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2022-08-31-accounts

Registered number: 01047287 Charity number: 309094

ST PIRAN’S SCHOOL LIMITED

(A Company Limited by Guarantee)

GOVERNORS' ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

ST PIRAN’S SCHOOL LIMITED

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details 1
Governors' annual report 2
Governors' responsibilities statement 9
Independent auditors’ report 11 - 13
Statement of financial activities 14
Balance sheet 15
Cash flow statement 16
Notes to the financial statements 17 - 34

ST PIRAN’S SCHOOL LIMITED (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2022

Governors

Company registered number

Mrs K J S Taylor (Chair) Mr P J Thomas Mrs C Fry Mr C D Kendall Mr A J Kennedy (resigned 31 August 2022) Mr C R Lambert (resigned 31 August 2022) Reverend S M Lynch Mrs E Marriner Mrs L J Morgan Mrs H Ness-Gifford Mr S Sales (Head) (resigned 23 March 2022) Mr O A Subramanian Mrs H Subramanian Mrs C Robinson Mrs R Doctor

Key Management Personnel

Mr S Sales (Head) Mrs C Earp (Deputy Head Pastoral) Mr S Robinson (Deputy Head (Academic) Mrs J Richmond (Head of Early Years) Mrs C Walsh (Head of Operations) Mrs P Carragher (Head of Finance)

Principal and Registered Office

St Piran's School Limited Gringer Hill Maidenhead Berkshire SL6 7LZ

01047287

Charity registered number

309094

Independent Auditor

MHA MacIntyre Hudson Chartered Accountants Statutory Auditors Building 4 Foundation Park Roxborough Way Maidenhead SL6 3UD

Solicitors

Veale Wasbrough Vizards LLP Narrow Quay House Narrow Quay Bristol BS1 4QA

Bankers

Barclays Bank Plc Wytham Court 11 West Way Oxford OX2 0JB

Page 1

GOVERNORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2022

ST PIRAN’S SCHOOL LIMITED (A company limited by guarantee)

The Governors are pleased to present their annual Governors’ Report together with the financial statements of the charity for the year ended 31 August 2022 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Company’s Memorandum and Articles of Association, and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities (SORP 2019) preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The charity operates an independent school for pupils aged 2 to 11 years, serving the Maidenhead catchment area. It has a pupil capacity of 456. There were 437 pupils on roll during the Summer Term 2022.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity is a company limited by guarantee and an exempt charity. The charitable company’s Memorandum and Articles of Association are the primary governing documents of the charity. The Governors of the charity are also the directors of the charitable company for the purposes of company law. The charitable company is known as St Piran’s School Limited.

Governors of the Charity

The Governors who have served during the year ending 31 August 2022 were as follows:

Mrs K J S Taylor (Chair) Mr P J Thomas Mrs C Fry Mr C D Kendall Mr A J Kennedy (resigned 31 August 2022) Mr C R Lambert (resigned 31 August 2022) Reverend S M Lynch Mrs E Marriner Mrs L J Morgan Mrs H Ness-Gifford Mr S Sales (Head) (resigned 23 March 2022) Mr O A Subramanian Mrs H Subramanian Mrs C Robinson Mrs R Doctor

Members’ Liability

Each member of the charitable company undertakes to contribute to the assets of the charitable company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £1, for the debts and liabilities contracted before they ceased to be a member.

Governors’ Indemnities

Governors benefit from indemnity insurance to cover their liability which by virtue of any rule of law would otherwise attach to them in respect of any negligence, default or breach of trust or breach of duty of which they may be guilty in relation to the charitable Trust. This is covered within the overall insurance costs for the School.

Page 2

ST PIRAN’S SCHOOL LIMITED (A company limited by guarantee)

GOVERNORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2022

Method of Recruitment and Appointment or Election of Governors

New governors are elected at a meeting of the Governing Body with not less than three quarters of the Governing Body present and by a vote of at least three quarters of the members present. A new governor must be proposed for election by a member of the Governing Body to all members 10 days prior to the meeting at which their election is proposed. Once elected, the individual must sign and deliver an application for admission to membership.

Policies and Procedures Adopted for the Induction and Training of Governors

Prior to confirmation of the appointment of a new governor, checks are undertaken to confirm formal identification, the right to work in the UK and an Enhanced DBS application is made. On confirmation, a new governor is provided with an induction pack and briefing by the Head and the Clerk to the Governors. The Chair of Governors formally welcomes new governors at their first meeting. Governors receive internal briefing sessions on the School and areas relevant to their sub-committee membership (if any) and attend School events and staff social/liaison activities. There is a requirement for governors to attend one external training session per year.

Organisational Structure

The Governors are responsible for the strategic direction and maintenance of standards within the School and oversee legal and regulatory compliance. Responsibility for managing the School lies with Head, assisted by the Senior Management Team

Arrangements for Setting Pay and Remuneration of Key Management Personnel

Pay and remuneration for the Head is by the Governors, with reference to benchmarked data. The pay and remuneration for other key management personnel, including the Senior Management Team, responsible for the day-to-day running of the School are set by the Governors on the recommendations of the Head.

Aims

The Charity’s objects as set out in its Memorandum and Articles of Association, dated 1972, are to promote and provide for the advancement of education, including the provision of day schooling for children of both genders. Within these charitable objects, the Charity also is required to maintain the premises known as St Piran’s School and other premises that are owned by the School (if any). Amongst other responsibilities, the School should award prizes and scholarships to pupils, or prospective pupils, for proficiency in academic studies and games and to develop through a wider sporting, artistic and social programme of study, the promotion of education generally, including provision for the education and training of prospective entrants to any of the public schools and colleges, and apply to that purpose all monies and property coming to it. This is intended to provide an environment where each child can develop independence, confidence, self-motivation and a genuine love of learning, where each pupil can develop and fulfil their potential.

Objectives

Page 3

ST PIRAN’S SCHOOL LIMITED (A company limited by guarantee)

GOVERNORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2022

In setting objectives and planning activities, the Governors have given careful consideration to the Charity Commission’s general guidance on public benefit and, in particular, to its supplementary public benefit guidance on advancing education and on fee-charging.

Public Benefit Statement and Access Policy

The Charity principally provides education in Maidenhead to boys and girls from the ages of 2 years to 11 years on its site in Gringer Hill. The pupils benefit from an outstanding all-round education in a school that achieves excellent standards within a strong school community. Reinforcing the School’s Christian values, pupils are encouraged to have an appreciation and awareness of people around them who are less fortunate than themselves.

The School holds many fund-raising events. Pupils participated in national events such as Red Nose Day, Save the Children’s Christmas Jumper Day and Comic Relief. The School also raised money for other charities such as Macmillan Cancer Support, Thames Hospice and the Place2BE, a charity specifically targeting children’s mental health.

The School facilities are used extensively by the local community in the evenings, weekends and during school holidays for a wide variety of activities. Since Covid-19 restrictions were lifted use has built back up to prepandemic levels. In particular, provision of after-school and weekend swimming lessons for the local community has grown significantly over the year under review.

The School welcomes pupils from all backgrounds. Prospective pupils are interviewed and assessed to ensure that the School can educate and develop each child to the best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy staff and parents that prospective pupils will be able to cope with the pace of learning and, therefore, benefit from the education provided by the School. An individual’s economic status, gender, ethnicity, race, religion or disability does not form part of the assessment process.

The School is an equal opportunity organisation and is committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, gender, sexual orientation or disability. The School would make any reasonable adjustments to meet the needs of staff or pupils who were or became disabled.

The staff regularly discuss and contribute to the School Improvement Plan and Strategy to ensure that objectives are being met. The Governors have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties.

The School sets out to provide a breadth of education to enable pupils to develop skills and talents which can be nurtured and supported in their time at the School. The School is committed to safeguarding and promoting the welfare of pupils and expects all staff and volunteers to share this commitment. Access to the education offered is not restricted to those who can afford the fees. The bursary policy, together with links with local primary schools, contributes to a widening of access to the education offered and the facilities enjoyed.

The School prides itself in being part of a wider community, including staff and parents. It also offers a resource to support a range of educational activities for the benefit of local teachers and children attending maintained schools. The Governors are committed to developing a programme of cooperation and joint working with local maintained junior and secondary schools and, in addition, during school time we offer our swimming facilities to a local primary school free of charge.

Page 4

ST PIRAN’S SCHOOL LIMITED (A company limited by guarantee)

GOVERNORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2022

The Governors consider bursary awards as important in helping to ensure children from families who would not otherwise be able to afford the fees to access the education offered. The bursary awards are available to all who meet the School’s general entry requirements and are made solely based on parental means or to relieve hardship where a pupil’s education and prospects would otherwise be at risk, for example, in the case of redundancy. Factors considered include family income, investments, savings and family circumstances, including dependant relatives and the number of siblings. However, the School does not have a large endowment and, when making such awards, remains mindful of achieving balance between fee-paying parents, many of whom make considerable personal sacrifices to fund their child’s education, and those benefiting from the bursary awards.

STRATEGIC REPORT

Achievements and Performance

During the year under review the Senior Leadership Team included the Head of Early Years and two Deputy Heads who split responsibilities between Academic and Pastoral. On the departure of the Bursar at the end of 2020/21 a new bursary structure was implemented with the Head of Finance being responsible for financial matters and the Head of Operations managing all other support functions and being part of the SLT.

In September 2021 the School fully reopened, still with some restrictions due to Covid-19. A wide co-curricular programme was reintroduced during the Christmas Term. Hybrid learning was still in place where children were having to self-isolate, particularly in January 2022 when the School was hit by an Omicron wave affecting both staff and pupils. Other measures, such as moving meetings online, were implemented as necessary depending on local conditions. This flexibility meant that pupils’ education was not adversely impacted during 2021/22.

During the year under review the nursery provision expanded with a total of 82 children on roll at the end of the year compared to 74 in the previous year and the average number of sessions attended by each child also grew. Growth was particularly strong in the ante-preschool year group and, this coupled with a significant growth in demand for after-school care, resulted in significant investment in specialist staff and facilities.

The School’s financial position continued to strengthen, with strong pupil numbers, increased waiting lists and reputational distinction achieved by academic and sporting excellence. The School continued to achieve all its key objectives in the delivery of an excellent educational environment for local families seeking private education for children aged from 2 to 11 years old, in a co-educational, mixed ability setting. Numbers on roll steadily increased from 430 in September 2021 to 437 at the end of the year under review, with additional pupils spread across year groups and a large increase in 2-year-olds in the nursery. Strong pupil numbers and careful cost control were the major factors in the achievement of a healthy operating surplus of £155K (2021: £120K) after depreciation against a budget of £150K (2021: £20K).

In the year under review significant progress was made against agreed School Improvement plan targets:

Page 5

ST PIRAN’S SCHOOL LIMITED (A company limited by guarantee)

GOVERNORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2022

Target Achievement
Anchor St Piran’s School in three core values,
underpinning a refined vision and mission		 Appraisal system was fully implemented in year
under review and a framework of professional
development was established with the focus on
individuals taking responsibility for their own
development. Children regularly demonstrated
habits based on three core values of Motivation,
Engagement and Thinking (‘MET’). A new
website and linked social media were
implemented to make sure our families and
future families are aware of the direction of the
school.
Develop leaders at all levels, so they have the
skills and qualities to nurture a school culture in
which all individuals can thrive.		 Leadership structure was further developed
during the year including the appointment of a
Head of EYFS who sits on the Senior
Leadership Team. A programme of coaching
was introduced for senior and middle leaders.
Pupil Parliament and Pupil led councils met
regularly throughout the year and their input
influenced decisions throughout the school
Deliver Quality First Teaching that enables
excellence in pupil outcomes and personal
development		 Strong focus on individual needs of pupils with
progress being mapped for Reception to Year 6
in core subjects. Teaching Assistant resource
increased, and weekly training programme
introduced. Independent SEND review
undertaken to inform further development of
SEND provision.
Embed a long-term culture of well-being by
ensuring effective practice and provision is in
place that supports and nurtures all		 A professionally trained councillor provides
support to both pupils and staff. Appointment of
Wellbeing Coach to provide support to pupils in
the playground and through ‘drop-in’ sessions.
Mental Health First Aiders, recruited from staff
across the School, have been trained to provide
support to both children and adults as required.
Develop hybrid learning that enables a synergy
between different learning tools and a unique
offer for every pupil and teacher		 All pupils from Y3-Y6 have their own device and
technology is now integral to learning in the
classrooms. This provision meant that during a
period of high Covid infections, self-isolating
pupils were able to continue to access the
curriculum from home. Approximately 70
members of staff achieved Microsoft Innovative
Educator status and at the end of the year the
final stage of becoming a Microsoft Showcase
School was submitted – awarded September
2022.
Maximise output through bespoke management
information systems that meet the needs of our
entire St Piran’s family		 A new Management Information System was
implemented during the year. The new system
allows greater analysis of pupil data across the
school. The Admissions module is also being
used and there are plans to move billing during
Christmas Term 2022/23.

Page 6

ST PIRAN’S SCHOOL LIMITED (A company limited by guarantee)

GOVERNORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2022

Target Achievement
Design an Upper School Site Plan that enables
the eldest pupils to thrive and prepare them for
senior school transition		 Workshops and planning meetings were held
with architects and some interesting ideas
developed. Further ideas are being developed
and will be explored in 2022/23. It is a vision for
the future supported, in particular, by many of
our Alumni.

The School’s focus on a skills-based approach to learning continued to underpin the curriculum with teachers prioritising the skills children need, with the aim of giving children skills for life. In the 11+ the School had its best ever pass rate at 80%. In addition, 13 pupils were awarded scholarships to independent senior schools covering Sport, Academic, Music and Art awards.

The School is non-selective but academic achievements are impressive across all year groups. However, the School goes beyond purely academic achievement and focuses on social skills, empathy and charity. Reinforcing the School’s Christian values, pupils are involved in many charitable events and considering those less fortunate than themselves is the topic of many assemblies and in Personal, Health and Social Education classes. The children are also involved in environmental issues, taking part in the ECO Schools Programme with an active Eco Council focussing on how to improve the School’s sustainability. Recent increases in utility costs have served to focus these efforts.

To develop resilience and self-confidence, pupils are encouraged to step outside their comfort zone, make the most of any opportunity, to have a go and to learn how to take risks. This begins in the Early Years, when pupils become VIPs, Class Leaders and Monitors. They begin to speak in front of their peers, ask questions of and challenge each other. Sport, music and drama are all used as vehicles to develop social interaction skills and self-belief.

In 2021/22 it was heartening to be able to give the children opportunities to perform once again in front of a live audience, albeit at times with some restrictions on numbers attending. The Carol Service was attended by our Upper School pupils and parents and a full programme of performances and concerts took place across all year groups. It was wonderful to see our leavers able to perform ‘X Factory’ in front of family and friends. Sports Days and Speech Day, attended by Y3 – Y6, were also highlights of a very busy Summer Term.

It was also possible to run a full programme of both residential and day trips, thereby enriching the curriculum for children across the School. Once again St Piran’s was successful in Sports, with a full timetable of home and away fixtures in all sports giving all children the chance to participate. There was also individual and team success in national competitions across many sports including trampolining, gymnastics, biathlon, swimming, hockey, netball, cricket and girls’ football. The MUGA installed in Summer 2021 has proved a valuable additional resource and has been used extensively for cricket but also as an additional recreational space throughout the year.

As reported last year, a pension consultation was held with support staff in Christmas Term 2021/22 and on January 1 2022 provision moved to the APTIS scheme resulting in all staff now being in the same pension scheme.

Fundraising

The St Piran’s Society once again supported the School’s sense of family and community throughout the academic year. They were able to once again run traditional events such as the annual Bonfire Night, attended by around 900 people, and they hosted a very successful Summer Ball. St Piran’s enjoys the benefits of funds raised by the Society but does not rely on the income stream for financial security. No third-party fundraisers were used during the period under review.

Page 7

ST PIRAN’S SCHOOL LIMITED (A company limited by guarantee)

GOVERNORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2022

Going Concern

After making appropriate enquiries, the Board of Governors has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Further details regarding the adoption of the going concern basis can be found in the Statement of Accounting Policies below.

Financial Review (including reserves policy)

After depreciation, the School achieved a healthy surplus of £155K (2021: £120K).

Overall income was £7.1M in the year ending 31 August 2022 (2021: £6.4M). Projects undertaken during the period under review included:

The main income source was fees from pupils. The School manages financial risk by closely monitoring prospective and existing pupil numbers and setting fees at an appropriate level to optimise income and cover costs.

Reserves Policy

As at the balance sheet date, total unrestricted funds for the year ending 31 August 2022 were £3,487K (2021: £3,332K), which were principally represented by fixed assets. There were no free reserves. The aim of the School’s Reserves policy is to build up free funds to provide necessary working capital resources to enable the Charity to meet strategic objectives and develop the facilities and infrastructure further to support learning excellence.

As at 31 August 2022, the total funds comprised:

£’000 Unrestricted funds £3,487 Total funds £3,487

Risk Management and Uncertainties

The School maintains a Register of Risks which is regularly reviewed to ensure that it reflects the risks and uncertainties facing the School, and, if necessary, is updated annually. Such risks and uncertainties are assessed as either high, medium or low. The Register is then considered by the Finance and General Purpose Sub-Committee who recommend its approval to the Board of Governors.

Governors and the Senior Management Team remained cognitive of the macro-economic and external environment. They continuously scan and assess for threats including competition and pricing policy of other schools, and the implications of the uncertainty surrounding parent affordability, particularly as the nation deals with the current economic crisis. Operating costs continue to be monitored closely and the threat to Business Tax Relief, charitable status and VAT on school fees remains, particularly if the administration changes at the next election.

Page 8

ST PIRAN’S SCHOOL LIMITED (A company limited by guarantee)

GOVERNORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2022

Since the end of the pandemic St Piran’s pupil numbers have remained strong and new interest has continued to be high. Nevertheless, in a time of economic uncertainty there will be challenges to parental affordability and hence pupil numbers, which underpin the School’s financial security. Operating costs and school fee increases will require careful consideration.

The Governors also recognise the importance of investment in infrastructure and facilities to maintain standards of excellence and to remain competitive in the market sector. Plans are being made to enhance facilities particularly for Upper School pupils. Investment has continued to be made in IT infrastructure, equipment and software to maintain and enhance standards of excellence in the pupils’ learning environment and to attract new pupils. This investment needs to continue to enable St Piran’s to compete effectively against other schools’ facilities and provision.

The Governors continued to manage the School’s financial security by controlling school fees and costs, and by careful and skilful investment of funds in safeguarding, educational development, IT software, compliance, reputation and the School’s outstanding, highly motivated and hugely valued staff body.

PLANS FOR THE FUTURE

The School Improvement Plan Targets for the 2022-23 year build on the achievements of 2021-22 and are as follows:

GOVERNORS’ RESPONSIBILITIES

The Governors (who are also directors of the Company for the purpose of company law) are responsible for preparing the Governors’ Annual Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare financial statements for each financial year, which 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 Governors are required to:

Page 9

ST PIRAN’S SCHOOL LIMITED (A company limited by guarantee)

GOVERNORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2022

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

DISCLOSURE OF INFORMATION TO THE AUDITORS

We, the Directors of the Company, as set out above, who held office at the date of approval of these Financial Statements each confirm, so far as we are aware, that:

In approving the Governors' Annual Report, we also approve the Strategic Report included therein, in our capacity as Directors.

AUDITORS

The Governors will propose the reappointment of MHA MacIntyre Hudson as the auditors of the Charity at the Annual General Meeting on 23 March 2023.

This report was approved by the Governors on 22 March 2023 and signed on their behalf by:

…………………………………………… K TAYLOR

Chair of Governors

Page 10

ST. PIRAN'S SCHOOL LIMITED

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. PIRAN'S SCHOOL LIMITED

Opinion

We have audited the financial statements of St. Piran's School Limited (the 'charitable company') for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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) and the Charities SORP 2019.

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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Page 11

(A Company Limited by Guarantee)

ST. PIRAN'S SCHOOL LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. PIRAN'S SCHOOL LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Governors are responsible for the other information contained within the 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of Governors

As explained more fully in the Governors' Responsibilities Statement, 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 charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 12

(A Company Limited by Guarantee)

ST. PIRAN'S SCHOOL LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. PIRAN'S SCHOOL LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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:

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 non-compliance. 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.

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(A Company Limited by Guarantee)

ST. PIRAN'S SCHOOL LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. PIRAN'S SCHOOL LIMITED (CONTINUED)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

BIANCA SILVA BA ACA DChA (Senior Statutory Auditor)

for and on behalf of MHA MacIntyre Hudson, Statutory Auditor Maidenhead, United Kingdom

Date:

MHA MacIntyre Hudson are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 14

ST. PIRAN'S SCHOOL LIMITED

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
3,397
6,560,481
506,771
7,070,649
299,336
6,613,260
6,912,596
158,053
3,328,999
158,053
3,487,052		 Restricted
funds
2022
£
629
-
-
629
-
3,907
3,907
(3,278)
3,278
(3,278)
-		 Total
funds
2022
£
4,026
6,560,481
506,771
7,071,278
299,336
6,617,167
6,916,503
154,775
3,332,277
154,775
3,487,052		 Total
funds
2021
£
163,411
6,005,632
252,600
6,421,643
289,250
6,012,394
6,301,644
119,999
3,212,278
119,999
3,332,277

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 19 to 36 form part of these financial statements.

Page 15

ST. PIRAN'S SCHOOL LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 01047287

BALANCE SHEET AS AT 31 AUGUST 2022

Note
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
Net current assets / liabilites
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
15
Total net assets
Charity funds
Restricted funds
16
Unrestricted funds
16
Total funds		 446,582
1,177,409
1,623,991
(1,489,920)		 2022
£
3,568,073
3,568,073
134,071
3,702,144
(215,092)
3,487,052
-
3,487,052
3,487,052		 370,840
1,084,540
1,455,380
(1,547,074)		 2021
£
3,616,568
3,616,568
(91,694)
3,524,874
(192,597)
3,332,277
3,278
3,328,999
3,332,277

Page 16

ST. PIRAN'S SCHOOL LIMITED

(A Company Limited by Guarantee) REGISTERED NUMBER: 01047287

BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2022

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 144 of the Charities Act 2011.

The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Governors on 22 March 2023 and signed on their behalf by:

................................................

Mrs K J S Taylor

Chair

The notes on pages 19 to 36 form part of these financial statements.

Page 17

ST. PIRAN'S SCHOOL LIMITED

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022

Cash flows from operating activities
Net cash used in operating activities (note 18)
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing (note 20)
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year (note 20)		 2022
£
432,233
(303,823)
(303,823)
(35,541)
(35,541)
92,869
1,084,540
1,177,409		 2021
£
937,682
(240,747)
(240,747)
(36,639)
(36,639)
660,296
424,244
1,084,540

The notes on pages 19 to 36 form part of these financial statements

Page 18

(A Company Limited by Guarantee)

ST. PIRAN'S SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1. General information

St Piran's School Limited is a private company limited by guarantee, incorporated in England and Wales registration number 01047287, charity number 309094. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. The address of its principal place of business is Gringer Hill, Maidenhead, Berkshire, SL6 7LZ, United Kingdom.

The principal activity of the company is the provision of primary school education.

2. Accounting policies

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (issued in October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

St. Piran's School Limited 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.

2.2 Going concern

The school has net current assets of £134,071 at 31 August 2022, compared to net current liabilties of £91,694 at 31 August 2021. The accounts are prepared on a going concern basis as the School is supported by an overdraft facility of £100,000 provided by the bank and Governors set budgets each year to balance income generation with improvements in school facilities.

The Governors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the school of possible future scenarios arising from the impact of COVID-19, as well as impacts of higher inflation on costs. This analysis also considers the effectiveness of available measures to assist in mitigating the impacts.

Based on these assessments and having regard to the resources available to the entity, the Governors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts. Further details of this assessment can be found on page 8 of the Governors report.

Page 19

(A Company Limited by Guarantee)

ST. PIRAN'S SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

2. Accounting policies (continued)

2.3 Income

All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Governors' Report for more information about their contribution.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the charitable company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent.

Support costs are those costs incurred directly in support of the objectives of the company. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

Expenditure on raising funds includes all expenditure incurred by the charitable company to raise funds for its charitable purposes and includes costs of all fundraising activities events and noncharitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitable company's objectives, as well as any associated support costs.

2.5 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Financial Activities as the related expenditure is incurred.

Page 20

(A Company Limited by Guarantee)

ST. PIRAN'S SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

2. Accounting policies (continued)

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Land - Nil
Buildings - 5 to 50 years
Motor vehicles - 5 years
Fixtures and fittings - 5 to 10 years
Computer equipment - 3 years
St Piran's Centre - 5 to 50 years

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Financial Activities.

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 21

(A Company Limited by Guarantee)

ST. PIRAN'S SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

2. Accounting policies (continued)

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.11 Financial instruments

The charitable company 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.12 Finance leases and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the charitable company. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.13 Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

2.14 Pensions

Retirement benefits to employees of the school were provided by APTIS, a defined contribution scheme. Until December 2021, the school also made contributions for non-teaching staff to People's Pension. From January 2022 all staff were enrolled in APTIS.

Page 22

(A Company Limited by Guarantee)

ST. PIRAN'S SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

2. Accounting policies (continued)

2.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

No significant judgments have been made by management in preparing these financial statements. There are no key sources of estimation uncertainty.

Page 23

(A Company Limited by Guarantee)

ST. PIRAN'S SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

3. Income from donations and legacies

Donations
Government CJRS grants
Total 2022
Government CJRS grants		 Unrestricted
funds
2022
£
3,397
-
3,397		 Restricted
funds
2022
£
-
629
629
Restricted
funds
2021
£
163,411		 Total
funds
2022
£
3,397
629
4,026
Total
funds
2021
£
163,411

4. Income from charitable activities

Fees receivable
Music lessons and other income
Total 2022		 Unrestricted
funds
2022
£
6,376,099
184,382
6,560,481		 Total
funds
2022
£
6,376,099
184,382
6,560,481		 Total
funds
2021
£
5,883,435
122,197
6,005,632

In 2021 all income from charitable activities was unrestricted.

Page 24

(A Company Limited by Guarantee)

ST. PIRAN'S SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

5. Other trading activities

Income from fundraising events

Sports hall income
Other income
Forfeited deposits
Total 2022		 Unrestricted
funds
2022
£
129,794
374,477
2,500
506,771		 Total
funds
2022
£
129,794
374,477
2,500
506,771		 Total
funds
2021
£
31,303
218,997
2,300
252,600

In 2021 all income from fundraising activities was unrestricted.

6. Expenditure on raising funds

Unrestricted
funds
2022
£
St Piran's Centre expenses including salaries
130,995
Other costs
6,196
Establishment wages
121,155
Depreciation
40,990
Total 2022
299,336		 Total
funds
2022
£
130,995
6,196
121,155
40,990
299,336		 Total
funds
2021
£
106,742
13,324
129,231
39,953
289,250

In 2021 all expenditure on raising funds was unrestricted.

Page 25

(A Company Limited by Guarantee)

ST. PIRAN'S SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

7. Analysis of expenditure on charitable activities

Provision of education
Provision of education
Analysis of direct costs		 Activities
undertaken
directly
2022
£
4,635,512
Activities
undertaken
directly
2021
£
4,128,470		 Support
costs
2022
£
1,981,655
Support
costs
2021
£
1,883,924		 Total
funds
2022
£
6,617,167
Total
funds
2021
£
6,012,394
Teaching and house salaries
Bursaries, scholarships and discounts
Tuition materials
Other direct costs
Total 2022		 Total
funds
2022
£
3,548,221
260,889
369,438
456,964
4,635,512		 Total
funds
2021
£
3,232,276
280,943
227,621
387,630
4,128,470

Teaching and house salaries includes restricted expenditure of £629 (2021: £163,411) and unrestricted expenditure of £3,547,592 (2021: £2,973,402). All other expenditure in 2022 and 2021 was unrestricted.

Page 26

(A Company Limited by Guarantee)

ST. PIRAN'S SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

7. Analysis of expenditure on charitable activities (continued)

Analysis of support costs

Staff costs
Depreciation
Finance
Premises
Office management
Governance costs
Total 2022
In 2022 and 2021 all expenditure on support costs was unrestricted.
Net income/(expenditure)
This is stated after charging:
Depreciation of tangible fixed assets:
- owned by the charity
- held under finance leases
Auditors' remuneration - audit
Auditors' remuneration - other services
Operating lease rentals		 Total
funds
2022
£
702,156
311,328
14,795
699,276
179,862
74,238
1,981,655
2022
£
317,954
33,646
11,000
7,820
6,209		 Total
funds
2021
£
730,269
313,380
3,870
615,041
148,916
72,448
1,883,924
2021
£
312,237
41,097
10,250
4,750
2,675

8. Net income/(expenditure)

Page 27

(A Company Limited by Guarantee)

ST. PIRAN'S SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

9. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2022
£
3,753,606
331,392
286,534
4,371,532		 2021
£
3,444,387
303,144
344,245
4,091,776

The average number of persons employed by the charitable company during the year was as follows:

Administration
Domestic
Grounds
Teaching
Teaching assistants
Nursery nurses
St Piran's Centre		 2022
No.
11
10
6
63
19
16
4
129		 2021
No.
12
8
4
63
19
15
8
129

The average headcount expressed as full-time equivalents was:

Administration
Domestic
Grounds
Teaching
Teaching assistants
Nursery nurses
St Piran's Centre		 2022
No.
9
5
4
38
21
16
4
97		 2021
No.
9
4
5
40
17
11
3
89

Page 28

(A Company Limited by Guarantee)

ST. PIRAN'S SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

9. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2022 2021
No. No.
In the band £70,001 - £80,000 - 1
In the band £90,001 - £100,000 - 1
In the band £100,001 - £110,000 1 -

The key management personnel of the charitable company comprise the Governors and the senior management team as listed on page 1. The total amount of employee benefits (including employer pension contributions and employers national insurance contributions) received by key management personnel for their services to the charitable company was £450,487 (2021: £424,666).

10. Governors' remuneration and expenses

During the year, one or more Governors has been paid remuneration or has received other benefits from an employment with the charitable company. One governor received remuneration in his capacity as Headteacher. The staff cost includes the salary of the Head, (also a director and a governor to March 2022) which is approved by the Board of Governors and amounted to £105,040 (2021 - £93,073). Employer's pensions contributions in respect of the Head were made, totalling £11,366 (2021 - £15,570).

During the year ended 31 August 2022, no Governor expenses have been incurred (2021 - £NIL).

11. Interest payable

Finance charges 2022
£
6,209
6,209		 2021
£
2,494
2,494

Page 29

(A Company Limited by Guarantee)

ST. PIRAN'S SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

12. Tangible fixed assets

Cost or valuation
At 1 September 2021
Additions
Disposals
At 31 August 2022
Depreciation
At 1 September 2021
Charge for the year
On disposals
At 31 August 2022
Net book value
At 31 August 2022
At 31 August 2021		 Freehold
property
£
3,882,504
120,384
-
4,002,888
1,430,310
156,637
-
1,586,947
2,415,941
2,452,194		 Motor
vehicles
£
110,176
-
-
110,176
84,676
8,796
-
93,472
16,704
25,500		 Fixtures
and
fittings
£
956,174
86,655
(19,074)
1,023,755
778,117
41,718
(19,074)
800,761
222,994
178,057		 Computer
equipment
£
920,369
86,888
(419,197)
588,060
739,313
103,459
(419,197)
423,575
164,485
181,056		 St Piran's
centre
£
1,459,332
9,896
(10,762)
1,458,466
679,571
40,990
(10,044)
710,517
747,949
779,761		 Total
£
7,328,555
303,823
(449,033)
7,183,345
3,711,987
351,600
(448,315)
3,615,272
3,568,073
3,616,568

Page 30

(A Company Limited by Guarantee)

ST. PIRAN'S SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

12. Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:

Computer equipment 2022
£
68,695
68,695		 2021
£
57,856
57,856

13. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2022
£
212,730
34,140
199,712
446,582		 2021
£
175,664
26,048
169,128
370,840

14. Creditors: Amounts falling due within one year

School deposits
Trade creditors
Other taxation and social security
Net obligations under finance lease and hire purchase contracts
Other creditors
Accruals and deferred income		 2022
£
21,400
143,309
85,587
38,605
42,647
1,158,372
1,489,920		 2021
£
24,400
247,318
79,517
29,659
16,772
1,149,408
1,547,074

Page 31

(A Company Limited by Guarantee)

ST. PIRAN'S SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

.
Creditors: Amounts falling due within one year (continued)
Deferred income at 1 September
Resources deferred during the year
Amounts released from previous periods		 2022
£
940,092
935,231
(940,092)
935,231		 2021
£
553,891
940,092
(553,891)
940,092

Deferred income relates to Autumn term invoices received in advance and school trips taking place in the next year.

Creditors due within one year include £42,647 (2021: £16,273) relating to outstanding pension contributions.

The bank facilities, comprising an overdraft facility of £100,000, are secured by fixed and floating charges over the school's assets.

15. Creditors: Amounts falling due after more than one year

School deposits
Net obligations under finance lease and hire purchase contracts		 2022
£
184,200
30,892
215,092		 2021
£
164,400
28,197
192,597

Obligations under finance leases and hire purchase contracts, included above, are payable as follows:

2022 2021
£ £
Between one and five years 30,892 28,197

Page 32

(A Company Limited by Guarantee)

ST. PIRAN'S SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

16.
Statement of funds
Statement of funds - current year
Unrestricted funds
General Funds
Restricted funds
Events funds
Government CJRS grant
Total of funds		 Balance at 1
September
2021
£
3,328,999
3,278
-
3,278
3,332,277		 Income
£
7,070,649
-
629
629
7,071,278		 Expenditure
£
(6,912,596)
(3,278)
(629)
(3,907)
(6,916,503)		 Balance at
31 August
2022
£
3,487,052
-
-
-
3,487,052

Page 33

(A Company Limited by Guarantee)

ST. PIRAN'S SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

16.
Statement of funds (continued)
Statement of funds - prior year
Balance at
1 September
2020
£
Unrestricted funds
General Funds
3,209,000
Restricted funds
Events funds
3,278
Government CJRS grant
-
3,278
Total of funds
3,212,278
17.
Analysis of net assets between funds
Analysis of net assets between funds - current year
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Income
£
6,258,232
-
163,411
163,411
6,421,643		 Expenditure
£
(6,138,233)
-
(163,411)
(163,411)
(6,301,644)
Unrestricted
funds
2022
£
3,568,073
1,623,991
(1,489,920)
(215,092)
3,487,052		 Balance at
31 August
2021
£
3,328,999
3,278
-
3,278
3,332,277
Total
funds
2022
£
3,568,073
1,623,991
(1,489,920)
(215,092)
3,487,052

Page 34

(A Company Limited by Guarantee)

ST. PIRAN'S SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

17. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2021
£
3,616,568
1,452,102
(1,547,074)
(192,597)
3,328,999		 Restricted
funds
2021
£
-
3,278
-
-
3,278		 Total
funds
2021
£
3,616,568
1,455,380
(1,547,074)
(192,597)
3,332,277

18. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Impairment on fixed assets disposed
Increase in debtors
Increase in creditors
Net cash provided by operating activities
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents		 2022
£
154,775
351,600
718
(75,742)
882
432,233
2022
£
1,177,409
1,177,409		 2021
£
119,999
353,334
-
(77,566)
541,915
937,682
2021
£
1,084,540
1,084,540

19. Analysis of cash and cash equivalents

Page 35

(A Company Limited by Guarantee)

ST. PIRAN'S SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

20. Analysis of changes in net debt

Cash at bank and in hand
Finance leases		 At 1
September
2021
£
1,084,540
(57,856)
1,026,684		 Cash flows
New finance
leases
At 31
August 2022
£
£
£
92,869
-
1,177,409
-
(11,641)
(69,497)
92,869
(11,641)
1,107,912

21. Pension commitments

The company employees belonged to two principal pension schemes: APTIS for academic and related staff, a defined contribution scheme; and People's Pension, a defined contribution scheme for nonteaching staff. From January 2022 all staff were enrolled in APTIS.

22. Operating lease commitments

At 31 August 2022 the charitable company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2022
£
15,609
22,643
38,252		 2021
£
2,675
-
2,675

23. Related party transactions

In the year to 31 August 2022, the school has employed E Kennedy, wife of a governor; A Sales, wife of Head and governor to March 2022; E Taylor, daughter of the Chair of Governors and L Robinson and O Robinson, wife and daughter of key management personnel. These employees are paid at normal commercial rates with no involvement by the related party in the decision making process.

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