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 Alldi￿r 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 SL￿d￿[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 S￿dentS 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 Trt￿l 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( eX￿n 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 a￿1n￿ed 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. Sup￿rted by dctailcd pupil profilcs and strategies. Rapid and signifieant inipiDvement in PSHE and caseers educacion following the previous inspeciion. One reLommendaiion to continue embedding cu￿ent improvement priorities, signifying a strong self-improvement LuIIui¥. Page 2 Sl G¢iard'i SLliuvl Trust Rr iilrrrd liu￿l￿￿r- 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 InenIu￿hlp 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 Tn￿t'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 PIIIII￿￿l1Y 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 a￿r￿d ircovriy VI￿1. 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 b￿5111¢&$ 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 0￿rational 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￿$t81n￿ble level over ihe medium tern]. Reserves are allocated across Ilwee primary fi￿d5.. l. General fwids- unrestricted 2nd available al tn]slees' discretion for immediate use. 2. Unr¥blii¥l¥d prILsivii li£ibilily r￿Id 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: T￿sleeS remain acutely aware of external fllmncial pre&sures. particularly: 20/0 VAT uji siliuvl f¢¢s, ¢lT¢¢liv¢ fi.oin JaI]u￿Y 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 fi￿dS 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]fi￿ded 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 ActU￿ry 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 In511￿1Clent 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 der￿ed 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 fi￿dIng 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 irallvLoseS 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 t￿￿teeS 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¢ In￿te¢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 c￿￿Se 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 t￿u[1￿ce aboul whether the r￿QnClaI 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 In￿te¢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 Su￿1Cle￿I, 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 T￿rnst 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 tI￿Oll8110Ut 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 AecounL￿ts 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 aCti￿tieS 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 17 447￿57 720,014 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 Tr￿SteeS 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 be￿een 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 I￿ve bccn piepared under the lii5torical cost convention. Tlie fill￿￿cIal 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 Se￿ICe 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 fi￿dS 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 b￿lS 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. DeP￿Clatt0rt is pmvided at the following annual rates in order to write off each asset over its estiinaied use￿1 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 regISte￿d 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