Charity number: 312734 ST OLAVE'S SCHOOL TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
ST OLAVE'S SCHOOL TRUST CONTENTS Page Reference and Administrative Details of the School, its Trustees and Advisers Trustees. Report Independent Audltors, Report on the Financial Statements Statement of Financlal Actlvltles Balance Sheet 10 Statement of Cash Flows Notes to the Financial Statements 12-25
ST OLAVE'S SCHOOL TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees P M Houillon, Chair A C Mundy N Raju (resigned 17 December 2024> L Wygas S Welch M Wooder (resigned 17 December 2024) S Pillay R Stickland (appointed 14 March 2024) Charity registered number 312734 Princlpal office 106- 110 Southwood Road New Eltham London SE9 3QS Independent audltors Xeinadin Audit Limited 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 2024 The Trustees present their annual report together with the audited financial statements of the School for the 1 September 2023 to 31 August 2024. 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 actlvities In 2023124 year the school had on average 214 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 non- academic are a tribule 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 IoGal 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 InStanS 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 revlew The Trustees are conlinuing their strategy of deploying all net incoming resources to investing in the educational purposes and fabric of the School. The school had nel deficit funds in the year of £43,821 (2023.. £6,710>. This has led to a decrease in reserves to £2,568,710 (2023.. £2,612,530). The School is in a strong position financially moving forward and the Trustees will conlinue 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 2024 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 accumulalion 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, sel 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 990/0 of the School's income. Structure, governance and management • Constitution St. Olave's School Trust was constituted by Trusl Deed dated 19th March 1970. The Trust is a regislered 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 declsion-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 facililies 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 2024 Statement of Tru8t•e8' rnspon8ibllltl•s The Trustees are responsible for preparing the Trustees, Report and Ihe financial statements in accordance wTrth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charitles in England & Wales requires the Trustees to prepare financial statements for each financial whTrch give a true and fair view of the state of affairs of the School and of tts incoming resources and application of resources. including its income and expenditure. for that period. In preparing these finanla1 statements, the Trustees are required to: select suitable accounting policies and then apY them consistently", obseprfe the methods and prlnciples of the Charities SORP (FRS 102): make judgements and acLounting estirnates that are reasonable and pmdent: state whether 8pplicabSe UK Accounting Standards (FRS 102) have been followed. sublect to any material departures disclosed and explained in the financial statements: prepare the financial statements on Ihe 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 tirne 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. Dlsclosure of Inforniatlon to audltors Each of the persons who are Trustees at the time when this Trustees, Report is approved has confimied that: so far as that Trustee is aware, there is no rdevant audit information of 4thrch the charitys 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 charitys auditors a aware of that infomiation. Auditorn The auditors, Xeinadin Audit Limited. have indicated their willingness to continue in office. The designate(I Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved bv order of the members of the board of Trustees and signed on their behalf by. P M Houlllon Date: 27 June 2025 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 stalements of St Olave's School Trust (the 'charilY} for the year ended 31 August 2024 which comprise the Stalement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of signrficanl accounting policies. The financial reporting framework that has been applied in their preparalion 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 Accepled 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 Ihe accounts to provide a true and fair view in accordance wth 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 charitvs affairs as at 31 August 2024 and of its incoming resources and application of resources for the year then ended. have been properly prepared in accordance with Uniled 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 Slandard, 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 slatements is appropriate. Based on Ihe work we have performed, we have not idenlified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charitys 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 respecl 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 Ihe 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 lo 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 oblained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent malerial 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 reouires us to report to you if, in our opinion- the information given in Ihe 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 relurns,. 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 statemenls that are free from material misstatement. whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's abilily 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 lo liquidate the charity or to cease operations, or have no realistic allernative but to do so. Page 6
ST OLAVE'S SCHOOL TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST OLAVE'S SCHOOL TRUST (CONTINUED) Auditors. responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Acl 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to oblain reasonable assurance about whether the financial statements as a whole are free from material misslalement, whether due to fraud or error, and to issue an Audilors, Report that includes our opinion. Reasonable assuran 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 il 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 extenl to which our procedures are capable of detecting irregularilies. including fraud is detailed below.. We identrfied areas of laws and regulations thal 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 truslees 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 polential effect of these laws and regulations on the financial statement5 varies considerably. Firstly, 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 parl of our procedures on the related financial Statement items. Secondly, the charity is subject lo 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 mosl likely to have such an effect.. health and safely, anti-bribery and employment law. Auditing standards limit the required audit procedures lo identrfy non-compliance with Ihese 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 limitalions 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 slandards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflecled 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-delection of irregularities, as these may involve collusion, fofgery, 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 Ihe financial statements is located on the Financial Reporting Council's website at.. www.frc.or -uklauditorsres onsibilities. This description forms part of our Auditors, Report. Page 7
ST OLAVE'S SCHOOL TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST OLAVE'S SCHOOL TRUST (CONTINUED) Use of our report This report is made solely to the charItS trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been underlaken so that we might state to the charitvs trustees Ihose 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 audil work, for this report, or for the opinions we have formed. Xeinadin Audit Limited Accountants and Statutory Auditors Trinity House 3 Bullace Lane Dartford Kent DA1 1BB 27 June 2025 Xeinadin Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 8
ST OLAVE'S SCHOOL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitsble activities Other trading activities Investments Other income 2,377 3,303,222 20.995 1,897 519 2,377 3.303,222 20,995 1.897 519 8,216 3,041,281 15,138 72 590 Total income 3,329,010 3,329,010 3,065, 297 Expenditure on: Raising funds Charitable activities 14,836 3,357,994 14,836 3.357,994 7,597 3,064,410 Total expenditure 3,372,830 3,372,830 3,072,007 Net movement in funds (43,820) (43,820) (6, 710) Reconciliation of funds: Total funds brought forward Net movement in funds 2,612,530 (43,820} 2,612,530 {43,820) 2,619,240 (6,710) Total funds carrled forward 2,568,710 2,568,710 2,612,530 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 12 to 25 form part of these financial statements. Page 9
ST OLAVE'S SCHOOL TRUST BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Flxed assots Tangible assets Investment property 13 14 2.140.564 665,000 1.905,342 665,000 2.805,564 2,570,342 Current assets Debtors Cash at bank and in hand 15 224,250 410.706 216,424 595. 196 634,956 811,620 Creditors: amounts falling due wthin one year 16 (871.810) (769.432) Net current Ilabllltl•s l a$8•ts 1236,854) 42,188 Total ass•ts less ¢urr•nt liabilitles 2,568,710 2,612,530 assets excluding penslon ass•t 2.568,710 2,612,530 Total n•t assets 2.568,710 2.612,530 Charity funds Restricted funds Unrestricted funds 17 17 2.568,710 2,612,530 Total funds 2.568,710 2.612,530 The financial statements were approved and authorised for issue by the Trustees on 27 June 2025 and signed on their behalf by.. P M Houlllon The notes on pages 12 to 25 form part of these financial f4tstements. Page 10
ST OLAVE'S SCHOOL TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash ftows from operatSng activities Net cash used in operating activities 147,631 (57.737) Cash flows from investing activities Dividends, inlerests and rents from investments Purchase of tangible fixed assets 1,896 (334,017) 71 (9,017) Net cash used In investing activities {332,121) (8,946) Cash flows from financing activities Net cash provided by financlng actlvities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (184,490) 595,196 {66,683) 661,879 Cash and cash equivalents al the end of the year 410,706 595. 196 The notes on pages 12 10 25 form part of these financial statements Page11
ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General infom)ation St Olaves School Trust is a charity registered in the United Kingdom. It's registered office is 106 -110 Southwood Road, New Ellham, London, SE9 3QS, which is also the principal place of business. The principal activities are set out in the Trustee's report. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance wilh 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 Slandard 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 lo Ihe extent required lo provide a 'true and fair. view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than Ihe Accounting and Reporting by Charilies: 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 olherwise stated in the relevant accounting policy. 2.2 Income All income is recognised once Ihe School has entitlement to the income, it is probable thal the income will be received and the amount of income receivable can be measured reliably. 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 complelion 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 direcl costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activily. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen 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. 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. Expendilure 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. Page 12
ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies {continued) 2.4 Tangible fixed assets and depr•ciation 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 lo allocate the cost of tangible fixed assels less their residual value over their estimaled useful lives. Depreciation is provided on Ihe following basis-. Freehold property Office equipment 2 % Straight Line 250/0 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 acquisilion or opening of the deposit or similar account. 2.7 Liabilities and provlsions 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 Iransfer of economic benefit will be required in settlement, and the amount of the seltlement can be estimated reliably. Liabilities are recognised at the amount that the School anticipates it will pay to settle the debt or the amount il has received as advanced payments for the goods or seNices it must provide. Provisions are measured at the best estimate of the amounls 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 amounls, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discounl 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 instrumenls. 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. 2.9 Pensions The School operates a defined contribution pension scheme and the pension charge represents the amounts payable by Ihe School to the fund in respecl of the year. Page13
ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 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 Ihe 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 lo the appropriate fund. Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donations 2,377 2,377 8,216 Total 2023 8,216 8,216 Income from charitable activlties Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Income from charitable activities - Educational Activities 3,303,222 3,303,222 3,041.281 Total 2023 3,041,281 3,041,281 Page 14
ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from other trading activities Income from fundraising events Unrestricted funds 2024 Total funds 2024 Total funds 2023 Fundraising 20,995 20,995 15,138 Total 2023 15,138 15,138 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment income 1,897 1,897 72 Total 2023 72 72 Other incoming resources Unrestricted funds 2024 Total funds 2024 Total funds 2023 School Photographs 519 519 590 Total 2023 590 590 Page 15
ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Total 2023 Educational Activities 3,357,994 3,357,994 3,064,410 Total 2023 3,064,410 3,064,410 Analysis of expenditure by activities Actlvities undertaken directly 2024 Support costs 2024 Total funds 2024 Total fvnds 2023 Educational Activities 2.863,379 494,615 3,357,994 3, 064,409 Total 2023 2,613,832 450,577 3, 064,409 Page 16
ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure by activities {contlnued) Analysis of direct costs Educational Activities 2024 Total funds 2024 Tolal funds 2023 Staff costs Depreciation Books & equipment Catering supplies Sport facility hire cosls 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 Site Development costs 2,121,688 94.164 48,872 147,851 18,304 41,155 6,062 25,408 80,595 52,755 24,425 32,261 6,151 185 117,817 33.782 4,631 7,273 2,121,688 94,164 48,872 147,851 18,304 41,155 6,062 25,408 80,595 52,755 24,425 32.261 6,151 185 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 36.206 735 117,817 33,782 4,631 7,273 2,863,379 2,863,379 2,613,832 Total 2023 2,613,832 2,613,832 Page 17
ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure by activities (continued) Analysis of support costs Educational Activities 2024 Total funds 2024 Total funds 2023 Staff costs Other professional fees Staff training Examination, school trips and sundry costs Recruitment Governance costs 446,822 14,988 18,014 4.704 4,399 5,688 446,822 14,988 18,014 4,704 4.399 5,688 410,721 10,531 17.097 2, 653 3,999 5,576 494,615 494,615 450,577 Total 2Q23 450, 577 450,577 10. Auditors. remuneration The auditors, remuneration amounts to an auditor fee of £5,688 (2023 - £5,500>. 11. Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 2,051,285 178,000 339,225 1,970,829 171,068 293,510 2,568,510 2,435,407 The average number of persons employed by the School during the year was as follows: 2024 No. 2023 No. Teaching Staff Teaching support staff (part time and assistants) Catering and lunch time Administrative Caretaking 27 25 27 28 74 73 Page 18
ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Staff costs (continued) The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: 2024 No. 2023 No. In the band £70,001- £80,000 The key management personnel of the School. comprise the Trustee5, the Head Teacher and the Bursar and clerk to the Trustees. The tolal employee benefits of the key management personnel of the School were £168,302 {2023.' £155,126). 12. Trustees, remuneration and expenses During Ihe year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 August 2024, no Trustee expenses have been incurred (2023 - £NIL). 13. Tangible fixed assets Freehold property Office equipment Total Cost or valuatSon At 1 September 2023 Additions Disposals 2,274,314 529,983 334,017 (76,060) 2,804,297 334,017 (76.060} At 31 Augusl 2024 2,274,314 787,940 3,062.254 Depreciation At 1 September 2023 Charge for Ihe year On disposals 446,908 41,304 452,047 52,860 (71,429) 898,955 94,164 (71.429) At 31 Augusl 2024 488,212 433,478 921,690 Net book value At 31 August 2024 1,786,102 354,462 2,140,564 At 31 August 2023 1,827,406 77,936 1,905,342 Included in land and buildings is freehold land at valuation of £206,289 {2023- £206,289), cost £206,289 {2023- £206,289) which is not depreciated. Page 19
ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Investment property Freehold Investment property Valuation At 1 September 2023 665,000 At 31 Augusl 2024 665,000 15. Debtors 2024 2023 Due within one year Trade debtors Prepayments and accrued income 143,329 80,921 130, 100 86,324 224,250 216,424 16. Creditors: Amounts falling due within one year 2024 2023 Other taxation and social security Other creditors Accruals and deferred income 44,085 221.000 606,725 48,790 219,500 501, 142 871,810 769,432 Page 20
ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Statement of funds Statement of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Income Expenditure Unrestricted funds Designated funds Minibus Fund Fundraising & Social Committee Fund 18,000 17,877 18,000 22,333 20,995 (16,539) 35,877 20,995 (16,539) 40,333 General funds General Funds - all funds Revaluation reserve 2,350,207 226,446 3,308,015 {3,356,291) 2,301,931 226,446 2,576,653 3,308.015 (3,356,291) 2,528,377 Total Unrestricted funds 2,612,530 3,329,010 {3,372,830) 2,568,710 Page 21
ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Statement of funds (continued) Statement of funds - prior year Balance al 1 September 2022 Balance al 31 Augusl 2023 Income Expenditure Unrestricted funds Designated funds Minibus Fund Fundraising & Social Committee Fund 18,000 12,606 18.000 17,877 15,138 (9, 867) 30,606 15, 138 (9.867) 35,877 General funds General Funds - all funds Revaluation reserve 2,362, 188 226,446 3,050, 158 (3, 062, 139) 2,350,207 226,446 2, 588, 634 3,050,158 (3.062, t39) 2,576, 653 Total Unrestricted funds 2,619,240 3,065,296 (3,072,006) 2,612,530 18. Summary of funds Summary of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Income Expenditure Designated funds General funds 35,877 2,576,653 20,995 (16,539) 3,308,015 (3,356,291) 40.333 2.528,377 2,612,530 3,329.010 {3,372,830) 2,568,710 Page 22
ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Summary of funds (continued) Summary of funds - prior year Balance al I September 2022 Balance at 31 Augusl 2023 Income Expenditure Designated funds General funds 30, 606 2, 588, 634 15,138 (9,867) 3,050,158 (3, 062, 139) 35,877 2,576,653 2,619,240 3,065,296 (3,072,006) 2, 612, 530 19. Analysis of net assets between funds Analysls of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Investment property Current assets Creditors due within one year 2,140,564 2,140,564 665,000 665,000 634,956 634,956 (871,810) 1871,810) Total 2,568,710 2,568,710 Analysis of net assets between funds - prior period Unrestricted funds 2023 Total fvnds 2023 Tangible fixed assets Investment property Current assets Credilors due within one year 1,905, 342 665,000 811,620 (769,432) 1,905,342 665,000 811,620 (769,432) Total 2,612,530 2,612,530 Page 23
ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Reconciliation of net movement in funds to nat cash flow from operating activities 2024 2023 Net expenditure for the period (as per Statement of Financial Aclivilies) (43,820) (6, T10) Adjustments for: Depreciation charges Dividends, interests and rents from investments Loss on the sale of fixed assets Increase in debtors Increasel{decrease) in creditors 94,164 (1.896) 4,631 17,826> 102,378 66,247 (71) 735 (117,224) (714) Net cash provided byl{used in) operating activities 147,631 (57, 737) 21. Analysis of cash and cash equivalents 2024 2023 Cash in hand 410,706 595.196 Total cash and cash equivalents 410,706 595, 196 22. Analysis of changes in net debt September At31 2023 Cash flows August 2024 Cash at bank and in hand 595,196 (184,490) 410.706 595,196 (184,490) 410,706 23. Pension commitments The School operates defined contribution pension schemes, one for support slaff and a Teachers Pension Fund which is underwritten by the Government. The assets of Ihe 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 £339,225 (2023.. £293,510}. Contributions of £3,788 (2023- £3,976) were payable to the fund at the balance sheet date and are included in creditors. Page 24
ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 24. Related party transactions The School has not entered into any related party Iransaction during the year, nor are there any outstanding balances owing between related parties and the School at 31 August 2024. Page 25