Charfty number. 312734 ST OLAVE'S SCHOOL TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ST OLAVES SCHOOL TRUST CONTENTS Page Reference and Admlnl8tratlvo D￿all0 ol tho School, Its Truste88 and Advlsfrrn Trustees, Roport Indepondont Auditors. Report on the Flnanclal Statomonts Statement of Flnanclal A¢tlvftle8 Balonc• She•t 10 Statom•nt of Cash Flow8 11 Notss to the Flnanclal SLqtemants 12-25 ST OLAVE'S SCHOOL TRUST REFERENCE AND X)MINISTRATIVE DETAILS OF THE SCHOOL. rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025 Tru8tO08 P M Houlllon, Chair A C Mundy N Raju {resigned 17 De¢ember 2024) L Wygas S Welch M Wooder Ireslgned 17 December 20241 S Pillay R Stickland Charity registered nufflbgr 312734 Principal office 106- 110 Soulhwcod Road New Eltham London SE9 3QS Indopendenl auditors Xeinadin Audit Limited Accountants and Statutory Auditors Trin￿ House 3 Bullace Lane Dartrord 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 2025 The Trustees present their annual report together with the audited financial stslements of the for the 1 September 2024 10 31 August 2025. Obj0¢tiv•s and actlvltle• • polici￿ and obJectlv•8 11 is the policy of the school lo attain the highest academic levels as w811 as providing an exira-¢urri¢ular programme which aims to help build self4onfidence and a desire to contribute lo th8 community. In setting the objectives and ￿annIng th& activities, the Trustees have given careful consideration to the Charity Commission's general guidan￿ on public benefit and in particular lo its supplementary public benefit guidan on advancing education and on fee charging. • Strategles for achl•vlng obi8ctiv•8 The objective is achieved through the continuing management of Sl Olave's Prep Schc4)l. There have been no changes in the policy adopted to achievé the Object of the Charity. Our fees are reviewed annually by the Truslegs and are comparable to other local independent preparatory schools. We offer dlscounts sthere parents have more than one child at the school. Achlevements and p•rfonnan¢e Revlew of artlvltle8 In 20241125 year Ihe $chcKY had on average 215 pupils. The sch¢xA has continued to malntaln Its repulatfon within the local communty as a provider of educalion that maximises the abilities of the individual pupll. Future registrations and continuing inte￿t in the Schwl give us confidence that pupil numbers wlll be maintsined in the foreseeable future. The School conllnued lo achleve more than satisfactory academic results whlch translated into excellent pup pl￿ment for their continuing secondary education. The Schools achievements both academic and non- ac&Jemlc are a tribute lo the considerable efforts made by staff and pupils alike. In addilion to the academic achievements the School malntained Ils excellence in sport, music and drama. During these activili8s money raised has been donated to other local Charit￿$ that the School supports. The School makes use of local sporting facilities and allotments and partiCiP2tes in events with the local community. Lunch time and after school clubs are provided Includlng sports, muslc, languages and gardenlng, 811 of wh￿h are free of ¢harge. These activrties help to promote the children's broader education. During the school year, there were instances where. due to excepllonal changes In family clrcumstances, Ihe Schth)I were able to offer some assistance wth the payment of school fe&s for a short period of time. • Flnandal r•vlow The Trustees are continuing their strategy of deplowng all net incoming resourtss to investing in the educational purposes and fabric of the School. The gchool had nel surplus of fund$ in the year of £26,841 (2024- £43,821). This has led to a irmase in reserves lo £2.595.551 12024.. £2,5fj8,710). The S¢hod is in a strong position financialy moving for¥rdrd and the Trustees will continue to use the funds available lo further the edU￿ts.0n of its students. Pag8 2 ST OLAVE'S SCHOOL TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Going ¢onc•rn Afier Tnaking appropriate enquiries. the Trustees have ? reasonable expectation Ihal the School has adequate resources to continue in operalb)nal existen¢e for the forese??ble future. For this reason, they continue to adopt the going concem basis in preparing the finan¢i?l $tatement5. Further details regarding the adoption of the going concern basis can be found in the a¢¢ounting policies. Reserv•9 policy The Trusiees believe that tho funding received in any one year should be used to support the Pltpils on roll al the lime unless there is a spoGifiG project which will require th8 accumulation of funding over more Ihan one year, such as for a new S¢1￿01 tKiildirwJ or renovation. They also wish to ensure the stsbility of the organisalional operations and so. set reserve levels lo enable the School lo react quickly to changes in financial ¢1￿uM$18n¢eS, for example, large unplanned expenditure. • Prlnclpal funding The principal Sour￿ of income is fees &counts'ng for 99% of the School's income. Structur•, govémanté and management • Constitutlon Sl. Olav8's School Trust was tonslitulgd by Trust Dged dated 19th March 1970. The Trust is a registered charity. The principal object of the School is the advane£ment of edu¢ation providing day schwling for children aged three year lo eleven years of both sexes. • Methods of appolntm•nt or •l•ctlon of Trustaés The management of the Schocl Is the responsibillty of the Trustees who a￿ responsible for the nominalion and election of new Trustees under Ihe tsrnis of the Trust deed. • Organ￿￿Onal 8tnKiuro and decl8lon4naklng pollcles The School Is governed by the Board of Truslees. • Flnanclal rlsk m¥bagement The Trustees have assessed th8 malor rfsks to whlch the Schc4)I Is exposed. In par16¢ular Ihose related to the operations and finances of the School, and are Satisf￿ that systems and pro￿tUreS are in place lo mituae exposure lo the ma￿)r risks. Plan$ forfuturo poriod• The Trustees aim to ¢ontinually Improve the service prowded and the facilit￿ available lo both pupls and teachers. The School premiges are maintained lo a high Standard. Plans for the futtjre long term development of the slte are belng developed lo improve the teaching facilities availatAe to the whole school. Pag8 3 ST OLAVE'S ScHI￿L TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Stolèment of Tru8taa8' rn8pon81bllltla8 The Trustees are responslble for preparlng th& Trustees. Report and the financial statements in accordanc8 ￿￿th applicable law and United Kingdom Accounllng Standards (United Kingdom Generally Accepted Accounllng PracticL). The law applrcable to charftie8 In England.& Wales ￿QU￿e8 the Tru8tee8 to prepare financlal statements for each financlal which give a tn￿ and fair vlew of the slate of 8ffalrs of the School and of Its Incoming ￿sourceS and appllcallon of resources, including 118 Income and expeThltture. for that perlod. In preparlng tltte financial stslemenls, the Trustees are requlred to: select SLMlable accounling rdicies and then apptythem ¢on$istently. obseNe the methods and prin¢lple$ of the Charities SORP (FRS 102)., make judgements accounting estimates that are reasonable and PTudent: 8tate whether applicable UK Accounlng Standards (FRS 102) have been follo¥*d. sut4ect to any mat8ri81 departu￿ dtsdosed and expl8ined in Ihg financial $tstements,' prepare the Ilnancial statements on the golng concem basis unless It18 Inapprowlate to wesume that the School w41 continue tn busines8. The Trustees are rasponsible for keeping adequate accountiThJ rec¢xds that are SLrflklent to show arKI explaln the School's transactions a￿1 disdose ￿th reasonable accuracy al any time the flnancial position ol the Schod and enable Ih8m lo ensur6 that the financial statements compiy with the Charfties Act 2011, the Charlty (Accounts and Reports> Regulat￿nS 2008 and the provisions of the Trust dee(l. They are also responslble for safeguarding the assets of the School and hence for taking reasonable stOPS tor the preventM)n and dete¢lion of fraud and other irregUl￿1¢eS. D15¢1osure of Inforrnation to audltors Each of th8 porsons are Trusteès at the time when thls Truste8s' Report Is approved has confirméd that: $0 far as that Trustee 15 aware. there 1$ no relevant audit informat¥)n of whith the tharws auditorn ar8 unaware, arKI that Trustee has 18ken all the steps that ought to have been taken a8 a Truste8 in order to bè aware of any relevant audit information afvj lo ostsbltsh that tho chariws auditors are aware of that irrformation. Audito The auditors, Xeinadin Audit Limited, have indicated their willingness to eontlnue In offiLX. The desiqnated Trustees will propose a motion r8appoinlin9 the auditors at a meeting of the Truste85. Approved by order of the members of th8 bDard of TNStees and signed on thèk behalf by.. P M Houillon Date: >ol•& Ix• Page 4 ST OLAVE'S SCHOOL TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST OLAVE'S SCHOOL TRUST Oplnlon We have audited the financial statements of Sl Olave's School Trust {Ihe 'charity} for the year ended 31 August 2025 which comprise the Statement of Financial Aclivib'es, 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 preparation is applicable law and Unrted Kingdom Accounting Standards, induding F￿anCIal Reporting Siandard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. {Uniled Kingdom Generally Accepted Ac¢ounting Praclicel. The financial statements have beon prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republ of Ireland (FRS 1021 in preference to the AGcounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations bul has been withdrawn. This has been done in order for the accounts lo provide a true and fair view In accordance wth the Generally Accepted Accounting Practice effective for reporbng periods beginning on or after 1 January 2015. In our opinion the finanrial statements.. give a true and fair view of the slate of the chariV5 affair5 as al 31 August 2025 and of its incoming resources arnl application of resources for the year then ended., have been properly prepared in aoGordallce United Kingdom Generally A¢¢epted Accountin9 Practice" and have beer) prepare(l in ￿￿or￿an￿ 4Mth Ihe requirements of the Charities Act 2011. Basis for opinion We conducted our audit in aG￿rdance WFth International Slandards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under Ih05e stsndards are further described in the Auditors. responsibilities for the aud of the financial ststemenls se¢tion of our ￿pOrt. We are independent of the charity in aCcOrda￿e with the ethical requirement$ that are rdevanl lo our audit of the financial slaternents in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilrties in accordan¢e wlh these requirements. We believe that the audit evidence we have obtained is suffic￿nI and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concem In auditing the financial statements, we have concluded that the Trustees, use of the going ￿ncern basis of accounting in the preparation of the financial statements is approprk4te. Based on the work we have perfomied, we have not idenlrfied any material uncertainties relating to events or conditions that, indNidually or collectivety. may Cast signrficant doubt on the charivs ability to continue 8s a going ¢c￿cern for a period of at least twelve months from when the financial statements are authorised for issue. Our ￿spOnsIbIlItIeS and the responsibllities of the Trustees wilh respect to going concern are des(xibed in the relevant se¢tions of this report. Pagè 5 ST OLAVE'S SCHOOL TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST OLAVE'S SCHOOL TRUST (CONTINUED) Oiher Infonnallon The other Infomiatlon comwlses the informatlon Included in the Annual Report other than the financial statements and our Audllors, Report thereon. The Truste88 are responslble for the other information contained thin the Annual Rem. Our oplnlon on the financial statements does not cover Ihg other information and, except lo the exlenl otheNlse expllcllly staled In our report, we do not express any form ol assurance Gonclusion thereon. Our responsibllity 1$ lo read the other information and, in doing so, consider whether the other information is materially in¢onsislenl wlh the financial slatemenls or our knovAedge obtained in the course of the audit, or otherwise appears lo be malerlally mlsstaled. If we identify such material inconsistencies or apparent material misstalemenls. we are requlred to determine whether Ihls gives rlse lo 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 informallon. we are requlred to report Ihal fact. We have nothing to report in thls ward. Mattgr8 on whlch wo aro roquirod to report by 0X¢OPtlon We have nothing to report in re5pe¢t of the follo%￿ng matters Ythere the Char￿[85 {Accwnts and Rep)rts> Regulations 2008 requires u5 to report to yuu if. in our opinion-. the irrformalion given in Ihe Trustees, Report 1$ inconsistent in any material respect wth the financial ststemenls., or sufficient accounting records have Th)t been kept., or the finanGi?15ts1ements are not in agreement with the accounts'ng records and returns,. or we have not received all the information and explanations we require for ovr audit. Responslbllltles of trustee8 Ag explained more fully In the Trustees, Responsibilities Statement, the Trustees are resp(M)sibl& for th& preparation of the financial statements which give a true and fair view, and for such internal control as the Trusle&s determine is necessary lo enabl8 the preparation of financial stalements that are from malerlal mlsstatement, whether due to fraud or error. In preparing the financial slatemenls, the Trustees a￿ responsible for assessing the charivs ability to continue as a going concern, disclosing, as applicable, matters related to going ¢on¢gm arKI using the going concem basis of accounting unless the Trustees either intend lo liquidate the tharity or to cease operations. or have no realistic alternative but to do so. Pag8 6 ST OLAVE'S SCHOOL TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST OLAVE'S SCHOOL TRUST (CONTINUED) Audltors. responslbllltlos for th• audlt of the financlal ¥tat•ments We have been appo￿ted as auditor under seclth 144 of the Charities Act 2011 and report in wxrjrdance wtth the Act and relevant regulations made or having effect Ihereunder. Our obj'ectives are to obtain reasonable assurance about whether the financial statements as a are free from material misslatemenl. whether due to fraud or error, and lo issue an Auditors. Report that includes our opinion. Reasonable assurance is a high level of assurance, but is r¢ol a guarantee that an audit conducted in accordance with ISAS IUKI wll 81ways delect a material misstatement when il exists. Misststemenls can arise from fraud or error and are considered material rf. individually or in the aggregate, they could reasonably be expected to infiuence the economic deasions of users taken on the basis of these financial statements. Irrewlarilies, Including fraud. are instances of non-compliance with lavts and regulations. We design procedures in Ilne ￿th our responsibllities. outlined above, to detect material misstalemenls in respect of irregularities, includlng fraud. The exlenl to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We idenlrfied areas of laws and regulations that could reasonably be expected to have a material effect on the financial slalemenls from our general commercial and sector experience and through discussion with the trustees and other management {as required by auditing standards), and discussed wlh the trustees and other management the sx)licies and procedures regarding compliance with laws and regulations. We communicated Identrfied laws and regulations throughout our team and remained alert lo any indications of non-compliance throughout the al￿11. 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 inlemal controls. The potential effect of these laws and regulations on the financial stslements varies cor)siderably. Firstly. the charity is subj'ect to laws and regulations that directly affect the financial statements induding 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 statemw)t items. Secondly, the charity is subject lo many other laws and regulations vthere the consequences of non-compliance could have a material effect on amounts or disclosures in the finanoal slaternents. for instance through the imposition of fines or litigation. We identrfied the foltwng areas as Ih05e most likely to have such an effect: health and safety, anti-bribery and employment law. Audiling standards limit the required audll procedures to identrfy non-compliance wth these12ws and regulations to anquiry of the d1￿Clor$ and other management and inspection of regulatory ￿￿j legal correspondence, rf any. Through these procedures. we became aware of no aclual or suspected non-compliance. c￿ng lo the inherent limltallons 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 property planned and performed our audit in accordance ￿th auditing standards. For example, the further removed non o *• 36 Xeinadin Audit Limited are eligible to act a5 auditors in terms of section 1212 of the Companies AGI 2CN)6. Page 8 ST OLAVE'S SCHOOL TRUST STATEMENT OF FINANCIAL ACTWMES FOR THE YEAR ENDED 31 AUGUST 2025 Unr•strlct•d fund8 2025 Total funds 2025 Total funds 2024 Not• In¢ome from: Donations and legacies Charitable activities Other tra(Jing adNitie$ InveslmeTrls Other income 13,973 3.346.229 16,373 2,556 144 13,973 3.346.229 16.373 2,556 144 2,377 3,303,222 20.995 1.897 519 Totsl Incomè 3.379,275 3,379,275 3,329,010 Expenditure on.. Ralsir4J funds Charitsble a¢livities 6,012 3,346.422 6,012 3.341422 14,836 3,357.994 Total expenditure 3,352,434 3,352,434 3,372,830 Nèt movamènt in funds 26,841 26,841 (43,820) Rw>nGiliation of funds: Total funds brought forward Net movement in lunds 2.568,710 26,841 2,568,710 26,841 2.612.530 (43,820) Total funds Garrigd forward 2,595,551 2.595.551 2.568,710 The Statement of Financial Activities include5 all gains and losses recognised in the year. The note5 on page$ 12 10 25 fom part of Ihesg financial statements. P4e9 ST OLAVE'S SCHOOL TRU8T BALANCE SHEET AS AT 31 AUGUST 2025 2025 2024 Not• Flxed ass•t• Tangible as$el8 Investment property 13 2.139,992 699,013 2.140.564 fj6&000 14 2m9.005 Z80£564 Current a•••ts 15 337.073 290.674 224.250 410.706 Ca8h at bank and in hand 627.747 834,958 Cwront Ilabllltles Creditors: amounts falling due wllhin one 1871201) (871,810) Nat curront Ilabllill¢s {243,454) 1236.854) Total less current Ilabllitlgs 2,595,551 2,568,710 Not a860ts •x¢ludlng Ponslon assat 2,395,551 2.568, 710 Tthal net assets 2,S95,551 2.568,710 Charfty funds Restrthd fund$ Unrestricted funds 17 17 2.594551 2.568.710 Total funds 2,$95,S51 2,568,710 Tho financial 81atements were approved and aulhorised f(Y i$8ue by the Trustees and slgned on Ihelr behaff bjr. P M Houlllon Date.. >•lth 6l%•x Tho notes on page5 12 to 25 fomi part of Ih8se financial st*ments. Paga fo ST OLAVE'S SCHOOL TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Cash flows from operating aGtiviti•s Nel cash used In operatlng a¢Uvlties 27.497 147.631 Ca$h flow8 from Investlng actlvltles Dividends, interest5 and rents from investments Purchase of tangible fixed assets Purchase of investmenl propety 2,S56 1.896 (116,0721 (334,OIT) (34.013) Not ¢a¥h used In Investlng actlvltle8 (147,529) (332,1211 Cash flows from lIn￿¢Ing activiti•s Not cash provided by financlng actlvltles Change in cash and cash 8qulvalénts in tho yoar Cash and cash equivalents at the bgginnlng of the year 1120,032) <184,490) 410,706 595, 196 Cash and Ga¥h oquival?nts at the end of the ygar 290.674 410, 706 The notes on pages 12 to 25 form part of these financlal statements Page 11 ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Gonoral informallon St Olaves School Trust Is a charlty registered in the United Kingdom. li's registered office is 106 -110 Soulhwood Road, New Ellham, London. SE9 3QS, which is also the principal place of business. The principal activities are set out In the Trustee's repcrt. Accounting polieieg 2.1 Basis of prnparation of Ilnanclal 8tat•m•nts The finanGial statements have been prepared in a¢¢ordance wth the Charities SORP {FRS 1021- Accounting and Reporting by Charities.. Staternenl of Recommendeé Practice applicable to Gh8rilies preparing their accounts in accordance with the Fir￿nCIal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Irela￿1 (FRS 102> and the Charities Act 2011. The financk41 $talements have been prepared lo grve a Inje and fair, view and have departed from th8 Charities IAeLounts and Reports) Regulation5 2008 only to the extent required lo provide a 'lrue and fairf view. This departure has involved following the Charities SORP {FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities.. Statemgnl of Recomm&nded Practice effective from 1 Asyil 2005 which has since been ￿thdraWn. st Olave's School Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or tran58clM)n value unless Other￿Se staled in the relevant accounting pollcy. 2.2 In¢omo All income is wognised once School ha5 entitlement to the income, il is probable that the income will be weived and the amount of income receivable can be measured reliably. Income tax recoverable in relation lo inveslm&nl Income is recognised al the lirng the investment income is receivable. Other ino)me Is recognlsed in the period in whid) It 1$ receivable and to th8 &xlent the 9cods have been provlded or on completion of the 5erviGe. 2.3 Expandlturg Expendmure is recognised once the￿ 1$ a legal or constructive obligation to transfer economic benefrt to a third party, it is probable that a transfer of eCOr￿1¢ b8nefits wlll be required in settlement and the amount of the obligation ¢an be measured reliably. Expenditure is classrfied by actNity- The costs of each activity are made up of the totsl of direct costs and shared costs. inctuding support costs involved in undertaking each activity. Direct costs attributable to 8 single activity are allocated directly to that activity. Shared Costs which contribute lo more than one activity ané support Costs which are not attributable lo a single activily are apportioned betsften those activitie5 on a basis consistent wth th8 use of resources. Central staff costs are Allocated on the basis of ts'me spent. and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the School lo raise funds for ils ¢haritable purposes and indudes costs of all fundraising activities events and non-charitable trading. Expenditure on ¢harilable ￿tIVitIeS 18 irrfJJrred on directly undertaklng the activities which further the School's objeGINes. as well as any associaled support Costs. All expenditure is incluswe of irrecoverable VAT. Page12 5T OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng pollcles (contlnuod) 2.4 Tangible flxed a88els and doproclatlon TarwJible fixed assets are inttially recognised al Gosl. After recognition. under the cost model. tangibl8 fixed assets are measured al cost le53 accumulaled depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working ¢ondrtion should be included in Ihe measurement of cost. Depreciation is Gharged so as to allocate the cost of tangible fixed assets less their ￿$4￿ual value over their estimated u$eful INes. Depreciation is [￿0vided on the following basis: Freghold propoty Offic8 equipment 2Qh Straight Line 2501• Reducing Balance 2.5 Debtors Trade and other deblcjrs ae recognised al the setdement amount after any trade discount offered. PrepayTnents are valued al the amount prepaid net of any Irade di8￿UnIS due. 2.6 Cash at bank and in hand Cash at bank and in hand Includes cash and short-term highty liquid investments wth a short malurty of threg months or less from the date of acquisition or openin9 of the deposit or similar account. 2.7 Llabllltle¥ and provlslons Liabilities are re¢ognised when there is an obligation al the Balance Sheet date a5 a result of 8 past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated relrably. Liabilities a￿ re￿gnIsed al the amount that the S¢hool anticipates il will pay lo settle the debt or th8 amount it has received as advanced payments for the goods or servic85 it must provide. Provision$ are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the tlme value ol money is material, the proviston is based on the present value of those amounts. dlscounled at the pre-tax discount rate Ihal reflects the risks specific to the liability. The unwlndlng of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.8 Flnan¢lal Instruments The School only has financial assets and financial liabilities of a kind that qualtfy as basi¢ financlal inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value wth the exception of bank loans which are subsequenuy m8asured at amortised Cost using the effective interest method. 2.9 Pensions The School operates a defined contritrAJtion pension scheme and the pension charge represents the amounts payable by the School lo the ftjnd In respect of the yew. Pag8 13 ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting poliGio¥ {Gontinued) 2.10 Fund accounting General funds are unrestricted funds which are available for use at the dis(felion of Ihe Trustees in furtherance of the general objective5 of the School and wh￿h have not been designated for other purposes. Designated funds comprise unrestricted funds that have been sel aside by the Truste8s for particular purposes. The aim and use of each designated fund is set out in the notes to the financial slatem8nls. Investment income, gains and105$es are allocated to the appropriate fund. Incomo from donatlons and legacigs Unro$tri¢tod fund$ 2025 Total funds 2025 Total fvnds 2024 Donat￿nS 13.973 13,973 2,377 Totsl 2024 2,377 2,377 Income from ¢harftable actlvltle8 Unrestrlctad funds 2025 Total funds 2025 Total fvnds 2024 Income from charitsble activities - Educalional Activities 3,346,229 3,346,229 3,303,222 Total 2024 3,303,222 3,303,222 Page 14 ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Income from othor trading acllvltles Incomo frorn fundraising events Unrostrlcted funds 2025 Total funds 2025 Tot81 funds 2024 Fundraising 16,373 16,373 20,995 Total 2024 20,995 20,995 Investment income Unr8stricted funds Total fund8 2025 Total funds 2024 2025 Investment income 2,556 2,556 1,897 Total 2024 1.897 1,897 oth0r in¢oming r¢soureos Unr•stri¢lgd funds 2025 Total funds 2025 Total funds 2024 School Photographs 144 144 519 Tot812024 519 519 Paga 15 ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Analysis of expenditurè on eharltabl• actlvllles Summary by fund typo UnroStriGtod funds 2025 Total 2025 Total 2024 Educational Activities 3.346,422 3,346,422 3,357.994 Total 2024 3,357,994 3,357,994 Analysis of expondlturn by actlvltlos Actlvltles ndertaken dlrectly 2025 Support ¢0st$ 2025 Total fund8 2025 Total funds 2024 Educational Activities 2.848,893 497,529 3,346,422 3,357,994 Tol812024 2,863,379 494,615 3.357,994 Page 16 ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Analysls of exponditurn by activitle8 {¢ontlnued) Analygls of dlrect costs Educational Activities 2025 Total funds 2025 Total funds 2024 Staff costs Depreciation Books & equipment Catering supplies Sport facility hire costs Utility expenses Telephone Insurance Repairs & maintenance Compul8r maintenance Printing. postage & stationery Advertising & web design Legal & professional Minibus costs Clubs Examination, schcol trips and sundry costs External sports staff Irrecoverable VAT Bad debts Loss on disposal of fixed assets Sile Development costs 2.166.621 116.645 40,230 128,768 12.764 75.424 (948) 26,187 50,210 48.099 17,060 58.713 445 15,600 79 109,787 17.137 {45,9801 12,052 2.166,621 116.645 40.230 128.788 12.764 75.424 {9481 26,187 50.210 48.099 17,060 58,713 445 15,600 2, 121,688 94,164 48,872 147,851 18,394 41,155 6,062 25.408 80,595 52, 755 24,425 32,261 6, 151 185 117.817 33.782 109,787 17,137 145.980> 12,052 4,631 7,273 2.848,893 2.848,893 2,863,379 Tot812024 2,863.379 2,863,379 Page 17 ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Analysls of gxponditurn by activiti￿ Icontlnued) Analysls of support costs Educatlonal Actlvltles 2025 Total funds 2025 Total fvnds 2024 Staff costs Other professional fee8 Staff training Examination, schocd trips and sundry ￿$ts Recntilmenl Govemance G05ts 454,572 9.330 16.898 5,831 5.399 5,499 454,S72 9,330 16,898 5,831 5,399 446.822 t4.988 18,074 4.704 4,399 5,688 497,529 497,529 494.615 Tot812024 494,615 494,615 10. Auditors. rémuneratlon The auditors, r6muneratlon amounts to an auditor fe8 of £5,499 {2024- £5.6881. 11. Staff costs 2025 2024 Wages and salaries Social security costs Contribution lo defined conlrfbution pension schemes 2,055,981 200,505 3W707 2,051,285 178,000 339.225 2,621,193 2.568.510 The averap number of persons empw by the School durir¥J the year was as follows.. 2025 Nth 2024 No. Teaching Staff Teaching support staff {part time aTrJ assistsnts) Catering and lunch time Administrative Caretaking 24 27 29 27 74 74 Page 18 ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 11. Staff Gosls {¢ontinued) The number of emt4oye8s whose employee benefits lex¢luding employpr pension G05151 ￿ceeded £60,000 wa5.. 2025 No. 2024 No. In the band £60.001- £70,000 In the band £70.001- £80.000 The key management personnel of the School, comprise the Trustees. the Head Teacher and the and clerk to the Trustees. The total employee benefits of th6 key management personnel of the S¢hool were £163,1)85 {2024: £168,302). 12. Trustees. r•rnunoration and èxpenses During the year, Trustees received any remuneration or other benefrts {2024- £NIL). During the year ended 31 August 2025. no Trustee expenses have been Incurred (2024- £NIL). 13. Tangible fixed as¥gts Freehold property equipment Total Cost or valuation Al 1 September 2024 Additions 2,274.314 41,167 787,940 74.905 3,062.254 116,072 Al 31 August 2025 2.315.481 862,845 3,178,326 Depreclation Al 1 September 2024 Charge for the year 488.211 42,225 433,478 74420 921.689 116,645 At 31 August 2025 530,436 507.898 1,038,334 Nol book value At 31 August 2025 1,785,IM5 354947 2,139,992 At 31 Augusl 2024 1,786.103 354,462 2, 140,565 Included in land and buildings is freehold land at valuation of £206,289 (2024- £206,289), cost £206,289 {2024- £206,289) which is not depreciated. Page 19 ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 1& Investm•nt property Freehold Investment property Valuation At 1 September 2024 Additions 665.000 34,013 At 31 August 2025 699.013 15. Debtors 2025 2024 Due within one year Trade debtors Other debtors Prepayments and accIL￿d income 160.156 55,771 121,146 143,329 80.921 337,073 224,250 16. Creditors: Amounts falling due within one year 2023 2024 Other taxation and social security Other Creditors Accruals and deferred income 51.343 220,000 599.858 44,085 221,000 606,725 871,201 871,810 Pag8 20 ST OLAVES SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 17. Statement of funds Slatement of funds- ¢urroni ￿ar Balanc• at 1 September 2024 Balance at 31 August 2025 Income Expendlture Unr￿trIcted funds Dosignatgd funds Mlnlbus Fund Fundraising & Social Committee Fund 18.000 22.333 (15,600) (7.2891 2,400 31,417 16.373 40.333 16.373 <22,889 33,817 Ggnoral funds General Funds - all funds Revaluation reserve 2.301,931 226,446 3,362,902 (3,329,545) 2,333.288 226,446 2,528,377 3,362.902 13,329,545) 2,561,734 Total Unrn8trict•d funds 2,56B,710 3,379,275 (3.352.434) 2,595,551 Page 21 ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 17. Staternent of funds {contlnued) Statement of funds- prior year Balance al I September 2023 Balance Al 31 August 2024 In¢omfj Expenditure Unrnstrlcted funds Designated funds Min1t￿S Fund Fundraisi￿ & Soclal Comm￿tee Fund 18,000 17.877 18,000 22,333 20,995 (16,539) 35,877 20,995 (16,539) 40,333 General fund8 Gener81 Funds - 811 furKIs Revaluation resave 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 Tolal Unrè8trictod funds 2,612,530 3,329,010 (3,372,830) 2.568,710 18. Summary of funds Summary of funds - currnnt year Balanc• al 1 Septamber 2024 Balance at 31 August 2025 Income Expenditur• Designated funds General funds 40,333 2.528,377 16J73 {22,889) 33,817 3,362,902 (3.329,545) 2.561.734 2.568.710 3,379,275 (3,352,434} 2,S95,551 Page 22 ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 18. Summary of lunds Icontlnued) Summary of funds- prlor year 8alanGe al I Septembgr 2023 8alance al 31 August 2024 Income Expenditure Designated fund8 General furlds 35,877 2,576,653 20,995 (16,539) 40,333 3,308,015 (3,356,291) 2,528,377 2,612.530 3,329,010 (3,372,830) 2,568,710 19. Analysis of not assets between funds knalysis of not assets between funds. curront y•ar UnrestriGtod fund$ 2025 Total funds 2025 Tangible fixed assets Investmenl property Current assets Creditors due within one year 2,139,992 699,013 627,747 (871.201) 2,139,992 699,013 627,747 {871,201) Total 2,Y35,551 2,595,551 Analy318 of nat assats between fund8- prior yoar Unr8strict8d fvnds 2024 Total funds 2024 Tangible frxed assets Investment prO￿ty Current assets 2, 140,564 665,000 634.956 (871.810) 2. 140.564 665.000 634,956 (871,810) CTrditors due vlthln one year Total 2.568.710 2,568,710 Pag8 23 ST OLAVE'S SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 20. Reconclllatlon of net movemont in funds to not cash flow from operating activities 2025 2024 Net incomelexpendiluffj for the year (as per Statement of Financial Activities) 26,841 (43,820) Adjustments for: Deprecialion tharges Dividends, interests and ren15 from investments Loss on the sale of fixed assets Increase in deblor5 Increa5elldecrease) in treditors 116,645 12,5561 94,164 (1,896) 4,631 {7,826) 102.378 (112,823) 1610) Net cash provlded by operating a¢tiviti88 27,497 147,631 21. Analysls of cash and cash equivalents 2025 2024 Cash in hand 290,674 410,706 Total ¢a$h and ¢ash equivalents 290.674 410,706 22. Analysis of chang88 In net debt At1 S•pt•mbor At31 2024 Cash flows August 2025 Cash at bank and in hand 410,706 (120.032) 290.674 410,706 1120,032) 290,674 Pen8lon commitments The School operates defined (xintrbi ution pension schemes, one for 5UPPQrt staff and a Teachers Pension Fund which is undeNrtitten by the Government. The assets of the scheme are hgld separately from those of the School in independently administered funds. The pgnsion cost tharge represents contributions payable by the school lo the funds and amounted to £3e4.70712024.. £339,225). Contributions of £3.571 12024.. £3.788) were payable to the fund at the balance sheet date and are indLKJed in creditors. Page 24 ST OLAVE? SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2& Oporatlng lease commltments Al 31 August 2025 the School had commltmenls to make future minimum lease payments under non cancellable operating leases as follows.. 2025 2024 Not later Ihan 1 year Later than 1 year and not lal8r than 5 years 8.016 18,704 26,720 25. Rglatod party transactions School has not entered into any related p8ty transaction during the year. nor are there any outstanding balances owing between related parties and the sChC￿ at 31 August 2025. Page 2S