Old Vicarage School 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 2024
Old Vicarage School Trust ANNUAL REPORT AND ACCOUNTS for the ear ended 31 Au ust 2024 Page Govemors, Report Auditors. Report 12-15 statement of Financial Activities 16 Balance Sheet 17 Cash Flow Statement 18 Notes to the Financial Ststements 10
OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2024
OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2024 GOVERNING DOCUMENT Old Vicarage School Trust is a company limited by guarantee (company number 01092758), incorporated on 26 January 1973, registered as a charity (charity number 312671) and is governed by its Articles of Association last amended on 12 June 2013. GOVERNANCE AND MANAGEMENT The Board of Govemors, as the charity trustees, are legally responsible for the overall management and control of the Old Vicarage School Trust. The Board of Governors meets formally at least 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 reSoUrs, property, information technology, legal matters, health and safety. and education. In this way, Governors can acquire an in4epth 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: The committee. which meets each term, scrutinises revenue, the budget and capital expenditure prior to consideration by the Board. This committee meets annually with the auditors and finalises the audited financial statements and annual report for approval by the Board. The committee also considers any general issues raised by the Headmistress or Clerk who both attend the meetings as well as considering a termly health and safety report. Education Committee: The committee. which meets each term. works with the Headmistress and her senior academic stsff on all strategic education issues and reviews public examination results on an annual basis. Safeguarding Committee: The committee meets with the Headmistress and Designated Safeguarding Leads (DSLS) regularly throughout the year to review and monitor safeguarding policy and practice within the school. Health & Safety Committee: The committee meets temly to Ensure all Health & Safety policies, pr0dUreS. rules and regulations are adhered to and regularly communicated to staff. Governors attend the committee meetings relevant to them and members of the Senior Leadership Team attend all committee meetings. Governors are encouraged to visit the school at any time and can spend time 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 management of the School is delegated to the Headmistress and the Bursar, supported by other members of the Senior Leadership Team.
OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2024 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. Govemors 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 Govemors are briefed by the Chair of Govemors 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 re1ve no remuneration. 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 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: nature of the role and responsibilities competitor salaries in the region and trends in pay the sector average salary for comparable positions OBJECTS, PRINCIPAL ACTIVITY. VALUES AND OBJECTIVES 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 to 11 years. MISSION STATEMENT The School educates girls to their highest level of academic achievement providing them with opportunities to embrace new challenges with confidence and to prepare them to become responsible and compassionate globalcitizens who are creative and ambitious in their outlook.
OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2024 VALUES Curiosity- Ambition - Resilience - Empathy. The anagram creates the overarching value CARE. OVS Core Values are expressed as: We are Curious We are Ambitious We are Resilient We are Empathetic An Old Vicarage School pupil is a diligent, happy, confident and considerate girl, who achieves personal success through challenge. inspiration and support. OBJECTIVES Objectives are set as part of the School's Development Plan. The overall vision is that an Old Vicarage School pupil is curious, ambitious, resilient and empathetic and who achieves personal success through challenge. inspiration and support. This is achieved by developing girls: who are inspired by eXperIend specialist teachers who have a breadth and depth across all academic and extra-curricular activities who aim for excellen in every aspect of school life who are creative and independent thinkers whose talent and potential are recognised and fostered who have received excellent preparation for leading senior schools who are confident, ambitious and philanthropic in their outlook who have developed resilience and self-belief. In setting our objectives and planning our activities the Governors have carefully considered the Charity Commission's guidan on Public Benefit. Old Vicarage School is committed to promoting equality, diversty and inclusion (EDI) both within its own organisation and amongst the School's community. The School strives to be a mindful and inclusive environment. where differences and equal access are valued. The Board and management view diversity as a strength and aim to develop a culture of inclusion and diversity in which success is celebrated and all those connected to the School feel proud of their identity and able to participate fully in school life. The School will tackle discrimination by the positive promotion of equality and the creation of an environment. which champions care and respect for all. REVIEW OF ACHIEVEMENTS AND PERFORMANCE IN THE YEAR Despite the political UnrtaintY and the impact of change in political policy on independent schools, the School has continued to flourish in the academic year 2023-24 under the leadership of Mrs Clare Strickland. Pupil numbers remain healthy due to an active marketing programme together with the School's continued excellent reputation in the area. The Good Schools Guide has an excellent review and the school was nominated as a finalist in the Muddy Stilettos Best Schools Awards 2024 in the Most Inclusive Prep School category and was also a finalist in the Independent School Awards for Best Small Independent School. The year ended with 221 pupils of which 21 attended the pre-school Little Vic. The Old Vicarage
OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2024 School prides itself on its exlIent academic results but strongly recognises and acknowledges that these results are only a part of the depth and breadth of what girls achieve at the school. The ISI conducted their routine Inspection in March 2024 under the new ISI framework. The Old Vicarage School met all the standards. The ISI no longer give an overall judgement, instead they focus on 'nuanced reporting. within the report itself, some of the comments that are particularly worth highlighting are as follows . 'Pupils show a love of leaming. are fully engaged, curious and ask interesting questions.. 'The extensive enrichment programme and co-curricular activities enhance and extend pupils, learning and help them to develop Self-confiden and self-esteem. 'Pupils behave well, are highly motivated and respect each other.. 'A keen sense of community and belonging pervades the school. Pupils are respectful, understand diversity and look after each other.. .pupils are able to learn new skills, interact socially with each other and develop self*steem, resilience and self-confidence., 'Pupils are highly creative and use a variety of media confidently. Pupils. high attainment in music and enjoyment in drama pemieates through the school... 'Staff prioritise pupils, emotional wellbeing. The Board is very pleased with this excellent report as it highlights the many significant strengths of the school. However. we are not complacent and continue to ensure that we are developing the curriculum. providing an outstanding education for all the girls. The Year 6 leavers achieved excellent academic results with over 100 offers, 16 scholarships were received from Putney High School, Wimbledon High School, Surbiton High School, Epsom College, St John's Leatherhead. Ibstock Place. St George's Ascot and Francis Holland. Our aim is to enthuse girfs with a love of learning and the desire to make the very most of all their abilities and opportunities, preparing them for the Senior School of their choice and indeed life beyond that. 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 continues to offer bursaries within the school and assists existing families who experience financial hardship. Class sizes are at a maximum of 16 throughout the School and our overall pupillteacher 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. Once again, all girls leaving at the end of the Summer Term gained places at the senior school of their choice. The School has continued to make good use of the sports ground including the tennis and netball courts at King George's Field in Ham, Pools on the Park for weekly swimming classes for all year groups and the hockey facilities at Bames Hockey Club. The fabric of the building continues to be maintained and is currently in a good state of repair. During the summer holidays the major projects undertaken were the introduction of gas into the Science Lab and the refurbishment of the Art Room. Experiments using gas can now be
OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2024 added to the Science Curriculum. The Art Room was completely refurbished during the summer so that food technology can be in introduced into the curriculum during the autumn term. The School is committed to providing an education which has both breadth and depth. Forest School has been introduced for the girls in Reception and Little Vic. The girls are offered many opportunities to enhance their curriculum studies, participating in various Maths Challenge days at local senior schools and participating in the Richmond Young Writers Festival. The School takes part in events such as the International Women's Day. as well as World 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. Drama has been extended to all year groups including Little Vic. Lower school girls participate in Nativity plays and from Year 3 they participate in Spring Concerts for which each year performs their own dramatic production. In Year 5 pupils are entered for English Speaking Board examinations with outstanding results. The French Café presented by Year 5 & Year 6 was a huge success with the girls providing an evening of entertainment in French. The culmination of the year was the highly successful Year Six production of the Wizard of Oz at the Exchange Theatre Twickenham. Music is taught throughout the School by specialist music teachers and peripatetic music lessons are offered to all pupils. This year. the Senior Choir performed in a Young Voices concert at Wembley Arena. The Junior Choir worked with other local schools towards a performance by the Richmond Music Singing Festival at the Rose Theatre. Year 6 and Little Vic performed each term at Dalemead care home. Supporting an excellent academic education is a focus on our school values and good citizenship, this is promoted throughout our curriculum. We have a strong PSHE programme that reinforces these ideas. We have also introdUd the Junior Dukes Programme. At OVS, the girls consistently exed expectations in PE and Sport. OVS'S philosophy embraces a sport for all approach, ensuring that every girl in Years 3 to 6 participates in at least two inter-school sports fixtures per tenm. This provides the opportunity for all students to experience competition in a supportive environment, free from elitism. Over the past year, OVS girls have participated in an impressive total of 242 fixtures across seven different sports, including significant house events such as the School Swimming Gala and Sports Day. Furthermore. the school successfully hosted its fourth annual U10A and B netball tournament, with 18 teams competing. including teams from local schools. This event provided a valuable competitive challenge for our Year 5 students, and we were pleased to extend invitations to local state schools. Additionally, our annual Cross Country Relay event. involving seven local schools. was a notable success. OVS finished in second place in all age groups and secured the overall championship title. Our swimming programme has also seen exceptional achievements. The U10 swimming team triumphed at the IAPS Swimming Championships, qualifying for the National Finals in both the medley and freestyle relays. and securing a national fourth-place finish in the 50m breaststroke. The senior swim team qualified for the ESSA National Relay Finals, finishing an impressive fifth in England in the small schools, medley relay category. In cricket, the School achieved outstanding SucsS during the summer term, with our U11 team reaching the Surrey Cricket Finals and ultimately being crowned Richmond Borough
OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2024 Cricket Champions. This victory enabled the OVS team to represent Richmond in the London Youth Games. The primary aim of PE and Games at OVS is to foster the development of confident, happy individuals by encouraging the acquisition of new skills and promoting physical fitness. We aim to support girls of all abilities, helping them to develop both individually and as part of a team. Lessons are taught by specialist staff who teach physical education and sport throughout the school. Girls were inspired by a visit from a former pupil Lola Anderson Olympic Gold medallist in rowing at the Paris Olympic Games. The School participates in the Local Authority's STARS Travel Plan scheme. Gold, Silver and Bronze stars are awarded depending on the ability to redu 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's curriculum is complimented by a wide variety of educational visits for all year groups. which this year has included Southwark Cathedral, the Poppy Factory. Buster Ancient Farm, Perivale Woods and the Houses of Parliament. The girls are usually challenged to develop their independence with residential trips from Year 3 upwards to Juniper Hall, Hooke Court in Dorset. PGL and France. The girls benefited hugely from the challenges to their independence and further developed their team building skills. At OVS we realise that the pupil's learning extends to beyond what is taught in the classroom. We want to encourage a sense of curiosity and do so by providing our pupils with opportunities to engage in extracurricular activities that hone to individual interest and talents. The School has extend the excellent range of lunchtime and afterschool clubs which. over the course of the year, included code cadets, contemporary dance, minecraft education, sewing, touch typing. judo, lego technology. chess. cookery. yoga. multi sports club. film club, music technology debating, lamda and gardening club. The continued financial viability of the School is achieved through fees which are set at a level that is consistent with our aim of educating girls to the highest level of academic achievement providing them with opportunities to embra new challenges with Confiden and to prepare them to become responsible and compassionate globalcitizens who are creative and ambitious in their outlook. PUBLIC BENEFIT The Governors are committed to broadening access to parents unable to afford the fees at the Old Vicarage School. The awarding of bursaries is a measurable means of providing public benefit and the Board of Governors places great importance and priority on the School's means-tested bursary scheme. Currently. the school offers means-tested financial assistance to three pupils. During the year the school provided financial support to the value of £26,550 (2023.. £46,784) and continues to set aside funds to assist families in financial hardship. Pupils are encouraged to feel part of the wider community. The girls vote each year for the charities they wish to support and in 202312024 chose: Shepherd's star, a local Richmond based charity bringing communities together, supporting those in need through connections. friendships and development programmes and Shivia, a charity founded by OVS Alumni Olly Belcher. They work in India to give families living below the povety line the tools and training to start income-generating enterprises.
OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2024 Funds were raised by holding bake sales, sponsored events initiated by each House and a very successful readathon. The whole school took part in a 'Chicken Run,. this was a sponsored walk in Richmond Park to raise money for Shivia. On Sunday 12th November Head and Deputy Head girls represented the school at the local Remembran servi at the Richmond War Memorial where they laid a wreath. This year, the School's Haniest 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. Each year the School also raises money for chosen school charities, through the posting of Christmas Cards and the retiring collection at the Carol Service. Other local community groups continue to benefit from the investment the school made to upgrade the netball and tennis courts at King George's Field.
OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2024
FINANCIAL REVIEW
RESERVES POLICY
FREEHOLD PROPERTY
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OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2024 PRINCIPAL RISKS AND UNCERTAINTIES The Board of Governors is responsible for the strategy and the management of the risks faced by the School, and a formal review of the School's risk management ProsseS 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: A lack of direction. strategy and forward planning Falling pupil numbers as a result of: Geopolitical and economic adverse changes affecting the parent body Loss of reputation Turnover of key staff members. including senior leadership team Security breach of the school's IT systems and cyber security breaches. Consolidation of independent schools and risk of competition from other schools. The key controls over these risks include: Dynamic review and close monitoring of risks and mitigants by the Board of Governors. Active review of trends in pupil numbers, monitoring of competition and staff retention, and a comprehensive marketing plan Five-year Strategic Plan for the School that addresses development priorities Oversight of safety and safeguarding by the Board's subcommittees which encourages input from staff As a result of the measures taken which are set out above the Board of Govemors consider that the School's operations are sustainable and financially viable, and therefore it remains appropriate to prepare the Financial Ststements 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 strategy, devised by the Board. the Head and the Senior Leadership Team in June 2023 and presented to the parents in September 2023, comprises 7 strategic pillars: Academic - highest academic achievement for each girl and to provide opportunities beyond the traditional curriculum. Pastoral and Wellbeing - promoting positive mental health and wellbeing across the OVS community. Co4urricular- developing a passion for experiencing new opportunities, focusing on skills, creativity and resilience Community, Partnerships and Philanthropy responsibility and compassion. Beyond the School gates - building a strong community based on the OVS values. Staff - recruiting and retaining inspirational teachers. Marketing- promoting OVS excellence to the wider community. creating a climate of service,
OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2024 There are detailed development plans to support each of the above strategic pillars ensuring the continued success of the school. In the months ahead of the General Election and the subsequent annOUnrnent by the Government in July of its plans to introduce 20% VAT on independent school fees from January 2025 and to remove Mandatory Business Rate Relief from April 2025, the Governors and Senior Leadership team have been pro-actively planning for these changes. The Board recognises the significant commitment parents make to access an OVS education therefore the following measures were undertaken to try to mitigate as far as possible the impact these changes will have on fees. The VAT support will be funded primarily by (i) utilising some of OVS'S reserves held for strategic and major capital projects. {ii) cost savings - over the past year, the Governors and the Senior Leadership have looked carefully at every aspect of expenditure at the school where savings can be made without compromising the quality and high standard of the girls education. (iii) OVS will be passing on the VAT that it will be able to recover due to the new tax rules, as a significant portion of our costs are staff costs, the VAT recovery is limited. 10
OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2024 STATEMENT OF GOVERNORS. RESPONSIBILtriES The Governors (who are also directors of Old Vicarage School Trust forthe purposes of company law) are responsible for preparing the Govemors. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Govemors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming reSoUrS and application of reSoUrs, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Governors are required to: Select suitable accounting policies and then apply them consistently Observe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent State whether applicable UK Accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on the going cOnM basis unless it is inappropriate to presume that the charitable company will continue in business The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevents'on and detection of fraud and other irregularities. So far as we are aware: There is no relevant audit information of which the charitable company's auditor is unaware. and The Govemors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The Govemors, Report has been prepared in accordan with the special provisions relating to companies subject to the small companies. regimes within Part 15 of the Companies Act 2006. For and on behalf of the Board Mr C Heidl 28 November 2024
Old Vicarage School Trust INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF OLD VICARAGE SCHOOL TRUST Year Ended 31 AUGUST 2024 Opinion We have audited the financial ststements of Old Vicarage School Trust {the charitable company) for the year ended 31 August 2024 which comprise the Statement of Financial Activities, 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, (Uniled Kingdom Generally Accepted Accounting Practice}. In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming reSoUrS and application of resources, including its income and expenditure. for the year then ended., have been properly prepared in accordan with United Kingdom Generally AGGepted Accounting Practice.. and have been prepared in accordan with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of the financial ststements 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 responsibililies 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 govemors. 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 concem for a period of at least hyelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the governors with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the infomiation included in the annual report, other than the financial statements and our auditor's report thereon. The governors 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 condusion 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 misslatements, 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 thatthere is a material misstatement of this other infomiation, we are required to report that fact. 12
Old Vicarage School Trust INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF OLD VICARAGE SCHOOL TRUST Year Ended 31 AUGUST 2024 We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the governors. annual report for Ihe financial year for which the financial slatements are prepared is consistent with the financial statements- and the governors. annual report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light ofthe knowledge and understanding of the charitsble company and its environment obtained in the course of the audit, we have not identiffied material misstatements in the govemors, annual report. We have nothing to report in respect of the following matters vA)ere the Companies Act 2006 requires us to report to you if. in our opinion: adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns- or certain disdosures of govemorfs remuneration specified by law are not made: or we have not received all the information and explanations we require for our audit. the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the trustees, annual report and from preparing a strategic report. Responsibilities of governors As explained more fully in the govemors. responsibilities statement, the govemors (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 Ihey give a true and fair view, and for such internal Gontrol as the govemors 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 govemors are responsible for assessing the charitable company's ability to continue as a going concem, disclosing, as applicable, matters related to going Goncern and using the going concern basis of accounting unless the govemors either intend to liquidate the charitable company or to cease operations. or have no realistic altemative but to do so. Auditor's Responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuran atK)ut whether the financial statements as a whole are free from material misstatement, whetherdue to fraud or error. and to issue an auditols report that includes our opinion. Reasonable assurance is a high level of assuran. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misststement when it exists. Misststements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to infiuence 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= 13
Old Vicarage School Trust INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF OLD VICARAGE SCHOOL TRUST Year Ended 31 AUGUST 2024 Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks. and obtain audit eviden that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misslatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentstions, or the override of intemal control. Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the govemors, use of the going concern basis of accounting and. based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's abilty to continue as a going concem. If we conclude that a material uncertainty exists, we are required todraw attention in our auditorfs report to the related disclosures in the financial statements or, if such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However. future events or conditions may cause the Gharitsble company to cease to continue as a going concem. Evaluate the overall presentation, structure and content of the financial statements, including the disdosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with govemance 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 pr(Kedures 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 Gompany. Our approach was as follows: We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011. the Charity SORP. and UK financial reporting standards as issued by the Financial Reporting Council. 14
Old Vicarage School Trust INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF OLD VICARAGE SCHOOL TRUST Year Ended 31 AUGUST 2024 We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misststement of the financial statements. including the risk of material misstatement due to fraud and how il might occur. by holding discussions with management and those charged with govemance. We assessed the risk of material misststement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with govemance. We inquired of management and those charged with govemance as to any known instances of non-compliance or suspected norrf0mpl1an with laws and regulations. Based on this understsnding, we designed specific appropriate audit procedures to identify instances of non-complian with laws and regulations. This included making enquiries of management and those charged with govemance and obtaining additional corroborative evidence as required 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 fomied. Noort k [J5}Dj gsMtL Lif Shivani Kothari (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 6th FIr 9 ApFX)Id Street London EC2A 2AP Date: 5 March 2025 15
Old Vicarage School Trust STATEMENT OF FINANCIAL ACTIVITIES {including the income and expenditure statement) for the ear ended 31 Au ust 2024 Unrestricted Unrestricted Funds Funds 2024 2023 Notes INCOME FROM: Charitable Activities School fees Other educational income Other income Other activities Investments Investment income Voluntary sources Grants and donations 3.639,980 186,881 3,573,453 167,547 19,500 22,500 104,260 30,816 5,711 Total income and endowments 3.950,621 3,800,027 EXPENDITURE ON: Charitable activities School operating costs 3.830,361 3,756,652 Total expenditure 3.830,361 3,756,652 Net operating income 120,260 43,375 Net gains on investments 8,089 Net income 11 207,319 51,464 Transfer beeen funds Net movement in funds 207,319 51,464 Fund balanS brought fOard 3.792,986 3,741,522 Fund balanS carried forward 17.18 4,000,305 3,792,986 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. 16
Old Vicarage School Trust BALANCE SHEET asat31Au ust 2024 Notes 2024 2023 (as restated) FIXED ASSETS Tangible assets Investments 12 13 1.709,528 1,725,158 832.840 1.709,528 2,557,998 CURRENT ASSETS Debtors Investments Cash at bank and in hand 14 160,776 814,720 3.414,240 189,995 899,538 879,349 4.389,736 1,968,882 CREDfroRS: Amounts falling due within one year 15 (1,273,525) (388,894) NET CURRENT ASSETS 3.116,211 1,579,988 TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amounts falling due after more than one year 4,825,739 (825,434) 4,137,986 (345,000) 16 NET ASSETS 4,000,305 3,792,986 FUNDS General reserves Designated reserves Revaluation reserve 17 17 21 2.027,074 1.973,231 1,829,023 1,881,123 82,840 4,000,305 3,792,986 Approved and authorised for issue by the Board of Govemors on behalf by: 28 November 2024 and signed on their C Heidl Chairman of the Board of Governors The accompanying notes form part of these financial statements. Company Number: 01092758 17
Old Vicarage School Trust CASHFLOW STATEMENT
for the year ended 31 August 2024
| CASH FLOW STATEMENT Notes Net cash inflow from operating activities 21 Cash flows from investing activities: Bank interest received Investment in current asset investments Proceeds from sale of investments Payments to acquire fixed assets Net cash inflow/(outflow) from investing activities Cash flows from financing activities: Cash received from Fees in Advance Scheme > 1 year Increase in cash beginning of the reporting period end of the reporting period Cash and cash equivalents at the Cash and cash equivalents at the |
2024 £ 1,120,456 104,260 84,818 919,899 (158,747) |
2023 (as restated) £ 235,536 30,816 (899,538) - (187,656) |
|---|---|---|
| 950,230 464,205 |
(1,056,378) - |
|
| 464,205 2,534,891 879,349 |
- (820,842) 1,700,191 |
|
| 3,414,240 | 879,349 |
18
Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2024 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 have been prepared in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. The Charitable Company is a public benefit entity for Ihe purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011. 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 geopolitical and economic environment since the beginning of 2024 has introduced new uncertainties going forward into the medium term. The impact for the School and the School's parent community is being closely monitored. The School holds strong cash reserves which are all unrestricted. is debt-free, has strong pupil numbers at the beginning of the academic year 2024-25 and is regularly reviewing its 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 ServIS 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. Fees received in advan. as part of the Fees in Advance Scheme, due in over 1 year, are treated as Financing Activities in the cash flow statement. 19
Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2024 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 17 to the financial statements. Restricted fvnds - these are funds where there are specific donor restrictions as to their use. 1.6 EXPENDITURE Expenditure is accounted for on an accruals basis and is all(ted 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, extemal 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 accountabilty. 1.7 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 andlor 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- Freehold buildings Leasehold improvements Furniture and equipment Computer equipment 50 years 10 years 10 years 3 years 1.8 PENSIONS The School was a member of the Teachers, Superannuation Scheme run by Teachers. Pensions for the year ended 31 August 2024. The scheme is an unfunded. defined benefit scheme. It is a multi*mployer 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. This scheme was closed to new joiners with effect from 1 September 2022 and was closed to all teaching staff with effect from 1 September 2024. An alternative defined contribution scheme is offered to all teaching staff. 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. 20
Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2024 1.9 LEASES Rentals paid under operating leases are charged to the Statement of Financial Activities evenly over the period of the lease. 1.10 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. 1.11 CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash in hand. deposits held al call with banks and other short-term liquid investments with original maturities of three months or less. 1.12 CURRENT ASSET INVESTMENTS Current asset investments include fixed-temi deposit accounts with a maturity of more than three months. A prior year adjustment has been recognised to correct the allocation of current asset investments in the prior year. from cash at bank, to be in line with the current year allocation. 1.13 FINANCIAL INSTRUMENTS The company has elected to apply the provisions of Section 11 '8asic Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the companys 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 sirnultaneously. 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 liabilib'es are outlined below. Critical estimates 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 1.7 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 deblors. 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 carrwng amount of the debtors and associated impairment provision. 21
Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2024 3 FEE INCOME The School's activities are carried out within the UK. The School's fee income comprised: 2024 2023 Gross fees Less.. Bursaries and Other Discounts 3.701,461 {61,481) 3,645,920 (72,467) 3,639,980 3,573,453 4 OTHER EDUCATIONAL INCOME 2024 2023 Extras and disbursements Registration fees Other income 176,675 7,000 3,206 156,558 7,625 3,364 186,881 167.547 5 OTHER INCOME 2024 2023 Deposits 19,500 22,500 19,500 22,500 6 INVESTMENT INCOME 2024 2023 Interest received 104,260 30,816 104,260 30,816 7 DONATIONS AND GRANTS 2024 2023 Donations and gifts 5,711 5,711 22
Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2024 8 EXPENDITURE (a) Charitable expenditure Staff costs (note 9) Total 2024 Other Depreciation Teaching Welfare Premises and Estates Administration Governance 1.969.136 269,433 283,433 256,266 209,400 50,571 2,238,569 283,433 546,733 711,055 50,571 117,678 501,655 172.789 Total Charitable Expenditure 2.588,469 1.069,103 172,789 3,830,361 Total Expended 2,588,469 1,069,103 172,789 3,830,361 Charitable expenditure Staff costs {note 9) Total 2023 Other Depreciation Teaching Welfare Premises and Estates Administration Governance 1.954,006 249,277 248,506 260,400 227,643 42,983 2,203,283 248,506 550,771 711,109 42,983 110,010 483,466 180.361 Total Charitable Expenditure 2,547,482 1,028,809 180,361 3,756,652 Total Expended 2,547,482 1,028,809 180,361 3,756,652 (b) Other Governance Costs include: 2024 2023 Auditors, remuneration Audit Fees Underprovision from previous year Other Auditors remuneration Legal and Professional Fees Other governance cost Total 21,459 2,340 5,298 20,943 531 50.571 18,116 1,683 4,803 13,309 5.072 42,983 23
Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2024 2024 2023 (c) Administration Costs Salaries Other staff costs Operating Leases IT support Office expenses Sundry expenses Bank charges and interest 474,063 27.592 12,466 66,706 102,286 13.338 2,587 458,911 24,555 13,113 58,797 120,554 11,439 2.206 711,055 711,109 9 STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs Other staff costs 1.938,455 204,403 361,367 84,244 1,888,839 197,168 350,250 111,225 2 588 469 2 547 482 During the year termination payments of £nil (2023: £nil) were made. The average number of employees (luring the year was as follovrfs: 2024 No. 36 18 2023 Teaching Support 38 17 55 The number of employees whose emoluments amounted to over £60,000 in the year was as follows: 2024 No. 2023 No. £60,000 - £70,000 £70,001- £80,000 £80,001- £90,000 £100,001- £110,000 Key management personnel include the Governors and the senior executives which are made up of the Head and the Bursar. The total pay and benefits reiVed by key management personnel were £249,621 (2023: £284,414). 24
Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2024 10 GOVERNORS REMUNERATION AND BENEFrrs No Governors. were remunerated or paid for the year ended 31 August 2024 nor for the year ended 31 August 2023. No governors were given a gift in 2024 (2023: No governors were given a gift). No governor was paid expenses in 2024 (2023: One governor was paid expenses to the value of £421 ). 11 NET INCOME FOR THE YEAR 2024 2023 Net income is stated after charging.. Depreciation of tangible fixed assets Operating lease rentals- other Operating lease rentals- land & buildings 172,789 12,466 52,000 180,361 13,113 52,000 Auditor's remuneration Audit services for the school- current year Non-audit services 21,459 5,298 18,116 4,803 12 TANGIBLE FIXED ASSETS Furniture And Equipment Computers And Equipment Freehold Leasehold Buildings mprovements Total Cost: At 1 September 2023 Additions Disposals 1.863,005 96,178 1.330,425 121,183 198.731 37,564 (10.484) 3,488,339 158,747 (12,072) (1.588) At 31 August 2024 1.861,417 96,178 1.451,608 225,811 3,635,014 Depreciation- At 1 September 2023 Charge for year Disposals 671.579 33,512 81,529 14,649 856,985 86,619 153.088 38,009 (10.484) 1,763,181 172,789 (10,484 At 31 August 2024 705,091 96,178 943,604 180.613 1.925.486 Net book value: At 31 August 2024 1,156,326 508,004 45,198 1,709,528 At 1 September 2023 1.191,426 14,649 473,440 45,643 1725158 25
Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2024 13 INVESTMENTS Accumulation Units 2024 2023 Cosuvaluation at 1 September 2023 Additions Disposals Gains arising from movements in valuations 832,PAO 832,840 824,751 (919,899) 87,059 (919.899) 87.059 8,089 Cosuvaluation at 31 August 2024 Material Investments COIF Charities Investment 832,840 832 840 Historical Cost 750,000 All investments are held in the UK 14 DEBTORS 2024 2023 Fees and extras Other debtors Prepayments and accrued income 21,955 20,440 118,381 77 320 1,649 188,026 189 995 15 CREDITORS Amounts falling due within one year: 2024 2023 Trade creditors Taxation and social security costs Fee deposits Fees in advance and deferred income Other creditors Accruals 115.275 52,387 47,250 950,512 49,243 58,858 98,305 47,645 46,978 73,781 47,897 74,288 1 273 525 388 894 Deferred income.. 2024 2023 Brought forwards Released in year Received in year 73,781 (73,781) 950,512 75,123 (75,123) 73,781 Carried forwards 950,512 73,781 Fees in advance and deferred income relates to school fees reiVed in advance for the Autumn term and fees received in advance through the formal fees in advance scheme for next academic year. Fees in advance received through the scheme relating to academic years after one year have been recognised in creditors due after one year. 16 CREDITORS DUE AFTER ONE YEAR 2024 2023 Amounts fallinq due after more than one year: Fee deposits Fees in advance 361,228 464,206 345,000 26
Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2024 17 STATEMENT OF FUNDS At1 September 2023 Transfer Between Funds Gainsl (losses) At 31 August 2024 Income Expenditure Unrestricted reserves: General reserve 1,829.023 3.977,171 (3,742,064) (37,056} 2,027,074 Designated reserves" Revaluation reserve Buildings reserve Education reserves 82,840 1,681,123 200.000 (169,899) (88.296) (119,595) 326,550 87,059 1,473,232 500,000 {26.550) Total designated 1,963,963 (26.550) (88,297) 37,056 87,059 1,973,231 Total reserves 3.792.986 3.950,621 (3.830,361) 87.059 4,000,305 At1 September 2022 Transfer Between Funds Gainsl (losses) At 31 August 2023 Income Expenditure Unrestricted reserves: General reserve 1,687,409 3.846,811 (3.658.413) (46,784) 1,829,023 Designated reserves" Revaluation reserve Buildings reserve Education reserve 74,751 1,779,362 200.000 8,089 82,840 1,681,123 200,000 (98.239) {46.784) 46,784 Total designated 2,054,113 (46.784) (98,239) 46,784 8,089 1,963,963 Total reserves 3,741.522 3.800,027 (3.756,652) 8.089 3,792,986 General reserve The General Reserve is held to ensure the School's long term viability at a level equal to at least six months, budgeted expenditure. Revaluation reSee The Revaluation Reserve has been set up to reflect the unrealised gain on investments during the time since time the cash was initially invested. These funds are not available to use for other purposes. Buildings Resenie The Buildings Reserve represents the value of fixed assets already invested in buildings in addition to funds needed for capital improvement and repair projects due to the listed status of our building. These funds are also required for future expansion of educational and sports facilities if an opportunity arose. In 2022, the Board of Governors agreed to combine the Capital and Major Repairs Reserves inlo the Buildings Reserve. Education Reserve - The Education Fund is used to fund our bursary programme and to further education in the wider community- It is used to assist children who may benefit from independent schooling with educational and related costs. Special regard is given to existing parents facing a sudden change in financial circumstances who may need support to complete their final years at the School. 27
Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2024 18 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total 2023 Total Tangible fixed assets Investments Current assets Current liabilities Long term liabilities 1,709,528 1.725,158 832,840 1,968,882 (388,894) (345,000) 4,389,736 (1,273.525) (825,434) Total net assets 4 000 305 3 792 986 19 COMMITMENTS UNDER OPERATING LEASES At 31 August 2024, the school had outstanding commitments for future minimum lease payments under non- cancellable operating leases. which fall due as follovts- 2024 2024 Land & Computers & Buildings Equipment 2023 Land & Buildings 2023 Computers & Equipment Due within one year Due between two and five years 52,000 52.000 21,215 59.030 52,000 8.474 4,299 104.000 80,245 52,000 12,773 20 RELATED PARTIES Two of the Govemors had children who were pupils at the School (2023: Three Governors). School fees paid and discounts received were al the same rate and on the same terms as for all other parents of pupils at the School. During the year, the husband of a member of key management personnel carried out building work, invoiced at a total cost of £3,829 (2023.. none). This transaction was conducted at arms length and on normal commercial terms and the Trustees confirm that this service was procured following the School's procurement policy to ensure faimess. Also, during the year, panentS totalling £220 were made to the children of a member of key management personnel for assistance provided to the school during the year (2023: none). 28
Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2024 21 NOTES TO THE CASHFLOW STATEMENT 2024 2023 Reconciliation of operating result to net cash inflow from operating activities Net movement in funds Gains on investments Depreciation Bank interest received Surplus on disposal of fixed assets Increasel(Decrease) in creditors Decrease in debtors 207,319 (87,059) 172,789 (104,260) 1.588 900,860 29,219 51,464 (8,089) 180,361 (30,816) 31,523 (54,734) 65,827 1 120456 235 536 29
Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2024 22 PENSIONS The School participated in the Teachers, Pension Scheme (Yhe TPS") for its teaching staff until the financial year end. The pension charge for the year includes contributions payable to the TPS of £208.409 (2023: £246,622) and at the year-end £Nil (2023.. £28,519) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi*mployer defined benefits pension heme govemed 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 Parliament. 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 2020 and the Valuation Report, which was published in October 2023. Following the Mccloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the refonned or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the 'greater value, benefits for groups of relevant members. The valuation confimed that the employer contribution rate for the TPS would increase from 23.6°/o to 28.6 / from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.680/0. In April 2022, the Board of Governors decided to close participation in the TPS to new joiners from 1 September 2022 and offer a defined contribution pension scheme instead. which is designed to offer equivalent benefits to TPS as at that date. The school's contribution to the defined contribution pension of teaching staff in the year were £87,690. In November 2023, the Board of Governors ratified the decision for a full withdrawal from the TPS for all teaching staff who remained in the scheme. The consultation process was completed in March 2024 with agreement from all staff for a full withdrawal with effect from 1 September 2024. All teaching staff will be enrolled in the defined benefit contribution pension scheme. The School contributes 10% to a defined contribution pension scheme for non-teaching staff. The school's contribution to the pension scheme for non-teaching staff in the year were £65,268 {2023.' £66,940). 30