REGISTERED COMPANY NUMBER: I)2510791 {England and Walc5) REGISTERED CHARITY FIU]IIBER: 1001211 ort of the Trustees and Audited Financial Statements for the year Ended 31 Au ust 2024 for St Gerard's School Trust Champion Accouniants LLP Chartered Accounthnts, Stamtory Alldir 2nd Floor Refuge House 33-37 Watergate Row Chesier CHI 2LE
St Gei'ard's Scliuvl Trusl Contents of the Finaneial Statements for the Year Ended 31 Au ust 2024 Page Report of tlie Trustee5 Repoyt of the Independent Auditor$ 10 to 12 Statement of FingDcial Activities 13 Balance Sheet 14 Cash Flow Statement 15 Notes to the Cash Flow Statement 16 Notes to tlje Financial Sialements 17 10 30 Detailed Statement of Financial Activities 31 to 32
Si Gerard's SLhuvl Tiusl lluiiibcr- 02510791 ort of the Tru5tee5 for tlic Ycar Elided 31 Au ust 2024 Tlic tNstees wlio are also directors of the clwALy for die purpuses of ihe Companies Acl 2006, presenl their repori with tlie financial statements of the charity for Uie year ended 31 August 2024. The Irusiees have adopted the provisions of Accounting and Reporting by Charities: Siaiement of Reeommended Practice applicable to charities prepai'ii)g (heii. accoun(s in accurdance with (he Financial Reporting SLd[d applicablc in thc UK Rcpublic ¢Jf ircldnd (FRS 1021 (effective l January 2019). Foiii)ded in 1915 by the Coiigi'egatioii of the Sisters of Mercy as a girls. day and boarding scliool. St Geral'd's nioved io its CWTcnl location in 1917 whcre it stands in its oivn grounds. It has been a tully co-edu¢alional day school sinee the early 198Os. In 1990. a trust was formed and the fitst lay head teacher appoinied in 1991. OBJECTIVE.S AND ACTIVITIES Objectives aiid aims St Gcrak-d's is a day school foi cliildtcn bctwccn tlic agr 4 and 18. Tlic TLltst contuiucs its niission to providc a liigh staiidard of Chri5tian-ba5ed education from Recepiion through A Level, nurturing individual gifts in a c]n iiiclusive, and cu educational setting, with regLLlation by EstyrL mcmbcrship of ISA and WISC, and designation by the Welsh Government a5 liaviiig a religious cliaracicr. Significant aetivities It aiii]5 to c"ry out Il?¢5c objcctiYG5 by Iiaviiig rcfucii(c to- A Christian Seiiiii Within ils Catholic foundation and Christian tradition, St Gernrd's aims to welcome SdentS from all traditions in a se(ling, where every young person has the opporrunity lo make ihe niost of his or her individual gifts, laying the firin "owidation of a suc¢es5th1 future, witliin a caring comniunity. All-i'owid Develo ment We seek the all_round development academic, 50¢ial and spiritual of all pupils in our care, atming for the Iiighest SLaiidards eacli can attain, equippiiig them as fully as possible for ilieir life beyoiid scliool. We wish to lielp pupi15 develop as happy, confident people wliose contribution to society as adulrs will be responsible, positive, disciplined wid wiselfish. We have a particular commitment to having.. a welcoming environment in which studenis are respecied as individuals and to which they can contribute in many *hig]i quality Icaehing from wcll-qualificd, cxpcricnccd and cominittcd staff. careful monitoring of student progress, and a readiness to help with individual advice and support whenever needed. small leaching groups. as ivell as a varÈety of opportunilies io serve the different skills and Interests of students in tlie school. The scliool does not offer specifjc provision for special needs bul it has a pruud record of foslering notable success in those students with ii)ild learning dikTiculiies. Publie benefit Tlie ttwtees believ¢ that they have complied with the duties as set out in S¢¢iion 17(5) ol the Clwities Act 2011, Iliat is lo liave due regard to tlie public benefit guidance published by the Charity Commission. Page I
St Gerard's School Trust Re 151ered number: 02510791 ort of the Trustees for the Yea¥ Ended 31 Au USI 2024 ACHIEVEMEIYfS AND PERFORMANCE Charitable aciivilies St Gerard's School Trtl has continued to demonstrate oulsianding perfom]an¢e. both academically and within ow. community. mainiaining its leadership in Gwynedd and standing out on a national scale. Academic Excellence: GCSE Perfoiiiiance.. In 2024, smdenis acliieved a 97 /0 pas5 rale (A-C) ** consislenily well #t)ve tlie 62.2 /0 naiional avernge. Remarkably. 580/• of all GCSE grades were AIA. more than triple tile 19.2 /o naiional benchmark. A-Level Perfomiance". Tile Scliool remains within tlie UK'S top 150 secondary sch(M)Is for A-Level outcoines. League Table Rankings.. Oitr excellen( eXn results placed St Gerard's prominently in national league tables, lopping Gwynedd's standings and fea(uring amoiig the UK'S leading independeni schools. Estyn commented positively: "Pupils, perfornmice in GCSE examinations is consistenily high when compared with ihe Estyn Inspection (March 2025) Tlie tnost rcccnt inspcLlion in Mdrcli 2025 a1ned iliat Si Gerard's meets all the Independent School Standards (Wal¢s) Regulations 2024, willi no areas of non-compliance identified. KLY liiglilix1i illLludr". A welcoming, inclusive environment, where pupils feel safe and supported in their leaming. Higli expectations niainiained by sla(r, employlng skilled questioning and encouraging independent leariiing. A well-coordinatcd inclusiv¥ provision for addilional leaming needs. Suprted by dctailcd pupil profilcs and strategies. Rapid and signifieant inipiDvement in PSHE and caseers educacion following the previous inspeciion. One reLommendaiion to continue embedding cuent improvement priorities, signifying a strong self-improvement LuIIui¥. Page 2
Sl G¢iard'i SLliuvl Trust Rr iilrrrd liulr- 02510791 ort of ihe Trustees for the Year Ended 31 Au ust 2024 ACHIEVEMEIYTS AND PERFORMANCE Rei'lew or other aetli'ltles Cl)aritable Engagemcnls: In 2024, uiw SLIi(K)I cvmmunily mainiained its styong pliilaniliropic eilios. Funilraising efforts included notable Campaions sucli as tlie senior school's Jusi Giving initiative. contributing to various local and national causes. Highlights incliide: -Suppurt foi undctpiivileged cl)ildren and l.. I InenIuhlp tl)ruugli alwnni initiatives. -continued integraiion and educational support for displaced Ukrainian pupils, in partner511ip with tl)e school and 21iimni, including White Label Casinos. Thcsc cffort5 rcflcct thc collcctive commitsnent of sludents, Statr, pwrnts, and alumni io both local and global causes. Infi'aslruciure Enhancemenl5- FollowiIi¥ die lau]Icli of a twO-y¢ fiuithoisijis iiiitiativc lcd by alwiMius-back¢d Whitc Labcl Ca51LlOS, tlic scliool is progressiiig major faciliry upgrades.. Redevelopment plans include improved sports and education facilities. Iiiitial work lia5 bcgwi on sitc enlianccniciils ainicd at increasing pupil intake and community engagcmenl. T&)is initiative is a proactive response to ¢volving De and supports the Tnt'S long-mI sustainability and capacity. Challciigc5 and Rcsilitncc- No new inajor cliallenges were recorded ihis year. however, the Trust MainS vigilant regarding: - Propei1y covenant eonstrainls ilial previously affecied junior scliool sile developments. -oiigoing regulatoiy monitoiing. including VAT iniplications and cstatc managenient. Despite these. the sehool continues io demonsirate adaptability and strategic decision-making Recognition and Prospe¢fs: Notable Achievements.. Senior pupils l)ave received distinguished offers froni iop-tier univ¢rsitics and showcased exceptional perftsrinance acadeinically and extr2curricularly. Our value-added scores confwm il]aL on average, 5tudenls achicve nearly one grade Iiigl)er per subjeci ai A-level relaiive to nalional benchmarks. Strategi¢ Outlook With ihe facility iipgrade programrne undetivay and a slrong financial fooling, the TnL81 is well-positioned to expand enrolmcnt and rcinfoi-cc its irputation for cxccllcncc. Trusiccs coniinue lo monitor external prcssw'cs sueli as rcgulatoiy 5hifls, en51wing the School remains responsive and fon¥ard-l(K>king. Page 3
Sl Grraid'i S¥huul Truil islcryd nuilllp¢r- 02510791 oyt of the Trnstees for the Year Ended 31 Au U5t 2024 FINANCIAL REVIEW Financial revieiv Overg11 Performan¢e Tlie finaiicial performance of St Gerard's School Trust for ilie year ended 31 August 2024 is ouilined in the Siatemenl of Fill]c1a1 Activities. For the year endcd 31 August 2024, St Gctard'5 Scliool Trusi rcporlrd a nei expenditure of £272,457 (2023: £48,878), resulting iii closing unre51ricled funds Ot. £447.557 (2023: £720.014}. The deficii retlecls reduced income from pupil fees. alongside continued investsneni in slafTing and facilities to 5UPPOrt long-lerni educational Standards Income and Expenditure Overview: Income Total income was £1,318,067 (2023.. £1.597,184). with pupil fees of £1,277,192 accounting for the majorlty. The drLliiir frtpin thc piiur PIIIIIl1Y dur Ivwu rIuulJJiriiL iuid irduLrd iIiLUiiiC fIuJii tsips wid ¢x¢w"sioiis. Expenditure Expenditure loialled £1,590,524 (2023- £1.646,062). SiaffAng costs ffmained the largest element at £1,109,567, reflecting tlie Trust's commithlent to sn)all cla&s sizes and high-quality teaching. Premises costs increased due to Ca511 Flts Cash balances were £106,613 (2023: £206,750), after £155,31 I was invested in capital improvements. The TIu51 remains committed to meeting lis obligations under the Teachets, Pension Scheme and the TPT Independent Schools, Pensioii Schenie, with the latler carrying a liability of £37,365 at year end Contributions continue in line witli ard ircovriy VI1. Risk Management, Going Concern 2nd Future Plans Tli¢ Trustees regulai'ly review financial. opcrational, and compliaiicc risks. Key risks include.. - Tlie introduction of 200/0 VAT on sch(x)I fees from January 2025. Ribin¥ p¥nsi(Trii iuiLL PdyruII LU>4ls. Enrolnient pressures due to wider economic condilions. Iti response, the Tlust is widcitaking a fidl rcvicw of its b5111¢&$ model. includiiig- - Staffing 51ruclures and c05t efficiency. Enl)anced niarkeling and pupil recruitment strategies. Gciici"atitig additional inconic through thc hire of thc school's new sports facilities. These rneasures. combined with aclive reserves managemcnt. are designed lo rettm the TNSI to a sustainable surplus. Tlie Tnistces havc coiisldcrcd thcsc factors and, givcn currcnt rcscrycs, cash flows, and the absejicc of cxtcnial dcbt (otliei. dwi capital), are satisfI¢d that the TTUSt remains a going concern for at least the next 12 months. Page 4
S( Gerard'5 School Trus( Re 51ered nunjber: 02510791 ort of the Trustee5 for the Year Ended 31 Au -uust 2024 FINANCIAL REVIEW Reserves policy The Trustees aini lo maintain free ServeS at a level sufficient lo provide financial stability and ensure Ilie onguing operacion of ilie scliool in tlie event of unforeseen circumsthnces. Free reserves are defined a5 iinrcstiiclcd fuiids. less ilie net book valiie of (angible fixed assets, a5 Ilie5e assets are essential for the delivery of our charitable objectives. At 31 August 2024, free reserves siood at a deficit of £329,691 (2023= £54,332). Tiic negaliv¢ position at ycai-ei)d rcflects a plaimed year of transilion, witli expenditure incurred lo prepare for the relocation of tlie primary scliool lo the main site. T])is strategic investment was made to improve 0rational efTiciency and long-lem) sustainability. Subsequ¢nt to the year-end. on 9 June 2025, the sale of the primary school property was cornpleled, generating proceeds of £285,451, Ivl)icli will be reiiivested in 5UPPOrting Ihe Trusi's objectives and strengtliening re5ervcs. The Trustees are confideni thai, wilh this sale completed, continued monitoring of costs. and initiatives lo diversify income, Ihe Trusi is well posilioned io restore reserv&% to a S$t81nble level over ihe medium tern]. Reserves are allocated across Ilwee primary fid5.. l. General fwids- unrestricted 2nd available al tn]slees' discretion for immediate use. 2. Unr¥blii¥l¥d prILsivii li£ibilily rId JrfltiliIig ilic Suliuvl's sli vf tlic dcfiGIt dcfincd-bcncfit pcnsion schcmcs will) contributions made according to a long-tern) recovery plan. 3. Designated funds- sel aside for earnwked future projects or potential liabilities. Future Ouilook: TsleeS remain acutely aware of external fllmncial pre&sures. particularly: 20/0 VAT uji siliuvl f¢¢s, ¢lT¢¢liv¢ fi.oin JaI]uY 2025. wliich i5 projcctcd to incr¢as¢ w5ts significantly and potentially impact enrolnienl. -Withth?Ival of business rates ller and anticipated rises in employer pension and National Insurance conlribulions, whicli tttay affect fulure surpluses. In response, tlie Scliool is proactively: s¢&b-l¥bL1ll¥ iLb r¥b¥rvcs puliLy Lu rv411uaLC iiiipaci of VAT aiid ci)s1 ¢scalatlOll 5cciiarios. Reviewing wlietlier lo designate additional fimds {e.g., bursary or contingency trserves) if affordability issues arise for faiiiilie5. - Adjiistiiig fcc Icvels, fee stNcwres. and budget forecasts to maintain stabiliry and educational quality. This fiiiancial review und¢rscorcs our ongoing commitment to prndeni fiscal managcmcnt, cnsuring ihat St Geroi'd's Scliool Trusi remains well-positioned to provide an excepiional educational experience wliile adaptii)g lo external financial pressure5. Tlie School, for transparency, therefore allocaies resem into one of two types of fim(ts'. General fidS These are available to spend on activities thai fiuther any of the puryjses & objects of the School and are allocated at Ilie discretion of the Irusiees. Unrestricted nsion liability fiind As sei out in the notes of. the linancial ststemenrs, the School partakes in pension schemes operated by two pension providers.. Scheme A: Teachers, Pension Scheme- (rps) Tlie TPS is an w]fided sclieine and conlribulions are calculated so as to spread Ihe cost of pensions over eniployees, working lives willi the scliool trust in such a way that the pension cost is a substantially level pcrceniage of cun'ent and futtwe peiisioiiable payiDII. The contributlons are deterniiiicd by the Government ActUry on the basis of quadrenni.ql valuations using a prospective unit credit method. As staled above, the TPS is a mulii-employer scheme and there is In5111Clent information available 10 use defined benefit accounling. Tlie TPS is tlierefore treated as a defii)ed coiits'ibution scl)enie for 2¢couniing purposes and the contributions rceognised in the period to whicli tliey relate. Page 5
5t Gerard's School Trus( Re Istered number: 02510791 ort of the Trustees for the Ycar Ended 31 Au ust 2024 FINANCIAL REVIEW Scheme 2: TPT Retlrement Solutlons- Independent Schools, Pension Seheme The company p2rticipaies in Ilie scheme. a multi-employer sclieme ivhich provides benefits to some 51 non-associaled eniployers. The scheme is a defined beiietit scheme iii the UK. It is not possible for the comwiy lo obtain suflicient infuiniation io enable it io accLiunt for the scheme as a defined benefii scheme. Therefore it accounls fur the sclienie as a dered contribution sclieme. The schenie is subjeci to ihe fimding legislation outliiied in the Peiisions Act 2004 which camc into foice 30 December 2005. This, together ivith documents issued by the Pensions Regulator and Technical Actuarial Standards 15sucd by tlie Fijiancial Reporting Council, sel out ilie framework for fidIng defined benefit occupalioiial pension scliemes in the UK. The scheme is classified as a 'last-man slanding atTangement'. Therefore the company is potentially liable for other participating employers, obligations if ihose employers are unable to tncci their sjiare of ilie scheine dcficit followijig withdrawal from t]ie scheme. Participaiing employers are legally required to meei their share of the Scheme deflcil on an annuity purchase basis on withdrawal from the scheme. Tlie pension reserve, which represents the School's TPT defined benefit pension liabililies as at year en has annual valuations wepared by the company, and there is a repayiii¢nl plan in place so as to eliminate the deficit over a 10 year period. The pensions reserve is itduced by payment5 made Inst the agtccd rccov¥ry plans in die Y.. Huwever. should circumstances dictate that the fimds are urgently needed elsewheff, then the fvnds retained tliereii) will be used 10 funhcr thc ¥¥llCl¢il ill ufdir SL-liuul ld WRII br irallvL<iknJ ai di¢ d16¢f¢tioJi of thc tsu5t¢¢s. Unrestricted burs fund Tliese funds, which arosc from a generuus donaiÉon made to tlic Sch(KJl by its fornier Head, Miss Parkin50n, wei'e 1]Y ulilised in the year to August 2019. Tlie primary aim of the fund was to fijrther Ille suppon available to pupils. bul an wiused discretion was granied by Ihe donor for use elsewliere sliould an urgeiit need arise. As al the end of 2024 tlie Scliool's fun(ts stood at: Unrestricied fund £ 484,922 General funds {£ 37,365) Pension liability fimd BU[rY lund Total funds £447 557 Page 6
St Gerard'5 School Trusr Re 5rered number: 02510791 ort of the Trustees for the Year Ended 31 Au ust 2024 STRUCTURE, GovERNA'CE AND MANAGEMEIYT Governlng document The chartlable company is controlled by its governing dociiments. its Memorandum and Articles ot. Association, which were incorporaied on I l June 1990 under the regisli?lion number 02510791 and ended on 29 Noveinber 2016. 11 cons(iiules a liniiied conipany, limiied by gUarane as defined by thc Conipanics Act 2006. As the company is limited by larll(ee the subscribers coiiftimis that in the event of the company being woui)d up while tliey al'e a iiiember, or within one year after ihey cease io be a member. they will contribulc to thc assets LTrf Si Gei'aj'd's Scliool Trust such atnounts as may be required for: paymeiii of debis and liabilities ot'the company conw4cied beforc they ccasc to bc a metnber, payments of costs, cliarges and expenses of winding up, and, * adjustments of the rights of the contribu(ors among themselves, not exceeding the specified amount below. SLthscriberfs delails and wiiounts uarant¢ed £1 O- Mrs A McFarlane £10 _ Miss A paInSOn £10 _ MAS A Petliig £IO- Mrs A V Buckland Si. Gerard'5 Scl)ool Tnt was atso registered Is 2 chariry on 10 December 1990, under the charity nllniber 1001211. Recruitment and appointment of neil- trustees Only Ilie board of ttwslees. not individual trustees. may appoint a charity tn(ec. Trustees are appoinied as local Catholics and Christians with appropriate business and social lui0,1edge. Organisatlonal structure The Trust In tlie tr]SitiOn to lay conlrol, a board of Inle¢S was fornicd. whosc concem is the overnll Welf and dcvclopnicnt of St Gerard's School Trust. The Governin Bod Thc Board of Trustees meet, on average, four times a year. The Chair of TnteeS can bc coiitactcd via the Trust address which is the school address on the cover page. A list of the meiiibers of tlie above body 15 available on request from the school Otce. Trustccs arc appointcd in accordance with section 21 of the Sch(M)I's memordndum and articles of association. The board of Trustees delemiine5 the genernl policy of the schiKJI. The day to day manageinent of the school is del¢gat¢d io the Helld Teacher and the Business Manager. The Head Teacher: Mr. C. Harrison Tlie Business Mana er: Mr S GrilthS Key management remuneration Tlie guveniing Ix)ard con5idcr ihe School's key nianagement personnel to be the trustees and Ilie designated 'Scniui' Managenieiit Team., whicli coinprised the head and deputy liead teachers as well as tlie Busiiiess Managei.. Tol31 employmeiit benefits includin8 employer national insurance and pension eonts'ibuiions of the key managenient personnel al'e disclosed in a note io the tinancial statements. Page 7
St Gei-ard'5 School Ti-ust Re 15t¢i"¢d iiuillber- 02510791 Re ort of the Trustee5 foi. thc Ycar Ended 31 Au ust 2024 STRUCTURE, GOVERNAPICE AND MANAGEMEINT Risk management Tlie trustees have a duty to idenlify and review ilie risk5 to wliich the cliarity is exposed and to cnsure appropriate coiitsols are in placc to providc reasoliable assuranc¢ agai11 fraud and ctTOI. Furthcnnorc routinc ii5k a55C55nieii(s liavc been carried out, identifying and considering potential risks lo Ilie diarity's operalion. Systems by wliicli tlie risks could be miiiimised for the preseni and the futLwe have been implemented and continue to be reviewed. REFERENCE AND ADMIIYISTRATIVE DETAILS Registered Company number 02510791 (EngI]d and Wales) Registered Charity number 1001211 Registered office 3 Ffriddoedd Road Baiigor Gwynedd LL57 2EL Trustees Mi's A J Perhig (resigned 18.4.24) Mr D Breslin Mi's W McBride Mas M J Bcnson Mr B Pigott Ms G M McDonagh (resigned 18.4.24) Mrs A Jones Iresigned 18.4.24) Di. E L Rawkins (resigned 12.6.24) Mr D A c1.ke lappoiiited 18.4.24) Company Secretary Mi. S M Gi'itTIths Senior Statutory Auditor Siisan Harris MA ACA Auditors Cl)ampion Accountants LLP ch'tered Accountants, Statutory Auditor 2nd Floor Refuge House 33-37 Watergate Row Cliester CHI 2LE Ballkers HSBC Bank plc 274 High Street Bangor Gwynedd LL57 IRU Solicitors Elwyii Jones & Co. 121 High Street Bangor Gwynedd LL57 INT Page 8
Si Geral'd's Scliool Ti'ust {Regi5tered iiuiiibei.: 02510791 ort of the Trustees for the Year Ended 31 Au U5t 2024 REFERENCE AND ADTrIINISTRATIVE DETAIIS Accountaiit Durtn & Ellis Cyf Cl]L¢[c ALLvunianls and Cliartered Tax Advisers Si. David's Building Lombard Street Poitlimadog Gwynedd LL49 9AP PRINCIPAL ACTIVITY Tlie trusi's pi'incipal activity is that of a fe¢-re¢eivin8 educational esrablishjnent to educate chilth'en of all faidis. EVEIYTS SINCE THE END OF THE YEAR lijfonnation relating to events sitice the end of the year is given in the notes to the fmancial statements. STATEMENT OF TRUSTEES, RESPONSIBILITIES Tlie trustees (Ivho are a150 tlie directors of Si Gerard's School Trtl for the purpose5 of company law) are responsible for PLrpai"ing thc Report of th¢ Trnst¢cs and tlic fjnancial statcmciits in accordancc witl) applicabl¢ lllw and United Kingdorn Accounting Standards (United Kingdom Generally Accq)led Accowiling Practice). Conipany law Icquiics the rruslees io prepare financial stat¢m¢nts for cacli fanCIal year which give a trne and fair view of Ilie slate of affair5 of the cliaritable conipany and of the incoming resources and applic21ion of resources, including the iiicome and expendinwe. of the charitable company for that period. In preparing those finwicial statenieiits, Ihe tiustecs ai"c Arquircd to select suilable accounting policies and th¢n apply them consistently. obseive the niethods }d principlcs in thc Charity SORP; make judgements and estimates that are reasonable and prudent. prepare tlie finwicial slalemenis on the going concem basi5 unless il is inappropriate to presunie Iliat the charitsble oi?Ipaiiy will coiiÈiiiu¢ in busincss. The trustees are responsible for keeping proper accounting cOrdS which disclose with reasonable accuracy at any lime Ilie financial position of tl)c charilablc company and lo enable ihem to enswe tIt thc fmallcial statements coniply with Ilie Companies Act 2006. T]iey are also responsible for safeguarding ihe assets of the cliarilable company and hence for taking reasonable steps for the preveniion and deleclion of fraud and other irregularities. lil so far as tlie trustees are aware.. ther¢ is no relevant audit infomialion of wliich thc cliaritablc company's auditors are unaware; and the trustees have taken all steps that they oughi to have taken to make themselves aware of any relevant audit infomiation and io establisli that the auditors are aware of that inf0Mli0. AUDITORS The auditors, Champion Accountants LLP, will be proposed for re-appointnient at the forthcoming Atmual General Meeting. This pOrt has been prepared in accordance with the special provisions of Part 15 of the Conipanies Act 2006 relating to small companies. Approved by ordcr of the board of tswlees on ....31 August 2025 . and signed on its beIlf by: Mi's Beiisoii - Trustee Page 9
riep.ort of the Inde endent Auditor5 to the Members or St Gerard's Sehool Trust slered number: 02510791 Opinion We have audited the financial slalements of Si Gerard's School Trust (the 'ch2rit2ble conipany'l for the year ended 31 August 2024 which comprise the Sialement of Financial Activities, Ihe Balance Sheet, the Cash Flow Staiement and notes to the fin)c1a1 statemenis, including a summary of sigtiificant accounting policics. The financial reporting framework that has been applied in their preparation is 2pplie2ble law and United Kingdom Accouniin8 Siandards (United Kingdom Generally Accepted Aecounting Prdctice). In our opinion the financial statements: give a true and fair view of the stale of the charitsble company's affairs as at 31 August 2024 and of ils incoining reSolceS and application of resources, including ils incomc and cxpcndiiur¢, for the ycar th¢ii cndcd. have been propei'ly prepai'ed in accordance with Uniled Kingdom Generally Accepied Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnion We conducted our audit in accordance wilh International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under th05C Standards orc fihcr dcscribcd in thc Auditor5, rcsponsibilitlC5 for tlic audit of ilie financial statenients section of our report. We are independent of the charitable company in accordance with tlie etliical reqiiiiEmenls iha( are relevani 10 our audit of the finAnci21 statements in the UK, including the FRC'S Ethical Siaiidard, and wc havc fulfillcd our othcr cthical rcsponsibiliiics in accordancc with thcsc rcquircmcnts. Wc bcllcvc that thc audit eviden¢e we Iwve obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going eoneer In &iiditing the financial statements, we have concluded that the ttW5tee5' Use of the going concern basis of accounting in die prepardtion of Ihe financial statemenls is appropriale. Based on ihe ivod( we have PerfOnne we have noi identified any material uncertainttes relating to events or condilions tlial, individually or collectively. may cast significant doubt on the charitable eompany's ability lo coniinue as a going concern for a perAod of at least twelv¢ months from when the fAntclaI stskt¢m¢nts are authoris¢d for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern a described in the relevant sections of thAs report. Empliasts of matter Wc draw attcntion to th¢ Going Con¢¢m 3¢¢tion ivxthin Notc 2 {Ac¢ounting Policics) to thc finan¢ial stal¢m¢nts. which describes the factors considered by Ilie Trustees in concluding thal Ihe going concern basis of preparation is appropriate. That seclioii also explains the uncertainties. including poienlial changes affeciing the independent school secior, which could impact the School's financial perforniance and cash flows, and acknowledges that there remains a risk that adverse circumstances could arise which might affect ihe School's ability to continue beyond 12 months. Oth. opinion is not modified in respect of this maller Other iiiformation Tlie trnstees responsible for tlie otlier infomiation. The other infomiation comprises (l)e infomialion included in tlie Amiual RepoLt oth¢r dian tli¢ fLnan¢ial statements and our Report ofthe Independent Auditors diei'eon. Our opinion on the tinancial slalements does noi cover the other infomiaiion and, except to the extent otheiwise ¢xpli¢itly stated in uur repL7rt, we do noi express any fomi vf assurance conclusion tlierei)n. In connection widi our audit of the financial statements. our responsibility is to read the otl)er inforniation and, in doing so, coiisider ivhether ihe oth¢i' infonnatioil 15 matcrially incon51Stent with the fin]Cial 5tatemeiits or our kniowledge obtained in ihe audit or othenvise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatemenis, we are required io detemiine wheilier this gives rise to a maierial missiaieinent in Ilie financial staiemenis diemselves. If, based on the work we have perfornied. we eonelude tliat tiiere is a matei'ial misslalemeni of ihis other iiifom)alion, we are required io report that faci. We have nothing to rerrf)rt in this regard. Opinions oll other matters prescribed by the Companie5 Act 2006 In our opinion, based on ihe work iindertaken in the course of the aiidil: the infornialion given in the Report of the Trustees for the fjnancial year for whith ihe financial slatements are pi-epared is consistent ivitli tlie financial statemenls. and the Repon ofthe Trustees lias been prepared in accordance ivith applicable legal requirements. Page 10
ort of the Inde endent Auditors to the Members of St Gerard's School Trust slered number: 02510791 Matters on ii'hich ive are required to report by exception In the light of the knoivledgc and undcrstanding of the charitsble company and its envimnment obiained in the Course of tlie audii, we have not idcntificd matcrial misstatcmcnts in thc Report of (hc Trusiees. We have nothing io report An respect of the following rnaile where the Companies Aci 2006 requires us lo report to you if, in our opinion: adequate accounling records liave nol been kepl or retums adequate for our audil liave noi been receffived from bt7nclies not visited by u5. or the financial statements are not in agrccmenl with the accounting rccords and lumS. or certain disclosures of tiU5tees' remuneration 5pecitied by law are not made. or we have not received all ihe infomiation and explanations we require for our audit. or tlic trn5tccs wcrc not cnti(Icd to take advantagc ol the small companies exemption from ilic rcquiremeni lo prepare a Sts'alegic Report or in pr¢paring the Report of the Tn[ees. Responslbilltles of trustee$ As explained niore llY in the Sialement of Trn5tees' Respon5ibiliti¢s. the trustees (Ivho are also the directors of the charitablc company foi. the pl>oseS of company law) are responsible for the pi'epardiion of the fiiiancial slalemenls and for bcing satisficd that ihcy givc a tTue and fair view, and for such inlemlll control as the tteeS detemiine is necessary to enable the prepardlion of financial slalements thai are free from malerial misslalement, wlieilier due to fraud or error. In preparing the financial stotemenrs. th¢ Inte¢S are responsible for assessing Ihe charitable ¢ompany'8 ability to ontinue a5 a going concern. disclosin& as applicable, malters related to going ¢oneern and using the going concern basis of accounting wiless Ilie ItW5tees eitlier intend to liquidate the charitable company or to cSe operations, or have no rcalistic altcmaÉivc but to do so. Our responsiblllties for the audit of the finY4ncial 5tatenJent5 Our objcctlvcs arc to obtain rcasonablc tu[1ce aboul whether the rQnClaI statements a5 a whole are free from matei'ial misslatemenl, Ivhether due to fraud or ermr, and 10 issue a Report of the Independent Auditors tha( includes ow- opinion. Reasonable assurance is a high level ofas5urance. but is not a guarantee thai an audil conducted in accordance witl) ISA5 (UK) will always deiel'i a material missthtement ivhen it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence tl)e ecoiiomic decisions of users taken on the basis of ihese financial stalenients. Extent to iihich the audit is considered Capable of detecting ArregulAritie4 including fraud The responsibility for the prevenlion and detection of itregularities. including frau lies with the Inte¢S and with those charged with governance. The objectives of our audit in respect of irregularities and fraud are io assess the risk of malei'ial missialemenl of the financial statements due to fraud. lo obiain Su1CleI, appropriate audil evidence regarding tlie assesscd risks and io respond appropriately to fraud or Suspected fraud identified durii)g the audi(. A fijrther descriptlon of our re5pon5ibililies for the audit of the financial stalements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibililies. This descrip(ion fomis part of ow" Repurt of tlie Indcpendent Auditors. Pauell
)vrl uf ih¢ Ind¢ St Gerard's School Trnst gistered number: 02510791 Audit procedure5 We determine significatit appllcable laws and rcgulations through di5cussioiI with those chargcd with governance and our own knowledge of the industry and dcsign audit procedures io help idenlify inslan¢es of non-compliance with those laws ]d regulations that may have a material effect on the financial statemen. Our appmacli is to consider the legal and regulalory fran)eivorks dire¢ily applicable to the financial statenients reporling framework {(FRS 102 and the Companies Aci 2(KJ6). safeguarding regulations and the relevant compliance rcgulatiuns in (he UK.. the nature of the iiidustry- tlic busincs5 pcrfoiThance and the key drivc15 for nianagenient remuneraiion- Ihe Control environment and the prncedures in place to address identified risks, including management ovettide. non-compliance with laws and regulations and to prevent and detect fraud or irregularity. We communicate idcnlificd laws and regulations tIOll8110Ut our teain and Icniain alcrt io any indications of non-coinpliancc throughout the audii. Our proc¢duLfS ar¢ d¢sAgn¢d to provid¢ reasonablc Lssurdncc that tlic financial Statuncnts arc frce froin materiol mi5Slaieinent or error aiid include.. enquiries of man3gement and of staff in key compliance functions. review of niiiiuies of meetiiigs of t]iose char(Jed with governance. review and lesting of manual journals and significant transactions outside the nomial course of busin. rcvicw of financial statement disclosurcs and testiiig to supporting doeumenl21ion' perforniance of analytical procedures. Wc arc ijot rcsponsiblc for prcvcnting nonrfompliaD¢C and duc to thc inhcrcnt limilations of An audit, as described above. the audit eannot be relied uwn io delect all insLgnces of non-compliance wilh laws and regulations. Use of our report This repori is niade solely the charilable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies A 2006. Our audit work has been undertaken so that we might state to the Charilable company's rncnibcrs t1105c mattcrs wc arc rcquircd ¢0 staic io thcm irt auditor5. rcport and for no oth¢r purpose. To the fullest exlent permitted by law, we do not accept or assume responsibility to anyone otlier Ilian Ilie cliarilable cOmp]Y and the ch.1(able company's niembers a5 a body. foi. our audit wo. for this report, or for the opinions we have fonned. Susan HatTiS MA ACA (Seiiior Siatutory Audilor) for and on behalf of Cliwnpion AecounLts LLP Cl)artered Accountants, Stattitory Auditor 2nd Floor Refuge House 33-37 Watergate Row Chcstcr CHI 2LE Date.. 31 Auaust 2025 Page 12
St Gerai-d'5 School Ti-ust Statement of Financial Activities Incor oi'ating #n Income and EiJJenditure Accoullt for the Year Ended 31 August 2024 31.8.24 Unrestricted funds 31.8.23 Total nds Noies INCOME AND ENDOWMENTS FROM Cli¥ritable aCtitieS In¢oii)ing reLeipls from cliarilable ¢tivItIeS 1,318,049 ,595.610 Investment inconie 18 1,574 Total lJl8.067 1,597.184 EXPENDITURE ON Direct cliaritable expenditure 1,557J69 1,624,065 Governance & supp)rt 33,155 21,997 Total 1,590,524 1,646,062 NET INCOME/(EXPENDITURE) {272,457) (48,8781 RECONCILIATION OF FUNDS Tulal funds brought fonvard 720,014 768,892 TOTAL FUNDS CARRIED FORWARD 447,557 720,014 The note5 fonn part ofthese financial 5tateiiients Page 13
Si Gerard's School Tru51iRe Isiered number: 02510791 Balance Sheet 31Au ust 2024 31.8.24 Unrestrlcted funds 31.8.23 Total funds Notes FIXED ASSETS Tangible assets 777,248 665,682 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 12 13 3,661 J61,428 108,575 3.617 97,215 207,006 273,664 307,838 CREDITORS Amounts falling due widiin one year 14 (565,990) (214.695) NET CURRENT ASSETS (292J26) 93.143 TOTAL ASSETS LESS CURRENT LIABILITIES 484,922 758,825 PENSION LIABILITY 18 (37J65) (38,811) NET ASSETS 447,557 720,014 FUNDS Unrests"icled fLmds 17 44757 720,014 TOTAL FUNDS 447,557 720,014 The5¢ fiiiancial statements liave been prepared in accordance wlth the provisions applicable lo tharitable compai)ies subjec( lo the small conipanies i'egime. Tlie fjnancial statements were approved by the Board of TrSteeS and authorised for issue ..3.1..Augusl.21]2S.......... and were signed on its behalf by: on Mrs M J Benson - Trnstee Tlie note5 forn) part ofthese financial slatements Page 14
St Gerard'5 School TrusT Cash Floiv Stytement for the Ycar Lnded 31 Au 115t 2024 31.8.24 31.8.23 Notes Cash flows from operating activities Cash generated Ironi operations Interest paid Net casli provided byl(us¢d in) operating activitics $4,111 (137) {63,464) {253) 53,974 (63.717) Cash floivs from ini'esting activlties Pw'chase of tangible fixed assets Sale of iangible fixed assets (155,311) 1,200 (6,560) Net casli used in investing activitie5 (154,111) (6,560) Change in cash and c4sh equivalents in the reporting period Casli and cash equivalents a¢ the beginning ol the reporting period (10fi,1.17) (70.277) 206.750 277,027 CAsh and rash equivaleDts at the end of the reporting period 106,613 206,750 The note4 fomi part of iliese fm3ncial statements Page 15
GLrard's School Trust Notes to ihe Cash Flow Stalement for the Y ar Ended 31 Au ust 2024 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.8.24 11.8.23 Net expenditure for the reporting period (9s per the Statement of Financial Activities) Adjustmellts for: Deprecia(ion cl)arges Loss on disposal of fixed asse Interesi paid Tiicrease iii stock5 Incrcase in debtors Increase in ereditors r)ifferen¢e beeen pension charge and cash contributions (272,457) {48,878) 38,130 4,414 137 (44) {64,213) 349,589 (1,445) 20.492 253 (44,983) 15.095 (5,443) Net cash provided byl(used in) operations 54,111 (63,464) YALYSIS OF CASH AND CASH EQUIVALENTS 3J.8.24 31.8.23 1,055 107,520 (1,962) 432 206,574 (256) Cash in hand Notice deposils (less than 3 months) Overdrafts included in bank loans and overdralts falling due within one ycar Tol21 cash and casli equivalents 106,613 206,750 ANALYSIS OF CHANGES IN NET FUNDS At 1.9.23 Cash flow At 31.A.24 Net cash Cash at bank and in hand Bank overdrafi 207,006 {256) {98,431) (1,706) 108,575 (1,962) 206,750 (100,137) 106,613 106,613 Total 206,750 (100,137) The notes forn] part of these financial statements Page 16
St Gerard's School Trust Note5 to the Financial Statements for ihe Year Ended 31 August 2024 STATUTORY INFORMATION Si Gerard's School Trust is a limited company. limited by guarantee as defined by ihe Companies Aet 2006 and is registered in England and Wales. The company is also registered as a charity with the Charity Commission. The company's registered numbers and registered oifice address can be found on ilie Company Infonnation page. ACCOUNTING POLICIES Basls of prepaiing the financial stgtement5 Tlie financial slalements of the charilable company, which is a public benefIt entity under FRS 102, have been prepared in accordatlee with the Charllies SORP (FRS 102) 'Accounting and Reporting by Charities.. Siatemeiit (pr RrLviiuJiriidrd Pi4lL(iLr apyliidble iu diarili¢s pirpari118 Ilicii" accoutits iii accoi-dancc with thc financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 20191,, FinDJicial Reporting Siandard 102 'The Financial Reporiing S(andard applicable in the UK and Republic of Itcland, and (li¥ Cvmpanies Aci 2006. Tjie fiAianciaI 5tatenicnts Ive bccn piepared under the lii5torical cost convention. Tlie fillcIal 6talciiieiits arc pirpaird iii Stcrliiig> to di¢ iiwr5t £. Goin Concei The financial slatements have been prepared on & going concern basis. In reaching iliis conclusion. the Trustees have considered the impact of recent and pmposed changes affecting the independeni school sector, including dic iiitiodiictioji of VAT oli scliool fccs, potuitial chan8¢S to ¢liaritable rclicf on busincss rat¢s, and incr¢ascs in ernployinenl-relaied taxes ]d other operaiiiig cosrs. These faclors creaie uncertainty in respect of Ihe School's ture financial perfomiance and cash floivs. Tlie Trusiees have prepared forecRsls covering a period of al Ivast 12 months from the date of approval of t]icse finaticial sialements. These forecas include plans lo manage costs. safeguard pupil numbers, and diversify in¥viIt¥, IlLLludiiig &rrkiii¥ Ir¥(ILirs 1 dviiatiuIis. Tlic Tiust¢¢5 air 5atisficd tliat, ba5cd oil thcsc plans and th¢ resowres available, the School ha5 adequate fllwicial resourc&s lo continue in operational existence for the foresceable future. Accordingly, the ftnancial statements are prepared on a going concern basis. The Trustees acknowledge that, as witli any organisalion, (here remains a risk Ihai adverse circwnstances eould arise wliicl) miglii impact tl)e School's ability to continuc bcyond L2 nionths. The financial stateincnts do not includc any adjustiiieiits tliat would be required if the going ¢oncem basis were inappropriate. Income All income is recognised in Ihe Statement of Financial Activilies once the charity has entitlement to ihe nds, it is probable that the income will be received and the amount can be measured reliably. Fee income School Fees receivable are accowited for in tli¢ period in which the SeICe is provided. Deferred income- advance fees Where income is received in advance of nieeting any perfonnance related conditions and tiiere is not unconditional entitlem¢r]t io die incom¢. its recognition is deferred and included in creditors as deferred inconie until the perfomiance Conditio1 are meL Donations and le acies Doiiations and legacies receivable for the general purposes of tlie cli.[ty ate credited (o 'urn'e5(I'icled funds,. Doiiations and legacies for purposes restri¢ied by the wishes of ihe donor are taken lo 'restri¢ted funds,. Investment income Interest on fidS lield on deposil is included when receivable and tlie amount can be measured reliably by Ilie chariry: thi5 is nomially upoii notificaiion of the inieresi paid or payable. Page 17 coiilii)ued...
St G¢rardl$ School Trust Notes to tlie Financial Statements- continued for thc Year Ended 31 August 2024 ACCOUNTING POLICIES- Continued Income Otlier income Tlii5 includes uniforni sales 2nd entrance fees are recognised upon receipt. Expenditure Liabilities are r¢cognis¢d as expenditure as SCM)n as Iliere is 2 legal or constrnctive obligation committing the charity lo that expenditure. it is probable that a Iransfer of econoniic benefits ivill be requii'ed in setilenient and the amounl of ihe obligation c.2n be measured reliably. Expenth"ture is accowited for on an accruals basis and has been classified under headings that aggregale all cost related io tlie category. Wlierc costs caiinot be dii'ecily attributed to particular headings they have been allocated to activities on a blS consisient with Ilie use of resources. Intangible a55ets- ii'ebsite The website developnient costs, which are deen)ed to meet the required criteri8. are stated ai their cost price, less accumulaied depreciation and less amounts recognised in respeci ol"impairn]enL Th¢ website is deemed lo hAve an expected useful life of 5 years and will be depreciated evenly over this period. Tangible fixed assets Fixed assets are stated at their cost price& lass accumulated depreciation and less amounts reeognised in respect of impairnient. DePClatt0rt is pmvided at the following annual rates in order to write off each asset over its estiinaied use1 life. a. Freehold pi'operty - 10/0 on a straight line basis b. Property improvements - l°/0 on a straighi line basis . Planl & equipnienl- 25 /0 on & reducing balance basis d. Motor veliicles- 211D/o nn 2 reducing balance basi5 e. Fixtures & filtinJts _ 2511/0 on a reducing balance basis f. Furniture elC- 250/o on a reducing balance basis g. Conipuler eqiiipnieni _ 250/• on a reducing balance basis * For the puryise of the Calculation of the Freehold propeTry depreciation charge, the Fi'eehold land with an estimaied value of £IOO.000 on purchase in 2001 15 excluded. Stocks Stocks are valued al the lower of cost and net realisable value. after making due allowance for obsolete and slow moving items. Taxatiibn & i'alue added taJ The Ch'11Y is exempt from coq)oration lax on its chariiable activities. The cliarity Is not regISted for VAT and as a consequence all figures are irncluded 3s gross figures. Fund accounting All Funds are currently unrestricted and these can be used in accordance witli the cliarilable objectives at ilie discretion of the In(eeS. There t currenily no restricted funds. but ilie wlien they arise they can only be used for the parti¢ular restricted PLU'P05es witliin Ilie objectives of the cliarity. Restrictions arise wlieii specified by tlic donor or wlieii funds are raised for parlicular restricied purposes. Further explanation of the nature and pu4)ose of each fund is included in the noie5 to tlie financial statcments. Page 18 continued..
bt Gerard'5 School Trusr Notes to tlie Fingncial Statements- continued for thc Year E_ndcd 31 August 2024 ACCOUNTING POLICIES - contlnued Cash at bank Casli at bank and casli in hand includes cash and short temi liighly liquid investments witli a short maturity from the date of acquisition or opening olthe deposil Of 5imilat aLLUW)t. Debtors & creditors Debiors Debtors are recognised at the settlement amounl due after any discount offere(t Credilors Creditors are recognised Whe the charity has a present obligation resulting from a pasi event thai will probably result in the iransfer of fLmds lo a tliird party and the amount due to settle tlie obligation can be ineasw'ed or estimated irliably. Crediiors and provisions nuiJIi£illy s¢CO8iiiscd at th¢ir scttlcmcrtt amount. Hlre purchase and leasing commitments Rentals paid imder ope12ting leases are chargcd the Statcment of Financial Activitics on a straight line basis over the period of the lease. Leases are clas5ificd as Ira)rb wli¢ii ttansf¢r substantially all the risks ond rewards of ownersliip of the leased assets lo the conipany. Other leases that do not transfer substantially all the risks and rew.d5 of oiviiei'ship of the leased assets to the company atr Classified as operating leases. The company lias currently noi entered inio any hire purchase agreements for assels. Pension scheme d15c105ure5 Tl)e charity participates in two multi<mployer defined benefits pension scheme5.' the Teachers, Pension Sclienie (England & Wales) for its teaching siaff and x scheme operated by TPT Reliremenl Solutions and known as tile Independeni Schools, Pension Schctne, for its non-teaching staff. Scheme I: Teachers, Pension Scheme- (rps) The TPS 15 treaied a5 a defined cuniribuiiuii SLlieiii¢ for accounting purposcs and the contributions recognised in the period which they relate. Scheme 2: TPT Retlrement Solutions- Independent Schools, Pension Scheme Heir there are two schemes in operation: A defined benefii sclierne = Tl)is being Closed to iiew entrants. The scheme is cla55ified 18 a 'la5t-man standing arrangemcne. Therefore the con)pany is potentially liable for oiliei- pai'licipating employers, obligvaiions if those employers are unable to meet tlleir share of the Scheme defici( following withdrawal from the scheme. Participating employers are legally required to meet tl)eir sliare of tlie schcme deficit on an annuiry purchase basis on withdrawal from the schenie. Tliis sclieme is treated in line wffith accounting principle4 and so a provision for ilie scliool's share of the deficit is providcd for, wlth acttwy adjustmcnts, ini¢rest and charges being accounted for tlwougli the statement of financial aclivilies. A d¢fincd contribution schcme . This b¢ing treated as 2 defined contribution scheme for accounting purposes and ihe contribulions recognised in the perlod to which they relate. Page 19 continued...
St Gerard's School Trust Notes to the Flnancial Statements - cotttinued for thc Year Ended 31 Au ust 2024 INVESTMENT INCOME 31.8.24 31.8.23 Bank inlere51 received 18 1.574 INCOML E FROM CHAIUTABLE AcrtVlTIES 31.8.24 31.8.23 Activiry School fees Incoming receipts from Charitable activities Events & cliarilable aclivities In¢omxng receipts from ¢hari(able activities O(her income Incoming receipts from charitable activities Entrance fees It]coming receipts from chari(able aciivities Examinaiion fees Incoming receipts trom charitable aciivities Uniforni sales Incoming receipts from charilable activities Trips & exeursions Incoming receipts from charitable aciivilies 1.277,192 14,852 10,160 850 1,521,870 13,314 5,045 550 409 6,220 48,202 14,431 564 1,318,049 ,595,610 Reconciliation of the ross fees to the net amount disclosed on the siaiement of financial activities 2024 2023 £1.408,746 £1,608.167 Gross fees Less- Bursaries Discounts & other deductions *25,146 £106,408 £26,529 £59,768 Fee income invoiced in the year £1,277,192 1.521.870 DIRECT CHARITABLE EXPENDITURE Administration of the school 31.8.24 31.8.23 Diocese land rent Departmental expenses Examination fees Sub5CriPtioll & licences Teleplione Postage and slalioneiy Sundry meetings & refttshments Adveitising Continued professional development and training Protective clothing Trips & excursions Unifoim] purchases Minibus iwuiing costs Disclosure and baning service checks Repairs and renewals IT Iiiaintenance and contracts Equipment Repairs Sunthy expense5 Depreciation loo 21,916 12,584 25,742 5,710 21,074 3,761 33,531 545 635 14,063 20,517 3,484 349 819 36,000 688 775 38,130 100 25,031 13,901 15,393 5,760 29,436 3,330 3,259 2,189 56,532 1,630 2.907 375 40.000 20,492 Carried fOard 240,423 230,335 Page 20 continued...
it Gerard's Sychool Trust Note5 to the Flnancial Statement5- tontinu¢d lor thc Year Ended 31 Au U5t 2024 DIRECT CHARITABLE EXPENDITURE- contknued Admlnlstration of the school- eontlnued 31.8.24 31.8.23 BroU1t fornvd Loss on sale of assets Intercst payable and similar charges Eveiits & charitable activities 240,423 4,414 137 21,757 230,335 253 10,645 266,731 241.233 Staffing Costs 31.8.24 31.8.23 Staff cost5 RecNilment Costs Interest payable and similar charg¢5 1,109,567 5,733 3.547 1,246,865 ,020 {597} 1,118,849 1,247,288 Premises costs 31.8.24 31.8.23 Cleaning and waste removal Heal & light Insu1ce Rates & water Building maintenance & oiher rep3tr5 and renewals Propeity repairs 23,664 49,650 14,019 8,501 75,532 423 47,724 33,717 12,480 8,545 33.078 171,789 135,544 Aggregate amounts 1,557,369 1.624,065 Page21 eoniinued...
St Geiurd'5 School Trust Note5 to Élle Flnancial Statements - continued for the Year Ended 31 Au ust 2024_ SUPPORT COSTS Governance costs 33,155 Otlier resources expended NET INCOMEI(EXPENDITURE) Nel in¢omel(expertditure) is sthted after chargingl(crediting): 31.8.24 31.8.23 4,800 38,131 loo 4,414 4.800 20.4Q4 loo Auditors remunei'ation Depreciation- owned assets Diocese land rent Dcfsclt on disposal of [ed assels TRUSTEESI REMUNERATION AND BENEFITS All trust¢es sJive their time freely and there were no other benefits received by them neither during the year endcd 3 1 August 2024 noi. for tlie year ended 31 Augusi 2023. Trustees, expenses Thert were no tt115tees' expenses paid for the year ended 31 Augus'i 2024 nor for the year ended 31 August 2023. STAFF COSTS AND REMUNERATION OF KEY MAF4AGEMEYf PERSONNEL 31.8.24 31.8.23 921,988 79,661 107,918 971,907 89,508 185,450 Wages and salarics Social seciwiry costs Oiher pension costs 1,109,567 1,246,865 The average monthly number of employecs during the year ivas as follows.. 3J.8.24 16 31.8.23 15 14 Full time leachers P1 time t¢acliers Full time teaching assiants Part time laboratory technician Part tiine cai'etakers Managenient & adminisiralion (11 linie) Maiiagenieiil & adniinistralion (part time) 34 38 Tlie number of employees whose employee benefils (excluding employer pension costs) exceeded £60,000 was". 31.8.24 31.8.23 £60.001- £70.0(M) coiiiiiiued... Page 22
St Gerard's School I'rust Notes to the Financial Statements- eontinued for the Year Ended 31 Au U5t 2024 STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL- continued The governing board consider Ihe School's key management personnel lo be the tsustees and the designated 'Senioi' Management Team,, which comprised the head and depury head ieachers as well as the Business Manager. -l-ulal eniployment benefils including employer national insurance and p¢nsiDn cuntribuiions of tlic key maiiagenient personnel amounted to £235.337 in ihe year (2023.. £247,980). The Sehool also made a toial conlribulion of £115,128 {2023: £190,298) inlo p]sion plans 01) behalf of ihe employees. witli this including the conlribulions made to key managemeni personnel. Foi. more inforniation about the pension plans. reference should be made lo note 2 and 18. io. INTANGIBLE FIXED ASSETS Website COST Ai I September 2023 and 31 August 2024 4,500 AMORTISATION At I September 2023 and 31 August 2024 4,500 NET BOOK VALUE At 31 August 2024 At 31 August 2023 ii. TANGIBLE FIXED ASSETS Freehold property Property improvements Plant & machinery Motor vcliiclc COST At I bepleniber 2U23 Additions Disposals 303,244 415,449 73,058 05,323 3,613 (19,800) 27,600 At 31 Augus12024 303,244 488,507 49,136 27,600 DEPRECIATION At I Septembei. 2023 Charge for ye Eliminated on disposal 44,714 2,032 55,630 4,885 52,250 3,872 (14,186) 9,936 3,533 At 31 August 2024 46,746 60,515 41,936 13,469 NET BOOK VALUE A(31 Aiigust 2024 256,498 427.992 7,200 14,131 At 31 August 2023 258.530 359,819 13.073 17,664 Page 23 conliniied..-
ST Gerard'5 School Trust Notes to the Financial Statements- continued for the Year Ended 31 Augu5t_2024 ii. TANGIBLE FIXED ASSETS- continued Fixnwes Furnill]re etc Coniputer equipment fillings Totals COST At I Septeniber 2023 Additioiis Disposals 573,596 69,930 17,391 6,700 49,963 2,010 1,452,566 155,311 {19,800) Ai 31 August 2024 043,526 24,091 51,973 1,588,077 DEPRECIATION At I Sepien)ber 2023 Cliarge for year EliminaEed on disw)sal 508,798 18,682 A4,988 2,276 40,508 2,851 786,884 38,]31 (14,186) At 31 August 2024 587.480 17,264 43,419 810,829 NET BOOK VALiI At 31 Au.(vust 2024 56.046 6,827 8,554 777,248 At 31 August 2023 4.798 2,403 9,395 665,682 12. STOCKS 31.8.24 31.8.23 Stocks 3,661 3,617 13. DLII"I'UKS: AiIIUUNTSi FALLING DUE MqTHIIY ONE YEAR 31.8.24 31.8.23 SchooL fees Prepayments 143,991 17,437 79,206 18,009 161,428 97,215 Page 24 coiiliiiued...
St Gei-ard's School Trust Notes to the Flnancial St8tement5- contlnued ror the Yeai. Ended 31 Au . ll5t 2024 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.24 31.8.23 Bank loans and overdrafts (see note 15) Trade crcditor5 Social security 2nd other taxes Other creditors Locker deposit5 Advaneed receipts Acciued expenses 1,962 23,643 169,871 14,067 550 327,157 28,740 256 29,871 23,170 {733) 550 151,351 10,230 565,990 214.695 15. LOANS An laLysIS of thc maftwity of loans is given below: 31.8.24 31.8.23 Amounls falling due within one year on demand: Bank overdrafts 1,962 256 16. LEASING AGREEMENTS Minimum Ise payments under non-cancellable 0rating I¢5 fall due as follows.. 31.8.24 31.8.23 Within one year Briiv¥¥ii uiir <Liid fiv¢ ycats Jii more than five ye2rs 41,265 110.328 67,624 36,000 7?,n(In 219,217 108,000 In Junc 2022 the School rencwcd 4 ycar computer equipment maintenance agreement with Computer Solutions Cymru Limited. This agreement commenced in September 2022 and included the support of all equipment owned and leased by tlie School. In August 2024. a nthv l O-year lease contrdct was entered into wilh JLA for new boilers. 17. MOVEMENT IN FUP*'DS Net movement in funds Transfers bettveen fijnds At 31.8.24 At 1.9.23 Unrestricted funds Gencrnl fiwd Pension liability fimd 758125 (38011) (272,457) (1.446) 1,446 484,922 (37,36S) 720,014 (272,457) 447,557 TOTAL FUNDS 720,014 (272,457) 447,557 Page 25 conliiiued...
Sl SLlJvul Truil Notes to the Financial Statement5- contittued ror the Year Ended 31 Au ust 2024 17. MOVEMENT IN FUNDS- contlnued Nel movement in funds. included in Ihe above are as follows: Incoming resources Rc50urces expeiided Moveiiicnt in fuiids Unrestricted funds General fid lJJ8,067 (1.590,524) (272,457) TOTAL FUNDS lJ18,067 (1,590,524) (272,457) Comparalives for movement in funds Nel movement in fun Transfers between fimd Ai 31.8.23 At 1.9.22 Unrestrieted funds General fiuld Pension liability fid 813,148 (44.256) (48,878) (5.445) 5,445 758,825 (38.811} 768,892 (48,878 } 720,014 TOTAL FUNDS 768,892 (48.878) 720,014 Coniparative net movement in funds. included in the aiK)ve are as follows: Incoming resources Resources expended Movenient in fidS Unrestricted luttds General fund 1.597,184 {1.646,062) (48,8781 TOTAL FUNDS 1,597,184 (1.646.062) (48.878) General fimds These are available to spend on activitie5 that fither any of the purposes & objeets of the School and are allocated at the discirtion ot the trustees. Urtrcstricted ension liabili fund Tlie pension reserve. whi¢h represents the School's TIT defined benefit pension liabilities as al yeai- end, lias annual valuations prepared by the compat]y. and there is a repayment plan iii place so as to eliminaie the deficit over a 10 year period. The pensions reserve is reduced by payments made against the agreed e0Very plans in the year. However, should circumsiances dictate that the fimds are urgently needed elsewhere, theii the fiiiids ittaiiied therein will be used to fiuther the general aim5 of the Sehool and will be reallocated at the discretion of the tnistee5. Page 26 coiitiiiued...
St Gerard's Scliuul Trust Notes to the Fin¥nci21 Statements- continued for ihe Year Ended 31 Au ust 2024 18. EI¥IPLOYEE BENI EFIT OBLIGATIONS Pension simll#r obli ations Teacher5, Pensiun Scheme Introduction Tlie Teacliers, Pcnsion Schcinc crps 01 Scheme) is a siatulory, unfiu)ded, defiiied bcncfit occupational scheme, governed by the Teachers, Pensions Regulations 2010 (as ameiided). and tl)e Teaclici's, Pension Sclieme Regulations 2014 (as amended)- These regulaiions apply lo teachers in schoolg 2nd other educational esiablishments, including acadcmics, in England and Wales that are maintained by local authoritiC5. In addition, teachers in many independent and voluntary-aided scliools and teach¢rs and lecturers in soine establisliinwits or further and liigliei. education may be elioible for inembeI]ip. Membership is automatic for full-time teachers and lecturer5 and, frum l January 2007, autornalic loo for teachers wid lecturers in part-iitne employmenL following appointment or a change of contraci. Teacliers and leCtterS are ablc to opt out of dic TPS. The Teachers, Pension Bud etin and Valuaiion Account Al¢l)uugl) mcmb¢r3 may bc cinploy¢d by various bodic5. thcir lir¢MCnl and othcr nsIon bcncfJt5 ore sct out in iygulalions made under the Superannualion Act {1972) and Publi¢ Service Pensions Act (2013) and are paid by public fimd5 provided by Parliamenl. The TPS is an unfunded scheme and members contsibuie on a 'pay as you go 'basis coniribuiions from membcrs. along with th05c made by employers, arc crcditcd io thc Exchequer under rngenienls governed by the above Acts. Tlic TcaclicL3' Pcnsions Rcgulatiojis 2010 rcquir¢ an annual accounl, tl)c Tcaclicrs, P¢nsion Budgcting and Valuatioii Aceowil, to be kepi ol receipts and expenditure (including the cost of pension increases). From I April 2001, the Account has been credtted with a real rale of retum, which is equivaleni to assuming that Ilie balance in the Account is Anvested in notional invcstmcnts that pri)duce thal real rate of rcturn. Valuaiion of the Teachets, Pension Scheme A5 a ir5uIt of th¢ lat¢st schcmc valuation employer contributjons wcrc incrcascd in O¢tobcr 2023 froin a rnte of 23.6/0 10 28.6fy/0. Employers also pay a charge equivalent to 0.080/9 of pensionable salary costs to cover administration expens¢s. The increased contributions will be in effect from April 2024. copy of the laiesl valuation report can be found on the Teachers. Pension https.l1ryVW.tea¢h¢rSpenSiOns.co.UklC]np1oyCrs1[cS0UrecS1ernp1oYer-hc1PIreferenceS/fiancIXI-n0te.aspX website: Scheme Chan es In Dcccmbcr 2018, thc Court of Appeal held (hat ttwitional protection provisions cvniained in the refomied judici21 and firefigliter penslon schemes, introduced as Part of public service pension refonns in 2015, gxve rise to direct age discriniination and were ther0[C unlawful. The Supreme Cowt, in a decisioi) made in Jwie 2019, i'ejected the Government's application for pem)ission io appeal the Court of Appeal's rnling and subsequently referred (lie case lo an Employni¢nt Tribunal to deterniine a remedy whicli will need to be offered tu tllose menibers of tlie two 5ch¢mes who were subject of the age discriminaiion. Since then, claims have also been lodged against the ntsin public service schemes including the TPS. The Departmenl lias conceded t1105e in line with the rest ol the govemment. In July 2020 HM Treasuiy launclied a 12-week publi¢ ¢onsultstion wliich will provide evidence io support the delivery of an appropriate remedy for the affected Schemes, including TPS. A final remedy will be detennined once the results of the consultation are establislied. In December 2019. a fLtrther legal challenge ivas made against the TPS relating io an identified equalilies issue whereby male survivors of opposite-sex marriages and civil partnerships Are treaied leqg favnurnbly than survivors in same-sex nwriages and civil partnerships. The Secrew of State for Education agreed not lo defend tlie case. IAI June 2020, tlie Eniploymeni Tribunal recorded its fmdings in rcspeci of Il)e claiinanl. DtE is ciirrently woi'king to establisli uth2t eh2nge.s Are tiecessary io address this discriminaiion. Page 27 coiiliiiued...
St Gerard's School Ti-ust Notes to the Financial Statements - continued for the Year Ended 31 Au Mst 2024 18. EMPLOYEE BENEFIT OBLIGATIONS - continued Any impact of these events will b¢ taken into account when the next scheme valuation is implemented. Otlier Inforniation Under Ilie definiiions sel out in FRS 102. the TPS 15 a multi-employei. defined benefii pension scheme. The School has accouiited for lis ¢ontribu(ior]s io the scheme as if it were a defined contributioll 5chcme iii line with the pruvisions set oui and Il)e Scliool has sei out above ilie infomiation available on the sclieme. TPT Retirement Solutions- Inde endent Schoo15' Pension Scheme Introduction A full actuarial valuation for thc sch¢mc was carricd out with an cffc¢iiv¢ datc of 30 Scptcmbcr 2023. TI)is actuarial valuatioii was certified on I l December 2024 and showed assets of £99.2m, liabilities of £151.5ni and a deficit of £52.3m. To eliminate this fimding shortfall. the trustees and the participating employers have agreed that additional contributions ivill bc paid, An combination from all crnploycrs, to (he scheme as follows: Deficit conlribulions - From I September 2025 to 31 Jnnuary 2034: £6,000,000 pw onnum (payable monthly and increasing by 30/0 on eacli 1st September) Notc thai ihe scheme's previous valualioo was carried out with an effective date of 30 September 2020. This valuation showed assets of £201.Im. liabililies of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall. the Trustee has asked Ihe pthicipating employer5 to pay additional contributions to the scheme as follows- From I September 2022 to 30 June 2032: £2.687.(M)O per annum (payable monthly and increasing by 311/0 on ¢a¢h 1st September) The recovery plan contributions are allocated lo each participating eniployer in line with dieir eslimaled sliare of the schcmc liabilitie5. Where the schenie is in deficit and where the company has agreed lo a deficit fimding arrangement Ilie company ITcognises a liability for this obligation. The amount recognised is the net preS1t value of tlie deficit reducrion contributions payable under the agrcement that relates to the deficit. The present value is calculated using the discount rate detailed in ihese disclosures. The unwinding of ihe discount rate is recognised as a finance cosl. Present value of rovision 31 August 2024 £37,365 31 August 2023 £38.81 I 31 August 2022 £44,256 31 August 2021 £53,787 ROnC111aI10n of o enin and closin mvisions Pei'iod Endin 31Au t 2024 Provision at start of period Univindillg of the discowit factor (interest expense) Deficit conlribution paid Remeasurernents - impact of any change in assiimptions Remeasui'ements- amen(Iments to the conlribulion schedule Provision ai end olperiod £38,811 £2,093 (£4,993) £1,454 £37J65 Period Endin 31Au t 2023 Page 28 conliiiued...
bt Gerard'5 S"chool Trust Notes to the Flnancial Statements- continued tor thc Year Ended 31 August_2024 18. EMPLOYEE BEINEFIT OBLIGATIONS- contlnued Provision al start of period Unwinding of the discount faclor (interest expense) Deticit contribution paid Remeasureinents- impact of any change in assumptions Remeasuremenis- amendments to the contribution schedule Provision at end of period £44,256 £1,795 (£4,848) (£2 J92) £38,811 Inconie and ex endittwe im act Peri¢)d Endin 31Au t 2024 Unwiiiding ol the discounl factor (interesi expense) Remeasurements- imp&ct of any change in assumptions Remeasurements- amenthnenls to thc contribuiion schedule Cotitributions paid in respeci of future serviee Cosi recognised in income and expenditure account £2,093 £1.454 Veriod Endin 31Au t 2023 Unwiiiding ofihe discount factor (interest expense) Remeasurements- impacl of any change in assumptions Remeasurements- amendments to the Contribution schedule Contributions paid An respect of tllre service Lost recognised in income and expenditure account £1,795 (£2J92) includes defined contribution schem¢5 and future service contribulions (i.e. excluding any deficlt reduclion paynients) to defined benefit scliemes which are treaied as defined contribution schemes. Assum tions Discount rates iised: 31 August 2024 4.68 % per annum 31 August 2023 5.79 per annum 31 August 2022 4.310/• per annum 31 August 2021 1.09 per annum The discount rates shown above are the equivaleni single discount rdies which, when used to discount the thture recovery plan eontributions due, would give the same results as wing a full AA corporate IK)nd yield curve to discowit the same recovery plan contributions. 19. RELATED PARTY DISCLOSURES There were no related party transactions for the two year5 ended on 31 August 2024 except as described within thc noies and tntee5 report of these financial statements. Page 29 continued...
S( Gerard's 5¢hool Trust Note5 to the Fin#nc121 Statentents - continued for the Year Ended 3A Au ust 2024 20. POST BALANCE SHEET EVENTS The tsuslees have considered the need for disclosure and confimi that they do not believe there io be any adjusiing or non-adjusting events w note. Page 30
Si Gerard's School Trusr Detailed Statement of Fingntlal Aetivities for the Ycar Ended 31 Au ust 2024 31.8.24 31.8.23 INCOME AND ENDOWMENTS Investment income Baith interest received 18 1,574 Chai'itablc activities School fees Events & cl).11ab1e aciivities Other income Entrance fees Examinaiion fees Uiiifonn sales Trips & excursions 1,277,192 14,852 10,160 850 1,521,870 13,314 5,045 55U 409 6,220 48,202 14,431 564 lJ18,049 1,595,610 Total Incoming resources lJ18,067 1,597,184 EXPENDITURE Administration of the school Diocese land rent Departmental expenses Examination fe¢s Subscriplion & licences Telephone Postage ]d statiojiery Sunthy meetings & refreshmenls Advertising Coniiiiued professioiial development and training Protective clotliing Tiips & excursions Unifoini purcliase5 Minibiis iunning cos(s Disclosure and barring service checks Repaii's and rcneivals IT maintenance and contracts Equipihent Repairs Sunthy expenses Freeliold propety Depn ot"properry improvemenls Plant and machinery Fixtures and fitrings Depn of equipment etc Coniputei- eqiiipmeni Loss on salc of tangible fixed assets Bank in(eresi Batik chai'ges CatTied fonvard loo 21,916 12,584 25,742 5,710 21,074 3,761 33,53A 545 635 14,063 20,517 3,484 349 819 36,000 688 775 2,032 4,885 7,404 18,682 2,276 2,851 4,414 100 25,03 13.901 15,393 5,760 29,436 3,330 3,259 2.189 56.532 11,630 2.907 375 40,000 2,032 4.154 8,774 1,599 801 3,132 25 228 230,588 137 244,974 Tliis page does not forni part of the statutory financial sthtenients Page31
S( SLhuvl Truil Detailed Statement of Flnancial A¢iivilie5 rvr the Year Ended 31 Au U5t 2024 31.8.24 31.8.23 Administration of the school Brought fonvard Events & chariiable aciivities 244,974 21,757 230,588 10,645 266,731 241,233 Siarrivg eosts Wages Social security Pensions Recruitment costs Expected return on pension scheme a&8ets Inieresi on pension sclieme liabililles 921,988 79,661 107,918 5,735 1,454 2,093 971,907 89,508 185,450 1,020 (2,392) 1,795 A,118849 1,247.288 Premfises costs Cleaningy and waste removal H¢dL & lighi Itisw'ance Raies & waier Building maintenance & other repair5 and renewals Propeity repairs 23,664 49,050 14,019 8,501 47,724 33.717 12,480 8,545 75,532 423 33,078 171.789 L35,544 Suppor¢ cost5 Governance costs Audiiors. remuneraiion AccoUntleY and legal fees Legal and professional fees 4,1111 5,310 23,045 4,¥UU 4,830 12,367 33,155 21,997 Tocal resources expended 1,590,524 1.646,062 Net expenditure {272,457) (48,878) Tliis page does not forn) part of the siaiutory fthancial statenients Page 32