CHARITY NUMBER: 309088 COMPANY NUMBER: 924805 ST GEORGE'S SCHOOL ASCOT TRUST LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED CONTENTS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 PAGE Governors, Officers and Advisers Govemors, Report Strategic Report 10-13 Auditors, Report 14-16 slement of Financial Activi118S 17 Balance Sheet 18 Cash Flow Statement 19 Notès lo the Financial Statements 20-35
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 GOVERNORS The School Governors, who are also the Charity Trustees and the Company Directors, are listed below. They have all setved in office throughout the year except where indicated, Mr A Mackintosh *# (Chairman) Mrs D Brown MBE Dr J Gibbons Mr P James. MrE Luker. MrAMiles Mrs R Niven Hirst Mr P Sedgwick. Mrs A Triccas # Mrs K Trueman Alexander" Mrs A Felix . {from February 20221 Mr J Pym (from February 2022 Memberof the Finance Sub-committee Member of the Education Sub-cotnmitlee Safeguarding Governor OFFICERS (Key management personnel Head Mrs E M Hewer Bursar and Clerk to the Governors Mr J F M Anderson PrÈncipal address and Registered Office Wells Lane Ascol SL5 7DZ Website www.stgeorges-ascot.org.uk ADVISERS Auditors Haysmacinlyre LLP 10 Queen Street Place London EC4R 1AG Bankers Barclays Bank PIC 19 High Street Ascot SL5 7JG Solicitors Farrer & Co 66 Lincolns Inn Fields London WC2A 2LH
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2022 The Govemors present their annual report for the year ended 31 July 2022, in accordance with the Charities Act 2011 and the Companies Act 2006 thus including the Governors, Report and Strategic Report under the 2006 Act, together with the audited financial statements for the year, and confirm that the laller comply with the requirements of the Companies Act 2006, the Company's Memorandum & Articles of Association and the Charities SORP 2019. REFERENCE AND ADMINISTRATIVE INFORMATION Sl George's School Ascot Trust Limited, also known as Sl George's School, Ascot, (the School) is a charitable company limited by guarantee, registered in England & Wales, company registration number 924805, Charity registration number 309088. In the event ol the company being wound up, the liability of each member is limited lo a maximum of £1. No one member has overall control of the company. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing Document The company is govemed by its Memorandum and Articles of Association, last amended on 18 Mar¢h 201N. Governing Body The members of the Governing Body are d8tail8d on page 3. The Goveming Body is self-appointing. Each Governor is elected for three years and ietittng Governors are able lo sland for re-elèction. Ouring Ihg year. o new Govemors were voted onlo the Board, Mrs Antonia Felix and Mr James Pym. Recrultment and Tralning of Govemors As identified earlier, the Govemors voted two new members onlo the Board, increasing il to twelve. Potential Governors are identified by members of the Governing Body and considered against the Body's specifications concerning eligibility, competence, specialist skills and local availability. 11 is critical that all Governors empalhise with the object, features and ethos of the School. Training is regularly offered to all Govemors. Bespoke courses are sometimes held in conjunction wlh Governors. meetings to address particular areas. On appointment of a new Governor. the Head and Clerk to the Governors are responslble for inducting the newly appointed Governor and this is carried out through a tailored programme of visits lo the School, providing an induction pack with a wealth of information parlicularty the Charity Commission guidan on being a Trustee ICC31. The Board of Govemors is provided with formal training periods as required, which includes child protection training. In addition, Govemors are encouraged to attend external Iruslee training and courses designed to keep them informed and updated on current issues in the sector and regulatory requirements. This includes 8venls run by ISC. AGBIS, ISBA and professional firms. Organisational Wl?nagement The members of the Goveming Body are legally responsible for the overall management an(i control of the School. The Governing Body meets al least three times a year. Half of the preparation for Governors, meetings is undertaken by the Finance Sub-committee Chaired by Paul Sedgwick, which meets al least three weeks before each Governors. meeting. The other half is conducted by the second PTincipal committee, the Education Sub-committee, chaired by Andrew Miles. Committee members are listed on page 3. The Education Sub-commillee meets lermly. before the Governors. meeling. The day-lo-day running of the School is delegated lo the Head who is assisted in this by the Bursar. The Head and Bursar attend meetings of the Governing Body and ils Commillees. Other members of the Senior Leadership Team allend Governors, meetings as required and all Education Sub-commillee meetings.
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2022 The remuneration of key management personnel is set by the Board, wilh the policy objective of providing appropriate incentives lo encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions lo Ihe School's success. The appropriateness 8nd relevance of the remunerdtion policy is reviewed annually, including reference to comparisons with other indep8ndenl schools to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere. We aim lo recruit at a competitive market rale and subject lo experier7ce. Delivery of the School's charitable vision and purpose is primarily dependent on our key management personnel and staff costs remain the largest single element of our charitable 6xper7dilure. Group structure The Group is structured around Sl George's School Aswl Trust Limited and there is one subsidiary company, Sl George's Ascot Enlerprlses Limited. This is principally used for lelling income from Ihe Swimming Pool. The School continues lo be an aclive member of the Girls, Schools Association, Boarding Schools Association, Independent Schools, Bursars AssoGialion and the Association of Governing Bodies of Indepéndent Schools. Charltable Object5 The objects, as sel out in th8 Company's Memorandum and Articles of Association, are lo promote tho cause of education generally. Th& objects are achieved by the operation of St George's School Ascot Trust Limited, the principal a¢livily of which is providing education for day and boarding girls. Education is provided on the basls of Christian principles bul si George's welcomes girls of all faiths and backgrounds. The School is commilled to safeguarding and promoling the welfare of ils pupils and expects all staff and volunteers lo share this commitment. Governors do not identify any potential detriment or harm arising from the educational activities of the School and they provide an assurance of their commitment lo safeguard and protect the welfare of the pupils. Similarly, they seek lo engender a culture that welwmes diversity and IncISIV*1y. Principal AGtivlty The School provides education lo girls belween the ages of 11 and 18 and ils slr2legic vlsion remains aligned with this. While fostering considerable academic success, the School continues lo demonslrale ils excellence in music, sport and the performing arts. The School provides a balanced education and during the year, the pupil roll remained heallhy. The previous two reporting periods were marked by significant COVID pandemic disruption. While this risk has receded somewhat, ¢onlinuÈd vigilance and effertive management remain in place lo ensure and assure safely al Sl George's. However, fresh challenges have subsequently emerged. Notably, travel disruption, a shrfl in the global economy, the war in Ukraine 2nd further sanctioning of some Russian families. These factors may have placed the pupil roll al risk if the School did not have resilience through éiversificalion. Importantly, the School does not subscribe overly lo a particular international market and while, for example the war in Ukraine, had a direct impacl on a very small number of pupils {fewer than 51, it did nol have a notable effect on pupil numbers. In dealing with the impact of the war in Ukraine, the School provided limiled short-lerm financial support lo a small number of pupils directly affected by it. ore broadly, pupil numbers remait) strong and the Governors are exlremety collfidenl in the School's continuing ability to deliver the obj@Gts sel out in ils Articles of Assoctation for many years. Sl Georye's continues to b& financially robust, though the Board is very cons¢ious of the potential risks posed by the recent rapid changes in the global economy and associated inslabilily. This was particularly apparent in the second half of the financial year and such turbulence is forecast lo continue in the mid-term of 1 2 years. While pupll numbers continue to grow healthily, the Board remains proactively engaged in miligaling any potential adverse effects or financial risks facing the School during 8 period of global instability. For example,
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2022 il is well hedged lo manage the near-lerm issue of gas and electricity Costs, borrowing remains low. there is a conservative approach to capital programmes and appropriate wage con8lrainl. Accordingly, the Govornors retain a deep-rooled conviction that the School remains a going concern for the foreseeable future. In the previoLES period the School reported on the publication of ils Environmental and Sustainability strategy. This has delivered considèrable succ&ss across a large number of areas including a reduction in food waste. improved biodiverslty, redu¢ed chemical use and, increasingly, wider pupil and staff engagement is driving these improvements. At the end of the period the School also commenced a significant solar power project which will be completed in August 2022 and il will reduce demand for the already 1 OOO/o renewable eleGlricily drawn from Ihe nstwork. Sl George's continues lo provide a broad educ2tion and has built upon the Diversity and Inclusion work conducted lo dale and highlighted in the previous report, lo ensure il remains a focus across the School and its value is conveyed routinely in the curriculum, through pupil clubs and groups, and during school events. The School also adheres lo the principles Dullined in thè UK Corporate Governance Code (formerly the Combined Code) where applicable and in particular with those around governance policies and practices along with high levels of Iransparoncy. Publi¢ Beneflt In selling the School's objectives and planning aclivilies, the Governors have given careful consideration to the Charity Commission's guidance on public benefit. The Governors, policy, in line with that of other independent schools, is to award scholarships on the basis of the individual's ability. Whether or not a scholarship is offered, parents also have the opportunity lo apply for a means-tesled bursary lo supplemerbl il so that their daughter can come lo the School. This year the value of scholarships and bursaries to the School's pupils was £736,08712027 £680,301). Means-tesled bursaries ol up lo 100'1n of fees 8re 8vei18ble lo new entrants lo the School lo widen public access and they are also availabl8 to existing parents encountering unforeseen hardship through no fault of their own, whose daughlgr's education is al a critical st8ge. The School allains excellent results not only in academic subjects bul also in the areas of Art, Drama. Music, Performing Arts and Sport Ilncludlng Swimming scholarships). In recognition of the strengths of these departments. scholarships are offered lo pupils at 11+ 13+ and al Sixth Form in addition lo Academic scholarships. The Sohool has no endowment lo support ils gr2nt making and these awards are therefore financed out of income. Local Community Relationships and other Charitable Activities 2021-22 St George's 0prateS with local charities and partner organisalions in ils ongoing endeavours to widen public access to the schooling il provides and lo encourage Ils pupils lo be aware of the social context of the all.round education they receive. A de5CriPtion of thes& activities is included below. St Georye's benefits the local comMu11Y by sharing ils facililies. This provision is inevitably limited by boarders use and the Safeguarding restrictions of operating a small boarding school. Ac¢ess lo the sile is down a narrow residential lane, and ther6 is limited onsite parking. Sl George's is also subject lo local planning reslriclions. The School operated normally for thé majority of the year. but acc@ss for visitors and opportunities for Ihe pupils lo go out into the community were still limited by the pandemic well into the Spring Term. However, despite these conslrainls, the followtng activities were undertaken.. embers of staff volunteer as governors in local schools. Englemere Decorative & Fine Arts Society used the School Chapel for their monthly meelings and other key events,
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2022 The Windsor Royals Netball Club used the Sports Hall facilities for weekly training and matches. chartp.rs Netball League used the netball courts lor training and matches. ThroLJghoul Ihp year, girls engaged with Amnesty Inlernational as part of their Amrkesly clb, conlribuling lo their lettèr writing Campaigns and giving a whole-school 8ss8mbly to increase awareness. The new Eco~Squad Club saw students engage in liller picking in the local community. DofE volunteering saw St George's girls involved in a number of Signifint community activities. Loca5 partner schools used the swimming pool al a redLÉced fee. In September, Students from a local school who were unable to participate in a Year 6 residential visit with their peers came lo Sl George's for an enrichment day including swimming, music and ari aclivilies. In September the pupils decided to support the Worldwide Fund for Nature, the Brain Tumour Charity, and Action for Children as the School charities for the year. Throughout the year, a variety of ev8nls Ilisled bèlow) raised a total of £3,791 for these causes. In September, the girls raised money through a non-uniform day for Jeans for Genes. In October, the pupils raised money and bought 249 kgs of goods for the Harvest Festival which were then donated lo Wokingham Foodbank. In October and November, the School collected money for the Royal British Legion Poppy Appea1. In November, the School's Deputy Head Girl planted saplings as part of the Queen's Jubilee Canopy programme. In December, the Fifth Year students organised a Christmas Film nlghl for the School Charitle8. In December, the School took part in Christmas Jumper Day raising money for Save the Children. In Decetmber the School Carol Service was held al Windsor Parish Church and allended by members of the School community. A retiring collection provided funds for the School charities. In February a "Simpl8 Lunch. on Ash Wednesday saved £200 which was donated lo the School Charities. In February a school "Memes" non-uniform day raised £495 for the School Charilies. In March the school community marked World Book Day with a collection of children's literature which saw around 300 books donated lo the Children's Book Project. In March on International Women's Day, the Feminist Club ran an art competition with the winning design printed as a greetings card. The profits from the sale of these cards went to Berkshire Women's Aid. In March a Bake Sale was h8ld in aid of the Red Cross as part of the DEC Ukraine Humanitarian Appeal which raised £843. In March the Fourth Year Charity Sleepover raised around £1,000 for School Charities. In March the Third Year students organised an Easter themed raffle which raised £488 for School Charities. In April during Mental Health Awareness week a bake sale was held lo raise money and awareness for Mind with £241 collected. In June the First Year girls undertook a Charity Fole, raising £597 for school charities. In June the Second Year girls did a v8ry successful 'T8acher for a Day, and r8ised around £175 for school charities. In June the school community collected a minibus full of clothes and other items whlch were driven lo the London donation centre of the Association of Ukrainians, Great Britain for those suffering from the impact of the Russian invasion of Ukraine in both the UK and Eastern Europe. In the Summer Temi Sixth Form students allended a local primary School to undertake paired reading literacy work. In July. the Drama Departrnenl lent a local primary school Goslumes and props for their end of year production. In July the St George's Library donated surplus and duplicate books to a local primary school. In addition lo the above, the School aims lo foster an appreciation amongst the girls of the needs of other5 less fortunate th2n themselves. This social awareness and sensilivity is fostered by regular fundraising for charity by girls through year group and School activities such as fairs, competitions and s&rvice within the School. The pupil Charity Committee also works lo support the School's three ch0s8n annual oharities lenvironmenlal, health and social juslicel as well as for standalone events. For all good causes, the School raised around £5,850 during the year. The School does not ciGlively fundraise for itself, and is therefore not
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2022 registered with the fundraising regulator nor does it work with any third party fundraisers. No complaints have been received by the school regarding ils fLAndraising practices in the year. OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES Publlc Benefit, Slrategic Aims and Intended Effect The School encourages the individual development of each girl, whether boarder or day glrl, focusing on her stn91h$ and abilities in order lo produce the most appropriate educational portfolio for her. The School places great importance not only on academlc excellen bul also on her woml and spiritual welfare and views, as a priority, tho growth of vharacler, values and inner resources, which will equip her to cope with the rapid changes she will encounter in the world and inculcate a sense of seTvice and a desire lo conlribule to the wider community. The Scl)ool gives each girt increasing freedom and responsibililies as she progresses Ihrough Sl George's so Ihal when she leaves the Sixlh Form she is ready to make the most of university, the world of work and life in general. The School supports glrls to become "Confident, Capable and Connected.. Objectives for the Ye?r The objectives sel by the Governors for the current year were to.. Ensure aft environment Ihat remains as COVID~19 safe as practicable and follows Govemment guidelines. To continue lo strlve lo maximise individual performances at A Level and GCSE wlh a return to publiG exams. Develop and implement a new academic reporting system. Develop and improve the provision for the academieally able, gifted and Academic Scholars. Share excellent teaching practice and expertise in learning innovation acmss all school departments. Preparts for future EQIFCI ISI Inspg¢1ion. Increase and improve Professior)al Development and Staff Appraisal. Develop the provision for Co-curricular scholars {SGA Stretch Group). Implement new DfE Relationships, Health and Sex Education guidance across the School. To continue lo develop and enrich the #SGASixlh experience lo ensure strong retention of existing pupils and allracl new pupils. To develop and increase flexi and tailored boarding. Continue lo develop and respond to pastoral wellbeing support for pupils and staff especially post pandemic. Reconnecting the School orbce COVID-19 reslriclions ease with a range of whole school events. Embrace opportunllies for celebrating and ensuring Diversity and Inclusion across the School community, To oonlinue lo offer expertise on the range and variety of post-18 options and develop the
SGAPrep8red programme.
To prepare the School to become a Google Reference school, lo encourage pupil engagement {Googliesl and lo train and Gertify staff as Google users and trainers. To launch a revised School Website. Rekindle and develop partnerships with local Schools and the local community which were affected during the pandeiniL. Improve School Transport Connections lo benefit pupils. Continue lo develop the use of School facilities lo include publi¢ benefit.
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2022 PROVISION OF INFORMATION TO AUDITORS Each of the persons who are Governors al the time when this Governors, report is approved has confirmed: So far as Ihe Directors are aware, there is no relevant audit infom)alion ol which the School's auditors are unaware. Governor8 have taken all the steps that ought to have been taken as Governors in order lo be awa of any information needed by the School's auditors in connection with preparing their report and lo establish that the School's avdilors are aware of that information. AUDITORS Iri accordance with Section 485 of the Companies Act 2006, a resolution proposing the appointment of auditors of Ihe company will be pul to th& Annual General Meeling and will be subjecl to tender.
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2022 STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE opeI10naI Performance of the School This year's cohort of Fifth Year and Upper Sixth students was the first since 2019 to be assesged by public examination. In consideration of the effects of the pandemic on these two year groups, adaptations were made to the assessment procedures this year as follows.. • Advanced Infomialion was published for Most subjects outlining the arèas of focus for the examirlalions. Conlenl was reduced for subjects including History and Gecoraphy. Equation and formula sheets were produced for subjects including Maths and Physics. Art, Texlilas and Photography students were assessed on the strength of their portfolio only. In addition, grade boundaries were set in such a way as lo produ a spr8ad of grades which reflected a mid-way point between 2019 and the Teacher Assessed Grades of 2021. Ac8demic results for 2022 are as follows: 430/0 of A Level results were graded A'IA with 71Q/o of A Levels awarded an A. B grade. 60°A of GCSES were graded al a 7 or above with 42 /0 of GCSE results being awardèd a grade of 8 or 9 and 77°/0 of GCSES awarded a grade of 6 or better. In addition lo the School's Ir8dillon of impressive academic results, St Georye's is proud of the high levels of value added achieved every year. The GCSE value added statistic was particularly pleasing in 2022 with a score of 0.9. This ranked the School among the lop 20/. for value added in the Country. Post COVID, competition for university places has been significantly greater than in previous yecTrrs. We are therefore delighted that 62D/o of Upper Sixth Form pupils seGured places al their first choice universities with 80A gaining their insurance. FINANCIAL REVIEW Results for the Year The turbulence caused by COVID-19 has receded considerably and the School delivered a full year's education wilhoul any closures. While the pandemic continued lo affect some pupils, either through illness or travel conslrainls, these were low in numbers and the School did not experience any disruption of a scale that was seen during the previous Iwo reporting periods. Pupil numbers remained comparable lo the previous year bul with a small increase in boarding and a slight increase over811 during the year. Given recent disruption, the Governors sought to support and underpin parental Confiden by keeping fee increases lo a modest level and accordingly, the School has shown further improvement in ils financial position while maintaining pupil numbers. Al the start of the period, a sm811 deficit was predicted but the end of year position was considerably more positive than forecast. This came as a result of more ptjpils joining during the year, offective cost control and management, a conseNative approach lo capital spending. and improved lelling incume. The latter has incre2sed considerably and included extensive use of the Swimming Pool and residential camps al Easter and in the summer. The initial forecasl OLJllurn was Iherefortr adjusted as the position sIng1hened during tho year and the EBITDA was £554,520. The ond of year position, before pension adjustment, reflected a surplus of £110,031 {2021 (£3.39311. This figurè Is after spending £243,094 {2027,' £240, 121) on repairs and maintenance in the year. The result also included part of the cost for the mAjor capital project for 2022123, the inslallalion of a large solar panel array on the Sports Hall roof. the purch28e of new minibuses lo renew the floel and several minor capital projeGIs to improve safely and sccurily across the site. 10
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2022 Investment Performance agalnst ObjeGtJves The overall investment objecllves of the School are to create sufficient funds through income and capital in order to enable the School to Garry out its purposes ¢onsisterLlly, year by year and with due and proper consideration for future needs. They include the maintenance of and, if possible, enhancement of the value of Ihe invested funds while they ar8 retained. The School's investments are reviewed by the Govemors and managed by M&G Inveslmenls. There remains a nominal amount of school money with M&G and the Governors remain commilled lo reinvestlng regularly in M&G lo build up reserves. However, given the globa5 uncertainty that was experienced duilng the year and which is expected to continue for the next COLJple of years, the stratcgic decision was taken to pause investments lo ensure the School retained a high level liquidity. Al 31 July 2022, the listed investments {comprising mainly Equities and Convertible Stocks) had a market value of £3 {2021.' £1). Rese¢$ Policy The Governors. policy is currently unchanged-. to bulld up free reserves lo meet demands for further expenditure out of annual operating surpluses lo equip the School with the up-1041ale facilities need8d lo improve and maintain tha standard of educational services, pastoral 8nd sporting facilities. After capital expenditure there are currently no freely available r888Nes {2021'. £0). The School's unrestricted funds stood at £11,200,4g9 (2021.. 11,128,203) at the year-end. FUTURE PLANS Sl Georye's is a place where girls flourish academically, creatively, physically and morally. a place where risks can be taken, lessons are learnt. and challenges are welcomed. We strive for the very besl for our girls and by developing their love of learning, their academic poterklial and their individual talents, we are able to urture them to become happy, responsible, well balanced and resilient young women in the twenty-first century. The Govarnors, together with the Head and Senior Leadership Team, caY out regular reviews of the future plans for the School. Plans for the next soveral years have been the subject of a Comprehenslve. ongoing review and revision lo the School's 1(kyear slffitegy. The headlines from this will be publicised In September 2022 and there are a number of themes, which remain relevant-. To continue to develop and improve the IT provision for pupils, slaff and parellls through the ICT steering group and Academic Management Team, supported by the Learning Innovation Le8d. The School has committed lo the purchase of enhanced IT support to pupils in 22123, building on the success achieved in recent years. To invest in existing fa¢ililies lo ensure Ihal Sl George's maintains an exemplary standard in all areas. To strengthen the Sl George's Swimming Programm8 for PLtpils, under the Head of Swimming and with our external provider, Frogs and Friends. maintaining the use of tho school swimming pool for school activities, competitions, swimming l&ssons, local primary school use., an area which has séen considerablè &xpansion. To fijrther develop and consolidate links with the local community including local primary schools, charity and volunteering opportunities, and exploring further avenues for use of the schoal facilities {e.g. rbelball courts, sports hall, Ihealrel, by the local community. To continue to develop the School alongside sound environmental principles, for example the pupil environmental committee and prefect appointment have been achieved and a new solar panel projecl is being completed. During the period the School also changed housekeeping equipment to reduce Ihe use of harsh chemicals. Such work will be bLtriII upon. The Senior Leadership Team and Governors Strategy Group are to publish a new 10-year development plan and sh8re this with key stakeholders.
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2022 FIXED ASSETS The valuation of freohold land and buildings of the Gompany depends largely on their conlintied use as a school or similar activity. The Govemors 2re satisfied that, assuming they continue lo be used for their current purposes and are maintained in good repair, the market value of the freohold land and buildings is not less than the value al which they are shown in these financial slat8menls. Movements in 18ngible flxed assets are shown in note 7 of the financial statements. RISK MANAGEMENT The Governing Body is respon.qible for the management of the risks faced by St George's. Detailed considerations of risk are assessed by senior staff for remew by the F&M and Educalion Sub-committees and then c&ntrally by the Governing Body. Risk is assessed in three categories,. Slralegic, Financial and Operational risk. Risks are identified. assessed and controls or mitigations established throughout th& year. A fomial review of the risk management process is undertaken on a rolling basis throughout each year. The key controls used it)clude- Formal agenda for Goveming Body and sUcOm[ll1ee meetings. Comprehensive planning, budgeting and management accounting. Established reporting lines. Formal wrillan policies. Altlhorisalion and approval levels. External assurance and inspection. Princlpal Risks and Uncertainties The Governors congider there lo have been a shift over this period. The COVID-Ig risk has reduced to a more manageable level difficult bul il is the global economic situation, which is now the most significant risk and a cause for concem. Increases in inflation, particularly energy and food, will increase the School's operating rL)sl over the near-lerm and this was already notable in the current period. The budget for the next rinancial ppriod has identified these areas where possible and a contingency is also planned for. It is not yel clear whether, or lo what degree pupils, parents will be affected but il should be noted that the pupil numbers for 22123 shown a notable increase. Regardless, controls h2ve been pul in place to mitigate this risk and ils possible enduring nalLJre. As previously mentioned, a tempered fee increase was applied. As indicated, the Governors fomially review risk at the Finance & Marketing and Eduoalion Sub~Commillee meelings as a standing agendts item. Risk is divided into three seclions and al each meeting one section is Considered. The sections are Strategic, Financial, and Operational risks. In addition, all the risk register is reviewed annually by the Senior Leadorship Team and the Full Board of Governors and significant changes to risk profiles or control measures are highlighted. The most signrficant risk lo the charity, and indeed most Independent schools, continues lo be any significant reduction of pupil numbers. lèading lo a marked reduction in income. This is a maller that receives continuous attention. The risk is compounded by the possibility of future government legislative changes lo bLJsiness rates relief or the addition of VAT lo fees. Identified as significant risks with some mitigations available, this would increase operating costs and almost certainly lead lo increased fees, r8ising the risk of reduced pupil numbers even higher. Health & Safety is a significant issue that demands effective risk management. The risks associated with all operational activities are minimised by thorough planning and risk assessment. The School m8intains an effective accident reporting process bul this has now been complemented by the addition of a near miss ieporting system and associated training and analysis froni which lessons are drawn, The Governors receive an annual Health & Safely report and the School retains Owen David as H&S consullants 10 8udll an6 advise on related mallers. 12
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2022 The Governors are therefore satisfied that for all major risks identified for the School, appropriate Controls have been pul in place and are mainlained lo miligale those risks lo as low as reasonably praclicable and loler£ibSe.11 is recognised that systems can provide only reasonable, bul not absolute assuran that major iisks will nol be realised. STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors are responsible for preparing the Annual Report and Ihe slalements in aceordarkce with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Slandardsl- Company law requires the TnJsl8es to preparo finanaal slatements for each financial year. Under company law the Trustees musl not approve the financial slalements unless they are satisfied that they give a true arnd fair view of the stsle of affairs of the charilable company and of the incoming resources and application of resources, including the income and expenditure, of the charltable company for that period. In preparing these financial statements, the Trustees are required lo-. select suitable accounting policies and then apply them Consistently., observe the methods and principles in the Charities SORP., make judgments and estimates Ihal are reasonable and prudent., state whether applicable UK accounting standards have been followed, Sltbjecl to any mal&rial departures disclosed and explained in the financial stalemenls,. and prepare the financial slalemenls on the going concern basis unless it is inappropriate to presume that the charitable company will conllnue in business. Thé Governors are responsible for keeping proper accounling records that disclosa wlh reasonable accuracy al any time the financial position of the company and enable them lo ensure that the financial slalemanls comply with the Companies Act 2006 and the provisions of the charity's conslitulion. They are also rasponsible for safeguarding the assets of the chcirity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Thls Annual Reporl, prepared under the Charities Act 2011 and the Companies Act 2006. was approved by the Governing Body of Sl. George's School Ascot Tru51 Limited on 8 December 2022 including in their capacity as company directors approving the Strategic Report conlained therein, and is signed as authortsed on ils behalf by.. A Mackintosh CHAIRMAN 13
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST GEORGE'S SCHOOL ASCOT TRUST LIMITED Opinion We have audited the financial statements of Sl George's School Ascot Trust Limited for the year ended 31 July 2022 which comprise the Consolidated Slalemenl of Financial Aclivilies, the group and parent charitable Gompany's Balance Sheels, the Consolidated Cash Flow Statement and notes lo the financial slalemenls. including a summary of significant accounling polictes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reportinq Standard 102 The FFnanci81 Reporting Slandard applicable in the UK and Republic of Irel&nd (United F<ingdom Generally Accepted Accounting Practi¢81. In our opinion, the financial ststements.. give a true and fair view of the slate of th8 group's and of the parent charitable company's affairs as al 31 July 2022 and of the group's ancl parent charitable corrpany's nel movement in funds. including the income and expendilure, for the year then ended.. have been properly prepared in a¢¢ordance 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 conducled our audit in accordance with International Standards on Auditing IUKI (ISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's re8ponsibililies for the audit of the financial slalemenls section of our report. We aro independenl of the group in accordance with the ethical requirements that are relevant lo our audit of the financial statements In the UK, including the FRC'S Ethir,al Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We b&li6ve that the audit evidence wé have obtained is sulficienl and appropriate to provide a basis for our opinion. Conclusions relatlng to going Goncern In auditing th& financial slalemenls, we have concluded that the governors, use of Ihe going concern basis of accountin9 in the preparation of the flnancial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that. individually or collectively, may cast significant doubl on the group's ability lo continue as a going con¢ern for a period of al least twelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the rssponsibililies of th8 governors with respect lo golng concern are described in the rel8vanl sections of this report. Other information The governors are responsible for the other information. The other information comprises the informalior included in the Governors, Annual Report. Our opinion on the financial statements does not cover the other information and, except lo 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 slalemenls. our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financAal statements or our knowledge obtained in the audit or otherwise appears lo be materially mis81aled. If we identify such material inconsistencies or apparent maleiial misslatemenls. we are required lo determine whether there is a material misslalemenl in the financial slalemenls or a material misslalemsnl of tho other infomialion. If, based on the work we have performed, wa conclude that there is a material misslatemant of this other information, we arg requircd lo report that fact. We have nothing lo report in this regard. Opinions on other matlers prescribod by the Companies Act 2006 In our opinion, based on the work undertaken in the Course of the aLJdil'. the information given in the Governors, Annual Report {which includes the strategic report and Ihe directors, report prepared for the purposes of company lawl for the financial year for which the financial statements are prepared is consislenl with the financial slatemenls., and the strategic report and the directors, report included within the Governors, Annual Report have been prepared in aOrdanCe with applicable legal requirements. 14
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST GEORGE'S SCHOOL ASCOT TRUST LIMITED Matters on which we aye required to report by exception In the light ol the knowledge and understandinsj of the group and the parent charitable company and its environment oblained in the course of the audit. we have not identified material misslalemenls in the Governors, Annual Report {which incorporates the strattrgic report and the directors, report). We have nothing lo report in respect of the following mallers in r8181ion lo which the Companies Act 2006 reqltires us to report to you if, in our opinion.. adequ8le accounting records have not been kept by the parent charitable company: or the parent charitable coinpany financial slatemenls are nol in agreement with th8 accounting records and r&lurns', or Certain disclosures of governors, remuneration specified by law are not made; or we have not received all the information and explanallons we require for our audit. Responsiblllties of govèrnors for the financial statements As explained more fully in the governors, responsibilities slalement sel out on page 13, the governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for ljeing 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 mlsslalemenl, whether due lo fraud or error. In prèparing the financlal statements, the govemors are responsible for assessing the group's and the parent charitable company's ability lo continue as a going Concern, disclosing, as applicable, mallors relaleé to going concern and using the going concern basis of accounting unless the governors either intend to liquidate the group or the parent charitable company or to cease operations, or have no realis11C 8llernalive but lo do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements 29 8 whole are Iree from material misstatement, whether due lo fraud or error, and lo issue an auditor's report that inclLJdes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit Conducted in accordan with ISAS IUKI wll always detect a malerial misstalemenl when il exlsts. Misstatements Can arise from fraud or error and are con£idered malerial if. individually or in the aggregate, they could reasonably be expeGled to influence the economic decisions of users taken on the b2sis of Ihese financial slatamenls. Irregularities, including fraud, are inslanoes of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misslalemenls in respect of irregularities, including fraud. The exlenl lo which our procedures are Gapable of d8lecling irregularities, including fraud is detailed below. Based on our understanding of the charitable company Ejnd the environment in which il operates, we identified that the principal risks of non-compliances with laws and regulations TÈlated to the regulatory requirements of the Charity Cotnmission, the Independent Schools Inspectorate IISII and the statutory safeguarding and child prole¢lion gLtidance issued by th6 Department for Education IDfE), and we considered the exlenl lo which non-compliance might have a material eflecl orn the financial statements. We also Considered those laws and regulations that have a direct impact on the preparation of the financial slalemenls such as the Charities Act 2011. Charitl8s SORP {20191, Companies Act 2006 and payroll taxes. We evaluated m8nagemenl's incentives and opportunities for fraLEdulenl manipul81ion of the financial slalements lincluding Ilie risk of override of conlrolsl and determined that Ihe principal risk was related lo the recognition of voluntary income. Audit procedures performed by Ihe engagement team included.. Enquiries of management regarding correspondence with regulators arbd lax authorilles., Discussions with management including consideration of known or stAspecled instances of non- compliance with laws and regulation and fraud., Reviewing the controls and procedures of the charity, particularly in relation lo the recording of income and processing of payments and payroll, lo ensure these were in place throughout the year, including during the Covid-19 remote working period., Evaluating management's controls designed lo prevent and delecl irregularities.. 15
Reviewing and lesling journal entries made in the year. particularly those made as part of the year end financial reporting process., and Challenging assumptions and judgements made by management in their accounting estimates which comprise depreciation, bad debt provision, accruals, deferred income and defined benefit pension scheme. Because of the inherent limitations of an audit. there is a risk that we will not delecl all Irregularities, including those leading lo a material misslalemenl in the financial slalements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slatemenls, as we will be less likely lo become aware of instances of non- compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgeiy. collusion, omission or misrepresenlalion. A further description of our responsibilities for the audil of the financial slalemenls is located on the Financial Reporting Council's website al.. ww4.frc.o -uklaudilorsres onsibilities. This description forms part of our auditor's report. Use of our raport This report is made solely lo the 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 slate lo the charitable company's members those mallers we are required lo slate to them in an Auditor's report and for no other purpose. To the fullest extent permilled by law, we do not aept or assume responsibility lo anyone other than the charitable company and the charitable companls members, as a body, for our audit work, for this report, or for the opinions we have formed. Jane Askew (Senior Slalulory Audilorl For and on behalf of Haysmacinlyre LLP, Slalutory Auditors Date 15 March 2023 10 Queen Street Place London EC4R 1AG 16
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORA TING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2022 Notes Unreslrict8d Restricted Funds Funds Total 2022 Total 2021 INCOME FROM: Voluntary sources: Donalions Government grant income Charitable activities: School fees receivable Registration fees, surcharges and dep05ils Rechargeable income School trading income Investments.. Bank interest Other trading income 2b 700 7,139 700 7.139 f6,383 159, 137 2a 6,361,014 6.361,014 5,869,831 77,910 39,988 117,115 77.910 39,988 117,115 32,105 59,804 31,722 8,859 151272 8,859 151272 11,783 2b Total Income 6 763 997 6 763 997 6 218 186 EXPENDITURE ON: haritable activities for pupils: School operating costs Rechargeable expenditure Costs of raising funds. School trading expenditure Financing and other costs 6,535,644 26,189 3,186 6,538,830 6,162,967 26.189 59.835 38,993 38,993 28.134 Total expenditure 6650 178 6 653 364 6 221579 Net lexpenditure)lincome before investment {lossèsllgains 113819 110633 Net gainsl{lossl on pensions in the year Net Incomel{expenditurel 53,809 13,1861 50,623 29.174 Transfers Net movement in funds 53,809 13,1861 50,623 29,174 Funds brought forward 11123568 11 128203 11099 029 Funds catried forward 28 All amounts derive from continuing #Ctivilies. All gains and losses re¢ognised in the year are included in the Statement of Financial Aclivilies. Full comparative figures for the year end 31 July 2021 are shown in note 18 on page 36. The notes on pages 19 to 35 form part of these accounts. 17
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED BALANCE SHEETS AT 31 JULY 2022 COMPANY NUMBER: 924805 Notes Group Charity 2022 2021 2022 2021 FIXED ASSETS Tangible assets Investments 12,546,748 12,772, 127 12.546.748 12, [72, 127 12 546 751 12 772 128 12 546 751 12 772 730 CURRENT ASSETS Stocks Debtors Cash al bank and in hand 12,654 353,969 1635 177 9,064 218,087 876 909 12,654 432,120 1 549 796 9,064 219,308 869 799 2,001,800 7,104,060 1,994,570 f,098,171 CREDITORS.. Amounts falling due within one year io 1380619 1 153 809 1 373 389 1 147 920 NET CURRENT ASSETSILIABILITIES) 621 181 621 181 TOTAL ASSETS LESS CURRENT LIABILITIES 1,3167,932 12,722,3T9 13,167,932 12,722,381 CREDITORS: Amounts falling due after more than one year 12 1989 106 1594 176 1989 106 1594 f76 TOTAL NET ASSETS 14 11 1282 FUNDS UNRESTRICTED General fund 11,177,377 17,123,568 11,177,377 11, 123,570 RESTRICTED 13 TOTAL FUNDS The parent only surplus in Ihe year was £50,62312021.' surplus £27,857). These financial statements were approved and aulhorised for issue by the Board of Governors and wero signed on ils bÈhalf on 8 December 2022. A Macklntosh CHAIRMAN The notes on pages 19 10 35 form part of these accounts 18
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2022 2022 2021 Net movement in funds Interest reG6ivable Interest paid Depreciation charges Decreasellincrttasel in stocks {Increaselldecrease in debtors (Decreasellincrease in creditors, deposits and fees in advance Movement on pension liability 50,621 18,8591 19,164 416,166 13,5901 {135,8831 561,732 29,173 (11, 783) 16,400 415,046 1, 785 132,679 (92, 051) Net cash provlded by operating actlvltlès Cash flows from investing activities Payments lo acquire tangible fixed assets Interest paid Interest received 1190,789} 119.1641 (190,47 7) (16,400J Net Ga$h (used in) investing activities 1181,9301 (195,034) Cash flows from flnanclng activities Cash inflows from new borrowing 280 137 Net cash provided by linancing aclivitl8S 280 137 Increaselldecrease} In cash and cash equSvalents in the year Cash and cash equivalents at the beginnlng of the year 876 909 335 722 Total cash and cash equivalents at the end of the year 876 909 ANALYSIS OF CHANGES IN NET DEBT At 1 August 2021 At 31 July 2022 Cashflows Cash al bank and in hand Loans 876, gog (1,080, 137) 758,268 97,631 1,635.177 1982.5061 Total (203,228) 855,899 652,871 The notes on pages 19 10 34 form part of these accounts 19
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ACCOUNTING POLICIES Basis of Preparatlon st George's School A8coI Trust Limited is an incorporaled charity in the UK Icharily number 309088, company number 9248051, with ils registered office at Wells Lane, Ascot, Berkshire, SL5 7DZ. The financial slalements have been prepared in accordance with the Financial Réporting Standard applicab18 in the UK and R&public of Ireland IFRS1021, the Companies Act 2006 and the Slalemenl of Recommended Pr8cllce for Charities {SORP 20151 (Second Edition, effective l January 20191 applicable lo ch8rilie8 preparing their aocounls in accordance with the Financial Reporting Standard applicable iii the UK and Republic of Ire5and IFRS 1021. Sl George's School meets the dgfinilion of a public benefit enlily under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless OthenlSe slated in the relevant accounting policy nolelsl. b} Golng Concern The Governors have maintained a close review of financial and strategic risk especially given the challenges over the past ye2r which have affe¢led the operating environment and forecast income. Having maintained a fiscally conservative strategy, the Governors have every reason to expect that the School has adequate resources to continue its activities for the foreseeable future. Posl-8REXIT impact ¢onlinues lo be c2re*ully considered as are the stresses being noted in both the UK and world economies. While these factors have placed increased strain on operations and finances, there is still confidence in the appropriate balan helween residual income, operating costs and low exposure lo capital projects. The School has also hedged ils energy requiremenls for the mid.term al reasonable rates. Therefore, the Govemors are satisfied that the School remains a going concern. Group Financlal Statements The groL¢P financi21 statements consolidate the financi81 st81emenls of the charitable company and its wholly owned subsidiary, Sl George's Ascot Enterprises Limited. A separate Slalemenl of Financigl Activities and Income and Expenditure AccoLJnl for the eharily has not been presented because thè charity has taken advarilage of lh8 exemption 2fforded by section 408 of the Companies Act 2006. The surplus of the parent charily was £50.62312021'. surplus £29.1741. The regisl8red offiGe for both St George's School Ascot Trust Limited and Sl George's Ascot Enterpris88 Limited is Wells Lane, Ascot, Berkshire, SL5 7DZ. The parent has taken exemption from presenting ils unconsolidaled profil and loss account under Section 408 of the Companies Act 2006 and as permitted by FRS 102. dl Income All income is included in the statement of financial activities when the charitable company is legally enlilled lo the income and the amoLJnl Can be quantified with reasonable accuracy. Fees and Slmllar Income Fees recelvable and charf3es for servioes and use of prernises are accounted for in the period in Mthich the servlce Is provided. Fees receivable are slated after deducting allowances, scholarships and olh&r remissions granted by Ihe S¢hcKJl. 20
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 Income from pupil extras Ch8rges are made lo pupils to cover the cost of 'Exlras'. In some cases. the costs slightly exceed the Charges made and in others there is a small surplus ramainin9 and this is used lo assist with curriculum trips for those on bursaries. gl Voluntary income Donatlons Donations receivable for the general purposes of the Charity are credited lo 'unreslrlcled funds" to dislingulsh them from direct Schix)l income. Donations for purposes restricted by the wishes of the donor are taken lo"stilCted funds" where these wishes are legally binding on the Governors. Coronavirus Joh Retention Scheme ICJRSI Income Government grant income paid under the CJRS has b88n recognised in the Statement of Financial Activities in the period to which the L¢nderlying furloughed staff costs relate to. No fundlng from CJRS was received in this period. h) Expendllure Expenditure is accounted for on an accruals ba81S 2nd summarrised under functional headings on a direct cost basis. Overhead and other costs not directly allributable lo particular functional activity categories are apportioned over the relevant categor16s on the basis of management eslimales of the amount allribulable lo that activity in the yearly reference lo staff lime. The irrecoverable element of VAT is included with the item of expense lo which il relales. Govemance costs comprise the costs of runnlng the charitable company, including strategic planning for ils futiiré developmonl, external audit, any legal advicè for the directors, and a51 costs of complying with constitutional and slalulory requireMeIS, such as the costs of Board and Commillee meetings and of preparing stalulory accounts and satlsfying public accountability. Allocation of support costs Support costs are those functions that assist the work of the School bul do not directly undertake charitable activities. Support costs include back office sts comprising of facilities, genefftl management, legal and professional. IT and governance costs which support the School's activities. Thesc costs have been allocated between expenditure on raising funds and expenditure on charitable activities on the basis sel out in note 3. Depreciation Depreciation is c21culaled lo write down the cost of all tangible fixed assets, excltjding fre6hold land. by annual inslalmenls over their expected useful economic lives as follows.. 2- 5% per annum on cosvvalualion 10 - 20°/o per annum on cost 250/0 per annum on cost 20- 33°/D per annum on cost Freehold buildings Furniture and equipmenl Motor vehicles Computers Individual items costing less than £2,000 are wrillen off as an expense as acquired. 21
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 kl Pension Unlll ALEgusl 312020 the School contributed to the Teachers, Pension Defined Benefits Scheme at rates sel by the Scheme Actuary and advised lo the Board by thè Scheme A(iminislralor. The scheme is a mulli-employer pension scheme and il is not possible lo identify the assets and liabilities of the scheme, which are allribulable to the School. In accordance with FRS 102, Iherefoie, th6 scheme is accounted for as a defined conlribulion scheme. From 1 September 2020 the School started a Defined Contribution Scheme with a private provid8r. The School contributed to The Pensions Trust Independent School Pension Scheme Growth Plan (Defined Benefill for some staff until 31 January 2021 bul now all support stall are together with the Defined Contribution Scheme. The Scheme is a mulli-employer scheme as it is 01 possible in the normal course of events to identify the share of the vnderlying assets belonging to the individual participaling &mployers and accordingly, in a¢¢ordance with FRS 102, is accounted for as a defined contribution scheme with conlrlbulions being recorded as they become payable. How8ver, in rèspect of the Defined Benefit Scheme. the School also makes deficit contributions. In accordance with FRS 102, thes8 payments have been meagured at fair value 2nd included as a liability on th8 balance sheet. Contributions lo all schem6s are charged in th6 Statement of Financial Activities as théy become payable in accordance with the rules of the sohemes. Operating Leasès Rentals payable under operating leases are charged lo the Slalemenl of Flnancial Activities as incurred. Stocks Stocks are carrled at the lower of cost and nal realisable value. Investments Listed invéslmenls are carried at their fair value al the balanc8 sheet date. Investment gains and10sses are recognised in the Slalemenl of Financial Activities in the period in which they arise. Unrestricted general funds These are funds which can be used in accordance with the charitable objects at the discretion of tre Trustees. p) Restricted funds Th8se are funds that can only be used for specific restricted purposes within the objects of the charitable company as laid down by the donor. Expenditure which meets these criteria is charged lo the fund, together wilh a fair alloc81ion of relevant overheads. ql Financial instruments The School only has financial assets and financial liabilities of 8 kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognlsed al Iransaclion value and subsequently measured at their selllemenl value. 22
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 Cash and cash equivalents Cash is represented by cash in hand and deposlls with financial in81ilutions repayable without penalty on notice of nol more than 24 hours. Genp.rally, cash equivalents are highly liquid investments that mature in no more than three months from the dale of acquisition. They are readily convertible to known amounts of cash with insignificant risk of chanoe in value. Critical areas of Judgèment Governors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The eslimales and underlying assumptions are based on historical experienGe and other factors that are considered lo be relevant. Actual results may differ from these estimates. The eslimales ancl underlying assumptions are remewed on an ongoing basis. In the view of the Governors, no assumptions concerning the estimation Lsfkcertainly affecting assets and liabilities al the balance sheet dale are likely to result in a material adjustment to their carrying amounts. 23
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 SCHOOL FEES The School's fee income comprisod., 2022 2021 Gross fees Less.. scholarships, bursaries and discounts Less.. allowancès 7,133.025 1736.0871 6,585.293 (680,301J b) Other Income 2022 2021 Courses and sub-letungs Profit on sale of fixed assets Insurance commissions 144,305 26, 789 4,680 5,952 6,967 Thare have also been donations and legacies of £70012021.. £16,383}. 24
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 TOTAL EXPENDITURE 2022 Total 2022 Staff costs Depreelatlon Other Charitable activitl8S School operating costs.. Teaching costs Welfare Gosl8 Premises costs Suppor( costs of schooling 2,912,242 894,139 242,106 571313 8,025 11,424 396,718 285,727 371,033 628,108 217 995 3,205,994 1,276,596 1,266,932 789 308 4619800 416 167 1502 863 6 538 830 Rechargeable expenditure School trading expenditure Financing and other costs 26,189 38,993 26.189 38,993 rotal expenditure 19 TOTAL EXPENDITURE 2021 Total 2021 Staff Costs Depreciatlon Other Gharitable a¢tivitles School operating costs.. Teaching costs Welfarc costs Premises costs Support costs of schooling 2,828,762 819,807 221.466 538 666 9,083 10,042 390,217 298,009 256,270 576, 229 208711 3,135,854 1,086,119 1, 187,912 753 082 4 408 701 415047 1339 219 6 162 967 Rechargeable expendiluro School trading expenditure Financing and olhey costs 59,835 28,134 59,835 28,134 Total expenditure 08 Included within support costs are total govemance Costs, including audil fees of £19,85012021.. £15,900J. 25
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 NET INCOME FOR THE YEAR 2022 2021 Is stated after charglngllcreditingl.. Depreciation - own assets Auditors, remuneration audit fees Profil on sale of taiigible fixed assets 416.167 19,850 415,047 75,900 STAFF COSTS- GROUP AND CHARITY Wages and salaries Social security costs Other pension costs Isee note 17) Redundancy Payments Movernenl in pension trust growth plan liabillty 3,709.148 372,871 537,781 3,558, 747 348, 768 480,699 20,488 60,010 The average number of employees in the year was.. No. Teaching Peripatetic Domestic Boarding Admillislralion maintenan and grounds 46 18 30 10 26 47 Ig 29 io 27 The following number of employees exceaded £60,000 emoluments: In the band £60.000 - £70,000 In the band £71,000- £80,000 In the band £81,000 - £90,000 In the b2nd £120,000 . £130,000 Total Cost of employer's pansion contributions in relation lo the above The key management personnel of the charity are the Governors, Head and Bursar. Tol81 employee benefits of the key management employees of the School and group were £272,011 (2021.. £265,2g3). None of the Governors re¢aived remuneralion12021.' nil) and no Governors received expensos in thè year f2021.' nil). TAXATION St George's School Ascot Trust Limited is a charity and is enlilled for the current year lo the exemptions provided by Section 505 Income and Corporation Taxes Act 1988. 26
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 TANGIBLE FIXED ASSETS- GROUP & CHARITY Freehold land & buildings Fixtures & equipment Motor vehicles Total COST At 1 August 2021 Additions 18,002,516 28,785 1,605,889 116,594 218,730 45,409 19,827,135 190,788 At 31 July 2022 18 031301 1 722 483 264 139 20 017 923 DEPRECIATION Al 1 Auousl 2021 Charge for the year 5,407,302 372,503 1,457.651 28,447 f90,055 15.217 7,055,008 416,167 Al 31 July 2022 5 779 805 1486 098 205 272 7 471175 NET BOOK VALUES 31 July 2022 31 July 2021 12 238 aL75 27
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 INVESTMENTS These investments relate lo the charlly and group In¢ludin9 the Enterprises shareholdlng of £2. 2022 2021 Inveslrllenls 211 August Withdrawals Revaluations Ilossesllgains Investments at 31 July Listed investments include the following.. 2022 2021 Ur¢il Trust- M&G Securities Icharifund Accumulation) These investments are basic financial instruments which are held for investment relum and measured 81 fairlmarkel value. The enliltys income. expense, gains and losses in respect of financial instruments are as follows= 2022 2021 Total dividend and Interest income for basic financial assets Total Ilossesllg8ins in respect of basic financial assets 28
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 SUBSIDIARY UNDERTAKING Sl George's Ascot Enterprises Limited {Company Number 95553491 is a wholly owned trading subsidiary of St George's School Ascot Trust Limited. The subsidiary was established lo carry out the letting and other activities associated with the School and began trading in 2016. 2022 2021 Proflt and Loss Account Turnover Cost of Sales 110,646 37,722 Gwoss Profil Administrativ& Expenses 85,333 5,147 Prolit on ordinary actiV5ties Retained profit al the beginning of the year Profit for the year Donation to parent under gift aid 82,884 1,318 Retained {profitl carried foThvard Balance Sheet Total Assets Total Liabilities 98,422 15,670 Nel Assets Share Capital Retained Profil Capit81 and Reserves 29
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 DEBTORS Group 2022 Charity 2022 2021 2027 Fees and extras 41,332 42,210 Prepayrnenls accrued income Other Debtors Intercompany ijebtor 28,293 and 33,650 90.845 221,792 66,402 109,475 90.845 221,792 66.402 109,475 All debtors are basic financial instruments measured al amortised cost, with the exTrplion of prepayments. 10. CREDITORS.. Amounts falllng due within one year Group Charity 2022 2021 2022 2021 Deposits Fees in advance Other taxes and social security Trade creditors Pension Li8bilily Other creditors and accruals Bank L08ns Advanco fees scheme (see note 11) 189,600 409,216 f 69, 150 254,045 189,600 409,216 169,t50 254,045 104,389 162.555 52.743 274,634 97,285 92,632 24,812 33,600 281,245 275,000 104.389 162,555 52,743 267.404 97,285 92,632 24,872 33, 600 275,356 275,000 53 92 All credilors are basic financial instruments rneasured al amortised cost, with the axceplion of other taxation arid social se¢urily. deferred income and advance fees. The School retains a loan with Barclays which has an amortising profile of 17 year8 with a bullet payment on the final repayment date. Security of the loan is held on the Schoal sile. The School is also repaying a Coronavirus Business Interruption Loan. This is profiled over 5 years and the capilg*l and interest iepaymenls started in November 2021. 30
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 11. ADVANCE FEES SCHEME Parents may enter into a contract lo pay to the School up to the equivalent of seven years, tuition fees in advance. The money may be returned subject to specific conditions on the receipt of one term's notice. Advance fees will be 2pplied as follows.. 2022 2021 Within 2 10 5 years Within 110 2 years 26,484 Due after more than one year Is8é Note 121 92.949 51,129 Due within one year (see Nots 10) The balance represents the accrued liability under the conlracls. The movements during the year wer8.. B81anee at 1 August New Contracts Amounts accrued lo conlraets 74.454 153,692 112,815 229.856 115.114 Amounts utilised in payment of fees Balance at 31 July 12. CREDITORS: Amounts falling due atter more than one yaar Group Charity 2022 2021 2022 2021 Advance fees scheme (see note 11) Pension Liability Hire Purchase Bank Loan Deposits 92,469 341.320 39.046 880.256 636 015 57, 129 281,370 22,895 782,242 456 600 92,469 341,320 39,046 880,256 636015 51.129 281,3to 22,895 782,242 594 31
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 13. RESTRICTED FUNDS f August 2021 31 July 2022 Income Expenditure Transfers Swmming pool 4,635 3,1861 1,449 The School continued to operate a restricted fLtnd for the development projects planned for th8 School but in year there were no donations. l August 2020 31 July 2021 Income Expènditure Transf&rs Swimming pool 4, 635 4.635 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS- GROUP 2022 Unrestricted Restricted Total funds Tangible assets Investments Current assets Current liabilities Creditors due after more than one year 12.546,748 12,546,748 2,000,351 (1,380,619) 1989 106 1,449 2,001.800 11,380,619) 1989 106 2021 Unrestricted Restricted Total funds Tangible assets Investmen15 Current assets Current liabilities Creditors dup 8fler more than one year f 2. 712, 127 12, 772. 727 1,099,425 fl, 153,809) 1594 Y76 4,635 1, 104,060 (1, 153, 809) 1594 176 ILttL568 a.128 2 32
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 15. COMMITMENTS Al Ihe year-end, the ageing of totsl minimum lease payments were as follows.. 2022 2027 Operating leases due- Within one year Between two- five years 14,860 39,780 69 16. RELATED PARTY TRANSACTIONS In the year lo 31 July 2022. the following transa¢lions took placo between the School and ils wholly owned subsidiary.. Supply of staff lo subsidiary £Nil {2021 £Nill Supply of fuod and housekeeping lo subsidiary £Nil12021 £Nil) Distribution of profits from subsidiary lo the School under gift aid £82.88412021 £1,318) One Governor had children at the School during the year12 in 2021 }- The Govemor received no fee remisslon for their role as a governor. 17. PENSION COSTS Teachers. Pension Scheme and Defined Contribution Scheme Until 31 August 2020 the School partlGipaled in the Teachers. Pension Scheme {"Ihe TPS ) for Ils teaching staff. The pension charge for the year includes contributions payable lo the TPS of £ Nil 12021.- £39.8171. Following a consullalion with the staff, the School left the scheme on 31 August 2020. The School joined a private scheme from 1 September 2020. The pension chargè for the year includes Contributions payable lo the scheme of £490.464. Al the year-end £40,922 was accrued in respect of contributions to the schem8. ort Staff The company participates in tha TPT Retirement Solutions s¢hemo, 2 mulli-employer scheme which provides benefits to some 638 non-associated participating Èmployers. The scheme is a delined b&nefil scheme in the UK. It is nol possible for the company to obtain sufficient information lo enable il lo account for the scheme as 8 defined benefit scheme. Therefore, il accounts for the Scheme as a defined contribution scheme. The 8cheme is 8ubjecl lo the funding legislation outlined in the Pensions Act 2004 whiGh came into forcc on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a 'lasl-man standing arrangement,. Therefore, the company is poterblially liable for other participating employers, obligations if those employers are unable lo meet their share of the scheme deficit following MrilhdTawal from the scheme. PartlGipaling employers are legally required lo meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. 33
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 A full 2cluarial valuation for the scheme was Carried out al 30 September 2011. This actuarial valuation showed asselg of £119.4m. liabilities of £161.2m and a deficit of £41.8m. A full actuarial valuation for the s¢heme was carried out al 30 September 2014. This valuation showed assets of £110.Om. liabilities of £147.4m and a deficit of £37.4m. To elimin21e this funding shortfall, the Trustee has asked the participating employers lo pay additional contributions lo the scheme. The recovery plan contributions are allocated to each participating employer in line with Ihelr èslimaled share of thè scheme liabilities. Where the scheme is in deficit and where the company has agreed lo a deficit funding arrangement the trrjmpany recognises a liability for this obligation. The amount recognised is the nel present value of the deficit reduction contributions payable under the agreement that relates lo the deficit. The prp.sent valLJe is calculated using the discount rale detailed in these disclosures. The unwinding of the discounl rale is recognised as a linance cost, The School started the ISPS Direct Contribution Scheme as the School's aulo-enrolmenl scheme in May 2014. The ISPS will not trigger any liability und6r the Defined Benefit Scheme whilst there are members of the Defined Conlribulion Scheme. This applies even if the school has no active members of the Defined Beriefil Scheme. There are currently 45 active members of th8 DC scheme and the employer contribulions made during the year lotalled £77.157. In accordance with FRS 1a2, the net present value of the futLFre conlrrbulions {for the ISPS Deflned Benefit Scheme required over 17 years lo clear the funding deficit is £374.920 (2021.. £314,910) and the increase of £60,010 has been debited in the SOFA. 34
ST GEORGE'S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2022 18. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR 2021 Unrestricted Funds Reslricled Funds Total 2021 INCOME FROM: Voluntary sources: Don21iDns Government grant income Charltable a¢tlvltles'. School fees reGeivable Registration fees. surcharges and deposits Rechargeable incorNe School trading income Investments.. Bank interest Other trading income 11,748 159, 137 4,635 16,383 159. t37 5,869,831 5,869,831 32, 105 59,804 31,722 32, 105 59,604 31,722 11,783 11,783 Total income 6 213551 6 215 186 EXPENDITURE ON: Charitable activities for pupils.. School operating costs Rechargeable expenditure Costs of raising funds: School trading expenditure Financing and other Costs 6, 162,967 5.9,835 6, 162,967 59,835 28,134 28, 134 Total expenditure 6 221579 6 227 579 Net lexpenditurè}lincome before investment1105sesllgalns Nel gainslllossl on pensions in the year Nat incomellexpenditurel 24,539 4,635 29,174 Transfers Nat movement in funds 24,539 4,635 29,174 Funds brought forward 11099029 11099029 Funds carried forward 123 568 11 128203 35