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 t￿ard. 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.
Aernur￿rat1CV7 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 A￿epted 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 eXpl￿ned 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
L￿thers. 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 v￿th 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 lOd￿OWn, 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 A￿deMiC 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. t￿t 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 restri￿lOn$ 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 Unr￿triCted 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 facI￿lieS 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 refU￿1$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. wh￿h 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 ServI￿S 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 CU￿ent 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 r￿uIreMeNts 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

INDEpENDE￿r 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 tollO￿ng 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 alt￿natiVe 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 i￿ome
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
I1￿78,057)
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
cuRRE￿r 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
cRED￿ORS. 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 ASS￿6
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
cuRRE￿r 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 1￿me 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 r￿ed 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 nUm￿er 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 p￿parIng 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 r￿ed Inte￿St 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 nom￿1 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 ba￿0&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 b￿ance
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 V￿thoUt 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 liabl￿tIeS
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 Mate￿al
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 a￿O￿nted 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 re￿iVed 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 sp8c11￿￿IY 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 ex￿nseS
Operating profil
Glft Aid payment lo Summer Fields So1￿01 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 St￿kS
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 a￿O￿nI 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
2￿338
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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coin
io
lj ts4
¢]J
o)YJ o)

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
m￿8 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 ye￿S
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 disso￿ed
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 ernF￿0Yer 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 b￿clOud/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 an￿Ysing 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 ron￿ard
at 1 September 2019
10509452
363310
2 568 208 13 440 970
BalanGe5 carried forward
at 31 August 2020
15A
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