Charity No: 1062748 Company No: 2590761 THE ST. GABRIEL SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 THE ST. GABRIEL SCHOOLS FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS PAGE Governors, Officers and Advisors Report of the Charity Trustees (Governors, Report) 3- 11 Auditorfs Report 12-15 Slatem&nlDf FinancialAclivilies 16 8alanceSheet 17 Cash Flowstatement 18 Notes to the Financial Statements 19-38 THE ST. GABRIEL SCHOOLS FOUNDATION GOVERNORS, OFFICERS AND ADVISORS FOR THE YEAR ENDED 31 JULY 2022 GOVERNORS Mr S Barrett Mrs S Bowen Mr N Garland- Chairman Mrs J Hewod Mrs S Hutton Mr D Peaple Mr N Rankin- Vice Chaimian Mr S Ryan Mr M Scholl Mrs J Whitehead THE PRINCIPAL Mr Richard Smith THE BURSAR AND CLERK TO THE BOARD OF GOVERNORS Mrs Penny Setter OTHER MEMBERS OF THE EXECUTIVE Vlce Principal Mrs Anggla Chapman Head of Junlor School Mr Peter Dove ADDRESS Thè St. G8brlel Schools Foundation Sandlèford Priory Newbury Berkshire RG20 9BD Page 1 THE ST. GABRIEL SCHOOLS FOUNDATION GOVERNORS, OFFICERS AND ADVISORS FOR THE YEAR ENDED 31 JULY 2022 ADVISERS Banker5 National Westminster Bank plc 30 Market Plac Newbury Berkshire RG14 5AJ Solicltors Godwins Solicitors LLP 12 St Thomas Street Winchester Hampshire S023 9HF Audltor Crowe U.K. LLP Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL Insurers Marsh Limited Capital House 1-5 Perrymount Road Haywards Heath Wesl Sussex RH16 3SY Assoclatlons Gi￿. Schools AssocAalion Independent As50cialion of Preparaloryschools Independent Schools, Council Association of School and College Leaders Independent Schools Bursars, Association Page 2 THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITYTRUSTEES (GOVERNORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 The Directors, who are also Governors of the scht)ol and charkytruslees for the purposes of the Charities Act 2011, present their annual report in compliance with both that Act and the Companies Act 2006, together with the financial statements prepared under the latter Act, for the Feriod ending 31 July 2022. DIRECTORS, REPORT REFERENCE AND ADMINISTRATVIE INFORMATION The St. Gabriel S¢hools Foundation is a company limit￿ by guarantee, company number 2590761 and a registered charty number 1062748. 11 operates under the trading names of "St. Gabriel's" or °St. Gabriel's School. or'sandleford" and has a subsidiary company "Sl. Gabriel's School Sports Centre Ltd". Company Registration No 4250689 (currently domantl. The principal address and registered office is Sandleford Priory, Newbury, Berkshire. Mr N Garland is the sole Director of St. Gabriel's Sports Centre Ltd. Mrs P S8tter is Company Secretaryto t)oth companies and Clerk to the Governors. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng document The Governing Document is a Declaration of Trust dated 1 May 1974 and as amended by a scheme approved by the Charttycommission on 4 October 1991. Governlng body The list of Governots is shown at page 1 of this report Election. recruitment and tralnlng New Governors are elected by the existing Trustees and are selected from nominations from individuals on that Board and the Principal. Govemors serve for a term of three years and may be re-elected. The Chair of Govemors is elected from wthin the 8oard for a term of three years and may be rg-elecled. Govemors are selected to mainl8in a balance of relevant exptrrien¢e, proftrsslonal knowledge and Competen￿ on the Board. The Board seeks and appoints persons wth educational, financial, busine5S, pastoral, legal, religious and parental experience. Induth"on and then further training, as required, are providod to build on individual skills and qualifications. Organl$atlonal management The Goveming Body is supported by the Finance & General Purposes sub-committee. the Education su committee Ire-estsblished in January 20171, the Marketing subtfore transfers 11 68.816 (8,683} 60.133 (582.302) Transfers Nat movomgnt In funds 68.816 18,6831 60.133 (582,302) Funds balances 1 August 2021 2 965 572 597 723 3 563 295 Funds balan¢e$ 31 Juty 2022 The notes crt) pages 19 10 38 lom) part of these ac¢ounts Page 18 ## **COMPANY NUMBER: 2590761 THE ST. GABRIEL SCHOOLS FOUNDATION BALANCE SHEET AS AT 31 JULY 2022** |Notes
**FIXED ASSETS**
Tangible assets
13
Intangible assets
12
Investment assets
14
**CURRENT ASSETS**
Stock
Debtors
15
Cash at bank and in hand
**CREDITORS:**Amount due within one year
16
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS:**Amount due after more
thanone year
17

**NET ASSETS**
**FINANCED BY**
Unrestricted funds
21
Endowed funds
20|**2022**
**4,878,930**
1
**4,878,931**
**546**
**2,272,245**
**1,079,917**
**3,352,708**
**(2,925,948)**
**426,760**
**5,305,691**
**(1,682,263)**
~~**3 623 428**~~
**3,034,388**
**589,040**
**3,623,428**||_2021_
_4,820,201_
_551_
_1_
_4,820,753_
_1,349_
_2,059,014_
_1,031,412_
_3,091,775_
_(2,600,307)_
_491 468_
_5,312,221_
_(1,748,926)_
_3.563.295_
_2,965,572_
_597,723_
_3, 513. 29_5_| |---|---|---|---| ||||| ||||| The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 28 November 2022. ~~=~~ --< ~~**_**~~ **fi�N** ~~**6;s**~~ **.Ga,C** ~~**L**~~ **_,** Governor **_S'.** The notes on pages 19 to 38 form part of these accounts Page 17 THE ST. GABRIEL SCHOOLS FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2022 Notes 2022 2021 Nel movement in funds Loss on sale of assets Decreasglllncreasel in stock Decreasellincrease) in debtors {Decrease} in ¢r8dilors Incrèase in deposits Dèpreciatson charge Amottysation of inlanglble asset Hire purchase interest Bank inlerost Release of capital grant 60,133 1,545 803 {213,2311 244,493 31,175 232.775 551 (582,302) 1.445 {1, 191) (306,836) 433,211 32,675 253.450 3,250 60,275 53,458 Net Cash provlded by 0￿ratIng actlvltles 114826 Cash Flow8 from Inves￿n9 actlvltle8 Purchase of Intsngible assets Purthase of tangible fixed assets Not cash usod In Inv•$tlng actlvltles 293 049 ash flows from flnanclng acllvltl•$ Repaymenl of loan New loan 8ank interest paid (21,072) (1.581,908J 1, 770,000 (43,015) 155.893) Advanced f•• schema: Receipts from new conlracts Amounts ulillsed and repaid Net cash flows usad In Ilnancing actlvities 138 201 Change in cash and cash èquivalents In the ygar 26.27 48,505 (26.287) Cash and cash 8quNalents at the beglnning of the year Total cash and ￿$h oqulval8nts at tha end of the year notes on pages 19 10 38 fcffm part of these acwints Page 18 THE ST. GABRIEL SCHOOLS FOUNDATION STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2022 CHARI￿ INFORMATION The Sl. Gabrf81 Schools Foundation has the registered charlty number 1062748. It OPgTates undor the trading names of "St. Gabriel's" or 'St. Gabriel's School" or "Sandl8ford" and has a subsidiary company "Sl. Gabriel's School Sports Cenlrfj Ltd., Company Rggistralion No 4250669 Icurrenlly dormant). The principal address and regisl8rod offic* is Sandleford Priory. Newbury, Berkshire. It was incorporated in England on 12 March 1991 1￿MpanY number.. 2590761} and registered as a charity on 9 June 1997 (charity number.. 10627481 (previously ¢hadty number 3250601 and the charity is govemed by the Declaration of Trust dated 1 May 1974 and as amended by a scheme approved by the Charity Commission on 4 October 1991. ACCOUNTING POLICIES Ba$ls of preparatlon The financial slatoments have be&n propared in accordance with th8 Financial Reportlng Standard applicab￿ in the UK and Republic of Ireland IFRS 102}- effaclivo 1 January 2015. the Companiès Act 2006 and the Stslgment of Recommendgd Practiee applicable to charities. The School is a Public Benefit Enlty reglstered as a charity In England and Wales and a company Ilmited by guarantee. The accwnts are drawn up on the histWiC810)st basis of a¢￿inting, unless otheryAsg staled in the relevant accounting policy notelsl. Consolidated accounts have not baen prepargd on the grounds that the subsldlary Is nOr￿tradIng and would make an immaterial change to the rasults of tho Charity. Golng Con¢•m Managemènt have produ¢ed financial modgls shovAng the revtsed cash flows and fvturo budgets. which have subsequently been reviewed by the Board of Governors. As part of their nomal risk management process. the GovemoTS have examined the major risks to the School and Ihe mitigating actions taken and av8ilable to be taken. The Govemors cLJnsider there are no material uncertainties relatlng to going concem and that the School has adequate resources lo ojntinue its aclivitigs for at least the twelve months to 310e¢ember 2022. Acwrdingly, they continue lo operate the going coneern basis in preparing the financial ststements. bl Fe•$ and slmllar Income Faes Te¢eIVab￿ and charges for servic68 and use of premi8as are ac￿Unted for In the pericd in which the service Is provided. Fees receNable are ststed after deducting 811owanc8s and other remissions allowed by the school. Fees received in advance of education to bo provlded in future years under an Advance Fee Payment Schema Contract are held until either tsken lo income in the terrn when used or else refLbnded. D¢nations and grant Income Voluntary incomlng resources are accounted for as and when th6 entitlement arlses. thè amount can be reliably quanlffied and the economic bènefit lo the School 1$ considered probabl8. Voluntary Income receivad for the general purpos68 of the School Is accounted for as unrastricted and is credited to unrestricted funds. Volunlary income subject to specffic wishes of the donors are carried to the relev8nt restricted fund. During the year the Charity received £nll 12021.. £75,790) from the UK Government under the Coronaviru$ Job Retention Schema. Page 19 THE ST. GABRIEL SCHOOLS FOUNDATION STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2022 2. ACCOUNTING POLICIES {contlnu•d) d) Other Incomlng resourc•s Other IncomSng resources are Included in the Slalemenl of Financlal A¢Uvllles when the Sch¢yJl Is legally entitled lo the income and the amount can be quantified with reasonable accuracy. •} Resourcos expended Expenditu￿ is accrued as soon as 8 liabilty is considered probable. Expenditure attributable lo more than one cost category in the SOFA is apportioned over the relevant categories on the basis of management eslmales of the amount allribulable to that activity in the year. either by reference lo staff lime or activity l¢yJging as appropriate. The I￿0verable element of VAT is included wthin the Item of expense lo which il relates. C08ts of charttable a¢lfvlUes are those CA)sts Incurrgj In providing an edu￿t￿ft and runnlng the schcd in accordance with tho oblects and aims of the ch8trty. Govomance costs comprise the cost of runnlng the charty to include those that tKovide the govemance infraslruelure th81 allows the school lo operate and lo generate the information required for public accounlabilily. These include strategic planning for future developments, exlemal audit. any legal advice to the school's govemors and all the costs of ¢ornplw'ng with constitutional and slalulory requirements such as the costs of board and committee meellngs and of preparing statutcry accounts and of Sati￿ng public accountabilty. TAnglble Flxed Assets Expenditure on th8 8cqul8ition of land, bulldlngs, vehlcles, fumllur6. ICT equipmgnl and infraslruclure and other equipment costing more than £2,500 is capilalised and carried In Ihg balance sheet at historical cost. Other ex￿nditUre on equipment incurred in the norrnal d8y to day running of the School is charged to the Statsment of Financial Activities as incurred. With the exception of the Famhouse ￿rrenllY al histor￿1 cost. from 1 August 2015 the School has applied the 'deemed o)sl' promsions of FRS102 in that valuations of previously revalued land and buildings wlll no longer be renewed. gl Intanglble Flxed Ass•t8 WebsSte SO￿are is ￿pitalised at purchas8 cost where there is an expectation of fviure economic benefit deriving from the on-line registration process. Costs assochled m8intsining the ccrfnpuler sofvare are recognised as an expense when incurred. The website sofNvare 18 8ubsequenlly carrled at cost less a￿uMulated amortisation and accumulated impairmgnl losses. The costs arg amortised to the income and expenditure account uslng the straighl-line mgthod over thg estimated useful life of threo years. The amorbsalion peri¢xl and amortisation method of intangible assets are remewed al lèast each balance sheet date. fhg effects of any revision are recognised in tho income and expendiluro a¢cwnt when the changes orise. Page 20 THE ST. GABRIEL SCHOOLS FOUNDATION STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2022 2. ACCOUNTING POLICIES {continued} h) Depr¢elatlon Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value based on current market prices, in equal annual instalmenls over their expected useful economic Inies as follows.. Freehold Land Freehold buildings Computer Equipment and other similar equipment Electronic and Infrastru¢tura equipment Playground facilities Furniture and equipment for new building Furniture and equipment Motor Vehicles Kitchen equipment Straight line over 50 years Sliaight line over 3 years straight line over 517 years Slraighl line over 10 years 200/0 on roducing balance 150/0 on r8ducing balance Straight line over 4 years Str8ight line over 7 years l) Leased a$$ot$ Operating leases are charged lo the statement of financial activities on a straight-line basis over the lease term. Assets obtained under hire purchase contracts or finance leases are capilaSised within the balance sheet and are depreciated over their useful economic lives. The interest element of these leases is charged to the ststemenl of financial activities account over the lease period. The capital element of the future payments is Ireat8d as a liability. jl Fund a¢counting unrestrict￿ income belongs to the School's general operatlonal funds, spendable al the discretion of the Governors either to further the School's objects or to benefit the School itself. Restri¢ted income ￿mpriseS gifts and don8Uons where the donor has spe¢ifi8d the gift lo be used for a spectfic purpos8. Endowed funds are the original propety from which the school operated in 1947. The use of the property is restricted in accordance wl(h terms of the TTUSI Deed of 1974. k} Stock Stock is carried at the lower of cost and net realisable value. 11 Parents. deposlts The Governors have reviewed the contract tems under which Pupil fee deposits are held by the School. Although under nomal circumstances these will be repaid over future years when thtr pupils complete their education al the school. pupils can leave al earfier dales. The School does not therefore have an unconditional right lo retain the individual deposits for at least 12 months after the balance sheet dale and, in line with the requirements in FRS 102. the balance of the deposits held has been ir*duded within Currènt liabilities. Page 21 THE ST. GABRIEL SCHOOLS FOUNDATION STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2022 2. ACCOUNTING POLICIES {continued) m) Pen$lon$ Rellrement benefits to employees of the School were provlded through thr&e penslon schemes, one defined benefit and two Llefined contribution schemès. {a} The Teachers. Pension Scheme, exf(ed 3110812021- This scheme is a multl-employer pension scheme.11 is not possible lo identify the School's share of the undedying assets and liabilities of the Teachers, Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS 102, tho School accounts for the scheme as if it were a defined contribution scheme. The School's contributions, which are in accordance with the recommendations ofthe GovernmentAcluary, are charged in the period in which the salaries to which they relate are payable. {bl St. Gabriel's Group Personal Pension Plan This is 8 defined contribution group personal pension plan with Royal London for non-teaching staff. Employels pension costs are charged in the period in which the salarTes lo which thèy relate are payable. This scheme replaced the defined Contribution scheme with Clerical Medical in May 2016, which was group money purchase sch&m8. {cl APTIS from 0110912021 APTIS is part of a master trust run by Aviva and lookad after by IrKlependenl and experienced members of the Aviva maslfrr trust trustee board. n) Flnanclal Instruments Basic financial instruments include debtors and creditors. Debtors and creditors ar& initially recognised at transaction value and subsequently measured at amortised cost. Note 25 provides more information on financial instruments where future cash ffows are anticipated. with financial assets referring to cash, debtor balances excluding prepayments, and financial liabilities referring lo all cr￿ltOr balances excluding deferred income and social security and other taxes. 3. Crltlcal a¢￿untIng judgements and key sources of estimatlon uncortalnty In application of the accounling policies, Trustees are required to make judgement. estimatas and assumptions about the carying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors Ihal are considered to be relevant. Actual resu￿5 may differ from these estimates. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions 10 accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. The Governors consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainly. Page 22 THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 INCOMING RESOURCES 2022 2021 Fees receivable Consist of.. Gross fees Less.. Scholarships, Bursaries and Allowances 7.168,672 632 7361 5,784,009 519 995 Scholarships, bursaries and oth&r awards were paid lo 77 12021.. 64J pupils. Within this means-tsstgd Iwrsaries lolalling £494,072 {2021.' £405.324) were paid to 36 (2021.. 30 pupil$J. ANCILLARY TRADING INCOME 2022 2021 Music fees at)d additional sessions Grant funding for individual fees Registration fees and fees in lieu of nollce School bus ReGovgrable expenses and school trlps Café takings and other income including late SUTcharges 105,826 26,532 43,967 158,029 169,490 99,122 21,535 61,972 100,049 57,379 NON ANCILLARY TRADING INCOME 2022 2021 Hire of facilities GRANTS AND DONATIONS 2022 2021 Parent Teacher Association Chartwells release of capital grant Parents, stsff and alumni for theatre plaques Other donations Parents waiver of 15% discount on fees WB eady years grant Grants lo the School from.. HMRC SMP rebate HMRC JRS Furlough grant 4.925 1.236 1.986 1.670 660 6,478 3.000 1.094 Page 23 THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 TOTAL RESOURCES EXPENDED Staff Costs Depreclatloi Other Total 2022 Total 2021 Charitsble Expendlture Teaching costs WeKare costs Premises costs Supwrt costs 4.244.055 55,502 56.727 5,967 234.759 169,281 478 624 289,413 469,391 423,159 4.588,970 4, 189,211 532.085 383,515 827,199 T45,358 1 026 973 903 036 5.014,165 232,775 1.728,287 6,975,227 6.221, 120 Cost of gon8rating funds Finance Costs Inole 101 Governanco Included in support costs 2022 2021 Auditors remuneration Auditors remuneration- other services Governors expenses Other governance costs 15,275 12, 140 965 75 1.400 325 19 Travel and course expenses amounting to £75 (2021.. £325) were reclaimed by 1 member (2021.. 2) of the goveming body. Page 24 THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 RESOURCES EXPENDED 2021 Icontlnuedl steff Costs Depreciation other Total 2021 Total 2020 CharNt&ble Expenditur Teaching costs Welfare costs Premises costs Support costs 3,906.749 53,112 230,330 483 803 56,877 4,791 163, f 09 225,645 325,612 351,919 390 500 4,189,211 383,515 745,358 903 036 4.214,323 356,450 738,932 880 425 4.673,994 253,450 1,293.676 6,221, 120 6, 190. 730 Cost of gener8ling funds Finance Gosl$ (note 10) STAFF COSTS 2022 2021 Wages and salaries Social security costs Pension contributions 3,716.151 327.933 745 496 3,592,941 327,376 647 574 4.789.580 4,567.891 Agency and other costs 224 585 106 103 Totsl Staff ¢o$ts No. No. The average number of employees in the period was= Teaching staff Support staff 123 t17 32 Page 25 THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 STAFF COSTS {CONTINUED} 2022 No. 2021 No. The number of employees whose emoluments exceeded £60,000 wer8.. £60,000- £70,000 £70,000- £80,000 £80,000- £90,000 £90,000- £100,000 £100,000- £110,000 Over £110,000 Number of higher paSd employees contributing to a pension scheme Total cost of employer's contributions in relation to the above The governors received no remuneration or other benefits for the year. Key management personnel includes the govemors and officers listed on page 1. Key fnanagement personnel received aggregate remuneration (including employer's pension, employers National Insurance and Benefits in Kindl of £440,002 {2021.' £423, 7231. During the year, the School paid redundancy costs totalling £44,485 (2021.. £4.072J to l (2021.. 2) employe8s. The nature of the payment in 2021 was statutory redundancy pay for employees. The nature of the payment in 2022 was ill health retirement pay. There was no further funding provision at the balance sheet dale. 10. FINANCE 2022 2021 Bank loan interest Bank charges Hire Purchase interest other interest Bad debts written off Bad debts provisionllreleasel 60.275 3,833 53,458 17,081 1,918 940 19.852 11. NET INCOMEIIEXPENDITURE} 2022 2021 Net income Is stated after charglng: Depreciation - owned assets Depreciation - assets under hire purchase Auditor's Remuneration Operating leases 232,775 253.450 1S,275 13.890 Page 26 THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 12. INTANGIBLE FIXED ASSETS Wgbsite Total Cost 1 August 2021 Additions at cost 9.750 9,750 31 July 2022 Amortisatlon 1 Aijgust 2021 Charge for the year 9.199 551 9,199 551 31 July 2022 Net book values 31 July 2022 31 July 2021 13. TANGIBLE FIXED ASs￿s The Freehold Property shown in the Accounts is lil a 1983 permanent endowment owned by a spe¢ial trust, the S Gabriel and Falkland S Gabriel Charity, (previously registered as Ch8ri1y Number- 3250601, now administered by the Company as solè corporate trustee, and li1} subsequent improvements to the School buildings made out of unrestricted funds owned by the Company as corporate property, as indicated below. UndeT a scheme approved by the Charity Commission. on 4 October 1991, Clavse 2111 and {21 (rf the stheme makes the followlng provlsion.. Trust¢e and vesting 111 The body corporate called The Sl. Gabriel Schools Foundation shall be the Trustee of the Charity. 12} The land wtth the bulldings thereon specified in the schedule hereto is hereby vested in the said body corporate for all the estste and interest therein belonging to or held in Iwst for the Charity. The Proprietor of the Property as sel out In the HM Land Registry Property Register dated 2 Apr51 1992 Is therefore "The St. Gabriel Schools Foundation.. The property is pledged as security for certain lending provlded by the National Westminster Bank PIC wtth the consent of the Charity Commission. Page 27 THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 13. TANGIBLE FIXED ASSETS Icontinuedl Freehold Land and Bulldlng$ Furnitur• Freehold and Motor Improvement Equlpmènt V•hieles Assets under constructlon Total Deemed Cost 1 August 2021 Additions al cost Disposals at cost Change of category 4,775.000 173,511 1,953.230 171.138 116.7061 280,284 39,000 10,195 82,911 7.192,220 293.049 {16,7061 31 July 2022 4 775 000 173 511 2 107662 319 284 7 468 583 Depreclatlon 1 August 2021 Charge for year Adjuslmenl on disposal 715.779 90.614 13,014 1,362,942 3,470 137.066 280,284 1,625 2,372,019 232,775 31 July 2022 16484 1484 847 281909 2 $89 633 Net book values 31 July 2022 37 July 2021 22 Page 28 THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 13. TANGIBLE FiXED ASSETS ICONTINUED} From 1 August 2015 the School has applied Ihe'deemed cost provisions of FRS102 in that valuations of previously revalued land and buildings will no longer be renewed. The deemed cost as al 1 August 2015 is represented by.. Freehold Property Endowment Fr¢•hold Prop•rty (Corporate Property} Totsl Historical costs less depreciation Valuation increase 1993 Valuation incTease 1994 Valuation incTease 2000 Valuation increase 2003 Valuation decrease 2008 Valuation decrease 2013 Sandleford Famhouse 325,450 361,015 147, 714 267,412 1g,460 f263,679J f190.185J 3.895,654 644, [53 115,OT2 295,002 37.507 (897,902) (90T,273) 925 000 4,221, 104 1.005, 768 262, 786 562,414 56,967 Total Depreciation relating lo the Freehold Property Endowment totalling £8.683 has been charged direcdy to the Endowment Fund. 14. FIXED ASSET INVESTMENTS 2022 2021 COST Unlisted investments at 31 July 2021 and 31 July 2022 The School owns 1000/0 of the ordinary share capital and voting rights of St. Gabriel's Sports Centre Limited. The Sl Gabriel's Sports Centre Limited was dormant throughout the period under r8view. The registered office of St Gabriel's Sports Centre is St Gabriel's School. Sandleford Priory, Newbury, Berkshire. RG20 gBD. Page 29 THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 15. DEBTORS 2022 2021 Trade debtors Other debtors Prepayments 2.103,323 54,502 114420 1,867,523 41,Q52 150 439 16. CREDITORS.. Amounts falling due within one year 2022 2021 Bank loans and overdrafts INote 181 Trad8 ¢redilors Deposits held Social security & other tsxes Other creditors Accruals Deferred in￿me- fees billed in advance 66,665 168,474 207,750 93.733 192.048 64,833 2 132 445 21,074 261,881 176,575 82, 785 98,760 54,478 1904 754 17. CREDITORS.. Amounts falling due after more than one year 2022 2021 Bank Loans and Overdrafts {Nole 18} 1682 263 1748 926 Page 30 THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 18. LOANS AND OVERDRAFTS An analysis of the maturity of loans and overdrafts is as follows.. 2022 2021 Arnounls f811ing duè within one year or on demand Bank loans 21 Amounts falling due within one year- Totsl 66,665 21,074 Amounts falling due be￿e￿n one and years - Bank loans Amounts falling due between two and five years Bank loans Arnounts falling due after more than five y&ars- Bank loans 80,359 224,708 1 377 196 65.9T5 217,481 1465470 A loan of £1,770,0110 was taken out in May 2021 under the National Westminster Bank Plc's Fixed Rate Loan Terms, but the actual term of the loan is 10 years. Interest is Charged at 3.4°k per annum. The instslmenl amounts are based on a 20-yeaT period from 11 May 2021. The school has taken a repayment holiday on capital Instslments from May 2021 to May 2022. All loans and overdrafts aro secured by a mortgage and legal charge dated 11 Oclober 2004 and 31 January 2014 respectively in the favtsur of National Westminster Bank PIC over the freehold land and buildings of St Gabriel's School. Sandleford PTlOry, Newiown Road, Newbury 2nd Sandleford Farmhouse, Sandleford Priory. Newiown. Newbury. Page 31 THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 19. ADVANCE FEE PAYMENTS Parents may enter into a contract to pay the school tuition fees in advance. The money may be rglurned subjectto specific condits'ons on th8 r8c8ipt of one tem's notice. Assuming pupils wll remain In the school. advance fees will be applied as follows.. 2022 2021 Within 1 10 2 years Within 1 year The balance represents the accrued liability under the contracts. The movements during the year were:. Balance at 1 Augu812021 New contracts 6.876 Amounts accrued to contracts Amounts utilised in payment of fees to the s¢hool Amounts repaid 6.876 (6,876J Balance at 31 July 2022 Pago 32 THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 20. ENDOWED FUNDS The Sl Gabriel and Falkland St Gabriel Schools Charity own the permanent endowment. Under the 1991 scheme Isee Note 131 the endowment would have been handed over to continuing trustees of the Sl Gabriel and Falk18nd Sl Gabriel Schools in the event of the Foundation ceasing to operate the school. 11 is therefore shown as trust proparty (Endowed Fundsl. 21. UNRESTRICTED FUNDS 2022 Incoming resources Outgoing Re$ourcès 2021 Transfers 2022 De$lgnated Funds: M Frenkel Fund General Fund 390 2 965 182 1101 7 031 620 380 3 034 008 7 100446 2021 Incomlng resources Oulgoing ResOu￿&S 2020 Transfers 2021 Designated Funds.. M Frenkel Fund General Fund 400 (ioj 6 289 093 5 715484 2 965 182 Page 33 THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 22. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2022 Net Current Assets Intangible Assets Fixed Assets Creditors > one year Total Endowment Funds Restricted Funds Unrestricted Funds 589.040 589,040 4 289 891 426 720 ￿ 3 034 388 2021 Intangible Assets Fixgd Assets Net Currant Assets Creditors > one year Tot81 Endowmertl Funds Raslncled Funds Unrestricted Funds 597, 723 597,723 551 4 222 479 1 748 926 491468 ￿ 2 965 572 23. CAPITAL COMMrrMENTS 2022 2021 Future expenditure not otherwtse induded in these accounts Contract8d for 2& OPERATING LEASE COMMITMENTS At 31 July 2022 the school had future minimum lease payments under non- cancellable operating leases as follows- 2022 2021 Within one year B8tw8on two and five years 48.747 35,153 Page 34 THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 25. FINANCIAL INSTRUMENTS Financial assets held at amortised cost are trade debtors, other debtors, amounts due from the subsidiary company, and cash al bank. Financlal liabilities held al 8mortised Cost are bank loans, trade creditors, other creditors, and accruals. 2022 2021 Financial assets rneasured at amortised cost Finan¢ial liabilities measured at amortised cost 3,237,742 2.382,033 2.939,987 2,361,694 The school's Income, expense, gains and losses in respect of financial Instruments are summ8ri8ed b81ow: Interest expense for financial liabilities held at amorbsad cost Impairment lossllgainl. 60.275 {9401 53.458 (13. 725) 26. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT 2022 2021 Incr8a8elldecrèasel In Cash In the year Loan Movements 48,505 (26,287) 198 107 Change in nel debt 69,577 (224.394) Net debt a11 August 738 5881 514 194 NET IDEBT)IFUNDS AT 31 JULY 27. ANALYSIS OF CHANGE IN NET DEBT Net debt os ot l August 2021 Cash Change Non-cash change Net dtrbt a$ at 31 July 2022 Cash al bank and in hand Loans 1,031,412 1770 000 48.505 1,079,917 1748 928 Page 35 THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 28. RELATED PARTY TRANSACTIONS Mrs Heywood IGoveTnor} has threè children al the School and is in receipt of a sibling discount which amounted lo £10.87212021.. £14,997>. The discount was awarded before Mrs Heywood was appointed as a Governor and was made in accordance with the School policies al that tim¢. Mrs Bowen (Govemorl has a daughter employed at the School under a stsndard Contract of employment. Mrs Bowen was not included in awarding the contract PENSION COSTS Defined Benefit Scheme The sthoDI joined the APTIS pension scheme from 1st September 2021. APTIS is part of a master twst run by Aviva and looked after by independent and experienced members of th& Aviva master trust trustee board. The School run the pension as a salary exchange programme. giving allowance for tax and Nl relief. St Gabriel's pay 17Q/o of basic salary into the pension scheme and the employee can choose their contribution level, it musl ￿ a minimum of 5 /0 required by law. The pension charge for the year includos contributions payable to APTIS of £575.49012021.. £0) and al the year-end £111,335.1812021.. £61,885) was accrued in respect of contributions to this scheme. The School participated in the Teachers, Pension Scheme (England and Wales) I'the TPS'I for its tea¢hing stsff until 31 August 2021. The pension charge for the year includes ¢onlribulions payable lo the TPS of £62,805 12027.. £541,680) and al the year-end £61,885 12021.. £66,980> was accrued in respect of contributions to this scheme. The TPS is an unfunded mulli-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members contribute on a °pay as you go basis with contributions from members and the employer being ¢redited lo th& Exchequer. Retirement and other pension benefits are paid by public funds provided by Parfiament. The employer contribution rate is sel by the Secretsry of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as al 31 March 2016 and the Valuation Report, whi¢h was published in March 2019, confirrned that the employer contribution rale for the TPS would In¢￿8$e from 16.40/0 10 23.60/0 from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08010 giving a lolal employer contribLJtion rate of 23.68 /.. The 31 March 2016 Valuation Report was prepared In accordance with the beneflls set out In the scheme regulations and under the approach specified in the Directions, as they applied al S March 2019. However, the assurnplions were considered and sel by the Department for Education prior to the ruling in the 'McCloudlSargeanl case,. This case has required the courts to consider cases regarding the implementation of the 2015 refoms lo Public Serwce Pensions including the Teachets, Pensions. Page 36 THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 29. PENSION COSTS Icontinuedl On 27 June 2019 the Supreme Court denied the govemmenl permission to appeal the Court of Appeal's judgment that transitional provisions introduced lo the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court's decision anrl has said it will engage fully with the Employment Tribunal as well as employer and member represenlalives to agree how the discriminations wll be reinedied. The govemmenl announced on 4 February 2021 that it inlgnds to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefils in respect of their service during the period between 1 April 2015 and 31 March 2022 at the polnl they become payable. The TPS is subject to a cost cap mechanism which was pul in place lo protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a paus8 to the cost cap mechanism followng the Court of Appeal's ruling in the Mccloudlsargèant case and until there is certainly about the value of pensions lo employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed Changes lo the cost control mechanism following a review by the Govemment A¢tuary. Following a public consultation, the Government have accepted three key proposals recommended by the Govemment Actuary, and are aiming lo implernent these changes in lime for the 2020 valuali()ns. The 2016 cost control v8lu8tions have since been completed in January 2022, and the osults indicated that there would be no ehanges lo benefits or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has confimied that any changes lo the employer contribution rate resulting from the 2020 valuations will lake effect in April 2024. Until tho 2020 valuation is completed il is not possible to wnclude on any financial impact or future changes lo the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial slalements. In addition to the above. the company operates a defined contribution pension scheme. The assets of the plans arè held separately from those of the company in separately administered funds. Contributions totalling £108,121 {2021.- £105,894) were payable to these funds for the year. Page 37 ## **THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** ## **30. COMPARATIVE 2021 STATEMENT OF FINANCIAL ACTIVITIES** |_INCOME FROM_
_Charitable activities_
_School_fees_receivable_
_Ancillar trading income_
_Income from generted funds:_
_Non-anciar trading income_
_Voluntar income:_
_Donations and grant income_
_Ttal_
_EXPENDITURE ON_
_Charitable Activities_
_School operating_costs
_Raising funds_
_Finance costs_
_Ttal_
_Net (expenditure)_
_before transfers_
_Tnsfers_
_Net movement in funds_
_Funds balances 1 August 2020_
_Funds balances 31 July 2021_
|_Unrestrcted_
_Funds_
£
_5,264,014_
_344,956_
_17,364_
_89,150_
_5,715,484_
_6,212,437_
_76 666_
_6,289.103_
_(573,619_
_(573,619)_
_3,539,191_
_2.965.572_|_Restricted_
_Funds_|_Permanent_
_Endowment_
_Fund_
£
_8,683_
_8 683_
_(8,683)_
_(8,683_
_606,406_
_597 73_|_Year to_
_31 July_
_2021_
£
_5,264,014_
_344,956_
_17,364_
_89.150_
_5.15,484_
_6,221,120_
_76,666_
_6,297,786_
_(582,302)_
_(582,302)_
_4.145,597_
_3 563 295_| |---|---|---|---|---| Page 38