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 Houl￿rt. Chair A C Mundy N R￿'U L Wyga8 S Wd¢h M Wc*thr S Pil* 12 DeLèmbor 2022> P SoLrtw lapwnbj 31 j￿U¥y 20231 Charlty f•gl•t•r•d numb•r 312734 Prln¢lp•l offko 1￿110 SoutlY41KKKI Road New Elih Kent SE9 3QS Ind•p•nd•nl iudltor• Hed* Dunk Ljmited Chartorod Accountants Trfnrty House 3 Bulkco L￿0 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 act￿11108 Poll¢l•8 and objecllv It h the polw of Ihe Sch￿1 lo th'n Ihe high8Bt a¢•Jgmt lovels as providing an eXtrale the School lo rèad quKkty to chang•1 m fina￿￿￿1 circumstances. lor examFA8, *ge unpknnèd èxpendrture. • Prlnclp•l ￿ndIThg The principal iource of income18 fees accour￿n9 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 810￿n years of both iexm. • M￿had1 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¥nln81￿n 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 exp￿1, In particular tho8e related lo the operations 8nd finances of Sctml, •rE S8ts¥fwd thal systems and proreduros are in place lo m1bg￿o exp08ura to tho major r￿ks. 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 MainL*r￿ 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 Pr*tice). The applcable to ¢h•rtties in Erffjknd & Wal88 rwuim the Truslte8 to preparn fman¢6•18taternents for e￿h wthich and l*"r of the state of •ffairn of th8 Scl*)ol and of It8 I￿￿￿1Th9 resourt and •pp1K•t￿ al re8tyJrce8. Or￿u(￿n9 inccffiè •nd experthn, frjr th•t wiod. In Pr•￿ri th•* ffinanclal stalomants. t￿ TruIt￿$ •m r•qUi￿1 to.. Obj•r￿ m*hods •nd al Ch•nlw SORP (FRS 102): mak• judgments and acccwntyo ￿lIm•18S that •r¢ and prud8nt.' itat• wt*ther ap&**lg UK ACc￿ntIng Slw•Jwd8 (FRS 102> have be•n.fo1lp￿d, ¥￿'•ct t6 ary mal•Tb•l d¢p•rtvrn• •xplalned in tho 8tthi•nti; pr•pare thè finanel*l 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 ex￿lin th• Schoofs trwrf•clbn• and wth r•fj￿ •t •Try twne th• p￿lIon d tho SGhool aThJ them to •n•w• thDt •t*•m•nts compFy *ith lh• Ch•thi￿ Ad 2011. th• Charity {Account• Report#) Ragul*N)nJ 2C￿ •r•J th• pmi•th• of th• Tw•1 d••d. Thoy wo •l•o re•wnslbb lor •al•p￿I￿r￿j the a88•ts 01 th• •nd henc• for I￿{￿j itv for tho pr•wintw and det8di)n of fra￿1 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 th*t'. •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• •w*m of any r•lwAnl aLKlil irrfonnatkn 10 •8labkh Ihal thè charitys auditorn *• war• of Ih•t infonnotk*n. Audltorn Tho 8uditors, H•dley Ounk Limrted. h•¥* indKated th•r *ilirWw to cOntir￿ in offic•. T￿ do•lgn*od TnMts•B wll prrposo • th• a m•thi of thts TfU8tee8. o%*d by ord•r d tho fflwnb￿ bo•Td (rfTrwt••• an thw be￿11 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 wh￿h compri% the Statement of Fina￿la1 AdNitM, the BaLance Sheet. thg Statement of Cash Fl and the reLqled notes. Ir￿Ud￿l9 a summory of sonrfKant accountirwJ The financial roporting fr8mtrworf¢ that has been appl*d in thèir preparatKm is *ICab￿ law aTrJ Unrt•J Kingdom Accounting Standards. irKludirvJ Financ￿1 Reporling Standwd 102 'The FinarKial Reporting sI￿d￿d 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 ch￿1￿38 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 issu￿1 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 ¢l*riVs 88 at 31 August 2022 and of il• incomlng r•8cdirca8 and appluti￿ of rnsource8 for thè I￿n ended., have been pr¢Vty pr•pwed in accordan¢e With United KThJdom G8n•ralty Accwted Ac¢ountir*g 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 inde￿ndent of the chty in &cordance wlh the athic81 roquirements Ihal are relévant to our aL￿rt of the fimnual statement8 in tho United Kin•Jom, including the Flnancial Reporting Cou￿11.8 EthKal Slandard. and Mi hgve fuifibed cmjr other ethical responsibil￿89 ac¢c*dan¢• 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 identffi￿l any material uncertaintiw relatlng to everrts or condrti￿s that, indNidualty or cc4kntivety, may synffKanl doubt on the charivs abilty lo continue as goirfj concern fcrf a Per￿ of at ￿881 I¥￿￿e I￿nthS from vknen thè financial statements are 8Uthori$ed for isyue. Our re8p)nsibilitigs and the rnspon8iblit*s 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 compf*es information incathl n the Annual Report dh•r than the finanaal $latwn8nls and our Auditors, Report thorw)n. The TrustegB are respons￿lIe for the other InfoTm8b'on eontain8d within the Annual Report. Our opinH)n on the financwl st*emonts does not cover the other infomalion and, except lo the extent dhenmse eX￿￿￿ty stated n our report. do not express any fcm of a$SUfance conclu8lon therecn. Our responsiblty is to read the other infomatK>n and, in doing so, consider whether th8 other infonnat*)n ￿ m81erialty ir￿lStent wrth the financial Statements or our kn(r*￿190 obtairEd in the course of the audrt or (Xhermsè aPFears to be rnateria￿ mi8stst&l. If tsuch material irKonstylenc*s 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 mk85t*ement 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$ist•nt In materK41 re8po¢I V•ilh tho finan¢Lql itatem•nts', or sufficient accounting ho￿ not been krt or fin•ncKql 8tatoment8 are not in agreemenl with Ihe accountlrwJ T￿oIdS and r8tums'. or have not rec•Ned all thè inf¢miation and •W•notion• wo roqulre for our audiL RoJpon•lbllllle8 of trus1• As explalned more fulty ￿ the Trus1￿1. Responslblltitis Statement, the Trust•es ar8 responsiblo for tt preparatKJn of tht financial slatements which give o Iruo and far vww, and for such Internal control •$ 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 appI￿able, mattws r8lated to going conc•m and using the going COn￿M basi8 of accounliro unless the Tru¥l•eJ either inleThl to Iqu•J•ts the dwrity or to ewe cyratton8, or have no real￿￿C 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 there￿der. Our o*'ectNe8 are lo obt&n roasonable assuranc8 abcxrt th**ther the cral 8tat6mgnts a8 8 whole are free from material misstatement, whethgr due to fraud or error. and lo I￿￿0 an Auditcys. Report th* i￿rude$ ￿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 ex￿18. Ml88ts18m8nts can ari8e from fraud or errol and are consbjerad material rf, individualty or li tho aoJregal&, they could re￿onablY 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 reg￿at￿jrtB. We d•$1 procedures in our re8ponstiiltle8. Outlinéd above, to det•ct matenal missl8lement8 in of Irre9ularities. irKluding IraLKI. Th Ox￿1 to which ryjr procedures aro c•pabh of d8tèctiTrJ irr•gularitw, includirvJ fraud bs delaiknd b•b#. W• ¥￿ntified area8 of and wUlati￿1 Ih•t couhj rea￿n•￿ bè •xp￿tI￿ to t￿1• a mat•rt•l affeLt on the financial 6tatemen18 from our g•neral C￿lmerc￿l w*d Sector éxpriénce and thrcugh di8cusBion with the trustees and othèr managgment {as required by audkn'rq standwdsl. 8nd digcu83ed with t￿ trust89$ and athgr managem•)nt policigs and procedures regarding compli&nce with IM and regUlat￿n8. We communic8l•d identif￿d and regulat*)ns IhrougtrKMrt our WKI rWna1n￿ alert to any of rthrtompli8nco throughout the audiL Th• risk of not do1￿￿n9 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 0vwr￿Je of internol control& The potentid •ffKt of fI￿e IM rtyu1lth?￿ (ffi the fiMnci•l •tateM￿tI 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 ch8r*w *181atKM) and taxation legislation and we as8ess•d th• exlent of complianc• with thw ￿ arKI rtyulatK*ns a8 part d our procedures the relatéd financial sl•tem•nt items. Secondly. the charty i¥ ¥￿'•ct to many other I￿ and regulats'ons W￿re 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. ant￿brI)ery and emthrynenl I￿..AudIty￿ standards linl th8 required audit procedures lo Identfy non*ompliance these Im and wulath￿S 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 mlssL*ements in the financial ststernents. even though wa hav• prcperty planned and performed our audll in accordan￿ ￿th audiling 8tandards. Fof ex*nple. the fLFrther rwnoved non&compliance wrth laws and regulations Iirreg￿ntie8I is from the events arKI transadK)ns rellgcled in the financkal stslemenls, the less likety the inherenlty limited procedures required by audrtir¥J standards *￿U￿j ￿e￿1rfY ￿ In addith?n, #s with any ￿dIl, thero r8m8ingd a higher risk of nCTrdeI￿l1()n crf irregularithes. as these may Invol￿ collu8h)n, fwgery, intentional omi$s￿an$, misrepresentat￿$. LY the overrKle of iniemal contrds. We are not ￿spOns￿le for prèventing ncompliance and cannot be exF*Cted to detect noTr¢wnpliarte with all1￿5 ond regulat￿n$. A further description of our responsibihttes tor Ihe audit of the financial statements is kcated on the Financial Reporting Councifs websrte at.. .LWaudrt￿SreS 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 tr*ling 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 finfir*l&l $tat•merds w•r• and lor by th• TftJs*•s on 28 J￿0 2023 and slgmd th* beho11 by. P M Houllon (Cha* of Tnrnt•MI Thè rth on pages 12 to 24 fomi althts• financial •tat•M￿ts. Pay8 10 ST OLAVES SCHOOL TRUST STATEMENT OF CASH FLCYIIS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Calh flovm from op•rating athiti•s Net eash used in ￿rating a¢tivrfi'•s 258.906 471,477 C••h flo￿ from Inv•¥tlng •ctlvftl•s Dividends, interests and rents from investrnents Purchas• d tan9Q)Je fued assets 57 {33.322} 107 110.548) N•t ca¥h us•d In Inv•8tlng actl¥lll•• (33,2651 {10,441} Cuh flow8 from fln•nclng a¢tMU N•t cuh provld•d by fln•ncln9 Xtlvlll•g Chang• In c••h Ind ¢uh •4ulv•l•nts In th• yur C￿h and cash •quiv4ents at the be•'nning ol the 225,641 436,238 461.038 (24.798) Calh and cuh •qulv•l•nts at lh• •nd of th• y••r 861.879 436,238 note• on pago8 12 to 24 fomi part d Ih88e fm8￿101 statemw Page11 ST OLAVES SCHOOL TRUST MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 G¢nernl Infornia¢lon St Olaves scho￿ T￿￿t EB a ¢1&3rly registered in the unrt￿ ￿n9￿. IV8 rogistgred offi¢e Is 106 -110 Sothhwood Road. Elth•n, London, SE9 3QS, wh￿h is also priwpal p*e of bu8in888. The pri￿1par acti￿￿e$ are set out in Ihe Trustee's rryorL Accounting pollcl•• 11 B••l• of pr•p4rntl¢)n gf flnanclal statem￿ts The financial statement$ have been prepared in 8¢Mrdan￿ Vlith thè Charities SORP (FRS 1021- Accounting and Reporting by Chari*s'. Statement (* Recommended Pracbce appluble to charille8 preparing their accounts in ￿￿ordanCe with the Financ*1 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 foll￿￿ng 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 $ince bo•n wrthdr•*n. st Old￿ Schcd TruBt meets the defin￿0￿ of a b•n•frt entty undèr FRS 102. 22 Incom• Al income [• rewni8•d onc• tm Sth)ol entAl•m•nt to the Income. probabl• that t income VAII be receP¥ad lh• lynount of irKome rec•fr4￿10 can bg measured reliabty. The rwnition of from legacigs is deperKl¢nt ￿ ¢stabli8hing enlthment. thé prLI)ablty Df receipt and the 8bilty to estnwte W￿1h suific*nt Kcuracy the amount rece1vab￿. Evidence of entrtl8m8nt lo a l•gocy exiils vthen tha School has SLrfT￿lont ￿ld•1￿￿ that a gift has been lèft to them Ilhrough kntrwledge of the exi¥tencg of 8 v8M *ill and the dgath of Iho ben8f8Ctor} and th• •xecutor is 8ati8f*d Ih8t the yopèty in qU•8￿n *ill not be re9uir8d to Satisfy clalm8 the estate. Rocwpt of a musl be recc9n￿ed Wh￿ ft 18 wobable that it ￿11 be receivod and th? fair value of the am¢)unt recewabkry, vthich b• thè •x￿¢•d cash amount to b• di8tribulgd to the School, can be relthly moasur•d. Grants irthdod kn the StatThnt of Financ&41 Aclr¥ih88 on • recoplablo basli. The balance of incomé received for specific purposes but r￿1 oxpeThled durrrfJ the period is 8hovm in the relevant funds on the Balance Sheet. Where incrmnè IB rornFv•d li advance of entitlement of recelpt, rt8 is deferred ?￿d irduded in cr&Jit(xs as dderred incomg. Where entmlgment ocGur8 IncLxmo tax lo inveslment Income 1$ rowJni8eA at Ihe time t￿ inv•stment income 18 rec•ivaLIe. (Xher heome is rwnised in the pen'od in vthlch * 1$ rtteiv*b to the extent the goods hav8 been provided or on cCfflp￿n 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 ecor￿MIe be￿frt$ will be required in 8ettlemenl arKI the amount of the eblgation can bo mg8$ured reliobty. Expendrture ￿ cla8s1fN￿ by actw. The costs of each activty we m* up of the total of dI[￿t costs and shared o)518. I￿lLtd1r￿j support C08ts inww m undertakino each &tivity. costs attribLrtabl• to a sing activity are alkxated directy to that xtivty. Shared costs vthlch tontribuie to moi• than ona activiiy and SLVPOrt costs aro ncl attribLrt*b8 to • sing￿ a¢￿ are 8PPOrtKJned between those aclwities i)n a basis con8iStant vthh th• usa of rè60urces. Central slaff ¢ost8 ar6 alkxaled on the basi$ of limg s￿01, and depreciat￿ char90s thcatod on the of the 888ofs use. Exponditure on rai8ing funds Includes 4 ewdituro It￿Ur￿d by t1￿ School lo r8w fund8 for Its charitable pur￿8$ and includes wsls d al fvndiaising ￿tMbe5 evan18 and norrfharitable trading. Exp8nd6ture ¢)n G￿n￿le thibes ￿ I￿￿lIed on directy undwtaking th6 *ty41t￿ ￿lch further thè Sch￿1,* objectives. as VAI as any assoclatsd Support costs. All 0Xp￿d￿ur• r& irKhj8l￿ cl irrn¢ov•rablg VAT. 2A Govemm•nt grants Goverr¥n￿t grants reLgting to lar¥Jibl8 fixed a8set8 or• treated a8 d6foff¢d incom8 and reloased to the Stat￿8￿1 of Financk?l ACUVIt￿ over th• expectsd useful INO8 ol the a8sèts ¢oncemed. Olhor are u•Jlled to the Stat•m•nt of FinarKial ActI*it￿ 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 •￿iM￿l8¢ed daprecialion aThJ a￿UMUl8t•￿ wnpai￿•nt bsses. All costs Incurred to briry 8 langibS9 [￿ed as￿1 ￿t0 its intend•d workwva onditw shoukl bo Induded in thè measuT•ment of co8L D•prKiat*)n is chwged ￿ al to alknc*o t1￿ cost of tangible fixod a88els loss thelr reiklu81 vahJ• over their estAYthd usoful . Depr￿(all0n Os p￿ded on fc4knryng bases.. Frgehokl prcpgty oirKe equipme - YA •trwght line . 25% red￿irvj 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 shc*t-temi highty liquhj kn￿$trnents V&fth a short matunty of three m(mtrffj or less Irom the d*e of wuisitson or opening of thg d8posit or $imilar aGcounL Page13 ST OLAVES SCHOOL TRUST NOTES TO THE FINANCIAL STATEMEpfrs FOR THE YEAR ENDED 31 AUGUST 2022 A¢￿￿ntIng pollclos (contlnu•d 2.8 UabilitiM and pro¥l8lons LiabIl￿e3 are rttogni$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 rel￿Ny. Liabilities we rwni8ed d the *nount that the School athp•t•s il will pay to th• dobt or the rmount rt has receib*d thnc•d P•Jry7￿ forthe goods or rt must prwdg. Promsions are measurgd at the bosl eskna• clthe r8qulTed to Sett￿ the Obligat￿n. 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 t*￿1 rofiects risks lo Ihe118bilty. The un*lrbJlng of tho dx￿Jnt 18 rwA￿ed in th• Statwnent of Finar￿￿ A¢tiviti8s as a financ• ￿lL 2.0 Fln•ncl•l In•trum•nts The Schc<>l ¢)nty has fr￿n¢￿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•n*lon• 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 d￿gnated 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) Analy*h 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 C￿14 External Sports Sloff Slte Dev*ipment C￿18 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 of*upport c*xts Edue*ion A¢twitseg 2022 Total funds 2021 fund5 2022 Staff wsls othor profe¥8v)nal fee8 Staff Ir8ining EX￿l￿a￿on. 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' r￿￿n&￿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. T￿chIng 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 empitr*W 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 sch￿1, c(Thpriw Tr￿jt￿s. th8 Head Toachgr and the Bursar and C￿rk to the Trust￿. Tr trtol emth benefft8 d the key Ma￿9•mOnt pgrsonnd of the School W￿re £151,3n12021. £156,856). 12. TNslw8' r•mun•rntlon and •xp•nM• L)uring the ￿r. no Trustees rowvod any r￿nUr￿l￿an 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 PrepaWM￿S 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 I￿oUt Income Expendlture Unr•¥trSct•d fund8 D￿l9￿•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•M￿t 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 - Gun￿1 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 B*rKe at 1 S•plomb8r 2020 Balance at 31 Augu8t 2021 Tran8fery IrK(¥ne Exp•nthiure DJJ¥nated fvnds G￿￿ra1 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) T￿1 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•* ￿$h provldod by operatlng actlvlU•s 258,906 471,477 Pap 23 ST OLAVES SCHOOL TRUST NOTES TO THE FINANCIAL STATEMEpirs FOR YEAR ENDED 31 AL￿UST 2022 21. Anal￿14 ol cash and ush •qulval•nts 2022 2021 Cash in hand 661.879 436,238 Totsl c•8h Ind c&8h ¢quiv•l•nts 661,879 436.238 Analysls of chang•8 in n•1 d•bt Septem￿r 2021 C88h At 31 AuguNt 2022 Cash at bank ond in ha￿1 436,238 225,641 661,879 436,238 225.641 661.879 23. Pen•lon ¢ommltm•nt• School operates defimd Contr￿Ut1￿ p•nsion ￿h•M￿. ono lor 8￿pr*I 81aff and a Teachars Pension Fund is undèrwTrtten by the GoNfjmmenL The a88ets of the scheme are held separate from those of the SthTr)l in independentty admiTh8lered funds. The pen8ion cojt chwg8 ffjpresents contrfbution# P￿ble by lh8 to the fvnd8 and ￿ounted lo £252.794 {2021. £246,331}. Contributions of £3,962 12021: £3.748) V4W• to the fund at b•l•nce sheet date and ar• Included in creditors. R•l•t•d party tran•actk• During the ptrical th8 daughter ￿ M Irdand. a Trustee. was ompbfftj as a cla88 tsxher. Renum•ratv)n was inlino with St Olaves. grading os approved by Board d Tru$le88. S Pil* 18 a TN6te8 and h88 child who attended th• •chool durMIg the Pago 24