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2020-08-31-accounts

ST ALBANS SCHOOL WOOLLAM TRUST TRUSTEE’S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

Registered Charity Number - 311020

ST ALBANS SCHOOL - WOOLLAM TRUST

CONTENTS

Pages
Report of the Trustee 2 - 8
Report of the Auditors 9 - 11
Statement of Financial Activities 12
Balance Sheet 13
Cash flow Statement 14
Notes to the Financial Statements 16 - 24

1

ST ALBANS SCHOOL - WOOLLAM TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 AUGUST 2020

The Trustee of the charity presents the annual report under the Charities Act 2011 together with the audited accounts for the financial year ended 31 August 2020.

1. OBJECTIVES AND ACTIVITIES

Charitable Objectives

The objects of the Charity, as set out in the Charity Commission Scheme, are:

Aims and Intended Impact

Within these objects, the Trustee aims to support the objects of the School through the provision of playing fields and indoor sports facilities in sufficient number and of a suitable standard so that a healthy and wholehearted interest in sporting activities may be encouraged among all pupils and individual participants may be given every opportunity to develop their personal ability to the best possible level.

The Trust operates a policy of licensing use of the playing surfaces and sports centre to St Albans School on every term time weekday plus Saturdays, between the hours of 8am to 6pm. Use of the facilities often extends outside of these times, by prior agreement, such as for pre-season training etc.

The Trust’s primary object is the provision and maintenance of playing fields and other recreational facilities for pupils attending the School, which it fulfils as above and by providing competitive playing facilities of at least comparable standards to schools within the local area.

Where excess capacity beyond that needed by pupils exists, such as periods outside of term time or on Sundays, the Trust may let the playing facilities to other organisations. It does this in one of two ways:-

Some 30 acres of the playing fields are sublet to Old Albanian Sports Association (OASA) on a 250-year lease (granted on fully commercial terms). In accordance with the terms of its lease, OASA provides community sports facilities in its own right as well as sub-letting facilities to Saracens plc, a leading Rugby Union club. While the Trust is not a party to OASA’s sub-letting (other than providing gym facilities available to Saracens), it welcomes this arrangement as it serves to build a clear relationship between school sport and national level sport.

Out of school hours, the Trust also sublets the swimming pool and sports hall facilities to community clubs at market rates through Abbey Gateway Enterprises Limited. This reflects the quality of the facilities and the ability to let with sole occupancy during these times.

In summary, the Trust's primary aim is to maintain and use the grounds for the benefit of St Albans School and its pupils, in furtherance of its objects. In order to support this (but without intruding on the School's use), it makes such commercial use of the grounds as it can at both premium and more local commercial rates. In order to ensure the grounds are suitable for use by the School and to maximise their commercial potential when not being so used, the grounds are maintained at a high standard.

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ST ALBANS SCHOOL - WOOLLAM TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 AUGUST 2020

Objectives for the Year

During the year, the focus has been on the continued maintenance of the playing fields to the highest of standards consistent with the uses described above, the upkeep of the Trust’s properties and land, and the operation of the sports centre on the St Albans School site.

The Trust maintains its facilities to a high standard, commensurate with financial affordability, in order to promote sport effectively within St Albans School. This also allows the Trust to provide a safe playing environment where pitches are free from ruts etc. which may cause injury. This has allowed St Albans School to be represented, in several sports, at regional and national level. Details on the School’s achievements in sport can be found in its own Annual Report and Accounts.

In addition, the Trust continues to increase the usage of the grounds, and thereby income, both through St Albans School and with external users. As noted below, several key relationships are now in place whereby local and regional sport is supported through charitable and commercial use of the grounds.

Strategies to achieve the year’s objectives

These were:-

These were offered for use by St Albans School and the wider community through partnership with key sports clubs.

2. ACHIEVEMENTS AND PERFORMANCE

Operational performance of the Trust

Usage of the playing field and the Sports Centre by St Albans School was extensive until lockdown in March 2020, at which point the site was largely mothballed until the end of August 2020.

The Sports Centre is considered one of the best venues for sporting events in the area. The School has almost exclusive use of the facilities from 8am until 6pm but the venue has been able to attract local sporting clubs, host sporting events and training camps. Local sports clubs regularly use the facilities in the early morning and evenings, while more than 200 local residents use the pool and gym facilities in the Sports Centre. All external use of the facilities is managed in the context of the School’s primary responsibilities for safeguarding pupils, such that mixed school/external use is not usually feasible.

The Woollam playing fields continue to provide first class facilities for the School, with extensive use being made during term time.

The Trust continues to work with the Old Albanian Sports Club in maintaining playing surfaces and expanding their usage. Maintenance of the whole site continues to be undertaken by the Woollam Trust to provide playing surfaces up to regional standard. Saracens, the premiership rugby union club, uses Woollams as their main training facility, leasing pitches and facilities from Old Albanians and the Trust. This partnership provides a unique combination of school and local sides, national level and premiership level rugby on one site.

The Woollam Playing Fields continue to provide an important venue for the national as well as the local community. Users, principally of school age, include:-

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ST ALBANS SCHOOL - WOOLLAM TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 AUGUST 2020

Woollams continues to be seen as a centre of excellence for grounds maintenance, and a report by the independent Sports Turf Research Institute (November 2015) concluded that “the School’s playing surfaces were in fantastic condition and showing an exceptionally high level of presentation and playability”.

The Pavilion itself will continue to be used for purposes which include:-

The swimming pool hosts the City of St. Albans Swimming Club senior’s squad who, since moving to the centre, have delivered more county regional and national swimmers than ever before. It also has Tri-Force Triathlon Club and TriForce Juniors using the pool on a weekly basis. The pool is also hired out at weekends for training camps, coaching and swimming teaching. This has created links to Herts Swimming Association who have delivered training camps with Olympic, Paralympic, World Champion, Commonwealth and European Championship swimmers inspiring and coaching local swimmers. The pool also hosts weekly visits from local primary schools as part of the Partnership program. Local state-maintained schools such as St. Michaels, Prae Wood and St. Peters attend on a Monday and Friday afternoons to have their swimming lessons delivered by our high-quality coaches.

The sports hall hosts Kardale, a local netball club, who use the facilities 4 nights a week. We have also indoor hockey from Harpenden, St. Albans and Luton clubs.

The sports hall has also been a significant asset allowing the set up for the exam periods during the summer when all of the school’s activities are predominately outside. This has not only centralised exam venues but has also created a much quieter, comfortable environment for students to sit their exams.

Other areas of the sports centre like the Fitness Suite and dance studio have been very popular with students. The modern, controllable environments have not only helped to improve the fitness levels of students but seen a much larger number of female students using the facilities during games, lunchtimes and afterschool. These areas are also used after 6.30pm by local residents through a resident membership scheme. This currently has more than 200 members, all from the local community, who pay a small contribution to use the fitness suite, attend yoga classes and use the pool at weekends.

The climbing wall is used extensively by the school for PE lessons, D of E, Games and after school clubs. This has been very popular with students that are unlikely to play mainstream sports, thus widening access.

The Sports Centre has become a training course hub with lifeguard courses and first aid courses being delivered to students and external partners every year. The Trust’s staff are qualified as First Aid at Work instructors, meaning that key emergency first aid, First Aid at Work and AED courses are delivered onsite to staff, meaning that more staff are trained at much lower cost.

Abbey Gateway Enterprises Limited now licences and runs the Sports centre out of school hours.

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ST ALBANS SCHOOL - WOOLLAM TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 AUGUST 2020

Community and Public Benefit

The Trust chiefly provides public benefit through the provision and maintenance of playing fields and other recreational facilities for pupils of the School.

The Trust’s facilities are an important part of the delivery of the School’s partnership programme. More detail on the School’s partnership programme, and the other community projects, can be found above and on the Schools Together website as follows: http://www.schoolstogether.org/schools/school/95630/st-albans-school/ and in the School’s Report and Accounts.

The extensive use of the facilities by community and amateur bodies other than St Albans School is noted above in Operational Performance. This programme continues to expand with a vigorous programme of tournaments using the facilities. Those groups who do not fall within the scope of the Trust's objects are charged a commercial rate for their use of the facilities.

The Trustee confirms that it has had regard to the guidance published by the Charity Commission under section 4 of the Charities Act 2011 when reviewing the charity’s aims and objectives and in planning future activities.

3. FINANCIAL REVIEW

The financial statements for the year ended 31 August 2020 are attached to this report. The Trust’s Net Movement in Funds was a surplus of £62,115 (2019 deficit £156,326).

The principal funding source of the Charity is the licence fee received for the School’s use of the facilities through Abbey Gateway Enterprises Limited.

Reserves Policy

The total funds of the Trust at 31 August 2020 amounted to £12,472,715 of which £374,880 were endowed funds which are permanent funds for the provision of freehold land for school playing fields. The unrestricted funds include a designated fund which represents the cost of the construction of the Sports Centre less accumulated depreciation and amounted to £5,927,674 at the year end.

It is the Trustee’s policy to maintain adequate reserves to enable the Trust to meet unforeseen costs in respect of maintenance of the Trust land and buildings. The level of reserves is monitored and reviewed annually by the Trustee. Free reserves which are the general funds of the Trust excluding the tangible fixed assets at the year-end amounted to £958,980 (2019 - £594,596). There are no material funds that are restricted or otherwise committed at the end of the reporting period.

The Trustees consider this level of reserves to be adequate and therefore have a reasonable expectation that the charity has sufficient resources to continue in operational existence for the foreseeable future and believe that there are no material uncertainties that call into doubt the ability to continue as a going concern. The accounts have therefore been prepared on the basis that the charity is a going concern.

Investment Policy

The Trust is governed by the Charity Commission Scheme dated 9 February 2009 which appointed the Trustee. Under the terms of the Scheme, the Trustee is able to use the powers provided by its Memorandum and Articles of Association, which permit the funds to be invested in trust for the Charity. The policy is informed by the provisions of the Trustee Act 2000.

4. FUTURE PLANS

The Trustees plan to continue to maintain and renew the facilities to the highest standards in accordance with the objectives, to increase third-party usage and to improve the experience for pupils, parents and visitors.

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ST ALBANS SCHOOL - WOOLLAM TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 AUGUST 2020

5. STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Trust is governed by a Charity Commissioner’s Scheme dated 9 February 2009.

Governing Body

The Woollam Trustee Company acts as the sole corporate trustee of the Trust.

Organisational Management

The Board of the Trustee Company ("the Board") meets regularly during the year to determine the general policy of the Trust. The work of implementing most of the Board’s policies is carried out by the officers and advisers to the Trust. The Board of the Trust Company include Mr P Brown, Mr L Sinclair, Mr O King, Mr A Woodgate and Judge Wilding. The trustee delegates operational management to the Clerk to the Trustee.

Group Structure and Relationships

The Trust has two connected charities:

The Trust’s primary object is the provision and maintenance of playing fields and other recreational facilities for pupils attending the School which it does by making its facilities available to the School during school hours.

PRINCIPAL RISKS AND UNCERTAINTIES

The major risks faced in each of the principal areas of the Trust’s operations have been examined. These principal risks include regulatory risks, such as ensuring the Health and Safety of those using the sporting facilities and the financial strength of the School to continue to be able to lease the facilities. In the opinion of the Trustee, the major risks to which the Trust is exposed, as identified, have been reviewed and processes to manage those risks have been established, which, under normal conditions, should allow these risks to be mitigated to an acceptable level in the Trust’s day-to-day operations. For example, and in the case of Health & Safety, the Trust ensures that risk assessments are carried out for all activities, while the School continues to thrive as one of the UK’s leading day schools. The risks and processes continue to be reviewed.

The Trustee has considered the risks and possible consequences on the charity of the Covid-19 situation. While it is not possible to forecast with any degree of detail how the situation will develop in the long term, the Trustee has concluded that the charity is, and has reasonable expectations that it will remain for the foreseeable future, a going concern and the accounts have been prepared on that basis.

The property holdings and fixtures of the Trust are insured on a replacement basis at a valuation underwritten by the insurer. The Trustee has independently valued these properties for management purposes and accepts these values as appropriate.

RELATED PARTY TRANSACTIONS

There are no related party transactions that require disclosure.

REMUNERATION

Remuneration is set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding fairly and responsibly individual contributions. The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with similar roles elsewhere.

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ST ALBANS SCHOOL - WOOLLAM TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 AUGUST 2020

FUNDRAISING

The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

6. REFERENCE AND ADMINISTRATIVE INFORMATION

St Albans School Woollam Trust is a registered charitable foundation, Charity Number 311020.

CHARITY TRUSTEE

The Trustee at 31 August 2020 was the St Albans School Woollam Trustee Company ("the Trustee Company").

Directors of the corporate trustee company during the year were:-

Alastair Woodgate Peter Brown Lindsay Sinclair HH Keith Wilding (appointed 23 January 20) Oliver King (appointed 11 December 19)

In accordance with the Articles of Association, Directors of the Trustee Company are appointed by St Albans School.

Clerk to the Trustee R Hepper MA FCA ADDRESS St Albans School Abbey Gateway St Albans Hertfordshire AL3 4HB ADVISERS Bankers Barclays Bank plc Blenheim Gate, 22-24 Upper Marlborough Road, St Albans Al1 3AL Clydesdale Bank Plc Verulam Point, St Albans AL1 5HE Solicitors Debenhams Ottaway Ivy House, 107 St Peter’s Street, St Albans AL1 3EW Auditors Crowe U.K. LLP 55 Ludgate Hill, London EC4M 7JW

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ST ALBANS SCHOOL - WOOLLAM TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 AUGUST 2020

STATEMENT OF TRUSTEE’S RESPONSIBILITIES

The Trustee is responsible for preparing the Trustee’s Report and the Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

The law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for ensuring that adequate accounting records are kept which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

Approved on 19 May 2021

Signed on behalf of The St Albans School Woollam Trustee Company :

8

Independent Auditor’s Report to the Trustees of St Albans School Woollam Trust

Opinion

We have audited the financial statements of St Albans School Woollam Trust for the year ended 31 August 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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

We have nothing to report in this regard.

9

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 8, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

10

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP 30 June 2021 Statutory Auditor London

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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ST ALBANS SCHOOL WOOLLAM TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020

----- Start of picture text -----
Unrestricted funds Endowed 2020 2019
General Designated funds Total Total
Note £ £ £ £ £
Income and endowments from:
Charitable activities
- -
Hire of sports facilities 1,194,502 1,194,502 1,038,162
Other trading actvities
Rental income 18,376 - - 18,376 18,333
Sundry income 2 108,523 - - 108,523 82,628
Investments
Investment income and interest 4,598 - - 4,598 4,605
Other
- - - - -
Surplus on sale of fixed assets
Total income 1,325,999 - - 1,325,999 1,143,728
Expenditure on:
Raising funds
- - - -
Bank and other interest and charges
Charitable activities 3
- -
Playing fields and pavillion 644,544 644,544 707,862
Premises 103,667 - - 103,667 102,781
-
Sports Centre 374,542 141,131 515,673 489,411
-
Total expenditure 1,122,753 141,131 1,263,884 1,300,054
Net income/(expenditure)
before transfers 203,246 (141,131) - 62,115 (156,326)
- - - -
Net gains on investments 1,584
Net movement in funds 203,246 (141,131) - 62,115 (154,742)
Reconciliation of funds:
Total funds brought forward 5,966,915 6,068,805 374,880 12,410,600 12,565,342
Total funds carried forward 10 6,170,161 5,927,674 374,880 12,472,715 12,410,600
----- End of picture text -----

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ST ALBANS SCHOOL WOOLLAM TRUST

BALANCE SHEET AS AT 31 AUGUST 2020

----- Start of picture text -----
2020 2019
Note £ £ £ £
FIXED ASSETS
Tangible assets 4 11,221,655 11,523,924
Investments 5 288,141 288,141
11,509,796 11,812,065
CURRENT ASSETS
Debtors and prepayments 6 14,170 19,421
Cash at bank and in hand 1,077,089 819,760
1,091,259 839,181
CREDITORS:
AMOUNTS FALLING DUE
WITHIN ONE YEAR 7 (107,580) (209,506)
NET CURRENT ASSETS 983,679 629,675
TOTAL ASSETS LESS CURRENT 12,493,475 12,441,740
LIABILITIES
CREDITORS: AMOUNTS FALLING 8 (20,760) (31,140)
DUE AFTER MORE THAN ONE YEAR
NET ASSETS 12,472,715 12,410,600
FUNDS
Endowment fund 374,880 374,880
Unrestricted funds:
General 6,170,161 5,966,915
Designated 5,927,674 6,068,805
11 12,472,715 12,410,600
----- End of picture text -----

Approved and authorised for issue by the Trustee on 19th May 2021

and signed on behalf of The St Albans School Woollam Trustee Company

13

ST ALBANS SCHOOL

WOOLLAM TRUST

CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2020

----- Start of picture text -----
Note 2020 2019
£ £
Cashflows from operating activities
Net cash provided by operating activities (i) 267,709 304,387
cashflows from investing activities:
-
Payments for tangible fixed assets (162,727)
- -
Proceeds on sale of tangible fixed assets
-
Net cash (used in)/provided by investing activities (162,727)
Cashflows from financing activities:
Finance costs paid (10,380) (10,380)
Net cash provided by financing activities (10,380) (10,380)
Change in cash and cash equivalents in the reporting
period 257,329 131,280
Cash and cash equivalents at the beginning of the
reporting period 819,760 688,480
Cash and cash equivalents at the end of the
reporting period (ii) 1,077,089 819,760
----- End of picture text -----

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ST ALBANS SCHOOL

WOOLLAM TRUST

NOTES TO THE CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2020

----- Start of picture text -----
(i) Reconciliation of net income/(expenditure) to net cash flow from operating activities
2020 2019
£ £
Net (expenditure) /Income for the reporting period 62,115 (156,326)
(as per the Statement of financial activities)
Adjustments for non-operating cashflows:
Finance costs 10,380 10,380
Depreciation charge 302,269 284,619
(Increase)/Decrease in debtors 5,251 28,912
(Decrease)/Increase in creditors (112,306) 136,802
Net cash provided by operating activities 267,709 304,387
(ii) Analysis of cash and cash equivalents
Cash at bank 1,077,089 819,760
1,077,089 819,760
----- End of picture text -----

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ST ALBANS SCHOOL WOOLLAM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1 ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared under the historical cost convention in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Statement of Recommended Practice applicable to charities preparing their accounts in accordancewith the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) - effective 1 January 2015.

The functional currency of the charity is considered to be GBP because that is the currency of the primary economic environment in which the charity operates. The accounts are prepared in pounds sterling.

True and fair override

The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Going concern

The Covid-19 pandemic has not had a significant, immediate impact on the charity’s operations but the Trustees are aware that if the current situation becomes prolonged then this may change. After making enquires, the Trustee has a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the charity's financial viability. Having regard to the above, the trustees believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements as outlined in the Statement of Trustee's Responsibilities on page 8.

Accounts

St Albans School Woollam Trust is a Registered Charity in England and Wales and as such is a non-profit making organisation. It is a Public Benefit Entity registered with the Charity Commission under number 311020. The adress of the registered office is St Albans School, Abbey Gateway, St Albans, Hertfordshire, AL3 4HB.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, The Trustee is required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

In the view of the Trustee, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity’s financial statements.

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ST ALBANS SCHOOL WOOLLAM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1 ACCOUNTING POLICIES (continued)

Investments

Investments in Unit Trusts are included in the accounts at mid-market value as at the balance sheet date. The investment properties are stated at market value as at June 2013, as calculated by Strutt and Parker LLP Chartered Surveyors (regulated by RICS). The Trustees believe this to be an accurate estimate of the current open market value.

Realised and unrealised gains and losses arising on investment assets are recognised in the statement of financial activities and credited or charged to the relevant fund.

Fund Accounting

The endowment fund is a permanent fund for the provision of freehold land for School playing fields. Rents and other income arising from the property of the fund is unrestricted for use in furthering the Trust's objects.

General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the charity.

The designated fund represents the cost of the construction of the Sports Centre less depreciation.

Tangible Assets

The tangible assets of the Trust which are used for charitable purposes are included in the accounts at their historical cost less depreciation and any provision for impairment.

Depreciation

Depreciation is provided to write off the cost of tangible fixed assets less estimated residual value of each asset over its expected useful life as follows:-

Plant and Machinery over 5 - 20 years Freehold buildings over 10 - 50 years Freehold land is not depreciated

No depreciation is provided in respect of investment properties in accordance with FRS102

Capitalisation

Items of equipment and fixtures and fittings are capitalised when part of a new project where the total cost of such items exceeds £50,000. Other incidental costs of equipment are charged to the statement of financial activities under appropriate cost headings.

Rental income

Rental income arising from the property of the Trust is accounted for gross of agents' commissions and credited to the unrestricted fund when receivable.

Investment income

The income arising from the investments is credited to the unrestricted fund when receivable.

Hire of sports facilities

Charges for services and use of premises through licence agreements are accounted for in the year which the service is provided.

Expenditure

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. The irrecoverable element of VAT is included within the item of expense to which it relates.

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ST ALBANS SCHOOL WOOLLAM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

ACCOUNTING POLICIES (continued)

Leases

Rentals under operating leases are charged on a straight line basis over the lease term. Assets held under finance leases and other similar contracts, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Financial Activities over the period of the leases to produce a constant rate of charge on the balance of the capital repayments outstanding. Rental income (including incentives received or paid) for operating leases on investment property are recognised in the Statement of Financial Activities on a straight line basis over the lease term.

Pensions

The Trust offers membership of a defined contributions pension scheme. The Trust’s contributions to the pension scheme are charged to the SOFA as they fall due. See note 3(c) iii.

Financial instruments

The Charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets held at amortised cost comprise cash at bank, together with trade and other debtors. Financial liabilities held at amortised cost comprise trade and other creditors. Investments held as part of an investment portfolio are held at fair value at the Balance Sheet date, with gains and losses being recognised within the Statement of Financial Activities. No discounting has been provided to these financial instruments on the basis that the periods over which amounts will be settled are such that any discounting will be immaterial.

2 OTHER TRADING ACTIVITIES

Sundry income
Old Albanian's recharges
Coronavirus job retention scheme
Other sundry income
3
ANALYSIS OF EXPENDITURE
(a) Charitable activities
Playing field and pavillion
Playing field Premises
Sports centre
Charitable activities
Playing field and pavillion
Playing field Premises
Sports centre		 Staff
Costs
£
272,343
-
82,306
354,649
Staff
Costs
£
264,055
-
83,348
347,403		 Other costs
(see below)
£
312,867
1,863
292,236
606,966
Other costs
(see below)
£
402,124
977
264,931
668,032		 Dep'n
£
59,334
101,804
141,131
302,269
Dep'n
£
41,683
101,804
141,132
284,619		 2020
£
59,122
48,945
455
108,522
2020
£
644,544
103,667
515,673
1,263,884
2019
£
707,862
102,781
489,411
1,300,054		 2019
£
81,897
-
731
82,628
2019
£
707,862
102,781
489,411
1,300,054
2018
£
637,002
104,709
500,704
1,242,415

18

ST ALBANS SCHOOL WOOLLAM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

ANALYSIS OF EXPENDITURE (continued)

Playing field and pavillion
Pavilion overheads
Maintenance
Other
Playing Field Premises
Other
Sports centre
Overheads
Maintenance
Other
(b) Charitable activities includes:
Governance of the charity
Auditors' remuneration:
-
audit
-
prior year under/(over) provision
Legal and professional fees
(c) STAFF COSTS
Salaries and wages
Social Security contributions
Pension contributions		 2020
£
143,425
157,698
11,744
312,867
2020
£
1,863
1,863
2020
£
212,853
70,118
9,265
292,236
2020
£
7,000
140
7,140
5,398
12,538
2020
£
301,700
28,458
24,491
354,649		 2019
£
177,535
217,768
6,821
402,124
2019
£
977
977
2019
£
220,849
39,429
4,653
264,931
2019
£
7,000
(40)
6,960
5,398
12,358
2019
£
296,976
27,323
23,104
347,403

19

ST ALBANS SCHOOL WOOLLAM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

4 TANGIBLE ASSETS

Cost
Opening cost
Additions
Disposals
Closing cost
Depreciation
Opening depreciation
Disposals
Charge for year
Closing depreciation
Opening NBV
Closing NBV		 Freehold Land
Buildings
£
6,884,953
6,884,953
1,545,368
-
131,277
1,676,645
5,339,585
5,208,308		 Plant &
Machinery
Sports
& Equipment
Centre
£
£
359,840
7,056,441
-
-
359,840
7,056,441
244,306
987,636
-
-
29,861
141,131
274,167
1,128,767
115,534
6,068,805
85,673
5,927,674		 Total
£
14,301,234
-
-
14,301,234
2,777,310
-
302,269
3,079,579
11,523,924
11,221,655

Net book value of plant and machinery held under a finance lease £38,060 (2019 - £48,440). Depreciation £3,460 (2019 -£3,460)

5 INVESTMENTS

Endowment fund
Opening valuation
Unrealised gain
Closing valuation
Closing historical cost
Opening historical cost		 Investment
Land
£
282,000
-
282,000
65,000
65,000		 UK Unit
Trusts
£
6,141
6,141
177
177		 Total
£
288,141
-
288,141
65,177
65,177

The investments were valued in June 2013 by Strutt and Parker LLP Chartered Surveyors (regulated by RICS).

The Trustee is of the opinion that this remains a fair valuation of the investment.

6 DEBTORS

Trade debtors
Prepayments and accrued income		 2020
£
5,420
8,750
14,170		 2019
£
8,190
11,231
19,421

20

ST ALBANS SCHOOL WOOLLAM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

7
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Obligations under finance leases
Creditors and accruals
Taxation and social security
8
CREDITORS : AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Obligations under finance leases
Amounts repayable otherwise than by instalments in more than five years
9
FINANCE LEASE OBLIGATIONS
Amounts falling due:
In one year or less
In more than one year but not more than five years
The future minimum lease payment under finance leases are:		 2020
£
10,380
94,930
2,270
107,580
2020
£
20,760
20,760
2020
£
-
2020
£
10,380
27,715
38,095		 2019
£
10,380
196,396
2,730
209,506
2019
£
31,140
31,140
2019
£
-
2019
£
10,380
38,095
48,475

10 ALLOCATION OF THE CHARITY NET ASSETS

Endowment fund
Unrestricted funds:
General
Designated		 Tangible
assets
£
82,800
5,211,181
5,927,674
11,221,655		 Investments
£
288,141
-
-
288,141		 Net current
assets
£
3,939
979,740
-
983,679		 Long term
liabilities
£
-
(20,760)
-
(20,760)		 2020
Total
£
374,880
6,170,161
5,927,674
12,472,715

21

ST ALBANS SCHOOL WOOLLAM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

ALLOCATION OF THE CHARITY NET ASSETS (continued)

Endowment fund
Unrestricted funds:
General
Designated
STATEMENT OF RESERVES
General
Designated
UNRESTRICTED
FUNDS
Endowed
TOTAL FUNDS
General
Designated
UNRESTRICTED
FUNDS
Endowed
TOTAL FUNDS		 Tangible
assets
£
82,800
5,372,319
6,068,805
11,523,924
2019 Balance
b/fwd
5,966,915
6,068,805
12,035,720
374,880
12,410,600
2018 Balance
b/fwd
5,982,109
6,209,937
12,192,046
373,296
12,565,342		 Investments
£
288,141
-
-
288,141
Income
1,325,999
-
1,325,999
-
1,325,999
Income
1,143,728
-
1,143,728
1,584
1,145,312		 Net current
assets
£
3,939
625,736
-
629,675
Funds
spent
(1,122,753)
(141,131)
(1,263,884)
-
(1,263,884)
Funds
spent
(1,158,922)
(141,132)
(1,300,054)
-
(1,300,054)		 Long term
liabilities
£
-
(31,140)
-
(31,140)
Net income/
(expenditure)
203,246
(141,131)
62,115
-
62,115
Net income/
(expenditure)
(15,194)
(141,132)
(156,326)
1,584
(154,742)		 2019
Total
£
374,880
5,966,915
6,068,805
12,410,600
2020 Balance
c/fwd
6,170,161
5,927,674
12,097,835
374,880
12,472,715
2019 Balance
c/fwd
5,966,915
6,068,805
12,035,720
374,880
12,410,600

11 STATEMENT OF RESERVES

Purpose of funds

The General and designated funds comprise the Charity's sports centre, playing fields and premises and the funds for running the facilities. The endowment fund comprises the playing fields land and some agricultural land at the same site.

22

ST ALBANS SCHOOL WOOLLAM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

12 CAPITAL COMMITMENTS

At 31 August 2020 there were no capital commitments.

13 OPERATING LEASES

The future minimum lease payments under non-cancellable operating leases are :

Expiry Date Land and buildings Other
31 August 31 August 31 August 31 August
2020 2019 2020 2019
£ £ £ £
Less than 1 year - - 27,492 25,854
Between 1 and 5 years - - 60,888 82,086

Lease payments expensed through the Statement of Financial Activities in the year amounted to £29,651 The future minimum lease income under non-cancellable operating leases are :

Expiry Date
Less than 1 year
Between 1 and 5 years
Greater than 5 years		 31 August
2020
31 August
2019
£
£
4,590
4,590
18,360
18,360
-
4,230
Land and buildings

Lease income received in the year amounted to £4,590

23

ST ALBANS SCHOOL WOOLLAM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

14
STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES BY FUND-TYPE
Endowed
General
Designated
funds
£
£
Income and endowments from:
Charitable activities
Hire of sports facilities
1,038,162
-
-
Other trading actvities
Rental income
18,333
-
-
Sundry income
82,628
-
-
Investments
Investment income and interest
4,605
-
-
Other
Surplus on sale of fixed assets
-
-
Total income
1,143,728
-
-
Expenditure on:
Charitable activities
Playing fields and pavillion
707,862
-
-
Premises
102,781
-
-
Sports Centre
348,279
141,132
-
Total Expenditure
1,158,922
141,132
-
Net income/(expenditure)
before transfers
(15,194)
(141,132)
-
Net gains on investments:
-
-
1,584
Net movement in funds
(15,194)
(141,132)
1,584
Reconciliation of funds:
Total funds brought forward
5,982,109
6,209,937
373,296
Total funds carried forward
5,966,915
6,068,805
374,880
Unrestricted funds		 2019
Total
£
1,038,162
18,333
82,628
4,605
-
1,143,728
707,862
102,781
489,411
1,300,054
(156,326)
1,584
(154,742)
12,565,342
12,410,600

15 RELATED PARTY TRANSACTIONS

There were no related party transactions during the year.

24