ORLEY FARM SCHOOL TRUST (A R•gistered Charlty and a Conwny Llmlted by Guarantee) Registered Company No: 628541 Registered Charity No: 312637 ANNUAL REPORT OF THE GOVERNORS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 •A9ZXYS29¥ 1010312021 COMPANIES.HOUSE A10
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ORLEY FARM SCHOOL TRUST CONTENTS Pago Charity Infomiation Annual Roport of tho Gowmors 3-12 Independent Auditofs Report 13-14 Statement of Financlal Activllies 16 Balance Sheet 17 Cash Flow Staten*nt 18 Accounling Pollcies 19-21 Notes to the Flnancial Statements 22-28
ORLEY FARM SCHOOL TRUST CHARITY INFORMATION Governors The Govemors a memtEr5 of the Govemir#J Bc#Jy. are the Charity Trustees and are the Directors of thg Company for Companies Act purwses. The GoVerts who have seThed during the year and since thg year end are irxjicated below. AlorJside eath ¢vernor are details of the sutcommittee5 on which they Mr C J Hayfield Dr M Short Mr M Andrews Mr5 Carol Cliffe Mrs P Jackson Mrs S Kothari MrA Land Mrs L Malde Mr D Navapurkar Mr R Raithatha MrA Sfflith MrA Sofat Chairnan Deputy Chaimwn Reti 31st August 2020 Officers Headmaster MrT G Calvey Secretsry Mrs T K Vaid Director of Finan MtsTKVah Director of Operaknons aThJ Clefk Mr J ShakeSle App)inted 15th Jur¢ 2020 Principal Address and Reglstered Office South Hill Aver Harrow-on4hthill Middlesex HA1 3NU Advisors Bankers Nalwesi 1-9 StAnn's RoJ Harr(Iw Mithjlesex HA1 1EB Solicitors Harvison Clark Rickety Limtted Elenborough House wellion Street Cheltenham GL50 1YD Auditors PKF Littleiohn LLP ststutory Auditors 15 Westferry Cirryjs Canary Wharf London E14 4HD Insurnnce Broke Marsh Education PraCte Capllal House 1-5 PeryrTKiunt Road Haywards Heath West s8$eX RH16 3SY
ORLEY FARM SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS Year ended 31 August 2020 The Governors present their Annual Rert for the year ended 31 August 2020 together with the audited Financial Statements forthe year, arml confim) that the lattercomply with the requirements ofthe Companies Act 2006. the GovemirvJ Instruments of the Charity and the Ststemenl of Recommended Practice, Accounts'ng and Reporting by Chanties I"FRS 102 SORP'I. Reference and Administrative InfMnati¢)n Orfey Fami School Tr1 {Ihe Trust) is a company limrted by guarantee registered as company number 628541. The Trust is also registered with the Chanty Commission under charity number 312637. The Govemors, executive oifKers and principaj aydress of the Chanty a listed. along with particulars of its professional advisors, on page 2. Structure. Govemance and ManageThnt Goveming Instruments The Charity is governed by ils Memorandum and Articles of As50ciats"on. which date from 1959 and were substantially rewsed in 21KJ4. In June 2007 the Charity Commission permitted an extension to the objects. In the furtherance of these objects the Directors. as the Trustees of the Charrty. have complied with the duty in s.1715) of the Chafiknes Act 2011 to have due regard to the Chanty Commission's published general and relevant sub-sector guidance conceming the interpretstion of the Public Befit requirement under that Act. Governing Body The Board, detailed on page 2. is a setf-apwinting iM)dy with ore exception being the Headmasterof Harrow School who is a member by virtue of Ihis position. Service on the Boanl is for 8 tem of three years whith may b8 renewed no more than tsvice on retiremenL The Chairnan 15 eted to serve for five years which may be renewed only. Due to exceptional circumstan. the 8oard has awoved lo extend the current Chaimian's tenure. TYu$t•e R¢cruitm•nt and Trainlng The Charity's elected Governors are apwinted at Board ffeetr.ngs ¢)n the basis of nominations received from members of the Board atMI others. based on specrfication5 concerning syrnpathy with the Charity's objects, eligibility. personal competencies. speoalisl skills and l¢Jcal availabilty. New Govemors receive induction in respect of Bo8rrl Policies and Prccedures in addilion to familFarisalbon with current Slrategic and Financial Planning. Following their appointment GoverrK)rs are Mle aware of specialist training oPFQrtunitS by the cle as appropriate. Govemors receNe ongoing trainiThJ, suth as safeguardirKJ and many under tske their own ¢ontinwus professKJnal development in their Spec11$1 areas. Organisational Management Odey Fam Schcol Trust Govemoffs. as Ihe Trustees of the Charity. are legalty spOnsIble for the overall g0Veman aThJ Contr of the School. To dis¢harge this duty they meet as a full Board at least three times each year. The work of implements.ng most of their policies is carried out by tsvo committees which have agreed. and annually rewsed, Terms of RefererKe to assist their futiOnaly. Tse committees are as follows.. Finance and General PurrM)se Committee and EducatKJn Committee. Further sutxornmittees may be conslituted as required. The operational management of the S¢hool is delegated to the Headmaster. togelher with the Director of Finance an(J Directorof Operalions is supp)rted by a Senior Leadership Team and a Senior Managemer)t Team. The Headmaster and Director of Owrations atteThl meetings of all of the ab)ve committees. The Direclor of Finance attermjs the FInar Committee and the Board Meetings. The Deputy Heads attend Educati Committee 8nd Board MeetirvJs.
ORLEY FARM SCHO¢ TRUST ANNUAL REPORT OF THE GOVERNORS Year ended 31 August 2020 Oryanisational Management (continued) The School, through its offThr5, is represented in a numb8r of (Yganisation5 including the A550¢iation of Goveming Bodies of Iependent Schools, the IrKlepgTrJent Association of Preparatory Schools and the Independent Schools Bursars. Associat¥)n. Group Structure and Relationships The Charity has iwo wholly-owned Tr)Trchariiable CoMpares, whose activit* a explained below. South Hill Estaies. Harrow Llmlted (Registered in Engla1 as Company Number 109974) South Hill Eststes Harrow Ltd was irwFWated in 1910 arKI 1$ l¥iMted by shares. The Trust is the beneficial owner of the Wle of the share caFMtal of Company which owns roads on the Soulh Hill Estate, and the benefit of certain covenants relating to PriWdtety•O%d residential a1 other properties on this Estate. The Directors include the Trust's Chaim)an and member of the Trust's Board's Finance and General PurFrfJse Committee. the Director of Operation and hvo residents of South Hill Estales. The Company s assets and transactions in the year are mt considered material. therefore the Govemor5 consider it is not appropriate to prepare consolidated accounts of the Trust and its subsidiary. Copies of the subsidiary's aecounts are made available to the Govemors of the TrusL Orfey Fami School Enterprlses Llmlled (Registered in ErolaTrJ as Company Numbgr 5345071) The Company vms made dorniant on la September 21Y)7 aTrJ will remain dormant until such a time as the level of irdding activity within the Trust necessitates its management by a subsidiary company or when the Trustees elecl that this be so. Risk Manag¢ment The Board of Govemors is reskxjnsible for identifying the key risks faced by the School arml for ensuring these risks are managed. Each year Ihe Senior Leadership Team and the Finance arKI Generydl Purwse Committee idenlify and assess risks and implement controls to mitigate against these. In addition. each year a fomial rewew of the risk manwent process is undertaken. The major risks have been idenirfied as that of the recent impact of Coronawrus Pandemic on the provision of education servi¢e$ and health and safety ofthe entire Scho communty. a decline in the demand for places results'ThJ from a general econom downtum which has been exacerbated by th& Coronavirus Pandemic, the risk that senior schools will irKreasingly tske trYs at age 11 rather than 13 years old. the risk that academieslfree scfK)ols will take children whose parents mighl have previously sent them to Orw Farm School aThJ that the CA)sts of the School's development plan escalate out of contrd. The key Controls implemented ty the S¢hcd a as folkwts". Fornal agendas for all Board arKI Committee activtbes: Detailed and regularty reviewd Temis of Reference for all ¢ommitlees.' Strategic planning. ixjdgeling and management accounting.. Established orgarSatiOnal StrlUre a1 urKlerslo¢d liS of reFM)rtirNJ; Formal written les. Clear, authoritative and 4reed apwovd levels: The appointment of sultalY qualified professional thsers.. and SUSSful impknientstion of remote leamirrfj durir¥J the SummerTemi. aThJ continuous use ofthis where Coronavirus cases have been identifd,. and Ability to switch ow educational delivery into mote leaming in the event of any futher I(&dOWn Through the estsblished systems for managing risk, the &)vemors are Satisf that for the major risks identified steps have been tsken to manage these risks. It is, of course, renised by the Governors thal systems can provide Tea50nable but not absolute aSsUrare that major risks have been adequately managed.
ORLEY FARM SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS Year ended 31 August 2020 Objects. Aims. Objectives and Activitses Charitable Objects To advance the edalKIn of trxjys and girls by the prowsion of a school known as Ortey Fann School Trust in Harrow-on-the-Hill, and any other t)ardirvJ sclKX)l or day school for the education of Lws and girfs an(1 by ancillary or iridental educational activities and other a550ciated a[vItIeS for the benefit of th8 community. Aims and Intended Impact Within these obp(ts. the SclKM)l ams to be a le8dirJ 0)-edatI0naI weparatory school for children aged betsveen 4 and 13 years old. by buikjing on the strategS as stated in the 'Whole School Aims. which are summarised below. the full lexl being published in the School's prospectus and other media. Whole School Alms The School aims to kvovide a challengiNJ enwronment to stimulate, maintain a1 develop ? lively and enquiring mind: to eoUrage all pupils to reach their true wtential armj evenlually become independent leamers who Val arnI1V with and from OtrS. as a life-loThJ prctess. We aim to appoint, develop and retain a staff of the hvJhest qualrty arml to develop a schcd community of responsible citizens. whth affords equal walue Io 811 of its mernrs. is seen to be just and encourages mutual specI. twthfulness and ¢on¢em for oltrws. While caryiro out ourcharilable purpose- the FYovision of education-we aim to deliver substantial benefit to all stakehdders, Inc11rvj our IcKal communitie5, through the provision of an excellent and broad education and through aesS to our seNices. facilities arxl expertise. Impact and Responsiveness In accordance with our Goveming Instruments. we ntinue to provide education for children aged 4 to 13 years - such provi0 relieving the 51ate of relevant costs. In addition. the School continues to provide bursary support for Cunt and new wpils. The Schcd continues to L11d on the links with a WKle seclion of the Icral communty. Key Elements of the School's Strategy In the 21st Century, the School faces nvV a1 evofving educational. legisLgtive, economic. environmental. demographic and social challerrfJes. "To resrM)nd to thern positsvely arKI lo enable Orfey Fam School lo head towards its 2001h annNersary with cOnfKIen Ihere must equal careful planning. These Strategic Prioiitres and the Schod Devek)pment Plan are de5igrd to set the destination and the broad ouuine of the ioumey. The Board of Govemor5 and Senh?r Le*Jernhip T&8m intend that Orfey Fam School.. . continues to be one of the leadir¥J co-educational day sctrK)ols in London.. • will promde quality education and pastordl care for toys aThJ girts in the 4-13 years age range.. • will remain a preparatory sch1 a strorvJ recaxd of swxess in preparir¥J pupils for enty to their senior iThJependent schools., • continue to be trAe5sed wilh a magnificent sile and maintain an excellent range of facilities.. and • build on its lorg and distirNJuished his.
ORLEY FARM SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS Year ended 31 August 2020 Key Elements of the School's Strategy {conlinued) The Board of Govemors ¢ontinues to oversee the pursuit of the Scho)fs strategic priorities and the maIntenae of its agreed profile. These are reVIev regularly th1Oh th8 VAxk of the Board and its Committees. The Govenm irteTrJ thal the SCIM> will: Remain a preparatory schcx)I providirvJ qualty educalion and pastoral care for yS and girfs: Continue to recruit on the basis of academic potential al and the School will continue to develop its bursary funds to give tn effect to this aim.. Continue to prepare boys and girfs for entry to indepeTrJent senior schools - with the alm that boys. and increasingly girts. wll transfer at 13+: cunently most girfs transfer at 11 +; Conts'nue to plan vh the aid of prDfe55ional advis(Ys, the furttr development of the estste in order to FKovide eXMent buildirKJs and facilities that SUPFQrt an oulslanding educalional provision; Devek)p and enact an ICT Strategy. a Communicalions Strategy and an Outdoor Education Strategy: and Deveknp a Leadership and Develonent Progranyne for staff. The Governors measure the success ofthis strategy through a comprehensive review ofth8 annual strategi school development management action plans. arKJ through the termly reportiThJ of key performance measures prTrJuced by senior management forts 808rd to discuss. Ad ho¢ subcommittees are established to locus cross-govemarxelmanwent effort on area5 of interes( opw)rtunity and concem. Objecfjves for the Year The objectives for 2019r2020 were: Maintain Ihe exlIBle of the educatiorwl provisiw through)Lrt the school; To continue to review and improve the extra ¢urri¢ula pr(yJramme known as the "Edge Programme": To review future phases of the Refurbi%hment Plan" To review future phases of the Sthool'$ Master PLqn; To cary on relations wth the Grdnge School in Harrow: To continue the review of our procedures and 1cleS to ensure total reguLgtory compliance,. To continue to improve the Fomer Pupils. Association ffhe Orteyansl: To ensure the prowsion of IT within the School ntInUeS to meet the academic arKI busin8SS needs of the schcx)l.' and Conts'nue to manage the relalionships wrth the Scliool's neighbours. tenants and the wider community to best effecL Strate icRe Revlew of Objectives. Achievements and Perfommnce . The School underwent a fvll edueatitinal inspection in March 2020 by the Independent Schools Inspectorate it has been awarded EXlIent in all categories of the inspection report. •The excellence of the education al the S(KX)I was rwarded by the granlir¥J of a lolal of 51 scholarships to senior schwls, of %%thich a total of 24 were laken up by our wpils.. . Under the school improvement plan we have addressed the follovding: Our Edge Prcgramme. a unhiue set of exFErierKes and opportunib'es aimed at Upper School pulS has been extended further down the schcol - due to the SLJccess and feedback from PUFNIS. It iludeS our pupils wsiting the elderly at St. Peter's Church, suprtir¥j young readers at the Grdnge S¢trb)ol. leaming about aThJ using public transport. service lo the school. film makiro etc.: We have identified thrt temi building projects that we are pursuing, one vthich will enhance educational FvIsion of our youThJest PUFNIS thr(xoh improved play facilities, and the other COnSts of a lanJe landscaFxng project for the benefit of enlire school to enhar creative play arKJ create outdoor teachiro space,.
ORLEY FARM SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS Year ended 31 August 2020 Review of Objectives. Achievements and Perf0mnCe (contlnued) We have anaroed a nmber of events brirvJiTrJ fom)er Pufmls and parents together to enrich our current community. We are conlinuiTrJ to buikl a stronger alumni {The Orteyansl,. d. The school is building a 'Masterplan' to scope and service the future needs of the school for the coming decade. The aim is to join up sh)rt. MKI and lorKJ tem) aims with a cohesive overview to ensure that all future deveh)pments are embedded in the eduCatnal philosophy and aims of the sc01.. and Ortey Fann Schwl continues to tsvelop a rw wothing partnership with South Hill Estates (Harrow) Ltd and the res¥Jents of the estate. • RelatM)ns bmth The Grange Prirnary scho cOntinl to evolve: . A total of 27 PUF¥ls received finaThial 5UPEK)rt towards I1r fees through the School's Bursary and Hardship SupFX)rt Scheme whi¢h was SFecrficalty created in response to the Coronavirus Pandemic: . SC1 PoIleS continue to te reviewed lo ensure regulatory corn18n %wth the frequently changin9 regulatiorts: • The IT continues to be upgraded to enswe IT SUPFQrt throhOul tr S¢tr)ol for l)oth pupils and admirmstrative stsff is up to date; . Use of WCBS PASS, ISAMS. My Schy)I Portal aTrJ firefly intrat sofre continue to evolve: • Elements of the &year strategic plan agreed by the GovemirKJ Body in 2015 continue to be implemented; . The pupil pick-up system Contin$. and in addition the Pre Prep Playground is used for parent parking provided they are dropping off 3 dNklren. resulting in a substantial decrease in traffic congestion on the South Hill Estste" • The School aled a 20Yo Teduction to Summer Term 2020 fees in re5wn5e to the Coronaviws PaThjeM atwj it estsblisl*d a Hardship Suprx)rt Stheme to support our parent community: and . The School SsS[u11Y pmvoted the delivery of its educalional Pro0n from onsite to remote in respjnse to COronavin PwKlemic whilst suppytiTh3 31 key worker Children Pupll desllnations and Scholatship Awanls in 2020 Pupils often apply for, aThJ are awarded. scholarships for more than one Sc01. On these occasions. only the scholarship for their future s¢hcd is actepted. Bo Destination S¢hool Number of Pupils Scholarships Awarded Aklenham Haberdashets, Haileybury Harn)w John Lyon Merchant Tayk)fS Rugby StAlbans Westsninster TOTAL: 28 18
ORLEY FARM SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS Year ended 31 August 2020 Girls.. Destination S¢hool Number of Pupils Scholarships Awarded Haberdashers. St Marylebone CE Northw0( College Pamiterfs Royal Masonic South Harnpstead St Bernard's Grammar Sl Helen'$ St Margaret's St Paul's Qn$wood TOTAL: 23 Res nse to the Coronavirus Pandemic Financial Review and Results for the Year It g)es without sayirwJ Ihat Ihis year has pre5errted a IK)St of Challere5 much uncertainty for Ihe Orfey Fam Community. as has been the case for many nationally and globally. On reflection. the Governing Body are incredibly pro of our Or1ey Fami Communty aThJ its resFonse to on4aoing Coronavirus Pandemic. Early into the Coronawrus Pandemic oulbreak. a separate cornmittee compromBing of members of Ihe Goveming Body and the Senior Leadership team was created to ensure a focused and timely response to the Coronavirus Pandemic. This committee ensured all areas of the School's operalions including the edation provision, finarte arKJ health safety were carefully assessed againsl a backdrop of rapidly changing legislatK•n and Govemment policy. The outcomes from this committee were retM)rted to the whole Goveming Body ensuring all G)verrK)rs were kept abreast wilh th8 chamenges faced by the S¢Pwl and its reSnSes. At the very start of this ParKJemic. ourteaclvs had to quick¥ adapt to a new way of teaching., this entailed intensive trainirKJ on our remote leaming platforms in orderto ddiver ourleaching and leaming for our pupils. The Headmaster. Senior Leaderstu"p team and teaching staff made great efforts in the way they actively engaged with our pupils in deliveriThJ atiVe leaming opportunibes through the various remote leaming platfomis and the Governing Body are delighted that pupils also sWiY adapted to the new way of leaming. The School continues to use these remote leaming plafforms to deliver remote teaching for those familie5 who are self-isolaling whilst we continue ourjoumey through Ihese urKharted territories. Over the Swnmer Temi. the teachirKJ arml leaming experience of pupils mained of paramount imwrtance for the staff at Orfey Farm School and. il is with their dedKalion and support. the School We able to offer a number of activities. all within Govemment guidelines. to provNJe an opportunity for the school community to reconrEct vh each other. These aclivities incltxjed a crealive allematsve to the tradrtional 'Expedilions Week, whith became 'Conneckn"ons Week.; a 2-day caroLwI of exciting and fun activities and challenges on the school site for every year group and, for th8 remainirwJ 3 days of that week. all children were invited to reflect and respond in thwr own personal aY to the hMJhs and lows ofthe year. The culmination ofthis was each pupil putting togetr*r a kyesentation in a variety of media to show I1r fom the follo%MTh3 week.
ORLEY FARM SCHOOL TRUST AMNUAL REPORT OF THE GOVERNORS Year ended 31 August 2020 Otherevents induded welcomirwJ PUlS back in Reception. Y1 and Y6 in the Summer Temi, offering SUFfJOrt to key worker children and staging an altemab've out(kK)r Speeth Day. which became 'Orley Farm Celebration Day,, for our leaver5. There were nLMmerous requred changes which b)th teach8r5 arnl suprM)rt staff had to adapt to in order lo prepare for the safe retum of all staff aThJ pupils on the schiy)I sile for the slart of the new academic year. These necessitated tM)th physical changes lo the way the school operates as well as orerational changes to the provision of a number of SUPFM)rt services. From an operan?1 Fer5r)e¢tive in particular, this required a significant degree of Fdanning by caretaking, cleaning and cateriThJ staff in order to ensure the school buildings were adequately ventilated and cleaned each day. along with adapting to sta99ered and separate break and lunch times betrween 'bubbles' and Ihe crealM)n one way systems to for all staff and pupils to navigate the School. The grounds arKI maIntenae teams had to adapt to staggered drop off arMJ collection times wa the drive through. aThl the increase in traffic generally with less car shariro and use of public transwrt. whilst the administration and nurgrvJ teams have deall with a signtficant increase in calls from both staff and parents in relation to coronavirus seerj help. gubdarre arKI often just $SUranCe. The Goveming Body were well aware of the rertaInty faarrfJ many of our pants during these difficult and unprecedented times aThJ offered an ameThlment to Summer Temi 2020 fees as well as committirKJ to a fee freeze for the 2020r21 acaemic year. In addition lo this. a Hardship Support Scheme was created durirYJ the period which. in cOnjurlI0n with Fee SupFX)rt Scheme, provi(led finan(ial support to 27 pupils. Further details are avaiL3tAe below uThYer the headirwJ Fee SupFM)rt. Headmasterwas also all too aware of the challenges faciro our Orfey Fann parent community arKi de(aded to supwrt these parents by taking a reduced salary for t4K) ftkths. As a direct consequence ofthe Coronawrus Pandemic. the Sckol m&Je a cortscK)us decision to scale back all its nonossential expwKltture and pause on tsvo short term buihying prqects until a clearer picture of the economic landscape is established. The operating costs of the year were £6.617.98812019 - £6,853.1261. However. due to the Coronavirus Pandemic a number of roulire services repairs have been wstponed in to the fOrtMirj adeMiC year. these postponed costs are expected to be in the region of £155.000. It is also anticipated that additional costs will te incurred in the forlhc(Nning academic year in respect of technology. both hardware and sOfre. to ensure that our remole leaming delivery Continl lo develop as well as increased Snd on onsite health aTrJ safety provisions. The school generated net fee income of £6.983,682 {2019 - £7,264.324>. whth was the primary source of revenue. The substantial drop in netfee income compared to the prioryearwas as a consequence ofoffering an amendment to the Summer Tem) fees. thus reduung expected fee incy)me by £5C6,527. and also provtding additional supwrt to our parenls via our Hardship Supwrt Scheme. The additional irOMe, as reported within Ihe Ststementof FinarKial Activity. vras mainly generated from investments. rent and interest along with a govemment grant from the participation of the CoronaWn Job Retention scheme. The school also made an appli¢ation to its bank for a capitsl repayn*nt holiday on ils loans that was suc£essfully granted in the summer nK)nth5. and in lum alleviated Ihe pressure on the SchLM)I'$ ¢ashflow. All the atrx)ve has helped generate the surplus of £903.056 {2019: Surplus of £709.6851 of the year. The school has earmarked £S0.000 of this surplus to be used to supplerrtht our Fee Supwrt Scheme in the forthcoming year, and ts remainder towards projects that were aCed on hold tolalling £1.000.000. The Board of Govemors are confidenl that the S¢hool'$ finantial situation is in a sound position which will enable the School to manage Ihe current economic wThrtainty arnl imminent recession whilst balanciro the interests of all key sLqkeholders. Freehold Properties In addrtion to the School buildings. the SclM)ol ovm5 four reydential properties at New Julians (Headmaslerfs House). Oakme&J HoLtse and Ortey Fami Cottage (for staff occupation only). and westUme House {nine ats. part staff arwj part non-staff o(thparY}. Incorne generated from property revenue this year was £129,38612019- £130,674).
ORLEY FARM SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS Year ended 31 August 2020 Extr&Currfcular Acllvltles Our extra-curricular progrdmme contrS to be 111 an)uThl our weekly programme of lunchtime and after school clubs. However due to the Coronavirus Patvjemic, we were unable to offer our Odey Fam tradition of Expeditions. Nevertheless. the Sthool are Iking for ways to reinstate the Expedits'on Week for the 2020121 in line wilh govemment guidelines. Public benefit As required by the Charitie5 Act 2011, Gove)15 have referred to generdl gUIdae on public ben8fit aTKJ have due regard to the Charity Commission's guidance on public benefft. including the guidanc8'Publ Benefft.. Running a Charity {P82)'. As part of our public tenefiL we co-operate with a range of local charities wi our ongoing endeavours to wi(Jen public ac55 to Ihe schooliro we provide,. to opts'mise the edu¢ational Ltse of our cultural and SrtIrj faCIle$ and to awaken in our pupils an awareness of Ihe wider social context of the education they receive at the School. rK)te, follo.ng activrbes have tsken F4a¢e: . Partnership with Grange School. The SC1 contin$ to supw)rt the Grange Middle Sch)ol, Harrow. This supwrt has iruded prowding tran¥M)rt and invitations to SpOng toumamersts and drama pr0dltIOnS., in addition, our senior pupils are part of their pald readirKJ scheme, Maths Day and they support younger chikjren in dass through our community'Edge" Programme. . Use of Sportlng facilitles. St Dominic's College. ffoke use ofour sport5fr1ds whth include cricket pitches. Aslroturf soccer piches. SL Georges School Contin to make occasional use of our Scer iitches. • Work Experlence. The School continues lo offer work experien(x placements to stentS from various colleges whereby some students gain sp)rts coadNng experien. • Sports Toumaments. The School has again organised foott)all and netball toumaments and Year 2 Multisport. LcKal schools attended on a number of occasions. These events continue to evolve. . Harrow Cricket Club. By continuiNJ to subsidise the overheads of Harrow Cricket Club. over tsvo hundred youth cricketers aThJ a numberof adult teams from the wider eommunrty have access to the 5porL The junH)r ¢olt'$ teams also make use of the sports hall dunng wnter nnthS ) support of their exparKthrwJ junior cricket programme. . Local church youth worker. The SchcKJl supwrts Christ Church Roxeth by subsiding the costs for a youth worker to SUPFX)rt the community in edtiTh3 the k1 youth in the danger Df knrfe crime. • Charitable Glvlng. The scM)ol has raised £2.935 for Place to Be Hospital and £120 for Henry van Straubenzee Mernorial FurKI. In addition to this a donation from our Parent community of£2,016 was made towards the Henry van Strautnzee Memorial Fund. Fee Support This year we SUPFQrted a total of 27 pupils at a cost of £138.679 throLoh our own Fee Support Scheme aTrJ our Hardship Support Scheme created during the period. as a direct resFonse to the Coronavirus Pandern. Our parent community kindly donated £9,303 into the Hardship SupFort Scheme. This supp)rt, which is available on a needs bas, was detemiined by the Chair of Ihe Finance and General Purposes Committee in consullation with the Headmaster arNJ th8 '[ectOr of Fina. 10
ORLEY FARM SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS Year ended 31 August 2020 Plans for Future Perlods These plans remain: To enact the School's Eststes Strate9y. of which £1 m has been set asKle for 202012021; To enact ourfinancial Flans in supwrt of this Estates Strategy.. To enact the School's other development plans and priorrlies as articulated in the 5 Year Strategy agreed by the GoverTr)rs for whith a designated fund ha5 ¢ated. Objectlves for 202012021 Maintain the eXllerte of the educational provision throughout the school; Obtain the necessary building and planning eonsents lo improve the school's infrastructure by refurbishing our PrevPrep and build an ouldr play area within our meadow: To enact future phases of Ihe Refurbishment Plan. To enact phases of the School's Master Plan" To cary on relations with the Grange Sch1 in Harrow; To continue the review of our KKocedures arml p)licies to ensure total regatOry compliance: Conljnue to improve the Fonner Pupils. Association IThe Orfeyansl; To ensure the provision of IT within the Schjol contile5 to meet the acadern and business needs of the school: Continue to manage the relalK>nship5 Vith the School's nel9htKrs, tenants and the wider community to best effect.. 10. Continue to manage the School's edatron pffjvision. estste management. resFMJnsibility to pupils, staff arKI the v•ider school uynmunty to best effect whilst managing the risk of the Coronavirus ParKl8mic. Reserves Policy The total reser$ for the h0o1 were £13.496.752 ofwhich £1.OCK).000 related to desNJnaled fvnds leavi £12,496,752 as total free reserves. As the assets of the school are £13.496,752 the school does not hold any free reseThes. The aim of the sch(x)l is to build up its reseThes to ensure it has at least working capital which is greater than one monlhs. eXFendrtv and tr• have an additional amount to cover any existing commitrnents the school may have entered into. At 31 ALNJUSt 2020 wod(ing capital stood at £3.620.101 vthich is greater than one month's exF¢nditure as desired. The Govemors will continue to strive to generate funds in line vthh minimum targeted knls. Re5erv85 Policy v•ill be reviewed on an annual ba$is. Remuneralion Policy The Remuneration Committee are lasked with revtev•ing remuneration on an annual basis. Con5ideralion is given to the current mathet corNJitions, perfornre and obJ"eclives set at the beginning of each academic Responsibilities of the G¢)vemors The Govemors (who are also director5 of Orley Fam) Sclbxjl Tntst for the purposes of company law) are responsible for preparing the ReFQrt of the (>)vernors (including Strdtegic Report) the financial statements in accordance wtth applicable law and Unrted Kingdom Accounting Standards {Uniled Kingdom Generally ApIed Accounting Practice). 11
ORLEY FARM SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS Year endgd 31 August 2020 Company law requires the Govemors to prepare finarKial statements for each financial year. which give a true and fail wew of the stale of affairs of the charitable company and of the incoming $OUrceS and application of resources, incIling the Irome and expeTrdrtu, ofthe charitalje Company forthat Feriod. In preparng these fwkqncia statements. the Govemors are reqLired to: select suitable accounting rx)licies 8rMI then apply them consistently: obseThe the methods arbj principles in the Charities SORP 2019 IFRS 102): make Jments and estimates that are reasonable arKI pnxlent.. state whether applicable UK Accountiry Slandard5 have been followed, subject to any material departures disclosed aTrJ explained in the financial statements: prepare the financial statements on Ihe goirffJ concem basis unless it is inappropriate to presume that the charitable company wll continL in operation. Th8 Governo are resFM)nsilJe for keeping adequate accountitvj records that disclose with reasonable accuracy at any time the financial positK)n of the charitable company and enable them to ensure that the financial statements cornp5y the Companies Act 20c. They are also responsible for safeguarding the assets ofthe charitsble company and hee for takiro reasonable steps forthe pVentIOn and detection of fraud aTrJ olher irregLdaribes. In $0 far as Goverrm a a¥Yare: there is no rdevant audit infomiatj'on of vthith the dritab[e company's auditor ts unaware: and the Govemors have taken all steps that they ought to have taken lo make themselves awa of any relevant alIt information and to esiat4ish that the auditor is aware of Ihat infomation. Auditors PKF Littlephn LLP has signified its wllingness to )ntInUe in offKe as auditors. A resolution prow&rnJ Iheir rpWfttrnent viill be submitted at Ihe Annual General MeetirwJ. Approved by Board of Governor5 of Orley Farrn S¢lvJl Trttst on 30th Novemtr 2020 and signed on its behaw by: C J Hayfield Chaimwi 12
ORLEY FARM SCHOOL TRUST INDEPENDENT AUDITOR'S REPORT Independent audilor'$ report to the members of Orfey Farm School Tnjst Opinion We have audited the financial siatements of the Orley Fami Sch(M)l Trust {Ihe 'charrlable ¢ompany'l for the year ended 31 August 2020 which comprise the Ststsrrnt of Financial Activitie5. the Balan¢e Sheet. the Cash Flow Ststement and notes to the Traal statements. IrlUdIng a summary of signfficant accounting policies. The financial reForbrvJ frdmewofk that has been applied in their prepardtton bs applicable law and United Kingdom Accounting Stsrmlards. iluding Financial ReportiTrJ Stsndard 102 The Financial Reporting Standard 8pplicat4e in the UK and Republic of Ireland {United Kingdom Generally A¢¢epted A(£ounting Practice). In our opinion. the ffinaal statements: give a true and fair view ofthe stale of the Charitab company's affairs as at 31 August 2020 and of its incoming resources aTrJ apF4tcation of resources. inclUdw its 1me and expenditure, for the year then ended; have been proterfy prepared in a¢XOrdar8 with United Kingdom GerallY Accepted AccountirrfJ Practice; arKI have been prepargj in accordarre wlh the reqrnents of Ihe compan Act 20CiS. Basls for opln6on We conducted our audit in aCCordare with Intemational Standards on Auditr'ng {UK> (ISAS IUKII and applicable law. Our reSn111IeS under tIK)se stst*tsrds are further described in the Auditorfs KX)nsibiltties lor the audit of the finanaal statements section of our reFQrt. We are independent of the charitable company in accX)rdan wth the ethThl rwuirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical ponsibilities in a¢cordan¢e with these requirements. We believe that the alIt eVKIen we have obtsined 15 Sur"ent and apwopriate to prowde a basis for ow Op)n. Conclusions relatlng to golng concem We have rnthing to report in resFect of the foll0vrj matter5 in relati to which the ISAS (UK) requi u$ to report to you where: the trustees. use of the going concem basts of accounting in the preparatBJn of the finCial statements is rnt appn)priate', or the trustees have not disclosed in Ihe financial statements any idenb'fied material uncertainties that may cast SnIficant doubt about the eharitsble company's ability to continue to adopt the going concem basis of accounting for a period of at least tsvelve months from the date when the finatKial statements a authori for iw. 13
ORLEY FARM SCHOOL TRUST DEPENDENT AUDITOR'S REPORT Other infommtlon The other informat#)n o)mprises the infomwtitin 1rljed in the Annual Rep)rt ofthe Governors. olher than the financial statements and our auditorfs report thereon. The trustees are responsible for the other infom7ation. Our opinion on the finarKial slatements does rt cover the other information and. expt to the extent othemise expliciliy ststed in our reFQrt. we do notexpress any form of assuran ¢onclusKJn thereon. In connection 1th our audit of financial statements. our resFonsibility is lo read other inforrnalion and. in doing so. conskyer Whettrr the other inf0mtiOn is materialty inconsistent wilh the financial statements or our knowledge obtained in the audit or OtheISe appears to te materially misststed. If we identify suth material irwwstencies or apparent material misstatements. we are Uired to d8terynine whether the is a material misstatement in the financial statements or a material misstatement of the other irfomation. If. based on the work we have perfom*d, we ConCle that there is a material misstatement of this other InfoallOn, we are reqiired to rewrt that fact. We have nothirKJ to report in this gard. Opinions on other matters prescrlbed by the Cmipanies Act 2006 In our opinion, based on the woth ur¥Jertaken Y) the c(KKse of the audit: the informalion given in the Annual Report ofthe Govemors (l[ating the Trustees, Report and Directors. Report) for the finanaal year for which the financial statements are prepared is consistent with the finarKial 5tstements: arnl the Annual Report of the Govemots {inCorF.ng the Trustees. Report and Directors. Report) has been prepared in acrd8 wih al¢able legal requirements. Mattern on which we are required to veport by exceptlon In the light ol the knowledge and undev5tanding of the charilatAe coThpany and ts envirvnThpnt obtsined in ihe cowse ofthe audit. we have Th)t 1dentffj materia rnlsstaiert$ in the Annual Rew)rtoflhe Govemors. We have nothing to report in resFect of the follov•iW mattets in relation to which the Companies Act 21J)6 u1$ us to report to you rf, in our opinn. adequate aeeountiro records have not been kep( or retwns adequate for our audit have not been ived from brarthes Visbted by us: or the financial statements a not agreernent with accountirwJ re¢ords aThJ tUrnS. or certain disclosures of trustees. remuneration spe¢ffied by law a not made: or we have not reiVed all Ihe wfft>mk31ion ar#Y explanations we require for audiL or 14
ORLEY FARM SCHOOL TRUST INDEPENDENT AUDITOR'S REPORT Responslbllltles of trusteos As explained nKire fully in the truslees. responbilItIeS slatement. the trustees (who are also the directors of the charitable compary for the purwses of company law) are reSnSible for the preparation of Ihe financial statements and for being satiSfd that they gwe a true and fair view. and for such intemal control as the trustees determine is necessary to enable the preparab'on of financi statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the trustees are resnSIble for asSesng the ¢haritsble company's abilty to continue as a goiro CANern, disdosing. as applicable. matter5 related to going concem and using th8 going concem basis of acClnting unless the Iruslees either inteNJ to liquidale the charitable company or to cease operdtions. or have Tr) realislic aliernative bul to do so. Audltor's responslbllili¢s for the audlt of the financial statements Our ofy'ectives ar• to obtain reasonable assurance aul vthether the fwwrKial ststeffEnts as a whole are free from material misstatement. vknether due to fraud or error. and to issue an auditorfs report that IncleS our opinion. Reasonale assrar is a high level of assuran. but not a guarantee that an audit Conducted in aCCordare with ISAS (UK) will always detect a material misstatement when it exists. Misslalements can arise from fraud or error are Conside material rf, individually or in the aggregate, Ihey coubj 0$OnablY be expected to Influe the ecorK)mic decisi of IL5ets laken on the basis of these financial statements. A furttw descripts.on ofour responsibilitieslor the alt oftr* finarKial statements is lotsted on Ihe FIncIaL Reporting Counryl's website al.. vAYw.frc.o .uklauditorsres . This description fomis part of our auditor's reporL U$¢ of our report This report is made solety lo the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Compan5 Act 21. Our aj11 w)rk has been undertaken 50 that we might stale to the charitable crynpany's members those matters we are required to state to thern in an auditorfs report and for other purpose. To fullest exlent pemitted by law. we do not accept or assume responsibility lo anyone. other than the charilaNe company and the charitsble Companys members as a t#xly, for our audit work, for this or for Ihe ovni$ we have fomied. Alastair Duke (Senior Stalutory Auditor) For and on behalf of PKF Littlejohn LLP Stalutory Audltor Date.. 3 December 2020 1 S Westfery Circus Canary Wharf London E14 4HD 15
ORLEY FARM SCHOOL TRUST STATEMENT OF FINANCIAL ACTIVITIES In¢orpornting an Income and Expenditure Account Year ended 31 August 2020 Incoming Resources 2020 2019 Note Charilable A¢tiviti•s: School fees recewable Registration fees Anollary trading incorne Other income Grant income 6.983,682 7,264,324 10,150 11.000 55,141 82,546 167.532 203,159 298.062 2a Other Actlvilles to Generdte Funds: Investments 6,477 1782 Total Income 7.521,044 7,562,811 Expendllure on: Raising funds FinanciNJ costs 91.942 1.329 Charltable Actlvilles Arillary trading cnsts Primary edatIonal costs 2b 22.639 54,908 6.503.407 6,691,889 Total Resources Expended 6.617.988 6,853,126 Net Movements in Funds for the Year 3.056 709,685 Balance at beginnirKJ of year 12.593.696 11.884.011 Balan¢e at End of Year 13.496.752 12,593.6 All of the activilies (rf the Sclwl are conlinuiThJ. The Sththl has no recojnised gain or losses other than as slated above. All 1mir¥j sOUrceS are UnStrIded. The AUnting Policies and Notes on pages 19 to 28 forni part of these Financial Statements. 16
ORLEY FARM SCHOOL TRUST Company Numb¢r. 628541 BALANCE SHEET At 31 August 2020 FIX Assets Note 2020 2019 TarbJible fixed assets Investments 13.244,706 20.950 13.615.085 20,950 13.265.656 13.636.035 urrnnt Assets Debto Cash at barA( and in haThJ 10 242,797 3,620,101 167.391 2.377.224 3,862,898 2.544.615 Credftors: due within ort year 11 (951,1) (917.6941 Net Current Assets 2.911,793 1.626.921 Creditors: due in more tl%gn one year 12 (2,680.6961 {2,669.260} Net Assets 13,496,752 12,593,696 Unrestricted Funds 14 General ftmd Designated FuTrJs: Buildir¥J Refurtjishrnent fLThI 12.496.752 12.593.696 1,(KK),OIXI 13,496,752 12.593.696 Approved by the Board of Govemors on 30th Novernber 2020 and signed on its tehalf by: C J Hayfield Chaivman Thg Accounting Policies Notes on pages 19 to 28 forrn part of FInarla1 Statements. 17
ORLEY FARM SCHOOL TRUST STATEMENT OF CASH FLOWS Yèar ended 31 August 2020 2020 2019 Net Cash Infflow from Owrating Aclivilies 15 1.515,885 974.960 Cash fl¢)ws from Investl Aclivltles Payments to a uire taThJib e fixed assets Interest recei Interest paid 141,608) 6.477 91 {110.161) 1,782 Net Cash Infl¢)wl{0uthj from Investing Activities (127,073) 1214.708) Cash flow from Financlng Actlvltles Loan Repayment (145.935) 1253,164} Increasel{Decr&ise) in cash In the year 15 1,242.877 507,088 Reconcilialion of Nét Cashfirm to Movoment in Not Fun(ts Increasel(Decrease) in cash in the year Net decreasel{increase) in bank loan 1.242.877 145 935 507,088 Change in fuThJs resuth"rvJ from ¢ash flows 15 Movement in net funds in the year Net funds at Winning of the year Net Fund5 at End of the Year 1,388.812 760.252 1 327 223 15 The A¢0n11n9 P0cleS arml Notes on pages 19 to 28 fo part of these Finala1 Statements. 18
ORLEY FARM SCHOOL TRUST ACCOUNTING POLICIES Basls of Accountlng Orfey Fam School Trust is a charitable ¢ompgny in ts Uniied KiTh3dom. In event of the charity beiro wound up, the liability in respect of the guarantee is limited to £1 per member of the charity- The address of the registered office is given in the charity infom)alK)n on page 2 of these financial statements. The nature of the charity's operations and prinopal activities is the operalion of Orley Fami School. The charity constitutes a pub¢ tenefrt entty as (lefirEd by FRS 102. The finarKial ststements have been prepared in accordan ¥th A¢countirwJ arKI Reportir#J by Charilies.. Statement of Recommended Practice applicable to charibes preparing their accounts in aordance th the Financial Reporting Standard apFdicable in the UK arKI Rewblic of Ireland (FRS 102) issued on 16 July 2014. the Financial RewrtiThJ Standard applicable in the Uniled King(k)m and Republic of Iland IFRS 102). Ihe Charities Act 2011. the Companies Act 2006 and UK Generalty A¢(xpted Practice as il applbes from 1 January 2015. The financial ststements are prepared on a goiro concem basis under historical cost ¢onvention. modrfied to indude certain items at fair value. The fal statements are prepared in steding which is the functional currery of the charity. The Govemors havè assessed wtthr the use of the WINJ coeM basis is appropriate and have considered possible events or corKlitions that Mh1 cast signffjcarrt doubt on the abilty of the School to continue as a going cortem. The Govermrs have made this assessment for a period of at least one year from the dale of approval of the finanual statements. In particular th8 Govemor5 have considered School's forecasts and projecliorts and have taken account of pressures on fee income. pacularlY in light ofthe impact of ts Coronawrus Pandernic which ocEurred before these financial 5tstements were approved and is explained in more detail in the Risk manment section of the Govemors Rewrt in these financial ststements. After making enqimries the Govemors Iwve concl that there is a reasonable expectation that the School has adequate resources to conb.nue in operakn'onal existen for the foreseeable future. As such the School can expect to be able to meet its li)ililies as trw fall due in the kvicxj ol at least 12 months from the date of approval of these arLovnts. However. there Can tr no certainty in relation to these matters. On this basis the Govemor5 have concluded thal the School is a going corKem. The financial statements do r*)t include any adJu5trnents that would $V11 from the School rL)t being able to meet its liabililies as they fall due. The signfficantaccounkn'ng policies applie(l in preForation ofthese ffirmncial statements are set oul below. These poli have been Co81$teY apph'ed to all years wesented unless otherwise stated. The Tnjst is the beneficial owrr of the whole ofthe share capital of South Hill Estates Ltd. The Company's assets transactions in the year are not considered material. Iherefore the Govemor5 consider it is not appropriate to prepa Consolidated aoUnts of the Trust and its subsidiary. Cash and ¢ash equivalents Cash and ¢a$h equivalents incIJe Cash at bank arKI in hand. Judgements and key $our¢ts of ¢stimatiM and uncertainty The weparation of the finan(ial statements reqviTrs management to make judgements, estimates and assumptr'ons that affect the amounls reFA)rted for assets and liatrAlities as at the balarKe sheet date and the amounts reported for revenues and expere5 during the year. However. the nature of estimation means that actual outcomes could differ from Ise estimales. The judgernents {apart from those involving esknmatesl that have had the most gnifirn1 effecl on amounts recognised in the financial statements related to the useful economic lives of tsngille fixed assets. aThl judgemerts in relation to the ver2.1Ity of debtor balances. Grant incomo policy Income from grant is furtough irtome received from HMRC. It is recognised in lirE with the Feriod to which each claim lateS 19
ORLEY FARM SCHOOL TRUST ACCOUNTING POLICIES Income All incoming resources are incIled in the Statement of Financial Activities ISOFAI when the Sthool 15 legally enlrtled to Ihe irKome, after any performance condilions have been met, wlEn the amounl can be rneasured reliably ar¥J v*then it is probalje that Ihe income will be received. Fees receivable and charges for seNices and use of preffises are a(£ounted for in the period in which the Servi is prowded. Fees received piior to the erwj of the year in respect of the following tern are shown on the balance sheet as deferred irmne. Income from donations is recoynised on recapt. there are no conditions attached to any donation thal require a level of perf0mnce before entitlemenl can be obtsined. Gift Aid on d(atiOnS is accounted for when the related donation is received. Legacy income is recogThsed when Odey Farn se1 Trust becomes aware that probate has been granted, there are sufficient assets in the estate to pay the legacy and that any Conditn5 attached to the legacy are either in control of charity or have already been met. On occasion lega(ie5 can be notified where it is not psIble to rneasu the amount expecled to be distribuled with sufficient reliability. On these occasions. the legacy would be treated as a conliroent asset aTrJ disdosed. Assels donated to the TLt would be sknm as a donaiion aThJ capitalised at what would have been a reasonable cost for the Tt to acquire the assets in its own nght on an arn's length basi%. t>onations legacies for the gerErdl purtM)ses of Orley Fami School Trust are credited to unrestiicted furnls. From b'rne to time the Governor5 (nate unrestricted donatrons for specffic purposes. Donalions and legacies subject to s[lfiC wishes of the dorw)rs would be credited to relevant restricted funds or to endowed funds, rf amount is reqimred to be hekl as pernant or eXpelable capital. Investment if0e is eamed Ihrough holding assets for investrnent purFW)ses such as prOrty. It includes Inte$1 and rent: Interest irrne is reCOgrSed Ythen receivable arKJ rent is recognised when the charity's right to receive payment is established. Expenditure All expenditure is accounted for on an accruals basis. Expendtture is rniSed where there 15 a legal or constructive obligation to make payments to third parties. it is probable that the settlement will be reqUId and the amount of the otrAigation can be measured reliat4y. Charitse activibes c>)sts indje all exFenditure directly relatirYJ to the objects of the Schwl. Govemance costs comprise the o)sts of running the charity including strategic planning for future development. auditots. remuneration. eerlain legal costs, Govemors. expenses and the costs of comptying with constitutional arKI slatutory requirements. These costs are contained wtthin 'Support and Management Costsryotherf (see note 4). Unrestricted Funds UntrICted funds consist of ral reserves thIch are available for the Govermrs to apply to the generdl purF()ses of the Sthool. Designated funds cortsist of certain unrestricted fvnds which Govemors have eannathed for particular purw5es. 20
ORLEY FARM SCHOOL TRUST ACCOUNTING POLICIES Tangible Fixed Assets Expenditure on land and buiklirwJs which. in the opinK)n of the &)vemors, has not enhartrd Iheir long-temi Wdlue is charged to the SOFA. Expenditure on improvements to Lgnd and buildirrfjs which. in the opinion of the Govemors, has enhanced their long-terrn value is pIlISed. Expenditure on plant. equipment {induding IT equipment) and furnrture whth is in excess of£1.(N)O per item. or group of items, is capitalised. . Asset5 in the course of ConSton are capitaltsed arKI dewec4ated when brought into use. DepreatIon is provided on all 0r tsngible fixed assets. including freehold propety. to write off their cost less residual value over their estimated LJ5eful lives brought into use. at the followTrJ rates: Freehokd buildings Buildings of rw)n-pemanent constnjct All weather PNtch Fumtbjre. fixtures and equipmerrt Computers Motor vehicles TelepFv)ne System 2% on cost 4% on cost 10% on cost 15% reducing value 25°h on reducing valu8 25°A on reducing value 20% on recIng value The residual value for all classes of assets. incIling recent additrons to the school buildings, is deemed to be zero. The exception to this rule being the original freehobj buildings. for whith the resmjual value 15 deemed to be 50% of the original cost lo rell8Ct land values. Inveslrnents Listed investments are stated at rnarket value. Realised gains and losses arising on sales of investments and unrealised gains arKI k)sses arisiry on the ValUatiOn of the investments at the year*nd are tsken to unrestricted funds on SOFA. Investments in subsidiary UlertakITrjs are recrded at o)st less any prowsM)n for impaiThnent. Operating Leases Renta15 paid under operating leases arv tharged to the SOFA. Taxalion The School. as a registered tharity. 15 generalty exernpt from CO)Iation Tax trt not from Value Added Tax IVATI. Irrecoverable VAT is induded in the Cost of those rtems to vlhich rt relates. The School's subsidiary tradirvJ companies are liatje for Corwrdtion Tax on taxable profrts t paid to the Schwl as qualifying donations LThler the Taxes Acts. Pension Schemes The School contributes to the Teachers, Pension Stheme. which is a defined benefit scheme, at rates set by the Govemment Actuary a1 advised to the &)vemors. The Scheme is a mutliemployer pension scheme and il is mt Fossible to identrfy the assets andloixlities of the Scheme which are attributable lo the School. In accordance with FInarla1 ReFQrtirvJ Stsndard {FRS 102)- Retirement Benefits, the Scheme is therefoTr accounted for as a defined Contribution scheme. Conlributions to the Scheme are charged lo the SOFA as they become payable in ac¢ordarKe with the rules of the Scheme. The Sch1 also contribuies to iTrJividual personal pensKJn schemes for non.teathing 51aff. . 21
ORLEY FARM SCHOOL TRUST NOTES TO FINANCIAL STATEMENTS Year ended 31 August 2020 1. School Fees Recelvable 2020 2019 Fees ceNable consist of: Gross fees Less.. total bursaries. grdnts allowws 7.197.462 7,491.730 (213.780) (227,4() 6,983,682 7,264,324 Included wthin bursaries, grants and allcswances of £213,790 {2019.. £227,406) is arnounl of £138.679 {2019: £100.9971 in respect of our Fee SuppK)rt Scheme and our created Hardship Suwort Scheme durirKJ the period as a direct TrSkW)nse to the cOrDrviruS PaThJemic. 2a. Anclllary Tradlng 2020 2019 Coaches After Schwl Clubs Excursions Disbur5emenls PUFMI Insurdn 2,221 19,835 2.250 27,466 12,178 21,822 18.830 11,*1 21,124 55.141 82,546 2b. An¢illary Trading Costs 2020 2019 After SchcK)I Clubs Excursions Disbursements PuF41 Insurance 18.385 17,280 19,243 11,915 10,724 22,639 54.908 3. Other Incorne 2020 2019 Shop sales Property Holiday Club Mi5cellaneou$ 150,269 12,328 4,935 167,842 20,430 14,852 167.532 203,159 4. Grant income The School re¢eNed a grantof £298.06212019'. Nil) in relation to the Coronavirus Job Retention xheme. At the year- end an amount of £23,231 had been ac¢rLtd as ino)me in relation to the grant due for August 2020. 22
ORLEY FARM SCHOOL TRUST NOTES TO FINANCIAL STATEMENTS Year ended 31 August 2020 5. Analysis of Charitsble Expenditure Salaries Other D¢prociation Total 201 TeachirvJ Welfare Premises Supp)rt and management c¥)sis 3,802,294 313.684 222.842 133.346 386.818 466,621 539,273 226.542 4.115.978 4,179,420 356,188 402.611 1.265,426 1,291.120 765,815 818,738 411.987 4.951.227 1,140,193 411,987 6.503,407 6,691,889 6. Employees and Key Management 2020 2019 Staff costs Salaries wages Soaal security costs Pension costs 3.875.598 3.884.628 391.567 391.377 684.062 521,676 4.951.227 4.797.681 Neither the Govemors nor persons connected to them received any reMleratI)n or benefits or imbursements of exrEnses fmm the SCI1 with the except of the items reported in note 16 of the statutory accounts. The number of higher paKI emptyes whose remunerntion for year fell wilhin the following bands was: 2020 2019 £60,001- £70,000 £70.001- £80.000 £100.W1 - £110,000 £110.001- £120.000 Penon contribulions of £68,356 {2019- £51,435) tre m&Je on behaff of these employees. Staff Numbers No. The average number of full tim8 equivalent slaff empw by the school within each category was: Teaching staff Other staff 52 48 53 49 100 102 The key management perrel of the sclK)Ot indLMJes the Governo, the Headmaster. the Director of Finance and the Director of Operations. The aggregate emoyee beneffts of key management personnel of the School were £251.725 {2019- £247.992). 23
ORLEY FARM SCHOOL TRUST NOTES TO FINANCIAL STATEMENTS Year ended 31 August 2020 7. Net Movement in FurMIs 2020 2019 This is ststed after charyirul{uedittrwJ): Auditors. remuneration current year amjit 12.190 11.950 DepCIall0n 411.987 416,212 {Profft) or loss on the disFwi (rf fixed assets 28,846 8. Tanglble Flxed Assets Furnire, Assets in the Freehold land equipment Qurno of and buildings and vehicles construction Cost Total At 1 September 2019 Additions Transfers Disposals 15,723,613 6.456 2.003.111 35,152 33.426 17,760,150 41,608 At 31 Augusl 2020 15.730.(E9 2.038.263 33,426 17.801,758 Deprecialion At 1 September 2019 Charge for the year Disposals 2.451.907 351.456 1,693.158 60,531 4.145,065 411.987 At 31 August 2020 2.803.363 1,753,689 4,557,052 Net Book Value At 31 AwJust 2020 12.926,706 284,574 33.426 13,244,7( At 31 Augu* 2019 13.271,706 33,426 13,615,085 9. Flxed Assets Investments 2020 2019 i) In¥¢mont in Subsidiaries- shares at cosl South Hill E51ates. Harrow Limited Orley Farrn SdK)ol Enterprises Liniled 20.950 20,950 20,950 20.950 The Trust own$ 100% of the share in the folbwirvJ Iwo subsidiary ¢ompanies; South Hill Eststes (Harrow) Limited, which owns manages lar¥J and roads in the Harrow area. and Orley Fami School Enl8rp¥ises Limrted. 8olh oynwies a registered in ErvJlarKI aTrJ Wales. 24
ORLEY FARM SCHOOL TRUST NOTES TO FINANCIAL STATEMENTS Year ended 31 August 2020 The results of the Subdiary companies as extracted from trir audited Financial Ststements are as follows.. South Hill Eststes Orley Farm School Enterprlses 2020 2019 2020 2019 Capbtsl and reserves 32,188 31.640 Pmffit l (Loss) for Ihe year {6.963) A decision was made in JU 2007 to subsume the actiwties of Orley Fam SCI1 Enlerwise5 Within the Sch)ol. The Company became dormant Vdith effect from 1 September 2007. 10. DebtoKs 2020 2019 Fees and extras in arrears Amount due from subsidiary company Other debtors PrepayTnents 108,541 11.832 10.719 111.705 48,539 8,133 11,000 99,899 242.797 167,391 11. Creditors due within one year 2020 2019 Deposts Tax and social security Accruals and deferred ir Other creditors Bank loan repayatde within one year 312.672 220.809 167.299 132.761 117.565 296,847 195 231,505 114,212 274,935 951.1C 917,694 t)eferred income consists of fees received in advance totalling £134.574 (2019- £176,588} 12. CreditoTr due in more than one year 2020 2019 Amounts repayable belween two and five yea Amounts repayable in more than fve years 2,425,287 1.242,451 255,409 1.426.809 2.680.6 2,669,260 The loans are unsecured and repayaile over 120 months from 31 March 201 S. The interest rates appliCate to the loans are.. LIBOR loan Business loan 2.SOA per annum over LIBOR rAus marKlatory $1 2.95°A per annum over base rate 25
ORLEY FARM SCHOOL TRUST NOTES TO FINANCIAL STATEMENTS Year ended 31 August 2020 13. Pension Scheme The School participates in the Teachers. Pension Stheme (Ihe TPSI for its teaching staff. The pertsion charge for the year indudes contributions payabk to the TPS of £587.002 (2019- £431,980) and at the year-erMI £49,980 {2019- £Nil) was Ued in resp1 of Contr1tn5 to this scheme. The TPS is an unfunded mulb'-wnployer defined benefrts pension scheme governed by The Tea¢hws' Pensions Regulations 2010 las amended) an¢J The Teachers, Pension Scheme Regulations 2014 {as amended). Members contribute on a.pay as you go. basiswilh contributions from mwnbers and the employer being credited to the Excheouer. RetiMent other pengon benefits ¥e paid by public funds prowded by Parliament. The employer cx)ntritMJtion rate is sel by the Secretary of follo%iro 5ftheme valuations undertaken by the Government Actuary's Department. The most recent actuarkgl valuation of the TPS was prepared as at 31 March 2016 ano the Valuat Repjrt, which Was published in March 2019. confirmed that the employer conlribulion rale for the TPS in¢8$e from 16.4010 10 23.6% from 1 September 2019. Employers are also required to pay a scheme &Jministration levy ofO.08% gTrwig a totsl empk)yercontribution rate of 23.68%. The 31 March 2016 Valuation Reptrt was prepared in accord81Ke with the benefits sel wl in the scheme regulalions and under the approach specified in the Di¢bOn$. as they applied at 5 March 2019. However. the assumplions Vre considered artd sel by the Departrnent for Educats"on prior to the ruliro in the 'McCloudlSargeant case.. This case has required the courts lo consider cases reg¥ding the impMentall0rt of the 2015 refomis to Public Serwce Pensions induding the Texhers. Pensions. On 27 June 2019 the Supreme Court denied the govemment pemii8sion to appeal the Court of Appeal. judgmenl that transition81 provisions introde io the lOme penSn schemes in 2015 gave rise lo unlawful age dis¢riminat¢on. The govemmenl is respecling the Courvs decision and has said it will errfJage fully with the Employinent Tribjnal as well as employer and member representatNes to age how the diseriminations 11 be remedied. A con5ultatK¥) vras laUhed by the govemmenl on 16 July 2020. anil closed responses on 11 October 2020. The TPS is sU.e¢l lo a C$1 cap mechanism which vfas wl in place to protect laxpayers against unforeseen changes in scheme costs. The Chief Seetsry io the Treasury. 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 mechanism folowing Ihe Court of Appeal's ruling in the Mccloudlsargeant case and unlil there is certainly about the value of pensions lo employee5 from April 2015 onwards. The pause was lifted in July 2020 and the oovemmenl is preparing to ccrfnplele the cosi control elemenl ol the 2016 Valuati¢S. Ithich ts expected to be completed in 2021. In view of the above rulings and ¢Jec1onS the 8ssumplions used in the 31 March 2016 Actuarial Valuation may beme inappropriate. In this scenarn). a valu8tJon prepared in cOrdan with revised benefits and itsbly revise(l assumpt5 Ul0 yiekl drfferent resth than Ih)se contairwl in the Aclu.81 Valuabon. Unb'l the consullatson and the cost cap mechanism review are compted il is not possible to conclude on any financial impacl or futu changes to the contn"bution rates of the TPS. Accordingly no provision for any a(lilional past benefit pension costs is included in these ffinanual slatements.
ORLEY FARM SCHOOL TRUST NOTES TO FINANCIAL STATEMENTS YeaT ended 31 August 2020 14. Unrestricted Funds Refur ishment fund General fund Total funds At 1 September 2019 Net irMir0 reSoUrS ExFendItUrerdnSfers Itollfrom designated fuThls 12,593. 3.0 12,593.696 3.056 (1.000,0(XJ) 1.000.000 At 31 August 2020 12.4.752 1,000,000 13,496.752 General fund Total funds At 1 September 2018 Nel incomirrfj resources 11,884,011 11.884.011 709,685 709.685 At 31 August 2019 12.593.696 12,593.696 Designated Funds The Govemor5 have recortsidered the Degnated Funds and have agreed in line with the Charity Commission guidance to establish the Refurt)ishment Fund to enable the SC1 Refurbishment Plan which is due to tre imt4emenled the next I1ve to eighteen months. 1 S. Cash Flow SlatenI 2020 2019 Net Cash Infiow from Operatlng Activities Net incoming resourees Depreciation Loss on disposal of fixed assets Decrease l (Irease) in debto Increase l (Drease) in creditLV5 Interest paid Interest received 903,056 411,987 709.685 416.212 28.846 (75,405) (33.938) 190,782 (250.392) 91.942 106.329 (6.477) 11,7821 1,515.885 974.960 27
ORLEY FARM SCHOOL TRUST NOTES TO FINANCIAL STATEMENTS Yèar ended 31 August 2020 Note 15 contirwJed. Analysls of Net Funds Asat beginnlng of year Other Cash Non-ca$h flow changes Asat end of year Net cash balaS Other loans 2.377.224 (2,944.195) 1242.877 145.935 3.620,101 (2,798,2EIJI Totsl (566.971) 1.388.812 821,841 16. Related Party Transactions During the year amounts totalling £11.832 (2019- £8.133} wer8 payable lo the substidiary company. Soulh Hill Estates, Harrow Limited l811rJ to ro&1 levy charges. Mr Peter Ryan. a teather at Ihe school. is the owner of Wodd Cup srts Ltd, the company that provided school spK)rts aclivities durirKJ hohdays. The profft share paid to the School by his company was £12.328 {2019- £20,430>. im. Mrs Carol Cltffe. a Se1 Govemorat the sclKA)l. provided teachir¥J seryices to ts Sthcol at a cost of £1.828 (2019- Nil) RBC London LLP provided 1lIng seThiees to the school at a cost of £Nil (2019- £2,640). The owner of RBC Lortrjon LLP is the $Fouse of the DitOr of Finance. A Govemor, Mr A Land, receives a fee th'5count of 20% in line with the discount offered to other Harrow SclKx)l Teache. 28