THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST REPORT AND FINANCIAL STATEMEPtrs FOR THE YEAR ENDED 31 AUGUST 2022 Company Registration No.. 01710695 Charity Registration No.. 286892
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST REPORT AND FINANaAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Page Governors. Officers and Advisers Report ofThe Governors 3-20 Independent Auditorfs Report Statement of Financial Activities 24 Balance Sheet 25 Cash Flow Statement 26 Notes to the Financial Statements 27-43
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST GOVERNORS. OFFICERS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 REGISTERED OFFICE: Faringdon Road, Abingdon, Oxfordshire, OX14 IBE DIREOR5 AND GOVERNING BODY: Appointed Resigned Committeelsl Mr Kevan Leggett 17106/2013 111121131141151161 Chair of Governors, Chair Finance & Operations, Chair Remuneratlon Mr Neol Bailey 2110312022 Miss Sara Benbow 2110312022 Mrs Pauline Cakebread 2810211994 M5 Sharon Cooper 3011112020 Mr Giles Crowe 2611112018 Mr David Lea 0910311998 Mrs joanne Loveridge 0210912016 Mrs lenny Mitchell 20/0312017 Ms Jacqualyn Pain 1810312019 Mrs Olivia Rathbone 2611112018 Dr Manjari Chandran- Ramesh 2210312021 Mr Graham Steinsberg 1510512021 141 141 111121161 Chair Foundation 141 131 Chair Buildlng Development 151 151161 141151 Chair Governance, Chair of Education 20/0612022 111161 111121 Chair Finance & Operations Comrnittee 2010412022 Member of the Finance & Operations Committee (previously known as Finance & Systems Committee) Member of the Remuneration Commlttee Member of the Building Development Committee Member of the Education Commiltee Member of the Governance Committee Ipreviously known as Risk & Compliance Committeel Member of the Foundation Committee 121 141 161 The following Governor retired on reaching their 4-year annrversary and was re-appointeil for a further 4 years.. Giles Crowe OFFICERS: HEADMISTRESS: Mrs Rebecca Dougall SECRETARY & BURSAR: Ms Alison Jarratt until 3 Jan 22 SECRETARY & DFO: Mrs Nicola MrAvoy from 4 Jan 22 CLERKTO THE GOVERNORS: Mrs Elizabeth Tyler KEY MANAGEMENT ROLES.. Headmistre55, Dirertor of Finance & Operations, Deputy Head, Director of Staff. Direttor of Students, Director of Communications, Head of Sixth Form
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST GOVERNORS, OFFICERS AND ADVISERS (continued) FOR THE YEAR ENDED 31 AUGUST 2022 BANKERS: National Westminster Bank plc 11 Market Place Abingdon Oxfordshire OX14 3HH INSURERS.. Endsleigh Insurance Service5 Limited Endsleigh Park Shurdington Rd Cheltenham GL514U AUDITORS: Hay5macintyre LLP 10 Queen Street Place London EC4R IAG
THE SCHOOL OF ST HELEN AND ST KAThARINE TRUST GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The Governors present their annual report for the year ended 31 August 2022, in accordance with the Charities Act 2011, and the Companies Act 2006, together with the audited financial statements for the period, and confirm that the latter comply with the requirements of the Companies Act 2CKJ6, the Compan5 Memorandum & Artlcles of Association and the Charities SORP 2019. REFERENCE AND ADMINISTRATIVE INFORMATION The School of St Helen and St Katharine Trust (the Trust) is a charitable company limited by guarantee, company registration number 1710695 and charity registration number 286892. In the event of the company being wound up, the liability of each member is limited to a maximum of £1. The Trust was originally founded by Trust Deed in 1903 and was subsequently incorporated on the 29 March 1983. STRucfuRE. GOVERNANCE AND MANAGEMENT Governing Document The School is governed by its Memorandum and ArticFes of Association. last amended on 16 July 2017. Governing 8ody The members of the Governing Body are listed on page l. Member5 of the Governing Body are elected initially by existing Governors, in accordance with the Trust's recruitment policy and are then subject to re-election as set out in the Articles of Association. Governors serve a four-yeartemi whereupon they must retire but may be re-elected for a further four-year term. Members of the Governing Body are also trustees by virtue of being directors of an incorporated charitable trust. Recruitment und Tralnlng of Governors Potential Governors are identified by members of the Governing Body and considered against the Body's specifications concerning eligibility, competence, specialist skills and local availability. They seek to achieve a balance of experience and a background in secondary and higher education, finance, business, law, facilities management, health & safety, information technology and as parents and former pupils. On appointment, Governor5 are provided with an induction pack, briefings and a tour of the School to give them an understanding of the School's operation and finances. Further training is offered at seminars and through briefings ar regular meetings. At appropriate intervals, specific aspects of the School are examined on study days. Organisational Munagement The members of the Governing Body are legally responsible for the overall management and control of the School. The Governing Body meets at least three times a year and at other times as required. Sub-committees prepare recommendations for approval and are scheduled to meet in advance of each meeting of the Governing Body. except for the Building Development Committee, which schedules its meetings according to projects and capital investment that is being considered. Mr Kevan Leggett is Chair of Governors and Chair of the Remuneration Committee, Mr Graham Steinsberg was Chalr of the Flnance and Operations Committee until 20 Apr 22 and then replaced by Mr Kevan Leggett, Ms Jaqualyn Pain 15 Chair of the Education Committee and of the Governance Committee, Mr David Lea is Chair of the Building Development Committee and Mrs Pauline Cakebread is Chair of the Foundation Commlttee. A full list of committee members is on page l.
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST GOVERNORS, REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2022 STRUCTURE GOVERNANCEAND MArGEMENT fcontiTnuedJ The day to day running of the School is delegated to the Headmistress who is assisted by the Director of Finance & Operations, the Leadership Team and the Senior Management Team. The Headmistre5S, the Director of Finance & Operations and the Deputy Head attend meetings of the Governing Body and other members of the Leadership Team attend as required. Remunen7tion of Key Management Personnel The Governors consider that the Leadership Team comprise the Key Management Personnel (see note 8 to the accounts) of the School. Remuneration of the Leadership Team is set by the Remuneration Committee and is kept under annual review. A number of criteria are used in setting pay.. Nature of the role and responsibilities Sector salaries as indicated by various benchmark and other market reports Cost of living increases Trends in pay The Governors aim to provide market competitive salarie5 and recognise the need to pay higher salaries for exceptional candidates where this is in the interest of the School. Group strurture The Trust has a wholly owned non-charitable subsidiary, HK Activitie5, which has ceased to trade and is not consolidated. This is a company limited by guarantee whose Director is one Governor. CHARITABLE OBJEcfs AND AIMS The Trust's objects are specifically restricted to the following.. To advance the education of the pupils of The School of St Helen and St Katharine, giving a sound Chflstian and moral basis, by providing and assisting in the provision of facilities for education and accommodation at the school. For the public benefit to promote the education lincludir¢g social and physical training) of people under the age of 19 years in such ways as the Trustees think fit, including by.. Awarding to such persons scholarships, bursaries, maintenance allowances or grants. Providing their education lincluding the study of music or other arts), to prepare them for entry to any other educational establishment, occupation, trade or profession. Aims The principal activity of the Trust is to operate The School of St Helen and St Katharine as an independent day school for girls aged from 9 to 18 years. The Governors, policy is to ochieve a social mix. The Trust aims to develop the individual talents and stiengths of all pupils within a community based on Christian values so that they may grow in confidence, increase their awareness of the moral and spiritual dimensions of life and achieve high leve15 of intellectual attainment.
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST GOVERNORS, REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2022 CHARITABLE OBJEcfs ANO AIMS {continuedl OBJEcfivES In setting objertives and planning activities Governors have given careful consideration to the Charity Commission's guidance on public benefit. To continue to be the leading girls, school in the area. To continue to deliver the further development of the School's involvement in partnership activity intluding our involvement in a town-wide learning partnership with both maintained and independent schools. To develop further systems of 5UPPOrt for those students and their families who encounter challenges to their mental health. To enhance academic enrichment programme to support academic resilience and scholarship. To continue to work with partners on the building and fit out of the new sixth form centre and begin the process of planning the reuse of existing facilities to support aspirations for 5tudent5' experience. To continue to develop profile of new STEM sixth form bursaries and increase applicant group. To build a sustainable approach for fund-raising to support bursary provision. To review the structure of the school day to support work with Abingdon School and other partner schools and extend extra-curricular opportunities for students. To develop our strategy on Diversity and Inclusion, working with key partners to support our work. To ensure sound financial planning is in plate taking atcount of the current and future economic and political pressures. ETH05, STRATEGY AND POLICIES The School is an academically selective school for girls aged 9 to 18. Fees are set at a level to ensure the viability of the School consistent with providing excellent education and facilities. The School aims to recruit girls from both independent and maintained schools who demonstrate the potential to meet the academic and general standards commensurate with the ethos of the School. The School must be reasonably sure that it will be able to develop the individual talents and strengths of the prospective pupil so that she may have a happy and successful school career and become a confident, well rounded adult. Applitations are encouraged from all backgrounds. Students are encouraged to achieve high academic standards within a caring, happy, supportive environment. Equol Opportunities Each member of the School is valued as an individual and we strive to create an environment in which all pupils and staff are encouraged to achieve their full potential. We are committed to the principles of equality, opportunity and freedom from discrimination on the grounds of race, language, gender, reli8ion, socio-economic group, age, sexual orientation or disability. We seek to promote the principles of equality in education and to adhere to national legislation. Our aims are.. To ensure respect and acceptance for others. To ensure that all pupils have access to a broad, balanced and appropriately differentiated curriculum. To recognise and counter inequality and prejudice. To promote an understanding of the diverse society In which we live.
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST GOVERNORS. REPORT {continuedl FOR THE YEAR ENDED 31 AUGUST 2022 ETHOS, STRATEGY AND POLICIES {contlnuedl To demonstrate that society is strengthened and enriched by such diversity. To challenge the processes which lead to stereotyping and to encourage a critical understanding of the causes and assumptions that underlie prejudices. To ensure that discrimination against an individual or group is dealt with appropriately and that any form of harassment is not tolerated. To ensure that prospectuses and other advertising literature reinforce our philosophy. Applicants for posts at the School are judged on their merits, regardless of gender, age, race or ethnic or national origins, or marital statu5. All staff are required to undergo the Enhanced DBS check. Any disclosures will be considered fairly. Disabled pupils are not treated less favourably. We seek to make reasonable adjustment5 $0 that disabled pupils are not put at a disadvantage to pupils who are not disabled. This includes improving ways in which written information is provided to pupils who are disabled. The religious SeiCe5 are Christian and we do not have any plan to provide services for other faiths. Pastoral care is a major feature of the School, supporting all pupils with warmth and encouragement. Parents are given regular feedback on pupil progress through reports and parents, evenings. Information about the life of the School is provided through the weekly and termly newsletters and the School website and Extranet. Form tutors, Year and Settion Heads monitor academic, extracurricular and social progress, providing individual support where necessary. Scholt7rships Scholarships are awarded, by the Headmistress, to recognise excellence. ability and potential in one or more academic or extracurricular areas. The financial value is modest, and they are not subject to means testing. Academic scholarships are valued at £500 per annum, music scholarships provide free tuition in one instrument and all other scholarships are valued at £300 per annum. Scholars will be expected to make a Significant contribution to school life through their enthusiasm and commitment to the particular area for which they have been recognised. Progress will be monitored and scholars will be invited to a review meeting to discuss progress and future goals as they begin and complete each sectio of the school= Lower School (Years 7 and 81- Middle School (Years 9-111 and the 5iKth Fomi. Students may hold awards in more than one area Ithe second being of honorary rather than of financial value),. two non-academlc awards cannot be held by the same individual. Bursuries Governors consider bursaries are fundamental in achieving a social mix and enabling pupils whose parents would otherwise not be able to afford the fees to have access to the education we offer. Candidates for entry from Il+ and above may apply for bursaries. They are awarded to candidates whose performance in the entrance tests suggests academic merit and where the application satisfies the financial assessment required by the Governors. They may also be awarded to current pupils in cases of financial hardship to ensure continuity of education. All bursaries are reviewed annually; they may increase or decrease according to circumstances.
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST GOVERNORS, REPORT {continuedl FOR THE YEAR ENDED 31 AUGUST 2022 ETHOS, STRATEGY AND POLICIES Icontinuedl Awards can be of any value, up to 100% of fees and sometimes other costs. Information on availabllity of bursaries is included in advertisements, prospectuses and on the School website. Succe55 of the scheme is reported in the review of activities. STRATEGIC REPORT REVIEW OF ACTIVITIES AND ACHIEVEMENT5 The average number of girls on the school roll was 713 (2021.. 712). The roll for the next academic year 2022123 will be 723. Fees were £5,995 per term. Academic result5 The School delivered strong grades in both A Leve15 and GCSE5 as follows.. At A Level, students achieve a 100% pass rate with 94% at A*, A and B grades. 77% at A IA and 40% at A At IIGCSE, 89% were passed at 9-7 and 71% 9-8. Leovers Students have again been very successful in gaining places at university with 95.5% gaining places at their chosen university. 4 students took up places at Oxbridge and 5 students took up places to read medicine, 2 student5 took up places to read physiotherapy and one to read bio veterinary medicine at the Royal College of Veterinarv Surgeons. Orbe student took up a place at Universlty of Chicago to read Liberal Arts. Independent School Inspertorate Inspertion The m05t recent Independent Schools Inspectorate11S11 inspection took place in February 2022 and was a focused compliance and educational quality inspection. We were delighted that we met all of the regulatory elements of the focussed compliance inspection, and were graded as 'Excellent' for both the students, academic and personal development. The focus of all inspections is upon the outcomes for students, and we were particularly thrilled bv the positive responses of students and parents in the pre-inspection questionnaires. The key findings of the ISI Inspection Report were: The quality of the pupils, academic and other achievements Is excellent Pupils have excellent knowledge and understanding of all areas of the curriculum. Puplls develop excellent skills in communication; they are articulate, listen with respect and present their ideas coherently. Pupils have a positive attitude to their studies and an outstanding work ethic. Pupils gain confidence and skills in the wide variety of extra-curricular activities available to them and through participation in local and national competitive events.
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST GOVERNORS, REPORT {continuedl FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT (continued) The quallty of the puplls, personal development is excellent Pupils show an excellent level of maturity in their relationship5 With each other and the staff. Pupils have a very strong sense of community both in and out of school. Pupils develop a strong sense of self-worth throuEhout their time in the school. Pupils are very aware of the importance of respect and tolerance and of the inclusion of all. Extro-currlcular Artlvltles There continues to tje an excellent range of activities available beyond the classroom with trips, visits and expeditions and over 100 different groups, clubs and activities on offer. Some of the strongest features include.. PE and Sport The continued participation and excellence across the whole PE department is solidified by over 130 students representing county level or above in their chosen sport. With an additional 8 students representing their country in Equestrian, rowin& windsurfing. lacrosse and netball. There have been a multitude of extracurricular clubs spanning before, during and after school. This also includes weekend competitions and fixtures in many sports. The development of partnerships events is a continued work in progress. As well as hostinE events in indoor athletics, cross country and indoor cricket, there have been opportunities to get involved in community initiatives and provide young sports volunteer5 for events such as Chance to Shine cricket and local sports partnership hockey tournaments. The continued provision of house events encourages participation across all the year groups and fosters the sense of belonging in their house. New clubs have included rugby, trampolining, taekwondo and hardball cricket nets. We have also seen a welcome return to basketball and badminton fixtures with our first ever rugby matches taking place in the Lent term. Cricket= Funding from the Parents association for indoor nets has allowed cricket to continue to develop with successes achieved at both indoor and outdoor competitions. The U13 and UIS reached the national finals at Lords,. the U13 came second and the Ul55 came joint third. Our hardball team5 progressed to the second round in U15 and U18 School sports magazine and we participated in the 100 ball competition. The appointment of a specialist cricket coach has accelerated our provision. Athletics.. Cross country had a fabulous season seeing the senlor and junior girls progress through to the national finals held in Newquay. The track and field cup saw the jLbnior and intermediate 8irls progress to the regional finals. Tennis: Tennis has continued to be a key summer sport with more students than ever taking the opportunity to play on the courts during their spare time. Aegon, Aberdare and ISTA tennis competitions have been participated in as well as numerous friendly fixtures across the county. At the ISTA competition we had success for 2 of our pairs lin Year 8 and Year 91 and were runner5 up in the UIS Springthorpe Cup and the U13 Ralph Cake Plate.
THE SCHOOL OF ST HELEN AND 5T KATHARINE TRUST GOVERNORS, REPORT {continued} FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT {continuedl Netball.. The U14, U16 and U19 were all county netball champions for the second year running. The U14 a150 progressed to the national finals where they came runners up, losing on golden goal in extra time. This talented year group also reached the Sister and sports cup final, coming runners up again through golden goal. Equestrian.. The School won the SEG 80cm School Team Eventing 2021 Championships Hockey.. We have reintroduced hockey training and match play this year. The U145 came 3 at the CountyTournament The U125 won the County Tournament The U16 won the County Indoor Tournament and came 6 at the Regional Tournament The U18 came 3 in the County Indoor Tournament. Lacrosse- The following successes were achieved-. I team came 6, in the SW rally 2. team came 4, in the SW rally I" Team came 4, place, 2. Team came 3rd place and U15 came 4 place at the 5 Schools Tournament U12 won the Top Test in September od 2 team won the Division 2 cup at the National Championship5 I, Team got through to the quarter final in the division I cup10st at the golden goal at the National Champlonshlps. Swimming.. Swimming has gone from strength to strength with continued participation in the ESAA relay, the Nelson and Bath cup and the Wycombe Abbey Swimming League. The Senior girls came fifth in the WA league with the inters came fourth and the juniors also came fourth out of 8 teams. The Juniors were also reserve team for the national swimming finals. he Great Dance Off: The Year 8 dance team progressed to the national flnals where they were placed 18, Gymnastics-. At the BSGA Regional Championships the U18 came 61h place and U14 came 4th place. Football.. Achievements in the year Sncluded.. U13 SNS plate QF U14 SNS plate QF U15 SNS plate round I U13 ISFA 7 a side 31d place
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST GOVERNORS, REPORT IcontFnuedl FOR THE YEAR ENDED 31 AUGUST2022 STRATEGIC REPORT (continued) Mu51C This was very much a year of rebuilding following the strict restrictions of the previous two years. Whilst mixed year group ensembles could resume, we were still faced with restricted numbers, both of performers and of audience numbers, face mask requirements and frequent disruption linked to Covid absences. We were absolutely thrilled to be returning to live performances, however and very much took the view that any music-making that could and was taking place was a positive step forward. Many events were filmed and a link released via the weekly mailing so that parents unable to attend could still enjoy the performances. Individltal muslc teachers returned to live teaching in school, although there was the continued logistical difficulty of timetabling singing, wind and brass lessons in larger rooms. Visiting examiners also returned for ABRSM music examinations, although students Still have the option of entering for pre-recorded Performance Grades and all music theory examinations lup to Grade 51 remain online. Numbers of students taking up music lessons remains good and music examination results were very strong, including an outstanding Grade 8 sinEing result of 1451150 from one Upper 6 student. The Michaelmas Term saw a Sixth Form Scholars, Concert, Tea Concerts, Strings, Concert, Middle School Scholars, Concert, Piano Concert and Singers, Concert. These were the very first school concerts for many of the performers and our select audiences seemed to be extremely appreciative. Musicians also provided a wealth of performance t the annual Open Day in October, led in particular by the music scholars. The Joint Choral Society with Abingdon Sthool restarted with students and staff. The concert in November was hosted at St Helen's and conducted by our Assistant Director of Music. A sizeable, if not capacity audience joined us in our Theatre for a concert performance of Gilbert and Sullivan's The Pirates of Penzonce, featuring Upper 6 soloists from both schools. At Christmas time It was wonderful to be able to have the two formal services of Christingle ILower School Choir) and Nine Lesson5 and Carols Ichapel Choirl- The annual Christmas carol competition took place and won by a Year 7 student and performed by Upper 6 vocal ensemble. The whole School did meet in the outside in the quad the previous day, in order to be able to sing our traditional carols around the world. featuring the ever popular Ande, Ande, Ande. The Big Band Christmas assembly was performed to a hybrid of students live in our Theatre and streamed to classrooms and the Brass Band performed carols Ibehind protective screens) in Old School Hall, to entertain students queuing for Christmas lunch. Eight chamber ensembles took part in the first round of the reinstated Pro Corda national chamber music competition. In preparation for this, we were able to present a chamber music concert in Chapel the first one for two years and our music scholars were heavily involved in this. Four groups made it through to the National semi-finals-. Vivaldi, Fazioli, Gagliano, Stoelzel and Grenadilla. There wa5 also a successful Jazz evening featuring Jazz, Blues and Pop performances from a range of performers. The annual Plucked Strings concert took place and our younger performers joined together in the Winter Concert- the first evening concert that many of them had ever given at St Helen's. There were performances from Lower School Choir, Junior Choir, Sirbfonietta, Sinfonia, Cello and Bass Squad, Team Pachelbel and Wind Band. 10
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST GOVERNORS, REPORT {continuedl FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT {continuedl The annual Spring Music Festival returned to its live format of two competitive recital competition5. The Open Class lopen to students in Year 10 and above at a Grade 6 - 8 levell boasted 19 recitals and was won by a Year 10 violinist, The Retital Class IGrade 8 and above) included 6 stunning recitals with I place to a Lower 6 student for her trombone recital. The visiting professional adjudicators were extremely impressed with the high standards on display. The Spring Concert came at the end of the Lent term and was an event of extremely high quality from our senior ensembles, choirs and orchestras. One of our Upper 6 music scholar5 gave an outstanding performance of the 2nd nd movement of Shostakovich's 2 piano concerto, accompanied by Camerata. Other highlight5 included Chapel Choir singing a beautiful contemporary work, Tundru by Gjeilo, including a soprano solo from U6 Head Chorister, and an extremely moving performance of a Ukrainian folk song Verbovoya Doschechko featuring a violin 5010 from another U6 music scholar and culminating in every performer in the concert playing and singing together. This was Inspired by a video on social media of a Ukrainian violinist performing this song in a bomb shelter and inviting musicians around the world to perfomi the song in honour of the Ukrainian people. The concert also raised over £300 for the Ukrainian relief fund. The Gala Music Dinner took place early in the Trinity term and was a joyous celebration of our fabulous musician5. The Musical Theatre evening also took place in the Trinity temi. this was an extremely energetic and inspiring event of two shows an hour apart on the theme of 'Dreams'. Amongst a number of toe-tapping chorus numbers. there were some stand-out solos from members of the company who meet weekly on a Thursday lunchtime. The Strings department also produced a delightful concert in the Science Atrium entitled 'Around The World, and Chapel Choir provided the musical content for the Confirmation seNice, joint with Abingdon School, and preslded over by the Bishop of Dorchester. All of our muslc scholars, except for those on external exam study leave, attended a scholar5, day alongside sports, art, drama and academic scholars, held at Church Farm. It was organised by the PE department and run by a former Olympic gold medallist Kate French. Activities centred around the topics of performing under pressure, reframing setbacks, choosing your philosophy and setting goals. The renewed confidence of our performers was in evidence in the Singers, Concert, Piano Concert, Lower School Scholars, Concert and Tea Concerts. Our younger musicians produced a wonderful collaboration with the drama department in a production of Alice In Wonderland and the Summer Concert also showcased the strength and depth of our younger ensembles such as Sinfonietta, Wind Band and Lower School Choir. The end of year celebrations included a return to a full House Music competition, won this year by Paterson House, a highly successful Jazz Afternoon, in which current and former staff and students paid tribute to our Head of Wind and Brass who was retiring after 36 years at St Helens, the Leavers, Evensong in Chapel and the end of term Eucharist held at St Helens, Church in Abingdon and led by Chapel Choir. Dr(4ma The 2021-22 academic year provided a welcome gradual return to full scale live theatre performances, as the re5triction5 of the covid pandemic were gradually released. This was a busy year for the drama department and it has been a delight to see students from across the year groups getting involved in productions both on stage and behind the scenes.
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST GOVERNORS, REPORT {contlnued) FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT (continued) The productions were as follows: In September 2021, two U6 drama scholars directed their original verbatim production of Bubbles, which was based on a range of individual experiences of life during lockdown. This project involved 10 students from U6 and the production was performed to a socially distanced audience in September 2021. In December 2021, the Middle School production of George Orwell's Animt71 Farm ladapted by our Drama Department) was performed in the Studio Theatre, involving 30 students across Years 9 and 10. A dedicated joint Yll play Chaosl written by Laura Lornas took place at Abingdon School in January 2022. 8 Yll St Helen's students participated in this studio production. The joint Senior production of Shakespeare's A5 You Like It took place in February 2022, transporting the audience to 19605 Carnaby Street in a riotous explosion of colour and musicl This production involved over 40 students from Year 11- Upper 6 from both St Helen's and Abingdon Schools. A150 in February 2022, the joint Senior production of Frankenstein by Rona Munro took place in Abingdon's Amey Theatre. The cast included 6 St Helen's students, many taking to the stage for the first time in this chilling production. In March 2022, The Ashes of Pudding Lane, an original play written by two members of Year 9 took place in the Studio Theatre. This mystery, set just after the Great Fire of London, was the winning entry of the playwriting competition and was both performed to live audiences and livestreamed for parents who were unable to attend in person. It involved 20 students across Year5 7 to g. The Lower School production of Alice in Wonderland, took place in our Theatre in June 2022. This production was performed to audiences of parents, Students, Staff and visitors. In August 2022, 6 St Helen's students took part in an original production entitled Antiques, which played for 6 nights at the Edinburgh Fringe Festival and performed two previews at the Amey Theatre, Abingdon School. Years 5 to 9 were offered weekly lunthtime clubsi providing an engaging learning experience and helping to build performance skills. These were well attended, particularly by Years 5 to 7. Duke of Edinburgh's Award In 2021-22, 90 Year 9 students opted to participate at Bronze level, 35 Yeaf IOS moved on to their Silver award and there are currently 11 girls in Sixth Form working towards their Gold Award. 12
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST GOVERNORS, REPORT {continued) FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT (continued) Throughout 2021-22 we were able to facilitate the opportunity forall students who enrolled for the award in 2019- 20, 2020-21 and 2021-22 to complete their bronze and silver level practice and qualifying expeditions as required. With expeditions taking place every term and hence this was very busy but extremely worthwhile. Award completions in the academic year totalled 106: Bronze 69, Silver 25 and Gold 12. During this time students have also been able to gain a DofE Certificate of Achievement if they complete the Volunteering, Physical and Skills sections of their award- where it has not yet been possible for participants to complete an expedition due to Covid restrictions. In 2021-22 there were 62 Certificate of Achievements earned.. 41 Bronze, 14 Silver and 7 Gold. Some of these have now been converted to full awards as students completed expeditions in Michaelmas term 2022. PUBLIC BENEFIT Bursary and 5cholar5hip Award5 A total of 141 students119.8%% of the roll) have had financial support from bursaries and scholarships, amounting to £662,67312021.. £633,498) equivalent to 5.2Yo of gross fee5. Bursaries The total value of means tested bursaries for the perlod was £565,21712021.' £526,839). equivalent to 4.4Y¢ of gross fees. This provided assistance to 42 students12021.' 491 of which 11 (2021.. 12J were fully funded. Of these, three scholar5 have continued to be 5UPPOrted to the full value of fee5 and travel costs. Two types of bursaries are awarded,. on entry to the school and at an unplanned future date where an interim or hardship award may be made to provide assistance for a short period of time. The GoverrTrors have confirmed a wish to continue to provide bursary support and include the bursary policy in their regular review of long-term planning for the School. Scholurships During the period 99(2021.' IOOJ girls benefitted from scholarships, based on educational merit and potential. The sum awarded represents 0.8% of gross fees. Partnerships The School's partnership vision is to work in collaboration with local primaries to enhance their provision with a particular focus on sport and STEM,. to continue to develop the separate identity of the Learning Partnership and to contribute to the aspirational piece of its work, creating benefits for all its stakeholder5 Istudents. parents and staffl. 13
THE SCHOOL OF ST HELEN AND ST KATHARINETRUST GOVERNORS, REPORT Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT (continued) During the course of the year, the School has engaged with a wide variety of schools and other organisation5 delivering education, careers and higher educatiori advice, community seNice, opportunity and engagement and use of facilities. Last academic year we impacted over 3,500 students. workinE With more than 20 schools. A summary of this activity is shown below. OX14 Learning Partnership.. Six schools (St Helen's, Abingdon, Radley, Larkmead. John Mason School and Fitzharrysl working together to challenge, inspire and support students across Abingdon. All schools play a key role in the operations and strategy the Learning Partnership, last academic year we provided over 3,900 student experiences Inumber of students x number of hours x number of sessions) Impacting 1,511 students. The Peer Support Lead programme trained students to provide valuable pastoral support to their peers. SO students from Years 8- 13 took part in Academic Coaching as a coach or coachee. 80 students from St Helen's, Radley and Fitzharrys took part in a pilot Oxbridge Club for Year 11 students aspiring to attend these universities. This will become and ongoing programme of support from Year 11- 13 acros5 all six schools. 46 students attended a Youth Forum as part of a Climate Conference and created a student manifesto. Careers and University talks made avallable to Sixth Form student5 from across the schools. Student Voice sessions gave students a chance to discus5 relevant issues and work collaboratively. Rugby coachin8 sessions provided a space for all students to take part in sport regordless of experience of ability. Creative Arts.. 30 students from iffley Academy, Oxford Spires and Larkmead came together with 4 entrants from St Helen's in a professionally adjudicated 5010 dance competition. "Our5tudents very much enjoyed being involved and many have asked obout the opportunity to participute agoin." (Oxford Spires). 220 students from 2 local maintained primary schools and one secondary school were able to experience live production of Alice in Wonderland. "The students really enjoyed the Matinee performunce, some thought the Cheshire Cot W05 qulte scary, they talked about the humour in the production ond like the ideo of the three different Alices." ILarkmeadl. 150 students from 4 primary schools experienced art workshops in preparation for the Henge 22 Festival and learnt about prehistorical societies may have lived in their local area. Over 50 student5 from Didcot Girls, School, St Birinus and Wallingford schools joined with St Helen's students in a dan and drama performance at the festival. "Thank you so much for oll your hard work towards the Henge Donce Festivol. Our daughter ubsolutely loved being involved and we thoroughly enjoyed the dance performonce" Iparentl. 135 students from 5 primary schools enjoyed arts workshops led by St Helen's teachers in their own school, followed by a classics poetry and drama morning at the School. The students, work was displayed at Cornerstone Arts in Didcot. 14
THE SCIIOOL OF ST HELEN AND ST KATHARINE TRUST GOVERNORS, REPORT (contlnued) FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT {continuedl Creativity Meets the DiEltal World created a huge onllne resource of guided activities, interactive lesson plans and talks which were enjoyed by 500 students from across 5 local secondary schools. "We completed the ft75hion workshop, which wos omozing ond engoging...Honestly, the tutorial really lit afire in them. (Larkmeadl. A collaboration between the Creative Arts Partnership, the PE Department and lffley Academy saw 14 Academy students Participate in Sports Photography workshops producing some fantastic images of trampolining. Work experience 2 lffley Academy students joined the Estates Department at the School for weekly work experience. "Thank you for all the support you ore giving the boys. They are really enjoying their time with you. They love the diversity in jobs availuble." Sport Over 15 primary and secondary schools participated in an impressive array of events intludinE ind()or and outdoor athletics competitions, swimming galas, cross country races and cricket impacting over 500 students. Environment Sustainability and Governance The profile of environmental 5U5tainability took an enormous step forward in 2021-22, in all areas of the School. From a curriculum perspective, efforts were spearheaded by the Geography Department and their whole-school awareness campaign in support of the COP26 Climate Summit. During this landmark two weeks in mid- November, every academic department spent time focusing on what can be done in our daily lives, at school and at home to make a posltive difference. Beyond the curriculum, we continue with our aim of making sustainable changes to our food thoices.. with the introduction of Meat-Free Monday and a greater range of meat-free options are available during the week. Food waste is a particular target area, with measures being taken to ensure as little as possible is discarded. The Food and Nutrition department have also played their part here, educating students in choosing ingredients that have not been air freighted and those with less packaging, cooking more plant-based recipes, and gmwing seasonal vegetables and fruit in our school greenhouse. There has been a drive to reduce the amount of paper being used in School. Much of the 6th form curriculum, particularly in subjects like geography, physic5, RPE and math5, has been digitised, as have many administrative actions. The termly magazine 'Lines' is now printed on recycled paper, as is the annual alumnae magazine (distributed to approximately 3,OCK) alumnae) also uses fully compostable casing (made with potato starch). In addition, most alumnae were encouraged to choose to view the magazine online rather than being posted a copv. 15
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST GOVERNORS, REPORT Icontlnuedl FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT (continued) From an estate's perspective, much work continues to be undertaken to improve the efficienry and sustainabilitv of the school building5 and ground5. Our Theatre now has new, low power LED liEhting, and a new gas boiler was installed during the summer holidays to improve efficiencies in the Jean Duffield BuildinE. It is extremelv encouraging that the new 6, Form Centre include5 an air-source heat pump, as well as a real focus on sustainability in its design, building materials, and the planting scheme for the outside areas (which include bat, bird and invertebrate boxes). Under the direction of our Head of Outdoor Learning, there has been much work on the ecology of the Church Farm 51te, including fruit tree planting and insect havens and plans are well Ltnderway for the planting of an extensive wildflower meadow. The meadow will be funded by our Parents, Association and will be sowed by members of the Junior Department in the coming year. Efforts around sustainability continue with purpose into 2022-23, with a newly appointed Sustainability Champion, a Sustainability Working Group and a revived student Eco-council with a push to achieve 'Eco School Green Flag, status as we continue to work towards net-zero. 16
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST GOVERNORS, REPORT Itontinued) FOR THE YEAR ENDED 31 AUGUST2022 FINANCIAL REVIEW AND RESULTS FOR THE YEAR The School's operating surplus on its Unrestricted Funds was £1,243.623 f2021.' £989,153J. School fee income increased by £990,234. Demand for places at the School remains high. The School has a revolving credit facility of £IOm in place with Natwest,. £1.6m was drawn down in the financial year as payment towards the new 6, Form Centre. The School achieves its liquidity objectives ljy the careful management of working capital and regular forecasting of short-term and long-term cash requirements. The School's cost base predominantly comprises of staff costs and therefore the impact of inflation on non-staff costs is modest. Increases in cost of utilities and food together with interest rate rises are all impacting on the future forecasted costs for the School. These are being considered carefully by the executive team and the Board of Governors. The School's exposure to credit risk is low and is mitigated by fees being due at the beginning of each term. Some parents choose to pay fees monthly via a third-party provider, School Fee Plan. The accounts reflect the estimated deficit in the defined benefit pension fund for eligible non-teachlng staff. Access to this scheme was closed in 2007 and new employees are offered a stakeholder pension scheme instead. There are 4 staff members left in this pension scheme. Investment performancefvr the period At the year end the value of investments held was £1,448,867 (2021.. £1,483,621) with income from investments during the period of £48,985 compared with £38,479 in the previous year. Fundraising The School has continued the policy of the Foundation raising funds to support student5 of families with limited means to access education at the School. In 2019 the Foundation Committee made up of Governors and school Staff launched a campaign to raise funds for 6, Form Transformational Bursaries. The bursaries are aimed at gir15 who have previously been in state edutation. The Trustees are extremely grateful for the generosity which continues to enhance the School to the benefit of the education which it provides. Revolwng Credit Fticility The School has entered Into a Revolving Credit Facility Agreement of £IOm over 25 years to assist with the funding arrangements of the new 6, Form Centre and future developments. As at 31 August 2022 the available facllity had reduced to £9,2C(J,000 with £1,600,000 drawn upon. 17
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST GOVERNORS, REPORT {contSnued) FOR THE YEAR ENDED 31 AUGUST 2022 FINANCIAL REVIEW AND RESULTS FOR THE YEAR (continued) Reserve5 Policy The School's Unrestricted Funds Stood at £27,581,766 including designated funds of £1,241.525 12021.. £23,942,855J. After deducting the carrying value of tangible fixed assets held for the charity'5 own use and designated fund, there were negative reserves of £4.659,481. Significant investment in fixed assets in recent years has resulted in negative free reserve5. Inve5tmentpolicy and objertlves The School has three investment requirements.. Short-term cash. Surplus cash is off-set against the revolving bank facility to reduce interest payments. Donations held against the cost of development projects. By agreement with donors, amounts provided for the costs of projects are placed on deposit until they are spent. The Trustees have a long-term investment horizon for the investment portfolio. Asset5 are selerted for their total return, and to this end the predominant holdings are investments Wlth equity characteristics. with low management charges and medium to low risk. bl PRINCIPAL RISK5 AND UNCERTAINTIES It is the policy and practice of the Trust to assess and manage risk. A document identifying the general risks of the School has been compiled and is regularly reviewed. Papers identifying the specific risks associated with the building development plan and capital investment are prepared before decisions are made. A comprehensive range of insurances is in place and reviewed annually. Health and Safety risk assessments are conducted in relation to the workplace, teaching, student visits and staff. and reported to the Governing Body termly. Through these proce55es, the major risks to which the Trust is exposed. as identified by the Governor5, have been reviewed and systems or procedures have been established to manage those risks. The Governors consider that the major risks to which the Trust is currently exposed include: A challenging and uncertain economic outlook with intreased inflation and higher interest rates and in particular high cost of gas and electricity resulting from global issues and in particular the war in Ukraine. Uncontrollable cost increases arising from higher pension contributions and loss of charitable business rates relief. Other challenges arising from changes in Government policy. Competition from both independent and state schools for pupils, particularly for the 6, form years. Failing to move the School forwards to maintain our competitive advantage. Increasing legislation and the need for rigorous compliance processe5. The key controls to mitigate these risks include= Proattive work of Governor Committees, including financial modelling for potential future scenarios. Ensuring that the School does not over-reach itself in its financial commitments. Monitoring the financial health of the parent body and detailed scrutiny of impact of fee increases through debtor management and bursary policy. 18
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST GOVERNORS, REPORT (continued) FOR THE YEAR ENDED 31 AUGUST2022 Marketing the School offer effectively in conjunction with improvement in facilities and continuing high levels of performance. Involvement in sector-wide representation of the posltive contribution that independent schools make to the wider community. Governor led Governance Committee reviews the implementation of rigorous compliance processes in the School and ensures that appropriate policies and staff training are in place and that professional advice is obtained when required. CHARITY FUNDS Unrestricted Fund5 Unrestricted Funds represent the income and expenditure from the School's normal operating activitie5 and other assets available without restriction. Desiqnated Funds During the year the School transferred an amount representing 5% of gross fee income, investments income, donation received from the restrirted funds to a Designated Bursary Fund. This is detailed further in note 16. RestriTrted Funds Restricted Funds represent resources provided for specific purposes. See notes 1Sal to 15cl for a further breakdown of these. FUTURE PLANS The main focus for the next academic year will be.. Continuation of exceptional provision of teaching and learning to allow students to achieve high grades at GCSE and A Levels and gain entrance to further education and employment of choice. Completion of the new 6, Form Centre and move in by January 2023. To plan and implement the optimum use of the building space freed up in the main school On the new 6, Form Centre is fully operational. Recruitment and retention of future 6 Form students including provision of targeted STEM bursaries. To continue to develop our partnerships with local maintained schools. To extend the scope of our work in partnership with Abingdon School, particularly in extra-curricular provision. To develop more intuitive systems of homelschool communication in response to feedback from parents. To continue to build on work undertaken last year on Equality. Diversity and Inclusion. To continue to build on the sustainability of school practices. 19
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST GOVERNORS, REPORT Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2022 STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors (who are also directors of The School of St Helen and St Katharine Trust for the purposes of company lawl are responsible for preparing the Governors, Report incorporating the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). Company law requires the Governors to prepare financial statements for each financial period. Under company law the Governors must not approve the financial statements unless they are sat15fied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and experTrditure, of the charitable company for that period. In preparing these financial statements, the governors are required to: select suitable accounting policies and then apply them consistently- obsetve the methods and principles in the Charities SORP- make judgments and estimates that are reasonable and prudent: state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charitable company will continue in business. The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and group and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the Charity's constitution. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention an(J detection of fraud and other irregularities. PROVISION OF INFORMATION TO AUDITORS Each of the persons who are Governors at the time when this Governors, Report is approved, has confirmed that: So far as that Governor is aware, there is no relevant audit information of which the School'5 auditors are unaware, and That Governor has taken all the steps that ought to have been taken as a Governor in order to be aware of any information needed by the School's auditors in connection with preparing their report and to establish that the School's auditors are aware of that information. Governors, Report. incorporating a Strategic Report. approved by the Board of Governors on 28 November 2022 nd signed on its tsehalf by-. Kevan Paul Leggett CHAIR 20
INDEPENDENT AUDITOR'S REPORTTOTHE MEMBERS OF THE SCHOOL OF ST HELEN AND ST KATHARINETRUST Oplnlon We have audited the financial statements of The School of St Helen and St Katherine Trust for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Firtanciol Reporting StondL7rd opplicuble in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 August 2022 and of its net movement in funds, including the income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnion We conducted our audit in accordance with International Standards on Auditing IUKI11SAs IUKII and applicable law. Our responsibilities tjnder those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit ol the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirement5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to going concern In auditing the financial statements, we have concluded that the governors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The governors are responsible for the other information. The other information comprises the information included in the Governors, Report. Our opinion on the financial statements does not cover the other information and, except to the extent othenNise explicitly Stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether the is a material mi55tatement in the financial statements or a material mi55tatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
INDEPENDENT AUOITOR'S REPORTTOTHE MEMBERS OF THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST {CONTINUEDI Opinion5 on other matters prescribed by the Companies Art 2006 In our opinion, based on the work undertaken In the course of the audit.. the information given in the Governors, Report Iwhich incorporates the strategic report and the directors, reportl for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Governors, Report Iwhich incorporates the strategic repoTt and the directors, pOrt) has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the COL¢rse of the audit, we have not identified material misstatements in the Governors, Report Iwhich incorporates the strategic report and the directors, report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the charitable company,. or the charitable company's financial statements are not in agreement with the accounting records and returns- or certain disclosures of governor5, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities of governors for the financial statements As explained more fully in the governors, responsibilities statement. the governors Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fairview, and for such internal control as the governor5 detemiine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to ffaud or error. In preparing the financial statements, the governors are responsible for assessing the charitable company's ability to continue as a going contern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unle55 the governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltor's responslbllltles for the audlt of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements a5 a whole are free from material misstatement, whether due to fraud or error,. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA5 IUKI will always detect a material misstatement when it exists. Misstatement5 can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decislons of users taken on the basls of these financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularlties, including fraud. The extent to which our procedures are tapable of detectin8 irregularities, including fraud is detailed below: Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to indèpendent school standard regulation 2014, safeguarding regulation, health and safety requirements, GDPR, employment law, charity law and we considered the extent to which non-compliance might have a material effect on the financial Statements. 22
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE SCHOOLOF ST HELEN AND ST KATHARINE TRUST ICONTINUEDI We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006, the Charities Act 2011, the Statement of Recommended Practices for Chorities ISORPI, and consider other fartor5 Such as payroll tax. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to improper recognition of revenue and management bias in certain accounting estimates and judgements. Audit procedures performed by the engagement team included.. Inspecting correspondence with regulators and tax authorities. Discussions with management including consideration of known or suspected instances of non-compliance with laws arTrd regulation and fraud; Evaluating management's controls designed to prevent and detect irregularities,. Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions. and Challenging assumptions and judgements made by management in their critical accounting estimates and challenge of the underlying assumptions. Because of the Inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compllance. The risk is also greater reg3rding irregularitie5 occurring due to fraud rather than error. as fraud involve5 intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at= www.frc.or auditorsres on5ibilitie5. This description fomis part of our auditorfs report. Use of our report This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Atjditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. TraY Young Isenior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditors 10 Queen Street Place London EC4R IAG Date: 23
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST srATEMENT OF FINANCIAL ACTIVITIES (including an Income and expendlture account) FOR THE YEAR ENDED 31 AUGusf 2022 Unrestricted Funds 2022 Restricted Funds 2022 Total 2022 Total 2021 Notes INCOME FROM- Charitable aclivltie5: School fees receivable Other educational income 12,752,155 1,402,593 12,752,155 1,402,593 11,761.921 919,256 other trading actlvltles 23.726 23,726 5,589 Investments: Bank interest Investment incorne 28 19,327 28 48,985 42 38.479 29,658 Donations and grants 11,658 11,658 129.059 Total Income 14,197,829 41,316 14,239.145 12.854.346 EXPENDITURE ON: Ralslng funds: Trading expenses f1nance costs 6.902 11,824 6,902 11,824 26,494 104.355 Charltable attlvlty.. School grant making and operatin8 Costs 12,935,480 610,969 13,546,449 12,214.160 Total Expendiwre 12,954.206 610.969 13.565,175 12,345,009 Net income from operation before investment gainslllossesl 1.243.623 1569,6531 673,970 509,337 Net gains/llossesl on investments io 113,7121 121,0421 134,7541 260.554 New income before other reco8nlsed galnslllossesl 1.229.911 1590,6951 639.216 769,891 Pension scheme actuarial gains 20 2.409,000 2.409.000 39,(IX) MOVEMENTIN FUNDS 3,638.911 1590.6951 3,048.216 808,891 Funds brought forward 23,942,855 1,180,240 25,123,095 24.314,204 FUND5 CARRIED FORWARD 15. 16 27.581.766 589.545 28,171.311 25.123,095 All operations are continuing. The Statement of Financial Activitie5 includes all 8ain5 and10sse5 reco8nised in the year. The comparatlve Statement of Financial Activities is shown in Note 22. The ac¢ompanyin8 notes form part of these financial statements. 24
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST Cornpany Number.. 01710695 BALANCE SHEET ASAT31AUGUST2022 2022 2021 Note FIXED ASSETS Tangible assets Investment5 30.999.722 1.448,867 26,090.049 1,483,621 io 32,448,589 27,573,670 CURRENT ASSET5 Sttstks Debtors Cash at bank and in hand li 12 14,384 316,211 1,757,653 294.627 361,762 656,389 2,088,248 CREDITORS- amounts falling due within one year 13 12,422.3671 11.422.073) NET CURRENT ASSETS 11,765,978) 666,175 TOTAL ASSEfs LE55 CURRENT LIABILITIES 30,682,611 28,239.845 CREDoR5. amounts falllng due after more than one year 14 12.044.300) 1355,7501 TOTAL NET ASSETS BEFORE PENSION DEFICIT 28,638,311 27,884,095 Pension scheme deficit 20 1467.0001 12,761,000) TOTAL NET ASSEfs AER PENSION DEFICIT 28,171,311 25,123,095 RESTRICTED FUNDS 15al 589,545 1.180,240 UNRESTRICTED FUNDS General fund5 Less.. Pension reserve Deslgnated bursary fund 26.807.241 1467,0001 1,241.525 26,110,426 12,761,ODOI 593,429 20 Net unrestricted funds 16 27.581,766 23.942.855 TOTAL FUNDS 17 28,171.311 25,123,095 The financial statements were approved and authorised for issue by the Board of Governors on 28 November 2022 and were signed below on its behalf by.. Leggett Governor The accompanying notes form part of these financial statements. 25
THE SCHOOLOF ST HELEN ANDSTKATHARINETRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Cash flows from operatlng attivities Net income before investment losses Non-operating cash flow eliminated.. Interest received Interest payable Investment incorne Depreciation char8es Decrease in stock Iincreaselldecrease in debtors IDecreasel/increase in creditor5 Loss on fixed 3s5et disposal Pension fund non cash movement 673,970 509,337 1281 11.824 148,9851 911,264 14,384 21,584 1,088,844 1421 14,395 138,4791 918,059 5,683 19.9391 1153,8521 21.416 103,000 115,000 Net cash provided by operatlng actlvittes 2,787,857 1.369.579 Cash flows from In$ting activities Investment income Interest received Purchase of tan8ible fixed assets 48,985 28 15,820,937) 38,479 42 1696,1821 Net cash used In Investlng actlvities 15,771,924) 1657.6611 Cash flows from financin8 activtties Interest paid New loan 111,8241 1.600.LX)O 114.3951 Net cash used In flnancing acttvities 1,588,176 114,3951 Movement In cash 11,395.8911 697,523 Cash and cash equivalent5 at the beginning of the year 1,757,653 1,060,130 Cash and cash equlvalènts at the end of the year 361.762 1,757,653 Analysis of changes In net debt At start of year Cash-flows Other movements At end ot year Cash 1,757.653 11,395,8911 361,762 Total 1,757.653 11.395.891) 361.762 26
THE SCHOOLOF ST HELEN AND ST KATHARINETRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES Accountlng Conventlon The financial statements have been prepared in accordan with the Financlal Reporting Standard applicable in the UK IFRS 1021, the Companies Acr 2006 and the Statement of Recommended Prattice applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK IF 1021- Second Edition effective l January 2019. The School is a company limited by guarantee, incorporated In England and Wales (Company number.. 017106951 and a charity registered in England and Wales (charity number.. 2868921. The Charity's Tegistered office address is.. Farringdon Road. Abingdon. Oxfordshire. OX14 IBE. The functional currency of the School is considered to be GBP because that is the currency of the prlmary economic envlronment in which the School operates. The accounts of HK Activities have not been corssolidèted with those of the company as the Governors consider that the arnounts involved are not material, and the company is dormant. bl Golng concern Having reviewed the funding facilities available to the School together with the expected ongoing demand for places and the school's future projected cash flows. the Governors have a reasonable expectation that the School has adequate resources to continue Its activities forthe foreseeable future. Accordingly, they continue to adopt the going concern basis. Income Income is accounted for on a receivable basis. Fee income represents the invoiced amount ol school fees receivable after deducting allowancès, scholarships and other remissions granted by the school. Adjustments have been made to defer invoiced fees relating to the Michaelmas term, which commences in the next financial period to ensure that no incorne relating to the next financial period is included in these financial Statements. Any payments received relating to this term have been treated a5 fee5 in advance under creditors. dl Donatlons Donations are accounted for as and when entTtlernent arises, the amount can be reliably quantified and the economic benefit to the School 15 considered probable. Donations towards the general purposes of the School are credited to 'Unrestricted Funds, in the Statement of Financial Activities on a receivable basis. Donations for purposes restricted by the wishes of the donor are taken to "Restricted Funds" on the same basis. Where there are donor-imposed restrictions as to the timing of the related èxpenditure, reco8nitlOn 15 deferred until any pre-condition has been met. Government grant income Government grant income represents the total amount claimed from HM Revenue and Customs under the Coronavirus Job Retention Scheme IORSI. Thè income is 8ccounted for in the period in wh5ch the associated salary payments are made to furloughed staff 27
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THEYEAR ENDE031 AUGUST2022 ACCOUNTING POLICIES Icontlnuedl Expendtture Expendtture is accounted for on an accruals basis as soon as a liability is considered probable. Expendlture which is not directly attributable to a particular functional activity is apportioned on the basis of appropriate management estimates le.g. staff time or space occupied) to activities in the year. The irrecoverable element of VAT is included with the item of expense to which it relate5. Governance costs comprlse the cost of running the School, including external audit. Governorg legal advi and constitutional ènd statutory cornpliance costs and are included within support costs. rixed a55ets and depreciatlon Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows'.- Freehold buildings and building alterations Computer ènd electrical equiprnent Furniturè and equipment Motor vehicle5 -2%-24% - 33.3%- 50% -7%-10% 25% reducing balan Freèhold land and a55et5 under construction are not depreciated. Indlvidual Items Costing more than £l,CM)O that will last until they are fulty depreciated are capitalised and Carried in the balance sheet at histo¥ical cost. h) Investments Listed investments are valued at the bid price. Unreali5ed and realised 8ain5 or losses as shown in the Statement of Financial Activities are creditèd or debitèd to the relevant fund. Income from investments 15 accounted for in the year to which it relate5. Stock5 Stocks are valued at the lower of cost and net realisable value. after making due allowance for obsolete and slow- moving items. Financial Instrumènts Basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other account5 receivable and payable are accounted for on the following basis.. Cash tind cash equivolents Cash and cash equivalents includes cash in hand, dep051ts held at banks, other short-teirn hiBhly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown wlthln current Ilabilitie5. Debtors tsnd creditors Debtors and creditors are measured at the transactlon pri less any provision for impairment. Any losse5 arising from impairment are recognlsed as expenditure. 8onk borrowings Liabilities for borrowings which are subject to a market rate of interest are measured at the value of the amount advanced, less capital repayments. 28
THE SCHOOLOF ST HÉLEN AND sr KATHARINE TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED31AUGUST2022 ACCOUNTING POLICIES Icontlnuedl kl Fund accounting Restricted Funds are to be used for specified purposes laid down by the donor. Expenditure for those purposes Is charged to the fund, together with a fair allocation of overhead5 and support costs. When buildings are completed funds are transferred from Restricted to Unrestricted a5 the restriction on the donation has been fulfilled. Unrestricted Funds are donations and other Income reeeived or generated for expenditure on the general objectives of the School. Designated Funds are unrestricted funds of the School whlch the Governors have dècided at thelr dlscretion to set aside to use for a specific purpose. Pension The School contributes to the Teacher< Pension defined benefits scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scherne which are attributable to the School. In accordance with FRS102 therefore. the scheme is accounted for as a defined contribution scheme. The School'5 contributions are charged in the year in which the salaries to which they relate are payable. The Sehool also contribute5 to The Royal County of Berkshire Pension Fund, which operates within the Local Governmènt Pension Scheme, providin8 defined benefits for its eligible non-teaching staff. This 5cherne was closed to new members on I january 2007. This scheme is accounted for in accordance with FRS 102. The defined benefit pension scheme current service costs are charged to the Statement of Financial Activities within staff cost5. The expected return on the scheme assets less the scheme interest costs are credited within other interest. The scheme actuarial gains and losses are recognlsed immediately as other recognised gains and105ses. The defined benefit scheme assets are measured at fair value at the balance sheet date. Scheme liabilitie5 are measured on an actuarial basi5 at the balance sheet date using the projected unit rnethod and discounted at a rate equivalent to the turrènt rate of return on a hi8h quality corporate bond of equivalent terrn to the5cheme liabilities. The resultlng defined benefjt asset or liability is presented separately after other net assets on the face of the balan sheet. Those not elisible for this Scheme are eligible to be included in the Schools Stakeholder 5cherne, which is a deflned contribution scheme. The School's contributions are charged in the year in which the salaries to which they relate are payable. Operating leases Rentals under operating lease5 are charged on a 5traight-line basi5 over the lease term, even If the payments are not made on such a basis. Benefit5 received and receivable as an incentive to 518n an operating lease are similarly spiead on a straight-line basis over the lease term. Slgnlffcant Sudgements and Èstimatès The School makès èstlfflates and assumptions concerning the future. The resultlng accountin8 estimates and a$5umptions will, by definition, seldom equal the related actual result5. The estimates and a5SUrnPtions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. The present value of the Local Government Pension Scheme deflned benefit Ilabillty depends on a number of factors that are determined on an actuarial ba51S Using a variety of assumptions. The assumptions used in determinine the net cost lincornel for pensions include the discount rate. Any changes in these a55umption5, which are disclosed in note 20, will impact the carrying amount of the pension liability. Furthermore a roll forward approach which projects results from the latest full attuarial valuation performed at 31 March 2019 has been used by the actuary in valuing the pensions liability at 31 August 2022. Any differentes between the figures derived from the roll forward approach and a full attUaTial valuation would impact on the carryin8 amount of the pen5i0n liabilitv. 29
ThE SCHOOLOFSTHELEN AND sfKATHARINE TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED31 AUGUST2022 SCHOOL FEES 2022 2021 The School's fee income comprised.. Gross fees Less.. Scholarships and bursarles 12,849,613 1662.6731 11,868,580 1633.4981 12.186,940 11,235,082 Add back.. Bursaries paid for by Restrlcted funds 565,215 526,839 12,752,155 11.761.921 OTHER EDUCATIONAL INCOME 2022 2021 SHSK Soclety Reglstration fees Extras Music facilities charges Coaches to and from school and other transporl charges School trips Tuck shoplsecond hand shop Events Other ancillary income 16,584 42.678 222,446 25,504 649,961 378,500 23,583 12,709 30,628 16,516 36,300 175,114 18,984 532,621 117.627 12.966 3.127 6,001 1.402.593 919,256 OTHER TRADING A1VITIEs 2022 2021 Lettin85 Surcharge on late bills Other non-ancillary trading income 22.491 689 546 190 5.399 23.726 5,589 DONATIONS AND GRANTS 2022 2021 Donations Coronavirus lob Retention Scheme grants 11.658 21,450 107,609 11,658 129.059 30
THE SCHOOL OF ST HELEN ANDST KATHARINE TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2022 TOTAL EXPENDITURE 2022 staff costs Other Depreciation 2022 Charltable actlvSty Teaching costs Welfare costs Premise5 Costs Support costs 6,160.325 407.868 508,396 1,027,437 1.157,463 471,361 964,922 1,372,196 86,684 7,404.472 879,229 2,297,898 2,399,633 824,580 8,104.026 3,965,943 565,217 911,264 12.981,232 565,217 Grants awards and prizes 8,104,026 4,531.160 911,264 13,546,449 Rarsing funds Trading expenses Finance costs & other 6,902 11,824 6.902 11.824 Total expendlture 8,104,026 4,549,886 911.264 13,565.175 Governance Included In support cost5: Auditors remuneration Accounting costs Other governance costs 21,180 9,065 30,245 TOTAL EXPENDITURE 2021 stsff costs Other DeprÈciation 2021 Charitable activity Teaching tosts Welfare costs Premises costs Support costs 6.077.742 363,685 491,318 1,160,635 836,449 256,453 711.126 871,854 89,436 7,003,627 620,138 2,031,067 2,032.489 828,623 8.093.380 2.675.882 526,839 918,059 11.687.321 526,839 Grants award5 and prizes 8,093,380 3,202,721 918.059 12.214,160 Raising funds Trading expenses Finance costs 26.494 104,355 26.494 104,355 Total expenditure 8,093,380 3,333,570 918.059 12,345,009 Governance ift¢luded In 5UPPOrt costs: Audilors remuneration Accounting costs Other governanee costs 19,740 1,770 19.305 40,815
THE SCHOOL OF HELEN AND ST KATHARINE TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED31 AUGUST2022 NET INCOME 2022 2021 Net Income Is stated after charging.. Depreciation owned assets Auditois, remuneration audit services Auditor5, remuneration non-audit services Operating leases other Interest on bank loans and ovèrdrafts 911.264 21,180 918,059 19,740 1,770 69.985 14,395 67,077 12,413 STAFF COSTS 2022 2021 Wages and salaries Soclal security costs Other pension costs 6.331.513 656.610 1,115,903 6.329,770 606,263 1,157,347 8,104,026 8,093.380 The average number of employees in the year were: Teaching arld te3chin8 SUPPOrt Welfare & premise5 Support 142 41 29 42 26 216 212 2022 2021 The following number of employees exceeded £60.000 in emoluments- £60,001- £70,000 £70,001- £80,000 £80.001- £90.000 £150,001- £160.000 £160.001- £170,000 Their retirement benefits are accrulng under both the Defined Benefit Pension Schemes and the stakeholder scheme. Total remuneration of key management personnel for the year ended 31 August 2022 wa5 £585,54212021.. E796,4131. During ihe year there were redundancy or terminatlon payments made whlch amounted to £3.50012021'. £80,997). There was £Nil outstanding at the year end12021.. £65,000). None of the Governors received remuneralions or other benefits for their voluntary Services in the year. No expenses were reSmbursed to Governors in the year12021-. Nill. 32
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDE031 AUGUST2022 TANGIBLE FIXED ASSETS Freehold land and buildings Assets under course of construction Computer51 elertri1 equipment Furniture and equipment Motor Vehiclè5 Total C05t At I September 2021 Additions 32,080,726 528.457 5.545,906 1,147,216 116,922 2,285.323 158,109 43,039 36,084,761 5,820.937 At 31 August 2022 32.080.726 6,074,363 1,264,138 2,443.432 43,039 41,905,698 Depreciation At I September 2021 Charge for the year 7,583,209 644,240 1,037,957 86,684 1,367,552 171,078 5,994 9,262 9,994,712 911,264 At 31 August 2022 8,227.449 1,124.641 1.538.630 15,256 10,905.976 Net book value At 31 August 2022 23,853,277 6,074,363 139,497 904,802 27,783 30,999,722 At 31 August 2021 24,497,517 528.457 109,259 917.771 37.045 26,090,049 All the fixed assets are used for direct d)aritable purposes. 10. FIXED ASSET INVESTMENTS Direct investments in listed securitles Market value As at I September 2021 Unrealised loss 1,483,621 134,7541 As at 31 Au8USt 2022 1,448.867 33
TrIE SCHOOL OF ST HELEN AND ST KATHARINE TRUST NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl FOR THE YEAR ENDED 31 AUGUST2022 io. FIXED ASSET INVESTMENTS Icontinuedl SUBSIDIARIES School of St Helen and St Katherine Foundation In the year ended 31 Au8USt 2018 the Foundation donated its entire fund balances totalling £1,304,806 to the School. The transfer comprised investments of £1.299.673, and net current assets of £5.133 including cash of £46,282. The funds retain their original restrictions within the School. The Foundatlon was dormant for the year ended 31 August 2022. HK Activmles Llmlted In the year ended 31 August 2022 HK Activities Limited was dormant. 11, STOCKS 2022 2021 Raw consumables and equipment for sale 14,384 12. DEBTORS 2022 2021 Due wlthln onè year Trade debtors other debtors Prepayments 75,662 40,308 178,657 67,415 1,890 246.906 294.627 316.211 13. CREDITORS.. amounts falling due wlthln one year 2022 2021 Trade creditor5 Taxation and social securitv 1,187,693 154.510 518.183 984 691,532 18,125 193.249 Fees received in advance and deposits other crediiors Accruals and deferred income 658,828 29,490 391,846 2,422,367 1,422,073 Fees In advance Balance as at I September 2021 Fees deferred in the year Released in the year 284,504 55,900 1284.5041 557.492 284.504 1557,4921 Fees In advance as at 31 August 2022 55,900 284,504 Parents may pay fees for the following school year before the current financial year end, these are treated as deferred income. There is no other deferred income. 34
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl FOR THEYEAR ENDE031 AUGUST2022 14 CREDITORS- amounts falling due after more than one year 2022 2021 Deposits Bank loan 444,300 1,600,000 355.750 2.044,300 355,750 15al RESTRicfED FUNOS- 2022 I September 2021 Investment GalnsllLossesl 31 August 2022 Income E¥pendlture Transfers Fund Name Acworth Scholarships YPH Building Fund 6, Form Wynn Bursary 6, Forrn De Saulles Bursary sister Jean 8enedScE Fund Jean Duffleld History Prize St Helen and St Katharine Foundation Fund Girona Bursary 3,527 13,5271 144,7521 45.631 55,000 31,796 14,516 24,675 879 55.000 15.898 14.645 23,675 115,8981 444 13151 (1.0001 944.005 64.617 35,211 2,134 1539.4971 16,2951 119,2131 11.5141 420,506 58,942 1,180.240 41,316 1610,9691 121.0421 589,545 Isbl RÉSTRICYED FUNDS- Z021 I September 2019 Investrnent GainsllL055esl 31 August 2021 Income Expenditure Transfers Fund Name YPH Building Fund Acworth Scholarships Old Girls Fund 6th Form Bursary 61h Forrn Wynn Bursary 6, Form De Saulles Bursary Leavers, Bursaries Sister Jean Benedict Fund Jean Duffield History Prize St Helen and St Katharine Foundation Fund Glrona Bursary 45,631 45,631 3,626 13.6261 12,8181 11,0001 2,818 1,000 55,000 46,250 7,931 10,756 24,675 ss,000 31,796 114,4541 17,9311 1.154 2.606 14,516 24,675 1,147,295 58,146 43,183 2,560 1492,1751 18,3351 245,702 12,246 944,IX)5 64.617 1.399,502 50.523 1530.3391 260,554 1,180,240 35
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2022 15¢) FUNDS DESCRIPTION YPH Building Fund Residual funds left over from the Library build have been designated by the donor to be applied to enhancement works of the YPH. Sister Jean Benedict Fund This money was donated to the Foundation by the Sister Jean Benedict Trust. The income is to be spent at the Headmistres5' discretion. Jean Duffield Hlstory Prlze Fund This is money that has been donated to the Foundation and School and 15 to be used to 5UPPOrt thejean Duffleld History Prize. St Helen and St Katharlne Foundation Fund This is money that h35 been donated to promote and provide for and to further the education of person5 in the United Kingdom and elsewhere who are students, potential students or past students of The School of St Helen and St Katharine. All bursaries, apart from those eligible for other nominated restrirted funds, are charged to this fund which in due course will be exhausted. Acworth Scholarship Fund The Acworth Foundation 15 based in America. The Foundation contributes bursary funds towards the fees of two girls, each to the value of USSS,000 per annum. Girona Bursary This is money that has been donated forthe provision of bursaries, to be awarded to one or more girls gifted in maths, to enable them to attend the School. who due to their family's financial circumstances, would not otherwise be able to do so. Leavers, Bursary Fund The parents of pupils who are leaving the School, doriate the Ltnu5ed portion of their deposit to fund one or ore bursaries, to give some financial support to girls through 6, Form where otherwise they v40uld not be able to continue their education due to their family's financial circumstances. Old Girls Fund The SHSKOGA Trust (Charity 1135821 closed and passed its remaining fund to the School. 6th Form Wynn Bursary Donations have been received for the Mark Wynn Bursary, to provide a transformatlonal bursary to a student wishing to study Chemistry and one other STEM 5ubjert at A Level. The bursary will be means tested and to qualify for this award, the student must have previously studied in a state school. 6 Fomi De Saulles Bursary Donations have been received for the Joanna de Saulle5 Bursary to provide a transformational bursary to a student W15hing to study Economics at A Level. The bursary will be mean5 tested and to qualify for this award, the student must have previously studied in a State School. 6th Form Bursary Money is being raised to provide two transformational bursaries in the 6th Form for students who have previously studied in a state school. These will be subject specrfic and means tested. The David Ireland Bursary for Mathematics and/or Physics and the Gabrielle Kingaby Bursary for Computer Scien. 36
THE SCHOOL OF STHELEN AND SY KATHARINETRUST NOTES TO THE FINANCIAL STATEMENTS {continuedl FOR THE YEAR ENDED 31 AUGUST 2022 16. UNRESTRICTED FUNDS 2022 Investment and pension Bainslllossesl 1 September 2021 31 August 2022 Income Expenditure Transfers General reserve Designated Bursary fund 23,349,426 14,178.502 112,954,206) 593.429 19,327 2,409,000 113.7121 1642,4811 26.340,241 642.481 1.241,525 23,942,855 14,197,829 1112.954.2061 2,395,288 27.581,766 Designated Bursary Fund With effect from I September 2021, the School transfers 5% of gross fees to a Designated Bursary fund. The fund will 3ccumulate until the SHSK Foundation furld has been exhausted, after which it wlll be used for all bursaries apart from those eligible for other nominated restricted funds. UNREsTRIEO FUNDS 2021 Pension scheme actuarSal gain 1 September 2020 31 August 2021 In¢ome Expenditure Transfers General reserve Designated Bursary fund 22,914,702 12,803,823 111.814,6701 39,000 1593,4291 23.349,426 593,429 593,429 22,914,702 12,803,823 111,814,670) 39,000 23,942,855 17. ANALYSIS OF ASSETS BETWEEN FUNDS Lon8 term Balance at 31 August 2022 Tanglble Flxed Assets Net current Assets and Pensions Deflclt Investments General reserves Designated bursary fund5 30,999,722 12.148,1811 8,084 12.511,3001 26.340,241 1.241,525 1.233,441 Restrirted funds YPH Building Fund Jean Duffield History Prize 6 Form Wynn Bursary 6, Form De Saulle5 Bursary Sisterjean Benedict Fund St Helen and St Katharine Foundation Fund Girona 8urs3ry 879 23.675 55,000 15,898 1,050 879 23,675 55,000 15,898 14,645 13,595 142,889 58.942 277,617 420,506 58,942 Total funds 30,999,722 1,448,867 11,765,978) 12,511.3001 28,171.311 37
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2022 ANALYSIS OF NET ASSETS BETWEEN FUNDS Icontinuèdl Long term Balance at 31 August 2021 Tangible Fixed Assets Net current and Pension5 *1sset5 Deficlt Invèstménts Genèral reserve5 Desi8nated bursary funds 26.090.049 376,127 8.083 13.116.750) 23.349.426 593,429 585,346 Re5trirted funds YPH Building Fund Jean Duffield History Prize 6 Form Wynn Bursary 6, Form De Saulles Bursary Sister Jean Benedirt Fund St Helen and St Katharine Foundation Fund 45,631 24.675 55,000 31,796 1,050 45,631 24,675 55,000 31,796 14,516 13,466 820,192 64,617 123.813 944,005 64.617 Girona Bursary Total funds 26,090,049 1,483,621 666,175 13,116,750) 25,123,095 18. CONTRACTS AND COMMITMENTS 2022 2021 The following capital commitrnents existed at the year end Committed but not provided 2,752,760 6,778,925 19. LEASING CommMENTs 2022 2021 The future minimum lease payments under non-cancellable operating leases.. Within ¢)ne year Between one and two years Between two and five years 41,046 17,254 1.015 69,984 41,046 18,269 The above leases are for computers and office equipment. 38
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST NOTES TO THE FINANCIAL STATEMENTS (continu) FOR THE YEAR ENDED31 AUGUST2022 20. PENSION COSTS TeachSn Staff - Defin me The School participates in the Teachers. Pension Scheme 1.the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £900,30812021: £9,308) and at the yeai-end £Nil12021.' £Nil was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Member5 contribute on a "pay as you go~ basis with contribution5 from members and the employer being credited to the Exchequer. Retirement and other pension benefi15 are paid by public funds provided by Parliament. The employer contribution Tate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Oepartment. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2Q19, confirmed that the employer contribution rate for the TPS would incTe35e from 16.4% to 23.6% from I September 2019. Ernployer5 are also required to pay a scheme administratlon levy of 0.08% 8rving a total employer contribution rate of 23.68%. The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach Specified in the Directions. as they applied at 5 March 2019. However, the assumptions were consrdered and set by the Department for Education prior to the ruling in the'McCloud/Sargeant case, This case has required the courts to consider cases regardinE the implementation of the 2015 reforms to Public Service Pensions including the Teachers, Pensions. On 27 lune 2019 the Supreme Coun denled the government perrni55ion to appeal the Court of Appeal's judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court's decision and has said it will engage fully with the Employment Tribunal a5 well as employer and member repre5entative5 to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin Ltnder which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between l April 2015 and 31 March 2022 at the point thèy become payable. The TPS is subject to a cost cap rnechanism which wa5 Put in place to protect taxpayers against unforeseen changes in scheme COSts. The Chief Secretaryto the Treasury, having in 2018 announced that there would be a review of thi5 Cost cap mechanism, rn January 2019 announced a pause to the cost cap mechanism followlng the Court of Appeal's ruling in the Mccloudlsargeant ase and until there is certainty about the value of penslons to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 lyne on proposed changes to the cost control mechanism followin8 a review by the Government Actuary. Following a public consultation, the Government have accepted three key proposals recommended by thè Governrnent Actuary, and are aiming to implement these changes in time for the 2020 valuations. The 2016 cost control valuations have Sin been completed in January 2022. and the results indicated that there would be no changes to benefits or member contributions required. The results of the cost cap valuation are not Used to set the employer contributlon rate, and HM Treasury has confirmed that any changes to the employer contribution rate resulting from thè 2020 valuations will take effect in April 2024. Until the 2020 valuation is completed It Is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial statements. Non-teachin staff - defined benefit schemés Church of England Funded Pension Scherne-The Church of England Funded Pension Scheme is a defined benefit scheme with only one member at the School, with a liability at 31 December 2019 of £5,000. The Royal County of Berkshire Pension Fund The School also contributes to The Royal County of Berkshire Pension Fund, which operates within the Local Government Pension Scheme, providlng defined beneflts for its non-teaching staff. In 2007 the School closed this schemeto new members. 39
THE SCHOOL OF ST HELEN AND ST KATHARINETRUST NOTES TO THE FINANCIAi STATEMENTS Icontiftuedl FOR THE YEAR ENDED 31 AUGUST 2022 rhe latest triennial valuation of the Royal County of Berkshire Pension Fund wa5 dated 31 March 2019. 20. PENSION COSTS Icontinuedl At the year-end £87112021.. £9841 of contributions were outstanding. Prln(ipal Actuarial Assumption 2022 2021 Pension increase rate Salary increase rate CPI increase rate Discount rate 3.17% 4.10% 3.10% 4.25% 2.90% 3.90% 2.90% 1.65% The current mortality assumptions include sufficient allowance for future improvements in mortallty rates. The assumed life expectations on retirement age 65 are: 2022 Years 2021 Years Retiring todoy Males Females RetirNng in 20 years Males Females 21.0 23.8 21.3 24.0 22.3 25.3 22.6 25.4 Changes In the present Value of the definèd benefit obligation are 35 follows: 2022 eooo 2021 rooo Deficit at the beginning of the year Current service cost Contribution Other finance costs Administration expenses Aetuari31 gain/llossl 12,7611 11281 62 1451 12,6971 11281 70 1421 2,409 39 Deficit at the end of the year 14671 12,7611 Changes in the fair value of the scheme 355ets are a5 follows: 2022 £'ooo 2021 £'ooo Opening fair value of scheme assets Interest on assets Return on assets less interest Employer contributions Employee contributions Benefits paid Adminlstration expenses 3,260 53 158 62 16 11431 2,960 45 309 70 17 11381 131 Fair value of scheme assets at the year end 3,402 3,260 40
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST NOTES TO THE FINANCIAL STATEMENTS Itontinuedl FOR THE YEAR ENDED 31 AUGUST 2022 20. PENSION COSTS Icontinuedl Changes In the falr value of the %heme liabilltles are as follo. 2022 £'ooo 2021 £'ooo Opening defined benefit tsbligation Servlce cost Interest cost Change in financial assumption Experience gain Estimated benefits paid Employee contribution Change in dernographic assumptions 6,021 128 98 12.1901 5.657 128 87 442 iioii 11381 17 1711 11431 16 1691 Fair value of 5theme liabllltles at year end 3,869 6,021 The amounts included within the Statement of Financial Artivities are as follows.. Service ¢ost Net interest Administration expense5 128 45 128 42 Total amount charged to the Statement of Financlal Actlvities 177 173 Analysls of actuarial loss debited thè Statemènt of Financial Adtvities Actuarial gainlllossl 2,409 39 The major categories of scheme asset5 as a percentage of total scheme assets are as follows-. 2022 2021 Equities Other bonds Propertv Alternative assets Cash 63 15 13 61 18 12 Experted return on assets The overall expected rate of return on the scheme assets is determined based on the long-terrn fvture expected investment return for each asset class at the beginninE of the year. The return on 8ilt5 and other bonds are a55urned to be the gilt yield and corporate bond yield respect*vely at the relevant date. The return on acquisitions and property is then assumed to be a margin above gilt yields. 41
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THEYEARENDED31 AUGUST2022 20. PENSION COSTS Icontlnuedl Projected penslon expense for the year to 31 August 2023 £'ooo Service cost Interest rate Adrnini5tration expenses 62 19 Totsl 84 Employer contributions 67 These fi8ure5 exclude the capitalised cost of any early retirements or augmentations which may occur after 31 August 2022. 21. RELATED PARTY TRANSACTIONS There have been no related party transactions in the year or In the prior year. 42
THE SCHOOL OF ST HELEN AND ST KATHARINE TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEARENDED 31 AUGUST 2022 22. STATEMENT OF FINANCIAL AcfiviTIES- COMPARATIVE FIGURES BY FUND TYPE Unrestricted Funds 2021 Rèstrirted Funds 2021 Total 2021 Notes INCOME FROM: Charltable artivlties: School fees receivable Other educational income 11,761,921 919,256 11.761,921 919,256 Other tradlng actlvities 5.589 5,589 Investments.. Bank interest Investment income 42 42 38,479 38,479 Donations and grants 117,015 12.044 129,059 Total Incomè 12.803,823 50,523 12.854,346 EXPENDITURE ON: Rai5in8 funds.. Trading expenses Finance c05t5 26,494 104,355 26,494 104,355 Charitable activity: School grant rnaking and operating costs 11,683,821 530,339 12.214,160 Total Expenditure 11,814,670 530.339 12,345,009 Net intome from operations before transfers and investment losses 989,153 1479.8161 509.337 Net Ilosse511 gains on investments io 260,554 260.554 Net Incomè before other reco8nised gain5lllossesl 989,153 1219,2621 769.891 Pension scheme actuarial Ilossesll8ains 20 39.000 39,000 NET MOVEMENT IN FUNDS 1.028.153 1219,2621 808,891 Funds brought forward 22,914,702 1,399.502 24.314,204 FUND5 CARRIED FORWARD 15, 16 23.942,855 1,180,240 25.123,095 43