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← The St Gabriel Schools Foundation

2024-07-31-accounts

Charity No: 1062748 Company No: 02590761

THE ST. GABRIEL SCHOOLS FOUNDATION

(A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT

AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

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 - 36

THE ST. GABRIEL SCHOOLS FOUNDATION GOVERNORS, OFFICERS AND ADVISORS FOR THE YEAR ENDED 31 JULY 2024

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 2024

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 R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ 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 2024

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 2024.

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 2024

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 2024

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 2024

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 425 full time pupils in Reception to Year 13 with a further 68 children in the nursery (full-time and part-time) in the school at the start of the year, which rose to 74 for the summer term. At the start of September 2024, there were 406 pupils on roll for Reception to Year 13 and a further 62 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 £365,801. 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 £757,845 in bursaries and allowances were made to support 44 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. 38 pupils received bursaries of 50% or more of the annual fees, with 18 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 2024

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 teachers and reciprocal teaching provision offering support for teachers

For the 2023/24 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.

Page 7

THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITY TRUSTEES (GOVERNORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Pupils participate in a wide range of fundraising activities. This year the school raised £6,485 for other charities.

This year saw the reinstatement of the parent and toddler mornings for the local community during year. In previous years there were 3 events attended by 7 families.

Sixth form students have the opportunity to participate in a World Challenge Expedition (2012 Ecuador, 2014 Peru, 2016 Thailand and Cambodia, 2018 Borneo, 2024 Malaysia) where they spend part of the expedition volunteering and living in a local community working on an education based project. The next expedition will take place in 2026 and will be to Norway.

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 of 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 Co-Ed 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. At the start of the 2023/24 academic year the school was working with a project team on the design of a new permanent classroom block. However, as the threat of VAT on schools increased the Governors took the decision to pause the project. The new Government has now confirmed its intentions and the projects will remain paused until the full outcome of this policy is known.

Page 8

THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITY TRUSTEES (GOVERNORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE PERIOD

Academic – A Level

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

==> picture [308 x 136] intentionally omitted <==

----- Start of picture text -----
A A B C D E U
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
2024 13 21 34 11 13 8
----- End of picture text -----*

At A level, 68% of the grades were at A-B. We also saw 34% of grades at A/A which is broadly in line with last year. It is also worth noting that this cohort was slightly smaller than usual, so a couple of weaker pupils negatively impacted the overall results. However, despite this, our pupils were still able to access their courses of choice after A level and all of them are happy with their pathway for their post 18 studies.

Academic - GCSE

At GCSE 47% of grades at 7-9 and 27% of these were at grade 8 or 9. We were also particularly pleased with the percentage of grades 7-9 which compared with 21.7% nationally. Our Science results were particularly outstanding with 93% if Biology, 100% of Chemistry and 93% of Physics grades at 7-9.

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 -6% 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 £2,343,541 (2023: £2,830,279) 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 -£225,807 (as defined by the Charity Commission) (2023: £290,666).

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.

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THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITY TRUSTEES (GOVERNORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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 2023/24 the PTA donated £19,594 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, the aspirations of pupils for an enhanced 6[th] Form and the threat of VAT on fees. 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. September has seen a slight drop in pupil numbers at Reception and Year 7 entry points, but year 12 with the introduction of boys has seen a higher than expected enrolment. Undoubtedly the Labour Governments VAT policy on independent school fees has impacted this. The Governors have been aware of this threat for some time and have ensured that its implementation and likely effect of the school has been robustly modelled, ensuring that the school is prepared and able to act quickly in a number of scenarios. 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, 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.

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

Page 10

THE ST. GABRIEL SCHOOLS FOUNDATION

REPORT OF THE CHARITY TRUSTEES (GOVERNORS’ REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

In the last report the Governors identified the risk of an ISI inspection under the new Framework. The expected inspection took place in March 2024 and the Governors are pleased to confirm that the school met all standards.

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 25 November 2024 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

Page 11

Crowe U.K. LLP

Chartered Accountants Member of Crowe Global R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ, 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 2024 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, 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

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.

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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 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 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, 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.

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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.

Alastair Lyon Senior Statutory Auditor

For and on behalf of Crowe U.K. LLP Statutory Auditor Reading

2 Blagrave Street Reading Berkshire RG1 1AZ

Date: 11 December 2024

Page 15

THE ST. GABRIEL SCHOOLS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024

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 2023
Funds balances 31 July 2024		 Unrestricted
Funds
£
7,825,744
765,462
46,101
20,034
8,657,341
9,041,564
102,515
9,144,079
(486,738)
-
(486,738)
2,830,279
2,343,541		 Restricted
Funds
£
-
-
-
-
-
23,943
-
23,943
(23,943)
-
(23,943)
111,729
87,786		 Permanent
Endowment
Fund
£
-
-
-
-
-
8,683
-
8,683
(8,683)
-
(8,683)
580,357
571,674		 Year to
31 July
2024
£
7,825,744
765,462
46,101
20,034
8,657,341
9,074,190
102,515
9,176,705
(519,364)
-
(519,364)
3,522,365
3,003,001		 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

The notes on pages 19 to 36 form part of these accounts

Page 16

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

AS AT 31 JULY 2024

Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 13 5,343,751 5,296,503
Investment assets 14 1 1
5,343,752 5,296,504
CURRENT ASSETS
Stock 3,084 2,347
Debtors 15 2,512,522 2,523,481
Cash at bank and in hand 1,830,382 1,142,368
4,345,988 3,668,196
CREDITORS:Amount due within one year 16a (4,029,771) (3,330,113)
NET CURRENT ASSETS 316,217 338,083
TOTAL ASSETS LESS CURRENT
LIABILITIES 5,659,969 5,634,587
CREDITORS:Amount due after more
than one year 16b (2,656,968) (2,112,222)
NET ASSETS 3,003,001 3,522,365
FINANCED BY
Unrestricted funds 20 2,343,541 2,830,279
Restricted funds 21 87,786 111,729
Endowed funds 19 571,674 580,357
3,003,001 3,522,365

The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 25 November 2024.

N C Garland Governor

The notes on pages 19 to 36 form part of these accounts

Page 17

THE ST. GABRIEL SCHOOLS FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2024

Notes
Net movement in funds
Loss on sale of assets
Decrease/(Increase) in stock
Decrease/(increase) in debtors
(Decrease) in creditors
(Decrease)/Increase in deposits
Depreciation charge
Bank interest
Net cash provided by operating activities
Cash Flows from investing activities
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		 2024
£
£
(519,364)
-
(737)
10,959
689,217
975
327,821
95,014
603,885
(375,069)
(375,069)
(70,222)
-
(95,132)
624,552
-
459,198
688,014
1,142,368
1,830,382		 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

The notes on pages 19 to 36 form part of these accounts

Page 18

THE ST. GABRIEL SCHOOLS FOUNDATION STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2024

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 2025. 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 the money may be returned subject to specific conditions and on the receipt of one term’s notice.

Amounts received under the school’s Advance Fee Scheme contracts for education not utilised to settle school fees are recorded as deferred income and allocated as current liabilities where the education will be provided within 12 months from the reporting date as long-term liabilities where the education will be provided in subsequent years.

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 2024

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 2024

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 2024

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.

o) Exemption from preparing consolidated financial statements

The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

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 2024

4. INCOMING RESOURCES

Fees receivable consist of:
Gross fees
Less: Scholarships, Bursaries and Allowances		 2024
£
8,949,390
(1,123,646)
7,825,744		 2023
£
8,165,807
(879,746)
7,286,061

Scholarships, bursaries and other awards were paid to 135 (2023: 103) pupils. Within this means-tested bursaries totalling £757,845 (2023: £621,750) were paid to 44 (2023: 39 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
19,594
Holroyd Howe dishwasher area
-
Other donations
440
20,034		 2024
2023
£
£
189,759
154,017
59,853
34,784
35,584
36,779
201,732
192,649
250,461
254,613
28,073
28,421
765,462
701,263
2024
2023
£
£
46,101
47,770
Restricted
Total
2024
Total
2023
£
£
£
-
19,594
16,263
-
-
119,710
-
440
1,530
-
20,034
137,503

5.

Page 23

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

8. TOTAL RESOURCES EXPENDED

Staff
Costs
£
Charitable Expenditure
Teaching costs
5,118,830
Welfare costs
74,169
Premises costs
369,073
Support costs
599,145
6,161,217
Cost of generating funds
Finance costs (note 10)
-
6,161,217
Governance included in support costs
Auditors remuneration
Governors expenses
Other governance costs		 Depreciation
£
55,346
31,659
223,243
17,573
327,821
-
327,821		 Other
£
611,781
588,176
607,094
778,101
2,585,152
102,515
2,687,667		 Total
2024
£
5,785,957
694,004
1,199,410
1,394,819
9,074,190
102,515
9,176,705
2024
£
19,415
55
19,301
38,771		 Total
2023
£
5,142,064
616,539
1,071,913
1,361,505
8,192,021
81,639
8,273,660
2023
£
16,790
-
19,975
36,765

Travel and course expenses amounting to £55 (2023: £nil) were reclaimed by 1 member (2023: nil) of the governing body.

Page 24

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

8. RESOURCES EXPENDED (continued)

2023
Staff Costs
Depreciation
£
£
Charitable Expenditure
Teaching costs
4,649,129
51,538
Welfare costs
68,599
13,216
Premises costs
333,494
191,734
Support costs
546,939
10,720
5,598,161
267,208
Cost of generating funds
Finance costs (note 10)
-
-
5,598,161
267,208
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
£
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
2024
£
4,623,344
397,338
960,308
5,980,990
180,227
6,161,217
No.
138
38
176		 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

Page 25

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

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.		 2024
No.
1
1
-
-
1
1
4
£ 104,282		 2023
No.
1
1
-
1
-
1
4
£
91,938

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 £522,098 ( 2023: £478,035 ).

During the year, the School paid redundancy costs totalling £9,563 (2023: £9,326) . The nature of the payment in 2024 was payment in lieu of notice along with an employment termination payment. 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		 2024
£
95,014
3,967
289
3,245
102,515
2024
£
327,821
19,415
192,816		 2023
£
59,925
18,960
6,119
(3,365)
81,639
2023
£
267,208
16,518
67,518

Page 26

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

12. INTANGIBLE FIXED ASSETS

Cost
1 August 2023
Additions at cost
31 July 2024
Amortisation
1 August 2023
Charge for the year
31 July 2024
Net book values
31 July 2024
31 July 2023		 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 2024

13. TANGIBLE FIXED ASSETS (continued)

Deemed Cost
1 August 2023
Additions at cost
Change of category
31 July 2024
Depreciation
1 August 2023
Charge for year
31 July 2024
Net book values
31 July 2024
31 July 2023		 Freehold
Land and
Buildings
£
4,775,000
-
-
4,775,000
897,008
90,615
987,623
3,787,377
3,877,992		 Freehold
Improvements
£
173,511
-
-
173,511
19,954
3,470
23,424
150,087
153,557		 Furniture
and
Equipment
£
2,245,890
312,436
200,144
2,758,470
1,340,576
223,986
1,564,562
1,193,908
905,314		 Motor
Vehicles
£
319,284
-
-
319,284
291,659
9,750
301,409
17,875
27,625		 Assets
under
construction
£
332,015
62,633
(200,144)
194,504
-
-
-
194,504
332,015		 Total
£
7,845,700
375,069
-
8,220,769
2,549,197
327,821

2,877,018
5,343,751
5,296,503

Page 28

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

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 2023 and 31 July 2024		 2024
£
1		 2023
£
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 2024

15. DEBTORS

Trade debtors
Other debtors
Prepayments
16 a). 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 – advance fees (Note 17)
16 b). CREDITORS: Amounts falling due after more than one year
Bank Loans and Overdrafts (Note 18)
Advance fees (Note 17)		 2024
£
2,282,887
70,672
158,963
2,512,522
2024
£
82,527
115,410
229,275
110,036
181,135
84,993
3,226,395
4,029,771
2024
£
2,032,416
624,552
2,656,968		 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

17. DEFERRED INCOME (ADVANCE FEES)

Parents may enter into a contract to pay to the school fees in advance. The money may be returned subject to specific conditions and on the receipt of one term’s notice. Assuming pupils will remain in the school, advance fees will be applied as follows:-

Within one year
Within 1 to 2 years
Within 2 to 5 years
Over five years		 2024
£
905,730
358,140
266,412
-
£
1,530,282		 2023
£
-
-
-
-
£
-

Page 30

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

17. DEFERRED INCOME (ADVANCE FEES)

The movements during the year were:-

Balance at 1 August 2023
New contracts/receipts
Amounts utilised in payment of fees to the school
Balance at 31 July 2024
OANS 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		 -
1,530,282
(-)
£
1,530,282
2024
£
82,527
82,527
90,357
295,641
1,646,418
2,114,943		 -
-
(-)		 -
-
(-)
£
-
2023
£
72,943
72,943
86,921
283,706
1,741,595
2,185,165

18. LOANS AND OVERDRAFTS

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.

The School has taken a repayment holiday on the capital instalments from May 2021 to May 2022.

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 2024

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

2024
Designated Funds:
M Frenkel Fund
General Fund
2023
Designated Funds:
M Frenkel Fund
General Fund
ESTRICTED FUNDS
2024
Fixed Asset Fund
2023
Fixed Asset Fund		 2023
£
370
2,829,909
2,830,279
2022
£
380
3,034,008
3,034,388
2023
£
111,729
2022
£
-		 Incoming
resources
£
-
8,657,341
8,657,341
Incoming
resources
£
8,052,887
8,052,887
Incoming
resources
£
-
Incoming
resources
£
119,710		 Outgoing
Resources
£
(10)
(9,144,069)
(9,144,079)
Outgoing
Resources
£
(10)
(8,256,986)
(8,256,996)
Outgoing
Resources
£
(23,943)
Outgoing
Resources
£
(7,981)		 Transfers
£
-
-
-
Transfers
£
-
-
-
Transfers
£
-
Transfers
£
-		 2024
£
360
2,343,181
2,343,541
2023
£
370
2,829,909
2,830,279
2024
£
87,786
2023
£
111,729

21. RESTRICTED FUNDS

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THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

22. ANALYSIS OF NET ASSETS BETWEEN FUNDS

2024
Intangible
Assets
Fixed
Assets
Net
Current
Assets
£
£
£
Endowment Funds
-
571,674
-
Restricted Funds
-
87,786
-
Unrestricted Funds
-
4,684,292
316,217
-
5,343,752
316,217
2023
Intangible
Assets
Fixed
Assets
Net Current
Assets
£
£
£
Endowment Funds
-
580,357
-
Restricted Funds
-
111,729
-
Unrestricted Funds
-
4,604,418
338,083
5,296,504
338,083
23.
CAPITAL COMMITMENTS
Future expenditure not otherwise included in these accounts
Contracted for
24.
OPERATING LEASE COMMITMENTS		 2024
Intangible
Assets
Fixed
Assets
Net
Current
Assets
£
£
£
Endowment Funds
-
571,674
-
Restricted Funds
-
87,786
-
Unrestricted Funds
-
4,684,292
316,217
-
5,343,752
316,217
2023
Intangible
Assets
Fixed
Assets
Net Current
Assets
£
£
£
Endowment Funds
-
580,357
-
Restricted Funds
-
111,729
-
Unrestricted Funds
-
4,604,418
338,083
5,296,504
338,083
23.
CAPITAL COMMITMENTS
Future expenditure not otherwise included in these accounts
Contracted for
24.
OPERATING LEASE COMMITMENTS		 Creditors
> one year
£
-
-
(2,656,968)
(2,656,968)
Creditors
> one year
£
-
-
(2,112,222)
(2,112,222)
2024
£
-		 Total
£
571,674
87,786
2,343,541
3,003,001
Total
£
580,357
111,729
2,830,279
3,522,365
2023
£
262,509

At 31 July 2024 the school had future minimum lease payments under non- cancellable operating leases as follows:

Within one year
Between two and five years		 2024
£
195,172
33,195
228,367		 2023
£
51,421
51,665
103,086

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THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

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.

2024 2023
£ £
Financial assets measured at amortised cost 4,183,941 3,518,055
Financial liabilities measured at amortised cost 3,350,308 2,910,067

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 95,014 59,925
Impairment loss/(gain). 3,245 (3,365)

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

(Decrease) in cash in the year
Loan Movements
Change in net debt
Net debt at 1 August
NET (DEBT)/FUNDS AT 31 JULY		 2024
£
688,014
70,222
758,236
(1,042,797)
(284,561)		 2023
£
62,451
(436,237)
(373,786)
(669,011)
(1,042,797)

27. ANALYSIS OF CHANGE IN NET DEBT

Cash at bank and in hand
Loans		 Net debt as at
31 July
2023
£
1,142,368
(2,185,165)
(1,042,797)		 Cash
Change
£
688,014
70,222
758,236		 Non-cash
change
-
-
-		 Net debt as at
31 July
2024
£
1,830,382
(2,114,943)
(284,561)

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THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

28. RELATED PARTY TRANSACTIONS

Mrs Heywood (Governor) has two children at the School and is in receipt of a sibling discount which amounted to £12,424 ( 2023: £11,616 ). 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 key management personnel had a son complete summer maintenance work during the year. Total pay amounted to £943 (2023: £582).

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 £816,664 (2023: £774,389) and at the yearend £70,081 (2023: £61,809) was accrued in respect of contributions to this scheme.

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 £143,674 (2023: £181,993) were payable to these funds for the year and at the year-end £18,451 (2023: £15,780) was accrued in respect of contributions to this scheme.

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THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

30. COMPARATIVE 2023 STATEMENT OF FINANCIAL ACTIVITIES

INCOME FROM
Charitable activities
School fees receivable
Ancillary trading income
Income from generated funds:
Non-ancillary trading income
Voluntary income:
Donations and grant income
Total
EXPENDITURE ON
Charitable Activities
School operating costs
Raising funds
Finance costs
Total
Net income/(expenditure)
before transfers
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

Page 36