ST BEES SCHOOL (A company limited b). guarAntee) INGREDERE Lrr p&of icIAS DIRECTORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Reglstered chArliy number: 1129534 Registered company number: 0659S861 robinson+co CHARTERED ACCOUNTANTS ST BEES SCHOOL . FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 CONTEIYTS Pa8e Company Inforn)ation Director5, Report io Independent Exarniner's Report li Con501idated Statement of Financial Activities 12 Group ond Company Balance Sheets 13 Consolidated Casb Flow Statement 14 Notes 15 35 ST BEES SCHOOL COMPANY INFORMATIOY4 FOR THE YEAR EINDXD 31 JULY 2024 Charity number: 1129534 ,Comp%ny number: 06595861 Dlreetors: Tli¢ direcwrs of the company are B150 Govcrnors of the School and trus(ees ft>r Ihc purpos¢s of Charity law. Mrs S J Calvin (Resigned 10 August 2014) Mr Nl D George (Chairn?an) MTT Kelly MT R F Lacey Mr P G Lever MTADLord Mr M N Robens Dr A M Siniper Dr D J Thornley (Resi8lled 01 Febnmy 2024) (Appointed 10 November 20241 Officers: Company Secretary: Mr T Kelly The Clerk ro ihe Governors: MrT Kelly Tlie organisalional manpgement is ¢?r[i￿ out by the trustees thettL8elves, wliilsi th¢ day to doy operation5 are undertaken by a small team of staff being supported by nominated local (ruslecs. Page I ST BEES SCHOOL COMPANY INFORLMATION (conlinued) FOR THE YEAR ENDED 31 JULY 2024 Principal Address and Rogi5tered Office: Wood Lan¢ St Bees School ST BEES CA27 ODS Advlsers Bankers: Natwest B￿k plc Chall￿n Customer Service Centre Western Avenue Waterside Ci)Urt Chathatn Maritime Chatham Kent MFA 4RT Solicitors: Bro¢kbank& 6 Borrowdale Ropd Ke5wick CA125DB Accountants: robinson+¢o Chartered AccounlaDts 28 Lowther Street Whilcliaven CA28 7DJ ID5urance Broker8: Marsh Limited Capital House 1-5 I)e￿Ount Road Haywards Heath Wal Suss¢A RH163SY Pllge 2 ST BEES SCHOOL DIRECTORS, REPORT FOR THE YEAR ENDED 31 JULY 2024 The Directors of St Bees School Trusi present their ar￿￿al report and financial 5tstements for the.year ended 31 July 2024, And ¢onfrm that they eomply with the requirements of the Cornpanics Act 2006 and the Cliarities Act 2011. DEVELOPMENT OF THE SCHOOL The Full Circle Group completed their sixth acadetnic year as managers of the school. The Thst remains confident that the school is developing satisfactorily under their inanagement and remain committed to supporting them lo improve both the school facilities and the cducational standards. Thc St Be¢s School Trust remained focused on managing the School estate an(L commercial business ctivities to provide ongoing fiDanciat ¥upport to the development of the school 2nd improvement of school facilities. REFERENCE AND ADMINISTRATIVE INFORMATION St Bees School was founded in 1583. The ch8rAtable company wos forn]ed on 19 May 2008 and is registered with the Charity Con)mission as charity number 1129534. The word5 Eharity, 'Companl Charitable Cornpanso, 'Charitable Trust,, Trnst, and 'School' are used interchftngeably to refer to St Bees School. The Trustees are listed on page l. The registered officc address of the Charity and the particulars of the Clwitys Advise￿ are given on page 2. STRUCTURE, COVERNANCE AND MANAGEMEY4T Govtrning Document Whilst the School was founded in 1583, the charitsble company is governed by its Memorandum alld Artleles of Association as adopted on 19 May 2008 and altered by Special Resolutions dated l August 2009 and 15 January 2016. Goyenjlng Body The director5 of the.Company are also trustees for the purposes of Ch&ity law. Composftlon of Governing Body p05t 15 January 2016 The number of Gov¢rnors.shall be not less tban 6 and not more than 12 compeieni persons. being 3ny of 4 Governors appointcd by the Old St Beghians, Club As set out in articl¢ 8.2, 4 being appoinled from the local comnwnity as sei out in anicle 8.3 and not more than 4 co-opled Govemors ,appoint¢d by the Board of Governors. Rteruitment and Tralnillg ofTrustees Attention is p&id to ensure that thc Board of Trustees D￿jUtaInS & balauce of 5ball5 and diversity in order to function effectively. Organ151tlonal M4naEement The orgAnisational management of the Thist 16 Carried out by ihe Trust¢¢s thernselves, whilst day to day cornn￿rCIal activities 8ff undertaken by a small administrative team based at the Tn￿1.$ Business Management Centre. The TruKees comprise the key managernent pe￿Onnel of the organisalion. All trustees 8iv¢ of their time freely and no ttuslee remunerdtion was paid in the year. Page 3 ST BEES SCHOOL DJRECTORS, RKPORT (Coutillued) FOR THE YEAR ENDED 31 JULY 2024 Group Structure and Relatlonshlp$ ID May 2019 Full Circle Education Group assumed Sjll responsibility forthe operation of the St Bees School Management Company Limited. Th¢ Management Company betng tespottsible for the lljajority ofthe ojjsite facilities. Full Circle operdle the School under an Agr¢¢ment witb the Charitable Trust. The *ement is retractable by the chariry if the agreed educational and operdtional objectives #re not achieved. Annual review pmeedures are in place to enable the Charity to molliior the perfoTmance of Full Circle iii th¢ rol¢ of school operator. The Charity has a wholly owned subsidiary> St Bees School Enletprises Lirait¢d (conyany number 03422777) which was incoryorated in August 1997. This is the commercial arni of (he School and manages the Whitelaw Management Centre. The Dir¢clors of th¢ St Bccs Enterprises Limited have Continued lo op¢rat¢ th¢ Busill¢ss Management Centre pmfitably during 2023124. St Bee5 School acts as trustee of two linked charities, St Bees School Trust and Bursary Fund. AIthou8h pArt of thc School's pemianeiit endowrynents are held by ihe Company in ttust for the charities, folloviing the Charity Commission's order dated 10 July 2015 these endowments,have been spent and, ￿plaCed by appropriating ¢xpendable property 8s pemwlent endowment in Ibcirplacc. OSB Nominee Limited (company number 08117070) and The Old St BeghiaD Guarantee Trust Fund are closely linked with the St Beghian So¢iety, the alun)ni organisation for th¢ School, and provid¢ financial support to the Charitable Trust. Tbe financial assistance provided via OSB Nominee Limited includes a loan creditor lo the School in the suni of £1'.792,274 as al 31 JULY 2024 (2023: £1,779,274). Th¢ debt was 3S5igngd and t[anSf¢￿ed The Old St Beghian Ouarantee Trust Fund to OSB Nominee Limited on l July 2023. The management of these entities is vested in Committee of Alumni. Rlsk management The Directors examine tbe major risks that the Charity faces on an ongoing basis to control and mitigate potential impacts. OBJECTS. AIMS, OBJECTIVES AND AcfivITIES Objects The objects of the charity are to advance tbe education of boys and girls by the provision of a day andlor boarding school in or near St Bees or elsewlier¢ in Cumbria and by ,an¢illary or incidenlal educational activities and other asso¢ia*d activities for the benefit of the community. Strategies to Aehieve tb¢ Objecrfves sion statement The School was founded in 1583 by the then Archbishop of Canterbury, Edmund Grindal. The tNstees' goal is to TetyTn an educational iltstitution onlo the St Bee5 campus in aliwrem with Edmund Grind￿,8 principle5. Our Mission 15", To reostsblish St Bees SchoDI as a vibrant and sustainable centre for the outstandin8 education and all-rouad development of young,people in accordan¢e with Archbishop Grindal's legacg. ST BEES SCHOOL DIRECTORS, REPORT (continued) FOR THE YEAR ENDED 31 JULY 2024 OBJECTS. AIMS, OBJECTIVES AND ACTIVITIES (continued) Strategies to Achleye the Objeetives (contlnued) Objectives - To hive effective and transparent trnstccship; - To maintain the existing assets and infrastrucmre in good order. - To identify thc most appropriate operating model for St Bees School; And - To secure.the necessary investment and support to develop the oxi5ting assets and Infrastructu￿ lo support the identtfied model. Progress Pupil nurnbers arc being maintained around the 120 marK although r¢v¢nu¢ per pupil is incrwing. Acadetnic year 20?3-24 was a year of prO￿5S acadeffjically Ihrougb the dedication of the staff and continued commitmeni of Full Cir¢k. Publlc Benellt The trusle¢s have refe￿ed to the guidaD¢e contained in the Charity Commission's general guidan¢¢ on publi benefit whell reviewing the Charli￿$ ain)s and objeciives and in planning fll￿re activities, and liow these planned activities will contribute tr>. the aims and objectives they have sel. In particular, the trustees have gtven care￿1 consideration to ihe supplementary public benefit guidanG¢ on advancing educatioii and on fee- charging. P¥ge ? ST BEES SCHOOL DIRECTORS, REPORT (contlnlled) FOR THE YEAR ENDED 31.JULY 2024 STRATEGIC REPORT The Strategic Repo¢ as required by the Companies Act 2006, is included ivithin this Directors, Report and ¢ompris¢s the sections,ou Policies tbrough to Fututc Plan5. Po]Icies As part of Ibc School Ieopenillg tbe followiug po]ice5 will be developed:. - Ac¢css pobcy - Bursary Policy - Scholarship policy - Project support policy REVIEW OF ACTIVITIES AND ACHiEVEIIqENTS The Business M&na8ement Centre remaitJs,3trong and a positive contribution to Trust revenues. Red￿]llg indebtcdThess to Full Ctrcle has been 8 key focu5 and that has continued to reduc4 and further asset sales.will erddicate it.altogether. At the same titne the Tntst has been able to achieve its ultimate objeclive'of financially 5UPPOrtin8 Students through the school with bursary award& Page 6 ST BEES SCHOOL DIRECTORS, REPORT (continu¢d) FOR THE YEAR ENDED 31 JULY 2024 FINANCIAL REVIEW AND RESULTS FOR THE YEAR As explained in note l. I to the accounts, tlie ])ireclor5 believe tbat, whilst there are material Mncertainties ielated to events or conditions that may cast significant doubt upon the company's ability to continue to adopt the going concern basis of accounting in the future. the going concern presumption is neverthelesg valid and they have not departed from this basi Althougb the School has been re-opened from September 2018. the material uncenainties relate ¢0 tbe viability, both financial and nOn-f￿anCia1. of Ihe re-establishing of the School on the St Bees ¢8lllPUS. The basis of preparation, coiitinucs to include, where approprial¢, the writing down of the cornpan￿s assets to net realisable value. Provision has also been made for any onerous contractual commiknents at the balance sheet dale. The fu￿nCl81 statements do not include any provision for the future costs of tern]inating atsy part of'the business of the company except to the cxlent that such w¢r¢ committed at the balance sbeel date. The net consolidated income for the year amou111¢d to £277,807 (2023.. £213,981). Tncom¢ increased by 29.8 % from last year. Totsl.consolidated expendithre increased by 3.90/0 from last year. TtLe Trust reported.an operating defi¢it, excluding covenapt from the subsidiary. on the General Fund of £29,009 for th¢ year ended 31 July 2024, against an operating d¢fi¢it of £84284 for the year cnded 31 July 2023. Profits of £46,063 (2023: £45,993) wew transferred from the subsidiary companyp St Bees EnteTrrise8 Lllnikd, via deed of covenant. During the year the Trust reco￿lsed legacies amounting to £36,640 (2023: £nil) and donations amounting lo £776 (2023.. £5,541). The Thst's freehold land and buildings were revalued at £4,427,500 on 31 July 2024 by the directors. The b&sAs of valuation used was market value. The directors considcrcd thai this figure was an accurat¢ valuation of the properties as at 31 July 2024. As a result there w85 no surplus or deficit ott rev&1￿110ft for th¢ year ended 31 July 2024 (2023: no surplus or deficit). Proceeds of £38,493 wcre received from the sale of land at Abbtsy Road during the year (2023: £A14.853 received from the sale of Grindal House). The tradtng subsidiary ran the Busines5 Management Celltre Ihrougliout the year. with reveaues stabilising after re¢overy from the eff￿ts ofthe COVID-19 pandemic. Th¢ piofit for St Bees Enterprises Limited for tlie ycar cnded 31 July 2024 was £49,088 (2023: profit of £44,220), Prior to calculation of taxable profits to be covenanted to the Trust,of fA5,993 (2023.. £46,063). Tl)¢ net movement in funds, as shown by ti)e consolidated statement of financial acliviti&£, for the year ended 31 July 2024 Wd$ a surplus of £74,i44 after nllowing for legacy income of £36,640 and a gain on investmenl assets of £4?.500 {2023: Def)cit of £22,708). Page 7 ST BEES SCHOOL DIRECTORS, REPORT (continutd) FOR THE YEAR ENDED 3] JULY 2024 Reserves Note 22 to tts¢ accounts shoivs the assets and liabilities attributable to the various funds by type. Notes 23 and 24 describe the various funds of the'charity and sumnwise the yeaPs movenM)ts on each fund. Group unre5tric*d funds atntsunt¢d to £1.190,253 (2023:,£L.252,832) however there were no free reserve3 availabl¢ in either year. The School's 8ener&l fimd showed È deficit of £1.770.830 (2023: Deficit of'£l.841,079 after transfers of £262,416 from the revaluation re3erve and £152.437 from the capital fi￿d following the sale of GTindal House). The Th￿t'S unrestrlcted reserves are prlmarlly invested in tangible fixed assets whlch are used for Ils dlrect charitable activities. Current policy followin8 the ¢losure of the School in 2015 is lo pres¢rYe funds as f9r a5 possible whilst alternative fiiture possibilities are explored. This includes the maintenance of the.existing asscts and in￿struc￿￿ and genentlon of Incom¢ needed to sustaln.Ih¢ n¢ce&$8ry transitional aciivilits. The Tn￿teeS are tsking steps to reduce the deficit on general funds in line with best practice. Invest￿ellt Pollcy and Objectiv Investment powers arc govcmed by the Memorandum and Articles of Association. Tnvestment decisions are m8de by the trnstees with the assistance of professional inveslment advlsers, The investrnent portfolio is no longer active and therefore the investment advisers have ceased in making monthly r¢ports to th¢ truste¢$ and holding meelitw to, disGu85 tbe inv¢stment policy 8nd.portfolio perfomiance. Consequently no investh]ent perfornwice is reported ill th¢ year. Previously> investments were held to Create incon% and capital growth pending utilTsation, whilst preserving thc value of endowmellt funds. Page 8 ST BEES SCHOOL DIRECTORS, REPORT (eonlinued) FOR THE YEAR ENDED 31 JULY 2024 PRlh'CIPAL IUSKS AND UIyCERTA[￿IEs As stated on page 4, the rrnstees examine the major risks that the charity faces e2cb financial year. These aTe suJnm￿$ed as follows: Flnancial risks and uncertainties These risks and uncertainties include potential increases Tll Costs. major fireldisaster, cash flow and political change leading to business rates relief exeinplions being removed. Personnel rlsks and uncertaintios These include loss and recrnitment ofkey pcrsonnel and compliance with emplo￿￿1t legi51ation. Administrativ¢ rLsks and uncertainties Thi risk has been identified as security of data held on IT system5. Safety risks and uncertainties Risks and uncertainties arise from safeguarding of stsff and the public and compltance with health and safety and fir¢ regulations. Governanee rlsks And uneertaintios These include insuring potential liability claims and the impact of inadequale Insura￿¢, and discharging stawrory resptsnsibililies. Other r15115 and uncertainties The principal other risk is frorn a loss of reputation. Funh¢r risks include )Jnauihorised site acces5 and dilapidation to buildings and facilities. The Charity has developed systerns to moniior and control the above risks, where possible, to mitigate any impact that they may have on it in the future. FUTURE PLANS The Trustees aim to increase financial support to the Scbool fijrther and support more stydenls In their academie journey. This will be achieved through the sales of furtber Trust assets superfluous to ib¢ r¢quirements of tlie CULTenl school at the same liine generating increased revenues from commercial aclivity and reducing costs associated with ru[￿ing the Trust, DIRECTORS The Directors who served during the year are set out on page l. Page 9 ST BEES SCHOOL DIRECTORS, REPORT (continued) FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING AND REPORTING RESPONSIBILITIES The Clwities Act 2011 and the Companie8 AGt 2006 require the directo[5 of the charitable company and up to prepare fmancial statements for each fmaneial year ivhich give a tnle and fair view of its fmancial a¢tivities during the year and its fuJaoct#l position at the end of the year. In preparing the fitsaneial staiements the Director5 are required to." select suitable a¢¢ounting poli¢ie5 and apply them con5iStenlly' roke judg¢rn¢nls and estin￿leS that are reasonable alld PTudellt; follow applicable accounting stsndards and,Ihc Charitie5 SORP, disclosing alld explaining any departures in the financial stalernents; and prepare tb¢ fmancial statements on the going concern basis unless it is inappropriat¢.to presume that the group will eontinue in opetation. The Director5 are responsible for keeping proper accounting records which are such as to disclose, with Te4sonable accuracy, Ihe financtal position of,the Company at 8my lime, and io enable them'to ensure that the fmancial statements comply with the Con￿￿nieS Act 21)06. They are Rlso responsible for safeguarding the assets of the Conw8ny,and ¢nsuring their proper application in accordance witb charity law, aDd hence for lakang reasonable steps for U]e prevelltioll alld detection of error, fraud and oth¢r iutgularilies. SMALL COMPANY PROVISIONS Tbls report has been prepared in accordance witli the special provisions for small companies under patt 15 of the Companie5 Act 2006. In approvxng the Directors, Report the trustees ar¢ also approving the Slrategic Report in their cupacity as company directors. Approved b the and.si8ncd on of Directors on 16 April 2025 alfby: i¢li' MD Georg Direetor Page 10 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES ON THE UNAUDITED FINANCIAL STATEMEiYtS OF ST BEES SCHOOL FOR THE YEAR ENDED 31 JULY 2024 I'Teport on the accounts of St Bees School for the year ended 31 July 2024 set out on pages 12 to 35. Respective respon$fbllltles of trustees alld independent exAmlner The charitys tntstee5 (who are also the directors of the company for purposes of company law) ar¢ responsibl¢ for the Preparation of the accounts. The trustees consider that an audit is not required for thig year under section 144 of the Charities Act 2011 (the Charities Act), and that an itLd¢pendent examination 15 n¢e(k(L It is my responsibility to examine the accounts under section 145 rof the Clwities Act, to follow the procedures laid down in.the General Direclions given by the Chariiy Commission under section 145(5)(b) of the c.harities ACL and to state whether particular matters have come to my.attentiOn. Bas15 of Independent eximiner's slatement My examination was carried out in accordhnce with the General DirectiOD8 given by th¢ Charity Commission. An examination includes a review of the accounting records kept by th¢ cbariry and a comparison of the accounts presented with those records. It also includes consideration of any unusual iterns or disclosure5 in the accounts. and seeking explanations from you as Lijstees conceming any such matters. The, procedures undcrt8kcn do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a'tNe and fair view, and the report is lin]ited to those matters set out in the staternellt below. Independent exaiiiiner's statement In conn¢¢llon with my examinalion, no n￿tter has come to my attention: (i) which gives me reasonable rAuse to belicve that in arAy material respect the requirements: - to keep proper accounttng records in accordance with section 386 of.the.Companies Act 2006; and -.to prepare accounts which accord with the accounting records. cornply with the accounting require[[￿ts of se¢tion 396 of the Companies Act 2006 and with the methods and principles of the Statenwit of Recommended Practice: Accounting and ReportinB,by Charities have not been mel. or (li) lo which, in my opinion. attention should be drawn in order to ¢nable a properunderstanding of the accounts to be reache Jason Spires Bsc FCA DCILA robfin$oD+co, Chartered Accountants 28 Lowther Street WhltehaveD CA28 7DJ Date: 16 April 2025 Pa2e 11 sr BEES SCHOOL CONSOLIDATED STATEMENT OF Fll¥ANCIAL ACTIVITIES FOR THE YEAR EIYDED 31,JULY 2024 UnTesuicied Funds Trust Other Restri¢t Futtds Endowed Funds Total 2024 roiol 2023 Note5 Donations and lega¢l Dortalions Lega¢i¢s Oilier tradlng Acdvlrfes Trading incoine Ren¢ re¢¢ivabl¢ In 2023 19,336 4,427,500 4.446,836 ST BEES SCHOOL NOTES ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 12 Tangible fjxed assets (eontlnued) FixturÉs Fittings and Equipment Freehold Land Buildln Trust Total Cost or valuation 1st Aug]st 2023 Additions Disposals Revaluations 35.609 4,427.500 4,463,109 31st July 2024 35,609 4,427,500 4.463,109 Deprecisttioll 1st August 2023 Charge for year Disposals Revaluations 34.463 349 34,463 349 31st July 2024 34,812 34.812 trnpair￿ent 1st August 2023 Cbarge for year Disposa]s 31st July 2024 Net booli values 315t July 2024 797 4.427AOO 4A28297 31siJiily 2023 4,427,500 4.428,646 P2ge 24 ST BEES SCHOOL NOTES ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JiTLY 2024 12 Tanglble ftyed assets.,(eontiDued) The TNsl'& freehold land and buildings were valued at £4,427.$00 on 31 July 2024 by lh¢ directo￿. The basi5 of valuation used was n]arket value. The directors considered that this figure was all accurate valuation of the properties as at 31 July 2024. As a result there was no svrplus or d&ficit on revaluation for the year ended 31 July 2024 (2023- NO Surplus or deftcil). Ii,sliould bc noted Ihat the valuation above is based on the Trust's properties being mllrketed in an orderly way* which the directors believe presents a. true aiid fair view. Should the properties be sold to one individual as a single lot the valuation would be lower. An impairni¢nt review was carried out on fixed assets at the year end And il wos Concluded that Ihere was no impairnien(. Tangible fixed assets included at a valuation would hav¢ been included on a historical cost basis at: Collsolidated and S¢knool 2024 2023 Cost D¢pr¢¢iation Net book vllue 2.083875 (546J84) 1,537,491 2.122.308 (515.006) 1,607.362 T1￿ figures slated abov¢ for cost or valuaiioll I￿]ude valuations as.followB: Consolldated 2024 2023 Sehool 2024 2023 At cost At valuadon 4,427,500 4,427,500 4,427,5110 4,427.500 4,427,500 4,427,500 4,427,500 4.427.500 Page 25 ST BEES SCHOOL NOTES OLN FINANCIAL STATEMEf4TS FOR THE YEAR ENDED 31 JULY 2024 13 Fixed a55et Inve5trnents 2024 2023 cotw1id￿Cd market value as above Share of ntt assets in jolnt ventures- valued on equity method lrtve51ment in Si Bees School Manasement Company Lid- 25% of ft¢t assets. Group undort2kitsgs- valued at fair vAlue Inveslment in St B¢¢s Ent¢tprises Lid- Ordi￿￿ £1 shares Total forTrust .. Eliminated on consolidation (2) Total for Group Investment In St Bee& Scliool M8llag¢rnent Conipaoy Limited:, In June 2017 a joint Ven￿re Company, Si Bees School Management Company Limited (Co￿PanY nuinber 10812320), was established. This company has taken on the reSPOllsibility for re-openijg the school.and all its operntional activity and its support activities. The joint venture is a lirnited company retwislered in Eii8land and Wal¢s which is wholly owm¢d by Full Circle Edu￿tIOn Group and St Bees School Trnst. Until 31 May 2019 the Tn￿ was respon8ible for 25V/o of the Investmenl'lll the joint venture ¢02Dpany, with FuIl Cir¢lc bcins responsible for 75Yts. Thereafter FuIl Circle assumed fijll responsibility for th¢ op¢ralion ofst B¢¢s School M4na8emeni Company Limiled. Following reconciliation ofthe total amount invested IJ St Bees School Management Company Limited, an adjusttDeDt of £42,500 was made durin8 year ended 31 July 2024 10 the realised gainiloss on the joint venttwe company investment (2023: £nil). Illvtstment In St Bees Enterprlses Ltd: The Trust owns 100 % of the ordinary shares in St Bees Enterprlses Limil¢d, wliich initially look over th¢ tradinB of th¢ Chari￿s acliviti¢s, including ihe Nnnins of the Business Manigcment Centr¢ and the Golf Course, frorn 1st Sepiembet, 1997, After the c105ure of the School on 3 JULY 2015, the subsidiary took ovcr thc rill]niDg of additional activities, including sports facility lettings and Holidayfes From I September 2017 all activities, save for the running of the Busines5 Mana8ement Centr4 were taken ov¢r by Si Bees School Manugemcni Cvmpany Limil¢d. Ihc Trust's joint venture company. Si Bee5 Enterprises Ltd, which wos incotporated on 20th August 1997, covenllnts its t￿b]e profits to the Trust. TILe company registration n￿￿ber is 0342277. Puge 26 ST BEES SCHOOL NOTES ON FINANC￿ STATENIENTS FOR THE YEAR ENDED 31 JULY 2024 13 Flxed 2siet investments (continntd) Investment in St Bees Enterprlses Ltd (¢onllnued): Th¢ tradillg results of St Bees Enterprises Litnited. extrncted from its accounts were:. 2024 2023 Turnover IS7,937 (31,923) 149,667 Cost of sales (26.243) Grass profit Administraiion Other opernting income 126,014 (76,599) J23.424 (78. 745) Operating (loss)Iprofit for the year: Int¢r¢st received Inter¢st payable Net (loss)Iprofit before laxation Taxation 49,415 44,079 (32T) (459) 49,088 44, ?20 Net (loss)Iprofit After taxation Covenant- gross 49,088 (45.993) 44.220 (46,063) Retained {lossllprofil 3,095 (1.843) The assets and liabilili¢S ofsi Be¢s EDt¢rpri8e$ Ltd were: 2024 2023 Tangible fix¢d assets Current assets 21,286 76,04S 97,331 (63,496) (4,683) 18,190 80.343 98.533 (62,302) (10, 170) 20.055 CreditOJs: amounts falling due within on¢ year Creditors: amounts fallin8 due after one year 29,152 Represented by: Sliare cmpilal Profit and loss account 29.15(1 26.053 29,152 26.055 There ivere.no amounts invoiced by lh¢ Trust or the subsidiary comp8Dy lo the other party for goods end services provid¢d in either ihe cutr¢rtt.or prior year. Page 27 ST BEES SCHOOL NOTES ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 14 Stocks Comsolidated and Trust 2024 2023 H¢ating.oil 20Tr 200 200 200 15 Debtors Consolldated 2024 2023 Trust 2024 2023 Trade debtors Loan to joint venture collw￿y Covenanted profits due from tradii)g ¢ompany OtlKr debtors Pr¢paymenls and llc¢rued income 26,126 39,192 35.334 11,014 39.192 JQ,299 38,692 4&993 906 8,909 46.063 789 JO,606 7,468 8,909 3,353 JO,6Q6 81,695 88,OQ5 106,014 106.449 The purpose of the loan to the Joint venture company is to provide school equipment and stock. Tliere are no formal reP&￿nellt tenns, and the loaD is unsecured and lnt￿est-free. The Trust witbdrew as a joint venturer ort 31 May 2019 however the loatt reDMin$ in plaee. Page 28 ST BEES SCHOOL NOTES ON FINANCIAL STATEMENTS FOR THK YEAR ENDED 31 JULY 2024 16 Credltors, Consolldated Trust Amounts falllng.due Itbiu one year BAnk loan Trade creditors Other t￿atIon and 50¢ial kcurity Oiher creditors Accnjals ajd deferred incom¢ Loan - St Bees Bnteryrises Ltd Loans- Full Circl¢,Edu¢ation Group. (IinsEcured)- see below Loatss - OSB Nominee Lirnited (unseGurcd) - se¢ below 2024 2023 2024 2023 5893 8,125 s￿15 J.357 9.624 6.241 4249 6.6JJ 18,968 IS*,799 16J49 5,929 1&171 26.592 72 J99 143.733 72J99 143,733 1,792374 1.779,274 1.792,274 1.779.274 1,902,774 1,964,028 1,891,200 1.974.381 LoaD5- Full Cirele Educatlon.Group Full Circle Education GTOUP IS the Trust's co-venturer in St Bees School Management Company'Limited, the joint. venture company. responsible for re4stsblishiDg the School. The, loans frora FULI Cir¢le wer¢ to assist with the Trustrs financi41 commitments to invest in the joini v¢nwre. The loans. are unse¢ur¢d and interest is charged al a commercial ralc as dctailcd in.noi¢'8 10 th¢,ac¢ounts. Loans- OSB Y4oDdnee Llmited OSB Nominee Llmited and The Old St B¢ghian Guarantee Tn￿t Fund (OSBGTF) are part of the alumni organisation for the School. Funds have also been loaned to'st Bees School, unse¢ured and interest free.. There is Do foru￿1 loan a￿eement in place. 'The I'ru5t ha$ received a letter of cotllfort from the OSBGTF slatitLg thBt il is no( currently• their interttion to den]and repayinerti of all or any part of ihe loan. The debt was aSsi￿ed and trdll5f*red from OSBGTF to OSB Nomine¢ Limited on l July 2023. Bank loan The bank loan consists of a Bounce Back loan.taken out by St Bees Enterprises Limited in May 2020. Page'29 ST BEES SCHOOL NOTES ON FINANCJAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 17 Creditors Consolldated School Amounts falling due aftcr more thAll ODe year 2024 2023 2024 2023 Bank loan 4,683 10.176 4,683 10.176 B&nkloan 21124 2023 This is repayable as follows". In ¢be next yeÈr- see note 16 In Ihe second tL) fLfih y¢aTS 5,493 4,683 5,357 10.176 10,176 15.533 Bankloan The bank loan consists of'a Bounce Back loan taken our by St Bces Enietprises Limit¢d in Mpy 2020. 18 Comndiments (2) Ai 31 July 2024 tlie Group and Trnst h&d no operatlng lease ¢onimiiments (2023.. £nil). (b) At 31 July 2024 the Group and Trust had no capital commitments (2023: £nil). (¢) Al 31 July 2024 th¢ Group and Trust had financial commitn]en15 of£nil {2023.. £nil). 19 Golng concern St Bees School ceased io be operated by tlie. charity on ils closure at tlie end of the Summer Terni 2015. Full details regaTding tlie effect on going concern are given in note l.L to the accounts. Pagt 30 ST BEES SCHOOL NOTES ON FINANCIAL STATEMENTS ,FOR'THE YEAR ENDED 31 JULY 2024 20 T2xation The Tn￿t is a resistered ¢haTity,3nd is exempt from corporation tsx under the provision of Sec¢ion.478 of tbe Corporation Tax Act 2010. St Bees Enterprises Limited is a trdding subsidiory of tbe Th￿t And is Iiable"to corporAtiorL ,tax,on its taxable profits al th.e applicable rate. 21 RelAted party tranasctlons i J i July £u£4 in¢ ¥ndnLy OW¥U Iudlls oi Iy£,£14 1£V£): LI I IY,£ 14) io vots iy¢)mmv¥ LimiLttU. I nis attDI was assigned and. transferred on l July,2023 fron) the Old Si, Beghian Guarantee Tntst Fund. which is closely connected to the St Beghian Society, thc ahunni organisaiion for the School. Mr R Calvio'the spouse of Mr8 S Calvin, 8 director of St Bees School durlng th¢ year. is a tru51ee of the Old Si Beghian Gurnte¢ Trnst Fund. Further dctsils regarding the loans are included in note 16 to the accounts. At 31 July 2024 tbe ¢barity owed103ns of £72'.399 (2023: £143,733) to Full Circle Education Group, the Trnst's co-venturer in St Bee5 School Maiiagement. Company Lin]iled. AddiiionAlly,'accrued 7nlerest. of £5,971 (2023.. £11,167) was outstanding on these loans at the.balanc¢ sheet dat¢. Further details regarding tbe,loans,are included in note 16 10 the 8cGounts. During Ibe year Sl B¢¢s School Management Company Lilniled. the Trusts joint venwre compally. invol¢¢d the st for goods and services provided 8mounting to £40,434 (2023: £37,'865). These items are in¢ludod within administration expenses. Under a deed of covenant dat¢d 25 August 1998 th¢ subsldiaryicompany, St Bees,Enlerprises Limiid, has covcnAnt¢d io pay th¢ parent cbarity. Sl Bees School, an annual sum not exceeding its tsxable Profits for th¢ acGounting year. For Ilio year ended 31 July 2024 this amounled to £45,993 (2023: £46.063). 'During the year St Bees Ertterp￿es Limited invoiced St Bees School M4nagcmcnt Company Limited'for goods and services provided amounting to £nil (2023: £42). These items are includcd within in¢ome. During the year St.B¢es School Management Company Limited invoiced St Bees Enterprise5 Limtted for goods alld servic¢s provided'Amounting to £nll (2023: £210). These items.are'incliided within adrnini$tration ¢xpense& Page 31 ST BEES SCHOOL NOTES ON FINANCIAL STATE1*￿￿￿8 FOR YEAR ENDED 31 JULY 2024 22 Allocation of group net assets Fund balances ai 31 July 2024 as represented by.. Provlslon51 Long ter Liabilit1¢5 ed kneti Current Assets Current Liabllllles Total ErLdowment funds R¢stricted'fi]nds UDrestricted ftmds 1,464,247 744 1,464,991 2,985,336 174.953 (1,902,774) (4,683) 1,252.832 Total for Rroup 4,449,583 175,697 (1.902,774) (4.683) 2,717,823 Alloeotion of the group net assets- prevlou$ year Fund balances ai 31 July 2023 9$ represeat¢d by.. Prov151onsl Long term Liabi]itlc¥ Flxed AsS¢ts Current Assets Currenl Llabilities Total Bndowment fijnds Re5tsicted fund5 Unrestricted fimds 1.451,985 1,241 1,453,226 2,994,851 169,606 (1,964,028) (10.176) 1,190,253 Total for group 4,M6,836 170,847 (1,964,028) (10.176) 2,643,479 Page 32 ST BEES SCHOOL NOTES ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 23 Allalysis olmovements In endoivment funds Balance l August 2023 Trnn5fer5 thnd Galn51 (L055t5) Balance 31 July 2024 IDcomlng Resources Resources Expended Pernianenr Fmnds.. CApit81 Royalties Cgpital rcplacemeat ￿nd 1,000 769,991 694,000 758.226 694,000 Group and Trust 1.453.226 11,765 1,464,991 Allgly$i$ of mov¢mellts ill eodowment fund$- prevlous y¢4r Balance l August 21122 Trnnsfors and Galn51 (Losseg) Balanc¢ 31 July 2023 Incornlng Resources Resour¢os Expended Perniuneni Funds.. Capital Royalties Capital replacEment fund 1.000 740,875 694.1100 1.000 758,226 694.OIXI 17 J51 Group and Trust 1,435,875 17,351 1,453226 The capital fijnd represents a nominal amount relaling to thc original cndowmenl of thc School'land and buildings. The royalties fund has been cre8ted ￿ provide for the105s of the pennanent endowrnent on Birkh8m's Quany. a sandstone quarry which was part of th¢ original assct basc of the TrusL As thc sBnd5tone 15 quarried. th¢ ￿et is eroded and the royalties received Teplace thB diminutian in value of the asset. The income ftom roydllies arises from land held on pennanent endowment aud.is subsequeDtly utilTsed on inwrovements to the TTUSLS land and buildings. The credit balance on.thc royaliies,fund is,Ihus not represenled by cash but by tansiblc fixed a5set& The direction by an order of the Charity Commission dat¢d 10 July.2015 8PPToved the expendiLre of a total of £694.000 of endowment fimds to expedite the'winding down of the School's affairs following closure.on 3 July 2015..under tbe power siven in sectiijn 105 of the.Charities Act 2011. Thig expenditure is,sllbject lo the creation of & Capital replacement fjjnd'by appropriAting.¢xpendable property to the value of £694.000 as pennanent ¢ndowrnent in the T￿OrdS of the charity. P2Ee 33, ST BEES SCEOOL NOTES ON FINANCIAL sfATEMENTS FOR THE YEAR EIYDED 31 JULY 2024 "24 AnAlysis ofmovemen¢s in unrestrl¢led lunds B21xttce l AuÈTUSt Tr#n8fers and Galnsl (Losses) I￿ornIng Resources Resources Expended 31 July 2024 2023 Designated: Extraordinary repair'fund Property revAlualion.reserYe Capit81 fund Trust general fund 31,000 2,338.908 635,366 (1,841.079) I,oDo 32,000 2.338,908 623,601 (1,770.830) (11,765) 99.258 108,105 (137.114) Sub-iotal- Trust l.IfA,195 108.105 (137,114) 88.493 1.223.679 Reserves- St Beés Enterprises Limilcd 26,058 157,937 (108,849) (45,993) 29,153 consoli￿trd fi￿d& 1,190,253 266,042 (245,963) 42,500 I,252,832 AnAIysls of moveThient$ In unrestricted lulld8- pr¢vlous year Balance l August 2022 Transfers and GAlnsl (Losses) Balance 31 July 2023 Re$ourees Expellded Resourct5 Designated: Extsaordinary repair fimd Property revaluation reserve Capital fiu Trust g¢n¢Tal fund 30.ODO 2,601.324 883,563 (2,312,679) 1,000 (262,416) (248,197) 555,880 31,000 2,338,908 635.366 (1,841,079) 46,963 (131,243) Sub-.lotal- Tnlst 1202208 46,963 (131,243) 46267 1,164,195 Reserves- St Bees Ente￿riseS Limi*d 28,104 149.667 {105.446) (46.267) 26,058 Consolidated fimds .230,312 196,630 (236,f)89) 1,190,253 The Ch￿lty Commission have directcd.thal a yearly sum of Dot less than £l,OQO shall'be illvested for the"purpose of providillg for Ihe extraordinary repair, improvem¢nt or rebuilding of property b¢longing tts Ihg"Trnst. Tho piopetyrevaluation reserve r¢pre5ents the surplus on ievalualion of the clwitrfs.properties. Disposal of propety during the year resulted in o tral￿fer of £nil (2023: £262,416) from the rev31uotion reserve to unreslrict¢d general fiJn&. The chaTitys properties were revalued during the year ended 31 July 2024 with no surplus or deficit arising (2023: No sutplus or deficit ariSlDg). ST BEES SCHOOL N(yfES ON FINANCIAL STATEMEY4TS FOR.THE YEAR ENDED 31.JULY 2024 .24 Analysis of movern¢nts in unrestricted funds (eontlnued) Th¢ capital fund represents arnounts invested in land and building4 which wer¢ pr¢viously fullded.by loans fromThe Friends of St Bees S¢hool General Charitable Trust, The Friellds cotlverted all'loans into a dollation on 31 July 2017, £883,563 of which pertained to capital fund investment. Depreciation on the charitys propety is charged lo Ihis fun(L The capitsl fimd is represettsed entirely by land,and buildings. Disposal of property dunftg the ye#r resulted in a transfer of £nil (2023." £152,437) from the capital fund to unrestricted Eenoral fimds, with a fvrther transfer of £l1.76512023: £95,761) being made from tILe capital 6Jnd to unrestricled gerieral fimds to ensur¢.thot the balances on'the property revaluation reserve..Ur￿eStyIcted ￿p1th1 fiuLd, 8nd clldow7￿nt fimds equate to the current balan¢¢ sheet total for land hnd buildin￿. Th¢ Tn￿rf9 general fund i5.retained to provide workitig eapital and may,be used,forthe charity8 8eneral PUTp¢Jses. The Trusts general fimd showed a deflcit of £1,757,830 at 31 July 2024, {202J'. Deficit of £1,841,079). The Tru￿￿$ are tsking steps to reduce the deficit on,8eneral'funds in line with best praoti¢e. 25 Gr05s cash nows Group 2024 Groi 2023 Reconclliation of nel movement Sn funds to,n¢t cash Inflowl(outflow) from operating actLvltle5 Net movemcllt in funds Endowment donations Depreciation (Profit)Iloss on sale of fixed assets (Gainsylosses on investtnents (Increase)Idecrease in debtors Incr¢asel(decrease) In Creditor Net cash provlded byl(used In) group operating getlyltles 74J44 (11,765) 5,698 (38,493) (42500) 6JlO (3,05S) (22. 708) (J7,351) 4.858 (9.560) (5.537) (52.746) (J03,044) (9,461) ge35