Charity number: 312734 ST OLAVES SCHOOL TRUST TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 HEDLEY DUNK UMITED Chartered ACcc1ntanIS & Statutory Auditor Trinty House 3 Bullaco Lana Dartford Kent DA1 1B8
ST OLAVES SCHOOL TRUST CONTENTS RolèreO and Admlnl#trallvo Dgtalls of tho School. Its Trust8 and *Alvi¥ern Tfusto9¥' R8port Indopend•nt Audl¢or•' Raport on thg Flnan¢lal Stat•ments St•toment of FlnaTrclal ActlvEtI•8 Balanu 8h¢et 10 stst•mnt of C48h Flowa 11 Notes to th• Flnanclal Siatomgnts 12-24
ST OLAVES SCHOOL TRUST REFERENCE AND ADMINISTRATIVE OETAILS OF ThE SCHOOL rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021 Trust0 M D Irelarvj P M Houilkin. Cha A C Mundy N Raju L Wygas S Wekh M Wooder J Willmott (regned 19 January 20211 J Smith {restrJned 22 June 20211 Charlty r•gl•t0r•d numb•i 312734 Prfnclpal offl¢• 1C6-110 Soul1r Road New Eltham Kent SE9 3QS Indendont audltorn Hedley Dunk Limited Chart6r6d Accounlants Trinty H 3 Bullece Lan• Oartford Kent DA1 188 8•nk•rn U$ Bank PO Box 1000 BX11LT P•Je 1
ST OLAVES SCHOOL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2021 The Trusi805 Pfesent thwr annual report together wilh th& audrted finanual statemgnts of the School for 1 September 2020 to 31 Au9USt 2021. ObJKtlves and actlvltl•• Pollcl6• and obj•ctiv•8 It 18 the p)licy of the h0o1 lo attaln the hhest xademic knvels as 74bEII as providing axtra<urricular programme hyhich aims lo help build sew-confidence and a desire lo conlrityjte lo the communrty. In Setting the objectives and planning the activities, the Trustee5 have t8r8ful Cons8ratIOn to the Charity Commission's general guidance on public berrt and in partkular to its supplgmontsry publ bon?fit guhlanca on advancing adueation and on fee dwrglng. • Stratsgles for achlevlng obJecllv•s Th• objective 18 achieved through the continuing management of St Olavo's Prep Sthool. There h8v8 been r changes In the policy loplgd to a¢hieve the Objed crft Charity. Our lee8 are rgviewed annualty by the Tru$lwJ and are corTparable to other kxal independant preparatory Schools. We offer dmwnts vth0f• parents have mr• than ¢)no chld at the sck¥)ol. Achl•v•mgnt• and p•rtomianc• Rovlew ol actlvltl In 2020r21 year thè seh¢X¢l had on average 223 pupils. The 8chod ha$ eontrnued lo malntsln its reputatlon within the ktal community as a prowder of edLKalion that maMiSeS ab'¢litsgs of the individu81 pupil. The COVID-19 pandemk meanl teaching moving lo online ilh Irve le5 prw•ion for part th the year, the effects of thi8 were offset by using the Job Retention and by pausing discretionary expenditure. Futura rogi8tr8ttons and continuing interest wi the SCI1 givo u8 confNdenee Ihat pupil numbers be malntained in the fores••able future. The School ¢onlinu&J to xhv6 more than satisfactory xademic resiAt$ whth transL8ted into excellent pupil placèment fof their CtinUIng Srtdary education. The Schools achievements both academK and non- aCadern are a lribule to the consi¢Jerable efforts made ty stoff and pupi18 alike. In addrtton to Ihe academic ¥hlevements the SrKd Maintsir Its ex¢8lbrt8 in sp)rt, music and drama. During these aclivrties money raigad has bgen ¢SJn8ted lo other local Charits that the Schcol supports. The mak88 u80 of I81 8portiTrJ f111185 arKI a1bJtrnrts and p9rti¢l108 In evènts with the kThl communty. Lunch b'me and after sch1 Clubs are provided inclLvJing swts. music, langu4es and gaidening. of all of which are froe of charge. These iviti'es help to promcée Ihe children's broader education. During the school year, there vre instance$ due to exceptional charys in family circumstances, I Schoc4 were able to offer some aSslanCe with the payThent of SCI)?1 198$ for a shLYt P8ri0d.
ST OLAVES SCHOOL TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021
• Financial review
The Trustees are continuing their strategy of deploying all net incoming resources to investing in the educational purposes and fabric of the School. The school had net income funds in the year of £253,748 (2020: £19,995). This has led to an increase in reserves to £2,494,546 (2020: £2,240,799). The School is in a strong position financially moving forward and the Trustees will continue to use the funds available to further the education of its students.
• Going concern
!After making appropriate enquiries, the Trustees have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
• Reserves policy
The Trustees believe that the funding received in any one year should be used to support the pupils on roll at the time unless there is a specific project which will require the accumulation of funding over more than one year, such as for a new school building or renovation. They also wish to ensure the stability of the organisational operations and so, set reserve levels to enable the School to react quickly to changes in financial circumstances, for example, large unplanned expenditure.
• Principal funding
The principal source of income is fees accounting for 99% of the School's income.
Structure, governance and management
• Constitution
St. Clave's School Trust was constituted by Trust Deed dated 19th March 1970. The Trust is a registered charity.
The principal object of the School is the advancement of education providing day schooling for children aged three year to eleven years of both sexes.
• Methods of appointment or election of Trustees
The management of the School is the responsibility of the Trustees who are responsible for the nomination and election of new Trustees under the terms of the Trust deed.
• Organisational structure and decision-making policies
The School is governed by the Board of Trustees.
• Financial risk management
The Trustees have assessed the major risks to which the School is exposed, in particular those related to the operations and finances of the School, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
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ST OLAVES SCHOOL TRUST TRUSTEES. REPORT {COPfflNUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Pl•ns forfuturn periods The Tru8teo8 stm to Ynprcw thg ser¥Ke a)d tho ladities avaikqble to both puprfs and teachers. Th8 Schod premra8s are maintsined to a high standard. Plam for the firture lorg tem) development of sitè are being dv¥elW to impnJv• the tegchlng f8ciliti88 avalla>l8 lo the whokn 8thc Stat•m•nt of TTU•t•O9' r•gpon•lblllti The Tru8tee5 are responsitle for pw8riNJ the TnMtees' Report vJ th8 fin181 ¥tatemenls In a¢cordan¢e whh AppIic8ble I and Unlted Kingdcffi Accounting Standards (United KirodDm Generally Acceplod Accountlng Pr8del. The appIa)le to charitm in Engla & W8189 TeqUiT88 Twstets to propwe financlo18latgm•nt• for each financial year which oNti a tru• and fair ¥1 of the St8t& of affairs of the School and of 116 incombng re80urces and applic8tK)n of re8ourc05. induding its kncome end expenditure, for Ihgt pèriod. In preparing Iheae flnancl8j8tatarnt6. the Tru8ts61 arn Wuirod lo: 8elect suitable accwnllng pol¢ and then appty them constenty, observe the mhods and princy16s of the ChAnti95 SORP IFRS 1021., make judgments and accounting 881inales that aré roosonabkn and prudent; stsle whetr applicable UK Accounting Stsndard$ {FRS 1021 have beon fo1ltrwJ, 8uble¢t to any mal departures dkch)sed and èxplained in the fiora1 slaternenls., prgpare the finanoal statements on Ihe golng concem b•8k4 ynles5 rt 18 inappn¥riat• lo pr•8urn that the S(l)¢ol ill continue in bu81r. The Tru8tee6 are re8pon61bSe for k•8piN4 adryuale K£(wntirwJ Tecoth that are unI to ond exphin the Schoc4's tran6aclion8 and disdo3e wth reanabl& accuracy at any time the financial positlon Of the School 8nd enable Ih•m lo ensure Ih8t th8 fin8nckg1 stalemerlts comply with the Charllie6 Act 2011, the Charty (Account8 and Repc¥t8} Regul8ti(n8 2008 and the pw3n8 of the TnAI deed. They are a180 re8ponsible for $8f•guaiding the a86818 of the Schcd and for taking r8a8onth sl•ps fot thg pr8vents't)n and do1fj¢tfv of fraud and ¢)ther irregularities. Dts¢lo•ur• of Inft>rm•tlon to audltor• Each of the Fef80n8 who are Tfu8100$ 81 thg trn vthon thIB TnJstee8' Report r4 approved hws c¢yffirThd that.. so f8r 88 Ihal Trustee is •YJre, there is no rnlevant Informatlon ot which th• charty8 audOr8 are unwware. aTr th•t Trust hos taken all t steps that Cmjght to have bggn tgn Os a Tte8 in crfder to b• Jware of any relèvant audit infonatIon and lo esloblish that tho ¢haritls auditors are aw8re of that infom74tvJn. Audllors The alitOrs. H•dl8y Dunk Limitwj. have wlCated wllin9r8 lo Cortinue In offKe. The d8shJnatfrJ Tru$teos Mll propose o motK)n reappoirrtfftg the auditors * a m88ting of th9 Trustees. Approved by order of the rrffiibers cl the botrd of Trustees wgne(I Ihey ty. P M Houlllon Chair of Trustges D*e.' 30 June 2022 Pag9 4
ST OLAVES SCHOOL TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST OLAVES SCHOOL TRUST Oplnlon We have audited the finanual st8tenwnts of St Olaves Schcd Trust (the 'thanty) for the wr ended 31 August 2021 which comprise the Statement of Financial ActMtv6. the 8alance Sheet, the Statement of Cash Flows arKI the related notes, induding a summary of snIfiCant accounting p911¢$. The financial reporting fram8work that has been applted in their PparatIOn is applicable Law and United lQ'ngdom Accounting St8ndards, including Flnancial Reporting Standard 102 'Thg Financial Reptsting Slandard applKablo in the UK and RepublK of Ireland. {Unrted Kingdom Generalty Accepted Accounting Pr&#icel. Tha financi81 statemgnt¥ have been pr¢pared in vLcordance with Accounting and Rgportlng by Charlties preparing their accounts in accordance with tha Finar181 Reporting Standards applicable in the UK and Republic of Ireland IFRS 102) in preference to the Accountsng and Reporting by Charitie#'. Sl818mènl of R6comm8ndod Practice issued on 1 hpni 2CQ5 whjch r6 referred to in extant regulations bul has been withdravm. This ha$ been done in 0er frJr the acc(xJnls tt> wje a trua fair view in xcordance with the General Accapled Accounting Practice etstNe lor reportry penL¥Js bgginning on or aftw 1 January 2015. In our opinion the financkql siatements.. give a trl aryj falr th of Ihe 61atè of t chaiivs affairs as al 31 August 2021 and of its incoming re80urce8 and application ol resour¢as forthè yaar then ended: have been proporty weparnd in accor<lance Vrth United Kirytkn Gererany A¢¢epled A¢¢ounling PrxtTh', aTrJ h8v8 been prepared in aco)thnce with wirtyltI ofthe Charrtie8 Act 2011. Bo•h for oplnion We conducted our audrt in 8ccordan¢e with Inl¢rnalionat standard8 on Auditing IUKI IISA8 IUKII and applicable . Our responsibilitses under Ihoso $tsndards afe further described in the Auditors, responsbilities lor the audit ol the financi stslements secth)n of our report. Wè are independent of the charity in 8c£ordance whh th6 thlcal requirements that are Televanl lo our aLKIrt of the financial stateffnt5 in the Unfted Kingdffii, Incjuding the Financial Repoth"ng Councifs Elhical Stsndard, and have fuffilb8d our other ethical responsibilsties in 8ccordance wth these requirements. We beliv4e that t wdlt ev*JerKe VIP have obtained o suffick8nt and appropriate to prowde a b8S18 for our opinion. Con¢lu$loM r•latlng to golng concern In auditing the financial statements. we ha condLKled that thé Truste88' Use of golng ¢orKem basis of aGcounting in the preparation of Ihe financial Statements 18 4)propriate. Based on the work we have perfomied, have not idenlffied any matenal uncertainties lating to evgnls or condrttons Ihgt, indNiduaMy or colectTvety. may cast swjnfftant doubl on the chartys abAty lo continue as a going concem for a period of at least tA¥efve months from when the financial statements are authorised for i$$ue. Oltr re8p)nsibilrties and the r•SbIlS of the Trustees with respect to goir•J concern are described in relevant sections of this report. Pffje5
ST OLAVES SCHOOL TRUST INDEPENOENT AUDITORS. REPORT TO THE MEMBERS OF ST OLAVES SCHOOL TRUST IC014TINUED Oth•r inforrnatlon The other infomatKJn corr¥>rise6 infonnats.on induded in the Annual Report other than the financial Btatements and ¢)ur ALfrditors' Report thereon. The Trustees are responsib for the other infomiion Contained thin the Annual Report. Our opin)n on the financial statements does not cover the other information and, except lo the oxlent otherwise expliotty ytated in our retth. do not express any fomi of assurance Onclusn thereon. Our resF4)ngbilty ig to read the dher inf0mlaln and. in doing 80, con8ider whother the other infomiation is materialty inconststent wth the financial stalements or our kn¢edge obtainet1 in the course of thg audit, or otherwise ¥pears lo be malenalty migstate(l. If hlentrfy such materiol IOnSI$tencla& or 4)parenl material misstatements. are required to delgrmine whether this gN8s rise lo a matèrial misstatement in the finanu81 statements themselves. If, bas&J on th8 work have perfomxd, we condud that there is a m8teri¥l misslalement ol this other inforrnation, we are required to feport that fact. We have nothing to report in thi¥ regard. Matt•M on vthlch ar• r•qulr•d to r•port by ex¢•ptl¢)n We have nolhlng to report in respect of the follw.ng mattern thè Charities (Accounts and R6port8) Rogulation5 2008 requ6 u6 to rep)rt to rf. in our cpinh)n'. the informth'on giNYn in the Tru8lee8' Report incon8btenl In any material r¢sp•¢t with the financial 8ts1enwnls,' or sufflcierrt accounliNJ reLords have nrt been kepL or the financol ststemen18 are not in 4retynent with the accwnting records and rglum8', or Wo have not r•c•N8d all the Informat •nd eyplanatK>ns require for (yjr aLKliL RMpon•lblll¢l6# of trn•tw• A8 eypbined more fvlty in th• Trtteel, Re¥on¥l)ilibe8 Statement. th8 Tru8te88 are respsible for the preparation of the financial stat8ment5 which give a true and fair v, and for such inlemal control as the Tru61ees determine 18 necessary to ènable the preparation of finanual statements that are free from material misslatemenl, whéther due to fraud or èrror. In preparfng the financial $18lements, the. Tru¥tee$ are re8ponsible foi 888e88ing the ¢h•riW$ ability to continue as a going concem, disclon9, as applicae, matters related to gn9 concem arKI using the going concern basis of accounting unle35 the Tru8tee8 erther irknnd to hquthte the charity or to opgr*ion¥. or have no realist anernalive but to ¢$) 80. Page 6
ST OLAVES SCHOOL TRUST INDEPENDEpif AUOITORS. REPORT TO THE MEMBERS OF ST OLAVES SCHOOL TRUST (CONTINUED) Audltors. responslbllltles for th• audlt of thg fin•nclal statomgnls We have been appnted as auditor under sadbon 144 of the Chants Ad 2011 and reF4xt wi acccwdance wth the Act and relèvant regulations made or having effect thereunder. Our obje¢tNes are to thloin reasonable 898urance abwt ether the financial st816ments as a Who are frag from material mis8ts18menl. whether due lo fraud or error, and to issuo an Auditors. Report th81 includes our opinion. Rgasonable assurance is a high level of as$urance, bul is not a guarantee that an audrt conducted in accordance wth ISAS (UK) will aw delect a material miqstatement when it exists. Misstalemenls can arL¥8 fr¢Jm fraud or error and are considered mat181 rf. indmdualty or in th8 aygregale, they could feasonably be expected lo inlbjence the economic thi¥ions of usw8 ton ¢M the basis of the6e finanaal 8tataments. Irregularthes, Including fraud, are instance8 of r0rtrCcp1laneé wflh and Tegulations. We do869n procgdure8 in line with our r8spon8ibilrti8S. QLrtlined above, lo detect matenal mi88tatemenls in respect ol irregularities. induding fraud. The extent to which our pro¢edures are capable of detecting irregularities, including fraud 1$ detailed belth¥'. We identthed 8r8as of laws reguLqttoff8 that could rea$ablY be expthfj to hav• a material èffeLt on the fln8noal 51at8ments from our gon8r81 commercial and sect¢X e4)8rierce and through discussion wlh th8 trustees and other rnanagement las rgquir•J by auditing standards}, and discussed with the trustees anl other management the policies arKI pretsure$ regarding compliance with Lqws and regulations. We communicalgd id8nlnled law8 and regulatTh3 thfoughout our 18•m and romawied ahrt to any indications of nonwcomplianca throu9houl the audit. The rlsk of not detecting a merial misstatemgnt resulting from fr•)d L8 high8r than fof one resulting from erTDr, a8 fraud may involve collusw. fofgery, intentional omission8, mi8repre8entn¥, or the overrKle of internal controls. The potentsal effect of the80 l¥ws regulatvJns on the financ1 statements varm consKler¥bty. Flr3tty, the chafily 18 subi6Ct to I8 an(1 regulatKsns that directty offect the financ1 slalements including financial reporting legistth'on {induding related charrties legislalionl and tax8b.on islion and we assessed Ihe extent of crxnpliance with these Im and regulgtion¥ a) part of our pro¢•dures on the financ'kql Stalemgnt rtems. Secondty, the charity is suty'ect lo mny other kws aThJ reguLqtions where the consequences of nonvcomplsance couhd have 8 material effect on #M¢nts or disck)sures in the financial statements, for instance through the imposititin of fin&$ or litigation. We fvJentified the folkm'ng areas as those mst Id(ety lo have such an effect.. h8aMh and safety, anli-bribery and empk>sThenl knv. AudrtirKJ standards limrt the required audit procedures lo identify non-compliance th these and regulatbjns lo erNuiry of the direclcys and othar managem8nt and in6paction of fegulatory •nd 81 coThe8pMdence, rf any. Through Ihe8e Procedures, we became aware of no •Xual or suspethd non<¢rtnplian¢e. ing lo th8 inherent limitatn$ of an audrt. there is an unavoidable risk that we may not have detected some material misststemerrt5 Ln the ffinanaal ststemenls. even though have properly planngd and perfomi8d our audit in Cordsnce with audrting stsndards. For exarnp, the further reffthied non-compliance wlh laws and regulations lirregulaTrtiesl is from the events and Ir8ns&tions Tenacted in the finaneol statements, the less likety the Inherentty limited procedures required by aud.9 sL7ndards WoUj rt. In addrtion, as with any audit, there Mained a higher risk of noTrdetection of irregulariti'es. as these may invofve collusion. for98ry, intentional i5sions, misrepresentations. or the override of internal controls. We ore rv)t responsible for preventirvJ noncompliance and cannot be expected lo detect nOrComplIanC£ al 8 and regulations. A further description of our resp)nsibilities for the audit of the financial ststomgnts i¥ located on the Financial Reporting Counckl's website at vMw.frc.or .ukJauditorsres nsib1lrt5. This deScriptn foms part of our Audito. ReForL Paye 7
ST OLAVES SCHOOL TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST OLAVES SCHOOL TRUST (CONTINUED)
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
.lQJ,��
Hedley Dunk Limited
Chartered Accountants Trinity House 3 Bullace Lane Dartford Kent DA1 1B8
30 June 2022
Hedley Dunk Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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ST OLAVES SCHOOL TRUST STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 AUGUST 2021 Unrestrided funds 2021 Total funds 2021 Total fu1$ 2020 Income from.. DonalKns and scie8 Charitgble aclwrties Oth8r Iradlng tivIti.¢$ Irwestmerrts other inco 26,561 2.819,521 26,$05 107 776 26,561 2.819.521 26.505 107 7T6 111,247 2.698,928 4.921 95 493 Total Incom• 2.873,470 2.873,470 2.815.684 Exwndltur• on: Charrtable 8Ktivrti88 2.619,722 2,619.722 2.79S.689 Total •xp•ndltur• 2.619,722 2.819,722 2,795,689 N•t mov•mont In fund• 253.748 253.748 19,995 R•c¢)nclllatlon of fund•: Total fu1$ brought forward N•1 movemMI in fund8 2.240,798 253,748 2,240,798 253,748 2.220.803 19,995 Total lund8 carrf•d fomrd 2,494,546 2,494,546 2,240,798 The Statem1 of Finon¢lal ACINIt indudes all g8inJ aTrJ bJ8es recognised in Ihe r. The notes on pag•$ 12 10 24 fcm rrf those financial slatements. Page 9
ST OLAVES SCHOOL TRUST BALANCE SHEEr AS AT 31 AUGUST 2021 2021 2020 Flxed assets Tangiblg assets Investment property 13 14 2.(,822 665,000 2,064,514 665,0¢)0 2.667,822 2.729.514 Current a•sets Debtors C8sh al bank and hand 15 115,790 436.238 124,889 1.163 552.028 126,052 Crgditor¥.' amounts falh'ng due within 16 r125.3041 (614,768) N•t curr•nt Ilthlltl (173,276) (488,7161 Total l•• cvrr•nt Ilabllttl 2.494,546 2,240,798 N•t as•ots •xcludlng p•nslDn a•Mt 2.494.546 2,240,798 Totsl n•t •¥Mts 2.494,546 2.240,798 Charlty tsnd• Restricted funds UnreslrKled fund8 17 17 2.494,546 2,240.798 Totsl funds 2.494,546 2,240,798 The finandal statement8 were approved and autPored ftx Issue by the Tnmtots ¢Jn 30 June 2022 and Sig on their hall ty= P M Houlllon Chair of Tru5t88S The notes on p4e8 12 to 24 form part of the8e finaal staiements. Page 10
ST OLAVES SCHOOL TRUST STATEMEKf OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Cash Ilows from op•rating a¢tlviti Net Cash used in Op*1 acti1 471.477 75.725 Cash kn from Inv••tlng actfvities DNidend8, intefests and nts from inve8tmentJ Purchaae of tangible fixed aets 107 110,5481 95 188,447) ca8h u••d In Investlng actlvltl•8 110,441) 168,3521 Ca•h Ilows Irom financlng actlvftl Not ca•h prOvId by flnanclng acllvltlo• Chang• in cuh and c••h •gul¥Aknts In th• y••r Cash an¢J cash eqUents at the beginning of the yèar 461,038 (24,7981 7.373 (32,171) Ch and cagh •qulv•l•nts at th• end of th• y••r 436,238 124,798) The note8 on page8 12 to 24 lorm part crf financial stslwnonts Page11
ST OLAVES SCHOOL TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2021 General Infonnatlon Sl Olaves sch( Trust is a charrty registered in the United Kingjom. Il's registered off is 106 -110 Southwoc*J Road. Eliham, LMdGft. SE9 3QS, whth 15 a150 the pmcipal 8¢8 of business. The principol activities are Set out in the Trustee's report Accountlng polici 2.1 B•sl8 of prnparntlon of trlmncial ¥tal•m•nts The finonckql statements havg been prepared in accordance with the Charit$ SORP (FRS 1021- Accounting and Reporting by Charibes.. Statement of ReC0mnnded Practice applicable lo ch8ri1ie8 preparing their accounts in accordance with the Finanad Reyting Standard applicable in the UK and Republ of Irdand {FRS 1021 {effeclwe 1 January 20151. the Financiaf Reporting Standard
P1cab in the UK and Republic of IrelarKI IFRS 1021 and thè Charibe6 Act 2011.
The financial statements have been pffjpa lo and fairf view and have departed Irom the Charitles IAceoun15 and Reports) ReguLqlKJn8 2CQ8 onty lo the extont requi to provide a Irue and fail view. This departure has invoad fOlkn"ng tha Charities SORP IFRS 1021 published on 16 July 2014 rather than the AewntiThJ and Reportiry by Charities." Statement of Recommend¢d Practiee effectiv8 frcrfn 1 Apn'l 21)05 vthKh has since wthdrThin. Sl Olave8 Sc21 Trust me8ts th8 d8finrtlon of a public bernfft entity undar FRS 102. 2.2 Incom• All income i¥ reccgni8ed orKe the Schod has entitknienl to the incoTh, it is PrtIab that th8 Incc¥ne wlll be received ond th• wUnt d irwme receNable can be meagur•J ralLqbly. Th6 re¢ognition of income from ]egleS is dependent on 8st8blishing enlillemenl, the probabilty ol receipt and the 8ts1ty lo astimale witti SUffient accuracy the amount racervable. Evidence of entitlement to a legacy ests when the School has 8ufficienl 8VK16nce that a grft has been left lo them {through knOWdge of the existence of a valid will and the death of the benefacloil and the executor Is sa119fied Ih8t the property in queStn will not be requir&1 to satisfy cLgim8 in th8 8stsl8. Recgipt ol a legw musl be recogni8ed when rt is pn)bable that rt wil bg received arKI thè fair valu of the amunl receivable. vknich 11 generafy b8 eypected ¢a$h 8mount lo be di$lribut•d to th8 School, can be relL4bty measured. Grants are inthded in the Stslem&tt of Financial Athitlès on a r?cewab basis. The balan of incc¥ne received lor Specrfic pvrpcs but not eynded during the peri¢Jd i8 shown in the relevant funds on the Balance Sheet. Where ino)me is receNed in advance of enlrfement of rec8ipl, rts rwniti(M is delerred and included in creditors as deferred in¢ome. Where enlillemenl occurs before is leceived. the Income is acwed. Income tax recovera to invesknnent incg)rr * recognwd at the twne the invoStm8nt incomé is reteNth. Other income i8 reccgnis&J in tr peri¢>J in whith it is Te1¥ab and to the exlent the gcoJ8 have been provided or on compkn1n of Ihe seryice. Page 12
ST OLAVES SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGLIST 2021 Accountlng pollcl•B {contlnu•dl 2.3 Expendlturn Expenditure is rwnwl once there Is a legal or conslnKtive obligation to transfer economic b8n&fit to a third party, it is probable that a transfer of econ11¢ benefrts vdll be required in setuement and the amount of the obltq8tbJn can be measured relIly. Exponditure is classthed by 8cvity. The c03t3 of each actNty are made up of the total of direct costs and shared costs, induding support e¢tY invofved in undertaking each actmty. Direct costs attributable to a single adlvty are albcated directly lo that acliwty. Shared costs which ccffltribut6 to more than one activity and support costs whKh are rnt attribuiable to a single xtmty are aFVOrtioned btheen thosè activities on a ba&s consistent wrth the use of re5¢JJrcès. Central staff costs are allctsted on thg basis of tsme $penl, and depreualion chanJes alkKated on the wrtion of the asset's use. E>pondrturo on chaTitablg athities is incurred on dirw undertaking the ¥tTriitYa8 which further the Sthoc4'$ objedives. as well as any as8ockned support costs. All exp8ndilur8 is incluVe of irre¢tyeroble VAT. 14 Government grants Government grant5 rekting lo tangible fixed assets are tr&aled as deferied in¢om8 and rel8a88d lo the Statement of Financial Activities over the eypected useful lives of the assets con¢erned. Other grants are credrted lo Ihe Slatement of Financlal Actiwts'es as the relatsd expendrture is incurred. 2.5 f•nglbh fix•d a•••ts and d•prKlatlon Twgibl6 fixed 8586ts are initialty rocogniwd at Gt. Aftw recognition. undèr tho cost model, tsngibb fixed assets are measured at cost less accumulated deprèciation and any accumulal8d ImpalmnI 1088e8. All co818 incurred to bring a tangibbe fixèd a68•t into its intand&J wtrkn'ng condrtion shoubl be indudod in the Measure11 of o>t. DgpreciatwJn is charged 80 as to allcKate thè ccrfl of tangible fixed assets thelr residual value over their estimated useful IN. . D)ration is prOvkI on th¢ foknw'ng bases: Frtthobj property OffKe equipment - Straigm Ima - 25% dUCIng baLgnce 2.6 t>•btor• Tr•Jo and other debtors are reccgnised at the sewement amount after any tr&le discount offergd. Prepayments are valued at the wnount prepaKI net ol any trade discLnts du8. 2.7 Cash at bank and In hand Cash ai bank and in hand indud88 cash al 8hort4em) huhty IK4uid investrnents wfth a $hort malunty of Ihree months or less frixn the datg of acquisitK)n w opening of the deposit or similar account. Page 13
ST OLAVES SCHOIX TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accounfjng pollclo (c¢)ntlnued} 2.8 Uabllitlas and provl8lonB Li7knilrtie$ ale recognised when there is an obl3b)n * the Balance Sheet date as a resutt of a past event, rt is probable that 8 transfer of e¢L¥MIC benefft will be require(J in settlement, and the amount of the ¥8tt18menl can be estimated reliably. LIa'11t1e3 are reeognised at the amount that the sChC atiPate$ rt 11 pay lo tha d8bt or the amount ri has received as aONAnC p8yments for the goods Of serv5 il musl provide. Provisions are measured al Ilie best eslimate of the amounts required to getue the oblualion. Where the effect ol the time value of money is m818nal, the provision ts baBed on the present valua of tho88 amounts, discounl&a al the ptaX discount rate that reflects the risks specifK lo the liillty. Tha unwiThJing of tho discount 15 18CCgnised in the Statomorrt of Financ1 ACtt as o finance cost. 2.9 Flnind•l Instrum•nts The Sch1 onty has financk81 assets finarKial liabilrtie5 of a kind that qualfy 88 basi¢ financial instruments. 8a5ic financwl instruments are initialty recoJni88d at transaction value and subsequentty measur&J al their settlement valuo Wrth the ox¢eplion of bank loans whh are 8ubsequenlty mea8UTed 81 k)rtISed cLt usry the effe¥0 interest mothtsj. 2.10 P•n81 The School owrates a defined contrtAkn pn8lon schom& and Ihe pension chargè reprnsants Ihg amounts payabbè by the Schcrfll to the fund in resped of the year. 2.11 Fund accountlng G8n8ral lund$ are unTe6lricted funds whicti arn available use at the di5cretw of the Tru8tee8 in furtherance of the general obiectsv8s of th8 Scrthl arKJ thleti not been dgsvjnated for olhgr purpos8S. Designated fvnds comprtse unreslrtct&Y funds Ihal he been sel aside by the Trustees fcf particular purposes. The aim an¢J use ol eath de5vJnaled fvnd is set out in the notes to the financial 8talement8. lThGom• from donatlon• and l•gacl Unrestricted funds 2021 Total fund8 2021 Tot81 fvnds 2020 Donation8 Govefnment grants 7,0 19,561 1,000 110,247 19.561 26,561 26.561 111.247 Total 2020 111,247 111,247 Page 14
ST OLAVES SCH¢)OL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Incom• from charltablo activitles Unreslrkted fund8 2021 Total fvn(ts 2021 Total funds 2020 Educalk)nal A.116$ 2.819.521 2,819.521 2,698,92B Tot4 2020 2,698.928 2,698.928 Incom• from oth•f tr•dlng ttI Incom• from fundrnlslng •Th Unrestitled funds 2021 Totsl funds 2021 Total funds 2020 Fundraising 28.SOS 26,505 4,921 Totsl 2020 4.921 4,921 Investm•nt Income Unrostricled funds 2021 Total funds 2021 Total funds 2020 Bank intere81 107 107 Total 2020 95 95 P*Je 15
ST OLAVES SCHOOL TRUST NOTES TO THE FINAPICIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Oth•r Inc¢)mlng mourc•s Unrestricted fvnd8 2021 Total funds 2021 Tolol funds 2020 School photographs 776 776 493 Total 2020 493 493 Analy•ls of •xpondlturn on charftablg actl¥hlo8 Summary by lund typ• Unrfj¥tricted funds 2021 Tolol fvnd8 2021 Total funds 2020 Educational AdNitses 2,619,722 2.619,722 2,795,689 Total 2020 2.795,689 2,795,689 Analy$l8 of expondlturo by ictfvlll•• ActNities undertaken direc 2021 Support osts 2021 Total fund$ 2021 Totsl fund8 2020 Educatronal ACli?d3 2.209.446 410.276 2.819.722 2.795,689 2020 2,384,452 411,237 2.795.689 Page 16
ST OLAVES SCHOOL TRUST NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 AUGUST 2021 Analy818 of •wnditur• by actlviti•8 qcontlnued) Anatysis of dlrect costs Educational AdNrt 2021 Tdal funds 2021 Total funds 2020 Staff ¢o¥ls Deprecial Books & equipment Catering suprAies Sport facility hire cc418 utilty •xpens•s Telephone Insuranc* Rapairs & mainténarKe CompLrter maintenan¢e Printing, pe & Stationery Advertising & web design Legal & professional other professKinal fees Club8 Examination, sche<>l trips and sundry costs External Sports Staff Bad dèbts 1,724,787 72,239 35,831 71,530 9,647 34,533 11.567 23.239 55.014 42.428 14,746 12,859 1.724,787 72,239 35,831 71.530 9.647 34.533 11,567 23,239 55,014 42,428 14,746 12.859 772 1,7&fj,663 79.036 47.829 120.154 14,908 38,441 8,824 23,153 55,361 39.056 18.252 23,494 4,318 1,405 2,879 81,693 64.738 5,316 934 722 76.921 23,286 722 76.921 23.286 Site Development Costs {875) (675) 2,209,446 2,209,446 2.384,452 Totsl 2020 2,384,452 2,384,452 Page 17
ST OLAVES SCHOOL TrUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Anatysls of expendhurn by •¢tivitlos I¢olbttnul Anatysii of #upport costs Education81 ActNit 2021 Total funds 2021 Total funds 2020 staff costs Other profess81 feos Staff training Examinakn'on, 8chocl trips sundry costs Recruitment Govemance costs 391.842 9,178 5,424 70 391,842 9,178 5,424 70 368,720 10.301 20,307 6.084 2,189 3,636 3,762 3.762 410,276 410.276 411,237 Total 2020 411,237 411,237 10. Audltors, rgmungr•tlon The auditors. remunertion anyjunts to an ouditty fee rf £3.69012020 - £3.4801. 11. Staff costs 2021 2020 Wageg and Salaries Sc¢lal secunty co3ts Contributn lo defined contribulion pensm 8chtrne8 1,730,581 139.717 246,331 1.726,076 149,543 249.765 2,116,629 2,125,384 Tho avgrage nurrtjer ol persons employed by the Scho)I during tho yEar was as follows.. 2021 No. 2020 No. Te&hing Staff Teaching SUPPOrt staff {part Iwnè and assistanisl Catering and lunch tim Administralivg Cafetd(ing 23 30 22 29 75 74 Page 18
ST OLAVES SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Staff cost (continu) The nwnber of employees whcEe empbyee be leI'ng plOYer pgnsion costs) exceeded 2021 No. 2020 No. In b8nd £70,001- £80.(Krf) The kèy managèment personnel of the schr1, comprise the Tnjslees. the Head Teacher and the Bursar and clerk to the Trustees. The total eMF benefits of key management personnel of the Sd)ool were £156,856 {2020'. t1.8561. 12. Tru•tsu' rgrnuner•tlon and oxperb During the year. no TfU8tees rece any remurwt Of Other benefrt$12020- £NILI. Dunng the year ended 31 August 2021, r Trustee expenw have incurrJ (2020- ENILI. 13. T•nglbl• flx•d a•••ts Freehol propgrty Office equipment Total Cost or valuatlon Al 1 Seplember 2020 Additi¢)n$ 2.274.314 493,989 10.548 2,768.303 10.548 At 31 Augu8t 2021 2.274,314 504,537 2,778,851 D•precl•Yon Al 1 September 2020 Charge for the y8Ar 322,995 41,304 380,794 30,936 703,789 72,240 Al 31 August 2021 384.299 411,730 776,029 Net book valu• Al 31 August 2021 1,910,015 92,807 2,002,822 Al 31 Auguyt 2020 1,951,319 113,195 2,W,514 Induded in land and buikdings is freehokl LorKI at valUatn of £2O6,28912o2 £2C6,2891, ¢ost £2C6,289 (202 £206,289} which 18 not depreciated. Page 19
ST OLAVES SCHOOL TRUST NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 14. InvMtm•nt proporty Freehok investnwnt propgty V8luallon Al 1 Seplemhr 2020 665.000 Al 31 August 2021 685.000 15. DobtOFB 2021 2020 Dug wlthln on• ymr Tr8de debtors Prepayments arKI accrued incama 82,740 33,050 64,520 60,369 115,790 124,889 16. Crodltor•: Amounts fa115ng du• within one y•ar 2021 2020 Bank overdrafts Other creditorn ACenlS and deferred inwme 25,961 249,536 339,271 211,000 514,304 725,304 614,768 Page 20
ST OLAVES SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 17. Slalement of fundg St¥tgmgnt of funds- ¢urrent year Bar al 1 September 2020 Balarth at 31 August 2021 Transfars inlout Income Expenditure Unrestrlcted funds t)•slgnat•d fund• Minibu8 Fund 18.000 18.000 G•neral fund¥ General Funds- all fund8 RevaluatKJn reseNe 2,014,352 226,446 2,873.470 (2.619.722) {18,C(KIl 2,250,100 226,446 2,240.798 2,873,470 12.619,722) 118,000} 2.476.546 Totsl Unrostrlct•d fund• 2.240.798 2.873,470 12,619,722) 2,494, St•tsm•nt of fund8 . prior y•ar at 1 September 2019 Balanc8 at 31 August 2020 In¢offe Eypenditure Unr••¢ri¢tsd fund• Generd Fund8 - all fund8 R8valuatlon r8servo 1,994.358 2,815.683 12.79S,689) 2,014,352 226.448 2.220,804 2,815.683 {2,795,689) 2.240,798 18. Summary oflundg Page21
ST OLAVES SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 18. Summary ol funds Icontinu•dl Summary of fundB- current yr BarKe at 1 September 2020 Balance at 31 August 2021 Transfers inloul InLyxne Exdre Designaled funds Gerwal furbds 18,000 18.000 (18.0001 2,476.$48 2,240.798 2,873,470 12.619,722) 2,240,798 2,873.470 (2.619,722} 2.494.548 Summry of fund8- prlor ymr Balance al 31 August 2020 1 September 2019 Incom• EyFenditu General fvnd8 2,220.804 2.815.683 (2,795.689) 2,240,798 19. Anaty818 of n•t ••s•ts betw•en fvnds Anatyill of not •Mots hiwwn lund• - curv•nt year Unrestricted fund$ 2021 Total funds 2021 Tangible fixed assets Investrnenl prowty Current assets Creditors duo within ono ygar 2.002,822 665,000 552.028 (725.3041 2,002.822 665.000 552,028 1725.3041 Total 2.494.$46 2,494.546 Page 22
ST OLAVES SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 19. Analysls of net assets between fvnds Icontlnu•dl Analysis of not aM•ts b•ln funds- prior y•ar UnrnslriL*8d funds 2020 Tclal funds 2020 Tangible fad 88sats Invesknent pr¢pety Cwrent assat6 Creditors due within on¢ 2.W,514 2,064,514 665,000 665,C 126,052 126,052 1614,7681 {814.788} Totsl 2,240.798 2.240.798 20. Roconclllatlon of n•1 movoment In funds to not c•sh Ilow from oporallng actlvltl 2021 2020 Net lor the year la$ per Statement of FIn¥A41 ActrvitseBI 253,748 19.995 Adlu¥lm•nts for". Depreciation charges Diwdend8, Inlaf88ts and rent8 from investments Decrease in debtQlB Increa8elldecrea8el in creditors 72.240 1107) 9,100 136.496 79,036 1951 4,772 127,9831 Not ¢ash provldgd by op•ratlng •ctl¥ltl•8 471,477 7S,72S 21. Analysls of Gash and cash •quivahnts 2021 2020 Cash in hand Overdraft facilty repayable on dand 436,238 1,163 {25.9611 Total cash and cash equfvalents 436.238 124,7981 P&Je 23
ST OLAVES SCHOOL TRUST NOTES TO THE FINANCIAL STATEPAENTS FOR THE YEAR ENDED 31 AUGUST 2021 Analy$18 01 changos In ngt debt At1 Septembor 2020 Cash flows At 31 AuSt 2021 Cash al bank and in hand Bank overdraft$ repayable on demAnd 1,163 {25.1) 435,075 25,961 438,238 124,798) 461,036 436,238 23. P•n•lon commitmènts Th6 Sehcd operates defined conlrbUtn pension schemes. one ft)r support staff 8nd a Teache Penslon Fund whh is und8ThKitten by the GmMent. The assets of the scheme arè heid Separate from Iho8e of the School in independentty odmini51ered fijnds. The pènsion co$1 charge repre5enl* nlribulionB payable by Ihe schc4)I to the furKls arKI amounted lo £246.331 {2020.. £249.7651. Contributsons of £3.748 12020.. £3,602) were poyablg to tho fund at thè balancé $he8t dat• ar• included in credrtor8. R•lat•d party tran8actlon• Ouring the pd the daughter of M Ireland, a Trustee, wa5 empbyed as a das8 teacher. R9numeralion Was Inllne wlh Sl Olaves, gtading as approved by the Board of Tfuslees. L Wygas is a TNStee and has chikl who att¢rKled th8 schcd during the ¥r. Page 24