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 Suc￿sSive terms.
Th& Chairman and Vice-chairman of the Board are e￿cted 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 pr￿edures. 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 restr￿ted 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 inte￿oM entry system
Decking on the Cricket PavIl￿n
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 resou￿5 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 resour￿8 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 reV￿w, 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 an￿Or addit￿nal 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
reSoUr￿S 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
Charte￿clAs￿O￿n13￿ls
Member ofCrDwe Global
Aqu>5 HDuse
49-51 Blagrave St￿t
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
Practi￿1.
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 AC￿pted
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 con￿rn 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
othen￿lSe èxplicitly slated in our report, we do not express any form of assuranGe Gonclusion IheTeon.
C[0￿UK LLp￿￿11￿rtQd Ijrtbilily aNdIYA1￿mIlk￿w51E￿d￿￿btrOe￿YW3.ThCTcg￿QrCd￿￿1ce liais5L￿w¢￿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 re￿iVed 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 attr￿butab1e 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
Su￿harge for late fees
Lettings and rents re￿1vable
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 servi￿8
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..
G￿alert￿an. 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