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 ¢la￿r¢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 spIrI￿allY 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 Cu￿ent 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 £oVerr￿r$ 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
(Re*tratlon 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 w￿h 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
I￿33% 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 llabl1￿le$.
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 ex￿ptIOn 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 a￿et 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) sd￿11 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 Pen￿On 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 W￿h 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 5d￿me
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 r￿tIfIed 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 Unre￿11¢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