egistered numbèt: 1x1758856 Chailty number: 307322 ROOKWOOD SCHOOL TRUST LIMITED (A Company Umited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2022 111111 'ACALOLFS* 24hW2023 COMPANIES HOUSE
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ROOKWOOD SCtrThL TIIUST LIMtfED (A Company Llmlled by Guaraniee} Page Reltten¢o and Adminlstrativo 1>gtails of Ihe Clwrlty. ils Trust and Advlsers Tiust¢es' RepDrt Indep•ndent Auditors. Roport on tl* Flnan¢lal Slatoments Statement ol Flnanclal A¢tlvltles 12 Balance Sheet 13 Stst•ment of Cash Flows 14 Not•s to the Flnancial stateThts 15-34
ROOKWOOD SCHCIOL TIIUST UMrrED {A Company Umfted by Guarantee) REFERENCE AND ADkllNISTrATIVE DEfAILS OF THE CHARtrY. ITS TAUSTEES AND ADVISERS FOR THE YEAR ENOEO 31 AUGUST 2022 C Machin. Trustee Ires¥Jned 28 Jure 2021) D Drew. Tree C Hardiman, Char L 8&YboroLwh. Tw*ee V Wickens. Trustee Lower. Trustee IrestyJ 23 Seember 20211 F Penfofd. Trustee K Wilkie. Trusiee lappoirtted 1 March 20211 A Geary, Trustee (reSned 27 ember 20221 P Bur£he. Tree larryxnled 12 January 20Z21 Company rnglster•d number Ch•rity registered number 307322 Reglstered offlce RookvM)od School Weill Road Andover Hampshire SP10 3AL Company secretary M Ch4ynan Independent audltors Xeinadin ALhJil Limiied NvJhtingde 4648 East Str Epsom Surrey KT17 IHQ B¥nkers Barcla Bank PLC 5 HKJh Street Anck)ver Hampshire SP10 1LN Page 1
ROOKWOOD SCHOOL TRUST UMrrED (A Company Llmlted by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The Trustees. who are also directors for the purFose ol rnpanY law aj serve as Govgmors of the schcol, ave asure in presentiThJ their retx)rt aTrJ the authted financial statements of the company lor the year ended 31 AugLkSt 2022 arvj confirm they COM wth ts iequirements ol ts Charilies Act 2011 and Ihe Charilies SORP IFRS 1021. Relerence and admlnlstratl¥e detalls Referer¢ adminislralwe details are shown in tr SChl1e of membefs of the board arKI professional advisers on page l of the linancial statements. Thè Trustffts {Mombers) C Hardiman F Penlold D Drew L Bedborough V Wickens K Wilkie P Bunche Each member is liatlg 10 a maximum of t1 each in evenl that company ks up. Structure. governance and management The Company's Governing Dctument is rts Memorarkjum a1 Articles dated 26th April 1963. This was last amended on 19th December 2022. Tl SCW is go¥eml by a Board of Governots. New members ol the Board are recruit and elected to the Board after due PTCWS by the existing members. Indiv•Jual aThJ cc41ective Irainirwj of t)afd is afTanged to meet tts rewremgnts. The Board is charged with the overall management control ot the Trust company. Both thè full Board and the Finance and Resources SLtrCommittee meet three b.mes a year and in a6Jitn, regular meelings are held by the scho(A's Senh)r Managempffl Team. The day-104lay runrirKJ ol ts School bs delegated lo Ihe Sen)r Managemem Team. which. during Ihe year. consisted ol the He&Master. the Deputy Head. the Buw a1 Ihe Heads of &hools. as ll as ¢ommittees as required lor the efficient management of the School. The School is a single charitable ar business entity. It maintains dose links with thher Irtdepende Sehools. Ial Schools and the communty thrOJh srtIJ. educational, social. rel¥ious and ¢haritabte aclivsties, The maiof risks to which the School ts exposed as idenbfied by the Trustees. have btsen rwewed and Systems eslthished io manage ttse risks. Oblectives and acliviliès The school has for some time faced challeThJir¥J Iradirwj rA)nditnS aThJ this position was worsened by the COVIO-19 pandern and renI Konomi¢ wessures. The rising cost of energy ar¥J other inflationary pressures Jring Ihe year to 31 August 2022 yaced lunher strain on the school's finances. In recent years the sclwl ttas exF)red a range of optTons to restructu the busHiess ol the Charity arKI has not lound a solutn lo Ihese linanckql dffliCues. The Trustees wor1(ed closety tmth the school's creditors lo source appropriate financial. a1 insolvency athlice arvj secure a(hJilional lundiThJ lo alk)w the school to trade through the 2022-23 academic yEar. arNI there was a Paral strategy lo liTrJ an investor or merger partner to allow the school to C*)nhnue tradiNJ bey)nd trms. A Wenliaj investor was idenlrfjed in laie 2022. dis¢ussions continued arKI culminaied in an agreement 10 sell the schcol lo Ihe Inspred Leaming Group ol s¢FK)ols. The sale compleied on March 9ih, 2023 and will be lully reflected in the currenl year's accounts lenth'rvJ Augusl 31st 20231. Page 2
ROOKWOOD SCHOOL TRusf UMrrED (A Company Limlled by Guaranlee) TRUSTEES. REPOAT ICOPrnNUED) FOR THE YEAR ENDED 31 AUGUSt 2022 This rewt reflects the per10rmwe aThJ aclivits of the school through the 2021.22 academic year though al lh8 lime of wriliNJ th8 Charity rKJ longer owns or orerates the sch)ol. The principal wrpose ol the Charity nevertheless continues lo be io SpOrt Ihe school and its facilis for the further educaiional advament ol bts pupils. The school continues lo operaie uTrJer naw ownership. Rookwood School is a non-selective LedUClonal ser which aims to provhje a first class day and boarding education lor children between the ages 012 and 18 on a fee paying basis through strong academic tuition of a broad, balanced curriculum. tcwher Iwth the developmem of wpje $KlrJ, aflistic and social skills in an environment where each pupil can develop his or wienti. sell-confidence and desire to Contrile lo the wider community. Every pupil is encouraged to perfom io the best of their a'lIty in au spheres of actiwty. High Siandards are expected whilst recognising that success will come in drfterenl guises lor different pupib and will be celebrated at every18vel. The personal devdopmenl of each putAI 15 imrxirtanl. the Sclwl ams lo provide a sale. hakw and relaxed atmospherè in which Ihe puiyls feel free to develop their aY arkj learnirvJ. The School eOurageS the development of pupils. self-disuF4ine aThJ seWsleem. so that try leave flookwood as confident, well.presenled young people. as well as aiming to inslil the values of care and conswJeralK)n lor olheis. of courtesy atNI of the necessity to be aue 10 work eilher c(koperalNely as part ol a team or as an j1vlUa1. Publ1¢ benetit Awaid$ and dl$¢ounts Means-tested awards provide access lo an education al Ihe Sch)ol to chikjren whose families are unable to afford the tull faes. induding th1 in periods ol hardship povety. The School provided means-tested awards lo miivle fees for prospective and exislirKJ pupils. Trre were no predetermined quotss tor the number of awards. however. linan¢ial lolal ol means. tested awards wwld )rmaNy noi exceed 10% of gross fee income. 8uTsaries for prospective p11$ were thertised as being worth up to I00¥0 ol lees. A bursary ¢an somelimes offered in conjunction with a scholarship. In 2021.22. means.tested bursar$ were awar(led to 48 totallirKJ 10.2% 01 gross fee Ir {2020.21. 58 PUF41s lotlirj 9.4% 01 gross fee income). The availabilty of bursaries for prOspeb¥e pupd5 and IK)w lo for t1M was advertised and on the School's website. The crileria tor admission were based on Ihe Ch is likety lo befit from an JallOn at the Sch)ot. Awdrds were made fdlowing an apF4icalKJn lindu(ng a slatemenl ol financial circumstances) and a review by Ihe Bursar and the Headmasler. Decisions woukl be based on the degree of linala1 need lju(W by income and assets) as well as sorial need Ilor example. famity break or problems al current Schw1}. Children ol arnjed forces famijies rnay have been in recepl ot a Continuity of EthLaIn lowanCe from the MOD. whtch is not means.tested avwlable lo JI ras. Parents wshing to setThJ their chikl lo the nuery lar¥J Reception WlS wtKJ are under Sl were able lo lake acfvantage of the G¢)vernment's Early Years Enlttlement IEYEI grant. whth prov•Sed up lo 30 hours per week free lundirKJ. Entrtlemenl to this scheme is Mt means-tesled tor the first 15 hours per week aThJ is therefore available lo those who ean cannoi afford the tees. is capatle ol provKling an opportunty lo benefit Feopte w) canr*X afford the lull fees. Llnks wlth lh• local commurMty All ot our facilities were used IhroLKJhoul the SCtrK year ty clubs aThJ groups in the w•Jer Commwty and the Page 3
ROOKWOOD SCIIOOL TRUST uMrrED {A Company Limi1 by Gu•ran1) TRUSTEES, REPORT {coKfiNUED) FOR TrIE YEAR ENDED 31 AUGUST 2022 growth in lettings continued. eSla1 lor ih8 Sports h1. bjth on weekdays arvj weekends. We reeeived a slea(ty stream of enqui¥tes ar enjoyed a lake-up Tate ol approximaiety 75%. We are known to provide a very good seNce and were often asked to lake on occasional sess¥)ns where other facilitie5 are not availat48. Groups usiThJ the facilitses durirKJ thè year irKILKled: 4 fcL)Iball elubs. a badminton ¢lLts. three nelbatl clubs, 4 crtkel club5. Shuffles and Splints Dance. and Ihe Pelr(yws sY School. Our ¢ommunty links ¢onlIn whh Aj0ver Chorai Society. Al0ver Wrilers Guikj and ATh)ver Musical Theatre group. A new partner - Barracudas - iod( over the summer ¢amp kyovision arJ there are rlans lor Ihis company lo operate al RDokw¢K¥J every Easter ar•J &Jmmer. 0r lettwws irKluded ttM)se for the Swimmiro P(M. which was tOked regularty by swim teachers over the summer holiday and families iaking a(fvanlage ol the pupil family Rookwocrtj Sw"m ticket. Wessex Mad Science aThJ ThestA's Drama provKliNJ holKlay workshops for our wp"Is and others; and txrthday paty lettings in tr)Ih the Drama Siwjio arKI SFQrts hall. Fund rnlslng performJnt •nd support for charblles snificant Fund rwsirg by parents in sUprt of the &hool is carried out by a separate charty called The FrierKls of Rc4)kwo(•J (FOR). This charity is a separate enlty and rep)rts on its own acliwties. Truslees ensu that members ol FOR are aware of their responsib'libes under the Charity Commission guidance lor Charity luThJfaising. The puiyls themselves condu¢ted a number of fuThJ-raisiry for lcd. rsational a1 intemalional charitie5. STRATEGIC REPORT Achlevement and perforni•xe The School provided education tor 228 chiktren R) mwn Srtw)o1 {2020.2021. 2321 and 48 in the nursery 12020-2021. 521 during the year. Rookwood Sehod 1$ delJhted to share arth exceltent year ol GCSE exam resutts with a 94% pass rate (Grade 4 or a¥8) 40% 01 grades beiNJ at Grade 7 or above. equlvant lo an A or A.. The results achieved in a genuin8ty non-sere School continue lo I8cl the hard work of the slLwJents and their Igachers. a1 the sc)01,$ dedicat4)n lo &ademic aThJ pastoral excellerts. EXtraUrrIcUlar •{vIlle$ Extra-c#Jrricular aclwibes, normaty a SIrj and vitThtt feature ot the SctKd. retumed durirvJ the year. Flnanclal revlew The School made an operating loss thring the sear wlth a net deftit in fuThJs of £184.978. compar•J with the 2020-21 surplus of £64.664. This reflects risiryj costs not beiro met by increased fee income. Sclwl remains ¢ompetTtf48 in ihe Inderthjeni School Sector. offeriNJ highty qualtfied ar¥J exF¢ri8nced teaching staff ai an affordable level in the malket. Thè inircMJuetion ol the &xth Form in Seplembef 2021 made Rookwotsj School the only 'alkthiough' InEryJenl Scfw)ol in tr£ ar¥ provhying education for pupils aged 2 to 18. Interesi rat? Swap The charitls interest rale swap liakn.lty rethKed from £247.132 to t35.8621£211,270 gain) during the year. The Governors have taken the view that it is 100 Costty and 1 an appropriate use of the charitys. funds lo obtain independent actuarial valualions on the inleresl rale Sap$, Iherelore, the valualions provided by Bardays Bank have t¢en used. Flu¢luatior6 have been reviewed for reasOneS$ a1 the GerTh)r8 are haY Ih8y are in li wrth etatIOnS. Page 4
ROOKWOOD SCHOOL TRUST LIMrrED (A Comp•ny LifflSl•d by Guar•ntee} TRUSTEES. REPORT (CONTINUED> FOR THE YEAR ENDED 31 AUGUST 2tr22 Rèserves pollcy The Goveinois conydeied Ihat Iree reserves ol one term's exretKlrture should be provided to cover the rt5ks and uncertainties ol operating an IrKlependenl sc1. The p)Iw was therefore lo build up reserves out ol annuJ operating suwuses until that levd is reacw. Prlncipal rlsks and un¢ert•iThli8S For the 2021-22 acatsmic year, the school's Board of (knernors was resFonst>le lor the idenlrfKalion, assessmenl and management ol risk, assisled by the SenK)r Managemenl Team. major iisks idenlilJ8d were reviewed and systems and procedures esl4ished to manage the risks. Risks were monitored by the Senior Management Team and the &hl Development Plan had been drafted with these risks in miThJ. A lomal rev by the Governors was undertaken annually. The principal risks rdenlified are as lollows.. Competitbve Risk In a hrghly compeiitwe market. the School airrred to ensure that there were procedures in place lor thg effective and timely assessment of ieachiNJ and leaming the overall wpil experience. Th8 marketing strategy was reviewed regularty lo ensure it respoled to changes in the mathet FAace.' Safe Environment Safeguarthng procedures were folk)wed ai JI times in respect ot recruitment and the training of staff and visitors on sile. Appropfiale employynent poltcies and ProCUreS were in pace and regularty remewed. The Health & Safety policy was reviewed arKI w)daled annualty. The Health & Safety Committee, chaired by Bursar aTh attended by a member of the Board of Goverrws, met three times each year; Compliance The education sector is hJhty regulated. The G¢)verrb)ts, by the Senior Managemern Team, ensured Ihal Ihe School was LV to date all requirements. The School ma1rIed membership ol relevant l)odies to aUre th it had ac to approwie guKlance aNI SUFWrt". Legal & Financial The School aFp)inled the appropriate prolessional athwrs Whe neeessary arml ensured that it was covered by appropriate insurance usin9 sector specialist brokers.. External Economic cornlitn$ Economic CO1110nS Vre consKJered by G0vem0 the Senior Management Team aj factored into Ihe risk Yeview and School devebpmeni an accordiNJly. Key controls adopted are as follows.. Flegular meetings ol the lull Board of Goverr#ys and Senr Managemerrt Team, as well as sub- committee meetings, all ol whh have formal agendas and minutes recorded": Annual fewew ol Ihe Schod Devebpment Pian as 1 as comprehensive tKJdgetiry. forecasting aThY review ot management aOunt$.. CornpN8hensive formal written pOIleS. Clear controls a1 authorisation limits; Saleguardiro procedures for the prolectK)n of chikjren; Criti1 incrdent annIN and pfocedures in aCe. Plans for lulure perlods After the sale ol the schod. charity whll have a smal res1thl cash suffbcienl lo cover only il's ongoing administraiion lor a numbèr of years, over which it will be ihe bene1lary ot a contingent asset which will crystallise in the event that the new owners of It* schod disFK)se of certain propety assets within a certain timeframe through what is known as an overage claL(%e in Sa agreement. In Ihe unlikely eveni Ihal Ihis clause is triggered, the charity n$ to use any cash proceeds to further its objects within the 8Cational seclor. Page 5
ROOKWOOD SCHOOL TRUST LIMITED (A Company Umlted by GThtee) TRUSTEES REPORT {coKnNUED) FOR THE YEAR ENDED 31 AUGUST 222 Fundralslng standards Inlornlatlon Frierhss ot RoOkwl, who on behall ol ROOkw School. oise fuThJs Irom members ol the public by OTganising Ihe events and activities detsikd in this reFQrt and via irjM(hIs. organL8ations. ¢ommunty grtwps and companies w) lu1raIse on our bèhalf. We compty with kgal requirements and adhere to the Inltute ot Fundraising Code ot Practice and guKleline. We do not ewnploy any third partE5 to fundraise on our behalf and have nol received any comphinls in ielalKJn lo our fundraisiro activities. We Vlill promja our on sale arKI kgal IlTaS to Ihose ithxknls, grow)s and o)mpanitis that we know are fundraising for us. These activkties are reviewed and monitored by the Trust Director and indNiduals supported and thised WIre apwrwiate. Important non adlustlng events after the financial perlod The school has for some lime laced ehallerffJng trading QYKtions arJ tlus position was V+trsened by the COVID-19 pandern and recent eeonomt pressures. The rIng CO of energy arKJ other intlationary pressures this year are pLaong a lurthw strain on Ihe se1,$ finartts. In recent years Ihe schth)I has explofed a range ol Iwons lo res1TUClu the business of the Charty and has nol found a solution to ifs financial drt1ltle$. The Vernor$ have working Closely with Ihe schwl's ereditors 10 sour¢e akwropriate finant>al. legal and insdVeY advi¢e and secure ackjitional furJing lo enable the school to trade thTough the 2022-23 aCadern year. There was a0 a parallel Slralegy 10 fThJ an investor or merger partner to allow the school to continue Iradiffj. The GoverTh)rs inslnKted VWV (a spfjcialist law frnil to aw)roach wtential investors a vpw to expbring options such as a merger th another charitable indeFethl sclky)l or a sc1mlS glow or Commerc operalor. They considered the Charrty CommisSn.5 guidance in particuLqr the CommissK)n's guidance on charity Iruslees and decision makirvJ and managing conflicts ol inleresl arNJ concluded that it was reasonable and in the best tnler8sts ol its beneficia to urmlertake the search for an investor ar#1 in the meantime to continue lo oFerate the schocd. A tential investor was Klentrfied in laie 2022. ar#J ths(%ssions continued and culminated in an agreement lo sell the school to the Insi%red Leaming Group of schools. The sale Compted on Mar¢h 9th. 2023 and will be fully relle¢ted in the current yeaT'S ac¢ounts lerwJrvJ Awust 31 20231. Golng Con¢em Having lound a buyer for aTrJ disposed of Ihe school, from ma 91h 20rJ ttje TnBI no longgr has any Iraling or other operations, and ils balance sheet has contracted lo a re$KIL cash amount al the bank. Statement ol Re$ponslbllltles The Governors (W are also the d"rectors ol, Rookwood Sehod Trust knmrted for the purposes ol company lawl are resFonsible lor preparing the Trusies- Report linc1ling the strateg Reportl and the linancTral slalements in actordance with the Unrted Kingdom Aceounlirg Standards IUnr(ed Kirothm Generally Aecepted Aecounling Practice) and alIcate law ar#J regulatbjns. Company law requires the Governors lo prepare tinancial slalements for each financial year. Undw company law the Goveinors must approve financial slalemerts unless they are satisfied Ihal they give a true and fair vrew ol the stsie ol affairs ol ihe charilabie company ol its incoming resources a1 application ol resources, inclwjing ils ir¢Me arbj expenditure. for thai In prepariThJ ttse linala1 statements. the GOVerrS are required lo.. select suitable accountirYJ wIleS arKI them consi8tenty; observe ihe methcJs arKI princwples in the Charilies SORP 2019 IFRS 102}; mal(e Iements a1 estimates thai are reasonAe arvj prL•nt: Page 6
ROOKWOOD SCHOOL TRiIST LIMtfED (A coMnY Llrnlled by Grantee) TRLISTEES. REPORT (CONnNUED) FOR THE YEAR ENDED 31 AUGUST 2022 siaie wtsther ak¥Aicable UK Ac¢ounlirwJ StaThArds have trAen tolh)wed sthi¥t lo any maleriJ departures disclosed and exF4ained in the fiftar1 statements: arxl Prepa the financi statements on the goirrfj corwn l)asis w4ess il is inar¢¥ropriale to presume that the charitable company eoniinue in bu5r. The Governors are res[x)nse for keq%ng adequale accounlirwJ records that are sufficienl to show arKJ explain the charitable compa5 transactions and th"sclose wth reasonat4e accuracy at any lime the financial position of the charitable company and enable them to ensure Ihal the linwKial statements comply wth thè Companies Acl 2006. They are also responsible l¢y safeguardirwj Ihe as5els of the charilatAe compary and ln¢e for takiro reasonable sleps for the prevention arKJ etlion ol fraud other irreouLqrilies. In so tar as the trustees are aware: there is no relevant audit inlomiation ol Y4hth chaTftable compatys artOr is urthvare.. and the trustees have en all steps that they to have taken lo make Ihemselves aware of any levant au(thl inlornaiion arnl to 8$lsh that the auditor aware or Ihat information. The ann i y Injslees of the charity on .1. . arKI signed on its bghall by: ardiman Chair ol Go mors Page 7
R¢X)KWOOO SCHOOL TRUST UMITED (A Company Llmlted by Gtsaranl¢¢> INDEPENDEHf AUDITORS. REPORT TO THE MEMBERS OF ROOKWOOD SCHOOL TRUST LIMITED Oplnlon We have athlite(I the fftnane slalements of Rookw School Trust knmiied (trE ¢hariV) foi the year ended 31 August 2022 which compnse the Statement ol Finan1 AdivitE$. the Balan Sheei, the Statement ol Cash Flows the related notes. inclLJing a summary ol sKJnrficant aetounting pOle$. The financial reporting fraMevr[ that has been applied in their preparats.on is appli¢abl8 law aThJ Unrted Kirodom Aecounling Standards. including Financrdl ReportiThJ SiarKlard 102 The FInar1 Reporb"ng SkrhYaTd applicable in the UK and Reputdic ol Irelancf (Unrted KirwJJom Generalty Accepted AOuntIng Practe}. our wnion the ffinancial statements: gmve a tnJe and fair view of ihe state of the ehariiable compatys affairs as at 31 August 2022 arJ ol its incoming resources and apltIOn of resources. irtluding its Irne aTrJ expenditure for Ihg year then have been properly prepared in acxOrdae wth ihNted lfjngdom Generally AcceFrted AccounliNJ Pradice: and have been prepared in accordarte Wilh the wulremts of ihe Companie5 Act 2006. Basls lor oplnlon We conducted our audil in accOrdae with Inlemational Standards on AudilirKJ (UK) (ISAS (UK)) and applicable law. Our resFonsibililies under those standards are lunher described in the ALMJio¢s resF<Jnsibilities loi the audit ol the financial slatemenls seclion of Ouf rekkn. We are iNJependenl ol the charita8 company in acCOrdae with the elhical requirements that are relevant to our audil of the finala1 slalemenls in the United Kingdom, incI1ng the Financial ReFK)rtiro Cwncil's Ethical Standard, and we have fullilled our other ethical responsibililies in accordance wlh ihese requiremenis. We believe that the aLKI"l evidence we have obl&ned i8 sufficienl aThJ appfopfiate lo provKle a basis for our wn#)n. Concluslons relatlng to golng concem In auditiNJ ihe linancial statements. we have ¢oncliKknY that the Truskes. use ol lh8 going concem basis of accouniing in the preparai)n ol the finartial siatements is appropriaie. Based on the work we have performed. vrt have rnl identified any mat&rial uncertaint$ relating lo events or conditions that, ind1wdua1 Of collectively. may casi swjnilicant thubt on the Charilab companys ability to Continuè as a goiThJ COrM for a of at leasi hvefve montrts from when the financial slalemenls are aultriSed lor ssuo. Our responsibilities and the respMsibAities of lh8 Trustees respeu io going cOrrn are described in the relevant sedion5 01 Ihis report. Page 8
ROOKWOOD SCIIOOL TRUST UMITED (A Company Llmlted by Guarnnlee) IMDEPENDETrif AUDITORS. REPORT TO THE MEMBERS OF ROOKWOOD SCHOOL TRUST LIMITED (COPMNUED) Other Informatlon The other infoimation comwws ihè information In¢led in the Annual Report other than th6 financial slalements and our Auditors. Rewn thereon. The Trustees are iesrN)nsNI e for Ihe othei intomation contained within the Annual ReFort. l)ur opinion on the th"nancial statements does noi cover the other information and, except io the exlenl otherNise exF1clIlY stai&J in our lert. we (k) Th)1 exp$ any fom of assurance conclusion Ihereon. Chjr TespJnsibility is to read the other info¥matft aNI. in doing so. consKler whether ih8 Other inlomation is materiJly IOn$tent with the financial statements or our krnwledge obta.ned in the course ol Ihe audit. or olhernise arpears 10 materially misstaied. 11 we wJ&ntrfy such material in¢onsistencies or apparent material misstatements, we are re(NJired io delermine whether this gives Te lo a material misstatemeni in Ihè financial statements Ihemsefves. 11. based on lh¢ ork we have performed. we ¢onclLKle Ihai there is a material misstatement of ihis other inlom1atn. we are required lo report that fact. We have nothing lo report in thls regard. Oplnlon on other m•tlers pYrIbed by the Cofflponles Acl 2(X)6 In our opinion, based on the TAffxk Urtaken in the Course of the a1. the informion giv in Ihe Trustees. Report IndfThJ fv StrategK Rew)rt IOT the fIrWl year for which thè finan¢ial Slatemenis are prepared is consistent wth the financial slatements. the Trustees, Rew)rt arKJ the Strntegc ReFQrt have been prepated in accord wrth appltable legal requirements. Malters on whlch we arn req¥8 lo report by ex¢eptlon In the light ol our knowledge and uThJefStarKling ol ihe charitaue company arvj its environment obtaingj in the Course ol the auth. we have not idgntilied malerial misslalements in the Tru5tees' Report irKluding the Str&egic Rewrt. We have nothing to rep)rt wi r¢spe¢t d the I¥13 matt8r5 in l10ft to which Companies A requires us to report you il. in our cfAnion= adequate accounting records have r#)1 been keFrt, or returns ajewate for our audit have nol ten receNed Irom branches not visited by us,. or the financial Sialements are not in agreemerrt arxounlry records relurns: or certain thsc105ures of Trustees. remuneratr)n s[1 by k3w are not made.. or have not reeeN&J all the infomaiion arKI exFlanaIns we require for our audbt. Page 9
ROOKWOOD SCHOOL TRiIST LIMITED IA Company Limlted by Guarnnlee} INDEPENDEKf AUDITORS. REPORT TO THE MEMBERS OF ROOKWOOD SCHOOL TRUST UMITED {COPmNUED) R•$pon$lbilille¥ of Irusiees As explainèd more lully in the Trustees. ResnSitI.1it Sialement, the Truslees (who are also the directors of the charitable company for the rAJrw)ses of company lawl are resFQnsre lor the preparation ol the linancial statements and lor being satisfied that Ihey gNe a true arKI fair view. arKI lor such internal ¢ontrol as the Trustees deiermine is necessary io enae PTeparat)n of fFnancial starements that a free from material mbsslatemenl, whether due io fla or error. In preparing the financial sktements. the Trustees are resFonsibl8 for assessing the Charitable company5 abilty lo continue as a goiThJ eoncem. disek)5ing. as ae. matters related to going concgrn and using the going concem basis ol accountiro unless the Trustees erther ieI to liu¥Jate the Gharitabb9 Gompany or to cease operations. or have no realistic alternative do so. Audltor8' responslbllltks tor the audh ol Il financlal si•lemems r objecb'ves are lo obtain reasona? assurarte atArt whelher the finala1 slaiemeffls as a whole are tree from material misstatement. whether due to fraud or error, and lo issue an AIKlitors' Report Ihat includes our opinion. Reasonable assurance is a hvJh level ol assurance. tJt is a guarantee 1hal an a111 conducted in accordance %wth ISAS IUKI wll ahvays delect a malerkal misslalement when it exists. Misstatements can arise from fraud or error arKI are considered rnateri rf. indlvTrIy or in the aggregate, they could reasonably be expecied lo inffLnce the economic dectslons ol users taken on Ihe basts of these financial Sialemenls. Irregularities. int111ng fraLvJ. are irtslarvs of rn)n<omF4iance faws a1 regulalions. We design procedures in line wth our resronsl'll1ies. ¢xrtlined above, to delecl material mBslatements in sPeCt of irregularities, induth'ng fra. The extent io whieh wr procedures are capth of dgtecliw irregukirths, Iluding IraL•J is detailed be.. We (A)tained an uN1etslaThJi ol legal arwj rewlatory frameworks wilhin Ihe Charille Company operates, focusing on those la aThJ regulaip)ns that have a direct effect on the determination ol material arnounls and disdosures in the linancial sialements. The laws arKJ regulations we considered in this context were Ihe Companies Act 2cl6. laxation legislation, employmern legislation, Charities Acl 2011, logelhef wrth th8 Charilies SORP {FRS 1021. We assessed the required COM&1 with these laws and regu110r6 as part ol our audit proce¢Jures on the relaled finarrial slalement ilems. In aththts'on, we consKleTed wowsbjns of other laws arKI regulations thal (k) not havg a direct effect on th8 financial statements trt compliance wth which mwjht te furKlamental lo charity's abilty to operale or lo avoid a Materi penalty. We also conshred orwrtunities in¢entNes that may exisl within the ¢hafltable company tor fraud. The laws aThd regulations we consJeTed in this eontexl were The Educatitin Ilr¥Jependent Scllool Standards) Regulth'ons 2014. Auditing standards limit the required aucfit edureS to idenbty Mn-compliance with these laws and regulations lo erUIry ol Governors a1 olhei manag8menl inspection ol regulatory al cospOThce, if any. We identified the greatest risk ot material impaci on the financial statements from irregularili8s, including IraLKI, to be with the comFAeleness and accuracy of income. aThJ the override ol controls by rnanagemenl. Our audit Procedures to resFoThJ lo these risks Iuded erlS ot management, the bursar and the Finance Subcommittee aut their own idenlilKion and assessment of the risks ol irregularities, sample testiThJ on the posting ot journals, reviewng accounting estimates lor triases, designing audit procedures over income, reviewing regulatory cOrreSkkre with the Charity Commission. Irdent Schools In5ctOrate, aThJ r¢a(thng minutes of meetings ol those charged V•ilh governance. OwiThJ to the inherent limilaiiorts of an there is an unavoNlatle risk Ihal we may rK)I have delted some P8 10
ROOKWOOD SCHOOL TRUST UMITED (A Company Umitsd by Guranle•) INDEPENDENT AUDITORS. RepoRT TO THE MEMBERS OF ROOKWOOD SCHOOL TRUST LIMrreD (CONTINUED) material misslalemenls in tinancia statements. even Ihough we have woFety FAanned perlormed our audit in accordance wilh aLKlr(ing slat)Yards. For example. the further removed non<ompliance Mth laws arKJ regulatnS lirregularitiesl is from the events arKI transactions reflecred in the finala1 ststements. the less like the inherently limited wocedures required by auditing siarthrds wouhy ideniify il. In add[[)n. as th any audit. there r8m&ned a h¥Jher risk ol non-deIedn ot irregularities. a8 ihese may invofve collusion. forgery. intentional omiss¢ons. misrepreseniations. or tl override of iniemal ¢ontrols. We are noi re4)onsible for wevenling noncompliance cannot be expect&J to detect rnn-eomplian¢e with all law5 and regulations. A further descriptn of our resrKJnsibiliDes for the ol the fina11 staiemeffls is bxaied the Financial ReForting Councd's website at.. This deswon forms part of o AlItOrs, Report. Use ol our report This report is mad& sokly to the charilat4e companls memi*rs. as a b)dy. in accordance with Chapter 3 01 Part 16 ot the Companies Act 2W6. Cirr au(tit work has been urvJgrtaken so that we might slate lo the charitable ompanis mernbers ttrw)se matters we are requiied lo stale lo Ihem in an Audilors. Report and lor no olher PUTpo$e. To the lullesl exlenl permitted by law. we (k) not accepl or assume on5)i11ty lo anyone olher than the charitable company and tts members, as a t, for cwr audit vrk. lor this report. or for the opinions we have lormed. Jacquellne Taylor (Senlor Slatutory Audltor) tor and on behalf of Xelnadin Audit Limlted Nightingale House 46-48 East Street Epsom Surrey KT17 1HQ Dale.. 18/?3 Page11
ROOKWOOD SCHOOL TRUST uMrrED (A Company Llmlted by Guarnntee} STATEMETrif OF FINANCthL AcnvmES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022 RosMcted Unrethlcted funds funds Total funds Total lunds Not• Incom• Iroffl: Donattons arKI legacies Charitable aclivitses Investments Other income 21.074 2259 3.31110 163 7,$72 1.964 3,031.894 121 586.332 3.311,910 163 7.572 Total Income 21,074 1320,930 1342,004 3,620,311 Expendlture on: Charitable activit*s 25.593 3,712,659 3,738,252 3,653,744 Total expendlture 25A93 3,712,659 3,738,252 3,653.744 movement In lund8 befove other rttognised gains 14519) (391.729) (396,248) (33.433) Othér recognlsfrd galns: Other gains 211,270 211.270 98.097 Not moveimni In funds (4,519) (180.4591 {184.978) 64,664 A¢Tre1119t10n ol fvnd8: Total funds brought forward Net movemenl in fuThts 12520 (4A19} 3.552.651 {180,459) 3,565.171 (184.978) 3,500,507 Total funds ¢anied forward 8,(K11 3,372,1Y2 3Aeo.193 3,565, 171 Slalement of Finan ActNibes indS all gains aThJ k)sses recwnis&J in the year. The notes on pages 15 10 34 form part ol tw fina1 statements. Page 12
AOOKWOOD SCHOOL TRUST UMITED (A Company Llmited by Guardntee) REGISTERED NUIABER: 00758856 BALANCE SHE AS AT 31 AUGUST 2ff22 Note Flxed assets Tangible a&8ets 17 5,714075 5,727, 195 5,714075 5.727. 195 curTw assets Stocks Debtors Cash al bank arKJ in haj 8.463 856,144 9,243 735. 186 335,499 18 866,637 1,079,928 credito.. amwnts IlIrj due within one year 19 (1,634,777) {1.351,548) Net current Ilabilltles 1768,14)> (271,620) Total asgets less cunent Ilabllltles 4946.735 5.455.575 CrethtOTS.' amounts laUir¥J due after more than one year (166,$42) (1.890,404) Net assèts excluding penslon as*al 3a80,193 3.565, f71 Tolal n•t •ssets 4380.193 3.565, 171 Charity funds Restricted funds unresth.cted funds 001 1372,192 12,520 3,552.651 Totsl lunds 3,380.193 3.565. 171 The TNstee$ acknovledge their res[0rlI1leS ltsr comth'ng with Ihe requirements ol Ihe kl with resF¢cI Io a¢couniing reeords preparatfi ol financial statements. The lina loved and athh)rised for issue ty the Tru a$ sign ttw'r behalf by: (Chair ol Date.. mrAs) 8/ts The noies on pages 15 34 fomi part ot I1 finala1 statements. Page13
ROOKWOOD SCHOOL TRiIST LIMITED (A C¢>mpany Llmited by Guar4ntee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGusf 2022 Cash fl1)ws Irom operatlng acilvllles Nel cash used in opefalirvJ actr¥it 1333,014) 176,630 Cosh flows from Investing a¢tlvities Dwidends. irterests rents from invesbnents Purchase ol tsngiL4& tixed assets 163 (63.433) 121 (19,035) Nèt ¢ash us•d bn invesllng oclivilles (63,270) (18,914) Cash flows Irom Ilnanclng acll¥llles Cash inlk)ws frorn rw rrOw•rj Repayments ol b)Trowi 158,284 50,OL 195,469) (147.446) Nel cash provlded byl(used In) financkng actfvftles 61815 (97.446) Change In cash and •qulvlents In y¢ar Cash and cash equivalenls ai the twinning of Ihe year (34469) 335,499 60,270 275.229 Cash and cash equivants at the wxl of the 2,030 335,499 The notes on pages 15 to 34 form part of these finala1 statements Page 14
AOOKWOOD SCHOOL TRUST LIMITED (A COmpV Llmlled by GrnnIee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 21Y22 General Inlorntlon The charity is a company limrted by guararrtee incorp)rated in EnglarKI arKI consg4uently does noi have share capital. Each ol the tree$ is liable lo contrute an amount r*X exceeding £1 towards the ass8 of the ¢harity in the eveni of Iulda"0n. The a(klress of its regslered office is: Aookwoc4J Schwl Weyhill Road Andover Hampshire SP10 3AL Accounting policles Z1 8a$ls of pryratlon of Ilnanclal slJtem The finanoal stslements hav8 been prepared in accordance wth the Charities SORP IFRS 1021 . AOUntIng and Reporting by charis.. Stalement of Recommernled Practice appjicablg lo charities prepariryJ their accounts in accordarte wrth the Financial Reporting Standard aFplicable in Ihe UK and RepxJt4ic ol IielaTrY IFRS 1021 lellectiv¢ 1 January 20191. the Fina1 ReportirwJ Standard aWicable in the UK and R1¢ of Ireland IFRS 1Ql and the COmpanS Act 2006. Rwkwood SChTh Tru Limited meets Ihe definition ol a W1¢ bènelir entty under FRS 102. Assets and liabilities are initity recognised at hi8ton"¢al cost or transaction value unless Other¥Se ststsd in the relevant aoUnting [ley. The linancial statements are PTepared in sterliry. whth 15 the furthional currency Df Charity. monetary amounts in ihese finawal statements are rouTrJed lo the nearest £. 2.2 Golng coneem Having fou1 a bLryer k)r aTrJ (tsp0 of Ihe school, Irom March 9th 20fJ the Trust no longer has any trading or other cp8rains. a1 tts sIt has corrtraCl to a iesidual cash amount at the bank. Tr Trusi remains a going eonwn as it is #Je to meet bts ¢AJMJalK)ns for the next 12 morrths. Page 15
ROOKWOOD SCHOOL TRUST LIMITED (A Company Llrnlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Aeeounting pollcies (c(xrfinued) 13 Income Fees reCeab and charges for services ard use of premises are accounted for in the period vthich the seNice is provKJed. Fees reCeaole are staled at fair value awl after dedLJcling allowances, scholarshps aThJ otsr remissions granted by Ihe school from its unrestricted fuNJs. Donalions andlega(¥es Donaiions, gths and legacies are Tecowmsed Whe there is entitlemeftt. wcthbilty of receipt and the amount can be measured with su11lent reliat¥lrty. lrtome te1ved lor the generJ purp)ses ol the Charity is included as unstrICted fu15. Income lor &tivits restricted by the wish&s ot the donor is taken to restrided where these wishes are legalty bincthng on the Iruslees. DeferfftYin¢omp Fees are charged v) a(fvance of seFD)I tern aThJ the income is (kferred lo the first day ot the new lerm. Otherincome Other income Ind11 inveslment income is accounted for on an accruals bas. Cxher income is recognised in the rKj in which it is receivable to the exlenl the goods have een Provided or on nplen of Ihe sery. 14 Expendhuvt ExFenditure is recognised once there is a legal or constrliVe oblvjatK to transler economi¢ t¢netil to a IhiTd party. il is wobable that a transfer ol econom benefits wll be required in settlement and the amount of the obligation can be measured reliaNy. Expenditure is classrfied by act(ty. The costs of each actmty are m up of the 10t of direct cosis arnj shared costs. incIrIng support costs invofved in undertaking each aclNity. threct (xssts attrt)Lrtable to a single a1vty are allocat8d direc1ty to that activty. Shared costs wthich conlr)ute lo more than one activity and support costs which are noi attributable to a siThJte activity are atft*rtyoned befvleen those aclivities on a basis consislenl vAth the use ol Tesourees. Centrd siatt sts are ajkcatgd on the basis ol time spgnl. and depreciation charges allocated on Ihe FQrtion of the asset's use. Expen¢Jlwe on charitable xtiYrt is irred on direclty uThJertthNJ the activibes whh further thè Chariws Ob3.11¥eS. as well as any asSoated SUFWrt txjsts. Page 16
ROOKWOOD SCHOOL TRUST LIMITED (A Company Llmlled by Gu•TJntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 A¢countlng pollcles (conlln 2.4 Expendlture (contlnue LilitieS are recognised as soon as is a legal or cortstruth obligattin commiltrng the charity to the exnlture. AN expendtture is accounted tor on an accruals basis and has been classilied under headings that aggregate all costs related to the cate. The irrecoverable element ol VAT is included wilh the item ol expense lo whrh il relates. Chariiable a¢tivilies Charitable eXn(lure eomwises those costs incuned by the Charity the delNery of ils activities a1 services lor its beneficiaries. It i1ludeS tth costs that can be allocated direclty lo such activities and those costs of an indirect na necessary to support them. Granl experthure The s¢Fwl offers a number of burSaS each year lo its pupils. Al families in receipt ol a bursary are means tested wilh Ihe level ol Ixjrsary award8d (ndent on lamity Iorne and assets. All bursaries are subj1 lo ts-annual review. In athjilion the schcd offers a smdl number of sclK)larships lo pupils lor pprfmrte in ts senK)r entrar exam. Fledundancy and lenninat payments ReduNJancy and teminalion payments are Charged againsl the Stafrmenl ol Financil Athrtte5 in the year in which the emr4oyee$ teave. 2ts Govornan¢• costs These i1[1e the costs attributable to chariVs Compliar 7Mlh conslilulional and slalutory requirements, includiThJ aLJit. strategic managemenl aTrJ govemors, meetings and reimbursed expenses. 2.6 Govemment grnnts Government grants are credited Sialement ol Firsancial tltieS as the relaled eyThJiture is 2.7 Interesl rncefvabl• Interest on funds held on der#)sit is included Tthen receivable and Ihe amount can be measured reliabty by the Charity; this is nomialty upon noithcaiion ot the irbterest paid or payabk by Ihe inslilulion with whom the funds are dep)sited. 2A T•ngiblo fixod assets and <preelallon rang11& lixe(l assets costing £1,5(h) or more ar8 capitaliwj aTrY recognised when futu nomiC benefits are probable and cosl or value of the asset can be measured lIablY. Tangitle tixed assets are iniliJty iecognised at (x)st, less sltsequgnt accumulated depreciation and slSeqUent accumulated impairment l¢xses. Where (b)nkN are TKeived iowar(ts ts cost ol fixed asset4 amount ol Ihe dDnaliDn is treated as restricted funds. Tho ewNdenl PTopon)n of ts annual depreciat charge of the asse15 concerned is dejyled 10 Testricled funds. Page17
ROOKWOOD SCHOOL TRLIST UMITED IA Cofflpany Limited by Guarani¢e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accoumlng pollcles (contlnued> 18 TangIb Ilxed assets and thpreclatlon (Mntlnued) Depreciation ts charged so as lo allocate the cost of taiYJible fixed assets Ihgir residual value over their eslimaled useful lives . DeprecialKin is provKled on the folkn•ir¥J basis: Motor vehicles FixlLtres and litbr Computer equipmerrt Temporary buildings ProFety improvements Traaor & garden eqU¥ent Freehold PTcpety- boar(r ISeS Freehold prop&ty. n1n sile & . Imsary 20% straight line basis lA straight line basis 25% slraighl line basi8 4% stravJht line basis 11YA straKJht line basi8 2S% straight line basis 1% straight line basis The cost ol inckm in the houses l)ut not dgpreciated is £345.1)X). The sclKKI operates a continuiro rn&rnenae wogiam on the free$j property main siie, bursary. catering cottage and tKArdiNJ hSeS a1 this is uTrJertaken lo ensure there is no significant diminulion in the value ol the freehthj property. Al properties are revi8wed on an annual basis lor wnpairment wrth any diminul]on recorded in Ihe statement of ffinarKsJ ac11vilS in perbj incurred. The trLlees belwe the Carrng value of ihe site a1 bursary within trlè accounts is significantly bwer than the most recerrt valuatK)n undertaken in April 2022 and thelOre ary provision tor depreciatton woukl be immaleriJ arvj is IrefOre not provided within the a¢¢ounts. 2.9 Stocks Food Slock is valued al Ihe lower ol cosl or nel reafvsth vJue. 110 Cash at bank and In hand Cash a1 cash equNalents Comprise Cash on hand a1 call de$115. and other srt-terM highty IiquKI investments that are reajity nYon1 to a known aMThI of cash and a subject to an insignilranl risk of change in wue. Page18
ROOKWOOD SCHOOL TRUST LIMITED (A Company Umiied by Guarnnts¢> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounllng pollcles Icontlnugd) 2.11 Fln•nclal Instrunxnts Classiftsrion The Charity has elecied to the provisn$ ol Section 11 '8asic Finan¢ial Instruments. and Section 12 '0ther Financkn Instruments lssue5' of FRS 102. in full, io all of its finan¢ial instwments. The Charity has financial assets liabrlilies ol a kiTrl that qualrfy as basic a1 oth&1 financi instrument isgjes. R¢cOgnrf arnlmeasurefflenl Tiade and other deblols and creifrt(ws are inilialty recrjjnised al Iran5aclion value a1 subsequenlty measured al thaf settlement value. BarA( thns are inilialy recognis&4 at Ihesr tvansacn value arKI subwuenity measured at amortised cost using Ihe effective interest rate method. Inieresi expensè is recognL%ed on the basis of the efleclive interest meltr arKI is Incl in interest payth and simikr ¥ileresl charges. Derivatives are initialty recryjnised al lair value on the dale a derivalrve contract is entered inlo and are subsequenlty re-measured lo fair valL al each reportiThJ dale. Far value gains and losses are recognised in the financial slalemerts in aCrdartt with FRS 102. Impaim?ent Assets are assessed for irKcaiors ot impairmerrt at eath rertIrj erNJ date. Assets are impaid where the objective evidence ihat, as a resutt ol one or MO events that occuffed after the initial recognition ol the asset. Ihe gslimaled future benefil has been affected. The impairment loss is reeognised in Statsment ol Finatal Actiwtses. 2.12 Flnance lèaw and hiro puvchasé L&%es in Ythch substaniialty all the risks arKI rewards of mrship are retsined by the lossor are classified as operalin9 aSeS. Remals payable UleT opeTaiirvJ leases are charged in th8 Statement of FInalra1 Actsvitses on a straKJht line basis over the kne temi. 2.13 Penslons Reiiremèrt benefit5 lor Tea¢hirvJ Staff ol the S¢trKy)l are prov#J8d by ts AvNa Pension Trust lor Independent sCh(ls IAPTISI. It is a tsfined contrbution pension herne which can be used by all member Scho¢)Is of the lTrJeperKlenl Schoob. Bursars Association (ISBAI. It is sel up as a part ol Aviva's "Master - a Inl.baSed wnsion arraThJemert managed by independent professnal Trustees. For Supp)rt Staff. eoMr*Juti"ons are paKI 10 NEST as part of a defin&J ¢onirbutw)n scheme. In aordance th FRS 102. toth schemes are accounted lor as delined conlributton schemes oniritr¥Jtions are charged to the Sktement ol Finala1 ActNrtie5 when payable. Drflerences. il any. tetween conlributw)ns payable an(1 cOntrrtiOnS aclualty paKI in the year are shown as etther accruals or prepayments ai the year eNI. Pag8 19
ROOKWOOD SCIIOOL TRUST UplED (A Company Umllod by Guardnleè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accountkng pollcles (contlnuedl 2.14 Redundancy and lermlnallon Paymts Redundancy and lermination costs a recognised as an expEnse in Ihe Statement of Financtal Actr'vities and a liatxlity on the Bartce Sheei immediately al the p)inl the Charity is demonstrabty commrtted lo eilher: temiinale the employment of an em 0Yee or group of employees before normal retirement dale,. or provh lemiinatK)n benelrts as a resutt of an offer made in order lo encourage volunlary redundarw. The Charty is considered to be demonslrabty commrtted only when it has a delaiied formal lor the tem)Wltrn is withoul realislic posgbility ol thdraWal from the plan. 115 Fund accountlng General lurKls are unrestricted furKts whith are availth for Iw at the discrelh)n of Ihe TTustees in lurtherance of the general ctyctwes ol ihg Charity have not been designated for other purposes. Reslricled fuThJs are fuThYs wh are lo t used in accordarte wth specilrc reslrrctions rmposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and Iminisleriro such funds are charged againsi the speolic fund. The aim and use of each reStted fu1 i8 sel out in leS linaThial staiements. Crlll¢al ae¢ounthvJ estlm•l¢s ol ludgfflonl Eslimales ar)Y entS are cothinuany evaluated arJ are based on histoital eXperrte and other factois, includiw exFectah"ons of luture events that are believed lo be reaSonae uThJer thè C4rcumslarw. Critical accounlirwj estimates assumptrins: The Charity makes estimates aryj assumplK)rs concemirKJ the future. Th8 re$tIj accounting estimates and assumptK)ns by delinrtion, seldom equ Ihe related actual resuits. The estimates and assumptions that have a sKJnrfieant rtsk ol causiThJ a material adjustme to the carwNJ amounls ot assets and labilit within the next tinarti are discussed bekyhT. HedgirrfJ Assumplions have been made by bank in cak)JlaiitvJ the value ol the interest rale swap collar al the year end. Critical areas of judgement A provision for impairment of fee debtors is establtsw wn there fs obiectNe eden that the amounts (Je will not b& collected in line wilh the usual fee colwiorts due lo finarla1 drffuIty of the parents. Depreciation Depreciation is a signian1 accountirKJ estimate wiihin the &cwnts. Depreciation rates are based on the useful expected Iwes ol each asset. The TrLL8lees review the assets to ensure that their Folicies remain up to dale. ac¢urate arKY in line with wewous expectatKJf6 to c4)ntimi that deprecialion is not accelerated or uThJer promded. Page 20
ROOKWOOD SCHOOL TRIIST UMITED (A Company Limlled by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 School fees 2022 2021 Gross lees Less: SClarships and Bursaries granted 3.615.328 3,377,091 {5BO,363} (519,287) 1034,965 2.857,804 Income from donatlons and legaclgs Restricled Unrestricted lunds Tolal lunds lund$ 2022 Donations 21.074 1.285 22,359 1.964 Toto12021 1.911 Income Irom ¢harll8ble acllvltles unlerIcted lunds Total lunds Tor81 funds 2021 Fees receiv Era slieets arKI dthrsements HollaY camps adpiities 3.037.527 250.027 24.356 3,037,527 250,027 24?56 2,857.804 135.341 38.749 3.311,910 3.311.910 3,031.894 T¥2021 3.031,894 3,031,894 Page 21
ROOKWOOD SCHOOL TRUST LIMITED (A Company Llmlted by Grantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Invesln*nt Income Unrestrfcted funds Total fundg Total funds Investment in¢ome- bank intere 163 163 121 Tota12021 121 121 Other Incomlng rnsources ntri¢1ed funds Tolal funds Total nds 2021 Government grants 7,572 7A72 586,332 Totsi 2021 586,332 586,332 Analysls ol eXndItUVe on charflable aclfvltles Summary by lund type Restrfcted Unrnslrlcted funds funds 2022 Total 2022 Total Etional actiwtses 25.WJ 3.712,659 3.n8,252 3.653.744 Tota12021 12.200 3.641,544 3,653.744 Page 22
ROOKWOOD SCHOOL TRUST UMITED {A Company Llmlled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 10. Anaty81s of expendlture by actlvltles A¢tMtles undertaken dlrectty 2022 Total funds 2021 lunds 2022 Edtional actiwhes 3.738,252 3,T38,252 3.653.744 Tofa12021 3,653.744 3.653. 744 Anknis of threct costs Edu¢allonal actlvhles 2022 Total funds 2022 Toi81 fvnds Siaff costs ogprecialion 2.642.820 22,*0 75,754 75,754 194.671 194,671 74.824 74,824 21.$86 21,586 167.815 167,815 119.894 119,894 98.291 98,291 57,732 57,732 33,980 83,053 58.169 101,383 2,614,714 77.904 175,634 46.886 31. 152 143,381 140, 175 75,206 68.651 36.176 60,805 32,958 110.490 33.612 Actwilies and disbwsemenls Employment costs Estsblishment costs Repairs and maintenance Office a1 IT expenses Adverbsing artd markeliThJ Equrpment hire tor expenses Legal and wofessional costs Interest payable 83.053 58,169 101,383 Govemance co$ 8280 3,738,252 4n8,252 3.653.744 Tota12021 3.653.744 3,653,744 Page 23
IIOOKWOOD SCHOOL TrUST MED (A Company Llmiled by Guaranteo) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2022 11. Olher galnsnosses Movement in ValUatn of ffinaThial derivatNes (211,270) (98.097) The charity has loan facrtIeS available totaifry £1.649.015. There are lthging instruments or interest rale swaps in rAace lo prote the ¢harrty against increases in interest rates in line with the Charitls interest rale management Frf)licy. Tl)e hedging instruments have been measured at fair value ard are rOgnIsed in the financi statements in accordare with Charibes SORP IFRS 1021 atxl FRS 102. 12. Audftors. M41k5Th Fees payable to the Charivs aL•knr for the a111 of Ihe Chartlls annual accounts 13. Siaff costs 2022 Wayes and salaries Social securty costs ContribLrtK>n to defined coniril)utw rw6K)n s¢hemes 2.074,514 169,679 398,627 2.016.904 161,946 435.864 2.642.820 2,614,714 During the year. the chwrly m* aTrYor tem?iriatAy) paymenis whth totalled £9.00012021 . £nill. The average number of persons empk)yed by Ch•ity <knNJ the year was as folbws.. 2022 2021 Tea¢hiry arKI ancillary staff Adminrstralivelcknl staff Pasiofal staff 57 14 12 37 111 104 Page 24
ROOKWOOD SCHOOL TRUST UMtrED (A Company Llmiied by Gu•rants¢> NOTES TO THE FINANCIAL sTATEME1s FOR THE YEAR ENDED 31 AUGusf 21Y22 13. Sloff costs {continued) The number of ¢MO5¢e$ wf#)se emptye beneffts (exdtsSrg employer pension ¢osts) exceed8d £60,oixI was.. 2022 No. In the barJ £60.001 - £70,1XKI In the barKI £70.001- £80,OIXI In the barKI £80.¢XSI . £9).11 The tot empk)yee trfits of the key managèment petsonnel of the charity ere £304,819 12021.. £280.204) 1 Trustees. remunernllon and expenses During the year. no TnA%iees receNed any remwwalion or olher benefits f2021- £NIL). In the prev*JJ$ ar two trustees a total of £14,95812022'. Enl) in turtn lees 10 Ihe charity ai open market value. 15. Related party tran&Kllons DurirvJ the year the charity made ts lolowing related party transactions: Frlends of Rookwood (Friends of Rookwcth are a parent nJn charity w1 luTrJraise on behatl ol RookwcLMI School Trust Limitedl Rookwo¢xI School Trust knmile(I collect th)nalions on behall ol Ihe Friends of R(thwc(#J and pay for ¢xpenses on Iheir behalf, all of which are reimbursed. At the balance sheet dale the amount due lo FrwKls of Rookwood was £1.737 {Wd1 due IT FOR.. £1,911). 16. Taxatlon The charity is a registered charty. arkd as such is eniiiled to certain t& exemptions on in¢ome and wofts from investments. and surpluses on any trading adivrties wrEd on in furtherance ot the ¢hariVs primary obje¢tives, rf these profits arKJ arp arolied sokly for charitable purposes. Page 25
ROOKWOOD SCHOOL TRUST uMrrED (A Comp•ny Umlted by Guarnnts•) NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 AUGU 2022 17. Tanglble Ilxed assets Freehold Plant and Offlce Temporary property equlpmenl equlpment bulldlngg Tolal Cost or valuatlon At 1 September 2021 A(hJitions 5A77.446 532A74 370,691 6.389A65 63,434 Al 31 August W22 5.477,446 9.054 595,808 370.691 6,452.999 At 1 Seplemt¢r 21Y21 Charge for Ihe year 51740 9237 323,488 276,239 S50$ 10061 66£370 75,754 150 Al 31 AwJust 2022 9J)53 378,994 287,1(X) 738,124 Net book value At 31 August 2022 5.414.469 216,814 $91 5,714.875 At31 Augu$12021 &423. 151 94.452 5,727, 195 Assets wlh a nel Ik value of £5,398,600 IJ)21." £5.405,51X)l are ple(k)ed as security lor liabilities. 18. Debtors Due wtthln one year Trade deblo Prepayments and xC[l i1me 787,631 68,513 667.285 67.901 856,144 735. 186 Page 26
ROOKWOOD SCHOOL TRUST UMrrED (A Company Urnlted by Guarantm) NOTES TO ThE FINANCIAL STATEMEPITS FOR THE YEAR ENDED 31 AUGUST 2022 19. Credltors: Amounts lalllng due wllhln one year Bank overdrafts Bank loans Trade creditors Oiher taxatKJn and social seciyity (Thher creditors Accruals and deferred income 158,284 194,301 51,128 40,420 41,327 1,149A17 181,636 50,542 40,595 7,667 1.071, 108 1,634,777 1.351.548 2022 deferred income consisted ol lees invoiced in ad¥atKe ol the autumn term £931,204 12021.. £898,905). The am¢)unl was then released in the rext year. Se¢ured debts Credrtors due within one Jear include bank loans of £194.301 {2021.. £181.636}, on which security has been gbven by Ihe ¢harity. The bank loans fa¢ilitie$ are wured by charges over RookwcxI School dated 2111112008, a ehaTge over 15 & 17 The Avenue dated 21111r2LN)8. and a debentu on the banks standard form daied 0311212008. 20. Credltors: Amounts falling duo after mor• than on• year 2022 Bank loans Accruals aNJ delerred IrMe Financial instruments 1.498.047 32,633 35,862 1.606, 180 37,092 247,132 1542 1,890,404 Inclu(d in cre(Iiots are th6 fdbxing amounts after more than five years 01 £613.795 (2021: £759,734). Borrowlngs due after Ilvo yearn Two bank loans wilh aggregate amounts 01 £613.79512021.' £759,734) whi¢h la51 due after S yeais a1 which are paythe by InstMents are in Fthe th Barclays with interest being ai ab)ve th& Barclays base fate. The first kjan is due lo mature in Novemter 2028 aTrJ the second klan is due io mature in Juty 2029. Secured debts Creditors due after more than or year indu( bank loans 01 £1.464,71312021.. £1,563.6801. on which security has been given by the charity. Page 27
ROOKWOOD SCHOOL TRUST UMITED {A Company Umlled by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 AUGUST 2022 Crndllors: Amounts falling duè aftw mor• than one year (¢onllnu•d) The bank loan5 arJ facilities are secured by charges over Rookwood School daled 2111112008, a ¢harge over 15 & 17 The Aver da11 21111r2CM)8. and a debenture on the banks standard lorm dated 0311212008. 21. Penslon ¢ommitments The Charity operates separate dethned contrlxjlion pe)n schemes for Teaching arKI SupFQrt staff,. Aviva and NEST respectrvety. assets ol the ts¥o schemes we hekd separately Irorn those ol the Charity in irJeper¥Jently ayministered funds. to1 nSIOn charge of £398,627 12021". £435,864) reweserts eoniributths pay*e by the Chanty to Aviva to NEST. 22. Operatlng lease commltments At 31 Aull81 20Z2 the Charrty had Commitments make luture minimum I&e payments under rn. cancellable oper1j leases as loll¢M.' Not later than 1 year Later than 1 year and I1 later than 5 JEaTS •418 30, 122 16,189 84,006 46,311 The follong lease payments have been reccgniwj as an expense in Statemeni ol Finarti A¢tivitie$: i))eratiTh3 lease rentals 31381 33.247 Page 28
ROOKWOOD SCHOOL TRUST LIMrrED (A Company Umiled by Grantee) NOTES TO THE HNANCIAL STATEklEpirs FOR ThE YEAR ENDED 31 AUGUST 2Q2 Statement of lunds Statement of funds- eTht ythr Balance al 1 lomber 2021 Balance •t Gainsl 31 August hcom• Expondituw• (Losses) 2022 Vnre8trfcted funds Gener Fur¥ls- all funts 3551651 3W.930 {3,712.659) 211,270 3872,192 estrieied funds Restricted Funds - all fuTrJs Fixed asset thjnalion lurxl 21,074 (25,593) 001 11520 21,074 (25,593} 8,IX11 Tot•1 of funds 3.565.171 3A42,tXM {1738252) 211.270 3,380,193 The Speci1 wry)oses lor wthich lurxts are to be aA)lied a as folknys: The Te$titt&J fuThJ above is a Fixed Asset Donal#)n FWKI - This I1 represents assets OT 8xpenses purchased 1th donations from Ff*rth of Rocknthj. Page 29
ROOKWOOD SCHOOL TRUST LIMITED IA Company Llmited by Guarnnto•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Statement of funds (conllnued) Slatement of fund$- prlor year 881ae ai Balance al 31 August 2021 Gain IrKome Expenthltsre (Losses) 2020 Unrestri¢ted fvnds General Funds- all lurAts 3.477,698 3.618,4LiJ (3,641.$44J 98.097 3,552,651 Restrfcted funds Reslricled Funds- 1 fuNts Fixed asset donation furbj 1.911 (IZ200) 12,520 22.809 1.911 (12.200) 12,520 Total ol lunds 3.500.507 3.620,311 (3,653. 744) 98.097 3,565, 171 Anatysls of net assets t•elween fund¥ An•tysls ot net assets between lunds. cwrenl ytsr R•strlct•d Unrnstrlcted funds fundg 2022 2022 Total fundg Tarrfj1e Itxed assets Current assets Creditors due within one year Creditors due in more than 0 year 8.1x11 5.706.874 5,714075 866.637 866,637 11.634,77n (1,634,7m 11.566,5421 Totsl 8,CI11 3,372,192 3J80,193 Page 30
ROOKW¢)OD SCHOOL TRUST UMITED (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2022 24. knlysl$ ol assots betwn funds (¢onlinwd) Amtysis ol nel assets bth•en funds. prknr yr Reslitt8d Unrestricled Trys Total lunds 2021 2021 lixed assets Current assets Creditors due wthin one year Cre(siors due in more than one year 12.520 5.714,675 5,727. 195 1,079,928 1.079,928 fl,351,548J fl,351,548J {1.89Q.404) (1.890,404) Total 12,520 3.552.651 3,565.171 Reconclllallon ol rnl movoment in lo cash fk)w from opfrraiing o¢tbvili•s 2022 2021 Nel expeTrJilure for the year (as per Statement of Finaal Adi¥itiesl (396,248) (33.433) Adjustments lor: Deprecialion charges Diwdends. interests arJ rerrts froffl inveslments Decreasellincreasel in stocks DecreasetirKrease) in deblors Increase in Creditors 75.754 (1631 (121} (3,638) 100,350 1,956 (120,958) 107,821 Net ca8h proylded byl(used In) opernlkng a¢tfvlis (333,014) 143,018 Anatysls ol cash and cash equfvalents Cash in harvj 335,499 Total cosh and ¢ash equlvalenls 2,030 335,499 Page31
ROOKWOOD SCHOOL TRUST LIMITED (A Company Llmlted by Guarantee) NOTES TO ThE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 AUGUST 2tr22 Analysls ol dwnges In nel debt At1 S8Ptwnber At31 21Y21 Cash flows Augu$t 2022 Cash al bank aThJ in hand Bank overdiafts repayable on demar Debt the within 1 ar Debt due after 1 year 1333,469) 1158,284) (158,284} 112,665) {194,3011 108,133 {1.498,04n (181,636) 11,606,180) (18S2,317) (396,285) (1,848,602) Post balance s1*gt events In March 2023 thè school was sokl lo the Inspired LeaTnirwJ Group ol schools. All a550ts aTrJ liabilities were settled as part of the sale leaviTrJ Ihe Tr1 wrth an yeed sum of cash enabling it to meet future liabilities. Page 32
ROOKWOOD SCtrKKIL TAusf LIMITED (A Company Llmlted by Grantee} NOTES TO THE RNAPKIAL STATEmE1s FOR ThE YEAR ENDED 31 AUGUST 2022 Flnncl41 Instwn Financial assels Financial assets measured at Ir thr(AMJh iro)me aTrJ experMure FIrncl81 assets thai are debl instruments measured al amortised cosl 335.499 735. 186 856,144 858,174 1,070.685 Flnan¢kl Ilabllltles Derivative linanciJ inslrumenls meawred al la through i)Me a1 expenditure hekl as part ol a Iradir¥J p)rtlol FinancHI liabilities measured amoths&J etst (35,862> (247, 1321 (3,165,457) (2.994.820) {3201.319) 13.241,952) Inancial assets measwed at fair vdu8 Ihrough NMe aTrJ eXt¥jI1u1e inclth cash al bank atNJ In and £16312021.. £1211. Fiftanci assets Ihat are debt inslnjments measured al amortised cost indth debtors £nil12021.' £nAI. Finar*ial Ily'lItIeS measured at lair value throwh slatemenl of linancial acbvitses includes (Igrivairve financial liability £208.76912021.' E97.124). Financi liabilities measured at amortised cost includes bank loans, trade creditoTS. other taxation a1 SOCI securty, other crectilors, accruals aNJ deferred income £98,88212021: £109,517>. Page 33
AOOKWOOD SCHOOL TRUST LIMrrED (A Company Llmlted by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2tr22 30. Hedging arrangements To hedge p)lential volatility in futu InteSt cash flows on bank k)ans artsirvj from movements in Bardays Bank Base rate. the Charity has enterwj into IloalirvJ lo tixed interest rate swaps on an amortising prolile ol the k)ans. The swaps are arxounted for as a (knivative finaTh?aJ lialxlty in accordance wilh Ihe Charitw SORP IFRS 1021. The cash flows from Ihe inleresl rale swap 11 Contin until their maturity which is coincidental Wbth malurity ol the bank ?0$. The charrfje in twr va8 during the year is prtxessed within thè statement ol linanc actNities. Hedglng arrnNJement Recogni5gJ lossesni*lilies on at Winniro of period {Gains)Ilosses atisirkj in ts year 247,132 (211,270) 345,229 198,097) 35A62 247, 132 The ¢harity has not obtained an irthFeThJenl actuarial valualK)n lor the interest rale swap. The valuations provi(ied by BaTelays bank have keen used in Ihe accounls. The valuations have ftljclualed within the following ranges £202.397 - È35.862. with Ihe largest siryle fvctuatitsn in a quarterty period being £65.338. Page 34