2024-08-31-accounts

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ST ALBANS SCHOOL

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

Company limited by guarantee Registered in England No. 4400125 Charity No. 1092932

ST ALBANS SCHOOL

	Page
Annual Report of the Governors	2
Independent Auditor’s Report	22
Consolidated Statement of Financial Activities	26
Consolidated Summary Income and Expenditure Account	27
Consolidated and School Balance Sheets	28
Consolidated Cash Flow Statement	29
Notes to the Financial Statements	31-50

ST ALBANS SCHOOL

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

The St Albans School Governors present their Annual Report for the year ended 31 August 2024 under the Charities Act 2011, including the Directors’ and Strategic Reports, under the Companies Act 2006, together with the audited financial statements for the year.

CONSTITUTION AND OBJECTS

St Albans School was founded in AD948 by Abbot Wulsin and is believed to have operated as a school without break since that time.

It was incorporated on 21 March 2002 as a company limited by guarantee and not having a share capital (registered in England, No.4400125). The School is registered with the Charity Commission as a registered educational charity No.1092932. The undertaking comprising the former charitable trust of the same name was transferred to the company with effect from 31 August 2003. The registered office and address of the School is at Abbey Gateway, St Albans, Hertfordshire, AL3 4HB.

The School’s Objects and principal activity, as set out in the Memorandum and Articles, are to advance the education and training, by the provision and conduct, in or near St Albans, of a day school for boys and also for girls in the Sixth Form.

AIMS, OBJECTIVES AND ACTIVITIES

The School is a secondary day school for boys between the ages of 11-18 with girls in the Sixth Form. In furtherance of the Objects for the public benefit, the School operates premises in St Albans, has established and administers bursaries, grants, awards and other benefactions, and acts as the trustee and manager of property, endowments, bequests and gifts given or established in pursuance of these Objects. The School also maintains its buildings and endowed land, with its Scheduled Ancient Monument and other listed buildings considered of national importance.

The Ethos, Vision, Goal and Aims are:

Motto

NON NOBIS NATI (born not for ourselves)

Ethos

Over seventeen hundred years ago Saint Alban, a seeker after truth, lived and died in this place. Today, more than one thousand years since its foundation, this School which bears his name continues to play an important role in the local community, fostering scholarship and intellectual enquiry at the heart of an exceptional holistic education. Enriched by inspirational teaching, wide-ranging academic, cultural and sporting opportunities and strong pastoral care our pupils develop a love of learning together with the values, skills and qualities to enable them to live successful and happy adult lives in an ever-changing world, faithful to the altruism of our motto.

Vision

To help each pupil flourish intellectually and personally, developing self-knowledge and self-confidence in order to find meaning and purpose in life.

ST ALBANS SCHOOL

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

Goal

To enhance the School’s reputation as one of the UK’s leading institutions for academic excellence at the heart of an exceptional holistic and value-rich education that develops intellectual, personal and interpersonal potential, and that is attractive to pupils, parents and staff.

Aims

WE AIM TO DELIVER OUR ETHOS AND VALUES, REALISE OUR VISION AND ACHIEVE OUR GOAL BY:

Providing an education that inspires a love of learning and intellectual enquiry and enables pupils to develop independent, searching minds in fulfilling their academic potential;
Offering a broad, flexible and forward-looking curriculum which prepares pupils for success in academic and professional life and leadership roles, enabling pupils to experience a wide variety of sporting, cultural and other co-curricular activities in order to develop skills, interests, ambitions and potential beyond the classroom and the examined curriculum;
Providing teaching informed by excellent subject knowledge and high expectations, which stimulates and challenges pupils and fosters innovation, imagination, skill, articulacy and flair;
Supporting the development of metacognitive skills to enable pupils to manage and regulate their own learning and reflect on their performance and progress;
Attracting and retaining highly-qualified, talented and well-motivated staff who enjoy the responsibility of inspiring pupils in accordance with the School’s ethos, and investing in their professional training and development;
Providing a safe and welcoming environment underpinned by excellent pastoral care, supporting each pupil to be happy, feel valued as an individual and, with appropriate guidance and responsibilities, develop the self-confidence to become the adult they wish to be;
Fostering an environment that celebrates diversity and is inclusive of all, irrespective of race, gender, religion, sexuality, disability or background, founded on tolerance and consideration towards others;
Providing expert advice so that pupils are ready to derive the maximum benefit from their continuing education and are able to make informed choices about their future career, and working in partnership with parents to support pupils in their journey from childhood to adulthood, preparing them for their departure into the adult world;
Continuing the evolution of the School’s provision, striving for excellence in all aspects of its operations, instilling the highest standards of behaviour, manners, dress and speech, together with encouragement of pride in self and School to develop courteous, sociable and caring adults, and promoting the embodiment of the School’s values, in particular the importance of the ethos of service to others in living a fulfilling life;
Furthering the tradition and heritage arising from the School’s historic links with the Abbey and the City of St Albans, emphasising the importance to self and others of contributing to the community, both inside and outside the School, and ensuring that the wider community benefits from the work of the School, in particular through partnership projects with state-sector schools and wider outreach work;

ST ALBANS SCHOOL

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

Widening entry via means-tested bursaries, where possible, for local children with the potential to benefit from a St Albans School education; and exercising a careful and responsible stewardship of the School’s finances and facilities, ensuring the best-possible educational value.

STRATEGIES TO ACHIEVE THE SCHOOL’S OBJECTIVES

In setting our objectives and planning activities, Governors have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee charging.

During the period of this report, the School maintained excellent results at A level and at GCSE. Sporting standards and participation remain excellent, high-quality musical and theatrical performances were maintained, and an active programme of tours was achieved, expanding pupils’ horizons. Community and service activities continue to expand; staff training and facility improvements continue.

In November 2022 the ISI inspected the School in a full Focused Compliance and Educational Quality Inspection. The School was rated “Excellent” (the highest grade) in both of the two categories:-

Academic and Other Achievements and
Pupils’ personal development.

The School also received a “Pass” in Regulatory Compliance (this is not rated, merely being a binary pass or fail). All reports are available on the ISI website and on the School’s website.

Principal activities of the year

The School provides education in St Albans to boys from the age of 11 and girls in the Sixth Form. This year the School averaged at 906 pupils (2023 – 900) in the financial year and opened in September 2024 with 892 pupils.

The demand for places remains strong. This means that admission is academically competitive as evidenced by the increasing academic ability of the intakes at 11+ and 13+. This gives us confidence that the School can operate at high capacity for the foreseeable future without compromising its resolve to maintain the high academic standards with which the School has long been identified.

Grant-making policy

The Governors regard bursary awards as important in ensuring that children from families who would otherwise not be able to afford the full School fee can access the education the School offers. All pupils who meet the entrance requirements, whose parents meet the financial conditions, may be considered for an award, subject to the availability of funds. These are made solely on the basis of parental means or to relieve hardship where a current pupil’s education may be at risk. In assessing means we take into account family income, savings and family circumstances. However, the School does not have a large endowment and awards are funded mindful that Governors must maintain a balance between possibly hard pressed, fee-paying parents and those benefiting from bursary awards. Bursaries need to make a material difference to the family concerned, bringing life-changing opportunities.

The Governors' aim is to award new, means-tested, bursaries and scholarships to the value of eight full fees each year as follows:-

Bursaries are awarded, in order of merit in the appropriate entrance examination, to those pupils whose parents would otherwise not be able to afford to have their children educated at the School and may also be awarded to existing pupils where the policy is to relieve hardship where

ST ALBANS SCHOOL

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

the pupil's education would otherwise be at risk. Bursaries range from 10% to 100% of the termly fee but are generally not less than 40%. All bursaries are reviewed annually.

Scholarships are awarded following the entrance and scholarship examinations at 11+, 13+ and Sixth Form entry. These awards are made solely on merit without regard to parental income. Where funds are not fully allocated to scholarships, these funds are made available in addition to those already available for means-tested bursaries.

The majority of available funds go towards bursaries.

Scholarships and bursaries valued at £1,193,000 (2023 - £959,000) were awarded in the year. Of this total, £756,000 (63%) was awarded through means-tested bursaries. A total of 194 pupils in the School received either a bursary or scholarship during the year (2023: 184) of whom 14 received total remission of fees (2023: 2).

Available bursary funds were fully and effectively deployed on a means-tested basis during the academic year. Means-tested bursaries, in some cases in combination with scholarships awarded independently on academic merit, were offered to those who qualified in respect of ability and financial need, in strict order of attainment in the relevant selection process. The School’s Bursary Policy is available on the School’s website.

STRATEGIC REPORT

Operational performance of the School

The School is committed to safeguarding and promoting the welfare of pupils and expects all staff and volunteers to share this commitment. The School prides itself on the strong pastoral care provided for all pupils by Form Tutors under the aegis of Heads of Year and Heads of Section.

The School welcomes pupils from all backgrounds. For a candidate to be admitted, the School needs to be satisfied that it will be able to educate and develop them to the best of their potential and in line with the general standards achieved by their peers. Entrance assessments are undertaken to satisfy the School and parents that potential pupils can cope with the pace of learning and benefit from the education provided. These assessments are made without regard to economic status, ethnicity, race, religion or disability.

Academic

In summer 2024, pupils experienced a normal year of public examinations and were well supported by teachers with ways to develop efficient and effective Learning to Learn (LTL) strategies.

At A Level in 2024, A grades accounted for 32% of all grades (22% in 2023) and A and A grades were at 70% (59% in 2023). 11 candidates achieved at least 4 A grades, 38 achieved at least 3 A grades and 67 gained at least 2 A*s.

The School's 2024 GCSE results are similarly pleasing. 68% of examinations were graded 9-8 (compared with 63% in 2023). Almost three-quarters of the year group gained at least five grades 9-8, with 67% of the cohort gaining at least six grades 9-8. 42% of the year group achieved at least eight 9s and 8s. 32% achieved at least nine 9s and 8s and 30 candidates (almost one-quarter of the cohort) achieved at least ten 9s and 8s. 32 pupils achieved straight 9s and 8s. More than half of our candidates gained at least seven grades 9-8.

ST ALBANS SCHOOL

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

136 (70%) of students who applied to university in 2024 secured a place at their first preference university on results day with 38 (20%) being offered a place at their second preference university. Six students pursued opportunities outside UCAS, two went to music conservatoires, one to art school, one to drama school and one took up a degree apprenticeship as a Police Constable. Two students pursued opportunities in Europe. 147 (76%) were offered places at Russell Group universities with 28 (14%) confirming places at former 1994 Group universities such as Bath and Loughborough. Ten students will be enrolling on Medicine or Dentistry courses. 13 students will take up Oxbridge places (3 at Oxford and 10 at Cambridge). The most popular destinations for St Albans School alumni this year are Nottingham, Warwick, Leeds, Cambridge, Durham and Bath.

St Albans School believes that a good education is about so much more than examination results and university places. Our pupils undertake a Learning to Learn (LTL) programme and develop transferable skills across the curriculum; they leave us with the skills and qualities they will need to be successful in the rest of their lives. The thriving programme of academic enrichment beyond the classroom supports and facilitates curiosity and enables the development of independent thinking and academic excellence. Activities include lecture programmes, the creation of academic magazines and journals, trips, national competitions and a vast array of academic societies.

Music

The Music Department had a difficult year with the passing away of much-loved Director of Music Mick Stout. However we continued to offer our usual wide range of activities and Concerts.

It was an especially impressive UVI leavers cohort, among them a Kings College Cambridge Choral Scholar, a pupil with a place at Robinson College, Cambridge to read Music, a pupil with a Scholarship to the Royal Academy of Music to study Piano, and a pupil with a place on the prestigious Leeds College Jazz course. Performing highlights included:-

The Autumn Concert and Spring Concert which between them are our flagship concerts for large Ensembles. Works performed included the First Movement of the Grieg Piano Concerto played by Peter May accompanied by the school Orchestra, and a complete performance of Vivaldi’s
“Summer” from The Four Seasons, performed by Arun Subramaniyam with the String Orchestra.
Two Chamber Music Groups advanced to the semi-final of the Pro Corda National Chamber Music Festival (essentially a competition) and received extremely positive feedback from judges
The Summer Cabaret which featured songs from Musicals accompanied by full Cabaret Orchestra, and a Sci-fi Medley exploring a range of 20[th] and 21[st] Century film scores. The second half featured pupils both performing and singing a wide range of Pop and Rock classics, and was greatly enjoyed by the audience
The Joint Schools Concert in the Abbey, which involved pupils from both SAS and STAHS accompanied by a semi-professional orchestra, performing the Faure Requiem and Rutter Magnificat. This included memorable bass solo passages for John-Ellis Wallace, the Head of School
The First Form Choral Concert , which involved a complete performance of the original Joseph and his Technicolor Dreamcoat for new parents, by the entire First Form
The annual Steinway Hall Concert , with pupils travelling into London and performing on some of the best pianos in the world, as well as having a tour of Steinway and Sons
The annual Steinway Concert which celebrates the school’s status as an All-Steinway school, and in which pupils and teachers perform to a very high standard on the beautiful Library Steinway
The Carol Service , performed twice, with the Choir singing a range of Carols both old and new, with memorable pupil solos along the way

ST ALBANS SCHOOL

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

A Commonwealth Service , performed in Abbey in the presence of Their Royal Highnesses, the Duke and Duchess of Gloucester; the Choir performed sections from Faure’s Requiem, and select members had the opportunity to meet the Duke and Duchess after the service
The annual Runcie Masterclass featured 20[th] Century specialist Rolf Hind, who coached two SAS pupils (with two others from STAHS) in piano repertoire with an expert hand, then gave an outstanding rendition of several pieces of Messiaen (from a score signed by the composer himself!)
Troy Story , a full-length pupil devised musical based on Greek legends, written and staged almost entirely by Harry Anastasiou (UVI)
The Jazz Evening , featuring the school Jazz Band and a range of other solo and small ensembles numbers
The House Music Competition which was at a particularly high standard this year, and which involved pupils competing in a range of styles
The pupil-led Leavers Concert which gave us a chance to say goodbye to the outgoing UVI
Two Scholars Concerts, in which Scholars get the opportunity to perform short pieces in the Library
Countless lunchtime concerts in The Smith Space, including practices for pupil Diplomas and Ensemble work

Sport - Participation

The participation rates in competitive sports remain healthy while show some small declines across the year groups compared to the past two years’ data. We still have a very positive involvement in Sports in 5[th] and 6[th] forms compared to many similar schools, which is encouraging, but this relies on educating students about the importance of activity alongside academic study to improve well-being and academic outcomes.

Rugby remains the sport that includes the greatest number of participants, followed by hockey, and then cricket. The number of fixtures played also repeats this pattern of sport.

Sport – Achievements

This academic year has also seen some outstanding individual performances and achievements across the School, including at international, national, and regional / county level for their relevant year-groups. Some of the most notable individual accolades are identified below:-

International honours

Tayo Adegbemile, Jack Bracken, Asa Stewart Harris – England U18 rugby
Charlie West, Tayo Adegbemile, Jack Bracken, Asa Stewart Harris – all four signed professional academy contract at Saracens.
Ben Gostick – England Orienteering.
Ezgi Kocer – British Youth Fencing champion U18 Sabre – women.
Lucas Smart – England U18 Hockey
Ryan Smit – GB Climbing
Oliver Da-Silva – British Karate – current World Champion (Summer 2024).

National honours

ESSA individual Finalists: George Ball (High Jump – 3[rd] place; Henry Stweart (400m – 5[th] place).
Intermediate swim team – National Swim Relay finalists.

ST ALBANS SCHOOL

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

Hockey: U16 Hockey team Regional winners and qualified for the National Tier 3 finals of England Hockey competitions.

Regional

Asa Stewart-Harris, Jack Bracken, Charlie Hodsden-West, Tayo Adegbemile, Emmanuel Soroh, Sam Stein, James O’Callaghan represented Saracens Academy in fixtures.
Elliot Lowe, Lucas Smart, Sayan Shah & William Sauve selected for Hampstead & Westminster Talent Academy who participate in the England Hockey Academy championship.
Athletics County Champions : Patrick Weston (200m), Ethan Oba-Okusanya (TJ), Dylan Crowley (3k steeplechase)
Cricket: Sam Calladine, in the Northants EPP/Academy.

Team/Sports Achievements & Firsts:

Athletics – Overall 2[nd] Place in the Guy Butler Shield (Harrow School) & Senior & U16 District Champions.
Elliot Lowe, Ben Huddlestone, Sam Penfold, Greg Rawlings, Hugh McConnell, Ivan Wang, Rohan Shah and Tom Luckhurst represented Hertfordshire.
Cricket: U12 County Plate winners; U15 County & District Cup winners. James Wood played for Herts U18.
Football: Herts U16 representation for Zac White and Samuel Burkeman.

ADDITIONAL COMMUNITY AND PUBLIC BENEFIT

The Governors regard the School’s wider activities as a critical part of its activities; the School must be, and be seen to be, an important part of the local community. Governors have reviewed the guidance from the Charity Commission in respect of public benefit and continue to review this regularly against the policies and objectives of the School. Accordingly, Governors have had due regard to the guidance in reviewing activities in the year.

The Governors see the charitable benefit as being in the following categories:-

The education of the pupils at the School
Widening access through the bursary scheme
The considerable use of its educational and sporting facilities by the local community
The extensive partnership programmes with local schools and charities

Each is now considered in detail:-

1. The education of the pupils at the School

In pursuing the charitable objects, the School demonstrably provides a first-class education to its pupils. This education is more than academic and social; it concerns itself with linguistic, mathematical, scientific, human, social and physical development and prepares pupils for the wider world in the best possible manner.

By parents choosing to educate their pupils at St Albans School, the taxpayer is saved from paying for their education in state-maintained schools. The Independent Schools Council estimates that this saves the taxpayer some £6,500 per pupil per year (the approximate cost per pupil at an Academy), amounting to some £6m per annum for the 905 pupils currently at this School.

ST ALBANS SCHOOL

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

2. Widening access through the bursary scheme

The awarding of bursaries for those unable to afford the School’s fees is a measurable means of demonstrating additional public benefit beyond the education of the Charity’s direct beneficiaries.

In maintaining, and where possible expanding, the bursary scheme operated by the School, we are able to select a number of pupils on purely academic criteria with minimal reference to their ability to fund the fees levied by the School. The School currently supports a total of 12 full fee remissions and a further 195 partial remissions including both Bursaries and Scholarships. This represents some 23% of the total School roll. In this way we believe we ensure that the benefit provided by the School is not restricted to those who have the ability to pay for education.

3. The considerable use of its educational and sporting facilities by the local community

In addition to the above, the School provides a wide variety of Community benefits as detailed above and as follows.

Each year the School organises and hosts a conference on Oxford and Cambridge admissions , addressed by admissions tutors and current undergraduates, which is well attended by teachers and pupils from other local schools from both the independent and maintained sectors. The “What’s it Like to Study?” programme, whereby OAs return to the School to give presentations on their experience of university study and applications. As in previous years, the School continued its support of Sandringham School by offering mock interviews and advice to their Oxbridge candidates. This outreach has been extended to include Southgate School and is planned to be extended by assisting the staff of these schools by running workshops and training courses for Oxbridge and Russell Group admissions.
The School continues to support Initial Teacher Training , with the Deputy Head - Staff assisting school staff in organising this. One of our teachers acted as mentor to a School Direct trainee in Mathematics who successfully completed her Second School Placement here. We had three NQTs who successfully completed their IStip induction year, each supported by a teacher mentor.
We continue to host visiting teachers from a range of schools, who visited as part of their Continuing Professional Development, observing lessons and sharing best practice with our staff.
This year the School once again offered the ‘Experience’ scheme for helping possible entrants to the teaching profession . We receive approaches requesting volunteering opportunities; whilst these are not as easy to accommodate, each is considered on its merits.
The Sports Hall and Swimming Pool is open to community use by local swimming, triathlon, basketball, netball and dance clubs and daytime use by local primary schools. It is also open to local residents when not being used for School activities.
Other facilities, such as the Hall and the Refectory, are available for community use.
The Woollam playing fields and its pavilion continue to provide an important venue for the national as well as the local community . Over recent years, users have included:-
Saracens training camps, covering ages 6-16;
Hertfordshire rugby sevens finals;
Old Albanians Rugby, including their minis and juniors, with some 400-500 under-18s on site on Sundays;
Harpenden Hockey, including both Juniors and seniors, male and female;
County and District Cricket, including the ECB Junior Cricket Finals;
Harpenden Lacrosse;
Hertfordshire Fire and Rescue football;
Cricket academies for children 7-16;
Weekly dance classes;

ST ALBANS SCHOOL

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

A charity tennis tournament;
Charity bicycle rides; and
District, County and Regional Rugby as well as Football and Cross-Country of all levels.
The Woollams Pavilion also hosted a national seminar on groundsmanship.

Much of this use is provided by the School free of charge or at low cost to cover directly-incurred expenses.

4. The extensive partnership programme with local schools and charities

Partnership and Community Link Review 2023/2024

Partnership

The Partnership scheme between St Albans School and local Primary and Special Schools has continued to grow and now involves 18 plus local schools. This year we had 65 Lower Sixth students taking part in the schemes on Friday afternoons. DBS checks were organised by the school for all the students involved and they also attended a safe-guarding workshop before commencing their placements. All these activities are co-ordinated by the Head of Partnership and assisted by other members of teaching and non-teaching staff. These are main elements to the Partnership Scheme:

Swimming lessons

Each week pupils from four local Primary Schools use our swimming pool for their swimming lessons. The School provides qualified coaches to run these sessions, and Sixth Form students and members of staff act as lifeguards. Annually approximately 400 local primary school pupils (Years 3-6) have lessons at our pool. Since the beginning of the program, we have given the opportunity to over 2500 local pupils to learn to swim in our pool and donated over 700 hours of pool time, coaching and lifeguarding.

Masterclasses for Primary Schools

On Friday afternoons the school offers masterclasses run by members of our staff assisted by Lower Sixth Form students in IT and Science. These give the primary school pupils the opportunity to come to use our facilities and carry out practical activities that might not be possible in their Primary schools. SAS teachers running these classes endeavour to cover specific parts of the Primary School curriculum as requested by the Partnership schools. We also run popular Art, Drama and Music classes on Friday afternoons led by an SAS teacher and Sixth Form helpers which take place either at SAS or the teacher and students visit the primary school to run the sessions. We have around 100 primary school children visiting the school site each week. This year the Music and Drama groups combined and ran a series of ‘Joseph’ workshops in local schools which culminated in performances for the parents and were very much appreciated by the schools and immensely enjoyed by all the staff and pupils involved.

The Lower Sixth Form helpers are vital to the running of the master classes. They get the opportunity to share their passion for these subjects with the younger pupils and through their involvement develop vital life skills, such as communication, organisation and cultivate a sense of responsibility. SAS French, STEM and Maths teachers also visit local schools to offer specialist support to various groups during the week.

ST ALBANS SCHOOL

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

Classroom and Sports Assistants

Lower Sixth Partnership students also travel to local primary schools on Friday afternoons. Our students get involved in an assortment of activities in their Partnership Schools, for example helping individual children reading or doing maths, assisting with sports coaching, craft activities, IT, and doing some administrative work. The Sixth Form students provide valuable support to the teacher in the classroom whilst developing those important skills which they will need as they move on to life outside school. We have introduced ‘Maths Mentors’ recently where some of our A ‘Level Maths students act as Maths assistants and work one to one with children who need extra help or have been identified as gifted and talented in Maths.

Book Club

We also run a Book Club project which is a peer-to-peer mentoring programme where a group of our Lower Sixth pupils led by our School Librarian run a weekly book club for Year 5/6 pupils at one of our Partnership schools. This gives our students the opportunity to interact with and relate to younger children whilst leading and facilitating group discussions about the book they are reading in class. This has become one of our most popular activities in Primary Schools.

Fitness and Fun

In the summer term we ran a morning of ‘Fitness and Fun’ for primary schools which was led by the PE Dept up at Woollams. It was attended by over 240 Year 4 pupils and 20 staff from 5 local schools, including a group of Chinese students who were visiting and included a carousel of athletic-based activities. Refreshments and transport were provided. This is our third year of offering this activity, it has grown in numbers each year and is very popular with our Partnership schools. The High Sheriff of Hertfordshire also attended the event this year.

In addition to these Partnership activities, our Sixth Form teamwork with several state Secondary Schools, sharing knowledge and good practice, as well as practical support to students with the UCAS application process, particularly to Russell Group universities, including Oxbridge preparation and interviews.

Community Link

Volunteers in the School’s Community Link Programme aided a range of local causes including:

Special Schools

Throughout the academic year a group of Lower Sixth students from St Albans School volunteered on Friday afternoons to work as assistants at Watling View School, which caters for children and young people aged from 2 to 19 with either severe, or profound and multiple learning disabilities. The St Albans School students worked with individual children and as classroom assistants and in addition, they helped pupils with self-expression in speech and with sign language.

Care Homes for the Elderly

We have students volunteering at Verulam House and Vesta Lodge Care Homes where some of our Sixth Form students assist with the activity programmes on Friday Afternoons. One of our Art teachers also runs Art classes in one of the Care Homes.

LinkAges Christmas Party

After a break due to covid our annual Christmas party for the elderly in the community was back in full swing this year. It is always a very popular event and very well attended, we were at full capacity this year (80 senior citizens) and the mayor also attended. We provide an afternoon of festive fun, food and entertainment.

ST ALBANS SCHOOL

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

Charity Shops

Sixth Form volunteered in three different charity shops in the local area, giving general assistance, working at the tills, and preparing items to go out onto the shop floor.

School staff serving as Governors at local schools.

Their roles include Safeguarding, Resources and Premises, Finance, Child Protection, Special Educational Needs and Disabilities (SEND) and Performance Management, as well as subject responsibilities. State Primary and Junior, SPMLD Special and Independent Schools are all represented.

Combined Cadet Force Partnership

This is a Ministry of Defence-approved partnership between St Albans School CCF and the statemaintained Marlborough Science Academy in St Albans, which involves the training of Year 9 to 11 Cadets from Marlborough Science Academy alongside our own cadets. In addition, staff from Marlborough are trained as Officers. The aim of the partnership is to train both the Cadets and Officers from Marlborough Science Academy, with a view to Marlborough setting up its own CCF in due course, but the linkages that this initiative are providing suggests that a deeper, more long-lasting partnership would bring benefits to all.

The Duke of Edinburgh Award

This popular scheme continues to give young people a great deal of opportunity to involve themselves in volunteering for their local community. It is very popular with pupils with :-

Considerable volunteering and a series of contributions through this to good causes through their placements;
Students also developed new or existing skills and physical activities outside of School time.
Expeditions taking place all over the British Isles and assisted and assessed by the School’s teaching and support staff.

Environmental Work

The Environmental Group is a member of the British Trust for Conservation Volunteers (BTCV) and aims to foster an awareness of local conservation issues and to help the community by participating in schemes to improve the local environment.

Charitable Fundraising

This year the School community has again raised considerable sums for charitable causes. It has achieved this through a wide range of activities, including whole-school activities, form group events and individual efforts.

CLIMATE CHANGE

The School, its pupils and its staff recognise the importance of sustainable development and the need to reduce the impact of carbon emissions. In recent years, the School has taken a large number of measures to reduce its environmental impact, including the following:-The renewal of all the heating boilers on the School’s main site to ensure that these are modern and efficient;
The switching of almost all of the School’s lighting to LEDs, using a fraction of the power of traditional lighting;
The installation of electric vehicle charging points;

ST ALBANS SCHOOL

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

The building of additional covered bicycle racks to encourage use of bicycles;
Significant reduction in single-use plastics;
Ensuring that all of the School’s waste is sorted for recycling; and
That new buildings and facilities are built to the highest standards of environmental impact.

Around half of students travel in by coach, thus reducing car travel. Approximately 25% of pupils commute by car. This proportion is substantially less than the average across all Hertfordshire schools (which is around 40%) and already in line with the County Council’s ambitious targets for all schools.

Governors have established an Environmental and Social Governance Committee to oversee the strategy and implementation of the School’s plans in this area. The School also has a Green Council, where pupils and staff meet to review progress and consider what further steps might be taken.

EQUITY, DIVERSITY AND INCLUSION

The School has developed a clear EDI policy and has also reviewed its position using a detailed questionnaire developed by AGBIS in conjunction with Farrer & Co. To quote the policy:-

Our commitment is to an equitable, diverse and inclusive school. St Albans School is committed to promoting equity, diversity and inclusion through the creation of an environment in which individuals have the opportunity to thrive and be valued for what makes them unique.

The School is committed to work to eradicate discrimination and prejudice, reduce barriers to learning and promote participation for all, responding to and embracing the diversity of our pupils, parents, staff, governors, volunteers, donors and suppliers (hereby known as the “school community”) as well as the local community. The School recognises the benefits of having a diverse and representative school community who value one another and the contributions everyone is able to make.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The School had 906 pupils at the end of the financial year (2023 – 900). The School population from September 2024 was 892 pupils.

Total income of the School (excluding donations) for the year was up by 8.1% on the corresponding period in 2022/23. This level of income is required to finance the ongoing capital expenditure needed to upgrade the School's facilities and support the playing fields, and in order to keep pace with what is expected of the School as a premier educational establishment.

The School's Net Income (excluding donations) was £1,690,000 (2023 - £1,122,000), some 8.53% of net fee income. The surplus was below the medium-term benchmarks that the Board uses but is moving in the right direction. In order to maintain standards and investment, while keeping our costs and therefore our charges to parents, to a minimum, the Governors wish to see continued improvement over the medium term and a plan is in place to do so.

During the year the School Foundation raised a total of £115,000, which was allocated as requested by donors in supporting bursaries, and specific capital projects where a difference could be made to the School. These donations have significantly assisted in our ability to provide funding both for the future and for current needs.

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ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

Also during this year there were two significant events with major financial impacts:-

With the significant rise in the cost of the employers’ contributions to the Teachers’ Pension Scheme, the Governors took the reluctant decision to cap the costs of this, and in March 2024 decided that the additional costs of this would be shared between the School/parents and the members of the scheme. This has mitigated the full impact of the rise and also capped the cost, such that any future rises in costs will be borne by members of the scheme, not by parents’ fees.
With the General election and the Labour Party’s policy on the imposition of VAT on Independent school fees, many parents chose to pay fees in advance for 2024/25 or for future years such that VAT might not become due. This meant that the School’s cash balances at the end of the year were significantly boosted.

As a charity, the School gives parents the assurance that all income must be applied for educational purposes. As an educational charity, the School has tax exemption on educational activities, investments and gains applied to our charitable objects. The financial benefits received from these tax exemptions are all applied for educational purposes and indirectly assist our bursary policies and partnership scheme.

As noted above, educating some 900 pupils provides saving to the taxpayer of around £6.5million, to which needs to be added the approximate amount of UK tax supported by the School of approximately £10million. In addition to this relief to the public purse, the School brings substantial benefits to the local community, as a major employer, through the education we offer, our bursary programme and the Community Link and Partnership scheme, which creates a social asset without cost to the Exchequer.

We consider that the key financial performance indicators are those that communicate the financial performance and strength of the School as a whole, those being pupil numbers, academic results for the year, surplus for the period, extra-curricular performances and applications for places for the following year. For the period under review, pupil numbers continue to be at historically high levels, academic results are near record, the financial result for the period was acceptable in current circumstances and registrations for future admission have increased on the previous year. Taking all of these together, the performance of the School remains excellent. All of these factors give the

Governors the confidence that the School is, and will remain, a going concern, and so the accounts have therefore been prepared on the basis that the charity is a going concern.

Reserves Policy

The total funds of the Charity at 31 August 2024 amounted to £31,795,000 (2023 - £29,780,000) of which £1,184,000 (2023 - £1,091,000) were endowed funds, £1,432,000 restricted and £29,179,000 unrestricted (2023 - £1,379,000 and £27,310,000 respectively). The unrestricted funds include designated funds which represent Bursary and Foundation Funds and amounted to £4,753,000 (2023 –£4,378,000) at the year end.

It is the Governors’ aim to maintain adequate reserves between 5% and 10% of fee income to enable the School to meet unforeseen costs or to cover any shortfall in expected fees or other income. The level of reserves is monitored and reviewed annually by the Governors. Free reserves in the School at the yearend (non-designated, unrestricted reserves less fixed assets minus loans on such assets) amounted to £6,480,000 (2023 - £4,910,000) which the Governors regard as adequate, but not excessive, having regard to forecast levels of income and expenditure and to the likelihood of contingencies arising that might not be met out of income when they arise. The Strategic Development Plan, approved by the Governors in June 2016 and renewed in November 2022, sets out how the financial position of the School would

ST ALBANS SCHOOL

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

continue to improve over the following five years through a carefully-managed balance of a continued, gradual increase in pupil numbers in line with demand and an ongoing focus on the costs of the School.

Investment policy and objectives

The Governors’ investment powers are governed by the Memorandum and Articles of Association which permit the funds of the School to be invested as may be thought fit subject to such conditions and such consents as may be imposed or required by law.

It is the Governors' policy to aim for a reasonable long-term overall return with the emphasis on income generation whilst maintaining the capital value of the funds in real terms.

The School continues to diversify its investments to provide a moderate but managed level of risk, commensurate with maintaining a suitable annual income and some element of capital growth. The Finance Committee continues to review investment policy and returns.

The fund managers aim to preserve the portfolio above the rate of inflation. For the year to 31 August 2024 this performance was achieved.

FUTURE PLANS

The School’s latest Strategic Development Plan was approved by the Board in November 2022 and the School is being managed in accordance with that. This plan sets out the development for the School over the following five years, reaffirming the Aims and Objectives as set out in the relevant section above.

GROUP STRUCTURE AND RELATIONSHIPS

The School has two connected charities:

(a) Development Trust (Registered Charity No. 311052)

The Trust received monies donated by public appeal and passed those monies to the School as the objects of the appeals were discharged. All work for which appeals were made has been completed and this entity is now inactive.

(b) The St Albans School Woollam Trust (Registered Charity No. 311020)

The objects of the Charity, as set out in the Charity Commission Scheme, are:

(1) the provision and maintenance of playing fields and other recreational facilities for the pupils attending St Albans School;
(2) the maintenance and support of St Albans School; and
(3) the promotion of education of the pupils attending the St Albans School in such ways as the Trustee thinks fit.

The School has a trading subsidiary company Abbey Gateway Enterprises Limited which is included and consolidated into the School’s group accounts in the year ended 31[st] August 2024.

Results for Abbey Gateway Enterprises Limited show a retained loss for the year of £346 (2023 – £10,107).

ST ALBANS SCHOOL

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

PRINCIPAL RISKS AND UNCERTAINTIES

The major risks faced in each of the principal areas of the School’s operations have been examined. The School’s Risk Register is regularly reviewed in detail by the Audit & Risk Committee and the full Board, which receives a formal annual report from the Audit & Risk Committee as well as updates at each meeting.

In the opinion of the Governing Body, the major risks to which the School is exposed, as identified, have been reviewed and processes to manage those risks have been established, which, under normal conditions, should allow these risks to be mitigated to an acceptable level in the School’s day-to-day operations. Risks are also reviewed in the context of the long-term strategic objectives of the school and their likely impact on this plan. At the time of writing, major risks currently identified include:-

changes in VAT legislation which brought tuition fees in independent schools into the scope of VAT. At the time of writing, VAT has now been imposed from January 2025 in compliance with the law but the full impact on the sector and on this School in particular will not be known for some years;
the impact of the imposition of additional costs, such as the increase in the employers’ National Insurance contributions announced in the Budget in October 2024 and the withdrawal of Mandatory Business Rates Relief in April 2025, which adds some £300,000 to the School’s overheads;
inherent risks within a School environment, and in particular, safeguarding and associated risks such as reputational;
the general economic environment and the potential financial consequences for the School (see below);
the increasingly onerous compliance and regulatory background in which the School operates, adding to the operational and administrative costs of the School; and
the recruitment and retention of staff of the required calibre to maintain the School’s high standards.

The potential impacts of these risks, together with their likelihood of occurrence, are reviewed against the ability of the School to continue to operate at the highest level academically and appropriate control mechanisms have been established. With these risks and uncertainties in mind, the Governing Body is aware that plans for future development of the School may be subject to unforeseen future events outside of the direct control of the School.

The School looks to address the risks above through generic controls (see below) and specific actions such as:-

Keeping a close watching brief on emerging changes to charity and tax legislation;
Ensuring that the members of the safeguarding team are fully trained and resourced;
Analysing potential implications for the School of changes in the legislative environment and preparing the School in advance as necessary and where possible; and
keeping the terms and conditions for the School’s staff under close review, amending as necessary.

The generic controls used by the School to minimise risk include:

detailed terms of reference together with formal agendas for Committee and Board activity;

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ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

strategic development planning, reviewed annually by the Board;
comprehensive budgeting and management accounting;
established organisational structures and lines of reporting;
formal written policies including clear authorisation and approval levels; and
vetting procedures as required by law for the protection of the vulnerable.

The Governors regularly review the effectiveness of current plans and strategies for managing all identified major risks for both the School and its subsidiary.

GOVERNANCE AND MANAGEMENT

Governing Document and Governing Body

The School is governed by its Articles of Association which were fully updated in August 2018. The Governors, who are also the Charity Trustees, are responsible for the overall management and control of St Albans School. The Governors are the Directors, Members and Charity Trustees of the Charitable Company. The Governors of the charitable company during the year were as follows; unless otherwise indicated they served throughout the year.

Lt Col MWS Cawthorne RM Retd	4, 5
Mrs F Lightowler	2, 3, 6
Professor J Luzio	1
Mr S Majumdar KC (OA)	4	Resigned 23 June 2024
Mrs C Millington	5, 7
Mr N Moore (OA)	5, 6
Mr C Oglethorpe	1, 4, 7
Mr N Osborn (OA) (Chairman)	4, 7
Ms A Philpott (OA)	1, 2, 7
Mrs C Pomfret	2, 4, 6
Mr M Punt	1	Resigned 10 May 2024
Mr B Walker (OA)	1	Appointed 1 September 2023
Mr A Woodgate (OA)	3, 6

1 - Education Committee, 2 – Finance Committee, 3 – Property Committee, 4 – Nominations, Remuneration and Governance Committee, 5 – Audit & Risk Committee, 6 - North St Albans Committee, 7 – Environmental and Social Governance Committee

During the year the Board of Governors met formally 3 times to review all matters relating to the School and more frequently when necessary. All Trustees give of their time freely and no remuneration was paid in the year.

Biographical details of all governors can be found on the School’s website.

The Board’s committees all have clearly defined responsibilities, terms of reference and reporting lines back to the Board of Governors. In addition, individual Governors give time to specific projects to match their skills and experience.

Governors are be appointed for terms of four years. Any retiring Governor who remains qualified shall be eligible for reappointment in accordance with Article 5.3 for up to two further terms of four years but shall not then be eligible for reappointment unless the Governors resolve by a majority of not less than 75% of those voting at the relevant meeting that they should continue in office (Article 5.5).

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ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

The Bursar, in his role as Clerk to the Governors, is responsible for co-ordinating the work of the Governing Body and its Committees, circulation of papers and reviewing matters arising.

The School has also access to, and is very grateful for, an Advisory Panel of experts who kindly donate their considerable specialist expertise to support governors, principally through their attendance at meetings of the governors’ committees. They are not Governors, Trustees, Directors or Members of the Company. The current Advisory Panel comprises Mr P Brown, Mr O King, Ms B Mehta-Parmar, Dr F Osuagwu, Mrs C Preston, Mr P Rattle, Mr L Sinclair and Mr M Sutton.

Recruitment and Training of Governors

Governors are appointed following careful analysis of a skills matrix and are carefully screened for eligibility, specialist skills and availability. Consideration is also given to achieving diversity on both the Board and Advisory Panel to support the outworking of School values and School EDI Policy. New Governors are inducted into the workings of the School and its connected charities, including Board policies and procedures. They are also invited to attend, where appropriate, training courses and seminars organised by AGBIS and associated bodies or organisations.

Organisational Management

The day-to-day running of the School is delegated to the Headmaster and Bursar supported by the Senior Leadership Team. The Headmaster, Bursar and Second Master attend meetings of the Governing Body and its committees.

Remuneration

Remuneration is set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding fairly and responsibly individual contributions to the School’s success.

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere. Delivery of the School’s charitable vision and purpose is primarily dependent on our key management personnel; staff costs are the largest single element of the School’s charitable expenditure.

Employment policy

The School is an equal opportunities employer. Full and fair consideration is given to job applications from disabled persons and due consideration is given to their training and employment needs. Consultation with employees, or their representatives, has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. Employees are made aware of the financial and economic performance of the School.

Charity Governance Code

The Board of Governors has reviewed the Charity Governance Code in detail and compared the School’s structures and performance against each key area. This analysis has been presented to, and discussed by, the Board of Governors as a whole. The Governors are satisfied that the School applies the principles of the Code within its current Governance arrangements and is making additional efforts to ensure that the constituents of the Governing Board has a diverse representation which reflects the nature of the Charity’s beneficiaries.

ST ALBANS SCHOOL

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

Fundraising

St Albans School Foundation is managed by the staff of the School’s Development Office, led by the Development Director, and does not engage third party fundraisers or commercial participators. The Development Office is overseen by the Headmaster with overall oversight by members of the Governing Body and in particular, the Audit & Risk Committee of the Board. SAS Foundation is a member of the Institute of Development Professionals in Education and subscribes to the Fundraising Preference Service. It has voluntarily registered with the Fundraising Regulator and complies fully with the Code of Fundraising practice. The Development Office has Terms of Reference approved by the Board of Governors.

St Albans School Foundation always ensures that due care and attention is given to protect members of the public, and in particular vulnerable people, from any undue pressure or unreasonable intrusion related to fundraising. The Foundation also ensures that our storage and use of personal data used for fundraising is compliant with relevant data protection legislation.

ST ALBANS SCHOOL

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

SENIOR LEADERSHIP

The Headmaster (to 31 August 2024) Mr Jonathan Gillespie MA (Cantab), FRSA Second Master Ms Melody Jones BSc Deputy Head – Academic (to 31 August 2024) Mrs Victoria Saunders BA, MEd Deputy Head - Staff Mr Gareth Nichols BA, MEd The Bursar & Clerk to the Governors Mr Richard Hepper MA (Cantab), FCA

Mr Jonathan Gillespie announced his retirement effective 31 August 2024, after a decade of dedicated service to the School. Achievements during his tenure included:-

An increase in pupil numbers to record levels
A rise in academic results; and
The completion of major building projects, including the Corfield Building, the refurbishment of the Performing Arts Centre and new science facilities in the Hawking Building.

The Board of Directors would like to record its very grateful thanks for his contributions.

The Headmaster from 1 September 2024 is Mr Joe Silvester BA, MA.

The Deputy Head – Academic from 1 September 2024 is Mr Daniel Sabato BA.

PRINCIPAL ADDRESS AND REGISTERED OFFICE

St Albans School, Abbey Gateway, St Albans Hertfordshire AL3 4HB

WEBSITE www.st-albans.herts.sch.uk COMPANY SECRETARY R Hepper MA (Cantab), FCA

BANKERS

Clydesdale Bank Plc - Verulam Point, St Albans AL1 5HE Barclays Bank Plc - Blenheim Gate, 22-24 Upper Marlborough Road, St Albans AL1 3AL

SOLICITORS

Debenhams Ottaway LLP – Ivy House, 107 St Peter’s Street, St Albans AL1 3EW Farrer & Co LLP – 66 Lincoln's Inn Fields, London WC2A 3LH

Veale Wasborough Vizards LLP – Barnards Inn, 86 Fetter Lane, London EC4A 1AD

CMS Cameron McKenna Nabarro Olswang LLP – Cannon Place, 78 Cannon street London EC4N 6AF

AUDITORS

Saffery LLP, 71 Queen Victoria Street London EC4V 4BE

ST ALBANS SCHOOL

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The members of the Governing Body (who are also the Directors of St Albans School for the purposes of company law) are responsible for preparing the Annual Report of the Governors, the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the members of the Governing Body to prepare financial statements for each financial year. Under company law the Governing Body members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company for that period.

In preparing these financial statements, the Governing Body members are required to:-

select the most suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK 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 members of the Governing Body are responsible for ensuring that adequate accounting records are kept sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the Charity’s constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Relevant Audit Information

Insofar as each of the Directors, as members of the Governing Body, at the date of approval of this report is aware there is no relevant audit information (information needed by the Company’s auditor in connection with preparing the audit report) of which the Company’s auditor is unaware.

Each member of the Governing Body has taken all the steps that he or she should have taken as a member of the Governing Body in order to make himself or herself aware of the relevant audit information and to establish that the Company’s auditor is aware of that information.

This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Board of St Albans School on 15 March 2025, including in their capacity as company directors approving the Directors’ and Strategic Report therein, and is signed on its behalf by:

Mr Neil Osborn Chairman and Director

ST ALBANS SCHOOL

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST ALBANS SCHOOL

Opinion

We have audited the financial statements of St Albans School (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Summary Income and Expenditure Account, the Consolidated and School Balance Sheets, the Consolidated Cash Flow Statement and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the affairs of the group and the parent charitable company as at 31 August 2024 and of the group’s 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

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

ST ALBANS SCHOOL

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST ALBANS SCHOOL

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.

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 Annual Report of the Governors which includes the Directors’ Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Annual Report of the Governors which includes the Directors’ Report and the Strategic Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Annual Report of the Governors and Strategic Report.

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

adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company 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.

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 20, the trustees (who are also the directors of the parent 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 the 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 group and the parent 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 group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

ST ALBANS SCHOOL

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST ALBANS SCHOOL

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the group and parent 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sector in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.

Further the Group is subject to other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements, through significant fine, litigation or restrictions on the Group’s operations. We identified the most significant laws and regulations to be the Independent Schools Standards as found in the Education and Skills Act 2008 and guidance issued by the Department for Education.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

ST ALBANS SCHOOL

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST ALBANS SCHOOL

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

Use of our report

This report is made solely to the parent 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 parent 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 parent charitable company and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

OHSLagGls

Cara Turtington Senior Statutory Auditor For and on behalf of Saffery LLP Statutory Auditors

71 Queen Victoria Street London EC4V 4BE Date 3 April 2025 Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

ST ALBANS SCHOOL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

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Unrestricted Restricted Endowed
Funds Funds Funds 2024 2023
Notes £ 000's £ 000's £ 000's £ 000's £ 000's
Income and endowments from:
Charitable activities
School fees receivable 2 19,813 - - 19,813 18,240
Other educational income 3 2,240 - - 2,240 2,403
Other trading activities
Non-ancillary trading income 4 294 - - 294 270
Other activities 4 259 - - 259 182
Investments
Investment income and interest 5 316 108 - 424 217
Donations and legacies
Donations 6 115 - - 115 331
Total income 23,037 108 - 23,145 21,643
Expenditure on: 7
Raising funds
Financing costs 84 - - 84 104
Development office 283 - - 283 230
- -
Non- ancilliary trading 1,297 1,297 1,160
Investment management costs 12 10 - 22 25
Total deductible costs 1,676 10 - 1,686 1,519
Charitable activities
Education 19,535 119 - 19,654 18,680
Total expenditure 21,211 129 - 21,340 20,199
Net incoming/(outgoing) funds from operations
-
before transfers and investment gains 1,826 (21) 1,805 1,444
Gains/(losses) on investments 117 - 93 210 (88)
Transfers between funds 19 (74) 74 - - -
Net income and capital inflow 1,869 53 93 2,015 1,356
Fund balances brought forward at 1 September 2023 27,310 1,379 1,091 29,780 28,424
Fund balances carried forward at 31 August 2024 19 29,179 1,432 1,184 31,795 29,780
----- End of picture text -----

The notes on pages 31 to 50 form part of these financial statements.

ST ALBANS SCHOOL

CONSOLIDATED SUMMARY INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2024

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----- Start of picture text -----
2024 2023
Notes £000's £000's
Income from:
Charitable activities
School fees 2 19,813 18,240
Other educational income 3 2,240 2,403
Other trading activities
Sub-letting and management charges 4 259 182
Non ancillary trading income 294 270
Investments
Dividends, bank and other interest 5 424 217
Donations and legacies
Grants and donations - Unrestricted 115 246
- Restricted 6 - 85
Total income 23,145 21,643
Expenditure on: 7
Costs of raising funds
Financing costs 84 104
Development office 283 230
Non ancillary trading 1,297 1,160
Investment management costs 22 25
1,686 1,519
Charitable activities
Education 19,654 18,680
Total expenditure 21,340 20,199
Net income before investment gains and inter-fund transfers 1,805 1,444
Net investment gains/(losses) for the year 117 (49)
Net income for the year 1,922 1,395
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ST ALBANS SCHOOL

COMPANY REGISTRATION NUMBER 04400125 CONSOLIDATED AND SCHOOL BALANCE SHEETS AS AT 31 AUGUST 2024

Notes FIXED ASSETS Tangible assets 9 Investments 10	2024 £000's 18,945 9,202 Group	2023 2024 2023 £000's £000's £000's 19,152 18,945 19,152 9,016 9,202 9,016 School
	28,147	28,168 28,147 28,168
CURRENT ASSETS Stock Debtors 11 Cash and deposits	74 881 15,804	81 - - 909 872 900 6,353 15,751 6,321
CURRENT LIABILITIES Creditors payable within one year 12	16,759 (8,312)	7,343 16,623 7,221 (3,816) (8,196) (3,716)
NET CURRENT ASSETS	8,447	3,527 8,427 3,505
TOTAL ASSETS LESS CURRENT LIABILITIES LONG-TERM LIABILITIES 13 Creditors payable after one year Pension Scheme funding deficit	36,594 (4,799) -	31,695 36,574 31,673 (1,915) (4,799) (1,915) - - -
NET ASSETS 18	31,795	29,780 31,775 29,758
REPRESENTED BY 19 PERMANENT ENDOWED FUNDS EXPENDABLE ENDOWED FUNDS RESTRICTED FUNDS UNRESTRICTED FUNDS 21 Designated Reserve- includes revaluation reserve of £35,743 (2023: £(£54,189) ) School Reserve Pension Reserve	63 1,121 1,432 4,753 24,431 (5)	60 63 60 1,031 1,121 1,031 1,379 1,432 1,379 4,378 4,753 4,378 22,947 24,411 22,925 (15) (5) (15)
TOTAL FUNDS	31,795	29,780 31,775 29,758

The net result for the financial year dealt with in the financial statements of the parent charity was a surplus of £2,016,000 (2023 £1,365,000).

These financial statements were authorised for issue and approved by the Board on 15 March 2025 and were signed on its behalf by:

Mr Neil Osborn

Chairman of the Governing Body

The notes on pages 31 to 50 form part of these financial statements.

ST ALBANS SCHOOL

CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024

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Note 2024 2023
£000's £000's
Net cash inflow from operations
Net cash provided by operating activities (i) 9,976 2,185
Cashflows from investing activities:
Payments for tangible fixed assets (344) (285)
Additions to securities investments portfolio (20) (28)
Withdrawals from securities investments portfolio 22 25
Investment income and bank interest received 424 217
Net cash provided by investing activities 82 (71)
Cashflows from financing activities:
New endowment
Addition/(repayment) of loans (523) (783)
Finance costs paid (84) (104)
Net cash (used in) financing activities (607) (887)
Change in cash and cash equivalents in the reporting period 9,451 1,227
Cash and cash equivalents at the beginning of the reporting
period 6,353 5,126
Cash and cash equivalents at the end of the reporting period
(ii) 15,804 6,353
----- End of picture text -----

The notes on pages 31 to 50 form part of these financial statements.

ST ALBANS SCHOOL

NOTES TO THE CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024

(i) Reconciliation of net income to net cash flow from operating activities

Net income Elimination of non-operating cashflows: Investment income Finance costs Investment management charges Depreciation charge (Increase)/decrease in inventory (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash provided by operating activities (ii) Analysis of cash and cash equivalents Cash at bank (iii) Analysis of net changes in debt Cash Loans due within one year Loans due over one year Total	At 1 September 23 £000's 6,353 (273) (1,258) 4,822	Cashflows £000's 9,451 273 250 9,974	2024 £000's 1,805 (424) 84 22 551 7 28 7,903 9,976 15,804 15,804 Non-cash changes £000's - (67) 67 -	2023 £000's 1,444 (217) 104 25 481 (17) (252) 617 2,185 6,353 6,353 At 31 August 24 £000's 15,804 (67) (941) 14,796

ST ALBANS SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1 ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Charities SORP (FRS102).

The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates.

The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investment properties and other investments.

The School has taken advantage of the exemption available to a qualifying entity in FRS102 from the requirement to present a charity only Cash Flow Statement with the consolidated financial statements.

Going Concern

The Governors consider that the key financial performance indicators are those that communicate the financial performance and strength of the School as a whole, those being pupil numbers, academic results for the year, surplus for the period, extra-curricular performances and applications for places for the following year. For the period under review, pupil numbers continue to be at historically high levels, the financial result for the period was good and registrations for future admission have increased on the previous year.

The Governors have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the School's financial viability. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities on page 21.

Accounts

These accounts, in accordance with a Charity Commission uniting direction, combine the financial statements of the company, St Albans School, and its trusts, the St Albans School Trust, the St Albans School Scholarship and Bursary Trust, the St Albans School John Clough Bursary Trust, George Wishart Prize Fund and the James Baum Prize Fund.

The accounts for the School's wholly owned trading subsidiary, John Insomuch Schoolmaster Printer (1479) Limited, have not been consolidated on the basis that it is dormant and not material to these accounts.

The accounts present the consolidated statement of financial activities (SOFA), the consolidated cash flow statement and the consolidated and School balance sheets on a line by line basis, comprising the consolidation of the School and its wholly owned subsidiary Abbey Gateway Enterprises Ltd.

No separate SOFA has been presented for the School alone as permitted by Section 408 of the Companies Act 2006.

The School is a Public Benefit entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 21 March 2002 (company number 4400125) and registered as a charity on 12 July 2002 (charity number 1092932). The registered office is Abbey Gateway, St Albans, Hertfordshire, AL3 4HB.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, the Governors are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

ST ALBANS SCHOOL

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

1 ACCOUNTING POLICIES (continued)

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the School’s financial statements.

Fees and other educational 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 allowed by the School, but include contributions received from bursaries and other trusts.

Investment income

The income derived from investments is accounted for on an accruals basis and is credited to the relevant fund when it is receivable. Income from investment properties is accounted for in the period to which the rental income relates. Rental income (including incentives received or paid) for operating leases on investment property are recognised in the Statement of Financial Activities on a straight line basis over the lease term.

Donations, legacies grants and other voluntary income

Voluntary income is accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable.

Donations received for the general purposes of the School are credited to "designated funds" to distinguish them from direct School income. Donations subject to specific wishes of the donors are carried to the relevant restricted funds or to endowed funds as appropriate.

Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-term liabilities. All costs have been directly attributed to one of the functional categories of expenditure in the SOFA. The irrecoverable element of VAT is included within the item of expense to which it relates.

Governance costs comprise the costs of external audit, any legal advice for the Governors, and all costs of complying with constitutional and statutory requirements, such as preparing statutory accounts and satisfying public accountability. Intragroup sales and charges between the School and its subsidiaries are excluded from trading income and expenditure.

School buildings

The original School buildings erected before 1929 are all listed properties. They are carried at the amount of the original gift together with the cost of other buildings erected subsequently as the Governors consider it is not appropriate to apply a current value to such property. The School is responsible for keeping these properties in fit and useful condition and such costs are written off as incurred.

Depreciation

Depreciation is provided on the original cost of all tangible fixed assets, except freehold land, at rates calculated to write off the cost less estimated residual value based on current market prices of each asset over its expected useful life as follows:

Freehold property	-	Over 50 years
Long Leasehold property	-	Over 50 years
Equipment and vehicles	-	Over 3 to 10 years

Capitalisation

Items of equipment and fixtures and fittings in excess of £25,000 are capitalised or when part of a new project where the total cost of such items exceeds £25,000. Other incidental costs of equipment are charged to the statement of financial activities under appropriate cost headings.

Investments

Investment properties are valued as individual investments at their market values as at the balance sheet date. Rental income is recognised in the period to which it relates. Purchases and sales of investment properties are recognised on exchange of contracts. The investment properties at Cheapside Farm are stated at market value as at 23 August 2019, as calculated by Bidwells LLP Chartered Surveyors (regulated by RICS). The Governors believe this to be a reasonable estimate of the current open market value.

ST ALBANS SCHOOL

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

1 ACCOUNTING POLICIES (continued)

Listed investments are valued at market value as 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 and are allocated to the appropriate Fund according to the “ownership” of the underlying assets. Investments in subsidiaries are valued at cost less provision for impairment.

Fund accounting

Foundation Maths Fund - - Foundation Bursary Fund - Covid 19 Hardship Fund - St Albans School John Clough Bursary Trust St Albans School Trust - - St Albans School Scholarship & Bursary Trust

Restricted funds Restricted funds Restricted funds Permanent endowment funds Permanent endowment funds Expendable endowment funds

The unexpended income of the above trusts is restricted.

The School land at Abbey Gateway, St Albans, has been acquired by gift and purchase over more than one hundred years. All of this School land is permanently endowed and is held in the St Albans School Trust.

The School's other funds are unrestricted except that some funds have been designated by the Governors for certain purposes.

Pension scheme

The Teachers’ Pension Scheme - This scheme is a multi-employer pension scheme. It is not possible to identify the School’s share of the underlying assets and liabilities of the Teachers’ Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS102, accounts for the scheme as if it were a defined contribution scheme. The School’s contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable.

The School offers membership of a defined contributions pension scheme (The Pensions Trust Growth Plan) to nonteaching staff. The School's contributions to the pension schemes are charged to the income and expenditure account as they fall due. Some staff hold funds in Growth Plan Series I to III; although no contributions were made after 30th September 2013. This is a multi-employer scheme where it is not possible to identify separately the assets and liabilities. A liability is recognised for the present value of agreed additional contributions payable to fund a deficit in the scheme related to past service. See Note 21.

The School contributes to Aviva's Pension Trust for Independent Schools ("APTIS"), a defined contribution scheme for teachers offered as an alternative to the Teachers' Pension Scheme, from June 2024.

Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except fees received in advance (deferred income), social security and other taxes and provisions. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate.

Advance fee scheme

Parents may enter into a contract to pay the School in advance for fixed contributions towards the tuition fees for up to seven years. The money may be returned subject to specific conditions on the receipt of notice. Assuming pupils will remain in the School, fees in advance are recorded as deferred income and allocated to current and long term liabilities per note 14.

Taxation

The School's surpluses are derived from, and are applied towards, the maintenance of charitable activities and as such are not subject to taxation.

ST ALBANS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

2 CHARITABLE ACTIVITIES - FEES RECEIVABLE

2024 £ 000's (a) School fees comprise: Gross fees 21,154 Less: Bursaries, scholarships, grants and allowances (1,448) Add: Scholarships and bursaries paid for by restricted funds Other scholarships and bursaries paid for by unrestricted funds: Foundation funds	2023 £ 000's £ 000's 19,328 (1,153) 19,706 107 - 19,813	£ 000's 18,175 63 2 18,240

(b) The total grants, awards and prizes paid for by restricted funds comprises:

Scholarships Music awards Foundation Bursaries	2024 £ 000's 33 1 73 107	2023 £ 000's 21 1 41 63

Scholarships and bursaries valued at £1,193,000 (2023- £959,000) were awarded in the year. Of this total, £756,000 (63%) was awarded through means-tested bursaries. A total of 194 pupils in the School received either a bursary or scholarship during the year (2023: 184) of whom 14 received total remission of fees (2023: 2).

3 CHARITABLE ACTIVITIES - OTHER EDUCATIONAL INCOME Coaches Entrance and registration fees Examinations School Tours and trips Miscellaneous 4 OTHER TRADING ACTIVITIES Non ancillary trading income Abbey Gateway Enterprises Ltd Other activities Management charges Sub-lettings Miscellaneous School Reserve	2024 £ 000's 929 81 182 486 504 58 2,240 2024 £ 000's 294 12 143 104 259	2023 £ 000's 879 68 174 428 638 216 2,403 2023 £ 000's 270 12 162 8 182

ST ALBANS SCHOOL

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

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5 INVESTMENT INCOME AND INTEREST 2024 2023
£ 000's £ 000's
Investment income
Fixed interest securities
UK equities 2 9
Overseas securities 77 75
79 84
Bank and other interest
Cash 345 133
424 217
6 DONATIONS RECEIVABLE 2024 2023
£ 000's £ 000's
Foundation donations 113 244
Other donations 2 87
115 331
7 ANALYSIS OF EXPENDITURE
(a) Total expenditure
Staff Other Depreciation Total
costs costs (see below) 2024
(Note 8)
£ 000's £ 000's £ 000's £ 000's
Charitable expenditure
Education and grant making
Teaching 9,816 1,890 217 11,923
Welfare 123 809 932
Premises 484 2,706 334 3,524
-
Support costs of schooling and governance 1,641 1,509 3,150
Grants, awards and prizes - 125 - 125
Total charitable expenditure 12,064 7,039 551 19,654
Costs of raising funds:
Financing costs - 84 - 84
Development office 179 104 - 283
Abbey Gateway Enterprises Ltd 20 1,277 - 1,297
Investment management - 22 - 22
Total expenditure 12,263 8,526 551 21,340
----- End of picture text -----

Depreciation and other costs relating to the School's endowed fund properties totalling £635 (2023 - £635) have been charged directly to the endowment fund.

ST ALBANS SCHOOL

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

7 ANALYSIS OF EXPENDITURE (continued)

(b) Total expenditure - comparative Charitable expenditure Education and grant making Teaching Welfare Premises Support costs of schooling and governance Grants, awards and prizes Total charitable expenditure Costs of raising funds: Financing costs Development office Investment management Total costs of raising funds Total expenditure Abbey Gateway Enterprises Ltd	Staff costs (Note 8) £ 000's 8,903 109 476 1,554 - 11,042 - 169 22 - 191 11,233	Other costs £ 000's 2,254 759 2,471 1,596 77 7,157 104 61 1,138 25 1,328 8,485	Depreciation (see below) £ 000's 146 335 - - 481 - - - - - 481	Total 2023 £ 000's 11,303 868 3,282 3,150 77 18,680 104 230 1,160 25 1,519 20,199

Depreciation and other costs relating to the School's endowed fund properties totalling £635 (2022 - £635) have been charged directly to the endowment fund.

(c) Governance included in support costs: Auditor's remuneration - audit - other services - prior year (over)/under provision Other governance costs	2024 £ 000's 28 2 2 4 36	2023 £ 000's 27 2 (2) 12 39

ST ALBANS SCHOOL

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

8 STAFF COSTS AND RELATED PARTY TRANSACTIONS

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|||| |---|---|---| |Total staff costs comprised:|2024|2023| |£ 000's|£ 000's| |Salaries and wages|9,422|8,729| |Social Security contributions|1,073|994| |Pension contributions|1,768|1,510| |12,263|11,233|

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(a) None of the Governors received remuneration from St Albans School. No Governor (2023-0) requested or received reimbursement of travel expenses.
(b) During the year the School paid £19,735 in respect of directors' and officers' indemnity insurance (2023 - £29,110).
(c) The average number of employees in the year calculated on a full time equivalent basis was 170 (2023 -167) of which 103 (2023- 102) were teaching staff. This equated to total average employees of 200 (2023 - 197).
(d) During the year there were termination payments amounting to £10,500. (2023 - £0).
(e ) Aggregate employee benefits of key management personnel was £840,807 (2023 -£785,862).

The remuneration of the highest paid employees fell within the following bands (excluding pension contributions).

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----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£60,001 - £70,000|31|23| |£70,001 - £80,000|11|7| |£80,001 - £90,000|5|-| |£90,001 - £100,000|1|1| |£100,001 - £110,000|-|1| |£110,000 - £120,000|1|-| |£120,001 - £130,000|-|1| |£130,001 - £140,000|1|-| |£220,001 - £230,000|-|1| |£240,001 - £250,000|1|-|

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The number of higher paid employees for whom retirement benefits are accruing under a money purchase scheme amounted to 9 (2023 - 6) and under a defined benefit scheme 43 (2023 - 28).

9 TANGIBLE ASSETS

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----- Start of picture text -----
|||||| |---|---|---|---|---| |Freehold|Long Leasehold|Equipment| |Group and School|property|property|& vehicles|Total| |£ 000's|£ 000's|£ 000's|£ 000's| |Cost at 1 September 2023|21,250|270|1,658|23,178| |Additions|-|-|344|344| |-|-| |Disposals|(5)|(5)| |Cost at 31 August 2024|21,250|270|1,997|23,517| |Depreciation at 1 September 2023|3,166|84|776|4,026| |-|-| |Disposals|(5)|(5)| |Charge for year|329|5|217|551| |Depreciation at 31 August 2024|3,495|89|988|4,572| |Net book value at 31 August 2024|17,755|181|1,009|18,945| |Net book value at 31 August 2023|18,084|186|882|19,152|

----- End of picture text -----

ST ALBANS SCHOOL

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

10 INVESTMENTS

GROUP INVESTMENTS Valuation at 1 September 2023 Additions Disposals at opening market value Revaluations Group valuation at 31 August 2024	Unrestricted £ 000's 6,599 - - 6,599	Designated £ 000's 1,333 1,505 (1,454) 53 1,437	Endowed £ 000's 1,084 1,218 (1,179) 43 1,166	2024 £ 000's 9,016 2,723 (2,633) 96 9,202	2023 £ 000's 9,126 559 (589) (80) 9,016

The split of investments by fund for 2024 is shown in note 17

Group Investments comprise: Cash Non-UK investments assets UK investment assets Investment properties	At 31/08/2024 MV £ 000's 40 2,230 333 6,599 9,202	At 31/08/2023 MV £ 000's 94 1,683 640 6,599 9,016

School Investments comprise: Cash Non-UK investments assets UK investment assets Investment properties	MV Cost £ 000's £ 000's 40 40 2,230 1,932 333 503 6,599 5,859 9,202 8,334 At 31/08/2024	MV Cost £ 000's £ 000's 94 94 1,683 1,932 640 503 6,599 5,859 9,016 8,388 At 31/08/2023

Valuation at 1 September 2023 Additions Disposals at opening market value Revaluations Valuation at 31 August 2024	Investment equities and other holdings £ 000's 2,417 2,723 (2,633) 96 2,603	Investment Properties £ 000's 6,599 - - - 6,599	Total £ 000's 9,016 2,723 (2,633) 96 9,202

The investment properties were valued in August 2019 by Bidwells LLP Chartered Surveyors (regulated by RICS).

ST ALBANS SCHOOL

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

10 INVESTMENTS (continued)

Other Investments

Six ordinary £1 shares in Abbey Gateway Enterprises are held by St Albans School. The company is a wholly owned subsidiary. The results have been consolidated with the School accounts (see note 22).

Three Ordinary £1 shares in John Insomuch Schoolmaster Printer (1479) Limited are held by the directors of the company on behalf of St Albans School. The company is a wholly owned dormant subsidiary. The net assets are insignificant so have not been consolidated into these accounts.

11 DEBTORS

Due within one year Fees Income tax recoverable Sundry debtors Prepayments	Group 2024 £ 000's 160 12 73 636 881	Group 2023 £ 000's 57 13 59 780 909	School 2024 £ 000's 160 12 64 636 872	School 2023 £ 000's 57 13 50 780 900

12 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans and overdrafts Fees and deposits received in advance Trade creditors Other taxation and social security Other creditors Advance fee scheme deferred income Accruals and deferred income	Group 2024 £ 000's 67 4,327 647 260 320 2,342 349 8,312	Group 2023 £ 000's 273 1,435 473 242 318 678 397 3,816	School 2024 £ 000's 67 4,327 545 260 313 2,342 342 8,196	School 2023 £ 000's 273 1,435 384 242 314 678 390 3,716

Pupil Fees Deposits – the total amount held in relation to fee deposits of £779,800 is included above. In the normal course of business the expected repayment of these amounts will be £294,000 (2023: £276,100) within one year and £485,800 (2023: £489,585) after more than one year. The Governors have reviewed the contract terms under which Pupil fee deposits are held by the School. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the School, pupils can leave at earlier dates. The School does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at 31 August 2024 have been included within current liabilities.

ST ALBANS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

13 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans Fees in advance scheme	Group 2024 £ 000's 941 3,858 4,799	Group 2023 £ 000's 1,258 657 1,915	School 2024 £ 000's 941 3,858 4,799	School 2023 £ 000's 1,258 657 1,915

Barclays Bank Plc has a first legal charge over the freehold property 2 Romeland Hill, St Albans. The mortgage is repayable by instalments over 20 years from December 2003 and was completed in 2023 with a variable interest rate of 1.35% over Barclays base rate.

Clydesdale Bank has a first legal charge over two trust titles at Cheapside Farm and a second legal charge over a further two titles.

The Clydesdale Bank loan is repayable by instalments over 5 years from November 2022 with an interest rate of 2.5% over base rate.

14 FEES IN ADVANCE SCHEME

After five years Within two to five years Within one to two years Within one year	2024 £ 000's 75 1,802 1,981 3,858 2,342 6,200	2023 £ 000's - 351 306 657 678 1,335

Summary of movements in liability New contracts Repayments Amounts used to pay fees At 31 August 24 At 1 September 23	2024 £ 000's 1,335 5,773 - (908) 6,200

ST ALBANS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

15 MATURITY OF DEBT ANALYSIS

Amount falling due: In one year or less or on demand In more than one year but not more than two years In more than two years but not more than five years Secured	2024 £ 000's 67 70 871 1,008	2023 £ 000's 273 67 1,191 1,531

16 LEASES

During the year, no operating lease payments were expensed through the Statement of Financial Activities.

17 CAPITAL COMMITMENTS

At the year end the School had no capital commitments (2023-£nil).

18 ALLOCATION OF THE CHARITY NET ASSETS

Permanent endowed funds Expendable endowed funds Restricted funds Unrestricted funds: Designated School reserves Pension reserve Permanent endowed funds Expendable endowed funds Restricted funds Unrestricted funds: Designated School reserves Pension reserve	Tangible assets £ 000's 11 - - - 18,934 - 18,945 Tangible assets £ 000's 11 - - - 19,141 - 19,152	Net current assets Investments /(liabilities) £ 000's £ 000's - 52 1,165 (44) - 1,432 1,439 3,314 6,598 3,698 - (5) 9,202 8,447 Net current assets Investments /(liabilities) £ 000's £ 000's - 49 1,083 (52) - 1,379 1,335 3,043 6,598 (877) - (15) 9,016 3,527	Long term liabilities £ 000's - - - - (4,799) - (4,799) Long term liabilities £ 000's - - - - (1,915) - (1,915)	2024 Total net assets £ 000's 63 1,121 1,432 4,753 24,431 (5) 31,795 2023 Total net assets £ 000's 60 1,031 1,379 4,378 22,947 (15) 29,780

ST ALBANS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

19 SUMMARY OF MOVEMENTS ON MAJOR FUNDS

SCHOOL School Reserve Pension Reserve DESIGNATED FUNDS Bursary Fund School Tours Fund School Foundation Fund UNRESTRICTED FUNDS RESTRICTED FUNDS Scholarship & Bursary Trust John Clough Bursary Trust Foundation Maths Fund Foundation Bursary Fund ENDOWED FUNDS Permanent endowed funds John Clough Bursary Trust St Albans School Trust Expendable endowed funds Scholarship and Bursary Trust & others TOTAL RESERVES* School Reserve	Balance b/fwd 2023 £ 000's 22,947 (15) 22,932 3,701 11 666 4,378 27,310 - 3 20 1,356 1,379 49 11 60 1,031 1,091 29,780	Income £ 000's 22,795 22,795 44 1 197 242 23,037 34 1 - 73 108 - - - - - 23,145	Funds spent £ 000's (21,143) 10 (21,133) (12) - (66) (78) (21,211) (43) (1) (12) (73) (129) - - - - - (21,340)	Transfers £ 000's (168) - (168) 167 (12) (61) 94 (74) - - - 74 74 - - - - - -	Net Gains/ income/ (Losses) (expenditure) £ 000's £ 000's 1,484 10 - 1,494 - 199 117 (11) - 70 - 258 117 1,752 117 (9) - - - (12) - 74 - 53 - - 3 - - - 3 - 90 - 93 1,805 210	Balance c/fwd 2024 £ 000's 24,431 (5) 24,426 4,017 - 736 4,753 29,179 (9) 3 8 1,430 1,432 52 11 63 1,121 1,184 31,795

Others comprise: The George Wishart Prize Fund (£500) and the James Baum Prize Fund (£100).

Transfers are made from the School to the Bursary Funds termly based on pupil numbers so as to fund designated expenditure, which amounted to £1,252,676. Bursaries and Scholarships of £1,084,444 were funded by the Bursary Fund.

Transfers from the Foundation Fund to the Foundation Bursary Fund are in accordance with the donors' wishes.

ST ALBANS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

19 (Continued) SUMMARY OF MOVEMENTS ON MAJOR FUNDS - 2023 COMPARATIVE Balance Income Funds b/fwd spent 2022 £ 000's £ 000's £ 000's SCHOOL School reserve 21,997 20,902 (19,771) Pension reserve (26) 11 21,971 20,902 (19,760) DESIGNATED FUNDS Bursary fund 3,488 41 (14) School tours fund 34 284 (307) School foundation fund 559 255 (29) 4,081 580 (350) UNRESTRICTED FUNDS 26,052 21,482 (20,110) RESTRICTED FUNDS Scholarship & Bursary Trust - 32 (32) John Clough Bursary Trust 1 3 (1) Foundation Maths Fund 108 - (14) Foundation Bursary Fund 1,117 126 (41) 15 - - 1,241 161 (88) ENDOWED FUNDS Permanent endowed funds John Clough Bursary Trust 51 - - St Albans School Trust 12 - (1) 63 - (1) Expendable endowed funds Scholarship and Bursary 1,068 - - 1,131 - (1) TOTAL RESERVES 28,424 21,643 (20,199) Covid-19 Hardship Fund School Reserve	Transfers Net Gains/ income/ (Losses) (expenditure) £ 000's £ 000's £ 000's (181) 950 - - 11 - (181) 961 - 235 262 (49) - (23) - (119) 107 - 116 346 (49) (65) 1,307 (49) - - - - 2 - (74) (88) - 154 239 - (15) (15) - 65 138 - - - (2) - (1) - - (1) (2) - - (37) - (1) (39) - 1,444 (88)	Balance c/fwd 2023 £ 000's 22,947 (15) 22,932 3,701 11 666 4,378 27,310 - 3 20 1,356 - 1,379 49 11 60 1,031 1,091 29,780

Others comprise: The George Wishart Prize Fund (£500) and the James Baum Prize Fund (£100).

Transfers are made from the School to the Bursary Funds termly based on pupil numbers so as to fund designated expenditure, which amounted to £1,127,763. Bursaries and Scholarships of £892,599 were funded from the Bursary Fund.

Transfers from the Foundation Maths Fund, Foundation Fund and Covid-19 Hardship Fund to the Foundation Bursary Fund are in accordance with the donors' wishes.

ST ALBANS SCHOOL

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

20 PURPOSE OF FUNDS

(a) Designated:

(i) The Bursary Fund exists to fund bursaries for pupils of the School. The balance available is reviewed annually.
(ii) School Tours fund exists to account for monies received and expended on school tours and sports tours.
(iii) School Foundation fund exists to account for and hold unrestricted donations received by the St Albans School Foundation either through regular giving, specific donations or legacy donations (except for donations to bursaries (see below). The details of the expenditure of the donations are published annually in the Foundation Annual Report.

(b) Restricted:

(i) The Foundation Bursary Fund receives donations made to the Foundation where donors request monies to be applied towards bursaries.
(ii) The Foundation Maths Fund was a restricted fund for the purpose of developing a new maths centre at the school. It was funded to date by specific donations. The balance was nil by the year end 31 August 23.
(ii) The Covid-19 Hardship Fund was a restricted fund established with the purpose of assisting with a bursary, those affected financially by the current Coronavirus pandemic and unable to pay fees. Donations were received from current and former pupils, parents, staff and Governors. The balance was nil by the year end 31 August 23.
(c) Endowed as to capital and Restricted as to income arising from that capital:

Expendable endowment:

(i) The Scholarship & Bursary Trust exists to fund scholarships of up to half of a full fee, which are awarded following competitive examination to pupils entering the School at age 11, 13 and 16. Scholarships are awarded in art and music in addition to academic excellence.

Permanent endowment:

(ii) The John Clough Bursary Trust, established in memory of a former Head of Music at the School, exists to help defray the cost of additional music tuition. Bursaries are awarded for two years, following competitive performance on the recommendation of distinguished independent adjudicators.
(iii) The St Albans School Trust was founded with the object of providing and conducting, in or near St Albans, in the County of Hertfordshire, a day school for boys and also for girls in the Sixth Form. On 31 August 2003 the unrestricted and restricted activities of the trust were transferred to the company, St Albans School. The Trust holds the permanently endowed property of the School.

ST ALBANS SCHOOL

FOR THE YEAR ENDED 31 AUGUST 2024

NOTES TO THE FINANCIAL STATEMENTS

21 PENSION SCHEMES

Teaching staff

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,533,413 (2023: £1,301,195 ) and at the year-end £nil (2023 - £nil) was accrued in respect of contributions to this scheme.

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

The 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:

• Employer contribution rates set at 28.68% of pensionable pay (including a 0.08% administration levy). This is an increase of 5% in employer contributions and the cost control result is such that no change in member benefits is needed.

effective date of £262,000 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222,200 million, giving a notional past service deficit of £39,800 million.

The result of this valuation has been implemented from 1 April 2024. The next valuation result is due to be implemented from 1 April 2028.

During the year 2023-24, Governors took steps to reduce the increases on costs of TPS in 2024/25 and also to limit the Schools exposure to any future increases in contribution rates. The School also introduced a range of options for teaching staff to choose, depending on their individual circumstances, including membership of the Aviva's Pension Trust for Independent Schools (APTIS).

Non-teaching staff

Non-teaching staff are offered membership of defined contribution schemes offered by The Pension Trust. The employer's contributions are charged in the Statement of Financial Activities in the period in which the salaries to which they relate are due. During the accounting period, the School paid contributions to non- teaching staff pensions totalling £220,436

Some staff continue to hold funds in Growth Plan Series I to III, although no contributions were made after 30th September 2013. This is a multi-employer scheme which provides benefits to some 638 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

ST ALBANS SCHOOL

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

PENSION SCHEMES (continued)

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme (see provision below)

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme (see provision below)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the School has agreed to a deficit funding arrangement the School recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

PRESENT VALUES OF PROVISION Present value of provision RECONCILIATION OF OPENING AND CLOSING PROVISIONS Provision at start of period Unwinding of the discount factor (interest expense) Deficit contribution paid Remeasurements - impact of any change in assumptions Provision at end of period	31 Aug 2024 £000's 5	31 Aug 2023 £000's 15 Period Ending 31 Aug 2024 £000's 15 1 (11) - 5	31 Aug 2022 £000's 26 Period Ending 31 Aug 2023 £000's 26 1 (11) (1) 15

ST ALBANS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

INCOME AND EXPENDITURE IMPACT

Interest expense Remeasurements – impact of any change in assumptions ASSUMPTIONS 31 Aug 2024 % per annum Rate of discount 5.13	Period Ending 31 Aug 2024 £000's 1 - 31 Aug 2023 % per annum 6.04	Period Ending 31 Aug 2023 £000's 1 (1) 31 Aug 2022 % per annum 4.46

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

The following schedule details the deficit contributions agreed between the School and the scheme at each year end period:

DEFICIT CONTRIBUTIONS SCHEDULE

Year ending Due within one year Due after one year	31 Aug 2024 £000's 5 -	31 Aug 2023 £000's 11 4	31 Aug 2022 £000's 11 15

The School must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises.

It is these contributions that have been used to derive the School's balance sheet liability.

ST ALBANS SCHOOL

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

22 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES BY FUND-TYPE

Notes
Income and endowments from:
Charitable activities
School fees receivable
2
Other educational income
3
Other trading activities
Non- ancillary trading income
4
Other activities
4
Investments
Investment income and interest
5
Donations and legacies
Donations
6
Total income
Expenditure on:
7
Raising funds
Financing costs
Development office
Investment management costs
Total deductible costs
Charitable activities
Education
Net incoming/(outgoing)funds from operations
before transfers and investment gains
Gains/(losses) on investments
Transfers between funds
20
Net income and capital inflow
Fund balances brought forward at 1 September 2022
Fund balances carried forward at 31 August 2023
19
Non ancilliary trading
Total expenditure

Unrestricted Restricted
Endowed
Funds
Funds
Funds
2023
£ 000's
£ 000's
£ 000's
£ 000's
18,240
-
-
18,240
2,403
-
-
2,403
270
-
-
270
182
-
-
182
141
76
-
217
246
85
-
331
21,482
161
-
21,643
104
-
-
104
230
-
-
230
1,160
-
-
1,160
14
11
-
25
1,508
11
-
1,519
18,602
77
1
18,680
20,110
88
1
20,199
1,372
73
(1)
1,444
(49)
-
(39)
(88)
(65)
65
-
-
1,258
138
(40)
1,356
26,052
1,241
1,131
28,424
27,310
1,379
1,091
29,780

ST ALBANS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

23 ABBEY GATEWAY ENTERPRISES LTD FINANCIAL STATEMENTS

Stock Debtors Cash at bank and in hand CURRENT LIABILITIES NET CURRENT ASSETS CREDITORS FALLING DUE AFTER ONE YEAR TOTAL NET ASSETS CAPITAL AND RESERVES Called up share capital Capital redemption reserve Profit and loss account SHAREHOLDERS FUNDS PROFIT AND LOSS ACCOUNT Turnover Operating costs GROSS PROFIT Administrative expenses (LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION RETAINED (LOSS)/PROFIT FOR THE YEAR BALANCE SHEET CURRENT ASSETS School Reserve	2024 £ 74,407 11,891 53,176 139,474 (119,064) 20,410 - 20,410 6 1 20,402 20,409 1,295,483 (1,258,960) 36,523 (36,869) (346) - (346)	2023 £ 78,860 9,201 32,162 120,223 (99,467) 20,756 - 20,756 6 1 20,749 20,756 1,150,160 (1,122,370) 27,790 (37,897) (10,107) - (10,107)

Abbey Gateway Enterprises Limited (registered company number - 03451049) results are consolidated with the Charity. The company became a fully owned subsidiary of St Albans School on 1 September 2016.

ST ALBANS SCHOOL

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

24 RELATED PARTY TRANSACTIONS

St Albans School charged Abbey Gateway Enterprises Ltd management fees of £6,000 in the year to 31 August 2024 (2023 £6,000) and no amounts (2023 Nil) were outstanding at the year end. Abbey Gateway Enterprises Ltd received income amounting to £1,001,368 (2023 £880,623) from St Albans School which included the licence fee for the use of sports facilities and sales to the School of sports kit. No amounts were outstanding at the year end (2023 Nil). The position of the single entity is shown in note 22. At 31 August 2024, the Bursar of St Albans School was the sole director of Abbey Gateway Enterprises Ltd.

St Albans School Woollam Trust charged Abbey Gateway Enterprises Ltd licence fees, for the use of sports facilities, of £1,172,597 (2023 £1,040,946) in the year to 31 August 2024 and £97,543 was outstanding at the year end (2023 £86,610). St Albans School Woollam Trust charged St Albans School licence fees, for the use of sports facilities, of £560,000 (2023 £510,000) and St Albans School charged St Albans School Woollam Trust management charges of £6,000. (2023 £6,000) No amounts (2023 Nil) were outstanding at the year end.

St Albans School Woollam Trustee Company is the Corporate Trustee of St Albans School Woollam Trust, Neither the School or its subsidiary made any transactions in the year with St Albans School Woollam Trustee company. At the year end, Two Trustees of St Albans School were also Directors of St Albans School Woollam Trustee Company (Mrs F Lightowler, A Woodgate).

Donations received from Governors in the year amounted to £25,000 (2023 £25,000).

ST ALBANS SCHOOL

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

CONTENTS

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

CONSTITUTION AND OBJECTS

AIMS, OBJECTIVES AND ACTIVITIES

Motto

Ethos

Vision

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

Goal

Aims

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

STRATEGIES TO ACHIEVE THE SCHOOL’S OBJECTIVES

Principal activities of the year

Grant-making policy

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

STRATEGIC REPORT

Operational performance of the School

Academic

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

Music

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

Sport - Participation

Sport – Achievements

International honours

National honours

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

Regional

Team/Sports Achievements & Firsts:

ADDITIONAL COMMUNITY AND PUBLIC BENEFIT

1. The education of the pupils at the School

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

2. Widening access through the bursary scheme

3. The considerable use of its educational and sporting facilities by the local community

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

4. The extensive partnership programme with local schools and charities

Partnership and Community Link Review 2023/2024

Partnership

Swimming lessons

Masterclasses for Primary Schools

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

Classroom and Sports Assistants

Book Club

Fitness and Fun

Community Link

Special Schools

Care Homes for the Elderly

LinkAges Christmas Party

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

Charity Shops

School staff serving as Governors at local schools.

Combined Cadet Force Partnership

The Duke of Edinburgh Award

Environmental Work

Charitable Fundraising

CLIMATE CHANGE

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

EQUITY, DIVERSITY AND INCLUSION

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

Reserves Policy

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

Investment policy and objectives

FUTURE PLANS

GROUP STRUCTURE AND RELATIONSHIPS

(a) Development Trust (Registered Charity No. 311052)

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

PRINCIPAL RISKS AND UNCERTAINTIES

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

GOVERNANCE AND MANAGEMENT

Governing Document and Governing Body

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

Recruitment and Training of Governors

Organisational Management

Remuneration

Employment policy

Charity Governance Code