ST PAUL'S SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR EL¥DED 31 AUGUST 2023 Re￿tered Company Number: 0614197J Rezljtered Cbarlty Number: 1119619 ST PAUL'S SCHOOL REPORT AND FINANCLiL STATEMENTS FOR THE YEAR ENDED JI AUGUST 2023 CONTENTS PAGE Pa8• No. ChAir of Governing Body'8 Ststem¢nt Governors, Rq)ort 2-17 Ind¢pmd¢ntAuditor'8 Rewrt ￿ the Member8 of St Paul's School 18-20 stateme￿ of FAnaticiAI ActivitieB 21 Surnmary In¢om¢ And Expenditure Account 22 Balance Sheet 23 stat￿llent of Cash Flows 24 Not¢s to the Financial S¢atem¢tylA 25-43 ST PAUL'S SCHOOL CHAIR OF GOVERIYING BODY'S STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023 This has been a year of gr￿t ￿tiVIty across St Paul'8, buildin8 on the strong foLuthiions of the S¢h(x)l and the plunning undertaken last y¢ar. Whilst this encompassed academic and co-curricu]ar su¢ce95, a key element has been the stron empha8is on School value8 acro85 all School life. This sense of belonging and commitment to a shared code of behaviour has re¥ulted in a cultural change in the Sch￿] which was recOgnis￿ when the School was named as Independent Boy5, Sch￿1 of the Year 2023 in the Autumn tern) 2023. The S¢hool now fcels part of & wider community. thi8 has been Teflected in stronger links with West London partner8bip ￿h0O15 and with Si Paul's Girls, School. Most pupils al iKFth boyR' and girls, schools now re8ularly participate in joint activitieB which is fostering stronger link8 Amon8 stsff 8nd pupil8. This last year kn Seen th¢ S¢h(xTrl's partnership programs benefi¢ from the additional teaching resources, partly by our donor5, and partly from thc School's resources, acro&s differeni dcpartmenls now being made available ￿ our partner s¢hool8 in addition to our summer school programs. This ha8 ¢ompl¢m¢ntcd the Browth in our onlinc p￿senCe through Colet Mentoting and Primary Profegsor pro8ram¥. It hps led to stronger linkR al pupil level with our partn¢r ￿h0O1$ which L know is b￿0m]ng an important part of Schwl life forour pupils. The School h48 4130 st4rfcd working more c108ely wtth local priti￿ry Schoo￿ and we were very pleased to welcome Mjrk Tuffney, head of l￿Wther Primary School, to the Governing Body. Our Tclationthip with our primAry sohLM)I t)ei8hbours 18 criticjl for our goal of in¢rea8ing the numbers of Applicants and ac¢eptancc8 for our bursary program. Our work on the bursary and partnership pro8ram5 ha8 been kn18*r¢d by the work of our Public Benefit Commitltt whieh for the fir81 time dra￿) together all of the many stronds of the work And l am grakful to that committee for this important WQTk. On the academic front, the School's r¢BuI¢s, whil&t returning to pre-pandemic level4 as seen ncroB8 the independent school ctor ￿ a whole. hthve eort1itiu￿ to be exceptionally ¥trung with over 50•/o of all A level grade8 ai A* and 87Ya of GCSE 8rade8 At 9 - 8. W¢ proud of the breadth of Pauline talent displayed by the Sixth Fomi.. four pupilB were amonBSt the higheat perfomer8 n&tionally for Art and D¢Ai8n.' Fine Art, whil¢ in Maths 890A of grad￿ were a 9. The verti¢al ￿tor syitcm is now fvlly bedd¢din afterits suspension during lockdown artdthis Sit¥ well with the new 8tnJcture of School house8 ov¢rJ¢cn directly by the undennasters. The spiril of friendly rivalry in gaJnu￿ houRe poin18 (with re8uli& posted daily in the Atrium) has provid￿ a welcome focus for School life IMt8ide the ¢la6Broom. Sport goe8 from stren8th to Strength with suc¢e8X8 in Athlcli¢$, Crick¢t. Fives, Football, Raeketg, Rowing, Rugby, Swimming and Tennis, while the UIS Basketball team and Ultim&tc Fri8bee r￿St team were both undefeated. Music continues to impre&q the Governors with a wid¢ breadth of parti¢ipa¢ion coupled with some truly ¢xtrHordinory talen¢ across the ￿11 mu8ical 8pe¢tnthi from baTb¢r thop lo baroque via jaz4 Swing and chornl. All of thi3 Iw only been achieved throu8h the httrd work of both ow academic ond non-teachin8 staff and through the stron leoderthip from our execulive team. led by the High M48¢er. As always, l am grate￿1 to them as well a5 to rny fellow Gov¢mor¥ for the Su￿8 achieved by the School ovtt the p￿t year. But mosl importantly the achievements of thepaBI year belong to our pupils who continue to imprw th¢ Governor8 with their enthuBiasm as well 88 their Attainmen¢k. Richard C4S8¢11 Chair of Governors 6 De¢ember 2023 ST PAUL'S SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 STRATEGIC REPORT OWECTS, AIMS AND OWECTIVES Ch4rifAble Objects The objects of the Scknol, as stated in its govcrning docum¢nt, are: To promote inGrea*rLondon the ¢th￿tion {in¢luding 80ciai gnd physical trAinin8) of Bir]B and boy$ and in particular but without pr¢judiee ￿ the 8enerality of the fore8OiEiB to conth￿l 8nd maintain schools in or n¢ar lo Greater LA)ndon for girls and boyi; and To pursue the objccts of the S¢hool by nllmin8 a boy8, school and only ¢thiute members of the opposite 8cx with the PTior writlen con8enl of, and 8ubj#l to, any re8triction imposed by the M¢r¢u8' Company. Alms Andln¢end¢dlmprfcl The School ha¥ 4 stron8 acAdemic tsadition which it 18 ¢ommLit¢d lo maintaining. The School aims to provide an excellent all.round educa¢ion for able FK>y4 which includes 8cholHr8hip. br¢￿th and balance in the curriculum. th¢ hiBhe8t Standards of pupil welfare and 8 wide programme of VATied sporting, arti3ti¢ and extra-curricular activities. In the ￿rtheranct ofth¢B¢ aims th¢ Governor8. 88 the charity Irust¢¢8. ¢onfm that they have complied with the duty in Part 2(17) of the Chariti¢s AG¢ 2011 to have due re8ard to the Charity Commission's publis1￿d 8eneral BuidHncc on publi¢ benefit. AIMS ofthe School To pft)vide an outslanding int¢ll¢¢tual, spiritual and physical ¢d￿atiOn. ¢ombinin8 tradition with the beB¢ of the pr¢¥ent, which prepar¢s boys for their future. To honour JOI￿ Colet's founding commitmcnt that St Paul'$ is open to academically eligible boys, regardle88 of their economic or SOGLal circumstance. To fo8tera culture of scholarship, and todevelop a spiritof enquiry and ¢uftosity, through inspirational and responsive leaching. To provide A Stn￿tt￿e of individuul and pastoral care that promo¢e8 El bo￿8 independetwL. whi18t fostering re￿¢￿ kindn¢63 and 3etvice. To dcvclop artd maintain the School'8 facilitie8 iti order to ensur¢ that the physical environment of St Paul'8 8U¥tains the excellence of its cducation. To build 8ubstanliv¢ links with the Lo￿1 community through Pauline voluntary 8¢rvice, partnership programm¢8 and th¢ ¥harin8 of facilitie8. ObJ¢edves ts Achleve th¢ Almsfvr ihe Ye47r The Schwl'8 key objeGtivex for the year and perfomiance against th¢m 4r¢ shown below. These are shown under the three pillari of Edu￿tion, Public Ben¢fit and Fitiance and it 18 shown wherc somc obj￿IlVe¥ r¢late to more than one pil]ar. Edutitloty Publlc Beneflt aDd Fln*nee l. Grow ¢oltsboration betsveen SPS and SPJ in ord¢r to build the 7- 18 experience. 2. Fully undersland and di8geminats the School's unique quAliti# in ¢omparison to o¢heT schools in the 8eetor and ¢xplore plaifonns for $h¥ring this morr widely. De*rniine the futtwe of boardin8 at the School. EdutatloD and Finance 4. Detcrniine the corrKt thape and structure of the School including boarding. 5. Have & continued review of staff workload and conditions to ensure we are an appropriate employer for the 2111 century. ST PAUL'S SCHOOL GOVERNORS, REPORT (eontinued) FOR THE YEAR EL¥DED 31 AUGUST 2023 STRATEGIC REPORT (condnued) OBJECTS, AIMS AND 0￿EcTIVEs (eonthiued) Obiee¢¢ves lo Achitve ihe AiNAslor ihe Yeor (¢on¢in4¢d) 6. Plan for ¢mployee wcllbcing for the 21rt century incorpornting fu￿￿141. mental. 8ociAI. career and physical wellbc]D8. Edu¢•tloD 7. Furth¢r d¢v¢lop char&¢￿ Education in the fabric of the Sclwol culture. Continue to grow Co-educational academic and co-curricular opportunilics through collaboration particularly with SPGS but 41s0 othcr West London Partnernhip schooli. 9. Compl¢ie the Curriculum review and 8enera* fmproJx)Aals for leswD length, slructureofthe School day andGCSE and A Level pro8ramme8. 10. Embed the new House and Tutor sy8t•n8. I l. EnsurethatPaulin¢88¢tth¢ full¢st POS8iblc &Up￿rt andopportunity within the ch#nBinB Higher Edu¢Ation lanthape to Achieve u plxc a¢ their r￿St-chOice institution. Pubue Betseflt 12. Introduce a whole School apprwrh to thissions attr￿ling the besl candidate8. includin8 Icholars. in line with the nature of the Inndon market. 13. Engure we hAve An aFvropn'ate contextual athni&sion8 proce98 for pupi18 Qf all backgroundj. 14. Develop a burnary strategy to reach suitsble Gqndidate8 for burn8ri¢s at all age groups. 15. Further develop the work with the West London Partnerthip and local Primary 8chool8, embed ourselves An the local ommunity and meosure the impact of our work. 16. Further develop work with the Asgociat¢d S¢hools and College of the Mercers, Company other patthers in the UK and abrnad. meusure the impa¢t of our wo￿. 17. Complete th¢ £20m Shaping Our Future ￿ndraISin￿ carnpoi8n and agree the threction for the next five yeors. 18. Continue ￿ develop and sustain the St Paul's wider CLimmunity of pupils. parents. fomier parents aTJd alumni. Flnlnee 19. Establish a finanri418trat¢gy that infornis budgetary proce88 ond ci>n5iders thTcats and Changes to the sector. 20. Properly G4t&blish initiativu for commercial income, providing Tcliable in¢¢)rne streams with potential for future Bro￿h. 21. E]L8ure budgetary hnd progrnmme control of the SPJ redevelopment. ST PAUL'S SCHOOL GOVERNORS, REPORT {eondnued) FOR THE YEAR ENDED 31 AUGUST 2023 STRATEGIC REPORT {eontlnued) ODJRCTS, AIMS AND ORIECTIVES (continued) Obi¢elives ts Achiew¢ the Aimslorthé (eoMrfn4edJ The Educalion. Publi¢ Beneflt and FinatWL objeciives are well advancedparticularly following the arrival of Oliversllowball 8 the Head of SPJ in S￿l0￿ber 2022. Work Acros¥ SPS and SPJ h¥s continud io be cemented $iThce then with eloser Gollaboration at Corc Strategy Group and Executive level and also at pupil level via the head ly)y I School ¢optain ￿&M8. A cl￿ viston ststement, pillars and rharn¢ter traits have been agreed and 4r¢ increasingly embethled. A multi-stage boHrdll18 8trate8y continues ¢0 b¢ worked through with the ultimate aim of building 4 n¢w boarding houBe. There has been 80me progTeSB on th¢ EducAtion and Finance objeL¢ive$ but th¢r¢ i& still more work to do in tenns of the lon8¢r-temi model for pupil numb¢r3 8rtd the SPJ rebuild, the curriculum revi¢w, Irs8on l¢n8th and &tructur¢ of the School day. There hau been work cwried out durin8 the year around maternity pay. ¢he twher pay spine and pen¥ioJ)s. Sub&iaMti&l proBresB has been mad¢ on tho Educalion objectives. The Head of CharActer Education 18 now embedded and h4rncter trait8 acro8s the whole School h&ve been cstabli8hed. Work with SPGS CODtinue8 lo Brow and an Mou between the Iwo schools iy proposed. The new Hou5c and Tutor system hAS received 8tronB fccdb4¢k from sthff. pupils and parent8 and 4 new straieBY for careers 18 being pursued. in¢luding the recThitsnent of a new H¢4d of US Admiy8ions. On the Public Benefit objec¢iv¢8, thc Cor¢ StrAtegy Group with the Public Beneflt Committee hAve developed an0vera￿hln8 Btr4t¢gy for bur8orieA and partneThhip work and have begun to implement it. A Head of A¢cegs has been recruiied and ther¢ is ongoing work on adm￿s1on8 and ￿¢rUitIng bur8Jry ¢andid&te8. Additional Ntaff have been reeruited for September 2023 lo signifieantly increage partnership Work 4¢ro86 SPS and SPJ. The Shapin¥ Out Future fundraising campaign 18 concludiAB with over £19m raised And we continue to work with parent8 and alumni with a progranun¢ of in person and onlmc cycnls. In tern]$ orth¢ Finan¢¢ objeotivm fmanciai modelling has taken place ￿ take into accouni external thr¢&t8 guch as a change in government policy. These fjnancial models arc fr¢qu¢ntly shared with senior leadern the GovenK)r8. The target for commercial income in 2022123 has been hi¢ and online ¢nt¢rprises conlinue to be explored. Monthly project meelings conlinue to be held on the SPJ rebuilding projec¢ with th¢ involvement of the Goveming Body. AcfiviTIES Revlew of A¢hl¢v¢ments and PerfDrm4fj¢e for the Year In *Jdition to th¢ specifi¢ aims and objectives for the year, below are wme key outcomes in Telalion to the operational (educational) perfornwice of the School. Opernlion*l PerfonNance ofthe School In 2023, public examination results as 4 whole returned to pre-pondemi¢ leve]s, as 8een 4¢r0￿ the independent sch¢xTrl se¢tor. AtA Level, 51Yo of grndes awarded were A• 85 /ti were A* or A and 970/ts were A* to B. Of Paulines heading to univ¢rsity in 2023, 521/bo went to universities raDked in the world top 20. Of th08e heading to the UK 981/0 went ¢0 RuwJ¢ll Group institutson8 8nd 54 took up place8 at Oxford and Cwnbridge. At GCSE and IGCSE, 62•/0 of grades awarded were al Grdd¢ 9 and 87% were Grad¢ 8 or 9. Applications to the Sch¢)ol at th¢ main enty points of 7+. 11+, 13+ and 16+ remain very high. During th¢ 2022123 academic year, 143 pupiL8 received bur4ary awards-around 9.50/0 of the School- with 95 being awarded mor¢ than 75°/o of fees. Over 50/0 of the currentparent body do￿&1¢ io bursayies and pupils continue to fund raiye for this programme. Durin¥ the 2022123 academic year. pupilq elected to f￿u$ on local charities and to support the work of Great Ormond Stre¢t Ho$pityl. ST PAUL'S SCHOOL GOVERNORS, REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2023 STRATEGIC REPORT {contiDued) ACTIVITIES (continued) Opernlion￿ Perform&nce oftheschool (contillued) This was a year in which the School 8uccessfiLlly remo(klled its pastoral systems, with the re-introduclion of vertical tutorin ond the intrduction of eight'hous¢s.' Thi5 has b¢¢n hugely sucK8sful in tern)s of pupil interaction and providing conlinuity of care. Portnership work hus also Ixen a focus of altcntion with our reyident particle physics course wit)nin8 national awards hrtd work with Si Mary'3 Ukrainian school continuing lo evolve. We also hosted a leadership cours¢ for th¢ Mcr￿, A&￿clIttd Schoob and work with our sister school. Sl Paul's Girls, School, continues to grow. In ternhs of the site. St Paul's Juniors decanted in October 2022 to a fornier Senior School s¢ienc¢ building. now re-nDmcd Ichthy8, under the lethrship ora new Head, Oliver Snowball. Plans for hn ¢ntir¢ly new Junior Schwl are wcll undcrway to be completed in the latter half of 2025. Thc School also opened a new P¢rfornW￿C Centr¢ with the intention of promotin8 Beneral health and fithe&q for all, in ￿ditIOn to 8uprA)rting our top athletes. OMtsr#ndlRg Achlevements 2032n3 For a full list of outstsnding pupil ￿hley¢￿ent8 for the 2022123 academic yeartr please refer to the S¢hool websile www.xi au .%￿hOO1.0r .uklaFx)ui-s¢- aul￿newS1 or click on this link. PrlnclpalActlvltles ofthe Yertr (IAeludln¥ Pmblk B¢A¢fvJ The totsl number of pupi18 ftt the School WA8 1.516, of WI￿rn 517 were at St Paul's Juniors And 999 at St Paul's ISPS). Of the total number. 143 (2022.. 1481 pupils wcrc 4$8istcd with m¢an¥ tested bursaries. 660/0 {2022.. 79Y.) of these awards were either fijll fee or hiBher tlwi 75U/o of fccs comparcd to 49 bur8arics in total and 45V• at the sAme level in 2015.16. The total me8n8.lested bursaries for the year ¢rtded 31 Augus¢ 2023 wcre £3,205,QOQ {2Q22.. £3,271.0001 rePre￿n(Ing 8.1 /. {2022: 8.8QA) of gro89 School fees. Widening ￿￿eSS to the School, through increa8ed bursary 8UPWrt ag necesgary, remains apriority and, for the 2023124 acad¢mic year, there are currently 129 pupils bein8 8&818ted with meatjs (ested burshri¢S. with 8(Y/o of the9¢ being either thll fee or higher than 75¥0 of fe&s. The School'g bursary award8, in 4ddiliort to ¢h¢ main Schwl fee, cover duc&tional tTiPS which forni part of the curriculum, bug trAllSPOrt, iPads (whtt¢ oppli¢ablc). rnu8ic tuition fees (where applicable). examination fee8, books and School unifonn. ChArl¢abl¢Acdvltles and Partnershlps Charlty Partnenhl The St Paul's Clwity ComrnIt￿C (made up of staff, parents and pupilB), Bet up in June 2019, along5idc the Pa￿lS4All L8th student committce, havc workcd hard to ￿rtd raise for and in¢￿aSe awareness about our chosen local charities (City HArvext, (Frictmls oo Bamcs Common, IA)ndon SportsTn￿l and Dwrstep}, UK Charity of the Yethr (GOSH) and intematiortal ¢lwity (Beyond Ourselves). The SPS Pauls4AII Charity Committee for 2022-23 led a serie8 of ¢hmpaiBn8 whi¢h w¢re aimed a¢ educating the School ommunity about the clJaritie8 we support, including panel discus8ion5 talks during Paul$4AII week and the inaugural charities ci)nYention. Mufti day8 were vital An relayin8 thiy me8we, And it W88 heart-warrning to see parentB and pupi18 respond by giving generously. The total Taised by Students across SPSISPJ durin8 the aeademic y¢ar for partnercharities is approximately £18.000. S¢hwl PartDerJhlps The School employs a full time knistant Director of Partllerships and S¢ryi¢e responsible for community relations and developing academic and 4JOrting partllCTShip5 as well as promoting tIL¢ use of S¢hwl fa¢ilitie5 wiihin the local community. An overyiew of existing programtne5 15 shown below. Well over 2,500 Sta* sthool pupils have benefited compAred th an annual number of approximately 1,5(K) pre COVID.19. ST PAUL'S SCH(X)L GOVERNORS, REPORT (eontlnued) FOR THE YEAR EL¥DED 31 AUGUST 2023 STRATEGIC REPORT (eoDtinued) ACTivrriFS (eontitiued) CharildbleArtivieie3 &ndPartnership5 (coniiNM¢d) Lotxl Sth•ol Partnerghlp8 2022ll3 (Itate pupll numben In brA¢ket$ where •v8llAble} A¢#demlc P4Ttnernhl Music Strin8 Day Chcmi8try- Year 10- 4 week Saturday programme {271 144 hours of online OxbridB¢ preparation for Year 13 (80) R¢s￿en￿al Malwial S¢ience School (30) R￿'dential Parti¢le Phygicx School in partnership with Queen Mary's University (32) Latin Cohorts preparing for GCSE (3 ye8r w)up8. Y9-11) (66) Ewnomics Tradin8 Day Fcbrnary 2023 (60) Biology- 3 week Salurd4y Progr4mme (17) Exponentials Physics Y12- 2 week Saturday (21) Physics YIO 2 weeks- how to build a univ￿8¢ (42) FiTht Medic8 Ma8terc]a8ses- s¢ud¢n¢s 4pplyin8 to swdy medicine {8) Humanities Conference October 2022 {40) Mercer& STEM catch up and inspiralion <4 da￿ Ea8t¢r holid&y8)178> Prirnary Profe58or8 {IrKI) Primary Latin120) Links with St Mory'& (London Ukraine School) (200) St4rt-1i ¢ntrepreneur8hip {e.g. YI I post GCSE.. Y12 HFX tradin¥ (300) Communll IS orts Parlncr$bl Capsize Drills for local rowin8 club5- 4 Clubs over 120 participants {throughout year) Lowther School weekly 8wimmiDg- 50 pupils every week (tenn tim¢) We8tAide Basketball Club (305) Bame8 Children's Lit¢rary F¢slival {BCLF) Book club I1￿) 8 events up to IIK) children BCLF pnmury school programme (500+) World Cup Day Fcmitball June 2023 (96) Camp with Ful￿￿￿ Rwh (Holiday Hunger) (60) SPJ 8POrt (foOt￿1vp¢ntsth1on with local primaries {l(x)) Re8utsr fixture8 with Fulharn Boy8 and other WLP school8 (200) The above programme8 8enera]ly take place E4tSI Paul'8. are runby SPSISPJ 8taff and occurafterschool houT$, at th¢ w¢¢k¢nd or durin¥ 8¢h(K)I holidayy. Other majorprogrammes, wm¢ in Addition ￿ the tablc of acliviiies above, are highligh*d bclow.. ColeiMenlorlnK/SPS OAliAe.. The Colet Mentoringprogrammc continu¢s tob¢ 4 popularchoice forSPS pupil& to voluntecr. The mobile app. Ikveloped by two old Pauline5, Phil And Dom Kwok. ha8 enabled u3 to ¢reate a flexible volunteering pyogramme for our pupils and p4rtAtt aehools, volunteers to connect with &tudentL4 not gco8r4phiully close to us. Futthemior< it has allowed younger SPS pupils to 8et a ta5tc of volunteering. For example, 20 of thc 4tb and 5 Fomi pupils 8p¢nt time during their Wednesday lunch brehk8 AUPPtirting UK primary Khool students and Y9 and YIO secondary school s￿dentS iti Somaliland in Maths, illustrating how SPS PJrtncrshAps works locally and globally. It is alBo 4 fgnt&stic exwnple of thc old Paulint8' work enriching the wider ¢ducation of the eurreni Paulines, 8howca8in8 how they continue to put the education they hAv¢ weived in yervice ofothers. During the last 8cadcmic year, the platfornl hosted over 1,530 men¢oTing sessions and ¢onn¢cl¢d 150 mcntors with 290 students who used the Coletapp lo g¢t frcc academiG sUPPOrt in STEM subjects. We are exploring linking thi$ ¢0 more SPS Content via a primary school outreach programme {Barney' NuJnber8 Nest) and ¢ventually SPS Online. ST PAUL'S SCHOOL COVERNORSY REPORT (contlllued) FOR THE YEAR ENDED 31 AUGUST 2023 STRATEGIC REPORT (¢•Dtittued) ACTIVITIES (¢otstlttued) CharifableActivilies tTMdPar¢nershlps {eondn4ed) Wes¢ London Partnershw.. As part of the School's partnership strategy, this lo¢al privat¢-sta¢c partn¢r8hip was c8tablish fom)ally in May/June 2020 with five independent 8¢hooly and five local Stste schools. This partner8hip was established with the intent of fostering mutual growth and l¢thiing. wil￿.￿ this ¢onl¢xL the Sthrt-it EntrepreneuTship programme was 8e4mles&ly integrated. feoturittg itnpacifvl ¢v¢nts tailored to vaTiOU8 ye4rgroup8 {Yeor 8 to 12) and even exlending to alumrti. This programme hag become an integral facet of the partner¥hip, augmenting existing collaborative and outreach inili&tive8. A notable reeent arhievem¢nt in¢ludos th¢ ho$ling of the Start It Sustainable Entr¢preneu￿hIp Course. Aimed at Year I I pupi18 from our West tATrndon Partnership Schools, this coiirse ottraeted the participAtion of over 200 enthusia¥tic individua18 from sev￿ different schools with this year'$ crown of Be&t Overall Corteept Boing to Natur¢ N¢81. a wmpany which aims to re¢y¢le the waste created by leftover tenL8 at festivals. Prlmury Professon.. This wa8 Originally launched in 2021122, re-branding what we did pre-COVID and exponding ity l¢ngth (three temis versus two) ond r4ngc of fjubJ￿ts. During the course of the year, approximat¢ly 100 Y5 pupils frorn 30 l¢xal primaries hav¢ tak¢np4rt in a r4ngc of acadcmic cnrichment le8son8 from STEM io Entreprencur5hip and Phi1050phy. Around 20 Y12 pupil& from SPS and SPGS volunteer on the programme and Y58 are 8iv¢n w¢eg8 to Colel Mentoring a8 Part of the programmc. srEMSMmnrerSchoo15.' Thvo re5ideTJtiBI Phy51Cs Summcr Boardin8 Schools on Particle Physics {in partnership with Queen Mary's University London) and Materiall lin partncrship with the In¥titu¢e of Materials, Minerals and Minin81 took place involving 62 YIO 8N￿ents from around th¢ Country. This 1$ funded by a donor parent who is also sponsoring thc fir81 bursary place that bttn awarded from th¢ WUT8¢ (L8th pupil who joined the School in Septrmb¢r 2022). Use olS¢hool Fa¢ili¢ies by the Wider Communlty.. Sportin8 club8 are run by both SPS 5tsff and lo￿1 voluntcus, and offer young pwplc a rnngc of uctiviticg throughout the year. The School al80 lets out Its fg¢ilitieJ fr¢¢ of ¢harg¢ to local primary And Aeeondary 8¢hools and chari¢ic8, including Westside ljasketball and Barnes Children3' Lit¢r4ry F¢stiv41. Many local sporL% ¢lub% 4180 m4kc usc of ourexccllcnt Aport8 facilities. Re8ular u8er8 are Bamey Swimming Club, Penguins Waler Polo Club and We818idc Ba8kctball Club. Newor8ani9aiion8 we worked with thi$ y¢or, providing them with to our facilities over the yummer holiday> include Fulham Reach Rowin8 Club who ¢o114boratcd with Qu¢cnq Tennis Club and Three Pillar8 Basketball Club to deliver 'on lttnd, skilla sessiorty. We provided Chcls¢a Football Club Foundation accesg to our 3G pitch twice a week to provide 'non 8COUtin8' frec football $e58iow for the local community Volunteerlng All L8th pupils volunteer in thc Aulumn and Spring Temis, usually with one of our partner school# or charitiCs- 4n ini¢i4tive link¢d with th¢ PSHE and Gcn¢rai Studies curriculum. Many pupilg ch(K)ge to Gontinue during the Summer Tenn and all 8th Form pupi18 have the opp)Ttunity to volunteer as part of their Wednesday 'Gamcs H8if. In addition, a selection of volunt¢oring opportunities ar¢ made available lo the 6th Forni once they have complcted thcir GCSEs, with around 80 5tudenL8 taking part in 2023. Throughout the School. there are also oppor￿N1t1e5 for students to volunteer online via Colet Mentorin8> OUT peer-to-peer learning app. where student volunteers are able to mentor other S￿dents through academic challenges thcy might have. Alongside thi8. most 5 Form pupils ffgulyrly volunl¢er for their Duke of Edinburgh Award. AlumDI Activltlei The SGhool mY4intain5 Contact with previous pupils mainly through The Old Pauline Club, which is illdependellt bu¢ ¢loKIy associated with thc School. A nutnber of Social events are held during the year themed Around professionai int¢re8t groups or year of attendance. Currcnt pupi15 and staff are invited ¢0 4 number of these ev¢nts. ST PAUL'S SCHOOL GOVERNORS, REPORT (CODtknued) FOR THE YEAR ENDED 31 AUGUST 2023 STRATKGIC REPORT (eonthiued) STREAMLINED ENERGY AND CARBON REPORTING In accordancc with thc Strehmlined Energy and Carbon Rq)orting (SECR) requiTements, thc School's ¢ner8y usage and emissions for the year ended 31 August 2023. as prepared by an independent con8ultllnL wcre as follows.. 2023 2022 UK energy use in kwh 5.976,203 6.934241 A&80¢iated Greetthou8e Gas emisyion& in TonneB C02 1,150 1288 Intsnjity ratio (kn'logram of C02 per meter Squared of 8r088 internal ar¢a) 35.44 43.44 UK energy use Cove￿ ail of the School's edu¢atiQn418rtd operational activitie& AsAociated Greenhou8e GaA emi¥8iony h•ve been ¢al¢ulated in accordance with the UK Govemment 2023 GHG conver8ion factors. Durin8 the reportin8 year, the Sclwol haj undertaken the followinB aclions 10 improve its ener8y efficiency.. Be8un ¢he s￿Ond ph&8e of the BuildinB Mana8ement System upgTade. allowitig for a more etTicient uje of the Heating. Ventilation attd Air Conditionin¥ (HVAC). Brought forward the automali¢ Shu￿oWn lime of all School desktop computer8 from 8..OOprn to 6..30pm. Introduced a P4xrI&￿ Ci)mputer Aided Facilities MAnaBement Sy8tem, removing the need to print off 3 - 4,000 theets of paper per at)num, as way done previou81y. Shut-off or significantly reduced the heatin8 to buildings tha¢ are no¢ being u8ed orhaye reduced 8th1T￿8 levels over Ihe School holida￿. Inve81ed in low carbon t¢¢hnologie8, with the purchase I lease of two electric vehiclcs and elcctric mowers and a proposal to exchangc dicscl equipmcni for clectrie is currently being drawn up. Both the Milion and the SPJ Music Buildin¥s have reeeived LED li8hting up8rade8. Old sodium flttings havc been r¢mov¢d in the Sport¥ Hall, Rackets area and the 8wimmin8 pool. Thib will see a reduction in the School's ¢l¢¢tri¢ity ODsumption. 17 employeeq hav¢ signed up to the eyole to work Scheme. Vlhil&t thi8 IB no¢ quantified in thi8 report, this will reduce thc S¢hool'a S¢op¢ 3 Cate80ry 7.. commutin8 eMI￿l0nS. FUTURE PLANS The Govemor8' three to five-year objectives are IiBtgd below. The8e are a8ain Shown under the three pillar8 of Educatio Public Bencfit and Finance and il is Bhown where Some obje¢tiv¢8 rela￿ to more than one pillar. Eduution, Publ1¢ BenefAt and Flnanee l. Grow ¢ollaboTation b¢tween SPS and SPJ in order to build the 7- 18 experi¢ncc. 2. Fully understhnd and di38¢minat¢ the s¢l￿oI,s unique qualities in comparison to other ￿h0o￿ in the aector and Explore platfomis to shw¢ this morc widely. 3. tktermin¢ tbe fu￿re of boardin8 at the SclMX)I. Edueatlon and Fln8n¢e 4. Detemiine a clear framework for ¢mployee$ to be recrnited, manaBed. developed supported a8 needed for the futLtre. ST PAUL'S SCHOOL GOVERNORS, REPORT (eilnthiued) FOR THE YEAR ENDED 31 AUGUST 2023 STRATEGIC REPORT (condDued) FUTURE PLANS (condDued} Educalion 5. contin￿ the growth of collaboration with SPGS. 6. Comple1¢ and implement the curriculum review. 7. En5ur¢ higher education advice and 8UPPOrt rcm&ins gt a high sknndard and PauliDeB Continue to access their fjrst. choicc in8titution8. 8. Continue to improve and better define the WAY$ irt which a Si Paul's education allends to the broader social and moral developmeni ofour pupils. includiti8 b¢tt¢r incul¢4titig our SGhool value8 and 'character' into the Curriculum and promotin8 a concem for so¢i41 justsce. 9. Build uponyearone of th¢TMV House 8yStem. seeking to refme it, and develop its ¢ontribulion to the S¢hwl ￿tor&I culture. 10. Ongoing review and development of the SPS co-curricular provi8Aon throu8h the ¢ompl¢tion und impkmentation of the Sport& and Pupil Participalion ReviewB. Publ1¢ Beneflt I l. Ensure that our admi88ion8 8y8tem and i¢Jents'fy And attract poleniial PaulineB from all area8 of 8oci¢ty. 12. In¢rea8e public benefit work with the WeBt London Partnership* primary 8chools and othera. 13. Ejthblith the a880¢iated cos1& of the public benefit work once a8reed and dev¢lop A fundr4i$ing ￿Mpaign to deliver filnds if needed. Thi8 will require stron8 community buildin8 and 8rowth ofalunjni ndwork activity. FIDAnce 14. EstabliBh a rtngncial atrate8y that consider8 budgetary pr￿esSe8 and addre88e8 threat8 to the 8ector. 15. Fully ¢$tabli8h initiatives for commercial income. 16. FJtsblish an estate plan for the fu￿re. ST PAUL'S SCHOOL GOVERNORS, REPORT (eontinued) FOR THE YEAR ENDED 31 AUGUST 2023 STRATEGIC REPORT (eoDtlnued) RISK MANAGEMENT The Govemmg Body 18 responsible for identifying and addressing risk8. Governors are aware of the necd for prndent f￿anCIal rnanagcment, following the re-building of the senior school over the past deeade. A commitment w&$ made to parents that fecs would not grow faster than intlation and a Future Estatc Capital Fund was established to cover any need for replacement of building5 into the future. The COVLD-19 pand¢mio saw the pause in building work but plans to rebuild the Junior School were 8et in motion aBain with the de¢Ant to thc fonn¢r senior ￿￿001 aci¢ttce building in Autumn 2022 pu¢ in place. Construction work on the new Junior School i￿1]ding$ is cxpcckd to commence later in 2023. The Sch￿1 is a]80 seeking to improv¢ sports F￿]11t1￿ in the ￿￿re. Plan8 to C5tabli8h new commercial irtcome stream8 coniinue to b¢ d¢v¢lopcd, i￿]uding through lettirt88. The Govemor8 are aware of the possible challen8e8 that the independent Jchool 8CCtor ￿Uld furo weye there to be a chang¢ of ¥overnment ai the ncxt g¢nero1 election and &re prq)aring for the challenge¥ of po$3ibl¢ ch8n¥e8 in Èovernment wlicy re8&rdin¥ charitable lax reliefs. Thc Governors are also tnindful of the continuing impact of high inflation and iniereBt rates on hoU￿hOld finances for our f￿nI]leS and we will coniinue to monilor thc situation very ¢lo¥¢ly and offer 8UPPOrt wherever pouible. A forn￿1 review of the School's ri&k management wntrols 18 perfornled annually but risk management is at the heArt of all decision making. The Governors and executive staff regularly review and update Procedur¢% in ordcr to identify and mitiga¢¢ ri8ks. It Ix reLo8nised that system8 ¢an only provide reasonable but not absolute a85urancc thal major riyks have ixen adequately mana8ed. FINANCIAL REVIEW AND RESULTS FOR THK YEAR The fthanciil re8uItA are presentoj on pag¢s 21- 43 of ¢hi8 report. Durin8 the year there waN a nel in¢r¢ase in ￿ndS of £1,758,000 (2022.. £2,707,(XJO) bringing thc total fund4 ¢0 £124,847,000 at 31 Au8USt 202312022.. £123,089,000). In addiiion the School's operational 8urplus the main reasons for the irt¢rea￿ in funds for the year were bursary donatiOn8. bank interut and invc8tmenl inwme The School'8 rnain ineome 18 from fe¢u. The total income of £46.316.￿0 (2022: £41,805,000) conyists of unrestricted income of£42,839,00012022.. £38,186,000), restricted income of £2,893,0(KI12022.. £2,119,000) and endowed income of £584,000 12022: £1,500,000). Th¢ rextrieted income funded bursarie8, Bcholarships and pri7Ks. Th¢ unreitricted income, in addition feey. includes bank inter¢¥t, investment Income, trading income. donBlion8 and 1¢g￿l¢¥ pnd other categorie8 such &$ rcnts received. Within total expenditure of £44,184,000 (2022.. £39,591,000), educalional co&ls were th¢ largejt category of expenditure at £24,249,000 (2022.. £21,175,￿oI followed by pr¢m1￿3 ¢08t8 at £8,516,(YJO (2022.. £7,036,000). The School's fllMAcex continued to be monitored very closely durin8 the year, particularly v45 8 result of the inflationary cost pres4urc8, and re￿￿Ill in a strong p081tion. wilh th¢ unre¥trict¢d nct income for the yettr before investment g4ins and tran8fers increasing fTom £1,702,0(X) in 2022 to £1,880,000. R¢s4rve&Polley The fund$ ai the year-end totalled £124,847,00012022.. £123,089,0(M)) which included £112,9(X),000 of unrcstricted ￿ndS 12022.. £111,527,(x)O), £0,054,000 of restricted funds (2022.. £6.948,000) and £5,293,000 of endowed funds (2022: £4.614,(K)o). The Trustees have set a re8¢rvcs policy which requires: a reserve of £5million to be maintained. &cparately from the School's working cBpitsi. to ensure the School continue to pay ¥alarics and creditors for three month8 Wlth no additional income- a reserve to cover th¢ ¢Jsh required by the budgets forn]ally committed to thc rebuildin8 project,. all agreed contribution to the DOW c105ed to new members and to futUTe accrual dcfmed benefit pension scheme for non-teachin8 staff at the S¢h¢)ol. Thi8 scheme is no longer in deficit as al 31 August 2023 but the School remains comrnitted undrr the current rwovery plan to make addition&1 contributions of £789,(th in the 2023124 fmancial io ST PAUL'S SCHOOL GOVERNORS, REPORT {coTrtinue41) FOR THE YEAR ENDED 31 AUGUST 202J STRATEGIC REPORT {corttinued) FllYANCIAL REVIEW AND RESULTS FOR THE YEAR (coDtinued) Reserv•5 Policy fcoMtsRued) contribution of £1,610,000 as at 31 August 2023 (2022.. £1,550,0(K)) out of the Sch(x)1'5 cash surpluses into d￿Ignat￿l Futu￿ E5tat¢ Capital Fund dedicated to the long-terni provision of capithl to allow the replacement and refvrbishmcnt ofbuildings and fabric of the SchcKIl estate in thc long terrn if needed. Thi5 annual Contribution will rise to £2.260.000 by August 2026 and will thert continue at that level into the forcsecable fvture. commitment lo set aside any remaihirt¥ cash surplu8e8 from each financial year after the above contribution to the Future E8thte Capital Fund and Privat¢ Pl&¢emenl capital repa￿nIS lowards bursary award& and partnerships I public benefit work. AS at 31 Au8118t 2023, the School has ncgativc frce rescrvcs of £20,819.000 afterallowin¥ for the above resttveof E5.000,000 and £1,610,000 FUtt￿e Eslate Capital Fund contribution which are both held in readily available ¢osh. Thi¥ r¢flKt¥ the 8ubstantial iTJve8tmcnt that thc S¢hool 18 making, and will continue to make. in its buildings. The negative free res¢rv¢$ POSltion is th¢￿(0￿ ¢xp¢ct¢d to ¢onlinue for the foresttable (uture. However, the Sehool has a very strong n¢¢ current usct position of £43.951,(KJO (2022.. £56,774,000). Therefore, h&vin8 as8etsed the School'5 flnaneial position, th¢ plans for the fO￿$c¢ab]C fU￿re. the risks to which the School iq exposed and the detailed cash proj¢¢iion8. the Governors are sati8fied that it remains appropriate to prepare the financial ¥tal¢m¢nl& on 4 Boing ronccrn buis. lftves¢men¢ Pollcy In accordance with the Memorartdum artd Arti¢1¢8 of As8ociation. the Governo￿ have the power to inve81 in Such S￿Ck1*. are& and property Is hppropriale to mee¢ the obj¢c¢iv¢s of the ChArity. The policy 18 for a low io medium risk invutsn¢nt approach. Two investment managers, Wav¢rton Investment Management Limited and Raihlx)ne Inve¥thient Management Limited, manaJ4e the investment of th¢ School'¥ endowed fund& restricled bu￿ary funds, Kaylon legacy filnds 4rtd the Future Extalc Capital Fund with thc r¢8tric¢ion¥ ihat no fvnds are to be placed in the followin8 areas.. pornography, ann4men¢y, amblin8, tobacco and dircc¢ investment in fossil (uel stocks. The School olso continues to hold short to medium lerm secure d¢p081t a¢counts with UK banku. With the congent of the Financc Commiike, the Finance Dire¢ior may inves¢ monies thal will not b¢ needed by the School at short noiice. Inveyiment5 are reported at every Finance Cornrnittee meeling. The policy IS Tevi¢wed annually to ensure it TemAillS in line with the School'y obj¢¢liv¢$ and prev4iling ¢¢onomic conditio￿. InveJlmen¢ Perform4nee a84¥nStObieclives The market value of the Sch￿1,5 inve8tmertt8 Ai the end ol the yeaT was £21,874,000 {2022.. £9,931.000}. The School's inveslmenl8 are mainly in equitiey and fundA. The value of the wrtfoli08 held with Waverton Investment mat￿seMeNt Limited and R*thtrA)ne Investment Management Limited have increa8ed by 6.47Vv and decreased by 1.5V/o ff8Pe¢tively in Gapital ternhs. The differen¢¢ in perfonnance reflects the different mondate for investment manager. ThiB p¢rfonnance is below the benehm8rks of CPI plus 4.50Q/D for Waverton And CPI pluy 3.0￿/￿ for Rathbone8. The perfoTm8n¢e ofwaverton oon5i5tenl with markct conditions during the year bui the performance of Rathbones is disappointing and only on a par with an ¢quival¢nt rfuity riyk charity index. F¥ndralthigPrAcrfees The 2022123 academic year wgs the fllwl year of th¢ £20 million'shaping our Future, Campai8n launched in MAY 2019. The 'Sh&ping our Future, initiative ¢entres around th￿¢ k¢y 4r¢as of roa￿.. Excellence without Exclusivity (widenin¥ access). Working in Partnership and Building to In¥pir¢ (th¢ Sports Pavilion and the Boathouse- both of which will also 8UI)port our g¢nda to iticrease our partnership work, and also diversify income). We have raised £19.46m including projected Regular Gifts. We were £470k below t4r¥¢t on our bursary work this year and also under on partnership income, reflecting the fact that we have been wi¢hout an A$so¢iate Director for the last year. This year ajso s&w th¢ 14wirh of th¢ ¢)ngoing Boathouse Campai8n. Our Partnership incomc is bclow target (£86.3k against a larget of £125k for 2022123). This is att ltnprovern￿1 from last year, but unfortu1￿telY still short of the target. We CU￿entlY have 630/0* of our parent IN)dy supporting th¢ cwnpaign and 9Yo of &lumni (a8ainst SOQ/o and 7.6Q/y in Augu8t 20221. The amounts being given howcverby these two Con¥titu¢￿Y group8 has shifted 8lightly from last year. 2021122 saw 48#/0 from parents and 44.30 from Old Paulines. 2022123 saw 42/(* from parents and 52V• from Old Paulines, althouBh this skew can be explained by one OP'S large donation. • thi$M￿udE[1Q1￿ luyers. ST PAUL'S SCHOOL GOVERNORS, REPORT (eondttued) FOR THE YEAR ENDED 31 AUGUST 2023 STRATEGIC REPORT {collthiued) FL¥ANCIAL REVIEW AND RESULTS FOR THE YEAR {continued) FundpalslMgPMe¢¢ee$ (¢onliAutd) On the capital front, we hbvc £440k left to raise for the Sports Pavilion and an adju8icd targel of £2.7m to refurbith, rather than tebuild the Boat Hous¢. Fundrai8inB Targets for Ex¢¢ll¢nc¢ without Exclu8ivity- Widening Acce8S'. 2018119 2019120 £660,000 £1,320.000 £2,085.763 £1,559,577 2021122 2022123 £2,640,0(X) £3.300,000 £3.568,38l £2.831,319 Year To £9,9(KJ,O(x) £13,775.339 T￿get AcFu'eved £1,980,000 £3,730.299 FundraisinB Targets for St Paul'8 in PaTtsicr8hip, which includ¢8". Pauline 8ttvi¢e in the community, Parts￿r 8¢hwli' progrwnrne, d¢velopitt8 enterprise 8ki118, building awaren&￿ olbur8orieB. Year Target Achieved 018119 £25,000 £13,750 19120 £125,000 £115,063 2020121 £125.000 £72,993 2212 2021122 2L3 £125.000 £125,000 £57,960 £86.330 Year Total £525,000 £346,096 Fundraising Targets tor Buildu￿ to In8pire over the next five years Original (arget8.' Boathouse £7,000,000; Sporty Pavilion £2,600,000.. Tothl £9,600,000. AdJll￿ted targets.. lloath04￿ £2.700,000', Sports Pavilion £2,600,000.. Totsl £5,300.000. Pavilion outstattdinB pled8&q Pavilion teceived 2022123 Pavilion received 2021122 Pavilion receivcd 2020121 Pavilion received 2019120 Pavilion received 2018119 £1,750,000 £125 £62,659 £65,261 £7,306 £210 000 £2095351 Boathou8¢ re¢¢ived 2022123 £31388 £31388 Buffalo Fundrnixing Consultants were employed ￿ support the iDfrastru¢tur¢ for the Telethon (September 2022) and the Givin8 Day {April 2023). The pl4miinB And pr¢parntion lor th¢ next fimdrai8in8 campaign 18 Currently underw&y and more infornialion will be shaTed oncc the dctails have been finaliB¢d. The School is fOrn￿llY regiyteyed with the Fundrai8ing Regulator demonstrating our commilmenl to 'good fundrai8in8 practices,. Thc School also adheres to the Code of Fundraising Practice artd associated Nlebooks and i$ a member of the In5tilute of Development Professiona15 in Education {IDPE). V¥ious members of sthff tho have Fw8onal membership of the Instilute of Fundrai5Lll8. Thrre no in$tanc&8 to report of the SCI￿0] failing to comply with fimdraising stondards or schemes for fvndTai8ing re8ulation and the Sch￿1 received no complaints about its ￿ndrnI5Ing activity during the year. The School adheTe8 to the General Data Protection Regulation (GDPR) whieh eAme into effect in May 2018. A8 a School, we are fijlly compliant with GDPR and take our ￿SpI)nSIbilitieS 8erii)usIy. 12 ST PAUL'S SCHOOL GOVERNORS, RKPORT (eontinued) FOR THE YEAR ENDED 31 AUGUST 21123 STRATEGIC REPORT (colltlnued) Comp*niu (Misceuaneous Reportlng) Regul*tIo￿ 201B The Governors have promoted thc succcs8 of the Sthool by actinB in good faith to assi8t the cl)aritsble compatty to m¢¢t it8 aims and objectives. Further detail on this can be found in the 'Objectives to Achieve the Aims for the Year, section of thi¥ report on pa8es 2 to 4. Ett)ployees are involvcd in, and Consult￿ about, a variety of School and work4)lace issues through a range of mechanisms. A range of detailed HR policies support the charitable and bu5ine55 objeclives ensure ¢omplianc¢ with employment l¢gisl&tions. These arc reviewed ai least annually. A Joint Con8ultative Forum {JCFI is also in place, with representation from SPS and SPJ t¢4ching staff and 8UPPOrt staff. The JCF en8ble5 ernployees to raisc issue8 with the ExKutsveon a regular basi3 and thc minut¢8 of thosc meelin¥s are viewed by the Governors. Thc School provides various support meehanisms to promotc thc wellbeing of employees. These include a confidential Employce Asgistance Pro8ramme. a ehaplain, a rn¢di¢al c¢ntre. the provision of flu vaccinations, physiothctapy session School counsellors and reimbur8ement for ey¢$igh¢ ¢¢813 log¢ther with a contribution towards the c08t of glasse8. In accordance with the Equal Opportuni¢ie8 PoliGy. the School 8eek8 to treAt all employeeB, all oth¢r m¢mb¢r6 of th¢ School community ond any person visiting th¢ School equally, regardles8 of their disability. The School ¢xpc¢¢3 ¥ll ¢mployee¥ and all other members of the School community ¢0 comply with thi8 policy. If an employe¢ is disabled or bewmes th'¥abled durirt8 the course of emplo￿¢￿¢, the School will endeavour to support th¢ ¢mployee ¢0 as great an extent as possible. STRUCTURE. GOVERNANCE AND MANAGEMENT John Colel Dean of Si PAuI'& founded St Paul'y S¢hool in IJ09 And placed the athnini8tration in the hand8 of The Merctt8' Company. The School is a company limited by 8uar8ntee with charitable &￿tu1 (¢ompany number 6141973, re¥istered Iwity number 1119619) which is governed by its Memorondum and Articley of Ass¢xiation. The Mercers, Company, Liverycompany. abody corporate forni¢dby Royal Charter in 1394, 15 the sole member. The School ha& two linked charitie$. The St Paul's School General Clwithbl¢ TN8t {r¢gis¢ered Glwiiy number 1119619-1> and St Paul'8 School Central Prize Fund (re8i¥lered charity number 1119619-2) which hold the School's endowment fimd8. Governln8 Body The Governor8 of the School 4re the truste¢8 of the charity and directors of the ¢ompony. The Governors 8erving at the date of this report. and who serv￿ throughout the period I September2022 until 31 Au8U812023 (eX¢￿t where otherwi8e Btaied), Rtclwd C&8aell (Chair) Tim Haynes IDeputy Chair) Tom Adeyoola Sarah Barker Very8J] Exelby (Sufesuardirtg Governor, EdtKational Visits Governorfvm I Sepiember 2022) Andrew Fenwick (ap￿illted I Scptember 2022) Lord Grabiner QC (retired JI July 2023) Joanne Harris (Hedlth ol￿sa/¢ty Governorfrom 31 Oc¢ober2022) (app)inied I September 2022) Harold Hampson Samuel Newhous¢ Ali8on Palm¢r (Boarding Governor) Ai8ha Sanuyi (Inclusion Governorfrom I Seplember 2022) Sarah Thomas Rupert T4t¢ (appointed I September 2022) Mark Tuffney (appointed 31 October 2022) Rt. Hon. Lord Vaizey 13 ST PAUL'S SCHOOL GOVERNORS, REPORT (contlllued) FOR THE YEAR ENDED 31 AUGUST 2023 STRUCTURE. GOVERIYANCE AND MANAGEMENT (totttiththed) CoiNmitt¢es (Non Governors ure marked wlth 47n ) ComJRittee." Sarah Thoma& (Chair) Tim Haynes Rupert Tate (fmryl I September 20221 Mark Tuffi￿y (from 31 October 2022) FlnARee Commlrte¢.' Harold Hamp80n (Ch¢7w) Richard Ca58ell Andrew Trenwick (from I S¢ptemb¢r 2023) Tim Ha￿e8 (from I S¢ptember 2022 until 31 August 2023) Samuel Newhouse Aliuon Palmer Nomtha¢lonJ 4TAd Remwner4don Commillte.. Ali8on Palmer (Chair) Richard Ca85ell Tom Adeyoola {from I Sept¢mbor 2022) S￿h Ba Publie Brt￿flt CL•MINlttee.' SAmwl Newhouse (Chalrfvm I Sepfernber2022) Ri¢hard C￿￿11 Tom Adcyoola Ai8ha Sanusi (from I September 2022) Rt. HOTh tA)rd V4izey (from I September 2022) Safe8M4rdlng ct1m￿l￿te.' Veryan Exelby (Chair) Joanne Harriy (from I September 2022) Sarah Thomas Nick Arnold Paul Doyle Clar¢ Kelly ' Sam M4dd¢Th * Nick Watkin5 • 14 ST PAUL'S SCHOOL GOVERNOKS, REPORT (cont1￿lled) FOR THE YEAR ENDED 31 AUGUST 2023 STRUCTURE, GOVERNANCK AND MANAGEMELYT (contlnued) Key MalltTgemeni Pern?wid.. Hlgh M8Jter: SurmAlter, St PAlll'J: Head, St Paul'i Jllnlon: Finance Director: Sally-Anne Hu8Dg Frdncis Clough Oliver Snowball {from I September 20221 Steven Grace Reeruilmeni. Iftdmction Tralnlns of Govern*7rs The existing Memornndum and Arti¢l¢¥ of A$wia¢ion state that It￿¢ sh¥411 bc a minimum of ten and a M￿lmuM of 16 Govemors. Governors ore ¥¢1￿1￿ by reference to their eligibility, per80nal competence and specialist ski118 which are mapped 4gain8t the skills profile and nc¢d& of the whole Governing Ilody. On appointment Governi)rs are given an induetion paek Attend an itidu¢tion ai th¢ School. During the ¢our8e of the year further tr&inin8 18 m&le availAble, and reeornmendAlion8 ar¢ made about Suitable ¢out8eN for Governor8 to atlend. The GovcrnoT8 are responsible for the 8trategic dirtttion, over8i8ht and reBulatory complifince of th¢ School. The management of the School 18 dele8ated to the Hi8h Mas(er supportcd by the Executive Management Team known as the Co Strategy Group. The Governin8 Body meelsat leL4t four time8 ayear. The Hi8h M8$terAt*ndfj the Governing Body meetings and reports on the mona8ement of the khool. The Governin8 Body hag th¢ followin8 yub.¢ommiti¢e8.' (a) Educalion Committee.. rnonilor8, r¢port8 to and adYise5 the Iloard on ihe educational strategy of the School and its impl¢m¢ntytton to includ¢ the l¢vel and quality of education being PTovided; (b) Finance Commi¢lee.' monitors and reviews all a8pect8 of the School's financial perfom)anee, fjnaneial mang8emenl. fiTWICi41 rewrting arrangements, budgetingi fmancial syslems and control8. The Commitie¢ is al80 re￿nSible for the School's portfolio ofinyestmenls, esthbliyhing and followin8 the inve8tsnent wjlicy, moking InV￿lMen1 d¢¢i3i¢)ns. moni¢oring and oversight of the redevelopmen( of the School's buildin88 ond man4¥in8 th¢ upkwTr and maintcnancc of the School'8 reyidential Property wrtfolio,. (c) Nominaiions andR*munerwment funds Re$tri¢i¢d fun(ts Unr¢8tr¢ted tundj 18 18 18 5.293 6,654 112,900 4,614 6.948 111,527 Tfjt￿ futsdl before pethil•n re#rn 124,847 123.089 Pension scheme fundin8 reserve 18 Total fuDdJ 124,847 123,089 The fmancial statements wcrc approved and authorised for i1su¢ by the Gov¢mor8 on 6 December 2023 and were Signed below on its bchalf by= Richard Cossell Chair of Governors Harold Hampson Chair of Finance Committee The attached notes on pa8es 25 to 43 form an intCBral part of these financial statements. 23 ST PAUL'S SCHOOL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023 Notsi 2023 21122 £'o £'o £'ooo £•ooo Net Inflow from operAtlons Net cath provided by operntitig activities 20 4,084 3,799 Caoh flo￿ from InvtttiD8 ACtlvltleJ Payrnents for tBnBible r￿ed 8S8ets Proceeds from Balc of tangible fixed ￿ets Payments for inve8tmcnts Investmenl incom¢ and bpnk 4nd other interest receivcd {7,097) (4,4￿) 10 (11,688) (2,226) 2,018 599 (16,7671 (6,018) C*ih 110￿ from flnin¢ln8 A¢tlvid¢• New cndowments Repayment of obligations under hire purchage contracls 1.500 (20) {20) Net euh provlded by finatt¢ln8 AetIvltlei 564 1,480 Change In caih athd ¢iih ¢qulv8l¢nt• lo tbe reportlllg perlod (12,119) (739> Cttsh and cash equivalents at thc bc8innin8 of th¢ r¢portin8 period 60,660 61,399 Caih Ind eaih equlvalents #¢ the ¢nd of tb¢ portlD8 perlod 21 48,541 60,000 Nev4 borroivlDg •lyils of movement• In net Cash l ooo Fee extra8 {includin8 S¢hool trip8) Entrance ond regi$tra¢ion fe Tuck 8hop S￿¢1 iticome Commi88ion8 and other income 1,559 250 66 16 784 197 60 32 1,891 1,073 OTHER TRADING- NON-ANCILLARY TRADING INCOME 2023 £?000 2022 Hire of School facilitiei Rental incom¢ 29 129 47 71 158 DONATIONS, LEGACIES AND GRANTS 2023 £'ooo 2022 £'o Donations for. Bursaries Prizes and other awards Rebuildin8 fimd Oth¢r 2.330 3214 652 251 2,987 498 3.467 145 Lcgaci¢5 3,485 3,612 29 ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATKMENTS (contInued) FOR THE YEAR ENDED 31 AUGUST 2023 STAFF COSTS 2023 £'ooo 2022 The a88regate payroll costs for the year wcrc as follows: WaBe8 and salaries Social security costs Pension costs.. Defmed conknbution scheme Defmed benefit scheme Tea¢hers' Pension Scheme Medical itisurartee Con8ultAncy costs Contract staff cost8 R¢¢ruitment C08ts Oth¢r 19,024 2.304 17,689 2.179 389 184 2.873 115 176 802 120 29 350 173 2,766 109 170 790 137 25 26,016 24,388 None of the Governor8 received any remunernlion or other benefits (2022.. non¢}. ABgregaw employee benefits of key monagement pergonnel 1,012 1,034 2023 Number 21122 Number The number of ¢mploy¢¢J whoAe emoluments in the yeAr exceeded £60.C￿0 wa&.. £60,000 - £69.999 £70.000 - £79.999 £80.000 - £89.999 £90,000 - £99.999 £100,000- £109,999 £120,000- £129,999 £I30,0￿- £139,999 £140,000- £149,999 £150,000- £159,999 £190,000- £199,999 £200,000- £209.999 £290,000- £299,999 £330,000- £339,999 34 55 32 44 54 19 Of th¢ above staff members 131 (2022.. 126) haye benefits ￿rning urtderdefirted benefit pension ycheme5 and eight (2022.. four) h4v¢ benefits aGGruing under the defmed contribulion 8cheme. Employer's COTJttibution8 for the defmed bencfit ￿￿¢￿¢8 wtr¢ £2.365,559 {2022.. £2,204,197} and for the defined contribution Schernc were £44,168 (2022: £25,020). The hverage number of the S¢hool'$ ernploy¢¢s during the year GalGulated on a full time equivalent ba8iS W48 310 (2022.. 308) and on a head wunt basis was 373 (2022.. 383). 2023 Number 21122 Number Full tlme eqllfivalent ba￿% Teaching Wellare Premises Support Other 202 199 30 30 62 l2 310 308 30 ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (eontlnued) FOR THE YEAR EL¥DED 31 AUGUST 2023 STAFF COSTS (rontiwued) 2023 Number 2022 Number Head count basil Teaching Wclfarc Premises Support Other 237 231 36 82 36 92 16 373 383 ANALYSIS OFTOTAL EXPENDITURE Total 2023 £'ooo 2023 StAlf colts £'ooo Other £'ooo DepreeladoD £?0( Cojti of ralilDg funds Financin8 cosL8 Inole 8) Investmenl mana8ement Fundraisin8 and developmeol Markcling al￿ publicity 1,472 96 134 206 1,472 96 352 669 21B 463 681 1.908 2.589 Ch•rlt•bl¢ Aetlvltl Edu¢4tion W¢lf4rc Premi5e8 Support Coyts and govcrnance GrAnt& awards and prizes 20,001 370 2,168 2,796 3.786 1.981 3,347 425 3,231 462 27 3.001 24,249 2,378 8,516 3,221 3,231 25,335 12,770 3,490 41.595 Total expendlture 26,016 14,678 3,490 44,184 Tot 2022 £'ooo 2022 S¢a(f ¢o•ts Other Depre¢l4tlo £'o(K) Co#ti of raI￿RI Finan¢ing (nok 8} Inveslmenl management Fundraising and development Marketing and publicity 26 1,501 45 48 160 1,527 45 369 528 321 368 715 1.754 2,469 Charltable aetlvltl Education Welfare 18,926 303 2.061 2.383 2.686 1,753 2,054 354 3,107 563 li 2.921 22,175 2,067 7,036 2,737 3,107 Support Costs and 8ovcrnancc Grants. awar&4 and pri7xs 23.673 9,954 3.495 37.122 Total expendlture 24.388 11.708 3,495 39.591 31 ST PAUL>S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (conthiued) FOR THE YEAR ENDED 31 AUGUST 2023 ANALYSIS OF TOTAL EXPKNDITURE (eontiDued) Governan¢e ¢•its lts¢lude41 lrt illpport ¢oits: 2023 £10 2022 £'o Auditor's r¢mun¢Ta¢ion'. For Dudit For woration lax For emplo￿llent tax ￿VIce Statrcosts Ixgal and professional fe 40 36 62 257 13 57 204 26 376 326 The School has obtained F￿mission from the Clwity CoMmi￿10n lo offer a 8ch¢mc of redr¢s& in Ytspe¢t of the historic abuse allegations and ex-gratia paymcnts totalling £1,036 were made during th¢ y¢ar ¢n(l¢d 31 Au8USt 2023 {2022.. £Nil). See note 14 for further inforni8tLI)n. Two Governors12022.. three) were reimbursed travel, ac¢ommodation and othor ¢xp¢n8os wnountin8 to £242 durin8 the year12022.. £982). Amounts paid directly to third Parties on bchulf of Govcrnors during ¢h¢ year omounted to £12,756 (2022.. £24,641). These expenses con815ted of training cos¢B, Jubycription8, legal fou, ¢At¢rin8 ¢OSt8 for Board and sub.committee meetin88, CO8tS Associated with the GovemoT8' away day and ont¢rtainm¢nl ¢08ts on School bu8iney8. GRANTS,AWARDS AND PRIZKS 2023 2022 £'OOD From mtrlcted and eadowed fundi Burwi¢8 and other awards Prizu and leAvinB awards 3.120 2,983 124 3.231 3,107 FINAI¥CllYG COSTS 2023 £'o 2022 £'ooo Privale placcment finan¢in8 ¢08ty Hire purcha8c interesl Net finance costs of defjned benefit p￿slon s¢hem¢ Provision forbad debts 1,458 1.458 26 39 10 1.472 1.527 32 ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 AUGUST 21J23 TANGIBLE ASSETS Assetj held UDder eon8truttloD £'o Furniture fittiDgs & Eqllipment £'o Ch*ritabl¢ prnpertiel V¢hi¢kn and Boats £'ooo Total £*ooo £'ooo Cmt At I September 2022 Additions Disposals TTyn&fcrs 5,839 5.709 120,611 695 (1,654) 4,898 5,163 637 (2l8) 244 786 56 132,399 7,097 11,8721 (5.142) At 31 Auguit 2023 6,406 124,550 5,826 842 137.624 DepreC￿lIOn At I September 2022 Charge for the year Di5posalg 17,310 2.905 (753) 4,139 548 {217) 717 37 22,166 3,490 (970) At 31 A￿8￿$t 2023 19,462 4,470 754 24.686 Net book value Ai 31 Augu¥¢ 2023 6,406 105,088 1,356 88 112,938 Al 31 August 2022 5,839 103.301 1,024 69 110,233 AS at 31 Augu8t2023, the SCI￿1 ha8 Capital commitments of £1,051,311 (2022: £2,093,264) in relation to the Sclwol'8 rebuildinB proBramme. The net book value of ￿4ets held under hire purclwe contracts was £Nil (2022.. £36.927). The depreciation chorge for th¢ y¢or w48 £36,927 (2021.. £40.284). 10. INVESTMENTS 21123 £•ooD 2022 Lliled Invutment•: VAluation ut I September 2022 Additions at cost Net B4irt31 (10&8eJ) on investhlents 9,931 11,688 255 8.544 2,226 (839) Valualion at 31 Augu812023 21,874 9,931 Total inve8tmellt¥ al 31 2023 21.874 9.931 Invegtmenti compr1￿. Llsted lllvH¢m¢nts Equiti¢8 Bonds Pwl¢d investment vehicleB Cash holdings 17.355 1,865 1,544 1,110 8.067 463 749 652 Total inveslments at 31 Au8U8t 2023 21.874 9,931 Cost of investments 20,759 9,071 Of the total 1￿C5t[ne￿ts of £21,874,OIM) (2022.. £9,931.000). £8355,000 (2022: £j,609,C￿j are I￿ld in tbe UK ¥nd £13,519,000 (2022: £6.322,0001 are held ov¢r8¢48. The School also has a £1 investment (2022.. £1) in its subsidiary undertaking, St Paul's School EntCfPri8es Limit￿, which was incorporated on 29 May 2019. The compgny Commenced tsadll￿ on I Septe￿ber 2021 and its r¢sults for the year ended 31 August 2023 and 2022 are sho￿￿ in Dote 23. 33 ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (¢ontloued) FOR THE YEAR ENDED 31 AUGUST 2023 11. DEBTORS 2(123 £>o(K) 2022 Fccs Amounts owed by group undertakit Sundry debtors Prwaym¢nts and a¢cnThl income 144 307 1,702 75 321 1,075 2,160 1,471 12. CRKDITORS: due wltbln ODe year 2023 £¥ooo 2022 £'ooo Trade creditors Fees received in advatt¢e Refundable deposits {not¢ 15) Hire purchase contr4Gt8 (note 15) Other laxu and ￿la1 Other creditors Acorua18 and deferrcd incom¢ 993 1,513 543 20 622 340 2.815 1,267 1,129 569 20 14 340 2,112 6.846 5.451 Deferred income brought forword &$ at I September 2022 WAS £]74,￿)0 (2021: £159.000) And earri¢d forward os at 31 Augus(2023 £195,01)0 (2022.. £174,IM)01. Thi& mostly related to advance School bus income re¢•ved. The omount relea8ed to thc Statcment of FRnan¢i&l Activitie8 in the year wa8 £174,OCM) (2022.. £159,000). 13. CRKDrroRS: amounts faUln8 due after more thall one year 2023 £'oo 2022 £*ooo Ftts reeeived in advance Refundable deposits {note 15) Hire purchase contract5 (note 15) PrivAte Placcment fund 37 3,797 17 102 3,644 37 50,0(M) 50.0 53,851 53.783 On 7 June 2017. the School entered into a private pl￿ent arrangemMt with BAE Sygtems Pension Scheme for £15m of funding at a couw>n rate of 2.3°h towards the con&tru¢tion cost& of Phase 2 of the General Teaching Building. Drawdown of the fvnd8 took place in June 2018 and the capital will be repr4id over t¢n equal annual in8ts1ments of £1.5m commencing in 2028. On 12 March 2019, the School entered into a 8econd private pla¢emertt arrangement with Thr Prudential Insurance COm￿nyof America for£35m of funding al a coupon rate of 3.180/0 toward$ the ¢ongtNction ¢08ts of the next phases of the School mastcrplBn which includes the rebuilding of the Junior School. Drawdown of the funds took plac¢ in March 2019 and the ¢apithl will b¢ rep8Trd ovw 14 equal annual in8ts]ments of £2.5m ommencing in 2039. 34 ST PAUL'S scH￿L NOTES TO THE Fn¥ANClAL STATEMENTS (¢ODtlnued) FOR THE YEAR ENDED 31 AUGUST 2023 14. PROVISIONS FOR LIABILITIES AND CHARGES 2023 £'ooo 2022 £'ooo AS at I September 2022 Amounts utilised 66 (i) 100 134) A8 8t 31 August 2023 65 66 Ptovisions for liabilities and charyes of £65,000 0$ At 31 Augu8t 2023 (2022.. £66.000) relates to the best ¢81imJt¢ of legal costs to be incurred 8ub5equent to the year-end in respect of the historic abuse alle8ation8. 15. REFUNDABLE DEposrrs AND HIRE PURCHASE CONTRACTS Ref￿ndIble depo￿19 2023 2022 £•ooo £'Doo Hlre pur¢h** tontraets 2023 2022 £'ooo After 5 ￿0T¥ Belween 2 to 5 yeAf8 Between I to 2 years 1.069 1.573 555 1,631 ,539 474 17 20 17 Afkr more than l year Within l year 3,797 543 3,644 569 17 20 37 20 4,340 4,213 37 57 16. OPERATING LEASE COMMITMENTS Operating leaKs that Are 8ubject to future rninimum lease commilmentB are as follows.. 2023 £*ooo 2022 £'fjoo Ai Le•￿. Lem than l year Photocopier8 Frthin8 machine8 Compute Minibu8e Land and buildinB8 Bettyttn l 2 yelri PhOt{￿1)plers Franking machiney Compuler8 Minibuses Land and building8 Between 2 And S year• Franking machine$ Minibusey Land and building8 Over 5 year IADd and buildings 36 20 26 48 20 37 36 20 16 10 io 10 24 754 755 901 947 35 ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR EL¥DED 31 AUGUST 2023 16. OPERATL¥G LEASE COMMrrMENTS {coDtIDued) 2023 £10 2022 £'uw) LesBor: Less than l year Land and buiidingB Between l 2 ye8n Land and buildingy Between 2 ind S yea Lhnd and building8 102 44 190 96 Amounts charyed l (eredlted) to Statement of Flnancl AttIvItI￿. Photocopier8 Fronking machine8 Computers LaDd buildin88- ex￿dilure LaDd buAldin88- income 48 20 37 20 30 (09) 17. ANALYSIS OF IYET ASSETS Th¢ School's net as&ets are held for vatiouj fimd8 4nd adv8nce fee8 as follows: Long term Il*bllltle4 provl•lon8 & pett￿00 defielt £'ooo ThDKlbl¢ Ilxed Asmts £?OOD Net cvrrnnt 2023 Inveitment• £'ooD 5.194 5.677 11.003 I?(￿0 99 977 42,875 £?000 5,293 6,654 112.9(Xl Endowrnent fund8 Restncted Unrestricted fund¥ 112,938 (53.916) 112,938 21,874 43,951 (53,916) 124,847 term Trts8lble Net currtnt A8yetJ provl8loDI & penilon deflclt 2021 Invethelltl £'ooo 4,600 5,331 To¢ £'ooo 14 1,617 55.143 Endowment fuDd8 Restricted ￿ndS Unrestricted fund 4,614 6,948 111,527 110,233 (53,849) 110,233 9,931 56.774 {53,8491 123.089 36 ST PAUL'S SCHOOL NOTES m THE FINANCIAL STATEMENTS (coDtlnued) FOR THE YEAR ENDED 31 AUGUST 2023 18. FUNDS Baianee I September 2022 Tr&nrfe￿ & Other GAlns l (Louei) £*ooo B*Janee 31 August 21J23 £*ooo Incolne Expendlture £,{￿0 £'o Endowed fllttdi Scholarghip furtds Bursary fvnds Prize funds 524 1,738 352 29 75 {9) 553 4.397 343 584 4,614 584 95 5.293 Reltrkted fulldi Bursaries Scholarships Prizes and other fiuknls Rebuildin8 futtd 3,416 137 I,726 1.669 2,403 (3.120) (6) (105) 2.701 149 2,135 1,669 477 37 (2) 6.948 2,893 (3,231) 6,654 Unrellrlcted fu•d• General r&8erye Pension scheme fvnding reserve But8arie5 and partherships fund Fulure estate capital fund 109.977 42,658 17 149 15 (41.535) 612 (27) (3) 113.981) (629) 12,485 1.612 97,119 12,607 3.174 1,550 111,527 42.839 (40.953) (513) Il2,900 Tot￿ fund• 123,089 40.316 (44,184) (374) 124,847 BslADce I Septemb•r 2021 £>ooo TrAniferi & Other GAI0• l (LoMe•) £'ooo BalAnte COMPARATIVE FIGURES Income £'oN) Expendlture £*ooo 2022 EndD*¢d fundb Scholarship fi￿d8 Bursary funds Prirx funds 546 2,551 399 (22) {313) (47) 524 3.738 352 1,500 3.496 1.500 (382) 4,614 R￿rIcted fundi Bur5arics Scholar5hip8 Prizes and other fund¥ Rebuilding fiuld 4.940 138 ,649 1,669 1,879 (2,9831 (41 (1201 (420) (5) (33) {2) 3,416 137 1.726 1,609 230 8,396 2,119 {3,107) {460) 6.948 Unrestricted fulldi General reserve P¢n5ion scheme funding reserye Fulure ¢slat¢ capital fund 110,444 {1,954) 38.186 (37,106) 622 (1,547) ,332 1,550 109,977 1.550 108.490 38,186 {36,484) ,335 111,527 Totsl funds 120,382 41,805 (39,591) 493 123,089 37 ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEME]YTS (contlnued) FOR THE YEAR ENDKD 31 AUGUST 2023 18. FUNDS (¢otttinued) Endowed fundi Endowed fimds are for 8cholarship, bursary and prize fimdy. For thes¢ fvnds the capityl is endowed and the ati¥ing income is restricted for the expenditure as 8howTr by the of ¢ndowm¢rtt fimd. Restrlcted fund• 11)e bursary and scholyrship fund8 represen( accumulated income on various restricied and endowcd gifts iniended to nd bursari¢s and 5¢holar5hipB for pupils. Prize funds are for the cost8 associated with awording the varioug prize8. Th¢ rebuilding fund wa8 Created for buildin8 programmes. The transfer from thc rcbuilthn8 fund to the unrestricted 8encrai reserv¢ of £2,000 (2022: £2,000) relate8 to the use of Te&tricted donations towards thc cnpital expendiiure on buildings during the year. Unrutrleted fuDdi The bursarie5 at)d partnerships filnd rqire8enLq fund8 designated toward8 bursHry aw8rds and partrerghip work. The Kayton legacy proceeds of £9,206,000 w¢re tronsferred to the fund together with amounts totallin¥ £180.000 paid to the School under gift vlid from St Pjul's S¢h(Trol En(erpri8es Limited and the School'8 remaining c4$h Surp1￿ for the year ended 31 August 2022 of £2,988,OIY). Thc future esthte capital fund repre8enL8 contributlODS trArt8ferred out of the School'8 cash surplu8es towardq thc long t¢m provision of capital to allow the replacemcnt and r¢fvrbighment of buildinBs and fabric of thc School ¢8tat¢ in the lon8 temi if needed. During the year etuled 31 Au8U8t 2023, a further contribution of £1,610,00012022.. £1.550,000) WLq made. 19. PKIYSIOIYS Non-TeachlDg sthff Pen￿0￿ Fund Th¢ S¢hool makes contributiony to the S¢ P&ul'A Schools Non-Teaching St&ff PenAion Fund a defin￿ be￿fil ￿herne YD th¢ UK. Sitjce l November 2006, the %hem¢ hA8 beert closed to ttew members and closed to futyre ac¢Tu41 on I January 2016. Contributions (including the expenye allowattec) for the yeArtnded 31 Au¥u8t 2024 are eXp￿*d to be £789,000. The digelosures ghown below adopt the accounting standard FRS 102. A fvll actuarial valuation of the Scheme was CAThied out aN ai 31 Augus¢ 2020 ond has been updated to JI August 2023 by a qualificd indepcndenl actuhry. The next full actuarial vuluation 13 due a8 41 31 Au8U8t 2023. The Major aBsumptionB u8ed by the Actuhry were (in nominal terni8) as follows.. 2023 2(122 Di8¢ount rale Inflation a8sumption {RPII Inflation assurnption (CPI) Rate of in¢rca8c in Salaries 50/0 LPI pension Lncrcase a85umption 2.5Q/o LPI pen%ion increase assumption 5.30 3.30 3.00 3.00 3.00 2.30 4.20 3.40 3,10 3.10 3.10 2.30 Assumed life expectancies on retirement at 4g¢ 00 are.. Retiring today Males Females 24.5 28.4 25.1 29.1 Retiring in 20 years, time l*tales Femal¢s 25.7 29.6 26.3 30.3 38 ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (conthhued) FOR THE YEAR ENDED 31 AUGUST 2023 19. PENSIONS (fondnued) The assets in the schcmc al￿ their value8 were.. 2023 £'ooo 2022 £'DrM) Equities Liability driven inv¢Btments Cash and other as8ets Securcd pensions Absolute return fijod 6,023 9,982 135 103 959 141 157 5.541 Fair value of Bcheme amets 11.179 11.862 The actual r¢turn on asJ¢ts over the p¢tiod waB (7891 (1.717) 2023 l'ooo 2012 £'ooo The Amourtti rewnl•ed In the bjknnfe ibeet are u follo￿. Present value of obligations Fair value of Jcheme asyets (10.407) 11.179 {11.7721 11,862 Surplus in funded scheme Adjustment for unreco8nised as8et 772 (772) 90 (90) Net 8urplu8 in 8¢heme 2023 £'ooo 2022 £'ooo Re¢on¢UiAtlon of openlng and clmlng balancu of the pre*nt value of the dellned beneflt tsblSgatlon Ben¢fLt obligation at beginning of year Int¢r¢st ¢08t Actuarial gains B¢nefils paid (excludin8 expetise81 11.772 483 (1,342) 1506) 15,400 242 (3,355) (515) Benefit obli8ation at end of year 10,407 11.772 Retonclllatlon of openlnff attd bJl*ts¢u of the fnlr vAlue of ieheme #wt• 2Q23 £*0 2D22 £'o Fair value of 8cheme as8ets at iKginning of year Inlcr¢8t income on scheme assets Return on usets {excluding interest income) Contributiotw by employers Benefi¢s paid (excludin8 expenses) Scheme administrativc cost (i.e. expensES paid) 11.862 500 {1.289} 789 (506) (17n 13,446 216 {1,933) 789 (515) (141) Fair value of8cheme assets at end of year 11,179 11,862 39 ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS {eontlnued) FOR THE YEAR ENDED 31 AUGUST 2023 19. PEL¥SIONS {contknued) 2023 £'o 2022 Amounts re¢oKnlsed In tbe StAtement of FID*nclal Activities Sttvice cost_ administrative cosl (i.e. expenses paid) Net inlere5t on the net defined benefit liability 177 (17) 141 26 Totsl amount ch3rBcd to the Statement of Financial Activilies 167 2023 £'ooo 21122 £?0( RemeAiurementJ of the net defined b¢nefit Il*blllty to be JhoY4n In SOFA Aciuarial sai￿ on th¢ liabiliti¢8 Return on assets (excluding inl¢r¢st I￿Ome) Surplus on scheme that is not rKoY¢rabl¢ (1.342) 1.289 682 {3.355) .933 90 Told remeasurement of the net defined benefit litibility to be Shown in SOFA 629 {1,332) The 8urplug linked to the d¢fiDed benefit ￿herne is not a re¢overable amount and therefor¢ has not b¢en recogni8ed in the financial statementB in accorda￿¢ with FRS 102. Informatlon about the type of rtheme And fundlng p&lS¢y The geheme provide8 penyions in retiremcn¢ and d¢?th bcn¢fit8 ￿ member8. Pension benefits are linked to rnombers, rlnal salary at the date of leaving employmml and th¢ir l¢ngth of A¢rvice up to the date on which the scheme closed to future accniAI, l January 2016. The 5chcmc 18 a re8istered Scheme under UK Icgisl4¢ion and 18 Subject to the scheme fjjnding requirement8 ou111t￿d in UK legislalLOrt. The b¢hcm¢ wos ¢stabliyhed from l June 1989 under tNJt and 15 governed by the gcheme'i definitive truxi deed and le¥ dated S July 2001. The trusiees are re8pomqibl¢ for th¢ opcr4tion ortd governance of the hcheme. ineludin8 Tr￿king de¢i5ions regarding th¢ scheme's funding and investment strategy. IDformallon •bout the mo•t r¢eent actuArlal valu*tlDn of th• dellrted beneflt obllgatlon at the aceouDtIDg dA¢e The most recently ¢ompl¢t¢d fonnal a¢tuarAal valuation of the icheme ai 31 Au8ust 2020. Thi8 showed that on that da￿, the value of the technical provi¥ions was £2J.560m and the value of the o&8ets £17.542m, 8iving riBe lo a d¢fi¢it of£6.018m. Th¢ valu¢ of the liabilitiey has been e5tima¢¢d by updatin8 thc results of the actuarial valuation &8 &t 31 Au8U8t 2020 to allow for th¢ passage of time, actual inflation expen¢n¢¢, bencfit8 paid out of the scheme and ¢hang¢s in a¢tuarial assumptions ov¢r th¢ p¢riod from 31 Augu8t 2020 to 31 Augu¥1 2023. Such an approach is nornial for the purpose of accounting di8clo$ure$. 1¢ is not eXp￿ted that these projections will be maierially different from th¢ ¥umtn41ion of individual calcula¢ions at the accounttng date, althou8h there may bc some dis¢r¢paThcy between the actual liabiliti¢& for thc 5Ghrmc at the accounting date and t1￿8¢ included in the disclo8UT¢5. Th¢ nexi f(mll41 actuarial valuation of the ￿herne 18 due as Mt 31 Ats8USt 2023. b) T¢4¢bln8 Staff Pen8lon Seheme The School parti¢ip4t¢$ in the Teache￿, Pension Schem¢ I'th¢ TPS.). for its tsaGhing staff. The pension char¥e for the year in¢lu(ks ￿ntrIbUtiOnS payable to the TPS of £2,873,000 (2022.. £2,766,IM)O) and at the Year-et￿ £Nil (2022= £Nil) WAS arxnKd in respwl of contributions to this scheme. 40 ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ELWED 31 AUGUST 2D23 19. PENSIONS {CDntinued) b) T¢*ching Staff Pension Scheme {coThtlDued) Th¢ TPS i8 an unfunded multi-employer defined benefits pension scheme govemed by the Teachers, Pension& R¢gulatioTh$ 2010 (a8 amended) and the Teachers, PEnsion Scheme Regulations 2014 (as amended). Mcmbc contribute on a 'pay as you go" b&41S Wlth contributions from m¢mbeTS and the employer bcing creditcd to the Exchequer. Reiirement and other p¢ttsion b¢n¢fits are paid by public funds provided by Parliarnenl. The employer ¢ontribu¢ion rate is 8et by the Secretary of Sthte following soh¢m¢ valuations und¢Ttsken by the Govemment A¢tyary's Department. The most recent acDJarial valuation of the TPS wa8 prepared a8 at 31 Matrh 2020 attd the Valuatton Report w&$ published in October 2023. Followitig th¢ Mccloud judgemenL the remedy propoacd that when IMcfits become payable, eligible mernbe￿ can ¢l￿t to reccivc them from either the refornied or Icgacy Schemcs from l April 2015 to 31 March 2022. The actuarics have assumed that members are likely io Choo￿ th¢ option thai provide8 them with the gre&ter benefits, and in preparing the 2020 valuation, have vhlued the'greater Value, benefit¥ for 8roup8 of r¢l¢vont m¢mb¢r&. The Department for EdU￿tIOn ha8 artnoun¢¢d that, with effKt (rom l April 2024, the TPS employ¢rcon¢ribu¢ion rat¢ will increose from 23.6Q/o to 28.60/0. Employers are also wuired to pay & ￿h¢￿t admitii8trats.on Icvy of 0.08 % giyu total employcr contribution rale of 28.680A. D¢tlned Colltrlbutlon Pen￿On Scheme Thc S¢hool pays into vl defined contribution scheme for ￿(>￿-te#ching sthff. The superannuation charge represent8 the School'8 contribution8 to the Kheme of £389,000 {2022.. £350,0(KJl. 1There were no contributions out8tsndin8 at the ar-end {2022.. £Nil). 211. RECONCILIATION OF NET INCOME TO NKT CASH INFLOW FROM OPERATING ACTIVITIES 2023 £'oDo 2022 £'o Net income Elimination of non-op¢rats'ng cash flow&: Dividend income Interest rcceivglble Endowment donation¥ Defined benefit penyion 8cheme adju8ttnent8 Depreciation charge (Gainsl11088e8 on investments In¥8e￿{SUrpI￿se8) on disposal oftangibl¢ fLxed asjets Increa￿ in 8to¢k Illcrea￿ in debtor8 Increase in creditors {excluding hire purcha8e and refund&ble deposits) Deer¢48e itt provision8 lrtcretse in refillthble deposits 2,387 ,375 (3751 (1,6431 {5841 (629) 3,490 {255) 902 (2) (689) 1,356 (159) (440) (1,5001 (6221 3,495 839 (6) (394) 1,049 (34) 196 127 Net inflow from operations 4,084 3,799 21. ANALYSIS OF CASH AI¥D CASH EQUIVALENTS 2023 £'ooo 2022 £'ooD Cath in Iwid and instAnt access bank 8wounts Notice and r￿ed tenn deposAt account8 2.237 46,304 8J12 52J48 48,541 60,660 41 ST PAUL'S SCHOOL NOTES TO THE FINAI¥CIAL STATEMENTS {eontinued) FOR THE YEAR ENDED 31 AUGUST 2023 22. RELATED PARTY TRANSACTIOLYS The following transactsons . Th¢ro 4r¢ no othcr r¢lAted paty trAll8aCtions for the yw8 ended 31 Au8Ult 2023 or 2022. 23. SUBSIDIARY UNDERTAKING St P4ul's S¢hool Enterprises 1.imitcd is a wholly own¢d subAidiAry undertaking of St Paul's School and 18 r¢8lStered in E."ngland 4nd Wal¢A. The r&guIts ofthe company for the year ended 31 Augu8t 2023 were ay follows: 2023 £10￿) 2022 £'oo IlThover from CODlinuiti8 oper&uon8 299 153 Direct costs (159) (71) 140 82 Adminixtrative expert￿& (5) {2) Operating profit 135 80 Gift aid payable to St Paul'$ Sch￿1 (180) (45) 80 Proflt brought forward 80 Retained in the subsidiary 35 80 At 31 August 2023 th¢ company had net assets of £35.(KK)12022: £80,000). St Paul's School Enterpriscs Limited is a company limited by share copitsl Tegistered ill England, company nurnber 12021201. 42 ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS {coutlnued) FOR THE YEAR ENDED 31 AUGUST 2023 STATEMENT OF Fll¥ANCIAL ACTIVITIFS- COMPARATIVE FIGURES BY FUND TYPE Unrextrieted Rutrieted Endowed fund8 fundi funds £'ooo £?(KM) Total fundi rncome endowmeDts from: Chan'tsble activities School fees receivable Ancillary trading income Other tr￿Ill8 aCtivitl¢S Non-4ncillary trading income Inv¢s¢rncnts Inv¢yl]n¢n¢ inwmc Bank and other interest Volunlary sources Donation8 and leBacie8 Other income: Surplu8 on diyposal of r￿ed a88ets 36.397 1,073 36.397 1,073 118 159 159 440 440 152 1.960 1.500 3,612 Th¢￿ Income 38,186 2.119 1,500 41,805 Expendlture ofj: Rai8ing fiwds Financing co818 Invc5tmenl management FLuthi8ing and development MArk¢tinB and publicity 1.527 45 369 528 1,527 45 369 528 2.469 2.469 Charithble activitie8 Educvltion and 8rartt making 34,015 3,107 37.122 Thtll expendltuye 36,484 3,107 39,591 Net Ineome l (expendltsre) from operAtlonJ before Inwestmellt OoM¢i) 18*lni Ind tran•fer8 1.702 (988) 1.500 2,214 Net losses on investments Transfers betweon fund8 (457) {3) 1382) (839) Net Income l (exp¢ndlture) 1.705 (1,448) .375 Other re¢o8niwI louei Pcnsion 8chem¢ actuarial gains 1,332 ,332 Net ￿0￿ment In fund• Fund balances at I September 2021 3,037 108.490 11,448) 8.390 2.707 120,382 3,496 Fund balances at 31 August 2022 111,527 6,948 4,614 123,089 43