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2021-08-31-accounts

OLD VICARAGE SCHOOL TRUST (A Company Limited by Guarantee)

Incorporated in England and Wales No. 01092758 Registered Charity No. 312671

GOVERNORS’ REPORT AND FINANCIAL STATEMENTS

For the year ended

31 August 2021

OLD VICARAGE SCHOOL TRUST CONTENTS For the year ended 31 August 2021

CONTENTS Page
Governors’ report 1 - 9
Auditors’ report 10 – 13
Statement of Financial Activities 14
Balance Sheet 15
Cash Flow Statement 16
Notes to the financial statements 17-28

OLD VICARAGE SCHOOL TRUST CONTENTS For the year ended 31 August 2021

Governors Ms M Barua Resigned 03/12/2020
Mrs S Brown
Mr G Caplan Chair
Mr G Cowley Resigned 16/09/2021
Dr B Henderson Deputy Chair
Mr C Heidl
Mr S Waldman
Mrs S Longstaff
Ms J C Nightingale Deputy Chair Resigned 06/05/2021
Mrs S Yeadon Resigned 22/06/2021
Mr R Leigh Appointed 22/06/2021
Mrs L Barnes Appointed 22/06/2021
Mr J Skingley Appointed 22/06/2021
Mr S Masters Appointed 22/06/2021
Mrs K Patel Appointed 17/11/2021
Headmistress Mrs G Linthwaite
Bursar and Clerk to the Governors Mrs K Stevens Appointed 01/09/2020
Bankers HSBC Bank Plc
67 George Street
Richmond
Surrey
TW9 1HG
Auditors Moore Kingston Smith LLP
80 Goswell Road
London
EC1M 7AD
Investment Managers CCLA
Senator House
85 Queen Victoria Street
London
EC4V 4ET
Solicitors Farrer & Co LLP
66 Lincoln Inn Fields
London
WC2A 3LH
Moore Barlow LLP
The Oriel
Sydenham Road
Guildford
Surrey
GU1 3SR

OLD VICARAGE SCHOOL TRUST GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2021

Governing Document

Old Vicarage School Trust is governed by its Articles of Association.

Governance and Management

The Governors are responsible for the overall management of the Old Vicarage School Trust. The Board of Governors always meets formally three times a year. Governors volunteer for specific responsibilities to the Board of Governors; the Board has Governors with responsibility for safeguarding and child protection, finance, human resources, property, information technology, legal matters, health and safety, and education. In this way, Governors can acquire an in-depth knowledge of issues affecting the School within their area of responsibility. The following committees meet before and report at each termly meeting of the Board of Governors:

Finance Committee Education Committee Safeguarding Committee Health & Safety Committee

Governors attend the committee meetings relevant to them and members of the Senior Management Team attend all committee meetings. Governors are welcome to visit the School at any time and often spend half a day in School observing lessons.

The Finance Committee meets at least one week before each Governors’ meeting specifically to review budgets and financial reports. The Headmistress and Bursar also attend meetings of the Governors and the Finance Committee.

The day to day running of the School is delegated to the Headmistress and the Bursar, supported by other members of the Senior Management Team.

Appointment, induction and training

New Governors are appointed by existing Governors at a full meeting of the Board of Governors. In making such appointments consideration is given to complementing the professional skills of the existing Governors so that a broad range of expertise is maintained.

Governors are appointed for a term of office of four years. A retiring Governor may be re-elected for a second term of four years. Governors are encouraged to attend relevant training to keep them up to date with developments in the educational sector and ensure that they are aware of their responsibilities.

New Governors are briefed by the Chair of Governors and inducted into the workings of the School and also of the company as a registered charity.

Related parties

All Governors give their time freely and receive no remuneration. No trustees have been reimbursed for expenses incurred during this year (2020: Nil).

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OLD VICARAGE SCHOOL TRUST GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2021

KEY MANAGEMENT PERSONNEL

The Governors consider that they, together with the Headmistress and the Bursar, comprise the Key Management Personnel (see note 9 to the accounts). The Governors give of their time freely to the School and the pay and remuneration of the Headmistress and the Bursar is set by the Board of Governors and is kept under annual review. A number of criteria are used in setting pay:

OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES

Objects

The School’s Charitable Objects as set out in its Articles of Association are “to promote and provide for the advancement of education and in connection therewith to conduct, carry on, acquire and develop in the United Kingdom any boarding or day school or schools for the education of children of either sex or both sexes”.

Principal Activity

The School’s principal activity is the provision of education for girls from the age of 3 to11 years.

Aim

The School aims to be the leading girls’ prep school in South-West London.

Objectives

Objectives are set as part of the School’s Development Plan to continue the School’s journey towards becoming the best girls’ prep school in South-West London. The overall vision is that an Old Vicarage School pupil is a happy, confident and considerate girl, who achieves personal success through challenge, inspiration and support. This is achieved by developing girls:

In setting our objectives and planning our activities the Governors have carefully considered the Charity Commission’s guidance on Public Benefit.

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OLD VICARAGE SCHOOL TRUST GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2021

REVIEW OF ACHIEVEMENTS AND PERFORMANCE IN THE YEAR

The year ended 31 August 2021 was a truly outstanding year for the School under the leadership of the Headmistress Mrs Gillian Linthwaite, despite the disruption caused by Covid-19. The School’s high reputation in the area and excellent results have ensured strong demand for places, with average pupil numbers for the year of 204, exceeding our target figure of 200. Eleven scholarships and exhibitions to Godolphin and Latymer, Downe House, Latymer Upper, Putney High School, Kingston Grammar School, Surbiton High School, Radnor House and Claremont Fan Court School were received.

This year has been highly unusual due to the continued pandemic and the government instruction in the new year that all schools and businesses should return to remote working. The School site remained open for a small number of children whose parents were key workers. Online teaching was therefore reinstated fully at the beginning of the Spring term, using Firefly and Microsoft Teams. We were able to supply iPads to all pupils in the Lower School, easing the demand at home on devices. Teaching staff gave all pupils live lessons, pastoral support and access to a full curriculum. Many supportive emails were received from parents applauding the online provision.

Fees continue to include the cost of lunches, all day trips and visiting educational workshops at the School. The Governors are committed to showing Public Benefit by broadening access to education to parents who cannot afford fees. The School makes available bursaries for a girl to attend a secondary independent school in the area, while continuing to offer bursaries within the School and assisting exiting families who experience financial hardship.

Class sizes are at a maximum of 15 throughout the School and our overall pupil/teacher ratio is below 1:9. This is one of the lowest in our sector and we believe contributes significantly to the success enjoyed by our pupils. The School prepares the girls for entry to a wide variety of senior schools. The exam preparation in the Autumn term of Year 6 includes before and after School clubs providing support and extension work. This was critical this year as most senior schools changed the timing or format of their entrance exams at short notice. Once again, all girls leaving at the end of the Summer Term gained places at the secondary school of their choice.

The Little Vic Pre School in The Vineyard Life Church continued to build on a successful first year. By the end of the year 20 pupils were attending full time. The Little Vic’s curriculum is intended to give the girls all the skills they need in order to be confident learners by the time they move into Reception. It will educate up to 30 girls each year and will become the natural entry point for the Old Vicarage School in September 2022.

The School has made very good use of the sports ground at King George’s Field at Ham. The School was delighted to financially support the London Borough of Richmond upon Thames in refurbishing the tennis and netball courts to benefit the wider local community as well as provide excellent facilities for the School to use. We greatly increased the use of the field in 2021 with all Upper School girls having two sessions a week there and Lower School year groups having an afternoon session each.

The fabric of the building continues to be well maintained, modernised and developed. Much essential repair work to the roof and exterior was undertaken. Little used areas which were being used during the pandemic were refurbished. Redesign of two offices created more efficient use of space and additional storage facilities. During the lockdown and re-opening post-lockdown, extensive cleaning, sanitising and fogging of the School was undertaken and continued to provide as hygienic and safe an environment for work and learning as possible.

The School has been pleased with the response of our caterer, Accent Catering in their second year of operation, to the requirements of keeping the girls in bubbles by providing some packed lunches, some hot lunches in take-away containers as well as traditional cooked lunches.

The School is committed to providing an education which has both breadth and depth. The teaching of Mandarin is now well established with girls taking Mandarin Common Entrance. The girls are offered many opportunities to enhance their curriculum studies, for example competing in various Maths Challenge days at local senior schools. The School takes part in events such as the

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OLD VICARAGE SCHOOL TRUST GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2021

International Women’s Day, as well as a Book Day to celebrate and enjoy children’s literature, and a Maths Day to recognise how all-encompassing maths is in our lives.

There is a strong tradition of music and drama at the School. In Years 5 and 6 pupils are entered for English Speaking Board examinations. These had to be by Zoom due to Covid – and all girls achieved Distinction or Merit Plus. Girls start in Reception by performing a Nativity play and, from Year 3 upwards, Spring Concerts for which each year performs their own dramatic production. All were filmed for parents due to covid, with the Upper School productions taking place in the Summer term. The Leavers’ production of Annie was performed at the RHACC theatre in front of a socially distanced live audience.

Music is taught throughout the School by a specialist music teacher and peripatetic music lessons are offered to all pupils. These have continued on-line during the lockdown and in person in the summer term re-opening of the School.

Supporting an excellent academic education is a focus on British values and good citizenship, kindness and consideration for others. This is promoted throughout our curriculum and we have a strong PSHE programme which reinforces these ideas.

The standard of sporting achievement remains very high, particularly so given the size of the School. The School made increased use of the sports facilities at King George’s Field, with all girls having one or two sessions a week in year group bubbles. Fixtures against other schools were not possible until late in the Summer Term, but interhouse competitions were keenly fought each term. Three sports days were held, without the presence of parents – Little Vic, Lower School at King George’s Field and Upper School at St Mary’s University College.

The School participates in the Local Authority’s STARS Travel Plan scheme. Gold, Silver and Bronze stars are awarded depending on the ability to reduce the number of cars used to transport children to School as well as ensuring children are taught about road safety and the value of protecting the local environment. The School has retained its Gold Star, confirming our commitment to minimising the use of cars to transport girls and staff to and from School.

The School’s curriculum is complimented by a wide variety of educational visits for all year groups, which, although the number of visits has been reduced has included Barnes Wetland Centre, the local fire station and Bocketts Farm. The girls are usually challenged to develop their independence with residential trips from Year 3 upwards to Marchants Hill, Hooke Court in Dorset, Bushcraft and France. While all these trips had to be cancelled, the girls showed remarkable resilience and found new ways to illustrate their growing independence, albeit remotely. Residential trips were replaced with an Activity Week, based on a Circus theme, which challenged the creativity of the girls in new ways.

The School provides a diverse range of lunchtime and afterschool clubs which have been restricted to year group bubbles and included a variety of creative and sports clubs. Other activities ranged from Debating to Sewing to Gardening and Stop-Frame Animation.

The Old Vicarage School seeks to benefit the public through the pursuit of its stated aims. Fees are set at a level to ensure the continued financial viability of the School and at a level that is consistent with our aim of providing a first-class education to become the leading girls’ prep school in west London.

PUBLIC BENEFIT

The Governors are committed to broadening access to parents who cannot afford fees for independent education. The School offers means-tested bursaries to four pupils and continues to set aside funds for the purpose of assisting girls in the local area to attend a secondary independent school. The School has supported one pupil on this basis during the year. During the year the School provided assistance to the value of £147,098 and in addition has continued to set aside funds of £200,000 to assist families in financial distress as a result of the pandemic. Assistance provided this year includes both bursary support and a fee rebate to families in recognition of the spring term lockdown.

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OLD VICARAGE SCHOOL TRUST GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2021

The School was delighted to financially support the London Borough of Richmond upon Thames in refurbishing the tennis and netball courts in 2019 to benefit the wider local community as well as provide excellent facilities for the School to use.

Pupils are encouraged to feel part of the wider community. The girls vote each year for the charity they wish to support and in 2020 chose Skylarks, a charity in Richmond providing activities and therapies for children with disabilities and additional needs. As many of the School’s main fundraising activities were due to take place in the Summer term, and hence did not take place, the School has re-adopted Skylarks for a further year in 2021. Well over £4,600 has been raised this year in spite of the restrictions imposed by lockdown and this was doubled by matched funding through The Big Give.

Each year the School also raises money for the NSPCC at Christmas, through the posting of Christmas Cards and the retiring collection at the Carol Service.

This year, the School’s Harvest collection was donated to the Richmond Foodbank, based in the nearby Vineyard Life Church Community Centre. Pupils help with sorting donations and preparing food bags and this year over 500kg of supplies were donated.

FINANCIAL REVIEW

The financial statements show net income of £113,651 (2020: deficit £32,674). The principal source of income is fees amounting to £3,067,763 (2020: £2,850,661). A large proportion of the net income for the year relates to an unrealised investment gain of £89,544 (2020: £Nil) which is not immediately available for operational purposes. The operational surplus for the year of £24,107 (2020: deficit of £32,674) is significantly less than originally forecast due to the financial impact of the Covid-19 virus. A fee reduction was offered to parents for the Spring term and there were continuing increased operational costs incurred as a result of implementing safe working arrangements.

The Governors continue the policy of investing all the net income in the building and educational resources of the School.

As a charity we are exempt from Corporation Tax on our educational activities and on our investment income provided these are applied for our charitable aims. We also receive an 80% reduction on our business rates. The financial benefits we receive from these tax advantages are all applied for educational purposes and indirectly help to fund our bursary programme.

As an educational charity we are exempt from VAT so are unable to reclaim input VAT on our costs. We also pay employers’ national insurance contributions on our payroll costs.

Reserves Policy

The School’s reserves are analysed as follows:

Revaluation Reserve
Buildings Reserve
Capital Reserve
Major Repairs Reserve
Education Reserve
General Reserve
Total Reserves		 £ 89,544
£1,276,080
£ 487,572
£ 200,000
£ 200,000
£1,592,565

£3,845,761

The Board of Governors regularly reviews the levels of reserves held by the School. Reserves are held for any future expansion or development of the School facilities, for major repairs and improvements and to fund bursaries. The special nature of our buildings means that repair costs, either arising from our planned maintenance programme or unexpectedly, require a prudent level of reserves.

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OLD VICARAGE SCHOOL TRUST GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2021

The Revaluation Reserve has been set up this year to reflect the unrealised gain on investments during the time since time the cash was initially invested and these funds are not available to use for other purposes.

The Buildings Reserve represents the value of assets already invested in buildings and which are therefore not available for other purposes.

The Board of Governors are holding funds in the Capital Reserve for capital projects to improve the buildings or facilities. The School wishes to support the London Borough of Richmond upon Thames in the upgrade of a sports pavilion at St George’s Field where the School delivers a large part of its sports programme. The upgraded facilities would be of benefit not only to the School but also to the wider community when they hire the grounds from the Borough. In the future, the School is open to expanding its site if an opportunity arose and is therefore working towards holding enough capital to be able to make this investment. Situated on a prime site in Richmond upon Thames, the level of investment required will be substantial.

The level of the Major Repairs Reserve is based on knowledge of the current state of repair of the property and the future issues which might be discovered but are currently not anticipated, such as dry rot.

The Education Reserve is held to provide for the cost of our bursary programme and the furtherance of education in the wider community. It is also used to help families with educational or similar costs. Particular regard is given where families face a change in financial circumstances and may need help to complete their final years at the School. The Governors responded to the potential economic impact of the pandemic by increasing reserved funds to £200,000 in 2020 and this level of reserve has been maintained in 2021 to recognise that the full economic impact of the pandemic has not yet been fully realised in the global and UK economy.

The unrestricted General Reserve is held by the School to ensure its long-term viability. The Board of Governors consider that the Unrestricted General Reserve should be maintained at a level equal to 6 months’ budgeted expenditure. The general fund total of £1,592,565 is in line with this target.

Freehold Property

In the opinion of the Governors the value of freehold land and buildings is in excess of the book value but no useful purpose would be served by undertaking a revaluation.

Principal Risks and Uncertainties

The Board of Governors is responsible for the management of the risks faced by the School, and a formal review of the School’s risk management processes is undertaken on an annual basis. Through the risk management systems which have been established for the School, the Board of Governors is satisfied that major risks identified have been adequately mitigated. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

The Governors consider the major risks to which the School is currently exposed include:

The key controls over these risks include:

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OLD VICARAGE SCHOOL TRUST GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2021

The School responded to the risks presented by the Covid-19 pandemic and the short notice lockdown at the beginning of January 2021 as follows:

There is a possibility that the pandemic will affect pupil numbers in the future, however as at November 2021 pupil numbers are comparable to the year ending 31 August 2021 and pupil numbers for September 2022 are forecast to be higher. The Governors are confident that the steps taken to ensure that the School is able to continue to provide a caring and enriching environment for its pupils will mitigate against the risk of a reduction in pupil numbers.

The Governors recognise their duty of care in seeking to reduce the spread of the virus through the School and have committed significant resources to ensuring that it is able to protect its pupils and staff. Additional cleaning products and systems have been introduced and deep cleaning is carried out frequently as well as “fogging” (misting) the buildings with an anti-viral product which settles on all surfaces. The School has also significantly changed its operational routines, timetables and catering provision to reduce movement around the School, avoid contact during times of movement and maintain “bubbles” of children and staff. All measures are under continual reassessment and are updated where changes are identified as beneficial to mitigation of risk.

The risk of reputational damage due to a perceived reduction in educational value provided by the School when required to teach remotely has remained. However, the excellence of the online educational provision which was swiftly implemented in 2020 and has been built upon and further developed in 2021 provided another opportunity for the School to enhance its reputation amongst other local competitor schools in this difficult environment. The Governors recognise the tremendous staff effort put into ensuring that standards have been maintained despite very short notice from the Government of another national lockdown in January 2021 and little time to prepare online teaching programmes. Expectations have, for a second year of pandemic operations, not only been met but been exceeded.

As a result of the measures taken which are set out above the Governors consider that the School’s operations are sustainable and financially viable, and therefore it remains appropriate to prepare the

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OLD VICARAGE SCHOOL TRUST GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2021

Financial Statements under the Going Concern basis. The Governors (as Trustees) anticipate that the School will be able to continue operating normally within its existing unrestricted reserves.

FUTURE PLANS

The School will continue to maintain and develop the buildings to provide excellent facilities for the girls and staff. In the coming year we intend to build still further on the academic sporting and pastoral strengths of the School. The current excellent pupil/teacher ratio will be maintained.

The School is in talks with the London Borough of Richmond upon Thames to help finance the refurbishment of facilities at King George’s Field in Ham, by supporting a staged renovation of the sports pavilion. This will help to provide a true base for girls’ sport in the local area and will be the “Home of Sport for the Old Vicarage School”.

The School is seeking to strengthen its ties with Barnes Hockey Club and also provide for a covered play and sport area in the playground on its own site.

Future plans will be influenced by the progress of our Government and the world in bringing the Covid-19 pandemic under control. Any restrictions imposed in order to do this will inevitably have an effect on the economy and the School will need to adapt its plans accordingly. The risks are under continuous review in order to modify strategy and operations as necessary.

Governors are also mindful of the policy debate around the status of independent schools and are continually risk assessing the external environment and the potential impact on the long-term success of the School.

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OLD VICARAGE SCHOOL TAUST GOVERNORS, REPORT FOA THE YEAR ENDED 31 AUGUST 2021 STATEMENT OF GOVEANORS. RESPONSI8ILmES The GoverTrys (who arè dg)dlrecth oIOkJ Vl¢8rage Sth¢JY TNstforthe wrpjses of o)mp8ny lawl are r6SF￿￿b1O￿pr8p8rfng the Govornrrts, AeFrfffi8TrJ Ihe ffrwK4d #aternentsln 8cuJrdan( wilh law and United lQngdom A0￿UnIng Stsndards Iunlted I￿￿Orn Ggnerdly Accepbj Acrfjunung PrathLl. Company law requlres the Governors￿ prepwe Ilnandai stat8rnanl8 lor eath ffiNand￿ year whlth g￿0 a true aTrJ I￿r ￿eW ot ￿ st￿8 of ol tho charllabla u)mp8ny 8nd of the incfjrnlng resources and ap￿￿tk)n of r89)urces, Indudlng thg Incoma and owdtturg. ofthe tharfrAbte oJmp8ny lor that perfod. In weparlng theSeffinBnd￿ Govomots are reqUIr￿ to: Selacl suttable acLYJunlng polkles and Ihen 8pptythern c()n￿￿nty Observe the rnathods and prlndpb8 In the CharMes SOAP Mako SL¥lgarnents a￿1 83￿mate$that ar8 rwonthè 8nd prudent Slate whelh8r OP￿￿ble UK AoxunlrrfJ 3tandgrds have baen folbxl, Sub￿ to any rnaterfal deparbjres dlsc)wJ and eXp￿ned In the flnand81 ststgrnants Prep8rg the finand81 statemantson lh& gdrya 0￿r￿M ba$ unkn8 tt L8 1n8Fyro￿aIo to PTesum Ihallhè tharitabig c￿panyW1ll conlnue In trAJslness Tha Govemots arg resFvisibl9 lor kgOng PTOFer atsxjun￿ng rgo)rds dlscbsa wlth raasonab acojracy atanyllme ofthe finandd position of Ihè thOfftab￿ c¥)rnpany and anab￿ Iherll to ensure Ihatthe fln8nd￿ siatements cx)mptywfth the Comp8n1￿ Ad 2W6. They are Also resp)n￿ble lor safeguardlrKJ the assets ofth• chari￿1￿ (xnp8ny arKI hencg lor reaxmabb steps lor the ryèventrjn and detoclk)n 01 fraud olher lrngLhlwlO88. So far as we are awaro: Therg is no ralevant aud￿1 Infcrnkn ofwhlch tha ch8rftAbb ￿mpanY5audrt0f Is unaware., and Thg Gov8mors have t8kèn ￿1 step5 Ihat they ougm tt) have taken to makg aware ol 8nyrel8v8ntaudft Infom)aOon and to e8blish thalthe audittir Is aware of Ihat Infonnalon. The Govemots, Retth has been prepar￿ In a0￿rd￿￿e witrttha pr￿slOn$ tsLqlr¥3to cxJmpanle$ sublaGltothe smdl cornpBmles' reglmeswitt)In Part 15 ofth6 Comp&nles Act 2CM)6. For and on behalf ollha Board Cap 9 Dgc*mbar 2021 Page 9

OLD VICARAGE SCHOOL TRUST GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2021

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF OLD VICARAGE SCHOOL TRUST

Opinion

We have audited the financial statements of Old Vicarage School Trust (‘the company’) for the year ended 31 August 2021 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

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

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

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OLD VICARAGE SCHOOL TRUST GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2021

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in [the strategic report or] the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the audit of the financial statements

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

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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OLD VICARAGE SCHOOL TRUST GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2021

error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

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OLD VICARAGE SCHOOL TRUST GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2021

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

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Shivani Kothari (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

Devonshire House 60 Goswell Road London EC1M 7AD

14 December 2021

Page 13

Old Vicarage School Trust STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure statement) for the year ended 31 August 2021

Notes
INCOME FROM:
Charitable Activities
School fees
3
Other educational income
4
Other income
5
Other trading income
Other activities
Investments
Investment income
6
Voluntary sources
Grants and donations
7
Total income and endowments
EXPENDITURE ON:
Charitable activities
School operating costs
8
Total expenditure
8
Net operating income/(expenditure)
Net gains on investments
Net income/(expenditure)
13
Transfer between funds
Net movement in funds
Fund balances brought forward
Fund balances carried forward
21, 22		 Unrestricted
Funds
2021
£
3,067,763
64,771
4,971
39,299
3,457
28,976		 Unrestricted
Funds
2020
£
2,850,661
64,717
-
27,129
9,697
42,836
3,209,237 2,995,040
3,185,130 3,027,714
3,185,130 3,027,714
24,107
89,544		 (32,674)
-
113,651
-		 (32,674)
-
113,651
3,732,110		 (32,674)
3,764,784
3,845,761 3,732,110

The statement of financial activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

The accompanying notes form part of these financial statements.

Page 14

Old Vicarage School Trust BALANCE SHEET asat31 Au ust 2021 Not•s 20 2020 FIXED ASSErs Tangibl8 assets Invagtments 1,925,13S 1,975,798 12 13 2.764.879 1,975,798 CURRENT ASSErs Dgbtors CaBh at bank ond ln hand 14 160.385 208,258 2 709 382 1,788057 2,917,840 CAEDITORS.. Arnounts fdllng due ￿thIn on8 year 15 (301,046) (809,8701 2 107 TIO NET CURAENf ASSETS TOTAL AS8Efs LESS CURPENT LIABIUTIES REDITOAS: Amount81alllng duo atter more thgn ong year 4,252,490 1408,729) 4.083.588 {351,4581 3732110 NET ASSETS FUNDS unre5trl￿6d lunds Gen•ral r$sorv¢$ D8slgn&ted r•sow8 1,513,860 2.218,250 17 17 1.692,565 2,253.196 3732110 Approved and 8krthorfs8d for18sug by Ihg P•xrd ol Gov8rnor8 on 9 D8cernbor 20218nd slgned on thelr bohalf ty.. G Caplan Chalrman of the Board ol Gov•mor8 Tha aCCompan￿ng notos fom part ol IheBe Ilnand81 stabment& Company Number.. 01092758 Pago 15

Old Vicarage School Trust CASHFLOW STATEMENT for the year ended 31 August 2021

d Vicarage School Trust
HFLOW STATEMENT
e year ended 31 August 2021
CASH FLOW STATEMENT
Notes
Net cash inflow from operating activities
21
Cash flows from investing activities:
Bank interest received
Proceeds from sale of fixed assets
Payments to acquire fixed assets
Payments to acquire investments
Net cash outflow from investing activities
Increase/(decrease) in cash
beginning of the reporting period
end of the reporting period
Cash and cash equivalents at the
Cash and cash equivalents at the		 2021
£
(216,585)
3,457
5,279
(123,062)
(750,000)		 2020
£
41,007
9,697
-
(89,346)
-
(864,326) (79,649)
(1,080,911)
2,709,383		 (38,642)
2,748,025
1,628,472 2,709,383

Page 16

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2021

1 ACCOUNTING POLICIES

Old Vicarage School Trust is a company limited by guarantee with registered number 01092758, incorporated and domiciled in England and Wales. Its registered office is 48 Richmond Hill, Richmond-Upon-Thames, TW10 6QX.

1.1 BASIS OF PREPARATION

The financial statements are prepared in Sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

These financial statements are prepared on the going concern basis, under the historical cost convention as modified by the revaluation of investments and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. The principal accounting policies, which have been applied consistently throughout the year, are set out below.

1.2 GOING CONCERN

The Covid-19 pandemic introduces uncertainties about the economy going forwards into the medium term and what the effect might be on the School. However, the School holds strong cash reserves which are all unrestricted, is not relying on borrowing, has strong pupil numbers at the beginning of the academic year 2020-21 and is developing a strategy should pupil numbers start to fall.

Having reviewed the funding facilities available to the School together with the expected ongoing demand for places and future projected cash flows, the Governors have a reasonable expectation that there are adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the School’s financial viability. As such the School can expect to be able to meet its liabilities as they fall due in the period of at least 12 months from the date of approval of these accounts. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

1.3 COMPANY LIMITED BY GUARANTEE

The company is limited by guarantee, the guarantors at the present time being the Governors, to the extent of £1 each.

1.4 FEES RECEIVABLE AND SIMILAR INCOME

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

Page 17

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2021

1.5 DONATIONS AND FUND ACCOUNTING

Donations received for the general purposes of the school are included as unrestricted funds. Donations restricted by the wishes of the donor or the terms of an appeal are taken to restricted funds. Donations required to be retained as capital in accordance with the donor’s wishes are accounted for as endowments – permanent or expendable according to the nature of the restriction.

Unrestricted general funds - These are funds which can be used in accordance with the charitable objects at the discretion of the Governors.

Designated funds - These comprise of unrestricted funds that have been set aside by the Governors for particular purposes. The aim and use of each designated fund is set out in the note 13 to the financial statements.

Restricted funds - these are those where there are specific donor restrictions as to their use.

1.6 EXPENDITURE

Expenditure is accounted for on an accruals basis and is allocated to expense headings, which aggregate all costs relating to the category either on a direct cost basis, or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates.

Governance costs comprise the costs of running the charity, including strategic planning for its future development, external audit, any legal advice for the School’s Governors, and all the costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.

1.7 GOVERNMENT GRANT INCOME

Government grant income represents the total amount claimed from HM Revenue and Customs under the Coronavirus Job Retention Scheme (CJRS). The income is accounted for in the period in which the associated salary payments are made to furloughed staff.

1.8 FIXED ASSETS AND DEPRECIATION

All fixed assets are used in direct furtherance of the school’s objectives. Fixed assets are included in these financial statements at their original cost less depreciation and accumulated impairment losses provided to date.

Assets that are expected to have a useful economic life of less than two years and/or cost less than £1,000 are not capitalised and are written off in the year of purchase.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the costs less estimated residual value of each asset, by equal annual instalments, over their expected useful lives which are considered to be:

which are considered to be:
Freehold buildings -50 years
Leasehold improvements -10 years
Furniture and equipment -10 years
Computer equipment -3 years

1.9 PENSIONS

The School is a member of the Teachers’ Superannuation Scheme run by Teachers’ Pensions. The scheme is an unfunded, defined benefit scheme. It is a multi employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the School. Accordingly under FRS102 Section 28 the scheme is accounted for as if it were a defined contribution scheme.

The School also contributes to a defined contribution scheme for non-teaching staff. The School’s contributions to pension funds for its employees are charged to the Statement of Financial Activities on an accruals basis in the year in which they fall due.

1.10 LEASES

Rentals paid under operating leases are charged to the Statement of Financial Activities evenly over the period of the lease.

Page 18

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2021

1.11 INVESTMENTS

Investments are valued in the balance sheet at their mid-market value at the balance sheet date. Investment management costs are accounted for as incidental costs of the acquisition or disposal where transaction-based, while investment income management costs are charged as expenditure out of the relevant income funds.

1.12 CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.13 FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 14, 15 and 16 for the debtor and creditor notes.

1.14 TAXATION

The company is a registered charity and is exempt from taxation as afforded by Section 505 ICTA 1988.

1.15 EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a liability and an expense.

2 KEY ESTIMATES & JUDGEMENTS

In the application of the company's accounting policies, the Board is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In the opinion of the Board of Governors, the estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements

Useful economic lives

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property, plant and equipment and note 1.9 for the useful economic lives for each class of asset.

Recoverable value of fee debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 14 for the net carrying amount of the debtors and associated impairment provision.

Page 19

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2021

3 FEE INCOME

The School’s activities are carried out within the UK.
The School's fee income comprised:
Gross fees
Less: Bursaries and discounts
4 OTHER EDUCATIONAL INCOME
Extras and disbursements
Registration fees
Other income
5 OTHER INCOME
Profit on sale of assets
Deposits
6 INVESTMENT INCOME
Interest received
7 DONATIONS AND GRANTS
Donations and gifts
CJRS grant income		 2021
£
3,141,986
(74,223)		 2020
£
2,905,146
(54,485)
3,067,763 2,850,661
2021
£
48,501
8,300
7,970		 2020
£
49,777
8,700
6,240
64,771 64,717
2021
£
4,971
39,299		 2020
£
-
27,129
44,270 27,129
2021
£
3,457		 2020
£
9,697
3,457 9,697
2021
£
10,115
18,861		 2020
£
11,447
31,389
28,976 42,836

Page 20

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2021

8 EXPENDITURE

(a)
Charitable expenditure
Teaching
Welfare
Premises and estates
Administration
Governance
Total Charitable Expenditure
Total Expended
Charitable expenditure
Teaching
Welfare
Premises and estates
Administration
Governance
Total Charitable Expenditure
Total Expended
(b)
Other Governance Costs include:
Auditors' remuneration
- Audit fees
- Underprovision from previous year
- Other Auditors remuneration
Legal and professional fees
Other governance costs		 £
1,792,076
-
102,441
368,285
-
Staff costs
(note 9)		 Other
£
105,936
191,984
260,441
160,565
29,677		 Depreciation
£
-
-
173,725
-
-		 Total
2021
£
1,898,012
191,984
536,607
528,850
29,677
2,262,802 748,603 173,725 3,185,130
2,262,802 748,603 173,725 3,185,130
£
1,691,828
-
84,538
385,264
-
Staff costs
(note 9)		 Other
£
133,620
176,795
181,981
160,372
33,154		 Depreciation
£
-
-
180,162
-
-		 Total
2020
£
1,825,448
176,795
446,681
545,636
33,154
2,161,630 685,922 180,162 3,027,714
2,161,630 685,922 180,162 3,027,714
2021
£
14,400
1,120
5,022
7,867
1,268		 2020
£
13,601
-
2,196
17,357
-
29,677 33,154

Page 21

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2021

(c)
Administration Costs
Salaries
Other staff costs
Operating leases
IT support
Office expenses
Sundry expenses
Bank charges and interest
9 STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
Other staff costs		 2021
£
353,310
14,975
20,879
46,565
58,919
32,021
2,181		 2020
£
369,913
15,351
29,330
38,252
63,439
27,553
1,798
528,850 545,636
2021
£
1,712,810
172,816
307,088
70,088		 2020
£
1,645,933
166,990
305,341
43,366
2,262,802 2,161,630

During the year termination payments of £2,207 (2020: £10,000) were made. The average monthly number of employees during the year was as follows:

Teaching
Support
£60,000 in the year was as follows:
£60,000 - £70,000
£80,001 - £90,000
£100,001 - £110,00
The number of employees whose emoluments amounted to over		 2021
No.
35
15		 2020
No.
33
13
50 46
2021
No.
2
1
1		 2020
No.
2
-
1
4 3

Key management personnel include the Govenors and the senior executives which are made up of the Head and the Bursar. The total pay and benefits received by key management personnel were £236,098 (2020: £251,277).

Page 22

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2021

10 GOVERNORS REMUNERATION AND BENEFITS

There were no Governors' remuneration or other benefits for the year ended 31 August 2021 nor for the year ended 31 August 2020.

There were no expenses reimbursed in the year (2020: nil).

11 NET INCOME FOR THE YEAR

2021 2020
£ £
Net income is stated after charging:
Depreciation of tangible fixed assets 173,725 180,162
Operating lease rentals - other 20,879 29,330
Operating lease rentals - land & buildings 52,000 52,000
Auditor’s remuneration
Audit services for the school - current year 14,400 13,601
Non-audit services 2,580 2,196

12 TANGIBLE FIXED ASSETS

Cost:
At 1 September 2020
Additions
Disposals
At 31 August 2021
Depreciation:
At 1 September 2020
Charge for year
Disposals
At 31 August 2021
Net book value:
At 31 August 2021
At 1 September 2020		 Freehold
Leasehold
Buildings mprovements
£
£
1,806,944
96,178
1,721
-
-
-
1,808,665
96,178
571,707
11,912
35,526
9,618
-
-
607,233
21,530
1,201,432
74,648
1,235,237
84,266		 Freehold
Leasehold
Buildings mprovements
£
£
1,806,944
96,178
1,721
-
-
-
1,808,665
96,178
571,707
11,912
35,526
9,618
-
-
607,233
21,530
1,201,432
74,648
1,235,237
84,266		 Furniture
And
Equipment
£
1,220,958
36,995
-		 Computers
And
Equipment
£
303,445
84,346
(35,333)		 Total
£
3,427,525
123,062
(35,333)
1,808,665 96,178 1,257,953 352,458 3,515,254
571,707
35,526
-		 11,912
9,618
-		 592,309
92,269
-		 275,799
36,312
(35,333)		 1,451,727
173,725
(35,333)
607,233 21,530 684,578 276,778 1,590,119
1,201,432 74,648 573,375 75,680 1,925,135
1,235,237 84,266 628,649 27,646 1,975,798

Page 23

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2021

13 INVESTMENTS

Accumulation
Units
£
Additions
750,000
Gains/(Losses) arising from movements in valuations
89,544
Cost/valuation At 31 August 2021
839,544
Material Investments
COIF Charities Investment
839,544
839,544
Historical Cost
750,000
All investments are held in the UK
14 DEBTORS
Fees and extras
Other debtors
Prepayments and accrued income
15 CREDITORS
Amounts falling due within one year:
Trade creditors
Taxation and social security costs
Fee deposits
Fees in advance
Other creditors
Accruals
Deferred income:
Brought forwards
Released in year
Received in year
Carried forwards
Deferred income relates to school fees received in advance for the following term.
16 CREDITORS DUE AFTER ONE YEAR
Amounts falling due after more than one year:
Fee deposits		 Accumulation
Units
£
Additions
750,000
Gains/(Losses) arising from movements in valuations
89,544
Cost/valuation At 31 August 2021
839,544
Material Investments
COIF Charities Investment
839,544
839,544
Historical Cost
750,000
All investments are held in the UK
14 DEBTORS
Fees and extras
Other debtors
Prepayments and accrued income
15 CREDITORS
Amounts falling due within one year:
Trade creditors
Taxation and social security costs
Fee deposits
Fees in advance
Other creditors
Accruals
Deferred income:
Brought forwards
Released in year
Received in year
Carried forwards
Deferred income relates to school fees received in advance for the following term.
16 CREDITORS DUE AFTER ONE YEAR
Amounts falling due after more than one year:
Fee deposits		 2021
£
750,000
89,544		 2020
£
-
-
839,544 839,544 -
839,544 839,544 -
839,544 839,544 -
750,000 750,000
2021
£
21,803
15,309
123,273		 Restated
2020
£
805
66,822
140,631
160,385
2021
£
26,995
40,404
105,750
21,645
65,349
40,903		 208,258
Restated
2020
£
25,036
40,925
82,600
590,863
37,599
32,847
301,046 809,870
2021
£
590,863
(590,863)
21,645		 2020
£
984,740
(984,740)
590,863
21,645 590,863
2021
£
406,729		 2020
£
351,458
406,729 351,458

Page 24

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2021

17 STATEMENT OF FUNDS
Unrestricted reserves:
General reserve
Designated reserves:
Revaluation reserve
Buildings reserve
Capital reserve
Major repairs reserve
Education reserves
Total designated
Total reserves
Unrestricted reserves:
General reserve
Designated reserves:
Buildings reserve
Capital reserve
Major repairs reserve
Education reserve
Total designated
Total reserves		 £
1,513,860
At 1
September
2020		 Income
£
3,283,461		 Expenditure
£
(3,065,906)		 Transfer
Between
Funds
£
(138,850)		 Gains/
(losses)
£
-		 £
1,592,565
At 31 August
2021
-
1,319,503
498,747
200,000
200,000		 -
-
-
-
(74,224)		 -
(45,144)
-
(74,080)
-		 -
1,721
(11,175)
74,080
74,224		 89,544
-
-
-
-		 89,544
1,276,080
487,572
200,000
200,000
2,218,250 (74,224) (119,224) 138,850 89,544 2,253,196
3,732,110 3,209,237 (3,185,130) - 89,544 3,845,761
£
1,632,564
At 1
September
2019		 Income
£
2,995,040		 Expenditure
£
(3,027,714)		 Transfer
Between
Funds
£
(86,030)		 Gains/
(losses)
£
-		 £
1,513,860
At 31 August
2020
-
1,790,000
200,000
142,220		 -
-
-
-		 -
-
-
-		 1,319,503
(1,291,253)
-
57,780		 -
-
-
-		 1,319,503
498,747
200,000
200,000
2,132,220 - - 86,030 - 2,218,250
3,764,784 2,995,040 (3,027,714) - - 3,732,110

Additional analysis of the reserves movement has been included in 2021.

General reserve - The General Reserve is held to ensure the School's long term viability at a level equal to six months' budgeted expenditure.

Revaluation reserve - The Revaluation Reserve has been set up this year to reflect the unrealised gain on investments during the time since time the cash was initially invested. These funds are unavailable to use for other purposes.

Buildings Reserve - The Buildings Reserve represents the book value of the School’s assets already invested in buildings, and these funds are unavailable to use for other purposes.

Capital Reserve - The Capital Reserve is held to provide for the future purchase of additional premises and capital projects for the School’s use.

Major Repairs Reserve - The special nature of the School's buildings require considerable expense to maintain them in good repair. This reserve is held to cover such costs and is based on knowledge of the current state of repair.

Education Reserve - The Education Fund is held to provide for the cost of the School's bursary scheme, for the furtherance of education in the wider community and to provide financial assistance to families at the school in financial distress due to Covid.

Page 25

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2021

18 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Total net assets
Tangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Total net assets		 Unrestricted
funds
£
1,925,135
839,544
1,788,857
(301,046)
(406,729)		 2021
Total
£
1,925,135
839,544
1,788,857
(301,046)
(406,729)
3,845,761 3,845,761
Unrestricted
funds
£
1,975,798
-
2,917,640
(809,870)
(351,458)		 2020
Total
£
1,975,798
-
2,917,640
(809,870)
(351,458)
3,732,110 3,732,110

19 COMMITMENTS UNDER OPERATING LEASES

At 31 August 2021, the company had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

Due within one year
Due between two and five years		 2021
2021
Land &
Computers
Buildings & Equipment
52,000
13,434
104,000
14,317
156,000
27,751		 2021
2021
Land &
Computers
Buildings & Equipment
52,000
13,434
104,000
14,317
156,000
27,751		 2020
Land &
Buildings
52,000
156,000		 2020
Computers
& Equipment
18,457
28,659
156,000 27,751 208,000 47,116

20 RELATED PARTIES

Five of the Governors had children who were pupils at the School (2020: two Governors). School fees paid and discounts received were at the same rate and on the same terms as for all other parents of pupils at the School. Parties related to one (2020: nil) Governor entered into transactions to the value of £7,932 (2020: nil) for services provided to the School. No other related party transactions during the year (2020: no other related party transactions).

Page 26

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2021

21 NOTES TO THE CASHFLOW STATEMENT

NOTES TO THE CASHFLOW STATEMENT
Reconciliation of operating result to net cash inflow from
operating activities
Net movement in funds
Gains on investments
Depreciation
Bank interest received
(Profit)/Loss on sale of fixed assets
Increase/(Decrease) in creditors
(Increase)/Decrease in debtors		 2021
£
113,651
(89,544)
173,725
(3,457)
(5,280)
(453,553)
47,873		 2020
£
(32,674)
-
180,162
(9,697)
-
105,392
(202,176)
(216,585) 41,007

Page 27

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2021

22 PENSIONS

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £253,886 (2020: £257,062) and at the year-end £30,520 (2020: £30,520) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by the Government.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2019 the Supreme Court denied the Government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The Government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The Government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. The consultation closed to response on 19 August 2021 and the Government is currently analysing the responses.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until the consultation and the cost cap mechanism review are completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

The School’s contributions to the pension schemes of non-teaching staff in the year were £53,202 (2020: £44,373).

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