Rgglstered number: 00913833 Charlty number: 309640 ST. HUGH'S SCHOOL {CARSWELL) TRUST LIMITED (A company Ilmlted by guarantee) GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ST. HUGH'S SCHOOL ICARSWELL} TRUST UMITED IA company Ilmited by guaranteo) CONTENTS Page Referon¢e and admTnistrative details of the charity, its Governovs and advisers Governors. report Governors. responslbllllles statoment Indèpèndent audltorfs report on the flnanclal ststemènts Statement of flnanclal actlvitles 9-12 Balancg sheet 14 Statement of cash flows 15 Notes to tho flnanclal stst#ments 16-34 ST. HUGH'S SCHOOL {CARSWELLI TRUST LIMITED (A company limited by guaranteel REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023 Gov?mors Mr P Daffern. Chainman lunlil January 2023 and rosigned 24 June 2023)3 Mr ND Lawson-Smf(h, Chair (from Janltary 202311 Mrs LA Chitty2 Mrs A Cou112 Mr S Cover1 Mi C Davies, Chair of Weware & Compliance Committee2 M¥$ J Forre$t2,3 Mfs V Gill, Chair of Finance & Eststes Committeei,3 Mf E Hayteri Mr G J Varney, Lead for 8uiklings & Estates1 MrAWildman1 MTS P Johnson (appointed 24 June 20231 Member ofthe Finance and Eslales Committee Member of the Education Welfare & Compliance Committee Member ol the Nominations Committee Company registered numbèr 00913833 Charlty regl$tOTOd numb&r 309640 Reglstered office Carswell Manor Faringdon Oxon SN7 8PT Bursar and company secretary Mr A Hamilton Headmaster Mr B Leullier linlefim Headmaster stood down 3110812023} Mr D Griffiths lappoinled from 0110912023} Independent auditor Crowe U.K. LLP Aquis House 49-51 BIagra￿ Street Reading Berkshire RG1 1PL Bankers Uoyds Bank PIC 82 Regent St Swndon SN1 1JZ Sollcltors Harrison Clark Rickerb￿S Ellenboiough House Wellington Stro&t Chef(enham GL50 1YD Page 1 ST. HUGH'S SCHOOL ICARSWELLI TRUST LIMITED IA company limited by guaranteo) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The Govemors of Sl Hugh's School Icarswelll Trust Limited PTesent their annual report, which incorporates the Strategic Report for the year ended 31 August 2023 under the Companies Act 2006 and the Charrties Act 2011. together wfth the 8udiled finar7cial statements for the year and confirm that the 18tter compty wrth the requirements of the Companies Act 2006. the Company's Memorandum & Art￿leS of Assoctation and the Charities Stslemenl of R￿QmMended Practice 'Accounling and Reporting by Charitie$' (issued in March 2015}. REFERENCE & ADMINISTrATIVE INFORMATION Sl Hugh's School Icarswelll Trust Limited I'SI Hugh'5") is a charitable Company founded in 1967. ChaTty registration numbef 309640 and Company registration number 00913833. with the liability of its members limited to £10 each by guarantee. The Registered Offic8 and principal address of the C¢)mpany is Carswell Manor, Carswell, Faringdon, Oxfordshire, SN7 8PT. Governors The Schwl continues to be organised and administered by a Board of Governors (who legally act as the Board of Directors of the Company and as Trustees of the Charity). The Govemors who served dtsring Ihe ye81 are'.- Mr P Daffem 3 Chairman (Until January 2023 and Tesigned 24 June 20231 Mr N D Lawson-smfth 1 Chaimian (From January 20231 MrsLAChity2 Mrs A Coull 2 Mr S Cover 1 Mr C Davies 2 Mrs J Forre5t 2, 3 MrsVGill 1, 3 Mr E HayteT 1 MrGJVarney1 MrA Wildman 1 Mrs P Johnson Chair of Education Welfare & Compliance corr￿Ittee Chair of Finance & Estates Committee Lead for Buildings and Estates lappoinled 24 June 20231 Member of the Finance and Estates ComTnrttee. Member ol the Education Welfare & Complianee Committee Member of the Nominations Committee. Key Executives The Headmaster". Mr B Leumief linlerim Headmaster stood down 31108120231 Mr D Griffilhs (appointed from 01109r20231 Mr A Hamilion The Bursar.. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing Document The Company was govemed by ils Memorandum and Articles of Association dated 23 August 1967, up until the adoption of new Articles of Association on 2 March 2013. Goveming 8ody The Govemors are elected at a fLEU Govemors, Meeting on the b8515 of reComMendat￿n$ reeeived fiom other Govemors. the Headmaster and the Bursar. A skills audit is undertaken each year lo clarfy what professional expertise is Tequired when rec¥uiling new members to the Board. Members of the Board serve for 3 years and may apply for re*lection for 4 successNe terms. The Chairman and Vic&Chairman of the Board are elected each year al the Annual General Meeting. The article requires the numb$r of members of the Board lo be not les$ than e￿h1 and not more than fourteen. Governors a￿ required to be re-appointed every three years. At the d81e of this ￿port, there were 11 Govemors. Page 2 ST. HUGH'S SCHOOL ICARSWELL) TRUST LIMITED IA company Ilmlted by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Tralnlng New Govemors are inlr¢duced into the workings of the School, and of the C¢>mpany as a registered Charty. including Board policy and procedures, by the Headmaster and Bursar, who also ofganise periodic strategic planning and trustee training workshops for all Govemors. Govemors also recwve an indudion pack containing important information. This year. the Governors have wmpleted a range of AGBIS training Sessions and Sl HLwh'$ is one of the first schools to be awarded the AGBISIHMC Certification for.G￿d Govemance. Organlsatlonal Managèment The Govemors meet as a Board at least three times a year to detemiine the general policy of the Company and review ils overall management and control, for which they are legally responsible. More detailed management activity is undertaken by the Finance and Eslales Committee and the Education, Welfare and Compliance Committee which both meet temily. The day-lo-d8y running of the School is delegated lo the Headmaster ar>d the Bursar who are supported by other membeTr of the School Leadeiship Team. Group structur& and relation$hip$ st Hugh's is an actwe member of the Independent Association of P￿paratOry Schools IIAPSI for the promotson and maintenance of preparatory school standards generalty and also takes part in peer group studies for the eVal￿allon of quality and perfomance improvement methods. The School is also a member of Independent Schools, Bursars Associalion {IS8A} for the promotion of eff￿￿nI and effective administration and ancillary services at independent s¢h¢xJls and the Association of Goveming Bodies of Independent Schools IAGBISI. The Headmaster is a member of the IAPS Membership Committee. Despr¢e the School's isolated sf(ualion, we Co-operate wlh as many charities as we afe able. in our ongoing endeavours lo wden access to the schooling we provide, to optimise the educational use of our cukural and sporting facilities and lo awaken in our pupils an awarene55 of the wKJeT social conlexi of the education they receNe at the School. Sl Hugh's benefits from the generosity of a thriving ne1￿>￿£ of parents under the name of FOSH (Friends of St Hugh's SchL¥)l) whose close support we greatly appreciate and gladly acknu4vl8dge. Throughout the year the pupils of the School have raised funds for a number of charities as a result of awareness of issues in tha outside world brought lo their attention through the school curriculum. AIM. OBJECTIVES. PRINCIPAL ACTIVITIES AND PUBLIC BENEFIT The principal objectNes of the Company, in accordance with ils Articfes of Association are lo advan￿ for the public benefit $du¢*ion in the United Kingdom. by maintaining. managing and dev*loping a school offering a broad and balanced curriculum and lo provide day and I￿arding education for boys and girls from the age of 3 10 13 years okl. In the fUrther8r￿e of t￿Se objectives the Governors, as the Charrty Trustees. have complied with the duty in Section 4 of the Chanties Act 2011 to have due regard lo the Charity Commission's PL*blished general and relevant sub seGtor guidance wncerning the operation of the Public 8enef*t requirement under the Ad. strateglc Alm and Intended Effect The Board's strategic aim lo reach rts annual objective for the public benefft is to provide 8 Cov educational independent preparatory school with a clear Sens¢ of purpose.. lo operate a wde access admissions policy for a$si$ting children from lower income and otheTh¥ise disadvantaged families in order to benefrt from a secure educational foundation and to gain the confidence lo be adaptable and independent as they prepare for lrfe beyond the School. We aim lo give them all the opportunrty and encouragement to develop their own interests and talents, while learning lo work and play together and to contribute positwely lo their community. There 1$ no competitive Selection,. we both welcome and cater for pupils of a w*dg range of ability. Our aim is to foster confidence and a love of learning across this range,. an outstsnding Scholarship and Common Entrance record and the provisK)n of integral ￿arnIng support both bear leslimony lo our inclusive approach. Page 3 ST. HUGH'S SCHOOL ICARSWELL} TRUST LIMITED {A company Ilmlted by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Objo¢tiVg$ for the Year The Board's main objedives ¢ontinLt¢ lo bo lo educate all the School's pupils lo a high standard so that they will be fulty able lo benefrt from their chosen senior school for the completion of their education in due course lo devel¢¥ furthei our bursary and other fltnding sources in order to increase the number of children enlertng the Sch¢X•l from lower income families and lo continue lo devekjp collab￿atiVe working with other charities and educational bodies. Our strategy for achieving this is lo recruit the best teaching and lea¢hing support staff available, lo identify each indiwdual child's needs and lo laifor our leaching methods as appropnate in each ease, and lo build up our bursary funds as well as OUT referrals ne￿Ork of extemal funding sources foi those in need of assistance with schotsl fees. This is supported by a strong. effective pastoral care syslem. Furthermore we will continue lo forge close working relationships with Iwal maintaineLS schools in order that we can share our educational and other facilrti¢$. The School has an agreed, comprehensive development plan, published for parents, in which is outlined the strategic objectives. which include maintaining high stsndards of teaching and leaming, the development of boarding, staff Professional development. developing our facilities (partic￿ladY increasing the availabilty of the new Swimming Pool, improving dininglcalering facilities, the improvement in ICT promsion, enhancements in ¢ommunicalion and the rnainlenan¢e of a high qualty, broad edu¢*ion). Principal Activity St Hugh's principal activity conlinL¢es lo be the provision of a c(keducational boarding and day school for chiklren aged 3 to 13 years. Volunteers Funds hekl by Friends of Sl Hugh's School IFOSHI are fully incorporated into the School's accounts as separate restricted fund. All fLtridrai5ing events have been earried out within the School's accounting and risk management procedures. Funds faised by FOSH are used lo help fund the special projects and developments of the School. FOSH retains the right to elect a ￿mMittee which also consists of the Headmaster and the Bursar. FOSH is Committed lo donating funds each year to charities chosen by the management committeo. Page 4 ST. HUGH'S SCHOOL ICARSWELLI TRUST UMITED {A company Ilmlted by 9uaranteel GOVERNORS. REPORT ICOIrnNUEDI FOR THE YEAR ENDED 31 AUGUST 2023 STRATEGIC REPORT Achlevements and ￿rfOrManCe Operatlonal perfomiance of tho School The number of pupils attending the School remained steady throughout the year averaging 323 full lime pupils and around 15 part-lime nursery pupils per term. children al age 13+ (Yeaf 81 passed appropriate entrance examinations lo the serkior sch¢)ols of their parents, choice. Of that number, 11 awards and scholarships were won by these pupils. Means4esled bU￿arieS were In place for thity chiklren. Twelve new awards were offered lo pupi18 during the academic year. allowing finaneially disadvantaged families to benefrt. Three of the awards granted during the reporting period were valued a1100tsA of the day fees. Of other awards, some were at 500A or greater of the day fees, seven of 117ese were for the whole year and a further ewjht for one or temis. All bursaries are assessed, and regularly reviewed, on a needs basis as delemined by the Govemors. and amounted to £268k in the financial year reported. A further £26k in discounts was given to Amed Forces families. As a fee- paying Sehool. we continue lo provide benefit to the general public by reducing the burden on stste-maintsined schools in both tem$ ol pupil numbers and ftjnding. FOSH Parents of the school run the 'Friends of Sl Hugh's. FOSH, %*th the objective of raising money for the benefft of the schoc4 and ils pupils and other charrties. During the year they ran the Firework$ display, Quvi, Christmas Fayre and Summer Fete. A lolal of £4k was raised fof the sch(K)I pupils and was spont on new table tennis tables and equipment, othef playground equipment and the Leavers Hoodies. House Charltles There is a tWO•year cycle for the House Charities - ehildren anonymously suggest registered charities wh￿h could be pul foThvard fof consideration. A shortlist is made and then the Houses decide by vote. Sl Hugh's 5UPPOrts Four House Charities in Years 5-8. Bickley House,. Cancer ReSea￿h UK - Carswell House.. Yellow Submarine - Support lor learning disabilities and autism in Oxlordshire Chislehursl House.. Big Step Forward IPan¢realic Cancer) Malvem House.. Blue Sky Thinking - Children's brain 14Jmour eharity Fundraising Events during the YeaT'. Macmillan Coffee moming, cakes made by and sold to staff. Hello Yellow Day- Mental Health Awareness funded Young Minds Harvest Festival ￿lleCt￿)n$. PP food ¢olle¢lion went to Abingdon foodbank and MSIUS collections to Faringdon and Wantsge & Grove Foodbanks Read-a-lhon Poppy sale in support of the Royal Briiish Legion Fireworks Di$play~ funds raised for FOSH and Sheher Children in Need- Cake sale in Pre-Prfjp and sale of Pud$gy wrist bands Christmas collection of children's gifts under £10 for th¢ Oxlord F¢x)dbank Christmas lunch Christmas Fayre- ftjnds raised for FOSH and the House Charities Be a Santa to a Seniorl made craft f(ems in school which were collected by Homeinslead Charity in Swindon and Vale of White Horse, to give lo the glderty as Christmas grfts. Santa's In a Box- sponsored fun run that raised money for Helen and Douglas House Christmas concert at Radley College, donation mado to Heaolvay, OxfordshiTe for LFse of d)apel. Roliring collection raised funds for House Charities. Nativity play retiring collectson for House Charities. Caulfflower Christmas cards sokl for House Charities. Year 8 painting auction raised funds for House Charities. Page S ST. HUGH'S SCHOOL ICARSWELLI TRUST LIMITED IA company limited by guarantaol GOVERNORS. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Quiz night- funds raised for FOSH. Red Nose Day- children donated lo wear a toueh of red. Middle School Cake Sale in aid of the DEC Turkey-syria Earthquake Appeal wrth Save the Children Big Toddle by Nursery in aid of Bamardo's Year 8 and FOSH Summer Fete- faised money for House Charities and FOSH The Knight Frank Schods Triathlon wrth Restless Development * Madborough Colloge. everything raised be￿¢en £50 and £100, by each team of 4 Sl Hughs Children, went lo House Charities. Everything under £50 and over £100 went lo the Restless l)evelopment Charity. Sale of second-harKI school dolhing. In total, all fundraising events and donations raised £26.6k and £5.6k was raised from the sale of second-hand unrfomi. 12022". £24.3kl. This was paid out to seventeen diffefer>l charities. FOSH roised £4,258 for the school pupils. Local collabor•tionJ and partner4hlps'. The Mulberry Bush- Special school working with those made VLtlneTable by childhood trauma. Chamber Choir perfomed in their Fundraising Coneert in Bamplon Church Buthland School A programme of flee swmming lessons was provided. Forest School facilities We￿ provided for no charge. Buckland Village Use of the cricket fields and pavilion for annual fundraising cricket match Oxfordshiie Downs Cricket Club- Use of cricket pitches and pavilion Youth challenge Oxf¢rdshire- Free use of minibL¢ses for weekends and holidays. Oxfordshire Cricket- Use of sports hall nels for winter training and junior pathway development Faringdon U11 Fotstball Club- Provide access to Astroturf with floodlights for wintei training. A¢live Oxfordshife- Donated sports krt including footballs for Asylum seekets in the area and local grassroots communty elubs. Bike recycling scheme. where parents donated old and unwanted bikes, tricycles and scooters and then they were recondrtioned by tocal charty Farcycles and then sent to Sanctuary Wheels who pass the cycles on lo families arriving from the Ukraine and based with UK families in the Vale of the White Hoise area. We do not carry out street fijndraising. nor do we undertake fundraising mail shots or telephone canvassing. Flnanclal review Unrestricted funds resulted in a loss before transfers amounting lo £245,043 12022". loss £198,6321 and the restricted funds balance of reserves was in¢rea5ed by £330 before transfers {2022 reduced by.. £1.3051 giving a total loss for the year of £244.71312022 loss.. £199,937). The market value of the School properties is in excess of book value and this is reviewed by the lead governor for Buildings and Estates, biannuaity- Re$orvos Policy All operating surpluses are invested in fixe(l assets and Teaching resources in order to ensure the continued devel¢)pmenl and wability of the School. Long-term strategic plans are carefully reviewed lo ensure that they can be property funded wlhin the available funding and all expendtture is carefully monitored to ensure that budgets laid down by the Board are not exceeded. In the unlikely event of needing to call upor5 reseryes the level and variety of fixed assets held are such that appropriate assets could be r8alised or used 0$ securty to raise suffi¢ienl resources to meet requirements. Page 6 ST. HUGH'S SCHOOL ICARSWELLI YRusf LIMITED (A company Ilmltad by guarantè&) GOVERNORS. REPORT ICONflNUEDI FOR THE YEAR ENOED 31 AUGUST 2023 The 8oard'B tolicy is to continue lo genèrate surpluses in order to equip the School with uiAo4ate fac￿11*S needed to mainlain and improve upon Ihe high starbdard of educational s8rvir£s currantty provlded. Investment Policy The School endeavour lo invest its ￿$￿ surplus funds Wise￿ and with 8 low-rfsk philosophy to ensure fuT￿S not immediatety required attract w Intwest letum. Pay pollcy for Sonlor $tsff Th8 $8nior managemenl team Comprise the key management per￿nTre1 ofthe Charity in charg& ofdlreeting and controlling. running and t)perating the Charity on a day-to4ay basis. The pay of the senior staff 18 reviewed annually and regularly benChma￿ed agaiftst pay lev$ls In comparabl& ind8pendenl schooL8. Fu￿re plans The Sch(x)l Devek)pment PLgn enshrlnets th6 Strat89ic 014ectives of the Sc*o)l. This p￿￿ Is dynamlc and èvolve8 from full consultation wlh staff, parenls. pupils and Govemors and covers atl aspects of the Sch(￿1,$ future development. 11 is reviewed and èvalualed On a règLtlar b88is and made avallable to parents. The key obièclwes al present are to maintaln pupil numbers and academic Standards and to inue88È the operating surplus lo finance the On￿oing capital expandiltjre need8d to upgTade the School'8 facilities and provFde sufflclent funds to satisfy the School's commitm&nl lo the 2011 Charities Aet Publ￿ B•nefil guidancts. Prlnelpal tlsks And uncertalntle9 The School has a risk m&nag8m8nt pl8n whKh Is maintained by the Bursar and oonsldered by the Governors annual￿. Where 8ppropriale mitigating adion is taken to the likelihood andlor the potential impact of any risks identified. The most signfficanl risk to Ihg School's future be falllng pupil numbers 8nd tre￿d8 ar8 reported to Govern¢)rs by thè Headmaster at each Board Meellng. In addition, the rlsk management plan idsni*fies, 88 a prbolity. all possible events that might pwclpitate a d8cline In numbers. The Flnanca Committ88 regularfy reviews performance resi1￿nCe lo ensure that the scthool is cap8ble of Surviving in the event of a reduction in pupil numbers. Thera Is curr6ntly &gnifi'cant strategic external Tksk attributed to the L8boui Party wAnnlng the next election 88 thoy have recently ¢Lvnmitled lo introducing VAT OTr fees. The w ol a Laly)yr majorfly. a toalition, or a small Consorvalwe majority may ￿art lo a less dramatsc impact. Howèvèr. In 8ny of these scenarios we expect bu3iness rate relief to disappear ar¥d at5d further fin8n¢ial pressure on the whde Independent schwl s8rlor. In a worsl-casè sctrnaiio, we rnay see VAT at 20% impos&l ag eèrty as April 2025, or some other fom) of educatlon vy. The scho￿ Is Invesllg8tsng 811 the oplions lo re￿￿e the impaLt on farnili98 and p35s on the mlnhn¢Jm Increase in fe88. Th$ Board with particuFar Assist8n￿ from the Headmaster, Bur8af and the SLT. continue to keép thè School'8 acliirihes und&r r8v￿W, P8rticularty with regard to any m4of operational ti5ks that may 8ri8e from limo to lima 88 well as the systems and pr£￿ed￿r¢S establishod to manage them. The major risks rdenllfied by Ihls prcr8ss have beèn mitigated to an acceptabk level by internal contrtsl sysloms and other factors as appropriate,. insurance cover is r&ripMd annually to ￿sure r*sks aré apprO￿rIatelY covered. The 8u¥s8r ch8irs regular meetings of the Health & Safely Committe&. Approved by order of the M￿nber$ of the board of Gov6rnots and slgned on Iheirbehalf by.. MI NL) Lawson4mlth {Chair ol Trustees) D81e'. Ill i /zt Pago 7 ST. HUGH'S SCHOOL ICARSWELLI TRUST LIMITED IA Company Ilmlted by guarantee) STATEMENT OF GOVERNORS, RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2023 The Governors Iwho are also the direciors of the charily for the pu¥poses ol company lawl are responsible for preparing the Governrs. report indudlng the Strategic report and the Iinancial statements in accthance wbth applicable and United Klngdom Accountlng Standards IUn%t8d Kingdom Generalty Accepted Acctsuntlng Practlcel. Cornpany law req￿rreS the GovemoTS to pr8paE financ4yI staternenls for eath 1Snandal year. Under company law, thè Governors must not approve the financial 8t8temenls unless they are sali8fied that they uivè a true and fair view ol Ihe Gtate ol affairs of the charity and of its incnming r8sourcAs and 8ppI￿all0￿ ol resources, Includlng ils incorne and expenditure, for thal period. In preparing these financial 51atements. the Governors a¥8 required to.. Select suitable accujnting poltcies and then appty them consistent￿, observe thè mèthods and principles of the Charities SORP (FRS 1021.. make judgm8nt8 and 8C£OL¢nting esllmates that are reasonabla and prudenl.. stale whether applicab18 UK A£xoLtniing Stand8rds IFRS 1021 have been follths*d, subjeGI to any material dq)artUTe$ disclosed and explained in the fin8nci81 statements., prepare the linancial 9tatemenls on the going concwn basi8 unle8s it is in3pproprigt¢ to presume that the charity will c4ntinue in business. Th6 Govemor8 ore Rs￿nSIbIè for keoplng #d￿ts3t¢ atcounting records that are sufficient to show and etyain the chaThlys transactions and diselose wlh reasonable accum¢y al any lirne the financi81 position of the chanty and onabte them lo ensur8 that th6 financk418tÉt8mÈnts wmply wlth thè Companies Act 20(￿. They are also responsible for 5afegLiarding the assets ol the charty and hence lor taking teasonable steps lor the prevention and del￿tiOn of fraud and oth8r ir￿ul8[￿tio5. Approved by order ol the members ol the board of GoveTTh)rs and signed on its b8hall by. Mr ND Lawson-smlth (Chair of Twstoe$} Date.. ,./:/' Pa9e 8 ST. HUGH'S SCHOOL {CARSWELLI TRUST UMITED {A company limitod by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. HUGH'S SCHOOL ICARSWELLI TRUST UMITED Opinion We have audi(ed the financial statements of Sl. Hugh's S¢hooS Icarswelll Trust Limited (the 'charityl for the year ended 31 August 2023 whith comprise the Slalement of financial aclivilies, the Balance sheet, the Statement of cash flows and the related notes, including a summary of signifunt accounting policies, The financial reporting framework that has been applied irF their preparation is applicable law and United Kingdom Accounting Standard5, including Financial Reporting Standard 102 'fhe Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally ￿¢￿ted Accounting Prxticel. In oui opinion the financial statements- give a true and fair view of the Stale of tho chaiitable companys affairs as al 31 August 2023 and of ts incoming Tesources and application i)f resources, including its In￿M9 and expenditure lor the yoar then ended.. have been properfy Prepared in accordance with United Kingdom Generally A￿pIed Accounting Pradice,. and have been prepared in ac￿rdance with the requiremonts of the Companies Act 2006. Basls for oplnlon We conducted our audrt in accordance with Inlemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audil0I5 responsibilities foi the audit of the financial slalements section of our report. We are independent of the charrtable company in accordance the elh¢cal requirements that are relevant lo oui audit of the financial statements in the United Kingdom. including the Financial Reporting Council's Ethical Standard, and we have fU￿illed our olhei ethical r¢sponsibiliti¢s in accordance with these requirements. We believe that the audit evidence we have obtsined is SLrffKient and appropriate to provide a basis for oui opinion. Concluslons relating to golng concern In auditin9 the financial statements, we have wncluded that the Govemors, use of the going eoncem basis of ?￿ountIng in the preparation of the financial ststements is appropriate. Based on the work w& have perfomied, we have not Klenlified any material uncertainties relating lo events or conditions that, indivtsYualty or collectivety, may cast stynrficant doubt ot) the charitable companls abilty to continue as a going corKem for 8 peri¢)d of ¥1 least *Avelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Govemors Nwth respect lo g￿ng concorn aro de$cril)ed in the relevant secttons of this report. Page 9 ST. HUGH'S SCHOOL {CARSWELLI TRUST UMITED IA company limitfjd by guarantsel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. HUGH'S SCHOOL {CARSWELLI TRUST LIMITED ICONTINUEDI Othor Infomiation The other information comprises the information included in the Annual report other than the financial stslements and our Audilorfs report Ihereon. The Governors are responsible for tho other information contained wthin the Annual report. Our opinion on the financial Slalements does nal cover the other information and, except lo the extent othetwise explicrtly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibilrty is lo read the other information and, in doing so, wnsidor whether the other information is m8leTialty inconsistent wth tho financial statements or our kn￿edge obtained in the wurse of the audit, or otherwise appears to be materially misstaled. If we identrfy such material inconsistencies Of apparent material misstatements, we a￿ required to detemine whether this gives rise to a material misstalemenl in the financial stslements themselves. If, based on the work we have performed, we conclude that there is a material misslalement of this other infomialion, we are required to report that fad. We have nothing lo report in Ihis regard. Opinion on othol matters prescrlbed by the Companles Act 2006 In our opinion, ba￿ on the w¢Jrk undertaken in the course of the audit.. the infomiation given in the Governors, Report including the Strategic Report for the financHI year for which the financial slalements are p￿pared is consislenl with the ftnancial statements. the Governors, Report and the Strategi¢ Report have been prepa￿d in accordance with applicable legal requirements. Mattors on whl¢h we are requlred to report by exceptlon In the light ol our knowledge and understanding ol the charitable company and ils environment obtained in the course ol the audit, we have not identified material misstatements in the Govemors, Report in¢luding tho Strategic Report. We have nothing to report in respect of the lolÈowin9 matters in relation lo wh￿h Companies Act 20C6 reqLFires us to report to you rf, in our opinion. adequate accounting records have not been kept, or returns adequate for our audÈt have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting r￿ordS and retums., or certain disclosures of Govefnor$' remuneration specif￿d by law are not made; or we have not received all the inform*ion and explanalK)ns we require for our audit. Responslbilities 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 ol company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Govemors delemine is necessary to enable the preparalson of financial slalemenls that are Iree from material misstatement, whether due to fraud or errof. In preparing the financial statements. the Govemors are responsible for assessing the charitable companys ability lo wntinue as a going concefn, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Governors ei(her intend to IiqLtidale the chari(able company or lo Cease operations, ly have no realistic altemalive but to do so. Page 10 ST. HUGH'S SCHOOL ICARSWELL) TRUST LIMITED IA company limitgd by gu•rantso1 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. HUGH'S SCHOOL ICARSWELLI TRUST UMITED (CONTINUED) Audttorfs responslbllltles for thè audlt of the financial statements Our objectives are lo obtain reasonable assurance about whether the financral statements as a whde are free from material misstatement, whether due to fraud or error, and lo issue an Auditor's report tha includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wf(h ISAS IUKI wll a￿ayS delect a material misslalemenl when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually 01 in the aggregate, they could reasonably bo expected lo influence the ewnomic decisions of users taken on the basis of the$0 financial Slalements. Irregularities, including fraud, are in$tsnce$ of non fl.424312J Net current Ilablllttes 1878,4991 {863,087J Total a88ets less current Ilabllltlès 8,158,613 8.382,368 Credil¢)rs". amounts fallirg due after rnore than one year 14 {3,917,2601 {3.894￿21 Total n8t assetB 4,239,353 4,484,066 Char5ty funds Restr￿ted funds Unr8slri¢ted funds 15 IS 16,207 4.223.146 15,877 4,468, 189 Total futtd6 4.239.3S3 4,484,066 Tho Govemors acknowledge Ihelr responsiknlrtles for complyiw with the requiTements of the Act with iespect to x(4JnisrvJ recoTds and prep8ratio￿ of financial statements. The finandal s1otem¢nts werè approved and auth0ri5ed for issue by the Govemo and signed on their behalf by.. 12/1 /zt Mr ND Lawsontsmlth (Chair ol Trustees) The n¢)tès on pages 16 to 34 foTrn part ol these financial È18t8m8nl3. Pago 14 ST. HUGH'S SCHOOL {CARSWELLI TRUST LIMITED (A company limitgd by guarantsel STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Cash flows trom operating artiviti8s Net cash used in operating activities 21 467,503 274,972 Cash flows from investing activities Interest paid (174,2811 (143,573) Net cash used In Investlng actlvftles 1174,2811 {143.573) Cash flo￿ from financin9 actlvitlos Cash inflows from new borrry*ving Repayments of borrowing Purchase of fixed assets Rev8lualion gain on investment propety Investment inccme 303,000 1305,9451 (353,605) (310,2691 (40,274) (148.356) 1.259 Nèt Cash used In flnanclng actlvltles (311,9451 {542,141) Change in cash and cash oqulval¢nts In the y•ar Cash and cash equivalents al the beginning of the year {18.7231 {410,7421 379,508 790,250 22 Cash and cash equlvalonts at the gnd of tho ygar 22 360,785 379,508 The notes on pages 16 to 34 fomi part of these financial slalemenls Page 15 ST. HUGH'S SCHOOL ICARSWELLI TRUST LIMITED IA eompany limlt¢d by guarantse) NOTES TO THE FINANCtAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 General Information SI Hugh's School ICarswell} Tfust Limrted 1$ a company limf(ed by guarantee, irwrporaled in England and Wales (company number.. 00913833., charity number.. 3096401. The addross of ils Tegislered office and principal place of business is Carswell Manor, Carswell, Faringdon, Oxfordshire, SN7 8PT. The principal activty of the Charity is lo advance the publK benefit education by rnainlaining, managing and developing 8 sch¢)ol. The financial statements are presented in Pounds Sleding as this is the functional currew of th economic environment in which the Charity operates. Monetary amounts in these financial statements are rounded to the neawl L Accountlng poll¢le5 2.1 Basls of preparation of financial $tatements The financial slalements have been prepared in accordance with the Chanties SORP IFRS 1021- Accounting and Reporting by Charities.. Statement of Recommended Pfftctice applicable lo charities p￿parIng their accounts in aceordance wrth the Fin8ncial Reporting Standard appli¢8ble in the UK and Republic of IreLand IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Slat)dard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. Sl. Hugh's School (Carswelll Trust Limited meets the definition of 8 public benefft entty under FRS 102. Assets and liabilities are initially recognised at hisloncal cost or transaction value unless otherwise slated in the relevant accounting policy. 2.2 Golng eoncern Recent strategic impacts on the econclny have negativdy affected inllation of cost5 and interest rales on loans. The school has avoided the most significant inflation of utilities through fixed lemi contracts that are due to renew in 2024. Other higher costs of infialion and loan interest lates have been factored into loreeasl and 5 year bLsdgel which is refined Ihrough the year to infonn decisions on staff pay and fee increases. As part of the risk management process, the Governors have examined the major risks to the S¢h¢)ol and the mitigalirig actions both taken and available lo be tsken. The Govemors consider there are no malefial uncertainties relating lo going concem and continue to adopt the going concem basis, meaning the School has adequate resources lo continLte its activrties for al least the twelve months to 31 December 2024. 2.3 Incomè Fee income represents fees recesvable in resped of luitKJn and accommodation of pupils in the period. Fees received for education lo be provided in the future are t￿ated as deferred income. Donations are brought into income in the year during which they are received. Registration fees and fees for additional activities afe recognised as income in the year in which they ar& receivable. Page 16 ST. HUGH'S SCHOOL {CARSWELLI TRUST LIMITED (A Gompany IlmSted by guaranteo) NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accountlng pollcles {contlnuedl 2.4 ExpèndÉtur• on buildings All expenditure incurred on buildings is written off in the year in which il arises except where additional leaching or accommodation space is achieved, in which ¢ase it is ￿pitalised. 2.5 Tanglble Ilxed a¥$ets and depreclatlon Fixed assets are included in the financial slalemenls at cost, tess accumulatgd dgprgciation. ndNidual assets costing more Ihan £3,000 are capitalised. Depreciation is eharged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the slraighl-line method. Depreciation is provided on the following bases". Freehold property 8uildings are depreciated lo their residual value over 25 years unless they have planning authorty for a shorter period in which case they are depreciated over this shorter lite. 10% 100A- 20% 100A- 33.3% Sports equipment School equipment Fixtures 8nd equipment Assets in the coufse of wnslruction IACOCI are held al their actual ¢osl a5 al the financial year-end and are not depreciated until they are complete and handed lo the Schi)ol for use. 2.6 Operating leases Rentsls paid undeT operating leases are charged lo the Statement of financial aclbvitiès on a straight- line basis over the lease temi. 2.7 Stocks Slo¢k$ are valued al the lower of cost and net realisable value. 2.8 Taxatlon The Company 1$ regislefed as a Charity and is enlrtled for the Cuffenl year lo the exemptions pfomded by Sedion 505 Incomg and Corporation Tax8$ Ad 1988. 2.9 Value Added Tax The Company is exempt from registration for value added tax purposes. All items of experises in the income and expenditure account therefore include, where appropriate, the related amount of value added ta Page 17 ST. HVGH'S SCHOOL ICARSWELL} TRUST LIMITED IA company limited by guaratsteèl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AVGUST 2023 Accounting poll¢le$ Icontinuedl 2.10 Penslons The Schcol has contributed to the Avwa PenS￿n Trust for Independent Schools IAPTISI which 15 defined contribution scheme. The SclK)ol also eonlTibutes lo personal pension schemes for non4eaehing staff and these contributions are accrued in the period lo which they relate. 2.11 Allocatlon of Costs to dlrect charftable and other eX￿ndItuTe All expendtture is induded on an accruals basis 8fKI is recognised when there is a legal or constructive ctlligalion lo do so. Expenditure is summari8ed under functional headings either on a direct cost basi8 or, for overhead osts, apportioned according to management estimates of staff time spent. Chantable adivilies include costs directly related lo the running of the School. SLtpport costs represent the staffing and associated costs of finance, personnel and general adminislr81ion in supporting the School and Govemanee costs which include the cost of govemance arrangements which relate to the general running of the Chafity as opposed lo the direct management fvnctions inherent in generating fttnds or service delivery of the charitable adNrttes. Tr8ding costs relate to the costs of goods sold. 2.12Grants payable Grants payable are charged as gxpensgs in the yoar during which they are paid. 2.13 Fund aecounting Unreslri¢ted funds are funds that can be used in 8ccordance with the charitable objeds al the discretion of the Governors. Designated funds comprise unrestricted fund5 that have been set aside by the Govemors for particular purposes. Restricted funds are fund8 that can only be used for particular restricted purposes within the objects of the Charrty- RestTiCtions afise when Specified by the donor or when funds are raised for particular resliidod purposes. Further explanation of tho nature and purposg of each fund is included in the notes lo the accounts. 2.14 Fln•nclng Bank charges incuryed in obtsining exlemal debt finance are offset againsl the outstanding balance repayable ovei the periods of maturity. Page18 ST. HUGH'S SCHOOL ICARSWELL) TRUST LIMITED {A company Ilmltèd by guarantsèl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2023 Accountin9 policies (continued} 2.15 Flnanclal Instruments The charity onty has financial assets and financial liabilities of a kind that qualfy as basic financial instruments. Basic financial instruments are initialty recognised al transaction value and subsequently measured at their settlement value. 2.16 Cash at bank and in hand Cash al bank and in hand includos Cash and short-temi highty liquid investments with a short maturity of three months or less from the date of acquisrtion or opening of the deposrt or similar account. Crltlcal a¢¢ountSng eStlma19$ and areas of Sudgmgnt In apptying the Charity's accounting polic￿5, the Governors are required tcs make judgements, estimates and assumptions in detemiining the earrwng amounts of assets and liabillties. The Governors, judgements. eslimales and assumptions are based on the best and most reliable evidence available al the lime when the deeisions are made, and are based on historical experience and other factors that are considered lo be applicable. Due to inherent subjectivity involved in making such judgements, estimates and assumptions, the a¢tLtal rgsulls and Out￿m0$ may differ. The estimates and unde￿.fig 8854Jmptions are reviewecl on an ongoing basis. Revisions to accounlirig estimates are reco9nised in the period in which the estimate is revised, if the rewsion affects only that period. or in the period of the revision and future periods, if the revision affects both current and fvlure periods. The key estimate and assumption made in these accounts is the depreciation charged on fixed assets. Please refer lo note 2.5. Durrng the 2021 financial year, the charty purchased and refurbished Rushey Cottage. This property 18 cuThonlly being rgnled out father than used by the school. Therefore this prop$ty is ¢urrenlly shown as investment property witt)in note 9 and wsll be hekl at faif value rather than cost less dep￿ciall0n while il continues to be rented out. The Governors believe that the purchase price and refurbishment Gosts in the current year faity represents the fair value as al 31 August 2023. Page 19 ST. HUGH'S SCHOOL {CARSWELLI TRUST UMITED (A company limlted by guarantsèl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Income from charltablg ac￿VItIeS The income and surplus is attributable lo the principal activity of njnning a preparatory school. The income all arose within the United Kingdom. Unrestrlcted Restricted funds funds 2023 2023 Total funds 2023 Total funds 2022 School lees Less.. Bursaries and allowances 6,912,304 {444.7491 6.912,304 1444,7491 6,724, 165 (36T, 681) Total net fees Additional a¢tivf(ies 6.467,555 42,872 6,467,555 42,872 6,356,484 47,404 6,510,427 6,510.427 6,403,888 Income from other trading activities Unrestricted Restrlcted funds funds 2023 2023 Total funds 2023 Total funds 2022 Income from fundraising events Surtharge for18le fees Lettings and rents re￿1vable Other Income 22,102 5,194 245,653 15,947 38.049 5.194 245.653 24,290 2, 143 177,339 17,754 272,949 15,947 288.896 221.526 Page 20 ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED IA ￿m￿nY Ilmltsd by guarantQo1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Expenditure 2023 2022 Generatlng funds: Fundrnlsing costs Restricted expenditure 8,763 15,617 12,873 25,588 24,380 38,461 Charftable actlvftles: School operating costs: Teaching Weware Premises Support costs Donationslprizès 3,573,752 880,154 1.362.118 1.204.891 3,555,L 855,484 1,369.406 1, 155,436 7,020,915 6,935,340 Total exponditure 7.045.295 6.973,801 Included in p¥emises costs 18 a depreci8l¢on charge of £520,602 (2022.. £549,223). Support costs 2023 2022 Salaries Office and other administration costs FIrban￿ costs Govemance costs {see note 81 495.111 438.518 191.261 80,001 496. 788 440,408 162,355 55.885 1.204.891 1, 155,436 Finance Costs include bank and loan interest paid of £174.281 (2022.. £143,573) and bank loan Charges released of £4,622 (2022.. £3.517J. Page 21 ST. HUGH'S SCHOOL ICARSWELLI TRUST LIMITED {A company Ilmlted by 9uarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Govemance costs 2023 2022 Audilorfs remuneration- audit Govemors Iiaining and expenses Prolessional, legal and Consuttancy fees Slalutory inspection costs 20.918 265 55.788 3.030 36,279 297 35,447 3.862 80.001 55,885 Staff costs 2023 2022 Wages and salaries Social securty costs Contribution lo defined conlribLttion pension schemes 3.478,210 330.440 4S2,640 3,402,588 344,074 456,264 4.261,290 4,202,926 The average number of persons employed by the charity during the year was as follows.. 2023 No. 2022 No. Teaching Non4eaching 86 36 88 122 118 No compensation payments were made in the year to 31 August 202312022.. £58k). No trustee received remuneration during the year (2022.. £Nil). Three trustees incurred travel costs in the year of £190 (2022.. £29T). Trustaes. indemnity insura￿8 lor covgr of £2m cost £1,300 (2022.. £lm c(￿1 £561). In addition to staff employed directty by the School, 14 c*ering staff and 6 deaning staff are em￿oyed under 2 su￿¢ontractS. (2022.. 12 c8tering and 7 cleaning sl8ff under 2 sub contracts). The costs of the catering and cleaning contracts for the year were respectively £284,681 and £108,952 {2022.. £300.396 and£108. 149). Page 22 ST. HUGH'S SCHOOL {CARSWELLI TRUST LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Slaff costs Icontinuedl The number of employees whose empl¢)yee benefris (excluding employer pension costsl exceeded £60,000 was 2023 No. 2022 No. In the band £60,001- £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 £110.001 - £120,000 The number of highei paid staff lo which benefits were accruing under definod boneffl pension schemes is 4 (2022.. 3). The contributions paid lo this were £Nil (2022." £Nil). The school eonsidets its key management personnel lo eomprise the School Leadership Team,. the Headmaster, Bursar, Deputy Head Operations, Deputy Head Academic. Deputy Head Pastoral, Head of Middle School, Head of Pre-Piep and Registrar. The total cost lo employ thi$ team including employer pension and employer Nl conlributsons, was £608.956 (2022." £705,089). Page 23 8T. MUGH'3 SCHC￿ ICAR8WELLTrTRVST LIA4TED IA c¢Thyny ltsnlt•d by 9￿•￿￿kno1 NOTES TO THE FIN￿¢1￿L SYATEMeNr8 FOR TME YEAR EIIDED 31 AVGUST2023 A•a•¢• thth• ur4• pl Land conitru¢Uon PmPDrty prop•rty •qulprngnt •quTrpm•Trt •qulwMnt Total At 1 S•ptember2Q22 Adthbon• IIZ71JSS 73M7 1.Q53,14$ 453M07 Y¢.968 1492SMQ8 12MT1 J19,269 297.Z•• At31 Augu*1 2023 1,0S0.OQO 12,271J n,017 1.053,84S 45),8￿ 297.2•8 29.937 1UJ6.0•7 D•pr•el*thn Al 1 Sept*mbef 2ts22 charge lorthe yeÈr 4.¢14B13 40S,11• 34J35 728A9S 74,15Y 302,680 JS.171 520,602 A131 Au9￿1 2023 6.019,973 411J90 8112,854 337,938 N•t boo* valu• At31 Augwt 2023 7.251,39D 32,417 261,191 19.937 9,1135,112 At3f Auswst2022 1.0s0.c¥ 7.663,6 3469? 325.350 150,947 14966 9.245.455 P4y 24 ST. HUGH'S SCHOOL {CARSWELLI TRUST LIMITED IA Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 10. Tanglble flxed assets Icontlnuedl The bank hohls a legal charge over the propety in iespect of the overdraft and loan facilty. New building work is classrfied as assets in the course of constwction and transterred when the building comes into use. Refer lo a￿0UntIng policies 2.5 and 3 for information on depreciation and the investrnent propety 11. Stocks 2023 2022 Stock 9.612 2.310 12. Debtoys 2023 2022 Due within one year Trade debtors other debtors Prepayments 86.721 1.862 125.842 53.125 46.080 81,202 214,425 180.407 Page 25 ST. HUGH'S SCHOOL ICARSWELLI TRUST UMITED (A company Ilmlted by guaranteèl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 13. Credltots.. Amounts falling duo wfthin one year 2023 2022 Bank loans Pupil entry deposits Advance fees Trade credrtors Social securty costs other ¢redilors Accruals DefeTred inco 309,738 500 308,233 8,565 80,311 124,083 28.021 89.633 785,466 132,671 94,302 74,346 72.565 779,099 1.463.221 1,425,312 The bank loans are secured by a legal charge over Carswoll Hourse, Carswell Manor and Rushey Cottage. 2023 2022 Deforred Incomg Defefred income at 1 September 2022 Fees received Fees released to Surplus 785A66 879.446 779.099 785.466 1785.4661 f879.446J 779.099 785,466 The deferred income relates lo fees paid in advance of the Aulumn Tem 2023. Page 26 ST. HUGH'S SCHOOL {CARSWELLI TRUST LIMITED {A company Ilmlted by guarant88} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 14. Credltors: Amounts falllng due after more than one year 2023 2022 Bank loans Amounts owed to parents 3,718.475 198.785 3,721,302 177,0 3.917,260 3,898,302 Induded wiÉhin the above are amounts falling due as follows.. 2023 2022 Between one and two years Bank loans Pupil entry deposits 324.468 33.120 259.6C 17,5 Between t%Yo and ffve years Bank loans Pupil entry deposits 1.054.695 60,500 1,096.570 69, Over five ygars Bank loans Pupil entry deposits 2,339,312 106,165 2,365, 132 The amounts slated above for 2023 for the bank loan are slated net of the managemonl fee. The total unexpired management fees at 31 August 2023 amount to £1S.250 (2022.. £16.872J and is being amortised over the period of the loans. One bank loan, being repaid over a 10 year period al a fixed inleTest rate of 3.473% finished this year. Two loans drawn down in 2020 are repayable over a 15 year period al a fixed rate of 3.8•h and a variable rale of base +2.1 Soh. One further loan was taken out in the year over a 5 year per¢od at a fixed rate of 9.930A. Page 27 ST. HUGH'S SCHOOL ICARSWELLI TRUST LIMITED IA company Ilmhed by guaranteÈl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 15. Statement of funds Statement of funds - current year Balance at 1 September 2022 Balance at 31 August 2023 Income Expenditure Unrestrlcted funds General Fyn¢J 4.468,189 6,784.635 17.029.678) 4,223,146 Restricted funds Cannon Classic Prr£e Friends of Sl Hugh's Helm Poetry Fund Professor McFarlane Prize Fur*d Paul Sn￿￿ Memorial Prvze Fund 157 3.744 296 153 11,627 1S7 4.074 296 153 11.527 15.947 11S,61n 15,877 16.947 11S.6171 16.207 Total of funds 4N84.066 6,800.582 17.045.295} 4.239.353 The Cannon Classics Prize was sel up by Derek Cannon, a former Headmaster, to provide an annual prFze lo a student studying cla551¢S. Friends ol St Hugh's raises fvnds ft)r the school to pr(Mde items that would not usually be covered by day lo day budgets. The Helm Poetry Fund was provided by a parent to fiJnd an annual poety prvie. Professor M¢F8rlane, a former Govemor, sel up a fund lo provide an annual prize to a student studying French. The Paul Snow MemorFal Prize Fund is in memory of a fomier pupil. It exists to provide grants to other foimer pupils to help lo ftjnd worthwhile projects undertaken by them following secondary education. Page 28 ST. HUGH'S SCHOOL ICARSWELLI TRUST LIMITED IA company Ilmlted by guarnnte8} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 15. Ststernent of fund$ Icontinu8dl Statement of funds- prlor year Balance at I September 2021 Balan￿ al 31 August 2022 Gain (Losses) Income Expenditure Unrestrlcted funds General Fund 4,666,821 6.601,217 (6,948,205J 148,356 4,468. 189 Restricted funds Cannon Classic Prize Friends of St Hugh's Helm Poetry Fund Professor McFarfane PToe Fund Paul Snow Memorial Prize Fund 157 5,042 296 157 3, 744 296 24,290 (25,588) 161 (8) 153 11,526 11,527 17,182 24,291 (25,596) 15,877 Total of funds 4,684,003 6,625,508 (6.973.801) 148.356 4,484,066 Page 29 ST. HUGH'S SCHOOL ICARSWELLI TRUST LIMITED IA company Ilmltgd by guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 16. Summary of funds Summary of fund$- current yo•r Balance at 1 September 2022 Balancè at 31 August 2023 Income Expendlture General fvnds Restri¢led lunds 4.468,189 15,877 6.784,635 {7.029.6781 4,223,146 15,947 (15,617 16,207 4,484.066 6,800,582 {7,045.2951 4,239,353 Summary of lunds- prlor year 881ance at 1 September 2021 8alancg al 31 August 2022 Gainsl (Lossfjs) Income Expgnditutp General funds Restricted fijnds 4, 666, 821 17,182 6,601,21r (6,948,205) 24,291 (25,596) 148,356 4,468, 189 15,877 4,684,003 6,625,￿8 (6,973,801) 148,356 4,484,066 17. Analysis of net ass•ts between funds Analysls of net assets between funds- current year Unrestrlctod Re8trlcted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Cre(liloTs due wtthin one year Creditors due in more than one year 9.035,112 568,515 11,463,221} {3,917,260) 9,035,112 584,722 {1,463,2211 13,917,260) 16,207 Total 4,223,146 16,207 4,239,353 Page 30 ST. HUGH'S SCHOOL {CARSVIELL} TRUST LIMITED IA company Ilmlted by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 17. Anatysi$ of net assets between funds Icontlnuedl Analysls of net assets between funds- prlor year Unr8slrict&d funds 2022 Reslncled funds 2022 Total funds 2022 Tangible fixed asse18 Current as8els Creditors due within one year Creditors due in more than one year 9,245,455 546,348 (1,425.312) (3,898.302) 9,245,455 562.225 (1.425,312) (3,898,302? 15,877 Total 4,468, 189 t5,877 4,484.066 18. Penslon costs In September 2021 the sehool joined the Aviva Pension Trust for Independent School I'APTIS.) there were employer contributions to APTIS of £335,374 (2022.. £350,262). Non4eaching staff a￿ involved in the Standard L¢fe Group Pension Plan, empbyer contributions in the year 8mounled to £117,26612022. £106.0021. 19. Capltal commltmonts Estimated capital ¢ommf(menl as at 31 August in respect of caprtal projects was £Nil (2022.. £Nil). Page 31 ST. HUGH'S SCHOOL ICARSWELL) TRUST LIMITED (A company Ilmlted by guarnntee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 20. Flnaneial commitments At the end of the year the following annual commi(menls existed in respect of nonthcancellable maintenance and hire agfeements.. 2023 2022 Agrnements expiring: In one year or less In more than one year but not more than years In more than years bul not more than five years More than five years 186.971 67.976 91.442 168,600 136.616 101.899 13.545 346.389 420,660 At the end of the year tha fdlw'ng annual commilm*r*t$ existed in respect of non-cancellable other operating leases.. 2023 2022 Land and Bulldings Not later than 1 year Between 1-2 year8 Be￿een 2-5 years Later than 5 years 10.754 10,754 32.262 1.792 14.827 15,034 45. 754 12,546 55,662 88. 161 The following lease paymenls and changes in lease payments have been Tecognised in the Statement of financial activrties.. 2023 2022 Land and buildings Maintenance and hiie agreements 14,827 189.573 12,936 174,075 204.400 187,011 Page 32 ST. HUGH'S SCHOOL ICARSWELLI TRUST LIMITED IA company IlmSted by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 21. Re¢onclllation of net movement in funds to net Cash flow from operatlng actlvitles 2023 2022 Net expendrture for the year las per Statement of Financial Aclivilies} {244.7131 (348,293J Adlustments for: Depreciation charges Revaluation gain on investment property Investment income IlnGreaselldecrease in stocks {Increaselldecrease in debtors Increaselldecrease) in creditors Interest paid 520.602 549,223 148,356 f94J (930) 40,540 (257,403) 143,573 (1.2591 17.2021 (34,0181 69,812 174,281 Net cash provlded by operatln9 artlvltles 467,503 274,972 Analysls of cash and cash equlvalents 2023 2022 Cash in hand 360.78S 379,&)8 Total cash and cash equlvalents 360.785 379,X18 23. Analysls of changès In net debt September At31 2022 Cash flows August 2023 Cash at bank and in hand Debt due wrthin 1 year Debt due after 1 year 379.508 {308,233} {3.721.302} 118,7231 380.785 11.5051 1309.738) 2.827 13.718.475> {3,650.027> 117,4011 {3,667,4281 Page 33 ST. HUGH'S SCHOOL ICARSWELLI TRUST LIMITED (A company Ilmlted by guarante0} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 24. Related party transactlons There were no related pgrty transactions in Ihe year (2022.. £Nil). Page 34