RCGISTERED COMPANI, NUMDER.. 02510791 (England and Walej) REGISTERED CHARITY NUMBER: 1001211 Report ol'tht Tru5tt¢5 and AudSted Fin#n¢i*l Statements for thè Ye*Y Ended 31 A ust 2023 for t Ger9rd's School Trust Champioji Accountanls LLP Clw¢ered Accol￿(anIS. Siaiutory Audiior 2iid Fluoi. Retuge House 33-37 Watei'gate Row Chcslcr CHI 2LE St Gerard's School Ti'ttst Contents of the Finaiicial Statem t5 for th¢ year Endtd 31 August 2023 Pa2E Report of the Trustees I 10 10 Rtport of the Independent Auditors Statement ofFinanclal Activitles 14 Balance Sheet 15 Cash Floiv Stateinent 16 otes to the La$ll ￿loW Statement Notes to the Flnuncl&l Statements 18 to 30 Detaited St3temeiit ofFinancial Activitie5 31 to 32 St Crrardl¥ Srhool Trust Stered number.. 02510791 Re J)ort of the Trustees f¢br thc Ytav Ended JI Au u512023 Tlic tru5tC¢3 wlio arc 4130 dir¢clor3 of Iljc cljarity for th¢ purposC3 of ilic CompanJC3 Act 2006, prcscilL Ihcir ifport willi Ilic financial statemcnts of die charity for t]ie ycai. cndcd 31 August 2023. The Irusiees liavc adopted die provisions or Accouniing aiid Reporlitjg by Charities.. Siaiemenl of Re¢omtLiended Practice applicable 10 chariiics prepuijng their accounts in accoidance with the FiJi4n¢ial Rcpurting Standaiyl appltcablc in ihc UK aiid Republjc (>f Ircland IFRS 1021 leff¢ciive l Januaiy 20191. Found¢d in 1915 by the Congregation of the SisteiE of Mercy as a girls, day 2nd boardin8 school. St GerAi￿'S moved to LIS cuiI'enl location in 1917 whci'c it stands in its oivn wx)unds. rt has bcen a tiilly col. We wish lo Iielp pllpils d¢vclop &s l)tlPPy} coJifid¢nl peopl¢ wliose contribiition to society Us odults will be r¢sport5iblt, positiv¢, disciplined and uiiseifjsh. We have a parlicular commilmeni io IiavinB'. a welcoming environn)eni in wliich S￿de￿iS are re5pecled as indivtdiials and to which they cali contribiite in many Way3j *higl) quality *arhing froin well.qualified, experjcnced ￿ld coi￿￿￿ttCd staff., "carefvl moniioiing of m]deniprogress, and a readiness io help with individual advice and support whenever nccdcd. sniall ieacliin8 groups. as wcll a5 a variety of opportwiitl¢5 If> sgrrf¢ ili¢ diff¢r¢ni skills and interests of studcnts in th¢ scliool. Tli¢ $¢li£Trol dves n(Trt offer spccjfic provisiort for special nccds but li lia5 a proud rccord of fostering notable success in Ihose studenis wlth iiilld learning dityiculiies. Publie bEnefit Tlie Irusiees believe tlut diey have coinplied with Ihc dutlC5 a5 scl out in Scclion 17(5) vf ilie CIMrilies Aci 2011, that l5 to liave due IEgRrd lo tlie pllhlic benefit guidance pllblEsiied by the Charity Conllnission. ACHIEVEMENTLYD PERFORMANCE C.h2ritshle activities Si Gei?rds Schotsl TNst has continued to excel academically and comrnunglly} mjirttainittg its leadin8 Posjtion in both local ond nalioiial cducaiioiial 51andiiig5. TliiDughout the yeai-. Ihc scliovl has ¢clebraied iiumerous achJ¢veincnls thai Iderscore OLU. commilmeiit io fosrering ￿7 envirot]m¢nt of ¢x¢¢ll¢llC¢ and holislic dcveloDmeni. Academic Excellence.. GCSE and A-Level Results.. Ou. smdenis have oijce again demonstrated outstanding acadeniic pl￿We55. Tlie GCSE Colioit 2¢11ieved a remarkable 970/0 pass i?te for grades A*_C. signiticajiily ouipertoiThiiig Ihe natlollal average of 62.2 /¢. Notably. 580/0 of gradcs wei A*IA, InoiE ilian triple Ilie national average of IY.2Q/. At A_Level, our studellls utttsined 2n Jmpressive y60/0 pass ratc at 7radcs A* C, Iviil) 600/ts of Ihcse being A oi. A fai" ¢xceedinbT lh¢ nalional avuabyes of 76.501 for A* C and 29.90/0 foi. A/A* These results not only refleci tjie liigh sland￿"d5 of oiw clltt'iciilum biii also our sftidenis. hard work and re5ilieJi¢e, pariieulgrly Jn n4visatlLig the challenges posed by the ￿l90it)g global circumstances. Esiyii Iiisp¢ciioJi'. Tli¢ Estyn r¢porl fronj July 2022 ljigl)ligliied the scliool as a iiurmiitjg and safe enviiY)nnieJil tjiat wDmol¢s excelleni leaimittg ariittidcs. The inspcctoiE' findings praised oui. students, unified s•ise of purpose 2nd Ihe passion for leaching cxhibitcd by our Staff. Page 2 Sl SLhuul Trus1 (R¥¥l>l¥r¥d uuiiib¥r- 02JA079AJ. Report of the Ti'ustees rvi. Yiski fiidLd 31 Augu$t 2023 ACHIEVEMENT AND PERFORMANCE Rei.lew or other #ctlvltle$ Cliariiable EngageJiient%', Tliis y¢ai. our COXiililLEnity 5ucc¢3sfitlly iaised £1,697.23 for various cliarilies, including £1.411.23 for CLE.Ff ajid £286 by Ilie jiinioi. scliool for oiliei. causes. In addiiton lo tjiese ftiiidraisiiig efforts. the scliool also extended Ils suppori 10 Ilie global con)muiiity by piDvidsng places lo two Ukraiiiian sch￿[ childirii di%placcd by the wai. iji Ukrainc. These it]iiiaiiv¢s wei"e 5uppun¢d by innovative fi￿￿1.￿Ing activities that cngaged studcrtis, sialT. and parenis alikc, deinonsli￿l1t}tsY oul. comniilmeiil lo boili local aiid international raus¢8. litfrastNcttllf E.rthaiiccm¢nts'. Signjficani inipruvemcnis wci'e madc 10 the school's facilitics, includitl8 rfing, fencin& and the installation 4)f ncw boilcrs. Tlie5e enhanc¢n)entS EJOt ojily inipiDve tlie daily scliool exp¢rience bil( also cnsure a susiaijmblc alid erficieni nviroiiDlCJlt for ow stud¢nt3 and staff. Challenge5 and Resilience.. The potential Sale of the jI￿lOr school propcrty encowiiercd obsitteles due 10 a resiriciive covenaiil. De5pile lI￿Se clJalleJi8es, tjje scliool cojnmujiity lias IEiiiained adaptive and piY)active in finding soluiions diat align with ow. educaiiortal mission wid values. Recognition and Prospects.. Nolable Acl)iev¢m¢iiis'. Jndividiial studcnis i'cccivcd widcsprcad r¢¢ogniiion for thcii. achicvenienls, with seve1￿1 5ecwiE)g places at piesii8lOIiS universities and othei% receiving exceptjonal otleiE based on their academic and ¢xtracwTicular eoinmitments. Foi. iiistai)ce, studei)ts like Evelyn ￿ld Naiida liave beeli ircogiii£ed fur Ih¢ii' coiilribuliL)ns and acadeniic %uecess, receiving off¢rs from Noitiijgliam Trcni aJJd CardilYUJiiw¢r51ty rc5pcciively. Value Added Pei'lomjance.. Ow. approacli to education has cun3i51tntly added significunl value io btudents. academi¢ journeys. On avcrase, each piipil al bt (ierard'5 attains nearly a tull grade liigher per subjcct by tli¢ ettd of tlieir A-Level Smdies conipared to peers nationally. Looking Fonvard.. As we movp iiili) ihe npyl ACAAeniir. ypai.. wp. xre entliii.RiAqtir Akniil hiiilAiiiu nn Ihe_ok.. Looking ahead. the tiusrees are focused on maintaining financial health amid ￿)Iential economic flUett￿tIOnS and Irgulaioiy chaiiges, The poiei)tial imposition of VAT oil tuitioii fcts Is a significaiii conccni dial coiild iinpaet tiiittneial planning. The T￿￿1 15 piep3red to adjust it5 financial 5trategie5 to ensure that the school ¢oniinucs to opcrate cffectiipely attd sustain its educaiional Imissioji. 'I'his finan¢ial review i￿)derst01'eS our ongoing coinmithieiii lo prudent fJs¢al man2Bemeiii, ertsuring thai Si Gei?rd's Schvol Tiust remains well-posilioned io pruwide an exceptional educatiunal experience while adapting io exieinal financial pressuw. The School, foi. tm5parency, therefore allocates reserves into one of Ihree types of fiJtJds.' (Jeneral fi￿d5 Ttjese are available 10 spend aclivilie5 ¢hat furtlier any of the purrx)ses & object5 of the Scliool and are allocai¢d at t]ic disortiotj of the uustees. Uillr51L'icl¢d A5 sei oul ii) Ilie iiote5 of tiie fiithn¢ial stal¢m•)Is, Ilie Scliool partakes in p¢tision 5Gli¢in¢5 op¢rated by pensson providers.. Scheme l.. Teacher5, Pension Scheme- (rps) The TPS is an unfujided scheme and coiilributioi)s are cal¢ulaled so as 10 spread the cost of pensions over employees, wurksng live5 Wltli the schuol tiust kn such a way that the pen%ion cost 18 a substantially level perc¢llt4g¢ of tuii'ent and furuTC PCll5ioiiablc payiDII. TI1¢ cot)tribulioJis are deiermiiied by tile Goveimtncnl Actuary Oll the basi5 uf quadrennial VAliialinn< Ii%ine A pm8Declive iiiiit credit meilind. As .%tsled ahove. the TPS is A mulii-employei. scheme and tlicr¢ is Insufficictti tnfoiThatiot) availablc ta usc defined benefjl ttteounlirt8. The TPS is Iherefore Ireatcd as a defined cuntribuiion schcmc for accowiiing pwyos¢s and the coniiibuiions recognised in the period 10 which th¢y relate. Scheine I: TPT Retivernellt Solutions- Indtpendcmt Sehoolsl Pcnsion Seheme Tlic company participates in die scheme, a niuliiial avajlable aiid uiiallocaled fuiids. Mueli of this will Sho￿[Y be eamiarked for specitlc Scliool projec15. the iiay Iv day Junning Lvslb rlL, willi ¢llJy being held back to copc with uncxpected events siich as Ihe inllaiionary prcssur¢5 CWTenily being felt or a suddcn bul 5usiain¢d fall in income caused by the cost of IivLng cr1518. Tile iiicrease in the Teachers Pcnsion Scheme's employer conlribulions, iogctiicr with die Potential wiilidrawal of b￿￿111¢5£ rates diEcowilS will have art iinpa¢l oil ai)y projecied siirplThs going fg2wÈrd. St Gei"ard'5 S¢liool Ti"u5t.LReglstei"ed ijunibei": 025A0791) oi't of tlie Ti'u5tee5 ftsr iht Vcai. End¢d JI Au ust 202J STRUCTURE, GOVERNANCE AND fvIANAGEMENT GoN'ct-Triiig docuiiiciit Thc chaiiiable company is contiY)Iled by its governing docllments, its Mcmorandum and Article5 01. A5SOeL*tion. which were it)coipoi*t¢d on I l June 1990 under the regi5ttJtioll nwnbcr 02510791 and an)ended on 29 November 2016. 11 consiiiutes a liiiiitd cot]ipany* ILmitrd by guaraniee as defined by (he Con)panJes Aci 2006. As rhe coinpai)y is limired by guaiwiie¢ ihe subs¢ribers coiifJm)s Ihat in the event ot'ihc compajiy beirtg wowid up whilc thcy air a n)enibei', ur wiiliin one year aftei. they cease to be a iiieinber, tjiey will conlTibulc lu thc asstls Of St Gcrard's S¢liool Tiust such an)owits as may be requircd for.. paynietjt ot'dcbss atjd liabilities of ihe compai)y COL)tracicd bcforc Ihcy ccas¢ io bc a membcr, payments ofcosis, cliarges and expenses ofwinding up, an adjustmenis of (he JiWi15 of the contributors anion8 Ihemsdves. not exceedin8 Ihe specified amounl below. Svbsciibees delails and wnow)15 uaranteed £IO- Mrs A McFarlanc 10- Mis5 A P￿.kinsOn £IO- MIE A Pcthig £IO- Mr5 A V Buckland 51. fjerard's Seliool Trnsi was also reglsiered as 2 charlty ot) 10 December 1990, iu]der die charity number 1001211. Recruitmeiit and appointment of new trustee5 Only ttie board of iiwices, noi individual Inisic¢s, may appoinl a chariry In￿[ce, Twsiees al'e 2ppolt)ied as local Catholics tsnd Chiistiaiis with 2ppibpl.iaie business aiid social k]iowledge. C)rgani5*ti0nal structure The Iji tlie IrllnÈilJun to lay cuntrul, a board of IrLtsiees was fovmed, wliose eorteein is Ilje oveJYLII welfare and developjnent 4)f St Gerard's Scliool Trust. Tlie Governi Bod Tlie Board of Truslccs meet. on averagc, fow limcs a year. The Chair of Trustec5 con be coiitacled via th¢ Tru51 oddre58 which 15 th¢ 3chool uddr¢55 OD th¢ ¢ov¢rpog¢. A list of tlie meiiibtr5 of tlie abovc body is available on requc5t from Ihc school offic Tiwsiees ore oppoinled In Accordnnee witli seciion 21 oFdJe School s memoix)nduni and articles of &%ociation. The boaid of Trustees determine5 the gen¢ral poli¢y of the school. The day to day managemettl tsf the school is delegated 10 die Head Tea¢lia' and the Bu8irtesg m￿lager.. The Head Teacher.. Mr. C. H2￿iSOn The Busine55 Mana Mrs A McFarlane Kev inaiiageTlleiit remuneratioii Tlie gvvei'nijig b¢)urd ¢onsid¢r Ille S¢huLIl'5 key J#tstt&g¢t]ieni persurniel lo be Ilie Iruslees aftd (he desjgjiaied 'Seniur Mana¥eniettt Teani,, whi¢li ¢uiMpijsed tlie head ￿ld dewty liead ieacliej's as well as tlie BLisincss ManabJcJ'. Total employment beiiefiis includiiig enipl(Tryei iialion21 insllrance aiid pension conii'ibuiions of (he key nianagenieiil pej'sonncl diacloscd irt a t)otc to thc tinancial ststcmcnts. Page 7 St GeJ"ai"d'3 Scliool Ti"u5t (Reglstei"ed lluiiibej": 025107911 Re ort of the Ti'ustees foi tlie Yeai Etsidcd 3A Au%us( 202! STRUCTURE, GOVERNANCE AND MANAGEMENT Rlsk nixn#geineiit Tlie trustees have a duty to identify and review tlie risks to wlii¢lJ Ihe cliarity is exposed at)d to ensure appropriate contro15 ar¢ iji plac¢ lo provide r¢asonable assurance againsi fraud at)d error. Furtherniorc roulijic risk as3cssmcnis liavc been carried out. idenlifyiiig and consideriiig potential risks 10 the cliaiity's opeiaiion. Sysienjs by wliicli Ilie risk5 coiild be mit)in)ised toi. the preseni atjd the future havc bccii implcmcnied ￿ld continue lo be reviewed. REFERENCE ADIMINISTRATIVE DETAIIS Re￿$t¢red Compan}, number 02510791 IEJiglwid ajid Wales) Registered Chxrtty, number Reglstered offlee 7 Ffriddoedd Road BaiJgor G￿j1edd LL57 2EL Trllstees Mrs A J Pcthig Ircsign¢d 18,4.241 L)r V"Ihomas (resigned lJ.j.2Jl Mi. D Bresliji MIE W McBride Mis M J Elenson Mr R Pigi)tt Ms G M MtDunagli Iresjgned 18.4.24) Mis A Jones (resigned 18.4.241 Di. E L Rawkins lj'esiElled 12.6.241 Mi. D A Claili¢ lappointed 18.4.241 C.ninp#ny.qptrètaYy Mr S M Griffiihs SÈnlfiY.StatulnYy Aiidit(JY Susan Harris MA ACA Auditors Clionip50n Aceounthnts LLP ChTri1ci"cd Ac¢ountant5, Sthtutory Auditor 2nd Fli)oi' Refugc Huus¢ 33 37 Watej'gate Row Clie5(¢r CHI 2LE B&nker5 HSBC Baiik plc 274 Hjgli Street G￿liedd 1_1_57 1 RU Page 8 St Gei"a!"d's Sclioul Trust (Reglstei"ed lluiiibei": O2510791J Report of thLTI'u5tees foi" th¢ Vcat" fndcd 31 Au uJt 202J REfERENCE AND ADMINISTRATIVI DETAILS Solicitors Elwyn Jones & Co. 123 Iligli Street Ban80J' G￿liedd LL57 Iwr Dunn & Ellis Cyf Cliaffleird Accol￿tantS und Cliartered Tax Advisers Si. Davjd's Builditjg Lonibai'd Str¢et Purthmddvg Gwynedd LL49 9AP PRINCIPAL ACTIVITY Thc ts1131'i pi"lli¢Jphl Q¢iLYJIy 13 Iliat ora fcc-rcceivins cducational ¢st4blithni¢Dt to ¢ducut< cliildrai of ail faiths. EVENT.S SINCE THE END OF THE YEAR Informdtiui) relatin&￿ li) evenls since tlic cnd ofilic ycar is givcn in Ihc Thotes to the fiiiaLIGial slaleinriits. STATEMENT OF TRUSTEES, RESPONSIBILITIES Tlic Irusices Iivlio are also Ilic dii'¢cioiE of St Geral'd's Scliool Trust for the purposes of conipany law) are Lrsponsiblc for preparing ihe Repoit of th¢ Tnist¢¢$ 2nd Ui¢ fill￿1¢]21 siaiemejiis In accordance wllli applicablc law and United Kingdom AccoiinlinB Standai'ds Iuniied Kingdom Generally Accepied Accounting Pracli¢el. Con)pany law requircs ilie iiusiees 10 prepare financial sioienienis for each financlal year whicli give a iiuc and fair vicw, f tlie .8late nf affair% nf the eli￿￿table eonip2ny 2nd of die incoining resources and application of iE50ufccs, lllclllding tlie iiitome and expcnditiirc. of th¢ charitable company for Ih42t period. In prepaTing tliose finaiicial siateniei)Is. the (rusiees are I'equired to sclcct suitable accounlijig policjes artd then apply Ihem consisrenilyy obseive the methods and principles in the Chw'ity SORP., make judEeinenis and esiimaies thai are reasonable and prudent., pirparc tlie financial 51at¢ni¢nts on tlie gL)ing rort¢ein basi% wiless Jt is inapprdpriate to presume that the charJt)ble ompany ivill continu¢ in busine&%. The Irllstees aiE r&"ponsible for keepitt8 pJM)per accou]ilitJg records which diBclos¢ with r¢aBOll)bl¢ Al gjjy time tlie financial pusilion uf Ilie charitablc company and io cnablc tlicin io ct]surc tlial tlie fiDan¢ial statements coiijply wiilj tlie Companics Act 2006. They are also r¢sponsible for safeguardin¥i ilie asseis of tile cliarilable company and h¢nce for lal(ing reasonable sieps for the piEvention and detection of fJHud and other li￿gI11￿[i11¢$. IE) so far u5 the ttusiees are owair.. there is Jio relevwit audit iiiformation of wliicli dwitable tompany's alldiiors are unawar¢', and the In￿(eeS have thkeii all sieps Ihai (hey oughi 10 have iaken 10 Inake theJns¢lve5 aw#iE of any rtlevatii aiidii Infum￿ti￿n and to estab115h tliut the audito1% are awThre of that Infonnation AUDITORS The auditurs, Cliampion Acc()untants LLP, will bc pl￿POsed for re-appointment at the furtheoming Anrtuul CJeneral M¢eliJig. Page 9 St Gtrard's School Reg13tei"ed lluinbei": OZ510791 Re ort ofthc Trusttts for the Ycai. nded JI Au $t 202) This repoit ha5 been preparcd in accurdanc¢ with the special provision5 of Part 15 of the Companies Act 2006 relatiog io S￿￿[ Comp￿]it$. Approved by order of the board of In]stces on.... and signed on its bchalf by.. Mr5 M J Ben50n- TJiLslee Pag¢ 10 Repoj"t uf the liidepelldellt Audltois to tlie Meniber& or St Gerard's School Trust stored number: 02510791 Oplijloii We httve audited the financial statements of St Gcrard's School Trllsl lthc 'ehÈrit2ble eomp2ny'l for the year ended 31 August 2023 which compillse the Staiemcnt of Finan¢ial Activities, tlie Balance Sheet. the Cash Flow Siatcmcnt and Iiolcs to tlic fiilgjicial sla¢cill¢i115, iiicludiiig a iwi)Iw of Si￿lfJc￿1L aCCOurtiing poliCIC3. Tlic fijiaiiciol rcporlin8 fiamcwoil( Iljai lias been applicd in ilieir preparalioji is applicable law aiid Unit¢d Kingdom Accouniing ststsd￿.ds (Uniied Kiiigdom Generally Accepicd Aeeounting Praclicc). In oui. opiiiion ilie financial.siaicments- give 2 true and tait. view of Ihc 51aie of Ilie charithble company's affairs as at 31 Aubyust 2023 and of iis incoming regol￿te8 ai)d application of resowics, iiiLludiiig lis income aiid expeiiditure, for die yeki- then ended; havc bccn Pl'opcrly prepai'ed in accol￿anCe wilh Unitcd Kingdorn Gencrally Accepied Aecouniing Praciice; and have ken prepared in accordance wirh the requiremcnts of the Comparties Act 2006. Basi5 for opiiiion Wc conducicd our audit in aeeordance with Intanational Siandards on Auditing IUKI {ISAs (UK)) and applicable law. OLU- KCsponsibiliti¢s uiid¢i' Ihosc slandards or¢ furihcr d¢%ci'ibed in tlie Audilor&' respon51bililies for Ilie aiidit of Ilig rinai)cial siaienients seciion of our iep011. We independent of Ilie cl)arilable ¢omp2l)y in at¢oi'dance wilh Ihe etliical i'equii'ements that al'e relevani 10 our aiidii ot. Ihe tinancial sialenieiils in the UK, iiitludiiig Ihc FRC'S Ethical Siaiidard. and we have ￿lfilled our other ethical responsibilities in accordance with these i'equiiimcnts. We believe thaÈ the audil evidejicc we liavc obtaincd i5 SUtTicieni and Jppropi'iaie to provide a basis for our opinion. Con¢lll&ions rclating to goltsg cottttr Jn aiidiljjig the financial slalemenls, we have concluded that the trustees, use of Ihe going conc￿￿ ba515 uf a¢cout)Ilng In Ilie pieparaiion of dje financial s¢aleinenls is appropi?ate. E5ased on the work we huvc p¢rtom)cd, we have not identified any mateillal unceitainiies rclaiinE io evenTS or condiiions Ilial, iiidividually or colleLtively, iiiuy casi 5&giiifi¢ani duubi on Iljc charjiable compaiiy's ability lu cuniJnu¢ as a going coiicci'ji for a period ofai l¢o5t twelv¢ fflontlis fron) wlieii lh¢ fjnancial staicnicnis arc auÉlioJ'i5ed for isSU¢. Our re%pnn8ihilitie.s and the resN)nsibilities of the ttustees with respec( (o going concem are described in the relevant se¢iiort$ vf tliis repuil. ()ther iiiformation The liuslecs air rcspojisiblc fvi. Ilie uther infoiThation. Th¢ uiher irtfurma15vn comprises the inf￿1￿￿tIon ineluded it) the Amiual Report, oil)&. t11￿1 Ihe fiiiancial slaicincnls aiid our Report of the Indepeiideni Audiiors Ihcrcon. Our opiiiioi? ort the financial statcmciits docs not cov¢r the other infom]Slioll and, except io the extcnl othejwjse expliciily sthred in our report, Ivc do not cxpir5s arty funn of asswance conclusion ihereon. In coDn¢clion witli oiw a1￿lt of the firtancial sr8iemenis, 01￿ re5pon8ibility is to read the otlier information 2nd. in doin& so, ¢onsid¢i- Ivlietliej. the f)Ilicr infoi'niatioii is mateiially inconsislcni with thc finaiicial sknitmenis or OLU. kjiowledge ubtained in thc audit or othetwise appears 10 be maieiially misstated. If ive identify such material inconsistencies or appai'cni mal¢rial m1931&lcmcnts. wc arc rcquiird to d¢l¢nnJn¢ wheiliei. dii- gives rise to a maierial nii5skil¢mcnl th¢ fiiiancial siaicinenls tliemselvcs. If, bss¢d on the woik we havc pcrformcd. wc eoncludc tliat tli¢Jr is a rt12terial misslatemenl of this other iiifoi'nialion. we itquiitd to report that faci. We have iioihing to repoit in this rexard. Oplnlon5 011 other matter5 pre5¢ribed by the Companles A¢¢ 2006 In our opinion, based on tlie woj'k undeilakeii in tlie course of ilie aiidil.. the infomialioii givei) in the Rcport of di¢ Tru61¢¢$ tor the Y￿A￿ClaI ye9x for which th¢ fiiillncitsl st#temertls are pirpared is consisicllr Iviili Iht financial statemenis. artd tlic Repon of ¢h¢ T[US￿¢S lias been prepared Jn accordajicc willi applicabl¢ legal reouirements. Pllgell Rvpvrl Ili¥ IiidL' St Gtrard's School Trust (Registered_number: 02510791 ¢Iidtiit Iv Ili¢ Meillbeis of Matteys on iyhich we arc required to report by exception In the light ofilie knoivledge and under.standing of the charitable company und its environment obthined in the eow3e of IhL dudii, w¢ lJuv¢ iivl iduilifi¢d i[Jiilrii41 JiiissiateitlUlL5 iji ilic R¢poit of th¢ Tii]siees. We have i)oihing 10 JEpDrt in r￿pect of Ihc following mailers where the Compunies Aci 2006 requii'es u5 to repor¢ 10 you if, iii our upiiiioii.. adequale accuwitirtg records havc not bcen kept oi. returns ad￿ua1C for ow. audit have not been rcccived fwm bJ￿ie1]eS noi visitcd by us. oi. the fLnaiicial siaiemetits are not in a8reem¢ni with rhe aecounling J'ecoid5 and irtums. or ¢ei'iain disclosures ol'iii]slccs' rcinuneiaiion sp¢citicd by law are not made,. or we have ttot received all ilie infoi'mation and explanations we irquire foi. our audit,. or ie trllsiecs were not ￿li111¢d to lake adV￿lia￿Tt of Ihc small conipani¢5 exeniplioii from the rcquircm¢nt io preparc a SIL*l¢gi¢ Repori or in preparin8 11)e Report of the Trusiee& Responslbllltles of tryst¢tJ As explained niore fvlly ill the siaienieni of 'linsiee$' R¢sp0115ibilities. tjie Inisiees {Ivho are also ilie diirctors of the chariiable conipany foi. Ihc pl￿poSeS of compaiiy la￿,) gre iEsponsible for the preparation of thc tinancial slateineiil8 aiid for bcing Satisfied that they give a trnc and fair view, and for such iniejnal eoRlrol a5 the Irusiccs dcltJTh>ne is sjecessary lo enable the pieparatioji of finaiicial sla¢cnici)ts thai arc fi'cc froni rnai¢rial n)isslatemeni, wlicihcr due to fraud or error. lil pitPal-Ill8 Ihc fiiiaiicial 31at¢inoilb, thc t1￿s(C¢3 arc irspon3ibl¢ for the ¢hariiabl¢ ¢otnpany'8 ability 10 continue as a going concei￿, disclosin& as applicablc, Tnatteis related to going eonccrn and using The going concern basis of accowilii)g wiless Ole li￿sleeS ciilier int￿Id io li4uidaie Ilie cliai'itable compally or to cease operations, or Iiave no r¢alisiic alierJiativ¢ but to do 80. Our responsibllitles for the &udlt of the finantl%l statements Our objectives ￿'C lo obtsin i'casonablc a5surai)ce about wlieil)ei' lli¢ f￿anCIal statesnents as a wliole are fret fsum marei'ial misslatetLent, Ivhelher due to fraud or dror, and to Issue a Repori of lh¢ Independeni Aiidliors Iliai includes OLU" opinion. Reasonable aSsu1￿ce is a high level ot'assiirance. hut IS llot u Euaraniee that an audit coiidu¢ted in accordanc¢ wiill ISAS (UK) will always dctcLI a inaterial ￿15State11)eAI wlien it cxisis. Mi551atefflents can &'isc from fraud or error and are considered material if, Individually or iii ilie aggregaie, tlicy could reasoiiably be expecT¢d io intluttnLe Ili¥ ecoiiomic decisioi)s of iisers taken on Ilie basi.% of tliese finaneial s(alen)enis. Tlie extent to ivlii¢li our procedures are capable of detrcling irregulariries, including fraud i5 detlliled below.. Extcnt to s1.hich thc audit 15 eonsldeved copable of deteetiiig IrYtgulaAties, ineluding fraud The reswngibilily for tlie prevpntinn ind Ae.tp.r.Iinn nf Ii'regiilarilies. including frllu￿ lies witii (he In￿lee5 wid willi Il)ose charged wirh goveirance. Tlie objectives of our audit in resp¢ol of &rregu12riiies and fraud ￿.¢ to assess die risk of Imalerial iiiissiatenienl of the financial slateineiils duc (o fraud, lo ()biain siifficieni, appropTiatc audit evidcnce regarding thp.4gqpggpA rigkq.InA tn reqpnnrt aPDr(iprigtely t(J fr&ud or quspected fraud identified during thc audit. A fun1)￿. de5cripiion of ow- IrsponsibilillL5 for die audit of Ihc fjiiancial staicmcrtis is located on tile Financial Reporting Cniintil'% wehqiie At www.frc.oi'g.u￿au(bI0N.esptsJtsibl11tleS. This descriplion foinis pari of ow. Report of the Indcpcndcnt Auditor8. Page 12 Ri'p.vrl vfiliL' liidvyvIid¢Iil A￿￿lIV￿5 Iv Ili¥ M¥iiibvr¥ vr St Gtrard's Sehool Trust 151tred Iiuinber: 02510791 Audit procedure5 Wc dcicriniilc 5iwijf1c￿I{ appliiablc law& ￿]d irgulatiQJ15 iIL-ougli di5C11531011 Witli tlio5c charscd will) guvCI'n&icc aiid our own knowledgi ofdie indusuy aiid d¢siBrt audil proccdllres lo ljelp identify instances of noii-coimpliance with thosc laws ttnd regulations that niay have a material effect on the financial starements. Our appruacli ts tu coiisider tlie legal and rcgulalory fraineivoi'ks directly applicablc to (he financial slaicmcnts irporiing fraincwoi'k (IFRS 102 and ilie Coinpanieg Act 20061 and ilie relevani lax complianc¢ r¢gulaiions in Ilie UK; Ilie natllre of Ilie indusiry: Ihe business performance and Ihe key drivers foi. niaiiageinenl remuneiaiion.. the conij'ol eiivironment and die pioceduirs in place to address Ldenlilied ri5k5. including manaBcmeni i)iicrridc, non-compliaiicc willi law% and regulations and to preveiii and thtecl fraud or irrcgulariry. We communicatc idcntificd laws and regulatiot)s ¢hroughout ow t¢aiii wid Jeiiiaiii alert to ￿lY iiidicaliojis of iioji-coniplianie Il)roub*lioui Ilic audil. Our procedwEs are desi8ned lo provide r￿asol]ablc assuraiice that the flriancial stateineiits are free from material ffliJsidtLtnLni ui L￿vr dt]d in¥luiJL.- LllquiiiLy ufuiunugTLlll¥[Il uiid uf¥luff tLJ k¥y ¢yJiJyli4u(L¥ fu(J&liuil&, vf ilPlJlUt¢S of meetings of tliose cliarged with gov¢m2nce,' review and ieslinB of manual joumals and si￿]1rJcartl iransaciions outsid¢ th¢ normal course of business. Irview of fiiiancial siaiemenl disclosiiirs and iesting 10 suppoiting do¢uni¢iilatlQlli p¢rfoiJnan¢e of analytical pro¢cdwrs. We are noi irsponsible for preventing non-compliallce and due lo th¢ iJthereii¢ liiiiiiaiiojis of 21] audil, as described abovc, tlic aiidil cannot bc rclicd upon to dacct all in51anccs of non-¢ompli8ncc witl) law5 and r¢giilations. Use of vur report This Jrport is niadc solcly to thc tlwit2blc company'5 mcmbcrs, as a kndy) accord&nc¢ with Chbpter 3 01 Pati 16 of tlie Compaiiies Act 2006. Oui. #udit work has beeii iindcrtakcn so thai wc might siaic io the charitable companls m¢mbers those maffers wc arc rcquircd to slate to them ill all uudiiors, report and for n¢) othei. purposc. To thc fullest exlejil perRiillcd by laiv, w¢ dv i)vt a¢¢cpt ui. assuinc rcspoiisibiliiy 10 anyunc oilier than Ilie cliai'ilable c£Trinpaii}' ￿)d Ilic charitable company's Jnembcrs as a body. foi. our audit woll(, forihis report, oi. for the opinion5 we havc formcd. Suslln Hari'is MA ACA (Sei)ior Siattitoiy Auditor) for aiid oil behalf of Champioi? AC¢ouiii￿l1s LLP C.l)anered Accounianls, Slatuiory Auditor 2nd Floor Refubje House 33-37 WaieKgale Row Che%ier CHI 2LE Dale.. 1 October 2024 Page 13 Si cyr￿[￿,5 Siliuul TiuJl Statement of Financial Activities (Iiiiui'pui xliilx klii lili(IillC aiitl ExytiidlLUJ c ALL(pllkl for th¢ Year Ended 31 August 20_23 Jl.B.23 Unrestricted tunds Toial funds Nott5 INCOME AND ENDOWMENTS FROM Cliarilable aetiirylies IIiLoixiuig rcccjpls fioin Cli￿1(able actlVLties 1,595,610 1,398,402 Inve5tmcnt incoitte 1.574 Total 1.597,184 1,398,513 EXPENDITURE ON Dircci charirable expendittue 1.624,065 1,595,490 Govemance & supporn 21,997 18.772 Total 1,646,1162 1,614,262 NET INCOMEI(EXPENDJTURE) 14¥,¥711) 1215,14YI RECONCILIATION OF FUNDS Total funds broughi funv*'d 768,892 984.641 TOTAL FUNDS CARRIF.D FORWARD 720,DJ4 768,892 Th¢ noi¢6 foiill part of Iljea fjnancial slateJl)eiils P)ge 14 Sl Germrd's S¥hvvl Tru¥1 LR¢xltsi¢rrd nufflbcr-. 02310791 Balance Slieet JA Au¥u5L 2023 3A.8.23 31.8.22 UnrLSlrlLIL' Tuidl funds runds Nolcs FIXED A88ETS Tangible assEIS 665,682 679,016 CURRENT ASSETS Siocks Dcbrors Ca¥li 411 ba]]k dtld in hd]]d 12 13 3,617 97,215 207,006 3.617 52,232 278,312 307.838 334,161 CREDITORS Amounts fallin8 due witliin one year 14 (214.695) 12QO,6291 NET CUIiRENT ASSETS 93,143 133,532 TI)TAL ASSETS LESS CURRENT LIABILITIE5 758,825 813,148 PENSION LIABILITY 18 {38.811) 144,2561 ,YET ASSETS 720,014 768,892 FUNDS 17 Unre5tricled ￿ndS 720,014 768,892 TOTAL FUNDS 720,014 768,892 Tl)ese fjnancial staiemenls Illve been prepared in accordance with the piDvisions applicable to clw'itable con)pani¢s subject to tlic amall comp*Jnics i'egimc. Tlie fjnanrial 51atem¢nts were appii)ved by th¢ Board of Trustees and outhvrised fvr issue . and were ￿]￿ed on Ils behalf by.. on M J BeJison- T￿Slee TIIG not¢8 foian part of t]J¢3c fiJ]ancial 3latciMcnt3 Page 15 Sl Sllivul Trusl Casli Flow Stgternent rur IIJL YL'ar Eiidld 31 Au ubl 2023 31.8.23 31.8.12 Cash flows from operating activities Casli getieKdtcd fiDni opcraiions Interest paid (63,464) 253) 1105,2181 14041 Lasli used iii opeiBting activities (63,717) 1105,6221 Cash Ilows from fftiivestlng aetlvltks PuY¢hase of tangible fixed 3ssets {A560) 130,3601 Net casli used iii iiivestin8 aciivjijes {6,560) 130,3601 Change in cash and rash equivalents in thc rcpoi'ting pcriud Cas11 E4ulvxl¥iils al Ill beginniiig ol. the reporttilg period 170,2771 1135,9821 277,Ib27 413,009 C￿¥h fdSh WUiVdl¥Nlii al Lh¥ u( the reporting pei'iod 206,750 277,027 Tlic noies fonn pari of Il)ese fLnancial slaleJi)ents Page 10 Sr Ger#ra's Sehool Trusi Noies to the Cash Flow Statement for Ehe Year Endod 31 AUEU5t 2023 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.8.23 31.8.22 Nrt eYpendl¢vJ'¢ for (he reponlng ptrlod (95 per the.Statement of Financial Activities) Adjustmtnis for.. Depreciaiioii c113rges Inrercst paid Bad debl piovisioi) Deci'ea5¢ lil stocks {Incr¢aseydccrc2se in debiors Jncrease in credilOiS Difference beThveen pension cl)ai'ge and cash coniribuiions {48,878) {215,7491 20A92 253 22.705 6U,UOO 1.096 34.364 1,493 19,531) 144,9831 15,095 {5,443) Net Cash used IN oper#tion$ 163,4641 1105,218) ANALYSIS OF CASH AND CASH EQUIVALENTS 31.8.23 31.8.22 Casl) iji ltsnd Notice deposits (less than 3 monihsl Overdrafis incliided in bank loan% and Ibverth?fts faS1ing due wiihin one year 432 206,574 1256) 827 277,4S5 11.285) Total cash and ca51i equival￿tS 206,750 277,027 ANALYSIS OF CIIANGES IN NET FUNDS At 1.9.22 C&sh flow At 31.8.23 et Lash 27S,112 (1,285) 171,306) 1,029 2Q7.006 12561 Dai]k oYcr(h"aft 277,027 {70,2771 20Q750 Total 277.U17 1711,2771 20(?,750 ie n(Ke4 f(Irni pqit (If ilie%e fI[￿￿￿l￿1 %i&tert)enl8 Page17 Sl G¥rHTd's Sihvvl Trusl Notes to the Flnanclal Statements fur ihL Ycar 31 Au¥u5t ZOZJ STATUTORY JNFORMATION St Gerard's School Trnst is a limited comp211y, limited by guw?ntee as defined by the Compwiies Act 2(K)Ii aiid Is irgisttrcd in England and Walcs. Thc company is also regislercd as a ehaiity Wlth ihe Chariry Commissii>n. The ¢onipany's irgistered llUEnber5 and re8islei.ed oifjce addre55 can be fowid on (he Company Infonnalioji page. ACCOUNTING POLICIES Ba515 of prepai4iig the fi￿an¢{al $tst¢mcnts Tlie finai)cial slaieiiienls of Ihc cliai'iiablc compaiiy, which i5 a public bellefil eniily under FRS IU2, liave beeii prepaird accordaiice witli the Cliarilies SORP IFRS 1021 'Accouniing and Reporting by Chariiies.. Siatement of Reconiiiiciidcd Piaciicc applicablc 10 Gliai-itlC5 picI)ariiig ilicir accoiiiits iii accfftdancc willi thc financial R¢poiting Standard applicable in thc UK alld Republic of Ireland IFRS 1021 (effective l January 20191,, Financial Reporting Slandaid IU2 The Financial Reporting SiaDdard applicable in the UK and Rcpublic of y1￿1d. and tlie COlnp￿lieS Act 2006. The f(nancial statemcllts have been prep2red wid￿. tlie kistorteal eosi conventioii. Tjic fIn￿l[la1 5talciiicii15 Alf pirpaird in Strilingy to lh¢ newtst £. Concern The pi'evious couple ol" years liave been dilticult tur Indcpcndent institutions, and tlie current econoniic environn)ent, Includijig Ilie innaiionary and cost of livit)g con5trairtts Could be expe¢ied (o dampen Ilje ability of the school to aitract n¢w pllpils and keep c051s low. As a result uf the above, and the prospect rliat die Teachers, Pension Seherne is likdy io increase the emplDyei' contributioii ralc for cmploycrs in Ihc ncxi ¢oupl¢ ofycars. Thc Tru51ccs arc in con5111iaiion iviili slatr rebiardinb an alt¢rii2tive pension sclieme wliicli has (he potential tor significant cost savings. I hey Iiave also ￿vieWed (he process in which the School attracts pupils with platjs to invest Jnore in the iise ot'so¢iAI niedia Given that Ilie reviews are currently ongoingi ￿ld Ihc fact tha( Ili¢ Intstees do not cu]renily believe there lo be any signifie￿11 concerns xt this point, the fInaneJal siaienieiiis have been prppAipd nn Ihp 2s.qiiniplinn IIIAI Ilie stliool 18 abl¢ lo ¢aiiy oil Ils biisiness as a goIng concern d¢spil¢ the current year net expendithiir of £48,878 12022.. net expenditure of £215,749). The charity is also in thc fortunate position of noi having io rely on any external finattce to operate. As a resiilt, Ilie b0￿rd'S coneliisiox). h9VTnB cnn%iAprpA niii. p.ypp.r.IAtinn4 And Jnicnlioijs for dic next 12 inonilis artd tjic availability of um'¢sts'icled irs¢rves, Ilie ehtrity Js deemed to bc a gott2g coticein. liiconie All inconie is reeo8tJised in the Siaienieni of Finaiicial Activiiie5 on¢e the Cliai-ity has eiiiitlemeni lo the fiinds. it i* pmhryhle that the irttnme will he received 2nd the amtsllnt can he me&%ured iiliably. Fee income Scliool Pees Jrceivable are accoiinted for iii Ilie perlod in whicli tlie setviee is provided. ni wartc Wlierc iiicomc Is receivcd in advance of mccling any pcrformat]c¢ related COE)dilioiis and ili¢re is noi unconditional entitlement ro Ilie ineom8, Its recognition is defeiTed #nd intlijda in ¢iEditnrx deferred incanie witil rlie perfojnianee coiiditiojis are niei. Dnnaii()n.q aiid le Doijalions attd legacies recetvable for tjie general puj'wses of di¢ Cli￿￿ty urdiled 10 'iinrests"(cted fi]nds'. Donaiions wid legacies foi. pwposes ￿$tricted by the wishes of the donoi. taken to 'resuicted funds.. IJivc31mcnt IttCOInC Jnteicsi on fw)ds lleld on deposit 1$ iocluded when irceivable ￿ld die ainollni can be measured iEliably by Ilje Charity.. Il)Is i* iiomully upoii IiOlific211011 of the Inteiisi paid or p2yable. Page 114 contiiiued... Gerard'5 5L'hvvl Trust Notes to the Finathcial Statements- eontlnued LhL Yi¥r JI August 2023 ACCOU14TING POLICIES- eontinued Income Tliis incliidcs unifoini sales aijd entrance fces are recognised iipon receipt. Expeiidlture Liabilities ￿'e i'ecogiiised as expenditllre as Soot) as di￿￿ is a legal or c0j￿1n7C1jve obligaiiott comn)iiiing die chariry ro that expendituir. it is probablc that a Iransfei. of econot)iic benefits ivill be required sn scirlciiicnl and Ihe ainvunt ofilje obligaliuii can b¢ nieasuird Jeljably. Exp¢ndimiE is accowii¢d foi" ot] attruals basis and has been classified wider lieaditigs Iliai aggreglllc all cost rclaicd lo ilie calegory. Whcie c0515 ¢aiiiJoi be dii'ecily attributed 10 paL1x¢ulat l)¢adiLigs tliey liave b¢¢n allocaied to aaivilies on a basis consisient with die use of ¢SQIIi-CC5. Int4nglbl¢ *$sets- Ivebslte The website developmelll costs, which are deemed 10 meet Ihe requiJ?d crtteria, are stated at their cost prtce, less accumulated d¢prc¢Jation and less amtsllnis ircognised In respect ot'impairnieni. Tjie wtbsiL¢ 15 deeiiied lo Imve ai expected useful lifc of5 Yc￿3 aiid will bG drpi¢Gial¢d ¢v¢nly ovu. this pcriod. Tgngible fi%￿ a$$(￿1$ Fixed a55ets slated at IheiL' cosi prices, less accumulaied d¢pr¢ciation and I¢55 amoullls recow)i5cd th rcspcci of impall￿¢￿t. Depr¢ciaiion is provided at the following annual rate5 in or(kT tu wrltc off cach &8SCt ov¢r its c81im)Icd uscful a. Frcchold propcrty- Iokn ot) a siraighi linc basis b. Vi'upeily impruvemenis- l /0" on a straight line basis c. Planl & equipnient. 150/0 on a I'edu¢iJig bal￿]Ce basis d. Motor v¢Jii¢l¢$- 200kn on 2 rcdueinbl bal￿)eC basis ¢. Fixlwr5 & filtin£s- 25Q/o on a reduciJiR ballliice basis f. Fwmiture ete_ 250/0 on a redu¢irtg bolgnce bggis g. Cojnpulcr cqiiipnicJil- 25Vv un a rcducing balat]¢c bttsjs Foi. Ilie piirpose of the e*leiil#iion of the Freehold pro￿lty deprpriAlinn rhArgp. the. Frep.hnlA [2nd with Ali ¢51imated v&lu¢ ot'£lOO,OOQ on puwh8s¢ in 21)01 is excluded. S*fip.k Stocks a]r valucd al Ihc lowcr of c051 and iicl rcaliMblc v&luc, aftcr m8kiiig duc allowtncc for obsolclc and slow moving ilen￿. Ta%atioii & I'aluc addcd tax The chai'iiy Js ¢xempt from corporaiion tax On Its charitable actLVjtics. Thc clillrity 13 not rcgi5tcJrd for VAT ond 05 o cons¢qu¢nc¢ oll fJgur¢s in¢lud¢d ns gj'oss figures. Fund 2f¢Ollt)tlng All fiitjds currently lU￿estricted and these CRn be iiged in 4eeordAiiee with tlie eliAritAhle nhjeetiveR at ilie disciEtioii of ilie tsust¢¢5. Tliere are cunEntly no restricted fimds, but tlie wlicii they ￿'isC they can only be fur the pariicular Lrsiricied PUJ'POS¢5 wjiliin tlie objectives of Ilje cliarity. Re5trict(ons ari5¢ wli¢ii sperifted by the donor oj. wkett fdnds arc aised for parli¢ulaY rests"iCled purposes. FurtlicL' cxplanation trf thc natt￿ and pury)05¢ of cacll fund 13 in¢lu(kd in tlic notc& to dic fIn+￿(la￿ Stutcmcnts. VaRe ly coniinued... SI Silivvl Tru5l Notes to the Financial Statement5- eorttinuEd ilit Y¢at Ejidtd 31 Au&usL 2023 ACCOUNTING POLICIES- continued Cgsh at bank Cosli al bank and casli in hand includes cash and short iem) highly liquid invesimenis wilh a sjiort maturity from tlie date of acquisitLOJi or openiiig of th¢ dewsii or siinilar 3ccouMi. Debtors & cr¢dltors Dcbtuis Debiois are ircognjsed ai t]ie settlement amowii due after any discount otreLId. Cr¢dilw5 Creditors air recognised wliere ilie clml'ity lia5 a present obligalion resulting froin a past event Iliai will piDbably rcsult in die transfer of fiu]ds to a third pty and die aniowit due 10 seiile rjie obligation can be Ineasured or estimatcd rcliably. Crediiors and provisions arc noLThally recosniscd ai thcir 5ciilcmGnL amount. Hlre purehgse leaslng oommiiment5 Renials paid uiidei. opeitttit)g leases are charged io the Staiemeni of Fittancial Activittes ot] a straight line basis ovei. tlie pcriod ot'ihe leasc. kn3cs ait clas5ificd as fiiiaiicc l¢asc3 wl)¢n Ih¢y traiisfcr subtsianiially all Ilic ri3k3 and rcward3 of ownGr311ip or die leased asseis ro tlie company. Uther leases ttjat do not transt¢i' substantially all Ilie risks aiid IEwwYSs of oivneTship of the leased assets 10 ¢he ¢omptsny are classified as operaiing Ivdses. Ihe conipaiiy ills currently not entered into any hire purcliase agreements tor assets. Penslon scheme dlsclosure5 -Ilie clMI'Jly partjcipaies in two inulli-employer delined benetils pension scheines.. tl)e l eachers. Vcnsioii Schen)e (Elig1￿Id & Wales) for ils leaching siaff and a scl)eme operated by TPT Relijemenl SoliitiL)ns And known as the JDdcpKrtdcnt Schools, P¢nsion Sch¢m¢, for ils nott-ttaehirtg staff. Seheme l.. Tegchers, Pension Scheine- ￿PS) Th¢ TPS is Ircaicd as a dcfiftcd coniribuiion schcmc for accouniittg purposes and the contributions rxogRised i the period io which they ttlate. Schctne 2: TPT Rctircmciit Solution5- IndcpcNd¢nt Schoo151 Pcllsion Schcmc Heir there air two sclieiiies in operation.. A defjjied benefit sclietne.. Tliis being closed 10 Jiew enu￿71> Thc Jchemc is classificd as a 'lasl-man slartding arrangcmcnt,. Thcrcforc ihc company i.s Potcntially liabl¢ for oilieL' pariicipaliiig employers, obli&TalioJis if Iliose ¢mployer5 are uiiable lo Incel their sjiare of Il)¢ %¢h¢me defi¢il fc)Ilnwing wiihdrAw21 frnm tlie scheme. PAriicipaiing emDlnyer.q are legally reqlliiEd lo meet tjieir ￿l￿re of die s¢hcm¢ dcfitit oil an anniiity purchaBc basi8 on witlidraiyal Ihc schenit. Tliis 5ch¢me is treated iii line witli uccounling prillciple5. and 50 a provision for Ilie s¢liool's share of Ilie deficii Is provided foi.. w'ith nctUr￿Y odjusiments, Interest ottd chllr¥es being llCCOL￿red for ￿￿Ough tlje Statement of A defil)ed Cniili'ihulinli %cheme This bting tstated as a defii)ed ¢Ontributioii schein¢ f￿. a¢¢oiiEJllll8 purposes attd the contributions Jrcogn(sed thc period to which dicy relate. Page 20 Coiilinued... St Gerard's School Tiw$t i otes to tlie Finathcial St3tements-.fLll¢ foi. the Vtai" Endtd JI A uJt 202J INVESTMENT INCOME 31.8.23 31.8.22 Bank inleresi received 1,574 INCOME FROM CHARITABLE AcrtVlTIES 31.8.23 31.8.22 Activity School fees Incoming irceipts fiDm clioritable activities E.v¢nis & clwiiable activiiics Inconiiiigk ircejpis fiy)m cliariiable aciivities Oihei. Income Ineumiiig IEceipts fl￿M thdl'jiable activilies Entrance fec5 Incoming JEccipts fiY)m eli￿.Jtablc activities Examinaiion tccs Incoming irccipis tiy)m ¢haiiiablc aciiviitC3 Unifonii sales Itjcoming recejpis from ¢liaritable 2Ctivtties Trips & excursions Iiicomiiig ]Eceipis from charitable activities 1,521.870 13,314 5,045 550 409 6.220 48,202 1,36Y,121 12,087 178 750 9.155 I,S95,610 1.398.402 Recot)ciliaiion ol'ilie ross fecs 10 the nei amount discloscd oil Ihc staicmertt of linat)cial activities 2023 2022 £1,608,167 £1,510,164 Gross fees Les8: Dw.5￿.1¢5 Discounts & other deductions £26,529 £59,768 £26,297 £114.747 Fee income invoiced in the year £1,52JO70 1,369,121 DIRECT CHARITABLE EXPENDITURE Administration of the school 31.8.23 31.8.21 Hire ofmirribus Diocese land reiii Lkparimcjilal cAprn￿$ Exaininalion fees Subscripliott & licenees TttleplJuIJ Pos12ge and stationery Siujdry meelin8s & refiEslimenls Advrili&iii Coniijiued profe5sioJial development and ts?inillg Bad debts Tjipb & ¢JLLW5IUSJS UnitOL'ni piirchases 1,009 100 19,799 10,345 16.282 2.534 25,963 loo 25.031 13,901 A5393 5,760 29,436 3.330 3.259 1189 5,180 1,775 66,455 13,959 10,385 2.922 596 48,000 22,705 404 16,066 56,532 11,630 2,907 J75 40,000 20,492 253 10.645 Di5Glosuic aiid baiiijis scivi¢c cliccks IT Iiiainlenwic¢ wid COJilrac15 DtpitC121its Interesi payable and sin))1￿. charges Evenis & cl1￿.11atslc activsries Cgn'ied folward 241,233 266,545 Pa&r21 St Gerard'5 Scliool Tt"u3t Notes to tlie Financial.8t4tements- contl for tht V¢ai" End¢d JI Au t 2023 DIRccf CHARITABLE EXPENDITURE- eorttinued Administration of the sehool- ¢ontlnued 31.8.23 31.8.22 Broughi fojward 241,233 266,545 241,233 2[￿,545 Staffiiig e05t5 31.8.23 31.8.22 eusis Rectuiimenl eosis Interc5t payablc and siimilar chaT8e5 1,246,865 1,1120 (597) I,2￿,888 2,881 13,7341 1,247,288 1,200,035 Vremi5e5 Costs 31.8.23 31.8.22 LleallinR alld wasie r¢movai Heat & liglii 111sw?nce Raies & waiei. Building mainlenatjce & other repairs and renewgls 47,724 33,717 12,480 ,545 33,078 26,921 12,072 IU,6¥¥ 35,524 135.544 128,910 A￿Are￿a￿ amounts 1,024,065 1,595,490 SUPPORT COSTS Govemince costs Other regoi￿te￿ expetlded 21.14lJ7 Pil¥f 22 LUILIiiLUfd.. St C¢rard'¥ School TruJt Notes to tlie Fin&n¢ial StatemeMrs- continued for th¢ Vcar Lndcd 31 Au ust 202J NET INCOMEIIEXPENDITURE) Net incorncllcxpenditurel Is sta￿d after ehaL'gintylcreditingl.' 31.8.23 31.8.22 Auditors, remllrta?tio Preparaiion of accounts Depi'eciation- owned assets Hir¢ vt'inlnibus Dioces¢ [￿ld r¢nl 4,800 4.395 4.395 22,704 1,009 iou 20.494 loo TRUSTEES, REMUNERATION AND BLf4lETr'IIS All tiustees give dieir time freely and there were no other bettefits reeeived by them nctther durtng the year ended 31 August 2023 nor for the year cndcd 31 Augusi 2022. Tru5tct5' CXPt115CJ Tliere ivere no 31 August 2022. (n￿(￿8, expeJise5 paid for the ye￿. ended 31 Augusi 2023 nor for the year ended STAFF COSTS AND REMUNERATION OF KEY IWAGEMEF4T PERSONNEL 31,8,23 31.8.22 Wag£% and %alai'i£ &)cJal security costs Ollier pensEon cosis 971,907 89,508 1115,45U 936.641 89,261 114,Y¥O 1,246,865 1200,888 Tlie av¢rll8¢ monthly number of¢mploy¢¢s duriiis Ihc ycar wa8 as follows.. 31_8.23 15 14 31.8.22 14 Fiill time teachers Pa11 Iimc ieacherg Part limc laboratory technician Full lime C￿E1&kerS Part lime carei2ker4 Manab7Gn?Cllt & adniiiii31ration (full iimcl Man28ciiicnl & adniinisiration (part tinie) 38 Tjie Jiurt)berof employees whose employee bcttcfitg (¢x¢ludin8 ¢mployv'pct)SiOll ¢03ts1 cx¢G¢thd £60,000 wa5.. 31.8.23 31.8.22 £60,001- £70.OIK> Pilg¢ 23 coniinucd... St Gti"ai-d's Schod Ti"u5t Notes to tlie Financial Statement for thc Year Ei nd¢d JI Au uJt 2023 ntinued STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PKRSONNEL- Continued The governit)g board consider (he School's key management personnel to be ihe rNsiees and ihe designaicd Stiiiui. ManaB¢mcnt Team,, wliicli ctinipi'ised tlie head and deputy liead leach¢r5 as well a5 tli¢ Busiiic5S Maiiagci.. Totsl eniploymejit bciicfit5 includiJi8 einployei. nalional Insur￿lee ￿ld pension conts'ibulions of Ilie key management peiEonnel amounied 10 £247,980 its the year12022'. £181.444). Tlie Scljuol alsu n?ade a total c()ntributiun uf £190.298 12022.. £180.783) LE)to pettsion plans vn behalf of tli¢ employees, witli this incliiding the contributions made io key managemeni personnel. For niore inforrnalion aboui Ilje pejisiott plaiis, r¢fcirnc¢ slioiild bc iknadc 10 Iiolc 2 and 18. io. INTANGIBLE FIXED ASSETS Web&iie COST At I Sepleniber 2022 and 31 Allgiist 2023 4,51)0 AMORTISATION Ar I Scptcnibci. 2022 and 31 August 2023 4,SnO NET BUOK VALUE Ai 31 August 2023 Ai 31 All¥usi 2022 ii. TANC.IBI.F. FIXF.D ASSF.TS Frecliold property PLDperty impmvements Plant & machinery Motoi" vehicle COST Ai I September 2022 AAdilinn 303,244 415A49 59,112 6,?.11 27,000 Ai JI August 2U23 303,244 415,449 65,323 27,600 DEPRECIATION Ai I September 2022 C.h21'ge fnr ye8r 42,681 2,11.1.I 51,475 47,892 5,520 4,41 At 31 Auuust 2023 44,714 55,630 52,250 9,936 NET BOOK VALUE Ai 31 August 2023 258,530 359019 13.073 J7,664 At 31 August 2022 260,561 363,974 11.220 22,08U Page 24 coiiilnued... St Ccrord's sell￿01 Ti'uyt Notes to the Financigl SÉatcments- continued for tht Ycllr Ended 31 Au ust 2023 TANGIBLE FIXED ASSETS- continued Fixlw'c3 and rittings Furnitu eic Coniputer equipment Totals COST At I SepieJiiLxJ' 2022 Addiliojis 573,596 17J91 49.614 349 1,446,006 6,560 Ai 31 A￿￿1St 2023 573.596 17,391 49,Y63 1,452,566 DEPRECIATIOP4 Ai I Sepieiiiber 2U22 Charge foryear 567.199 1,599 14,187 801 37.436 3,132 766,390 20,494 Ai 31 August 2023 568,798 14,988 40,568 786A184 IYET BOOK VALUE Ai 31 August 2023 4,798 2,403 9,395 665,682 Ai 31 Augusi 2022 0,397 3,2(14 ti"iy,liib 12. STOC]K5 31.&23 31.8.22 Siocks J,ts17 3,017 13. DEBTORS., AMOUNTS FALI.IPIG DUE WITHITY OPIE YEAR 31.8.23 -11.8.22 School fee5 Prep2ymeiTrl% 79,206 18,009 27,907 ?4.!95 97,215 52,232 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR -11.A.2.1 I l.R.22 Bajik loan5 and ovth)frafts (see IlDl¢ 151 Trade credilor. ,8ocial 3cciirity artd oih¢r taxes Oihcr cirdiiors LockeT dep05lts Advllllced receipt8 Accrued expenses Deferred Ski trip deposiis 256 29,St71 2J,170 (7331 5SO 151,351 10,230 .285 7,$ 7R 42,161 18,038 1,295 91,982 8.790 29,500 214.695 200.629 Pas¢ 25 St Cerard's Sehool Tvu$t Note5 to tlie Fln4nclal Statements- continued for tho Yoor Endod 31 Augyst 2023 15. LOANS Art analysis of the matwity of loans is given below.. 31.8.23 31.8.22 Amounts falling due within one year on demand.. B*wik overdrafts 256 1,285 16. LEASINC ACREEMENTS Minin)um lease payments under non-cance112ble (yei?iing leases fall due as fL)IIuws'. 31.8.23 31.8.22 Widiin one ycar Between one five years 36,000 72.000 36,000 108.000 108,MO 1411,000 In June 2022 the Schuol ren¢w¢d its 4 y¢&. ¢omputfL' equipsn¢nt maintenance uglrement with Computer Soliiiions Cymru Llniiied. Tliis agreem¢Jii coi)thiet)ced Sepiember 2022 und included rli¢ 5uppoii of all equipnieni oivned ￿ld leased by Uie Sc]iool. 17, MOVEMENT IN FUtYDS Net Tr￿}SferS betrween movtttient At 31.3.23 Al 1.9.22 in thnds tknds UnvestrRtt£d funds General fund Pcnsion liability fi￿d 813,148 144,256) {48,878) 15,445) 5.445 758,825 138.8111 768,892 148,878) 720,014 TOTAL FUNDS 768,892 (48078} 720,014 Nei movem¢nt in fi￿a$, inrludcd in Ihc obovc arc a5 follow3.. Incoming reBources Resources expended Movei)ient Unresiricted fund5 General fiLt)d 1,597.184 {1,646,062) 148,878) TOTAL FUNDS 1597.184 11,646,062) 14A,87SI ragt 26 Qllllilud... St CorArd'$ Sehool Tru$¢ Notes to tlie Flnanclal StateTNents- contlnued for the Voky End¢d 31 Au st 2023 17. MOVEMEIYT IN FUh'DS- eorttknued Comparative5 for movement In fund$ Nct movement in fitnds Transfers between tillids At 31.8.22 Ai 1.9.21 Unre5trÉclcd lund5 Gcnei?l fiind Pension liabiltry fund 1.038.428 153.787} 1215.7491 19,5311 9,531 813,148 144,25C)I 984.641 1215.749) 768,892 TOTAL FUNDS 984,641 (215,749} 768,892 Compara¢tve net movement in Iilnds, included in the above are as follows.. Incoming P£sour¢es Movemenl Unrestricted funds G¢nGral fimd lJ98,513 {1,014,2621 121i.7491 TOTAL fuNDS 1,398,J13 11,014,202) (215,7491 G¢n¢ral fiuidy Tliesc ar¢ available to spend on aclivili¢s Uial t"urU)¢r any ol" Uie purposes & objects ol. t]ie School and are 211ocaied at the di￿1.¢¢I011 of the tru51ees. Unrcsiricied ension liabilily.-fifftd The pension re.%eive, whicli represents tlie School's TPT defined benefjt pension liahilitie.% 3q 3t ye2r end, lia anni￿1 valllaiions prepared by the conipany, and their is a iepaym¢nt plaii in placc so as 10 eliminaie the deficil ovcr a 10 year period. The pensions rcserve is Irduced by payments i)Vdde aRainst th¢ aRrced rccovery plans In the year. However, sliould circunistance5 dicraie that tile hmds arc urgcntly needed e15ewheiE. then the funds retained thereiii will he ijged tn fiirthp.r thp. ￿le1￿1 2im.E nf thp grhothl And ivill be re#llotated al the discrotion ot. the tru5rees. 18. EMPLOYEE BENEFIT OBLIGATIONS ￿¢￿Slon ffimllar Te2cheYJ.' Eeftsloo Scheme Inrroduction The Teachers, Pension Scheme ITPS or schen)el is a statutory, unfi]nded, defjned benelit occupaiional schem4 gov¢rncd by Ilie Teacliers, Pettsivns Regulatlolls 2010 (as anicndedl, and tli¢ Teacli¢i%' Pensioii Sclieiii¢ RegiulaiioJ15 2014 las amended). Th&8e IrgFulatl0115 apply lo Icacliers in s¢liools aod other educational estllbli.%linietJL5. Including aeademies, in England and Wales di21 al-e niajntaijied by local autljorities. In 2ddilion. teacliers In niany Iiidepejidenl and volu2iiaiy-aidcd schools and leache13 wid l¢¢nuris in some cslablishmcnis ot. fur(litr and liigher edueaiion niay be eligible foi. Ineniber811ip. Pagffi 27 St r.￿r￿r￿'S School Tnist N tes to tlit Flnanciil Staternent5- continued fnr the Ve2r F.nAeA.11 Aiigiie In assuinpiioiTrs R¢mcasui'emenis- ain¢ndmeiiis to the contiibulion schcdlllc Contribuiions paid in respeci tsrrulure service Cosi recognised iii incoinc and expcnditure accouiit £555 1£7.3471 £3,058 includes defined contribulton schemes and future service eoniributi0ll5 {i.e. excluding any deficit reduciioii paynietjrsl ro defined benefit scliemes wliich are treatcd as defincd contribution scliemc5. Assum Discouni iwes used.. 31 AUg￿t 2023 5.79U/o per #nnuni 31 August 2022 4.31°/o per annum 31 Augusi 2021 1.09°/o per a[￿￿ll The discount rates shown above ate Ilic equivalent siiigle discount Jitcs wlLicJi, wli¢ll used to discouiL( dic fiitujr recovery plan coniiibutions due, would give the swiie iEsultS U5 using a full AA corporate bond yield Cu￿¢ to diSCLlllllt tl)e sTrine recov￿Y plan eonlribulions. 19. RJ4LA"I'LD FARI"Y DISCLOSURES TIiciK iio irlatcd party li.￿￿a[1JQJl5 foi tIiG two ycar5 eiidd 011 31 Aususl 2023 excepi as deL-iJbed wiilijji th¢ lloles and trusiees report of diese tinancial statements. 20. POST DALANCE SIIEET EVENTS The tllJ8ieef have considered the need for di5closire ￿ld confiirn that Ihey do not believe Ihere io be any adju5tLLlS oi"non-adju5ti118 cvcnts to iiok. Page 30 St Gergrd's School Trust Detailed Stgtement of Flnanelal Aetivltles for the Year Ended l A 2u&2Q23 31.8.23 31.8.22 INCOME APID ENDUWMENTS Investment iThcome Bank iniere5( received .574 Charitablc aCti￿tieS Schuol fees Eveii15 & cli3J'itable aclivilie5 Othei. income Entrance fees Examirtaiion fees Unifoill? salcs Ti'ips & cxcursions lJ21,870 13,314 5,Q4S 5511 409 6,221) 48,202 1,369,121 12,087 178 750 9,155 1,595,610 1,398,402 Total Inctsmlng resources IS97,184 ,398,513 EXPENDITURE Admini$tY#tion ofthe icliool Hii-¢ of niit]ibus Dio¢ese land rent Depirtmental expen#eg 1,009 100 19,79 10,345 16.382 ?,534 25,963 1,966 5,180 1.775 66.455 13,959 10,385 2.922 596 48,000 2.0.12 4,154 9260 2,132 1,068 4,059 io 2S,031 13,901 15.393 5,760 19,430 3.330 3,259 1,189 Sub.seripiiun & lJcert¢¢s Telepliojje Pobiii¥e staiEonery Suodry meetin￿5 & refreslimejits Adveitisiiig cuniinuedprofes5ional d¢v¢lopmcni and (raining Bad debts Ti'ips & excursiojis Unifuilli PiEfLlid5es Minibus rLmninE costs Disclosiue at)d b￿TIJig service cliecks rt mainienance and contTacls Freehold prop￿lY Depn of prupeity impiY)vements FI￿11 ￿ld macliinery Fixtur¢% aijd fitliiigs Dcpii of equipnTrerti eic Conjpiiicr eqiiipmcni Bank inieresi Bank thtsi.ges Events & Ll)aritable a¢iiiiities 56,532 11,030 2,907 375 40,000 2.(b.12 4,154 8,774 1,599 801 3.132 25 228 10.645 404 16.066 241,233 266.545 Thi5 pag¢ due5 not form part (Ifihe 51aluioiy f￿anCial siaienienis Page31 St Gei'ard's S_ehool Tru¥t Detalled Statement of Finanelal Actlvltles for thc Yoay End -￿31 August 2023 31.8.23 31.8.22 Admlnistration of the schoDI Sta￿l￿g costs Wagcs Social security Pa1510n Rccruitmenl costs Expecied retLun on pcnsiun scheme assets Interest on peiision sel)enie liabililies 971,907 89,51)8 185,450 1,020 {2.792} 1.795 936,641 89.261 174,986 2.881 14,2891 555 1,247,288 1.2(M),035 Premis¢$ eo$ts Cleaning and waste reinoval Heat & light 47.724 JJ,717 12,480 545 43,705 26,921 2,072 10,688 Insurancc Raies & ￿tel. Building niaintenance & other repairs and renew&15 33,078 35,524 13S,544 1•8,910 Support costs AudiluY.%' reniuneration Auditor8, remLit)￿#tiOn fornon audit woA( AcLouniancy and legal ftcs Legal w)d professional fee5 4,8110 4,395 4,395 4,830 12J67 9,982 21,997 18.772 Total Te50urees expended 1,646,062 1,614.262 Net expenditure (48,878) 1215,7491 This page docs nthl furn) parl of Ihe slatuloiy fJJMncial siaieii)&)Is