Company Registration No. 3411518 (England and Wales) Charity registration No: 1063738 SINCE 1920 4J< IMPENDERB St John's School, Northwood (A company limited by guarantee and not having a share capital) Report and financial statements For the year ended 31" August 2024
St John's School Northwood (A company limited by guarantee and not having a share capital) Contents Pages Governors and company information Governors, report 3-12 Independent auditors, report 13-16 Statement of financial activities 17 Balance sheet 18 Statement of cash flows 19 Accounting policie5 20-23 Notes to the accounts 24-35
St John's School Northwood (A company limited by guarantee and not having a share capital) Governors and company Informatlon Governors Mr J C Fowler (Chair) The Governors ofSt John's School Mr P Burdin (appointed 7 Feb 20231 are directors of the Charitable Company Mrs L Cavanagh and trustees of the Charity. Mr S Everson Mrs E K Fenwick Mr P R MacDougall Mrs M Murphy O'conner {appointed 7 Feb 2023) MrMANeil Mr R A D Sullivan Mrs N Walker Mr W R Wallace th Head Mr T Jenkin Bursar Mrs C Demetriades {appointed l February 20231 Company secretary Mrs C Demetriades (appointed l February 2D231 Registered office Potter Street Hill Northwood Middlesex HA6 3QY Reglstered numbers Company registration number: 3411518 Charity registration number: 1063738 Auditors Saffery LLP 71 Queen Victoria Street London EC4V 4BE Bankers Barclays Bank PIC 62-64 High Street Watford Hertfordshire W017 28T Solicitors Veale Wasbrough Vizards LLP Narrow Quay House Bristol BSI 4QA Page I
5t John's School Northwood (A company limited by guarantee and not having a share capltal) Governors and company information (continued) Insurance brokers Marsh Limited Capital House 1-5 Perrymount Road Haywards Heath West Sussex RH16 3SY Investment fund manager Rathbone Brothers PIC 8 Finsbury Circus London EC2M 7AZ Page 2
St John's School Northwood (A company limlted by guarantee and not having a share capltal) Governors. report The Governors of St John's School present their annual report and audited financial statements of the Charity for the year ended 31 August 2024. The financial statements comply with the Companies Act 2006, Charitie5 Act 2011, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 102), The Strategic Report comprises the risk management, charitable objects, review of achievements and performance for the year and the reserves policy on pages 3 to 12. Reference and administrative information St John's School was founded in 1920, purchased by the Merchant Taylor5, Company in 1984 and was registered as a charity under the umbrella of the Merchant Taylors, Educational Trust charity number 310018. On l August 1997 the School wa5 incorporated as a private company limited by guarantee and was registered as a charity in its own right. The School took over the business and assets and liabilities of St John's School, Northwood from the unincorporated body on I. August 1997 and commenced bu5ine55 in its own right from that date. Structure, governance and management Governing document th St John's School is governed by its revised Articles of Association dated 9 May 2024. Recruitment and training of Governors The Board of Governors shall consist of not less than six but (unless otherwise determined by Ordinary Resolution of the Company) no more than twenty persons appointed from time to time by Ordinary Resolution of the Company or by notice in writing to the Company signed by a majority of the Members of the Company. All new governors are given a copy of the Articles of Association, a tour of the School and a Trustees, induction pack outlining trustees, responsibilities. All Governors have also been provided with a handbook - "Governors, Guidelines" obtained from the A550ciation of Governing Bodies of Independent Schools {AGBISI. Specific training is also provided by the Merchant Taylors, Educational Trust. Organisational Management The St John's School Governors, as trustees of the Charity, are legally responsible for the overall conduct and control of the School. The work of monitoring financial performance 15 carried out by members of the Finance & General Purposes Sub Committee, who meet three times a year where the audited accounts are reviewed priorto being approved by the Governors. The Finance & General Purposes Sub Committee works under the chairmanship of Mr P Burdin. The day-to-day management of the School is delegated to the Headmaster, assisted by the Bursar and the full Senior Leadership Team. The Senior Leadership Team comprises the positions of.. Headmaster. Bursar, Deputy Heads (Pastoral and Academic}, and Lower school Head. Group Structure and relationshlps The Merchant Taylors, Company, a City of London Livery Company, is the landlord of the property from which St John's School operates. The Company has a number of charities that it supports including the Merchant Taylors, Educational Trust IMTET}. Page 3
St John's School Northwood (A company limited by guarantee and not having a share capital) Governors, report (continued) The Trustees of MTET are the members of St John's School Northwood and have certain rights under company law, including the right to appoint and dismiss the governing body. It IS therefore deemed to be the controlling party and produces consolidated financial statements, including the results of this school and other entities which it controls. The School operates independently of the Trust and the Company but continues to enjoy their support St John's School Northwood was connected through common interests and 'outsourced' administration and payroll services to Merchant Taylors, School during the year until 31, December 2023. Merchant Taylors, School are a company limited by guarantee and a separate registered charity. The Merchant Taylors, School charity can be contacted at Sandy lodge, Northwood, Middlesex, HA6 2HT. Risk Management A Governance, Risk and Renumeration Sub Committee, chaired by the Chair of Governors, meets termly to review the Risk Register and allocate responsibilities. The measurement of a risk is undertaken by Ca Iculating a Risk Factor derived from Ilkelihood of the risk occurring and its likely impact. The School has developed systems to monitor and control these risks and to mitigate any impact that they may have on the School's future. The Risk Register has been an area of focus for the year and the school is embedding a new Risk Register which enables greater focu5 on the most significant risks and the monitoring and mitigation of these risks. The Governance, Risk and Renumeration Sub Committee meets termly to provide a focused forum for the review of these risks. During the year the governors have focused on key risks including the Teachers Pensions employer contribution increase and the risk of VAT or other tax on School fees. A Strategy day and additional board meetings have been held to focus on mitigation of these risks. Key controls used by the School include: form31 agendas and minutes recorded for all Sub Committee and Board meetings comprehensive planning, budgeting and management accountlng monitoring of cash-flow formal written pol icies obtaining independent advice from appropriate industry experts in relation to identified areas of risk A Governance structure 15 in place and reviewed regularly with the Chairman of Governors, This structure involves Governors in specific areas of the School's governance. Charitable objects The Charity'5 Objects, as set out in it5 Articles of Association, are to 'advance education by providing and maintaining in the UK or elsewhere a boarding or day school or schools for the education of children or young persons,. In planning School activities for the year to meet St John's charitable objectives, the Governors have complied with their duties in Section 4 of the Charities Act 2011 and have considered the Charity Commission's general guidance on public benefit, Page 4
st John's School Northwood {A company limited by guarantee and not having a share capital) Governors, report Icontinued) Aims and intended impact The St John's School's aim is to benefit the public by providing a first-class education independent of the State system. St John's provides this education in a civilised environment and values breadth of achievement as much as success at the highest level. Of greatest importance is that boys grow to be independent and free-thinking member5 of a diverse community and that, as they progress through the School, they develop confidence, the essential skills for life at senior school and a set of positive and morally secure values that will provide a base from which to meet the challenges of a changing world. St John's intends that pupils at the School are happy, considerate of the needs of others and feel that they are recognised as important and unique members of an exceptional organisation. St John's provides an environment where each pupil can develop and fulfil his potential. Pupils are sUPPOrted and encouraged, through the provision of the highest quality of academic tuition, involvement in a wide-ranging sports, musical and co-curricular programme, and the development of their artistic and social ski115 to meet this objective. St John's welcomes pupils from all backgrounds and admittance is based on an assessment of whether the School will be able to educate and develop a pupil to the best of his potential and to a standard similar to that of his peers. An individual's economic status, ethnicity, race, religion or disability does not form part of the assessment process. Objectives for the 2023-2024 Year In the financial year under review the focus has been.. To further refine and develop the quality of teaching and learning across the School. To review and further develop co-curricular and other learning opportunities for pupils, ensuring a diverse and interesting range of options are planned and that resources and staff talents are used eff iciently. To continue to drive forward initiative5 which commenced last year in Sustainability, Wellbeing, and Digital Learning. To establish the newly-appointed middle leadership roles and ensure future recruitment of excellent teachers and support staff lincluding in Marketing and Admissions and Accounts). To ensure the cost-effective financial operation of all aspects of the School, particularly in regards to staffing costs. Objectlves for the forthcoming year12024- 2025) To continue our focus on excellent pastoral care and pupil lead initiatives. Build on curriculum changes, reporting changes and other structural change5 over the last 12 months as we transition towards a school for pupils from Nursery to year 6. To extend and develop the quality of teaching and learning across the School with a key focus on Il+ preparation, Further refine and develop the programme of Continuous Professional Development for all staff. Respond dynamically to market forces. Identifying steps to mitigate the potential impact of the imposition of VAT on pupil numbers. Page 5
St John's School Northwood (A company limited by guarantee and not having a share capital) Governors, report (continued) To build on the extensive co-curricular programme and outdoor learning opportunities for pupils, ensuring a diverse and interestin8 range of options continue to be delivered. Strategies to achleve forthcoming yearfs ob5ectives12024- 2025} St John's strategy aims to achieve the highest academic standards, and cultivate the well-rounded development of all children. In order to further improve the quality of teaching and learning, the School will continue to refine the curriculum and our broader educational provision for children to optimise the School for Il+ preparation. We will establish a new Digital Technology framework for teaching and learning, and staff development, throughout the School. Senior leaders and staff have developed details, timescales and approaches to evaluation forall aspects of the Educational Development Plan, as relevant to their own areas of teaching a nd responsibility. As we move towards 3 11+ model we will further refine our provision for children's Independent learning, entrepreneurial and financial education and outdoor education. We will establish leadership positions and responsibility opportunities for Year 6 boys, and will continue to develop additional recognition for children'5 progress, character and engagement. Pupil and staff wellbeing will continue to be a priority for St John's. We will pilot enhanced opportunities for 'pupil voice. and will further develop our pupil mentoring programme. Additional opportunities for recognition for children's progress, character and engagement will be developed. Systems to further 5UPPOrt children's wellbeing have also been identified and will be introduced during the course cf the year including piloting age-appropriate systems to {further} monitor children's wellbeing alongside a renewed focus on all kinds of bullying. We will continueto develop pastoral skills across the School staff through our extensive Inset programme. Principal actlvities in the year The Compan(5 principal activity during the year was that of an independent prepar3tory school for boys. The maximum permitted number of pupi15 continues to be 350. Review of achlevements and performance for the year 2023-4 was an outstanding year for our pupils, exemplified by impressive performances in transfer exams to a wide variety of senior schools, both in the independent and maintained sector. All1281 of our Year 8 boys were offered places at excellent schools, with the overwhelming majority gaining entry to their fir5t- choice option. Following the decision that Stjohn's would be transitioning to an Il+ model, a greater than normal number of children in Year 6 elected to take up offers of Year 7 Starts at senior schools, with 18 children securing places for September 2024. Children were awarded a range of Academic (6>, All-rounder. Sportin& Musical and DTE scholarships (101, with a total of 16 awards being offered. Across all year groups, Merchant Taylors, continues to be the destination of choice, with 18 children taking up places here. Haberdashers, was also a popular destination17), as was Berkhamsted15} and St Margaret's Pa8e 6
St John'5 School Northwood (A company Ilmited by guarantee and not having a share capital) Govemors, report {contlnued) {51. Children also gained entry to St Paul's (l), City of London (11, Highgate (l), St Columba's111, Aldenham 121, St Albans (21, St George's Harpenden (l), The Purcell School {1), Bruern Abbey {11, Chesham Grammar {21, Dr Challoner's (l}, Haydon (l), and Queen Elizabeth's Boys (l). These exceptional outcomes demonstrate the high academic achievements of the boys, and the excellent quality of teaching and individualised support offered by the School. Congratulation5 to all boys, parents, and staff on these outstanding results and on a very full year of learning and development at St John's. Other achievements and notable events at St John's We have been able to celebrate remarkable achievements at St, John's, reflecting on the diverse opportunities and experiences that have shaped our boys into confident, capable individuals. Over the last year, St. John's has expanded opportunities for students to connect with the environment. Outdoor education ranges from learning in woodland areas foryounger students, who have planted flowers and observe birds hatching egg5 via webcams, to older students developing bushcraft skills, participating in teamwork challenges, and embarking on adventures in various locations around the UK. In the Sprin& 50 boys enjoyed a fantastic skiing trip to Austria - the first since Covid- which inspired children to embrace new challenges and enjoy camaraderie on the slopes, Sustainability has also been a key focus at Stjohn's, building on the accolade of lastyear's Green Flag award. Our Eco Council led initiatives like'switch Off Fortnight,, and our beekeepers demonstrated their approach to maintaining vital insects. Spring saw younger students and parents collect several tons of litter from our local area. St John's has also conducted an environmental education audit which will guide future sustainability in itiatives. Children's characters and self-confidence develop both in and outside of the classroom. We have been delighted to see the enjoyment the boys have had from a much-enhanced extra-curricular attivities programme this year. Students engage in early morning tennis, coding, debating, creative writing and cooking, amongst a range of other musical and sporting activities. Our qutz team won the Merchant Taylors, Company Quiz. Chess remalns popular, with over 50 boys receiving weekly coaching. Our U9 team triumphed in the National Schools chess competition In London - a fantastic achievementl Science, technology. and engineering visits have included learning about the Williams Fl team, the HS2 project, and HMS Glasgow's construction. Boy5 excelled in inter-school STEM challenges, and activities like 1940s Day and forensic science workshops provided fun, engaging learnin8 experiences. Sports at St. John's has also thrived this year, blending inclusive learning and elite performance. Football season showcased passion and improvement, and cricket saw strong performances land some agonising defeats) despite rain disruptions. Our U13 rugby 7$ team won the plate competition at Caldicott and triumphed at the Westbrook Hay tournament, and our senior hockey team won the Merchant Taylors, Strikers, Cup. Other sports Ilke golf, cross<ountry, badminton, fencing, basketball, table tenni5, and 5-a- side football provided varied experiences for the boys. Summer athletics saw School records fall and strong performances at local competitions, with two boys reaching the National Athletics Finals, one of whom finished an impresslve third in the longjump. Performing arts at St. John's has also continued to flourish, with numerous musical concerts serenadin8 parents and guests. Performances in London, at Merchant Taylors School, or in the Young Voices concert at Wembley were large scale reminders of the effort and daily practice of so many musicians at St John's. Page 7
St John's School Northwood (A company limited by guarantee and not having a share capital) Governors, report (continued) In drama. from Pre-Prep Nativities to Junior'jungle Book, to the senior production of 'Macbeth', our boys showed their outstanding dramatic talent and dedication. Older boys readily embrace independent learnin8 through extended research projects on diverse topics, includingjapanese Manga and the evolution of pop music. The quality of work was impressive, and students took pride in their projects, researching and presenting confidently. Over the summer holiday period we have been able to carry out a significant upgrading of facilities and outdoor spaces for our youngest children in the Nursery and Pre-prep areas, With the change of the School to an Il+ model it is increasingly important that we have been able to accommodate a larger number of these pupils in a high quality facility and continues the work done in Summer2023, The work to modernise and refresh classrooms, whilst now allocating more of these rooms to younger children and fewer to the diminishing number of older children, is clearly an important move and has been done with great skill and thoughtful planning. We have also been able to carry out a major reorganisation of the way in which all visitors, from prospective parents and staff to delivery driver5 arrive in the School. By securing the inner area of school for pupils onlv and directing visitors to a new reception area on the East end of the White House we are very much improving both the security of the site and the impression that is given. During the year ended 31st August 2024, the School's income from gross fees increased to £5,886,405 {2023: £5,634,853}. Total income increasing to £6.213,722 12023: £5,807,438}. Total expenditure was £5,889,912 {2023.. £5,663,691) and the School's operating surplus Inet incoming SOurceS before investments) amounted to £333,81012023: £143,747). The School holds investments which are reviewed annually by the Finance & General Purposes Sub Committee. The performance of these investments has broadly been in line with the benchmarks approved by the Finance and General Purposes Sub Committee. It should also be noted that dividends are reinvested back into each portfolio. The investment policy and strategy agreed by the Governors is for a combination of capital growth and income with elements of both a low and medium risk profile acros5 the portfolios. There are three separate and unrestricted investment portfolios which have been established to contribute towards the School's capital expenditure projects and fund bursarie5. During the year the School awarded bursaries and discounts to the value of £65,61112023: £49,008). Access policy It is important that the pupils of the school benefit from interacting and learning with a diverse range of people. Access to the education and facilities on offer should not be restricted to the children of parents who can afford the fees. St John's wants to be viewed as part of a wider community and the School believe that it is important for pupil development to actively participate within the community where they can do so without detriment to their education. Bursarles and Scholar5hFP policies St John's School does not benefit from any endowment funding and pays a commercial rent for its property. It does not hold the freehold of any land. In reviewing bursary requests, it must therefore ensure a balance Page 8
St John's School Northwood (A company limited by guarantee and not having a share capital) Governors, report (continued} between the interests of the fee paying parents, many of whom make considerable personal sacrifices to fund their boys, education and those benefiting from the awards. Bursary award5 are available to those who meet the general entry requirements and are made solely on the basis of parental means or to relieve hardship where a pupil's education and future prospects would otherwise be at risk. Discounts are provided to parents who have more than two children at the School and to staff members who choose to educate their children at St John's. Links with local state schools Hillside School held their Sports Days on the 5t John's athletic track with 200 children and staff attending and support provided by our senior boys and grounds team. St John's hosted the Design and Technology Competition for Year 5. Primary School children joined with local Independent Schools to take part in a morning of teamwork, collaboration and challenge. Primary School children took part in the Kwik Cricket and TaE Rugby Festivals for Year 4. Due to planning conditions imposed on the School, the use of the school's facilities by outside bodies is restricted. However, St John's continues to develop further links with local state primary schools, and has made ava ilable the following facilities free of charge: Centenary Sports Hall Artificial turf pitch Cricket and rugby grounds All weather cricket nets Nature trail ICT Suite Grass athletics track Assembly Hall for performing arts Three-hole golf course The School has an ongoing arrangement with Gala Academy who are affiliated and supported by Badminton England and provide a wide range of community access to our Sports Hall via their Badminton and Yoga Academy. Sessions are held each evening and over the weekend which exceeds the requirements of the Community Use agreement with the London Borou8h of Hillingdon. The School maintains an area of land that is 'protected' by the London Borough of Hillingdon ILBHI, The conservation report commissioned in 2015 identified particular areas of interest. Other charitable activities The Trustees take their responsibilities under the Charities (Protection and Social Investment) Act 2016 sersously and have considered the implications on their fundraising activities. The charity does not raise funds directly from the general public and does not actively solicit donations. The funds raised are via donations made by Parents, Staff and l or theStJohn's Association {PTA}. The charity does not work directly with commercial Sponsors. The Trustees have no recorded complaints in respect of fundraising during the year. We are pleased to announce our annual charity report for St John's School for Year 2023/24. This report showcases the remarkable efforts of our students. staff, and community in 5UPPOrting various charitable causes. Through fundraising events and volunteer activities we have made a meaningful impact on those Page 9
St John's School Northwood (A company limited by guarantee and not having a share capital) Governors, report (continued) in need. This year, our school has 5UPPOrted a range of causes, from the locally known Moor Park Fun Run to more national causes such as Comic Relief. Our main charity fundraising focus has been for Save the Children, as chosen by the pupils in Churchill house. The organisation helps to raise money to improve children's lives by creating better educational opporturtities, better health ca, and improved economic opportunities. Through collections at events such as Arts Evening, Junior and Senior Drama, a contribution from the SJA and a Substantial amount (£1718.91) from the Business Enterprise Course organised by Year 8 boys, the school ha5 donated a total of £2,980.49 There may be further donations from the SJA from tuck shop5 and the Summer Fun Day. This IS to be confirmed. Other fundraising events have raised the following amounts: Jeans for Genes IPre- Prep and Junior51 £ 340.00 Moor Park FunRun £ 1,041.00 Macmillan Coffee Morning £ 345.00 Harvest Festival cash donations for City Harvest 31.00 Breast Cancer Now15taffl £ 110.00 Royal British Legion £ 681.11 Christmas JumpeT Day- Save the Children £ 236.00 Comic Relief £ 447.35 Schools Triathlon (Restless Development) £ 8,809.98 The total of these other charitable donations is £12,041.44 Grand Total: £15,021.93 In addition, 426 kg of food was collected and donated to City Harvest equating to 1013 meals. We are thankful to our school community for the contributions they make, improving the lives of others. In the forthcofning year, 2024/25 we look forward to fundraising for City Harvest, as chosen by Lawrence House. Pay and Remuneration The Governance, Risk and Remuneration Sub Committee chaired by the Chair of Governor5 is responsible for agreeing pay for the school's Senior Leadership Team, The finance committee makes recommendation to the full board on Teaching and Support staff renumeration. In setting remuneration levels, the Board takes into account what the School can afford - based on its most recent financial projections- as well a5 national pay levels and local market conditions. Page 10
St John's School Northwood (A company limited by guarantee and not having a share capital) Governors, report (continued) Reserves poli Substantially all of the funds available to the School are unrestricted. The School's reserves policy 15 to maintain sufficient unrestricted reserves to respond to unforeseen events and cover up to three months, non-discretionary expenditure (estimated to be approximately £1,300,000}. On 31 August 2024 free reserves were £4,219,08912023.' £3,832,606) of this £943,881 are designated funds that the school could draw on if required, This policy continues to be monitored by the Finance and General Purposes Sub Committee and reviewed annually by the Governors. Future capital expenditure development plan5 will be funded by 3 Cotnbination of cash flow, and investments. Note 13 to the Financial Statements sets out an analysis of the assets attributable to the various funds. The School has restricted funds relating to restricted donations received and a designated fund in relation to amounts received for bursaries. The Governors have considered the Charity Commission definition of free reserves. They have concluded that the designated bursary fund and investment balance Should both form part of the free reseNes as they could be drawn on at any time to support the operations of the School. Disability statement It continues to be the School's policy to give full and fair consideration to disabled persons applying for employment, having full regard to their particular aptitudes and abilitie5. Full and fair consideration will be given to the continuing employment and appropriate training of persons who become disabled. The School provides equal opportunities to all staff on the basis of objective criteria and personal merit. Trustees, responsibilities The Governors of the School who are directors of the Company and trustees of the charity are responsible for preparing the Trustees, Report and the financial statenients in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fairview 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 charity for that period. In preparing these financial statement5, the trustees are required to: select svitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting record5 that 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, They are also responsible for safeguarding the assets of the charitable Company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In the case of each of the persons who are directors at the time when this report is approved, the following applies: Page 11
St John's School Northwood (A company limited by guarantee and not having a share capital) Governors, report (continued) so far as the director is aware, there is no relevant audit information of whlch the Company's auditors are unaware, and he or she has taken all the steps that he ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Companls auditors are aware of that information. Auditors Saffery LLP have signified their willin8ness to continue in office. By order of the Board owler air Date: Page 12
St John'5 School, Northwood (A company limited by guarantee and not having a share capital) Independent auditors, report to the members For the year ended 31" August 2024 Opinion We have audited the financial statements of St John's khool, Northwood for the year ended 31 August 2024 which comprise the statement of financial activities, balance sheet and statement of cash flows and notes to the financial statements, including 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: give a true and fair view of the charitable companvs state of affairs as at 31 August 2024 and of its incoming resources and application of resources, including it5 income and expenditure, forthe year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the Companies Act 2006. Basls 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 charitable company 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 In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statement5 is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individu311y or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 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. Page 13
St John'5 School, Northwood (A company limited by guarantee and not havlng a share capital) Independent auditors, report to the members For the year ended 31st August 2024 Our responsibility is to read the other information and, in doingso, consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencie5 or apparent material misstatements, we are required to determine whether thi5 gives rise to a material misstatement in the financial statements themselves. 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 nothingto report in this regard. Other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit., the information given in the Governors, Report which represents the Trustees, Annual Report and which includes the Dlrectors, report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Trustees, Annual Report which includes the Directors, Report and the strategic Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report and Strategic Report. We have nothing to report in respect of the followinE matters where the Companies Act 2006 require us to report to you if, in our opinion: adequate accounting records have not been kept, or return5 adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns- or certain disc105ures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Tru5tee5' Responsibilities Statement set out on page 11, the trustees (who are also 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 ts necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 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 Page 14
stjohn's School, Northwood (A company limited by guarantee and not having a share capital) Independent auditors, report to the members st For the year ended 31 August 2024 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 to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act. 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 auditorfs 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 ISA5 (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. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatement5 in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregula rities, including fraud are detailed below. Identifying a nd assessing risks related to irregularities: We assessed the susceptibility of the charitable compan5 financial statements to material mi55tatement and how fraud might occur, including through discussions with management, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulation5 that are of significance in the context of the charitable company by discussions with management and trustees and updating our understanding of the sector in which the charitable company operates. Laws and regulations of dirett significance in the context of the charitable company include The Cornpanie5 Act 2006, and guidance issued by the Charity Commission for England and Wale5. Further the charitable company is subject to other laws and regulations where the consequences of non- compliance could have a material effect on amounts or disclosures in the financial statements, through significant fine, litigation or restrictions on the charita ble compa ny's operations. We identified the most significant laws and regulations to be the Independent School Standards as found in the Education and Skills Act 2008 and guidance issued by the Department for Education. Audit response to risks identified,, We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosure5. We reviewed the charitable company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. Page 15
St John's School, Northwood (A company limfted by guarantee and not having a share capital) Independent auditors. report to the members st For the year ended 31 August 2024 During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non<ompliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whetherjudgements made in making accounting estirnates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partnerfs review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become awa of It. A150, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.or auditorsres onsibilities. This description forms part of our auditorfs report. Use of our report Thls report is made solely to the charitable companrfs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 50 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. Cara Turtington (Senior St utory Auditor} for and on behalf of Saffery LLP Statutory Auditor5 71 Queen Victoria Street London EC4V 4BE . 11 ria, lols Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. Page 16
St John's School, Northwood (A company limlted by guarantee and not having a share ¢apltal} Statement of financial actlvlties St For the year ended 31 August 2024 ljnrestrfcted funds Restricted funds 2024 Total funds 2023 Total funds Notes Income from Charitable attivitles Sthool fees rèotvable Registration/fees insurance dlscount 5,783.287 14,509 5,783,287 14.509 5.551,487 10,578 Other tradlng activities Other ancillary income- rentsllettings Other ancillary income 3b 3b 47.392 118,256 47,392 118,256 32,479 39,849 Interest receivable Investments 142,522 93,206 142,522 93,206 29,625 93,565 Donatlons Donations from MT Companv 10.000 4,550 io,¢y)o 20,000 4,550 25,0 24,855 3d Total Income 6.213.722 10.000 6,223,722 5,807,438 ExpÈnditure on Raisin8 funds Bank Interest Investment management 18,139 11,213 18.139 11,213 2,537 10,445 29,352 29.352 12,982 Charltable activities Sthool and grant-making Loss of Sale of A#sets 5,860.560 5,860.560 5.548,832 101,877 Totsl expendlture 5,889,912 5,889,912 5,663,691 Net income before investment$ 323,810 10,000 333,810 143,747 ILossl18aln on Investments 241,578 241.578 1126,2991 Net incomelexpenditure 565,388 iO,IKJO 575,388 17,448 Transfer between funds 10,000 iio,&)01 Net movement In funds 575,388 575,388 17,448 Fund balanos at I September 2023 7,895,193 7,895,198 7,877,750 Fund balances at 31 Au8USt 2024 8,470,586 8,470,586 7,895.198 The notes on pa8es 20 to 35 form part of these financial ststements. All of the School's actÉvities are contlnillng. There were no recognised gains and losses In the year other than the reported above. Page 17
St John's School {Northwoodl Limited (A company limited by guarantee and not having a share capital) Balance sheet As at 31" August 2024 2024 2023 Notes Fixed assets Investments Tangible fixed assets 2,836.359 4,251,497 2,S12,789 4,062,592 7,087,856 6,575,381 Current assets Stocks Debtors Cash 8,279 129,259 2,961,836 7,905 47,473 2,123,384 10 3,099,374 2,178,762 Creditors.. due wlthln one Year li 1,091,157 736,145 Net current assets 2,008,217 1,442,617 Total assets les5 current liabilities 9,096,073 8,017,998 Creditors: due after more than one year 12 625,487 122,800 Total net assets 14 8,470,586 7.895,198 Restricted funds 14a Unrestricted funds Designated and general funds 14b 8,470,586 7,895,198 Total funds 14 8,470,586 7,895,198 Approved by the Governors and signed on their behalf by J C Fowler Chair Company R ration No. 3411518 The notes on pages 20 to 35 form part of these financlal statements. Page 18
St John's School {Northwood) Limlted (A company lirnited byguarantee and not having a share capital) Statement of cash flows For the year ended 31" August 2024 2024 2023 Notes Net cash flows from operating activities.. Is 964,792 779,597 Cash flows frorn investing activities: Investment income Purchase of property, plant and equipment Proceed5 from sale of investments Purchase of investments 93,206 118,420 1609,577) 538,436 {308,6161 317,540 {677,7071 (381,700) Net cash used in investing activities 1655,642) (254,356} Cash flow5 from financlng actlvities Movement in final deposits Movement in fees in advance 16,800 485,887 (3,6001 Net cash (out)/ln flnancing actlvities 502,687 (3,6001 Change in cash and cash equivalents in the reporting period 811,837 521,641 Cash and cash equivalents b/f Cash and cash equivalents at 31 August 16 2,187,372 1,665,731 16 2,999,209 2,187,372 The notes on pages 20 to 35 form part of these financtal ststements. Pa8e 19
St John's School (Northwood) Limited (A company limlted by guarantee and not havlng a share capltal) Accounting policies For the year ended 31 August 2024 st Basis of accounting The account5 have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice I"SORPIFRS102) second edition") and Financial Reporting Standard 102. The accounts are drawn up on the historical cost basis of accounting. Having reviewed the funding facilities available to the School together with the expected ongoing demand for places, and the School's future projected cash flows, the Govemors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities on page 11. The financial statements are prepared in sterltng, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the School's financial statements. The charity is a public benefit entity. Tangible fixed assets The original land and buildings of the School and the domestic housing on site are not owned by the Company. The company is responsible for keeping these properties in a fit and useful condition and these costs are written off as incurred. The cost of any material capital improvements to such land and buildings above £500 is capitalised on completion or purchase. At each reporttng period end date, the School reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in orderto determine the extent of the impairment loss {if any). 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 estimated useful economic lives as follows: Building and leasehold improvements Furniture, equipment and motor vehicles Machinery and small motor vehicles over 20 years over 10 year5 over 4 years Stocks Stock represent5 goods for resale and is valued at the lower of cost and net realisable value. Page 20
St John's School (Northwood) Llmited {A company limited by guarantee and not having a share capital) Accounting policies For the year ended 31" August 2024 Pension Costs Retirement benefits to employees of the School are provided through two pension schemes, one defined benefit, and one defined contribution. The pension costs charged to the Statement of Financial Activities are determined as follows: (a) The Teachers, Pension Scheme This Scheme is a Department for Education Teachers, Superannuation Scheme for the teaching staff of the School. It is not possible to identify the School's share of the underlying assets and liabtlities of the Teachers, Pension Scheme on a consistent and reasonable basis and therefore, as qUired by FRS102, accounts for the scheme as if it were a defined contribution scheme. The School's contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable. (b) The company contributes to a money purchase scheme available to non-teaching staff at the rate of 15% of basic salary. Pension costs are charged in the period in which the salaries to which they relate are payable. Fees Fees receivable and charge5 forservices and use of the premises, less any allowances, scholarships, bursaries granted by the School against those fees, but including contributions received from restricted funds, are accounted for in the period in which the Service is provided. Rental income Rental income is accounted for on a receivable basis. Donations and legacies Voluntary income forthe School's general purposes is accounted for as unrestricted and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund. Investment income Investment income from dividends, bank balances and fixed interest securities is accounted for on an accruals basis. 1.10 Investments Listed investments are valued at market value as at the balance sheet date. Unrealised gains and losses arising on the revaluation of investment5 are credited or charged to the Statement of Financial Activities and are 311ocated to the appropriate Fund according to the "ownership" of the underlying assets. Page Zl
st John's School (Northwood) Limited (A company limited by guarantee and not having a share capital} Accountlng policies For the year ended 31st August 2024 i.ii Expenditure Expenditure is accrued as soon as 3 liability is considered probable and can be reliably measured. Expenditure attributable to more than one cost category in the Statement of Financial Activitie5 is apportioned to them onthe basis of the estimated amount attributable to each activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates. Grants awarded are expenses as soon as they become legal or operational commitments. Governance costs comprise the costs of complylng with constitutional and statutory requirements and are included 85 a component of support costs for schooling. 1.12 Fund accounting The charitable funds of the School are accounted for as unrestricted or restricted income, in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded. Unrestricted income belongs to the School's unrestricted fund, spendable at the discretion of the Governors either to further the School's Objects or to benefit the School itself. Where the Governors decide to set aside any part of these funds to be used in future for some specific purpose, this is accounted for by transfer to the appropriate designated fund. Restricted income comprises gifts and grants where there is no capital retention obligation or power but only a trust law restriction to some specific purpose intended by the donor. 1.13 Operating leases Rentals payable are charged on a time basis over the lease term. 1.14 Taxation The School is a registered charity and its income is not liable to taxation as it is applied to wholly charitable purposes. 1.15 Debtors Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid. 1.16 Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised attheir settlement amount after allowing for any trade discounts due. Page 22
st John's school INorthwood) Limited (A company limited byguarantee and not havlng a share ¢apltall Accountlng policles For the year ended 31 August 2024 1.17 Composition fees The School offers the parents the opportunity to pay for up to five years, fees in advance. The amount received is invested and interest is accrued. This is treated as deferred income until the pupil joins the School whereupon the fees for each School term are charged against the remaining balance and taken to income. Any shortfall is treated as a deduction from School fee income and any excess may be treated as additional School income (Note 131. 1.18 Financial instruments The trust only has financial assets and financial liabilities of a kind that qualify as baslc financial instruments. Basic financial instruments are initially recogni5ed at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. The School has elected to apply the provision of Sertion 11 'Ba5ic Financial Instruments, and Section 12 Other Financial Instrument5 Issues, of FRS102 to all of its flnancial instruments. 1.19 Critical accounting judgement and estimates The preparation of the financial statements in accordance with FRS 102 requires the Governors to make estimates and assumptions concerning the future. The estimates and assumptions that could have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include accruals. depreciation and revenue recognition. The accounting in these areas of the accounts requires management to use judgement. In relation to accruals this is with regards to a best estimate of costs that will be incurred based on contractual requirements. For depreciation these estimates are driven by the useful economic life of the associated assets. For revenue recognition management applyjudgements in concluding on the point at which revenue should be recognised. Page 23
St John's School {Northwood) Limited (A company limited by Euarantee and not having a share capital) Notes to the accounts For the year ended 31" August 2024 School fees 2024 2023 The school'5 fee income comprised: Gross fees Less: Total bursaries. grants and allowances 5,886,405 1103,118) 5,634,852 183,365) 5,783,287 5,551,487 Other income 2024 2023 Other educatlonal charitable activities Registration fees Fees insurance discount 12,100 2,409 10,300 278 14.509 10,578 Other ancillary income Rent and lettings 47,392 32,479 Deposits forfeited and other miscellaneous income Fees in lieu 52,148 66,108 39,849 118.256 39,949 Interest receivable Bank interest receivable Interest on late fees 141,949 573 29,347 278 142,522 29,625 Company Income 4,550 24,855 Page 24
St John's School {Northwood} Limited (A company limited byguarantee and not having a share capital) Notes to the accounts (continued) For the year ended 31" August 2024 Expendlture 2024 2023 Charitable actlvity expenditure includes: Interest payable 3,490 2,537 Support costs includes: Auditors, remuneration for audit services 17,964 11,300 Total staff costs comprised.. Wages and salaries Social security costs Pension contributions Termination Costs 3,141,464 316.271 539,381 2,706,735 281,848 535,185 12,857 3,997.116 3,536,625 The number of higher paid employees was: £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £100,001- £120,000 £120,001- £130,000 £130,001- £140,000 £140,001- £150,000 Governors, remuneration Governors, expenses in the year ended 31 August 2024 totalled £1,276 (2023: £3,504}. Governors are not included in the number of persons employed given above. Employees: full time equivalent Number Number Teaching- full time Teaching- parttime 34 30 Administration, technicians, estate and maintenance Staff - full time Staff - part tirne 19 23 62 65 The average number of staff in 2024 was 84 (2023: 73). Page 25
st John's school {Northwood) Limited (A company limited by guarantee and not havlng a share ¢apltal) Notes to the accounts {continued) For the year ended 31 August 2024 Analysls of expenditure Staff costs Other Depreciation costs Total 2024 Costs of raising funds Investment management fees Bank interest charges 11,213 18,139 11,213 18,139 29,352 29,352 Charitable activities Teaching Welfare Premises Support costs of schooling 3,343,050 147,639 262,977 243,450 412,446 151,866 632,473 245,985 3,755,496 299,505 895,450 910,109 420,674 3,997,116 1,442,770 420.674 5,850,560 Loss on sale of assets Total resources expended 3.997,116 1,472.122 420,674 5,889,912 Analysis of expenditure- previous year Costs of raising funds Investment management fees Bank interest charges 10,445 2,537 10,445 2,537 12,982 12,982 Charitable activities Teaching Welfare Premi5e5 Support costs of schooling 3,000,967 137,039 253,421 145,198 443,466 160,118 625,990 342,209 3,444,433 297,157 1,181,607 625,635 302,196 138,228 3,536,625 1.571,783 440,424 5,548,832 Loss on sale of assets 101,877 101,877 Total resources expended 3.536,625 1,686,642 440,424 5,663,691 Page 26
St John's School {Northwood) Limited (A company limited by guarantee and not havlng a share capitall Notes to the accounts (contlnued) For the year ended 31" August 2024 Transfers between funds Transfers are made to represent the release of restrictions on funds that have been given in support of capital projects as follows: 2024 2023 Pre-preparatory refurbishment Coshraf Donation 1,250 25,000 Wellbeing garden 10,000 10,01 26,250 Fixed asset investments Investment5 2023 2024 At I September Additions at C05t Disposals Unrealised gains and losses 2,448,801 677,707 (538,437) 210,916 2,476,666 381,700 1317,5401 (92,025) At 31 August 2,798,987 2,448,801 Add cash 37,372 63,988 2,836,359 2,512,789 Historical cost of investments 2,343,032 2,162,163 Quoted investments are made up as follows UK equities UK bonds Overseas bonds Overseas equities Private Equity Alternatives/Other UK 1,514,173 263,174 840,337 177,182 60,106 984,590 101,541 285,045 1,021,641 2,798,988 2,448,801 Page 27
St John'5 School (Northwood) Limited (A company limited byguarantee and not having a share capital) Notes to the accounts (continued) For the year ended 31° August 2024 Tangible fixed assets Buildings and leasehold improvements A55et5 under construction Machinery and small motor vehicles Furniture, equlpment and motor vehitles Totsl 2024 Cost I September 2023 Additions Disposals Transfers 7,986,733 6.120 247,511 2,069 2.522,052 205.885 10,756.296 6D9,577 395.S03 31 August 2024 7,992,853 395,503 249,580 2,727.937 11,365.873 Depreciation I September 2023 Charge for year Disposals 4,321,617 289,179 237,010 6,317 2,135,077 125,176 6,693,704 420.672 31 August 2024 Net book value 31 August 2024 4,610,796 243,327 2.260,253 7,114.376 3,382,057 395,503 6,253 467,684 4,251,497 31 August 2023 3.665,116 10,501 386,975 4.062.592 stock 2024 2023 Consumables Goods for resale 3,190 5.089 2,709 5,196 8,279 7,905 10. Debtors 2024 2023 Trade debtors Prepayments and accrued income Related party debtors Other debtors 50,221 63,965 13.714 26,238 15,073 7,521 129,259 47,473 Page 28
St John's School (Northwood) Limited (A company limited byguarantee and not havlng a share capital) Income and expenditure atcount For the year ended 31S¢ August 2024- (for management purposes only) ii. Creditors: due within one year 2024 2023 Final terrn deposits Related parties Trade creditors School fees in advance Accruals and deferred income Other creditors 26,400 17,600 246 65,063 283,066 198,362 171,808 111,304 807,626 28,048 117,779 1.091,157 736,145 12. Creditors: due after more than one year 2024 2023 Final term deposits: Within I to 2 years Within 2 to 5 years After S years 21,600 83,800 34,200 27,600 46,800 48,400 139,600 122,800 Composition fee scheme {see note 131 485,887 625,487 122,800 13. Composltion fee scheme Parents may enter into a contract to pay the School in advance for fixed contributions towards School fees. The money advanced 15 held in cash and can be invested at the Governors, discretion. A charge is made against the income generated on these securities and bank deposits In the Statement of Financial Activities, reflecting the element of investment income that is chargeable up front. The Scheme's liability to meet future fees payable, net of investment income due for future periods, is recorded in the 8alance Sheet under'creditors" The money may be returned, subjett to Specific conditions, on the receipt of notice. Assuming pupi15 will remain in the School. fees in advance will be applied as follows: 2024 School fees in advance". Withln I to 2 years 214,182 Page 29
St John's School {Northwood) Limited (A company limited by guarantee and not having a share capital) Income and expendlture account For the year ended 31" August 2024- (for management purposes only) Within 2 to 5 years After 5 years 213,865 57,840 485,887 Within l year 807,626 1,293,513 14. Analysis of net assets between funds Fixed assets Net current assets Long term liabilities Total 2024 Restricted funds Unrestricted and designated funds 7,087,856 2,008,217 (625,487) 8,470,586 7,087,856 2,008,217 (625,487} 8,470,586 Previous year Flxed assets Net current assets Long-term liabilities Total 2023 Restricted funds Unrestricted and designated funds 6,575,381 6,575.381 1,442,617 1,442,617 (122,800) (122,800) 7,895,198 7,895,198 Page 30
St John's School (Northwood) Llmited (A company limited byguarantee and not having a share capital) Income and expenditure account For the year ended 31" August 2024- (for management purposes only) 14a Re5trlrted funds: movements in the year Balance I Sep- 2023 Net Incomlng resources Transfers between funds Balance 31.Aug- 2024 Resources expended Wellbeing Earden lo,0 {io,000) 10,000 (10,0001 The restricted funds comprise. Donations to the School from parents or outside bodies for the provision of specific assets. The school received £IOk in donations for the wellbeing garden which was spent in the year resulting in a nil balance. Restricted funds: movements - previous year Balance I Sep- 2022 Net Incoming resources Transfers between fund5 Balance 31-Aug- 2023 Resources expended Coshraf Pre-preparatory refurbishment 25,000 (25,0001 1,250 (1,2501 1,250 25.0(10 26,2501 14b Unrestricted funds: movements in the year Balance l-Sep.2023 InrnIng resources ResosJr¢es expended Othet gains Transfers Balance and losses between funds 31-Aug-2024 Designated- Bursary fund General reserve 943,881 6,951,317 943,881 7,526,70S 6,213,722 15,889.9121 241,578 10,000 7,895,198 6,213,722 {5,889.9121 241,578 10,ODO 8,470,S86 Included within general reserves is a revaluation reserve totalling £455,95S12023: £347.422) in relation to fixed asset investments. The designated bursary fund relates to funds help for the purpose of awarding bursaries to students. Page 31
st John's School (Northwood) Limited (A company limited by guarantee and not having a share capital) Income and expenditure account For the year ended 31 August 2024- {for management purposes only) Unrestricted funds= movements - previous year Balance l-Se*2022 In¢omln8 resoyr Resouros expended Other gaÉns Transfers Balance and los$es between funds 31-Aug-2023 Desi8nated- Bursary fund General reseTre 952.683 6,923.817 35,759 5,746,679 13,9151 15.659,7761 140,6461 185.6531 943,881 6,951,317 26,250 7.876,500 5,782,438 15,663,691) (126,299) 26,250 7,895,198 Is Reconciliation of change5 in resources to net cash inflows from operating activlties 2024 2023 Net (outgoing)/lncomlng resources Depreciation L055 on disposal Investment income Loss/{gain} on investments Increase in operating creditors and accruals Ilncreasel/decrease in debtors Decrease/(Increase) in Stocks 575,388 420,674 17,448 440,424 {118,420) 92,025 235,113 10,601 529 101,877 (93,206) {210,916} 355,012 {81,786) {374) 964,792 779,597 16. Net debt reconclllation At I September 2023 Cash Flows Other non cash changes At 31 August 2024 Cash and cash equivalents Cash 2,123,384 838,452 2,961,836 Cash equivalents 63,988 (26,616) 37,372 Total 2,187,372 811,836 2,999,208 Page 32
St John's School (Northwood) Limited (A company limited by guarantee and not having a share capital) Income and expenditure account For the year ended 315¢ August 2024- {for management purposes only) 17. Penslon costs Teaching Staff The School participates in the Teachers, Pension Scheme {"the TPS'I for its teachlng staff. Under the definitions set out in FRS 102, the TPS is an unfunded multi*mployer pension scheme. The School is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the School has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Government Actuary. using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Capl Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contribution5. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applying a notional investment return based on 1.7% above the rate Df CPI. The key elements of the valuation outcome are: Employer contribution rates set at 28.680A of pensionable pay (including a 0.08% administration levy}. This is an increase of 5% in employer contributions and the cost control resLJIt 15 such that no change in member benefits is needed. Total scheme liabilities (pensions currently in payment and the estimated cost of future benefitsl for service to the effective date of £262,000 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222,200 million, giving a notional past service deficit of £39,800 million The result of this valuation has been irnplernented from l April 2024. The next valuation result is due to be implemented from l April 2028. A copy of the valuation report and supporting documentation is on the Teachers, Pensions website. The pension charge for the year includes contributions payable to the TPS of £539,381.21 (2023: £428,397> and at the year-end £nil (2023- £Nil) was accrued in respect of contributions to this scheme. Support staff The company contributes to a money purchase scheme available to support staff at the rate of 15% of basic salary. Total costs Contributions to both above schemes are charged direct to charitable expenditure so as to spread the cost of pensions over the employees, working live5 With the company. The total amount of pension contribution charged to direct charitable expenditure for the year was £539,381 {2023.. £535,185). Page 33
St John's School (Northwood} Limited (A company Iirnited by guarantee and not having a Share capital) Income and expenditure account For the year ended 31 August 2024- {for management purposes only) 18. Capital commltments Capital expenditure contracted for but not provided in the financial statements for the company was £nil12023.' £nil}. 19. Other financlal commitments At 31 August 2024, the company was committed to making the following annual payments under non-cancellable operating leases: Land and buildings: 2024 2023 Operating leases which expire: In less than l year Two to five years In more than 5 years 243,000 688,500 243,000 931,500 931,500 1,174,500 20. Related parties The Merchant Taylors, Company, a City of London Ltvery company, own the land and buildings from which the School operates. Stjohn's School has agreed a fifteen year lease at an annual rent of £243,000, from July 2013 which will be reviewed every five years. The Merchant Taylors, Company make5 an annual gift aid payment to the School which the School may use as it sees fit. The gross amount received in the year ended 31 August 2024 was £4,550 (2023: £24,855) The balance outstanding from MT Co at year end wa5 £nil, {2023: £nil). Until 31 December 2023 Merchant TaylDrs' School and St John'5 School, Northwood were connected by common administration. Some non-teaching staff of Merchant Taylors, School performed similar duties for St John's School. A management fee for this service is charged to St John's, which amounted to £24,00012023: £80,000) for the year ended 31 August 2024. The balance due to St John's School at the year end wa5 £0 (2023: £246). The key management personnel of the school comprises the Headmaster, Bursar, Deputy Heads, Pre Prep and Junior Department Heads. The total combined contractual benefits totalled £486,798 (2023: £649,619). Page 34