ORLEY FARM SCHOOL TRUST
IA Registered Charity and a Company Limited by Guarantee)
Registered Company No: 628541
Registered Charity No.. 312637
ANNUAL REPORT OF THE GOVERNORS AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2022

ORLEY FARM SCHOOL TRUST
CONTENTS
Page
Charity Information
Annual Report of the Governors
4-14
Independent Auditor's Report
15-17
Statement of Financtal Activities
18
Balance She&t
19
Cash Flow Statement
20
Accounting Pollclès
21-23
Notes to the Financial Ststements
24-30

ORLEY FARM SCHOOL TRUST
CHARITY INFORMATION
Governors
The Governors are members of the Governing Body, are the Charity Trustees and are the Directors ol the
Company lor Companies Act purposes. The Governors who have served during the year and since the
year end are Indicated below. Alongside each Governor are details of the subcommillees on which they
setve.
Dr M Short
MrCJHa
field
Mr M Andrews
Mrs C Cliffe
Mrs S Kolhari
Ms S Labrum
Mr A Land
Mrs T Lashkari
Mrs L Malde
Mr R Railhalha
Mr A Smith
Mr A Sofal
Chaii,
Est
Est
Eslc
FC
Est
oinled 11 Ih Ma
2022
Est
Est
FB
FB
Est
IFBCI Chair of Full Board
(FBI Member of Full Board
IECI Chair of Education Committee
IE) Member ol Education Committee
IFC) Chair of Finan￿ Committee
IF) Member of Finance Committee
IEstCI Chaii of Estates Committee
(Esll Member of Estates Committee
IRI Member ol Remuneration Committee

ORLEY FARM SCHOOL TRUST
CHARITY INFORFIIATION
Officer8
Headmaster
MrTG Calvey
Seorelary
Mrs T K Vaid
Director of Finance
Director of Operations and Clerk
Mrs T K Vaid
Mr J Shakespeare
Principal Address
and Registered Office
South Hill Avenue
Harrow-on-Ihe-Hill
Middlesex
HA1 3NU
Advisors
Bankers
Nalwesl
1-9 St Ann's Road
Harrow
Middlesex HA1 1 EB
Solicitors
Harrison Clark Riekerbys Limited
Ellenborough House
Wellinglon Street
Cheltenham GL50 1YD
Auditor
PKF Litllejohn LLP
Slatulory Auditors
15 Westferry Circus
Canary Wharf
London E14 4HD
Insuranco Brokers
Marsh Education Practice
Capital House
1.5 Perrymounl Road
Haywards Heath
Wesl Sussex RH18 3SY

ORLEY FARM SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
Year ended 31 August 2022
The Governors present their AnnLial Report lor the year ended 3fj August 2022 together with the audited
Financial Statements for the year, and confirm that these comply with the requirements of the Coinpanies
Act 2006, the Governing Instruments ol the Charity and the Statement of Recommended Practice,
Accounting and Reporting by Charities I'FRS 102 SORP").
Reference and Administrative Information
Orley Farm School Trust Ilhe Trust) is a company limited by guarantee registered as company number
628541. The Trust is also registered with the Charity Commission under charity number 312637. The
Governors, executive officers and principal address of the Charity are listed, along with particulars of ils
piolessional advisors, on pages 2 and 3.
structure, Governance and Management
Governing Instruments
The Charity is governed by ils Memorandum and Articles of Association, which dale from 1959 and were
subslanlially revised in 2004. In June 2007 the Charity Commission permilled an extension to the objects.
In the furtheran￿ of these objects the Directors, as the Trustees of the Charity. have complied with the duly
in s.17151 of the Charities Act 2011 to have due regard to the Charity Commission's published general and
relevant sub-seclor guidance concerning the inlerprelation of the Public Benefit requirement under that Act.
Governing Body
The Board, detailed on page 2, is a self-appoinling body with one exception being the Headmaster of Harrow
School who is a member by virtue of this position. Service on the Board is for a term ol three years which
may be renewed no more than twice on reliremenl. The Chair is elected to serve for five years which may
be renewed once only. The new Chair as elected by the board commenced their tenure from 1 sl September
2022.
Trustee Recruitment and Training
The Charity's elected Governors are appointed at Board meetings on the basis of nominations received from
members ol the Boaid and others, based on specifications con￿rnIng sympathy with the Charity s objects,
eligibility, peisonal competencies, specialist skills and local availability. New Governors receive induction in
respect of Board Policies and Procedures. in addition lo familiaiisalion with current Strategic and Financial
Planning. Following their appointment Governors are made aware of specialist training opportunities by the
Clerk as appropriate and they are encouraged lo allend relevant training courses especially those organised
by AGBIS and ISBA for which the School are members. Governors receive ongoing training, such as
safeguarding and many under lake their own continuous professional development in their specialist areas.
Organisational Management
Orley Farm School Trust Governors, as the Trustees ol the Charity, are legally responsible for the overall
governance and conliol of the School. To discharge this duly they meet as a fu11 Board at least thiee limes
each year. The work of implementing most of their policies is cariied out by three committees which have
agreed, and annually revised, Terms ol Referen￿ lo assist their fLJnclionality. These commillees are as
follows.. Education Committee, Estates Committee and Finance Committee. Further subcommittees may be
consliluled as required.
The operational management of the School is delegated to the Headmaster, who together with the Director
of Finance and Directoi of Operations is supported by a Senior Leadership Team and a Senior Management
Team. The Headmaster allends meetings of all of the above commillees. The Director of Finance allends
the Finance Committee. Remuneration Committee and the Board Meetings. The Director of Opeiations
allends the Eslales Committee, Health & Safety Committee and the Board Meetings. The Deputy Heads
allend Education Committee and Board Meetings.

ORLEY FARM SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
Year ended 31 August 2022
Organisational Management {continued)
The School, through ils officers, is represented In a number of organisations including the Association of
Governing Bodies of Independent Schools, the Independent Associakn'on of Preparatory Schools and the
Independent Schools Bursars, Association.
Group Structure and Relationships
The Charity has two wholly-owned non-charilable subsldiary companies, whose activities are explained
below.
South Hill Estates, Harrow Limited (Registered in England as Company Number 1099741
South Hill Eslales Ha￿oW Ltd was incorporated in 1910 and ig limited by shares. The Trust is the benelicial
owner of the whole of the share capital of the Company which owns roads on the South Hill Eslale, and the
benefit of certain covenants relating lo privately-owned residential and other properties on this Eslal&. The
Direclows include two members of the Trust's Full Board committee, the Diredor of Operations and two
residents of South Hill Estates. The Company's assets and transactions in the year are not considered
material, therefore the Governors ￿nsider it is not appropriate to prepare consolidated accounts of the Twsl
and its subsidiary. Copie5 of the subsidiaFy s accounts are made available lo the Governors of the Trust.
Orley Farm School Enterprises Limited IRegislered in England as Company Number 5345071}
The Company was made dormant on 1 $1 September 2007 and will remain domianl until such a time as the
level of trading activity within the Trust necessilales ils management by a subsidiary company or when the
Trustees elect that this be so.
Risk Management
The Board of Goverllors is responsible for identifying the key risks faced by the School and for ensuring
these risks are managed. Each year the Senior Leadership Team and the FinanGe and General Purpose
Committee identify and assess risks and implement controls lo mitigate against these. In addition, each
year a formal review of the risk management process is undertaken. The major risks have beeii identified
as that of the impact of the current international and national crisis on securing energy for UK consumers
along with the soaring inflation on day lo day business expenditure, the on-yoing impact of Coronavirus
Pandemic on the provision of ed￿Cation services and possible spike in rates over winter months, the impact
of Bre￿1 on pricing and availability of goods and services r4uired to maintain the School's provision,
monitoring the financial impact of any future increase to employer contributions from the participation in the
Teachers, Pension Scheme, a decline in the demand for places resulting from a general economic downturn
which has been exaceTbaled by increased inflationary pressures on household incomes, the risk that senior
schools will increasingly lake boys al age 11 rather than 13 years old, and Ihal the costs of the School's
development plan escalate out of control.
The key controls implemented by the School are as follows:
Forrnal agendas for all Board and Committee activities..
Comprehensive strategic planning, budgeting and management accounting.,
Established organisational slrltclure and understood lines of reporting..
Formal written policies.,
Clear, aulhoritalive and agreed approval levels.,
The appointment of suitably qualified professional advi5ers,' and
Ability lo switch our educalional delivery into remote lea¥ning the event of any futuie lockdown
measures.
Through the established systems for managing risk. the Governors are satisfied that lor the major risks
identified steps have been taken lo manage these risks. 11 is, of course, recognised by the Governors that
systems can provide reasonable bul not absolute assurance that major risks have been adequalely
managed.

ORLEY FARM SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
Year ended 31 August 2022
Objects, Aims, Objectives and Activities
Charitable Objects
To advance the education of boys and girls by the provision of a school known as Orley Farm School Trust
in Harrow-on-Ihe-Hill. and any other boarding school or day school for the education of boys and girls and
by ancillary or incidental educational activities and other associated activities for the benefit ol the
community.
Aims and Intended Impact
Within these objects. the School aims lo be a leading co-educational PTeparalory school for children aged
between 4 and 13 years old, by building on the strategies as slated in the 'Whole School Aims, which ale
summarised below, the full lexl being published in the School's prospectus and other media.
Whole School Aims
The School aims to provide a challenging environment lo slimulale. maintain and develop a lively and
enquiring mind.. to encourage all pupils lo reach their true potential and eventually become independent
learners who value leaining with and from others, as a life-long process.
We aim lo appoint, develop and relain a staff of the highest quality and lo develop a school community of
responsible citizens, which affords equal value to all of ils members, is seen to be just and encourages
mutual respect, truthfulness and concern for others.
While carrying out our charitable purpose- the provision of education- we aim lo deliver substantial benefit
lo all stakeholders, including our local communities, through the provision of an excellent and broad
edLJcalion and through access lo our services, facilities and expertise.
Impact and Responsiveness
In accordance with our Governing Instruments, we continue to provide education for children aged 4 to 13
years
such provision relieving the stale ol relevant costs. In addition, the School continues lo provide
bursary support for current and new pupils. The School continues to build on the links with a wide section
of the local community.
Key Elements ofthe School's Strategy
The School faces new and evolving educational, legislative, economic, enviionmenlal, demographic and
social challenges. To respond lo them positively and to enable Orley Farm School lo head lowaids its 2001h
anniversary with confidence there must be eqLJally careful planning. These Strategic Priorities and the
School Development Plan are designed lo sel the destination and the broad outline of the journey. The
Board of Governors and Senior Leadership Team intend that Orley Farm School..
Continues to be one of the leading co-educational day schools in London..
Will provide quality education and pastoral care for boys and girls in the 4-13 years age range,.
Will remain a preparatory school with a strong record of success in pieparing pupils for entry lo
their senior independent schools.,
Continue to be blessed with a magnificent sile and maintain an excellent range of facilities., and
Build on ils long and distinguished history.

ORLEY FARM SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
Year ended 31 August 2022
Key Elements of the School's Strategy (continLted)
The Board of Governors continues lo oversee the pursuit of the School's strategic priorities and the
maintenance of its agreed profile. These are reviewed regularly through the work of the Board and ils
Committees. The Governors intend that the School will..
Remain a preparatory school providing qualty education and pastoral care for boys and girls,.
Continue lo recruit on the basis of academic polenlial alone and the School will continue lo
develop ils bursary funds lo give true effect lo this aim-
Continue lo prepare boys and girls for entry to independent senior schools - with the that
tK)ys, and increasingly girls, will Iiansfer al 13+. currently most girls transfer at 11 +-
Continue lo plan with the aid of professional advisors, the further development of the eslale in
order to provide excellent buildings and facilities that support an outstanding educational
provision.,
Develop and ena¢l an ICT Strategy, a Communications Strategy and an Outdoor Education
Siralegy,. and
Colllinue to develop a Leadership and Development Programme for staff.
The Governors measure the success of this stTalegythrough 2 COTnprehensive review ofthe annu81 strategic
school development and management action plans, and through the teimly reporting of key perforn)8nce
measures produced by senlor management for the Board to discuss. Ad hoc subcommillees are eslablished
lo focus crOss-governan￿1rnanagemenI effort on areas of inlerest. opportunity and concern.
trate
icRe
ort: Review of Ob'ectives for the
ear Achievements and Performance
b'eclive 1.- Maintain the excell
of the educational
rovisiorE throu
houl the School.
The excellence of the education gt the School was rewarded by the granting of a lolal of 37 scholarships lo
senior schools, of which a total of 23 were taken up by our pupils. Highlights include 11 Academic
Scholarships and 11 awards across a breath of Sport Scholarships, Drama, Music. and Design and
Engineering awards.
Ob eclive 2.. To continue lo develo relations with
ran
e School in Harrow.
Partnerships with the Grange School in Harrow continue to evolve and develop. The School has supported
the Grange School in the followng ways.. making donation towards Christmas gits for the Gyange school
pupils of the School.. lending the School minibuses., running a termly lunch lime sports club, and inviting
Grange School children to watch our Christmas and Summer matinee Pfoductions.
Ob'eclive 3- To continue the revi
four
rocedures and olicies lo ensure total re
ulalo
com
liance.
School Policies continue lo be reviewed to ensure regulatory compliance with the frequently changing
regulation5. These policies are reviewed by staff and presented at the relevant committee meetings for
Governors lo revtew and approved.
Ob'eclive 4.. Continue lo im
r()ve the Former Pu
ils, Associa
Orlumni
With the support of a former parent. the School has rebranded and lunched the Orlunmi. The objeelive of
the Orlumlli is to bring together former Orleyans and parents to enrich OUF current community through school
hosted events. During the year the school successfully hosted three events including an outdoor launch
event, a soft ball and picnic event and a university starter reconnection events.

ORLEY FARM SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
Year ended 31 August 2022
Ob
eclive 5.. To ensure the
needs of the school.
rovision of IT within the School continues lo meet the academic and business
The IT network continues lo be upgraded lo ensure IT support throughout the School for both pupils and
aolminislralive staff is up lo dale and is moving in line with current trends. During the year the School
obtained ils Cyber Essentials Certification. The piocess lo obtain this cerlilicalion included a self -
assessment questionnaire and an external vulnerability scan that verifies the School's security slalus as
well as an internal vulnerability scan of the School's network, Pcs and mobile devices.
The School has invested in virtual reality headsets and has successfully integrated the use of this
throughout the school within ICT lessons. The School continues to review IT platforms lo ensuie they
remain update lo dale and deliver an intuitive and easy user expeiience. As a resu510l the Pandemic, the
School has inlegraled the use of its remote learning platform of its educational provision more widely
acioss the School.
Ob eclive 6.. Continue lo mana e the relationshi
communil lo best effect.
s with the School's nei
hbours tenants and the wider
The continues lo develop a new working partnership with South Hill Eslales (Harrow) Ltd and the residents
ol the eslale via the South Hill Eslales board comprising two School Iruslees, two residents and the
Director of Operations.
Ob
ective 7.. Continue lo mana
e the School's education
rovision eslale mana
emenl and res
onsibilit
to
ils slafl and the wider school communil lo best effect whilst mana
in
the risk of the Coronavirus
Pandemic.
The School has identified two short teim building projects that it is puisuing, one which will enhance the
educational provision of its youngest pupils through Improved play facilities, and the other consisting of a
large landscaping project for the benefit of the entire School to enhance creative play and create outdoor
teaching space.
The School is also building a'maslerplan, lo swpe and service the future needs of the School for the wming
decade. The aim Is to join up the short, mid and long term aim5 Wlth a cohesive overview lo ensure that all
fuluie developments are embedded in the educational philosophy and aims of the School.
Ob'eclive 8.. To conduct due dili
ence on the creation of an outdoor curriculum offerin
al the School.
The Head of Pre Prep has successfully conducted due diligence into the creation of an outdoor curriculum
offering al the School and will be piloting the offering next academic year within the Pre Prep on a phased
year group basis.

ORLEY FARM SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
Year ended 31 August 2022
Pupil destinations and Scholarship Award8 in 2022
Pupils often apply for, and are awarded, scholarships for more than one school, On these occasions, only
the scholaf5hip for their future school is accepted.
Boys=
Destination
School
Number of Pupils
Scholar8hips Awarded
City of London
Hampton School
Haberdashers,
John Lyon
King Heights Academy,
Canada
Merchant Taylors
St Alban's
st Margaret's School
St Paul's
Weslminsler
TOTAL
26
15

ORLEY FARM SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
Year ended 31 August 2022
Girls-.
Destination
School
Number of Pupils
Scholarships Awarded
Bentley Wood High
Belmont School
Dr Challoners High
Francis Holland School
Godolphin & Lalymer
Haberdashers, Aske's
Haileybury
Hatch End High School
Henrietta Barnel School
King Fahad Academy
North London Collegiate
Nower Hill High School
Nolling Hill & Ealing
Northwood College
Pinner High Scliool
Rickmansworth School
Royal Masonic
St Marylebono CE School
Soltlh Hampslead High
St Helen's
St Margaiel's
St Paul's Girls,
Queen's College London
TOTAL
35
22
10

ORLEY FARM SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
Year ended 31 August 2022
Financial Review and Results for the Year
It has been another year Ihal has presented a host of challenges and much uncertainly for the Orley Farm
Community, as has been the case for many organisations, as they navigate the impact ol the pandem
combined with th8 inflationary pressures fell by all nationally.
This academic year, the School has resumed ils onsite provision of education in full including the miich
awaited Residential Expeditions Week enjoyed by all pupils. Despite the School's provision returning lo pre
pandemics days, the Governing Body were well aware of the ongoing uncertainly facing many ofour parents
as the impact of the pandemic and economic landscapes unfolds and continued to offer the Hardship
Support Scheme. This Scheme, in conjunction with the Fee Support Scheme, provided financial support lo
11 pupils. Further details are available below under the heading Fee Support.
During the Summer break. the School continued cautiously with the second phase of ils Pre Prep
refurbishment project - refurbishment of 3 Pre Prep classrooms, Pre Prep Atrium and 51aff room. As voted
for by Orley parents, works for a 'Wellbeing Hub,, with the aim of creating a flexible Spa￿ where parents
can reeonne¢l with each other and have informal conversations with teachers, as well as a space for outdoor
school events, have continued lo be developed over the academic year. The operating costs for the year
were £7,231,524 {2021 £6,751,064). This expenditure has been closely monitored and balanced against
the School's existing banking facilities as it carefully navigates its way back lo Pre Pandemic operations.
The School's cautious approach to spending as a result of the Pandemic has allowed the School lo generate
surpluses that can be reinvested into the School's key. essential infrastructure projects. which are no longer
able lo remain on hold, whilst meeting its financial obligation8. The School generated nel fee income of
£7.966,75012021- £7,667,088), which was the primary source of revenue. Whilst the School does generate
additional income in the form of lettings income and rents, Ihe overr¢ding primary Sour￿ of income is deiived
from pupil fees.
The focus for the School is lo prlor1118e key and essential infraslruclure projects around the school site_ The
surplus of £1,076,60512021.' Surplus of £1,177,135) generated within the year will place the School in a
strong p0511ion to embark on the delayed key and essential infrastructure projects which are now seen as a
priority for the Schoo1 which include the development of the play areas in and around the school sile,
relurbishment of the School's Astro field, and refurbishment of the school's properties and ils outdoor
provisions. The Boaid of Governors are confident that the School's financial situation is in a sound position
which will enable the School lo manage the current economic uncertainty, inciuding the lasting impact of the
Pandemic and Brexit along with the inflationary pressures specifically surrounding energy costs, whilst
balancing the inleresls of all key stakeholders.
There has been no outsourced fundraising via professional fundraisers or other third parties. As a resLIIt.
The charity is not registered with the fundraising regulator and received no fundraising complaints in the
year.
Freehold Properties
In addition to the School buildings, the School owns four residential properties al New Julians IHeadmasler's
HoL4sel, Oakmead House and Oiley Farm Cotlage Ifor staff occupation only), and Weslbourne House Inine
flats, part staff and part non-staff occupancy). Income generated from property, including school lettings,
this year was £177.229 {2021 - £147,233).

ORLEY FARM SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
Year ended 31 August 2022
Extra-curricular Activities
Our extra-curricular programme continues lo be built around our weekly progTamme of lunchtime and after
school clubs, subject to government guidelines. The much awaited traditional Expeditions Week resumed
this academic year and continues lo thrive.
Public benefit
As required by the Charities Act 2011, the Governois have referred lo the general guidance on public benefit
and have due regard lo the Charity Commission's guidance on public benefit, including the guidance 'Public
Benefit.. Running a Charity {P821',
As part ol our public benefit, we co-operate with a range of local charities in our ongoing endeavour8 10
widen public access lo the schooling we provide., lo oplimise the educational use of oiir cultural and sporting
facilities and lo awaken in our pupils an awareness of the wider social context of the education they receive
al the School. We are proud of the community links we have developed and continue to develop as listed
below arsd we always look lo strengthen these in line with the Charity Commission's guide to public benefit.
Partnership with Grange School. The School continues 10 Support the Grange School,
Harrow. This support has included providing transport and invitations lo sporting tournaments
and drama productions. in addilion, provided access to the use of our School minibuses, and
donating lo their Christmas Box Project appeal, providing a Chrislmas present to all pupils al
Grange school
Partnership with Weldon Park. The School hosts a number of science workshops for pupil of
Weldon Park across the academic year.
Partnershlp wlth Alexander School. The School runs a music club at the Alexander School
each Friday lunch through our Edge Programme.
Use of Sporting facilities. Sl Dominic's College, make use of our sports fields which include
cricket pitches, Astrolurf and soccer pitches.
Work Experience. The School continues lo offer work experience placements to sludents from
various colleges whereby some students gain sports coaching experience.
Harrow Cricket Club. By continuing lo subsidise the overheads of Harrow Cricket Club. over
two hundied youth cricketers and a number of adult te8ms from the wider communily have
access lo the sport. The junior colt's teams also make use of the sports ha51 during winter
months in support of their expanding junior cricket programme.
Charitable Giving. The school has raised £S,606 for Wsnslon's Wish and £2,641 for Henry van
Slraubenzee Memorial Fund.
Fee Support
This year we supported a lolal of 11 pupils al a cosl of £155,521 12021-. 27 Pupils £144.240) through our
own Fee Support Scheme and our Hardship Support Scheme. Whilst the Support Scheme 3UPPOrted fewer
pupils this academic year, the values of the awards were higher.
12

ORLEY FARM SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
Year ended 31 August 2022
Plans for Future Period8
These plaris remain..
To enact the School's Estates Slralegy.,
To enact our financial plans in support of this Eslales Strategy,. and
To enact the School's other development plans and priorities as articulated in the 5 Year
strategy agreed by the Governors for which a designated fund has been created.
Objectives for 202212023
Maintain the excellence of the educational provision throughout the School.,
Carry on relations with the Grange School in Harrow and other Schools.,
Continue the review of our procedures and policies to ensure total regulalory compliance.
Continue to develop the Orlumni.,
Ensure the provision of IT within the School continues to meet the academic and business
needs of the school.,
Continue lo manage the relationships with the School's neighbours. tellanls and the wider
community lo best effect.,
Continue lo manage the School's education provision, estate management, and responsibility
lo pupils. staff and the wider school community lo best effect.
Enact the Estates Strategy lo improve the School's l￿fIaStruCtUre, particularly focusing on key
and essential infrastructure projects including continuing refurbishing and updating the outdoor
play spaces..
Continue lo develop the School's Master Plan with a Governor led strategy commillee., and
10. Conlir¢ue to Gonducl due diligence on the creation and phased implementation of an outdoor
curriculum offering at the School.
11. Governors will focus on managing the impact of any financial implications which may arise
from political and economic factors outside the School's control to ensure that the School will
continue to thrive in the future,
Reserves Policy
The total reserves for the School were £15,750,492 of whieh £1,552,731 related to dèsignated funds and a
furthei 13,172,092 represented by fixed assets, leaving £1,025,669 of free reserves. The Reserves Policy of the
School takes into aGGoufil of a number of parameters such as'.-
Risks included in the School's risk register
The School's objectives., and
Thè current and fuluie obligations of the School, including any commi(menls that it has already entered
into.
Based on their assessment, the Covernors wnsider that the minimum largeled level Df reserves desiied is
working Gapilal at th& level of three month's expenditure which equates to £1.8m. The Gove¥nors will continue
lo strive lo generate funds in line with minimum largeled levels.
The Governors will review th& reserves policy on an annual basis.
13

ORLEY FARM SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
Year ended 31 August 2022
Remiineration Policy
The Remuneration Committee are tasked with reviewing remuneration, including Key Management
Personnel, on an annual basis. Consideration is given to the current market conditions, performance and
objectives sel al the beginning of each academic year.
Responsibilities of the Governors
The Governors (who are also directors of Orley Faim School Trust fo¥ the purposes of company lawl are
responsible for preparing the Report ol the Goveinors (including the Strategic Report} and the financial
slatemenls In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom
Generally A¢￿PIed AccoLJnling Praclicel.
Company law requires the Governors to prepare financial slatements lor each litkancial year, which give a
true and fair view of the slate of affaiis of the charitable company and of the illGoming resources and
application of resources, inGluding the income and expenditure. of the charitable company for that period. In
preparing these financial slalemenls, the Governors are required lo..
select suitable accounting policies and then apply them ¢onsi8tenlly'.
observe the methods and piinciples in the Charities SORP IFRS 102).,
make judgements and eslimales that are reasonable and prudent.,
stale whether appIl￿ble UK Accounting Standards have been followed, subject to any
maleiial departures disclosed and explained in the financial slatemenls,,
prepare the financial statements on the going concern basis unless il is inappropriate
lo presume that the charitable company will Continue in operation.
The Governors are responsible lor keeping adequate accounting records thal disclose with reasonable
accuracy al any lime the financial position of the charitable company and enable them to ensure Ihal the
financial statements comply with the Companie5 Acl 2006. They are also responsible for safeguarding the
as5els of the charitable company and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
In so far as the Governors are aw8re:
there is no relevant audil information of which the chari18ble company's auditor 15 unaware: and
the Governors have taken all steps that they ought to have taken to make themselves awaie of any
relevant audit information and lo establish that the auditor is aware of that information.
Audltors
During the year the Trust undertook an audit lender exercise, resolving thal Crowe U.K. LLP would be
appointed for the year ending 31 August 2023. A resolution proposing their appointment will be submitted at
the Annual General Meeling.
Approved by the Board ol Governors of Orley Farm School Trust on
behalf by..
022 and signed on ils
DrMEShort
Chair
14

ORLEY FARM SCHOOL TRUST
INDEPENDENT AUDITOR'S REPORT
Independent auditor's report lo tho members of Orley Farm School Trust
Opinion
We have audited the financial slatemenls of Orley Farm School Trust Ithe'charilable company'l for the year
ended 31 August 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the
Statement of Cash Flows and notes lo the financial slatemenls, including a summary ol significant
accounting policies. rhe financial reporting framework that has been applied in their preparation is
applicable law and United Kingdom Accounting Standards. including FRS 102 The Fin8ncial Reportiiig
standarcl applicable irp Ihe UK and Republic of Ireland Iulliled Kingdom Generally Accepted Accounting
Practice}.
In our opinion, the fi'nancial slatemenls..
give a true and fair view of the slate of the charitable company's affairs as al 31 August 2022 and of
ils incoming resources and application of resources, including ils income and expenditure, foi the
year then ended..
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice.. and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordan￿ with International Standards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial slalemenls section of our report. We are independent of the
charitable company in accordan￿ wlh the ethical requirements that are relevant to our audit of the financial
statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial stalemenls, we have concluded that the Trustees. use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the woik we have perforrned, we have not identified any material ullcertainlies relating lo events
or conditions that, individually or collectively, may c8St significant doubl on the charitable company's ability
lo continue as a going conTrrn for a period of al least Iwelve months from when the financial slalemenls ale
aulhorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in
the relevant sections of this report.
Other information
The other information comprises the inft)rmalion included in th8 Annual Report of the Governors, other than
the financial slalemenls and our auditor's report thereon. The Trustees are responsible for the olher
information contained within the Annual Report of the Governors. Our opinion on the financial statements
does nol cover the other information and. except lo the extent othenmise explicitly slated in our report, we
do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information
and, in doing so, consider whether the other infoimalion is materially incon8lStenl with the linancial
slalement8 or our knovAedge obtained in the Course of the audit. 01 othetwise appears lo be materially
misstated. If we identify such material inconsistencies or apparent material misstatements, we are required
to determine whether this gives rise lo a material misslatemenl in the financial statements themselves. 11.
based on the work we have peTformed, we conclude that there is a material misslalement of this other
information, we are required lo report Ihal fact. We have nothing lo report in this regard.
15

ORLEY FARM SCHOOL TRUST
INDEPENDENT AUDITOR'S REPORT
Opinions on other matters prescribed by the Companie5 Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Annu81 Report of the Governors, which includes the Strategic Report
and Direclois, Report prepared for the purposes of company law, for the financial year for wliich th8
financial slalemenls are prepared is consislenl with the financial stalemenls., and
the Directors. Report included within the Annual Report of the Governors have been prepared in
accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light ol the knowledge and understanding of the Charitable company and ils environment obtained in
the ¢oiirse of the audit, we have not identified material misstalemenls in the Slfategic Report and the
Directors, Report included within the Annual Report of the Governors.
We have nothing to report in respect of the following mallers in relation lo which the Companies Act 2006
requires us lo ieport to you if, in our opinion..
adequate accounling records have not been kept, or returns adequate for our audit have not been
received from branches not visiled by us., or
the financial statements are not agreement with the accounting records and relums., or
certain disclosures of Trustees, remuneration specified by law aFe not made,. or
we have nol received all the information and explanations we require for our audit.
Responsibtlities of Trustees
As explained moTe fully in the Trustees, Tesponsibililies slalement, the Trustees Iwho are also the directors
of the charitable company for the purposes of company lawl are fesponsible for the preparation of the
financial statements and for being satisfied Ihal they give a true and fai¥ view, and for such internal control
as the Trustees determine is necessary lo enable the preparation of financial slalemenls that are free from
maleiial misslatemenl, whether due lo fraud or e￿Or.
In preparing the financial statements. the Trustees are responsible for assessing the charitable company's
ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using
the going Concern basis of accounting unless the Trustees either intend lo liquidate Ihe charitable company
OF lo cease operations, or have no realistic alternative but lo do so.
Auditor's responsibilities for the audit of thÈ flnancial ststsments
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are
free from mateiial misslalemenl, whether due to fraud 01 error, and lo issue an auditor's report that includes
our opinion. Reasonable assuran￿ 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 misslatemenl when il exists.
Mi581atements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected lo influence the economic decisions ol users taken on the basis of these
linancial slalements.
Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design
prO￿dureS in line with our responsibilities, ovtlined above, lo detect Mater￿al misslatemenls in respect of
irregularities, including fraud. The extent to which our procedures are capable of delecling irregularilies.
including fraud is detailed below..
We obtained an understanding of the Gharilable company and the sector in which it operates to
identify laws and regulations that could reasonably be expected lo have a direct effect on the
financial slatemenls. We obtained our Ljnderslanding in this regard through discussions with
management, sectur research and application of cumulative audit knowledge and experience.
16

ORLEY FARM SCHOOL TRUST
INDEPENDENT AUDITOR'S REPORT
We determined the principal laws and regulations relevant to the charitable company in this regard
to be those afising from the Companies Act 2006, Charities Act 2011. Charities (Accounts and
Reports) Regulations 2008, Financial Reporting Standard 102 and the Charities SORP.
We designed our audit procedures to ensure the audit team considered whether there were any
indications of non-compliance by the charity with those laws and regulations. These procedures
included, bijl were not limited lo enquiries of management, review of minutes and review of legal
and regulatory correspondence.
We also identified the risks of mateiial misslalement of the financial statements due lo fraud. We
considered, in addition lo the non-rebutlable presumption of a risk of fraud arising from mana9emenl
override of controls, that there was a potential for management bias in the allocation of support costs
against charitable activity categories. We addressed this through reviewing the method used for
reasonableness and re-performing the calculation to ensure il had been performed accurately in line
with the slated method.
As in all of our audits. we addressed the risk of fraud arising from management override of controls
by performing audit procedures which included bul were not limited lo." the lesling of journals..
reviewing accounting estimates for evidence of bias,. and evaluating the business rationale of any
significant transactions that ale unusual 01 outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk thatwe will not detect all irregularities. including
those leading lo a material misslalemenl in the financial slalemenls or non-compliance with regulation. This
risk increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial slatemenls, as we will be less likely to become aware of instances of non-
compliance. The risk is also greater regarding irregulaiilies occurring due to fraud rather than error, as fraud
involves intentional Con￿alMent, forgery, collusion. omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council'g website at.. www.frc.or
auditor's report.
klaudilorsre
onsibililies. This description fortns part of our
Use of our report
This report is made solely lo the charitable company's members, as a body, in accordan￿ with Chapter 3
of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the
charitable company's members those mallers we are required lo stale to them in an auditor's report 2nd for
no other purpose. To the fullest extent peimitled by law, we do not accept or assume responsibility lo
anyone, other than the charitable company and the charitable company's members as a body, for our audit
work, for this report, or for the opinions we have foimed.
Alastair Duke Isenior Statutory Auditor)
For and on behalf of PKF Littlelohn LLP
Statutory Auditor
15 Weslferry Circus
Canary Wharf
London E14 4HD
Dale.. 9 March 2023
17

ORLEY FARM SCHOOL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
Ilncorporating an Income and Exp8nditure Account)
Year ended 31 August 2022
2022
2021
Note
Income from:
Charitsble Activities
School fees receivable
Registration lees
Ancillary income
Olhei income
Grant income
7,966,750 7,667,088
19,550
11,000
68,078
50,773
245,633
182,206
5,069
16,604
2a
Investments
3,049
528
Total Income
8,308,129 7,928,199
Expenditure on..
Raising funds
Financing costs
79,512
75,490
Charitable Activities
Ancillary costs
Piimary educational costs
2b
35,345
51,983
7.116,667 6,623,591
Total Expenditure
7,231,524 6.751,064
Net Income and Movements In Funds forthe Year
1.076,605 1,177,135
Balance at beginning of year
14,673,887 13,496,752
Balance at End ofyear
15.750,492 14,673,887
All ol the activities of the School are continuing. The School has no recognised gains or losses other than
as slated above.
All income and expenditure was unreslricled in both years.
The Accounting Policies and Notes on pages 21 to 30 form part of these Financial Slalements.
18

ORLEY FARM SCHOOL TRUST
Company Number: 628541
BALANCE SHEET
At 31 August 2022
Fixed Assels
Note
2022
2021
Tangible lixed assets
Investments
13,172,092
20,950
13,161,203
20,950
13,193,042
13,182,153
Current A558ts
Debtors
Cash al bank and In hand
10
242.207
5,629,957
172,372
4,881,084
5,872,164
5,053,456
Creditor8.' due within one year
11.265,2071
11.184,5051
Net Current Assets
4,606,957
3,868,951
Credltors.. due in Inore than one year
12
12,049,507)
12,377,218)
NotAssets
15,750.492
14,673,887
Unrestricted Funds
14
General fund
Designated FLJnds'.
Building Refurbishment fund
14,197,761
12,673,887
1,552.731
2,000,oao
15,750.492
14.673.887
Approved and aulhorised for issues by the Board of Governors on ZQ I I |.z.L. 2022 and signed on ils
behalf by..
DrMEShort
Mrs S Kothari
Chair
Chair of Finance Committee
The Accounting Policies and Notes on pages 2110 30 form part of Ihese Financial Slatemenls.
19

ORLEY FARM SCHOOL TRUST
STATEMENT OF CASH FLOWS
Year ended 31 August 2022
2022
2021
Note
Net Cash Inflow from Operating Activities
15
1,591,248
1.803,146
Cash flows from Investin
Payments lo ac
Iiileresl receive
Interest paid
AGtivities
1450,9821
3,049
1332,6511
528
75 490
Net Cash Outflow from
Investing Activities
(527,4451
1407,6131
Cash flow from Financing Activities
Loan Repayment
1314,931}
1134,5481
Increase in cash in the year
15
748,872
1,260.984
Reconciliation of Net Cashflow to
Movement in Net Funds
Increase in cash in the year
Nèl decrease in bank loan
748,872
314 931
1,260,984
134 548
Change in funds resulting from cash flows and 15
Movement in nel funds in the year
1,063.803
1,395,532
Net funds al beginning of the year
Net Funds at End of the Year
2217 373
15
3281 176
2217373
The Accounting Policies and Notes on pages 21 to 30 foim part of these Financial Slatemenl5.
20

ORLEY FARM SCHOOL TRUST
ACCOUNTING POLICIES
Basis of Accounting
Orley Farm School Trust is a charitable company in the United Kingdom. In the event of the charity being
wound up, the liabilily respect of the guarantee is limited lo £1 per tnember of the charity. The address of
the registered office is given in the charity information on page 3 of these financial stalemenls. The nature
of the charity's operations and principal activities is the operation of Orley Farm Sch(x)l.
The charity conslilule9 a public benefit entity as defined by FRS 102. The financial statements have been
prepared in accordance with Accounting and Reporting by Charities-. Statement of Recommended Practice
applicable to charities preparing their accounts accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021, the Financial Reporting Standard applicable in thè
United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, the Companies Act 2006 and
UK Geneially Accepted Practice as it applies from 1 January 2019.
The financial statements are prepared on a going concern basis under the historical cost convention,
modified lo include certain items at fair value. The financial statements are prepared in sterling which is the
functional currency of the charity.
The Governors have assessed whether the use of the going concern basis is appropriate and have
considered possible events or condiltons that might cast significant doubl on the ability of the School lo
continue as a going conceTn. The Gove¥nors have made this ass8ssment for a period of al least one year
from the date of approval of the financial slatemenls. In particular the Governors have considered the
School's forecasts and projections and have taken account of pressures on fe6 income, particularly in light
of the impact of the current economic uncertainly including the inflationary cost pressures and the exposure
10 $1gnificanl increases in utility costs, before these financial slalements were approved and is explained in
more detail in the Risk Management section of the Governors Report in these financial slalements. After
making enquiries the Governors have concluded that there is a reasonable expectation that the School has
adequate resources to continue in operational existence for the foreseeable future.
As such the School can expect to be abl8 lo meet ils liabilities as they fall due in the peiiod of al least 12
months from the date of approval of thes8 accounts. However, there can be no certainly in relation lo these
mallers. On this basis the Governors have concluded that the School is a going concern. The financial
slalements do not include any adjustments that would result from the School not being able to meet ils
liabilities as they fall due.
The significant accounting policies applied in the preparation of these financial statements are sel out below.
These policies have been consistently applied lo all y8ars presented unless olhetwise slated.
The Trust is the beneficial owner of the whole of the share Capital of South Hill Estates Ltd. The Company's
assets and transactions in the year are not considered malerial, therefore the Governors consider it is not
appropriate lo prepare consolidated accounts of the Trust and its subsidiary.
Cash and Cash equivalents
Cash and cash equivalents include cash at bank and in hand.
Judgements and key souicos of estimation and uncertainty
The preparation of the financial statements requires management lo make judgements, eslimales and
assumptions that affect the amounts reported for assets and liabilities as at the balan￿ sheet dalv and the
mounts reported for revenues and expenses during the year. However, the nallire of estimation means
Ihal actual outcomes could differ from those estimates The judgements (apart from those involving
eslimalesl that have had the most significant effect on amounts recognised in the financial slalemenls
related lo the useful economic lives of tangible fixed assets. and judgements in relation lo the iecovorabilily
of debtor balances.
21

ORLEY FARM SCHOOL TRUST
ACCOUNTING POLICIES
Income
All incorning resources are included in Ilie Slalemenl of Financial Activities ISOFAI when the School is
legally enlilled lo the income, after any performan￿ conditions have been mel, when the amount Can be
measured reliably and when il is probable that the income will be received.
Fees receivable and chargos for seThfjces and use of premises are 3¢counled foi in the period in which the
service is provided. Fees received prior to the end of the year in respect of the folloyring terms are shown
on the balance sheet as deferred Income,
Investment income is earned through holding assets for investment purposes such as property. 11 includes
interest and rent., Interest income is rpGogntrsed when receivable and rent is recognised when the chalily's
right lo receive payment is established.
Expenditure
All expenditure is accounted lor on an acciuals basis. Expenditure is recognised where there is a legal or
consti'uclive obligation to make payments to third parties, il is probable that the settlement will be required
and the amount ol the obligation can be measured reliably.
Charitable activities costs includé all expenditLJre directly relating lo the objeGls of the School.
Governance costs comprise the costs of iunning the charity including strategic planning for future
development, audito¥s' remuneration. certain legal c051s, Governors, expenses atld the costs of complying
with conslitulional and slatulory requirements. These costs are conlained within 'Support and Management
Costs-other, (see note 41.
All costs, including support costs. are allocated belweeii expenditure calegories and departments on a basis
designed to reflect the use of the resource. Costs relating lo a particular aGlivily are allocated directly.
Unrestricted Funds
Unreslricled funds consi51 of general reserves which are available for the Gov8rnois to apply to the general
purposes ol the School_
Designated funds consist of certain unrestiicted fijnds which the Govemors have earmarked for particulai
purposes.
22

ORLEY FARM SCHOOL TRUST
ACCOUNTING POLICIES
Tangible Fixed Assets
Expenditure on land and buildin9s which, in the opinion of the Govemors, has not enhan￿d their long-term
value 18 charged to the SOFA. Expenditure on improvements to land and buildings which. in the opinion of
the Governors, has enhanced their long-lerm value is capilalised. Expenditure on plant, equipment
(including IT equipment) and furniture which is in excess of £1,000 per item. or group of items. is capilalised.
Assets in the course of construction are capitalised and deprectated when brought into use.
Depreciation is provided on all other tangible fixed assets. including freehold property, to write off their cost
less residual value over their estimated useful lives when brought into use. at the following rales.-
Freehold buildings
8uildings of non-permanent construction
All weather pitch
Furniture, fixtures and equipment
Computers
Motor vehicles
Telephone System
2% on cost
4°k on cost
10410 on cost
15010 reducing value
25QlTr on reducing value
25Q/o on reducing value
20Qkn on reduc4ng value
The residual walue for all classes of assets, including iecenl additions lo the school buildings, is deemed lo
be zero. The exception to this rule being the original freehold buildings, for which the Tesidual value is
deemed to be 50,10 of the Original cost to reflect Fond values.
Investmtrnts
Listed investments are slated al market value. Realised gains and losses arising on sales of investments
and unrealised gains and losses arisirig on the revaluation of the investments at the year-end are laken lo
unrestricted funds on the SOFA.
Investments in subsidiary undertakings are recorded at cost less any provision for impairment.
Operating Lease$
Rentals paid under operating leases are charged lo the SOFA.
Taxation
Th8 School, as a registered charity, is generally exempt from Corporatlon Tax bul not fiom Value Added
Tax IVAT). Irrecoverable VAT is included in the cost ol those items lo which it relates. The School's
subsidiary trading companies ar8 liable for Corporation Tax on taxable profit5 not paid lo the School as
qualifying dor¢alions under the Taxes Acts.
Pension Schemes
The School contributes lo the Teachers, Pension Scheme. which is a defined benefit scheme, al fates sel
by the Government Actuary and advised lo the Governors. The Scheme is a mulli-employer pension
scheme and il is not PO88ible lo identify the assets and liabilities of the Scheme which are atlribulable lo the
School. In accordance with Financial Reporting Standard (FRS 1021- Retirement Benefits, Ihe Scheme is
therefore accounted for as a defined contribution schetne. Contributions to the Scheme are charged lo the
SOFA as they become payable in accordance with the Yules of the Scheme.
The School also conlribules lo individual personal pension schemes foT non-teaching staff.
23

ORLEY FARM SCHOOL TRUST
NOTES TO FINANCIAL STATEMENTS
Year ended 31 August 2022
1. School Fees Receivable
2022
2021
Fees receivable consist ol..
Gross fees
Less.. lolal buisaries, grants and allowances
8,203.940 7,913,916
1237.fj 901 1246,8281
7.966,750 7,667,088
2a. Ancillary Income
2022
2021
Coaches
Aller School Clubs
Disbuisemenls
Pupil Insurance
2.065
9,420
29,116
27,477
1,365
8,219
16.004
25,185
68,078
50,773
2b. Ancillary Costs
2022
2021
Coaches
After School Clubs
Disbursements
Pupil Insurance
224
27
10,341
24,753
30
29,266
22,687
35,345
51,983
3. Other Income
2022
2021
Property
Holiday Club
Miscellaneous
177,229
27,221
41,183
147,233
21,593
13,381
245,633
182,206
4. Grant income
During the year the School received Coronavirus Stalulory Sick Pay Scheme of £2,216 and Gift Aid
Claim of £2,853 12021.. the School reTrived a grant of £16,604 in relation lo Ihe Coronavirus Job
Retention scheme).
24

ORLEY FARM SCHOOL TRUST
NOTES TO FINANCIAL STATEMENTS
Year ended 31 August 2022
5. Analysis of Charltsble
Exp&nditure
Salaries
Other
Depreciation
Totsl
2021
Teaching
Welfare
P¥emises
Support and management costs
3,994,997
486,792
230,597
194,629
398.698
549,816
556,115 264,930
4,481,789 4,209,834
425,226
344.377
1,388,607 1,301,525
821.045
767,856
440,093
6,180,407 1,496,167
440.093 7,11S,667 6,623,591
6. Employees and Key Management
2022
2021
Staff costs
Salaries and wages
Social security costs
Pension costs
4,063,719 3.82S,039
424,597
387,057
692.091
675,841
5,180,407 4,887,937
Neither the Governors nor persons connected to them received any remuneration or benefits or
reimbursements of expenses fiom the School with the exception of the items reported in note 16 of the
statutory accounts.
The number of higher paid employees whose remuneration for the year fell within the following bands
was..
2022
2021
£60,001- £70,000
£70,001- £80,000
£80,001- £90,000
£130,001 £140,000
£160,001- £170,000
Pension contributions of £77,68312021 £74.0221 were made on behalf of these employees. Of these
employee's pension contributions in respect of the School defined eonlribution scheme were £5.311
{2021- £5,233).
Staff Numbers
No.
No.
The average number of full lime 6quivalent staff employed by the school
within each calegoiy was-
Teaching staff
Other staff
50
50
so
47
100
97
The key management personnel of the school includes the Governors. the Headmaster, the Director ol
Finance and the Director of Operalior¢s. The aggregate employee benefits of key management
personllel of the School were £362,16712021- £324,987).
25

ORLEY FARM SCHOOL TRUST
NOTES TO FINANCIAL STATEMENTS
Year ended 31 August 2022
7. Net Movement in Funds
2022
2021
This is slated after chargingllcredilingl..
Auditors, remuneration
CL4rrent year audit
13,050
12,430
Oeprecialion
440,093
416,154
8. Tangible Fixed Assets
Furniture.
Freehold land
equipment
and buildings and vehicles
Assets in the
course of
conytruction
Cost
Total
Al 1 September 2021
Additions
Transfers
Disposals
16.013,405
236.739
2.087,578
214,243
33,426 18,134,409
450,982
At 31 August 2022
16,250,144
2,301,821
33,426 18.585.391
Depreciation
Al 1 September 2021
Charge for the year
Disposals
3,159,051
367,934
1,814,155
72.159
4,973,206
440,093
At 31 August 2022
3,526,985
1,886,314
5,413,299
Net Book Value
Al 31 August 2022
12,723.159
415,507
33,426 13,172,092
Al 31 August 2021
12,854,354
273,423
33.426 13,161,203
9. Fixed Assets Investments
2022
2021
il Investment in subsidiaries - shares at cost
South Hill Estates, Harrow Limited
Orley Farm School Enterprises Limited
20,950
20,950
20,950
20,950
The Trust owns 1000A of the share capital in the following two subsidiary companies,. South Hill Estates
(Harrow) Limited, which owns and manages land and roads in the Harrow area, and Orley Faim School
Enterprises Limited. 80th companies are regisleied in England and Wales.
26

ORLEY FARM SCHOOL TRUST
NOTES TO FINANCIAL STATEMENTS
Yearended 31 August 2022
The results of the subsidiary companies as extracted from their audited Financial Slalements are as
follows..
South Hlll
Estates
Orley Farm School
Enterprises
2022
2021
2022
2021
Capital and reserves
3,142
28.425
Loss for the year
125,2841
{3,7631
A decision was made in June 2007 to subsume the acliviltes of OHey Farm School Enterprises within
the School. The Company became dormant with effect from 1 SeplembeT 2007.
10. Debtors
2022
2021
Fees and extras in arrears
Amount due from subsidiary company
Other debtors
Prepayments
57,870
54,913
10.719
118.705
57,728
19,174
10,719
84,751
242,207
172,372
11. Creditors due within one year
2022
2021
Deposits
Tax and social security
Accruals and deferred income
Other creditors
Bank loan repayable within one year
314,250
182.887
261,286
207,510
299,274
310.022
181,866
320,049
86,073
286,495
1,265,207 1,184,505
Deferred income consists of fees received in advance tolalling £222.96712021- £162,988)
12. Creditors due In more than one year
2022
2021
Amounts repayable between two and five years
2,049,507 2,377,218
2.049,507 2,377,218
The loans are unseeLJred and repayable over 120 months from 31 March 2015. The interest iales
applicable lo the loans are=
LIBOR loan
Business loan
2.5Vo per annum over LIBOR plus mandatory cost
2.950/0 per annum over base rate
27

ORLEY FARM SCHOOL TRUST
NOTES TO FINANCIAL STATEMENTS
Year ended 31 August 2022
13. Pensioii Scheme
The School particip3les in the Teachers, Pension Scheme I'the TPS'I for its leaching slafl. The pension
charge for the year includes contributions payable lo the TPS of £583,42912021 £574,562} and al Ihe
yeai'_end £47,06412021 £48,933) was accrued in respect of contributions lo this scheme.
The TPS is an unfunded mulli-employer defined benefits pension scheme goveTned by The Teachers,
Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 {as
amendedl. Members contribute on a "pay as you go" basis wilh Gonlribulions from members and the
employer being eredited lo the Exchequer. Retirement and other pension benefits are paid by publlc
lunds provided by Parliament.
The employer Contribution rate is sel by the Secretary of Slate following scheme valualioris undertaken
by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared
as al 31 March 2016 and the Valuation Report. which was publiBhed in Maich 2019, confirmed that the
employer contribution iale for the TPS woiild increase from 16.4010 10 23.6 % from 1 September 2019,
Employers are also required lo pay a sGheme adminislralion levy of 0.080/4 giving a total employer
conlribulion rale of 23.68Q/o.
The 31 March 2016 Valuation Reportwas prepared in accordanco with the benefits set out in the scheme
Tegulations and under the approach specified in the Directions. as they applied at 5 March 2019,
However, the assumptions were considered and sel by the Department for Education prior lo the ruling
in the 'McCloudlSaigeanl case.. This case has required the courts to consider uses iegaiding the
implemenlalion ol the 2015 reforms lo Public Service Pensions including the Teachers, Pensions.
On 27 June 2019 the Supreme Court denied the government permission lo appeal the Court of Appeal's
judgtnenl that Iransilional provisions introduced lo the reformed pension schemes in 2015 gave rise lo
unlawful age discrimination. The goveinment is respecting the Court's decision and has said il will
engage fully with the Employmonl Tribunal as well as employer and member representatives lo agree
how the discriminations will be remedied. The government announced on 4 February 2021 that Il intends
lo proceed with a deferred choice underpin under which members wi15 be able lo choose either legacy or
reformed scheme benefits in respect oftheir service during the period between 1 April 2015 and 31 March
2022 at the point they become payable.
The TPS 15 subject lo a cost cap mechanism which was pul in place to protect laxpayers against
nforeseen change5 in scheme costs. The Chief Secretary lo the Treasury, having in 2018 announced
that there would be a review of this cost cap mechanism. in January 2019 annoUn￿d a pause lo the cost
C8p mechanism following the Court of Appeal's ruling in the Mccloudlsargeanl case and until there is
certainly about Ihe value of pen5iOnS to employees from April 2015 onwards. The pause was lifted in
July 2020, and a consultation was launched on 24 June on proposed changes lo the cost control
mechanism following a review by the Government Actuary. Following a public consultation, the
Goveinmenl have accepled three key proposals recommended by the Government Actuary, and are
aiming lo implement these changes in time lor the 2020 valuations.
The 2016 cost contToI valuations have since been completed in January 2022, and the results indicated
that there would be no changes to benelils or member contributions required. The results of the cost cap
valuation are not used lo sel the employer contribution rate, and HM Treasury has confirmed that any
changes lo the employer contribution rale resulting from the 2020 valuations will tske effect in April 2024.
Until the 2020 valuation is completed il is not possible lo conclude on any financial impact or futu
changes lo the contribution rates of the TPS. Accordingly, no provision for any additional past benefit
pension costs is included in these financial slalemenls.
The School also contributes lo a defirbed conlribulion scheme on behalf of its support slaff. Employer
contributions payable lo this scheme was £108.66212021: £101,032) and al the year~end £9,23212021..
£8,338) was accrued in respect of these scheme.
28

ORLEY FARM SCHOOL TRUST
NOTES TO FINANCIAL STATEMENTS
Year ended 31 August 2022
14. Unrestricted Funds
Relurb-
ishment
fund
General
fund
Total
funds
Al 1 September 2021
Nel income
Exp&ndilurelTransfers
Ito}Ifrom designated fvnds
12,673.887 2,000,000 14,673,887
1,076,605
1,076,605
447,269
1447,2691
At 31 August 2022
14.197,761
1.552,731 15.750,492
Refurb-
ishment
fund
Gèneral
fund
Total
funds
At 1 September 2020
Nel income
ExpenditurelTransfers
{lol/from designated funds
12,496.752 1,000,000 13,496,752
1,177,135
1,177.135
11,000,000) 1,000,000
At 31 August 2021
12.673,887
2,000,000 14,673,887
Designated Funds
The Goveinois have reconsidered the Designated Funds and have agreed in line wlh the Charity
Commission giiidance lo establish the Refurbishment Fund lo enable the School Refurbishment Plan
which is due lo be implemented with the next thelve lo eighlegn months.
15. Cash Flow Statement
2022
2021
Net Cash Inflow from Operating Activities
Nel income
Depreciation
Ilncreasel I decrease in debtors
Increase in creditors
Interest paid
Interest re￿iVed
1,076,605 1,177,135
440,093
416,154
169,8351
70.427
67,922
64.468
79,512
75,490
{3,049)
15281
1,591,248 1,803,146
29

ORLEY FARM SCHOOL TRUST
NOTES TO FINANCIAL STATEMENTS
Year ended 31 August 2022
Note 15 continued.
Analysis of Net Funds
Asat
1 September
2021
other
Asat
Cash Non-cash 31 August
flow
changes
2022
Nel cash balances
Olhei loans
4,881,085
12,663,712)
748,872
314,931
5,629,957
12,348,781)
Total
2,217,373
1,063,803
3,281,176
Asat
1 September
2020
Other
Asat
Cash Non-cash 31 August
flow
changes
2021
Nel cash balan￿S
Other loans
3,620.101
{2,798,2601
748,872
134,548
4.881,085
{2,663,7121
Total
821,841
1,395,532
2.217,373
16. Related Party Transactions
During the year amounts lotalling £13.47312021- £10.4281 were payable lo Ihts subsidiary company,
South Hill Estates, Harlow Limited relating lo road lewy charges. At the year-end £54,91312021
£19,173} was due from the subsidiary company.
During the year Mrs Z Kemal, a teacher of the School. provided baking setvices al a cost of £262
{2021= £nil)
iii. A Governor, Mr A Land, receives a fee discount of 20Yo under the Harrow Masters Fund. This fund
is no longer open to new entrants.
iv. During the year the School hiTed facilities from harrow School Enterprises Ltd for various school
events al a cost of £3,04012021'. £3,291). Mr A Land, a Governor al the school, is 8 director of this
Gompany.
vi. During the yeai 3D Motors Limited provided vehicle maintenance services lo the school at a cost ol
£2,24612021'. £1,236). Mr R Railhalha, a Governor al the school, is a director of this company.
vii. Mrs R Gascoigne, a teacher at the school. is an owner of G&T School of Performing Arts, an
oiganis8lion Ihal hires parts of the school premises lo provide drama activities during weekend. The
hire chgrge for the year was £8,45212021.' £3,946).
There were no other related party transactions in either years.
17. Capital Commitments
Al 31 August 2022 capital works aulhorised by the Board of Governors but not contracted for amounted
10 £1,593,32412021- £1,235.0001.
30