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2024-07-31-accounts

CHARITY NUMBER: 309088 COMPANY NUMBER: 924805

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED CONTENTS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

PAGE
Governors, Officers and Advisers 3
Governors’ Report 4 - 9
Strategic Report 10 - 14
Auditor’s Report 15 - 17
Statement of Financial Activities 18
Balance Sheet 19
Cash Flow Statement 20
Notes to the Financial Statements 21 - 35

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED CONTENTS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

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 *[#] (Chair) Dr J Gibbons[#] Mr P James * (Resigned as a Governor on 11 December 2023) Mr E Luker * Mr A Miles[# ] Mrs R Niven Hirst Mr P Sedgwick * Mrs K Trueman Alexander * Mr J Pym[#] Mrs A Felix[# ]  Mrs C Weaver * (Appointed as a Governor on 14 June 2024)

 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 HaysMac 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 2024

The Governors present their annual report for the year ended 31 July 2024, 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 11 December, Mr Peter James resigned from the Board. Mrs Charlotte Weaver joined the Board on 14 June 2024 and is also serving on the Finance sub-committee. The Board is currently recruiting up to three further Governors and will make appointments when suitable candidates are identified and ratified. As is good practice, the Board last reviewed its performance in March and used the Charity Governance and Corporate Governance Codes to support this.

Recruitment and Training of Governors

During the past period, the Board stood at 11 trustees for the majority of the period but seeks to increase its numbers as and when appropriate trustees are identified There are currently three potential trustees under consideration. 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. 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, these are conducted in person and online using training platforms which include 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, GSA, 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 two weeks before each Governors’ meeting. The other half is conducted by the second principal committee, the Education Sub-Committee, chaired by James Gibbons. The Education Sub-Committee meets termly, before the Governors’ meeting. Committee members are listed on page 3.

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2024

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 remuneration 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 company registration number 09555349. 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.

The principal activities at the School have been impacted by external factors which have had considerable bearing on the development plan and sources of income. Importantly, the Governors are extremely aware of the difficult financial environment and the headwinds facing the affordability of independent education. World events such as the ongoing hostilities in Ukraine, a spike in energy costs, inflation and the cost of living crisis have significantly influenced much of this reporting period. However, this challenged deepened when, on 26 July 2024 the Chancellor confirmed that Government policy is remove VAT tax breaks for independent Schools from 1 January 2025 and will also remove their Mandated Business Rate Relief. Draft legislation has been published and following consultation, details will be announced at the Autumn Budget on 30 October 2024. Though not a surprise, it is clear from the outline proposals that this is likely to place considerable pressure on many independent schools’ finances as well as the affordability of fees by parents. VAT is viewed primarily as a tax on the consumer but St George’s is not immune from the effects of such a change of status. Accordingly, the Governors have been, and remain, extremely engaged with developing a wide range of options to ensure the School continues to meet its Charitable Objects and that the financial risks are minimised. They wrote to fee payers in March to advise them that the School may be able to mitigate but not absorb the full introduction of VAT and that cost will increase. As details become clearer the impact of VAT and the selected option will be communicated appropriately.

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2024

The Governors remain confident in the School’s continuing ability to deliver the objects set out in its Articles of Association. St George’s continues to be financially robust, though the Board is very conscious of the potential risks. Liquidity remains strong and has been further enhanced by an increased number of parents making use of the School’s long-standing Fees in Advance Scheme. Any parent paying into the Scheme from 29 July will now be required to pay VAT but those whose payment was received before this date should be exempt VAT for the terms fees specified in their agreement with the School. The level of advanced fees is reflected in the accounts and expanded on in note 11. This is to provide clarity and to ensure the reader can readily identify that these funds are already allocated to future years. Noting the outturn from this period, activity planned and the current and forecast level of cash holding, the Governors are fully confident that the School remains a going concern.

The School continues to offer a wide range of facilities and opportunities and was pleased to formally open a new Music Technology Room and recording booth in October 2024. Supported by the generosity of parents, the Parent Association and alumnae, the School was also able to open two indoor cricket nets which support our significant progress in developing hardball cricket. In contrast but in line with the Board’s intent to mitigate future financial risk, a number of other capital projects were suspended. The Board identifies that the School presents itself in excellent condition and that, for the time being, the probable loss of Mandated Business Rate Relief and the addition of VAT on fees makes future development desirable, rather than essential.

The School’s Centenary celebrations and events continued to the end of 2023 and included such prestigious proceedings as the choir singing Evensong at St George’s Chapel, Windsor Castle, in addition to the annual evensong at St Paul’s Cathedral. As a backdrop to the celebrations, our philanthropic aspirations continued to grow. In addition to successful fundraising to support the purchase of indoor cricket nets, the School also delivered a Centenary Ball for parents, staff and alumnae. A successful event, attended by HRH The Princess of York, it raised £45,362 from donors and the accounts reflect this by showing notable increases to restricted funds, including one newly established for Bursaries. This latter fund has given the School the confidence to partner with the Royal National Children’s SpringBoard Foundation which aims to widen the opportunities available for young people facing the greatest barriers to their development. The School welcomes its first pupil from this partnership and they arrive at the start of the next school year. Given the increasing prevalence of fundraising at the School, St George’s remains registered with the Fundraising Regulator (FR.ID-162632) and our fundraising activities are considered compliant with regulation. During the period there were no further significant income generating events that require specific comment. No complaints have been received by the School regarding its fundraising practices in the year.

The School is also making tangible headway in delivering against its Environmental and Sustainability strategy. Improvements continue to be made, most notably the solar project on the Sue Cormack Theatre roof which was installed in August 2024. The 100 kW h generation provided by the 276 panels markedly increases the electricity already being generated by similar systems on the Sports Hall and Luker building roofs. At the same time, the aged gas heating in the Sports Hall was decommissioned and replaced with a more energy efficient and controllable system. The School also partnered with Little Muddy Boots (a forest school) so that they can teach primary school children about nature and environmental issues. Any income that the School receives from this letting is held in our restricted environmental fund so that it is specifically spent on programmes that enhance the environment and support sustainability.

St George’s continues to provide a broad education and both Diversity and Inclusion remain 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. The Board routinely takes time during its regular meetings for reflection and self-analysis to ensure that it is performing effectively. Considerations around the recruitment of new Trustees has also helped maintain this momentum.

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2024

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 £845,487 ( 2023: £775,695 . Means-tested 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 almost exclusively out of income.

Local Community Relationships and other Charitable Activities 2023-24

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 School has continued to develop its work in the Partnerships and Outreach sphere with more events and initiatives taking place in 2023/24 than the previous year. The School actively engenders an appreciation of the benefits of philanthropy for themselves as well as, most importantly, for those who do not enjoy their privileges. Although awareness is an important element in this work, the community also raised significant amounts of money across the year. Through non-uniform days and events such as a Christmas Fair, a total of £7,700 was donated to all charitable causes.

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2024

In July the School organised its second whole-school “SGA Big Help Out” morning. Every girl in the School was involved in activities. These included an athletics competition for Year 5 pupils from six local schools, along with a concert tea party for elderly residents of local care homes and other activities. Volunteering at local charities included time spent at the local Foodbank, Babybank, and Riding for the Disabled. Donations were collected and donated to the Foodbank and Babybank. Groups of pupils also undertook gardening and grounds maintenance at a day centre and two local churches.

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 pupil, 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:

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2024

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2024

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

Operational Performance of the School

This year's cohort of Year 11 and Upper Sixth students was the first since the pandemic to be assessed at the same standard as in 2019 with most support measures in place for public examinations 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. At a time when the percentage of A grades across the country fell, it was notable that the percentage of A Levels awarded an A at St George's was double that achieved in 2023 at an impressive 13% of all grades. Overall, 33% of A Level results were graded A/A with 59% of A Levels awarded an A – B grade. Results achieved in the Extended Project Qualification were particularly pleasing with 71% of pupils achieving an A or A*.

At GCSE, an impressive 62% 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 - beating the record set in 2023. 42% of GCSE results were awarded a grade of 8 or 9 and 75% of GCSEs achieved 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 2024 at GCSE and A Level. The GCSE value added statistic was particularly pleasing with a score of 0.8. This ranked the School among the top 3% for value added in the country.

We are therefore delighted that 69% of Upper Sixth Form pupils secured places at their first choice universities with 19% gaining their insurance. Amongst the 12% of pupils in Clearing there were also a number of successes with places gained at high ranking, Russell Group universities.

FINANCIAL REVIEW

Results for the Year

Overall the year can be viewed in positive terms and, encouragingly, the outturn was improved on early forecasts. This was a reflection of three main factors: a slight increase in fee income over forecast, improvements to letting income and the delivery of several operating cost savings. The period itself was characterised by high levels of inflation which reduced relatively swiftly over the first three quarters. The period’s outturn was not quite as strong as the previous year, and accordingly the School maintains a conservative approach in terms of operating costs and capital development. While several projects were completed, these can be viewed as lower cost, high impact improvement. No major capital projects, those with a cost greater than £200,000 were initiated, albeit plans have been considered and are ready should the financial situation justify their enactment. As forecast, the pupil roll in both boarding and day, remained relatively constant, though overall there was a minor reduction in numbers.

The Governors remain aware of the sensitivities of cost and continue to make every effort to minimise fee increases in order to retain parental confidence and pupil numbers, while still delivering a first class pupil experience. While this appears to be working, the period was marred by the reality of double figure inflation and, having set it’s 2023/24 fees in Spring 2023, before the inflationary rise took full effect, it was necessary to factor this in for the 2024/25 fees. The inescapable reality over the period was the threat of VAT being charged on fees and the loss of business rate relief. In order to provide the necessary level of engaged and responsible governance this drove considerable detailed options planning which was conducted by the Senior Management and Governors. Throughout the year it was considered highly likely that the Labour Party would form a new government during the year. On 5 July this was confirmed following the General Election. The new Government has moved swiftly to apply VAT and remove business rate relief. The

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2024

challenge faced by the School is likely to be significant given the Government’s drive to deliver this at tempo. Anticipating this, the Governors took a decision in principle to mitigate the increased charge to fee payers as much as reasonably feasible but without providing reckless levels of financial support that would place the School at risk. In parallel, expenditure restraint, operating cost reductions and maximising income generation through alternate sources has characterised the period and will continue to do so in the next period. The details of the Government’s proposal are not yet fully known but the School has continued to reinforce its operating cash reserve while also continuing to underpin this with low-risk investments.

During the year, the political uncertainty drove a modest number of parents to take advantage of the School’s long-standing Fees in Advance scheme. The Scheme offers parent’s the certainty that comes with paying for fees in advance, while also offering the benefit of a small discount against future terms at a modest commutation rate which, during the period, was 2.5%. Over the reporting 2023/24 period a total of £1,524,628 was paid under this scheme. All funds were received prior to the introduction of anti-forestalling on 29 July 2024.

Lettings income remains buoyant and during the period the Lettings Manager was able to secure several high profile lets while also confirming the return of our chosen partner for the residential summer camp which takes place in July into early August. The income from these, along with that of the Swimming Pool remains a valuable source of income and one where the School hopes to build further on what is already an improved position. The School is aware of the draft legislation making VAT chargeable to our letting partners and has begun consultation with them. All contracts already allow for the introduction of VAT and the School will give careful consideration to ensuring that we continue to let our facilities efficiently.

In terms of operating costs, the reduction in inflationary costs has been slower to take effect. The Maintenance and Repair budget was therefore challenged over the period. This is however not only a reflection of higher costs, but also the School moving to ensure the estate is in good order and that planned preventative maintenance has been completed to a good standard. Included within this was a significant expenditure to make improvements to the drainage of the sports fields. This was reflected as ongoing maintenance and is also included in Income and Expenditure. Energy costs remain high but the School previously hedged on gas and electricity during the pandemic and has escaped the worst effects of the price increases. These are now reducing following a spike at the outbreak of the war in the Ukraine and in parallel, the School’s solar power generation is also offsetting the cost and will continue to do so for many years.

The initial forecast outturn was therefore increased during the year as confidence grew and the position strengthened during over the reporting period. The EBITDA was £1,004,600. The end of year position, before pension adjustment, reflected a surplus of £585,677 (2023 £627,778 surplus). This figure is after spending £440,417 (2023: £ 243,790 ) on repairs and maintenance in the year.

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. Given the relatively low level of investment, the School does not instruct and investment manager, but this is kept under review. During the period, the Governors agreed it appropriate to continue investing in the M&G Charifund at the same rate as the previous period. At 31 July 2024, the listed investments (comprising mainly Equities and Convertible Stocks) had a market value of £297,776 (2023: £ 81,970 ). This is in line with the expectation and objectives of the School and the levels invested are balanced against market risk and the desire to ensure high levels of cash liquidity during a very unclear future.

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

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2024

standard of educational services, pastoral and sporting facilities. The majority of reserves are held in Treasury Term Deposits and notice accounts to balance gain and access to funds over the short-term.

The School’s unrestricted funds stood at £12,376,207 (2023: £ 11,864,469 ) and restricted stood at £64,941 (2023: £2,774) 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 were the subject of a comprehensive review and the headlines 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:

While the intent behind the strategy remains constant, it is the reality that application of VAT to fees and the additional cost of losing Mandated Business Rate Relief now mean that the School is having to adjust its planning to compensate for the marked change in financial forecasts. During the period, the Governors have been seized with the issues surrounding this. Considerable time, effort and resource has been committed to reviewing the options available and the outcome of this will be made clearer to stakeholders and fee payers in the Autumn. There will also need to be a period of minor correction when the full and final legislation and technical notes are brought into being. However, the School has previously announced that it will try to absorb some of the impact that the additions will have on fees. The School will also reduce operating costs further while also continuing to make every effort to increase other sources of income, for example lettings and philanthropy. The School therefore continues to be governed and managed with the assumption that the worst case scenario, in terms of legislative change, will be realised. This scenario is loss of VAT status on 1 January 2025 and loss of Mandated Business Rates on 1 April 2025.

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.

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2024

A formal review of the risk management process is undertaken on a rolling basis throughout each year. The key controls used include:

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, until March 2024, the School retained Owen David as H&S consultants to audit and advise on related matters. The School has recently appointed Intrinsic Risk Management as our new advisor.

ISI inspection in November 2022 found the School to be compliant as well as excellent in all areas. Since then standards have been maintained.

Principal Risks and Uncertainties

The most significant risk to the charity, and indeed most independent schools at this moment in time, continues to be any significant reduction of pupil numbers, leading to a marked reduction in income. This is a matter that receives continuous attention and the Governors consider that it is probable for there to be a shift over this period with a reduction in pupil numbers. In recent years this was seen in the context of the global economic situation, where increases in inflation, particularly energy and food, have increased the School’s operating costs over the near-term. This was managed effectively during the period and while these challenges have peaked, the near to mid-term future is looking increasingly challenging. Changes to the tax system is highly likely to price many parents out of the independent school sector. The forecast budget for the next financial period is based on what is known but the true impact of VAT on fees is not yet fully understood over the next five years. Modelling and sensitivity analysis have been conducted and while the pupil numbers have been buoyant over the past couple of years it is now probable that there will be a reduction in pupil numbers across the sector and that St George’s is unlikely to be shielded from this. The forecast income over 5 years has accounted for this but it will not be until the School announces its position on VAT and it has actually taken hold, that the situation will be fully understood. Therefore, detailed planning and considerable skill and engagement will be required to navigate a path through what is likely to pose an existential threat to many smaller schools.

Given the work completed, the Governors are therefore satisfied that for all major risks which may affect the School, appropriate controls have been put in place and are maintained to mitigate these 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.

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ST GEORGE’S SCHOOL ASCOT TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2024

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 5 December 2024 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

05/12/2024

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 2024 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:

15

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 14, 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:

16

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

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.

Siobhan Holmes (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditors Date 17 December 2024

10 Queen Street Place London EC4R 1AG

17

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

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024

Notes
INCOME FROM :
Voluntary sources:
Donations
2b
Charitable activities:
School fees receivable
2a
Registrations fees, surcharges and
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 generating funds:
School trading expenditure
Financing and other costs
Total Expenditure
3
Net income before investment
Net gain/(loss) on investment
Net income
4
Transfers
Net movement in funds
Funds brought forward
Funds carried forward
Net (loss)/gains on pensions in the year		 Unrestricted
Funds
£
26,212
7,866,476
38,678
5,206
156,957
105,596
219,262
8,418,387
7,842,191
2,874
50,068
50,732
7,945,865
472,522
35,808
(11,772)
496,558
15,180
511,738
11,864,469
12,376,207		 Restricted
Funds
£
86,412
-
-
-
-
-
-
86,412
-
-
-
9,065
9,065
77,347
-
-
77,347
(15,180)
62,167
2,774
64,941		 Total
2024
£
112,624
7,866,476
38,678
5,206
156,957
105,596
219,262
8,504,799
7,842,191
2,874
50,068
59,797
7,954,930
549,869
35,808
(11,772)
573,905
-
573,905
11,867,243
12,441,148		 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

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 2023 are shown in note 19 on page 35. The notes on pages 21 to 35 form part of these accounts .

18

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED BALANCE SHEETS

AT 31 JULY 2024

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
TOTAL ASSETS LESS
CURRENT LIABILITIES
CREDITORS:Amounts falling
due after more than one year
12
TOTAL NET ASSETS
14
FUNDS
UNRESTRICTED
General fund
RESTRICTED
13
TOTAL FUNDS
14		 2024
2023
£
£
12,470,097
12,549,050
297,778
81,970

12,767,875
12,631,020
29,214
33,823

282,792
362,839

3,715,435
2,025,718
4,027,441
2,422,380
(2,059,793)
(1,439,738)
1,967,648
982,642
14,735,523
13,613,662
(2,294,375)
(1,746,419)
12,441,148
11,867,243
12,376,207
11,864,469
64,941
2,774
12,441,148
11,867,243
Group		 2024
2023
£
£
12,470,097
12,549,050
297,778
81,970
12,767,875
12,631,020
29,214
33,823
386,325
446,207
3,609,656
1,932,000
4,025,195
2,412,030
(2,057,547)
(1,429,388)
1,967,648
982,642
14,735,523
13,613,662
(2,294,375)
(1,746,419)
12,441,148
11,867,243
Charity
12,376,207
64,941
12,441,148		 12,376,207
11,864,469
64,941
2,774
12,441,148
11,867,243

The parent only surplus in the year was £573,905 (2023: surplus £688,417). These financial statements were approved and authorised for issue by the Board of Governors and were signed on its behalf on 5 December 2024.

A A Mackintosh

A Mackintosh CHAIRMAN

The notes on pages 21 to 35 form part of these accounts

19

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024

Net movement in funds
Interest receivable
Interest paid
Depreciation charges
Profit on disposal of fixed assets
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors, deposits and fees in advance
Gain on investment
Movement on pension liability
Net cash provided by operating activities
Cash flows from investing activities
Payments to acquire tangible fixed assets
Disposal of tangible fixed assets
Investments purchased
Interest paid
Interest received
Net cash (used in) investing activities
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
Cash and cash equivalents at the beginning of the year
Total cash and cash equivalents at the end of the year
ANALYSIS OF CHANGES IN NET DEBT
Cash at bank and in hand
Loans
Total		 At 1 August
2023
£
2,025,718
(720,130)
1,305,588		 2024
2023
573,905
688,417
(105,596)
(42,455)
45,497
47,187
529,875
460,762
0
(365,526)
4,609
(21,169)
80,047
(8,870)
1,156,238
(122,931)
(35,808)
3,034
11,772
(60,639)
2,260,539
577,810
(451,293)
(463,063)
372
365,526
(180,000)
(85,000)
(45,497)
(47,187)
105,596
42,455
(570,822)
(187,269)
-
-
-
-
1,689,717
390,541
2,025,718
1,635,177
3,715,435
2,025,718
At 31 July
Cashflows
2024
£
£
1,689,717
3,715,435
25,259
(694,871)
1,714,976
3,020,564

The notes on pages 21 to 35 form part of these accounts

20

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

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 negative impact of a Labour Government on the sector. 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 a healthy 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, company registration number 09555349. 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 £573,903 (2023: surplus £688,417). 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.

21

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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. The School does not seek to profit from educational trips.

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.

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,

22

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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.

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 2024

2. SCHOOL FEES

The School's fee income comprised:

Gross fees
Less: scholarships, bursaries and discounts
Less: allowances		 2024
2023
£
£
8,758,178
8,373,592
(845,487)
(775,695)
(46,215)
(50,255)
7,866,476
7,547,642

b) Other Income

Courses and sub-lettings
Insurance commissions		 2024
£
217,983
1,279
219,262		 2023
£
179,348
5,503
184,851

There have also been donations and legacies of £112,624. This includes £86,412 restricted and £26,212 unrestricted. (2023: £10,175 – restricted £1,325 and unrestricted £8,850).

24

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

3. TOTAL EXPENDITURE 2024

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 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		 Staff costs
£
3,120,287
1,143,299
261,730
801,701
5,327,017
-
-
-
5,327,017
Staff costs
£
2,933,341
1,022,860
250,470
672,184
4,878,854
-
-
-
4,878,854		 Depreciation
£
38,453
18,568
472,174
680
529,875
-
-
-
529,875
Depreciation
£
15,696
16,407
427,265
1,393
460,762
-
-
-
460,762		 Total
Other
2024
£
£
340,810
3,499,550
552,285
1,714,152
731,382
1,465,286
360,822
1,163,203
1,985,299
7,842,191
2,874
2,874
50,068
50,068
59,797
59,797
2,098,038
7,954,930
Total
Other
2023
£
£
274,171
3,223,208
497,391
1,536,658
623,631
1,301,366
441,042
1,114,619
1,836,235
7,175,851
16,264
16,264
45,942
45,942
60,749
60,749
1,959,190
7,298,806

Included within support costs are total governance costs, including audit fees of £28,827 ( 2023: £41,700 ).

25

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

4.
NET INCOME FOR THE YEAR
Is stated after charging:
Depreciation - own assets
Auditors' remuneration - audit fees
Auditors' remuneration - additional charges for prior year
5.
STAFF COSTS - GROUP AND CHARITY
Wages and salaries
Social security costs
Other pension costs (see note 17)
Movement in pension trust growth plan liability
The average number of employees in the year was:
Teaching
Peripatetic
Domestic
Boarding
Administration
Maintenance and grounds
The following number of employees exceeded £60,000 emoluments
In the band £60,000 - £70,000
In the band £70,001 - £80,000
In the band £80,001 - £90,000
In the band £90,001 - £100,000
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
Total cost of employer's pension contributions in relation to the
above		 2024
2023
£
£
529,875
460,762
28,827
26,160
-
15,540
4,364,772
3,992,797
434,594
396,357
527,651
489,702
11,772
(60,639)
5,338,789
4,818,217
No.
No.
55
47
17
17
30
30
10
10
20
26
14
6
1
2
2
3
1
-
1
1
-
-
-
-
-
-
1
1
£87,263
£93,246

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 £309,992 (2023:£294,337) .

None of the Governors received remuneration (2024:nil) and no Governors received expenses in the year (2023:nil).

26

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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 2023
Additions
Disposals
At 31 July 2024
DEPRECIATION
At 1 August 2023
Charge for the year
Disposals
At 31 July 2024
NET BOOK VALUES
31 July 2024
31 July 2023		 Freehold
land &
buildings
£
18,089,817
187,457
-
18,277,274
6,133,060
388,258
-
6,521,318
11,755,956
11,956,757		 Fixture &
equipment
£
1,794,130
210,885
(372)
2,004,643
1,265,980
102,410
-
1,368,390
636,253
528,150		 Motor
vehicles
Total
£
£
231,515
20,115,462
52,951
451,293
-
(372)
284,466
20,566,383
167,372
7,566,412
39,207
529,875
-
-
206,579
8,096,287
77,887
12,470,097
64,143
12,549,050

27

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

8. INVESTMENTS

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

Investments at 1 August 2023
Investments in year
Withdrawals
Revaluation Gain/(losses)
Investments at 31 July 2024
Listed investments include the following:
Unit Trust - M&G Securities (Charifund Accumulation)		 2024
2023
£
£
81,970
3
180,000
85,000
-
-
35,808
(3,033)
297,778
81,970
2024
2023
£
£
297,776
81,968

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 gains/(losses) in respect of basic financial assets		 2024
£
105,596
35,808		 2023
£
42,455
(3,033)

28

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

8a SUBSIDIARY UNDERTAKING

St George's Ascot Enterprise Limited (Company Number 9555349) is wholly owned trading subsidiary of St George's School Ascot Trust Limited. The subsidiary was established to carry out 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 captial
Retained Profit
Capital and Reserves		 2024
2023
£
£
137,249
113,622
(28,205)
(27,100)
109,044
86,522
(6,233)
(4,266)
102,811
82,256
102,811
82,256
(102,811)
(82,256)
-
-
116,780
102,177
(116,778)
(102,175)
2
2
2
2
-
-
2
2

29

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

9. DEBTORS

Fees and extras
Prepayments and accrued income
Other Debtors
Intercompany debtor		 2024
2023
2024
2023
£
£
£
£
14,143
37,793
3,142
29,334
119,837
134,070
119,837
134,070
148,812
190,976
148,813
190,977
-
-
114,533
91,826
282,792
362,839
386,325
446,207
Group
Charity

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 received ahead of Autumn Term
Other taxes and social security
Trade creditors
Pension Liability
Other creditors and accruals
Bank Loans
Intercompany creditor
Advance fees scheme
(see note 11)		 2024
2023
2024
2023
218,243
301,640
218,243
301,640
376,768
314,902
376,767
314,902
117,660
101,079
117,659
101,079
106,649
212,234
106,650
212,234
65,639
57,996
65,639
57,996
302,855
246,325
293,701
235,978
31,608
30,225
31,608
30,225
-
-
6,909
-
840,371
175,334
840,371
175,334
2,059,793
1,439,735
2,057,547
1,429,388
Group
Charity

30

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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)		 2024
2023
£
£
286,193
121,419
410,595
42,188
696,788
163,607
840,371
175,334
1,537,159
338,941

The balance represents the accrued liabiltiy 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 2024		 338,941
181,466
1,537,159
244,311
-
3,584
1,876,100
429,361
(338,941)
(90,420)
1,537,159
338,941

12.

CREDITORS: Amounts falling due after more than one year

Advance fees scheme
(see note 11)
Pension Liability
Hire Purchase
Bank Loan
Deposits		 2024
2023
£
£
696,788
163,126
284,795
275,392
2,733
14,995
663,263
689,905
646,796
603,000
2,294,375
1,746,418
Group		 2024
2023
£
£
696,788
163,126
284,795
275,392
2,733
14,995
663,263
689,905
646,796
603,000
2,294,375
1,746,418
Charity

31

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

13. RESTRICTED FUNDS

Swimming pool
Environmental Project
Laurie Walker Fund
Bursary Fund
Cricket Nets
Loveday
Swimming pool
Environmental Project		 1 August
2023
£
1,449
1,325
-
-
-
-
2,774
1 August
2022
£
1,449
-
1,449		 Income
£
-
-
12,500
45,362
28,530
20
86,412
Income
£
-
1,325
1,325		 Expenditure
£
(1,325)
(3,480)
-
(4,260)
-
(9,065)
Expenditure
£
-
-
-		 31 July 2024
Transfers
2024
£
£
-
1,449
-
-
-
9,020
-
45,362
(15,180)
9,090
-
20
(15,180)
64,941
31 July 2023
Transfers
2024
£
£
-
1,449
-
1,325
-
2,774

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS - GROUP

Tangible assets
Investments
Current assets
Current liabilities
Creditors due after more than one year
Tangible assets
Investments
Current assets
Current liabilities
Creditors due after more than one year
2024
2023		 Unrestricted
£
12,470,097
297,778
3,962,500
(2,059,793)
(2,294,375)
12,376,207
Unrestricted
£
12,549,050
81,970
2,419,606
(1,439,738)
(1,746,419)
11,864,469		 Restricted
£
-
-
64,941
-
-
64,941
Restricted
£
-
-
2,774
-
-
2,774		 Total funds
£
12,470,097
297,778
4,027,441
(2,059,793)
(2,294,375)
12,441,148
Total funds
£
12,549,050
81,970
2,422,380
(1,439,738)
(1,746,419)
11,867,243

32

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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		 2024
£
12,262
2,733
14,995		 2023
£
12,263
14,995
27,258

16. RELATED PARTY TRANSACTIONS

In the year to 31 July 2024, the following transactions took place between the School and its wholly owned subsidiary:

One Governor had a daughter at the School during the year (1 in 2023). 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 £525,558. At the year-end £44,509 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.

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.

33

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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 59 active members of the DC scheme and the employer contributions made during the year totalled £106,139.

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 £302,509 (2023: £314,280 ) and the decrease of £11,771 has been credited in the SoFA .

18. CAPITAL COMMITMENT

The School has one capital commitment for 2023/24, the purchase of a Cushman electric vehicle, with a balance due of £11,580.

34

ST GEORGE’S SCHOOL ASCOT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

19. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR 2023

INCOME FROM:
Voluntary sources:
Donations
Government grant income
Charitable activities:
School fees receivable
Registrations fees, surcharges and
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 generating funds:
School trading expenditure
Financing and other costs
Total Expenditure
Net income before investment
gain (losses)/gains
Net loss on investment
Net gains/(loss) on pensions in the
Net income
Transfers
Net movement in funds
Funds brought forward
Funds carried forward		 Unrestricted
Funds
£
8,850
-
7,547,642
15,870
244
128,381
42,455
184,851
7,928,293
7,175,851
16,264
45,942
60,749
7,298,806
629,487
(3,034)
60,639
687,092
-
687,092
11,177,377
11,864,469		 Restricted
Funds
£
1,325
-
-
-
-
-
-
1,325
-
-
-
-
-
1,325
-
1,325
-
-
1,449
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
-
-
11,178,826
11,867,243

35