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.
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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
8
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