Registèred number: 00721476 Charity number: 310876 ST. NICHOLAS SCHOOL (HARLOW) LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 AAX50GIZ 04m2r2022 CC•IPANIES HOUSE 238
ST. NICHOLAS SCHOOL IHARLOW) UMITED (Acompany Llmrted by Guarajbtse) CONTENTS Page R•ferènc• and Adiiilnistrativè D•lalls olthe Charlty. Its Trustees and Advisers Tru$te¢$' Report Trustees. Responslbllftles Statement Independent Audltors. Ryrt on th¢ Financlal Statements 9-12 Statement of Flnanclal Activities 13 Balance Sheet 14 stat¢ingnt of Cash Flov 15 Notes to th¢ Finaftclal Ststements 16-30
ST. NICHOLAS SCHOOL (HARLOW) UMrrED (A Company Lwnited by Guarantee) REFERENCE AND AOMINISTRATIVE DEfAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021 Trustees R G Elw. Chair L Saggers C Petherbr#Je K Httch J M Tempknn-Knight A E Johnson SKPenr J Wajge (appjmted 9 December 20201 Company reglstered nurnr 1)0721476 Charity registèr numb•r 310876 Registered Hillingdon House Hobbs Cross Road Old Harkmy E55ex CM17(WJ Company secretary Y mae1 Independent auditors Haslers Chartered A¢wunlanls Old Ststw Ro1 Loughton Essex IG104PL Bankers BarcLays Bank Pk Harb* Wate( Gardens Had CIA20 1AN Ctose Brclhws Treasury 4th Fhjor 10 Crtywn Ptace Lon¢Jon EC2A 4FT COIF cha Funds Senator House 85 Queen VKtoria Strert London EC4V4ET Pa98 1
ST. NICHOLAS SCHOOL IHARLOW) UMITED IA Company Lknlt•d by Guarantetl TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2021 The trustees who axe also directors of charity for the purpjses of the Cornpantes Act 2006, present thelr report with the finanaal statements of the chwity for the year ended 31 August 2021. The trustes have adopted the provision$ of Accountsng ¥nd ReportirvJ by Charrt. Statement of Recomwnd$d Practte opplicable lo charitres prnparing their accounts in accordance with the Finala1 ReportiryJ Standard appfi¢#ble in the UK and Republ of Ireland (FRS 1021 {eff¢dive 1 January 2015}. OBJECTIVES AND ACTivmES objÈe¥eS and alms The objects of the School a the adnceent of educatKJn ty charitable mean Thè Schoc4 aims to: Providè a safe. happy and $ecure ermronment in which our pupik are able to develq> •¢ademtcalty, physically and creativety across a broad and balarKÈd curriculum.. challenge our pupils to raise their aspirat5 and to dev)p the c¢Mfidertt and resifience te stret¢h and reach t¢wards their full potenb'al.. prorTh)le acDve and curious leamers wh the skn"ts. knowledge and urtderstandin9 appropriate for knmino, employment and adult life", promote the personal developwent of pupfis, encragIng reslient. ¢onfident and compassionate yOLtr pecyle wilh a strorvJ sense of right and wron9 and a naturdl respect for those around them.. encourage our pupils to develop an undefstanding of their sockal responsiblity and a respect forth#ir Sthool surrtyJndin9s. the kxal eommunty and the wider enwronment provth the stability and security ol cOntinS edu(zti)n on one site. spanning age range from 2 1r2 yèars 16 years. Slgnlficant aetivlties At Saint Nicholas Schcd we recognise our reSponsibty lo prepare our pupils ft)r the challenges of the future and airn to promde an educati¢ Wh personal development 5s prioritssed abrvJsKle academic success. Pupls work well together and feel tth supported and encouraged by the high qualTfied and dedicated leaching faculty. Small classes prmle excellent ralshipS and enth our staff to quickty idenlify strengths and weaknesses arKI to get to know Iheir pupils as individuals. Our extensive curriculum and extracurricular actiwlies ensure that Sanl Nichclas pupils are not just num8Ate. hterate and arb"culale. bul al develop the collaborative skills ¥nd em10031 intell¥Jence whth is so important for thgr fLrture success. Parents are given regular infomiats.on abNrt their cldren'S strial and academi¢ progress throu9h parent evenings in additK)n to the tradthonal end of term and year reports. The S¢hool mwn1aS wuiar Contact th parernls throughout the yèar through the bbsIte. VLE and regular nvwslelters. Saint Nicholas School welcome5 pupils from atl backgrounds. Formal and informat assessments are undertaken to eslabli$h that prospective pupils can successtully access an academic curriculum which is challenging and ultimately aimed towards posrtNe GCSE rtCons. An indmdual pupifs econom slalus. gender. sexual i¢ntalion. ethnicty, race. religiorL or dssabilty do not fomi part ofth$ assessnwt proce$$e$. Saint Ni¢holas SchcKI is an equal oppcKlunty opJanisatvJn aThJ is commitied to a wThkin9 environrnenl that is free from any forni of dis¢rimination on the grounds of colour. race. ethnlty. rel310n, sex. sexual OTientalion or disabilty. The School make rOnable adiu$trrnnts lo meet thg needs of staff or pupils who have Special educational n&ds or disality. Sainl Nkhdas Scknl is ¢cthmitted to safeguardiro and prcthotir¥J the welfare of the plIS and all slaff and volunteers are expected lo share this commitment. Page 2
ST. NICHOLAS SCHOOL (HARLO UNJITED {A Company Limited by Guarantee) TRUSTEES. REPORT {CONYINUED) FOR THE YEAR ENDED 31 AUGUST 2021 0ECTIVEs AND ACTMTIES Icontirnuedl Charitable status and PubliG benerrf Saint Nicholas School 15 # ¢haritable trust seeks to benefft the pthAic throWI the pursvl of tts slated aims. The School provKles up to 504 pvpi15 With an excellent edLtcath)n at no cost lo the publi¢ purse. In estsblishing its objectives. the School'$ Govémors have gr¥en ¢sidera110 to the geral guidance provided by the Charity Commiss)n and particularly Éts supplementsry publ Benefit guidance cffl aoan¢ing educab'on and fee- tharging. The Trustaes 11 strive to maintain arml inpro¥e the financial and administrative effKienGy of the SthoJl. Tuition fees ara set yearty at a level to ensurè the ffinarKial viability of the School and al a level thal 15 consistentwilh the
im of pdIng a firsl4ass education to boys and gids.
The School provides a wtde range of acbth whh contrbute to wder publK benefit. A bursary and COmnity award scheme 15 in pface which affords the (wpcrftunity lo pupils may otheNs9 not be ob18 to acce55 the School. The Sthool has excellent link5 the local communty prorTV)ting the use of its facilities #nd ¢ontributing to community life. Marby hxal organisabS and sports clubs, charrtable and not-for-profrt seN¢¢ providers. make re9ular use ol our sports ha and rd5. tennis cwrts and theatre out of School hours. at affordable andl¢f ¢oncessionary rates. In this way Opp¢nItS are provNJed to people would not otheMise access the School or its facilities. Each yeat S8int NhOl•S pupils organise a Christmas Party for the eldefly and the support of lo¢al, nat)n arKI intem8tnal chatibès is 8 $trong feature al the School. Grantmaking The Governors of Saint Ntholas S¢h&)l are commiiled to broadening access to the S¢hwl by offerin9. mean tesled financial supwl. to elKJible parentslguardians towards the pawnt of Sehotsl fées. Th pslO, whi¢h is means4ested against parental income. inevitabty bmited. as the Schts doès not po$ses$ ony endwed fvnds on whi¢h to draw and the source of income are the lees from other parents. Community Awards of up to 100% of the Sdwl fee5. are made available follm.ng mèans testing, to pupils who. in the opinty)n of the Headmasler. may benefit from the educalion provided by Saint Nicholas makè excellent acadern pro9ress and a significant conlrP)ution to Ihe School ry)mmunty. Bursary award5 are subject to rwt nUal testing of par1 me8n$ and may be Ved upwarTJs or iknvnwards, depending on IndWh4L parents'lguardi8n8' circumstances {e.g. their savings, investmen15 8nd alisable ossets, as well as thr ir£ome. the size of their fawlly, any other person5 dependent upon them and ke fadorsl. conyassKJnate or other pertinent CCmSKlerations. Requests for financial support are usually from e$tIng p11$ where ¥ ¢han9e in paTrnts'l glwdians, Cif¢Lfft)Stances has resulted in dfficully in mtIng tuition fees and may result in the thilJ be9 withjmm part way through a sta9e of educat*)n. Page 3
ST. NICHOLAS SCHOOL (HARLOW) LIMITED IA Company Llmlted by Guarnntee} TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 ACHIEVEMENT AND PERFoNcE Thg &hool Toll (¥Jnlinues to grcAV and the nthmbers in the Sch1 ujrrenlty stand at 436. The maximum Co1ty of the S¢hod is 504. A Modest lee ann¢Jal I[eaSe was approved by the Govemols with the aim ol keeping fee levels as offordat4e a5 p¢Miblp whilst ensuring the devel£yment mS for the School can be mel. In the summer of 2021 Year 11 pupils &varded GCSE'$ based upon teacher assessment rather than examinations. They athieved ex¢ellent re5uMs ift hne the hKJh expectations we had ol this year gro(y. Overall. 100% ofyear 11 PLyils ¥¢hit &+ 94 w•ges. Key Indicators - 100 °A of pupils gained al least 5 GCSE pa35es at 4 or above - 94 °A of pupils gained al least 5 GCSE p855es at 4 )cWing Maths aThJ Engli$h LarguagelLiteralure. - 97 % of all entries al 4 or above (76_9 % Nationa - SO % of all entries al 7 (28.7 % Natwjna - Malhemalics 100 % {69.2 % NabonaD - EThJlish Language 91 % 94 (73.6 % Matnall - EThJlish Lf(er?lure 94 % 94180.3 % National The approach of Ihe Schcd is lo enSle that al ptrymls tske a l)road ¥nd balanced academic GCSE Curriculum. These excellenl results are. in what is a broadly non-seledive Sthwl. a refleclion of a $tud¢nl body who demonslrale a positive work eth and the desire lo a¢hieve their very best AN Ihe pupils benefft enomUSty from the SUprt arml guhlance from our team of hwhly qUarid and ¢xpèrienced staff. Recent Developments As part of the Scho)f5 aim lor clInl improveThpnt. the Govern¢xs and the Senw Leadershi) Team h established the short and medium lerrn development tsrgets lor the next few yea. The School Improvement Plan ISIPI tsjertifies and sets targets con&deration given to tmnescales and finan¢tal impliGations. Dué to Covid-19 Ihe Schcd site partty closed in January bui rernaid open for key rrker Children and in fine with Govgmmenl requifements and all year groups relumed for the summer terTll. The SchGbJl continued to provide an outstandin9 remotè online leamu)g tinetable for all year groups which enabled our students lo remain on traGk wih the ¢urriculum. Htrwever the Tmslees agreed to a moratorium on significant caprtal expendrture pending a full understandin9 of Ihe short and medium temi financial implKations of the pandemic. This has resulted in our nel profil beirvj hjgher than an11"Pated rf ¢ath1 oxpenditure ¢ontinued at Ihe pr8<ovÈd 19vo1. The School has continued to tnvesl where necessary to ensure that the main builth'ngs and teaching f8¢ilrltes remain in excellent ¢gndition and also to r¢t the piotocol eslablished by the Trustees in the 5choo15 pandemic risk a55essrnenL This inrluded re4urfacing the indcor arena whth has helped u5 manage movement into and out of school in a socially diStse manner and wvjed the "lty for ovtdcor events to continue. This was completed in October 2020. Page 4
ST. NICHOLAS SCHOOL (HARLOW) UMITED
IA Conwany Lwnited by Guarantse)
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2021
FINANCIAL REVIEW
Prlnclpal fundlng st)urces
Income from tL#tson fees provhles for educational ovtgoings and foms the source ol ftjnds for capital
expenditure. minoi 8n¢J m¥ity. The are no endumnents. Funds are funy invested in the fixed a55ets and
working capital ol the Sch¢. HlNirod¢ House and Grounds are let to the charity on a kJng-tsrm lease dated
14th May 2008, * a below market rent. from The Sir John Sire's Sl NichoLqs Sthod and Educalional TTUSI.
The Trustees estynate ihe vaue of this annual Thxcash gift to be £45.(K(l. whth has been accordingly included
in the accounts.
Due lo Cowd-19 we Éssued a 6% adjustment lor the sthimertemi fees.
Net income for 2022021 nounted lo £261.63012020'. £169.8351, perthe statement offfinancial actmties.
In order for us to purchase The Stabs the Sclth n( has a mortgage with CAF Bank for £1.050,000. We
obtained a toan fiom the Swre famity for £200k to fund the purchase and have repaid £Ik in this financial
Full diSck)sU of all mattefs laling to fixed assets is set out in tha notes to the fw)anual statements.
Th¢ present levd of funding is adeqLk2te to support the ¢ontirbuion ¢f th¢ S¢lKxJI for the medium tgrm and the
Twstees consider the financial poslKJn of the dlIty to h sali5fa(lory.
ReseNes policy
Note 17 shows the split of fvnds. reslrKled for specik puw and gèneral fund lor day to day UIrements.
Restricted funds are those allccated to fvnd burswtes and specific devekpment.
The S¢hwl needs reserves to fulfil ar#A COMpte the ¢h¥rilable otAiyatKms 8n
ST. NICHOLAS SCHOOL (HARLOW) UED
IA Company Umlted by Guaranteè)
TRUSTEES. REPORT {CONTINUEOI
FOR THE YEAR ENDED 31 AUGUST 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Govemlng document
The chority is controned by its goveming documen( a deed oftfttsl. and ccmstitutes a Iwnited cryny. limited by
guarantee. as defined by the Companies Act 20C6.
The charity is constitutéd 88 a company linlted by 9uardnteè. as dèfined by the Companies Act 21J06. and is
govemed by a memorandum artides ofassofyatth dated 13th April 1962.
Recruttsnent and tralnln9 01 Trustees
Potential TnJstee5 are identifd and consHlered against its speufvalions concern9 eti9ibli ity. competence.
specialist skilts and awdiLability. New Trustees are inducted on procedures and polKies. and Ihelr legal
responsibli itie5 under the Coryyanies Act and the Charibes Act by ex¢sting member5 of Ihe Board and by the
Bursar. Training regularty offered tr> all Trustees.
Oryanlsatlonal structur•
The daity cperalpanal management of the Charity is delegated to the Headmaster and the Senior Leadership
Team, who attend and report to the board of Trustees and its suboinynittees. The Trustees are legally
responsiblè for the overall management and control of the Schod. The board of Trustees meet at least Six time5
per year.
The prrKip SUbmMittee5 are as fol¢y$:
Fees and Finance
Safeguarding
Academic
Heatth and Safèty
Chaired By Mr A Johnson
Charred by L Saggers
Chaired by Mr J Wadge
Chared ty IArs Templeton4(ngN
The trustS have also established a sub-¢ommhtee lo tylersee Ihe de¥ek¥rnt of th¢ $tabkn tlock and related
fa¢rlities.
The School is a member olthe ISA. ISBA arKI AGBIS.
The Truslee5 of Sant Nichdas SchoJl #ie SPotsIe for setting a strategy for achieving the objectives they
have sel. The ILKUS ol the strategy is C the devekpment of the pupit5, thew continued high Eevels of academic
and extra
ST. NICHOLAS SCHOOL IHARLOW) LIMITED (A Company Limited by Guaranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 STRUCTURE, GOVERNANCE AND IMNAGEMEiif (Continu> Key manag•rnent remuneratlon Key management p•rsonn The Governors ¢on$ider Ihat they, logethw wilh the Headmasler. the Deputy Head, the Bursar and the Head5 of School comprise the Key Management Personnel. The Governors gN¢ of their tim• freely and the pay and remuneratK)n of the Headmasler and senv)r staff is set by the F)anGe Ctimrrith and is kept under annual review. A number of ¢rrteria are used in seth.ng pay. nature of thè rolÈ and responsibilities competitor salaries in the legion the sector average saw for comparable wsitiu Irends in pay Key Performance Indicatorf. s The Govemors have given ddegated authority to l] Headmaster io pay h*Jhw Salar for èxceptional ¢andidates where this is in the interest of the SchooL Approved by ¢Yder of the membws of board crf Trustee5 on 24 NO¥nber 21y21 and signéd on their behalf A EJohn50n Trustee Page 7
ST. NICHOLAS SCHOOL IHARLOYfj UMITED
(A Ctknpany Llmlted by Guarantee)
STATEMENT OF TRUSTEES. RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2021
The Truslees (Vh are also the directors of the Chanty for purpose5 of company are respon$ibl& for
preparrn9 the Trustees, Report itluding Stsalegic ReF#Jt and the fsnarrial statements tn a¢cordanrx with
applKable United lQngdom A¢¢ting Standards (United KIrd0M Generally Accepted Accounting
Prxth'ce).
Company law requires the Trust lo prepare finwKial Statets for each financial . Under ¢ompany law. the
Twstees must not approve the finan¢ial statements unless they * satisfied that they give a true and fairview of
the $tstÈ of affairs of the Charity and of ts incoming resour and apt)n of resources, inctuding its ineeme
and wéndrture. for thal peritsd. In preparsng these financial staterrnts. the Tntee$ are required to:
select suitable accounting pdieies and then appty them con5islenttr.
observe the melhc
ST. NICHOLAS SCHOOL (HARLOW) UMITED IA Compary Limited by Guarants• INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST. NICHOLAS SCHOOL {HARLOW) UMITED Oplnlon We have audit&J the financrdl st*ements af Si NalaS School (Harl) L¥nr(ed (the 'charW) for the year ended 31 August 2021 vthi¢h comprise the Statement of Financkal ActNities. the Balance Sheet, ihe Statement of Cash Flows and the Telaled notes. indudiAg a summary of sijnffjicant accounting policies. The finanaal reportin9 framework that has been aW'ed in their preparation is applicable law and United tfjngdom Accounting Standards. induding Financkal Rep.ng Standard 102 The Finanrial Rewrn9 StarKlartl apPI1e in th? UK and Republic of Ireland. (United Kingdom GeneraltyAccepled Acwunling PradiG¢l. In our opinion the firtawal 6taternents". give a true and fair Mew of the state of the charitable affairs as at 31 August 2021 and of its incoming resources and appthcation of resources. including it5 income armj eypendilure for the year then have been propwty prepared aan¢S with Unitad Kiwkn) GerallY Accepted Accounting Practice.. and have teen prepared in acc¢ydance with the wuirwnents the Companiès Act 2(#)6. Basls for oplnion We conducted our aurfrt in aewdance wrth 1ntemab.onal Slandards on Auditing (UK) IISAS IUK)) and applicable law. Our responsibilil¢es under those standards a further described in the Auditors. responsibilities for the audit of the finanual statements $edion of our rèpts We afe independent of the charitable cunpany in accordance with the ethical requ1M$nts that are retevant to our audit ol the financial stslements in the United Kingdom. including the Finaneial Reporting Courrifs Ethul Standard, and we have fulfilled our other ethical resp(sl]itieS in accordan¢e with these requirements. We befthE thal the audit evidence we have obtained is SLtfficienl and appropriate to pwde a basis lor wr opink. Conclusions relatin9 to going c¢ncorn In audibng the finCal statements. we have concluded that the Trustees. use of Ihe going con¢em basil of acMunting in the preparalK)n of the financial stalen i8 approwle. Based the work we have perfornied. ¥•E have nc< idenlifEd any material Un¢ertainl5 Telalin9 to events or conditions that. Individuty or may cast smjnifi& doubt on the charitabk companys abilily lo continue as a going concem fry a period of at least twe months from when the finane¢al staigJnents are authorised fw is$. Our responsibilities and the responsibilits5 of Twstees wilh r¢$pe¢t lo CO•M are dgxribed in the relevanl sections of this reporL Page 9
ST. NICHOLAS SCHOOL (HARLO UMITED IACompany Lwnited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST. NICHOLAS SCHOOL {HARLO LIMITED (CONTINUED) Other information The other infom)ation comprises thé 1rrfom0n y1jed in th• Annual Rep)rt other tharb the finala1 statements and our Auditors, Report thereon. The Trustees are responsible for the other infomwlion contsined within the Annu Report. Our Opinh on the financ¢al statements does noi cover the other infomation and, except to the exient otherwise explicrtty Stated in ouc report we do gxpress any lomi of assurance c¢Jnclusion thereon. Our responsibility is to read the cther inftimiatitirt and. Mi doing so. consider whether the olher infomiation is materialty inconsistent wth the financial stat•mÈnts or our kn¢mI9• Obtain in the course ofthe audit, or olhemise appears to be materialty misstated. If wè Klèntify such matèrial intonsistenues or 4¥Jarent material misstatement5, we are required io deternwne vthelher this grves rise to a mèterial misstatement in Ihe financial statements themsefves. If, based on the woth we have perfymed. we ¢orude that there is a material misstatement ofthi5 olher infofftTrtion. we are required lo report Vwt fact. We have nothing to report in this regar Opinlon on other matters prescrlbed by the Comp•nles Act 2006 In our opiNon. bas on the work undertaken th? course of Ihe audit the inf0mtion given in thè TruStS. RekK)rt induding the SlrategK Repc¥t for the financk?l year ftsrwhi¢h the financial statements a prepared is consistent vrith the financial statements. the Trustees, Report arKI the StrategiG Rep have been prepafed in accordance ¥hth applicable legal requ1mentS. atters on vknich we are required to report by exceptlon In the light of our knodge and uThJerslanding ol the charitable Company and tis ¢nrOnment obtained in the course of the audit. we have not trjentified material misstatements in the Trustees, Report inGluding the Stsategic ReporL We have nothing to report in respect of the follawin9 mattets in relation to whth Companiès A¢t 200S requires us to report to you if. in OLrr rwnion.. adequat• accounting record5 have not been kep( or retums •Jeguate for our aud(L have Th)t been received from branthes not visited by us; the financial st*ments are not in agfeement with the accountin9 records and returns: or certsin disclosurns of Trustees, remunèratron SFecrfied by law are not made., or we have rt received 01 the inftymation and eypk7nat•Jns VR require for our audit. Page 10
ST. NICHOLAS SCHOOL IHARLOW) LIMITED IA Company Lmit•d by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST. NICHOLAS SCHOOL (HARLOW} LIMITED ICONTINUEDI Responslbilitles of trustees As explained more fully in the Trustees. Resp)nsibilikn"es Statemen( the Trustees (who are also the directors of the Charitable company for Ihe purposes of company lawl are resFonsible for the preparatn of the financial statements and for be¢ng satisfied that they give a true and fair view. and for such intemal ntrol as the Trustees determine is ne¢e5S8ry to enatAe the preparatw of finar01 ststemenls that are free from material mi5ststemenl. whether due lo fraud or error. In preparing the financial statements, the Trustees are SponsIble for assessin9 the ¢haritsble company's ability lo Continue as a going concem, disdosing. as apptuble. matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to lJuidate the tharitae Gompany or to cease operations. or have no realis altemats.ve bul to do so. Auditors. responsibllltles for the audlt of the finanelal 5tstefflents Oijr objectives are to ob¢ain reaxinable assurance ab(yJt whether the fmancial Statements as a whole are free from material misstalemenl, whether due to fraud ty error. ar to issue an Auditors. Report that includes our OniOn. Reasonat4e assurance is a hKJh level of assurance, Out is rloi a guarantee that an audit conducted in accordan with ISAS (UK) will ah¥ays delecl a material misslatement when it exists. Misstatements can arise from fraud w error and are considered material rf. individually or in the aggregate. they coukj reasonably b8 expected lo influence the economic deasions of users taken on the basis of these financial statements. Irregularities, including traud, are ins13reS of Th)rKOmAnce wth Laws and regulations. We design pr(tedures in line th our reswnb1lil$. ouuined above. lo delect malerol misstalemenls in respect of irregularities. Including fraud. The exlenl lo which our prccedures are capable of detecting irregukrities. including fraud is detailed below.. Procedu$ perfomied to address these wete as folbws.. ldentifw.ng and assessing the desKJn effeciNeness of OtrOlS management has in place to prevent and ¢Jelecl fraud. This induded corroboration ty revEw of Board Minutes and review of correspondence wth relevant bodies. Understanding how those charged wth gcvemance considered and addressed the potential for overrpje of controls or other inappropriate influence over the financial re[rtir9 pr¢xess. Undertaking le5ts.ng designed to lest the controls in place w(ihin the prureMent system In¢JIng access and controls in relation lo banking. Identifying and testing pumal entries. in particular any unusual ioumal entries posteil around the yearnd and journal entr5 posted by infrequent system users. Because of the inherent limitations of an aLKl¢ there 15 a risk that we wll not detect all irregularitie5, including thDse leading to a material misslatemenl in the financ3al statements or nOnmplIance with regulation. This risk increases the more that Com10n¢e with a law or regulab.on is removed from the events and transactions reflected in the finan¢ial slalernents, as we will be less likety to become aware ol InStsn5 of non-compliance. The risk is also greater regarfing Kregularibes occurring due lo fraud rather than error. as fraud involves intentional concealmenL forgery, c(Alusion. omission or musrepresentabon. A further description of our $[m)nSIbIlIs for the audit of the financial ststemenls is Ited on the Financial Reporting Council's website at ww.frc.or .uklauditorsres nsibilitses. This description forms part of our AllOr$. ReporL Page11
ST. NICHOLAS SCHOOL (HARLOW) UMITED fA Company Um•ted by Guarantee INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST. NICHOLAS SCHOOL IHARLOWI LIPIITED {CONTINUEOI U$$ of our report This report is made soletyto the charitable ¢crfnpatys members, as a body. in aceordan¢e Imth Chapter 3 of Part 16 of the Companies Act 20C6. Our work has been vndertaken so that we might $tste to the charitablè ¢ompanls members those matters we a iequired lo state lo them in an Audiiors. Report and for no other purpose. To the fullest extent pemitted by law. 7AP do not accept or 85surre reSps¢bIlIty to anyone other than the Charitable ccffipany ond its members. as a W. for wr audit Wk. for this reporL or for Ihe opinions we have fwmed. Laura Ambros• (S¢nSor statutory •udl¢or) for and on behalf of Haslers ¢hartered Accountsrts stalLrtory Auditor Old Slation Road Loughton Essex IG10 4PL 24 November 2021 Page 12
ST. NICHOLAS SCHOOL {HARLOW) UMrrED {A C¢)mpany Lknlted by Guarantee) STATEMENT OF RNANCIAL ACTMTIES IINCORPORATING INCOME AND EXPENOITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2021 Unrestri¢ted funds 2021 Total funds 2021 Total fvnds Note Income from: Donations and legacre5 Charitablè activities Investments 204049 4,979.729 4.437 205,049 4.979,729 4A37 307.638 4,638.091 7.650 Total Income Expenditur• on: Charitable activittes 6.189215 5.189.215 4.953,3T9 4.927.585 4.927.585 4.783.393 Total expenditure 4.927.585 4,927WS 4,783,393 261.630 Net movemènt in funds Reconciliation of lunds: Totsl fvnds broughtfoTrvard Net movement in fund$ 261.630 169.986 3.6B2.701 261.630 3.681701 261.630 3.512.715 169.986 3.944331 3.9K331 3.682.701 Total funds rArried foNArd The Ststemenl of Financial Actimbes inCdeS all gn$ and k>sses recognised In the yw. The notes on pages 16 to 30 fomi part ofthese financial ststements. Page 13
ST. NICHOLAS SCHOOL (HARLOW) UIAITEO IA Company LlmitÈd by Guawanteel REGISTERED NUMBEFL- 00721476 BALANCE SHEET AS AT 31 AUGUST 2021 2021 202Q Note Fixed a$$.•ts TangiNe a55ets 11 4265.675 4,477.401 4265.676 4.477.401 Current assets Debtors Cash al bank and in hand 12 82,811 1A28.978 83.434 1.200.058 1.611.789 1.283,493 Creditors: amounts fling due 7Mthin one year 13 (900.3051 f914279) Net current assèts 711A84 368.213 Total assets less current liabllitie5 77.159 4,845.614 Creditors.. amounts falling after more than one year 14 11.032.828> (1.162.913) Totsl net assets 3.944.331 3.682.701 Charity funds Unrestricted f(trKts 16 3.944.331 3.681701 Total funds 3.944.331 3.682.701 The Twstees ackn(Mledge Iheir reSponbIlItieS for Tmth the requirements of Ihe Act wth resped to a¢oiunting re¢ords and preparab"¢)n of finan¢ial sW*n8nts. The financial statements were appffjved arbj authised for issue by the Trustees on 24 November 2021 and signed on their behalf by. AE John¥on Trustee The notes on p•3es. 16 10 30 forn ofthese ffinanoal stateme.nts. Page 14
ST. NICHOLAS SCHOOL (HARLOW) UMITED (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDEO 31 AUGUST 2021 2021 2020 Cash Ilows from operatlng actlvities Net cash used in cperatirwj acb¥It 513.362 514,373 Cash flo% from Inv•sting aGtiviti•s Dividends. interests and rents frC investments Pur¢hase of tible fixed asset$ 4.437 {59.6561 f1,525.822) Net cash used in investSng actlvities {55.2191 {1,518.172) Cash flow& from flnancin9 activltles Cash inflows from new botrwny Repayments of borrowing 1.250.000 (7.863) {129,2231 Net ¢ash {used inyprovided by fi¢19 adiviti•s (129,2231 1,242.137 Change in rash and cash equS¥alents In the year Cash and ¢ash equivalents at the beginnirv4 of the 328,92Q 1200.058 238,338 961,720 Cash and cash •quivaléfits al the end ot the year 1%28,978 1.200.058 The notes on pages 16 to 30 fomi part ofthe5e firwicial Statents Page 15
ST. NICHOLAS SCHOOL (HARLO UIAITED IA Company Umited by Guarantee) IIOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGLIST 2021 Gènèral inforrnation St. Ni¢holas School {Harhw) Limfted 15 8 ¢harilable ci)mpany, nrted by guaranlee, fegislered in En9knd and Wales. The wi%tered charity number is 310876 and the registered company number 15 00721476. The regislered addsS is Hillingth)n House. Hobbs Cross Rd. Old Harlow. Ewx. CM17 ONJ. The principal aciivity of the charty Is pre-prinary. primary secondary educalion. Aeeounting policle5 2.1 Basis of pieparation of financlal $tst¢ments The financd slalements have been prepared in ¢wdance with the Chaiities SORP IFRS 102) - A¢counting and Reporting by CharitEs.' Statement of Re¢onwnended PraCte applicable to ¢harit preparing their acctyjnts n accordan¢¢ with the Financial Reporb"ng Standard appItab in the UK and Republic of Erend IFRS 1021 leffectNe 1 January 20191. the Financial ReportiThJ Standard applicable in the UK and RepubliG of Ireland {FRS 102) and the cPanS Act 2006. St. Nicholas School (Harlow) Limrted meets the definition of • publ benefit entity under FRS 102. Assets arhd I'abilrtEs are initrany recognised at historical cost or transaction value unlegs Otherwise sted in the relevanl xcounbng poliw. Thtr finanGial statements are presented in Pourkl Sterling. the fundional lenCY of the tharity. round8d to Ihg neafesl L 22 Income All in¢oft is rewJnised once the Charity has enliuemenl to the income, it 15 probatk that the Inco wiu te recwved and the amount ofin¢fft receivable b• mèasured refiabty. Grants are induded in the 5tst£ffkn•nt cl Finan¢k¥ ActMtEs on o reNable basis. The balance of income receNed for specific purposes but 1 eypended during the period is shown in the relevant funds on the Balance SheeL Where irwme is recèN&d in advanee of entitlement of receipt. its recognrtK)n is deferred and inctudèd in ¢redittsrs 0$ deferred ineomè. Where entitlement ttCLtrs before incorr* is receNed. the inccfft is aCCrd. 13 Exp•nditur• Expenditltre is re¢ognised on¢e the is a legal or construclive obligatKin to transfer economic benefit to a third party, rt is probable that a transfer of econom benefrts wll te required tri settlement and the amount of the obThgation can be measured reliabty. Expenditure i% ¢lassified by a¢tivity. The ¢osts of eath activty arè m& up of the totsl of direct ¢osls and shared Costs. including sUPPQrt Costs involved in undertth.ng ea¢h xtivity. Oirect costs attn"butable to a single artiwty are allocated diTeclty lo that o¢IM"ty. Shar&J costs whKh contribute to more than one activity and support costs which ar not attrhbutable to a single activty are apportKined beiween those adivthes on a basis consistent with the use of resources. Central staff costs are allo¢atwJ on Ihe basi5 of t¥ne $penL and depreciation Charges allocated ¢Jn the pOrt)n of the assefs use. Expenditure on charitable actmties 15 incurred on directy undertaking the actMiie$ vthirh further the Charitys oE4ectives, a5 as any assocHted support Costs. pa 16
ST. NICHOLAS SCHOOL (HARLO UMITED IA Company Llmlted by Guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accounting policiès {tontlnued) 2.3 Expenditur• Icontinuedl Grants payable are charged in the rwhen the offer 15 madè èxcept in Ihose cases where the offer is conditional. such grants being re¢ognised as trypendrturè when the Conditions attaching are fuifdkd. Grants offered subjed to condilions whth have not been mèt at the year ènd arè noted as a ¢ommitment, but nct accrued as eypenditvre. All expenditurè is wthNe of irrecoverable VAT. 2A Government grants Govemment grnnts latg to revenue expendibjre are credrtèd to the Slatement of Fan¢1 AelMIE5 as the related expenditure inCLKr&J. IS Tangible ffixed assets and depreciation Tangljle fixed assets costiTrJ £1.lJQJ or more are caprtalsed and reco9nised when ftrtU e¢onom benefits are p(obatAe and Ihe c05t or value ofthe asset Gan be wrasured relKqbly. Tan9ible fixed assets are initialty recognised al cost. After recognitKJn. under the cost mcJ61, tangib fixed assets are measured al co$t less xcumubted deJ>ree4ation ar any accumulated impaimknt losses. Al costs incurred to brin9 a tsn9itrJe fhxed asset into its inl¥tYled thing cOrttl0n str¥)ukJ be inefLbJed in the measurement of L)epreo¥tb)n is charged so as to ¢ the cost of tar@ible fixed a$sd$ l•ss their iesidual over their estimated useful Depreu•b"on is pfoMded on the f¢knvirwJ base5: Freehok1 prqjerty - 2% strayht I'ne Leasehold improvements Over the lrfe ofthe lease Fixture$ 8nd Equipment.. Scho01- 33% on reducing balance and 10% on and Sp¢yts reducrng balance Fixtu5 and EquiFrnt. House - 33% on feducbng balan and 10% on & Grounds redu¢ing balance 2.6 O•btors Trad• and other debttys arn recogni5ed at tho settl8Thnt amount after any trade discount offered. Prepayments are valued ¥t thè amounl prepaid net of any trade dtscounls due. 2.7 Cash at bank and In hand Cash at bank ofKf in hand indudes cash $hort4enn htghPy IKlUtd inves1ThIS wilh a short malurty of thre¢ months or kss frcn the date of wuisitim or9)rrJ ofthe deposit or Sinilar a¢caunt. Page 17
ST. NICHOLAS SCHOOL IHARLOWI UMITED (A Company Limitsd b/ GuarantÈe) NOTES TO THE ANANCL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accountlng policies (continued) 2.8 LiabilitiÈs and provisions Liabilrt]"es are recLyJnised 7fvthen there r& an oblKJalx)n at the BaLance Sheet date as a result of a past Èvent it is probable th>t a transfer of economic benefrt will be reqUId in s¢ttlement. and tho amount of thè setdement can be estrmated rnliabty. ab11"e$ are Cc915ed * Ihe amoLrnt that Charity antpate$ it wll pay to setue the debt or th amount it has rt¢ehved os advar¢ed payments forthe g¢)>Js or SeeS il must provide. Provtsions are measured at the best estimate of the amounts required lo 5ètt1e the obligation. Whère the effect of the time walue of money is material. the provision is based on the prÈ$ènt value of those amounts, discounted èt ihe pr&tax discount rate that Telle¢rs the risks specffi¢ to the liabilty. The unwinding of the disAt is recognised in the Stal&nenl Financial Adivsb"es ?5 a fin3n¢e c05L 2.9 Financlal Instrments The Charity only has financaal Sets and financial 1KAbi1"t$ of a kw¥J that qualify as basic financial instruments. Basic financial instruments ore initialty recogntsed at transaction value and subsequently measured at their settlement value vrtth the exGeption of bank k)ans tlthich a subsequ)11Y measured at wnortised cost Yn9 Ihe elfective interest meUv)d. 2.10 Pension$ The Charity operates ? defined contribtstton pension stheme and the pension charge represents the .4mounts payable by lh¢ Chairty to the fund in respect ofthe year. 2.11 Fund accounting Genefal funds are unrestitted funds whth a avarfable for use at the dtscretion of the Trustees in furtherance of the ger1er obiecknves ol ihe Charity and wlith have not been designated for other purpoS¢$. In¥strnent iricome. gan5 arKI k)sses are allocated to the aPPrrIale fvrKI. Pag8 18
ST. NICIIOLAS SCHOOL (HARLOW) UMITED (A Comparty Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Inc¢)me from donation$ #NI Itgaclts Total funds 2021 Total fvnds 2020 funds 2021 Grants EYFS FuTh*ng GoveYnm•nt grnnts CJRS Fun(ling 84.275 84.275 98.587 75.347 75.347 160,035 Subtotal grants Donations Donated ser¥Kes and ladit 159.622 427 45.000 159.622 427 258,622 4,OJ6 45.0 45.000 Subtotal donatlons 45.427 45.427 49.016 205,049 205.049 307.638 Tot812020 7.638 307.638 In¢ome from charitable actlvities Unre5tri¢ted fvnds 2021 Total funds 2021 Total funds 2020 trti ineome Social functKJns Tuition and olherlees 11.298 11.29B 3,079 22.979 4.611033 4.968.431 4 968,431 4.979.729 4,979.729 4,638.091 Total 2020 4.638.091 4,638,091 Pag¢ 19
ST. NICHOLAS SCHOOL {HARLOW) UMITED (A Ct)mpany Lwnited by Guarantee) NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Invèstment income UThrestrlcted lunds 2021 Total funds 2021 Tot81 funds 2020 Interest re1V¥bEe 4.437 4A37 7.659 Totsl 2020 7.650 7,6 An¥lys5s of grants Grants to Individuals 2021 Total funds 2021 Total funds 2020 134.768 134.768 155.311 Total 2020 15&311 155,311 Analysls of expendltUf• by activttles Activities Grant ndertaken fundlng of directly a¢tiviti• 2021 2021 Support ¢osts Total fund$ 2021 Tolal funds 2Q20 2021 Tuition and other fees Grants 4.414,169 17.7L 360.942 4.TIS.111 152A74 4.628.082 155.3f I 134.768 4.431.875 134.768 360,942 4.927.585 4,783,393 Total 2020 41.383,925 15&311 244. 1ST 4.783.393 Page 20
ST. NICHOLAS SCHOOL (HARLO UMITED IA compa Umited by Guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 Analysls of expenditure by activities (continu} Analysls of direct costs Total fvnds 2021 Total funds 2020 Staff costs Rates and wer Insurance Ltght and heat 3.273.183 37.887 59.819 82.65S 29.116. 4.816 36.774 8.434 6,064 89.339 13,734 6'.407 162.S66 86A68 6.267 86,981 23.238 279.168 178 8.778 17.706 101.194 11.083 3.248.669 24294 5&620 67.588 19.806 Postage ststionery Advertising Sundrtes OLrtings, lunches. Sp etc Educational books & rn?lerials Travd exFenses & course fees Sports & swimming eyyenses Repairs and mainttnar Househcld cleaning & refttse Subscriptions Computei supF)rt ¢os¢s Bad debts Cateriny contract Donations & Colledions Tea¢hers social Nu5sery costs Other operatirwJ kases Recruitment 32,332 26,423 136,287 91.801 9.1 6,463 156.978 79.671 8.078 5&174 4,386 245.432 1.169 2.935 104.$68 4.431,875 4.383,925 Page 21
ST. NICHOLAS SCHOOL (HARLOW) LIMITED (A CCrfnPa Lirntte(I by tsuarants¢) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Analysis of expendliure ty acilvtties (continued) . Analysis of support costs Toial funds 2021 Tofal ftsnds 2020 DeprecIat"h Interest pardble Audrtors. nneraOn L$9al and professional fees Ba[ charges Loss on disposal of red assets stale5 e¥penditure 170.613 33.362 10.800 26,699 551 100,769 18.148 178.f32 8. 127 io,&Jo 7.260 1,466 40 38.632 360.942 244. 157 Auditors. remuneratlon 2021 2020 Fees payable to the Chwws auditor forlhe audil ofthe Ch$ annual aecourts 10.81)0 10.5C Paye 22
ST. NICHOLAS SCHOOL {HARLOWI UMITED IA. Company Umited by Guarantee) NOTES TO THE RNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Staff costs 2021 2020 Wages and salarks Social security costs Contributicfi to defined Contributrt pwtsion schttnes 2.591,917 2SI.429 429,837 2,$70.416 242.496 435,756 3,273,183 3,248,668 The average numtr of pusc)s empbyed Chwity durirb3 the year was as follows.. 2021 No. 2020 No. School staff 89 91 The number of employees Awhose empbyee benefts IexdjUV emF4oyer pensTh ¢osts) •xceeded £60.000 was: 2021 No. 2020 No. In the band £60,(l- £70.C In the band £70,(h)1- £80.c(p) In Ihe bend £80.(l- £1.[ 10. Trusteès. rèmuneration and PÉn$t$ During thè yèai, no Trustees rtteNed any remunerati w tther benefils (2020- £NIU. Durin9 the year pnded 31 Augusl 2021. no Tntsteè eY4)enses have been irKurred (2020- £NIL). Page 23
ST. NICHOLAS SCHOOL IHARLOWI UMITED (A Company Umlt•d by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 T•nglbl• fix assèts Flxtures and FSxlurg5 and EqulpmeTrt: EquipmènL' FreelK>ld Leasehold S¢hool and Housè and prOty Improvements Sports Grounds Total Cost or valuation At 1 September 2020 Additions Disposals 1.$15.903 4.696.618 30207 1.160.539 29.449 1615.0781 180.455 7.553.515 S9.656 1757.4381 1142,3601 At 31 Au9USt 2021 1A15.903 4.726M25 574.910 38.09S 6,8SS.733 Depreclatyon At 1 September 2020 Charye forthe year On disposals 30.318 30.318 2.038J59 92202 863.184 144.2S3 4.047 1127.2811 3,076.114 170.613 1656.6691 {529.3881 Al 31 August 2021 60.636 2.130.561 377.842 21.019 2,5,056 Net book value At 31 August 2021 1ASS.267 1596.264 197.068 17,076 4,265,675 At 37 August 2020 1.485.585 2658.259 29T,355 36.202 4,477,401 12. Debtors 2021 2020 Due withln one year Trade debtor5 Other deblors 15,017 8.340 1,067 74.027 67.794 82.811 83.434 Page 24
ST. NICHOLAS SCHOOL (HARLOW) UMITEO IA Compafty Llmited ty Guarnntee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 13. Creditors: Amounts falling duè wlthin year 2021 2020 Bank h)ans Other loan5 riade eredrtors Other taxats'on l¥l se¢uriiy Other ereditors Accruals and deferred irOrne 30.085 29.223 237,600 85,505 104,177 392,938 224.400 58,139 54.034 499.483 900.305 91&279 Defeed mcomè relates to and other fee3 received Nh adwdnce. 14. Credltors: Amounts falling due after MO than ¢)ne year 2021 2020 Bar loans Olher h)an$ 981828 50.000 1.012.913 1.032.828 f. 162,913 The company has a fixed charge bank Iow5 which are se¢ured 8gaM)$t the freehotd land oftho ¢har'ty' 15. Finan¢lal Instruments 2021 2020 Flnaneial ass•ts Finanoai assels measured al l¥ walue arh4 expenditure 1.S28.978 1.200.058 FInCial asset$ measured at fair vabJe through inc(¥ne and eynditure comprise of cash and cash equNalents. Pa9e 25
ST. NICHOLAS SCHOOL (HARLOW) UMITED (A Company Llmfted by Guarantee) NOTE5 TO THE HNANCIAL STAfEklENTS FOR THE YEAR ENDED 31 AUGUST 2021 16. Ststemeftt of fund$ Statement of fund$- ¢urr•nt y•ar Balance at I Septembèr 2020 Balance at 31 August 2021 Incomo Expèndlturo Unrestricted funds General Funds- al funds 3.682.701 5.188.972 (4.927.342) 3.944.331 stst¢rnent of fUls- prlor year Bae at I Septembei 2019 31 Augusl 2020 Inco Expendilurp Unrestricted fun(ts General Funds- 811 funds 3.512. 715 4.953,379 (4.783.393) 3.682.701 17. Summary of fund$ Summary of lunds- current yèar Balance #t 1 Septèmber 2020 Balance at 31 August 2021 Incomè Expenditu General funds 3.681701 6.188.972 {4.927.3421 3,944.331 Surnmary of funds - prfor y•ar 8818n al Balan al 31 Augusl 2020 2019 Income Expgnthture General fvnds 3.512. 715 4.953.379 (4. 783,393) 3.682, 101 Page 26
ST. NICHOLAS SCHOOL (HARLOW) UMITED (A Company Umlted by Guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 AiJGUST 2021 18. Analysis of net #$sets bttwèen funds Analysls of net assets belweèn funds- currèntyear Unresirlcted lunds 2021 Total funds 2021 Ton9lble fixed assets Current 8ssets cditors due wthin one yar Creditors due in n319 than one year 4.265,675 4,265.675 1,611,789 1.611.789 19C(J.305) 1900.3051 (1.032,828) {1,032,82BI Total 3,944.331 3.944,331 Analysls Of nÈt assets between funds- prk¥ryear Unsicted lunds 2020 Total ftinds 2020 Tangib fixèd a$sets Current assets Credittsrs due vthhin ont >ar Creditor5 due in more than one year 4,477.401 4.477,401 1.283.492 1.283,492 (914279) (915.279J fl, 162,913) (1. 162.9131 Total 3.682. 701 1682, TOI Page 27
ST. NICHOLAS SCHOOL (HARLOW) UMITED IA Company Umlted by Guarantsèl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2021 19. Reconclllation of nèt movwnènt In funds lo net cash flow from opwatlng actlvltles 2021 2020 Net for the yeai (as per Statemenl of r£I31 ActMtksl 261,630 169,986 Adjustments for. Depreoation charges Diwdends, interests and Tenl$from investmgnts Loss on the disposal of fixed asssts 170.613 {4.4371 100.769 178.130 I7.6j 40 4279 119.917 45."671 Deuease irt debtors Inryeasel(decrease) vi creditOf5 623 {15.8361 Net ush provided by oFrating activities 513.362 514.373 20. Analysls of cash and eash equivolènts 2021 2020 Cash in hand q.$28,978 1.2CQ.058 Totsi cash and cash equ5valents 1.528.978 1,2IJo.058 21. Analy$is of ¢hange$ In n¢t debt Atl Septèmber At31 2020 Cash fl¢)w5 Augllst 2021 Cash ot ar in h9nd Debt due within 1 year Debt due afier 1 ye¥ 1.200.OS8 179.223) 11.161913) 328.920 1.528,978 18621 180,0851 130.085 11,032,828) 142.078) 458,143 416.065 Page 28
ST. NICHOLAS SCHOOL {HARLOM UMITED (A Company Umtt8d by Guarnnt•e} NOTES TO THE FIMANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 22. P•nslon commitments The charws employees bebn9 to the Teachers. Pension Scheme for EnglarKI and Wales UPSI. 8 muuipleemployer fined beftt scheme. The last actuarial valvation of the TPS reL7ted to the Feriod 31 Mar¢h 2016. Contributions amtyJnb"n9 to £52.734 were payab to the schemes at 31 August 2021 {2020.' £51.94918nd are included ift creth"tots. Teachers. Pension Sthèm• The Teachers. Pensth Scheme (TPS> is a statutory. contrbutory. defined benerrt scheme, govemed by the Teachers. Pensk)n Scheme Regulations 2014. Membership is automatic for fvll-bme teachers in sthools and, from 1 January 2007. automatic for texhers part41 nplOYment fOlNing appunlment or a ¢hange of contrac( although they are able to 1 OUL Th8 TPS is an tsnfunded hne and 1be[S contribtrte on a'pay as 9). ba5rs- th¢s contri1110ns along wlh those made by empbyers are credited lo the ExEhequw. Retirement and other pension benslits are paid by publ funiS5 provided by PaithamenL Valuation of th• T•achers' Penslon Schem• The Govemmenl Actuary. using normal aduarial principlès. eondud5 a fomal a¢tuarial review of th8 TPS in accordaA¢e wth the Service PensKJns (V4uatiJns and Emknr Cost Capl Directions 2014 pIShed by HM Treasury every 4 yeats. The ¥im of the review is to specfy the level of fLrture contributions. Actuarial scheme valuatb)ns are dependent on assumptions about thè value of future costs. design of benefits ar maThy other fadors. The ktest actuarial valuatKJn of thè TPS was carried out As al 31 March 2016. The valua1# rewtwas pub"shed bythe Departmert lof Education on S P41arch 2019. The key ekments of the valuation and subsequent Consultath •rÈ: . employer contribution Tates set at 23.68% 01 penSIable pay {ldIng a 0.08% administration Iwl total $¢h#me abIlleS (Fensions currentty in payTrent and the esb"mated Cost of futu benefits) for service to the effeclwe ¢Jate of £218.100 MdIn d ntilion¥l assets (estimated future ¢antributions together with the notional investmenls heSJ at the Valualn date) of £19S,100 milli. gNlrtg a notional past service defKrt of £22.CYNJ milln * Ihe SCAPE rate. set by HKff, is used to dètém)ine the nDtK)naJ investment retum. The ¢urrent SCAPE re is 2.4% above the rate of CPI. aSSLMned real rate of turn is 2.4% in excess of prices and 2°A in excess of eamings. The rale of real eaminys gttyth is assumed to be 2.2%. The assumed nominal re of retum induding eamings gr4xrth is 4.45%. The next valuation resuli is due to be implftted from 1 Aprl 2023. The emthPs pens# costs paid to TPS in the year anJ)unted to £413,81512020.' £423.975). A Copy ofthe v4luati¢)n wort and supporting (kojrnentat is on the TeaGheTS' Pensn$ wtbsrte. Under the definitions set out n FRS 102. the TPS 15 an urrfunded multwnployor pension scheme. Tho harity has accounted for ils ¢trJtIOnS to the scheme a5 if it were a defined contrits scheme. The charity has set out above Ihe inf0mt1 avaikble cm the scheme. Page 29
ST. NICHOLAS SCHOOL {HARLOWI UMrrED {A Company Lwnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 2& Operating lease cornnnets At 31 August 2021 the Charity had c(¥nmthents lo make fvIU minimum lease payrnents under non ¢an¢ellable operating leases as fdlows". 2021 2020 Not later than 1 year Later than 1 year and not laler Ihan 5 ye•rs L8ter than Syears 36,018 65.918 149.730 3fj,018 85.426 156.240 241.666 27T,684 24. Members, Ilabllity Each member of Gharilable company und8rtakes lo contribute to the assets of the company in the event of rt being wound up while helshe ts a member. or wthin cffle yèar after helshe ceases to be a memb&r. such arnount as may be required. not exceediry £1 for the debts and fiabilities contracted befo helshe rea5e$ to be a Thr. 25. Related party transactions The Charity has entered into any relatéd party trar)sact*Jn during the year. nor are th¢re any outstaThJing balan rA¥in9 beh¥een related partEs and"Ihe Charty at 31 August 2021. Page 30