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2023-08-31-accounts

Company number 1986868 Registered as a Charity 294085

ST. CLARE’S, OXFORD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

ST. CLARE’S, OXFORD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

CONTENTS Pages
Report of the Governors including the Strategic Report 1 – 16
Statement of Governors’ Responsibilities 17
Report of the Independent Auditor 18 - 21
Consolidated Statement of Financial Activities 22
Balance Sheets 23
Consolidated Cash Flow Statement 24
Notes to the Financial Statements 25 - 40

ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023

The Governors present their report and the audited Financial Statements for the year ended 31 August 2023.

Reference and Administrative Details of the Charity, its Trustees and Advisers

St. Clare’s, Oxford (St. Clare’s) is a Company limited by guarantee, registered number 1986868 and registered as a charity, number 294085. The address and registered office is 139 Banbury Road, Oxford, OX2 7AL.

Governors

The Governors of St. Clare’s, who are also the Trustees of the Charity and the Directors of the Company, are members of the Company but, as there is no share capital, none have any interest in the Company as defined by the Companies Act 2006. The Governors who served during the year or were appointed or resigned subsequently are:

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Governor Appointed Resigned/Retired Last Reappointment
Ian Ashcroft 14 December 2017 08 December 2021
Bartholomew Ashton 16 March 2017 09 December 2020
Paul Bright 13 October 2021 08 December 2022
Mary Louise Culpepper 14 December 2016 09 December 2020
Moira Darlington 13 June 2013 08 December 2022
Richard Dick 22 March 2001 09 December 2020
Loren Griffith 14 March 2023
Yao-Su Hu 5 June 2003 27 January 2023 09 December 2020
Ann Lewis 23 November 2000 15 June 2023 09 December 2020
Lucia Nixon 12 March 2020 09 December 2020
Peter Oppenheimer 11 April 1986 15 June 2023 08 December 2021
Gordon Rankin 12 December 2018 28 November 2022 08 December 2021
Jens Tholstrup (Chair) 22 March 2006 07 December 2022
Libby Wood 25 April 2022 07 December 2022
Jim Woodhill 31 August 2023
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* Deceased

Key Management

The key personnel who served during the year were:

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Principal Duncan Reith MA (Oxford) MA (Open) PGCE (Roehampton)
MBA (Durham), NPQH
Bursar Justin Moore LLB (Open) MSc (Cranfield) ACMA
Vice-Principal Pastoral Elena Hesse MSc (Banská Bystrica) PaedDr (Nitra) Assoc
CIPD MOL CELTA – resigned 31 March 2023
Becky Allen BA (Warwick) MA (Warwick) – appointed 21
August 2023
Vice-Principal Academic Alastair Summers BSc (Edinburgh) PGCE – resigned 20
August 2023
David White – BA (Southampton) MA (Staffordshire) PGDip
–
Psych (Glasgow) PGCE (Bath) appointed 21 August 2023
Director of Marketing, Admissions Suzanne Mowat BA (Glamorgan) CIM
and Development
Director of International College Dobrila Arezina BA (Middlesex) – appointed 29 May 2023
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Advisers

Principal Barclays Bank plc, Oxford Corporate Banking Centre, PO Box 858, Oxford, OX2 0XP Bankers Handelsbanken, Seacourt Tower, 7[th] Floor, West Way, Botley, Oxford, OX2 0JJ Solicitors Lewis Silkin, King Charles House, Park End Street, Oxford, OX1 1JD Plainlaw, 11a West Way, Oxford, OX2 0JB

Auditor Crowe U.K. LLP, Aquis House, 49-51 Blagrave Street, Reading, Berkshire, RG1 1PL

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023

Structure, Governance and Management

Structure

St. Clare’s was founded in 1953. It was formed into a trust on 8 March 1962 and registered as a charity on 13 December 1985. The company limited by guarantee was incorporated on 6 February 1986.

Subsidiary company

St. Clare’s Services Limited was incorporated on 30 April 2008. The subsidiary was formed to manage the property developments of St. Clare’s, and will Gift Aid any profit it makes to St. Clare’s (see note 9 to the Financial Statements). St. Clare’s owns 100% of the subsidiary’s share capital, and these Financial Statements present the consolidated results of both entities.

Governance and Management

Under the Company’s Articles of Association the number of Governors shall not be less than five nor more than twenty. New Governors are appointed at a full Governors' meeting and serve until the next Annual General Meeting, when they are eligible for re-election. At each Annual General Meeting one-third of the Governors currently serving, or the nearest number to one-third, retire, the Governors retiring being those who have been longest in office since their election or last re-appointment. A retiring Governor is eligible for re-appointment.

New Governors are asked to join St. Clare’s by general agreement of the serving Governors. St. Clare’s particularly wants to appoint people with experience in education, finance, property and general management. New Governors are given briefings on the operations of St. Clare’s and receive a selection of printed material to assist them in their understanding of the College’s operations and its current position.

The Governors meet three times a year but may meet more frequently if required. The Board of Governors has two Committees: Finance, Personnel & General Purposes, and Education. The Finance, Personnel & General Purposes Committee meets four times a year, and the Education Committee meets three times a year. The Governors who served on the Committees during the year are: Finance, Personnel & General Purposes – Bartholomew Ashton (Committee Chair), Ian Ashcroft, Paul Bright, Richard Dick, Jens Tholstrup (ex officio), and Libby Wood.

Education – Lucia Nixon (Committee Chair), Ann Lewis (retired 15 June 2023), Moira Darlington, Mary Louise Culpepper, Peter Oppenheimer (retired 15 June 2023), and Jens Tholstrup (ex officio).

Remuneration Policy for Key Management

Remuneration for key management is set by the Governors’ Senior Pay Group which meets once each year. It seeks to ensure that the College can recruit and retain high quality senior managers to enable it to achieve its objectives and goals. Pay and benefits are set by reference to relevant benchmarks, and taking account of the skills and experience required for each of the roles and the remuneration in the sectors from which suitable candidates for such posts would be found. The Group’s recommendations are put to the full Board for approval.

Decisions and powers

The Governors determine the general policy of St. Clare’s and approve the College’s business plan, the fiveyear financial plans and the annual operating budget. The day-to-day management of St. Clare’s is delegated to the Principal and Bursar. The Governors receive regular papers giving details of St. Clare’s performance against its targets, which are monitored at Board and Committee meetings.

The Memorandum and Articles of Association permit moneys to be invested in such investments, securities or property as may be thought fit. Surplus cash is placed on deposit with deposit takers with a Standard and Poor rating of at least A- as authorised by the Finance, Personnel & General Purposes Committee.

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023

Objectives and Activities

Objectives

The objects set out in the Company’s Memorandum of Association are to:

Activities

The principal activity of St Clare’s is the operation of an IB World School for 15 to18 year olds, an International College for students over the age of 18 and a Summer School. The main courses offered are the International Baccalaureate Diploma, University Foundation Courses, English as a Foreign Language with academic enrichment and Liberal Arts at university level for visiting students mainly from the USA, as well as short summer courses for children and teenagers aged from 10 to 18, and for adults. In addition, St Clare’s IB Institute is the only school-based authorized teacher training provider in the UK for the International Baccalaureate Diploma. English language testing, CELTA teacher training, and consultancy work are also undertaken.

Fundraising

The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS (continued) FOR THE YEAR ENDED 31 AUGUST 2023

CHAIRMAN’S FOREWORD

I am pleased to present the annual report and accounts for St Clare’s, Oxford for the year ending 31 August 2023.

Given the accumulated threats to international schools of Brexit, COVID-19 and the ongoing war in Ukraine, 2022-23 started with only 233 students in the IB World School, the lowest number in recent years. The year was then marked by the highest inflation rates since the 1970s, upwards of 10%, with additional increases to energy and food costs. This was therefore the first year for a long time when costs exceeded income, with a £1.28m annual deficit. The total number of student weeks for the whole college in 2022-23 was 13,141 (13,778 in 2021-22).

This year we welcomed a new Principal, Duncan Reith, who has taken a firm grasp of the financial, marketing and education priorities of the College. The priority in the financial strategy is to improve student recruitment to remove the deficit and restore a surplus, and the introduction of new courses and the new direction in marketing are on track to achieve this. In terms of marketing, a better resourced marketing function was established, which reached into more countries and successfully recruited students for next year to increase IB numbers for 2023-24 to 263 and IC numbers to 117, higher than they have been in recent years. The Principal also reorganized the leadership of the international college, and appointed an entirely new team to lead our summer school programme. This year, the summer school programme sold particularly well at 2,234 weeks and was delivered to a very high standard.

In terms of the implementation of the highest quality of learning, the college has had another very successful year. Our IB results placed us high in the league tables of IB schools nationally, and our student progress rates were in the 86th centile, according to data from the CEM Centre. Three inspections within the year, from ISI PFE, ISI and the British Council, inspected all three business streams of the International College, the IB World School and the Summer School, and we passed all three inspections. The ISI compliance inspection of the IB World School found St Clare’s to be compliant in all respects. The ISI PFE inspection commended St Clare’s International College as excellent in all aspects of our business.

St Clare’s achieves what it does only through the first-rate work of its staff under the overall leadership of the Principal. I take this opportunity of thanking them for all that they do to sustain and enhance the quality and standing of St Clare’s, and to further our mission in the field of international education. I also thank my fellow Governors for their stewardship, their wise counsel and unswerving commitment to the benefit of the college. I would particularly like to thank two fellow Governors for their long-term service to the College: Peter Oppenheimer, a former Chair of the Board, who stepped down from the governing body in June 2023 after 37 years, and Ann Lewis, a former Chair of the Education Committee, who stepped down in June 2023 after 22 years.

We remain concerned about the consequences of Brexit, which tightened up immigration regulations, and reduced the attractiveness of the UK as a university destination. Both impact our student recruitment, and the right to work regulations reduce our capacity to employ a suitably international staff. There are further threats on the horizon from Westminster including the Labour Party’s proposal to add 20% VAT to tuition fees, which will threaten the viability of many schools in the private sector. However, we are determined to rise to these challenges by maintaining our commitment to academic excellence and young people's personal development in an international context.

The outstanding quality of the education we offer to young people, the highly professional way in which the college is run, and the strength of our marketing efforts in more than 70 countries mean that St Clare's continues to flourish in an ever-changing and challenging environment.

Jens Tholstrup Chair

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS (continued) FOR THE YEAR ENDED 31 AUGUST 2023

PRINCIPAL’S INTRODUCTION

As international relations continue to be tense, St. Clare's inspiring mission to strengthen relations between nations through education is more important than ever. Through living and learning together, our young people from more than 40 different countries can challenge stereotypes and preconceptions and, as a result, gain a better understanding of other cultures. In a world in which xenophobia is on the increase, the values of St Clare’s are its antithesis: an open-minded welcome towards people from other countries and a willingness to adjust one’s views in the light of such encounters.

2022-23 has been a year for strong marketing to counter our unusually low numbers, given Brexit, COVID and the Ukraine war. It was also a year for inspections. Three different inspection bodies visited St Clare’s this year: the ISI inspection confirmed that St Clare’s IB World School was complaint in all respects, the ISI PFE inspection found St Clare’s international college excellent in all aspects, and the British Council inspection recommended continued accreditation following its inspection of the English teaching and the Summer School. It was also a year for strong recruitment, both of staff and students. We made strong replacements of two members of the Senior Management Group: our Vice Principal Pastoral Ellen Hesse moved into the headship of Abbey College, Cambridge, and was replaced by the former Deputy Head of Roedean, Becky Allen; our Vice Principal Academic Al Summers moved on to co-ordinate KS5 for King’s Interhigh, and was replaced by Dave White, formerly Deputy Head Academic of both UWC Singapore and the International School of Bucharest. It was also a year for restructuring as we appointed an entirely new leadership team for Summer Schools, a new Director the Summer Schools in Simon Talbot and a Director of the International College in Dobrila Arezina.

In a year where IB Diploma results globally dropped significantly to restore the spread of grades to prepandemic levels, our performance was again very strong with an average points score of 35.5, which again kept us more than 5 points above the global average of 30.2. 23% of our students achieved 40+, equivalent to AAA, and there were a number of students who scored 44 or 45. St Clare’s is unselective in its intake which makes this performance even more impressive. Our graduates were again accepted into a broad spread of leading universities across the world, from Oxford to Hong Kong, to study a wide range of subjects, with economics, politics, science and medicine all being popular again this year.

St Clare’s is the only school in the UK to be authorised as an IB training provider. Our IB Institute trained 181 IB teachers from all over the world on 18 workshops in various aspects of the Diploma Programme during 2022-2023. We resumed our face-to-face workshops and consolidated our international reach with participants from 34 different countries. Our long-serving Director of the IB Institute, David Fowkes, retired over the summer. He has been replaced by Dr Karen Heath, who also leads our Admissions at the International College.

Our International College has adjusted and strengthened its provision of courses to respond to the changing market for English language teaching and to the strong competition in the provision of University Foundation courses from UK universities and commercial providers. We added CELTA courses for the first time this year, which have already proved popular. Many candidates come to us from the local Oxford area, but we also welcomed others from Argentina, Greece, Ireland, Malta, the Netherlands, and New Zealand. We have also worked to extend our university partnerships to attract more undergraduate students pursuing Study Abroad programmes.

2023 saw the first full return to a nine-week summer following COVID, and we ran a summer school which was sold out for most of those weeks, operating at the main site on Banbury Road, at the International College in Bardwell Road and at Rye St Antony School, which hosted our junior summer school students aged 10 to 15. This was superbly organised by our entirely new leadership team at the Summer School. Finally, by building a brand-new front door and landscaping the area in front of 139 Banbury Road, we improved the College's front and gave visitors a better first impression. This will be followed by various interior office renovations, including the relocation of the Bursary offices downstairs, which will make new

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS (continued) FOR THE YEAR ENDED 31 AUGUST 2023

spaces available for classrooms, enabling us to allocate more classrooms for use by the International College.

I hope that this report will enable those interested in St Clare’s to gain an insight into our educational and other charitable activities as well as the sound business practices which support them.

Duncan Reith Principal

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS (continued) FOR THE YEAR ENDED 31 AUGUST 2023

STRATEGIC REPORT

a. Achievements and Performance

The Banbury Road Campus is the principal base for courses for pre-university students aged 15-19. The Bardwell Road Centre is the main academic centre for courses for students aged over 18. Aggregated bookings on all courses run during the year were as follows:

2023 Total Student Weeks 2022 Total Student Weeks
13,141 13,778

The College was founded in 1953 by Anne Dreydel and Pamela Morris who wished, amongst other things, to promote interaction between students from England and Europe after the Second World War. The College continues to support and give meaning to their ambitions by maintaining its mission of promoting international education and understanding. Last year 41 nationalities were represented at St. Clare’s and 20 different languages were taught.

The College operates a number of business streams on two sites. The Pre-IB and International Baccalaureate Diploma are taught at the IB World School on the Banbury Road site. Separately, courses for students aged 17+ are taught at the International College situated at Bardwell Road.

b. Academic performance

IB World School

This was the first round of IB results from a full set of examination assessments since 2019 as the previous three cohorts either took a reduced set of examinations or had their final grades calculated based on predictions and coursework. The IBO, in common with OfQual (the examinations and qualifications regulator in England), announced that they would be returning the grading to pre-pandemic levels this year, and the statistical information from the IBO confirms this has been the case. For this reason, the attainments of our students are particularly impressive despite a drop in average points from the pandemic era, with a clearance above the world average of over 5 points, a difference in line with previous years.

The return to harder grading was experienced worldwide, with other major IB schools in the UK and internationally reporting similar patterns to St. Clare’s. Given this context, the overall outcomes for IB23 were very pleasing indeed, with the ALIS value-added for the cohort remaining strong, with St. Clare’s performing better than 86% of schools offering the IB qualification. A summary of the results is below:

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS (continued) FOR THE YEAR ENDED 31 AUGUST 2023

2023 also saw a set of IGCSE English Language results for a small group of 10 Pre-IB students. The cohort average was grade 7, equivalent to an A grade in the old system.

International College

At the International College (Bardwell Road) students studied a variety of subjects within the following programmes:

University of San Diego remains our University of Record for the Undergraduate Programme.

It was another year of excellent outcomes for students at the International College. Ten students successfully completed the UFP and their strong grades enabled them to access high quality, selective, English-taught programmes around Europe. Business students enrolled on diverse programmes in Management, Management with technology, Business with law and Hospitality management as well as more traditional business administration programmes. A Russian student will be studying computer science at Bath University, in the Top 10 for the subject in the Times Higher Education rankings.

Our EAS students were particularly successful in securing places on selective courses in the Netherlands: psychology at the University of Amsterdam, philosophy and physics at University College Utrecht, and admission to the 75-spot PPE programme at Utrecht University. A gap semester at St Clare’s is excellent preparation for an increasingly popular, interdisciplinary liberal arts and sciences degree. Other students enrolled at University College Freiburg in Germany and on the Global Leadership Bachelors at University College Fryslan (University of Groningen). These students will be able to progress to masters in a wide variety of fields and develop the multi-faceted skills and knowledge prized by employers and government organisations.

Five of our gap year Undergraduate Programme students were accepted at top universities in the USA: Brown University, Ithaca College, Emerson College, University of Virginia, and the College of Charleston. Two will be going to University College Utrecht (Netherlands) and Edinburgh (UK).

2023 included the introduction of the CELTA programme. CELTA is the most widely recognised English teaching qualification in the world. 20 candidates gained the qualification, with three joining our teaching team in the summer.

Summer School

The College ran a nine-week summer programme of English Language Courses and courses related to the IB Diploma at the main site at Banbury Road, at the International College at Bardwell Road and also at Rye St Antony School which is hired every year to accommodate summer school students aged 10 to 15 .

c. Pastoral Care and Safeguarding

The key elements of pastoral care and boarding in 2022-23 were:

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS (continued) FOR THE YEAR ENDED 31 AUGUST 2023

Preparation for inspection.

At the start of the year, we were already overdue an ISI inspection of the IB, so we were well-prepared, though the ISI inspection of the IB World School did not in fact take place until June. It was a compliance inspection, and we were judged compliant in all respects.

We were also due an ISI PFE inspection of the International College, which took place in December, and were delighted that this judged all aspects of the College as excellent.

The British Council inspection of our English programme and Summer School provision then took place in July, and we were again recommended for full accreditation.

In all aspects of pastoral care, our provision was deemed compliant and/or excellent with no recommendations for improvement.

Maintaining, and enhancing our team of pastoral staff, and medical care and counselling to ensure better support for IB and IB students

Implementation of our full pastoral care programme

We are proud of the high quality of pastoral care in the college, based on the twin pillars of Relationships and a Healthy Lifestyle. The Pastoral Team led a full and active wellbeing programme (Healthy World, Healthy College, Healthy You) throughout the year with six areas of focus: physical, emotional, study, future, technological and global health. This was delivered through a full PSHE and CAS curriculum, through events with external trainers such as the Relationship and Sex Education Day with Johnny Hunt, and the drug awareness session with external speakers Sabina Gray and Zoe Shuttleworth. Other events were held frequently in boarding houses. The provision of healthy food was monitored throughout the year.

Implementation of the guardianship scheme

We have completed the implementation of the requirements that every student has to have an educational guardian. Terms and Conditions and Guardianship Policy are signed by parents to ensure that they understand that they have a full responsibility in appointing guardians and ensure that arrangements do not compromise our safeguarding practice.

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS (continued) FOR THE YEAR ENDED 31 AUGUST 2023

Implementing of the Social Justice Committee’s aims to ensure diversity, equality and inclusivity in St Clare’s community

Our Diversity, Equity, Inclusivity and Justice Conference took place on 6th February 2023 at St Clare’s. The following schools attended the conference: St Clare’s, UWC Atlantic College, Abbey College Cambridge, Oxford Spires, Europa School, Padstow School, Lucky House School, Oxford Sixth Form College. We were delighted with the outcome of the conference. The speakers, Dianne Regisford, Andrew Young, Guy Biggs and Kelly Gilbert, were inspirational and thought-provoking and were rated highly by visiting staff and students. All students were highly engaged in the project and worked in their mixed groups with real focus, determination and showed a great degree of collaboration.

Following this, the St Clare’s Commitment to Justice and Non-discrimination working party which meets annually to update members on progress, met to define the strategy for next year.

Student Welfare Tracking

Our Safeguarding and Pastoral watchlist is managed weekly by the Welfare Team (VPP, APP, Counsellor, Nurse). They record, monitor and provide intervention for a range of mental health and wellbeing concerns.

All students in the IC, IB and Pre-IB were interviewed or surveyed, and there was near-universal praise by students about the quality of experience they have here and the support they receive. Word of mouth recommendations this year accounted for 49% of our current students, a strong indicator that the quality of student experience has been consistently high year on year.

Student Council

Five new officers to the Student Council were elected. They met with Catering to discuss changes to the food in the dining hall, sold silk roses for Valentine’s Day and arranged an event to mark one year since the invasion of Ukraine. A smaller group of students who were not elected have also come together to form an ‘arts committee’ to develop the use of the redeveloped Sugar House space for student concerts, art exhibitions, poetry readings, and board game nights.

Staff Training

The entire boarding team had a six-hour Mental Health First Aid training course delivered by Dr Tom Murfitt from Oxford CBT. This reflects our continuing commitment to raising the standard of care that we provide for our students.

Over the last term a number of key members of the pastoral team have completed (or nearly completed) courses which will enhance their roles. Our nurse has successful finished a BSA course in school nursing, conducting research into sleep habits and making some effective suggestions for improvement in terms of our PSHE provision and general practice around supporting students with their sleep patterns. Our counsellor has completed a course with the UK Adult ADHD Network which is going to be a first step to use being able to provide in house ADHD diagnosis. Some Senior House Parents are engaged in a BSA Diploma in boarding practice – leadership and will be undertaking projects on the role of teaching staff in boarding and new staff induction respectively.

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS (continued) FOR THE YEAR ENDED 31 AUGUST 2023

As part of the usual program of boarding training the whole team have engaged with sessions on developing a culture of positive reinforcement, grief and bereavement, suicide awareness and prevention and have also benefited from some wellbeing sessions.

The personal tutors have spent a lot of their time supporting their students with their exams and effective preparation. They are, as ever, very ably supported by the University Guidance and Careers team. Head of CHE Helen Forey provided training for personal tutors on the changes to the UCAS referencing system and how this will affect what they write.

d. Co-curricular activities: Creativity, Activity and Service 2022-23

The International Baccalaureate mission aims to develop inquiring, knowledgeable, and caring young people who help to create a more peaceful world through intercultural understanding and respect. Through a variety of clubs and societies at the IB World School, the staff help the students to:

Setting goals and planning were very evident in the following sample of activities this year:

Completing the Bronze Duke of Edinburgh’s Award is a highlight of the PIB programme at St Clare’s. The students use their weekly CAS experiences to work through the volunteering, skills and physical sections from September to June. There are monthly walks and camp craft sessions, and it is topped off with a first aid course for school pupils’ certificate.

Our programme features a strong emphasis in our students’ establishing links with the local Oxford

community.

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS (continued) FOR THE YEAR ENDED 31 AUGUST 2023

e. Buildings and premises

St Clare’s occupies 24 buildings in North Oxford, 23 of which are owned freehold by the College and one is leasehold. Many of these buildings are in the North Oxford Conservation Area and one of them is grade II listed. We maintain all our properties to a high standard and adapt and upgrade them as needs arise. During 2022-23, the budget for repairs, refurbishment and maintenance was £3,018K. A project to improve access and reception to the main IB site at 139 Banbury Road was completed in June 2023 at a cost of £1,013K.

f. Public Benefit

The primary purpose of St Clare’s, Oxford is the advancement of education and the fostering of international education and understanding. Inextricably linked with this purpose is the aim of contributing to the public good. St Clare’s aims to contribute considerable public benefit to the local, national and international community. Students are encouraged and expected to develop an understanding of, and a commitment to, public benefit values as an integral part of their education. Students absorb these values both consciously and unconsciously and the college tries to deliver an appropriate programme in both a structured and unstructured way, and to lead by example. Perhaps the greatest public benefit that St Clare’s can offer is the provision of an education that maximises the likelihood of its students developing into principled, informed, open minded and confident citizens who respect the beliefs of others and who are determined to make a positive contribution to society.

Alongside our primary role of educating young people who attend the college, St Clare’s also contributes to the public good, directly and indirectly, in the following ways:

Direct Benefits

  1. Means-tested bursaries and scholarships. In 2022-23 there were 45 students at St Clare’s in receipt of means-tested scholarship and bursary support. None were on full bursaries which were funded from fee income. The total amount of means-tested fee discount in 2022-23 was £877,452 (£896,844 in 2021-22). Both IB World School and International College students benefit. The MarieNoelle Kelly Bursary (named in honour of one of our original Governors) at the International College, for instance, is aimed specifically at adult asylum seekers. These have helped young people have access to the College who would otherwise not be able to do so.

  2. Assistance for refugees. During 2022-23, St Clare’s International College, through its CELTA programme, provided English language tuition free-of-change to members of the community including Ukrainian refugees.

  3. Partnerships and teacher training . St Clare’s has informal partnership agreements with a number of local primary and secondary schools which host adult teacher trainees from other countries who undertake work experience: The Cherwell School, Pegasus Primary School, West Kidlington Primary School, St Nicholas’ Primary School, SS Philip and James Primary School. Two formal partnerships have been registered with the ISSP (Independent/State Schools Partnership). The first is between St Clare’s and XP School, a state-funded Free School in Doncaster. The second partnership is with The Europa School, a state-funded Free School in Culham, Oxfordshire. St Clare’s supported The Europa School as it introduced the IB Diploma for its Sixth Form students from September 2020. Less formally, St Clare’s has also supported two other state schools which either deliver IB Diploma or which are preparing to do so: Westminster Academy in west London, and Ysgol Bro Pedr in

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS (continued) FOR THE YEAR ENDED 31 AUGUST 2023

Lampeter, Wales. St Clare’s has been supporting the Swan School (part of the River Learning Trust), a new state secondary school in Marston, in a variety of ways.

  1. Facilities and lettings . St Clare’s allowed several local organisations to use its facilities either freeof-charge or at cost price: Japanese and Bulgarian Schools each weekend, and Oxford Bardwell Speakers Club (affiliated to Toastmasters International) each month. The Alliance Française, Oxford has had occasional use of our premises at nil cost.

  2. Governance of state schools and other educational organisations . The Head of Science is a Governor of St Swithun’s Primary School in Kennington. The Bursar is a Trustee of Vale House, a specialist care home for people with dementia in Sandford-on-Thames near Oxford.

  3. Providing work experience . St Clare’s provided work experience for young people from several local state schools in a variety of work areas.

  4. Custodianship of local heritage and buildings of historic interest . St Clare’s plays an important role in maintaining and promoting the heritage of the City of Oxford. We own and therefore have the responsibility for maintaining 24 Victorian/Edwardian buildings, many of which are in the North Oxford conservation area. Over the past ten years, through a process of sympathetic redevelopments and renovations, at a cost of over £13 million (largely to local businesses), the college has made considerable improvements to the built environment of the North Oxford conservation area. This has been recognised not only by favourable comment from local residents but also formally by the award of two Oxford Preservation Trust (OPT) certificates and a letter of commendation.

Indirect Benefits

  1. Savings to the local authority education budget . St Clare’s contributed £1.94 million to the public purse by way of income tax and NIC on payroll, together with irrecoverable VAT on purchases during 2022-23. With 38 UK students who would be entitled to a free place at a maintained school, the parents saved the public purse a further £172K (based on the national funding formula for Oxfordshire).

  2. Student spending in local businesses. Assuming (conservatively) an average weekly spend of £40 in local businesses, the students contributed at least a further £551K directly to the local economy.

  3. Employment of local people . During the year, St Clare’s employed c.211 people who mostly live within 15 miles of the City of Oxford, thus making a significant contribution to the local economy through a payroll of £6.9 million.

  4. Contracts for local suppliers . St Clare’s provides or has provided work for many local businesses, amounting to £2.9 million in 2022-23 and averaging £2.2 million in each of the past two years to local (Oxfordshire) suppliers. Thirty-one businesses with OX postcodes benefited from contracts with St Clare’s which were worth more than £15K in 2022-23, of which seventeen were worth more than £50K.

  5. International links . St Clare’s has contributed to the public good in encouraging international links and fostering open-mindedness about the world. Our students come from over 50 countries worldwide. All IB students study at least one modern foreign language in addition to their own. We teach literature in 25 modern foreign languages and virtually all our languages teachers are native

13

ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS (continued) FOR THE YEAR ENDED 31 AUGUST 2023

speakers. Non-British students gain a good insight into British society and institutions as well as working alongside people from other nations in events such as the Model United Nations. St Clare’s current practice is closely aligned with its original mission. St Clare’s has long-standing links with overseas schools and universities in Italy, the USA, China, Argentina, Uruguay, Kazakhstan and South Korea. In October 2021 and 2022, students participated in the Youth Leadership Summit hosted by Collegio San Carlo in Milan.

g. Employment and staffing

St Clare’s remains a good place to work both because of the terms and conditions which it offers employees but also because of the positive workplace environment which the College promotes. HR practices are fair and thorough, all employees and candidates for employment being treated with equity, courtesy and consideration. Staff benefit from free lunch and other refreshments, good pension arrangements, life assurance and an Employee Assistance Programme (EAP) provided by Life and Progress which provides confidential care and support. A Staff Welfare and Recognition package was introduced in December 2017. This offers all staff long-service awards, periodic staff breakfasts, free yoga classes, mindfulness classes and discounted membership of Oxfordshire Health and Racquets Club via our partnership with Nuffield Health.

Staff turnover is low and, despite the expense of living in Oxford, excellent quality teachers and other staff have been recruited to replace those who leave.

Staff are provided with the professional training they require to do their jobs. Senior managers listen sympathetically to requests for career development opportunities.

St Clare’s staff have received pay increases of between 1.0% and 2.5% most years for the past decade while many employees in the public and private sectors and teachers (in both state and independent schools) have either had their pay frozen or have only received minimal 1% increases. In September 2022, staff were awarded a 4.0% pay increase, and low-paid staff were guaranteed at least the Oxford Living Wage (£10.50 per hour).

Financial Review

St Clare’s consolidated financial results for the year were as follows:
Surplus/(Deficit) for the year
Net cash inflow from operating activities
Plus: Bank and other interest income
Drawdown of bank facility
Profit on disposal of tangible assets
Less: Payments to acquire tangible fixed assets
Bank and other interest paid
Increase/(Decrease) in overall cash balances
Cash at the beginning of the year
Cash at the end of the year
Represented by:
Bank current and deposit accounts		 2023
£000
(1,278)
673
11
399
-
(1,452)
(132)
(501)
1,309
808
808
808		 2022
£000
607
2,483
1
(1,399)
-
(131)
(62)
892
417
1,309
1,309
1,309

14

ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS (continued) FOR THE YEAR ENDED 31 AUGUST 2023

As a registered charity St. Clare’s is generally exempt from Corporation Tax on its income and gains under Part 11 of CTA 2010 and S256 TCGA 1992.

Principal Risks

Safeguarding and Child Protection legislation and guidelines – The College remains committed to full compliance with both its legal obligations and its duty of care towards students. As well as increasing the risk to students, failure to comply with legislation could have consequences from poor inspection reports to the prosecution of the College and/or members of staff. Consequently, the College has long had in place a range of measures to minimise the risks. These include:

Maintenance of Licensed Sponsorship for Student Route visa purposes – By its very nature, the College is completely dependent on enrolling overseas student onto its courses. A substantial proportion of these students require a Student Route visa, for which the College must act as sponsor. That in turn means that it must meet an increasingly rigorous set of compliance requirements. A strict compliance regime is operated within the College, and spot checks undertaken internally without prior warning. Staff failing to meet internal compliance requirements will be subject to disciplinary action.

Consequences of the UK leaving the EU – It is not yet possible to assess the impact of the UK leaving the EU because it is not clear whether lower IB numbers are attributable to this, or are a consequence of travel restrictions during the pandemic. In the short term, there may be some risk to enrolment because of the perception of prospective students; equally there could be some benefit from the current lower value of Sterling. In the longer term, the principal focus is on effective compliance with UKVI requirements and responsiveness to students’ visa enquiries, as being a visa sponsor is all the more important.

Reserves

Note 16 to the Financial Statements sets out the restricted and unrestricted funds and the assets attributable thereto. These assets are sufficient to meet St. Clare’s obligations on a fund by fund basis.

The College aims to retain sufficient free reserves to allow it to cope with unforeseen financial difficulties and to be able to maintain and develop its estate to maintain a high standard of environment for its students. At 31 August 2023 the College’s total unrestricted funds stood at £36,407K (2022: £37,685K) and after adjusting for unrestricted functional fixed assets for the charity’s own use, the College has no free reserves (as defined by the Charities SORP). The Governors have determined therefore to build up free reserves out of annual operating surpluses, so that once current borrowings have been cleared, the College will be able to call on 3 months’ operating expenditure, of which at least 50% is in cash holdings (with the remainder by way of overdraft facility). At current expenditure levels, this would require free reserves of £1.8 million.

Property

A full space audit was commissioned in 2016 to identify potential for better use of the existing properties, particularly for classrooms. The main project arising from this was the extension of 131 Banbury Road, to

15

ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS (continued) FOR THE YEAR ENDED 31 AUGUST 2023

provide four new classrooms, which was completed in April 2018. A project for major improvements to the dining hall and construction of new kitchens at 133-135 Banbury Road was completed in March 2021. During the course of 2022-23 a new entrance and porters’ lodge were constructed, along with external landscaping at the front of 139-143 Banbury Road to improve the College’s frontage.

Plans for the future

St. Clare’s business of providing courses will continue in much the same way as in previous years. The College will continue to seek out new markets in order to keep the flow of student enrolments for all of its courses as high as possible. Work will continue, as appropriate, to revise the content of certain courses so as to keep them in line with market expectations and developments in education. St. Clare’s will continue to promote the concept of Global Citizenship with its staff and students and within the wider community.

Transactions with Governors and other connected persons

Transactions with Governors or other connected persons during the year are set out in note 20 to the financial statements

Provision of information to auditors

In so far as each of the Governors is aware:

Auditor

In accordance with Section 485 of the Companies Act 2006, a resolution proposing the re-appointment of Crowe U.K. LLP as auditors to the company will be put to the Annual General Meeting.

The Report of the Governors, under the Charities Act 2011 and the Companies Act 2006, was approved by the Board of Governors on 7 December 2023 including approving in their capacity as company directors the Strategic Report contained therein, and is signed as authorised on its behalf by:

Justin Moore Company Secretary

16

ST. CLARE’S, OXFORD STATEMENT OF GOVERNORS’ RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2023

The Governors (who are also directors of St. Clare's, Oxford for the purposes of company law and trustees for the purposes of charity law) are responsible for preparing the Report of the Governors and the financial statements in accordance with applicable law and regulations.

Company law requires the Governors to prepare financial statements for each financial year. Under that law the Governors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period.

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

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the company 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 charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Governors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

17

Crowe U.K. LLP

Chartered Accountants Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST. CLARE’S, OXFORD

Opinion

We have audited the financial statements of St. Clare’s, Oxford for the year ended 31 August 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Summary Income and Expenditure Account, the Consolidated and Company Balance Sheets, the Consolidated Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 concern

In auditing the financial statements, we have concluded that the Governors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or Charitable Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Crowe U.K. LLP is a limited liability partnership registered in England and Wales with registered number OC307043. The registered office is at 55 Ludgate Hill, London EC4M 7JW. A list of the LLP’s members is available at the registered office. All insolvency practitioners in the firm are licensed in the UK by the Insolvency Practitioners Association. Crowe U.K. LLP is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Crowe U.K. LLP and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global.

18

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST. CLARE’S, OXFORD (CONTINUED)

Other information

The Governors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Group and the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Governors.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

19

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST. CLARE’S, OXFORD (CONTINUED)

Responsibilities of the Governors

As explained more fully in the Governors’ Responsibilities Statement set out on page 15, the Governors 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 Governors 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 Group’s or the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the College were Charity Commission legislation, General Data Protection Regulation (GDPR); anti-fraud, bribery and corruption legislation; health and safety legislation as well as employment legislation.

20

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST. CLARE’S, OXFORD (CONTINUED)

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included inquiries of management their own identification and assessment of the risks of irregularities, sample testing the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the Group and Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Group and 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 Group and Charitable Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Janette Joyce

Senior Statutory Auditor

For and on behalf of

Crowe U.K. LLP

Statutory Auditor

Reading

7 December 2023

21

ST. CLARE’S, OXFORD

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023

Notes
INCOME AND ENDOWMENTS
Charitable activities:
Fees receivable
4
Other income
5
Investments
Bank and other interest
Donations and legacies
Donations and government
grants
Total income
EXPENDITURE ON:
Charitable activities
School operating costs
7
Raising funds
Financing costs
7
Total expenditure
7
Net income for the year and
net movement in funds
16
Balances brought forward at
1 September 2022
16
Balances carried forward at
31 August 2023
16		 Unrestricted
Funds
£000
13,366
561
11
-
13,938
15,084
132
15,216
(1,278)
37,685
36,407		 Restricted
Funds
£000
-
-
-
-
-
-
-
-
-
16
16		 Total
2023
£000
13,366
561
11
-
13,938
15,084
132
15,216
(1,278)
37,701
36,423		 Total
2022
£’000
13,405
630
1
2
14,038
13,369
62
13,431
607
37,094
37,701

All incoming resources and resources expended derive from continuing activities.

The accompanying accounting policies and notes form an integral part of these Financial Statements

22

ST. CLARE’S, OXFORD COMPANY REGISTRATION NUMBER: 01986868 BALANCE SHEETS AS AT 31 AUGUST 2023

Notes
FIXED ASSETS
Investments
9
Tangible assets
10
CURRENT ASSETS
Stocks
11
Debtors
12
Cash at bank and in hand
CREDITORS
Amounts falling due within
one year
13
NET CURRENT LIABILITIES
TOTAL ASSETS LESS
CURRENT LIABILITIES
CREDITORS:amounts falling
due after one year
14
NET ASSETS
FUNDS
Capital reserve
16
Revaluation reserve
16
General fund
16
Unrestricted funds
Restricted funds
16
TOTAL FUNDS		 Consolidated
2023
2022
£000
£000
-
-
44,357
43,687
44,357
43,687
67
61
5,215
1,109
808
1,309
6,090
2,479
(14,024)
(8,464)
(7,934)
(5,985)
36,423
37,702
-
(1)
36,423
37,701
1,313
1,313
19,179
19,232
15,915
17,140
36,407
37,685
16
16
36,423
37,701		 Company
2023
2022
£000
£000
-
-
44,502
43,835
44,502
43,835
67
61
5,219
1,113
804
1,305
6,090
2,479
(14,024)
(8,464)
(7,934)
(5,985)
36,568
37,850
-
(1)
36,568
37,849
1,313
1,313
19,179
19,232
16,060
17,288
36,552
37,833
16
16
36,568
37,849		 Company
2023
2022
£000
£000
-
-
44,502
43,835
44,502
43,835
67
61
5,219
1,113
804
1,305
6,090
2,479
(14,024)
(8,464)
(7,934)
(5,985)
36,568
37,850
-
(1)
36,568
37,849
1,313
1,313
19,179
19,232
16,060
17,288
36,552
37,833
16
16
36,568
37,849
(5,985)
37,850
(1)
37,849
1,313
19,232
17,288
37,833
16
37,849

The surplus/(deficit) for the year in relation to the Company only was £(1,281k) (2022: £603k surplus).

The Financial Statements were approved and authorised for issue by the Board of Governors on 7 December 2023 and signed on their behalf by:

Jens Tholstrup Bart Ashton Chairman Governor, Chair of FP&GP

The accompanying accounting policies and notes form an integral part of these Financial Statements

23

ST. CLARE’S, OXFORD CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023

Cash flows from operating activities
Net movement in funds
Depreciation
Interest income
Interest paid
(Increase)/decrease in debtors
(Increase)/decrease in stock
(Decrease)/increase in creditors
Cash provided by operating activities
Cash flows from investing activities
Payments to acquire tangible fixed assets
(Profit)/loss on disposal of tangible assets
Interest paid
Interest income
Cash flows used in investing activities
Cash flows from financing activities
Bank loan borrowing/(repayment)
Cash provided by/(used in) financing activities
(Decrease)/Increase in cash and cash equivalents in
the year
Cash and cash equivalents at the beginning of the
year
Total cash and cash equivalents at the end of the
year
Analysis of cash and cash equivalents
Cash at bank and in hand
Analysis of changes in net debt
Cash
Loans falling due after more than one year
At 1
September
2022
£’000
1,309
-
1,309		 2023
£’000
(1,278)
782
(11)
132
(4,106)
(6)
5,160
673
(1,452)
-
(132)
11
(1,573)
399
399
(501)
1,309
£
808
£
808
Cash flow
£’000
(501)
-
(501)		 2022
£’000
607
749
(1)
62
855
(20)
231
2,483
(131)
-
(62)
1
(192)
(1,399)
(1,399)
892
417
£
1,309
£
1,309
At 31
August
2023
£’000
808
-
808

The accompanying accounting policies and notes form an integral part of these Financial Statements

24

ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. CHARITY INFORMATION

The principal activity of St. Clare’s Oxford is the operation of educational courses in Oxford. The incorporated (charity number 294085, company number 1986868) is domiciled in the UK. The address of the registered office is 139 Banbury Road, Oxford, OX2 7AS

2 ACCOUNTING POLICIES a) Basis of Preparation

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 UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. St. Clare’s, Oxford meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The College makes use of a revolving credit facility to meet its day to day working capital requirements. As a result of the deficit outcome for the year ended 31[st] August 2023, the interest cover covenant has been breached. The College has received assurance that the bank has no concerns over the College’s continued viability and has indicated that the breach will be waived. Current forecasts indicate the College expects to be able to operate within these facilities for the foreseeable future. Accordingly, the Governors believe it is appropriate to prepare the annual financial statements on the going concern basis of accounting.

b) Basis of consolidation

The Financial Statements consolidate the results of St. Clare’s, Oxford and its wholly owned subsidiary St Clare’s Services Limited (Company number: 06580963) on a line by line basis. No profit and loss account is presented for St. Clare’s, Oxford as permitted by Section 408 of the Companies Act 2006.

c) Income

Income comprise the amounts receivable for courses delivered by the balance sheet date and other supplies made during the financial year, donations received, and bank and other interest. Donations are deferred only when the donor has imposed restrictions on the expenditure of resources which amount to pre-conditions for use of the funds.

d) Government grant income

Grants are accounted for under the performance model as permitted by the Charity SORP.

e) Expenditure

Direct charitable expenditure is allocated to expense headings either on a direct cost basis, or apportioned according to time spent. Irrecoverable VAT is included with the item of expense to which it relates. Certain expenditure is apportioned to cost categories based on the estimated amount attributable to that activity in the year.

f) Investments

Investments in subsidiaries are included in the company’s accounts at cost.

25

ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

g) Fixed Assets

Tangible fixed assets are capitalised at cost where their acquisition value is greater than £500, and are stated at cost net of depreciation.

Freehold land and buildings are included in the balance sheet at the updated valuation under the transitional provisions of FRS102.

Depreciation is calculated to write down the cost or revaluation of all tangible fixed assets, other than freehold land, by equal annual instalments over their expected useful lives. The depreciation rates applicable are:

Leasehold property Period of lease Freehold buildings and extensions 2% - 3.3% Other fixed assets 10% - 25% Fixtures & fittings 10% - 25% Motor Vehicles 25%

h) Assets under construction

Design fees, refurbishment and other professional and construction expenditure incurred on properties owned by St. Clare’s are classed as ‘Assets under construction’ until refurbishment work has been completed. On completion of work the value of those costs is transferred to ‘Freehold Land and Buildings’. No depreciation is charged on additions to ‘Assets under construction’.

i) Stocks

Stocks are stated at the lower of cost and net realisable value. Books purchased for the library are written off in the year of purchase.

j) Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

k) Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

l) Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

The Governors have reviewed the contract terms under which Pupil fee deposits are held by the school. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the school, pupils can leave at earlier dates. The school does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at 31 August 2023 have been included within current liabilities. The prior year Pupil fee deposits balance has been similarly represented.

26

ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

m) Foreign Currencies

St. Clare’s translates all fees invoiced in a foreign currency at a standard rate fixed for each term during the academic year. All differences between the standard rate and the actual rate ruling when fees are received are treated as exchange gains or losses in the year and are included in the General Fund. Foreign currency debtors and cash balances are translated at the rate prevailing at the end of the year.

n) Contributions to Pension Funds

Defined benefit scheme – The College contributes to the Teachers’ Pension Defined Benefits Scheme at rates set out by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the College. In accordance with FRS102 therefore, the scheme is accounted for as a defined contribution scheme.

Defined contribution scheme - Pensions for other staff currently in employment are provided by means of a defined contribution scheme.

Both schemes are externally managed and employees’ and employer’s contributions are made to both of them. The annual cost of these contributions is charged to the General Fund.

Pensions paid to former employees out of St. Clare’s own funds are charged to the General Fund. The number of former employees who are paid pensions is fixed and will not increase.

o) Education Scholarships

The value of scholarships awarded by St. Clare’s to its students is deducted from fees receivable.

p) Leased assets

All leases are treated as operating leases and the payments made under them are charged to the General Fund on a straight-line basis over the term of the lease.

q) Financial instruments

Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost. Note 21 provides more information on financial instruments where future cash flows are anticipated, with financial assets referring to fixed asset investments and all debtor balances excluding prepayments, and financial liabilities referring to all creditor balances excluding payments on account, fees and deposits received in advance and social security and other taxes.

r) Funds

Funds are described in Note 16 to the Financial Statements.

27

ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

3. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make significant judgments and estimates. The items in the financial statements where these judgments and estimates have been made include:

In the application of the charity’s accounting policies, which are described in note 2, Governors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.

The Governors consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty.

4. FEE INCOME

4.
FEE INCOME
Gross fees
Less: Scholarships
5.
OTHER INCOME
Chargeable extras
Registration and exam fees
Rent and room hire
Other ancillary income
6.
DONATIONS
Donations		 2023
£000
14,244
(878)
13,366
2023
£000
130
89
43
299
561
2023
£000
-
-		 2022
£000
14,301
(896)
13,405
2022
£000
168
98
91
273
630
2022
£000
2
2

28

ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

7. TOTAL RESOURCES EXPENDED

Charitable activities
Teaching costs
Catering and other
domestic costs
Premises
Support costs
Raising funds
Financing costs
Total		 Staff
Costs
£000
4,770
1,425
491
1,534
8,220
-
8,220		 Other
£000
3,332
274
1,418
1,058
6,082
132
6,214		 Depreciation
£000
-
27
664
91
782
-
782		 Total
2023
£000
8,102
1,726
2,573
2,683
15,084
132
15,216		 Total
2022
£000
7,149
1,305
2,327
2,588
13,369
62
13,431

Included in support costs are governance costs of £4k ( 2022: £3k ).

Net income is stated after charging:
Auditors’ remuneration:
Audit – College
Audit – Subsidiary
Corporation tax compliance
Other tax advisory
Other services
Depreciation
Tangible fixed assets, owned
Hire of plant and machinery under operating leases
Other operating lease rentals		 2023
£000
19
3
1
-
-
782
137
95		 2022
£000
16
3
2
-
-
752
113
113

Key management personnel, as shown on page 1, received aggregate remuneration of £628k ( 2022: £699k ). The total remuneration of key management personnel includes Employers NI and Employers Pension contributions.

29

ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

8. STAFF COSTS

Staff costs during the year were as follows:
Wages and salaries
Social Security costs
Other pension costs
Other staff costs
Governors’ expenses for travel and accommodation
Governors are not remunerated for their services
The average number of employees during the year was:
The number of employees whose emoluments exceeded £60,000 was:
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£110,001 - £120,000
£170,000 - £180,000		 2023
£000
6,305
638
935
7,878
342
8,220
-
No.
210
18
6
1
1
1
1
1		 2022
£000
5,718
593
909
7,220
226
7,446
-
No.
200
13
3
2
-
2
1
1

In connection with these higher paid employees, retirement benefits are accruing under money purchase schemes for 5 employees (2022: 4) and under multi-employer defined benefit schemes for 24 employees (2022: 18) . The total employer contributions in this year to the schemes were £378k (2022: £303k).

Staff restructuring costs of £nil (2022: £nil) are non-statutory/non-contractual payments.

9. INVESTMENTS

Investments in subsidiary undertakings Group
2023
2022
£000
£000
-
-		 Company
2023
2022
£000
£000
-
-

St Clare’s Services Limited (incorporated in the United Kingdom, company number: 6580963) was set up to manage and control construction services on the College’s property developments. The £1 ordinary share capital is held by St. Clare’s, Oxford, and its results are included in the consolidated financial statements.

Any profits St Clare’s Services Limited generates will be gifted to St. Clare’s, Oxford. This year profits were £nil (2022: £nil).

30

ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

10. TANGIBLE FIXED ASSETS

Group
Deemed cost at
1 September 2022
Additions
Disposals
Transfers
At 31 August 2023
Depreciation at
1 September 2022
Charge for the year
Disposals
At 31 August 2023
Net book value at
31 August 2023
31 August 2022		 Freehold
Land &
Buildings
£000
50,610
-
-
1,188
51,798
7,774
599
-
8,373
43,425
42,836		 Leasehold
Property
£000
133
-
-
-
133
133
-
-
133
-
-		 Fixtures &
Fittings
£000
1,829
212
(555)
-
1,486
1,168
182
(555)
795
691
661		 Motor
Vehicles
£000
37
52
-
-
89
37
1
-
38
51
-		 Assets
Under
Construction
£000
190
1,188
-
(1,188)
190
-
-
-
-
190
190		 Total
£000
52,799
1,452
(555)
-
53,696
9,112
782
(555)
9,339
44,357
43,687

On transition to FRS 102 FPD Savills, Chartered Surveyors, valued freehold land & buildings held at that date on the basis of existing use assuming vacant possession. Had the valuation not been made freehold land & buildings would have been included on the historical cost basis at the following amounts:

Cost
Transfers
Disposals
Aggregate depreciation
Net book value at 31 August 2023		 2023
£000
30,169
1,188
-
(7,648)

23,709

31

ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

10. TANGIBLE FIXED ASSETS (CONTINUED)

COMPANY
Deemed cost at
1 September 2022
Additions
Disposals
Transfers
At 31 August 2023
Depreciation at
1 September 2022
Charge for the year
Disposals
At 31 August 2023
Net book value at
31 August 2023
31 August 2022		 Freehold
Land &
Buildings
£000
50,791
-
-
1,188
51,979
7,807
602
-
8,409
43,570
42,984		 Leasehold
Property
£000
133
-
-
-
133
133
-
-
133
-
-		 Fixtures &
Fittings
£000
1,829
212
(555)
-
1,486
1,168
182
(555)
795
691
661		 Motor
Vehicles
£000
37
52
-
-
89
37
1
-
38
51
-		 Assets
Under
Construction
£000
190
1,188
-
(1,188)
190
-
-
-
-
190
190		 Total
£000
52,980
1,452
(555)
-
53,877
9,145
785
(555)
9,375
44,502
43,835

On transition to FRS102 FPD Savills, Chartered Surveyors, valued freehold land & buildings held at that date on the basis of existing use assuming vacant possession. Had the valuation not been made freehold land & buildings would have been included on the historical cost basis at the following amounts:

Cost
Transfers
Disposals
Aggregate depreciation
Net book amount at 31 August 2023		 2023
£000
30,350
1,188
-
(7,683)

23,855

32

ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

11. STOCKS

General consumables
2.
DEBTORS
Trade debtors
Prepayments and accrued income
Amounts owed by group undertakings		 Group
2023
2022
£000
£000
67
61
Group
2023
2022
£000
£000
4,634
671
581
438
-
-
5,215
1,109		 Company
2023
2022
£000
£000
67
61
Company
2023
2022
£000
£000
4,634
671
581
438
4
4
5,219
1,113

12. DEBTORS

13. CREDITORS: FALLING DUE WITHIN ONE YEAR

Bank loans repayable in less than one year
Trade creditors
Social security and other taxes
Other creditors
Accruals
Fees and deposits received in advance		 Group
2023
2022
£000
£000
400
-
468
336
244
253
108
137
427
212
12,377
7,526
14,024
8,464		 Company
2023
2022
£000
£000
400
-
468
336
244
253
108
137
427
212
12,377
7,526
14,024
8,464

The increase in ‘Trade debtors’ and ‘Fees and deposits received in advance’ is due to the College changing their billing process in FY23, with only one invoice now being raised for the whole year’s fees.

14. CREDITORS: FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans repayable in more than one year Group
2023
2022
£000
£000
-
1		 Company
2023
2022
£000
£000
-
1

St. Clare’s, Oxford has loan facilities available totalling £5m, repayable in 2024. The banking facilities are secured on the freehold property held.

33

ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

15. PENSION COSTS

St. Clare’s participates in the Teachers' Pension Scheme (England and Wales) ("the TPS") for its teaching staff and a defined contribution pension schemes for the administrative staff. During the year pension costs of £619,911 (2022: £643,516) and £316,417 (2022: £259,449) were incurred relating to the schemes respectively. At the year-end £74,799 (2022: £81,657) was accrued in respect of contributions due to the Teachers’ Pension Scheme and £42,350 (2022: £32,594) for other schemes.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the ‘greater value’ benefits for groups of relevant members.

The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

34

ST. CLARE’S, OXFORD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

16. FUNDS

Group - 2023

Unrestricted funds
Capital Reserve
Revaluation Reserve
General Fund
Repairs & Maintenance
(Designated)
Total Unrestricted Funds
Restricted Funds
Building Fund
Scholarship Fund
Total funds 2023		 Balance at
1 September
2022
£000
1,313
19,232
15,438
1,702
37,685
8
8
16
37,701		 Incoming
Resources
£000
-
-
13,938
-
13,938
-
-
-
13,938		 Resources
Expended
£000
-
-
(15,216)
-
(15,216)
-
-
-
(15,219)		 Transfer
Between
Funds
£000
-
(53)
36
17
-
-
-
-
-		 Balance at
31 August
2023
£000
1,313
19,179
14,196
1,719
36,407
8
8
16
36,423

The transfer from the revaluation reserve to the General Fund represents the difference between depreciation calculated on historical cost and at valuation. The transfer to the Designated Fund for Repairs & Maintenance for the year amounts to notional interest of £17k.

The funds are:

35

ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

16. FUNDS (continued)

Group - 2022
Unrestricted funds
Capital Reserve
Revaluation Reserve
General Fund
Repairs & Maintenance
(Designated)
Total Unrestricted Funds
Restricted Funds
Building Fund
Scholarship Fund
Total funds 2022
Company - 2023
Unrestricted funds
Capital Reserve
Revaluation Reserve
General Fund
Repairs & Maintenance
(Designated)
Total Unrestricted Funds
Restricted Funds
Building Fund
Scholarship Fund
Total funds 2023		 Balance at
1 September
2021
£000
1,313
19,285
14,796
1,684
37,078
8
8
16
37,094
Balance at
1 September
2022
£000
1,313
19,232
15,585
1,703
37,833
8
8
16
37,849		 Incoming
Resources
£000
-
-
14,038
-
14,038
-
-
-
14,038
Incoming
Resources
£000
-
-
13,938
-
13,938
-
-
-
13,938		 Resources
Expended
£000
-
-
(13,431)
-
(13,431)
-
-
-
(13,431)
Resources
Expended
£000
-
-
(15,219)
-
(15,219)
-
-
-
(15,219)		 Transfer
Between
Funds
Balance at
31 August
2022
£000
£000
-
1,313
(53)
19,232
35
15,438
18
1,702
-
37,685
-
8
-
8
-
16
-
37,701
Transfer
Between
Funds
Balance at
31 August
2023
£000
£000
-
1,313
(53)
19,179
36
14,340
17
1,720
-
36,552
-
8
-
8
-
16
-
36,568

36

ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

16. FUNDS (continued)

Company - 2022
Unrestricted funds
Capital Reserve
Revaluation Reserve
General Fund
Repairs & Maintenance
(Designated)
Total Unrestricted Funds
Restricted Funds
Building Fund
Scholarship Fund
Total funds 2022		 Balance at
1 September
2021
£000
1,313
19,285
14,947
1,685
37,230
8
8
16
37,246		 Incoming
Resources
£000
-
-
14,038
-
14,038
-
-
-
14,038		 Resources
Expended
£000
-
-
(13,435)
-
(13,435)
-
-
-
(13,435)		 Transfer
Between
Funds
£000
-
(53)
35
18
-
-
-
-
-		 Balance at
31 August
2022
£000
1,313
19,232
15,585
1,703
37,833
8
8
16
37,849

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

2023
Group
Unrestricted funds
Restricted funds
Total funds
2023
Company
Unrestricted funds
Restricted funds
Total funds		 Fixed
Assets
£000
44,357
-
44,357
Fixed
Assets
£000
44,502
-
44,502		 Current
Assets
£000
6,074
16
6,090
Current
Assets
£000
6,074
16
6,090		 Current
Liabilities
£000
(14,024)
-
(14,024)
Current
Liabilities
£000
(14,024)
-
(14,024)		 Creditors
over 1 year
£000
-
-
-
Creditors
over 1 year
£000
-
-
-		 Total
£000
2023
36,407
16
36,423
Total
£000
2023
36,552
16
36,568

37

ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)

2022
Group
Unrestricted funds
Restricted funds
Total funds
2022
Company
Unrestricted funds
Restricted funds
Total funds		 Fixed
Assets
£000
43,687
-
43,687
Fixed
Assets
£000
43,835
-
43,835		 Current
Assets
£000
2,463
16
2,479
Current
Assets
£000
2,463
16
2,479		 Current
Liabilities
£000
(8,464)
-
(8,464)
Current
Liabilities
£000
(8,464)
-
(8,464)		 Creditors
over 1 year
£000
(1)
-
(1)
Creditors
over 1 year
£000
(1)
-
(1)		 Total
£000
2022
37,685
16
37,701
Total
£000
2022
37,833
16
37,849

18. CAPITAL COMMITMENTS

At 31 August 2023 capital commitments amounted to £nil (2022: £851k).

19. LEASING COMMITMENTS

At 31 August 2023 the College had future minimum lease payments under non-cancellable operating leases as follows:

In one year or less
Between one and five years
In five years or more		 2023
Land &
Buildings
£000
95
283
-		 2023
Other
£000
62
107
-		 2022
Land &
Buildings
£000
93
372
-		 2022
Other
£000
132
161
-

20. RELATED PARTY TRANSACTIONS

During the year St. Clare’s had transactions with its wholly owned subsidiary St Clare’s Services Limited totalling £nil ( 2022: £nil ). At year end the balance outstanding was a debtor of £3,823 ( 2022: £3,883) .

Expenses reimbursed to Governors during the year, amounting to £nil (2022: £nil) in respect of travel and subsistence.

There were no other related party transactions during the year.

38

ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

21. FINANCIAL INSTRUMENTS

Group
Financial assets measured at amortised cost
Financial liabilities measured at amortised cost		 2023
£’000
5,443
(2,009)		 2022
£’000
1,980
(1,904)

The group’s income, expense, gains and losses in respect of financial instruments are summarised below:

Interest income and expense:
Interest income
Impairment losses
Company
Financial assets measured at amortised cost
Financial liabilities measured at amortised cost		 2023
£’000
11
23
2023
£’000
5,443
(2,009)		 2022
£’000
1
21
2022
£’000
1,980
(1,904)

The company’s income, expense, gains and losses in respect of financial instruments are summarised below:

Interest income and expense:
Interest income
Impairment losses		 2023
£’000
11
23		 2022
£’000
1
21

Included within Financial instruments held at amortised cost are Trade Debtors, Cash at Bank, Trade Creditors, Fee’s Receivable Accruals, Intercompany Loans and Bank Loans.

39

ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

24. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS
Charitable activities:
Fees receivable
Other income
Investments
Bank and other interest
Donations and legacies
Donations and government grants
Total income
EXPENDITURE ON:
Charitable activities
School operating costs
Raising funds
Financing costs
Total expenditure
Net income for the year and net
movement in funds
Balances brought forward at
1 September 2021
Balances carried forward at
31 August 2022		 Unrestricted
Funds
£000
13,405
630
1
2
14,038
13,369
62
13,431
607
37,078
37,685		 Restricted
Funds
£000
-
-
-
-
-
-
-
-
-
16
16		 Total
2022
£000
13,405
630
1
2
14,038
13,369
62
13,431
607
37,094
37,701

40