COMPANY NO: 00913833 CHARITY NUMBER: 309640 ST HUGH'S SCHOOL {CARSWELL) TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
ST HUGH'S SCHOOL (CARSWELLI TRUST LIMITED Registered in England and Wales - No. 913833 Registered Charity. No. 309640 PRINCIPAL AND REGISTERED OFFICE Carswell Manor Cgrswell Faringdon Oxfordshlre SN7 8PT GOVERNORS Mr P Daffern - Chaiman Mr E P L Sandba¢h- Vice Chairman Iralired 261061211 Mr PF Boggis Iietired 26106121) Mrs LA Chitty Mrs A Coull Mr C Davies Mrs J Forresl Mrs V Gill Mr E Hayler lappoinled 281111201 Mr ND Lawson-smilh MrGJVam&y MrA Wildman HEADMASTER MT J Thompson BURSAR & COMPANY SECRETARY Mr A Hamilton BANKERS Lloyds Bank PIC Barnwood 1, Barnel Way, Gloucester. GL4 3RL AUDITOR Crowe U,K LLP Aquis House, 49-51 Blagrave Street. Reading, Berkshire, RG11PL SOLICITORS Harrison Clark Ricketbls, Ellenborough House. Wellinglon Street, Cheltenham, GL50 1 YD
ST HUGH'S SCHOOL (CARSWELL) TRUST LIMITED CONTENTS TO THE FINANCIAL STATEMENTS Page Report of thè Board of Governors. including the Strategic Report Independent Auditor's Report 8.11 Slalement of Financial Activities 12 Balance Sheet 13 Cash Flow Statement 14 Notes to the Financial Statements 15-26
ST HUGH'S SCHOOL {CARSWELL) TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 The Governors of Sl Hugh's School IC8rswelll Trust Limited present their annual report, which incorporates the Strategic Report foT the year ended 31 August 2021 under the Companies Act 2006 and the Charities Act 2011, logelhèr with the audiled financial statements fDr the year and confirm th81 the latter comply with the requirements of the Companies Act 2006. the Company's Memorandum & Articles of Association and the Charities Slalemenl of Recomrnended Practice - °Accounling and Reporting by Charities. {issued in March 2015}, REFERENCE & ADMINISTRATIVE INFORMATION Sl Hugh's School Icarswelll Trust Llmited I'SI Hugh's l is a charitable Company founded in 1987, Charlly registration number 309640 and Company registration number 913833, wlh the liability of ils members limited lo £10 each by guarantee. The Registered offi 2nd principal address of the Company is Carswell Manor, Carswell, Faringdon, Oxfordshire, SN7 8PT. Governors The School continues lo be organis8d and administered by a Boaid of Governois (who legally act as the Board of Directors of the Company and as Trustees of the Charity). The Govemors who served during the year are-_ Mr P Daflern 3 Chairman Mr E P L Sandbach 2 Vice Chairman Iretired 26106121} Mr P F Boggis I Mrs L A Chitty 2 Mrs A Coull 2 Irelired 261061211 Mr C Davies 2 Chair of Edtjcation Welfare & ComplianGe Committee Mrs J Forresl 2, 3 Mrs V Gill 1,3 Chair of Finance & Eslales Committee Mr E Hayter fj Mr N D Lawson-smilh 1 (appointed 28111120} Mr G J Varney I Mr A Wildman 1 Lead for Buildings and Eslales 1 Member of the Finan ancl Estates Commi116È. 2 Member of the Edu¢alion Welfare & Compliance Committee 3 Member of Ihe Nominations Committee. Key Executives The Headmasler.. The 8ursar'. Mr J Thompson Mr A Hamilton Page 1
ST HUGH'S SCHOOL {CARSWELL) TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Document The Company was govemed by ils Memorandum and ArtiGles of Association dated 23 August 1967, up until the adoption of new Articles of Association on 2 March 2013, Governing Body The Governors are elected al a full Governors, Meeting on the basis of recommendations received from other Governois, the Headmaster and the Bursar. A skills audit is undertaken each year lo clarify what professional expertise is required when recruiting new members to the Board. Members of the Board serve for 3 years and may apply for re-election for 4 SucsSive terms. Th& Chairman and Vice-chairman of the Board are ected 88¢h year al the Annual General Meeting. The article requires the number of members of the Board lo bg not less than eight and not more than fourteen. Governors are required lo be re-appointed every three years. At the date of this report, there were 10 Govemors. Training NewGovernors are introduced inlolhe workings oflheschool, and of the Companyas a registered Charity, including Board policy and predures. bythe Headmaster and Bursar, who alsoorganise periodi¢ strategic planning and trustee training workshops for all Governors. Governors also receive an induction pack containing important infomiation. Organisational Management The Governots meet as a Board al least three limes a year to determine the general policy of the Company and review ils overall management and control, for which they are legally responsible. More detailed management activlty is undertaken bythe Finance and Eslales Committee 8nd the Education, Welfare and Compliance Committee which both meet lermly. The day-to-day running of the School is delegated to the Headmaster and the Bursar who are supported by other members of the School Leadership Team. Group structure and relationships st Hugh's is an active member of the Independènt Association of Preparatory Schools IIAPSI for the promotion and maintenance of preparatory school standards generally and also lakos part in peer group studies for the evaluation of quality and performance improvement methods. The School is also a member of Independent Schools, Bursars Association (ISBAI for the promotion ol efficient and effective adminislraliDn and ancillary services al independent schools and the Association ofGoverning Bodies of Independent Schools IAGBISI. The Headmaster is a memb of the IAPS Membership Commillee. Despite the School'8 isolated situation, we co-operate with as many charities as we are able, in our ongoing endeavouTS to widen access to the schooling we provide, to oplimise the educational use of our cultural and sporting faGi[leS and to awaken in our pupils an awareness of the wider social conlexi Df the education they receNie al the School. Sl Hugh's beneflls from the generosity of a Ihrivillg network of parents under the name of FOSH IFriends of Sl Hu9h's School) whose c108e support we greatly appreciate and gladly acknowledge. Throughout the year the pupils of the School have raised funds for a number of charities as a result of awareness of issues in the outside world bTought lo their attention through the schwl cijrriculum. Page 2
ST HUGH'S SCHOOL {CARSWELL} TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 AIM. OBJECTIVES, PRINCIPAL ACTIVITIES AND PUBLIC BENEFIT The principal objectives of the Company, in acGordan¢e with its Articles of Association are to advance for the public benefit oducalion in the United Kingdom, by maintaining, managing and developing a school offering a broad and balanced curriculum and to provide day and boarding education for boys and girls from the ag& of 3 10 13 years old. In the furtherance of these objectives the Govèrnors, as the Charity TrLJslees, have complied with the dLJty in Section 4 of the Chaiilies Act 2011 to have due regard lo the Charity Commission's published general and relevant sub sector guidance conc8rning the operation of the Public Benefit requirement under the Ael. Strategic Alm and Intended Effect The 8oard's strategic airn to reach its annual objective for the public benefit is lo provide a co- educational indèpendent preparalo¥y sGhool with a clear sense of purpose.. to operate a wide access admissions policy for assisting children from k)wer income 2nd olhetwise disadvantaged families in order to benefit fiom a secure educational foundation and lo gain the confidenoe lo be adaptable and independent as they prepare for life beyond the SGhool. We aim to give them all the opportunity and encouragement lo develop their own interests and lalenls, while learning lo woik and play together and lo contribute positively lo their community. There is no competitive selection.. we both wèlcome and cater for pupils of a wide range of abiSily. Our aim is lo foster confidence and a love of kaming across Ihis range,. an oulstanding Scholarship and Common Entrance record and the PTovision of integral learning support both bear teslirnony lo our inclusive approach. Objective5 for the Year The Board's main objedives continue lo be lo educate all the School's pupils lo a high standard so th81 they will be fully able to bgneflc from their chosen senior school for the completion of IheiT eduGalion in due course lo develop further our bursary and other funding sources in order lo increase the nurnber of children entering the School from lower incomefamilies and to conlinueto develop collaborative working with other charities and educational bodies. Our strategy for achieving this is lo wruil Ihe best teaching and teaching support staff available, lo identify each individual child's needs and lo tailor our leaching methods as appropriate in each case, and to build up our bursary funds as well as our referrals network ol external funding sources for those in need of assistance with school lèes. This is supported by a strong, effective pastoral care system. Furthermore we will continue lo forge close working relationships with local maintained schools in order that we can share our educational and other facilities. The School has an agreed, comprehensive devek)prnenl plan, published for parenls. in which is outlined the strategic objectives, which inclLJde maintaining high standards of leaching and learning, the development of boarding. staff professional development, developing our facilities (particularly increasing the availability of the new Swimming Pool, improving dininglcalering fa¢ililies, the improvement in ICT provision, enhancements in communication and Ihe Maintenan Df a high quality. broad edtjcalionl. Principal Actlvlty Sl Hugh's prinGipal activity continues lo be the provision of a co-eduGalional boarding and day school for children aged 3 10 13 years. Volunteers Funds held by Friends of Sl Hugh's School {FOSHI are lully incorporated into the School's accounts as a SEparate reslricled fund. All fundraising events have been carried out within the School's accounling and risk management procedures. Funds raised by FOSH are used lo help fund the special projects and developments of the School. FOSH retains the right to elect a commilleewhich also consists ofthe Headmaslerand the Bursar. FOSH is commilled to donating funds each year lo charities Chosen by the management committee. Page 3
ST HUGH'S SCHOOL ICARSWELLI TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 STRATEGIC REPORT Achlevements and performance Oparational performance of the School The number of pupils allending the School remained steady throughout th& year averaging 340 full lime pupils and around 19 part-lime nursery pupils p?r term. All children at age 13+ (Year 81 passed appropriate entrance examinations lo the senior schools of their parents, ¢hoi¢e, Of that numb6r, 18 awards and scholarships were won by these pupils. Means-tesled bursaries were in place for 34 children. Nine new awards were offered for pupils joining in the a¢ad&mic year. allowing financially disadvantaged farllilies lo benefit. Twelva hardship awards were given as specific assistance due to short-lerm Covid related circumstances lotalling £38k. Of the awards granted during the reporting period, one was valued al 1 OO¥o of the day fees with a furthei twelve being al 50¥0 or greater. All bursaries are assessed, and regularly reviewed, on a needs basis as determined by the Governors, and amounted lo £236K in th& financial yoai reported. A further £27K in discounts was given to Armed Forces families. As a fee- paying School. we continue lo provide benefit to the 9eneral public by redu¢ing the burden Dn slat&mainlained schools in both tems of pupil numbers and funding. As part of our charitable objectives we provide English lessons to pupils of Buckland Primary School and. during the holidays and half terms, sports courses operate al the School which are available lo local children. The School retains close lies wilh local Scouts and Girl Guides and make the grounds available for their events. The school also offers the use of the astro turf to the local youth football association, at minimal cost. Fundraising performance Fundwaising events continued lo be held during the year 2020121. Income from donations and fundraising in the year totalled £3,49012020'. £3,020} towards our restrted funds. Analysis by re51riGted fund can be found in note 15. Thè charitls approach to fundraising is predominantly for 3rd party good causes in the local area and is organised by parents and children al the s¢hool (Friends of St Hugh's - FOSH}. These are very low level through cake sales, sponsored events. Christmas card designs, sport relief, Christmas Fair, carol concert, Children in Need fancy dress and coffee mornings. We do not carry out street fundrBising. nor do we undertake fundraising mail shots or telephone canvassing. Infrastructure The Board has commilled funds to the development of the School infraslrucliire in line with the strategic direction set for the School. During the reporting year, the following have been completed.. New Car park next to Swtmming pool • Conversion of gaiages al Rushey Coltage lo living accommodation for staff Replacement of soakaway and lank al Rushey Collage Floodlighting on 16nnis courts New inteoM entry system Decking on the Cricket PavIln Financial revlew Unrestricted fLJnds resulted in a surplus before transfers amounting to £153,78812020.. £80,227) and the reslricled funds balan of reserves w88 reduced by £486 before transfers 12020 increased by.. £1,745) giving a total surplus forthe year of £153,300 {2020'. £81,972) repr&sÈnling 2% of net fees income1202D.' 1QknI. The market value ol the School properties is in exeéss of book value and this is reviewed by the lead govern¢N for Buildings and Eslales, biannually. Page 4
ST HUGH'S SCHOOL (CARSWELL) TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 Reserves Policy All operating surpluses are invested in fixed assets and Teaching resou5 in older to ensure the continued development and viability of Ihe School. Long-lerm strategic plans are carefully reviewed lo ensure that they can be property funded within the available funding and all expendilure is carefully monitored lo ensure that budgets laid down by the Board are not exceeded. In the unlikely event of needing to call upon reserves the level and variety of fixed assets held a such that appropriate assets coulcl be realised or used as security to raise sufficient resour8 lo meet requiremenls. The Board's policy is lo continue lo generate surpluses in order lo equip the School with up-lo-dale facilities needed to maintain and improve upon the high standard of educational services currently provided. Investment Policy Th& School will endeavour lo invest ils cash surplus funds wsely and with a low-risk philosophy lo ensure funds not immediately required altracl an interest return. Pay policy for senlor staff The seniorrnanagementteam ccmprise the keymanagement personnel ofthe Charity in charge of directing and colllrolling, running and operating the Charity on a day lo day basis. The pay ol the senior staff is reviewed annually and regularly benchmarked against pay levels in compaTable independenlschools. Future plans The School Developm?nt Plan enshrines the strategic objectives of the School. This plan is dynamic and evolves from full consullalion with staff, parents, pupils and Governors and covers 811 aspects of the School's future development. It is reviewed and evaluated on a regular basis and made available to parents. The key objectives al present are lo maintain pupil numbers and academic standards and lo increase the operating surplus to at least 31/>o of net fee inwme in ordei lo finance the on-going capital expenditure needed lo upgrade the School's facilities and provide sufficient funds lo satisfy Ihe School's commitment lo the 2011 Charities Acl Public Benèfit guidance. Principal rlsks and uncertaintios The School has a risk management plan which is maintained by the Bursar and considered by the Governors annually. Where appropriate miligaling action is taken lo reduce the likelihood andlor the potential impact of any risks identified. Clearlylhe most signifKanl risktolhe School's future would befalling pupil numbers and trends are reported lo Govèrnors by the Headmaster at each Board Meeting. In addition, the risk management plan identifies, as a priority, all possible events that might preGipilale a decline in numbers. The Finance Committee iegularly reviews performance resilience lo ensurè Ih8t the school is capable of surviving in the event of a reduction in pupil numbers. The Board with particular assistan from the Headmaster, Bursar and the SLT. continue lo keep the School's activities under reVw, particularly with regard lo any major operational risks that may arise from lime lo time as wÉll as the systems and procedures established lo manage them. The major risks identified by this process have been mitigated lo an accepl8bl& level by internal control systems and other factors as appropri8te", insurance cover is reviewed anriually to trnsure risks are appropriately covered. The Bursar chairs regular meetings of the Health & Safely Committee. Covid-19 At this point in tirne. il is not possible lo fully consider the Impacts arising from COVID 19. However, the Governors have considered the possik)le risks and have pul in place measures lo maintain income during the period of uncertainty through the re-design of the cur¥iculum lo support r&mole leaching, learning and pastoral support. Page S
ST HUGH'S SCHOOL ICARSWELLI TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 The immediate impacls lo income have been through reduced income through hardship discounts offered lo parents to share the financial impact of the economic downturn and the secondary impact will be ensuring that lees are paid anOr additnal hardship funding is made available. To meet this, conslrainls have been pul on general expenditure, while also improving cashflow through offset of loan payments and extension of overdraft limit. The school accessed the government's job retention financlal support package. The School volunteered 2 £297K fee remission to all parents on a flat rale of 150/0 of fees for the spring term. The remission was calculated from accumulated opeiational cost savings trom the school reverting lo provision of remote learning. The position will be kept under review bul currently there has been no significant change in future pupil numbers. The school accepts that some parents who can afford fees now may go on to struggle in the future. Although there have been a couple of withdrawals notices, there has also been a spike of interest from pr05pectiv6 parents. STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors are responsible for preparing the Report of the Board ol Governors, which incorporates the Strategic Report and Govomors, Report and the financial stalements in accordan with applicable law and regulations. Company law requires the Gov8rnors lo prepare financial statements for each financial year. Under that law the Governors have ele¢l8d to prepare the financial statements in accordance wlh United Kingdom Generally Accepted Accovnling Practic8 {Uniled Kingdom Accounting Standards and applicable lawl. Under company law the Governors musl not appiove Ihefinancial slalemenls unless th8y are salislied that they give a true and fair view of the slate of affairs of the Company and of the Surplus or deficit of the Company for that period. In preparing these financial slalemenls, the Govemors are requirgd lo.. select sui18ble accounting policies and then apply them consistently. make judgements and accounting estimates that are reasonable and prudent., and prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the Company will continue in business. The GoveTnois are responsible for keeping adequate accounting records that are sufficient lo show and explain the Company's transactions and disclose with reasonable a¢¢ura¢y at any lime the financial position of the Company and enable them to ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for Safeguarding the assets of the Company and hence for taking reasonable steps forthe prevention ancl detection of fraud and other irregularities. AUDITOR Mazars LLP withdrew ils interest in continuing to be the auditor and after a lencler process Crowe UK LLP was selected lo replace them as audiloT lo the Company. STATEMENT OF DISCLOSURE TO THE AUDITOR la) as far as the Governors are aware, Ih6r8 is no r&levanl audtt information of which the Company's auditor is unaware, and they have taken all the steps that they oughl lo have taken as Govemors in order to mak8 themselves aware of any relevant audit information and lo establish that the Compan$ auditor is aware of that information. {b} Approved by the Board of Governors and signed on ils behalf by.. Paul Daffern Chairman Date Page 6
ST HUGH'S SCHOOL {CARSWELL) TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 The Diredors are responsible for preparing the Report of the Directors, and thè financial slalemenls in accordanGe wilh applicable law and United Kingdom Generally Accepted AcGounling Practice (United Kingdom Accounting Slandardsl. Company law requires the Directors lo prepare financial slalemenls for each financial ye8r. Under company law the Directors musl not approve the financial slalements unless they are salisli6d that they give a true and fair view of the stale ol affairs of the chaTilable company and of the incoming reSoUrS and application of rosour¢es, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the DiTeclors aTe required lo.. select suitable aGGounling policies and then apply them consistently,. observe the methods and principle5 in the Charities SORP., make judgments and eslimales that are reasonable and prudent., slate whether applicable UK accounting standards have been followed, subject to any material departures rjisclosed and explained in the financial slalemenls,. and prepare the financial stalemènls on the going concern basis unless il is inappropriate lo presume that the charitable company will continue in business. The Directors are responsible foT keeping adequate accounting record5 that are sufficient lo show and explain the charitable ¢ompany's transactions, disclc)se wlh reasonable accuracy al any time the rinancial position of the ¢h8rilable company and enable them to ensure that the financial slalemenls comply wilh the Companies Act and the provisions of the ch8rily's conslilulion. They are also responsible for safeguarding tho assets of Ihe Company and hence for taking reasonable steps forthe prevention and detection ol fraud and other irregularities. Pa9e 7
, Crowe Crowtr U.K. LL CharteclAsOn13ls Member ofCrDwe Global Aqu>5 HDuse 49-51 Blagrave Stt BÈikshltè RG1 1PL. UK Tel +44 101118 959 7222 Fax 444101118 958 4640 www.crowE.co.uk INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST HUGH'S SCHOOL {CARSWELL) TRUST LIMITED Opinion We have audited the financial slalemenls of St Hugh's School Icarswelll Trust Limited lor the year ended 31 August 2021 which comprise the slalement of financial aclivilies, the balance sheet and notes lo the financial slalemenls, 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 Slandaid applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practi1. In our opinion the financial statements.. give a true and fair view of the slats of th6 charitable ¢ompanls affairs as al 31 August 2021 and of 119 incoming resources and applicalion of r680urce8, including ils income and expenditure, for the year then ended,, have been properly prepared in accordance with Uniled Kingdom Generally ACpted A¢¢ounling Practice.. and have been prepared in accordance with the requirements of the Cormpanies Act 2006. Basis for oplnion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicab16 law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalements section of our report. We are independent ol the charitable company in accordan with the ethical requirements that are relevant lo our audit ol the financial slalemenls in the UK, inGluding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions rolatlng to golng concern In auditing the financial stalemenls. we have concluded that the Irustee's use of the going concern basis of accounting in the preparation of the financial slalem8nls is appropriate. Based on the work we have performed, we have not identifiÉd any material uneertainlies relating lo even15 or condilic)ns that, individually or collèctively, may cast stgnificanl doubl on the charitable company's ability lo conlinLse as a going concern for a period of at least Iwolve months from when the financial slalemenls are aulhorised for Issue. Our responsibilities and the responsibilities of the trustees with respect lo going conrn are ctescribed in the relevant sections of this report. Other infomlatlon Thetrustees are iesponsible forthe other information. The other information comprises the information included in the annual report, other than the financial slalemenls and our auditorfs report Ihereon. Our opinion on the financial statements does not cover the other information and, except lo the exlenl othenlSe èxplicitly slated in our report, we do not express any form of assuranGe Gonclusion IheTeon. C[0UK LLp11rtQd Ijrtbilily aNdIYA1mIlkw51EdbtrOeYW3.ThCTcgQrCd1ce liais5Lw¢1 LvthiiEC4N17JW. A Psge 8
Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST HUGH'S SCHOOL (CARSWELL) TRUST LIMITED (CONTINUED) In ¢onne¢lN)n wilh our audit of the financk81 Statements, our responsibility is to read the other information and, in doing so, consider whether the other informalion is materially inconsislenl with the financial slalemenls or our knowledge obtained in the audit or otherwise appears lo be materially misslalèd. If we identify such material inconsistencies or appaienl material misslatemenls, we are required lo determine whetherlhere is a mal6rial misstatement in the financial slalemenls or a material Misstatement of Ihe other infoTmalion. If, based on Ihe work we have performed, we conclude that there is a material misstatement of this other informalion, we ar6 required lo report that fact. We have nothing lo report in this regard. Oplnlon on other matter prescribed by the Companles Act 2006 In our opinion based on thè work tjndertaken in the course of OUT audit the informalioll given in the Irusle@s' report, which includes the direcloTS' report and the strategic report prepared for the purposes of company law, for the financial year for which the financial slalemenls are prepared is consistent with the financial stalemenls- and the strategic report and the directors, report included within the Irvslees, report have been prepared in accordance with applicable legal requirements. Matters on whl¢h wo ar8 r&quir&d to report by exception In light of the knowledge and understsnding of the company and ils environment obtained in the ¢ourse of the audit, we have not identified material misstatements in the strategic report or Ihe directors, report in¢luded within the Iruslees, reptsrt. We have nothing lo report in respect of the following mallers in relation lo which the Companies Act 2006 requires us lo report lo you if, in our opinion., adequate accoijnling records have not been kepl,. or the financial slalements are not in agreement wlh the accounting records and returns., or certain disck)sures of Iruste&s' remuneration specrfied by law are not made., 01 we have not reiVed all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the govemors, responsibilities statement set out on page 6 the governors are responsible for the PTeparalion of the finanGial statements and for being satisfied that they give a true and fair view. and for such inlemal control as the Iruslees determine is necessaiy lo enable the preparation of linancial slalements that are free from material misslalement, whether due lo fraud or eiror. In preparing the financial slalemenls, the Iruslees are responsible for assessing the charitable company's ability lo continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting ijnless the Iruslees either intend lo liquidate the charilablg ¢ompany or to cease operations, or have no TealistiG allernalive but to do so. Page 9
, Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST HUGH'S SCHOOL (CARSWELL) TRUST LIMITED (CONTINUED) Auditor's responsibilitles for th¢ audtt ol the flnanclal statements Our objedives are lo obtain reasonable assuranc6 about whether the financial slalemenls as a whole are free from material misslalemenl, whether due lo fraud or error. and lo issue an Audilovs report that includes our opinion. Reasonable 8ssurance is a high level of assurance, but is not a guarantee that an aijdil conducted in accordance with ISA8 IUKI will always delect 8 material misslalemenl when il exists. Misstalem¢nls can arise from fraud or error and are ¢onsid6red material if, individually or in the aggregate, they could reasonably be expeded lo influence the economic decisions of tJS8Ts taken on the basis of these financial slalemenl&. Irregularities, including fraud, 8re instances of non-complian¢e with laws and regulations. We idenlifiecs and assessed the risks of material misstalemenl of the financial slalements from irregularities. whether due lo fraud or error, and discussed theso between our audit team membeTS. We then designed and perfomied audit procedures responsive lo those risks. including obtaining audit evidence sufficient and appropriate lo provirl6 a basis for our opinitsn. We obtained an understanding of the legal and regulatory frameworks within which the School operates, focusing on those laws and regulations that have a direct effect on the delerminalion of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were taxation legislation, together wilh Ihe Char¢ties SORP IFRS 1021. We assessed the required compliance with these laws and regulations as part of our audit procedures on the r&laled financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial slalemenls bul ¢ompliance with which might be fundamental lo the School's ability lo operate or to avoid a material penalty. The laws and regul8tions wè Considered in this context for the School operations were The Education (Independent School Standards) Regulations 2014, Health and Safety, General Oala Protection Regulations, Safeguarding and Food Standards. Auditing standards limFt the required audit procedures lo identify non~compliance with these laws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financlal slalements from irregularities, including fraud, lo be within the liming of recognition of nDn-fee income, and the override of conlToIs by management. Our audK( procedures lo respond lo risk of non-lee income recognition includad selecting a sample of income during the year, agreeing back lo the relevant documentation and Ensuring il has been recognised correctly, Our audit procedures lo respond lo the risk of management override included enquiries of management about their own identilicalion and assessment of the risks of irregularilies, sample l&sling on the posting of journals, reviewing acGoullting eslimales for biases, reviewing regulatory correspondence with the Charity Commission and Independent Schools Inspeclorale. and reading minute5 Ot meetings ol those charged with governance. Owing lo the inherent limitations of an audit, there is an unavoidable risk Ihatwe may not have detected some material misslalemenls in the financial statements, aven though we have properly planned and performed our audit in accordancè with auditing standards. For example, the further removed non- compliance with laws and regulations lirregulariliesl is from the events and transactions refle¢l6d in the financial slatemenls, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit. there remained a higher risk of non-deteclion of Irregularities, 8s these may involve collusion. forgery, intentional omissions, misrepresenlalions, or the override of internal Gonlrols. We are not respDnsible for preventing non-compliance and cannot be expected lo delecl non-compliancè with all laws and regulations. Page 10
Crowe
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST HUGH'S SCHOOL (CARSWELL) TRUST LIMITED (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.orq.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
Alastair Lyon
Senior Statutory Auditor
For and on behalf of
Crowe U.K. LLP
Statutory Auditor
Aquis House
49-51 Blagrave Street
Reading
RG11PL
Date: 10 December 2021
Page 11
ST HUGH'S SCHOOL {CARSWELL) TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITES (INCLUDING AN INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2021 Unrestricted Restricted Funds Funds Total 2021 To181 2020 Notes INCOME FROM: Donatlons and 18gacles: Donaliorss Charitable activltles: School income Additional activities Furlough income Other trading activities: Fundraising and trading Inve5tments'. Bank interest 1,250 6,028,729 26.449 224.536 6,028,729 26,449 224,536 5,793,921 33.296 315.831 91,655 3.490 95,145 52,619 130 131 Total income 6 371499 6 374 990 6 197 806 EXPENDITURE Expendlture on rai51ng funds,. Fundraising and trading Expenditure on charitable activities.. School operating costs 114,690} 13,948) {18,6381 (13,480) 6 203 023 6 203 052 6 102 354 Total 6217713 6 221690 6 715834 NET MOVEMENTS IN FUNDS 153.786 1486} 153.300 81,972 Funds brought fonvard q SepÉember2020 Funds ¢arrled forwayd at 31 August 2021 14& 15 The above results relate wholty lo continuing a¢livitie8. The notes on pages 15 10 26 form part of these financial slalements Page 12
ST HUGH'S SCHOOL (CARSWELLI TRUST LIMITED REGISTERED NUMBER: 00913833 BALANCE SHEET 31 AUGUST 2021 2021 2020 Notes FIXED ASSETS School land, buildings and equipment 9,606,048 10.018,436 CURRENT ASSETS St DebloTS Cash at bank and in hand 10 1.380 220.947 790 250 3,500 134, 726 315 498 1,012,577 453. 724 CREDITORS.. Amounts falling due wlhin one year 12 1722 S84 1381 143 NET CURRENT ASSETS 710 007 927 TOTAL ASSETS LESS CURRENT LIABILITIES 8,896,041 9.091.017 CREDITORS-. Amounts falling due after more than one year 13 038 4 560 314 NET ASSETS Unrestricted funds 14 4,666,821 4,513,Q35 Restrlcted funds 15 TOTAL FUNDS 16 These financial slalements were approved and authorised for issu6 by the Board and were 8igned on ils behalf on Paul Daffern Chairman The notes on pages 15 to 28 form part of these financial slalémenls Page13
ST HUGH'S SCHOOL {CARSWELLI TRUST LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Cash Flows from Operatlng Activlties Nèt in¢omlng resources 153,300 81,972 Adjuslmenls for., Depreciation Loss on disposal of fixed assets Invoslmenl income Interest paid Decreasellincrease} in stock Ilncrease}Idec¥ease in debtors Increasel{decrease) in creditors 602,778 5,278 1131) 150,460 2,120 186,2211 300 938 563,496 (889) 143,454 1705J 46,742 632 802 Net cash provid8d by op&ratlng activities 1,128,522 201,268 Cash flows from financing actlvitios Loans received during the year Interest paid Capital repayments in the year 1.699,348 (143,454) 139 435 {150,460) 307 773 Net cash lused inll provldod by flnanclng actlvitle8 1458,2331 1.416.459 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of fixeLt assets Investment income (195,668) 131 {1,502,563) Net cash used in investlng activitTes (195,5371 (1,501,674) NET INCREASEIIDECREASE} IN CASH CASH AND CASH EQUIVALENTS AT 1 SEPTEMBER CASH AND CASH EQUIVALENTS AT 31 AUGUST 474,752 315498 f16, Q53 199 445 315 498 COMPONENTS OF CASH AND CASH EQUIVALENTS Cash al bank 789,470 780 312, 798 Cash in hand The notes on pages 15 10 26 form part of these financial slalements Page 14
ST HUGH'S SCHOOL (CARSWELL} TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 CHARITY INFORMATION st Hugh's School {Carswelll Tiusl Limited is a rompany limited by guarantee. incorpoiated in England and Wales (company number.. 00913833.. ¢harily number.. 3096401. The addres5 of ils règisl@red ollice and principal place ol busines8 is Carswell Manor, Carswell, Faringdon, Oxlordshire. SN7 8PT. The principal a¢tivily of the Charity is lo advance the public benefit education by maintaining, managing and developing a school, The financial statements are presented in Pounds Sterling as this is the functional currency of the economi¢ environment in which the Charity operates. Monetary amounts 1¢) these financial statements are rounded lo the nearest £. ACCOUNTING POLICIES Basis of preparatlon The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities.. Slalement of Recommended practi applicable lo charities preparing their accounts in a¢cordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive l January 20151 Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 and the Companiès Act 2006. The Charity meets the delinilion of a publiG benelil entity under FRS 1 D2. Assets and liabilities are inilr&lly recognised al historical Cost or transaction value unless otherwise slated in the relevant accounting polKy nole{sl. bl In¢ome Fee income represents fées rec&ivable in respect of tuition and aGcommodalion of pupils in the period. Fees received for education lo be provided in the lulure are Irealed as deferred income. Donations are brought into income in the year during which they are weceived. Registration fees and fees for addillonal activities are recognised as income in the yeaT in which they are reGeivable. Expendilure on building5 All expenditure incuTred on buildings is wrillen off in the year in which it arises except wheTe additional leaching or accommodation Spa is achieved, in whiGh Gase it is capilalised. Going concern The full impact of COVID-19 on the UK, the economy and the School is unknown. The School has facilitated effective learning throughout the period by offering a comprehensive distance learning programme. Management have reviewed costs for the period and have produced forecasts lo 31 December 2022 that detail revised cash flows and future budgels, which have subsèquently been reviewed by the Board of Governors. As part ol the risk management process, the Governors have examined the major risks lo the School and the rniligaling a¢tions both tsken and available lo be taken. The Governors consider there are no material uncertainties relating lo going concern and continue to adopt the going concern basis, meaning Ihe School has adequalo resources lo continue ils activities for at least the twelve months lo 31 December 2022. Page15
ST HUGH'S SCHOOL (CARSWELLI TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POLICIES (contlnu8d} Fixed assets and depre¢iatlon Fixed assets are included in the financial statements al cost, less accumulated depreciation. Individual assets costing more than £3,000 are capilalised. Depreciation of tangible fixèd assets is provided on a slraighl-line b8sls, calculated al annual rates eslimaled lo write off each asset lo Its residual value over the term of ils useful life. The annual depreciation rates are.. Freehold property and improvements - Buildings are depreciated to their residual value over 25 years unless they have planning authority for a shorter period in which case they are depreGtaled over this shorter lila. Sports equipment - IOOA School equipment- IOOA _ 20Q/o Frxlures and equipment - 100A-33 3° Assels in the course of constmction ~ Assets in the course of eonslruclion IACOC) are held al their actual cost as al the financial year-end and are not depreciated until they are complete and handed lo the School for use fl Opèratlng leases Rentals payable under operating leases are charged on slraight-line basis over term of the lease. 91 stock Stock is valued al the lowèr of ¢osl and net realisable value. h} Taxatlon The Company is registered as a Cha¥ily and is entitled for the current year lo the exemptK)ns provided by Section 505 In¢ome and Corporation Taxes Act 1988. Value Added Tax The Company is exempl from registration for value added lax purposes. All items of expenses in the income and expenditure ac¢ounl therefore include, whertr appropriate, the related amounl of value added lax. P&nslon costs The School left Ihe TPS at the end of the previous reporting period. Last year the School contributed ID the Teachers, Pension Defined Benefits Scheme ITPSI al rates sel by the Scheme Actuary and advised lo the School by the Schème Adminislralor. The Scheme is a mulli-eTnployer pension scheme and il is not possible lo identify the assets and liabilities of the Scheme which are attrbutab1e lo the Charity. In accordan with FRS17 the scheme is accounted for as a defined contribution scheme and contributions are a¢Gounted for when advised as due by the Scheme Administrator. Teachèrs have nowjoined the Aviva Pension Trust for Indep&ndenl Schools (APTISI which is a defined contiibulion scherne. The school also contributes lo pèrsonal pension schemes for non-leaching staff and these contributions are a¢cruttd in the period lo which they relate. Page 16
ST HUGH'S SCHOOL {CARSWELLI TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POLICIES Icontinugdl kl Allocation of costs to direct charitable and other expenditure All expenditure is included on an accruals basis and is recognised when there is a legal or conslrucltve obligation lo do so. Expenditure is summarised under functional headings either on a direct cost basis 01, for overhe8d ¢osls. apportioned accordin9 to management estimates of siaff lime spent. Charitable activities include costs directly related to the running of the School. Support Costs represent the staffing and assoGSaled costs of finance. personnel and general adminislralion in supporting the School and Governance cosls which include the cost of governance arrangements which late lo the general running of thé Charity as opposed lo the direct management functions inherent in generating funds or service delivery of the charitable aclivilies. Trading costs relate to the costs of goods sold. Grants payable Gran15 payable are charged as expenses in the year dufing which they are paid. Funds Unreslricled funds are funds that can be uséd in accordance with the charitable objects at the discretion of thè Governors. Designated funds are funds sel aside by the Govemors out of unreslricled funds for specific purposes. Reslricled funds are funds Ihal can only be used for particular reslricled purposes within the objects of the Charity. Restrictions arise when 8pe¢ifiÈd by the donor or when funds are raised for particular reslricled purposes. Further explanation of the nature and purpose ol each fLFnd is included in Ihe notes to the accounts. Flnancing Bank charges incurred in oblairling external debt fin8nce are offset against the oulslanding balan repayable over the periods of maturity. Financlal Instruments Th& Charity only ha5 financial assets and fillan¢ial liabilittes of a kind that qualify as basic linancial instruments. Basic financial inslrumenls 8re initially recognised al tfansaclion values and subsèqLJenlly measurecs at their selllemenl value. pl Cash and cash equlvalents Cash and cash equivalents are cash and short term highly liquid Investments with a short maturity of three months OT less from the dale of a¢quisilion or opening of the deposit or similar account, Page 17
ST HUGH'S SCHOOL (CARSWELL) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 ql Judgements in applying accountlng pollcles and key sources of estimation uncertainty In applying th8 Charity's accounting policies, the Governors are required lo make judgements, eslimales and assurnplions in determining the carrying amounts of assets and liabilities. The Governors, judgements, eslimales and assumptions are based on the best and most reliable evidence available at the lime when the decisions are made. and are based on historical experience and other factors that are considered lo be applicable. Due to inhérènt subjeclivily involved in making such judgements, Èslimales and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed Dn an ongoing basis. Revisions lo accounting estimalas are re¢ognised in the period in which the estimate is revised. if the revision affects only that period, or in the period of the revision and futurè period5, if the revision affects trx)th current and future periods. The key estimate and assumption made in these accounts is the depreciation Charged on fixed assets. Please refer lo note 2 lel. During the Previous year, the charity purchased and refurbished Rushey Collage. This PToperty is currently being rented out rather than used by the school. Therefore this prop@rty is currently shown as investment property within note 9 and will be held al fair value rather than cost18ss depreciation while il continues to be rented out. The Governors believe that the purchase price and refulbishment costs in the ¢urrenl year fairly represents the lair value as al 31 August 2021. INCOIVIE FROM CHARITABLE ACTIVITIES The income and Surplus is attributable lo the principal activity of iunning a preparatory school. The income all arose within the United Kingdom. Unrestricted Restricted Funds Funds Total 2021 Tolal 2020 Schwl fees (gross) Less.. Bursaries and allowances 6,401,053 372 324 8,401,053 372 324 6. f 17,729 323 808 Total nel fees Additional activities Furlough income 6.028,729 26,449 224 536 6,028,729 26.449 224 $36 5, 793,921 33,296 315 831 6 279 714 6 279 714 6 f43 048 INCONE FROM OTHER TRADING ACTIVITIES Unrèstricted Restricted Funds Funds Total 2021 Tot&1 2020 Income from fundraising events Suharge for late fees Lettings and rents re1vable TTading income 3,490 3,490 1,540 74,996 1, 7TQ 2,028 35.222 1,540 74.996 Page18
ST HUGH'S SCHOOL ICARSWELL) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 EXPENDITURE 2021 2020 Costs of generating funds: Trading costs Reslricled &xpendilure 14,690 13,480 Total cost ol generating funds Charltable Activities: School operating Gosls.. Teaching Welfare Premises Support costs (see note 61 Donalionlpfize5 3.238.419 683,196 1,336,882 944,526 29 3.344,692 606, 970 1.223,507 925,905 30 6 203 052 6 IQI 104 Total expenditure Included in premises costs is a depreciation charge of £602,778 (2020.. £563,496). SUPPORT COSTS 2021 2020 Salaries Office and other administration costs Finance wsls Goveinance costs (see note 71 420,238 308,176 169,420 358,494 359, 170 149,681 GOVERNANCE COSTS 2021 2020 Auditor's remuneration - audit Auditor's remuneration non-audil servi8 Governors training and expenses Professional, legal and consullancy fees Slalulory inspection cos18 17,220 1,194 15, 746 1,200 1, 682 34,427 23.133 Page 19
ST HUGH'S SCHOOL (CARSWELL) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 STAFF COSTS 2021 2020 Wages and salaries Social security costs Other pension costs 3.095.260 303,713 3,033,392 288,608 547 593 The average number of persons employed by the ¢ompany during the year: 2021 Number 2020 Number Teaching Non-Teaching 83 25 80 26 No compensallon payments were made in the year lo 31 August 202112020.. £20,000 was paid lo one person). No trustee received remuneration during the year12020.' NIL}. No trustee incurred accommodation, travel and entertaining costs in the year12020'. £504). Trustees, indemnity insurance for cover of £1 m cost £56112020.. £284). In addition lo staff employed directly by the School, 12 catering staff and 10 cleaning staff are employed under 2 sub-conlracls. {2020.' 12 Galering and 7 cleaning staff under 2 sub contract81. The costs of the catering and Gl@aning Gonlracls for the yearwer8 respectively £236.046 and £98, 12012020.. £193.087 and £87.1991- The following number of employees rtrceived remuneration greater than £60,000.. 2021 Number 2020 Number £60,000 10 £70,000 £70,000 10 £80,000 £80.000 10 £90,000 £100,000 10 £110,000 Forlhe year ended 31 August 2021. the above costs includes paym&nt paid in lieu of pension of £NIL12020'. £nil}, al no additional cost to the school. The number of higher paid staff lo which benelils were accrLting under defined benelil pension schemes is 3 {2020.' 31. The conllibulions paid lo this were £NIL12020'. £54,638>. The school considgrs ils key management personnel lo compriso the School Leadership Team., the Headmaster, Bursar, Deputy Head, Head of Middle School, Head of Pre-Prep, Assistant Head Academic. Assistant Head Pastoral, Assistant Head Professional Development and Registrar. The total cost lo employ this team including employer p8nsion and empk)yer Nl contributions, was £665,73212020'. £741,730). Page 20
ST HUGH'S SCHOOL {CARSWELL) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 TANGIBLE FIXED ASSETS Freehold Propèrty and Improvements Flxtures Sport5 School and equlpment gquipm8nt equlpment Assets In thè course of con8truction Investtnent Proporty Total Cost 1 Seplemb8r 2020 Additions Transfers Dtsposals 856.857 12,22S.408 39, Jf78 29,367 69,554 947,681 442,434 19.097 1S6,092 1117,9971 14,561,029 195,668 35,928 3.473 49,229 31 August 2021 892 785 12 274 830 996 910 442 434 14737 178 Accutnulated Depreclation 1 Septemlpr 2020 Charge lor the year Disposals 3,774,388 444.712 20.322 8,992 545,278 92,755 202.627 58,319 4,542,S93 602,778 31 August 2021 4 204 837 638 033 280 946 5 131130 Not book values 31 August 2021 I Sept8mber202L7 The bank hold8 a legal charge over the property in respect of the overdr8fl and loan facility. New building work is classified as assets in the course of construction and transferred when the buildillg comes into use. Referto accounting policies 2 lel and 2 {ql for information on depreciation and the investment property 10. STOCK 2021 2020 Food items only 11. DEBTORS- amounts duewithin one year 2021 2020 Tracle debtors Othèr debtors Prepayments 40,392 54,725 125 B30 31,716 Page 21
ST HUGH'S SCHOOL (CARSWELLI TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 12. CREDITORS- amounts falling due within one year 2021 2020 Bank loans Pupil entry dtsposits Advance fees Trade credl(ors Social security Costs other creditors Accruals Defeired income 355,102 4,000 8,565 216,941 72,482 17,157 168,891 314,674 6,OOQ 92,435 70,346 58,812 134, 926 The bank loans are sectjred by a legal Charge over Carswell House, Carswell Manor and Rushey Collage. Analysis of deferred Income 2021 2020 Deferred income balance at 1 September Fees receiv&d Fees released lo surplus 703,950 879,446 703 950 T73, 173 703,950 [13113 Deferred income balance at 31 August The deferred income relates to fees paid in advance of the Autumn Term 2021. 13. CREDITORS- amounts falling due after one year 2021 2020 Bank loan Pupil entry deposits Advance fees 4,028,038 184,000 4,376,239 175, 510 Page 22
ST HUGH'S SCHOOL (CARSWELL) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 13. CREDITORS- amounts falling due after one year Icontinuedl Analysls of dabt maturity 2021- Bank Loans & overdrafts Fees in advance Pupil entry deposits Total Amounts payable.. Greater than, or equal lo 1 year Between fj-2 years Between 2-5 years Greater than 5 years 355,102 307,444 807,440 2 913 154 8.565 4,000 20,000 68,000 367,667 327,444 875,440 3009 154 Analysis of debl ffl&lurily 2020.. Bank Loans & OV8rdrafts Fe&s Pupil enlry d&posils a(fvance Total Amounts payable.. Galertan. or equal lo l year Belween f-2 years Belween 2-5 years Greater than 5 years 314,674 354,679 835, 745 3 f85 815 320, 674 384,244 902, 755 3 273 315 8.565 21,000 67,010 690 The amounts staled 8bovÉ for 2021 for the bank loan are staled nel of the management fee. The lolal unexpired management fees 8131 August 2021 amount lo £20,389 (2Q20.' £23.906) and is being amortised over the period of the loans. The bank loan drawn down in tha pric>r year is being repaid over a l O year period al a fixed interest rale o13.4730A. Two further bank loans were drawn down in the current year, these are fepayable over a 15 year period al fixed rale of 3.8.10 and a variable rale ol base +2.15Qh. 14. UNRESTRICTED FUNDS Al I September 2020 At 31 August 2021 Surplus Trnnsfer General lund Page 23
ST HUGH'S SCHOOL (CARSWELL) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 15. RESTRICTED FUNDS-movement In the year A13f September 2020 At 31 August 2021 Income Expended Transfer Cannon Cl88si¢ Prize Friends of Sl Hugh's Helm Poetry Fund Professor McFarlane Prize Fund Paul Snow Memorial Prize Fund 166 s,0 306 171 191 13,9481 1101 110 157 6,042 296 161 3.490 11,525 11.526 The Cannon Classics PrÉze a$ sel up by Derek Cannon, a former Headmaster. to provide an annual prize lo a sludenl studying classics. Friends of Sl Hugh's raises funds for the school lo provide items that would not usually be cov8red by day to day budgets. The fund awards £1,000 per annum for a nominated local Charity lo provide funds for parents and children in need. The He5m Poetry Fund was provided by a parent lo fund an annual pootry prize. Professor McF8rlane, a former Governor, set up a fund to provide an annual prtze lo a sludenl studying French. The Paul Sngw Memorial Prize Fund is in memory ofa former pupil.11 exists lo provide grants lo other former pupils lo help to fund WDrthwhile proje¢ls undertaken by them following secondary education. 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangibl& fixed assels Current assetsl Long t8rm liabllitles Total 2021 Reslriclod funds Unr88tricted funds 17.182 17.q82 727 189 9606048 4666821 4212038 17. Pension costs Until 31 August 2020 the school partiCiP81ed in the Teachers, Pension Scheme fihe TPS.) for Its teaching staff. From September 2021 the schwl joined the Aviva Pension Trust for Independent School l°APTIS'I there were no contributions made to TPS in the year12020'. £462,798) and employer contributions lo APTIS of £356,03712020'. nill. Non4eaGhing staff are involved in the Standard Life Group Pension Plan, employer contrfbullons in the year amounted lo £88,43812020.. £84,795). Page 24
ST HUGH'S SCHOOL (CARSWELL) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 18. Related party transactions One ofthe Governors is the owner of The Oxford Wine Company. Purchases in the yeartolalled £NIL (2020.. £873). Al the year end, the school was owed £NIL(2020.' £nilJ by The Oxford Wine Company. 19. Financial commltments Al the end of the year the following annual commitments existed in respect of non-cancellable other operating leases.. Land and buildings 2021 2020 Leases: GrealeT than. or equal lo 1 year Between 1-2 years Between 2-5 years More than.five years 12,936 14.827 45.103 3,939 4,077 13, 106 Al the end of the year th& following annual comrllilments existed in respect of non-cancellable maintenance and hire agreements., 2021 2020 Agreements explrlng: In one year or less In more than one yBar but not more than two years In more than two years bul not more Ihan five years More than five years 159,022 147,117 159,296 123,314 100, 746 96,395 The expense for the year in relation lo operating leases was.. 2021 2020 Leasès: Land and buildings Mainlenance and hire agreements 3,864 131 878 3.823 131811 Capltal Commitments Estimated capital commllmenl as al 31 August in respect of capital projects is £Nil (2020.. £Nil). Page 26
ST HUGH'S SCHOOL {CARSWELL) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 20. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES Unreslncted Funds R8slricted Funds Total 2020 INCOME FROM.. Don8lions arpd legacies.. Donations Charilable activities.. School incomo Additional activitiès Furtough income other trading aclivili6s.' Fundraising and Irading Inv&slments.' Bank inleresl f,250 1,250 5.793,921 33,296 315,831 5. 793.921 33,296 315,831 50,849 t,7TO 52,619 884 889 Total inoome 6 194 781 EXPENDITURE Expenditure on raising funds.. Fundraising and trading Expenditure on chantabl8 aclivilies.- School op&rating Gosts (13,480) (1.250) (14, 730) 6 101 OT4 6 101 104 Total 6115834 NET MOVEMENTS IN FUNDS 80.227 1,745 8t,972 Funds brought foM8rd I September2019 Funds carried ft)nvardal 31 August 2020 Page 26