st Philip's School Trust Limited Annual Report and Financial Statements 31 August 2021 Gompany Litnited by Guarantee Registration Number 01789733 (Engbnd and Wales) Charfty Raglstratlon Number 288887
Reports Reference and administrative details of the charity, its governors and advisers Govemors. report Independent auditorfs report Financial Statements Statement of financial activities 13 Balance sheet 14 Statement of cash flows 15 Principal accounting policies 16 Notes lo the financial statements 20 St Philip's School Trust Llmited
Reference and administrative details of Ihe charfty, Its governors, and advisers Governors F Deacy J Dean J Mclnlosh R Llewellyn P Towneley Headmaster A Wulffen-Thornas Registered principal offlce 6 Welherby Place London SW7 4NE Company registration number 01789733 IEngland and Wales) Charity registration nurnber 288887 Audltor Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers HSBC Bank plc 95 Gloucester Road South Kensington London SW7 4SX Accountants SDK Educational Consuitancy Ltd 10 8ath Road Old Town Swindon SN1 4BA St Philip's School Trust Limited 1
Govemors, report 31 August 2021 The Govemors of Sl Philip's School Trust Limited. who are also directors of the company for the purposes of the Companies Act and Iruslees for the purposes of charity law. present their statutory report together with the financial statements for the year ended 31 August 2021. The report has been prepared in accordance with Part Vlll of the Charities Act 2011. The financial statements h2ve been prepared in accordance with the accounting policies sel out on pages 16 10 19 of Ihe attached financial slalements and comply with the School's Memorandum and Articles of Association. applicable laws and Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the United Kingdom and Republic of Ireland IFRS 102)- Governance, structure and management Constitution and legal status The Charity is consll(uted as a company limited by guarantee. The Govemors. who are also members, are liable to contribute an amount not exceeding £1 each on the event of winding up. Governance The Goveming body is elected on the basis of nominations and recommendations received from various sources, with a view lo ensuring as wide a mix as possible of relevant expertise. Member5 are eligible to stand for re-election. The Governors maintain overall responsibility for the school and its assets, and determine Ihe general policy of the school. The day-to-day running of the school is delegated to the Headmaster and his senior management team. Governors The Governors may appoint addition81 Governors under the temis of the Memorandum. The folk)wing Govemors were in office and served throughout the year, except where shown. St Philip's School Trust Limited 2
Governors, report 31 August 2021 Governance. strudure and management Iconlinued} Govemors (continued) Governors Appointed l Resigned l Retired F Dtra¢y J Dean Ichaimianl T MacFarlang J Mclntosh R Llowgllyn P Towneley Retired 26 January 2022 No Governor received any remuneration from the school during the year (2020 £nill. During the year one Governor, who is also a parent, had children attending the school. Fees paid by the Govemors are the same as fees paid by others. Theie were no outstanding amounts al the year end. No Governor had any other beneficial interest in any contract with the school during the year. Key management personnel The Governors consider that they, together with the senior management tearn. comprise the key management personnel of the charity. The senlor management team during the year consisted of: Namè Role Alex Wulffèn-Thoma8 Dale Corr Headteacher Deputy Head The Finance and General Purposes Cornmittee considers the pay and remuneration of the school's senior management team and in reaching recommendations for the Goveming Body consider the nature of the role and responsibilities, trends in pay and competitor salaries in the region available from publicly available sources. Statement of Govemors. responsibilities The Governors (who are also directors of St Philip's School for the purposes of company lawl are responsible lor preparing the Govemors, report and financial statements in accordance with applicable law and United Kingdom AGcounting Standards (United Kingdom Generally Accepted Accounting Pracli¢e}. Company law requires the Governors lo prepare financial statements for each financial year which grve a true and fair view of the slate of affairs of the school and of the incoming resources and application of resources, including the income and expenditure, of the school for that period. st Philip's School Trust Limited 3
Governors, report 31 August 2021 Governance. structure and management Iconlinued) statement of Governors. responslblllties (continued) In preparing these financial slalements, the Governors are required lo: • select suitsble accounting policies and then apply them consistently., • observe the methods and principles in Accounting and Reporting by Charrties.. Slalement of Recommended Practice applicable to eharilies preparing their accounts in eccordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland IFRS 102)- make judgements and estimates that are reasonable and prudent,. • state whether applicable United Kingdom Accounting Standards have been followed. subject lo 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 school will continue in operation. The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financial position of the school and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the school and hence for taking reasonable stops for the prevention and detection of fraud and other irregularits'es. Each ofthe Govemors confirms that.. • so far as the Governor is aware, there is no relevant audit information of which the school's auditor Is un8W8re', and • the Governor has taken all the steps that helshe ought to have taken as a Governor in order to make himselflherself aware of any relevant audit Information and lo establish that the school's auditor is aware of that information. This confirmation is given and shouid be inlerpreled in accordance with the provisions of s418 of the Companies Act 2006. OrganiTsatiTonal management The Board meets once a term to determine the general policy for the Trust anij to review its overall management and control, for which they are legally responsible. A Finance and General Purpose Committee meets once a term. It reports to the Govemors with recomrnendations on pay and conditions. financial obligations and fee and bursary policies. A Pastoral Committee meets once per temi. 11 reports lo Governors with recommendations on safeguarding and child protection matters. St Philip's School Trust Limited 4
Governors, report 31 August 2021 Governance. strudure and managernent Iconlinuedl Risk management The Governois have assessed the major risks to which the school is exposed, in particular those related lo the operations and finances and they are satisfied that systems are in place to mitigate the exposure lo major rlsks. The main risks the Governors have identified and the plans to mitigate those risks are= • Reputation of the education and well-being of our pupils and the activities of the charity. This risk is managed through relevant policies which are embedded within the school through meetings. committees. staff and pupil awareness and h8ving nominated senior management responsible for specific policies. Policies include.. safeguarding policies. staff recruitment policies, health and safety policies. • Income and cash flow to deliver the educational offering for the present and to invest in the school and charily, including ils fabric for the long term future. The risk is managed by maintaining and where feasible increasing pupil numbers, identifying any trends that can be reduced associated with leavers, k)oking into non-fee income initiative5. Actlvities. speciflc objectives and relgvant policie5 Principal aims and objectlves The principal aims and objects of the school are the promotion and provision of the education of boys up to the age of 13. Strategic aim and intended effect The school's strategic aim to reach ils annual objective is the attainment of the highest academic levels whilst allowing pupils to benefit from our exlra-curricular programme. This is intended lo draw out their abilities and academic potential. awaken and develop wider interests in life and motivate them for a successful outcome al their chosen senior school. The pupils. moral, social and spiritual development is considered lo be just as important as their academic progress. Objectlves for the year The school's main objective continued to be lo educate all the school's pupils lo al least the same high standard achieved by the school in previous years, so that they will be fully able to benefit from their chosen senior school for the completion of their education in due ourse. Our strategy for achieving this is lo maintain 2 high leacher-lo-pupil ratio, tailoring our setvices as appropriate in each case to suit individual needs. Grant making The school is able to provide bursaries for pupils who would otherwise be unable lo attend the school And also able to assist Parents who, due to 8 change in circumstances beyond their control, are judged to require financial assistance. st Philip's School Trust Limited 5
Govemors, report 31 August 2021 Achlevements and performance Revlew of the year and future plans All 21 boys passed their Common Entrance examinations and look up places al their desired senior schools. Of those. 7 chose boarding at Eton 13>, Ampleforth 121 and King's Canlerbury111 with the rernainder moving onlo day schools al City of London {31, Dulwlch (31, London Oratory121, Thomas's Senior {21 and Welherby Senior {11. One boy moved lo the USA and joined Sewickley Academy in Pittsburgh. The second period of remote learning passed quietly and the education provided was effective. A parent sutvey revealed 100¥0 satisfaction with the quality, scope and conlenl of the pri)vision and ils integrated pastoral support. Investments were made in computer hardware and the IT infrastructure in the School. There were two boys in the school receiving bursary support, which is funded through the St Philip's Bursary Fund. The Govemors remain committed to growing the fund and Mdening access. and the School was successful in marketing the support available several appllcallons were assessed and granted access lo the Fijnd for the next school year. The Registrar departed and a new Registrar was appointed. but left Shortty after joining because of family reasons. The School Secretary was appointed to Registrar and a new School Secretary was appointed before being successfully inducted into the School Office by the end of the year. Improvements lo the physical estate were reslricled to needs-only projects as the School is drawing up comprehensive development plans. Fundralslng performance The parent body helped the school's fundraising efforts greatly during the course of the year via the effective Parents, Association. In addition to this. several pupils 18unched fund- raising initiatives that included a table-lennis competition, a baking competition and an art competition wlth funds directed to the School's chosen charity, the Carney Community Centre. Other than the above, the School did not undertake any public fundr8isSng activity. There were no complaints in the year in relallon lo our fundraising. Public Benefit The school is continuing lo develop its already strong relationship wlth our local Roman Catholic primary school, Our Lady of Victories. St Philip's sponsors an after-school verbal reasoning lesson at the primary school for thity Year 6 pupils. St Philip's boys contribute lo the parish of the Oratory Church, Brompton Road, by seNing Mass on Sundays, and by singing in the junior choir of the church. Means-tested bursary support was advertised and awarded lo deseNing children from the local community. The School supports the Carney's Community Centre in Battersea, and hosted representatives of the ciub at Sl Philip's for assemblies in order to raise awareness of their work within the parental and pupll communities. St Philip's School Trust Limited 6
Governors, report 31 August 2021 Flnancial review Results for the year Income for the year was £1,258.765 (2020.. £1,437,601). Expenditure was £1,405,757 12020 £1,413,276}- The net deficit for the year was £146,99212020 - surplus of £24.3251 before revaluation gains of £125,00012020- £Nill- Overall, the Governors consider the financial 8ffalrs of the charity to be satisfactory. but they are aware of potential financial issues facing the independent schools sector and the constant need to monitor budgets and Cash flow forecasts. We have considered the effeGts of the Covid-19 pandemic on the charity's operations and have concluded that the impact on il is likely lo be limited. Trustees acknowledge and recognise the potential impact of the Covid-19 pandemlc on the future operations of the charity, ils beneficiaries. partners and stakeholders and on wider society. The effect on pupil numbers in the short term is unclear but it is not anlicipaled al the Current lime that the overall financial position of the charity will be adversely affected or its financial solvency thre8tened. Financial position and reserves policy Financialposition The balance sheet shows total funds of £5,788,742 {2020 - 5.810.734>. The lolal funds are represented by a revaluation reserve, which represents the revalued amount of the school's freehold propety, of £4.836.89012020 £4,711,890), gener81 funds of £923,45012020'. £1,079,374) and restricted funds of £28.402 12020.. £19,470. BLJrsarie8. grants and 8IIow8nces of £49,630 were provided from unrestricted and restricted funds 12020 £60,410). During the year, one 100,10 means tested bursary 12020.- two} was provided to a pupil who would otherwise be unable lo allend the Sch(1. Reserves policy The Governors believe that, as a target, the free reserves should repres8nt a minimum of three months of expenditure, which for 2021 would be £351,43912020 - £353.3191. Within general funds. £357,432 12020 £378,790) represents funds deployed as part of the school premises, equipment and intangible assets, with the balance of £566,018 12020 £700.5841 being 'lree reserves,. The School therefore meets the minimum requirement of its free reserves policy, which will initialty be used to cover any shortfall in income received, or where opportun5ty permits, use towards future eapital projects. The Schwl has planned that any impact of the coronavirus ICovid-191 on future income will be offset by expenditure savings and will not impact on reserves going forward and therefo remains a going Concern. St Philip's School Trust Limited 7
Governors, report 31 August 2021 Flnanclal position and reserves pollcy {continuedl Fixed assets The main asset of the school is the freehold building. This was revalued by Scanlans Consultant Suryeyors LLP on 8 November 2021 at £5.095.000. Acquisitions and disposals of fixed assets during the year are recorded in the notes lo the financial ststements. Summary St Philip's School has again had a good year and our thanks go to 811 those who have helped to achieve this. staff, pupils and parents. ved by the Govemors and signed on their behalf by.. Approved by the Governors on- st Philip's School Trust Limited 8
Independent auditor's report Year lo 31 August 2021 Independent auditor's report to the members of St Philip's School Trust Limited Opinion We have audited the financial statements of Sl Philip's School Trust Limited (the 'charitable company'l for the year ended 31 August 2021 which comprise the stslemenl of financial activities, the balance sheet, the statement of cash flows 8nd notes to the financial statements, including a summary of significant accounting FX)licies. The financial reporting framework that has been applied in their preparation is applicable18W and United Kingdom Accounting Sl8nd8rds, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements.. give a true and fair view of the stale of the charitable company's affairs as at 31 August 2021 and of its 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. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial Slatements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements, we h8ve eoncluded that the govemors, use of the going concem basis of accounting in the preparation of the financial slalements is appropriate. Based on Ihe work we have perforrned, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may c8St significant doubl on the charitable company's ability to continue a$ 8 going concern for a period of at least elve months from when the financial statements are authorised for issue. Our resFX)nsibililies and the responsibilities of the governors with respect to going concern are descTibed In the relevant seclDns of thls report. st Philip's School Trust Limited
Independent auditor's report Year lo 31 August 2021 Other infonnation The other inforrnalion comprises the information included in the annu81 report and financial statements, other than the financial statements and our auditor's report Ihereon. The Iruslees are responsible for the olher information contained within the annual report and financial statements. Our opinion on the financial statements doe5 not cover the other information and. except to the extent othenlse explicitly stated in our report, we do not express any fomi of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemine whether Ihls gives rise to a material mi5slalemenl in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstalemenl of this other information. we are required lo report that fact. We have nothing to report in this regard. Opinions on other matters prescribed bythe Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the governors, report. which is also the directors, report for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial slatemenls," and • the governors, report, which is also the directors. report for the purposes of company law. has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the charitable company and ils environment obtained in the course of the audrt, we have not identified material misstalemenls in the trustees. report. We have nothing lo 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 accountlng records have not been kept.. or • the financial slalemenls are not in agreement with the accounting records and returns., or certain disclosures of governors. remuneralion specified by law are not made., or we have not received all the infomiation and explanations we require for our audit., or • the governors were not enlilled to prepare the financial statements in accordance with the small companies regime and lake advantage of the small companles. exemptions in preparing the governors, report and from the requirement lo prepare a strategic report. st Philip's School Trust Limited 10
Independent audilor's report Year to 31 August 2021 Responsibllltles of Governors As explained more fully in the govemors, responsibilities statement, the governors (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial slalemenls, the governors are responsible for assessing the charitable company's ability to continue as a going concem, disclosing. as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend lo liquidate the charitable company or to cease operations, or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of the financial Statements Our objectives are lo obtain reasonable assurance about whether the flnanclal statements as a whole are free from material misslatemenl, whether due lo fraud or error. and lo issue an auditor's reFX)rt that includes our opinion. Re8sonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misslatgmenl when il exists. Misslalements can arise from fraud or error and are considered material if, individLJally or in the aggregate, they could reasonably expected lo influence the economic decisions of users taken on the basis of these rinancial stslements. Irregularities, including fraud, are inslances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. lo detect material misstalemenls in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below.. Our approach to identifying and assessing risks the risks of material misstatement in respect of irregularities. including fraud and non-compliance with laws and regulations. was as follows.. • the engagement partner ensured that the engagemenl team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations.. and • we obtained an understandlng of the legal and regulatory frameworks that are applicable lo the charity and delemiined that the most significant frameworks which are dlrectly relevant to speciflc assertions in the financial statements are those that relate lo the reporting framework Islatement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011 and the Companies Act 2006) and those that relate lo the Code of Fundraising Practice issued by the Fundraising Regulator. We assessed the susceptibilily of the charity's financial stslements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to their knowledge of actual, suspected and alleged fraud,- and St Philip's School Trust Limited 11
Independent auditorfs report Yearto 31 August 2021 Audltor's responslbilities for the audit of the financial statements {continuedl considering the internal controls in place to miligale risks of fraud and non-compliance with laws and regulations. To addres$ the risk of fraud through management bias and override of controls. we.. • performed analytical procedures to identify any unusual or unexpected relationships., perfom)ed subslanllve leslSng of expenditure including the 8Uthorization thereot. and + lesled journals to identify unusual Iransaclions. In response lo the risk of irregularities and non-compliance wFth laws and regulatlons, we designed procedures which included. but were not limited to.. review of the minutes of meetings of those charged with governance., and enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of re9ulalory and legal correspondence, if any. Material misstatements that arise due lo fraud can be harder lo delect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website al www.frc.org.uklaudilorsresponsibililies. This description forms part of our auditor's report. Use of our report This report is made solely lo the charitable company's mernbers, 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 s18tÈ lo the charitable company's members those matters we are required to st8le to them in an audilorfs 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. J •Lty Z2Q Hugh Swainson (Senior Statutory Audilorl For and on behalf of Buzzacott LLP, Ststutory Auditor 130 Wood Street London EC2V 6DL 5 April 2022 St Philip's School Trust Limited 12
Statement of financial activities (including income and expendlture account) Year lo 31 August 2021 Unreslricled fund5 Restrted Ravaluation rdS re$eNe Total 2021 Total 2020 Notes Incomè from.. Donat40n5 20.132 20,132 19.470 Charitable activiti&s hool fees recelvable Investments 1,238.537 96 1,238.537 96 1,416,026 2,105 1.437.601 Total income 1.238.633 20,132 1.258.765 Expenditure on.. Chatable a¢iivities Provk8ion of education 1.394.557 11.200 1.405,757 1,413.276 1.405,757 1,413,276 Total expenditure 1,394.557 11,200 Net lexpendituro) incomo 1155,9241 8.932 1146,9921 24,325 Other recognised galns Gains on revaluation of as5e15 125,000 125.000 125,000 121,9921 Net movement In ftjnds I1,924) 8.2 24,325 Reconcillation of fvnd5'. Balanc88 broughtforward al 1 Septernber 2020 1.079.374 19.470 4.711,890 5.810.734 5,786.409 Ba¢85 carri8d loard 8131 August 2021 923.450 28,402 4,836,890 5,788,742 5,810,734 The charity has no recognised gains or losses other than those shown above. All of the charitys activities derived from continuing operalions during the above financial perio¢Js. St Philip's School Trust Limited 13
Balance sheet 31 August 2021 2021 2021 2020 2020 Notes Flxed assets Intangible fixed assets Tangible fixed assets 10 22,225 5,172,097 5.194,322 25.558 5,065,122 5,090,680 Current assets Debtors 12 12.996 1.075,149 1,088,145 14,063 1,266.891 1,280.954 Cash at bank and in hand Llabllltles Creditors.. amounts falling due within one year Net Current assets 13 (493,7251 1560,9001 594,420 720,054 Total net assets 5,788.742 5,810.734 The funds of the charity: unStriCted funds General fund . Restricted lund - Revaluation reserve 923,450 28.402 4,836,890 5,788,742 1.079.374 19.470 4,711,890 5,810,734 14 15 St Philip s School Trust Limited Company Number 01789733 (England and Wales) Approved by the Governors and signed on their behalf by.. JOHN DEAN Governor g March 2022 St Philip's School Trust Limited 14
Statement of cash Ilows 31 August 2021 2021 2020 Notes ash flows from operating activities: Net cash lused inl provided by op8rating actimb.es A 1179.9861 192,771 Cash flows from investing activities: Investment income Purchase of tangible fixed assets Net cash used in investing activities 2,105 {14,7831 (12,6781 111,8521 {11.756 Change in Gash and cash equivalents in the year {191.7421 180,093 Cash and cash èqulvalents at 1 September 2020 B 1.266,891 1.086,798 Cash and cash equivalents at 31 August 2021 8 1,075,149 1,266,891 Notes to the ststement of cash flows for the year to 31 August 2021: A Reconciliation of net movement in funds to net cash (used inl provided by operatlng activities 2021 2020 Net movement In funds las per the statement of flnanclal acttvlllesl Adjustmènts for-. Depreciation charge Amortisation charge Investmènt in¢tsmè Revaluation of tangible fixed assets Decr8ase in d8btors (Decrease) increase in creditors Net cash (used inl provided by operating activities 121,9921 24,325 29,877 3,333 1961 1125,0001 1,067 167.1751 1179.986) 36,648 3,333 12,1051 111,720 18,850 192.771 B Analysis of cash and cash equivalents 2021 2020 Cash al bank and in hand Total ¢a$h and Cash equivalents 1,075,149 1,075.149 1,266,891 1,266.891 C Analysis Of changes In net debt At1 September 2020 At31 August 2021 Cash ows Cash al bank and in han 1.266,891 1191,7421 1.075.149 St Philip's School Trust Limited 15
Statement of cash flows 31 August 2021 The principal accounting policies adopted. judgements and key sources of eslimalion uncertainly in the preparation of the financial statements are laid out below. Basis of preparation These financial statemen15 have been prepared for the year to 31 August 2021. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accountSng policies below or the notes lo these financial gtatemenls. The financial statements have been prepared in accordance wtth Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102) (Charities SORP FRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} and the Charities Act 2011. The School constitutes a public benefit entity as defined by FRS 102. The financial staternents are presented in Sterling and are rounded lo the nearest pound. Critical accounting estimates and areas of judgement Preparation of the financial slalemenls requires the GovernoTS and management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include.. estimating the useful economic life of tangible fixed assets.. and • the valuation of freehold property. In addition to the above. the full impact following the emergence of the covid-19 pandemic is still unknown. It is therefore not currently possible to evaluate all the potential implications for the charity's activities, beneficiaries, funders, suppliers and the wider economy. As set out in these accounting policies under "going concern", the trustees have considered the impact of the pandemic on the charity and have concluded that although there may be some negative consequences, it is appropriate for the charity to continue lo prepare its accounts on the going concem basis. St Philip's School Trust Limited 16
statement of cash flows 31 August 2021 Assessment of golng concern The Govemors have assessed whether the use of the going concern assumption is appropriate in preparing these financi81 statements. The Governors have made this assessment in respect lo a period of one year from the dale of approval of these financial statements. This assessment has been made with the consideration of Covid-19. The Governors of the School have Concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity lo continue as a going concern. The Governors are of the opinion that the School will have sufficient resources lo meet ils liabilities as they fall due. Income recognition Income is recognised in the period in which the school is entitled to receipt, the amount can be measured reliably and it is probable that the income will be received. Income comprises income from donations, bank interest receivable and income from school fees. Donations are recognised when the school has confirmation of l)olh the amount and settlement dale. In the event of donations pledged but not received. the amount is accrued for where the recelpt Is considered probable. In the event that a donation Is subject lo conditions that require a level of performance before the School is entitled to the funds. the income is deferred and not recognised until either those conditions are fully mel. or the fulfilment of those conditions is wholly within the control of the school and it is probable that those conditions will be fulfilled in the reporting per+od. Interest on funds hekl on deposit is included when receivable and the amount can be measured reli8bty by the school- this is normally upon notification of the interest paid or payable by the bank. Income from school fees is recognised when the School is entitled lo receipt. This is usually at the point al which the school has commenced the provision of education al the start of each academic term. Expenditure recognltlon Liabilities are recognised as expenditure as soon as there is 8 legal or constructive obligation committing the school lo make a payment to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is aecounled for on an accruals basis and includes any attributable VAT which cannot be recovered. All expenses are allocated or apportioned to the applicable expenditure headings. Resources expended comprise the cost of charitable adivities i.e. the cost of teaching and support staff salaries, including pension and national insurance costs. books, games equipment and other luilion expenses including associated support costs. St Philip's School Trust Limited 17
Statement of cash flov 31 August 2021 Intangible fixed assets Intangible assets comprise a purchased licence capilalised at cost and amortised through the statement of financial activities on a straight line basis over the length of the licence. Tangible fixed assets All assets costing more than £600 and with an expected useful life exceeding one year are capitalised. a. Freehold propety The freehold property Is measured at valuation. The freehold propety revaluatiorb surpluses and deficits are transferred lo the revaluation reserve. Depreciation.. the freehold propety is maintained in a contlllU81 state of sound repair.. the Trustees consider that the life of the property is so long and the resSdual value, based upon current values is so high, that depreciation is immaterial. On this basis. any depreciation charge woukj be immaterial and no depreciation has been charged. b. Other tangible fixed assets Other tangible fixed assets are measured at cost and depreciated at the followin9 annual rates in order lo write them off over their estimated useful lives.. Fixtures and equipment 250A per annum based on cost Debtors Debtors are recognised at their settlement amount, less any provision for non- recoverability. Prep8yments are valued al the amount prepaid. They have been discounted lo Ihe present value of the future Gash receipt where such discounting is aterial. Cash at bank and In hand Cash al bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. CredTrtors and provisions Creditors and provisions are wognised when there Is an obllgation al the balance sheet date as a result of 8 Past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay lo settle the debt. Pension costs Contributions in respect of the defined contribution scheme and the Teachers, Pension Scheme are charged lo the income and expenditure account in the year in which they are payable lo the scheme. St Philip's School Trust Limited 18
Stalement of cash flows 31 August 2021 Fund accountlng The revaluation r8seNe comprlses the revalued amount of the school's freehold propety. The value represented by such assets should not be regarded. therefore. as realisable. General funds represent those monies which are freety available for application towards achieving any charllable purpose that falls within the school's charitable objects. Restricted funds represent monles which have been raised for a specific purpose or which are subject to restrictions on their use. Once the purposes have been fulfilled, or the funds Used in accordance with the conditions, they are released to unrestricted funds. st Philip's School Trust Limited 19
Notes to the financial statements 31 August 2021 Donations and legacies Unrèstricted Restricted funds funds Total 2021 Tot81 2020 Donations Legacies Total 20.132 20,132 19,470 20,132 20,132 19,470 The donations received in 2021 have been restricted for the use of bursari8S. Unrestricted RestriGted funds funds Total 2Q79 Donations Legacies Total 19,470 79,470 19,470 19,470 Income from charitable activitles: Unrestricted funds 2021 2020 Gmss h0o1 fees Registration fee5 Legs." total bLsrsaries, grdnts and auowances. 1.262,925 7.204 {49.630) 1,220,499 18,038 1,238.537 1,408.400 5.000 {60,4101 1,352.990 63,036 1.416,026 Other incxjrne "During the year awards were made lo one individual (2020- 2 individuals). Income from Investments Unrestricted funds Total Total 2021 2020 Bank intere3t 96 2.105 Sl Philip's School Trust Limited 20
Notes to the financial statements 31 August 2021 Expenditure on charltable activities Depreciation and Oth8r amortisalion Staff Costs Total 2021 Tot81 2020 - Teaching costs Cateiing costs Premises . Sports Costs Outings and Activiti8s Governan costs (note 51 other direct Costs . Support costs of schooling 890,621 80,176 20.175 113,798 60,001 14.765 40,520 18,381 53.939 401,755 970.797 20,175 113,798 60,001 14,765 40,520 18,381 167,320 1,40S,757 968,104 25,087 92.169 61,365 45,964 27,200 22,862 170,525 1,413.276 80,171 970,792 33,210 33,210 Depreciation and Other amortisation Slaff Costs Total 2020 TeaGhing costs . Welfare costs - Premises . Sports Costs Outings 8nd Actiwties Govemance costs (not8 5) Ofhèr dir&ct costs . Support costs of schooling 872.383 95,721 25,087 92. 169 61,365 45.964 27,20Q 22,862 55,925 426,293 968, 104 25,087 92, 169 61,365 45,964 27,200 22,862 17Q,525 7.413,276 74.619 947.OQ2 39,981 39,981 Governance costs Unreslricled fund5 Total Total 2021 2020 Audit Legal and professional costs 10,560 29,960 40,520 11.120 16,080 27,200 Net expenditure This is stated after charging.. 2021 2020 Staff costs (note 71 Auditorfs remuneration current year Depreciation of tangible fixed assets Amortisation of int8ngible fixed assets 970,792 947.002 10,560 29,877 3,333 11.120 36,648 3,333 st Philip's School Trust Limited 21
Notes to the financial statements 31 August 2021 Employees and staff costs Staff costs during the year were as follows.. 2021 2020 Wages and salaries Social security costs Pension costs 725.252 73,129 151,964 950,345 20,447 970,792 734.399 73,595 138,878 946,872 130 947.002 Other staff costs There were no non-statutorylnon-conlraclual severance payments made during the year (2020.. nill- The average number of employees during the year was as follows.. 2021 Number 2020 Number Teachlng Administration 16 17 18 19 The number of employees who earned £60,000 per annum or more {including taxable benefits but excluding employer pensioll contributions) during the year was as follows.. 2021 2020 Numbor Number £60,001- £70,000 £80.001- £90,000 £90,001- £100.000 Employer contributions made to a defirted benefit scheme in respect of the above employees during the year amounted lo £51,56012020 - £51,560)- The key management personnel of the charity comprise the Govemors together with the senior leadership team i.e. the Headmaster and deputy heads. The day lo day running of the charity is delegated to the senior18adership team. The total remuneration (including taxable benefits and employers, pension contributions) of the key management personnel for the year was £207,69412020 - £215,261). Governors, remuneratlon and insurance No Governor received any remuneration in respect of their services during the year (2020 £nil}- During the year travel expenses amounting £nil (2020 £2061 were reimbuTsed to Governors. st Philip's School Trust Limited 22
Noles to the financial statements 31 August 2021 8 Governors, remuneration and insurance (continued) One Governor, who is also a parent, had children attending the school. Fees paid by the Governors are the same 89 the fees paid by others. There were no outstanding amounts at the year end. Fees paid by Governors in the year amounted lo £16,300 12020 £16,100). The school has purchased insurance to pmtecl the sch(x)l from any loss arising from the neglect or defaults of its Governors, employees and agents and to indemnify the Govemors or other officers against the consequences of any neglect or default on their part. The insurance premium paid by the charity during Ihe year tr)talled £284 12020 £2481 and provides cover of up to a maximum of £2 million. Taxation Sl Philip's School Trust Limited is a registered charity and therefore is not liable to corporation lax on income derived from its charitable aclivilies. as it falls within the various exemptiolls available to registered charities. 10 Intsngible fixed assets Total Cost or valuation At 1 Sèptèmbtrr 2020 and 31 August 2021 50.000 Amortisat5on Al 1 September 2020 Charge for year At 31 August 2021 24,442 3,333 27,775 Net book values At 31 August 2021 At 31 August 2020 22,225 25,558 The intangible fixed assets comprise a licence purchased on 27 March 2013 for £50.000 to allow use of playing fields over a period of 15 years. St Philip's School Trust Limited 23
Notes to the financial statements 31 August 2021 11 Tanglble fixed a$set$ Fixtures and equipment Freehold Property Total Cost or valuatron At 1 September 2020 Addllions Revaluation At 31 August 2021 5.003.801 318,616 11,852 .322,417 11,852 125,000 5,459.269 125.000 5.128,801 330.468 At cost At valuation 33,801 5,095,000 5,128,801 330,488 364,269 5.095.000 5,459.269 330.468 DepreciatSon At 1 Septemb8r 2020 Charge for year At 31 August 2021 6,458 250,837 29,877 280.714 257,295 29,877 287,172 6,458 Net book values Al 31 Au9st 2021 At 31 August 2020 5,122,343 4.997,343 49.754 67,779 5.172.097 5,065.122 The school's freehold property at 6 Wetherby Place, London was revalued by Scanlans, Chartered Surveyors, on 8 November 2021 at £5,095,0(M). 12 Debtors 2021 2020 Fees receivable Prepayments and accrued income 1,932 11.064 12,996 2,e01 11.462 14,063 13 Credltors: amounts falllng due wlthln one year 2021 2020 Trade creditors Deposits and fees in advance Accruals Social security and other taxes 49,322 393,114 14,299 36,990 493,725 18.615 478,158 25,019 39.108 560.900 At the balance sheet date the school was holding funds recelved in advance for the Autumn 2021 temi and also deposits for all ptjpils who attend the school. Sl Philip's School Trust Limited 24
Notes to the financial statements 31 August 2021 14 Restricted funds The funds of the school include restricted fvnds comprising the followng balances held on trust lo be applied for specific purposes. At1 September 2020 At31 Augu$t 2021 Income Expenditure Bursary fund 19,470 20,132 111,2(M)I 28.402 15 Revaluatlon reserve Total At 1 Septembei 2020 Net movement in year Al 31 August 2021 4,711,890 125,000 4,836,890 Details of the revaluation of the School's freehold property are given in note 11. 16 Allocation of net assets Fixed assets CUrnt asset5 Current Total Restrleted funds 28.402 28.402 Unrestricted funds General fund Revaluation reserve 357.432 4,836,890 5,794,322 1,059,743 {493.7251 923,450 4,836,890 1493,7251 5.788,742 1.088,145 Fixed assets CurTrnt assets Cuffent liabilities Total Restricted fvnds 19,470 19.470 Unr&striGted funds . General fund . ReValuatn rès8rve 378, 790 4, 711,890 5,090,680 1,261,484 (580.900) 1.079,374 4, 717,890 (560,900J 5,810.734 1,280.954 17 Liability of members The fflembers of the school guarantee lo contribute an amount not exceeding £1 each to the assets of the school in the event of winding up. St Philip's School Trust Limited 25
Noles to the financial statements 31 August 2021 18 Pension Commltments Teache, Pension Scheme (TPS) The Teachers, Pension Scheme ITPS} is a statutory, contributory, defined benefit scheme, governed by the Teachers, Pension Scheme Regu18tions 2014. These regulations apply lo teachers in schools, colleges and other educational eslablishmenls. Membership Is automatic for teachers and lecturers at eligible institutions. Teachers and lecturers are able to opt out of the TPS. The TPS is an unfunded scheme and members contribute on a 'pay as you go. basis - these conlribulions. along with those rnade by employers, are credited to the Exchequer under arrangements governed by the above Act. Retirement and other pension benefits are paid by public funds provided by Parliament. Under the definitions sel out in FRS 102 128.11}, the TPS is a rnulli-employer pension plan. The sch(iol is unable lo Identify its share of the underlying assets and liabilities of the plan. Accordingly, the School has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if il were a defined-conlribulion plan. The School has set out above the information available on the plan and the implications for S¢hool in terms of the anticipated contribution rates. The valuatlon of the TPS is carrled out in line with regulations made under the Public Service Pension Act 2014. Valuations credit the teachers. pension account with a real rate of relum assuming funds are invested in notional investments that produ that real rate of return. The latest actuarial review of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education IDfEI in Aprll 2019. The valuallon reported total scheme liabilities (pensions currently in payment and the estirnaled cost of future benefits) for seNice to the effective date of £218 billion, and notional assets (estimated future contributions together with the notional investments held at the valuation date} of £196 billion, giving 8 notional past service deficit of £22 billion. As a result of the valuation. new employer contribution rates were set al 23.68VD of pensionable pay from September 2019 onwards (compared to 16.48°h during 20181191. A full copy of the valuation report and supporting documentation can be found on the Teacher5, Pension Scheme website. The pension costs paid to TPS in the period amounted to £148,93612020- £135,661 }. Other Pensions The school made employer contributions in respect of defined contribution schemes and private pension arrangements for three employees 12020 - 3 employe8sI. A total of £3.029 was paid out during the year ended 31 August 2021 12020 - £3,218). St Philip's School Trust Limited 26
Notes to the financial statements 31 August 2021 19 Related Party Transactions During the year ended 31 August 2021, the Governors approved seNices to be provided by Mccarthy Denning, where John Dean Ilruslee) is a consultant and is involved in providing the services. The Governors concluded that these services would provide the best value for money for the School and John Dean did not lake part in the decision to purchase these services. The cost of these services during the year was £6,020 12020 £nll). Other than the transactions included above and in note 8. there are no further related party transactions to disclose. 20 Comparative statement of flnanGial actlvities Unreslrpcted funds Reslricled funds Rovaluatk)n reserve Total 2020 Notes Intome from= Don3ti¢ns Charitable actilieS School fees receivable Investments 19.470 19.470 1,416,026 2,105 1.418.131 1.416,026 2,105 1.437,601 Tal incom* 19.470 Expenditure on: Charitable aclDiilies . ProV)n of &duGati)n Total expendtture 1,413.276 1.413.276 1,413.276 1,413.276 Net income and not movèrnent in fund5 4,855 19,470 24,325 Reconciliation of funds.. Balances brou9ht forward 811 September2019 1,074,519 4.711,890 5,786,409 Balances carried forward at 31 AugU$I 2020 1.079,374 19,470 4,711,890 5.810,734 St Philip's School Trust Limited 27