Charity registration number 310634 Company registratlon number 3896631England and Wales) ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED LEGALAND ADMINISTRATIVE INFORMATION Headmistress Patricia Adams MA(Oxon) Govemors Derek Wilson (Chair of Governors) Chris Bayliss {Education Lead Governor) David Campkin (Finance Lead Governor) Nick Moss Nick Hall¢hur¢h Marina Hall Stephanie Clifford Anne Freeman Devinder Bansi Rory Fisher Sian Salek (Appointed 21 May 2024) (Appoinled 21 May 2024) Secretary Michael Boddy Charity number 310634 Company number 389663 Registered office St. Mary's School Gerrards Cross Bucks SL9 8JQ Auditor Gravita Audit Oxford LLP Firsl Floor, Park Central 40-41 Park End Street Oxford OX1 1JD Bankers The Royal Bank of Scotland 40-42 High Slreel Maidenhead Berks SL6 1QE Solicltors Veale Wasborough Vizards. LLP 24 King William Street London EC4R 9AT
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED CONTENTS Page Govemors. report Statement of Govemors, responsibilities Independent auditols report Statement of financial activities Balance sheel 10 Statemenl of cash flows 11 Notes to the financial statements 12-26
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED GOVERNORS. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JULY 2024 The Governors present their annual report and financial statemenls for the year ended 31 July 2024. The financial statements have been prepared in accordance with Ihe accountin9 policies sel out in nole 1 to the financial statements and comply with the Charity's Memorandum and Articles of Association. the Companies Act 2006 and "Accounting and Reporting by Charities.. Slatemenl of Recommended Practice applicable to charities preparing their accounts in aGcordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" Objectives and activities The objectives of the Charity are sel oul in the Memorandum of Association. They may be summarised as the carrying on of a School for girls where the students may obtain an education of the highest order, the holding of religious ServIS and delivering religious instruclion in accordance with the doctrine and principles of the Church of England and the undertaking of activities to advance the cause of education. The Charity has the general mission of providing an excellent edu¢alion in a cafing, happy environment. where each girl develops self-confidence and achieves her full potential. When considering the stfalegies employed to achieve the objectives, the Governors have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary public guidance on advancing edutstion and on fee charging. The strategies employed to a¢hieve the Charity's objectives are.. To continually monitor the quality of teaching, through target setting, inset training, observation, sharing and discussion of good practi, as well as updating resources and adding new curricula. To offer equal opportunities to all girls,. lo ensure all individual needs are addressed, that all opportunities are accessible to everyone, providing flexible streaming and rotation of staff. To provide moral and spiritual guidance and support, fostering self-confidence. self-esteem. and well-being. as well as aiding learning. To promote an active partnership with the local community and parents through regular fomial and informal meetings. as well as communication through email and Parentmail. To ensure high levels of pastoral care, by building strong pupil-staff relationships as well as being able to offer the support of a qualified school counsellor. To regularly assess leadership and managemenl, through professional and independent review and feedback from departments, pupils and parents. To provide continuing support of our pupils already in receipt of bursaries. To mainlain the provision of means-tested bursary places to not lower than 5 % of lotal income. To continue to develop link5 With local state schools. The primary activity of the Charity is to educate girls from the ages of 3 10 18 within a Christian framework. In addition to the wide range of academic subjects offered and laughl, the School is able to enhance the educational experience through the many clubs and extiacurricular aclivilies offered. Christian values are incorporated through assemblies and in everyday school life. The Governors have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED GOVERNORS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Achièvements and pgrforniance The A_Level results achieved in 2024 were 26% A"IA, 53 A'I8, 790A A"IC. The assessmenl standards and methods of examination in 2024 reverted to those used in 2019, prior lo Covid influenced variations. These results compare with results in 2019 which were 370h A'IA, 609h A"IB and 870/0 A'lc. The results achieved al GCSE by Year 11 girls matched the high expectations placed upon them. From the grades achieved. 49.60/0 were Level 9-7. 70.6D/, Level 9-6 and 940/0 Level 9-4 - very similar to those achieved in 2023. These results exceeded the results achieved by the GCSE cohort in 2019. St Marys offers a wide range of subjects al GSCE and A-Level, including EPQ, and has an eslablished enrithment programme. The School continues to recruit high quality teaching staff which. alongside inveslment in facilities, offers an excellent environment to all students. 11 is this environment that allows our students lo deliver such creditable examination resulls. Pupil numbers increased again this year. The School promotes a three-fomi entry into Year 7. for whith teathing staff and teaching assistants are employed to maintain the School's ethos, ensuring that time is invested into each girl to allow everyone to reach their full potential. Importance is still plad on extracurricular activities, wilh girls involved in sport, drama, music, debating and parti¢ipating in the Duke of Edinburgh award scheme. Financial revlew The school Conlinues to build a slrong financial posilion allowing the Governors to Invest in its infrastructure. The Governors will maintain a level of reserves adequate to protect against any unforeseen orcumstan5 as occurred in the previous Iwo years. Nel Income for the year amounted to £101,919 {£53,251 in 2022123). The increase in net income Is partly due to 8 lower level of irregular maintenance costs than occurred in the prior year. The School continued to reflect ils charitable commitments through the dislribulion of bursaTies, scholarships and discounts worth a total of £836,491, being 10.1 % of gross fee income. The funds of the Charily are wholly invested in School property and other fixed assets. School fees ieceivable, less any discounts given. cover the cost of providing tuition and other running costs of the School. The fees are set al a level that will provide sufficient funds to cover the cost of regular maintenance and modernisalion of exisling facilities and for funding new buildings in the future. Reserves policy The Governing Body has examined the requirement for free reserves, i.e. those income funds that are freely available for general purposes and are not invested in tangible fixed assets, designated for specific Pufposes or otherwise committed. The Governors have agreed Ihat the School should aim to hold between £500,000 and £2,000.000 in free ieserves in order to be able to meet unplanned expenditures. most likely in relation to urgent repairs andlor the mainlenance of the School. Overall, the Governors require the operation of a light cash flow management system at all limes to ensure that the School holds sufficient cash to meet any outstanding liabilities. At the end of the period, there were free reserves of £1,841.871.
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED GOVERNORS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Risk8 The Governors regularly review all financial and operational risks which may have an Impact on the School. Procedures are adopted to mitigate per1Ved risks, and these are subject to regular review to ensure thal there are adequate safeguards in place. Risks fall into the following categories - Govemance, Operational, Financial. External and Compliance. A full review of these risks was conducted during the year and the School's Risk Register was re-written and updated to include recent shifts in both the economic and political Climates. The School's public benefit obligation remains in the forefront of the Governors, thinking. As an educational ¢harity, the School's educational activities have benefrted directly from tax exempt status and its bursary and ac¢essibility policies benefft indiredly from the lax exemption. However, from January 2025 VAT will become chargeable on independent school fees at the slandard rate of 20 DA and from April 2025 the dIScUnt entillemenl of education charities on Business Rates will cease to be available. The ultimate iffipad of the addition of VAT to fee invoices and the exlent to which it makes a private education less affordable lo some parents is impossible to forecast and quantify with any accuracy. The School's policies regarding bursaries and aCSsIbl111Y may have to be reviewed as the impact of the loss of tax-exempt status bites. Public Benefit Obligation Despite the loss of its tax-exempi status the charty continues to have a publi¢ benefit obligation. The School V11 continue lo grant fee reductions commensurate with ils financial situation, involve itself in communtly affairs approprialely and offer its facilities to local interests for the greater good. Structure, governance and management St Mary's School, Gerrards Cross, Limited is a ¢ompany limited by guarantee governed by its Memorandum and Articles of Association dated 6 September 1944 and amended to allow for curreni governance arrangements on 9 February 1955. 3 July 1955, 10 May 2012 and 6 May 2016. It is registered as a Charity with the Charity Commission. The liabilities of the members are limited lo £1. The Governors of the Charitable Company (the Charity) are its Trustees for the purpose of charity law and Directors for the purposes of company law but by custom and practice throughout the School they are always referred to as Govemors. The Board of Governors is comprised of members with a broad range of expertise. There are Governors with backgrounds in law, accountancy, education, business management, medicine and real estate. Throughout the year the Govemors have been= Derek Wilson (Chair of Govemors) Chris Bayliss (Educalion Lead Governor) David Campkin (Finance Lead Govemor) Nick Moss Nick Hallchurch Marina Hall Slephanie Clifford Anne Freeman Devinder Bansi Rory Fisher Sian Salek (Appointed 21 May 2024) (Appointed 21 May 2024)
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED GOVERNORS. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 As sel out in the Articles ofAssociation the Chairman of the Board of Govemors is appointed by ihe members of the Board ai an ordinary general meeting. The Governors may also appoinl a new Governor subject lo ratification at the nexl ordinary general meeting. Organisatlon The Board of Govemors determines the general policy of the School. The daily management of the School is delegated to the Headmistrèss and the Bursar. The Board meets twice each term. There are no formal sub- committees though there are Lead Governors for Education, Finance & General Purposes. Health & Safety. Safeguarding and Mental Health. SEN and PSHCEE and Eady Career Teachers. Governor Induction and Training All new members are issued wilh the Guidelines for Governots. They are encouraged to attend appropriate external training evenls. All Govemors participate in Safeguarding training. Credltor Policy The company's current policy concerning the payment of trade credrtors Is to follow the CBI'S Prompt Payers Code. The company's current policy con¢eming the payment of trade creditors is to.. sellle the tems of payment with suppliers when agreeing the terms of each Iransaclion.. • ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in conlracts., and pay in accordance wilh the companVs contractual and other legal obligations. The Govemors, report was approved by ihe Board of Govemors. Michael Boddy Secretary Dated..
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED STATEMENT OF GOVERNORS, RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2024 The Governors, who are also the directors of St Mary's School, Gerrards Cross, Limited for the purpose of company law, are responsible for preparing the Governors. Report and the financial statements in accordance with applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resour¢es. including the income and expendilure, of the charitable company for that year. In preparing these financial ststemenls, the Govemors are required to: sele¢t suitable a¢¢ounting policies and then apply them consistently., obsetve the methods and principles in the Charities SORP-, make judgements and estimates that are reasonable and prudent.. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless Il is inappropriate to presume that the Charity will continue in operalion. The Governors are responsible for keeping adequale accounting records that disclose with reasonable accuracy at any lime the financial position of the Charity and enable them lo ensure that the financial statements comply with Ihe Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and olher irregularities.
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED Opinlon We have audiied Ihe financial statements of Sl Mary's School, Gerrards Cross, Limited (the 'Charity') for the year ended 31 July 2024 which comprise the statement of financial activities. the balance sheet, the statement of cash flows and notes to the financial slalemenls, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice}. In our opinion, the financial statements= give a true and fair view of Ihe state of the charitable company's affairs as at 31 July 2024 and of ils incoming resources and application of resources, for the year then ended., have been properly prepared in accordan with Uniled Kingdom Generally Accepled Accounting Practice., and have been prepared in accordan¢e with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Inlemalional Standards on Audiling (UK} IISAS (UK}) and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities ft&r thè audit of the financial statements section of our report. We are independent of the Charily in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Governors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may casl significant doubt on the Charity's ability lo continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the informalion included in the annual report other than the financial statements and our auditorfs report thereon. The Governors are responsible for the olher information conlained within the annual report. Our opinion on the financial slalements does not cover the other informalion and we do nol express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whelher the other information is materially inconsistent with the financial statements or our knowledge obtained in the Course of the audit, or othetwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements. we are required lo determine whether Ihis gives rise to a material misstatement in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following mallers in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report lo you if, in our opinion-. the information given in the financial statements is inconsistent in any material respect wtth the Governors, report., or sufficient accounting records have nol been kept,. or the financial statements are not in agreement with the accounting records.. or we have not received all the information 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 Governors As explained more fully in the statement of Governors, responsibilities, the Governors, who are also the directors of the Charity for the purpose of company law, are responsible for the preparation of the financial stalements and for being satisfied that they give a true and fair view, and for such internal conlrol as the Governors determine is necessary lo enable Ihe preparation of financial statements thal are free from material misstatement, whether due to fraud or error. In preparing the financial $18lemenls, the Governors are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going Gonrn and using the going con¢em basis of accotsnling unless the Governors either intend to liquidate the charitable company or lo ase operations, or have no realistic alternative bul to do so. Audltofs responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulalions made or having effect thereunder. Our objectives are to obtain reasonable assurance aboul whelher the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditols report that includes our opinion. Reasonable assurance is a high level of assurance but is nol a guarantee Ihat an audit conducted in accordan with ISAS (UK) will always detect a material misslatemenl when it exists. Misslalements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to inlluence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliano with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance wilh laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.. we identified the laws and regulations applicable lo the charity through discussions with governors, and from our knowledge and experience of the client's sector; we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including Charities Act 2011, data protection, anti- bribery, employment, environmental and health and safety legislation- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instsnces of non-complian throughout the audit. We assessed the susceptibility of Ihe charity's financial statements to material misststement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was SUsptibIlity lo fraLSd, their knowledge of actual, suspected and alleged fraud., considering ihe intemal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. and To address the risk of fraud through management bias and overnde ofcontrols, we- performed analytical procedures to identify any unusual or unexpected relationships., tested journal entries to identify unusLsal transactions.,
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE GOVERNORS OF ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED assessed whether judgements and assumptions made in determining the a¢¢ounting eslimales {set out in Note 1) were indiGative of potential bias: investigated the rationale behind significant or unusual transactions.. and In response to the risk of irregularities and non-compliance with laws and regulations, we designed prOdureS which included, but were not limited to.. agreeing financial slalement disclosures to underlying supporting doGumentalion', reading the minutes of meetings ofthose charged with governance; enquiring of management as to actual and potenlial lrtigation and claims, There are inhereni limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required lo identify non-compliance with laws and regulations lo enquiry of the governors and olher management and the inspection of regulatory and legal Corresponden, if any. Material misstalemenls that arise due to fraud Can be harder to detect than those Ihat arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Finanaal Reporting Counal's website at: www.frc.or .uklaudilorsres onsibililies. This description forms part of our auditor's report. Use of our report This report is made solely to the chartty's Iruslees, as a body. in accordance with part 4 of the Charities (Accounts and Reports) Regulalions 2008. Our audit work has been undertaken so that we might state lo the chanty's trustees those matters we are Tequired lo state to them in an auditor's report and for no olher purpose. To the fullest extent permilled by law, we do not accept or assume responsibility to anyone other Ihan the charity and the charity's Iruslees as a body, for our audil work, for thi5 report, or for the opinions we have formed. Katherine Wilkes {Senior Ststutory Auditor) for and on behalf of Gravita Audit Oxford LLP 3111125 Chartered Accountants Statutory Auditor First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2024 Reststed Total Unrestricted Restricted funds funds 2023 2023 Restated Total UnrestriGted Restricted funds funds 2024 2024 2024 2023 Notes Income from: Charitable activilies Investrrtenls 7,569,533 70,880 5,000 7,574,533 70,880 7,132,367 33.270 7.132,367 33,270 Total Income 7,640,413 5,000 7.645,413 7.165,637 7.165,637 Expenditure on: Charilable activities Other expenditure 7,533,208 5,775 4,511 7.537,719 5,775 7,108,391 3,995 7,108,391 3,995 Totsl expenditure 7.538.983 4,511 7,543,494 7,112,386 7.112,386 Net income 101,430 489 101,919 53,251 53,251 Other recognised gains and losses: Actuarial 9ains on defined benefit pension schemes 2.734 2,734 6,232 6.232 Net movement In funds 104,164 489 104.653 59,483 59,483 Reconciliation of funds: Fund balances at 1 August 2023 8.832,099 2,830 8,834,929 8,772,616 2.830 8,775,446 Fund balances at 31 July 2024 8,936,263 3,319 8,939,582 8.832,099 2,830 8,834,929 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing aGtivities. The statemenl of financial activities also complies with the requirements for an Income and expenditure account under the Companies Act 2006. The comparatives have been reslated lo split out the actuarial gain and financing cost for the pension oul from charitable activities and to remove the holiday pay accrual expense. The net effect of this reslatemenl is £18,118.
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED BALANCE SHEET AS AT31 JULY2024 Restated 2023 2024 Notes Fixed assets Tangible assets 11 9.221.249 8,978,548 Current assets Debtors Inveslments Cash al bank and in hand 13 14 219.786 1.050.000 791,871 69,427 700,000 1,593,054 2,061,657 2,362,481 Creditors: amounts falllng due within one year 16 (1,347.318) (1.193,696) Net current assets 714,339 1,168,785 Total assets less current liabilities 9.935.588 10,147,333 Creditors: amounts falling due after more than one year 17 {911,778} (1.201,516) Provislons for liabillties {84,228> <110,8881 Net assets 8.939,582 8,834,929 Income funds Restricted funds Unreslricled funds.. General unreslricted fvnds Revaluation reseNe Pension reseNe 21 3,319 2,830 6,439,680 2,580,811 (84,228} 6.327,047 2,615,940 (110,888) 8,936,263 8.832.099 8.939.582 8,834,929 The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable lo companies subject to the small companies regime. The comparalives have been restated to remove holiday pay arKruals from Ihe balance sheet. The net effect of this is £313,536 The financial statements were approved by the Governors on . 215f JM4L4AQy 2015 erek Wlson Chair of Governors Company Registratlon No. 389663 10-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Notes Cash flows from operating activtties Cash generated from operations 27 339,310 525,301 Investing activitiès Purchase of tangible fixed assels Investments Investment income received {571,6351 {350,0001 70,880 1518,468) 1700,000) 33,270 Net cash used in investing activities (850,755> 11,185,198) Financing activities Repaymenl of bank loans (289,738) {89,3281 Net cash used in financing activities (289,738) 189,328) Net de¢rease in ¢ash and cash equivalents (801,183) (749.225) Cash and cash equivalents at beginning of year 1,593.054 2,342,279 Cash and cash equivalents at end of year 791,871 1,593,054 11
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2024 Accounting policies Charity infomiation St Mary's School, Gerrards Cross, Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is St. Mary's School, Gerrards Cross, Bucks, SL9 8JQ. 1.1 Accounting convention The financial slalements have been Prepared in accordan with the Charity's Memorandum of Associalion. the Companies Act 2006 and "Accounting and Reporting by Charilies.. Statement of Recommended Practice applicable to charities preparing their accounls in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) leffeclive 1 January 2019)" The Charity is a Public Benefit Entity as defined by FRS 102. The financial stalemenls are prepared in sterling, which is Ihe functional currency of the Charity. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention, modified to indude the revaluation of freehold properties and lo include investment properties and certain financial instruments al fair value. The principal accounting policies adopted are sel out below. 1.2 Going concem At the time of approving the financial slalements, the Governors have a reasonable expectation that the Charity has adequate resources to continue in operational exislen¢e for the foreseeable future. Thus the Governors continue lo adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Governors in furtherance of their charitable objectives. Restricted funds are subject to specific condilions by donors or grantors as to how they may be used. The purposes and uses of the reslricled funds are set out in the notes lo the financial statements. 1.4 In¢ome All incoming resources are inc5uded in the Slalement of Financial Activities (SOFA) when the charily is legally entitled to the income, after any performance conditions have been met. The amount can be measured reliably and it is probable that the income will be received. Fees receivable, less any discounts given, for tuition and extracurricular activities are recognised and accounted for in the period in which the service is provided. Fees paid in advance are treated as deferred income and included in other creditors. For donations to be recognised the charity will have been notified of the amounls and the settlement date in wriling. If there are conditions attached to the donation which requires a level of performance before entitlement can be obtained then income is deferred until those condilions are fully met or the fulfilment of those conditions is wrthin the control of the charity and it is probable that they will be fulfilled. Investment income is earned through holding assets for investment purposes and is included when the amount can be measured reliably. Interest income is recognised using the effective interest method. 12
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Accounting policies (Continued) 1.5 Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal 01 constructive obligation to make payments lo third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings.. Expenditure on charitsble activities These are costs incurred on the charitable activities, including support ¢osls and costs relating to the governance of the charity apportioned to charitable activities. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Support costs allocation Support costs are those that assist Ihe work of the charity but do not directly represenl charilable activities and include office costs, governance Gosts, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and indude project management carried out at the school. 1.6 Tangible fixed assets Assets are capilalised as langible fixed assets using a threshold of £1,000 and judgemenl. They are carried at cost or valuation, nel of depreciation and any provision for impairment. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is recognised so as to write off the cosl or valuation of assets less their residual values over Iheir useful lives on the following bases.. Land and buildings Plant and equipment Fixtures and fillings Website 2 % per annum 5/¢ per annum 15 % per annum 209A per annum The gain or loss arising on the disposal of an asset is delemiined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. Assets in the course of construction are included al Gost. Depreciation on these assels is not charged until they are brought into use and reclassified lo freehold or leasehold land and buildings. A review for impairment of a fixed asset is carried out if events or changes in circumstances Indicate that the arrying value of any fixed asset may not be recoverable. Shortfalls beeen the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statemenl of Financial Activities. 1.7 Cash and tash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 13
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Accounting policies {Continued) 1.8 Financial instruments Debtors and creditors with no stated interest rate and re1vable or payable within one year are recorded at transaclion pri. Any losses arising from impairment are recognised in expenditure. The School recognises the cost of salaries paid to teaching slaff in the August holiday penod following the yeaT end, as staff are enlilled lo these payments as a result of service rendered durin9 the reporting period. Loans and borrowings are initially recognised at the transaction price including transaclion costs. Subsequently. they are measured at amortised cost using the effeclive intere51 rate melhod, less impaimienl. If an arrangement constilutes a finance Iransaction it is measured ai presenl value. Impairnient Assets nol measured at fair value are rewewed for any indication that the assel may be impaired al each balance sheet date. If such indication exists. the recoverable amount of the asset, or the asset's cash generaling unil, is estimated and compared to the carrying amount. Where the carrying amount exceeds ils recoverable amount, an impairment loss is recognised in profit or loss unless the asset is Carried al a revalued amount where the impairment loss is a revaluation decrease. 8asic financial assets Current asset investments are short lerm highly liquid investments and are held at fair value. These Include cash on deposit and cash equivalents with a maturity of less than one year 1.9 Taxation The charity is an exempl charity within the meaning of schedule 3 of the Charilies Act 2011 and is considered to pass the tests sel out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable Gompany for UK corporation tax purposes. No charge lo corporation tax arises on the results for this or the previous financial year as all income arises from non-trading activities and is applied to the charilable purposes of the School. 1.10 Retirement benefits The pension costs charged in the financial stalements represent the contributions payable by the charity during the year in accordan with FRS 102 The School parti¢ipates in a mulli-employer pension scheme, The Governmenls, Teachers Pension Defined Benefits Scheme, for its leaching staff. As a result it is not possible lo identify the assets and liabilities of the scheme that are altribulable lo the school. The pension liabilily is the responsibility of the leachers, pension scheme. Accordingly, under FRS 102 the scheme is accounted for as if il were a defined conlributions scheme. The school is liable to contribute to the scheme at the rale prescribed by the actuary from time to time. The school previously participated in a career average revalued earnings (CARE) defined benefit scheme for non-leaching staff. Under FRS 102, the net Pfesenl value of deficil contribulions payable, per the latest deficit funding arrangement, has been recognised as a liability. 14-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Crltical accounting estimates and judgements In the application of the Charily's accounting policies, the Govemors are required to make judgements. estimates and assumptions about the carrying amount of assels and liabilities Ihal are not readily apparent from other Sour$. The eslimales and associated assumptions are based on historical experience and other factors thal are considered lo be relevanl. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estirnate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical judgements Depreciation Depreciation has been calculated based upon on the estimated useful economic lives of fixed assets. Depreciation for Ihe year tolalled £328.934. Provlslon for bad debts The provision for bad debts has been calculated based on management's assessment of whether outstanding debtors will be received. The provision totaled £50,000 at the year end. Charitable activities Charitable Charitable Activities Activities Totsl Totsl 2024 2023 School fees Less discounts Trip income Other income 8,260,509 7.734,031 1836,491) (733,389) 7,307 24,137 143,208 107,588 7,574,533 7,132,367 Analysis by fund Unrestricted funds Restricted funds 7,569,533 7,132.367 5,000 7,574,533 7,132,367 Income from charitable aclivilies was £7,574,533 (2023.- £7,132,367) of which £7,569,533 was unrestricted (2023.. £7,132.367} and £5,000 restricted (2023: £Nil). 15-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Charitsble a¢tivities Direct costs: Reststed 2023 2024 staff costs Catering Educational supplies Staff support and development 4,233,048 3.919,521 373,930 392,038 132,927 131,407 17.251 22.465 4,757,156 4.465,431 Analysis by fund Unrestricted funds Restricted funds 4,752,645 4,465,431 4,511 4,757,156 4,465,431 Support costs: Restated 2023 2024 Staff costs Depreciation and impairment Administralion Gardening and travel costs Overhead and IT costs Financial and other expenses Other non-capital expenditure Repairs and mainlenan FRS102 pension finance adjustment Bad debt write off 1,319,210 328,934 390,837 84,948 361,367 83,391 33,634 134,540 3,180 25,950 921,522 286,735 374,859 113,144 481,678 69,445 67,781 251,776 65,615 2,765,991 2.632,555 Governance costs: 2024 2023 Auditors remuneration Other 13,000 1.572 10,350 55 14,572 10,405 Totsl charitable expenditure 7,537,719 7,108,391 16-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Charitable actlvlties (Continued) Expenditure on charitable activities was £7,224,183 {2023.' £7,126,509) of which £7,219.672 was unrestricted (2023.. £7,126.509) and £4,511 restricted (2023.. £Nil}. The comparatives have been restated to split out Ihe actuarial gain and financing cost for the pension out from charitable aclivities. The comparatives have also been restated to remove the holiday pay accrual. The net effect of this restatement for this note is £20,357 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 70,880 33,270 The investmenl income was £70,88012023'. £33,270) of which £70.880 was unreslricted (2023. £33.270) and £Nil restricted {2023.' £Nill Net movement in funds 2024 2023 The nel movement in funds is stated after chargingllcrediling).. Depreciation of owned tangible fixed assets 328,934 286.735 Governors Mrs Clifford reIved payment for her work as a supply teacher. This was at a market rate of remuneration. No olher Governors (or any persons connected with them) reoived any remuneralion or benefits from the Charity during the year {2023'. £Nil). None of the Governors had any expenses reimbursed by the Charity during the year (2023.. £Nil). The key management personnel of the charity comprise the Headtp.acher, Deputy Headteachers and Bursar The total amoLsnt of employee benefits (including employei pension contributions) received by key management personnel for their servi¢es to Ihe charity was £549,44312023.' £488,280). 17
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Employees The average monthly number of employees during the year was= 2024 Number 2023 Number Teaching - full time Teaching- part time Non leaching - full time Non teaching- part time 41 23 22 40 36 Total 111 106 Employment costs 2024 2023 Wages and salaries Social securily costs Other pension costs 4,507,333 319,878 725,047 3.763,740 359,614 717,689 5,552,258 4,841.043 The number of employees whose annual remuneration was more than £60,000 is as follows.. 2024 Number 2023 Number £60,001-£70,000 £70,001-£80,000 £80,001-£90,000 £110,001-£120.000 Other Restated Unrestricted Unrestricted funds funds 2024 2023 Financing costs 5.775 3,995 5,775 3,995 The ¢omparatives have been reslated to split out the financing cost for the pension out from charitable activities. The net effect of this restatement on this note is £3,995. 18-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 10 Taxation The charity is exempt from lax on Income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied lo its Charilable objects. 11 Tangible fixed assets Land and Assèts undet bulldings construction Plant and Flxtures and equipment fittings Wobslte Total Cost or valuation At 1 AugLJSt 2023 Additions Disposals Transfer in year 9,651,444 272.477 195,966 30,755 270,365 909,886 246,881 (5,870) 11,027,661 571,635 (5,870) 21,522 195.966 {195,966) At 31 July 2024 10,119,887 30,755 270,365 1,150,897 21,522 11,593,426 Depreciation and impairnient At 1 August 2023 Deprecialion charged in the year Eliminated in respect of disposals 1,491,077 24,715 533,321 2.049,113 167.182 13.518 143,930 4,304 328,934 {5,8701 (5,870) At 31 July 2024 1,658,259 38,233 671,381 4,304 2,372,177 Carrying amount At 31 July 2024 8,461,628 30,755 232.132 479,516 17,218 9,221.249 At 31 July 2023 8,160,367 195,966 245,650 376.565 8,978,548 Land and buildings with a carying amount of £5,975.000 were revalued al 17 April 2015 by Jones Lang Lasalle Lld, independent valuers nol connected with the Charity on the basis of market value Subsequenl additions are at cost. At 31 July 2024, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses. their Carrying amount would have been approximately £5,576,633 {2023 £5,712,956). 12 Financial instruments 2024 2023 Carrying amount of financial assets Instruments measured at fair value through profit or loss 1,050,000 700,000 19-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 13 Debtor5 2024 2023 Amounts falling due within one year: Scholars accounts Other debtors 107,401 112.385 74,039 (4,612) 219.786 69.427 14 Current asset investments 2024 2023 Unlisted investments 1,050,000 700,000 15 Loans and overdrafts 2024 2023 Bank loans 1.042,217 1,331,955 Payable within one year Payablè after one year 130,439 911,778 130,439 1.201,516 The Bank loan, which includes rolled-up Interest, is repayable by fixed monthly instalments of £10,870 per month until the final repayment date. 31 January 2036, when any balance remaining on the a¢¢ount becomes repayable. Interest is accrued al the rate of 1.84 % above base rale. 16 Creditors: amounts falling due within one year Restated 2023 2024 Notes Bank loans Deferred income Trade creditors Other creditors A¢¢ruals 15 19 130,439 852,861 106,111 230,899 27,008 130,439 175,884 356,794 333,444 197.135 1,347,318 1,193.696 The comparatives have been restated to remove holiday pay accruals from the balance sheet. The net effect of this is £313,536 -20-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 17 Creditors: amounts falling due after more than one year 2024 2023 Notes Bank108ns 15 911.778 1,201,516 18 Provisions for liabilities 2024 2023 Notes Retirement benefit obligations 20 84,228 110,888 84,228 110,888 19 Deferred income 2024 2023 Deferred income at 1 August Released from previous years Resources deferred in the period 175.884 (175,884> 852,861 485,341 1485,3411 175,884 Deferred income at 31 July 852,861 175,884 Deferred income represents fees received in advan. 20 Retirement benefit schemes Defined contribution schemes The majority of the staff participale in one of two pension schemes., the Teachers, Pension Scheme England and Wales (TPS) for teaching and related staff,. and the Flexible Retirement Scheme for non-teaching slaff. TeaGhers' Pension Scheme The TPS is an unfunded multi-employer defined benefits pension scheme governed by the Teachers, Pension Scheme Regulations 2014. Members contribute on a 'pay as you go" basis with contributions from members and the employer being credited to Ihe Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament The employer contribution rale is set following scheme valuations undertaken by the Govemmenl Actuary's Department. The latest actuarial valuation of the TPS related lo the period ended 31 March 2016, and that of the LGPS related to the period ended 31 March 2019. The Tea¢hers' Pensions Regulations 2010 require an annual account, the Teachers, Pension Budgeting and Valuation Account, to be kept of reip1S and expenditure {including the cost of pension increases). From 1 April 2001, Ihe Account has been credited with a real rate of return, which is equivalent to assuming that the balan in the Account is invested in notional investments that produce thal real rate of return. Scheme changes The key provisions of the refomied scheme Implemented from 1 April 2015 include.. a pension based on career average earnings., an accrual rate of 1157th, and a Normal Pension Age equal to State Pension Age, but with options to enable members to retire earlief or later than their Normal Pension Age, Importantly, pension benefits built up before 1 April 2015 will be fully protected. 21
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 20 Retirement benefit schemos (Continued) Flexible Retirement Plan The company participales in the scheme, a multi-employer scheme which provides benefils to some 37 non- associated employers. The scheme is a defined benefit scheme in the UK 11 15 not possible for the company to obtain sufficient information to enable il to account for the scheme as a defined benefit scheme. Therefore il accounts for the scheme as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a 'lasl-man standing arrangement,. Therefore the company Is potentially liable for other participating employers, obligations if those employers are unable to meet their share of the scheme deficit following wilhdrawal from the scheme. Participating employers are legally required to meel their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was carried oul at 30 September 2022. This valuation showed assets of £49.6m, liabilities of £57.1m and a deficil of £7.5m. To elifflinate this funding shortfall, the Truslee has asked the participating employers to pay additional contributions to the scheme as follows Deficit Contributions from 1 April 202410 31 March 2027.. £1,672,000 per annum (payable monthly and increasing by 3.0°A each year on the 1 st April) Note that the scheme's previous valuation was carried oul with an effective date of 30 September 2019. This valuation showed assets of £79m, liabilities of £93.9m and a deficit of £14.9m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows.. Deficit Contributions from 1 April 202110 30 September 2027.. £1.530,000 per annuffl (payable monthly and increasing by 3.00/1 each earonthe 1stA The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities. Where the scheme is in defi¢it and where the company has agreed to a deficil funding arrangement the company recognises a liability for this obligation. The amount recognised is the nei present value of the deficit reduction contributions payable under the agreement that relates lo the deficit. The present value is cal¢ulaled using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost. -22-
ST MARY'S SCHOOL. GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 20 Retirement benefit schemes Icontinued) Defined benefit schomes Key assumptions 2024 2023 Discount rate The discount rales shown above are the equivalent single discount rates which. when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount Ihe same recovery plan contributions. PRESENT VALUE OF PROVISION 2024 2023 Present value of provision 84,228 110,888 RECONCILIATION OF OPENING AND CLOSING PROVISIONS 2024 2023 Provision al start of period Unwinding of the discount factor (interest expense) Deficit contribution paid RemeastJrements- impact of any change in assumptions Remeasurements - amendments to the contribution schedule Provision at end of period 110,888 5,775 (29,701) 1,114 {3.848) 84,228 140,880 3,995 {27,755) {6,232) 110,888 INCOME AND EXPENDITURE IMPACT 2024 2023 Interest expense Remeasuremenls- impact of any change in assumptions Remeasurements- impact of any change in assumptions 5,775 1,114 (3,4841 3,995 (6,232) 'includes defined contribution schemes and fLrture service contributions li.e. excluding any deficit reduction payments} to defined benefit schemes which are treated as defined contribution Schemes. The company must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery a9reemenl and the resulting expense in the income and expenditure account i.e. the unwinding of the discounl rate as a finance cost in the period in which it arises. The following schedule details the deficit contributions agreed between the company and the scheme at each year end period.. -23-
ST MARY'S SCHOOL. GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 20 Retirement benefit schemes Icontinued) DEFICIT CONTRIBUTIONS SCHEDULE Year ending 31 July 2024 £s 32,820 31 July 2023 {£sl 28,587 31 July 2022 (£sl Year 1 27,755 Year 2 33,805 29,445 28.587 Year 3 22,983 30,328 29.445 Year 4 31,238 30,328 Year 5 5.309 31,238 Year 6 5,309 Year 7 It is these Conlribulions that have been used to derive the company's balance sheet liability. 21 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as lo how they may be used. Movement in funds Incomlng Balance at rKour¢es l August 2023 Movement in funds Balance at 1 August 2022 Incomlng rg$ource$ Resour$ Balance at gxpendgd 31 July 2024 Maths pnze Sports award General SEN Department 1,080 750 1,000 1.080 750 1,000 1,080 750 1,000 489 5,000 (4,511) 2,830 2,830 5,000 {4,511) 3,319 -24-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 22 Analysis of net assets between funds Reslaled Total Unrestricted Restricted funds funds 2024 2024 Total Unrestricted funds 2023 Restri¢ted funds 2023 2024 2023 Fund balances at 31 July 2024 are represented by.. Tangible assets Current assetsllliabililies} Long term liabilities Provisions and pensions 9,221,249 711,020 (911.7781 9,221,249 8,978,548 714,339 1,165,955 {911,778) 11,201,516) 8,978,548 1,168,785 {1,201.516) 3,319 2,830 {84,228) (84,228) (110.888) (110,888) 8,936,263 3,319 8,939.582 8.832.099 2,830 8,834,929 The Comparatives have been reslaled to remove holiday pay a¢¢ruals from the balance sheet. The nel effect of this is £313,536 23 Operating lease commitments At Ihe reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. Restated 2023 2024 Wfithin one year Between two and five years 157,281 235,649 207,156 398,469 392,930 605,625 24 Capltal commitments Amounts contracted for but not provided in the finanaal ststements.. 2024 2023 Driveway, washroom project 328,312 There are no amounts included for capital commitments. -25-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 25 Events after the reporting date There were no post year end events to disclose 26 Related party trnnsactions There were no disclosable related party Iransaclions during the year12023 - none). 27 Cash generated from operations 2024 2023 Surplus for the year 101,919 53,251 Adjustments for.. Investment in¢ome recognised in statement of financial activities Deprecialion and irnpairment of langible fixed assets Difference beeen pension charge and cash conlribulions 170.880> 328.934 2.734 133,270) 286,735 6,232 Movements in working capital= Ilncrease)Idecrease in debtors IDecrease)lincrease in creditors Increase in provisions Increasel{decreasel in deferred income (150.359) (523,355) (26,660) 676,977 416 551,386 (29,992) (309,457) Cash generated from operations 339.310 525,301 28 Analysis of changes in net debt At 1 August 2023 Clsh flows At 31 July 2024 Cash at bank and in hand 1,593,054 (801,183) 791,871 Loans falling due within one year Loans falling due after more than one year (130,439) 11.201,516) {130,439} (911,7781 289,738 261.099 (511,445) {250,346)
Correction to Annual General Meeting papers Further to the publication and dispatch (sent by post on 13101125) of St. Mary's School Annual Accounts to 31 St July 2024 to be considered at the AGM (the "Accounts"). it has come to the attention of the School that the Accounts contain a typographical error. The School wishes to notify of a correction to the Accounts. The correction relates to a typographical error in the Governors, Report (page 2 of the Accounts) where it states that: "Net Income for the year amounted to £415.455 (£35,113 in 2022123)." On page 2 of the Accounts, in the Governors, Report. it should instead state that: "Net Income for the year amounted to £101,430 (£53,251 in 2022123)." Correction to Annual General Meeting papers Further to the publication and dispatch (sent by post on 13101125} of St. Mary's School Annual Accounts to 31S1 July 2024 to be considered at the AGM (the Accounts"), it has come to the attention of the School that the Accounts contain a typographical error. The School wishes to notify of a correction to the Accounts. The correction relates to a typographiGal error in the Governors, Report (page 2 of the Accounts) where it states that.. "Net Income for the year amounted to £415,455 (£35,113 in 2022123)." On page 2 of the Accounts, in the Governors, Report, it should instead state that: "Net Income for the year amounted to £101,430 (£53,251 in 2022123).. Correction to Annual General Meeting papers Further to the publication and dispatch (sent by post on 13101125) of St. Mary's School Annual Accounts to 31 St July 2024 to be considered at the AGM (the Accounts"), it has come to the attention of the School that the Accounts contain a typographical error. The School wishes to notify of a correction to the Accounts. The correction relates to a typographical error in the Governors, Report (page 2 of the Accounts) where it states that: "Net Income for the year amounted to £415,455 (£35,113 in 2022123)." On page 2 of the Accounts, in the Governors, Report, it should instead state that: "Net Income for the year amounted to £101,430 (£53,251 in 2022123)."