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2021-08-31-accounts

Company registration number: 00722996 Charity registration number: 310281

All Hallows (Cranmore Hall) School Trust Limited

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 August 2021

All Hallows (Cranmore Hall) School Trust Limited

Contents

Reference and Administrative Details 1 to 2
Governors' Report 3 to 13
Independent Auditors' Report 14 to 18
Statement of Financial Activities 19 to 20
Balance Sheet 21 to 22
Statement of Cash Flows 23
Notes to the Financial Statements 24 to 43

All Hallows (Cranmore Hall) School Trust Limited

Reference and Administrative Details

Governor Mrs T Cotterell
M B Drummond Smith
Mrs M G Eyles
J N Weir
J G Nicol
P M Graves
N Morgan
Charity Registration Number 310281
Company Registration Number 00722996
Registered Office Cranmore Hall
Cranmore
Shepton Mallet
Somerset
BA4 4SF
Head T J Richards CPsychol
Auditor Old Mill Audit Limited
Unit 2
Greenways Business Park
Bellinger Close
Chippenham
Wiltshire
SN15 1BN
Bankers Lloyds Bank PLC
24-26 High Street
Wells
BA5 2SJ
Cambridge & Counties Bank
Regus, Castlemead
Lower Castle Street
Bristol
BS1 3AJ

Page 1

All Hallows (Cranmore Hall) School Trust Limited

Reference and Administrative Details

Solicitors:

Moore Barlow LLP The Oriel Sydenham Road Guildford GU1 3SR

Page 2

All Hallows (Cranmore Hall) School Trust Limited

Governors' Report

The Governors present their report and financial statements for the year ended 31 August 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the School's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

Objects and aims

The objectives of the School are that the Charity shall, for the benefit of the public, be to advance education in particular by the running of one or more independent schools for the benefit of the community at large. The school’s aims are entirely in line with these objects.

These objects are met through the activity of operating and developing All Hallows (Cranmore Hall) School (The School). The School is for boys and girls aged 3 to 13 which includes day and boarding provision. There has been no change in these activities during the year.

Our mission is to provide a secure, happy and inclusive environment where children will develop the inner confidence and self-esteem necessary to flourish in our rapidly changing world. Whilst we protect and nurture our children, we also challenge and extend them in order to build their ability to thrive as adults in the future.

We strive to ensure that individual minds are broadened, and perspectives widened. We encourage learning, independence of thought and the cultivation of self-belief, skills, wisdom and curiosity.

We are preparing each child to live life to the full, encouraging them to live responsibly and thoughtfully and to embrace, with energy and enthusiasm, the great opportunities that lie ahead. It is our sincere desire that each child will use their compassion, knowledge, passions and energies to make the world a better place – and believe they can do so. Every child has an inherent value, which is exceptional and exclusive to them.

The aims and objectives for this reporting period, and for the future, remain the same.

Page 3

All Hallows (Cranmore Hall) School Trust Limited

Governors' Report

All Hallows's Aims

Intellectual

Through the school’s teaching and learning, we aim to promote each pupil’s intellectual character, cultivating their capacity to combine thinking skills with knowledge, confidence and self-esteem, to believe in the legitimacy of their own thoughts, to speak their mind articulately (but change it when required), to contest poor thinking and prejudice assertively, and enjoy the challenge of mental sparring. We foster intellectual risk-taking and curiosity, independence, resilience and effective learning habits within an ambitious, supportive learning community where individual learning profiles are nurtured and celebrated, and where all children are encouraged to strive to achieve their very best.

Personal

We aim to instil an understanding, appreciation and love of healthy lifestyle choices by offering a wide range of personal development opportunities through sports, music, drama and an extensive array of activities to supplement and enhance classroom learning. Every aspect of school life is seen as a learning opportunity and a chance to promote the development of the whole child.

Creative

We encourage children to take a creative approach to all that they do. We aim to foster diversity, critical thinking, imaginative insights and fresh ideas through ensuring children are in touch with things that inspire and excite them. We encourage children to express themselves, to collaborate, to exchange ideas and build collective solutions to complex problems.

Emotional

Happiness, confidence and self-esteem are key to living a fulfilled life and underpin great learning. We strive to develop children’s emotional intelligence, encouraging resilience, effective communication skills, empathy, forgiveness and respect for others. We want our children to develop their global awareness and social responsibility, to embrace energetically and contribute to the communities and environments in which they live.

Spiritual

We aim to awaken the children spiritually through the integration of Catholic Christian principles into the school’s everyday life, the provision of warm relationships, prayer, worship and opportunities for reflection and contemplation.

Page 4

All Hallows (Cranmore Hall) School Trust Limited

Governors' Report

Alongside the fulfilment of these interconnected themes, with a close collaboration between home and school, we seek to achieve the successful transfer to the most appropriate senior school for each of our children, taking into account their interests, strengths and character.

We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability. We will make reasonable adjustments to meet the needs of staff or pupils who are, or become, disabled.

The School uses its resources to fund as many bursaries as possible, in the belief that good education is a public benefit as well as a benefit to the individuals concerned. We also continue to develop links with the local and wider community, some examples of which are as follows:

As part of the school’s Catholic ethos, All Hallows has a history of charitable giving, supporting a huge range of exciting and innovative charitable endeavours throughout the school year. The schools supports a number of local, national and international charities - ranging from the Children’s Hospice South West to emergency appeals from the DEC (Disaster Emergency Committee). The children love to participate in the House Charities day - held in the summer term - in addition to taking part in the various other appeals that take place through the school year. This year's charities also included the Genesis Trust, Time is Precious, Children-in-Need and the Royal British Legion. The school also has a link school in Sang’a, Kenya, which is an ongoing beneficiary of our charity work.

Fundraising disclosures

The School does not carry out any fundraising activities.

Page 5

All Hallows (Cranmore Hall) School Trust Limited

Governors' Report

Public benefit

In setting the objectives and planning the activities, the Governors have given careful consideration to the Charity Commission’s general guidance on public benefit and, in particular, to its supplementary public benefit guidance on advancing education and on feecharging.

Achievements and performance

Academic

In the Academic Year 2020-21 our Year 8 pupils have achieved 22 scholarships to 10 different senior schools from a cohort of 48 pupils. These scholarships include Academic, Allrounder, Sport, Music, Art and Product Design/CDT and 2 Headmaster’s award and the Francis Dix All-rounder award. This is a stunning achievement, particularly as the school is largely non-selective on entry and with the challenges of the global pandemic.

Due to the impact of Covid-19, we have held a mixture of online and onsite learning, as restrictions allowed. Lessons and teaching were adapted to meet with needs of social distancing and online learning was provided via Firefly and Teams. The staff, pupils and parents all adapted to the new way of teaching and learning and our success at scholarship and entry to senior schools is evidence of our community’s ability to achieve the desired outcomes despite the challenges faced.

Successful Entry to Senior Schools

Working closely in partnership with parents, the school achieves the successful transfer to the most appropriate senior school for each of our children, taking into account their interests, strengths and character. The fact that all children since 2011 have gained entry to their first-choice senior school at the transfer stage and the wide number of schools that pupils move on to bear testament to this statement.

Page 6

All Hallows (Cranmore Hall) School Trust Limited

Governors' Report

Co-curricular activities

Music & Drama

As per other areas of school life, the Performing Arts programme has had to adapt its usual events to meet social distancing and Government imposed restriction. During the Michaelmas Term peri music lessons and Speech and Drama lessons took place online, while academic music classes continued in school. Remembrance Mass was held, socially distanced, in the Chapel. Sadly, due to lockdown, Lent Terms events were cancelled with lessons moving online for the majority of the term. During the Summer term the school purchased 10 ukuleles for Year 2 and upwards. This has allowed the children to rotate within lessons, to have more space when working in keyboard-based groups, but also to learn new skills. A boarders’ band was developed, and the school was able to hold some outside socially distanced summer concerts and music events.

Sport

During lockdown, remote learning and online Games lessons were offered to Years 5-8, whilst opportunities were also presented to those into Reception to Year 4 to complete in their own time. The school came together to take part in a virtual Strava competition against other prep schools, whereby walking, running, or cycling we covered the astonishing distance of 3,025.2km. The school made it there and (almost) back in just 7 days.

During the Summer term the school was able to run fixtures against several other local schools, including Hockey, Cricket, Rounders, Tennis and Athletics. The programme has also been supplemented with athletics where one pupil became IAPS champion in Javelin and Discus, respectively.

Developments and Maintenance

Due to Covid-19 few major developments have taken place this year. Those that have were:

Page 7

All Hallows (Cranmore Hall) School Trust Limited

Governors' Report

Factors outside of the charity's control affecting objectives

There have been no significant factors which affect the achievements of our objectives.

Financial review

Despite the fall in average pupils during the year (from 260 to 254), fee income (before Government grants) increased 3.2% or £99,388 to £3,170,122 (2020 £3,070,724) - see note 4.

Although Government grants (furlough) were £357,442 lower in 2021 than in 2020, costs remained tightly controlled. Expenditure on charitable activities (note 7) reduced by £418,713 during the year. Staff costs represented £336,531 of this reduction in expenditure, with full time equivalent staff reducing from 113 to 97 - see note 11.

Overall the deficit (after depreciation and interest) for the year was £119,537 compared to a deficit in the prior year of £283,656.

The reconciliation of net deficit for the year to "underlying" Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) is as follows:

Depreciation and Amortisation (EBITDA) is as follows:
Net deficit for the year
Depreciation
Non recurring termination costs
Interest payable to bank		 2021
(119,537)
141,110
22,001
21,012
64,586		 2020
(283,656)
140,129
-
-
(143,527)

COVID continued to impact the School's financial performance in the year, however it is pleasing to report an improvement in the School's financial performance which is continuing into the current academic year.

Details of bursary and scholarship awards

This year the School awarded scholarships, bursaries and fees assistance of £616,369 (2020: £761,620) from unrestricted and designated funds. They provided assistance to 102 of our pupils.

Page 8

All Hallows (Cranmore Hall) School Trust Limited

Governors' Report

Reserves

The reserves of the School at the year-end that are freely available for charitable use are as follows:

follows:
2021 2020
Total funds as at 31 August 425,830 545,366
Less: Tangible fixed assets used for charitable purposes
forming part of unrestricted funds		 (1,660,060) (1,769,618)
Designated fund (10,539) (10,539)
Restricted fund (10,014) (5,550)
Free reserves of the school (1,254,783) (1,240,341)

Reserves policy

The School has total funds £425,830 but has no free reserves as, in accordance with the Governors’ policy, all previous surpluses have been reinvested for the school’s charitable purposes. The Governors’ aim is to replenish reserves from future surpluses in order to continue the programme of enhancing school facilities and improving educational provision.

The Trustees have considered the risks and uncertainties of operating as an independent educational establishment and have strategies in place to ensure, as far as practicable, that the level of free reserves is commensurate with the School’s requirements.

Fixed assets

The freehold land and buildings of the School were revalued in 1980. The governors are of the opinion that the current open market value on an existing use basis is in excess of book value.

Information relating to fixed assets is set out in note 13 to the financial statements.

Financial effect of significant events

The Covid-19 pandemic continued to impact parental incomes which resulted in the school providing continuing parental support where required.

Investment policy and objectives

The investment policy of the School is to hold any surplus funds in low risk, accessible interest earning accounts.

Page 9

All Hallows (Cranmore Hall) School Trust Limited

Governors' Report

Risks

The major risks to which the School is exposed, as identified by the Governors, have been reviewed and systems have been established to mitigate those risks. The School is not exposed to any price risk, credit risk, liquidity risk or cash flow risk.

The following are the principal risks and uncertainties facing the school:

The following is a summary of the School's plans and strategies for managing those risks:

Plans for future periods

Aims and key objectives for future periods

The longer term aim of the School is to:

We use historical data and trends (along with other information gathering and research) as the basis for forecasting pupil numbers. The number of pupils at the school dictates the allocation of resources and so our long term strategic plan and forecasts may change depending on factors such as uncertainty in the wider economy or Government imposed statutory or regulatory changes.

Page 10

All Hallows (Cranmore Hall) School Trust Limited

Governors' Report

Structure, governance and management

Nature of governing document

The All Hallows (Cranmore Hall) School Trust Limited (Company Limited by Guarantee), the Charity, is referred to throughout this report as the School.

The School is a charitable company limited by guarantee, incorporated on 3 May 1962 and registered as a charity on 18 September 1962. The guarantors are the members who are the Governors to the extent of £10 each.

The governing documents are the memorandum and articles of association filed at Companies House. The 2014 amendments were not adopted by the Charity Commission so it is the 2004 articles that stand.

Trustees and officers

The Governors, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Governors: Mrs T Cotterell M B Drummond Smith Mrs M G Eyles J N Weir J G Nicol P M Graves N Morgan J M Alexandroff (resigned 10 July 2021)

Recruitment and appointment of governors

The Governors of the School are a self-appointed body. Service on the board is for a period of three years, with a maximum term of four years. Retiring Governors can be re-elected. When vacancies arise on the board an appraisal is made of the current skills mix and, as far as possible, new Governors are sought to fill skill gaps.

None of the Governors has any beneficial interest in the company. All of the Governors are members of the company and guarantee to contribute £10 in the event of a winding up.

Organisational structure

The day to day running of the School is delegated to the Headmaster.

Page 11

All Hallows (Cranmore Hall) School Trust Limited

Governors' Report

Induction and training of governors

New Governors are provided with key constitutional and financial information and encouraged to spend time with the Headmaster so that they are fully briefed on the School. The training requirements of the Governors are kept under review.

Relationships with related parties

Apart from the loans disclosed in note 17, no Governor has any material interest in contracts with the School either directly or indirectly.

Statement of Governors' Responsibilities

The governors (who are also the directors of All Hallows (Cranmore Hall) School Trust Limited for the purposes of company law) are responsible for preparing the governors' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the governors to prepare financial statements for each financial year. Under company law the governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the governors are required to:

The governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 12

All Hallows {Cranmore Hall) School Trust Limited Governors. Report Audltor Old Mill Audit Limited were appointed as auditor to the company and in accordance with sectlon 485 of the Companies ACL a resolution proposing that they be re-appointed will be put at a General Meetin8. D15closure of Inlonnatl¢Jn to audltor Each member has taken steps that they ought to have taken as a member In order to make themselves aware of èny relevant audtt information and to establish that the charbty's auditor is aware of that information. The governors confinn that there is no relevant information that they know of and of which they know the auditor is unaware. The annual report was approved by the governors of the charlty on . on its behalf by: and slgned Mrs M G Eyles Governor Page 13

All Hallows (Cranmore Hall) School Trust Limited

Independent Auditor's Report to the Members of All Hallows (Cranmore Hall) School Trust Limited

Opinion

We have audited the financial statements of All Hallows (Cranmore Hall) School Trust Limited (the 'charity') for the year ended 31 August 2021, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 the provisions available for small entities, in the circumstances set out in note to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Page 14

All Hallows (Cranmore Hall) School Trust Limited

Independent Auditor's Report to the Members of All Hallows (Cranmore Hall) School Trust Limited

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the governors use of the going concern basis of accounting in the preparation of the financial statements 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 charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the governors with respect to going concern are described in the relevant sections of this report.

Other information

The governors are responsible for the other information. 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 statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors' Report.

Page 15

All Hallows (Cranmore Hall) School Trust Limited

Independent Auditor's Report to the Members of All Hallows (Cranmore Hall) School Trust Limited

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of governors

As explained more fully in the Statement of Governors' Responsibilities (set out on page 12), the governors 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 control as the governors 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 charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the governors either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial 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 conducted in accordance with ISAs (UK) will always detect a material misstatement when it 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 taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Page 16

All Hallows (Cranmore Hall) School Trust Limited

Independent Auditor's Report to the Members of All Hallows (Cranmore Hall) School Trust Limited

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's governors, 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 charity's governors 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 its governors as a body, for our audit work, for this report, or for the opinions we have formed.

Page 17

All Hallows (Cranmore Hall) School Trust Limited

Independent Auditor's Report to the Members of All Hallows (Cranmore Hall) School Trust Limited

...................................... Tim Lerwill BSc BFP ACA (Senior Statutory Auditor) For and on behalf of Old Mill Audit Limited, Statutory Auditor Unit 2 Greenways Business Park Bellinger Close Chippenham Wiltshire SN15 1BN 23/02/20222 Date:.............................

Page 18

All Hallows (Cranmore Hall) School Trust Limited

Statement of Financial Activities for the Year Ended 31 August 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Income and Endowments from:
Note
Donations and legacies
3
Charitable activities
4
Other trading activities
6
Investment income
5
Total income
Expenditure on:
Charitable activities
7
Total expenditure
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
-
3,245,338
174,773
30
3,420,141
(3,544,142)
(3,544,142)
(124,001)
(124,001)
417,942
293,941		 Restricted
funds
£
4,464
-
-
-
4,464
-
-
4,464
4,464
5,550
10,014		 Total
2021
£
4,464
3,245,338
174,773
30
3,424,605
(3,544,142)

(3,544,142)

(119,537)

(119,537)
423,492

303,955

The notes on pages 24 to 43 form an integral part of these financial statements. Page 19

All Hallows (Cranmore Hall) School Trust Limited

Statement of Financial Activities for the Year Ended 31 August 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
6
Investment income
5
Total income
Expenditure on:
Charitable activities
7
Total expenditure
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
-
3,503,372
174,523
149
3,678,044
(3,962,855)
(3,962,855)
(284,811)
(284,811)
702,753
417,942		 Restricted
funds
£
1,156
-
-
-
1,156
-
-
1,156
1,156
4,394
5,550		 Total
2020
£ (As
restated)
1,156
3,503,372
174,523
149
3,679,200
(3,962,855)

(3,962,855)

(283,655)

(283,655)
707,147

423,492

All of the charity's activities derive from continuing operations during the above two periods.

The funds breakdown for 2020 is shown in note 22.

The notes on pages 24 to 43 form an integral part of these financial statements.

Page 20

All Hallows (Cranmore Hall) School Trust Limited

(Registration number: 00722996) Balance Sheet as at 31 August 2021

Fixed assets
Note
Tangible assets
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
16
Creditors: Amounts falling due within one year
18
Net current liabilities
Total assets less current liabilities
Creditors: Amounts falling due after more than one
year
19
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
22
Unrestricted income funds
Unrestricted funds
22
Revaluation reserve
22
Other reserves
22
Total unrestricted funds
Total funds		 2021
£
1,660,060
39,351
135,160
216,798
391,309
(1,035,139)
(643,830)
1,016,230
(590,400)
425,830
10,014
293,941
111,336
10,539
415,816
425,830		 2020
£ (As
restated)
1,769,618
42,936
181,073
170,668
394,677
(1,019,862)

(625,185)

1,144,433
(599,066)

545,367
5,550
417,942
111,336
10,539
539,817
545,367

The notes on pages 24 to 43 form an integral part of these financial statements.

Page 21

All Hallows (Cranmore Hall) School Trust Limited

(Registration number: 00722996) Balance Sheet as at 31 August 2021

The notes on pages 24 to 43 form an integral part of these financial statements.

Page 22

All Hallows (Cranmore Hall) School Trust Limited

Statement of Cash Flows for the Year Ended 31 August 2021

Cash flows from operating activities
Note
Net cash expenditure
Adjustments to cash flows from non-cash items
Depreciation
Investment income
5
Profit on disposal of tangible fixed assets
Working capital adjustments
Decrease in stocks
14
Decrease in debtors
15
Decrease in creditors
18
Increase/(decrease) in deferred income
19
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
5
Purchase of tangible fixed assets
13
Net cash flows from investing activities
Cash flows from financing activities
Value of new loans obtained during the period
Repayment of loans and borrowings
18
Net cash flows from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 September 2020
Cash and cash equivalents at 31 August 2021		 2021
£
(119,537)
141,110
(30)
-
21,543
3,585
45,913
(4,746)
31,939
98,234
30
(31,552)
(31,522)
-
(20,582)
(20,582)
46,130
170,668
216,798		 2020
£ (As
restated)
(283,655)
140,129
(149)
(1,424)

(145,099)
44,057
19,676
(96,256)
(189,731)

(367,353)

149
(37,307)

(37,158)

500,000
(9,778)

490,222
85,711
84,957
170,668

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 24 to 43 form an integral part of these financial statements.

Page 23

All Hallows (Cranmore Hall) School Trust Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

1 Accounting policies

Company information

All Hallows (Cranmore Hall) School Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is School Trust Limited, Cranmore Hall, Cranmore, Shepton Mallet, Somerset, BA4 4SF.

Accounting convention

The financial statements have been prepared in accordance with the School's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The School is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the School. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Going concern

In light of the current coronavirus pandemic, the governors have reviewed likely future developments and remain of the opinion that there is no reason to believe that the School will have to cease operating as a result of inadequate financial resources, or any other foreseeable event, within a period of at least 12 months from the date of the approval of these accounts.

As shown on the statement of financial activities, the net movement in funds of the School was a deficit for the year. At the year end, the balance sheet shows the School has net current liabilities. However, the Governors are confident the School has adequate resources to continue in operational existence for the foreseeable future. Thus the Governors continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 24

All Hallows (Cranmore Hall) School Trust Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

Charitable funds

Unrestricted funds are available for use at the discretion of the Governors in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Designated funds comprise funds which have been set aside at the discretion of the Governors for specific purposes. The purposes and uses of the designated funds are set out in the notes to the accounts.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

Incoming resources

Income is recognised when the School is legally entitled to receive it, after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Fees receivable are stated after deducting scholarships and bursaries.

Cash donations are recognised on receipt. Other donations are recognised once the School has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

The School offers parents the opportunity to pay for up to five years tuition fees in advance. Such amounts are referred to as advanced fee deposits and should be distinguished from fees due on the 1st day of term but paid early. Advanced fee deposits are held until the pupil joins the School whereupon the fees for each School term are charged against the remaining balance and taken to income.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the School; this is normally upon notification of the interest paid or payable by the Bank.

Income is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Page 25

All Hallows (Cranmore Hall) School Trust Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

Resources expended

Resources expended are accounted for in the year in which they are incurred and are allocated to expense headings either on a direct cost basis, or apportioned according to time spent. The irrecoverable element of VAT is included within the item of expense to which it relates.

Depreciation has been allocated between the charitable activities pro rata to the original cost per the fixed asset register.

Where an item of expenditure falls directly within one cost category it is attributed to that category only. Where expenditure involves more than one category it is apportioned on a reasonable and justifiable basis.

Supplies of games equipment, books, stationery and sundry materials are written off when the expenditure is incurred.

Governance costs represent the costs associated with the governance arrangements of the charity as meeting the statutory requirements of the School as a company and charity as opposed to the costs of running the charitable School activities.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. All purchases of a capital nature with a cost in excess of £1,000 are included in tangible fixed assets.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Freehold land Not depreciated
Freehold buildings 1-20% per annum
Furniture, fixtures and equipment 10-33% per annum
Mowers and motor vehicles 10-33% per annum

Page 26

All Hallows (Cranmore Hall) School Trust Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

The freehold land and buildings of the School were revalued in 1980. The governors are of the opinion that the current open market value on an existing use basis is in excess of book value.

The School has taken advantage of the transitional arrangements of FRS 102 - Section 17 Property, Plant and Equipment not to update its valuation of land and buildings.

Impairment of fixed assets

At each reporting end date, the School reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/(expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Page 27

All Hallows (Cranmore Hall) School Trust Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

Stock

Stocks are stated at the lower of cost or net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

In general, cost is determined on a first in, first out basis, Provision is made where necessary for slow moving and defective stocks.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

Classification

The School has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the School's balance sheet when the School becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Page 28

All Hallows (Cranmore Hall) School Trust Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the School’s contractual obligations expire or are discharged or cancelled.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the School is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits

Retirement benefits to employees of the school are provided by the Teachers’ Pension Scheme (‘TPS’), The Aviva Pension Trust for Independent Schools (APTIS) and the non academic pension staff pension scheme.

Page 29

All Hallows (Cranmore Hall) School Trust Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees’ working lives with the school in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. As stated in note 21, the TPS is a multiemployer scheme and there is insufficient information available to use defined benefit accounting. The TPS is therefore treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate.

The APTIS is a defined contribution pension scheme which can be used by all ISBA member schools for their teaching staff.

The non academic pension staff pension scheme arrangement is a defined contribution scheme where the assets of the schemes are held separately from those of the School in an independently administered fund. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

Tax status

The School, being a registered charity, is exempt from any taxation with the exception of Value Added Tax.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

Page 30

All Hallows (Cranmore Hall) School Trust Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

2 Critical accounting estimates and judgements

In the application of the School’s accounting policies, the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have significantrisk of causing material adjustment to the carrying amount of assets and liabilities are as follows:

Estimated useful lives of tangible fixed assets

In determining the estimated useful life the school considers the expected physical wear and tear of the asset that could lead to obsolescence of the asset. Each year the school reviews that above to establish if there is any change in the expected useful life of tangible assets.

3 Donations and legacies

Donations and legacies
Donations and gifts Restricted
£
4,464
4,464		 Total
2021
£
4,464
4,464		 Total
2020
£
1,156

1,156

4 Income from charitable activities

Unrestricted
funds
£
Fee income
3,170,112
Government grants
75,226
3,245,338		 2021
£
3,170,112
75,226
3,245,338		 2020
£
3,070,724
432,648
3,503,372

Page 31

All Hallows (Cranmore Hall) School Trust Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

Fee income comprises of the following:

Gross fees
Less: total scholarships, bursaries and fee assistance		 2021
£
3,786,481
(616,369)
3,170,112		 2020
£
3,832,344
(761,620)
3,070,724

5 Investment income

5 Investment income
Interest receivable and similar income;
Interest receivable on bank deposits
6 Income from other trading activities
Other
Pupil extras		 Unrestricted
funds
£
30
Unrestricted
funds
£
3,213
171,560
174,773		 2021
£
30
2021
£
3,213
171,560
174,773		 2020
£
149
2020
£
9,538
164,985
174,523

Page 32

All Hallows (Cranmore Hall) School Trust Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

7 Expenditure on charitable activities

Teaching
Staff costs
1,832,979
Depreciation
and impairment
85,146
Other costs
210,730
Governance
costs
-
2,128,855
Analysis by fund
Unrestricted
funds
2,128,855
For the year
ended 31
August 2020
Unrestricted
funds
2,453,204		 Welfare
398,686
23,495
161,424
-
583,605
583,605
543,585		 Premises
56,478
13,667
263,058
-
333,203
333,203
312,428		 Support
274,295
18,802
177,430
27,952
498,479
498,479
653,635		 Total 2021
2,543,886
141,110
831,194
27,952
3,544,142
3,544,142
-		 Total 2020
2,898,969
138,705
893,569
31,613

3,962,856

-
3,962,856

8 Analysis of governance and support costs

Governance costs

Staff costs
Wages and salaries
Audit fees
Audit of the financial statements
Other costs		 Unrestricted
funds
£
18,552
9,000
400
27,952		 2021
£
18,552
9,000
400
27,952		 2020
£
20,903
10,510
200
31,613

Page 33

All Hallows (Cranmore Hall) School Trust Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

9 Auditors' remuneration

Audit of the financial statements 2021
£
9,000		 2020
£
10,510

10 Governors remuneration and expenses

No governors, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

Professional indemnity and governors’ and officers’ liability insurance to £1 million is included as part of the School’s insurance cover. The premiums cannot be separately identified.

11 Staff costs

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

Teaching
Welfare
Premises
Support		 2021
No
58
29
2
8
97		 2020
No
71
30
2
10
113

Page 34

All Hallows (Cranmore Hall) School Trust Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

The aggregate payroll costs were as follows:

The aggregate payroll costs were as follows:
Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs
Termination payments
Other staff costs		 2021
£
2,099,475
178,606
248,918
22,001
13,438
2,562,438		 2020
£
2,345,317
205,665
368,890
-
-
2,919,872

The number of employees whose emoluments fell within the following bands was:

£70,001 - £80,000
£80,001 - £90,000		 2021
No
-
1		 2020
No
1
-

Of the employees whose emoluments exceed £60,000, 1 (2019:1) have retirement benefits accruing under defined benefit pension schemes.

12 Taxation

The charity is a registered charity and is therefore exempt from taxation.

Page 35

All Hallows (Cranmore Hall) School Trust Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

13 Tangible fixed assets

Cost
At 1 September 2020
Additions
At 31 August 2021
Depreciation
At 1 September 2020
Charge for the year
At 31 August 2021
Net book value
At 31 August 2021
At 31 August 2020 (as restated)		 Land and
buildings
£
3,000,613
-
3,000,613
1,456,226
75,643
1,531,869
1,468,744
1,544,387		 Furniture
and
equipment
£
1,095,065
16,602
1,111,667
873,772
60,282
934,054
177,613
221,293		 Motor
vehicles
£
74,389
14,950
89,339
70,451
5,185
75,636
13,703
3,938		 Total
£
4,170,067
31,552
4,201,619
2,400,449
141,110
2,541,559
1,660,060
1,769,618

Land and buildings with a carrying amount of £1,638,960 were revalued at 22 February 1980 by King Milles & Co (Chartered Surveyors) independent valuers not connected with the School on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The valuation reported was £272,000 including £85,000 apportioned to the land. Depreciation of freehold buildings for the year has been based on the revalued amount. Based on cost, the charge would have been lower by £1,870.

At 31 August 2021, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £193,460 (2020 - £195,330).

The property was valued at £2,500,000 by Knight Frank on 30 September 2019.

Page 36

All Hallows (Cranmore Hall) School Trust Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

Prior year adjustment

On review of the company's fixed asset register, it became clear that an adjustment was required where the cost and depreciation of previously disposed assets had not been adjusted in the financial statements.

This adjustment has also created a small reduction in the deficit for the previous year of £1,424.

14 Stock

14 Stock
Stocks
15 Debtors
Trade debtors
Prepayments
Other debtors
16 Cash and cash equivalents
Cash on hand
Cash at bank
17 Loans and overdrafts
Bank loans
Other loans		 2021
£
39,351
2021
£
65,914
56,345
12,901
135,160
2021
£
57
216,741
216,798
2021
£
419,640
200,000
619,640		 2020
£
42,936

2020
£
53,599
44,171
83,303

181,073

2020
£
108
170,560

170,668

2020
£ (As
restated)
440,222
200,000

640,222

Page 37

All Hallows (Cranmore Hall) School Trust Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

Payable within one year
Payable after one year		 (As restated)
29,240
41,156
590,400
599,066
619,640
640,222		 (As restated)
29,240
41,156
590,400
599,066
619,640
640,222

640,222

Included in amounts payable after more than one year is a loan advanced by two of the current governors and two ex-governors.

Also included within both loans due within one year and more than one year is a Coronavirus Bounce Back Loan. The loan is secured by the Government and the first 12 months interest has been paid by way of a grant from the Government.

Another loan is split between amounts payable within one year, and after one year. This loan is secured on property owned by the charity, is repayable over 5 years, and has an interest rate of 5.5% above base rate.

During the year the charity breached one of its bank loan covenants, for which the carrying amount of the loan, at the reporting date, was £370,473. The charity has communicated the breach with the bank concerned. Prior to the signing of the accounts, the bank has acknowledged the technical breach and indicated that they will extend their support until at least the end of February 2023.

18 Creditors: amounts falling due within one year

18 Creditors: amounts falling due within one year
Borrowings
Trade creditors
Other taxation and social security
Other creditors
Accruals
Deferred income		 2021
£
29,240
28,897
46,005
154,203
73,110
703,684
1,035,139		 2020
£ (As
restated)
41,156
85,572
44,618
-
176,771
671,745

1,019,862

Page 38

All Hallows (Cranmore Hall) School Trust Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

19 Creditors: amounts falling due after one year

19 Creditors: amounts falling due after one year
Bank loans
Other loans		 2021
£
390,400
200,000
590,400		 2020
£ (As
restated)
399,066
200,000

599,066

Prior year adjustment

On review, the loans from governors and ex governors are not repayable until the bank loan has been repaid. As such, a reclassification of the prior year balance has been carried out to correctly reflect the loans being repayable after more than one year.

20 Deferred income

Deferred income at 1 September 2020 (2019)
Resources deferred during the year
Amount released from previous year
Deferred income as 31 August 2021 (2020)		 2021
£
671,745
703,684
(671,745)
703,684		 2020
£
680,841
671,745
(680,841)

671,745

21 Pension and other schemes

Teachers' Pension Scheme

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pensions Regulations 2014. Membership is automatic for fulltime teachers in schools and, from 1 January 2007, automatic for teachers in part-time employment following appointment or a change of contract, although they are able to opt out.

The TPS is an unfunded scheme and members contribute on a ‘pay as you go’ basis – these contributions along with those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Page 39

All Hallows (Cranmore Hall) School Trust Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

Valuation of the Teachers' Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are:

• employer contribution rates set at 23.68% of pensionable pay (including a 0.08% administration levy)

• total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £196,100 million giving a notional past service deficit of £22,000 million

• the SCAPE rate, set by HMT, is used to determine the notional investment return. The current SCAPE rate is 2.4% above the rate of CPI. assumed real rate of return in 2.4% in excess of prices and 2% in excess of earnings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of return including earnings growth is 4.45%.

The next valuation result is due to be implemented from 1 April 2023.

The employer’s pension costs paid to TPS in the period amounted to £102,805 (2020: £321,055).

A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website.

Under the definitions set out in FRS 102, the TPS is a multi-employer pension scheme. The school has accounted for its contributions to the scheme as if it were a defined contribution scheme. The school has set out above the information available on the scheme.

Page 40

All Hallows (Cranmore Hall) School Trust Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

APTIS Scheme

The Aviva Pension Trust for Independent Schools (APTIS) is a defined contribution pension scheme which can be used by all ISBA member schools for their teaching staff. It is set up as part of Aviva’s “Master Trust” — a trust-based pension arrangement managed by independent professional trustees. It is available for ISBA members and such other organisations as are admitted by mutual agreement.

From 1st September 2020, membership is automatic for teachers commencing employment at All Hallows School. Teachers who were currently employed at that date also had the option to join the APTIS scheme.

Employer contribution rates are set at 16.4%

The employer’s pension costs paid to APTIS in the period amounted to £103,753.

Non-academic Staff Pension Scheme

Non-academic staff are entitled to contribute to a pension scheme known as The Pension Trust Growth Plan (the Plan). This is a multi-employer pension plan.

Contributions paid into the Plan up to and including September 2001 were converted to defined amounts of pension payable from normal retirement dates. From October 2001 contributions were invested in personal funds which have a capital guarantee and which are converted to pension on retirement, either within the Plan or by the purchase of an annuity. The capital is guaranteed through investing in short term, high quality securities and deposits. It is not possible in the normal course of events to identify on a reasonable and consistent basis the share of the underlying assets and liabilities of this belonging to the individual participating employers. Accordingly, in line with the requirements of FRS 102, the accounting charge for the year represents only the School's employer contributions payable.

The latest formal valuation of the Plan was performed at 30 September 2020. The valuation of the Plan was performed by a professionally qualified Actuary using the Projected Unit Method. The market value of the Plan's assets at the valuation date was £780 million and the Plan's Technical Provisions (i.e. past service liabilities) were £928 million. The valuation therefore revealed a shortfall of assets compared with the value of liabilities of £148 million, equivalent to a funding level of 96%.

Both the School and the employees paid contributions at a rate of between 3% to 6% of member salaries during the year. The pension charge for the year includes contributions payable to the scheme of £43,433 (2020: £47,835) and the outstanding contributions at the balance sheet date were £13,730 (2020: £6,527).

Page 41

All Hallows (Cranmore Hall) School Trust Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

22 Funds
Unrestricted funds
Unrestricted funds
Revaluation reserve
Designated reserve
Total unrestricted funds
Capital projects fund
Sang'a donation
Total restricted funds
Total funds
Unrestricted funds
Unrestricted funds
Revaluation reserve
Designated reserve
Total unrestricted funds
Capital projects fund
Sang'a donation
Total restricted funds
Total funds		 Balance at 1
September
2020
£
417,942
111,336
10,539
539,817
5,050
500
5,550
545,367
Balance at 1
September
2019
£
417,942
111,336
10,539
539,817
3,894
500
4,394
544,211		 Incoming
resources
£
3,420,141
-
-
3,420,141
4,464
-
4,464
3,424,605
Incoming
resources
£
3,678,044
-
-
3,678,044
1,156
-
1,156
3,679,200		 Resources
expended
£
3,544,142
-
-
3,544,142
-
-
-
3,544,142
Resources
expended
£
3,962,855
-
-
3,962,855
-
-
-
3,962,855		 Balance at
31 August
2021
£
293,941
111,336
10,539

415,816
9,514
500
10,014

425,830

Balance at
31 August
2020
£
417,942
111,336
10,539

539,817
5,050
500
5,550

545,367

Page 42

All Hallows (Cranmore Hall) School Trust Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

23 Obligations under leases and hire purchase contracts

The total value of future minimum lease payments was as follows:

Within one year
In two to five years		 2021
£
8,425
7,969
16,394		 2020
£
21,047
16,394

37,441

24 Contingent liabilities

There is a risk of historic claims being made against the School for which full insurance cover may not be available. This uninsured exposure is not quantifiable with any degree of certainty at this stage.

25 Related party transactions

Renumeration of key management personnel

The remuneration of key management personnel is as follows:

Aggregate compensation 2021
£
185,516		 2020
£
209,026

During the year the charity made the following related party transactions:

Loans from governors

At the balance sheet date the amount due on loans from governors was £50,000 (2020 - £50,000).

Loans from ex-governors

At the balance sheet date the amount due on loans from ex-governors was £150,000 (2020 - £150,000).

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