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← St Bees School

2025-07-31-accounts

ST BEES SCHOOL

(A company limited by guarantee)

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Registered charity number: 1129534

Registered company number: 06595861

robinson+co

CHARTERED ACCOUNTANTS

ST BEES SCHOOL

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

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CONTENTS
Page
Company Information 1 - 2
Directors' Report 3 - 10
Independent Examiner's Report 11
Consolidated Statement of Financial Activities 12
Group and Company Balance Sheets 13
Consolidated Cash Flow Statement 14
Notes 15 - 35
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ST BEES SCHOOL

COMPANY INFORMATION

FOR THE YEAR ENDED 31 JULY 2025

Charity number: 1129534 Company number: 06595861

Directors:

The directors of the company are also Governors of the School and trustees for the purposes of Charity law.

Mrs S J Calvin (Resigned 10 August 2024) Mr M D George (Chairman) Mr T Kelly Mr P G Lever Mr A D Lord Mr M N Roberts Dr A M Simper Dr D J Thornley (Appointed 10 November 2024)

Officers:

Company Secretary: Mr T Kelly The Clerk to the Governors: Mr T Kelly

The organisational management is carried out by the trustees themselves, whilst the day to day operations are undertaken by a small team of staff being supported by nominated local trustees.

Page 1

ST BEES SCHOOL COMPANY INFORMATION FOR THE YEAR ENDED 31 JULY 2025

(continued)

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Principal Address and Wood Lane
Registered Office: St Bees School
ST BEES
CA27 0DS
Advisers
Bankers: NatWest Bank plc
Chatham Customer Service Centre
Western Avenue
Waterside Court
Chatham Maritime
Chatham
Kent
ME4 4RT
Solicitors: Brockbanks
6 Borrowdale Road
Keswick
CA12 5DB
Accountants: robinson+co
Chartered Accountants
28 Lowther Street
Whitehaven
CA28 7DJ
Insurance Brokers: Marsh Limited
Capital House
1-5 Perrymount Road
Haywards Heath
West Sussex
RH16 3SY
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Page 2

ST BEES SCHOOL

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 JULY 2025

The Directors of St Bees School Trust present their annual report and financial statements for the year ended 31 July 2025, and confirm that they comply with the requirements of the Companies Act 2006 and the Charities Act 2011.

DEVELOPMENT OF THE SCHOOL

The Full Circle Group completed their seventh academic year as managers of the school. The Trust remains confident that the school is developing satisfactorily under their management and remain committed to supporting them to improve both the school facilities and the educational standards.

The St Bees School Trust remained focused on managing the School estate and commercial business activities to provide ongoing financial support to the development of the school and improvement of school facilities.

REFERENCE AND ADMINISTRATIVE INFORMATION

St Bees School was founded in 1583. The charitable company was formed on 19 May 2008 and is registered with the Charity Commission as charity number 1129534. The words 'Charity', 'Company', 'Charitable Company', 'Charitable Trust', 'Trust' and 'School' are used interchangeably to refer to St Bees School. The Trustees are listed on page 1. The registered office address of the Charity and the particulars of the Charity's advisers are given on page 2.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Whilst the School was founded in 1583, the charitable company is governed by its Memorandum and Articles of Association as adopted on 19 May 2008 and altered by Special Resolutions dated 1 August 2009 and 15 January 2016.

Governing Body

The directors of the Company are also trustees for the purposes of Charity law.

Composition of Governing Body post 15 January 2016

The number of Governors shall be not less than 6 and not more than 12 competent persons, being any of 4 Governors appointed by the Old St Beghians' Club as set out in article 8.2, 4 being appointed from the local community as set out in article 8.3 and not more than 4 co-opted Governors appointed by the Board of Governors.

Recruitment and Training of Trustees

Attention is paid to ensure that the Board of Trustees maintains a balance of skills and diversity in order to function effectively.

Organisational Management

The organisational management of the Trust is carried out by the Trustees themselves, whilst day to day commercial activities are undertaken by a small administrative team based at the Trust’s Business Management Centre.

The Trustees comprise the key management personnel of the organisation. All trustees give of their time freely and no trustee remuneration was paid in the year.

Page 3

ST BEES SCHOOL

DIRECTORS' REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2025

Group Structure and Relationships

In May 2019 Full Circle Education Group assumed full responsibility for the operation of the St Bees School Management Company Limited. The Management Company being responsible for the majority of the onsite facilities. Full Circle operate the School under an Agreement with the Charitable Trust. The Agreement is retractable by the charity if the agreed educational and operational objectives are not achieved. Annual review procedures are in place to enable the Charity to monitor the performance of Full Circle in the role of school operator.

The Charity has a wholly owned subsidiary, St Bees School Enterprises Limited (company number 03422777) which was incorporated in August 1997. This is the commercial arm of the School and manages the Whitelaw Management Centre.

The Directors of the St Bees Enterprises Limited have continued to operate the Business Management Centre profitably during 2024/25.

St Bees School acts as trustee of two linked charities, St Bees School Trust and Bursary Fund. Although part of the School's permanent endowments are held by the company in trust for the charities, following the Charity Commission's order dated 10 July 2015 these endowments have been spent and replaced by appropriating expendable property as permanent endowment in their place.

OSB Nominee Limited (company number 08117070) and The Old St Beghian Guarantee Trust Fund are closely linked with the St Beghian Society, the alumni organisation for the School, and provide financial support to the Charitable Trust. The financial assistance provided via OSB Nominee Limited includes a loan creditor to the School in the sum of £1,792,274 as at 31 July 2025 (2024: £1,792,274). The debt was assigned and transferred from The Old St Beghian Guarantee Trust Fund to OSB Nominee Limited on 1 July 2023. The management of these entities is vested in Committee of Alumni.

Risk management

The Directors examine the major risks that the Charity faces on an ongoing basis to control and mitigate potential impacts.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Objects

The objects of the charity are to advance the education of boys and girls by the provision of a day and/or boarding school in or near St Bees or elsewhere in Cumbria and by ancillary or incidental educational activities and other associated activities for the benefit of the community.

Strategies to Achieve the Objectives

Mission statement

The School was founded in 1583 by the then Archbishop of Canterbury, Edmund Grindal. The trustees' goal is to return an educational institution onto the St Bees campus in alignment with Edmund Grindal's principles. Our Mission is:

To re-establish St Bees School as a vibrant and sustainable centre for the outstanding education and all-round development of young people in accordance with Archbishop Grindal's legacy'.

Page 4

ST BEES SCHOOL

DIRECTORS' REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2025

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES (continued)

Strategies to Achieve the Objectives (continued)

Objectives

Progress

Pupil numbers consolidated around the 100 mark, with improved income as revenue per pupil continued to increase.

Public Benefit

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities, and how these planned activities will contribute to the aims and objectives they have set. In particular, the trustees have given careful consideration to the supplementary public benefit guidance on advancing education and on feecharging.

Page 5

ST BEES SCHOOL

DIRECTORS' REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2025

STRATEGIC REPORT

The Strategic Report, as required by the Companies Act 2006, is included within this Directors' Report and comprises the sections on Policies through to Future Plans.

REVIEW OF ACTIVITIES AND ACHIEVEMENTS

The Business Management Centre remains active and is searching for a new tenant for the upper floor of the building which will enable it to maintain a solid contribution to Trust finances.

Liquidation of assets has reduced and, post-year end, eradicated the debt to Full Circle.

The Trust continues to support students with bursary awards.

Page 6

ST BEES SCHOOL

DIRECTORS' REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2025

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

As explained in note 1.1 to the accounts, the Directors believe that, whilst there are material uncertainties related 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 nevertheless valid and they have not departed from this basis.

Although the School has been re-opened from September 2018, the material uncertainties relate to the viability, both financial and non-financial, of the re-establishing of the School on the St Bees campus.

The basis of preparation continues to include, where appropriate, the writing down of the company's assets to net realisable value. Provision has also been made for any onerous contractual commitments at the balance sheet date. The financial statements do not include any provision for the future costs of terminating any part of the business of the company except to the extent that such were committed at the balance sheet date.

The net consolidated income for the year amounted to £190,395 (2024: £277,807). Income decreased by 31.5% from last year. Total consolidated expenditure decreased by 21.9% from last year.

The Trust reported an operating deficit, excluding covenant from the subsidiary, on the General Fund of £59,690 for the year ended 31 July 2025, against an operating deficit of £29,009 for the year ended 31 July 2024. Profits of £47,812 (2024: £45,993) were transferred from the subsidiary company, St Bees Enterprises Limited, via deed of covenant.

During the year the Trust recognised legacies amounting to £nil (2024: £36,640) and donations amounting to £981 (2024: £776).

The Trust's freehold land and buildings were valued at £4,427,500 on 31 July 2025 by the directors. The basis of valuation used was market value. The directors considered that this figure was an accurate valuation of the properties as at 31 July 2025. As a result there was no surplus or deficit on revaluation for the year ended 31 July 2025 (2024: no surplus or deficit).

There were no property sales during the current year. Proceeds of £38,493 were received from the sale of land at Abbey Road during the year ended 31 July 2024.

The trading subsidiary ran the Business Management Centre throughout the year, with profits consistent with prior periods despite a slight decrease in revenue.

The profit for St Bees Enterprises Limited for the year ended 31 July 2025 was £44,144 (2024: profit of £49,088), prior to calculation of taxable profits to be covenanted to the Trust of £47,812 (2023: £45,993).

The net movement in funds, as shown by the consolidated statement of financial activities, for the year ended 31 July 2025 was a deficit of £1,686 (2024: Surplus of £74,344 after allowing for legacy income of £36,640 and a gain on investment assets of £42,500).

Page 7

ST BEES SCHOOL

DIRECTORS' REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2025

Reserves

Note 22 to the accounts shows the assets and liabilities attributable to the various funds by type. Notes 23 and 24 describe the various funds of the Charity and summarise the year's movements on each fund. Group unrestricted funds amounted to £1,237,286 (2024: £1,252,832) however there were no free reserves available in either year.

The School's general fund showed a deficit of £1,769,848 (2024: Deficit of £1,770,830).

The Trust's unrestricted reserves are primarily invested in tangible fixed assets which are used for its direct charitable activities. Current policy following the closure of the School in 2015 is to preserve funds as far as possible whilst alternative future possibilities are explored. This includes the maintenance of the existing assets and infrastructure and generation of income needed to sustain the necessary transitional activities.

The Trustees are taking steps to reduce the deficit on general funds in line with best practice.

Investment Policy and Objectives

Investment powers are governed by the Memorandum and Articles of Association. Investment decisions are made by the trustees with the assistance of professional investment advisers. The investment portfolio is no longer active and therefore the investment advisers have ceased in making monthly reports to the trustees and holding meetings to discuss the investment policy and portfolio performance. Consequently no investment performance is reported in the year.

Previously, investments were held to create income and capital growth pending utilisation, whilst preserving the value of endowment funds.

Page 8

ST BEES SCHOOL

DIRECTORS' REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2025

PRINCIPAL RISKS AND UNCERTAINTIES

As stated on page 4, the trustees examine the major risks that the charity faces each financial year. These are summarised as follows:

Financial risks and uncertainties

These risks and uncertainties include potential increases in costs, major fire/disaster, cash flow and political change leading to business rates relief exemptions being removed.

Personnel risks and uncertainties

These include loss and recruitment of key personnel and compliance with employment legislation.

Administrative risks and uncertainties

Thi risk has been identified as security of data held on IT systems.

Safety risks and uncertainties

Risks and uncertainties arise from safeguarding of staff and the public and compliance with health and safety and fire regulations.

Governance risks and uncertainties

These include insuring potential liability claims and the impact of inadequate insurance, and discharging statutory responsibilities.

Other risks and uncertainties

The principal other risk is from a loss of reputation. Further risks include unauthorised site access and dilapidation to buildings and facilities.

The Charity has developed systems to monitor 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 School further and support more students in their academic journey. This will be achieved through the sales of further Trust assets superfluous to the requirements of the current school at the same time generating increased revenues from commercial activity and reducing costs associated with running the Trust.

A loan of £100,000 has been made in November 2025 to Full Circle to provide further support.

DIRECTORS

The Directors who served during the year are set out on page 1.

Page 9

ST BEES SCHOOL

DIRECTORS' REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2025

ACCOUNTING AND REPORTING RESPONSIBILITIES

The Charities Act 2011 and the Companies Act 2006 require the directors of the charitable company and group to prepare financial statements for each financial year which give a true and fair view of its financial activities during the year and its financial position at the end of the year.

In preparing the financial statements the Directors are required to:

The Directors are responsible for keeping proper accounting records which are such as to disclose, with reasonable accuracy, the financial position of the Company at any time, and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and ensuring their proper application in accordance with charity law, and hence for taking reasonable steps for the prevention and detection of error, fraud and other irregularities.

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006.

In approving the Directors' Report the trustees are also approving the Strategic Report in their capacity as company directors.

Approved by the Board of Directors on 21 April 2026 and signed on its behalf by:

M D George Director

Page 10

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

ON THE UNAUDITED FINANCIAL STATEMENTS OF ST BEES SCHOOL

FOR THE YEAR ENDED 31 JULY 2025

I report on the accounts of St Bees School for the year ended 31 July 2025 set out on pages 12 to 35.

Respective responsibilities of trustees and independent examiner

The charity's trustees (who are also the directors of the company for purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act), and that an independent examination is needed. It is my responsibility to examine the accounts under section 145 of the Charities Act, to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Charities Act, and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken 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 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(i) which gives me reasonable cause to believe that in any material respect the requirements:

(ii) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Jason Spires BSc FCA DChA robinson+co, Chartered Accountants 28 Lowther Street Whitehaven CA28 7DJ

Date: 21 April 2026

Page 11

ST BEES SCHOOL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2025

Unrestricted Funds
Notes
Trust
Other
£
£
INCOME
Donations and legacies
Donations
3
981
-
Legacies
4
-
-
Other trading activities
Trading income
5
-
146,309
Rent receivable
29,192
-
Income from Charitable Activities
Charitable activity income
6
53
-
Other Income
Profit on disposal of fixed assets
7
-
-
Total income and endowments
30,226
146,309
EXPENDITURE
Expenditure on Raising funds
Trading expenditure
-
101,973
Interest
8
561
192
561
102,165
Expenditure on Charitable activities
Schools and grantmaking:
Continuing activities
10
89,355
-
89,355
-
Total expenditure
7-9
89,916
102,165
Gains/(losses) on investment assets
- Realised
13
-
-
-
-
Net income/(expenditure)
before transfers
(59,690)
44,144
Transfers between funds
22-23
47,812
(47,812)
(11,878)
(3,668)
NET INCOME/(EXPENDITURE)
(15,546)
Gains/(losses) on revaluation
of fixed assets
12
-
NET MOVEMENT IN FUNDS
(15,546)
Balances brought forward
at 1 August 2024
1,252,832
FUND BALANCES
at 31 July 2025
1,237,286		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Endowed
Funds
£
-
-
-
-
13,860
-
13,860
-
-
-
-
-
-
-
-
13,860
-
13,860
-
13,860
1,464,991
1,478,851		 Total
2025
£
981
-
146,309
29,192
13,913
-
190,395
101,973
753
102,726
89,355
89,355
192,081
-
-
(1,686)
-
(1,686)
-
(1,686)
2,717,823
2,716,137		 Total
2024
£
776
36,640
157,937
31,682
12,279
38,493
277,807
108,522
6,298
114,820
131,143
131,143
245,963
42,500
42,500
74,344
-
74,344
-
74,344
2,643,479
2,717,823

All amounts derive from continuing activities, unless otherwise stated.

All gains and losses recognised in the the year are included in the Statement of Financial Activities.

The notes on pages 15 to 35 form part of these accounts

Page 12

ST BEES SCHOOL

BALANCE SHEET

AS AT 31 JULY 2025

Notes
FIXED ASSETS
School buildings and equipment
12
Investments
13
CURRENT ASSETS
Stocks
14
Debtors
15
Cash at bank and in hand
CREDITORS:due within one year
16
NET CURRENT ASSETS/(LIABILITIES)
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS:due after more than
one year
17
TOTAL NET ASSETS
ENDOWED FUNDS
23
RESTRICTED FUNDS
UNRESTRICTED FUNDS
Unrestricted income funds
Revaluation reserve
24
TOTAL FUNDS		 Consolidated
2025
2024
£
£
4,445,567
4,449,583
-
-
4,445,567
4,449,583
200
200
73,783
81,695
32,582
93,802
106,565
175,697
(1,835,995)
(1,902,774)
(1,729,430)
(1,727,077)
2,716,137
2,722,506
-
(4,683)
2,716,137
2,717,823
1,478,851
1,464,991
-
-
(1,101,622)
(956,076)
2,338,908
2,208,908
1,237,286
1,252,832
2,716,137
2,717,823		 Trust
2025
2024
£
£
4,427,948
4,428,297
2
2
4,427,950
4,428,299
200
200
106,954
106,014
10,705
45,356
117,859
151,570
(1,855,158)
(1,891,200)
(1,737,299)
(1,739,630)
2,690,651
2,688,669
-
-
2,690,651
2,688,669
1,478,851
1,464,991
-
-
(1,127,108)
(985,230)
2,338,908
2,208,908
1,211,800
1,223,678
2,690,651
2,688,669

The financial statements on pages 12 - 35 were approved by the Directors on 21 April 2026 and signed on their behalf by:

M D George Director

Registered number 06595861 England and Wales

The notes on pages 15 to 35 form part of these accounts.

Page 13

ST BEES SCHOOL

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2025

2025
Notes
£
Cash provided by/(used in) operating activities
25
(18,984)
Cash flows from investing activities
Proceeds from the sale of property, plant and equipment
-
Purchase of property, plant and equipment
(704)
Proceeds from the sale of investments
-
Cash provided by/(used in) investing activities
(704)
Cash flows from financing activities
Repayment of borrowing
(55,392)
Receipt of endowment
13,860
Cash (used in)/provided by financing activities
(41,532)
Increase in cash and
cash equivalents in the year
(61,220)
Cash and cash equivalents at the
beginning of the year
93,802
Cash and cash equivalents at the
end of the year
32,582		 2024
£
(9,461)
38,493
(8,445)
42,500
72,548
(63,691)
11,765
(51,926)
11,161
82,641
93,802

The notes on pages 15 to 35 form part of these accounts.

Page 14

ST BEES SCHOOL

NOTES ON FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are summarised below.

1.1 Basis of accounting

The financial statements are prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011.

The Directors believe that, whilst there are material uncertainties related 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 nevertheless valid and they have not departed from this basis.

Although the School has been re-opened from September 2018, the material uncertainties relate to the viability, both financial and non-financial, of the re-establishing of the School on the St Bees campus.

The basis of preparation continues to include, where appropriate, the writing down of the company's assets to net realisable value. Provision has also been made for any onerous contractual commitments at the balance sheet date. The financial statements do not include any provision for the future costs of terminating any part of the business of the company except to the extent that such were committed at the balance sheet date.

The charity's presentational currency is UK sterling, rounded to the nearest £1.

The charity constitutes a public benefit entity as defined by FRS 102.

1.2 Group accounts

These financial statements consolidate the results of the charitable company and its wholly-owned subsidiary, St Bees Enterprises Limited, on a line by line basis. A separate statement of financial activities for the charitable company itself is not presented because it has taken advantage of the exemptions afforded by paragraph 408 of the Companies Act 2006.

1.3 Donations and fund accounting

Donations receivable for the general purposes of the Charity are credited to unrestricted funds. Donations for purposes restricted by the wishes of the donor are taken to restricted funds where these wishes are legally binding on the trustees, except that donations required to be retained as capital in accordance with the donor's wishes are accounted for as endowments - permanent or expendable according to the nature of the restriction.

Page 15

ST BEES SCHOOL

NOTES ON FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1 Accounting policies (continued)

1.4 Income

Income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The following specific policies are applied to particular categories of income:

Amounts receivable for services and use of premises are accounted for in the period in which the service is provided.

Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.

Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.

Legacies are included when the charity is advised by the personal representative of an estate that payment will be made or property transferred and the amount involved can be quantified.

Income from investments is included in the year in which it is receivable.

1.5 Expenditure

Expenditure is accounted for on an accruals basis. Overhead and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the period, either by reference to staff time or space occupied, as appropriate. Expenditure is stated inclusive of irrecoverable or nonattributable VAT, with any partially recoverable element being credited to the Statement of Financial Activities separately.

Costs of raising funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes.

Expenditure on charitable activities comprises those costs incurred in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and

Governance costs comprise the costs of running the charity, including strategic planning for its future development, also internal and external audit, any legal advice for the trustees, and all the costs of complying with constitutional and statutory requirements, such as the cost of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability. These costs are included in support costs within expenditure on charitable activities.

1.6 Leases and hire purchase contracts

Tangible fixed assets acquired under finance leases and hire purchase contracts are capitalised at the estimated fair value at the date of inception of each lease or contract. The total finance charges are allocated over the period of the lease in such a way as to give a reasonably constant charge on the outstanding liability.

Rentals payable under operating leases are charged to the SOFA on a straight line basis over the lease term.

Page 16

ST BEES SCHOOL

NOTES ON FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1 Accounting policies (continued)

1.7 Pension schemes

Contributions are made in respect of defined contribution pension schemes of certain employees.

Contributions are charged in the SOFA as they become payable in accordance with the rules of the schemes.

1.8 Tangible fixed assets and depreciation

The School's freehold land and buildings are included in the accounts at valuation.

Freehold land is not depreciated. Freehold buildings are depreciated at 2% on a reducing balance basis. As the School's properties were revalued as at 31 July 2023, no depreciation has been provided for on these during the year.

Short leasehold buildings improvements are depreciated on a straight line basis over the remaining period of the lease.

Assets costing less than £2,000 are not capitalised.

Other fixed assets are included at cost and depreciation is calculated to write off their cost or valuation less any residual value on a straight line basis over their estimated useful lives as follows:

Computer Equipment - over 3 years Other Equipment - over 10 years

An impairment review was carried out on fixed assets and where it was considered that their carrying amount exceeded the higher of their recoverable amount or value in use the assets were written down as necessary.

1.9 Investments

Fixed asset investments are included in the accounts at the mid-market value of each investment as at the balance sheet date. A note is also shown of the cost of each investment at that date. Gains and losses on disposal or revaluation of investments are charged or credited to the SOFA.

Interests in joint ventures are accounted for using the equity method. They are initially recognised at cost. The carrying amount is then adjusted for the post-acquisition change in the Trust's share of net assets in the joint venture entity. The carrying amount of the investment in the joint venture is subsequently adjusted through the SOFA to reflect the Trust's share of the its results.

1.10 Stocks

Stocks are valued at the lower of cost and net realisable value.

1.11 Financial instruments

The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at amortised cost.

Page 17

ST BEES SCHOOL

NOTES ON FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1 Accounting policies (continued)

1.12 Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

2 Statutory information

St Bees School is a private company, limited by guarantee, domiciled in England and Wales, registration number 06595861. The registered office is Wood Lane, St Bees School, St Bees, Cumbria, CA27 0DS. The company is a registered charity, number 1129534.

3 Donations

During the year the Trust received donations amounting to £981 (2024: £776). All of these donations, for both years, are attributable to unrestricted income funds.

Page 18

ST BEES SCHOOL

NOTES ON FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

4 Legacies

During the year the Trust received legacies amounting to £nil (2024: £36,640). All of the legacy income is attributable to unrestricted income funds.

5
Trading income
Business Management Centre fees		 Consolidated
2025
2024
£
£
146,309
157,937
146,309
157,937		 Trust
2025
2024
£
£
-
-
-
-

All of the above income is attributable to unrestricted income funds.

The Trust's wholly-owned subsidiary, St Bees Enterprises Limited, initially took over the trading aspects of the charity's activities, including the running of the Business Management Centre and Golf Course, from 1 September 1997. After the closure of the School on 3 July 2015 the subsidiary took over the running of additional activities, including sports facility lettings and Holidayfests. From 1 September 2017 all activities, save for the running of the Business Management Centre, were taken over by St Bees School Management Company Limited, the Trust's joint venture company.

The trading results of St Bees Enterprises Limited, extracted from its accounts, are shown in note 13.

6
Charitable activity income
General funds
VAT reclaimed
Sundry income
Endowment funds
Royalties received
7
Other income
Profit on disposal of fixed assets - Charity		 Consolidated and Trust
2025
2024
£
£
53
503
-
15
53
518
13,860
11,761
13,913
12,279
Consolidated and Trust
2025
2024
£
£
-
38,493
-
38,493

All of the other income in year ended 31 July 2025 and year ended 31 July 2024 was attributable to unrestricted income funds.

Page 19

ST BEES SCHOOL

NOTES ON FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

8
Interest payable
Loan interest payable to Full Circle Education Limited
Other interest		 2025
£
561
-		 2024
£
5,971
-
Total for Charity
Bank loan interest payable by subsidiary		 561
192		 5,971
327
Total for Group 753 6,298
9
Expenditure
Consolidated
2025
2024
£
£
Charitable Activity expenditure includes:
Staff costs (note 11)
60,258
71,986
Depreciation of tangible fixed assets (note 12)
owned assets
4,720
5,698
Independent Examiner's fee
1,170
1,085
All of the interest payable in year ended 31 July 2025 and year ended 31 July 2024
funds.		 Trust
2025
£
6,938
349
1,170
was attributable to		 2024
£
21,834
349
1,085
unrestricted

Page 20

ST BEES SCHOOL

NOTES ON FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

10
Analysis of total resources expended
Staff costs
£
Expenditure on Raising funds:
Interest
-
Total for charity
-
Trading costs of the subsidiary
53,320
Interest costs of the subsidiary
-
Total for group
53,320
Expenditure on Charitable activities:
Continuing activities:
Grants payable
-
Establishment costs
6,938
Administration
-
Total for charity and group
6,938
Total expenditure - Group
60,258
Total expenditure - Charity
6,938		 Other
£
561
561
44,282
192
45,035
18,400
55,020
8,648
82,068
127,103
82,629		 Depreciation
and impairment
£
-
-
4,371
-
4,371
-
-
349
349
4,720
349		 Total
2025
£
561
561
101,973
192
102,726
18,400
61,958
8,997
89,355
192,081
89,916		 Total
2024
£
5,971
5,971
108,522
327
114,820
18,100
91,460
21,583
131,143
245,963
137,114

During the year ended 31 July 2025 the total group expenditure of £192,081 was entirely attributable to unrestricted funds. During the year ended 31 July 2024 the total group expenditure of £245,963 was entirely attributable to unrestricted funds.

Page 21

ST BEES SCHOOL

NOTES ON FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

11
Staff costs
Wages and salaries
Social security costs
Pension costs
The average number of employees in the year was:
Domestic, maintenance and other staff
Administration		 2025
£
58,688
348
1,222
60,258
Number
4
3
7		 2024
£
68,349
1,556
2,081
71,986
Number
4
3
7

The trustees are not remunerated, and no expenses were paid during the year (2024: £nil).

There were no higher paid employees during the year (2024: None).

Defined contribution pension schemes

Pension contributions are made in respect of the defined contribution pension schemes of certain employees. The pension cost charge represents contributions payable by the group to the funds and amounted to £1,222 (2024: £2,081). Contributions amounting to £461 (2024: £nil) are included in creditors at the year end.

Page 22

ST BEES SCHOOL

NOTES ON FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

12 Tangible fixed assets

Consolidated
Cost or valuation
1st August 2024
Additions
Disposals
Revaluations
31st July 2025
Depreciation
1st August 2024
Charge for year
Disposals
Revaluations
31st July 2025
Impairment
1st August 2024
Charge for year
Disposals
31st July 2025
Net book values
31st July 2025
31st July 2024		 Fixtures
Fittings and
Equipment
£
116,738
704
(15,609)
-
101,833
94,655
4,720
(15,609)
-
83,766
-
-
-
-
18,067
22,083		 Freehold
Land and
Buildings
£
4,427,500
-
-
-
4,427,500
-
-
-
-
-
-
-
-
-
4,427,500
4,427,500		 Total
£
4,544,238
704
(15,609)
-
4,529,333
94,655
4,720
(15,609)
-
83,766
-
-
-
-
4,445,567
4,449,583

Page 23

ST BEES SCHOOL

NOTES ON FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

12 Tangible fixed assets (continued)

Trust
Cost or valuation
1st August 2024
Additions
Disposals
Revaluations
31st July 2025
Depreciation
1st August 2024
Charge for year
Disposals
Revaluations
31st July 2025
Impairment
1st August 2024
Charge for year
Disposals
31st July 2025
Net book values
31st July 2025
31st July 2024		 Fixtures
Fittings and
Equipment
£
35,609
-
(15,609)
-
20,000
34,812
349
(15,609)
-
19,552
-
-
-
-
448
797		 Freehold
Land and
Buildings
£
4,427,500
-
-
-
4,427,500
-
-
-
-
-
-
-
-
-
4,427,500
4,427,500		 Total
£
4,463,109
-
(15,609)
-
4,447,500
34,812
349
(15,609)
-
19,552
-
-
-
-
4,427,948
4,428,297

Page 24

ST BEES SCHOOL

NOTES ON FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

12 Tangible fixed assets (continued)

The Trust's freehold land and buildings were valued at £4,427,500 on 31 July 2025 by the directors. The basis of valuation used was market value. The directors considered that this figure was an accurate valuation of the properties as at 31 July 2025. As a result there was no surplus or deficit on revaluation for the year ended 31 July 2025 (2024: No surplus or deficit).

It should be noted that the valuation above is based on the Trust's properties being marketed in an orderly way, which the directors believe presents a true and fair view. Should the properties be sold to one individual as a single lot the valuation would be lower.

An impairment review was carried out on fixed assets at the year end and it was concluded that there was no impairment.

Tangible fixed assets included at a valuation would have been included on a historical cost basis at:

Cost
Depreciation
Net book value		 Consolidated and School
2025
2024
£
£
2,083,875
2,083,875
(577,134)
(546,384)
1,506,741
1,537,491

The figures stated above for cost or valuation include valuations as follows:

At cost
At valuation		 Consolidated
2025
2024
£
£
-
-
4,427,500
4,427,500
4,427,500
4,427,500		 School
2025
2024
£
£
-
-
4,427,500
4,427,500
4,427,500
4,427,500

Page 25

ST BEES SCHOOL

NOTES ON FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

13
Fixed asset investments
Consolidated market value as above
Share of net assets in joint ventures - valued on equity method
Investment in St Bees School Management Company Ltd - 25% of
net assets.
Group undertakings - valued at fair value
Investment in St Bees Enterprises Ltd - Ordinary £1 shares
Total for Trust
Less
:Eliminated on consolidation
Total for Group
Investment in St Bees School Management Company Limited:		 2025
£
-
2
2
(2)
-		 2024
£
-
-
2
2
(2)
-

In June 2017 a joint venture company, St Bees School Management Company Limited (company number 10812320), was established. This company has taken on the responsibility for re-opening the School and all its operational activity and its support activities. The joint venture is a limited company registered in England and Wales which is wholly owned by Full Circle Education Group and St Bees School Trust.

Until 31 May 2019 the Trust was responsible for 25% of the investment in the joint venture company, with Full Circle being responsible for 75%. Thereafter Full Circle assumed full responsibility for the operation of St Bees School Management Company Limited.

Following reconciliation of the total amount invested in St Bees School Management Company Limited, an adjustment of £nil was made during year ended 31 July 2025 to the realised gain/loss on the joint venture company investment (2024: £42,500 gain).

Investment in St Bees Enterprises Ltd:

The Trust owns 100% of the ordinary shares in St Bees Enterprises Limited, which initially took over the trading aspects of the charity's activities, including the running of the Business Management Centre and the Golf Course, from 1st September, 1997. After the closure of the School on 3 July 2015, the subsidiary took over the running of additional activities, including sports facility lettings and Holidayfests. From 1 September 2017 all activities, save for the running of the Business Management Centre, were taken over by St Bees School Management Company Limited, the Trust's joint venture company. St Bees Enterprises Ltd, which was incorporated on 20th August 1997, covenants its taxable profits to the Trust. The company registration number is 0342277.

Page 26

ST BEES SCHOOL

NOTES ON FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

13 Fixed asset investments (continued)

Investment in St Bees Enterprises Ltd (continued):

The trading results of St Bees Enterprises Limited, extracted from its accounts were:-

Turnover
Cost of sales
Gross profit
Administration
Other operating income
Operating (loss)/profit for the year:
Interest received
Interest payable
Net (loss)/profit before taxation
Taxation
Net (loss)/profit after taxation
Covenant - gross
Retained (loss)/profit
The assets and liabilities of St Bees Enterprises Ltd were:
Tangible fixed assets
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after one year
Represented by:
Share capital
Profit and loss account		 2025
£
146,309
(26,893)
119,416
(75,080)
-
44,336
-
(192)
44,144
-
44,144
(47,812)
(3,668)
2025
£
17,619
67,186
84,805
(59,321)
-
25,484
2
25,482
25,484		 2024
£
157,937
(31,923)
126,014
(76,599)
-
49,415
-
(327)
49,088
-
49,088
(45,993)
3,095
2024
£
21,286
76,045
97,331
(63,496)
(4,683)
29,152
2
29,150
29,152

There were no amounts invoiced by the Trust or the subsidiary company to the other party for goods and services provided in either the current or prior year.

Page 27

ST BEES SCHOOL

NOTES ON FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

14 Stocks

Heating oil Consolidated and Trust
2025
2024
£
£
200
200
200
200

15 Debtors

Trade debtors
Loan to joint venture company
Covenanted profits
due from trading company
Other debtors
Prepayments and accrued income		 Consolidated
2025
2024
£
£
16,352
26,126
39,192
39,192
-
-
-
7,468
18,239
8,909
73,783
81,695		 Trust
2025
2024
£
£
1,711
11,014
39,192
39,192
47,812
45,993
-
906
18,239
8,909
106,954
106,014

The purpose of the loan to the joint venture company is to provide school equipment and stock. There are no formal repayment terms, and the loan is unsecured and interest-free. The Trust withdrew as a joint venturer on 31 May 2019 however the loan remains in place.

Page 28

ST BEES SCHOOL

NOTES ON FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

16
Creditors
Amounts falling due
within one year
Bank loan
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Loan - St Bees Enterprises Ltd
Loans - Full Circle Education Group
(unsecured) - see below
Loans - OSB Nominee Limited
(unsecured) - see below		 Consolidated
2025
2024
£
£
4,683
5,493
1,992
8,125
4,231
5,515
593
-
9,722
18,968
-
-
22,500
72,399
1,792,274
1,792,274
1,835,995
1,902,774		 Trust
2025
2024
£
£
-
-
1,984
4,249
-
-
-
-
7,728
16,349
30,672
5,929
22,500
72,399
1,792,274
1,792,274
1,855,158
1,891,200

Loans - Full Circle Education Group

Full Circle Education Group is the Trust's co-venturer in St Bees School Management Company Limited, the joint venture company responsible for re-establishing the School. The loans from Full Circle were to assist with the Trust's financial commitments to invest in the joint venture. The loans are unsecured and interest is charged at a commercial rate as detailed in note 8 to the accounts.

Loans - OSB Nominee Limited

OSB Nominee Limited and The Old St Beghian Guarantee Trust Fund (OSBGTF) are part of the alumni organisation for the School. Funds have also been loaned to St Bees School, unsecured and interest free. There is no formal loan agreement in place. The Trust has received a letter of comfort from the OSBGTF stating that it is not, currently, their intention to demand repayment of all or any part of the loan. The debt was assigned and transferred from OSBGTF to OSB Nominee Limited on 1 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 FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

17
Creditors
Amounts falling due
after more than one year
Bank loan
Bank loan
This is repayable as follows:
In the next year - see note 16
In the second to fifth years		 Consolidated
2025
2024
£
£
-
4,683
-
4,683
2025
£
4,683
-
4,683		 School
2025
2024
£
£
-
-
-
-
2024
£
5,493
4,683
10,176

Bank loan

The bank loan consists of a Bounce Back loan taken out by St Bees Enterprises Limited in May 2020.

18 Commitments

(a) At 31 July 2025 the Group and Trust had no operating lease commitments (2024: £nil).

(b) At 31 July 2025 the Group and Trust had no capital commitments (2024: £nil).

(c) At 31 July 2025 the Group and Trust had financial commitments of £nil (2024: £nil).

19 Going concern

St Bees School ceased to be operated by the charity on its closure at the end of the Summer Term 2015. Full details regarding the effect on going concern are given in note 1.1 to the accounts.

Page 30

ST BEES SCHOOL

NOTES ON FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

20 Taxation

The Trust is a registered charity and is exempt from corporation tax under the provision of Section 478 of the Corporation Tax Act 2010.

St Bees Enterprises Limited is a trading subsidiary of the Trust and is liable to corporation tax on its taxable profits at the applicable rate.

21 Related party tranasctions

At 31 July 2025 the charity owed loans of £1,792,274 (2023: £1,792,274) to OSB Nominee Limited. This debt was assigned and transferred on 1 July 2023 from the Old St Beghian Guarantee Trust Fund, which is closely connected to the St Beghian Society, the alumni organisation for the School. Mr R Calvin, the spouse of Mrs S Calvin, a director of St Bees School during part of the year, is a director of OSB Nominee Limited and a trustee of the Old St Beghian Guarantee Trust Fund. Further details regarding the loans are included in note 16 to the accounts.

At 31 July 2025 the charity owed loans of £22,500 (2024: £72,399) to Full Circle Education Group, the Trust's coventurer in St Bees School Management Company Limited. Additionally, accrued interest of £1,432 (2024: £5,971) was outstanding on these loans at the balance sheet date. Further details regarding the loans are included in note 16 to the accounts.

During the year St Bees School Management Company Limited, the Trust's joint venture company, invoiced the Trust for goods and services provided amounting to £20,074 (2024: £40,434). These items are included within administration expenses.

Under a deed of covenant dated 25 August 1998 the subsidiary company, St Bees Enterprises Limited, has covenanted to pay the parent charity, St Bees School, an annual sum not exceeding its taxable profits for the accounting year. For the year ended 31 July 2025 this amounted to £47,812 (2024: £45,993).

Page 31

ST BEES SCHOOL

NOTES ON FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

22 Allocation of the group net assets

Fund balances at 31 July 2025 as represented by:

Endowment funds
Restricted funds
Unrestricted funds
Total for group		 Fixed
Assets
£
1,473,075
-
2,972,492
4,445,567		 Current
Assets
£
5,776
-
100,789
106,565		 Current
Liabilities
£
-
-
(1,835,995)
(1,835,995)		 Provisions/
Long term
Liabilities
£
-
-
-
-		 Total
£
1,478,851
-
1,237,286
2,716,137

Allocation of the group net assets - previous year

Fund balances at 31 July 2024 as represented by:

Endowment funds
Restricted funds
Unrestricted funds
Total for group		 Fixed
Assets
£
1,464,247
-
2,985,336
4,449,583		 Current
Assets
£
744
-
174,953
175,697		 Current
Liabilities
£
-
-
(1,902,774)
(1,902,774)		 Provisions/
Long term
Liabilities
£
-
-
(4,683)
(4,683)		 Total
£
1,464,991
-
1,252,832
2,717,823

Page 32

ST BEES SCHOOL

NOTES ON FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

23 Analysis of movements in endowment funds

Permanent Funds:
Capital
Royalties
Capital replacement fund
Group and Trust		 Balance
1 August
2024
£
1,000
769,991
694,000
1,464,991		 Incoming
Resources
£
-
13,860
-
13,860		 Resources
Expended
£
-
-
-
-		 Transfers and
Gains/
(Losses)
£
-
-
-
-		 Balance
31 July
2025
£
1,000
783,851
694,000
1,478,851

Analysis of movements in endowment funds - previous year

Permanent Funds:
Capital
Royalties
Capital replacement fund
Group and Trust		 Balance
1 August
2023
£
1,000
758,226
694,000
1,453,226		 Incoming
Resources
£
-
11,765
-
11,765		 Resources
Expended
£
-
-
-
-		 Transfers and
Gains/
(Losses)
£
-
-
-
-		 Balance
31 July
2024
£
1,000
769,991
694,000
1,464,991

The capital fund represents a nominal amount relating to the original endowment of the School land and buildings.

The royalties fund has been created to provide for the loss of the permanent endowment on Birkham's Quarry, a sandstone quarry which was part of the original asset base of the Trust. As the sandstone is quarried, the asset is eroded and the royalties received replace the diminution in value of the asset. The income from royalties arises from land held on permanent endowment and is subsequently utilised on improvements to the Trust's land and buildings. The credit balance on the royalties fund is thus not represented by cash but by tangible fixed assets.

The direction by an order of the Charity Commission dated 10 July 2015 approved the expenditure of a total of £694,000 of endowment funds to expedite the winding down of the School's affairs following closure on 3 July 2015, under the power given in section 105 of the Charities Act 2011. This expenditure is subject to the creation of a Capital replacement fund by appropriating expendable property to the value of £694,000 as permanent endowment in the records of the charity.

Page 33

ST BEES SCHOOL

NOTES ON FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

24 Analysis of movements in unrestricted funds

Balance
1 August
Incoming
Resources
2024
Resources
Expended
£
£
£
Designated:
Extraordinary repair fund
32,000
-
-
Property revaluation reserve
2,338,908
-
-
Capital fund
623,601
-
-
Trust general fund
(1,770,830)
30,226
(89,916)
Sub-total - Trust
1,223,679
30,226
(89,916)
Reserves - St Bees
Enterprises Limited
29,153
146,309
(102,165)
Consolidated funds
1,252,832
176,535
(192,081)
Analysis of movements in unrestricted funds - previous year
Balance
1 August
Incoming
Resources
2023
Resources
Expended
£
£
£
Designated:
Extraordinary repair fund
31,000
-
-
Property revaluation reserve
2,338,908
-
-
Capital fund
635,366
-
-
Trust general fund
(1,841,079)
108,105
(137,114)
Sub-total - Trust
1,164,195
108,105
(137,114)
Reserves - St Bees
Enterprises Limited
26,058
157,937
(108,849)
Consolidated funds
1,190,253
266,042
(245,963)		 Transfers and
Gains/
(Losses)
£
1,000
-
(13,860)
60,672
47,812
(47,812)
-
Transfers and
Gains/
(Losses)
£
1,000
-
(11,765)
99,258
88,493
(45,993)
42,500		 Balance
31 July
2025
£
33,000
2,338,908
609,741
(1,769,848)
1,211,801
25,485
1,237,286
Balance
31 July
2024
£
32,000
2,338,908
623,601
(1,770,830)
1,223,679
29,153
1,252,832

The Charity Commission have directed that a yearly sum of not less than £1,000 shall be invested for the purpose of providing for the extraordinary repair, improvement or rebuilding of property belonging to the Trust.

The property revaluation reserve represents the surplus on revaluation of the charity's properties. The charity's properties were revalued during the year ended 31 July 2025 with no surplus or deficit arising (2024: No surplus or deficit arising).

Page 34

ST BEES SCHOOL

NOTES ON FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

24 Analysis of movements in unrestricted funds (continued)

The capital fund represents amounts invested in land and buildings, which were previously funded by loans from The Friends of St Bees School General Charitable Trust. The Friends converted all loans into a donation on 31 July 2017, £883,563 of which pertained to capital fund investment. Depreciation on the charity's property is charged to this fund. The capital fund stood at £609,741 at 31 July 2025 (2024: £623,601) following property disposals in subsequent periods, and is represented entirely by land and buildings.

During the year a transfer of £13,860 (2024: £11,765) was made from the capital fund to unrestricted general funds to ensure that the balances on the property revaluation reserve, unrestricted capital fund, and endowment funds equate to the current balance sheet total for land and buildings.

The Trust's general fund is retained to provide working capital and may be used for the charity's general purposes. The Trust's general fund showed a deficit of £1,769,848 at 31 July 2025 (2024: Deficit of £1,770,830).

The Trustees are taking steps to reduce the deficit on general funds in line with best practice.

25 Gross cash flows

Reconciliation of net movement in funds
to net cash inflow/(outflow) from operating activities
Net movement in funds
Endowment donations
Depreciation
(Profit)/loss on sale of fixed assets
(Gains)/losses on investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) group operating activities		 Group
2025
£
(1,686)
(13,860)
4,720
-
-
7,912
(16,070)
(18,984)		 Group
2024
£
74,344
(11,765)
5,698
(38,493)
(42,500)
6,310
(3,055)
(9,461)

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