Registered number: 00913833 Charlty number: 309640 ST. HUGH'S SCHOOL {CARSWELL) TRUST LIMITED {A Company Limited by Guarantee) GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
ST. HUGH'S SCHOOL (CARSWELL) TRUST UMITED (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charltable company, Its Governors and Advlsers Governors. Report GovernoTS' Responsibllltles Statement Independent Auditor's Report on the Financial Statements Statement of Flnancial Actlvitles 10 11-14 15 Balance Sheet 16 Statement of Cash Flows 17 Notes to the Financial Statements 18-36
ST. HUGH'S SCHOOL {CARSWELL) TRUST LIMITED IA Company Llmited by Guardntee REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Governors Mr ND Lawson-smrih. Chaimian1 Mrs LA Chitty2 Mrs A Cou112 Mr S Cover1 Mr C Davies, Chair of Welfare & Compliance Committee2 Mr5 J Forrest. Deputy Chair2,3 Mrs V Gill, Chair of Finance & Estales Committee1,3 Mr E Hayteri Mr G J Varney, Lead for Buildings & Estates1 Mr A Wildman (retired 23 March 2024)1 Mrs L Strange (appointed 24 June 2023)1 Mr D Hatzis (appointed 23 March 2024)1 Mrs N Sharff (appointed 23 March 2024)1 Mrs P Johnson (retired 24 June 2024) l Member of the Finance and Estates Committee Mernber of the Education Welfare & Compliance Committee Member of the Nominations Committee Company registered number 00913833 Charity registered number 309640 Registered office Carswell Manor Faringdon Oxon SN7 8PT Bursar and company secretary Mr A Hamilton Headmaster Mr D Griffrths (appointed from 0110912023) Independent auditor Crowe U.K. LLP R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ Bankers Lloyds Bank PIC 82 Regent St Swindon SN11JZ Page 1
ST. HUGH'S SCHOOL (CARSWELLI TRUST LIMITED (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS GOVERNORS AND ADVISERS (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 Solicitors Harrison Clark Rickerby's Ellenborough House Wellington Street Cheltenham GL50 1YD Page 2
ST. HUGH'S SCHOOL (CARSWELL) TRUST UMITED (A Company Limited by Guarantee) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Governors of St Hugh's School (Carswell) Trust Limited present their annual report, which incorporates the Strategic Report for the year ended 31 August 2024 under the Companies Act 2006 and the Charities Act 2011, together with the audited fir¢anci21 statements for the year and confirm that the latter comply with the requirements of the Companies Act 2006. the Company's Memorandum & Articles of Association and the Charities Stalement of Recommended PTactiC6 °Accounting and Reporting by Charities. (issued in March 2015). REFERENCE & ADMINISTRATIVE INFORMATION Sl Hugh's School (Carswell) Trust Limited ("St Hugh's") is a charitable company founded in 1967, Charity registration number 309640 and Company registration number 00913833, with the liability of its members limited to £10 each by guarantee. The Registered Office and principal address of the Company is Carswell Manor, Carswell, Faringdon, Oxrordshire, SN7 8PT. Governors The School continues to be oiganised and adminislered by a Board of Governors (who legalty act as the Board of Directors of the Company and as Trustees of the Charty). The Govemors who seNed during the year are'.- Mr N D Lawson-smrth 1 Mrs L A Chitty 2 Mrs A Coull 2 Mr S Cover 1 Mr C Davies 2 Mrs J Forrest 2, 3 MrsVGill 1, 3 Mr D Hatzis 1 Mr E Hayler 1 Mrs N Sharff 1 Mrs L Strange 1 Mr G J Varney 1 Mr A Wildman I Mrs P johnson Chairman Chair of Education Welfare & Compliance Committee Duputy Chair Chair of Finance & Estates CommÈttee {Appointed March 24) (Appointed March 24) (Appointed March 24) Lead for Buildings and Estates {Retired March 20241 (Retired June 2024) Member of the Finance and Estates Committee. Member of the Educalion Welfare & Compliance Commrttee Member of the Nominations Commrttee. Key Executlves Headmaster Mr D Grrffiths Bursar Mr A Hamilton Senior Deputy Head Academic Mf 8 Leullier Deputy Head Operats'ons Mr D Maitland Depkjty Head Pastoral Mr R Clarke Head of Middle School Mrs J Veness Head of Pre-Prep Mrs J Blythe Director of futu schoolslsenior Tutor Mrs S Ewins Registrar Mrs C Rich (Left 31108124) STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Document The Company was govemed by its Memorandum and Articles of Association dated 23 August 1987, up until the adoption of new Articles of Association on 2 March 2013. Governtng Body The Governors are elected at a full Govemors, Meeting on th8 basis of recommendations received from other Page 3
ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED (A Company Limited by Guarantee) GOVERNORS, REPORT (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 Govemors, the Headmaster, and the Bursar. A skills audit is undertaken each year to clarify what professional expèrtise is required when recruiting new members to the Board. Members of the Board serve for 3 years and may apply for re-election for 4 successive temis. The Chairman and Vice-chaiman of the Board a elected each year at the Annual General Meeting. The article require5 the number of Members of the Board to be not less than eight and not more than fourteen. Governors are required to be re-appointed every three years. At the date of this report, there were 12 Governors. Page 4
ST. HUGH'S SCHOOL {CARSWELL) TRUST LllalTED IA Company Llmlted by Guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Training New Governors are introduced into the workings of the School, and of the Company as a registered Charity, including Board policy and pr(Kedures. by the Headmaster and Bursar, who also organise perFodic strategic planning and trustee training workshops for all Govemors. Govemors also receive an induction pack conlaining important information. This year, the Governors have completed a range of AGBIS training sessions and St Hugh's is one of the first schocls to be awarded the AGBISIHMC Certrfication for 'Good Govemance. Oryanisatlonal Management The Govemors meet as a Board at least three times a year to determine the general policy of th6 Company and review its overall management and control, for which they are legally responsible. More detail management activity is undertaken by the Finance and Estates Committee and the Education, Welfare and Compliance Committee which both meet lermly. The day40-day running of the School is delegated to the Headmaster and the Bursar who are supported by other members of the School Leadership Team. Group structure and relationships St Hugh's is an active member of the Independent Association of Preparatory Schools (IAPS> for the promotion and maintenance of preparatory school standards generally and also takes part in peer group studies for the evaluation of quality and performance improvement methods. The School is also a member of Independent Schools, Bursars Association (ISBA) for the promotion of efficient and effective administration and ancillary services at independent schools and the Association of Goveming Bodies of Independenl Schools IAGBISI. Despite the School's isolated situation, we co-operate with as many charities as we are able, in our ongoing endeavours to widen access to the schooling we provide, to optimise the educational use of our cultural and sporting facilities and to awaken in our pupils an awareness of the wider social Context of the education they receive at the School. st Hugh's benefrts from the generosity of a thriving netwotk of parents under the name of FOSH (Friends of St Hugh's School) whose close support we greatly appreciate and gladly acknowledge. Throughout the year the pupils of the School have raised funds for a number of charities as a result of awareness of issues in the outside vnrld brought to their attention through the school curriculum, AIM, OBJECTNES, PRINCIPAL ACTIVITIES AND PUBLIC BENEFIT The principal objectives of the Company, in accordance with its Articles of Association are to advance for the public benefit education in Ihe United Kingdom, by maintaining. managing and developing a school offering a broad and balanced curriculum and to provide day and boarding education for boys and girls from Ihe age of 3 to 13 years old. In the furtherance of these objectives the Governors, as the Charity Trustees, have complied with the duty in Section 4 of the Charities Act 2011 to hav8 due regard to the Charity Commission's published general and relevant sub sector guidance concerning the ¢¥eration of the Public Benefrt requirement under the Act. Strategic Aim and Intended Effect The Board's strategic aim lo reach its annual objective for the public benefft is to provide a C educational independent preparatory school with a clear sense of purpose.. to operate a wide access admissions poliry for assisting children from lower income and otheiSe disadvantaged families in order to benefit from a secure educational foundation and to gain the confidence to be adaptable and independent as they prepare for life beyond the School. We aim to give them all the opportunty and encourdgement tci develop their own interests and talents. while learning to work and play together and to contribute positively to their community. There is no competitive selection- we both welcome and cater for pupils of a wide range of ability. Our aim is to foster confidence and a love of learning across this range,. an outstanding Schotarship and Common Entrance record and the provision of integral learning support both bear testimony to our inclusive approach. Page 5
ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED (A Company Llmlted by Guarante•) GOVERNORS. REPORT ICONTINUED> FOR THE YEAR ENDED 34 AUGUST 2024 Objectives for the Year The Board's main objectives continue to be to educate all the Scht)ol's pupils to a high standard so that they will be fully able to benefrt from their chosen senior school for th8 completion of their education in due course lo develop further our bursary and other funding sotsrces in order to increase the number of children entering the S¢hocl from lower income families and to conlinue to develop collaborative working with other charities and educational bodies. Our strategy for achieving this is to recruit the best teaching and teaching support staff available, to identify each individual child's needs and to tailor our teaching methods as appropriate in each case, and to build up our bursary funds as well as our referrals network of external funding sources for those in need of assistance with school fees. This is supported by a strong, effective pastoral care system. Furthem)ore we will wntinue to forge close working relationships with local maintained schools in order that we Can share our educational and other facilities. The School has an agreed, comprehensive development plan, published for parents, in which is outlined the strategic objectives, which include maintaining high standards of teaching and leaming, the development of boarding, staff professional development, developing our facilities (particularly increasing the availability of the new Swimming Pool, improving dininglcatering facilrties, the improvemenl in ICT provision, enhancements in communication and the maintenance of a high quality, broad education). Principal Activlty St Hugh's principal activity continues lo be the provision of a c(uCatiOnal boarding and day school for children aged 3 to 13 years. Volunteers Funds held by Friends of St Hugh's School (FOSH) are fully incorporated into the School's accounts as separate restricted fund. All fundraising events have been carried out within the School's accounting and risk management procedures. Funds raised by FOSH are used to help fund the special projects and developments of the School. FOSH retains the right to elect a committee which also consists of the Hèadmaster and the Bursar. FOSH is committed to donating funds each year to charities chosen by the management committee. Page 6
ST. HUGH'S SCHOOL ICARSWELL) TRUST LIMITED IA Company Limitsd by Guarantee> GOVERNORS. REPORT {CONTINUED> FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT Achievements and performance Operational performance of the School The number of pupils attending the School remained steady throughout the year averaging 323 full time pupils and around 15 part-time nursery pupils per term. All children at age 13+ (Year 8) passed appropriate entrance examinations to the senior schoo15 of their parents, choice. Of that number, a record 24 awards and scholarships were won by these pupils. Means-tested bursaries were in place for thity children. Twelve new awards were offered to pupils during the academic year, allowing financially disadvantaged families to benefit. Two of the awards granted during the reporting pertod were valued at 100 % of the day fees. Of other awards, eight were at 50 % or greater of the day fees. All bursaries are assessed, and regularly reviewed, on a needs basis as detemiined by the Governors, and amounted to £288k in the financial year reported, A further £29k in discounts was given to Armed Forces families. As a fee-paying School, we continue lo provide benefit to the general public by reducing the burden on state-maintained schools in both terms of pupil numbers and funding. FOSH Parents of the school njn the °Friends of St Hugh's. FOSH, with the objective of raising money for the benefit of the school and its pupils and other charities. During the year they ran the Fireworks display, Quiz, Christmas Fayre and Summer Fete. A total of £4k was raised for the school pupils 8nd was spent on new table tennis tables and equipm8nt, other playground equipment and the Leavers Hoodies. Hous8 Charities There is a Iwfyyear cycle for the House Charrfiies - children anonymous suggest registered Chartties which Could be put forward for Considerats'on. A shortlist is made and then the Houses decide by vote. St Hugh's supports Four House Charities in Years 5-8. Bickley House.. Cancer Research UK - Carswell House.. Yellow Submarine- Support for leaming disabilities and autism in Oxfordshire Chislehurst House.. Big Step Forward (Pancreatic Cancer) Malvem House". Blue Sky Thinking - Children's brain tumour charity Fundraising Events during the Year. Macmillan Coffee morning. cakes made by and sold to staff. Hello Yellow Day- Mental Health Awareness funded Young Minds Harvest Festival collections. PP food collection went to Abingdon foodbank and MSIUS collections to Faringdon and Wantage & Grove Foodbanks Read-a-thon Poppy sale in support of the Royal Brits'sh Legion FIreWoS Display- funds raised for FOSH and Shelter Children in Need- Cake sale in Pre-Prep and sale of Pudsey wrist bands Christmas collection of children's gifts under £10 fof the Oxford Foodbank Christmas lunch Christmas Fayre - funds raised for FOSH and the House Charities Santa's In a Box- sponsored fun run that faised money for Helen and Douglas House Christmas concert at Radley Coltege, donation made to Headway, Clxfordshire for use of chapel. Retiring collection raised funds for House Charities. Nativity play retiring collection for House Chartties. Caulifiower Christmas Cards sold for House Charities. Year 8 painting auction raised funds for House Chartties. Quiz night- funds raised for FOSH. Red Nose Da children donated to wear a touch of red. Pre-prep Cake Sale in aid of house charities Page 7
ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED {A Company Limlted by Guarantee GOVERNORS, REPORT ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Big Toddle by Nursery in aid of Bamardo's Year 8 and FOSH Summer Fete - raised money for House Charities and FOSH The Knight Frank Schools Triathlon wtth Restless Development at Marlborough College, everything raised between £50 and £100, by each team of 4 St Hughs Children, went to House Charitie5. Everything under £50 and ov6r £100 went to the Restless Development Charity. Sale of second-hand school clothing. In total, all fundraising events and donations raised £26.7k and £3.8k was raised from the sale of second-hand uniform. (2023.- £26.6k + £5.6). This was paid out to fourteen different charities. FOSH raised £6,283 for the s¢hool pupils. Local collaborations and partnerships". The Mulberry Bush- Special school working with those made vulnerable by childhood trauma. Chamber Choir perfomed in their Fundraising Concert in Bampton Church Buckland School A programme of free swimming lessons was pK)vided. Forest School facilities were provided for no charge. BuckLand Village Use of the cricket fields and pavilion for annual fundraising cricket match Oxfordshire Downs Cricket Club - Use of cricket pitches and pavilion Youth challenge Oxfordshire - Free use of minibuses for weekends and holidays. Oxfordshire Cricket - Use of sports hall nets for winter training and junior pathway development Faringdon U11 Football Club - Provide access to Astrolurf with Iloodlights for winter training. Active Oxfordshire Donated sports kit including footballs for Asylum seekers in the area and local grassroots community clubs. We do not carry out street fundraising, nor do we undertake fundraising mail shots or telephone canvassing. Flnancial review Unrestricted funds resulted in a loss before transfers amounting to £108,942 (2023= loss £245,043) and the restricted funds balance of reserves was increased by £3,401 before transfers {2023'. increased by £330) giving a totsl loss for the year of £105.541 (2023.. Ioss £244,713). The market value of the School properties is in eXs$ of book value and this is reviewed by the lead governor for Buildings and Estates, biannually. Reserves Policy All operating surpluses are invested in fixed assets and Teaching resources in order to ensure the continued development and viabilty of the School. Long-temi strategic plans are carefully reviewed to ensure that they can be property funded wtthin the available funding and all expenditure is carefully monitored to ensure that budgets laid down by the Board are not exceeded. In the unlikely event of needing to call upon reserves the level and variely of fixed assets held are such that appropriate assets could be realised or used as security to raise sufficient resources to meet requirements. Total assets of £22m can be leveraged as security but residential property on site has an estimated value of £3.5m which could be utilised without negatively affecting operations. Page 8
ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED IA Company Limited by Guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The Board's policy is to continue to generate surpluses in order to equip the School with up-to4ate facilities needed to maintain and improve upon the high standard of educational services currentty provided. Investment Policy The School will endeavour to invest its cash surplus funds wisely and with a low-risk philosophy to ensure funds not immediately required attract an interest return. Pay policy for senior staff The senior management team comprise the key management personnel of the Charity in charge of directing and controlling, running and operating the Charily on a day-to-day basis. The pay of the senior staff is reviewed annually and regularty benchmarked against pay levels in comparable independent schools. Future plans The School Development Plan enshrines the strategic objeotives of the School. This plan is dynamic and evolves from full consultation with staff, parents. pupils and Governors and covers all aspects of the School's future developmenL It is reviewed and evaluated on a regular basis and made available to parents. The key objectives at present are lo mairltain pupil numbers and academic standards and to increase the operating surplus to finance the on~going capital expendFture needed to upgrade the School's facilities and provide sufficient funds to satisfy the School's commitment to the 2011 Charities A¢t Public Benefit guidance. Principal rlsks and uncertainties The School has a risk management plan which is maintained by the Bursar and considered by the Govemors annually. Where appropriate mitigating action is tsken to reduce the likelihood andlor the potential impact of any risks identified. The most significant risk to the School's future would be falling pupil numbers and trends are reported to Govemors by the Headmaster at each Board Meeting. In addition, the risk management plan identifies, as a priority, all possible events that might precipitate a decline in numbers. The Finance Committee regularly reviews performance resilience to ensure that the school is capable of surviving in the event cf a reduction in pupil numbers. There is currently significant strategic extemal risk attributed to the Labour Paty commitment to inlroducing VAT on fees which is likely to impact on the financial security of the School as affordability and competition becomes more acute. Business rate relief is also set to be wTrthdrawn and employer Nl to increase, adding significant financial pressure on the whole independent school sector. The October 24 budget confirmed that VAT at 20 % will be imposed as early as January 2025. Th& School is investÈgating all the options to reduce the impact on families and pass on the minimum increase in fees. The Board with particular assistance from the Headmaster, Bursar and the SLT, continue to keep the School's activities under review, particularly with regard to any major operational risks that may arise from time to time as wall as the systems and procedures established to manage them. The major risks identified by this process have been mitigated lo an acceptable level by intemal control systems and other factors as appropriate., insurance cover is reviewed annually to ensu risks a appropriately covered. The Bursar chairs regular meetings of the Health & Safety Committee. Approved by order of the members of the board of Governors and signed on their behalf by: Mr ND Lawson4mith (Chair of Trustees) Date.. Page 9
ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED IA Company Limited by Guarantee) STATEMENT OF GOVERNORS. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The Governors (who are also the directors of the charitable company for lh8 purposes of company law) are responsible for preparing the Governors, 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 . Under company law, the Governors must not approve the financial statements unEess they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Governors are required to: select suitable accounting policies and then appty them consistently, observe the methods and principles of Ihe Charities SORP (FRS 102),. make judgments and accounting estimates that are reasonable and prudent. state whether appIlble UK Accounting Standards (FRS 102} have been followed, subject to any material departures disclosed and explained in the financial statem6nts', prepare the financial statements on th8 going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Governors are responsible for keeping adequate accounting records that are sufficient 10 Show and explain the charitable companls transactions and disclose with reasonable accuracy at any time the financial position of the charitabl& company and enable them lo ensure that the financial statements nplY 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 olher irregularities. Approved by order of the members of the board of Governors and signed on its behalf by: Mr ND LawJon-Smlth (Chair of Trustees) Date: Page 10
ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED IA Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF ST. HUGH'S SCHOOL (CARSWELL)TRUST LIMITED Opinlon We have audited the financial statements of St. Hugh's School (Carswell) Trust Limited (Ihe 'charitable company) for the year ended 31 Au9USt 2024 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 preparatton is applicable law and Uniled Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicabte in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the chaFitable companys affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended.. have been properfy prepared in accordan with United Kingdom Generalty Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companie5 Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing (UK} {ISAs (UK)> and applicable law. Our responsibililies under those standards are further described in the Auditor's responsibilities for Ihe 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 elhical responsibilities in accordance with these requirements. We believe that the audit evidence we h8ve 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 concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identifted any material uncertainties relating to events or conditions that, individually or colledively, may cast significant doubt on the charitable companls abilty to continue as a going concern for a period of at least e1ve months from when the financial statements a authorised for issue. Our responsibilities and the responsibilities of the Governors with respect to going concem are described in the relévant sections of this report. Page11
ST. HUGH'S SCHOOL {CARSWELL) TRUST LIMITED IA Company Limited by Guaranlee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. HUGH'S SCHOOL (CARSWELL) TRIJST LIMITED (CONTINUEDI Other Infomiatlon The olher information comprises the information included in the Annual Report other than the financial statements and our Auditorfs 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 othewise 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 50, consider whether the other infomiation is matertally inconsistent with the financial statements or our knowledge oblained in the course of the audit, or othetwise 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 thare is a material misstatement of this other information, we are required to report that fad. We have nothing to report in this regard. Opinion on other matters prescribed by the Companles Act 21)06 In our opinion, based on the work undertaken in the course of the audit: the information given in the Govemors, Report including the Strategic Report for the financial year for which the financial statemerlts are prepared is consistent with the financial statements. the Governors, Report and the Strategic Report have been prepared in accordance with applicable legal requirements. Matt8rs on which we are raquired to report by exceptlon In the light of our knowledge and undetanding of the charitable company and its environment obtained in the course of the audit, we have not identified rnaterial misstatements in the Govefnors. Report including the Strategic Report. We have nothing lo report in respect of the foll¢)wing matters in relalion to which Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or retums adeqLiate for our audit have not been receÉved from branches not visited by us., or the financi81 statements are not in agreement with the accounting records and returns., or certain disclosures of Govemors, remuneration specrfied by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of govemors 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 Govemors determine is necessary to enable the preparation of financia5 slatements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the Governors are responsible for assessing Ihe charitable Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unl8SS the Govemors either intend to liquidale the charitsble company or to cease operations, or have no realistic alt8mative but to do so. Page 12
ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED IA Company Limited by Guarantee> INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. HUGH'S SCHOOL ICARSWELL) TRUST LIMITED (CONTINUED} Auditorfs responsibllftles for the audlt of the financial statements Our objectÉves 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 Auditorfs Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audtt conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or errcr and are considered material rf. 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, OLrtlined 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: We identrfied and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these btheen our audit team rneMbe. We then designed and performed audit procedures SponSive to those risks, in¢luding obtaining audit evidence suffictent and appropriate lo provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the School operates, focusing on those laws 8nd regulation5 that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were taxation legislation, together with the Charities SORP (FRS 102}. We assessed the required compliance with these law5 and regulattons a5 part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulaticns that do not have a direct effect on the financial statements but compliance with which might be fundamental to the School's abilty to operate or to avoid a material penalty. The laws and regulations we considered in this context for the School operations were The Education (Independent School Standards} Regulations 2014, Health and Safety, General Data Protection Regulations, Safeguarding and Food Standards. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Governors and other man89ement and inspection of regulatory and legal correspondence, rf any. We identrfied the greate8t risk of material impact on the financial statements from irregularities. including fraud. to be within the override of controls by management. Our audit procedures to respond to risk of management override included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journ25s, reviewing accounting estimate5 for biases, reviewing r8gulatory correspondence with the Charity Commission and Independent Schools Inspectorate, and reading minutes of meetings of those charged wtth governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify Èt. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery. intentional omissions, misrepresentations, or the override of internal Controls. We are not responsible for preventing non- compliance and cannot be expected to detect non<ompliance with all laws and regulations. Page 13
ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED (A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: w .frc.orq.ukauditorsresponsibilities. This description forms part of our Auditor's Report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Alastair Lyon (Senior Statutory Auditor)
for and on behalf of Crowe U.K. LLP Statutory Auditor R+ Building 2 Blagrave Street Reading Berkshire RG11AZ
Date: 15 April 2025
Page 14
ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED (A Company Llmlted by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted funds 2024 Restrlcted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Charitsble activities: School fee income Additionsl activities Other trading activities Investments 7,005,647 43,937 330,986 10,735 7,005,647 43,937 348,936 10.941 6,467,555 42,872 288.896 1.259 17.950 206 Total income 7,391,305 18,156 7,409,461 6, 800,582 Expendlture on: Raising funds Charitable activitie5 3.187 7,SI5,413 14.755 17,942 7,515A13 24,380 7,020,915 Toial expendlture 7,518,600 14,755 7,533,365 7,045,295 Net movement In funds 1127,295) 3,401 {123,894) (244, 713) Reconciliation of funds: Total funds brought forward Net movement in funds 4,223,146 (127,295) 16,207 3,401 4239.353 (123.894) 4,484,066 (244, 713) Total funds carrled fonvard 4,095,851 19.608 4115.459 4, 239,353 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 18 to 36 form part of these financial statements. Page 15
ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED {A Company Limited by Guarantee REGISTERED NUMBER: 009t3833 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Flxed assets Tangible assels 10 8,606,011 9,035,112 8.606,011 9,035, 112 Current assets Stocks Debtors Cash at bank and in hand 14 7,643 311,920 1.612,302 9,512 214,425 360, 785 1,931.865 584, 722 Creditors-. amounts falling due within one year 12 (2.051,774) (7, 463, 221) Net current llabllits.es (119,909) (878,499) Total assets less current liabllitles 8,486,102 8,156,673 Creditors= amounts falling due after more than one year 13 14.370,643) (3,917, 260) Total net assets 4,115,459 4,239, 353 Charlty funds Restricted fLsnds Unrestricted funds 15 15 19,608 4.095,851 16,207 4,223, 146 Total funds 4.115,459 4,239, 353 The Govemors acknowledge their responsibilities ft)F complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Govemors on and signed on Iheir behalf by. MT ND LawSOnMIth (Chair of Trustees) The notes on pages 18 to 36 fom part of these financial statements. Page 16
ST. HUGH'S SCHOOL {CARSWELL) TRUST LIMITED (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Cash flows trom operatlng act5vlties Net ¢ash used in operating activities 21 1,803,651 467,503 Cash flows from investing activities Interest paid (208,1411 (174,281) Net cash used in tnvestlng activities (208,1411 (174,281) Cash flows from financing actlvities Cash inflows from new borrowing Repayments of borrowing Purchas8 of fixed assets Investment income 303.IX)O (287.347) (305,945) {67.587I (310,259) 10,941 1.259 Net cash used In financlng activitles (343,993) (311,945) Change in cash and cash 8quival8nts in the year Cash and cash equivalents at the beginning of the year 1,251.517 118,723) 379,508 22 360.785 Cash and cash equfvalents at the end of the year 22 1,612,302 360. 785 The notes on pages 18 to 36 fom part of these financial statements Page 17
ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General Infortnation St Hugh's School (Carswelll Trust Limited is a company limited by guarantee, incorporated in England and Wales (company number.. 00913833.. charity number.. 309640). The address of its registered office and principal place of business is Carswell Manor, Carswell, Faringdon, Oxfordshire, SN7 8PT. The Principal activtty of the Charity is to advance the public benefit education by maintaining, managing and developing a school. The financial statements are presented in Pounds Sterling as this is the functional currency of the economic environment in which the Charity operates. Monelary amounts in these financial statements are rounded to the nearest £. Accounling policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accountin9 and Reporting by Charities: Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) <effedive 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. St. Hugh's School (Carswell) Trust Limited meets the definition of a public benefft entty under FRS 102. Assets and liabilities are ini*-ally recognised at historical cost or transaction value unless otherwise stated in the relevant 8¢counting poItCy. 2.2 Golng concern Recent strategic impacts on the sector have been significant. Loss of business rates relief has been bu1 into budgets but VAT on fees was brought forward lo January 2025 and Nl costs of c.£1QOK had not been considered. This has now been factored into forecast and 5 year budget which is refined through the year to infomi decisions on staff pay and fee increases. A$ part of the risk management process, the Governors have examined the major risks to the School and the mrtigating actions both taken and available to be taken. The Governors consider there are no material uncertainties relating to going Concern and continue to adopt the going con¢em basis, meaning the School has adequate resources to continue its activÈties for al least the bmelve months to 31 M8rch 2026. 2.3 Income Fee Income represents fees receivable in respect of tuition and accommodation of pupils in the period. Fees received for education to be provided in the future are trealed as deferred income. Donations are brought into income in the year during which they are received. Registrats'on fees and fees for additional activities are recognised as income in the year in which they are receivable. Page18
ST. HUGH'S SCHOOL ICARSWELLI TRUST LIMITED (A Company Limited by Guardntee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcies (¢0nt5nu) 2.4 Expendlture on bulldlngs All expenditure incurred on buildings is written off in the year in which it arises except where additional teaching or ac¢ommodation space is achieved, in which case it is capitalised. 2.5 Tangible red assets and deprnciation Fixed assets are included in the financial statements at cost, less accumulated depreciation. Individual assets costing more than £3,000 are capitalised. 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: Freehold property Buildings are depreciated to their residual value over 25 years unless they have planning authority for a shorter period in which case they are depreciated over this shorter lrfe. 10/ 1 OfyA - 200/0 100A- 33.3'A Sports equipment School equipment Fixtures and equipment Assets in the course of construdion (ACOC) are held at their actual cost as at the financial year-end and are not depreciated until they are complete and handed to the School for use. 2.6 Operating leasès Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term. 2.7 Stocks Stocks are valued at the lower of cost and net realisable value. 2.8 Taxation The Company is r6gistered as a Charity and is entitled for the current year to the exemptions provided by Section 505 Income and Corporation Taxes Act 1988. 2.9 Value Added Tax The Company is exempt from registration for value added tax purposes. All items of expenses in the income and expenditure account therefore indude, where appropriate, the related amount of value 4• added tax. Page19
ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED {A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (contlnued) 2.10 Penslons The School has contributed to the Aviva Pension Trust for Independent Schools (APTIS) which is a defined contribution scheme. Th8 School also contributes to personal pension schemes for non-teaching staff and these contributions are accrued in the period to which they relate. 2.11 Allocation of costs to direct charitable and other expendlture All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to do so. Expenditure is summarised under fijnctional headings either on a direct cost basis or, for overhead costs, apportioned according lo management estimates of staff time spent. Charitable activities indude costs diredly related to Ihe running of the School. Support ¢osts represent the stsffing and associated costs of finance, personnel and general administration in supporting the School and Governance costs which include the cost of governance arrangements which relate to the general running of the Gharitable company as opposed to the direcl management functions inherent in 9enerating funds or service delivery of the charitable activities. Trading costs relate to the costs of goods sold. Expenditure on raising funds includes all expenditure incurred by the Gharitable company to raise tunds for its charitable purposes and includes costs of all fundraising activities events and non- charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitable companys objectives, as well as any associated support costs. 2.12 Grants payable Grants payable are charged as expenses in the year during which they are paid. 2.13 Fund a¢counting Unrestricted funds are funds that can be used in accordance with the charitable obj8Cts at the discretion of the Govemors. Designated funds comprise unrestricted funds that hav8 been s&t aside by the Governors for particular purposes. Restricted funds are funds that can only be used for particular restricted purposes within the objects of the charitable company. Reslrictions arise when specified by the donor or when funds are raised for particular restrtcted purposes. Further explanation of the nature and purpose of each fund 15 included in the rte5 to the accounts. Page 20
ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.14 Flnanclng Bank charges incurred in obtaining exiemal debt finan aE offset against the oulslanding balance repayable over the periods of maturity. 2.15 Financial Instruments The charttable company only has financial assets and financial liabilFtie$ of a kind that qualify 88 basÉc financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 2.16 Cash at bank and in hand 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. Crltlcal accountlng estimates and areas of judgment In applying the charitable company'5 a¢Gounting policies. the Governors a required to make judgements. estimates and assumptions in determining the carrying amounls of assets and liabilities. The Governors, judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on histOriGal experience and other factors that are considered to be applicable. Due to inherent subjectivty involved in making such judgements. estimate$ and assumptions, the aclual resu$ and outcomes may differ. Crttical accounting estimates and assumptions: During the 2021 financial year. the charitable company purchased and refurbi8hed Rushey Cottag8. This property is eurrently being rented out rather than used by the school. Therefore this propety is cutrently shown as investment property within note 10 and will be held at fair value rather than cost less depreciation while it continues to be rented out. The Governors believe that the purchase price and refurbishment costs in the Current year fairly represents the fair value as at 31 August 2024. Page 21
ST. HUGH'S SCHOOL ICARSWELL) TRUST UMITED IA Company L•mited by Guarantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from charitable activities The income and surplus is attributable to the principal activity of running a preparatory school. The income a51 arose within the United Kingdom. Unrestrlcted Restrlcted funds funds 2024 2024 Total funds 2024 Tot81 funds 2023 School fees Less, Bursarie5 and allowances 7,515.411 (509,764) 7,81 S,411 6,912,304 (509,7641 (444, 749) Total net fees Additional activities 7.005,647 43,936 7,1105,647 43,936 6,467,555 42,872 7.049,583 7,049,583 6,510,427 Income from other tradlng actlvStles Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Income from fundraising events Surcharge for late fees Lettings and rents receivable 19,912 6,292 304.782 17,950 37,862 6,292 304,782 38, 049 5, 194 245, 653 330,986 17,950 348,936 288, 896 Page 22
ST. HUGH'S SCHOOL {CARSWELL) TRUST LIMITED (A Company Llmited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Expenditure 2024 2023 Generating funds: Fundraising costs Restricted expenditure 3,187 14,755 8, 763 15,677 17,942 24,380 Charitable activltles: School ¢)perating costs.. Teaching Wetfare Premises Support costs 3,749,118 969,920 1,495,678 1,300,697 3,573, 752 880, 154 7,362, 118 7,2Q4,891 7,515,413 7,020,915 Total expendlture 7,533,356 7,045,295 Included in premises costs is a depreciation charge of £496,688 (2023.. £520, 602). Support costs 2024 2023 SaEaries Office and other administration costs Finance costs Govemance costs (see note 8> 517,966 434,221 245,845 102,665 495, 111 438,518 191,261 80,001 1,300,697 1,204,891 Finance costs include bank and loan interest paid of £208,141 {2023.' £174,281) and bank loan charges released of £1,500 (2023." £4, 622). Page 23
ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED (A Company Limited by Guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Govemance costs 2024 2023 Audstorfs remuneration - audit Govemors training and expenses Professional, legal and consultancy fees Statutory inspection costs 25,528 1.045 71.236 4,856 20,918 265 55, 788 3, 030 102.665 80,001 Staff costs 2024 2023 Wages and salaries Social securty costs Contribution to defined contribution pension schemes 3,681.624 345,201 478.233 3,478,2to 330,440 452,640 4,505.058 4,261,290 The average number of persons employed by the charitable company during the year was as follows: 2024 No. 2023 No. Teaching Non-teaching 86 38 86 36 124 122 No compensation payments were made in the year to 31 August 2024 (2023: £58k). No trustee received remuneration during the year (2023.. £Nil). Four trustees incurred travel costs in the year of £935 {2023.- £190). Trustees, indemnity insurance for cover of £2m cost £1,300 (2023.. £1, 300J. In addition to staff employed directly by the School. 14 catering staff and 6 cleaning staff are employed under 2 sub<ontract5. (2023." 14 catering and 6 cleaning Staff under 2 sub contracts). The costs of the catering and cleaning contracts for the year were respectively £340,211 and £118,250 (2023." £284,681 and £108,952). P8g8 24
ST. HUGH'S SCHOOL {CARSWELL) TRUST LIMITED (A Company Llmlted by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Staff costs {continued) The number of employees whose employee benefrts (excluding employer pension costs) exceeded £60,000 was.. 2024 2023 No. In the band £60,001- £70.000 In the band £70,001- £80,000 In the band £90,001- £100,000 In the band £140,001- £150,000 The number of higher paid staff to which benefrts were accruing under defined contribution pension schemes is 5 (2023.. 4). The contribulions paid to this were £Nil (2023.. £Ni4. The school considers its key management personnel lo comprise the School Leadership Team,, the Headmaster. Bursar, Deputy Head Operations, Deputy Head Academic, Depuly Head Pastoral, Head of MiddFe School, Head of Pre-Prep and Registrar. The total cost to employ this team including empluyer pension and employer Nl contributions, was £886,377 (2023.. £608,956). Page 25
ST. HUGH'S SCHOOL ICARSWELLI TRVST LthItTED IACornpany Limitgd by Gyar&nt•el NOYES TO THE FJP4AN¢IAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST ZOZ4 10. TaTrglble flX 49•ts Atsiets in the ¢our¥o of Lnd con8¢00 vestment FY•6hold srtI S¢hotsl FlxtuM and prowty •qulprneAt vqulprn8nt 1PM Total Cwt or v4tuatkn Al I September 2023 Additknns Tran$f¢rt betr4n dasstss 1,060.000 IZ,278,163 24,27S 17.724 73.027 1.053,845 463.807 297,288 29.937 43,212 130.69$) 16,236,067 87,$87 12,971 At 31 August 2024 1.050.000 12.32Q.42 n.027 1,066,816 453.507 Z97,ZB8 42,464 16,393,654 Dep1#15n At I September 2023 Charge for Ihe year 6.019,973 406,568 40,39ts 6.056 1•2.554 56,951 337.93B 27,114 ¢290,955 496,688 At 31 Augusl 2024 6,426,841 189.605 36fjAS2 6,697ffi43 tr4•t bookv8lu* At 31 Auyusl 2024 1,060.000 6.893,921 28,582 207,211 197,288 42,454 8,696,Q11 At 31 AugtsSt2023 i.05Q.o 7,258,390 32,637 261, J9f 115,669 297,288 29.937 9,035,112 P8ge 28
ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Tangible fixed assets (continued) The bank holds a legal charge over the propety tn respect of the overdraft and loan facility. New building work is classified as assets in the Course of construction and transferred when the building comes into use. Refer to accounting policies 2.5 and 3 for infomation on depreciation and the investment property 11. Debtors 2024 2023 Due wlthin one year Trade debtors other debtors Prepayments 194,911 5,072 111,937 86,721 1,862 125, 842 311,920 214,425 12. Creditors: Amounts falling due within one year 2024 2023 Bank loans Pupil entry deposits Trade creditors Social securÈty costs Other credttors Accruals Deferred income 313,633 530 49,659 100,185 86,768 128,013 1,372,986 309, 738 500 132,671 94,302 74,346 72,565 779,099 2,051,774 1,463,221 The bank loans are secured by a legal charge over Carswell Hourse. Carswell Manor and Rushey Cottage. Page 27
ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Creditors: Amounts falling due after more than one year 2024 2023 Deferred incotne Bank loans Amounts owed to parents 707.660 3,427,233 235,750 3,718,475 198, 785 4,370.643 3,917,260 Include(I within the above are amounts falling due as follows: 2024 2023 Between one and two years Deferred income Bank loans Pupil entry deposits 414,100 332,340 20,000 324,468 33, 120 Between two and five years Deferred income Bank loans Pupil entry deposits 293.560 1,024,602 94,065 1,054,695 Over fNe years Bank loans Pupil entry deposits 2.070,291 121,685 2,339,312 105, 165 The amoL¢nts stated above for 2024 for the bank loan are slated net of the management fee. The total unexpired management fees at 31 August 2024 amount to £13.750 (2023: £15,250) and is being amortised over the period of the loans. One bank loan, being repaid over a 10 year period at a fixed interest rale of 3.4730/0 finished this year. Two loans drawn down in 2020 are repayable over a 15 year period at a fixed rate of 3.81 and a variable rate of base +2,15%. One further loan was taken out in the year over a 5 year period at a fixed rate of 9.93r/io. Page 28
ST. HUGH'S SCHOOL[(] CARSWELL[) ] TRUST LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Deferred income | ||
| Deferred income at 1 September 2023 | 779,099 | 785,466 |
| Fees received | 2,080,646 | 779,099 |
| Fees released to surplus | (779,099) | (785,466) |
| er’ | ||
| 2,080,646 | 779,099 |
The deferred income relates to amounts paid to the school for up to the equivalent of five years' tuition fees in advance. The money may be returned subject to specific conditions stated within the scheme literature.
14. Stocks
Stock
| 2024 | 2023 |
|---|---|
| £ | £ |
| 7,643 | 9,512 |
Page 29
ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Statement of funds Statement of funds- current year Balance at 1 September 2023 Balance at 31 August 2024 Income Expendlture Unreslrfcted funds General Fund 4.223,146 7.391,305 17.518,6001 4,095.851 Restricted funds Cannon Classic Prize Friends of St Hugh's Helm Ptry Fund Professor McFarlane Prize Fund Paul Snow Memorial Prize Fund 157 4,074 296 153 11,527 157 7.269 296 153 11,733 17,950 (14,755} 206 16,207 18,156 (14,7551 19.608 Total of funds 4,239,353 7,4119,461 17.S33,355) 4,116,459 The Cannon Classics Prize was set up by Derek Cannon, a fomier Headmaster, to provide an annual prize to a student studying classics. Friends of Sl Hugh's raises funds for the school to provide iterns thal would not usually be covered by day to day budgets. The Helm Poetry Fund was provided by a parent to fund an annual poetry prize. Professor McFaTlane, a former Govemor, set up a fund to provide an annual prize to a student studying French. The Paul Snow Memorial Prize Fund is in memory of a former pupil. It exists to provide grants to other fomer pupils to help lo fund worthwhile projects undertaken by them following secondary education. Page 30
ST. HUGH'S SCHOOL {CARSWELL) TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Statement of funds (contlnuedl Statement of funds - prior year Balance at I Seplember 2022 8alance al 31 Augusl 2023 Income E¥penditu Unrestricted funds General Fund 4,468, 189 6, 784,635 (7,029, 678) 4,223, 146 Restricted funds Cannon Classic Prize Friends of St Hugh's Helm Poetry Fund Professor McFarlane Prize Fund Paul Snow Memorial Prize Fund 157 3, 744 296 157 4,074 296 15.947 (15,617) 153 11,527 153 11,527 15,877 15,947 (15,617) 16,207 Total of funds 4,484,066 6,800,582 (7,045,295) 4,239, 353 Page 31
ST. HUGH'S SCHOOL {CARSWELL} TRUST LIMITED IA Company Limrted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Summary of funds Summary of funds *p current year Balance at 1 September 2023 Balance at 31 August 2024 Income ExpendltUTe General funds Restricted funds 4,223,146 16,207 7,391,305 (7.518,600) 4,095,851 18,156 114,7551 19,608 4,239.353 7,409,461 (7,533,355) 4,115,459 Summary of funds - prior year Balance at I September 2022 Balance at 37 Augusl 2023 Income Expenditure General funds Restricted funds 4,468, 189 15,877 6, 784,635 (7,029, 678) 15,947 (15,617) 4,223, 146 16.207 4.484,066 6.800,582 (7,045, 295) 4, 239, 353 17. Analysls of net assets between funds Analysls of net assets between funds - Current period Unrestrlcted Restricted fund$ funds 2024 2024 Total fvnds 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 8,606,011 1.912,257 (2,051.774) (4,370,643) 8,606,011 1,931,865 12,051,774) (4,370,643) 19,608 Total 4,095,851 19,608 4,115,459 Page 32
ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Analysis of net assets between funds (contlnued) Analysls of net assets between funds - prior period Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Tangible fixed asset5 Currenl assets Creditors due within one year Creditors due in more than one year 9,Q35. 112 568,515 (1,463,221) (3, 917,260) 9,035, 112 584. 722 (1,463,221) (3,917,260) 16,207 Total 4,223, 146 16,207 4,239. 353 18. Penslon costs In September 2021 the school joined the Aviva Pension Trust for Independent School {"APTlS°) there were employer contributions to APTIS of £357,420 (2023.. £335, 374). Non-teaching staff are involved in the Standard Lrfe Group Pension Plan. employer contributions in th6 year amounted to £120,813 (2023.. £1 17,266). 19. Capltal commltments Estimated capital commitment as at 31 August in respect of capital projects was £Nil (2023.. £Nil). Page 33
ST. HUGH'S SCHOOL {CARSWELL) TRUST LIMITED IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Financial commitments At the end of the year the followin9 annual commitments exisled in respect of non-cancellable maintenance and hire a9reements'. 2024 2023 Agreements expirlng: In one year or less In more than one year bui not mre than two years In more than years bul not more Ihan five years More than five years 166,956 151.450 253.925 186,971 67,976 91,442 572,331 346,389 At the end of the year the following annual commitments existed in respect of non-cancellable other operating leas8s- 2024 2023 Land and Buildings Not later than 1 year Between 1-2 years Between 2-5 years Later than 5 yeats 10,754 10,754 23,300 10. 754 10, 754 32,262 1, 792 44.808 55,562 The following lease payments and Changes in lease payments have been recognised in the Statement of Financial Activities.. 2024 2023 Land and buildings Maintenance and hire agreements 10,754 206,853 14,827 189.573 217,607 204,400 Page 34
ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 34 AUGUST 2024 21. Reconciliation of net movement in funds to net cash flow from operating a¢tlvttles 2024 2023 Net expenditure for the period (as per Ststement of Financial ActiVSties) (123,894) (244, 71 3) Adjustments for: Depreciation charges Investment Income Decreasel(increase) in stocks (Increase>ldecrease in debtors Increas&l(de¢r&ase) in credÈtors Interest paid 496,688 {10,941) 1.869 (97,495) 1,329.283 208,141 520,602 (1,259) (7,202) (34,018) 59,812 174,287 Net cash provided by operating activities 1.803,651 467,503 22. Analysis of cash and cash equtvalents 2024 2023 Cash in hand 1.612,302 360, 785 Total cash and cash equivalents 1.612.302 360, T85 23. Analysis of changes in net debt At1 September At31 2023 Cash flows August 2024 Cash at bank and in hand Debl due within 1 year Debt due after 1 year 360,785 (309,738) 13,718,475) 1,251.517 1.612,302 (3,8951 (313,633) 291,242 (3,427,233) 13,667,428) 1,538,864 (2,128.564) Page 35
ST. HUGH'S SCHOOL (CARSWELL) TRUST LIMITED (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Members, Ilability Each member of the charitable company undertake5 to contribute to the assets of the company in the event of it being wound up while helshe is a member, or within one year after helshe ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before helshe ceases to be a member. 25. Related party transactions Close members of the SLTS family are paid a total salary of £45.498 (2023: £33.529). All closè relatives who are or have been employed by the school have a standard corrtract of employment, have been through a thorough inteNiew process and their salaries are determined as part of a full staff salary review which is approved by the Governor6. Page 36