Company No. 00553243 Charity No. 309683 SUMMER FIELDS SCHOOL TRUST LIMrrED GOVERNORS. REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 INDEX Page Governors and Protessional Advisors Report ol the Board of Governors. consisting ot: Governors. Report Slat8menl ol GoverTh)rs' responsibifilies Governors, Strategic Report Independent Audilorfs Report Consolidated Statemenl ol Financial AcliviEies Gonsolidaled Balance Shael Company Balance Sheet Consolidat8d Cash Flow Statement Notes lo the Accounts 4-10 11-13 14 15 16 ,'17
SUMMER FIELDS SCHOOL TRUST LIMITED GOVERNORS AND PROFESSIONAL ADVISERS Th6 Governors lor the period under review lo the date ol signlng the financlal slalemenls werg: . A E Reekes MA, M.Res, FRSA ' A G W 8eor-Roberts FRICS A J Chirnside MA P Mundy MA IAppDinted: 27 November 2020) TEJNolanMA ' l Og1[8 Thomps BA 'S R Peake Bsc ' J R M Roolh BS& MBA "RDShawMA D E J Sichel MA. MB BGhlr Icanlab), MRCGP. Dch 'ACWSnowMA ' J Sfakianakis Ph.D C M A Sweetnam BEd P H Weaver BA Chairman Members ot the Finance and General Purposes Committee The Company has no share capital and consequently none ol the Governors has any interest in any shares of the Company. The Governors Gonstilute ithreclors ol the Company for Companies Act 2006 purposes. Headmaster.. DJCFaberMA Finance Director I Company Secretary.. C C Burton 8A, FCA Operations Director l Glerk lo the Governors: D J J Kirk Bsc, MBA Principal & registered office= Mayliekl Road. Oxlord OX2 7EN Bankers: Auditor." Crowa U.K. LLP 41h Floor st James House St James. Square Cheltenham GL50 3PR NatW•£t Bank ple Willow Court Minns Buslnoss Park 7 West Way Oxlord OX2 ¢JJB Prolessional AdvSsors Architects.. Oxford Archilecls LLP Bagley Croll Hinks8y HIII Oxford OX15BS Archilectslsutveyors: Carter Jonas Anchor House 269 Banbury Road Summertown Oxford OX2 7LL Prop8rty Agents: Savills Ground Floor. Hawker House 5-6 Napier Court Napier Road Reading RG18BW Legal Athjlsors: Govemance Stone King 13 Queen Square Bath BA12HJ Legal Advisors.. General and ad hoe First Assist Icapilal vla Marsh. Education Practice Capital House. 1-5 Porrymount Road, Haywards Heath, Wesl Sussex, RH16 3SY Legal Advisor8= General Withers LLP 20 Old 8ai18y London EC4 7AN
SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS The Board of Governors present thei 81 August 2021. Annual Report and the audited Financial Statements for the year ended The Financial Statements have bee repared to comply with the Cornpany's Memorandum and Articles ol Association dated 12 August 1955 as amended, applicable Accounting Standards in the United Kingdom, Charities SORP IFRS 1021- Accounting and Reporting by ChaTili8s= Slalem8nt ol Recommended Practice applicable lo charities preparing iheir accounts in accordance with the Finandal Reporting Standard applicable in the UK and Republic ol Ireland IFRS 102) leffeclivo 1 January 20191, the Financial Reporting Siandard applicable in the UK and Republic ol Ireland IFRS 1021. GOVERNORS. REPORT SlatU8 and Admlnlslratlon SummeT Flelds School was founded in 1864 by Mrs Archibald Maclaren. 11 is a registered charity INo.309683) and was incorporated {No.005532431, under the Gompanies Act 1948 on 12 August 1955 as a Company limited by guarantee and not having any sharo capital. In Ihe event of the Company being wound up the liability ol every Member is lirnited lo one pourKI. The School is governed by a Board ol Goverrw)rs in accordance with the Articles of Association. Alms Summer Fields is an independent preparatory school for boys between the ages of 8 and 13, the malority ol hom tard. In September 2018 the school also opened a PrB-Prep day school for boys from Reception years. Th8 Governors believe in providing the fullest education experience possible lor all boys- boarding and day- al Summer Flelds. as an excellent preparation lor the next stage al an indeppnd&nt bDarding school al age 13. The strategies we adopt to me61 Ihls aim includ8 engaging flrst-class staff and providing excellént academic. sporting, musical, cultural and rellgious facilities. The Board believes that the School achieved its aims last year through outstanding Scholarship and Common Enlrance success, maintaining numbers and continuing lo provlde a wlde-ranging array ol activities and sport. Organlsatlon The Govemors, who meel three limes a year (and occasionally at other times as may be appropriatel, are responsible lor the management of the School. bul in practice delegate the day to day management lo the Headmaster and Operaiions Director (whom they appoint). Within the School there is a Senior Management Team which meets weekly177roughoul each term and assist8 the Headmaster. Together Ihis group ar¢ th¢ key management personnel. The Governors may appoint committees, the principal commitiee being the Finance and General Purposes Committee which meets shortly before each meellng ol the Board and prepares reports or recommendations lo the Board, in particular on financial matters. The names of the Governors are set out on page 1. Unless olheMs6 indicated they Serv thmghout the year. Aernurrat1CV7 is set by the Board. vAlh the policy objectrv& of providing appropriat8 incentives to encourage enhanced perlormance and of rgwar(ling fairly and responsibty individual contributions to the School's succes& The appropriateness and relevance, of the remuneration policy is reviewed annually, including reference lo comparisons with other independent schools, using publicly availabla bonchmarking data. lo Ansure that the School remains sensitive to the broader issues ol pay and employment conditions elsewhere. Govemor Recruitment & Tralnlng , The Ghaimian, with a Nominations Committee and the Headmaster. 8nsur8s that th8 constituent memb2rs of the School's Board of Governors rep,'r8senl a broad spectrum ol abifilies and qualllies and include former pupils and current parents. New Governors are appointed by thè Board following a proposal by the Chairman arter Gonsultation with the Committee and the Headmaster. All GovernoTS are provldod an induction pack providiThJ necessary background malerlals.
SUMMER FIELDS SCHOOL TRUST LIMITED REPORTOFTHE BOARD OF GOVERNORS TEMENT OF GOVERNORS, RESPONSIBILITIES The Chairman Is elected by the Board. It is the Gustom also to elect a Wic&Chairman. bA88lrngs ol the Board are chaired by Ihe Chairman or in his absence by the Vice-chairman. G¢)vernors arÈ peTiodteally encouraged lo attend conferences or semlnars, the costs of which are borne by th8 School. From lime lo lime members ol staff are Invlled lo address the Govemors. The Governors (who are director8 of Summer Flelds School Trust Limited lor the purwses of company lawl are responsible for preparlng the Governors, Annual Report and the financ1 statements in accordance with applicable law and United Kingdom Generally Aepted Acwunling Praclicg (United Kingdom Accounting Stsndardsl. Company law requires the Governors to prepare linanciat statem6nts for èach financial year. Under company law the Gov&rnois musl not approve the financial slalements unless Ih8y ar8 satisfied that they gNe a true and fwr view of the stale ol affairs ol the charitable company and the group and ol the incoming resources 2nd application ol resources, includlng the incom8 and expenditure, of Ihe charitablè group lor th* period. In preparing these financi statements, tho Governors are required to- select suitable accounling policies and then apply them consistenUy- observe the methods and principles in the Charilies SOFIP. make judoemenls and eslimales that are reasonable and pnjdent,. state whether applicable UK accounting standards have bgen followed. subject to any material departures disclosed and eXplned in the financial slalemenls: and prepare the financial statements on the going conceTn basis unless it is inappropriate lo presume that the charitable company will continue in business. The Govemors ar8 T8sponsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's Iransactions, disclose with reasonable accuracy at any lime the financial Position of the charitable company anrj enable thèm to ensure that the finan¢iat statements Comply with the Companies Act 2006 and the provisions ol the chartty's Ggnstilution. They are also responsible for safeguarding thè assets of the charity and h8nG8 for taking reasonable steps IDr th8 pr8vention and dètection of Ir2ud 2nd oth irregularities. So lar as the Govemors are aware. there is no relevant audit inlorniation of which the Charitable Company's auditors are unaware. The Governors have taken the steps that they ought to have taken In order lo make themselves aware ol any relevant audit information and lo establish that the Charitable Company's auditors are aware ol that Inlomialion.
SUMMER FIELDS SGHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS GOVERNORS. STRATEGIC REPORT Public Benefit The Governors confirm that they have complied with their duty under Seclion 17 of the Gharities Aet 2011 to have du8 regard to public benefit gui ance published by the Charity Commission lor England and Wales. The SGhool's objective has Ixen Ihe advancement of edLKalion for thè public benefit lor more than a cenlury now. 1. Education: During the year the School has educaled 342 boys. The academic standard achieved was very high- see the Review ol Activities and Achi8v8menis below. All leavers gained entry to the leadirvJ senior sehools of their choicel and the Govemors noted that during the year many Old Summerlieldians went on to leading Lmiveisllies including Oxford and Cambridge. Boys al Summ&r Flelds are well grounded in linter alia) Science. Mathematics and Languages and many continue wlh these challengirtg subjecls, which are reported jlo be in decline nationally. Boys at the School ar& well placed to pursue higher and further education lo a high level, which will enable them in later life to make significant and worthwhile coniribulions to the common good. a8 many of their predecessors have already done. 2. Savin ublic ex ense.. All the boys were educated through the generosity of their families and other benetactors and at no cost to,,Ih8 public. The School recelves no grant from the Exchequer. Scholarshi S and bursaries: The S¢hool, with assistance from the Maclaren Foundation, was ablg 10 provide means-tesled scholarships and bursaries lor 29 boys., thls asslstance amounted in tolaI lo £361,334 (2020: £885.9381. Ti he School int&nds. sublecl lo prevailing economic condf(ions outside Its control, to increase the scale of similar assistance in lulure year& and lo conlinue lo publicis8 the availability ol means-lesled bursaries on its websi18 and in other relevant publications. 4. Sharln facilities.. The SGhool.has arranged lor its playing fields. lives courts. forest school and swimming pool lo be used by oiher schools, play groups and achurch-, and soccer arKI cricket fixtures are promoted. The School continues lo hostthe UKMalhs Challenge. These benelils have been made available wfthoul charge. In addllion. local residents have been alford8d use ol the School's indoorsMmmino pool. a local tives club is afforded use ol the court5 and the School s Iheatro rs used by a drama workshopllhealre charty- Local Tesidenls are 0ft8n Invited to attend musical, dramatic and artisti¢ events and exhibitions. Boys put on musical performances al local rellr8ment homes induding Sir Michael Sobell House. Residents of two homes, Parmoor Court and Diamond Court, are also invited to the Schaol far-chrislmas Ch88f hosted by tha boys. Some of these achvilies were curtailed or postponed this year due lo the restrictions arising from the Covtd-19. but wrll resume when conditions allow. S. Ai Lthers. The School overse8s a number of general Gharitable activities, alihough the reslricled access to the school and Covid-19 lo¢kdowns soverely limited the ability to raise funds. In the year ended 31 August 2021 collections for charity, Including chapel collections, amounted to £1.161 {2020.' £6,716), whlch supported three charities Including Jeans lor Genes. ROY Brttish Legion and The Sue Ryder Foundation. The ¢olle¢t(ons also included amounts raised by th6 Pre-prep thrtsuah their Halloween and Chrlslmas parties. The Schoi)l Currently holds £852 01 the Pre-prep collectior¢s awaiting allocation lo the charities which they choose to support. Revlew of Actlvltles and Achlevements Much ol the academic year 2020121 coniinued to be dominated by the Covid-19 intematlonal pand6mlo and the accompanying, often rapidly-changing, governmfjnt guidance. The gTeal majority ol pupils were able 10 return to school lor the Michaelmas term. to be met vth the implemenlalion of a range ol safety procedures. By September 2020, Ihe school lincluding all boarding houses) was fully opgn agaln. All policies. procedures and risk assessments were updated and a uride Tang8 of sp8cial m8asur8s, based on govemmenl guidance. was introduc8d. The key source of information for keeping abreast ol bolh the nationaI and local situations, as well as belng'brieled on emerging guidance. was the headmaster's attendance at a weekly online meeting ol Oxlordshire heads wllh the Ghildren, Educabon and Families team and the Publlc Health team at Oxlordshlre County CounGII.
SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS GOVERNOFIS. STRATEGIC REPORT Con Inu The measures implemented incbjded: year group bubblès in both the prep and pre-prep schools. one-way flow systems around the school- special dining arrangements for all year groups. a focus on venlilalion in both classrootns and public spaces- team sports arranged by year group., a continued locus on hygiene and handwashing,. an enhanced cleaning reglme around th8 school,. mask-wearing in crowded spaces lor years 7 and 8,. and a strictly enforced'necessary visitors only, policy. Assemblles. chapel semces and staff meetings continued lo b8 held online. as they had been during the summer 2020 term. allhough now boys would log in to assemblles and chapel from their foTm rooms raiher than home. For the majority DI pupils back in school,18ssons look place as normal in form rooms. For those puplls who were not able lo return lo school in person immedialely, a lull package ol r8mot8 learning was put in place. By the end ol the first week of Oclob@r, all but a vgry small handful ol pupils had returned to school. remote learning continued for those who were physically unable to attend. At Ihe start ol the second major lOdOWn, in January 2021. the school onc& again returned lo online remote learning, using the Zoom and Firelty plallorms. Unlike during the provious lo¢kdown. the School itself remained open and the majority of teachers taught direct from their classrooms. The school followed a normal limelable, with some small reductions in ihe working day. Assemblies. chapel seNices and one-to-one tutorids were all delivered online. A not-insignilicant gTOUP of pupils. the children of criiicai workers. attended school in person, both in the pre-prep and prep schools. While they att8nd8d live18ssons with their peeTS online. they w8re also able to 8njoy a range of sport5 and other activities as part of their school day. All govemment and local guidance concerning a sale r8lum lo school was followed al all times., all schoDI guidanGe and risk assessments were updaled. Following the Prime Mtnister's statement Ihal pupils would be r&tumlng lo school. we were very happy lo open our doors once again to children on 8 March. Further work was done to preparB for this and lessons were delivered uslng a mixture ol classroom leaching and online delivery lo those pupils still at home. In the summer lerm, the school once again cyened fully lo the vast majority ol pupils. Sonlor schools ag&n Ihls year agreed a considerable degree ol lalilude in honouring conditional ollers thal had already been made lo the Year 8 cohort. There were several different models ol senlor school exams, with some scholarship exams being taken online and sorne in porson: all Summer Fields candidates sat Common Entrance at school, and marfiing was undertaken both al Summer Fields and by some senior schools. Unlike tn 2020. all candidates w8re able to undertake a full range ol exarns and to ba al scknool to say goodbye in person at the end ol the Summèr Fields careers. Boys who left th18 year went on to the lollowng senior schools= Elon 27% {26% last year), Haryow 18% {14Y.), Winchesler 10.1 16V.I, Slowe 1 OV.139AI, Radley 70/0114¢/ol, Tonbridge 70/.. Marlborough 4Y.130AI. St Edward, Oxford 3Vo13 /ol. Magdalen College School 34/.; also lo Ablngdon, Bradfield, College Champittet Switzerland, Haberdashers, Monmouth. Oundle. Sherborno. Shrewsbury and Westminslor. One8 again there were several excoplionalty strong performances at Common Entranc8. with canthdales winning a variety ol subject awards and commènded overall passes at their senior schools. The use of the ISEB Common Pre-Test by senlor sGhools as part ol Iheir admisslons process continues lo becomè increaslngly unlversal and once again almost all boys sal ISEB Pre-Tesl In Year 6. More than ever, il is th8 Schotsl's lo maintain ils very strong academlc reputation by ensurrng that boys continue lo achieve outstanding results, passing into the top senior schools in the county al the end of Year 8. With most 8cholarshlp papers taken this year at Summer Flelds. the ScFh)ol again achieved a very strong sel of s¢holarship results, with len boys winning 13 awards Ilasl year 151. These included: an Academic Scholarship, th8 Deno Levenlis Scholarship lor Classics and two Sport Scholarships to Harrow.. the Annah Shaw Scholarship loi Classics and Iwo Music Exhibitions to Eton; two Academic Exhibitions to Magdalen College School.. an AdeMiC Scholarship to Haberdashers. hAonmoulh: a Silk Award a Drama Scholarshlp lo Radley. arHI a Music Exhibition to Weslminster.
SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS GOVERNORS. STRATEGIC REPORT Continued There were sadly lew opportunities fo[ puplls to parbcipate Sn Inler-school academic competittons this yeaT. We were also unable to host thos8 comp8lilions w8 would usually hold al Summer Flelds. also. there was no writer- nor artisl-in-residence Ihls y8ar. tt it Is hoped they will return in the COUTse 012021122 Howaver. a numb¢r of puplls'were abse to lake part 4n the annual Townsend Warner Hlstory Prlze whlch did go ahead after an initial delay. In addition, the School had another strong year in Ihe UKMT Inlermedlate Maths Challenge {lor pupils up to the age oli161. with Summerfieldians gained gold medals, and some achieving entry lo the Intermediate Cayley Olympiad and to the Kangaroo round. Thè new Summer Fields Pre-prep School celebrated its ihird year, with numbers having grown again, almost lo lull capacity. The Pre-prep followed the same teTtn dates and Telurn-tO-8chool guidance as the prep school. and op&ned Its doors to the children of crttical workers in January 2021. As wilh the prep school, pupits were sadly unablg to undertai(e much in the way of trips or visits outside school duo lo restrilOn$ In place. In splle of those restrictlons, musleal partitspati and achievement. both instrumental and choral, continued to be high across the school. Although ihere was no live performing, either instrumental or choral, music lessons resumed and pupils re-engaged whh thelr piaclice routines. Unfortunately. there were no p8rformances held outside school either. Boys continued lo recelve tuition online during lockdown and awards were once again gained at senior school& One ol the highlights of the year lor the pupils was b8ing ablo to compete competitively again al sport, which Provided a noticeable boosl lo their conlidenco and mental wellbeing. Cricket matches were again played during the summer term arKI, when guidance allowed, speolators were warmly welcomed back to the boundary rope. In all. 140 ¢ri¢ket matches were played against other schools, across 20 t8ams. For the first time, to preserve year group bubbles, Years 7 and 8 played as individual year groups, rather than as combined teams. The school's overall win rate was 60 /. but. m051 importantly, almost every boy represented a school team at some stage during the season. Football was played In year group bubbles during the Michaelmas term, although there were no schoDI matches. there was lo be no rugby or hockey played during the Lent term. Nor could the school host traditional, annual Under 8 football 18StNal. A lew t8nnis matches were played and the school's goll Course was much in use. For the second year running, the school had no opportunity to d81erKI the alhlelics trophies that had been won during the oul8landlngly successful 2019 Season. Howèver. plenty ol aihlelics did lake place and there was successlul internal Sports Day. The annual Oxford 1 Ok Town and Gown was again postponed, bul only until the autumn 012021. wh'en Ihg s¢hool was Invited lo host Ihèlunlor race. Once again. almost all major school trips were cancelled and the Year 8 leavers again missed out on th8lr annual summer term trips to the Somm8 and Dartmoor. The School conllnues to Invest in new de0, recording mixing software and equipment. The Vldeo Production Unil, which films and livè streams many school events Including matches, concerts and plays, Is now well established and widety admired by members of Ihe school Gommunily and visttors from other h0o1$. The equlpment and oxpertise proved to be invaluable during lockdown. The School sal up its own filming and recording studio- assembl85. Chapel s8rvices, talks* SM)dcastS 8nd muslcal events were all broadcast to the wider school communlty. During the course of the year. work continued to completion on ihe School's ambilious'Nexl Chapler, project. Gosled at £2.5 million. The Mark Shvidler Library and the refurbished Chapel opened to the boys, and whole Summer Field5 community, in the summer term-to great acclaim. The entire project was completed on time, on budget and was fully lundraised. I A delaied review ol the School's acllwties and achievements is wblished in the School Magazine.
SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS GOVERNORS. STRATEGIC REPORT Contlnued Fundralslng Grants¥ gifts and donations of £1.059.9k {2020.' £1.603.2k) were rec8lved in the year, of which £90.9k12020.- £139.5kl ol endowed gtfts were to scholarships and hursaries, £816.5k12020.' £1,282.9k) of restricted donations were directed towards Ihe School envlronment, £53.6k were UnrtriCted grfls {2Q20.' £45. Ikl and a grant £98.9k (2020.'£185.7k) was received from the government for the Coronavirus Job Retention Schema. As at 31 August 2021 amounts of £73.6k of $trICted donations had been FAedged lor receipt in future years. The y8ar saw a conllnued Inerease In support for ihe s¢holarshry)s and bursaries endowed fund. The Madaren Foundation, the income from which Gan support a number of girted boys who would otherwise b8 unable to attend the School lor financial reasons. It currently supports, on average. seven or eight'8cholars' and the obje¢live ol the Foundation is lo increase Ihis number in future years. All fundraising activities IOT the School are caTri6d Olrt by th8 School staff with assistance from thè parents and pupils with the running ol speciltc fundraising events. The School does not use professional fundraisers Dr have any commercial participators. All fundraising activities are managed by the development office and are monitored by the Headmaster. wth overall oversight by the members of the gov8ming bDdy. No complaints relating lo fundrrising activities have been received by the School during Ihls financial period. However, the School has in place pro¢eduTes thai would be followed in the event of a complaint belng receiveil with Ihe initial response being the responsibility of the Operations Dlrector. Any contlnulng Issues would then be passed to the governing body to determin& what further actlon mighl be required. The School is currently registered with the Fundraising Regulator as a demonstration of ils commi1ffl8nt ID good lundraising. Registered organisalions help promote best practice, defend the sector and demonstrate compliance wllh the law. As a school we seek to irnplemenl the slandaTds in th8 Code of Fundraising Practice, lor example on data consent in relation lo fundraising. In particular. the School conslders that Ils processes and controls should ensur8 that vulnerable people and other members of the publio are protected from any unreasonable intrusion on a person's wvacy and that no fundraising activities would be unreasonably perslslenl or place undue pressure on a p8rson to give money or other property. Oblectlves for tha Year The Objectives of the School are lo achieve Ils alms as descrlbed above consistently with ils slalus as an incorporated charity and wlhSn the resources available, on an enduring basis. The Govemors belleve Ihat the School achieved ils objectives during the year and is able to conlinue to do so in the longer term. Towards those otr4-ectlves. the school environment continues lo be greatly enhaNced by continuous refurbishment, upgrading and building. In addition to the annual maintenance and upkeep of the School, there Ls an ongoing programme lo improve key areas. notablylhe boardlng houses. classroorlls and recreationd areas. whilst ensuring the PTowslon of the highest standard of learning facilities and rr equipment. The summer saw further significant investment in th8 boys, accommodation. especially bathrooms in the boarding houses. Further conslderable investment was mad8 in staff housing. Buildlngs The School has continued lo rnainlain ils buildings and facIlieS to a hlgh standard, to affcKd boys and staff Ihe best possible worf(ingJ cultural and sportlng environment. Future Developments and Plans Having in April 2021 completed a major £2.5m capital project Yhe Next Chapter,. the plans for the fulure wtll ¢oncenlrate on the maintenance and refU1$hment ol th& existing school fabric and facilities, including ongoing upgrades to boarding lodges and staff housing. Meanwhi18, the Governors and Hoadmaster continue to identify oiher areas ol the School for possible improvement or development. Flnancial Results The Group recorded an increase in unrestrfcled funds of £2.39m. Fee income amounled lo £7.51rn {2020.' £7. IOM). A summary of tho flnanLaal activities Is avallable in the Statement of Financial Activities on page 14.
SUMMER FIELDS SCHOOL TRUST LIMrrED REPORT OF THE BOARD OF GOVERNORS GOVERNORS. STRATEGIC REPORT Continued Inveslment Powers, Pollcy and Perlormance The School's invostrnent powers are governed by Ils Memorandum ol Association. These pemiil funds to be invested in or upon such investm8nts securities or propety as may be thought appropriate. The School has a Reserves & Investments Policy which is reviewed every year. DuTing Ihe year the School gèneialed a total ol £7S.613 {2020.' £74.874 ol consolidated inveslment income. Flxed Assets The movements lft fLxed assets are shown in note 8 to the flnancial statements. In the opinion of the Govemors th8 mark81 valLre ol the School's Ireehold land and buildings Is Considerably in excgss ol book vatue. All the fixed assets owned by the Group are held lor the purposes of the School. Reserves l Funds The School's reseNe policy is lo mainiain sufficient unrestrrcled income reserves to enable il lo meel its short-term financial obligations in the event of an unexpeoted revenue shortfall. The Governors review the endowed. reslricled and unrestricted funds Tegularly. The movements in funds are shown in note 14 to the financial slat8Tnants. Total funds of the Group al the yeaf-end stood at £16.4m12020.' £15. Im) ol which £3.Om12020.' £2.4ml is held in endowed funds and £13.4m12020.' £1 l.Om) in unr¢stricled funds. 01 the unrestricted funds. £15.6m12020.' £13.6ml is repTesenled by the nel book value of fixed ass81s, loaving negative free reseTves of £12.2lm {2020: £12.6lml. The neoative reserves are a consequence of School's investment over the past five years in the ¢apital assets ol the school. Th8 Governors ar6 mindful of thls poslilon and are looking lo make the reseTV8S Posltive overthe longerterm. whilstsalislied thai the assets attributable loleach fund are still sufflclenl lo meet their obligations. Risk Management In the light of Corporate Govemance guidance contained withln the SORP, the Gov8rnors have establlshed syslems to review the tnajor strategic, business and opgralional risks to which the School Is exposed. Systems are eslablish¢d to mitlgate those risks. and procedures have been impleJnented to minimise any potential impact on the School should any of those risks malerialise. The prin¢ipal risks and uncertainties laclng the School include a change in the p)lilical cilmate regarding charities and a down-turn in the wpularity of boarding. Delalled conslderallon of rlsk Is delegated to the Finance and Generd PuTposes Commlttee. whh r8POrts formally to the Governing Body on risk each spring. The risk management process and ihe resulting Report idenlilies risks. assesses their impact and likelihood and, where necessary. Tecommends controls to mitigate and monilDr those risks that are assess8d as high. Th8 gan8ric controls used by the School to minimise risk indude: detailed lerms of reference together wth forma] agendas lor Comtnittee and Board activity. strategic developm8nl planning, r8vi8W8d annually by th8 Flnance and General Purposes CommiEtae', comprehensive budgeling and management accounting. established organisational structures and lines of reporting., formal written policies including clear aulhorisalion and approval levals; and vetting procedures as required by law for the protection of the vulnerable. Disablllty Ststement Th8 School s88ks to achiav8 th8 obj8Ctives set down in the Disability Discrimination Act 1995 and Equality Act 2010. and In partlcular makes the following commitments: al a rolllng programme of audit ol facilities and provisiLJn ol access will continue to be a priority. The School takes prolèsslonal a(fvice on the Improvement of access and facilities on all major construction work and refurbishment to existing buildings- bl the School has made a significanl investmeni In ihe appointment ol specialist teacher8 lo support puplls wlih 18aTning difficutties and l or dis8bililies and continues lo mDnf(or and introduce ServIS as requiTed- cl couns&lling and welfare serviceslare widew avallable lo pupils and staff. and d) spoddlsl equipment is available, or wll be made available, as required where its use is Identrfied as beneficial by the support processes.
SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS GOVERNORS. STRATEGIC REPORT Contlnued Employment of Disabled Persons The School conslders dl applications for employment from disabled persons, bearlng in mind the aptitudes of thè individuals concerned. Where an exisling employee becomes disabled, every effort Is made lo ensure that 8mploymanl with the School continues. The School's pollcy Is lo provlde Iralnlng, carger development and opportunitie8 for promotion that are. as far as possible. identical to Ihuse for other employees. Trading Company The Charitable Company owned the whole ol the share capital of a subsidrary, Summertown Sport Enterprfses Limited Ico. number 029D43441, whose principal activity was the construction and management of sports facilities. In March 2020 the board ol the subsidiary unanlmously agreed lo Iransler the sports hall building ovar lo the School ai ils historic cost, with lerminalion of the rental agreomentwth the School (for use of the land th the sports hall building). All int8rcornpany debts were settled and the entity became dormant. The tsxable profrts ol Summertown Sport Enterprises Limited were, until c8ssalion. translerred lo the Schuol via Gift Aid. The results of the trading cornpany are consolidated into these financia slalements. The value of School's investment In the subsidiary wa8 reduced lo zero and the company was dissolved on 1 June 2021. Associated Trust An associated trust. The Maclaren Foundalion. was reglstered as a charity {ND. 1112215) tn November 2005. Its objects are to ostablish and build a permanent endowment fund lo provide bursaries and scholarshlps at Summer Fields for able boys whose parents would not olh8rwise be able to afford the fees, and also to 8Stablish a general fund lor assisting the School in capital development projecis. In accordance with the Gharlties SORP the accounts ol the Maclaren Foundalion ar8 aggregalèd with those ol the Gharilable Company, as a branch. The value ol the Foundation's nel assets is £3.OOm (2020.. £2.47ml. Corporate Govemance Code The School continues to consider the Charty Govemanc& code and will report back to tho Board ol Govemors at the first meeting of Governors In the next ffnancial year. Covid-19 pandemlc The Governors have been closely monitoring the financial and welfare impacts ol th8 Gowd-19 pandemlc on the School and the widercommunity. The lockdown measures lrnplemenled by the UK Governtnenl had a significanl Impact on the inBoTne of the School lor one term in 2020121 and ono term in 2019120 and the Governors recognlse that, although less likely. may dso still be a possibility in future. In the Ilghl of the reduced income the School has continued to review ils costs in detail and took advantage, where possible. of ihe Coronawrus Job Retention Scheme in order to avoid any need lor job cuts. All possible areas for costs savings have b¢en klenlified and cost reduction actions have been implemented. The investment portfolio held as part of an endowmenl fund by the Maclaren Foundation to provide bursary support for a number ol boys was impactad in the previous year by the rapid fall in world slock markels at the start of the pandemic. The bursarles pald out are directly linked to the inv8Stmant r8tums from the portfolio. stock markets have slnce recovered and the Trustees of the Maclaren Foundation consider the level ol bursarles committed in the CUent and nexi linanclal year 11 not undermine the e¢onomic stability ol the Maclaren Foundation or the School. The Governors have undertaken a ihorough financial risk analysis and have lully revised Ihelr linanciai forecasts and budgets to 8nsure that the effects ol the pandemic have not and will not lin thelr view) undermine the long-lerm economlc stability of Summer Fiplds School. Therefore, these financial slalements have been prepared on the going concern basis.
SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OFTHE BOARD OF GOVERNORS GOVERNORS. STRATEGIC REPORT Contlnued Audltors The auditors, Crowe U.K. LLP. will be proposed for re-appointment in accordance with Sectlon 4B5 01 the Companies Act 2006. The Governors, Annual Report, prepared under the Charities Acl 2011 and Companies Act 2006, was approved by the Goveming Body of Summer Fields School Trust Limited on 26 Novemb8r 2021, Includlng in their capacity as company directors approviry the Stralegic R8POrt Ihereln, and is signed as aulhorised on ils behalf by.. A E Reekes Ghairman io
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUWIMER FIELDS SCHOOL TRUST LIMITED Opinion We have audited the financial statements of Summer Fields School Trust Umlled for the year ended 31 August 2021 which comprise the Con501idated Statement of Financial Activities, Consolidated Balance Sheet, Consolldaled Slalement ol Cash Flows and the relaled notes lo the linan¢ial slalemenls, including a summary ol signtficant acaounling policies. Th& finandal reporting Iramawork that has b88n applied in Ihgir preparation is applicable law and United Kingdom Accounting Siandards, including Financial Reporting Standard 102 The Flnancial Reporting Standard applicable in Ihe UK and Republic of Ireland {Uniled Kingdom Generally Accepted Accounting Pracllce). In our opirjion the financial statements- give a true and fair view of the slate ot the group's and the charitable company's allairs as al 31 August 2021 and ol the group's in¢oming resources and application of resources, Including ils income and expenthlure for the year then end8d: have been properly prepard in accordance viih Uniled Kingdom Generalty Accepted Accounting Practice., and have been prepared In accordancè wllh the ruIreMeNts of thè Companiès Aet 2QO6. Basls for oplnlon W8 eondueled our authl in a¢cordance with Internaiional Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibiltties under those standards are further described in the Auditorfs responsibilities for the audlt ol the financial statements section of our report. We are independent of the group accordance with the ethical requirements that are relevant lo our audit of the financial slalemenfs in the UK. including the FRG'S Ethical Standard. and we have lullilled our other ethical responsibilities in accordance with thes8 requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect ol the lollowing matters in relation to whlch tha ISAS IUKI require us to report lo you wher8.. the tru$lees' use of the going concern basis of aGcounling in the preparation of the financial statements Is nol appropriate- or the Iruslees have not disclosed in the finanual slalemenls any identilied material uncertainties Ihal may cast significant doubl about the group's or the charitable company's ability to continue lo adopt the going concern basis ol accounting for a perlod ol ai least Iwelve months from the date when the finanGtal statements are aulhorised lor 5ssue. Other Informatlon The Iruslees are responsSble lor the other information. The other information comprises the infomiation induded in the annual report, other than the financi statements and our auditor's report ihereon. Our opinion on the financial statements does not cover the olher information and. except lo th8 extent otherwise explicitly slated in our report, we do not express any fomi ol assuranc8 con¢luslon thereon. In connection wkh our authl of the financial stalemenls, our responsibllity Is to read the other inlomation and. In doing so, consider whelher the oihei information is materially Inconsistent with the financial statements or our kngwledge obtained in the audit or otherwise appears to b8 materially misslaled. 11 we Idènllfy suGh material inconsist&ncl8s or apparent material misslaiements, we are required lo delemiine whether there is a material misslalement In the financial statements or a material misslatemenl ot the other information. 11, based on the work we have performed, we conclude that there Is a rnaleTial rnisslatemenl of this olher information, we are required lo report that fact. We have nothing to report in this regard. IL
INDEpENDEr AUDITOR'S REPORT TO THE MEMBERS OF SUMMER FIELDS SCHOOL TRUST LIMITED Oplnlons on other matters prescrlbed by the Companles Aet 2006 In our opinion based on the work undertaken in th8 cours8 of our audit the information giv8n in the trustees, rekKJrt. whlch Includes the directors, report and the slrateglc report prepared lor the purposes ol company law. for the financial year IOT which the financial slalements are prepared is consistent wth the linanclal Statements- and the strategic report and the directors. report included wllhin the truslees, report have b88n prepared in accordance with applicable legal requir8m8nts. Malters on whlch we are required to report by exceptlon In light ol the knowledge and underslandlng of the gTOUP and the charitable company and their environment oblalned in the course of the authl. wè have not identified material misstatemenls in the strategic report or the directors, report included within the Iruslees, report. We have nothing lo report in respecl of the tollOng matters In relatton lo which the Companies Act 2006 requlres us to ieport to you if. in our opinion- the paTenl company has not kept adeqvale accounting records- or the parenl company financial stalem8nts are not in agraemenl wllh the acGounting records and returns. or certain rfisclosures of ITuslees' remuneration specified by law are not made. or we have not received all the information and explanalions we requir8 tor our audll. Responsibilities of trustees As 8xplained mor8 lully in thè trLtste8s' responsibilitles statÈm8nt sèt OLtt on paap. g. Ihp tniqtp.p* (who aro also Ihe directors of the charitable company lor the purposes ol compary lawl are responsible for the preparatlon ol Ihe financial staternents and for being satisfied that th8y giv8 a true and lair view, and for such internal control as ihe trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Ilnanclal slalements. the trustees are responsible for assessing the group's or the charitable company's ability to continue as a going concem. disclosing. as applicable. mallers related to going concern and using the going concern basis ol accounting unless the trustees eilher intend to liquidate the charitsble C(Nnpany or to cease operat10. or have no realistic altnatiVe bul to do so. Auditor's responslbilities for the audlt of the financial statements Our objectives are to oblaln reasonable assurance about whether the financial statements as a whole are tree from material Tnisslalement. wh2lher,due to fraud or error, and to issue an 2udilor's report that includes our opinion. Rea80nable assurance is a high level of assurance, bul is nol a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misslalement wh8n11 exists. Misstatements can arise Irom fraud or eiror and are consldered material il, individually or in the aggregate. they could reasonably be expected to influence the economlc declsions of users taken on the basis of these financial slalemenls. A further descrlptlon ol our reswnsibilltles lor Ihg audit of the financial statemenls is located on the Financial Reporting Gouncil's website al.. W.frC.0r -ukJaudilorsres onsibililies. This description forms part of r audilofs report. Extent to whlch the audit was considered capable of detectlng irregulaTltles Includlng fraud Irregularf(ies, including fraud, are irislances of non-compliance wlh laws and regulations. We identified and assessed the risks of material misslalement of the financial slalemenls from irregularilies, whether due to fraud or error. and discussed these betheen our audit team members. We then designed and perfomied audil 12
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUMMER FIELDS SCHOOL TRUST LIMITED
procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, together with the Charitles SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's and the grou·p•s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income from donations, grants and ancillary income, procurement processes for significant capital projects, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the F&GP Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedures over income and capital projects, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and Ofsted, and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, 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-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws
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.
Tara Westcott
Senior Statutory Auditor
For and on behalf of Crowe U.K. LLP Statutory Auditor 4[th ] Floor St James House St James' Square Cheltenham Gloucestershire GL503PR
Date: 7 January 2022
13
SUMMER FIELDS SCHOOL TRUST LIMITED CONSOLIDA'TED STATEMENT OF FINANCIAL ACTIVITIES FOR THEYEAR ENDED 31 AUGUST 2021 (Incorporatlng an Income and Expenditure Aecount} Total Funds 2021 Unrestricted Funds Restricted Funds Endowed Funds 2020 Note INCOME AND ENDOWMENTS FROM: Charltable Actlvltles Fees Teceivable Ancillary trading income '7.505.141 463,801 7,505,141 7, 103, 700 463.301 634, 759 Voluntary sources Don8llons 53,593 816,485 90.911 960.989 1.467,464 Government grants CoronaviTUS Job Retention Scheme 98,885 98,885 135.697 Investments Inveslment iome S6 76,517 76.613 74.875 Other tradlng activities Non-ancillwy trading income 118856 118 856 101374 Total Income ', 8 239 872 893 002 9 223785 9517869 EXPENDITURE ON: Charllable Acllvltles: School operating costs 8,250.432 69,932 16.608 8,836.972 8.248.786 Ralslng funds Expenses of the subsirfiary 810 Totol Expendlture 8 250 432 8 336 972 8 249 596 Net loutgoingifincomSng funds from operatlons before transfers I and inveslment gains {10.5601 823,070 74.303 886.813 1,268,273 Revdualion of flxed assets 619, 171 Net gatnslllosse51 on Inv8strnents Transfers between lunds 1581C | 2 401 127 ,' 2.390.567 451.230 451.230 (261,288) Net movement In funds I178,057) 525.533 1,338,043 1.626, 15S Balances brought fornard at 1 Seplember 2020 .11003 271 2430 372 15 067 126 13 440970 Balances ¢arrled foThvard at 31 August 2021 15A The notes on pages 18 to 34 form part of thes8 Financial Sla18ments. 14
SUMMER FIELDS SCHOOL TRUST LIMITED REGISTERED NUMBER 00553243 CONSOLIDATED BALANCE SHEET AT 31 AUGUST 2021 2021 2020 Note FIXED ASSETS Tangible fixed assets 15,619.741 18.602.246 Fixed assel investments Other Investments 2 761 151 1915231 2761151 1915Z31 18A80,892 15.517.477 cuRREr ASSErs Stocks Dèbtors Cash al bank and in hand 10 11 24.146 309,Y11 618 166 32.596 274.287 952.083 1.417,715 cREDORS. AMOUNTS FALLING DUE WITHIN ONE YEAR 2 376 194 NET CURRENT (LIABILITIES) 1424111 TOTAL ASSEfs LESS CURRE LIABILITIES 16,956,781 15.067. 126 CREDITORS: AMOUMts FALLING DUE AFTER MORE THAN ONE YEAR 13 NET ASS6 RESERVES Expendable endowrrter]I funds Restricted funds unreslrio18d funds 14A 14A 14A 2,955,905 55,426 13393838 2.430.372 1,633.483 11003271 NEf ASSErs These financial slalements were approved and aulhorised for issue by the Board of Governors and wèrè signed on their behalf on 26 Nov8mber 2021. A E Reekes Chainnan The notes on pagès 18 to 34 form part of the Financial Slatemenls. 15
SUPJIMER FIELDS SCHOOL TRUST LIMITED REGISTERED NUMBER 00553243 SCHOO'L BALANCE SHEEf AT 31 AUGUST 2021 2021 2020 Note FIXED ASSETS Tangible lixed assets 8B 15,619,741 13.602.246 Fixed asset investments Other investments 2761 151 1915231 2761 151 1975231 18,380P92 15.517,477 cuRREr ASSErs Stocks Debiors Cash al bank and in hand 10 11 24,146 309,771 618 166 32.596 279,893 19 952,083 1.417.682 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2 376 194 NET CURFIEKf (LIABILrriES) 1424111 450351 TOTAL ASSETS LESS CURRENT LIABILITIES 16,956.781 15,067. 126 GREDITORS: AMOUNTS FALLING,, DUE AFTER MORE THAN ONE YEAR 13 551612 NEf ASSErs RESERVES Expendable endowment funds Roslricled funds Unrestricted funds 14A 14A 14A 2,955.905 55,426 13 393 838 2.430,872 1.633,483 11003271 NEf ASSErs The School has taken 8x8mption from presenting ils unconsoldated 1me and expenditure account under section 408 of Companies Act 2006. The School's income was £9,224k (2020.. £9,560k) and expendilure was £8,337k (2020.. £8.837kJ giving net incoming resources b8fore gains and losses of £887k (2020.-£1.223k). These financial slal8ments were approv8d and authortsad lor issue by the Board ol Governors and were signed on th8ir b8haW on 26 November 2Q21. A E Reekes Chalnnan The no18s on pages 18 to 34 form part ol the Financlal Slatemenls. 16
SUMMER FIELDS SCHOOL TRUST LIMITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Note Net cash Inflow from". Op8raling acliwti8s 15 1,833,078 1.108.553 Cash flows frorn tlnanclng actlvltles Interest received Investmeni dividends Cash inflows from new borrowng Repayments of borrowing 124 76,489 3,275 71,600 600.000 570.528 Cash flows Irom Investlng acllvllles Payments to acquire red assets Proceeds Irom sale ol investments Payments to acqulre Investments 8A (2.578,205) 1,341,466 1736 156 11.511.519) Net cash ((xrtflowl from investlng actlvitles 1511519 {Decrease) In cash In Ihe year 1492,6661 (328,091) Cash balance at 1 Seplemb8r 2020 1 110832 1438 923 Cash balance at 31 August 2021 618166 1 110832 This cash flow siai6meni also comprises the full oxteni ol the analysis of movements in nel debi. The notes on pages 1810 34 torm part of the Flnanclal Siat8m8nls. 17
SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 1. ACCOUNTING POLICIES a) Charlty Informatlon Summer Fields School Trust tLed is a registered charity wlh the Charlties Commisslon England and Walss Icharily nUmer 3096831 and was incorporaled as a company limited by guarantèe {company number 005532431 on 12th August 1955. The address of its registered oflice is Mayliekl Road. Oxford. OX2 7EN I b) Basls ol preparatlon of !Inanclal stalements The financial slaternents have been prepared under th8 hlstorlcal cost convention. The flnancl81 statements have been prepared in accordance with Accounting and Reporting by Charili8s'. Slalement of Recommended Practice applicable lo Charities pparIng their accounts In accordancewilh the Financial Reporting Standard applicab18 in the UK and R8public of Ireland IFRS 1021- {Charities SORP IFRS 1021) and the Financial Reporting Standard appliGable in the UK and Republic ol Ireland {FRS11021. Summer Fiolds School Trust Llmlled moets thg delinillon of a public benefrt ontlty under FRS 102. The functional currency of the School is considered to be GBP because that is the CLwrency of the primary economic environment in which the School operates. The School controls a charity called The Maclaren Foundation (charity number 11122151. the results ol which are aggregated as a branch into these financial statemer]Is. The linancial statements also includ8 the results ol ils wholly owned non-charitable trading subsidiary Summertown Sport Enterprises Llmiled Iregislered in England. company number 029043441 and are consolidated on a line-by.line basis. The company was dormant on 1 September 2020 and was dissolved in June 2021. These consolidated financial slalements Iherofore present inforrnaiion about ihe School plus The Maclaren Foundation and Summertown Sports Enlerpris6s Limited. The Charity has also taken advantage ol the exemption avallab18 In FRS 102 to present a charity- only cash flow &iat&iii8ril williiri Ilie&tt bOllbulidale¢J fii)aiiGial statenieiils. c) Golng concern At the lime of approval. the Covid-19 pandemic Continues lo have an Impad on the UK economy and the School. but the Governors consider that the vaccination programm8 and other m8asur8s takan by th8 UK Government and the School have reduced, atthough not ellmlnated. the rlsk of a more enduring impact on the School's tees and Èlafling availabillty. Thg Govemors have undertaken delalled planning and forecasting and continue to closely monitor the situation. Please refer to page 9 01 our Govemors, Report where we have reflested on the current situation and have OL511ined the impact for the School. Despite the turrenl cireumslances the Governors believe th'at Ihe School's Ilnancial resources and contingency planning is sufficient to ensure the ability of th'e School lo continue as a going concern lor the foreseeable future, being al least twelve months from the date ol approval of these financlal slat9m8nts and th8r81oT8 have wepared the financial slalom8nts on a going concem basis. d) Fees and similar earned Income Fees receivable repr8s8nl amDunls reGeivable as fees and charges for seNices Sn respect ol the provision of educatlon lo pupils in the school. Fees receivable are slated afterdeduGting allowance& Scholarships, aThY other remissM)ns granted by tha School. 8) Donallons and legacy Income Voluntary incoming resources are accounte(S lor as and when pnliuement arises, the amounts can be roliably quantified and the economic ben8ti1 to the school is considered wobable. Investment Income Investment income from an accruals basis. dlvldends. bank balances and red InteSt securilies is accounted lor on 18
SUMMER FIELDS SCHOOL TRusf LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 gl Non•anclllary tradlng Income This comprises ol sale8 lexduding VAT and slmilarlaxes) on rents and lellings in the nom1 course of buslness. h) Expendilure Expenditure is accwed as soon as a liability is considered probable, discounted lo present value for longer twm liabilities. The allocation of expenditure ba0&n direcl charilable and other Is a $ublecllv8 split based upon the Flnance Dlrector's best cstimale of the rcsources input lo those different parts of the School's operations in the year. The irrecoverable element ol VAT is included with th¢ ii¢m ol oxwnso lo whlch il relales. Cost ol Raising FuThYs includes the Subsidiary trading costs. Charllable AclSvilles includes salary cost and office costs relating to the running ol the School. This also includes governance cosls which are the CDsls ol cornptying with the con5tilutional arKI statutory r8quiremenis of the School. 11 Tangible fixed assets and depreciation Tangible fixed assets are slated at hlslorical cost loss dopredatl¢)n. Doprecialion is provided usi either the straight line basis or reducing balance basis at rates which reflect the anticipated us81ul lives of the assets and their eslimaled residual values. Freehold land Freehold buildings Plant and machinery Fixtur¢s and fittings Motor v8hicles Not depreciated 2Yo slraighi line 10-33% slraighl Ilne 1 UQA reducing bance 25¢k reducing balance Assets under ¢StructIon are not depreclated unlll they are completed and brought Into use. Exp&nrfiture on fixed assets is capilalised exceptfor expenditure incurred on the replacement ofa55ets of low value wrlh a short Ime. Repair, renovalion and ieplacetnent expendilurp 15 writlpn ofl expenditure in the Statement of Financial Actsvhtes. Items costlng less than £1,000 are written off as an expense as aequired. l) Investment Propeity At the start of the prtor year the School owned land which It leased back to Ils subsldiary. Summertown Sport EnterpTises knmited. In March 2020 the lease of this land was surrendered and the building previously owned by Summertown Sport Enterprises Limited was transferred to the SchoDI. k) Stock Stocks are valued al the lower ol cost and ngt reatisable value. Cash and liquid resources Short-term deposits, which can be called on demand VthoUt any material penalty. are included within cash balances in the Bdanc8 Sh&9t. m) Penslon costs The School conlribules to the Teachers. Defined Benelils Pension Scheme at rates S8t by th8 Sch8m8 Actuary and advised lo the Board by the Scheme Administrator. The scheme is a multi- employer pension schem8 and it is not possible to identify the assets and liabilities of the schem8 which are attribulable to the school. In a¢coTdance with FRS 102 Iherelore. the scheme Is accounted for as a defined contribution scheme. For lurth8r information see Note 21. n) Operallng leases Costs in respect ot operalirg leases are charged on a straight-line basis over the lease term. 19
SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 o) Investments Listed inveslmenls are included al market value at the Balance Sheet dale. N81 gainsAasses arising on the revaluation and disposal ol investments arè recognised in the Slatemenl of Financial Activities. Income deriving from investments is accounted for on a receivables basis and 1$ re¢ognisod Ihrough the Stalemenl of Financial Acliwties. Inv8stm8nts In subsidtari85 are valued at cosl18ss provision lor impairment. p) Recognition of liabltIeS Liabilities are reoognisedlonce there is a legal or constructiv8 DNigalion that commits the School lo the obligation. q) Judgements in applying accounting policies and key sources ot estlmatlon uncertalnty Eslimates and judgements are continually evalualed and are based on historical experience and other laclors. inclLtding expectations of lulure events that are believed lo be reasonable under the cir¢umstsnc6s. Tho Iloms In the flnanclal statements where these estimates and judgements have b8en made include the following- Useful economlc Ilves of tanglbla ass8ts The Ilannual depreciation charges for the tangSble assets are sensitiv& lo changes in the estimate useful economic lives and residual values ol the assets. The useful econamic lives and residual values are re-assessed annually. They are amended when necessary to rellecl current eslimales, based on technological advancement. future investmenls, economic utilisalion and the phys.ioal condition of the assets. See note 8 for the carrying amount DI the tangible assets and note l i for the useful lives lor ea¢h Class ol asset. Impalrment ol debtors The Igroup m*es an estimate of the recoverable vatue of trade and other debtors. When assessing impairment ol trade and olhei debtors, managernenl consider5 factor5 including the current credit rating ot the debtor, the ageinu profile ol debtors and historical experience. See note 11 for the nel carrying amount ol the debtors and associated impairment wovision. r) Designated funds The Governors have s81 up designated funds lo allocate unr8stricled funds to cover Mateal commilmerrts. The Maclaren General Fund was origlnally sel up by The Maclaren Foundation for linancing school building developments and other large projects, to be applied at the dlscretion of the Governors. sl Expendable endowed fund8 Endowed funds comprise a number ol indmdual trust funds sel up by specific donors, the capf(al of which may nol be expended unless agreed by the Governors. The endowment fund is credited with donations aOnted lor'on a receniables basis. These are then invested for the benefit ol Maclaren schoiars. t) Re$trl¢ted funds F18slrlcted funds comprise income funds subjèct lo specwlc trusts arlsing either from the donor's wishes or the terms ol a particular fundraising inilialive. The Maclaren Awards Fund was set up by the Maclaren Foundation as an expendable endowment fund lo provide bursar(es and Scholarships lor able boys whose parents would not otherwise be able to afford the fees. Income arising from investments (dividends and inleresll in The MaclaT8n Foundation forms this restricted award fund. 20
SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 u) Financlal Inslrumenls Baslc financial instruments are initially recognised at Iransaclron value and subsequently measured at amortised cost with the exception of investments which are held at lalr value. A specific provision is made for debts lor which recoverability is in doubl. v) Pupil deposits Although under nomial circumstances these wlll be rèpald in future years when the pupils complete their education al the school. pupils can leave al earlier datas. The School does not therefor8 have an unconditional right to relain the indniidual deposils tor al least 12 months after the Balanca Sheet date and. in line wilh the requirements in FRS 102, the balance of deposits held has been included wilhln current Ilabib'lies. w) Government Grant Income Grants from government bodies and olher sources are reiVed for speclllc prolects and are recognised in accoTcfance with IheiT individual lerms and conditions. Incomo is recognised when the charity has enlillemenl to the funds which is when any performance conditions attached are met. il is probable that the incorne will be recelved and Ihe arnounl can be reliably measur&d. Grant income wll be deferred if received In advance ol meeting performance eondilions or If the funder sp8c11IY slat88 that the in¢ome must bo spant In a lulure accounlir¢g period. FEES RECEIVABLE CONSIST OF: 2021 2020 Gross fees Less.. Scholarships, bursaries and allowances 7,855,328 420 080 7,435,248 7.457,086 08 7,018,778 Add back: Bursarles pald for by reslrlcted funds OTHER EDUCATION AND ANCILLARY INCOME 2LY21 2020 Other educational charltable actlvltles Extras Income Entrance and registrallon fees 435,657 566,172 Other ancillary actlvltles Other income INVESTMENT INGOME 2020 Dividends- restricted Interest- reslricled Inlèresl- unrestricted 76,489 71,600 652 96 21
SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 INCOME FROM SUBSIDIARY'S TRADING ACnVITIES Sufflmertown Sport Enlerprises Limited l¢ompany number 02904344) was a wholly owned trading subsidiary of Summer Fields School Trust Limited whose principal activity was the construction of sporting facilities. The company was registered in England and Wales, was dormanl at 1 September 2020 and was dissolved on l June 2021. The balance owing from the company lo the School at 31 August 2021 was £Nil (2020.. £5.606). Rent of £NII (2020.- £668) was paid by the company lo Ihe School (*Jring the year. Its Iradlng results for the year are summarised below.. 2021 2020 Turnov8r Gross profil Adminislratlon exnseS Operating profil Glft Aid payment lo Summer Fields So101 Trust Limlled Inlercompany debt forgiven Profit on disposal ol fixed assets Profit lor year before taxation, Taxation Profltl(Lo8s) tor year after taxation Shareholders. funds 42.740 41,262 (41,281) 45.737 619 171 664.88S The company was dissolved on 1 Junè 2021. havino surrendered Ihe16asè from thè School for the land on which the sports hall stands in 2019120. The 8POrts hall was transferred to the School at original cost. Transactions eliminated on consolidation include.. Rent of £Nil12020.' £42,740) from turnover,. ground rent ol £Nil {2020.' £668) from adminlslration expenses- and £Nil from cov8nanled payment 12020.- £47,281). Accordingly. the nel consolidation adjustments total £NII [2020.. £791). The expendrture shown in the Slalement of Financial Aclimties. The School recharged £Nil (2020.. £1,344) for audit and accountancy fees paid by the School. EXPENDITURE 2021 2020 Expenditure includes: Rent payabl8 Auditors, remuneration 17,877 12.850 2,115 24668 13.700 615 audit olhBr Deprecialion 2021 2020 Total staff costs: Wages and salaries Social security $ts Other penslon costs 4929,582 372,389 655 563 3,897,348 854,296 644 138 2021 Number 2020 Number The average monlhty headcciunl of employees during the year was.. T8aching Welfare Premises Adrninistrative Peripatelics 58 30 57 32 19 38 18 22
SUMMER FIELDS SCHOOL TRUST LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 EXPENDITURE (Conllnued) 2021 Numbèr 2020 Number The following number of 8mploy8es had'salaries withln the range as beltsw.. £60.OQO- £69.999 £70,000- £79,99S £80,000 - £89,999 £150,000- £159.999 Contributions were paid to the Teachers, Pernsion Scheme for the b6nellt ol lour12020.' three) highar pwd 8mployees. Contributions payable into a non-t8athing staff personal pension scheme lor high¢r paid employees amDunleé lo £12,79012020.' £12,311). For the purposes of the Companies Act the Governors are dlrectors. No GoveTfK)r received any remuneration or bènefits from the school during the year (2020.. £nll). Travel and seminar expenses of £1,11S were reimbursed during the year (2020.. £922) for three Govemors12020.' thre4. The remuneration lor Ihe Senior Management Team lor the group was.. 2021 2020 Senlor Managemenl ANALYSIS OF TOTAL RESOURCES EXPENDED 2021 Total Staff costs Other Depreciation 2020 (Note 6) (Note 81 Co$t of ralslng funds Trading costs of thè subsidiary 810 Charltable actlvlties Teaching costs Welfare Premises Trips arkl visits Granls, awards and prlzes Administration of the School Support and Governance costs 3ffj39,182 237,608 498.904 912,319 209,096 1.099,759 34,324 86.512 429,727 90,925 3,967,715 4,014.51Y 2,495 1,413,718 1,270.601 465,637 1,774.492 1.779,308 34.324 31,772 86.512 700.955 1,653 1,041,732 1,036,405 610,352 Toial for the Group 24 Cosis loialling £14,965 12020.. £14.31b) are inGILKled in the above Govemancè Costs lor payments towards the auditors.
SUMMER FIELDS SCHOOL TRUST LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 8A TANGIBLE FIXED ASSETS- GROUP AND SCHOOL Land & Assets Under Buildings Construction Plant & Machinery Fixtures & Fittings hlotor Vehlcles Tolal Cost I valuatlon Al 1 September Additions Transfers IdisposaLs At 31 August 2021 15,107,647 735,963 1.150.185 1.424,431 2.524,059 106,679 10 1,426.778 311,132 7,914 20.216.583 2.578.205 18418226 2620 169 1737910 7914 22 784219 D8pr8clatlon At 1 September On disposals Charge lor year 3,804,592 2.153,073 (10.569) 150598 651.262 5,410 6,614.337 {10.569) 560 710 31g332 626 Al 31 August 2021 4 123924 2293 102 741416 7 164478 Net book value At 31 August 2021 14,294,302 327,067 996,494 1,878 15.619.741 At 31 August 2020 IY.803,055 1. 150, 185 870,986 775.516 2504 13.602.246 The n¢1 bod( value of land and bulldings Consists almost entirely ol freehold buildings. In the opinion of the Governors the cost ol fr88hold land included wilhin the abov8 figure is not materia]. AU tangible fixed assets are held lor use by the School on direct charitable activitles. Three residenlid properttes In Oxford wllh a carylna value of £288k are currerttly pledged as security for the bank loan.
SUMMER FIELDS SCHOOL TRUST LIMrrED NOTES TO TrIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 FIXED ASSET INVESTMENTS Group and School 2021 2020 Quoted Investments: Investments al 1 September 2020 Purchases Dlsposal proceeds Realised gains Unrealised gains l (losses) 1.915.231 2, 176.519 1,736,156 {1.341.466) 87,904 363 326 Balance at 31 August 2021 Represented by: Quoted shares and Government StkS 2761151 Y 915231 HisloTical cost ol shares 10 STOCKS Group & School 2021 2( Stocks 11 DEBTORS Group School 2021 2020 2021 2020 Tradè debtors Amounts owed from subsldiary Olh&r debtors Income tax recoverable Prepayrrtgnls and accrued income 95.168 44.576 95,168 44.576 5,606 49.931 5,336 52,234 49.931 30,308 5,336 174 132 061 44 52,234 30,308 132061 Trade debtors are staled after impairment provlsions totalling £3.764 (2020."£6.767J.
SUMMER FIELDS SCHOOL TRUST LIMrrED NOTES TO THE FINANCI L STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 12 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2021 School 2021 2020 2020 Loans and overdrafts Trade creditors Pension liabllilies Other lax and social security Accruals Other creditors Deposlts Deferred income Fees in advancg 54,264 330,765 75,674 183,066 90,196 23,714 508,513 264 330,765 75,674 183,066 90,196 23,714 508,513 136,216 76,088 136,216 76,088 353,055 353,022 11,512 11.512 502.924 502,924 7,324 7,324 1110001 780947 947 Deferred income consists o18ubscriplions lo the swimming pw)ol club relating lo a future period. Movement in deferred income". At 1 September 2020 Ami)unts relunded Relea88d to income At 31 August 2021 324 13 CREDrroRS: AMouHfs FALLING DUE AFfER MORE THAN ONE YEAR Group & School 2021 2020 Loans and overdrafts Fees in advance 516,274 The aOnI ol the bank loan repayable after more than 5 years is £286,632. Final repayment is due in February 2032. Interest is charged at a fixed rate 012.45 /4 per annum. 14A NET ASSETS OFTHE FUNDS OFTHE GROUP AND SCHOOL Tho Group and School's n8t assets belong to the various funds as follows- Fixed Investments Net Current Long Term Assets (Liabilltles) Liabilities Fund Balanceg Endowed Funds Reslricled Funds Unrestricted Funds 2338 2,761.151 174.416 55,426 2,955,905 55,426 13 393838 15599403 55 Group and School 15619741 1 424111 551612 1 151 16405169 26
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SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 15 RECONCILIATION OF GROUP INCOME TO CASH FLOW FROM GROUP OPERATING ACTIVITIES 2021 2020 Nel incoming resources Investment income DepTeciation charges Decr8ase I Ilncreasel in stucks Ilncreasel In debtors Increase l {Decreasel in creditors 886.813 (16,613) 560.710 8A50 (35,484) 489.202 1.268.273 (74,875) 515,994 (2,583) (76,726) (521.530) Net cash infiow from operating actiirities 16 ANALYSIS OF CHANGES IN NET DEBT At 1 September 2020 Cash Flows In year At 31 August 2021 Cash 1,110,832 (492,666) 61B.166 Loans falling due wlhin one year Loans fdling due after m8 than one year {54,264) (54,2641 516 274 Total 17 CAPITAL COMMITMENTS Ai ihe year-end ihe following was authorised and contracted for, but nol yet completed £Nil (2020.- £1,276,301). 18 FINANCIAL COMMrrMENTS The lulllre mlnlmum lease paym8nt of th8 gmup undèr non-cancenable operating leases, in Tespect ol other equipment. is as follows.. 2(r21 2020 Payable within 1 year Payable btheen 1 and 5 yeS 63,9 48,206 12 19 GOVERNORS. LIABILITY In the event of the School being wound up. the liablllty of each Governor is limited lo one pound. RELATED PARTIES De[1$ ol the transactions bgtween Summer Fields School Trust Limited and its subsidiary, Summertown Sport Enterprises knmiled ¢an bo found in note 5 of these financial statements. Summertown Sport Enterprises Limited did not trade in the year to 31 August 2021 and was dissoed 1 June 2021 Donallons totalling £Nil (2020.. £40) were made by Govemors during tho year. lo The Maclaren Foundation. 29
SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2(Y21 21 PENSION SCHEMES The Schoo] partlcipales In the Teachers. Penslon Sch8mg Ilhe TFS'I for ils teachlng staff. The pension charge for the year includes conlribulions payable lo the TPS of £563,11412020.' £553,444) and at the year-end £61,964 (2020- £62,060) was accrued in respect of conlribulions to this scheme. Tha TPS is an unlund8d mulli-employer defined benefits pansion schèm8 govèrned by The Teachers. Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulatlons 2014 las amended). Members conLribule on a'pay as you go" basis with contributions from members and the employer being credited lo the Exch4uer. Retirement and other pension benefits are paid by publi¢ funds provided by Parliament. The ernF0Yer contribLrtlon rate':Is set by the Secrelary ol Slate following scheme valuatlons undertaken by the Governmenl Actuary's Department. The most recent actuarial valuation of the TPS was prepared as al 31 March 2016 and ihe Valuation Report, which was published in hAarch 2019, confirmed that the employer contribution rate lor the TPS would increase from 16.4C/o to 23.6Y. from 1 Seplember 2019. Employers are dso required to pay a scheme adminislralion levy ot 0.08Yo giving a lolal employer contribution rate of 23.68%. The 31 MaTch 2016 Valualion Report was prepared In accordance with the benefits s81 out in the scheme regulations and under the approach specified in the Direclions. as they applied al 5 March 2019. However. the assumptions were considered and set by the Department lor Education prior lo the Tuling in the 'McCloudlSargeanl case.. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers. Pensions. On 27 June 2019 the Supreme Court denied the governmgnl permission lo appeal the Court of Appeal's judgment that Iransilional provisions introduced to th8 reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court's decision and has said it will engage lully with the Employment Tribunal as well as employer and member represenlalives lo agree how the discriminations will be remedied. The gov8mment announced on 4 February 2021 thal11 intènds lo proceed with a dolerred choico underpln under which mombors will bè able to ch005e either legacy or reformed scheme b8nefils in respect ol their service during the P8Tiod between 1 April 2015 and 31 March 2022 al the point they become payable. The TPS is subject lo a cost cap mechanism which was put In place lo protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, hawng in 2018 announced Ihal ther6 would bo a ievlow of thls co81 cap mechanism, in January 2019 announced a pause to tha cost cap mechanism following Iihe Court ol Appeal's ruling in the bclOud/sargeant case and until there is certainty aboltt the value ol pensions lo employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following ai review by the Governm8nt Actuary. The consullatlon closed to response 19 Augusl 2021 and ihe Government is curnntly anYsing the responses. In view of the above ruling$ and dèclsions the assumptions used in Ihe 31 March 2016 Actuarial Valuation may become inappToprlale. In this scenario, a valuation prepared in accordance with revised benefits and suilabty revised assumptions would yield dillerenl results than those contained in the Actuarial Valuation. Until the cost cap mechanism remew Is comploled il is not possible lo conclude on any financial impact or future changes lo ihe contribution rates of the TPS. AccDrdingly no provislon for any addilional past benefit P8nsion costs is included in these linancid statements. 22 FINANCIAL INSTrUMENTS Group & School 2021 2020 Flnanclal Assets Financial assets measured at fair value 2 761151 1915231 Financial assets held at lair alue include quoted assets held as investments. 3(J
SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 23 CONSOLIDATED STATEMENT OF FINANCIAL ACTNITIES FOR THE YEAR ENDED 31 AUGUST 2020 Total Funds 2020 Unrestricted Funds Restrfcted Funds Endowed Funds Note INCOME AND ENDOWMENTS FROkl: Ch8rllable Actlvitles Fees receivabl8 AncillaTy Irading Income 7,103,700 634,759 7,103,700 634.759 Voluntary source8 Donations 45,102 1.282.882 139.480 1N67.464 Government Grants Coronavirus Job Retenlion Scheme 135,697 135,697 Investments Investment income 2.623 72.252 74,875 Other irading activities Non-anclllary tradlng income 101 374 101 374 Total Incom8 9 517869 EXPENDITURE ON: Charitable Actlvltles.. School operating co$ls 8.147,797 84,961 16,028 8,248,786 Ralslng funds Exp8ns8s of Ihe subsidiary 810 810 Tolal Expendliur8 8148607 8 249 596 Net Incoming funds from operations before transfars and Investmeni gains 1125,3521 1.270,178 123.452 1,268,273 Revaiualion ot lixed assets 619,171 619,171 Nel galns on investments 1261.298) {261,288) Transfers between funds 15BIC Net movement In funds 493.819 1.270.173 {137.8361 1,626,156 Balances brought ronard at 1 September 2019 10509452 363310 2 568 208 13 440 970 BalanGe5 carried forward at 31 August 2020 15A 31
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