ST. EDMUND'S SCHOOL TRUST LIMITED A Charlthble Com an Lknited b Guarautee COMPANY NUMBER: 01425355 REGISTERED CHAIUTY NUMBER: 278301 REPORT OF THE GOVERNORS AND FINANCIAL STATEME FOR THE YEAR ENDED 31ST AUGUST 2024 INDEX Page Report of the governors Ito8 Repor¢ of the auditors 9 to 11 StA*meni of financial activities 12 Sialernent of cash flows 13&14 BalaCe sheet 15 Notes forrning parl of the financial sthiements I625 KNOX CROPPER
SCHO TRUST LIMITED Page I REP RT OF THE GOVE ORS FOR E YEAR ENDED 1ST AUG T 2024 REFEREf4CE AND ADMINISTRATIVE INFORMATION St. Edmund's Sohool Trust Limited ('the School.) was in¢orporated as a company limited by guarantee on 4 June 1979, number 01425355, and is a re8lStered charity. number 278301. The liability of the members is limited to £1 ¢a¢h. The registered office and principal address of the Company is At Hindhead, Surr¢y. GU26 6BH. Governors The pr#s¢nt Governors of the School who are tho directors of the Compdny and also the charity trustees, are.. J A Alliss. M C&rter G E Doodes, MA (resigned 23.2.24) J A M Crowley (appointed 25.11.24) B E Farley) BEM* D A G&rdiner (iesigned 17.6.24) Dr T G A Gi'iffiths, MA, DPhil L Maunder (appoinied 23.2.24J L G Mich&el J E Taylor, (resigned 01.04.25) (Chaimlan) (Deputy Chairnian) 4M¢mber of the Resour¢es Committe¢ Officers 4dvlsors Headmaster.. A J Wallik¢r, MA(Cambridg¢), MBA, PGCE Butsar.. J Beeston, BS¢, ACA Cornpany Secrettsry: B E Farley Auditor$'. Knox Cropper LLP Offi¢¢ Suite I, Ha$lemer¢ House Lower Street Haslemere SuTrey GU27 2PE Banker&'. Lloyds Bank pl¢ S Tho Square Petersfield Hampshire GU32 3HL Soli¢itOTS'. Blake Morgan LLP Harbour Court Compass Road North H4rbour Portsmouth Hamp5hiTe P06 4ST
Page 2 ST. EDNWND?S SCHOOL TRUST LIMITED PORT OV THE GOVERNOR FOR THE YEA NDED 31 (ConllDued) PROFILE St, Edmund's School is proud of its joum¢y from a wo11-r¢gard¢d traditional pr8paralory 5Ghool to 4 thriving ¢o-¢ducational inst1¢10n offering a seaml¢s$ ¢ducational ¢XP¢Tien¢¢ from Nursery through lo GCSE at ag¢ 16. Since launching the senior se¢tion in 2014, we have ¢ontinu¢d to build on our rich heTltag¢, Mbining adeMiC excellenee, or¢ativity, pastoral $tr¢ngth, and a nurturing ethos in on inspiring rural s¢tting. Our Senlor School Vision: A distinct id¢ntity that complements but r¢m8ins connected to OUT Preparatory S¢hool, A cultur¢ of academic rigour, individual attention, and pastQTal excellence. A broad and flexible GCSE curricultsm tailored to pupils, strellgth5 und aspirations. Small class sizes {average of15 pupils per class), ensuring personalised learning. A high-quality. more acc¢ssible all¢rn)tiv¢ to local senior soh¢)ol options. A smooth transition from Prep to Senior School, supporting continuity &nd family n¢¢ds, Our ambition is simple.. to enable every child to thriv¢ int¢llectually* emolionallyi creatively> and socially. GROWTH AND DESTINATIONS St. Edmund's continu¢5 to grow in both reputation and ¢nrolment, with an increAsing number of pupils entering earlier y¢AT groups inlending to stay through to GCSE. Our unique blend of excellen¢¢ and community has attract¢d students from Dotable sohools such as Cranmore. Dunhurst, Frensharn Heights, Banow Hills, Seaford, and Hi8hfi¢ld. Our Y¢ar I I pupils consistently achieve ¢xc¢llenl GCSE r¢sult5. Recent Er&duat¢s have progr¢ssed to leading 5iXth forrn colleges and independent schools includirLg'. CharteYhDuse, BedAl¢s, BrAdfield, Godalmlng Colleg4 Reed8, Welllngton. Cr#nl¢lgh, St Edward's Oxford, and WlTh¢hes¢¢r College, Amon8 Others. Further d¢tai15 about our comprehensive GCSB progiamme and le8vers' destinations can be found on our website.. St. Edmund's Senior Sehool Numbers of pupils throughout the school have wntinued to grow thi$ year and demand for places remains strong. Sev¢ral Open Momings take place ¢ach term for the different sections of the school and we host Senior Step up morning for prospective pupils, that may be joining u$ irt Form 9 as well bs current pupils. We then hogt a'Future Schools, evening for parents and pupils in Forni 10, wh¢r¢ w¢ provide All thè inf()rn)aiiThn and advice r¢quir¢d to help guide pupi15 Wlth the n¢Kt Stage of their education. StaDdards at th¢ s¢hool are it the highest level and staff provide the nurturing yet challenging environment in which the children are abl¢ to thrive, aohiev¢, and enjoy, An expanded l¢kdership te8m was pul in place to eope with the BXP8n$ion and a new tim¢l8ble using 60 minute lessons was introduced. Th¢ most recent irtsp¢¢tion by th¢ Ind¢ptnd¢nt Schools InspE¢torat¢ (ISI) took place in October 2024. The in5P¢Ction was carried out under th¢ protocols of the new 'Framework 23, and the report5 do not eontsin overall judgement or grAding of th¢ 5ohool. Therefore. schools are no lon8cr rated "excellent" (OUT previous gradings) bu¢ instead the report fo¢u55es on the extent to which a school meets tho criteria for the expected standards in an indep¢nd¢nt school. The in5pector$ judged Si. Edmund's lo have met the requlred Independent S¢hool Standards in all areas. l¢adership and rtLanagem¢nt, and governanc¢', qualiry of education, trainiog and recreation. pupils, physical and mental health and ¢motional wellb¢ing; pupils, social and ectsnomi¢ edu¢alitsn and contribuiÉon to society; and safeguardingp aThl they commented posiiively on every aspect of the provision. The report in¢ludes some really fantastic feedba¢k about the quality of educalion and strong sense of community here at St. Edmund'5. The full report can be found on our website.. www.sAlntedv)UDds.¢o.uklcoved-Inde eodent-scbool-$urre Illls ectlon.re ort
ST. EDMU 'S SCHO LTRU Pase 3 IMrrED REP RT OF THE GOVEIIJIOR R THE YEAR Ef4DED 31ST AUGUST 2024 (Contined) PROFILE (CONTINUED) ACADEMIC EXCELLENCE Academic results ¢ontinu¢ to be v¢ry Strong with many scholarships awarded to children includin8 awards to CharteThou5¢, GlIdfOrd High School, Millfi¢ld and Seaford College and Common Entrance subject awards gein¢d at several schools. Other senior school destination$ over re¢¢nt years are.. Ampleforth, Bradfield, Canford, Charterhouse, Churcher's, Cranleigh, Downside, FTen5ham Heights, Guildford High. King Edward's (Witl¢y), King's Dubai, Lord Wandsworth, Portsmouth Grammar, Prior's Field, Royal Grammar (Guildford), Seaford, St Catherine's. St Edward's (Oxford), St Swithun's, Welliogton and Winoh¢$ter. The school has continued to perfomi strongly financially recording a surplus of £94.913 during the y¢ar. It is the governors, poli¢y to apply surpluses to invest in improvements to th¢ s¢hool'5 provision for its children. In 2013 plannlng pemiission was granted for a new elassroom block incoryor)ting two new senior seience laboratories, a scienc¢ pr¢paration room, an art studio. and six general classrooms. Building work look place during the aeademic y¢&r 2013114 and the new buildin& named the W H Aud¢n Centre after one of the school's farnou5 Old Boys, was opened in Ociob¢r 2014 by the lat¢ Sir Bruce Forsyth. A new desig technology centr¢ opened showcasing the latest ma¢hinery and technology. In 2016, the Dimbleby Rooms, four new 5¢nior Glftssrooms named after the broadcaster Richard Dimbleby wore opened by our Old Boy Jonathan Dtmbl¢by. Classrooms ai the back of the 2Ltbilee Hall underwent extensive refurbishing and rebttilding works whi15t a new Music Block of practice and ¢nsemble room5 was created. In addition, a new Textile$ Studio WAS opened adjacent to the Te¢hnology Centre to allow fti¢us on those el¢m¢nts of Art involving a wider range of materials &ftd & third specillist Sci¢nee Laboratory was opened. Improvements to the site continued throughout lasi year with further investment in th¢ main building and Outside areas. In January 2019 the Alliss Building was opened for children in the lower y¢arsi providing 8 spacious, air.conditioned classrooms and an extensive d¢cking area allowing fr¢¢-flow ploy. In 2021 we opened the n¢w Farley Hall including a large, combined sports hall and theatre space with an adjoining ¢lassrooEn and drama studio, This was ¢losely followed by a18rge dining hall and kitchen in 2023 which ha$ allowed the subsequent rcdevelopment of the fornier kii¢hen area into a new suite of offices and main reception area. In 2024 we built two new multipurp05¢ netball and tennis covrts and opened oyr n¢w State of the art puryose. built Food te¢hnology room. CO.CURRICULAR EXCELLENCE At St Edmund's S¢hool, the Music Department is ¢ornmitted lo deliverlng È Tich and well-rounded mu5i¢al education, offering a wid¢ range of opportunities that cater to th¢ divetse int¢r¢sts and Abiliti¢s of our stydents. Throughout the a¢ademi¢ year, w¢ present a vhriety of COnoert5 that highlight student talent across all levels- from beginners to advanced musicians. These carefully programmed p¢rforniances take place in an &rTay oe inspiring venues. including Farley Hall, the Chapel, Jubilee Hall, and St Luke's Church in Grayshott. Perfomiing in such vari¢d settings not Only enriches the concert ¢xp¢rience but also nurtures adaptability and artistic growth. significant nurnber of our students receive individual tuition from our dedicated visiting music teach¥TS, who bring expertise in voic¢, piano, vSolin, cello) guit&r, drums, bagpipes. woodwind, and brass. Many pupils hoose to challenge themselves further by working towards ABRSM and Trinity musi¢ exams, r¢fl¢cting their d¢dic&tion to mu$ical ex¢¢ll¢nce. Our Yegr I I GCSE Music slud¢nts are curr¢ntly preparing for the next Stage of their musical joumey> Wlth many planning to continue *heir studies at sixth fomis And ¢olleges renown¢d for their perfomiing arts provision.
Page 4 ST. EDMUND'S SCHOOL TRUST LI1lTE RKPORT OF VERNORS FOR THE YEAR ENDED 31ST AUGUST 2024 {Continued) PROFILE (CONTINUED) Beyond the classroom, we offer a vibrant programrne of ¢o-¢urri¢ular activitics designed to broaden $lvd¢nts' musi¢al ¢xperi¢nc¥s. These in¢lud¢ the Chapel Choir, The Probationers {our lower school chapel choir), the Show Choir, the Vicars Choral of the Chapel (senior chapel ¢hoir), or¢h¢8tr8, ro¢k band, brass band, rnusi¢ technology workshops, themed concerts with live bands, and full-Kale musical productions. These a¢tivilies not only support musicol development but also foster teamwork, confid¢nc¢, and a strong sense of ¢ommunity. Music romain$ a vital and dyftamic part of our curriculum. Our l¢a¢hing combines traditional musicianship with modem mu$1¢ technology, ensuring students gain a comprehensiv¢ understanding of music across genres and ¢ras. This integrated appToa¢h ¢ultival¢s both i¢¢hnical skill and a deep Appr¢eiation for th¢ rich tapestry of classieal and contemporary musi¢. Drama We hav¢ a thriving Drama Department hosting an eXhilating array of produ¢iions thal show¢as¢ th¢ incr¢dibl¢ lal¢nts of our students from Forn) 3 to Fom I l. Kicking off in March, our senior students brought Les Mi$eTables to life filling the auditorium with moving perfomi4nc@s across 4 days. We w¢re drli8hted to hav¢ b¢en nominated in th¢ b¢51 musical category at the National School Theatre Award5. In May) th¢ spotlight shifted to our Fomi 3 and 4 studen15, who ¢nchani¢d everyone with their enchanting r¢ndition of 'Finding Nemo.. A8 the year progressed. our tal¢nted Forni 5 and 6 Students took ¢4ntre stage in the i¢oni¢ "Chity. Chitty Bang Bans." There wer¢ plenty of perfomances for our GCSE Drama stud¢nts in 2024. Nov¢mb¢r saw the Fomi 10 and I I students share their creativity with impressive, devised pieces Ihal ¢aptivftted a packed audi¢n¢e. Earlier in March, th¢ Fomi I 1$ showcased th¢ir Ihealrical skills Wlih extracts from "Th¢ 39 Steps" by Patrick Barlow, 8 thrilling PerfOan¢e that was both assessed and integral to their final glades. Additionally, our Fomi 9 students swept everyone iway with thEir dynamic extraels from "Shakospegre in Love., a fresh and engaging adaptation of th¢ beloved Oscar-winning film. Adding to this remMrkabl¢ year, ov¢r 70 students from th¢ LAMDA proKramme undertook ¢xams durin8 the Summ¢r, achieving ou¢standiThg results. Every participant excelled, with all studan¢s earning at least a Merit Lev¢l, and an astonishing 91 % 0£ grad¢s awarded weT¢ Distinction$, covering a wide range of qualifications from Bnty L¢vel to Grad¢ 8 (Gold Medal). Notably, those who eompl¢t¢d Ih¢ir medal exams w¢re also rewarded with UCAS points, a l¢slament to their haTd work &nd dedication. The achievements of our youn8 perftsmiers truly r¢flect¢d th¢ vibrant $pirit &nd artisti¢ passion thriving at St. Edmund's. Art The Art d¢partmenl wntinues lo be very suc¢essful and pupils have enjoyed developing work in a Tlngc of h¥0 and three dimensional media - 5howeasing ¢x¢¢llent Creative skills. GCSE re$ults were fantastic, with extremely posltiv¢ comment$ made by th¢ exam board about the quality and breadth of work Produced. Many students are Choosing to work using Textiles A$ an Art medium and to high levels of ability. GCSE numbers in Art are ¢ontinuing to increase eompared to previous y¢Ars. All childr¢n in th¢ prep s¢hool are involved in our public speakin8 community programm¢. from parliamentary styl¢ debating in the winter to Poetry R¢cital and D¢¢lamation in the spring and sutnmer. Educational rrips that support l¢arning in the Engllsh department are CTu¢ial io success from local eornmunity th¢atre to perfomiao¢es I study days at th¢ Globe theatr¢. We additionally support National Poetry Day and World Book Day by organising poety Writing competitions as well as ho$ting visiting authors. There is a fully stocked library. manned by Form 8 children, which 1$ Continuoysly a¢sSed for reading r¢sl which houses a range of Young Adult fi¢tion and non-fiction.
Pag¢ 5 ST. EDMUND>S SCH TRU LIMITED REPORT OF THE GOVERNORS FOR THE YEAR FNDKD 31ST AU (Contlnued) UST 2024 PROFILE (CONTINUED) Sport Sport at St. Edmunds has flourished this last yeAr, Fixtyre5 have continued to be play¢d with mor¢ teams going out than ever before. On & Wednesday afternoon it is common now for arouttd 22 teams to go out and play a variety of Schools around the e. The prep and senior boys enjoyed Football, while the girls had Hockey for the first t¢mi. There were some faThtasti¢ resulis all round and both sport5 really flourished. The Prep girls 1st team went to the IAPS Ho¢k¢y for the second year running. They had to travel down to Cheltenham for tho day where th¢y qualified for Nationals. This was the first lime in St. Edmund's history that they have m8d6 it through io th¢ IAPS Hockey Nationals and th¢ girls had a gr¢ai day facing some extromely tough competition, The ¢xtra ¢urri¢ular programm¢ has ¢ontirtued on a Friday during games lessons with m4ny pupils taking up th¢ opportunity to take up Judo, Golf, Tennis and Mountain Biking with specialist ¢oa¢hing. Our after-school programme ha$ also been extremely popular with a wid¢ variety of clubs throughout th¢ week for all pupils, with Gymnastics being extremely popular for th¢ Lower Prep school, It was 8reat to host our Interschool cross ¢ountry #gain this year with over 1600 pupils PArticipating throughout the afternoon from Year 3 to Year I I, It was great to be able to host some new schools who had travelled a fg4ir d1stall to Come and have a go and allow such a great even to grow. Tht fixture programme continued into the lent term where the Girls enjoyed netball while th¢ boys moved on to Rugby in the pr¢p and senior school and th¢ s¢nior boys have Also enjoyed some Ba5ketbAII. The girls Pr¢p and Senior netbo11 1st team$ entered Sister n Sport for th¢ first time this year, which took both teams oll around the South of England. The Prep and Senior team did cxtr¢rn¢ly well r¢aching the Quarter final rounds. The gills also have now fully moved awAy from Lacr055e and onto girls football which h&s proven to be extremely popular. Th¢ girls have weekly fixr¢S and the senior girls havc enjoyed being ent¢r¢d into th¢ During the l¢nt temi the whole school cornmunity took part in the Whole School Cross Courbtry from Nursery to Fomi I l. It was a fantastic afternoon, and we managed to *void the rain. The pupils enjoyed the slight change to the course and it was fantastic lo see teachers get involved. The summer term was thriving with Cricket filling the fixture programme and all puplls taking part in different Athletic events during the Friday games sessions. We have also bE¢oTne mor¢ competitive playing tennis fixtures every couple of weeks against other lo¢al s¢hools. alongside our finnual golf matches with Highfield, Our Prep and Senior sports days saw th¢ 300m track retum and the bigger Long Jump & Triple Jump pit up on the top field, allowin8 pupils to expand th¢iT Tun ups and records to be broken. There W¢T¢ a number of records broken in both the field evertts and on the track. The divisional tug of war 5how¢d some strong competition, On th¢ a¢ad¢mic side of Sport we had i strong Set of Sport Science and GCSB PE r¢sults with the studonts Showing hard work and dedi¢alion to their theory work as well as their practical exoms. Our Saturday Clinics are ever popular, olTered to pupils in Fomi 10 and Fonn I I to provido extra Small group teaching time to Assist with recent topics, revision and ¢ours¢woTk. STRUCnJRE, GOVERNANCE AND MANAGEMENT Governing do¢um¢tst The CompAny is governed by its Memorandum and Articles of Association dat¢d 4th June 1979, as amended by spe¢ial resoluiion d4ted 17th Mareh 2014 artd a further amendment ott 25th June 2018. Govevning body Th¢ Gov¢rnors, who are also required under the articles to serve as members of the Company, are elected at full Govemors, Board meeting. Gov¢mors are recruited on the basis of nominAlion$ r¢¢¢ived to th¢ Boord's sp¢cifi¢ations con¢¢ming eligibility, p¢rson&l ¢ompelence, specialist skills and local availability.
Page 6 ST. KDTrrn*S SCH OL TRUS LIMITED REPORT OF THE GOVERNORS FOR THE YEAR END 1ST AUGUS (Continued) STRUCTURE, GOVERNANCE APID MANAGEMEIYT (CONfED) Trustee trainlng New Governors ar¢ inducted into the workings of the School, and &lso of the Company as a registered ¢hRTIty, including Board Policy and Procedures, by the Head, Bursar, and Chairman and Dcputy.ChaimJan of Govemor$. Orgonlsatlonal management Th¢ Govemors meet as a Bo8rd at least three times a year, onc¢ in each ac&demic tenn, to detem)iTre the gen¢ral policy of the Company alld r¢vi¢w ils overall management and control, for which they ore legally r¢sponsible. The Board a150 m¢¢ts annually for an 'Away Day, to discu55 the School's lon8-t¢Tm strategy. The Resour¢¢s Committee, chaired by the Board's Deputy Chairnian, ¢arri¢s out the work of irnplernenting most of the Boald's policies and mc¢ts two weeks b¢foT¢ each meeting of ihc full Goveming Board. Th¢ Remuneration Committ¢¢ is a sub-¢ommittee of th¢ Finance Committ¢¢ tneets annually to r¢vi¢w staff pay and benefits. Th¢ day-to-day running of the School is dele8aled to the Headmaster, supported by the BursaT who is responsibl¢ for.finllft¢i#l and administration matters, and by other teaching rnember5 of th¢ Senior Manag¢ment Team. The Resouro¢5 Committee and (he Welfaro And Educaiion Committee meet once por a¢&d¢mi¢ tern) and assist in the over411 management of the growing school. RelatlonghipB We welcom¢ th¢ lo¢al community in an ongoing programme to widen public access to the schooling we can provide, to oplimise the educational uso of OUT cultural and sporting facilili¢s attd to aW8ken in our pupils an awareness of the social context of the education they receive at the School. Examples are our Technology Day, our football and cri¢ket loumam¢nts, Cross Country events and use of our indoor swimming pool by other schools for their $wimrnin8 le5s0ns. In Association with St Luke's Chur¢h the school co-sponsors and undenvrites the employment of a Youth Worker in the local community. School minibuses are regularly loaned to local schoo15 and churches. The School benefits from the support of & thriving Old St, Edmund's Asso¢ialion for fornier pupils. St. Edmund's is a memb¢r of the IAPS for the promotion of preparatory s¢hool standards and the H¢adrnast¢r is & member of th¢ national Fifiènce Committee. Rl8k m4nagemenl Th¢ members gf th¢ Board of Governors have overall responsibility for ensuring thAt the School has appropriate systems of control, care, financial and otherwise. Th¢ $y5t¢ms of financial control are designed tr) provide reasonable. but not absolute, as$uran¢e against material rni5Statem¢nt of loss. They include An annual budget, approved by th¢ Board of Gov¢rnors, Tegiilar revi¢w of a¢tual results ond vorian¢¢s from budg¢l, aiid d¢legation of authority and segr¢gation of duties as far 45 possible given staffing levels. The Board of Gov¢mors fomlally monitors risks annually and sets up )1]¢1¢$ lo mltigale them. The member5 of the Board of Governors ar¢ ctsmmitted to ¢nsuring thAt the School's whole sygl¢m of internal controls are adequat¢ and effective. A number of st6P5 have been tak¢n lo ¢nhan¢e further the existing systerns of internol eontrol. Theso include.. a) A progressiv¢ revision and upgrade of risk mana8¢ment arrydn8ements' and b) A reviow of the Risk As$¢$5ment prosramme to incorpornte both gualitalive and compliance r¢vi¢w of all of the S¢hool's gctivities. OBJEcfs. AIMS, OBJECTtVES AND PRINCIPAL AcllviTIES The Obj¢ot of the Company> in a¢aordance with ils MemoraDdum of Association, is the education of Ghildren. In the furtherance of this Object, the Govemors hav¢ Complied with the duty in se¢tion 4 of the Chariti¢$ A¢t 2006 to have due regard to thc Charity Commission's guidance on publi¢ benefit when reviewin8 objectiv¢s and planning activities. StrAlegl¢ alm and InteTrded effect The S¢hoDI's slrategiG aim is to PTovid¢ th¢ highest quality of academic tuition and extra-curricular aotivities where pupils can develop and fulfil Ih¢ir potential and become active. r¢sponsibl6 member5 of the ¢ommunity.
Page 7 ST. EDMUND'S CHO L TR REPORT OF THE GOVERNORS FOR THE YEAR Ef+lDED 31 (Ctsnlinued) T AUCU T 2024 OBJTCTS, AIMS, OBJEcfivES Af4D PRINCIPAL ACTIVITIES (CONTINUED) Objectives for the year Th¢ Board's m8in objective eonlinu¢d to bs lo ¢du¢ate All the School's pupils to at least the same high standard achieved by the School in previous years, so that they will be id¢ally pla¢¢d to gain mbximum benefit from their chosen senior schools. Prlnclpal aetlvlty St. Edmund's School continues to operate as i nursery and pre•pr¢par&tory school for boys and girls aged 2 to 7, a preparatory school for boys and girls, aged 7 to 13, and a senior s¢hool for boy5 and girls a8¢$ 14 to 16, with tl¢xibl¢ boarding option5. There were 562 pupils in 2024 GraDt-m4king This ye2r we have supported 78 pupils through $¢holarships and 32 through mean5-tested bursaries, valued at a combined total of £387,826 for the y¢ar. S¢holarships ar¢ awarded by the Headrna$t¢r, whilst mean5-t¢sted bursaries are anted by the Bursar, after ¢onsultation with th¢ Govemors, Resour¢es Committee. Publle benefit W¢ f4r¢ con$id¢ring means of providing further support to parents whose children would not otherwise be able io afford privaie education. The Govemors have referred to the guidance contained in the Charity Commi5510n'S guidance on public benefit. In PArtieular the Governors consid¢red how planned activities contribute to the aims and objtIveS of th¢ School and are satisfied (hat this is the case. Examples of public benefit activities con be found in the profile section of th¢ Report of th¢ Oovemors. Volunteers Friends of St. Edmund's (FOSEI is a volunteer group of par¢nts Ihal works tir¢l¢ssly lo orgaoise And run a range of events th&t raises thousands of pounds for th¢ benefit of the School while encouraging a friendly, cohesive ¢ommunity through Social events. Numeroys projects are fvnded through this generosity and the Board of Governors wishes to lake this opportunity to ¢xpres$ 118 gratitud¢ for th¢ ¢ontinu¢d support and valuable work of these parent5 and friends. REVIEW OF ACHtEVEMENTS AND PERFORMANCE FOR THE YEAR Operatlon41 performanee of the S¢hool All our leavers gained ¢ntry tn t.heir fir9t ¢hoie¢ of senior $chool and th¢ r¢suli$ in pre-te$tS to a¢ad¢michlly s¢lective senior sch¢Jols were at their highest in the school's 150 year history. FundrolsiAg performgD¢¢ The money raised by FOSE this year is boing sav¢d towards & new Trim Trail to be ¢ornmissioned in the next a¢ademi¢ year. FNANCIAL REVIEW AND RESULTS FOR THE YEAR The Gov¢rntsr5 are extremely plwed with the financial r¢sultg for ¢h¢ year. They wish to highlight that the syrplus in th¢ #¢¢oun15 of £95k is after charging almost £lm in depr¢¢iation and £307k in interest. The School's Earnings B¢fore Int¢Test Tax and Depreciation is therefore £1.4m, 140/0 of n¢1 fee income, Compared to a sector average of IOO/o, This strong financifil performan¢¢ refl18 th¢ light fiscal management within the S¢hool and the growing pupil numb¢rs despite the difficult e¢onomi¢ ¢lim4lt foT independent schools ourrently, The School achieved an operating surplus of £94,913 which will be added lo general fund$. The principal source of funding for the School r¢m4ins tuition fe¢s. Reserves Pollcy The Charity Commission expects that all ch#rili¢s have plans to spend th¢ money that they reÈeive for charitable purpos¢s. However, they also expect ¢harities to hold reserves to me¢1 sp¢cific longer t¢mi charitable purposes, and also to mitigate the risks inh¢rent in their businesses. Th¢ Qovemor5 believe that the major financial risks the School requires reserves for are..
Pase 8 ST. EDMUND'S SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31ST AUGUST 2024 Icontlnuedl Re$¢rw¢b Poll¢y (contlnu¢d) To address the possibility of a rapid downturn In pupil numbers which would verSe7Y affect our in¢ome generalion. Thu5 a re5¢Tve would be needed lo allow for a reslru¢tUTing o(Ihe School, 2. The S¢hool has built, and intends to continue buildin& reserves to ensur¢ it5 CX151ing op¢rations remain tit for puryose and to develop new seTvices. 3. The School inlends to continu¢ buildlng T¢serves so as to be able to continue to make improvements 10 fA¢ilities and the esiaie. The Balance Sh¢¢t shown In these fin0181 statements, and broken down In more detail in noie 13 shows the School to have Reserves of £4,246,B25 at 3 1st August 2024. These reserves ar¢ held in unrestricted fund5. GOTrIC CONCERN The Governors ¢onsid¢r that the School remuins a going concem and that thls Is lh¢ appropriat¢ basis on which lo prepare the financial Statements. FUTURE PLANS Planning p¢rmission has Tecently been approved for a n¢w astro which wlll be a w¢lcoTng addition to the school's fa¢ilities. A potential rhew purposo-buill Art and DT fa¢ility are also under con5ider4tion. ATEMENT OF GOVERNORS> RESPONSIBILITIES Company Law require5 the Goveinors to prepar¢ accounls for each finala1 yeaT which give a true aTMA fair view of the 5tat¢ of affairs of the School and of It8 t income or ¢Kpendlrure foT the year. In preparing the 8ceount$, the Governors are requir¢d to.. seleci suitable accountin8 policies and then apply thein eonsi8t¢nily,' make judgments and e5tiroates that ar¢ reisonabl¢ and prudent: stale whether applicable accounting standards have b¢en followed, subjeel io any materÈal departUTes that are disc195¢d and explained in the fu)ancio1 stat¢ments,' and PTepare the accounts on the going-¢oncern basls uniess it is inappropria* to pr¢sume that the Sch¢)ol will coniinue in busine8$. The Governors are wponsible for keeping proper accounting records wh5¢h discl¢)se with reasonable 4ecur4¢y the fin&ncial position of the School ai any IDne. and to enable them to ensuTe that the accounts Comply with the Companies Aci 20Q6. They are also responsibl¢ for safeguarding th¢ assets of the S¢heol and, therefore, for taklng Teasonible 8tep8 for the prevention and detection of error. fraud or other IrreBulari¢ies. In th¢ Case of each of the persons are governors at the time when the Tepon of the governors is approved.. so far as each GovenK)r is aware, there is nr) relevant audit uthrn141ion (inf0mtiOn needed by the School's iudilors m connection with pr?paring their report) of which th¢ School's auditors ire UDawar¢,' ¢xh Governor has tsken all th¢ sieps required of Governors ¢0 make himself or herself awar¢ of any relevant audit infotmatlon and th establish thai the School's auditor$ are aware of that infonD4¢ion. AUDITORS In accordance with Section s,485 of the Companies Aet 2006, a resolulion proposing the reappointment of Knox Cropper as auditors lo the School will be put io the pnnual general meeting. Approved by the Board of GovernoT8 ar its me¢ting on 17 March 2025. And si8n¢d on ils behalf by.. MTS A Alliss Chairman
INDEPENDENT AUDITORS7 REPORT TO THE MEMBERS OF p¢9 sr, EDMUND'S SCHOOL TRUST LIMITED Oplnlon We have audited the financial statements of Si Edmund's S¢hoDI Trust Limited (the 'ehariiabl¢ ¢ompany'l for the ye&r ended 31st August 2024 whieh Comprise the Statement of Financial Aclivilies, the Balan¢e Sheet, the St&temeni of Cash Flows and the related notes. The financial reporting fr8mewoik that has be¢n applied in their pieparotion 13 applieable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclice). In our opinion the financial siatemenls.. give a (rue and fair view of th¢ slate of the charitable company's affairs as ai 3151 August 2024 and of its Income and expendiwre. including its result, for the year then eJ¥Jed,. have been properly prepared in aCrdance with Uni*d Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companles Aci 2006. BASIS for oplttlon We conducted our audil in ac¢ordance with International Standards on Auditing {UK) IISAS (UKI) and applicable law. Our responsibilities under (hose standards are further described ID the Auditors responsibilities for the audit of the fitvdn¢ial statemenis se¢tion of our r¢port. We are independent of the ¢haritable company in accordance with the ethical requirements that are relevant to our audii of the financial statements in the UK, including the FRC'S Eth&cal Standard. and we have fulfilled our other ethical responsibilities in accordan¢¢ with these requirements, We believe that the audit evidence we have obtained is SU1¢itl and appropriate provid¢ a btLSiS for tsur opinion. Collcluslotss relating to golllg ¢on¢ern lrt auditing the finan¢ial statgmenls, we hAv¢ concluded that the directors, us¢ of the going ¢oncern basis of accounting in the pr¢paration of the financial statements is appropriate. Based on the work w¢ have performed, we have no¢ identified any material uncertainties relating to events or ¢onditions that, individually or collectivelyi may ¢ast significant doubt ort the ¢ompany's ability to continue as A going concem for a period of at least twelve rnonths from when the finanoial statements ar¢ authorised for i$su¢. Our wponsibilities and the responsibilities of th¢ dire¢tor$ with resp¢ct to goirtg concem )1¢ described in the relevant section$ of this r¢port. Other informatlon The Governors are responsible for Ihe other inforrnation. The r>iher informaliun ¢omprises the inforffja¢ion included in the Annual report, oth¢r than the financial statements and our Report ot the Independent Auditors Ehereon. Our opinion on the financial statemet)ts does not cov¢r the other information and. except to the extent 8xpli¢iily stated in our report, we do noE expr¢ss Any for of assuran¢e concluslon thereon. In ¢otu]ection with our audit of the financial statements, our ie5ponsibility is to read th¢ other informaiion and, in doing so, consider whether the other information is rnalerially inconsistent with the financial sIatelln(S or our knowledge obtained in the audil or otherwise appears to be maierially mi551ated, If we identify such mal¢rial inconsisiencies or apparent missts¢¢ments, we are required lo determin¢ whether there is a material missthiement in th¢ flnancial staiements or a material misstatement of the other information, If, based on the work we hav¢ performed, we conclude thal ih¢re is a material misstatement of this other information, we are r¢quir¢d to report that faci. We have nothing to report in this re8ard, OplDlon on other malters pres¢ribed by the Companles Act 2006 In our opinion, based on th¢ work undertaken in the course of th¢ audit.. the information given in the Report of the Governors for the financigl year for whith ihe financial siatements are prepared is ¢OT)SiStent with the financial slalement$', and the Reporl oc the Governors has been prepxr¢d in Accordance with applicable legal requirements.
Page 10 INDEPENDENT AUDITORSJ REPORT TO THE MEMBERS OF ST. EDMUNDIS SCHOOL TRUST LIfflTED Icotstlnued) Mattsrs whlch we are requtrtd to report by excepttoll In the li8ht of the knowl¢dge and understanding of the charitsble company and its environment obtained in th¢ course of the audit, w¢ hav¢ nol identifi¢d material misslatements in the Report of Ihe Governors. W¢ have noihins report In respe¢c of the following matters wh¢re the Comyanies Act 2006 requires us lo report to you if, in our oplnion.. adequate accounting records hav¢ not been kept or returns adequate for our audit have not been received from bran¢h¢s not visited by us, or the financial stalements are not in agr¢emenl with the accounling records and returns,, or certain disclosures of Governors, remuneration specified by law are not made,. or we have not re¢¢ived all the information and explonarions we require for our audit. Responslblli¢ies of Eovernors As explained more fully in the Statement of Governors Responsibilities set oui on page 8, the governors (who are also the directors of the chaiitable company for ihe purposes of company law) are responsible for the pieparaiion of ¢he financial statements ar for being satisfied that they give a inje and fair view, and for such internal conlrol as the governors de¢ermine 15 necessary to enable the preparation of financial Statements that are free from material misstaiement, whether due to fraud or error. In pr¢parin8 che financial statements, the governor5 are responsible for ass¢ssing ihe charilabl¢ company's ability to continue as a going ¢on¢¢rn, disclosing, as ?pplieable, m4tters r¢lai¢d to going concern and using the going ¢oncern basis of accounting unless the Injstees eiiher intend lo liquid?t¢ the charitable ¢ompany or to tease operations, or have no realistic allernaiive bu¢ to do so. Our resptsllslbllltles for the audlt of the flnallclal statements Our objectiv¢s ère to obtain reasonable assurance abwt whether the financial statemenis as a whol¢ are free from material mis$iai¢ment, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes OUT opinion. Reasonabl¢ assurance is a high l¢v¢l of assurance, bui 1$ not a guarantee Ihal an audit ¢ondu¢ted in accordance with ISAS (UK) will always detect a rnalerial misStalem¢ni when il ¢Xisls. Misstatements can arise from fraud or error and are considered material if, individually or in th¢ a88regate, they could reasonably be ¢xpe¢ted to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, I]uding fraud, are inslan¢¢s of non.cornplian¢e with laws and regulations. We design procedures in linc with our responsibililies, ou¢lined above, ro dele¢1 mat¢rial misstatements in respect of irr¢gulari¢ie8, including fraud. The extent to which our procedures are capable of de¢e¢ting irregularities, including fraud i$ detailed below.. We obtained an understanding of the legal and regulatory fr8meworks that are applieabl¢ to the charitabl¢ eompany which have a dir¢¢r impact on the financial statements and de¢ermitJ¢d that the most signifi¢anl are the Financial R¢porting Standard 102 'The Financial Reportlng Stsndard applicable in the UK and R¢public of Ireland, (United Kingdom Gen¢rally Accepted Accounting Practlce) and the Componies A¢¢ 2006. We understood how the ¢haritabl¢ Company is complying with those fram¢works via communication with those ¢harged with governance, together with the review of the charitable company's documeni¢d policies ond procedures. We assessed the susceptibility gf th¢ charitable company's financial staiemenis to tnaterial misstateTnent, including how fraud might occur by considering Ihe key Tisks impa¢(ing the financial Sialetnents. These in¢lud¢d risks associated with revenue recognilion, rnanog¢m¢nt override of controls,
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF Page 11 ST. EDMUND'S SCHOOL TRUST LIMITED (Continued) Our re8ponslbllltles for the audlt of the tlnaneial statements (contlnuedl Our approach included agreeing the charitable company's recognition of incomB to the terms of th¢ underlying conlra¢ts for fee$, the review of joutnil entries pro¢essed in the accountin8 records and the investigation of significant #nd unusual transactions identified from our rev¢ew of Ihe accounting records. and ihe review of government support scheme grants receiveil to ensure they were not fraudulently claimed. Based on this understanding we designed our audit procedures to identify non-compliance wirh such laws and regulaiions. Our procedure$ involved review of the Teporting to the directors with resp¢¢t to (he application of the documented policies and procedures and review of the financial statements io ensure compliance with the reporfing r¢quir¢m¢nts of the charitable Cotnpany. There are inheren¢ limiiations in the audit procedures d¢ribed above and, the bjrther removed non- compliance with laws 2nd regulations is from the events and transactions reflect¢d in the financial statements, the less likely we would become aware of it. The risk of not det¢¢tin8 a material misstatement due to fraud is higher than (he risk of not deteciing one resulting from error, as fraud may involve deliberate concealment byi for example, foTg¢ry or intentional misr¢pTesentations, or through collusion. A further description of our responsibilities for the audit of the finan¢i81 statements is located on the Financial Reporting Council's website at www.frc.org.uklauditoisie5ponsibililies. This descriptlon forn)s part of our Report of the Independent Audiiors. Use of our report Thi5 report is made solely to the m¢mbers, as a body> in accordance with Chapt¢r 3 of Parl 16 of the COmnieS Act 2006. Our audii work has been undertaken so that we might slate lo th¢ ¢haTltable ¢ornpany's members those matters we are required to Sta lo them in an auditors, report and for no other purpose. To the fullest exient permitted by law, we do not accept or assume responsibility ¢0 anyon¢ other than the charitable ¢ompany's and the charitable company's members a body, for our audit work. for this report, or for the opinions we have formed. Matthew Elkins FCA (Senior Stawtory Auditor) For and on behalf of Knox Cropper LLP Chartered A¢countanls and Slal0rY Auditors Office Suite I, Haslem¢re H¢)use Lower Street, HasleTnere Surrey GU27 2PE Date., IS
Page 12 ST. EDMUNDIS SCHOOL TRUST LIMITED STATEMETrn OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST AUGUST 2024 2024 2023 Unrestricted Fullds Unrestricted Funds INCOME FROM Charitable activitie$ Other trading aciivities Other Inv¢slmeni Income 9,557,386 10,115 8,691,917 10,640 4,120 122 TOTAL INCOME 9,567.501 .706,799 EXPENDITURE ON Raising funds Charitable activities 144,378 9,328,210 140.255 8,347,839 TOTAL RESOURCES EXPENDED 9,472,588 8,488.094 NET MOVEMENf IN FUNDS 94.913 218,705 RECONCILIATION OF FUP4DS Totsl funds at 1st S¢piember 2023 4,151,912 3.933,207 TOTAL FUNDS AT 31ST AUGUST 2024 £4,246,825 £4,131,912
Page 13 sr. EDMUNDYS SCHOOL TRUST LIMITED srATEMEKf OF CASH FLOWS FOR THE YEAR ENDED jisr AUGUST 2024 To¢91 2024 Total 2023 Net cash flow from operating a¢tivitle$ 2,808,11)O 1,372,673 Net cash provided byllused in) inYe8ting activities Purchase of fixed assets Interest r¢ceived (594,1621 (2,553,400) 122 Net cash provided byl(us¢d in) financing activitie5 Interesi paid Loan advance Hire purchase Repaytneni of loan5 and hire purchase (307,4631 373,700 51,000 (301,7811 (235,463) 1,200,000 (266,469) Change it] cash and cash equivalents in the period (2,029,394) (482,5371 Cash and cash equivalents at the b¢ginning ot the period 221,256 703.793 Cash and casb equlvglents At the end of the perlod £2,250,650 221,256 Reconclllatloll of net Incomt to net CAsh flow from operAtln8 actlvities Net income for th¢ reporting period Investment income Lnterest P4id Decrease l (increase) in stocks Decrease l (increase) in d¢btors (De¢re*se) l increase in creditors Depreciation Lossllprofit) on disposal of fixed assets 94,913 2E8,705 (1221 235,463 2,128 99,593 (47,377) 864,283 307,463 602 (168,375) 1,576,095 996,207 1,195 Net eash flow from operAtin% #ctivities £2,808,100 £1.372,673 Analysls of c4sh and cash equfivalents Bank balances £2,250,650 £221,256
Pag¢ 14 ST. EDMUND'S SCHOOL TRUST LtMITED STATEMEiYf OF CASH FLOWS FOR THE YEAR ENDED 31ST AUGUST 2024 RECONCILIATION OF NET DEBT At 01.09.23 C4sh Thws At 31.08.24 Cash and cash equivalent5 221,256 2,029,394 2.250,650 Loans falling due within on¢ year (272,9661 45,315 1227,651} Loans falling due after more than one yeaT (5,262,983) (166.419) (5,429,402) Hire pur¢hasB conlra¢ts falling due within on¢ year (33,288) <2,9151 (36,2031 Hire wrchase contracts falling due within one year 134,922) 1,100 (33,822) 5,382.903 £1,906,475 3 476,4281
Pkge 15 ST. EDMUNDIS SCHOOL TRUST LIMITED BALANCE SHEET AT 318r AIIGUST 2024 2024 2023 Notrs FtXED ASSETS Tangible assets 11,169,347 11,572,587 CURRBNT ASSETS Siock Debtors Cash al bank Lnd in hand 9,733 560,040 2,250,650 10,335 391,665 221,2S6 io 2,820.423 623,256 CREDITORS: AMOUNTS FALLING DUE WITHIN ONB YEAR 3,229,939 1,943,545 NET CURRENT LIABILITJES 1409,516) <1,320,289) TOTAL ASSETS LESS CURRENT LIABILITIES 10,759,831 10,252.298 CREDITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 12 6,313,006 6,100,386 TOTAL NET ASSETS £4,246,825 £4,151,912 The fvnd8 of the charity: UNRESTRJCTED FUNDS RESTIUCTED FUNDS 13 13 4,246,825 4,151,912 £4,246,825 £4,151,912 Mrs J A Alliss ) GOVERNORS B E Farley Company number.. 01425355
Page 16 ST. EDMUND>S SCHOOL TRUST LIMITED NOTKS FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 ACCOUNTING POLICIFS I. I BA$ts of preparatfoll of fAnCIAl Statements and assessment of going toncern Th¢ financial sialements of the chariry, which is a public benefit entsty under FRS 102, have been prepared under Ihe historical cost conventlon and in accordance with the Charities SORP (FRS 1021 'Accounting and Reporting by Charities.. Staiemenl of Recommended Practice applicable ¢0 charities preparing their ac¢ounls in accordance with th¢ Financial Reporting Standard applicable in ihe UK and Republic of Ireland IFRS 102> (second ediiion issued in October 2019),, Finan¢ial R¢porling Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ir¢land' and the Companies Act 2006. The fiRR Ticial staiements are prepared in slerlingi which is the Presenlinal currency of ihe charitable company. Monetary amounts in these finan¢ial ststements are rounded lo Ihe nearest £. The trustees consider that th¢r¢ are no material uncertaimies about th¢ School's ability to continue as a going Concern. In (he normal course of evenis and based on expeeled fijture pupil numbers, the School expects to maintain a budgeted surplus for the foreseeable fufuTe. l.2 Fund accounting General fijnds are uniesrri¢ied fund5 which ar¢ available for use ai the dis¢retion of the Govemors in furth¢rance of the general objectives of the chariry and which have not been designaW for other puOse$. Designal¢d funds comprise unrestricied funds that have been sei aside by the Govemctrs for pariiculèr purp05¢5. The aim and use of ea¢h designated tbnd is set out in the notes lo (he finan¢ial statements, 1,3 Fee$ and $l]lli]aT income Fees r¢¢eivable and similar income represents the value of educational services provided during the year and are Stated after dedu¢ting allowances, scholarships and other r¢mission5 Ilowed by the School. Fee5 are generally invoiced termly in advance. Any payment received against such fees 15 deferred until the start of the relevant teaching p¢riod to which they ielate. In¢ome from donati0Tr5 is ac¢ounied for when received. and if f(Trr the general purposes of the School, is included in the general fund. Where the donor speeifiBs that the donation is for parli¢ular purpose, the income is included in the incoming resources of restricted funds wh¢n re¢eivable. 1.4 Resources expended All expenditur¢ is Accouni¢d for on an a¢cruals basis and has been included under ¢xp¢n5e caiegories that aggregate all costs for allocation io a¢civilies. Where costs caTU)Ot be directly attribut¢d to particular activi11¢5 they have been allo¢al¢d on a basis consistent with the use of the resources. The irrecoverable VAT is included with the item of expense to which it relate$,
Page 17 ST. EDMUNDJS SCHOOL TRUST LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMEPUS FOR THE YEAR ENDED 31sr AUGUST 2024 (Contiouedl ACCOUNTING POLICIES (Conlinuedl 1.5 Depreciation DepTeeiaiion is provided on permanent buildllw a¢quir¢d before the year end¢d 31si Augusi 2000 at one half pereent per annum, and for subsequent properties al two percent per a1UM. This is afier allowing for the estimaied cost of land in the original transfer value (not subject to depreciation) of £60,0. In accordance with ihe requirements of the SORP, properties ar¢ a¢¢ounied for on a component cost basis with eaeh ¢ompon¢nl bein8 depreciated over its estimated economic life. The principal componen¢s identified and the depreciation rate applied too each component are set oul below: Main fabric Over 70 years Roof structyre and covering Over 70 years Windows & external doors Over 30 years Boilers I heating systems Over 20 y¢ar8 Kitchen Over 20 years Bathroon]s I WC Over 30 years Mechani¢al systems Over 30 years Electrics Over 40 years Depreciation is provided on other fixed assets 10 write off their Cost over estirnated us¢bJl lives al the following rates.. Freehold buildings of non-perMenl constwclion Storage coniainers 20% p.a. on cost Oiher 6% p.&. on cost FUrnire, fitlin8s and equipment Compu*rs 33 1)% p,a. on cost Other IO% p.a. on cost Motor vehicleg 25% p.a, on written down value 1,6 Stock Stock is valued at the lower of Cosi amd nel r¢alisable value. 1,7 Work ID progress Wotk in progres5 relal¢s to assets as the course of con$ttu¢tion and is cApitslised as fixed ass¢ts, Deprecialion is not accounted for. however. until the asset is in econotnic us¢. 1.8 Glfts Miscellaneous gifts received for financing items of capital expenditure or given to th¢ headmaster tor use, at his discretion, for school purposes are brought into incoming resources. 1.9 Fthante leases gnd legslog Commitents Assets obiained und¢r finance leases are CapilISed in the balance sheet. Those held under such finance leases are depreciated over their eslimaied usefvl life or the lease term. whichev¢r is shorter,
Page 18 ST. EDMUND>S SCHOOL TRUST LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31ST AUGUST 2024 Icontlnuedl ACCOUNTING POLICIES (Continued) 1,9 Flllanee leases alld lea$lug commltments l¢ontlnued) The interest element of these obligations is ¢harged to th¢ Statement of Financial Activitie$ over Ihe relevant period. Th¢ capital elemeni of the futur¢ payments is Ir¢aled as a liability. Rentals paid under opeiating l¢as¢s are charged to the Statement of Financial A¢liviti¢$ as incurred. 1.10 Pension Co$ts The School participates in the T¢a¢hers' Pension defined ben¢fiis scheme (TPS) and also pays into defined wnlribution schem¢s open ro the School's non.leaching staff. The TPS is an UnTrded s¢heme and contributions are ¢al¢ulated so as 10 spread the cost of pensions over employees, working lives with the School in such a way thai the pension eost is a substantially level percent88e of Currenl and filre pensionable payroll. The TPS is a mul¢i-¢mployer pension scheme open to the School's teaching Staff and 1¢ is not possible Io identify the assets and liabilities of the scheme #ttributable ¢0 the S¢hool, The TPS 1$ Irealed as a defined con¢ribution scheme and the con¢ributions OgniSed as they are pald each year. The scheTne is nnaged by the Department for Education. 1.11 Taxatlon No provision Is made for laxalion, since the ¢ompany is a registered charity which his claimed tax exemptiort 8tatU5. 1. 12 Debtor5 aDd ereditors Debtors and ¢reditors are classified as basic financial instrnm¢nts and are measured and r¢¢ord¢d in the accounts at the initial transaction price, 1.13 Flnanclal In$truments Th¢ Charity only has financial ass¢is and liabilities of a kind that qualify as basic financial instruments. including 11$ debtors and creditors. These ar¢ initially recognised ar Ir2nsa¢iion value and 5ubsequenily valued at their seiilement value. 1.14 Slgnin¢aDt mAD8Eement Judgement8 And estimatlon ulleertaintles The significant management jud8ements and e5timalion unc¢Ttaintie$ applicable to these accounts relate to the ar¢a5 Of.. Impairment of fix¢d assets The governors assess the carrying value of significant fixed assets al the year end date lo determine wh¢ih¢r a detailed impaimient review is indicated. Depreciation rates Management review5, and th¢ Governors confirm, the usefvl lives of depreciable as1$ when the iermly management accounts are prepared. Provision for bad debts Managemeni monitors the aged debt posi(ion consistenily throughout the year and reports on a termly basis to the Finance Committee.
Page 19 ST. EDMUND>S SCHOOL TRUST LIfvIITED NOTES FORMING PART OF THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31ST AUGUST 2024 Icontlllued) 2024 2023 CHARJTABLE ACTIVITIES Tuition 8md boarding fees Less.. Scknlarships, bursaries and awards Bxlras and disbursements recovery Registration f¢es 11,222,941 11,854,495) 171,015 17,925 10,173,874 (1,700,625) 204,293 14.375 £9,557,386 £8.691,917 2024 2023 OTHER TRADING ACTIVITIES Rents and letting$ Sundry income 9,272 843 9,617 1,023 £10,115 £10,640 OTHER INCOME Grants re¢eiv¢d £ 4.120 ANALYSIS OF RESOURCES EXPENDED 2024 Staff cos¢8 Other Costs Depref latlon Total Ratslllg funds Marketiftg costs and salary 40,197 104,181 144,378 Charltsble #ctlvltles Teaching Welfare Premises Supporting costs of s¢hoollng 4,340,970 77,804 435,503 574,853 539,351 927,424 774,210 661,888 595.871 5,476,192 1.005,228 1,553,335 1,293,455 343,622 56,714 5,429,130 2,902,873 996,207 9,328,210 £5,469,327 £3.007,054 £996,207 £9,472,588
Page 20 ST, KDMUND'S SCHOOL TRUST LIMITED NOT&S FORMING PART OV THE FINANCIAL STATEMETrrrs FOR THE YEAR ENDED 31sr AUGUST 2024 (Continued) ANALYSIS OF ROuRCEs BXPENDED (CONTINUED) 2023 Staff Other eosts Depreelatlo Total RAlslng fuuds Markeiing costs and 5al&ry 36,074 104,181 140,255 Charltable 4¢tlvliles Teaching Welfare Premlse5 Supporling costs of s¢hooling 3,972,418 75,340 414,088 541,103 450,510 765,959 624,640 639,498 567,462 4,990,390 841,299 1,280,577 1,235,573 241,849 54.972 5,002.949 2,480,607 864,283 8,347,839 £5,039,023 £2,584,788 £864,283 £8,488,094 2024 2023 NET MOVEMENT IN FUNDS This is Staled after charging,. Depreciation of tangible fixed assets: owned held under hire purchase 959,239 36,948 814.137 50,146 8,880 3,588 10,939 Auditors, remuneraiion Auditors, non-audii costs Inte$t hire pur¢h*se ¢on¢racts 3.9 12,353 Auditor5 remuneration net of VAT is £7,750 and £3,250 r¢specLively. During the year no Governors r¢¢¢ived any remuneration or b¢n¢fits in kind (2023.. £Nill. 2024 2023 STAFF COSTS Wages and salaries Social Security ¢osts Pen8ion con(ribuiion$ Apprenticeship levy 4,259,272 403,533 800,836 3,988,596 366,268 679,406 4,753 5,686 £5,.469,327 £5.039.023
Page 21 ST, EDNIUND>S SCHOOL TRUST LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMETrllS FOR THE YEAR END D 31ST AUGUST 2024 (Contlnued) STAFF COSTS ICONTLNUED) 2024 Number 2023 Number The averAge monthly number of employees in the yeir was: Teaching full-tim¢ pari-tim¢ full-time part.time 48 13 12 68 47 14 Other 64 141 136 Six employees received iemuneraiion benefits, excluding employer penslon costs, of more than £60,OC() during the yeaT. Four of between £60,000 and £69,999, one of between £110,000 and £120,(X)Q, one of between £210,IXO and £220.(K)O. Employment benefits received by K¢y Management Person1 amount LO £1,053,146 (2023,. £966,530). Key Manag¢mertt Personnel. are those persons who, in addiiion to the Gov¢rnors, have directly or indirecily authority and responsibiliry for planning, direciing 2nd controlling the acliviries of the School.
ST. EDMUNI>'S SCHOOL IIIUST LIMrrED NOT&S FORMING PARTOF THE FINANCIAL STATEMENryS FOR THKYEAR ENDBD 31ST AUGUST 20 {cote) TANGIBLExBD ASSETS FTeehtyld rrtlknv and ¢qulpmeDI PErJnwyt4¢ bulld C•Mpuler equlpmelll Motor vehlcks Work Tht COST Al 1st Sepkmbtt2023 Addiiw)ns DlspusBI Trardfrr 7.795.493 106,126 3,477.640 143.428 3.2r2,296 162,Yll 1.870.576 130,637 460,407 51,(Kl) <15,9001 16,826,412 594,162 115,gY)I Ai 3l¥i Augvs12024 7.Slll,619 3,621,068 J,J85,267 2.01>1,213 495.J07 17.4ts1,674 DEPRECIATION AI Is¢ S¢pternber 20Z3 Oth dis531& char fthE yur 798,438 1,309,783 l.J48,620 1.519.762 277,222 (14.7051 56.714 5,253.825 114,7051 996.201 I26.4 216.748 365,fA12 230,269 Al 311¢ AuBUSt 2024 925.312 .714,222 1.7S),031 6.lJ3,327 NET BOOK VALUB AI 31si Augknst 2024 £6.976.307 rL,094,537 £1,671,045 1251.182 £176.270 ti1.169,347 AI JISL August 2023 £6.gn,055 n,167,857 £1,873.676 1350,814 £183,185 £ll,572,587 Irrflwjed cowe¢ equIpn1 asspts he urthi hlr8 purcba&e contracls wlih i r*1 book 1¢ £Nil12023., £Nill. lftcludcd in Mor vehKles ate &%5etg hakl hiiepurCh with a bwk Yul0f]I5,7j6 (2023.. £169,459>.
ST. EDMUND'S SCHOOL TRU LIMITED Page 23 NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 21124 Icontinuedl 2024 2023 STOCK Consumables £10,235 £10,235 io. DEBTORS Fees debtors Prepayments and a¢cn)ed inwme 146,992 413,048 129,635 262,030 £560,040 £391.665 ii. CREDITORS.. AMOUNTS FALLING DUE WITHLN ONE YEAR Fees charged, in advance Bank loans (current insialments) Hire pur¢hase TT2de creditors Payroll taxes and social s¢¢urity ¢OStS Other creditors Accwals 2,365,767 227,631 36.203 190,436 97,653 84,519 227,712 906.354 272,966 33,288 337, 199 99,423 128,355 165,960 £3,229,941 £1,943,545 Bank loans and OV¢TdrHft fa¢iliii¢s'. All monies advanc¢d by the bank are 8e¢ured on th¢ School's freehold land and buildings. The bank loans are repayable by July 2025, May 2020, November 2038, Augus¢ 2043, June 2044 and July 2045. Inierest is charged respectively ai 4.23 %, 2.18%, 5.84%, 4.9l %, 3,17% and 2.94% above the Bank of England base Tate. 12. CREDITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Fees in advance Bank loans Hire pur¢hase Other ¢reditors 743,782 5,429,402 33,822 306,000 531,121 5,262,983 34,922 271,360 £6,513,006 £6,100,386 The bank l¢)ans indude which is repay4ble after more than fiv¢ years.
Page 24 ST. EDMUND'S SCHOOL TRUST LIMrrED NOTES FORMING PART OF THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31ST AUGusf 2024 (Contilluedl 13. FUNDS 2024 Restrle¢ed Unrestrlcted TotAI Balance ai 1st September 2023 Net incoming resouwes before transfer$ 4,131,912 94.913 4,151,912 94,913 Balance at 31st August 2024 £4,246,825 £4,246,825 REPRESENTBD B Y., Tangible fixed asseis Nel Current li4bililies Long term liabilities 11,169,347 (409,516) (6,513,006) 11,169,347 (409,516) 16,513,C(16) £4,246.825 £4,246,825 2024 Res¢rS¢led Unreslrlcted Unrestricted Balance at 1st September 2021 Nei iD¢oiiiing resources before transfers 3,933.207 218.705 3,933.207 218,705 Balance at 31st August 2022 £4,151,912 £4,151,912 REPRESENTED B Y: Tangible red assets Net curr¢n( liabilities Long term liabllillcs 11,572,587 (1,320,289) (6,100,386) L1,572,587 11,320,289) 16,100,386) £4.151,912 £4,151,912 The Gelleral Fund repTesenls thc unreslricied futNJs which the Governors are free to use in accordance with the d]arilabl¢ object5.
Page 25 ST. EDMUNDIS SCHOOL TRUST LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 Icolltinued) 14. RELATED PARTY TRANSACTEONS Two Spouses of key managemeni persotmel and Ihree family membets on Iljll time or part lim¢ bases received sa18ri¢s 8Th1 pensions contributions during (he year along with associated so¢ial security costs lolalling £109,280. Bursaries were awarded to governors, family members lotalling £27,922 during the year. 15. TEACHERS, PENSION SCHEME FINANCIAL NOTE The school participates in the Teachers, Pension Scheme ("the TPS") for it teaching staff. Th¢ pension charge for the year includes contributions payable lo the TPS of £690,93012023..£591,9291 and ai the year.end £84,423 (2023'.£69,6771 was accru¢d in respect of coThtributions lo this scheme. The TPS is an Unnded mulii.employer defined benefAiS pension scheme govertl by The Teacher's Pensions Regulations 2010 (as wnended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members coniribuie on a 'pay as you go, basis with contributions from members and the employer being credited to the Exehequer. Reiirement and other pension benefits are paid by public funds provided by Parliament. The employeT contribution rate is set by the Secretary of Stale following scheme valuation$ undertaken by the Government Actuary's Depariment. The most receni actyari&l valuation of the TPS was prepared as At 31 March 2020 and the Valuation Report was published in O¢tober 2023. Following ¢he M¢Cloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the formed or legacy schemes for Ihe period l April 2015 tr> 31 March 2022. The actuaries have assumed Ihai members are likely to choose the opiion that provides them with the greater benefits, and in pr¢paring the 2020 valuation has valued the 'gr¢8ter value, b¢nefits for groups of relevant members. ie eiiipluyer contribution rate for the TPS is 28.6%, and employers are also requiied to pay a s¢heme administration levy of 0.08% giving a lotsl employer contribution rate of 28.68%. POST BALANCE SHEET EVENT 16. On 18 November St Edmund'$ School announced that it was lo merge with St Hilary's School in Godalming. This followed a year of eooperaiion beiween the Governors and Headmasters of both School& lo examin¢ the possibilities and oppOrnitieS for both Schools and their pupil, which itself follbwed on from years of positive informal Telaliooship. The move was formalised in an agreemenr signed by both parties on 29 November 2024.