OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-08-31-accounts

Company Registration Number 00998221 Registered Charity Number 312033

ABERDOUR SCHOOL EDUCATIONAL TRUST (a company limited by guarantee) REPORT OF THE COUNCIL OF MANAGEMENT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2020

ABERDOUR SCHOOL EDUCATIONAL TRUST

A company limited by guarantee

COMPANY INFORMATION

DIRECTORS (Members of the
Council of Management) D. Davie MSc. (Dist) MBCS (Chairman)
P.J. Dickerson BSc
Mrs M.E. McKerchar BSc
Mrs. R.M. Monaghan BSc, H.DIP.ED
Rev. D.N. Senior MA
C.D. Wright BSc (Econ) (Hons), FCA, FRSA
REGISTERED OFFICE Aberdour School
Brighton Road
Burgh Heath
Tadworth
Surrey KT20 6AJ
REGISTERED NUMBER 00998221
CHARITY NUMBER 312033
----------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------------
CONTENTS
Pages 1 - 8 Report of the Council of Management
9 - 11 Independent Auditor's Report
12 Statement of Financial Activities (Incorporating
an Income and Expenditure Account)
13 Balance Sheet
14 - 21 Notes to the Financial Statements
-----------------------------------------------------------------------------------------------------------------

Page 1

ABERDOUR SCHOOL EDUCATIONAL TRUST

A company limited by guarantee

REPORT OF THE COUNCIL OF MANAGEMENT FOR THE YEAR ENDED 31ST AUGUST 2020

The Council of Management presents its report together with the audited financial statements of the Trust for the year ended 31[st] August 2020 and confirm they comply with the requirements of the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1[st] January 2015).

REFERENCE AND ADMINISTRATIVE INFORMATION

Aberdour School Educational Trust is a company limited by guarantee not having a share capital (No. 00998221) and a registered charity (No. 312033).

Address and Registered Office

Aberdour School Brighton Road Burgh Heath Tadworth Surrey KT20 6AJ

Members of the Council of Management

D. Davie MSc. (Dist) MBCS (Chairman) P.J. Dickerson BSc M.C. Farmer BSc (Hons), PGCE (resigned 27.5.2020) Mrs M.E. McKerchar BSc Mrs R.M Monaghan BSc, H.DIP.ED R.C. Nicol FCA (resigned 18.3.2020) Rev. D.N. Senior MA (appointed 4.10.2019) Mrs C.J. Strutt (resigned 18.3.2020) C.D. Wright BSc (Econ) (Hons), FCA, FRSA

Members of the Council of Management are all Directors under the Companies Act and Trustees under the Charities Act.

Officers

The Headmaster S. Collins Cert.Ed. The Bursar M.J. Valentine BSc (Hons) FCA

Page 2

ABERDOUR SCHOOL EDUCATIONAL TRUST

A company limited by guarantee

REPORT OF THE COUNCIL OF MANAGEMENT FOR THE YEAR ENDED 31ST AUGUST 2020 (continued)

REFERENCE AND ADMINISTRATIVE INFORMATION (continued)

Professional Advisors

Bankers

National Westminster Bank plc Not for Profit & Education Sector-Commercial Banking 2[nd] Floor, Argyll House 246 Regent Street London W1B 3PB

Solicitors Veale Wasbrough Vizards Narrow Quay House Narrow Quay Bristol BS1 4QA

TWM Solicitors LLP King's Shade Walk 123 High Street Epsom Surrey KT19 8AU Auditor Maurice Andrews Chartered Accountants Global House 1 Ashley Avenue Epsom Surrey KT18 5FL

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Instrument

The Trust is governed by its Memorandum and Articles of Association.

Organisational Structure

The Members of the Council of Management determine the general policy of the School and are responsible for the overall management and planning of the Trust's affairs. The Council operates a system of subcommittees dealing with Finance and General Purposes, Academic Matters, Bursaries and Nominations. A member of the Council also sits on the School's Health and Safety Committee and on its Safeguarding Committee. The day to day management of the School is delegated to the Headmaster and his leadership team. The Council of Management are responsible for the recruitment of the Headmaster and the Bursar, the Headmaster oversees all other recruitment. The Council of Management meet at least six times each academic year and invites the Headmaster and Bursar to attend its meetings.

Page 3

ABERDOUR SCHOOL EDUCATIONAL TRUST

A company limited by guarantee

REPORT OF THE COUNCIL OF MANAGEMENT FOR THE YEAR ENDED 31ST AUGUST 2020 (continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Organisational Structure (continued)

The Members of the Council of Management are also trustees of the charity and directors of the company. The Members are elected by the full Council of Management. One third of the Members retire at each Annual General Meeting, by rotation. They are eligible for re-election. Potential Members of the Council of Management are first vetted and interviewed by the Nominations Committee before being proposed. Their ultimate appointment requires full Council approval.

New Members are provided with 'Guidelines for Governors', a manual of good practice for the governors of independent schools as issued by the Governing Bodies Association and approved by the Independent Schools Council. They are made familiar with the policies of the School – in particular those relating to child protection and health and safety. They are encouraged to attend 'Governor' training courses.

Risk Management

The Council of Management are responsible for the overseeing of the risks faced by the School. Detailed considerations of risk are delegated to the senior management of the School. Risks are identified, assessed and controls established throughout the year.

The Council of Management has examined the major strategic, business and operational risks which the Trust faces and confirms that systems have been established to enable the necessary steps to be taken to lessen these risks. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

OBJECTIVES AND ACTIVITIES

The objects of the Trust are to run Aberdour School and provide an excellent all round education for boys and girls. In setting its objectives and planning its activities the Council of Management has given careful consideration to the Charity Commission's General Guidance on Public Benefit and in particular to its Supplementary Public Benefit Guidance on advancing education and on fee charging.

Its objectives are set to reflect the educational aims and the ethos of the School. It is important to the Council of Management to maintain and enhance the academic success of the School. This objective is, however, set in the context of the broader goals it sets for the School and its pupils.

Mission Statement

Aberdour is a co-educational school for pupils between the ages of 2 and 11. It is a Christian community based upon the Anglican tradition and it welcomes those of all faiths and beliefs. We are committed to enabling all pupils to realise their potential through a uniquely personalised education, enriched by a creative programme of art, drama, music, technology and sport which builds future proof skills. Our desire is to produce pupils who make a positive contribution as they move through life, developing self-discipline, confidence, an entrepreneurial spirit, self-esteem and a sense of respect and tolerance for others during their time at Aberdour.

Page 4

ABERDOUR SCHOOL EDUCATIONAL TRUST

A company limited by guarantee

REPORT OF THE COUNCIL OF MANAGEMENT FOR THE YEAR ENDED 31ST AUGUST 2020 (continued)

OBJECTIVES AND ACTIVITIES (continued)

Aims and Objectives

The School is committed to safeguarding and promoting the welfare of its pupils and expects all staff and volunteers to share this commitment. In the last Independent Schools Inspectorate Report, the pastoral care provided by teaching staff was described as 'outstanding'.

Strategy and Policies

The Council of Management is responsible for setting a strategy for achieving the objectives it has set. The focus of its strategy is on the development of pupils, their continued high levels of academic and co-curricular achievement and to further wider access to the education the School provides. In taking forward its strategy the Council of Management:

Bursary Policy

The Council of Management views the Bursary awards as important in helping to ensure children from families who would otherwise not be able to afford the fees have access to the education the School offers.

This year scholarships and bursaries of £94,303 (2019 - £109,093) were awarded.

In keeping with our Aims and Objectives, Aberdour continues to offer access to the educational opportunities available at our School to a wide cross-section of our community.

Page 5

ABERDOUR SCHOOL EDUCATIONAL TRUST

A company limited by guarantee

REPORT OF THE COUNCIL OF MANAGEMENT FOR THE YEAR ENDED 31ST AUGUST 2020 (continued)

ACHIEVEMENTS AND FUTURE PLANS

This year has been probably been one of the most challenging for the School, and for the education sector as a whole, since the Second World War. The COVID-19 pandemic has placed huge demands on everyone, and the need for flexibility and resilience whilst dealing with this National emergency has been paramount. However, everyone connected with Aberdour – staff, pupils, Governors and parents, have worked together as a community and ensured the continuing success of the School.

Whilst the School remained open for the children of Critical Workers and Nursery, the rest of the School moved to our Distance-Learning programme. This year saw our provision being offered at a discounted fee level during the period of lockdown for all those pupils having to learn at home.

A great education begins with a great start. Pre-Prep consists of Nursery, Reception and Year 1, and some might argue that these are the toughest year groups to teach remotely. However, staff worked extremely hard to deliver a range of fun and engaging experiences, mixing live and pre-recorded sessions to fit in with parents' work schedules. The happy and nurturing style continued to give the youngest children a safe and reassuring environment, while the staff continued to help them to explore, learn and develop their social and practical skills. Incorporating the principles of PAL, the focus on the individual allowed children to continue developing a love of learning, as well as excitement and pride in their very real achievements.

From Year 2, the children received specialised teaching for Sport, Music, STEAM and Languages, which were incorporated into their Distance-Learning timetable. Every child from Year 3 to 6, enjoyed a weekly live MS Teams session with their PAL Tutor to go through their individual interests and achievements. Children also had weekly Form Time sessions where achievements are discussed and linked to Stepping Stones awards for Years 2 and 3.

In Years 4-6, pupils were provided with a dedicated daily slot at the end of the school day, through MS Teams with their Form Tutor, to praise individual achievements. Staff recognised the importance of regular feedback in order that the children maintained their motivation and felt supported throughout such a difficult year. Mindfulness activities were also embedded in the timetable, for all year groups, supporting their well-being and mental health whilst working remotely.

In addition to the on-line pastoral support, every week children also received over 30 academic sessions including 'live' lessons via Teams, recorded lessons, Seesaw lessons and work slides, Physical Education and Yoga, Music, Art and Assemblies.

Once more, all of the Year 6 pupils gained entry to their senior schools, with offers having been received from over 30 independent schools and with placements also being secured at local grammar schools. Between them, and whilst still on lockdown, pupils secured a total of 16 Scholarships to senior school, the highest number for many years. Leavers gained entry to a varied selection of schools, including; Reigate Grammar, Caterham, St John's, Epsom College, Bedales, Dunottar, Tonbridge, Bedford School, St Teresa's, Woldingham, Ewell Castle, Box Hill, Ardingly and the Sutton selective grammar schools.

This year saw Aberdour face further challenges. The uncertainty surrounding the details of a future Brexit deal, ever-changing senior school admissions procedures and the raising of the employer's statutory teacher pension contribution rate from 16.5 to 23%, all placed huge pressures on the School. However, by maintaining an extremely strong local and national reputation, and by offering an outstanding and unique distance-learning provision, Aberdour has faced these challenges with resilience, continuing parental confidence and, as a result, the School continues to thrive.

Page 6

ABERDOUR SCHOOL EDUCATIONAL TRUST

A company limited by guarantee

REPORT OF THE COUNCIL OF MANAGEMENT FOR THE YEAR ENDED 31ST AUGUST 2020 (continued)

ACHIEVEMENTS AND FUTURE PLANS (continued)

The School continued to upgrade its social platforms, thereby ensuring that our reach to both stakeholders and prospective parents continues to flourish. This year also saw the launch of our newly-designed on-line 'Aberdour Times', a School YouTube Assembly site and a Distance-Learning Support programme for parents.

We are currently in the design stages for the development of a new Pre-Preparatory Department. This is an exciting project that will create a dynamic and modern learning facility for Nursery through to Year 1, fit for the future education of our youngest pupils in the years to come.

2020 saw the School, yet again, being nominated for major awards, with our Deputy Head having been shortlisted in the i25 Awards, recognising the UK's top twenty-five innovators and influencers within independent education. Other educational awards have been put 'on hold' until 2021/22.

Aberdour continues to build on its local and national reputation as a school of excellence and innovation, and remains the market leader in the area.

FINANCIAL REVIEW

The state of the Trust's affairs at 31[st] August 2020 and the results of its operations for the year ended on that date are set out in the attached financial statements.

The Trust earned a surplus for the year of £28,280 (2019-£16,759);

It should be noted that there were a number of budgeted expenditure items that could not be completed during the financial year, as a result of restrictions in place due to the COVID pandemic. These delays, which were outside of the control of the School, mean that the surplus for the year has therefore been increased by approximately £30,000, with an offsetting reduction to be applied to the 2020/21 results.

At the year end the balance sheet shows that the Trust had net assets of £1,884,593 (2019-£1,856,313).

All assets are used for the purpose of the Trust.

As set out in note 15 to the financial statements, the Trust participates in the Teachers' Pension Scheme for its teaching staff. Following a review by the Government Actuary the employers contribution to the scheme increased from September 2019, from 16.5% to 23.8% of teachers' salary. This is equivalent to an increase of some 44%; future reviews may produce similar increases. In consequence the independent education sector is developing a number of alternative arrangements with the objective of providing staff with appropriate pensions at a manageable cost. The Trust will continue, actively, to keep these developments under review.

Investment Powers and Policy

The Memorandum and Articles of Association of the Trust give the Council of Management the power to make any investments which it deems fit.

The Council of Management's policy is to invest any surplus funds in a NatWest Liquidity Manager account which provides the best return.

Page 7

ABERDOUR SCHOOL EDUCATIONAL TRUST

A company limited by guarantee

REPORT OF THE COUNCIL OF MANAGEMENT FOR THE YEAR ENDED 31ST AUGUST 2020 (continued)

FINANCIAL REVIEW (continued)

Investment Powers and Policy (continued)

In common with other Independent Schools, substantial sums have been invested in new school facilities in recent years and there is a continuing programme of refurbishment, development and investment in place to maintain excellent teaching facilities.

Reserves Policy

At 31[st] August 2020 free revenue reserves amounted to £1,884,993 (2019-£1,856,313).

The Governing Instrument requires the Council of Management to ensure that the costs of operating the School are covered by income, taking one year with another.

It remains the long term policy to build up the free revenue reserves in order to continue capital investment in improving the School's facilities and to reduce reliance on bank borrowings.

RESPONSIBILITIES OF THE MEMBERS OF THE COUNCIL OF MANAGEMENT

The Members of the Council of Management (who are also directors of the Aberdour School Educational Trust for the purposes of company law) are responsible for preparing the Report of the Council of Management and the financial statements in accordance with applicable law and United Kingdom Accounting Standards ('United Kingdom Generally Accepted Accounting Practice').

Company law requires the Members of the Council of Management 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. In preparing these financial statements, the trustees are required to:

The Members of the Council of Management are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements 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 the prevention and detection of fraud and other irregularities. They regularly review the finances, budgets and cashflows against budget as part of the effective stewardship of the School.

Page 8

ABERDOUR SCHOOL EDUCATIONAL TRUST

A company limited by guarantee

REPORT OF THE COUNCIL OF MANAGEMENT FOR THE YEAR ENDED 31ST AUGUST 2020 (continued)

RESPONSIBILITIES OF THE MEMBERS OF THE COUNCIL OF MANAGEMENT (continued)

In so far as the Members of the Council of Management are aware there is no relevant audit information of which the charitable company's auditors are unaware; and the Members of the Council of Management have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

PUBLIC BENEFIT REQUIREMENT

The Members of the Council of Management have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to guidance published by the Charity Commission concerning the public benefit requirement.

AUDITOR

Maurice Andrews have indicated their willingness to continue in office as auditor and, in accordance with the Companies Act 2006, a resolution dealing with their re-appointment will be put to the members at the next Annual General Meeting.

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

APPROVAL

Approved by the Members of the Council of Management on 3[rd] March 2021 and signed on its behalf by:-

D. DAVIE CHAIRMAN

Page 9

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF ABERDOUR SCHOOL EDUCATIONAL TRUST YEAR ENDED 31ST AUGUST 2020

OPINION

We have audited the financial statements of Aberdour School Educational Trust (the 'Charity') for the year ended 31[st] August 2020 which comprise the Statement of Financial Activities (incorporating an Income and Expenditure Account), the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

BASIS FOR OPINION

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

CONCLUSIONS RELATING TO GOING CONCERN

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

OTHER INFORMATION

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

Page 10

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF ABERDOUR SCHOOL EDUCATIONAL TRUST YEAR ENDED 31ST AUGUST 2020

(continued)

OTHER INFORMATION (continued)

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:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Council of Management.

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:

RESPONSIBILITIES OF THE MEMBERS OF THE COUNCIL OF MANAGEMENT

As explained more fully in the members of the Council of Management's responsibilities statement, the members of the Council of Management 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 they 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 members of the Council of Management are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members of the Council of Management either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Page 11

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF ABERDOUR SCHOOL EDUCATIONAL TRUST YEAR ENDED 31ST AUGUST 2020

(continued)

OUR RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

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

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

This report is made solely to the Charity'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 Charity'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 Charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael J. Pettit (Senior Statutory Auditor) for and on behalf of MAURICE ANDREWS CHARTERED ACCOUNTANTS STATUTORY AUDITORS

Global House 1 Ashley Avenue Epsom Surrey KT18 5FL 3[rd] March 2021

Page 12

ABERDOUR SCHOOL EDUCATIONAL TRUST

A company limited by guarantee

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST AUGUST 2020

UNRESTRICTED FUND
INCOME
Donations and legacies
Income from Charitable activities
School fees
Other educational income
Other activities
Investment income
TOTAL INCOME
EXPENDITURE
Charitable activities
Teaching staff costs
School running costs
Establishment costs
Administration costs
Governance costs
TOTAL EXPENDITURE
SURPLUS FOR THE YEAR
Fund balance brought forward - 1.9.2019
FUND BALANCE CARRIED FORWARD - 31.8.2020		 Notes
2
3
3
4
5
6
6
6
6
6
14		 2020
£
3,652
3,891,849
70,596
402,554
639
4,369,290
2,676,513
613,300
561,818
479,666
9,713
4,341,010
28,280
1,856,313
1,884,593
=======		 2019
£
17,000
4,050,292
110,517
78,107
789
4,256,705

2,504,931
587,843
684,056
451,410
11,706

4,239,946

16,759
1,839,554

1,856,313
=======

The notes on pages 14 to 21 form part of the financial statements.

Page 13

ABERDOUR SCHOOL EDUCATIONAL TRUST

A company limited by guarantee

BALANCE SHEET

31ST AUGUST 2020

Notes
2020
£
£
FIXED ASSETS
Tangible assets
9
2,731,521
Investments
10
100
2,731,621
CURRENT ASSETS
Debtors
11
239,000
Cash at bank and in hand
1,038,461
1,277,461
CREDITORS: amounts falling due
within one year
12
(759,585)
(
NET CURRENT ASSETS
517,876
TOTAL ASSETS LESS CURRENT LIABILITIES
3,249,497
CREDITORS: amounts falling due
after more than one year
13
(1,364,904)
NET ASSETS
1,884,593
=======
RESERVES
Unrestricted Fund
14
1,884,593
=======		 2019
£
£
2,943,607
100
2,943,707
212,799
977,491
1,190,290
831,252)
359,038
3,302,745
(1,446,432)
1,856,313
=======
1,856,313
=======		 2019 2019
£
2,943,607
100
2,943,707
359,038
3,302,745
(1,446,432)
1,856,313
=======
1,856,313
=======

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

The financial statements were approved by the Members of the Council of Management on 3[rd] March 2021 and signed on its behalf by:-

D. Davie

The notes on pages 14 to 21 form part of the financial statements.

Page 14

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

ABERDOUR SCHOOL EDUCATIONAL TRUST

A company limited by guarantee

1. ACCOUNTING POLICIES

Basis of preparation

The financial statements are prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes.

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard 102 applicable in the UK and Ireland (effective January 2015), the Financial Reporting Standard 102 applicable in the UK and Ireland (revised September 2015), the Charities Act 2011 and with the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund structure

Funds held by the charity are unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

Income recognition

Fees receivable, charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, bursaries and scholarships granted.

Donations and other gifts are accounted for at the date they are received. Gifts in kind are included at valuation at the date of gifting. Any related tax recoverable on donations received is accounted for when due.

Expenditure recognition

Liabilities are recognised as expenditure and are accounted for on an accruals basis and include attributable VAT which cannot be recovered.

The cost of miscellaneous equipment, text books, exercise books, sports equipment, etc is written off when the expenditure is incurred.

Page 15

ABERDOUR SCHOOL EDUCATIONAL TRUST

A company limited by guarantee

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

(continued)

1. ACCOUNTING POLICIES (continued)

Tangible Fixed Assets

Tangible fixed assets purchased are stated at cost less accumulated depreciation. Tangible fixed assets gifted are stated at their market value at the date of gifting less accumulated depreciation.

Depreciation is calculated on the following bases in order to write off each asset over its estimated useful life:-

The estimated useful lives of assets are regularly reviewed by the directors.

Due to the change in the use and replacement cycle of technology and equipment over recent years it has become apparent that the useful life of a range of assets lives shortened.

Therefore the policies for depreciation of computer equipment and grounds equipment were changed from 33⅓% on a straight line basis and 15% on a reducing value basis to 50% and 10% on a straight line basis respectively from 1[st] September 2019.

As a result an additional charge of £10,149 for depreciation has arisen in the year above what would have been charged had the policies not been revised.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis.

Page 16

ABERDOUR SCHOOL EDUCATIONAL TRUST

A company limited by guarantee

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

(continued)

1. ACCOUNTING POLICIES (continued)

Financial instruments

A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Pension costs

The Trust contributes to the Teachers' Pension Scheme at rates set by the Government Actuary's Department. The Scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the Scheme which are attributable to the Trust. In accordance with FRS17 and the SORP, the Scheme is accounted for as a defined contribution scheme. The Trust also contributes to defined contribution schemes for certain senior, part time and non-teaching staff. The pension costs charged in the financial statements represent the contributions borne by the Trust.

2. DONATIONS AND LEGACIES

Donation – The Aberdour Parents' Association
Other donations		 2020
£
2,775
877
3,652
====		 2019
£
15,000
2,000
=
17,000
=====

Page 17

ABERDOUR SCHOOL EDUCATIONAL TRUST

A company limited by guarantee

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

(continued)

3. INCOME FROM CHARITABLE ACTIVITIES

School fees

The school's fee income comprised:
2020 2019
£ £
Gross fees 4,485,857 4,310,273
less:bursaries and scholarships ( 94,303) ( 109,093)
: discounts for summer term re Covid 19 ( 321,871) -
: other allowances (177,834) (150,888)
3,891,849 4,050,292
======= =======
Bursaries and scholarships were awarded to 17 (2019-19) individuals.
Other educational income
Registration fees and non-refundable deposits 6,450 4,650
Interest on late payment of school fees 479 931
Courses and after school clubs 63,667 104,936
70,596 110,517
====== ======
4. INCOME FROM OTHER ACTIVITIES
2020 2019
£ £
Government grant income – Covid related 350,903 -
Rent from hire of facilities 39,982 46,950
Other - miscellaneous 11,669 31,157
402,554 78,107
====== =====
5. INVESTMENT INCOME
2020 2019
£ £
Interest on bank deposits 639 789
==== ====

Page 18

ABERDOUR SCHOOL EDUCATIONAL TRUST

A company limited by guarantee

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2020

(continued)

6. EXPENDITURE ON CHARITABLE ACTIVITIES

Staff
Salaries etc
Other
£
£
Charitable activities
Teaching staff costs
2,652,499
24,014
School running expenses
38,749
574,551
Establishment costs
130,946
430,872
Administration and governance costs
289,573
199,806
3,111,767
1,229,243
=======
=======
Administration costs include:-
Interest payable
Bank
Governance expenditure comprises:-
Auditor's remuneration (including V.A.T.):-
for audit services
for other services
Council of Management liability insurance		 TOTAL
£
2,676,513
613,300
561,818
489,379
4,341,010
=======
2020
£
39,848
=====
2020
£
8,000
1,110
603
9,712
=====		 2019
£
2,504,931
587,843
684,056
463,116

4,239,946
=======
2019
£
39,319
=====
2019
£
8,000
3,158
548
11,706
=====

7. COUNCIL OF MANAGEMENT REMUNERATION

No member of the Council of Management received nor waived any emoluments during the year (2019-£nil).

No out of pocket expenses were reimbursed (2019-£nil).

8. STAFF COSTS

2020
£
Wages and salaries
2,482,230
Social security costs
232,954
Other pension costs
396,583
3,111,767
=======		 2019
£
2,393,755
227,910
289,681

2,911,346
=======

Page 19

ABERDOUR SCHOOL EDUCATIONAL TRUST

A company limited by guarantee

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2020 (continued)

8. STAFF COSTS (continued)

The average number of employees during the year was made up as follows:-

Teaching staff (including Headmaster)
Coffee shop
Health and safety
Premises maintenance
Administrative		 No.
59
1
2
4
9
75
====
 No.
53
1
2
5
8
69
====

The emoluments (including benefits in kind, but excluding pension contributions) of members of staff are within the following ranges:-

£0 - £60,000
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£120,001 - £130,000		 No.
71
2
-

1
1
75
====
 No.
66
1
-
1
1
69
====

9. TANGIBLE FIXED ASSETS

Cost -
At 1.9.2019
Additions
Disposals
At 31.8.2020
Depreciation -
At 1.9.2019
Charge for year
Disposals
At 31.8.2020
Net book values -
At 31.8.2020
At 31.8.2019		 Freehold
land and
Prefabricated
buildings
buildings
£
£
3,607,098
459,054
-
-
-
-
3,607,098
459,054
863,777
445,854
70,656
13,200
-
-
934,433
459,054
2,672,665
-
=======
======
2,743,321
13,200
=======
======		 Tennis
courts
£
36,689
-
-

36,689
36,689
-
-

36,689
-
=====
-
=====		 Motor
vehicles
£
47,805
-
(24,585)(
23,220
47,805
-
(24,585)(
23,220
-
=====
-
=====		 Library
Equipment
books
£
£
335,602
3,872
-
-
61,467)
(3,872)
274,135
-
148,516
3,872
128,230
-
61,467)
(3,872)
215,279
-
58,856
-
======
====
187,086
-
======
====		 TOTAL
£
4,490,120
-
(89,924)
4,400,196
1,546,513
212,086
(89,924)
1,668,675
2,731,521
=======
2,943,607
=======

The freehold land and buildings and prefabricated buildings held at 31[st] August 2020 are occupied and used by the Trust.

Page 20

ABERDOUR SCHOOL EDUCATIONAL TRUST

A company limited by guarantee

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2020 (continued)

10. FIXED ASSET INVESTMENTS

At cost 2020
£
100
====		 2019
£
100
====

Aberdour International Limited was incorporated on 3[rd] June 2016 with an issued share capital of 100 ordinary shares of £1 each. The Aberdour School Educational Trust owns 100% of the issued share capital. The company had not commenced trading at 31[st] August 2020.

11. DEBTORS

School fees and recoverable disbursements
Other debtors and prepayments
CREDITORS: amounts falling due within one year:
Bank loan
Sundry taxes and social security costs
Fees paid in advance
Other creditors, accruals and deferred income		 2020
£
49,642
189,358
239,000
======
2020
£
51,199
61,785
370,686
275,915
759,585
======		 2019
£
17,228
195,571

212,799
======
2019
£
50,585
58,619
447,097
274,951

831,252
======

12. CREDITORS: amounts falling due within one year:

The bank loan is secured on the Trust's freehold land and buildings.

13. CREDITORS: amounts falling due after more than one year:

Bank loan
Fee deposits
Fees paid in advance		 2020
£
1,232,313
125,600
6,991
1,364,904
=======		 2019
£
1,312,717
117,350
16,365

1,446,432
=======

The bank loan is secured on the Trust's freehold land and buildings. The amount of the bank loan repayable after five years is £982,157 (2019-£1,067,486).

Page 21

ABERDOUR SCHOOL EDUCATIONAL TRUST

A company limited by guarantee

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2020 (continued)

14. UNRESTRICTED FUNDS

Revenue Reserve

Balance at 1.9.2019
Surplus for the year
Balance at 31.8.2020		 2020
2019
£
£
1,856,313
1,839,554
28,280
16,759
1,884,593
1,856,313
=======
=======

15 PENSION COSTS

The Trust participates in a multi-employer defined benefits pension scheme, the Teachers' Pension Scheme (England and Wales) (TPS), for its teaching staff. It is not possible to identify the assets and liabilities of the Scheme which are attributable to the Trust.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by the Teachers' Pension Scheme Regulations 2014. Members contribute on a 'pay as you go' basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set following scheme valuations undertaken by the Government Actuary Department. Currently the employer contribution rate is 23.68%.

The Trust also contributes to stakeholder/workplace pensions for certain part-time and non-teaching staff and personal pension (insured) schemes for certain senior members of staff.

Contributions paid:-
Teachers' Pension Scheme
Stakeholder/workplace pensions
Personal pension scheme		 2020
£
324,731
30,225
41,627
396,583
======		 2019
£
229,385
29,390
30,906

289,681
======

16. COMPANY STATUS

The charity is a company limited by guarantee. The members of the company are all trustees, who make up the Council of Management. In the event of the charity being wound up the liability in respect of the guarantee is limited to £1 per member of the company.