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 P￿1,8 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. P￿litt¢¥
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 dominal￿orus 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 r￿St vi8it to thc Semi-Finals of the London cup.
The nkgby te￿n 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 Stra￿8]¢ 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 progr￿nMe8 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 fi￿￿er 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 r￿rUIted a new Head of St Paul's Juniors, Oliver Snowball, and thg D¢puty Head, Nick Arnold,
led a Succe￿￿1 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 Ten￿dy.

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 ¢I￿llenging 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 EX￿Utive 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 G0veTh￿r8 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 in￿rtiCular
but without PTcjudicc to g¢n¢rali¢y of th¢ forcgoing to conduct and maintain 8chool8 in or near to Greater LOt￿on
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¢ fi￿h¢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¥ intellec￿01, Spiritr￿1 4nd phy$i¢al ed￿￿tIon. combining tradition with the beBt of the
pre￿nI, which prepare8 boy8 for their future.
To hottour John Co1￿,8 founding commitment that St Paul's is open to academically eli8ible boysi re8ardl¢¥$ of ih¢ir
economic or 8orial CIr￿Mstance.
To foytera culture of scholarship* and to d¢v¢lop a spirit of ¢twuiry and ¢urio$ity, through in￿l￿tiOnal And responsive
teaching.
To provide a yiructure of individual and postoral Gare that promoles a bovs independence. whilBi fogterin8 respecL
kindness al￿ serviee.
To dev¢lop and maintain ihe School's facilitie8 in order to ensure that the ph￿1011 ¢nvirottm¢nt of St P4uI's su8tain$
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 Eth￿atIOn 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 r￿st-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 stn￿l￿re5 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
p￿ents 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]nK￿l￿1 income, providing reliable incorn¢ st￿m8 With potential for
growth.
IJ. M￿lMi&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 cO￿ldered 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 obj￿IlVe8 itt th¢ Financial Security pillar during the ￿r and thc overall fil￿1claI
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 Y￿r.

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 Ye*r
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$ he￿Ill8 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 CaMbri￿e. 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$ely with the pupil Valucs Commit¢e¢. PSHE wa¥ expanded and plan8 were developed lor further
growth. The School experiertced a succe&sful ISI ¢omplian¢e InSp￿tiOn in November 2021 which covered theye areas
&mOn¥￿t0t￿Cr￿. The first Headof Inclu8ion 4150 joined ¢he School in Sepiember 2021. Aclivitiet4beyond exAm wtsrkLontinue
to thrivc with pupi18 frequently aworded exl¢rnal prizes for academiL writing. Mu8ib and theatre re-opened fjJlly durinb the
2021122 aLademiL ￿&r and sporting highlights included the U15 Cricket team winning the fvLiddles#x Cup and the firyl Vlll
winnin¥ the Princesy Elizabcih Challenge Cup at Henley.
Work with the WeAt LA>ndon Partneryhip continued to expand, a8 did the provisitsn of co4dueational experiences for pupil¥
through ¢v¢nts %har¢d with St Paul's Girls, School. Sucbessful yummer schooly foGuyed on clo8ing the 'COVID-gap' for
8tOle ¥¢hool pupilj J$ 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¢1￿0] 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, th￿e 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, Friet￿8 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¥. Spec￿1 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 a￿deMiC and 8poning par￿eTShip￿ 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 I￿11*b]e)
A¢Ademi¢ PArtnershl
Chemistry- Ycar 10- 4 week Saturday progTamm¢ {271
144 hours of online Oxbridge prep for Year 131150)
Resideniial Material SCie￿e 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 i￿SpiratIon {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 Sud￿n. 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 d￿j 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 I￿￿1 prin￿ri¢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* throu11￿llt 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
emI￿101L8 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 lis*d 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 FID*nee
l. Grow collaboration between SPS and SPJ irt order to build the 7- 18 experience.
Fully lll￿er&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 stn￿tU￿ of the S¢1￿01 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 (cOntID￿ed)
FOR THE YEAR ENDED 31 AUCUST 2Q22
STRATEGIC REPORT {tO￿till￿td)
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 parts￿8 in the
UK pnd abroad, and m¢usur¢ the impact of our work.
17. Comple¢¢ the £20m Sh4ping OUT Future fi￿d￿ing 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 d￿de. 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 O￿ned as & flexi boarding hou￿ to offera facility
to pupilh wishing to b(iard oc￿S1Onal1y. 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
rItW￿es for OUT families and we will continue to monitor the SI￿atIOn very c108ely and offer swiport wherever p0$8ibl¢.
A forn￿ review of the School's risk management control8 is perfornied onnually but risk management 18 at the heart of all
decision making. The Governors and executive staff regularly review and updaie procedure8 in ordcr to idcntify and rnitigate
risks. It 18 recogni8ed that System5 can only provide reasonable but not ab8olute wurancc that major risk8 havc bccn
adequately managed.
FINANCIAL REVIKW AND RESULTS FOR THE YEAR
The financial resulL8 are preBented on pageB 21- 44 of thiN report. During the year there was a net increase in fundB or
£2,707,00012021.. £4,927,000) bringing the total funds to £123.0119,000 ai 31 A￿￿￿t 2022 (2021.. £120,382,000). In addition
to the School'y opera(ional 4urpluy ihe main rcaKJn& for the Ancrea8e in fiJnd8 for the yoarwere bursary donations andpension
8cheme Actuarial &ftin8.
The School'i main incorne is from feeg. The total income of £41,805,OIX)12021.. £38,996,IK)O) eonsists of unre8tricted incomc
of £38,186,(M)0 (2021.. É35,497,(1001, reAtricied income of £2,119,000 (2021.. £3,299,000) and endowed income of £1,500.000
(2021.. £200,000). Thc r&4trict¢d ittcome funded burAaric¥, scholarxhipA and priz¢$. 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 fi￿nCe￿ 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 Aug￿4¢ 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 r0￿rV¢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 M￿￿gement 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 in￿Stment 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 resp￿tIVe]Y in capitsl tCrnL8.
The dityerence in perf0M￿LGc 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 aC￿eMiC y¢4r ha$ seen a re¢urn to nom￿lItY 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 i￿ome in ¢¢rt4in
PriOTity areLS diff¢T8 from forecast). The initiative ¢entr&$ around three key areas of focus.. Excellence without E￿lUSIv11Y
(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 i￿orne 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)
FUnd￿Sin8 Prnclrcej fc*7nliMutd)
(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 infr￿trUC￿rc for the Givin8 Day (April 2021) and tbe
Telethon (September 2022).
The School is forn￿llY 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) Regul*tlonJ 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)
Comp*nles (MlsceUaneo￿s 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 Vacci￿110ns, 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 eq￿lly, 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 po￿lbIt.
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 Charl￿ble ¥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.
Gov*rAln¥ 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 (t￿ntinued)
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 Ha￿￿5
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 Ca*8¢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, D*velopmeni#nd hrthershlps Committee (Pmbllc Benejlt Commill¢elrnm Mqrch 2022)..
Alistair Summern (Chair co-opied) (until 7 July 2022)
S&Tnuel Newhouye {Chalrfrom I Septem￿r 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¢erMl￿eft( Induedon and Tr&lnlA8 of GÉ•vernors
The existing Memorandum and Articles of A$80¢ia¢ion sta* that there thall be a minimum of ten and a maximum of 16
Governors. Governor¥ are gelected by reference to their eli¥ibtlity, personal compct¢ncc and 5peGialist ykills which are
mopped against the ski118 profile and need8 of ¢h¢ whole Governing Body. On appointm¢nt Governor8 are given an induction
pack and ltiend an induetion at the S¢hool. During the cour8e of the year further training is made available, and
recommendations are rnadc About 8Uitabl¢ ¢ours49 for Governor8 to attend.
Or8qnlsailonrflMtin4geNs¢nl
Th¢ Governors ar¢ r￿￿nSible foT the stra￿81¢ direction, ovetsi8ht and re¥u1&￿ry compliance of the SCI￿01. The
Ma￿￿ement of the School is delegated to the High Master 8UPPOrted by ihc Execulive Mana8etnent Team known as the Core
Strategy Group. The GoveminB Body meeis ai I¢￿t Six iimey a y¢ar. Th¢ High Master #ttenth th¢ Governin8 Body meetingR
and reportR on the management of the School.
The Governin8 Body has the followin8 su&committees',
(a) Pmperty Commillee.. monitorin8 and ov¢rJighi of ¢h¢ Tcd¢vclopmcn¢ of thc School's buildings and managing the
upkeep and maintenonc¢ of the S¢hool'8 re8L(knii41 property portfolio. This Committee wa$ 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 perf0M￿nce, 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)vit*iOtt 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 Inde￿d¢lll Schools Council and is in8p¢¢ted
by the Independent SCI￿015 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 ch￿lty and company law) are
re￿onSible 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 a￿1 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 depar￿re5 d19clo￿d
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
oTh￿anY 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 (A￿ount￿ and
Reports) Regulations 2008 and the proviyions of ihe choritable companl¥ con¥tilution. They are al¥0 re8pon$iblc for
8afeguArding the asse18 of the choritoble ¢ompany and h¢n¢e for takin¥ rea¥0￿ble stCP8 for the prevenlion and dotsction of
fraud and other irre8ularitie$.
The Governorn ore re8ponsible for ¢he m&in¢enan¢e dnd inlegrity of the corporats and financial inforn￿tIon included on the
hariiable cOrnpan￿8 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 COnn￿lI0n 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
infom￿tIOn.
AUDITOR
Hay￿l￿t}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$ s￿li0￿ 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$ $uIYi¢i¢nl and appropriat¢ to provid¢ a b&814 for gur opinion.
CTrncluiloni r¢latlng to go5ng concern
In auditing th¢ financial statcmcnts, w¢ have concluded that the Governor8. of the going Co￿e￿ ba318 of ￿cOUntin¥ in
the preparation of the f]nancial 3tatement$ 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 autI￿n￿e￿ 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 fil￿￿la1 staiements, our ff8pon8ibility 18 io read the other Inforn￿tiOn 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 MI￿latCrnc￿I8 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 Gover￿r￿, 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 neCes￿ry to enable the preparation of financial statements that arc free from rnaterial mI￿tateMent, 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 Co￿em, 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 itexi*is. 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¢￿I￿n 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 p￿0[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 incre￿e9 the more th&t
coMplia￿e with a law or regulation is removed from the events and transactions reflec*d 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 I￿ated 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]it*d 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 HA￿￿￿tIlltyre 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 inV￿lMent
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 att￿h¢d notes on pages 25 to 44 forn] an integral part of the8e fina￿la1 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. les￿le& And grartt8- re8trictrd
Ot1￿ income
Surplu& ort disp08al of r￿ed 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 man￿ement
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 Expe1￿1¢y[CArr0unIreprg￿￿ls 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 ¢h￿8¢S
14
{66)
1100)
Ntt auetb excludlng Pen￿0￿ 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 pen￿0￿ 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 GO￿rnOr8
Harold Hampson
Chair of FiDaDC¢ Commitl¢e
Thc attached notcs on pagcs 25 to 44 fonn an int¢grai part of th¢¥e fu￿￿la1 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 el￿oWMe￿LY
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 equlv*lents 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
Anal￿1$ 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 Contr￿18
(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 ruw￿la1 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. con￿lIdated 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 ca￿1ng 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 h18lori￿1 experi￿¢¢ and other factors, ittcluding
expectations of fil¢U￿ events that are believed to be reawnable under the GI￿￿m5tanCe￿. 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 use￿1 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 defit￿d 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¢d￿tIng bur5Jri¢8, s¢holar5hips ond oth¢r remissiotL8 allow￿ bythe School.
but in¢ludc contributions re¢eiY¢d from r¢$tricted bursAry fund% And third parties.
R¢gistralion fe¢& are non-refut￿ab]e and are credited to income whtn received.
Government gr*n¢ income
Government grant income repre5ent8 the total amount claimed frorn HM Revenue and Cu8tomx under the CoronavinJ8
Job Retention Schemc (CJRS). The income is accounted for in thc pcri(Ml in whi¢h the as50¢i4t¢d s41ary payment8 are
made to furloughed 8taff.
Rental ind inveitment Income
Rent8 are Slated EfosB and are included on an a¢¢n￿l$ b&$is. Interest IA included on an accrual8 basi8. Divid¢nd& from
inv¢8tmcnt fund8 arc included a& receivablc on thc duc dales.
Donatloni Mnd leKaclei and other voluntary Income
Voluntary income 18 account¢d for a8 And when cntiilement ari8e5, the allKTrunt can be Teliably quantified ond the
economic benefit to the SCI￿01 is con8idered probable.
Donalion8 received for the general PUTPO8e8 of the Sch¢)ol are credi¢ed to UnreBtri¢¢ed Fund$. 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 le8￿Y being
received.
Expendlture
Bxpenditure 18 accounied for on an accruals basiy where there is a le8al and con&tructiYe obligation to make a pa￿ent
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&lt¥iG plttnnin¥ for IL¥ future dcvclopment. external audit, legal advice and all the
cos¢8 of eomplying with Gon5tilutional and ¥talutory requirements. ch￿itable expcndilure rq)rcyent% the costs of
runninB the School including salarics, caterin8, prcmiseB and welfare costg. Costs ofraisin¥ funds include non-ancillary
tr8din¥, fu￿ncing. 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 SCI￿0] 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 SCI￿01.
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$. Therefore, as
required by FRS 102, the Sch￿1 Account5 for the Scheme a5 if it were a defined contribution 8chcme. The School,
contributions, which are in accordance with the recomm¢DdBtion8 of th¢ Govcrnment A¢luJry, ¢harged in ¢he p¢Tiod
in whAch tk 8thri¢s to whi¢h th¢y ￿141¢ payablc.
Th¢ School a150 ¢ontributcs to St Paul's Schools, Non-TeachinB Sthff Pension Fund. The scheme is a defined benefit
sch¢m¢ in ￿¢0[danCe with section 28 of FRS 102. Service cosl8, Curtailments, settlemertt gains and losses, net financial
r¢¢urns and r¢rn¢asurcmcnt gains and 1088cs are included in the Statement of FInA￿La1 Activities in ihe year to which
they relate.
Chan8es in the assets and liabilities of the scheme in the year are dL8closed and o110¢4t¢d ¥8 follows..
Penyion finance costs arisin8 from chartg¢s in the net of th¢ int¢r¢t*¢ costs al￿ eXP￿ted r¢lurn on as8et4 4re
alloca*d to financing eosts in the Stai¢m¢nt of Fin4nci41 ActLVItiC8.
Pengion flnonce char8es 8risin8 from simil4r ¢h4ng¢$ ar¢ rxognised ￿ ¢xpenditur¢.
RemegSurcn￿nt goin8 and ar¢ r¢w￿lS¢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 be￿rit 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
sep￿ale 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, i￿lUding 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 t￿t Gapitalised.
Depreciatio
Depr￿LatIon 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 s￿￿MentS at cosl.
Movements in the markd valu¢$ of invc8tm¢nts ar¢ showD us unr¢diged gain8 and I0￿e8 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 bet￿en 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$, oth¢r dcb¢ors and Jo¢n￿d inwm¢. A specific provision i& made for debts
foT which recoverability 18 in doubt. Cash and c4$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 me￿ured 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&$h and cagh equivalen15 include cash and depoBily with a sI￿rt tenn rn&turity of12 months or les8 from the dale of
opening the deposil accoun¢.
Credlto
CrEditor8 are recognised where the School ha5 a preBent obligation re5uliinB from a past ¢v¢nt that will probably result
in the transfer of fundg lo a third party and the amount due to settle the obligation can be measured r¢liably. Amounts
are reco8ni5ed at their ￿ttlement amount.
Prov1￿001 for llabultles
Provisions Bre Tnade whcre an event has taken pl&¢e that Bive8 the Sch(x)l a legal or conSt￿clIve obliga¢ion thal
probHbly rcquir¢$ 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 j￿rUing 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
c￿19 of ralilD8 fundi
Fimncing costs {noie 8)
Investmertl mart&Bemertt
Ful￿raisIng 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 SCI￿01
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 Pl￿ment 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¢1￿1.8
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 s￿t¢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 Adv￿ce 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 f*llln8 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 m￿l¢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 C￿1RGEs
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 m￿hineS
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 L￿SE 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 SCI￿01,9 net a98ets are held for vorious and advat￿¢ fee8 u follows..
IAbng term
Ilabllltle
provlslons &
pen￿On 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
T￿lIble
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
B￿an¢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
U￿r￿¢￿i¢l¢d fulld•
G¢n¢rai reserve
Pension s¢h¢rn¢ fill￿1n8 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 SCI￿1￿r$hIp, bursary and prize ful￿￿. For thcse funds the capital is ¢ndowed and the arising
income is restricted for thc CxpCt￿JtUrc 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 r￿trICted donations tOW4rth c&pital expendiNre on
buildings durinB the year.
UDreJtrleted fundB
The ￿tUre esthte capital fvnd traDsferof £1,550.000 repre¥en18 ¢hc f￿51 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 SCI￿019 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 dI￿10&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
4ssumptio￿8 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
S￿ured 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
AdJ￿tMent for unrecognised asset
90
{90}
(1.954)
Net Surp1￿{defiCIt) An geheme
(1,954)
2(J22
£?0
2021
£'ooo
Re¢on¢lU*tion 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 expe￿se8)
15,400
242
(3,355)
(515)
15.835
234
(136)
(533)
Benefit Obli￿tIon It end of ye4r
11,772
15,4(K)
Reeont1114tlon of opeDlng ind ¢lo￿A% bAI#Dets of the f￿r vAlue of
¥chem¢ 8•￿tI
2022
£'o
2021
£'o
Fair value of scheme a5￿ts 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
Amfju￿ts 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¢fll￿d 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 In￿1 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 forn￿1 tt¢tuarial valuation of ihe 8cheme way at 31 Augu¥t 2020. This showed that on
that dat¢, the value of thc techniGal provisio￿4 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
dI￿r¢panCY b¢twKn the actual liabilities for the scheme ai the accounting date and thwe included in the dis¢1o8u￿s.
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 Pen￿on$
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 r￿pecting the Court'N d￿lSiOn 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 conf1rn￿d 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-t￿chIng staff. The 8uperAnnuAtion charge rep￿Sents 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 non￿erating 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 sch￿18 Foundation durin8 the year.
Donations received from GO￿rnor5 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 0￿￿ed 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'¥ SCI￿0] 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 Aus￿1 2021
108.490
8,396
3,496
120,382
44