Charlty numbw. 312734 ST OLAVES SCHOOL TRUST TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
ST OLAVES SCHOOL TRUST Page R•f•rnnc• and Admlnlstratlvo D•t•ll• of thg School h Tru•t•es •Thd Adv18 Trustegs. Report Ind•p•nd•nt Audltor8' ft•port on th• Fln•n¢hl Stat•m•nts Stal•m•nt of Fln•nclal Aclfvttl•s Balanu Sho•t 10 Stal•m•nt of Ca•h Flry•rn 11 Not•• t• th• Plnthclal Stst•m•nts 12-24
ST OLAVES SCHOOL TRUST REFERENCE AND ADPAINISTRATIVE DETAILS OF THE SCHOOL ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 TnMtO0• M D IrelwKI (resigned 21 JU 20221 P M Houlrt. Chair A C Mundy N R'U L Wyga8 S Wd¢h M Wcthr S Pil 12 DeLèmbor 2022> P SoLrtw lapwnbj 31 jU¥y 20231 Charlty f•gl•t•r•d numb•r 312734 Prln¢lp•l offko 1110 SoutlY41KKKI Road New Elih Kent SE9 3QS Ind•p•nd•nl iudltor• Hed* Dunk Ljmited Chartorod Accountants Trfnrty House 3 Bulkco L0 O•rtford Kent DA1188 Bank•r• Lws Bank PO Box 10(K) BX11LT Page 1
ST OLAves %lOoL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Th¢ Trustees pre88nt annual report togthr wAh the aLMJited fin8ncwl statements of t sch¢ for th8 1 September 202110 31 August 2022. ObJ•ctlvM Ind act11108 Poll¢l•8 and objecllv It h the polw of Ihe Sch1 lo th'n Ihe high8Bt a¢•Jgmt lovels as providing an eXtra<Uur programme which aim8 lo help buikj self-confid6nce and a desire lo conlribula to the community. In setting the objectives and planning the activth8s. the Tru$lees he careful con$Jaraticfi to the Charfty Commission's gongral guvjance on Publ benefft and in particular to its $upplementw publK b8n8frt gupjance on advancing educatn and on lae dwrgiw. • Strnt•gl•¥ for achl•vlng obl•ctl Tho obiKtsYa Is achVed thro the Cltij1ng man&wn¢nt of St OLqve'8 PTgP School. Thor• hw Len no Ghangos in th• policy lo Khiew Obl6ct ofthe Chwty. Our fee8 8r• annu•lty by th• Truths and aro ccthpar•blo to dh•r 1 Indep6nd8nt prepar8lryy 8chod8. Wa offèr dl8e¢unts whern ronts more th•n ono chlld at th• Khod. Achl•v•m•nts and p•rfomMnc• • R•vlvw of xllvlll In 2021r22 year the schcd on avorage 214 puixl¥. sclK)d h85 continued to maintain it8 rÉput•tlon within the local community a5 0 prover of •dt that maximises thè •biIrt$ of the Indmdual pupll. Future registrations and ¢ontinuing inlere8t in the SclK)ol gi us ¢Mfidence that pupll numb•rn will bo Matened in tha f¢x•J•Mbkn future. The scho Gonlinuod to achie% more than sati8f&tOry 8e8demt results whieh trJnsLqted into ex¢•lbnl pupil Pl?ment for their continuwjg 8econdary educalion. Th¢ Sch(x4J aChIemOnt• both xJd•mic and rK)n- 8cad?mic are a tribul• lo the consi¢knble efforts mode by staff and pupll8 alike. In addition to ts •dm thé se1 maintainad its •xcdlgnc• In 4)ort. musk dr)& During these actNit$ money raised has baen donat•d to otrr local Charth'es that the Sch1 #upport8. The School make8 use of l¢xal sw¢iry lacllities and ailotm•nts and partwtes in wrth the thal community. Lunch ttme and after school duh arg prthd Including sports. music. languag9$ aThJ gardoniThJ, all of whlch are fro0 of charge. These 8Ctiviti8s help to prcmote the thiklren's broader education. During the School er. there wJr• in¥lanctt whara, ts to change8 In femrfy ¢iUm8n5, the School were able to offer ¥ome assisknce wilh the poyment of School fags for a short pwlod of lime. In 8ddrt#)n, we were F4easgd to dfer a fty furKled plxe lo a pupil lo UK undèr ts Home8 for Ukrair scheme for the18tter part of Ihe summer t•rm. Flnanclal rnvlthv The Trusl¢8s are continuing their stratfjgy of depbying all net incoming leUrCeS to irwesting in the edu&ional purpo%s arKI fabric of the SCI1. Th• school had not incLYne funds in the par of £124,694 {2021'. £253,748). This has led lo an inciease in reser to Q.619,240 {2021.' £2.494,5461. The S¢hool is in a strong position financialty movlng IoThArd and the Tnffjte88 continue io uso the funds 8vaOlabl8 to fijrther the education of Its Students. Pffje2
ST OLAVES SCHOOL TRUST TRUSTEES. REPORT ICONnNuED} FOR THE YEAR ENDED 31 AUGUST 2022 • Golng concern After ming appropriate erffjuirn8. tho Truslo8$ a reasonab expectstp)n that the Schoc4 has adequate resourc8s to continue in q)eratKinal wstence for the foreseeable ffiJture. For thiy reason they continue lo ad the going concem basis in prepariw the financjal statements. Further ddails regarding the 4Pt)n of I going concem basi$ ¢8n be fwnd in the ACcnI1j Policw. • Re••N•# polky The Tntstees beIve that the furKling rVed in any one year sho1 b8 Us1 to support th& pupils on roll at tho lime unless there 18 8 specfft prcixt thich wll require the accumulation of funding over more than one yeaf, Such as for a new 8Ghoc4 buikling LY ren¢)vats'M. TIW 8Lqo wsh to ensure th8 stsbilrty of th8 organisational opfntions and so, Sel kn18 to erb&>le the School lo rèad quKkty to chang•1 m fina1 circumstances. lor examFA8, ge unpknnèd èxpendrture. • Prlnclp•l ndIThg The principal iource of income18 fees accourn9 ftx 96% of the School's In¢cThe. Slructur•i gov•rnanc• •nd m•Mg•m•nt • Con•lltutlon Sl. Olave'• School TYu8t W88 ¢¢titUt•d by TnAt I)eed dthd 19th March 1970. Tho TruDt a regl8lered charty. The prlKlpo1 objfjd of Ihfr Schcd 18 •Yv•K ol pn>vldlng doy 8choolr¥J for ¢hildren aged thrée year lo 810n years of both iexm. • Mhad1 of appolrrtm•nt or •l•dlon d Tnwt• Tho managomenl of the School ffj thè responsibilty of tho Trust•88 ar• re8pon8ibb for th• rK¥nln81n and election of now TrustO98 undèr th• t•rns of Tru81 dopAI. • Organl•atlon•l •tru¢t¥r• Ind d•cl•lon4n•klng pollcl•• The School is )Verr by Board of Tru•te••. • Flnancl•l rl•k manag•m•tht The Trust$ have assessed the major risks lo twhih thè SclKd is exp1, In particular tho8e related lo the operations 8nd finances of Sctml, •rE S8ts¥fwd thal systems and proreduros are in place lo m1bgo exp08ura to tho major rks. Plans for futur• p•riods The Trustees aim to conlinuolty improve the seNce provwjed and the avalablg to both Pupi teachers. The Schod pr8mises are MainLr to a hvJh Standard. Pl8ns for the futur¥ long lemi devdopThnt of the sit• affe being dbvekwl to knpro¥e the teachiThJ facilllles 8vaiLqble to the whole schDS. Pag9 3
TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Th• Truste85 are re8ponsth for preparing the TnJ•tee•' RW •nd th8 statements in fKcofdanc• ¢AmtirKJ Prtice). The applcable to ¢h•rtties in Erffjknd & Wal88 rwuim the Truslte8 to preparn fman¢6•18taternents for eh wthich and l"r of the state of •ffairn of th8 Scl)ol and of It8 I1Th9 resourt and •pp1K•t al re8tyJrce8. Oru(n9 inccffiè •nd experthn, frjr th•t wiod. In Pr•ri th• ffinanclal stalomants. t TruIt$ •m r•qUi1 to.. Obj•r mhods •nd al Ch•nlw SORP (FRS 102): mak• judgments and acccwntyo lIm•18S that •r¢ and prud8nt.' itat• wtther ap&lg UK ACcntIng Slw•Jwd8 (FRS 102> have be•n.fo1lpd, ¥'•ct t6 ary mal•Tb•l d¢p•rtvrn• •xplalned in tho 8tthi•nti; pr•pare thè finanell ital0rn 9ow¥ cl¥ tr••i• uths• it to pr•8um• that the School VAI conlwiu• in buiir)o#s. The TnMl••B w• Yospon8blo •d•quale T•cryds th•t w• •ufficl•nt to sPKh¥ and exlin th• Schoofs trwrf•clbn• and wth r•fj •t •Try twne th• plIon d tho SGhool aThJ them to •n•w• thDt •t•m•nts compFy ith lh• Ch•thi Ad 2011. th• Charity {Account• Report#) RagulN)nJ 2C •r•J th• pmi•th• of th• Tw•1 d••d. Thoy wo •l•o re•wnslbb lor •al•pIrj the a88•ts 01 th• •nd henc• for I{j itv for tho pr•wintw and det8di)n of fra1 and (thr wr•9ularlUo•. Dl•Glg•ur• of Infornmtlon to •udKorn Eo¢h of th• p•r10 K+ ar• Tru•l•M #t th• lkn• tkn Illa TNth' RW li h•• ¢cmffirnMd tht'. •0 Iw aj th•t TnA1 l• •rn. th•re li of thkh tho •LHlltor• that Trust•è l&•n •1 the •t•p8 that ¢ugM lo hrn bwi taken a• a Truste• In order to b• •wm of any r•lwAnl aLKlil irrfonnatkn 10 •8labkh Ihal thè charitys auditorn • war• of Ih•t infonnotkn. Audltorn Tho 8uditors, H•dley Ounk Limrted. h•¥ indKated th•r ilirWw to cOntir in offic•. T do•lgnod TnMts•B wll prrposo • th• a m•thi of thts TfU8tee8. o%d by ord•r d tho fflwnb bo•Td (rfTrwt••• an thw be11 ty. P M Houllon (Chalr of Trusteq•) Dota: 28 Jung 2023 P*3• 4
ST OLAVES SCHOOL TRUST INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF ST OLAVES SCHOOL TRUST Oplnlon W• have audited the fin8nu 8talwnents crf St Olrns Tfust {the 'chariVI for the year ended 31 August 2022 whh compri% the Statement of Finala1 AdNitM, the BaLance Sheet. thg Statement of Cash Fl and the reLqled notes. IrUdl9 a summory of sonrfKant accountirwJ The financial roporting fr8mtrworf¢ that has been appld in thèir preparatKm is ICab law aTrJ Unrt•J Kingdom Accounting Standards. irKludirvJ Financ1 Reporling Standwd 102 'The FinarKial Reporting sIdd 4)plK)18 in the UK and RepublK of Ireland (United Kingdom GeneialyAccept&l Accounting PractK•). The fin8n¢id $tatsmgnts hove been prepared in Kcordaru ¥th Accounting and Reporting by ch138 prep8ring Ih8ir accounts in ac¢ord8ncg tmth the FinarKkql RewrtiN4 Standard8 ryplicat48 in the UK and Républk of Irdand IFRS 102) in prefarence to Ihe Acctyjnlinq and Repcrfting by Charrtk?s'. Statement of Rec¢wnm•nd•J Prxtico issu1 on 1 Aprl 2005 18 r8foffgd to in thè 8Xtanl regulation8 but bgen withdrawn. Thls has been dcm• in Order for the accounts to wo¥vle • trw and fay in accordan with th& G•norally A¢pIed Accounting Prxtu effectiw for reporting p8nod8 b•ginniTrJ on or after 1 January 201 S. In our cplnicm th• financk•l statemenil.. gfve a IT f8ir of 8ts1e of the ¢lriVs 88 at 31 August 2022 and of il• incomlng r•8cdirca8 and appluti of rnsource8 for thè In ended., have been pr¢Vty pr•pwed in accordan¢e With United KThJdom G8n•ralty Accwted Ac¢ountirg Praclu., and have been prep•red in accordance ith the r¢quir•m•nts ol the ch¥08 Act 2011. Ba•1• for oplnlon We condLKled ¢Jur audbt in accordance %Mth Int6matwl Stsndard• on Auditry lu I1 IUKI) and apOc>l0 law. Our respon5ibilrtiK urvjer those standards are lurther d•SCri in the Auditors, responsibilrties for Ihe aud of financkql Jlatemenls $tIOn of our report. We are indendent of the chty in &cordance wlh the athic81 roquirements Ihal are relévant to our aLrt of the fimnual statement8 in tho United Kin•Jom, including the Flnancial Reporting Cou11.8 EthKal Slandard. and Mi hgve fuifibed cmjr other ethical responsibil89 ac¢cdan¢• with these rtyuirements. We bel Ih•t th8 awjit evdence we hwM obtalned is 8uffleiènl appr¢)pnat• lo provKIè 8 $1$ for our opinion. Concluslons r•l•llng lo goln9 concem In audittng the financkql Btatoments, ha concludgd that the Tnjstegs. of the wlng concern b••i$ ol eccounting in the pr•paralion d the fNwncI #tatomwrts 1$ gwrcpriate. Based on the we performed. V•t not identffil any material uncertaintiw relatlng to everrts or condrtis that, indNidualty or cc4kntivety, may synffKanl doubt on the charivs abilty lo continue as goirfj concern fcrf a Per of at 881 I¥e InthS from vknen thè financial statements are 8Uthori$ed for isyue. Our re8p)nsibilitigs and the rnspon8iblits of tho Trust•es vith respect to g(xng conG•m are thsGrted in the reknnt of thi8 repovL Page 5
ST OLAVES SCHOOL TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST OLAVES SCHOOL TRUST (CONTINUED Other Inform•tion Thg olh8r informath)n compfes information incathl n the Annual Report dh•r than the finanaal $latwn8nls and our Auditors, Report thorw)n. The TrustegB are responslIe for the other InfoTm8b'on eontain8d within the Annual Report. Our opinH)n on the financwl stemonts does not cover the other infomalion and, except lo the extent dhenmse eXty stated n our report. do not express any fcm of a$SUfance conclu8lon therecn. Our responsiblty is to read the other infomatK>n and, in doing so, consider whether th8 other infonnat)n m81erialty irlStent wrth the financial Statements or our kn(r190 obtairEd in the course of the audrt or (Xhermsè aPFears to be rnateria mi8stst&l. If tsuch material irKonstylencs or apparent material mis8talemgnls. V•Y are wuired to d8tennin8 ether this gNes rise to a moterial mi88latemenl in the finonckql Slatements themsefve8. If. based on we have porfonned, vo conclude that there a material mk85tement of thw othw inf(xmth. requirod to th8t fact. Wè have nothing to rwt n thi¥ rogard. M•tt•w on vknlch w• ar• r•qulr•d to r•port by •xc•ptlon We have nothing lo report in wpect of tho follNkfj mattarn th•r• tho Charl1 (Accounts Rèportll Regulations 2008 wuires u• to report to you If, in OUT opinh)n'. the inforniation gi¥•n In TNstee*' Rewt 18 incM$ist•nt In materK41 re8po¢I V•ilh tho finan¢Lql itatem•nts', or sufficient accounting ho not been krt or fin•ncKql 8tatoment8 are not in agreemenl with Ihe accountlrwJ ToIdS and r8tums'. or have not rec•Ned all thè inf¢miation and •W•notion• wo roqulre for our audiL RoJpon•lbllllle8 of trus1• As explalned more fulty the Trus11. Responslblltitis Statement, the Trust•es ar8 responsiblo for tt preparatKJn of tht financial slatements which give o Iruo and far vww, and for such Internal control •$ th• Trustees d•mIlne * noc¢ss•ry lo enable th• pr¢p8ratw of financml statements that Wo freo from materfal m188tstement. wh•ther dLre to fraud or In pwaring the financkgl statements, the Tvu8tees are rnspM8ble a888ssin9 the Cha$ abilty to continuè as a going Con, dis¢k)8ing. •s appIable, mattws r8lated to going conc•m and using the going COnM basi8 of accounliro unless the Tru¥l•eJ either inleThl to Iqu•J•ts the dwrity or to ewe cyratton8, or have no realC allematr¥e but lo do x). Page 6
ST OLAVES SCHOOL TRUST INDEPENDEKf AULWtORS' REPORT TO THE MEMBERS OF ST OLAVE8 SCHOOL TRUST ICOIfflNUEDI Audltorn. rnsponsibll iti•fj forth• •udlt of th• financlal statomonts Wo have been appointed as audrtor under sedw 144 of the Charities Ad 2011 and report in accordpAKe with the Acl and rdev•)t regulations m or Iwiig effect thereder. Our o'ectNe8 are lo obt&n roasonable assuranc8 abcxrt thther the cral 8tat6mgnts a8 8 whole are free from material misstatement, whethgr due to fraud or error. and lo I0 an Auditcys. Report th irude$ r opinion. Reascnable assurance is 8 hpJh It of 8s$urarKe. bul is Tr)t a guarant that an audrf£ conductod In accordaru wth ISA6 IUK) Vlil aw8 deted a matoriol mlsslatement when it ex18. Ml88ts18m8nts can ari8e from fraud or errol and are consbjerad material rf, individualty or li tho aoJregal&, they could reonablY be gxp¢ct•d to inlhJ•nc• t ol users lakon on th8 ba818 ol these finanGlal statements. Irregulwrtie8. Inchjding fr•ud. arn instances ol nonryc0mpll0 ith and regatjrtB. We d•$1 procedures in our re8ponstiiltle8. Outlinéd above, to det•ct matenal missl8lement8 in of Irre9ularities. irKluding IraLKI. Th Ox1 to which ryjr procedures aro c•pabh of d8tèctiTrJ irr•gularitw, includirvJ fraud bs delaiknd b•b#. W• ¥ntified area8 of and wUlati1 Ih•t couhj rean• bè •xptI to t1• a mat•rt•l affeLt on the financial 6tatemen18 from our g•neral Clmercl wd Sector éxpriénce and thrcugh di8cusBion with the trustees and othèr managgment {as required by audkn'rq standwdsl. 8nd digcu83ed with t trust89$ and athgr managem•)nt policigs and procedures regarding compli&nce with IM and regUlatn8. We communic8l•d identifd and regulat)ns IhrougtrKMrt our WKI rWna1n alert to any of rthrtompli8nco throughout the audiL Th• risk of not do1n9 a m8terW missl•temMI resullnig from fraud Is hlgher than for one resulting frcrn error, as fraud may involve collus)n. forgery, intentional omiBshMs, ml&réprésentstK)ns, or tho 0vwrJe of internol control& The potentid •ffKt of fIe IM rtyu1lth? (ffi the fiMnci•l •tateMtI Varie8 con81d8r•bly. Fir8t, the charty is sublecl lo and rn9ulab.ons that dirxuy offecl the financial itatgmenls including Ilnan¢lal reporting legi8latk?n {in¢luding r818t8d ch8rw 181atKM) and taxation legislation and we as8ess•d th• exlent of complianc• with thw arKI rtyulatKns a8 part d our procedures the relatéd financial sl•tem•nt items. Secondly. the charty i¥ ¥'•ct to many other I and regulats'ons Wre Ihe con88qu?nces of ncTrwnplianc• could have a m•lgrial effoct on amoun18 or discl)sures in the financk91 statwnenlJ, for inslaneè through th• Imptss¢tion of fin88 or litigation. We Hlentffied the fo&Mng aroos as Ihose mo81 likety to have #uch an effect. health and safety. antbrI)ery and emthrynenl I..AudIty standards linl th8 required audit procedures lo Identfy nonompliance these Im and wulathS to enquiry of the directcKs and other management •nd inyction of regulatory and Wl crnpwdence. rfany. Through these prc¢edurn8. we became wwar• of rKJ actual or )r¢m[AL9nC¢. (h¥ing to the inherent On audit. iy 8n risk that may not have detoGted ne material mlssLements in the financial ststernents. even though wa hav• prcperty planned and performed our audll in accordan th audiling 8tandards. Fof exnple. the fLFrther rwnoved non&compliance wrth laws and regulations Iirregntie8I is from the events arKI transadK)ns rellgcled in the financkal stslemenls, the less likety the inherenlty limited procedures required by audrtir¥J standards Uj e1rfY In addith?n, #s with any dIl, thero r8m8ingd a higher risk of nCTrdeIl1()n crf irregularithes. as these may Invol collu8h)n, fwgery, intentional omi$san$, misrepresentat$. LY the overrKle of iniemal contrds. We are not spOnsle for prèventing ncompliance and cannot be exF*Cted to detect noTr¢wnpliarte with all15 ond regulatn$. A further description of our responsibihttes tor Ihe audit of the financial statements is kcated on the Financial Reporting Councifs websrte at.. .LWaudrtSreS n$1.[je$. This d•scriptKin forms part of our Auditors. R8porL Page 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 DA11B B
28 June 20 23
Hedley Dunk Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 8
8T OLAVES SCHOOL TRUST STATEMENT OF FINANCIAL ACTivmES FOR THE YEAR ENDEO 31 AUGUST 2022 Unrestricted fvnds 2022 Totsl fund8 2021 fuThls 2022 Incom• from: Donations and ie8 Chafftable actmtses Other trling aclblit Investrnonts Other inccrfn• 12.286 2.874.329 11. 12,286 2.874,329 11,968 57 235 26,561 2,819.521 20.505 107 776 57 235 Total Incom• 2.898.875 2.898.87S 2.873.470 Exp•ndlturn on: funds Charltsbl• acllvitles 8.443 2,765.738 2.765,738 2.819,722 Tot•1 •xp•ndltur• 2,774,181 2,T14,181 2,619,722 N•t mov•ffl•nt In fund• 124.694 124,694 253,748 R•con¢lllatlon of fund•: Tcl•l fund$ brought fopward Net movement In funds 2,494,546 124,PA4 2.494,546 124.694 2,240,798 253.748 Total fund• urrl•d foN• 2,619.240 2.619.240 2.494,S46 Tho Sl•t•mont of Financial Activlties includes al IoM•$ Twiniwl in the 1. The notes ¢n p•g•$ 12 10 24 fL¥m wt of the finarKial 8talam8nts. PwJ8 9
BALAPKE SHEEr AS AT 31 AUGUST 2022 2022 2021 TanG4blè a85èts 13 14 1.963.307 2.002,822 885.000 2.628.307 2.687.822 Debtorn C••h at bvnk in hw 15 11S.790 436.238 861,879 761,079 552,028 Creditor•'. •mourt• falkq due llhiTr o 16 (770.1481 (725.304) N•t curr•nt Il•bUW (9.C (173,2761 2,619.240 2,494,546 N•t 4•••1• •x¢ludlng Pwbslon ••••t 2.619.240 2,494,548 2,619.240 2,494.546 Ch•flty lund• Rtttrict•d lurKI• Unr•thcted fund• 17 17 2,619.240 2,494,546 T•Xal fun 2,619.240 2.494,546 Th finfirl&l $tat•merds w•r• and lor by th• TftJs•s on 28 J0 2023 and slgmd th beho11 by. P M Houllon (Cha* of Tnrnt•MI Thè rth on pages 12 to 24 fomi althts• financial •tat•Mts. Pay8 10
ST OLAVES SCHOOL TRUST STATEMENT OF CASH FLCYIIS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Calh flovm from op•rating athiti•s Net eash used in rating a¢tivrfi'•s 258.906 471,477 C••h flo from Inv•¥tlng •ctlvftl•s Dividends, interests and rents from investrnents Purchas• d tan9Q)Je fued assets 57 {33.322} 107 110.548) N•t ca¥h us•d In Inv•8tlng actl¥lll•• (33,2651 {10,441} Cuh flow8 from fln•nclng a¢tMU N•t cuh provld•d by fln•ncln9 Xtlvlll•g Chang• In c••h Ind ¢uh •4ulv•l•nts In th• yur Ch and cash •quiv4ents at the be•'nning ol the 225,641 436,238 461.038 (24.798) Calh and cuh •qulv•l•nts at lh• •nd of th• y••r 861.879 436,238 note• on pago8 12 to 24 fomi part d Ih88e fm8101 statemw Page11
ST OLAVES SCHOOL TRUST MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 G¢nernl Infornia¢lon St Olaves scho Tt EB a ¢1&3rly registered in the unrt n9. IV8 rogistgred offi¢e Is 106 -110 Sothhwood Road. Elth•n, London, SE9 3QS, whh is also priwpal pe of bu8in888. The pri1par actie$ are set out in Ihe Trustee's rryorL Accounting pollcl•• 11 B••l• of pr•p4rntl¢)n gf flnanclal statemts The financial statement$ have been prepared in 8¢Mrdan Vlith thè Charities SORP (FRS 1021- Accounting and Reporting by Charis'. Statement ( Recommended Pracbce appluble to charille8 preparing their accounts in ordanCe with the Financ1 Reportiry Standard opplicable in thè UK Kl Republ of Irelarkl IFRS 1021 leffectN• 1 January 2015}, the Financial Reporti'ng Stond&rd applicable In the UK #nd Republr ol Ireland {FRS 1021 and the Charitie8 Act 2011. Th• flnan¢wl 8t8twnwts have bo8n pryed to a INe and fai¢ vivw and hovo departed from the Charibes (Accounts and Reportjl Rogulalion8 2(H)8 onty to the èxtonl requlrnd to providè a WKI fairf This departum hay invcl¥8d follng the Charrt SORP IFRS 1021 publi8h6d on 16 Juty 2014 rather than thè Accounting and Repo.nu by Chanli88.' Ststemonl of Reeommttnd•d Practice eff•ctN• from 1 Apn'l 21K15 has $ince bo•n wrthdr•n. st Old Schcd TruBt meets the defin0 of a b•n•frt entty undèr FRS 102. 22 Incom• Al income [• rewni8•d onc• tm Sth)ol entAl•m•nt to the Income. probabl• that t income VAII be receP¥ad lh• lynount of irKome rec•fr410 can bg measured reliabty. The rwnition of from legacigs is deperKl¢nt ¢stabli8hing enlthment. thé prLI)ablty Df receipt and the 8bilty to estnwte W1h suificnt Kcuracy the amount rece1vab. Evidence of entrtl8m8nt lo a l•gocy exiils vthen tha School has SLrfTlont ld•1 that a gift has been lèft to them Ilhrough kntrwledge of the exi¥tencg of 8 v8M ill and the dgath of Iho ben8f8Ctor} and th• •xecutor is 8ati8fd Ih8t the yopèty in qU•8n ill not be re9uir8d to Satisfy clalm8 the estate. Rocwpt of a musl be recc9ned Wh ft 18 wobable that it 11 be receivod and th? fair value of the am¢)unt recewabkry, vthich b• thè •x¢•d cash amount to b• di8tribulgd to the School, can be relthly moasur•d. Grants irthdod kn the StatThnt of Financ&41 Aclr¥ih88 on • recoplablo basli. The balance of incomé received for specific purposes but r1 oxpeThled durrrfJ the period is 8hovm in the relevant funds on the Balance Sheet. Where incrmnè IB rornFv•d li advance of entitlement of recelpt, rt8 is deferred ?d irduded in cr&Jit(xs as dderred incomg. Where entmlgment ocGur8 IncLxmo tax lo inveslment Income 1$ rowJni8eA at Ihe time t inv•stment income 18 rec•ivaLIe. (Xher heome is rwnised in the pen'od in vthlch * 1$ rtteivb to the extent the goods hav8 been provided or on cCfflpn of the seNke. Page 12
ST OLAVES SCHOOL TRUST NOTES TO ThE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2022 Accountlng polici•s (contlnu•d) 2.3 Exp•ndltur• Expenditure is TeCQgnis once there is a legal or c(mtructNe thlhjation lo transfer ecoTr)mic benefrt to a third paty, il r& probable that a transfer of ecorMIe befrt$ will be required in 8ettlemenl arKI the amount of the eblgation can bo mg8$ured reliobty. Expendrture cla8s1fN by actw. The costs of each activty we m up of the total of dI[t costs and shared o)518. IlLtd1rj support C08ts inww m undertakino each &tivity. costs attribLrtabl• to a sing activity are alkxated directy to that xtivty. Shared costs vthlch tontribuie to moi• than ona activiiy and SLVPOrt costs aro ncl attribLrtb8 to • sing a¢ are 8PPOrtKJned between those aclwities i)n a basis con8iStant vthh th• usa of rè60urces. Central slaff ¢ost8 ar6 alkxaled on the basi$ of limg s01, and depreciat char90s thcatod on the of the 888ofs use. Exponditure on rai8ing funds Includes 4 ewdituro ItUrd by t1 School lo r8w fund8 for Its charitable pur8$ and includes wsls d al fvndiaising tMbe5 evan18 and norrfharitable trading. Exp8nd6ture ¢)n Gnle thibes IlIed on directy undwtaking th6 ty41t lch further thè Sch1, objectives. as VAI as any assoclatsd Support costs. All 0Xpdur• r& irKhj8l cl irrn¢ov•rablg VAT. 2A Govemm•nt grants Goverr¥nt grants reLgting to lar¥Jibl8 fixed a8set8 or• treated a8 d6foff¢d incom8 and reloased to the Stat81 of Financk?l ACUVIt over th• expectsd useful INO8 ol the a8sèts ¢oncemed. Olhor are u•Jlled to the Stat•m•nt of FinarKial ActIit as ts felthj eypendrtur• is irKurr&l. 2A T•nglbl• fixed a•••t• and d•pr•cl•don TArvJlblB f•d o•Ml are indialty recognised at cooL Aftor recognition, und•r cost model. tangib fwd 8ssets are measured at cost kns •iMl8¢ed daprecialion aThJ aUMUl8t• wnpai•nt bsses. All costs Incurred to briry 8 langibS9 [ed as1 t0 its intend•d workwva onditw shoukl bo Induded in thè measuT•ment of co8L D•prKiat)n is chwged al to alknco t1 cost of tangible fixod a88els loss thelr reiklu81 vahJ• over their estAYthd usoful . Depr(all0n Os pded on fc4knryng bases.. Frgehokl prcpgty oirKe equipme - YA •trwght line . 25% redirvj b8iwKe 16 D•btorn Trth and cther debtorn arg rowjnwl al the settl0n aYThint after any trade di8counl offwed. Pr•paswnents are valu8d at th• wnount prnpaid net of any IAlo discounts due. 2.7 Cash at bank and In hand Cash at nk and in hand indth cash aKI shct-temi highty liquhj kn$trnents V&fth a short matunty of three m(mtrffj or less Irom the de of wuisitson or opening of thg d8posit or $imilar aGcounL Page13
ST OLAVES SCHOOL TRUST NOTES TO THE FINANCIAL STATEMEpfrs FOR THE YEAR ENDED 31 AUGUST 2022 A¢ntIng pollclos (contlnu•d 2.8 UabilitiM and pro¥l8lons LiabIle3 are rttogni$ed there LT an ob6gall at the Balar SW date as a rosull of a past event, It i¥ probabbe that a transfer of lL)rie neffi will be required in settlement. arwj the nount of the 8ettlgment can be estinat&J relNy. Liabilities we rwni8ed d the nount that the School athp•t•s il will pay to th• dobt or the rmount rt has receibd thnc•d P•Jry7 forthe goods or rt must prwdg. Promsions are measurgd at the bosl eskna• clthe r8qulTed to Sett the Obligatn. Whem the effect of the lirne value of is material. provision based on tho present valu8 of those amounts. discountod 81 the prtrtax dIsc(nI rate t1 rofiects risks lo Ihe118bilty. The unlrbJlng of tho dxJnt 18 rwAed in th• Statwnent of Finar A¢tiviti8s as a financ• lL 2.0 Fln•ncl•l In•trum•nts The Schc<>l ¢)nty has frn¢1 ass•ts ard fimncial Ih•bllitw of a kind thal qually 0$ bas financial inltrumenls. 8a8ic firAncial instruments arè inliafy rwni88d at transr£tion valu8 ar¥J 8uhequentty measured al th&ir 8eltlement ith thg exception of bank ban8 which are SLthewently measured at Imo•¥j Goot Ing t effectr intemt method. 2.10 P•nlon• The S¢hwl Lyrates o defined c0rtt1uti p8n•>Jn and the p•n8KJn charp r•pr•8en15 the amounts psyablo by the School to lund In re8ped of th• >ar. 2.11 Fund xcountlng Gener81 lund8 wo unr•slrfdal fuThJ8 w• for Jt the dr4cretion ol the TN8tae$ lurtheranco of tho gwwal obixtrvos of the Sctrthl hm ncl be•n designated fry otK•r Purp. Degignaled funds ct>nprI unrestri¢thl fund5 that ha been 8et atsid• by thè Tru#l•e8 for particular purpo. The ain and use of dgnated fund is set out in the not88 10 financSal 8tat•m•nts. Incom• Ifom donatknns and l•g•¢10• Urmtricted fund¥ 2022 Total funds 2022 Total fund8 2021 Donthons Leg&les GoNYmment grants 11.286 11,286 1.000 7.CKIO 19,581 12.286 12,286 26,561 Tctsl 2021 26,561 28.561 Page 14
ST OLAVES SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Income from charltablo actlvltl•8 Unr08trthd funds 2022 Total fund$ 2022 Tot81 funds 2021 Educatb)nal Actiwt*8 2,874,329 2,874.329 2,819,521 Total 2021 2.819.521 2.819.521 Incom• from othw tradlng actfvttl•• Incom• from fundralBlng •v•nt• Unfmlrictèd funds 2022 Tot•1 fund8 2021 fvnd8 2022 FundraiJiThJ 11. 11,968 26,505 Tdal 2021 26,505 26,505 Inve•tm•nt In¢M Unrostricted fund5 2022 fiJnd¥ 2022 funds 2021 Bank irrterest 57 57 107 Total 2021 107 Page15
ST OLAVES SCHOOL TRUST NOTES TO THE FINANaAL STAT&IIENTS FOR THE YEAR ENDED 31 AUGUST 2022 Othor Incomlng rn8ouru8 Unreylrictgd lunds 2022 Total funds 2022 Tolol 2021 School pholographs 235 235 7T6 Toto12021 776 T16 Analy•h ol •xp•ndltllM on ¢h•rltabh actfvltl•8 Summary by fund typ• Unr•stricled funds 2022 Total 2022 Total 2021 Educationol ActNitie8 2.765.738 2.765,738 2,619,722 Tcrtal 2021 2.619.722 2,619.722 Anatyill ol •xp•ndltur• ty icllvitl•• AdNit undertaken direclty 2022 Support Tot fvnd8 2022 Tot•1 funds 2021 2022 Educational Actsvil 2.338,006 427,732 1785,738 2,619,722 Total 2021 2.209,446 410,276 2.619,722 Ptye 16
8T OLAVES SCHOOL TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2022 Anatysls of exp•ndlturn (¢ontinu•d) Analyh of dlr•ct costs Edsxational Total fvnds 2021 furTrds 2022 2022 1,789.6n 72.837 41,623 125.879 16,972 1,789.672 72.837 41.623 125.879 16,972 32.995 1.724,787 72.239 35.831 71.530 9,647 D•pTeciation Books & wuipment Catsring suppli•8 Sport facilrty hire wsts utllity •ypgnses k ill Telephon• In8uran Repairs & maintenance Comput•r maintenanc• Printing. po#tag• & 8tatlonwy Advertising & w•b L•gèl & prrrfu5ion Clubs Examinatw, school trps and iundry C14 External Sports Sloff Slte Devipment C18 9,237 21, 35,729 30.240 18.016 4,934 1,675 403 99.267 37.459 9,237 21,068 35.729 30.240 18,016 4,934 1,675 403 99,267 37,459 11,567 23,239 55.014 42.428 14.746 12,8S9 772 n2 76.921 23,286 16751 2.338.CQ8 2.338.OC6 2,209.448 Total 2021 2,209.446 2.209,448 Pffje 17
ST OLAVES SCHOOL TrUST IKITES TO THE FINANCIAL STATEIAEPtrs FOR THE YEAR ENDED 31 ALIGUST 2022 Analysls of •xpondftuf• ty 4th11198 IcontlThu•d) An•ty•h ofupport cxts Edueion A¢twitseg 2022 Total funds 2021 fund5 2022 Staff wsls othor profe¥8v)nal fee8 Staff Ir8ining EXlaon. schoc4 trps and wndry c08t8 Recruilment Gov¢m8nc• 394.945 9.145 14.616 394,945 9.145 14.618 391,842 9.178 5,424 70 2,880 6,146 2,880 8,146 3,762 427.732 427,732 410.278 2021 410,276 410.276 10. Audftorn. r•mun•f•tlon Th audiior6' rn&ti)n pAnounts to audilorfeè of £3,690 (2021- £3.4801. 11. 8taff cos1• 2022 2021 Wag88 and salaTles Social sacurity costs Contribution to defin•d wntrljulion Pens schem 1,780.465 151.358 252.794 1.730,581 139,717 246,331 2.184,617 2,118,829 The avarago number of person6 empw by tr School duriry th8 yawwas aB foLknK'. 2022 No. 2021 No. TchIng staff Teaching suppryt aff {part b'me arKI a¥si5tantsl Catering and lunch time Admini¥tratr Caretakir 23 31 75 75 Pap18
ST OLAVES SCHOOL TRUST NOTES TO THE ANANCIAL STATEMEIITS FOR THE YEAR ENDED 31 AUGUST 2022 11. Staff costs Icontinuedl The number of empitrW whole wnpbyo? berth {exduding emplo ponsion w$ts) excagded £60.000 wa¥.. 2022 No. 2021 In the band £70.001- £80.¢XJO The key monryement wr80nnel of th6 sch1, c(Thpriw Trjts. th8 Head Toachgr and the Bursar and Crk to the Trust. Tr trtol emth benefft8 d the key Ma9•mOnt pgrsonnd of the School Wre £151,3n12021. £156,856). 12. TNslw8' r•mun•rntlon and •xp•nM• L)uring the r. no Trustees rowvod any rnUrlan or bgnefrts (2021- £NILI. t)urkng tho y•ar ended 31 Au9u812022. rn Trust•• expgnses hrn b•en incurr•d12021- £NIL). 13. Tanglble flx•d M•ts Freehold proporty OffKe uipment Total Co•t ot v•lu•tlon At 1 S¢pt•rnber 2021 Addrtionl 2,274.314 504.537 33,322 2,778,851 33,322 At 31 Awjust 2022 2,274,314 537.859 2,812,173 D•pr•ckntion At 1 September 2021 Charyjo for the year 364,300 41,304 411.729 31.533 776,029 72.837 At 31 August 2022 405.604 443,262 848.866 Net book valu• Al 31 Augu8t 2022 1,868,710 94.597 1,963.307 At 31 Augu812021 1,910,014 92,808 2,002,822 Incl in and buikliws 18 freehokl land at V8luabon of £206.289 {2021- £206,289), cost £2(E.289 {2021- £2L%.2891 leh is not <1¥. Pag8 19
ST OLAVES SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 14. InvBstm•nt proporty Freehokl inv08tment prwty Valuatlon At 1 September 2021 665,1)JO At 31 Aw*t 2022 665,000 15. D•trtor• 2022 2021 Du• wlthln on• y••r Trade debtors Other debl¢)rn PrepaWMS and xcnxd incom• 66,529 3,636 29,035 82,740 33,050 99,200 115,7 18. Crodltor•: Amounts falllng du• wKhln on• year 2022 2021 oth•r ¢r•ditorn Accruals and def¢rrwJ 213.5 556.648 211,000 514.304 770,146 725,304 Page 20
ST OLAVES SCHOOL TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2022 17. Statoment ot funds Sla10m•nt ol funds- curvgnt ymr at 1 September 2(r21 Balance at 31 Au9USt 2022 Transfers inlout Income EyrKlitur• UnrHlrfct•d fund8 DMlgn•t•d lund• Minbus Fund Fundrak8ing & Se¢Kg1 Committe Fund 18,000 18.000 11,968 111.4701 12,108 12.606 18.&XI 11.968 {11,470) 12.108 30,606 G•n•ral fund¥ General Fund8- all fund8 Revaluation ra8 2.250,11XI 2.886.9)7 12,762,711) 112.108) 2,362,188 226,448 2,476.546 2.886.9)7 12.762.711) 112.108} 2,588.834 Totsl Unmtrkt•d fvnd• 2.494.546 2,898,875 12.774,1811 2.619.240 8tst•m•nt of fund•- prlor yur Balance at 1 S•ptthnb 2020 Balance at 31 Auou8t 2021 Tran8fér8 IoUt Income Expendlture Unr•¥trSct•d fund8 Dl9•t•d funds Minlbus Fund Fundrdsing & Soci Commrtte Fund 18,0 18,000 18,000 18,000 G•n8ral funds General Funds- 8H tuThts RevdLOtK>n rose 2.014.352 226.446 2.873,470 {2,619,n2> (18,CM)0) 2,250,100 226,446 2.240.798 2.873.470 {2.619.7221 {18.CQO} 2,476,546 Page21
ST OLAVES SCHOOL TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST X122 17. Stat•Mt of fund¥ {¢ontlnu•d> stat•t of funds. prlor y•r {contlnyedl B8Lqnce at 31 Augu8t 2021 1 September 2020 Transl¢rs IrKome Expenditure T•tal Unr••trlct•d fund 2,240.798 1873.470 {2.619.7221 2.494.546 18. Summ•ry offvnd• Summ•ry of h4nds - Gun1 y••r B•lwKg at 1 8alance al 31 August 2022 Trnnsfern irdcrtrt 2021 Income Exp8ndbture De8i9n8léd fund• G•n•ral funds 18,000 2.476.546 11,968 (11,470) 2,886,907 12,762.7111 12.108 30,608 112.1081 2,588,634 2,494,546 2,898.875 12.774,1811 2.819,240 8urnmary of fund•- prlory••r BrKe at 1 S•plomb8r 2020 Balance at 31 Augu8t 2021 Tran8fery IrK(¥ne Exp•nthiure DJJ¥nated fvnds Gra1 fvnd8 18.OIM) 18.000 (18.000) 2,476.548 2.240.798 2,873.470 <2.619.722) 2.240,798 2.873.470 {2,619,722) 2.494,548 P•Je 22
ST OLAVES SCHOOL TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2022 19. Analysls of n•t awots bol¥mn fund8 Anatye18 of not aM•ts b¢lw••n funds. current ye•r Unrestricted Re&tricted fund8 funds 2022 Totsl funds 2022 T8nglble fixed auets Investment pr(yety Current •sets Cr•ililors due ¥in om >w 1.983.307 665,000 761.079 (770,146} 1,963,307 665.000 761.079 (rio.1461 Tot•1 2,619.240 2,619.240 Anaty•h of n•t aM•ts b61 funth. prfoi y••r Unrostrided fvnd$ 2021 fundB 2021 Tangibh fLx•d asuts Investsnenl proporty Currtnt Sets Creditors due within ono lf 2.002,822 2,002,822 665,000 685,000 552,028 552,028 {725.304) 1725.304) T1 2.494.546 2,494,546 R•conclllatlon of n•1 rnovw In fund• to n•t cath fiow Imm op•railng actfvftl•s 2022 2021 Nat inccrn for the ya•r (u per Stat8m•nt of Fin•rKW ktf•i881 124,694 253,748 AdJu¥lm•nts for. Depreciation charyes Dividends, interests gnd rwrts from irNestments Decrease in debtors Iruease in creditors f2.837 1571 18,59) 44,842 72,240 110n 9,100 136,4S N• $h provldod by operatlng actlvlU•s 258,906 471,477 Pap 23
ST OLAVES SCHOOL TRUST NOTES TO THE FINANCIAL STATEMEpirs FOR YEAR ENDED 31 ALUST 2022 21. Anal14 ol cash and ush •qulval•nts 2022 2021 Cash in hand 661.879 436,238 Totsl c•8h Ind c&8h ¢quiv•l•nts 661,879 436.238 Analysls of chang•8 in n•1 d•bt Septemr 2021 C88h At 31 AuguNt 2022 Cash at bank ond in ha1 436,238 225,641 661,879 436,238 225.641 661.879 23. Pen•lon ¢ommltm•nt• School operates defimd ContrUt1 p•nsion h•M. ono lor 8prI 81aff and a Teachars Pension Fund is undèrwTrtten by the GoNfjmmenL The a88ets of the scheme are held separate from those of the SthTr)l in independentty admiTh8lered funds. The pen8ion cojt chwg8 ffjpresents contrfbution# Pble by lh8 to the fvnd8 and ounted lo £252.794 {2021. £246,331}. Contributions of £3,962 12021: £3.748) V4W• to the fund at b•l•nce sheet date and ar• Included in creditors. R•l•t•d party tran•actk• During the ptrical th8 daughter M Irdand. a Trustee. was ompbfftj as a cla88 tsxher. Renum•ratv)n was inlino with St Olaves. grading os approved by Board d Tru$le88. S Pil 18 a TN6te8 and h88 child who attended th• •chool durMIg the Pago 24