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2023-07-31-accounts

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 2023

THE ST. GABRIEL SCHOOLS FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS

PAGE
Governors, Officers and Advisors 1 - 2
Report of the Charity Trustees (Governors’ Report) 3 - 11
Auditor’s Report 12 - 15
Statement of Financial Activities 16
Balance Sheet 17
Cash Flow Statement 18
Notes to the Financial Statements 19 - 37

THE ST. GABRIEL SCHOOLS FOUNDATION GOVERNORS, OFFICERS AND ADVISORS FOR THE YEAR ENDED 31 JULY 2023

GOVERNORS

Mr S Barrett Mrs S Bowen Mr N Garland – Chairman Mrs J Heywood Mrs S Hutton Mr D Peaple Mr N Rankin – Vice Chairman 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

Vice Principa l Mrs Angela Chapman

Head of Junior School Mr Peter Dove

ADDRESS

The St. Gabriel Schools Foundation Sandleford Priory Newbury Berkshire RG20 9BD

Page 1

THE ST. GABRIEL SCHOOLS FOUNDATION GOVERNORS, OFFICERS AND ADVISORS FOR THE YEAR ENDED 31 JULY 2023

ADVISERS Bankers National Westminster Bank plc 30 Market Place Newbury Berkshire RG14 5AJ Solicitors Godwins Solicitors LLP 12 St Thomas Street Winchester Hampshire SO23 9HF Auditor 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 West Sussex RH16 3SY Associations Girls’ Schools Association Independent Association of Preparatory Schools Independent Schools’ Council Association of School and College Leaders Independent Schools Bursars’ Association

Page 2

THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITY TRUSTEES (GOVERNORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

The Directors, who are also Governors of the school and charity trustees 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 period ending 31 July 2023.

DIRECTORS’ REPORT

REFERENCE AND ADMINISTRATIVE INFORMATION

The St. Gabriel Schools Foundation is a company limited by guarantee, company number 2590761 and a registered charity number 1062748. It operates under the trading names of “St. Gabriel’s” or “St. Gabriel’s School” or ‘’Sandleford’’ and has a subsidiary company “St. Gabriel’s School Sports Centre Ltd”, Company Registration No 4250669 (currently dormant). 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 Setter is Company Secretary to both companies and Clerk to the Governors.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Governing Document is a Declaration of Trust dated 1 May 1974 and as amended by a scheme approved by the Charity Commission on 4 October 1991.

Governing body

The list of Governors is shown at page 1 of this report.

Election, recruitment and training

New Governors are elected by the existing Trustees and are selected from nominations from individuals on that Board and the Principal. Governors serve for a term of three years and may be re-elected. The Chair of Governors is elected from within the Board for a term of three years and may be re-elected.

Governors are selected to maintain a balance of relevant experience, professional knowledge and competence on the Board. The Board seeks and appoints persons with educational, financial, business, pastoral, legal, religious and parental experience. Induction and then further training, as required, are provided to build on individual skills and qualifications.

Organisational management

The Governing Body is supported by the Finance & General Purposes sub-committee, the Education subcommittee (re-established in January 2017) and the Marketing sub-committee (established January 2020). The day-to-day running of the school is delegated to the Executive as key management personnel. The Executive attend all meetings of the Governing Body’s committees.

The leadership structure of the school is made up of The Executive (Principal, Bursar, Vice-Principal and Head of Junior School), the Senior Leadership Team (SLT) and the Junior Leadership Team (JLT). The Principal conducts strategic conversations with the SLT, JLT and Heads of Departments and members of staff which inform the Executive’s strategic proposals to Governors. Governors review, consider and amend these proposals prior to formally approving development and educational strategies which the Executive are tasked with implementing. A Heads of Department committee, chaired by the Deputy Head Academic coordinates cross phase and interdepartmental academic matters.

The remuneration of the key management personnel is set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the Company’s success.

Page 3

THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITY TRUSTEES (GOVERNORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere.

We aim to recruit, where practicable, at the lower to medium point within a band, providing scope for rewarding excellence. Delivery of the School’s charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable objects

The charitable objects are to promote and provide for the advancement of education of the pupils at the School and in connection with that to expand and develop the school with a curriculum in accordance with the principals of the Church of England. The promotion of this education is in itself of public benefit and this is being pursued with the same vigour as it has always been. In accordance with the trust deed of 1974 the Governors take account of the financial circumstances of all its pupils and makes awards and bursaries so that its charitable aims are available to the whole population by the provision of means tested awards. In seeking to promote these objects the Governors take full account of the appropriate guidance issued by the Charity Commission.

The St. Gabriel Schools Foundation aims to:

St. Gabriel’s seeks to achieve these charitable objects with the assistance of local educational, cultural and charitable bodies and it is a policy of the school to seek to provide and achieve the highest standards in education, to build on the partnership with a local state school and promote education with the local community through a series of events as well as widening access to the schools facilities.

Page 4

THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITY TRUSTEES (GOVERNORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

STATEMENT OF GOVERNORS’ RESPONSIBILITIES

The Trustees (who are also directors of The St. Gabriel Schools Foundation for the purposes of company law) are responsible for preparing the Governors’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PROVISION OF INFORMATION TO AUDITOR

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

AUDITORS

In accordance with Section 485 of the Companies Act 2006, a resolution proposing the reappointment of Crowe U.K LLP as auditors of the company will be put to the Annual General Meeting.

Page 5

THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITY TRUSTEES (GOVERNORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

STRATEGIC REPORT

OBJECTIVES

Objectives for the period

The prime objectives have been:

Strategies to achieve the objectives

There have been several strands to the strategic action required to take forward this periods objectives:

During the period under review St. Gabriel's School had 401 full time pupils in Reception to Year 13 with a further 91 children in the nursery (full-time and part-time) in the school at the start of the year, which rose to 102 for the summer term. At the start of September 2023, there were 423 pupils on roll for Reception to Year 13 and a further 69 children in the nursery which is predicted to rise during the course of the year.

GRANT-MAKING POLICY

This year, the value of scholarships, grants, prizes and other awards made to the Schools’ pupils exceeded £257,995. The Governors’ policy, in line with that of other Independent Schools, is to make these awards on the basis of the individual’s educational potential, subject to the particular conditions imposed by the original donor where the award is out of restricted funds. Further means-tested awards totalling £621,750 in bursaries and allowances were made to support 39 pupils who would not otherwise be able to attend the school or to relieve hardship where the pupil’s education and future prospects would otherwise be at risk. 33 pupils received bursaries of 50% or more of the annual fees, with 17 of these receiving a minimum bursary of 85% and the majority of these pupils also received support with school transport, educational visits and music tuition.

Page 6

THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITY TRUSTEES (GOVERNORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

COMMUNITY

Independent/State School Partnerships and Links

We have formed a partnership with a local state secondary school. The two schools have worked together closely on a number of initiatives which represents a highly innovative and cost-effective approach to the collaborative delivery of enhanced curriculum provision for students between an independent school and an 11-16 mixed converter academy. This initial provision has subsequently been developed and extended to extra-curricular and gifted and talented enrichment opportunities. Most recently it has also deepened further to include shared professional development for teaching staff, with a joint leadership development programme for female teachers and reciprocal teaching provision offering support for teachers

For the 2022/23 academic year the following activities took place:

Community Links

A Community Link Project starts in year 9 which encourages pupils to identify and meet a variety of needs within the local community which they continue in subsequent years.

Senior pupils, as part of their Duke of Edinburgh Service element, participate in a community project.

Pupils participate in a wide range of fundraising activities. This year the school raised £10,130 for other charities.

Sixth form students have the opportunity to participate in a World Challenge Expedition (2012 Ecuador, 2014 Peru, 2016 Thailand and Cambodia, 2018 Borneo) where they spend a week volunteering and living in a local community working on an education based project. The next expedition which was due to take place in July 2020 to Vietnam and Laos was regrettably cancelled due to the worldwide COVID19 pandemic. The Governors have re-established this opportunity with the next expedition being to Malysia in 2024.

Page 7

THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITY TRUSTEES (GOVERNORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Students, including those considering a career in medicine or other caring professions, participate in voluntary work in local care homes.

Community Access

The school supports a number of local groups by providing its facilities free or charge or at a reduced fee, including:

Public benefit

The Governors confirm that they have complied with the duty in Section 17(5) of the Charities Act 2011, to have due regard to the Charity Commission’s guidance on public benefit.

Community Access

The school supports a number of local groups by providing its facilities free or charge or at a reduced fee, including:

Public benefit

The Governors confirm that they have complied with the duty in Section 17(5) of the Charities Act 2011, to have due regard to the Charity Commission’s guidance on public benefit.

FACILITIES

In September 2014 the Junior School become co-educational and a 50 week per year day nursery was opened catering for children from aged 6 months to 5 years and from 7:30am to 6:30pm. The nursery is now successfully feeding pupils into the coeducational Junior School. A new 6[th] Form centre was converted during 2016/17, and opened at the start of the autumn term 2017, providing teaching rooms and study areas for many subjects. During 2018/19 the school built upon the 2017/18 Invest to Impress programme with the aim of upgrading many of the schools facilities. In February 2021 the school announced that the Senior School would admit boys in year 7 from September 2022, becoming fully CoEd by 2026. The summer works for 2022 concentrated on refurbishing existing welfare facilities for girls and the creation of new facilities for boys. With the increasing numbers on roll the Governors are aware of the need to use existing facilities efficiently and to carefully consider what new facilities may be required. To assist with this process during 2021/22 architects were appointed to produce a Master Plan. The findings from this were presented to the Governors in the Autumn Term. The master plan identified the need for more classroom space. Increasing numbers on roll indicated that this was required for September 2023. The summer works for 2023 saw the installation of 2 temporary classrooms and the extension of the Reception teaching area. The school is currently considering designs for a permeant classroom block and an Arts hub.

Page 8

THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITY TRUSTEES (GOVERNORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE PERIOD

You will be aware that this year GCSEs and A Level results were once again based on final examination results rather than on Teacher Assessed Grades. Advanced notice was given on some of the examination content and slight modifications were made to the examination process. However overall it was a much more similar experience to that of 2019 and previous years.

Academic – A Level

The following table shows trends at A level results over the last 6 years (%)

A* A B C D E U
2018 3 39 41 16 3
2019 29 39 26 6 1
2020 30 41 25 5
2021 31 31 28 8 3
2022 21 28 27 19 4
2023 9 33 30 23 5

At A level, 73% of the grades were at A-B. We also saw 42% of grades at A/A which compares to 18% nationally. Whilst these results are lower than the last two years this was the pattern nationally. Our pupils were still able to access their courses of choice after A level and, whilst slightly lower than 2019, our results were very much in line, if not slightly higher, than the years preceding this.

Academic - GCSE

At GCSE 37% of grades at 7-9 and 22% of these were at grade 8 or 9. We were also particularly pleased that 12% of the results were at grade 9 which compared to 4.9% nationally. Our Science results were particularly outstanding with 78% if Biology, 75% of Chemistry and 67% of Physics grades at 8 or 9.

Our value added data for this cohort was also significant with pupils on average achieving more than half a grade higher per subject here than they would have done based on their baseline data.

FINANCIAL REVIEW AND RESULTS FOR THE PERIOD

The results are a return of circa -1.24% which was lower than anticipated by the Governors. This is mainly due to Master plan costs that cannot be capitalised and unplanned maintenance issues that required immediate attention. Throughout the year the Governors have continually reassessed the schools financial position and its ability to continue as a going concern. This has included the development of several budget scenarios and cash flow forecasts all of which have been robustly stress tested. The maintenance of a sufficient and prudent margin in the order of 8-12% will undoubtedly prove challenging but the Governors are resolved to pursue measures to maintain financial stability. The Governors continue to identify priorities for the school in terms of increasing recruitment and retention, reducing costs and developing the school.

Reserves Policy

The School’s unrestricted funds stood at £2,830,279 (2022: £3,034,388) at the end of the period. After adjusting for unrestricted functional fixed assets for the charity’s own use, borrowings against them and the effect of revaluation of fixed assets at a time of lower property prices there were free reserves of £411,027 (as defined by the Charity Commission) (2022: £493,425).

Page 9

THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITY TRUSTEES (GOVERNORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

The Governors consider that free reserves would ideally be equivalent to one terms operating costs, in order to cover the risks and uncertainties of operating as an independent educational establishment.

The long term policy is therefore to return to building up reserves out of annual net incoming resources until that level is reached, subject to the prior demands of further capital expenditure to equip the School with the up-to-date facilities needed to maintain the standard of educational services currently provided.

Fundraising

A separate charity the St Gabriel’s Parent Teachers Association which is operated by parents of the school raises funds towards facilities and equipment for the school by running social events during the year. In the year 2022/23 the PTA donated £16,263 to the school following these activities. The school does not engage in large scale fundraising activities like mass mailings, telephone fundraising or door to door campaigns. Any small level fundraising activities focus on the current parents and other individuals or organisations connected with the school rather than the wider community. During the financial year, the School did not receive any fundraising complaints requiring action by the Fundraising Regulator.

FUTURE PLANS

The strategic conversations which the Principal conducts formally with all Heads of Departments before their budget submissions each year provide a detailed insight into the curriculum requirements perceived by the Heads of Departments. These aspirations are funnelled in two directions: firstly into short term plans for departmental budgets and more strategically into curriculum development and the resources required to support it.

In addition, the Governors have considered the strategic direction of the school against a backdrop of reducing demand for single sex education, the requirements for childcare for working parents and the aspirations of pupils for an enhanced 6[th] Form. The school admitted boys to year 7 from 2022 and will grow to be fully coeducational by 2026. Along side this the Governors have also commissioned a site Master Plan to assess the quality and requirement of facilities in future years taking into account the growing projected numbers on roll.

Principal risks and uncertainties

The Board of Governors is responsible for the management of the risks faced by the school. In November 2001 the school commissioned a risk assessment from a specialist advisor and a full review and action plan with regard to the risks was produced. The risk assessment report is used as a current working document and is formally reviewed by the Board of Governors on an annual basis.

The costs incurred due to the Coronavirus pandemic have been extensive and the Governors agreed that a portion of the Schools reserves should be used to support the school through this challenging period. The Governors have undertaken a robust review of the curriculum and staffing and have adjusted both where required. The school has also stress tested the cash flow forecast against a number of scenarios, including further remote teaching and changes to pupil numbers. The Coeducation announcement generated a lot of interest in the school. September 2022 numbers on roll increased considerably and this trend continued for September 23, further consolidating the school financial footing. Because of the action taken, the Governors consider it appropriate for the going concern basis to be adopted for these accounts.

The principal risks and uncertainties currently facing the Company are considered to be, the current political situation, in particular the introduction of VAT on fees, and its effect on schools strategic plans, the UK’s economic outlook, pressures brought by the war in Ukraine, energy crises, rise in cost of living, price competition from rival independent schools investing heavily in state-of-the-art technology and facilities, ISI inspection due Autumn 23 under the new framework, the increasing competition for high-quality teaching and support staff and its effect on succession-planning and severe reputational damage in the unlikely event of a high profile legal action alleging lack of due care over our pupils as vulnerable beneficiaries.

Our plans and strategies for managing risk include maintaining effective internal controls, risk registers, incident-reporting and monitoring systems and insurance cover wherever appropriate.

Page 10

THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITY TRUSTEES (GOVERNORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

The key controls used by the charity to minimise risk include:

Through the risk management processes established by the school, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

The major risks to the continued success of the school are assessed as: current political uncertainty, reputation, recruitment and health & safety. These risks are managed by a balanced approach to insurance, controls, emergency planning, and training.

This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of The St. Gabriel Schools Foundation on 04 December 2023 including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by:

N C Garland

Chairman of the Board of Governors

Page 11

J» Crowe

Crowe U.K. LLP

Chartered Accountants Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF THE ST. GABRIEL SCHOOLS FOUNDATION

Opinion

We have audited the financial statements of St. Gabriel Schools Foundation for the year ended 31 July 2023 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheets, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Crowe U.K. LLP is a limited liability partnership registered in England and Wales with registered number OC307043. The registered office is at 55 Ludgate Hill, London EC4M 7JW. A list of the LLP’s members is available at the registered office. Authorised and regulated by the Financial Conduct Authority. All insolvency practitioners in the firm are licensed in the UK by the Insolvency Practitioners Association. Crowe U.K. LLP is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Crowe U.K. LLP and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global.

Page 12

J» Crowe

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ST. GABRIEL SCHOOLS FOUNDATION

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the Governors

As explained more fully in the Statement of Governors’ Responsibilities set out on page 5, the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Page 13

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ST. GABRIEL SCHOOLS FOUNDATION

In preparing the financial statements, the trustees are responsible for assessing the group’s or the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Charities Act together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, Health and Safety, General Data Protection Regulations, Safeguarding and Food Standards. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any.

The greatest risk of material impact on the financial statements is from irregularities, including fraud, to be within certain income streams and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance and General Purposes Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, sample testing on non-fee income, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance.

Page 14

INDEPENDENT AUDITOR’S REPORT (CONTINUED) TO THE MEMBERS OF THE ST. GABRIEL SCHOOLS FOUNDATION

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Janette Joyce Senior Statutory Auditor

For and on behalf of Crowe U.K. LLP Statutory Auditor Reading 49-51 Blagrave Street Reading Berkshire RG1 1PL

Date:

Page 15

THE ST. GABRIEL SCHOOLS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023

Notes
INCOME FROM
Charitable activities
School fees receivable
4
Ancillary trading income
5
Income from generated
funds:
Non-ancillary trading income
6
Voluntary income:
Donations and grant income
7
Total
EXPENDITURE ON
Charitable Activities
School operating costs
Raising funds
Finance costs
10
Total
8
Net income/(expenditure)
before transfers
11
Transfers
Net movement in funds
Funds balances 1 August 2022
Funds balances 31 July 2023		 Unrestricted
Funds
£
7,286,061
701,263
47,770
17,793
8,052,887
8,175,357
81,639
8,256,996
(204,109)
-
(204,109)
3,034,388
2,830,279		 Restricted
Funds
£
-
-
-
119,710
119,710
7,981
-
7,981
111,729
-
111,729
-
111,729		 Permanent
Endowment
Fund
£
-
-
-
-
-
8,683
8,683
(8,683)
-
(8,683)
589,040
580,357		 Year to
31 July
2023
£
7,286,061
701,263
47,770
137,503
8,172,597
8,192,021
81,639
8,273,660
(101,063)
-
(101,063)
3,623,428
3,522,365		 Year to
31 July
2022
£
6,535,936
514,260
42,561
7,689
7,100,446
6,975,227
65,086
7,040,313
60,133
-
60,133
3,563,295
3,623,428

The notes on pages 19 to 37 form part of these accounts

Page 16

COMPANY NUMBER: 2590761 THE ST. GABRIEL SCHOOLS FOUNDATION BALANCE SHEET

AS AT 31 JULY 2023

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 than
one year
17
NET ASSETS
FINANCED BY
Unrestricted funds
20
Restricted funds
21
Endowed funds
19		 2023
£
5,296,503
-
1
5,296,504
2,347
2,523,481
1,142,368
3,668,196
(3,330,113)
338,083
5,634,587
(2,112,222)
3,522,365
2,830,279
111,729
580,357
3,522,365		 2021
£
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

The financial statements were approved and authorised for issue by the Board and were signed on its behalf on …………………………………..

N C Garland Governor

The notes on pages 19 to 37 form part of these accounts

Page 17

THE ST. GABRIEL SCHOOLS FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2023

Notes
Net movement in funds
Loss on sale of assets
(Increase)/decrease in stock
(Increase) in debtors
Increase in creditors
Increase in deposits
Depreciation charge
Amortisation of intangible asset
Hire purchase interest
Bank interest
Release of capital grant
Net cash provided by operating activities
Cash Flows from investing activities
Purchase of intangible assets
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Repayment of loan
New loan
Bank interest paid
Advanced fee scheme:
Receipts from new contracts
Amounts utilised and repaid
Net cash flows used in financing activities
Change in cash and cash equivalents in the
year
26,27
Cash and cash equivalents at the beginning of
the year
Total cash and cash equivalents at the end
of the year		 2023
£
£
(101,063)
-
(1,801)
(251,236)
380,081
20,550
267,208
-
-
59,925
-
373,664
-
(684,781)
(684,781
(63,763)
500,000
(62,669)
-
-
373,568
62,451
1,079,917
1,142,368		 2022
£
60,133
1,545
803
(213,231)
244,493
31,175
232,775
551
-
60,275
-
418,519
-
(293,049)
(293,049)
(21,072)
-
(55,893)
-
-
(76,965)
48,505
1,031,412
1,079,917

The notes on pages 19 to 37 form part of these accounts

Page 18

THE ST. GABRIEL SCHOOLS FOUNDATION STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2023

1. CHARITY INFORMATION

The St. Gabriel Schools Foundation has the registered charity number 1062748. It operates under the trading names of “St. Gabriel’s” or “St. Gabriel’s School” o r “ Sandleford’’ and has a subsidiary company “St. Gabriel’s School Sports Centre Ltd”, Company Registration No 4250669 (currently dormant). The principal address and registered office is Sandleford Priory, Newbury, Berkshire. It was incorporated in England on 12 March 1991 (company number: 2590761) and registered as a charity on 9 June 1997 (charity number: 1062748) (previously charity number 325060) and the charity is governed by the Declaration of Trust dated 1 May 1974 and as amended by a scheme approved by the Charity Commission on 4 October 1991.

2. ACCOUNTING POLICIES

a) Basis of preparation

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – effective 1 January 2015, the Companies Act 2006 and the Statement of Recommended Practice applicable to charities.

The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee.

The accounts are drawn up on the historical cost basis of accounting, unless otherwise stated in the relevant accounting policy note(s). Consolidated accounts have not been prepared on the grounds that the subsidiary is non-trading and would make an immaterial change to the results of the charity.

Going Concern

Management have produced financial models showing the revised cash flows and future budgets, which have subsequently been reviewed by the Board of Governors. As part of their normal risk management process, the Governors have examined the major risks to the School and the mitigating actions both taken and available to be taken. The Governors consider there are no material uncertainties relating to going concern and that the School has adequate resources to continue its activities for at least the twelve months to 31 December 2024. Accordingly, they continue to operate the going concern basis in preparing the financial statements.

b) Fees and similar income

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances and other remissions allowed by the school. Fees received in advance of education to be provided in future years under an Advance Fee Payment Scheme Contract are held until either taken to income in the term when used or else refunded.

c) Donations and grant income

Voluntary incoming resources are accounted for as and when the entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable. Voluntary income received for the general purposes of the School is accounted for as unrestricted and is credited to unrestricted funds. Voluntary income subject to specific wishes of the donors are carried to the relevant restricted fund.

Page 19

THE ST. GABRIEL SCHOOLS FOUNDATION STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES (continued)

d) Other incoming resources

Other incoming resources are included in the Statement of Financial Activities when the School is legally entitled to the income and the amount can be quantified with reasonable accuracy.

e) Resources expended

Expenditure is accrued as soon as a liability is considered probable. Expenditure attributable to more than one cost category in the SOFA is apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year, either by reference to staff time or activity logging as appropriate. The irrecoverable element of VAT is included within the item of expense to which it relates.

Costs of charitable activities are those costs incurred in providing an education and running the school in accordance with the objects and aims of the charity.

Governance costs comprise the cost of running the charity to include those that provide the governance infrastructure that allows the school to operate and to generate the information required for public accountability. These include strategic planning for future developments, external audit, any legal advice to the school’s governors and all the costs of complying with constitutional and statutory requirements such as the costs of board and committee meetings and of preparing statutory accounts and of satisfying public accountability.

f) Tangible Fixed Assets

Expenditure on the acquisition of land, buildings, vehicles, furniture, ICT equipment and infrastructure and other equipment costing more than £2,500 is capitalised and carried in the balance sheet at historical cost. Other expenditure on equipment incurred in the normal day to day running of the School is charged to the Statement of Financial Activities as incurred.

With the exception of the Farmhouse currently at historical cost, from 1 August 2015 the School has applied the ‘deemed cost’ provisions of FRS102 in that valuations of previously revalued land and buildings will no longer be renewed.

g) Intangible Fixed Assets

Website software is capitalised at purchase cost where there is an expectation of future economic benefit deriving from the on-line registration process. Costs associated with maintaining the computer software are recognised as an expense when incurred.

The website software is subsequently carried at cost less accumulated amortisation and accumulated impairment losses. The costs are amortised to the income and expenditure account using the straight-line method over the estimated useful life of three years.

The amortisation period and amortisation method of intangible assets are reviewed at least each balance sheet date. The effects of any revision are recognised in the income and expenditure account when the changes arise.

Page 20

THE ST. GABRIEL SCHOOLS FOUNDATION STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES (continued)

h) Depreciation

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 instalments over their expected useful economic lives as follows:

Freehold Land Nil Freehold buildings Straight line over 50 years Computer Equipment and other similar equipment Straight line over 3 years Electronic and Infrastructure equipment Straight line over 5/7 years Playground facilities Straight line over 10 years Furniture and equipment for new building 20% on reducing balance Furniture and equipment 15% on reducing balance Motor Vehicles Straight line over 4 years Kitchen equipment Straight line over 7 years

i) Leased assets

Operating leases are charged to the statement of financial activities on a straight-line basis over the lease term.

Assets obtained under hire purchase contracts or finance leases are capitalised within the balance sheet and are depreciated over their useful economic lives. The interest element of these leases is charged to the statement of financial activities account over the lease period. The capital element of the future payments is treated as a liability.

j) Fund accounting

Unrestricted income belongs to the School’s general operational funds, spendable at the discretion of the Governors either to further the School’s objects or to benefit the School itself.

Restricted income comprises gifts and donations where the donor has specified the gift to be used for a specific purpose.

Endowed funds are the original property from which the school operated in 1947. The use of the property is restricted in accordance with terms of the Trust Deed of 1974.

k) Stock

Stock is carried at the lower of cost and net realisable value.

l) Parents’ deposits

The Governors have reviewed the contract terms under which Pupil fee deposits are held by the School. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the school, pupils can leave at earlier dates. The School does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held has been included within current liabilities.

Page 21

THE ST. GABRIEL SCHOOLS FOUNDATION STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES (continued)

m) Pensions

Retirement benefits to employees of the School were provided through three pension schemes, one defined benefit and two defined contribution schemes.

n) Financial instruments

Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost. Note 25 provides more information on financial instruments where future cash flows are anticipated, with financial assets referring to cash, debtor balances excluding prepayments, and financial liabilities referring to all creditor balances excluding deferred income and social security and other taxes.

3. Critical accounting judgements and key sources of estimation uncertainty

In application of the accounting policies, Trustees are required to make judgement, estimates and assumptions about the carrying 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 that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to 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 uncertainty.

Page 22

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

4. INCOMING RESOURCES

Fees receivable consist of:
Gross fees
Less: Scholarships, Bursaries and Allowances		 2023
£
8,165,807
(879,746)
7,286,061		 2022
£
7,168,672
(632,736)
6,535,936

Scholarships, bursaries and other awards were paid to 103 (2022: 77) pupils. Within this means-tested bursaries totalling £621,750 (2022: £494,072) were paid to 39 (2022: 36 pupils).

.
ANCILLARY TRADING INCOME
Music fees and additional sessions
Grant funding for individual fees
Registration fees and fees in lieu of notice
School bus
Recoverable expenses and school trips
Café takings and other income including late surcharges
6.
NON ANCILLARY TRADING INCOME
Hire of facilities
7.
GRANTS AND DONATIONS
Unrestricted
£
Parent Teacher Association
16,263
Other donations
1,530
Holroyd Howe dishwasher area
-
HMRC SMP rebate
-
17,793		 Restricted
£
-
-
119,710
-
119,710		 2023
£
154,017
34,784
36,779
192,649
254,613
28,421
701,263
2023
£
47,770
Total
2023
£
16,263
1,530
119,710
-
137,503		 2022
£
105,826
26,532
43,967
158,029
169,490
10,416
514,260
2022
£
42,561
Total
2022
£
4,925
1,670
-
1,094
7,689

5.

Page 23

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

8. TOTAL RESOURCES EXPENDED

Charitable Expenditure
Teaching costs
Welfare costs
Premises costs
Support costs
Cost of generating funds
Finance costs (note 10)		 Staff
Costs
£
4,649,129
68,599
333,494
546,939
5,598,161
-
5,598,161		 Depreciation
£
51,538
13,216
191,734
10,720
267,208
-
267,208		 Other
£
441,397
534,724
546,685
803,846
2,326,652
81,639
2,408,291		 Total
2023
£
5,142,064
616,539
1,071,913
1,361,505
8,192,021
81,639
8,273,660		 Total
2022
£
4,588,970
532,085
827,199
1,026,973
6,975,227
65,086
7,040,313
Governance included in support costs
Auditors remuneration
Auditors remuneration – other
services
Governors expenses
Other governance costs		 2023
£
16,790
-
-
19,975
36,765		 2022
£
15,275
965
75
18,129
34,444

Travel and course expenses amounting to £Nil (2022: £75) were reclaimed by no members (2022: 1) of the governing body.

Page 24

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

8. RESOURCES EXPENDED 2022 (continued)

Staff Costs
Depreciation
£
£
Charitable Expenditure
Teaching costs
4,244,055
55,502
Welfare costs
56,727
5,967
Premises costs
234,759
169,281
Support costs
478,624
2,025
5,014,165
232,775
Cost of generating funds
Finance costs (note 10)
-
-
5,014,165
232,775
9.
STAFF COSTS
Wages and salaries
Social security costs
Pension contributions
Agency and other costs
Total Staff costs
The average number of employees in the period was:
Teaching staff
Support staff		 Other
£
289,413
469,391
423,159
546,324
1,728,287
65,086
1,793,373		 Total
2022
£
4,588,970
532,085
827,199
1,026,973
6,975,227
65,086
7,040,313
2023
£
4,116,802
357,037
855,940
5,329,779
268,382
5,598,161
No.
131
37
168		 Total
2021
£
4,189,211
383,515
745,358
903,036
6,221,120
76,666
6,297,786
2022
£
3,716,151
327,933
745,496
4,789,580
224,585
5,014,165
No.
123
30
153

Page 25

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

9. STAFF COSTS (CONTINUED)

The number of employees whose emoluments exceeded £60,000 were:
£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 paid 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.		 2023
No.
1
1
-
1
-
1
4
£
91,938		 2022
No.
1
-
1
-
1
-
3
£
66,350

Key management personnel includes the governors and officers listed on page 1. Key management personnel received aggregate remuneration (including employer’s pension, employers National Insurance and Benefits in Kind) of £478,035 ( 2022: £440,002 ).

During the year, the School paid redundancy costs totalling £9,326 (2022: £44,485) to 1 (2022: 1) employee. The nature of the payment in 2021 was statutory redundancy pay for two employees. The nature of the payment in 2023 was an employment termination payment. There was no further funding provision at the balance sheet date.

10. FINANCE

11.

Bank loan interest
Bank charges
Bad debts written off
Bad debts provision/(release)
NET INCOME/(EXPENDITURE)
Net income is stated after charging:
Depreciation - owned assets
Auditor’s Remuneration
Operating leases		 2023
£
59,925
18,960
6,119
(3,365)
81,639
2023
£
267,208
16,790
67,518		 2022
£
60,275
3,833
1,918
(940)
65,086
2022
£
232,775
15,275
43,920

Page 26

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

12. INTANGIBLE FIXED ASSETS

Cost
1 August 2022
Additions at cost
31 July 2023
Amortisation
1 August 2022
Charge for the year
31 July 2023
Net book values
31 July 2023
31 July 2022		 Website
£
9,750
9,750
9,750
9,750
-
-		 Total
£
9,750
9,750
9,750
9,750
-
-

13. TANGIBLE FIXED ASSETS

The Freehold Property shown in the Accounts is (i) a 1983 permanent endowment owned by a special trust , the S Gabriel and Falkland S Gabriel Charity, (previously registered as Charity Number: 325060), now administered by the Company as sole corporate trustee, and (ii) subsequent improvements to the School buildings made out of unrestricted funds owned by the Company as corporate property , as indicated below.

Under a scheme approved by the Charity Commission, on 4 October 1991, Clause 2(1) and (2) of the scheme makes the following provision:

Trustee and vesting

The Proprietor of the Property as set out in the HM Land Registry Property Register dated 2 April 1992 is therefore “The St. Gabriel Schools Foundation”. The property is pledged as security for certain lending provided by the National Westminster Bank Plc with the consent of the Charity Commission.

Page 27

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

13. TANGIBLE FIXED ASSETS (continued)

Deemed Cost
1 August 2022
Additions at cost
Disposals at cost
Change of category
31 July 2023
Depreciation
1 August 2022
Charge for year
Adjustment on disposal
31 July 2023
Net book values
31 July 2023
31 July 2022		 Freehold
Land and
Buildings
£
4,775,000
-
-
-
4,775,000
806,393
90,615
-
897,008
3,877,992
3,968,607		 Freehold
Improvement
s
£
173,511
-
-
-
173,511
16,484
3,470
-
19,954
153,557
157,027		 Furniture
and
Equipment
£
2,107,662
352,766
(307,644)
93,106
2,245,890
1,484,847
163,373
(307,644)
1,340,576
905,314
622,815		 Motor
Vehicles
£
319,284
-
-
-
319,284
281,909
9,750
-
291,659
27,625
37,375		 Assets
under
construction
£
93,106
332,015
-
(93,106)
332,015
-
-
-
-
332,015
93,106		 Total
£
7,468,563
684,781
(307,644)
-
7,845,700
2,589,633
267,208
(307,644)
2,549,197
5,296,503
4,878,930

Page 28

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

13. TANGIBLE FIXED ASSETS (CONTINUED)

From 1 August 2015 the School has applied the ‘deemed cost’ provisions of FRS102 in that valuations of previously revalued land and buildings will no longer be renewed.

The deemed cost as at 1 August 2015 is represented by:

Historical costs less depreciation
Valuation increase 1993
Valuation increase 1994
Valuation increase 2000
Valuation increase 2003
Valuation decrease 2008
Valuation decrease 2013
Sandleford Farmhouse
Total		 Freehold
Property
Endowment
£
325,450
361,015
147,714
267,412
19,460
(263,679)
(190,185)
-
667,187		 Freehold
Property
(Corporate
Property)
£
3,895,654
644,753
115,072
295,002
37,507
(897,902)
(907,273)
925,000
4,107,813		 Total
£
4,221,104
1,005,768
262,786
562,414
56,967
(1,161,581)
(1,097,458)
925,000
4,775,000

Depreciation relating to the Freehold Property Endowment totalling £8,683 has been charged directly to the Endowment Fund.

14. FIXED ASSET INVESTMENTS

COST
Unlisted investments at 31 July 2022 and 31 July 2023		 2023
£
1		 2022
£
1

The School owns 100% of the ordinary share capital and voting rights of St. Gabriel’s Sports Centre Limited. The St Gabriel’s Sports Centre Limited was dormant throughout the period under review. The registered office of St Gabriel’s Sports Centre is St Gabriel’s School, Sandleford Priory, Newbury, Berkshire, RG20 9BD.

Page 29

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

15. DEBTORS

Trade debtors
Other debtors
Prepayments
16.
CREDITORS: Amounts falling due within one year
Bank loans and overdrafts (Note 18)
Trade creditors
Deposits held
Social security & other taxes
Other creditors
Accruals
Deferred income – fees billed in advance
17.
CREDITORS: Amounts falling due after more than one year
Bank Loans and Overdrafts (Note 18)		 2023
£
2,338,062
37,625
147,794
2,523,481
2023
£
72,943
248,047
228,300
102,124
139,088
109,467
2,430,144
3,330,113
2023
£
2,112,222
2,112,222		 2022
£
2,103,323
54,502
114,420
2,272,245
2022
£
66,665
168,474
207,750
93,733
192,048
64,833
2,132,445
2,925,948
2022
£
1,682,263
1,682,263

Page 30

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

18. LOANS AND OVERDRAFTS

An analysis of the maturity of loans and overdrafts is as follows:
Amounts falling due within one year or on demand
Bank loans
Amounts falling due within one year - Total
Amounts falling due between one and two years - Bank loans
Amounts falling due between two and five years - Bank loans
Amounts falling due after more than five years – Bank loans		 2023
£
72,943
72,943
86,921
283,706
1,741,595
2,185,165		 2022
£
66,665
66,665
80,359
224,708
1,377,196
1,748,928

A loan of £500,000 was taken out in July 2023 under the National Westminster Bank Plc’s Fixed Rate Loan Terms, but the actual term of the loan is 5 years. Interest is charged at 7.70% per annum. The instalment amounts are based on a 18-year period from 11 July 2023.

The school has taken a repayment holiday on capital instalments from July 2023 to August 2024.

A loan of £1,770,000 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 3.40% per annum. The instalment amounts are based on a 20 year period from the 11 May 2021.

All loans and overdrafts are secured by a mortgage and legal charge dated 11 October 2004 and 31 January 2014 respectively in the favour of National Westminster Bank Plc over the freehold land and buildings of St Gabriel's School, Sandleford Priory, Newtown Road, Newbury and Sandleford Farmhouse, Sandleford Priory, Newtown, Newbury.

Page 31

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

19. ENDOWED FUNDS

The St Gabriel and Falkland St Gabriel Schools Charity own the permanent endowment. Under the 1991 scheme (see Note 13) the endowment would have been handed over to continuing trustees of the St Gabriel and Falkland St Gabriel Schools in the event of the Foundation ceasing to operate the school. It is therefore shown as trust property (Endowed Funds).

20. UNRESTRICTED FUNDS

2023
Designated Funds:
M Frenkel Fund
General Fund
2022
Designated Funds:
M Frenkel Fund
General Fund
ESTRICTED FUNDS
2023
Fixed Asset Fund		 2022
£
380
3,034,008
3,034,388
2021
£
390
2,965,182
2,965,572
2022
£
-
-		 Incoming
resources
£
-
8,052,887
8,052,887
Incoming
resources
£
-
7,100,446
7,100,446
Incoming
resources
£
119,710
119,710		 Outgoing
Resources
£
(10)
(8,256,986)
(8,256,996)
Outgoing
Resources
£
(10)
(7,031,620)
(7,031,630)
Outgoing
Resources
£
(7,981)
(7,891)		 Transfers
£
-
-
-
Transfers
£
-
-
-
Transfers
£
-
-		 2023
£
370
2,829,909
2,830,279
2022
£
380
3,034,008
3,034,388
2023
£
111,729
111,279

21. RESTRICTED FUNDS

The fixed asset fund relates to donated catering assets received in kind.

Page 32

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

22. ANALYSIS OF NET ASSETS BETWEEN FUNDS

2023
Intangible
Assets
Fixed
Assets
Net
Current
Assets
Creditors
> one year
Total
£
£
£
£
£
Endowment Funds
-
580,357
-
-
580,357
Restricted Funds
-
111,729
-
-
111,729
Unrestricted Funds
-
4,604,418
338,083
(2,112,222)
2,830,279
-
5,296,504
338,083
(2,112,222)
3,522,365
2022
Intangible
Assets
Fixed
Assets
Net Current
Assets
Creditors
> one year
Total
£
£
£
£
£
Endowment Funds
-
589,040
-
-
589,040
Restricted Funds
-
-
-
-
-
Unrestricted Funds
-
4,289,891
426,720
(1,682,263)
3,034,388
-
4,878,931
426,720
(1,682,263)
3,623,428
23.
CAPITAL COMMITMENTS
2023
2022
£
£
Future expenditure not otherwise included in these accounts
Contracted for
262,509
82,239
24.
OPERATING LEASE COMMITMENTS
At 31 July 2023 the school had future minimum lease payments under non- cancellable operating
leases as follows:
2023
2022
£
£
Within one year
51,421
48,747
Between two and five years
51,665
66,250
103,086
114,997		 Total
£
580,357
111,729
2,830,279
3,522,365
Total
£
589,040
-
3,034,388
3,623,428
2022
£
82,239
114,997

Page 33

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

25. FINANCIAL INSTRUMENTS

Financial assets held at amortised cost are trade debtors, other debtors, amounts due from the subsidiary company, and cash at bank.

Financial liabilities held at amortised cost are bank loans, trade creditors, other creditors, and accruals.

2023 2022
£ £
Financial assets measured at amortised cost 3,518,055 3,237,742
Financial liabilities measured at amortised cost 2,910,067 2,382,033

The school’s income, expense, gains and losses in respect of financial instruments are summarised below:

Interest expense for financial liabilities held at amortised cost
59,925
Impairment loss/(gain).
(3,365)
ECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
2023
£
(Decrease) in cash in the year
62,451
Loan Movements
(436,237)
Change in net debt
(373,786)
Net debt at 1 August
(669,011)
NET (DEBT)/FUNDS AT 31 JULY
(1,042,797)		 60,275
(940)
2022
£
48,505
21,072
69,577
(738,588)
(669,011)

26. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT

27. ANALYSIS OF CHANGE IN NET DEBT

Cash at bank and in hand
Loans		 Net debt as at
1 August 2022
£
1,079,917
(1,748,928)
(669,011)		 Cash
Change
£
62,451
(436,237)
(373,786)		 Non-cash
change
-
-
-		 Net debt as at
31 July 2023
£
1,142,368
(2,185,165)
(1,042,797)

Page 34

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

28. RELATED PARTY TRANSACTIONS

Mrs Heywood (Governor) has two children at the School and is in receipt of a sibling discount which amounted to £11,616 ( 2022: £10,872 ). The discount was awarded before Mrs Heywood was appointed as a Governor and was made in accordance with the School policies at that time.

One member of KMP had a son complete summer maintenance work during the year. Total pay amounted to £582 (2022: £nil).

29. PENSION COSTS

Defined Benefit Scheme

The school joined the APTIS pension scheme from 1st September 2021. APTIS is part of a master trust run by Aviva and looked after by independent and experienced members of the Aviva master trust trustee board. The School run the pension as a salary exchange programme, giving allowance for tax and NI relief. St Gabriel's pay 17% of basic salary into the pension scheme and the employee can choose their contribution level, it must be a minimum of 5% required by law. The pension charge for the year includes contributions payable to APTIS of £774,389 (2022: £575,490) and at the year-end £61,809 (2022: £111,336) was accrued in respect of contributions to this scheme.

The School participated in the Teachers' Pension Scheme (England and Wales) ("the TPS") for its teaching staff until 31 August 2021. The pension charge for the year includes contributions payable to the TPS of £nil ( 2022: £62,805 ) and at the year-end £nil (2022: £61,885) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

Page 35

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

29. PENSION COSTS (continued)

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable.

The TPS is subject to a cost cap mechanism which was put in place to 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 pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations.

The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no changes to 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 confirmed that any changes to the employer contribution rate resulting from the 2020 valuations will take effect in April 2024.

Until the 2020 valuation is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial statements.

In addition to the above, the company operates a defined contribution pension scheme. The assets of the plans are held separately from those of the company in separately administered funds. Contributions totalling £181,993 ( 2022: £108,121 ) were payable to these funds for the year. At the year-end £15,780.16 (2022: £13,558) was accrued in respect of contributions to this scheme.

Page 36

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

30. COMPARATIVE 2022 STATEMENT OF FINANCIAL ACTIVITIES

Notes
INCOME FROM
Charitable activities
School fees receivable
4
Ancillary trading income
5
Income from generated funds:
Non-ancillary trading income
6
Voluntary income:
Donations and grant income
7
Total
EXPENDITURE ON
Charitable Activities
School operating costs
Raising funds
Finance costs
10
Total
8
Net income/(expenditure)
before transfers
11
Transfers
Net movement in funds
Funds balances 1 August 2021
Funds balances 31 July 2022		 Unrestricted
Funds
£
6,535,936
514,260
42,561
7,689
7,100,446
6,966,544
65,086
7,031,630
68,816
-
68,816
2,965,572
3,034,388		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Permanent
Endowment
Fund
£
-
-
-
-
-
-
8,683
-
8,683
(8,683)
-
(8,683)
597,723
589,040		 Year to
31 July
2022
£
6,535,936
514,260
42,561
7,689
7,100,446
6,975,227
65,086
7,040,313
60,133
-
60,133
3,563,295
3,623,428

Page 37