## **STORMONT SCHOOL** **REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021** **COMPANY NO: 00726450** **STORMONT SCHOOL** ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **FOR THE YEAR ENDED 31 AUGUST 2021** ||**Page**| |---|---| |Reference and Administrative Details|1| |Governors’ Report|2 - 11| |Report of the auditors|12 - 13| |Statement of financial activities|14 - 15| |Balance sheet|16| |Statement of Cash flows|17| |Notes to the financial statements|18 - 30| **STORMONT SCHOOL** **REFERENCE AND ADMINISTRATIVE DETAILS** ## **FOR THE YEAR ENDED 31 AUGUST 2021** |a)|Full Name|-|Stormont School| |---|---|---|---| |b)|Company Registration Number|-|00726450| ||Charity Commission Registration Number -||311079| |c)|Registered Office|-|The Causeway| ||||Potters Bar| ||||Hertfordshire| ||||EN6 5HA| |d)|Directors|-|Mrs J L S Cameron| ||||Mrs C A Gedye| ||||Mr G S Mahoney| ||||Mr A J Newland (Chairman)| ||||Dr S H Pattison| ||||Mr A Rajpal| ||||Dr A F Ritchie| ||||Mrs R Craig (appointed 1 December 2021)| |e)|Secretary and Bursar|**-**|Mrs J Miles (resigned 1 June 2021)| ||||Mr S B Wilson (appointed 1 June 2021)| |f)|Headmistress|-|Miss L A Martin| |g)|Bankers|-|Barclays Bank Plc| ||||20 The Town| ||||Enfield| ||||Middlesex| ||||EN2 6LY| |h)|Solicitors|**-**|Debenhams Ottaway| ||||Ivy House| ||||107 St Peter’s Street| ||||St Albans| ||||Hertfordshire| ||||AL1 3EW| |i)|Auditors|-|Haysmacintyre LLP| ||||10 Queen Street Place| ||||London| ||||EC4R 1AG| 1 **NOTES TO THE FINANCIAL STATEMENTS** ## **STORMONT SCHOOL** ## **FOR THE YEAR ENDED 31 AUGUST 2021** The Board of Governors presents their annual report and financial statements for the period ended 31 August 2021 and confirms that they comply with the requirements of the Statement of Recommended Practice for charities (SORP 2015) (second edition, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. Following a change in the reporting period last year, this period compares the last 12 months (1 September 2020 – 31 August 2021) with the previous 17-month reporting period from 5 April 2019 – 31 August 2020. This change was in order to align the year end with the end of the academic year. ## **REFERENCE AND ADMINISTRATIVE INFORMATION** The information on page 1 forms part of this report. Stormont School was founded in 1944. In 1962 it was incorporated as a charitable company, charity registration number 311079, company registration number 00726450, with the liability of its members limited to £1 each by guarantee. The Registered Office and principal address of the Company is at The Causeway, Potters Bar, Hertfordshire, EN6 5HA. The members of the Board of Governors are also the Charity Trustees and the Directors of the Company. ## _**Governors**_ The following Governors, who are also the Directors of the Company, have all held office since 1 September 2020, unless noted otherwise: Mrs J Cameron Mrs C A Gedye Mr G D Mahoney Mr A J Newland (Chairman) Dr S H Pattison Mr A Rajpal Dr A F Ritchie Mrs R Craig (appointed 1[st] December 2021) No governor had any beneficial interest in any contract to which the company was a party during the financial year. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## _**Governing Document**_ The Company is governed by its Memorandum and Articles of Association, last amended on 15 November 2011. ## _**Governing Body**_ The Governors, who are also required under the Articles to serve as members of the Company, are elected at a full Governors’ Meeting on the basis of nominations received from existing Directors, and also from the Headmistress. An appointment will be based on such matters as eligibility, personal competence, specialist skills and local availability. New Directors stand for re-election at the next annual general meeting following their appointment. One third of the Board of Directors is required to seek re-election each year at the annual general meeting on a rotational basis. 2 **STORMONT SCHOOL** **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 AUGUST 2021** ## _**Governor Induction and Training**_ New Governors receive an induction pack. This contains, amongst others, documents detailing the nature of the School’s company and charitable status, how the School operates and Board Policy and Procedures. They are also able to attend, together with all existing Governors, relevant seminars as the need arises. ## _**Organisational Management**_ The Governors meet as a Board at least three times a year to determine the general policy of the Company and review its overall management and control, for which they are legally responsible. During the past 12 months a number of these meetings were conducted remotely due to the operating constraints placed on the School as a result of the COVID outbreak in March 2020 and subsequent pandemic situation. There are a number of committees which deal with specific areas of the School’s operation. The Finance Committee is responsible for implementing the financial strategy and policies of the Board including a detailed annual review of budgets and forecasts. The day-to-day running of the School is delegated to the Head and the Bursar, as key management personnel, supported by other members of the Senior Leadership Team. The Head attends all committee and full Board meetings, as does the Bursar. The Bursar is Clerk to the Board of Governors. All Governors give of their time freely and no remuneration was paid in the year. No Governor or person connected with a Governor received any benefit from means-tested bursaries. ## _**Organisational Structure and Relationships**_ Stormont School has no trading subsidiaries, all activities taking place within the Company itself. The School administers the funds for the Kathy Lucas Memorial Fund, with the Head and Deputy Head acting as Trustees. The capital for the fund is held in a National Savings Investment Account and when sufficient income has been earned, a transfer is made to the School to go towards the annual awarding of the Kathy Lucas Memorial Prize. The balance on the fund is shown as a cash asset and a short term creditor on the balance sheet and any transfer from the fund is recognised as income in the year in which it is drawn down. The Head is an active member of the Independent Association of Prep Schools (IAPS) which gives her the opportunity to share expertise, knowledge and experience across the independent schools’ sector. The School is also represented in a number of other organisations including AGBIS (Association of Governing Bodies of Independent Schools), the ISBA (Independent Schools Bursars’ Association) and the GSA (Girls’ School Association). ## _**Principal Risks and Uncertainties**_ The Board of Governors, through its dedicated Risk Committee, and Senior Leadership Team, continue to keep the School’s activities under review, particularly with regard to any major risks that may arise from time to time. The main change in the risk landscape for the School during this reporting period has been due to the COVID outbreak in March 2020 and subsequent pandemic. Looking ahead, the key risks remain a resurgence of the pandemic and return to remote learning and to this has been added a fall in pupil numbers (outlined below). In general, the Board monitors the effectiveness of the system of internal controls and other actions, by which those risks identified by the Risk Committee, the Senior Leadership Team and the Board of Governors, can best be managed. Whilst these controls are monitored throughout the year, a formal review of the School’s Risk Register and risk management processes is undertaken on an annual basis. Risk is managed under the headings of Governance, Legal and Regulatory, Human Resources, Academic, External Influences, Operational Processes, Environmental, Technological, Buildings and Financial. 3 ## **STORMONT SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 AUGUST 2021** The principal risks for the finances of the School is a reduction in pupil numbers and the associated fees and the maintenance of the School building. Following a period when pupil numbers held steady around 145-150 girls, average pupil numbers fell significantly in September 2021 to 134 girls. Because of the year groups where shortfalls have arisen, this number is not expected to recover to better than 2019 levels until September 2026 (155 pupils projected). A combination of the pandemic, demographic trends and relatively low-profile marketing and admissions activities have all contributed to the decline and the Governors have recently agreed additional resource to improve the marketing and admissions functions of the School with the objective of increasing pupil numbers. Marketing to support admissions to the school, combined with a review of the cost base of operations, is an essential part of the efforts to minimise the impact of this risk. Renovation and repair work on the buildings and essential equipment is generally carried out on a regular basis and therefore the risk in this area is assessed as minimal, however, where possible such expenditure is necessarily kept to a minimum. The School uses financial instruments in its operations including deposits with banks, trade debtors and creditors which provide finance for the School operations. Such exposure gives rise to the following financial risks: ## _Interest rate risk_ The School is exposed to interest rate fluctuations on bank deposits and should they be required, bank overdrafts. The exposure is considered small compared to its overall operations but the directors keep the position under review. ## _Liquidity risk_ The principal liquidity risk facing the School relates to its ability to raise sufficient funding to fully meet its objectives as explained within principal activities. The School seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable working capital requirements, contingencies and for specific strategic plans. A new 10-year cash flow tool has been developed with the express intent of modelling the impact of four key variables (fees, pupil numbers, staff salaries and capital expenditure) on the School’s longer term financial position. ## _Credit risk_ The School’s principal financial instruments are cash, debtors and creditors. Bank balances are regarded as low risk due to good cash management and credit rating. The principal credit risk arises, therefore, from its trade debtors. Outstanding balances are reviewed and monitored through effective credit control procedures. Ageing of debtors and recoverability is considered and, where needed, provision is made as appropriate for slow payers. ## **OBJECTS, PUBLIC BENEFIT AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES** The objects of the Charity are to promote and to provide for the advancement and education of children. In the furtherance of these objects the Governors, as the charity trustees, have complied with the duty in s.17(5) of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant subsector guidance concerning the operation of the Public Benefit requirement under that Act. ## _**Principal Activity**_ Stormont School’s principal activity continues to be the provision of a day preparatory school for girls aged 4 – 11. The School’s activities are run from premises situated at The Causeway, Potters Bar, Hertfordshire, EN6 5HA. ## _**Strategic Aim and Intended Effect**_ In order to reach its continuing objective for the public benefit as a charitable independent school, the Governors’ strategic aim is the attainment of the highest academic levels whilst allowing pupils to benefit as far as possible from the breadth of the curriculum and programme of clubs, activities and trips. Over this reporting period the breadth and reach of the curriculum was significantly curtailed during the spring term 4 ## **STORMONT SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 AUGUST 2021** (January-April) as a result of the school’s closure with restrictions continuing in place during the summer term for many of the after school clubs and activities. The School’s specific aims are: - to develop happy, confident girls who are effective communicators; - to establish each girl’s abilities in all areas of the broad and challenging curriculum and to extend her to her full potential, rewarding effort as well as achievement - to offer a high quality education and continually seek to improve academic standards; - to provide a friendly, safe, ordered community, with good working relationships between children, staff, parents and governors, where all members feel valued and the importance of a healthy lifestyle is promoted; - to develop individuals who respect the views and needs of others and who value the importance of good manners and courtesy; - to engender in the girls a sense of pride in their school and a respect for their environment; and - to prepare the girls for the next stage in their educational careers. The School welcomes children from all faiths and through the Assembly and Religious Education programmes strongly supports the importance and value of religious belief and moral behaviour. ## _**Objectives for the Year**_ Our key objectives for the year were: - to maintain the current high standards of academic achievement as measured by assessment and external examinations; - to review and annually update the School’s whole school development plan, so that the curriculum, facilities, staff development and pupil assessment are all re-evaluated on a yearly basis, with action plans for each year; - to maintain and develop our wide programme of extra-curricular activities to ensure a balanced and enjoyable education with many opportunities; - to continue to explore the most appropriate way to widen access to the School through links with schools in the maintained sector, and other organisations which benefit local children; and - to review and evaluate the provision of means-tested bursaries, on an annual basis. These objectives are ongoing. ## _**Our Ethos, Strategy and Policies**_ The Board’s main objective continued to be to educate all the School’s pupils to at least the same high standard achieved by the School in previous years, so that they will be able to benefit from their chosen senior school for the completion of their education in due course. The strategy for achieving this is to: -  Create a positive and stimulating environment in which girls -  Are happy to come to school -  Are safe to come to school -  Are valued as individuals -  Receive praise and encouragement -  Enjoy learning -  Contribute to the life of Stormont 5 ## **STORMONT SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 AUGUST 2021** Offer a broad, balanced and appropriate curriculum which: - Aims to meet the needs of girls of different abilities - Provides for equal opportunities  Builds a secure foundation for further development - Prepares girls for future learning and for enjoying their leisure time Encourage girls to fulfil their potential by: - Developing self-confidence, self-esteem, self-discipline and independence - Providing appropriate challenges to develop and extend their abilities - Inspiring them to meet each challenge with persistence and determination  Motivating them to focus on the task in hand and to make the most of every opportunity Nurture the development of good relationships based upon: - The encouragement of the values of honesty, courtesy and kindness - The promotion of tolerance and consideration of the needs of others - The development of a commitment to personal responsibility  Effective communication with parents and the community This strategy is taken forward by: - reviewing the School’s academic syllabus, teaching practices and examination results; - continuing to maintain and develop the wide programme of extra-curricular activities, when circumstances allow; - investing in technology, the development of new skills for educationalists as well as other staff and the facilities of the School; - continuing to review the School’s policy on bursaries with the objective of widening access to an education at Stormont; and - endeavouring to develop more links with the local community to provide opportunities for children aged 4 – 11. ## _**Our Ethos**_ Stormont School is non-selective and welcomes pupils from all backgrounds. For admission to the Reception year, girls are allocated places on a first come first served basis. For places, which may become available further up the School, entrance interviews and assessments are undertaken to ensure that any child joining the School would be able to fit in with the class and benefit from the education provided. Fees are set at a level to ensure the financial viability of the School and at a level that is consistent with the aim of providing a first class education, taking into account affordability, which remains a concern for the sector. Stormont is an equal opportunity organisation and is committed to a working environment that is free from any form of discrimination on the grounds of colour, race, age, ethnicity, religion, sex, sexual orientation or disability. The School will make reasonable adjustments to meet the needs of staff or pupils who are, or become, disabled. Stormont is committed to safeguarding and promoting the welfare of its pupils and expects all staff and volunteers to share this commitment. Parents are given regular information about their child’s social and academic progress through parent evenings, and twice yearly reports. Regular contact with parents is maintained through remote meetings, email briefings, newsletters, Parent Portal and the School’s website. 6 **STORMONT SCHOOL** **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 AUGUST 2021** The School Council, which consists of class representatives from each year group, meets regularly twice a term and provides a forum for the girls to make their comments and suggestions. ## _**Public Benefit and Access to the School**_ Stormont is a small school with a capacity for 170 children. The Governors of the School are committed to fulfilling the School’s charitable objects, by widening access to the education on offer and the facilities to be enjoyed, to those who cannot afford the fees. A Bursary Policy has been agreed to facilitate the provision of means-tested bursaries for those who may not be able to afford the fees. Due to the size of the School, only a small number of bursaries can be made available. Nevertheless, awards may be offered up to full-fee assistance, on a means-tested basis. Information about bursaries is published on the School’s website and as and when bursary funding is available, awards may also be advertised in the local press. All awards are subjected to means-testing and all bursaries are reviewed annually. In assessing means, a number of factors are taken into consideration including family income, investments and savings, and family circumstances. Stormont relies on the fees from parents to meet all its operating costs, as the School does not have any endowment funds. The Board of Governors is therefore mindful of the financial burdens upon existing parents and the financing of bursaries has to be achieved through careful budgeting and management. Such awareness is of particular importance to the Board, in the current situation arising from the COVID pandemic. ## _**Community Links and Fundraising**_ Stormont continues to develop its links with the local community, and while the pandemic has disrupted much of the community based activity over the past eighteen months, we were able to hold our annual Carol Service at Christ Church, Little Heath and the Reverend of the Church is invited in to school to hold assemblies at varying times of the year. The Year 6 girls and our Stormont Singers visit Cooperscroft Care Home in Coopers Lane Road twice a year to sing to the residents, and have a chat over tea. We get tremendous feedback from the staff who tell us that the residents look forward to our visits. Brownies and Guides are based at Morven next door to the school and we aim to support them by sharing parking facilities for overnight and weekend camps and activities. The work of Stormont girls has featured regularly in the annual Art Exhibition at the Potters Bar Carnival. Stormont supports Hart and Parker Trust every year which is a local Potters Bar charity. They work with families and the Food Bank. Every year the Year 6 House Captains hold muster meetings to select an additional charity to support, however this year three local charities were chosen and will benefit from fundraising events that the school will hold, such as the annual House Sale and the Rug Sale organised by the girls. Macmillan Coffee Morning is a real crowd pleaser and recipients of the produce donated by our families at Harvest Festival are from Cuffley & Northaw Day Care who provide daily activities for residents who need their support. Our Creative Arts evening is also an opportunity to invite local school, nurseries and residents into the school to see the girls work and chat to staff. Little Heath Primary School are also invited to participate in tennis activities during the summer term. ## **REVIEW OF ACHIEVEMENTS AND PERFORMANCE** Following her appointment to the role of Acting Head in January 2020 and subsequent permanent appointment as Head in March 2020, Stormont School has continued to flourish under the leadership of Miss Louise Martin who has a clear vision for raising academic standards and inspiring the girls to enjoy learning, embrace new 7 ## **STORMONT SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 AUGUST 2021** challenges and feel valued. Her aim is that Stormont School is recognised regionally as a school where girls are encouraged to be inquisitive, to question, to have their say, to take risks and be the best they can be. Once again, during the spring term 2021 (January-April) the School reverted to remote learning and revised operational practices, with key worker children in school accessing lessons on device s via Teams. A full remote curriculum was offered over the spring term. Many of the restrictions remained in place on return to School in the summer term with class bubbles, zoning within the School, no assemblies, split dining and reduced after-school activities and sports fixtures. In January 2021, Miss Alexis Sobell joined Stormont and the Senior Leadership Team as the Deputy Head. Mr Julian Ludwick also joined the School as Head of Digital Learning, which coincided with the second lockdown for the girls. The initial priority was to equip teachers with the necessary technology and training in order for them to deliver high quality lessons via Microsoft Teams. ## _Pupil numbers_ Pupil numbers at the school averaged 143 over the reporting period to 31 August 2021. ## _Details of Bursary Awards_ During the financial year Stormont was able to support two pupils through its Bursary scheme and the value of these means-tested benefits totalled £8,450. ## _Academic_ The educational activities of the School have continued along the same lines as in previous years, although a high priority has been a ‘catch up’ programme to mitigate the effects of two lengthy lockdowns in the past 18 months. Both cohorts of Year 6 girls, who left Stormont in 2020 and in 2021, achieved very good results with the vast majority being offered a place at a school of their first choice. Girls did remote workshops for: Poetry, NSPCC and enrichment days such as: Book Day and Mental Health Day. On our return to school for the summer term, Karl Hopwood delivered an online safety workshop. In spite of the continuing restrictions, the girls were able to perform to their bubbles in the Summer Music Concert and year 6 production. These achievements have been greatly assisted by the teaching staff who have attended training courses, relevant meetings and webinars to enhance their own skills and to improve and develop the curriculum. ## _Extra-curricular Activities_ As a result of the spring term lockdown and restrictions in place for the summer term, clubs and activities were minimal due to the pandemic. Where possible, activities in class and year group bubbles continued and ensured Years 1-6 were able to participate in tennis lessons outside and our Multi-activity Sports Camp was able to take place one week in the Easter holidays and one week towards the end of the summer holiday. We were also able to offer extended care in bubbles. We were also pleased that Year 5 and 6 were able to complete a short residential trip to Cuffley Camp. ## _Community Service_ Pupils have always played an active role in supporting charities. During this reporting period we have raised a total of £1,970 for Comic Relief, the RSPCA and Captain Tom for Hart & Parker Trust. Charity events included Book Drive, Rug Sale, Pumpkin Competition and other events. Further Fund-raising opportunities have been on hold during the COVID pandemic and efforts will be made in the Autumn Term to explore ways in which this important strand of the school’s activities can be re-established. 8 **STORMONT SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 AUGUST 2021** ## _Community Access_ At the end of term, we managed to have a former Stormont pupil volunteering for work experience for a week in the Pre-Prep School. ## _Volunteers_ The Stormont Parents’ Association has continued to flourish and brings considerable benefits to the School. In the first 12 months of the reporting period, the Halloween Disco, Christmas Fair, and Valentine’s Day Disco, and drop and stay coffee mornings all helped to raise funds for the School. During the reporting period the Association provided funding in excess of £20,000 to fund the Pre-Prep outdoor play area and refurbishment of a new library in the Dyson Room. The School is extremely grateful for this valuable, voluntary support. The School is also very appreciative of parents, grandparents and other volunteers who gave their time to hear individual children reading and contribute to the positive life of the school in many other ways, before the lockdown in March. Tapping into such support has not been possible during the later months of the period and efforts will be made to restore this important link with the wider school community when circumstances allow. ## **FINANCIAL REVIEW AND RESULTS FOR THE YEAR** ## _**Results and Reserves Policy**_ The results are shown in the accompanying financial statements on pages 13 to 29. The principal source of income is fee income which is all applied for educational purposes in furtherance of the Charity’s objectives. During this financial period, the School generated income of £2,055,431 (2020: £2,725, 273 – 17 months) from school activities. This included £36,482 claimed from HMRC under the COVID-19 Job Retention Scheme (JRS) for furloughed staff. Charitable donations received by the School were £500 (2020: £3,279 – 17 months) of which £nil (2019: £1,659 – 17 months) was in respect of funds raised for the various charities supported by the School. Expenditure totalled £2,097,673 (2020: £2,853,188 – 17 months) including resources expended on its charitable activities being the cost of running the School, governance costs and other expenditure. During this reporting period a decision was made to write off two significant debt totalling £57,467 of which £43,100 had already been provided for in the accounts; the balance of £14,367 was an additional cost which has increased the loss for the year. The net expenditure in the period, excluding gains/losses on investments, was -£42,242 (2020: net loss £127,915 – 17 months). The School has a long term objective of increasing its reserves each year by targeting an annual surplus of 8%-10% of its total income. The out-turn for the period ended 31 August 2021 is -2.01% (2020: -4.7%). ## _**Reserves Policy**_ As shown in the accounts, the School’s unrestricted funds represent two types of fund. The designated “School Buildings Fund” of £2,532,869 (2020: £2,568,851) represents unrestricted funds retained within the freehold property of the School. The balance of the unrestricted funds is held in “Other Reserves” and is to cover normal fluctuations in working capital and to finance the continuing development of the School. The School’s restricted funds are those funds held for a specific purpose and relate to monies held for external charitable purposes and specific school trips. The Governors recognise that the level of reserves will fluctuate during periods of substantial investment in the facilities of the School. A combination of the effects of the pandemic (reduction in non-fee revenue and additional costs), together with a small decline in pupil numbers (-4 on the previous year) have resulted in an 9 ## **STORMONT SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 AUGUST 2021** excess of expenditure over income in the period, which will continue in the next reporting period largely as a result a further fall in pupil numbers (134 projected) and a decision to hold fees at their 2019/2020 rates for 2021/2022. The Governors have reviewed their plans for the next 5 years against a number of internal and external factors to stress-test plans and are confident that a return to surplus will be achieved in the next 5 years and possibly earlier with measures aimed at reducing costs and increasing revenue. The longer term intention is to achieve a target a surplus of 8-10% of the annual income in order to help provide funds for the development of the School, provide for means-tested bursaries and maintain prudent reserves to protect the School. ## _**Investment Policy and Performance**_ The Governors’ investment powers are governed by the Memorandum and Articles of Association, which permit investment in such instruments, securities or properties as may be thought fit. The School also has a small investment in equities, the market value of which has decreased during the period. ## _**Key management remuneration policy**_ The key management of the School are regarded as its Governors and Senior Leadership Team. The Governors do not receive any remuneration or benefits in kind. The Senior Leadership Team receive remuneration based on their roles; the academic staff are paid based on the teachers’ pay scale and the support staff are paid based on their qualifications, experience and market rates. ## **FUTURE PLANS** Our key objectives for the future remain the same as reported above for this period. The School is committed to streamlining its operations where required in order to maintain its position in a competitive market and uncertain economic landscape, by promoting the breadth and depth of the high quality education that Stormont has to offer. The School will also continue to explore further ways of engaging with and providing benefit to the local community, when circumstances allow. ## **GOING CONCERN** The Governors have assessed whether the use of going concern is appropriate, ie. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the School to continue as a going concern. The Governors make this assessment in respect of a period of one year from the date of approval of the financial statements. The Governors have given due consideration to a report from management in this regard and have concluded that there are no material uncertainties about the School’s ability to continue and accordingly the financial statements are prepared on a going concern basis. ## **STATEMENT OF DIRECTORS’ RESPONSIBILITIES** The Governors are responsible for preparing the Governors’ report and the financial statements in accordance with applicable law and regulations. Company law requires the Governors, who are the Directors of the Company, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. 10 ## **STORMONT SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 AUGUST 2021** In preparing these accounts, the Governors are required to: - select suitable accounting policies and apply them consistently; - observe methods and principles in the Charities SORP; - make judgements and accounting estimates that are reasonable and prudent; - prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Governors are responsible for keeping proper and adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for prevention and detection of fraud and other irregularities. ## **STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR** Each of the persons who are Governors at the time when this report is approved confirms that: - (a) so far as each Governor is aware, there is no relevant audit information of which the company's auditor is unaware; and (b) each Governor has taken all the steps that ought to have been taken as a Director, including making appropriate enquiries of fellow directors and of the company's auditor for that purpose, in order to make themselves aware of any information needed by the company's auditor in connection with preparing their report and to establish that the company's auditor is aware of that information. ## **AUDITOR** The auditor, Haysmacintyre LLP, has expressed willingness to continue in office. A resolution to appoint Haysmacintyre LLP as the company’s auditor will be put to the next Annual General Meeting. The report of the Board has been prepared in accordance with the special provisions relating to small companies within part 15 of the Companies Act 2006. Approved by the Board of Directors at its meeting on 21 March 2022 and signed on its behalf by: A J Newland ## **Chairman of the Board of Governors** 11 **F STORMONT SCHOOL** ## **Stormont School** ## **Opinion** We have audited the financial statements of Stormont School for the year ended 31 August 2021 which comprise the Statement of Financial Activities, the Balance Sheet and 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: - give a true and fair view of the state of the charit 31 August 2021 and of the charitable - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibil 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 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** 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 charitable company'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report. 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. 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. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Governors Report (which includes prepared for the purposes of - company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the included within the Gover Report have been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report (which incorporates ). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the charitable company; or - the charitable company financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees tion specified by law are not made; or - we have not received all the information and explanations we require for our audit; or the trustee take advanta trustee prepare a strategic report. 12 **F STORMONT SCHOOL** ## **Responsibilities of trustees for the financial statements** As explained more fully in the trustees statement set out on page 10, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable 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 charitable company or to cease operations, or have no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the independent school regulations, safeguarding regulations, health and safety legislation, GDPR, employment law and charity law , and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011, and consider other factors such as payroll tax. the risk of override of controls), and determined that the principal risks were related to the improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: - Inspecting correspondence with regulators and tax authorities; - Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; - - Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and - Challenging assumptions and judgements made by management in their critical accounting estimates A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting www.frc.org.uk/auditorsresponsibilities. This description forms part of our audit ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. > Lee Stokes (Senior Statutory Auditor) 10 Queen Street Place > For and on behalf of Haysmacintyre, LLP London > Statutory Auditors EC4R 1AG Date: 28 March 2022 13 STORMONT SCHOOL STATEMENT OF FINANCIAL ACTIVITIES (Incorporatlng income and expendlturo acGount) FOR THE YEAR ENDED 31 AUGUST 2021 Total Total Funds Funds 17-monlh yoar ended period ended 31 August 31 August 2021 2020 Unreslricled Funds year ended 31 August 2021 Restricted Funds year ended 31 August 2021 Incomo From: Notes Grant8, donatlon8 & legacios Grants & Charltable donations 21b} 36,982 1.970 38,952 126,448 Charltablo actlvltlos School fees receivable R8gislralion fees and olhef Income Other income 11a) 11bl 1{c) 1,908,992 45,978 59,000 1,908,992 45,978 59,000 2,448,194 108,816 34,302 Inve8tmgnt8 Investment Income 21al 2,509 2,509 7,513 Total Income 2,053 461 2,055,431 2,725.273 Expondlturo on: Charltable aGtivltle¥ Teaching costs Welfare costs Premises costs Support costs 1,289,883 128,180 291,671 384,827 1,289,883 128,180 291,871 387,939 1,877,921 155,270 420,940 399,057 3,112 Total Expondlture 2 094 561 2 097.673 2853188 Not {expendltur8)Ilncomo befor8 net Ios8gs on Investments Nel gainslllosses} on investments 141.1001 (1,142} 142,2421 13,602 1127,9151 Net movement In fund8 27,498 28.640 133,785 Reconclllatlon of fundg: Fund balances brought forward al 1 September 2020 3,221.911 7,209 3.229,120 3,362,905 Fund balances carrled forward at 31 August 2021 The notes on pages 18 to 30 fom) part of these financi81 statements. The Slalemenl of Financial Acllvities includes all gains and losses recognised in the period. All income and expenditure derives from continuing activities. 3 194,413 6,067 3,200 480 3.229.120 14 STORMONT SCHOOL STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating Incomg and expondituro account) FOR THE YEAR ENDED 31 AUGUST 2021 Prlor year Statement of Flnanclal Actlvltles Total Fund$ 17-month period •nded 31 August 2020 Unrestricted Reslricled Funds Fund 17-month 17-month period ended perlod 8nded 31 August 31 August 2020 2020 Income Frorn: Note8 Donatlon8 and l•gacl08 Charltable donalSons 21b} 124,789 1,659 126,448 Charltabl• actlvbtle8 School fee8 recelvable Registration fees and other income oiher income 1(8) 1{bl 1{¢} 2,448,194 108,816 34,302 2,448,194 108,816 34,302 InvoStmonts Investment inwme 7,513 7,513 Total Incomo 2,723,614 1.6S9 2 725,273 Expondlture on: Charftable a¢tlvltle8 Teaching costs Welfare Costs Premises costs Support costs 1,877.921 1 $5,270 420.940 395,232 1.877,921 155,270 420,940 399,057 3,825 Total Expendlture 2,849,363 2.853,188 N•t Income before not {108$8g}Igalns on Investments {125,74gi 12,186) 1127,g15} Nel gain I Ilossl on Inv8stments 5,780 5,870 Net Incomelmovgmont In fund• 1131,6191 (2,1661 {133,7851 Reconclllatlon of funds: Fund balances brought forward al 6 April 2019 3,353,530 9,375 3.362,9015 Fund balances carrled fonNard at 31 August 2020 3,221,911 7.209 3,229,120 STORMONT SCHOOL Campany No. 00726450 BALANCE SHEET AS AT 31 AUGUST 2021 2021 2020 Not08 Flxed Ass•ts Tangible assets Inv&stments 2,592,775 57,566 2,650,341 2,617,832 43,964 2,661,796 Curr•nt Assfrt$ Debtors Cash at bank and In hpnd 80.502 820.087 900,589 109,891 738 143 848,034 Crndltor8- Amounts falllng due withln coe year 10 216,210 Net Curr•nt Assets 615,639 631 $24 Tot•1 A8J•ts I•s8 Curront LSJbllltlo8 3.265,980 3,293,620 Cr8dltors- Amounts falling due after more than one year 12 Nèt A¥8•t• 13 3 200 480 3 229 120 Fund¥ Unreslriclad funds Designatgd.. School Bulldlng8 Fund Other Reserve8 14 2,532,869 661544 2,568.851 053,060 3.194.413 3,221,911 Reslrfcted lund8 14 Total Charlty Fund# 3 200 480 3 229 120 The notes on pages 18 10 30 fomi part of these flnancl81 statements. These accounls are prepared in 8ceordance wllh th• $peclal provlslons of Part 15 of the Companies Act r8lallng lo small CDmp8nles. The flngnclal 8tal8ments Were approvod by the Board of Gov?mor5 on 21 M8rth 2022 and are sSgned on beh8lf by MrA J Newland Chairman of the Board of Governors Mr A Rajpal Chairman of the Finance Committee 16 STORMONT SCHOOL CASH FLOW STATEMENT FOR THE PERIOD ENDEO 31 AUGUST 2021 Total 17-monlh period ended 31 August 2020 Note Total year to 31 August 2021 Cash IIow8 from oporatlng actlvltle•: Not ¢ash provSdod by operatlng a¢tlvltles 15 148,026 80,130 Cash flows from Investlng actlvltlm: Dlvljends, Interest and rents from Investmen18 Purchase of sxoperty, plant and equipment 2,509 168,5911 6,058 {254.9911 Nat cash u••d In Inv￿tIng ¥ctlvltle• (66,082) 1248,9331 Chang• In cash and cash •qulvalents In th• roportlng perlod 81,944 (188.8041 Cash and cagh oqulvalent$ at the boglnnlng of the reportlng perlod 738,143 908,947 Cash and cash equlvalents at th¢ ond of the roportlng pgrlod 16 820,087 738,143 The notes on pages 18 to 30 form part of these financial slalemenls, where reference is made lo the analys1$ of the movement In Gash. The sGhool has no axlernal flnance and nel cash is equivalent lo the ¢ash and cash equivalen15 balance. 17 STORMONT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 stormonl School is incorporated as a charltable company, charity registr211on number 311079, cornpany registration number 00726450, with the liabillly of ils members limited lo £1 each by guarantee. The Regislered Office and principal address of the Company 1$ al The Causeway. Potters Bar, Hertfordshlre, EN6 SHA. The principal ac¢ounting policle8 whSch are adopted in the preparation of the flnancial stslemenls are sel out below. {al 8asl8 of accountlng These flnanclal slalements have been prepared In accordance with the Statement of Recommended Practice for charilles ISORP 20151 (second edition, effecllve 1 January 20191. the Flnancial Reporting Standard appllcable In the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The financial sla18ments are prepared under the hlstorlcal cosl ¢onvenllon wllh the exception of the revaluation of Inveslmenls. The prlncipal accounting policies that have been applied lo all pèriods presented In these flnanclal statements are Set out below. The School constllulgs a public benefit ernlity as deflned by FRS 102. Ib) In¢oma All Income is included In the Statement of Financlal Acllvllles ISOFAI when the charity becomes legally enlilled lo the Income,11 Is probable that th8 income wlll be recelved and the amount Can be quantified wllh reasorbable accuracy. School fees receivable Is the amount derlved from the academlc fee8 recelvable throughout the year less bur$8ries and 1$ earned so18ly In the United Kingdom. Fees recelved for educalion to be provlded in future years are carried forward a8 deferred Income, Includlng any receipts befoTe the year end, whlch r81819 lo the autumn term falling In the subsequent reportSng period. Inv8slment Income Includes interest on bank balances and divldenés on investments and Is recorded when the Income is receivable. Charllable donallons comprlse PTlncipally of dorsaliong from fundralsing aclivitles for the various Charities supporlo¢J by the School and is recorded when the monies are receivable. Income received for school Irlp8 Is recorded when the money Is collected from the par8n13 88 Other income. in the Statement of Flrsanclal Acllvilles. Ic} Grant appllcatlons The Governor5 made the declslon durlng tho perlod to make an applicatlon for fundlng support through the HMRC Job Relenllon Scheme and all grants SO Teceivgd are recordeé as grant Income recelved in the SOFA. {dl Expenditure Expenditure Is included In the Statement of Flnancial A¢livilie8 on an accruals basi8. Inclusive ol any VAT. They are recognised as soon as there is a legal or construclive obligation commilling the charity to that expenditure. il is probable that 5elllemenl will be required and the amount of the obllgalion can be measured reliably and are allocated as follows.. Ch8rllable activities.. Expenditure on charitable activities comprise all the resources applied by the charily in undertaking educallonal activllles, includlng both direct costs together with those support costs incurred. 18 STORMONT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 other expenditure.. other expenditure will includ6 any costs whlch the company has not been able to analyse wlthln the main resources expended categories above. (e) Pension contributlon8 The School conlrlbutes lo the Tea¢hers' Pen51on Scheme al rates sel by the scheme actuary.1115 Part of a mulll-employer scheme and it is not possible lo allribule a value lo the scheme assets and liabilities which would be appropriate to the School. In accordance wlth FRS 102 It is treated In the finan¢lal statements as a defined conlribullon scheme. The assets of the scheme are held separately from thos8 of the School. The pension cost charge includ88 the amount of the conlrlbulions payable lo the scheme in respect of the year. The School also contributes to p8rsonal pension schem85 for non-teaching staff and these contrlbulSons are maéa to a defined conlribulion scheme and are charged lo the Slalement of Flnanclal Acllvltles In the year In whlch they are incurred. In August 2015 the School's auto enrolmenl onto the pension scheme became èffective. The Conlrlbulions a￿ charged lo the Slal8menl of FSnanclal Activities In the year in whlch they are Incurred. (fj Taxatlon The cost of value added tsx In¢urred by the company ha8 been Included in the Statement of Flnancial Acllvllles. The Company Is a reglslered ¢harlly, and 88 Such13 enlSlled lo tax exempllons on Income and galns, properly applied for Ils charllable purposes. Ig} Galn$llo8ses on Invo$tmonts as$•ts All galns and losses are taken to the Sta18ment of Financlal Acllvi15es as they arlse. Reallsed galns and losses on inveslmenls are ¢alculaled as the dKlerence between sales proceeds and their market value al the slarl of the period or thelr subsequent cost, and are charged or CTedll8d lo the Statement of Financlal Activities in Ihe year of dlsposal. Unreallsod galns and losses represenl Ihe movemenl In market values durlng the period and are r8diled or charged lo the Statement of Financial Activilleg based on the market value al the period end. (h) Tanglblo flxod a8Set8 Depreclalion is provided on all tangible fixed assets at rates calculated to wrtle off the cost of each asset evenly over ils expecled useful life, as follows.. 10/0 - 2Oh on cosl 33Vts on cost 15¢/0 on cost Freehold property Computer 8quSpmenl Furniture and equipment Items costing less than £1,000 are wrillen off as an expense as Incurred. 11 Ss estimated that 50010 of the cost of the orlglnal freehold bulldlngs relates lo land and this part is not depreciated. ImpaSrment reviews are carried out when the Directors have reason lo believe th81 the balance Sheet value of a mgterial asset or class of assets might be hlgher than its recoverable value. {1} Valuation of Investment assots Investments are a form of basic finAnclal Instrument and aro initially recognised al their transaction value and subsequently measured al their fair value as al the Balance Sheet date using the closing quoted 19 STORMONT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 market price. The Slalemenl of Flnancial Aclivlties includes the nel gains and losses arising on the revaluation and disp08als throughout the year. The School does not acquSre pul options, derivative3 or other complex finan¢lal inslrumenls. The main form of financial risk faced by the School is that of the volalllity in equlty markets and investment markets due lo wlder economlc conditions, the attitude of investors lo investment risk and changès in sentiment concernlng equities and within particular Sectors or sub-seclors. ui Fund accountlng Unreslrlcled funds are available for use al the discrellon of the Governors In furtherance of the general objecllves of the School and whlch have not been designated for other purpo$es. Re51rlcled funds are funds whlch are to be used in accordance with speclflc re8lrlcllon8 imposed by donors or whlch have been ralsed by the Charity for particular purposes. (k) Fln8nclal In8trument8 The only flnanclal Inslrum8nls held by the charity constitute Snveslm8nls, debtors and creditors. Investment8 are referred lo in no18lhl above and are calegorlsed In accordan¢e wllh Section 11 of FRS 102 and ar8 Inlllally recognised al tr8n5aclion price. These are subsequently measured at transaction prlce less any Impairment. Trade and other debtors are reGognls8d al the selllement amount duo afl8r any trade or other relevant dlscounl. Creditors any provisions made are recognlsed where the charlty has a present obligation resulllng from a past event that will probably r&sull in a transfer of funds lo a Ihlrd party and the amount due to be Sellled can be measured or estimated rellably. Cash as bank and in hand Includes Cash and any short term hlghly Ilquld investments. The governors seek lo use short and medium term deposits where possible lo maxlmlse the return on monies held al the b8nk and lo manage cash flow. Golng Goncern The Governor8 assess whether the vse of golng concern 1$ approprlale. i.e. whether there are any material uncerlalntles related lo evonls or conditions that may G8sI significant doubt on the ability of the School lo continue as a golng concern. The Governors make thi$ assessment In respe¢l of a period of one year from the date of approval of the financial slalemenls. The Governors have given due conslderalion lo a report from management in this regard and have concluded that there are no material uncerlainlles about the School's abllily lo contsnue 2nd aGcordingly the financial slalemenls are prepared on a going concern b8sIs. Im) CrEtl￿1 Judgamentg and oStlmat98 The preparation of the financlal stslemenls requires management to make judgements, e8llmale5 and assumptions that affect the amounts reported for assets and liabililles and disclosure of conlingenl assets and liabilities as al the balance sheet dale and the amounts reported for revenues and expenses during the year. Use of available Information and applicallon of judgement are inherent in the formation of eslimales. together with past experience and expectations of future events that are believed to be reasonable under the cirGumslances. Actual result5 in the future could drffer from such estlmales. The following judgements laparl from those involving eslimatesl have had the most significant effect on amounts recognised In the financial statements.. 20 STORMONT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 D8preGialion Depreciation Is calculated In accordance with the accounting policy above. The useful lives of Ihe Sch¢Jol's assets are determined by management at the lime the asset is acqulred and revlewed regularly for approprlateness. The lives are baséd on hislorlcal experience with similar assets, Industry standard, as well as anllclpalton of future events, which may Impact their Ilfe, 8uch as changes in technology. ValUat￿n ofland and building It18 estimated that 50tsA of the cost of the orlglnal freehold property relates to land and this part is not depreciated. 11a). Foes roc•lvable 17-monlh period ended 31 August 2020 Year onded 31 August 2021 Fees recelvable Less bursarles and alSowanc85 1,917,442 8.450 2,489,984 1908 992 2,448,194 11b). Regl8tratlon fe•s and olh•r Incomo 17-monlh period 8nded 31 August 2020 Year endad 31 August 2021 Reglslralion and other fe69 Including InllSal deposlt8 forfelled Clubs and other sundry income Support from Slormonl Parents, Association Income from premlses hlre 6,563 7,525 23,772 48,403 33,287 8,137 18,989 108,816 1(c). Othèr Income- Ro8ldentlal trip8 17-monlh period ended 31 August 2020 Year ondod 31 August 2021 Reslrlcted income received wilh reference lo the folSowlng trlp8: Ski-trlp (whole school) Year 6- France Year 5 - Yorkshire Year 4- Kent 42,700 10,360 13,000 15,651 3,507 2,144 34,302 21 STORMONT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 2{a). Investmerit Income 17-monlh period ended 31 August 2020 Year ended 31 Augugt 2021 Interest receivable Dividends receivable Other income receivable 69 2,440 3,817 2,441 1.455 2,509 7.513 21bl. Grants & donatlon8 17-month perlod 8nded 31 August 2020 Yoar ènded 31 August 2021 HMRC JRS grants recelvable Other donations receivable 36,482 500 123,169 126.448 3. Analysls of total expondlturo Total O her 2021 Totsl 2020 Staff Co Charitable a¢llvltles'. Teaching Weware Premises and equipment Support Support- re81denlial trlp8 1,244,636 70,920 74,665 17g,016 44,824 56,944 138,260 121,239 73.521 423 316 78,746 14,163 1,289,883 1,877,921 128,180 155,270 291,671 420,940 314,418 361,803 73,521 37.254 1,569,237 434,788 93,648 2,097.873 2,853,188 Analy818 of total expendlturè Total cia Total 202 Total 2019 Staff Charitable actlvllles.. Teaching Welfare Premises and equipment Support Support- resldentlal trips 1.807,435 102,247 90,401 232,773 69,470 1,018 52,280 743 170.989 159.550 129,030 37.254 1,877,921 1,226,357 155,270 99,808 420,940 288,962 361,803 337,132 37,254 25,910 2,232,856 459,023 161.309 2,853,188 1,978,169 Other supporl costs include.. professional fees, subscrlplions, prlnllng. slationary, advertising, telephone, postage, Insurance, bank charges and governance costs. 22 STORMONT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 17-month Year ended period ended 31 August 31 August 2021 2020 Employ•es' omoluments Staff costs for the year were as follows: Wages and salarles Social $8curily costs Other penslon costs 1,247,354 118,135 203 748 1,799,154 168,459 265,243 1 $69.237 2,232.856 The average number of employees during the year were as follows.. Number Numbor Average Head Count Full Tlm• Equlvalent8 2021 2020 2021 2020 Teachers Offlce 51aff Kitchen and Cleaning staff 33 38 23 23 10 55 53 34 35 Staff Costs Include payThenls by the company lo the Teachers, Penslons Scheme of £185,57812020.' £240,441). Staff costs also includo ¢onlribulions to indlvidual defined conlribullon schemes on b8half of non-leaching staff of £18,170 (2020.. £24,802). There were no outstanding conlrlbullons payable lo the scheme al the 31 August 2021 {2020.. £NIII. The Directors received no remuneratlon {2020.. £NIII. The Chairman of Governor5 r￿1Ved relmbursemenl In tho sum of £NII (2020.. £5311 in 2021. The number of employees whose annuallsed emoluments exceeded £60,000 during the year Ilncludlng taxable benefi15 but excluding employers, pension conlrlbutionsl were.. 2021 2020 £80.001- £90,000 £70,001- £80,000 £60,001- £70,000 Penslon costs paid for the employees earning above £60,001 was £29,779 (2020.. £27,793}. Key management remunerallon for the reporting perlod lolalled £308,073 (2020.. £531,809 - 17 monihsl. 23 STORMONT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Net movement in funds for tho yoar 17-monlh period ended 31 August 2020 Year ended 31 August 2021 The nel movement in funds for the year is staled after charglng.. Depreciation of tangible fixed a$s8t8 Auditor'8 remuneration audit 93,648 161,3Q9 13,300 Penslon ¢osts The School participates In the Teachers. Pension Scheme ('Ihe TPS'I for ils leachlng staff. The penslon charge for the year Includes conlribullons payable lo the TPS of £280.24612020,' £240.411). The TPS Is an unfunded mulli-employer defined ben8fils pensSon scheme governed by The Teachers, Penslons Regulallons 2010 las amended) and The Teachers, Pension Scheme Regulallons 2014 la$ amondedl. Members conlrlbule on a "pay a5 you go" basis wilh conlribullons from members and the employer being credited lo the Exchequer. Retirement and other pensSon beneflls are paid by public fund5 provided by Parliament. Tho employer contrfbulion rate is Set by the Secretary of Stale followlng scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial va5uailon of the TPS was prepared as al 31 March 2016 and tho Valuation Reporl, which was published In March 2019, confirmed that the employer conlribullon rale for the TPS would Increase from 16.40/0 10 23.60A from 1 September 2019. Employers are also required to pay a scheme admlnlstrallon levy of 0.08¥0 glvlng a total employer conlribulion rale of 23.68 /0. The 31 March 2016 Valuation Report was prepared In accordance wllh the benefll$ set out in the scheme regulatlons and under the approach specrfled in the Dlre¢llons, as they applled al 5 March 2019. However, the 888umplSons were considered and sel by the Department tor Education prlor lo the rullng in the 'McCloudlSarg88nl case,. Thls case has ￿qUIred the courts to Gonslder Gases regarding the implemenlallon of the 2015 reforms lo Publlc Service Pensions Includlng the Tea¢bers' Penslons. On 27 June 2019 the Supreme Court denled the government permlsslon lo appeal the Court of Appeal's Judgment that Iransilional provisions introduced lo the reformed pension schemes in 2015 gave Tlse lo unlawful age discfiminalion. The government Is Te$pecling the Court'$ declsion and has said il wlll engage fully with Ihe Employment Tribunal as well as employer and member representatives lo agree how the discriminations will be remedled. The government announced on 4 February 2021 that it intend5 lo proceed with a deferred choice underpin under which members wlll be able lo choose either legacy or refomied scheme beneflts in respect of their service during the period between 1 Aprll 2015 and 31 March 2022 al the point they become payable. The TPS is subject to a cost cap mechanism which was pul in place lo protect taxpayers against nforeseen changes in scheme costs. The Chief Secretary lo the T￿aSUrY. having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause lo the Cost cap mechanlsm following the Court of Appeal's rullng in the MGCloudlSarg&anl case and until there is certainly about the value of pensions lo employees from April 2015 onwards. The pause was lifted in July 2020. and a consullallon wa5 launched on 24 June on proposed ¢hange5 to the cost control mechanlsm followlng a review by the Government Actuary. Following a public consulialion, the Government have accepted three key proposals recommended by the Government A¢luary, and are aiming 19 implement these changes in time for the 2020 valuations. In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropiiate. In this scenario, a valuation prepared in accordance with revised 24 STORMONT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 benefits and sultably revlsed assumptions would yield different results than those contained in tha Actuarial Valuation. Until the cost cap mechar)ism revision Is completed11 is not posslble to conclude on any flnanclal impact or future changes to the conlribullon rates of the TPS. Accordingly no provislon for any addlllonal past benefll pension costs is included In these flnancial stalemenls. Pen81on GOSt8 (contlnu¢d) Unlll the con8ultalion and the c051 cap mechanism review are completed11 Is not po8slble lo wnclude on any financial Impact or future changes lo the contribullon rates of the TPS. A¢¢ordingly, no provision for any adllllional past benefll pension costs 13 Included in these flnanclal statements. Tanglblo flxed a8Bet8 Fixtures, Fllllngs and IT ment L8nd and Buildin Total Cost Al 31 Augu812020 Addllion$ At 31 August 2021 3,252,486 21.673 3274,159 736,756 3,989,242 68.591 4,057 833 783 674 Deprèclatlon Al 31 August 2020 Charge for period At 31 Auguit 2021 883,635 57.655 741,290 687,775 35.993 723,768 1,371,410 93,648 1,465,058 Net book valua At 31 August 2021 2,532,869 2,592,775 Al 31 August 2020 2,568 851 48,981 2,617,832 All assets are used for Gharltsble purposes. Flxed asset Inv•slments 2021 2020 Ll$ted Invostm8nts At 31 August 2020 Revaluatlon8 43,964 13,602 49,834 5.870 At 31 August 2021 57.566 The cost of investments Is £1,20612020.. £120 25 STORMONT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Debtors - Amounts falllng due withln ono year Fee debtors Prepayments and accrued Incom6 10,398 70.104 36,441 73,450 80,502 109,891 2021 2020 10. Crodltor8- Amounts falllng dua wlthln ono year Amounts due lo suppllers Depos118 repayable within one year Fees received In advance (Note 111 Taxes and goclal securlly costs Other Creditors Accruals 44,730 10,000 133,873 16,786 38,797 67,080 14,500 17,746 27,OS7 4,536 284 950 216,210 2021 2020 11. Deforrod In¢omo- Fe08 roG01v￿ In advance Deferred Income al 1 September 2020 Amounts relea¥8d from prevlous period Deferred income In the year 17,748 117,7461 133873 29,872 17,748 Deferred Income 8131 August 2021 133,873 17,748 26 STORMONT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 12. Creditors- Amounts falllng due after morethan one year Deposits 75,500 79.000 Deposits malurily analysis: In more than one year bul no more than two years In more than two years but no more than five years In more than five ￿ar8 10,000 30,000 14,500 29,000 35,SOO 75,500 79,000 13. Analysls of net a88gt8 botwe•n funds Ro•trlct•d Unrestrlctad 2021 Fixed a898t8 Debtors Cash at bank 8nd In hand Cr&dltors 2,650,341 2,650,341 80,502 80,502 814,020 820,087 (350,450) (350,4501 8,067 N81 Assets 6,067 3,194,413 3,200.480 Re3trl¢ted Unro8trlct 2020 Fixed asset8 Debtors Cash al bank and Sn hand Credllors 2,681,798 2,661,796 109,891 109.891 730,934 738.143 (280,710) {280,710) 7.209 Tot81 7,209 3,221,911 3,229,120 27 STORMONT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 14. Movement on funds Balance at 31 August 2020 Balance at 31 August 2021 Investment galns In¢omo Expenditure Transfors Unrestricted funds School buildings fund Other reserves 2.568,851 653,060 157.6551 2,053,461 {2,036.9061 21,873 {21.6731 2,532.869 661,544 13,602 3,221,911 2,053,461 12,094,561) 13,602 3,194,413 Restrlcted fund6 7.209 1,970 13,1121 6,067 Balance at eAprll 2019 Balance at 31 Augu8t 2020 Inv•8tmont 108se• Incom• Expendltur• Transfern Unrestrlcted fundg School bulldlngs fund Other ieserves 2,432,777 920.753 181.0641 2,723,814 12,768,299) 217,138 15,8701 1217,1381 2,568.851 8S3.060 3,353,530 2,723,614 12.849,3631 {5,870} 3,221,911 R08trlctgd funds 9,375 1.659 {3,8251 7,209 The company's unreslri¢led funds repre88nl two type8 of fund. The d85ignaled 'School Bulldbngs Fund. of £2,532.869 (2020.. £2,568.851) represenls unreslrlcled fur¢ds retained withln the freehold properly of the S¢hool. The balance of the unrestricted funds are held in"Olher Reserve5" and are lo cover normal fluGluallon5 in working Gapilal and lo flnance the continuing development of the School. The School'5 reslricled funds are thos8 funds held for a specific purpose and relate to monios held for exlemal charitable purposes and speclffc school Irlps. 28 STORMONT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 IS. Cash flows from opgratlng activities 17-monlh period ended 31 August 2020 Yoar to 31 August 2021 Net lexpendilure) for the reporting pedod Adjuslmenls for.. Depreciatlon (Profilllloss on invèstments Decrease Ilincrease) in debtors Increase in credllors OivSdends. Interest and other from Investments {28,6401 1133,785} 93,649 113.602} 29,389 69,739 161,309 5,870 132,3701 85,162 148,026 80.128 18. Ca$h and ¢a•h equlvalonts 2021 2020 Cash In hand al bank 738,143 738.143 17. Not Debt The School has no exlefnal financing arrang8menl8 In place 8nd nel cash Is equlvalenl to the cash and cash equbvalenl balance. 18. Related partlo8 The School recelved £23,772 12020: £8,137) from the Stormonl Parents, Assoclallon, which is separaloly consllluted organlsallon run by par8nls, In support of varlous actSvi118s at the School. The Slormonl Parents Associallon completed its own flnancial reportlng in line wllh118 conslllulion and the etails of its Operations are not included within these accounts. There are no other related party Iran8aclions In the current or the prior year. 19. Operatlng leasos Al 31 Augu812021 the Sch￿1 had commltmenls under operating leases revlewable every five years as follows.. 2021 2020 Payable wilhln one year Payable within two lo five years Payabl6 aflar five years 9,945 15,062 42,432 9.545 18,242 15,980 67,039 79,767 29 STORMONT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 20. Contingent liablllty- bursary ¢ommltrnont8 At 31 August 2021. the Directors authorised bufsaries lotalllng £6.338 {2020'. £6,338) for the next academlc year, whl¢h represents the tol81 commilmenl as at Ihe year end. Bursari8s will only be payable providing the means-lesled conditions conllnue to be satisfied In each term for which the bursaries are payable. 21. Lljblllty of Momber Every member of the Company undertakes lo contribute lo the assets of the Company. In the events of the same being wound up while they are a member, or within one year after they cease lo be a member, for payment of the debts and liabililles of th8 ComFiany ¢onlracled before they cease lo be a member, and of the cos15, Gharges and 8xpense¥ of windlrig up. and for the adjuslmenl of Ihe r5ghls and Ihe contribulorles among themselves, such amount as may be requlred not exoeeding £1. 22. Sharo capltal The ¢ompany Is Ilmlted by guarantee and as such has no share capllal. 23. Members, DoposIt8 Members. deposrts relate to funds recelved from parents and govemor$ lowaTds the School. Thése amounts are not repayable back to the member, In Ilne wlth the School's Arllcles of Assoolatlon, and are therefore recogni5ed as Income recelved In the perlod In whlch they arise.