Company No. 00553243 Charity No. 309683 SUMMER FIELDS SCHOOL TRUST LIMITED GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 INDEX Page 1 Governors and Professional Advisors Report of the Board of Governors, consisting of: Governors, Report Slalemenl of Govemors, responsibilities Governors, Strategic Report Independent Auditor's Report statement of Financial Acliwlies Balance Sheet Cash Flow Statement Notes lo the Accounts 10-12 13 14 16-32 SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS The Governors for the perbod under review lo the dale of signing the financial slalemenls were.. ' J R M Roolh BSC. MBA Chairman A G W Beor-Roberts FRICS Irelired 6 July 20231 A J Chirnside MA "C J E Ferguson MEng H R Fox MA, FCCT (appointed 17 June 20231 p Nrtundy MA l Ogilvie Thompson BA C Paterson MA, MEd ' S R Peake 8Sc "RDShawMA D E J Sichel MA, MB Bchir (Canlabl, MRCGP, Dch 'ACINSnowMA J Sfakianakis Ph.D C M A Sweelnam BEd Iresigntsd 24 November 20231 'P H Weaver BA R Shepherd-cross Bsc (appointed 24 November 20231 Members ol the Finan￿ and General Purposes Committee The Company has no share capital and consequently none of Ihe Governors has any interest in any shares of the Company. The Governors conslilule directors of the company for Companies Act 2008 purposes. Headmaster-. DJCFaberMA Finance Director I Company Secretary.. E Webster MAIOxon). FCA lappoinled 1 December 20221 C C Burton BA. FCA Irelired 1 December 2022} Bursar I Clerk lo the Governors.. D J J Kirk BSC, MBA Principal & reglslered office.. Mayfield Road, Oxford OX2 7EN Bankers.. Auditor.. Natwesl Bank plo Willow Court Minns Business Park 7 Westway Oxford OX2 OJB Professional Advisors Architects.. Oxford Archilecls LLP Bagley Croft Hinksey Hill Oxford OX158S Crowe U.K. LLP 4th Floor St James House St James. Square Chellenham GL50 3PR ArchiteclslSuNeyors'. Carter Jonas Anchor House 269 Banbury Road Summertown Oxford OX2 7LL Property Agenis.. Savills Ground Floor, Hawker House 5-6 Napier Court Napier Road Reading RG1 8BW Legal Advisors.. Governance Stone King 13 Queen Square Bath BA1 2HJ Legal Advisors.. Employfflenl Law Veale Wasbrough Vizard5 LLP Narrow Quay House Narrow Quay Bristol BS1 4QA Pension Advisors.. Moore Kingston SrTrilh LLP g Appold Street London EC2A 2AP SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS The Boarcl of Govemors present their Annual Report and the audited Financial Slalemenls for the year ended 31 August 2023. The Financial Slalements have been prepared lo cornply with the Companvs Memorandum and Articl&s of Association dated 12 August 1955 as amended, applicable Accounting Standards in the United Kingdom, Charities SORP (FRS 1021- Accounting and Reporting by Charities.. Slalomenl of Recommended Practice appllcable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard appllcable in the UK and Republic of Ireland (FRS 102). GOVERNORS, REPORT status and Administration Summer Fields School was founded in 1864 by Mrs Archibald Maclaren. 11 is a regisler8d charity INo.3096831 and was incorporated INo.005532431 under the Companies Act 1948 on 12 August 1955 as a Company limited by guarantee and not having any share capital. In the event of the Company being wound up the liability of every Member Ss Ilmited lo one pound. The School is govem&d by a Board of Govemors in accordance with the Articles of Association. Alms Surnmer Fields is an independent preparatory school for boys between the ages of 8 and 13. the maffiorily of whom board. In September 2018 the school also opened a Pre-Prep day school for boys from Reception years. The Govemors believe in providlng the fulle51 education experlence possible for all boys boarding and day- al Summer Fields. as an excellent preparation for the next stage al an independent boarding school al age 13. The strategies we adopt lo meet this aim include engaging first-class staff and providing excellent academic, sporting, musical. cultural ancl religious facilities. The Board belleves that the School achieved ils aims last year through outstandlng Scholarship and Common Entrance success, maintaining numbers and continuing lo provxje a wide-ranging array of activities and sport. Organlsatlon The Governors, who meet three limes a year land occasionally al other limes as may be appropriatel, are responsibl& for the management of the School, bul in pracli¢e delegate the day to day management lo the Headmaster and 8ursar (whom they appoinll. Within the School there is a Senior Managem&nl Toatn which meets weekly throughout each term and assists the Headmaster. Together this group are the key management personnel. The Governors may appoint commillees. the principal committee being the Finance and General Purposes Committee which meets shortly before each meeting of the Board and prepares reports or recommendations lo the Board, in particular on flnancial mallers. The names Df the Governors are set out on pag8 1. Unless othen￿lS8 indicated they seNed throughout the year. Remunerallon Is set by the Board. with the pollcy objective of provlding approprlale Incenllves to encourage enhanced performance and of rewarding fairly and responsibly individual contributions lo the School's success. The appropriateness and relevance of the rernuneralion policy is reviewed annually, including reference lo comparisons with other independent schools, using publicly available benchmarking data. to ensure Ihal the School remains sensitive lo the broader issues of pay and employment conditions elsewhere. Governor Recruitment & Trainlng The Chairman, with a Nominations Committee and the Headmaster, ensures that the consliluenl members of the School's Board of Governors represent a broad spectrum of abilities and qualities and include fomer pupils and cUr￿n1 parents. New Governors are appointed by the Board following a proposal by the Chairman after consullalion with the Committee and the Headmaster. All Governors are provided with an Induction pack providing ne￿SSary background materials. SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS STATEMENT OF GOVERNORS, RESPONSIBILITIES The Chairman is el8Ct8d by the Board. 11 is thè custom also lo elect a Vice-Ch8irman. Meetings of the Board are chaired by the Chairman or in his absenc8 by the Vlce-chairman. Governors are periodically en¢ouraged to allend conferences or seminars. the costs of which are born8 by Ihe School. From Ilme lo lime members of staff are invited ta address the Governors. The Governors (who arts directors of Summer Fields School Trust Lirniled for the purposes of company lawl are responsible for preparing the Governors. Annual Report and the financial slaterrenls in accordance with pplicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom A¢¢ounting Standards). Company law requires the Govèrnors lo prepare financial staletnenls for each financial ye8r. Under company law the GovernoTS musl nol approve the financial sialements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and Ihe group and of the Incoming resources and appllcalion of resources, including the income and expenditure. of Ihe charitable group for that period. In preparing these financial slalemenls, the Governors are required to.. select suitable accountlng polbcies and then apply them consislenlly., observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prLJdenl', slate whether applicable UK accounting standards have been followed. subject lo any material departures disclosed and explained in the financial statements., and prepare the financial slalemenls on the going concern basis unless it is inappropriate lo presume that the charitable company will continue in business. The Governors are responsible for keeping adequate a￿0￿￿tIng records that are sufficient lo show and explain the charitable company's Iiansaclions, disclose wilh reasonable accuracy at any time the financial position of the charitsble company and enable them lo ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity's conslilulion. They are also r8sponsible for safegLJarding the assets of the charily and hence for taking reasonable steps for the prevention and deleclion ol fraud and other Srregularities. So far as the Governors are aware, there is no relevant audit information of which Ihe Ch8ril8ble Compan￿8 Budilors are unawar&. The Governors havÈ taken the steps Ihal th@y ought lo have taken in order to make themselves aware of any relevant audit Information and lo establish that the Charitable Companls auditors are aware of that information. SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS GOVERNORS, STRATEGIC REPORT Public Beneflt The Governors confirm that they have complied with their duly under Section 17 of the CharltSes Act 2011 10 have dLJè regard lo public benefit guidance published by the Charity Commisslon for England and Wales. The School's objective has been the adVan￿Ment of education for the public benefit for more than 8 century now. Educalion.. During the year the School has educated 341 boys. The academic standard achieved was very high- see the Review of Activities and Achievements below. All leavers gained entry lo the leading senior schools of their choice, and the Govemors noted that during the year many Old Summerfieldians went on to leading global universities. Boys al Summer Fields are well grounded in linter alial Science, Malhemalics and Languages and rnany continue with thes8 challenging subjects. which are rgported lo be In decline nationally. Boys at the School are well placed lo pursue hlgher and further education lo a high level, whlch will enab18 them in 1818r lif8 lo make significant and worthwhile contributions lo the common good, as many of Ihèir pradecessors have already done. 2. Savin lo ublic ex ense.. All the boys were edueated through the generosity of their families and other benefactors and al no cost lo the public. The School recebjes no grant from the Exchequer. 3. Scholarshi s and bursaries.. The School, with assistance from the Maclaren Foundation, was able lo provide means-lesled scholarships and bursaries for 26 boys., this assistance amounted in total lo £338,316 {2022.' £352, 1231. The School intends. subject to prevailing economic conditions outside ils control, to increase the sGale of similar assistance in future years, and lo conlinue lo publicise the availability of means-lesled bursaries on its website and in other relevant public£lions. 4. Sharin facilities.. The School has arranged for lis playing fields. fives courts and forest SC￿0} lo be used by other schools and play groups,. and soccer and cricket fixtures are promoted. Football posts were donated to a local primary school. The School continues lo host th8 UK Maths Challenge. These benefits have been made available without Charge. In addition, a local fives club is afforded us& of the courts and local residents are often invited lo allend musical, drarnatic and artistic events and exhlbilions. Boys pul on musical performances al local retirement homes Including Sir Michael Sobell House. 5. Aid to others- The SchDoI oversees a number of general charitable activities. In the year ended 31 August 2023 collection8 for charity, including chapel collections, amounted lo £15,459 (2022.. £4, 167J, which supported four charities including Macmillan Cancer Support, Maggies, The Mulberry Bush and Culleslowe Community Larder. The School also entered the sponsored Oxford Town and Gown 1 Ok run, raising £3.285 for Muscular Dystrophy. Al the year-end there were £10,434 of funds awaiting distribution. Review of Actlvitles and Achievements All boys in Year 8 passed into their first choice of school, either by way of scholarshlp, Common Entrance or Wlncheslar Entrance.. there were several exceptionally strong p8rformances. Once again, with further Incrèased use of the ISEB Common Pre-Tesl by senior schools as part of their admissions process, all boys sat the ISEB Pre-Tesl in Year 6. More than ever. il remains the school's aim lo maintain ils very strong academic reputation by ensuring that boys continue lo achieve outstanding results, passing into the lop senlor schools in the country al the end of Year 8. There were again several different mode18 of senior school exams. wlh some schoiarship exams being taken al Summer Flelds and others al the senior school,. candidates sat Common Entrance al school, and marking was again undertaken both al Summer Fields and by some senior schools. The school enjoyed another exceptionally strong sel of scholarship results. both In terms of quantity and quality., it was the best overall performance since 2016 and the second-best ever. In all. 15 pupils (last year 111 won 20 awards (last year 111 and there was a ￿￿e range of awards made across all disciplines. These included.. three King's Scholarships and two Music Exhiblllons to Eton,. an Academic Scholarshlp, the Deno L8v8ntis Scholarship for Classics, 8 Sport Scholarship and two Music Exhibitions to Harrow,. two Academic Scholarships, a Sport SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS GOVERNORS, STRATEGIC REPORT Continued Scholarship and a Music Exhibition lo Sl Edward's., an Academlc S¢holarship to TonbrSdge'. a Sport Scholarship, two Music Exhibitions and a Drama Exhibition lo Radley., and an Art Exhibition al Charterhouse. Boys who left this year went on lo the following senior schools.. Elon 310/01320/0 last yearl, Harrow 160A {20%1. Radley 16 % 17.101, Sl Edward's 8°/., Wlnchesler 7°/0 {1601.) and Tonbridge 50/.; leavers also went to Charterhouse, Chellenham, Marlborough. Montverde Academy IUSAI. Oundle, Sl Paul's, Slowe, Wellinglon and Weslminsler. The school was once again able lo enter a number of academic and other competitions, hosted both internally and at other schools. Summerfieldians enjoyed another very strong year in various maths challenges. In Ihe UKMT Inlermediale Maths Ch211enge (for pupils up to the age of sixteen), 14 gold medals were awarded lo Summer Fields pupils, 15 silver and 27 bronze.. 14 candidates qualified for the Grey Kangaroo round and ￿ for the Cayley Olympiad. In the UKMT Junior Maths Challenge a record number of Summer Fields enlranls again broke the record for rlledals.. 54 gold rnedals 149 in 20221, 29 silver and 22 bronze.. in another new record. 41 pupils126 in 20221 qualified for the Kangaroo round and one student for the top-lier OlympSad round. 11 was another good year for those Summer Flelds pupils entered Into the Townsend Warner History Prize. This year, six out of 15 eandidales qualified for the 2nd Round, placing them within the lop 200 out of some 1,000 candidates overall,. the besl-placed Summerfieldian cam8 271h A group ol Year 6 and Year 7 pupils allended the 'Malvern Masterminds, day al Malvern College, winning the trophy. The school re-introduced the concept of a Wriler-in-Residence {18sl done pre-covid in 20191 and hosted a day- long literary leslival addressed by the well-known writers Paul Dowswell {on the Second World Warl and Julia Golding lon Jane Auslenl. Al the same time, the school again hosted an Artist-in-Residence, the digital art151 James Vinciguerra, while Johannes von Slumrn delivered a lecture. One boy gained an Art Exhibition lo h15 senior school. Musical partlcipalion and achSevemenl. both Instrumental and choral, is now fully returned lo pre-pandemic levels. Many pupils achieved strong grades in ABRSM exams across a broad range of inslrumenls, with some again winning music awards lo senior schools. The school Summer Concert was a highlight. in addilion lo many other instrumental concerts. The Chapel Choir and the Treble Choir both returned lo singing in external venuès, including Evensong al Jesus College, Worcester College and Pembroke College in Oxford. They also continue 10 support the we@kly worship in Chapel. Highlights included Remembrance Sunday, Harvest Festival, Carols by Candlelight. and the school's Carol services. For the first lime since 2019, a number of boys were confirmed in the school's Chapel. LAMDA lessons continue lo be exceptionally popular and the number of pupils taking lessons has grown ag8in this year, achieving oulslanding results in their LAMOA exams. In the Lenl term exams, 95.10 of candidates achieved a Dislinclion, with eight pupils gaining a score of 90+1100. Three Year 8 pupils achieved a Distinction 81 Grade 7, taking an exam recognised by Ofqual as AS level standard. One Year 8 pupil gained a Drama Scholarship to his senior school. For the first lime in a few years, a whole-school play was performed. an excellent performance of 'Aladdin'. Sport conllnues lo flourish and the school again enjoyed a successful football season, with the record for the lolal number of matches played being broken again. In all, 25 teams throughout the school played in a lolal of 202 malches1182 in 20221. The school again acted as a host venue for the regional qualifiers of the Under 13 National IAPS 5ix-a-side tournament, the 15l Vll just failing by the n8rrowesl of margins on penalties lo qualify for the nalional finals. The 1s1 Xl again competed in Ihe schools, ISFA Shield, with consideTable success. making il all the way lo the semi-finals, where they too k>sl by the nariowesl of margins in extra lime. Most encouragingly, participation levels lor football are extremely high throughout the school.. the number and high quality of the school's pitches continues lo allow this level of participati()n. Some 'lower' teams often play Bgainsl'higher, team5 from other schools and on some match days as many as Iwenly-one la new recordl teams took lo the field. The school again hosted ils very sucoessful annual Unéer 8 Football Festiv81, with 17 learns from len schools competing. The rugby players loo enjoyed a good season, albeit a number of block fixtures w8re adversely affected by bad weather. Eighteen teams represented the school in 114 matches (down from 124 in 20221, recording an excellent SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS GOVERNORS. STRATEGIC REPORT Contlnuad wln rat8 of 630h (64% in 20221. The most successful year group wére the Under 9s. the A team winning all their matches and the Comblned teams winning 24 out of 30 matches overall. Hockey Gonlinues lo grow in slalure and popularity at the school, and increasing number8 of boys choose to play hockey in the Lent term.. there are correspondingly more fixtures and a growing number of teams on match days. On more than one occasion the school pul out 18 teams across rugby and hockey. trnsuring that every boy who was on games competed for the school. For the second consecutive year after playing in 'bubbles' during Covid, the School enjoyed a successful cricket season overall, wnning 53 /0 of all matches played 1560A last yearl. In all 22 teams (the htqhesl number everl represented the school in a lolal of 162 school fixtures, down from 8 high of 191 in 2022. bul a higher nurnber th8n the 140 matches played in 2021, and 119 in 2019, pre-pandemic. The low8r figure was partly explained by some wealher-related cancellallons and the lack of a school lour in 2023- however, a further tour is planned for 2024. The senior teams (made up of pupils in Years 7 and 81, enjoyed a successful season, winning 42 matches out of 60 play￿,. teams often played 'up' agalnsl OPPDnénts from other schools. Ther6 was a first ￿ntUry scored for the 1st Xl slnc8 2005. The school's alhlelics team agaln enjoyed 8 very successful season, although not quite reachlng the heights of 2022's clean sweep in all ages, 21 all meetings. Participation levels in alhlelics r8main very strong and various age-group teams again won the overall trophy al a number ol meetings. Several school reGords were beaten and a number of boys achieved success by winning medals al the IAPS National Championships: gold in the Under 13 javelin, bronze in the Under 12 long jump and bronze in the Under 12 800 metres. The gold medallist in the javelin ended Ihe year with the second best throw for a boy of his age in the counlry. Old Summerfieldian Tade Ojora retained his UK Men's 11 Om hurdles title. The tennis team enjoyed another very successful season,. tennis continues lo be exlrtsm8ly popular, with many boys having coaching and several puplls competing in county and r8gional loumamenls outside school. This year the tennis team again won almost all their matches, with the Under 13 l&am coming second, and therefore just failing lo relaln their trophy, in the annual prep s¢hools' lournamenl al Radley College,. the Under 11 team, how6ver, did win the trophy In their age-group. Both the Under 13 and Under 11 teams were Champions al the Oxfordshlre PrBp Schools lournamenl al Magdalen College School. Al Under 10, Under 11 and Under 12 level, the school won every match against other school tsams, with the Under 13s only loslng the Radley final. The school continues lo have a number of very strong swimmers. wSlh several pupils training al the City of Oxford Swimming Club and representing the club al regional and national level. A group of pupils qualified for the IAPS Regional championships, and then the Nationals held al the National Aquatic Cenlre. the London Olympic pool.. one swimmer flnished 51h in the Under 13 breaststroke, and another qualified in the Under 12 fly. Four pupils qualified for the South East Regional Finals of the ESSA Primary Swimming Championships, held in Guildford. The cros5 country team also achieved success, competing In sever81 meetings.. the Under 11 team came first overall in all three meeting they allended, whlle the Under 8, Under 10 and Und8r 13 teams also won al l&asl one meeting each. Various indlvldual sports continue lo b8 8xlremely popular al Summer Fields over the course of the yaar. The squash and Elon fives courts are in constant use in preparation for school matches and lournamenls. while th& golf course, having had a lol of resloralive work done posl-covid, is used daily by a large number of young golfers. The golf t8am competed successfully in a number of school mal¢hes and tournaments, including the annual Slowe Puller. The Under 13 real tennis pair became Under 13 school champions al the Oratory School court. One of the major highlights of th8 year is always the school's participation in the Oxford Town and Gown 10k ra￿ in the University Parks. held in aid of Muscular Dystrophy UK. A large field of Summer Fields pupils joined many other children in competing iri the 3k race, before a large Summer Fields team of staff and parents took part in the l Qk. For the sixth year running, the school bettered ils own partlcipallon record. wth 160 pupi18 and 60 adults taking part. In a field of 470 junlor runners, including both tsoys and girls up lo the age of 16, there were some strong performances with no fewer than four Summer Fields pupils finishing in the lop 15 positions. The school's first runner home came 6th overall and won the 9-11 year old category., another runner came 81h overall and second in the 9-11 category,. and finally one finished 12th overall and third in the 9-11 age group. Our first staff member SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS GOVERNORS, STRATEGIC REPORT Continued homa ￿n the 1 Ok came in an impressive 11 kh pla¢e out of some 4,500 starters. As in previous years. the school again hosted 8 representative from MDUK lo address the whole school in an assembly, award the school thè prize for the largest school entry and receive the £3,285 raSsed on th8 day. Various key dales were celebrated by pupils in assemblies throughout the year, Including Holocaust Memorial Day, Black History Month and International Women's Day, at which the school was addressed by relationships coach Ellie Collin. The School continues lo invest in new video, recording and mixing software and equipmenl. The Video Production Unil, which films and live streams many school events including rnalches, con￿rtS and plays, is now well established and widely 8drnired by members ol the school community and visitors from other schools. A detailed review of the School's activities and achievements is published in the S¢hool Magazine. Fundraising Gifts and don81ions of £517.1 k (2022.. £lf 9.8kl were received in the y&8r, of which £371.5k12022.' £89.7kl of endowed gifts were to scholarships and bursaries. there were no reslrlcled donations 12022.. £24.5kl and unrestricted gifts amounted lo £145.6k 12022.. £5.6kl. As al 31 August 2023 amounts of £Nil of reslrioled donations had been pledged for receipt In future years. The year saw a ¢onlinued support for the scholarships and bursaries endowed fund. The Maclaren Foundation. the income from which can support a number of gifted boys who would otherwse be unable lo allend the School for financial reasons. 11 currently supports, on average. seven or eight '5cholars' and the objective of the Foundation is lo Increase this number in future years. All fundraising activities for the School are carried out by the School staff wlh assistance from the parenls and pupils with the running of specific fundraising events. The School does not Ljse professional fundraisers or have any commercial participators. All lundraising activities are managed by the development office and are rnonilored by Ihe Headmaster. with overall oversight by the members of the governing body. No complaints relating to fundraising activilles have been received by the School during this financial period. However, the School has in place procedures that would be followed in the event of a cornplainl being received with the initial responsg being the responsibility of the Operations Director. Any continuing issues would then be passed to the governing body lo delerrnine what further action might be required. The School is currently registered with the Fundraising Regulator as a demonslralion of ils commitment to good fundraising. Registered organisations help promote best practice, defend the sector and demonstraie ompliance with the law. As a school we seek lo implement the standards in the Code of Fundraising Practice for example on data consent in relation lo fundraising. In particular, the School considers that ils processes and controls should ensure that vulnerable people and other members of the public are protected from any unreasonable intrusion on a person's privacy and that no fundraising activities would be unreasonably persislenl or pla¢e undue pressure on a person lo give money or oU)er property. Objectives for the Year The Objectives of the School arg to achleve its alms as described above consislenlly with ils status as an incorporated charity and within the resources available. on an enduring basis. The Governors believe that the School achieved ils objectives during the year and is able to ¢onlinue lo do so in the longer term. Towards those objectives. the school environment eonlinues lo be greatly enhanced by continuous refurbishment, upgrading and building. In addition lo the annual maintenance and upkeep of the School, Iher6 Is an ongoing programme to improve key areas. nolably the boarding houses, classrooms and recreational areas, whilst ensuring the provision of the highest standard of leaming facilities and IT equipment. The summer saw further investment in the boys. accommodabon and staff housing. Buildings The School has continued to maintain its buildlngs and facllllles lo a high Standard. to afford boys and staff the best possible working, cultural and sporting environment. SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS GOVERNORS, STRATEGIC REPORT Continued Future Developments and Plans Having In April 2021 completed a malor £2.5m capllal pr(Ilecl'The Next Chapter., the plans for the future conllnue lo con¢enlral6 on the maintenance and refurbishment of the existing school fabrfc and facilities, including ongoing upgrades lo boarding lodges and slafl housing. Meanwhll8, the Govemors and Headmas18r continue to idenlify othor areas of the School for possible improvement or development. Financial Results The School recorded an increase in unreslricled funds of £0.12rn. Fee income amounted lo £8.98m 12022.. £8.38ml. A summary of the financial activities is available in the Statement of Financial Activities on page 13. Invastment Powers, Policy and Performan¢e The School's investment powers are governed by ils Memorandum of Association. These permit funds lo be Invested in or upon such investments, securities or property as may be thought appropriate. The School has a Reserves & Investments Policy which is reviewed every year. During the year the School generated a total of £124.012 {2022.' £81,833) of investment income, of which £106,232 was generated as reslriGted investment ncome by the Maclaren Foundallon (Charity number 1112215 - the objects of which are lo advance education at Summer Fields princlpally through the grant of scholarshlps. bursarie5 and other awards). The Maclaren Foundation has an investment objective lo preserve and grow the value of the investments over the longer term and lo provide cash flows for scholarships, bursaries and other awaids. P8rfotmance is measured against the ARC Steady Growth Index and a¢ross the year was ahead of this index. Fixed Assets The movements in fixed a&8els are shown in note 7 to the financial stslemenls. In the opinion of the Govemors the market valu6 of the School's freehold land and buildings is considerably in excess of book value. All the fixed assets owned by the School are held for the purposes of the School. Reserves l Funds The Sohool's reserve policy is lo maintain sufficient unrestricted income reserves to enable it lo meet ils short- term financial obligations in the event of an unexpected revenue shortfall. The Governor5 revlew the endowed, reslricled and unreslricled funds regularly. The movements In funds are shown In note 13 to the flnanclal slalemenls. Total funds of the School at the year-end stood at £16.9m12022.' £16.4ml, of which £3.3m (2022.. £3.Oml is held in endowed funds and £13.5m {2022.' £13.4m} In unreslricled funds. Of the unreslrlcled funds, £14.9m (2022.. £15.2ml is reprfjs8nted by th8 not book value of fixed assets, leaving negative free reserves of £{1.3lm 12022.. £(1.8Jml. The negative reserves are a consequence of School's investment over the past five years in the capital assets of the school. The Governors are mindful of this position and are looking lo make the reserves positive over the longer term, whilst satisfi'ed that the assets attributable to each fund are still sufficient lo meet their obligations. Rlsk Managèm8nt In the light of Corporate Govemance guidance contained within the SORP, the Governors have established systems to review the major strategi¢, business and operational risks lo which the School is &xpos8d. Systems are established lo miligale those risks and procedures have been implemented lo minimise any potential impact on the School should any of those risks materialise. The principal risks and uncertainties facing the School include a change in the political climate regarding charities and a down-turn in the popularity of boarding, with the latter being addressed through incr8as8d largeled marketing activity to increase awareness of the boarding offering, and ensuring that the offering remains highly compelling. Detailed consideration of risk is deleg81ed lo the Finance and General Purposes Committee, which reports foimally lo the Governing Body on risk each spring. The risk management process and the resulting Report identifies Asks, assesses their impact 2nd likelihood and. where necessary. recommends controls lo mitigate and monitor those risks that are assessed as high. The generic controls used by the School lo minirnise risk include.. detailed terms of reference together wlth formal agendas for Committee and Board activity., strategic development planning, reviewed annually by the Finance and General Purposes Commillee,. comprehensive budgeting and management accounting.. established organisalional structures 2nd lines of reporting., form81 written policies including clear authorisation 2nd approval levels,. and velling procedures 88 required by law for the protection of the vulnerable. SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS GOVERNORS, STRATEGIC REPORT Continued Disablllty Statement Tha Sch(K)I seeks to achiéve the obleclives set down In the Dlsabilily Discrimination Act 1995 and Equalty Act 2010, and in particular makes the following commilmenls.. al a rolling programme of audit of faolities and provision of acctsss will continue lo be a priority. Tho School lakes professional advice on the improvement of access and facilities on all major consliuction work and refuibishment to existing bul￿1ng5', bl the School has made a significant inveslmenl in the appointment of specialisl teachers lo support pupils with learning difficLJlties and l or disabilities and continues lo monitor and introduce services as required., cl ¢ounselling and welfare services are widely available lo pupils and staff., and dl specialist equipmtsnl is available, or will be made available, as required where its use is idenlilied as beneficial by the support processes. Employment of Disabled Person5 The S¢hool considers all applications for emplownent from dlsabled persons, bearlng In mlnd the aplltudes of the indivlduals concerned. Where an existing employee becomes disabled, every offort Is made lo ensure that Bmployment with the School continues. The S¢hool's policy is to provide training, career development and opportunities for promotion that are, a$ far as possible, identical to those for other employees. Assoclated Trust An associated Irusl, The Maelaren Foundation, was registered as a charity (No. 11122151 in November 2005 and is a separate legal entity from the School Icharily no. 3096831. Ils objecls are lo establish and build a permanent endowment fund lo provide bursaries and scholarships al Summer Fields lor able boys whose parents would not otherwise be able to afford the fees, and also to establish a general fund for assisting Ihe School in capital development projects. In accordance with the Ch8rilies SORP the accounts of the Maclaren Foundation are aggregated with those of the Charitable Company, as a branch. The value of the Found81ion's nel assets is £3.36m12022.' £2.99ml. Audltors The auditors. Crowe U.K. LLP. will be proposed for re-appoinlmenl in accordance with Section 485 of the Companies Act 2006. The Governors. Annual Report. prepared under the Charities Act 2011 and Companies Act 2006, was approved by the Governing Body of Summer Fields School Trust Limited on 11 /0 111014 including in their capacity as company directors approving the Slralegic Report therein, and is signed as aulhorised on ils behalf by.. J Rooth Chairman INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUMMER FIELDS SCHOOL TRUST LIMITED Opinlon We have audited the financial slalemenls of Summer Fields School Trust LlmSled for the year ended 31 August 2023 which comprlse the Slalem8nl of FinancSal Aclivilios, Balance Sheet. Slalemenl of Cash Flows and notes lo th6 financial stalemenls, including significant accounting policies. The financial reporting framewoik that has been appliod in their preparation is applicable law and United Kingdom AcGounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slalemenls.. gSv8 a true and fair view of the stale of the charflable compan￿5 affairs as at 31 August 2023 and of ils incom6 and expenditure, for the year then ended., have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Pracllce; and have been prepared in accordance with the requirements of the Companles Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responslbili15es under those stsndards are further described in the Auditor's responsibilities for the audit of the financial slalemenls section of our report. We are independent of the charitable company in accordance with Ihe ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRC'5 Ethical Standard, and we have fulfilled our other ethical responsibililies in accordance with Ihase requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial slalemenls. we have concluded (hal the Iruslees, use of the golng concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we havo not identified any material uncertainties relating lo events or conditions th81, ir)dividually or collectively, may cast sigllificanl doubt on the charitable companqs 8bllily lo continue as a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responslbllltles of the trustees ￿th respect to going concern ara descrlbed in the relevant sectlons of thls report. Other Informatlon The governors are rasponsibl8 for the other informalK)n contalned within th8 annual report. The other information comprises the information included in the annual report. other than the financial statements and our auditor's report thereon. Our opinion on the fi'nancial statements does not cover the other information and. except lo the extent olhetwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other informallon and, in doing so, consider whether the other information is maleri811y inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo determine wh&lher this gives ris8 lo a material missl8lemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there Is a malerl81 misslalemenl of this other Information, we are required lo report that f8GI. We have nothing lo report in this regard. Opinions on other matters prescrlbed by the Companl&s Act 2006 In our opinlon based on the work undertaken in the course of our audit the information given in the gov8rnors' report, which includes the directors, repc>rt and the strategic report prepared for the purposes of company law, for the financial year for which the financial ststements are prepared is consislenl W￿th the financial slalemenls.. and th@ strategic report and the dlreGlors' r8POrt included ￿￿thin the govemors, report have been prepared in accordan¢8 wilh 8pplicable legal requirements. io INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUMMER FIELDS SCHOOL TRUST LIMITED Matters on whlch we are required to report by exception In light of the knowledge and understanding of the charitable company and Ihelr environment obtained in the course of the audit, we have not identified material misstatements in the straleglc report or the directors, report included within the governors, report. We have nothing lo report In respect of the following mallers in relation to which the Companies Act 2006 requires us lo report lo you if, in our opinion.. adequate and proper accounting ￿CordS have not been kept,. or the financial 51alements are not in agreement with the accounting records and relums., or certain disclosures of governors. remuneration spe¢ifled by law are not made.. or we have not re¢eived all the infomalK)n and explanations we require for our audit. Respon51bililies Of trustees As explained more fully in the governors, responsibilities slalefflenl sel oul on page 3. the governors {who are also the dire¢lors of the charitable company for the purposes of company lawl are responsible lor the preparation ol the financial slalemenls and for being satisfied that they give a true and fair wew, and for such internal control as the trustees delermine is necessary lo enable the preparation of financial statements th8t are free from material misslalement, whether due lo fraud or error. In preparing the financial slalemenls, the governors are responsible for assessing the Gharilable company's ability lo continue as a going concern. disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charitabl& Gompany or lo cease operations, or have no realistic a1ternallve but to do so. Auditor's re5ponsibilitles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether Ihe financi21 slalements as a whole are free from malerlal rnisstatemenl, whether due lo fraud or error. and lo Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. bul 15 not a guarantee that an audit conducted Sn accordance with ISAS IUKI will always detect 8 material misstalemenl when il exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users takeri on the basi5 of these financial slalemenis. Details of the exlenl lo which the audit was considered oapable Df detecting irregularities, including fraud 2nd non-compliance with laws and regulations are sel out below. A further description of our responsibilities for the audit of the financial slalemenls is lo¢aled on the Financial Reporting Council's website al.. www.frc.o .uklaudilorsres auditor's report. on5ibililies. This desciiplion lomis part of our Extent to which the audit was consideréd capable of detectlng irregularltles. including fraud Irregularities, including fraud, are instances of non-compliance with laws 8nd regulations. We identified and assessed the risks of material misslalernenl of the linan¢ial statements from irregularities, whether due to fraud or error, and discLJssed these between our audit team members. We then designed and performed audit procedures responslve lo those risks. including obtaining audit evidence sufficient and appropriate lo provlde a basis lor our opinion. We obtained an understanding of the legal and regulatory frameworks withln whlch the charitable company operates, focusing on those laws and regulations that hav8 a direct effect on the delerminalion of material amounts and dlsclosure5 in the financial slalements. The laws and regulallons we consid8r8d in this contexl were the Companies Act 2006, taxation legislation, together with Ihe Charities SORP {FRS 1021. We assessed the required complianc8 Wlth these laws and regulations as part ol our audit procedLJres on the related financial slalemenl items. In addillon. we considered provisions of other laws and regulalions that do not have a direct effect on the rinancial statements bul compliance with which might be fundamental lo the charitable company's 8bilily lo operate or lo avoid a material penalty. We also considered the opportunilies 8nd incentives th81 may exist within the charilable company for fraud. The laws and regulations we considered in Ihis context lor the UK operations were The Education Ilndependent School Standards) Regulations 2014. Auditing standards lirril the required audit procedures lo identify non-compliance with these laws and regulations to enquiry of the Trustees and olh6r managemenl and inspection of regulatory and legal correspondence, if any. ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUMMER FIELDS SCHOOL TRUST LIMITED** We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within Bursaries, Scholarships and other discounts and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance & General Purposes Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedures over Bursaries, Scholarships and other discounts, 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 and regulations. ## **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 4th Floor St James House St James' Square Cheltenham Gloucestershire GL50 3PR Date: 19 January 2024 12 SUMMER FIELDS SCHOOL TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 (incorporating an Income and Expenditure Account) Total Funds 2023 Unrestricted Funds Restricted Funds Endowed Funds 2022 Note INCOME AND ENDOWMENTS FROM: Charitable Actlvltles Fees receivable Ancillary trading income 8,975,635 694,274 ,975.635 8.319,594 694,274 615,373 Voluntary sources Donations 145,581 371,560 517,141 119,803 Invèstments Investment income 17,779 106,232 124,011 87.833 other trading activities Non-ancillary trading income 276 079 276 079 111475 Total Income 10 109 348 106 232 371560 10 587 140 9 314 078 EXPENDITURE ON.. Charitable Activities: School operallng costs 9,953,777 91,456 15,970 10,061,203 9,234, 719 Othèr tradlng actlvltles: Non-ancillary trading costs 34,787 34,787 Total Expenditure 9 988 564 15 970 10095 990 9 214 719 Net incomlng funds from operations before transfers and investment gains 120,784 14.776 355,590 491,150 99,359 Nel Ilossesllgains on investments 114.076} 114,0761 (73.273) Transfers be￿een funds 13BIC 10 10 Net movement in funds 120,774 14,776 341.524 477.074 26,086 Balances brought forward at 1 September 2022 13408 191 2 968 946 16 431 255 16 405 769 Balances Carried fO￿ard at 31 August 2023 13A The notes on pages 16 10 32 form part of these Financial Statements. 13 SUMMER FIELDS SCHOOL TRUST LIMITED REGISTERED NUMBER 00553243 BALANCE SHEET AT 31 AUGUST 2023 2023 2022 Note FIXED ASSETS Tangible fixed assets 14,890,649 15, 191, 154 Fixed asset investments Other investments 3 190 845 2 706 773 3 190 845 2 706 773 18,081,494 17,897,927 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 13,705 371,926 680 594 24,146 347, 148 955 786 10 2,066.225 1,327,080 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2 832 343 2 329 758 NET CURRENT (LIABILITIES) 766118 7 002 678 TOTAL ASSETS LESS CURRENT LIABILITIES 17,31S,378 16,895,24g CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 12 407 047 463 994 NET ASSETS RESERVES Expendable endowment funds Restricted funds Unreslricled funds 13A 3,310,470 68,894 13 528965 2,g68,946 54,118 13408 191 13A These financi81 slalements were approved and aulhorised for Issue by the Board of Govemors and were signéd on their behalf on I 1101 / 202* J Rooth Chairman The notes on pages 16 10 32 fom part of the Financial Slalements. 14 SUMMER FIELDS SCHOOL TRUST LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Note Net cash inflow from: Operating activitie5 14 1,476.151 4B5,867 Cash flows from financing activitles Interest received Investment dividends Repayments of borrowing 29,207 94,804 155,4001 798 87,035 154,075) Cash flows frorn investing activitiès Payments lo acquire flxed assets Pro￿edS from sale of investments Paymenis lo acquire inveslmenls 1321,8061 254,356 752 504 (163, 7 10) 662,636 681531 Net cash loutflowl from investing activitiès (1B2 005 Increase in cash In the year 724,808 337,620 Cash balanoe al 1 September 2022 955 786 618 166 Cash balance at 31 August 2023 1 680 $94 955 786 This cash flow stslemenl also comprises the full exlenl of the analysis of movements in nel debt. The notes on pages 16 10 32 form part of the Financial Stalemenls. 15 SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES al Charity informatlon Summer Fields School Trust Limited is a registered charily with tho Ch¥rilies CommSssion England and Wales (charity number 3096831 and was incorporated as a company limited by guarantee (company number 005532431 on 121h August 1955. The address of ils registered office is hAayfield Road, Oxford, OX2 7EN. bl Basis of prèparatlon of financlal $tatements The financial slalemenls have been prepared under the hislori¢al Cost convention. The financial slalements have been prepared in accordance with Accounting and Reporting by Chalilies.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021- (Charities SORP IFRS 10211 and the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Summer Fields School Trust Limited me6ts the definlllon of a public benefit entity under FRS 102. The funcllonal currency of the School is considered lo be GBP because that is the currency of the primary economic environment in which the SchcK)l operates. The School controls a charity called The Maclaren Foundation, the results of which are aggregated as a branch into these financial slalements, which therefore present information about the School pILJS The Maclaren Foundation. The School and the Maclaren Foundation are Separate legal entities.. Summer Fields Trust Ltd beSng a charitable company (charity number 3096831, and the Maclaren Foundation (charity number 11122151 being a separate charitable Irusl, established by Trust Deed. to provido for the advancement of education at the School principally through the grant of scholarships. bursarfes and other awards. The Charity has also taken advantag8 of the exemption available in FRS 102 to present a charity- only cash flow slalemtsnl within these consolidated financial slalemenls. cl Golng concern The Governors have undertaken detalled plannlng and forecasting for 2023124 and 2024125 and continue lo closely monitor the economic situation, particularly inflationary pressures impacting energy and food costs. Despite these pressures, the Governors believe that the School's flnanclal resources and contingency planning is sufficient lo ensure the abilily of the School lo continue as a going concern for the foreseeable future, being at least twslv8 monlhs from the dale of approval of these financial slalernenls and therefore have prepared the financial slalements on a going oncern basis. d} Fe8s and slmilar earnèd Incoma Fe8s receivable represent amounts recelvable as fees and charges for servSces in respect of the provision of education lo pupils in the school. Fees receivable are slated after deducting allowances. scholarships, and olh6r rernissions granted by the School. al Donations and legacy income Voluntary incoming resources are accotjnted for as and wh8n enli118m6nt arises, the amounts can be reliably quanliliéd and the 6¢onomic benefit lo the school Is considered probak>le. Investment Income Inveslmenl income from dividends. bank balances and fixed interest securities is accounted for orb an accruals basls. gl Non4ncillary trading income This comprises of sales lexduding VAT and similar laxesl on rents and lettings in the nomial course of business. 16 SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 h) Expenditure Expenditure is a¢¢rued as soon as a liability is considered probable, dis¢ounled lo present value for nger term 15abililies. The allocalSon of expenditure between dlrecl charitable and other is a subjective split based upon the Finance Director's best esllmale of the resources input to these different parts of the School's operations in the year. The irrecoverable element of VAT is in¢lud8d with the item of expense lo whlch il relates. Charitable Activitles Includes salary cost and offlce costs relating to the running of the School. This also includes gov8rnance costs which are the costs of complying with the conslilulional and statutory requirements of the School. Redundancy and termination c051s only occur where ab501ulely necessary and are accounted for on an accruals basis when the cornmilmenl lo terminate a post on the grounds of redundancy has been made. 11 Tangible fixed a55ets and depreciatlon Tangible fixed assets are slated al historical cost less depreciation, Depreciation is provided using either the slraighl line basis or reducing balance basis at rates which reflect the anlicipaled useful livès of the assets and their oslimaled residual values. Freehold land Freehold buildings Plant and machineiy Fixtures and fv'tlings Motor vehicles Not depreciated 2% slraighl line 10.330A slraighl lin 10D/o reducing balance 25Yo reducing balance As5els under construction are not depreciated until they are corrpleted and brought into use. Expenditure on flxed assets is capitalised except forexpenditure incurred on the replacement of assets of low value with a short life. Repair, renovation and replacement expenditure is wrillen off as expendilure in the Slalemenl ol Financlal Aclivilies. Items costing less than £1.000 are WTitten off as an expense as acquired. 11 Stock Stocks are valued al the lower of cost and nel realisable value. kl Cash and liquid resources Short-tertn deposits. which can be called on demand wilhoul any material penalty. are included thin cash balances in the Balance Sheet. 11 Pension costs The School conlribules lo the Teachers. Defined Benefits Pension Scheme al rates sel by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme Is a mulli- employer pension scheme and it is not possible lo identify Ihe ass81s and liabilities of the scheme which are atlribulable lo the school. In accordan￿ with FRS 102 therefore, the scheme is accounled for 8s a defined contribution Scherne. For further information See Note 20. ml Operating leasas Costs in respeEI of operating leases are Charged on a slraighl-line basis over the lease term. n) Investments Listed investments are inclLJded 81 maTkel value al the Balance Sheet dale. Net gainsllosses arising on the revaluation and dispos810l investments are recognised in the Statement ol Financial Activities. Income deriving frorn investments is accounted for on 8 receivables basis and is recognised through the Slalemenl of Financial Aclivilies. Investments In subsidiaries are valu6d al cost less provision for impalrment. 17 SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ol Recognition of Ilabllitlas Liabilities are recognised once there is a legal or conslruclive obligation that commits the School to the obligation. pl Judgèmènts In applylng accounting pollcles and key sources of estlmatlon uncertalnty Eslimales and judgements are continually evaluated and are based on historical experlence and other factors, including exp8clalions of future events that are belleved lo be reasonable under the circumstances. The items in the financial slalemenls whele these estimates and judgements have been made include the following.. Useful economic Ilves of tanglble assels The annual depreciation charges for the tangible assets are sensitive lo changes in the estimate useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary lo reflect current eslimales, based on technological advancement, future investments, economic ulilisalion and the physical condition of the assets. See note 7 for the c2rrying amount of the tangible assets and note 1 i for the useful lives for each class of asset. Impalrment of debtors The School makos an esllmale of the recoverable valuo of trade and other debtors. When assessing Irllpairmenl of trade and other debtors. management considers factors including the current credit rating of the debtor. Ihs ageing profile of debtors and historical experien¢e. See note 10 for the nel carrying amount of the debtors and associated impairment provision. ql Designated funds The Govemors have sel up designated funds lo allocate unrestricted funds lo cover material commilmenls. The Maclaren General Fund was originally sel up by The Maclaren Foundation for financing school building developments and other large projects, lo be applied al the discretion of the Governors. r) Expendable endowed funds Endowed funds comprise a number of indlvidual trust funds sel up by specific donors. the capSlal of which may not be expended unless agreed by the Governors. The endowment fund is credited with donallons accounted for on a recelvables basls. These ale then Invesl&d for the ben8flt of Maclaren scholars. 51 Restricted funds Reslricled funds comprise income funds sublecl to specific trusts arlsing either from the donoi's wishes or the terms of a particular fundraising inilialwe. The Maclaren Awards Fund was sel up by the Maclaren Foundation as an expendable endowment fund to provide bursaries and scholarships for able boys whose parents would not otherwise be able to afford the fees. Income arising from inv8slm8nls (dividends and interest) in The Maclaren Foundation forms this reslricled award fund. tl Financial instrument5 Basic financial instruments are inillally recognlsed al transactlon valu8 and tsubsequ¢nlly measured al amortised Cost with the exception of investments which are held al fair value. A speclflc provlsion Is made for debts for which recoverability is in doubl. ul Pupil deposits Although under normal circumstances these will be repaid in future years when the pupils complete their education al the school, pupils can leave at earlier dates. The School does not therefore have an unconditional right lo relain the indimdual deposits for at least 12 months after the Balance Sheet date and, in line with the requirements in FRS 102, the balance of deposits held has been included within current liabilities. 18 SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 FEES RECEIVABLE CONSIST OF: 2023 2022 Gross fees Less.. Scholarships. bursaries and allowancos 9.319,755 435 565 8,884,190 8,734, 734 447 707 8,287,027 Add back= Bursaries paid for by reslricted funds OTHER EDUCATION AND ANCILLARY INCOME 2023 2022 Othèr educatlonal charltsble activities Extras Income Entrance and registration fees 644,197 589,471 other anelllary activities Other income INVESTMENT INCOME 2023 2022 Dividends restricted Interest- restricted Interest- unrestricted 94,804 11,428 87,035 238 560 87 19 SUMMER FIELDS SCHOOL TRUST LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 EXPENDITURE 2023 2022 Expenditure Includes.. Rent payable Auditors, remuneration 1,695 15.500 728 22. 636 13,490 2.162 audit other Depreciation 2023 2022 Total staff costs.. Wages ancj salaries Social security costs Other pension costs 4,610,225 446,493 726 697 4, 174, 602 41 2, 274 663 928 2023 Number 2022 Number The average monthly headcounl of empbyees during the year was.. Teaching Welfare Premises Adminislralive Peripalelics 61 32 60 29 18 38 f 8 38 2023 Number 2022 Number The followng number of employees had salaries within the range as below: £60,000~ £69,999 £70,000- £79,999 £80,000- £89,999 £t60.000- £169,999 During the year, one member of staff left Ihts School following a selllemenl agreement and was paid the sum of £18.000 (2022.- nil)- Contributions ware paid lo the Teachers. Pension Scheme for the benefit of five (2022.. five} hlgher pald employees. Contributions payable into a non-le8¢hing stsff personal pension scheme for higher paid employee5 amounted lo £19.98912022.. £11,889). For the purposes of the Companies Act the Govemors are directors. No Governor received any rerlluneralion or benefits from the s¢hool during the year (2022.. £ni4. Travel and seminar expenses of £246 were reimbursed during the year <2022.. £1,318J for iwo Governors12022.' threel- The remuneration for the Senior Management Team for the School was.. 2023 2022 Senior Management SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ANALYSIS OF TOTAL RESOURCES EXPENDED 2023 Total Staff costs Other Depreciation 2022 (Note S) (Note 71 Charitable activltle5 Teaching costs Welfare Premise5 Trips and visits Grants, awards and prizes AdTninislTalion of the School Support and Govemance costs Tota 4,180,525 646,856 225.972 384,188 1.272,790 1,283,321 47.824 107,414 539,267 70,109 4,612 546,272 4,634,822 4,333,654 1,924,258 1,690,741 2,055,565 1,967,359 47,824 59,398 107,414 110.607 1,270,647 1,034,992 17 968 622 311 10061 203 9 214 719 730,062 1.318 5 7B3415 3 655 477 Othèr trading actlvltles Welfare Total 2023 22 2022 7 9214719 Costs lolalling £16,228 12022.. £15,652) are included in the above Governance costs for payments towards the auditors. 21 SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 TANGIBLE FIXED ASSETS Land & Assels Under Bulldlngs Construction Plant & Machinery Fixtures & Flltlngs Motor Vehlcles Total Cost Al 1 September Addi1Sons 18.418,349 14.907 62,531 149,277 2,662,097 67.718 1,796.438 89.904 7,914 22.947.329 321.806 Disposals Al 31 August 2023 379 519 1366 123 18433256 211808 1743211 1506 823 7914 21903012 Depreciatlon Al 1 September Charge for year On disposals At 31 August 2023 4,484,866 361,221 2,419,957 844,846 106,887 153.851 (986,6041 1379.5f 91 6.506 352 7,756,175 622,311 (1.366.123) 4 846 087 1540 240 619 178 7 012 363 Net book value At 31 August 2023 13,587.169 211,808 202,971 887,645 1.056 14,890.649 Al 31 August 2022 13,933.483 62,531 242, 140 951,592 1,409 15. 191, 154 The nel botsk value of land and buildings consists almost entirely of freehold b¢Jildings. In the opinion of the Govemors the cost of freehold land included thfjlhin the above figure is not material. All tangible fixed assets are held for use by the School on direct oharilable activities. Three residential properties in Oxford are currently pledged as S8curily for the bank loan. FIXED ASSET INVESTMENTS 2023 2022 Quoted Investments-. Investments 211 September 2022 Purchases Disposal proceeds Nel Ilossesl 2,706,773 2,761,151 752,504 68f,531 1254,356} 1662.636) Ba13nce at 31 August 2023 Represented by.. Quoted shares and Government stocks 3 190 845 2 706 773 Hislorlcal cost of shares 2 379 587 22 SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 STOCKS 2023 2022 Stocks 10 DEBTORS 2023 2022 Trade debtors Other deblors Income tax recoverable Prepayments and accrued income 76.393 118,343 29,465 147 725 147,215 55,253 5,065 139 615 Trado debtors are slated afier Impairment provisions totalling £81,867 {2022.' £40,503). 11 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Loans and overdrafls Trade creditors Pension liabilities Other tax and social security Accruals Other Creditors D8posIIs Fees in advance 56,688 55,320 126,340 75,658 88,630 78,771 11B,791 100,311 366,205 157,246 12,404 25,234 687,226 489,000 1 376 059 1348 218 23 SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 12 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 2022 Loans and Dverdrafts Fees In advance 404.375 461,143 The amount of th8 bank loan repayable after more than 5 years ly £163.336. Final repayment is due in February 2032. Interest is charged at a fixed rale of 2.45 % per annum. 13A NET ASSETS OF THE FUNDS OF THE SCHOOL The School's nel assets belong lo the various funds as follows: Flxed Investments Assets Net Current Long Term (Llabllltles) Llabllllles Fund Balance5 Endowed Funds Reslri¢led Funds Unreslricled Funds 20.338 3,190.845 99.287 88,894 934 299 3,310.470 68,894 13 528 965 14870 311 407 047 School 14 890 649 3 190 845 407 047 766 1181 ￿ 16908 329 24 .￿0)￿500 yer defined benefits pension scheme governed by Th6 Teachers. Pensions Regulatlons 2010 las amended) and The Teachers, Pension Scheme Regulations 2(>14 las amended). Mernbers contribute on a 'pay as you go basis with conlrlbulions from mernbers and the employer being credited lo th& Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employei contribution rate is sel by the Secretary of Stsle following scheme valuations undertaken by the Government Actuary's Departrnent. The most recent actuarial valuation of the TPS was prepared as al 31 March 2020 and the Valuation Report was PLJblished in October 2023. Following the Mccloud judgemenl, the remedy proposed that when benefits become payable, eligible members can select lo receive them from either the reformed or legacy schemes for the peri(Kl I April 2015 10 31 March 2022. The actuaries have assumed that mèmb8rs are likely lo choose tho option Ihal provides them with the greater benefits, and in preparing the 2020 valuation havs valued the 'grealer value, benefits for groups of relevant members. The valualk)n confirmed that the employer contribution rale for the TPS would increase from 23.60A 10 28.6°/. from 1 April 2024. Employers are also required lo pay a scheme administration levy of 0.08Yo giving a total employer contribution rale of 28.68°A. Given the increase in employer contribution rate in 2024 and the possibilily of further increases in the future, during the year, a decision was taken lo proceed with Phased Withdrawal from the TPS from 1 September 2023, meaning those teachers joining the school after this dale would not be eligible lo join the TPS, bul would instead be eligible lo joSn the School's defined contribution scheme. 21 FINANCIAL INSTRUMENTS 2023 2022 Flnanclal Assets Financlal assets m8asur8d al falr value 3 190 845 Financial asseis held al fair value include quoted assets held as Inveslfnenls. SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 22 STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 AUGUST 2022 Total Fund5 2022 Unrestricted Funds R¢stricted Funds Endowed Fund5 Note INCOME AND ENDOWMENTS FROM: Charitable Activities Fees receivable Ancillary trading income 8,379,594 615.373 8,379.594 61 5.373 Voluntary sources Donations 5,596 24,498 89,709 119,803 Investments Inveslmenl income 560 87,273 87.833 Other trading activities Non-ancillary Irading income 111475 111 475 Total Income 9 112598 111 771 9 314 078 EXPENDITURE ON: Charitable Activities: School operaling costs 9,104,085 93.876 16,758 9,214,719 Total Expendlture 9 104085 9 214719 Net incoming funds from operations before transfers and investment gains 8,513 17,895 72,951 99.359 Nel (losses} I gains on Invest￿entS 173,2731 {73,2731 Transfers between funds 13BIC Net movemant In funds 14,353 {1.3081 13,041 26,086 Balances brought fOn￿ard at 1 September 2021 13393838 2 955 905 16405 169 Balances carried fokward at 31 August 2022 13A 29 Vr¢yI cavo) tn I co* a)D E C DJ o £LO ziu CLUV)￿￿￿O￿ *XZ Li Cza Q)tr)Ln ¢0 coo ¢41 c£0 > LU￿tL