ST PAUL'S SCHOOL REPORT AND FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 AUGUST 21122 Re8l$tered Company Number: 06141973 R¢Kl•t¢r¢d Charlty Number: 1119619
ST PAUL'S SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR EI¥DED 31 AUGUST 2(122 CONTENTS PAGE Settlon Pa8t No. Chair of Governing Body's Statemeni Gov¢rnor8' Report 3-17 Indep¢nd¢niAuditor'8 Report to the MemberB of Si P1,8 School 18-20 Sta*ment of Finatieial Activitie8 21 Su]nmary In¢ome and Expenditure Account Balance Sh¢ct 23 Sthtement ofcash Flows 24 Note8 to the Financial Stat¢mertts 25-44
ST PAUL'S SCHOOL CHAIR OF GOVERNING BODY'S STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022 This year the School has returned to in person learnin8 aTLd all of tlL¢ wide range of Pauline activities have resumed. Plitt¢¥ achieved great success in the academic area with consistently ex¢ellent exam resul18 and the level of admissions to Oxfor4 Cambrid8e and Rus¥ell group universities in ihe UK has been maintained or in)proved. We have seen iDcrea5in¥ numb¢r8 of Paulin¢8 cro$sin8 the Atlantic to study in top universitics in the US whichreflects the increasing dominalorus univ¢r8iti¢8 in the world. Away from their studie8, the pupils have achieved ¢x¢¢llcnce on the sportirtg ficld with wins ITh a rdnge of $port¥.' in Cricket, the Ul 5A won the County Championship,. in ra¢ket yports George Livesey and Oliver HatfLeld won the National Pairs Champion.8hips; and irt football th¢r¢ wa5 a narTow loss lo Dulwich in our rSt vi8it to thc Semi-Finals of the London cup. The nkgby ten hhd a more cknllenging season but did finish on a high not beating Dulwich in a tight game at the end of the gcason. Other $port5 such a5 aquatics, squash. tennis and athletLC5 also had their t41we of success. Finally* the school h great suecexs on the river, when the St Paul'q leam won the Pritic¢ss Elizab¢th cup, for the third time in seven years. The return to sch(x)I also marked the resumption of A vigorous programm¢ of musical and artistic productions wilh many con¢¢rts. 4 p4rticular highlight being the playing of Sib¢liuJ' Fifth symphony. often dttmed too challengin¥ for school owhcstras, as well as a joint SPS-SPGS Bands night. On the stage the School put on Several productions irteluding King L¢ar, Harold Pinter's Party Time, the SPJ play th¢ F911 of Troy and an unfor8eitable adaption of The Rivals, A fvll listing of pupil 4¢hi¢vemcntq and other new8 can be seen on th¢ w¢b$it¢ Ihttp5.'Ilwww.stpauls8chool.or8.uklaboui-8t-paul&lnews4 The School'8 governanee ho$ ¢on¢InU to dcvelop and we were plea8ed kn w¢lcome tltr¢¢ n¢w Governor¥, Old Paulines Tom Adeyoola and tA)rd Vaiz¢y, who ¢urr¢nlly %rve¥ as president of the Old Pauline Club, and Ai¥ha Sanusi, who has kindly volunteered to be our Inclu&ion Ciov¢rnor. Our governance was reviewed by AGIILS in November 2021 affjrnied thai the School ha8 att ¢xccll¢nt ytandard of govemance with hi8h standards of ¢xpcrtige and time commitment. The Governor¥ met for a Stra8]¢ sesAion in May 2022, led by the F.xecutive. which buil¢ on thc thrcc pillaTh of Finance, Education and Public Benefit. The finances of the School remain Strong andthig Iws¢nablcd thc School to continue to 8UPPOrt the partnership work and bunhry programme, whilst limiting fee increA8eg to 3.5Yo in lin¢ with the School'y commitment to keepin¥ fcc increases within the rate oFinflation. The School was able to rnlkc its first contribution to a fund lo yeeure ihe futur¢ phy5i¢al Sohool ¢8tate, thai we hope to enable fijiure 8enerations to rcfrcth thc campu¥ without the need for lar8e Kal¢ fund raising or bornwing. The work of the School in the public benefit area 18 developing strongly and there wore over 2.000 virtuAI Colet Menloring S¢88ion8 oifered, along with Soi¢nc¢ 8umTn¢r school¥. Saturday morning Maths progrnMe8 and Sci¢ncc ¢nri¢hment. I'he number of bursaries grows and the Sohool is looking to continue to build 118 commutiity link%. Thc Governor8 are proud of the School's strong re¥pon3e lo th¢ Ukraine cri&is and its link8 to St Mary's, the Ukraitthan ¥¢hool in Lot)don. The High Master. the Surrn4ster and the ExKuliYe have led the developmeni of the p&8toral stTU¢tureB of the School with a rettm) to the vertieal ty(oring system. so that a pupil will join a tutor group with pupils from diffetent years and remain in the group for his time at School, This was etthftnced with stronger pas¢(Trral &upport. The School has commenced a curriculum review and d¢veloped an inclusion framework to Support fier development in that area. The School continues to build sirong framework of School value&. in cooperation with St Paul'8 Girls, School. enhanein8 the work Started lost year in reypon8e "Eyeryone's Invited" Safe8uardin8 Continu lo be 4 priorily are& for the School with annu81 auditj and continuou$ improvement. The Governors and Executive rrUIted a new Head of St Paul's Juniors, Oliver Snowball, and thg D¢puty Head, Nick Arnold, led a Succe1 transition from our fornierHead acting a8 Interim Head for part of the year. The development of the St Paul. Juniors estatr h¥$ now sthrt¢d with th¢ decant into the new I¢hthy8 building after the October 2022 Tendy.
ST PAUL'S SCHOOL CHAIR OF GOVERNING BODY*S STATEMENf leon¢lau¢d) FOR THE YEAR ENDED 31 AUGUST 2022 Th¢ High Ma$t¢r and the Executive let ¢Illenging goa18 last yeaT for d¢v¢lopment of the Sch)01'8 ad¢In1¢ leadership and 8tr¢ngthcning ¢xtr8.¢urrieular activitie8 And this ha8 been a yeBr of 8teAdy progre&q WardS these ends. The Governors and EXUtive Continue ¢0 b¢ proud of the outstanthng teaching faculty who continue to set the highe8t sland& for the pupi]s and for the S¢hool ¢ommutiity. The G0veThr8 have benefit¢d frotTr r¢8ulor faculiy upd&tCB and it ha8 b¢¢n exciting for G0Ven)[S once aguin to viait the School in perBon And feel the buzz aToulld the S¢hool campus. Richard Ca8yell Chair of Governors 8 December 2022
ST PAUL'S SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT OWECTS, AIMS AND OBJECTIVES Chorithble Objects Th¢ objwts of the School. as 81ated in ils BoverninB documenL are: Topromole in GreaterlA)ndon the education (including 80cial and physical training) of girli and boys and inrtiCular but without PTcjudicc to g¢n¢rali¢y of th¢ forcgoing to conduct and maintain 8chool8 in or near to Greater LOton for girls and boy5', and To purs th¢ objects of th¢ School by runninB a boys, school artd only educate member¥ of th¢ opposit¢ with th¢ prior WTittcn ¢ork4cnt of, and subject io, any re8trictioll imposed by th¢ M¢rc¢r¥' Company. Alms Inrehdéd Impacl The Sch(x)I ha5 a 8tron8 acodemie tr&dition which it is Committcd to maintsinin8. The School aims to provide an excellent 411-round cducation for able kny5, which includcs scholarship, brcAdth ond balance in the curriculum. the highest standards of pupil w¢lf4re ond A wide programme of varied 8POrting. artistic and extra-curricular activities. In th¢ fih¢ranCe of these aims the Govemor8, 88 the charity truslee8, confirni that they have complied with the duty in Part 2(17) of th¢ Charities Act 2011 to have due regard to the CharityCommiy&ion'8 publi#hed general Buidonce on public benefit. Aims ofthe School To provide an outAtsndin¥ intellec01, Spiritr1 4nd phy$i¢al edtIon. combining tradition with the beBt of the prenI, which prepare8 boy8 for their future. To hottour John Co1,8 founding commitment that St Paul's is open to academically eli8ible boysi re8ardl¢¥$ of ih¢ir economic or 8orial CIrMstance. To foytera culture of scholarship and to d¢v¢lop a spirit of ¢twuiry and ¢urio$ity, through inltiOnal And responsive teaching. To provide a yiructure of individual and postoral Gare that promoles a bovs independence. whilBi fogterin8 respecL kindness al serviee. To dev¢lop and maintain ihe School's facilitie8 in order to ensure that the ph1011 ¢nvirottm¢nt of St P4uI's su8tain$ th¢ ¢xcellence of i¢8 education. To bulld substontivc IiTth8 with the local community through Pauline voluntllry 8wvice, parlnership pro8rAmmu and the sharing of facilities. ObJeciiv¢s th Achleve ihe AlmJfor ihe Year Th¢ Sclwl's key objective5 for the year and perfomwice against them are shown below: EducAtlon: Aeademlc aDd Pa¥torai l. Embed ChAracier EthatIOn in the fabrlc of the Sehool culture. Grow eoducational llcademic attd wurricular OPPOTtunitie8 through collaF)ration wlth St Paul's Girls, School (SPGS) and other #chools. 3. Maximi5e the percentsge of Pauline5 aGhirvin8 a place at their rst-ChOice Higher Edwulion inslitution. 4. Develop the curriculum to promote appropriate choicc, opportunity. support and ackn'evernent for all pupils. 5. Continue to Teview and develop the S¢hool's pastoral carc stnlre5 and safeguaTdinB Sy8tems.
ST PAUL'S SCHOOL GOVERNORS, REPORT (contlnued) FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT (eontinued) OWECTS, AIMS AIYD OBJECTIVES leontinued) Obieclrves ts Ach¥eve the Aimsfvr Ihe Year (eoAIIM4ed) Admlsslon• and Acce&8ablllty 6. Introdu o whole School &pprnach to adrnissiot attracting the best candidatcs. including holars. in line with the ¢hanging nalur¢ of th¢ tDtthn markei. 7. B9¥¢ the bursary offer on Sound principles of a wholly inclusive package of &upport to tho3¢ rnost in need. 8. Provide a tran8forniational educational experience for bur8arypupils. 9. E4tablii+h th¢ Sohool as a Aector leader in partner8hip work. delivering accountsble public benefil and driving interes¢ in ¥dmi6siony and bursaries. 10. tkliver on the aTmual tsr8et for the Shapin8 Our Future campaign with continued high lev¢1 of ¢ngagcm¢rtt of pents and Old Pauli. I l. StreABthen Old Pauline ReltttioAq. 12. tkliver a comprehensive proBramme of events and en¥a¥emenl to build the community. Fln8ncIAI Seeurlty 13. E8tsbli&h a financial strategy that infonn¥ budgetary proce8s and asBur¢s long-term finan¢ial gecurity. 14. Properly e8thblish Initiativ for cOn]nKl1 income, providing reliable incorn¢ stm8 With potential for growth. IJ. MlMi&C income ¥enerthtion from boarding, understsnding its pastoral function will alw4ys ¢gk¢ priority. 16. Ensure that buildin8 proBramme& deliver modern ypaces fit for purpose enabling the highe¥t qu4li¢y. iMpiration41 te4¢hLn8 and buildin88. All objectives under the Academi¢ and P4s¢oral pillar ar¢ well 4dv8n¢ed 4nd cOldered and will see further lfIlment over the 2022123 academic year. Key highlight5 h4v¢ been the appointment of a H¢Jd of Character Educaiion and Head of Inclusion across the School, the ¥etting up of workirtg parties on GCSE and A L¢v¢l ¢lM)i¢¢3, ¥cholarship olld les8on length, and a completr review and restructure of the tutoring sy6tern. Ther¢ has b¢¢n progr¢¥$ on the objectives under the Admissions and Accessability pillar but there 15 s¢ill more work to do especially in relation to bur8arie5 and partnerships from a fully 8traie8ic perspective. The fimdTai8ing comp)nents we advEin¢ed and moving in 4 successful directLOn. There has been 8ignificant work on the objIlVe8 itt th¢ Financial Security pillar during the r and thc overall fil1claI needs of the School axe considered in all aspects of d¢¢iston making. Plons for the r¢building of SPJ are wcll underway, West Ilouse has opened up as an additional flexi-boarding house And St Paul'8 School Ent¢rprise% Limited comtnenced trading. The progress in this area will develop further into the 2022Q3 adeMic Yr.
ST PAUL'S SCHOOL GOVERNORS, REPORT Icomtlnued) FOR THE YEAR EI¥DED 31 AUGUST 2022 STRATEGIC REPORT (CODtlnued) ACTIVITIES Review of Achievenwnts and Performance for the Yer In addition to thc specific aims and objeetive5 for the year, bclow are rne kcy outwmes in re]ation the ¢)perational (educational) perfomiance of the School. Oper41iono1 Perforniance ofih¢ S¢hool In 2022, public examinations retum¢d aft¢r a two y¢ar U8¢ in respon8e to the global pandemic. At A Ixvel and Pre.U, 7 of 8rades awarded were A lor ¢quival¢nt) and 960/ were A or A (or equivalent). This second figure wa¥ sli¥htly higher thhn th¢ 2021 Tuch¢rAys¢sB¢d Gradcs in contra8t to a national decline in results. Of Pauline$ heIll8 to university in 2022, 43 /• w¢nt to univ¢rsi¢i¢s ranked in the world top 20. Of those heading to the UK, 96Yo wcni to Ru85ell Group institution and 42 took up pla¢¢5 at Oxlord aTrJ CaMbrie. At GCSE and IGCSE, 76/0 of grad¢s w¢r¢ a¢ Gradc 9 and 940/ were Grade 8 or 9. Applications to the School ai the main enty point¥ of 7 F, I1+. 13+ and 16+ remain v¢ry high. During the 2021122 academic year. 148 pupils received burqary awards- around 10 /0 of the School- with 117 being awarded nwre than 75Q/o of feey. Over 500/(* of the current parent body donaie 10 bursaries and pupil¥ ¢onlinue to fvnd rai for this progromme. During the 2021122 academic year, pupilq elected to focu# on charities workin¥ for f¢male cause5 s]fiCallY in their charitable activitie¥. This was a year when the School placed particulAr focu% on Chara¢ter Education with the appointment ora Head of Character Education, workn'n8 clo$ely with the pupil Valucs Commit¢e¢. PSHE wa¥ expanded and plan8 were developed lor further growth. The School experiertced a succe&sful ISI ¢omplian¢e InSptiOn in November 2021 which covered theye areas &mOn¥t0tCr. The first Headof Inclu8ion 4150 joined ¢he School in Sepiember 2021. Aclivitiet4beyond exAm wtsrkLontinue to thrivc with pupi18 frequently aworded exl¢rnal prizes for academiL writing. Mu8ib and theatre re-opened fjJlly durinb the 2021122 aLademiL &r and sporting highlights included the U15 Cricket team winning the fvLiddles#x Cup and the firyl Vlll winnin¥ the Princesy Elizabcih Challenge Cup at Henley. Work with the WeAt LA>ndon Partneryhip continued to expand, a8 did the provisitsn of co4dueational experiences for pupil¥ through ¢v¢nts %har¢d with St Paul's Girls, School. Sucbessful yummer schooly foGuyed on clo8ing the 'COVID-gap' for 8tOle ¥¢hool pupilj J$ did exp4Th8ion of ihe Colet Mentorin¥ app, offering peer lo peer support in Maths. O¥lM4MdinxA¢hlvements 2(121n2 For a full liBt of oui¥tanding pupil aehievernents for th¢ 2021122 4¢ad¢mi¢ year. pleu8e T¢fer to the School weilsite - aul¥%chool.or klab ut-81- aulsln¢w.81 or cli¢k on thi8 link . PrlMcip4lAclivities •f¢h¢ Y¢or (Incl¥dlnxPNblic Benefi The ¢otal nurnber of pupils at the S¢10] was 1.480. of whom 504 were at St Paul's Juniots and 976 at St P&ul'8 ISPS). Of the to¢41 number, 14812021.. 130) pupils were a&gisted with meany teytcd bursaries. 79V.12021'. 800h) of these aw4rds were eith¢r full fcc or higher than 75VD of fees compared to 49 bUTharie in total and 45V/o at Lhe same level IA 2015-16. The total m¢ans-t¢s¢¢d bursari¢s for the yeaT ended 31 August 2022 were £3.271,000 (2021.. £2,698,000) representing 8.8O/o12021.. 7.4Yo) ofgross School Fee¥. WideninB access to the School, throu¥h illcrcasedbur5ary supportas nece%Bary, remain8 aprioTity al, for the 2022123 academic year, the are currenily 142 pupils bein8 assistcd with means tested bur¥aries, with 670/0 of these awaTds being either fijll fee or hiBher than 75 /0 of fee8. The School's bursary awords, in addition to the main Schth)I fee, cover educalional irips which forni part of the curriculum, bus tran4JorU iPads (where applicable), music luition fees (wh¢ie appli¢able), examination fees, books and School uttiforni.
ST PAUL'S SCHOOL COVERNORS, REPORT (contlnued) FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT {continued) ACTIVITIES (eoDtIDUtd) ClrarithblEAclivitie5 andP&rtn¢rships Charlty Partnenhipi The St Paul's Charity Committee (made up of stsff, parent$ und pupils), set up in June 2019, has worked hard to fiuHI rai3¢ for and increase awareness aboul our chosen local chariii¢8 (City Harvest, Friet8 of Barn&9 Common, London Sports TTUSI Door8tep), UK Charity of the Year (Womcns, Aid) and international charities {Beyond Our8elve5 and Scnahasa Trust). Pre-COVID trip8 to visit link school charities in ZambiA and Sri IAnk& have not yel re-stsrte The SPS Pauls4AII Charity Commiittt for 2021-22 led H series of cgrnpaign8 which were aimed at educY4ting the S¢hool ¢ommunity about the charities we support, including pan¢1 diwussiony and talk8 during Pauls4AII week. Mufti day5 wer¢ vithl in rcliyin¥ thi8 me&qage, and it was heart-warniing to 8¢¢ par¢nls and pupi18 respond by giving EenerouNly. The rnost vi¥ible ¢v¢nt thi¥ year was the whole School charity walk for Wotn¢ns' Aid, raigin8 over £12L The total rai%ed by student 4¢ro&q SPSISPJ during the academic year for partner chariti¢¥ is expected to be approximately £20k. Separately, boy8 ond other members of the Community are thKourugd to r&ise for their own cause¥. Spec1 menLion Boes to one L8th pupil WI led a team of his peers in Tai8ing over £20k for th¢ Ukraine Crisis, which was 8enerou51y ma¢ched by A donor. S¢hool PArtnershl lThe S¢hool employ8 a full time Assigtant Director of Partnerships al Service responsible for eommunity relation8 and dev¢loping adeMiC and 8poning pareTShip as well promoting the use of S¢hool facilities within the local ¢omrnuni¢y. An overYi¢w of ¢XiAtin8 programme8 is ¥hown below.. Lo¢AI S¢hool Pgrtnenhlpi 2ozin2 (8tAte school pup51 number$ In brA¢kets where I11*b]e) A¢Ademi¢ PArtnershl Chemistry- Ycar 10- 4 week Saturday progTamm¢ {271 144 hours of online Oxbridge prep for Year 131150) Resideniial Material SCiee School130) Residential Particle Phy8icy School in partnership with Qucen Mary's Universlty {32} Lotin Cohort¥ prcparin8 for GCSE IY9-11} (421 Economi¢& Tradhng Day February 2022 (601 Biology- 3 wcck Saturday Pro8raTrlllle117) Exponentials Physics Y12 - 2 w¢¢k Saturday121} Physicg YIO - 2 weeks - how to build 8 Univ¢rs¢ (42) SPS MUN- Model United Nations wcckend University Day Online- advice about universily applic&tions {2(KJl Fir8t M¢diu ma8l¢rc1&8ses- siudents applying to 8ttMIy medicine {17} One day online Medical Confer¢tWL June 2022 (50) Hurnanities Conference June 2022 (40) Mercers STEM catch up and iSpiratIon {4 days Faster and Summer holidaysl1701 Primary Professors (100) Prinwy Latin (36) Lith with St Mary's (London Ukraine school)1100) Start-lt entrepreneurship le.g. YI I post GCSE,. Y12 HFX trading)13(x)) Music String Day cancelled due to COVID-19 Ctsmmunlt I S rti Partrterihl Capsize Drills for Iwal rowing elubs- 3 club& over l(KJ partiQiP4nts (throughout year) Lothr School wc¢kly swimmin¥- 50 pupils every week It¢rni Lim¢) FISH Concert- Decemb¢r 2022 l¢ancell¢d due to COVID) We¥t¥ide B&4k¢tbY411 Club Cautelnau Communily C¢ntr¢ Hom¢work Club Bamey Literary Festival book Club 5 events up to 100 children World Cup Day Football June 2022 {50) Chan¢¢ ¢0 Shine Cricket Day June 2022 (30) Sxondary School {PRUs) Rugby with Dv4lla81io Rugbyworks chArity State Schools sports day provisions Rowing Camp with Fulham R¢4oh (Holiday Hun8er) SPJ ¥p)rt- footbalVp¢ntathlon with local prinwies {90) Regular fixtures with Fulham Boy8 and other West tA)ndon Partnership schools (IOOF)
ST PAUL'S SCHOOL GOVERNORS, REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC RKPORT (continued) ACTIVITIES (eontinued) Cht¥ritsbleActivilies 4ndhrtnerships (conlinHedJ The aboveprogrammes generallytake place at Sl Paul's, Brerun by SPSISPJ ¥taffand occurafterschool l]ours, at the wttkend or during school holidays. Other major programm¢8. som¢ in addition to the table of activilies above. Hre hi¥hlighted below.. Colei Menlorlng.. In partncr8hip with Ed-Tech 8tart-up E&¥yA, St Paul's has developed a first of it% kind p¢er l¢arning app to ¥upport TrIh COVID catch up and beyond. Over 3,500 sessioiis lavera8e lert8th 20 - 30 rninut¢4sl havc b¢¢n run on the platform with JTound 30 5chool8 involved a¢r058 the UK and as far afield &8 South Sudn. Ary)und 500 'm¢nl¢¢&' (Y5 -11) and a similar numbcr of 'ment¢m' (Y12) have been involved so far. Google Classroom Meniorlnx Mdihs, Sclence & Modern Foreign Languages.. During the year SPS pupily 8UPPOrted Fulham Bo, School, Chn"8t's SGh(K)l and Hatnmersmith Academy with support in M&thy, Science and M(NJern Foreign Languages live on GooBle Cla&4room. Around 60 SPS L8th pupilg 8UPPOrted 60 younger partnership pupi18 whilst ihey worked through Maths dj Sri¢nG¢ questions. Clas8 were supervised by SPS 8taAT&nd mainthined &ehool Staff to comply with School policy. Wesi London P4rlnerNhlp.' Ag PErt of the School's parttt¢r8hip slrjtcgy, thi8 local private-state partnership was esiabli8hed forn]ally in Mayljune 2020 wilh five independeni hoOlS and fivc local ytate %hools. The stan.ii Entrepreneur%hip programme, wilh rneaningfijl events for Y8 .12 and for alumni ha8 been cmbedded into the partnership as well as much of the exi51ing partnership and outreach work. Prtmory Profes3ors.' This was launched in 2021122, re-brgndin8 what we did pr¢-COVID and expanding its length (three tem5 veryu¥ two) and range of Subjects. I)uring the courtse ofthe year. around 100 Y5 pupil¥ from 30 I1 prinri¢S have taken part in a ranBC of &cademic enrichmeni lesqons (rom STEM to Entrepreneurxhip and Phi1080phy. Around 20 Y12 pupil from SPS and SPGS Yolunieer on the programme And Y5 pupil8 are giv¢n aGr¢68 to Colet Mentoring as part of the proBramm¢. STEMSMmmerSehools.. Two residential Phy8i¢s Summer Boarding SchoolR on Particle Phy8iC8 {in parther8hip with Quee Mary's University Lx)ndon) and Materials (in partnership with the Institute of Materials, Minerals Mitiin81 took pl4cc involving 62 YIO students from around the country. In addition, another 512 partlCLPant8 signed up for the virtual part of the cour¥e from around a dozen countriey. Thiy iy funded by a donor parent who i8 olso 8ponsorin8 the firnt bursary placc that ha8 been uw8rd¢d from the course (L8th pupil Mtho joined the School in September 2022). Use ofsehool F&eilili¢s by the Wider CofftmHNity.' Sporting club¥ are Tun by both SPS staff and local volunteer8, and offer young people a range of MctlVLtie* throu11llt the Hr. Th¢ Sclwol also l¢t8 oul it8 facililies free of char8e to locAI primary and secondary schooly and eharitiey. A full lis¢ of a¢tivilic& po¥ied on the School website, and includes.. We5tsidc BasketbY411 And Barney Childreny, Lit¢rary and Music Fcstival¥. Many local spons clubs also make use of our excellettt Sportg facili(ies. Rcgular users ar¢ B4m¢$ Swimming Club, Penguins Water Polo Club alld W¢¥¢¥id¢ Ba$keiball Club. Th¢ PTOC¢8¥ and gcope for this is ¢urr¢ntly being reviewed with the Operntions Direclor. VoluoteerAng AII Lsth pupil$ undertake a meaningfvl amount of volunteering ill the Autumn 4t Spring t¢rm8, as part of the 'Friday afternoon, L8th programme (linked with PSHEIGenerAI Sthdies). VoluDt¢¢ring usyally tak&s place a¢ or wilh one of our partner ¢hari¢i¢s or schools mentioned above. MaTLy continu¢ during (he Summer tmn a¥ .tn, volunleer8. All 8th formers ha ihc opportunity to do voluntary service as pttrt of their WEdnesday ¥am¢s half15-10 do it eath term) and most of the 5th Fonn und¢rt¥kn volunteering activities as part of their Duke of Edjnburgh Award. Alumni Activitiei Th¢ S¢hool maintsins contact with previous pupils nllinly througb The Old Pauline Club, which is independent but closely ¥$so¢iat¢d with the &hool. A number of social events are held during the year themed around profe8sion&l inlere8t groups or year of attendance. Current pupils and staff are invited to a nujnber of thes¢ ¢v¢nts.
ST PAUL'S SCHOOL GOVERNORS, REPORT (coTrtloued) FOR THE YEAR ENDED 31 AUGUST 2(122 STRATEGIC REPORT {eondnued) STREAMLINED ENERGY AI¥D CARBON REPORTING In accordanc¢ with th¢ StreAmlined EtterBY and Carbon Reporting (SECR) requiremet)ts, th¢ Schi)01'8 ¢nergy usage and emI101L8 for thc year ¢nd¢d 31 Au8U8t 2022, &8 prepared by an independent c¢)n8ultanL were as follows: 2022 2021 UK cncrgy u8¢ in kwh 6,934.241 7,376.221 A980ciated Greenhouse Ga8 emi8&ion8 in TonAe$ C02 1,288 1.43J Intensiiy raiio Ikilowm of C02 per meter Squared of groys intcrnal aro&) 43.44 48.41 UK energy us¢ covers all of the Sohool's educational and operational activities, Associated Greenlwuse Gas emi88ioM have been GalGula¢¢d in accorda¢ with ¢he Defra 2022 eonversion se18 methodology. The School haA contracted IOOOh Rertewable Energy Guarantee8 of 0ri8in (REGO) bAcked electricity [055 pll School electricity 8upplie6 in a positive shift iowardR reducing GrecTthou5c Gas emi88ion8. The non-half-hourly clcctri¢ily m¢ters arebeiny upgraded to smart metern in a bid tyviAuali8¢ ¢n¢ryy ¢onsumpiion, identifypotential wasteand rcducccon8ump¢ion. G45 mctcn'ns hy3 been equipped with Automatic Metcr Rcader IAMR) dat4 ¢oll¢clion, with only two of the domeBtic met¢rs yet to be fltted with AMR. This will eventually cnablc thc Schwl to vi8ualisc ¢nor8y consumption, identify potential waste and boil¢r in¢ffLQlQrtei¢8, compare thennal perfornmncc of building8 Und rcducc conyumpiion and Greetthouse Ga8 emL8¥ion8 a&wci4icd with tho ¢ombu8tion of n&ra1 Bas. The School hAs heavily invested in building improvementi e.8. improved imulation and continue8 to inve$1 irt LED liBhtin8 control8 and sensors on 4 rolling progrAmme. The Building ManAgement System has been updated and repl4¢¢ment boilers and Kjlar PV are also considered in a bid to reduce energy con8umption and emission8 of C02. An Eco Swiety ha8 been Bet up with renewed focuy on sustainability. Although energy and carknn are not currently within the Society's r¢mi¢, il is anticipated as net zero targety are esthbli8h¢d that the buili environment will b¢ ¢on8idered. FUTURE PLANS The Governors, objxttv¢J for the coming year are lisd below. TheBe are shown under th¢ three pillarq of Education, Pubtic Benefit and Fina¢ and it is shown where some objectives relate io more than one pillur. Edu¢atlon, Publ1¢ Benefi¢ Ind FIDnee l. Grow collaboration between SPS and SPJ irt order to build the 7- 18 experience. Fully lller&Iand and distsemina¢e ih¢ School's uniqu¢ qupliti¢s in wrnporison to other ychools in the sKior ar explor¢ platfornLS for sharing this more widely. 3. tk¢ermiDe the ofboarding at the School. Edueatlon and Flnance 4. Deterniine the correct shape and stntU of the S¢101 inGluding iK)arding. 5. Havc a Gontinued review of staff workload and condition8 to Cnsurc we are An propriate employer for the 21 tury.
ST PAUL'S SCHOOL COVERNOILS, REPORT (cOntIDed) FOR THE YEAR ENDED 31 AUCUST 2Q22 STRATEGIC REPORT {tOtilltd) FUTURE PLANS (eontinued) 6. Plun for ¢mployee wellbeing for the 2111 century incorporating finan¢ial, m¢ntal, swial. ¢ar¢¢r and phy8i¢AI wellbeing. EdueAtIoD 7. Further develop Charncter Education in the fabric of the School culture. 8. Con¢inue ¢0 grow ro-ducatiou81 acadcmic and co-curricu]ar opportunitie8 throu8h collaboration particularly with SPGS but al30 other Wcst tAJndon Partnership h0o]S. 9. Complete the curriculum review and 8enerate fimi propos•l8 for l¢J8on lett struc¢yr¢ of the SGhool d4y and GCSE and A Level programme&. 10. Embed the new House and Tutor systems. I l. Ensure that Paulines 8e( the fullest possible 8UPPQrt and ¢)pwJrtimily within the changing Higher Education landscape to achieve a plaee at their ftr8t-¢ho1 inslitution. Pubilc Ben¢fl¢ 12. Introdwe a whole School approach to admis8ion8 attracting the beBt candidates, including 8chol8r8. in lin¢ with the nattwe of the London market. 13. EnBure we have an appropriate contextual admi89ions proce88 for pupi18 of all b4¢k8rounth. 14. Develop a buryary &trale¥y to re 8Uitable Candidates fr>r bw8ari¢8 at all group8. 15. Further develop the work with the We81 London Porni¢r8hip and lo¢al primary 8¢hoo15, embed ourselves in the local Community hnd meayure the impact of our work 16. Further develop work with the A880Ci4ted Schoo18 and Colle8e of the Mercers, Company and other parts8 in the UK pnd abroad, and m¢usur¢ the impact of our work. 17. Comple¢¢ the £20m Sh4ping OUT Future fiding campaign and a8ree the direction for the nexi five yeaY¥. 18. Coniinue to develop and suBtsin the St Paul's wider community ofpupi18. parent8. forn parents 8nd alumni. FIDAnee 19. FAtabli8h 4 financial strategy that infonns budgetary proce88 and con8ider8 threats and changes to the sector. 20. Properly ¢sthblish initiatives forcommercial income, providing reliable income 8treams with potential for future 21. Ensure budgetAry artd programme control of the SPJ redevelopment.
ST PAUI.'S SCHOOL GOVERNORS, REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT (continued) RISK MANAGEMKNT The Governing Body 15 re8ponsible for ideniifying and addressing risks. Governors are aware of the need for prudent financial managemenL following th¢ rc-building of th¢ 8¢nior Khool ovu th¢ past dde. A commitment was made to parents that fees would not grow fast¢r than inthtion and g Futtw¢ Esta¢¢ Capital Fund has been establi8hed to cover &ny need for replacement of buildings into the futurc. Thc pand¢mic saw th¢ paus¢ in building work but plan8 io rebuild the Junior School were set in motion 8gain with dctails of a decant to the fonn¢r senior School science building in Autumn 2022 put inplace. West House wa8 also Oned as & flexi boarding hou to offera facility to pupilh wishing to b(iard ocS1Onal1y. The School 14 al80 seeking to improv¢ jports facilities in th¢ n¢ar fvture. Plans havc begun to establiHh new commercial incomc strean]B, including through lettings. The Governor% arc aware of the po8&ible chollenges that the independent sch¢)018ector could face were there to be a change of govemrnent at the next general election and are preparing for the challenge8 of po$8ible chat)ges in government policy regarding charitable lax reliefg. I'he Governor8 are also mindful of the impact of high inflation and intereyt rate¥ on household rItWes for OUT families and we will continue to monitor the SIatIOn very c108ely and offer swiport wherever p0$8ibl¢. A forn review of the School's risk management control8 is perfornied onnually but risk management 18 at the heart of all decision making. The Governors and executive staff regularly review and updaie procedure8 in ordcr to idcntify and rnitigate risks. It 18 recogni8ed that System5 can only provide reasonable but not ab8olute wurancc that major risk8 havc bccn adequately managed. FINANCIAL REVIKW AND RESULTS FOR THE YEAR The financial resulL8 are preBented on pageB 21- 44 of thiN report. During the year there was a net increase in fundB or £2,707,00012021.. £4,927,000) bringing the total funds to £123.0119,000 ai 31 At 2022 (2021.. £120,382,000). In addition to the School'y opera(ional 4urpluy ihe main rcaKJn& for the Ancrea8e in fiJnd8 for the yoarwere bursary donations andpension 8cheme Actuarial &ftin8. The School'i main incorne is from feeg. The total income of £41,805,OIX)12021.. £38,996,IK)O) eonsists of unre8tricted incomc of £38,186,(M)0 (2021.. É35,497,(1001, reAtricied income of £2,119,000 (2021.. £3,299,000) and endowed income of £1,500.000 (2021.. £200,000). Thc r&4trict¢d ittcome funded burAaric¥, scholarxhipA and priz¢$. The urtrestrieted income, in &ldition to fe¢¥, in¢ludcs bank inl¢r¢8t, tr4din¥ income. d¢)nationi% and lo84cl and othcr ¢at¢gorics yuch rertts received. Within total exp¢Aditur¢ of £39,591,0(K)12021-. £37,162,000), ¢dueational ¢0615 w¢r¢ the largest eategory of expenditure at £22,175,000 (2021.. £20,873,000) followcd by premi ¢08t3 at £7,036,000 (2021.. £7234,000). 1The School's finCe continued to be monitored very closely during the yeari particularly as a result of the infla¢ionary co#t pre8suK¥, and following the COVID.19 pandemic, and remain in a stron8 P05ilion, with the unre5tricied nei incorne for the year before investment1085es and tramfers increasing from £545.000 in 2021 ts £1,702,(KJO. Reserves Policy Thc fimds at the ye4r-cnd totalled £123,089,000 (2021.. £120,382.0001 which included £l11,527,(X)O of unrestricted fund5 (2021.. £108,490,(K)0), £6,948,000 of r¢8tri¢t¢d fvndj {2021.. £8,390,0(X)) and £4,614,000 of eIthW furtds {2021.' £3.496,000). The Ttwstees have sei a reserve5 policy which requir¢8,' a resetve of £5million to be maintained. separately from the School's workinE capital, to ensure the School can continue to pay salaries and creditors for three months with no additional income., a re8etve to cover the ¢h required by the budgets fornially Committed to the rebuilding projecL an agreed contrxbution to the now Closed to new members and to future ac¢nthl defined benefit pension 8cheme for non-teaching stsff at the School. This scheme is no longer in deficit as at 31 August 2022 but the School remains ommitted to rnoke additional contribution% of £789.000 iti the 2022123 financial year in advance of the next 11 actuarial voluation of the scheme &% At 31 August 2023- 10
ST PAUL'S SCHOOL GOVERNORS, REPORT (eontlttued) FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT (contlnued) FINANCIAL REVIEW AND RESULTS FOR THE YEAR (eoDtIDued) Reserves Policy {eonfynAed) eontribution of £1.55million out of the School'¥ cash 8urplu8es as at 31 August 2022 tnto a d¢signaied Future Esthte Capital Fund dedicated to the long-term provision of capital to allow the replacement and refiwbishment or buildings and fabric of the SchcKIl estate in the long terni if needcd. This annual contributionwill ri8e to £2.26million by August 2026 and will then continue at that level into th¢ foreseeable future,. a commitment to set asi(k any remaining cash surplu¥es from each financial year after the above contribution to the Future Estate Capital Fund and Privat¢ Placemcnl capital repa)qnents ¢oward¥ futUTe bursary awards and partnerships I public bert¢fi¢ work. As at 31 Aug4¢ 2022, th¢ School kns ncgativ¢ fr¢e re¥erves of £5,256,000 after allowing for the above reserve of £5,000,000 and £1,550.000 Fulurc E51al¢ Capital Fund Lontribution which are both held in readily av&ilablc cash. Thi8 reflect8 the substantial investment ¢h4t th¢ Schwl is making, and will continue io make, in its buildingg. The ne8ativ¢ fvo r0rV¢S posiliort IK th¢r¢for¢ ¢xp¢cted to conlinu¢ for the fore¥eeabl¢ future. However, the School has a very &trong n¢1 ¢urr¢nt a83¢1 position of £56,774,00012021.. £58,319,000). Therefore. having a88essed the School's fLn4ncial position, the plans for the fore3¢ble future. the risks io which the School is expobed and the d¢thil¢d ¢a¥h pmjections, the Governor& are s&ti¥fi¢d that it remain8 appropriate to prepare the fil?¢1a1 8tatementx on a going wn¢¢rn ba8iS. InveJtmeni Pollcy In accordance with ihe Memorandum and Artiele8 of AsROCiOtion. the Governors have the power to invest in such itock8, Share8 and propeny ay appropriole io meet the obJectiveA of the Chwity. The policy is for a low to rnedium risk inveytment approach. Two inve8tment mwer%, Waverton Investmcnt Mgement Limi(ed And Rathbone Investmenl Management Limited, manage ihe investhient of th¢ S¢hool'8 endowed fund14 and reytricted bursary fund8 With the re8triction8 that no fiJnd8 are io be plaeed in th¢ following ar¢4s.' pornography, annamgnt8. gambling, tobacco and direct inStment itl fo8yiI fijel 8tock8. The S¢hool also ¢ODtinu¢6 to hold short to medium temi secure deposit account8 with UK bank&. With (he consent of the Fin)nc¢ Committ¢¢, the Finance Director may invesl rnonies thai will not be needed by the School at short notice. Inve¥trn¢nt¥ r¢ported at every Finance Committee meeting. The policy is reviewed annually to ettsure Lt remainA lrt lirte with the School'B obj¢cliY¢J nd prevailing economic condition¥. Inveslmeni Perlormonce AxalnJt ObJ¢cdv•s The market value of the School's investments at the end of the year w&% £9,931,000 (2021.. £8,544.000). The School'¥ in&1M¢nI6 are mainly in equitie8 and funds. The value of the portfolios held with Wav¢rton Inv¢stmcnt Manag¢ment Limited and Rathbone Inveqtmcnt Mana8emcnt Limited knve decrcu¢d by 3.460/• and 10.44Yo resptIVe]Y in capitsl tCrnL8. The dityerence in perf0MLGc reflects the differcnt mandBl¢ for ¢h inv¢slmmt manager. This perforn?ance 1$ below the benchmarks of CPI plu5 4.50Q/o for Waverton and CPI plus 3.OO•/o for Rathbones but is consistent with market condition8 during the year. Prnclicex Thc 2021122 aCeMiC y¢4r ha$ seen a re¢urn to nomlItY for the School cotnmunity whiGh has been helpful on 50 many front5 incluthng our ability to engage donor5 and tentIal donors. It 15 TlOtEd however that activity in thi5 ycar was still not up to pre-pandemic levcls duc to r¢8iduDI anxietie8 about gatherings. The 2021122 academic year was the penultimate year of the £20 million 'Shapin8 uur Futurr, Canwai8n launched in May 2019, and we rcmain on track income wise (although as reEx)rtcd in the 2021 update. the weighting of iome in ¢¢rt4in PriOTity areLS diff¢T8 from forecast). The initiative ¢entr&$ around three key areas of focus.. Excellence without ElUSIv11Y (wid¢ning a¢¢w), Working in Patknerslu"p and Building to Inypirc (the Sports Pavilion and the Boathouse - both of which will al80 SUPPOrt our agenda to increase ow pathership work and also diversify income}. We have raised E16.355m to datc including proj¢¢t¢d Regular Gifis. £3.568m of this was raised in 2021122 against a target of £3.425Tn for Bursaries and Partnerthips. with the vast majority toward8 our bursaries work. Our PArtherthip iorne is below target {£58k against a target of £125k for 2021122). However we will look to address this tn the final year of ihe carrtpaign. We Currently have s* of our parent body.8upporting the campaign and 7.6Vo of alumni
ST PAUL'S SCHOOL GOVERNORS, REPORT (eontlDlled) FOR THE YEAR ENDED 31 AUGUST 2(J22 STRATEGIC REPORT (eontlnued) FINAI¥CIAL REVIEW AND RESULTS FOR THE YEAR {eontinued) FUndSin8 Prnclrcej fc7nliMutd) (against 42/0 artd 6.28 /D in Augugt 2021). The amounts being given however by these two COllBtiluency group3 is a¢tually fairly 8imil&r- 480/0 from parents, 44.3V. from Old P&uline&. * this On the capital front, we have £600,0(K) l¢fi ¢0 rais¢ for th¢ Sport8 Pavilion and an adjwted target of £lm to refiwbi8h. rather than r¢build, thc Bool Hou8¢, Fundr4i8ing Tprg¢ts for Ex¢¢ll¢nr¢ without Exclu81Vity- Widening Acce.. Year Target Achieved 2018119 2019120 £660,(x)O £1,320,000 £2,085,763 £1.559,577 2020121 £1,980,CK)O £3,730.299 2021122 202212 £2.640,000 £3.300,000 £3,568,381 Total £9.900,000 Annual target from 2022123 onward& £3,300,000. Fundrai&ing TargeL% for St Paul'.¥ in Partner8hip, which include8.' Paulin¢ rViCe in the ¢ommuni¢y. Partner $¢hoolrs' pro¥ramme, d¥Yeloping enierprise skj'lls, building awareness of bursarie¥. Year Tar8ei Achieved 2018119 £25,0(X) £13,750 201912 £125,000 £115,063 2020121 £125,000 £72,993 2021122 £125,000 £57,960 2022123 £125,000 5 Year To £525,000 FundT4iiing Tor8et$ for Building io Inspi over the n¢xt fiv¢ y¢ar¥ Ori¥ittal thrgets.. Boathouse £7,000.000,' Sports Pavilion £2,61K),OW.. Totsl £9.600,000. Pavilion ou18tandin8 pledges Pavilion received 2021122 Paviliort ffceived 2020121 Payilion rKeiY¢d 2019120 Pavilion received 2018119 £1,750,000 £62,659 £65,261 £7,306 £210000 £2 095 220 Buffalo Fundraising Consultants were employed to SUPPOrt the infrtrUCrc for the Givin8 Day (April 2021) and tbe Telethon (September 2022). The School is fornllY registered with ihe Fundraising Regulator demonstrating our commilment to 'good fiuOrai&ing prnctice5'. Th¢ School also adheres to the Code of Fundraiying Practice and auociated rulebook8 and 18 a member of the Institut¢ of Developm¢n¢ Profu3ional¥ in Educalion IIDPE). Various members of staff also have peryonel membership of the Instituie of Fundraising. There are no instances to ryrt of the S¢hool failing to comply with fvndr4iSirt8 Standard5 or 5chcmc5 for fundrai¥in8 regulation and the School rw¢ived no complaints about its fundrai$ing activity durin¥ ¢h¢ year. The School adhercs to the General Data Protection Regulation (GDPRI which came into ¢ff¢ct in May 2018. A$ a 001. Jr¢ fully ¢ompliant wit GDPR at tske our reSp]sIbilitieS Seriously. Companle¥ IMls¢ellaneou$ Reporllng) RegultlonJ 2018 Thc Governors have promoted tbe succe55 of the School by Actin8 in good faith to assist the cl]arithble company to meet 118 aim¥ and objectives. Further detaii on thi5 can be found in the 'ObjcctLVC5 to Achievr the Aims for the Year, section of this report on pag¢8 3 to 4. 12
ST PAUL'S SCHOOL GOVERNORS, REPORT {eontinued) FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT (eontlnued) Compnles (MlsceUaneos Reportln81 Regulationi 2(118 (tontittued) Employees are involved in, and consulted about, a variety of School and workplacc issues through a range of mechanisms. A range of detsiled HR policies SUPPOrt the charitable and business objectives aiml ensure compliance with emplo)Trcnl legislations. T& arc reviewed at Icast annually. A Joint Consultaiive Fonm IJCFI is also in pla¢¢, with rcprcscntation from SPS and SPJ t¢4ohing stsff and support staff. Th¢ JCF ¢nabl¢s cmployc&8 to raise issues with ihc Exccutiv¢ on a rcgular basi8 And th¢ minutes of th09¢ mectings are vi¢w¢d by th¢ Govcmors. The School provides various 8UPPOrt mechani8m8 to promote the wellbein8 of employees. These include & confidential Emplo¢ Assistance Programme, a chaplain, a medical ccntrc. the provision of flu Vacci110ns, physioiherapy se&siony. School counsellors and reimburqemeni for eyesight tOBether with a eontribuiion towards the cost of 8lay8es. In accordance with Ihe Equal Opportunities Poltcy, the School seeks to treAt all cmployees, all other members of the School communily and any person visitin8 the School eqlly, rcgardlcss of their diwbility. The School expec18 all employeu #nd all other membern of the School community to comply Wlih this policy. If an cnwloyK is disabled OT bc¢ome5 di5ablcd during the ¢ows¢ of ¢mploymcnt, Ib¢ Sch¢)ol will ¢nd¢&vour t() Jupport thc cmployee to grcat an exient polbIt. STRUCTURE, GOVERNANCE AND MANAGEMENT Johtt Col¢L Ikpn OF S¢ Paul's, founded St Paul's School in 1509 and placed the administralion in the hand$ o(The Mercer8' Company. The School 18 a company limited by guarantee with Charlble ¥talu¥ (company number 6141973, re¥islered charity number 1119619) which IA Boverned by its NlemorAndum and Article% of AsyoLiation. The Mercers, Company, a Livery Company, abody corporate fomied by Royal Chttner in 1394, is the le member. The School ha8 two litjked charities, The St Paul's School General Chttritable Trust (re¥istered chariiy number 1119619-1) artd St Paul's Sch(K)I Certtral PriY£ Fund Iregi8tered chArity number 1119619-2) which hold the School'5 rndowment funds. GovrAln¥ Body The Gov¢rnor8 of th¢ S¢hool arc th¢ tTUSt¢¢s of thc charity and dir¢¢tors of th¢ company. Thc Govcrnors scrying a¢ ¢hc da¢¢ of thia rcport, ynd who scrycd throughout th¢ p¢riod I Scptembcr 2021 until 31 Au¥u¥t 2022 (except where otherwise ytatedl, Ri¢h4rd Cas8¢11 (ChtTir) Tim Ha¢4 {Deputy Chair> Tom Adeyoola (appointed l January 2022) Sarah Barker Nicola Doyle (Healih Governordnd Educoliortdl Vtsits Governor) (retired 31 July 2022) Veryan Exelby (Safeguarding Governor, EdNcalional Visits Gtpvernorfvm I September 20221 Adom Fenwick (retired 31 July 20221 Andrew Fenwick (appointed I Septenther 2022) Lord Grabiner QC Joamie Harris (Healih andsafely Giwernorfrom 31 O¢iober2022) {appoin¢¢d I Sept¢mbK 2022) Harold Hampson Samuel Newhouse Alison Polmer (Boarding Governor) Aisha SNnuBi (Inclt&fion Governorfvm J September 2022) (appointed l January 2022) Sarah Thoma8 Rupert Tate (appointed I September 2022) Mark Tuffney (appointed 31 October 2022) Rt. Hon. Edward Vaizey (appointed l January 2022) Chris Vetmont (retired J l July 2022) 13
ST PAUL'5 SCH(M)L GOVERNORS, REPORT (tntinued) FOR THE YEAR ENDED 31 AUGUST 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT (contlnued) Committets (Non Governors are NAurkÉd with ) Property Commillee (merxed with Finonce Commil¢ee in October 2021).. Adam Fenwick (Chair) (until 31 July 2022) Richard Ca&sell Sally-Anne Huang ' Chn's VernioThl (until 31 July 2022) Sirnon Taylor (Th¢ me¢r8, Company) Edu¢t71ign Comm¢lle¢.' S4roh Thom4s (Chair) Nicola Doyl¢ (until 31 July 2022} Tim Ha5 Rupert Thte (from I Sept¢mb¢r 20221 Mark Tuffney (from 31 October 2022) Finunce Committ¢¢.' H&rold Hampmon (Chairfrom I Seplember 2021) RichBrd Cassell Adam Fcnwick {until 31 July 2022) Tim Ilaymcs (from I S¢p¢cmbcr 2022) Samu¢l N¢whou Alis(m Palmcr ChTi8 Vermont (until 31 July 2022) Nomin4¢ious And Remwier4tion Committee.. Ali80n Palmcr {Chair) Richard Ca8¢11 Tom Adcyool4 (from I S¢pt¢mb¢r 2022) S4rah Barker (from 3 May 20221 Adam Fcnwick {unlil 31 July 2022) Tim Haynes (until 7 July 2022) Ace¢ss, Dvelopmeni#nd hrthershlps Committee (Pmbllc Benejlt Commill¢elrnm Mqrch 2022).. Alistair Summern (Chair co-opied) (until 7 July 2022) S&Tnuel Newhouye {Chalrfrom I Septemr 2022) Richard Cawll Torn Adeyoolu S4rah Barker (until 24 March 2022) Adam Fenwi¢k (until 31 July 20221 S4f¢guwdlnx Committee." Veryan Exelby (Chair) Nicola Doyle lunlil 31 July 2022) Joam)e Harris (from I Septcmber 2022) Sarah ThoTna5 Nick Arnold * Paul Doyle Clare Kelly (from I September 2021) Sarn Madden. Nick Watkins 14
ST PAUL'S SCHOOL GOVERNOILS, REPORT (eontlnued) FOR THE YEAR ENDED JI AUGUST 2022 STRUCTURE, GOVERNAIYCE AND MANAGEMENT (continued) Key MoMagÉmeni Perxonnel.,, Hlgh Master.. Surmaster, St P#ul'•: Head, St Paul'i Junion: Sally.Anne Huang Fran¢i8 Clough Maxine Shaw (until 20 April 20221 Nick Amold {Acting Head from 21 April 2022 until 31 Augu8t 20221 Oliver Snowball (from I Septcrnber 2022) Steven Grace Flnance Dlrector: R¢erMleft( Induedon and Tr&lnlA8 of GÉ•vernors The existing Memorandum and Articles of A$80¢ia¢ion sta that there thall be a minimum of ten and a maximum of 16 Governors. Governor¥ are gelected by reference to their eli¥ibtlity, personal compct¢ncc and 5peGialist ykills which are mopped against the ski118 profile and need8 of ¢h¢ whole Governing Body. On appointm¢nt Governor8 are given an induction pack and ltiend an induetion at the S¢hool. During the cour8e of the year further training is made available, and recommendations are rnadc About 8Uitabl¢ ¢ours49 for Governor8 to attend. Or8qnlsailonrflMtin4geNs¢nl Th¢ Governors ar¢ rnSible foT the stra81¢ direction, ovetsi8ht and re¥u1&ry compliance of the SCI01. The Maement of the School is delegated to the High Master 8UPPOrted by ihc Execulive Mana8etnent Team known as the Core Strategy Group. The GoveminB Body meeis ai I¢t Six iimey a y¢ar. Th¢ High Master #ttenth th¢ Governin8 Body meetingR and reportR on the management of the School. The Governin8 Body has the followin8 su&committees', (a) Pmperty Commillee.. monitorin8 and ov¢rJighi of ¢h¢ Tcd¢vclopmcn¢ of thc School's buildings and managing the upkeep and maintenonc¢ of the S¢hool'8 re8L(knii41 property portfolio. This Committee wa$ merged into ihe Finance Commiittt in Octob¢r 2021; (b) Edueallort CommiÉiee'. monitor8, r¢ports to and advi8¢8 the Board on the educational strategy of the School and itA implemerttaiiort to in¢lude the level and qualily of educatlOD bein8 provided; Finance Commil¢ee'. monitor8 and r¢vicwg all peCt% of the School's finAncial perf0Mnce, financial management, finuncial reporting 4TTangements, budgeting, financial ¥ystem8 and controls. The Commiitee is also re$n91b1e for the School's portfolio of investments, esthblishing and following the investhienl policy and makin8 Lnvcytment decisions. (d) Nominaiions andRemunerailon Commliiee: oversight of the geleetion, nomination and appointment of Governors. the HiBh Master and the Fina¢ Dirtttor artd of recoinTncndation5 on Senior cxecutivc remuncratLori' (e) ALces.f, Development andPdrtrtershlps CommitÉee (nowPublic Benefit Commil¢ee).' oversight olthe d¢v¢lopment and delivrry of open access to St Paul's ihrough bursary pn)vitiOtt and progrymm¢5 0(parth¢rship 4ctivilies' and Safeguordirtg CvmmitÉee.' oversight of ¢hild pro*ction and 84f¢guarding mall¢rs in¢luding rNourcing, training and an anonymixed review of th¢ School's Tcspons¢ ¢0 c&qcs. (c) All cornrnittce8 report to thc Governing Body and are yubject to temis ofTefrrence that outlitte the committee's remit #nd any delegated authority. The Chainnan of the Govcrning Body has a right, which he exercises, to attend any committee of the Board. Th¢ High MJs¢cr Jnd s¢nior stsff att¢nd conunittee meetings as required. Key Mao48emeni Remwiemtion Th¢ Nominations 4nd R¢mun¢ration Committee ha8 delegated rcBpoMsibility for deterniining the remuneration and benefits of th¢ High Ma8t¢r 4nd key managemenl per80nnel, and takes advice and recommendations on the annual lary reviews or any paoknge change8 for the key nwwgement personnel, including reviewing appropriate salary benchmark inforn)ation.
ST PAUL'S SCHOOL COVERNORS* REPORT {CODtiDved) FOR THE YEAR ENDED 31 AUGUST 2022 STRUCTURE, GOVERNANCE AND MANAGEMEiYf {eontinued) The School is regulated by the Deparunent for EducatiotL Il is a memberof the Inded¢lll Schools Council and is in8p¢¢ted by the Independent SCI015 In8pectoratr (ISI). Reglitered Offlee alld Advlmrj Regl•tsred Offlte: LKsn5dale Road Barne8 Lnndon SW13 9JT Le8al: Veale Wasbrough Vizards Central Court 255 Southampton Buildin88 Chancery Lane London WC2A IAL Farrer & Co LI 66 Lincoln's Inn Fields London WC2A IAL Audltor: Haysmacintyre LLP 10 Queen Street Place London EC4R IAG BAnklni: National Westminster Bank PIC I11- 117 Putney Hi8h Street Putney London SW15 2LL Invutment MaDAiement: Waverton Invesiment Mana¥emeni Limitrd 16 Babmaes Stree( London SWIY 6AH Rathbone Investment Manv48ement Limiled 8 Finybury Cir¢u¥ London EC2M 7AZ Actuarlei: Barnett Waddin8ham 2 London Wall Place London EC2Y SAU XPS Pen8ion& Group Tempus Court On8low Street Guildford GUI 4SS tn•uron¢e Brnker.. Hettle Andrew8 & Associateg Limit¢d El¢v¢n Brittdlcyplace 2 Bryn$wick Square Btindleyp14ce Bimiingham Bl 2LP Websife.. St PAul'$ Sehool www.¥tpaulygchool.org.uk 16
ST PAUL'S SCHOOL COVERNORS, REPORT (¢ontlllu¢d) FOR THE YEAR ENDED 31 AUCUST 2022 STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors (who are a]50 the trustees and diTe£tors of St Paul's School for the purposes of chlty and company law) are reonSible for preparing the Governors, Report and the financial statements iti accordance with &pplie&ble law and United Kingdom Accounting Standards (United Kingdom Generally Aceepted Accountirtg Praeti¢¢). Company Iglw requires the Governor8 to prepare financial statements for each financial year whieh give a true and fair view of the state of affairs of the chan'table company as 81 the balance gheet date, and of its iA¢oming res()ure and applieatiott of Tesources, including ilKome a1 expenditurc, for that period. In preparing the8e fina]1 stat¢rncnts, the Governors llre Tequired to: selecl suitable accountitjg poliri¢y and Ih¢n upply thcm con8islently.' observ¢ the m¢thod¥ Jnd prin¢ipl¢8 in th¢ ChHTitIC5 SORP. rn&k¢ judg¢m¢n1$ and 4c¢ounting c5timatC8 ihat are rea80Mble and pntht. stat¢ wh¢ih¢r appli¢ablc UK Accounting Standar(ts have been followed 8ubj¢ct to any material deparre5 d19clod and ¢xplaincd in thc financial 5tatement8,' pr¢parc th¢ financial 8tatcm¢nts on thc goin8 concern ba8l8 unle88 it 18 inappropriate to presume that the ctwitable oThanY will continue in busine88. The Governor5 are re8pon8ible for keeping adequate aceountin8 record¥ that 4r0 suffici¢nl Io 8how and ¢xplain th¢ ¢h4rilablc company's transactionA and disclose with reasonable &ceuracy It any ¢imc thc fin4ncial p05i¢ion of th¢ charitable company and enable them to ensure thai the financial 8tatemenL4 ¢omply with tbc Companic8 Act 2006, thc Churity (Aount and Reports) Regulations 2008 and the proviyions of ihe choritable companl¥ con¥tilution. They are al¥0 re8pon$iblc for 8afeguArding the asse18 of the choritoble ¢ompany and h¢n¢e for takin¥ rea¥0ble stCP8 for the prevenlion and dotsction of fraud and other irre8ularitie$. The Governorn ore re8ponsible for ¢he m&in¢enan¢e dnd inlegrity of the corporats and financial inforntIon included on the hariiable cOrnpan8 w¢bsit¢. Legi8la¢ion in the United Kingdom governing the preparalion and dissemination of finonci&l 8lat¢m¢nts muy ditTgr from legislution in oiher Juri8diclion¥. The following 8tatements have been aff]nned by ¢h of the Governor8 of the charitable cornpany: 80 faraN each Governor i¥ aware, there ig no relevant audit infomwtion1th41 18. infomition needed by the ¢ompanI8 auditors in COnnlI0n with preparing their report) of which the compan% auditors gr¢ unaware; 8nd each Governor ha8 tsken oll the Slepy thai h&lshe ought to have taken as a Governor in order lo mak¢ himB¢lflherself aware of any relevant audit inforniation and io esthblish th&1 the ¢lwi¢able ¢ompany'& &uditorfj Are aware of th&t infomtIOn. AUDITOR Haylt}re LLP h&ve indicated their willingrtes¥ lo be reappointed as stalutory auditor. The Gov¢morn' Report (in¢ludin¥ ¢he Stralegic Report) bas been approved by the Board of Governors and 8i¥ned on their behalf by.. Richard Ca¥sell Chair of Govemots 8 December 2022 17
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST PAUL'S SCHOOL Opinion We haveaudited the financial statettwits of StPaul's School forth¢ yearended 31 August 2022 whith cornprise the Ststement of Financial Aetivitie8, the Summary Income and Expenditure Account, the Balance Sheet, the Statemenl of Cashflows and note5 to the financial statements, including a Summary of Significant accounting policics. The finanGLal reporting framework that ha5 been applied in their preparation is applicable law and United Kin8dom Accounting Standards, including Financial ReEK)rtiIl8 Standard 102 The Financial Reporting slanda opplieable in ihe UKand Republic oflreland (Utjited Kingdom Genernlly Accepted Accounting Pwti¢¢). In our opinion, th¢ finaftcial It4t¢rn¢nt8'. give a In and fairvicwof the 51at¢ ofth¢¢haritabl¢ company's affairs at31 Augu8t2022 and ofth¢nct movement in funds, including the income and cxpcndittwe, for thc ycar then ¢nd¢d- have been properly prepared in accordance with United Kingdom Gcncrally Accepied Accounting Practice. and have been prepared in &ccordance with the requirements o(the Companies Act 2006. Bull for oplnlon We conducted our audit in Accord4¢ with Int¢rn¥tional Standards ort Auditing (UK) (ISA8 IUKI) attd applicable law. Our reyporLsibilitie% undcr &tandard$ are furth¢r d¢scrib¢d in the Auditor'5 resportAibilities for ihc Audit of the finan¢iBI 8tat¢ment$ sli0 of our report. We aT¢ ind¢pcnd¢nt of the charitablc company in accordance with the cthical requirements thpt Brc rclevantto ouraudit of the financial 5tatemcnt5 in the UK, including the FRC'8 Ethical Stsndard, and we have fulfilled our other ethical re8pon8ibilLtie5 in a¢¢ordanc¢ with the r¢quir¢m¢ftts. W¢ b¢li¢v¢ that ¢h¢ ludit evid¢n¢e we hove obtained 1$ $uIYi¢i¢nl and appropriat¢ to provid¢ a b&814 for gur opinion. CTrncluiloni r¢latlng to go5ng concern In auditing th¢ financial statcmcnts, w¢ have concluded that the Governor8. of the going Coe ba318 of cOUntin¥ in the preparation of the f]nancial 3tatement$ j8 4ppropna¢e. Based on the work we have perfornwd, we have not i(kntified any materi41 unc¢rt4in¢ies relaling to ¢vent3 orconditions that. individually or Colleclively, may cast 8ignifi¢ant doubt on the ch&ritable company's ability to conthnue as & going eoncern for a period of at least twelve rnonths from when the finonci&l 5ta¢ements are autIne for issue. Our Te8ponBibilities and th¢ reNponsibilitie& of Ihc GovernoTh wi¢h reype¢t goinlf ¢on¢ern arc de8cribed in the leVAn[ 8ection8 ofthis report, Other InformAtlon The Governors are Tespon8ible for the other inforn]ation. The other infornM(ion comprise& the infornution included in the Governo, Report and Chair of Goveming Body'y Sthiemenl. Our opinion on the financial statemcnts does not ¢over th¢ other inforn]aiion and, except to the exlenl otheti¥i8e explicitly ¥thted in our report, we do not expre&& any form of assuran¢¢ conclusion thereon. In connection with our audii ofthe filla1 staiements, our ff8pon8ibility 18 io read the other InforntiOn and, in doing 80, consider whether the other infomiation is materially ineon8i8tent with the fLn&nci418tatements or our knowledge obiainLd in the oudii or othenvise appears to be maierially mi&siated. If we identify such material inconsi8(eneies or apparent material mi$ytatemenL¥, we are required io deterniine whether there 18 a materÈal miy¥tatement in the fthartcial Statements or a matcrial rtiixstatement of the other infomthtioth. If, b&8ed on the work we have perfonned, we conclude that there is a material missthtemenl of thi¥ other itiforniation, we are required to report that facL We have nothing to report irt thig regard. OplDIoDS Oli Other mitten prescrlbed by the Complnlci Act 211116 In our opinion, based on the work undertaken in the cour¥e of the audit.. the irtfomiation given in theGovernor8' Report (which includes the strotegic report and the directors. reportprepared for the puryoAeA of compony law) for the financial year for which the financittl 8tat¢rnents 4r¢ prepAred is consisient with the financial stst¢rnents' and the stralegic reportand the directOTS' report included within the Governors, Report have been prepared in accordance with applicable legal requirements. MAtter8 (tyll whlth we are required to report by exception In the light of the knowledge under8tanding of the charitablc company and its environment obtaincd in the course of the audit, we have not identified material MIlatCrncI8 in the Governors. Report (which incorporates thc strate8ic report and th¢ ditE¢tor8' report). We have nothing to report in reswcl of the following mallcrn in relation to which th¢ Companies A¢¢ 2006 rcquire8 IL8 to report to you if, in our opinion.. adequate accounting records havc notbeen kept by the charitablc company. or
¥DEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF ST PAUL'S SCHOOL (eontlnued) the charitable cotnpany financial stal¢rn¢nt$ are not in agreement with the accounting reconls and returns" or certain disclosures of Govemors, remuneration specified by law are not made,. or we have not received all the infomation and explanations we require for our audit, RespoDslbllltlei of Governors for the flnanel81 stAtemertts As explained more fully in the Goverr, re5ponsibilitic5 Statement Sct out on page 17 the Govcrnors (who are a150 the directors of the charitable Gompany for the purpose5 of cornpany lawl are re¥ponsible for thc preparation of the financial statements and for being satisfied that they give a and fair view, and forsuch internal control as the Governors determine is neCesry to enable the preparation of financial statements that arc free from rnaterial mItateMent, whether due to froud or error. In preparing the financial statement8, the GovernoT5 are rcsTM)n8Lble for a5se85ing the charitable cornpany's abilityto continue a$ u going Coem, disclosing, as appliellblc, matlcrs rclated to going concern and using the going conc¢rnbasi8 of accountijjg unl¢ss thc Govcrnors ¢ilh¢r intend to liquid4¢c the charitable Company or to ¢c&qc op¢ration3, or havc no r¢alL81i¢ alternalive but to do so. Audltor'i reiponjibllitles for the iudit of the flnanclAI Jtalemtnti Our L)bjectives are IL) obillin reasonable assurance about whether the finattcial slatements as a whole are free from nuterial misstatcment, wheiher due io fraud or ern)r. and lo i&4ue an auditor's report that include8 our opinion. Reasonablc assurance iy a high level of a88urance, bui 1.8 nol a 8uarantee that an audii Conducted in a¢¢ordan¢e with ISAN (UK} will alwayx detect a mAierial missiatemen( when itexiis. MiyJtalemenis ean arise fn)m fraud orerrorttnd are considered matrrial if, individually or in thc aB8rcBate, they could reasoTJably be expeeted to infltsertce the economic decisiojkq of uyers taken ort the bagi8 of th¢8¢ firtan¢ial st8tements. Irr¢¥ularitie¥, inGludin8 fraud, ar¢ in81a¢I of non-compliance with14ws and r¢gulation5. W¢ d¢In procedur¢3 in lin¢ wilh our r¢sponsibiliti¢s, ou¢lin¢d abovc, ¢0 dd¢ct mal¢ripl mis8tal¢m¢nLs in TC5PC¢t of irr¢gulariti¢s, including fraud. Th¢ ¢xt¢n¢ to which our proccdur¢q ¢apabl¢ of dctccling iTr¢gulaTitiC5, including fraud 1$ dclailcd bclow.. B&8ed on our understandin¥ of the chan'table company and the onvironment in which it operates, we idcntified that the principal ri.$kN of non-compliance with law6 and regulalions relAted to The FAlucation {Indcpendcnt 8chool Sthndards) Rcgula¢ion8 2014, SAfcguarding rcgulationq, hcalth and relY rcquiTcmcnt8, CJDPR, cmployincnt law and charity law and wc considcrcd the extent to which non-compliance mi8ht have a material effect on the financial statements. Wc alqo considered those laws and rc8ul8tions that have a direct impact on the preparation of the financial stsiemenL8 quch a8 the Companie¥ Act 2006, the Charities Act 2011, the Ststement of Recommended Practice for Charities (SORP 20191. and considered other factors Such as pa>Yoll taxes and VAT. We evaluated management's ijKentive# and opporMnilie8 for fraudulent manipulation of the financial statements (includin8 the riyk of override of controls), and deterniined that the principal risks were related Lo improper recognition of revenue and management bigs in ¢¢rt4in OUnting ¢31imates and JUdgen(s. Audit proc¢dur¢8 p0[m¢d by ¢h¢ ¢ngag¢m¢nt t¢am included.. Inspecting coffespondence with regulators and tax authorities, including the ou¢come8 of inypeclion5' Discu%sions with mana8CTnent including GonsidcrBtion of known or suspected instances of non.compliance with I&w5 ar Tcgulations and fraud. Evaluating management'8 ¢ontrolR designed to prevent artd detcct irregularitl¢A- Identifying and testing journa15, in p&rtiGular journ&l entries posted with si8nifLcartt bttlattce8, pJstitJ8y by unusual Users or with unusual description8' and Challenging assumptions andjudg¢ments made by management ID their ¢rili¢al 4cwunting estimates and ¢h411¢n8¢ of the underlying a88umptions. Becawe of the inherent limitations of an audit, there 18 A tisk that we will not deteci all irregularities. including those leading to a material mi8statemcnt in thc financial statements or non-GompliatJce with regulation. This risk incree9 the more th&t coMpliae with a law or regulation is removed from the events and transactions reflecd in the financial ststemenls. as we will be less likely to become aware of instances of non.compliance. The risk is also greater regarding irregularities occurring due to fraud rather than cm)r, fraud involves intentional concealment, forgery, collusion. omission or misrepresentation. A further des¢ription of our re4)onsibilities for the audit of the financial stAtements is Iated on the Financial Rq)ortirt8 Council's websitc &t'. .uklaudiiorgres n8ibiliiies. This de5CriPtion forn]s part of our auditor's reprt. 19
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST PAUL'S SCHOOL (conthiued) U of our report This T¢POrt is made 801¢ly to the ¢haritable compally8 mernber8, 18 a body. iti }raInee wAth Chapter 3 of Part 16 of the Compani¢s Aci 2006. Our audit work ha8 been undertkn so that we might state to the elwitsble companys members those matter8 we are required to stste to them in an Auditols re)rt and forno otherpurpose. To the fvllest extent pern]itd by law. we do notac¢ept ora88umere8ponsibility to anyoneother than the chAritsble companyand the charitable compan& metnb¢ a body, for our audit worK for this repor4 or for the opinion9 we have form& Tracey Young (Senlor Statvtory Audltor) For and on beh#lfof HAtIlltyre LLP, Statutory Audltors 10 Queen Street P14¢t ndo EC4R IAG Date.. 19 December 2022 20
ST PAUL'S SCHOOL STATEMEIYT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 Unrestricted Restrlcted runds funds £'Doo Endowed fundi Totsl 2022 £'ooo Tht81 2021 £'wo Notes Income and endowments from.. Chan'tsble activitieg School fees receivabl¢ Ancillary trading incom¢ Other trading octivitie Non-ancillary trading incom¢ Inveslrn¢n¢8 Invostmcnt income ' Bank and other interest Voluntary Sou¢ Donations, Icgacies and grants Other income Sury)lus on di8posal of fixed a&qet8 36.397 1.073 36.397 1,073 33,999 759 118 118 130 159 159 440 99 175 440 152 1,960 ,500 3,612 3.826 TotAI Income 38.186 2,119 1,500 41,805 38,996 ExpeDdliure on: Raising ttdS Non-ancillary tr4ding Financing ¢o&ts Inv¢stm¢n¢ mgn4g¢men¢ Fundrai&ing and development Markeiing and publicity 1.527 45 369 528 ,527 45 369 528 1,553 25 405 452 2,469 2,469 2.440 Charithble aclivitie8 Educalion and ¥r8nt making 34,015 3.107 37,122 34,722 Total expeDdlture 36.484 3,107 39,591 37,162 Net Ineome l (expetsdlture) from operations before inVlMent 1.702 (988) 1.500 2.214 1,834 Net (los) I gain8 on inyestmenl Ttansfer8 between funds 10 (457) (3) (382) (839) 1,277 Net Income l (expeDdlture) 1,705 (1,448) 1,118 1,375 3,111 Other recogntsed Iou Pension yehem¢ aetU8rial Bain8 19 1.332 1.332 1,816 Net OMbVtm¢nt ID fund• 3,037 11,448) 2,707 4,927 ReeoDeili4tioD of funds Fund balan$ at I September 2021 108.490 8,396 3.496 120,382 115,455 Fund balances at 31 Auguyt 2022 18 111,527 6,948 4,614 123,089 120,382 The atth¢d notes on pages 25 to 44 forn] an integral part of the8e finala1 statements. All of the School's activities represent Continuing operation8. See note 24 foT the Sta¢em¢rit of Financial A¢¢ivities for th¢ year ended 31 August 2021. 21
ST PAUL'S SCHOOL SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2022 2022 Unrestrlcted And reitrlcted funds £?00 21121 Unrejtrictsd rejtrleted fundj £'o Income from: Choritable actlVLti School feeo 1vable An¢illary trading Oth¢r trading aolivili¢s Non-&ncill8ry trath'ng income tnvesthients Inve&tment incom¢ Bank and other intereAt Voluntary sour¢¢$ Donations. le8aeie8 And 8rants- ut)re8triCted Donitions. lesle& And grartt8- re8trictrd Ot1 income Surplu& ort disp08al of red a88¢ 36,397 1,073 33.999 759 130 159 440 99 175 152 1.960 426 3,200 To¢•l In¢ome 40,305 38,796 Exp¢ndliur¢ on: Raising fund¥ Non-4nci114ry trading Finawing couts Investment manement Fundraiiiing 4ttd dev¢lopm¢nt M4rkeiiTh¥ and publicity 1.527 45 369 528 1,553 25 405 452 2.469 2,440 Charitable activities Education and ¥rant muking 37,122 34.722 Total expendltuft 39,591 37,162 Nei Income before IDve4tment ODiiei) I galns 714 1,634 N¢t Ilo¥s¢$) 18aill$ on inve8lmenl8 (457} 732 Iyet Income 257 2,366 Theabove Summary Income and Expe11¢y[CArr0unIreprgls ihe tot41 unre5tri¢ted and r¢stri¢¢d income and ¢xp¢nditur¢ a8 thown in the S¢atement of Financial Activities on page 21 and its pre5¢nlation is required und¢T the Companies A¢¢ 2006. The atthched notts on pages 25 to 44 forni an integral part of these fllmncial statements. 22
ST PAUL'S SCHOOL Compvjny No: 00141W13 BALANCE SHEET AS AT 31 AUGUST 2022 Not 2022 21)21 £oo• £9000 £iooo £?0( Fixed amets Tangible as8el& Inveslments 110,233 9,931 109,331 8,544 10 120.164 117.875 Current a$ts Stock Debtor8 Cash at bank and in hand 94 1,471 60,660 94 1,077 61,399 62,225 62,570 Current IIAbilltl Creditors: amountB f&llinB wttbin one year 12 {5,451) (4,251) Net eurrent Aiieti 56.774 58.319 Totil aii¢ts 1¢$$ curr¢n¢ 114bllidei 176.938 176.194 Cr¢dilorn.' 4mount8 fallin8 due after more than one year 13 (53.7831 (53.758) Provisions for liabilitie& dnd ¢h8¢S 14 {66) 1100) Ntt auetb excludlng Pen0 Uiblllty 123,089 122,336 PenBion scheme liability 19 (1,954) l23.089 120,382 FUNDS Endowmert¢ fimd8 Re¥tri¢ted funds Unrestric¢ed fvnds 18 18 18 4.614 6,948 111,527 3.496 8.396 110.444 TO1 fundi before pen0 rttem 123,089 122,336 Pen8ion scheme fimdinB reserve 18 (1,954) Tfjt fundi 123,089 120.382 Th¢ fllwicial statements were approvrd authorisgd for issu¢ by the Govvllors on 8 D¢I>¢r 2022 and w¢T¢ signed below on ity tr¢half by.. Richard Cass¢ll Chair of GOrnOr8 Harold Hampson Chair of FiDaDC¢ Commitl¢e Thc attached notcs on pagcs 25 to 44 fonn an int¢grai part of th¢¥e fula1 statements. 23
ST PAUL'S SCHOOL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2(J22 Noteg 2022 2021 £ooo t'o £'ooo Net inflow frnm operatio Net cath provided by opcralin8 tiVitIe& 20 3,799 3,412 Clib nowi frnm Inyestlng attllltle Payments for tangible fixed assets Proceeds from sale of thn8ible fixed as8ets Payments for investments Investment ineome and bank ¥nd other AnteKqt eived (4,4(x)) (1,954) io (2,226) (2,050) 599 274 Iyet In Invutlni Ictlvlti (6,018) 13,722) Ca•h 110 fnbm tln#neln8 aetivltiei Ncw eloWMeLY Rcpayinenl of obliytiong under hire purchaye ¢Otttract# 1,500 200 (20) (20) Iyet eaih provlded by Ilo•Aeln8 8eilvltlei 1,480 180 Cban8¢ In caib and cajh equlvlents Ill the reportllli perlod (739) {1301 Cllsh and ¢08h equivalents at the be8innin8 of the r¢portin% period 61,399 61,529 Caih and eash equlvalents At the end of tbe reportln8 perlod 21 60,6 61.399 New bDrroivlng £?000 Anal1$ of movements In net (Aih 2021 £'ooo Cuh flowi 21122 £?000 Cash at bank artd in h4nd 61,399 (739) 60,660 Totsl cash and cash equivalents 61.399 (739) 60.660 Hire purchax Contr18 (77) 20 (571 PrivatE Placement fundinB falling due afterone year (So,0)) (50,IK)01 Totlll 11,322 (719) 10.603 The attached notN on p4gcs 25 to 44 forrn an intC8ral part of the8c ruwla1 statements. 24
ST PAUL'S SCHOOL OTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTll¥G POLICIES A¢¢ountin8 b8111 Si Paul's S¢hoo1 13 4 Publio B¢ncfit Entity. It is a c4Jmpany limitcd by guarantee rcgist¢rcd in England and Wales (company number 06141973 incorporatsd on 6 March 2tK)7) and a charity r¢gi.4kred with the Charity Commission (charity number 1119619 r¢giytered on 12 June 20071. Its rcgistcred address is Lonsdal¢ Rood, Bames, tDndon, SW13 The accounts have been prepared in accordance wilh the Financial Rq)ortin8 Standard applicable in the UK and Republic of Ireland ("FRS 102"). the Companiey Act 2006 the Statement of Recommended Practice applicable to charitie¥ preparing their a¢coun(8 in accordance with the Financi81 Reportin8 St8ndard applicoble in the UK and Republic of Ireland {"FRS 102") - 2nd Edition etyectivc l Janullry 2019. They are drawrt up under the historical cosi baJiy ofaccounting nx)difi¢d by th¢ r¢v41ualion of inY¢stmcnLs. As highligh¢¢d in ihc Gov¢rnors' Rcport, having assc58ed the School's financial position, th¢ plan8 for th¢ fOr¢4b]C futyrc. the risk8 to which thc S¢hi)ol 13 exposed and the detailed cash projections, the Governors ar¢ sati¥ficd that it r¢m4ins appropri4t¢ to pr¢par¢ tbo financial statcm¢nt8 on a g(Tring ¢onc¢rn bayis. Th¢r¢ are conJid¢rod to b¢ no rnu¢¢rial uncertw'ntle8 regarding ihe School's going concern status. The Sch¢)ol's wholly oMTred sub8idiary, St Paul'8 School EnLerprise8 Limited, wa8 incorporated on 29 May 2019 with £1 of i8Nued share capitsl. The company WAS dorniant until 31 August 2021 and commenced trading on I September 2021. conlIdated accounts have noi been prepared on the grounds that (he &CLiViiy is immaterial to the 8roup. See note 23 for a 8ummary of the company'8 r08ult8 for the year ended 31 Au8uyI 2022. Crltlcol ACCDUDtlng Judgements and utlmate8 and key UrCe8 of eiilmAtlon uncertalnty In the application of these accoutJtin8 policie8, the Governors Are required to make judgements. e8limaie$ and A88ump¢ions about ihe ca1ng vHlu¢ of a85¢t8 and liabilitie ihat hre noi r¢adily &pputcn¢ from o¢h¢r 80ur¢¢s. F31ima1¢3 And judg¢m¢nls ar¢ ¢onlinually ¢voluat¢d and are ba8ed on h18lori1 experi¢¢ and other factors, ittcluding expectations of fil¢U events that are believed to be reawnable under the GIm5tanCe. Although the ¢stimul¢s are based on management's best knowledge of the amount, events or actions, actual result& may ultimately differ from those estimates. Revisiong to accounting estimates are rccoBnised in the period in which the e¥timate 18 revised if the reviyion affects only that period, or in the period of the revision and ture periods if the reviyiijn affecly current and future period&. The Governors con8ider the followin8 itemy to be areas 8ubject lo estimation judgement.. Depreciation: The use1 e¢oTh)mic lives of tan8ible fixed a88ets are based on mAnh8ement'8 jud8emeni experience. Pensio.. The prhrtcipal 0$8umpliow ujed to ¢al¢ulaw the li4bili¢i¢$ in the defitd b¢n¢fi¢ p¢n8ion 8¢h¢m¢ or¢ th¢)9¢ 88 $¢1 ou¢ in note 19. L¢gacie5'. AccThing for income derived from legacies where complicaied issues 5UtTounding the measurement of the SCI)1, entitlement to income existed at the year. Provisions: Provi8lOtL8 represent the best estimate of legal costs be incurred post year-end ill respect of the hi8toric abuse ailegaiiong. Stt note 14 for further dethils. In the view of the Gov¢rnors, rto as#umpiion¥ con¢uning t futur¢ or ¢Jtimation unecrtaitity affectirt8 #ss¢ts or liabilities at th£ balance Sheet datc are likcly to result in a rn&terial adju5trnent to their caryin8 arnount8 in the next financial ycar. The following aGcountin8 policie5 have been applid consistently in dcaling with itcrn8 which are Gon8Adered material in relation to the School's financial 5tatem¢ntS. 25
ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (tontlllued) FOR THE YEAR ENDED 31 AUGUST 2022 CCOUNTING POLICIES (continued) Feel and iimilar infome F¢es receivllblc and chargcs for scryic¢8 and w¢ of th¢ pr¢mi8¢s ar¢ Ounted for in the yeat in whi¢h the services are providcd. Fccs T¢¢¢ivabl¢ stated aft¢r d¢dtIng bur5Jri¢8, s¢holar5hips ond oth¢r remissiotL8 allow bythe School. but in¢ludc contributions re¢eiY¢d from r¢$tricted bursAry fund% And third parties. R¢gistralion fe¢& are non-refutab]e and are credited to income whtn received. Government gr*n¢ income Government grant income repre5ent8 the total amount claimed frorn HM Revenue and Cu8tomx under the CoronavinJ8 Job Retention Schemc (CJRS). The income is accounted for in thc pcri(Ml in whi¢h the as50¢i4t¢d s41ary payment8 are made to furloughed 8taff. Rental ind inveitment Income Rent8 are Slated EfosB and are included on an a¢¢nl$ b&$is. Interest IA included on an accrual8 basi8. Divid¢nd& from inv¢8tmcnt fund8 arc included a& receivablc on thc duc dales. Donatloni Mnd leKaclei and other voluntary Income Voluntary income 18 account¢d for a8 And when cntiilement ari8e5, the allKTrunt can be Teliably quantified ond the economic benefit to the SCI01 is con8idered probable. Donalion8 received for the general PUTPO8e8 of the Sch¢)ol are credi¢ed to UnreBtri¢¢ed Fund$. Dona¢ion8 subj¢cl 10 specif?c Wi8he8 of the donors are credited to the relevant Restricted Funds, where the amoun( 18 held 48 expend4ble capital, or to Endowment Funds. For legacies, entitlement is the earlier of the School being notified of an impending distribution or the le8Y being received. Expendlture Bxpenditure 18 accounied for on an accruals basiy where there is a le8al and con&tructiYe obligation to make a paent to a third party hnd the amount of the obli¥ation can be methyured reliably. Expenditure is allobated to the appropriate lThdingy relevant to the charitable activities on a direct bayi¥. Support costs muinly repre&enl oifice administration. Irrecoverable VAT iy ¢lw8ed the Statement of Financial Activitiem incurred. Governance costs comprise the costs of runnin8 the School, including 8tr<¥iG plttnnin¥ for IL¥ future dcvclopment. external audit, legal advice and all the cos¢8 of eomplying with Gon5tilutional and ¥talutory requirements. chitable expcndilure rq)rcyent% the costs of runninB the School including salarics, caterin8, prcmiseB and welfare costg. Costs ofraisin¥ funds include non-ancillary tr8din¥, funcing. inv¢8tm¢nt manag¢m¢nL fundraising 4nd dcvclopmcnl and mark¢ting and publicily ro¥ts. Gran Grant¥ payable are charged in the year when the offer is ¢onveyed to the r¢cipim¢ ex¢¢pl in cases wh¢r¢ the offer is conditional, such grants being recogni¥ed w cxpenditure when the conditions have been fulfilled. Oper•tlD¥ lea8es The annupl r¢nt41 for operating le&8es is ¢harBed to the Slatement of Finatto1 Activities on a straight line basiy over ¢he1¢48¢ t¢rm. Fund• The SCI0] has three t¢8 of fiuKis'. EJthwment- where the capital is held in perpetuity lo generate distributsble in¢ome- Regtricted- where the purpose for which the lld8 may be used hay been re%tri¢ted by donor8: and Unrestricted- where the fund ig not restricted ay lo use other than in furthering the objects of the SCI01. 26
ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (eontlnued) FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES (contlnued) Pemion hemeS The School contributes to thc Tcachers, Pension Scherne. Thi8 18 a tnulti-cmploycrpeJ]sion scheme aThd it is nol possiblc to identify the School's 8h&re of the underlying assets and liabilities on a consistent and reasonable b&si$. Therefore, as required by FRS 102, the Sch1 Account5 for the Scheme a5 if it were a defined contribution 8chcme. The School, contributions, which are in accordance with the recomm¢DdBtion8 of th¢ Govcrnment A¢luJry, ¢harged in ¢he p¢Tiod in whAch tk 8thri¢s to whi¢h th¢y 141¢ payablc. Th¢ School a150 ¢ontributcs to St Paul's Schools, Non-TeachinB Sthff Pension Fund. The scheme is a defined benefit sch¢m¢ in ¢0[danCe with section 28 of FRS 102. Service cosl8, Curtailments, settlemertt gains and losses, net financial r¢¢urns and r¢rn¢asurcmcnt gains and 1088cs are included in the Statement of FInALa1 Activities in ihe year to which they relate. Chan8es in the assets and liabilities of the scheme in the year are dL8closed and o110¢4t¢d ¥8 follows.. Penyion finance costs arisin8 from chartg¢s in the net of th¢ int¢r¢t¢ costs al eXPted r¢lurn on as8et4 4re allocad to financing eosts in the Stai¢m¢nt of Fin4nci41 ActLVItiC8. Pengion flnonce char8es 8risin8 from simil4r ¢h4ng¢$ ar¢ rxognised ¢xpenditur¢. RemegSurcnnt goin8 and ar¢ r¢wlS¢d as othcr r¢¢ogni¥¢d gain8 and1088¢$, Thc as8ets. liabilities and movements in the surplus or deficii of the scheme are ¢al¢ulaied by qualificd independcni actuariey a5 an update to the latest 11 actuarial valuBtion. The defined bcnefit ycheme is in a surplus P05Ltiort. Howevcr, it is not a recoverable amount ond therefore has not been recognised in the financiBI tateMentS in aecordance with FRS 102. Detai18 of the 8cheme a88et8 at liabilities and mjjor as$umpLion3 ar¢ thown in notc 19. Followin8 the clo¥uro of th¢ Non-T¢A¢hing Ststydcfined berit Khcme to new members and also to future accrual with effect from l January 2016, all Non-T¢y¢hing m¢rnb¢r¥ of ¥toff, unl¢$8 they choosc ¢0 opl out, ¢(mtribut¢ into a sepale defined corttributiort 8eh¢me. Costs asgoci4tcd wilh this sch¢m¢ 4re Charged to the Statement of Financial Aetivities in th¢ p¢ri¢)d in which th¢ ¥wlaric5 to which th¢y rcla¢c are payable. Short term ben¢flt• Short tenn bcncfits, ilUding holiday payp are reco8nised a¥ an expen8e in the period in which the Service is received. Employee t¢rmiDAtlon beneflts Terniination benefits are accounted for on an accnMls ba¥1# and in accordatjce with FRS 102. Capltallsatlon replAcement All a55et8 purch&8ed are included at their pUrG¥e pri¢e. together with irtciderttsl expemes of Acqui51tiort. Assets with a Cost below £5,000 are tt Gapitalised. Depreciatio DeprLatIon of 18 provided at ratcs to WTite off the coNt over their eslimated useful lives as follows: School and residential buildings 50 year8 Leasehold improvemen1¥ 20 yeaTS School and r¢sid¢ntkal refvrbishment8 10 years School equipment and musical inslnunenL8 10 years Furniture and fitting8 4 8[S Vehicles and boats 4 years Cornputer8 3 years A88ets held under constsuclion are not depreciated as the asyets have not yet been brought itkn use. On completion the assets will be tTan3ferred (o buildinB8 and depreciakd over their expected useful life. 27
ST PAUL'S SCHOOL NOTES TO THE Fll¥ANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES (continued) InvutmeDts It)vestments are a forni of buic financial instruTn¢nt 4Dd 4rc initially shown in the fitwicial sMentS at cosl. Movements in the markd valu¢$ of invc8tm¢nts ar¢ showD us unr¢diged gain8 and I0e8 in the Slaiement of Financial A¢tsviti¢s. Gains and loss¢$ on the r¢ali54tion ofinvestm¢nt5 4r¢ shoum as realised gains and losses in the Ststement of Financial A¢tsviiic8. Rcaliscd gains and losses ar¢ calculated as th¢ differenee between sale proceed5 ond opening carrying value or thc pur¢hayc value if acquired yubsequent to th¢ first dAy of the finortcial year. UTwealised ¥ain8 and lossey are calculvlted as thc difference beten the fuir value of invcsknertts at the year4nd artd their opcnin8 carryin8 value. Rcali8ed and unrealised inveAtmcnt gain8and losw hre allocated to the appropriate Fundaccording io the"owner5hip" ofthe underlying assets. FIDAnclal Instrnments Basic financial in8tJuments are initially recognised at tTansaction valuc and subscquently mea¥ured at amorti8ed cost with the exccption of inv¢s¢m¢nts which 4re held al fair valu¢. FinaTLcial a5seL5 held at amortised cos( comprise cash at bank and in hand, tradc and f¢¢ d¢b¢or$, oth¢r dcb¢ors and Jo¢nd inwm¢. A specific provision i& made for debts foT which recoverability 18 in doubt. Cash and c4$h ¢quiv41¢nt5 yrc d¢fJn¢d aj 411 cLqh held in instant acce88 bank accounts and used aB working copital. Financial li4bilitlc3 hold a¢ amortis¢d ¢ost wmprise deposits. fee8 in advance, trade Creditor¥, other crcditor3 and Private Plac¢m¢ni fimding. Financial li4biliti¢3 meured at fair value comprise Ihe penyion scheme liability. Stock Stock representing books. s¢4tionery. p4dlo¢k8 and kitchen supplL*I. L8 8tat¢d at the lower of cost aThJ estimated realiAable value. Debtors Trade and other d¢b¢on are reeogrtised At the Aettlement amount due for the provision of rviCeS delivered. Prcpayrnenl& are recogni8¢d the Amouttt prep4id or the Amouttt PAid in 4dYan¢¢. Ca•h and cayh equlvilent$ C&$h and cagh equivalen15 include cash and depoBily with a sIrt tenn rn&turity of12 months or les8 from the dale of opening the deposil accoun¢. Credlto CrEditor8 are recognised where the School ha5 a preBent obligation re5uliinB from a past ¢v¢nt that will probably result in the transfer of fundg lo a third party and the amount due to settle the obligation can be measured r¢liably. Amounts are reco8ni5ed at their ttlement amount. Prov1001 for llabultles Provisions Bre Tnade whcre an event has taken pl&¢e that Bive8 the Sch(x)l a legal or conStclIve obliga¢ion thal probHbly rcquir¢$ 3ettlem¢nt by a trnnJf¢r of ¢wnomic bcMfitJ, Jnd a r¢liJble estimate can be made of ihe amounl of Ihe obligatLOn. Proyisions ar¢ charged Bs Bn expens¢ to the Statement of Financial Activities in the year th&t the School becomes aware of the obligation, and aT¢ mcasuTed at thc bcst cstimate at thc balance 8h¢¢t dat¢ of th¢ cxpenditure required io settle the obliBation. tsking into account relevanl riskN and uncertainties. Where payThent5 arc evcntu&lly made, they are cknged to the provision carried in the balance 8heet. 28
ST PAUL'S SCHOOL NOTES TO THE FII¥AI¥CIALSTATEMEIYTS (eontlnued) FOR THE YEAR ENDED JI AUGUST 2022 CHAIUTABLE ACTIVITIES- SCHOOL FEES RECEIVABLE 2022 £'ooo 2021 Fees re£eivable consist of.. School fee8 Add.. bad debts recovered Less: Spring teml 2021 fee rebate IkB8: total bursDrie&, grants and allowanccs 37.153 36250 (1,067) {3285) (3,681) 33,472 2,925 31.902 2,097 Add: 5cb0lar8hlp gr8nt8, etc. received from restricted fund8 36.397 33,999 Included within total butwie8, grants and allowance8 are meatJS-te8ted burwie8 of £3271,(X)O paid kn 148 pupils {202I.. £2,698,0(x) paid 130 pupils). 79% (2021.. 80%) of thcs¢ awards w¢r¢ ¢ith¢r full feo or hiBhcr than 75Yo of fee8. CHARITABLE ACTNITIES- ANCILLARY TRADING INCOME 2022 I'ooo 2021 £'o Fee extras {includin8 S¢hool trip8) Entran¢¢ and r¢iiistra¢ion fees Thck thop sale# income Commi$sion$ and other income 489 240 197 60 32 26 1,073 759 OTHER TRADING- NON-ANCILLARY TRADING INCOME 2022 l'ooo 2021 £?o(M) Hire of School facilitieA Rental incomc External training income Merchandise income 47 71 74 12 42 130 DONATIOIYS. LEGACIES AND GRANTS 2022 £?000 2021 £?IKM) Donations for. Bursaries Prizes aJMI other award8 Rebuilding fill Other 3214 2.909 251 404 3.467 145 3.320 350 156 Legacies Government grartt income (CJRS) 3,612 3,820 29
ST PAUL'S SCHOOL NOTES TO THE FINANCIALSTATEMENTS (conthiued) FOR THE YEAR ENDED 31 AUGUST 2022 STAFF COSTS 2022 £'ooo 2021 £>ooo The Aggregate payToII eo8ts for the year were as follow8.' Wag¢8 and salwies Soci41 security C08t$ PeD8ion costs.. D¢fm¢d contribution 8ch¢me Dofin¢d b¢n¢fi¢ h¢m¢ T¢ach¢rs' P¢n8ion S¢heme Medi¢al insura¢ Consultan¢y costs Contrwt sthff co8¢s Recruitment Other Redundancy I tennination pA)wnl¥ 17,689 2,179 16.984 2,023 350 173 2,766 109 170 790 137 25 376 220 2,681 98 127 826 89 20 43 24,388 23,487 None of the Governors received any remuneratson or other nefIts12021.' none). Aggregale employee benefits of key management peryonnel 1,034 1.061 2022 Number 2021 Number The number of employees wh08e emolument5 in the yeHr exceeded £60,000 was.. £60,000- £69,999 £70,000- £79,999 £80,000- £89,999 £90,000- £99,999 £100,000- £109,999 £120.000- £129,999 £130.000- £139,999 £I40,0- £149,999 £150,0(M)- £159,999 £190,000- £199,999 £210,000- £219,999 £270,000 - £279,999 £290,000- £299.999 49 49 20 19 Of the 4bove 81aff rnemb¢r& 126 (2021.. 125) have beneflts jrUing under defined b¢n¢fit p¢nsion h¢M¢S and four (2021.. five) haye benefits aCCTuing under the defin contribution scheme. Employer's ¢ontribu¢ions for the d¢fit)ed benefit Schemes were £2,204,197 (2021.. £2,144,523) and for the defined contribution scheme were £25,020 {2021.. £49,300). The avEragc numLKr of the SGhool's employees durin8 the yeEr GalGulated ott a full tim¢ equivalent basis was 308 (2021.. 3(X)) and on a head count bEsi5 wa5 383 {2021.. 3591. 21122 Number 2D21 Number Full time equiv¥lent b89l Teaching Welfare Premi8es Support Other 195 30 62 12 29 62 10 308 300 30
ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (eontlnued) FOR THE YEAR ENDED 31 AUGUST 21122 STAFF COSTS {coDtlnued) 2022 Number 2021 NumbÈr HeAd count bas Teaching Welfare Premises Support 231 221 36 92 16 36 83 12 383 359 ANALYSIS OF TOTAL EXPKNDITURE Thtai 2022 £'ooo 2022 Staff ¢M¢• £'ooo Other £'ooo D¢pre¢ladoD £'ooo c19 of ralilD8 fundi Fimncing costs {noie 8) Investmertl mart&Bemertt FulraisIng and devclopment Markcting and publicity 26 1.501 45 48 160 1.527 45 309 528 321 368 715 1.754 2.469 CbArltJLbl¢ Nc¢lidtle• Lducation Welfare PTemi8e8 Support co¥ts and governance Grants. awards and prizes 18.926 303 2,061 2,383 2,086 ,753 2,054 354 3,107 563 22,175 2,007 7,036 2,737 3,107 2,921 23,673 9,954 3,495 37,122 Total expeDdlture 24,388 11,708 3,495 39,591 TotAI 2021 £'(Joo 2021 StAff cMt• £'ooo Other £'ooo Depre¢latioD £'o( Co$t• of r11% futtd• Non-ancillary trading Financing COBts {note 8) Investment management Fundraisin8 vlnd development Markctin8 and publiGity 59 1,494 25 79 147 1553 25 405 452 326 305 690 1,750 2.440 Chlrltable attlvldei Education Wclfarc 17.983 222 2.028 2.564 2,285 1,366 2,308 245 2,210 605 20,873 1.596 7234 2,809 2210 2,898 Support costs and governan Grants, award5 and prizes 22.797 8,414 3,511 34.722 Total expelldlture 23.487 10.164 3,511 37,162 31
ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (coutlllued) FOR THE YEAR ENDED 31 AUGUST 2022 ANALYSIS OF TOTAL EXPENDITURE (continued) Governance eojti iThduded in support cojti: 2022 £'o( 2021 £'ooo Auditor's retnunerntiotL For audit For cotporatioll t&x Staff costs Ix8al and professional fe Other 36 34 57 204 26 39 84 21 326 181 The School ha8 obtained pem]i85ion from the Charity Commission to offer a scheme of redre88 in respect of the historic abuse alleEations ond ex-8ratia payments totallinB £Nil were made during the year ended 31 August 2022 (2021: £3,0(K)). See note 14 for fiwther inforniation. Three Governors (2021.. four) were reimbursed travel, accommodatson and otlw expen8e8 amounting to £982 during the year (2021.. £394). Amounts paid directly to third partie5 on behalf of Governors during the year amounted to £24,641 (2021.. £15,569}. These expenyes consisted of trnining c05t8. subscriptions, legal fees, catering ¢o$¢s for Board and Bu¢0MmIttee meetinB8, c08t8 a88OCiated with the Governor8, away dayand entertainmentC08ts on SCI01 busines8. GIL4NTS. AWARDS AND PRIZES 2022 £'oo 20ZI Frnm reitrleted and endowed funth Bur8arie8 and other awards Prizes and leavin8 award8 2,983 124 2.139 71 3,107 2.210 FINANCING COSTS 2022 £•ooo 2021 £?o(K) Private Plment finanein8 ¢08ts Hir¢ purchase interest Net finan0¢ costs of defined benefit pension scheme Provision for bad debts 1.458 1,458 26 39 59 32 1.527 1,553 32
ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (¢otttinued) FOR THE YEAR ENDED 31 AUGUST 2022 TANGIBLE ASSETS knets held UDd¢r Furnlture flttlng8 & EqulpmeDt £'ooo ChArltable propertles £?000 Vehlcles and Boats £'ooo Tht £'ooo £'o Co•t At I Septembcr 2021 Additions Disposals 2.403 3,883 119,799 365 5,038 142 (17) 776 10 128,016 4,400 (17) (4471 447 At 31 August 2022 5,839 120.611 5,163 786 132,399 Depreclatlon At I Seplember 2021 Charge for the year Disposals 14,467 2.843 3,541 612 (14) 677 40 18,685 3,495 (14) At 31 Au8USt 2022 17,310 4,139 717 22,166 Net book v*lu¢ At 31 Augwl 2022 5,839 103,301 1,024 69 110.233 At 31 Augysl 2021 2,403 105,332 1,497 99 109.331 As at 31 August 2022, the School has capital commilments of £2,093,064 (2021.. £329,120) in rel4tion to the S¢11.8 rebuildinB programme. The nei book value of a8sel8 held und¢r hir¢ pur¢ GODtracts wa8 £36,927 (2021., £77211). The depreciation char8e (or the ycar whs £40,284 {2021'. £40.284). 10. INVESTMENTS 2022 £>ooo 2021 £'o Llited InvutmeDt•: Valuation at I st¢mbCr 2021 Addiiiony at CQs1 Net (1088e8118oins on inv¢8tTDenl8 8,544 2.226 (839) 5,217 2,050 1,277 Valuation At 31 Augusi 2022 9.931 8,544 Totsl inveytmentl ai 31 Au8USt 2022 9.931 8.544 Invutmelltj ¢omprlK: I,Isted Investmellti Equitieg Bonds Pooled investment Trrthi¢leJ C&%h holdin85 8,067 463 749 652 7,624 367 380 167 Total investrnents at 31 Augus¢ 2022 9,931 8,544 Cost of inv¢s¢ment 9,071 6.845 Of the totsl investmcnts of £9,931,000 (2021.. £8.544.IJ)0), £3,609,(K)0 {2021.. £3,056,000) are held in the UK and £6,322.000 (2021= £5.488,000) held overseas. The School also ha8 a £1 investment12021.. £1) in its subsidiary uThJertaking, St Paul's School EntcrprL3eS Limited, which wa8 incorporated on 29 May 2019. The company ¢on)menced trading on I September 2021 and its re5uIt8 for the year ended 31 August 2022 are shown in note 23. 33
ST PAUL'S SCHOOL OTES TO THE FINANCIAL STATEMENTS (eontlnuedl FOR THE YEAR ENDED 31 AUGUST 2022 11. DEBTORS 2022 £'ooo 2Q21 Ftti Amounts owed by group undertsking8 Sundry debtors Pr¢payments al oc¢rned income 24 75 321 1,075 359 694 1.471 1.077 12. CREDITORS: due wlthln one yelr 2022 £'ooo 2021 Trad¢ creditor F¢¢& rcc¢iv¢d in advan¢e Refund&ble deposits (note 15) Hire purchase contrAets (noie 15) Other taxes and go¢ial 8¢¢urity ¢08ts Other creditors Ac¢rua18 And deferred income 1,267 1,129 569 20 14 340 2,112 757 872 468 20 205 1,858 5,451 4,251 Deferred income brouBhi forw4rd w At I September 2021 wa8 £159,000 (2021.. £64,000) and carried forward as al 31 Augusi 2022 was £174,000 {2021.. £159,000). This mosily related kn Advce Sch(1 bus income received. The amount relea8ed io the Sth¢¢m¢nt of Finattci41 Aciivilie8 in the year was £159,0(X) (2021.. £64,000). 13. CREDITORS.. am(unti fllln8 due after more than one year 2022 £'ooo 2021 £'ooo Fees received in advance Refund&ble deposits Ino¢e 15) Hire purchase conlraLls (no¢¢ IS) Private Placemeni fundin¥ 102 3,644 37 50,000 152 3,549 57 50,000 53,783 53,758 On 7 Junc 2017, the School eniered into a private placement arrAngemeni with BAE Systemq Pension Schem¢ for £15m of funding at a coupon rate of 2.3 % loward¥ the ¢onytNclion costs of Phaqe 2 of the General T¢a¢hing Building. DrawdoMrTr of the fimds took place in June 2018 and the capital will be repaid over ten equal annual in8¢alm¢n¢5 of £1.5m commencing in 2028. On 12 MArch 2019. the School entered into a second private placement arrangement with The Pnulcntial Insura¢ Comp8nyofAmerica for£35m of fundin¥ al acoupon rate of 3.18 /u towE4rd8 the conylruction costs of the ncxt pha5¢8 0( th¢ School ml¢rPIort whieh in¢lud¢s th¢ r¢buildin8 of the Junior School. Drawdown of the fvnds took place in March 2019 and the capital will Ix repaid over 14 ¢qu41 wthual instalrnents of £2.5m commencing in 2039. 34
ST PAULIS SCHOOL NOTES TO THE FINANCIAL STATEMELYTS (eontlnued) FOR THE YEAR ENDED JI AUGUST 2022 A4. PROVISIONS FOR LIABILITIES AND C1RGEs 2022 £'ooo 2021 £'o A5 at I Scptembcr 2021 Amounts utiliBed Decrease in provision loo (34) 235 (87) (48) A8 at 31 Au8USt 2022 66 Provi8iOJ]s for liabilities and charges of £66.000 88 at 3l Augu&t 2022 {2021'. £1(X).000) rel&te8 to the belt e8timllte of kgal ¢osts lo be incurred subsequent to the year.end in respecl of the historic abuse allegAtion8. £48,000 of the provi¥ion was released as at 31 August 2021 a8 it wa& no lon8cr required. IS. REFUNDABLE DEPOSITS AND HIRE PURCHASE CONTRACTS R¢fundAble d¢poilt• 2022 2021 £'ooo £'ooo Hlre contract• 2022 2021 £'ooo £'ooo After 5 ygars Betwttn 2 10 S years B¢tween l 10 2 years 1,631 1,539 474 lJ62 ,453 534 17 20 37 20 After more tljan l year Within l year 3,644 569 3,549 468 37 20 57 20 4.213 4,017 57 77 16. OPERATILYG LEASE COMMrrMENTS Operatin8 lea&e8 that are Mubjeet to future minimum lew ¢ommitments ar¢ follows.. 2022 £'ooo 2021 £'o( Photocopicrs Franking mhineS Compu¢¢ts Land and building5 B¢hveeD l And 2 ytArs Phoiocopiers Franking machilles Compuiers Land and buildings Behveen 2 5 yeArs Photocopiers Frankn"ng ma¢hin¢$ Comput¢rs Land 4nd buildings Over S year8 Land and buildirt8S 48 20 37 48 20 Jo 36 20 16 48 20 27 30 30 10 755 756 947 1,026 35
ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS {tDlltIDued) FOR THE YEAR EI¥DED 31 AUGUST 2022 16. OPERATING LSE COMMITMENTS (conthiued) 2022 £'oo 2021 £'ooo As Leuor." Lesi than l year Land and building8 Behyeen l and 2 yeArJ Land and bw'ldin88 96 39 39 96 78 Amount8 ehar8ed l (credltedl to Statement ol Flnanelal Aetlvltlu: Photocopiers Franking machine8 Computerg Land and buildin88 . expeThJiture Land and buildin- incom¢ 48 20 30 48 20 19 (69) 139) 17. AI¥ALYSIS OF NET ASSETS The SCI01,9 net a98ets are held for vorious and advat¢ fee8 u follows.. IAbng term Ilabllltle provlslons & penOn deflelt Tanglble tlxed Ai*t• £'ouo IY¢t eurrent 2(122 InvM¢m¢nti £•ooo 4,600 5,331 Total £'oo 4,614 6,948 111,527 £'ooo 14 1,617 55,143 Regtrieted funds Unr&qtriet¢d 110233 (53,849) 110233 9,931 56,774 (53,849) 123,089 Lon¥ term Ilabllltl¢s prowi•lon¥ & peDsloD deficit £?000 TlIble rixed ajsets £'ooo Net current assets 2021 Investmenti £'ooo 3,482 5,062 Total £'ooo 3,496 8,396 108,490 £'ooo 14 3.334 $4,971 Endowment fun Restricted funds UnreytriGted fund8 109J31 (55,812) 109,331 8,544 58,319 {55,812) 120,382 36
ST PAUL'S SCHOOL NOTES TO THE FILYANCIAL STATEMENTS IcoDtlnued) FOR THE YEAR ENDED 31 AUGUST 2022 18. FUNDS Balance I September 2021 Tr•llsf¢rs & Oth¢r C8in8 I ILosw) BAl*n¢e 31 Auguit 2022 £'ooo Ineome £100 Expenditur¢ Endowed fundi Scholarsfftll'p fimd8 546 2.551 399 (22) (313) (47) 524 3.738 352 1,S(MJ Prizc fiulds 3,496 1500 (382) 4.614 Restricted fund• Bursaries Scholarships Priztt and other fimd8 R¢building fimd 4.940 138 1,649 1.669 1.879 (2,983) (4) (120) (420) 15) (33) (2) 3,416 137 1.726 1.669 230 8.396 2.119 (3,107) (460) 6,948 Unrutrl¢¢ed fund General reserve Pension %heme funding reserve Future eslate capithl fund 110,444 (1,954) 38,186 (37.106) 622 11,547) 1.332 1.550 109.977 1.550 108.490 38,186 (36.484) 1.335 111,527 Thtai fundi 120,382 41.805 (39.591) 493 123,089 Ban¢t I September 2020 £'ooo Traniferi & Other G#ln• B•lance JI Auguit 2021 £'ooo COMPARATIVE FIGU Ineome £'(J ExpeDdlture £?000 £'ooo EDdowed fund• Scholar8lll'P funds Bursary fund¥ Prize bJnd¥ 270 2,152 329 200 76 399 70 546 2.551 399 2,751 200 545 3,496 Restrlcled fulldi Bursaries Scholar8hip8 Prizes And other funds Rebuildin8 fund 3.537 118 1.274 1.609 2.989 (2.139) {4) (67) 553 18 140 (2) 4,940 138 1,649 1,669 302 6.598 J,299 (2,210) 709 8,396 Ur¢i¢l¢d fulld• G¢n¢rai reserve Pension s¢h¢rn¢ fill1n8 T&8e 110228 (4.122) 35.497 (35,304) 352 23 1.816 110,444 (1.954) 106.106 35,497 {34,952) 1.839 108,490 Totsl fuDdi 115.455 38,996 (37,162) 3,093 120,382 37
ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (¢ontltsu¢d) FOR THE YEAR ENDED 31 AUCUST 2022 18. FUNDS Icontinued) Endowed fundj Endowed funds are foT SCI1r$hIp, bursary and prize ful. For thcse funds the capital is ¢ndowed and the arising income is restricted for thc CxpCtJtUrc as shoM) by thc t>y¢ of cndowm¢nt fvnd. Rutricted fund8 The bursary and 8cholar8hip funds repre8¢nt ¢Umulat inwm¢ on variou8 r¢stri¢l and Cndowed gifts intended to fund bursaries and scholarship8 for pupi18. Prize fund8 arc foT the ¢osts a850ciat¢d wi¢h awarding th¢ various prize8. The rebuilding nd created for building programm¢s. Th¢ transfer from ih¢ rebuilding fimd to the utwestiicted general re8erve of £2,000 (2021.. £2,000) relates to the u8¢ of rtrICted donations tOW4rth c&pital expendiNre on buildings durinB the year. UDreJtrleted fundB The tUre esthte capital fvnd traDsferof £1,550.000 repre¥en18 ¢hc f51 contribution out of the School's cash sutpluse5 toward¥ the long tern) provision of capital to allow the replacement and r¢furbi8lun¢n¢ of buildings 8nd fabric of the School estate in the long tem) if needed. 19. PENSIONS IYon-Teaehlng Statr Pension FuDd The School make8 coniributiony (u the St Paul's SCI019 Non-Teaching Starrpension Fund. a defined b¢nefit schem¢ in the UK. Since l November 2006. the ¥Lheme has been c105ed to new member8 and closed to future aecru*l on I Jartuary 2016. Contribution8 {includin¥ the expensL' allowance) for the year ended 31 August 2023 are expccted to b¢ £789,000. The dI10&ur shown below adopt the accounting standard FRS 102. A full actuarial valuaiion of the xcheme carried out as at 31 August 2020 And has been updaled to 31 Augu5¢ 2022 by a qualificd independent actuary. The next full actuarial valuaiion is due as at 31 AuBu8t 2023. The major 4ssumptio8 u%ed by thc actuary werE lin nominal tcmis) as follows.. 2022 2021 DiKount r8lc Inflation a¥¥umplion IRPI) Inll&tiOll A8sumplion ICPII Rate of in¢r¢aK in salaTie5 50h LPI pension increaqe sUmptIon 2.5 /fj LPI pension increue a89umption 4.20 3.40 3.10 3.10 3.10 2.30 1.60 3.40 3.10 3.10 3.10 2.30 Assumed life expectun¢ie8 on retircmertt at #Be 60 are.. Retiring ioday Male8 Fcmalcs 25.1 29.1 25.3 Rctirin8 in 20 yEm' time Males Females 26.3 30.3 26.8 30.8 38
ST PAUL?S SCHOOL L¥iyfES TO THE Fll¥ANCIAL STATEMEL¥TS (eontlDued) FOR THE YEAR ENDKD 31 AUGUST 2022 19. PENSIONS (contlnued) The auets in the Schen and their values were.. 2022 £ooo 2021 £'ooo Equitl¢S Cash and other aBSCt Sured pcn$ions Ab8olute rettwn fund 6,023 6.798 45 261 6.342 157 5,541 Fair value of scheme as8et& 11,862 13,446 The actual renmi on a&4ets over the period was {1,717) 1,855 2022 2021 £'o( The recognl•ed in the bAlaDee ihett Are u follo. Prcsent value of obligation8 Fair value of scheme a88ets (11,7721 11,862 (15,400) 13,446 surplU(def1¢Itj in nded scheme AdJtMent for unrecognised asset 90 {90} (1.954) Net Surp1{defiCIt) An geheme (1,954) 2(J22 £?0 2021 £'ooo Re¢on¢lUtion of opettlnz ittd ¢loslll% bAI#DeeJ of the preJeDt vilue of the deflned benefit obllga¢loD Benefit obligation At beginning of yeor Inlerest co&t Acluarial gains Benefit& paid {excludin8 expese8) 15,400 242 (3,355) (515) 15.835 234 (136) (533) Benefit OblitIon It end of ye4r 11,772 15,4(K) Reeont1114tlon of opeDlng ind ¢loA% bAI#Dets of the fr vAlue of ¥chem¢ 8•tI 2022 £'o 2021 £'o Fair value of scheme a5ts at beginnin8 of yeor Intere8t income on %heme asset RetUTn on assets (excluding interest income) Contributions by employers Benefits paid (excltsdin8 expen8¢s) Scheme administr&uv¢ ¢08t (A.e. exp¢n8¢8 paid) 13.446 216 (1.933) 789 1515) (141) 11,713 175 ,680 567 (533) (156) Fair value of Bcheme a88ets at end of year 11,862 13.446 39
ST PAUL'S SCHOOL OTES TO THE FINANCIAL STATEMENTS Icontlnued) FOR THE YEAR ENDED 31 AUGUST 21122 l9. PENSIONS (¢ontlnued) 2022 £'ooo 2021 Amfjuts re¢ogtttsed the StAtemeDt of FlnaDclal Aetfvltl Servi¢e cost- administrative ¢05t li.e. expcn8e8 paid) Nel int¢r¢81 on th¢ d¢fined benefit liability 156 59 26 Total amount ¢lwged to the Statemeni of Fin4n¢ial A¢tivities 167 215 2022 £?000 2021 £'ooo RemeMurem¢nts of the Det d¢fln¢d beneflt Il*blllty to be shown In SOFA Acluarial gains on th¢ liabili¢io$ Relurn on asscts {cx¢luding int¢T¢sI inwme) Sutplus on Ncheme that 18 not recoverable (3,355) 1.933 90 (136) {1,680) Total reme&8urement of the net d¢flld ben¢fii li4bility to be shown in SOFA 11.332) {1,816) The 8urplw linked to the defined er1¢ 8¢hem¢ 18 not a woverAble amount and therefore ha8 not been recognised in the financial slatemenLy in accordance with FRS 102. InformAtlon about the type of Kheme fundlng pollcy The erne provides pensions in retiTemfflit and d¢&th benefils to mbers. Pengion benefits are linked to members, rin&l salary at the date of leaving employment and their length of 8¢rvice up to the date on which the scheme L105ed to future accrual, 13anuary 2016. The .¥cheme is a regis¢ered 8ch¢TTK under UK legisl4tion aAd IA 8ubje¢t the 8eheme rtd1 requirement8 Outlined in UK le8i¥lauo The ycheme wa¥ e&lablished from l June 1989 under tr1181 and IJ governed by the gchcme's definitive In1 decd and rules daied 5 July 2001. The tNstees are responsible for the operation And governancc of the Seheme, including rnaking decisions re¥ardin$ the 8cheme'8 fvnding and inve&tment 8tra¢egy. Inform8tlon about the moit reeeDt ActuarlAI valuitlon of the defined beneflt obllKJllon 41 ¢h• ir¢outstlll8 date The most recently completed forn1 tt¢tuarial valuation of ihe 8cheme way at 31 Augu¥t 2020. This showed that on that dat¢, the value of thc techniGal provisio4 was £23.560m and the value of the assets wa¥ £17.542m, giving ri8¢ to a deficit of £6.018m. The value of thc liabilities has b¢¢n ¢stimal¢d by updatll the rewlts of th¢ actuarial vvlluation a8 at 31 Augu¥t 2020 to allow for the pas¥ag¢ oftimc, tY41 inflalion ¢xp¢ri¢nc¢, b¢n¢fits paid out of the scheme and changey in actuarial Assumptions over the period from 31 August 2020 io 31 Augu312022. Such an approach ts nornial for the Purpose of accounting disc108UTe5. It is not expxt¢d that the8¢ proj¢¢tion8 will be rnatcrially different from the summation of individual calculations ai the accounting dal¢, although ther¢ may bc some dIr¢panCY b¢twKn the actual liabilities for the scheme ai the accounting date and thwe included in the dis¢1o8us. The next forn]al actUaTiJI valuation of th¢ s¢hem¢ is due as at 31 AuRu¥t 2023. b) Teachlng Stjff P¢n8iort S¢htme The School participates in the Tea¢hers' PeDsion S¢h¢me {tythe TPS"), for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £2,766.000 (2021: £2,681,(N)O) and at thc year-end £Nil (2021: £Nil) wag accnjed in re4XCt of contribution¥ to this herne. 40
ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 AUGUST 21122 19. PENSIONS {eontlnued) b) TeAching Staff Penslon Scbeme (eontlnued) The TPS is an unfunded multi<rnployer dcfjned benefils pension scheme governed by the Teachers, Penst¢)ns Regulaiions 2010 (a5 amended) and the Tea¢hery' PeDsion Scheme Regulations 2014 {as amended). Members con1ribu on a "pay as you go" basis with contr2bution8 from members and the empluyer being credittd the Exchequer. Retirement and other peTLsion benefits are paid by public funds provided by ParliamenL Th¢ en]ployer contribution rat¢ 18 8Ct by ihc Secretary of State following scheme valuations uThlertaken by the Gov¢rnm¢ni Actuary's D¢partmenl. The most recent acwarial valuation of the TPS wa9 prepared a8 at 31 March 2016 and th¢ Valuation Report, which wa5 published in March 2019, Lonfirnied that thc employer cotjtribution rate for the TPS would increase from 16.4 /• to 23.60/0 from I Seplember 2019. Employers are al&0 required to pay scheme administration levy of 0.080/0 giving a total employer coniribuiion rate of 23.68 /. The 31 March 2016 Valuation Report was prepared in accordance with the benefits get out iti the scheme regulations and under ihe approach specified in the Directions, a8 they Applied ai 5 March 2019. However. the a&4umptions were considered and sei by the Dcparlment for Education prior Lo the rulin¥ in the 'M¢CloudlSargeant ¢a8e'. This case has required ihe couris to consider ca8e8 re8ordin8 the impl¢m¢ntstion of ¢he 2015 reforn io Publi¢ Servi¢e Penon$ including the Teachers, PensioL8. On 27 June 2019 th¢ SuprcTn¢ Court d¢ni¢d th¢ gov¢nun¢nt p¢nni¥8ion to appeal the Court of Appeal'8 judgment thglt trAnsi(ional provi¥ions introduced to th¢ refomied pension 5chemeL4 in 2015 ¥aYe ri8e lo unlawfvl age discrimination. Th¢ gov¢rnm¢nt is rpecting the Court'N dlSiOn and has BE4id it will engage 1]Y wi(h the Employment Tribunal as well as ¢mploy¢r pnd m¢rnb¢r preSen¢tIveS to agree how the di¥crimination8 will be remedied, The government annoutto¢d on 4 February 2021 tha¢ il in¢¢nd8 to proceed with a deferred choice undetyin under which member8 will be yble to choose either legacy or refornied herne benefits in re8pec¢ of their 8ervice during the period between I April 2015 and 31 March 2022 ai the point they become payable. The TPS 15 subjecl to a cost cap mechanism which was pu( in plac¢ to protect taXPAy¢rJ a&4in¥t unfor¢3¢en ¢knng¢s in 8¢heme ¢08ts. The Chief Secretary io the Treasury, havinB in 2018 announced thAt there would be a review of thi8 cosl cap mechanism, in Januory 2019 announced a pau8e io the co8t cap Mechanism following th¢ Court of App¢41'6 ruling in the Mccloudlsdrgeant case and uniil there is eertainty About the value of p¢n¥ion8 ¢rnploye¢¥ from April 2015 onwardy. The pauye was lifted in July 2020. and a eonsultution w4¥ launched on 24 Jun¢ 2021 on propo8¢d chan8e& lo the costcap mechaniym followin8 a reviewby th¢ Gov¢rnrn¢nt Acluary. Following the public consultatson. the Government huve aLcepted three key proposaly recommend¢d by the Gov¢rnm¢n¢ Actuary. and ar¢ aLniLn8 to implement theye clwnge8 in lime for the 2020 valualionA. The 2016 e08t control valuations have 8in¢¢ be¢Arompl¢¢¢d in January 2022, and the Tesults indicated th&t there would be no ehanges (o benefits or member contribulion8 required. The re8uIts ofthe cost cap valuation are not uyed (o &et the employer contributign rate, glnd HM Treasury ha8 conf1rnd thal any chan8e8 io the employer contnbution rate reyuliin8 from the 2020 valuations will thke ¢tYect in April 2024. Until the 2020 valualton 28 conwleted, tt is not posyible to conclude on any fllMnci81 tmpACt or tUre changes io the ontribution rates of the TPS. Accordingly no provision for any Addition&1 payt benefit pension c08tg 18 included in these fiTwicial statementB. Defined Cootrlbutlon Ptnilon Scheme The School pay8 into a defined contribution Scheme for th)n-tchIng staff. The 8uperAnnuAtion charge repSents the School's contributions to the Scheme of £350,000 (2021.. £376,otKJ). There were no eontributsons outstanding at the year-end {2021.. £Nil). 41
ST PAUL'S SCIIOOL NOTES TO THE FINANCIAL STATEMENTS (contfinued) FOR THE YEAR ENDED 31 AUGUST 2022 20. RECONCILIATION OF NET INCOME TO NET CASH INFLOW FROM OPERATINGAcfiviTIES 21122 £'ooo 2021 Nel iDcome Elin)in&tion of nonerating c4sh flow8.. Dividend incorne Inlerest r¢c¢iYable Endowinent donationq Defined benefit pen8ion 8cheme adjuslm¢nls Depreciation charge tL)88esl(gains) on inve8tments Surplu8eg on disposal of tangible fix¢d Decrease in stock Ilncreaselldecrea8¢ in debtor8 IncreaNel{decre48e) in creditors {exGludin¥ hire purchase and refundable dep08it8) Decrease in provision8 Increa8e in refundglble Ikp05its 1,375 (159) (440) {1,500) (622) 3.495 839 (6) 199) (175) (200) (352) 3.511 (1,277) {8) (394) 1,049 20 (1.177) 134) 196 (135) 190 Net cash inflow from operatio 3,799 3,412 21. ANALYSIS OF CASH AND CASH EQUIVALENTS 2022 £'ooo 2021 £'o Ca8h in hend And in&tAnt 8ccey$ bank accounts Noiice and fixed tern) depo¥it a¥counts 8,312 52,348 5,262 56,137 60,660 61,399 22. RELATED PAiYfY TRANSACTIOIYS Tho following trangaction8 occurred durin8 the year with related partiey.. Th¢ Sch¢)ol paid r¢n¢ of £1,000 (2021.. £1,IK)O) to St Paul's sch18 Foundation durin8 the year. Donations received from GOrnor5 withouteonditions durin8 the yeorended 31 AuBU8t 2022 totalled £27,470 (2021: £9,849>. Veryan Exelby is a Governor of ihe S¢hool. She is * Partrter at F4rr¢r & Co who pn)vidc Ic8MI serviceA to the School. For the yearended 31 August 2022, total legal fee¥ in¢urred forservice5 provided by FaTrcr& Co wrrc £29.545 (2021.. £4,852). As at 31 Au8USt 2022, the amount due to Farrer & Co was £3,923 {2021.. £Nil). During the year cndcd 31 Au8u5t 2022, a donalionof £750 (2021., £Nil) wtts made to a school affilia¢ed io the Mercers, Company in 5UPPOrt of a fundrai5Ln8 Gampthi8n. S¢ Paul's School Enterprises Limitcd is & wholly 0ed subsidiary undertakin8 of thc School. The Director8 of the ompany include Harold Hampson and Rupert Tate who are Governors of the School. Chris Verniont was also a Directorof the company and Governor of the School until 31 July 2022. During the ycar ended 31 August 2022. total C08ts of £64,205 {2021,, £Nil) were charged by the School kn thc ¢ompany undcr thc Shared Resources Agreement between the two entities, These Costs reprcscntcd licencc fee5, a share of overhead costs lutilitieg, cleanin8, security, telephonc etc.) and salary costs. There were aL80 furthcr costs of £10,579 (2021.. £Nil) paid by the School on beholf ofthe COTW)any. Thc balance due from the company to the School as at 31 August 2022 was £74,783 (2021.. £1 duc to the company from the School). There are no other related party trnnsactions for the yeaTS ended 31 August 2022 or 2021, 42
ST PAUL'S SCHOOL L¥OTES TO THE FINANCIAL STATEMENTS (eontlnued) FOR THE YEAR EIYDED 31 AUGUST 2022 SUBSIDIARY UNDKRTAKING St Paul'¥ SCI0] EnterpriBe8 Limited is a wholly Bubsidiary undertaking of St Paul's School and is re8iSter¢d in England and Wales. The results of th¢ wmpany for the year ended 31 August 2022 wcre a5 follows: 2022 £'ooo 2021 £'ooo Turnov¢r from ¢ontinuittg operations 153 Dir¢¢t ¢0918 (7l) 82 Administrative expenwJ {2) Owating profit 80 Gift aid payable to St Paul's S¢hool 80 Profit brought forward Retained in the 8ub8idiary 80 At 31 Augu8t 2022 the company had net a88et8 of £60.CKJO (2021: £1). S¢ Paul's School Enterprise8 Limited ia a ¢ompany limited by ¥hare capital reBiNtered in En8land, company number 12021201. 43
ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2022 24. STATEMENT OF FINAIYCIAL ACTIVITIES- COMPARATIVE FIGURES BY FUND TYPE Unr¢5trIcted Rutrfficted KThdowed funds £'ooo Tot41 fund& £'ooo £'ooo £'ooo Income *nd tndowmenti Irom: Charitable activities S¢hool f¢¢x receivable Ancillary tr8din8 incom¢ Other trading activities Non-ancillary trading in¢om¢ Inve8tment5 Invcstment iwom¢ ank and oth¢r inl¢ro¥l Voluntary 80u¢ I)onY4tign8 Y4nd l¢g4ci¢ Other incomc.. SuTpluA on diyposal of fixed agsets 33,999 759 33,999 759 130 130 99 99 175 175 426 3.2 2 3.826 Tot Income 35,497 3.299 200 38.996 Expendlture ofy: Rai8ing fund8 Non-ancillary trading Financing co8¢s Inve8imen¢ management Fundraisin¥ and developmen¢ Marketing and publicity 1,553 25 405 452 1,553 25 405 452 2,440 2,440 Charithble Activities Education and grant making 32,512 2.210 34,722 Thtai expendlture 34,952 2,210 37,l62 Net Intome from operatloni before Investment And trAlliferx Net gainA on Investments Transfery bclw¢cn 545 1,089 732 (23) 200 545 1,834 1277 23 Net Income 568 1.798 745 Other reeognlsed losi¢$ Pension scheme actuarial gains 1,816 1.816 Net movement In fund• Fund bilano¢s at I Sept¢mber 2020 2,384 106.106 1,798 6,598 745 2,751 4,927 115,455 Fund bala¢5 4¢ 31 Aus1 2021 108.490 8,396 3,496 120,382 44