SARUM HALL SCHOOL TRUST LIMITED (Limited by Guarantee) COMPANY NO". 00666444 FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 AUGUST 2021 CHARITY NUMBER: 312721 *A6ffjMVR7 2410312022 COMPANIES HOUSE #361 SARUM HALL SCHOOL TRUST UMITED ILlmited by Guarantee} CONTENTS YEAR ENDED 31 AUGUST 2021 Page Directors Report Audit Report 12 Statement of Financial Ath"vities 16 Balan￿ Sheet 17 ststement of Caslfflo 18 Notes to the Financial Statements 19 SARUM HALL SCHOOL TRUST uMrrED (Limited by Guarantee) TRUSTEES, REPORT YEAR ENDED 31 AUGUST 2021 The Govemors (also the DireGtors of the Company and Trustees of the Charity) submit their report and accounts for the year ended 31 August 2021. prepared under the Companies Act 2006, the Memorandum and Articles of Association, the Charlties Act 2011 and the Accounting and Reporting by Charities.. Statement of Recommerded Practice applicable to Charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). CHARITY'S CONSTITUTION Sarum Hall School Trust Limrted (the "School.) is a charitable company founded in 1960. Charity Registration number 312721. company registration number OC666444. wrth the liablily of ils members limited to £1 each. if it should be wound up while he or she is a memter or wthin one year after he or she ￿SeS to be a member. The v￿>$rte address is 4wwi.sarumhallschool.co.uk. The wistered office is 15 Etm AV￿Ue, London. NWJ 3EL. GOVERNORS The present School Govemor5. who are also the directoryJ of the Company and Charity Trustees and also any who served during the year a￿ as follows.. Dr C S Sayer- Chair (apKh)inted 22 June 2021 and appointed Chair 21 Odober 2021) Mr P C Ashton (Deputy Chairman) Mr P F B Beesley (resigned 18 OGtober 2020) Mrs S Carter (resigned 16 March 2021) Mrs A Edelshain Ms S F Hack lappointed 22 June 2021) Mrs E E A McKendrick Mr S R l Rice (Chairman until 20 Cktober 2021) Mr5 K V M J Roppe (resigned 22 June 2021) Prof G J S Rustin Mrs K. Simon (appotnted 22 June 2021) MrJPFSmith Mr V W P Thomas BANKERS AND PROFESSIONAL ADVISERS The Charity's bankers and professional advisers are as folh)ws: Bankers National Weslminster Bank PIC COIF Charities Deposit Fund SantsrKler Bank plc Veale Wasbrough Vizards Brewers Chartered A(tountsnts Ecclesiastical Solicitors Auditors Insuran SARUM HALL SCHOOL TRUST LIMITED (Limited by Guafantee) TRUSTEES, REPORT YEAR ENDED 31 AUGUST 2021 PRINCIPAL ACTIVITY Sarum Hall School Trust continues to provide a Day Schcol for 3 to 11 year old girls. At 31 August 2021, the School had 183 pupils. STRUCTURE, GOVERNANCE AND IAANAGEMENT Governing Document The Company is govemed by its Memorandum and Artides dated 1960. GOVERNING BODY The Govemors, who are also Directors of the Company and Trustees of the Charity, are elected at full Governors. meeting on the basis of nominations received from existing Govemors. The Board of Govemors specrfically consider eligibilty. personal competence and specialist skills. Where possible the Govemors consider the Board should comprise at least one female and one male Govemor, a Govemor with a legal background. a Govemor with a financial background and a GoVerr￿r with an educational backgrournd. All oflhe Govemors give of their time freely and no remuneration was paid in the year. No Governor or person connected with a Governor re￿iVed any berEfrt from means-tested bursaries and nor of the Govemors are parents of girts al the School. GOVERNOR TRAINING New Govemors are inducted into the workings of the School and of Company as a registered charity, including Board policy arKI procedures. Govemors receive appropriate training in accordance with their skills base. ORGANISATIONAL MANAGEMEKr The Board of Governors meet three times a year to determine the general policy of the Company and review its overall management arKI control for which they are legally responsible. The Board also has three sub-committees, beiThJ the Education Cornmittee. the Finance & Audit Committee and the Health & Safety Committee. who also meet on at least a temily basis, and more often if circumstan￿5 dictate. During the Coronavlrus par¥Jemi¢, a Covid-19 Emergency Committee was fom)ed, comprising 4 members of the Goveming Btsjy. the Headmistress and the Bursar. Frequent meetings have been held. as necessitated ty the circumstances. Al meetings have been held virtually where appropriate. The Headmistress and the Bursar report to the Govemors at the temily Board meetings, having provid&J written reports on the term's activities and finan¢>al reSU￿s. Meetings with particular Govemors and the Chair are held when required. over and above Ihe termly Govemors. meetings. The day-lopday management of the School is delegated to the Headmistress arKI the Burnar supported by other members of the Senior Leadership Team. The Headmistress holds week meetings with the Senior Leadership Team. both collectively and indiv￿Ual1Y. In addition. a full staff meeting and a curriculum meeting with all teaching staff and the Senior Leadership Team are held on a weekly basis to discuss Ihe educ*ional and operational aspects of running the School. SARUM HALL SCHOOL TRUST UMITED (Limited by Guarantee) TRUSTEES. REPORT YEAR ENDED 31 AUGUST 2021 The Headmistress is also responsible for the app)intment of staff. other than the Bursar, who is appointed by the Govemors and who also fills the role of Clerk to ts Governors. The appointment of other members of the Senior Leadership Team. includirvj the Deputy Head. is done in conjunction with the Education Commrttee. The School OFerates banded salary ranges for all teaching staff exduding the Headmistress. The banded ranges, as w￿11 as the salaries of t￿ Heajmistress and Bursar, are considered to be set competitively against those of other indepern4ent schools This alkwrfs the School to retain high calibre staff. All salaries and bands are reviewed annually, and an inflationary annual increase is applied. Progression wthin the barKIs is based upon perfornance for all staff. RISK MANAGEMENT The Board continue to keep the School's ath'vities under review, particularly with regard to any major risks thal may arise from lime to time. Risks are identified and assessed. and controls are established throughout the year. Key riths identified are financial stabilty (including the possible impact of Government policies), regulatory, School safety, student We￿are, employment and School trips and events. During the year the Covid-19 pandemic remained a key risk for organiSat￿nS operating in the education sector. The reputation of the School is key to ensuring financial stabilty and in order to provide a high standard of education the quality of the buildings is essenb"al. The Govemors have ensured that full insurance is in place and regular maintenance and investment in facilities is undertaken. The Govemors ensure that suifirient funds are available to meet these requirements. The School has also considered non-financial risk and the health and safety of the pupils is addressed through the implementat'on of policies designed to ensure trEir welfa￿. Through the risk management process established for the School the Govemors are salisfied th* the risks identified have been adequately mitigated where necessary. OBJECTIVES AND PRINCIPAL ACTIVITIES The objects of the Charity are to advance the education of children through the provision of an indeFendenl girls, preparatory and nursery day school f￿ girls 4ed 3 to 11.. the provision of recreational facilities wrth the object of enhancing the lifestyle of those using the facilities", and where possible to foster links with the l¢)cal ccrfnmunity providing opportunities to access the School's facilities. STRATEGIC AIM The Sch¢)ol's strategic aim is the adV￿Cement of education and to KIe￿tIfy and develop to the full the natural talents and potential of each indrvidual pupil and to prepare them all for a full. happy. healthy and pr0dL￿1Ve life. School seeks to achieve this within the context of the culture, ethics and values of the Chrislian fatth, eMphasi￿n9 those strong moral ar)d spiritual lenets shared with other faiths. SARUM HALL SCHOOL TRUST LWAITED (Limited by Guarantee) TRUSTEES, REPORT YEAR ENDED 31 AUGUST 2021 OBJECTIVES FOR THE YEAR The Board's objectives are set to reflect educational aims and the ethos oftr* School. It is important that the academic success of the School is maintained whilst set in the context of the School's culture. The Board's main objective continued to to educate all the School's pupils to at least the same high standard xhieved in previous years so that they will fully be able to benefit from their chosen senior school. The strategy for achieving this is to maintain a good teacher-to-pupil ratio and to support individual needs. In setting objectives and planning activities, the Govemors have complied wtth the duty in section 4 of the Charilies Act 2006 to have due regard to the public benefft guidance published by the Charity Commission. The Governors, key objectives during the year were to: educate all to a high slandard; enhance curricular provision for pupils.. maintain and enhan￿ the School's faulities to a high standard: continue to develop pastoral care for pupils" continue to support pupils already in re￿Ipt of fee assistan￿ through bursaries., continue to prowde means tested bursaries.. further develop the programme of ccH)peration and use of facilities wth local state schools" arKI develop a relevant. erKJaging and forward-thinking curriculum for the development of pupils as individuals, prepared for the world in which they viill work and Irwe. These objectives were expanded at the onset of the coronavirus par¥Jemic in 2020 to include the offer of remote education, including live lessons and a fvll curriculum. whilst the United Kingdom was in a Covid-19 lockdown and pupils were not able to aff￿d the School, as well as ensurirKJ an in school provision for those children of key b￿rkers. PUBLIC BENEFrr In shaping the objectives for the year. the Govemors have considered the Charity Commission's guidance on public benefit. induding the guidan￿ "Public benefrt., running a charity {PB2)" To support the public benefit objectives. Sarum Hall Sd)ool Trust Limited has a Bursary Fund and during the current year supported 2 pupils (2020: 2 pupils) Ihrough ils Bursary and Staff Discount Scheme, which covered 30% to 100% of their fees. This support. which is available on a needs basis as detemiined by the Govemors. as wdl as beiro available to the children of staff. reduced annual fee income in the current year by £21.301 {2020'. £18,483). The Govemors continue to consider bursary candidates for the fijture in accordan￿ wrth the Bursary Policy. The School has continued to formalise responsibilities for Communrty and Partnership co￿dInatIon, with an appointed Community & Partnership Coordinator who oversees and enhances ccynrnunity and OLrtreach activities. in consultation with the Headmistress. Opportunities have continued to be limited due to the ongoirvJ Covrd-19 pandemic. The School has a long tradition of supporting charities. partwlaty those associated with children, in accordance with its charttable objects. Events have indwjed mufti days, second-hand unrform SARUM HALL SCHOOL TRUST uMrrED (Limited by Guarantee) TRUSTEES. REPORT YEAR ENDED 31 AUGUST 2021 sales, design competitions, raffles. games. intemational days and projects relating to the curriculum. During the year the School raised and donated £3.612 for The Rainbow Trust, Euston Food Bank and Magic Breakfast. The Sarum Hall Parents. Asx)ctation raised £2,600 for iHeart and Orchestras for All. bLrt increased their total donation to £5.OLK). ￿Ing previousty raised fijnds. The School also made donations to St Mary-the-virgin Primrose Hill. the Brttish Legion and Chalk Farm Food Bank. In addition to this, Nursery pupils donated items to The Toy Project and the School continued to develop its links with the nurring horne next door. through carol singing, recorded assernblies and sharing productions online. The Year 6 pupils engaged with a Business EnleFprise Projecl where they raised over £472 for their thosen tharities. The School is committed to environmental initiative such as the TfL Sustainable Travel accreditalion, through the School's Travd Plan which is upJat&J annualty, alongsde regular initiatives in school such as Walk to School Week, annual HarMJs Up Survey and increased focus through lessons and assemblies. Our TfL STARS accreditation is valid for 2 years and data is regularfy submrtted to support this. The School is also a member of the Camden Clean Air Partnership lo assist wjth the design of a Clean Air Action Plan to reduce air pollution in the area. We have an Eco-committee wthere pupils who are passionate about environmental issues n*et weekly and in addition. we received the Green Flag Ec4>School accreditatbon. The School's premises are available free of charge to community groups. but we have been unable to offer this durirvj the Covid-19 parKlemic. whilst there have been no visitors to the School sile. The School has a FK*licy of engagiry in outre&h but due to the ongoing Covid-19 parKlemic. this has not been able to take pla￿. We are beginniTrJ to re¥establish our Food stud￿ facility as a Sp￿ available fN the benefit of the wider comunity. INVESTMENT POLICY The Charity has absolute powers of investment. The Board's pdi¢y continues to be to hold a diversified portfolio comprising cash balances and other investnEnts which are held for their potential to provide an increase in value in the long tem. The Board take ethical and social considerations into account vthen evaluating investment opportunities but recognises that when investing in pooled funds there may be some exposure, but the priority is to minimise the risk. h balances are maintained erther at banks or in COIF Chanties Deposit Fund. Other investments are made at the Board's discretion and currently include an investment in the Charities Aid Foundation UK Equitrack Fund (which tracks the FTSE All-share index) arKI a residential property. which was acquired in 2013 and continues to be let on an assured shorthold tenancy agreement. RESERVES The Govemors have reviewed the Charity's need for reserves in accordance wryth the guidance issued by the Charity Commissi¢)n and the policy reflects the Charity's Current and anticipated requirements. An amount of £1.100,000 should be represented by free reserves to be available to meet both foreseeable and unforeseeable commitm￿ts. paitcularly in rnaintainirYJ the environment SARUM HALL SCHOOL TRUST UMfTED {Limited by Guarantse) TRUSTEES. REPORT YEAR ENDED 31 AUGUST 2021 and fabric of the premises, and to provth a financial buffer in the event of an unexFected shortlall in income. The financial buffer of at least £1,100,000 of free reserves is corbslde￿d to be sufficient due to the regular temily receipt of fee income followed by the related expendilure, the ability of the Charity to postpone or economise on some of the reojrring expenditure and to delay or cancel new capital expenditure projects. At 31 August 2021 the Charity had total reserves of £7.350.268 (2020". £7.034,623). Of this total £59,195 (2020: £66.383) is represented by fvnds over which the￿ are ￿$triCtIonS on the way they can be used. A further £5,384,941 (2020: £5.380,193) is represent&J by langible fixed assets that fomi part of the School premises and uuld only be realis￿￿ by their disposal. The Charity has no Contractual commrtments relating to building v￿rkS (2020". none). At the balan￿ sheet date the total value of free reserves. after adjusting for restricted and capital reserves and contractual Commitments relating to building works was £1,906.132 (2020: £1.588.0471. The level of reserves is currentty £806.132 (2020: £488,047) above the £1,11)0,000 level r6yuired by the policy. Unrestricted Reserve Funds The General Fund increased from £3.052,917 to £3.223.256 during the year. This is the net of £222,113 net incoming resour¢es tor the year. £￿,969 transferred to the Building Maintenance Fund, £11.106 transferred to the Bursary Fund and £21.301 trartsferred from the Bursary Fund representing Bursaries funded during the year arKI £5.C￿) transferred from the General Fund in respect of pro bono professional fees provided in the year. The General Fund is required to provide working capital and to finance the future Ca￿tal devetOpn￿nt of the S¢hool. The Revaluation Reserve stands at £213.557 and represent$ the revaluation of investments. The Premises Reserve Fund staThls at £2.848.430 and represents the cost of land arKI buildings of 15 Eton Avenue in 1995 vhlen the School was buitt. The Building maintenan￿ Fund has arisen by the transfer from the General Rvserve of a 2% depreciation d)arge on the buildings cost. The fund represents reserves designated by Ihe Board for the upkeep of the School buildings. s￿n￿lcant repairs a￿ charged against this fund. The School has made a ftjrther increase of £56,969 in the Building Maintenance Fund. Restricted Reserve Funds The Bursary Fund of £58.627 is a restrtcted rese￿￿, eannarked for bursaries that may be awarded by the Govemors following their review of parents, finanaal posrtion. Funds of £21.301 have been transferred to the General Fund to meet the bursary commrtment this year. Eath year. 50k of the School's unrestrict&l net incorning resourcesfor the year is transferred to the Bursary Fund. General funds will be used to support bursaries in the event that the transfer value is insufficient to meet bursary commitments. A grant of £31.428 was received from Vlestminster Council for a leaming support assistant. The Equipment Appeal Fund represents academic ￿uipMent and facilities donated lo the School by parents and Wel￿WiShe￿ and £2.561 was utilised through dep￿latIOn of existing assets. SARUM HALL SCHOOL TRUST UMITED (Limited by Guarantee) TRUSTEES, REPORT YEAR ENDED 31 AUGUST 2021 Achievements and Perfommnce in the Year Operational Performance During the year, pupil nurnbers averaged 184. All pupils again achieved high standards. Year 6 leavets achieved OLrtstanding results wth 91 offers from senior schools with 1 Major kndemic Scholarship. 7 Academic Scholarships, 6 Music Scholatships aThl 1 Music Exhibition Across the School, pupils Su￿ssfUllY partiCFpated in ABRSM and LAMDA exams, IPe English Speaking Board Junior entry exam, the PTimary Maths Challenge arKI the ISEB Mandarin exam. These ongoing achievements have been made possible by the high quality teaching staff and the provision of a relevant. hands-on and engaging curriculum for all. Togetherwilh tr* music, drama and sporting life of the School, as well as the extensive offering of dubs that pupils can participate in, the School continues to create a secure and happy environment for the pupils to perform to the best of t*￿¥r abilities. Durrng the year investrnent was made in the following areas: On￿01￿9 classroom enhancements to ensure the teaching environment is maintained at its current high standard.. continued improvements to the ICT facilities as part of our 5-year ICT plan,. adaptstions to preparation for the 11 + process., the launch of the Sarum Hall Sparks award to develop soft skills in and out of school life., development of Ihe marketing strategy., increased focus and investment on Outdoor LeamirvJ'. increased extemal speakertslks for pa￿nts", the introdudion ofa Diversity and Inclusion Coordinator in the curriculum. development and expangon of our clubs provisicm,. and ongoing maintenance and repairs to the building including Phase 2 completion of the Dining Room. lrft repairs. handrail adaptations to provide reasonable adjustment for a pupil with cerebral palsy. light fitting repla￿ment through building, Food Studio floor rePla￿rnent. and 5 yearty fixed ￿ting inspection. Investment Perforniance Interest income this year welded a total retum of less than 0.1% (2020: 0.3%) vthich reflects the continued low market interest rates. The School's investrnent in an equity tracker furKI has been marked to market. resulting in an unrealised gain of £95.525 {2020 loss. £53,324). Fina ial Review and Results for the Year The results for the year show net Incomi￿ resour￿$ of £315,645 (2020.. £73,768) of which £317,638 (2020.. £78.537) was unrestricted and net expendriure of £1,993 (2020.. net expenditure £4,769) on restricted funds. results prinapally refied the increase in income from fees and an increase in the investment value by £95,525 o)mpared to a loss of £53.324 in the prior year. The restricted expenditure ￿lateS to depreciation of restn'cted assets. Income of£2,965,307 (2020." £2,851.836) is generated principalty from academic fees of£2,828,446 12020.. £2.694,128). Resources experKled of £2.745,187 {2020.' £2,724,744) consist primarily of School operating costs of £2,741,388 (2020.. £2.717,218). the main element of which is teaching costs of £1.888.596 {2020. £1,767,620). The rise is due to an increase in staff costs during the year including providing malernity cover for a number of staff. Expenses also include the acquisrtion and enhancement of teaching and leaming materials during the year of £46.674 {2020.' £41.544). Annual surpluses are required to finance the ongoing ca￿tal expenditure needed to maintain and upgrade the School's facilities with whal is expectay from a premEr educational establishment, to provide working caprtal and to enable the School to continue to achieve its objectives at all times. SARUM HALL SCHOOL TRUST UMITED (Limited by Guarantee) TRUSTEES, REPORT YEAR ENDED 31 AUGUST 2021 Futurn Plans The School has continued to follow Govemment guidan￿ in relatIC￿ to the Covid-19 pandemic and flexible adaptations are made and revIeV￿ on a daily basis to ensure ongoirNJ compliance. and to minimise the disruption caused to pupils and the teaching staff. whilst keepirvJ heatth aThJ safety as a top priority for the whole school communty. It is intend8J that the number of pupils at the School in the forthcoming academic year wll be be￿n 185 aThJ 190. The 8oard ￿11 continue to consider fully the provision of bursaries as well as hardship support for pupil's families as ne￿Ssary. The School will continue to generate adaptive initiattves for communtty interaction and involvement through the year wth increased opportunities for charitable initiatives. in keeping with the continued limitations for the Covid-19 pandemrc. Plans are undeThvay to develop a teaching space and addilional curriculum in STEAM, linking to our review of trbe DT curriculum. as well as the new 3 year Sports Strategy for the School. In addits'on to this, the School is developing holiday COUTses for pupils, InC￿aSed opportunities and events in the Food Studio with the appointrnent of a Food Studio Marketing manager. embedding differentiation and extension in the curriculum, offering chess lessons as part of the curnculum and developing the provision for wellbeing througfrout the School. GOING CONCERN The governors have review&J financial perfomance. the reserves position and forecasted cashflow and as a result have reasonable expectatr.on that resources are adequate to continue for the foreseeable future. Accordingly, they continue to adopt the going concem basis in preparing the accounts. STATEMENT OF GOVERNORS, RESPONSIBILrriES IN RESPECT OF THE ACCOUNTS The trustees (vtho are also the directors for the purpose of company law) are ￿spOnsIble for preparing the Annual Report aThJ the financral statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. UrKler that law the trustees must prepare the financial statements in accordan￿ with United Kingdom Generally Accepted Accounting Practi￿ (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the finanaal statements unless they are satisfied that they give a true and fair view of the state of affair5 of the charstable company and of the incoming resources and application of resources, including the income and expenditure. of the tharitable company for that period. In preparing these financial statefflents. the trustees are required to.. select suitable accounting policies and then apply them consistently.. observe the methods and principles in the Charities SORP: make judgments and accountng estimates that are reasonable and prudent." b) io SARUM HALL SCHOOL TRUST UPAITED (Limited by Guarantee) TRUSTEES, REPORT YEAR ENDED 31 AUGUST 2021 d> state whether appIl￿ble UK AccountirvJ Stsndards have been followed, subject to any material departures disclosed and explained in the financial statements". and prepare the financial statements on the going concem ba&s unless it is inappropriate to presume that the charitable c<)mpany will continue to operate. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose wrth reasonable accuocy at any time the financial posthon of the charitable company and enable them to ensure that the financial statements cofflply with Companies Act 20c￿. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees confim that so far as they are alvare, there is no relevant audrt infomiation (as defined by section 418(3) of the Cornpan￿s Act 20(￿) of which the charitable company's auditors are unaware. They have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any rdevant audit informatM arKI to establish that ts charitable company's auditors are aware of that information. This report has been prepared in accordance wth the speaal provision for small companies under Part 15 ofthe Companies Act 201%. Dr. C S SAYER Chalr 15 March 2022 Registered Office.. 15 Eton Avenue. LorKlon. NVfJ 3EL INOEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SARUM HALL SCHOOL TRUST LIMITED ILlmlted by Guarantee) YEAR ENDED 31 AUGUST 2021 Opinion We have audited the fin￿claI statements of Sarum Hall School Trust Limited {the 'charitable company,) for the year ended 31 August 2021 which comprise Ihe Statement of Financial Activities, the Balance Sheet, Statement of cashflows and notes to the financial statements, induthng a summary of significant accounting policies. The finanaal reports.ng framework that has been applied in Iheir preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pracb"ce). In our opinion, the financial statements: give a true and fair view of the state of the ¢harrtable company's affairs as al 31 August 2021 and ol its incoming resources and application of resources. including its income and expenditure. for the year then ended: have been properly p￿pared in accordance V*ith United Ktngdom Generally Accepted Accounting Practi￿., and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon 14Ve conducted our audit in accordan￿ with Intemational Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities underthose standards are further described in the Auditor's responsibilib'es for the audrt of the financial statements section of our report. We are independent of the charitable company in accordance wrth the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufficient arKI apFYopriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial staternents. we have Cor￿lUded that the trLtstees' use of the going con￿rn basis of accounting in the preparation of the finanoal stalements is appropriate. Based on the work we have perfonned. we have not identified any material uncertainties relating to events or conditions that, individualty or ￿lleCtivelY. may cast significant doubt on the entity's ability to continue as a going COn￿M for a period of at ￿st Iwelve months from when the financial statements are authorised for issue. Our responsibilitie5 and the responsibilities of the trustees with respect to going concem are described in the relevant seth.ons of this rep(xt. Other infomiation The other infomiation comprises the information Ind(￿ed in the annual report other than the financial statemenls and our auditorfs report thereon. The tnBtees are responsible for the other information contained within annual report. Our opinion on the financial ststements dces not cover the other information and. except to the extent othefwise expliciuy stated in our report. we do not expres5 any form of assurance conclusion thereon. Our responsbilty is to read fv other information and, in doing so, consider vthelher the other infomation is materially In￿nSIStent wrth the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identrfy such material inconsistenaes or apparent material misstatements, V￿ are required to detemine vthether this give5 rise to a material misslatement in the financial statements themselves. If. based on the ￿ork VR have Ferfom&J. we conclude that there is a material misstatement of this other infornation. we are required to report that fact. 12 INDEPENDEPff AUDITOR'S REPORT TO THE MEMBERS OF SARUM HALL SCHOOL TRUST UMITED ILimited by Guarantee) YEAR ENDED 31 AUGUST 2021 We have nothing to report in this regard. Opinions on other mattern prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomiation given in the trust*s' report. vthich indLKles the directors. report prepared for Company law purpo￿. for the financial year forwhith the financial statements are prepared is consistent with the financial statements: arKI the directors, report induded within the trustees. rewt has been prepared in accordance with applicable legal requirewts. Matters on which are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit. we have not identifi&J material misslatements in the trustees. We have nothing to report in respect of the followng matters in relation to which the Companies Act 2¢X16 requires us to report to you rf, in our opinion: adequate accounting records have not been kept. or retums adequate for our audit have rK)t been re￿iVed from branches not visited by us.. or the financial statements are not in agreement with the accounting records and retums," or certain disclosures of trustees. remuneration specified by law are not made; or WR have not received all the information and explanations we require for our audit.. or the trustees. were not entttled to prepare the financial statements in accordance wf(h the small companies regime and take advantage of the small companies. exemptions in preparing the trustees, report and from tfE requirement to wepare a strategic report.. Responslbilitles of trustees As explained more ftjlly in the trustees, respon&bilities statemenl on pages 10 and 11 the trustees (who are also the directors of the charrtable company for the purposes of company law) are responsiblè for the preparation of financial statements arKI for being satisfied thal they give a true arKI fair view, and for such intemal control as the trust*s detemine is ne￿SSary to enable the preparation of financial statements that are free from material misstatement, vthether due to fraud or erfor. In preparing the financial statements. the tnjstees are responsib￿ for assessing the charitable company's ability to continue as a going con￿rn. disclosing. as applicable, matters related to going concem and using the going con￿rn basis of accounting unless the trustees either intend to liquidate the charrtable company or to cease operations. or have no real￿11¢ alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material Misstatem￿l, vthether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuran￿ is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) wll always detect a material misstatement when it exists. Misstatements tsn arise from fraud or eThor and are considered material 13 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SARUM HALL SCHOOL TRUST LIMITED (Limited by Guarantae) YEAR ENDED 31 AUGUST 2021 if, individually or in the aggregate, tlw coukl reasonabty be expected to infiuence the economic decisions of users taken on the basis of these finanaal statements. Irregularities, indudirvJ fraud. a￿ Instan￿ of n(TrcomplIan￿ with laws arKI regulations. Based on our discussions with the charity's management and the trustees, we identffied that the following laws ar¥J regulations are ￿gnificant to the entty: Those laws and regulations considered to have a direct effect on fv ffinancial statements induding UK Financial Reporting Standards and Charity Law Those lawts and regulations for which nonMarch 2022 15 SARUM HALL SCHOOL TRUST UAIITED (Limited by Guarantee) STATEMENT OF FINANCIAL ACTiwfiES INCORPORATING INCOPAE AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2021 2021 Totsl Funds 2020 Totsl Funds Funds Fund* INCOME FROM: Dona¢ion$ Charltable Acllvftles Academic Fees Grant In￿rne Extra-curriculurn outings and other fees Investrnent Income Bank interest income Income from woperty Other In￿rne 2,047 2.828,446 9,723 89.613 2.828.446 2.694.128 41,151 36.967 69,613 38,857 31.428 1.073 19.2C(I 1,073 19,200 8,054 19,200 TOTAL INCOME EXPENDITURE ON: Raising Funds InvestrnEnt management ¢)Jsts Charitable Activities School Operab"ng eosts 3.799 7.526 TOTAL EXPENDITURE Gain￿(LO￿•s) on investments NET INCOIAEI(EXPENDITURE) FOR THE YEAR 317.638 (1.993) 315.645 73.768 Transfers Net Movompnts in funds (7.188) 315.645 73,768 Reconclliation of funds Funds brought ft)Thvard at 1 Septemtrer FUNDS CARRIED FORWARO AT 31 AUGUST 14&15 The 8tatement of financial activities Includes all gains and l•)SGes r•cogTri8•d in the year. All inGome and expgnditure derive from continulng actfvlties. 16 SARUM HALL SCHOOL TRUST UMITED ILirnited by Guarantee) BALANCE SHEET AS AT 31 AUGUST 2021 2021 Totsl 2020 Totsl FIXED ASSETS T•n9ible Sthool land, buiklings and equipment 5.384,941 5.385.5CB 5,382,754 Inv8strrt•nts Investment property Security investment TOTAL Fixeo ASSETS 440,2ffi 440,266 463 557 ￿2 10 CURRENT ASSETS Debtors Cash at bank and In han TOTAL CURRENT ASSETS 11 57,647 242 2.567,912 2.300.498 2.509285 58,627 CURRENT UABILITIES Credrtor5'. arnounts 13￿1r@ due wrfhin one ye•r 12 NEY CURRENT ASSETS 1 818 679 1877 306 TOTAL ASSETS LESS CURRENT LIABIUTIES 8 186 638 Credilor8.' amounts falliry after more Ihan one year 13 816 714 Net As￿* UnrestrKted reserve ftjnds Restrici¢d reserve funds 14 15 7291.073 7.291.073 6,968,240 The Governors acknry*A8dge rtsFon*lMlrtw for comptymg wth fequffeffl￿ of Ih? Ad with resppct lo accountin9 r8cords and weparation of finanrial Ststements. The financial staterrrents have been wepwèd in a¢ctydarJce with Ihe sFeuaJ provis￿￿ appIrab￿ for small companies undèr Part 15 of the Companies 2￿￿.. Approved Board on 15 Marth 2tr22 .CSSAY P C ASTrITON The notes on page5 18 to 29 fomi part of these financk41 statements. Comp•nyRryistr*lon Numbw00666444.' Ch•rftynumbvr3f2T21 17 SARUM HALL SCHOOL TRUST UMITED (Limited by Guarantee) STATEMENT OF CASHFLOWS YEAR ENDED 31 AUGUST 2021 2021 2020 Cashflo*% fr(Mn oper•ilng activitie6 P4et Cash provided ty 0￿r￿rt9 •ctfvitle• 17 356 294 366 688 Cashflow from Investlng aclivitles Inveslmenl Income Purchase of tangible fixed assets Cash used In Invosting a￿1vitIeS 20,273 137508 117235 27,254 171 930 144676 Increase in cash and cash equlva￿nts in the year 239.059 222,012 C•8h and ca8h equivalents at the ljeginning oltho year 42 Cash •nd cash equivolents at the end of Ihe year 18 SARUM HALL SCHOOL TRUST UMITED {Llmited by Guardntee) NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2021 ACCOUNTING POUCIES 1.1 Accounting Conventlon The financial slatements for the entsty Sarum Hall sc*ff￿1 Trusl which meets the definrtion of a public entity under FRS 102 have been p￿pared under the Companies A¢t 2006 appIra￿e accounting standards in the UK including the staterrent of recommended practice applicable to charities Prepa￿ their accounts in acurdano with the financial reporting standard applicable in the UK and Republic of Ireland {FRS 1021.The accounts are drawn up on the historul cost basls of accounting. as mc*Yrf*d by the revaluab.on ofinvestments. The financial sLgtements are prepared in £ sterling and rounded to the neare51 £1. The continuing impact of COVIt>19 has been considered when preparing and reviewing budgets and forecasts has been urKlertaken. Based on this evaluatr"on, the level of reserve5 and strong demand for places. the Govemors have a reasonable expecIa￿n that the School has adequate resources to continue for the foreseeable futu￿. AccA)rdingty. they conbnue to adopt the going concem basis in preparing the accounts. 1.2 Tangible Fixed A$sets Fixed assets are slated at his￿1¢*1 cost Items below £100 are rh)t C2ptslised. Items purchased as replacements are written off as an expense as acquired. otherwise they are ¢aptslised. Depreciation is provwJe(l on residual value over the expected useful lives of each category of fixed Professional costs Fixtyjres and equipment Computers 10 years 5t0 10years 4 year5 Freehold land is not de￿¥eCIated in ￿Or￿an￿ wrth FRS 15 and neither are the buiklings. with the eX￿pIlOn of professional costs due to the ongoing maintenance wogramme which is funded through setting aside the equivalent of a depreCIat￿n charge at 2% on the buildings cost per annum from the General Fund lo the Building Maintenance Fund. The nettransfersto and from the General Fund for this yew can be seen in Note 14. 1.3 Investmertts Investment in¢ome from bank balan￿S is a¢(￿nted for ¢Jn ￿ aCc￿81S basis. Income from investment properties is accounted for in the perK)d lo which the relevant in￿rne relates. Investments are valued at the balance sheet date at their mafkel value. Any unrealisa revaluation gain or loss in the year is tsken lo the ststement of financial activitses. Investment properties a￿ also induded in the balance sheet at open market value with the aggregated unrealised sutplus or deficit teing transferred to the statement of finanual activities. 19 SARUM HALL SCHOOL TRUST LIMITED ILirnited by Guardntee) NOTES TO THE ACCOUNTS - (Continued) YEAR ENDED 31 AUGUST 2021 Fee8 These consist of th)ol fees for the sth¢y)l year less bursaries and allowances. Fees are acrounted for in the period whrh the servre 15 provided. WThere fees have been paKI in advance for the next 5chwl year, they are carried fornvard a5 deferred income. Other Incom• Other income which is principalty regislration fees is rwnised on a receivable basis. Extra-currlcular 0￿1Th95 and Other Fees Extra-curricular outings and otherfees consist of charges billed for School oukn"ngs, musi¢ lessons and other exlra-curricular actNrties which stLKJents pathpale in voluntsrity. Fees are accounted forwhen the service is provKled. Interest Interest on fvnds hdd ￿ deposrt is inclu(led when receptsblo and the amount can be measured reliabFy. Intsngibl• A governan￿ review was undertaken in the year by an independent speaalyst on a pro bono basi5 and the Governors estimated the value of this work to be in the region of £5,000. Although this intangible income ha5 not been included in tr￿ financ￿1 stalen*nts as rt is deemed to be immaterial and difficult to accur*ety quanb"fy, in recognitKJn of this yo bono work the Govemors agreed that transfer of an equivalent amount be made from generai funds lo the burwy fund. Grnnt income Grant received from Camden CourKii for the Fyovision of a leaming SUPFQrt assistant is recc*3nised on a recwvable basis P•nslon Costs 1.10.1 Teache￿. Pen$k>n Sclwne The School participates in the Texhers. Pension Scheme Ilhe TPS") for rts teaching staff. The pension charge for the year indudes conlributions payabk to the TPS of £171.923 {2020.. £185.087) and al the year*nd £nil (2020- £nill was accrued in respe(l of o)ntributN)ns to this scheme. The TPS is an unfunded multi-employer defirred teftefits pensiLin Schen￿ govemed ty The Teachers. Pensions Regulations 2010 las amended) and The Teacher5. PensK)n Stherne Regulations 2014 las amended). Mernbe￿ contn.bule on a.pay as you go" basis w((h contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid ty public funds provided by Parliament. The employer contributDn ra￿ is set by the Secretary of State fdlwng scheme. valuation$ undertaken by the GovemmentActuary's Departffent. The mosl recent aetuarial valuab.on of the TPS was prepared as at 31 March 2016 and the Valuation Report wh￿h was published in March 2019, ¢onfinned that the employer contn"bUt￿￿ rate for the TPS V+tJubJ increase from 16.4% to 23.6% from 1 September 2019. Empk*yets are also required to pay a s¢heme adnynistration levy of 0.08% giving a total employer contribUt￿n rale of 23.68%. 20 SARUM HALL SCHOOL TRUST UMITED (Limited by Guarantee) NOTES TO THE ACCOUNTS - (Continued) YEAR ENDED 31 AUGUST 2021 The 31 March 2016 Valuation Report was prepared in %cordance with the benefits set out in the scheme regulat￿n$ and under the approa¢h spwfied in the Direc*"on5, as they apPl￿d at 5 March 2019. However, the assumptions were Con￿dered and set by ihe Departrnent for Educatson prior lo the ruling in the 'McCloudlS8rgeant ￿se.. This case has required the trjurts to consider ￿SeS regardin9 the iMplementat￿)n of the 2015 reforms to Pubiic SeNice Pensh)ns induding the Teachers. Pensions. On 27 June 2019 the Supreme Court denied the gThmrrEnt permission to appeal the Court ol Appeal's judgment that transthonal P￿viSiOnS introdu¢ed to the relormed penS￿n schemes in 2015 gave rise to unlawful age discrimination. The govemff*nt 15 respeth.ng the Court's decision and has said it will engage ftAlly with the Employment Tribunal as well as employer and member represenlalives to agree how Ihe discriminatrons will be remedied. The governn*nl announced on 4 February 2021 that it intends to prcteed wrth a deferred th0￿ underpin under which members will be able to choose either legacy or refom)ed scheme benefits in respect of their service during the period 1 April 2015 and 31 March 2022 at the pjint they tecome payable. The TPS is subject to a cost op mechanism which was put in plaee to prolecl taxpayers against unforeseen changes in scheme cosls. The Chiefsecretary lo the Treasury, having in 2018 annoynced that there would te a remew of this cost cap mechanism. in January 2019 announced a pause lo the Cost cap mechanism folbwing the Court of Appeal's Nling in the Mccloudlsargeanl case and until there is certainty about the value of pensions to employees trom April 2015 onwards. The pause was lifted in Juty 2020 and a consUlta￿n was launched on 24 June on proposed changes lo the cost control mechanism fdlowing a rev￿ by the Govemmenl h£tuary. Following the consultation, the government have accepted three key proposals recommended by the Government Aduary and are aiming to irnplerrEnt three changes in the 2020 valuaknon. In view of the a￿ve rulings arKI decisions the assumpborts used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario. a ValUat￿n prepared in aCCordar￿e with revised tenefits and suitabty wsed assumptions would y*kJ different resLtrlts than those cOntai￿d in the Actuarial Valuab"on. Until the cost cap mechanism revision is eompleted it is not possible lo conclude on any financial impact or fulure changes to the contribUt￿n rates of the TPS. Accordingly. no Provision for any additional past benefit pension costs is included in these financial statements. 1.10.2 oth•r Penslon Schemes The School is ¢onth"tyJting to a personal pensKJn ptan wilh Aviva Employerfs costs are charged in the period in which the salaries to which they relate are payable. The School makes an employerfs contribution of 6%. ￿tribUt￿n$ paid ill the year were £26,105 12020.. £25,505). In the year contributions of 12.S% and 15010 oftheir salary lotalling £11.783 were made totwo employees personal pension plans.12020 one ernpbyee 12.5%- £9.305). Expendltur• Expenditure is summansed under fvnctional headings on a direct-COSt basis and is accrued as soon as a liability is considered probable. The unrecoverable element of VAT is included wilh the item of exrense to which it reL4tes 1.12 Te•chlng Materlal8 Supplies of tooks, slationery and equipment are wrrtlen off to ts Income and Expenditure A￿OUnt as soon as the expenditure on procuring them 15 incurred. 1.13 Charitable Activllios Charitsble activitEs comprise Ihe SchooE operab.ng costs which are teaching. weware. premises and support costs. 21 SARUM HALL SCHOOL TRUST UMITED (Llmited by Guarantee) NOTES TO THE ACCOUNTS - (Continued) YEAR ENDED 31 AUGUST 2021 1.14 Support Costs Support costs indude the costs of admintstration of the School such as Off￿ and &Jministrative salaries. stationery. postage and printing and GovemarKe costs. All sUpF￿rt costs have been allcuted to Charitable activths. 1.13 Governance costs GovemancE costs comprise the costs of running the Chanty induding extemal audtt. 70% of the Bursarfs salary has been allocated to support eosts and 30% to govemance. This has been allocated on the basis arTr)unt of time spent on adM￿￿tratiOn and governan￿ of the School. Funds Unre8trict¢d fund$ The unrestricted reserve funds are a General Fund to provide working capital and to finance fvtuTe capital development of the Sch¢)ol, to wh￿h any suwus during Ihe year 15 generalty allocated, a Prernises Reserve Fund representing the original Cost of freehold Lgnd and buildings, and the Building Maintenance Fund specificalty for the repairs and maintenance of the School premises. Transfers into the latter fund are made annually on the basis of the fixed asset Folicy outtined above. Regtrlcted fund$ The restricted Equipment Appeal Fund represents ac*mic equipment and facilities and arose by generous donations from well-wishers lo the School. 5% of the surplus before unrealised surpluses or deficits on investment revaluations 15 transferred from the General Fund to the Bursary Fund. Bursaries in the year are funded by a transfer from the Bursary Fund. 1.16 Debtors Fee income is reo)gnised at the sett(en￿nt amount. Prepayments are valued at the amount Ffepaid net of any trade ¢Jiscounts due. Cash and cash equlvalents Cash at bank includes cash and short-term liquid investments with a maturity of 100 days or less. Credlto c￿lIOrS and provisions are recognised where the Schoc4 has a present obligation resulting from a past event that will probab￿ result in the transfer of funds to a third paty and the amount to settle the oblwJation can be rTEasured or estimateA reliably. are recogni5ed at Sett￿ment amount after allowing lor any trade discounts. 1.20 Pupil Deposits A dep)sit is Collected in respect ofeach pupiljoiniry the School. This may be used iocoveroulstaTh4ing fees and expenses on the departure of a pupil or retairred ￿ h'eu of fees rf the required noth'ce period is not given. Financial instruments The Trust only has finan￿al assets artd liabilthes of a knnd that qualfy as basic financLal instruments. Basic finanual InStru￿EntS are initially reccty3nised * tranS¥1￿)n value and subsequentty measured at their settlement value. 1.22 Critical accounting estlmatO8 and Judgemgnts In the application of the charity's accounting FM)licies. Governors are required to makejudgements. estimates and assumptions aboul the carying arnount of assets and Ih3bilib'es. The estimates and associated assumpb.ons are based on hislorirnl experien￿ and other factors th* are consK1e￿d to be relevant. Adual results may drffer Irc*n these estimates. The charity estimates the useful lives of fixed assets based on the period over which the assets are expected to be available for use. The estim*ed lives are reviev￿1 Fericijicalty and are updated rfexFectali)ns differfrom previous estimates due lo physical wear and tear. There is no change in estinpted usefvl Iwes at 31 August 2021. 22 SARUM HALL SCHOOL TRUST LIAirrED (Limited by Guarantee) NOTES TO THE ACCOUNTS - (Continued) YEAR ENDED 31 AUGUST 2021 FEE INCOME The Schod's fee incx)me comprwj.. 2020 Gross Fees Less.. Bursaries and staff discounts 2.849.747 21 301 2.712,611 184831 Bursaries represent subsidies given to 2 pupil$ during the current year12020- 21. Vvhere the need for a bursary has been identified in advance of Ihe finalisalion of the award agreement. a provision is made for the ant￿IPated bursary amunt. This is in addition to the Bursary Fund as described with Note 1.16. 11 Grant Income 2021 2020 Deprivat#)n Grant Learning support assistance 9,723 5.539 EXPENDITURE ON I4VESTME1￿ PROPERTY 2021 2020 Investrnent woperty repair5 arnl service charyes CHARITABLE EXPENDITURE- SCHOOL OPERATING COSTS staff Costs 2021 Other D¢pveciation 2021 Total 2021 Total 2020 2021 ChaTil•ble Activiti08 School Operating Costs: Teaching costs Welfare Premises Support costs (note S) 1.652,743 31.470 46.831 202.600 160,116 222,169 83 400 33.243 1.888.586 191.586 370.510 290 706 1,767.620 163,831 491,839 3928 101,510 SUPPORT COSTS 2021 2020 Salaries Printing Telephone Bank charges General Provision for residential trips Governan￿ (note 61 170.593 23.347 2,584 147,390 23,818 3,571 1,170 5.029 12,522 100428 4,342 SARUM HALL SCHOOL TRUST LIMITED (Limited by Guarantse) NOTES TO THE ACCOUNTS - (Continued) YEAR ENDED 31 AUGUST 2021 GOVERNANCE COSTS 2021 2020 Salaries Professional fees Audit Accountan Payroll TPA audrt 36.713 37.488 7.9)5 1.500 4,200 27.844 56,402 7.554 1,500 5,160 1968 STAFF COSTS 2021 2020 Wages and salaries ial security costs Superannuation Penwon contributions 1,582,314 146,125 171,923 1,446,659 138,804 185,087 Number of htgher paid employees in ot. £60,000- £70.0(M) £70,000 - £80.OCK) £80,000 - £90.000 £90.000- £100,000 2021 2020 The average number of empk)yees during the year calculated on an average head c(MJnt bass '. 2021 Number 2020 NuM￿r 29 Teachers Administrakn"ve Domestic staff 28 The key management personnel of the School ¢cmprise the Head. the Deputy Head and the Bursar. Their remunefation and tenefrts in the year totalkd £330.39612020". £301, I￿}. The Governors re￿Ned no rernunerati¢￿ or other benefits. GovemN indemnffication insurance has been purchased al a cost of £24012020.. £2201. The Folicy has a limit of £2.000,000. No Governor received any reimbursements in the year12020- nil). 24 SARUM HALL SCHOOL TRUST UMITED (Limited by Guardntee) NOTES TO THE ACCOUNTS - Icontlnued) YEAR ENDED 31 AUGUST 2021 TANGIBLE FIXED ASSErs Freehold Land Bulldlng Flxtures Flxtures and Comput•rs and and Flttrng8 and Pn)1gsslonal Equlpment Restricted Software Total Cost". At 1 September 2020 1.030.790 Additions Disposal At 31 August 2021 4.651.336 36.639 820.7 73.422 19. 223.525 27.447 6,746,411 137,508 17 040 6 866 879 1030 790 4 687 975 233 932 Depreciation". At 1 September 2020 Charge for the year Disposal Al 31 August 2021 726.321 18.469 461.089 81.048 17,403 1.993 158,844 33,243 1,363,657 134.753 1 481 370 Net book value.. At 31 August 2021 At 31 August 2(r20 The market value ofthe land and bul(*ngs may be matenalty hKJherthan the cgrying value. However due to the nature of the assets il has not been practicable to quanlfy the drfference due lo restri¢led covenants on use. INVESTMENT PROPERTY 2021 2020 Long-leasehold reshlential property. at cost This investment has been included in the accounts at Cost. whi¢h in the opinion of the Directors approximates to the market value of the proFerty based on market mformatK*n of sold prices of similar properties in the same rhjstcode k￿ation. The property has been let on an assured 5horthold tenancy basis on comrnercial terms to the Headmistress. 10 INVESTMENTS 2021 2020 8alance at 1 September Unrealised revaluatK)n surplusl(defKit) arisiThJ in the year Market value as at 31 August 368.032 95 525 421.356 During 2011 £250.000 was invested in CAF UK Equrtrath FuThl- AcUJmu￿t10n unrts. Current Asset investffents include fExed interest deposits wrlh maturity gre*er than 100 days. 11 DEBTORS 2021 2020 11.704 2.673 31,211 Costs recnverable from parents Prepayments 33,318 38,400 25 SARUM HALL SCHOOL TRUST UMITED (Limited by Guaranteel NOTES TO THE ACCOUNTS - (Conlinued) YEAR ENDED 31 AUGUST 2021 Other Debtors 12 CREDITORS". arnounts falling due Ivilhin one year 2021 2020 Trade creditors DÈferre(l inco Enrolmenl dep05rts held on account Taxes, pensions and social secufty costs Accruals and other creditors 121,702 404,057 81.950 42,378 110,908 307,358 111,776 32,183 129 988 Deferred income turtp)n fees p&d in advartt lorthe folk?￿9 year. 13 CREDITORS: amounts faNing due after more than one y￿r 2021 2020 Enrolment deposrts held on atcount Oue between 1 and 5 years Due after more than 5 years 338,882 477 488 306.395 458319 14 UNRESTRICTED RESERVE FUNDS A8at31 August 2020 N•t incom Tmnsferd Revalualion galn Asat31 August 2021 General fund 3,052,917 Revaluation reseNe 118,032 Premises reserve 2,848.430 Building Maintenance fvnd ￿861 222.113 151,7741 3,223,256 213,557 2,848,430 95,525 The General Fund represents free resen￿$ retsined to provideworknng caprtal and to finan￿ the ffijture capital development of the SchcM)l. The Premises Reser¥e represents the cost of knd and buildings of 15 Eton Avellue in 1995 when the Sthc*Jl was bu4L The reserve transfer from the General fund ￿Presents a net Iransfer from the Bursary Fund of £5.195 and a transfer of £56,969 to the Buiklings Maffltenar)ce fvnd. The transfer from the Bursary Fund represents £21,301 charged f￿ bursarie5 awarded this year r￿t of 5% surplus before revaluation of investments and £5.0)O transfer in fecognit￿n of the pro tono governance review carried oul. The transfer from the General fund to the Buiklin9s Mainienanee fund is the 2% depreciation charge of £56,969. The Buildiftg Maintenance fund has arisen ty the transfer from the general reserve of the equtvalent of 0 2% dep￿TatiOn charge on the orKJinal buildin9s co$1. Tl)e Fund represents reserves designated by the Board for the upkeep arhJ development of the Schcd buildings. SARUM HALL SCHOOL TRUST LIMITED ILimlted by Guarantee NOTES TO THE ACCOUNTS - (Continued) YEAR ENDED 31 AUGUST 2021 15 RESTRICTED RESERVE FUNDS Burnary Equipment Fund Appeal Fund L•¥ming Total Fund Support Assistant At 1 September 2020 Income Expenditure Transfers to un￿tricted reser¥e funds 63,822 2,561 66,383 31,428 {33,4211 31.428 131.428} (1,993) 19S At 31 August 2021 The 8ursary FurKI is for means-test¢d grants th* may be wded to pU￿ls. 16 ANALYSIS OF NEf ASSETS BETWEEN FUNDS Tangibh Flxed Assets Not AMets Total RESTRICTED FUNDS 2021 Bursary Fund Equipment Appeal Fund UNRESTRICTED FUNDS 2021 General Fund Premises Reserve Building maintenan￿ Fund Total as at 31 August 2021 58.627 58,627 568 568 2.536.511 2.848.430 900.302 3.436.813 2.848,430 1005 830 TaNJible Fsxed Assets Total RESTRICTED FUNDS 2020 Bursary Fund Equipment Appeal Fund UNRESTRICTED FUNDS 2020 General Fund Premtses Reserye Building maintenan￿ Fund Total as at 31 August 2020 63.822 63,822 2,561 2.561 2.531.763 2.848,430 639,186 3.170,949 2.848,430 948861 948 861 17 RecoNCIUATION OF NET INCOME TO NET CASHFLOW FROM OPERATING AcTIV￿lEs 2021 2020 Net incor IGainllLoss on investment Depreciati)n charges {Increasey Decrease in debt¢Jrs Increasel{Oecrease) in ¢yeditors Investment income 315,645 73,768 195.525) 134,753 {28,3551 50.049 53.324 215,733 7,335 43,782 292 920 27 SARUM HALL SCHOOL TRUST LIMITED (Limited by Guarantee) NOTES TO THE ACCOUNTS - Icontinwd) YEAR ENDED 31 AUGUST 2021 CASH AND CASH EQUIVALENTS AND NET DEBT RECONCIUATION Cash and cash equivalents at the slart of the year Movement Cash and osh equivalents at the end of the ye 2.242.851 23 2,020,839 222012 19 COMPANY LIMITED BY GUARANTEE The charity is a company lirnited by guarantee. Each of the Mwnbers of the charity undertakes to contrtbLrte such amount as maybe required {not e￿￿edIng £1) to the charity's assets in the event of it being wound up while he or she is a Member or wrthin one year after he or she ceases to be a Member. 20 RELATED PARTY TRANSACTIONS There were no related party transactions e￿p1 as disclosed in noies 7 and 9. 28 SARUM HALL SCHOOL TRUST LIMITED (Limited by Guarantee) NOTES TO THE ACCOUNTS - (Continued) YEAR ENDED 31 AUGUST 2021 21 COMPARATNES FOR THE STATEMEKf OF FINANCIAL ACllVrnES 2020 Unrestrlcted FuThls 2020 A￿trICt Funds 2020 Totsl Fund8 INCOME FROM: Donatlons Charitsble Activiti Academic Fees Extra-curriculum outings and other fees Grant Inv#stment I￿oM• Interest in()Jme Income from property Other inco 1.047 2.047 2.694.128 38.857 5.539 2.694,12B 38,857 36.967 31.428 8.054 19.200 8,054 19.200 TOTAL INCOME 19 47 EXPENDITURE ON: Raislng Funds Investment managenEnt costs Charitable Acllvitles School OFerating costs 7.526 2 679 974 37 244 271772 TOTAL EXPENDITURE L088 on Investment 324 Net Income l(exp•nditur•) 78.537 (4,769) 73,768 Transf•rs NET MOVEIAENT IN FLW4DS ,427 116.659) 73,768 Reconclllatlon of funds Funds brought foThYard at 1 Septemtw 2019 83 042 6 ￿0 855 FUNDS CARRIED FORWARD AT 31 AUGUST 2020