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2025-08-31-accounts

Registered Charity Number: 1141329 Company Number: 06927030

Annual Trustees’ Report and Financial Statements

For the Year Ended 31 August 2025

ST PETER’S SCHOOL, YORK DIRECTORS’ AND TRUSTEES’ REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Contents

Introduction from the Chair of Governors ............................................................. 4 Welcome from the Head of St Peter’s ..................................................................... 5 Summary of Objectives ........................................................................................... 6 Economic Impact...................................................................................................... 7 Bursaries ................................................................................................................... 7 York Minster Choristers ........................................................................................... 8 Partnerships ............................................................................................................. 9 The York Independent State School Partnership .............................................................................. 9 Local Partnerships and Community Initiatives .................................................................................. 9 Charitable Work ...................................................................................................... 10 Fundraising Approach ........................................................................................... 10 Diversity, Equity and Inclusion (DEI) .................................................................... 11 Environmental Impact ............................................................................................ 11 Governance Structure and Management ............................................................. 12 Governing Document .......................................................................................................................... 12 Recruitment and Training of Governors ........................................................................................... 12 Organisational Management .............................................................................................................. 13 Full Board............................................................................................................................................. 13 Officers ................................................................................................................................................. 14 Committee members serving during the year 2024-25 ................................................................... 14 Advisers ............................................................................................................................................... 15 Key Management Personnel .............................................................................................................. 16

ST PETER’S SCHOOL, YORK DIRECTORS’ AND TRUSTEES’ REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Objectives and aims ............................................................................................... 16 Charitable objectives .......................................................................................................................... 16 Aims ...................................................................................................................................................... 16 Activities and Objectives of the Period ............................................................................................ 17 Strategies to achieve the period’s objectives .................................................................................. 17 Grant-making policy ........................................................................................................................... 17 Investment Performance and Policy ................................................................................................. 18 Risk Management ................................................................................................................................ 18 FINANCIAL REVIEW AND RESULTS FOR THE PERIOD ..................................... 19 Reserves policy ................................................................................................................................... 19 Future Plans ........................................................................................................................................ 20 STATEMENT OF DIRECTORS’ AND TRUSTEES’ RESPONSIBILITIES .............. 21 AUDITORS REPORT ............................................................................................... 22 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES ............................... 26 BALANCE SHEETS ................................................................................................ 27 CONSOLIDATED CASH FLOW STATEMENT ....................................................... 28 NOTES TO THE FINANCIAL STATEMENTS ......................................................... 29

ST PETER’S SCHOOL, YORK DIRECTORS’ AND TRUSTEES’ REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Introduction from the Chair of Governors

At St Peter’s York we are proud of our rich and long heritage and are looking forward to celebrating our 1400th anniversary in 2027. Our motto Super Antiquas Vias (“Over Ancient Ways”) is one we continue to reference and live by. Like all long-established institutions however, we are constantly looking to innovate and improve. Never has this been more so than in this last year.

With the election of the Labour Government on 5th July 2024, and the resultant imposition of VAT on school fees, we worked hard and fast to put into place much of the scenario planning we had done.

Putting the spotlight on both cost and income, we have had a relentless focus on the balance between financial strength and continuing to offer an educational experience which makes us first choice not just for our local families but also draws in pupils from across the country to our beautiful city of York.

Pace has been a significant theme this year, one result of which has been the fast-tracking of our move from three to two schools to September 2026, from the planned date of September 2027. Whilst we operate as, and very much benefit from, being one 2-18 school, we are looking forward to seeing in action the significant improvements that will come into play with our new structure.

At St Peter’s we are always delighted with the national success we achieve in so many areas, be it sport, art, science, music, drama, engineering or robotics. However, we continue to be as proud of our focus on inclusion, and ensuring we meet each child where they are at.

The world has changed for the independent schools sector. As a school we aim to meet this opportunity head on, in an open-minded and positive way. As the Board of Governors, we are incredibly grateful for the hard work and commitment shown from all our stakeholder groups, be it staff, senior leadership team, parents, our local community, and of course the most important group of all, our pupils.

Catherine Baker

Chair of Governors

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ST PETER’S SCHOOL, YORK DIRECTORS’ AND TRUSTEES’ REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Welcome from the Head of St Peter’s

The last academic year was testament to the strength of St Peter’s. Our pupils achieved excellent A Level and GCSE results, with 76% of all A Level grades at A* to B. Our pastoral care was further boosted by the opening of a new Health and Wellbeing Hub giving pupils access to physical and mental health professionals. Co-curricular continues to thrive at the school through a combination of mass participation and elite achievement. Success in national sporting competitions and our choir singing at St George’s Chapel Windsor were particular highlights.

As this report demonstrates, the school is in strong financial shape. This has not only allowed us to invest in our campus and in technology to augment teaching and learning, it has also given us the opportunity to plan for our future to ensure that St Peter’s will be thriving for generations to come.

Jeremy Walker

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ST PETER’S SCHOOL, YORK DIRECTORS’ AND TRUSTEES’ REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Summary of Objectives

St Peter’s seeks to advance the education of children by the provision of a day and boarding school and nursery in York.

In 2024/5, 1330 pupils aged from 2 to 18 were educated at the school and a summary of those receiving fee assistance is given later in this report.

All pupils in the school develop the qualifications, skills, interests and values we refer to as the Keys for Life. These are delivered through a blend of academic, pastoral and co-curricular approaches. The youngest pupils are taught using a unique thematic approach which develops into enquiry based learning and subject specialism as they progress through the school.

The school maintained its record of strong public examination results this year. 18% of A Level grades were awarded at A, 48% at A to A and 76% at A* to B. GCSE results saw 24% of entries achieving Grade 9, 44% at 9 to 8 and 64% at 9 to 7. 53% of leavers went on to the top 20 institutions as listed in The Times Good University Guide , including 30% to the top 10 with the most popular destinations being UCL, Durham, Newcastle, Bath and Edinburgh. Others moved on to degree apprenticeships, art foundation courses and drama school.

Sport, music and other co-curricular activities are thriving with a continued focus on opportunities for all, alongside a programme for our elite performers that has once again led to national success in many areas. Sports teams were represented at national finals, notably in swimming, rugby, rowing and cricket. Our senior school choir is thought to be one of the biggest in the country and we put on a full programme of concerts and recitals for pupils of all ages. We gave a number of drama performances, including The Lion King, Matilda and A Midsummer Night’s Dream. Elsewhere pupils participated in a huge range of clubs and activities ranging from CCF to chess to crochet.

We ensure that every pupil is known and understood through our pastoral structures and strive to continuously improve our approaches. We have sought expert input from professionals who have offered coaching and advice to staff, pupils and parents. All staff and parents have access to the resources from Tooled Up Education which offers evidence-driven advice on a wide range of topics. The opening of the school’s new Health and Wellbeing centre in October gives pupils a single point of contact for all health needs and a joined-up approach to their care.

St Peter’s was delighted to receive a positive report from the Independent School’s Inspectorate following their visit in February and was particularly proud that they had recognised our efforts in safeguarding and pupil wellbeing. The full report can be viewed either on the ISI or school website.

Finally, the school reached an exciting stage of the campus masterplan this year to ensure that the new Junior and Senior structure will be ready to launch in September 2026. Updates to the dining room, Pavilion and sports facilities mean that the next phase of work can be completed in the 2025/6 academic year.

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ST PETER’S SCHOOL, YORK DIRECTORS’ AND TRUSTEES’ REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Economic Impact

St Peter’s School have used the modelling tool created by the Independent Schools Council to calculate their economic impact on the city of York and beyond. The school’s total contribution to UK GDP was £45.6m in 2024/25, which is calculated as £21.1m directly generated by the school, £6.6m through our UK-based supply chain and £17.9m through the spending of our staff and those employed in our supply chain. 54% of this impact was contributed locally through the employment of 468 colleagues as well as those working for local suppliers who then go on to spend in our local economy. St Peter’s generated £8.5m of savings for taxpayers by providing education for pupils who could otherwise take up a place at a UK state school.

Bursaries

St Peter’s School maintains its commitment to awarding bursaries each year to day and boarding pupils. Not only do these children contribute hugely to the community of our school through their talents, curiosity, enthusiasm and ability to build relationships, but they themselves benefit from the St Peter's experience for the rest of their lives.

In 2024-25 £964k was awarded in bursary assistance. We increased the number of pupils who were in receipt of a bursary to 50, all of whom were aged 11 to 18. We awarded 45 bursaries to day pupils and 5 to full boarders. The average award as a percentage of total fees was 78% for day pupils and 100% for boarders. The school’s “Keys for Life” fundraising initiative provided £173k of the cost of bursaries this year.

The majority of bursary enquiries come directly to the school and we are invited to speak directly to interested students at four local schools which do not have a Sixth Form.

The first Ginetta Scholarship was awarded this year. The scholarship offers means-tested financial support to one recipient in Lower Sixth (Year 12) who has a particular interest in STEM subjects. As well as financial support, the bursary also offers work experience and mentoring from Ginetta Racing. This has been a huge success and we now hope this will become an annual award, having already recruited a new pupil to take up a scholarship in 2025.

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ST PETER’S SCHOOL, YORK DIRECTORS’ AND TRUSTEES’ REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025

We have maintained our partnerships with the Royal National Children’s Springboard Foundation (RNCSF) and Archbishop Sentamu Academy, Hull (ASA) which changed its name to Liberty Academy in the summer of 2025:

I. RNCSF

RNCSF is the UK’s largest boarding school bursary charity, providing life-transforming opportunities for disadvantaged and vulnerable children and young people in state and independent boarding schools.

For the last eight years, St Peter’s has provided a full boarding bursary to one Sixth Form pupil per year, referred to us by RNCSF. We work with the Hope Opportunity Trust based in the northwest of England from early each academic year to identify the candidate for the following September. We hosted a free of charge national RNCSF event for 65 delegates in May 2025 and continue to work with them on their project to place Looked After Children in independent schools.

II. Liberty Academy (formerly known as Archbishop Sentamu Academy, Hull)

St Peter’s has a longstanding relationship with Liberty Academy, having been connected through our governing bodies over a number of years. For the last seven years we have provided a full boarding bursary to one or two Sixth Form pupils per year, working with the Academy in the autumn term to recruit the candidate for the following September.

York Minster Choristers

We have now completed our fifth year as the choir school for York Minster. We educate the 40 full time and probationer choristers and ensure that they are able to fulfil their musical duties to the Minster around their busy school lives.

The school is responsible for the recruitment of eight new probationer choristers into Year 4 each year. Whilst their selection is based on musical ability and the usual entry criteria for the school, we aspire to bring in at least four choristers from local schools so that the choir is open to all in the city.

York Minster provides a substantial contribution to the choristers’ school fees for the duration of their time in the choir. Additional means-tested support is available to up to 100% of the school fee. Once the choristerships come to an end, pupils are offered the opportunity to audition for music scholarships and apply for means-tested bursaries so that there are no financial barriers to them remaining at St Peter’s.

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ST PETER’S SCHOOL, YORK DIRECTORS’ AND TRUSTEES’ REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Partnerships

The York Independent State School Partnership

The York Independent State School Partnership (ISSP) continues to be a flagship for partnership working in the education sector and was once again recognised in the House of Lords and the Independent School Council’s “Celebrating Partnership” publication this year.

St Peter’s School teachers delivered GCSE tuition in Astronomy and Latin, lessons in Classical Greek and offered masterclasses, lectures and summer school classes to students from partner schools in York. In addition, the annual “breakthrough” event was hosted at the school as were masterclasses and summer school. The ISSP also continues to partner with the York Merchant Adventurers on their Enterprise Project which is overseen by a St Peter’s teacher.

Local Partnerships and Community Initiatives

In addition to the ISSP, St Peter’s has a number of other partnerships and community initiatives:

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ST PETER’S SCHOOL, YORK DIRECTORS’ AND TRUSTEES’ REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Charitable Work

St Peter’s School encourages fundraising, volunteering and awareness raising for a number of local and national charities nominated by pupils and staff. Some of the more prominent examples are below:

Fundraising Approach

In the last year, St Peter’s School has continued to raise funds for bursaries and restricted projects through the Development and Alumni Relations Department. The Head of Development and Alumni coordinates all fundraising activities for the school and submits an update to each full board governors’ meeting. The total raised from Fundraising activities in the year was £691,398 which included legacy donations totalling £436,394. Most of the donations that we receive are because of this ongoing communication and meetings with the Head of Development and Alumni, including fundraising events, reunions, the annual St Peter’s Together: Old Peterite Day and through publications such as the Cross Keys magazine.

The priority for fundraising remains the Keys for Life Bursary Fundraising Campaign, with a focus on increasing the number of bursary places the school can offer through the Help with Fees programme. Donations have been secured for the campaign from meetings and events with the Head Master, working closely with the Head of Development and Alumni.

The school is registered with the Fundraising Regulator and subscribes to the Code of Fundraising Practice. We are unaware of any occasion in the reporting period upon which we have failed to comply with the Code, nor has the school received any complaints about our fundraising activities. We take great care to not exert pressure on any individual and any material sent out is not persistently repeated in an intrusive manner. The Board of Governors oversees fundraising activity and monitors activity to ensure fundraising is respectful to members of our community.

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ST PETER’S SCHOOL, YORK DIRECTORS’ AND TRUSTEES’ REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Diversity, Equity and Inclusion (DEI)

St Peter’s School has an established Diversity, Equity and Inclusion (DEI) working group which comprises of staff from the whole school foundation, teaching and support as well as the Governor DEI lead. This group meets four times a year and also has input from pupil DEI groups throughout the school including direct input from senior pupils given leadership roles on DEI. Sarah Opie is our DEI Lead and member of the whole school leadership team and has the full support of the Board of Governors with Charlotte Smart as governor lead.

Our action plan on DEI throughout the school continues and as well as addressing inclusion based on the legally protected characteristics, we also chose a focus topic for each year. In 2024/5 this was microaggressions and working with staff and pupils on how to address these. We delivered staff training as well as pupil focus in PHSE and other lessons. We also visited other schools to understand their approaches and sought input from other sectors for advice. We were delighted to welcome Laura Bates, author and founder of the Everyday Sexism project to speak to staff.

Environmental Impact

The school has conducted its first full Carbon Audit across Scopes 1, 2 and 3. The audit identified gas consumption as the leading source of emissions, with the 8–13 main building as the highest-emitting structure on site. Since July 2023, the school has enhanced carbon data reporting across the estate, particularly in waste and energy tracking which supports actionable insights for future carbon audits.

Operational actions arising from the audit were submitted as part of the school’s MESOS Stage 1 for government sustainability compliance, this year this included installation of electrical sub-metering that will improve building-level energy monitoring and usage.

The implementation of the school campus masterplan continues to deliver strategic operational improvements in energy efficiency as the buildings across the site are being improved and redeveloped. Refurbished areas such as Burton Cottage, the Pavilion, the new marketing suite, and the first phase of the cladding project have all benefited from upgraded insulation, heating systems and low energy lighting.

As part of regulatory compliance, we have installed over fifty new waste stations which support reducing waste by enabling separation of general, recycling, and food waste across the site. Another component of this is led by the Catering team, who have implemented measures to monitor and reduce food waste.

Lastly, a newly formed Transport Working Group is addressing traffic and travel holistically and promoting sustainable travel initiatives identified in the School Transport Plan.

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ST PETER’S SCHOOL, YORK DIRECTORS’ AND TRUSTEES’ REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Governance Structure and Management

Governing Document

The School is governed by its Memorandum dated June 2009 and Articles of Association dated 10 June 2025.

Recruitment and Training of Governors

The School is governed by a Board of Governors, who are all unpaid volunteers. On 10 June 2025 the Board of Governors resolved that only two Governors (from the previous number of three) would in future be nominated by the institutions below and the remaining fourteen would be appointed by the Board of Governors. The nominated Governors are to be appointed as follows:

One by the Archbishop of York

One by the Chapter of the Cathedral and Metropolitical Church of St Peter in York

Each nominated appointment is made for a term of five years at a meeting convened and held according to the ordinary practice of the appointing body. The person appointed may be, but need not be, a member of the nominating body.

The remaining Governors are appointed for a term of five years by a simple majority of the Board of Governors. The Board identifies suitable candidates bearing in mind a mix of skills and experience appropriate to the perceived needs of the school at that time. The school’s aim is to recruit responsible people who are actively interested in our charity and who can give the necessary time commitment and people with the specific expertise required to maintain a balanced, diverse and effective Board. We have worked particularly hard over the last 12 months to widen our reach in terms of Governor recruitment, with a clear focus on ensuring diversity of thought, perspective and experience.

New Governors are given an induction that includes meetings with key individuals and a tour of the school. Governors are encouraged to attend School Governor training programmes run by organisations including AGBIS and ISBA and are provided with reading materials including "Guidelines for Governors", a manual of good practice for the governors of independent schools and Safeguarding training. Internal training and visiting speakers are provided as necessary. All governors meet annually with the Chair which is an opportunity to review individual contributions and to identify any additional training needs.

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ST PETER’S SCHOOL, YORK DIRECTORS’ AND TRUSTEES’ REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Organisational Management

The Board of Governors meets four times a year and in addition, holds a training and strategy day each year. There is continuous oversight of Safeguarding by governors throughout the year.

The strategic direction of the school, its general policy and financial oversight are determined and conducted by the Board of Governors in close collaboration with the Senior Leadership Team. The Head Master, the Chief Operating Officer, the Senior Deputy 13-18, the Head of St Peter’s 8-13, the Head of St Peter’s 2-8, the Director of Finance, Director of Operations and the Director of Admissions, Marketing and Communications all attend meetings of Governors.

To enhance the deliberation of the Board, a number of committees have been established which usually meet once per term or as deemed appropriate. Terms of reference and levels of authority for each committee are determined by the Board of Governors and membership is as set out below. The teaching staff in each school are accountable to their respective heads, and the Head of 8-13 and Head of 2-8 are accountable to the Head Master, who in turn reports to the Board of Governors. The support staff are the responsibility of the Chief Operating Officer who, in turn, reports directly to the Head Master. The day-to-day management of the school is delegated to the Head Master.

Full Board

The Governors are the directors of St Peter’s School, York (company number 06927030). The following people have been members of the Board of Governors during the year:

Nominated by the Archbishop of York: Mr W Woolley (Chair) (Retired 31stAugust
2025)
Nominated by the Council of the
University of York: Mrs H Dowdy (Resigned 30thMay 2025)
Nominated by the Chapter of the
Cathedral and Metropolitical Church of
St Peter in York: Rev’d Canon James Harley Milner (Appointed
29thNovember 2024)
Co-opted: Mrs C Baker (Vice-chair)
Mrs H Chamberlain
Mrs J Copley-Farnell
Dr N Durham (Vice-chair)
Mr J Gill (Resigned 15thApril 2025)
Dr S Hinchliffe
Mrs C Smart
Sir John Townsley
Mrs G Vidic-Cattorini
Mr P D Widdicombe (Retired 31stAugust 2025)

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ST PETER’S SCHOOL, YORK DIRECTORS’ AND TRUSTEES’ REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Officers

Head Master Chief Operating Officer The Clerk to the Governors

Mr J M P Walker Mrs R Desport Mrs K V Hodges

Committee members serving during the year 2024-25

Education Committee

Mrs C Baker Mrs J Copley-Farnell Mr J Gill (To 15[th] April 2025) Dr S Hinchliffe Rev’d Canon J Milne (From 29[th] Nov 2024) Sir J Townsley Mr W Woolley (ex officio)

Finance and Governance Committee

Mrs H Chamberlain (Chair) Mrs J Copley-Farnell Dr N Durham Mrs C Smart Mrs G Vidic-Cattorini Mr P Widdicombe Mr W Woolley (ex officio)

Property and Facilities Committee

Mrs H Dowdy (To 30[th] May 2025) Dr N Durham (Chair) Mrs C Smart Mr P Widdicombe Mr W Woolley (ex officio)

Bursary and Hardship Committee

Mrs C Baker (Chair) Dr N Durham Sir J Townsley Mr W Woolley

Process and Co-ordination Committee

Mr W Woolley (Chair) Mrs C Baker (Vice-chair) Mr N Durham (Vice-chair) Mrs H Chamberlain (Ex-officio) Sir J Townsley (Ex-officio)

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ST PETER’S SCHOOL, YORK DIRECTORS’ AND TRUSTEES’ REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Advisers

Bankers Virgin Money 46 Coney Street York YO1 9NQ Solicitors VWV Orchard Court Orchard Lane Bristol BS1 5WS Auditor HPH, Chartered Accountants 54 Bootham York YO30 7XZ Insurance broker Marsh Limited Education Practice Capital House 1 - 5 Perrymount Road Haywards Heath West Sussex RH16 3SY Investment manager Sarasin & Partners LLP Juxon House 100 St Paul’s Churchyard London EC4M 8BU

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ST PETER’S SCHOOL, YORK DIRECTORS’ AND TRUSTEES’ REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Key Management Personnel

The Governors consider that they, together with the St Peter’s Leadership Team (Head Master, Head of 8-13, Head of 2-8, Senior Deputy Head 13-18, Director of Admissions, Marketing and Communications, Chief Operating Officer, Director of Finance and the Director of Operations) comprise the Key Management Personnel. The Governors provide their services freely, and the pay and remuneration of the Head Master and other members of the Senior Leadership Team are set by the Senior Leadership Remuneration Committee. The criteria used in setting pay are:

Data from various bodies, such as the Association of Governing Bodies, is used to ensure that the School sets pay at an appropriate level to attract and retain suitable members of staff.

Objectives and aims

Charitable objectives

The object of the charity is to advance the education of boys and girls by the provision of a day and/or boarding school or schools or nursery in or near York or elsewhere.

Aims

At St Peter’s we celebrate the uniqueness of every member of our community. Our personalised educational journey from Nursery to Upper Sixth ensures that every Peterite leaves with outstanding academic results and the skills that form the bedrock of successful lives. They are confident and engaging, possess deep values and a wide range of interests. Peterites are ready to lead with purpose in an ever-changing world. We call this ‘The Keys for Life’

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ST PETER’S SCHOOL, YORK DIRECTORS’ AND TRUSTEES’ REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Activities and Objectives of the Period

In order to achieve the best possible flow of education (academically, pastorally and on the co-curricular front) by September 2026, St Peter’s will continue to operate as one school with two distinct but closely aligned sections: St Peter’s Junior School educating children from Nursery to Year 6 and St Peter’s Senior School educating children from Year 7 to Sixth Form. The Junior School will be based on the current site of 8-13 with the Senior School being on the site presently occupied by 2-8 and 13-18, while continuing to use some facilities on the Junior School site.

Like all independent schools, St Peter’s has faced the challenge of the introduction of VAT to school fees and a subsequent projection of fewer pupils. There is a comprehensive strategic and operational plan to address this which is continuously reviewed and updated. Whilst the focus is on the main objective of education, the plan also addresses wider cost efficiencies and strengthening alternative sources of revenue.

The School’s first international school, Yingya St Peter’s, opened as planned in September 2023 on the Chinese island of Hainan and is growing in pupil numbers year on year. We continue to offer and explore opportunities for visits and online cultural and academic exchanges involving both pupils and staff. The School remains focused on exploring other international opportunities in countries outside of China, along with other alternative sources of income.

Strategies to achieve the period’s objectives

The Governors continued to maintain oversight of the school through regular meetings of the main board and through the established framework of sub-committees. The daily management was delegated to the Senior Leadership Team and through to a network of middle leadership teams and departments.

Grant-making policy

Our grant-making policy enables us to continue our long tradition of opening our doors to children from a broad social spectrum. Through fundraising, the Foundation enables us to offer more bursaries to talented children, giving them life-changing educational opportunities, which would otherwise be out of reach.

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ST PETER’S SCHOOL, YORK DIRECTORS’ AND TRUSTEES’ REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Investment Performance and Policy

The Governors’ investment powers are governed by the Trustee Act 2000, which permits funds to be invested in accordance with the Act’s standard investment criteria: the suitability of the proposed investment to the nature of the School, and the need for diversification to reduce risk.

Approximately half of the investments are in Endowment Funds, and these are subject to the individual donor’s original conditions.

The Board’s policy is to adopt a low to medium risk investment strategy to maintain income, which preserves the real capital value of investments in line with the Retail Price Index.

The performance of the School’s investments has been satisfactory during the period.

The School’s investment portfolio is managed by Sarasin and Partners LLP.

Risk Management

The Governors have considered the key risks faced in our day-to-day operations. We have developed systems to monitor, control and mitigate these risks, which are constantly kept under review, and all risks are individually reviewed on a two-year cycle.

Risks are categorised under four headings and recorded on the School’s risk register

A “traffic light” system is adopted to evaluate residual risk and no “red” risks have been identified.

Each “top-level” risk identified is allocated to one of the five sub-committees for regular review, discussion and challenge to ensure organisational and environmental changes have been considered and appropriate actions taken. The review of risks also includes the identification and discussion of any “emerging” risks and the referral of risks to the Full Board for further consideration as appropriate.

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ST PETER’S SCHOOL, YORK DIRECTORS’ AND TRUSTEES’ REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025

FINANCIAL REVIEW AND RESULTS FOR THE PERIOD

The financial results for the year are set out in the accounts.

Our net income before investment gains is £1,172,115 (2024 £2,557,987). Fee revenue was 3.5% higher than the previous year due to an increase in pupil numbers. Following the introduction of VAT on school fees from January 2025, the school made the decision to lessen the impact to parents by absorbing some of the cost of this.

Costs rose by 4.5% overall, as although we saw a significant increase in business rates following the removal of Business Rate Relief and an increase in employer NI, the introduction of VAT on school fees has allowed a partial recovery of VAT on our costs.

The balance sheet remained strong with no debt outstanding at the year end. Cash of £2,605,978 was generated from operating activities. Fixed asset expenditure was £2,726,659, this included three major projects:

The projected surplus for the year to August 2026 is expected to be lower than the previous year.

Reserves policy

Notes 18 to 21 of the financial statements show the assets and liabilities attributable to the various funds by type, describe the various Trusts and summarise the year’s movement on each fund.

We have a strong balance sheet without any debt. Total funds held at 31[st] August 2025 £34,131,070 (2024 - £32,926,989). Total unrestricted funds (which exclude endowed and restricted funds) at the end of the year totalled £30,541,246 (2024 - £29,756,532). These unrestricted funds include freehold property to the value of £26,829,763, investment property £2,189,680 and stock market investments £456,165 which can only be realised through disposal. Restricted and endowed funds held at 31 August 2025 £3,589,824 (2024 – £3,170,457).

We maintain medium and long-range financial forecasts that take into account sensitivity to internal and external factors in determining the level of free reserves required. Our forecasts show that we can fund our short-term campus investment plans through working capital without any additional need for medium or long-term borrowing. Our longer-term campus investments may require additional borrowing.

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ST PETER’S SCHOOL, YORK DIRECTORS’ AND TRUSTEES’ REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The Trustees will ensure that we hold a level of free cash reserves and, taking a pragmatic risk based approach, will ensure reserves are sufficient to ensure flexibility and liquidity and take account of proposed capital investment to maintain the highest standard of educational provision for our pupils.

We will continue our cost control programme across all areas of the School to ensure that we can maximise the funds available to be spent on teaching and learning. This has been a success to date and improved budget procedures have created a framework within which we can measure, compare and question expenditure to ensure value and priority.

Future Plans

The St Peter’s Leadership Team and Governors will continue to work together throughout 2025/2026 to implement the long-term structure and strategy of the whole school. The focus remains on Educational Excellence and Future Affordability as our two main strategic aims. Important to this process will be the implementation of the move to a two-school model in September 2026.

We will continue to capitalise on the huge advantages of being a 2-18 school, committed to providing excellent age-appropriate education across our schools within the distinctive whole school community that is St Peter’s.

We have much to celebrate and extraordinarily strong foundations on which to build as we move towards the 1,400[th] anniversary of the founding of our school in 2027.

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ST PETER’S SCHOOL, YORK DIRECTORS’ AND TRUSTEES’ REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Statement of Directors’ and Trustees’ responsibilities

Company and charity law requires the Directors and Trustees respectively to prepare financial statements for each financial year which give a true and fair view of the charitable company’s state of affairs at the end of year and of its financial activities for that year.

In preparing the accounts the Directors and Trustees follows best practice and:

The Directors and Trustees are responsible for keeping accounting records which are such as to disclose, with reasonable accuracy, the financial position of the School at any time, and to enable them to ensure that the accounts comply with charity law. They are also responsible for safeguarding the School’s assets 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.

In so far as the Directors and Trustees are aware:

The Directors’ and Trustees’ Report and Strategic Report are approved on behalf of the Trustees on 3 December 2025 and signed on its behalf by:

Catherine Baker (Chair of Governors)

21

HPH

Chartered Accountants

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

ST PETER’S SCHOOL, YORK

OPINION

We have audited the financial statements of St Peter’s School, York (the 'parent charitable company') and its subsidiaries (the ‘group’) for the year ended 31 August 2025, which comprise the Consolidated Statement of Financial Activities and Income and Expenditure Account, the Consolidated Balance Sheet, the Consolidated Cash Flow Statement and the related notes, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS OF OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the trustees’/director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

22

HPH

Chartered Accountants

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

ST PETER’S SCHOOL, YORK

OTHER INFORMATION

The trustees/directors are responsible for the other information contained within the annual report. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the Trustees' responsibilities statement on page 14, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

23

HPH

Chartered Accountants

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

ST PETER’S SCHOOL, YORK

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent Schools Standards) Regulations 2014, Food Hygiene regulations, Health and Safety legislation, Employment legislation, Charity Commission regulations and General Data Protection Regulation (GDPR).

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We also considered the opportunities and incentives that may exist within the charitable company for fraud.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and income recognition. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, proof in total testing of fee income, detailed substantive testing on the completeness of other sources of income, sample testing of deferred income, VAT treatment, reviewing regulatory correspondence and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations. We are not responsible for preventing fraud and cannot be expected to detect all fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

24

HPH

Chartered Accountants

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

ST PETER’S SCHOOL, YORK

USE OF OUR REPORT

This report is made solely to the charitable company's members in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members for our audit work, for this report, or for the opinions we have formed.

......................................

Sarah Wearing (Senior Statutory Auditor)

For and on behalf of HPH, Statutory Auditor

54 Bootham York YO30 7XZ

13 April 2026

25

ST PETER'S SCHOOL, YORK CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2025

Unrestricted funds Unrestricted funds Restricted Endowed Total Total
Note School Other funds Funds 2025 2024
£ £ £ £ £ £
Income and endowments from:
Charitable activities
School fees receivable 2 25,849,972 - - - 25,849,972 24,971,984
Other income 3 17,674 - - - 17,674 22,627
Other trading activities
Non-ancillary trading income 4 87,022 378,817 - - 465,839 477,794
Other activities 4 37,443 - - - 37,443 79,220
Investments
Investment income 5 128,641 4,675 44,817 - 178,133 50,433
Bank and other interest 6 477,012 18,263 - - 495,275 524,526
Voluntary sources
Donations and legacies 24,123 117,050 550,225 - 691,398 689,993
Total £ 26,621,887 £ 518,805 £ 595,042 £ - £ 27,735,734 £ 26,816,577
Expenditure on:
Raising funds
Non-ancillary trading 7 - 296,072 - - 296,072 290,022
Other income-generating
activities 7 249,055 436 - 11,331 260,822 262,926
Financing costs 45,121 - - - 45,121 95,395
Total deductible costs 294,176 296,508 - 11,331 602,015 648,343
Charitable Activities
Education and grant making 7 25,012,946 754,379 194,279 - 25,961,604 23,610,247
Total £ 25,307,122 £ 1,050,887 £ 194,279 £ 11,331 £ 26,563,619 £ 24,258,590
Net income/(expenditure) and
net movement in funds before
gains on investments 1,314,765 (532,082) 400,763 (11,331) 1,172,115 2,557,987
Gains on investments 10 1,159 872 11,829 18,106 31,966 200,288
Net income/(expenditure) 1,315,924 (531,210) 412,592 6,775 1,204,081 2,758,275
Transfers between funds 23 (680,165) 680,165 - - - -
Net movement in funds 635,759 148,955 412,592 6,775 1,204,081 2,758,275
Reconciliation of funds:
Total funds brought forward 28,294,400 1,462,132 1,888,414 1,282,043 32,926,989 30,168,714
Total funds carried forward £ 28,930,159 £ 1,611,087 £ 2,301,006 £ 1,288,818 £ 34,131,070 £ 32,926,989

The notes on pages 29 to 45 form part of these financial statements.

Incoming resources and net movement in funds derive wholly from continuing operations.

26

ST PETER'S SCHOOL, YORK BALANCE SHEETS AS AT 31 AUGUST 2025

Registration number: 06927030

Note Consolidated Consolidated School only
2025 2024 2025 2024
£ £ £ £
FIXED ASSETS
Tangible fixed assets 9 30,730,795 30,075,249 30,730,795 30,075,249
Investments 10 2,218,976 2,187,010 2,218,982 2,187,016
32,949,771 32,262,259 32,949,777 32,262,265
CURRENT ASSETS
Stocks 12 77,963 91,430 77,963 91,430
Debtors 13 662,592 477,728 1,116,840 819,555
Investments 11 5,688,090 - 5,688,090 -
Cash at bank and in hand 7,749,824 18,264,905 7,291,069 17,918,438
14,178,469 18,834,063 14,173,962 18,829,423
CREDITORS: amounts falling due
within one year 14 (11,156,546) (14,155,536) (11,152,045) (14,150,902)
3,021,923 4,678,527 3,021,917 4,678,521
TOTAL ASSETS LESS CURRENT
LIABILITIES 35,971,694 36,940,786 35,971,694 36,940,786
CREDITORS: amounts falling
due after more than one year 15 (1,840,624) (4,013,797) (1,840,624) (4,013,797)
TOTAL NET ASSETS £ 34,131,070 £ 32,926,989 £ 34,131,070 £ 32,926,989
REPRESENTED BY
Endowed funds 20 1,288,818 1,282,043 1,288,818 1,282,043
Restricted funds 19 2,301,006 1,888,414 2,301,006 1,888,414
Unrestricted funds 21 30,541,246 29,756,532 30,541,246 29,756,532
£ 34,131,070 £ 32,926,989 £ 34,131,070 £ 32,926,989

The notes on pages 29 to 45 form part of these financial statements.

Approved on behalf of the Directors and Trustees on 3 December 2025 and signed on their behalf by:

C Baker

H Chamberlain

27

ST PETER'S SCHOOL, YORK CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025

Note
Cash flows from operating activities:
Net cash provided by operating activities
18
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Net cash used in investing activities
Cash flows from financing activities:
Repayments of borrowing
Cash inflows from new borrowing
Interest paid
Movement in fees in advance
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of
the reporting period
18		 2025
£
2,605,978
673,408
(2,726,659)
16,285
(2,036,966)
(635,803)
31,084
(23,467)
(4,767,817)
(5,396,003)
(4,826,991)
18,264,905
£ 13,437,914		 2024
£
3,075,513
574,959
(4,020,737)
14,930
(3,430,848)
(692,436)
-
(73,452)
8,820,585
8,054,697
7,699,362
10,565,543
£ 18,264,905

Charity law requires separate administration of the cashflows of endowed and other restricted funds of the School. This constraint has not adversely affected group cashflows as stated above.

The notes on pages 29 to 45 form part of these financial statements

28

ST PETER'S SCHOOL, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1 ACCOUNTING POLICIES

Legal entity

St Peter's School, York is regulated by the Charities Commission (1141329), limited by guarantee and is registered in England and Wales. The address of the registered office and principal place of business is St Peter's School, Clifton, York, YO30 6AB.

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

Basis of preparation

The accounts have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice ("SORP(FRS102)") and Financial Reporting Standard 102. The accounts are drawn up on the historical cost basis of accounting as modified by the revaluation of investments.

The consolidated accounts include the results of St Peter's School, York, St Peter's School Commercial Company 2016 Limited and St Peter's School (International) Limited, which are consolidated on a line by line basis. In accordance with section 408 of the Companies Act 2006, no separate Statement Of Financial Activities (SOFA) has been presented for the School alone.

The Governors have prepared financial projections, taking into consideration the current economic climate and its potential impact on the sources of income and planned expenditure. They have a reasonable expectation that adequate financial resources are available to enable the School to continue in operational existence for the foreseeable future, and have adequate contingency plans in the event that income streams are reduced. Consequently the financial statements have been prepared on the basis that the School is a going concern.

Fees and other income

Fees receivable, charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the School, but include contributions received from restricted funds for scholarships, bursaries and other grants.

Donations

Donations receivable for the general purpose of the School are credited to "other unrestricted funds", to distinguish them from direct school income. Donations for purposes restricted by the wishes of the donor are taken to "restricted funds" where these wishes are legally binding on the School Governors, except that any amounts required to be retained as capital in accordance with the donor's wishes are accounted for instead as endowments - permanent or expendable according to the nature of the restriction.

Other trading activities

All other incoming resources are included in the SOFA when the School is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Longer-term liabilities are discounted to present value. Overheads 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 year, either by reference to staff time or space occupied, as appropriate. The irrecoverable element of VAT is included with the item of expense to which it relates.

29

ST PETER'S SCHOOL, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1 ACCOUNTING POLICIES (continued)

Governance costs are costs associated with constitutional and statutory requirements. They include audit fees and estimated costs linked to the strategic management of the School. Support costs are those incurred directly in support of expenditure on the objects of the School.

Tangible fixed assets

Alteration and improvement expenditure on freehold property is treated as capital if it results in additional floor area for use of the School. Major repair work to the structure of a property is also treated as capital. Other costs are charged to revenue as maintenance of buildings.

Other fixed assets costing more than £1,000 are included at cost including any incidental expenses of acquisition.

Depreciation

Depreciation is calculated to write off the cost of fixed assets over their expected useful lives on a straight line basis. The rates used are as follows:

Non-teaching equipment over 5-15 years Teaching equipment over 5-20 years IT and computers over 4-10 years School vehicles over 5 years Freehold property over 8-50 years

Investment properties

Investment properties are held for long-term investment, and are accounted for as follows:

No depreciation is provided in respect of investment properties. The fair value is reviewed annually with any movement taken to the SOFA.

This treatment as regards investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the Governors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Fixed asset investments

Quoted investments are included at closing mid-market value at the balance sheet date. Unquoted investments are stated at cost less any permanent diminution in the value. Any gain or loss on revaluation is taken to the SOFA. Investment income is accounted for in the period in which the School is entitled to receipt.

Stocks

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

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and any short term deposit accounts with a maturity of three months or less from the date of opening.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Where the School has received tuition fees in advance the amount is treated as deferred income until the pupil joins the School whereupon the fees for each school term are charged against the remaining balance and taken into income. Any shortfall is treated as a deduction from school fee income and any excess accrued is treated as additional school income.

30

ST PETER'S SCHOOL, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1 ACCOUNTING POLICIES (continued)

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Funds Structure

Unrestricted funds

Funds which have not been designated for other purposes, and are available for use at the discretion of the Governors in accordance with the Charitable objectives.

Designated funds

These are unrestricted funds earmarked by the Governors for particular purposes.

Restricted funds

These are funds to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Permanent endowment funds

These represent those assets which must be held permanently by the School, principally investments. Income arising on the endowment fund can be used in accordance with the objects of the School and is included as restricted income. Any capital gains/losses arising on the investments form part of the fund.

Expendable endowment funds

These are funds where the the trustees have the power to convert the property (ie land, buildings, investments or cash) into ‘income’.

Leases

Assets purchased under finance leases are capitalised as fixed assets. Obligations under such agreements are included in creditors.

Rentals payable under operating leases are charged to the SOFA evenly over the period of the lease.

Pensions

The School contributes to the Teachers' Pension Defined Benefit Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the School. In accordance with FRS102 therefore, the scheme is accounted for as a defined contribution scheme. The School also contributes to The Pensions Trust Retirement Solutions Flexible Retirement Plan, an occupational defined contribution scheme, for administration staff. Contributions are charged to the income and expenditure account in the year in which they accrue.

2 CHARITABLE ACTIVITIES - FEES RECEIVABLE
Fees receivable consist of:
Gross fees
Less: Scholarships and remissions		 2025
£
26,359,457
(509,485)
£ 25,849,972		 2024
£
25,466,322
(494,338)
£ 24,971,984

The above educational awards were made to 57 individuals (2024: 57)

31

ST PETER'S SCHOOL, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

3 CHARITABLE ACTIVITIES - OTHER INCOME

3 CHARITABLE ACTIVITIES - OTHER INCOME
Registration fees
OP merchandise sales
4 OTHER TRADING ACTIVITIES
Trading income
St Peter's School Commercial Company
St Peter's School International Company
Lettings income
Other activities
Sundry income
5 INVESTMENT INCOME
Securities investment income:
Equities
6 BANK AND OTHER INTEREST
Bank interest
7 ANALYSIS OF EXPENDITURE
Staff
costs
Raising funds
£
Trading costs
Marketing and publicity
216,789
Investment
-
Property management fee
-
Total raising funds
216,789
Charitable expenditure
Education and grant making
Teaching
12,268,629
Welfare
2,475,184
Premises repair and maintenance
1,208,920
Support costs and governance
2,228,477
Grants, awards and prizes
-
Foundation expenses
141,035
Total charitable expenditure
18,322,245
Total expended
£ 18,539,034		 Other
£
296,072
26,090
15,665
2,278
340,105
1,228,672
889,528
2,022,457
725,041
1,175,883
-
6,041,581
£ 6,381,686		 Depreciation
£
-
-
-
-
-
-
33,475
1,182,269
382,034
-
-
1,597,778
£ 1,597,778		 2025
£
17,487
187
£ 17,674
138,817
240,000
87,022
465,839
£ 37,443
£ 49,492
£ 495,275
Total
2025
£
296,072
242,879
15,665
2,278
556,894
13,497,301
3,398,187
4,413,646
3,335,552
1,175,883
141,035
25,961,604
£ 26,518,498		 2024
£
22,627
-
£ 22,627
187,794
290,000
-
477,794
£ 79,220
£ 50,433
£ 524,526
Total
2024
£
290,022
248,412
14,514
-
552,948
12,322,129
3,156,116
3,942,599
2,955,772
1,043,593
190,038
23,610,247
£ 24,163,195

Included in grants, awards and prizes are educational awards made to 85 individuals (2024: 79)

32

ST PETER'S SCHOOL, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

7 ANALYSIS OF EXPENDITURE (continued)
Governance costs included in support costs:
Auditor's remuneration:
for audit services
Finance and other costs
Bank charges
Loan interest
8 STAFF COSTS AND NUMBERS
Wages and salaries
Social security costs
Pension costs		 2025
£
£ 17,550
21,654
23,467
£ 45,121
14,316,403
1,586,514
2,636,117
£ 18,539,034		 2024
£
£ 17,574
21,943
73,452
£ 95,395
12,835,538
1,280,767
2,378,555
£ 16,494,860

The key management personnel of the charity, comprise the Whole School Leadership Team and the Directors and Trustees. The total employee benefits of the key management personnel of the charity were £1,669,474 (2024: £1,248,137).

During the year the School made termination payments under settlement agreements totalling £266,041 (2024: £6,679) in respect of seven (2024: one) former employees.

Employees earning over £60,000 during the year
£230,000 - £240,000 - 1
£210,000 - £220,000 1 -
£160,000 - £170,000 1 -
£140,000 - £150,000 2 -
£130,000 - £140,000 - 1
£110,000 - £120,000 1 -
£100,000 - £110,000 3 -
£90,000 - £100,000 3 1
£80,000 - £90,000 - 5
£70,000 - £80,000 4 3
£60,000 - £70,000 14 8

15 (2024 - 9) employees above have retirement benefits accruing under a defined benefit scheme.

The average monthly head count was 468 staff (2024: 457) and the average monthly number of full-time equivalent employees during the year were as follows:

Marketing and publicity
Teaching
Welfare
Premises
Support		 3
197
73
27
51
351		 3
193
73
27
50
346

33

ST PETER'S SCHOOL, YORK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

9 TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Consolidated and School
Cost:
At 1 September 2024
Additions
Disposals
At 31 August 2025
Depreciation:
At 1 September 2024
Charge for the year
Disposals
At 31 August 2025
Net book values:
31 August 2025
31 August 2024		 Freehold
Property
£
34,832,346
2,350,923
(510,856)
36,672,413
8,720,915
1,182,268
-
9,903,183
£ 26,769,230
£ 26,111,431		 Investment
Properties
£
2,189,680
-
-
2,189,680
-
-
-
-
£ 2,189,680
£ 2,189,680		 Non-Teaching
Equipment
£
4,711,834
102,334
(39,982)
4,774,186
3,795,470
149,981
(23,744)
3,921,707
£ 852,479
£ 916,364		 Teaching
Equipment
£
2,414,613
66,586
(23,290)
2,457,909
2,142,685
-
(16,670)
2,126,015
£ 331,894
£ 271,928		 IT and
Computers
£
4,378,561
291,239
(66,429)
4,603,371
3,877,127
232,054
-
4,109,181
£ 494,190
£ 501,434		 Vehicles
£
431,549
54,573
(32,307)
453,815
347,137
33,475
(20,119)
360,493
£ 93,322
£ 84,412		 Total
£
48,958,583
2,865,655
(672,864)
51,151,374
18,883,334
1,597,778
(60,533)
20,420,579
£ 30,730,795
£ 30,075,249

Freehold land and buildings are carried at cost. The Governors consider the market value of the properties, at 31 August 2025, to be well in excess of the carrying value in the accounts. Due to the costs involved in obtaining a professional valuation of the freehold land and buildings it has not been practicable to quantify the difference. All fixed assets are held for own use on direct charitable activities.

34

ST PETER'S SCHOOL, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

10 FIXED ASSET INVESTMENTS

Unrestricted
£
Consolidated
Balance at 1 September 2024
449,394
Revaluation
6,771
Balance at 31 August 2025
£ 456,165
Quoted UK Securities
456,165
£ 456,165
The historical cost of the above investments amounts to:
School
As above
St Peter's School subsidiary companies		 Restricted
£
429,984
7,089
£ 437,073
437,073
£ 437,073		 Endowment
£
1,307,632
18,106
£ 1,325,738
1,325,738
£ 1,325,738		 Total
£
2,187,010
31,966
£ 2,218,976
2,218,976
£ 2,218,976
£ 1,578,465
2,218,976
6
£ 2,218,982

The following material investments are over 5% by value of the investments held

Sarasin & Partners managed funds
11
CURRENT ASSET INVESTMENTS
Cash equivalents on deposit
12
STOCKS
Consolidated and School		 2025
Market value
£
2,087,801
£ 2,087,801
2025
£
5,688,090
2025
£
£ 77,963		 2024
Market value
£
2,187,010
£ 2,187,010
2024
£
-
2024
£
£ 91,430

35

ST PETER'S SCHOOL, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2025
2024
13
DEBTORS
£
£
Trade debtors
127,800
93,512
Sundry debtors
105,386
67,092
Prepayments
429,406
317,124
Amounts due from subsidiary undertakings
-
-
£ 662,592
£ 477,728
14
CREDITORS amounts falling due within one year
Bank loan
-
611,111
Trade creditors
756,274
1,165,006
Taxation and social security
1,294,676
295,356
Other creditors
437,741
280,345
Pension creditor
314,954
303,730
Fees received in advance
4,835,723
4,753,733
Fees in advance scheme
2,212,144
4,858,331
Returnable deposits
1,067,080
1,154,111
Accruals
237,954
733,813
Amounts due to subsidiary undertakings
-
-
£ 11,156,546
£ 14,155,536
15
CREDITORS amounts falling due after more than one year
Fees in advance scheme
1,840,624
3,962,254
Other creditors
-
51,543
£ 1,840,624
£ 4,013,797
Amounts due after more than one year:
Repayable between 1 - 2 years
1,015,750
2,235,193
Repayable between 2 - 5 years
824,874
1,778,604
£ 1,840,624
£ 4,013,797
16
DEFERRED INCOME
Fees received in advance
Balance at 1 September
4,753,733
5,933,260
Released to statement of financial activities
(4,753,733)
(5,933,260)
-
-
Deferred in the period
4,835,723
4,753,733
Balance at 31 August
£ 4,835,723
£ 4,753,733
Fees in advance scheme
Balance at 1 September
8,820,585
-
Released to statement of financial activities
(4,767,817)
-
Balance at 31 August
£ 4,052,768
£ -
Consolidated		 2025
2024
£
£
120,663
60,186
105,386
67,092
429,406
317,124
461,385
375,153
£ 1,116,840
£ 819,555
-
611,111
756,274
1,165,006
1,294,676
295,356
437,741
280,345
314,954
303,730
4,835,723
4,753,733
2,212,144
4,858,331
1,067,080
1,154,111
233,449
729,175
4
4
£ 11,152,045
£ 14,150,902
1,840,624
3,962,254
-
51,543
£ 1,840,624
£ 4,013,797
1,015,750
2,235,193
824,874
1,778,604
£ 1,840,624
£ 4,013,797
4,753,733
5,933,260
(4,753,733)
(5,933,260)
-
-
4,835,723
4,753,733
£ 4,835,723
£ 4,753,733
8,820,585
-
(4,767,817)
-
£ 4,052,768
£ -
School		 2025
2024
£
£
120,663
60,186
105,386
67,092
429,406
317,124
461,385
375,153
£ 1,116,840
£ 819,555
-
611,111
756,274
1,165,006
1,294,676
295,356
437,741
280,345
314,954
303,730
4,835,723
4,753,733
2,212,144
4,858,331
1,067,080
1,154,111
233,449
729,175
4
4
£ 11,152,045
£ 14,150,902
1,840,624
3,962,254
-
51,543
£ 1,840,624
£ 4,013,797
1,015,750
2,235,193
824,874
1,778,604
£ 1,840,624
£ 4,013,797
4,753,733
5,933,260
(4,753,733)
(5,933,260)
-
-
4,835,723
4,753,733
£ 4,835,723
£ 4,753,733
8,820,585
-
(4,767,817)
-
£ 4,052,768
£ -
School
£ 819,555
611,111
1,165,006
295,356
280,345
303,730
4,753,733
4,858,331
1,154,111
729,175
4
£ 14,150,902
3,962,254
51,543
£ 4,013,797
2,235,193
1,778,604
£ 4,013,797
5,933,260
(5,933,260)
-
4,753,733
£ 4,753,733
-
-
£ -

36

ST PETER'S SCHOOL, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

17 PENSION SCHEMES

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can elect to receive them from either the reformed or legacy schemes from 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation, have valued the 'greater value' benefits for groups of relevant members.

The Department for Education has announced that, with effect from 1 April 2024, the TPS employer contribution rate will increase from 23.6% to 28.6%. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

The School also operates an Additional Voluntary Contribution (AVC) Scheme for teaching staff who want to make extra contributions to their pension. These additional pension contributions are collected by the School and paid to the Scheme. The amount due to be paid over at the year end was £608 (2024: £729).

Following a consultation with staff, the school implemented a phased withdrawal from the TPS with effect from 1 September 2022. Members of the TPS had the option of remaining in the TPS or joining a defined contribution scheme, The Royal London Pension Scheme, no further employees are now enrolled in the TPS.

b) The Pensions Trust Retirement Solutions - Flexible Retirement Plan (Support staff)

The School participates in the above scheme with The Pensions Trust Retirement Solutions Flexible Retirement Plan, which is an occupational defined contribution scheme. The pension charge for the year includes contributions payable to the scheme of £719,890 (2024: £645,497). At the year-end £90,398 (2024: £90,381) was accrued in respect of contributions to this scheme.

c) Royal London Pension Scheme (Teaching Staff)

The school participates in a group personal pension scheme with the Royal London, which is an occupational defined contribution scheme. The pension charge for the year includes contributions payable to the scheme of £499,044 (2024: £267,084). At the year end £60,381 (2024: £47,354) was accrued in respect of contributions to this scheme.

37

ST PETER'S SCHOOL, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2025
£
18
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net income for the reporting period
1,204,081
Adjustments for:
Depreciation charges
1,597,778
Gains on investments
(31,966)
Dividends, interest and rents from investments
(673,408)
Bank interest paid
23,467
Profit on sale of assets
(16,285)
Decrease in stock
13,467
(Increase)/decrease in debtors
(184,864)
Increase/(decrease) in creditors
673,708
Net cash provided by operating activities
£ 2,605,978
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash at bank and in hand
7,749,824
Cash equivalents on deposit
5,688,090
Total cash and cash equivalents
£ 13,437,914
ANALYSIS OF CHANGES IN NET DEBT
At
1 Sept 24
Cash-flows
£
£
Cash
18,264,905
(10,515,081)
Cash equivalents on deposit
-
5,688,090
18,264,905
(4,826,991)
Finance lease obiligations
(77,315)
(6,392)
18,187,590
(4,833,383)		 2024
£
2,758,275
1,399,842
(200,288)
(574,959)
73,452
(14,930)
5,247
147,029
(518,155)
£ 3,075,513
18,264,905
-
£ 18,264,905
At
31 Aug 25
£
7,749,824
5,688,090
13,437,914
(83,707)
13,354,207

38

ST PETER'S SCHOOL, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

19 RESTRICTED FUNDS
Balance at
1 Sept 24
£
Extraordinary Repair Fund
434,196
Prize Fund
44,180
Scholarships
5,455
Edward Long Trust Fund
-
Robin Shannon Memorial Prize
2,223
T S Pick Competitors Fund
7,145
Peter Taylor Community Trust Fund
6,640
Shepherd Group Bursary Fund
25,061
York Bursary Fund
10,000
St Peter' School Foundation Bursary Fund
340,371
The 627 Bursary Fund
325,702
York OP Lifetime Bursary Fund
30,614
Coles Family Bursary
5,904
Boat House Campaign
1,250
York OP General Fund
63,565
Keys for Life Bursary Fund
584,936
R B Daniels
1,172
£ 1,888,414
Balance at
1 Sept 23
£
Extraordinary Repair Fund
383,891
Prize Fund
40,023
Scholarships
808
Edward Long Trust Fund
-
Robin Shannon Memorial Prize
2,050
T S Pick Competitors Fund
6,743
Peter Taylor Community Trust Fund
6,640
Shepherd Group Bursary Fund
22,727
Phillip Harris Chemistry Bursary
1,339
York Bursary Fund
10,000
St Peter' School Foundation Bursary Fund
302,690
The 627 Bursary Fund
309,910
York OP Lifetime Bursary Fund
30,614
Coles Family Bursary
5,659
Boat House Campaign
1,250
York OP General Fund
63,349
Keys for Life Bursary Fund
438,557
R B Daniels
455
£ 1,626,705		 19 RESTRICTED FUNDS
Balance at
1 Sept 24
£
Extraordinary Repair Fund
434,196
Prize Fund
44,180
Scholarships
5,455
Edward Long Trust Fund
-
Robin Shannon Memorial Prize
2,223
T S Pick Competitors Fund
7,145
Peter Taylor Community Trust Fund
6,640
Shepherd Group Bursary Fund
25,061
York Bursary Fund
10,000
St Peter' School Foundation Bursary Fund
340,371
The 627 Bursary Fund
325,702
York OP Lifetime Bursary Fund
30,614
Coles Family Bursary
5,904
Boat House Campaign
1,250
York OP General Fund
63,565
Keys for Life Bursary Fund
584,936
R B Daniels
1,172
£ 1,888,414
Balance at
1 Sept 23
£
Extraordinary Repair Fund
383,891
Prize Fund
40,023
Scholarships
808
Edward Long Trust Fund
-
Robin Shannon Memorial Prize
2,050
T S Pick Competitors Fund
6,743
Peter Taylor Community Trust Fund
6,640
Shepherd Group Bursary Fund
22,727
Phillip Harris Chemistry Bursary
1,339
York Bursary Fund
10,000
St Peter' School Foundation Bursary Fund
302,690
The 627 Bursary Fund
309,910
York OP Lifetime Bursary Fund
30,614
Coles Family Bursary
5,659
Boat House Campaign
1,250
York OP General Fund
63,349
Keys for Life Bursary Fund
438,557
R B Daniels
455
£ 1,626,705		 Income
£
12,169
5,265
6,593
13,107
47
319,745
-
2,342
-
10,923
34,639
-
-
-
-
189,593
619
£ 595,042
Income
£
14,371
3,082
6,833
14,231
47
402
-
2,348
48
-
24,920
35,075
-
245
-
1,332
246,920
717
£ 350,571		 Expended
£
(3,117)
(2,613)
(2,157)
(13,107)
(10)
(3,010)
-
-
-
(2,173)
(22,177)
-
-
-
(749)
(145,166)
-		 Investments
gains
£
6,414
653
-
-
22
-
-
-
-
4,740
-
-
-
-
-
-
-		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Balance at
31 Aug 25
£
449,662
47,485
9,891
-
2,282
323,880
6,640
27,403
10,000
353,861
338,164
30,614
5,904
1,250
62,816
629,363
1,791
£ (194,279) £ 11,829 £ - £ 2,301,006
Expended
£
(2,888)
(2,972)
(2,186)
(14,231)
(9)
-
-
(14)
(1,387)
-
(15,925)
(19,283)
-
-
-
(1,116)
(100,541)
-		 Investments
gains
£
38,822
4,047
-
-
135
-
-
-
-
-
28,686
-
-
-
-
-
-
-		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Balance at
31 Aug 24
£
434,196
44,180
5,455
-
2,223
7,145
6,640
25,061
-
10,000
340,371
325,702
30,614
5,904
1,250
63,565
584,936
1,172
£ 1,626,705 £ (160,552) £ 71,690 £ - £ 1,888,414

39

ST PETER'S SCHOOL, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

19 RESTRICTED FUNDS (continued)

Extraordinary Repair Fund

The Repair Fund represents investments held to be used for extraordinary repairs needed by the School.

Prize Fund

The Prize Fund represents a fund set up by individual donors to be used for prize giving.

Scholarships

Scholarships consists of a number of individual trust and prize funds set up by individual donors. Each trust is allocated its proportion of investment income and gains and losses and bears its own expenses.

Edward Long Trust Fund

The Edward Long Trust Fund is a subsidiary charity of the School. A scholarship may be awarded annually to a student at St Peter's School entering any University or other institution for the purpose of studying music. Two scholarships may be awarded annually to pupils entering St Peter's School.

Robin Shannon Memorial Prize

The Robin Shannon Memorial Prize is a subsidiary charity of the School. It is to provide an annual prize for spoken English in the third form.

T S Pick Competitors Fund

The T S Pick Competitors Fund is a subsidiary charity of the School. It is to enable pupils to compete in championships and competitions who would otherwise be barred from doing so by reason of financial circumstances.

Peter Taylor Community Trust Fund

The Peter Taylor Community Trust Fund represents a fund set up to provide support in the local community by the pupils.

Shepherd Group Bursary Fund

The Shepherd Group Bursary fund is for the provision of a Business Studies and Economics bursary.

Phillip Harris Chemistry Bursary

The Phillip Harris Chemistry Bursary is for the provision of a Chemistry bursary.

York Bursary Fund

The York Bursary Fund is for the provision of bursaries for pupils who would not otherwise be able to attend the school. St Peter's School Foundation Bursary Fund

The St Peter's School Foundation Bursary is to fund 50% of the school fees for a child at the School for a 5 year period. The 627 Society Fund

The 627 Society Fund is for the provision of bursaries.

York OP Lifetime Bursary Fund

The York OP Lifetime Bursary Fund for boys and girls born or resident in York.

Coles Family Bursary Fund

The Coles Family Bursary is to fund a 100% life time bursary for a day pupil.

Boat House campaign

Fundraising campaign for the construction of a new boat house. York OP General Fund

Funds donated from the Old Peterite Club to be used for purposes as agreed by the Club.

Marlene Sandor Bursary Fund Bursary fund for the provision of a bursary for a pupil aged 11 to 18. Keys for Life Bursary Fund

Special initiative to enhance bursary funding in celebration of the School's 1,400th anniversary. R B Daniels Fund

The R B Daniel Fund represents a fund set up by individual donors for the purpose of adventurous activities. New Boat Fund Donation given to purchase a new boat for the School.

40

ST PETER'S SCHOOL, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

20 ENDOWED FUNDS
Permanent
Capital Recoupment Fund
R B Daniel Fund
Scholarships
Edward Long Trust Fund
T S Pick Competitors Fund
Shepherd Group Bursary
Ian Hunter Prize
Expendable
Keys for Life Bursary Fund
Permanent
Capital Recoupment Fund
R B Daniel Fund
Scholarships
Edward Long Trust Fund
T S Pick Competitors Fund
Shepherd Group Bursary
Ian Hunter Prize
Expendable
Keys for Life Bursary Fund		 Balance at
1 Sept 24
£
178,275
19,000
163,928
419,515
13,085
70,821
2,020
415,399		 Income
£
-
-
-
-
-
-
-
-		 Resources
expended
£
(1,437)
-
(3,025)
(2,735)
(87)
(509)
-
(3,538)		 Investment
gains
£
3,136
-
7,331
(1,379)
190
1,110
-
7,718		 Transfers
£
-
-
-
-
-
-
-
-		 Balance at
31 Aug 25
£
179,974
19,000
168,234
415,401
13,188
71,422
2,020
419,579
£ 1,282,043 £ - £ (11,331) £ 18,106 £ - £ 1,288,818
Balance at
1 Sept 23
£
160,629
19,000
143,603
403,230
12,015
64,561
2,020
371,960		 Income
£
-
-
-
-
-
-
-
-		 Resources
expended
£
(1,332)
-
(889)
(2,534)
(81)
(457)
-
(3,278)		 Investment
gains
£
18,978
-
21,214
18,819
1,151
6,717
-
46,717		 Transfers
£
-
-
-
-
-
-
-
-		 Balance at
31 Aug 24
£
178,275
19,000
163,928
419,515
13,085
70,821
2,020
415,399
£ 1,177,018 £ - £ (8,571) £ 113,596 £ - £ 1,282,043

Capital Recoupment Fund

The Capital Recoupment Fund represents recoupment of capital expenditure by order of the Charity Commission.

R B Daniel Fund

The R B Daniel Fund represents a fund set up by individual donors for the purpose of adventurous activities.

Scholarships

Scholarships consists of a number of individual trust and prize funds set up by individual donors. Each trust is allocated its proportion of investment income and gains and losses and bears its own expenses.

Edward Long Trust Fund

The Edward Long Trust Fund is a subsidiary charity of the School. A scholarship is awarded to a student going to University or other institution to study music. Two exhibitions maintained to be awarded to a person entering as a scholar to St Peter's School.

T S Pick Competitors Fund

The T S Pick Competitors Fund is a subsidiary charity of the School. It is to enable pupils to compete in championships and competitions who would otherwise be barred from doing so by reason of financial circumstances.

Shepherd Group Bursary

The Shepherd Group Bursary is for the provision of a Business Studies and Economics bursary.

Ian Hunter Prize

The Ian Hunter Prize is for the provision of an award to be given to the most improved musician.

Keys for Life Bursary Fund

Special initiative to enhance bursary funding in celebration of the School's 1,400th anniversary. During the year the trustees of the Donald Shepherd Bursary Fund and the David Ord Bursary Fund agreed to transfer their fund balances to the expendable Keys for Life Bursary Fund.

41

ST PETER'S SCHOOL, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

21 UNRESTRICTED FUNDS
Designated funds
- 2005 Bursary Fund
- Peter Croft Bursary
- Keys for Life Bursary Fund
Undesignated funds
- General reserve
School
Non charitable trading funds
Total for the group
Designated funds
- 2005 Bursary Fund
- Peter Croft Bursary
- Keys for Life Bursary Fund
Undesignated funds
- General reserve
School
Non charitable trading funds
Total for the group		 Balance at
1 Sept 24
£
763,990
177,860
520,282
1,462,132
28,294,400
29,756,532
-
£ 29,756,532
Balance at
1 Sept 23
£
678,206
166,179
160,005
1,004,390
26,360,601
27,364,991
-
£ 27,364,991		 Income
£
-
4,675
117,050		 Resources
expended
£
(754,379)
(436)
-		 Investment
gain
£
-
872
-		 Transfers
£
781,173
-
-		 Balance at
31 Aug 25
£
790,784
182,971
637,332
121,725
26,621,887		 (754,815)
(25,307,122)		 872
1,159		 781,173
(680,165)		 1,611,087
28,930,159
26,743,612
484,102		 (26,061,937)
(296,072)		 2,031
-		 101,008
(101,008)		 30,541,246
87,022
£ 27,227,714 £ (26,358,009) £ 2,031 £ - £ 30,628,268
Income
£
-
4,117
360,277		 Resources
expended
£
(701,223)
(404)
-		 Investment
loss
£
-
7,968
-		 Transfers
£
787,007
-
-		 Balance at
31 Aug 24
£
763,990
177,860
520,282
364,394
25,417,827		 (701,627)
(22,911,211)		 7,968
7,034		 787,007
(579,851)		 1,462,132
28,294,400
25,782,221
497,178		 (23,612,838)
(290,022)		 15,002
-		 207,156
(207,156)		 29,756,532
-
£ 26,279,399 £ (23,902,860) £ 15,002 £ - £ 29,756,532

The Governors have designated funds out of the unrestricted funds for specific purposes as follows:

2005 Bursary Fund

A bursary fund to assist deserving pupils, with the balance maintained at 3% of gross fees.

Peter Croft Bursary

The funds left by the late Peter Croft will be used to award bursaries.

Keys for Life Bursary Fund

Special initiative to enhance bursary funding in celebration of the School's 1,400th anniversary.

42

ST PETER'S SCHOOL, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

22 ANALYSIS OF NET ASSETS BETWEEN FUNDS

The net assets are held for the various funds as follows:

Unrestricted funds
Restricted funds
Endowed funds
Total for the group
2024
Unrestricted funds
Restricted funds
Endowed funds
Total for the group		 Tangible fixed
assets
£
30,730,795
-
-
£ 30,730,795
Tangible fixed
assets
£
30,075,249
-
-
£ 30,075,249		 Investments
£
456,165
437,073
1,325,738
£ 2,218,976
Investments
£
449,394
429,984
1,307,632
£ 2,187,010		 Net current
assets
£
1,194,910
1,863,933
(36,920)
£ 3,021,923
Net current
assets
£
3,245,686
1,458,430
(25,589)
£ 4,678,527		 Long term
liabilities
£
(1,840,624)
-
-
£ (1,840,624)
Long term
liabilities
£
(4,013,797)
-
-
£ (4,013,797)		 Total
£
30,541,246
2,301,006
1,288,818
£ 34,131,070
Total
£
29,756,532
1,888,414
1,282,043
£ 32,926,989

23 TRANSFERS

The transfer of £680,165 from general funds consisted of :

Donation from Commercial Company
Donation from International Company
Transfer to designated bursary fund		 2025
£
43,219
57,789
(781,173)
£ (680,165)		 2024
£
61,206
145,950
(787,007)
£ (579,851)

24 CONTRACTS AND COMMITMENTS

Capital commitments at 31 August 2025 in relation to building works were £nil (2024: £nil).

25 OPERATING LEASES

As at 31 August 2025 the charitable company had future minimum lease payments under non-cancellable operating as follows:

Equipment
Within one year
Within two to five years		 2025
2024
£
8,096
8,096
8,771
16,867
£ 16,867
£ 24,963
Consolidated		 2025
2024
£
£
8,096
8,096
8,771
16,867
£ 16,867
£ 24,963
School		 2025
2024
£
£
8,096
8,096
8,771
16,867
£ 16,867
£ 24,963
School
£ 24,963

43

ST PETER'S SCHOOL, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

26 INCOME FROM SUBSIDIARY'S TRADING ACTIVITIES

The School wholly owns St Peter's School Commercial Company 2016 Limited, which provides instructional courses and recreational facilities relating to the School. It donates all of its taxable profits to the School, previously by deed of covenant, now by way of corporate gift aid. The trading results, extracted from its audited accounts were:

Turnover
Cost of sales
GROSS PROFIT
Administration
NET PROFIT
Gift aid
PROFIT BEFORE TAX		 2025
£
138,817
(25,051)
113,766
(70,547)
43,219
(43,219)
£ -		 2024
£
187,794
(29,168)
158,626
(97,420)
61,206
(61,206)
£ -

The School wholly owns St Peter's School (International) Limited, which partners with international schools to provide educational resources. It donates all of its taxable profits to the School by way of corporate gift aid. The trading results, extracted from its audited accounts were:

Turnover
Cost of sales
GROSS PROFIT
Interest received
Administration
NET PROFIT
Gift aid
PROFIT BEFORE TAX		 2025
£
240,000
-
240,000
18,263
(200,474)
57,789
(57,789)
£ -		 2024
£
290,000
-
290,000
19,384
(163,434)
145,950
(145,950)
£ -

The School also owns St Peter's School Commercial Company and St Peter's School (China) Ltd, both of which are dormant companies.

27 LEGACY

Number 16, Clifton Green, a domestic house, has been left to the Foundation in the will of John Mitchell on the deaths of the current residents who hold a life interest.

28 RELATED PARTIES

Governors remuneration and benefits

The Governors did not receive any remuneration or benefits for their services.

Governors expenses

Expenses were paid in respect of 1 (2024: 1) Governors for travel expenses for the amount of £138 (2024: £184).

Governors other related parties

There are no other related parties.

44

ST PETER'S SCHOOL, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

29 COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT

Unrestricted funds Unrestricted funds Restricted Endowed Total
School Other funds Funds 2024
£ £ £ £ £
Income and endowments from:
Charitable activities
School fees receivable 24,785,377 - - - 24,785,377
Ancillary trading income 22,627 - - - 22,627
Other trading activities
Non-ancillary trading income - 477,794 - - 477,794
Other activities 79,220 - - - 79,220
Investments
Investment income 2,516 4,117 43,800 - 50,433
Bank and other interest 505,142 19,384 - - 524,526
Voluntary sources
Donations and legacies 22,945 360,277 306,771 - 689,993
Total £ 25,417,827 £ 861,572 £ 350,571 £ - £ 26,629,970
Expenditure on:
Raising funds
Non-ancillary trading - 290,022 - - 290,022
Other income-generating activities 253,951 404 - 8,571 262,926
Financing costs 95,395 - - - 95,395
Total deductible costs 349,346 290,426 - 8,571 648,343
Charitable Activities
Education and grant making 22,561,865 701,223 160,552 - 23,423,640
Total £ 22,911,211 £ 991,649 £ 160,552 £ 8,571 £ 24,071,983
Net income/(expenditure) and
net movement in funds before
losses on investments 2,506,616 (130,077) 190,019 (8,571) 2,557,987
Losses on investments 7,034 7,968 71,690 113,596 200,288
Net income 2,513,650 (122,109) 261,709 105,025 2,758,275
Transfers between funds (579,851) 579,851 - - -
Net movement in funds 1,933,799 457,742 261,709 105,025 2,758,275
Reconciliation of funds:
Total funds brought forward 26,360,601 1,004,390 1,626,705 1,177,018 30,168,714
Total funds carried forward £ 28,294,400 £ 1,462,132 £ 1,888,414 £ 1,282,043 £ 32,926,989

45