Ch•rlty rngFstration numbfrr 310634 COMnY Tgglststlon numb•r 389663 (Englond and Wal9$) ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
ST MARYS SCHOOL, GERRARDS CROSS. LIMITED LEGAL AND ADMINISTRATIVE INFORMATION H•admlstr• Mrs Patricia Adams MAIOxonl Governorn Derek Wlson (Chalr of Govemors) Chris 8ayliss (Education Lead Govemor) Dawd Campkin IFin8nce Lead Govemor) Devinder Bansi Stephanie Clifford Anne Freeman Marina Hall Nitholas Hallchurch Ni¢holas Moss secrètary Michael Bodtty Ch•rSty numb•r 31(34 Comp•ny number 389663 R•gl8tsr•d office Sl. Mary's School Gerrards Cross Bucks SL9 8JQ Audltor Critchleys Audil LLP Beaver House 2>38 Hythe Bridge Street Oxford OX12EP Bank•J¥ The Roy81 Bank of Scotland 4042 High Street Maidenhead Berks SL6 1QE Soli¢iti>rn Veale Wdsborough Vvzards. LLP 24 King Imlliam Slreel London EC4R 9AT
ST MARYS SCHOOL, GERRARDS CROSS, LIMITED CONTENTS Page Govemors, report Stalemenl of Govemors, responsibilities Independent audilorf8 report Stslemenl offinancial aclNilies Balance sheet 10 Stslemenl of Cash flows 11 Notos to Ihe financAal statements 12-26
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED GOVERNORS, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JULY2023 GovemoTS pres&nt their annual reW finanoal statements for the year ended 31 Juty 2023. The finanaal stalements have been Prepa in avrdance with the accovnting pollcies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Articles of Assouafion. Ine Companies Act 20J6 and 'Accounling and Reporting by Charities.. Slatemenl ol Recommended Practice applicable lo charilles preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) leffeclivo 1 January 2019)" ObJ•ctlvets and •¢tiviti•s The obie¢tNes of th8 Charity are sel out in Ihe Memor8ndum of AssocAalion. Th8y may be summarised 83 the carrying on o! a School for girls Whe the students may obtain an educatlon of Ihe hi9hesl order. the holding of religious seNces and deliverin9 religious inslruclion in accordance with the (loctrine and PTincAples of the Church of Eroland 8nd the undertaking of a¢tivilies lo advare the cause of educatlon. The Charity has the general misslon of promding an excellent educlOn in a caiing, happy environment. where each glrt devejops seM4yJnfKlence and achleves her11 lenal. Then considering the slralegie5 employed to achieve the objectNes. the Govemors have gNen careful consideration to the Charity Commission's ggneral gLtidance on public benefjl and In parbcular to Its supplementary public guidance on advancSng edLKolron and on fee char9ing. The slralegies empl¢)yed to achieve the Charty's objedives are: To conlinualty monitor Ihe quality of teathing. Ihrough tsr9el 8èttin9, inset trainiThJ, observ41KJn. $harin9 and discus$itsn of good pract*, ¥s weN as upd3liThJ resources and ¥dding new curricula. To offer equal opportunittes to all girls.. to ensure all individual needs are addressed, that opporfunitie$ are accessible lo everyone. providing Ilexible streamirrfJ 8nd rotation of staff. To provide moral and spiritU81 guidance and Support, ft)31ering sel&confidence. seif-esteem. and welkbèing. as well as aiding leaming. To promote an active partnership with Ihe local commurllty and parents through rewlar formal and infornial meetings, as well 85 rthnmunicalion through email and Parentmall. To ensure high levels of pastoral care, by building slrong pupil-slafl ielationships as well as being at40 lo tsffei the support of a quallfied school o)unsellot. To regularly assess leadership and management, through pmfesslonal and independent review and lee(Jback from departmenls. pupils and parents. To pwvlde continu9 support of our pupils afready in Tecgipt ol bursaries. To mainlain the provision ol means-tesled bitrsary places lo not Fower than 5% 01 total income. To continue lo develop links with l¢xal stale schoois. The prSmory activity of the Charity is to educate 915 frcffi the ages of 3 10 18 within a Christian tramework. In addilron to the wide range of academic subjeds offered and taught, the School is aNe to enhance the educatnal experience through the many clubs and extracurricular ad1vilS offered. Christian ¥alues ale incorporaled Ihiough as$0mbl¢es and in everyday schotsl life. The Governors have pai¢J due regard to guidance issued by the Charily Commission in deci¢Ying whal activities the Charity should undertake.
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED GOVERNORS, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 Achlovemerts and p•rfornyn¢• Following three years of summer ex8mination5 being based upon a c4Jrnbination of teacher assessments and Examination Board manipulations to f#)unler the disruption of the COVID crisis, the 2023 examinations reverted lo traditional methodologies. Thus the School's academic achievemgnt in 2023 can best be Compared to that of 2019. the year before COVID inlerventions. The A-Level resuhs achieved were 40% A'IA, 80% A'IB. 96% A'IC and 100% A'IE. These resulls obtained by Ihe girls, who spent two uilical years under Covid restrictions. show that their hord wcKk and diligence has been rewarded and, for Sl. Mary's, also represent a significant improvement over th8 re$uH$ achieved in 2019. The iesulls achièved al GCSE by Year 11 girls malched the high expedalions placAd upon them. From the grades achieved, 16.5% were al grade 9. 31% at grades 9-8. 49°h were Level &7 and 96% Level - very simllar lo those achieved in 2022. These results signfficantty exceeded the results 8chleved by the GCSE cohrxl in 2019. St Mary's offers 8 wide rarKJe of subie¢ts al GSCE and LeVel, including EPQ, and hgs an established enrithmenl programme. The School continues to recruit high quality le8ching staff which alongside the investment into faalities offers an exc£ll¢nl environment to 811 students. n is this ènvifonrnent that allows our sfvdenls lo delNer such creditable examinalion resulls. Pupil numbers increased again this year. The Schod promotès a threethfonn enty into Year 7. for whith leaching slaff and leaching a5SiStanls are employed to maintain the School's othos. ensvring that lime is invested into each girf to allow everyone lo reach their full potential. Importance is still ploced on ¢aurTicular &tiwlies, with girfs invofved in sport, drama. music, debaling and partidpating In the Duke of Edlnburgh award schome. Fundrnhlng Tho s¢h¢)ol engaged in fundraisln9 which complied th the Charilies (Prolectitsn And Sodal Investmenl) Act 2016 8nd Dats Proleclbn legis181ion. Fundraising èctimlies are predominantjy with the paTent body who donate lo support larger scale projects Such as fac51i1$ maintenance and improvement and additional resouic8s for the benefit of the students, as well as supporting the day-1c18Y running of the school. Other fundTaising actItreS Indude approaches lo alumnae, frientjs of Ihe school and business conlads. generalty with a view to supporting specifi¢ projecls. There are also oceasional fundraising events. which are often led by the SW4 (Parents, AssocAalion>.
ST MARYS SCHOOL, GERRARDS CROSS, LIMITED GOVERNORS, REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED} FOR THE YEAR ENDED 31 JULY2023 Flnancial r•vi•w The school rnnlinues lo rnalnlain a strong financial posilion allowing the Governors lo invest in rts inlr8$lructur&. The Govemors will maintain a level of Iiqutd reserves adequate to protect against any unforeseen arcumstances as Occud in the prèmous hvo years. Followin9 three years of Covid reslriclions. il wa8 essentially business as usual n 2022r23. Net Income for the year amounted lo £41,3651£345.379 in 2021r221. The decline in nel in? largety iesulled from an inueased level of essential mainlenance 18 and ¢osls of Catering, ulililies and IT. The School continued to reflect its charitable commiknents through the distribution of buisaries. s¢hoLarships and discounts worth a lolal of £733,389, 9.5% of fee Income. The funds of the Charrfy ale wholly invested in School propety and other fixèd assets. School fees recervable, less any ¢Jiscounls given, cover the cost of Pfoviding tuilK)n and other Tunning costs of the School. The fees are set al a level tho1 will pmmde sirfficient funds lo cover the cost ol regular melntenan, modemisalion of exisli facilities and funding new buildings in the future. The Govemois regularly remew all financial and operational risks which may have an impad on the School. Procedures are adopted to mitigate perceived risk and these are subject lo regular reviw lo ensure that there are adequale safeguards in place. The School Is aware that, in the current econom and finanryal climate, a numbèr of risks exist that could negatively Impact Sl Mary's. Risks fall into the following categories Govemance. Opefaliongl. FinancAal, External and Cornpliance. A full review of these risks was ctsndueted during the year and the School'$ Risk Reglstgr was re-wrrtten and updated lo include recent shifts In both the economic and political clirnales. These risks are not expected to have any immediate major impact on Ihe School'8 objectives and activities. However. 2024 will be a General Eledion year and a change of govemment threalens the application of VAT to independent school fees. R is impossible lo forecast the ffinancial irnpad of such legislation and the eent lo vthi¢h il may reduce parental demand is unquantffiable- onty lime WIN tell. The School's public benefit oblwJalion rernn$ In the forefront ofthe Govemors, thinking. As a tharity, the parents of our pupils have the assurance thal all the income of the School will be applied for educational purposes. As an educabon81 charty, the School's educational activitiès benefrt directty from tax exèrnpl stslus and its buisary and essiblllty poliryes benefrt indirectly froffl the tax exemplfjon. The gvaifabifity of bursarfes is publiclsed widety through advertisernenls as well as through the Scho¢l's website. Over the course of Ihe18sI year 26 girfs benefrted frtsrn bUarial awar¢Js. Alotal of 105 girls received fee reductions through scholarships varying befven 1540%. Afurther 11 girts were in recipls of 51Ster disCOUnt$. In tolol Sl Mary's disnted £733,389 worth of fees. In addltion to these sums St Mary's has a small fvnd used lo assist Ihose famil$ in need with the &)st of Irlps and CCcuTcUtaT actiwties. Sl Mary's contbnues to offer 115 facilities free of charge to local netball and gymnastlc Clubs. the OFening of the new 8Jl-wealher playing Surface in September 2021, il has been gratifying to See il in use every evening of the school-week by local junior soccer clubs, girts and boys. The girfs Ihemselves njn a numter of fttndiaising events throughtyjl Ihe year. Charities beneffting from lundraising included Children in Need. Age UK, the NSPCC. Greal Omiond Street Hospital, Macmillan Cancer Support. Read for Good. El[iC Eels. JLtnior Diabetes Research and Buckinghamshire Mind. Structure. govern•nc• and managemgnt St Marfs School, Gerrard$ Cross. Limited ts a MpanY limtted by guarantee govèmed by its MemcDndum and Artlcles DfAssociation daled 6 September 1944 and 8rnended lo allow lor current governanc arrangewents on 9 February 1955. 3 Juty 1955, 10 May 2012 and 6 May 2016. 11 is regislolgd as a Charity with the Chariiy Commrssion. The liabilities of the members are limlled lo £1. The Governors of the Charitsble Company {Ihe Charltyl are its Trustees for the puipose of charrty law and Directors lor the purposes of company law bul by custom and practice throu9houl the School they are always referfed to as Goverriors. The Board of Governors is comprised of members with a broad range ol exwise. There are GovernoTS wilh backgrounds in law, accountsncy, education, business rnanagemenl. matjicine and real estate. Throughout Ihe year the Governws have been:
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED GOVERNORS. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 t)erek Wlson (Chair ol Governors) Chris Bayliss (Ed(calion Lead Govèrnor) David Campkin (Finance Lead Govemor) Devinder Bansi slePhan Clifford Anne Freeman Marina Hall Nicholas Hallchurch Nicholas Moss As sel oul in the Artide5 ofAsso¢iation the Chaimian of the Board Df Gtsvemors is appoinled by the members of the Board at an ordinary general meeting. The Governors may also apIn1 a new G¢)vemor subject to ralificallon al the next ordinary ggneral meeting. Oryanhauon The Board of Govemors determines the general policy of thè School. The daily managemenl ol Ihe School is delegated lo the H&8dmislress and the Burs8r. The Bo8r¥J meets h¥ice each tem. There are no fonnal sul rKJmmittees though Iheie are Lead Govemors for Educallon, Fnce & General Purposes. Heatth & Safety, Safeguarding •nd Menlal Heatth. Govemor Indu¢tlon nd Tralnlng All new members are issued with the Gutdelines for Governors. They are encournged to attend oppropri8le extemal Iralnlng event8. AN Govemors participate In Safeguarding training. Creditor Pollcy The company's current policy conceming the paymènt of trade creditors Is lo follow the CBI'S Pfompl Payers Code. The company's currenl policy o)nceming the payment oftrade creditors is to.. settle Ihe terms of payment with supplier5 when agreeing the terrns oleach Iransaction.. • ensure that supplieTS aTe made aware of the teTms of payment by inclusion ofthe relevant lems in contracts.. and . pay in accordance with the company's conlraclu•l and other legal obligalton5. The Govemors. repori was approved by the Board of Governors. Mlchael Boddy Secretary Dated..
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED STATEMENT OF GOVERNORS. RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY2023 The Governors. who are also the directois of St Mary's Sthool, G¢rr8rds Cross, Limited foi the pUOSe of company law. are iesponsible for preparing the Governors, Report and the ffinanGial stalemenls in 8c¢ordance th 8pplicable law and United KingdomAccoLFnting Standards (United Kingdom GenerallyAceepled Acwjnting Praclice}. Company Law requrres the Govemors lo prepare financial statements for e8ch financial year whic* glve a true and fair view of Ihe stale of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company f thal year. In preparing these financial statem&nls, the Goveinors are required lo.- - select suitable accounting poltcies and then apply them consistenlty- obserye the methods and principles In the Charities SORP,. - make ludggments and estlmate5 that are reasonable and prudgnl. stale whether applic8blÈ UK Accounling Stsndards have been followed. subjed lo any malerial departures disclosed and explained the financial statements.. and prepare the financial statements on the goin9 conGem basis unless rt is Inappropriate lo presume Ihat the Charity will Continue in operation. The Govemors are responsible for keeping adequate accounting re¢oids Ihat disclose vth reasonabk ¥ccuraw at any time the financial position of the Chaiily and enable them lo ensure that the financh21 statements comply with the Companle8 Ad 2006. They a also responsible foi safeguarding the assets of the Charity and her for laking reasonable steps for the prevenllon and dele(aion of fraud and gther irregularities.
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF ST MARYS SCHOOL, GERRARDS CROSS, LIMITED Opinion We hove 8udited the financial statements of St Merfs School, Gerrards Cross. Limrfed Uhe 'Charity? for the year ended 31 JLtly 2023 which comprise the slalemenl of fin8nci31 actNities. the b8lan¢e sheet, the slalement of cash flows and notes to the financial slalements, including significant accounling policies. The financial reporting framework that has be8n applied in their prepaialion is applicable law and United Klngdom Ao(mIlng Standards, Induding Financial Reporfirkg Standard 102 Th8 Finènth81 Reporting Sland8rf 8ppk8bb In the UK ond Repubmc of Ireland Iuniled Kingdom Generally Accepted Accounling Practice). In our oplnion. the financial slalements.. give a Iwe an(d f8ir vtew of the stale of the charitable company's affairs as at 31 Juty 2023 and of its Incomlng resources and application of reSoUe$. for the year then ended.. have been propedy prepared in accordance with Uniied Kingdom Generally Accepted Accountlng Prnctice.. and have been prepared in aceNdan¢e with th& requlremenls oflhe Companies Acl 2006. B•$18 for oplnlon We conducted our audil In accordance wllh Inlernaiional Sfondards on Audlllng (UK) IISAS (UK)) and appfi¢able law. Our rèsponsibililies under Ihose standards are further descflbed in the Audilofs responsits'lities for Ih6t 8udil ol the finan.81 stalennIS section of our report. We are independent of the Charity In accordance wth the 8th11 requirements that are relevant to our audlt of the financlal slalemenls in the UK, Induding the FRC'S Elhlc31 Standard. and we have fulfilled our other ethical responsibilitres in accor(Jance with U)ese requiroments. believe that the audit eviden we have obtsined is sufficient and appropriate to provide a basis forour opinion. on¢lu$ions rglatlng to golng concem In auditing the financial slalemenls, we have c4)nduded Ihal the G¢)vemors' use of the going ncern bas of attounling in the preparation of Ihe financlal slalemenls Is apwopriete. Based on Ihe wort we have performed, we have not identif*d any material uncertainties relating to events or conditions Ihol. indmduolly or collectively. may c4s1 significant doubt on the Charivs ability lo conliwè as a goirig concem for a peric¥J of al least twelve months from en the finanual slalemenls arg aulholised for issue. Our responsibilities and the responslb1lilS of Ihe GovemNs wlth respecl lo golng ¢on¢em are deStbed In the relevant Sections of this report. Oth•r Infomiatlon The other inlorm81ion MpriseS Ihe informalion induded in the annval report other than the financial slalemenls and oui audilovs report Iher80n. The Govemors are responsible for Ihe other infowmation contained within the annual report. Ouf opinion on the financial slatements does not cover the other infrimialion and we do not exp$$ any form of asstJrance conclvsion thereon. Oui responsibility is lo read the other information and. in dolng so, consider whelhel the other infomialion is materialty inconsistent with the financial slalemenls or Ouf knowledgè obtained in the course of the audit. or olherwise appears to be matertally misstated. If we identrfy such malerial inconsis1encles or apparenl material missialements, we are required to determine ether this gives rise lo a material misstatement in Ihe financial slalements themselves. If. based on the work we have perfome(l. we conclude that there Is a malerial misslalement of this other information. we are required to report Ihal lact. We have nothing lo reporl in this regard. Matt¢fS on whi¢h we are Y•quir•d to r•port by exception We have nothing to rèport in fe5pecl of the following matter5 in relalion lo which Ihe Chafilies (Accounts and Reports) Regulations 2008 require us to report lo you if. in our opinion.. the information given in the financial st8lemenl$ 1$ incon$islent in any materi81 respecl wilh the Govemors. report.. or sufficient a¢counlin9 recA)Tds have not been kept., or Ihe financial statements are nol rn 8greemenl with the accounting re¢ords-, or we have not received 811 the infomialion and explanations we require for our audit.
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED Responsibilities of Governorn As explained more f(tlly In Ihe alemenl of Govemors, responsibifrties, the Govemors. who are also the directois of the Charity for the purpose of company law. are responsible for the preparation of the ffinanc4al stalements and for bein9 salisfied that they give a Ixue and fail view. and for such internal control a$ the Governors delermine is necessary lo enable the preparation of financial slalemenls Ihal are free from maleri81 misstalement, whether due lo fraud or error. In preparing Ihe financial stalemenl$, the Governors are responsible for asses&ng the Chartty's abilty to continue as a going concem, disclosing, as applicable, matters ¥elaied to going concern and using the going concem basis of accounting unless the Govemors either intend lo liquidale Ihe charilable company or lo cease operations. oi have no realisb"c alternative but lo do SD. Auditors responsibilities for the audlt of the financlal sl•tements We have been appointed as audiloi under se¢tlon 144 of the CharTrlies Act 2011 and roport in accordance with the Act and relevant regulations made or having effecl Ihereunder. Our objectives ar• to obtain reasonable assura aboLrt whether the fin8n¢i81 stalemerrts as a whole are free from material misstaternenl. whèiher due to Iraud or error, and to issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assvrance but is not a guarantee Ihat an audit conducted in accordan¢e with ISA$ (UK) will 8fv4ays detect a material misslalemenl when it exists. Misstatements ¢an arise from fraud or errol and ale considered material rf. individually oi in the aggTegale, they could reasonably be expected to inlluence the etsjnomic deSlon$ of users tsken on Ihe basis of these financial ststemenls. Iegularities, Including fraud, are wistances of nonwcompliance wilh la and re9uiations. ¢JeswJn prdureS in line with our responsibilities. outlined above. lo detect material misslalements in Tespect of irregularilies. including fraud. The extent lo which OLFr procedures are capable of detecting irregularities, includin9 fraud is detsiled below= Our approach lo IdentIng and assessing the risk$ of material mlsstalement in respect of IrregularitS. Includin9 fraud and non-compliance wtth laws and regulations. was as folkjws.. the engagemènt partner ensured Ihal the engagement team ¢dleclivety had the appiopriate o)mpelence. capabilities and skills to idenlfy OT regnISe non-C(Jmpliance wtth applicable laws and gulan8. we identifd the laws and regulations oppli¢able to the charity Ihrovgh d16$$10n$ wilh govemors. and from our knowledge and experien( of the cJierFt's sector,. we focused on $pecrfic18w$ ènd re9uLgtrons which we considered may have a dlre¢t material effect on the financial $tslements or the operations of the charty. including Charities Ad 2011. dats protection. anli- bribery. employment. enviionmental and health and safety legislation.. we asses$ed the extent of compliance with the laws and fegulalions Idenbfigd abovè through making enquiries of m8nagement'. arKI identified Laws and regulations were communir2ted within the audit team regulady anil the team remained alert lo inslan¢es of nonaCAimplIan throughout the 8udit. We assessed the susceptibility of the charity's financial Statements to rnaletial misslalement. includiThJ obtaining an undgistanding of how fiaud might occur. by.. making enquiiies of management as to wheie they considered there was $us¢eptibility to fraud, their knowledge of actual. suspected and alleoed fraud., ¢onsiderin9 the intemal controls in place lo miligale iisks of fraud and non.rnmpli¥nce with laws and regulations., and To address the risk of fraud through management bias and override of controls, we.. perfomied analylical procedure5 to identify any unusual or unexpected r&L81ionships', lesled joumal entries lo identify unusual transathions-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED 855e56ed whether judgements and 8ssumpliDns made in determining the accounlitvJ estimalgs Isel out in Note 11 were indicative of polenlièl bias., investigated Ihe raiionale behind significant or unusual transactions; and In response to the risk of irregularities and non-complian with laws and regulations. we ¢Jesigned procedures which included, bul were not Ilmlled to.. agreeing financial $tstemenl disclosures to underlying supporting documenlalion., re8dlng the minules of meetings ol those charged wlh govemanLY'. enquiring of managem&nl as lo actual and potenti81 litigatlon and daiff- There are Inherent Imitolions in our aLKlit procedures described above. The morè removed that laws and regulations are from financlal Iransactions. the kss 1Skely it is that we would bewme aware of non-compliance. Auditing standards also limit the audil prQdltrQ$ requiied to idèntify non-compfian¢e with law5 and règulations to enquiry of the govemors and olher m8nagemenl and the inspeclion of regulatory and legal correspondence. rf any. Material misslatemenls that arlse due to Iraud can be h8Tder lo detect Ihan those Ihel arise from ermr as Ihgy mgy Invo delirate cole31Men1 or collusion. A further description of our responslbllllles Is avall8ble on the Fln8ndal RepIng CoLmciI's webstte at.. ¥wM.fi¢.or .uklaudilor5s Thls des¢ription forms part of our audltor's rep)rt. Use of our report Thls report is made solety lo the charfly'$ Iruslges. os a body. in accordance wlth pt 4 of the Charittgs IAccounls and Reports) Regulations 2008. Our audit work has been undertaken so that we mlghl slale to the charity's twslees Ihose m8tters we a requrred to slate to them in an auditorf$ report 8nd for no olhei purpose. To the fullest extent pemitted by law, we do not accept or assume responsibilty to anyone olh&r than the ¢haiity and the charity's trustees as a body, for our work, for this ieport, or foi Ihe opinions we have fomd. Katherlnè Wilk•s IS¢nlor Statutory Audltor} for and on beljalf of Crltchleys Audlt LLP 2113124 Chartered A¢countsnts Statutory Auditor Beaver House 23-38 Hylhe Bridge Streel Oxford OX12EP
ST MARY'S SCHOOL, GERRARDS CROSS. LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY2023 Unrestrict•d Restrictsd funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Tolal 2023 2022 ne Charilable activities Investmenls 7,132,367 33.270 7,132,367 6.429,461 33,270 1,075 6,429.461 1,075 Totsl Incom• 7.165.637 7.165,637 6.430.536 6,430,536 ndl Charitsble actMi*s 7.124.272 7.124,272 6,085,157 6,085.157 Total •xp•ndllur• 7,124,272 7,124,272 6,085.157 6,085.157 Not Incomlng ve$ourc•s before transfers 41.365 41,365 345,379 345.379 Net movement in funds 41,368 41,365 345.379 345,379 Reconcillatlon oflunds Fund balar¢$ al I Augusl 2022 8.477.198 2.830 8.480.028 8,131.819 2.830 8.134,649 Fund balan¢•¥ •t 31 Jtsly 2023 8.518.563 2.830 8.521.393 8.477,198 2,830 8,480.028 The stalem&nl of ffinancial acliwties includes all gains and losses recognised in the ye8r.A# income and expenditure derive from continuing acttviligs. The stslemenl of financial actlvitSes also comploes wrth the requirements lor an income and expen¢Jiture account under the Comp8nies Act 2[6.
ST MARY'S SCHOOL GERRARDS CROSS, LIMITED BALANCE SHEET ASAT31 JULY2023 2023 2022 Notes Flxed assets Tangible assets 8.978.548 6,746.815 CuTr¢nt ass•ts Debtors Investments Cash 81 bank and in hand 11 12 69,427 700.000 1,593.054 2.342.279 2.362.481 2,412.122 Credltors., amounts falllng du• wtthln one ye•f 14 (1,507.232) 11247.185) Nel Current assels 855.249 1,164.937 rot•l assets les$ Gurr•nt 15abllltl•$ 9,833,797 9.911.752 Credllors: •mounts falllng du• aft•r mor• than on• yr 15 (1.201.516) 11,290,844) Provl$lon$ for Ilibllltl•8 (110.8881 1140,8801 Net as¥•ts 8,$21,393 8.480.028 Incom• funds Re51ri¢te(I lunds Unrestricted f$. General unresfricted funds Revaluation reseNe Pension rese0 2.830 2.830 6,013,511 2.615,940 1110,888) 6,107.525 2.510,553 1140,8801 8.518.563 8.477,198 8.521,393 8.480.028 The directors 8cknowledge their responsibilities fof complying wilh the requirements of the Companies Act 20C6 wilh respect lo accounling Tecords and the preparation of financial statements. These financial stslemenls have b8en prepared in accordance with the provisions applicable lo companies subjeci to the small Companies iegimg. The narla1 stalemenls were approved by the Governors on ......................... Derek Wlson Chalr of Govemo Company Rgglstratlon No. 389663 to.
ST MARY'S SCHOOL, GERRARDS CROSS. LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023 2023 2022 14ot•s Cash flows from op•ratlng a¢tivlths Cash 9eneraled from operation5 25 525.301 B84,749 Investing a¢tlvities Purcha$e of tanglble fixed assets Investments Inveslmenl income ieceiv&d (518.468) (7C(),o) 33.270 1323,859) 1,075 Net cash usod in Inv•sthig actlvltl 11,185.198) 1322,7841 Fin•nclng actlvltl•$ Repaymèni of bank loans {89,3281 (11)0,790) Net ¢a•h us•d in financing *ctivlti•4 (89,3281 (100.7901 IdecreueVln¢r•a$• In ca$h •nd Guh •qulval•nts 1749,225) 461.175 Cash and ¢8sh equivalents al gInnIng ofyear 2.342.279 1.881.104 Cash •nd ca$h •qulval•nts at end of y•4r 1,593.054 2.342.279 11
ST MARY'S SCHOOL, GERRARDS CROSS. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2023 A¢cou•)tlng poNcltts Ch•r5ty Infomutloft St Mary's School. Gerrards Cross, Limited is a private company limited by guaranlee inco5r81td in England and Wales. The registered office is St. Mary's SchoDI. Gerrards Cross. Bu(kn. SL9 8JQ. 1.1 Ac¢ounllng ¢onventlon The finanoal slatemenls have been prepared in accordance with the Charity's Memorandum of AssccAalion, the Compentes Act 20C6 and "Ac¢ounling and Reportin9 by Charities: Slalement of Recornmended Practice applic8ble lo charilSes preparing Ihgir accounls In 8ccordance with the Flnanaal Reportin9 Standard applicable in the UK and Republic of Ireland IFRS 102} leffectlve 1 January 20191" The Charity is a Public Benefrt Enthty as deffined by FRS 102. The financial slalements arè prepared in sterling, whith 15 the fuFKtion81 ¢tren¢y of the Charity. Monetary amounts in these finanaal slalements are rounded lo the nearest £. The finanaal Slalements havè been prepared under thè historical cost convention. modffied lo intjude the revaluation of freehold propèrties and lo include inveslmenl properlies and certain finanual inslwments al lair value. The principal accounting policie5 adopted are sel out below. 1.2 Golng con¢em Al Ihe IKne of approvirMJ Ihe finanrAal 51alemenls. the Govemors have a reasonable expeGtalion that the Charity has adequate resources lo cnntinuo in operational existence for the foreseeable fuluig. Thu$ the Governors ryJTrlinue to gdopf the going ¢oncem bosis of aonting in weparing the ffinancial slotements. 1.3 Charltabl• lund5 un81¢ted funds are available for use al the discretion of thè GovemoTS in furtherarKe of Iheir charitable obiectives. Reslricied fvnds are Subject to specific condiiions by donors or grantors as lo how they may be used. The purposes and uses of the ieslricted funds 8re set out in the notes lo the financial statements. 1.4 Ineomg All incA)rning resources a included in the Statement of Financial Adivilies (SOFA) vh)8n the tharity is leg81ty enlilled lo the in(xJme. after any perfomianrE conditions havo been m•1. The amount can be measured reliably and rt 15 probable that the income will be received. Fees receivable. less ary discounts given. for tuith)n and extracurricular 8CtMiie$ are récognised and 8CLounted for in the perd in which the servirE is Provided. Fees paid in advan are Irealed as deferred Icnme and cluded in other crèdilws. For donations to be recognised the ch81ity will h8ve been notified of the arnounls and the settlement dale in writing. If there are Conditions attached lo the donation which requires a level of performance before entitlement can be obtained then income Is deferred until those conditions a fully mel or the fulfiknent ol Ihose nd[l)n$ is wilhbn Ihe control ol th& charity and it 1$ probable that they will be fulfilled. Inveslment income is earned through holding assets for Investment purposes and is induded when the amount ¢an be measurèd reliabty. Inte$t in¢ome is recognised using the effective intere51 method. 12-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 A¢¢ountlng poll¢ie Icontlnued) 1A Ewndltur• All expenditure is accounled for on an accruals basis and has been classrfied under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or conrUCtIve obligation lo make payments to third parfies, il is probable that Ihe settlement will te required and the amount of the obligation can be measured ieliobly. 11 rs categorised untlei the following headlngs.. Expendlture on ¢haritabl¢ a¢tivlti•s These are costs incurred on the charitable ac11lIeS. induding support eosts and costs relalino lo the govemari¢e of the charity appoIOned lo charilable acliwlies. Iriecovfrr3b VAT is charged as an expense against the aclivity for which expendiiure arose. Support costs alloGatlon Support costs are those Ihat assisl the WO of the charity bul do not directly represent charrtable actiV411es and include office costs. govemance ¢osts, adminislratwe payroll costs. They are incurred ¢Jire¢tly in support ol exp8ndllure on the objecls oflhe charity and indude proieci m8nagement carried oui al the sthool. 1.6 Tanglble fix¢d •$8ets Assets are ¢apilalised as tsngible fixed assets using a threshold of £1.CW and judgement. They are carried at COSt or valualitsn. net DI deprecialion and any Pfovision for impairment. Cost includes costs dir¢clty attributable lo makin9 the asset capable of operthg as intended. Depreuation 1$ feccgnlsed so as lo write off the cost or valuation of assets less Ihelr ie8idual v3knes over their useful Irves on the following boses.. Land and buildings Plant and equipment Fixtures and fittings 2% per annum 5% per annum 15% per annum The gain or loss arising on the disposal of an asset Trs deleimlned as Ihe dfierence beeen the sale proceeds and the c4rryin9 value of the asset, and is recognised in the statement olfinancial activrties. Assets in the course of eonstw¢lkn are included at cosi. Depretsation on these assets is nol charged until Ihey are broughl into use and recjassified lo freehold or leasehold land and building$. A review for impaimient of 8 fixed asset 13 carried out if events or thanges in circum$latKS indte that the ¢arrying value of any fjxed asset may not be recoverable. Shortfalls belween the carrying value of fixed assets and their recover8ble amounts are recognised a5 irnpairments. Impairment losses are recognised in the Statement of Fnanoel A¢tivitie$. 1.7 Csh and ¢o$h equivalents Cash and cash equivalents include cash in hand. deposits held al call with banks, othèr short-lerrn liqul inveslments wilh original maturities ol three months or less, and bank overdralts. 8ank overdrafts ale shown within borrwings in current liabilities. 13.
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 A¢countSng polloles (Contlnued) 1.8 Finan¢i•l In•trnments Debtors and creditors with no slated inleresl rale and recewable or payable within one year are recorded at transadion price. Any losses arising from impairmenl are recognised in expen(rrtUTe. The School re¢ogni$es thg cost of salaries paid lo toaching Staff in the August holiday perd following the yèar end. as staff are enlitleil to these paymen1$ as a result of seNce rendered during the reporting period. Loans and borrowings are inittally recognSsed 81 the transaclion prtt including transaction costs. Subseqvenlty. they are me8$ured al amortised cost uslng the effectNe interest rate method. $S ImpainnI. If an arrangement nSti1U1es a finance transaction il is measured al present value. Impalrment Asse1$ not measured at fair value are revithved for any indication that th¢ asset may bo impaired al each balance sheet dale. If su¢h indication exists. the recoverable amount of the asset. or the asset's cash generaung unll. Is esllmated and compared lo Ihe carying amount. Wheie the ¢arrying amount exceeds Rs reverable amount, an impaiTmenl loss 1$ recognised in profrt or I$ unless the a$$gt is carried 81 a revalued amount vA)ere the impaiiment loss is a revaluation decrease. B•sic flnanclalassets Current asset investments are short term highly liquid investmenls and 3fe held at falr value. These include ¢88h on deposil and cash equlvalenls with a malurty of less than one year 1.9 Tthtion The charty is an &x8mpt tharity within the meaning of schedule 3 Df the CharitiesAct 2011 and is considered Io pass the lesls sel in Paragraph I Schedule 6 Finance Act 2010 8nd Iherefore It meets the definition of a charitable company for UK corporatSon tsx purposes. No charge lo corporation lax arlses on the resulis for this 01 the preMov$ financial yeai as all nme arises from non-Ira(Jbng a111¢$ and ss applied lo Ihe charitable purposes of the School. 1.10 Retiremenl bener The pension costs charged in the financial Statements ropresent the ¢onlributions payable ty Ihe tha¥ity during the ye8r in aCcOrdar with FRS 102. The School parti¢ipales in 8 mulli-employer pension scheme. The Governments. Teachers Pension Defined Benefrts Scheme. for ils leaching staff. As a resutt il is nol possible to idenlfy the a55e15 and liabilities of the scheme thal are attributable lo the school. The pension liabilrty is the responsibility of the leacheT$' pension scheme. Accordingly. under FRS 102 the scheme is accounted for as if it were a defined contribultons scheme. The school is liable lo contribute to Ihe scheme at the rale prescribed by the acluary from 1Sme to The school previously participated in a career average revalued eamings ICAREI defined benefrt scheme fof non-teaching staff. Under FRS 102. the net psent value of deficit contributions payable. per Ihe lalesl deficit funding arrangemenl. has been recogni5ed as a liability. 14-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 Crftl¢l ac¢ounllng •Stlm•tes and judg•monts In the applicalion of the Charity's accountivtg policie3, the Govemofs are r8quired to make Judgements. eslirnales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from othei source$. The estimates and associated assumptions ar& based on hislorrcal experience and other factors thal are consided to be relevant. Actual results may differ from these eslimales. The eslimales and undedying as5umptlons are revièweil on an on90ing basis. Revlsbns to accountiNJ eslimales ale recognised in the period In which Ihe estimate its ievtsed Whe Ihe revision affects only that period. or in the period of th? revision at)d future periods where the revision affeds both cutrent and fulure pertods. Crltl¢al judo•ments D•pr•ciatlon Depreciation ha$ been cakulaled based upon on the estlmated useful econom Ives ol fixed assets. Deprecialion for the year totalod £286.735. Provlslon for bad d•bts The provision for bad debts has beerj ekul8ted based on managemenfs asse$$ment ofwhethef ¢)utstsndin9 debtors will be received. The provision lotaletJ £50,000 al the year end. Charitabh *ctivltl•s Ch•ritablg Charftable A¢tlvlties Actlvlti0S Total Total 2023 2022 School fees Less discounts Trip income Other income 7,734,031 7,124.088 1733.3891 1770.3411 24,137 6,040 107.588 69.674 7.132,367 6,429.461 Income from charitable aclivities was £6,842,393 (2022.. £6,429.461) of whh £6.842.393 waB nstrided (2022.. £6.429,4811 and £Nil reslricted12022'. £Nill. Incom• from Inv•stments Unmtrictsd Unr•¥trtctsd funds funds 2023 2022 Interest receivable 33,270 1.075 15-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 Incomè from Invlmontr (Conllnuedl The investment inc4)me was £33,270 {2022.' £1.075) of which £33,270 was unrestricted12022: £1,07518nd £Nil reslricled12022'. £1 Charltsble •¢t5vllles Dlrnct ¢ts". 2023 2022 Staff costs Calering Educ8lion81 supplies Staff support arKI demplopmenl 3,937,639 3.487.813 392,038 315,571 131.4Q7 94.034 22.465 30.281 4.483.549 3.927,639 Support co$ts: 2023 2022 Slaff costs Deweciation and impairment Adrnintslralion Gardening atml tr8vel costs Overhead and IT costs Finencial and Dther expenses Other tK1caprta1 expenditure Repairs and mainlenance FRS102 pen6iDn finance adiuslmènt 921.522 286,735 374.859 113.144 481.678 69,445 67.781 251,776 63.378 942,325 251.381 188.116 247,615 309.737 34.721 25,347 147.2SO 1574) 2,630,318 2,145.918 G0Mon ¢o•t8: 2023 2022 Auditors remuneralton Other 10.350 11.130 470 10.405 11.600 Totsl charmable expèndltu 7.124.272 8.085,157 Expenditure on ehaiilable activities was £6,970,155 {2022' £6,085,1 sn of which £6.970,155 was unreslficted {2022'. £6,085,157) and £Nil restricted (2022.. £Nilj. 16-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2023 Govttnorn None of the Govemots {or any persons connecled with them) receive(l any mneration or benefits from the Charity durlng the year {2022.' £Nil). None of the Govèmors had any expenses reimbursed by the Chathy during the year Q022". £Nil). Thè key management personnel of the charily comprise the Headleacher, Deputy HeadleacrS an(J Bursar. The lolal amount of employee benefits linctuding employer pension conlribulionsl ieoived by key managemenl personnel foi their services lo the Charity was £488.28012022.' £367.5141. Employ The average rrthlhty number of employees duiing the year was: 2023 Number 2022 Number Teaching- full lime Teaching. part lime Non teachlng- full Itme Non leaching- part tim 41 23 47 19 35 To181 1c6 Employm•nt c•)sts 2023 2022 dges 8nd salaries Social security costs Other pension costs 3.781,858 359,614 717,689 3.424.522 341,844 663,772 4.859,161 4.430.138 The number of employees whose annual remvneration was more than £60.000 is as foNows". 2023 Number 2022 Number £60.001-£70,OIKI £70,001-£80,000 £110.001-£120.000 Tax•lion The charity is exempl from tax on incorne and gains falling within section 505 of the Taxes Act 1988 OT section 252 01 the Taxation ol Chargeable Gains Act 199210 ihe extent that these are applted lo its ch8nlable otyects. 17-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 T4nglble futd atsets Lnd •nd A•8•ts und•r bulkllnos con8tructlon Pl•nt•nd Flxtur•s ar •qulpThnt fjilln Cost orvaluatlon At 1 August 2022 Addilic)ns 9,572,630 78.814 234.507 35.858 702.056 207.830 10,509,193 518.468 195.966 Al 31 Juty 2023 9.651,444 195,966 270.365 909,886 11,027,661 Dopr•clatlon and 5mpairm•nt At 1 August 2022 Depieciali¢)n charged in the year 1.333.356 157,721 11.197 13,518 417,825 115,496 1.762,378 286,735 Al 31 July 2023 1.491.077 24.715 533,321 2.049.113 Carrying amount Al 31 Juty 2023 8,160.367 195,966 245,650 376.565 8,978.548 At 31 Juty 2022 8,239,274 223,310 284.231 8,746,B15 L8nd and buildings with a ¢arrying amount of £5,975,000 were revalued ¥117 April 2015 by Jones Lang L8salle Ltd, independent valuers not connected wlh Ihe Charity on the basis of market value. Subsequent a(idilions are at cost. At 31 July 2023, had the Tevalued assets been carried at historic tt)st less lccumuted depclll0n and arLumLFlaled impairment 105ses, their carrying amount would have been approximately £5.712,956 12022 £5.728.722). 10 Fln•D¢lal In$lruments 2023 2022 Carrylng amount of flnanclal •ssets Instruments masuied al fair value through profrt or loss 7C(J.C(() 11 Dobtors 2023 2022 Amounts falllng du* wlthln one y••r: Scholars accounts Other debtors 74.039 {4,6f21 51.443 18.400 69.427 89.843 18-
ST MARYS SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 12 Current •8$et imwtmttnts 2023 2022 Unlisted investments 700,CrfJO 13 Loan$ and overdrnft8 2023 2022 Bank loans 1,331.955 1,421.283 Payable wilhin one year Payable after one year 130,439 1.201.516 130,439 1,290,844 The Bank loan, which Includes rolled-up inlefesl. 1$ repayable by fixed monthly ins181ments ol £10,870 per month until the final repayment date. 31 January 2036, when any balance remaining on the account becomes repayable. Interest is accrued at the rele of 1.84% 8bove base rate. 14 Credltorn: amounts falllng due wlthln on• y•ar 2023 2022 Not•$ Bank loans Deferred income Trade creditors Other credito Accruals 13 17 130.439 175.884 356.794 333.444 510.671 130,439 485.341 16.025 219,010 396,370 1,507,232 1.247.185 15 Cr•dltors: amounts f*lllng du• after mom than one y•ar 2023 2022 Bank loans 13 1,201,518 1.290,844 16 Provlslon$ for Ilablllugs 2023 2032 Not•s Reliiemenl benefil oblSgations 18 110,888 140,880 110,888 140,880 19-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 17 Defvrr•d In¢om• 2023 2022 Deferred income at 1 August Released from previous years Resources defvrrgd in Ihe period 485.341 (4B5,341) 175.884 271,963 (271.963) 485.341 Deferred income al 31 Ju 175,884 485,341 Defeffed inrne represents fees received in advance. .20-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 18 Rrem•nt benèfit $clwn Defined ¢ontrlbution ¥cheme¥ The majority of the staff participate in one ol two pension schemes., Ihe Teachers, Pension Scheme EnglarY and Wales (TPSI for leaching and relaied stsff.. and the Flexible Retiiement Scheme loi non-leaching slaff. T••ch•rs' Pen$lon Scheme The TPS is an unlunded multt-employer defined benefrts pension scheme govemed by the Teacl)ers' Pension Scheme Regul81ions 2014. Members conlTibvle on a "pay as you go" basis with contributions from members and the employer being (Yedited lo the Ex¢hequer. Retirement and other penslon benefrts are paid by public funds provided by Parfiament The ernployei contriblrtion rate is sel following scheme valuations un¢Jertaken by the G0Mment Actuary's Department. The lalesl actuarial valuation of the TPS related to the perfod ended 31 March 2016. and that of the LGPS related to the period ended 31 March 2019. The Teachers. Penslons Regulalions 2010 roquSre an amual account. the Teathers. Pension Bud9eling and Valuation Account. to be kept of receipts and expenditure {indudin9 the cost of penslon increases}. From 1 April 2001, the Account has been credited with a Teal rale of relum. which is equivalenl lo assuming that the balance in IheA¢counl is invested in notional investments that produco that r¢al rate of tUrn. S¢hem• ¢hng•$ The key provisions of the reformed scheme implemenled from 1 April 2015 include.. a pensron based on career average earnings.. an accrual rate of 1157th,. and a Nonnal Pension Age equal to Stsle Pension Age. bul with options lo enable members lo reliie earfier or later than their Norrnal Pension Age. Importantly, pension benefits built up before 1 April 2015 will be fully wolected. FJ•xlbl• Retlrnm•ht Plan The company participates in the scheme. a MulteMploYer scheme which preS benefits 10 50me 37 non associated employefs. The scheme is a defined benefrt stheme in ihe UK. 11 is not possible fol the company to obtain sufficient tnlormalion lo enable it lo account for the scheme as 8 efined benefit scheme. Therefore it acuntS lor the scheme as a defined contribution scheme. The scheme Is subiect to the funding i$lalion OLrtlined in the Pensions Act 2004 which came Into force on 30 December 2005. This. together With documenls i55ued by the Pensions Regulator and Technical Aduarial Standards issued by Ihe Financial Reporting Council, set out the framework for funding deflned benefil OCCLtpalional pension schemes in Ihe UK. The scheme r6 classified as a lasl-man standing 8rrangemenf. Therefoie Ihe cornpany is potenlially liable for other partiapating employers, obligation5 if those employers a unable to meet their share of the scheme efcil followng wilhdrawal from the scheme. Participating employers are legally requirei11o meet th¥ir share of the scheme dèfiat on 8n annuity purchase basis on withdrawal fiom the scheme. A full aduarial valualion for the scheme was carried out at 30 September 2016. This valuation shvwed assets of £80.45m. liabilities 01 £85.30m and a dsfiol of £24.86m. A full acluarial valuation for the scheme was ¢aTried out al 30 Seplembei 2019. This valuation shNed assets of £79m, liabilities 01£93.9m and a deficit of £14.9m. To eliminate this fitnding Shortfall, the Trustee asked the partKipating employers to pay additional contributions to Ihe scheme as follows.. Deficit Conlrl)ulions from 1 April 2021 to 30Se lember 2027.. £1,530,C(JO per annurn (payable monthly and increasing by 3% each eaionlhe 1slA -21
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 l• Rlir•m•nt b•n•fit schemes Icontlnuedl The recovery plan contributions Are allocated to eaGh participating employer in line with Iheir estimalèd share of the scheme liabilities. Where thè Scheme is in deficit and where the company has agreed to a deficit funding arrangement the cMpanY iecognises a liabiltty for this obligation. The Bmount recognised is Ihe net present value of Ihe deficit reduction conlribulions payabFe under the agreement Ihal relates lo lh& deficit. The present value is calculaled using the discoLml rale delailed in these disclosures. The unwinding of the discount rate is recognised 8$ a finance cost. Defined benefft8ch•me8 Key asSumptnS 2023 2022 DIScnI r 3.17 The disc£Junl rates shown above are the equivalent singfe discount rates which. when used to discounl the future recovery plan contributions due. would give the same resuKs as uslng a 1 AA corpor bond yield ¢>Jrve lo discount the same recovery plan contributions. The amounts induded in the balanc* sheet arising from the ChaiitY$ oblig3llons In respect of defined benefrt plans are as follows.. 2023 2022 Present value of definéd benefrt obligations 110.888 140,880 Deficit in scheme 110.888 140.880 -22-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 18 Retlx¢ment ben•fit *ch•m IContlnu•dl PRESENT VALUE OF PROVISION 2023 2022 Present value of provision 110,888 140,880 RECONCILIATION OF OPENING AND CLOSING PROVISIONS 2023 2022 Provi$Kin al slari of period Unwinding of the discount factor linteresl expense) Deficit conliibution paid Remeasurements- impact of any change in assummions Remeasuremen15- amendments to the )ntribUtIOn schedule Promsion al end of period 140,880 3.995 (27.755) (6,232) 174,977 1.348 126.9461 (8,4991 110.888 140.880 INCOME AND EXPENDITURE IMPACT 2023 2022 Inleiesl expgnse Rerneasuremenls- Smpad of any change in 8ssumption$ 3.995 (6,232) 16,499) "includes defmed contribution schemes and future seTViCO conlribLrtions li.e. excluding any deficit reduction payments} to defined bènefrf scheme$ which are treated as defined contribution schemes. To be rLimpleled by the company. The company must recognise a liability measured as the present value of Ihe contributions payable Ihal aiise from Ihe defidt recovery agreement and the resufting expense in the IrKMe and expendrtuie account i.e. the unwinding ofthe discount rale 8$ a finance cosl in the period in which it arises. 11 is Ihese ¢oniributions that have teen used to derivg the cornpany's balance sheet liabilty. -23.
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 18 R•tlr•m•nt b•n•fitschemes Icontlnuedl OEFICIT coKfRIBUTIONS SCHEDULE Year ending 31 Juty 2023 {£s 28.587 31 Juty 2022 l£s) 27,755 31 July 2021 Year 1 26,946 Year 2 29,445 28,587 27,755 Yeor 3 30.328 29.445 28.587 Year 4 31.238 30.328 29.445 Year 5 5.309 31.238 30,328 Year 6 5,309 31.238 Year 7 5.309 19 RMtrlct•d fund# The restrictèd funds of the charity Comprise Ihe unexpended balances of donations and grants held on trust subject lo speciftc conditions by donors as lo how they rnay be used. Movement In fvnds Mov?mert In fvnds Incornlwj l•M •t t¢•ty 31 July 2023 Balane• at 1 Augutst 2021 Incomlng 8oL•rK• at rn•our¢•¥ l Aygvst 2022 Maths prize Sports award General 1.080 750 1.080 750 1.080 750 1.000 2.830 2,830 2.830 -24-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2023 ZO Anatysl8 of net u$ets between fund$ UnrtrICted R•8trfcted fvnds funds 2023 2023 Tot#1 Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Fund balances al 31 Juty 2023 are represented by.. Tangible assets Current a$selsl{liabillltes} Long temi liabilities Provislons and pensions 8,978.548 852,419 11.201.516) 8,978.548 8.746,815 855.249 1.162.107 (1.201,516) 11,290,844) 8.746,815 1.164,937 11,290.8441 2,830 2,830 (110.888) 1110,8881 1140.880) (140.880) 8,518.563 2.830 8.521,393 8.477.198 2,830 8.480,028 21 Oper•tlng 1ga$e ¢ommFtsnents Al the reporting end d81e ihe Ch8rity had outstanding comrnilmenls for future minlmum lease payments undei nOn•CalIable opgiating leasgs, which fall due as follows= 2023 2022 Wthin one year Behveen h¥0 gnd five years 70.596 91,209 45.768 118,129 161,805 163.897 22 C•pitsl eofflmltmonts Amounts contracted for but not prowdod in the financral statements.. 2023 2022 Driveway, wa$hToom proiect 328,312 The amounts induded for capital ¢ommilments include costs towards the new driveway and the washroom PiCjecl$. 23 Events •fterth• r•porttng date There were nc post year end events lo disclose. .25-
ST MARY'S SCHOOL, GERRARDS CROSS. LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 24 Ro18tsd yrty transo¢Uo Trnns•ctlon8 wlth rel•t¢d partles During the yesr the Charity entered Inlo the followlng tranSalDn$ with related partbs.. One g0vem. Mrs Clifford, works occ8sponally for the school as a $uppty lea¢her at a market iale of remunerat)n. 25 C4h gentrntsd from opernliom 2023 2022 sur5 for the year 41,365 345,379 AdSuslmen15 for.. Investment income rect4nlsed In slalement of financAal adivbtie$ Depreciation and iMlTment oftsngible fixed assets 133.2701 286.735 11.0751 251.381 Movements in working capilal.. Decrease in debtors Incrèa5elldecrea5e) In credllws Incre8se in provislons IDecre8seYincre8se in deferred irw)Jme 416 569.504 129.9921 1309.4571 91.020 {IS.3341 213,378 Cash gen•r*t¢d from operat10 525.301 884,749 26 ATr•tysls of£hang•s Sn netfun Al 1 AugMt2022 C4¥h flowry At 31 2023 Cash at bank and in hand 2.342.279 {749,2251 1.593.054 Loan5 falliThJ due within one year Loans falling due after more Ihan one year (130.4391 11,290,844) 1130.439) 11201.516) 89.328 920,996 1659,8971 261,099 -26-