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 InStan￿S 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 finan￿la1
statements, the Trustees are required to:
select suitable accounting policies and then ap￿Y 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 charIt￿S 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 be￿een 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