**Charity number: 312734**
## **ST OLAVE'S SCHOOL TRUST**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **ST OLAVE'S SCHOOL TRUST**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the School, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 4|
|**Independent Auditors' Report on the Financial Statements**|5 - 7|
|**Statement of Financial Activities**|8|
|**Balance Sheet**|9|
|**Statement of Cash Flows**|10|
|**Notes to the Financial Statements**|11 - 24|
**ST OLAVE'S SCHOOL TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023**
|**Trustees**|P M Houillon, Chair|
|---|---|
||A C Mundy|
||N Raju|
||L Wygas|
||S Welch|
||M Wooder|
||S Pillay (appointed 12 December 2022)|
||P Soutar (appointed 31 January 2023, resigned 21 June 2023)|
|**Charity registered**
**number**
312734
**Principal office**
106 - 110 Southwood Road
New Eltham
London
SE9 3QS
**Independent auditors**
Hedley Dunk Limited
Chartered Accountants and Statutory Auditors
Trinity House
3 Bullace Lane
Dartford
Kent
DA1 1BB
**Bankers**
Lloyds Bank
PO Box 1000
Andover
BX1 1LT||
Page 1
## **ST OLAVE'S SCHOOL TRUST**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023**
The Trustees present their annual report together with the audited financial statements of the School for the year 1 September 2022 to 31 August 2023.
## **Objectives and activities**
## **Policies and objectives**
It is the policy of the school to attain the highest academic levels as well as providing an extra-curricular programme which aims to help build self-confidence and a desire to contribute to the community. In setting the objectives and planning the activities, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee charging.
## **Strategies for achieving objectives**
The objective is achieved through the continuing management of St Olave's Prep School. There have been no changes in the policy adopted to achieve the Object of the Charity.
Our fees are reviewed annually by the Trustees and are comparable to other local independent preparatory schools. We offer discounts where parents have more than one child at the school.
## **Achievements and performance**
## **Review of activities**
In 2022/23 year the school had on average 212 pupils. The school has continued to maintain its reputation within the local community as a provider of education that maximises the abilities of the individual pupil.
Future registrations and continuing interest in the School give us confidence that pupil numbers will be maintained in the foreseeable future.
The School continued to achieve more than satisfactory academic results which translated into excellent pupil placement for their continuing secondary education. The Schools achievements both academic and nonacademic are a tribute to the considerable efforts made by staff and pupils alike.
In addition to the academic achievements the School maintained its excellence in sport, music and drama. During these activities money raised has been donated to other local Charities that the School supports. The School makes use of local sporting facilities and allotments and participates in events with the local community. Lunch time and after school clubs are provided including sports, music, languages and gardening, all of which are free of charge. These activities help to promote the children’s broader education.
During the school year, there were instances where, due to exceptional changes in family circumstances, the School were able to offer some assistance with the payment of school fees for a short period of time. In addition, we were pleased to continue to offer a fully funded place to a pupil who came to the UK under the Homes for Ukraine scheme.
## **Financial review**
The Trustees are continuing their strategy of deploying all net incoming resources to investing in the educational purposes and fabric of the School. The school had net deficit funds in the year of £6,710 (2022: £124,694). This has led to an decrease in reserves to £2,612,530 (2022: £2,619,240). The School is in a strong position financially moving forward and the Trustees will continue to use the funds available to further the education of its students.
Page 2
**ST OLAVE'S SCHOOL TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **Reserves policy**
The Trustees believe that the funding received in any one year should be used to support the pupils on roll at the time unless there is a specific project which will require the accumulation of funding over more than one year, such as for a new school building or renovation. They also wish to ensure the stability of the organisational operations and so, set reserve levels to enable the School to react quickly to changes in financial circumstances, for example, large unplanned expenditure.
## **Principal funding**
The principal source of income is fees accounting for 99% of the School’s income.
## **Structure, governance and management**
## **Constitution**
St. Olave's School Trust was constituted by Trust Deed dated 19th March 1970. The Trust is a registered charity.
The principal object of the School is the advancement of education providing day schooling for children aged three year to eleven years of both sexes.
## **Methods of appointment or election of Trustees**
The management of the School is the responsibility of the Trustees who are responsible for the nomination and election of new Trustees under the terms of the Trust deed.
## **Organisational structure and decision-making policies**
The School is governed by the Board of Trustees.
## **Financial risk management**
The Trustees have assessed the major risks to which the School is exposed, in particular those related to the operations and finances of the School, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
## **Plans for future periods**
The Trustees aim to continually improve the service provided and the facilities available to both pupils and teachers. The School premises are maintained to a high standard.
Plans for the future long term development of the site are being developed to improve the teaching facilities available to the whole school.
Page 3
**ST OLAVE'S SCHOOL TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the School and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the School will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the School's transactions and disclose with reasonable accuracy at any time the financial position of the School and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the School and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Disclosure of information to auditors**
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
## **Auditors**
The auditors, Hedley Dunk Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
**P M Houillon** Chair of Trustees
Date: 25 June 2024
Page 4
**ST OLAVE'S SCHOOL TRUST**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST OLAVE'S SCHOOL TRUST**
## **Opinion**
We have audited the financial statements of St Olave's School Trust (the 'charity') for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 August 2023 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 5
**ST OLAVE'S SCHOOL TRUST**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST OLAVE'S SCHOOL TRUST (CONTINUED)**
## **Other information**
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditors' responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Page 6
**ST OLAVE'S SCHOOL TRUST**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST OLAVE'S SCHOOL TRUST (CONTINUED)**
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the trustees and other management (as required by auditing standards), and discussed with the trustees and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The potential effect of these laws and regulations on the financial statements varies considerably.
The charity is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related charities legislation) and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, anti-bribery and employment law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.
Through these procedures, we became aware of no actual or suspected non-compliance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
## **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 and Statutory Auditors Trinity House 3 Bullace Lane Dartford Kent DA1 1BB 25 June 2024
Hedley Dunk Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 7
## **ST OLAVE'S SCHOOL TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023**
|**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Other income
7
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
8
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
**8,216**
**3,041,281**
**15,138**
**72**
**590**
**3,065,297**
**7,597**
**3,064,410**
**3,072,007**
**(6,710)**
**2,619,240**
**(6,710)**
**2,612,530**|**Total**
**funds**
**2023**
**£**
**8,216**
**3,041,281**
**15,138**
**72**
**590**
**3,065,297**
**7,597**
**3,064,410**
**3,072,007**
**(6,710)**
**2,619,240**
**(6,710)**
**2,612,530**|_Total_
_funds_
_2022_
_£_
_12,286_
_2,874,329_
_11,968_
_57_
_235_|
|---|---|---|---|
||||_2,898,875_|
||||_8,443_
_2,765,738_|
||||_2,774,181_|
||||_124,694_|
||||_2,494,546_
_124,694_|
||||_2,619,240_|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 11 to 24 form part of these financial statements.
Page 8
## **ST OLAVE'S SCHOOL TRUST**
## **BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2023**
|**Note**
**Fixed assets**
Tangible assets
13
Investment property
14
**Current assets**
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
**Net current assets / liabilites**
**Total assets less current liabilities**
**Net assets excluding pension asset**
**Total net assets**
**Charity funds**
Restricted funds
17
Unrestricted funds
17
**Total funds**|**216,424**
**595,196**
**811,620**
**(769,432)**|**2023**
**£**
**1,905,342**
**665,000**
**2,570,342**
**42,188**
**2,612,530**
**2,612,530**
**2,612,530**
**-**
**2,612,530**
**2,612,530**|_99,200_
_661,879_
_761,079_
_(770,146)_|_2022_
_£_
_1,963,307_
_665,000_
_2,628,307_
_(9,067)_
_2,619,240_
_2,619,240_
_2,619,240_
_-_
_2,619,240_
_2,619,240_|
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
## **P M Houillon**
Chair of Trustees
## Date: 25 June 2024
The notes on pages 11 to 24 form part of these financial statements.
Page 9
**ST OLAVE'S SCHOOL TRUST**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023**
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Dividends, interests and rents from investments
Purchase of tangible fixed assets
**Net cash used in investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 11 to 24 form part of these financial statements|**2023**
**£**
**(57,737)**
**71**
**(9,017)**
**(8,946)**
**-**
**(66,683)**
**661,879**
**595,196**|_2022_
_£_
_258,906_
_57_
_(33,322)_
**(33,265)**
**-**
**225,641**
_436,238_
_661,879_|
|---|---|---|
Page 10
**ST OLAVE'S SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **1. General information**
St Olaves School Trust is a charity registered in the United Kingdom. It's registered office is 106 -110 Southwood Road, New Eltham, London, SE9 3QS, which is also the principal place of business. The principal activities are set out in the Trustee's report.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
St Olave's School Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Income**
All income is recognised once the School has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the School has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the School, can be reliably measured.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## **2.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Page 11
**ST OLAVE'S SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **2. Accounting policies (continued)**
## **2.3 Expenditure (continued)**
Expenditure on raising funds includes all expenditure incurred by the School to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the School's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **2.4 Tangible fixed assets and depreciation**
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
Freehold property - 2% Straight Line Office equipment - 25% Reducing Balance
## **2.5 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.6 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.7 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the School anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
## **2.8 Financial instruments**
The School only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 12
**ST OLAVE'S SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **2. Accounting policies (continued)**
## **2.9 Pensions**
The School operates a defined contribution pension scheme and the pension charge represents the amounts payable by the School to the fund in respect of the year.
## **2.10 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the School and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
## **3. Income from donations and legacies**
|Donations
Legacies
_Total 2022_
**Income from charitable activities**
Income from charitable activities - Educational Activities
_Total 2022_|**Unrestricted**
**funds**
**2023**
**£**
8,216
-
8,216
_12,286_
**Unrestricted**
**funds**
**2023**
**£**
3,041,281
_2,874,329_|**Total**
**funds**
**2023**
**£**
**8,216**
**-**
**8,216**
_12,286_
**Total**
**funds**
**2023**
**£**
**3,041,281**
_2,874,329_|_Total_
_funds_
_2022_
_£_
_11,286_
_1,000_|
|---|---|---|---|
||||_12,286_|
||||_Total_
_funds_
_2022_
_£_
_2,874,329_|
|||||
## **4. Income from charitable activities**
Page 13
**ST OLAVE'S SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **5. Income from other trading activities**
## **Income from fundraising events**
|Fundraising 1
_Total 2022_
**Investment income**
Investment income - foreign investment properties
_Total 2022_|**Unrestricted**
**funds**
**2023**
**£**
15,138
_11,968_
**Unrestricted**
**funds**
**2023**
**£**
72
_57_|**Total**
**funds**
**2023**
**£**
**15,138**
_11,968_
**Total**
**funds**
**2023**
**£**
**72**
_57_|_Total_
_funds_
_2022_
_£_
_11,968_|
|---|---|---|---|
||||_Total_
_funds_
_2022_
_£_
_57_|
|||||
## **6. Investment income**
## **7. Other incoming resources**
|School Photographs
_Total 2022_|**Unrestricted**
**funds**
**2023**
**£**
590
_235_|**Total**
**funds**
**2023**
**£**
**590**
_235_|_Total_
_funds_
_2022_
_£_
_235_|
|---|---|---|---|
Page 14
**ST OLAVE'S SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **8. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Educational Activities
_Total 2022_|**Unrestricted**
**funds**
**2023**
**£**
3,064,410
_2,765,738_|**Total**
**2023**
**£**
**3,064,410**
_2,765,738_|_Total_
_2022_
_£_
_2,765,738_|
|---|---|---|---|
|||||
## **9. Analysis of expenditure by activities**
|Educational Activities
_Total 2022_|**Activities**
**undertaken**
**directly**
**2023**
**£**
2,613,832
_2,338,006_|**Support**
**costs**
**2023**
**£**
450,577
_427,732_|**Total**
**funds**
**2023**
**£**
**3,064,409**
_2,765,738_|_Total_
_funds_
_2022_
_£_
_2,765,738_|
|---|---|---|---|---|
||||||
Page 15
**ST OLAVE'S SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **9. Analysis of expenditure by activities (continued)**
## **Analysis of direct costs**
|Staff costs
Depreciation
Books & equipment
Catering supplies
Sport facility hire costs
Utility expenses
Telephone
Insurance
Repairs & maintenance
Computer maintenance
Printing, postage & stationery
Advertising & web design
Legal & professional
Clubs
Examination, school trips and sundry costs
External sports staff
Loss on disposal of fixed assets
_Total 2022_|**Educational**
**Activities**
**2023**
**£**
2,024,685
66,247
45,537
129,047
17,826
36,118
12,104
23,595
51,425
40,033
21,381
3,558
3,377
2,172
99,786
36,206
735
2,613,832
_2,338,006_|**Total**
**funds**
**2023**
**£**
**2,024,685**
**66,247**
**45,537**
**129,047**
**17,826**
**36,118**
**12,104**
**23,595**
**51,425**
**40,033**
**21,381**
**3,558**
**3,377**
**2,172**
**99,786**
**36,206**
**735**
**2,613,832**
_2,338,006_|_Total_
_funds_
_2022_
_£_
_1,789,672_
_72,837_
_41,623_
_125,879_
_16,972_
_32,995_
_9,237_
_21,068_
_35,729_
_30,240_
_18,016_
_4,934_
_1,675_
_403_
_99,267_
_37,459_
_-_|
|---|---|---|---|
||||_2,338,006_|
|||||
Page 16
**ST OLAVE'S SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **9. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Staff costs
Other professional fees
Staff training
Examination, school trips and sundry costs
Recruitment
Governance costs
_Total 2022_|**Educational**
**Activities**
**2023**
**£**
410,721
10,531
17,097
2,653
3,999
5,576
450,577
_427,732_|**Total**
**funds**
**2023**
**£**
**410,721**
**10,531**
**17,097**
**2,653**
**3,999**
**5,576**
**450,577**
_427,732_|_Total_
_funds_
_2022_
_£_
_394,945_
_9,145_
_14,616_
_-_
_2,880_
_6,146_|
|---|---|---|---|
||||_427,732_|
|||||
## **10. Auditors' remuneration**
The auditors' remuneration amounts to an auditor fee of £5,500 ( _2022_ - _£5,076_ ).
## **11. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2023**
**£**
**1,970,829**
**171,068**
**293,510**
**2,435,407**|_2022_
_£_
_1,780,465_
_151,358_
_252,794_|
|---|---|---|
||||
|||_2,184,617_|
The average number of persons employed by the School during the year was as follows:
|Teaching Staff
Teaching support staff (part time and assistants)
Catering and lunch time
Administrative
Caretaking|**2023**
**No.**
**25**
**28**
**7**
**6**
**7**
**73**|_2022_
_No._
_22_
_31_
_9_
_6_
_7_|
|---|---|---|
||||
|||_75_|
Page 17
## **ST OLAVE'S SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **11. Staff costs (continued)**
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|||**2023**|_2022_|
|---|---|---|---|
|||**No.**|_No._|
|In the band £70,001|- £80,000|**1**|_1_|
The key management personnel of the School, comprise the Trustees, the Head Teacher and the Bursar and clerk to the Trustees. The total employee benefits of the key management personnel of the School were £155,126 (2022: £151,372).
## **12. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2022 - £NIL)_ .
During the year ended 31 August 2023, no Trustee expenses have been incurred _(2022 - £NIL)_ .
## **13. Tangible fixed assets**
|**Cost or valuation**
At 1 September 2022
Additions
Disposals
At 31 August 2023
**Depreciation**
At 1 September 2022
Charge for the year
On disposals
At 31 August 2023
**Net book value**
At 31 August 2023
_At 31 August 2022_|**Freehold**
**property**
**£**
**2,274,314**
**-**
**-**
**2,274,314**
**405,604**
**41,304**
**-**
**446,908**
**1,827,406**
_1,868,710_|**Office**
**equipment**
**£**
**537,859**
**9,017**
**(16,893)**
**529,983**
**443,262**
**24,943**
**(16,158)**
**452,047**
**77,936**
_94,597_|**Total**
**£**
**2,812,173**
**9,017**
**(16,893)**
**2,804,297**
**848,866**
**66,247**
**(16,158)**
**898,955**
**1,905,342**
_1,963,307_|
|---|---|---|---|
Included in land and buildings is freehold land at valuation of £206,289 (2022- £206,289), cost £206,289 (2022- £206,289) which is not depreciated.
Page 18
## **ST OLAVE'S SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **14. Investment property**
|**Valuation**
At 1 September 2022
At 31 August 2023|**Freehold**
**investment**
**property**
**£**
**665,000**|
|---|---|
||**665,000**|
## **15. Debtors**
|**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income
**Creditors: Amounts falling due within one year**
Other taxation and social security
Other creditors
Accruals and deferred income|**2023**
**£**
**130,100**
**-**
**86,324**
**216,424**
**2023**
**£**
**48,790**
**219,500**
**501,142**
**769,432**|_2022_
_£_
_66,529_
_3,636_
_29,035_|
|---|---|---|
||||
|||_99,200_|
|||_2022_
_£_
_-_
_213,500_
_556,646_|
||||
|||_770,146_|
## **16. Creditors: Amounts falling due within one year**
Page 19
**ST OLAVE'S SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **17. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
**Designated funds**
Minibus Fund
Fundraising & Social Committee Fund
**General funds**
General Funds - all funds
Revaluation reserve
**Total Unrestricted funds**|**Balance at 1**
**September**
**2022**
**£**
**18,000**
**12,606**
**30,606**
**2,362,188**
**226,446**
**2,588,634**
**2,619,240**|**Income**
**£**
**-**
**15,138**
**15,138**
**3,050,158**
**-**
**3,050,158**
**3,065,296**|**Expenditure**
**£**
**-**
**(9,867)**
**(9,867)**
**(3,062,139)**
**-**
**(3,062,139)**
**(3,072,006)**|**Balance at**
**31 August**
**2023**
**£**
**18,000**
**17,877**|
|---|---|---|---|---|
|||||**35,877**|
|||||**2,350,207**
**226,446**|
|||||**2,576,653**|
|||||**2,612,530**|
Page 20
**ST OLAVE'S SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **17. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted funds**
**Designated funds**
Minibus Fund
Fundraising & Social
Committee Fund
**General funds**
General Funds - all funds
Revaluation reserve
**Total Unrestricted funds**|_Balance at_
_1 September_
_2021_
_£_
_18,000_
_-_
_18,000_
_2,250,100_
_226,446_
_2,476,546_
_2,494,546_|_Income_
_£_
_-_
_11,968_
_11,968_
_2,886,907_
_-_
_2,886,907_
_2,898,875_|_Expenditure_
_£_
_-_
_(11,470)_
_(11,470)_
_(2,762,711)_
_-_
_(2,762,711)_
_(2,774,181)_|_Transfers_
_in/out_
_£_
_-_
_12,108_
_12,108_
_(12,108)_
_-_
_(12,108)_
_-_|_Balance at_
_31 August_
_2022_
_£_
_18,000_
_12,606_|
|---|---|---|---|---|---|
||||||_30,606_|
||||||_2,362,188_
_226,446_|
||||||_2,588,634_|
||||||_2,619,240_|
## **18. Summary of funds**
## **Summary of funds - current year**
|Designated funds
General funds|**Balance at 1**
**September**
**2022**
**£**
**30,606**
**2,588,634**
**2,619,240**|**Income**
**£**
**15,138**
**3,050,158**
**3,065,296**|**Expenditure**
**£**
**(9,867)**
**(3,062,139)**
**(3,072,006)**|**Balance at**
**31 August**
**2023**
**£**
**35,877**
**2,576,653**|
|---|---|---|---|---|
|||||**2,612,530**|
Page 21
**ST OLAVE'S SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **18. Summary of funds (continued)**
## **Summary of funds - prior year**
|Designated funds
General funds|_Balance at_
_1 September_
_2021_
_£_
_18,000_
_2,476,546_
_2,494,546_|_Income_
_£_
_11,968_
_2,886,907_
_2,898,875_|_Expenditure_
_£_
_(11,470)_
_(2,762,711)_
_(2,774,181)_|_Transfers_
_in/out_
_£_
_12,108_
_(12,108)_
_-_|_Balance at_
_31 August_
_2022_
_£_
_30,606_
_2,588,634_|
|---|---|---|---|---|---|
||||||_2,619,240_|
## **19. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2023**
**£**
Tangible fixed assets
1,905,342
Investment property
665,000
Current assets
811,620
Creditors due within one year
(769,432)
**Total**
2,612,530|**Total**
**funds**
**2023**
**£**
**1,905,342**
**665,000**
**811,620**
**(769,432)**
**2,612,530**|
|---|---|
## **Analysis of net assets between funds - prior year**
|Tangible fixed assets
Investment property
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2022_
_£_
_1,963,307_
_665,000_
_761,079_
_(770,146)_
_2,619,240_|_Total_
_funds_
_2022_
_£_
_1,963,307_
_665,000_
_761,079_
_(770,146)_
_2,619,240_|
|---|---|---|
Page 22
**ST OLAVE'S SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **20. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income/expenditure for the year (as per Statement of Financial
Activities)
**Adjustments for:**
Depreciation charges
Dividends, interests and rents from investments
Loss on the sale of fixed assets
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash provided by/(used in) operating activities**|**2023**
**£**
**(6,710)**
**66,247**
**(71)**
**735**
**(117,224)**
**(714)**
**(57,737)**|_2022_
_£_
_124,694_|
|---|---|---|
|||_72,837_
_(57)_
_-_
_16,590_
_44,842_|
||||
|||_258,906_|
## **21. Analysis of cash and cash equivalents**
|Cash in hand
**Total cash and cash equivalents**|**2023**
**£**
**595,196**
**595,196**|_2022_
_£_
_661,879_|
|---|---|---|
||||
|||_661,879_|
## **22. Analysis of changes in net debt**
|Cash at bank and in hand|**At 1**
**September**
**2022**
**£**
**661,879**
**661,879**|**Cash flows**
**At 31**
**August 2023**
**£**
**£**
**(66,683)**
**595,196**
**(66,683)**
**595,196**|**Cash flows**
**At 31**
**August 2023**
**£**
**£**
**(66,683)**
**595,196**
**(66,683)**
**595,196**|
|---|---|---|---|
||||**595,196**|
## **23. Pension commitments**
The School operates defined contribution pension schemes, one for support staff and a Teachers Pension Fund which is underwritten by the Government. The assets of the scheme are held separately from those of the School in independently administered funds. The pension cost charge represents contributions payable by the school to the funds and amounted to £293,510 (2022: £252,794). Contributions of £3,976 (2022: £3,962) were payable to the fund at the balance sheet date and are included in creditors.
Page 23
## **ST OLAVE'S SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **24. Related party transactions**
S Pillay was appointed as a Trustee during the year and had a child who attended the school during the year.
Page 24