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← St George's School, Edgbaston

2024-08-31-accounts

Charity registration number 1079647

Company registration number 03861455 (England and Wales)

ST GEORGE'S SCHOOL, EDGBASTON ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

ST GEORGE'S SCHOOL, EDGBASTON

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Sir. R Dowling Mr. B Kicks (Deceased 15 April 2025) Ms. S Boyd Dr. E Insch Mr. A Sharif Mr. L Lee Charity number 1079647 Company number 03861455 Registered office 31 Calthorpe Road Edgbaston Birmingham B15 1RX Auditor Azets Audit Services Thorpe House 93 Headlands Kettering Northamptonshire United Kingdom NN15 6BL Bankers Lloyds Bank 1 Calthorpe Road Birmingham United Kingdom B15 1QL Solicitors Irwin Mitchell 31 Temple Street Birmingham United Kingdom B2 5DB

ST GEORGE'S SCHOOL, EDGBASTON

CONTENTS

Page
Trustees report 1 - 4
Statement of Trustees responsibilities 5
Independent auditor's report 6 - 8
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12 - 23

ST GEORGE'S SCHOOL, EDGBASTON

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2024

The Council members present this their annual report together with the audited financial statements of St. George's School, Edgbaston for the 1 September 2023 to 31 August 2024. The Council members confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Overview

The School continues to focus on ensuring the governance and management has oversight of the School. Its primary focus is ensuring that the School is working efficiently and properly addressing its mandate to provide efficient education for its pupils; where necessary external consultants are consulted, also Birmingham LA where appropriate.

Objectives and activities

The objective of the School will always comply with the Articles of Association and ensure the advancement of the education of students in accordance with National guidelines and the ambitions articulated by students and parents, these ideas apply equally to the Junior School, Secondary School and Sixth Form.

The school’s key objective is to continue to provide quality education to current and future generations of children. In addition to providing a formal education in accordance with statutory requirements, the School also places emphasis on preparing students for life. These objectives are delivered within a safe learning environment.

The School currently provides education to boys and girls aged between rising three and eighteen plus years of age.

At the end of the 2024 academic year, the Lower School had 71 pupils on roll and the Upper School and Sixth form had 317 pupils on roll.

The Trustees are aware of their responsibility to be open and transparent by ensuring there is clear evidence of public benefit associated with their activities. Accordingly, the School is committed to supporting the education and development of its pupils and where necessary and possible, provides financial relief to individual pupils through bursaries or scholarships of an agreed amount in accordance with School’s Admissions Policy. The record of financial relief offered to students is unusually generous for a School as small as St George’s.

At the time of writing, thirteen pupils have full remission of fees.

Bursaries in the amount of £54,580 awarded to students in 2024 (2023: £76,327). The Trustees ensure that the benefits of the School are available to as wide an audience as possible. Many of our students come from lower socio-economic groupings.

At all times the Trustees consider the Charity Commission's guidance on public benefit. Further the Trustees fully respect and support the School’s policy on the Conflict of Interest.

ST GEORGE'S SCHOOL, EDGBASTON

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Achievements and performance

GCSE and A-Level Results 2024

A Level (A2) and BTEC*

100% of grades achieved by students at A-Level (A2) were A-E, with 60% of grades being A-B.

Of the students undertaking BTEC qualifications, 100% of entries achieved a Distinction or Distinction* grade.

Combining the results gives an overall 70% of grades being A-B grades or equivalent and an astounding 89% A-C or equivalent.

Year 11 GCSE*

The school achieved a 100% pass rate, with all students achieving GCSEs (or equivalent) at grades 9-1

Overall 78% of year 11 students gained 5 or more GCSEs at grade 9-5; 88% of year 11 students gained 5 or more GCSEs at grade 9-4 or equivalent.

86% of students entered achieved 5 or more GCSEs at grade 9-4 including English and Maths. Overall 94% of all the results of all entries were at grade 9-4.

Students achieved an incredible 100% 9-4 passes in Biology, Chemistry, French, Further Maths, Geography, Photography, Physical Education, Physics and Religious Studies; and over 85% 9-4 passes in: Business (97%), Combined Science (97%), Design Technology (86%), English Language (88%), English Literature (95%), History (95%), Computer Science (94%), Mathematics (86%), Music (86%) and Psychology (90%).

Year 10 GCSE Maths and English*

After careful consideration and consultation with students and parents we entered the majority of our Year 10 cohort for GCSE Maths and English. The results have been extremely pleasing.

Maths

75% of those entered achieved a GCSE at a grade 4 or higher. 21% of those entered achieved a GCSE at grade 9-7.

English

74% of those entered achieved a GCSE at a grade 4 or higher. 44% of those entered achieved a GCSE at grade 9-7.

Financial review

Funding for the operation of the School is provided by fees from pupils and Local Authority funding for students protected by an EHCP.

The financial results are shown in the audited Statement of Financial Activities.

Reserves policy and going concern

The School had £563,474 total reserves as at 31 August 2024 (2022: £1,239,519). Free reserves are the School's reserves that are freely available to spend on any of the School's purposes and therefore exclude restricted funds and tangible fixed assets. At 31 August 2024 the School held free reserves of (£144,163) (2023: £533,170).

Ideally the Council would like to hold a reserve equivalent to a minimum of three months staff costs with an

additional amount for upkeep of premises.

The trustees examined financial forecasts for the current financial year and over the next three years. It was agreed that cuts in expenditure should be identified whilst a focus on increasing income should be prioritised.

ST GEORGE'S SCHOOL, EDGBASTON

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Structure, governance and management

Constitution

The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 26 September 2012 and is a registered charity number 1079647.

Sir. R Dowling Mr. B Kicks (Deceased 15 April 2025) Ms. S Boyd Dr. E Insch Mr. A Sharif Mr. L Lee

Method of appointment or election of Council members

The management of the company is the responsibility of the Council members who are elected and co-opted under the terms of the Articles of Association.

The Council, who are also the Company Directors and Charity Trustees, are responsible for the overall management and control of the School.

The Council follows an open and transparent procedure for recruiting trustees. All trustees are provided with a comprehensive induction and a skills audit is completed which helps to plan for succession and renewal of the governing body.

The Trustees are appraised on an annual basis by the Chair which leads to the identification of any training and development needs. The Chair of the Board of Trustees offers a paid consultancy of three days per week to the School.

Salaries and conditions of service for teachers are generally in line with national guidelines on teachers’ pay and conditions. Pay is linked to performance and appraisal.

Meetings of the Council

The Council holds a general meeting at least once every School term, with meetings called more frequently if required.

The day-to-day running of the School is delegated to the Co-Head Teachers.

The Members of the Council who served during the year to the date of signing were as below:

Sir. R Dowling Mr. B Kicks (Deceased 15 April 2025) Ms. S Boyd Dr. E Insch Mr. A Sharif Mr. L Lee

ST GEORGE'S SCHOOL, EDGBASTON

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Risk management

Along with the Headmaster, The Finance, Staffing and General Purposes Committee continue to monitor the risk plan which includes key items such as law and regulation; governance and leadership; strategic function; operational function; finance and the external environment.

Under the advice of the Finance, Staffing and General Purposes Committee, the Council have reviewed the key risks to the School which currently include but are not exclusive to:

Legal compliance with key legislation,

The Council approves policies and oversee the operation of the School. The Staff regularly make presentations to Trustees on issues that require their approval and to keep them informed of all developments across the School.

The School continues to work closely with external Health and Safety consultants to ensure that all legal requirements are met.

Future Strategy

The School continues to work towards the strategic goals included in its five-year development plan which includes the enhancement and development of its facilities, educational capabilities and resources. The Trustees have encouraged the School to continue to focus on the benefit it can bring to the wider community, also ensuring the School’s culture of inclusivity in relation to faith and special educational needs are embedded into the culture at St. George’s.

Disclosure of information to Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees report was approved by the Board of Trustees.

.............................. Sir. R Dowling

Dated: .........................

ST GEORGE'S SCHOOL, EDGBASTON

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2024

The Trustees, who are also the directors of St George's School, Edgbaston for the purpose of company law, are responsible for preparing the Trustees 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 Trustees 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 year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ST GEORGE'S SCHOOL, EDGBASTON

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST GEORGE'S SCHOOL, EDGBASTON

Opinion

We have audited the financial statements of St George's School, Edgbaston (the ‘charitable company’) for the year ended 31 August 2024 which comprise the statement of financial activities, the balance sheet, the 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:

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 annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the 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.

We have nothing to report in this regard.

ST GEORGE'S SCHOOL, EDGBASTON

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ST GEORGE'S SCHOOL, EDGBASTON

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In 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 Trustees report.

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

Responsibilities of Trustees

As explained more fully in the statement of Trustees responsibilities, the Trustees, who are also the directors of the charitable company for the purpose 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

ST GEORGE'S SCHOOL, EDGBASTON

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ST GEORGE'S SCHOOL, EDGBASTON

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Richard Monkhouse (Senior Statutory Auditor) for and on behalf of Azets Audit Services

.........................

Chartered Accountants Statutory Auditor

Thorpe House 93 Headlands Kettering Northamptonshire United Kingdom NN15 6BL

ST GEORGE'S SCHOOL, EDGBASTON

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and
legacies
3
3,397
-
Charitable activities
4
4,900,672
-
Investments
5
205
-
Total income
4,904,274
-
Expenditure on:
Charitable activities
6
5,580,319
-
Net expenditure for the
year/
Net movement in funds
(676,045)
-
Fund balances at 1
September 2023
1,218,355
21,164
Fund balances at 31
August 2024
542,310
21,164		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
3,397
4,933
-
4,900,672
4,924,060
-
205
165
-
4,904,274
4,929,158
-
5,580,319
4,945,495
-
(676,045)
(16,337)
-
1,239,519
1,234,692
21,164
563,474
1,218,355
21,164		 Total
2023
£
4,933
4,924,060
165
4,929,158
4,945,495
(16,337)
1,255,856
1,239,519

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

ST GEORGE'S SCHOOL, EDGBASTON

BALANCE SHEET

AS AT 31 AUGUST 2024

Notes
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current (liabilities)/assets
Total assets less current liabilities
Income funds
Restricted funds
16
Unrestricted funds		 2024
£
£
686,473
101,395
482,492
583,887
(706,886)
(122,999)
563,474
21,164
542,310
563,474		 2023
£
£
685,185
79,459
1,127,825
1,207,284
(652,950)
554,334
1,239,519
21,164
1,218,355
1,239,519		 2023
£
£
685,185
79,459
1,127,825
1,207,284
(652,950)
554,334
1,239,519
21,164
1,218,355
1,239,519
1,239,519
21,164
1,218,355
1,239,519

The financial statements have been prepared in accordance with the special provisions of the Companies Act relating to small companies and constitute the financial statements required by the Companies Act 2006 and are for circulation to members of the company.

The financial statements were approved by the Trustees on .........................

.............................. Sir. R Dowling Trustee

Company registration number 03861455

ST GEORGE'S SCHOOL, EDGBASTON

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2024

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
22
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
£
(475,656)
(169,882)
205
(169,677)
-
(645,333)
1,127,825
482,492		 2023
£
£
108,191
(167,956)
164
(167,792)
-
(59,601)
1,187,426
1,127,825

ST GEORGE'S SCHOOL, EDGBASTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

Charity information

St George's School, Edgbaston is a private company limited by guarantee. The members of the company are the Council members named on page 3. In the event of the school being wound up, the liability in respect of the guarantee is limited to £1 per member of the school. The company is incorporated in England and Wales and its registered office is 31 Calthorpe Road, Edgbaston, Birmingham.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2016). The charitable company is a Public Benefit Entity as defined by FRS 102.

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

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.

1.3 Charitable funds

General funds are unrestricted funds which are are available for use at the discretion of the Council members in furtherance of the general objectives of the company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the school for particular purposes. The costs of raising and administrating such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes of the financial statements.

1.4 Incoming resources

Fee Income

Fee income is the total amount receivable by the company in the accounting period for services provided in teaching children, and for services ancillary to their education. School fees are stated after deducting bursaries and discounts.

Grant income

Income from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance. Grants which represent contributions to projects not yet started at the balance sheet date are treated as deferred income.

Investment income

Investment income, including associated income tax recoveries, is recognised when receivable.

ST GEORGE'S SCHOOL, EDGBASTON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

1.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

All governance costs and other support cost are allocated to the charity's educational operations.

All expenditure is inclusive of irrecoverable VAT.

1.6 Tangible fixed assets

All assets costing more than £500 are capitalised.

A review of impairment of a fixed asset is carried out if events of changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Short-term leasehold property straight line over the period of the lease Expenditure on building enhancement straight line over 10 years School equipment straight line over 5 years Computer Equipment straight line over 3 years

1.7 Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand.

1.8 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

ST GEORGE'S SCHOOL, EDGBASTON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

1.10 Pensions

Retirement benefits to employees of the charitable company are provided by the Teachers' Pension Scheme ('TPS'). This is a defined benefit schemes and the assets are held separately from those of the charitable company.

The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees' working lives with the charitable company in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a projected unit method. The TPS is an unfunded multi-employer scheme with no underlying assets to assign between employers. Consequently, the TPS is treated as a defined contribution scheme for accounting purposes and the contributions are recognised in the period to which they relate.

The School also contributes to a NEST defined contribution scheme for its non-teaching staff. Contributions to the scheme are recognised in the statement of financial activities as they become due in accordance with the rules of the scheme.

1.11 Leases

Rentals under operating leases are charged to the Statement of financial activities incorporating income and expenditure account on a straight line basis over the term of the relevant lease.

1.12 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company, this is normally upon notification of the interest paid or payable by the Bank.

1.13 Debtors

Trade and other debtors are recognised at the settlement amounts after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.14 Creditors

Creditors and provisions are recognised where the school 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 at their settlement amount. Deferred income represents fees and trips invoiced in advance.

2 Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ST GEORGE'S SCHOOL, EDGBASTON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

3 Donations and legacies

**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Donations and gifts 3,397 4,933

4 Charitable activities

Gross fees
Teaching support fees
Sibling and other discounts
Sundry		 2024
£
3,872,680
1,023,408
(32,387)
36,971
4,900,672		 2023
£
3,521,740
1,275,171
(26,972
154,121
4,924,060

Charitable trading income

The above income is unrestricted.

5 Investments

**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Interest receivable 205 165
The above income is unrestricted.

ST GEORGE'S SCHOOL, EDGBASTON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

6 Charitable activities

Direct Costs
2024
£
Staff costs
3,605,449
Depreciation and impairment
-
Bursaries
54,581
Scholarships
109,368
Departmental expenses
295,539
Rent, rates, heating and lighting
-
Catering expenses
-
Miscellaneous expenses
-
Furniture and equipment
-
Maintenance
-
Kitchen equipment
-
Bank charges and interest
-
Auditor's remuneration
-
4,064,937
4,064,937		 Support
Costs
Governance
Costs
2024
2024
£
£
619,055
-
168,594
-
-
-
-
-
-
-
245,908
-
119,763
-
189,252
-
82,645
-
69,755
-
933
-
5,977
-
-
13,500
1,501,882
13,500
1,501,882
13,500		 Total
2024
£
4,224,504
168,594
54,581
109,368
295,539
245,908
119,763
189,252
82,645
69,755
933
5,977
13,500
5,580,319
5,580,319		 Total
2023
£
3,803,867
159,294
76,327
88,531
160,435
202,469
110,913
188,297
78,027
59,292
885
5,658
11,500
4,945,495
4,945,495

ST GEORGE'S SCHOOL, EDGBASTON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

7 Auditor's remuneration

Fees payable to the charitable company's auditor and associates:
Audit of the charitable company's annual accounts
Non-audit services
All other non-audit services		 2024
£
13,500
750		 2023
£
11,500
750

The auditor's remuneration amounts to an audit fee of £12,000 (2023: £11,500) and non audit services of £1,500 (2023: £750).

8 Trustees

Sir R Dowling, a trustee, received remuneration of £6,667 (2023: £20,000) in the year for services in assistance to the Headteacher.

No trustees received reimbursed expenses of £Nil (2023: £Nil) during the year for travel.

9 Employees

The average monthly number of employees during the year was:

Teaching staff
Support staff
Nursery
Maintenance staff
Administration staff
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
60
21
10
5
15
111
2024
£
3,331,079
302,315
591,110
4,224,504		 2023
Number
53
33
10
4
10
110
2023
£
3,027,528
280,843
495,496
3,803,867

The wages and salaries balance includes agency staff costs of £28,637 (2023: £106,074).

ST GEORGE'S SCHOOL, EDGBASTON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

9 Employees

(Continued)

The number of employees whose annual remuneration was more than £60,000 is as follows:

is as follows:
2024 2023
Number Number
£60,001 - £70,000 3 2
£110,001 - £120,000 - 1
£120,001 - £130,000 1 -

10 Key Managment Personnel

The key management personnel in this charity are considered to be the Trustees, the Co-Headteachers, the Assistant Headteachers, the Head of Sixth Form and the Head of the Lower School.

Key management personnel, in aggregate, received compensation of £675,933 (2023: £529,614) during the year.

11 Tangible fixed assets

Cost
At 1 September 2023
Additions
At 31 August 2024
Depreciation and impairment
At 1 September 2023
Depreciation charged in the year
At 31 August 2024
Carrying amount
At 31 August 2024
At 31 August 2023
12
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income		 Short-term
leasehold
property
Expenditure
on building
enhancement
£
£
823,807
1,862,319
-
147,330
823,807
2,009,649
650,918
1,489,835
17,280
93,858
668,198
1,583,693
155,609
425,956
172,889
372,484		 School
equipment
£
118,175
13,523
131,698
66,543
17,503
84,046
47,652
51,632		 Computer
Equipment
£
584,150
9,029
593,179
495,970
39,953
535,923
57,256
88,180
2024
£
81,629
19,766
101,395		 Total
£
3,388,451
169,882
3,558,333
2,703,266
168,594
2,871,860
686,473
685,185
2023
£
56,315
23,144
79,459

ST GEORGE'S SCHOOL, EDGBASTON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other taxation and social security
Payments received on account
Trade creditors
Other creditors
Accruals and deferred income		 2024
£
72,748
259,342
152,775
173,373
48,648
706,886		 2023
£
68,499
263,967
122,629
162,280
35,575
652,950

14 Deferred Income

Deferred income at 1 September 2023
Resources deferred during the year
Resources released during the year
Deferred income at 31 August 2024		 2024
£
19,985
5,625
(19,985)
5,625		 2023
£
64,555
19,985
(64,555)
19,985

At the balance sheet date the school was holding funds received in advance for fees in respect of the year ending 31 August 2025.

ST GEORGE'S SCHOOL, EDGBASTON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

15 Pension Commitments

Defined contribution schemes

The charitable company operates a defined contribution pension scheme for all qualifying non-teaching employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £73,456 (2023: £53,439). At the balance sheet date contributions amounting to £4,625 (2023: £4,037) were payable.

Defined benefits schemes

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. Membership is automatic for teachers in academies. All teachers have the option to opt out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary. These contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Valuation of the Teachers' Pension 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 Cap) 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 contributions. 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 of CPI.

The key elements of the valuation outcome are:

The next valuation result is due to be implemented from 1 April 2024.

The employer’s pension costs paid to TPS in the period amounted to £570,966 (2023: £426,117).

At the balance sheet date contributions amounting to £66,441 (2023: £53,555) were payable.

A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website.

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The School has accounted for its contributions to the scheme as if it were a defined contribution scheme. The School has set out above the information available on the scheme.

ST GEORGE'S SCHOOL, EDGBASTON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

16 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 September
2022
£
Hawker Bursary Fund
9,564
Hawker History Prize Fund
1,875
Christine Beech Schloarship Fund
1,061
Sixth Form Scholarship Fund
237
Sports Grant
8,427
21,164		 Movement in funds
Incoming
resources
Resources
expended
Balance at
1 September
2023
£
£
£
-
-
9,564
-
-
1,875
-
-
1,061
-
-
237
-
-
8,427
-
-
21,164		 Movement in funds
Incoming
resources
Resources
expended
Balance at
31 August 2024
£
£
£
-
-
9,564
-
-
1,875
-
-
1,061
-
-
237
-
-
8,427
-
-
21,164		 Movement in funds
Incoming
resources
Resources
expended
Balance at
31 August 2024
£
£
£
-
-
9,564
-
-
1,875
-
-
1,061
-
-
237
-
-
8,427
-
-
21,164
21,164

17 Unrestricted Funds

These are unrestricted funds which are material to the School's activities made up as follows:

Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 September resources expended 1 September resources expended 31 August 2024
2022 2023
£ £ £ £ £ £ £
General Fund 1,234,692 4,929,158 (4,945,495) 1,218,355 4,904,274 (5,580,319) 542,310

ST GEORGE'S SCHOOL, EDGBASTON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

18
Analysis of net assets between funds
Unrestricted
Restricted
2024
2024
£
£
Fund balances at 31
August 2024 are
represented by:
Tangible assets
686,473
-
Current assets/(liabilities)
(144,163)
21,164
542,310
21,164		 Total Unrestricted
Restricted
2024
2023
2023
£
£
£
686,473
685,185
-
(122,999)
533,170
21,164
563,474
1,218,355
21,164		 Total
2023
£
685,185
554,334
1,239,519

19 Operating lease commitments

At 31 August 2024 the total of the School's future minimum lease payments under non-cancellable operating leases for equipment was:

Within one year
Between two and five years		 2024
£
26,512
59,298
85,810		 2023
£
26,452
45,388
71,840

20 Related party transactions

During the year Mrs Jennifer Shaw, the daughter of Mr R. Dowling (a Trustee), was paid total remuneration of £170,279 including employers national insurance and pension (2023: £152,520) for the position of Co-Head Teacher.

At the year end, there was an outstanding balance due to Friends of St George's School, the School's Parent Teacher Association, of £9,689 (2023: £9,689). All transactions were made on an arms-length basis.

21 Charity Status

The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the school.

At 31 August 2024 there were 5 members (2023: 5).

ST GEORGE'S SCHOOL, EDGBASTON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

22 Cash generated from operations 2024 2023
£ £
Deficit for the year (676,045) (16,337)
Adjustments for:
Investment income recognised in statement of financial activities (205) (165)
Depreciation and impairment of tangible fixed assets 168,594 159,294
Movements in working capital:
(Increase) in debtors (21,936) (44,428)
Increase in creditors 53,936 9,827
Cash (absorbed by)/generated from operations (475,656) 108,191
23 Analysis of changes in net funds
At 1 Cash flows At 31 August
September 2024
2023
£ £ £
Cash at bank and in hand 1,127,825 (645,333) 482,492
1,127,825 (645,333) 482,492