2025-08-31-accounts

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ST DAVID’S COLLEGE TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Registered Charity number: 1075705 Registered Company number: 01351369

ST DAVID’S COLLEGE TRUST

FINANCIAL STATEMENTS

Year ended 31 August 2025

	Page
Company information	1 – 2
Governors’ Annual Report (incorporating Strategic Report)	3 – 13
Auditor’s Report	14 – 17
Statement of financial activities	18
Statement of financial position	19
Cash flow statement	20
Notes to the financial statements	21 - 37

ST DAVID’S COLLEGE TRUST

Legal Status

St David’s College Trust is a registered charity incorporated as a company limited by guarantee under the Companies Act 2006.

Governors

The Governors of St David’s College Trust who served during the year were:

Rev Dr P Gaskell +* “(Chairman and Chair of Finance Committee)

R Kenwell (Treasurer)* Rt Rev K Sinclair

R Leake + (Chair of Education Committee) P Hadley + Mrs A Seldon “ (Chair of Estates Committee) T Mueller Mrs E Aubert “ Miss C Hart (resigned 3 December 2024) Mr A Williams + Mrs H Moore + Mr K Underhill *

Members of the Finance Committee
Members of the Education Committee

“Members of the Estates Committee

Registered charity number

1075705

Operating name

The company operates as St David’s College Trust.

The Headmaster

A Russell B.Sc., P.G.C.E., C.C.M. (SpLD)

The Bursar and Clerk to the Governors

Mrs N McDonald BA(Hons), ACMA

Company number

01351369

Registered office

St David’s College Llandudno, LL30 1RD

VAT registration number

480 3315 11

ST DAVID’S COLLEGE TRUST

Governors’ Annual Report (incorporating Strategic Report)

Year ended 31 August 2025

The Board of Governors, who are also the directors of the charity for the purpose of the Companies Act present their annual report for the year ended 31 August 2025, together with the audited financial statements for the year and confirm that the latter comply with the requirements of the Companies Act 2006, Charities Act 2011 and 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 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2016).

Principal activities and objectives

St David’s College Trust (the College) which operates from St David’s College, Llandudno, LL30 1RD, is established to promote and provide for the advancement of education.

The College is incorporated as a company limited by guarantee registered in England and Wales, No. 01351369, and is registered with the Charities Commission under charity number 1075705. The Governors have obtained the consent of the Registrar of Companies to be exempt from the requirement to use the word ‘Limited’ in its name.

The Governors are also the company’s directors and are shown on page 1.

Auditor

Mitchell Charlesworth (Audit) Limited are deemed to be re-appointed under section 487(2) of the Companies Act 2006.

Structure, governance and management

Governing document

The College is governed by its Memorandum and Articles of Association, as revised in June 2006.

Governing Body

The company is governed by its Board which consists of no less than 7 and no more than 20 members. The governing body, assisted by the Headmaster, Mr A Russell, and Bursar, Mrs N McDonald, is responsible for formulating the strategy and policies for the company as a whole.

The Governors are appointed annually by the Board of Governors.

Recruitment and training of Governors

The composition of the Board is carefully monitored to ensure a diverse range of professional skills and expertise. During the year, one Governor resigned, with no new appointments made. Governors at St. David’s College continue to be drawn from a range of backgrounds, including the clergy, business, the professions, and alumni. All Governors subscribe to the College’s statement of faith and, upon joining, receive induction into their responsibilities as both directors of the company and trustees of the charity. Through membership of AGBIS, Governors participate in relevant external seminars and workshops, and periodic internal training days are held at the College to support their ongoing development.

ST DAVID’S COLLEGE TRUST

Governors’ Annual Report (incorporating Strategic Report)

Year ended 31 August 2025

Organisational Management

The Governors meet as a Board at least three times a year to determine the general policy of the College and to review its overall management and control, for which they are legally responsible. The work of implementing most of the Board’s policies is carried out by the Finance Committee which has met three times this year. The Education Committee met three times during the year, to discuss academic, pastoral and spiritual issues. The Governors submit a self-evaluation of their work which is incorporated into the College Development Plan. The day to day running of the College is delegated to the Head and Bursar supported by members of the School Leadership Team (SLT). The SLT meets every week and is comprised of the Headmaster, the Bursar, the Deputy Head, three Assistant Heads and the SENCO.

Key management remuneration policy

The remuneration of 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.

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent colleges to ensure that the College remains sensitive to the broader issues of pay and employment conditions elsewhere. We aim to recruit, subject to experience, at the lower to medium point within a band, providing scope for rewarding excellence. Delivery of the College'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.

Related Parties

A number of the Governors are directors or officers of external companies and any transactions are disclosed in Note 21 of the accounts.

Investment policy and objectives

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

The principal objects of the company are set out in its Memorandum of Association. Within these objects the College aims:

a. To develop the College as a Christian college for boys and girls.
b. To acquire and carry on in the United Kingdom any other college or colleges for the education of children.

Aims and intended impacts

The College is a boarding and day college for up to 280 pupils aged 9-19. The College aims to develop "the whole person", through a broad education founded on Christian principles, a wide choice of interest and activity, and an achievable personal programme for each pupil. The College's expertise in helping dyslexic pupils is recognised internationally.

ST DAVID’S COLLEGE TRUST

Governors’ Annual Report (incorporating Strategic Report)

Year ended 31 August 2025

Objectives

Over the past academic year, St David’s College has continued to thrive across every aspect of school life, strengthening its local reputation while also experiencing renewed momentum in boarding. This healthy balance ensures that day pupils enjoy the distinctive sense of community and enrichment that a boarding environment brings.

We remain firmly anchored in our traditional areas of excellence — the arts, science, business and entrepreneurship, sport, outdoor education, ALN support, pastoral care, and of course literacy and numeracy. By staying true to who we are, the whole school community has sustained a clear focus, consolidating our place in both the local day market and the wider boarding sector. Demand for boarding places in 2024/25 was particularly strong, testament to our reputation and the quality of education we offer. With places at a premium, we are actively considering ways to expand provision.

Our partnerships continue to flourish. We have maintained our collaboration with RGC, the regional rugby team for North Wales, and with Bangor University, opening up defined pathways for our pupils. Kit sponsorship and stadium advertising have further enhanced our profile, with St David’s regularly visible at televised matches and high-profile concerts at Stadiwm CSM (Eirias Park, Colwyn Bay). Similarly, our sponsorship of Colwyn Bay RFC U15 — alongside other local businesses — has reinforced our role at the heart of the community.

Our strategic objectives for the year included:

Excellence in teaching, learning and curriculum
Comprehensive support for AKLN and individual needs
Wellbeing, care and safeguarding
Leadership, governance and professional development
Community, culture and global citizenship.

Strategies

The School evaluates its success in a variety of ways, recognising that some outcomes are more easily measured than others. Academic achievement is assessed not only through raw examination results, but more significantly through annual valueadded scores, which compare each student’s progress against national baseline assessments taken on entry to the School. Equally vital are the development of essential skills such as leadership, teamwork, and resilience. While these qualities are not easily quantified, we take great pride in ensuring that the majority of our pupils leave St David’s with a strong sense of community, empathy, and perseverance.

Above all, the School places great importance on nurturing these core characteristics, equipping young adults with the confidence and adaptability to thrive in the challenges of adult life.

ST DAVID’S COLLEGE TRUST

Governors’ Annual Report (incorporating Strategic Report)

Year ended 31 August 2025

Public benefit

St David's College Trust remains committed to the aim of providing public benefit in accordance with its founding principles. Charity law has introduced the requirement to demonstrate that public benefit for charitable purposes where it has hitherto been presumed in the absence of evidence to the contrary.

The award of bursaries for the needy is a measurable means of providing public benefit. The Board takes the view that bursaries awarded to those who would not otherwise be able to afford the fees are important, but not to the exclusion of the much wider benefit that the College provides within the community. Those pupils who attend our college and who receive financial support contribute to the college community in a variety of ways. Hence the benefit is not purely to these pupils but to the whole College and, in some cases to the wider community. This year the College awarded scholarships, bursaries and other awards to the value of £712,120 at 9.4% of gross fees (2024 was 691,868 at 9.1% of gross fees) helping children to pursue their education at the College. The Governors will continue to demonstrate public benefit by making awards based on academic ability and financial need. We continue to provide for LEA funded students and 3 students who are partially funded by external Charitable Trust Funds.

The School has offered its facilities to local schools, organising several events including sporting activities. Local groups continue to make use of our facilities for meetings, charity events and drama clubs. The College opens up its historic buildings to the public as part of an annual Heritage Scheme in the county. The public benefit from partnering with RGC (Rygbi Gogledd Cymru), Llandudno Football Team and Llandudno Cricket Club will be appreciable in the offering of sports clinics and festivals in the closed term seasons.

Fundraising performance

During the year, the School and its community raised £2,807 for five charitable causes, including Hope Restored (which provides food, clothing, shelter and support to those experiencing hardship) and the Aberconwy Domestic Abuse Service (which offers refuge, recovery and support for individuals and families affected by domestic abuse), together with proceeds from home clothes-day events and other local fundraising initiatives. The Old Davideans’ Association continues to fundraise through reunion events to support students who need financial assistance for essential A Level and GCSE curriculum trips, including sports tours. The committee is also dedicated to working more closely with the School to provide funding for smaller projects while contributing to larger fundraising initiatives. The School currently holds over £187,000 in reserves, earmarked internally for the enhancement of sports facilities.

Investment performance

The Governors’ investment policy complies with the Trustees Act 2000 and, in conjunction with working capital, is directed at covering the future liability of funds held in the Advanced Fee Payment Scheme (AFPS). Funds held in the AFPS are £388,593 (2024: £730,183). The value of investments held is £1,038,529 (2024: £0), reflecting growth from the initial deposit of £1,000,000 made in October 2024 to further secure the school’s long-term financial commitments.

ST DAVID’S COLLEGE TRUST

Governors’ Annual Report (incorporating Strategic Report)

Year ended 31 August 2025

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

Review of achievements and performance for the year

This year, we are celebrating success in all aspects of school life, as both pupils and staff have excelled in raising standards. This achievement comes at a time of growing student enrolment, reflecting the strength of our school community.

Examination results - At Level 2, St David’s College performed strongly in several areas. While the percentage of A/A grades was 23.68%, compared to 19.5% across Wales, the percentage of pupils achieving C/4 or above was 86.05%, higher than the national average of 62.5% with a 100% A/G success in all subjects. In specific subjects, 94.6% of pupils achieved C/4 or above in English, 83.7% in Mathematics and there was a 100% A*/C success rate in the three sciences, applied science, performing arts, BTEC Sweet Certificate, Art and Design, English as a Second Language and Welsh. The school's value-added score at Level 2 is a hugely impressive +0.8, indicating a positive impact on pupil progress.

At Level 3, St David’s College excelled, with 33.6% of students achieving A/A grades, well above the national average of 29.5% in Wales. Forty four percent of BTEC Level 3 results were awarded at the Distinction/Distinction level. Furthermore, 100% of student grades were A/A in Performance (Dance) and in Sports Coaching. One student achieved a record five A grades in the sciences and mathematics and has gone on to study Chemistry at Edinburgh University. The value-added score at Level 3 was +0.25, further highlighting the school's contribution to academic growth and achievement.

University destinations include amongst others, Bristol, Edinburgh, Coventry, Nottingham, York, Bangor, Warwick, Aberystwyth, Manchester and Cardiff Metropolitans Universities with some students taking Gap years and sports coaching before continuing in education and others taking advantage of the new apprenticeship opportunities.

While many schools are restructuring and limiting subject choices, we have expanded our outstanding academic programme by introducing new subjects such as Economics and Financial Capability at Level 3. In addition, we continue to enrich our curriculum with departmental trips to enhance learning, including visits to the Globe Theatre and London dance studios, as well as educational experiences at historic sites like Blists Hill, the Battlefields, Krakow, and Auschwitz.

Life Beyond the Classroom 2024/25

We rose together in celebration and pride this year. Our 60th Anniversary was marked by extraordinary moments that reminded us of who we are: a community rooted in history, hope, and joy. The Red Arrows fly-past, our commemorative events, student-led activities, and celebratory gatherings were not just symbolic milestones — they were reminders of the spirit and strength that carry us forward.

At St David’s College, life extends far beyond the pursuit of outstanding academic results. We believe the world itself is a classroom, and that fostering an appreciation for the awe and majesty of nature is essential in shaping confident, wellrounded individuals.

During the 2024/25 academic year, our Outdoor Education programme once again offered an exciting and challenging line-up of expeditions. Year 10 pupils embraced a wide variety of adventurous experiences, from sea kayaking around the Isle of Skye and canoeing on the River Severn, to rock climbing in the Peak District and along the coasts of Devon and Cornwall. They also explored caving in the Yorkshire Dales, trekking in the Lake District, and mountaineering in the Scottish Highlands. Closer to home, exeat trips in North Wales provided further opportunities for canoeing and trekking. We also sent pupils to the Arctic Circle to sled with their own pack of Huskies!

ST DAVID’S COLLEGE TRUST

Governors’ Annual Report (incorporating Strategic Report)

Year ended 31 August 2025

We are also proud to continue our strong tradition of participation in the Duke of Edinburgh’s Award scheme. In 2024/25, pupils undertook five Bronze expeditions in Snowdonia, two Silver expeditions in Anglesey, and one Gold expedition in the Lake District. This summer, three of our pupils received their Gold Awards at Buckingham Palace — a fitting recognition of their perseverance, teamwork, and resilience.

By way of further departmental recognition (AHOEC Gold Standard 2022) our Chief Instructor has been honoured with the RYA Sailing Impact Award 2024 and his Doctorate in Outdoor Education, recognising his dedication to sailing and the significant influence he has had on countless pupils at St David’s College and beyond.

We were delighted to receive a National Operatic and Dramatic Association (NODA) nomination for our production of Loserville . Many of our pupils also form the award-winning cast of Llandudno Youth Music Theatre, which this year won the NODA Award for Best Youth Production — a wonderful recognition of their talent and commitment.

In sport and outdoor pursuits, our pupils have enjoyed remarkable successes on both national and international stages. Highlights include:

A pupil representing the U18 USA Eagles Rugby Team on their South American tour.
Our Head Boy elect competing for Great Britain in the foiling sailing event, with appearances at the World Championships in Brittany, the International Games in the Alps, and the European Championships in Sardinia.
A Year 11 pupil who is the Female Gold Medallist at the English Alpine Ski Championships, also taking Silver in the U16 Slalom, and representing Great Britain in Andorra.
A strong cohort of skiers competing at Welsh Team level, including the fastest non-squad skier, the overall Male Open Champion, and medal winners at U18 level across multiple categories.
A Year 10 pupil signing an 18-month contract with Liverpool FC U16 Girls, also representing Wales U17 in the European Qualifiers this October.

Beyond these individual achievements, huge numbers of pupils proudly represent the College in Sale Sharks, RGC, regional dance competitions, netball and basketball championships, football (boys and girls, club and regional), women’s cricket, swimming, golf, and more.

These accomplishments are a remarkable testament to the breadth of talent within St David’s College — and quite an accolade for a small independent school in North Wales.

The school’s production of Grease at Theatr Colwyn was a resounding success, with four performances at a local theatre and a quarter of the school involved in acting, backstage, or production roles. Alongside this, the Junior Department staged its own performance of Annie Junior and hosted a memorable Summer Soirée in the Speech Day marquee. These events complemented our regular band and talent nights, as well as the wide range of peripatetic lessons that lie at the heart of our vibrant Music Department. A highlight of the Soirée was an unforgettable performance by Britain’s Got Talent finalists Hana and Fran.

We also celebrated the continuation of our 60-year partnership with Glod camps during the summer holidays, an enduring link that remains central to our community. Looking ahead, we are exploring ways to expand our provision and generate additional income streams for the College. Planned initiatives include welcoming touring teams, introducing summer sports and academic programmes, and extending our expertise through ALN assessments.

This year, we have 36 children with Education, Health, and Care Plans (EHCPs) and 17 with statements of special educational needs. The most prevalent Additional Learning Need (ALN) in our school is dyslexia, with 90 pupils registered as having this as their primary learning difficulty. Additionally, 103 pupils are on School Action Plus, a number that could be significantly affected by future external financial changes.

ST DAVID’S COLLEGE TRUST

Governors’ Annual Report (incorporating Strategic Report)

Year ended 31 August 2025

Our ALN department consists of one full-time ALNCo and three deputies, supported by a team of 22 teachers, two speech and language therapists, and one occupational therapist. This team works to complement our classroom provision, which includes small class sizes of 2-12 pupils, low sensory distractions, a multisensory teaching approach, and a curriculum tailored to support students with weak working memory and slow processing speeds. Each classroom is equipped with assistive technology to further support learning.

Our strategic objectives for the upcoming year include:

To become the Best Little Boarding School in Wales - By strengthening teaching, deepening our culture of care, and raising our profile, we will ensure St David’s College remains distinctive, ambitious, and proudly inclusive.
We will strengthen the quality and consistency of teaching across the school, ensuring that every pupil – from those with additional learning needs to the most able – achieves their potential.
We will place wellbeing at the heart of school life, ensuring pupils feel safe, valued, and able to thrive in a nurturing boarding community.
We will lead with clarity, transparency, and ambition, ensuring that St David’s College is both financially sustainable and widely recognised for its distinctiveness.

FINANCIAL REVIEW

Results for the year

The College’s surplus of £266,083 (2024: £379,448 deficit) was above the target budgeted surplus of £117,552. This was due to additional boarding pupils during the year and tight cost control. Operating costs tended to reduce against budget in most areas. We had a good collection of debtors during the year reducing our debtor provision by £5,519. We had a gain on investments of £38,529. Academic staffing costs were £3,619,161 (2024: £3,519,986).

From January 2025, St David’s College became VAT-registered following a change in UK tax legislation requiring independent schools to charge VAT on fees. While the full effect of this change would have added approximately 20% to fee levels, the College chose to limit the increase to 8% from January, absorbing a substantial proportion of the cost to support families. Fees had previously risen by 5% in September 2024. As a result, gross fee income decreased by £40,049 during the year, and net fee income by £60,301. Means-tested bursaries remained an important source of assistance, totalling £45,026 (0.6% of gross fees).

Pupil numbers increased from 270 to 275 by the year ended 31st August 2025 (265 during the year ended 31st August 2024). Pupil numbers in September 2025 are 257 and the new pupil intake is 50.

We have maintained a strong balance sheet and cash reserves, which have enabled us to prepare for the challenges of the new year, including the rising costs of fuel, energy, and food, as well as the VAT on school fees.

ST DAVID’S COLLEGE TRUST

Governors’ Annual Report (incorporating Strategic Report)

Year ended 31 August 2025

Reserves Level and Policy and Financial Viability

The College’s reserve policy is to maintain sufficient unrestricted income reserves to enable it to meet its short- term financial obligations in the event of an unexpected revenue shortfall and to rely on the readily realisable cash in bank and overdraft facility.

The College’s total reserves are £3,468,938 (2024: £3,202,855) at the year end, of which £4,255,217 (2024: £3,075,626) relate to the fixed assets and investments of the school, leaving £786,278 (2024: £(127,229) of free reserves for the College. The Board deem this to be an adequate level of free reserves give the current climate and the availability of the £400,000 overdraft.

Restricted Funds of £89,073 (2024: £94,160) and Designated Funds of £58 (2024: £73) are held against various restricted activities, being the depreciating value of Tryfan Boarding House, the James Webb fund held for projects relating to the Assistive Technology Programme, the Boat fund which is held for the purchase and upkeep of school boats, the appeal value of Chelsea House and the Chapel fund for Chapel resources and other needs. The Charity Commission has advised us that although the fund value of Tryfan must remain restricted, the cash surplus in respect of Chelsea may be used for other development purposes.

PRINICIPAL RISKS AND UNCERTAINTIES

Risk management

The Governors consider that, while previous years of economic turbulence and future uncertainties continue to pose potential challenges to our financial security through fluctuations in pupil numbers, the decision to move away from the Teachers’ Pension Scheme (TPS) has significantly alleviated a major financial risk for the College. Increased costs for manpower and other resources have been supported by corresponding increases in fees. The Governors recognised the escalating costs of the TPS as an unacceptable risk, which led to a consultation process with teaching staff, which concluded with the College exiting the scheme on 30 April 2021. This bold decision has proven to be the right one for the long-term sustainability of the College, as the new pension scheme continues to offer manageable employers' contributions in line with the pre-September 2021 TPS rate of 16.48%, rather than the unsustainable increase to 28.7%.

Governors have also reviewed the risks faced in the principal areas of College operations, noting the continual risk assessments conducted by staff. The Governors remain of the opinion that the College has established resources and system which, under normal conditions, should allow risks to be mitigated to an acceptable level in the College’s routine operations.

Again, this year, the Governors have monitored the requirements of the Charities Act on the College’s charitable status. As reported under Public Benefit, the College can demonstrate its public benefit; the Governors see no necessity, therefore, to make any financial provision for the Charities Act requirements at this time.

The key controls used by the charity include:

1) Formal agendas for all Committee and Board activity
2) Detailed Terms of Reference for Finance, Education and Development Committees
3) Comprehensive strategic planning, budgeting, and management accounting
4) Production of a College Development Plan which is continuously updated by the School Leadership Team
5) Established organisational structure and lines of reporting
6) Formal written policies and health and safety procedures
7) Vetting procedures as required by law for the protection of the vulnerable
8) Monitoring of cash flows on a termly basis

Through the risk management processes established for the College, 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.

ST DAVID’S COLLEGE TRUST

Governors’ Annual Report (incorporating Strategic Report)

Year ended 31 August 2025

The main risks as identified by the Governors are as follows:

Pupil Numbers

The Governing Body regularly reviews the recruitment and retention of pupils, with a particular focus on sustaining and growing our boarding community. The College continues to invest in new marketing initiatives, with a notable increase in the marketing budget aimed at strengthening pupil recruitment. A sub-group of governors and marketing/admissions staff along with the Head/Bursar has been formed to identify particular targets and implementation. While pupil numbers across the independent school sector have declined by 2.4% (on a like-for-like basis) and new pupil enrolments dropped by 5.3% (source: Independent Schools Council (ISC) Census), St David’s College has bucked this trend, achieving 4% growth in pupil numbers over the year. This is particularly significant in a time when year seven enrolments and smaller schools have been disproportionately affected by the overall sector decline. The Governors continue to monitor our marketing and admissions efforts closely and have added one additional member of staff to the department to further support this positive trajectory.

Loss of VAT relief

Now that the Labour Party is in government, the introduction of VAT at 20% on independent school fees has been introduced along with a cut in business rates relief and increased NI contributions. In response, the Governing Body has moved beyond scenario planning and is actively taking steps to ensure the College remains competitive and viable. To mitigate the financial impact on the school and its families, we made a strategic decision to increase fees by 8% from January 2025, rather than the full 20% to cover VAT. We believe this measured approach will help maintain accessibility for our families while ensuring the College’s financial sustainability.

Our decision was not solely based on hypothetical planning but involved a thorough review of the local market in North Wales. This review confirmed that our fee structure remains competitive within the region, and our careful adjustments will support the long-term viability of the College. Additionally, the Governors continue to explore other cost-saving and income-generating strategies to further ease the financial burden on families and preserve the high quality of education and pastoral care that St. David’s College is known for.

By taking proactive steps, we aim to maintain our strong position in the independent school sector, despite the external financial pressures.

Credit and Debt recovery Risk

The Governing body monitor the late and/or non-payment of fees and the steps in place to recover these debts, to prevent a detrimental effect on cash flow and income. Persistent debtors are pursued through legal channels to recover the debt. An adequate provision for bad debts that may not be recoverable is set each year to protect against any unpreventable losses.

Cash flow Risk

Cash flow is assessed on a monthly basis and reported to the Governing Body. The average cash balance by this year end was reported to be an adequate £1,278,100 (2024: £1,737,345).

Reputational Risk

The Governing Body recognises that the College’s reputation is a key asset. Processes and oversight are in place to identify, monitor, and mitigate potential risks that could affect the College’s standing with parents, staff, regulators, and the wider community. The Board regularly reviews policies and practices to ensure the College maintains the highest standards of integrity, professionalism, and public confidence.

Future Plans

The strong financial performance and positive cash flows in recent years have positioned the College to explore exciting opportunities for significant capital investments in the coming years. We are actively engaged in our master plan, which reflects our commitment to enhancing the educational experience for our students while preserving the unique character of our Grade I listed building.

An improved sports facility through the delivery of a new indoor sports facility including sports hall, weights

ST DAVID’S COLLEGE TRUST

Governors’ Annual Report (incorporating Strategic Report)

Year ended 31 August 2025

room and PE classrooms.
Collaborate with the ODA in building a pavilion on the games pitch.
Refurbishment of boarding areas through our rolling upgrading and maintenance programme.
Continue to develop a link to humanitarian projects in the UK and Europe, specifically for younger years.
Continue to improve ICT, technology for learning and communications systems within the college and boarding accommodation.
Creating improved teaching facilities. E.g. the humanities block has been fully upgraded this summer.
More environmentally friendly policies across the College.

Trustees’/Governors’ Responsibilities

The Governors (who are also directors of the charitable company for the purposes of company law) are responsible for preparing the Annual Report (incorporating the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare financial statements for each financial year which 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 Governors are required to:

select suitable 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, and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The Governors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time to show and explain the charitable company’s transactions, the financial position of the charitable company and enable them to ensure that the financial statements comply with the provisions applicable under the Companies Act 2006 and the charity’s constitution.

They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Governors are aware:

there is no relevant audit information of which the charity’s auditors are unaware; and
as the Governors of the charity, we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

Small Company Provisions

This report has been prepared in accordance with the provisions applicable for companies entitled to the small companies’ exemption.

Approved by the Board of Governors of St David’s College Trust on _______ 2025 and signed on its behalf by:

Peter Gaskell

Rev.. Dr. Peter Gaskell, Chairman of Governors

Mitchell Charlesworth (Audit) Limited

Accountants

Suites C,D,E,F, 14th Floor, The Plaza, Old Hall Street, Liverpool, Merseyside, L2 5RH

ST DAVID’S COLLEGE TRUST

Opinion

We have audited the financial statements of St David’s College Trust (the ‘charitable company’) for the year ended 31 August 2025 which comprise the Statement of Financial Activities (including the Summary Income and Expenditure Account), the Statement of Financial Position, the Cash Flow Statement 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice) and the Charities SORP 2019.

In our opinion the financial statements:

give a true and fair view of the state of the charitable company’s affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
have been prepared in accordance with the Charities SORP 2019.

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 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 statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually 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 other information comprises the information included in the Governors’ Annual Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Governors’ Annual Report. 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.

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 course of 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 this 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.

Mitchell Charlesworth (Audit) Limited

Accountants

Suites C,D,E,F, 14th Floor, The Plaza, Old Hall Street, Liverpool, Merseyside, L2 5RH

ST DAVID’S COLLEGE TRUST

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 the audit:

the information given in the Governors’ Annual Report, which includes the Directors’ Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors’ Report included within the Governors’ Annual 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 Directors’ Report included within the Governors’ Annual Report.

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

adequate accounting records have not been kept, or returns 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 disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Governors were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemption from the requirement to prepare a Strategic Report or in preparing the Governors’ Report.

Responsibilities of trustees

As explained more fully in the Statement of Trustees’/Governors’ responsibilities set out on page 10, 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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Mitchell Charlesworth (Audit) Limited

Accountants

Suites C,D,E,F, 14th Floor, The Plaza, Old Hall Street, Liverpool, Merseyside, L2 5RH

ST DAVID’S COLLEGE TRUST

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

the nature of the industry and sector, control environment and business performance;
the charity's own assessment of the risks that irregularities may occur either as a result of fraud or error;
the results of our enquiries of management and members of the board of governors of their own identification and assessment of the risks of irregularities;
any matters we identified having obtained and reviewed the charity’s documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

(i) The presentation of the charity's Statement of Financial Activities, (ii) revenue recognition (iii) the overstatement of salary and other costs. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and the Statement of Recommended Practice - 'Accounting and Reporting by Charities' issued by the joint SORP making body.

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 may be fundamental to the charity’s ability to operate or to avoid a material penalty. This includes regulations concerning Data Protection and Safeguarding.

Audit response to risks identified

As a result of performing the above, we identified the presentation of the academy's Statement of Financial Activities, revenue recognition and overstatement of wages and other costs as the key audit matters related to the potential risk of fraud. The key audit matters section of our report explains the matters in more detail and also describes the specific procedures we performed in response to those key audit matters.

Mitchell Charlesworth (Audit) Limited

Accountants

Suites C,D,E,F, 14th Floor, The Plaza, Old Hall Street, Liverpool, Merseyside, L2 5RH

ST DAVID’S COLLEGE TRUST

In addition to the above, our procedures to respond to risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described above as having a direct effect on the financial statements;
enquiring of management and members of the board concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
reading minutes of meetings of those charged with governance and reviewing correspondence with relevant authorities where matters identified were significant;
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

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.

Louise Casey (Senior Statutory Auditor)

For and on behalf of MITCHELL CHARLESWORTH (AUDIT) LIMITED, Statutory Auditor Accountants Suites C,D,E,F, 14th Floor The Plaza Old Hall Street Liverpool Merseyside, L2 5RH

Date: ____ 2025

ST DAVID’S COLLEGE TRUST

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

For the year ended 31 August 2025

INCOME Income from Charitable Activities School fees 2 Other educational income 3a Other ancillary income 3b Donations 3c Investment income 4 Total income EXPENDITURE Expenditure on Charitable Activities 8 Costs of raising funds 8 Total expenditure 8 NET INCOME/(EXPENDITURE) AND NET MOVEMENT IN FUNDS BEFORE GAINS AND LOSSES ON INVESTMENTS Net gain on Investment 11 NET MOVEMENT IN FUNDS FOR THE YEAR Fund balances as at 1 September FUND BALANCES AT 31 AUGUST 17	Unrestricted funds £ 6,851,056 50,269 94,593 38,529	Designated funds £ - - - - - - 15 - 15 (15) - (15) 73 58	Restricted funds £ - - - 600 - 600 5,688 - 5,688 (5,088) - (5,088) 94,161 89,073	Total 2025 £ 6,851,056 50,269 94,593 600 38,529 7,035,047 6,760,319 8,646 6,768,965 266,082 - 266,082 3,202,856 3,468,938	Total 2024 £ 6,911,357 57,255 68,455 10,027 -
	7,034,447				7,047,094
	6,754,616 8,646				6,633,092 39,956
	6,763,262				6,673,048
	271,185				374,046
	- 271,185 3,108,622 3,379,807				5,402 379,448 2,823,407 3,202,855

All gains and losses recognised in the year are included in the Statement of Financial Activities.

The notes on pages 22 to 38 form part of these financial statements

Company Registration Number 01351369

ST DAVID’S COLLEGE TRUST

COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE

ACCOUNT)

For the year ended 31 August 2024

INCOME Income from Charitable Activities School fees 2 Other educational income 3a Other ancillary income 3b Donations 3c Investment income 4 Total income EXPENDITURE Expenditure on Charitable Activities 8 Costs of raising funds 8 Total expenditure 8 NET INCOME/(EXPENDITURE) AND NET MOVEMENT IN FUNDS BEFORE GAINS AND LOSSES ON INVESTMENTS Net (losses) gain on Investment 11 NET MOVEMENT IN FUNDS FOR THE YEAR Fund balances as at 1 September FUND BALANCES AT 31 AUGUST 17	Unrestricted funds £ 6,911,357 57,255 68,455 - -	Designated funds £ - - - - - - 18 - 18 (18) - (18) 91 73	Restricted funds £ - - - 10,027 - 10,027 5,688 - 5,688 4,339 - 4,339 89,822 94,161	Total 2024 £ 6,911,357 57,255 68,455 10,027 - 7,047,094 6,633,092 39,956 6,673,048 374,046 5,402 379,448 2,823,407 3,202,855	Total 2023 £ 6,145,483 51,123 77,838 500 666
	7,037,067				6,275,610
	6,627,386 39,956				6,374,909 10,456
	6,667,342				6,385,365
	369,725				(109,754)
	5,402 375,127 2,733,494 3,108,621				(3,357) (113,111) 2,936,462 2,823,351

ST DAVID’S COLLEGE TRUST

STATEMENT OF FINANCIAL POSITION

As at 31 August 2025

		2025	2024
	Note	£	£
Fixed assets
Tangible assets	10	3,216,688	3,075,626
Investments	11	1,038,529	-
Total fixed assets		4,255,217	3,075,626
Current assets
Land held for sale	12	37,227	37,227
Stocks		32,487	19,703
Debtors due within one year	13	1,580,26	1,137,582
Cash at bank and in hand		1,371,444	2,587,566
		3,021,394	3,782,078
Creditors:amounts falling due within one year	14	(3,358,880)	(3,074,083)
Net current assets/ (liabilities)		(337,485)	707,995
Total assets less current liabilities		3,917,731	3,783,621
Creditors:amounts falling due after more than one year	15	(448,793)	(580,767)
Net assets		3,468,938	3,202,855
Funds
Restricted funds	18a	89,073	94,161
Designated funds	18b	58	73
Unrestricted funds	18c	3,379,807	3,108,621
Total funds		3,468,938	3,202,855

The accounts have been prepared in accordance with the provision Part 15 of the Companies Act 2006 applicable to companies subject to the small companies’ regime.

The financial statements on pages 18 to 38 were approved and authorised for issue by the Board on ___ 2025 and signed on its behalf by:

Rev. Dr. Peter Gaskell, Chairman of Governors

The notes on pages 22 to 38 form part of these financial statements.

ST DAVID’S COLLEGE TRUST

STATEMENT OF CASH FLOWS

For the year ended 31 August 2025

Note Cash from operating activities Interest paid 23 Net cash from operating activities Cash used in investing activities Investment drawn from fund Investment income Gain on fixed assets Purchase of tangible fixed assets Cash used in investing activities Fees in advance scheme New fees in advance 15a Amounts accrued to fees in advance contracts Amounts accrued to contracts as debt financing costs Amounts utilised (Decrease)/Increase in cash and cash equivalents in the year Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year	2025 £ £ 474,397 (14,164) 460,233 (1,038,529) 38,529 15,000 (349,765) (1,334,765) - 280,149 10,242 (631,981) (341,590) (1,216,122) 2,587,566 1,371,444	2024 £ £ 917,933 (20,082) 897,851 116,517 - - (122,956) (6,439) 732,882 6,362 - (409,326) 329,918 1,221,330 1,366,236 2,587,566

1 Accounting policies

ST DAVID’S COLLEGE TRUST

NOTES TO THE ACCOUNTS

For the year ended 31 August 2025

Basis of preparation of the financial statements

St David’s College Trust, Llandudno (the College) is an incorporated charitable company which is limited by guarantee, (registered company no. 01351369), (charity no. 1075705), registered in England & Wales. The College’s registered address and principal place of business is St David’s College, Llandudno, LL30 1RD.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value except for certain financial instruments at fair value. The Financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – Charities SORP (FRS 102), the Companies Act 2006 and the Charities Act 2011. The principal accounting policies adopted in the preparation of the accounting policies are set out below.

The College constitutes a public benefit entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the College. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The College’s ability to continue operating is aided by the continued support of its bankers and the availability of adequate overdraft facilities, should they be required. The overdraft facility has been renewed up to August 2026. Should it be necessary we can draw on the overdraft facility, but we have not needed to in either the current or prior year. Detailed cash flow forecasts and budgets have been prepared and approved by the Governors to ensure the College can meet its financial commitments when they become due in the coming year and the following year. The College has implemented a strategy focused on pupil recruitment and a programme of cost control to ensure the College can operate within its agreed bank overdraft facilities. On this basis therefore it is appropriate to prepare financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of support from the College’s bankers.

The College has managed its finances very efficiently during the current year. Governors have concluded that it is reasonable to expect that the school will generate sufficient resources to continue in operational existence for the foreseeable future and meet all of its financial obligations. For this reason, the Governors have continued to adopt a going concern basis in preparing the School’s financial statements.

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, scholarships and other remissions granted by the College, but include contributions received from Restricted Funds for Scholarships, Bursaries and other grants. Scholarships are assessed and awarded on a pupil’s merit following an annual Scholarship Day held in the early Spring term. Bursaries are considered on the basis of a declaration of income and liabilities from the parents applying for such an award. Non- refundable fees received in advance of education to be provided in future years under an Advance Fee Payment Scheme contract are held as interest-bearing liabilities until either taken to income in the term when used or transferred to another school.

ST DAVID’S COLLEGE TRUST

NOTES TO THE ACCOUNTS

For the year ended 31 August 2025

Investment income

Investment income from bank balances and fixed asset investments are accounted for on an accruals basis.

Expenditure

Expenditure is accounted for on an accruals basis. The irrecoverable element of VAT is included with the item of expense to which it relates.

Costs of raising funds are those costs incurred in attracting income and those incurred in trading activities that raise funds.

Charitable activities include expenditure associated with the running of the school and include both the direct costs and support costs relating to those activities. Governance costs (included within support costs) comprise the costs of running the charity, including strategic planning for its future development, also internal and external audit, any legal advice for the College 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 satisfying public accountability.

Fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. The capitalisation policy is that purchases of more than £1,000 and with a useful life of over 12 months are considered to be capital purchases.

Land and buildings are classified as fixed assets held primarily for charity use and do not include investment assets. Land deemed as to be put up for sale within 12 months is classified as current assets.

Depreciation is provided so as to write off the cost of the fixed assets less their estimated residual value over their estimated useful lives. The current depreciation rates are as follows:

Leasehold buildings 2% p.a. (2.5% in 2006 and prior years) – straight line Portable buildings 10% p.a. – straight line Equipment and furnishings 19% to 21% p.a. – reducing balance Motor vehicles 25% p.a. – reducing balance Assets in the course of construction No depreciation

Investments

Listed investments are included in the financial statements at market value at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities.

Stocks

Stocks are valued at the lower of cost and net realisable value. Stocks comprise of resources purchased during 2024/25, for use in the academic year 2025/26.

ST DAVID’S COLLEGE TRUST

NOTES TO THE ACCOUNTS

For the year ended 31 August 2025

Pension schemes

The College participated in the Teachers’ Pension Scheme (England and Wales) (the TPS), for its teaching staff up to 30 April 2021 when it exited the scheme. This is a multi-employer defined benefits pension scheme and it is not possible or appropriate to consistently identify the liabilities of the TPS which are attributable to the College. The College, in accordance with FRS 102 therefore, the Scheme is accounted for as a Defined Contribution Scheme.

The College also participates in a defined contribution group personal pension scheme for employees who are not eligible for membership of the TPS. The employer contributions start from 8% up to a maximum of 12.35% in line with the amount the employee wishes to contribute personally.

Contributions to both schemes are charged in the SOFA as they become payable.

Operating leases

Rentals payable under operating leases are charged to resources expended on a straight-line basis over the period of the lease.

Unrestricted Funds and Designated fund

Funds are retained to cover the fixed assets, provide working capital and repay long-term loans. Funds are designated within Unrestricted Funds when there is a specific project to be undertaken.

The designated fund represents the depreciating value of the furniture and equipment of the Chelsea House along with the surplus in the specific designated bank account.

Restricted fund

The restricted fund represents the depreciating value of the Tryfan Boarding House and the James Webb Assistive Technology Suite.

Funds are restricted when they have been given or raised for a specific purpose.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.

Financial instruments

The College has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial instruments Issues’ of FRS 102 to all of its financial instruments.

Financial assets are recognised in the College's balance sheet when the school becomes party to the contractual provisions of the instrument.

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

Basic financial assets, which include trade and other receivables (but not prepayments) not measured at amortised cost, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

ST DAVID’S COLLEGE TRUST

NOTES TO THE ACCOUNTS

For the year ended 31 August 2025

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in Statement of Financial Activities.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement as, either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Critical accounting estimates and assumptions

The College makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

Bad debt provision

Fee debtors are reviewed, annually, when the governors consider the requirement to write off any bad debts over 12 months old or those which are found to be non-recoverable. All fee debts, which are outstanding at the end of the financial year, less any amounts expected during the following financial year, will be covered by a bad debt provision, unless those fees are believed to be payable within the next 3 months.

Depreciation rates

Depreciation policies are applied to each asset category in order to reflect the useful economic life of the assets.

2 Income from charitable activities

School fees (a) The School’s fee income comprised: Gross fees Less: Bursaries and awards Fee discounts	Unrestricted 2025 £ 2024 £ 7,563,175 7,603,225 (170,480) (184,087) (541,639) (507,781) 6,851,056 6,911,357

ST DAVID’S COLLEGE TRUST

NOTES TO THE ACCOUNTS

For the year ended 31 August 2025

3 Other income (a) Other educational charitable activities Lettings (b) Other ancillary activities Other income Bus income (c) Donations - Restricted 4 Investment income Unrestricted £ Investment income 38,529 38,529	Unrestricted 2025 2024 £ £ 50,269 57,255 50,269 57,255 Unrestricted 2025 2024 £ £ 24,011 691 70,582 67,764 94,593 68,455 Restricted 2025 2024 £ £ 600 10,027 600 10,027 2025 2024 Restricted £ Total £ Total £ - 38,529 - - - 38,529 -	Unrestricted 2025 2024 £ £ 50,269 57,255 50,269 57,255 Unrestricted 2025 2024 £ £ 24,011 691 70,582 67,764 94,593 68,455 Restricted 2025 2024 £ £ 600 10,027 600 10,027 2025 2024 Restricted £ Total £ Total £ - 38,529 - - - 38,529 -
		-

The total income in 2025 was attributable to unrestricted funds.

ST DAVID’S COLLEGE TRUST

NOTES TO THE ACCOUNTS

For the year ended 31 August 2025

5 Total staff costs comprised

Total staff costs comprised
	2025	2024
	£	£
Wages and salaries	4,039,305	3,971,022
Social security costs	433,294	372,918
Pension contributions	516,418	501,106
	4,989,017	4,845,046

The average full-time equivalent number of employees employed by the School during the year was:

	2025	2024
Teaching	54	56
Welfare	25	29
Premises	8	8
Support	10	9
	97	102
The average number of employees on the payroll was	138	142

None of the Board members received remuneration in the year.

Governor travel and training expenses of £2,173 (2024: £2,114) – paid to Governors during the year to reimburse out of pocket expenses relating to travel.

An ex-gratia provision of £4,000 was made this year.

The number of employees whose emoluments exceeded £60,000 was:

	2025	2024
£60,000- £70,000	1	2
£70,000-£80,000	2	2
£80,000-£90,000	1	-
£90,000- £100,000	-	1
£100,000-£110,000	-	-
£110,000-£120,000	1	-
£120,000-£130,000	2	-

Contributions by the school for the higher-paid employee shown above amounting to £55,605 (2024 £52,561) were made to the Legal & General Pension Fund.

were made to the Legal & General Pension Fund.
	2025	2024
	£	£
Aggregate employee benefits of: Key management personnel	265,384	250,474
Employer NIC	294,322	275,872

The key management personnel are the Headmaster, the Bursar and the Deputy Head.

ST DAVID’S COLLEGE TRUST

NOTES TO THE ACCOUNTS

For the year ended 31 August 2025

6 Analysis of Governance expenditure included within support costs

6 Analysis of Governance expenditure included within support costs
Auditors’ remuneration including VAT: for audit services Governors travel expenses 7 Net income/(expenditure) for the year Operating leases: - Land & buildings - Motor - Equipment Depreciation	2025 £ 15,400 2,173 17,573 2025 £ 44,337 2,831 9,586 207,439	2024 £ 38,040 2,114
		40,154
		2024 £ 35,700 37,553 14,736 162,298

ST DAVID’S COLLEGE TRUST

NOTES TO THE ACCOUNTS

For the year ended 31 August 2025

8 Expenditure

Expenditure
		Other		2025	2024
	Staff costs	costs	Depreciation	Total	Total
	£	£	£	£	£
Costs of raising funds:
Financing costs	-	11,507	-	11,507	8,387
Bank interest and charges	-	2,656	-	2,656	11,695
Bad debts write off	-	(5,519)	-	(5,519)	19,874
	-	8,646	-	8,646	39,956
Charitable activities
Teaching	3,619,161	324,316	57,464	4,000,941	3,916,828
Welfare	678,762	272,952	52,867	1,004,581	1,061,897
Premises	281,949	680,676	92,511	1,055,136	985,184
Support costs of schooling	409,145	285,919	4,597	699,661	669,183
School’s operating costs	4,989,017	1,563,863	207,439	6,760,319	6,633,092
Total expenditure	4,989,017	1,572,509	207,439	6,768,965	6,673,048

Total expenditure was £6,768,964 (2024: £6,673,048) of which £5,688 (2024: £5,688) was restricted and £15 (2024: £18) was designated. Total remaining funds were unrestricted.

The credit on the bad debt write off arose due to collection of some older historic debts which has enabled us to release bad debt provisions, and excellent collection of the current year’s fees.

		Other		2025	2024
	Staff costs	costs	Depreciation	Total	Total
Support costs of schooling	£	£	£	£	£
Salaries	409,146	-	-	409,146	376,074
PR & Marketing	-	143,878	-	143,878	133,732
Agents Commission	-	26,006	-	26,006	30,359
Legal & professional	-	54,229	-	54,229	67,204
Postage and stationery	-	34,625	-	34,625	32,521
Telephones	-	27,180	-	27,180	25,697
Depreciation	-	-	4,597	4,597	3,597
	409,146	285,918	4,597	699,661	669,184

ST DAVID’S COLLEGE TRUST

NOTES TO THE ACCOUNTS

For the year ended 31 August 2025

9 Taxation

The charity is exempt from tax on income and gains falling within Part 11 of the Corporation Taxes Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

10 Tangible fixed assets

Asset in Course of Construction £ Cost At 1 September 2024 1,320 Additions 62,313 Disposals - At 31 August 2025 63,633 Depreciation At 1 September 2024 - Charge for year Released on disposals - At 31 August 2025 - Net Book Value At 31 August 2025 63,633 At 31 August 2024 1,320	Short Leasehold Land and Buildings £ 4,424,235 93,426 -	Portable Motor Buildings Vehicles £ £ 29,756 56,469 - 166,151 - (16,220)	Portable Motor Buildings Vehicles £ £ 29,756 56,469 - 166,151 - (16,220)	Equipment & Furnishings £ 1,633,220 27,875 -	Total £ 6,145,000 349,765 (1,264)
63,633	4,517,661	29,756	206,400	1,661,095	6,493,501
- -	1,655,368 99,925 -	29,418 338 -	40,805 54,581 (14,956)	1,343,783 52,593 -	3,069,374 207,438 -
-	1,755,293	29,756	80,430	1,396,376	3,276,812
63,633	2,762,368	-	125,970	264,717	3,216,688
1,320	2,768,867	338	15,664	289,436	3,075,626

ST DAVID’S COLLEGE TRUST

NOTES TO THE ACCOUNTS

For the year ended 31 August 2025

11 Investments

nvestments
Investments at market value at 1 September 2024 Additions – COIF deposit funds Disposals Deposit interest Revaluation (loss)/surplus Fees Investments at market value at 31 August 2025 Historical Cost of investments	2025 £ 2024 £ - 111,115 1,000,000 9,364 - (120,683) 38,529 (963) - - - 1,167
	1,038,529 -
	- -

At the year end there was £1,038,529 held with COIF Charities deposit fund.

Land held for sale
	2025	2024
	£	£
Land held for sale	37,227	37,227
	37,227	37,227

School fees which were previously secured by a Voluntary Legal Charge were realised during 2012/13 and the School took possession of land included at £37,227 the value of the outstanding debt.

ST DAVID’S COLLEGE TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2025

13 Debtors

Fees and extras in arrears Prepayments	2025 £ 1,449,513 130,723 1,580,236	2024 £ 1,059,729 77,854
		1,137,583

Debts which have been written off during the year amounted to £4,066 (2024: £26,083). The provision for doubtful debts has decreased by £9,585 in the year.

14 Creditors: Amounts falling due within one year

Trade creditors Accruals Deferred income Other creditors School fees in advance Deposits against recoveries Other Tax and Social Security Pension contributions VAT Payable	2025 £ 143,126 71,793 2,164,207 176,100 226,790 29,000 96,324 64,327 387,213 3,358,880	2024 £ 57,690 54,965 2,223,960 168,121 422,416 47,000 86,508 13,421
		3,074,083

School fees in advance include £388,593 (2024: £730,183) relating to the Advance Fee Payments Scheme, see note 15a for details. The remainder are for Autumn term 2025.

School fees in advance (excluding advance fee payment schemes) At 1 September 2024 Released from previous year Resources deferred in the year Deferred income at 31 August 2025	2025 £ 2,223,960 (2,223,960) 2,164,207 2,164,207	2024 £ 811,426 (811,426) 2,223,960
		2,223,960

Bank overdraft

The bank overdraft is secured by a first mortgage dated 13 November 2000 over the College’s leasehold property known as St David’s College, Gloddaeth Hall and Cottages, Llandudno, LL30 1RP and the following debenture dated 7 December 2000.

Debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future, and First Floating Charge over all assets and undertaking both present and future dated 7 December 2000.

ST DAVID’S COLLEGE TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2025

15

Creditors: Amounts falling due after more than one year

reditors: Amounts falling due after more than one year
School fees received in advance (see note 15a) Deposits against recoveries	2025 £ 161,804 286,989 448,793	2024 £ 307,767 273,000
		580,767

The deposits are from parents and are disclosed as partly repayable after more than one year because they are repayable when the pupil leaves and it is reasonable to assume that many pupils will not be leaving within one year.

15a Advance fee payments

Parents may pay to the College up to the equivalent of 7 years tuition fees in advance. Ownership of the funds passes to the College on receipt, but advance payments can be repaid if a pupil does not come to St David’s or leaves the College earlier than had been anticipated.

Assuming pupils will remain in the College, advance fees will be applied as follows:

		2025	2024
		£	£
Within	1 year	226,790	422,416
Within	2-5 years	161,803	307,767
		388,593	730,183

The balance included in creditors represents the accrued liability under the contracts. The capital movements during the year were:

uring the year were:
	2025	2024
	£	£
Balance at 1 September	730,183	400,265
New scheme in year	280,149	732,882
Amounts accrued to contracts as debt financing costs	10,242	6,362
Amounts utilised in payment of fees	(631,981)	(409,326)
Balance at 31 August	388,593	730,183

ST DAVID’S COLLEGE TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2025

16 Financial instruments

	2025	2024
	£	£
*Carrying amount of financial assets*	1,075,756	37,227
Financial assets measured at fair value
Debt instruments measured at amortised cost	_1,449,513	1,059,729
*Carrying amount of financial liabilities* Measured at amortised cost	(3,419,080)	(2,924,666)

17 Allocation of the charity net assets

The net assets are held for the various funds as follows:

31 August 2025 Restricted funds Unrestricted funds: Unrestricted funds Advance fees Unrestricted funds: Designated Total funds 31 August 2024 Restricted funds Unrestricted funds: Unrestricted funds Advance fees Unrestricted funds: Designated Total funds	Fixed Assets £ 76,688 3,140,000 - - 3,216,688 Fixed Assets £ 82,376 2,993,250 - - 3,075,626	Investments £ 1,038,529 - - 1,038,529 Investments £ - - - - -	Net Current Assets £ 12,385 38,722 (226,790) - (175,683) Net Current Assets £ 11,785 1,426,394 (422,416) - 1,015,762	Long Term Liability £ (448,793) (161,803) - (610,596) Long Term Liability £ - (580,767) (307,767) - (888,534)	Total £ 89,073 3,768,458 (388,593)
					-
					3,468,938
					Total £ 94,160 3,838,878 (730,183)
					-
					3,202,855

ST DAVID’S COLLEGE TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2025

18a Restricted funds

31 August 2025 Tryfan James Webb Boat fund Chapel Fund Total funds 31 August 2024 Tryfan James Webb Boat fund Chapel Fund Total funds	Balance at 1 September 2024 £ 82,376 - 1,758 10,027 94,161 Balance at 1 September 2022 £ 88,064 1,758 - 89,821	Incoming Resources £ - - - 600 600 Incoming Resources £ - - - 10,027 10,027	Resources Expended £ (5,688) - - (5,688) Resources Expended £ (5,688) - - - (5,688)	Transfer £ - - - Transfer £ - - - - -	Balance at 31 August 2025 £ 76,688 - 1,758
					10,627
					89,073
					Balance at 31 August 2024 £ 82,376 1,758
					10,027
					94,161

Tryfan: James Webb Fund: Boat Fund: Chapel Fund:

The balance represents the depreciating value of the Boarding House. The fund was set up to provide an assistive technology suite. Donations received towards the purchase and upkeep of boats.

Donations designated for the Chaplain to allocate towards Chapel resources and other needs as required.

ST DAVID’S COLLEGE TRUST

NOTES TO THE ACCOUNTS

For the year ended 31 August 2025

18b Unrestricted funds: Designated

31 August 2025 Balance at 1 September 2024 £ Development Appeal 73 31 August 2024 Balance at 1 September 2023 £ Development Appeal 91	Incoming Resources £ - Incoming Resources £ -	Resources Expended £ (15) Resources Expended £ (18)	Balance at 31 August Transfer 2025 £ £ - 58 Balance at 31 August Transfer 2024 £ £ - 73

Development Appeal: The balance represents the depreciating value of the Chelsea House furniture and equipment, which may now be used for other development purposes.

18c Unrestricted funds

31 August 2025 Balance at 1 September 2024 £ General reserve 3,108,621 31 August 2024 Balance at 1 September 2023 £ General reserve 2,733,493	Incoming Resources Resources Expended £ £ 7,034,447 (6,763,261) Incoming Resources Resources Expended £ £ 7,037,067 (6,667,341)	Gains/ (Losses) £ - Gains/ (Losses) £ 5,402	Balance at 31 August 2025 £ 3,379,807 Balance at 31 August 2024 £ 3,108,621

ST DAVID’S COLLEGE TRUST

NOTES TO THE ACCOUNTS

For the year ended 31 August 2025

19 Contracts and commitments

There is a capital commitment for £Nil at 31 August 2025 (2024: £Nil).

20 Operating lease

The lease, covering the school buildings and the grounds, granted by Mostyn Estates expires in 2060.

Total Future minimum lease payments:

2025 £ Under 1 year 47,595 1 – 5 years 162,883 After 5 years 1,200,650 1,411,128	2024 £ 48,077 149,000 1,088,850 1,285,927

The leases relate to land and buildings, minibuses and equipment.

21 Related party transactions

Eunice Aubert, Vice Chair of the Governing Body, and her family made a further donation of £600 to the Chapel Fund during the year. The balance on the fund at the year end was £10,627 (2024: £10,027). The funds remain within restricted reserves and will be applied towards future Chapel-related purposes in accordance with the College’s governing document. Helen Moore, a member of the Governing Body, received £167 during the year for invigilation work carried out at the College. The payment was made on normal terms and approved in accordance with the College’s conflict of interest policy.

22 Pension costs

Legal and General Pension Scheme

From 1 May 2021 the College participated in a Legal and General Pension Scheme for all eligible teachers. The employer contributions being 16.48%. The costs for the year represent the College’s contributions to that scheme for the 12 months of £427,147 (2024: £414,080 plus TPS £Nil) with a balance unpaid at the year-end of £nil (2023: £nil).

Group personal pension scheme

The College also participates in two defined contribution group personal pension schemes for employees who are not eligible for membership of the Legal and General Pension Scheme. The costs for the year represent the College’s contributions to those schemes of £89,272 (2024: £87,026) with a balance unpaid at the year-end of £nil (2024: £nil).

ST DAVID’S COLLEGE TRUST

NOTES TO THE ACCOUNTS

For the year ended 31 August 2025

23 Cash generated from operations

Cash generated from operations
Net income/(expenditure) for the year Eliminations of non-operating cash flows: Investment income Finance costs Depreciation of tangible fixed assets Profit on disposal of tangible fixed assets Operating cash flows before movements in working capital Decrease in stocks Increase in debtors (Decrease)/Increase in creditors (excluding fees in advance scheme) Cash generated from operations	2025 £ 266,083 (38,529) 14,164 207,439 (13,736) 435,422 (12,784) (442,655) 494,414 474,397	2024 £ 374,046 - 20,082 162,298
		556,427 11,625 (985,494) 1,335,375
		917,933

ST DAVID’S COLLEGE TRUST

ST DAVID’S COLLEGE TRUST

FINANCIAL STATEMENTS

Year ended 31 August 2025

Contents

ST DAVID’S COLLEGE TRUST

Company Information

Legal Status

Governors

Registered charity number

Operating name

The Headmaster

The Bursar and Clerk to the Governors

Company number

Registered office

VAT registration number

ST DAVID’S COLLEGE TRUST

Company Information

ST DAVID’S COLLEGE TRUST

Governors’ Annual Report (incorporating Strategic Report)

Year ended 31 August 2025

Principal activities and objectives

Auditor

Structure, governance and management

Governing document

Governing Body

Recruitment and training of Governors

ST DAVID’S COLLEGE TRUST

Governors’ Annual Report (incorporating Strategic Report)

Year ended 31 August 2025

Organisational Management

Key management remuneration policy

Related Parties

Investment policy and objectives

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Aims and intended impacts

Governors’ Annual Report (incorporating Strategic Report)

Year ended 31 August 2025

Objectives

Strategies

ST DAVID’S COLLEGE TRUST

Governors’ Annual Report (incorporating Strategic Report)

Year ended 31 August 2025

Public benefit

Fundraising performance

Investment performance

ST DAVID’S COLLEGE TRUST

Governors’ Annual Report (incorporating Strategic Report)

Year ended 31 August 2025

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

Review of achievements and performance for the year

Life Beyond the Classroom 2024/25

ST DAVID’S COLLEGE TRUST

Governors’ Annual Report (incorporating Strategic Report)

Year ended 31 August 2025

ST DAVID’S COLLEGE TRUST

Governors’ Annual Report (incorporating Strategic Report)

Year ended 31 August 2025

FINANCIAL REVIEW

Results for the year

ST DAVID’S COLLEGE TRUST

Governors’ Annual Report (incorporating Strategic Report)

Year ended 31 August 2025

Reserves Level and Policy and Financial Viability

PRINICIPAL RISKS AND UNCERTAINTIES

Risk management

ST DAVID’S COLLEGE TRUST

Governors’ Annual Report (incorporating Strategic Report)

Year ended 31 August 2025

Pupil Numbers

Loss of VAT relief

Credit and Debt recovery Risk

Cash flow Risk

Reputational Risk

Future Plans

ST DAVID’S COLLEGE TRUST

Governors’ Annual Report (incorporating Strategic Report)

Year ended 31 August 2025