Company registration number: (K)722996 Charity $tratIOn number.. 310281 All Hallows (Cranmore Hall) School Trust Limited {A company Ilmited by guarantee) Annual Report and Flnancial Statements for the Year Ended 31 Au8USt 2022
All Hallows (Cranmore Hall) Sthool Trust Lirnited Contents Reference and AdministratNe Details Governors, Report 2toll Independent Audltors, Report 12to16 Statement of Financlal Artlvltles 17to18 Balance Sheet 19to20 Statement of Cash Flows 21 Notes to the Flnanclal Statements 22to42
All Hallows (Cranmore Halll School Trust Llmited Reference and Admlnlstratlve Detalls Governor Mrs T Cotterell Mrs M G Eyles JNWeir J G Nlcol Charlty Reglstrdtlon Number 310281 Company Re8btrallon Number (X)722996 Re8lstered Offl¢e Cranmore Hall Cranmore Shepton Mallet Somerset BA4 4SF Chilrperson Mrs M G Eyles Audltor Old Mill Audit Limited Unlt 2 Greenways Business Park 8ellinger Close Chippenham Wiltshire SN15 IBN Bankers Lloyds Bank PLC 24-26 High Street Wells BA5 2SJ Cambridge & Counties Bank Re8us, Castlemead Lower Castle Street Bristol B513AI Soli¢itors: Moore Barlow LLP The Oriel Sydenham Road Guildford GUI 3SR Page I
All Hallows Icranmore Halll 5dwl Tntst Llmited Governors, Report The Governors present their report and financial ststements for the year ended 31 August 2022. The flnanclal statements have been prepared In accordance with the accounting policies set out in note I to the financial statements and comply with the School's governing document, the Companie5 Act 2006 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts In accordance wlth the Flnanclal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectlve l January 2019}". Objectlves and actlvltles Objects and alms The objectlves of the School are that the Charlty shall, for the benefrt of the publlc, be to advance education in particular by the running of one or more independent schools for the benefit of the community at lar8e. The school'5 aims are entirely in line wtth these objects, These objert5 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 whlch Includes day and boardlns provlslon. There has been no change in these artivlties durlng the year. Our mlsslon Is to provlde a secu, happy and InclusNe environment where chlldren wlll develop the Inner confidence and self-esteem necessary to flourish In our rapldly chan8ln8 world. Whilst we protect and nurture our chlldren, we also challenge and extend them in order to build their ability to thrwe as adults in the future. We strlve to ensure that Individual minds are broadened, and perspectlves wldened. We encourage learnin& independence of thought and the cultivation of self-bellef, skllls, wlsdom and curloslty. We are preparing each child to live Ilfe to the full, encouraging them to Itve responsibly and thoughtfully and to embrace. wlth energy and enthusiasm, the great opportunltles that lie ahead. It is our sincere desire that each child will use their compassion. knowledge, passions and ener8ies to make the world a better place- and believe they can do 50. Every child has an inherent value. which Is exceptional and exclusive to them. Page 2
All Hallows ltsanmore Hall) School Trust Umtted Governors. Report All Hallows's Alms Intellectual Through the school's teachlng and learnln& we alm to promote each pupifs Intellectual character, cultivating their capacity to combine thinking skills with knowledge, confidence and self-esteem. to believe Sn the legitimacy of their own thoughts. to Speak their mind articulately (but than8e it when requiredl, to contest poor thinking and prejudlce assertively, and enjoy the challenge of mental sparring. We foster intellectual risk-takin8 and curiosity, independence, resilience and effecttve leamln8 hablts wlthln an ambitious. supportive learning community where individual learning profiles are nurtured and celebrated. and where all chlldren are encournged to strlve to achleve thelr very best. Personal We aim to Instil an understandin& appreciation and love of healthy lifestyle choi$ by offerlng a wide range of personal development opportunlties throu8h sports, music, drama and an extenslve array of activlties to supplement and enhance ¢lar¢Xjrn leamlng. Every aspect of school life Is seen a5 a learning opportunity and a chance to promote the development of the whole chlld. Creatlve We encourage children to take a creative approach to all that they do. We alm to foster diversity, critlcal thlnkln& Imaglnatlve Insl8hts and fresh Ideas through ensurlng chlldren are In touch with things that inspire and exclte them. We encourage chlldren to express themselves, to collaborate, to exchange Ideas and bulld collectlve solutlons to complex problems. Emotional Happiness, confidence and self-esteem are key to Ilving a fulfilled Ilfe and underpln great learning. We strive to develop chlldren's emotlonal Intelli8ence, encoura8ing resilience. effectlve communication skills. empathy, forgtveness and respect for others. We want our chlldren to develop their global awareness and social SPOnsibl11ty, to embrace energetlcally and contrlbute to the communltles and envlronments In whlch they Ilve. Spirituol We alm to awaken the children spIrIallY through the Intesratlon of Catholic Chrlstlan principles into the school's everyday life, the provision of warm relationships, prayer, worship and opportunities for reflection and contemplation. Page 3
All Hallows (Cranmore Hall) School Trust Umfted Govemors. Report Alongslde 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 senlor school for each of our children, taking into account their interests, stren8ths and character. We are an equal opportunlty organlsation and are committed to a worklng envlronment that 15 free from any form of discrimination on the ground5 Qf colour, Tace, ethnlcity, rellglon, sex, sexual orientation or disability. We will make reasonable adjustments to meet the needs of staff or pupils who are, or become, dlsabled. The School uses its resources to fund as many bursarles as possible, in the bellef that good education is a public benefit as well as a benefit to the Indlvlduals concerned. We also contlnue to rebuild links wlth the local and wlder communty followin8 the COVID pandemic. As part of the school's Christian ethos, All Hallows has a history of charltable givlng, supportlng a huge range of excitlng and innovative charltable endeavours throu8hout the school year. The school supports a number of local, national and internatlonal charities ranglng from the Children's Hospice South West to emergenry appeals from the DEC (Disaster Emer8ency Committee). The children love to particlpate In the House Charitie5 Day held in the Summer term in addltion to taklng part in the various other appeals that take place through the school year. This year's charities. selected by the chlldren, were 81BIC, RSPCA and Plnk Rlbbon. The sthool also has a Ilnk school in San¢a. Kenya, which Is an ongoing beneficiary of our charity work. Fvndrolslnq dlsdosures The School has not carrled out any fundraising artivities in this year. Publlc benefft In setting the objecttves and planning the artivities. the Governors have given careful consideratlon to the Charity Commission's general guidance on public benefit and, in particular. to its supplementary public benefft guldance on advancin8 education and on fee-charging. Achlevements and performance Aeademlc In the Academic Year 2021-2022 our Year 8 pupi15 have achieved 34 scholarshlps to 11 different Senior schools from a cohort of 48 pupils. These scholarshlps include Academic, All-rounder, Sport, Music. Art, Drama. Computer Science. CDT and an All-rounder award. This 15 a stunning achievement, particularly as the school 15 non-selectNe on entry, Page 4
All Hallows Icranmore Hall) School Trust Llrnlted Govemors, Report Successful Entry to Senlor Schools Worklng closely in partner5hlp wtth parents. the school achieves the successful transfer to the most appropriate senior school for each of our children. taklng into account their Interests. strengths and chararter. The fart that all children since 2011 have galned entry to thelr first-cholce senior school at the trdnsfer stage and the wide numtjer of schools that pupils move on to bear testament to this statement. Cow¢urrlwlar artlvltlqs Musk & Drnmo The Performlng Arts programme has got back into full swing. Solo Showcases have restarted glvlng pupils the opportunlty to showcase thelr Individual mu51cal talents whilst drama productions have taken the forefront of attention with the return of the Nattvlty Play, Year 7's produrtlon and Year 4's productlon. We are lookSn8 forward to building on this yearfs efforts with a greater number of showcases and the retum of our Chapel Cholr and Orchestra In the next year. Sport The school met its aims of providing a huge amount of opportunlty for all puplls. We flelded sports teams in all our major games areas from Years 3 - 8, offerin8 a vast flxtu programme and represented ourselves well on what we know Is a very tough local clrcuit. Hlghlights of the year were our teams, performances In the Mendip Cross Country League and the performances of our Under 13 Girls Hockey and Netball Teams who won the Plate Competition at both the girls IAPS Netball and Hockey Competitions. We had one swimmer quallfy for the IAPS swlmmin8 National Finals, which took place at the Olymplc Pool In London. Only the top 20 in the country qualffied, so thls was an excellent achievement. We a150 competed in the IAPS Golf tournament, where we flnlshed second In the U12 Girls. We also had a number of pupi15 who represented the school at county and regional level, speclfically at hockey and cricket. Developments and Malntenance Further developments have taken pla thls year. These were: Contlnued work and maintenance of fire detertion and protection, particularly In classroom and office areas of the school: Emergency lighting has been updated and replacement of outdoor lightin& Pase S
All Hallows (Cranmore Hall) Sthool Triist Llmited Governors, Report New carpets fftted in various locations; Redecoratlon of various classrooms. FartOfS outslde of the charlty s contmlofftrting obierti¥es There have been no significant factors which affect the achievements of our objectives. Flnandal revlew As the sthool merged with Monkton Combe on S May 2022, the results for the perlod are not comparable with the previous years figure. Pupll numbers for the 202V22 academlc year have remained at the Same level as last year belng 254 puplls. Fee Income (before Government 8rants} was £3,010,769 {2021 £3,786.4811- see note 4. Although Government grants Ifurlough} were £71,160 lower In 2022 than In 2021, costs remalned tightly controlled. Expendlture on charitable actlvitles (note 71 was £2.971,823 12021- £3,544,142) Overall the surplus {after depreciation and Interestl for the perlod to 5 May 2022 was £1,329 compared to a deflclt In the prior year of £124,001. The reconclllatlon of net surplusldeficit for the year to "underlylng" Earnings before Interest, Tax, Depreciation and Amortisation {EBITDAI 15 as follows.. 2012 2021 Net deficit for the year Depreclatlon Non recurrln8 termlnation costs Interest payable to bank 1,329 84,945 1119,537} 141,110 22,001 21,012 30.556 116,830 64.586 As we recover from the effect of the pandemic. tt is pleaslng to report an improvement in the School's financial performance whlch Is continuing into the Cuent academic year. Detalls of bursary and scholarshlp awards This year the School awarded scholarships. bursaries and fees assistance of £509,09812021- £616,369) from unre5trirted and designated funds. They provided assistance to 100 of our pupils. Page 6
All Hallows Icyanmore Hall) Sdwl Trust Umlted Governors. Report The reserves of the School at the year-end that are freely available for charltable use are as follows: 2022 2021 Total funds as at 31 August Less". Tan8lble fixed assets used for charitable purposes formSng part of unrestrfcted funds Desl8nated fund RestrScted fund 425,830 {1,660,0601 {10,5391 (10,0141 {1.254.7831 Free resebves of the school Reserves polky The School has total funds of £0 {2021 £425,830) as followln8 the mer8er wlth Monkton Combe, all reserves transferred to the new entity. The Trustees have considered the risks and uncertaintie5 of operating as an Independent educational establishment and have strategies in place to ensure, as far as practlcable. that the level of free reserves15 commensurate with the School's requirements. Flxedassets 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 exlstlng use basls Is In excess of book value. As part of the merger wlth Monkton Combe. all fixed assets were transferred to the new charity at net book value. Investmentpollry andobJertlves The investment pollcy of the School Is to hold any surplus funds In low rlsl accesslble lftterest earnlng accounts. Rlsks The major rlsks to which the School Is exposed, as identified by the Governors, have been reviewed and systems ha¥e been e5tabli5hed to rnitigate those risks. The School is not exposed to any price risk, credit risl liquidity risk or cash flow risk. The following are the principal risks and uncertainttes facing the school.. Page 7
All Hallows (Cranmore Hall) School Trust Limited Governors, Rei>ort Impact on reputation of event. fraud. accident. media coverage etc: Maintenance in pupil numbers afferting liquidity and cash flows; Maintenance of effective senior leadership. The following is a summary of the School's plans and strategies for managing those risks: Compliance with regulatory requlrements: on8oin8 self-evaluatlon of teachin& currlculum etc: SWOT analysis; regular review of Disaster Recovery Plan; compllance wlth Child Protection policies and procedures: Governor oversight; Re8ular Governor self-evaluation; regular Governor trainln& regular Governor and sub-commlttee meetings: The school operates an effective marketing strategy to maintainllncrease pupil numbers. Plans for future perlods Alms andkey objertlvesfvrfvture perlods The longer term aim of the School is to: Ensure that the School contlnues to meet Its legal objectlves: Maintain a hi8h level of teachin& both academic and non-academic so that all pupi15 develop to thelr maxlmum potential; Malntain a hlgh level of pupll recrultment and retention; Maintain the fabrlc of the School's bulldln85 and estate wlth a hl8h level of ongolng malntenance and; Expand its reach in extending public benefft to the wider community. We use historlcal data and trends lalonE wlth other infomiation 8atherSn8 and research) as the basis for forecasting pupil numbers. The number of pupils at the school dittate5 the allocation of resources and so our long term strategic plan and forecasts may change dependln8 on factors such as uncertainty in the wider economy or Govemment Imposed statutory or regulatory changes. Page 8
All Hallows (Cranmore Hall) School Trust Llmlted Govemors, Report Structure. governance and management Nature of qovernlnq document The All Hallows Icranmore Hall) School Twst Limlted {Comparry Llmlted by Guarantee). the Charity, Is referred to throughout thls report as the School. The School Is a charltable company limited by guarantee. Incorporated on 3 May 1962 and registered a5 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 assoclatlon filed at Companles House. The 2014 amendments were not adopted by the Charity Commlssion so It Is the 2(104 articles that stand. Trurtees and officerj The Governors, who are also the dlrectors for the purpose of company law, and who seNed durlng the year and up to the date of signature of the financlal statements were: ChaSrperson: Secretary: Mrs M G Eyles M F Gardiner (resigned 29 September 2021) Governor: Mrs T Cotterell M B Drummond Smith Iresi8ned l November 20221 Mrsm G Eyles JNWelr J G Nlcol P M Graves Ireslgned l November 20221 N Morgan {resigned 5 November 20221 Re¢rultment and uppolntmert ofgovemors The Governors of the School are a self-appointed body. Service on the board 15 for a period of three years, with a maximum term of four years. Retiring Govemor5 can be re-elected. When vacancies arise on the board an appralsal is made of the current skllls mlx 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 wlndlng up. Page 9
All Hallows (Cranmore Hall) Sthool Trust Limfted Governors, Report OryonlsotlonalstriKture The day to day runnSn8 of the School is delegated to the Headmaster. Indurtlon ond training ofqovemors New Governors are provided with key Constitutional and financial inforniation and Èncouraged to spend tlme with the Headmaster so that they are fully briefed on the School. The tralnlng requirernents of the Governors are kept under review. Relatlon5hlps wlth related partles No Governor has any material interest in contracts wfth the School elther direttly or indirectly. Statement of governors, responsibllltles The governors (who are also the directors of All Hallow5 Icranmore Hall) School Trust Llmlted for the purposes of company lawl are responsible for preparln8 the 8overnor5' report and the flnancial statement5 in accordance with applicable law and United Klngdom Accounting Standards {Llnlted Kingdom Generally Accepted Accounting Prarticel, including FRS 102"The Flnanclal Reporting Standard applicable in the UK and Republlc of Ireland.. Company law requires the governors to prepare financial statements for each flnandal year. Under company law the governors must not approve the financlal statements unless thev are satisfied that they 8ive a true and fair view of the stste of affairs of the diarltable company and of the incoming resources and application of resources, Includln8 Its income and expenditure, of the charitable company for that perlod. In preparing these financial statements, the governors are required to: select sultable accountln8 policies and apply them consistently; obserrfe the methods and princlples In the Charfties SORP: make judgements and estimates that are reasonable and prudent,, state whether applicable accounting standard5, comprising FRS 102 have been followed. subject to any material departures disclosed and explained in the flnanclal statements,. and prepare the financlal statements on the Bolng concern basis unless it Is Inapproprlate to presume that the charitable company will continue in business. (Following the merger with Monkton Combe, the accounts have been prepared on a break up bas151. Page lo
All Hallows Icranmore Hall) School Trust Umlted Govemors, Rèport The governor5 are responsible for keepin8 proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements complywith the Companies Act 2006. Theyare also responsible for safeguardlng the assets of the charitable company and hence for takln8 reasonable steps for the prevention and detertion of fraud and other Irregularltles. The governors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of flnanclal statements may differ from legislation In other jurisdictions. Audltor Old Mlll Audlt Limited were appointed a5 auditor to the company and In accordance wlth section 485 of the Companles Act, a resolution proposin8 that they be re-appointed will be put at a General Meeting. DIKlosure of Infomiatlon to audltor Each member ha5 tsken steps that they ought to have taken as a member in order to make themselves aware of any relevant audlt Information and to establish that the charity's audltor Is aware of that information. The governors conflrm that there is no relevant information that they know of and of whlch they know the auditor Is unaware, The annual report was approved by the governors of the charity on2¥l. ¥J.2J and slgned on its behalf by.. Mrs M G Eyles Chalrperson Page 11
All Hallows Icranmore Hall) Sthool Trust Umlted Independent Auditor's Report to the Members of All Hallows (Cranmore Hall) School Trust ilmlted Oplnlon We have audlted the financlal statements of All Hallows Icranmore Hall) School Trust LSmlted (the 'chariWI for the year ended 31 Au8USt 2022. which comprise the Statement of Financial Artivities, Balance sheet, Statement of Cash Flows, and Notes to the Financlal Statements, including a summary of significant accounting policies. The flnancial reportin8 framework that has been applied Sn their preparation Is Unlted Kingdom Accounting Standards, comprislng Charities SORP- FRS 102 The Financial Reporting Standard applicable In the UK and Republlc of Ireland, and applicable law Iunlted Klngdom Generally Accepted Accounting Practice). ln our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 August 2022 and of Its Incomlng re50urce5 and application of resources, including its income and expendlture. for the year then ended; have been properly prepared in accordance with Unlted Kin8dom Generally Accepted Accounting Prartice; and have been prepared In accordance with the requlrements of the Companies Act 2006. Bas15 for oplnlon We conducted our audlt in accordance with Intematlonal Standards on Auditlng IUKI IISAS IUKII and applicable law. Our responslblllties under those standards are further descrlbed In the audltor responslbllities for the audit of the flnancial statements section of our report. We ère 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'5 Ethical Standard, and we have fulfllled our other ethical responsibllities In accordonce with these requirements. We believe that the audit evldence we have obtained Is sufficlent and approprlate to provide a basis for our opinion. Page 12
All Hallows (Cranmore Hall) School Trust Limited Independent Auditor's Report to the Members of All Hallows {Cranmore Hall) School Trust Umlted Concluslons relatlng to golnz concern In auditing the financial statements, we have concluded that the governors use of the break-up basis of accounting in the preparation of the financial statements Is appropriate following the merger of the charity. Our responslbilities and the responsibilltles of the £oVerrr$ wlth respert to 8oln8 concem are described In the relevant sections of this report. Other Informatlon The governors are responsible for the other informatlon. The other Infomiatlon comprlses the information Included in the annual report. other than the financlal statements and our audltorf5 report thereon. Our oplnion on the financlal statements does not cover the other information and. except to the extent othen¥ise explicltly stated in our port, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial statements, our responslblllty Is to read the other Information and, in doing so, consider whether the other informatlon is rnateriallv inconslstent with the flnancial statements or our knowledge obtained in the audlt or othenvlse appears to be materlally mlsststed. If we Identify such material Inconsistencies or apparent materfal mlsstatements. we are required to detennine whether there Is a material mlsstatement in the financlal 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 thls other information, we are required to report that fart. We have nothlngto report In thls regard. Oplnlon on other matter prescrlbed by the Cornpanles Act 2(K16 In our opinion, based on the work undertaken in the course of the audlt: the information given in the Governors. Report for the financial year for which the financial statements are prepared is conslstent with the financlal statements.. and the Governors, Report has been prepared in accordance with applicable legal requirements. Matters on whkh we are requlred to report by exception In the light of our knowledge and understandlng of the charity and its envlronment obtalned In the course of the audit, we have not identified material misstatements In the Govemors, Report. We have nothing to report in respect of the following matter5 where the Companies Att 2006 require5 LIS to report to you if, in our oplnlon: Page 13
All Hallows (Cranmore Hall> School Trust Umlted Independent Auditor's Report to the Members of All Hallows Icranmore Hall) School Trust Llmlted adequate accounting records have not been kept. or return5 adequate for our audit have not been rettSved from branches not visited by us: or the financial statements are not In agreement with the accountlng records and returns- or certain disclosures of governors remuneration specified by law are not made; or we have not received all the information and explanatlons we requlre for our audlt. R•spon$ibllitles of 8ovemors As explalned more fully In the Statement of govemors, respon51b511ties (set out on page 10 and 111, the governors are spOnsIble for the preparation of the financial statements and for beln8 satisfled that they give a true and fair wew, and for such internal control as the 8ovemors detemine is necessary to enable the preparation of financial statements that are free from materlal misstatement. whether due to fraud or error. In preparlD8 the flnancial statements. the 8overnors are responsible for assessing the charlty's ablllty to contlnue as a 8oln8 concem. disdosin8, as applicable, matters related to going concern and using the going concern basls of accountln8 unless the governors elther intend to liquidate the tharlty or to cease operations. or have no realistlc altematSve but to do so. Audltor responslbllftles for the audft of the finandal ststements Our objectives are to obtain reasonable assurance about whether the financlal statements as a whole are free from material misstatement. whether due to fraud or error, and to Issue an auditorfs report that Includes our opinion. Reasonable assurance Is a hlgh level of assurance, but Is not a guarantee that an audlt conducted in accordance wlth ISAS IUK) wlll always detect a rnaterlal mlsstatement when It exists. Mi55tatements can arise from fraud or error and are considered material if. individually or In the a88regate. they could reasonablv be expected to Influence the economic decisions of users taken on the ba515 of these financial statements. The extent to which our procedures are capable of detectlng Irregularities, including fraud15 detailed below: Page 14
All Hallows (Cranmore Hall) School Trust Limited Independent Auditor's Report to the Members of All Hallows Icranmore Hall) Sch¢)ol Trust Umlted Irregularlties, including fraud, are instances of non-compliance wlth laws and regulatlons. We design procedures Sn line with our responsibilities. outlined above, to detect materlal misstatement5 in respect of Srregularities. includin8 fraud. The extent to whlch our procedures are capable of detectin8 irregularlties, Including fraud, Is detailed below. We galned an understanding of the legal and regulatory frdmework appllcable to the company and the industry in which it operates, and consldered the risk of acts by the company that were contrary to applicable laws and regulations, includlng fraud. We designed audit procedures to respond to the risk, recognisin8 that the rlsk of not detectlng a material misstatement due to fraud is hl8her than the risk of not detectlng one resultin8 from error, as fraud may Involve deliberate concealment by, for example, forgery or Intentlonal misrepresentatlons, or throu8h colluslon. We focussed on laws and regulations whlch could give rise to a materlal mlsstatement In the fSnanclal statements, includin& but not limlted to, the CompanSes Act 2006 and UK tax le8islatlon, Our tests Included agreelng the financlal statement dlsclosures to underlylng supportlng documentation and enquiries wlth management. There are inherent limltatlons in the audit procedures descrlbed above and. the further MoVed non-cornpliance with laws and regulations is from the events and transactions reflected In the financlal statements, the less Ilkely we would become aware of it. We dld not Identify any key audlt matters relating to irregularities, Includlng fraud. As in all our audits, we also addressed the rlsk of management override of intemal controls. includlng testlng journals and evaluatlng whether there was evldence of blas by the directors that represented a risk of materlal mlsstatement due to fraud Use of our report Thls report is made solely to the charltable companvs 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 auditorfs report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibilityto anyone otherthan the charltable company and it5 governor5 a5 a body. for our audit work, for thls report. or for the opinions we have formed. Page 15
All Hallows Icranmore Hall) Sthool Trust Limited Independent Audltor's Report to the Members of All Hallows (Cranmre Hall) School Trust Llmited nm Lerwill Bsc BFP ACA (Senior Statutory Auditor) For and on behalf of Old Mill Audit Limited. Statutory Auditor Unit2 Greenways Business Park Bellinger Close Chippenham Wlltshlre SN15 IBN 2510512023 Page 16
All Hallows Icrnnmore Hall) Sthool Trust Limfted ststement of HnancSal Artlvltles for the Year Ended 31 Au8USt 2022 IlncludlnB Income and Expenditure A¢count and Statement of Total Recognised Galns and Losses) Unrertrlfted Restrkted funds funds Total 2022 Income and Endowments from: Donatlons and legacies Charitable activities Other trading activltles Investment income 30.OCX) 2.505.737 437.388 27 30.CKJO 2,505,737 437.388 27 Total Income 2.973,152 2,973,152 Expendlture on: Charitable activities (2,971.823 12,971,823) Total expendlture (2.971,8231 12,971.8231 Net Income Transfers between funds 1,329 {295.2701 1,329 1305.2841 10,0141 Net movement in funds 1293,9411 110,0141 1303.9551 Reconclllatlon of funds Total funds brought forward 293,941 10,014 303,9SS Total funds carrled forward All of the charlty's actlvltles derlve from discontinued operations followlng the Merger Deed dated the 14 March 2022 with Monkton Combe School (charity number 1057185). AII activitles were transferred as of S May 2022. The notes on pages 22 to 42 fomi an integral part of these financial statements. Page 17
All Hallows (Cranmore Hall) Sthool Trust Llmited Statement of Flnandal Actlvltles for the Year Ended 31 August 2022 Ilncludlr¥ In¢orne and Expenditure Account and Statement of Total Recognised Galns and Unrestrfcted Restrlcted funds funds Total 2021 Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investment income 4,464 4,464 3,245,338 174,773 30 3,245,338 174,773 30 Total income 3,420,141 4,464 3,424.605 Expendlture on: Charitable activitles 13,544,142) 13,544,142) Total expendlture 13.544,1421 13,S44,142 Net (expendlturelllncome 124,IXII 1119.537 Net movement In funds (124,001) 4,464 {119,5371 Reconclllatlon of funds Total funds brought forward 417.942 5,550 423,492 Total funds carrled for14ard 293.941 10,014 303,955 The funds breakdown for both years are shown in note 23. The notes on pages 22 to 42 fonn an integral part of these financial statements. Page 18
All Hallows (tranmore Hall) School Trust Llmlted (Re8lstratlon number: 00722996) Balance Sheet as at 31 August 2022 2022 2021 Flxed assets Tangible assets 14 1.660.060 Current assets Stocks Debtors Cash at bank and In hand 15 39,351 135.161 216,798 16 17 282,351 282.351 391,310 Credltors: Amounts falllni due within one year 19 (282.3511 11,035,140) Net current Ilabllltles 1643.8301 Total assets le current Ilabllhles 1.016.230 Credltors: Amounts falllnl due after more than one year 20 590,4001 Net auets 42S,830 Funds of the ¢harlty'. Restrlcted Income furbds Restricted funds 23 10,014 Unrestrfcted Income funds Unrestrlcted funds Revaluatlon reserve Other reserves 23 293,941 111.336 10,539 23 23 Total unrestrirted funds 415,816 Total funds 425,830 The notes on pages 22 to 42 fomi an integral part of these financlal statements. Page 19
All Hallo¥ (Cranmore Hall) Sthool Trust Umlted (Retratlon number: oon2996) Balance Sheet as at 31 August 2022 The financlal statements on pages 17 to 42 were approved by the govemor5, and authorised for issue on24/123.. and slgned on their behalf by: Mrs M G Eyles Governor The notes on pages 22 to 42 form an integral part of these financial statements. Page 20
All Hallows (Cranrnore Hall) S¢hool Trust Limited Statement of Cash Flows for the Year Ended 31 Au8USt 2022 2022 2021 Note Cash flows from operatlng actlvltles Net cash expenditure (314.4941 1119,5361 Adjustments to cash flows from non-ca5h Items Depreciation Investment Income Proflt on disposal of tanglble fixed assets Revaluatlon of Investments 84,894 (27) {5001 {111,3361 {341,4631 141,110 1301 21,544 Workln8 upftal adjustments Decrease In stocks Decrease In debtors Decrease in creditors IDecreasel/increase in deferred income 15 39,351 135,161 {19,8651 1703.6841 3,585 45,911 14,7451 31,939 16 19 20 Net cash flows from operntSng actlvltles 1890,500} 98,234 Cash flows from Investln8 artlvltles Interest recelvable and slmllar Income Purchase of tanglble flxed assets Sale of tangible fixed assets 27 19,882) 1,585,548 30 131,5521 14 Net cash flows from Investlng artbvltles 1,575,693 (31,5221 Cash flow5 from financlng actmtles Repayment of loans and borrowings 19 1619,6401 120.5821 Net Increase in cash and cash equivalents 65,553 46,130 Cash and cash equivalents at I September 2021 (2020) 216,798 170,668 Cash and cash equlvalents at 31 August 202212021) 282,351 216,798 All of the cash flows are derived from discontinued operatlons durlng the above two years. The notes on pa8es 22 to 42 form an integral part of these financial statements. Page 21
All Hallows (Cranmore Hall) Sthool Trust iimlted Notss to the Flnandal Statements forthe Year Ended 31 August 2022 l Accountlng pollcles Company Inforniailon All Hallows (Cranmore Hall) School Trust Limited is a private company Ilmked by guarantee Incorporated In England and Wales. The registered office is School Trust Limited, Cranmore Hall. Cranmore, Shepton Mallet, Somerset, BA4 45F. Aecountln8 conventlon The financial statements have been prepared in accordance wlth the School's governlng document, the Companles Act 2006 and 'Accountlng and Reporting by Charities: Statement of Recommended Practice applicable to charities preparin8 theSr accounts in accordance wlth the Flnanclal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 20191". The School is a Public Benefit Entlty as defined by FRS 102. The flnanclal statements are prepared In sterlln& whlch Is the functlonal currency of the School. Monetary amounts in these financial statements are rounded to the nearest £. The financial Statements have been prepared under the hlstorical cost conventlon, modlfied to Include the revaluatlon of freehold propertbes and to Include investment propertles and certaln financlal Instruments at fair value. The prlncipal accountlng pollcles adopted are set out below. Goln8 concern Following the Merger Deed dated 12 March 2022, all charltable actlvltles transferred to Monkton Combe School (charity no 10571851 wh effert from 5 May 2022. These financial statements have therefore been prepared on a break-up basls as all assets. Ilabllltles and reserves have been transferred at this date. Charltable funds Unrestrlcted funds are avallable for use at the dlscretlon of the Govemors In furtheran of their charitable objertlves unless the funds have been designated for other purpose5. Designated funds Comprise funds which have been set aside at the dSscretlon of the Governors for speclflc purposes. The purposes and uses of the designated funds are set out in the notes to the accounts. Restricted fvnds are Subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted fund5 are set out in the notes to the accounts. Page 22
All Hallow5 (Cranmore Hall) 5th001 Limited Notes to the Flnandal Statements forthe Year Ended 31 August 2022 Incomlng resources Income Is recognised when the School is legally entitled to receive tt, after any performance conditions have been met, the amount5 can be measured reliably, and it Is probable that income will be received. Fees receivable are stated after dedurting scholarshlps and bursaries. Cash donatlons are recognised on receipt. Other donatlons are recognlsed once the School has been notifled of the donatlon. uThle55 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 khool offers parents the opportunity to pay for up to five years tultlon fees in advance. Such amounts are referred to as advanced fee deposlts and should be distlngulshed from fees due on the 1st day of term but paid early. Advanced fee deposlts are held until the pupll lolns 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 rellably by the School- thi5 is normally upon notification of the Interest pald or payable by the 8ank. Income Is measured at the fair value of the conslderatlon recelved or receivable and represents amounts receivable for goods and services provlded In the nomial course of buslness, net of dlscounts. VAT and other sales related taxes. Page 23
All Hallow5 Icranmore Hall) Seh¢)ol Trust Llmlted Notes to the Finandal Statements for the Year Ended 31 August 2022 Resources expended Resources expended are accounted for In the year In which they are Incurred and are allocated to expense heading5 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. Depreciatlon has been allocated between the charftable activities pro rata to the orl8inal cost per the fixed asset reglster. Where an Item of expenditure falls directly wlth5n one cost category It Is attributed to that category only. Where expendlture Involves more than one category it Is apportioned on a reasonable and justifiable basis. Supplies of games equipment, books, 5tatlonery and sundry materlals are wrltten off when the expenditure Is Incurred. Governance costs represent the costs associated with the sovernance arrangements of the charity as meeting the statutory requlrements of the School as a company and tharity as opposed to the costs of running the charitable School activities. T•n8lble flxed a55ets Tanglble 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 capltal nature with a cost in excess of £l,(KKI are included in tan8lble flxed a55ets. Depredatlon and amortlsatlon Depreclatlon Is provided on tangible fixed a55ets so as to write off the c05t or valuatlon, le55 any estimated residual value, over their expected useful economlc Ilfe as follows: Depreclatlon method and rat• Not depreclated 1-20% perannum 10-33% per annum I33% per annum Asset class Freehold land Freehold bulldlngs Furniture. fixtures and equlpment Mowers and motorvehicles Page 24
All Hallows (Qanmore Hall) School Tn Limited Notes to the Flnanclal Statements forthe Year Ended 31 Augurt 2022 The gain or1055 arising on the disposal of an asset is detern?ined as the difference between the sale proceeds and the cawng value of the asset, and is recognised in net incomellexpendlture} for the year. The freehold land and buildings of the School were revalued In 1980. The governors are of the oplnlon that the current open market value on an existing use basis is In excess of Ixtyok value. The school has taken advantage of the transltlonal arrangements of FRS 102 - Sectlon 17 Property, Plant and Equipment not to update its valuation of land and bulldln85. Stock Stocks are stated at the lower of cost or net realisable value. C05t comprlses dirert materials and, where appllcable, dlrect labour costs and those overheads that have been incurred In bringing the stocks to their present location and tondltion. Items held for distribution at no or nomlnal conslderation are measured at the lower of replacement cost and cost. Net reallsable value Is the estimated selling price less all estirnated costs of completlon and costs to be incurred in marketin& selllng and dtstrlbutlon. In general, cost Is determlned on a first In, first out basis, Provision Is made where necessary for slow movlng and defectlve stocks. Cash and cash equlvalents Cash and cash equivalents indude cash in hand, deposits held at call with banks, other short-term liquld Investments wlth oriBinal maturltles of three months or less, and bank overdrafts. Bank overdrafts are shown wlthln borrowings In current llabl1le$. Page 25
All Hallows (Cranmore Hall) Sthool Trust Umlted Notes to the Flnandal Ststements for the Year Ended 31 Au8USt 2022 Flnandal Instruments Classlllcatlon The School has elected to apply the provisions of Sertion 11 'Basic Financlal Instruments, and Section 12 '0ther Flnancial Instruments Issues, of FRS 102 to all of its financial Instruments. Flnanclal Instruments are recognised In the School's balance sheet when the School becomes party to the contractual provisions of the instrument. Financial assets and liabilitles are offset, with the net amounts presented in the flnanclal statements, when there is a le8ally enforceable right to set off the recognlsed amounts and there Is an Sntentlon to settle on a net basis or to realise the asset and settle the Ilablllty simultaneously. Baslcflnondal o$sets Baslc flnanclal assets, whlch Include debtors and cash and bank balances. are Initially measured at transactlon prlce Includlng transaction costs and are subsequently carrled at amortlsed cost usin8 the effective interest method unless the arrangement constltutes financln8 transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of InteresL Financlal assets classlfled a5 recelvable wlthln one year are not amortised. Baskjlnanclollloblllties Basic financial liabilitie5, Includlng ¢dItOrS and bank loans are Initlally recognlsed at transactlon prlce unless the arrangement constltutes 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 liabllitles classified as payable within one year are not amortlsed. Debt Instruments are stsbsequently carried at arnortlsed cost. uslng the effective interest rate method. Trade credltors are obligations to pay for 8ood5 or senAces that have been acquired In the ordinary course of operatlons from suppliers. Amounts payable are classlfied as current liabilities if payment is due within one year or less. If not, they are presented as non-current Ilabllltles. Trade creditors are recogni5ed initially at transaction price and subsequently measured at amortised cost Uslng the effective interest method. Page 26
All Hallows (Cranmore Hall) Sthool Trust Limited Notes to the Flnandal Ststements for the Year Ended 31 August 2022 Derecoqnltlon offlnan¢lol Ilabllltles Financial liabilities are derecognised when the School's contractual obligations expire or are dlscharged or cancelled. Employee beneffts The cost of any unused holiday entitlement Is recognised in the period In which the employee's servlces 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 termlnatlon beneflt5. Retlrement beneffts Retirement beneflts to employees of the school are provided by the Teachers, Penslon Scheme ITPS'}, The Aviva Penslon Trust for Independent Schools (APTIS) and the non academlc penslon staff penslon scheme. The TPS Is an unfunded scheme and contributions are calculated so as to spread the cost of penslons over employees, worklng Ilves wlth the school In such a way that the penslon cost Is a substantlally level percentage of current and future penslonablÈ payroll. The contrlbutlons are determined by the Government Actuary on the basls of quadrennial valuatlons using a prospective unlt credit method. As stated in note 21, the TPS is multi-employef scheme and there is insufficient informatlon available to use defined beneflt accounting. The TPS Is therefore treated as a defined contribution scheme for accountln8 purposes and the contributions recognlsed In the perlod to which they relate. The APTIS is a defined contrlbutlon penslon scheme which can be used by all IS8A member schools for their teaching staff. The non academic penslon staff pension scheme arrangement Is a defined contrlbutSon scheme where the assets of the schemes are held separately from those of the School in an independently admlnlstered fund. Payments to deflned contrfbution retirement benefit schemes are charged as an expense as they fall due. Leases Rentals payable under operatin8 leases. IndudlThg any lease Incentives recelved, are charged as an expense on a straight line basis over the tem) of the levant lease. Page 27
All Hallows (Cranmore Hall} School TTU5t Llmited Notes to ihe Financial Statements for the Year Ended 31 Au8Wt 2022 Tax status The School, being a registered charity. is exempt from any taxation with the exptIOn of Value Added Tax. Government grants Government grants are recognlsed at the fair value of the asset recetved or retelvable when there is reasonable assurance that the grant conditlons wlll be met and the grants will be received. Government 8rants relatlng to turnover are reco8nised as income over the perlods when the related costs are incurred. Grants relatin8 to an asset are recognised in income systematically over the asset's experted useful lrfe. If part of such a grant Is deferred It Is recognSsed as deferred Sncome rather than belng deducted from the a55et's carrylng amount. 2 Crltlcal accountln8 estlmates and ludgements In the appllcatlon of the School's accounting policies, the Governors are requlred to make judgements, estlmates and assumptlons about the carrylng amount of assets and1Sabllltles that are not readily apparent from other sources. The estlmates and associated assumptions are based on historical experience and other factors that are consldered to be relevant. Actual results may dlffer from these estlmates. The estlmates and underlyln8 assumptions are reviewed on an ongoing basis. Revlsions to accounting estimates are recognised in the period Sn which the estimate is revised where Ihe revision affects only that period. or in the period of the revision and future perlods where the revision affects both current and future perlods. Key sources of estimation uncertalnty The estimates and assumptlons which have significantrisk of causin8 materlal adlustment to the carrylng amount of assets and Ilabllltles are as follows: Estlmoted usefvl Ilves of tongiblefixed as5et5 In determining the estimated useful life the sthool conslders the expected physical wear and tear of the aet that could lead to obsolescence of the asset. Each year the sthool reviews that above to establlsh rf there Is any change in the expected useful life of tsnglble asset5. Page 28
All Hallows {Cranmore Hall) School Trurt Umlted Notes to the Flnancial Statements forthe Year Ended 31 Au8USt 2022 3 Donatlons and legaaes Unrestrfcted funds Total Z022 Totsl 2021 Donations and 8ift5 30,IMJ) 30,C 4.464 30,000 30.CKK> 4,464 4 Income from charftabk artlvttles Unrestrkted funds 2022 2021 Fee Income 2,501,671 4.066 2,501,671 4,066 3.170,112 75,226 Government grants 2,505,737 2,505,737 3,245 338 Fee Income comprises of the following: 2022 2021 Gross fees Less: total scholarshlps, bursarles and fee ass5stance 3,010,769 (509.098) 2,501,671 3.786.481 {616,369) 3,170,112 5 Investrnent Income funds 2022 2021 Interest receivable and similar income; Interest recelvable on bank deposits 27 27 30 Pa8e 29
All Hallow5 (Cranmore Hall) Sthool Tntst Umlted Notes to the Mnandal Statements for the Year Ended 31 August 2022 6 Income from other tradln8 actlvities Unrestrirted fund5 1022 2021 Appeals and donatlons School shop income Pupll extras 25,799 411.589 25,799 411,589 3,213 171.560 467.388 467.388 174,773 7 Exp•ndtture on ¢harltable acllvltles T•achlnz Welfare Promlw Support Total 2022 Totsl 2021 1,167,336 281.LKKI 50,972 314,567 1,813,875 2,543,886 Staff costs Depreclatlon and impalrment Other costs Governance costs 84.445 174,612 131,198 432,822 280,885 84.445 1,019,517 141,110 831,194 53,986 53.986 27,952 1,341,948 412,198 568,239 649,438 2,971,823 3,544.142 Analysls by fund Unrestricted funds 1,341,948 412.198 568,239 649.438 2.971.823 For the year ended 31 August 2021 Unrestricted funds 2,128,855 583.605 333,203 498,479 3,544,142 Page 30
All Hallows (Cranfflore Hall) School Trust Limited Note5 to the Flnandal Statements for the Year Ended 31 August 2022 8 Analysis of lovernance and support costs Governance costs Unrestrfrted funds 20Z2 20ZI Staff costs Wages and salaries Audit fees Avdlt of the financial statements Other costs 13,534 13,534 18,5S2 14.225 26,227 14,225 26.227 9,000 400 53,986 53,986 9 Audltors. remuneratlon 2022 2021 Audit of the financial statements 14,225 9,000 10 Governors remuneratlon and expenses No governors, nor any persons connerted with them, have recelved any remuneratlon from the charity during the year. No trustees have received any reimbursed expenses or any other beneflts from the charity durlng the year. Professional indemnity and governors, and offlcers. Ilability Insurance to £1 mllllon Is included as part of the school's Insurance cover. The premlums cannot be separately identified. Page31
All Hallows (Cranrnore Hall) Sthool Trust Umhed Notes to the Flnanclal Statements for the Year Ended 31 August 2022 11Staff costs The monthly average number of persons lincludin8 Senior rnanagernent I leadership team) employed by the charity during the year was as follows: 2022 No 20Zi No Teaching Welfare 59 29 58 29 Premise5 Support 97 The aggregate payroll costs were as follows: 2022 2021 Stsff costs durlrrf th• year VMf•: Wages and salaries 5¢xlal security costs Pension costs 1,551,823 120,385 155,201 2,099,475 178,606 248,918 22.001 13.438 Termination payments Other staff costs 9,622 1.837,031 2,562,438 The number of employees whose emoluments fell wlthln the followlng bands was: 2021 No £80,(K)1. £90,IX)O Of the employees whose emoluments exceed £60,(1, nil 12021 - 11 have retirement benefits accrulng under defined benefit pensSon schemes. Page 32
All Hallows Icranmore Hall) Sthool Trust Umlted Notes to the Flnanclal 5tatemwts for the Year Ended 31 August 2022 12 Taxation The charity is a registered charfty and is therefore exempt from taxation. 13 Dlscontinued operations On 14th March 2022, the charity Slgned a Mer8er Deed with Monkton Combe School (charity no 1057185) in which the charitable activity would be transferred as of 5th May 2022. At thls date. all assets, liabiltiles. restricted and unrestdcted reserves were transferred to Monkton Conbe School which has created an intercompany position of £202,S48. The only balances that were not transferred were the funds held in the bank account and the payroll and pension creditor liabilitles as these remained In the name of All Hall¢)W Icranmore Hall) School Trust Limlted. Monkton Combe School are however responslble for all Ilabllltles still held In the name of the charlty as at the balance sheet date. Pa8e 33
All Hallows (Cranmore Hall) sd11 Trust Llmlted Notes to the Flnandal Statements for the Year Ended 31 August 2022 14Tanglble flxed assets Furniture and equlpment Land and bulldln85 vehlcles Total Cost At I September 2021 Additlons 3,000,613 1,111.667 2.614 (3,0(KY,613) 11,114,281) 89,338 4,201,618 7.268 9.882 {96.606)14,211,5001 D15POsals At 31 August 2022 Depreclallon At I September 2021 Charge for the year Éllmlnated on disposals 1,531.869 46,994 {1,578,863) 934.054 35,423 {969,477} 75,635 2,541.558 2.477 84,894 178,112) {2,626,452) At 31 August 2022 Net book value At 31 Au8llSt 2022 At 31 August 2021 1,468,744 177.613 13,703 1,660,060 15 Stock 2022 2021 Stocks 39,351 Page 34
All Hallows ICrnnmoTe Hall) Sthool Trust Llmlted Notes to the Financial Statements for the Year Ended 31 August 2022 16 Debtors 2022 2021 Trade debtors 65,914 56.345 12,902 Prepayments Other debtors 135,161 17 Cash and cash equlvalents 2021 zozi Cash on hand Cash at bank 73 282,278 57 216,741 282,351 216,798 18 Loan$ and overdrafts 2022 2021 Bank loans Other loans 419,640 200,000 619.640 Payable within one year Payable afterone year 29,240 590,400 619,640 Page 35
All Hallows {Cranm¢xe Hall) School Trust Umlted Notes to the Finanaal Statements for the Year Ended 31 Au8itst 2022 19 Creditors: amounts fallin8 due vrithin one year 2022 2021 Borrowln8S Trade credltors Other taxation and social security Other credltors Accruals Deferred Income 29.240 28,897 46.005 154,205 73.109 703,684 43,741 224,385 14,225 282,351 1,03S,140 20 Credltors: amounts fallln8 due after one year 2022 2021 Bank loans Other loans 390,400 200.000 590,400 21 Deferred Income 2022 2021 Deferred Income at I September 2021 (2020) Resources deferred durlng the year Amount released from prevlous year 703,684 671.745 703,684 671,745 703,684 Deferred Income as 31 Au8USt 202212021) 703.684 Pa8e 36
All Hallows (Cranmore Hall) Sthool Trust Umlted Notes to the Hnanclal Statements for the Year Ended 31 Aiigurt 2022 22 PenOn and other schemes Teachers, Penslon Scheme The Teachers, Pension Scheme ITPSI is a statutory. contrlbutory, defined benefft scheme, governed by the Teachers, Pensions Regulations 2014. Membership is automatic for full-time teachers in schools and, from l January 2CK17, automatlc for teachers in part-tlme employment following appointment or a change of contracL 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 alon8 Wh those made by employers are credlted to the Exchequer. Retlrement and other pension benefits are pald by publlc funds provided by Parliament. Page 37
All Hallows (Cranmore Hall) School Trust ilmlted Notes to the Flnandal Statements for the Year Ended 31 Au8USt 2022 Valuatlon of the Teathers, Penslon Scheme The Government Actuary. Using normal actuarial principles. conducts a formal artuarlal review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Capl Directions 2014 published by HM Treasury every 4 years. The aim of the revlew Is to specify the level of future contributions. Actuarial scheme valuatlons ore dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest artuarlal valuatSon of the TPS was carrled OLrt as at 31 March 2016. The valuation report was published by the Department for EducatSon on 5 March 2019. The key elements of the valuation and subsequent consultatlon are- employer contrlbution rates set at 23.68% of pensionable pay (Includlng a 0.08% admlnistratlon levvl total scheme liabillties (penslons currentty in payment and the estimated cost of future benefttsl for servlce to the effertive date of £218,100 million. and notlonal assets (estimated future contributlons together wlth the notlonal Investments held at the valuatlon datel of £196,100 million 8ivin8 a notional past sep4ice deficit of £22,OIYJ 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 prlces and 2% In excess of earnln8s. The rate of real earnlngs growth15 assumed to be 2.2%. The assumed nominal rate of retum includin8 earnin85 growth is 4.45%, The next valuatlon result is due to be Implemented from l April 2023. The employerfs penslon costs pald to TPS In the pedod amounted to £68,529 12021 £102,805). A copy of the valuation report and supportin8 documentation is on the Teachers, Penslons web51te. Under the deflnltlons set out in FRS 102. the TPS is a multi4mployer penslon scheme. The school has accounted for Its contributions to the scheme as if it were a defined contributlon scheme, The school has set out above the Infom)atlon avallable on the scheme. Page 38
All Hallow51Qanmore Hall) S¢hool Trust Llmlted Notes to the Flnandal Statemerbts for the Year Ended 31 August 2022 Awns 5dme 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 or8anlsations 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. Ernployer contrlbutlon rates are set at 16.4% The employerfs pension costs pald to APTIS In the perfod amounted to £131,059 (2021 - £103,753). Nonvacademlt Staff Penslon Scheme Non-academic staff are entitled to contribute to a pension scheme known as The Penslon Trust Growth Plan (the Plan). This is a multi-employer pension plan. Contributions pald into the Plan up to and including September 2001 were converted to defined amounts of pension payable from normal retlrement dates. From October 2CQI contrlbLrtlons 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 capltal Is guaranteed throu8h Investln8 In short temi, hl8h quallty securltles and deposits. It is not Possible In the normal course of events to Identlfy on a reasonable and conslstent basls the share of the underlying a55ets and liabilitie5 of thls belon8Sng 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 contrlbutlons payable. Page 39
All Hallows (Cranmore Hall) Sthool Trust Umlted Note5 to the Flnancial Statements forthe Year Ended 31 Au8USt 2022 The latest formal valuatlon of the Plan was performed at 30 September 2020. The valuation of the Plan was performed by a professionally qualified Actuary using the Projected Unlt Method. The market value of the Plan's assets at the valuation date was £780 mllllon and the Plan's Technical Provisions (i.e. past service liabllltlesl were £928 million. The valuation therefore revealed a shortfall of assets compared with the value of liabilities of £148 million, equivalentto a fundlng level of %%. Both the School and the employees pald contrlbutions at a rate of between 3% to 6% of member salaries during the year. The pension charge for the year include5 contrlbutlons payable to the scheme of £50,01712021- £43,433) and the outstanding contributions at the balance sheet date were £7,45912021- £13,730). Followin8 a change in legisation In September 2005 there is a potential debt on the employer that could be levied by the Trustees of the plan and The Penslons Act 2011 has more recently altered the definition of Series 3 of the Growth Plan so the liability arises to employers from membership of any Series except Series 4. The debt becomes due In the event of the employer ceasln8 to particlpate in the Plan or the Plan wlnding up. All Hallows have been rtIfIed by the Pensions Trust of the estlmated employer debt withdrawal from the Plan based on the financlal position of the Plan as at 30 September 2021 Im05t recent valuatlon avallablel. As at that date the estimated employer debt for the School was £120,899. The Penslon Trust have however agreed that on merger with Monkton Combe, this liability will not be crystallsed by closin8 the current payroll scheme and a new scheme in the name of Monkton Combe has been set up from December 2022 for which this Ilablllty now passes onto. Page 40
All Hallows (Cranmore Hall) School Trust Umlted Notes to the Flnanclal Statements for the Year Ended 31 Au8USt 2022 23 Funds Balance at Balante at 31 Ay8llSt 2022 September Incomln8 Resources 2021 resources expended Transfers Unrestrlcted fund5 Unrestricted funds 293.941 2,973,152 2,971.823 (295,270) Revaluation reserve 111.336 1111.336} Deslgnated reserve 10,S39 110.5391 Total unrestrlcted funds 415.816 2,973,152 2,971.823 1417,1451 Capital projects fund 9,514 {9,5141 15001 Sang'a donatlon 51Xl Total restrlcted lund5 10,014 110,0141 1427,159) Total funds 425,830 2,973.152 2,971,823 8alan¢e at I Septemb•r 2020 Balance at 31 August 2021 Incomln8 resources Resour expended Unrestrlcted fvnds Unrestrfe(ed fvnds 417.942 3,420,141 3.$44,142 293,941 Revaluatlon reserve 111,336 111,336 Designated reserve 10,539 10.539 Total Unre11¢ted funds 539,817 3.420.141 3,544.142 415,816 Capltal projects fund 5,050 4.464 9,514 Sang'a donatlon 5(Kl Total restricted funth 5.550 4.464 10,014 Total funds 545.367 3,424,605 3.544,142 425,830 Page 41
All Hallows (Cranmore Hall) Sthool Trust Umlted Notes to the Flnandal Statements for the Year Ended 31 Aug( 2022 24 Related party tran(tIOnS Renumeiatlon of key management personnel The remuneration of key management personnel Is as follows: 2022 2021 Aggregate compensation 135,340 185,516 Page 42