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2023-07-31-accounts

CHARITY NUMBER: 309088 COMPANY NUMBER: 924805

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED CONTENTS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

PAGE
Governors, Officers and Advisers 3
Governors’ Report 4 - 9
Strategic Report 10 - 13
Auditors’ Report 14 - 16
Statement of Financial Activities 17
Balance Sheet 18
Cash Flow Statement 19
Notes to the Financial Statements 20 - 35

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

GOVERNORS

The School Governors, who are also the Charity Trustees and the Company Directors, are listed below. They have all served in office throughout the year except where indicated.

Mr A Mackintosh [#] (Chairman) Mrs D Brown MBE[#] (Resigned as a Governor on 18 September 2023) Dr J Gibbons[#] Mr P James * Mr E Luker * Mr A Miles[# ] Mrs R Niven Hirst Mr P Sedgwick * Mrs A Triccas[#]  (Resigned as a Governor on 19 June 2023) Mrs K Trueman Alexander * Mr J Pym[#] Mrs A Felix [# ]  (Stood down from Finance on 19 June 2023; became Safeguarding Governor and Education Committee from this date).

 Safeguarding Governor

OFFICERS (Key management personnel)

Head Mrs E M Hewer Bursar and Mr J F M Anderson Clerk to the Governors Principal address and Wells Lane Registered Office Ascot SL5 7DZ Website www.stgeorges-ascot.org.uk ADVISERS Auditors Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG Bankers Barclays Bank Plc 1 Churchill Place, Canary Wharf London E14 5HP Solicitors Farrer & Co 66 Lincolns Inn Fields London WC2A 2LH

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2023

The Governors present their annual report for the year ended 31 July 2023, 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 latter 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

St George’s School Ascot Trust Limited, also known as St 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 of the company being wound up, the liability of each member is limited to a maximum of £1. No one member has overall control of the company.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The company is governed by its Memorandum and Articles of Association, last amended on 18 March 2004.

Governing Body

The members of the Governing Body are detailed on page 3. The Governing Body is self-appointing. Each Governor is elected for three years and retiring Governors are able to stand for re-election. On 19 June, Ms Amanda Triccas resigned from the Board. Mrs Antonia Felix takes on the role of Safeguarding Governor and, as a result of this, moves from the Finance Committee to the Education Committee. The Board is currently reviewing the option of recruiting another governor. As is good practice, the Board last reviewed its performance in June and used the Charity Governance and Corporate Governance Codes and an external facilitator to support this.

Recruitment and Training of Governors

During the past period, the Board stood at twelve but has temporarily reduced to eleven. Potential Governors are identified by members of the Governing Body and considered against the Body’s specifications concerning eligibility, competence, specialist skills, diversity and local availability. It is critical that all Governors empathise with the object, features and ethos of the School. Training is regularly offered to all Governors. Tailored training sessions are sometimes held in conjunction with Governors’ meetings to address particular areas.

On appointment of a new Governor, the Head and Clerk to the Governors are responsible for inducting the newly appointed Governor and this is carried out through a tailored programme of visits to the School, providing an induction pack with a wealth of information particularly the Charity Commission guidance on being a Trustee (CC3). The Board of Governors is provided with formal training periods as required, which includes Safeguarding training. In addition, Governors are encouraged to attend external trustee training and courses designed to keep them informed and updated on current issues in the sector and regulatory requirements. This includes events run by ISC, AGBIS, ISBA and other professional bodies.

Organisational Management

The members of the Governing Body are legally responsible for the overall management and control of the School. The Governing Body meets at 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 at least three weeks before each Governors’ meeting. The other half is conducted by the second principal committee, the Education Sub-Committee. This was chaired by Andrew Miles for the majority of the period before this

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2023

duty passed to James Gibbons on 19 June 2023. Committee members are listed on page 3. The Education Sub-Committee meets termly, before the Governors’ meeting.

The day-to-day running of the School is delegated to the Head who is assisted in this by the Bursar. The Head and Bursar attend meetings of the Governing Body and its Committees. Other members of the Senior Leadership Team attend Governors’ meetings as required and all Education Sub-Committee meetings.

The remuneration of key management personnel is set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the School’s success. The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere.

We aim to recruit at a competitive market rate and subject to experience. 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 expenditure.

Group structure

The Group is structured around St George’s School Ascot Trust Limited and there is one subsidiary company, St George’s Ascot Enterprises Limited. This is principally used for letting income from the Swimming Pool. The School continues to be an active member of the Girls’ Schools Association, Boarding Schools Association, Independent Schools’ Bursars Association and the Association of Governing Bodies of Independent Schools.

Charitable Objects

The objects, as set out in the Company’s Memorandum and Articles of Association, are to promote the cause of education generally. The objects are achieved by the operation of St George’s School Ascot Trust Limited, the principal activity of which is providing education for day and boarding girls. Education is provided on the basis of Christian principles but St George’s welcomes girls of all faiths and backgrounds.

The School is committed to safeguarding and promoting the welfare of its pupils and expects all staff and volunteers to 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 to safeguard and protect the welfare of the pupils. Similarly, they seek to engender a culture that welcomes diversity and inclusivity.

Principal Activity

The School provides education to girls between the ages of 11 and 18 and its strategic vision remains aligned with this. While fostering considerable academic success, the School continues to demonstrate its excellence in music, sport and the performing arts. The School therefore provides a balanced education. Importantly, the Governors are pleased to note and increase in pupil roll during this period, this despite the austere financial environment.

The previous three reporting periods were marked by significant COVID pandemic disruption. While this risk has receded somewhat, continued vigilance and effective management remain in place to ensure and assure safety at St George’s. The ongoing hostilities in Ukraine, a spike in energy costs, inflation and the cost of living crisis have all peaked during this period and it is therefore pleasing to note that St George’s has shown, and continues to show, considerable resilience. Our facilities continue to develop and the School completed several capital projects during the year, ranging from the converting space into a bespoke dance studio, through improvements to pathways to a new Music Technology and recording booth that will be completed in August 2023.

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2023

The School also undertook an ISI inspection in November 2022. The report, which is available on the School’s website, identified St George’s as excellent in all areas. The report identifies that ‘ Pupils make excellent progress throughout the school, achieving results at GCSE and A level which are well above the national average,” and highlighted “Pupils’ positive attitudes towards learning are a striking feature of the school. ’ It also identifies that ‘ Pupils’ achievements in co-curricular activities are extensive; [they] achieve well across all areas of the curriculum and particularly in the creative subjects’. The Governors and School are rightly proud of this positive evaluation and endorsement.

The ISI report was published at the beginning of the calendar year and coincided fortuitously with the start of the School’s centenary celebrations. A series of events during 2023 will mark ‘100 years of excellence in education’ and the School has seized on this opportunity to establish a new position, Director of Philanthropy, and to better connect with our alumnae. This initiative is expected to better coordinate the School’s arrangements for charitable giving and, in anticipation of this, St George’s has been registered with the Fundraising Regulator (FR.ID-162632) and our fundraising activities are compliant with regulation. During the period there were no significant income generating events that require specific comment. No complaints have been received by the school regarding its fundraising practices in the year.

The Governors are extremely confident in the School’s continuing ability to deliver the objects set out in its Articles of Association for many years. St George’s continues to be financially robust, though the Board is very conscious of the potential risks. Not only are these noted in the changes to the global economy and associated instability but also the statements made by the Labour Party about their policy to remove independent schools’ charitable tax benefits if elected. The Board remains proactively engaged in mitigating any potential adverse effects or financial risks facing the School during a period of financial and political instability. The positive results this period provide strong evidence that the School continues to progress, develop and improve but without taking financial risk. It is this prudent approach that allow the Governors to be confident that the School remains a going concern for the foreseeable future.

The School has previously reported on the publication of its Environmental and Sustainability strategy. This continues to be delivered effectively and the School has made improvements in a number of areas, building on what was achieved last year. Notably, the solar project on the Sports Hall roof was completed at the very start of this period and has reduced our energy draw by 10%. This success has now led to a further system being commissioned and this will be built on the theatre roof, to complete in August 2023. Another example of progress is the four electrical vehicle charging points now operating in the main car park, with a view to increasing this as demand rises.

St George’s continues to provide a broad education and both Diversity and Inclusion continues to be woven into the curriculum and with the School highlighting this through special events that focus on its importance. These are whole school events but there are also supporting clubs for pupils wishing to increase their engagement with this.

The School also adheres to the principles outlined in the 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 transparency. In June 2023, the Board took time to review this more formally and engaged in a day’s strategy development. Drawing on an external facilitator with experience of coaching high performing boards, time was taken to review Board performance and identify areas for further refinement.

Public Benefit

In setting the School’s objectives and planning activities, 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 to apply for a means-tested bursary to supplement it so that their daughter can come to the School. This year the value of scholarships and bursaries to the School’s pupils was £775,695 ( 2022 £736,087 ). Means-tested

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2023

bursaries of up to 100% of fees are available to new entrants to the School to widen public access and they are also available to existing parents encountering unforeseen hardship through no fault of their own, whose daughter’s education is at a critical stage.

The School attains excellent results not only in academic subjects but also in the areas of Art, Drama, Music, Performing Arts and Sport (including Swimming scholarships). In recognition of the strengths of these departments, scholarships are offered to pupils at 11+ 13+ and at Sixth Form in addition to Academic scholarships. The School has no endowment to support its grant making and these awards are therefore financed out of income.

Local Community Relationships and other Charitable Activities 2022-23

St George’s works with local charities and partner organisations in its endeavours to widen public access to the schooling it provides and to encourage its pupils to be aware of the social context of the all-round education they receive. A description of these activities is included below.

St George’s benefits the local community by sharing its facilities. This provision is inevitably limited by boarders’ use and the safeguarding restrictions of operating a relatively small boarding school. Access to the site is down a narrow residential lane, and there is limited onsite parking. St George’s is also subject to local planning restrictions.

The most significant development in the recent academic year has been the appointment of a Partnerships and Outreach Coordinator who is a senior Head of Department and a long-standing member of staff. They have swiftly consolidated previous activities and significantly extended our activities. This colleague also worked closely with our Director of Philanthropy on the SGA Help Out initiative in July 2023 (see below), and is tasked with increasing the general spirit of giving in the school.

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2023

In addition to the above, the School aims to foster an appreciation amongst the girls of the needs of others less fortunate than themselves. This social awareness and sensitivity is fostered by regular fundraising for charity by girls through year group and School activities such as fairs, competitions and service within the School. The pupil Charity Committee also works to support the School’s three chosen annual charities (environmental, health and social justice) as well as for standalone events. For all good causes, the School raised around £7,789 which is a 33% increase from the previous year.

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2023

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Public Benefit, Strategic Aims and Intended Effect

The School encourages the individual development of each girl, whether boarder or day girl, focusing on her strengths and abilities in order to produce the most appropriate educational portfolio for her. The School places great importance not only on academic excellence but also on her moral and spiritual welfare and views, as a priority, the growth of character, 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 service and a desire to contribute to the wider community. The School gives each girl increasing freedom and responsibilities as she progresses through St George’s so that when she leaves the Sixth Form she is ready to make the most of university, the world of work and life in general. The School supports girls to become “Confident, Capable and Connected”.

Objectives for the Year

The objectives set by the Governors for the current year were to:

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2023

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

Operational Performance of the School

This year's cohort of Year 11 and Upper Sixth students was advised that grading standards for GCSE and A Level examinations would return to pre-pandemic levels with the percentage of high grades likely to drop as a result. In addition, the measures in place to support students taking examinations in 2022 were removed.

As a result, it was pleasing to see that academic results this summer at St George's bucked the national trend with pupils taking both sets of qualifications outperforming the national picture: 43% of A Level results were graded A/A with 72% of A Levels awarded an A – B grade. The latter exceeded 2022's figure.

At GCSE, an impressive 61% of GCSEs were graded at a 7 or above. Aside from the years of Centre and Teacher Assessed Grades in 2020 and 2021, this was the highest percentage of grades achieved at this level (or the equivalent grade A) by the school since 2012. 39% of GCSE results were awarded a grade of 8 or 9 and 78% of GCSEs awarded a grade of 6 or better.

In addition to the School’s tradition of impressive academic results, St George’s is proud of the high levels of value added achieved every year. We are delighted to see this record continuing in 2023 at GCSE and A Level. The GCSE value added statistic was particularly pleasing with a score of 0.7. This ranked the School among the top 7% for value added in the country.

Post COVID, competition for university places has been significantly greater than in previous years. We are therefore delighted that 68% of Upper Sixth Form pupils secured places at their first choice universities with 14% gaining their insurance.

FINANCIAL REVIEW

Results for the Year

The period has been marred by conflict in the east of Europe, a marked increase in inflation and the associated challenges to the cost of living. As alluded to earlier in this report, this was considered during early forecasting and the School adopted a conservative approach in terms of operating costs and capital developments. Significant increases in energy costs, a shock to so many sectors, were also avoided as the School had previously hedged on both gas and electricity. The pupil roll also saw an increase of approximately 6%, which when combined with in-year financial controls, led to an outturn that was improved on what had been forecast.

Sensitive to increasing costs, the Governors efforts to minimise fee increases in order to retain parental confidence and pupil numbers appears to be working. The School’s financial position shows continued improvement while pupil numbers rose and remain strong for 2023/24. At the start of the period, a moderate surplus was forecast despite the financial headwinds which were anticipated. The outturn has shown this to be entirely credible and the end of year position is actually slightly more favourable than anticipated. In addition to increased pupil numbers, close control of operating costs and a sensible approach to capital expenditure, the increased income from letting activities has been advantageous. The Swimming Pool remains a consistent source of income while our residential camp partners continue to lease the School both at Easter and during the summer, with these trading relationships growing stronger.

The initial forecast outturn was therefore adjusted as the position strengthened during the year and the EBITDA was £1,196,366. The end of year position, before pension adjustment, reflected a surplus of £630,812 (2022 £110,633). This figure is after spending £243,790 (2022: £243,094) on repairs and maintenance in the year. The result also includes part of the costs of capital projects for 2022/23, the

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2023

installation of a second solar panel array on the Sue Cormack Theatre roof, classroom and office improvements, and a major boiler replacement.

Investment Performance against Objectives

The overall investment objectives of the School are to create sufficient funds through income and capital in order to enable the School to carry out its purposes consistently, 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 the invested funds while they are retained.

The School’s investments are reviewed by the Governors and managed by M&G Investments. During the period, not only did the Governors feel it appropriate to make an early repayment on the Coronavirus Business Interruption Loan, but they have also begun rebuilding a strategic reserve. During the year, investments with M&G Charifund recommenced and in the latter part of the period, the level of monthly investmet was increased by 50%. At 31 July 2023, the listed investments (comprising mainly Equities and Convertible Stocks) had a market value of £81,970 (2022: £3).

Reserves Policy

The Governors’ policy is: to build up free reserves to meet demands for further expenditure out of annual operating surpluses to equip the School with the up-to-date facilities needed to improve and maintain the standard of educational services, pastoral and sporting facilities.

The School’s unrestricted funds stood at £11,864,469 (2022: 11,177,377 ) at the year-end.

FUTURE PLANS

St George’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 best for our girls and by developing their love of learning, their academic potential and their individual talents, we are able to nurture them to become happy, responsible, well balanced and resilient young women in the twenty-first century.

The Governors, together with the Head and Senior Leadership Team, carry out regular reviews of the future plans for the School. Plans for the next several years have been the subject of a comprehensive review, the headlines of which are expressed in the School’s 10-year strategy which was published in September 2022 and is available on the School website. The themes, which remain most relevant are captured in the following strategic pillars:

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2023

FIXED ASSETS

The valuation of freehold land and buildings of the Company depends largely on their continued use as a school or similar activity. The Governors are satisfied that, assuming they continue to be used for their current purposes and are maintained in good repair, the market value of the freehold land and buildings is not less than the value at which they are shown in these financial statements. Movements in tangible fixed assets are shown in note 7 of the financial statements.

RISK MANAGEMENT

The Governing Body is responsible for the management of the risks faced by St George’s. Detailed considerations of risk are assessed by senior staff for review by the Finance and Education Sub-Committees and then centrally by the Governing Body. Risk is assessed in three categories; Strategic, Financial and Operational risk. Risks are identified, assessed and controls or mitigations established throughout the year. A formal review of the risk management process is undertaken on a rolling basis throughout each year. The key controls used include:

Principal Risks and Uncertainties

The most significant risk to the charity, and indeed most independent schools, continues to be any significant reduction of pupil numbers, leading to a marked reduction in income. This is a matter that receives continuous attention. The Governors consider there to have been a shift over this period. In part this is seen in the global economic situation, which is seen as a cause for concern. Increases in inflation, particularly energy and food, have increased the School’s operating cost over the near-term. This was managed effectively during the year and it is probable, though not certain, that the challenges have peaked. The budget for the next financial period continues to be identified as an area for conservative planning and forecasts are based on a worst credible position. In retrospect, 22/23 provided a welcome increase in pupil numbers but a further sharp growth in numbers, while desirable, is not considered likely. Rather, sustainment of, or a small increase in pupil roll, is seen as more credible. Regardless, controls remain in place to mitigate the risk of reduced income. The possible loss of charity tax benefits is being closely considered by the Governors and this existential risk to many independent schools is the subject of separate work that cannot be commented on in this report.

As indicated, the Governors formally review risk at the Finance and Education Sub-Committee meetings as a standing agenda item. Risk is divided into three sections and at 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 Leadership Team and the Full Board of Governors and significant changes to risk profiles or control measures are highlighted.

Health & Safety is a significant issue that demands focussed risk management. The risks associated with all operational activities are minimised by thorough planning and risk assessment. The School maintains an effective accident reporting process which is complemented by the addition of a near miss reporting system and associated training and analysis from which lessons are drawn. The Governors receive an annual Health & Safety report and the School retains Owen David as H&S consultants to audit and advise on related matters. The ISI inspection in November 2022 found the School to be compliant.

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2023

The Governors are therefore satisfied that for all major risks identified for the School, appropriate controls have been put in place and are maintained to mitigate those risks to as low as reasonably practicable and tolerable. It is recognised that systems can provide only reasonable, but not absolute assurance that major risks will not be realised.

STATEMENT OF GOVERNORS’ RESPONSIBILITIES

The Governors are responsible for preparing the Annual Report and the statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

AUDITORS

In accordance with Section 485 of the Companies Act 2006, a resolution proposing the appointment of auditors of the company will be put to the Annual General Meeting and will be subject to tender.

PROVISION OF INFORMATION TO AUDITORS

Each of the persons who are Governors at the time when this Governors' report is approved has confirmed:

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of St. George’s School Ascot Trust Limited on 7 December 2023 including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by:

A A Mackintosh

A Mackintosh CHAIRMAN

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST GEORGE’S SCHOOL ASCOT TRUST LIMITED

Opinion

We have audited the financial statements of St George’s School Ascot Trust Limited for the year ended 31 July 2023 which comprise the Consolidated Statement of Financial Activities, the group and parent charitable company’s Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST GEORGE’S SCHOOL ASCOT TRUST LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors’ Annual Report (which incorporates the strategic report and the directors’ report).

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

Responsibilities of governors for the financial statements

As explained more fully in the governors’ responsibilities statement set 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 being satisfied that they give a true and fair view, and for such internal control as the governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the governors are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the governors either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliances with laws and regulations related to the regulatory requirements of the Charity Commission, the Independent Schools Inspectorate (ISI) and the statutory safeguarding and child protection guidance issued by the Department for Education (DfE), and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, Charities SORP (2019), Companies Act 2006 and payroll taxes.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risk was related to the recognition of voluntary income. Audit procedures performed by the engagement team included:

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Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements 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 statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to 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 state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Ste. Siobhan Holmes (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditors Date 05/02/2024

10 Queen Street Place London EC4R 1AG

16

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023

Notes
INCOME FROM:
Voluntary sources:
Donations
2b
Government grant income
Charitable activities:
School fees receivable
2a
Registration fees, surcharges and
deposits
Rechargeable income
School trading income
Investments:
Bank interest
Other trading income
2b
Total income
EXPENDITURE ON:
Charitable activities for pupils:
School operating costs
Rechargeable expenditure
Costs of raising funds:
School trading expenditure
Financing and other costs
Total expenditure
3
Net income before investment
(losses)/gains
Net loss on investment
Net gains/(loss) on pensions in the
year
Net income
4
Transfers
Net movement in funds
Funds brought forward
Funds carried forward		 Unrestricted
Restricted
Funds
Funds
£
£
8,850
1,325
-
-
7,547,642
-
15,870
-
244
-
128,381
-
42,455
-
184,851
-
7,928,293
1,325
7,175,851
-
16,264
-
45,942
-
60,749
-
7,298,806
-
629,487
1,325
(3,034)

60,639
-
687,092
1,325
-
-
687,092
1,325
11,177,377
1,449
11,864,469
2,774		 Total
2023
£
10,175
-
7,547,642
15,870
244
128,381
42,455
184,851
7,929,618
7,175,851
16,264
45,942
60,749
7,298,806
630,812
(3,034)
60,639
688,417
-
688,417
11,178,826
11,867,243		 Total
2022
£
700
7,139
6,361,014
77,910
39,988
117,115
8,859
151,272
6,763,997
6,538,830
26,189
38,993
49,352
6,653,364
110,633
(60,010)
50,623
-
50,623
11,128,203
11,178,826

All amounts derive from continuing activities.

All gains and losses recognised in the year are included in the Statement of Financial Activities. Full comparative figures for the year end 31 July 2022 are shown in note 18 on page 35. The notes on pages 20 to 35 form part of these accounts .

17

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED BALANCE SHEETS

AT 31 JULY 2023 COMPANY NUMBER: 924805

Notes
FIXED ASSETS
Tangible assets
7
Investments
8
CURRENT ASSETS
Stocks
Debtors
9
Cash at bank and in hand
CREDITORS: Amounts
falling due within one year
10
NET CURRENT
ASSETS(LIABILITIES)
TOTAL ASSETS LESS
CURRENT LIABILITIES
CREDITORS: Amounts
falling due after more than
one year
12
TOTAL NET ASSETS
FUNDS
14
UNRESTRICTED
– General fund
RESTRICTED
13
TOTAL FUNDS
14		 Group
2023
2022
£
£
12,549,050
12,546,748
81,970
3
12,631,020
12,546,751
33,823
12,654
362,839
353,969
2,025,718
1,635,177
2,422,380
2,001,800
(1,439,738)
(1,380,619)
982,642
621,181
13,613,662
13,167,932
(1,746,419)
(1,989,106)
11,867,243
11,178,826
11,864,469
11,177,377
2,774
1,449
11,867,243
11,178,826


Charity
2023
2022
£
£

12,549,05012,546,748
81,970
3

12,631,020
12,546,751


33,82312,654
446,207432,120
1,932,000
1,549,796

2,412,0301,994,570

(1,429,388)
(1,373,389)

982,642
621,181

13,613,662
13,167,932

(1,746,419)
(1,989,106)


11,867,243
11,178,826

11,864,469
11,177,377

2,774
1,449

11,867,243
11,178,826		 Charity
2023
2022
£
£

12,549,05012,546,748
81,970
3

12,631,020
12,546,751


33,82312,654
446,207432,120
1,932,000
1,549,796

2,412,0301,994,570

(1,429,388)
(1,373,389)

982,642
621,181

13,613,662
13,167,932

(1,746,419)
(1,989,106)


11,867,243
11,178,826

11,864,469
11,177,377

2,774
1,449

11,867,243
11,178,826




11,177,377
1,449
11,178,826

The parent only surplus in the year was £688,417 (2022: surplus £50,623). These financial statements were approved and authorised for issue by the Board of Governors and were signed on its behalf on 7 December 2023.

A A Mackintosh

A Mackintosh

CHAIRMAN

The notes on pages 20 to 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 2023

2023
Net movement in funds
688,417
Interest receivable
(42,455)
Interest paid
47,187
Depreciation charges
460,762
Profit on disposal of fixed assets
(365,526)
(Increase) in stocks
(21,169)
(Increase) in debtors
(8,870)

(Decrease)/increase in creditors, deposits and fees in
advance
Loss on investment
(122,931)
3,034
Movement on pension liability
(60,639)
Net cash provided by operating activities
577,810
Cash flows from investing activities
Payments to acquire tangible fixed assets
(463,063)
Disposal of tangible fixed assets
365,526
Investments purchased
(85,000)
Interest paid
(47,187)
Interest received
42,455
Net cash (used in) investing activities
(187,269)
Cash flows from financing activities
Cash inflows from new borrowing
-
Net cash provided by financing activities
-

Increase in cash and cash equivalents in the year
390,541
Cash and cash equivalents at the beginning of the year
1,635,177
Total cash and cash equivalents at the end of the year
2,025,718

ANALYSIS OF CHANGES IN NET DEBT
At 1 August
2022
Cashflows
£
£
Cash at bank and in hand
1,635,177
390,541
Loans
(982,506)
262,376
-------------------------
-------------------------
--
Total
652,671
652,917
===========
===========
=





The notes on pages 20 to 35 form part of these accounts

19

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1. ACCOUNTING POLICIES

a) Basis of Preparation

St George’s School Ascot Trust Limited is an incorporated charity in the UK (charity number 309088, company number 924805), with its registered office at Wells Lane, Ascot, Berkshire, SL5 7DZ.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

St George’s School meets the definition of a public benefit entity under FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

b) Going Concern

The Governors have maintained a close review of financial and strategic risk especially given the challenges over the past year which have affected the operating environment and forecast income. As identified in the Governors report these include the economic climate, global conflict and the possible impact of a Labour Government. 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. While these factors have placed increased strain on operations and finances, this has been offset by an increase in the pupil roll. There therefore remains confidence that the School maintains the appropriate balance between residual income, operating costs and exposure to capital projects. The School has also hedged its energy requirements for the mid-term at reasonable rates. Therefore, the Governors are satisfied that the School remains a going concern.

c) Group Financial Statements

The group financial statements consolidate the financial statements of the charitable company and its wholly owned subsidiary, St George’s Ascot Enterprises Limited. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

The surplus of the parent charity was £688,417(2022: surplus £50,623). The registered office for both St George’s School Ascot Trust Limited and St George’s Ascot Enterprises Limited is Wells Lane, Ascot, Berkshire, SL5 7DZ.

The parent has taken exemption from presenting its unconsolidated profit and loss account under Section 408 of the Companies Act 2006 and as permitted by FRS 102.

d) Income

All income is included in the statement of financial activities when the charitable company is legally entitled to the income and the amount can be quantified with reasonable accuracy.

e) Fees and Similar Income

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the School.

20

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

f) Income from pupil extras

Charges are made to pupils to cover the cost of ‘Extras’. In some cases, the costs slightly exceed the charges made and in others there is a small surplus remaining and this is used to assist with curriculum trips for those on bursaries. If costs are significantly lower than what was charged, fee payers are refunded.

g) Voluntary income

Donations

Donations receivable for the general purposes of the Charity are credited to “unrestricted funds”, to distinguish them from direct School income. Donations for purposes restricted by the wishes of the donor are taken to “restricted funds” where these wishes are legally binding on the Governors.

h) Expenditure

Expenditure is accounted for on an accruals basis and summarised under functional headings on a direct cost basis. Overhead and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the yearly reference to staff time. The irrecoverable element of VAT is included with the item of expense to which it relates.

Governance costs comprise the costs of running the charitable company, including strategic planning for its future development, external audit, any legal advice for the directors, and all costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.

i) Allocation of support costs

Support costs are those functions that assist the work of the School but do not directly undertake charitable activities. Support costs include back office costs comprising of facilities, general management, legal and professional, IT and governance costs which support the School’s activities. These costs have been allocated between expenditure on raising funds and expenditure on charitable activities on the basis set out in note 3.

j) Depreciation

Depreciation is calculated to write down the cost of all tangible fixed assets, excluding freehold land, by annual instalments over their expected useful economic lives as follows:

Freehold buildings 2 - 5% per annum on cost/valuation Furniture and equipment 10 - 20% per annum on cost Motor vehicles 25% per annum on cost Computers 20 - 33% per annum on cost

Individual items costing less than £2,000 are written 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 2023

k) Pension

From 1 September 2020 the School started a Defined Contribution Scheme with a private provider.

The School also contributed to The Pensions Trust Independent School Pension Scheme Growth Plan (Defined Benefit) for some staff until 31 January 2021 but now all support staff are within a Defined Contribution Scheme. The Scheme is a multi-employer scheme as it is not possible in the normal course of events to identify the share of the underlying assets belonging to the individual participating employers and, in accordance with FRS 102, this is accounted for as a defined contribution scheme with contributions being recorded as they become payable. However, in respect of the Defined Benefit Scheme, the School also makes deficit contributions. In accordance with FRS 102, these payments have been measured at fair value and included as a liability on the balance sheet.

Contributions to all schemes are charged in the Statement of Financial Activities as they become payable in accordance with the rules of the schemes.

l) Operating Leases

Rentals payable under operating leases are charged to the Statement of Financial Activities as incurred.

m) Stocks

Stocks are carried at the lower of cost and net realisable value.

n) Investments

Listed investments are carried at their fair value at the balance sheet date.

Investment gains and losses are recognised in the Statement of Financial Activities in the period in which they arise.

o) Unrestricted general funds

These are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

p) Restricted funds

These 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 to the fund, together with a fair allocation of relevant overheads.

q) Financial instruments

The School only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

22

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

r) Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 95 days. Generally, cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition. They are readily convertible to known amounts of cash with insignificant risk of change in value.

s)

Critical areas of judgement

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 estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. In the view of the Governors, no assumptions concerning the estimation uncertainty affecting assets and liabilities at the balance sheet date 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 2023

2. SCHOOL FEES

a) The School’s fee income comprised:

Gross fees
Less: scholarships, bursaries and discounts
Less: allowances		 2023
£
8,373,592
(775,695)
(50,255)
7,547,642		 2022
£
7,133,025
(736,087)
(35,924)
6,361,014

b) Other Income

Courses and sub-lettings
Profit on sale of fixed assets
Insurance commissions
 2023
£
179,348
-
5,503
___
184,851
 2022
£
144,305
-
6,967
___
151,272

There have also been donations and legacies of £10,175 (2022: £700).

24

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

3. TOTAL EXPENDITURE 2023

Charitable activities
School operating costs:
Teaching costs
Welfare costs
Premises costs
Support costs of schooling
Rechargeable expenditure
School trading expenditure
Financing and other costs
Total expenditure
TOTAL EXPENDITURE 2022
Charitable activities
School operating costs:
Teaching costs
Welfare costs
Premises costs
Support costs of schooling
Rechargeable expenditure
School trading expenditure
Financing and other costs
Total expenditure		 Staff costs
£
2,933,341
1,022,860
250,470
672,184
4,878,855
-
-
-
4,878,855
Staff costs
£
2,912,242
894,139
242,106
571,313
4,619,800
-
-
-
4,619,800		 Depreciation
£
15,697
16,407
427,265
1,393
460,762
-
-
-
460,762
Depreciation
£
8,025
11,424
396,718
-
416,167
-
-
-
416,167		 Other
£
274,171
497,391
623,631
441,042
1,836,235
16,264
45,942
60,749
1,959,190
Other
£
285,727

371,033

628,108

217,995

1,502,863

26,189

38,993

49,352

1,617,397
 Total
2023
£
3,223,209
1,536,658
1,301,366
1,114,619
7,175,852
16,264
45,942
60,749
7,298,807
Total
2022
£
3,205,994
1,276,596
1,266,932
789,308
6,538,830
26,189
38,993
49,352
6,653,364

Included within support costs are total governance costs, including audit fees of £41,700 ( 2022: £19,850 ) .

25

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

4. NET INCOME FOR THE YEAR

5.

2023
£
Is stated after charging:
Depreciation - own assets
460,762
Auditors’ remuneration - audit fees
26,160
Auditors’ remuneration – additional charges for prior year
15,540
STAFF COSTS – GROUP AND CHARITY
Wages and salaries
3,992,797
Social security costs
396,357
Other pension costs (see note 17)
489,702
Redundancy Payments
-
Movement in pension trust growth plan liability
(60,639)
4,818,217
The average number of employees in the year was:
No.
Teaching
47
Peripatetic
17
Domestic
30
Boarding
10
Administration
26
Maintenance and grounds
6
The following number of employees exceeded £60,000 emoluments:
In the band £60,000 - £70,000
2
In the band £70,001 - £80,000
3
In the band £80,001 - £90,000
-
In the band £90,001 - £100,000
1
In the band £100,001 - £110,000
-
In the band £110,001 - £120,000
-
In the band £120,001 - £130,000
-
In the band £130,001 - £140,000
1
Total cost of employer’s pension contributions in relation to the
above
£
93,246




2022
£
416,167
19,850
-
3,709,148
372,871
537,781
-
60,010
4,679,810
No.
46
18
30
10
26
6
1
2
1
-
-
-
1
-

69,010








£

The key management personnel of the charity are the Governors, Head and Bursar. Total employee benefits of the key management employees of the School and group were £294,337 (2022: £272,011 ).

None of the Governors received remuneration (2023: nil) and no Governors received expenses in the year (2022: nil).

26

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

6. TAXATION

St George’s School Ascot Trust Limited is a charity and is entitled for the current year to the exemptions provided by Section 505 Income and Corporation Taxes Act 1988.

7. TANGIBLE FIXED ASSETS – GROUP & CHARITY

COST
At 1 August 2022
Additions
Disposals
At 31 July 2023
DEPRECIATION
At 1 August 2022
Charge for the year
Disposals
At 31 July 2023
NET BOOK VALUES
31 July 2023
31 July 2022		 Freehold
land &
buildings
£
18,031,301
79,079
(20,563)
18,089,817
5,779,805
373,818
(20,563)
6,133,060
11,956,757
12,251,496		 Fixtures &
equipment
£
1,722,484
353,893
(282,247)
1,794,130
1,486,099
62,127
(282,247)
1,265,979
528,151
236,385		 Motor
vehicles
£
264,140
30,092
(62,717)
231,515
205,272
24,817
(62,717)
167,372
64,143
58,867		 Total
£
20,017,925
463,064
(365,527)
20,115,462

7,471,176
460,762
(365,527)
7,566,411
12,549,051
12,546,748

27

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

8. INVESTMENTS

These investments relate to the charity and group including the Enterprises shareholding of £2.

Investments at 1 August 2022
Investments in year
Withdrawals
Revaluations (losses)
Investments at 31 July 2023
Listed investments include the following:
Unit Trust – M&G Securities (Charifund Accumulation)		 2023
£
3
85,000
-
(3,033)
81,970
2023
£
81,968

2022
£
3
-
-
3
2022
£
1

Listed investments include the following:

These investments are basic financial instruments which are held for investment return and measured at fair/market value.

The entity’s income, expense, gains and losses in respect of financial instruments are as follows:

Total dividend and interest income for basic financial assets
Total (losses)/gains in respect of basic financial assets		 2023
£
42,455
(3,033)		 2022
£
8,859
-

28

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

8a. SUBSIDIARY UNDERTAKING

St George’s Ascot Enterprises Limited (Company Number 9555349) is a wholly owned trading subsidiary of St George’s School Ascot Trust Limited. The subsidiary was established to carry out the letting and other activities associated with the School and began trading in 2016.

Profit and Loss Account
Turnover
Cost of Sales
Gross Profit
Administrative Expenses
Profit on ordinary activities
Retained profit at the beginning of the year
Profit for the year
Donation to parent under gift aid
Retained (profit) carried forward
Balance Sheet
Total Assets
Total Liabilities
Net Assets
Share Capital
Retained Profit
Capital and Reserves		 2023
£
113,622
(27,100)
86,522
(4,266)
82,256
82,256
(82,256)
-
102,177
(102,175)
2
2
-
2		 2022
£
110,646
(25,313)
85,333
(2,449)
82,884

82,884
(82,884)

-
98,422
(98,420)
2
2
-
2

29

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

9. DEBTORS

Fees and extras
Prepayments and
accrued income
Other Debtors
Intercompany debtor		 Group
2023
£

37,793
134,070
190,976
362,839		 2022

£

41,332
90,845

221,792

353,969		 Charity
2023
£
29,334
134,070
190,976
91,826
446,206
2022
£
28,293
90,845
221,792
91,190
432,120

All debtors are basic financial instruments measured at amortised cost, with the exception of prepayments.

10. CREDITORS : Amounts falling due within one year

Deposits
Fees in advance
Other taxes and social
security
Trade creditors
Pension Liability
Other creditors and accruals
Bank Loans
Advance fees scheme
(see note 11)		 Group
2023
2022
301,640
189,600
314,902409,216
101,079
104,389
212,234
162,555
57,996
52,743
246,325
274,634
30,225
97,285
175,334
90,197
1,439,735
1,380,619		 Charity
2023
2022
301,640
189,600
314,902
409,216
101,079
104,389
212,234
162,555
57,996
52,743
235,978
267,404
30,225
97,285
175,334
90,197
1,429,388
1,373,389		 Charity
2023
2022
301,640
189,600
314,902
409,216
101,079
104,389
212,234
162,555
57,996
52,743
235,978
267,404
30,225
97,285
175,334
90,197
1,429,388
1,373,389
1,373,389

All creditors are basic financial instruments measured at amortised cost, with the exception of other taxation and social security, deferred income and advance fees.

The School retains a loan with Barclays which has an amortising profile of 17 years with a bullet payment on the final repayment date. This is profiled over 5 years and the capital and interest repayments started in November 2021. Interest is fixed at 5.13%. Security of the loan is held on the School site. The School made early repayment of the Coronavirus Business Interruption Loan in March 2023.

30

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

11. ADVANCE FEES SCHEME

Parents may enter into a contract to 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 applied as follows:

Within 2 to 5 years
Within 1 to 2 years
Due after more than one year (see Note 12)
Due within one year (see Note 10)		 2023
£
121,419
42,188
163,607
175,334
338,941		 2022
£
-
92,949
92,949
90,197
183,146

The balance represents the accrued liability under the contracts. The movements during the year were:

Balance at 1 August
New contracts
Amounts accrued to contracts
Amounts utilised in payment of fees
Balance at 31 July 2023		 181,466
244,311
3,584
429,361
(90,420)
338,941		 74,454
153,692
1,710
229,856
(48,390)

181,466

12. CREDITORS: Amounts falling due after more than one year

Advance fees scheme
(see note 11)
Pension Liability
Hire Purchase
Bank Loan
Deposits		 Group
2023
2022
£
£
163,126
92,469
275,392
341,320
14,995
39,046
689,905
880,256
603,000
636,015
1,746,418
1,989,106		 Charity
2023
2022
£
£
163,126
92,469
275,392
341,320
14,995
39,046
689,905
880,256
603,000
636,015
1,746,418
1,989,106		 Charity
2023
2022
£
£
163,126
92,469
275,392
341,320
14,995
39,046
689,905
880,256
603,000
636,015
1,746,418
1,989,106
1,989,106

31

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

13. RESTRICTED FUNDS

Swimming pool
Environmental
Project
Swimming pool		 1 August
2022
£
1,449
-
1,449
1 August
2021
£
4,635
4,635		 Income
£
-
1,325

1,325
Income
£
-
-		 Expenditure
£
-
-
-
Expenditure
£
(3,186)
(3,186)		 Transfers
£
-
-
-
Transfers
£
-
-		 31 July
2023
£
1,449
1,325
2,774

31 July
2022
£
1,449
1,449

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS - GROUP

2023
Tangible assets
nvestments
Current assets
Current liabilities
Creditors due after more than one year		 Unrestricted
£
12,549,050
81,970
2,419,606
(1,439,735)
(1,746,419)
11,864,472		 Restricted
£
-
-
2,774
-
-
2,774		 Total funds
£
12,549,050
81,970
2,422,380
(1,439,735)
(1,746,419)
11,867,246
2022
Tangible assets
Investments
Current assets
Current liabilities
Creditors due after more than one year		 Unrestricted
£
12,546,748
3
2,000,351
(1,380,619)
(1,989,106)
11,177,377		 Restricted
£
-
-
1,449
-
-
1,449		 Total funds
£
12,546,748
3
2,001,800
(1,380,619)
(1,989,106)

11,178,826

32

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

15. COMMITMENTS

At the year-end, the ageing of total minimum lease payments were as follows:

Operating leases due:
Within one year
Between two – five years		 2023
£
12,263
14,995
27,258		 2022
£
14,860
15,226
30,086

16. RELATED PARTY TRANSACTIONS

In the year to 31 July 2023, the following transactions took place between the School and its wholly owned subsidiary:

One Governor had children at the School during the year (1 in 2022). The Governor received no fee remission for their role as a governor.

17. PENSION COSTS

Teachers' Pension Scheme and Defined Contribution Scheme

The School joined a private scheme from 1 September 2020. The pension charge for the year includes contributions payable to the scheme of £476,458. At the year-end £40,137 was accrued in respect of contributions to the scheme.

Support Staff

The company participates in the TPT Retirement Solutions scheme, a multi-employer scheme which provides benefits to some 639 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force 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 ‘last-man standing arrangement’. Therefore, the company is potentially liable for other participating employers’ obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to 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 2023

A full actuarial valuation for the scheme was carried out at 30 September 2014. This valuation showed assets of £110.0m, liabilities of £147.4m and a deficit of £37.4m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme.

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

The School started the ISPS Direct Contribution Scheme as the School’s auto-enrolment scheme in May 2014. The ISPS will not trigger any liability under the Defined Benefit Scheme whilst there are members of the Defined Contribution Scheme. This applies even if the school has no active members of the Defined Benefit Scheme. There are currently 52 active members of the DC scheme and the employer contributions made during the year totalled £90,980.

In accordance with FRS 102, the net present value of the future contributions (for the ISPS Defined Benefit Scheme required over 17 years to clear the funding deficit is £314,280 (2022: £374,920) and the decrease of £60,639 has been credited in the SoFA .

18. CAPITAL COMMITMENT

The School has one capital commitment for 2023/24, the purchase of a minibus, with a balance due of £52,475.

34

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

18. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR 2022

INCOME FROM:
Voluntary sources:
Donations
Government grant income
Charitable activities:
School fees receivable
Registration fees, surcharges and
deposits
Rechargeable income
School trading income
Investments:
Bank interest
Other trading income
Total income
EXPENDITURE ON:
Charitable activities for pupils:
School operating costs
Rechargeable expenditure
Costs of raising funds:
School trading expenditure
Financing and other costs
Total expenditure
Net (expenditure)/income
before investment (losses)/gains
Net gains/(loss) on pensions in the
year
Net income/(expenditure)
Transfers
Net movement in funds
Funds brought forward
Funds carried forward		 Unrestricted

Funds
£
700

7,139

6,361,014

77,910

39,988

117,115

8,859

151,272

6,763,997

6,535,644
26,189
38,993
49,352
6,650,178
113,819
(60,010)
53,809
-
53,809
11,123,568
11,177,377		 Unrestricted

Funds
£
700

7,139

6,361,014

77,910

39,988

117,115

8,859

151,272

6,763,997

6,535,644
26,189
38,993
49,352
6,650,178
113,819
(60,010)
53,809
-
53,809
11,123,568
11,177,377		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
3,186
-
-
-
3,186
(3,186)
-
(3,186)
-
(3,186)
4,635
1,449		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
3,186
-
-
-
3,186
(3,186)
-
(3,186)
-
(3,186)
4,635
1,449		 Total
2022
£
700
7,139
6,361,014
77,910
39,988
117,115
8,859
151,272
6,763,997
6,538,830
26,189
38,993
49,352
6,653,364
110,633
(60,010)
50,623
-
50,623
11,128,203
11,178,826

35