2021-07-31-accounts

ST SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED

REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

REGISTERED COMPANY NUMBER: 00872200

REGISTERED CHARITY NUMBER: 307341

REPORT AND ACCOUNTS for the year ended 31 July 2021

INDEX			PAGE
Company information			1
Report of the Council incorporating the Strategic Report			2
Independent		Report	12
Statement of Financial		Activities	15
Balance Sheet			16
Cash Flow Statement			17
Notes to the Accounts			18

COMPANY INFORMATION

COUNCIL MEMBERS:

Mr Stephen Mellor (Chair of Governors) Mr N W Gradidge (until 7 May 2021) Mr T Aldrich (until 19 February 2021) Mrs S Cooper (until 1 February 2022) Major General Tickell (until 31 July 2021) Miss J Stewart (until 31 July 2021) Mrs O Butcher Mrs A Waite (from 6 April 2021) Ms L Kavanagh (from 21 May 2021) Mrs D Maroothynaden (from 23 March 2022) Mr I Griffiths (from 23 March 2022)

KEY MANAGEMENT PERSONNEL:

HEADMISTRESS: SECRETARY AND BURSAR: DEPUTY HEAD (ACADEMIC): DEPUTY HEAD (INFANTS & JUNIORS): DIRECTOR OF PASTORAL CARE:

Dr O Wright Mrs D T Canning Mrs C M Egginton Mr L Render Miss C Huyton

PRINCIPAL ADDRESS and REGISTERED OFFICE:

BANKERS:

Redfields House Redfields Lane Church Crookham Fleet Hampshire GU52 0RF Barclays Bank Plc PO Box 191 Camberley Surrey GU15 3GS

SOLICITORS:

Willans LLP 28 Imperial Square Cheltenham Gloucestershire GL50 1RH

AUDITORS:

COMPANY REGISTRATION NUMBER: CHARITY REGISTRATION NUMBER:

Haysmacintyre LLP Chartered Accountants 10 Queen Street Place London EC4R 1AG 00872200 307341

The Council presents their report, incorporating the Strategic Report, and the audited accounts of the St School (Fleet) Educational Trust Limited for the year ended 31 July 2021. The Council confirms that these accounts comply with the requirements of the Companies Act 2006, the Memorandum and Articles of Association, the Charities SORP 2019 and applicable Accounting Standards in the United Kingdom.

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PRINCIPAL ACTIVITY

The principal activity of the Company continues to be the operation of St School an independent day school for girls aged 3 to 16 and boys aged 3 to 7.

REFERENCE & ADMINISTRATIVE INFORMATION

St School was founded in 1935. It became a registered charity (number 307341) on 23 December 1966. It was incorporated on the 22 February 1966, constituted as a company limited by guarantee. Its objects, powers and other constitutional matters are set out in its Memorandum and Articles of association as amended by special resolution(s) dated 4 November 2003 amended by special resolution(s) dated 22 June 2015.

Council Members

The Council members are the Directors of the Company and the Trustees of the Charity.

The Council members who currently hold office are shown on page 1. All Council members served throughout the year ended 31 July 2021, unless otherwise stated.

Key Management Personnel and Professional Advisers

The advisors and key management personnel are set out on page 1.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Company is governed by its Memorandum and Articles of Association, which were last amended on 22[nd] June 2015.

Governing Body

The Company is governed by a Board of Directors (the Council), which is responsible for setting the strategic direction of the organisation and for establishing policy. New directors are chosen by the Council with a view to ensuring that all the skills and experience needed to govern the School are fully represented. They are elected at a full Council Meeting.

At least one director is an eligible representative of the parents of pupils currently at the school.

Major Tickell has a daughter at the school.

Directors serve for a term of three years and are eligible to stand for re-election.

Recruitment and Training of Council members

New Council members are introduced to the workings of the School, Council policy and procedures at an induction meeting held for them by the Headmistress and Bursar. Trustee-training workshops are offered through AGBIS and other external organisations.

Organisational Management and Remuneration of Key Management

The Council meets at least once every term to determine the overall policy of the School and to review its management and control. The Finance Committee, chaired by Mr S Mellor, carries out the work of implementing most of the policies. This Committee meets before each meeting of the full Council and on additional dates, as required, to review the budgets and annual accounts.

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The Council delegates the day-to-day operation of the School to the Headmistress and Bursar. They are also supported by their Senior Management Teams and together with members of the Council are the key management personnel. The Headmistress and the Bursar attend all meetings of the Governing Committees.

Remuneration is set by the Council, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding fairly and responsibly individual contributions to the S success. The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere.

Organisational Structure and Relationships

St Nicholas, through its Headmistress, is an active member of GSA and works for the maintenance and advancement of standards in independent schools. The Headmistress also takes part in peer group studies to share our experiences, help identify our areas of strength and also to work towards an improvement in other areas where necessary.

St Nicholas also benefits from the generosity of a thriving Parent Teachers Association whose close support we greatly appreciate and acknowledge.

Employment Policy

The School is an equal opportunities employer. Full and fair consideration is given to applications for employment from registered disabled persons, with due regard to their aptitudes and abilities. Disabled employees are accorded equal opportunities for training and career development.

Investment Policy and Objectives

The Company has absolute powers of investment of its corporate reserves. The Council aims to maximise the total investment return within the objectives of maintaining income whilst avoiding risk. It is the policy to place all available retained funds, other than those required for day-to-day cash management, in interestearning accounts with a view to maximising our total return. Cash balances are invested with Barclays Bank plc and NatWest Bank plc.

STRATEGIC REPORT

The following sections form part of the strategic report.

OBJECTIVES, AIMS AND PRINCIPAL ACTIVITIES

The object of the Company, in accordance with its Memorandum of Association, is the

education of girls and, if thought fit, for the education of boys up to the age of twelve. Currently the School educates girls up to the age of sixteen and boys up to the age of seven only.

History of the School

The journey is one of growth and vitality. It was founded in 1935 by two teachers, Helen Pritchard and Angela McKenzie, in Branksomewood Road, Fleet. It began with just 20 pupils. During the Second World War, as the School took boarders, it provided a safe and caring place while parents were on active service. The boarding facilities closed in 1964.

The School moved to its current site, House, in 1996. The property had previously been a tobacco farm and leading accountants training centre. The School began an extensive programme of modernisation and building work which oversaw the addition of excellent facilities such as an Infant Department,

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a Sports Hall, an Art and Textiles Centre, the Performing Arts Centre, the refurbishment of the 4 science laboratories and the School dining room. In 2017 a MUGA pitch and new tennis courts were completed to enhance the sports facilities. The school kitchen was also refurbished.

St School continually invests in and maintains its extensive grounds, woodland including ancient woodland and physical infrastructure, to ensure that it is a highly desirable school in which to learn and to teach. The aesthetics of the building and the grounds contribute to the sense of wellbeing.

Public Benefit, aims and impact

The Governors confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity published general guidance on public benefit. New scholarships are available each year to pupils in Year 7 and, in addition, bursaries may be awarded to children whose parents suffer financial hardship. During the year, the School supported 23 pupils through this bursary scheme. Bursaries and awards are means tested and are available for up to 80% of the fees. The bursaries offered during the year amounted to £161,628 (2020: £102,010).

The School continued to co-operate with local charities and voluntary organisations in its on-going endeavours to widen public access to our facilities and schooling and to awaken in our pupils an awareness of the social context of the education they receive at St

As part of its commitment to the local community, the School allowed local charities and voluntary organisations to use its facilities for their own fundraising (in addition to raising funds for the School). It also organised community events such as Toddler allowed local people to benefit from use of the grounds and resources. St Nicholas' the main sponsorship for the Fleet Carnival and pupils participated in the fundraising events and carnival Curriculum events such as the annual STEM week were also opened up to local school children.

St School organised and competed in sports fixtures with local state schools and pupils attended competitive matches in Football, Netball, Hockey and Basketball. In the spring term we normally run a Netball Festival where local state schools are invited to bring Year 5 pupils for an afternoon of training and matches.

Our Mandarin teacher continued to provide free of charge tuition at a local secondary school.

Strategic Aim and Intended Effect

St strategic aims are to ensure excellent academic outcomes; to offer the very best pastoral support; to enhance all development with a wealth of extra-curricular enrichment and forward-thinking technological investment.

St pupils benefit from fabulous resources, the very best teachers and a broad range of educational opportunities. Over 80% of all pupils play an instrument outside of the curriculum and contribute to a variety of bands and orchestras. All pupils learn at least one language from Reception (Mandarin lessons and Languages Club) all the way through the school. At GCSE pupils have the option to study Spanish, French, German Mandarin and/or Latin.

Pupils at St to learn about the world around them, school and in a wider context. They make friends across the year younger involve community events, such as the Fleet Festivities. They take advantage of the chance to go on numerous trips Church) and and

The on pupils' achievements, alongside their artistic, sporting and creative development all takes place within a framework of excellent pastoral care and school seeks are succeed but to deal with failure too and they are encouraged to participate in the Duke of Edinburgh award scheme (Bronze and Silver), as well as the own LORICE scheme, to build their resilience.

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As a charity and in line with its objects, St School also works to further the education of children who would not otherwise have access to such resources through its bursary programme, its involvement with local state schools and other community groups.

At the end of the first year, a new Strategy Group was set up to develop plans for the next 10 years and to enhance and clarify the vision, values and direction. This group comprised members of the Governing Body, the Bursar and the Headmistress. The strategic pillars were: Providing Best in Class Facilities; Maximising Financial Opportunities; Providing All-Round Pastoral Care; Being at the Forefront of Technological Innovation; Parental Engagement. Work continued throughout the year on all areas of the strategic direction and development.

Objectives for the Year

The main objectives continued to be the focus on academic rigour at all stages, the provision of the best pastoral care for all pupils; the continued investment in Information Technology.

The school maintained an enviable teacher-to-pupil ratio (1:7) and attracted and developed the very best practitioners. St School partners with local colleges (Farnborough) to offer the Apprenticeship Scheme and took on an I.T apprentice during the year. We appointed a new Head of Infants and Juniors, as well as a new Director of Co-Curricular and Careers. In addition, a new outdoor educational specialist was appointed to lead the Duke of Edinburgh Award and to teach Forest School lessons throughout the Infant and Junior sections.

At each stage of the school the curriculum was tailored to the needs of individual pupils, and additional support was given through a range of interventions led by the Curriculum Support department. A new Curriculum Support team was recruited during the year.

St School continuously invested in Information Technology, through a comprehensive programme of upgrades to hardware, laptops and classroom smartboards.

Achievements and Performance

Some of this teaching and learning was undertaken during the Covid pandemic. This meant a material change to the normal mode of lesson delivery in the spring term. Teachers and pupils were working at home for the most part. However, the school remained open and some pupils did come into school if they were the children of Key Workers. All staff adapted quickly to remote learning, using Microsoft Teams as the medium through which lessons were delivered. Pupils benefited from the live nature of these lessons and when audits were undertaken of the learning and skills, once school reopened, it was found to be the case that the curriculum had been delivered in accordance with all relevant planning. subsequent assessments demonstrated how well they had adapted to working remotely.

Examinations

St School continued to develop its curriculum, in accordance with best practice and its stated objectives. As a non-selective school, it aims to educate all pupils, whatever their strengths, to their maximum potential.

The school was proud to announce another incredibly successful year of GCSE results which, once again, secured its position as one of the best performing schools in Hampshire and one of the best nationally, amongst small schools without a sixth form. 100% of pupils achieved 5 or more GCSE passes at 9/-1, with all pupils gaining maths, English, science and a second language.

The academic target for GCSE outcomes in 2022 will be 100% grades 9 to 4 in five subjects or more, with everyone passing Mathematics, English Literature, English Language and three Sciences.

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Wellbeing and Pastoral

The school enhanced pastoral provision throughout the during lockdown ensured that all pupils had dedicated time with their tutor, access to the school counsellor and the ELSA's. The Heads of Phase's contact time has been reduced to allow them greater flexibility to meet with pupils individually and make contact with parents. We have two trained ELSAs (Emotional Literacy Specialist Teacher) and a peripatetic school counsellor. The school has appointed a Head of Wellbeing who leads wellbeing committee's for both pupils and staff, working towards the Carnegie Wellbeing Award. Relaxation Yoga sessions are offered as an extra-curricular activity to pupils and staff. The school has trained wellbeing ambassadors amongst the senior school and Year 6, acting as peer support. We have recruited a Wellbeing Dog who is currently being trained.

The junior and infant departments have started the My Happy Mind program designed to build pupil resilience and give them lifelong self-care strategies as well as an awareness of their own, and others mental health and Character strengths. Alongside this, parents have access to the My Happy Minds App which gives information about how these practices can be reinforced at home.

In the senior school the pupils take part in fortnightly wellbeing activities, helping them to develop mindfulness practices within their everyday lives.

The PSHE curriculum has been revised to incorporate the RSE reform and well as incorporate the national changes with regards to teaching mental health. information evenings were run for both juniors and seniors to explain these changes.

The Medical refurbished in 2020. We are in the process of adding a wellbeing room, to allow pupils a space to take a time out, out of sight of main reception whilst still being supervised.

Sport

At St School, all pupils are encouraged to play team games to develop their collaborative awareness and they delight in competing for the school in a wide range of disciplines. In addition, they are encouraged to take time to hone their own fitness and to contribute to the House system by gaining points and accolades throughout the year.

During the 2020/2021 academic year, the focus was on maintaining the range of sporting opportunities available to the pupils. Attendance at clubs was strong across the school, despite pupils having to remain in their bubbles, and pupils continued to have the choice of a range of after-school clubs.

Our Year enjoyed a Modern Pentathlon taster session. A planned golf taster session with Oak Park Golf Club could not happen due to lockdown restrictions.

The fixtures remained unfinished in the main sports of netball, football and hockey. However, the Year 10 & 11 team travelled to Southampton to represent the school in the Hampshire round of the 'National schools netball tournament. The girls finished a credible 6th out of 12 amongst the top school teams in Hampshire. This was also the first time St had entered and it was an excellent experience for all involved. The team also won the District tournament.

In District cross country the U17s team gained silver and the U15 team secured bronze. From this, 6 pupils were selected to represent District in the County round and 3 girls were selected to go to inter-counties.

Both age groups finished 3rd in their Basketball league. The U16 team competed in the top division after promotion last year, whilst the played in division 2 (middle division)

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Music

The school recognises the importance of music in the cognitive and social development of all pupils. St School seeks to find ways to involve all pupils, organising formal and informal concerts as well as providing opportunities to contribute to extra-curricular groups, including the Senior and Junior Orchestras, Senior Chamber Orchestra, Swing Band, Junior and Senior Choirs, Junior and Senior Chamber Choirs, Guitar Ensembles and Swing Band. Over 71% of the pupils from years 3 to 11 play at least one musical instrument. Pupils have continued to take both Trinity and ABRSM music exams over the last year, submitting their performances online.

All Year 1 and 2 pupils in the Infant Department benefit from violin classes as part of the curriculum. The Junior and Senior Music Evenings provide the opportunity to showcase the musical talents, with every member of the Junior School taking part and many of the Senior pupils. Other performance opportunities include the Senior Carol Service, Junior Christmas Assembly and Prize Giving Ceremony and termly informal concerts.

Drama

St School is committed to ensuring that all pupils benefit from the confidence-building, communication and team-building attributes that can be encouraged through the creative and performing arts. The Pritchard Hall provides a professional setting in which the girls are able to nurture their skills and abilities, and Drama is taught throughout the school, with LAMDA exams being taken by girls in the senior years. The Drama department is vibrant and inclusive, encouraging all pupils to expand their own performance qualities.

This year's Senior Production was carried over from lockdown, "The Addams Family". We were able to film sections of the production in year group 'bubbles' with around fifty girls from Years 7 to 10 involved both as cast members and in backstage roles. Then the sections were carefully knitted together by Mr Arnold to create as much of the actual production as possible. This 'alternative' performance was then granted permission from the performing rights company to be streamed on one night in June, with tickets purchased electronically and everyone watching separately from the comfort of their own homes. It was a great way to finally draw the production to a close and was a very clever piece of editing!

The Juniors also resorted to technology (& Mr Arnold) for their production of "Peter Pan". Again, filmed in year group 'bubbles' and making the most of our outdoor locations, they rehearsed and then filmed the whole production in the Autumn Term. The songs were recorded separately in recording sessions in the Pritchard Hall and then the whole thing was put together, before a streamed event for the parents to watch at home.

'Live' theatre trips were put on hold this year, due to Covid restrictions, but we were able to watch several theatre productions online, including "The Oresteia" (Splendid Productions) to the whole of Year 8, "Oh What a Lovely (Blackeyed Theatre) to the Drama GCSE pupils and "Dr Faustus" (Splendid Productions) to Year 10. We also took part in a national event, "Tune Up Tuesday" with online workshops and talks concerning the Performing Arts, with many pupils across the school.

St School is committed to ensuring that all pupils benefit from the confidence-building, communication and team-building attributes that can be encouraged through the creative and performing arts. The Pritchard Hall provides a professional setting in which the girls are able to nurture their skills and abilities, and Drama is taught throughout the school, with LAMDA exams being taken by girls in the senior years. The Drama department is vibrant and inclusive, encouraging all pupils to expand their own performance qualities.

This year's Senior Production was "The Addams Family", with around fifty girls from Years 7 to 10 involved both as cast members and in backstage roles. This quirky, strange tale about the well-known TV family was a perfect opportunity to showcase the acting, singing and dancing talents, along with some impressive design work on display with the set, costume and makedue to Covid lockdown the actual performances were postponed just two days before they were supposed to go ahead. However, scenes were filmed so that the production could be shared electronically.

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"Sherlock & Cinders" was the highly energetic, pantomime-style Junior Christmas Production. All Juniors performed together combination of two well-loved stories, with plenty of and dancing to demonstrate their growing

Year 1 and 2 Right Shepherd. The Nursery and Reception department Little Red Robin.

In the summer term Year 10 visited the Globe Theatre to watch with an entertaining workshop beforehand. visited us again to perform "Dr Faustus" in the Pritchard Hall, with a workshop to our GCSE pupils afterwards. The GCSE pupils also took part in a practical workshop with actors from Blackeyed Theatre at South Hill Park, Bracknell, before watching their of "Jane

Fundraising

The Parent Association continued to be very active in supporting the life of the School. The primary aim is to reinforce the sense of community between children, parents and staff. Any fundraising is secondary to this. Any fundraising undertaken on behalf of the school has not received any complaints (2020: none).

Funds raised are divided between the School and other local charities. Historically funds have been raised over several years to accumulate a larger donation or purchase for the School. The PTA donated £6,292 to the School in the current year (2020: £nil).

This year saw the usual range of successful events. However, some events had to be cancelled due to COVID. Funds raised are divided between the School and other local charities.

Principal Risks, Compliance, Uncertainties and Risk Management

Senior Management and the Council review the key risks within the School. A checklist has been compiled identifying the person responsible for managing each risk. The Council, as part of a continual process of examination and improvement intended to minimise the risk to the School, reviews this document at least annually. Where new risks are identified the appropriate system and control changes are implemented. The Council continues to keep the activities under review, particularly with regard to any major risks that may arise from time to time and is satisfied that all risks are properly monitored.

The main risks facing the School and the controls and actions to mitigate those risks are:

----- Start of picture text -----
Principal risks Main controls and actions
1. Safeguarding issues We foster a culture of safeguarding throughout
the School, including teaching staff, support staff
and maintenance staff
We have a detailed safeguarding and child
protection policy and procedures which we
implement effectively
The Deputy Head, Pastoral is the
Designated Safeguarding Lead. There are a
number of other trained safeguarding members
of staff. Regular training in safeguarding for all
school staff
The Governors conduct an annual safeguarding
audit of the school.
----- End of picture text -----

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----- Start of picture text -----
Principal risks Main controls and actions
2. Pupil numbers Maintain and develop our facilities
Stress our aim to educate the whole person
Links with other local infant and junior schools
3. Cash flow Active cash flow management
3 year development planning to establish any
vulnerabilities well in advance
4. Political & External Ensure sufficient cash reserves and forecasting
with sensitivity scenarios.
Brexit
Covid-19
Risk to Charitable Benefit
stance on Independent schools
5. Reputational issues Foster strong links with our local community
Proactive in managing our media and press
coverage
6. Quality Staff recruitment and retention Competitive salary packages
Emphasis on training our staff on best practice
and changes to educational policy
----- End of picture text -----

The challenges and risks facing us are no different than those facing all independent schools at the moment. The key risks are the ability to maintain pupil numbers and to retain key staff. Economic pressures have undoubtedly put pressure on household incomes and this in turn has put pressure on the number of pupils enrolling in independent schools. Affordability of school fees is a real issue and we recognise the need to control our costs in order to maintain our fees at affordable levels. The School also continues to place emphasis on the quality of the education it provides and the excellence of the facilities it offers. Consider further reference to pandemic in the above paragraph!

We are of course a business and so face all the issues of any company: not only revenue sustainability and growth, but also cost control, treasury management, people and staff welfare. Changes to the way in which teachers are remunerated and their pension arrangements also have an impact on our financial wellbeing.

Financial Review

This operating results were in line with our expectations and development plan. The Statement of Financial Activities shows a net increase in funds of £59,324: (2020 (£250,976)) for the year ended 31 July 2021. Total income was £4,066,483, an increase on the previous year. School fees were increased by an average of 3.4%. The charitable expenditure reduced by £87,551 to £3,969,573 (2020: £4,057,124).

The year-end financial position was good especially considering the current economic climate and the pressures on small independent schools countrywide. Cash generation during the year was strong and the School held a healthy balance of cash at the end of the year. All the funds are unrestricted.

The tangible assets are all held for use in the operation of the School.

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Investment Performance

The Company has absolute powers of investment of its corporate reserves. The Council aims to maximise the total investment return within the objectives of maintaining income whilst avoiding risk. It is the policy to place all available retained funds, other than those required for day-to-day cash management, in interestearning accounts with a view to maximising our total return.

Reserves

At 31 July 2021, the Company had unrestricted reserves of £5.4 million (2020: £5.3 million), mainly represented by freehold land and buildings which have been financed by the accumulated surpluses and borrowings. There are currently no so cash flow is monitored closely and forecast with the objective of scheduling any major expenditure as early as possible within the funds available. The policy of the Governors is to continue to use the operating surpluses to improve the current facilities and use any excess surplus in order to build up its free reserves.

Cash flow is forecast to be sufficient to meet the commitments of the School.

Plans for the Future

The three-year Business Plan is updated annually and assesses current performance and the main factors potentially impacting on future performance. It also sets out the strategy for developing the School. The plan is reviewed and approved by the Council. The Governors have a justified expectation that adequate resources are available to continue in operational existence.

Looking to the future, the key objectives are to:

Optimise the numbers on the pupil roll;

• Focus on staff and pupil wellbeing, with continuous development of pastoral provision;

• Continue to invest in IT, with all pupils in the Senior School having their own laptop; upgrades to existing smartboards and banks of laptops for junior classrooms;

• Maintain the present low pupil/teacher ratios, which gives pupils the necessary attention, thus enabling them to develop their academic skills to the full;

• Maintain the high standards of academic achievement at all levels;

• Continue to encourage links with the local community;

• Continue to review the curriculum to ensure the School offers the most appropriate range of subjects;

• Balance academic achievement with the development of artistic, sporting, dramatic and musical opportunities through a wide range of co-curricular activities;

• Strengthen/grow the number of trips available to pupils throughout the school;

• Continue to widen access to the School through our bursary and scholarship policy.

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STATEMENT OF

RESPONSIBILITIES

The Council Members (who are also directors of St School (Fleet) Educational Trust Limited for the purposes of company law) are responsible for preparing the Council Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Council Members to prepare a financial statement for each financial year that gives a true and fair view of the state of affairs of the Charitable Company, and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company for that period. In preparing these financial statements, the Council Members are required to:

• Select the most appropriate accounting policies and then apply them consistently;

• Observe the methods and principles in the Charities SORP;

• Make judgements and estimates that are reasonable and prudent;

• State whether applicable UK Accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable Company will continue in business.

The Council Members are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time of the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Council Members in their capacity as company directors approve the Strategic Report contained within this report.

AUDITORS

In so far as we are aware there is no relevant audit information of which the Charitable auditor is unaware and the Council Members have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Haysmacintyre LLP have expressed their willingness to continue in office and will be deemed reappointed for the next financial year unless the School receives notice under section 488(1) of the Companies Act 2006.

The Report, incorporating the Strategic Report, was approved by the Council and signed on its behalf by:

Mr Stephen Mellor Chairman

Date: 19/9/2022

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INDEPENDENT REPORT TO THE MEMBERS OF ST (FLEET) EDUCATIONAL TRUST LIMITED

SCHOOL

Opinion

ended 31 July 2021 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• and of the

• ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the A of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the [group/charitable company] 's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Report of the Council. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Report of the Council (which includes the strategic report and the report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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f the Council have been prepared

in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Council (which incorporates the ).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the charitable company; or

• the charitable company financial statements are not in agreement with the accounting records and returns; or

we have not received all the information and explanations we require for our audit.

Responsibilities of trustees for the financial statements

As explained more fully in the trustees , the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to independent school regulations, safeguarding regulations, health and safety requirements, GDPR, employment law, company law and charity law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006, Charities Act 2011 and other factors such as payroll tax.

statements (including the risk of override of controls), and determined that the principal risks were related to income recognition, management override of controls and going concern and the impact of the COVID-19 pandemic on bank covenants. Audit procedures performed by the engagement team included:

• Inspecting correspondence with regulators and tax authorities;

• Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

13

INDEPENDENT REPORT TO THE MEMBERS OF ST SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED

• Identifying and testing journals; and

Challenging assumptions and judgements made by management in their critical accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial www.frc.org.uk/auditorsresponsibilities. This report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Jane Askew (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of Haysmacintyre LLP, London Statutory Auditors EC4R 1AG

Date:26 September 2022

14

(FLEET) EDUCATIONAL TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account)

FOR THE YEAR ENDED 31 JULY 2021

		Unrestricted	Funds
		2021	2020
	Notes	£	£
Income from:
Charitable activities
School fees	3a	3,642,118	3,502,322
Trading income	3b	399,958	329,089
Other trading activities		6,704	4,903
Investment income
Bank and other interest		122	5,195
Voluntary Income
Donations	3c	8,052	-
Other income	3c	9,529	20,029
		----------------------	----------------------
Total income		4,066,483	3,861,538
		----------------------	----------------------
Expenditure on:
Charitable activities
Education	4	3,969,573	4,057,124
Raising funds
Financing costs	5	37,586	55,390
		----------------------	----------------------
Total expenditure		4,007,159	4,112,514
		----------------------	----------------------
Net (expenditure) / income and net movement in funds		59,324	(250,976)
Reconciliation of funds:
Total Funds brought forward at 1 August		5,334,497	5,585,473
		----------------------	----------------------
Total Funds carried forward at 31 July		5,393,821	5,334,497
		==========	==========

None of the activities were discontinued during the current or previous year.

There is no difference between the net incoming resources for the year, as stated above, and their historical cost equivalents.

There are no recognised gains and losses other than the income and expenditure shown above.

All income and expenditure in both years is unrestricted and therefore a comparable Statement of Financial Activities is not needed.

The notes on pages 18 to 29 form an integral part of these accounts.

15

BALANCE SHEET

AS AT 31 JULY 2021

S AT 31 JULY 2021	Company number: 00872200
		2021	2020
	Note	£	£
FIXED ASSETS
Tangible assets	8	5,579,440	5,648,346
		-----------------------	-----------------------
Total fixed assets		5,579,440	5,648,346
		-----------------------	-----------------------
CURRENT ASSETS
Stocks	9	18,881	14,374
Debtors: amounts falling due within one year	10	126,446	117,762
Cash and deposits		1,175,258	1,377,633
		-----------------------	-----------------------
Total current assets		1,320,585	1,509,769
CREDITORS:amounts falling due within one year	11	(489,466)	(1,652,088)
		-----------------------	-----------------------
NET CURRENT (LIABILITIES) / ASSETS		831,119	(142,319)
		-----------------------	-----------------------
TOTAL ASSETS LESS CURRENT LIABILITIES		6,410,559	5,506,027
CREDITORS:Amounts falling due after more than one year	12	(1,016,738)	(171,530)
		-----------------------	-----------------------
TOTAL NET ASSETS		5,393,821	5,334,497
		===========	===========
TOTAL CHARITY FUNDS:
Unrestricted funds		5,393,821	5,334,497
		===========	===========

These accounts were approved by the Board and authorised for issue and signed on its behalf by:

S Mellor Chairman Date:19/9/2022

The notes on pages 18 to 29 form an integral part of these accounts.

16

ST

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2021

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |2021|2020| |Cash flows from operating activities:|£|£| |Net cash provided by operating activities (see reconciliation below)|282,436|92,572| |Cash flows from investing activities:| |Bank interest|122|5,195| |Purchase of tangible fixed assets|(264,921)|(116,477)| |Net cash used in investing activities|(264,799)|(111,282)| |Cash flows from financing activities:| |Repayments of borrowing|(220,012)|(144,242)| |Net cash used in financing activities|(220,012)|(144,242)| |Change in cash and cash equivalents in the reporting period|(202,375)|(162,952)| |Cash and cash equivalents at the beginning of the reporting period|1,377,633|1,540,585| |Cash and cash equivalents at the end of the reporting period|1,175,258|1,377,633| |Reconciliation of net income to net cash flow from operating activities|2021|2020| |£|£| |Net (expenditure) / income for the reporting period|59,324|(250,976)| |Adjustments for:| |Depreciation charges|333,827|293,414| |Bank interest|(122)|(5,195)| |(Increase)/decrease in stocks|(4,507)|3,923| |(Increase) in debtors|(8,684)|(20,714)| |Decrease in creditors|(97,402)|72,120| |Net cash provided by operating activities|282,436|92,572| |Analysis of cash and cash equivalents| |Cash in hand|1,175,258|1,377,633| |Total cash and cash equivalents|1,175,258|1,377,633| |Analysis of net debt|At 1| |August|Cash|Other| |2020|flows|movements|At 31 July 2021| |£|£|£|£| |Cash|at|bank|and|in|hand|1,377,633|(202,375)|-|1,175,258| |Bank|overdrafts|(24,488)|(132)|-|(24,620)| |Bank|loans|due|<|1|year|(1,374,916)|220,012|926,338|(228,566)| |-|-| |Bank loans due > 1 year|(926,338)|(926,338)| |-| |(21,771)|17,505|(4,266)|

----- End of picture text -----

The notes on pages 18 to 29 form an integral part of these accounts.

17

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

1. CHARITABLE STATUS

The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee and does not have any share capital It was incorporated on 23 February 1966 (company number: 00872200) and registered as a charity on 23 December 1966 (charity number: 307341).

2. ACCOUNTING POLICIES

Accounting basis

The accounts have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates.

Going Concern

As highlighted in the Report for the Council, having assessed the School's financial position, the plans for the foreseeable future, the risks to which the School are exposed and the detailed cash projections covering a period of at least 12 months from the approval of these financial statements, the Council Members are satisfied that there are no material uncertainties relating to going concern and it remains appropriate to prepare the financial statements on a going concern basis.

Critical accounting judgements and estimates and key sources of estimation uncertainty

In the application of the accounting policies, the Council members are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

In the view of the Council members, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

Income

All income is recognised when the criteria of entitlement, measurement and probability of receipt have been satisfied.

Fees and similar income

Fees receivable and charges for services and use of the premises are accounted for in the year in which the services are provided. Fees receivable are stated after deducting bursaries, scholarships and other remissions allowed by the School.

Registration fees are non-refundable and are credited to income when received.

Deposits are included as a liability until refunded or, on ceasing to be refundable, are credited to income.

Advance fees are credited to income as and when they fall due.

18

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

2. ACCOUNTING POLICIES (continued)

Investment income

Interest received represents gross interest derived from cash deposits held and credit balances and is accounted for on a receivable basis.

Donations and legacies and other voluntary income

All donations, legacies and other voluntary income are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable.

Donations received for the general purposes of the School are credited to Unrestricted Funds. Donations subject to specific wishes of the donors are credited to the relevant Restricted Funds.

Government grants

Funding received from the government relate to income received from the Coronavirus Job retention Scheme for employees that were on furlough during the year.

Expenditure

Expenditure is accounted for on an accruals basis where there is a legal and constructive obligation to make a payment to a third party and the amount of the obligation can be measured reliably. Expenditure is allocated to the appropriate headings relevant to the charitable activities on a direct basis. Support costs mainly represent office administration. Governance costs comprise the costs of running the School, including strategic planning for its future development, external audit, legal advice and all the costs of complying with constitutional and statutory requirements. Charitable expenditure represents the costs of running the School including salaries, catering, premises and welfare costs.

Operating leases

The annual rental for operating leases is charged to the Statement of Financial Activities on a straight line basis over the lease term.

Staff Benefits including Pension costs

The School contributes to the following schemes:

The School contributes to the Pension Scheme. This is a multi-employer pension scheme and it is not possible to identify the share of the underlying assets and liabilities on a consistent and reasonable basis. Therefore, as required by FRS 102, the School accounts for the scheme as if it were a defined contribution scheme. The contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable. The amount charged in the Statement of Financial Activities represents the contributions payable to the scheme in respect of the financial year.

Friends Life - Support Staff Pension Fund

The School operates a defined contribution scheme for non-teaching staff. Contributions are made to the scheme and are charged to support costs. The current service contribution rate during the year was 16.8% of pensionable salaries, 4.8% paid by employees and the remaining 12% borne by the School. The contributions payable in respect of this scheme are charged to the Statement of Financial Activities in the period to which they relate.

Employee termination benefits

Termination benefits are accounted for on an accruals basis and in accordance with FRS 102.

Funds

Restricted - where the purpose for which the funds may be used has been restricted by donors. Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Council members in furtherance of the general charitable objects.

19

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

2. ACCOUNTING POLICIES (continued)

Fixed Assets

All assets purchased are included at their purchase price. Assets with a cost below £500 are not capitalised.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost of each asset, less its estimated residual value, over its expected useful life, as follows:

Computer equipment	33.33% per annum, straight line
Motor vehicles	10% per annum, straight line
Fixtures, fittings and equipment	10% per annum, straight line
Freehold buildings	2% per annum, straight line
Muga Pitch	10% per annum straight line

Freehold buildings under construction are not depreciated until they are brought into use.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value is based on estimated selling price less disposal costs.

Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised at cost. Financial assets held at amortised cost comprise cash at bank and cash equivalents, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and cash equivalents is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.

Leases

Where assets are financed by leasing arrangements, which transfer substantially all of the risks and rewards of ownership, the assets are capitalised as if they had been purchased outright. The corresponding lease commitments are shown as an obligation in the balance

sheet. Lease payments are split between the capital and interest elements. Depreciation is charged on the assets based on the shorter of their useful economic life and the lease term.

20

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

3a CHARITABLE ACTIVITIES SCHOOL FEES RECEIVABLE

	2021	2020
	£	£
Fees receivable consist of:
School fees	4,002,876	3,959,162
Less:
Bursaries, Scholarships and allowances	(360,758)	(263,726)
Other COVID-19 related discounts	-	(193,114)
	-----------------------	-----------------------
	3,642,118	3,502,322
	===========	===========

Included within total bursaries, grants and allowances are means-tested bursaries of £161,628 paid to 26 pupils (2020: £102,010 paid to 23 pupils).

3b CHARITABLE ACTIVITIES TRADING INCOME

	2021	2020
	£	£
Registration Fees and Educational Income	7,600	6,600
Income from School Lunches	184,158	159,019
Income from School Outings	27,649	28,426
Income from Music lessons	25,617	27,916
Income from Sports	916	4,099
Income from Homework clubs	7,248	18,023
Income from Coach fees	33,988	29,987
Income from Exam fees	14,100	14,201
Other	98,682	40,818
	-----------------------	-----------------------
	399,958	329,089
	===========	===========

3c CHARITABLE ACTIVITIES VOLUNTARY INCOME

		2021	2020
		£	£
Income from Donations		8,052	-
Government grants	CJRS	9,529	20,029
		-----------------------	-----------------------
		17,581	20,029
		===========	===========

21

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

4. EXPENDITURE

	2021	2021		Staff costs	Other costs	Depreciation	Total
				£	£	£	£
	Charitable activities:
	Teaching costs			2,033,855	85,698	333,827	2,453,380
	Welfare			-	197,674	-	197,674
	Premises			180,606	377,251	-	557,857
	Support and Governance		Costs	397,316	363,346	-	760,662
				-----------------------	-----------------------	-----------------------	-----------------------
				2,611,777	1,023,969	333,827	3,969,573
	Cost of raising funds:
	Finance costs			-	37,586	-	37,586
				-----------------------	-----------------------	-----------------------	-----------------------
				2,611,777	1,061,555	333,827	4,007,159
				===========	==========	===========	===========
	2020			Staff costs	Other costs	Depreciation	Total
				£	£	£	£
	Charitable activities:
	Teaching costs			2,162,126	85,534	293,414	2,541,074
	Welfare			-	171,597	-	171,597
	Premises			166,142	357,633	-	523,775
	Support and Governance		Costs	342,959	477,719	-	820,678
				-----------------------	-----------------------	-----------------------	-----------------------
				2,671,227	1,092,483	293,414	4,057,124
	Cost of raising funds:
	Finance costs			-	55,390	-	55,390
				-----------------------	-----------------------	-----------------------	-----------------------
				2,671,227	1,147,873	293,414	4,112,514
				===========	==========	===========	===========
c)	Net income includes:					2021	2020
						£	£
	Depreciation		- owned assets			333,827	293,414
	Operating leases		equipment			111,339	47,052
	Governance expenditure		includes:
		remuneration	- audit fees			14,400	13,450
			- other services			1,125	1,260
						===========	===========
.	FINANCE COSTS
						2021	2020
						£	£
	Interest on bank loans					34,314	48,380
	Other					3,272	4,255
						-----------------------	-----------------------
						37,586	52,635
						===========	===========

5. FINANCE COSTS

22

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

6. STAFF COSTS

	2021	2020
	£	£
Salaries and wages	2,033,610	2,054,428
Social security costs	202,492	208,074
Pension costs	375,675	408,725
	-----------------------	-----------------------
	2,611,777	2,671,227
	===========	===========

The full time equivalent number of employees during the year was 54 (2020: 52), of whom 42 (2020: 41) were teaching staff and 12 (2020: 11) were non-teaching staff.

Average number of staff	2021	2020
Teaching	45	46
Maintenance	6	6
Support	9	9
	---------------	---------------
	60	61
	=======	=======

The number of employees whose emoluments exceeded £60,000 was:

	2021	2020
	Number	Number
£60,000 to £70,000	1	1
£70,001 to £80,000	1	-
£80,001 to £90,000	1	1
£90,001 to £100,000	-	-
£100,001 to £110,000	-	-
£110,001 to £120,000	1	-
	========	========

During the year an amount of £54,799 (2020: £19,115) was paid as pension contributions into the pension scheme for one employee above; the other received a contribution of £8,036 (2020: £8,022) into a defined contribution scheme.

Total employee remuneration including employers NI, pensions paid and benefits of key management personnel was £396,301 (2020: £426,775).

7. TAXATION

St School (Fleet) Educational Trust Limited is a registered charity and is therefore exempt from paying tax on its results.

23

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

8. FIXED ASSETS

		**Fixtures, **
	Freeholdland	fittings &	Computer	Motor
	& buildings	equipment	equipment	vehicles	Total
	£	£	£	£	£
Cost
At 1 August 2020	7,966,992	1,135,390	417,340	97,810	9,617,532
Additions	34,452	90,138	99,029	41,302	264,921
	-------------------	-----------------	-----------------	----------------	--------------------
At 31 July 2021	8,001,444	1,225,528	516,369	139,112	9,882,453
	-------------------	-----------------	-----------------	----------------	--------------------
Depreciation
At 1 August 2020	2,816,353	740,721	371,970	40,142	3,969,186
Charge for the year	177,124	86,259	58,392	12,052	333,827
	-------------------	-----------------	-----------------	----------------	--------------------
At 31 July 2021	2,993,477	826,980	430,362	52,194	4,303,013
	-------------------	-----------------	-----------------	----------------	--------------------
Net Book Value
At 31 July 2020	5,150,639	394,669	45,370	57,668	5,648,346
	==========	========	=======	=======	=========
At 31 July 2021	5,007,967	398,548	86,007	86,918	5,579,440
	==========	========	=======	=======	=========

All fixed assets are used for charitable purposes.

9. STOCKS

	2021	2020
	£	£
Stocks of merchandise for resale	275	275
Consumables	18,606	14,099
	-----------------	------------------
	18,881	14,374
	========	========
DEBTORS
	2021	2020
	£	£
Amounts falling due within one year
Fee debtors	36,022	14,004
Other debtors	961	9,448
Prepayments and accrued income	89,463	94,310
	-----------------	------------------
	126,446	117,762
	========	========

10. DEBTORS

24

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

11. CREDITORS: Amounts falling due within one year

	2021	2020
	£	£
Bank loans	228,566	1,374,916
Bank overdraft	24,620	24,488
Trade creditors	6,635	5,196
Other creditors	28,860	31,141
Accruals	46,743	26,884
Pupil deposits	11,100	11,050
Autumn fees paid in advance	73,443	101,151
Advanced fee payment scheme	62,122	24,998
Other deferred income	7,377	52,264
	-------------------	-------------------
	489,466	1,652,088
	=========	=========

Deferred income relates to income relating to trips received for the next financial period.

Barclays Bank plc have granted an overdraft facility, a proportion of which can be converted to a ten year loan if ever desired. Amounts drawn down under the overdraft facility are secured by fixed and floating charges over the land and buildings.

During the prior year the School breached its loan covenant and as a result amounts payable to the bank have been disclosed as repayable on demand i.e. due in less one year.

25

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

12. CREDITORS: Amounts falling due after more than one year

	2021	2020
	£	£
Bank loans:
Repayable by instalments within 5 years	765,185	1,374,916
Repayable by instalments after 5 years	389,719	-
	----------------------	----------------------
	1,154,904	1,374,916
Less: amounts due within one year	(228,566)	(1,374,916)
	----------------------	----------------------
	926,338	-
	----------------------	----------------------
Advanced Fee Payment Scheme:
Amounts falling due within five years	62,122	105,328
Less: amounts falling due within one year	(62,122)	(24,998)
	----------------------	----------------------
	-	80,330
Pupil deposits:
Amounts falling due after more than five years	-	52,200
Amounts falling due within five years	101,500	50,050
	----------------------	----------------------
	101,500	102,250
Less: amounts due within one year	(11,100)	(11,050)
	----------------------	----------------------
	90,400	91,200
	----------------------	----------------------
Total	1,016,738	171,530
	==========	==========

Bank loans of £1,154,903 (2020: £1,374,916) are secured by fixed and floating charges over the land and buildings. Of this, one loan of £203,164 (2020: £323,995) bears a fixed interest rate of 9.23% (2020: 9.23%) per annum and is repayable in quarterly instalments over 20 years, ending 2023.

A second loan of £951,740 (2020: £1,050,921), drawn down to part finance the construction of the Performing Arts Centre, is on a variable rate of 1% over base and is repayable in quarterly instalments over 20 years, ending 2029.

26

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

13. FEES IN ADVANCE

Parents may enter into a contract to pay the School in advance for fixed contributions towards the tuition fees for up to five years. The money may be returned subject to specific conditions on the receipt of notice. Assuming pupils will remain in the School, fees in advance will be applied as follows:

	2021	2020
	£	£
Within one to two years	-	80,330
Within one year	62,122	24,998
	----------------------	----------------------
	62,122	105,328
	==========	==========

Advanced fees represents the accrued liability under the contracts; appropriate investments are held so that on maturity the proceeds will match these liabilities. The movements during the year were:

	2021	2020
	£	£
As at 1 August 2020	105,328	56,175
New contracts	84,586	177,342
	----------------------	----------------------
	189,914	233,517
Amounts utilised in payment of fees	(127,792)	(128,189)
	----------------------	----------------------
As at 31 July 2021	62,122	105,328
	==========	==========

15. CONSTITUTION

St School (Fleet) Educational Trust Limited is a company limited by guarantee whose members have guaranteed an amount not exceeding £1 each.

16. OPERATING LEASES

The future minimum lease payments are as follows:

		2021	2020
		£	£
Other:
Leases due	within one year	91,204	99,660
Leases due	2 and 5 years	300,360	99,660
		-------------------	-------------------
		391,564	199,320
		=========	=========

27

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

17. RELATED PARTY TRANSACTIONS

Council members

None of the Council members received any emoluments in respect of the services they provided during the year ended 31 July 2021 (2020: £Nil). Governors were reimbursed expenses in the year amounting to £175 (2020: £Nil). The School purchases indemnity insurance and the premium, which is not separately identifiable, is believed to be approximately £262 (2020: £262). One Governor had a child at the School and paid fees at published rates. There were no other related party transactions in the year or prior year.

Key management Personnel

Key management personnel remuneration is documented in note 6.

19. PENSIONS

The School participates in the Pension Scheme for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £312,520 (2020: £502,312) and at the year-end £NIL (2020 - £NIL) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Pensions Regulations 2010 (as amended) and The Pension Scheme Regulations 2014 (as amended). Members contribute on a as you basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Pensions.

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards.

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NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

19. PENSIONS (continued)

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until a remedy to the discrimination conclusion has been determined by the Employment Tribunal it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial statements.

The School also runs a defined contribution pension scheme for its non-teaching staff. Gross contributions are a minimum of 5% for the employee and 12% for the employer The contributions are charged in the Statement of Financial Activities in the period in which the salaries to which they relate are due Amounts contributed in the year are £54,821 (2020: £90,031) and at the yearend £11,277 (2020 £NIL) was accrued in relation to this scheme.

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