Charity number: 312734 ST OLAVES SCHOOL TRUST TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 HEDLEY DUNK UMITED Chartered ACcc￿1ntanIS & Statutory Auditor Trinty House 3 Bullaco Lana Dartford Kent DA1 1B8 ST OLAVES SCHOOL TRUST CONTENTS Rolère￿O and Admlnl#trallvo Dgtalls of tho School. Its Trust￿8 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 (re￿gned 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 Inde￿ndont 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 h￿hest xademic knvels as 74bEII as providing ￿ axtral8 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 fin￿￿181 ¥tatemenls In a¢cordan¢e whh AppIic8ble I￿ and Unlted Kingdcffi Accounting Standards (United KirodDm Generally Acceplod Accountlng Pr8d*el. The appI￿a)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 flnancl8j8tatarn￿t6. the Tru8ts61 arn Wuirod lo: 8elect suitable accwnllng pol¢￿ and then appty them con*stenty, observe the m*hods and princy16s of the ChAnti95 SORP IFRS 1021., make judgments and accounting 881inales that aré roosonabkn and prudent; stsle whet￿r applicable UK Accounting Stsndard$ {FRS 1021 have beon fo1ltrw￿J, 8uble¢t to any m￿￿al departures dkch)sed and èxplained in the fi￿o￿ra1 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 *u￿￿￿nI to ond exphin the Schoc4's tran6aclion8 and disdo3e wth rea￿nabl& 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 pw3￿n8 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 t*rn 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 aud￿Or8 are unwware. aTr th•t Trust￿ hos taken all t￿ steps that Cmjght to have bggn t*gn Os a T￿￿te8 in crfder to b• Jware of any relèvant audit info￿natIon and lo esloblish that tho ¢haritls auditors are aw8re of that infom74tvJn. Audllors The a￿litOrs. H•dl8y Dunk Limitwj. have w￿lCated wllin9r￿8 lo Cortinue In offKe. The d8shJnatfrJ Tru$teos Mll propose o motK)n reappoirrtfftg the auditors * a m88ting of th9 Trustees. Approved by order of the rrffiibers cl the botrd of Trustees wgne(I ￿ Ihey ty. P M Houlllon Chair of Trustges D*e.' 30 June 2022 Pag9 4 ST OLAVES SCHOOL TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST OLAVES SCHOOL TRUST Oplnlon We have audited the finanual st8tenwnts of St Olaves Schcd Trust (the 'thanty) for the wr ended 31 August 2021 which comprise the Statement of Financial ActMtv6. the 8alance Sheet, the Statement of Cash Flows arKI the related notes, induding a summary of s￿nIfiCant accounting p911¢￿$. The financial reporting fram8work that has been applted in their P￿paratIOn 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 Finar￿181 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 0￿er frJr the acc(xJnls tt> w￿￿je 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 accorrise6 infonnats.on induded in the Annual Report other than the financial Btatements and ¢)ur ALfrditors' Report thereon. The Trustees are responsib￿ for the other infomi*ion 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 Onclus￿n thereon. Our resF4)ngbilty ig to read the dher inf0mlal￿n 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 I￿OnSI$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 requ￿6 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• Trt￿teel, Re¥on¥l)ilibe8 Statement. th8 Tru8te88 are resp￿sible 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, disclo￿n9, as applica￿e, matters related to g￿n9 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 ¢$) 80. Page 6 ST OLAVES SCHOOL TRUST INDEPENDEpif AUOITORS. REPORT TO THE MEMBERS OF ST OLAVES SCHOOL TRUST (CONTINUED) Audltors. responslbllltles for th• audlt of thg fin•nclal statomgnls We have been app￿nted as auditor under sadbon 144 of the Chant*s Ad 2011 and reF4xt wi acccwdance wth the Act and relèvant regulations made or having effect thereunder. Our obje¢tNes are to thloin reasonable 898urance abwt ￿ether the financial st816ments as a Who￿ are frag from material mis8ts18menl. whether due lo fraud or error, and to issuo an Auditors. Report th81 includes our opinion. Rgasonable assurance is a high level of as$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 mat￿181 rf. indmdualty or in th8 aygregale, they could feasonably be expected lo inlbjence the economic thi¥ions of usw8 t*on ¢M the basis of the6e finanaal 8tataments. Irregularthes, Including fraud, are instance8 of r*0rtrCc￿p1laneé 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$￿ablY be expthfj to hav• a material èffeLt on the fln8noal 51at8ments from our gon8r81 commercial and sect¢X e4)8rier*ce and through discussion wlh th8 trustees and other rnanagement las rgquir•J by auditing standards}, and discussed with the trustees anl other management the policies arKI pr￿etsure$ regarding compliance with Lqws and regulations. We communicalgd id8nlnled law8 and regulat￿Th3 thfoughout our 18•m and romawied ahrt to any indications of nonwcomplianca throu9houl the audit. The rlsk of not detecting a m*erial misstatemgnt resulting from fr•)d L8 high8r than fof one resulting from erTDr, a8 fraud may involve collusw. fofgery, intentional omission8, mi8repre8ent*￿n¥, or the overrKle of internal controls. The potentsal effect of the80 l¥ws regulatvJns on the financ￿1 statements varm consKler¥bty. Flr3tty, the chafily 18 subi6Ct to I￿8 an(1 regulatKsns that directty offect the financ￿1 slalements including financial reporting legistth'on {induding related charrties legislalionl and tax8b.on *isl*ion 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 limitat￿n$ 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 WoU￿j 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 nOr￿ComplIanC£ 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 nsib1lrt￿5. This deScript￿n 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. Page 8 ST OLAVES SCHOOL TRUST STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 AUGUST 2021 Unrestrided funds 2021 Total funds 2021 Total fu￿1$ 2020 Income from.. DonalK*ns and ￿scie8 Charitgble aclwrties Oth8r Iradlng ￿tivIti.¢$ Irwestmerrts other inco 26,561 2.819,521 26,$05 107 776 26,561 2.819.521 26.505 107 7T6 111,247 2.698,928 4.921 95 493 Total Incom• 2.873,470 2.873,470 2.815.684 Exwndltur• on: Charrtable 8Ktivrti88 2.619,722 2,619.722 2.79S.689 Total •xp•ndltur• 2.619,722 2.819,722 2,795,689 N•t mov•mont In fund• 253.748 253.748 19,995 R•c¢)nclllatlon of fund•: Total fu￿1$ 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 Statem￿1 of Finon¢lal ACINIt￿ indudes all g8inJ aTrJ bJ8es recognised in Ihe ￿r. The notes on pag•$ 12 10 24 fc*m 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 autPor*ed 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 fina￿al 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￿￿ acti￿1 471.477 75.725 Cash kn from Inv••tlng actfvities DNidend8, intefests and ￿nts from inve8tmentJ Purchaae of tangible fixed a￿ets 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 eqU￿￿ents at the beginning of the yèar 461,038 (24,7981 7.373 (32,171) C￿h 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 ReC0mn￿nded 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 #P￿1cab￿ 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 invo￿ad 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 Sc￿￿21 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• w￿Unt d irwme receNable can be meagur•J ralLqbly. Th6 re¢ognition of income from ]eg￿leS is dependent on 8st8blishing enlillemenl, the probabilty ol receipt and the 8ts1ty lo astimale witti SUffi￿ent accuracy the amount racervable. Evidence of entitlement to a legacy e￿sts when the School has 8ufficienl 8VK16nce that a grft has been left lo them {through knOW￿dge of the existence of a valid will and the death of the benefacloil and the executor Is sa119fied Ih8t the property in queSt￿n 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 pvrpc￿s 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 T￿e1¥ab￿ and to the exlent the gcoJ8 have been provided or on compkn1￿n 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 econ￿11¢ benefrts vdll be required in setuement and the amount of the obltq8tbJn can be measured relI￿ly. Exponditure is classthed by 8c*vity. 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 as8ockn*ed support costs. All exp8ndilur8 is inclu￿Ve 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 G￿t. Aftw recognition. undèr tho cost model, tsngibb fixed assets are measured at cost less accumulated deprèciation and any accumulal8d Impalm￿nI 1088e8. All co818 incurred to bring a tangibbe fixèd a68•t into its intand&J wtrkn'ng condrtion shoubl be indudod in the Measure￿11 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￿)r￿ation 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 discL￿nts 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 obl*3*b)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￿ a￿t￿iPate$ rt ￿11 pay lo tha d8bt or the amount ri has received as aONAnC￿ p8yments for the goods Of serv￿5 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 p￿taX discount rate that reflects the risks specifK lo the li**illty. Tha unwiThJing of tho discount 15 18CCgnised in the Statomorrt of Financ￿1 ACt￿t￿ as o finance cost. 2.9 Flnind•l Instrum•nts The Sch￿1 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 wh￿h are 8ubsequenlty mea8UTed 81 ￿k)rtISed cL*t 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 h￿e 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 ￿t￿￿tI 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?d￿3 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, p￿e & 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¢olbttnu￿l Anatysii of #upport costs Education81 ActNit 2021 Total funds 2021 Total funds 2020 staff costs Other profess￿81 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 Contribut￿n 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￿ le￿I￿￿'ng ￿plOYer pgnsion costs) exceeded 2021 No. 2020 No. In b8nd £70,001- £80.(Krf) The kèy managèment personnel of the schr￿1, 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$12020- £NILI. Dunng the year ended 31 August 2021, r￿ Trustee expenw have incurr*J (2020- ENILI. 13. T•nglbl• flx•d a•••ts Freehol propgrty Office equipment Total Cost or valuatlon Al 1 Seplember 2020 Additi¢)n$ 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 valUat￿n 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 ACen￿lS 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 y￿r B￿arKe at 1 September 2020 Balance at 31 August 2021 Transfers inloul InLyxne Ex￿d￿￿re 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.$46 2,494.546 Page 22 ST OLAVES SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 19. Analysls of net assets between fvnds Icontlnu•dl Analysis of not aM•ts b•l￿n funds- prior y•ar UnrnslriL*8d funds 2020 Tclal funds 2020 Tangible f￿ad 88sats Invesknent pr¢pety Cwrent assat6 Creditors due within on¢ 2.W,514 2,064,514 665,000 665,C 126,052 126,052 1614,7681 {814.788} Totsl 2,240.798 2.240.798 20. Roconclllatlon of n•1 movoment In funds to not c•sh Ilow from oporallng actlvltl 2021 2020 Net lor the year la$ 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 d￿and 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$18 01 changos In ngt debt At1 Septembor 2020 Cash flows At 31 A￿uSt 2021 Cash al bank and in hand Bank overdraft$ 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 conlrbUt￿n pension schemes. one ft)r support staff 8nd a Teache Penslon Fund wh￿h is und8ThKitten by the G￿mMent. 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 p￿￿d 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