ST PAUL'S SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Reglstered Company Number: 06141973 Regiltered Charlty Number: 1119619 ST PAUL'S SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 coNrENTS PAGE Section Page No. Chair of Governing Body'8 Staternent Governors. Report 3-18 tndepcndent Auditor's Report to the Members of St Paul's School 19-21 ststement of Financial Activities Summary tncome and Expenditure Account 23 Balance Sheet 24 Stat¢m¢nt of Cash Flow8 25 Notes to the Financial Statements 26-44 ST PAUL'S SCHOOL CHAIR OF GOVERIYING BODY'S STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 I am pleased to report that this has been a year in which the School has achieved continuing incremental increases in academic and sporting success from a very high stsrting point. On the academic fronL our pupils have achieved record succe&8 at A Level with IOO/o more A* results than last year, 300/0 achieving straight A* grades. Similarly the School's GCSE results reflected IOO/o more grnde 9s and stronger results across 11 subjects than last year. Pupil achievement forArt was particularly commendable: at A Level, two pupils were recognised as amongst the highest perforners in the country in Art and Design, and at GCSE four pupils commended as amongst the highe4t perforniers nationally for Art. A ￿rther two pupils were ranked amongst the highest perforniers in the county for Further Mathematicy and one pupil was the top pupil nationally for Physics. Pupils have represented the School in the fmals of a variety of Olympiads, including Astrophysics and Chemistry lo Computing and Lingui8tlC8' and five pupils secured invitations to the final of the Oxford University Computing Challenge. The real achievement for the School is to achieve these results at the same time as maintaining great succes8 across a range of Co-curricular activities. In one of their most SucCe￿ful years on record. the I st VIII won the 'QuadnJple' with victorie¥ in the Head of the Charles, the School'?i Head, th¢ National School's Regalla and the Princess Eljzabeth Challenge Cup. In Rugby, the U14 Sevens squad rea¢h¢d the final of the Rosslyn Park National Seven8 tournament. In Engineering, Firefly Racing won the Ford International Engine¢ring Award at the Greenpower Internalional Final and 8ecured a podium win and a sustainability award al the Lotus Test Track Hethel. and the Fifth Forn) won the School's first LEGO league Irophy. The School celebrated succeK8 at the annual Young Enterprise showpiece. with St Paul'8 teams winningi awards for best product category, be.81 customer service, most innovalive product and best pitch. It 18 perhapy worth reflecting on the extraordinary range of ¢ulDJral. athletic and co- curricular achievement in a school given that pupils are athnitted on academic ability a& a clear priority. Last year I noted the work on School Value￿ across the entire School, which work continues ihrough the ongoing success of the house qystem, well established enhanced PSHE tuition and a Lontinuing focu8 on the School as an integral part of the wider community in our area of London. The School continues to lay a significant emphasi8 on ils partnership work, deepening relationship¥ with partner schools. In the 2023-24 academic year, SPS worked wilh 82 partner g¢hool8 and reached 4,41 I pupils. 7,523 slaff hours were spent on partnership work, L8th pupils gave 1,600 hour8 for volunteering and 61h Forni pupils gave 348 post GCSE volunteering hours. Feedback from staff and pupils iq that this work 1% enriching for them. This ¥ummer, we included an additional residential school - the inaugyural space school in partner8hip with the Mullard Space Science Laboratory (MSSL) at UCL. This meanl that nearly 120 YIO pupi18 acce88ed one of the three 8ummer schools. We also worked closely with three multi academy trusts (MATS) to engage 8tudent8 from areas of high deprivation across England. The three MATS (Siar, E-ACT and Lift) provided 600/0 of the places oftered on the summer 8chool8 with the rest filled with students from an open call. The connection8 between our School and St Paul's Girls, School continue to increase acroy8 all areas of co-curricular activitie8 and the majority of pupils al our School now have contact with LoUllte￿arts at the Girls, School. We are proud lo be part of the same foundation as our 8lSter school under the benign and t>UPPOrtive umbrella of the Mercers, Company working together under our new Memorandum of Understanding framework, e8tabli8hed fornlally in January 2024. This year has seen great progr￿4 on the rebuilding of the Junior School, the contours of which are very vi8ible as you enter the School. At the risk of tempting providence, we still hope that the ¢on8tru¢tion will be completed on time for next calendar year (and close to budget). l am sure that ihe Junior School pupi18 will be pleased to t>ee their new buildings available for use with their improved facilities but I am very pleased to 8ay that, as a result of the efforts of our Heathnaster and the r¢st of the team, the work of the Junior S¢hool h&q faced very little disruption. The governors and School leadership have been wrestling with the fmancial consequences of the imposition of VAT on school fees and the burden that thi.8 places on OUT parents. We are committed to working to minimise and ease this financial strain to ihe greate$t extent possible and last year saw a significant amount of work preparing for this so that. when ihe announcement was made in the summer, we were ready to announce one of the lower in¢reases in the independent school 8ector and able to give significant advance warning to ourpar¢nts. Our preparation for straightened budgets led the governors to initiate a consultation with teaching Staff on changes to the teachers. pension arrangement8 Wlth a view to constraining future pension co8ts for the School while protecting the pension position of our teachers lo the grealest extent possible. Thi8 process has now concluded successfully and I would like to thank the teachers who participated in the consuliation process. ST PAUL?S SCHOOL CHAIR OF GOVERNING BODYgS STATEMEIYT (eonthilled) FOR THE YEAR ENDED 31 AUGUST 2024 The result of this and oiher initiativeg during this past year is to try to position the School in as strong a po8ilion as possible to mitigate Ihe further cost pressures as Ihe nel cost of V AT to the School incieaqes in coniing years. We are colliiniiied to lrying to maximise acces% to tlie School for pupils and poientiul pupils and lo lrying to ensure that as many as possible of our exisling pupil4 ¢an complete th¢ir educalioll at our School. We remain committed io our biirsary provibion, based around voluntary support, as well a.q our partner811ip provi.8ion. As always, the achievenienls of the past year have rested on the leadership and hard work of our High Master and senior lead¢i'%, as well as the continiiing commilment of tlie leaching and support stafl to the succ¢&8 of the School. The governors are very aware Ihat all .81aff regularly tliai extra mile for tlie pupils with good grac¢ and enthusiasm. 11 is the extra effort that makes the differ¢n¢¢ between a good scliool aiid greai school, Richard Ca88ell Chair of Governors 4 December 2024 ST PAUL'S SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT OBJECTS, AIMS AND OBJECTIVES Charilable Obieels The objects of the School, as stated in its governing document, are: To promote in Greater London the education (including 80cial and physical training) of girls and boy8 and in particular but without prejudice to the generality of the foregoing to conduct and maintain schools in or near to Greater London for girls and boys. and To pursue the objects of the School by ￿lln1ng a LN)ys' school and only educate members of the opposite Sex with the prior written consent of, and subject to, any ￿strICt10n impos¢d by the Mcrcers, Company. Alms and Inlended Impact The School has a strong academic tradition which it is committed to maintaining. The School aims to provide an excellent all-round edur&tion for able boys, which includes scholarship, breadth and balance in the curriculum, the highe8t standards of pupAI welfare and a wide programme of varied sporting, artistic and extra-curricular activities, In the furtherance of these aims the Governors, a8 the charity trustees, confirni that they have complied with the duty in Part 2{17) of the Charities Act 2011 to have due regard to the Charity Commission's published general guidance on public benefiL Aims ofthe School To provide an out81anding intellectual, 8Piritual and physical education, combining tradition with the bcst of the present, which prepares boy8 for their future. To honour John Colet's founding commilment that St Paul's is open to academically eligible boy8, regardless of their economic or social circumstance. To foster a culture of scholarship* and to develop a Spirit of enquiry and curio¥ity, through inspirational and respon8ive teaching. To provide a strncture of individual and pastoral care that promote8 a boy's independence, whilst fostering respect. kindne88 and Service. To develop and maintain the School's facilities in order ¢0 ensure that the physical environment of St Paul'8 SUStain8 the excellence of its education. To build substantive links with the local community through Pauline voluntary service, partn¢r8hip programme8 and the sharing of facilities. Objectives ¢0 A¢hieve ihe Aimsfor ihe Year The Governor8, three to five-year objectives and perfomiance against them are shown below. These are shown under the three pillar8 of Education, Public Benefit and Finance and it is shown where some objectives relate to more than one pillar. Educatlon, Publlc Benefit and Flnanee l. Grow collaboration between SPS and SPJ in order to build the 7 - 18 experience. Fully understand and disseminate the School's unique qualitlC5 in comparison to other 8¢hool8 in the sector and explore platfornis for sharing this more wid¢ly. 3. Detennine the future of boarding at the School. Education and Finance 4. Determine a clear framework for employees to be recruited, managed, developed and supported as needed for the fut1￿¢. ST PAUL'S SCHOOL GOVERNORS, REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT (continued) OWECTS. AIMS AND OBJECTIVES (conllnued) Objectives ¢0 Achieve the Aimsfor the Year (conlin#ed) Edueatlon 5. Continue the growth of collaboration with SPGS. 6. Complete and implement the curriculum review. 7. Ensure higher education advice and support remains at a high standard and Paulines continue to access their fwst- choice institutions. 8. Continue to improve and better define the ways in which a St Paul's education attends to the broader 80cial and moral development of our pupils, including better inculcating our School values and 'character' into the curriculum and promoting A concern for 80¢ial justice. 9. Build upon year one of the new House sy8tem, seeking to refine it, and develop its contribution to the School pastoral culture. 10. Ongoing review and development of the SPS co-curricular provision through the completion and implementation of the Sports and Pupil Participation Reviews. Publlc Benefit I l. Ensure tILat our admissions systcm can identify And attract potential Paulines from all areas of Society. 12. Incre&8e public benefit work with the West London Partnership, prinwy ¥chools and others. 13, Establish the associated costs of the public benefit work once agreed and develop a fundraising campaign io deliver funds if needed. This will require strong ¢onununity building and growth of alumni network activity. Flnvdnce 14. Establish a fmancial strategy that consider8 budgetary process and addresses threat8 to the sector, 15. Fully establish initiatives for commercial income. 16. E8tabli8h an estate plan for the future. Progress has been madc on all of the Governors, three to five-year objectives during the year ended 31 August 2024 although a number are carried fonvard into 2024125 (see 'Future Plans, section of this report). Some of the key out¢ome8 and achievements are highlighted below.. A Key Stage 3 working group has been established to deterniine curriculum and tran5f¢r b¢tw¢¢n SPJ and SPS and fllm decisions have been made about Icsson length at both schools. The School won the 2023 Boy's School of the Year Award. A new Boarding 5taffllLg model has been established for September 2025 and a working group established to develop a business case for a new boarding house. The Teachers, Pension Scheme consultation process has been successfully completed to manage future risk with new plans clear to current and fu￿re staff. A new teacher pay spine was implemented in September 2024. ST PAUL'S SCHOOL GOVERNORS, REPORT (contlnued) FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT (continued) OBJECTS, AIMS AND 0￿￿cTIVEs (contlnued) Objectives to Achieve the Aimsfor the Year (continued) A fornial memorandum of understanding with SPGS was signed by the Governing Body in January 2024. A new GCSE model wa8 launched, shared and implemented ready for September 2024. A new Head of US Admissions has been successfully embedded and the ratio of applicants to offers at Oxford and Cambridge universities ha8 impmved. A Schools Inclusion Alliance has been successfully re-established and there is now a dedicated Diversity, Equality and Inclusion s¢¢tion on the School's websitc. A new Head of Bursaries has been appointed and 18 well established wtth 80me recommendation8 already implem¢nl¢d. 10 teachers have been working in various West London Partnerthip schools and local prlmaries each week. We havc also scconded the equivalent of three full time teacher¥ to work in partn¢r schools. Budgets have been brought under greater control through the rcvicw of the pension arrangements and teachcr pay spine. A working group has also been established io control fee increa8e8 for 2024125 with the introduction of VAT on independent 8chool fees in January 2025. Commercial income target8 for 2023124 have been significantly exceeded. Construction work has begun on the new Junior School and is proceeding as planned. Objectives 9 (Hou¥e 8y8tem>, 10 (review and devclopment of the SPS co-curricular provision) and 13 (public benefit work and fundraising campaign) have been fully achieved and have therefore not been carried forward to 2024125. ACTIVITIES Review of Achlevementi And Performance for Ihe Year In addition to the specific aims and objectives for the year. below are 80mc key outcome8 in relation to the operational (educational) ￿￿Orniance of th¢ S¢hool. Operalional Performanee ofihe School 2024 was an outstanding year for A Levels and GCSES, and a marked improvement on Ipre-covid) 2019 and last year. At A Level, 610/0 of grades awarded were A* 90010 wer¢ A* or A and 98°/0 were A* to B. It 18 Worth highlighting that there were IOl/bo more A•s than last year and in 2019. At GCSE and IGCSE, 730/0 of 8rades awarded were Grade 9 and 920/0 were Grade 8 or 9. The median average Score was 8.72 which translates as the average Pauline achieving roughly all 9t> and three 88. Of Paulines heading to university in 2024. 451/J o w¢nt lo universities Tanked in the world 20. 97 /0 of UK bound pupils went to a Russell Group university and 47 took up places at Oxford or Cambridge. Application8 to the School al the main entry points of 7+, 11+, 13+ and 16+ remain very high, with real growth in interest at 16+. During the 2023124 academic year, 138 pupi18 received bursary awards - around 9.2Q/o of the School - with 10 I being awarded more than 75D/o of fees. During the 2023124 academic year? pupils elected to f￿uS on local charities, including a new charity partner (Man & Boy) as well as to continue their long-ternl partnership WAth Beyond Ourselves in Zambia. The last non-uniforn) day collection of the ycar was dedicated to fundrai¥ing for the bursary programme. We have also continued to focus on partnership work with local state schools, including providing the equivalent of three full-time teachers within the maintained sector. Our collaboration with St Mary's Ukrainian School also remains extremely strong. During this year, St Paul's was awarded Independent Boy's School of the Year and achieved excellent success in 8POrts and c0-cu￿1cu1ar activities. In the spring tenn 2024, the U14 Rugby Sevens squad went to the Rosslyn Park National Sevens tournament where they beat stiff competition to face Millfield in the fmal. They lost a desperately close match on conversions as both schools scored three tries each. Firefly Racing won the Ford International Engineering Award at the Greenpower International Final in October 2023. The team wowed the judge8 with the projects they have worked on this year, from rack ST PAUL'S SCHOOL GOVERNORS, REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT (eontlnued) ACTIVITIES (eontlnued) Operafyonal Performance ofthe School (conlinued) and pinon steering systems to full working CAN Bus and live telemety being beamed to the dats centre. This is now the third time the team has won the Engineering championship and the second year in a row. Rowing remains Outytanding. Al the Schools, Head of the River, St Paul's crews won one silver and three gold medals, setting three new course records in the process. The aggregate time for the 1st VIII, 2nd Vlll and J16As was good enough to win the Thames Trophy for fastest school by 46 seconds from KCS Wimbledon. Meanwhile, the J15s (5th Fonn), racing at Dorney Lake, won thr¢e golds. At th¢ National Schools, Regatta we sw¢pt th¢ S¢nior Cat¢gori¢s with the l St VIII, 2nd VIII and 3rd VIII all winning gold medaly. The 2nd VIII also w¢nt on to qualify for Henley in the Universiti¢s event. In one of their most SU¢C¢S8ful Y¢￿ on record. the Isi Vlll won the 'Quadwpl¢'. with vi¢lori¢s in The 'Hcad of the Charles,, in Bo8ton.The Schools, Head. The National S¢hool8' Regalta and The Prlncess Elizabeth Challenge Cup at Henley. This is only the third time this has been done and St Paul's is the only School to have done this twice. Five of the 1st Vlll crew were subsequently selKted to represent Great BrilAin at the U19 World Championship. In tenns of the site, the build for the new Junior School is well underway and due to be completed in the winter of 2025. OMts¢andingAchievements 2023/24 For a full li81 of outstanding pupil achievements for the 2023124 academic year, please refer to the School website www,sl aiil$s¥houl.or .uk/about-yl- aulsliiew l or click on thiy link . PrincipalActivities ofthe Year (including Public Benefit) The total number of pupils at the School wa8 1,499 of whom 509 were at St Paul's Junior8 and 990 at St Paul's (SPS). Of the total number, 138 <2023.. 143) pupi18 were as¥istcd with mean8 ie8ted bursaries. 730/0 (2023: 66 % ) of these awards were either full fee or higher than 750/0 of fees compared to 49 bursaries in total and 450/0 at the same level in 2015-16. The total means-tested bursaries for the year ended 31 August 2024 were £3,361,0￿ (2023: £3,205,000) repre8enting 8.00/0 (2023: 8.10/0) of gro88 School fees. Widening access to the School, through increased bursary 8UPPOrt as necessary* remains a priority and, for the 2024125 academic year, there are currently 139 pupils being a88iSted with means tesied bursaries, with 680/0 of these awards being either full fee or higher than 750/h of fees. The School's bur8ary awards, in addition to the main School f¢¢, cover educational trips which forni part of th¢ cU￿1cUlum, bus transport, iPads {wh¢re applicable), music tuition fees (where applicable), examination fees, books and School uniforni. CharitableActivities and ParlAersh Charlty Partnershlps The St Paul'8 Charity Committee (made up of staff. parents and pupils). set up in June 2019, alongside the Pauls4AII L8th S￿dent charity cornmittee, have worked hard to fund raise for and increase awareness about our chosen local charitie8 (City Harves¢ (Friends ofj Barnes Common, London Sports Trust and Castelnau Comrnunity Centre), and international charity (Beyond Ourselves). The SPS Pauls4AII Charity Committee for 2023-24 led a series of campaigns which were aimed at educating the School community about the ¢harities we supporL including panel di8cussion8 and talks during Pauls4AII week and th¢ third whole Senior School charity walk. Mufti days were vital in relaying this message, and it was heart-warn]ing to see the whole community respond by giving generously. The total raised by students across SPSISPJ during the 2023-24 academic year for partner charities was approximately £46,000. ST PAULgS SCHOOL GOVERNORS? REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT (Continued) ACTIVITIES (continued) CharilableArtivities and Parlnerships (continued) Sehool PArtner8hip# The School employs a ￿11 time Assistant Director of Partnerships and Service responsible for comtnunity relations and developing academic and sporting partnerships as well as promoting the use of School facilities within the local community, An overview of existing programmes is shown below. Over 4,0(K) slate school pupils benefit. Seleeted Local School Partnershlp8 2023124 (state school pupu number$ in bracke¢8 where avallAble) Academle Partnershi Chemisty - Year l 0 - 4 week Saturday programme (19) Oxbridge prq)aration for Year 12113 (100) Residential Material Science School (30) Re8idential Particle Phy8lC8 School in partnership with Queen Mary's University (33) Space School in parthership with Mullard8 UCL {33) Latin Cohorts preparing for GCSE (3 year groups, Y9-11) Communl IS orts Partnershl Capsize Drills for local rowing clubs - 4 Clubs over 120 participants (throughout ycar) Lowther School weekly Swin￿Ill8 - 50 pupi18 every week (tetm time) Westside Basketball Club (300) BCLF primary school pro8ramrne (500+) World Cup Day Football June 2024 (80) SPJ- Richmond Borough Sport8 Day support Regular fu(ture¥ with Fulham Boys and other WLP 8chools (c. 200) G>Th￿￿ in 3 primary schoo18 (270) Other regular primary volunteering (270) St Mary's Ukraine School links (200) FUEL holiday camps for children on free school meals Fulham Reach summer holiday camp SPJ Football tournaments NHS Sports Day Walking Football (58) Economics Trading Day & Entrepreneurship (225) Biology- 3 week Saturday Programme (21) Physic8 Year 12 & 10 - 4 week Saturday (25) Physics Yearl 0 2 weeks - how to build a Universe (24) First Medics Mastercla8ses- pupils applying to study medicine (39) NPL lecture8 (394) Humanities Conference (77) STEM R¢vision GCSE & A Level (4 days Easkr holidays) (91) Primary Professors (120) Primary Latin (24) Primary Off-site Masterclasses (430) Number8 Ne8t- Colet Club Most of the above programme8 take place at St Paul's, are run by SPSISPJ 8tsff or volunteers and take place durin£ terni time as well as aft¢r ¥¢hool. at the weekend and during school holidays. Other major programmes, som¢ in addition to the tsble of activitics above. are highlighted b¢low: Colet Menloring/SPSOnline.' The Colet Mentoring programme ¢ontinues to be a popular choice for SPS pupi18 to volunteer. The mobile app. d¢v¢lop¢d by two old Pauline8, Phil and Dom Kwok, has enabled us to create a flexible volunteering programme for our pupils and partner Schools, volunteer5 to connect with studenls not geographically Clo￿ to us. Furtherniore, it has allowed younger SPS pupils to get a taste of volunteering. For example, around 40 of the 4th and 5th Fonn pupils spent time during their lunch breaks supporting UK primary school students, Y9 and Y l O secondary school student¥ in Somaliland and Y9s in Zambia in Maths, illustraling how SPS Partnerships work8 locally and globally. It 15 al80 a fantasti¢ example of the old Paulines, work enriching the wider education of the CUTrent Paulines, showcasins how they continue to put the education they have received in service of othcr5. We are continuing to explore linking thi5 to more SPS ¢onlent via a primary ￿h0o1 outreach programme (Barnes, Numbers Nest) and eventually SPS Online. West London Parlnership.. As part of the S¢hool's par(nership strategy? this local private-stste partnership was established forn]ally in MaylJune 2020 with five independent schools and five local state schools. There are now four independent schools including SPS and SPGS and five state schools although the structure is being reviewed. This parlnership was established with the intent of fostering mutual growth and learning. Within this Context, thc Start-it Entrepreneurship programme wa8 ST PAUL?S SCHOOL GOVERNORS, REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT (eontlnued) ACTIVITIES (eontlnued) Charilable Atlivilies and Partnerships (conlinued) seamle881y integrated, featuring impactful evenls tailored to various year groups (Year 8 to 12) and even extending to alumni. This programme has become an integral facet of the parthership, augmenting existing collaborative and outreach initiatives. A notable recent achievement includes the hosting of the Start-lt Sustainable Entrepreneurship Course. Aimed at Year I I pupils from our West London Partnership Schools, this course attr￿ted the participation of over 200 enthusiastic individuals from nine different schools. St Paulys Téachers in Partner Schools.. During the 2023124 academic year, 10 teachers (the equivalent of three full timelables) Spent regular time in West London Partnership state schools or local primary schools, leaching some pupils (e.g. Maths ma5terclasses l Oxbridge preparation) but al80 SUPPOrting curriculum development aThd sharing best practice around teaching and learning in their subjects. Keri Cloete was also s￿onded for two ternis to the Senior Leadership Team at Fulham Boys, School. Primary Professors.. During the cour8c of the year, approxima*ly 120 Y5 pupi18 from 30 local primaries have taken part in a range of academic enrichment lessons from STEM to Entrepreneurship And Forest School. Around 16 Y12 pupils from SPS and SPGS volunteer on the programme and Y58 are given acce88 to Colet Mentoring as part of the programme. Last year saw the introduction of lunchtime 'Colet Clubs, in Six of our local primary schools. The club is a ytretch and challenge math8 club for pupi18 in Years 5 and 6. The children complete the activily Set on the Number Nest page of the St Paul's web81te (at theAr own School) and connect with a mentor at St Paul's through Col¢l Mentoring if they require support. The￿ children were then invikd into St Paul'8 for the first 'Colet Club Math8 Challenge Event, An June 2024. STEMSummer Schools.. Thrce residential Summer STEM Boarding School8 on Particle Physics {in partnership with Queen Mary's Univer8ity London), Material Science (in partnership with the Institute of Materials, Minerals and Mining and Discover Materials) and Space School (in pattherthip with the Mullard Space Science Laboratory at UCL) took place involving 96 YIO students from around the county. Over 800/0 of the sNdents on the Summer Schools attend schools above the nalional average of free School meal student8 with a weighted average of 42.30/0, 15.20/0 above the national average. Use ofschool Facililies by the ly￿er Community.. We supported the Barnes Festival, Stoneleigh Youth Orchestra, Putney and Wimbledon Brass Band, Amber Trnst and Okatar Kraus Music Trnst with rehearsal space and use of the Wathen Hall building to perforni their concerts. We supported Cardinal Vaughn School with the Wathen Hall to deliver their end of year perfonnance for parent8. West IA)ndon Free School used the Dorfman Theatre for rehearsals for their end of year production, rilling the theatre on two consecutive nighty. Sporting clubs are by both SPS staff and local voluntrers, and offer young people a range of activit1¢8 throughout the year. The School also lets out its facilities free of charge lo loral primary and ondary schoo15 and charities, including Westside Ba8ketball and Barnes Childrens, Literary Festival. Many local sp)rts lubs also makc use of our excellent sports facilities. Regular u8er8 are Barnes Swimming Club. Penguins Water Polo Club and Westside Basketball Club. New organisations we worked with this year, providing them with access to our facilities over the summer holiday, includc Fulham R¢ach Rowing Club who collaborated with Queens Tennis Club and Three Pillars Basketball Club to deliver 'on land, skills se￿10n8. We provided Chelsea Football Club Foundation acce&8 to our 3G pitch twice a week to provide'non scouting, free football sessions for the local oommunity. In partnership with Weslside Basketball Club, we piloted FUEL camps during the Christmas, Easter and Summer holiday5 working with local primary schools to identify pupils on free school meals. Volunteering All L8th pupils volunteer in the Autumn and Spring Ternls, usually with onc of our p8rtner schools or charitie8- an initiative linked with the PSHE and General Studies curriculum. Pupi18 may ch005e to continue during the Summer Terni and all U8th pupils are allowed to choose volunteering as a games half option. In addition, a selection of volunteering opportunities are made available to the 6th Fonn once they have ¢ompleted their GCSES, with 811F students volunteering with our charity parlners and 18 6 Forni pupils visiting Zambia as part of the Pauls4All Beyond Ourselves trip. Throughout the School, there are also opportunities for all year groups to volunteeronline via Col¢t Mentoring, ourpeer-to-peer learning app, wh¢re sthdent ST PAUL*S SCHOOL GOVERNORS% REPORT (contlnued) FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT (continued) ACTIVITIES (continued) CharilableA¢tivitie5 and Partnershws (continued) volunteers are able to mentor other students through academic challenges they might have. Alongsidc this, most 5 Forni pupils regularly volunteer for their Duke of Edinburgh Award. Alumnl Activities The School rnainlains contACt with previous pupils mainly through The Old Pauline Club, which is independent but closely associated with the School. A number of social events are held during the year themed around professional interest group8 or year of attendance. Current pupi18 and stsff are invited to a number of these events. STREAMLINED ENERGY AND CARBON REPORTING In aceordan¢e with the Streamlined Energy and Carbon Reporting (SECR) requirements, the School's energy usage and emi&8ions for the year ended 31 August 2024, as prepared by an independenl consultant, were as follow¥: 2024 2023 UK energy u8e in kwh 5,269,629 5,976,203 Associaled Greenhouse Ga¥ cmissions in Tonnes C02 1,016 1,150 Intensity ratio (kilogram of C02 per meler squared of gross internal area) 31.29 35.44 UK energy Use cover8 all of the School's educational and operational aclivitie8. A&gociated Gr¢¢nhou8¢ Gas ¢mi88ions have been calculated in accordance with the UK Government 2024 GHG conversion factor8. During the reporting year, the School has undertsken the following actions to improve its energy eificiency: Continued with the second phase of the Buildin8 Management System upgrade. The new system supports energy monitoring and metering whilst also providin8 control over Heating, Ventilation and Air Conditioning (HVAC) systems to maximise efficiency. Removed one of the electricity meter8 following the completion of the Old Substation rerouting project. Purchased three new electric vehicles for the maintenance and grounds teams to enhance sustainability efforts. Achieved bronze accreditation from the Transport for London Stars programme. Introduced the Green Commute Initiative cycle scheme, complementing the existing cycle to work Scheme. Installed a Plate Heat Exchanger in the swimming pool with an expected return on investsnent in approximately 18 months. Made significant progre88 in the upgrading to LED lighting, with over 250 fittings replace4 including 70 % of the external lighting. FUTURE PLAIYS Our vision is to nurture a generation of Paulines that will make a positive contribution to the world. As the county's top acadeTnic school for boys. we care about exam results, but our real motivator is inspiring joy in learning and cultivating deep Scholarship. We focus on bringing together leading experts in raising young men and thinking dccply about what that entails. haracter development and rich opportunities for growth within and beyond the cla88room. It is our belief that by building integrity and providing opportunities for service. we will encourage our pupils to lead socially responsible lives. Our three pillars of Scholarship. oppor￿nity and Character are the foundation of all that w¢ do and we actively focus on five core harnGter traits: Respect, Kindness. Humility, thfrgrity and Resilience. ST PAUL'S SCHOOL GOVERNORS? REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT (eontinued) FUTURE PLANS (continued) Three to five-year objectives were approved by the Governing ljody from the 2023124 fllwicial year, to bc considered on a mlling basis. For 2024125, rolling objectives that are ongoing are identified and have had minor updates where necessary. New objectives are listed in a separate section. There is no priority order assigned to the objectives. Ongolng l Further Developed Objeetlves From 2023124 Grow collaboration between SPS and SPJ in order to build the 7-18 experience, particularly through the Key Stage 3 CUTTiculum and transfer into the Senior school. 2. Fully underSt￿d and disseminate the School's unique qualitie8 in comparison to other schools in the gector and explor¢ platforni8 for sharAng this more widely* producing new marketing materials and working with the new team in Admission8. 3. Continuc to deternjine the future of Boarding at the SchLN)I, working through the boarding review and plan¥ for a new hou¥e, ensuring best practice and a focu8 on pupil well-being. 4. Continue to esthblish a clear framework for all employee5 (8UPPOrt teams as well a8 teachers) to be recruited, managed, developed and supported as needed for the fU￿re. 5. Continue the growth of collaboration with SPGS, cementing the Memorandum of Understanding and preparing for the a￿1Val of the new High Mistre88. 6. Complete and implement the curriculum review September 2025. preparing thoroughly for the propo8cd change8 in SPS for Ensure that Paulines Bet individuali8ed support and comprehen8ive opportunitie¥ within the clw]ging global higher education and career8 l&nd8cape to achieve a place at the institution that best reflects their future goa18. Thi8 will include embedding the new Director of Careers and Universities. 8. Continue to improve and better design the ways in which a St Paul'8 Education attends to the broader social and moral development of our pupils, including better inculcating our School values and 'character' into the curriculum and promoting a concern for social justi¢e. 9. Enyure that our admissions system can identify potential Paulines from all areas of 80¢iety. 10. Increase public benefit work with the West London Partnership and others. I l. Continue to develop a financial strategy that infonn8 budgetary process and athlre55e8 threats to the 8e¢tor. 12. Continue to build upon initiatives for commercial incorne to 5UPPOrt the wider work of the School. 13. Refresh the site masterplan in order to e8tabli8h effective estste planning for the futur¢. New Objeetlves For 2024125 l. Embed the new Designated Safeguarding Lead and other safeguarding roles to ensure that best practice in safeguarding - in¢luding on line safety- is met in all areas of the School at all times. 2. Embed the new team into Adrnissions successfully, ensuring continuity of relation8hip5 with feeder schools. io ST PAUL'S SCHOOL GOVERNORS, REPORT (eontlnued) FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT (continued) FUTURE PLAIYS (continued) 3. Successfully implement the Shaping our Future: Next Steps campaign. Respond appropriately to any fmancial legislation impacting indq)endent schools in a manner which places pupil well-being and the support of our immediate community and partners at the heart of our plan8, 5. Further develop SEND practice and support at the School, making SEND inforniation easier to access, increasing staff training and specialist SEND 8UPPOrt in lessons. 6. Continue to develop policies to support pupils, well-beiThg- ensuring that all pupils are able to thrive. 7. Develop and enhance all fornis of pupils, voice within the School. 8. Establish a whole School plan for sustainability which combines both Site and practical iB8U¢S as well as education. RISK MANAGEMENT The Governing Body is responsible for identifymg and addressing riyks. Governors are aware of the need for prudent fmancial management, following the re-building of the 8enior school and ongoing construction of the new SPJ buildings. The School has introduced a new teaching staff pay spine for new joiners and worked with 8taff on new pension arrangements to control future statying c08t8. We have also modelled plans for the introduction of VAT on school fees and los¥ of charitsble bu8in¢ss rates relief. Plans to e8tsblish new commercial income sireams continue to be d¢velop¢d, and on site lettings have grown tsignificantly. A fornial review of the School's risk management controls 18 perforn]ed annually but risk management iy at the heart of all decision making. The Governors and executive stsff regularly review and update procedure5 in order to identify and mitigate risks. It is re¢o8nised that systems can only provide reasonable but not abyolute a88urance that major risks have been adequately managed, FllYANCIAL REVIEW AND RESULTS FOR THE YEAR The financial results are presented on pages 22 - 44 of this report. During the year there was a net incrcase in fund8 of £2,817,000 {2023.. £1,758,000) bringing the total fijnds to £127,664,000 at 31 August 2024 (2023.. £124,847,000). In addition to the School's operational surplus the main reasons for the increase in funds for the year were bursary donation¥, bank interest, investment income and net ¥ain8 on investments. The School's main income is from fees. The total income of £49,100,000 (2023.. £46,316,000) consists of unrestricted income of £46,788,000 (2023: £42,839,000), restricted income of £1.674,000 (2023: £2,893,000) and endowed income of £638,000 (2023: £584,000). The restricted income fLmded bursaries, scholarships and prizes. The unrestricted income, in addition to fees, includes bank interest, investment income, trading income, donations and legacies and other categorie8 such as rents received. Within total expenditure of £50,411,000 (2023: £44,184,01)O), educational costs were the I￿gest category of expenditure at £27,150,000 (2023: £24,249,000) followed by premises costs at £8,887,000 (2023.. £8,516,000). The School's fllwlces continued to be monitor￿ very closely during the year and remain in a strong position. The unrestricted net income for the year before invcstrnent gains and transfers reduced from £1,886.000 to £172,000 but this was due primarily to some significant one-off items of expenditure including the initiation of the wind up of the sUPPOrt Staff der￿ed b¢n¢fit pension scheme and legal and professional fees associated with th¢ consultation proc¢ss on the Teachers, Pension Scheme. li ST PAULgS SCHOOL GOVERNORS? REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT (eontlnued) FINANCIAL REVIEW AND RESULTS FOR THE YEAR (contlnued) Reserves Pollcy The fimds at the year-end totalled £127,664,(K)0 (2023: £124,847,000) which included £115,474,000 of unrestricted fimds (2023: £112,900,000), £5,786,000 of restricted funds (2023: £6,654,000) and £6,404,000 of endowed funds (2023: £5293,000). The Trustees have set a reserves policy which requires: a re￿rve of £5million to be maintained, beparately from the School's working capital, to ensure the School can continue to pay salaries and ¢r¢ditor8 for three months with no additional income. a reserve to cover th¢ cash required by the budgets fonnally commit*d to the rebuilding project. a contribution of £2.048,000 as at 31 August 2024 (2023.. £1.610,000) out of the Sch(x)I's cash 8ury)lu￿8 into a designated Future Estate Capital Fund dedicated to the long-terni provision of capital to allow th¢ r¢pla¢¢ment and refurbishment of buildings and fabric of thc School estate in the long terni if needed. Thi8 annual contribution will rise to £2,260,(K)O by August 2026 and will then increase by inflation each year into the foreseeable future. a commitment to ¥et aside any remaining Gash sU￿lUse8 from each fmancial year after the above contribution to the Future Estate Capital Fund and Private Placement capital repayments towards future bursary award¥ and partnerships / public benefit work. A% at 31 August 2024, the School has negative free re8erves oF£29,332,000 after allowing for the above reservc of £5,000,000 and £2,048,000 Future E¥tate Capilal Fund contribulion which are both held in readily available cash. This reflects the Substantial investment thal the School is making. and will continue to make, in its buildings. The negative free reserves position is therefore expecled to continue for the foreseeable future. However, the School has a very strong net current a88et position of £39,660,(K)0 (2023: £43,951,000). Therefore, having assessed the School's financial position, the plans for the foreseeable future, the risks to which the School is exposed and the detailed cash projections, the Governors are satisfied that it remains appropriate to prepare the financial statements on a going concern basis. Inveslmeni Policy In accordance with the Memorandum and Articles of Association, the Governors have the power to invest in such stocks, shares and propety 88 appropriate to meet the objectives of the Charity. The policy is for a medium ri.8k investment approach. Two investment managers, Waverton Investment Management Limited and Rathbone Investmeni Management Limited, manage the investment of the School's endowed fimds, restricted bursary funds, Kayton legacy funds and the Future E8¢ate Capital Fund with the restrictions that no funds are to be placed in the following areas: pornography, am]aments, gambling, tobacco and direct investm¢nt in fo¥sil fuel stocks. The School also continues to hold short to medium terni secure deposit accounts with UK banks. With the consent of the Finance Committe¢, the Finance Director may invest monies that will not be needed by the School at short notice. InvesthienL8 are reported at every Finance Committee meeting. The policy is reviewed annually to ensure it rernains in line with the School's objective8 and prevailing economic conditions. Investment Performance against Objectives The market value of the School's investments at the end of the year was £28.362,000 (2023: £21,874,000). The School'8 investments are mainly in equities and funds. The value of the portfolios held with Waverton Invcstment Management Limited and Rathbone Investment Management Limited have increased by 20.920/0 and 12.94 % respectively in capital ternL8. The difference in perfonnan¢e reflects the different mandate for each investment manager. Thi¥ perfonnaThce is 8ignifi¢antly above the benchnwks of CPI plus 4.500/0 for Waverton and CPI plus 3.OOQ/o for Rathbones but consistent with prevailing mark¢t conditions during the year. FMndra¥s¥ng Practice This 2023124 academic year was the start of the £8.5 million Shaping Our Fulure.. Next Steps campaign, launched in May 2024 (quiet phase from I September 2023). The Nexi Sfeps initiative continues on from the Shaping Our Future campaign, narrowing focus on two main areas.. growth of our Founder's Awards (Widening Access) to IOO/o of our pupil cohort and St Paul's in Partnership, continuing to support the growth of our parthership model. We have raised £1.92 million to date in cash across a number of proj￿1$ (see fig.1 ). With projected income ofpledges from high-net-worth donors and regular giving across five years, our projected incom¢ is £2.8 million. 12 ST PAUL?S SCHOOL GOVERNORS? REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT (eontlnued) FINANCIAL REVIEW AND RESULTS FOR THE YEAR (continued) Fundraising Pmctices (COAlinued) Fig. l Total fundraising income for 2023-2024 Colet Foundation (Founder's Awardsl St Pau I's In Partnershlp I Founder's Awards lincl. unrestricted glftsl Buildings Boat House Other We receive significant support from acros5 the whole of the St Paul's community. Current parents continue to ￿ our greatest 8UPPOrter8 With 460/0 of our parent body giving to our vision. Thi8 18 dolvn slightly on last year's figure simply due to the tran8ltion from current parent to former parents for many contributin8 families and the introduction of new parents to the School. With this in mind, fundraising 18 seen as part of the fabric of the School and introduced as such at events including the SPJ and SPS new parents, evenings, where we have an opportunity to speak about what philanthropy mean8 to St Paul, and the opportunities for our community to get involved, such as the 1509 Society. Fig.2 Breakdown of giving by constituent by 0/0 50 40 30 20 CunEnt Parents Old Paulines 'orm¢r P&r¢nls l. Fundraising targets for Widening Access (Founder'8 Awards) - £7 million YeAr Tar Achleved 2023124 £150 000 £1646 780 2024125 £3.250.WO 2025126 £3 600 000 2. Fundraising target8 for St Paul's in Partnership. which includes Pauline Service in th¢ ¢ommunity, partt)er schools, programrne, developing ente￿riSe skills and building awareness ofbursaries - £1.5 million Year 2023124 2024125 £750 000 2025120 £750 000 et Achleved £10 000 *Our target for 2023124 was a focus on time spent linking individuals with the various partnership proje¢ts that we will be fundraising for in the following years. 13 ST PAUL'S SCHOOL GOVERNORS, REPORT (eontlnued) FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT (continued) FllYANCIAL REVIEW AND RESULTS FOR THE YEAR (continued) Fundraising Praetiees (eontinmed) 3. Boathouse refurbishment Year Tar et Aehleved 2023124 £2 700 000 £203 768 Buffalo Fundraising Consultants were employed to supp)rt the infrastrncture for the Telethon, which took place from 28 August to l O Sep*mber 2024. £73,479 was pledgcd by Old Paulines over a five-ycar period, avcraging £123 per gift. The ag¢ groups thai gave the most were 30-34 and 80-85 years. In addition to thiè+ we received confwmation of le8a¢i¢8 from a number of individuals. A follow up to those considering making a gift is forthcoming and further gifts are still being made di￿tlY to the School cach day resulting from the calls. In total, 596 Old Pauline5 were called and spoke with our team of young Old Paulines, with over 8,619 dialling attempts. Thi8 campaign ha8 served not only to fundrai.8e, but to raise awareness for our work around bursaries and partner8hips, and to engage with Old Paulincs. 102 new cmails, 47 new contact numbers, 80 new professions and much more crncial inforniation was gathered. The School 18 fornially registered with the Fundraising Regulator demonstrating our commitment to 'good fimdraising practi¢e8'. The School also adheres to the Code of Fundraising Practice and a58ociated rulebook8 and 18 a member of the Institute of Development Professionals in Education (IDPE). Various members of steff also have personal membership of the Chartered Institute of Fundraising. There are no in8tances to report of the School failing to comply with fundraising 8tandards or Schemes for ￿ndraISing regulation and the School received no complaints about it8 fundraising activity during the year. The School adheres to the General Data Protection Regulation (GDPR) which came into effect in May 2018. As a school, we are fully compliant with GDPR and take our responsibilitie¥ ¥eriously. Companiu (Ml8eellaneou8 Reporting) RegulYdtlon8 2018 The Governors have promoted the success of the School by acting in good faith to a88iSt the charitsble company to mcet its aims and objectives. Further detail on this can be found in the 'Obj¢ctiv&8 to Achi¢ve the Aims for the Year, section of thi report on pagcs 3 to 5. Employees are involved in, and consulted about, a variety of School and workplace is8u¢s through a range of mechanisms. A range of detailed HR policies 8UPPOrt the charitable and business objectives and ensure compliance with employment legislations. Th¢s¢ ar¢ r¢vi¢wed at least annually. A Joini Consultative Forum (JCF) is a150 in place, with representation from SPS and SPJ teaching staff and support staff. The JCF enables employee8 to raise issues with the Executive on a regular basis and the minute5 of those meetings are viewed by the Governors, The School provides variou8 SUPPOrt mcchani8ms to promote the wellbeing of employees. These include a health cash plan which. amongst many benefits, includes reimbursement for eye8ight te8ts together with a contribution towards the cost of glasses), a chaplain, a medical centre, the provision of flu vaccinations, physiotherapy sessions and School counsellors. In accordance with the Equal Opportunities Policy, the S¢h(Trol seeks to treat all employees, all other rnember5 of the School cornmunity and any person visiting the School equally, regardless of their disability. Th¢ S¢hool expect8 all employees and all other members of the School community to comply with this policy. If an ¢mployee is disabled or becomes disabled during the COUT5e of employment, the School will endeavour to support the employee to as great an extent as possible. 14 ST PAUL?S SCHOOL GOVERNORS? REPORT (tontinued) FOR THE YEAR EIYDED 31 AUGUST 2024 STRUCTURE, GOVERLYANCE AND MANAGEMENT John Colet, Dean of St Paul's, founded St Paul's School in 1509 and placed the administration in the hands of The Mercers, Company. The School is a company limited by guarantee with charitable status (company number 6141973. registered charity number 1119619) which is governed by its Memorandum and Articles of Association. The Mercers, Company, a Livery Company> abody corporate fornied by Royal Charter in 1394, is the sole member. The School has two linked charities. The St Paul's School General Charitsble Trust (registered charity number 1119619-1) and St Paul's School Central Prize Fund (registered charity number 1119619-2) which hold the School's endowment funds. Governing Body The GoveTnors of thc School are the trustees of the charity and directors of the company. The Governors serving at the date of this reporL and who serv¢d throughout th¢ pcriod I S¢pt¢mb¢r 2023 until 31 August 2024 (￿cept wher¢ othcnvis¢ stat¢d), Richard Cassell (Chair) Tim Haynes (Deputy Chair) Tom Adeyoola Sarah Barker Jaideep Barot (appointed I September 2024) Veryan Exelby (Safeguording Governor, Edt4calional Vis£l.% Governor. e-safrty Governor) Andrew Fenwick Joanne Harris (Healih and Safety Governor) Harold Hampson Samuel Newhou8e Alison Palrner (Boarding Governor) Aisha Sanusi (Inclt4sion Governor) Sarah Thomas (SEN& Learning Suppori Governorfrom J September 2024) Rupert Tate Mark Tuffney (SPJ Governor) Rt. Hon. knrd Vaizey Committees (Non Governors are mapked wlih an ) Edueadon Commlftee.. Sarah Thomas (Chair) Jaideep Barot (from I September 2024) Tim Haynes Rupert Tate Mark Tuffney Finance Commiltse.. Harold Hampson (Chair) Richard Cassell Andrew Fenwick Samuel Newhouse Alison Palmer Nominalion5 and Remmneration Committee.. Alison Palmer (Chair) Richard Cassell Tom Adeyoola Sarah Barker 15 ST PAUL'S SCHOOL GOVERNORS, REPORT (eontinued) FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (eontinued) Public Benefts COM￿l￿ee.. Samuel Newhouse (Chair) Richard Cassell Tom Adeyoola Aisha Sanusi Rt. Hon. Lord Vaizey Robert Engel (¢o-opted member from I September 2024) * Safeguarding Commlttee.. Vcryan Ex¢Jby (Chair) Joanne Harris Sarah Thomas Nick Arnold * Paul Doyle (until 31 August 2024) Nick Hudson • (from I September 2024) Clare Kelly (until 31 August 2024) Sam Madden (until 31 Augu8l 2024) Nicola Taylor (from I September 2024) Nick Watkin8 Key Management Personnel.. High Master: Surma8ter, St Paul, Head, St Paul's Junlors: Finance Dlreetor: Sally-Anne Huang Francis Clough Oliver Snowball Steven Grace Recruitment, Inducrfon and Training of Governors The existin8 Memorandum and Articles of Association 8tate that there shall be a minimurn of ten and a maximum of 16 Governors. Governors are selected by reference to their eltgibility, per¥onal competence and specialist skills which ar¢ mapped against the skills profile and needs of the whole Governing Body. On appointmenl Governors are given an induction pack and attend an induction at the School. During the course of the year further training 18 made available, and rccommendation8 are made about suilabl¢ courses for Governor8 to attend, Organisalional Managemen¢ The Governors are responsible for th¢ Strategic direction, oversight and regulatory compliance of the School. The management of the School 18 delegated to the High Master 8UPPOrted by the ExKutive Management Team known as the Core Strategy Group. The Governing Body meets at le￿t four times a year. The High Ma8ter attends the Governing Body rneetings and rq)orts on the management of the School. The Governing Body ha8 thc following sub-committee8: (a) Education Committee.. monitors, reports to and advises the Board on th¢ educational strategy of the School and its implementation to include the level and quality of education being providd. (b) Finance Commitlee: monitors and review5 all aspects of the School's fmancial perforniance, fman¢ial managemenL f￿ancIaL reporting arrangements, budgeting, financial system8 and controls. The Committee 18 al80 re8ponsibl¢ for the School's portfolto of investment8, establishing and following the investment policy, making investment dccisions, monitoring and oversight of the redevelopment of the School's buildings and managing the upkeep and maintenance of the School's residential property portfolio. (c) Nominations and Remuneration Commiltee: oversight of the selection, nomination and appoinlment of Governors, the High Master and the Finance Director and of recommendations on senior executive remuneration. 16 ST PAUL9S SCHOOL GOVERI¥40RS' REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNAIYCE AND MAIYAGEMENT (continued) (d) Public Benefit Commiiiee.. oversight of the development and delivery of open access to St Paul's through bursary provision and programmes of partnership activities. and Safeguarding Committee.. oveThight of child protection and safeguarding n￿tterS including resourcing, training and an anonymised review of the School's response to cases. (e) All committee8 report to tbe Governing Body and are subject to tern￿ of ￿ference that outline the committee's remit and any delegated authority. The Chairn]an of the Governing Body has a righl which he exercises, to attend any committee of the Board. The High Master and 8enior stsff attend ¢ommittc¢ meetings &s required. Key Management Remuneration The Nominations and Remuncration Commitice has delegated responsibility for detennining the rcmuncration and b¢nefils of the High Master and key management personnel, and tskes advice and recommendations on the annual salary r¢views or any package changes for Ihe key management personnel, including reviewing appropriat¢ salary benchmark inforn]ation. Regulalion The School 18 re¥ulated by the Departsnent for Education. It is a member of the tndependent Schools Council and is inspected by the Independent Schools Inspectorate (ISI). Regl8lered Offlce and Advl8orJ Reglstered Offlce: Lon8dale Road Barne8 London SW13 9JT Legal: Veale Wasbrough Vizards Central Court 255 Southampton Buildin8S Chancery Lane ndon WC2A IAL Farrer & Co LLP 66 Lincoln's Inn Field¥ London WC2A IAL Audltor: Haysmac LLP 10 Queen Street Place London EC4R IAG Banklng: National Westminster Bank PIC l11- 117 Putney High Strcct Putney London SWI 5 2LL IDvestment Management: Waverton Investment Management Limited 16 Babmaes Street London SWIY 6AH Rathbone Investment Management Limited 8 Finsbury Circus London EC2M 7AZ AetuAries: Barnett Waddingham 2 London Wall Place London EC2Y SAU XPS Pensions Group Tetnpus Court, Onslow Street Guildford GUI 4SS Insurance Broker: A55ured Partner8 Hettle Andrews Eleven Brindleyplace 2 Brunswick Square Brindleyplace Birmingham Bl 2LP Websi¢e.' St Paul's School www.stpaulsschool.org.uk 17 ST PAUL'S SCHOOL GOVERNORS, REPORT (contlnued) FOR THE YEAR ENDED 31 AUGUST 2024 STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors (who are al80 the trustccs and directors of St Paul's School for the purpose5 of charity and company law) are responsible for preparing the GovernoTS' Report and the fuwicial ststements in accordance with applicable law and United Kingdom Accounting Stondards (Unitcd Kingdom Gcncrally Acccptcd Accounting Prdctice). Company law requires the Governors to prepare financial statements for each fmancial year which give a true and fair view of th¢ state of affairs of the charitable cornpany as ai the balance sheet date. and of its incoming resources and application of resources, including income and expenditure, for that period. In preparing these financial 8taternents, the Govcrnors are required to: select suitable accounting policies and then apply them consistently; observe the methods and principle¥ in the Charities SORP; make judgements and accounting estimates that are re&sonable and prudent. State whether applicable UK Accounting Standards have been followed subject to any material departures disclosed and explained in thc financial statements. prepare the fmancial statements on the going concern basis unle88 It is inappropriate to pr¢8ume thai the charitable company will continue in bu8in¢s$. The Governors are responsible for keeping adequate accounting records that are Sufficient to show and explain the charitable company's transactions and discloye with reasonable accuracy at any time the financial position of the charitsble company and enable them to eThsur¢ that the financial statemen125 comply with the Cornpanies Act 2006. the Charity (Account5 and Reports) Regulations 2008 and the provisions of the charitsble company's constitution. They are also respon8ible for safeguarding the a8sets of the charitable cornpany and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitics. The Governors are responsible for the maintenance and intcgrity of the con)orate and financial infonnation included on the charitable company's web¥ite. Legislation in the United Kingdom governing the preparation and di88emination of financial statements may differ from legislation in other jurisdictions. Th¢ following Statements have been affirnied by each of the Governor8 of the charitable company: 80 far as each Governor is aware, there is no relevant audit infonnation (that is, inforniation needed by the company's auditors in connection with preparing their report) of which the company's auditors are unaware. and each Governor has taken all the steps that helshe ought to have taken as a Governor in order to make himself/her8elf aware of any ielevant audit inforniation and to establish that the charitable company's auditors are aware of that infonnation. AUDITOR On 19 Novembw 2024, the company's auditor changed its name from Haysmacintyre LLP to Haysmac LLP. Hay8Mac LLP have indicated their willingness to be reappointed as statutory auditor. The Governors, Report (including the Strategic Report) has been approved by the Board of Governors and signed on their behalf by: Richard Cassell Chair of Governors 4 December 2024 18 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST PAUL'S SCHOOL Oplnlon We have audited the fmancial statements of St Paul's School for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the SuTnmary Income and Expenditure AccounL the Balance Sheet, tbe Statement of Cashflows and notes to the fmancial statements, including a summary of significant accounting policies. The fllwicial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporling Siandard applicable in the UK and ReP￿blIC oflreland {Unit¢d Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. givc a twe and fair view of the statc of the charitable company's affairs as at 31 August 2024 and of the net rnovement in funds. including the income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordan¢e with the requirements of the Companies Act 2006. Basi8 for opinlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in th¢ Auditor'8 responsibilities for the audit of the financial statements .8ection of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 18 sufficient and appropriate to provide a basis for our opinion. Contlugioni relAting to golng concern In auditing the financial slatements, we have concluded that the Governor8, U8e of the going concern basis of accounting in the preparation of the fmancial statements is appropriate. Based on the work we have pcrfornied, we have not identified any matcrial uncertainties relating to events or conditions that, individually or Collectively, May cast significant doubt on the charitable company's ability to continue as a going concern for a period of at Ica5t twelve months from when the fuwicial statements are authorised for issue. Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant 8ections of this report. Other Informatlon The Governors are reqponsible for the other infonnation. The other inforniation comprises the inforn￿tIon included in the Governors, Report and Chair of Governing Body's Statement. Our opinion on the financial ¥tatcm¢ntt• does not cover the other infornlation and, except to the extent otherwise explicitly stated in our report, we do not express any fonn of assurance conclusion thereon. In connection with our audit of the fmancial statements, our responsibility is to read the other infonnation and, in doing so, consider whether the other infonnation is materially inconsistent with the fmancial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we idenlify Such material inconsistencies or apparent material misstatements, we are required to detern]in¢ whether there is a material misststement in thc fmancial statements or a material misstatement of the other inforniation. If, based on the work we havc perfornled, we conclude that there is a material misstatement of this other inforniation, we are required to report that fact. We have nothing to report in this regard. Opinion8 on other matters prescrlbed by the Companies Aet 2006 In our opinion, based on the work undertaken in the course of the audit: the inforniation given in the Governors, Report (which includes the strategic report and the director8, reportprepared for the pU￿oSe8 of company law) for the financial year for which the fmancial statements are prepared is consistent with the financial statements; and the strategic report and the director8, report included within the Governors, Report have beenprepared in accordance with applicable legal requirement8. Matters on which we v4re required to report by exceptlon In the light of the knowledge and understanding of the charithble company and its environment obtained in the course of the audiL we have not identified material misstat¢m¢nts in the Governors, Report (which Inco￿OrateS the strategic r¢￿rt and the directors, report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the charitable conLpany' or 19 INDEPENDENT AUDITORgS REPORT TO THE MEMBERS OF ST PAULgS SCHOOL (continued) the clwitable company fllwicial statements are not in agreement with the accounting records and ret1￿￿. or certain disclosures of Governors, remuneration specifjed by law are not made. or we have not received all the infOrn￿ll0n and explanations we require for our audit. Responsibuities of Governors for the Ilnancivdl statements As explained more fully in the Governors, re8pon8ibilities Statement set out on page 18 the Governors (who are also the directors of the charitable company for the pury)oses of company law) are responsible for the preparation of the fmancial statem¢nts and for being satisfied that they give a true and fair view, and for such internal control as the Governors deterniine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or ermr. In preparing the fmancial statements, the Governors are responsible for &qsessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basi8 of accounting unless the Governors either intend to liquidate the charitable company or to ce&8e operations, or have no realistic alternative but to do so. Auditor'8 respon8Abllltles for the audlt of Ihe financlal Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole arc f￿¢ from mal¢rial mi8Staternent, whether due to fraud or error, and to 188u¢ an auditor's rq)ort that includes our opinion. Reasonable assurance is a high l¢vel of a55urance, but is not a guaranlce that an audit conducted in accordance with ISAS (UK) will always delect a mateTial misstatement when it cxists. Mi¥¥tatemenls can arise from fraud orerror and are considered material if, individually or in the aggregate, they could rcasonably be expected to influence the economic decisions of uscr8 tsken on the basi8 of these financial statements. Irregularities. including fraud, are instance8 of non-compliance with laws and regulation5. We design procedures in line with our responsibilities, outlined above, to det¢ct material misstatements in respect of iThegularities, including fraud. The cxtent to which our procedures are capable of detecting irregularitie8, including fraud is detAiled below: Based on our understanding of the charitable company and the environment in which it operat¢s, wc id¢ntified that the principal risks of non-compliance with laws and regulations related to The Education (Independent S¢hool Standardb.) Regulations 2014, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial 8tatements .8uch as the Companies Act 2006, the Charities Act 2011, the Statement of Recommended Practice for Charities (SORP 2019), and con8idered other factors such a8 payroll taxes and VAT. We evaluated management's incentives and opporttmities for fraudulent manipulation of the financial statements (including the risk of override of controls), and detennined that the principal risks were related to improper recognition of revenue and management bias in certain accounting estimate8 and judgement8. Audit pro¢edur¢8 perfornied by the engagement team included: InsP￿tIng wrrespondence with r¢gulalor8 and t&x authorities, including the outcomes of insp¢ction8' Discussions with management including consideration of known or 8uspected instances of non-compliance with lawb and regulationy and fraud; Evaluating management's controls designed to prevent and detect irregularities; Identifying and testing journal entries, using data analytics to focus on hiEher risk entries; and Challenging a88iimptions and judgements made by management in their accounting estimates and challenge of the underlying assumptions. Because of the inherent limitations of an audit, there is a risk thai we will not detect all irregularitie5, including those leading to a material mi88tatement in the fllwicial statements or non-compliance with regulation. This risk increa8e8 the more that ompliance with a law or regulation is removed from ihe events and transactions reflected in the fmancial statements, as we will be less likely to become aware of instances of non-compliance. The ri$k is also gteater regarding irregularities occurring due to fraud rather than ermr. as fraud involves intentional concealment, Forgery, collusion, omission or mi8repre8entstion. A further description of our re$ponsibilitie8 for the audit of the financial statements is located on the Financial Reporting Council's website at., www.frc.o .uklaiiditoisies ontryibilil1e￿ This d￿riptiOn forn]s part of our auditor's report. 20 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST PAUL'S SCHOOL (contlnued) Use of our report This report is made solely to the charitable company's members, &8 a body> in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might State to the ¢hatithble company's members those rnatters we are requir&1 to Stak to them in an Auditovs rep)rt and for no other pu0m￿. To the fiillest extent pernlitted by law, we do not accept or assume re5pon8ibility to anyone other than the charitable company and the charitable companys m¢mbers as a body, for our audit work, for this r¢porL or for th¢ opinions w¢ hav¢ forn]¢d. Tracey Young (SeDlor Statutory Auditor) For on behalf of Haysmac LLP, Statutory Audltorj 10 Queen Street Plaee London EC4R IAG Date: 18 February 2025 21 ST PAUL?S SCHOOL STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted Restricted funds funds £9000 £'ooo Endowed funds £'ooo Totsl 2024 £'ooo Total 2023 £yooo 1¥4ote8 Income and endowments from.. Charitable activities School fees receivable Ancillary trading income Other trading activities Non-ancillary trading income Inveslments Investmenl income Bank and other interest Volunlary sources Donations, legacies and grants 41,301 2,294 41,301 2,294 38,747 1,891 176 176 158 244 2,492 233 477 2,492 375 1,660 281 1,441 638 2,360 3,485 Total Income 46,788 1,674 638 49,100 46,316 Expenditure on: Raising funds Financing co8ts Investtnent management Funthaising and development Marketing and publicity 1,461 loo 362 871 1,461 loo 362 871 1,472 96 352 669 2,794 2,794 2,589 Charitable activitic¥ Education and grant making 43,822 3,795 47,617 41,595 Total expenditure 46,616 3,795 50,411 44,184 Net Income l (expendlture) from operatlons before Investment galns and tranifers 172 (2,121) 638 (1,311) 2.132 Nel gains on investment8 Transf¢rs b¢tw¢¢n funds io 1,997 98 852 401 972 (499) 3,821 255 Net Income l (expeDdlture) 2,267 (868) 2,510 2,387 Olher reeognl8ed gxlns Pension scheme actuarial gain8 1 (losses) 19 307 307 (629) Iyet movement in funds 2,574 (868) I,iii 2,817 1,758 Reconclliatlon of funds Fund balances at I Septetnber 2023 112,900 6,654 5,293 124,847 123.089 Fund balance8 at 31 August 2024 18 115,474 5,786 6,404 127,664 124,847 The attached notes on pages 26 to 44 forni an integral part of these financial slatemenls. All of the School's activities represent continuing operations. See note 24 for the Statetnent of Financial Activities for the year ended 31 August 2023. 22 ST PAUL'S SCHOOL SUMMARY INCOME AND EXPELYDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 2024 Unregtrleted and regtrieted funds £'ooo 2023 UnMtritted and restricted funds £?000 Income from: Charitable activities School fees receivable Ancillary trading income Other trading activitie8 Non-ancillary trading income Investments Investment income Bank and other intsre8t Voluntsry sources Donations, legacies and grants - unrestricted Donations, legacies and grants - restricted 41,301 2,294 38,747 1.891 176 158 477 2,492 375 1,660 281 1,441 220 2,681 Total Income 48,462 45,732 Expendlture on: Raising funds Financing c08ts Investment management Fundraising and development Marketing and publicity 1,461 loo 362 871 1,472 96 352 669 2,794 2,589 Charitable activities Education and grant making 47,617 41.595 Total expendlthre 50,411 44,184 Net (expendlthre) l Income before Investment galns (I,949) 1,548 Net gains on investsnents 2,849 161 Net Ineome 900 1,709 The above Summary Income and ExpenditureA¢¢ount represents the total unrestricted and restricted income and expcnditUTe as Shown in the Statement of Financial Activities on page 22 and its presentation is required under the Companig8 Act 2006. The attached notes on pages 26 to 44 forn] an integral part of these fmancial statements. 23 ST PAUL?S SCHOOL Company Iyo: 06141973 BALANCE SHEET AS AT 31 AUGUST 2024 Notes 2024 2023 £'ooo £9000 £'ooo £9000 Flxed assets Tangible assets Investsnents 116.370 28,362 112,938 21,874 io 144,732 134,812 Current assets Stock Debtors Cash at bard( and in hand 57 1,606 49,650 96 2,160 48,541 li 51,313 50,797 Current Ilabllities Creditors: amounts falling due within one year 12 (11,653) (6,846) Net eurrent a88ets 39,660 43,951 Total a8$et$ le89 current Ilrdbllldel 184,392 178,763 CrcditorN'. amounts falling due after more than onc year 13 (56,663) (53.851) Provi8ion8 for liabilities and charges 14 (65) (65) Net assets excluding penslon llablllty 127,664 124,847 Pension scheme liability 19 iyet assets 127,664 124,847 FUNDS Endowm¢nt funds Restricted funds Unrestricted fimds 18 18 18 6,404 5,786 115,474 5,293 6,654 112,900 Total funds before penslon reserve 127,664 124,847 Pension 8cheme funding reserve 18 Total funds 127,664 124,847 The financial statements were approved and authorised for issue by the Governors on 4 December 2024 and were signed below on its behalf by.. Richard Ca88ell Chair of Governors Harold Hampson Chair of Finance Committee The attached notes on pages 26 to 44 fonn an integral part of these fit]ancial statements. 24 ST PAUL'S SCHOOL STATEMEIYT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 Notes 2024 2023 £9000 £?000 £'ooo £'ooo Net cajh inflow from operations Net ca8h provided by operating activities 20 7,845 4,084 Cash flows from Inve8tlng actlvltles Payments for tangible f￿ed assets Proceeds from sale of tangible r￿ed as8ets Payments for investments Investment income and bank and other interest receiv¢d (7,622) (7,097) 10 (2,667) (11.688) 2,928 2,018 Net ealb used In Invejthig actlvltles (7.354) (16,767) Cajh flowj from Ilnanelng aetlvltles New endowments Repayment of obligations under hire purchase contracts 638 584 (20) (20) Iyet cash provlded by l]nanelng 74Ctlvltle8 618 564 Change In eaib and eash equlvaleDt$ In the reportlng perlod 1,109 {12,119) Cash and cash equivalents at the beginning of the reporting period 48,541 60,660 Calh Vdnd cash equlvalent8 at the end of the reportlng perlod 21 49,650 48,541 New borrowlng £'ooo Analysis of movements In net ¢4ih l (debt) 2023 £'ooo Ca8h flow8 £'ooo 2024 £9000 Cash at bank and in hand 48,541 1,109 49,650 Total ¢a3h and cash equivalents 48.541 1,109 49,650 Hire purchase contracts (37) 20 (17) Private Placement funding falling due after one year {50,000) (50,000) Total (1,496) 1,129 (367) The attached notes on pages 26 to 44 forn] an integral part of these fmancial 8tatements. 25 ST PAUL*S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUIW4TING POLICIES Accountlng bas18 St Paul's School is a Public Benefit Entity. It is a Company limited by guarantee registered in England and Wales (company number 06141973 incorporatcd on 6 March 2007) and a charity registered with the Charity Commission (charity number 1119619 regi8tered on 12 June 2007). Its registered address is Lonsdale Road. Barnes. t￿ndon, SW13 9￿. The accounts have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Rq)ublic of Ireland ("FRS 102"), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordanc¢ with the Financial Reporting Standard applicable in the UK and Republic of Treland ("FRS I02") - 2rtd Edition effective l January 2019. They drawn up under the historical cost basis of accounting as modified by the revaluation of investments. As highlighted in the Governor5, Report, having assessed the School's financial po8ltion, the plans for the foreseeable future, the risks to which the School is exposed and the detailed ca¥h projections, the Governors are satl8fied ihat it remains appropriate to p￿pare the financial statemenL8 on a going concern ba818. There are considered to be no material un¢ertaintie8 regarding the School's going concern slalus. The School's wholly owned sub8idiary* St Paul's School Enterprises Limited, was incorporated on 29 May 2019 with £1 of issued share capital. The oompany was dornwit until 31 Auwst 2021 and commenced trading on I September 2021. Consolidated accounts have not been prepared on the ground¥ that the activity 18 immaterial to the group. See note 23 for a summary of the company's results for the year ended 31 August 2024 and 2023. Crltlcal accountlng judgement$ and ejtimrdtes and key sources of estlmYdtioD uncertainty In the application of these accounting policies, the Governor8 are required to make judgements, e8timate8 and assiimptions about the caryin¥ value of assets and liabilities that are not readily apparent from other sources. Estimates and judgements are continually evaluakd and are based on historical experience and other factor8, including expectation8 of future event8 that are believed to be reasonable under the circumstance5. Although these e&timate8 are based on management's best knowledge of the amount, evenLs or actions, actual re8ulls may ultimately differ from those ¢$timate8. Revisions to accounting estimates are recognised in the period in which the estimate is revi8ed if the revision affects only that period, or in the period of the revision and future periods if the revision affects current and ￿tUre periods. The Governors consider the following items to be gttas subject to estimation and judgement: Depreciation: The useful economic lives of tsngible r￿ed a88ets are based on management'8 judgement and experience. Pcn8ions'. The principal 888iimptions uyed to calculale the liabilitie8 in the defmed benefit pension scheme are those as ¥et out in note 19. In the view of the Governors, no a5811mptions concerning the future or estimation uncertainty affecting a88et8 or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next fmancial year. The following accounting policies have been applied Gonsistently in dealing with items which are considered material in relation to the School's financial statements. 26 ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (contlnued) Fees And similar iDcome Fees receivable and charges for services and use of the premises are accounted for in the year in which the services are provided. Fees receivable are stated after deducting bursaries, scholarships and other remissions allowed by the Sch(M)L bul include contributions received from restricted bursary funds and third parties. Registration fees are non-refundable and are credited to income when received. Rental And investment Income Rents are stated gross and are included on an accrnals basis. Interest is in¢luded on an accruals basis. Dividends frorn inv¢stm¢nt funds are included ￿ receivable on the due date8. Donatlons and legacles and other voluntary Ineome Voluntary income 15 accounted for as and when entitlement arise8, the amount can be reliably quantified and the economic benefit to the School is considered probable. Donations received for the gcncral purposcs of the School are credited to Unre5trictcd Funds. Donation8 subject to Specific wishes of the donors arc credited to the relevant Restric*d Fund21, where the amount 18 held as expendable capital. or to Endowmcnt Funds. For legacics, entitlement is the earlier of the School being notificd of an impcnding distribution or the legacy being received. Expendlture Exp¢nditure is accounted for on an accruals ba8is where there is a1¢8al and con8tructive obligation lo make a payment to a third party and the amount of the obligation can be measured reliably. Expenditure 18 allocated to the appropriatc headings relevant lo the charitable aclivitie8 on a direct basis. Support C08ts mainly represent office administration. Irrecoverable VAT 18 charged to the Stslement ofFinancial Activities as incurred. Governance cosls comprise the c0818 of running the School, including strategic planning for its fu￿re development, external audiL legal advAce and all the CO8t8 of complying with constitutional and statutory requirements. Charitable expenditure repre8ents the c08ts of running the School including salaries, catering, premi8e8 and welfare c08ts. Costs of r8i8ing funds include fmancing• Investment management, fundrai8ing and development and marketing and publicity costs. Grants Grants payable are charged in the year wh¢n the offer is conveyed to the recipient except in cases where the offer 18 conditional, 8u¢h 8ranls being reco8nised a8 expenditLwe when the conditions have been fulfilled. Operatlng lea8es The annual rental for operatinB leases is charged to the Statement of Financial Activities on a straight line basis over the lease terni. Funds The School ha5 three types of fvnds: Endowment- where the ¢apital is held in perpetuity to generate distnbutable income. Restricted - where the purp08e for which the fimds may be used has been restricted by donors" and Unrestricted - where the fund is not restricted as to use other than in furthering the objects of the School. 27 ST PAUL'S SCHOOL NOTES TO THE FIIYANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (continued) Pension schemes (wording to be updated as required) The sch￿)1 contributcs to the Teachers. Pension Scheme. This is a multi-employer pension s¢h¢m¢ and it is not possible to identify the School's share of the underlying and liabilitiC8 on a consistent and reasonable basis. Therefore. as required by FRS 102, the School accounts for the scheme as if it were a d¢fined contribution scheme. The School's contribulions, which are in accordanrK with the recommendations of the Government Actuary, are Charged in the period in which the salaries to which they relate are payable. The School also operates the St Paul's School¥, Non-Teaching Staff Pension Fund. The scheme is a defined benefit scheme in accordance with 8￿tion 28 of FRS 102. Service Costs. curtailments, settlement gains and108ses, net financial return8 and remeasurement gains and losses are included in the Statement of Financial Activities in the year to which they relate. The Scheme entered wind up on l May 2024. Change8 in the assets and liabilities of the scheme in the year are disclosed and allocated as follows: Pension fmance co¥18 arising from changes in the nel of the in*rest Costs and expected return on asgeL8, are allocated to financing costs in the Statement of Financial Activities. P¢nsion finance charges arising from similar changes are recognised as expenditure. Remeasurement gains and losses are recogniAed as other recognised gains and losses. The a88ets, liabilities and movem¢nts in the surplus or deficit of the Scheme are calculated by qualified independent actuaries as an update to the latest full actuarial valuation. The defined benefit scheme is in a surplus PO8ltion. However, it is not a recoverable amount and therefore has noi been rccogni8ed in the financial 8tatement8 in accordance with FRS 102. Detai18 of the 8cheme asset8 and liabilities and major a88umptions are shown in note 19. Following the closure of the Non-Teaching Staff defmed benefit scheme to new members and also to future accrual with effect from l January 2016, all Non-Teaching members of staff, unless they choose to opt out, contribute into a separate defined Gontribution 8cheme. Teachers who opt out of ihe Teachers, Pension Scheme are also eligible to contribute inlo this Scheme. Costs associated with this scheme are charged to the Statement of Financial Activities in the period in which th¢ salarieti to which they relate are payable. Short term beneflt8 Short tern] benefils, including holiday pay? are recognised as an expense in the period in which the service is received. Employee termlnation beneflts Terniination benefits are accounted for on an accruals ba8is and in accordance with FRS 102. Capltallsalion and replacement All assets purchased are included at their purcha8e price, together with any incidental expenses of acquisition. Assets with a cost below £5,000 are not capitalised. Depreclation Depreciation of assets is provided at rates to write off the cost over their estin￿ted useful lives &q follows: School and residential buildings 50 years Leasehold improvements 20 years School and residential refiwbishment8 l O years School equipment and musical instrLunents 10 year5 Furniture and fittings 4 years Vehicles and boats 4 years ComputeT¥ 3 years Assets held under construction are not depreciated as the assets llave not yet been brought into use. On completion the assets will be transferred to buildings and depreciated over their eXp￿ted useful lif¢. 28 ST PAUL?S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (contlnued) Investments Investments are a forni of basic financial instwment and are initially sho￿￿ in the f￿L￿cial statements at cost. Movements in the market values of investments are shown as unrealised gaitvJ and losses in the Ststement of Financial Activities. Gains and losses on the realisation of investments are 8hovm as realised gains and losses in the Statement of Financial Activities. Realised gains and losses are calculated as the difference between sale proceeds and opening carying value or the purchase value if acquired subsequent to the fir3t day of the f￿ancIal year. Unrcalised gains and losses are calculated as the difference between the fair value of investments at the year-end and their opening carrying value. Reali8ed and unrealised invcslmcnt gains and1088es are allocated to the appropriate Fund according to the'ownership" of the underlying assets. Flnanclal Instruments Bayic fmancial in8trumcnts arc initially re¢ogni8ed at transaction value and subsequently measured at amortised c05t with the exception of inve8tment5 which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, trade and fee debtors, other debtor& and accrued income. A specific provision is made for dcbts for which recoverability is in doubt. Cash and cash equivalents are defined as all cash held in instant acce88 bank accounts and used as workin8 capital, Financial liabilities held at amortised cost comprise deposits, fees in advance, trade creditors, other creditors and Private Pl￿ernent funding. Financial liabilities measurcd at fair value comprise the pension scheme liability. Stock Stock r¢presenling book8, Stationery, padlocks and kitchen supplies, 18 stated at the lower of cost and estimated realisable value. Debtors Trade and other debtors are recognised al the 8ettlement amount due for the provision of seryices delivered. Prepayments are recognised at the amount prepaid or the amount paid in advance. Cvdsh and eash equlvAlents Cash and cash equivalents include cash and deposits with a thort terni maturity of12 months or le88 from the date of opening the depo¥it account. Credltorj Creditors are recognised where the School has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation Gan b¢ m¢asur¢d r¢liably. Amounts are recognised at their settlement amount. Provi&loni for IIpdbllltle8 Provi8ion5 are made where an event has taken place that gives the School a legal or constructive obligation that probably requires settlement by a transfer of economic benefits. and a reliable estimate can be madc of the amount of the obligation. Provision8 Hre charged as an expense to the Slalement of Financial ActivitlC5 in the year that the School become8 aware of the obligation. and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. Where payments are eventually rnade, they are charged to the provision carried in the balance 8heeL 29 ST PAUL*S SCHOOL NOTES TO THE FINANCIAL STATEMENTS {contlnued) FOR THE YEAR ENDED 31 AUGUST 2024 CHARITABLE ACTIVITIES - SCHOOL FEES RECEIVABLE 2024 £'ooo 2023 £'ooo Fees receivable consist of: School fees L￿. totsl bur8arie8, grants and allowance8 42.059 (3,972) 39.355 (3,673} 38,087 3,214 35,682 3,065 Add: 8cholarthips, grants. etc. received from restricted fund8 41,301 38,747 Included within total bursaries, grants and allowances are rnean8-tested bursaries of £3,361,000 paid to 138 pupils (2023: £3205,000 paid to 143 pupils). 73 % (2023: 660/0) of the8e awards were either full fee or higher than 750/0 of fces. CHARITABLE ACTIVITIES- ANCILLARY TRADING INCOME 2024 £'ooo 2023 £%ooo Fee extra8 (including School trips) Entrance and registration fee8 Thck shop and café sales income Commissions and other income 1,889 254 133 18 1,559 250 66 16 2,294 1,891 OTHER TRADING - NOIY-ANCILLARY TRADING INCOME 2024 £*ooo 2023 £901)0 Hire of School facilitie8 Rental incom¢ 40 136 29 129 176 158 DOiYATIOI¥4S, LEGACIES AND GRANTS 2024 £?000 2023 £'o Donations for: Bursaries Prizes and othcr award8 Rebuilding fund Other 1,622 2,330 725 652 2.352 2.987 498 Legacies 2,360 3,485 30 ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 STAFF COSTS 2024 £'ooo 2023 £'ooo The aggregate payroll costs for the year were as follows.. Wages and Salaries Social security costs Pension costs: Defmed contribution scheme Defmed benefit scheme Teachers, Pension Scheme Medical insurance Consultancy c08ts Contract staff costs Recruitment costs Redundancy / tcrniination payments Other 21,094 2,506 19,024 2.304 730 1,630 3,152 125 241 764 105 59 25 389 184 2.873 115 176 802 120 29 30,431 26,016 None of the Governors received any remuneration or other benefits (2023.. nonc). Aggregate employee benefits of key management per8onnel 1,102 1,012 2024 Number 2023 Number The number of employees whose emolumentg in the year exceeded £60,(X)O was: £60,000 - £69,999 £70,000 - £79,999 £80,000- £89,999 £90,000 - £99,999 £100,000- £109,999 £110,000- £119,999 £120,000- £129,999 £130,000- £139,999 £140,000- £149,999 £150,000- £159,999 £190,000- £199,999 £200,000 - £209,999 £330,000- £339,999 £360,000- £369,999 29 51 44 20 34 55 32 Of the above staff members 106 (2023: 131) have benefits accruing under def￿ed benefit pension sGhemes and 52 (2023.. ¢ight) have benefits accrning under the defmed contribution ￿heMe. Employer's contributions for the de￿￿ed benefit Schemes were £2,191,467 (2023: £2,365,559) and for the defined Gontribution scheme were £1,029,951 (2023: £44,168). The average number of the School's employees during the ycar calculated on & full time equivalent basi8 wa8 331 (2023.. 310) and on a head count basis was 384 (2023: 373). 2024 Number 2023 umber Full tlme equlvpdlent basls Teaching Welfare Premises Support Other 209 202 31 78 30 64 331 310 31 ST PAUL?S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 AUGUST 2024 STAFF COSTS (contlnued) 2024 Number 2023 Number Head count ba818 Teaching Welfare Premises Support Other 226 237 33 106 io 36 82 384 373 ANALYSIS OF TOTAL EXPENDITURE Total 2024 £'ooo 2024 Staff colts £'ooo Other £'ooo Depreclatlon £'ooo Co8l8 of ralslng fund8 Financing costs (note 8) Investment management Fundraising and development Marketing and publicity 1.461 loo 148 291 1,461 loo 362 871 214 580 794 2,000 2,794 Charltable actlvltle• Education Welfare Premises Support costs and governance Grants, awards and prizes 22,422 367 2.393 4,455 4,343 2,101 3,033 747 3,795 385 115 3,461 27.150 2,583 8,887 5,202 3,795 29.637 14,019 3,961 47,617 Total expendlture 30,431 16,019 3,961 50,411 Tolal 2023 £'ooo 2023 Staff costs £'ooo Other £'ooo Depreclatlon £'ooo Coit$ of rgl$lng fundi Finan¢in8 COSt5 (nots 8) Investment management Fundraising and development Matketing and publicity 1.472 96 134 206 1,472 96 352 669 218 463 681 1,908 2.589 Charltable actlvlties Education Welfare Premises Support costs and governance Grants, 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 3221 3,231 25,335 12,770 3,490 41,595 Total expenditure 26,016 14,678 3,490 44,184 32 ST PAULgS SCHOOL NOTES TO THE FINAIYCIAL STATEMENTS (continued) FOR THE YEAR EIYDED 31 AUGUST 2024 ANALYSIS OF TOTAL EXPENDITURE (eontlnued) Governance costs Ineluded In support eosts: 2024 £'ooo 2023 £'ooo Auditor's remuneration: For audit For corporation t& For employment ￿ 8dvic¢ Staff costs Legal and prof¢8sional fees Other 40 62 528 14 62 257 13 652 376 The School has obtained perniission from the Charity Commission to offer a scheme of redress in respect of the historic abuse allegations and ex-gratia payments totsllin8 £1,036 were made during the year ended 31 August 2023 (2024: £Nil). Sec notc 14 for furth¢r infornlation. Onc Governor (2023: two) was reimbursed travel. arxommodation and other expenses amounting to £266 during the year {2023: £242). Amounts paid directly io third parties on behalf of Governors during the year amounted to £13,619 (2023.. £12,756). These expenses consisted of training c05tS, Subscriptions, legal fees, catering costs for Board and sub-committee meetings. costs associated with the Governors, away day and entertainment C0818 on School business. GRANTS. AWARDS AiYD PRIZES 2024 £'ooo 2023 £'ooo From re8tricted and endowed funds Bursaries and other awards Prize8 and leaving awards Rebuilding fund 3.275 486 34 3,120 3,795 3,231 FINANCllYG COSTS 2024 £'ooo 2023 £iooo Private placement fmancing Costs Hire purchase interest Provision for bad dcbts 1,458 1,458 10 1,461 1,472 33 ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 AUGUST 2024 TANGIBLE ASSETS Assets held under construction £'ooo Furnlture rittings & Equipment £'ooo Charitable properlies £9000 Vehicles and Boats £'ooo Tot¥dl £'ooo Cogt At I September 2023 Additions Disposals 6.406 6,065 {229) 124,550 814 5,826 583 842 160 (26) 137,624 7,622 (255) At 31 August 2024 12,242 125,364 6,409 976 144,991 Depreciation At I September 2023 Charge for the year Disposals 19,462 3,375 4,470 523 754 63 (26) 24,686 3,961 {26) At 31 August 2024 22,837 4,993 791 28,621 Net book value At 31 August 2024 12.242 102,527 1,416 185 116,370 At 31 August 2023 6,406 105,088 1,356 88 112,938 As at 31 August 2024, the School ha5 capital commitments of £29.240,778 (2023.. £1,051,311) in relation to the School's rebuilding programme. The net book value of assets held under hire purcha8e contracts was £Nil (2023: £Nil). The depreciation charge for the year was £Nil (2023: £36,927). 10. INVESTMENTS 2024 £'ooo 2023 £'ooo Listed Invegtments: Valuation at I September 2023 Additions at cost Net gain8 on investment5 21,874 2,667 3,821 9,931 11,688 255 Valuation at 31 August 2024 28,362 21,874 Total investments at 31 August 2024 28,362 21,874 InveNtments comprlge: Llfjted investments Equities Bonds Pooled investment vehicles Cash holdin8S 24,467 2,076 1,324 495 17,355 1,865 1,544 I,iio Total investments at 31 August 2024 28,362 21,874 Cost of investments 23,426 20,759 Of the totsl investments of £28,362,000 (2023: £21,874,000), £6.965.IK)0 (2023.. £8,355,000) are held in the UK and £21,397,000 (2023: £13,519,000) are held overseas. The School also has a £1 investment (2023.. £1) in its subsidiary undertaking, St Paul's School Enterprise5 Limited, which was incorporated on 29 May 2019. The company commenced trading on I September 2021 and its resul for the year ended 31 August 2024 and 2023 are shown in note 23. 34 ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 11. DEBTORS 2024 £'ooo 2023 £'ooo Fees Amounts owed by group undertakings Sundry debtors Prepayments and accrued income 183 517 897 144 307 1,702 1,606 2,160 12. CREDITORS: due withln ont year 2024 £'ooo 2023 £'ooo Trade creditors Fees rcccived in advance Refundable deposits (note 15) Hire purchase contracts (note 15) Other tsxes and 80cial security costs Other creditors Accrua18 and deferred income 2,909 4,070 612 17 675 555 2,815 993 1,513 543 20 622 340 2,815 11,653 6,846 Deferred income brought forward as at I Sepiember 2023 was £195,000 (2022: £174,000) and carried forward as at 31 August 2024 was £202,000 (2023: £195,000). This mostly related to advance School bus income received. The amount released to the Slatement of Financial Activities in the year was £195,000 (2023: £174.000). 13. CREDITORS: amount8 falllng due Vdfter more than one year 2024 £iooo 2023 £'ooo Fees received in advance Refundable deposits {note 15) Hire purchase contracts (note 15) Private Placement fimding 2,760 3,903 37 3,797 17 50,000 50,000 56,663 53,851 On 7 June 2017, the School entered into a private placement arrangement with BAE Systems Pension Scheme for £15m of funding at a coupon rate of 2.3 % towards the construction costs of Phase 2 of the General Teaching Building. Drawdou￿ of thc funds look place in June 2018 and the capital will be repaid over ten equal annual insta]ment8 of £1.5m commencing in 2028. On 12 March 2019, the Sch(x)l entered into a 8econd private placement arrangement with The Prudential Insurance Company ofAmerica for£35m of funding at a coupon rate of 3.18 % toward8 the con8lNclion Costs of the next phases of the School masterplan which include8 the rebuilding of the Junior School. Drawdown of the funds took place in March 2019 and the ¢apital will be repaid over 14 equal annual instalments of £2.5m ommencing in 2039. 35 ST PAUL?S SCHOOL 1¥40TES TO THE FINANCIAL STATEMENTS (eontinued) FOR THE YEAR ENDED 31 AUGUST 2024 14. PROVISIONS FOR LIABILITIES AND CHARGES 2024 £'ooo 2023 £'o As at I September 2023 Amounts utilised 65 66 (i) As at 31 August 2024 65 65 Provisions for liabilities and charges of £65,000 a8 at 31 August 2024 (2023.. £65,IKIO) relates to tbe best estimate of legal costs to be incurred subsequent to the year-end in respect of the historic abuse allegations. 15. REFUNDABLE DEPOSITS AIYD HIRE PURCHASE CONTRACTS Refundable dep081ts 2024 2023 £'ooo £'ooo Hire purcha•e contracts 2024 2023 £'ooo £9000 After 5 years Between 2 to 5 year8 Between I to 2 year8 1,688 1,620 595 1,669 1,573 555 17 After more than l year Within l year 3,903 612 3,797 543 17 20 17 4,515 4,340 17 37 16. OPERATING LEASE COMMITMENTS Operating leases that are subject to future minimum lease ¢ommitment8 are as follow¥: 2024 £'ooo 2023 £'ooo As Lessee: Less than l year Photocopiers Franking machines Computers Minibuses Land and buildings Between l and 2 years Franking machines Computers Minibuses Land and buildings Behveen 2 and S years Franking machines Computers Minibuses tAnd and buildings Over 5 years Land and building8 36 20 26 io 18 io io io 30 16 24 753 754 876 901 36 ST PAUL9S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR EI¥4DED 31 AUGUST 2024 16. OPERATING LEASE COMMITMENTS (continued) 2024 £yooo 2023 £'ooo AJ LeJ80r: Lejs than l year Land and buildings Between l and 2 years Land and buildings Between 2 and 5 year& Land and buildings 160 102 122 44 44 289 190 Amounts ehArged l (eredlted) to Stydtement of Financial ActIvItl￿. Photocopiers Franking machines Computers Minibuses Land and buildings - expenditure Land and buildings - incomc 36 20 26 48 20 37 (105) (iii) 17. ANALYSIS OF1¥4ET ASSETS The School's net a88et8 are held for variou¥ fund8 and advance fees as follow8: Long term Ilabllltles, provlslons & peuslon deflelt £'ooo Net current assets I (liabllitles) £'ooo (362) (1,030) 41,052 Tanglble fixed Vd8&etJ £'ooo 2024 Investment8 £'ooo 6,766 6,816 14,780 Total £'ooo 6,404 5,786 115,474 Endowment fvnds Restricted funds Unrestricted funds 116,370 (56,728) 116,370 28,362 39,660 (56,728) 127,664 Long term 114bllltles, provlsions & penslon deflelt £'ooo Tangible fixed A8set8 £'ooo Net current assets £'ooo 99 977 42.875 2023 InvestmeDtJ £'ooo 5,194 5,677 11.003 Total £'ooo 5,293 6,654 112,900 Endowment fimds Restricted fund8 Unrestricted funds 112,938 (53,916) 112,938 21,874 43,951 (53,916) 124,847 37 ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMEI¥TS {contlnued) FOR THE YEAR ENDED 31 AUGUST 2024 18. FUNDS Balanee I September 2023 £'ooo Transfers & Other Galns I (Losses) £'ooo BAIAnce 31 August 2024 £%ooo Income £'ooo Expenditure £'ooo Endowed funds Scholarship fund8 Bursary funds Prize funds 553 4,397 343 iii 323 39 664 5,358 382 638 5,293 638 473 6,404 Restrlcted funds Bursaries Scholarships Prizey and other fimdB Rebuilding fund 2,701 149 2,135 1,669 1.181 13 478 (3,275) (13) (472) (35) 1,234 26 (5) (2) 1,841 175 2,136 1,634 6,654 1,674 (3,795) 1,253 5,786 Unre8trlcted fund8 General reserve Pension scheme funding reserve Bursarics and partnerships fund Future estate capital fund 97,119 46.504 41 195 48 (46,195) (348) (59) (14) (5,390) 307 5,059 2,426 92,038 12,607 3,174 17.802 5,634 112,900 46,788 (46,616) 2,402 115,474 Total fundi 124,847 49,100 (50,411) 4,128 127,664 Balance I September 2022 £'ooo Tr&nsfer$ & Other Galn8 l (Lo$$e8) £'ooo Balanee 31 August 2023 £•ooo COMPARATIVE FIGURES Ineome £9000 Expenditure £'ooo Endowed fundy Scholarship funds Bursary funds Prize funds 524 3,738 352 29 75 (9) 553 4,397 343 584 4.614 584 95 5,293 Restrlcted fundg Bursaries Scholarships Prize8 and other funds Rebuilding fund 3,416 137 1,726 1,669 2,403 li 477 (3,120) (6) (105) 2,701 149 2,135 1,669 37 (2) 6,948 2,893 (3,231) 44 6,654 Unrestricted funds General reserve Pension scheme funding reserve Bursaries and partnerships fi￿d FutLwe estate capital fund 109,977 42,658 17 149 15 (41,535) 612 (27) (3) (13,981) (629) 12,485 1,612 97.119 12,607 3,174 1,550 111,527 42,839 (40,953) {513) 112,900 TotAI funds 123,089 46,316 (44,184) (374) 124,847 38 ST PAUL'S SCHOOL NOTES TO THE FllYANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 18. FUNDS (continued) Endowed fundf Endowed fimds are for scholarship, bursary and prize funds. For these funds the capital is endowed and the arising income is ￿Stricted for tbe expendittue as shown by the type of endowment fimd. Restricted funds The bursary and scholarship funds represent accumulated income on varlous restricted and endowed gifts intended to fund bursaries and scholarships for pupils. Prize funds ar¢ for the costs associated with awarding the various prizes. The rebuilding fund was created for building programmes. The transfer from the rebuilding fund to the unrestricted general reserve of £2.000 (2023: £2,(K)O) relat¢8 to the use of restricted donations towards the capital expenditure on buildings during thc ycar, Unrestrlcted funds The bursarie8 and partnerships fund represents funds designated towards bursary awards and partncrship work. The Kayton legacy proceeds of £9,206,000 were transfetred to the fund during th¢ year ended 31 Augu8t 2023. Amount8 totalling £210,000 (2023: £180,000) paid to the School under gift aid from St Paul'8 School Enterpri¥es Limited were also transferred to the fund together with the School's rcmaining cash Surplus for the year ended 3 l August 2023 of £3,230,000 (2022: £2,988,000). The fiLture e¥late capithl fund represents contributions transferred out of the School, cath surpluses towards the long tern] provision of capital to allow the replacement and refurbishment of buildings and fabric of the School estate in the long tcrni if needed. During the year ended 31 August 2024, a further contribution of £2,048,000 (2023: £1,610,000) was made. 19. PENSIONS IYon-Teachlng Staff Penilon Fund The School operate8 a defined benefit 8cheme in the UK (St Paul's Schools Non-Teaching Staff Pen8ion Fund). Since l November 2006, the scheme has been clo8ed to new members and cloyed to future accrual on l January 2016. The scheme entered wind up on l May 2024. Due io the wind up, the scheme's investments have been sold and transferred to secured pensions. Contributions to the scheme for the year ended 31 August 2025 ar¢ ¢xpect¢d to bc £Nil. The disclosures shown below adopt the accounting standard FRS 102. A full actuarial valuation of the scheme was carried out as at 31 August 2020 and ha8 been updated to 31 August 2024 by a qualifi¢d ind¢p¢nd¢nt actuary. Th¢ major assumptions uscd by the actuary were (in nominal tenns) as follows: 2024 2023 Discount rate Inflation a8sumption (RPI) Inflation assumption (CPI) Ratc of increase in salaries 50/0 LPI pension increase a88umption 2.50/0 LPI pension increase assumption 5.00 3.00 2.70 2.70 2.60 1.90 5.30 3.30 3.00 3.00 3.00 2.30 Assumed life expectancies on retirement at age 60 are: Retiring today Males Fetnales 24.7 28.5 24.5 28.4 Retiring in 20 years, time Males Females 26.2 29.6 25.7 29.6 39 ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 19. PENSIONS (contlllued) The assets in the scheme and their value5 were: 2024 £'ooo 2023 £'ooo Liabiltty driven investments Cash and other assets Secured pensions Absolute return fund 9.982 135 103 959 506 10,158 Fair valuc of scheme assets 10,664 11,179 Th¢ actual r¢turn on assets over the period was 450 (789) 2024 £'ooo 2023 £'ooo The amounts recognl8ed In the balance sheet are as follows: Present value of obligations Fair value of scheme assets (10,572) (10,407) 10,664 11,179 Surplu8 in fimded scheme Adjustment for unrecogni8ed asset 92 (92) 772 (772) Net 8urplu8 in scheme 2024 £'ooo 2023 £'ooo Reconelllatlon of openlng and elo8lng balances of the pregent value of the deflned beneflt obllgatlon Benefit obligation at beBinninB of year Interest cost Actuarial1055es / (gains) Benefit8 paid (excluding expenses) 10,407 536 246 (617) 11,772 483 (1,342) (506) Benefit obligation at end of year 10,572 10,407 Reeoneiliation of opening and c1081ng bAlance5 of the fair value of scheme assets 2024 £?000 2023 £'ooo Fair value of scheme a8set8 at beginning of year Interest income on scherne assets Retum on assets (excluding interest income) Contributions by employers Benefits paid (excluding expenses) Scheme administrative cost (i.e. expenses paid) S¢ttlements 11,179 577 (127) 1.193 (617) (257) (1.284) 11,862 500 (1,289) 789 (506) (177) Fair value of scheme assets at end of year 10.664 11,179 40 ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 19. PEIYSIONS (continued) 2024 £?0 2023 £?000 Amounts recognised in the StalemeDt of Flnanelal Aetlvltles Service cost- including current and past service costs, settlements Service cost- administrative cost (i.e. expenses paid) Net interest on the net defined benefit liability 1,284 257 (41) 177 (17) Total amount charged to the Statement of Financial Activities 1,500 160 2024 £'ooo 2023 £'ooo RemeA8urements of the nel defined bentfit liablllty to be shown In SOFA Actuarial Ios8e81 (gains) on the liabilities Retum on assets (excluding interest income) Surplus on scheme that 18 not recoverable 246 127 (680) (1,342) 1.289 682 Total remeasurement of the net defined bcncfit liability to be shown in SOFA (307) 629 The surplus linked to the defined benefit schem¢ is not a recoverable amounl and therefore has not been recogni8ed in the fuwicial ststetnents in accordance with FRS 102. Information about the type of scheme and fundlng policy The scheme provides pension8 in retirement and death benefits to members. Penrlion benefits are linked to member8, fmal salary at the earlier of the date of leaving employment and the da* the scheme entcrcd wind up (l May 2024), and their length of service up to the date on which the scheme closed to future acctual ( l January 2016). The Scheme 18 a re¥islered Scheme under UK legislation. The scheme was established from l June 1989 under trust and is governed by the scheme's defmitive trust deed and rules dated 5 July 2001. The trustees are re8pon8ible for the operation and governance of the scheme, including making decisions regarding the scheme's funding and inv¢8¢m¢nt strategy. The trustees have insured all benefits payable from the 8cheme with an insurer. The Scheme doe8 not hold any ordinary Shares issued or property occupied by St Paul's Schools. Information about the most recent acluarlal valuatlon of the defined benefit obllgAtlon at the ac¢ounting date The most recently completed fornial actuarial valuation of the scheme was al 31 August 2020. The value of the liabilities ha5 bcen estirnated by updating the results of the a¢tuarial valuation as at 31 August 2020 to allow for the passage of time, actual inflation experience, benefits paid out of the scheme and changes in actuarial a551Jinptions over the peri(Ml from 31 August 2020 to 31 August 2024. Such an approach 18 normal for the PUTPOSe of accounting dis¢l08ures. It is not expected that these projections will be materially different from the surnmation of individual calculations at the accounting date, although there may be some discrepancy between the actual liabilitie8 for the scheme at the accounting date and those Includ￿ in the disclosures. Teaching Staff Pension Scheme The School participates in the Teachers, Pension Scheme ("the TPS"), for its teaching stsff. The pension charge for the year includes contributions payable to the TPS of £3.152,000 (2023: £2,873,000) and at the year-cnd £Nil (2023: £Nil) was accrued in respect of contributions to this scheme. 41 ST PAULgS SCHOOL NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 AUGUST 2024 19. PENSIONS (continued) Teaching Staff Pension Scheme (continued) The TPS iy an unfundcd multi-cmploycr defined benefits pension 8chenie govenied by the Tcacli¢rs' P¢i)sioiis Regulations 2010 (a.% amended) and the T¢acher8' Pension Scheme Regulation8 2014 (as amended). Members contribute on a pay as you go" basis with contributions from members and the employer being credited ￿ the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Se¢retary of State following scheme valuation8 undertaken by the Government Actuary'8 Department. The most recent actuarial valuation of the TPS wa8 prepared as at 31 March 2020 and the Valuation Report was published im October 2023. Following the Mccloud judgement, the remedy proposed that when benefits become payable, eligible members can elect to receive them from either the refornied or legacy Schemes from l April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefitt>. and in pr¢paring the 2020 valuation, have valu¢d the 'greater value, ben¢fJts for groupy of relevant members. Th¢ ¢mployer contribution ra* for the TPS is 28.6 % * and employer8 are al80 required to pay a scheme athnini&tration levy of 0.080/0> giving a total employer contribution rate of 28.68 %. Deflned Contrlbutlon Penslon Scheme The School pays into a defmed ¢ontribution schemc for teaching and non-tcaching staff. The superannuation charge represents the School's contributions to the scheme of £730,Ch)0 (2023.. £389,000). There were contribution8 outstanding at the year-end of £169,000 (2023: £Nil). 20. RECONCILIATION OF NET INCOME TO NET CASH IIYFLOW FROM OPERATIIYG ACTIVITIES 2024 £iooo 2023 £'ooo Net incom¢ Elimination of non-operating cash flow8: Divid¢nd income Interest receivable Endowment donations Defined benefit pension scheme adjustments Depreciation charge Gains on investment5 Losses on di8PO8al of tangible f￿ed assets Decrease l (increase) in stock Decrease / (increase) in debtors Increase in creditor8 (excluding hire purchase and refundable deposits) Decrease in provisions Increase in refimdable depo8lts 2,510 2.387 (477) (2,451) (638) 307 3,961 (3,821) 222 39 554 7,464 <375) (1,643) (584) (629) 3,490 (255) 902 (2) (689) 1,356 (i) 127 175 Net cash inflow from operations 7,845 4,084 21. ANALYSIS OF CASH ALYD CASH EQUIVALENTS 2024 £'ooo 2023 £'ooo Cash in hand and instant access bank a¢count5 Notice and f￿ed terni dep081t a¢counts 2,993 46,657 2.237 46,304 49,650 48,541 42 ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 22. RELATED PARTY TRAI¥4SACTIONS The following trans￿tionS occurred during the year with related parties: The School paid rent of £1,000 (2023: £1,000) to St Paul's Schools Foundation during the year. Donation8 re￿iVed from Governors without conditions during the year ended 31 August 2024 totalled £65,963 (2023: £35.773). Veryan Exelby 18 a Governor of the School. She 18 a partner at Farrer & Co who provide legal services to the School. For the year ended 31 August 2024, totsl legal fees incurred for services provided by Farrer & Co were £62,546 (2023: £31,382). A$ at 31 August 2024. th¢ gjnount due to Farrer & Co was £2,018 (2023: £750). St Paul's School EntetPri8e8 Limited is a wholly owned subsidiary undertaking of the School. The Directors of the company include Harold Hampson and Rupert Tate who are Governors of the School. During the year ended 31 August 2024, total costs of £131.722 {2023: £87,115) were charged by the School to the company under the Shared Resources Agr¢ement between the two entitie8. The8e ¢08ls represented licence fec8, a share of overhead costs (utilities, cleaning, security, telephone etc.) and salary costs. There w¢rc al80 ￿rther costs of £51,603 (2023: £56,517) paid by the School on behalf of the company. The balance due from the company to the School as at 31 August 2024 was £183,325 (2023: £143,632). There are no othcr related paty tran8action8 for the years ended 31 August 2024 or 2023. SUBSIDIARY UNDERTAKING St Paul's School Enterprisey Limited 18 a wholly owned subsidiary undertaking of St Paul's School and is registered in England and Wale¥. The re8uli8 of the company for the year ended 31 August 2024 were as follows.. 2024 £'ooo 2023 £'ooo rnover from continuing operations 435 299 Direct C08t8 (195) (159) 240 140 Administrative expense8 (5) (5) Operating profit 235 135 Gift aid payable to St Paul's School (210) (180) 25 {45) Profit brought forward 35 80 Retained in the 8ub8idiary 60 35 At 31 Augu8t 2024 the Company had net assets of £60,000 (2023: £35,000). St Paul's School Enterprises Limited 18 a company limited by share capital registered in England, company number 12021201. 43 ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 24. STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES BY FiJND TYPE Unrestricted Restricted Endowed funds funds funds £?000 £'ooo £'ooo Total funds £?000 Income and endowments from: Charitable activities School fee8 receivable Ancillary trading income Other trading activities Non-ancillary trading income Investments Investment income Bank and other interest Voluntary sources Donations and1¢8acies 38,747 1,891 38,747 1,891 158 158 163 1,660 212 375 1,660 220 2,681 584 3,485 Total income 42,839 2,893 584 46,316 Expenditure on: Raising funds Financing c08ts Investment management Fundraising and development Marketing and publicity 1,472 96 352 669 1,472 96 352 669 2,589 2,589 Charithble aclivities Education and grant making 38,364 3,231 41,595 Total expenditure 40,953 3,231 44,184 Net Ineome l (expendlture) from operAtlon8 before Investment galn8 and transfers 1,886 (338) 584 2,132 Net gains on investments Transfers between funds 114 47 (3) 94 255 Net Income l (expendlture) 2,002 (294) 679 2,387 Other reeognlsed losses Pension scheme actuarial1088e8 (629) (629) Net movement In funds 1,373 (294) 679 1,758 Fund balances at I September 2022 111,527 6,948 4,614 123,089 Fund balances at 31 August 2023 112,900 6,654 5,293 124,847 44