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2023-08-31-accounts

School Trust Limited

Annual Report and Financial Statements

31 August 2023

Company Limited by Guarantee Registration Number 01789733 (England and Wales)

Charity Registration Number 288887

Reports
Reference and administrative details
of the charity, its governors and advisers 1
Governors 2
s report 9
Financial Statements
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Principal accounting policies 16
Notes to the financial statements 20

St Philip's School Trust Limited

Reference and administrative details of the charity, its governors, and advisers

Governors J Dean
J McIntosh
E Orr
R Llewellyn
M Slater
E Ling
Headmaster A Thomas
Registered principal office 6 Wetherby Place
London
SW7 4NE
Company registration number 01789733 (England and Wales)
Charity registration number 288887
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers HSBC Bank plc
95 Gloucester Road
South Kensington
London
SW7 4SX
Accountants SDK Educational Consultancy Ltd
10 Bath Road
Old Town
Swindon
SN1 4BA

St Philip's School Trust Limited 1

31 August 2023

The Governors are also directors of the company for the purposes of the Companies Act and trustees for the purposes of charity law, present their statutory report together with the financial statements for the year ended 31 August 2023.

The report has been prepared in accordance with Part VIII of the Charities Act 2011.

The financial statements have been prepared in accordance with the accounting policies set out on pages 16 to 19 of the attached financial statements and comply with the School Memorandum and Articles of Association, applicable laws and 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).

Governance, structure and management

Constitution and legal status

The Charity is constituted as a company limited by guarantee. The Governors, who are also members, are liable to contribute an amount not exceeding £1 each on the event of winding up.

Governance

The Governing body is elected on the basis of nominations and recommendations received from various sources, with a view to ensuring as wide a mix as possible of relevant expertise. Members are eligible to stand for re-election.

The Governors maintain overall responsibility for the school and its assets and determine the 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 additional Governors under the terms of the Memorandum.

The following Governors were in office and served throughout the year, except where shown.

Governors Appointed / Resigned
F Deacy Resigned 9 November 2022
J Dean (Chairman)
M Slater
J McIntosh
E Orr
R Llewellyn
P Towneley Resigned 8 November 2023
E Ling Appointed 8 March 2023

St Philip's School Trust Limited 2

31 August 2023

Governance, structure and management (continued)

Governors (continued)

No Governor received any remuneration from the school during the year (2022 - £nil). During the year one Governor, who is also a parent, had children attending the school. Fees paid by the Governors are the same as fees paid by others. There were no outstanding amounts at the year end.

During the year, the Governors also approved services to be provided by McCarthy Denning, where one Governor is a consultant although did not partake in the purchase decision. The Governors agreed that these services would provide the best value for money for the School.

Key management personnel

The Governors consider that they, together with the senior leadership team, comprise the key management personnel of the charity.

The senior leadership team during the year consisted of:

Name Role
Alex Thomas Headteacher
Alun Roberts Deputy Head (Pastoral)
Thomas Vogiatzis Deputy Head (Academics)
Philippe Whittock Assistant Head

The Finance and General Purposes Committee considers the pay and remuneration of the consider the nature of the role and responsibilities, trends in pay and competitor salaries in the region available from publicly available sources.

Statement of Governors

are

with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state 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.

In preparing these financial statements, the Governors are required to:

select suitable accounting policies and then apply them consistently;

St Philip's School Trust Limited 3

31 August 2023

Governance, structure and management (continued)

(continued)

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at 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 steps for the prevention and detection of fraud and other irregularities.

Each of the Governors confirms that:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Organisational management

The Board meets once a term to determine the general policy for the Trust and 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 Governors with recommendations on pay and conditions, financial obligations and fee and bursary policies.

A Pastoral Committee meets once per term. It reports to Governors with recommendations on safeguarding and child protection matters.

St Philip's School Trust Limited 4

31 August 2023

Governance, structure and management (continued)

Risk management

The Governors have assessed the major risks to which the school is exposed, in particular those related to the operations and finances and they are satisfied that systems are in place to mitigate the exposure to major risks.

The main risks the Governors have identified and the plans to mitigate those risks are:

School Development Plan

The school plans to develop its provision with the addition of classes in Reception, Year 1 and Year 2. In the course of the year, the school identified a suitable premises in the vicinity of the school and refurbishment to facilitate this.

Activities, specific objectives and relevant policies

Principal aims and objectives

The principal aims and objects of the school promote the Roman Catholic Church and its tenets and to promote and provide for the advancement of education of children whether in the United Kingdom or elsewhere and in particular of children who (or whose parents or guardians) profess the tenets of the Roman Catholic Church or children who would benefit from being educated in an environment where such tenets are upheld and advanced.

Strategic aim and intended effect

academic levels whilst allowing pupils to benefit from our extra-curricular programme. This is intended to draw out their abilities and academic potential, awaken and develop wider interests in life and motivate them for a successful outcome at their chosen senior school. is considered to be just as important as their academic progress.

St Philip's School Trust Limited 5

31 August 2023

Activities, specific objectives and relevant policies (continued)

Objectives for the year

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 course. Our strategy for achieving this is to maintain a high teacher-to-pupil ratio, tailoring our services 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 to attend the school. The school is also able to assist Parents who, due to a change in circumstances beyond their control, are judged to require financial assistanc education at the school.

Achievements and performance

Review of the year and future plans

All 16 boys passed their Common Entrance examinations and took up places at their desired senior schools, reflective of the recent tendency of families to choose boarding and day dley (2), Ampleforth (1), Harrow (1), Tonbridge (1) and Winchester (1) while 7 moved on to day Senior (1). 1 pupil repatriated to South Korea.

New members of staff included a Deputy Head (Pastoral), Deputy Head (Academic), Head of English, Head of Classics, and a Y3 class teacher and Head of Art. All settled well and established themselves successfully.

A broad programme of improvements to the physical estate were drawn up in line with the daily wear and tear.

Fundraising performance

The school launched a capital campaign to support its development plan. Other than the above, the School did not undertake any public fundraising activity.

The parent body also helped the school's fundraising efforts greatly during the course of the year via the effective Parents' Association. Proceeds were raised for Centre in Battersea, with new initiatives including a Christmas fete which was popular and supported well by family and friends of the school as well as the production of a new line of school merchandise.

There were no complaints in the year in relation to our fundraising.

St Philip's School Trust Limited 6

31 August 2023

Achievements and performance (continued)

Public Benefit

St Philip's boys contribute to the parish of the Oratory Church, Brompton Road, by serving Mass on Sundays, and by singing in the Junior choir of the church. Means-tested bursary support was advertised and awarded to deserving children from the local community, while venues such as a community theatre and municipal sports facilities.

Financial review

Results for the year

Income for the year was £1,381,464 (2022: £1,460,823). Expenditure was £1,673,775 (2022: £1,656,999). The net deficit for the year was £292,311 (2022: deficit of £196,176) before revaluation gains of £nil (2022: £nil).

Overall, the Governors consider the financial affairs 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.

Financial position and reserves policy

Financial position

The balance sheet shows total funds of £5,300,255 (2022: £5,592,566).

The total funds are represented by a revaluation reserve, which represents the revalued amount of hold property, of £4,836,890 (2022: £4,836,890), general funds of £454,293 (2022: £749,502) and restricted funds of £9,072 (2022: £6,174). Bursaries, grants and allowances of £135,058 were provided from unrestricted and restricted funds (2022: £112,833). During the year, one 100% means tested bursary (2022: one) was provided to a pupil who would otherwise be unable to attend the school.

Reserves policy

The Governors believe that, as a target, the free reserves should represent a minimum of three months of expenditure, which for 2023 would be £418,444 (2022: £414,250).

Within general funds, £289,789 (2022: £326,216) represents funds deployed as part of the school premises, equipment and intangible assets, with the balance of £164,505 (2022: £423,286

The school has set a Development plan to improves the reserves of the charity which is being implemented as explained in the Governors Report.

St Philip's School Trust Limited 7

31 August 2023

Fixed assets

The main asset of the school is the freehold building. This was revalued by Scanlans Consultant Surveyors LLP on 8 November 2021 at £5,095,000.

Acquisitions and disposals of fixed assets during the year are recorded in the notes to the financial statements.

Summary

to achieve this, staff, pupils and parents.

Approved by the Governors and signed on their behalf by:

John Dean

Approved by the Governors on: 05 March 2024

St Philip's School Trust Limited 8

Year to 31 August 2023

Opinion

or the year ended 31 August 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 Standard applicable in the UK and Republic of (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in are independent of the charitable company in accordance with the ethical requirements that ar 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 concern

In auditing the financial statements, we have concluded that the governor concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the governors with respect to going concern are described in the relevant sections of this report.

St Philip's School Trust Limited 9

Year to 31 August 2023

Other information

The other information comprises the information included in the annual report and financial are responsible for the other information contained within the annual report and financial statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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 determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept; or

St Philip's School Trust Limited 10

Year to 31 August 2023

Responsibilities of Governors

As explained more fully in the governors governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements 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 to fraud or error.

In preparing the financial statements, the governors are responsible for assessing the related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an gh level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of 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:

including obtaining an understanding of how fraud might occur, by:

St Philip's School Trust Limited 11

Year to 31 August 2023

(continued)

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

performed substantive testing of expenditure including the authorization thereof; and

tested journals to identify unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, 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 it 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 regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

report.

Use of our report

with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Hugh Swainson (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

21 March 2024

St Philip's School Trust Limited 12

Statement of financial activities (including income and expenditure account) Year to 31 August 2023

Notes Unrestricted
funds
£		 Restricted
funds
£
9,072
9,072
(6,174)
(6,174)
2,898
2,898
6,174
9,072		 Revaluation
reserve
£		 Total
2023
£		 Total
2022
£
21,174
1,439,400
249
1,460,823
(1,656,999)
(1,656,999)
(196,176)
(196,176)
5,788,742
5,592,566
Income from:
Donations
1
Charitable activities
. School fees receivable
2
Investments
3
Total income
Expenditure on:
Raising funds
4
Charitable activities
. Provision of education
5
Total expenditure
Net (expenditure) income
7
Other recognised gains
Gains on revaluation of assets
12
Net movement in funds
Reconciliation of funds:
Balances brought forward
at 1 September 2022
Balances carried forward
at 31 August 2023		 4,205
1,363,636
4,551		 13,277
1,363,636
4,551
1,372,392 1,381,464
(37,822)
(1,629,779)		 (37,822)
(1,635,953)
(1,667,601) (1,673,775)
(295,209) (292,311)
(295,209)
749,502		 4,836,890 (292,311)
5,592,566
454,293 4,836,890 5,300,255

The charity has no recognised gains or losses other than those shown above.

All of periods.

St Philip's School Trust Limited 13

Balance sheet 31 August 2023

Notes 2023
£		 2023
£		 2022
£		 2022
£
Fixed assets
Intangible fixed assets
11
Tangible fixed assets
12
Current assets
Debtors
13
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
14
Net current assets
Total net assets
The funds of the charity:
Unrestricted funds
. General fund
. Restricted fund
15
. Revaluation reserve
16		 37,213
552,273		 15,559
5,111,120		 35,756
832,531		 18,892
5,144,214
5,126,679
173,576
5,300,255		 5,163,106
429,460
5,592,566
589,486
(415,910)		 868,287
(438,827)
454,293
9,072
4,836,890		 749,502
6,174
4,836,890
5,300,255 5,592,566

Company Number 01789733 (England and Wales)

Approved by the Governors on 5 March 2024 and signed on their behalf by:

John Dean

Governor

Date

St Philip's School Trust Limited 14

Statement of cash flows 31 August 2023

Notes 2023
£		 2022
£
Cash flows from operating activities:
Net cash (used in) provided by operating activities
A
Cash flows from investing activities:
Investment income
Purchase of tangible fixed assets
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 September 2022
B
Cash and cash equivalents at 31 August 2023
B		 (282,470) (241,535)
4,551
(2,339)		 249
(1,332)
2,212 (1,083)
(280,258)
832,531		 (242,618)
1,075,149
552,273 832,531

Notes to the statement of cash flows for the year to 31 August 2023:

A Reconciliation of net movement in funds to net cash (used in) provided by operating activities

----- Start of picture text -----
2023 2022
£ £
Net movement in funds (as per the statement of financial activities) (292,311) (196,179)
Adjustments for:
Depreciation charge 35,433 29,216
Amortisation charge 3,333 3,333
Investment income (4,551) (249)
Decrease in debtors (1,457) (22,760)
(Decrease) increase in creditors (22,917) (54,897)
Net cash (used in) provided by operating activities (282,470) (241,535)
----- End of picture text -----

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2023
£		 2022
£
Cash at bank and in hand
Total cash and cash equivalents		 552,273 832,531
552,273 832,531

C Analysis of changes in net debt

At 1
September
2022
£		 Cash
flows
£		 At 31
August
2023
£
Cash at bank and in hand 832,531 (280,258) 552,273

St Philip's School Trust Limited 15

Principal accounting policies 31 August 2023

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year to 31 August 2023.

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 accounting policies below or the notes to these financial statements.

The financial statements have been prepared in accordance with 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 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The School constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the Governors 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.

Assessment of going concern

The Governors have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Governors have made this assessment in respect to a period of one year from the date of approval of these financial statements. This assessment has been made with the consideration of the School Development Plan.

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 to continue as a going concern. The Governors are of the opinion that the School will have sufficient resources to meet its liabilities as they fall due.

St Philip's School Trust Limited 16

Principal accounting policies 31 August 2023

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 both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to 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 met, 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 period.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably 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 to receipt. This is usually at the point at which the school has commenced the provision of education at the start of each academic term.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the school to make a payment to a third party, 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 accounted 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 activities i.e. the cost of teaching and support staff salaries, including pension and national insurance costs, books, games equipment and other tuition expenses including associated support costs.

Intangible fixed assets

Intangible assets comprise a purchased licence capitalised at cost and amortised through the statement of financial activities on a straight line basis over the length of the licence.

St Philip's School Trust Limited 17

Principal accounting policies 31 August 2023

Tangible fixed assets

All assets costing more than £600 and with an expected useful life exceeding one year are capitalised.

The freehold property is measured at valuation. The freehold property revaluation surpluses and deficits are transferred to the revaluation reserve.

Depreciation: the freehold property is maintained in a continual state of sound repair; the Trustees consider that the life of the property is so long and the residual value, based upon current values is so high, that depreciation is immaterial. On this basis, any depreciation charge would be immaterial and no depreciation has been charged.

Other tangible fixed assets are measured at cost and depreciated at the following annual rates in order to write them off over their estimated useful lives:

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at 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.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a 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 to settle the debt.

Pension costs

Scheme are charged to the income and expenditure account in the year in which they are payable to the scheme.

St Philip's School Trust Limited 18

Principal accounting policies 31 August 2023

Fund accounting

The value represented by such assets should not be regarded, therefore, as realisable.

General funds represent those monies which are freely available for application towards

Restricted funds represent monies 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 2023

1 Donations and legacies

Donations and legacies
Donations
Total		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2023
£		 Total
2022
£
4,205
4,205		 9,072
9,072		 13,277
13,277		 21,174
21,174

The donations received in 2023 have been restricted for the use of bursaries.

At the balance sheet date, pledges of £1.2m have been received which the school will look to realise as the School Development Plan commences.

Unrestricted
funds
£		 Restricted
funds
£		 Total
2022
£
Donations
Total		 15,000
15,000		 6,174
6,174		 21,174
21,174

2 Income from charitable activities:

----- Start of picture text -----
Unrestricted funds
2023 2022
£ £
Gross school fees 1,463,350 1,503,426
Registration fees 6,030 12,250
Less: total bursaries, grants and allowances (135,058) (112,833)
1,334,322 1,402,843
Other income 29,314 36,557
1,363,636 1,439,400
----- End of picture text -----*

*During the year awards were made to eight individuals (2022 six individuals).

3 Income from investments

Income from investments
Bank interest Unrestricted funds
Total
2023
£
Total
2022
£
4,551
249
Total
2023
£
4,551

St Philip's School Trust Limited 20

Notes to the financial statements 31 August 2023

4 Expenditure on raising funds

Fundraising costs Unrestricted funds
Total
2023
£
Total
2022
£
37,822

5 Expenditure on charitable activities

Staff
Costs
£		 Other
£
104,289
37,041
126,569
86,912
34,060
104,740
12,904
11,948
518,463		 Depreciation
and
amortisation
£
38,766
38,766		 Total
2023
£		 Total
2022
£
1,045,949
35,804
132,963
83,187
27,197
145,224
21,553
165,122
1,656,999
. Teaching costs
. Catering costs
. Premises
. Sports costs
. Outings and Activities
. Governance costs (note 6)
. Other direct costs
. Support costs of schooling		 998,461
80,263
1,078,724		 1,102,750
37,041
126,569
86,912
34,060
104,740
12,904
130,977
1,635,953
Staff
Costs
£		 Other
£
106,564
35,804
132,963
83,187
27,197
145,224
21,553
61,938
614,430		 Depreciation
and
amortisation
£
32,548
32,548		 Total
2022
£
. Teaching costs
. Catering costs
. Premises
. Sports costs
. Outings and Activities
. Governance costs (note 6)
. Other direct costs
. Support costs of schooling		 939,385
70,636
1,010,021		 1,045,949
35,804
132,963
83,187
27,197
145,224
21,553
165,122
1,656,999

6 Governance costs

----- Start of picture text -----
Unrestricted funds
Total Total
2023 2022
£ £
Audit 13,944 12,240
Legal and professional costs 90,796 132,984
104,740 145,224
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St Philip's School Trust Limited 21

Notes to the financial statements 31 August 2023

7 Net expenditure

This is stated after charging:

2023
£		 2022
£
Staff costs (note 8)
- current year
Depreciation of tangible fixed assets
Amortisation of intangible fixed assets		 1,078,724
13,944
35,433
3,333		 1,010,021
12,240
29,215
3,333

8 Employees and staff costs

Staff costs during the year were as follows:

----- Start of picture text -----
2023 2022
£ £
Wages and salaries 815,156 759,225
Social security costs 86,931 79,717
Pension costs 172,997 157,615
1,075,084 996,557
Other staff costs 3,640 4,800
Termination payments 8,664
1,078,724 1,010,021
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There were no non-statutory/non-contractual severance payments made during the year (2022: one).

The average number of employees during the year was as follows:

2023
Number		 2022
Number
Teaching
Administration		 15
2
17		 16
2
18

The number of employees who earned £60,000 per annum or more (including taxable benefits but excluding employer pension contributions) during the year was as follows:

2023
Number		 2022
Number
£60,001
£70,000
£70,001 - £80,000
£90,001
£100,000
£100,001 - £110,000		 2
2
1
5		 2
1
3

Employer contributions made to a defined benefit scheme in respect of the above employees during the year amounted to £88,285 (2022 - £54,417).

The key management personnel of the charity comprise the Governors together with the senior leadership team i.e. the Headmaster and deputy heads. The day to day running of the charity is delegated to the senior leadership team.

St Philip's School Trust Limited 22

Notes to the financial statements 31 August 2023

8 Employees and staff costs (continued)

of the key management personnel for the year was £411,987 (2022 - £217,905).

9 remuneration and insurance

No Governor received any remuneration in respect of their services during the year (2022: £nil).

During the year travel expenses amounting £374 (2022 - £206 to one Governor) were reimbursed to one Governor.

There was one Governor, who is also a parent, that had children attending the school. Fees paid by the Governors are the same as the fees paid by others. There were no outstanding amounts at the year end. Fees paid by Governors in the year amounted to £19,425 (2022: £18,150).

The school has purchased insurance to protect the school from any loss arising from the neglect or defaults of its Governors, employees and agents and to indemnify the Governors or other officers against the consequences of any neglect or default on their part. The insurance premium paid by the charity during the year totalled £301 (2022: £1,682) and provides cover of up to a maximum of £2 million.

10 Taxation

St Philip's School Trust Limited is a registered charity and therefore is not liable to corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

11 Intangible fixed assets

----- Start of picture text -----
Total
£
Cost or valuation
At 1 September 2022 and 31 August 2023 50,000
Amortisation
At 1 September 2022 31,108
Charge for year 3,333
At 31 August 2023 34,441
Net book values
At 31 August 2023 15,559
At 31 August 2022 18,892
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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 2023

12 Tangible fixed assets

----- Start of picture text -----
Fixtures
Freehold and
Property equipment Total
£ £ £
Cost or valuation
At 1 September 2022 5,128,801 331,800 5,460,601
Additions 2,339 2,339
At 31 August 2023 5,128,801 334,139 5,462,940
At cost 33,801 334,139 367,940
At valuation 5,095,000 5,095,000
5,128,801 334,139 5,462,940
Depreciation
At 1 September 2022 6,458 309,929 316,387
Charge for year 16,609 18,824 35,433
At 31 August 2023 23,067 328,753 351,820
Net book values
At 31 August 2023 5,105,734 5,386 5,111,120
At 31 August 2022 5,122,343 21,871 5,144,214
----- End of picture text -----

Scanlans,

Chartered Surveyors, on 8 November 2021 at £5,095,000.

13 Debtors

Debtors
2023
£		 2022
£
Fees receivable
Prepayments and accrued income		 8,136
29,077
37,213		 22,903
12,853
35,756

14 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2023
£		 2022
£
Trade creditors
Deposits and fees in advance
Accruals
Social security and other taxes		 25,590
328,828
17,969
43,523
415,910		 20,798
363,769
14,655
39,605
438,827

At the balance sheet date the school was holding funds received in advance for the Autumn 2023 term and also deposits for all pupils who attend the school.

St Philip's School Trust Limited 24

Notes to the financial statements 31 August 2023

15 Restricted funds

The funds of the school include restricted funds comprising the following balances held on trust to be applied for specific purposes.

At 1
September
2022
£		 Income
£		 Expenditure
£		 At 31
August
2023
£
Bursary fund 6,174 9,072 (6,174) 9,072
At 1
September
2021
£		 Income
£		 Expenditure
£		 At 31
August
2022
£
Bursary fund 28,402 6,174 (28,402) 6,174

16 Revaluation reserve

Total
£
4,836,890
4,836,890
At 1 September 2022
Net movement in year
At 31 August 2023

17 Allocation of net assets

----- Start of picture text -----
Fixed Current Current 2023
assets assets liabilities Total
£ £ £ £
Restricted funds 9,072 9,072
Unrestricted funds
. General fund 289,789 580,414 (415,910) 454,293
. Revaluation reserve 4,836,890 4,836,890
5,126,679 589,486 (415,910) 5,300,255
Fixed Current Current 2022
assets assets liabilities Total
£ £ £ £
Restricted funds 6,174 6,174
Unrestricted funds
. General fund 326,216 862,113 (438,827) 749,502
. Revaluation reserve 4,836,890 4,836,890
5,163,106 868,287 (438,827) 5,592,566
----- End of picture text -----

St Philip's School Trust Limited 25

Notes to the financial statements 31 August 2023

18 Liability of members

The members of the school guarantee to contribute an amount not exceeding £1 each to the assets of the school in the event of winding up.

19 Lease commitments

On 24 July 2023, the School exchanged an Agreement for Lease on a building. Completion is anticipated during 2024. The lease is for a 30-year term, subject to tenant break options after 5,10 and 20 years, with an initial annual rent of £115,000 per annum following an initial 30-month rent-free period.

20 Pension commitments

Teachers Pension Scheme (TPS)

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers n Scheme Regulations 2014. These regulations apply to teachers in schools, colleges and other educational establishments. Membership is automatic for teachers and lecturers at eligible institutions. Teachers and lecturers are able to opt out of the TPS. The actuarial valuation of the TPS which applied during the year ended 31 August 2023 was carried out as at 31 March 2016.

The TPS is an unfunded scheme and members contribute - these contributions, along with those made 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 set out in FRS 102 (28.11), the TPS is a multi-employer pension plan. The school is unable to 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 it were a defined-contribution plan. The School has set out above the information available on the plan and the implications for School in terms of the anticipated contribution rates.

The valuation of the TPS is carried out in line with regulations made under the Public Service Pension Act 2014. Valuations credit the teache account with a real rate of return assuming funds are invested in notional investments that produce that real rate of return.

The latest actuarial TPS valuation results, as at 31 March 2020, were released in October 2023. The valuation result is due to be implemented from 1 April 2024, from this date employer contribution rates will increase to 28.68% (including a 0.08% administration levy).

A full copy of the valuation report and supporting documentation can be found on the Pension Scheme website.

The pension costs paid to TPS in the period amounted to £169,695 (2022: £154,571).

St Philip's School Trust Limited 26

Notes to the financial statements 31 August 2023

20 Pension Commitments (continued)

Other Pensions

The school made employer contributions in respect of defined contribution schemes and private pension arrangements for three employees (2022: three employees). A total of £3,303 was paid out during the year ended 31 August 2023 (2022: £3,043).

21 Related Party Transactions

During the year ended 31 August 2023, the Governors approved services to be provided by McCarthy Denning, where John Dean (trustee) 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 take part in the decision to purchase these services. The cost of these services during the year was £12,562 (2022: £46,233).

Other than the transactions included above and in note 9, there are no further related party transactions to disclose.

22 Comparative statement of financial activities

Notes Unrestricted
funds
£		 Restricted
funds
£		 Revaluation
reserve
£		 Total
2022
£
Income from:
Donations
1
Charitable activities
. School fees receivable
2
Investments
3
Total income
Expenditure on:
Charitable activities
. Provision of education
5
Total expenditure
Net (expenditure) income
7
Other recognised gains
Gains on revaluation of assets
12
Net movement in funds
Reconciliation of funds:
Balances brought forward
at 1 September 2021
Balances carried forward
at 31 August 2022		 15,000
1,439,400
249		 6,174 21,174
1,439,400
249
1,454,649 6,174 1,460,823
(1,628,597) (28,402) (1,656,999)
(1,628,597) (28,402) (1,656,999)
(173,948) (22,228) (196,176)
(173,948)
923,450		 (22,228)
28,402		 4,836,890 (196,176)
5,788,742
749,502 6,174 4,836,890 5,592,566

St Philip's School Trust Limited 27