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2022-08-31-accounts

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

FOR THE YEAR ENDED 31 AUGUST 2022

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 - 25

1

ST ALBANS SCHOOL - WOOLLAM TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 AUGUST 2022

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 2022.

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 2022

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 COVID lockdown in March 2020 at which point government restrictions had a significant impact on operations, and this has resulted in considerably less use (and income) that might otherwise have be expected. To some extent, the year to 31 August 2022 has been affected by this as there has only been a gradual return to previous patterns of use.

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. Over recent years, users, principally of school age, include:-

3

ST ALBANS SCHOOL - WOOLLAM TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 AUGUST 2022

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 seniors 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 the School’s sporting 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 (refurbished in the summer 2022) 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 licences and runs the Sports Centre out of school hours.

4

ST ALBANS SCHOOL - WOOLLAM TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 AUGUST 2022

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: https://www.schoolstogether.org/case-studies/?schoolId=95630 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 2022 are part of this report. The Trust’s Net Movement in Funds was a deficit of £144,324 (2021 deficit £133,320).

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 as at 31 August 2022 amounted to £12,195,072 (2021 £12,339,395) of which £374,880 (2021 £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 £5,645,412 (2021 £5,786,543) 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 £1,241,946 (2021 - £1,127,930). 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 2022

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 during the year included Mr P Brown, Mr L Sinclair, Mr O King, Mrs F Lightowler, Mr A Woodgate and His Honour 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 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.

FUNDRAISING

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

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ST ALBANS SCHOOL - WOOLLAM TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 AUGUST 2022

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 2022 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 Oliver King Frances Lightowler

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 Saffery Champness, 71 Queen Victoria Street London EC4V 4BE

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ST ALBANS SCHOOL - WOOLLAM TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 AUGUST 2022

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 28 February 2023

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

8

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE 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 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the notes to the financial statements, including 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

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustee is responsible for the other information. The other information comprises the information included in the Report of the Trustee, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

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:

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF ST ALBANS SCHOOL

WOOLLAM TRUST

Responsibilities of trustee

As explained more fully in the Trustee’s Responsibilities Statement set out on page 8, the Trustee is 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 Trustee determines 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 Trustee is 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 Trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.

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 auditors’ 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.

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

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the representative of the Trustee, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates.

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF ST ALBANS SCHOOL

WOOLLAM TRUST

team had approached their work with appropriate professional scepticism and thus the capacity to identify noncompliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

Use of our report

This report is made solely to the charity’s Trustee, 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 Trustee those matters we are required to state to the Trustee 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 Trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Saffery Champness LLP

Chartered Accountants Statutory Auditors

71 Queen Victoria Street London EC4V 4BE

Date 21 March 2023

Saffery Champness LLP is eligible to act as an auditor in terms of 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 2022

----- Start of picture text -----
Unrestricted funds Endowed 2022 2021
General Designated funds Total Total
Note £ £ £ £ £
Income and endowments from:
Charitable activities
- -
Hire of sports facilities 1,346,122 1,346,122 1,160,005
Other trading actvities
Rental income 21,118 - - 21,118 15,665
Sundry income 2 84,188 - - 84,188 100,249
Investments
Investment income and interest 4,590 - - 4,590 4,590
Total income 1,456,018 - - 1,456,018 1,280,509
Expenditure on:
- - -
Raising funds 38,496 38,496
Charitable activities 3
- -
Playing fields and pavillion 743,261 743,261 778,954
Premises 105,015 - - 105,015 102,991
-
Sports Centre 572,439 141,131 713,570 531,883
-
Total expenditure 1,459,211 141,131 1,600,342 1,413,828
Net income/(expenditure)
before transfers (3,193) (141,131) - (144,324) (133,319)
- - - - -
Net gains on investments
Net movement in funds (3,193) (141,131) - (144,324) (133,319)
Reconciliation of funds:
Total funds brought forward 6,177,973 5,786,543 374,880 12,339,396 12,472,715
Total funds carried forward 10 6,174,780 5,645,412 374,880 12,195,072 12,339,396
----- End of picture text -----

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ST ALBANS SCHOOL WOOLLAM TRUST

BALANCE SHEET AS AT 31 AUGUST 2022

----- Start of picture text -----
2022 2021
Note £ £ £ £
FIXED ASSETS
Tangible assets 4 10,661,046 10,919,386
Investments 5 288,141 288,141
10,949,187 11,207,527
CURRENT ASSETS
Debtors and prepayments 6 117,771 149,346
Cash at bank and in hand 1,317,573 1,142,148
1,435,344 1,291,494
CREDITORS:
AMOUNTS FALLING DUE
WITHIN ONE YEAR 7 (189,459) (149,245)
NET CURRENT ASSETS 1,245,885 1,142,249
TOTAL ASSETS LESS CURRENT 12,195,072 12,349,776
LIABILITIES
CREDITORS: AMOUNTS FALLING 8 - (10,380)
DUE AFTER MORE THAN ONE YEAR
NET ASSETS 12,195,072 12,339,396
FUNDS
Endowment fund 374,880 374,880
Unrestricted funds:
General 6,174,780 6,177,973
Designated 5,645,412 5,786,543
11 12,195,072 12,339,396
----- End of picture text -----

Approved and authorised for issue by the Trustee on 28 February 2023 and signed on behalf of The St Albans School Woollam Trustee Company

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ST ALBANS SCHOOL

WOOLLAM TRUST

CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022

----- Start of picture text -----
Note 2022 2021
£ £
Cashflows from operating activities
Net cash provided by operating activities (i) 221,371 75,439
cashflows from investing activities:
-
Payments for tangible fixed assets (35,566)
-
Net cash (used in)/provided by investing activities (35,566)
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 175,425 65,059
Cash and cash equivalents at the beginning of the
reporting period 1,142,148 1,077,089
Cash and cash equivalents at the end of the
reporting period (ii) 1,317,573 1,142,148
----- End of picture text -----

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ST ALBANS SCHOOL

WOOLLAM TRUST

NOTES TO THE CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022

(i) Reconciliation of net income/(expenditure) to net cash flow from operating activities

Net (expenditure) /Income for the reporting period
(as per the Statement of financial activities)
Adjustments for non-operating cashflows:
Finance costs
Depreciation charge
(Increase)/Decrease in debtors
(Decrease)/Increase in creditors
Net cash provided by operating activities
(ii) Analysis of cash and cash equivalents
Cash at bank
(iii) Analysis of net change in debt		 2022
£
(144,324)
10,380
293,906
31,575
29,834
221,371
1,317,573
1,317,573		 2021
£
(133,319)
10,380
302,269
(135,176)
31,285
75,439
1,142,148
1,142,148
Cash
Finance lease obligation
Total		 As at 1
September 2021
£
1,142,148
(20,760)
1,121,388		 Cash flows
£
175,425
10,380
185,805		 As at 31
August 2022
£
1,317,573
(10,380)
1,307,193

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ST ALBANS SCHOOL WOOLLAM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

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 accordance [space] with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)

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 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)

Going concern

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 address 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.

Investments

100249

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.

16

ST ALBANS SCHOOL WOOLLAM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1 ACCOUNTING POLICIES (continued)

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 £25,000. 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.

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.

17

ST ALBANS SCHOOL WOOLLAM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

ACCOUNTING POLICIES (continued)

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		 2022
£
81,897
2,291
84,188		 2021
£
70,713
26,999
2,537
100,249
(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
£
274,452
-
89,026
363,478
Staff
Costs
£
279,772
-
80,961
360,733		 Other costs
(see below)
£
417,838
3,211
483,413
904,462
Other costs
(see below)
£
439,848
1,187
309,791
750,826		 Dep'n
£
50,971
101,804
141,131
293,906
Dep'n
£
59,334
101,804
141,131
302,269		 2022
£
743,261
105,015
713,570
1,561,846
2021
£
778,954
102,991
531,883
1,413,828

18

ST ALBANS SCHOOL WOOLLAM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

ANALYSIS OF EXPENDITURE (continued)
Playing field and pavillion
Pavilion overheads
Maintenance
Other
Playing Field Premises
Other
Building repairs
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		 2022
£
185,402
209,518
22,918
417,838
2022
£
3,211
-
3,211
2022
£
368,620
92,972
21,821
483,413
2022
£
7,000
500
7,500
1,283
8,783
2022
£
308,092
30,195
25,193
363,480		 2021
£
194,985
235,670
9,193
439,848
2021
£
1,187
-
1,187
2021
£
216,440
87,219
6,132
309,791
2021
£
7,180
140
7,320
6,385
13,705
2021
£
306,450
29,703
24,580
360,733

(ii) There were 17 employees during the year (2021-18), this equated to 9 full time equivalents (2021-9), none of whom earned more than £60,000 per annum.

19

ST ALBANS SCHOOL WOOLLAM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

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
1,807,922
-
131,277
1,939,199
5,077,031
4,945,754		 Plant &
Machinery
Sports
& Equipment
Centre
£
£
359,841
7,056,441
35,566
-
-
395,407
7,056,441
304,028
1,269,899
-
-
21,498
141,131
325,526
1,411,030
55,813
5,786,542
69,881
5,645,411		 Total
£
14,301,235
35,566
-
14,336,801
3,381,849
-
293,906
3,675,755
10,919,386
10,661,046

Net book value of plant and machinery held under a finance lease £17,300 (2021 - £27,680). Depreciation £10,380 (2021 -£10,380)

5 INVESTMENTS

Endowment fund
Opening valuation
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 investment landwas valued in June 2013 by Strutt and Parker LLP Chartered Surveyors (regulated by RICS).

The Trustee has reviewed the value of the investment land shown in the balance sheet and is of the opinion that this remains a fair valuation of the investment.

20

ST ALBANS SCHOOL WOOLLAM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

6
DEBTORS
Trade debtors
Prepayments and accrued income
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
9
FINANCE LEASE OBLIGATIONS
Amounts falling due:
In one year or less
In more than one year but not more than five years
10
ALLOCATION OF THE CHARITY NET ASSETS
Tangible
Net current
assets
Investments
assets
£
£
£
Endowment fund
82,800
288,141
3,939
Unrestricted funds:
General
4,932,834
-
1,241,946
Designated
5,645,412
-
-
10,661,046
288,141
1,245,885
The future minimum lease payment under finance leases are:		 2022
£
92,348
25,423
117,771
2022
£
10,380
174,984
4,095
189,459
2022
£
-
-
2022
£
10,380
-
10,380
Long term
liabilities
£
-
-
-
-		 2021
£
149,346
-
149,346
2021
£
10,380
134,770
4,095
149,245
2021
£
10,380
10,380
2021
£
10,380
10,380
20,760
2022
Total
£
374,880
6,174,780
5,645,412
12,195,072

21

ST ALBANS SCHOOL WOOLLAM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

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
5,050,043
5,786,543
10,919,386
2021 Balance
b/fwd
6,177,973
5,786,543
11,964,516
374,880
12,339,396
2020 Balance
b/fwd
6,170,161
5,927,674
12,097,835
374,880
12,472,715		 Investments
£
288,141
-
-
288,141
Income
1,456,018
-
1,456,018
-
1,456,018
Income
1,280,509
-
1,280,509
1,280,509		 Net current
assets
£
3,939
1,138,310
-
1,142,249
Funds
spent
(1,459,211)
(141,131)
(1,600,342)
-
(1,600,342)
Funds
spent
(1,272,697)
(141,131)
(1,413,828)
-
(1,413,828)		 Long term
liabilities
£
-
(10,380)
-
(10,380)
Net income/
(expenditure)
(3,193)
(141,131)
(144,324)
-
(144,324)
Net income/
(expenditure)
7,812
(141,131)
(133,319)
-
(133,319)		 2021
Total
£
374,880
6,177,973
5,786,543
12,339,396
2022 Balance
c/fwd
6,174,780
5,645,412
11,820,192
374,880
12,195,072
2021 Balance
c/fwd
6,177,973
5,786,543
11,964,516
374,880
12,339,396

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.

12 CAPITAL COMMITMENTS

At 31 August 2022 there were no capital commitments.

22

ST ALBANS SCHOOL WOOLLAM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

13 OPERATING LEASES

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

Expiry Date Other
31 August 31 August
2022 2021
£ £
Less than 1 year 27,492 27,492
Between 1 and 5 years 11,808 33,396

Lease payments expensed through the Statement of Financial Activities in the year amounted to £12,790 The future minimum lease income under non-cancellable operating leases are :

Expiry Date Land and buildings
Less than 1 year 31 August
2022
31 August
2021
£
£
4,590
4,590
Between 1 and 5 years 13,770
13,770

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 2022

14 STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES BY FUND-TYPE

Income and endowments from:
Charitable activities
Hire of sports facilities
Other trading actvities
Rental income
Sundry income
Investments
Investment income and interest
Other
Surplus on sale of fixed assets
Total income
Expenditure on:
Charitable activities
Playing fields and pavillion
Premises
Sports Centre
Total Expenditure
Net income/(expenditure)
before transfers
Net gains on investments:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 General
Designated
£
1,160,005
-
15,665
-
100,249
-
4,590
-
-
-
1,280,509
-
778,954
-
102,991
-
390,752
141,131
1,272,697
141,131
7,812
(141,131)
-
-
7,812
(141,131)
6,170,161
5,927,674
6,177,973
5,786,543
Unrestricted funds		 Endowed
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
374,880
374,880		 2021
Total
£
1,160,005
15,665
100,249
4,590
-
1,280,509
778,954
102,991
531,883
1,413,828
(133,319)
-
(133,319)
12,410,600
12,339,396

15 RELATED PARTY TRANSACTIONS

There were no related party transactions during the year.

24