Comparhy No. 00553243 Charity No. 309683 SUMMER FIELDS SCHOOL TRUST UMITED GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR EIIOED 31 AUGUST 2022 INDEX Page 1 Govemots 8rKI ProfessiThwl Advisors Rep(Yt ofthe Bwd of Goverrnrs, rA>n5ts1ing of.. ststement of responsibilrties 4-10 GoverrKws' Strategic Rewt 11-13 lThJependenl AurJi¢rfs Report 14 ststement of Finan(xal Activiti¢s 1S Balance Sheet 16 Cash How Statemert 17.34 Noles to the AccAwnts *ABJFN68A4 2311212022 COMPANIES HOUSE A07 ¥29) SUMMER FIELDS SCHOOL TRUST LIIIIITED REPORT OF THE BOARD OF GOVERNORS The Govemors for the period Ur￿¢r review to the date of signirYJ the finan¢o1 slatements were.. "J R M Rooth BSC, MBA . A G W Beor-Roberts FRICS A J Chirnside MA C J E Ferguson MEng lapp(xnled 18 June 2022) P Mundy MA T E J Nolan MA (rth￿d 18June 2022) "109ifvie Thompson BA C Paterson MA. MEd lappointgj 26 Fetrw 2)221 'S R Peake Bsc . A E Reekes M.Res. FRSA {retir&l 18 June 2022) "J R M Rooth BSC, MBA "RDShawMA D E J Sichel MA, MB Bchr (Cantab). MRCGP. Dch "ACWSnowMA J Sfakianakis Ph.D C M A Sweelnam BEd "P H Weaver BA Chaimwi . Members of the Finarte and G￿￿81 Slxposes Commiiige The Company has no share Capital and (>)rwiuenlly none of the GDvernws tw any iniwl in any shares of the Company. The Govemors constitute direcl(n of the company for compan￿ Act 2006 wrposgs. Headma51er: DJCFaberMA Finance Director I Compwry S￿etary. C C Burton BA. FCA Operations Oireclor I Clerk to the Goywrnrs.. O J J Kirk BSC, MBA ' Principal & resisttr¥J offtr.. Mayfidd Road, Oxfcvil OX2 7EN Bankefs: A￿l&ti)r. Natwest Bank p Willow Court Minns Business Park 7 Wesl Way OxFord OX2 OJB Crm U.K. LLP 4ThFkn St James Htyjse St James. Square ctdlenham GLS) 3PR ProfessK)nal Advisrys ATchrtects'. Oxfc¥d Architects LLP agky Croft Hinksey H￿1 Oxfor¢l OX15BS knhitectslSurNeyrys'. Carter JI￿aS Anchor H￿se 269 8anbury Road Summertown Oxford OX2 7LL Savill$ Grwnd Floor. Hawkw Hwse Napier C(AWt Napier Road Reaing RG188W Legal Advisors: Gener4 and ad h( First AS5￿t (Capital wa Mafsh. Edu&ition Pract Capstal Htyjse. 1-5 Perymwnt Road. Haywards Healh. West Susy RH16 3SY Legal A(Ivisors'. General Wilhers LLP 20 (Jd Bailey London EC4 7AN Stone lQ"ng 13 aueen Square Bath BA12HJ SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS Tha Board of Gov¢mors prosent tr￿1r Annual Rem and the auditod Fknancial Statements for the year ended 31 Augusl 2022. The Fina￿101 Stalemenls have been Fwared to compty with the Company's Memorandum and Artid8s of Assockition dated 12 August 1955 as amended. ap￿ICable AccoJnl1￿ s￿￿lar0$ the United Kingdom, Charities SORP {FRS 102)- ACCI￿ntir0 and RepYxb"ng by Charit*s". Ststemenl of Recommended Pract applicable to charIt￿S preparing Ihwr ￿%￿jnts in acCOrda￿e with the FInar￿la1 Raporting Standard applKablo in the UK and Republ￿ of Irelar•J (FRS 102) (8ffoth"ve 1 Jawary 2019), the Financial R8FL)rts"ng Standard aptAicabb in the UK arvj Republ￿ af Irdand IFRS 1021. GOVERNORS. REPORT Status •nd Admlnlstrallon SumThr Fields Sehool wa5 founded in 1864 by Mrs Pwchibald M￿￿ren. 11 is a regstered charity (No.309683) and was irwrx)rated {No.005532431 under ￿ Companies kt 1948 ￿ 12 ￿J￿$t 1955 as a Company limited by guarantee and not having any share cawtd. In thg gvent of thè Company being wound up the liability of every Member is limited to one pourKI. The sc￿ g¢)¥emed by a Board of Gwemofs in accorda￿ wilh Artides of Asswation. Alms Summer Fields 1$ an independent weparattyy scFx>oJ f(* boys b8iw8•n the a￿$ of 8 and 13, the maioiity of whom board. In Soptefflbor 2018 the sth)ol also wned a Pre-Prep day sth¢xI for tws from Recèplion years. The Governors believe in Providi￿ the ful*t education experienc£ possible for all boys- boardjng and day- at Summer Flelds, as an excdlent preparatK)n for the next stage at an independent b)aTding school al age 13. The strategies we ad¢Jpt to meet this aim include ewiry fiTSt-dass slaff and providing gxcèll8nt aradomi¢. SkN)rbng. musical. cultural and relvJK)U5 fa)lIt￿$. The Board believes that the Srthooi achieved its aims last year IIYW outStarMlirKJ Scholarshlp and Common Entrance S￿$$. maintaining numbers and continuing to provhle a wide•rnnging array of activities and sw1. OrganlsJUon The GovefnwJ. meet three limes a year land ¢xcasK)nally at other times as may be appropriatel, are responsible for management of the School. but in praC￿e delryale the day lo day management to the Headmaster and 0￿ratIOnS Director (wl¥)m tw apr￿1Th1>. Withwi the School there is a Senior Management Team which meets weekty Itwwghout e*h tem) and assk%ts Ihe Headmaster. Together th￿ group are the key management personnel. The Govemors may apwint 0￿MilleeS. thg tx)mmitte8 boing the Finance and General Purp)se5 Comrniitee which meets shorty belore eath meetiro of Board arKI w•pares repr*ts or r8eornrn•ndalions lo the Board. In part￿ular on financial mattets. The names ol the GoverThys are set out on page 1. Unless served ttyoughoul the year. Rèmuneration is Set by Ihe Board. with ihe polty objective of provhling apwopriale in￿tiVeS to encourage enhanwl perf0mlan￿ and of re￿ardIng fairfy arKI restw)nsI￿Y i￿1¥Id￿ con¢ributions io the &hool's sucress. The appropriateness and relevance of the remuneralion polrcy is reviewed annually, induding refOrer￿ lo comparisons with olher independent schods. using wbldy available benchmathn9 data. lo ensure that Ihe School remains $ensitN8 to ￿ Ixoader issues of pay and omploymenl coThlitions dsevhre. Govomor R•crultrn•nt & Training The Chairman. with a NOmina￿nS Committee and the Headmaster. ensures thal the constituent members of the School's Board of Govemtys rewesent a tKoad spectrum of abilities and qualities arKI include fomier pupls and current pareths. New Govemors are appointed by the Board folknw•ing 8 pfoFrf)sal by the Chaiman after )nsultslion wilh the Committee arKI ts Headmaster. Al Governors are provided with an induction pack providing ngcessary bxwound materials. SUMMER FIELDS 8CHOOL TRUST LiIKfED REPORT OF THE BOARD OF GOVERNORS STATEMENT OF GOVERNORS, RESPONsieiunES The Chaimian is elecled by Ihe Board. 11 LS ajsiom also to e* a Victrchaimian. PAeelings of the Board are chaired by the Chaiman or in h1$ absen¢e by the Vttschaimian. Govemofs are perK*Jicalty encouraged to attend conferences or serninars. the costs are bome by Sthwl. From Ibme to tsrne members of staff We invited to address the GoVwrK￿. The G0Vemc￿ (￿ a￿ dire(l￿S of Summer Fiekls School Trust Limited for the purposes of wmpany law) are reS￿nsIble fcff prepaiirvJ the Govem(n' Anwal Report aTrJ the financial statements in accordance Mlh appluble law arky Uniled Kry(*)m Gen*ty knepte(i A(xxMJnting Practre (United Kingdom Ac￿Unting Standards}. Compary law rewires the Govem(Ys to yepare finaroal stalemenls for each fTrnanrAal year. Under company law Ihe Governrys musl not approve the fjnancral stalements unless they are satisf￿￿ that they give a Irue and faif vwl of the state of affairs of the tharitable company and the group and of the incoming resources and application of resujrces. indLKlirvJ the In￿Me and èxpenditu￿. of charitable for Ihat period. In eparing these finan￿￿ Stslemenls. Go¥errMys are required kn.. select slritsble ac¢ounting pdic4es and then ap&fy them consistenty." observe the mellY)ds and pr￿lpleS in the Chafitie5 SORP: make judgements and estimates that are reasonable and pNdenL state whether aPpl￿t￿e UK aCt￿ntIng slandards have been fdlowed. subi&t to any material departures disclosed an(i explained in fina￿tal slalements.. arNJ prepa￿ the fina￿[al statements ￿ the going concern basts unless rt is inapproprlate to presume that the charitable ￿rnpary will contirw in trttsiness. The Governors are responsble f¢Y keepirKJ adequate xcounting records that are suffKient to show and explain the charitable company's irartsactions. di5elose wrth reasonable accuracy at any time the finanaal position of the charital)le compary and enable Ihem to ensure thai the financial slalements (xlmpty ¥wlh the Companies Act 2006 and the pro¥￿IDnS of charity's ts)nstitution. They are also re5ponslbk for safeguarding Ihe assets of the charity and hence for laking rea$￿able steps for ￿ weVents￿ arKI detection of fraud and other irreguLgrilies. So far as the G0ven￿S are aware, lth is no re￿Vant audit N)ftyrnknn of Wh￿tt the Charitable Comparfs auditors are unawwe. The Governors have taken the Steps ihal they ought lo have taken in crfder lo make themselves aware of any rdevant It informalK>n arKI to establish that the Ctroritsble Compan￿$ auditors are awa￿ of that information. SUMMER FIEU>S SCHOOL TRUST LlhirrED REPORT OF ThE BOARD OF GOVERNORS GOVE Publlc The Governors confirm that they have ¢tymplied with I￿r duty under SeclK)n 17 of the Chariks Act 2011 to have due regard lo oJblK benefit guidance publtshed ty the Charity Commission for England aThJ Wales. The School's oblectNe has been the a[fvanC￿enI ofedu¢abon fty Ihe put￿￿ benefii for more th￿ a century now. 1. Education". tknirKJ year the ScMw)I has ed￿lted 340 boys. The academic stw¥Jard •chieved was very high- See the Review ofktm.ties and Achievements bel￿￿. All leaver3 gained entry to the leading senior schod5 of their choi￿. and the Govemors roted that during the year many Old Summerfieldians went on lo leadiro universities induding OxfNd and Cambriijge. Boys al Summer Fields are well grounded in linter alia} sC￿nCe, Mathematics ar￿ Languaw and many conlinue with these challenging subiecis. which are rewrted to be in dedine nationally. Boys at the scho￿ are well placed lo pursue higher and further education to a level. will enabk t￿rn in later life to make signlficanl and worttrhyhile contritth'or6 lo the common g¢)od. as many of ther ￿ede￿$sor5 have already done. 2. Savin to b1￿ ex ense: All the trws educated through the generosty of Iheir families and oiher benefactors and at no eost lo the wblic. The Sthool recepies no grant from the Exchequer. holarshi s and bursaries: The Sthool, assistance frc¥n ihe Madaren Foun(lation. was able to provide means-lested schLYwsh4)s and burswies for 29 boys.. this assistsnce amounied in lolal lo £352.123 (2021." £361.334). The School intends. subj￿1 to wevailing economic condition5 oulshde tts control, lo increase ts scale of similar a5515L￿Ce in future years, and lo continue to publici5e thè availability of rr*an5-teste(I I￿rS￿leS on its website and in relevant Fwblications. 4. g&: Tr* School hasarraryd [￿lts plawng fiekls. fves courts, fwest school and s%•immN)g pool to be used byothw sChC￿ls. Flay wps 8nd a chur¢h., and scccerarny cri¢ketfixtures are promoted. The Sch¢Y)I ￿ntInueS to host UK Maths ChalknJe. These have been madeaval1ab￿ with￿1 harge. In oddilion, thal residents have been afftyded use of the School's irdts)r s*thmming pool, a local fives dub is afforde(l us¢ of the courts School's theatr& is used by a drama workshopftheatre ¢harity. Local resKJents are often invited lo attend musical. drarna￿ and artkslic events and exhibitions. Boys on mustal performaft￿ retirement I￿rneS Nthling &r MKhad Sobell House. to (Xtrws.. The SchocA oNws*s a wmber of ch*itat￿0 *tr¥it￿. allhwgh the reStr￿ted 8ccess lothe s¢￿01 and C¢)vid-191(xkdowns severety lim.rted theab￿ty to raiselunds. In Iheyear ended 31 August 2022 collections for charity. induding thapel colleclior6. amoumed to £4.167 (2021.. £1. 161). which supported six charf(ies I￿uding UnThf. Kids Canw Trust. Jeans for Ganes, Macmillan Cancer Care. Wetand Wild and the DEC Ukrair*Appeal. A fvrther £2.201.30 was raised for the UNICEF appeal for Ukraine. The Schod entered the sponsore(l Oxford Tt74vn and Gown 10k run. raising £3.470 for Muscular Dystrophy. The collectv)ns abo induded amounts raised by the Pre-prep throu9h their movig nKJht and jumper day. The Sclthl cyrrenty hdds £1.559 of Ihe Prwep Ix)Il￿tiOnS awaitsng dlocalion to the charrties which they choose to support Révtow of AGtlvltiu and Achlevements The acadernic yew eoncluded wth a vKsf( in JU￿ from the Independent Schools Inspectorate (ISI) for a futi Focused Complia￿8 and EducatK)nal Quality Inspeth'on. sthool had last ￿ a Compliance inspection in 2017 and an educaliond inspection in 2014. Five Inspec￿ sm sevwal days in the school and ttle Focused ComplianGe InS￿l0n louTrl the schcd to be fully complwil in all areas. The Educational Quality Irjspection assessed the school as 'excellent'. the h￿jhe$l rating possib￿. in the key a￿a5 inspected: (a) the achievement olthe pupils. induding theiracademK development and Ibl the personal development ofthè pupils. The rep(Kl contained much further waise about the athEvements arKI personal development of the pupils. The school year started, for the fvst time in two years. wth a much greater sense of ncrnalty in respect of Covkl restrOc¢ions. While a few measures that had been implefnented during the pandemic remaine(l in tyaee lone-way systems, a caution around visitors to the sctD)l. etc.) by arml large everyday lrfe retumed lo rk)rffl81 and the majc*lty of measures were removed. Sthwl sports fMtureswere resumed. as were parenl meetings, prospectNe parent viwts, c￿pe1 wvices and s¢￿[ assemblies. IscAalN)n rules *tre relaxed and asymplomati¢ lesting SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS VERN ' STRATE PORT Ceased. There vme a handful of Covid cases Ilywghout the MK*aelmas leTm. among both pupils arwj staff, and remote leamiTh3 (via INe vxleo tr)nfer￿￿ln9 of Iw1at￿ed lessons) e4)ntsnue(i to be providèd. often at very short olice. for those pupits WI￿ tested posilrve for COVKI. Teaching task5 and assignments were provided lo pupils at home the Firefiy plaNtYm. as was all n￿sary pastoral sutwt. The school leadership cthinued to tske on bo*d all statutfry a￿¥￿e arKI gumlancg. especkqlty froffl the local health ond edWat*￿ authontEs in OxfNdshire. Al were wxlated in &rAYdarre ¥thh nalKJnal guldance. SenKY schools again Ihis year ageed a de￿e of ￿llYde in hon￿Jrir*J corKli1￿nI offers that had already been rnade lo the Year 8 c4)hryt. There were again several dsfferenl mo(lels of senioi school exam5. Vlith some holarship exams bein9 taken al Surnmer Fthls and others at the senic* sd￿1. candidates sat Comrnon Entrarte al schocl. arKI markMYJ vrds again uNlertaken both al Summer Fields and senior schools. All tjoys passed into their first of schcd. erther by way of scholarship. Common Enlran¢e or Winchester Enliance," Ih8re V•*re several oxceplionalty strong performanees. Orte again. wth fvrthof in¢rea$e(l usa of Ihe ISEB Common Pre-Test by senior schods as part of their adrnissions process, almosl all boys sat the ISEB Pre-Test in Year 6. Morè than ever. it remains the school's aim lo maintain its very strong acadernK rewtation by onsurirg that boys continue lo ach*ve ￿￿ta￿ling results. passirYJ into the lop senh?r s¢￿15 in Ihg C(￿ntry al the erKI of Year 8. school enjoyed anrther vejy siKcessfvl set ol sclklarship regjtts and. wttile not quite in the same quantity as last year's outstandirKJ rttord, Ihe qu81ty was ￿1sta￿lIng. In all, 11 boys Oasi year 151 won 11 award$ (lasl year 16}. These included.. three Kin¢s Schol*ships. the Martineau ExhIbit￿n and a Music Scholarship to El￿. an Aeademic Sctrnlarship lo Winthester. ts¥o Swt S￿￿larShipS, an Art Scholarship and a Music Exhibition to Harrtrw: a Drama Schol*ship to Uppingham arwj a Music Exhibit¥￿ to Radley. Boys who left this year went on io the I￿1￿￿ng senKy schools.. El￿ 3Yh127%1asl year). Harrow 20%118%1. WSnchesler 16QA110%1. Radley 7%17%). MarIl￿￿9h 5%14%). Rugby 3%.. also to Bri￿on. Lyceum Apinum zL￿Z. Magdalen College Sthcd. ￿ndle. Severnaks, Shrewsiwry, St￿, uppIngh￿ and Wellinglon. Thefe were again few opportunitw fty pupd5 to take part in academiG rx)mpetitKJns ￿ted at other schools. However. SuMmerr￿￿[ans enjoyed arH)ther very strory yw in the Junwy Maths Challerse." the largest ever fteld ol Summer Fidd$ pu￿.15 achieved a re¢xrfd 49 gold medals. 30 silver and 32 bronze: in arK•ther new record. 26 pupils qualffjied for the Karyroo found arbj seven for the top-lier Otympiad round. placing them in the top 500 in the country in Year 9 or bel¢M. It was another wod year for I￿)Se Summer F￿ld5 pupils entered into the Townsend Warner Fhsttyy Prize. Thts year, iwelve out of 20 candKlates qualified fty the Round, plao'ng them wrthin the top 2￿1 of sorr* 1.000: one Summerfi8ldian came 31$ ovw41. Both a Wrrter-in-Residen¢e and Atb"st-in-Residence wll relum in 2022-23. Ihe standard of pupils. wt continues to be very high. boy gain1￿ an Art SC￿larShiP to senior school. One Year 5 pupil had a painting displayed on Magdalen Brty. on May M¢)ming, having an Oxf¢xd City Counctl art compgtilion, while other artists had arts¥ork a¢￿PIed fix Ihe YOUNJ Art Oxfryd fjxhikn'￿n al the Ashrnokan. Musital participation and athievemenl. bolh irstrumental and choral. retumed lo pr￿Pa￿leMIC levels. Many pupi15 achieved strong grades in ABRSM exams across a broad rarwJe of inslruments. wth some again inning music awards to Sen1￿ schools. The school enioytsj ts first all-school Summer Concert for three years as well as Tnany other instrumental c*)ncwts. A grcup of pupiL8 attended the Radley Prep Schools. Piarto Day. While the Chapel Ch(xr did not wf¢xm at any extemal venues thts year, il wa$ good to have the WI￿18 5¢hool b* in chapel, the wee￿Y *r￿ShIP SUPF¥)rted by the choir. HighlI￿ts induded Remembrance Sunéay. Harvest Festival, Carols ty CarKlleligh( and the schcyjl's Carol $￿Ice$. There was no Confirmalron service again this ygar, but a ￿0UP of tws *ill be (xlnfrmed at Summer Fièlds in 2022-23. LAMDA lessons conlinue to be eXception￿lY popular arKJ the number of Pu￿.15 taking lessons has again this year. achieviNJ outstanding results in their LAMDA exams. In the summer t￿M alone, out of 26 candidates, 22 a¢hieved a Distinction armi Ihe other four a hvJh Merit. Four Year 8 pupils a¢h￿Ved a Dislnction at Grade 7. takn'ng a Shakespeare exam rwised by Ofqual as AS levd standard. One Year 8 pupl gained a Drama Scholarship lo his sentc* s¢h¢)ol. SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE 80ARD OF GOVERNORS GOVERNORS, STRATEGIC REPORT Contlnued Sport eonts'rwjes to fiowi8h arKI the again eniwj a SUc￿$￿J1 football season. 7Mth school fixtures back lo normai. In all. 2S teams throughoth the school rlayed in a totsl of 182 matches {174 in 2019. Ihe last comparable year} with an overall win rale of51%. dovm from 55% pre4kX￿1y. The schooj a98in acted a5 8 host venue for the region￿ qualrfiers of the Urnler 13 National IAPS Si%4¥sMfje toumament, the 1*t Vll ￿st narrowly failirKJ to qualfy for national finals. The 1¥ Xl again Gompeted in t1￿ schools, ISFA Cup. The u￿er 11 year group enjoyed a particularfy successful season. winnry 80% of their matches across fNe le￿8, and wmpelirwJ in a rewnal IAPS ￿rnaMent at mil1f￿kfj Scho￿. It was erKouraging to see parbcipalion levels fw fothll ttrmyJhout the school rise a￿1n after Covid,. the number and high qualty of school's pitches conliThJes lo allow this level of parb"cipalion. Some'lowerf learns often play against'higW teams from other sC￿￿S some match days as marry as t4venty tearns look to the f￿1￿. The school again Ib)sled its Very suC￿$1vI annual Urrfler 8 Football Festival, wilh 17 teams ffom ten SCh￿IS compeb"NJ. The rugby players enpyed the ffirsl uninlemJpled season since the Lent term of 2019. arwj the schc4)l enjoyed success on the pitch,. the Under 12 and Under 13 year grcwps conlinug to play within their own year group onty. Nineteen leams la re¢)ydl rewesenled the in 124 matche$1104 in 2019). recording an excellent win rate of64% (52% in 2019). Colts year group was again very su¢cessfvl. w7nning 71 % of their matches overall. Hockey continues to grv* in stature arwj ￿PUlar￿ty at ts sclKK)I, arKI rKreasing numbers of boys choose to play hockey in the L￿1 term: Ihere are C￿eSpo￿lin¥Y ffKxe fLXtures and four leatr￿ (one more than previo¢JstyJ represented the schts)l Suc￿$￿IlY. On more than one occasion the schcd ptsl ¢yJI 18 teams across rugby and hockey. ensuring that every boy was <)n games c¥)mpeled for the sctK*)l. After consocubve Covid41ectsd crtht s•as(￿. ￿ Ixicketers were able kn compete again. bul no longer Flaying in 'bubbles'. The S¢￿1 enioyed a successfvl cricket season overall. especially in the junior part of the school, wtnning 56% ofall matches played {50% last year). The W weather ￿lI￿d to ensure Ihal in all 21 tèams represented the school in a totsl of 191 schod fixtures- (¥>mpwed to 140 in 2021. and 119 in 2019. the last year b8f¢ye thfr parKlern￿. The Colts A team won all 16 matches played. induding a very Su￿sSful ttyjr ￿ and around Edinburgh. receiving a vwy wam wekorne artd outstanding hospitalty from fwe lo¢a* pffjp schools, as 4￿11 as club sides al The Grange and Carlton. Overdl. fNe Colts teams won of thwr 40 matches. The Under 10 year group won 68% of their malcFks. and Forformed strorKJly at tr40 senw school t￿maments al Stowe and Sl Edward's. In the Pre-prep. the Under 8 team also enjoyed a SUC￿$ful season. One of Ihe sp)rkn"ng hbJhlights ol Ihe yèar was urxdwbtedy once aoain the athletics season. In the ten years pre•Covid. the S¢￿01 had aWy5 ccKne 1* or > overall in the athletics meelings attended., in 2019. the school came in 1# place in all meet1r￿. This yaw school again achievod a d8an sweep, compgling in thro0 major meelings during the summer lerm (Ihe fysl ccrfning 1.044 days after the last ￿Mpeti.1￿e f￿t￿re1. Over the course of the term, Summer Fidds eompeted against a lolal of 21 0th8r schools, in up to flve age-wp Categor￿ al each meeting. Th8 team also the Mai￿rty ofage-grwp compe1rti0￿ al each meeling, as well as winning the ovtral on every txcasM)n. Severdl new schod reLX￿$ **re sel ovw the course season and 16 pupils and a rday team qua1ffj￿d lor the IAPS Mercia Regional ChampK)nships. where Iwo rwds (Under 13 Shot Pul and Under 14 Discus) were broken by Sumrnerfielth"ans. Twefve pup"Is qualified for the IAPS Nat￿31 champ￿nshIps, winning Iwo silver medals aTrJ gold in the Under 12 Nati￿￿1 loon￿tres. Old Summerfieldian Tade Ojora becam& the UK Men's 11 Om Hurdles champion and reacw the $em￿finalS at the Commorwhh Garnes. Another sporting highli9hl was the schod's tennis season, the mosl suttessfvl for the school in recent mefnory. Tennis continues to be extremety popular, Mlh many boys having coathing and several pupils competing in County and regonal l¢)umamenls oulside $c￿xI. This year the tennis team won every malch. arld came 111 in every iournament in ￿lch they competed. induding the anruJ81 prep sthol$' tournamenl al Radley College. SUMMER FELDS SCHOOL TRUST UMITED REPORT OF THE BOARD OF GOVERNORS GOVERNORS. STRATEGIC REPORT The S￿mmIng team enjoyed a succ*ssful year. Sevwal PU￿lS tran Vrilh the Cty of Oxford Swmming aub and represent the club ai regional an¢J nathywl level. A group of puills qualified for the IAPS Regional championships. and then the Nat￿nalS hdd al Ihe Nalional Aouab"c Cenlre. Ihe London Otympi¢ ￿￿01. one swimmer qualffied ￿ in Ihe country ￿ the Under 12 50m t*easlstroke. The uoss country team also achieved success, competiro in severat Meetings arml winning Wd medals at both The Oratory School Greyhound face aNJ the Si Ethlard's relays. A var• of IndNKlual **re again ￿3Ye￿ at Summer Fields during the year. The squash and Eton fNes courts were back in action. and Ihe golf cwrse reopened for play. Al Ihiee teams started playing school mal¢hes again, induding the golf team al the annual SIcAve Putter. ttle fives team at both Under 11 Nationals and ts Prep School FNes Toumament. One of the major hithlights oltt* year is aw5 the sclwjol's partripation in the Oxford Town arml Gown 1 Ok raee in the Universily Parks. avrays held in aKJ of Muscular Dystrophy UK. As a result of Covid, this year the junior race was hdd in the e(yJrse of year. Ath(xJgh the adult race was re4ntroduced last year in The Parks, the school offefed lo host the juniors. ra￿ al Summer F￿1￿$ in the Michaelmas lem. A large fidd of Summer Fields puplls Joined many other children in (*mpeting on the 3k ￿158, followiro osjr own cross- county roule. It was a very successful event and that schod Was wam)ly thanked by MDUK for stepping in to ersure that the rac* coukl lake place. In the Summer temi, both races ortt again held ￿ The Paths. The entere(l ILS laroest ever field of runners in aid of MusoJlar ￿trOphY. v*ith one pupil corning W ovefall (in a field 01356 junkjr athletes) and 111 In the 9-11 boys, cale9yy. wIMle anotlw pupil also won the boys. 12-13 catsgory. As in wevious years. the schod again hosted a ￿preSentatNe from MDUK to addfess whole school in an assembly, award the schoos the prize for Ihe largest schcd enty and receive the £3,895 raised on the day. During the Easter holidays. a senior member of staff. along ￿th two sefthl parents, eornWe(i in the worfd- farnous Marathon des Sables in MorrK(x). pythbly ihe tOU￿e$l endurance Tact in the world.. 230 kms in the deserL spread over six days, carying yow own krt and camping out al nMJhl. Running in aid of Macmillan Can￿r SupF*)rt. in a field of some 1.000 Intemat￿nal athletes. he carne in 1￿ place. Al Ihe S￿ of the summer holidays, the same member ot staff aTrJ a￿ther cxjlleague ran a 2*trhcwr er￿uranCe raee the leftglh of Hadrian's Wall. from wesl coasl lo east, rwsing money for The Roya Marsdgn Cancer Charity and the schooj's own Madaren Foundab'on. In terms of school trips and visits cAJt of sthool, it was very much a yw of'retsJm to plal. Year groyp resmlentials returned aThJ ¥*tous year wps dKI make the fwsl extemal day vtsits a¥ay from school for the first lime since 2019. to venues such as Hamplon CtyJrt Palxè. the Ashmcdean and the T¢>wer of London. A group of Year 8 pupils. posl4x8ms. ts4eHed to Yr*es. where Ihi5 year Ihty ￿re invited to form the guard of honour al the daily Menin Gale Al le￿erS enjoyed an exten5N8 loavers. progr•mme, Ir￿uding visit to Williams Formula 1 fact￿. The %thole school celebrated Her Mai* the (>Jew's Flatirwm Jubilee. crealiTrJ an aerAI pholograph of Ihe whole school and enjoying a Jutm'lee tea. Visiting sF¢akers relumed lo address the school. induding an inspiriry lecture by Lucy Rivers4ulkèley, Ihe first %w)man to complete the four-des&l ullramwathon Grand Slam and lo dimb the highest peaks on e￿h of ￿ seven continents. The Year 8 wpils Ireated to a fas0￿1[r9 and moving Wjre by Helmut Caspar v¢Jn Mollke, Chair of Trustees of the Freya von Momke Foundation and a desceThJant of the great Pnjssian fidd marshal. He was a young boy when his p￿ntS Ihe ￿lsa0 Cirde at their homè. rK)w in Poland.. he described child memories arKI spoke of the histtyy of hks parènts, resiSta￿e to the Nazi regUDe, eTrJfftg with hls falheT' exution In January 1945. The School continues lo invesl h new wdeo. rectyding and rnr￿n9 software and equipment. The Video Production Unrt. whth films and Iwe Stre￿ many sclwl events induding matches. Concerts and plays, is well estsblished and whjely admireil by members of the school cx)mmunity and visrtofs from other schools. A detalled review of the SdKxA's actP4itss and a¢hievomwts is published in the School Wane. SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS GO RNORS. STrATE EPORT FundTal•ln9 Grant$. gifts and donations of £119.8k12021." £1.059.9kJ V￿re receprtd in the year. of which £89.7k {2021.' £90.9k) of endowed gifts were 10 5¢holar5hip$ and bursaries. £24.5k (2021.. £816.5k) of restricted donations were directed towards the Schwl envwonmenl. £5.6k were unreSIr￿1ed gifts (2021.. £53.6kl and a grant £Nil (2021.. £98.9kJ was received from govwnmenl for the Coronavirus Job Retention Scheme. As al 31 August 2022 amounts of £Nd of restrieled dorntm had been ￿edged lor r￿lPt in fuiure years. The year Saw a c(rtinLEd support for tr* schdarships aThJ i￿r5￿ endch*ed frjnd. The Mada￿n Foundation, the Income from which can supm a number of grfled iw would otherwise be unable to atten(J the School for finaroal reasrms. 11 Gurrenty supports. on averag8. seven or eighl 'scholars' and the objeclr¥e of the FtsJndation is to irKrease thk8 nurntw in fvhjre years. I fuTKlraising activiiies for Ihe School are carr*d ryrt by the staff wryth assistance from the parents and pupils with the running of specific fU￿1raisIr4j events. The School doe5 r￿1 use prOfesS￿n?1 fundraisers or have any ￿mmerC981 partKapal(Y5. PJI fvndraising actrvibes are managed by the development office and are monitored by the Headmaster. with overnll ovwyihl by memb¥s of the goveming body. No complaints rdaling to fvrKkaising acti¥rties been receNe(I by the SCI￿01 during this firAncial peri￿1. Fk)wever. the Schod has in ￿ace prc*edures that I￿Uld be follo￿d in the evént of a complaint being received with the initial respL￿e beirhj the res￿nsIbilItY of Operattons D[rect￿. Any continuing iSSL￿s would then be passed to the govwning Ixxly lo d￿t￿Mi￿ what further actK*n mitht be required. The Sthbool is currently regislered with the Fundraising Re9￿￿tOr as a ￿￿OnStratI¢)n of its Commitsnent lo good lundfaising. Registered organL8ations hefp womole best practice. ¢Jefend the sector and demOr￿trate compliance with the law. As a schcol we seek to iM￿eMent Ihe standards in the Code of Fundraising Practice, for example on data consent in relat￿n to fundraising. In parbcuLw. the School conS￿le1$ that its wocesses and controls should ensure that vulnerable people and 4Jther members of the public are protected from ary unreasonable intrusion on a person's prr¥acy and thot ￿ fvndra5sing acliviks I￿)Uld be unreasonably persislenl or place undue pre8SUTe on a twson to gi¥* mow or olher propwty. Obioctives for th8 Y•ar The Objectives of ihe School ￿ lo achwe its aims as described abovè consislenuy with its status as an incorporated eh¥ity and ￿thin the resources available, on an enduring basis. Thè Govemors bgligve that the SchTh)l ach*¥ed its obJe¢lives d￿1r￿j the year and is atrje to C4)ntinue to do so in th8 low temi. Towards those obieclives, the sthool envinnmenl ￿ntinueS to be greauy enhance(I by conlinuoug refvrbishment, upgradirnJ and bJil(Jing. In addibon to the annual mainlenance and upkeep of the Schts)l. there is an ongoing programme lo imp¥ove key areas, mlably Ihe bowding houses, dassrooms and recreational areas. whilst ensuriw the wovision of highest starKlard of19￿nM9 facilities and IT equipment. The summer saw furttrw inv8Stment li the Lws, acmnmodaf1c￿ arml slaff hcwJ5ing. Bulldlngs The School has ts)ntiTrJed lo mairtsin its bjilthros and faolibes to 3 h￿h slarKlard. to afford boys and stsff the best possible working. wltural and sFwJtiThJ erwironment. Futur• Dw¢lownffjts and Plans Having in April 2021 ¢ompleled a Mai￿ £2.Swn rapital woJec¢ The N￿chapte¢, the pfans forlhelulure continue to con¢onlrale on Ihe maintenance arKI refurbtshment of the existing SL*cd fabit aTrd fa¢ilit*s. inGludlng ongoing upgrades lo boarding kn4ge$ arKI staff housing. Meanwhle. ihe Govwnors and Headmaster conllnue to i(Jentify other areas of the sc￿ for possible Improvem￿ w developmenl. Finan¢lal Results The Schod recorded an increase in urr¢strtt#d furKls of £0.01m. Fee inccffie amounted lo £8.38m {2021.' £7.51m}. A summary of the financial aclivities is available in the Slalement of Financial AclNities on page 14. SUMPAER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS GOVERNORS. STRATEGIC REPORT Continu•d InV88tM￿t PowoTr. Pollcy and P•rf¢xmaTrc• The School's investment pcwers are ty)verned by its MeM￿an(lum of AsKtialKJn. T￿e pemirt funds lo be invested in or utK)n such investments. Secunt￿S or [￿pety as may be thoughl appropriate. The School has ReseThes & Irwegtmenls Po(iLry is re¥￿Ved every year. Ouring the year the SChfy￿ generated a totsl of £87,833 {2021." £76.6131 ol cortsolwjaled tnvestrnenl inctsne. movemènts in fLxed assels 8re slKh4n in r￿19 7 to ￿ fina￿1* stalements. In the opinion of the GOverr￿[S tr* rnarketvalue of the Schod's freehold laThY and bjildings is cons*knbty in excess of book value. All the fixed assels wned by the Sthjd are for the wrwses of the Sthool. R•Mrye8 l Funds The School's ￿SerVe policy is lo maintain SLrffiaent unrestricted irm reserves lo enable il to meet its short-terni financial Obli￿tiorts in the ev￿1 of an unexpected revernje shortfall. The Governors review the endowed. ￿strIcted and unrestr￿ed funds rewlarty. The movements in fuThJs 8re 8h¢MI in note 13 lo Ihe financial statements. Totsl fijnds of Ihe al the Year￿ slotrj at £16.4m {2021.. £16.4m} of £3.Om {2021.' £3.Oml is hek1 in endowed funds and £13.4m12021.. £13.4m) in unrestrided funds. 01 the unrestr￿10￿ funds. £15.2m12021.. £15.6m) is rewe5ented ty ihe nel book value of fixed assets. leaving ne9alwe free reserves of £(1.8￿ (2021.. q2.2lm). Thè negakn.ve reseryes are a consequence of School's investrnenl over the past fve years in the caprtd assets of the xhool. The Govemor$ are mindful ofthL% posilitin and *9 fookn'n9to make the reswes p)sitive ovor the loryerterm. vthi15t satiSf￿d thal the assets attributable to ea¢h fund are slill sufficieni io meet they 0￿19allOn5. Risk Mana9em•nt In the li9ht of Corporate GovernarKe guKlance contained within ts SORP, the Go￿￿T5 have eslablt5hed systems lo review the major Strateg￿, buSi￿$S and operational risks to which the School is exposed. Systems are establtshed to mrt￿le those risks aThJ wocedures have b8en IM￿mented to minimise ary potential impact on the School should any of those risks materialtse. T￿ pri￿1￿ risks and uncertainties facing the School include a changt in the P￿rt￿al dimate reg¥din9 charities and a d￿n-t￿rn in the popularity of tr*)arding. Detailed ¢ortsideralion of risk k% ddegaled ￿ the Finance aNJ General Purposes Committee. which rept)rts fomially lo the Governing Body M risk spriro. risk rnanapmenl process and tho resulting Report ntrf*s risks. assesses Ihwr impxt aThY like11￿ and. vthere r￿eSSary, recnmmends controls to mitigate and monitor risks that we assessthl as high. The generk controls used by the SchrA lo minimise risk include-. etali od lemis of refOre￿e I￿391h& wilh frmiat ag8ndas for Committee and Board actNity: Strategic development planning. reviewj annualty by the FirwKe and General Purtthes Committee." +>)mprehensive budgetirrfJ arTrJ managernent accwnling,. estsblished organisation81 structure5 arwj line5 01 reporbng,. fonnal written policies including clear autPKxisation and 8pw)va leveL%" and vètting procedures as required ty law for the protection of the vulnerabl&. Difjability Stst•m•nl Schoo% saeks lo achieve the obiectNes sel dcwn in the Oisabilrty OwiThllnaticm Aet 1995 and Equality A 2010, and in p8rtwlar makes th8 folkwirv3 cth Chalrman io INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUMMER FIELDS SCHOOL TRUST LIMITED Oplnlon We have au¢Jited ITr￿ finanual statements of Summor F￿dS Schtrjt Trust Limited for the year ended 31 August 2022 wthich comprise the Statement of FinarKial ActiV￿"e$. Balance Sheet. Statement of Cash Flows and notes lo the financial slalem8nts. induding sKJnificant accounling policies. The financial reporbng framework that has been applEd in their preparal*)n is applicable law and United ￿t￿￿orn A￿ntIng StarKiards, including Financial Reportin9 Standard 102 The Financial RewrtirKJ Standard applicable in the UK and Republic of Ireland (United Kirudom Generally PLcepteAI ArLwntirMJ PractKe}. In our Opini¢￿ the financial statements: gNe a true and fair Vie•¥ of the state ofthe ￿antaI￿o affaws a5 at 31 August 2022 and of it$ inrx)me and expeTrJiture. for the year then ended.. have been woperly wepared In accordarKe wilh Uniled KinL¥Jcvn Gerwalty kneOed Accounting Practice: and have been wepared in Ihe rewirements of the Comparies Acl 2W6. Basis for opinion We conducted tyjr audit in aco)rdance wilh Internatw)nal Standards on Au¢Jiling IUKI IISAS IUKII arKI applicable law. ()Jr responsibilities urKler those slarKlarOs are furthw described in the Auditor's resportsibilities for the audit of the financial slalements sth of wr re￿rt. We are independent of the charilable company in a￿rdar￿¢ with the ethical requirements that are relevant to our audrt of the finanekg151atements in the UK, includirKJ the FRC'S Eth￿al Slandard, and we have fuffilled our other ethical reswnsibilit￿s in aceordance with thtse requirements. We believe that the wdil eYKlerthx we have oblained is sufficiert and appropriate to provide a basis for (Kjr opini¢M. Concluslons r•latSng to going ry)nwn In audrting the finanual slalemenls. V+e have LX￿￿uded that the bijstee's use of 90iw concem basis of acC￿ntIng in preparation of the fi￿rtial swemenls is ap￿￿0￿late. Based on the work we have terforrned. have not Ajentified any rnaterial uncertainties relating to events or co￿litiOnS that. individualty or ¢dI￿tiVe￿. rnay cast s•3nrfKant doubt on the dwritat4e company's abilty to continue as a going conwn for a pernd cl at18ast t**lve monttB frorn when the financial statements a aulhorised for issue. Our responsibilities and the respcfftsibilbtte5 of the trustees with respect to Co￿•M are describ8d in the relevant ￿tiOnS of this report. Othor Informatlon The govwnors are responsi￿8 for Ihe oth8r infcffmation C(￿1￿1 within the annual report. The other inforrnation ￿priseS the irfomiation inchJded n the annual report, i)¢her than the finarKial stslements and our audilorfs rewt Iherton. Our I)pin￿n on the financial slalemenis dogs not Gover the other infoTmali¢)n and, ex￿p1 lo the emlenl othe￿bSe exrAiO￿Y stated in our report. wè do not express any form ol assurance canclusion rhweon. Our reSp(￿$1b1Ity is to read the other InfrKmalk)n wd. in doiry so. cornlder ￿ether the otr*r informalion is materially inGonsistent wilh the financial stalemenls or wr krN)vA* ￿taIned in the audit or otherwise appears lo be Material￿ misslaled. If we Klenlrfy s￿h material inconslstenc*s or apparent malerhql misstatements. we are required lo tjelermine whether thi5 gNe5 rise to a material misstatement in the financial slatemenls thomselvos. If. based on the wuk we have performed. we c¥Jndude that thgre is a rnatgrial misstatemenl of ihis other infCM)at￿. we are wuired to report that fact. We have nothing to report in tr￿5 fegwd. Oplnion8 on oth•r mattws pr•scrlb•d by th• Companl•s Act 21106 In our opinion based on the undertaken ￿ Ihe ￿L￿se of our audit inlormalion given in the ￿VerrK￿s. rewL whth indudes the dtreetors. re￿rt and Ihe strategic report prepared the purposes of o)mpany law. for the finartid yew forwhth the financial statements ar6 prèpared is consistent wilh the finanoal statefftents.. and slrategic repryt and the directors, report irK4uded Wbthin the report h￿￿ been prepared in accordance ￿th applicabte legal rwuiremants. INDEPENDENT AUt)ITOR'S REPORT TO THE MElJlBeRS OF SUMM&1 FIELDS SCHOOL TRUST LIMITED Matt¢rs on whl¢h we are reqUIr￿ to r•wt by •xupti•)n In light of the kftowledge and understanding of the ch¥itable company and IheK environment obtained in the course of Ihe audL we have not Klentifi8d material misstatements in the strategie feport or the directors, report Induded within Ihe govemors. repLYt. We have nolhirg to rewl in respect of the fdlwng matters K) relat￿n to whth the Companies Act 2006 requlres us lo rekx)rt lo you rf. in our opinw: adequate and proper *eounkn'ng records have r•)t beèn keptr, or the flnancial statemgnts are not in ageement wth Ihe accounting rec*yds arml returns.. or certain di￿OSure$ of govemors. rerThJneralw)n specrf*d by law a￿ not made,. or we have not received all the infom*tion and explanations requTr for (wr audil. Responsibilitles of tru$¢e•• As explained MO￿ fulty in the goverT￿. reS￿nsIbilrtIes statement set wt on page 3. the govemors l¥tho are also the directors of charitable company for the purFboses of c9)mp￿Y L￿) are responstile for the preparal¢on of the finanryal statements aTrJ for being satisfied that give a true and fair view. and for such inlemal control a5 the Iruslees delemiine to enable the preparathm offinanial statements that are Iree from material misststemert t*thettw due to fraud ￿ error. In preparing the finarKial slalements. goverrwJ a￿ reswnsitle for assessing the charitaNe wnpany's ability lo ¢onlinue as a wng ¢w¢em. di5ck)siThJ. as applicable, matters relakny lo going ¢onc4m and using the going eortem basis of accounting unless the trustees 8ither intend to liquxlate the charitable Company or lo cease operations. or have no realistic alternative bLrt to do so. Audllor's responslbilities for th• audit of th• financial statements Our objectives a￿ lo obtain reasonaNe assurance atoul whether the financial 8taterrthts as a whole are free from rnalerial misstatement. whettw due to fraud or error. a￿1 to i8sue an auditor's report that includes our opinion. Reasonable assurance is a level of assurance. txjt IS ￿ a guaranlee Ihat an audit conducted in accor¢lance with ISAS (UK) will ahvays delect a material misstatement when il exists. Misstalemenls can arise from fraud or error and we consKYered material rf. indNidually LY in the aggregate. they could reasonably bo expected to inffluence the economic decisior￿ of users laken on the basis of t￿ financial statements. Detsils of the extent lo the audTI was considered capabl8 of dete¢tin9 irregularibes. indudin9 fraud and non-c0mp1iar￿ wilh and regulatims are set out belN. A further descripiron of our Tespjnsibilities for the audit of the fin￿1?1 stalements is located on Ihe Financial Reportirwj Council's website al: ￿. .ukJaudit aiti . This descriplh?n forrns part of our auditor's repLvt. Extent to whl¢h the audft wa• consldorod Gapable ol d•t•¢llng Im9tslarltl•s, including Iraud Irregularit*s. including fraud. are inslaws of nwKofflpliance wth arKI regulaton$. We identrfi¢d and assessed the risks ol matenal misstatement of the ffftanci81 statements from irregularities. whelher due to fraud or error. and (Jiscussed belween our audit team member5. We then desKJned and perfcrn*d audit procedures resp¢)nsive to those risks, irtbudin9 obtairmng audrt e¥￿enCe Sufficient arNJ approproale to provide a basis for Our opinion. We obtained an ur#Jerstanding of ihe W and r￿latOry frameworks wiihin which tr* charitable Climpany operates. focusing M those laws a￿1 regULa￿nS that have a (iwect effect on the determination of material amounts and disclosures in the financial stslemenls. The laws and ￿Ulab.0nS we consKlered in this context were the Companies Act 2CrfX, ta￿?110n legislation, together with the Charities SORP (FRS 1021. We assessed the required ¢tynplrar¢e Ihese laws and rewlatlons as part of our audit procedures on the related finarKial statement rtems. In addition. we considexed provts￿n3 of Oth￿ laws and regulalK)ns that do not have a direct effed on the financial statements but compliarKe wrth 4thich might be fundamental lo the chafttable compary's 8bil(ty to operate or to 8vopJ a material penalty. We also eonsidered opp)rttJnities and Incentives that may exist within Ihe chafitable company f(Y fraud. The laws and rewlal•)ns we considered in this C¥￿teXt for UK Operat￿n$ were The Educabon (Independent Schwl Starwjardsl Regulations 2014. Audibng Star￿ardS limit tho required audit prwedures to identfy non-compliance with these laws and regulations lo enqury of the TfUStee3 arKt olher manauEmenl and In5￿t￿ of regulatory and begal correspondence. rf l2 INDEPENDENT AUDrrc•R'S REPORT TO THE MEIABERS OF SUMMER FIELDS SCHOOL TRUST UMrrED We idenlrfied the greatest risk of material impact Ihe financial slaternenls from irregularities, induding fraud, lo be within Bufsaries. Schrjarships and other discTrJnts and the overrKle of controls by management. C￿r audit pretedures lo respond lo these risks induded erNuiries of rnanagement and the F&GP Commitlee abwl their own idenlrfication and assessment of the risks d Irregularit￿$. sample testing on the posting ofioumal& designing audrt prrtedures tyer Bursaries. Scmarships and other (liscounts. revivMng accounting estimates for biases. revie￿ng regulaiory correspondence wih the Charity.Commission. Independent Schools . Inspectorate ariij Ofsled and reading minutes lif meetings of those charged with govemance. OM'ng to the inherent limitation$ of an audiL there is an unavoidable risk that we may not have detected some material misstatemenls in Ihe finanryal sialements. even Ihough * have property planned and performed our audil in accordance with auditing slandards. F￿ example, the further removed ￿n•com[￿lar￿ with laws and regulations {irregularitiesl is from Ihe events arnl trawctions refiected in the financial stalements. the less likely the inherenuy limited procedures required by auditing slandards woukl identify it. In additi(￿. a5 with any audit. lttere Temained a higher r￿k of r￿￿telect￿n (rfiThegularittes. as these may invofve collusion. lorgery. intentional omissions. misrepresenlalK>ts. or the override of inlemal c(y)trds. We are nol responsible for preventing rK)n￿MElIance and cannot be exFected b detsct nonwcAxnrAiance wilh all laws and regulations. use of our roport This report 1$ mad8 sddy to lh8 th¥itatAe comparfs mefflb￿. as a t￿, in accordance with Chapter 3 of Part 16 of the Companw Aci 2CK16. Our audit th has been undw¢aken so that we m￿1 slate lo the charitable companys members those matters we are requred lo stsle lo in an auditor's report and for no other pur￿Se. To the lullesl extent permrtted by law. we do r￿t accept ry assume responsibility to anyone 0￿r Ihan the charitable e4)mpany ar￿ the charitable wmpany'$ membern as a body. fr>r ow audil work, for this report. u for the opinBJns we have frymed. Tara West(x)tt S•nior Statutory Auditor For and on behaK of Crowe U.K. LLP Stslutw Ausknr 4￿ Floor Sl James House St James. Square Chellenham Gloucestershire GL50 3PR Date.. 19 December 2022 13 SUMMER FELDS SCHOOL TRUST LIMffED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 Oncorpornting ￿ Incomè and Expenditure Account) Unrn6tricl•d R•strfcted Funds Funds Endowed Funds Funds 2022 2021 INCOME AND ENDOWMENTS FROM: Charltable Activiti Fees receivable Ancillary trading irtom8 379.594 615,373 8,379,594 T.505,141 615,373 463.301 Voluntary sources t)onations 5,596 24.498 89.709 119.803 960.989 Government grants co￿aVIruS Jckn Retention Sthme 98,885 Investments Inveslmenl irD)me 87.273 87.833 76,613 Other Iradlng actlvltlos Non-ancillary trading inccvne 111475 111475 118856 Total Income 9112598 111 771 314078 922 ExpeNDITURE ON: Charltable Activilies: scho￿ operating costs 9.104.085 93.876 16.758 9214,719 8,336.972 Total Expendltur• 9 104 085 14719 8336972 P4•t Incomlng fvnds from operatlon$ before transfers and Investment gains 8,513 17.895 72.951 .359 886,813 Net Ilossesygains on investments 173.273) 173,273) 451.230 Trar￿ferS bekn￿en fiJnds 13BIC N•t movoment in funds 14.353 {1.308) 13,041 26.080 1.338.043 Balancas brought fovw¥rd at 1 Septwnber 2021 2 955 ￿15 16 405 169 1 Balancts carrlad forward at 31 August 2022 13A The notes on pages 17 to 34 form part of these Financaal Slatements. 14 SUMMER FIELDS SCHOOL IRUST LIMITED REGISTERED NUMBER OOSS3243 BALANCE SHEET AT 31 AUGUST 2022 2022 2021 FIXED ASSErs Tangible fLxed assets 15,191,154 15.619.741 Fixeil asset tswestrnents Other investments 17097.927 18,380.892 CURRENT ASSETS Stocks Debtors Cosh at bank and in haThl 24,146 347.148 24,146 309.771 10 1,327.C•O 952.083 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR NET CURRENT (LIA8ILme5) 424 711 TOTAL ASSETS LESS CURRENT UABILMES 1V95349 1&956.781 CREDITORS: AMOUNTS FALLING DUE AFTER MQRE THAN ONE YEAR 12 557 612 NET ASSETS RESERVES Expendable eThlowment funds Restricted funds Unrestrthd fur 2M88,946 54,118 2.956,905 55.426 13A These financial statements we apwed and *Jlhc*tsed for issue by the Bowd of Govwrws and wwe signed on their behalf on 18 November 2022. J Rooth Chairnian The notes ￿ pag•s 17 to 34 form pwt of Ihe Fina￿1 State￿nts. 15 SUMMER FIELDS SCHOOL TRiIST UMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022 Ir* 202t Not• N•t cash Inflow from: Operating acllvilles 14 485.867 1.833,078 Cash flows from financlrg adlvltl•s Interest received Inveslment dividerKIs Cash infiows from new borwing Repayments of borrowng 124 76.489 87.035 600.000 07 154.075) 570.538 Cash flows from Investlng actlvltl•s Paymenls lo a￿￿￿e fixed assets pr￿eedS from sale of inveslments Payments to acquire imiestrn¢nts {163.110) f2.578.205) 1.341,466 1736 156 N•t {outt14)w) from Inv•￿Ing athRI•s 2 9T2 895 1n¢retsd(D¢¢f•a￿) In in th• 337,620 (492,666) Cash b￿ance al 1 Soptember 2021 Cash balance at 31 August 2022 618 166 Thi5 cash Ilcw sL*ment also C¢M￿)se$ the fvll exlent d the arHlysis of MoV￿￿rtS in nel debt. The notes on pag8$ 17 to 34 I￿rn part of the FinarNial Slalements. 16 SUMMER FIELDS SCHOOL TRUST LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022 1. ACCOUNTING POLICIES a) Ch¥tty Inforniatlon Surnmer Fields ScFwl Trusl timited 1$ a registered charity wih Charthes C0mmw6￿n England and Wales (ch￿ty number 309683} and vras incorporated as a tx)mpany limited by guarantge Ic*mpany number 005532431 on 12th August 1955. The address of its wisltred 0￿e is Mayfield Road. Oxford. OX2 7EN. bl 8asls ¢1 pr•paration of financial sLAt•m•nts The financlal statements have been prepared under tre historh* c08t rnnvenlion. The finanual statements have been pryed in acC￿dance y￿h AcC￿nIng and Reportin9 by Chanlies". Statement of Recommended Pr￿ltCe applicable lo charTties preparino Ihelr accounts wi ance with th8 FinaThyal Reportin9 StaThJaTd ap￿￿ble in UK and Republicof Ireland IFRS 1021- (Charities SORP IFRS 102)) and Financial RewtiThJ Standard app16cable wi the UK and Re￿￿￿ of Ireland {FRS 102). Summar Fields School Trusi Limited rnegts Ihe definiiKJn of a public benefrt entity uTrJer FRS 102. The funcb'onal currerKy of ts Sthool is considered to be GBP because that is the currency ol the prwnary economic environment in which the Sthool OFerales. School conlfols a dwity cal￿d The Madaren F(xJndalion Ichanty number 11122151. the results of which are awegaled a5 a branch into these financial slalernenls. The financ￿1 Statements also indude the resums of rts whdly 0￿fied r￿<￿arlI3b1e tradirYJ subsidiary Sumrnert¢)wn SpKrft Enterprises Limited (registered in England. compary number 0￿14344) and are consolidated on a line-by4ine basis. The company was dormant on 1 September 2020 an¢J was dissolved in June 2021. These Mnsdidaled fwwncial statements therefore present 1nftyrnal￿)n about the School plu5 Madaren FoundatK)n. Thè Chty ha5 also tsken alvantage of the exemptitin available In FRS 102 to present a charlty- onty cash fllxv statement V•ithin Ilw wwltdaled frnftcial statements. cl Going ¢onc•m The Governors have urKkrtaken delailed ￿annIng an(1 forecasb.ng aThY ctjntinue lo dosely monitc Ihe economic s1tuat￿Tr in the aftemiath of the pandernt in the light of irfationary p￿sSure5 arising from the situation in Ukr•ne. part1￿18r1Y in energy and I(￿ costs. Please refer lo page 4 of our GovenwJTS' Report Whe￿ we have reft•¢Xed on the current situation and have outlined tha impact for the School. Destye the current orcumslances the Governors bBlieve Ihat the School's rinancial rewurces and ¢ontirffJency planning is SLrffvent to ensure the abil.ty of the School to continue as a going conrArn for thè foreseeat4e fulure, being al least thlve months from the date of approval of these fina[￿1￿ stateThents Ihwefor8 h￿e wepared the finar￿la1 statemen15 on a going concem basis. d) Fo•8 and Slmllar ••rn•d inw Fees reCeiVa￿e rewesent amounts receNaL4e as fees and charges for sery1￿5 in respect of the provision ofeducation lo pu￿lS in the scknl. Fees receNai*are slated afterdeductirKJ alkAvanGes. scholarships. and olher remissions granted by the SdhXA. o) Donations and legacy Incom• Vojuniary ineoming resources *e acLxunled a5 and ènlitjemenl ari￿s, thts amounts can be relk4bly quantifwl an¢J ￿nOrn￿ benofit to the Scho￿ is consKlered pr(￿able. InV￿tMent ineom¢ Investment income frixn dMderKl& bank balaw atKJ r￿d interest securitss is acownted for oft an a￿ual$ l)asis. g) Non•ancillary trading incorn• This ry)mprises ofsale5 {ex¢luding VATand $imlartax8s) on rents and leiting$ in the no￿al course of t￿sir￿S. 17 INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF SUMMER FIELDS SCHOOL TRUST LIMrrED h) Expéndituro Expendrturè is %c￿ed as so(m as a liabilty is c*)nsidw&l probabbe. discounted to present value for longer term liabilths. The alllxalion ol expendrf(ure beiween tlirect charitable and other is a subjective split based upon the FirwrKe Director's best esty.mate of the resources input to these different parts of thé Setrthl's operatKMS in the year. The ffr￿￿erable element of VAT is Ir￿uded th Ihe rtem of expense to wtrxchll relates. Charitable Activities i￿ludeS $￿ary cost arKI Offi￿ ¢osts relating lo the running of the School. Thi5 also indudes governance costs thich ¥ethecosts of complying wlh the constrtutional and Sta￿l0ry requrernerts ofthe Schod. 11 Tangible fixed aGs6ts and dgprnclalion Tangible fixed assets are stated al historical (xssl less depreciation. Depre¢iatth is wovide£l using either the strawJhl li￿ basis Of re(luorvJ balance basts at rate5 which reffect the an1￿1Pated useful ves of the assets and thwr esllmated resmlud values. Freehold land Freehjd lyjiklir Flant arKI machinwy Fixtures and fittin Motor vehides Not deFy￿latsd $traight lin8 1(k33% straHJhl line 11)% reducing balance 25% reducing balarte Assets c(K￿U¢ll￿ are not de￿1￿0 until tw are completed and 1x<￿9h1 iirto use. Expendrtureon frxed assets Catmtaliwl exwiforexpendiDJre imJrred on fe￿￿Ment0faSsetS of value wlh a lrfe. Repair, le￿alKIn an(1 replacement expenditfft i% wtillen off as expendrture in the Ststemenl rf FinarKo1 ktriiiies. Items less £1,000 are WTitten off as an ￿Pense gs acquired. J) Stock Stocks aftrvdued at the of cost aThJ net realisa)le value. kl Cash and Ilquld r•sourc•$ Short-term deposits. which can be called on demand with¢yJt ary rnatenal penalty. are included ilhin ¢ash balww in the 8*0￿¢ Sheet. l) Pgn$ion costs The SchocA ¢¢￿tribUteS to Ihe Teachers. Defined 8enèfrts p￿s1On Scheme al rates set by the Scheme kbjary and ady￿ed to Board by Ihe Scherne Administrator. The stheme 1$ a mull employer pension scheme and rt is not possible to Alentify the assets and Ikabililies of the scheme which are attributable tothe sch(yJ. In accudance with FRS 102 tr￿refore, the scheme is accounted as a defined corrtribul#)n stheme. For furttrw infryrnation see Note 20. m) Operatlng l•a8e8 Cosls In ofoptt*iNJ leases are charged on a strawJht41ne basis oler the lease lerm. n) Inv•stm•nts Ltsled investme￿S are irKluthd at markel vaue al the Balarte St*el date. Net gainsllosses arising on the revaluatK>ll and disposal of investm￿ts are recc*3ni5ed in the Statement of Financial AGtivilw. Irwme derivirwJ from in¥¢stmenls is xcounted for on o elvables basis arKI is recowised throu￿ the Ststernent of Financial Activlknes. Inveslffl￿ts n subsKliaries we vaued at cost less provisK)n for impaimient ol R•cognltlon of liabllitles Liabilit*s ¥• recogni%ed once there is a legal ty ¢OnstrL￿tirfe oblKJation that commits the School lo the ¢bl￿tIon. 18 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUMMER FIELDS SCHOOL TRUST LIMrrED p) Judgements In applylng accountlng poM¢lo5 and k•y SOUTCOS of estlm*kni uncertalnty Estimales and judgements are continually evaluated and are based on historical exper￿nce and olhw factors. including exp8datiorts of events that are believed to bg roawnabl8 under the cirgJmstance$. The items in the fmancial statements th these estimates and N￿gernents have been m•Je inclutle the following". Us•tul •¢onoml¢ Ilv•s di¥rylbl• ass•ts The annual dep￿￿tion dwges for tangib￿ assets are sensitrve to charw in the eslim*e usefvl economic INes aThJ residual values ofthe assets. The useful economic INes and residual value5 are rfrassessed annually. They are amen(Jed when n￿$sary to refiect current estlmates. based on lechrKAog￿l advawrrnnl. future investments. eCor￿M￿ ulilisats.on an¢J the physical condition of the assets. See 7 for the carrying amount of the tan&¥ble assets and note 11 for tt)e usefiJl lives for each da5s of asset. Impaimient of dobtors The SchLKA makes an esiimate of the rec4)verablè Val￿ of trade otr*r debtors. assessirwJ impainenl of trade and other debtors, management congders faclrxs In¢￿￿l￿g ts curlw￿ uedil rating of debtor, the ageing profile of debln of ihe Scho Support arKI Govemanca costs Total 18M721 357,050 542.630 1.144.732 208,S88 1263.710 59.398 110.607 418.753 91,883 4333,654 3.967.T15 3,379 1,690.741 1.413,718 495.061 1,967,359 1,774,492 59,398 34.324 110,607 86.512 1.374 1,034.992 1,041.732 614865 2021 Costs lolalllng £15.652 (2021.. £14.965) are INauded in the atx)ve Governance costs for paymants towards the audrtors. 22 SUMMER FIELDS SCHOOL TRUST LIMrrEO CASH FLOW STATEMENT FOR THE YEAR ENOED 31 AUGUST 2022 TANGIBLE FIXED ASSEVS L*d& Ass•tsUnd•r Plant& Flxturns& Pl￿r Bulldln95 Constrndlon Machlnery Flttlngs VehlcleF Total Cost Ai 1 September Addit￿n$ Transfers Idisposals 18.418,226 123 2.620.169 41,928 1.737.910 7.914 22.784,219 163.110 62.531 Deprnclatlon At 1 September On disrrt)sals Charge for year At 31 August 2022 4.123.924 1293.102 741.416 6.036 7.164.478 126 470 41 7 756 175 Net book value At 31 August 2022 13J3&483 6Z.531 241140 951.592 1,408 16.1￿.154 At 31 August 2021 14,294.302 327.067 996.494 1.878 15,619,741 The net book value of knd and buiklings ccmsists almost enb.rety offreehold buitthngs. In the opinion of the Governors the cost of freehokj laThJ irKlude(l Mthin tl* above fMJJre is not material. All langlble fixe(I assets we held fly use by the Sch(KA on direct charrtable 8ctNrtw. Three resideniial in Oxford wilh a cwrywvj ¥a￿e of £288k ¥8 ojrrenuy ￿edged 45 security fw the bank loan. FIXED ASSET INVESTIIEPITS 2022 2021 l]uotod Inv•stsn•nts: Investments al 1 sept￿lber 2021 Purchases Disposal woc¢eds Nel {losses) I gains 1761.151 1,915,231 681,531 1.736. 156 1662.636) (1.341.466) 73 8•lw¢• at 31 Au9u•t 2022 Quole(I shares and Go¥emmonl $tod(s 706 773 Historieal cost d shaTeS 23 SUMMER FIELDS SCH(K)L TRUST LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022 STOCKS 2022 2021 Stocks 10 DEBTORS 2022 2021 T￿de debtors Other debtors Incom• tax recnverable Prepayments and accnjed irnx 147,215 95,168 55,253 52.234 5.065 30,308 139 815 ￿061 Trade debtors are sL*d after impairn￿ pYovtsK)rts totalirKJ £40,￿3 (2021." E3.764J. 11 CREDITORS: AIIOUNTS FALLING DUE WtTHIN ONE YEAR 2022 2021 Loans aNI overdrafts Trade cr&Jilors PensiDn Irabilities Other tax and soual securlty Accruas Other creditors Deposits Fees in athar 54320 54,264 75.658 330.765 78.771 75,674 100.311 183,066 157.24fj 90.19T 25,234 23,714 489,000 508.513 1 348218 1 110001 24 SUMMER FIELDS SCHOOL TRUST LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022 12 CREDITORS: AIIOUNTS FALUNG DUE AFfER MORE THAN ONE YEAR 2022 2021 Loans and overdtafts Fees in advance 461,143 516.274 The amount of Ihe bank kAn repaYa￿e after more Ihan 5 years 15 £225.842. Final repayment is due in February 2032. Interest ts chty at a ftted rate of 2.45% per annum. 13A NET ASSETS OF THE FUNDS OF THE SCHOOL The School's net assets bdory lo Ihe v*ius funds as fr￿1￿￿.. Flx•d Investmwbts Not cUrrW￿ Long T•rm {Uabllilleg1 Llablllt*s Fund Balances Endo**d Funds Restricted FurKIs 170 UNestricted Funds ￿￿16 20.338 2.70¢773 241.835 54.118 l968.946 54,118 25 FIELDS SCHOOL TRUST LIMITED CASH FLOW STATEMENT FOR ThE YEAR ENDED 31 AUGUST 2022 138 FUNDS Doslgnatgd Id*lar•n G•neral 2022 TOTAL UNRESTRICTED FUNDS Income Exp8nditure Surplus1{0ef￿il) for the year Transfers Movemenl offvrKIs Opening value of fu￿5 Closing value of fvnd5 9.112.590 9.112,598 121 1113) 13 (13,476) 8.626 8.513 40 14.353 27.829 13 13 ANALYSIS OF FUND BALANCES BETWEEN ASSETS Fixed assets Investments Net current Iliabilitiesya5sets Long temi Irabiltties 15.170.816 15.170,816 {1,298.758) 127 11.298,631) Maclw•n G•neral Fund 15 a non-restricted dement (rfthe Madaren FourKl*ion Wh￿ exi51ed to supp(xt propetydevelopmenls and improvements OnGe ary remaining lk1bilil￿s have been paid. balance wll be trartsferred to the endowment fund and the ￿neral Tramsfer Restricted furKl$ donated to Ih8 2019'New Chapler. appeal were transferred to Ihe uryestrthd pef￿ra1 furKI on ￿MpletIc SUMMER FIEU)S SCHOOL TRUST LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 21r22 13C FUNDS (continued) Roslri¢X•d Funds Endo 2019 20r2 Total Furnl Fund RESTRICTED & ENtX)WMENT FUNDS Income Direct expendtture &Jrplu5 for Ihe year Investment gainsluos￿) Trarfjfers Movement of funds Openirg value of funds aosing value of funds 1295 87.273 92 15,308) 111,771 23.203 17,895 15.3081 {1.308) ANALYSIS OF FUND BALAP4CES BETWEEN NET ASSETS Fixed assets Investrnents Netcurrenl assets maClar￿ Awwds The M&taren Aw*ds represents the aggregatK)n of Tr Ma¢largn F¢yJndatK)n accounls as a branch. wh￿h provides The Madaren Awards Fund was set up by the Madaren F¢wndalion as an expenqlaNe endowment funrj lo provide bup. parents W￿k1 not otherTh be able to afford ts fees. Endowment Funds The endovrnentfunds represent capital transferyed from The MadaM Trust{thafity number 1020757) and further end( atKI income is to provKle schdarships and har(Iship ￿J￿arleS to pupils. 2019Appg41 Fund The 2019 Appeal Fund wa5 e51ablished t4J fd¢se funds for a major woJe¢t to erwmpasses a n8w lilxary. new classro( relLrbi5hment oflhe chapel arKI a relurbishmenl and rtrewippiNJ dthe Desiw and Tethnolc¥Jy dassroom. Thi5 complete al the lime are still being pa￿. SUMMER FIELDS SCHOOL TRUST LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDEO 31 AUGUST 2tr22 14 RECONCILIATION OF NET INCOIIE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2022 2021 Nel Incomiro resources Investmenl irthme Depreciation ¢haw Dewase l {Increase) in stcrf*s Iln¢xeasel in debtors (Oecrease) I Increase in creditors 99,359 (87,8331 886.813 (76,813) 560.710 8.450 (35.484) 489,202 (37.3771 17I979} Nel cash inlkmt frern opern￿'n9 adivibes 15 ANALYSIS OF CHANGES IN NET DEBT Al 1 S•pt*nber 2021 Cash Flows in year At 31 August 2022 Cash 618.166 337,620 955.786 Loans faling witrmn one year Loans fallirwJ due after m(Ye than one year ($4364) 155.3201 74 Totst CAPITAL COMMITMENTS Al the year-end the folbwing was arnl (x)ntrdcled for. iwt not yel comrAeted £Nil f2021.' £NiQ. 17 FINANCIAL COMMITMENTS The future minimum lease paymenl crf the SclM)ol wwjer rKiTrcan¢¥llal￿e operat￿￿ leases. in respe¢l of othw g]uipmen( is as follows: 2022 2021 payab￿ wilhin 1 year Payable belween 1 and 5 yea 50.353 63.967 Total operaliryJ lease expendilure in the GOVERNORS, LIABILrrY In ihe eveni of ￿ Sthool beirwJ I￿r￿1 up. Ihe liablty of each Goverrby is I￿lted lo on8 pound. 19 RELATED PARTies Donations totalling £N￿ {2021.' £Nil) made by Governors during the year. Oppidan Edu&ition Lttl. a specialK8t cwipary engaged by many educational eslablishments and in whth the He8dmasierfs son. Herry Fa￿. has sign￿l￿nt control. submi11gJ Invotes in the yèar of £1.982 (2021.. £9, 18n. INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUMMER FIELDS SCHOOL TRUST LIMITED 20 PENSION SCHEMES The School participates in the Teachers. Pension Sc￿Me fihe TPS") for ils lèaching slaff. The pension eharge for the year indudes contritmjb.0r￿ payable to the TPS of £565.558 (2021.. £563,114) and al Ihe year*nd £64,578 (2021- £61,964) ￿ds act¥ued in res￿1 Ofcontr￿u￿n5 to this scheme. Thè TPS is an urrfunded mutti4mployer defined benefits per6ion stheme styemed by The Teachers. Pensions Regulalwts 2010 (as amermledl and The Teac￿$. Pension S¢herr Regulalions 2014 las amended). MemLvs C￿trIbU1? on a'pay as you 90° basis with conlribulions frlyn m8rnbers and the employer being crediied to the Exclwuer. Relyement and othér penS￿n benefils are paid by wblr furKls provKled by Parti8menl. The employer contribUt￿n rate is set by the Secretary of Slate foll¢Msng $c￿me valuations ur¥Jertaken ty the Go¥emment ActUa￿S Department. The most recent actuarsal valuation of Ihe TPS Was prepared as al 31 March 2016 and the Vauation Rer¥Nt. whKh was published in March 2019. nfirmed that the empsoyer u)ntribulion rate for the TPS ir¥Jease from 16.4% 10 23.6% from 1 Seplember 2019. EM￿tyers are also requ*ed to pay a stheme adminbstration levy of 0.08% givin9 a l employer conrribUt￿n r* of23.68%. The 31 March 2016 Valuation Rewrt was prepared in aemdarte th the benefits set out in the $d￿rne regulalions ancl under ts approach sp￿rfred in the Directions, as they applied al 5 March 2019. However. the assumplK)ns were consKiered an(J set by the Department for Education wior to the rulin9 in the 'McCkJJdlSawnl case.. This case has wuired the courts to consider case5 regarding the wn(Aementats"on of Ihe 2015 ref￿S to Publ￿ Ser¥tt Pons￿n$ including the Texhers, Pensions. On 27 June 2019 the Suyeme denied the 9ovemn%nt P8rn1ission to appeal the Court of Appeal's judgmenl Ihat transth.onal prowsMYts introducetl lo the reformed p8nsion schemes in 2015 gave Ttse lo unlawful aF discriminal￿n. The g)vernment ts respeth'ng the Courts deCiS￿n and has said it wll engage fvlly vthh Ihe EmF4oymenl Tribunal as well as empbyer and rnember representstryes to agree how the disr*iminalions will be remedbed. The government annourKed on 4 Febwary 2021 that it inier*ds to WOLxed ￿ a deferred choice Ur￿erPin under which membefs will be able lo thws¢ either legacy or refwmed scheme benefits in respect of their service durin9 the period betsveen 1 Apnl 2015 and 31 March 2022 at Ihe PLint they becorrÈ payable. The TPS is subject lo a cwl w methanism wh￿h was wt in ￿a¢8 lo wotect laxpayers against unforeseen charyes in scheme costs. Th8 Chief Seeretary lo the Treasury. havin9 in 2018 ann¢)unced Ihat there *oJld be a review of thi8 Cost eap mechanism, In January 2019 announced a pause to Ihe cost cap mechani%m follo￿ng the Court of ￿)pear,3 ruliro In t1￿ Mccloudlsargeanl case arKI unlil there is certainty the vatue of pension5 to emF4oyees from April 2015 onwwts. The pause was lffted in July 2020. and a ¢ortsullation lau￿he(l on 24 Jung on proposed hange$ lo the cost ￿ntrol methanism following a rgvigw by the Govemment Aduary. Followiryj public Consultal￿n. tho Government has ac¢¢pted three key pr(wisals recommendeft by the Govemmenl Actuary and are aiming lo implement Ihese changes in time for the 2020 valuations. The 2016cosl ￿ntrol valua￿n$ have site been completed Èn Jarnary 2022. and ts resulls indicated that there wryjld be rn d)arBes to tenefits or member contritrrtjtions requ¥8J. The results of the cost cap valuation are not used to set ts emkloytr contribution rate. and HM Treasury has confirmed that any changes to the employer contriixrtion rale resulliTrJ from the 2020 valuations will take effed in Aprl 2024. Unlil the 2020 vJuation is completed il is not pc6sible to conclude on any finawal impacl or future changes lo the contribution rates crf the TPS. ACCordin￿y, no prms￿)n for any addrt￿a1 past benefit pension costs is induded in these fir￿nC￿￿ stalements. 29 INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF SUMMER FIELOS SCHOOL TRUST LIMITED FINANCIAL INSTRUMEPITS 2022 2021 Financial As••ts Financial assets measured at fa* y￿ue 2 761 151 Financial assets he￿ at fair vakje incl(MJe quoted assets l￿d as in4wlments. 30 SUMIIER FIELDS SCHOOL TRUST LIMITED NOTES TO THE F114ANCIAL STATEMENTS FOR ThE YEAR ENDED 31 AUGUST 2022 CONSOUDATED STATEIAENT OF FINAIICIAL ACTMTES FOR ThE YEAR ENDED 31 AUGUST 2021 Total Funds 2021 FundB Funds INCOME ANO ENDOVIMENTS FROM: Charitable Activl¢les Fees receivabl8 Anclll8ry tradlng income 7.505.141 463.301 7.SOS.141 463.301 Voluntsry sour¢es Donations 53.593 816.485 90.911 960.gB9 Governm¢nt Grants Coronavirus Job Retention Stheme 98.885 Ihvestments Investment incomo 76,517 71613 Other trading activitles Non-ancillary IradirKJ ir￿M 11 Total Incom• 8 239 872 EXPENDITURE ON: Charltable Activities.. School operating Costs 8.250.432 69.932 16.808 8.3W972 Total Exwidilur• 16 972 N¢t Incomlng funds from ¢>perations bolor• transf•Ts and investment galns (10,5601 823.070 74.303 Nel gains on investments 451,230 461,230 Transfers befvveen funds 1381C 2401 127 Net mov¢m•nt In fund• 2,390.567 (1.5T8.057) $25.533 1,338.043 Balanc•s brought fomard at 1 Sept•mtJ•r 2020 11 IK13 271 126 Balances Carried forward at 31 August 2021 13A 31 SUPAIAER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEIAENTS FOR ThE YEAR ENDED 31 AUGUST 21 23A NET ASSETS OF THE FUNDS OF ThE GROUP AND SCHOOL FOR THE YEAR ENDED 31 AUGUST 2021 The Group and Scho￿5 ￿¢ assets bel￿ to the Yariou5 luThts as fdkA*s". Fix•d Invutrnnts Nal Curv•nl Lmg Temi Fund Ags¢1sl Liabllllias Ba14n¢os IUabili¢i0s) Endthved Funds Restrrcted Funds Unrestricted Funds 1761.151 174.416 55.426 2.955,905 55,426 15599403 Tolal SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2 FUNDS AT 31 AUGUST 2021 Oeslgnthl adaren Genefal 2021 TOTAL UNRESTRKTED FUNDS IrKome Expendilure Surplu5 for the ye Transfer5 Mo¥ement of funds Opening value of fur￿5 Closing value of furvjs 8,239,870 8,239.872 8 250 432 {10.5601 2401 127 2.3W.567 11 (K13 271 (10,450) 401 127 2.3￿.677 (110) {110) 13 ANALYSIS OF FUND BALANCES BETWEEN NET ASSETS Flxed assets Investments Nel (yJrTent assets Long term liabilities 15.599.403 15.599,403 (1.667,556) 13.603 {1.653,953} 551 612 Maclaren General Fund 13 a rK¥n-rethcted elefflenl of m￿￿en FourrflatiDn wl*h lo suptth prowty developments arKI improvements at the Transfer Restricted donaled lo the 2019 'Nww Chap1￿ ap￿ *ve transl￿e￿ ￿r￿tr￿d general fijnd on completion of th SUMIAER FIELDS SCHOOL TRUST UMITED NOTES TO THE FINANCIAL STATEPJJENTS FOR THE YEAR ENDED 31 AUGUST 2Q 23C FUNDS AT 31 AUGUST 2021 (conL) < Re8trfct•d Funds 2019 Prlze Fund Maclaren Awards 2021 Total Fund RESTRICTED & ENDOWMENT FUNOS Income Dir￿1 expendllure Surplus for th& ye¥ Investment gains Transfers Movement of funds Opening value of lundg osing value of fuTh15 816,4&) 76.517 893,002 816.4 6.610 823,070 2401 127 <1.584.667) 2401 127 {1.578,057) 1633 483 6.610 ANALYSIS OF FUND BALANCES 8EtWEEN NET ASSETS FIX￿ assets Inveslments Net current assets 426 Ma¢lar•n Awards The Mad¥en Awards ￿￿eSents the aggrfjgathon of Madaren FOUrNJal￿n accounts as a brar￿h, vthich provides s Maclaren Awards Fund was set up by Ihe Maclaren Four¥dthn as an expendable e￿lOWment fvnd to provide bursarios a would not otherwise be atAe to affrrtd the feeg. EndoTmrnnt Fund8 The endowmènt funds repr&senl the capital tran￿erred from the Madaren Trusl (charity rnmber 1020757) and furth FoLmdation and Ihe income is to pmvide scholarships and hardship ￿lsari8$ to pupils. 2019 Appeal Fund The 2019 Appeal FuThl was eslablrsheil lo ratse funds a Ma￿ project to encompass a new litKary, new classroor refurbishment of the Cha￿ arml r&equippiThJ CO the De5vJn ar#1 TeChrm￿r￿ das5room. This completed In Aprl 2021.