Registered number: 01218766 Charity number: 270143 ST. AUBYN'S (WOODFORD GREEN) SCHOOL TRUST {A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 'AtW62PCR* 0711212024 COMPANIES HOUSE
ST. AUBYN'S 00DFoRD GREEN} SCHOOL TRUST (A company limited by guarantee) CONTENTS Reference and admlnistratlve detslls of the School. its Tte¢S arKI advlsers Trustses, report Independent audltorts. report on the Ilnancial Staternts 9-12 Statement of financial ac¢iviti•s 13 Balance sheet 14 Statèment of cash flows 15 . Notes to the financlal statements 16-34
ST. AUBYN'S IWOODFORD GREENI SCHOOL TRUST IA company limitod by guarantse) REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024 Trustees Mr M R Foster. Twstee1.U5 Mrs D L Ccwer, Twsteel,4.6 Mrs J Williams, Trustee {rted 13 March 2024}1.4.6 Mr J S Willpms. Trustee1.3 Mr R Kalia, Chairi.3.5.6 Ms J M Lunn, Trusteei.6.7 Mrs D E Dad$OtSrnJth, Vice ChairlZ4 Ms S Evans, Trusteei.2.3,5 Mrs J E RLrft, Trusteel.14.5 Mr D Shah. Trusteei.3.5 ' Member of Edueatbon Committee Member ol Development & FabrK Commitlee Member of Finance Committee Member of Public Benefft & maeting Strategy Committee Member of Remunerab'on Ccvmmittee Member ol Rysk & Complian¢e Commtttee Member of Safeguarding Commrttee Company rogistered number 01218766 Charity registered number 270143 Registered office St Aubyn's School WLyJdford New Road Wwdford Grn Essex IG8 9DU Company Secretary Mfs C Burstin Independent audllors Haslers Chartered Accounlwbts Okj Station Ro*J Loughl¢ Essex IG10 4PL Page I
ST. AU8YN'S IWOODFORD GREENI SCHOOL TRUST IA cornpany limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their annual rewt b3ether with the audited ffinancial stslements of the School for the year 1 August 2023 10 31 ju 2024. The Annual report serves the purp)ses of both a Trustees, report and a directors, report under company law. The Trustees eonfim th Ihe Annual pOrt and finanrAal ststemenls of the charrtable company compty wrth the cuTNI statutory reqU1Ments, the requirements of the charitable company's governing document and the provisions of the S18temenl of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS102) leffeclNe l January 2015) as amended by Update Bulletin 1 (effective January 20151. Objectives and acllvltles a. Charitable Objectives lThe prim obj.ect of St. Aubyn's Sehool is lo thance education and personal gitrwth, provKling a nurturing, coducational day Scho environment for ehildren from 3 10 11 years old in Woodford Green, London. In pUUlt of these objectives. St. Aubyn's upholds a commrtmenl to inclusivity and dtversty. offering facilrties that support a robust curriculum and fostering an inclusive community. Additionally. the schwl actively manages and maintains rts faeililies. akjngside end¢ywed and other fijnds thal support olarships, bufsaries. and other educational endeavours aimed al expanding opportunities for all pupils_ b. Aims Our aim is to ¢ale an environment where academic eXlnCe and personal growth inlertwifie seamlessly. Building upon our enduring motto, "Fortrter. Fhdelrter, Feliuler, Bravety. Farthfulty, Happilrf. we embrace a dynamic approach lo teachiny and leaming that honours traditn, Whi also embracing innovation. Bravely A commAtmenl to excellerKe in.. Academic boldness Championing Curiosity Broadening opportunlty Faithfulty A commilment to (Trurcitizenship in." Community connectors Environmental stewards Actively inclusive Happlly A commitment lo ltxhtiw afterour welkbemig thmugh.. Active Ilves Nurturlng spaces Healthy mindsets St. Aubyn's is dedtaled to fostemg a&e{niC eXCelnCe and personal devekwent, rooted in values of bravery, faith, and happiness. The schcd seeks to Cu1Vate curiosty, respect, and resilience, preparing pupils lo thrive in an ever*VOlng worfd. Wrth a commrtment lo a broad and dYnarn curriculum, St. Aubyn's encourages pupils lo strive for excdlence, embrace diversty. and grcMI as compassionate citizens. The $¢hool actively promotes Ihese values Ihrcwgh the Sl_ Aubyn's Promises. guvjing pupils in UndetandIng the balance of personal &hievement wrth respect and responsibilty towards others. Page 2
ST. AUBYN'S (WOODFORD GREEN) SCHOOL TRUST IA company limited by graThe) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 Objectives and activities (continued) c. Public Benefit The Govemors of Sl. Aubyn's School consider the Charty CcMnmissKJn's gUanCe on publK benefit, focusing on widening access to edu>K)n Ihr(yJgh a buary prcgram. These efforts ensu that deserving pupils, who might otheise be unable lo attend, have access lo the school's unKiue edu¢t)nal environment. Sl. Aubyn's also extends ils benefit to the communrty through partnerships wrth Ictal schcJs and organizalK)ns, as well as through initiatives and aclivrties that encournge pupils to positively engage wilh and contribute lo society. d. Community Outreach St. Aubyn's continues lo wofk towards connect$ and ath"wties to LYJtre8ch in terms of charitable local initiatives. Links with Redbridge Foc4Jbank. litter pickiro actmties and other events lake plaee to further the Charitab footprint of the schcol. Throughout the year. the school organised nuwErous fUndraiSg activities lo support both intemalional and l¢xal - charities. Some of these. like Jeans for Genes. Chikyren in Need, Welcome Project Ilford have been longstsnding causes for the Sch1, while othets, such as Chickenshed and The Dog Trust, We new initiatives chosen by our stsff arnj pupils. Amogethef, the sch1 raised an impressive £9.292 over the course of the year. Strateglc report Achievements and perft>rmance a. Main achievements of the School The scho has haj a sUCS1u1 year as a resuK of steady pupil numbeTr and goc¢J financial management. The surplus for the year was £505.334 12023.. £586,975). whth is availab to provide for fvture developments overed in plans for the fvture. ouuined beb)w. and in Iurtherare of the School's charitable aclivilies. b. Key performance indkato The SchcKJ continues to provKle an exlIent 8lkr¢xnd education for tws and girls from 3 to 11. which is non- selective al the main point crf Pupil numbers rerroin excelknl al 491. Key academic results in¢de.. At 11+ a lolal of 38 scholatships and awards tre gfftn by other Irendent Schctjls. 96% of pupils of pupils wF*) sat for sele¢ANe enty at 11+ were offered platss at Independent Schools. Page 3
ST. AUBYN'S (WOODFORD GREEP4) SCHOOL TRUST IA company limited by grnntee TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Strateglc report Icontlnuedl Ach•evements and perfomance (continued) c. Review of activities Iln sport, key achievements indude." Cricket Redbridge Primary Under 11 Gids Kwik Cricket Competition- Winners Redbridge Primary Under 11 Mixed Kwik Crke1 C(mpetitn- Winners Under 11 Girls Essex County ttynamos Cftcket- Winner5 Under 11 Girts Regional Finals (fepsentIng Essexl- 2nd P B8ncroft's Under 11 Boys Six-a-side Crtht TouM8n1- 3rd Plxe Haileybury School Under 10 Gi$ Cricket Toumament- Winners Under 118oys IAPS Cricket Festival- Plate Runners4Jp Under 11 Girts IAPS Cricket Toumament- 3rd Place Cross Country Under 11 Boys- Autumn Redbridge Cross Country Race- 3RD Place Runne-up Under 9 Boys Coopersale Hall School Cross-counlry Race- Winners Under 9 Girls Coopersale Hall School Cross-country Race- Winners Under 11 Boys Coopersale Hall School Cross-counlry Race- Winners Under 11 Girts Coopersale Hall Schiy)I Cross-counlry Race- Winners Under 11 Girls Woodford Green Prep Sch¢)ol Cross Country Rxe- Winners Under 11 Boys Woodford Green Prep Sch1 Cross Country Ra- 3rd place Under 11 Boys- Summer Redbridge Cross Covnlry Race- 3rd Pla Under 11 Girls- Summef Redbridge Cross Country Race- Runners-up Football Under 11 Let Girls Play Football Toumament- Winners Under 11 Boys- Forest School Toufnamenl- Winne Under 11 Girls Redbridge Tournament- 3rd Pl Under 11 Boys- Wcodford Green Prep Scho)l Toumamenl- Winners Under 10 Boys- St. Aubyn's Schocl Toumamenl- Cup Runners Up Under 9 Boys- Woc*Jford Green Prep Schwl Toumament- Winne Under 9 Boys- Redbridge Schools Fcrf)tball Tournament- Plate WinrErs Hockey Under 11 Mixed- Forest Sch1 Tournament- Runners-up Netball Under 11 Girts- Ffftst School TMaMent- Winners Under 11 Gills- Sl. Aubyn'5 School- Winner Under 9 Girls- Woodford Green Prep School Toum8ment- Winne Under 10 Girls- BrentsvoLxJ School Toumamenl- 3rd Pl Runnersijp Under 11 Redbridge Netball Tournament- RunrersJJp Under 11 IAPS Netball Tournamenl- PLgte Winners Table Tennis East London Schwl Under 11 Boys Tmrent- Winners & Runners-up Under 11 Girls- Lonthn Sch&$ Under 11 Table Tennis Finals- 3rd Place East London Sch(y)l Under 11 Girts Toumarnent- Winners Page 4
ST. AUBYN'S (WOODFORD GREEN) SCHOOL TRUST
(A Company limited by guarantael
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
Stratsgic report {continued)
Achlevements and perfomiance (continued
Tennis
Under 11 Girts- Essex Independent Schcds Toumafftht- RUfine-Up
In Music, drama, dance arKI other activities:
102 pupils passed LAMDA (London Aeadery of Music and Dramat Artl speech exams with 84% achieving a
distinction.
39 pupils passed Cecehetti Bal1 exams. the majority of PU1$ obtsining a merit or higher.
Music lessons continue lo be delwered weekly by tr• speualist teachers, one in Prep and one in Pre-Prep. The
School alsts provKles a busy sehedule of indmdual instruTrn1al lessons, wth just under 200 sessions each
week. These lessons, tsughl by thirteen speek4list staff, support a WKle range of co
ST. AUBYN'S IWOODFORD GREENI SCHOOL TRUST IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Strategic report {¢ontlnuedl Flnancial review a. Golng concern After making appropriate enquiries. the Trustees have a reasonable eXptsIn that the SchcKJl has adequate resources to continue in operational existence for the foSeeabSe futLsre. For thi5 reason. they continue lo adopt the going concern basi5 in preparing financial statements. Further detsils regarding the adoption of the 90ing concern basis can be found in the accounting w11c$. b. Reserves pollcy At the end of the financial year the School had free reserves of £3.886.31512023.' £3.346.9151 which comprises nel current assets. These are eamarked for futLtre develwment. as well as furtherance of the Sch¢Jol's charitable activities. The Trustees will Continue to seek to ensure that adequate reserves are maintained to cover emergèneles and to be avaikble for future development projects. . Principal risks and uncertainties The School is dependent on fees paid for Ihe educat¥onal provided, so in times of recessi and political uncertainty there is a risk that pupil numbers wll ¢Jrcy. Careful budgeting and control of ¢0515 is key lo dealing wrth pewds of economic uncertainty. The Trustees a mindful of the risk of future economic uncertainly and tear this in rn11 when pLqnning future (ievdoptrwts and when considering the level of fees to be charged. d. Flnancial risk management objectives and polici8S The Trustees have an approved Statement of FinancMI ce11$ lo safeguard the assels of the ChaTily. There are tsyo aulhorised banks and one authorised buikjing soctety and the Trustees on Ihe Finance Committee discuss all investments arKI then refer to the Board for Iinal approval. Trustees carefully consmder the risk element of any proposed inVestwn1, with a view lo minimising any risk to the assets of the Charty. e. Princlpal fundlng The principal funding of the Sch¢xJ continLS to be the tuition fees charged for the educalp)nal services provided. Structure. governance and management a. Conslitution St Aubyn's Iwcofftjrd Greenl SC Trust is registered as a charilable company limited by guarantee and was set up by a Memorandum of Associath?n. b. Method5 of appointmgnl or glection of Trustees The management of the School is the resp)nsibility of the Tnjstees who are eed and co opted under the lefms of the Memorandum of Ass(xiation. Page 6
ST. AUBYN'S (WOODFORD GREEN) SCHOOL TRUST IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENOED 31 JULY 2024 Structure. govemance and management Icontinuedl ¢. Oryanisational structure and decision-making policies The Trustees determine the general policy of the sch1. The day to day running of the School Is degated lo the Headmaster, supported by the Bursar and other members of the Senh)r Management Team. The administration of the School is undertaken wrthin the rK)licies and budgets approved by the Trustees, whh prowde for signrficant income and expendbture and other de¢tsKins (including capital projeelsl lo be referd lo the Trustees for prior approval. d. Policies adopted foi the induction and training of Trusttts All new Truslees are given an indLKtion programme on joining the School. Trustees take part in relevant training courses. . Pay policy for key management personnel A remuneration ¢cnmittee, comprised of fve Twstees. meets annualty to dIU5$ and set the level of salaries lor key personnel. f. Related party r•lationships The Board of Govemors is made up enlyety of vdunteets. Parents also contnbute by raisir¥J money and in heJing lo give day lo day support lo teachers and thibjren. g. Financlal rfsk management The Trustees have assessed the major risks to whictt the School is exposed, in particular those Telated to the operations and finances of the School, and are satisfied that systems and prccedures are in place lo mrtigale exposure to the major risk. Plans for future period5 Gwen the economic challenges facing irKlependenl sePlS in the coming year. the governors. pri¢xity wll be lo ensure the xhool's financial 51abilty, alknving the School to continue delwering exceptional education and fulfilling our core obJ"e¢lives. In response to these changes, the Schts)l is actively reviewing the strategic plans lo identify opportunrties for grcrwth aTrJ resilience. By fLKusing on SUstsinab budgeting, investing In staff development. arKI enhancing facilit$. Ihe S¢hcol airns to strengthen rts community and uphold the ¢c¥nmitmenl lo excellence. ensuring that the h0o1 remains well-p05th.oned for the years ahead. Page 7
ST. AUBYN'S (WOODFORD GREEN) SCHOOL TRUST company limit by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 Statement of Trustees. resw>nsibililies The Trustees {who are also the directors of the Sthcd for the purposes of company lawl are responsible for preparing the Trustees. report induding the Strategic report and the financial staten*nls in aecordanee wrth applicable l&¥ and United ngdorn Acccmjnting Standard$ IUnrte(l KiLYn Generalty Accepted Accounting Practice). C¢)mpany law requires the Trustees to ppare finanekal ststerrEnls for each financial . Under company law, the Trustees musl not approve the finarri81 statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Sthool and of f(s incoming resource5 and applub.on of resources, including ils income and expenditure. for that period. In preparing these financkg15talement5, the TruStS are reqUId lo.. select sUrtab accounting poIleS and then apply them ¢onsi$lently- observe the rrElhods and principles of the Charrties SORP IFRS 102).. make jLtdgments and accounting estimates that a reasonable and pnjdent., 51ale whether applicab UK Accounbng Standards IFRS 1021 have been foll(hved. suty'ect to any material departufes disdosed and explained in the financk41 slatemenls". prepare the financial statements on the going ec1M ba&s unless 15 inappropriate lo pSuMÈ that the School will continue in business. The Truslees are respongble for keeping adequate QUntINj records that a SLrfficient to sho•V and explain the School's tiansactions and dixlose wrth reasb ac¢uwy at any time the financial position of the School and enable them lo en$ that the financial slalemeftts ccffiply vrith the Companies Act 20(E. They are a150 responsible for saleguartjing the assets of the School and hence for taking ieasonable steps for the ?VentIOn and detection of fraud and other irregularities. Dlsclosure of information to auditors Each of the perSS who are Trustees at the tiffe when this Trustees. report is approved has confirrned that.. $0 far as that Trustee 15 lare. there is no rdevanl audit infomwtson of which the charty's auditors are unaware, and that Trustee has taken all the steps that ought lo have l)een taken as a Trustee in order to be aware of any levant audit InfmatIOn and to establtsh that the chartys audrtors are V•Yare of that information. Audltors The auditors. Haslws. have indicated their llingn to rtinue in office. The designated Trustees will propose a motion reappointing the audrtors at a meeting of the Trustees. Approved by order of the members of the board of Trustees on 27 November 2024 and signed on their behall by: Mr R Kalla Ichaii of TTUStees) Page 8
ST. AUBYN'S IWOODFORD GREENI SCHOOL TrUST IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST. AUBYN'S IWOODFORO GREENI SCHOOL TRUST Opinion We have audited the finanoal $lalemenls of St. Aubyn'$ (Woodford Green) Sthwl Trust (the 'schod'l for the year ended 31 July 2024 which wnprise the Statement of finala1 a¢tNilies, the Balan¢e sheet, the Ststement of cash flows and the rekted rKJles. including a summary of signrfunt accounting policies. The financial reporting framewoth that has been applied in their preparatson is applicable kw and United Kingdom Accounting Standards, including Financial RepJtir4J Standard 102 'The Financial Reporting Standard appli¢able in the UK an¢J Republ of Ireland, (United Kingdom Generalty Accepted Accounbng Practi). In our opinion the finarjaI sL7temenls'. gwe a true and fair view of the slate of the Charitab ¢ompanls affairs as at 31 July 2024 and of its incoming resources and applicalion of ourCeS, including its inwrne and expendrture for Ihe year then ended., have been prwty prepared in accordance wih United Kingdcrfn Generalty Accepted Accounting Practice., and have been prepared in accordance ¥th ts requirefnents of the CoMpanS Act 2006. Basis for opinion W8 conducted our audit in accordance with Intemational Standards on Auditing {UK) IISAS IUKI) and applicable . Our responsibilities under those standards are further described in the Auditors. responsibilities for the audrt of the financBI slalements seclion of our report. We are independent of the Charitab company in accordance with the ethical reouirements that are relevant lo our audft of the financ1 stements in the Uni(ed Kingdom, induding the Financ] Reporting Council's Ethical Standard. and we have fuKilled our other dhical responsibilrties in accordance th these requirements. We belwe that the audil evidence we have obtained is sufficient and appropiiate to provKle a basis for our opin. Conclusions relating to going concern In auditing the financ1 statements, have conduded Ihat the Trustees. use of the going eortem baws of accounting in the Pparation of the financial ststements is appropriate. Based on the work we have perfomied. have not lentrfd any material uncertaintses relating lo events or conditions that. indmdualty or Collt1vety. may cast signrficant doubt on the charitable companls ability to continue as a going concem lor a pertfJJ of at least tsvelve months frcmn when the finarla1 statements are aulhofised for issue. Our SponSIbl1S and the responssilrties of Trustees wrth respect to going con¢ern are described in the rean1 seth.ons of this report. Page 9
ST. AUBYN'S IWOODFORD GREENI SCHOOL TRUST (A Company limited by guarantoè) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST. AUBYN'S (WOODFORO GREENI SCHOOL TRUST (CONTINUEO) Other infonltIOn The other infomalh)n comprises the infomiation indiJed in Ihe Annual report other than the fina131 statements and our Auditors, report thereon. The Trustees a responsible for the other infomiation contained within the Annual report. Our opinion on the financial statements dces nol cover the other inf0mtIOn and. except to the extent othwise explicitly staled in our report, we do not express any form of assurance conclusion thereon Our sponsibilty is to ad the other infomwtion and, in ¢ing so, consider whether the other inf0mtIOn is materialty inconsistent wlh the financial statements or our kncmledge obtained in the course of the audit, otherwise appears lo be maten81ty misstated. If we hlentty such malerial inconsistencies or apparent material misslalements, we a required lo detemine whether this gives rise to a material misststement in the financial stslements themselves. If, based on the worf( we have perfomied. we conclude that there is a merial misstslement of this other inf0mtiOft, we are required to Tewl that f&t. We have nothing to ret in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinK)n. baseil on the woth undertaken in the wirse of the aud. the infomalion gwen in the Trustees. report including the Stralegic report for the financial year for which the financial statements are prepared is consistent with the financ4al statements. the Trustees. report and Ihe Strategic report have been ppared in xcordance with applicable legal requirerrEnls. Matters on which we are required to report by exceplit)n In the light of our krvledge arwj understsnding of the charrtable company and its envirc¥¥nenl obtsined in the course of the audrt, we have nol Klentsfied material misstatemenls in the Trusloes. report including the Strategic We have nothing lo reFKJrt in respect of the folkwing mattets in relats'on to which Cunpanies Act 20C6 requires US to report lo you if, in Ouf cpinion". adequate accounting records have not been kept, w rdums *quate for our aLKlil have not been recejved from branches not visf(ed by us.. or the financial statements are not in agreement wlh the 8c£ounling records and retums.. or certain disclosures of Trustees. remuneralion $pecrf by law are not made," or we have not received all the informatM)n and explanations we requi for our audrt. Page 10
ST. AUBYN'S {WOOOFORD GREENI SCHOOL TRUST IA company limited by guarnntee INDEPENDENT AVOITORS. REPORT TO THE MEMBERS OF ST. AUBYN'S IWOODFORD GREENI SCHOOL TRUST (CONTINUED) Responsilxlities of trustees As explained rn0 fulty in the Tnjstees. resPCs)I1rts statemenl, the Trustees (who are also the directors of the charrtable company ftx the purposes of company LThl are responsib for the preparation of the financral slalements and for being satisfied Ihal they give a tnje and fair view. and for such internal conlrol as the Trustees detemine is necessary lo enable the preparation of finala1 statements that are free from materral misstatement, whether due to fraud or error. In preparing the financial staterrents. the Trustees are responsible for assessing the Charrtab companys ability lo continue as a going concem. disctosirvj. as applicab. matters lated to going concern and using the going concem basis of accounting unless the Twstees either intend lo liquNJale the charrtable company or to cease operalws, or have no realistic alternalive but to do ¥0. Auditor5. responsibilities for the audit of the financlal statements Our objectives S to ctl8in reasonabk assurance about wtther the financk41 stemenls as a Who are free from material misslalemenl, whether due lo fraud or error, and to issue an Auditors. report that includes our opinion. Reasonable assurance is a high level of assuran. but is not a guarantee that an audit conducled in accordance with ISAS IUKI will aw detect a merial misstatement when it exists. Misstatements can arise from fraud or error and are considered malerial rf. individually or in the aggregate. they could reasonabty be exFected lo influence Ihe econom decisK)ns of users taken on the basis of these financkgl slatements. IrregularitY&s, including fraud, are instances of non-comp11ae with and regulations. We design prctedures In line with our re5ponsibililies. oullin&l atove, to delect material misslalemenls in pect of irragularilies. including fraud. The extent to which cmjr prccedures are capable of detecting irregularities. including fraud is detailed below.. Prctedures performed lo address these were as folbws". Idenlity'ng and assessing the desgn effe¢b'¥eness of controLs management has in place to prevent and detect fraud. This included CQTrcthratKJn by revtew of 8oard Minutes and review of correspondence wth relevant todies.. Understanding h(Jw those tharged wrth govemance consKlereil and adsed the potential for override of controls or clhw inappropriate influence over the finarKial repryting prccess", Undertaking testing designed lo test the controls in place TIhIn the prcreMent system including access and controls in relat)n to banking.. and Identifying and testing joumal entries. in Partular any unusual pjumal entries posted around the year end and Ioufnal entries posted by intrequent syslem users. Page11
ST. AUBYN'S IWOODFORD GREENI SCHOOL TRUST IA company Ilmlted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST. AUBYN'S IWOODFORD GREEN) SCHCIOL TRUST ICONTINUEDI 8ec8use of the inherent limrtations of audrt. there is a risk that we wll not detecl all irregularrties, in¢luding those leading to a merial mi5stateffnt in financial statements or non-complonce with regulation. This risk increa5e5 the more th wnplIan wrth a law or regUlain is reVe0 from the events and transa¢tions refiecled in the financial ststements. as we wll be less likety to borne aware of instances of non-¢omplian¢e. The Tisk 15 also greater regarding irregulanties ¢xcurring due to fraud rather than error, as fraud involves intentNJnal concealment. forgery. collusion. omission or misrepresenlalion. A further description of our r8spon$trJilrties f¢Y th8 audit of Ihe financial statements is loced on the Financial Reporting Council's websit8 al: wvmfr This descriplion forms part of our Auditors. repcwt. Use ol our report Thi5 report 15 made soldy to the charitable compa5 mwnbers. as a W. in accordance wlh Chapter 3 of Part 16 of the Companies Act 2(. Our audit wortt has been undertaken $0 that we might state lo the charitable companls members those matters we are wuired lo slate to them in an Audrtors. report and for no other purpose. To the fullest extent pennitted by law, we do not vt or assume ponSibl1rtY lo anyone other than Ihe charrtable ¢¢panY and ils members. as a kJy. lor Our audrt work. for this reF*)rt, OT the opinions we have formed Matthew Wells ACA (Senior StatOry audilor) for and on behaw of Haslers Chartered Accountants Statutory Auditor Old Stat R(xl Lou9hlon Essex IG10 4PL 27 N¢)vember 2024 Page 12
ST. AUBYN'S IWOODFORD GREENI SCHOOL TRUST IA company Ilmlted by guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR ThE YEAR ENDED 31 JULY 2024 Restricted Unrestricted funds funds 2024 2024 Total tunds 2024 Total ful$ 2023 Income from: Charitable activittes Investrnents 6.341.229 208,876 6.341.229 219,117 6.043. 711 130,934 10.241 Total income 10.241 6.550.105 6.560,346 6, IT4,645 Expenditure on: Charitable activities 10.241 6.044.771 6.055.012 5.626,245 Total expenditure 10.241 6.044,771 6,055,012 5,626,245 Net movement in funds 505.334 505.334 548,400 Reconciliation of funds: Total funds brought fonward Net movemenl in fvnds 380.000 10,667,254 505.334 11.047,254 505.334 10,498.854 548,400 Total funds carried forwaNI 380.0(KI 11.172.588 11.552,588 11,047,254 The Slalement of financwl activit*s irKludes all gains and losses rerngnised in the year. The n¢Xes on pages 16 to 34 fomi pal of these financial statents. Page 13
ST. AUBYN'S IWOODFORD GREEN) SCHOOL TRUST {A company limited by guarantee) REGISTERED NUMBER: 01218766 BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Note Ftxed assets Tangible assets Investment property 6.771.282 1.080.000 6,8TO.848 1,080,000 10 7,851.282 7.950,848 Current a55ets Debtors Cash at bank in hand 45.441 4.567,918 48,346 3.659,057 4.613.3S9 3, T07.403 Credrtors.. amounts falliThJ due wrthin one year 12 1727.044) (360,488) Nel current assets 3.886.315 3.346,915 Total assets less curTent liabilities 11.737.597 11.29T, 763 Ciedrtors.. amounts falling due after more than one year 13 1185.0091 (250.509) Net assets excluding pension asset 11.552.588 11,047,254 Total net assets 11.552,588 77,047.254 Charity funds Restricted funds Unrestricted funds 14 380.000 11.172.588 14 10,667.254 Total funds 11.552.588 11,047.254 The Trustees a¢knryMedge their resFrfmsibilrtw for c(*Mp.rt9 with the requirement5 of the Act with respect to accounts'ng records and preparation of financial ststeffÈnts. The financid ststements were approved and authorised for ue by the Trustees on 27 November 2024 and signed on their behalf by.. Mr R Kalia (Chair of Trustees) The notes on pages 16 to 34 fom part ofthese finanerdl statements. Page 14
ST. AUBYN'S IWOODFORD GREENI SCHOOL TRUST {A company limi¢ed by guarnntse} STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Cash flows from opefatlng actlvltses Nel cash used in operating actNitS 760,223 432,855 Cash flows from investing activities Interests and rents from investments 219.116 170,4781 130,934 (229, 735) Proceeds from the sak of tsngible fixed asws Net cash providod byl(used Inl Invostlng activities 148,638 198,8011 Change in cash and cash equlvalents in the year Cash and cash equivalents at the beginning of the year 908.861 334,054 3.659,057 3.325,003 Cash and cash equivalents at the end of the year 4,567,918 3,659,057 The notes pages 16 to 34 fomi pal of these finanual slatemenls P4e 15
ST. AUBYN'S (WOODFORD GREEN) SCHOOL TRUST (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 A¢ntIng poli¢les 1.1 Basis of preparatlon of financial slalements The financial slalements have been prepared in accordan with Ihe Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Staternerst of Recommended Practice appIab to charrties preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of l(eland {FRS 102) (effective 1 January 2019), the Financial RepcKiing Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2CI6. St. Aubyn's Iwcodford Green) SchcNJl Trust meets the definrtw)n of a pubknc benefit entty under FRS 102. Assets and liabilth'es are initially recognised at histor1 cost or transaction value unless otherwise stated in the relevant accountiThJ p)licy. 1.2 Income All income is recognised ore the School has enlrtthent to the income, rt is prctsble that thè income wll be received and the amunt of inco receivab can be measured reliably. Grants are included in the Ststement of finanual actiwties on a receivab basis. The balance of incorne received for Specif PLFrposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is rttaved in advance of enlrtlement of receipt. its recoanitn is deferred and ineluded In ereditors as defeired ineome. Where entstlement oceurs before irtome 1$ recewed. the ineome 1$ &erwl. IneorrÉ lax recoverable in rat to investment income is rgnISed at the time the investment mcome is rtteivable. 1.3 Expendlture Expenditu is Ognised once there ts a leyal or constructive obl?110n to transfer econorn benefit to a third paty, it is probab that a transfer of economic benefrts will be required in settlement and the amount of the obligKJn can be measure(I reliably. Expendrture ts classified by actiwty. The costs ol each adivty a made up of the lotsl of direct costs and shar&1 costs, including SUPPOrt costs invow in undertaking each &tivty. Direct costs attributable lo a single aclNty are allocated directly to that ath'vty. Shared costs which cOntribe to more than one acttvty and support eosls which are t attributable lo a single actiwty are apportioned befvn those aclivrties on a basis consistent with the use of resources. Central staff costs a allc<ed on Ihe basis of lime SF*nt, and depreciation charges althaled on the porti¢)n of the asset's use. Expendrture on eharbtable actmties is irUrred on directty undertaking the actNlties which further the Schcd's objectNes. a5 well as any asswated supwt costs. 1.4 Tangible fixed assets and depreciation Tangible frxed assets are inrtialty recognised at cost. After reccgnilH)n, urKler the cost mc#Jel. tangible fixed assets are measured at cosl $$ a¢cumulated deprt)n and any accumulated impairment sses. All Costs incurred to briNJ a tangible fixed asset into ils intended working condition shL)uld be included in the measurement of cost. Page 16
ST. AUBYN'S IWOODFORD GREENI SCHOOL TRUST (A cornpany limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies IntInued) 1.4 Tangible fixed assets and depreciation IntInUed) DepreClon is charged so as to allccate the cost of tangible ffixed assets les5 their Idual value over their estimated useful INe5. . Depreciation 15 pr¢)vhded on the folkrwing basis.. Freehobj property Motor vehicles Fixiures and TIng$ 2% per annum of the value of buildings 20% ducIng balance 2 straight line 1.5 Debtors Trade and other debtor5 are recogni5e(l at the settent amount after any trade discount offered. Prepayments are valued at the arrUnt prepaKI nel of any trade discounts due. 1.6 Cash at bank and in hand Cash al bank and in harKI indudes and short-temi highty IK4uid investments wnlh a sPK)rt maturty of three rnonlhs or less from the dale of acquisition or opening of the deposl or gmilar account. 1.7 Liabilities and provisions Liabilities are recogntsed when there is an oblwJatKJn at the Bala sheet dale as a resutt of a past event, il is probable that a transfer of ecorM benefrt will be required in settlement, and the amount of the settlement be estimated reliabty. Liabilrties are recognised at the amount that the Schocl anticipates it will pay to settle the debt or the amount il has received as advanced pawnents for the gldS or services it must provide. Provisions are Measu al the test estimate of the amounts required to settle the obligation. Where the effect of the tsme value of ffK)ney is materk?l. the provision is based on the present value of those nounts, discounled at the pre-tsx discount rate that reflects the risks specific to the liabilty. The unwinding of the discount is recc•Jnised in the Stslement of ffinancial activrties as a finance cost. 1.8 Financial instruments The School only has financial assets and financial liabilities of a kind that qualTfy as basic finaneial instruments. Basic financial instruments a initialty recc#Jnised al Iransathon value and subsequently measured at their settlement value wrth the exceptK)n of bank bans whh are subsequently measured al amortised cost ugng the efftttive interest method. 1.9 Operaling lea$ Rentals paid under operating leases are charged to the Slatement of financial activities on a straight- line basis over the se temi. Page 17
ST. AU8YN'S (WOODFORD GREENI SCHOOL TRUST (A company limited by guarant8el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies (continued) 1.10 Pensions Retirement benefits to empbyees ol the sch1 are provided by the Teachers. pens1n Scheme I'TPS") and a stakehokler compliant pension scheme. The Teachers. Pension Scheme is a defined benefit scheme arKI the assets are held separatety from those of the sch)1. The TPS is an unfuryle(l hen aNJ C(tr*)ull0nS ale calculated so as to spread the cost of pensw)ns over employees. VrkIng lives with the schwl in such a way thal the pension cost is a substsnlially level percentage of current and future pensionable payroll. The contribution5 are delemined by the Government Aduary on the basis of quadrennial valuations usir4J a prospective unil cretlil method. As stated in Note 20. the TPS is a mutti-employef seheme and there L8 insufficienl information availab to use defined benefit accounting The TPS is therefore treated as a defined contribution scherne for cOUntIng purposes and the contributions recognised in the peri to which they relate. A stakeholder compliant pension scheme is also ¢)ffered lo any empbyee not currentty contributing to a pension scherne. 1.11 Fund accountin9 General fvnds are unrestricted funds which are available for use al the discrelKJn of the Trustees in furttteran of the genernl "ectiveS of the Sehwl and whh have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set asi(Je by the Trustees for particular purposes. The aim and use ol e&h desnal fund is sel wt in thè notes lo the financial 51alements. Reslricta funds are funds whth are to be used in aeeordarKe with Spec$f restricl¢ons imp)sed by donors or which have been faised by the School for partKular purposes. The costs of raising and administering such funds are charged against the Spear fund. The aim and use of each restricted fund is set out in the notes lo the financial ststements. Investment income, gains and losses are alhxated lo the appropriate fiJThJ. Page 18
ST. AUBYN'S IWOODFORD GREEN} SCHOOL TRUST IA MpanY limited by guaranleel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Income from charitable activitieg Unreytricled lunds 2024 Total funds 2024 School fees Spjrts hall After school ¢b 6,220,625 25,553 95,051 6,220.625 25.553 95.051 6.341,229 6.341.229 UnstriCted funds 2023 Total funds 123 School fees Sports hall After school cb 5.921.032 40, IXI 76.529 5,927,032 40, 150 76,529 6,043, 711 6,043. 711 Investment income Restri¢t8d Unrestrlcted nds funds 2024 2024 Total funds 2024 Rent receivable Interest elable 10.241 67.957 140,919 78.198 140.919 10,241 208,876 219.117 Pe 19
ST. AUBYN'S IWOODFORD GREENI SCHOOL TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Investmgnt income {continued) Reslrided Unfftsliicled funds lunds 2023 2023 Tot* lunds 2023 Rent receivable Interest receivable 19.¢X(I 62, 700 49,234 81,700 49.234 19.ll 111,934 130,934 Analysis of expenditure on ¢haritable aclivitles Summary by fund type Restricted Unrestricted funds funds 2024 2024 Total 2024 Schcol Sports Hall After $¢hod dub 10,241 6,005,737 3.488 35,546 6.015.978 35.546 10.241 6.044.771 6,055.012 Restricted UnriCted funds funds 2023 2023 Total 2023 SehcKJl Sports Hall After school Club 19.clgo 5,568, 743 2,812 35, 690 5.587, 743 2,812 35,690 19.Ll)O 5,607,245 5.626.245 Page 20
ST. AUBYN'S (WOODFORD GREENI SCHOOL TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analysis of èxpendlturt by xtivities Act•¥ities undertaken directty 2024 Total funds 2024 School Sports Ha After school dub 6,015,978 3,488 35.546 6,01 S.978 35,546 6,055.012 6.0SS,012 Aclivilies undertaken d1ctty 2023 Total funds 2023 Schts)I Sports Hall After school dub 5,587. T43 2,872 35,690 5.587, 743 2.812 35.690 5,626,245 5.626.245 Page 21
ST. AUBYN'S (WOODFORD GREEN) SCHOOL TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analysls of expendlturo by actlvltles Icontinued) Analysts ol dlrect costs After school club 2024 Total lund$ 2024 School Sports Hall 2024 2024 Staff Cosls AnCY o)sts Oepreciation Teaching resour Government costs Staff training Administr8tNe costs Premises expenses CaleTing costs Insurance Interest payab Advertis Motor and Ir8velling Scholarship and assisted places lundiNJ Leg81 artd professional School insFection costs 3.816,1 83.855 170.044 431,718 15.780 14,660 98,954 710,922 461.104 79.727 6.816 48.700 4,875 40.730 26,022 5.510 3.179 35,546 3.855,286 83,85S 170.044 431.718 15,780 14,660 711.231 461.104 79,727 6.816 48.700 4.875 40.730 26,022 5,510 6.015.978 3S,$46 6.055.012 Page 22
ST. AUBYN'S IWOODFORD GREENI SCHOOL TRUST IA company limited by guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analysis of expenditure by activitie5 (continued Analysis of direct costs {continued) After school club 2023 Total funds 2023 SchLhJl Sw)rts Hall 2023 2023 Staff cosls Agency costs Depreciation Teaching resource5 Govemment costs Stsff training Administrative costs Premises expenses Catering costs Insuran Interest payable Advertising Motor and travelling Seholarship and assisted places fundirKJ Legal and profeSsical Sch(x*l InspectKm $t5 3.$31,174 205,9 161,5T6 381.611 11218 23. 707 65,723 556,635 414.694 74.474 5.414 59.271 4.(5 49.827 37.321 3. 103 2.427 35,690 3,569,291 205,900 161,576 381,611 13.218 23. 707 65, 723 557.020 414,694 74,474 5.414 59,271 4.095 49.827 37.321 3. 103 385 5,587, 743 2,872 35.690 5, 626.245 Auditorn. remunerntion 2024 2023 Fees payable to the SchocA's auditor for the audil of Ihe Schcd's annual 14.700 12,300 Page 23
ST. AUBYN'S IWOODFORD GREENI SCHOOL TRUST {A company limit by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Stsff costs 2024 2023 Wages and salaries Social securty cosls contribu lo defined ctribu1¢ pension $then5 3,038,760 306.563 509.962 2,823,060 296.541 449,689 3,855.285 3.569,290 Tolal termination payynents of £28.011 {2023.. £Nill *Ere made by the charty during the year. Al the balance sheet dale. no amounts were outstanding. The avera3e number of persons employed by the School during the was as folkn¥s.' 2024 No. 2023 No. Tea¢hers Teaching AS3tants Admin Other 41 14 17 18 78 The number of employees wh)se empbyee beneffts lexduding empbyer pension costs) exceeded £60.000 was. 2024 2023 No. In the band £60.001- £70.CNXJ In the band £70.001- £80,0 In the band £80.001- £gJ.OtsJ In the band £160.(K)1 - £170.Iy)) Tntstees. romuneration and expenses During Ihe year, no Trustees recewed any remuneralK)n or other benefits (2023- £NIL). During the year ended 31 July 2024. Tr) Trustee expenses have been incurred (2023- £NIL). Page 24
ST. AUBYN'S {WOODFORD GREEN} SCHOOL TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Tangible fixed ets Freehold property Motor Fixtures and Vehicles fittings Totsl Cosl or valuation At 1 August 2023 A(1dn$ 8.379.523 610,183 35.153 9,014.366 70,478 35.325 At 31 Juty2024 8.379,523 59.985 645.336 9.084,844 Depreciation At 1 August 2023 Charge for the year 1.562,842 146,110 16.432 564,244 22,288 2,143.518 170.044 At 31 July 2024 1.708.952 18.078 586.532 2.313.562 Net book value At 31 July 2024 .670.571 41.907 58,804 6,771,282 At31 July2023 6.816.681 8,228 45,939 6,870,848 In¢lud8d in land and buiklings is freehold larKI at valuation of È1.074.031 12023.. £1.074,031} with a cost of £562,992 (2023.. £562,992) whith is not depreck*ed. Page 25
ST. AUBYN'S {WOODFORO GREENI SCHOOL TRUST {A company limlted by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 10. Investment prop•rty Long term Freehold leasehold Investment investment property property Total Valuation At 1 August 2023 700,000 380,000 1,080,000 At 31 July 2024 700.000 380.000 1,080,000 The 2023 ValuatnS were m* by the Trustees. on an w market value for existing use basis. 2024 2023 Historsc cost 1,003.107 7.003, 107 11. Debtors 2024 2023 Due wlthln one year Trade debtors Other debtors PrepayTnenls and accrued income 2,497 330 42,614 7.088 41.258 45,441 48,346 Page 26
ST. AUBYN'S (WOODFORD GREENI SCHOOL TRUST (A company lirnited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 12. Creditors: Amounts falling due withln one year 2024 2023 Tra¢Je creditors Olher taxation and Sla4 Sety Other creditors Accrua$ and deferred inccrfne 35.709 73.937 142.243 475.155 16, 107 72.045 169,714 102,622 727.044 360,488 13. Creditots: Amounts falling due after more than one year 2024 2023 Refundab deposbts 185.009 2,509 Pase 27
ST. AUBYN'S IWOODFORD GREENI SCHOOL TRUST IA MpanY limited by giiaraiitee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 14. Ststement of funds Ststement of funds - current year Balance at 1 August 2023 Transfers Balance at inlout 31 July 2024 Income Expenditure Unrestrkled fvnds Design*gd funds Assisled Places Funds Parent Texher A5SCtiation- fomerly SASS fund 330.935 131.0621 50,533 350,406 1141) 11,543 342.619 (31.0621 50,392 361,949 Gèneral funds General FUTr 10.324.635 6.SSO.105 16.013.709) 150,392) 10,810,639 Total Unrestrfcted funds 10.667.254 6.550.105 16.044,T111 11.172,588 Restricted funds Colley Asststed Places Fund 380.000 10,241 380.000 Totsl of funds 11.047.254 6,560,346 (6.055,0121 11.S52.588 The Designated Assisled Places Fund pwdes fvnding tthyards assisted places costs. The CojleyAssisted Plxes Fund provKles funding tcywards assisted places costs. Parent Teacher Assccialion - Fomiwty SASS Fund represents th8 Parent Teac[ AssocialK)n cash balance_ Th8 transfer betWn the Parent Teacher A5SCtiatK)n IPTAI Funds and General Funds represents the expendi(ure forthe year whKh is excess of the PTA fvnd5 received. The transfer betsveen Assisted PLaces Furbj and GeneTrl Funds represents a percentage of the current yearfs sulUS whth has been desNJnated to furwj SFecific pUP'S place5 at the school. Page 28
ST. AUBYN'S IWOODFORD GREENI SCHOOL TRUST IA Company l•mited by 9uarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 14. Statemenl of funds {continued) Statement of funds- wior y•ar Balance al l Augusl Ttansfe Balance at inloul 31 July 2023 Inc¢yne Expenditu Unrestricled funds Deslgnated funds Assisted Places Funds Parent Teacher Association- fomierfy SASS fund 307.114 (31,019) 54.840 330,935 12.013 (329) 11.684 319. 127 (31.019) 54,511 342,619 General funds General Funds 9.799. 727 o 155,645 (5,576.226) (54.511) 10.324,635 Total Unrestricted funds 10. 178.854 6. 155,645 (5.607.245J 10.667.254 Restricted funds co1Y Assisted Pla Fund 3KI.OGQ 19.C (19.) 380.000 Total of funds 10,498,854 6, 174.645 (5.626.245) 11,047.254 Pa9e 29
ST. AU8YN'S IWOODFORD GREEN) SCHOOL TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 15. Summary of funds Summary of funds - current year Balance at 1 August 2023 Trnnsfers Balance at Inloul 31 July 2024 Income Exponditurn Degnated funds General funds Reslricled funds 342.619 10.324.635 380.000 131.062) .550.105 16.013.709) 10,241 (10.241) 50.392 361,949 150.3921 10.810,639 380.000 11.1>47.254 6.S60,346 16,055,012) 11,552,588 Summary of funds- prior year Balan at 1 August 2022 Transfe 8al8nce 81 IUt 31 July 2023 Irwne Expendrfu Designated frjnds General funds Restncted funds 319. 127 9. 799. 727 3.0 (31.019) 6. 155.645 (5.576.226) 19.C (19.KQ) 54.511 342,619 (54.511) 10,324,635 380.000 10,498.854 6, 174.645 (5,626,245) 11,047.254 Page 30
ST. AUBYN'S IWOODFORO GREENI SCHOOL TRUST {A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 JULY 2024 18. Analysbs of net assets between funds Analysis of net assets between fund5 - current period Restricted Unrestricted fund5 funds 2024 2024 Total funds 2024 Tangible fixed assets Investment pfopety Current assets Creditors due within one year Creditors due in more than one year 6.771,282 7CQ,000 4,613,359 {727,1)44) {185,009) 6.771.282 1.080.000 4613.359 1727,0441 (185.0091 Total 380,000 11.172,588 11.552.588 Afialysis of net assets b¢tw•en funds - prior period Restncled Unrfrslncted fvnds funds 2023 2023 Total funds 2023 Tangible fixed assets Investment property Current assets CredrtOTS due withbn one year Creditors due in more than one year 6,870,848 6.870,848 ).LXX) 7(X).000 1,080,OGt) 3. 707,403 3, T07,403 f360.488) (360,488) {2.53) (2,509) Total 380.tXKI 10.667,254 7 1,047,254 Page 31
ST. AUBYN'S (WOOOFORD GREEN) SCHOOL TRUST IA company limlted by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 17. Reconcillation of nel movement in funds to net cash flow frorn operating activitles 2024 2023 Net income for the period las per Statement of Financial Actwrties) 505.334 548,400 Adjustments for: Depreciation chwges Dividend5, interests and rents frcrfn investrnents Decreasellincrease) in debtors Increasel{decrease) in credrtors 170.044 1219,1161 2.905 301.057 161,576 (130,934J 11,205 (157,392) Net cash provided by operating activilies 760.224 432,855 18. Analysis of cash and gquivalents 2024 2023 Cash in hand 4.567.918 3.659,057 Total cash and cash equivalents 4.567.918 3,659,057 19. Analysis of changes in net debt At f August 2023 Cash flows At 31 July 2024 Cash at bank and in hand 3.659.057 908.861 4.567,918 3.659,057 908,861 4.567,918 Page 32
ST. AUBYN'S (WOODFORD GREENI SCHOOL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 20. Pension commitinents Teachers. Pension Scheme The Teachers, PenSn Scheme ITPSI is a statutory. conlfibutory, defird benefit scherne, governed by the Teacher5. penSn Scheme Regulati¢$ 2014. Membership is Jtomatsc for teachers in academy Irusls. All teachers have the L¥Stion lo opt-out of the TPS fc41cwing enrolment. The TPS is an unfunded scIe lo whth the member and employer makes contributions, as a percentage of salary - these Contribut5 are credited lo the Exchequer. Retirement and other pension benefrts are paid by public funds provided by Parlhryrrient. V•lu•tion of the Teachets. Pension Scheme The Government Actuary, using norn1 actuarial principles, conducls a fonnal actuarial feview of the TPS in accordance wi(h the Public Service Pensions (ValualK)ns and Employer Cost C8pI Directions 2014 pUblhed by HM Treasury every 4 years. The aim of Ihe review is to ensure scheme costs a fecognised and managed approprk8lety and the revi specif5 level of future contributions. Actuarial scheme valuations are dependent on assumptK)ns atM)ul the value of futu costs, design of benefrts 8nd many other factors. The lest actuarial valuion of the TPS was carrsed out as at 31 Maich 2020. The valuion report was published by the Deparbment for Educat on 27 October 2023, wf(h the SCAPE rate. sel by HMT, applying a notional investment retum based on 1.7Yo above the rate of CPI. The key elements of ts valuation OLrtcorre are." . Employer contitjulion rates set at 28.68% of penstonable pay liludIng a 0.08% wjministralion levy}. This is an increase of 5% in empknJEr cbl1( and the $1 ¢trol result 15 such that no change in member benefrts is needed. Total sCheff liabilities (pensk)ns currentty in payrnent and the estimated cost of future benefits) for See to the effective date of £262.(M]O million and notJnal assets (estimated future contributions togelher with the notional investments hekj at the Vallt)n datel of £222.2W million, giving a notional past service def1t of £39.800 mill)n The result of this valuation will be imprnented from 1 April 2024.The nexl valuation result is due to be implemented from 1 April 2028. The empkIrfs pension costs paKI to TPS in the perK#J arrnted to £484.25512023.' £426,913). A copy of the va&Jalion report and supwting document*ion is on the Teachers. Pensions website (https'.1fvAY.tQacherspenSiOns.cQ.Yk1-Irnedk?1d0CuMentsImeMberIdfXuMenl$1faetOrs1ValU8l1onItpS-ew- 2021>valuation-wuhs-report-_26_10 23- 10021 ashx?rer-aba4c7a4288a480487ee087589a8eda6&hash-732241CC7T819285E35BOF764488A6E). Under the definiths set out in FRS 102. tre TPS ts an unlunded multiomployer pension scheme. The academy trust Is unable lo entrfY rts share of the undertying assets and liabilrties of the pLan. Accordingly. the academy trust has tsken advantage of the exemption in FRS 102 and has accounted for ils contributions to the scheme as rf rt were a defined contribut scheme. The academy Iwsl has set oul above. the information available on the scheme. At the year end the pension liabilty due to Ihe TPS was £61. (2023.. £49.5841. The charty also operates a defined cwttrlbutlc scheme assets are held independentty and administered separalety from those of the chaiity. During the year. the cosl was £25.70812023.' £22.7761. Page 33
ST. AUBYN'S 00DFoRD GREENI SCHOOL TRUST (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 20. Pension commitments (continu) Contributions totalling £5,70912023". £5.425) payable to the fvnd at the balan sheel de and are irtluded in creditors. 21. Operating lease Commitments At 31 July 2024 the Scho)I hay commitments to make fulure minimum bease payments uThJer non- Cancelkb cwating leases as fdlows." 2024 2023 Not later than 1 year Later than 1 year and not laler than 5 years 28,800 64,800 21,353 93.600 21.353 22. Governors. indemnity insurance The govemors. are eovered against daims of negloerte and error wlh professional indemnty insurance ich has a limit of £5,CQO.000 (2023. £5.cth.ow). 23. Related party transactions M Foster is the Chair ofTrUst at St Aubyn's. R Kalia Is a Partner al Goodge Law Solicitor5 and Deputy Chair of Iru5tees al St Aubyn's. E Ruff 15 a Partner at Fox Willk?ms LLP and a Trustee at St Aubyn's. rhjring the year there were transactpjns with the fdknmng relat&Y parties.. 2024 2023 Architectural services prov•Jed by M F¢)ster Professal seNices provided by GocJge Law Solicitors 990 S.400 1,630 4,237 6.390 5,867 Pe 34