## **Company number 1986868 Registered as a Charity 294085**
**ST. CLARE’S, OXFORD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
**ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025**
|CONTENTS|Pages|
|---|---|
|Report of the Governors including the Strategic Report|1 – 17|
|Statement of Governors’ Responsibilities|18|
|Report of the Independent Auditor|19 - 22|
|Consolidated Statement of Financial Activities|23|
|Balance Sheets|24|
|Consolidated Cash Flow Statement|25|
|Notes to the Financial Statements|26 - 41|
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**ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025**
The Governors present their report and the audited Financial Statements for the year ended 31 August 2025.
## **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:
|_Governor_|_Appointed_|_Resigned/Retired_|_Last Reappointment_|
|---|---|---|---|
|Bartholomew Ashton|16 March 2017||06 December 2023|
|Paul Bright|13 October 2021||11 December 2024|
|Mary Louise Culpepper|14 December 2016||06 December 2023|
|Moira Darlington|13 June 2013||11 December 2024|
|Richard Dick|22 March 2001||06 December 2023|
|Loren Griffith|14 March 2023||06 December 2023|
|Lucia Nixon|12 March 2020||06 December 2020|
|Chiara Simmons Wood|01 July 2024||11 December 2024|
|Jens Tholstrup (Chair)|22 March 2006||07 December 2022|
|Saira Uppal|13 June 2024||11 December 2024|
|Libby Wood|25 April 2022||07 December 2022|
|Jim Woodhill|31 August 2023||06 December 2023|
## _**Key Management**_
The key personnel who served during the year were:
|Principal|**Duncan Reith**MA (Oxford) MA (Open) PGCE (Roehampton)
MBA (Durham), NPQH|
|---|---|
|Bursar|**Justin Moore**LLB (Open) MSc (Cranfield) ACMA|
|Vice-Principal Pastoral|**Becky Allen**BA (Warwick) MA (Warwick)|
|Vice-Principal Academic|**David White**– BA (Southampton) MA (Staffordshire) PGDip
Psych (Glasgow) PGCE (Bath)|
|Director of Marketing, Admissions
and Development|**Suzanne Mowat**BA (Glamorgan) CIM|
|Director of International College|**Dobrila Arezina**BA (Middlesex)|
## _**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 Penningtons Manches Cooper, 9400 Garsington Road, Oxford Business Park, Oxford, OX4 2HN
Plainlaw, 11a West Way, Oxford, OX2 0JB Auditor Crowe U.K. LLP, R+ Building, 2 Blagrave Street, Reading, Berkshire, RG1 1AZ
## **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.
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**ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025**
## _**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), Paul Bright, Richard Dick, Jens Tholstrup (ex officio), Saira Uppal, and Libby Wood.
_Education –_ Lucia Nixon (Committee Chair), Mary Louise Culpeper, Moira Darlington, Loren Griffith, Jens Tholstrup (ex officio), Chiara Simmons Wood, and Jim Woodhill.
## _**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.
## **Objectives and Activities**
## _**Objectives**_
The objects set out in the Company’s Memorandum of Association are to:
- advance international education and understanding;
- acquire, establish, maintain and carry on schools, nursery schools, kindergartens, colleges and educational institutions.
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**ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025**
## _**Activities**_
The principal activity of St Clare’s is the operation of an IB World School for 15 to 19 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 2025**
## **CHAIRMAN’S FOREWORD**
I am pleased to present the annual report and accounts for St Clare’s, Oxford for the year ending 31 August 2025.
The political and economic climate for private international schools in the UK has been particularly hard in recent years, and for international private schools in particular. Brexit, COVID-19, the ongoing wars in Ukraine and Gaza, and the high inflation in the UK in recent years have all put pressure on the business. In this vulnerable climate, the UK government took the extraordinary step of adding VAT to tuition fees and accommodation from January 2025, and over the course of the year many independent schools announced they were closing. Thankfully, at St Clare’s, our student recruitment had been strong going into the year, and our student numbers were the highest ever, with 294 students in the IB World School, an increase of 31 students on the previous year. Our student recruitment during the year also remained strong, and we saw no significant loss of full fee-paying students despite the sharp 20% increase mid-year to what parents had to pay. While our income rose encouragingly from £18m to £20m, our costs also rose with the loss of business rates relief and the increase to National Insurance contributions, and the increase in employers’ contributions to the Teachers’ Pension Scheme. Improvements to our IT provision also created an increase in depreciation costs, so overall our costs rose to over £20m, and we posted a slight annual deficit of £40k for the year. Given the strength of our student recruitment this year, though, we expect to return to a small surplus next year. We retain over £40m of property assets, so the balance sheet is in a strong position. The total number of student weeks for the whole college in 2024-25 was 16,162 (15,432 in 2024-25), which is again a record for the school.
The priority in the financial strategy this year was threefold: to maintain high student recruitment for our main business, the IB World School, despite the introduction of VAT; to run the business efficiently in order to break approximately even, without any reduction to the very high quality of education we offer; and to adopt a strategy of agility whereby income could be increased in some business streams to compensate for any loss in others. This proved a prescient approach. Our marketing and admissions function adopted new methods, including the use of in-country representatives, and reached into more countries, successfully to recruit a full cohort of students for next year, despite the 20% fee increase; with nonessential costs pared down across numerous budgets, we also achieved our goals in terms of financial outturn for the year. The strategy of agility was also successful: while the International College saw numbers drop from 117 to 90 in the opening term, this was compensated for by increased income in both our IB and in our Summer and Short Courses programme. Our summer school programme expanded this year onto a second site at Wychwood School, and will expand further onto a third site next year at Merrist Wood, while our short courses programme was expanded to operate from January onwards, and will expand further next year. We welcomed short course students from several new countries this year, including Ecuador, Columbia and China. All our business streams delivered their courses 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 both nationally and internationally, and our student progress rates were again impressive. Though results are important, our education is very much a holistic one, with over 50 sports, clubs, academic societies and leadership activities enabling our students to develop talents and skills which will enable long-term future success. A particular strength of St Clare’s is supporting our students, who come from around 50 different countries, to be accepted into the best university courses for them in the world. This year destinations included Princeton and Stanford, and 95% of our students were accepted into their first choice of university course, a great tribute not only to their academic results, but also to the work of our university guidance team.
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.
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## **ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS (continued) FOR THE YEAR ENDED 31 AUGUST 2025**
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 2025**
## **PRINCIPAL’S INTRODUCTION**
As international relations continue to be tense, St. Clare's inspiring purpose is more critical than ever - to strengthen relations between nations through education. Through living and learning together, our young people from about 50 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.
An important feature of St Clare’s is its scholarship programme, through which we can provide opportunities to deserving students in impoverished circumstances in different parts of the world. This year, for example, we significantly supported students from Ethiopia, Malawi, Kenya, Nigeria, Indonesia, Myanmar, Kazakhstan, Albania, Mexico and a significant number from Ukraine, as well as students from the UK – and we work hard to support these scholars into funded futures so that the scholarship makes a transformative impact on their lives. One African student this year, for example, will now take up a fully funded place at Princeton. While I am thankful that the government’s introduction of VAT on independent schools had little impact on our numbers of full fee-paying students, it has dramatically affected our scholarship programme. We will now need to begin a Development Office and a fundraising function with our alumni body in order to fully restore this key part of how we deliver on our mission.
I am proud that St Clare’s offers one of the most distinctive and enriching educations anywhere. Our students successfully balance the academic rigours of the IB programme with their participation in a wide range of clubs, sports and leadership activities, while at the same time enjoying a tremendous student experience in the heart of Oxford and developing the international awareness and leadership skills which will enable them to have a powerfully positive impact on the future. The quality of our offer helps us recruit very successfully, and this year saw student numbers increase to 294 in the IB World School, a record for the school.
IB Diploma results were again strong with an average points score of 35, which kept us 5 points above the global average of 30. A high percentage of our students achieved 40+, equivalent to A*A*A. Our graduates were again accepted into a broad spread of leading universities, including four Ivy League universities, to study a wide range of subjects, with economics, politics, science and medicine all being popular again this year. It is particularly pleasing that we now have 95% of our students taking up places at their first choice of university course, wherever that is in the world, a good measure of how effectively we are delivering exactly the educational outcomes and opportunities which our students and their parents are looking for.
Our International College continues to strengthen 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. Students at our international college can take a full range of undergraduate courses, or follow our Foundation or English plus Academic Subjects programmes to prepare themselves effectively for university study.
In 2025, because of term dates, we were only able to run an eight-week summer; even so, we exceeded last year’s numbers. The summer programme was superbly organised by our Summer School leadership team, operating not only at the main site on Banbury Road, at the International College in Bardwell Road and at Headington Rye School, but also this year at an additional site at Wychwood School for our peak weeks. Again, the feedback from agents, students and school leaders on the quality of delivery was overwhelmingly positive, reflecting our reputation as one of the top summer school providers nationally.
Our teacher training and professional development offering continues to grow. St Clare’s has been providing IB DP Teacher Workshops since 2002, meaning that the IB Institute will celebrate its 25-year anniversary in 2027. Last academic year, we delivered 15 workshops across categories 1 and 2, attended by a total of 135 delegates from the IB AEM region and beyond. Our 8 CELTA courses also continued to fill very well, with 65 candidates from the UK, Europe, Asia, and the United States, representing a 35% increase on the previous year. CELTA is the initial Cambridge qualification for those who wish to teach English as a foreign language.
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## **ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS (continued) FOR THE YEAR ENDED 31 AUGUST 2025**
Our relationships and connections with schools around the world continue to expand. In addition to existing partnerships in Korea, Italy and India, we now have developing relationships with schools in China, Ecuador and Colombia, and we continue our long-standing practice of hosting the Bulgarian and Japanese schools in Oxford each weekend.
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 2025**
## **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:
|2025 Total Student Weeks|2024 Total Student Weeks|
|---|---|
|16,162|15,432|
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 over 50 nationalities were represented at St. Clare’s and over 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_
Academic performance for the cohort graduating from St Clare’s in 2025 was very much on a par with previous year groups, with the cohort achieved 100% pass rate and a grade average of 35.1 which was 5 points above the international average, as usual showing significant value-added. 93% of students scored above the world average, and 18% of students scored 40 points or more, which is often the threshold for acceptance into the more selective universities. University destinations were the usual range of leading universities worldwide, with a third of our students going to World Top 50 destinations in the QS rankings, though we struck a record this year, with 95% of students being accepted onto their first choice of university course in the world. Alongside prominent European universities such as Heidelberg and Delft, four different Ivy League universities made offers to our students, including Princeton and Stanford.
## _**International College**_
The International College (IC) at Bardwell Road continues to offer a rich and diverse educational experience through its core programmes:
- English Language (EFE)
- University Foundation Programme (UFP)
- English plus Academic Subjects (EAS)
- Undergraduate Study Abroad Programme (UGP)
The College also offers a range of Teacher training programmes throughout the year including:
- IB Teacher Workshops
- CELTA
- Bespoke courses
The University of San Diego remains our University of Record for the Undergraduate Programme, ensuring academic rigour and international recognition.
The 2024–25 academic year was marked by excellent student outcomes and a wide range of successful university placements. All students enrolled in the University Foundation Programme passed, with 80% of the grades achieved in the A–C range. These strong results enabled students to access selective, Englishtaught programmes across Europe. Notable destinations included University of Reading for Economics and finance, Ecole Hôtelière de Lausanne for Hospitality Management, and the University of Amsterdam for
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## **ST. CLARE’S, OXFORD**
## **REPORT OF THE GOVERNORS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
Politics and Economics. Students also progressed to institutions in Belgium, Switzerland, and the UK, pursuing subjects such as International Business, Fashion Marketing, and Mental Health Nursing.
EngEAS students also achieved impressive outcomes, securing places on competitive liberal arts and interdisciplinary programmes. These included Management at LSE and Politics, psychology, law and economics (one of the most selective courses in the Netherlands) at the University of Amsterdam.
Gap year students in the Undergraduate Programme continued to benefit from the College’s academic and university careers support. Students went on to study English literature studies at Haverford College (USA) and Biology at Royal Holloway.
St Clare’s is authorised as an IB training provider, and has offered IB teacher workshops in cooperation with the IBO since 2002. This year, our IB Institute delivered 15 workshops across categories 1 and 2. In total, 135 teachers from the IBAEM region and beyond attended.
The CELTA programme, introduced in 2023, saw significant growth in 2024–2025. St Clare’s delivered eight full-time courses, training 65 candidates from all over the world. The programme received consistently positive feedback, with 16% of candidates achieving the highest grade (Pass A). 12 CELTA graduates joined our summer teaching team, contributing to the College’s commitment to excellence in English language education. In 2024-25 the International College provided assistance to 118 students, drawn from the local community and refugees, through its CELTA programme, delivering English language tuition free-of-charge.
Academic innovation continued with the introduction of new courses such as Introduction to Law and Entrepreneurship and Innovation, developed in response to student and agent feedback. These additions complement existing offerings in Business and Economics, which remain areas of growth. The curriculum was praised in the December 2024 ISI PFE monitoring inspection, which described the quality of teaching, curriculum, and learner achievement as “excellent.” During the year continuous professional development was a priority, with staff attending conferences and training events focused on AI in education, assessment practices, and teaching strategies. We have developed a new policy on the use of generative AI to be introduced in the next academic year.
International College refurbishments this year included creating more classrooms, and a dedicated staff workroom. These changes have significantly improved the functionality of the building, reducing reliance on external teaching spaces and enhancing the learning environment.
As ever, the College prioritised student welfare and inclusion. Over the year, all students participated in workshops covering belonging, bullying and social media issues. These sessions, designed to foster crosscultural understanding and compassion, were well received and have inspired plans for future student-led initiatives.
In summary, the International College has continued to deliver high-quality education and support to a diverse student body. The commitment to academic excellence, student wellbeing, and professional development remains a central plank of St Clare’s mission.
## _**Summer Schools**_
The College ran an eight-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, at Rye St Antony School which is hired every year to accommodate summer school students aged 10 to 15, and also this year at Wychwood School for the first time _._
## c. **Pastoral Care and Safeguarding**
The key strategic and operational developments in pastoral care and boarding in 2024-25 were as follows:
- (1) Staffing Changes: Boarding and Pastoral
- (2) New PSHE Programme: ‘Global Futures’
- (3) Diversity, Equity, Inclusion, Justice
- (4) Safeguarding Network and ESAT Safeguarding Review
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## **ST. CLARE’S, OXFORD**
## **REPORT OF THE GOVERNORS (continued) FOR THE YEAR ENDED 31 AUGUST 2025**
- (5) Staff Training
- (6) Relationships and Sex Education
## _1. Staffing Changes: Boarding and Pastoral_
The most significant recent changes within the pastoral team have been the changes to staffing at 121 campus with a new House Parent and Senior House Parent. The arrival of these new colleagues has been very positive; we also now have three graduates and a resident relief staff member all based down at 121, allowing excellent coverage and robust staffing for this busy site.
The boarding team was joined by four new Graduate Assistants. They represent a diverse mix of experience and talents, including two Oxford History graduates, a Marketing graduate, and a Sociology graduate. They also represent varied and extensive experience in organisations such as Scouts and the National Citizens Service.
One former Graduate Assistant became a House Parent role in 143 Banbury Road, overseeing IC under-18 students. This model has been adopted in the same format as September 2023 although made a mixedgender house; student feedback was very positive.
## 2. _New PSHE Programme: ‘Global Futures’_
We redesigned the PSHE programme for IB1 and 2. Now called ‘Global Futures’, the programme has been created in response to student feedback, and with a renewed focus on leadership skills development and project-based learning. The programme’s first year was a success, with positive student feedback. It will run until September 2026 by which time the government’s new PSHE guidance will be in force, and our policy will have been rewritten in keeping with this new legislation.
## _3. Diversity, Equity, Inclusion, Justice_
We appointed a DEIJ coordinator at the start of the academic year, working alongside the DEIJ officer in the International College. So far the DEIJ co-ordinator has overseen our activity for Black History Month and worked with the recently-elected DEIJ student counsellors on celebrations for lunar new year. She has shared audit questions with various colleagues across teaching, administration and support teams using the framework produced by AGBIS / Farrer’s.
In response to the recent introduction of new responsibilities surrounding sexual harassment training and reporting, the college invited Prisca Bradley (Bradley Employment Consulting) to deliver summer and autumn staff training. Prisca will now also deliver two staff sessions for senior and middle leaders – one focused on sexual harassment and challenging conversations, and one on equality and protected characteristics.
DEIJ student counsellors produced a college display project celebrating diversity champions, and contributed to events including for Pride month in June and celebrating the lunar new year.
## _4. Safeguarding Network and ESAT Safeguarding Review_
Our Vice Principal Pastoral (VPP) who is also the DSL was part of the founding of a North Oxford peer-topeer safeguarding network for DSLs, led by the local authority team. This has been a recent addition to the Safeguarding provision available locally, and allows nearby schools to discuss challenges, review case studies, and share best practice. They are attended by LCSS (Locality Community Support Services – ‘early help’) who also attended St Clare’s twice during the year 24/25 and advised on one specific case directly.
In March 2025, Jo Lloyd (LADO) visited St Clare’s to spend half a day reviewing our safeguarding practice. This audit, offered by the Education Safeguarding Advisory Team, ensures that policies, procedures, and practices are vetted and quality assured. Jo made four small administrative corrections (policies requiring review dates) but these were her only recommendations. Her summary of findings including the following statement: “St Clares has a really strong effective approach to safeguarding”.
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## **ST. CLARE’S, OXFORD**
## **REPORT OF THE GOVERNORS (continued) FOR THE YEAR ENDED 31 AUGUST 2025**
## _5. Staff Training_
We continue to make use of training opportunities offered by ISI, BSA and the local authority, along with keeping up to date with our statutory training obligations. For example, our senior lead responsible for attendance attended an OSCP session focused on the implementation of the new _Working Together to Improve School Attendance_ legislation. This ensures our policy is in line with requirements and will help us prepare for our ISI Inspection, due next academic year. Our VPP has attended training focused on supporting young people who have experienced sexual harm; sadly a relevant topic for some of our students. This has proved a useful toolkit from Oxfordshire Safeguarding Children Partnership.
## _6. Relationships and Sex Education_
The annual RSE day, organised by the Assistant Principal Pastoral was a great success. A group of five speakers spoke to all students in the College in a ‘carousel’ throughout the day, on the themes of: consent; choice, fertility and families; sexuality and gender identity; media and sex; future relationships. Student feedback has been very positive; amendments were made to the programme from last year in response to less positive feedback regarding the gender element of the day, so it is pleasing to see that a change to the speaker line-up has proved effective.
## _7. Sanction Summary 2024-25_
## **Overall Figures (numbers in parentheses indicate same period the preceding year)**
|**Year / Term**|**2024 Autumn term**|**2025: Spring term**|**2025: Summer term**|
|---|---|---|---|
|**Internal Suspensions**|16 (16)|3 (6)|0 (1)|
|**External Suspensions**|6 (5)|3 (2)|2(1)|
Comments. The majority of internal suspensions came from the PIB and IB1 year groups but there was a small group of IB2 students involved in alcohol related issues. Of the 11 external suspensions, 6 related to drug use. Of note is the robust response to this substance misuse – one student in Pre IB and one student in IB1 were withdrawn from college pending exclusion due to drug use. This has been supported by a K9 Deployment (drug dog) visit in both the summer and autumn terms. The most recent visit was a nil return and has reassured that the boarding site is free of drugs.
## d. **Co-curricular activities: Creativity, Activity and Service 2024-25**
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:
- set goals,
- plan and complete experiences,
- establish links with the local Oxford community,
- with the help of seven learning outcomes, reflect about what has been learned.
Our co-curricular activities are divided into the categories of Creativity, Activity and Service, so that all students are engaged in activities in all three categories.
**Creativity clubs** this year included **t** he St Clare's band, MedSoc (a club for prospective medical students who hear from visiting speakers which this year included a consultant who works on the A&E dept and an emergency doctor on the air ambulance service), the Cryptography and Logic Puzzles club who entered the National Cipher Challenge, Young Enterprise, Film Production _,_ the tile-making art club who completed a huge mural made of small tiles **,** Economics club **,** Cooking, Baking, Birdwatching, Documentary club, Book club, Maths Club who did well in the UKMT Senior Maths Challenge, St Clare’s Union who entered a team in the national ESU debating competition, and the Chess club who competed well in the National Schools Chess Championships.
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## **ST. CLARE’S, OXFORD**
## **REPORT OF THE GOVERNORS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
**Activity clubs** included football, badminton, circuit training, golf, volleyball, basketball, yoga, the Duke of Edinburgh Award. Our Running club participated in the Oxfordshire Schools Cross County finals, and our football team competed in the Mediterranean Cup in Verona, where the girls’ team made it to the grand final but lost to the Ecole International de Geneve.
**Service activities** this year included planning and running our TEDx conference on Questioning the Norm, our MUN Conference, and our Student Conference on the theme of Global Citizenship, as well as charity shop, pet care, biodiversity club, Nature Care, Language Network, Peer Support, and other volunteering work such as helping in a local nursery school, setting up a Science Fair for a local primary school. Our “Learning to Lead” group was introduced this year very successfully, and students not only learned from leadership practice within school but had visiting speakers and visits off campus to industry and working groups in Oxford to learn about leadership in different contexts.
There were also three very successful overseas trips this year: to Sri Lanka, to Kodaikanal International School in India, and a History and Politics trip to Ypres and the Vimy Ridge battlefields.
## 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 2 listed. We maintain all our properties to a high standard and adapt and upgrade them as needs arise. During 2024-25, the budget for repairs, refurbishment and maintenance was £3,484K. There were no significant capital development projects in 2024-25.
## 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 2024-25 there were 81 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 2024-25 was £2,025,833 (£1,475, 698 in 2023-24). Most awards are academic, but some awards have a specific focus. The Marie-Noelle 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 awards have helped young people have access to the College who would otherwise not be able to do so.
2. **Assistance for refugees.** During 2024-5, St Clare’s International College, through its CELTA programme, again 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. Both formally and informally, St Clare’s has supported several state schools which either deliver IB
13
**ST. CLARE’S, OXFORD**
## **REPORT OF THE GOVERNORS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
Diploma or which are preparing to do so: XP School, a state-funded Free School in Doncaster; The Europa School, a state-funded Free School in Culham; Oxfordshire, Westminster Academy in west London; and Ysgol Bro Pedr in Lampeter, Wales. Throughout the year, St Clare’s also hosts teacher training events on behalf of the IBO for IB teachers worldwide, and runs CELTA training courses.
4. **Facilities and lettings** . St Clare’s allowed several local organisations to use its facilities either free-of-charge or at cost price: we currently host Japanese and Bulgarian Schools each weekend.
5. **Governance of state schools and other educational organisations** . The Vice Principal, Pastoral is Community Governor of Matthew Arnold School, a secondary school near Botley, where she has particular responsibility for safeguarding. 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.
6. **Providing work experience** . St Clare’s provided work experience for young people from several local state schools in a variety of work areas.
7. **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**_
8. Savings to the local authority education budget. St Clare’s contributed £2.65 million to the public purse by way of payroll deductions of PAYE and employees’ NIC as well as employer’s NIC on payroll. With 53 students who would be entitled to a free place at a publicly funded school, the parents saved the public purse a further £289K (based on the national funding formula for Oxfordshire)
9. Student spending in local businesses. A prudent assumption of an average weekly spend of £45 in local businesses, sees students’ contribution of a further £727K directly to the local economy.
10. Employment of local people. During the year, St Clare’s employed c.232 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 £8.4 million.
11. Contracts for local suppliers. St Clare’s provides or has provided work for many local businesses, amounting to £2.17 million in 2024-25. Twenty-nine businesses with OX postcodes benefited from contracts with St Clare’s which were worth more than £15K in 2024-25, of which fifteen were worth more than £50K.
12. 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 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.
14
## **ST. CLARE’S, OXFORD**
## **REPORT OF THE GOVERNORS (continued) FOR THE YEAR ENDED 31 AUGUST 2025**
## 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. There is a staff welfare and recognition package, which offers all staff longservice awards, periodic staff breakfasts, discounted membership of Oxfordshire Health and Racquets Club via our partnership with Nuffield Health, and a Cycle to Work scheme.
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 in 8 of the last 10 years, with increases of 4.0% in 2022-23, 5.0% in 2023-24, and 3.3% in 2024-25. In 2024-25 and for the 2 previous years that low-paid staff were guaranteed at least the Oxford Living Wage (currently £13.16 per hour), which is 95% of the London Living Wage.
## **Financial Review**
|**2025**|**2024**|
|---|---|
|**£000**|**£000**|
St Clare’s consolidated financial results for the year were as follows:
|Surplus/(Deficit) for the year
Net cash (outflow)/inflow from operating activities
Plus: Bank and other interest income
Drawdown of bank facility
Capital Goods Scheme VAT adjustment
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|**(26)**
**1,689**
**35**
**-**
**405**
**(187)**
**(186)**
**1,756**
**162**
**1,918**
**1,918**
**1,918**|(925)|
|---|---|---|
|||(5)
21
-
(450)
(212)|
|||(646)
808|
|||162
162|
|||162|
15
## **ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
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:
- Four senior members of staff have received specialist training in safeguarding.
- Other key members of staff all trained in ‘Safer Recruitment’ to ensure that recruitment practices are complied with.
- All staff receive child protection briefings as part of their induction. This includes a detailed reading of the College’s clear statement on its child protection policy and procedure.
- All staff receive full training in identifying and dealing with potential child protection issues every three years in line with recommended practice.
- Safeguarding is a standing annual agenda item for the Governors.
**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 2025 the College’s total unrestricted funds stood at £35,451K (2024: £35,482K) 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 £3.1 million.
## **Property**
Recent projects include major improvements to the dining hall and construction of new kitchens at 133-135 Banbury Road was completed in March 2021. Also during 2021 major refurbishments were carried out on 3 Bardwell Road to create extra classroom and recreational space to compensate for the return of the International College’s other leasehold premises back
16
## **ST. CLARE’S, OXFORD**
## **REPORT OF THE GOVERNORS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
to the lessor. 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:
- there is no relevant audit information of which the charitable company’s auditor is unaware; and
- the Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor are aware of that information.
## **Auditor**
In accordance with Section 485 of the Companies Act 2006, a resolution proposing the reappointment 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 9 December 2025 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
17
## **ST. CLARE’S, OXFORD**
## **REPORT OF THE GOVERNORS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable group will continue in business.
The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions 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.
18
## **Crowe U.K. LLP**
_Chartered Accountants_ Member of Crowe Global R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ, 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 2025 which comprise the Consolidated Statement of Financial Activities, 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:
- give a true and fair view of the state of the Group’s and the Charitable Company’s affairs as at 31 August 2025 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (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 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.
19
## **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
- the information given in the Strategic Report and the Report of the Governors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Governors and Strategic Report have been prepared in accordance with applicable legal requirements.
## **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:
- adequate accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Governors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
20
## **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 18, 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 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.
21
## **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**
Date: 15 December 2025
22
## **ST. CLARE’S, OXFORD**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025**
|Notes
**INCOME AND ENDOWMENTS**
**Charitable activities:**
Fees receivable
4
Other income
5
**Investments**
Bank and other interest
**Donations and legacies**
Donations and government
grants
6
**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**
_Balances brought forward at_
_1 September 2024_
16
**Balances carried forward at**
**31 August 2025**
16|**Unrestricted**
**Funds**
**£000**
**17,160**
**678**
**35**
**2**
**17,875**
**17,720**
**186**
**17,906**
**(31)**
_35,482_
**35,451**|**Restricted**
**Funds**
**£000**
**-**
**-**
**-**
**5**
**-**
**-**
**-**
**-**
**5**
_16_
**21**|**Total**
**2025**
**£000**
**17,160**
**678**
**35**
**7**
**17,880**
**17,720**
**186**
**17,906**
**(26)**
_35,498_
**35,472**|_Total_
_2024_
_£’000_
_15,587_
_843_
_21_
_2_
_16,453_
_17,166_
_212_
_17,378_
_(925)_
_36,423_
_35,498_|
|---|---|---|---|---|
All incoming resources and resources expended derive from continuing activities.
_The accompanying accounting policies and notes form an integral part of these Financial Statements_
23
## **ST. CLARE’S, OXFORD COMPANY REGISTRATION NUMBER: 01986868 BALANCE SHEETS AS AT 31 AUGUST 2025**
|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**
**NET ASSETS**
**FUNDS**
Capital reserve
16
Revaluation reserve
16
General fund
16
Unrestricted funds
Restricted funds
16
**TOTAL FUNDS**|**Consolidated**
**2025**
_2024_
**£000**
_£000_
_-_
**42,591**
_43,867_
**42,591**
_43,867_
**61**
_60_
**2,121**
_1,727_
**1,918**
_162_
**4,100**
_1,949_
**(11,219)**
_(10,318)_
**(7,119)**
_(8,369)_
**35,476**
_35,498_
**35.472**
_35,498_
**1,313**
_1,313_
**19,073**
_19,126_
**15,065**
_15,043_
**35,451**
_35,482_
**21**
_16_
**35,472**
_35,498_
-|**Company**
**2025**
_2024_
**£000**
_£000_
**-**
_-_
**42,729**
_44,008_
**42,729**
_44,008_
**61**
_60_
**2,124**
_1,731_
**1,915**
_158_
**4,100**
_1,949_
**(11,219)**
_(10,318)_
**(7,119)**
_(8,369)_
**35,610**
_35,639_
**35,610**
_35,639_
**1,313**
_1,313_
**19,073**
_19,126_
**15,203**
_15,184_
**35,589**
_35,623_
**21**
_16_
**35,610**
_35,639_|**Company**
**2025**
_2024_
**£000**
_£000_
**-**
_-_
**42,729**
_44,008_
**42,729**
_44,008_
**61**
_60_
**2,124**
_1,731_
**1,915**
_158_
**4,100**
_1,949_
**(11,219)**
_(10,318)_
**(7,119)**
_(8,369)_
**35,610**
_35,639_
**35,610**
_35,639_
**1,313**
_1,313_
**19,073**
_19,126_
**15,203**
_15,184_
**35,589**
_35,623_
**21**
_16_
**35,610**
_35,639_|
|---|---|---|---|
||||
_35,639_
_35,639_
_1,313_
_19,126_
_15,184_
_35,623_
_16_
_35,639_|
The deficit for the year in relation to the Company only was £29k _(2024: £929k deficit)._
The Financial Statements were approved and authorised for issue by the Board of Governors on 9 December 2025 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_
24
## **ST. CLARE’S, OXFORD CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025**
|**Cash flows from operating activities**
Net movement in funds
Depreciation
Interest income
Interest paid
(Profit)/loss on disposal of tangible assets
(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
Capital goods scheme VAT adjustment
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 within one year|
_At 1_
_September_
_2024_
_£’000_
_562_
_(400)_
_162_||**2025**
**£’000**
**(26)**
**891**
**(35)**
**186**
**167**
**(394)**
**(1)**
**901**
**1,689**
**(187)**
**405**
**(186)**
**35**
**67**
**-**
**-**
**1,756**
**162**
**£**
**1,918**
**£**
**1,918**
Cash flow
£’000
1,356
400
1,756|_2024_
_£’000_
_(925)_
_916_
_(21)_
_212_
_24_
_3,488_
_7_
_(3,706)_
_(5)_
_(450)_
_(212)_
_21_
_(641)_
_-_
_-_
_(646)_
_808_
_£_
_162_
_£_
_162_
**At 31**
**August**
**2025**
**£’000**
**1,918**
**-**
**1,918**|
|---|---|---|---|---|
||||||
_The accompanying accounting policies and notes form an integral part of these Financial Statements_
25
**ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **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. 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.
26
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **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 2025 have been included within current liabilities. The prior year Pupil fee deposits balance has been similarly represented.
27
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **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.
28
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **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**
|Gross fees
Less: Scholarships
**5.**
**OTHER INCOME**
Chargeable extras
Registration and exam fees
Rent and room hire
Other ancillary income
**6.**
**DONATIONS**
Donations|**2025**
**£000**
**19,185**
**(2,025)**
**17,160**
**2025**
**£000**
**132**
**99**
**32**
**415**
**678**
**2025**
**£000**
**7**
**7**|_2024_
_£000_
_17,062_
_(1,475)_
_15,587_
_2024_
_£000_
_151_
_111_
_53_
_528_
_843_
_2024_
_£000_
_2_
_2_|
|---|---|---|
29
## **ST. CLARE’S, OXFORD**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **7. TOTAL RESOURCES EXPENDED**
|**Charitable activities**
Teaching costs
Catering and other
domestic costs
Premises
Support costs
**Raising funds**
Financing costs
Total|**Staff**
**Costs**
**£000**
**5,970**
**1,742**
**574**
**1,677**
**9,963**
**-**
**9,963**|**Other**
**£000**
**2,945**
**1,332**
**1,346**
**1,243**
**6,866**
**186**
**7,052**|**Depreciation**
**£000**
**6**
**24**
**702**
**159**
**891**
**-**
**891**|**Total**
**2025**
**£000**
**8,921**
**3,098**
**2,622**
**3,079**
**17,720**
**186**
**17,906**|_Total_
_2024_
_£000_
_9,826_
_1,611_
_2,828_
_2,901_
_17,166_
_212_
_17,378_|
|---|---|---|---|---|---|
Included in support costs are governance costs of £28k ( _2024: £29k_ ).
|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|**2025**
**£000**
**22**
**3**
**-**
**1**
**-**
**891**
**144**
**95**|_2024_
_£000_
_21_
_3_
_-_
_-_
_-_
_916_
_122_
_95_|
|---|---|---|
Key management personnel, as shown on page 2, received aggregate remuneration of £746k ( _2024: £724k_ ). The total remuneration of key management personnel includes Employers NI and Employers Pension contributions.
30
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **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
£70,000 - £80,000
£80,000 - £90,000
£90,000 - £100,000
£100,000 - £110,000
£110,000 - £120,000
£120,000 - £130,000
£130,000 - £140,000|**2025**
**£000**
**7,604**
**862**
**1,239**
**9,705**
**258**
**9,963**
**-**
**No.**
**216**
**9**
**4**
**2**
**0**
**0**
**1**
**0**
**1**|_2024_
_£000_
_7,213_
_739_
_1,098_
_9,050_
_160_
_9,210_
_3_
_No._
_222_
_7_
_5_
_1_
_0_
_0_
_1_
_1_
_0_|
|---|---|---|
In connection with these higher paid employees, retirement benefits are accruing under money purchase schemes for 5 employees _(2024: 5)_ and under multi-employer defined benefit schemes for 12 employees _(2024: 10)_ . The total employer contributions in this year to the schemes were £316k _(2024: £235k)._
Included within wages and salaries costs are severance payments totalling £27,598 _(2024: £31,504)_ in respect of two employees _._
## **9. INVESTMENTS**
|Investments in subsidiary undertakings|Group
**2025**
_2024_
**£000**
_£000_
**-**
_-_|Company
**2025**
_2024_
**£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. The company was dormant in the current and prior period.
31
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **10. TANGIBLE FIXED ASSETS**
|**Group**
Deemed cost at
1 September 2024
Additions
CGS VAT
adjustment
Disposals
Transfers
At 31 August 2025
Depreciation at
1 September 2024
Charge for the year
Disposals
At 31 August 2025
**Net book value at**
**31 August 2025**
_31 August 2024_|**Freehold**
**Land &**
**Buildings**
**£000**
51,803
3
(405)
-
-
51,401
8,991
616
-
9,607
**41,794**
_42,812_|**Leasehold**
**Property**
**£000**
133
-
-
-
-
133
133
-
-
133
**-**
_-_|**Fixtures &**
**Fittings**
**£000**
2,029
134
-
(418)
69
1,814
1,080
262
(251)
1,091
**723**
_949_|**Motor**
**Vehicles**
**£000**
89
-
-
-
-
89
51
13
-
64
**25**
_38_|**Assets**
**Under**
**Construction**
**£000**
68
50
-
-
(69)
49
-
-
-
-
**49**
_68_|**Total**
**£000**
54,122
187
(405)
(418)
-
53,486
10,255
891
(251)
10,895
**42,591**
_43,867_|
|---|---|---|---|---|---|---|
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
Additions
Disposals
CGS VAT adjustment
Aggregate depreciation
Net book value at 31 August 2025|**2025**
**£000**
23,380
3
-
(405)
(8,866)
14,112|
|---|---|
32
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **10. TANGIBLE FIXED ASSETS (CONTINUED)**
|**COMPANY**
Deemed cost at
1 September 2024
Additions
CGS VAT
adjustment
Disposals
Transfers
At 31 August 2025
Depreciation at
1 September 2024
Charge for the
year
Disposals
At 31 August 2025
**Net book value at**
**31 August 2025**
_31 August 2024_|**Freehold**
**Land &**
**Buildings**
**£000**
51,984
3
(405)
-
-
51,582
9,031
619
-
9,650
**41,932**
_42,953_|**Leasehold**
**Property**
**£000**
133
-
-
-
-
133
133
-
-
133
**-**
_-_|**Fixtures &**
**Fittings**
**£000**
2,029
134
-
(418)
69
1,814
1,080
262
(251)
1,091
**723**
_949_|**Motor**
**Vehicles**
**£000**
89
-
-
-
-
89
51
13
-
64
**25**
_38_|**Assets**
**Under**
**Construction**
**£000**
68
50
-
-
(69)
49
-
-
-
-
**49**
_68_|**Total**
**£000**
54,303
187
(405)
(418)
-
53,667
10,295
894
(251)
10,938
**42,729**
_44,008_|
|---|---|---|---|---|---|---|
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
Additions
Disposals
CGS VAT adjustment
Aggregate depreciation
Net book amount at 31 August 2025|**2025**
**£000**
31,803
3
-
(405)
(8,904)
22,497|
|---|---|
33
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **11. STOCKS**
|General consumables
**2.**
**DEBTORS**
Trade debtors
Prepayments and accrued income
CGS VAT asset
Amounts owed by group undertakings||**Group**
**2025**
_2024_
**£000**
_£000_
**61**
_60_
**Group**
**2025**
_2024_
**£000**
_£000_
**1,048**
_1,124_
**668**
_603_
**405**
_-_
**-**
_-_
**2,121**
_1,727_|**Company**
**2025**
_2024_
**£000**
_£000_
**61**
_60_
**Company**
**2025**
_2024_
**£000**
_£000_
**1,048**
_1,124_
**668**
_603_
**405**
_-_
**3**
_4_
**2,124**
_1,731_|
|---|---|---|---|
|||||
## **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
Payments on account
Accruals
Fees and deposits received in advance|**Group**
**2025**
_2024_
**£000**
_£000_
**-**
_400_
**728**
_711_
**1,338**
_266_
**126**
_140_
**795**
_506_
**231**
_165_
**8,001**
_8,130_
**11,219**
_10,318_|**Company**
**2025**
_2024_
**£000**
_£000_
**-**
_400_
**728**
_711_
**1,338**
_266_
**126**
_140_
**795**
_506_
**231**
_165_
**8,001**
_8,130_
**11,219**
_10,318_|
|---|---|---|
The ‘Trade debtors’ and ‘Fees and deposits received in advance’ balance includes fees raised for the full year.
## **14. CREDITORS: FALLING DUE AFTER MORE THAN ONE YEAR**
|Bank loans repayable in more than one year|**Group**
**2025**
_2024_
**£000**
_£000_
**-**
_-_|**Company**
**2025**
_2024_
**£000**
_£000_
**-**
_-_|
|---|---|---|
St. Clare’s, Oxford has revolving credit facilities available totalling £5m, repayable in 2027. This facility was undrawn at the year end. The banking facilities are secured on the freehold property held.
34
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **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 £729,745 _(2024: £781,426)_ and £509,090 ( _2024: £313,302)_ were incurred relating to the schemes respectively. At the year-end £80,993 _(2024: £88,688)_ was accrued in respect of contributions due to the Teachers’ Pension Scheme and £58,610 _(2024: £48,757)_ 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 was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn
The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.
35
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **16. FUNDS**
## **Group - 2025**
|Unrestricted funds
Capital Reserve
Revaluation Reserve
General Fund
Repairs & Maintenance
(Designated)
Total Unrestricted Funds
Restricted Funds
Building Fund
Scholarship Fund
**Total funds 2025**|_Balance at_
_1 September_
_2024_
_£000_
_1,313_
_19,126_
_11,307_
_1,736_
_35,482_
_8_
_8_
_16_
_35,498_|**Incoming**
**Resources**
**£000**
**-**
**-**
**17,875**
**-**
**17,875**
-
**5**
**5**
**17,880**|**Resources**
**Expended**
**£000**
**-**
**-**
**(17,906)**
**-**
**(17,906)**
-
-
-
**17,906**|**Transfer**
**Between**
**Funds**
**£000**
**-**
**(53)**
**36**
**17**
**-**
-
-
-
**-**|**Balance at**
**31 August**
**2025**
**£000**
**1,313**
**19,073**
**13,312**
**1,753**
**35,451**
**8**
**13**
**21**
**35,472**|
|---|---|---|---|---|---|
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:
- Capital Reserve - the balance of the accumulated surplus on the Income & Expenditure Account of St. Clare’s as at 31 August, 1986 when the College’s operations as a charitable trust were taken over by the Company. The balance on the Capital Reserve has not altered since that date.
- Revaluation Reserve - the balance of the unamortised surplus on the revaluation of St. Clare’s freehold properties.
- General Fund - the accumulated surplus on St. Clare’s operations since it took over the business of St. Clare’s on 1 September, 1986.
- Designated Fund for Repairs & Maintenance – to finance projects for repair and renovation of St. Clare’s properties to a target fund balance of £1.5m. This will be annually increased by notional interest.
- Scholarship Fund – funds donated for providing scholarships to students.
- Building Fund – funds donated to support development work on St. Clare’s building programme.
36
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **16. FUNDS (continued)**
|_Group - 2024_
Unrestricted funds
_Capital Reserve_
_Revaluation Reserve_
_General Fund_
_Repairs & Maintenance_
_(Designated)_
_Total Unrestricted Funds_
_Restricted Funds_
_Building Fund_
_Scholarship Fund_
**_Total funds 2024_**
**Company - 2025**
Unrestricted funds
Capital Reserve
Revaluation Reserve
General Fund
Repairs & Maintenance
(Designated)
Total Unrestricted Funds
Restricted Funds
Building Fund
Scholarship Fund
**Total funds 2025**|_Balance at_
_1 September_
_2023_
_£000_
_1,313_
_19,179_
_14,196_
_1,719_
_36,407,_
_8_
_8_
_16_
_36,423_
_Balance at_
_1 September_
_2024_
_£000_
_1,313_
_19,126_
_13,447_
_1,737_
_35,623_
_8_
_8_
_16_
_35,639_|_Incoming_
_Resources_
_£000_
_-_
_-_
_16,453_
_-_
_16,453_
_-_
_-_
_-_
_16,453_
**Incoming**
**Resources**
**£000**
**-**
**-**
**17,875**
**-**
**17,875**
**-**
**5**
5
**17,880**|_Resources_
_Expended_
_£000_
_-_
_-_
_(17,378)_
_-_
_(17,378)_
_-_
_-_
_-_
_(17,378)_
**Resources**
**Expended**
**£000**
**-**
**-**
**(17,911)**
**-**
**(17,911)**
**-**
**-**
-
**(17,911)**|_Transfer_
_Between_
_Funds_
_Balance at_
_31 August_
_2024_
_£000_
_£000_
_-_
_1,313_
_(53)_
_19,126_
_36_
_13,307_
_17_
_1,736_
_-_
_35,482_
_-_
_8_
_-_
_8_
_-_
_16_
**_-_**
_35,498_
**Transfer**
**Between**
**Funds**
**Balance at**
**31 August**
**2025**
**£000**
**£000**
**-**
**1,313**
**(53)**
**19,073**
**36**
**13,449**
**17**
**1,754**
**-**
**35,589**
**-**
**8**
**-**
**13**
-
**21**
**-**
**35,610**|
|---|---|---|---|---|
37
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **16. FUNDS (continued)**
|_Company - 2024_
_Unrestricted funds_
_Capital Reserve_
_Revaluation Reserve_
_General Fund_
_Repairs & Maintenance_
_(Designated)_
_Total Unrestricted Funds_
_Restricted Funds_
_Building Fund_
_Scholarship Fund_
_Total funds 2024_|_Balance at_
_1 September_
_2023_
_£000_
_1,313_
_19,179_
_14,340_
_1,720_
_36,552_
_8_
_8_
_16_
_36,568_|_Incoming_
_Resources_
_£000_
_-_
_-_
_16,453_
_-_
_16,453_
_-_
_-_
_-_
_16,453_|_Resources_
_Expended_
_£000_
_-_
_-_
_(17,382)_
_-_
_(17,382)_
_-_
_-_
_-_
_(17,382)_|_Transfer_
_Between_
_Funds_
_£000_
_-_
_(53)_
_36_
_17_
_-_
_-_
_-_
_-_
_-_|_Balance at_
_31 August_
_2024_
_£000_
_1,313_
_19,126_
_13,447_
_1,737_
_35,623_
_8_
_8_
_16_
_35,639_|
|---|---|---|---|---|---|
## **17. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**2025**
**Group**
Unrestricted funds
Restricted funds
Total funds
**2025**
**Company**
Unrestricted funds
Restricted funds
Total funds|**Fixed**
**Assets**
**£000**
42,591
-
42,591
**Fixed**
**Assets**
**£000**
42,729
-
42,729|**Current**
**Assets**
**£000**
4,079
21
4,100
**Current**
**Assets**
**£000**
4,079
21
4,100|**Current**
**Liabilities**
**£000**
(11,219)
-
(11,219)
**Current**
**Liabilities**
**£000**
(11,219)
-
(11,219)|**Creditors**
**over 1 year**
**£000**
-
-
-
**Creditors**
**over 1 year**
**£000**
-
-
-|**Total**
**£000**
**2025**
**35,451**
**21**
**35,472**
**Total**
**£000**
**2025**
**35,589**
**21**
**35,610**|
|---|---|---|---|---|---|
38
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **17. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)**
|_2024_
_Group_
_Unrestricted funds_
_Restricted funds_
_Total funds_
_2024_
_Company_
_Unrestricted funds_
_Restricted funds_
_Total funds_|_Fixed_
_Assets_
_£000_
43,867
_-_
43,867
_Fixed_
_Assets_
_£000_
_44,008_
_-_
_44,008_|_Current_
_Assets_
_£000_
1,933
_16_
_1,949_
_Current_
_Assets_
_£000_
_1,933_
_16_
_1,949_|_Current_
_Liabilities_
_£000_
(10,318)
_-_
(10,318)
_Current_
_Liabilities_
_£000_
_(10,318)_
_-_
_(10,318)_|_Creditors_
_over 1 year_
_£000_
_-_
_-_
_Creditors_
_over 1 year_
_£000_
_-_
_-_
_-_|_Total_
_£000_
_2024_
_35,482_
_16_
_35,498_
_Total_
_£000_
_2024_
_35,623_
_16_
_35,639_|
|---|---|---|---|---|---|
## **18. CAPITAL COMMITMENTS**
At 31 August 2025 capital commitments amounted to £nil _(2024: £nil)._
## **19. LEASING COMMITMENTS**
At 31 August 2025 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|**2025**
**Land &**
**Buildings**
**£000**
**125**
**125**
**-**|**2025**
**Other**
**£000**
**47**
**28**
**-**|_2024_
_Land &_
_Buildings_
_£000_
_95_
_189_
_-_|_2024_
_Other_
_£000_
_49_
_69_
_-_|
|---|---|---|---|---|
## **20. RELATED PARTY TRANSACTIONS**
During the year St. Clare’s had transactions with its wholly owned subsidiary St Clare’s Services Limited totalling £nil ( _2024: £nil_ ). At year end the balance outstanding was a debtor of £3,832 ( _2024: £3,832)_ .
Expenses reimbursed to Governors during the year, amounting to £310 _(2024: £2,713)_ in respect of travel and subsistence.
There were no other related party transactions during the year.
39
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **21. FINANCIAL INSTRUMENTS**
|**Group**
Financial assets measured at amortised cost
Financial liabilities measured at amortised cost|**2025**
**£’000**
**3,370**
**(2,585)**|_2024_
_£’000_
_1,286_
_(2,615)_|
|---|---|---|
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|**2025**
**£’000**
**35**
**37**
**2024**
**£’000**
**3,371**
**(2,585)**|_2024_
_£’000_
_21_
_38_
_2023_
_£’000_
_1,286_
_(2,615)_|
|---|---|---|
The company’s income, expense, gains and losses in respect of financial instruments are summarised below:
|**Interest income and expense:**
Interest income
Impairment losses|**2024**
**£’000**
**35**
**37**|_2023_
_£’000_
_21_
_38_|
|---|---|---|
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.
40
## **ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## _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 2023_
_Balances carried forward at_
_31 August 2024_|_Unrestricted_
_Funds_
_£000_
_15,587_
_843_
_21_
_2_
_16,453_
_17,166_
_212_
_17,378_
_(925)_
_36,407_
_35,482_|_Restricted_
_Funds_
_£000_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_16_
_16_|_Total_
_2024_
_£000_
_15,587_
_843_
_21_
_2_
_16,453_
_17,166_
_212_
_17,378_
_(925)_
_36,423_
_35,498_|
|---|---|---|---|
41