k•. St Augustine's Priory School Limited Annual report and Financial Statements for the year ended 31 st July 2023 Company Number: 04482913 Charity Number. 1097781 ST AUGUSTINE'S PRIORY SCHOOL LIMITED (A company limited by guarantee) ANNUAL REPORT OFTHE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2023 Contents REVIEW OFTHE YEAR BYTHE HEAD....................................................................................................................... OBJECTS, PURPOSE AND ETHOS........................................................................................... . .. ...................... ..... srRATEGIC REVIEW................................................................................................................................................ Academic Excellence Pastoral Care...........................................................................-........................................................ Cocurricular Adventures................................................... Creative Achievement ....................................................................................-................................................... Sporting Success.......................................................................................-...................................................... 13 Sustainabilty. Public Benefit.....-............................................................................................................................................. 14 13 FINANCIAL REVIEW................................................................ .15 PRINCIPAL RISKS....................................................... -18 GOVERNANCE, MANAGEMENT AND ADMINISTRATIVE INFORMATION................... ......................................... 19 Administrative details...................................................... 20 Statement of Trustees, responsibilities................................................................................................. INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF ST. AUGUSTINE'S PRIORYSCHOOL LIMITED........... 22 21 STATEMENT OF FINANcIALA￿1VITlEs IINCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31JULY 2023.................................................................................................................................. 26 BALANCE SHEET AS AT31 JULY 2023 .................................................................................................................. 27 STATEMENTOF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023................................................................... 28 NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31JULY2023.................................................. 29 ST AUGUSTINE'S PRIORYSCHOOL LIMITED {A company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORYSCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2023 REVIEW OFTHE YEAR BYTHE HEAD This year I was privileged to take up the post of Headteacher of St AugLJStine's Priory, succeeding Mrs Raffray, who left to take up an executive headship in Bangkok. Mrs Raffrals legacy was celebrated by a whole school Mass at Ealing Abbey, a fitting tribute to a Headteacher who has contributed so much to the life of St Augustine's Priory and its community. We were inspected by the Catholic Schools Inspectorate in 2023 and found to be "outstandin￿, in all areas. This year we have tontinued to embed our mission of "Our Girls Will Change the World" in all aspects of school life. In June we were inspected by the CSI (Catholic Schools Inspectoratel and achieved 'outstanding" (the highest rating possible) in all areas. This is testament to the dedication, determination and sheer joy that is embedded in the life of the school. It is also reflective of the shared commitment of pupils, staff, parents and governors to outstanding teaching and learning and our Catholic Life and Mission. In sharing this mission, we have sent f unds to the Lubasi Home in Zambia to provide lockable filing cabinets for student records and to the nearby Grace Centre to support training opportunities for young women. We continue to support local and national charities throughout the year including Macmillan Cancer Support, Ealing Food Bank, Great Ormond Street Hospital and Ealing Wildlife. Our pupils continue to demonstrate the utmost care for the most vulnerable in society. Our Priory Farm continues to inspire pupils and staff alike and we have expanded both the curriculum and co- curricular offering to ensure that our students can reap the rewards of this exceptional space. The appointment of a full-time farm manager has enabled strategic investment, and we have expanded our flock of sheep, built a new duck pond and improved the scope of the allotment. We have welcomed ViSltor5 to the farm, encouraging local schools to take advantage of the peaceful and restful environment that only being with nature can provide. St Augustine's Priory is. in its very heart a place of well-being, a sanctuary of learning and of faith. Somewhere unique. OBJECTS, PURPOSE AND ETHOS The Charity's objective a5 set out in the Section 3 of the Memorandum of Association is the advancement of education in the Roman Catholic tradition. The principal artivity 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. 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 2023 However our aspiration5 go so much further than these dry statements. In 2022 we refreshed our Mission Statement and in so doing defined a new purpose.. "Our girls will change the world. 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 generosity of spirit flourish. We seek 2 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. ur 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 those 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 focus 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 gir15 the courage to be ambitious and compassionate and we provide a secure, happy and nurturing community in which they can explore all the above and pursue excellence in their academic endeavours. We seek, develop and retain the best staff to support girls on their academic journey while valuing the wellbeing and progress of each individual. ST AUGUSTINE'S PRIORY SCHOOL UMITED {A company limited byguarantee) ANNUAL REPORT OFTHE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2023 STRATEGIC REVIEW Against these established and emerging objectives the School 15 pleased to report the following achievements. Academic Excellence St Augustine's welcomes a wide range of pupils of varying abilities. Our outstanding results at A Level and at GCSE in Summer 2023, reflect the tremendous efforts of both pupils and teachers. Not only did we celebrate pupils who achieved outstanding grades at the very top, but we also highlighted the success of our pupils who exceeded expectations. As was widely reported in the national press, the number of top grades at both A Level and at GCSE decreased significantly this year. The awarding of grades in-line with the 2019 examination series caused concern for pupils, parents and teachers who feared the impact that this would have on achieving university places and GCSE results. For A Level pupils in particular, thi5 concern wa5 heightened because this cohort did not complete a formal exam series in 2020 owing to COVID and it w35 feared that comparisons to the achievements of the 2019 cohort would therefore be unfair. Despite 311 of these challenges the Year 13 girls produced a superb set of results, especially when compared with schools of a similar setting. 38Yo of all grades were at A*/A and 81% of all grades were at A°_C compared to a national average for these two measures of 25% and 75% respectively. Our standout performers have gone on to study degrees in History at Cambridge, Veterinary Medicine at Nottingham and Fashion Design at the renowned Central Saint Martin's College of Art. Equally pleasing is the fact that 20% of this cohort are commencing a degree in a STEM subject. Similar concerns regarding comparability were expressed relating to GCSE results as well but once more St Augustine's girls held their own against schools with a similar pupil intake and the national averages. Over 60% of grades were at 9-7 Inational average 22%) with 870A of grades in Triple Science at grades 9-7. Overall, 95Yo of grades awarded were 9-4 Inational average 70Yo Academic performance in the school's core subjects was excellent, with Religious Education in particular producing outstanding results. This performance comes against the backdrop of a highly successful Diocesan inspection in June 2023, with the school receiving the top grade for our overall effectiveness in the delivery of Catholic education to the pupils in our care. Highlights from the report included "the school's extensive outreach programme is testament to its commitment to supporting the most vulnerable" and "pupils are confident and highly articulate, understanding and applying the Augustinian ethos of their mission statement to their daily lives" A Level results GCSE results 38% A'.A 60Yo grades 9-7 95% grades 9-4 ST AUGUSTINE'S PRIDRYSCHOOL LIMITED IA company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31JULY 2023 Outside of the public examinations, our students continue to have a wide range of opportunities to illustrate their academic excellence. For example, we are proud to be a DELF examination centre, with two of our teachers f ully trained a5 examiners. The DELF, Diplome d'etudes en longuefrGnGai5e, is an internationally recognised French Language Proficiency Certificate awarded by the French Ministry of Education. Evolving from our very own French 'Masterclass' Programme which was officially endorsed by the Institut FranGais du Royaume-uni, this prestigious invitation-only course is aimed at our most able student5. TION 1ty18 delf As a result of our ability to offer DELF our Key Stage 2 - Key Stage 5 students have the opportunity to ultimately work towards obtaining DELF diplomas. Our 2022-23 cohort saw six students in Year 6 and a further four students from Years 9 and 10 take and successfully obtain DELF qualifications. While our Sixth Formers are able to supplement their A Level studies with an Extended Project Qualification IEPQI, giving them the opportunity to extend and develop their abilities beyond the A Level syllabus, our Year 9 students can embark on a Higher Project Qualifications IHPQI. The Sixth Formers researched and explored tOPlCS such as whether Spiderman could become a biological reality or what lay behind the Salem Witch Trials, while Year 9 HPQS focused on topics such as who decides the value of Art, has fake news always existed and why do females drop out of sporting activities as they grow older. The EPQS and HPQS formed the backbone of our inaugural Festival of Learning in May where students were able to showcase their findings and conclusions to their peers, parents and staff. Our commitment to fostering academic excellence was reflected in the introduction of the Year 6 EPQ or 'Extended Project Question,. The aim of this project was to equip girls With a strong found8tion of study skills, confidence, and independence in preparation for their transition to Senior School. Pupils were tasked with forming research questions on the theme of Sustainability, aligning with the school theme. They then researched their individual topics in depth with their specialist mentors from Priory 6 and senior staff, before writing their essays. The girls approached their projects Wlth an outstanding commitment to learning a5 they became fascinated by the challenging topics they were addressing and the staff involved were hugely impressed by the essays the girls produced; work of a level well beyond their years and a testament to their hard work, tenacity and perseverance. In the Pre-preps and Prep5 more generally, we take immense pride in nurturing academic excellence and offering a diverse range of co-curricular opportunities that empower our students to excel in their studies and flourish in their personal growth. Our commitment to fostering well-rounded individuals 15 evident from our outstanding curriculum, dedicated teaching staff and impressive student achievements. The girls approached their projects with an outstanding commitment to learning ST AUGUSTINE'S PRIORY SCHOOL LIMITED {A company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORYSCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2023 Our currieulum is regularly reviewed and updated to incorporate best practice in teaching pedagogy, ensuring our approach is both current and innovative. We enrich our core subjects of Mathematics, English, Religious Education and Science with a wide range of foundation subjects such as the humanities, Art, Drama, Music and foreign18nguages. We are lucky to benefit from an exceptionally talented PE department whose enthusiasm, knowledge and skill in their field emphasises the importance of 'having a go,, further embedding a growth mindset in our learning environment. We continued with our Oracy for Advocacy Project, with every child in KS2 delivering a 2-minute TED talk on the theme of Catholic Social Teaching, exploring issues as far reaching as rights of girls to go to school and exploring the concept of 'famil and the benefits of 5UPPOrting our community. Those selected to proceed to the next round delivered their speeches to other schools within the Ealing Deanery before performing in the fina5 round here at St Augustine's. Their courage in taking centre stage to share their truth was nothing short of awe-inspiring. Our participation in this project recognises that as well as competing it gives our pupils an opportunity to have an impact on their family and friends and inspire the change they seek. Pupils from Year 5 and the Eyes of the World Club created a display about clothes and sUStain3bility, exploring the problems associated with 'fast fashion. the mountains of waste shipped around the world and child labour particularly exercised them. We encourage our pupils to recognise that they have the power to shape the world, bring about positive change, and be the leaders and innovators of tomorrow. Black History Month saw pupils looking beyond the norm and in particular searching locally to understand the experience of black people in our community- Year 6 pupils celebrated the diversity of our governing body by interviewing three governors and presenting their findings in assembly, while other pupils examined the life of the Arsenal and England footballer, Bukayo Saka, who comes from Ealing. Our recent RE Inspection Report lJune 20231 highlighted the successes of teaching and learning within Preps and Pre-Preps, particularly the quality of teachers, questioning in the classroom. Appropriately challenging through effertive questioning stimulates peer discussion and encourages students to explore and refine their understanding of key concepts. In 2022-23 we continued with our ground-breaking Building the Kingdom programme which puts Christ at the centre of our curriculum. All children from EYFS up to KS2 took part in further co- curricular BTK Celebration Days providing them with opportunities to be creative, form their own opinions, and develop their own unique talents and gifts. Expert staff, who have received dedicated ST AUGUSTINE'S PRIORYSCHOOL LIMITED (A company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORYSCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2023 training, planned and led exciting and meaningful activities further enriching our pupils, academic experiences whilst fostering critical thinking and problem-solving skills. A highlight was our Be Spirited Retreat Day in September 2022, based on the theme of 5UStainability, where pupils enjoyed a carousel of activities in the meadow. We believe that when children connect with nature and creation, they will experience a sense of awe and wonder, which helps us to realise what we need to do to take responsibility for our world and care for God's creation. From playing Laudato Si Hopscotch and Jenga, to 'We're going on a scripture hunt... children had to reflect on and answer questions about thi5 critical message. Finally, after several fallow years due to Covid, we Saw the welcome return of our Year 5 Science Fair, which was an absolute triumph of young curiosity, creativity and scientific ingenuity, highlighting the importance of science education. It was an impressive showcase of the next generation's potential to shape our world through their inquisitive minds and innovative ideas. The energy and enthusiasm in the air was palpable as pupils proudly presented their experiments and explained their findings to parents, teacher5 and fellow students. The Year 5 science fair was an absolute triumph Pastoral Care By this everyone will know that you are my disciples, if you have lovefor one Gnother." (John 13.-35) 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. We are named after St Augustine who said that we learn best when we are happy. We see pastoral care and academic life as intertwined. All staff and pupils have 8 responsibility for the happiness and well-being of each other, as well as for making St Augustine's Priory a fully inclusive community. Our values are embedded # in everything we do and are the foundation of our excellent pastoral care.. love of learning, integrity and truth, freedom of spirit, courage and community guided by the Holy Spirit. Our school motto is Veritas Itruthl- we don't have difficult conversations, we have Veritas conversations. Our Mission Statement is that Our girls will Change the world and we have high expectations of each and every pupil. As a Catholic school, we have the fundamental belief that every person is made in the image and likeness of God and therefore has an inherent dignity and ST AUGUSTINE'S PRIORYSCHOOL LIMITED IA company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORYSCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2023 inestimable worth. Jesus himself spoke up against injustice and taught the values of the kingdom. emphasising the need for lovei justice and unity for all and we seek to instil this in every pupil. Every pupil at St Augustine's Priory should be made to feel welcome, regardless of their background, religion, race, sexuality, disability, learning needs or any other protected characteristic. Our success in promoting inclusivity was recognised in both of our recent ISI and CSI inspections where our pastoral care and development of character were judged as "excellenv, and "outstanding" We are very proud of this. Pupil voice remains strong and is a key priority The school has many initiatives and strategies running to help us achieve these objective5. One is the Big Sister, Little Sister programme which continues to aid the smooth transition between Primary and Senior school and is led wonderfully by the Deputy Head Girl, Faith Life and Community. Our talented Priory Sixth students run the drop-in sessions in the Sanctuary at lunchtime and provide a safe space for younger pupils to talk and unwind. During Enrichment Week whole year groups We￿ able to go offsite and enjoy a day of activities designed to develop character and teamwork whilst having fun. Pupil voice remains strong and is a high priority. Pupils have been instrumental in supporting staff in developing the Promoting Good Behaviour Policy and the Anti-Bullying policy. Members of the Priory Sixth Leadership are invited to meet with the Safeguarding governors to share their thoughts and the School Council and Inclusion Committee continue their work representing the views of their contemporaries and have fed back to the whole school in assemblies and through signage. A new pastoral intranet Slte has been developed to collate the range of support available to our pupils. This is updated regularly and all pupils in the senior school can access it to allow them to discreetly explore the support available to them. This has been supported by the Heads of Year delivering 8 variety of assemblies connected to Children's Mental Health week, self-care and managing the transition to the summer holidays and also by the Form Teacher's Handbook, which has been updated to inc5ude activities to develop Social, Emotional and Mental Health. The handbook outline5 the procedures to deliver excellent pastoral care daily across the school. While maintaining its focus on the day to day, the Pastoral Team also refreshes its knowledge and skills regularly with all members undertaking either Youth Mental Health First Aid or Safeguarding Level Three training. The DSL team work collaboratively with colleagues in other local schools and the Ealing Council network group. ST AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited byguarantee} ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2023 The appointment of a full time Farm Manager has enhanced our pastora5 support, allowing girls who show a keen interest in animals and the allotment to have time out from the busyness of their studies. Work is ongoing to develop this as another layer of support for those who need it. Co-curricular Adventures The school's co-curricular provision continues to be extremely popular among pupils. Through 2023 large numbers attended at least one club through the school week. From Reception to Year 9 on average 94DA of each year group attend a club, with interests ranging from cookery to cricket and we are delighted to see a number of these clubs being led by our 6th formers who indulge their academic and other interests in clubs for computer coding, badminton and maths. The most popular clubs tend to be sports related, followed by LAMDA/drama meaning our pupils get attive when they are away from their lessons- a great way of refreshing minds and bodies during and outside of the school day. Whai type ¢lclub5do you ?tttnd1183 responses) Preps and Pre-Preps pupils tend to be the most avid consumers of the co-curricular provision with the vast majority of these clubs full or over-subscribed, but older pupils signed up to the Duke of Edinburgh Award in record numbers and we now have large cohorts following the bronze and silver programmes as well as a small number of 6, formers undertaking the gold qualification. Music lessons with peripatetic teachers continue their popularity with a dizzying array of instruments available for le550ns and over 100 pupils learning or developing, some with a view to taking their grade exams but some just for the pure enjoyment of making beautiful sounds. Creative Achievement The Drama Department continued to provide a rich array of creative opportunities for pupils. In October, Year 7 staged a 'Sustt7inubility' themed showcase of movement to music, in April Year 9 staged Grease.- School's Editlon, in July Year 6 staged The Wizord of Oz- all to live audiences. GCSE Drama pupils created high quality original theatre as well as staging scenes from Arthur Miller's, The Crucible, Daphne du Maurierfs Rebecca and George Bernard Shaw's Pygmulion. Year 12 produced a powerful devised piece exploring the pros and cons of the Media through a female lens, inspired by Katie Mitchell's and Complicite's approach. Design for performance is growing in popularity at Key Stage 3 and GCSE Level. We invited Lucy Hansom, professional Lighting Designer, to inspire designers with her experience. GCSE and A-Level Drama pupils a150 participated in workshops with professional theatre practitioners- Complicite. Drama exam results were excellent with 100% A-Level pupils achieving A, and 63% of GCSE pupils achieving 9-7, and 86% Grade 9-6. ST AUGUSTINE'5 PRIORY SCHOOL LIMITED {A company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORYSCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2023 Over sixty Senior pupils were involved in the biennial Senior School Production of SisterAct at Watermans in Brentford, enabling an impressive number to experience working in a professional theatre. Two pupils were trained in Lighting Design and operated the lights for the shows. All pupils were able to enjoy live professional theatre again with Year 7 going to Matilda, Year 8 to Frozen, Year 9 Bock to the Future, Year 10, 11 and 12. Homilton. Year 12 also saw two versions of Othello. Members of our Drama Gifted Pathway enjoyed workshops on Laban and Lecoq, and a careers talk from BBM Talent Agency. Over a third of the school took LAMDA examinations, with 87Yo passing with Distinction and 13Y. with Merit. The LAMDA Showcase was a hugely successful house competition, with professional casting directors Tracey Andrews and Danielle Crockford from BBM judging and presenting medals to the winners, bringing the Creative Arts industry directly to pupils. After witnessing the talent at the school, they offered representation to four pupils. We participated in the National Theatre's New Views Playwriting Progrumme. Two of our pupils, plays, Fragile State of Life und Two Nicke15 and a Dime, were long-listed. As part of our out-reach we sponsored our Emmaus partner school Cardinal Wiseman to participate in this programme. St Augustine's was shortlisted for an award in the Independent School of the Year for Performing Arts/Music/Drama category. The Art department remains dedicated to fostering our students, artistic abilities and nurturing their creative growth. Like last year, we continue to explore a wide range of artistic techniques and approaches, including drawing, paintin& printmaking, sculpture, dressmakin& fine art textiles, design, digital manipulation, photography, and filmmaking. We also delved into the works of various contemporary and classical artists, explored diverse cultures, and addressed socio-economic issues, always highlighting intlusivity and diver51ty for all students. We encourage our female students to io ST AUGUSTINE'S PRIORY SCHOOL LIMITED {A company lirnited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2023 discover their passion and choose a concept and working method that aligns with their interests and aspirations. As a result, our student5 have been exceptionally active throughout this year. Last January, our A-level and Year 11 students were given the fantastic opportunity to explore Paris, where they expanded their artistic horizons through visits to the impressive art collections at the Louvre, Centre Pompidou, and Musée d'orsay. The students were able to sketch the exhibited displays and take photos, which they could then use for their artwork and sketchbook development. Our students consistently demonstrate an impressive enthusiasm for their artistic endeavours, and we take great pride in showcasing their innovative works throughout our school. We maintain our commitment to curating their creations to a high standard, fostering inspiration for fellow students. This year, we orchestrated a special exhibition during Association Day, allowing parents to witness the incredible talent of our girls first hand. Furthermore, we introduced a new initiative by hosting our first Art Residency, where a youn& contemporary female artist joined our department for several days, engaging in art eritiques and discussions with our students. Notably, one of our scholars was honoured to participate in a prestigious competition in central London for the Sovereign Art Prize Manager. This remarkable opportunity allowed her to exhibit her artwork and proudly represent our school on a broader stage. We hosted our first art residency with a contemporary female artist joining the department Furthermore, we maintain the following initiatives while introducing new technologies in our lessons. For example, we integrated a 3D printer into our curriculum, allowing our students to utilise digital tools for their architectural and digital design project5. Knowledge of these tools is also a standard entry requirement for top-tier universities. Additionally, we were delighted to collaborate with the Drama department to facilitate their Sister Act production at Waterman Theatre this year. Our team actively participated in running clubs with our students, where we focused on creating the set design that ultimately graced the stage. We were particularly gratified by the positive feedback and the rewarding experience of working closely with colleagues and contemporaries in the Drama department All these endeavours undoubtedly contributed to our students, outstanding accomplishments in public exams. Our A-level girls achieved an exceptional 70% success rate with A* grades, and our GCSE girls excelled with 60*0 scoring 7 and above. One of our students secured a spot in the prestigious Fashion Degree program at Central Saint Martins, widely regarded as the most challenging and prestigious fashion degree in the world. Furthermore, another student received an li ST AUGUSTINE'S PRIORYSCHOOL LIMITED IA company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2023 unconditional offer during their inteNiew for an Architectural degree, a distinction reserved for students who demonstrate remarkable maturity and skill in their artwork. 2022-23 was also a busy year for the Music Department. On top of the three termly concerts for ensembles, we created a series of termly concerts showcasing the talents of our soloists. This included dedicated concerts for Preps and Seniors, and then a joint piano recital in the summer term. We hired a beautiful grand piano for this occasion, and the whole event was a magical experience for our students. The Carol Service - a highlight for many in the year- was a roaring success and involved many students. Next year, we are looking forward to welcoming student5 from our sister school in Paris to take part in this event. We continue to give the West End a run for its money, and last year was a fantastic year with several productions. The biennial Senior Production took place at Waterman's Theatre and the Music Department worked in conjunction with the Drama Department to deliver the foot-tapping Sister Act. The Senior Production is a wonderful experience for students, and it allows students from Year 7 to Year 13 to work together, make friends and put on a great show. Year 9 also produced Grease, and Year 6 produced The Wizard of Oz. All three productions were accompanied by live musician5 which is a real boon for the students. HAKKY POTTEB Last year, we offered several trips and experiences to enrich the lives of our music81 students. These included a brilliant trip to the Albert Hall for Year 8 to watch Harry Potter and the Half Blood Prince on the big screen with a live accompaniment from the Royal Philharmonic Concert Orchestr8; a trip for Year 7 to see Iwomma Mial at the Novello Theatre, and a trip for Year 6 and the Senior Choir to sing with some 5,000 other students at the Young Voice5 concert at Wembley Arena. Our results in public exams continue to be excellent. In GCSE, we achieved 80% grade 9, which is superb. And in A-Level we achieved IOOYQ A. We 31s0 returned to face-to-face instrumental exams with ABRSM and we achieved a 100% pass rate. In a new venture, we offered instrumental lesson5 to staff in a year- long 'gradÈ l-athon, This was a lot of fun as, not only did several staff develop musical skills on different instruments, but they gained insights into the day-to-day experiences of our students. We 12 ST AUGUSTINE'S PRIORY SCHOOL LIMITED (A company limited by guarantee) ANNUAL REPORT OFTHE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2023 offered all of the instruments available to student5, and several staff took up places in piano, violin, singing, guitar and flute. Sporting Success Our Physical Education IPEI program has made significant progress in the past year. We've achieved remarkable success in both Academic and Curriculum PE, and many of our students have excelled beyond school boundaries. As educators, we've continuously worked on ref ining our teaching methods to push the students and introduce fresh challenges in every lesson. We've focused on honing their skills on the field, with the aim of them applying these skills in their daily lives. Our approach involves instilling game principles across various sports, providing students with versatile skills they tan use in many way5. While this approach demands more time and effort, it offers a more enriching educational experience. Furthermore, we've emphasised leadership development to align with the school's mission of nurturing well-rounded individuals. Our efforts have extended to bolstering our primary sports netball and hockey to improve our competitive standing in the county. Our students have achieved significant succe5S beyond the school grounds as well. Ava earned a spot in the Talent Academy Hockey trials, while Freya secured a place in Middlesex Hockey. Bernadette, Enya, Odile, and Phoebe clinched victory as Plate London Youth Game Hockey champions, a remarkable feat. Sienna and Isabel were selected for the London Pulse Hubs. Hannah attained the U16 World Champion in Latin and Ballroom Dancing, and Isabella secured a Bronze medal in Judo at the London Youth Games. Sienna and Stella also earned Bronze in London Youth Games Netball. Georgina has been invited to train with Chelsea and Watford Football Academies. Lastly, we successfully orchestrated an integrated school wide dance show spanning from Year 3 to Year 10. Sustainability Throughout the academic year the school's theme was "sustainabilitv,, but in truth sustainability had been a part of our curriculum and practice for many years and continues to be. It is also much wider than just environmentalism and through presentations and communications with pupils and staff, the message was conveyed that the sustainability quadrant also included "Futurity" "Public Participation" and 'Equity and Social Justice" The school's 5UStainability initiatives are closely tied to the UN'S 17 Sustainable Development Goals IUN-SDGI. All assemblies started to highlight the goals and provide links to one or more of them. In specific subjects the curriculum was shaped around the goals and their intent. French gave an entire 13 ST AUGUSTINE'S PRIORYSCHOOL LIMITED (A company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORYSCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2023 programme of study on the environment,. History investigated gender equality over time,. Art started to develop work which involved the reuse of materials. Geography Showed links to every one of the UN-SDGS. For Year 7 enrichment, one group explored "Trees for the Future" where they used measuring tapes and clinometers, and the magic which is trigonometry, to work out height, girth and branchial radius of the trees in the school grounds. This helped the pupils decide how important the school 51te is in terms of carbon sequestration. Other groups investigated "Oceans for the Future using a range of sources including WWF to understand what is happening to our oceans, and "Transport forthe Future" where they created a giant map showing where all the staff and students live in relation to the school and how hard it actually is for over 50Yo of the school community to walk to schooll In response to this last piece of research, the school's previous "Walk to School Day" was renamed 'Don't Drive to School Week" to increase participation on public transport. SUSTAINABLE DEVELOPMENT By its nature, sustainability is not something that can be done for just a year, so plans are now afoot to either repeat previous events to enforce messages, or to introduce new events which we haven't yet had the time to run. Curriculum development will continue and the school's operations are increasingly adopting SDG principles. One initiative for the future will be to introduce students to the careers in sustainability which are available to them after school so that the good work which has been done in the past year can carry on into a future beyond St Augustine's Priory- so our girls can quite literally change the world. Public Benefit The governors have complied with the duty prescribed in Section 17 of the Charities Act 2(K)6 to have due regard to guidance published by The Charity Commission, including public benefit guidance. Throughout the year 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 dram8 groups. 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. Senior members of staff are governors of state schools. The Farm is a particular attraction for neighbouring schools and they regularly visit with various age groups to enjoy our little green corner of Ealing and to interact with the animals and get fingers dirty in the allotment. During the year the school awarded a total of £744,44212022: £717,184) in respect of bur5arie5, scholarships, remissions, discounts etc. This represents some IOYo12022: 10%) of fee income. The governors, have set a target of 9% of total fee income and this has been more than achieved. 14 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 2023 The school's charitable collection5 during the year totalled £10,17112022.. £11,640). This amount wa5 dispersed to charitable institutions including Macmillan Cancer Support, Great Ormond Street Hospital, Ealing Wild5ife, Laudato Si, Downs Syndrome Association, The Samaritans, Malala Fund, Cavell Nurses, Trust, HCPT, CAFOD, Cancer Research UK, Wings of Hope, Fundacion Anpuy where we sponsor a child in Argentina and Lubasi Children'5 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 familie5 whose parents would not otherwise be able to afford an independent education. The fund is managed by Evelyn Partners with whom the Finance Committee meet twice yearly. At 31 July 2023 the combined funds stood at a market value of £579,72212022: £600,432). FINANCIAL REVIEW Financial Position Total incoming resources increased by approximately 4Yo from £7,613,617 to £7,939,173 and total resources expended increased by approximately 7¥, from £7,402,397 to £7,911,621. The net surplus for the year before interest, tax, depreciation and amortisation was £300,417 with a final net surplus of £27,55212022'. £211,220) with these items included. We saw an unrealised loss on investments of £6,27812022.' unrealised loss £59.6601. Net current assets at the year end were £1,765,16012022- £1,574,225). Financial Ke Performance Indicators KPIS Incoming resources per pupil.. Wages cost per pupil= £17,46112022- £16,0021. £11.50512022= £10,7031. Princi al fundin sources The principal funding source of the school's charitable activities continues to be tuition fees and extras. Reserves olic The governors, target for free reserves for normal educational activities is in line with the generally accepted view in the independent schools sector, that the ideal level should be equivalent to approximate￿ three months, normal expenditure. At the year*nd total funds stood at £4,497,385, £414,096 of which is restricted and £4,083.289 unrestricted. Of this £1,930,783 was held in free reserves against target of £1.7m. Accumu13ted resetves are earmarked to support the school some potentially difficult times ahead. Investment olic and ob eetives 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 investment5 of any 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 2023 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 tonsideration 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 remains compatible with the school's object5 and requirements. The performance of the investment is reviewed regularly and assessed against appropriate industry benchmarks. Goin Concern to 31 Jul 2025 The Trustees have assessed the School's ability to continue as a going concern. In making this assessment the Trustees have considered a range of internal and external factors when forming their conclusions. This information has been collected from a mixture of sources including input from various independent school associations le.g. ISBA, AGBIS, SOH, GSAI and market commentators (Baines Cutler and RSAcademicsl. The school has also conducted analysis of its present financial and operational performance and reviewed Seading indicators of what this performance might look like in the future. In the FY2022/23 the school achieved a healthy surplus of £300k which contributed to a further strengthening of the balance sheet, following on from a surplus of £434k achieved in FY2021/22. Reserves have built up over time meaning the Trustees feel that the School's balance sheet is in a good position. Looking forward, as with all schools in the independent sector. the school faces a number of political. economic 2nd societ81 headwinds driven by a range of factor5: the potential for a change in Government at the next General Elettion heralding the imposition of VAT on school fees and the loss of charitable status- ongoing cost of living challenges which every family and business face; a declining birth rate nationally which will mean fewer children in the school's catchment area and the potential for reduced pupil numbers; and the increasing cost of teaching staff driven by significant pay awards in the state sector having a knock-on effect on independent schools, and the expected increase in the employer contribution rate for the Teachers, Pension Scheme. The School has taken steps, or is in the process of developing strategies, to address all of these challenges and does so in the knowledge that the strong balance Sheet and an absence of debt is a great advantage. 16 ST AUGUSTINE'S PRIORYSCHOOL LIMITED {A company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORYSCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2023 Work is ongoing to assess the potential impact of changes in tax treatment and the impact these could have on pupil numbers. A baseline scenario is being developed from which to extrapolate best and worst-case scenarios, using existing data, data that 15 being collected direct from parents Vla survey, and price elasticity analysis from external consultants. With an understanding of these scenarios, the School can then consider what strategies to adopt to increase pupil numbers and, where necessary, what adjustments will need to be made to the cost base. In the 2021 ISI inspection and the 2023 CSI inspection the school was rated as "Excellent" and Outstanding" respectively, the highest rating, so there is great tonfidence in the educational experience which the School provides and a feeling that it is compelling and attrattive to parents. In the current financial year, the marketing plan has been refreshed to focus on key messages and ensure that these are being heard by core constituencies. This is designed to address the recent reduction in pupils and initial signs are positive with a significant increase in attendance at the recent open day. In March 2023, the school engaged in a collective consultation with its teaching staff over the school's proposal to exit the Teachers, Pension Scheme. The consultations are on-going regarding any changes in the school's contribution to the TPS. All staff were awarded a 6.5Yo pay rise in September 2023. In addition, the School is seeking to diversify its top line by increasing lettings income and considering other sources of revenue such as fundraising. A reduction in pupil numbers and the costs associated with the proposed exit from the Teachers, Pension Scheme are short-term challenges but the strong balance sheet means that the impact on the school's financial position is not as significant as it might otherwise have been. The ongoing importance of establishing greater certainty about the costs of our teaching staff more than outweigh this short-term pain. Nonetheless the core business model of the school will need to be addressed to ensLJre that in following years the school can deliver a surplus in 8 Sustainable way. As well as efforts to grow and diversify the top line this will also involve close control of the cost base. The school has already signed up to energy contracts at the most favourable rates available for time periods out to 2028, to give certainty for a potentially quite volatile line in the P&L. Discretionary spending on maintenance and catering will also be assessed but the critical analysis will be of staffing ratios. There is a recognition that Staffing must be appropriately aligned with the pupil number forecasts which external analysi5 will produce. So while there are several big questions that the School needs to address over the next 12 months the Trustees believe that the corrett questions are being asked by the management team and work is being undertaken to provide the answers which will inform decision-making in the near future. 17 ST AUGUSTINE'S PRIORY SCHOOL LIMITED (A company limited byguarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2023 As a result of the School's proactive approach to financial diversification, marketing, cost control and delivering an excellent educational experience, the Trustees are confident that the School is a going concern and that the accounts should be prepared on this basis. PRINCIPAL RISKS The governors 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 principal areas of the school's operations to identify risks that could affect the day-to-day operations of the school. For all schools, Safeguarding of pupils is a fundamental risk and we are always vigilant, adopting the attitude that "it could happen here" The school has an extensive set of policies and procedures designed to manage the risk and Governors are confident in the approach taken. In the opinion of the governors, the charity has established resources and review systems which, under normal conditions, should allow the risks below to be mitigated to an acceptable level. The governors consider the following to be the principal risks on which the charity need5 to focus.. Political change There will be a general election prior to January 2025 and it seems possible that a new Labour Government will be formed thereafter. Labour intends to add VATto the school fees which parents currently pay and this is likely to have a negative effect on pupil numbers across the sector. The school is currently modelling the anticipated financial impact to understand how the school's operating model will need to change in response. This may include initiatives to mitigate the effect of the VAT increase or to scale back provision in some way to fit our costs to the expected change in income. Fees remain competitive with local market. School inspections have confirmed the quality of the educational experience and our exam results, added value scores and pastoral performance relative to fees continue to show value for money. Long term energy contracts are in place to protect against market volatility. A school wide sustainability drive continues. We are investigating how we can offer Ereater flexibility to parents in how they pay for their fees. Teacher salaries and other benefits have also increased signif icantly in recent years and so the school is designing its operating model to more closely align with pupil numbers. London's demographics are changing. with more people leaving the City to live elsewhere. In addition the nationwide birth rate is declining for the foreseeable future reducing the number of children living in our catchment area. Economic challenges for school and parents (cost of living etcl Social changes 18 ST AUGUSTINE'S PRIORY SCHOOL LIMITED (A company limited by guarantee} ANNUAL REPORT OFTHE TRUSTEES OF ST AUGUSTINE'S PRIORY SCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2023 GOVERNANCE, MANAGEMENT AND ADMINISTRATIVE INFORMATION Histo and charit status The school, known as St Augustine's Priory, was established in France in 1634, and moved to Ealing in 1911, establishing itself on the present site in 1914-15. 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 11215102, 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 6 December 2022. StAu ustine'5 Prio Trust 'the 1941 Trust, The 1941 Trust (charity number 2453671 is a separate entity which own5 the land and buildings of St Augustine's Priory. The school has no formal lease. but has occupied the property rent free since 1915. During the year the 1941 Trust donated £50,00012022.' £50,000) towards scholarships. Trustees overnors and directors The companvs Articles 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 procedLtres. Governors are also invited to attend relevant external training courses. ani5ational 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 comprising senior academic and business services staff. 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. 19 ST AUGUSTINE'S PRIORY SCHOOL LIMITED {A company Ilmited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORYSCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2023 Administrative details Registered offiice St Augustine's Priory Hillcrest Road Ealing London W5 2JL Trustees The trustees who served during the year to 31 July 2023 were: Mr P D'Arcy Ichairl Mrs C Copeland Ito 24 April 20231 Mr R Beeston Mr S Bristow Ifrom 12 December 20221 Ms M Bowler (Vice Chairl Mr B Cassidy Mr J Davies Mrsj Job Dr B Marino Mr5 Asparks Mr F Steadman Company Secretory ond Clerk to the Governors MrJ Philpott Auditors Crowe U.K. LLP Chartered Accountants 55 Ludgate Hill London EC4M 7JW Solicitors Veale Wasbrough Vizards Orchard Court Orchard Lane Bristol BSI 5WS Bankers Barclays Bank PLC Acorn House 36-38 Park Royal Road London NWIO 7JA Heodteocher Mrs S Raffray (to l April 20231 Mrs C Macallister (from 2 April 20231 20 ST AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) ANNUAL REPORT OF THE TRUSTEES OF ST AUGUSTINE'S PRIORYSCHOOL LIMITED FOR THE YEAR ENDED 31 JULY 2023 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 Trustee5' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel. 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 its 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 Charitie5 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 any material departures disclosed and explained in the financial statement5; 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 f raud and other irregularities. Disclosure of information to auditor Each of the per50n5 who are Trustees at the time when thisTru5tee5' 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 willingness 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 mernbers of the board of Trustees and signed on their behalf by: Date.. sq,,1£023 21 ST AUGUSTINE'S PRIORY SCHOOL LIMITED {A company limited by guarantee) BALANCE SHE AS AT 31 JULY 2023 INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF ST. AUGUSTINE'S PRIORY SCHOOL LIMITED Opinion We h3ve audited the financial statements of St. Augustine's Priory School Limited Ithe 'School'l for the year ended 31 July 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the rebated notes, including 8 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 a5 at 31 July 2023 and of its incoming resources and application of resources. inclLtding 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 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 ou r 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 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 th8t, individually or collectively, may cast significant doubt on the charitable company's ability to continue as 8 going concern for a period of at least tweSve 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. 22 ST AUGUSTINE'S PRIORYSCHOOL LIMITED {A company limited by guarantee) BALANCE SHEET AS AT 31 JULY 2023 Other information The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a materi81 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. 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 misstatements in the Trustees, Report. We have nothing 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 from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of Trustees, remuneration specif led 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 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 f inancial statements and for being satisfied that they give a true and fair view, 3nd for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 23 ST AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) BALANCE SHEET AS AT 31 JULY 2023 In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operation5, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi55tatement, 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 basi5 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 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/auditorsresponsibilities. 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 understanding of the legal and regulatory frameworks within which the charitable company operates, focusing 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 regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statement5 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 ope￿tionS were The Education Ilndependent School Standards) 24 ST AUGUSTINE'S PRIORYSCHOOL LIMITED IA company limited by guarantee) BALANCE SHE AS AT 31 JULY 2023 Regulations 2014. General Data Protection Regulation IGDPRI, Health and safety legislation, Taxation legislation and Employment legislation Auditing standards limit the requlred audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financi31 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 Capit81 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, Ofsted and reading minutes 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 deterted 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 laws and regulations lirregularitiesl is from the event5 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 audit, there remained a higher risk of non~detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detett non-compliance with all law5 and regulations. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or a55ume 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= 1 DÈcember 2023 25 ST AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) BALANCE SHE AS AT 31 JULY 2023 STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2023 Restritted funds 2023 Unrestricted funds 2023 Total funds 2023 Totol funds 2022 Note Income from: Donations 57A15 224 57,639 12,908 Charitable activities 7.017397 7.017397 6,850,375 Investments 30.558 30,558 9.592 Other income 34,103 799A76 833.579 740,742 Total income 7 847 655 7 939 173 7613 617 Expenditure on: Raising funds 5,079 S,079 9,457 Charitable actwities 103,923 7.802.619 7.906,542 7,392,940 Total expendlture 103 923 7 807 698 7 911621 7 402 397 Net income before net Ilosse5llgarns on investments 112,4051 39,957 27,552 211,220 Net Ilosse5l/gains on investments 16,2781 16.2781 {59.66Q) Transfers between funds 14 12,0001 2.000 Net income 114A051 35.679 21.274 151.560 Net movement in funds 14 05 Reconciliation of funds: Total funds brought forward 428.501 4,047,612 4,476,113 4,324,553 Net movement in funds 114,4051 35,679 21,274 151,560 Total funds carried forward The Statement of Financial Activities include5 all gains and ltssses recognised in the year. 97 The ntstes on pages 29 to 47 form part of these financial statements. 26 ST AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) BALANCE SHEET AS AT31JULY 2023 BALANCE SHEET AS AT 31 JULY 2023 2023 2022 Note Flxed assets T3ngible Fixed Assets 2,152,505 2.301.456 Investments io S79,722 600.432 2.732.227 2,901,888 Current assets Debtors due within l year li 406,265 555,179 Cash at bank and in hand 2,616,439 2.181.791 3.022,704 2,736,970 Creditors.. amounts falling due within one year 12 11,257,544) 11.152.745) Net current assets 1.765,160 1,574,225 Totsl net assets Charity fvnds Restricted funds 14 414,096 428,501 Unrestrirted funds 14 4,083,291 4,047,612 Total funds 4 476 113 The Trustee5 acknowledge their responsibilities for complying with the requirernents of the Act with respect to accounting records and preparation of financial statements. The fina tatements were approved and authori5ed for i55ue by the Trustees and Signed on their behalf by.. Date.. The notes on pages 29 to 47 form part of these financial statements. 27 ST AUGUSTINE'S PRIORY SCHOOL LIMITED IA Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023 2023 2022 Cash flows from operating actNities Net cash provided by operating activities 563,395 295,749 Cash flows from investing artivities Dividends, interests and rents from investments 10.727 9,592 Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets 1148,8271 {513,568) Reinvested income 15,6471 1.991 Investment funds withdrawn 15,000 Js,000 Net cash provided byllused inl investing artivities 1128,7471 1486.9851 Cash flows from financing activities Net cash provided by financing activities hange in c4sh and cash equivalents in the year 434,648 1191,2361 Cash and cash equiv31ents at the beginning of the year 2,181,791 2,373,027 Cash and cash equivalents atthe end of the year The notes On pages 29 to 47 form part of these financial statements 28 ST AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 General ¥nforrnation St Augustine'5 Priory School Limrted is constituted as a company limited by guarantee rÈgist&red in England, No. 04482913, and is registered with the Charity Commission under Charity No. 1097781. The School's regist&red address is Hillcrest Road, Ealing, London, W5 Accounting policies 2.1 Basls of preparatlon of financial statements The financi81 statements have been prepared in 3CCOTdance with the Financial Reporting Standard applicable in the UK and Republic of Irel3nd IF￿102), the Companles Act 2006 and the Charitles Statement of Recommended Prattice 2015. ets and liabilities are initially recognised at historic cost or ttsn5action value unless 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. fjoing concern The Trustees have 3ssessed the School's ability to continue as a going toncern. In making this a55es5ment the Trustees have considered several factors when forming their conclusions, including a review of forecasts to July 2025, sensitivity analysis, input frorn independent school associations and a consideration of key risks. Looking forward. as with all schools in the independent sector, the school faces 3 number of political, economic 3nd societal headwinds driven by a range of factors such as the potential imposition of VAT on School Fees. CDSt of living increases, falling birth rates and the cost of teachers, pay awards. However the bal3nce sheet is positive and irnproving due to recent 3nnu81 surpluses. Potential risks to the school's viability are mitigated through a longstanding relationship with the landlord, a reputation for providing an OLrt5tanding education at 8 pric& which compa￿5 we15 with nearby independent schools, investments in srrong teaching Staff and a r&fr&5hed m3rketing strate8y emphasisingthe special ethos tsf 3 Single sex, all-through Catholic school. The school has fixed price energy contratts in place which h3ve been Tenewed in September 2023 and has signed further fixed price contracts to 2028 to insulate itself from the worst effetts of the energy cri515. C05t inflation has been addressed in the current year through a 8.5% fee increase. Work is ongoing to assess the potential impact of changes in tax treatment and the impact these could have on pupil numbers. In addition, the School is seeking to divèrsify its top line by increasing lettings income and considering other sources of revenue such as fundraising. Having regard to the above the Trustees believe it is appropriate to adopt the going concern basis of accounting in preparing the financial statements. 29 ST AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accountin8 policies Icontinuedl Critical accounting judgernents and key source5 of estimation uncertainty In the applicatlon of the accounting policies, Trustees 3re required to make judgemenL estimates, and assumptions about the carrying value of assets 3nd liabilities that are not readily apparent from other source5. 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 p&riod in which the e5titnate is revised if the revision affects only that period, or in the period of the revision and futur& periods if the revision affected current and future periods. In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilit1&5 atthe balancè sheet date are likely to result in a material adjustment to their carrying amounts in the n&xtfinancial year. The following accounting policies have been applied con515tently in dealing wrch items which are considered material in relation to the School's financial statements. 2.2 Income Fees receivable and similar income Fee5 receivable cornprise tuition fees charged to pupils less scholarships and bursaries. Registration fees are non-refundable and are credited to income when received. Deposits are included a5 3 liability until refunded OT. on ceasing to be refundable. are credFted to income. Advance fees are credited to income as and when they f311 due. Investment income Investment income from dividends. bank balances and fixed interest securities is accounted for on an accrua15 basis. Donations, legacies, grants and other voluntary incoming resources Voluntary incoming resources are accounted for as and when Èntitlement arises. the amount can be reliably quantified and the economic benefitto the School is considered probable. Voluntary income for the School's general purposes is accounted for as unrestritted 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 re5trirted fund. 30 ST AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 JULY 2023 Attountlng pollcles Icontinuedl 2.3 Expenditure Expenditure is allocated to expense headin8s on a direct C05t basis. The irrecoverable elerHent of VAT is included within the item of expense to which it relates. Governance costs comprise the c05t5 Of complying with constitutional and ststutory r&quirèments. 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 cost 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 activtt1&5 which further the School's objertives. as well as any associated support costs. 2.4 GovernmeTrt Erants Government grant5 relating to tangible fix&d assets are treated as deferred income and released to the Statement of financial activities overthe expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activrcies as the related expenditure is incurred. 2.5 Tangible ftxed 35sets and depreciation Assets are capitalised only when their cost of acquisition 3mounts to £1,000 or more. A full year of depreciation is charged in the first year an asset is acquired. Depreciation is provided on all tangible fixed assets in use, otherthan freehold land, at rates and bases calculated to write off the CO￿ less estirnated residual value of each asset over its expected usefvl life, as follows.. The ettlmated useful lives are as follows.. Motorvehlcles 5 years Furniture, Fixtures and Fittings 3-10 years Computer equipment 3 years Building improvements 3-20 years Assets under construction are not depreciated until such time 85 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 ￿lUe. The SOFA includes unrealised gains and losses arising from the revaluation of the investment portfolio in the year. 31 ST AUGUSTINE'S PRIORYSCHOOL LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accounting policies Icontinuedl 2.7 Finan¢Kal instruments Basic financial instruments are initially recognised at transacknon value and subsequently rneasured at arnort15ed with the exception of investments which are held at kir value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision 15 made for debts for which recoverability is in doubt. C3sh at bank and in hand is defined as all cash held in instant access bank accounts and used a5 working capital. Fin3ncial liabilities held at amortised cost compris& al creditors except soci31 security and other taxes and provisions. 2.8 Pensions 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 Actiwties are determined as follows.. The Te8ch&rg' Pension Scheme- This scheme is a multi-employer pension scheme. It is not POS5ible to identify the School's share of the underlyin8 assets and liabilities of the Teachers, Pension Scheme on consistent and reasonable basi5 ènd therefore, the School as required by FR5102, accounts for the scheme as if it were a defined contribution scheme. Th& School's contributions, which are in accordance with the recornmendations of the Government Attuary. are charged in the period in which the salaries to which they relate are payable. The khool also contributes to personal penslon schemes of some members of staff. Employer's pensions costs are charged in the period in whlch the salaries to which they relate are payable. 2.9 Fund accounting The charitable trust funds of the School are accounted for as unrestricred or restrirted income, in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded. Unrestricted intome belongs to the School's corporate reserves, spendable at the discretion of the Governors to further the School'5 Objetts. Where the Governors decide to set aside any part of these funds to be usèd in future for sorne specific purpose, this is accounted for by transfer to the appropriate designated fund. Restricted income comprise5 gift5, legacie5 and grants where there is no capital retention obligatitsn or power but only a trust law restriction to some specific purpose intended by the donor. 32 ST AUGUSTINE'S PRIORYSCHOOL LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Charitable acttvtties- Fees re￿[vable 2023 2022 School fees 7,696￿39 7.544,388 Less.. bursaries. scholarships and allowances 1744.4421 1717.184) Add back scholar5hip5 paid for by restricted funds 6S.000 23.171 Net fee income 17 Other income Restricted Unrestrirted funds fvnds 2023 2023 Totsl fijnds 2023 Totol funcls 2022 Additional tuition and attivity fees 592,965 592,965 517,181 St Augustinè's Priory As50C13tion 9,500 9.500 lQ,950 Entrance and registration fees 23,080 23,080 25,779 Commissions and other income 24.603 183.431 208.034 185,832 Included within commissions and other income is £Nil 12022.. £1,041) received in connection with the UK Government's Coronavirus Job Retention Scheme. 33 ST AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Cost of raising funds Fundraising expen5e5 Unrestricted fvnds 2023 Total funds 2023 Torul funds 2022 Financing costs Analysls of expenditure on charitable activities Summary byfund typè Restricted Unrestrirted funds funds 2023 2023 Total 2023 Totul 2022 Education 98,433 5,133,746 5,232.179 5,046 588 Support costs 75 1.604.874 1.604,949 1,460,775 Welfare 38.386 38386 30.932 Premisès 5,415 1,025,613 1.031,028 854.645 Total 2023 Totu12022 34 ST AUGUSTINE'S PRIORYSCHOOL LIMITED IA company Simited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Analysis of expenditure on charitable activities l¢ontinuedl Summary by expenditure type stsff costs 2023 Depreciation Other costs 2023 Total 2023 Total 2022 2023 Education 4,416,413 815,766 5.232,179 5,046.588 Support costs 691,330 28,023 885.596 1.604,949 1,460,775 Welfare 33,004 5,382 38,386 30,932 Premlses 130,757 269,755 630,516 1.031,028 854,645 Total 2Q22 Auditor's remuneratlon 2023 2022 Fees payable to the School's auditor for the audit of the School's annual accounts 29,400 20.45Q Fees payable to the School's auditor In respect of.. All assurance serwce5 not included above 41 Staff costs 2023 2022 Wages and salaries 4.049.438 3.889.543 Social security costs 450,059 435,588 Contribution to defined contribution pension schemes 772,007 767,28S 5 271 504 ￿17 35 ST AUGUSTINE'S PRIORY SCHOOL LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Staff costs Icontinuedl The average number of persons employed by the School during the year was as follows.. 2023 2022 No. Teaching 64 Educational support 17 Is Premlses Welfare Management ènd administration 17 15 The number of employees whose employee benefits (excluding employer pension costsl exceeded £60.000 was.. 2023 2022 Nts. £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £120,001- £130.0(K) The key management personnel are the rnembers of the senior leadership team a5 described on page 5. Employee benefits paid to this group amounted to £935,87912022.. £881,656). Of those shown in the bandings above. 10 were mernber5 of the Teacher5, Pension Scheme12022: 81 and 2 were members of the Scottish Widows Pension Scheme 12022-. 11. Ernployerfs contributions to Pension schemes in respect of these ernployees during the year were £147,39512022.' £138,675). The governors Teceived 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 limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Tangible fixed assets Motor Fixtures and vehlcles ffttings Computer equipment Building improvements Total Co$t or valuatlon At l August 2022 25.080 463.206 451,506 2.867,509 3.807.301 Additions 18.041 10,526 120,260 148.827 Oi5ptssals 12.4001 138,2291 1180,1991 1220.8281 At 31 july 2023 2S.080 478,847 423.803 2.807,570 3.735300 Depreciation At l August 2022 19,172 431.221 407,706 647,746 1,505.845 Charge for the year 1.969 36A61 28P23 231,325 297.778 On disposals 12,4001 138,2291 1180.1991 1220,8281 At 31 July 2023 21,141 46S282 397,500 698A72 1,582.795 Net bookvalue At 31 July 2023 93 2 108 698 At 31 July 2022 Included within building improvements are £734,94212022.. £898,685) of assets under construrtion which have not been depreciated in the current ye8r. The18nd and buildings in which the School operate5 are owned bythest 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 31 JULY 2023 io. Fixed asset investments Lr5ted investrnents Cost or valuation At l August 2022 600,432 Revaluations 120.7101 At 31 July 2023 579 722 2023 2022 Market Value At I Au8USt 600N32 677,083 Income reinvested 5,647 7.466 Investment manager fees 15.0791 19,457) Increase/ldecreasel in value of investments 16.2781 {59.660) Investment withdrawals 115,0001 {15,000) At 31 July The investments lat market value at the year endl are held in the UK and outside of the UK as follows: 2023 2022 United Kingdom 333,879 363,925 United States ot America 116,825 131.545 Others 129,018 104,962 38 ST AUGUSTINE'S PRIORYSCHOOL LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 ii. Debtors 2023 2022 Fee debtors 150,736 229.509 St Augustine's Priory Trust 115A)00 161,829 Other debtors and 8ccrued income 33,120 28,200 Prepayments 107A09 135,641 Credltors: Amounts falling due within one year 2023 2022 Pupil deposits 704524 685.728 Trade creditors 89,193 151.678 Other taxation and social security 107241 114.077 Other credrfcors 5,972 6,437 Accruals and deferred income 350.614 204.825 1 257 544 39 ST AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limtted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Financial instruments 2023 2022 Financial assets Financial assets measured at amortised cost lal 2,800.295 2,702,700 Financial assets measured at fairvalue through the profit and loss account Icl 579,722 600,432 3 380 017 3 303 132 2023 2022 Financial liabilities measured at amtsrtised c05t Ibl 799 689 lal Financial assets include tash. 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 Ioss 3CCOUnt comprise investments. ST AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 14. Statement of fund5 Staternent of fund5- currentyear Balance at I August 2022 Transfers inlout Gainsl Balance at 31 ILossesl July 2023 Income Expenditure Unrestricted funds General Fund 3,905.253 7W7,65S 17,807,698) 2,000 16,2781 3,940,932 Margaret Dormer Schetne 142A59 142,359 4,047,612 7.847,655 17A07,6981 2.(￿￿0 16.2781 4,083,291 Restritted funds St Augustine's Priory Association 75￿06 9,500 1751 85,231 St Augustine's Parents Committee 36324 24,603 120.1631 40.764 1941 Trust Scholarships 50,CK)O 150,¢X)01 Margaret Dormer Scheme 295.044 i￿.000) 280P44 Chapel Project 21327 113,2701 8,057 Grnnt donations 7A15 15A151 12,0001 428,501 91,518 1103,9231 12.ocKII 414.096 Total of funds 21 41 ST AUGUSTINE'S PRIORYSCHOOL LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 14. Ststement of funds Icontinuedl Statement of funds- prior year Balunce ot l August 2021 Guins/ Bulance ut ILosses) 31 July2022 Income Expenditure Unrestricted funds General Fund 3,761.564 7.562.170 17,358,821J 159,660) 3,905,253 Margaret Dormer Scheme 142.359 142,359 3,903,923 7,562,170 (7,358.821) {59.660) 4.Q47.612 Restricted funds St Augustine's Priory Assoclatlon 65.089 10.95Q {233} 75.806 St Augustine's Parents Commlttee 24.170 30,220 [18 066) 36,324 1941 Trust scholarships 8.171 f8,171J Margaret Dtsrmer Scheme 310.044 {15,OOOJ 295,044 Chapel Projert 21,327 21,327 Grant donations 2.106 12,106) 420,630 51.447 [43,576] 428.501 Total of fund5 24 42 ST AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Notes to the statement of funds The St Augustine's Priory Association Iyhe Association'l has been created to nurture fri&nd5hips in the School community. It is funded by a one off donation of £150 *rom each family with a d3ughter joining the School. The St Augu5tine'5 Parent5 Cornrnittee organises events to raise money which is used to fund various items of equipment. Restricted donation5 of £7.415 were given by the St Augustine's parents Committee forthe funding of variou5 Items of equipment. During the year a restritted donation of £50,000 wa$ given by the 1941 Trust towards the funding of Scho13rships. The Marg3ret Dorm&r Scheme w35 established in 2008 with the purpose of providing financial assistance to pupils from families who would otherwise be un3bl& to pay fees. The Chapel Projett was set up to pro￿de kneelers and other ornamentation for the Chapel using the theme 'St. Augustine's Priory'sjourney of Faith 1634- present,. Various kneelers have been provided and the sum of £8,057 will be used to fully furnish the chapel with kneelers, wall hangings and other ornamentation. 15. Analysls ot net assets belween funds Analysis of net assets between funds- currentyear Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets 2.152.505 2.IS2.505 Fixed asset investments 280,044 299,678 579,722 Current assets 134,052 2.888,652 3,022.704 Creditors due within one year 11,257.5441 11,257,544) Totsl 43 ST AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 15. Analysls of net assets between funds Icontinuedl Analysis of net assets between fvnds- prioryear Rtstrirterl un￿$tritted funds funds 2Q22 2022 Totol funds 2022 Tangible fixed assets 2.301.456 2.301.456 Fixed asset investments 295,044 305,388 60Q,432 Current assets 133.457 2.603,513 2.736,970 Creditors due within one year 11,162,745J (1,162,745) Total 42 47 12 li 16. Reconciliation of net movement tn funds to net cash flow from operatlng artivities Z023 2022 Net income for the year las per Statement of Financial Artivitiesl 21,274 151,560 Adjustmertts for: Depreciation charges 297.778 223,293 Gain on disposal IL469J IG8insl/losses on investments 6.278 59.660 Dividend income 15.6471 17.446) Decreasellincreasel in debtors 148.913 1188,924) Increase in creditors 94,799 59,749 Net cash provided by operating activities 17. Analysis of cash and cash equNalents 2023 2022 Cash in hand ST AUGUSTINE'S PRIORY SCHOOL LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 18. Analysts of changes in net debt At l August 2022 At 31 July 2023 Cash ftows Cash at bank and in hand 19. Pension commitments The School parricipates in the Teachers, Pension Scheme l-the TPS-I for its teachin8 Staff. The pension charge for the year includes contributions payable to the TPS of £652,18612022.. £693,737) and at the year-&nd £nil12022- £nill was accrued in respett of contributions to this scheme. The TPS is an unfund&d multi-&mployer defined benefits pension scheme governed by The Teach&rs' Pensions R&gu18tions 201D las amend&dl and The Teachers, Pension Scheme Regulations 20141as am&ndedl. Members contribute on a "pay as you go" basis with contributions from members and the employer being credlted to the Excheouer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following sch&rne valuations undertaken by the Government Actuar¢s Department. The most recent attuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was publlshed In ottober 2023. Following the Mccloud judgement. the remedy proposed that when benefits become p8yable. eligible rnembers can selett to receive them frorn either the reformed or legacy schemes for the period l April 2015 to 31 March 2022. The attuaries have 3Ssumed that members are likelyto choose the option that providesthem with the greater benefits, and in preparing the 2020 valuation have valued the 'greater value. benefits for groups of relevant members. The valuation confirrned that the ernployer contribution rate forthe TPS would increase from 23.6% to 28.6% from l April 2024. Employers are also required to pay 8 scheme administration levy of 0.08% giving a total employer contribution rate of 28.680A. 45 ST AUGUSTINE'S PRIORY SCHOOL LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 19. Pe¥t5ion commitments Icontinuedl Othe¥ Pem5ion Payments The School also contributes to PÈr50nal Pension Plans Idefinecl contribution schemes) for 3712022: 381 non-teachers and 112022.. Nil) teacher. The regular cost is charged to the income and expenditure account. Contributions paid in thè current year werè £118,22912022.. £73.5491. 20. Operating lease commitrnents At 31 July 2023 the School had commitments to make future Minimum lease payments under non