St Augustine's Priory School Limited Annual report and Financial Stateinents for the year ended 31 st July 2022 Company Number.. 04482913 Charity Number.. 1097781 ST AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limlted by guarantee) ANNUAL REPORTOF THE TRUSTEES OF sfAUGUSTINE'S PRIORY SCHOOL UMrrED FOR THE YEAR ENDED 31 JULY 2022 Contents REVIEW OFTHEYEAR BY THE HEAD.. OBJECTS, PURPOS£ AND ETHOS............................................... . .. STRATEGIC REV1EW.............................................. Academic Excellence Pastoral Care...................................................... Cocurricular Adventures.................. Creative Achievement. Sporting Success....... Creating Space................................................... 12 Public Benefit................................. -12 FINANCIAL REVIEW............................ 13 PRINCIPAL RISKS......................... 15 GOVERNANCE, MANAGEMENT AND ADMINISTRATIVE INFORMATION............................................-........-....... 15 Administrative details........................................................ 17 Statement of Trustee5' responsibilities.............. INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. AUGUSTINE'S PRIORY SCHOOL LIMITED. 18 19 STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 IULY 2022............................................ .24 BALANCE SHEET AS AT 31 JULY 2022 .............................................. . .25 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2022............................................................ .26 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022.......-.......................................... 27 ST AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ¥r AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2022 REVIEW OF THE YEAR BY THE HEAD This was a year which was still dominated by the shadows of the pandemic and the school continued to be resilient and agile in the situation. As we emerged from restrictions. we were delighted to be able to return to face to face events with concerts, Association Day and visits all back in full flow. Just as our students were able to benefit once more from a wide variety of educational and residential visits. so we welcomed local primary and Prep schools to the farm. The Priory Farm continues to be a source of learning for many people- whether it is animal husbandry or leadership. or the embedding of values. It wa5 pupils who were present when 9 lambs were born. The lambing is unassisted but the students learn qualities of patience, courage and tenacity a5 they play their part in the process. They are first on the scene to protect the lambs from foxes. Thus, a world of wider skills is embedded by those who are Farm Managers, or who come along at the weekends to help parent volunteers in the allotment. The Priory Form continues to be a source of learningfor many people - whether it is animal husbandry or leadership, or the embedding of values. Our use of outdoor space contlnued to flourish as we turned our first in person Open Day outside and as team sports returned along with Duke of Edinburgh's Award training weekends taking place on site. We were inspected by the Independent Schools Inspectorate in November 2021 and were fully compliant with no recommendations. We were judged excellent in all areas. The commitment of all staff, parents, girls and governors to the school's vision and values was a significant part of this judgement. This is a community where we all pull in the same direction to achieve our ambitious goals. OBJECTS, PURPOSE AND ETHOS The Charit¢s objective as set out in the Section 3 of the Memorandum of A550ciation is the advancement of education in the Roman Catholic tradition. The principal activity of the Charity in the period under review, continues to be that of providing a complete education for girls, of the highest standard, founded on the Catholic faith. We were inspected by the Independent Schools Inspectorate in November 2021 and were fully compliant with no recommendations. We were judged excellent in all areas. However our aspirations go so much further than these dry statements. During the year we refreshed our Mission Statement and in so doing defined a new purpose: 'Our girls will change the world. ST AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2022 This followed lengthy discussions among and between Governors, the senior team, staff, parents. pupils and alumnae to tease out the essence of what the school stands for and what it strives to achieve for the community which it serves and of which it is a part. From these discussions came a series of supporting bullet points designed to expand on that core purpose and guide the community in its activities and decision-making We are a Catholic community inspired by the vision of our founders and passionate about shaping a better future. We empower pupils with outstanding results, a love of learning and an alternative way of thinking. Augustinians are ethical leaders sowing joy, truth and courage. In this school freedom and gerberosity of spirit flourish. We seek a sustainable and prosperous future for all of the world's communities. We cherish love for our neighbour, welcoming different faiths and cultures. Learning through dialogue we have hearts open to the whole world. | Our girls will change the world We are now exploring the potential of these statements to inform what we teach, how we teach it, how we nurture and inspire all thgse who join us and to identify the supporting resources, human, physical and financial, which are needed to deliver on this ambitious goal. As this exciting new vision takes shape we continue to focu5 on supporting each girl and member of staff to be the best version of themselve5. We aim to instil in them the emotional freedom to grow intellectually and spiritually and to understand the truth about themselves, others and our complex world. We give our girls the courage to be ambitious and compassionate and we provide a Secure. happy and nurturing community in which they can explore all the above. We seek, develop and retain the best staff to support girls on their academic journey while valuing the wellbeing and progress of each individual. STRATEGIC REVIEW Against these established and emerging objectives the School is pleased to report the following achievements. Academic Excellence St Augustine's continues to deliver an outstanding education for all pupils, across a broad and diverse curriculum. In sumrner 2022, public examinations were held for the first tirne slnce 2019 after two years of centre-asse5sed and teacher-assessed grades. Our students demonstrated exemplary fortitude during their two years of preparation for A Levels and GCSES, rising to the challenges of remote and ST AUGUSTINE'S PRIORY SCHOOL LIMrrED IA company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2022 blended learning in the previous school vear. We are delighted with the achievements of our students in these examinations. Exam Results 2022 A'levels.. 25% A,; 80% A'_B GCSES: 41% 8-9,. 88% 6-9 Our students go on to Study at a range of prestigious universities throughout the country, including University College London, King's College, London, the University of Durham and the University of Exeter. Students, choices for higher education reflect their unique passions and response to an evolving world with subjects including Interrbational Relations, Digital Media and Culture and Biomedical Sciences, as well as English Literature, Law and Physics. The school continues to innovate and refresh the curriculum. Projects for 2021-2022 have included embedding changes to curriculum as a result of an extensive diversity review in the previous year and focusing on oracy skills through the "Oracy for Advocac(, programme, empowering gir15 throughout the school to Use their voices for the Common Good. In addition, to 5UPPOrt the School theme for the year of "Creating Space" a new Year 7 enrichment programme was introduced - enabling students to choose their own areas of learning, and staff to share more of their own specialisms outside of the curriculum. Topics irbtluded "The Final Frontier" lan exploration into humans. relationship with outer space), 'Leaving Home" lan in-depth investigation into refugees and migration) and "Sustainable Futures" la series of fieldwork activities related to protecting the environment). We were especially impressed with our EAL children, who all managed to deliver a 2 minute speech to their class. In Preps and Pre-Preps, as part of our ambitious Oracy for Advocacy Project, every child at KS2 delivered a TED Talk on a subject of their choice to their class. We were especially impressed with our EAL children, who all managed to deliver a 2 minute speech to their class. One Year 5 pupil made it through to the Semi-finals where she delivered a speech to the whole of KS2 on cats, having just started school here in September speaking very little English. Winners were selected to go forward and present their talks to audiences from other Ealing Deanery Schools, culminating in a grand final held here during the Summer Term. where they received overwhelmingly positive feedback on their confident, assured delivery and clear content. Subjects were wide and varied and included 'More Women In Science,, The Importance of Sport, and 'MotherTeresa'. The highlight of our Oracy for Advocacy Project was the opportunity for a group of Year 4 and Year 6 pupils to attend a series of masterclasses at Westminster Hall, along with 4 other schools in the Diocese, where they were speaking on Subjects of Catholic Social Teaching. Children who are les5 confident speakers were asked to deliver the speeches and were coached by more able, articulate peers. In July, one of our Year 4 PLJpils delivered a rousing speech to a group of MPS in the Houses of Parliament on the topic of Care For God's Creation. ST AUGUSTINE'S PRIORY SCHOOL Um￿E0 IA company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31JULY 2022 In July, one of ourYear4 pupils delivered a rousing speech to a group of MPS in the Houses of Parliament on the topic of Care For God's Creation Our innovative Building The Kingdom 18TKI Programme continues.. BTK Celebration Days incorporate cross- curricular activities, which enable children to explore big theological questions and go higher and deeper with their thinking and understanding. Liturgy Monitors are involved in the planning and delivery of these. Planning is carried out for activities for EYFS. KSI, Lower KS2, Upper KS2 so that children experience all of the activitie5 across a 2 year cycle. Children across the school, from Reception to Year 7, came off timetable for the day to evaluate the big question 'Does our behaviour matter?, Highlights last year were our Flight From Egypt/Refugees Day in January where children across the school from Reception to Year 7 came off timetable for the day to evaluate the big question 'Doe5 our behaviour matter?1 in the context of the Flight To Egypt Scripture and the current plight of refugees today. Year 5 and 6 pupils from Eyes of The World Club demonstrated their leadership skills as they were able to applv their learning to their knowledge of Catholic Social Teaching and organise a collection of coats for refugees, which they donated to the Salvation Army. A BTK Celebration Day on the theme of Bread was also held in March, which was observed by Headteachers from around the country as an example of excellence as part of their formation course. Children explored the big question 'What is bread?, and linked this to Scripture, made their own bread and examined bread as a source of physical and spiritual nourishment. Year 5 and 6 pupils from Eyes of The World Club organised a Bake Sale in the Prep Playground at the end of the day, with proceeds going to Refugee Attion Charity. Pastoral Care "By thAS everyone will know that you are my disciples, if you hove lovefor one another. (John 13.'35J It 15 our central aim that each pupil at St Augustine'5 Priory fee15 known, supported, confident and encouraged to be their best self as part of our education of the whole person. We are named after St Augustine who said that we learn best when we are happy. In November 2021, the Independent Schools Inspectorate praised the safeguarding systems. strong pastoral care and school culture, and concluded that the work we do is judged to be 'excellent.' The Big Sister-Little Sister programme for new Form111 pupils was re-launched after periods of lockdown which helped with the smooth transition to Seniors. The Sanctuary in the Meadow remains a popular lunch-time destination and is run by our Prlory Sixth pupi15 Wlth drop-in 5e5sions for younger pupils to talk, play board games or engage with mindful colouring. ST AUGUSTINE'S PRIORY SCHOOL UMITED IA company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2022 February saw the Seniors engaging in a variety of activities to celebrate St Augustine'5 Priory Wellness Week in conjunction with the nationally celebrated Children'5 Mental Health Week. from voga and mindfulne55, Sports and body image workshops to sushi making. Enrichment Week in June provided a platform for year groups to come off timetable for a week of fun to include harmony in nature workshops, theatre trips and outdoor adventures such as high rope climbing and paddle boarding. It is our central aim that each pupil at St Augustine's Priory feels known, supported, confident and encouraged to be their best self as part of our education of the whole person Form Teachers have a new Handbook which outlines procedures for delivering exceptional pastoral care on a daily basis and aims to ensure consistency in care of all our Senior pupils. The DSL, Heads of Year, SENDCO and School Nurse continue to develop their skill sets by attending Youth Mental Health First Aid and Level 3 Safeguardin8 courses as well as networking with colleagues working in other Local Authority schools. The DSL and DDSLS continue to receive half termly supervision sessions with a safeguarding expert to look after their own health when dealing with a challenging workload. The appointment of a new PSHEE Lead in the Senior5 ha5 been very impactful. Staff have appreciated her diligent and organised approach and P5HEE will now be given an 'engagement' grade on reporting systems to raise the profile f urther. The new appointment of an Assistant Head Co- Curricular and DDSL enhances the pastoral and safeguarding provision we currently have in place. Pupil voice remains strong and we have had pupil focus groups on a range of topics including reviewing our Promoting Good Behaviour policy where pupil comments resulted in amendments to policy and procedures. The move to an online rewards and sanctions system was a particular success durinE periods of Covid-19 lockdown and this has been further enhanced with a change of software to Class Charts, which gives pupils and parents enhanced access to rewards and sanctions. Cocurricular Adventures The Duke of Edinburgh award was faced with the challenge of catching up two cohorts with their bronze award during this year. We had a completion of 85 pupils among two year groups, which forced us to book two separate camp-sltes in order to facilitate the numbers. With no major medical issues or concerns and all the students performing I can confidently say this was our biggest DofE success to date. ST AUGu￿INE's PRIORY SCHOOL LIMITED IA company limited by Euarantee) ANNUAL REPORT OF ThE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL LIMtrED FOR THE YEAR ENDED 31 JULY 2022 On 24th April, a group of year 9 pupils were passing by a pub as part of their expedition and had the privilege of meeting Tyson Fury and his entourage. The heavyweight boxer had defended his title the night before at Wembley stadium and happily posed for photos with the group. Mr Fury then upped his fame further by making it on to the front page of the Priory Post, although it was noted that many of the girls were more interested in Molly Mae la Love Island contestant) who was also presentl The cohort completing their Silver award powered through the early part of the year in order to finish by October. This exceptlonal effort was drlven by the student5, desire to complete the expedition before their loominE GCSES meaning. This was logistlC311y challenging as training. practice and the qualifier all had to be completed in 5 weeks. The school were hugely proud of them for their achievement. Creative Achievement The Drama Department continued to provide a rich array of creative opportunities for pupils. In October, Year 7 staged a 'Creating Space, themed showcase of movement to music, in April Year 9 staged Emil and the Detectives, in July Year 8 staged our Shakespeare Festival and Year 6 staged Go for Gold- all to live audiences. GCSE Drama pupils created high quality original theatre as well as staging scenes from Arthur Miller's The Crucible. Year 12 produced a powerful devised piece exploring domestic abuse through a female lens, inspired by Katie Mitchell's and Splendid Production5' approach and using verbatim to ensure the story's integritv. Design for performance is growing in popularity at Key Stage 3 and GCSE Level. We invited Shaan Latif-shaikh, Head of Costume at The Questors Theatre and Puppet Assistant on Frozen the Musical. to inspire designers with his experience. GCSE and A-Level Drama pupi15 also participated in workshops with professional theatre practitioners Frantic Assembly, Splendid Production5 and Steve Kirkham. THEATRE VISITS 2021122 YEAR 7- MATILDA Drama exam results were excellent with 83Yo of GCSE pupils achieving 9-8. and 94% Grade 9-6. YEAR 8- LEGALLY BLONDE Members of our Drama Gifted Pathway enjoyed workshops on Laban and Lecoq, and a careers talk from Jess Harding, Head of Mad Dog 2020 Casting. YEAR 9- WICKED YEAR 10- THE CURIOUS INCIDENT OFTHE DOG IN THE NIGHTTIME Over a third of the school took LAMDA examinations, with the vast majority passing with Distinction and Merit. The LAMDA Musical Theatre course, reinvigorated since lock down, saw the vast majority achieving Distinction. The LAMDA Showcase was in-person again. this year transformed into a hugely successful house competition, with YEAR 11 AND 12- HAMILTON ST AUGUSTINE'S PRIORY SCHOOL UMITED IA company Ilmited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31JULY 2022 professional casting director Shakyra Dowling judging and presenting medals to the winners, bringing the Creative Arts industry directly to pupils. After witnessing the talent at the School, Ms Dowling has added St Augustine's to her casting call list. Over a third of the school took LAMDA examinations, with the vast majority passing with Distinction and Merit For the first time we joined the National Theatre's New Views Playwriting Programme. One of our Year 9 pupils, plays, The Fall of the Feather, was long-listed and achieved a Highly Commended Award and Professional Playwriting workshop prize. As part of our out-reach we sponsored our Emmaus partner school Cardinal Wiseman to participate in this programme and one of their pupils was 5hortlisted and their play achieved a professional performed reading at the National Theatre at the New Views Festival. The Art department continues to nourish our students, artistic skills and creative development. Our pupils were exposed to various techniques and artistic methodologies, from drawing and painting to print and sculpture, dressmaking to fine art textiles, design and digital manipulation, photographv and film. We explore variou5 artists, different cultures and socio-economic issues, always promoting inclusion and diversity for all pupils. Exciting artwork comes from passion, and so we facilitated our girls In flnding a concept and method of working that suits their interests and aspirations,. therefore, our students have been very active this year. For example, in December, the Art Department and its pupils created Christmas decorative props for the Carol Service in St Benedict's Abbey Church. Coming out of Covid restrictions, we organised trips for our students to Tate Modern and the National Gallery. Our girls expanded their artistic knowledge and created multiple sketches by looking at contemporary and classical artists, work. All students continue to show exceptional enthusiasm in generating their artwork, and we have displayed their new work throughout the School. The Art Department constantly refreshed displays of students, artwork. This included using different techniques and the influences of many styles of accessible artists, not only painting and drawing. Our Photography, Ink and Printmaking Clubs continue to be popular within the school. We also started our Fashion Club this year, which had a positive engagement from students who wished to learn more about textiles. We incorporated Graphic Communications into our A-level program which establishes a thorough understanding of the design principles embedded in our digital world and encourages the use of new technologies In addition, we incorporated into our A-level program the course of Graphit Communications. which as an area of Study, establishes a thorough understanding of design principles embedded in our digital world and encourage5 the use of new ST AUGUSTINE'S PRIORY SCHOOL LIMrrED (A company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF 5T AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2022 technologies. The course will provide our girls with further options for their future as it is widely regarded as a pivotal course for those who wish to undertake a career in Digital Design and a standard entry qualification for top Ljniversitles. In Music all of our ensembles restarted, and the regular but uplifting routine of our termly concerts was re-established, which wa5 wonderful after everything that had happened. The Carol Service, too, was back in EalinE Abbey and proved to be a very special and moving moment for many in the school community. The magic was very definitely back with fantastic performances from both our slngers and our instrumentalists. Elsewhere, we had the honour of performing at the Society of Heads, Conference near Chester in February. Our Baroque Group (formed during lockdownl set off to play a set of divine music for a gathering of Heads from around the country and were received warmly. Unexpected illness nearly derailed us but in true Augustinian style, Mr James Davies, attending as a Head but also one of our governors and an experienced musician, stepped in and played with the students to great applause. During the Lent and Summer terms, we had a packed calendar of trips, including taking approximately 40 junior and senior students to sing at the 02 Arena in Greenwich as part of the Young Voices 25th Anniversary Concert. This wa5 a fabulous day for the students. and they particularly enjoyed getting VIP badges and t-shirtsl We also took a group of KS4 and KS5 music students into London to see Les Misérables at the Sondheim Theatre. We study bits of this musical in class for the GCSE course, but nothing really prepares you for the live experience, and many of the students were visibly moved, not least because it was the first time many of them had beers at a public event with other audlence members in a long time. The Pre-Preps and Preps were also back in full swing. staging various concerts and shows. The year Wa5 rounded off with the very funny production of 'Going for Gold, by Year 6, headed up by Mr5 Warren Imusicl and Mrs McNulty Idramal. Sporting Success In curricular PE this year, we have adopted new approache5 to stretch our teaching and therefore the girls. Junior students have been challenging themselves to learn key skills which they can transfer to all activities, not just the game itself. In Seniors. we have taught game play principles in different sports, such as zone and player marking. This allows pupi55 to understand how skills can be transferred between games and provides them with a toolkit to approach any sport with confidence in later life. Although time consuming. we believe this provides a much more enriching curriculum for the girls. We have also included modules on leadership in our PE lessons in support of the school's aim of developing the whole person. Both teachers and pupils greatly enjoyed an Inclusion and Diversitv module within the curriculum- seated volleyball and goal ball gave everyone a greater understanding of disability sport, and different sporting pathways. Form111 have recently enjoyed exploring this ST AUGUSTINE'S PRIORY SCHOOL LIMITED (A company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2022 through project work and Lower IV produced some excellent work in a joint PE/Science department projert looking at the heart and lungs. Following requests from the Student Council, Lower and Upper V embarked on self- defence and kickboxing classes in recognition of the value of these skills in later life. Priory 6 have also developed their fitness through classes with a local gym and through summer bootcamps and self-defence classes, which were made available as a result of our ongoing relationship with Ealing Cricket Club. We have welcomed curriculum workshops from London Pulse Netball as well as talks from international sportsmen and women including Branislav Ivanovic, formerly of Chelsea FC, and Jane Powell from the England & Wales Cricket Board. Our girls have been involved with initiatives such as 'Let Girls Pla¢, in football and the danceathon for'l Can Dance" at Association Day. We are proud of all the students who continue to participate in a variety of sports outside of school as this is a strong indicator that they will continue to be active for the rest of their lives. io ST AUGUSTINE'S PRIORY SCHOOL UMITED IA company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2022 Across the school the following were our sporting highlights from the year just gone. School Highlights Team Highlights Indlvldual Hlghllghts Launch of Priory Netball Academy Parls netball tournament: Hangma awarded U14 "Player of the Tournament" Parls netball tournament: U12s and U135 runners up Society of Heads U15 Netb?11 Tournament Cheerleadlng Team: 1st in the LCDA League Ava representing London at U14 Hockev Cricket: U125 semi-finalists and U135 finalists in the Godolphin & Latymer tournament Junlor Hlgh 5 Netball tournament Hockey: Evie and Marie Helene representing Ealing at the London Youth Games Elite netball at the Copperbox Arena Society ot Heads Football Tournament: U135 winners Netball". players representlng London Pulse, Mavericks and Middlesex English Schools Athletlcs: Netball: Stella and Slenna representing Ealing at the London Youth Games Parfs Netball tour th U1251135 were 7 120 th U1451155 were 4 120 Cross Country: Margault and lsobel finish 9 and th 13 at English Sthoo15 event International hockey at th Olympic Park Hockey: U12$ win the Fran¢is Holland tournament Soclety of Heads Football Tournament Ealing Cr055 Country Junior Sports Day: Victrix Ludorum award for Aniela Senior Sports Day: 8 records broken and 2 equalled Senior Sport5 Day: joint Vlctrlx Ludorum award for Ire and Slenna Gymnastic5 Showcase li ST AUGUSTINE'S PRIORY SCHOOL LIMITED (A company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2022 Creating Space Throughout the academic year the school's theme has been "creating space." As we emerged from the pandemic and a degree of normality returned, the school acknowledged the importance of every individual having space to adjust to a new world where distancing, bubbles, outbreaks and face masks were part of everyday life. Creating space was a mental, emotional and physical imperative as pupils and staff adjusted to being physically in school and Government imposed restrictions eased, while the virus was Still a threat. Understandably there was nervousness on the part of parents, pupils and staff and so assemblies, staff meetings and other gatherings were used to give time for reflection, ensure people felt safe and to signpost ways to be resilient and move forward. At all times the school 50ught to follow Governmerbt guidelines. But the theme was also deployed in our thinking relating to the curriculum and our physical environment. Pupils explored space in the sense of our relationship with the stars.. rockets were launched into the Ealing sky at the September Open Day. The new Badano Hall was erected to provide a multi-use space in which the school could gather, exams could be held, games would be played and performances would be staged. It was primarilv intended as a substitute for the anticipated loss of the main hall during the building works and it proved a hit with staff and pupils, exemplified by the numerous end of summer term performances and other events which it hosted. Our plan to upgrade the school site had to be put on hold as a mixtLJre of construction inflation and financing technicalities gave us pause for thought. Development continued in the form of a new Set of temporary tlassrooms which were put in place so we are ready when the building work recommences. Across the school old spaces were reinvigorated with innovative colour schemes and new learning spaces emerged tailored more clearly to the learning requirements of the 21, Centurv. Across it all ran a mantra of clearing out the old to give us space to move and think and this extended even to the staff room where dust gathering tomes were finally removed and items which nobody could claim, or even identify in one particularly peculiar instance, were firbally consigned to history. Public Benefit The governors have complied with the duty prescribed in Section 17 of the Charities Act 2006 to have due regard to guidance published by The Charity Commission, including public benefit guidance. Although the early part of the year entailed social distancing and infection control measures, nonetheless our outdoor facilities, including the AstroTurf. were used almost every day by local clubs. The Chapel is the focus of retreats by local groups. Indoor and outdoor stages are much enjoyed by 12 ST AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ￿ AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2022 drama Eroups. A French school uses our classrooms and other facilities at weekends,. and holiday activity clubs use the school at half terms and in school holidays. Two senior members of staff are governors of local state schools. During the year the school awarded a total of £717,18412021.. £691,614) in respect of bursaries, scholarships, remissions, discounts etc. This represents some 9.5 percent12021.' 10 per￿ntI of fee income. The governors, have set a target of 9% of total fee income and this ha5 been more than achieved. The school's charitable collections during the year totalled £11,64012021.' £2,824). This amount was dispersed to charitable institutions including The Cardinal Hume Centre, Refugee Action, Make A Wish, Beyond Mental Health, Mind, Down's Syndrome Association, St Mungo's, Sightsavers, Care4Calais, Hestia, Caritas Westminster, Macmillan Cancer Support, RSPCA, St Anselm's Catholic Junior School, I Can Dance, Dig Deep, Enthuse, Fundacion Anpuy where we sponsor a child in Argentina and Lubasi Children's Home in Zambia. The Margaret Dormer Scheme, initiated by the school for public benefit, is a designated fund for the provision of bursaries for children from families whose parents would not otherwise be able to afford an independent education. During 2020121, management of the fund was awarded to Smith & Williamson which now trades as Evelyn Partners. During the year, the value of the fund declined in line with the general reduction in stock market indices. At 31 July 2022 the combined funds stood at a market value of £600,43212021.. £677,083). FINANCIAL REVIEW Financial Position Total incoming resources increased by approximately 9 per cent from £6,967,580 to £7,613.617 and total resources expended increased by approximately 7 per cent from £6.909,015 to £7,402,397. The net surplus for the year before interest, tax, depreciation and amortisation was £434.512 with final net surplus of £211,22012021.. £58,5651 with these items included. We saw an unrealised loss on investments of £59,66012021.' unrealised gain £213,574). Net current assets at the year end were £1,574,22512021'. £1.634,8211. Financial Ke Performance Indicators KPIS Incomlng resources per pupil.. Wages cost per pupil: £16.00212021: £14,887). £10,70312021: £10,619). Princi al fundin source5 The principal funding Source of the school's charitable activities contlnues to be tuition fees and extras. 13 ST AUGUSTINE'S PRIORY SCHOOL LIMITED {A company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2022 ReseNes The governors, target for free reserves for normal educational activitie5 is in line with the generally accepted view in the independent Schools sector. that the ideal level should be equivalent to approximately three months, normal expenditure. At the year-end total funds stood at £4.476.113. £428.501 of which is restricted and £4,047,612 unrestricted. Of this £1.746.156 was held in free reserve5 a8ainst a target of £1.7m. Accumulated reserves are earmarked to fund the next phase of building development. Investment oli and ob ettives Section 4151 of the Memorandum of Association authorises the governors to invest the money of the Company in, or on, the security of such stock, funds, shares, securities or other investments of any kind as may be thought fit, but subject to such conditions lif any) and consents lif any) as may be imposed or required by law. The objective of the school's investment policy is to ensure the creation of sufficient income and capital growth to enable the school to carry out its purposes consistently year by year with due and proper consideration for future needs and the maintenance of and, if possible, enhancement of the value of the invested funds whilst they are retained. The investment policy is reviewed annually by the Finance Committee to ensure that it remain5 compatible with the school's objects and requirements. The performance of the investment is reviewed regularly and assessed against appropriate industry benchmarks. Goin Concern to 31 lul 2024 The Trustees have assessed the School's ability to continue as a going concern. In making thi5 assessment the Trustees have considered several factors when forming their conclusions. Including a review of forecasts to July 2024, sensitivity analysis and a consideration of key risks. The balance sheet is positive and improvlng due to annual surpluses. Potential risks to the school'5 viability are mitigated through a longstanding relationship with the landlord, a reputation for providing an outstanding education at a price which compares well with nearby independent schools and a healthy pipeline of future pupils whose parents are attracted by the special ethos of a single sex. all-through Catholic school. Investments in strong teaching staff and physical infrastructure position the school well in a competitive rnarket. The school has fixed costs energy contracts in place which renew in September 2023 and has signed further fixed contracts to 2027 to try to insulate itself from the worst effects of the energy crisis. Cost inflation has been addressed in the current year through 3 6.8Yts fee increase. The school has a realistic 5-year plan for growth. Annual budgets are set to be able to service a bank loan to fund the next phase of development,. and performance is closely scrutinised and monitored by the governing body and its sub-committees. Having regard to the above the Trustees believe it is appropriate to adopt the going concern bas15 of accounting in preparing the financial statements. 14 ST AUGUSTINE'S PRIORY SCHOOL LIMITED (A company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL UMITED FOR THE YEAR ENDED 31 JULY 2022 PRINCIPAL RISKS The governor5 recognise their duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The governors continue to review the Pf incipal areas of the school's operations in order to identify risks that could affect the day-to-day operations of the school. In the opinion of the governors, the charity has established resources and review systems which, under normal conditions. should allow these risks to be mitigated to an acceptable level, in its day-to-day operations. The governors consider the following to be the principal risks on which the charity needs to focus.. Welfare, health or safety of a child or staff member is compromised Comprehensive risk assessments for site and activities under continuous review. Safeguarding, child protection and anti-bullying policies are in place. Staff are appointed only in accordance with Safer Recruitment policy with the full range of pre-employment checks. Strong leadership of pastoral care in partnership with school nurse. Designated Safeguarding Leads trained and monitored by Safeguarding Committee. Site secured and access controlled. CCTV monitoring. Twice-daily registration. Well- rehearsed missing child plan. Staff Wellbeing Committee ensures staff concerns are made known to management. The school's development plan is contingent on receiving external funding which will need to be secured on the land and buildings which the school occupies but which it does not own. Implementation of the plan is therefore dependent on the 1941 Trust to provide such security in some form. While this has been agreed with the Trust, this is legally complex and therefore is likely to be time consuming and difficult. Fees remain competitive with local market. School performance through lockdown underlined added value and academic and pastoral performance relative to fees continue5 to show value for monev. Contingency plan for VAT on fees or loss of discretionary rate relief in place. Long term energy contracts in place. Schoolwide sustainability drive. Governance arrangements with 1941 Trust delay execution of the strategy Affordability and cost of living GOVERNANCE, MANAGEMENT AND ADMINISTRATIVE INFORMATION Histor and charit status The school, known as St AuBUStine's Priory, was established in France in 1634, and moved to Ealing in 1911, establishing itself on the present site in 1914-15. 15 ST AUGUSTINE'S PRIORY SCHOOL LIMITED {A company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31 JUIY 2022 The school was first registered by the Charity Commission on 27 September 1965. and was given its own charity number13073771. Incor oration The school's reconstitution as a charitable company was authorised by the Charity Commission by way of a Charity Commission Scheme dated l August 2002, case number 238258, sealing 112lsl 02, by which the assets of the school in its unincorporated state were transferred to the newly-formed charitable company, St. Augustine's Priory School Limited. The affairs of the charitable company are regulated by its Memorandum and Articles of Association. The day-to-day running of the school is carried on in accordance with its Instrument of Government, dated 14 May 2015. StAu ustine's Prio Trust 'the 1941 Trust, The 1941 Trust (charity number 2453671 is a separate entlty which owns the land and buildings of St Augustine's Priory. The school has no form31 lease, but has occupied the property rent free since 1915. During the year the 1941 Trust donated £50,00012021.' £50,000) towards scholarships. Trustees overnors and directors The company's Afticles of Association provide for there being no fewer than six and no more than fourteen governors. They are appointed and retire in accordance with the Articles of Association. The Articles permit the charitable company to take out indemnity insurance for the governors. New governors are inducted into the workings of the charity and the school, including board policies and procedures. Governors are also invited to attend relevant external training courses. Or anisational structure The Board of Governors is legally responsible for the overall direction and control of the school. Day- to-day management is delegated to the Headteacher who is supported by a senior leadership team which comprise5 the Deputy Head Pastoral (Seniors). the Deputy Head Academic (Seniorsl, The Deputy Head IPre-Preps & Preps), the Director of the Sixth Form, the Assistant Head, the Bursar. the Registrar and the Director of Operations. Remuneration Remuneration of the Headteacher and Bursar is reviewed by the Board of Governors with advice from an independent consultant. The Finance Committee reviews teaching and support Staff remuneration. taking into account factors such as inflation and Salaries paid in comparable organisations. 16 ST AUGUSTINE'S PRIORY SCHOOL UMITED IA company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2022 Administrative details Registered office St Augustine's Priory Hillcrest Road Ealing London W5 2JL Trustees The trustees who served during the year to 31 July 2022 were.. Mr P D'Arcy (Chairl Mrs C Copeland Mr R Beeston Ms M Bowler Mr 8 Cassidy Mr J Davies Mrs J Job (from 21 June 20221 Dr B Marino Mr H Parmar (to 25 November 20211 Mrs C Phillips (to 25 November 20211 Mrs A Sparks Dom M Stapleford Ito 21 June 20221 Mr F Steadman Company Secretary and Clerk to the Governors Mr J Philpott Auditors Crowe U.K. LLP Chartered Accountants 55 Ludgate Hill London EC4M 7JW Solicitors Veale Wasbrough Vizard5 Orchard Court Orchard Lane Bristol BSI 5WS Bonkers Barclays Bank PLC Acorn House 36-38 Park Royal Road London NWIO 7JA Headteacher Mrs S Raffray 17 ST AUGUSTINE'S PRIORY SCHOOL UMITED IA company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL UMITED FOR THE YEAR ENDED 31 JULY 2022 Statement of Trustees, responsibilities The Trustees (who are also the directors of the School for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the School and of its incoming resources and application of resources, including it5 income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP IFRS 1021: make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to anv material departures disclosed and explained in the financial 5tatements,' prepare the financial statements on the going concern basis unless it is inappropriate to presume that the School will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the School's transactions and disclose with reasonable accuracy at any time the financial position of the School and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the School and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditor Each of the persons who areTrustees atthe timewhen thisTrustees' report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charity's auditor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditor is aware of that information. Auditor The auditor. Crowe U.K. LLP, has indicated his willingne55 to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf bv: Date- ST. AUGUSTINE'S PRIORY KHOOL LIMITED IA company IlmSted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. AUGUSTINE'S PRIORY SCHOOL UMITED {CONTINUED) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. AUGUSTINE'S PRIORY SCHOOL LIMITED Opinion We have audited the financial statements of St. Augustine's Priory School Limited Ithe'school'l for the year ended 31 July 2022 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 July 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companie5 Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical re5ponsibilitie5 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 golng 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 condition5 that. individually or collectively, may cast significant doubt on the charitable company's abllity to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 19 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED {A company Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. AUGUSTINE'S PRIORY SCHOOL LIMITED ICONTINUEDI Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the Annual report other than the financial statements and our Auditor'5 report thereon. The Trustees are responsible for the other information contained within the Annual report. Our oplnion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance Conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information Is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statemerbts themselves. If, based on the work we have performed, we conclude that there is a material mi55tatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material mis5tatement5 in the Trustees, Report. We have nothirbg to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received f rom branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of Trustees, remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit. 20 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA ¢¢)mpany Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. AUGUSTINE'S PRIORY SCHOOL UMITED ICONTINUEDI Responsibilities of Trustees As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being 5ati5fied that they give a true and fair view, and for such internal control a5 the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to tease operations. or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements 35 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 IUKI 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, includinE fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uk/auditor5responsibilities. This description forms part of our Auditor's report. Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error. and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understsnding of the legal and regulatory frameworks within which the charitable 21 ST. AUGUSTINE'S PRIORY SCHOOL UMITED IA company limlted by 8uaraMeel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. AUGUSTINE'S PRIORY SCHOOL LIMITED ICONTINUEDI company operates, focuslng on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulation5 as part of our audit procedures on the related financial statement item5. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education Ilndependent School Standards) Regulations 2014, General Data Protection Regulation IGDPRI, Health and safety legislation, Taxation legislation and Employment legislation Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other managemer)t and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of materlal Impact on the financial statements from irregularities. including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance and Capital Projects Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Of5ted and readlng minute5 of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with law5 and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audlt. there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentation5, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This report is made solely to the charitable company'5 members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not 22 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF ST. AUGUSTINE'S PRIORY SCHOOL IIMITED ICONTINUEDI accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Nicola May Senior Statutory Auditor for and on behalf of Crowe U.K. LLP Statutory Auditor London Date.. 5th Decemb81 2022 ST. AUGUSTINE'S PRIORY SCHOOL LIMtrED IA Company limited by guaranteel STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2022 R•stricted Unrestricted funds fund$ 2022 2022 Total funds 2022 Total funds 2021 Nots Income from: Donations 10,277 2.631 12,908 93,172 Charitable activities 6.850.375 6,850,37S 6,325,224 Investments 9,S92 9,692 12. 158 Otl)er income 41.170 699,572 740.742 537,025 Total Inc¢mè Exp•nditur8 on.. 7 $62170 7613 617 6 967 579 Raising funds 9.457 9,467 1.052 Charitable activities 43,S76 7,349.364 7.392.940 6,907,963 Totsl •xponditure 43 576 7 402 397 690901 Net income boforo ngt Ilossesygains on investmènts 7,871 203.349 211,220 58,564 Net Ilossesllgains on investments IS9,8601 {S9.660) 213,574 N•t In¢om•ll•xpanditurel 7.871 143.689 151,560 272, 138 Net movèm•nl in funds Rè¢on¢lllatl¢)n of funds: Total funds brought forward 420,630 3,903.923 4.324.553 4,052,415 Nel mov•ment in funds 7.871 143,689 151.560 272, 138 Total funds carrl¢d for4Yard The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 27 to 48 form part of these financial Statements. ST. AUGUSTINE'S PRIORYSCHOOL LIMITED IA company limited by Buaranteel BALANCE SHEET AS AT 31 JULY 2022 2022 2021 Noto Fixèd assats Tangible assets 2.301,456 2,Ot2,649 Investments 10 600,432 677,083 2.901,888 2,689,732 Curr•nt assets Debtors 555.179 366,255 Cash al bank and in hand 2,181.791 2,373,027 2,736.970 2,739,282 Creditors.. amounts falling due within one year 12 11,162,745) (1, 104,461) N•t ¢urr•nt assets 1,S74,225 1,634.821 Total net assets Charlty funds Restricted funds 14 428.501 420,630 Unrestricted funds 14 4,047.612 3,903,923 Total funds The Trustee5 acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Date- 301, The notes on pages 27 to 48 form part of these financial statement5. 25 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company Ilmited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2022 2022 2021 Cash flows from operating activ5tles Nel cash used in operating activities 295,749 440,894 Cash flows from Investlng actlvltlo$ Dividend8, interests and rents from investments 9.592 12,158 Purchase of tangible fixed assets 1513,5681 (423,015) Rèinvèstèd income 1,991 (11, 106) Investments funds withdrawn 15,000 Net cash usad in in¥￿tIng activitias {486.985) (421.9631 Changé In cash ond ¢a$h ¥qulval•nts In th• year {191.236) 18.931 Cash and cash equivalents at the beginning ol thè yaar 2,373,027 2,354,096 Cash and cash equivalents at thè ond of tho yèar The notes on pages 27 10 48 fom part of these financial statements 26 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 General informatlon St Augustine's Priory School Limited is constituted as a company limited by guarantee registered in England, No. 04482913, and is registered with the Charity Commission under Charity No. 1097781. The School's reglstered address is Hillcrest Road, Ealing, London. W5 25L. Accounting policies 2.1 Basis of preparation of flnancial statements The financial statement5 have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021, the Companies Act 2006 and the Charities Statement of Recommended Practice 2015. Assets and liabilities are initially recognised at historic cost or transaction value unles5 otherwise stated in the relevant accounting policy notes. The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. Going concern The Trustees have assessed the School's ability to continue as a going concern. In making this assessment the Trustees have considered several factors when forming their conclusions, including a review of forecasts to July 2024, sensitivity analysis and a consideration of key risks. The balance sheet is positive and improving due to annual surpluses. Potential risks to the school's viability are mitigated through a longstanding relationship with the landlord, a reputation for providing an outstanding education at a price which compares well with nearby independent schoo15 and a heafthy pipeline of future pupi15 whose parent5 are attracted by the special ethos of a single sex, all-through Catholic school. Investments in strong teaching Staff and physical infrastructure position the school well in a competitive market. The school has fixed costs energy Contracts in place which renew in September ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Accounting pollclos Icontlnuad) 2023 and has signed further fixed contracts to 2027 to try to insulate itself from the worst effects of the energy crisis. Cost inflation has been addressed in the current year through a 6.8% fee increase. The school has a realistic S-year plan for growth. Annual budgets are set to be able to service a bank loan to fund the next phase of development,. and performance is closely scrutinised and monitored by the governing body and its sub-committees. Having regard to the above the Trustees believe it is appropriate to adopt the going concern basis of accounting in preparing the financial statements. Critical accounting judgements and key sources of estimation uncertaintv In the application of the accounting policies, Trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Attual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basls. 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. In the view of the Trustees, no assumptions concerning the future or estimatlon uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Schijol's financial statements, 2.2 Income Fees receivable and similar income Fees receivable comprise tuition fees charged to pupils less scholarships and bursaries. Registration fees are non-refundable and are credited to income when received. Deposlts are included as a liability until refunded or, on ceasing to be refundable, are credited to income. Advance fees are credited to income as and when they fall due. ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Accounting pollclas Icontinugd) Investment income Investment income from dividends, bank balances and fixed interest securities is accounted for on an accruals basis. Donatlons, legacies, grants and other voluntary incorning resources Voluntary incoming resources are accounted for as and when entitlement arises. the amount can be reliably quantified and the economic benefit to the School is considered probable. Voluntary income for the School's general purposes is accounted for as unrestricted and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund. 2.3 Expendlture Expenditure is allocated to expense headings on a direct cost basis. The irrecoverable element of VAT is included within the item of expense to which it relates. Governance costs comprise the costs of complying with constitutional and statutory requirements. Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-term liabilities. Expenditure attributable to more than one c05t category in the SOFA is apportioned to them on the basis of the estimated amount attributable to each activity in the year, either by reference to staff time or the use made of the underlying assets. as appropriate. Expenditure on charitable activities is incurred on directly undertaking the activities which further the School's objectives, as well a5 any associated support costs. 2.4 Government grants Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activitie5 a5 the related expenditure is incurred. ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31JULY2022 A¢¢ountlng poll¢l0$ l¢ontlnuedl 2.5 Tangible lixed assets and depreciation Assets are capitalised only when their cost of acquisition amounts to £1,000 or more. A full year of depreciation is charged in the first year an asset is acquired. Depreciation 15 provided on all tangible fixed assets in use, otherthan freehold land, at rates and bases calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows.. The estimated useful live5 are as follows.. Motor vehicles S years Furniture, Fixtures and Fittings Computer equipment Building improvements 3-10 years 3 years 3-20 years Assets under construction are not depreciated until such time as they are brought into use. Once brought into use they are depreciated in line with the above estimated useful lives. 2.6 Investments Listed investments are stated at market value. The SOFA includes unrealised gains and losses arising from the revaluation of the investment portfolio in the year. 2.7 Financial instruments Basic financial instruments are initially recognised at transaction value and 5ubsequentlv measured at amortlsed 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 2ccount5 and used as working capital. Financial Ilabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. 30 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31JULY 2022 Accounting poliel•s Icontinuedl 2.8 Pension5 Retirement benefits to employees of the School are provided through two pension schemes. one defined benefit and one defined contribution. The pension costs charged in the Statement of Financial Activities are determined as follows: The Teachers. Pension Scheme - This scheme 15 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. the School as required by FR5102, accounts for the scheme as if It were a defined contribution scheme. The School'5 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 also contributes to personal pension schemes of some member5 of staff. Employerfs pensions costs are charged in the period in which the salaries to which they relate are payable. 2.9 Fund a¢countln8 The charitable trust funds of the School are accounted for as unrestricted or restricted income, in accordance with the terms of trust imposed bythe donors or any appeal to which they may have responded. Unrestricted income belongs to the School's corporate reserves. spendable at the discretion of the Governors to further the School's Object5. Where the Governors decide to Set aside any part of these funds to be used in future for some specific purpose, this is accounted for by transfer to the appropriate designated fund. Restricted income comprises gifts, legacies and grants where there is no capital retention obligation or power but only a trust law restriction to some specific purpose intended by the donor. ST. AUGUSTINE'S PRIORY SCHOOL UMITED IA company limited by Buaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31JULY 2022 Charltable activities - Fees recoivable 2022 2021 School fee$ 7,544.388 6.925.089 Less.. buisaries, 8¢hol8rships and allowances 1717.1841 (691,694) Add back scholarship5 paid for by restricted funds 23,1YI 91,829 Net f•• incom• Other income Rostricted Unrestricted funds fund8 2022 2022 Totsl fund$ 2022 To181 funds 2021 Additional tuition and activity fees 517,181 517,181 285,908 Sl Augustine's Priory Association 10.950 10,950 6,800 Entrance and re9istration fees 25.779 25.779 23,620 Commissions and other income 30.220 156,612 186,832 220,697 Included within commission5 and other intome is £1,041 12021: £110,263) received In connection with the UK Government's Coronavirus Job Retention Scheme. 32 ST. AUGUSTINE'S PRIORY SCHOOL UMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31JULY 2022 C¢st of ral$lng funds Fundralslng gxpans8s Unrestricted funds 2022 Total funds 2022 Total funds 2021 Financing costs Analysis of oxp¢ndlturè on charitable activities Summary by fund type Restrictgd Unrestrictsd funds funds 2022 2022 Total 2022 Total 2021 Education 41,470 5,005,118 5,046,588 4, 792, 743 Support costs 1.460,775 1A60.775 1,348, 183 Welfare 30,932 30,932 30,345 Premises 2,108 852,539 854,645 736,692 Total 2022 Total 2021 33 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31JULY 2022 Summary by 8xpgnditure type Doprnclatlo n Other costs 2022 2022 Staff easts 2022 Total 2022 Total 2021 Education 4,315,100 731,488 5.046.588 4.792,743 Support costs 626,231 34,648 799,896 1,460.775 1.348, 183 Welfare 30,932 30.932 30,345 Premises 120,255 188,645 545,745 854,645 736.692 Tolal 2021 Auditor's rernun&ration 2022 2021 Fees payable to the School's auditor for thg audit of the School's annual accounts 20.450 79,500 Fees payable lo the School's audilof in respect of.. All as$uran¢& $erviees not induded above 34 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31JULY 2022 Staff costs 2022 2021 Wag8s and salaries 3,889,643 3,805,432 Social security costs 435.S88 412.064 Contribution lo defined contribution pension schemes 767,286 752.430 The averag8 number of persons employed by the School during the year was as follows.. 2022 2021 No. No. Teaching 64 65 Edu¢ational support 18 17 P￿rnI$￿S Welfare Managernent and administration 15 15 35 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31JULY2022 costs I The number of employees whose employee benefits lexcluding employer pension costs) exceeded £60,000 was: 2022 2021 No. No. £60.001- £70,000 £70,001- £80.000 £90,001- £100,000 £120,001- £130,000 The key management personnel are the members of the senior leadership team as described on page S. Employee benefits paid to thi5 group amounted to £881,65612021.. £756,115). Of those shown in the bandings above, 8 were members of the Teachers, Pension Scheme12021: 61 and I was a member of the Scottish Widows Pension Scheme 12021: 11. Employer's contributions to Pension schemes in respect of these employees during the year were £138,675 12021.. £118,824). The governors received no remuneration during the current or prior year. No travel expenses were reimbursed to governors in the current or prior year. 36 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31JULY 2022 Tangible fixed assets Motor Fixtures and Computer Building vehicle¥ fitting$ gqulpm•nt Impn)vements Total Cost or valuation At 1 August 2021 25,080 462,999 423,832 2.416,411 3,328,322 Additions 4,613 57,857 451.098 613,668 Disposals 14,4061 130,1831 {34.5891 At 31 July 2022 25,080 463,206 451,506 2,867,S09 3,807.301 pr•clatlon At 1 August 2021 17.203 393,154 403,241 $02,07S 1,315,673 Charge for the year 1,989 41,005 34,648 145.671 223,293 On disposal$ 12,938} 130,1831 133,1211 At 31 July 2022 19,172 431,221 407,706 647,746 1,505,845 Net book valu• Al 31 July 2022 Al 31 July 2021 Included within building improvements are £898,68512021:£447,5871 of assets under construction which have not been depreciated in the current year. The land and buildings in which the School operate5 are owned by the St Augustine's Priory Trust I'the 1941 Trust'l. The School has no formal lease, but occupies the property rent free as it has since 1915. 37 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31JULY2022 10. Flx•d asset investments Llst8d investments Cost or valuatlon At 1 August 2021 677.083 Revaluations 176,6S21 Al 31 July 2022 Not book value Al 31 July 2022 600,432 At 37 July 2021 2022 2021 M•rk¥t Valuè At 1 August 677,083 452,403 Incomo reinvg$tgd 7,486 12. 158 Investment rnanager fees 19.4571 (1,052) Increaselldecrease} in value of investments 159.6601 2t3,574 Investment withdrawal$ {IS,0001 At 31 July 38 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31JULY2022 The investments lal market value at the year endl are held in the UK and outside of the UK as follows.. 2022 2021 Unf(ed Kingdom 363,925 400,117 Unf(ed States of America 131,545 138. 135 Others 104,962 138,831 11. Dabtors 2022 2021 Fee debtors 229.509 52, 147 St Augustine's Priory Trust 161.829 183,658 Olhef dabtors and accrued income 28.200 25,666 Prepayments 135.641 104,784 12. Creditors: Amounts falllng due within ong year 2022 2021 Pupil deposits 685.728 625, 119 Trade creditors 151,678 105,545 Other taxation and social security 114.077 176,687 Other C￿￿rt￿$ 6,437 t6,953 Accruals and deferred income 204,825 180. 157 39 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEME14TS FOR THE YEAR ENDED 31JULY2022 13. Financial instruments 2022 2021 Financial as$•ts Fin8n¢ial a$$els measured at amortisad cost lal 2,702,700 2,450,842 Financial assets measured at fair value through the profil and loss account Ic} 600,432 677,083 2022 2021 Financial liabiliti Financial liabilities measured al amortised cost Ibl lal Financial a55ets include cash, trade and fee debtors, other debtors and accrued income. Ibl Financial liabilities include deposits, fees in advance, trade creditors and other creditors. Icl Financial assets at fair value through the profit and loss account comprise investments. 40 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 14. Statement of funds statsment of funds - currnnt yoar 8alance at 1 Augu$t 2021 Gainsl Balance at ILo$$o$131 July 2022 Income Expenditure Unrestrl¢tsd funds General Fund 3.761.564 7,562.170 17,358,821) 159.660) 3.905.253 Margaret Dormer Scheme 142.359 142.359 3,903,923 7,$62.170 17,358.8211 IS9.6601 4.047.612 R￿trIcted fund5 St Augustine's Priory Association 6S,089 10.950 12331 75,806 St Augusling's Parènts Committee 24,170 30,220 118,0661 36.324 1941 Trust Scholarships 8,171 {8,1711 Margaret Dormer Scheme 310.044 115,0001 295,044 Chapel Project 21,327 21.327 Grant donations 2,106 12,1061 420,630 51.447 143,5761 428,501 Total of funds 41 ST. AUGusnNE'S PRIORY SCHOOL LIMITED IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 14. Statsment of fund$ l¢ontinuodl stat8met)t of funds - prior year B8lanGe 81 l Augusl 2020 Gains/ Balance at (Losses) 37 July 2027 InGome Expenditure Unre$tri¢tsd funds General Fund 3.520,396 6,841,22T (6,813,633J 213,574 3,761,564 Margaret Do¥mer Scheme 142,359 142,359 3,662,755 6,841,227 (6,813,633J 213,574 3,903,923 R•strt¢t•d fvnds St Augustine's Priory Association 58,289 6,800 65.089 St Augustine's Parents Committee 26,909 (2, 739J 24.170 1941 Trust Scholarships 91.829 (91,829) argarel Dormer Scheme 3tO,044 310.044 Chapel Project 21,327 21,327 Grant donation$ 814 (814) 389,660 726,352 (95,382) 420,630 Total of fund$ 42 ST. AUGUSTINE'S PRIORY SCHOOL UMITED IA ¢ompany Ilmited by 8uaranteel NOTES TO THE FINANCIAL 5TATEMENT5 FOR THE YEAR ENDED 31 JULY 2022 Notes to the statement of funds The St Augustine's Priory Association I'The Association'l has been created to nurture friendships in the School community. It is funded by a one off donation of £150 from each family with a daughter joining the School. The St Augustine's Parents Committee organises events to raise money which is used to fund various items of equipment. Restricted donations of £2,106 were given by the St Augustine's parents committee for the funding of various items of equipment. During the year a restricted donation of £50,000 was given by the 1941 Trust toward5 the funding of Scholarships. The Margaret Dormer scheme was established in 2008 with the purpose of providing financial assistance to pupils from families who would otherwise be unable to pay fees. The Chapel Project was set up to provide kneelers and other ornamentation for the Chapel using the theme 'St. Augustine's Priory's Journey of Faith 1634- present,. Various kneelers have been provided and the sum of £21,327 will be used to fully furnish the chapel with kneelers and wall hangings on this theme. 15. Anatysis of net assets bètween funds Anaty$is of not a$$•ts b•tw•èn funds - eurrnnt yèar Restricted Unrestricted fund$ fund$ 2022 2022 Total funds 2022 Tanglble fixed assets 2,301.456 2,301,456 Fued asset investsnenls 295,044 305,388 600.432 Current 8ssel$ 133,457 2,569.143 2,702,600 Creditors due within one year 11,128,375) 11.128.375) Total 43 ST. AUGUSTINE'5 PRIORY SCHOOL IIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Analysis of net assets betwoen funds - prior year Ernlowm8nf funds 2021 R$str￿1&d Unr&stn¢l&d funds lunds 2027 2021 Total funds 2021 Tangible f￿ed assets 2,012,649 2.072,649 Fixed asset investments 310.044 367,039 677,083 Current assets If 0,586 2.628,696 2,739.282 Creditors due within one year (I, f 04,459) (1, 104,461) Total 16. Roconciliation of ngt movement in funds to net cash flow from op¢rating activities 2022 2021 N¢1 income for the year las per Statement of Financial Aetivitiesl 151.560 2T2. 138 Adjustmonts for. Depreciats'on charges 223.293 260,699 Gain on disposal 11.4691 IG8inslnos8es on inv$$tmgnls 59,660 (213.574) Dividend income 17,4461 (12, 158) DeC￿¥sellinerèa$ÈI in dèbtors {188.9241 54,012 Increase in crediltsrs 59,749 79, 777 Net cash provided by operating activities 44 ST. AUGUSTINES PRIORY SCHOOL UMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31JULY 2022 17. Analysis of ¢a$h and ¢a$h •quival•nts 2022 2021 Cash in hand 18. Analysis of changès In nel dèbt At l August 2021 Cash flows At 31 July 2022 Cash at bank and in hand 19. Pension commitmonts The School participates in the Teacher5, Pension Scheme I'the TPS'I for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £693,73712021.. £649,702) and at the year-end £Nil12021'. £Nill was accrued in respect of tontributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers. Pension5 Regulation5 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las 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 employer contributlon rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from I September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%. ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMEl+lTS FOR THE YEAR ENDED 31JULY Z022 The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However. the assumptions were considered and set by the Department for Education prior to the ruling in the 'McCloud/Sargeant case,. This case has required the courts to consider Cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers, Pensions. On 27 lune 2019 the Supreme Court denied the government permission to appeal the Court of Appeal's judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court's decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intend5 to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between l April 2015 and 31 March 2022 at the point they become payable. The TPS is subject to a cost cap mechanism which was Put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of thi5 C05t cap mechanism. in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal's ruling in the Mccloudlsargeant case and until there is certainty about the value of pensions to employee5 from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in tlme for the 2020 valuations. The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no changes to benefits or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has confirmed that any change5 to the employer contribution rate resulting from the 2020 valuations will take effert in April 2024. Until the 2020 valuation is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension cost5 is included in these financial statements. Other Pension Payments The School also contributes to Personal Pension Plans Idefined contribution scheme51 for 3812021.. ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMEprrs FOR THE YEAR ENDED 31 JULY 2022 361 norb-teachers. The regular c05t 15 charged to the income and expenditure account. Contributions paid in the current year were £73,54912021: £102,727). 20. Op8ratlng leas• commitmants At 31 July 2022 the School had commitments to make future minimum lease payments under non-cancellable operating leases as follows.. 2022 2021 Not later than 1 year 133,565 91,625 Later than 1 year and not later than 5 years 176,841 37,253 21. R8lat•d party transactions Delivery services, valued at £1,920 were provided to the Charity by Sinisa Savic, a sole trader. Georgina Savic, who is a member of the Charity's Senior Leadership Team. is married to Sinisa Savic. St Augustine's Priory Trust I'the 1941 Trust'l owns the land and buildings at St Augustine's Priory. The School h35 no formal lease but continues to occupy the 1941 Trust's freehold property rent free, as it has sirbce the School was opened on the site in 1915. Transactions with the 1941 Trust during the year consisted of the following: 2022 2021 Received - School fees- s¢holarshSps awarded 47 sr. AUGUSTINE'S PRIORY SCHOOL LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 JULY 2022 22. Comparative Statement of Flnan¢ial Activities Rèstrietèd Unrestricted funds funds 2021 2021 Total funds 2021 Ineomè from: Donations 92.643 529 93.172 Charitsble a¢t*vits'es 6,325,224 6,32S,224 Inveslrnents 12,158 12.158 other In￿Me 33,709 503.316 537,025 Totsl income 126.352 6.841,227 6.967.579 Expenditure on: Raising funds Charitable aclivilie3 1,052 1,052 95,382 6,812,581 6,907,9e3 Total expenditur 9S.382 6,813,633 6.909.015 Nat Sneom¢ before gainsllosses on Inv•$tm•nts 30,970 27,594 68,564 Nel gain8Aosses on investments 213,574 213,574 Net Incomelèx￿nditUre 30,970 241.168 272,138 N•t movement in funds 30,970 241,168 272.138 ReconcilÈation of Fund$: Total funds brought forwarfj 389,660 3,662,755 40S2.415 Net movement in funds Total Funds ¢arried forward