenditure Unrestrictsd fund$ General Funds- all furbds 3.485.276 3.357.078 (3,404.337) 39,681 3,477,698 Restricted funds Fixed asset donation fund 33.305 173 110.6691 22,809 Total of funds 3,518,581 3.357.251 13,415.006) 39,681 3,500,507 The specrfK purposes for which tl* funds are to be appld are a$ folbxs: The restricted fund above i5 a Fixed Asset t)onalion Fund - This fund represents a$set$ or expenses purchased ¥wth donations from FrndS of Rookwood. Page 30
ROOKWOOD SCHOOL TRUST UMITED IA Company Lirnitcd by Guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 22. Statement of fund5 (continued) Statement of lunds- prior year Balance 81 I September 2018 8818nce 81 31 Augusl 2019 Transfers in/oul Gatnsp (Lossesj Income Expendrfure Unrestri¢t8d funds Designated funds Designated Funds all funds 20. 727 32 (20, 759) General funds GeneTal Funds- al funds 3.587.322 3.496.354 (3.587.525) 20.759 131. 634) 3,485,276 Total Unrestricl funds 3.608.049 3,496.386 13.587.525) 131, 634) 3.485,276 Restricted lunds Fixed a55el dOnatn fund 53.280 16.673 f36,648) 33,305 Total of funds 3.661.329 3.513.059 (3.624. 173) f37,634) 3,518,581 Transfer of £20.759 to unrestricted funds from Kathleen Tner Memorial Fund. Page 31
ROOKWOOD SCHOOL TRUST UMITED IA Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2020 23. Anaty$i$ of net assets between fund5 Analysis of nel assets betweeTr funds- Current period Restricted Unrestrlcted funds funds 2020 2020 Total funds 2020 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than .)ne year 22.809 5.763,254 5.786.063 1.149.982 1,149,982 (1,321,582) 11.321,582) (2.113,9561 12,113.9561 Total 22,809 3.477.698 3,500.$07 Anatysis of net assets between funds- prior perK Reslncled unfystn.cted funds funds 2019 2019 Tol81 funds 2019 Tangible frxed assets Current assets Creditors due thIn one year Creditors due in me than one year 33,30S 5,810.937 5,844,242 1,334.457 1,334.457 11,377.5591 (1.377,559) 12.282,559} (2,282.559) Total 33.305 3.485,276 3,518,587 Page 32
ROOKWOOD SCHOOL TRUST UMITED IA Company Lmnitod by Guarantool NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 RKonciliation of net rnovernent fund5 to net cash Ilow fwom operating activitie5 2020 2019 Nel expenditure for the perK¥J (as per Statement of Financial Aclivit¢e$) 157.755 (111.114) Adjustments for- Depreciation charges DIVendS, inleresls and rents from investrnents Irease in stocks Decreaselinciease) in deblofs IrKreaselldecrease) in creditors 79,188 18831 12,437) 1198,764) 1103.2771 IcXI,849 (2,841) 1742) 133. 104 62, 788 Net cash provided byllused in) operating a¢tivities 1283,928) 182,044 Analysis of cash and ¢ash equivalents 2020 2019 Cash in haTh 275,229 660,905 Total cash and cash equlvalents 275,229 660, 905 26. Analysis of changes in net d•bt At1 September At31 2019 Ca$h flows Augusl 2020 Cash at bank and in hand Debt due wthin 1 ye Debt due after 1 yeaT 660.905 1155,0751 11.811.808) 1385.6761 275,229 (22,9261 1178.0011 104,548 11.707.260) 11.305,978) 1304,054) 11,610.0321 Page 33
ROOI(WOOD SCHOOL TRUST UMITED {A rmnY l imited by Guarant•g) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Financial Instruments 2020 2019 Flnancial assets Financial a55els rneasured at fair value through income and expendrture Financial assets that are debt instruments measured at amorti$gJ cost 275,229 869,148 660,905 670,384 1,144,377 1,331,289 2020 2019 Financial liabilities Derivative financial instrLments measured at fair Val through income and expenditure held as part of a trading portlolio Financial IbIl1eS measured at amortised c05t 1345.2291 (384,910) 13,090,309) (3,2T5,2089 13,435,538) (3.660, 118) Financial assels measured al fay value throwJh incLyne expendilure includes cash al bank in hand. Financial assets that are debt instruments measured at amorttsed cost includes debtors. Financial IrabililEs measured at fair value through sL*ement of financial xtivrtie5 Inc1eS the derivative financral liabilty. Financial liabifthes measured at amortrsed co51 I1[5 bank loan$. trade creditors, other tsxation and social 5ecurty. other creditors. accruals and deferred inme. Page 34
ROOKWOOD SCHOOL TRUST UMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Hedging arrangements To hedge the rolenlial volalihty in future interest cash ficms on bank loan5 8r(8ing from movernents in Bardays Bank Base rate. the Charty has entered h)to Iloating to fixed interesl rale swaps on an amortising profile of the loans. The swaps are accounted fcrf as a derNatNe fmancial Ikabity in accordae with the Charit5 SORP IFRS 102). The cash flows from the interest rate swap will continue until their malurty whh is coincvjental wrth the maturty of the bank bans. The change in fa'r value during the year is processed wrthin the statement of financial xtNities. 2020 2019 Hedging arrangement Recognised lossesnthilrties on hedges * beginniry of perd IGainsybsses arisir¥J in the year 384,910 {39.6811 353,276 31,634 Recogni$ed losseslliabllltles on hedges at end of period 345.229 384.910 The chanty has not obtw'ned an independent actuarial valvation for the terest rale swap. The valuations provided by Barclays bank have been used in the accounts. The valuations have fluclualed within the following ranges £341,554 £384.910. with the largest single fluctuation m a quarterly period being £43,356. Page 35