Company No. 00553243 Charity No. 309683 SUMMER FIELDS SCHOOL TRUST LIMITED GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 INDEX Page 1 Governors and Professional Advisors Report of the Board of Governors, consisting of.. Governors, Report Statement of Governors, responsibilities Governors, Strategic Report Independent Auditor's Report Statement of Financial Activities Balance Sheet Cash Flow Statement Notes to the Accounts 4-10 11-13 14 16 17-34 SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS The Governors for the period under review to the date of signing the financial slatements wer&.. ' J R M Rooth BSC, MBA A J Chirnside MA ' C J E Ferguson MEng (resigned 9 November 2024) H R Fox MA, FCCT P Mundy MA l Ogilvie Thompson BA C Paterson MA, MEd S R Peake Bsc (resigned 1 August 2024) 'RDShawMA D E J Sichel MA, MB Bchir (Cantab), MRCGP, Dch 'ACWSnowMA J Sfakianakis Ph.D C M A Sweetnam BEd (resigned 24 November 2023) P H Weaver BA R Shepherd-cross Bsc (appointed 24 November 2023) Chairman Members of the Finance and General Purposes Committee The Company has no share capital and consequently none of the Governors has any interest in any shares of the Company. The Governors constitute directors of the company for Companies Act 2006 purposes. Headmaster.. DJCFaberMA Finance Director I Company Secretary.. E Webster MA(Oxon), FCA Bursar I Clerk to the Governors: D J J Kirk BSC, MBA Principal & registered officé.. Mayfield Road, Oxford OX2 7EN Bankers.. Auditor: Natwest Bank plc Willow Court Minns Business Park 7 West Way Oxford OX2 OJB Crowe U.K. LLP 4th Floor St James House St James, Square Cheltenham GL50 3PR Professional Advisors ArGhitects'. Oxford Architects LLP Bagley Croft Hinksey Hill Oxford OX1 5BS Architectslsurveyors.. Carter Jonas Anchor House 269 Banbury Road Summertown Oxford OX2 7LL Property Agents.. Savills Ground Floor, Hawker House 5-6 Napier Court Napier Road Reading RG18BW Legal Advisors: Governance stone King 13 Queen Square Bath BA12HJ Legal Advisors: Employment Law Veale Wasbrough Vizards LLP Narrow Quay House Narrow Quay Bristol BS14QA Pension Advisors.. Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS The Board of Governors present their Annual Report and the audited Financial Statements for the year ended 31 August 2024. The Financial Statements have been prepared to comply with the Company's Memorandum and Articles of Association dated 12 August 1955 as amended, applicable Accounling Standards in the United Kingdom, Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice appliGable to charities preparing their aGGounts in accordance with the Financial Reporting Standard appliGable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019). the FinanGial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). GOVERNORS, REPORT Status and Administration Summer Fields School was founded in 1864 by Mrs Archibald Macl8ren. It is a registered charity (No.309683) and was incorporated (No.00553243) under the Companies Act 1948 on 12 August 1955 as a Company limited by guarantee and not having any share capital. In the event ofthe Company being wound up the liability of every Member is limited to one pound. The School is governod by a Board of Governors in accordance with the Articles of Association. Alms Summer Fields is an independent preparalory school for boys between the ages of 8 and 13, the majoriiy of whom board. In September 2018 the SGhool also opened a Pre-Prep day school for boys from Reception years. The Governors believe in providing the fullest education experience possible for all boys - boarding and day - at Summer Fields, as an excellent preparation for the next stage at an independent boarding school at age 13. The strategies we adopt to meet this aim include engaging first-class staff and providing excellent academic, sporting. muSlGal, cultural and religious facilities. The Board believes that the School achieved ils aims last year through outstanding Scholarship and Common Entrance success, maintaining numbers and Gontinuing to provide a wide-ranging array of activities and sport. Organlsatlon The Governors. who meet three times a year (and occasionally at other times as may be appropriate), are responsible for the management of Ihe School, bul in practice delegate the day to day management to the Headmaster and Bursar (whom they appoint). Wilhin Ihe School there is a Senior Management Team which meets weekly throughout each lerm and assisls the Headmasler. Together this group are the key management personnel. The Governors may appoint committees, the principal committee being the Finance and General Purposes Committee which meets shortly before each meeling of the Board and prepares reports or recommendations to the Board, in particular on financial malters. The names of Ihe Governors are set out on page 1. Unless othetwise indicated they seNed throughout the year. Remuneration is set by the Board, with the policy objective of providing appropriale incentives to encourage enhanced performance and of rewarding fairly and responsibly individual contributions to the SGhool's success. The appropriateness and relevanGe of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools, using publicly available benGhmarking data, to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere. Governor Recruitment & Training The Chairman, wilh a Nominations Committee and the Headmaster. ensures Ihal the constituent members of the School's Board of Governors represent a broad spectrum of abilities and qualities and include former pupils and current parents. New Governors are appointed by the Board following a proposal by Ihe Chairman after Gonsultalion wilh the Committee and the Headmaster. All Governors are provided with an induction pack providing necessary background materials. SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS STATEMENT OF GOVERNORS, RESPONSIBILITIES Tha Chairman is elected by the Board.11 is the custom also to elect a Vice-chairman. Meetings of the Board are chaired by the Chairman or In his absence by the Vice-chairman. Governors are periodically encouraged to attend conferences or seminars, the costs of whlch are borne by the School. From lime to time members of staff are invited to address the Governors. The Governors (who are directors of Summer Fields School Trust Limiled for the purposes of company law) are responsible for preparing Ihe Governors, Annual Report and Ihe financial slatements in accordanGe with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). Company law requires the Governors to prepare financial statements for each financial year. Under company law the Governors must not approve the financial slalemenls unless they are satisfied that they give a true and fair view of Ihe state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Governors are required to.. select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent. slate whelher applicable UK accounting standards have been followed, subjeGI to any material departures disclosed and explained in the financial statements., and prepare the financial statements on Ihe going concern basis unless it is inappropriate to presume thal the charitable company will continue in business. The Governors are responsible for keeping adequate accounting records thal are sufficienl to show and explain the charitable company's transactions, disclose with reasonable accuracy al any time the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Acl 2006 and the provisions of the charity's conslilulion. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevenlion and detection of fraud and other irregularities. So far as the Governors are aware, there is no relevant audit information of which the Charitable Company's auditors are unaware. The Governors have taken the steps that they ought to have taken in order to make themselves aware of any relevant audit information and to establish that the Charitable Companrfs auditors are aware of that information. SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS GOVERNORS, STRATEGIC REPORT Publlc Benefit The Governors confirm that they have complied wlth their duty under Section 17 of the Charitie5 Act 2011 to have due regard to public benefit guidance published by the Charity Commission for England and Wales. The School's objective has been the advancement of education for the public benefit for more than a century now. Education.. During the year the School has educated 337 boys. The academic standard achieved was very high- see the Review ofActivities and Achievements below. All leavers gained entry to the leading senior schools of their choice, and the Governors noted that during the year many Old Summerfieldians went on to leading global universities. Boys at Summer Fields are well grounded in (inter alia) Science, Mathematics and Languages and many continue with these challenging subjects, which are reported to be in decline nationally. Boys at the SGhool are well placed to pursue higher and further education to a high level, which will enable them in later life to make signifiGant and worthwhile contributions to the common good, as many of their predecessors have already done. 2. Savin to ublic ex ense.. All the boys were educated Ihrough the generosity of their families and other benefactors and at no cost to the public. The School receives no grant from the Exchequer. 3. Scholarshi s and bursaries.. The School, with assistance from the Maclaren Foundation, was able lo provide means-tested scholarships and bursaries for 28 boys. this assistance amounled in total to £371.615 (2023.. £338,316). The School intends, subject to prevailing economic conditions outside its control, to increase the scale of similar assistance in future years, and to conlinue lo publicise the availability of means-tesled bursaries on ils website and in other relevant publiGations. 4. Sharin facilities.. Areas in which the School has shared its facilities free of charge include: Arranging for ils playing fields, fives courts, forest school and Grickel nets to be used by olher organisations and making ils facilities available for local nurseries to hold their nativity plays. Inviting local residents to attend musical. dramatic, and artistic events and exhibitions. with football and cricket fixtures also promoted. Offering a number of free places for disadvantaged children at holiday clubs which run on the school site. Making the swimming pool available lo a synchronised swimming team. as w811 as to the girl guides for their overnighl 'swimathon' to raise money for a charily providing pallialive care. 5. Aid to others: The School oversees a number of general charitable activities. In the year ended 31 August 2024 collections for charity, including chapel collections, amounled to £7,336 (2023.. £15,459). which supported a number of charilies including, Cutteslowe Community Larder, Sobell House, The Mulberry Bush, The Ocean Clean Up, Tariro UK, Thames Valley Ambulance and the Royal British Legion. The School also entered the sponsored Oxford Town and Gown 10k run, raising £8.550 for Muscular Dystrophy (£3,820 in donations and the rest in entry fees). At the year-end there were £2.796 of funds awaiting distribution. Review of Activitles and Achlevements All boys in Year 8 passed into their firsl choice of school, either by way of SGholarship or Common Entrance; there were several exceptionally strong performances. Once again, with further increased use of the ISEB Common Pre-Test by senior schools as part of their admissions process, all boys sat the ISEB Pre-Tesl in Year 6. More than ever, it remains the school's aim to maintain its very strong academic reputation by ensuring that boys conlinue to achieve outstanding results, passing into the top senior schools in the country at the end of Year8. There were again several different models of senior school exams, with some scholarship exams being taken at Summer Fields and others at the pupil's chosen senior school,. candidates sat Common Entrance at school, and marking was again undertaken both at Summer Fields and by some senior schools. SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS GOVERNORS, STRATEGIC REPORT Continued The school enjoyed another exceptionally strong set of scholarship results, both in terms of quantity and quality. In lerms of the overall numbers of both awards and pupils, it was the best overall performance in the school's history, eclipsing the previous record years in 2016 and 2023. In all, 24 awards were shared between 21 pupils lin 2016 there were 20 awards shared between 17 pupils, and in 2023 there were 19 awards shared between 15 pupils). There was a wide range of awards made across all disciplines: three King's Scholarships, a Music Scholarship and a Muslc Exhibition to Elon an Academic Scholarship, a Music Scholarship, three Sport Scholarships and a Sport Exhibition to Harrow an Academic Scholarship to Monkton an Academic Scholarship, two Academic Exhibitions and an Art Award lo St Edward's an Academic Scholarship lo Tonbridge an Academic Exhibition to Magdalen College School an Academic Exhibition and an All Rounder Scholarship to Radley a Music Scholarship, an Art Scholarship and a Sport Award to Marlborough a Music Scholarship to Stowe Boys who left this year went on to the following senior sGhools'. Eton 31 % (the same percentage as last year but, at 21 pupils in total, the highest number for some 25 years), Harrow 24 % (16°/o last year), with 16 pupils, the highest number ever, Radley 12'/., St Edward's 6 %, Marlborough 6 %, Sherborne 4 %, other leavers also went to Abingdon, Brighton, Christ's Hospital, Cokethorpe, Magdalen College School, Monkton, Rugby, Stowe, Tonbridge, Wellington and Westminster. The school is extremely proud of both the quality and spread of academic success achieved by pupils to these schools. The school was once again able lo enter a number of academic and other competitions, hosted both inlernally and at other schools. Summerfieldians enjoyed another very strong year in various maths challenges. In the UKMT Intermediate Maths Challenge (for pupils up to the age of sixteen), 13 gold certificates were awarded to Summer Fields pupils, 19 silver and 28 bronze., 16 candidates qualified for Ihe Grey Kangaroo round and two for the Cayley Olympiad. In the UKMT Junior Malhs Challenge a record number of Summer Fields entrants yet again broke the record for certificates.. 60 gold154 in 2023). 28 silver and 25 bronze,. six pupils qualified for the top-lier Olympiad round and, equalling last year's record, 41 pupils qualified for the Kangaroo round. It was another good year for those pupils entered into the Townsend Warner History Prize., a record 1,275 candidales entered from around Ihe country. This year, a tolal of 14 Summer Fields candidates qualified for the 2nd paper, placing them within the top 200 candidates overall- the best-placed Summerfieldian came 16th Art continues to thrive and this year Ihe school particularly enjoyed being part of Oxford's 'Oxlrail 2024, campaign, the pupils designing and decorating a mini ox which was displayed around Oxford with many olhers. Two boys boy gained an Art award to their senior school. Musical participation and achievement, both Instrumental and choral, remaln at extremely high levels. Many pupils achieved strong grades in ABRSM exams across a broad range of instruments.. over 70 ABRSM exams were taken, with many graded at DistinGlion or Merits, some including exceptionally high individual marks. Five candidales won music awards to their senior schools (Eton, Harrow, Marlborough and Slowe). Over 320 music lessons are taught every week by 26 teachers, teaching 29 different instruments (including instruments such as the organ, bagpipes, harp and tabla). In the prep school there are two orchestras, three choirs, two string ensembles, a Jazz Band, Clarinet Ensemble and Flute Ensemble. In the Pre-prep school there are choirs and a Ukulele Club., many other instruments are taught in class music lessons. All pupils have multiple opportunities to perform- Ihere are weekly junior and senior assembly performances. regular coffee concerts for all year groups, a school Summer Concert, weekly performances in Chapel (at which pupils sometimes play Ihe organ to accompany the signing) and many other informal concerts and performances. Other highlighls included the Chapel Choir singing Evensong at Keble College, while also supporting school worship at the Service of Remembrance, HaNest Festival, Carols by Candlelight, and the school's Carol services. Several boys were again confirmed in the school Chapel. The music scholars performed in a special concert at St Michael's church in Summertown, while a large number of pupils look part in the annual League Music Competition and the Battle of the Bands. Two pupils had symphonic compositions published and performed by the school orchestra. SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS GOVERNORS, STRATEGIC REPORT Continued LAMDA lessons continue to be exceptionally popular and the number of pupils taking lessons has grown again this year, achieving outstanding results in their LAMDA exams. In the Lent term exams, 92 % of candidates achieved a Distinction, with all eight pupils at Grade 5 awarded a Distinction, and thrèe at Grade 6. Ther8 wara no drama awards made this year, although one candidate did succeed in winning an All Rounder Scholarship to his senior school with drama as a key component of the assessment. All boys in Year 6 and Year 7 look part in a 'play in two and half days,, while the Year 8 leavers also put on an abbreviated version of Romeo and Juliet. Sport Gontinues to flourish and the school again enjoyed a very successful football season, with the record for the tolal number of matches played being broken for the third year running, and the school putting out the highest number of teams ever. In all, 28 teams (25 in 2023) Ihroughout the prep school played in a total of 209 matches (202 in 2023), achieving an overall win rale of 540/0. The under 11 and Under 9 year groups enjoyed especially successful seasons, achieving respective win rates of 70 % and 770/0. The 1st Xl again competed in the national schools. ISFA Cup. The school again acted as a host venue for the regional qualifiers of the Under 13 Nallonal IAPS six-a-side tournament and, for the first time ever, was invited also to host the National Finals day of the same competition. While the school's own 1st Vll just failed to qualify, 16 prep schools from around the country attended a very successful event,. the football on show was of the highest calibre. Mosl encouragingly, participation levels for football are extremely high throughout the school. the number and high quality of the school's pitches continues to allow this level of participation. Some 'lower' teams often play against 'higher' teams from other schools and on some match days as many as twenty-one (a new record) leams took lo the field. The school again hosted its very successful annual Under 8 Football Festival, with a record 22 teams Gompeting from eleven schools. The rugby players too enjoyed a strong season. although two large block fixtures were cancelled due to the weather. In all 155 matches were played (a substantial increase on 114 in 2023 and 124 in 2022) by nineteen teams, wlth a win rate of 620/0. The most successful year group were again the Under 9s, the A team winning 17 out of 19 matches and the combined teams winning 35 out of 43 matches overall. The Under 13s and Under 10s also performed well. Hockey continues to grow in stature and popularity at the school, and increasing numbers of boys choose to play hockey in the Lenl term- Ihere are correspondingly more fixtures (46 across six teams this year) and a growing number of teams representing the school on malch days. Results improve each year too, and the six teams, combined results equated to a win rale of almost exactly 50 %' the 1S1 Vll won six and drew two of their ten matches. On more than one occasion the school put out 18 teams across rugby and hockey, ensuring that every boy who was on games compeled for Ihe school. The school enjoyed another successful crickel season, the best for some years, winning 650/0 of all matches played (53°/, last year). In all 21 teams represented the school in a total of 170 school fixtures. up from 162 in 2023 bul below the all-lime high of 191 in 2022. The senior teams (made up of pupils in Years 7 and 8), enjoyed another very successful season, winning 55 matches out of 71 played (a win rate of 770/0, as against last season's 70 101,. teams often played 'up' against opponenls from olher schools and the 1st Xl won nine malches out of eleven. These figures do not include the very successful 1st Xl tour to Cape Town during the Lent term half-term.. the squad of 16 pupils played a variely of matches against eight local schools, greatly enjoyed the South African hospitality and gained a great deal from the experience. The school's athletics team again enjoyed a successful season. Participation levels in athletics remain very strong and various age-group teams again won medals and trophies at a number of meetings at other SGhools. Several school records were beaten and a number of boys achieved success at the Mercia Regional Prep Schools Championships, including qualifiGation for the National finals. Unfortunately, due to a diary clash for all Year 8 leavers, several pupils were unable to take up their place at the Nationals in Birmingham. The lennis leam enjoyed ils most successful season ever,. tennis Gontinues lo be extremely popular, with many boys having coaching and several pupils competing in county and regional tournaments outside school. SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS GOVERNORS, STRATEGIC REPORT Continued For the first time ever, the school completed a clean sweep in all school fixtures and both tournaments entered., remarkably, the team did not even lose a single individual match, at any tournament or school fixture, in any of the four age-groups. In school matches, Summer Fields tennis players won 55 games and lost just ten. Both the Under 13 and Under 11 teams were again champions al the Oxfordshire Prep Schools tournament at Magdalen College School, while the season was rounded off al the annual prep schools tournament at Radley College, where both the Under 11 and Under 13 teams won their respective trophies. The school continues to have a number of strong swimmers, with several training at the City of Oxford Swimming Club and representing the club at regional level. Four boys at Under 11 level qualified for the South East Regional Finals of the ESSA Primary Swimming Championships in Guildford, while more than 45 boys represented the school's swimming squad al galas. Several boys qualified for the IAPS Regionals, bul sadly this year none of them qualified for the IAPS National Finals al the Olympic pool in London. The cross Gounlry leam again enjoyed a successful season, while various individual sports continue to be extremely popular al Summer Fields over the course of the year. The squash and Eton fives courts are in constant use in preparation for school matches and tournaments, while the golf course, always in immaculate condition, is used daily by a large number of young golfers. The golf team competed successfully in a number of school matches and tournaments, including the annual Stowe Putter. One of the major highlights of the year is always the school's participation in the Oxford Town and Gown 10k race in the University Parks, held in aid of Muscular Dystrophy UK. A large field of Summer Fields pupils once again joined many other children in competing in the 3k race, before a large Summer Fields team of staff and parents took part in the 1 Ok. For the seventh year running, the school bettered its own participation record, with 171 pupils and 64 adults taking part. In a field of 477 junior runners, including boys and girls up to the age of 16, there were some strong performances with no fewer than three Summer Fields pupils finishing in Ihe top 15 posilions. The SGhool's first runner home came 61h overall and won the 9-11 year old category. another runner came 91h overall and second in the 9-11 category,. and finally one finished 14th overall and fourth in his age category. As in previous years, the school again hosted a representative from MDUK to address the whole school in an assembly, award the school the prize for the largest school entry and receive the £8,550 raised on the day. A senior member of staff, along with two current parents, for the second lime was one of more than 900 runners who took part in the celebrated Marathon des Sables in the Sahara Desert. He finished in the top 40 runners in the 250 km race, spread over six days. Various key dates were celebrated by pupils in assemblies throughout Ihe year. including Holocaust Memorial Day, Black History Month, International Women's Day and Anti-Bullying Week. The School continues to invest in new video, recording and mixing software and equipmenl. The Video Production Unit, which films and live streams many school events inGluding matGhes, GonGerts and plays. is now well established and widely admired by members of the school community and visitors from olher schools. A detailed review of the School's activities and aGhievemenls is published in Ihe School Magazine. Fundraising Gifts and donations of £301.6k (2023.. £517. 1k) were recelved in the year, of which £286.3k (2023.. £371.5k) of endowed gifts were to scholarships and bursaries. £1.5k was to restricted donations (2023.. nil) and unrestricted gifts amounted 10 £13.7k (2023.- £145.6k). The year saw a continued support for Ihe scholarships and bursaries endowed fund, The Maclaren Foundation, the income from which can support a number of gifted boys who would otherwise be unable to attend the School for financial reasons. It currently supports, on average, seven or eight 'schol8rs' and the objective of the Foundation is to increase this number in future years. SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS GOVERNORS, STRATEGIC REPORT Continued All fundraising activities for the School are carried out by the School staff with assistance from the parents and pupils with the running of specific fundraising events. The School does not use professional fundraisers or have any commercial participators. All fundraising activities are managed by the development office and are monitored by the Headmaster. with overall oversight by the members of the governing body. No complaints relating to fundraising activities 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 complaint being received with the initial response being the responsibility of the Bursar. Any continuing issues would then be passed to the governing body to determine whal further action might be required. The School is currently registered wilh Ihe Fundraising Regulator as a demonstration of ils commitment to good fundraising. Registered organisations help promote best practice, defend the sector and demonstrate compliance with the law. As a school we seek to implement the standards in the Code of Fundraising PractlC8, for example on data Gonsent in relation to fundraising. In particular, Ihe School considers thal 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 persislent or place undue pressure on a person to give money or other property. Objectives for the Year The Objectives of the School are to achieve its aims as described above consistently with its stalus as an incorporaled charity and within Ihe resources available, on an enduring basis. The Governors believe thal the School achieved its objectives during the year and is able to continue to do so in the longer term. Towards those objeclives, the school environment continues to be greatly enhanGed by Gontinuous refurbishment, upgrading and building. In addition lo the annual maintenance and upkeep of the School, there is an ongoing programme to improve keyareas. notably the boarding houses, classrooms and recreational areas, whilst ensuring the provision of Ihe highest standard of learning facilities and IT equipment. The summer saw further investment in the boys, accommodation and staff housing, Bulldlngs The School has continued to maintain its buildings and facilities to a high standard, lo afford boys and staff the best possible working, cultural and sporting environment. Future Developments and Plans The plans for the future continue to concentrate on the maintenance and refurbishment of the existing school fabric and facilities. inGluding ongoing upgrades to boarding lodges and staff housing. Meanwhile, the Governors and Headmaster conlinue to identify other areas of the School for possible improvement or development. Financial Results The School recorded an increase in unrestricted funds of £0.36m. Within this, unrestriGted inGome was £10.9m (2023.- £10. lm), with fee income of £9.74m (2023.. £8.98m), ancillary trading income of£793.5k (2023.. £694.3k). investment income of £49.2k (2023.. £17.8K), non-ancillary trading income of £297.9k (2023.- £276. Ik), and unrestricted donations lower than prior year at £13.7k (2023.. £145.6k). Unrestricted school operating costs were £10.50m (2023.. £9.99m). A summary offinancial activilies is available in the Statement of Financial Activities on page 14. Investment Powers, Policy and Performance The SGhool's investment powers are governed by its Memorandum of Association. These permit funds to be invested in or upon such investments, securities or property as may be thoLAght appropriate. The School has a Reserves & Inveslmenls Policy which is reviewed every year. During the year the School generated a total of £177.250 (2023.. £124,011) of investment income, of which £128,062 was generated as restricled investment income by the Maclaren Foundation (Charity number 1112215 - the objects of which are to advance education at Summer Fields principally through the grant of scholarships, bursaries and other awards). The MaGlaren Foundation has an investment objective to preserve and grow the value of the investmenls over the longer term and to provide cash flows for scholarships, bursaries and other awards. The investment portfolio showed strong growth in the year to end of September 2024, slighlly behind the ARC Steady Growth Index, which it is measured against. SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS GOVERNORS, STRATEGIC REPORT Continued Fixed Assels The movements in fixed assets are shown in note 7 to the financial slatements. In the oplnlon of the Governors the market value 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 School's reseNe policy is to mainlain sufficient unrestricted income reserves lo enable il to meet its short- term financial obligations in the event of an unexpeGted revenue shortfall. The Governors review the endowed. restricted and unrestricted funds regularly. The movements in funds are shown in note 14 to the financial statements. Total funds of the School at the year-end stood at £17.8m (2023.. £16.9m), of which £3.8m (2023.. £3.3m) is held in endowed funds and £13.9m (2023.. £13.5m) in unrestricted funds. Of the unrestricted funds. £14.6m (2023.. £14.9mJ is represented by the net book value of fixed assels, leaving negative free reserves of £(0.7)m (2023.. £(1.3)m). The negative reserves are a GonsequenGe of School's investment in the capital assets of the school. The Governors are mindful of Ihis position and are looking to make the reserves positive over the longer term, whilst satisfied that the assets attributable to each fund are still sufficient to meet their obligations. Risk Management In the light of Corporate Governance guidance conlained within the SORP, the Governors have established systems lo review the major slralegic, business and operational risks to which the School is exposed. Systems are established to mitigate those risks and procedures have been implemented to minimise any potential impact on the School should any of those risks malerialise. The principal risks and uncertainties facing the School include the introduction of VAT on school fees for terms starting from 1 January 2025, combined with the loss of business rates relief and increase in employer national insurance contributions from April 25. The Governors have worked closely with the Senior Management Team of the School and external tax advisors to assess how to reduce the overall financial impact to parents, without compromising the quality of staffing. activities and facilities. Other risks include a change in the political climate regarding charities and a down-turn in the popularity of boarding, with the latter being addressed through increased largeled marketing activity to increase awareness of the boarding offering. and ensuring that the offering remains highly compelling. Detailed consideration of risk is delegated to the Finance and General Purposes Committee, which reports formally lo the Governing Body on risk each spring. The risk management process and Ihe resulting Report identifies risks, assesses their impact and likelihood and, where necessary, recommends controls to mitigate and monitor those risks that are assessed as high. The generic controls used by the School to minimise risk include.. detailed terms of reference together with formal agendas for Committee and Board activity,. strategic development planning, reviewed annually by the Finance and General Purposes Committee., comprehensive budgeling and management accounting; established organisational structures and lines of reporting., formal written policies including clear authorisation and approval levels,. and vetting procedures as required by law for the protection of the vulnerable. Golng Concern The Governors have undertaken detailed planning and forecasting for 2024125 and 2025126 and continue to closely monitor the economic situation, in particular the continued cost of living pressure. including high interest rates, and the introduction of VAT on school fees by the government in January 2025. Despite the current circumstances, the Governors believe that the School's financial resources and contingency planning is sufficient to ensure the ability of the School to continue as a going concern for the foreseeable future, being at least twelve months from the dale of approval of these financial statements and therefore have prepared Ihe financial statements on a going concern basis. SUMMER FIELDS SCHOOL TRUST LIMITED REPORT OF THE BOARD OF GOVERNORS GOVERNORS, STRATEGIC REPORT Continued Disability Statement The School seeks to achieve the objectives sat down In the Disability Discrimination AGt 1995 and Equality Act 2010. and in particular makes the following commilments.. a) a rolling programme of audit of facilities and provision of access will contlnue to be a priority. The School takes professional advice on the improvement of access and facilities on all major construction work and refurbishment to existing buildings. bl the School has made a significant investment in the appointment of specialist teachers to support pupils with learning difficulties and l or disabilities and continues to monitor and introduce services as required., c) counselling and welfare services are widely available to pupils and staff,. and d) specialist equipment is available, or will be made available, as required wher& its use is identified as beneficial by Ihe support processes. Employment of Disabled Persons The School considers all applications for employment from disabled persons, bearing in mind the aptitudes of the individuals concerned. Where an existing employee becomes disabled, every effort is made to ensure that employment with the School continues. The School's policy is lo provide training, career development and opportunities for promotion that are, as far as possible, identiGal to Ihose for other employees. Associated Trust An associated trust, The Maclaren Foundation, was registered as a charity (No. 1112215) in November 2005 and is a separate legal enlily from the School (charity no. 309683). Its objects are to establish and build a permanent endowment fund lo provide bursaries and scholarships at Summer Fields for able boys whose parenls would not otheNise be able to afford Ihe fees, and also to establish a general fund for assisting the SGhool in capital development projeGts. In accordance with the Charilies SORP the accounts of the Maclaren Foundation are aggregated wilh Ihose of the Charitable Company, as a branch. The value of the Foundalion's net assels is £3.92m12023.' £3.36m). Auditors The auditors, Crowe U.K. LLP, will be proposed for re-appointment 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 2144*AtAf kr2oX%including in their capacity as company direGtors approving the Strategic Report therein, and is signed as authorised on its behalf by: J Rooth Chairman io INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUMMER FIELDS SCHOOL TRUST LIMITED Opinion We have audited the financial statements of Summer Fields School Trust Limited for the year ended 31 August 2024 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial stalemenls, including significant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as a131 August 2024 and of its income and expenditure, for the year then ended., have been properly prepared in accordan￿ with United Kingdom Generally Accepled Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other elhical responsibilities in accordance with these requirements. We believe that the audit evidence we have oblained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial stalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. other Information The governors are responsible for the other Informalion conlalned wlthin Ihe 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 financial stalements does not Gover the other information and, except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistenl with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial stalemenls themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinlon based on the work undertaken In the course of our audit the information given in the governors, report, which includes the directors, report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements., and the strategic report and the directors, report included within the governors, report have been prepared in accordance with applicable legal requirements. li 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 their environment obtained in the course of the audit, we have not identified material misstalemenls in the strategic report or the directors, report included wlthln the governors, report. We have nothing lo report in respect of Ihe followlng matters in relation to which the Companies Acl 2006 requires us to raport to you if. in our opinion.. adequate and proper accounting records have not been kept. or the financial statements are not in agreement with the accounling records and returns. or Gertain disclosures of governors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the governors, responsibilities statement set out on page 3, the governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal Gontrol as the Irustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the governors are responsible for assessing the charitable company's abilily to continue as a going concern, disclosing. as applicable, matters related to going conGern and using Ihe going concern basis of accounting unless the trustees either intend to liquidate the Gharitable company or to cease operations, or have no realistic alternative but to do so. Audltor's responslbllltles for the audit of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conduGted in accordance with ISAS (UK) will always detecl a material misstatement when it exists. Misstalements 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 taken on the basis of these financial slatemenls. Details of the extent lo whiGh Ihe audit was considered capable of detecting irregularilies, including fraud and non-compliance with laws and regulalions are set out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or -uk/auditorsres onsibililies. This description forms part of our auditor's report. Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud. are instances of non-compliance with laws and regulations. We idenlified and assessed the risks of material misslatemenl of the financial statements from irregularities, whelher due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We oblalned an understanding of the legal and regulalory frameworks within which the charitabla company operates. focusing on those laws and regulations that have a direct effect on the determination of materi81 amounts and disclosures in the fin8nGial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, together with the Charities SORP (FRS 102). We assessed the required compliance wilh these laws and regulations as part of our audit procedures on Ihe related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements bul compliance with which might be fundamental to the charitable com pany's ability to operate or to avoid a material penalty. We also considered the opportunities and inGenlives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014. Auditing slandards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and othar management and Inspection of regulatory and lagal Gorrespondence, if any. 12 ## **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: 04 December 2024 13 SUMMER FIELDS SCHOOL TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 (incorporating an Income and Expenditure Account) Total Funds 2024 Unrestrlcted Funds Restricted Funds Endowed Funds 2023 Note INCOME AND ENDOWMENTS FROM: Charitable Activities Fees receivable Ancillary Irading income 9,735,143 793,518 9,735,143 8,975,635 793,518 694,274 Voluntary sources Donations 13.745 1.500 286,352 301,597 517,141 Investments Inveslment inGome 49,188 128,062 177,250 124,011 other trading activities Non-ancillary trading income 297 888 297 888 276 079 Total Income 10 889482 129 562 286 352 11 305 396 10 587 140 EXPENDITURE ON: Charitable Activities: School operating costs 10,501,240 94,455 19,750 10,615,445 10,061,203 Other tradlng actlvltles: Non-ancillary trading costs 28,676 28,676 34, 787 Total Expenditure 10 529 916 19 750 10 644 121 10 095990 Net incoming funds from operations before transfers and investment gains 359,566 35.107 266.602 661,275 491, 150 Net (lossesllgains on investments 260,488 260,488 {14,076) Transfers between funds 14BIC 100 100 Net movement in funds 359.666 35.007 527.090 921,763 477,074 Balances brought forward at 1 September 2023 13 528 965 3 310 470 16 908 329 16 431255 Balances carried fonvard at 31 August 2024 14A The notes on pages 17 to 34 form part of these Financial Statements. 14 SUMMER FIELDS SCHOOL TRUST LIMITED REGISTERED NUMBER 00553243 BALANCE SHEET AT 31 AUGUST 24 2024 2023 Note FIXED ASSETS Tangible fixed assets 14,598,733 14,890,649 Fixed asset investments Other investments 3 700 589 3 190 845 3 700 589 3 790 845 18,299,322 18,081,494 CURRENT ASSETS stocks Deblors Cash at bank and in hand 15,038 546,420 2 617 759 13,705 371,926 1680 594 10 3,179,217 2,066,225 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3 209 325 2 832 343 NET CURRENT (LIABILITIES) 766 118 TOTAL ASSETS LESS CURRENT LIABILITIES 18,269,214 17,315,376 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 12 439 122 407 047 NET ASSETS RESERVES Expendable endowment funds Reslricled funds Unrestricted funds 14A 14A 14A 3,837,560 103,901 13 888 631 3,310,470 68,894 13 528 965 These financial stalemenls were approved and aulhorised for issue by ihe Board of Governors and were signed on their behalf on J Rooth Chairman The notes on pages 17 to 34 form part of the Financial Statements. 15 SUMMER FIELDS SCHOOL TRUST LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Net cash inflow from: Operating aclivities 15 1,304,651 1,476,151 Cash flows from financing actlvlties Interest received Investment dividends Repayments of borrowing 66,302 110,948 (56,760) 29.207 94.804 (55,400) Cash flows from investlng activities Payments to acquire fixed assets Proceeds from sale of investments Payments to acquire investments (238,720) 713,407 962 663 (321,806) 254,356 752 504 Net cash (outflow) from investlng actlvltles Increase In cash in the year 937,165 724, 808 Cash balance at 1 September 2023 1680 594 955 786 Cash balance at 31 August 2024 2 617 759 1680 594 The notes on pages 17 to 34 form part of the Financial Statements. 16 SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES a) Charlty Information Summer Fields School Trust Limited is a registered charity With the Charities Commission England and Wales (charity number 309683> and was incorporated as a company limited by guarantee (company number 00553243) on 12th August 1955. The address of ils registered office is Mayfield Road, Oxford, OX2 7EN. b) Basis of preparation of financial statements The financial stalements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 102)- (Charities SORP IFRS 102)) and the FinanGial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102). Summer Fields School Trust Limited meets the definition of a public benefit enlily under FRS 102. The functional currency of the School is consldered to be GBP because that is the currency of the primary economic environment in which the School operates. The School controls a charity called The Maclaren Foundation, the results of which are aggregated as a branch into these financial slalemenls, which therefore present information about the School plus The Maclaren Foundation. The School and the Maclaren Foundation are separate legal entities: Summer Fields Trust Ltd being a charitable company (charity number 309683), and the Maclaren Foundation {charity number 1112215) being a separate charitable trust, established by Trust Deed, to provide for the advancement of education al the School principally through the grant of scholarships, bursaries and other awards. The Charity has also taken advantage of Ihe exemption available in FRS 102 to present a Gharity- only cash flow slalement within these consolidated financial statements. c) Golng concern The Governors have undertaken detailed planning and forecasting for 2024125 and 2025126 and continue to closely monitor the economic situation, in particular the continued cost of living pressure, including high inlerest rates, and the introduction of VAT on school fees by the government in January 2025. Despite the current circumstances, the Governors believe that the SGhool's financial resources and conlingenGy planning is sufficient to ensure the ability of the School to continue as a going concern for the foreseeable fulure, being at least twelve months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis. d) Fees and slmllar earned Income Fees receivable represent amounls receivable as fees and chargas for services in respect of the provision of education to pupils in the school. Fees receivable are stated after deducting allowances, scholarships, and olher remisslons granted by the School. e) Donations and legacy income Voluntary incoming resoLtrces are accounted for as and when enlitlemenl arises, the amounts can be reliably quantified and the economic benefit to the school is considered probable. fj Inveslment income Investment income from dividends, bank balances and fixed interest securities is accounted for on an accruals basis. g) Non-ancillary trading income This comprises of sales (excluding VAT and similar taxes) on rents and lettings in the normal course of business. 17 SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 h) Expenditure Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. The allocation of expenditure between direct charitable and other is a subjective splil based upon the Finance Director's best estimate of the resources input to these different parts of the School's operations in the year. The irrecoverable element of VAT is included with the item of expense to which it relates. Charitable Activities includes salary cost and office costs relating lo the running of the School. This also includes governance costs which are the costs ofcomplying with the conslitulional and statutory requirements of Ihe School. Redundancy and terminalion cosls only occur where absolulely neGessary and are accounted for on an accruals basis when the commitment to terminate a post on the grounds of redundancy has been made. i) Tangible fixed assets and depreclation Tangible fixed assets are stated at historical cost less depreciation. Depreciation is provided using either the straight line basis or reducing balance basis at rates which reflect the anticipated useful lives of the assets and their estimated residual values. Freehold land Freehold buildings Planl and machinery Fixtures and fittings Motor vehicles Not depreciated 2 % straight line 10-33°/o Straight line 10 % reducing balance 25°/o reducing balance Assets under construction are not deprecialed until they are completed and brought inlo use. Expenditure on fixed assets is capilalised except for expenditure incurred on the replacement of assets of low value with a short life. Repair, renovation and replacement expendilure is written off as expenditure in the Statement of Financial Activities. Items costing less than £1,000 are written off as an expense as acquired. jl Stock stocks are valued at the lower of cost and nel realisable value. k) Cash and liquid resources Short-lerm deposits, which can be called on demand withoul any material penalty, are included within cash balanGes in the Balance Sheet. l) Pension costs The School contributes to Ihe 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 multi- employer pension scheme and it is not possible lo identify the assets and liabilities of the scheme which are atlribulable to the school. In aGcordance with FRS 102 therefore, the scheme is accounted for as a defined contribution scheme. For further information see Note 21. m) Operating leases Cosls in respeGt of operating leases are charged on a straight-line basis over Ihe lease term. n) Investments Listed investments are included at market value at the Balance Sheel date. Net gainsllosses arising on the revaluation and disposal of investments are recognised in the Statement of Financial Activities. Income deriving from investments is accounted for on a receivables basis and is recognised through the Statement of Financial Activities. Investments in subsidiaries are valued at cost less provision for impairment. 18 SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 o) Recognltlon of Ilabllitles Liabilities are recognised once there is a legal or constructive obligation that commits the School to the obligation. p} Judgements In applylng accounting policTes and key sources of estimation uncertainty Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectalions of future events that are believed to be reasonable under the GirGumstances. The items in the financial statements where these estimates and judgements have been made include the following.. Useful economic lives of tangible assets The annual depreciation charges for the tangible assets are sensitive to 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 to reflect current estimates, based on technological advancement, future inveslmenls, economic utilisalion and tha physical condition of the assets. See note 7 for the carrying amount of the tangible assets and note 1 i for the useful lives for each class of asset. Impalrment of debtors The School makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors inGluding the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 10 for the nel carrying amount of the debtors and associated impairment provision. q) Designated funds The Governors have set up designated funds to allocale unrestricted funds to cover materi81 commitments. The Maclaren General Fund was originally set up by The Maclaren Foundation for financing school building developments and other large projects, to be applied at the discretion of the Governors. r) Expendable endowed funds Endowed funds comprise a number of individual trust funds set up by specific donors, the capital of whiGh may not be expended unless agreed by the Governors. The endowment fund is credited wilh donations accounted for on a receivables basis. These are then invested for the benefit of Maclaren scholars. s) Restricted funds Restricled funds comprise income funds subject to specific trusts arising either from the donor's wishes or Ihe terms of a particular fundraising initiative. The Maclaren Awards Fund was set up by the Maclaren Foundation as an expendable endowment fund to provide bursaries and scholarships for able boys whose parents would not othenmise be able to afford the fees. Income arising from investments (dividends and interest) in The Maclaren Foundation forms this restricted award fund. t) Financial instruments Basic financial instruments are initially recognised at transaction value and subsequently measured al amortised cost with the exceplion of investments which are held at fair value. A specific provision is made for debts for which recoverability is in doubl. u) 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 to retain the individual deposits for at least 12 months after the Balance Sheet date and, in line with the requirements in FRS 102, the balanGe of deposits held has been included within current liabilities. 19 SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 v) Fees in advance The current fees in advance scheme provides a method whereby the cost of a pupil's education can be provided for ahead of time, with the fee payer entering into a contract with the school to pay upfront the whole or a portion of the fees for specific future terms. 20 SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 FEES RECEIVABLE CONSIST OF: 2024 2023 Gross fees Less.. Scholarships, bursaries and allowances 10,136,227 495 505 9,640,722 9,319,755 435 565 8,884, 190 Add back.. Bursaries paid for by restricted funds 8 975 635 OTHER EDUCATION AND ANCILLARY INCOME 2024 2023 Other educational charitable activities Extras Income Entrance and registration fees 775,300 644, 197 67 97 Other anclllary actlvltles Other income 694 274 INVESTMENT INCOME 2024 2023 Dividends - reslricled Interest - restricted Interest - unrestricted 110,948 17,114 94,804 11,428 124 011 21 SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 EXPENDITURE 2024 2023 Expenditure includes.. Reni payable Auditors, remuneration 3,432 15,960 1,728 1,695 15,500 728 audit other Depreciation 2024 2023 Tolal staff costs.. Wages and salaries SoGial security costs other pension costs 4,829,009 437,414 803 789 4,610,225 446,493 726 697 2024 Number 2023 Number The average monthly headcount of employees during the year was.. Teaching Welfare Premises Administrative Peripatetics 61 35 61 32 19 38 18 38 2024 Number 2023 Number The following number of employees had salaries within the range as below: £60,000- £69,999 £70,000 - £79,999 £80,000- £89,999 £90.000- £99,999 £160.000- £169,999 £180,000- £189,999 There were no settlement agreements made during the year (2023.. one member of staff left following a settlement agreemenl and was paid Ihe sum of £18,000). Contributions were paid to the Teachers, Pension Scheme forlhe benefit of eight (2023.. five) higher paid employees. Contributions payable into a non-teaching staff personal pension scheme for higher paid employees amounted to £21,508 (2023.. £t9,989). For the purposes of Ihe Companies Act the Governors are directors. No Governor received any remuneralion or benefits from the school during the year (2023.- £nil). Governor expenses of £636 were reimbursed during the year (2023.- £246) for three Governors (2023.- two). The remuneralion for the Senior Management Team for the School was: 2024 2023 Senlor Management 22 SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ANALYSIS OF TOTAL RESOURCES EXPENDED 2024 Total 2023 Staff costs Other Depreciation (Note 5) (Note 7) Charitable actlvltles Teaching costs Welfare Premises Trips and visils Grants, awards and prizes Administration of the School Support and Governance costs Total 4,307,540 690,066 258,477 477,032 1,375,766 1,416,217 28,820 114,170 578,909 51,280 4,848 474,059 4,835,852 2,070,680 2,148,753 28,820 114,170 1,393,487 4,634,822 1,924,258 2,055,565 47,824 107,414 1,270,647 814,129 449 6 070 212 4 014 597 530 636 10 615445 10 061203 other tradlng actlvities Welfare Total 2024 27 30 636 10 644 121 100959 2023 22 311 10 095 990 Costs totalling £17,688 (2023.'£16,2281 are included in the above Governance costs for payments to the auditors (ex. VATI 23 SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 TANGIBLE FIXED ASSETS Land & Assets Under Buildings Construction Plant & Machinery Fixtures & Flttings Motor Vehicles Total Cost At 1 September Additions 18.433,256 6,176 211,808 11,258 1,743,211 120,404 1,506,823 100,882 7,914 21,903,012 238,720 Disposals At 31 August 2024 18439 432 223 066 1863 615 1607 705 7 914 22 141732 Depreciation At 1 September Charge for year On disposals 4,846,087 361,323 1.540,240 76.740 619,178 92.309 6,858 264 7,012,363 530,636 At 31 August 2024 5 207 410 1616 980 711487 7 542 999 Net book value At 31 August 2024 13,232,022 223,066 246,635 896,218 792 14,598,733 At 31 August 2023 13,587. 169 211,808 202,971 887,645 1,056 14,890,649 The net book value of land and buildings consists almost entirely of freehold buildings. In the opinion of the Governors the cost of freehold land included within Ihe above figure is not material. All tangible fixed assets are held for use by the School on direct charitable activities. Three residential properties in Oxford are currently pledged as security for the bank loan. FIXED ASSET INVESTMENTS 2024 2023 Quoted Investments: Investments at 1 September 2023 Purchases Disposal prO￿edS Nel (losses) 3,190,845 962,663 (713,407) 260 488 2, 706, 773 752,504 (254,356) Balance at 31 August 2024 3 190 845 Represented by: Quoted shares and Government stocks 3 700 589 3 190 845 Historical cost of shares 2 918 416 24 SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 STOCKS 2024 2023 Stocks 10 DEBTORS 2024 2023 Trade debtors Olher debtors Income lax recoverable Prepayments and accrued income 87,989 211,431 43,115 203 885 76,393 118,343 29,465 147 725 3TI 926 Trade debtors are stated after impairment provisions totalling £81,867 (2023.. £81,867). 11 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Loans and overdrafts Trade creditors Pension liabilities Other tax and social security Accruals Other creditors Deposits Fees received from parents in advance of term Fees in advance scheme 58,089 56,688 212,318 126,340 101,596 88,630 105,982 118,791 310,108 366,205 154,255 12,404 925,956 687,226 1,118,778 1,376,059 222 243 2 832 343 12 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Loans and overdrafts Fees in advance scheme 346,212 404,375 407 047 The amounl of Ihe bank loan repayable after more than 5 years is £99,131. Final repayment is due in February 2032. Interesl is charged at a fixed rale of 2.45 % per annum. 25 SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13 FEES IN ADVANCE SCHEME The school has liabilities arising from the Fees in Advance scheme. Under this scheme, a fee payer may enter into a contract with the School to pay upfronl. the whole or a portion of the fees for specific future terms, as agreed with the School. The money paid into Ihe scheme is non-refundable, except in the situation where a child leaves the school prior to commencement of the last term covered by the scheme or does not take up their place at the school. In this instance the School will consider refunding an amounl equal to the yet-to-be applied portion of the advance payment. Assuming pupils will remain in attendance at the School, fees in advanGe will be applied as follows.. 2024 2023 Due within one year Within one to two years 222,243 Balance at 31 August 2024 Summary of movement in liability". 2024 2023 Balance at 1 September 2023 New contracts Repaymenls Amounts used to pay fees 315,153 Balance at 31 August 2024 14A NET ASSETS OF THE FUNDS OF THE SCHOOL The School's net assets belong to the various funds as follows.. Fixed Investments Assets Net Current Long Term (Liabilities) Liabilities Fund Balances Endowed Funds Reslricted Funds Unrestricted Funds 20,338 3,700,589 116,633 103,901 250 642 3,837,560 103,901 13 888 631 14 578 395 439 122 School 14 598 733 3 700 589 439 122 30 108) 17 830 092 26 i *ThJ (EJ o CLO zw ¢0 ¢JJ ff> )co cvo ¢D T3 > (ow UJ o) ¢xs ) u Ccj(fj_￿￿0U<(lliiaZ lu￿ (u L ( SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net incoming resources Inveslmenl income Depreciation charges Decrease in slocks (Increase) in debtors (Decrease) I Increase in creditors 661,275 (177,250) 530,636 (1,333) (174,494} 465,817 491, 150 (124,011) 622,311 10,441 (24, 778) 507,038 Net cash inflow from operating activities 16 ANALYSIS OF CHANGES IN NET DEBT At 1 September 2023 Cash Flows in year Other non-cash changes At 31 August 2024 Cash 1,680,594 937,165 2,617,759 Loans falling due within one year Loans falling due after more than one year (56,688) 56,760 (58,161) (58,089) 404 375 346 214 Total 993 925 17 CAPITAL COMMITMENTS At the year-end Ihe following was authorised and conlracled for, but not yet completed £Nil (2023.. £Nil). 18 FINANCIAL COMMITMENTS The future minimum lease payment of the School under non-cancellable operating leases, in respect of other equipment, is as follows.. 2024 2023 Payable within 1 year Payable between 1 and 5 years Payable in greater than 5 years 70,142 170,144 63,540 182,682 281 562 Total operating lease expenditure In Ihe year 19 GOVERNORS, LIABILITY In the event of the School being wound up, the liability of each Governor is limited to one pound. 29 SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20 RELATED PARTIES Donations totalllng £Nil (2023.. £Nil) were made by Governors during the year. Oppidan Educatlon Ltd, a specialist company engaged by many educational establishments and in which the Headmaster's son has signlficant control, submitted invoices in the year of £18.617 (2023.. £4, 758). Three of the Governors had children at th8 School during the year, forwhiGh Iheywere charged School fees on commercial terms, and no balances were outstanding at the year-end. 21 PENSION SCHEMES The School participates in the Teachers, Pension Scheme ("the TPS") for its teaching staff. The pension charge for the year includes contributions payable lo the TPS of £488,413 (2023.. £621,746) and at the year-end £60,374 (2023- £71, 154) was accrued in respect of contributions to this scheme. The TPS is an unfunded mulli-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 (as amended). Members contribute on a "pay as you go" basis with contributions from members and the employer being crediled lo the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is sel by the Secretary of Slate following scheme valuations underlaken by Ihe Government Actuary's Department. The most reGent actuarial valuation of the TPS was prepared as at 31 MarGh 2020 and the Valuation Report was published in October 2023. Following the MGCloud judgement, the remedy proposed that when benefits beGome payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the 'greater value, benefits for groups of relevant members. The employer contribution rate for the TPS is 28.6 % and employers are also required to pay a scheme administration levy of 0.08 /0 giving a total employer conlribution rate of 28.680 In response to an increase in employer conlribulion rate in 2024 and the possibility of further increases in the future, the school undertook Phased Withdrawal from the TPS from 1 September 2023. Teachers joining the school after this date are not be eligible to join the TPS, but are instead eligible to join the School's defined contribution scheme. 22 FINANCIAL INSTRUMENTS 2024 2023 Flnancial Assets Financial assels measured at fair value 3 700 589 3 190 845 Financial assets held at fair value include quoted assets held as investments. 30 SUMMER FIELDS SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 23 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 Total Funds 2023 Unrestricted Funds Restricted Funds Endowed Funds Note INCOME AND ENDOWMENTS FROM: Charitable Activities Fees receivable Ancillary trading income 8,975,635 694,274 ,975,635 694,274 Voluntary sources Donations 145,581 371,560 517,141 Investments Investment income 17,779 106,232 124,011 Olher trading activities Non-ancillary trading income 276 079 276 079 Total Income 10 109 348 106 232 371560 10 587 140 EXPENDITURE ON: Charltable Activities: School operating costs 9,953,777 91,456 15,970 10,061,203 other tradlng activities: Non-ancillary trading cosls 34,787 34,787 Total Expenditure 9 988 564 15 970 10 095 990 Net incoming funds from operations before transfers and investment gains 120,784 14,776 355,590 491,150 Net (losses) I gains on investments (14,076) {14,076) Transfers between funds 13BIC 10 Net movement in funds 120,774 14,776 341,524 477,074 Balances brought forward at 1 September 2022 13408191 2 968 946 16 431255 Balances carried forward at 31 August 2023 13A 31 a> *o)a> c o) c O CL￿ (Uo OO ZIU Cthu)￿5Oi) o(00 Ilr £ (IJ > lU￿LL (¥￿-