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 othen￿lse 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
Restr￿ted Ravaluation
r￿dS
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..
Cha￿table 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 lo￿ard
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:
un￿StriCted 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 Au9￿st 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
CUr￿nt
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
. ReValuat￿n 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 acti￿lieS
School fees receivable
Investments
19.470
19.470
1,416,026
2,105
1.418.131
1.416,026
2,105
1.437,601
T￿al 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