ST LAWRENCI. COLLEG E THE CORPORATION OF ST. LAWRENCE COLLEGE GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 CONTENTS Page Govemors, report Independent audilo¢s report on the financial stslement$ 22 Consoli(Jated slalemenl of financkql activities 25 Consolidated balanc8 sheet 26 Charity balance sheet 27 Consolidated slalemenl of cash flows 28 Notes lo the financial statements The Corporation of St. Lawrence College Year ènded 31 August 2023 Governor8: Mr J Bolton {1,2,3,5) (Chalmian) Resigned 28111123 Mrs G E Page (1,3,4,5) (Vlce-chair) Resigned 31108123 Mr G Carter11.4) {Chainnan) Appointed Chairman 28111123 Mr J S Lasleti 11.3,4) Mr N J Lawn14) Mr N G Marchant (1.5) Mrs M Millln <1) Mr J H Tapp (1,4) Mr T L Townsend Mr S Pullen <2) Rev. P Russell {2) Mrs R MacPhee (1) Mrs A Jameson {2) Dr G Hamill (5) Governor Subpolltlcal situation is tontinuing to adversely impact recruitment of pupils and may reduce or interrupl revenue streams going forward. This risk is being mitigated where practicable by diversifying Ihe nationalities of pupils recruiled into the Boarding departmenl. Governors are also aware of the future financial implications of the loss of Business Rate Relief and the imposition of VAT on school fees, should a Labour Government be elected in 2024 or 2025 and these c051s have been factored into ¢urrent financlal forecasts. Our Current Reserves Reserves are set out in note 25. These finance the tangible fixed assets and working capital requirements of the Corporats'on. The Colsege holds resefves of £14.8m. of which: a. £377k a￿ held as Restricted fijnds b. £1.69m are held as Designated funds ¢. £1.3m are held as liquid current assets d. £1 m {approx.) are in the fom of capital assets which could be disposed of immediately without impacting materially on the Charity's ability to discharge rts objects. The balance of these réserves could only be realised in cash through disposal of tangible fixed assets necessary to enable the Charity to deliver its objects. Page 15 After deduction of ReStr￿ted funds. Designated funds, commitments and allowances for functional assets. the College does nol technically hold any 'free reserves,. The liquid position is, however, much stronger than this b8cause of school fees received in advance. These advance fees are held as cash al year end and are also shown as defe￿ed income on the faGe of the Balance Sheet. since these wlll not be recognlsed as income and reflected In the fund until future years. The Governors are Gomfortable with this approach and therèfore the targel level of Reserves for the College has been set at £2.5m. which represents one tèrn's worth of expenditure. The Govemors and Executive will aim to build reserves to this level over successive financlal years. Longer-lemi risks to th• Corporation Governors are beginning to see positive signs of recovery in boarding numbers and Interest in international boarding more generally. However, they recognise that the College continues lo face very uncertain trading conditions that could result in a sustained redudion in boarding pupil number5, When assessing the medium-to-long-term risks, the College has considered: The lingering impact of the pandemic on intemstional boarding numbers- The war in Ukraine; The Israel-Gaza conflict and its potential impact on the global energy market and global supply chains: Energy prices in general and general cost inflation. Potential tffjding uncertainty in 8 declining market; Potential loss of charitable slatus and the benefrts il attracts. The future tax regime facing ihe College and our UK-based customers, and Potèntial CAPEX cost over-runs assocbated with the Junior School re-development We conlinue to focus on building pèrmanent boarding nUrnbe￿ and on 'reb8lan¢ing' the College. by retuming lo a roughly 50.50 split of senior boarding 8nd day pupils. Mltlgatlng Actions Taken to Secure Our Longor-torm Position As reported previously, the Governors, longer-lerm strategy is to retum the College to profit. to enable it to succe8d in Ihe challenging times ahead, Govemors and the Execulive continue to reduce costs. with the aim of reducing debt over the next three years. to mana9eable levels in an era of much higher finance costs.. The College Marketing strategy continues lo focus on boarding recruitment and CAPEX continues lo be deferred where practicable. The College'5 teaching estsblishment remains under review and vmrk is in train to review urrent limetabling arrangements and teacher ulilisation. to ensure thal teachers are being deployed effectively and efficiently. We also remain in regular dialogue with our Bank. who are satisfied that we have sufficient liquidity to face what continue to be demanding trading condilions. Invostment policy and perfonnance The Corporation does not currently hold an investment portfolio. Page 16 Pen$ion schemes The College continues to operate defined contribution schemes for teaching and support staff respectively, in addition to our 'baseline' auto-enrolmenl scheme. Going concorn As in previous years, the Governors have considered the financial un￿rtainlY facing the Colle9e and, in reaching their judgement, have taken inlo accounl the followlng: The continuing support of Barclays Bank and the Charity's ability to continue to pay its debts as they fall due: The terms of existing finan¢ing facilities. Financial f0￿CastS for the 2023-2026 period. which fcKecasl a return to ¢ash surplus initially, before returning to an accounting surplus by 2026- The Govemors, continued focus on re-balancing boarding and day pupil numbers. Improving pem8nent boarding pupil numbers: and Continued investment in marketing and admlsslons to drive boarding recruitment. Taking the above factors into account, the Govemors are satisfied Ihal they Can continue to adopt the going con￿rn basis of accounting in the future. FUTURE STRATEGIC OBJECTIVES FOR 2023-2024 AND BEYOND The Goveming Body of the College continues lo support the strategy, set in collaboration with th8 Executive, to deliver charitable objeclivgs by- Improving academic stsndards The Head of the College and his academic management team will continue to look at opportunilies to improve academic performance {and in particular. 'value added,). R•vlowlng struduro, Staffing and curriculum During the year, the Governors will continue lo review staffing and slruclure. with a particular focus on teacher utilisation, to ensure that savings are identified, should they need to be taken lo mainlain viabillty. Returnlng to financial surplus The Governors and Execulive forecast Ihal the College could retum lo accounling surplus by as eady as 2025 as a result of improved marketing and through the creation of new strategic partnerships with key agents and school groups in Africa an(1 Asia in particular. Page 17 Wld¢nlng access During the year, the Governors and Executive will continue to build on effc*rts to improve accessibility and broaden links wilh the local community to further widen a￿sS to our facilities. Reviewing and Developing the Christian Ethos of the Collegè Recent discourse wllhln the College has prompted a review of Ihe College's ethos, to ensure that our current practice, and regulatory obligations, align with that ethos. We hope to complete this review dwing Ihe coming year. Striving to become Cart)on Neutral Governors hope to build on the successful installalion of large4cale solar PV across the sile in the future, by developing a carbon reduction stralegy that sees the College reduce further its consumption, and its reliance on the National Grid for electricity and gas. PRINCIPAL RISKS AND UNCERTAINTIES The Council is responsible for the management of the risks faced by the Corporation and delegates this to the Govemance, Cornpliance and Risk Management Committee. which r8views the risk regisler termly and assesses new risks as they arise. Risks are identified & assessed. and controls are established to minimise Ihe effecis of possible adverse outcomes. Day-tt>day risk assessment and management are conducted by the senior management of both schools and where appropriate Ihe College Health and Safety Committee. The key risks and uncertalnlies facing the Charity are considered remain as follows: failure to recruit sufficienl pupil numbers on a long-lerm basis in order to cover costs incurred. physical loss as a result of fire or natural disaster resulting in busin6SS Interrupt￿n. Ihe consequenc&s of regulatory non-complianc8. failure to provide adequale pastoral care. cyber attack reputational damage. loss of slrategic diredion. materi81 fraudulenl loss and conflicl of interest. political uncertainty. Challenges to the objecls of the Charity or elhos of the school The key controls used by the Corporation indude.. fomal agendas for all CountrAI and Committee activity., detailed termly review of risks as a standing agenda item ai governor8, meetings detailed Terms of Reference for all Committees. comprehensive strategic planning, budgeting and management accounting- established organisational structure and lines of reporting- fomal written policies,. dear aulhorisalion and approval levels, and velling procedures as required by law for the protection of the vulnerable. effective critical incident management planning. Page 18 Through the risk management prO￿SSeS established in the Corporation, the Council is satisfied that the major risks identified have been adequately mrtigated where necessary. 11 is recognised that systems can only provide reasonable. but not ab$olLrte, assurance that major risks have been adequately managed. The Govemors also pay due regard to the Charity Governan￿ Code and has recently satisfactorily conduct5 periodic audits of its governance against the Code. STRUCTURE GOVERNANCE AND MANAGEMENT Governing body The structure of the Corporation ramained unchanged during 2022-23 and consists of a Council of Members oflhe Carporation which acts 8$ the Governing Body for bolh the Senior and Junior Schools. Members of Ihe Council are also Directors of the Corporation and act as Govemors of the Charitable Corporalion. The d8talls of the individual Council Members are set out on page 1. The Council is supported by five Governors, sU￿¢0MMItteeS. namely: the Governance, Cornplian￿ & Risk Management Committee" the Finance and Estates Committee. the Education & Welfare Committee and the Marketing and Admissions Comrnittee. In addition to these sub-committees, working groups have been established to deal with College awards (bursaries and scholarships) and the fulure development of the Junior School. These groups are chaired by members of the Execulive. Governors The Corporation's Governors are appointed at a Council Meeting and the appointments are ralified by the Council al the Spring Council Meeting. Potential Governors are nominated by reference to eligibility, experlence. speGialist skills and local availabillty. Governor Induction New Governors are induoted Into the workings of the Corporation via a slruciured induction programmg. which includes individual meetings with the Principal. Head of the Junior School and the Bursar, who organise tours and meetings as required. The Corporalion is a memb8r of tha Association of Governing B¢xlies of Independent Schools and as such the Council Members attend scheduled training days relevant to their specific roles and duties within the Council. The Clerk to the Governors also organises regular inlemal Governors, training days. The present and past Governors of the Corporation of St Lawrence College who served durin9 the year are set out on Page 1. Spe¢ifically'. there are no arrangements lo énable Govemors to acquire benefits by acquisition of debentures: each Govemor holds one honorary share. No govemor holds any ordlnary shares or is debenlured beneficially. the Govemor recelve no emoluments in respect of their position in the Charity, and Pa8e 19 there were no contracts in which the Governors have or had a material interest except for those disclosed In note 29 to the accounts. All Govemors give their time fréely and no remuneration was paid in the year. Related party transactions There were no related party transactions during Ihe year. Organisational managemonl The day-1048y running of the College 15 delegated to the Head of College, Head of the Junior School and the Bursar. The Head of College undertakes the key leadership role overseeing educalional, pastoral and administrative functions, in consultation with the senior staff. The Head of the Junior School has a similar role in the Junior School. The day-to-day administration of the Senior and Junior school is undertaken within the policies and procedures approved by the Governors, which require significant non-budgeted expenditure decisions and Gapital projects to be referred to the Finance Committee land full Council where appropriate) for prior approval. The Head of College and Head of the Junior School oversee the recruitment of all educational staff, whilst the Bursar oversees the recmitment of administrative and non-teaching SUPPOrt staff. The pay and remuneration of senior management is det8m)Ined annually by the Remuneralion Committee. The Committee considers benchmarking data provided by The Associalion of Goveming Bodies of Independent Schools (AGBIS) when determining the pay of senior staff. Individual awards take into account the performance of the College as 8 whole and individual appraisals. During the yesr the Charlty employed the wives and children of two members of the Key Management Team. All were paid a salary under an employmenl conlract for their role. The members of th6 Key Management Team had no involvement in the appointment process and the Board of GOVer￿rS are comfortable that the salaries paid are not set at a preferential rate, STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors (who are also the directors of The Corporation of St. Lawrence College for the purposes of company18w) are responsible for preparing the Annual Report and the financial slatemenls in accordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally A¢￿pted Accounting Practice). Under company law. the Governors must nol approve the financial stslements unless ihey are satisfied that they give a true and fair view of the state of affairs of the Corporation and Ihe group and of the surplus or éeficit of the group for that period. In preparing those financial statements, the governors are required to.. select suilable accounting policies and apply them consistently; observe the methods and principle5 in the Charilies SORP: m8ke judgements and eslimates that are reasonable and prudent., stale whether applicable UK accounting slandards h8ve been followed, subject to any material departures disclosed and explained in the financial statements: ar prepare the financial statements on the going concern basis. un16SS it is inappropriate to presume Ihal the Corporation will continue in business. Pa8e 20 The Governors are responsible for ensuring adequate accounting records are maintained that are sufficient to show and explain the Corporation's and the group's transactions and disclose with reasonable accuracy al any lime the financial position of the Corporalion and group and enable them to ensure that the financial slatements comply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of the Corporation ané the group and ensuring their proper application in accordance with charity law. and hen¢8 for taking steps for the prevention and det6¢tion of fraud and other irregularities. statement a8 to dlsclosure of Infomiatlon to auditors In so far as each of the Governors is aware al the lime the report is approved.. there is no relevant aLMdit infomation of which the Corporation's auditors are unaware, and Ihe Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audil Infomiation and to establish that the auditors are aware of that infomiation. AUDITORS The auditors, UHY Hacker Young. will be proposed for reappointment in accordano wlth Section 485 of the Companies Act 2006. In 8pproving the annual report, the Govemors are also approving the Strategic Report included herein their capacity as company directors. Approved by Ihe Governors and signed on their behalf by: .IChairman) (G Carter) ..(Secretsry) (J A Connelly) Dated.. 14 MaTch 2024 Page 21 The Corporation of St. Lawrence College Independent Auditor's Report to the Members of The Corporation of SL Lawrence College OplnSon We have audited the financial slalements of The Corporation of Sl Lawrence Colkge (the 'parent ¢hanty') and its subsidiary Ilhe 'group'l for the year ended 31 August 2023, sel Thjt on pages 27 - 47. The financial reporting framework Ihal has been 8ppli&d in their preparalion is applicable law and United Kingdom Accountin9 St8nd2rds, including Financial ReF)orling Standard 102 'The Financial Reporting Standard applicable in the UK antl Republic of Ireland, {Unilgd Kingdom Generally Accepted Accounling Pr8Ctice}. In our oplnlon the financial statwn8nts: give a true and fair view of trte slale ol the group's and of the parent charitable companys affairs as al 31 August 2023 and of the group's incoming reSoUr￿S and applicat￿an of resources. including its income and expenditure for Ihe year then ènded. have been properly prepared in ae¢ordance with United Kingdom Generally Acc*pted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI (ISAS {UKII and applicable law. Our responsibilities under th(￿e standards are further described in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of Ihe company in accordance with the ethical requirements that are relevant lo our audil of the fln8ncial slalements in the United Kingdom, induding the Financial Reporting Courril's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have oblained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relatlng to going con¢em We have nothing lo report in respect of the followng matters in relation to which the ISA8 {UK} require us to report lo you wheTe'. the dI￿t0[$, use of the going concem basis of accounting in the preparation of the financial Slalemenls is not appropriate., or the directors have not disclosed in the financial Slalemenls any identrfied material uncertainties that may cast significant doubt about the group's or the parent charitable company's ability to contlnue lo adopt the going concern basis of accounting for a period of at least twelve months from the dale when Ihe financial statements are aulhorisad for issue. Other Informatlon The dlreclors are responsible for the other information. The olher infomiallon comprises the information Inclu(Jed In the Annual Report, other than the financial statements and our Audilors, report Ihereon. Our oplnion on the financial slalemenls does not cover the information and, except lo the extent otherwise explicitly stated in our report. wo do not express any form of assurance conclusion Ihereon. In ¢onne¢lion with our audit of the financial slètements, our responsibility is lo read the other Informalion and, in doing so, consider whether thé other information is materially inconsistent with the financial slalem8nls or our knowledge obtained in the audit or otherwise appears to be malerially misstated. If we identify such material inconsi51encies or apparent malerial misslalemenls, we are required to (Jelermine whether there is a malerlal misslalemenl in Ihe financial slalemenls or a malerial misslalemenl of the other information. If. based on the woik we have performed. we conclude that there is 8 material misstalemenl of Ihts oiher informallon. we are required to report Ihat fact. We have nothing to report in this regard. 22 The Corporation of SL Lawrence College Independent Auditor's Report to the Members of Th• Corporatlon of St. Lawrence College (continued) Opinion on other matters prescribed by the Companies Act 2006 In our opin￿n, based on the work undertaken in the course of the audit, the information given in the Directors, réport in¢luding the Group Strategic Report for which the financial statements are prepared is consislenl with the financlal statements. Malters on whl¢h we are r•qulrod to rnport by exceptlon In the light of the knowledge and underslanding of Ihe charrtable company and ils environment obtained in the course of the audit, we have nol identified material misstatement5 in the Oireclors, report including the Group Strategic Reporl. We have Th)IIN'ng to report in respect ol the following matters in relation lo which the Companw Acl 2006 requifes us lo report lo you if. in our opinion.. adequate aGcounling records have not been kept. or retums adequate for our audt¢ have nol been received from branches not visited by us- or the financial sialeTnenls are not in agreement w¢lh the 8Gcounling records and returns- or certain disd05ures of dire¢tors' remuneration specrfied by law are not made,. or we have not received all Ihe information and explanations we require for our audit. Responsibilitles of dlrectors As explailled more fully in the Directors. responsibilities statement, the dlreclors are responsible for the preparation of thè financial stslemenls and fot being satisf￿￿ that they give a Irue and falr view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstalemenl. whether (hje to fraud or error. In preparing the financial slatemenls, the directors are responsible for assessing the gfOUP'S and the parent charitable company'5 ability to continue as a going ¢oncem, disclosing, as applicable, matters related to going concern and u51rig the going concern basis of accounting unless the directors either intend to Iwuidale the group's or the parent charitable company's or lo cease operations, or have no realistic allernalive bul to do so. Audllor's responsibility lor the audit of the Ilnanclal statements Our objecb'ves are lo obtain reasonable assurdnce about whelher Ihe financial slalemenls as a whole are free from material misstslemenl. whether due lo fraud or error, and lo issue an Atjdilor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not B guarantee that an audit conducted in aecordance with ISAS (UK) will a￿ayS (ielecl a material misstatement when it exists. Misstalements can arise from fraud or error and are con$wJered material if. individually or in thg aggregate, they could reasonably be expected to irbtluence the economic decisions of users taken on the basis of these financial statements. Irregularities. Including fraud, are instances of non•compliance with laws and regulations. We design procedures in line with our responsibilities, oullinad above, lo delecl material misslalemenls in respect of irregularities, including fraud. The exlent lo which our procedures are capable of detecting irregularities. induding fraud is detailed below.. How the audit Was considered ¢apabl& of detecting lrnegularit￿s, including fraud.. Our approach lo idenlilying and assessing the risks of malerial misstatement in resFecl of [￿eg{lIer1I*es, including fraud and non-compliance with laws and regulations, was as follows.. we identified the laws and regulations applicable lo the charity Ihrough discussions wlh management. and from our commercial knowledge and experien¢e in the se¢lor.' we focused on specrfic laws and regulaliorns which we considered may have a dir•d material effect on the a¢counts or the operations of the charity, including Charities Act 2011.. we assessed Ihe exienl of complian¢8 with the laws and regulalions Klenlified above through making enquliies of management and inspecting correspondence,. and identified laws 8nd regulations were communicated wiihin thè audit team and the lea remalned alert to instances of non-compliance throughout Ihe audit, Page 23 The Corporation of St. Lawrence Coll•ge Independent Auditor's Report to the Members of The Corporation of SL Lawrence College {Gontinued) We assessed the susceptibilty of ihe charity's accounts lo material misstatement, including obtaining an underslarmling ol how fraud might ccGur, by.. making enquiries of management as lo where they considered there was susceptibility to fra￿1, their kno¥￿edUe of actual, suspected and alleged fraud- and sidering the internal controls in dace lo mitigate risks of fraud and nOn￿ompliance wth laws 8fKI regulations. Tg address Ihe risk of fraud throLigh management bias and oVerr￿e ol controls, we= perfornied analylul procedures to idenlfy any unusual of unexpected relaliortships- lesled journal entries to identify unusual transaclioii5- assessed whelherjudgemenls and assumption5 made in determining the accounling eslim8les set out in th6 accounling policies were inéicative of potential bias., and investigated the falionale behiftd $lgnifi¢anl or unusual Iransaclions. In response lo the risk of i￿egUlarl11es and non-complianc8 with law5 and regulalbns, we destgned procedures which included. bul were not limited to.. agreeing financial statement disdosures lo underlying supporting documentstlon. rèading minutes of meetings of those ¢hargeé with governance,. and enqulfing of management as to actual and pot8nllal litigation and clairrts. There are inherent Ilmiiallons in our audit procedures de8uibed above. The more removgd that laws and regulations are from financial IransactK>ns, the less likely il is that we would becomo aware of non- compliance. Auditing standards 81so limit the audit procedures required lo idenlify non-compliance with laws and regulations to enquiry of the trustees and other management and the insp9ction of regulatory aNJ legal correspondence, rf any. Malerlal misstatements that arise due lo fraud can be harder to detect than Ihosg that arise from effor as Itw may Involve delibefale concealment or Collus￿n. A fvrther description of our respon5ibililies for the audit of the financial statements is located on the Financlal Reporting Council's website at- ww.fr¢.org.ukJaudrtorsresponsibililies. The descrlplK*n forms part of our Auditor's report. Use of our report This report is made solely lo the charitable company's rnember5, as a body, in accordance with Chapter 3 01 Part 16 of Ihe Companies A¢1 2006. Our audit work has been undertaken so that we might slate to the Charitab￿ company's members those matters we are required to slate to them in an Audilors, report and for no other purpose. To the fullest extent permllled by law. we do nol accepl or assume reswnsibility to anyone other than Ihe charitable company and ils members, as a body, for our audit work, for this report. or for the opinions we have formed. Allan Hickle Bsc FCA {Senior slalutory auditor) For and on behalf of UHY Kent LLP Chartered Accounlanls and Stalijlory Auditors Thames Hwse, Roman Square Sittingl)ourne. Kent. ME10 4BJ Date 15 March 2024 Page 24 The Corporation of St. Lawrence College Consolidated Statement of Financial Actlvltles (Incorporating Income and Expenditure Account) For the year ended 31 August 2023 Unf￿trIcted fund8 2023 R8strl¢ted funds 2023 Total fund$ 2023 Tolal funds 2022 Note Income: Donations and grfts Charilable activilies Commercial trading activities Inveslmenl income 5,616 11,387,935 153,792 52,485 11,599,828 153.275 158,891 11,387,935 1 $3,792 52.485 11,753,103 47,461 10.738,5 144,335 37,398 10,967,754 153.275 Other income 6,062,522 Total In￿me 11,599,828 153,275 11.753.103 17,030.276 Exp•nditurg: Commercial tradin9 activitles Charitable activities 88.251 12,860,839 88.2SI 12,860.839 58,306 11,161,193 Total •xp•nditure 11 12,949.090 12,949 090 11,219,499 Corporatlon lax payable 14 {175) {175) 18951 Nat Incomel{exp¢ndtturel before other gains and losses 11,349,437) 153,275 11,196,162) 5,809,882 Nel gainlllos51 on investments 16,17 (72,7501 172.750) 90.250 Net Incomel{expenditurel for the yoar before Iransfgrs {1,422.187) 153,275 {1268.912) 5,900,132 Transfer5 between funds 25 3.362 {3.362) Net movement In funds for year (1,418,825) 149,913 {1,268,912) 5,900,132 R•Gonclliation of lund$: 25 Total funds al 1 September 2022 15.875,905 227,575 16,103.480 10,203,348 Total funds at 31 August 2023 14,457,080 377.488 14,834.568 16.103.480 All income and expendlbjre derive from continuing activities. The noles on pages 29 to 50 form part of these financial slalemenls. 25 The Corporatlon of St. Lawrence College Consolldated Balance Sheet As at 31 August 2023 Company number: 00037822 Note 2023 2023 2022 2022 FIXED ASSETS Tangible assets Investment Properly Investmen15 15 16 17 19,752,743 607,500 19.070.059 670.000 20,365,118 19,755.184 CURRENT ASSETS Stocks Deblors Cash at bank and in hand 18 19 95,110 715,549 517,228 1,327,887 127,537 6.338,016 1,231,250 7.696.803 cRED￿ORS. amounts falling due within one year 20 1,582,288 1305 832 NEf CURRENT {LIA81LITIESIIASSErs 254,401 6.390,971 TOTAL ASSETS LESS CURRENT LIABILITIES 20,110,717 26,146,155 CREDITORS: amounls falling due after more than one year 21 (3,809,055) {8,352.7701 DEFERRED INCOME 23 {1,467.094} (1.689,9051 NEf ASSETS 14.834 568 16.103.480 FUNDS OF THE GROUP Reslricled funds Unreslficled funds.. Share capital UnreStr￿ted income funds Total unrestricted funds 377,488 227,575 24 170 14,456,910 170 15,875 735 14457,080 15.875,905 TOTAL GROUP FUNDS 25 14.834.568 16.103.480 The financial slalemenls were approved by the Governors on 14 March 2024 behalf, by.. and signed on their G Cart¢r (Governor and Chairman of Ihe Board of Governors) The notes on pages 29 to 50 form part of these financial statements. 26 The Corporallon of St. Lawrence College Charity Balance Sheet As at 31 August 2023 Company number. 00037822 Note 2023 2023 2022 2022 FIXED ASSETS Tangible assets Investment property Investments 15 16 17 19,752,743 607,500 19,070.059 670,000 15,225 19.755,284 20.365.218 CURRENT ASSETS Stocks Deblors Cash al bank and in hand 18 19 95.110 914.012 305.217 1J14.339 126,545 6.433,536 1 122.398 7,682.479 CREDITORS: ￿oUnt$ falllng due wthin one year 20 1.570.849 1,305,259 NEf CURRENT IUABILITIES)IASSETS 256.510 6,377,220 TOTAL ASSETS LESS CURRENT LIABILITIES 20,108,708 26,132,604 CREDITORS: amounts falling due after more than one year 21 {3.809,055) 18,352.770} DEFERRED INCOME 23 {1.467,094) 11,689,905) NET ASSErs 14,832,559 16,089 829 FUNDS OFTHE CHARITY Reslricled funds Vnwlricled funds.. Share capital Unrestricted income funds Total un￿StrIded funds 377.488 227,575 24 170 14 454.901 170 15.862,084 14,455.071 15.862.254 TOTAL CHARITf FUNDS 25 14,832,559 16,089.829 The finanGial statements were approved by the Govern9rs on 14 March 2024 behalf, by.. and signed on their (Governor and Chairman of the Board of Governors) The notes on pages 29 10 50 form part of these financbal slalemenls. 27 The Corporation of SL Lawrence College Consolidated Statement of Cash Flows For the year ended 31 August 2023 Note 2023 2022 Nèt eash provlded by operatlng actlvltles 30 5,601.258 1,487.439 Cash flows from Investing aciiviti¢s Purchase of tangible fixed asset$ Asset for resale 52,480 37,401 (1,658,372) 11,292.2641 16.7121 Cash (used Inyprovldod by Invastlng actlvltlos L1.605:892 1,261.575 Cash flows frlxn financing actlvltlos Cash inflows from nel borrobmng Repayments of boriowing 649.541 147.4031 14.709.388) Cash (used Inyprovlded by financln9 actlvltl88 {4,709,3881 602,138 Change in cash and c88h equwalents in the year {714,0221 828,002 Cash and cash equivalents al the beginning of the year 1,231,250 403.248 Cash and cash equlvalents at the end of the year 517.228 1,231,250 (al Anatysls of changes in net debt At1 Seplembgr 2022 Cash flow8 New flnancg leases Othor non- cash chan9•9 At31 August 2023 Cash at bank and In hand 1231,250 714,022 517,228 Debt: Loans falling due after more than one year Finance lease obligation 17,370.000) 4,620.000 {2.750,000} (386,1681 89.388 (296.7801 Not debt 7,756,168 4.709,388 3,046,780 The noles on pages 2910 50 form part of these finan¢ial statements. 28 The Corporallon of St. Lawrence Colleg0 Notes to the flnancial statsments For ih• year ended 31 August 2023 CHARrrY INFORMATION The Corporalion ol Sl. Lawrencg College Is a limiled company limited by shares. 11 is incorporated Sn England and Wales and is registered as a chaniy with the Charily Commission and as a school wSlh the Department of Educalion. The Charity's registered office is College Road, Ramsgate, Kent, CT11 7AE. The charilable activities of the Corporation. as slated in ils Memorandum of Association, are 'lo provide. maintain and promote sound Public School Education on a religious basis in accordance wilh Scriptural and Evangelical doctrines and principles of the Church of ErwJland" The objects indude the provision of boarding andlor day schooling for children of both sexes. The Corporation is req￿￿ed lo appty all of tts income solely towards its objects. ACCOUNTING POLICIES A summary of the principal accounting policies adoplefl (which have been consislenlly applied. except where noted}. judgements and key sources of eslimalion uncertainty, a￿ sel out below.. 2.1 8asi$ of pr•paration of finan¢ial statemenls The financial statemen15 havè been prepared in accordance with Accounting Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in aC￿rdan￿ with the Financial Reporting Slandard appluble in the UK and Republic of Ireland (FRS 1021 (Charities SORP IFRS 102) {2nd edition}), the Financlal Reporting Standard appllcable in Ihe UK and Republic of Ireland IFRS 1021 (January 2022) and the Companies Act 2006. The Corporation of St Lawrence College meels the definilbon of a public benefit en151y under FRS 102. Assels and liabilities are initially recognised al historical cost or Iransaelion value unless otherwise slated in the reEev2nt accounting policy. The financial statements are presenled in Sterling {£) and are presented lo the nearest pound. The slalemenl of Financial Aclivllies ISOFAI and Balance Sheet consolidate the finandal $latemenls of the Charity and ils subsidiary undertaking. The results of th8 subsidi8ry are consolidated on a line by line basi5. 2.2 Golng con¢ein The Governors assess whether the use of going concern is appropriate i.e. whèther theffj are any material uncertainties related lo evenls or conditions that may cast doubl on the ability of the Charity to conlinue as a going concern. The Governor5 make this assessment in respect of a period of al least one yeai ffom the dale of aulhorisation of the finaneial slalemenls and have concluded that the Charily has adequate resources lo conlinue in operational existence for the foreseeable ftjlure and there are no malerial uncertainlie5 about the Charity's ability lo continue as a going concern. thus they continue lo edopt the going ¢oncern basis of accounting in preparin9 the financial statements. though the Statement of Financial Activities for Ihe year shows a deficit of £1.27m. and the Balance Sheet indicates the Charily had nel Cufrenl liabilities of £254k on 31 August 2023, the Governors ale confident that the College can continue to operate and lake the measures necessory lo ensure it remains a golng concern for the foNowing reasons.. 29 The Corporatlon of St. Lawrence College Notes to Ihe financial statements For the year ended 31 August 2023 The deficit for 2022123 includes non-cash depreciation charges 01 £975.687 and thus the underlying cash operating result was more positive. Whilst cash al bank did fall in the year, this was as a result of the decision lo spend £1.6m on new fixed assets, nol8bly the on-going l¢)wer school development and an investment of over £500k on solar panels which will produce signrficanl fulure savings. Detailed 3-year forecasts have been prepared which show th8 there is a reasonable expectation that the Charity will ￿tUrn lo both 8 cash and a¢Gounling surplus by the 2025126 year. The forecasts have been stress te$l&d wilh a Base Case scenario 5UPPOrt8d by both a Worst Case and Best Case scenario forecast. The continued support of the Charity's main bankers, Barclays, via a £4m Revofving Credit Facility {RCF), which is in place unlil December 2025. Having reviewed Ihe forecasts, the Governors ale confKSent that the covenants in pl￿ on the RCF can be complied with al all times. The collection of fee income for the forthcoming 2024125 year will, as always, begin before the end of the current financial year, providing an immediate boosl to cash flow. The Admissions Team has successfully Tecnjiled new staff lo drive forward boarder recruitment and commercial income is strong. 2.3 Basis of consolldat•on The financi81 statements consolidate the accounts of The Corporallon of St Lawren¢e College and its subsidiary undertaking {'Ihe subsidiary'l. The subsidiary has taken adv2nt2ge of the exemption contained within 408 of the Companies Act 2006 not lo present ils own income and expenditure account. The results of the subsidiary for the year ended 31 August 2023 are included in note 31. Exemption from the requlremenl lo disclose tranSact￿n5 between the Charity and its subsldlary company has been taken under section 33.1A of FRS 102 as Iransactlons occur between wholly owned members. The Ch8rily has 18ken advantage of the disclosure exemption permilled by FRS102 of the requirement of section 7, "Siatemenl of Cash Flows" to not disclose a charity only Statement of Cash Flows. 2.4 Income Income 15 recognised when the Ct7arity has entillemenl lo the funds, any performance condrtions altsched lo the ilemlsl ol income have been met, il is probable that the income will be received ar)d th8 amount ¢an be measured ￿11abty. Income from grants whether 'c8pilal' grants or'revenue, grants. is recognised when the Charity has enlillemenl to the funds. any performance conditions attached lo the grants have been met, Il is probable that the income will be received and the amount can be measured reliably and 1$ not deferred. Donations are recognised on a receivable basis where Ihere is certainly of receipl and the amount can be Teliably measuro lo reimburse èclual travelling costs and expenses incurred in attending meetings on Charity business. The Charity maintains Professional Indemnlty and Governors, Liability insurance ￿1th is included In the Charity's Public Liability insurance. Page 36 The Corporatlon of St. Lawrence College Notes to the financial ststements For the year ended 31 August 2023 11 EXPENDITURE Staff costs 2023 Depreclation 2023 Other costs 2023 Total 2023 Total 2022 Charitable a¢tivitios Teaching costs 4.816.232 Welfare costs 530.594 Premises 800.080 Support costs 1.001.676 Educational lets 70.863 586,383 992,852 1,859,490 1,064,287 162,715 5.402,595 1.523.446 3.635,257 2.065.963 233.578 5,061.365 1,358.615 2,653,529 1,958,996 128,688 975.687 7.219.445 97&687 4.665,707 12 860,839 11,161,193 TradSng aGtivitl St. Lawrence College Enterprises Limited 40,142 88,251 58,306 Total expenditur• 7,259,587 975,687 4713816 12,949,090 11.219,499 Of Ihe expenditu￿ shown above for 2023. £nil wa5 from reslricleLrf funds12022'. £nil was from re51ricled funds). The balance was paid from unrestr￿ed funds for both year5. 12 NET INCOME I {EXPENDITUREI FOR THE YEAR This is slated after charging.. 2023 2022 Depreeialion of tangible fixed assets.. owned assets Depreciation of tangible fixed assets.. acquired under finance lea$è Auditor's remuneration. audit Auditor's remuneration.. non-audil services Operating lease rentals.. equipment 891,786 83,901 12,672 858,196 42,432 11,220 46.113 55,314 13 INTEREST PAYABLE 2023 2022 Bank loan interest Hire purchase interest 161.203 3.579 177,392 3,572 164782 14 CORPORATION TAX 2023 2022 C¢)rporation lax payable- re.. previous year 176 Page 37 The Corporatlon of St. Lawrence College Notes to the financial statements For the year ended 31 August 2023 15 TANGIBLE FIXED ASSETS Group Freehold land, bulldings, sports 6urf8¢0$ and ro¥d Assets under ¢on$tru¢tloD Equipment Total Cost Al 1 September 2022 Additions Disposals Transfer5 26,843,873 29,355 807.861 1,359.986 4,753.206 269,030 129,498) 32.404.940 1.658,371 {29,4981 281,933 1281,933) At 31 Avgusl 2023 27,155,161 1,885,914 4,992,738 34.033,813 Depreciation Al 1 September 2022 Charge for the year= owDed a$5els acquired by hire purchase Di9posals 9.228.923 4.105,958 13,334,881 764,908 126,878 83,901 129,498) 891.786 83.901 {29.498) Al 31 August 2023 9.993,831 4,287.239 14,281,070 N•t Book Value At 31 August 2023 17 161,330 1,885,914 705,499 19,752,743 Al 31 August 2022 17.614.950 807,861 647.248 19.070.059 Included in land and buildings is freehold land with an original cost v4u8 of £58,68412022.' £58,684) which is not depreciated. Included in assets under construction are C￿lS of £262,88612022.. £262,886) ielaling to a pavilion as well as £1,065,96512022' £273,S791 relating lo costs of irnprovemenls lo Junior School and £567,600 {2022.. £nil} retating lo the developfftenl of solar panels. No deprecialion has been charged during this financial year. Included in equipment are items wllh a nel book value £310.25512022.. £394,157) which weie acquired under hire and lease purchase agreements. Page 38 The Corporatlon of St. Lawrence College Notes to the financial statements For the year ended 31 August 2023 15 TANGIBLE FIXED ASSETS {contlnu¢d) Charity FT¢¢hDld land. bulldlngs. ¥ports #urfaces And roads A•$8ts under ¢on$tNctlon Equipmènl Total Cost Ai I September 2022 Additions Disposals Transfers 26,843,873 29,355 807,861 1,359.986 4.693,859 269,030 {29,498) 32,345,393 1.658.371 (29,4981 281,933 1281,9331 Al 31 August 2023 27,155,161 1,885,914 4,933,19q 33.974,266 Depreclatlon Al 1 September 2022 Charge for the year= owned assets cquired by hire wrchase Disposals 9.228.923 4.046,411 13,275.334 764,908 126.878 83,901 129,498) 891,786 83,901 129,498) Al 31 August 2023 4,227.692 14.221.523 Net Book Valu¢ At 31 August 2023 17.161330 1885.914 19,752.743 Al 31 August 2022 17.614,950 807,861 647,248 19,070.059 Included in land and buildings is freehold land wilh an original cosl value of £58,684 {2022'. £58,684) which 15 IKIt depreciated. In¢luded in assets under construction are ¢osls of £253,349 {2022: £252,349) relatin9 lo a pavilion as well as £1,065,965 (2022,. £273,579) relating lo costs of improvements to JunK)f School and £567,60012022.' £nil} relating lo the developmenl of solar panels. No deprecffdlion has been harged during this financial year. Included in equipment are items wllh a nel book value £310.255 (2022.. £394,157) which were acquired under hire and lease purchase agreements. Page 39 The Corporation of St. Lawrence College Notes to the financial statements For the year ended 31 August 2023 16 INVESTMENT PROPERTY Total Group and Charity Valuation at 1 September 2022 Revaluatson deficit in year 670,000 (62,5001 Valuation as al 31 August 2023 607,500 Historic cost 524.000 Investrnent property has been valued by Mr Martin A118n MRICS, FAAV from Elgars, a firm of Chartere(J Surveyors independent lo The Corporation Df Sl. Law￿nce College. The SUTveyor holds the relevanl professional qualification and has experience in the class of land held. The land has been value¢J on the basis il could be exchanged al an am)'s length transaction and take5 into account th8 value of rent received. 17 FIXED ASSET INVESTMENTS Limeql Investments Group Market valu• Al 1 September 2022 Loss on revaluation 15,125 110,250) At 31 August 2023 4,875 Llsted Investments Unlisted investments Totsl Charlty Market value At 1 September 2022 Loss on revaluation 15,125 (10,250) 100 15,225 (10,250) At 31 August 2023 4,875 100 4,975 Unlisted investments comprises 100010 of ltte issued share capital. conlerring 100QA of the voting rights, of St. Lawrence College Enterprises Limited. 18 STOCKS Group 2023 Group 2022 Charity 2023 Charity 2022 School shop and catering supplies 95.110 127.537 95,110 126.545 Page 40 The Corporation of St. Lawrence College Notes to the financlal statements For the year ended 31 August 2023 19 DEBTORS Group 2023 Group 2022 Charlty 2023 Char((y 2022 Trade debtor$ Amounts owed by group undertakings Olher debtors Prepayments and accrued income 400,287 272,315 378,357 250,996 220,393 116,839 5.701.840 5,701,840 315,262 715,649 363,861 6.338,016 315,262 914 012 363.861 6,433.536 20 CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2023 Group 2022 Charity 2023 Charity 2022 Hire and lease purchase Trade creditors Oiher taxglion and social security costs Olher credilors Accruals Pupil det)osiIs 83267 1,016,695 89.388 5(X),889 83.267 1,007.743 89.388 500,889 156,432 96,646 88,392 140,856 143,739 174,835 79,276 317,705 154,305 96.646 88.032 140.856 143,526 174,835 78,916 317.705 1,582.288 1,305.832 1,570.849 1,305 259 The hire purchase balances aft $ecLtred on thè taTrJible fixed as5els to which they relate. Page 41 The Corporation of St. Lawrence College Notes to the finan¢lal statements For the year ended 31 August 2023 21 CREDITORS AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group Group 2023 2022 Charity 2023 Charity 2022 8ank108ns Hiie and lease purchase Pupil deposils 2,750.000 213,513 845,542 7.370,000 296,780 685,990 2,7SO.000 213,513 845,542 7.370.000 296.780 685,9SYI 3 809,055 8.352,770 3.809,055 8.352.770 The hire purch8se balan￿S are secured on the langible fixed assets lo which Ihey relale. Included wilhin the above are amounts falling due as tollows: Group 2023 Group 2022 Charity 2023 Charity 2022 Bètween two and fivè yoars Bank loan 2 750.000 7,370,000 2 750,OOD 7,370,000 Creditors include amounts wholly repayable wilhin 5 years as follows.. Repayable by instalmenls Not repayable by instalmenls 2 750,000 7.370.000 2 750 000 7.370.000 The bank loan is secured by way of a legal charge over land and buildings comprising Sl Lawrence College. Colle9e Road, Ram5gate. Our previous Revolving Credit Facilily with Bardays Bank, a maximum lacility of £9.000,WO. has been reduced lo £4,000,000 subsequent lo the sale of land and now expires on 310eGember 2025. 22 FINANCIAL INSTRUMENTS Group 2023 Group 2022 Charlty 2023 Charity 2022 Financial assets measured al fair value through profil or loss 612.375 685,225 612.475 685.225 Financial assets measured al fair value ￿MprIse listed investments and investment property. Page 42 The Corporatlon of St. Lawrence College Notfrs to the financial statements For thè year ended 31 August 2023 23 DEFERRED INCOME Group and Charlty 2023 2022 Fees in advance Trip income received in advar￿e 1.418,400 48,694 1.659.384 30.521 1,467.094 1,889,905 Group and Charity Deferred income at 1 September 2022 Resources deferred during yèar Amounts rel8a5ed from previous years 1,659,384 1,418,400 11.659.384) 1,971,058 1.659,384 (1,971,058) Deferred Income as al 31 August 2023 1418,400 1,659.384 Fees in advance relates to Gqsh received in respect of schod fee5 where the school term to which they relate falls after the balsnce sheet date as well as funds re¢er¥ed in advance for school trips. 24 SHARE CAprrAL Charity 2023 2022 Allolled, called up 8fKI fully paid.. 17 or(linary shares of £10 each 170 170 Page 43 The Corporatlon of St. Lawrence College Notes to the financial statements For the year ended 31 August 2023 25 STATEMENT OF FUNDS CURRENT YEAR Atl September 2022 Incomo Exp•nditur• Transfers In l {out) Gains I Ilo$sèsl At31 August 2023 D•signat•d Funds Investsnenl propety The Sir Kirby Laing Sports Hall Fund The Sir Kirby Laing Kirby Hov5e Fund Prizes Fund 8uildln9s and equipment Fund Devek)pmenl Fund Scholarship Funds Bursary Funds CCF Fund and DofEFvnd 670.OC() 62.5001 607,500 120.000 120.000 679,054 11,403 679.054 11.403 145,000 106,496 2,360 2,920 145.000 111.752 2.360 2.920 5,256 14,012 13.9791 10,033 1.751,245 5,256 62,500 1.690,022 Unrestrleted Funds Gener81 reserve Share capltal 14.124.490 170 11,594,572 112.949.2651 7.341 110,250) 12.766,888 170 14.124,660 11594572 12 949.265 7,341 10.250 12 767 058 Total Unrestricted Fund$ 15,87S,905 11599,828 12.949,265 3.362 14 457.080 R•stricted F￿ndS Bursaries and Scholarship Funds Inspiring Teachin9 nLI Leaming Fund Building and Equipment Fund Development Fund 174,365 108.277 Iso) 282.592 866 42.292 10,052 44.998 (3,312) 83,978 10,052 Tolal Restricted 227 575 153 75 Total Funds 18,103,480 11.753.103 112,949.265) 172,7501 14.834.568 Page 44 The Corporatlon of St. Lawrence College Notes to the financial statements For the year ended 31 August 2023 25 STATEMENT OF FUNDS lry)ntinuod) PRIOR YEAR Income Expenditure Transf¢rs In I lout) Gains I (losses) At31 Auou$t 2022 Sèptèmber 2021 Doslgnated Funds Inveslment property The Sir Kirby Laing Sports Hall Fund The Sir Kirby Laing Kirby House Fund Prfzes Fund Buildlngs and equipment Fund Developmeni Fund Scholarship Funds Bursary Funds CCF Fund and DofE Fund 565.¢XKI 105.000 670.000 123,OC (3,0fy)1 120,000 699.140 11,403 (20,0861 079.054 11A03 145,000 92,563 2,445 2.920 145.000 106,496 2,360 2,920 11,541 2.392 1851 13.975 37 14.012 1,655.446 11,541 20,742 105,000 1.751.245 Unrestricted Funds General reserve Sharè capital 8.324.653 170 16.982,815 111.220.394} 52,166 114.750) 14.124.490 170 8,324,826 16.982,815 11.220.394 52.186 14.124.fj60 Tot*1 Unre$trictsd Fvnds 9.980.269 16.994,356 11220 394 31,424 90.250 15,875 905 Restricted Funds Bursaries and Scholarship Funds Inspiring Teaching and Learning Fund Byilding and Equipment Fund Development Fund 181.107 13.290 (20,0321 174J65 866 31.054 10,052 22.630 {11,3921 42392 10,052 Total Re5trlclod Funds 223,079 3S,920 227 $7S Total Funds 10.203,348 17.030,276 111.220.394) 90.250 16,103,480 Page 45 The Corporation of St. Lawrence College Notes to the financial statements For the year ended 31 August 2023 25 STATEMENT OF FUNDS (continuod) The follovéing funds have been established by the Govemors.. Deslgnated Funds: Investmenl Property Revaluation Reserve repiesenls the unrealised gains on investment properties. The Slr Klrby Laing Fund rg Sports Hall represents a grant from The Sir Kirby Laing Foundation lo assist in the building of the 5POrts hall. The Sir Kirby Laing Fund re Kirby House represents a grant from The Sii Klrby Laing Foundalion to assist in the building of Kirby House. The Prizes Fund represents funds sel aside for prizes. The buildings and equipment fund represents funds sel aside for building work and investment in equipment. The Developmenl Fund repfesents monies generaled by the Development Committee which are to be set aside lo be used on future developments. The Scholarship Fund represents funds sel aside to be used to fund scholarships. The Bursary Fund represent funds sel aside lo be used to fund bursaries. The Combined Cadet Force (CCF) Fund and the Duke of Edinburgh l D of E ) fuThJs represenl funds sel aside and not previously expended by the CCF and D of E departments within Si Lawrer￿e College. These funds are sel aside lo be spent in future ￿rIOdS. Restrlcted Furtds: The Bursaries and Scholarships Fund represents donations made lo Sl Lawrence College lo be used for fu￿lIng scholarships, bursaries and prizes for sludenls. The Inspiring Teaching and Learning Fund represents donallons made to St Lawrence College to be used lo enhanGe the learning experience of sludents. The Building and Equipm8nt Fund represents funds donated lo Si Lawrenc8 Coll8ge to fund future buildin9 projecls and purchases of equipmenl. The Development Fund represents funds received during the year specrfied lo be use(1 for Ihe Development al The College. Transfor between Funds-. During the year £3,36212022.' £31,426) ha$ been tranSfer￿d from resiricled lo unréstricted funds. This represents the incomts from the reslri¢ted donations now being fulty ulilised against expenditure incurred by the College. Page 46 The Corporatlon of SL Lawrence College Notes to the financial statements For the year ended 31 August 2023 26 ANALYSIS OF NEf ASSETS BETWEEN FUNDS Group- Curront year UnrestrlGtgd funds 2023 Restricted funds 2023 Total funds 2023 Tanglble fixed assets Investments Investment property Current assets Creditors falling due within one year Creditors falling due after more than one year Deferred income 19.752,743 4,875 607.500 950,399 (1,582,288) 15,752,743 4,875 607,500 1,327,887 11,582,288 377,488 (3,809.055) (1,467.094) 13,809,055 11,467,0941 14.457.080 377,488 14,834,568 Group - Prior y¢ar Unrestricted funds 2022 R•strScted fund$ 2022 Total funds 2022 Tangible fixed assets Inveslmenls Inveslmenl property Asset held for sale Current a55els Creditors falling due within one year 19,070.059 1S.125 670,000 7,469,228 (1,305.8321 19,070,059 15,125 670,000 7,696,803 (1,305,832) 227,575 (8,352.7701 (1,689.9051 (8,352.770) (1,689.905) Creditors falling due after more than one year Defer￿d income 15.875.905 227.575 16.103.480 Charily- Current year Unrgstricted funds 2023 Restrlcted funds 2023 Total funds 2023 Tangible fixed assets Investments Investment property Current asseis Creéllors fallin9 due within one year Creditors falling due after mcffe Ihan one year Deferre(J income 19.752.743 4.975 607.$00 936.851 {1,570,8491 19,752,743 4,975 607,500 1,314,339 11,570,849) 377.488 {3,809.0551 {1.467.094) 13,809,055} 11,467,094} 14.455,071 377,488 14 832,559 Pa8e 47 The Corporatlon of St. Lawrence College Notes to the financial statements For the year ended 31 August 2023 26 ANALYSIS OF NET ASSETS BETWEEN FUNDS l¢ontinu¢d) Charity- Prlor year Unrestrictod funds 2022 Rg¥tricted funds 2022 Total funds 2022 Tangible fixed asS8Is Inveslm&nls Inve51menl properly Asset held for sale Currenl assets Crediltrs falling due within one year 19,070.059 1 5,225 670,000 7,454,904 {1,305,2591 19,070.059 IS.225 670,000 7,682,479 11,305,259) 227,575 {8.352,770) (1.689,905) 18,352,770) {1,689,905} Credilc*s falling due after more than one year Deferred income 15.862,254 227,575 16,089,829 OPERATING LEASE COMMITMENTS At 31 August 2023 the lotsl of the group and pafenl charity's fvture minimum lease payments under non•cancellable operating leases were as follow5- Group 2023 Group 2022 Charity 2023 Charity 2022 Amounts payable: Within one year Be￿een 1 and S years 42,675 101,375 23.452 19.742 42,675 101,375 23,452 19,742 144,050 43.194 144,0SD 43.194 28 PENSION COMMrrMENTS The Charity makes ryinlribulions lowards pension sGheme$. (a) Teaching staff Teaching slaff have the optlon to contribute lo a defined contribution sch8me. APTIS. The pension charge for the year was £540,79812022= £502,624)- (b) Non-tea¢hing Staff The Charity oper3les a stakeholder and occupational pension scheme offered by Peoples Pension and S¢ollish Widows. The pension charge for the period was £99.203 (2022- £134.224). At the year end £90,95312022.. £83.568} was due to be paid lo the schemes. These amounts a included in Other Creditors in Note 20. 29 RELATED PARfi TRANSACTIONS i) One teacher and one Teaching Assistsnl are the spouses ol Trustees l Key Management. These indlvkjuals are remunerated under the terms of rKJrrnal employment offered lo all staff, Ltsing the College's pay scales. Page 48 The Corporatlon of St. Lawrence College Notes to the financial statements For th• year ended 31 August 2023 30 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES Group 2023 2022 Net expenditure for the year {as per Statement of Financial AclivitEs} ILosses) l Gains on investments Sale of assets Divi(Sends, interest and ￿nIS from investments Depreciation charges12022.' also i￿luding profil on disposal of assets) Decrease I lincreasel in stocks Decrease l {increasel in debtors Increase in creditors and deferred income {1,268,912) 5.900.132 72.750 190,2501 6,335,766 (37,3981 (52A851 975,687 32,427 S,622,467 219.324 {5,138,026) (15,522) {5.853,791) 386.528 5,601,258 1.487.439 31 PRINCIPAL SUBSIDIARY Country of Incorporation England Per￿ntsge shareholding 11)001• Company number 03100304 Company namo St. Lawrence College Enterprises Ltd l)e8crlplion The operation of sports facilities made available lo local schools and sports ¢lubs. the provision of coffee shop and Ihe provision of hire for events. R￿Ults foi tho yoar ended 31 August 2023 2023 2022 Total asse15 Total liabilities 233.942 1231.8321 131.163 {117.412) Total equty 2.110 13.751 Tumover Expendilure 187,570 {182,512) 210,277 {191,730) Result for the year 5.058 18.547 The Colleoe ha5 guaranteed the liabilities of its subsidiary slnce It is exempl frDm audit under Seclion 479A of the Companies Act 2006. Page 49 The Corporation of St. Lawrence College Notes to the financial statements For the year ended 31 August 2023 32 RESULTS OF THE CHARITY 2023 2022 Total income Tolal expenditure 11,402,020 112,586,540) 16,994,930 (11.181,230) Nel income before gains on inveslmenis 1.184.520 6 076,273 Nel gainsl(1055esl on investments 172,7501 114,750} Nel movement in funds 1,257,270 5.798,950 CONTROLLING PARTY In the opinion of Ihe Goveryors there is no ullimale controlling paty- Page 50