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 #10 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 stateTh￿ts 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. Tr￿ee C Hardiman, Char L 8&YboroLwh. Tw*ee V Wickens. Trustee Lower. Trustee IrestyJ￿ 23 Se￿ember 20211 F Penfofd. Trustee K Wilkie. Trusiee lappoirtted 1 March 20211 A Geary, Trustee (reS￿ned 27 ￿￿￿ember 20221 P Bur£he. Tr￿ee larryxnled 12 January 20Z21 Company rnglster•d number Ch•rity registered number 307322 Reglstered offlce RookvM)od School We￿ill 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 a￿j 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* SCh￿l￿1e 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 a￿1 Articles dated 26th April 1963. This was last amended on 19th December 2022. Tl* SCW is go¥em￿l 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 a6Jit￿n, 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 a￿1 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. I￿al Schools and the communty thrO￿Jh s￿rtI￿J. 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 tt*se risks. Oblectives and acliviliès The school has for some time faced challeThJir¥J Iradirwj rA)ndit￿nS aThJ this position was worsened by the COVIO-19 pandern￿ and re￿nI 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 solut￿n lo Ihese linanckql dffliCu￿es. The Trustees wor1(ed closety tmth the school's creditors lo source appropriate financial. a￿1 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 per10rmw￿e aThJ aclivit*s 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 S￿pOrt Ihe school and its facili￿s for the further educaiional adva￿ment ol bts pupils. The school continues lo operaie uTrJer naw ownership. Rookwood School is a non-selective L￿edUC￿lonal 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 $K￿lr￿J, aflistic and social skills in an environment where each pupil can develop his or wienti￿. sell-confidence and desire to Contri￿le lo the wider community. Every pupil is encouraged to perfom io the best of their a￿'lIty in au spheres of actiwty. High Siandards are expected whilst recognising that success will come in drfterenl guises lor different pupib and will be celebrated at every18vel. The personal devdopmenl of each putAI 15 imrxirtanl. the Sclwl ams lo provide a sale. hakw and relaxed atmospherè in which Ihe puiyls feel free to develop their ￿aY arkj learnirvJ. The School e￿OurageS the development of pupils. self-disuF4ine aThJ seW*sleem. so that tr*y leave flookwood as confident, well.presenled young people. as well as aiming to inslil the values of care and conswJeralK)n lor olheis. of courtesy atNI of the necessity to be aue 10 work eilher c(koperalNely as part ol a team or as an ￿j1v￿lUa1. Publ1¢ benetit Awaid$ and dl$¢ounts Means-tested awards provide access lo an education al Ihe Sch)ol to chikjren whose families are unable to afford the tull faes. induding th1￿ in periods ol hardship povety. The School provided means-tested awards lo miivle fees for prospective and exislirKJ pupils. Trre were no predetermined quotss tor the number of awards. however. linan¢ial lolal ol means. tested awards wwld )rmaNy noi exceed 10% of gross fee income. 8uTsaries for prospective p￿11$ 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 lot￿lir￿j 9.4% 01 gross fee income). The availabilty of bursaries for prOspe￿b¥e pupd5 and IK)w lo for t1￿M was advertised and on the School's website. The crileria tor admission were based on Ihe Ch￿ is likety lo be￿fit from an ￿J￿allOn 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 lina￿la1 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 EthLaI￿n ￿lowanCe from the MOD. whtch is not means.tested avwlable lo JI ra￿s. Parents wshing to setThJ their chikl lo the nu￿ery lar¥J Reception W￿lS 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. eS￿la1￿ lor ih8 Sports h￿1. 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 s￿￿Y School. Our ¢ommunty links ¢onlIn￿ whh A￿j0ver Chorai Society. A￿l0ver Wrilers Guikj and ATh*)ver Musical Theatre group. A new partner - Barracudas - iod( over the summer ¢amp kyovision ar*J there are rlans lor Ihis company lo operate al RDokw¢K¥J every Easter ar•J &Jmmer. 0￿r lettwws irKluded ttM)se for the Swimmiro P(M￿. which was t￿Oked 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 s￿nificant Fund rwsirg by parents in sUp￿rt 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 a￿1 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$ del*Jhted 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. equlva￿nt lo an A or A.. The results achieved in a genuin8ty non-se￿￿r￿e School continue lo I￿8cl the hard work of the slLwJents and their Igachers. a￿1 the sc￿)01,$ dedicat4)n lo &ademic aThJ pastoral excellerts. EXtra￿UrrIcUlar •￿{vIlle$ Extra-c#Jrricular aclwibes, normaty a SIr￿j 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' In*EryJenl 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 S￿ap$, Iherelore, the valualions provided by Bardays Bank have t¢en used. Flu¢luatior6 have been reviewed for reasOn￿e￿S$ a￿1 the G￿erTh)r8 are ha￿Y Ih8y are in li￿ wrth e￿￿tatIOnS. 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 sc￿1. 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 esl*4ished to manage the risks. Risks were monitored by the Senior Management Team and the &h￿l 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 respo￿led 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 ProC￿UreS were in p￿ace 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 h*Jhty regulated. The G¢)verrb)ts, by the Senior Managemern Team, ensured Ihal Ihe School was LV to date all requirements. The School ma1￿￿rIed membership ol relevant l)odies to a￿Ure th￿ it had ac￿ to approwi*e 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 cornlit￿n$ Economic CO￿￿1110nS V**re consKJered by G0vem0￿ the Senior Management Team a￿j 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 Sen￿r Managemerrt Team, as well as sub- committee meetings, all ol wh￿h have formal agendas and minutes recorded": Annual fewew ol Ihe Schod Devebpment Pian as *￿1 as comprehensive tKJdgetiry. forecasting aThY review ot management a￿Ount$.. CornpN8hensive formal written pOI￿leS. Clear controls a￿1 authorisation limits; Saleguardiro procedures for the prolectK)n of chikjren; Criti￿1 incrdent ￿annIN￿ and pfocedures in ￿aCe. Plans for lulure perlods After the sale ol the schod. ￿ charity whll have a smal res1th￿l cash suffbcienl lo cover only il's ongoing administraiion lor a numbèr of years, over which it will be ihe bene1￿lary ot a contingent asset which will crystallise in the event that the new owners of It* schod disFK)se of certain propety assets within a certain timeframe through what is known as an overage claL(%e in Sa￿ agreement. In Ihe unlikely eveni Ihal Ihis clause is triggered, the charity ￿n$ to use any cash proceeds to further its objects within the 8￿Cational seclor. Page 5 ROOKWOOD SCHOOL TRUST LIMITED (A Company Umlted by G￿￿Thtee) TRUSTEES REPORT {coKnNUED) FOR THE YEAR ENDED 31 AUGUST 2￿22 Fundralslng standards Inlornlatlon Frierhss ot RoOkw￿l, 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 ir*jM(h￿Is. organL8ations. ¢ommunty grtwps and companies w￿) lu1￿raIse on our bèhalf. We compty with kgal requirements and adhere to the In￿ltute 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 prom￿ja￿ our on sale arKI kgal I￿lTa￿S￿ 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 WI￿re apwrwiate. Important non adlustlng events after the financial perlod The school has for some lime laced ehallerffJng trading QYK*tions ar*J tlus position was V+t*rsened by the COVID-19 pandern￿ and recent eeonomt pressures. The r￿Ing CO￿ of energy arKJ other intlationary pressures this year are pLaong a lurthw strain on Ihe se￿1,$ 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 drt1￿￿ltle$. The ￿Vernor$ have working Closely with Ihe schwl's ereditors 10 sour¢e akwropriate finant>al. legal and insdVe￿Y advi¢e and secure ackjitional fur*Jing lo enable the school to trade thTough the 2022-23 aCadern￿ year. There was a*0 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 sc1m￿lS glow or Commerc￿ operalor. They considered the Charrty CommisS￿n.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 Comp￿ted 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 linc1￿ling the strateg￿ Reportl and the linancTral slalements in actordance with the Unrted Kingdom Aceounlirg Standards IUnr(ed Kirothm Generally Aecepted Aecounling Practice) and a￿lIcat￿e 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 a￿1 application ol resources, inclwjing ils ir￿¢Me arbj expenditure. for thai In prepariThJ tt￿se lina￿la1 statements. the GOVer￿rS are required lo.. select suitable accountirYJ wI￿leS arKI them consi8tenty; observe ihe methc*Js arKI princwples in the Charilies SORP 2019 IFRS 102}; mal(e I￿￿ements a￿1 estimates thai are reason*Ae arvj prL•*nt: Page 6 ROOKWOOD SCHOOL TRiIST LIMtfED (A coM￿nY Llrnlled by G￿rantee) TRLISTEES. REPORT (CONnNUED) FOR THE YEAR ENDED 31 AUGUST 2022 siaie wtsther ak¥Aicable UK Ac¢ounlirwJ StaTh*Ards have trAen tolh)wed sthi¥t lo any maleriJ departures disclosed and exF4ained in the fiftar￿￿1 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)ns￿e for keq%ng adequale accounlirwJ records that are sufficienl to show arKJ explain the charitable compa￿5 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 l*n¢e for takiro reasonable sleps for the prevention arKJ ￿et￿lion ol fraud ￿ other irreouLqrilies. In so tar as the trustees are aware: there is no relevant audit inlomiation ol Y4hth chaTftable compatys a￿￿rtOr 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$￿￿lsh that the auditor aware or Ihat information. The ann￿￿ i y Injslees of the charity on .1. . arKI signed on its bghall by: ardiman Chair ol Go mors Page 7 R¢X)KWOOO SCHOOL TRUST UMITED (A Company Llmlted by Gtsaranl¢¢> INDEPENDEHf AUDITORS. REPORT TO THE MEMBERS OF ROOKWOOD SCHOOL TRUST LIMITED Oplnlon We have athlite(I the fftnane￿ slalements of Rookw￿￿ School Trust knmiied (trE ¢hariV) foi the year ended 31 August 2022 which compnse the Statement ol Finan￿1 AdivitE$. the Balan￿ Sheei, the Statement ol Cash Flows the related notes. inclL*Jing a summary ol sKJnrficant aetounting pOl￿e$. The financial reporting fraMev￿r￿[ that has been applied in their preparats.on is appli¢abl8 law aThJ Unrted Kirodom Aecounling Standards. including Financrdl ReportiThJ SiarKlard 102 The FInar￿￿1 Reporb"ng SkrhYaTd applicable in the UK and Reputdic ol Irelancf (Unrted KirwJJom Generalty Accepted A￿OuntIng Pract￿e}. our wnion the ffinancial statements: gmve a tnJe and fair view of ihe state of the ehariiable compatys affairs as at 31 August 2022 ar*J ol its incoming resources and ap￿l￿tIOn of resources. irtluding its I￿rne aTrJ expenditure for Ihg year then have been properly prepared in acxOrda￿e wth ihNted lfjngdom Generally AcceFrted AccounliNJ Pradice: and have been prepared in accordarte W*ilh the wulrem￿ts of ihe Companie5 Act 2006. Basls lor oplnlon We conducted our audil in accOrda￿e with Inlemational Standards on AudilirKJ (UK) (ISAS (UK)) and applicable law. Our resFonsibililies under those standards are lunher described in the ALMJio¢s resF (271,620) Total asgets less cunent Ilabllltles 4946.735 5.455.575 CrethtOTS.' amounts laUir¥J due after more than one year (1￿66,$42) (1.890,404) Net assèts excluding penslon as*al 3a80,193 3.565, f71 Tolal n•t •ssets 4380.193 3.565, 171 Charity funds Restricted funds unresth.cted funds 001 1372,192 12,520 3,552.651 Totsl lunds 3,380.193 3.565. 171 The TNstee$ acknovledge their res[0￿r￿lI1leS ltsr comth'ng with Ihe requirements ol Ihe kl with resF¢cI Io a¢couniing reeords preparat￿fi 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￿ fina￿la1 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•r￿j 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 •qulv*lents In y¢ar Cash and cash equivalenls ai the twinning of Ihe year (34469) 335,499 60,270 275.229 Cash and cash equiva*nts at the wxl of the 2,030 335,499 The notes on pages 15 to 34 form part of these fina￿la1 statements Page 14 AOOKWOOD SCHOOL TRUST LIMITED (A COmp￿V Llmlled by G￿rnnIee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 21Y22 General Inlorn*tlon The charity is a company limrted by guararrtee incorp)rated in EnglarKI arKI consg4uently does noi have share capital. Each ol the tr￿￿ee$ is liable lo contr*ute an amount r*X exceeding £1 towards the ass￿8 of the ¢harity in the eveni of I￿ulda￿"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 . A￿OUntIng and Reporting by chari￿s.. 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 Fina￿￿1 ReportirwJ Standard aWicable in the UK and R￿1¢ of Ireland IFRS 1Ql and the COmpan￿S Act 2006. Rwkwood SChTh￿ Tru￿ Limited meets Ihe definition ol a W￿1¢ bènelir entty under FRS 102. Assets and liabilities are initi￿ty recognised at hi8ton"¢al cost or transaction value unless Other¥￿Se ststsd in the relevant a￿oUnting [￿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 fou￿1 a bLryer k)r aTrJ (tsp0￿ of Ihe school, Irom March 9th 20fJ the Trust no longer has any trading or other cp8rai￿ns. a￿1 tts sI￿t 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 reCe￿ab￿ and charges for services ard use of premises are accounted for in the period vthich the seNice is provKJed. Fees reCe￿aole 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 su11￿lent reliat¥lrty. lrtome ￿te1ved lor the generJ purp)ses ol the Charity is included as un￿strICted fu￿15. Income lor &tivit*s 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 Ind￿11￿ inveslment income is accounted for on an accruals bas￿. Cxher income is recognised in the ￿rK*j in which it is receivable to the exlenl the goods have een Provided or on ￿nple￿n of Ihe sery￿. 14 Expendhuvt ExFenditure is recognised once there is a legal or constr￿liVe 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. incI￿rIng support costs invofved in undertaking each aclNity. threct (xssts attrt)Lrtable to a single a￿1vty 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 i￿￿rred on direclty uThJertthNJ the activibes wh￿h further thè Chariws Ob3.￿11¥eS. as well as any asSo￿ated 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 L￿ilitieS are recognised as soon as is a legal or cortstruth obligattin commiltrng the charity to the ex￿n￿lture. 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 eX￿n(￿lure eomwises those costs incuned by the Charity ￿ the delNery of ils activities a￿1 services lor its beneficiaries. It i1￿ludeS t￿th 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 burSa￿S each year lo its pupils. Al families in receipt ol a bursary are means tested wilh Ihe level ol Ixjrsary award8d (*ndent on ￿ lamity I￿orne and assets. All bursaries are subj￿1 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 i￿1[￿1e the costs attributable to chariVs Compliar￿ 7Mlh conslilulional and slalutory requirements, includiThJ aL*Jit. strategic managemenl aTrJ govemors, meetings and reimbursed expenses. 2.6 Govemment grnnts Government grants are credited Sialement ol Firsancial ￿tl￿tieS as the relaled eyThJiture is 2.7 Interesl rncefvabl• Interest on funds held on der#)sit is included T*then 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 sl￿SeqUent accumulated impairment l¢xses. Where (b)n*kN￿ 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 I￿SeS Freehold prop&ty. n￿1n sile & . Imsary 20% straight line basis l￿A 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&rnena￿e wogiam on the free￿$*j property main siie, bursary. catering cottage and tKArdiNJ h￿SeS a￿1 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 ac11vil￿S in perbj incurred. The trL￿lees belwe the Carr￿ng value of ihe site a￿1 bursary within trlè accounts is significantly bwer than the most recerrt valuatK)n undertaken in April 2022 and the￿lOre ary provision tor depreciatton woukl be immaleriJ arvj is I￿refOre 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 a￿1 cash equNalents Comprise Cash on hand a￿1 call de￿$115. and other s￿rt-terM highty IiquKI investments that are reajity ￿nYon1￿ to a known aM￿ThI of cash and a￿ subject to an insignilranl risk of change in w￿ue. Page18 ROOKWOOD SCHOOL TRUST LIMITED (A Company Umiied by Guarnnts¢> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounllng pollcles Icontlnugd) 2.11 Fln•nclal Instrunxnts Classiftsrion The Charity has elecied to the provis￿n$ 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 a￿1 oth&1 financi instrument isgjes. R¢cOgnrf￿ arnlmeasurefflenl Tiade and other deblols and creifrt(ws are inilialty recrjjnised al Iran5aclion value a￿1 subsequenlty measured al thaf settlement value. BarA( thns are inilialy recognis&4 at Ihesr tvansac￿n 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 aC￿rdartt with FRS 102. Impaim?ent Assets are assessed for irK*caiors ot impairmerrt at eath re￿rtIr￿j erNJ date. Assets are impai￿d 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 Fina￿tal 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 U￿leT opeTaiirvJ leases are charged in th8 Statement of FInal￿ra1 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 In￿l.baSed wnsion arraThJemert managed by independent profess￿nal Trustees. For Supp)rt Staff. eoMr*Juti"ons are paKI 10 NEST as part of a defin&J ¢onirbutw)n scheme. In a￿ordance ￿th FRS 102. toth schemes are accounted lor as delined conlributton schemes oniritr¥Jtions are charged to the Sktement ol Fina￿la1 ActNrtie5 when payable. Drflerences. il any. tetween conlributw)ns payable an(1 cOntr￿￿rtiOnS aclualty paKI in the year are shown as etther accruals or prepayments ai the year eNI. Pag8 19 ROOKWOOD SCIIOOL TRUST Upl￿ED (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 Paym￿ts Redundancy and lermination costs a￿ recognised as an expEnse in Ihe Statement of Financtal Actr'vities and a liatxlity on the B￿artce 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)W￿l￿trn 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 reSt￿ted fu￿1 i8 sel out in ￿ ￿leS linaThial staiements. Crlll¢al ae¢ounthvJ estlm•l¢s ol ludgfflonl Eslimales ar)Y ￿￿entS are cothinuany evaluated ar*J are based on histoital eXper￿rte and other factois, includiw exFectah"ons of luture events that are believed lo be reaSona￿e uThJer thè C4rcumslarw. Critical accounlirwj estimates assumptrins: The Charity makes estimates aryj assumplK)rs concemirKJ the future. Th8 re$￿tI￿j accounting estimates and assumptK)ns by delinrtion, seldom equ￿ Ihe related actual resuits. The estimates and assumptions that have a sKJnrfieant rtsk ol causiThJ a material adjustme￿ to the carwNJ amounls ot assets and labilit￿ within the next tinarti￿ ￿ are discussed bekyhT. HedgirrfJ Assumplions have been made by bank in cak)JlaiitvJ the value ol the interest rale swap collar al the year end. Critical areas of judgement A provision for impairment of fee debtors is establtsw w￿n there fs obiectNe e￿den￿ that the amounts (*Je will not b& collected in line wilh the usual fee colwiorts due lo finar￿la1 drff￿uIty of the parents. Depreciation Depreciation is a signi￿an1 accountirKJ estimate wiihin the &cwnts. Depreciation rates are based on the useful expected Iwes ol each asset. The TrLL8lees review the assets to ensure that their Folicies remain up to dale. ac¢urate arKY in line with wewous expectatKJf6 to c4)ntimi that deprecialion is not accelerated or uThJer promded. Page 20 ROOKWOOD SCHOOL TRIIST UMITED (A Company Limlled by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 School fees 2022 2021 Gross lees Less: SC￿larships and Bursaries granted 3.615.328 3,377,091 {5BO,363} (519,287) 1034,965 2.857,804 Income from donatlons and legaclgs Restricled Unrestricted lunds Tolal lunds lund$ 2022 Donations 21.074 1.285 22,359 1.964 Toto12021 1.911 Income Irom ¢harll8ble acllvltles unle￿rIcted lunds Total lunds Tor81 funds 2021 Fees receiv E￿ra s￿lieets arKI dthrsements Holl￿aY 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 G￿rantee) 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 ￿n￿tri¢1ed funds Tolal funds Total nds 2021 Government grants 7,572 7A72 586,332 Totsi 2021 586,332 586,332 Analysls ol eX￿ndItUVe on charflable aclfvltles Summary by lund type Restrfcted Unrnslrlcted funds funds 2022 Total 2022 Total E￿￿￿tional 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 Ed￿tional 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 2￿2,*￿0 75,754 75,754 194.671 194,671 74.824 74,824 21.$86 21,586 167.815 167,815 119.894 119,894 98.291 98,291 57,732 57,732 33,980 83,053 58.169 101,383 2,614,714 77.904 175,634 46.886 31. 152 143,381 140, 175 75,206 68.651 36.176 60,805 32,958 110.490 33.612 Actwilies and disbwsemenls Employment costs Estsblishment costs Repairs and maintenance Office a￿1 IT expenses Adverbsing artd markeliThJ Equrpment hire tor expenses Legal and wofessional costs Interest payable 83.053 58,169 101,383 Govemance co￿$ 8280 3,738,252 4n8,252 3.653.744 Tota12021 3.653.744 3,653,744 Page 23 IIOOKWOOD SCHOOL TrUST ￿M￿ED (A Company Llmiled by Guaranteo) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2022 11. Olher galnsnosses Movement in ValUat￿n of ffinaThial derivatNes (211,270) (98.097) The charity has loan fac￿rtIeS 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 r￿OgnIsed in the financi￿ statements in accordar￿e with Charibes SORP IFRS 1021 atxl FRS 102. 12. Audftors. ￿M￿￿41k5Th Fees payable to the Charivs aL•knr for the a￿111 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 NOTES TO THE FINANCIAL sTATEME1￿s FOR THE YEAR ENDED 31 AUGusf 21Y22 13. Sloff costs {continued) The number of ¢M￿O5¢e$ wf#)se emptye beneffts (exdtsSrg employer pension ¢osts) exceed8d £60,oixI was.. 2022 No. In the bar*J £60.001 - £70,1XKI In the barKI £70.001- £80,OIXI In the barKI £80.¢XSI . £9).1￿1 The tot￿ empk)yee t*r*fits 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 turt￿n 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 w￿1 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 S5￿0$ 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$12021 &423. 151 94.452 5,727, 195 Assets wlh a nel I￿k value of £5,398,600 IJ)21." £5.405,51X)l are ple(k)ed as security lor liabilities. 18. Debtors Due wtthln one year Trade deblo Prepayments and xC[l￿ i1￿me 787,631 68,513 667.285 67.901 856,144 735. 186 Page 26 ROOKWOOD SCHOOL TRUST UMrrED (A Company Urnlted by Guarantm) NOTES TO ThE FINANCIAL STATEMEPITS FOR THE YEAR ENDED 31 AUGUST 2022 19. Credltors: Amounts lalllng due wllhln one year Bank overdrafts Bank loans Trade creditors Oiher taxatKJn and social seciyity (Thher creditors Accruals and deferred income 158,284 194,301 51,128 40,420 41,327 1,149A17 181,636 50,542 40,595 7,667 1.071, 108 1,634,777 1.351.548 2022 deferred income consisted ol lees invoiced in ad¥atKe ol the autumn term £931,204 12021.. £898,905). The am¢)unl was then released in the rext year. Se¢ured debts Credrtors due within one Jear include bank loans of £194.301 {2021.. £181.636}, on which security has been gbven by Ihe ¢harity. The bank loans fa¢ilitie$ are wured by charges over Rookwc*xI 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 Ir￿Me Financial instruments 1.498.047 32,633 35,862 1.606, 180 37,092 247,132 1￿￿542 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 a￿1 which are paythe by Inst￿Ments 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 ar*J facilities are secured by charges over Rookwood School daled 2111112008, a ¢harge over 15 & 17 The Aver￿ da1￿1 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 ir*Jeper¥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 Aull￿81 20Z2 the Charrty had Commitments ￿ make luture minimum I&￿e payments under r￿n. cancellable oper￿1￿j leases as loll¢M.' Not later than 1 year Later than 1 year and I￿1 later than 5 JEaTS •418 30, 122 16,189 84,006 46,311 The follo￿ng lease payments have been reccgniwj as an expense in Statemeni ol Finarti A¢tivitie$: i))eratiTh3 lease rentals 31381 33.247 Page 28 ROOKWOOD SCHOOL TRUST LIMrrED (A Company Umiled by G￿rantee) NOTES TO THE HNANCIAL STATEklEpirs FOR ThE YEAR ENDED 31 AUGUST 2Q2 Statement of lunds Statement of funds- ￿￿eTht ythr Balance al 1 lomber 2021 Balance •t Gainsl 31 August hcom• Expondituw• (Losses) 2022 Vnre8trfcted funds Gener￿ Fur¥ls- all funts 3551651 3W.930 {3,712.659) 211,270 3872,192 estrieied funds Restricted Funds - all fuTrJs Fixed asset thjnalion lurxl 21,074 (25,593) 001 11520 21,074 (25,593} 8,IX11 Tot•1 of funds 3.565.171 3A42,tXM {1738252) 211.270 3,380,193 The Speci1￿ wry)oses lor wthich lurxts are to be aA)lied a￿ as folknys: The Te$titt&J fuThJ above is a Fixed Asset Donal#)n FWKI - This I￿￿1 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 881a￿e 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.$44J 98.097 3,552,651 Restrfcted funds Reslricled Funds- ￿1 fuNts Fixed asset donation furbj 1.911 (IZ200) 12,520 22.809 1.911 (12.200) 12,520 Total ol lunds 3.500.507 3.620,311 (3,653. 744) 98.097 3,565, 171 Anatysls of net assets t•elween fund¥ An•tysls ot net assets between lunds. cwrenl ytsr R•strlct•d Unrnstrlcted funds fundg 2022 2022 Total fundg Tarrfj1￿e Itxed assets Current assets Creditors due within one year Creditors due in more than 0￿ year 8.1x11 5.706.874 5,714075 866.637 866,637 11.634,77n (1,634,7m 11.566,5421 Totsl 8,CI11 3,372,192 3J80,193 Page 30 ROOKW¢)OD SCHOOL TRUST UMITED (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2022 24. knlysl$ ol assots betwn funds (¢onlinwd) Amtysis ol nel assets bth•en funds. prknr y￿r 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 Fina￿al Adi¥itiesl (396,248) (33.433) Adjustments lor: Deprecialion charges Diwdends. interests ar*J 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¢tfvli*s (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 Tr￿1 wrth an yeed sum of cash enabling it to meet future liabilities. Page 32 ROOKWOOD SCtrKKIL TAusf LIMITED (A Company Llmlted by G￿rantee} NOTES TO THE RNAPKIAL STATEmE1￿s FOR ThE YEAR ENDED 31 AUGUST 2022 Fln*ncl41 Instwn Financial assels Financial assets measured at I￿r thr(AMJh iro)me aTrJ experM*ure FIr￿ncl81 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 a￿1 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 N￿Me aTrJ eX￿t¥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 I￿ly'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 a￿1 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￿ Inte￿St 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 va￿8 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