COMPANY REGISTRATION NUMBER: 00795895 CHARITY REGISTRATION NUMBER: 310865 St Cedd's School Educational Trust Limited Company Limited by Guarantee Financial Statements 31 August 2024 EDMUND CARR LLP Chartered Accountants & Statutory Auditor 146 New London Road Chelmsford Essex CM2 OAW
St Cedd's School Educational Trust Limited Company Limited by Guarantee Financlal Statements Year ended 31 August 2024 Page Trustees, annual report (incorporating Ihe directorfs report) Independent auditovs report to the members Slatement of financial activities (including income and expenditure account) Statement of financial position statement of cash flows 13 19 20 21 Notes to Ihe financial statements 22
St Cedd's School Educational Trust Limited Company Limlted by Guarantee Trustees. Annual Report (Incorporating the Dlrectorfs Report) Year ended 31 August 2024 The trustees, who ar8 also the directors for the purposes of company law, present th8ir report and the financlal ststem8nts of the charity for the year ended 31 August 2024. Reference and administratlve detslls Reglst•red chartty name St Cedd's School Educalional Trust Limited Charfty registratlon numbèr 310865 Company registration number 00795895 Prlnclpal offlc8 and registered 1788 New London Road offlcè Chelmsford Essex CM2 OAR The trustees Mr G C Allen (Chair) Mr M K Bryant Mrs A H Childs Mr P Copgland Mrs J L Dagg Mr F M Hargreaves Mrs R Kangesu Mrs F M Marshall Dr S Peck Mr S Hayman MrAAPMisty Rev R A Harvey Mr D Attridge Mrs T O Platts (Resigned 4 December 2024) {Appointed 20 March 2024) (Resigned 26 Jun8 2024} (Appointed 26 Septèmber 2024) Senlor managemont personnel Mr M Clarke- Héad Mrs E Hodivala- Deputy Head Mrs S Angel- Bursar Mr S Turner- Head of Pastoral Care Mrs R Weaver- Head of Academ1¢ Audltor Edmund Carr LLP Charter8d Accountants & Statutory Auéitor 146 New London Road Chelmsford Essex CM2 OAW Bankers Barclays Bank plc 40-41 High Street Chelmsford Essex CM1 1BE
St Cedd's School Educational Trust Limited Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (¢ondnu•d) Year ended 31 August 2024 Solicltors Birkett Long LLP Faviell House 1 Coval Wells Chelmsford Essex CM11WZ Structure, governance and managemont Governing do¢ument St Cedd's School is governed by its Articles of Association. These Articles were revised and updated in March 2022. The liability ¢f the members is limited by guarantee. The trustees of the Charity are also directors of the company. Governing body The Governors are responsible for the overall management and control of the School. The Govemors in post during the year are shown at the beginning of this report. Arrangements for setting pay and remuneration ot kèy management personnel Th8 Remuneration Committee oversees th6 remuneration of the Senior Leadership Team and staff. The Governors consider the Senior Leadership Team lo be the key management personnel of the School in charge of directing and controlling, running and operating the School on a day to day basis. The pay of the H8ad and Bursar is reviewed annually by the Remuneration Committee and the Gov8rnors benchmark against pay levels in other independent schools of a similar size having regard to an individual's previousFy agreed objectives and performance. All Governors give of their tlme freely and no Govemor rerRived remun8ralion in the year. No person connected with a Governor received any benefits from the S¢h¢Jol. Details of Governors, expenses and related party transaction$ are disclosed in note 16 to the accounts. Inductlon and trainlng ol trustees It is the policy of the Board to recruit néw Governors with the necessary breadth and depth of experience, time and interest to ¢ary out its duties effectively and efficiently to support the School's aims and ambitions, Current and former parents are involved as Governors of the School and trustees of the Charity. When recruiting. where possible. the Governors consider a balance of skills and expertise as informed by the Govemors. skills audit. New Governors receive an induction from the Chair of Governors and the Head into the workings of the School which is accompanied by supporting documentation. Further information is provided through relevant publications. The new Governorfs expertise is developed through participation in Governors, training programmes, as appropriate. provided by various bodies, including ISBA. IAPS and AGBIS.
St Cedd's School Educational Trust Limited Company Limlted by Guarantee Trustees. Annual Report (Incorporating the Director's Report) fcofttlnuJ Year ended 31 August 2024 Structure. governance and management (wntlnued) Organlsational structure The Govemors are dlvided into four sub-committees, Education Committee, Remuneration Committee, Govemance Committee and Finance and General Purposes Committee with the latter having particular responsibility for finance. The Board of Govemors and th8 Education and Flnance and General Purposes Committees meet at least once a temi,. the Remuneration and Governan Committees meet once a year. The Board of Govemors receive reports from the committ88s to determine the general pollcy of the School. The Head and Bursar attend all Governors, meetlngs and the Governors invite m8mbers of Ihe Senior Leadership Team and other staff to their meetings from time to time in order to gain an understanding of specific areas of thè workings of the School. The Governors are responsible for the overall strategy and general policy of the School. The day-l04ay running of the School and recruitment of stsff arè delegated to the Head, supported by the Senior Leadership Team. The Head undertakes the key leadership role overseeing educats"onal. pastoral and admirbistrative functions. Policies and procedures are approved by the Governors. Major expenditure decisions and capf(al projects are referred to the Govemors for prior approval. The Finance and General Purposes Committee is responsible for preparing the annual income and expenditure budget and recommending the level of school fees. as well as the approval of the annual financial statements. The Remuneration Committee is responsible for the approval of staff pay levels for the following academic year and for settling Senior Leadership Team salaries. other relationships The School actively supports the fvrtherance of educational standards and the quality of pasloral care through participation in and subscrlption to urrtbrella organlsations such as IAPS, ISBA and AGBIS.
St Cedd's School Educational Trust Limited Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Dlrector's Report) {wnttnu¢d) Year ended 31 August 2024 Alms and Intonded Impact The primary aim of the Charity is to advance thè education of young people through the provision, support. conduct and maintenance of a day school and such other ancillary educational activities for the benefit of the community. The School intends to provide a wide-ranging educational experience for all children, stretching all to the best of their respective abilities in academic. artistic, sporting, Gultural and extra-curricular activities. In pursuit of this aim the School provides a very wide range of sporting and musical pursuits and excellence is achieved by pupils in many fields, particularly the academic. The School is proud of ils inclusivity and pastoral care for all. The school motto 'Hold Fast That Which Is Good, underpins the School's ethos and pervades school life. The School aims to.. Provide a secure and supportive learning environment in which our chikgren's individual abilities. talents and strengths are fully appreciated arbd nurtured. Maintaln the traditlon of academic excellence through a dlverse curriculum that is rich, broad, coherent and relevant. Promote spiritual and moral awareness. based on Christian principles, and encourage a grounded outsvard-1¢kIng consciousness of othèrs. Foster personal development and the qualities of integrity, kindness, resilience, ¢itiz8nship and 8 sense of social responsibility. Oblectives ¢harltable Objects The Objects are set out in accordance with the School's Memorandum of Association as the education and day schooling of boys and girls aged 3-11. St Cedd's School seeks to benefit the public through the putsuit of its stated aims and objediv8s. In setting the School's objectives and planning ts activities the Govemors have given careful consideration to the Charity Commission's general guidan on public benefit.. in particular, to ils supplementary public benefit guidance on advancing education and on fee-charging. This year. the focus has been on the continued achievement of academic performance, personal development and value-added indicators while maintsining the fees at a relativety low threshold compared with similar IAPS schools. In setting fees, Govemors evaluate the impact of change and, where possible, fee increases are restricted to.. Ensure the on-going financial viability of the School is consistent with our aim of providin9 the highest levels of education for boys and girls. - Widen access to the education we offer at St Cedd's School. Objectives, Strategies and actlvltles The School wntinues formal self-reviews of all are8s of operation so as to improve methods and procedures, particularly of teaching and pastoral care. but additionally in the process of monitoring and assessing its own procedures. The proGess of self*valuation and review to measure performanr against strategic targets is undertaken with reference to the following objectives..
St Cedd's School Educational Trust Limited Company Limited by Guaranloe Trustees. Annual Report (Incorporatlng the Dlrectorfs Report) (contIndI Year ended 31 August 2024 - To contlnue to improve the academ1¢ success of the School. To prepare pupils for entry to their choice of senior school education at the best level they can achieve. - To continue to devalop the quallty of teaching and leaming. To malntsin the breadth of extra-curricular provislon for pupils. - To continue to provide 8XC8llent pastoral Care for pupils. To build on th8 success of the registration process to make admission accessible to the wider Communlty. - To ensure all thildr8n have access to necessary strategies to become resilient, life-long leamers. - To play an active part in th8 life of our local community. - To develop further potential links wlth10¢81 state s¢hools. To ensure robust financial and infrastructure planning to allow for the development of facilities In the ontext of a stable financial position. - To embrace new technologies for children's immediate and future educational benefit. - To promote communlty links and fundraising wlth development of the Old St Cedd's Associalion. To ensure that parents ar8 fully involved In Ihe School's academic, co-curri¢ular. pastoral and welfare initiatives. Facllltate academic and non-academie administrative efficiency. - To create a secure and safe environm8nt for leaming. Strategies to achigve the year's objectlvos - The Whola School Development Plan - Annual Professional Development Revlews of staff with SMART targets and success criteria. Evaluation and development of the curriculum. Furthering the links and opportunitles to be involved In local communlty projects and In sharing Intellectual propety. - Continued focus on pupil b8haviour. politen8ss, manners and courtesy. Continuéd development of the quallty of teaching and learning. Seek professional advice where 8ppropriate to ensure regulatory compliance
St Cedd's School Educational Trust Limited Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contlnued) Year ended 31 August 2024 Review the pay structure for all staff, both teaching and operational, to ensure we remain competitive and attractiv8 in recruitment and retention. Pupil numbers Pupil roll is to optimal capacity in most year groups with waiting lists for places in some year5. Interest in the school continues to be strong. St Cedd's school music schemes The String Scheme provides e1ve Year 2 children with a group violin or cello lessons free of charge for one year. From September 2024 the String Scheme was widened to provide opportunities for children to learn school shortage instruments in the brass and woodwind families on a trial basis. Choristers benefit from training at Chelmsford Cathedral with the full support of St Cedd's School in terms of the time and financial commitment required for transporting choristsrs lo the Cathedral, and the timetsble adjustments to facilitate this relationship with our local dioGes8. Community liaison The School works a¢lively wtthin the local communlty, and visitors from local churches, businesses, sheltered hom8s and other educational establishm8nts are welcomed into the School. The St Cedd's School choirs sing Evensong at the Cathedral each term, supporting the local Community with collective worship, and the Upper School choir visit resldential care homes. The School maintains links wlth a number of schools through regular contacts and as opportunity and need aris8. Speaking and listening initiatives are open to maintalned schools, and non St Ceddian pupils may laké their music examinations on the school sf(e. Mor8 Able and Talented pupil days in English and Maths are hostsd on site for children from local prlmary schools as well as our own pupils. Thé School also continues to permit the use of its faclli118s (e.g. The Waltham Singers. The Rotary Club, Chelmsford Musi Festival), at a discounted ratè or, where appropriate. for oth8r charities gratis. We support the development of local parks with our hire of Essèx County Council facilities generating income for the Council from the breadth and frequency of sports ffixtures and events held at local venues. The School seeks the advice of parents and carers through Parent RepresentatlV8s' meetings and communicates through regular newsletters. The results from parent and pupil surveys are actioned in th8 interests of the pupils, school cnmmunty, visitors. local residents and wider public. Training for parents and staff of other maintained and indapendènt schools St Cedd's School hosts e-safety training for the School and wider communities. The annual Senior Schools Fayre attracts a wide range of academies, maintain9d and independent schools to share infomiation regarding their educational provision with prospective secondary school pupils. Admlssions: Equal opportunitles St Cedd's School welcomes pupils from all backgrounds and pupils benefit from learning within a diverse community through social interaction, conversation and shared experiences which helps pupils develop an understanding of the perspectives of other people that will be vital lo their adult lives. Pupils are admitted by registration date following an induction to satisfy parents and the School Ihat the child will be able to benefrt from the education offered in line with the School's Admissions Policy. An individual's economi¢ status. gender, gendgr reassignment. elhnicity, race, religion or disability do not form part of the admisslons process. We are an equal opportunities provider and are committéd to
St Cedd's School Educational Trust Limited Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the Director's Report) (continued) Year ended 31 August 2024 a working envlronmont that is fr88 from any form of discrlmination. The School makes reasonable adjuslments to meet the needs of pupils who are, or who become. disabled. The SENDA plan is regularly reviewed to provide access to the School's facilities. Support in the fom of a Bursaries and Hardshlp Fund is available for those wlshing to attend the School but who otherwise are unable to pay the fees, or for those curr8nl pupils where a change in family circumstances would compromise their abllily to remain at the School. Those wishing to be considered for bursary support are requlred to complete a Bursary applicatlon giving full details of their financial siluation, supported by original documents. Bursary appllcations are assessed by an independent thlrd party who recommend a remlssion on fees according to the guardians, abi1Sty to pay full fees. A decision is then made by the Govemors based upon this independent report and the availability of bursary funds to the School. Bursary awards are subject to the annual testlng of the guardians. means. Refurblshment The Govemors contlnue to invest substantial sums into the School's buildings and have a continulng programme of refurbishment. development and investment to malntain excellent teachlng facllities for our pupils. Recent works include the r8furblshment and improved Insulation of the Dance Studio and School Shop, new flooring in Lower School, the upgrade of an old outbuilding to provide much needed storage space. improved outside lighting across th8 Slte and enhanoed CCTV coverage on our playground area. In addition, actions have been taken based upon a range of parents, and puplls, recomméndations from the Parent Representatlv8s, School Council and Food Forum meetings. Strateglc report The following sections for aGhievem8nts and performance and financial review form the strategic r8POrt of the charity.
St Cedd's School Educational Trust Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Dlre¢torfs Report) (ntInued) Year ended 31 August 2024 Achlevements and perfomian¢e Achlovements and operatlonal porformanc• of the h0o1 st Cedd's School continues to flourish both inside and outslde the classroom. Our wrap around care provlsion. including breakfasl ¢lub, TLC after school dub and a broad range of activities both during tho sGhool day and after school, have ensured a continued focus on lh8 educatlon and development of the whole child. During the last year there has been a focus on the quallty of curriculum experience for the children at St Cedd's School and Heads of Department carried out reviews of each y8ar group's currfculum to ensure that teachlng was effedive, time efficient and apprOPal8 for 21st Century Leamers. St Cedd's School has b88n accredlted as a 52 Lives School of Kindness, Following a su¢oessfvl trial with Year 6 children in the Summer Term 2024. St Cedd's School ha launched the EnrichEd currlculum for all children In Years 1 6. Children are given half termly opportunities to lake part in aGtivities beyond a normal Primary School ¢urrioulum which broadly frt into five different areas . We 8re Leaders" We are Artists", We are Innovators" We a Citizens of the World" and 'We are Welln8ss Champions" This innovalive approach lo teaching - 'Nurturing young minds, one discovery al a tlm8' ensures that children at the School are able to experience and develop skills beyond the classroom, in a range of different fields. and keeps St C8dd's School at the forefront of holistic primary education in thè local area. We wer8 awarded the Soil Association's Food for Life Silver Schools Award in July 2023 and all pupils take part in cooklng adivitie$ at least once a term. In addition we have achieved the Eco Schools Green Flag Award In rècognition of our sustainabilty initiatlv8s Including thriving Gardening and Eco Clubs. Pupils continue to excel on the sports field with success in regional swimmlng, football and hockey competittons. The School remain8d nèar its optimal capacity throughout the year. The a¢ademic results of our Year 6 cohort were, once again. incredibly impresslvs wllh 14 chIldn offered places at local grammar schools via the 11+ entrance examinations and 27 children being offered plaS at local independent Senior Schools with 10 of these having scho18rships associated with them. As ever. we aro incredibty proud of the breadth of a¢tivitie8 and opportunities on offer to Ihe children in the School. All children havè the opportunily to take part in ABRSM and Trinity College music examinations with a large number of these achieving at least Gradè 5 stsndard or higher, some excelling to Grade 8 on th8 recorder and several achieving Grade 5 Music Theory. Participation in our hoirs and music ensembles has been excellent and pupils regularfy win trophies at the Chelmsford Muslc Festival. Charltable a¢tivities We have had a good year for charitable activities. with donations to Macmillan. the Scouts Association, Farl8igh Hospice, the Royal British Legion. Helèn Rollason Cancer Charity. BANA, Cancer Research, the Childrèn's Society and Chelmsford Cathedral.
St Cedd's School Educational Trust Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Dlrector's Report) (uontinuedj Year ended 31 August 2024 Financial review As a charity the parents of our pupils have the assurance that all the income of the School is used for educational purpose5, and the financial benefits we receive from tax exemptions are all applied for educational purposes. As in previous years. Ihe School is wholly reliant on its income from school fees to deliver on its educational aims and objectives. Reserves poll¢y The reserves of the School are represented by the unrestricted funds shown In Note 23. The total funds held by the School at 31 August 2024 amounted lo £6,201,844 all of which represents unrestricted funds. Of this total £1.238,706 {2023: £866,610) represents readily available funds which are total funds excluding the carrying amount of fixed assets as at the balance sheet date. In common wlth most independent schools. the Sch¢)ol's unrestricted reserves are primarlty Invested In tangible fixed assets. which are all us8d for direct charllable activities. The School's financial vlability does not depend on Income reserves bLrt on Its ability to Gontinue to trade at a surplus on an annual basis and on the flx8d assets held for operational use. The aim is to budget so as to provide SLrffid6nt working capital to meet the present needs and future dèvelopment requirements of the School. The Govemors re¢ognise that the level of reserves fluctuates during periods of investment in the School 6state and are satisfied that extemal finan facilities are sufflclènl lo provide working capital and an adequate safety net for the School. Investment policy and objectlves These are governed by the ArtiGles of Association. which permits the funds to be invested at the discretion of the Board. Currently any surplus funds are invested on deposit with the School's bankers and other banks to maximise the retum on these funds at minimal risk. Property revaluation In 2017 the School appointed an 8Xtern81 valuer to appraise the School property and School house to conclude on a fair value for the combined property. The fair value was calculated to be £5,000.000 for the School site In addition to a sum of £295,000 for the School hous8 property adjaGenl to the School site. The School prop8ty is subject lo a Deed of Upllft made between Servite Sisters Trust8es {English Province) and the School. If the property is ever sold for non-school use prior to April 2028 then the School must pay 50 % of thè uplift in value from the orlglnal transfer pric8 agreed in April 2008. The value agreed for the transfer in April 2008 was £1,849,944.
st Cedd's School Educational Trust Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) fcontlnu Year ended 31 August 2024 Plans for future periods Aims and key objectives for future periods The Governors intend to continue their current strategies of maintaining the School's position In a competitive market by investing in high qualty educational provision for the pupils. An equilable balance is maintained ensuring our current pupils benefit whilst, at the same time, ensuring a s¢)und infrastructure and financial base are preserved for the next generation of pupils. in the same way as our current pupils benefit today frotn th8 investment made in the past. The principal plans inclL5de= Maintaining the school roll at optimal capactty. Balancing academic achievement through maintaining a curriculum allowing full scope for the development of sporting, creative. linguistic and social, as well as academic skills. Widening the use of IT across the SGh¢Jol and all curriculum areas. The contlnual review of regulatory school policies in accordance with legal requirements. - New development projects to Improve the teaching facilrtles offered by the School. Prudent management will continu8 With the alm of further enhancement of th8 educatlonal 8xp8ri8ncé and meeting the ever-changing educational demands of our society. Progress has been madé in: Developing further Ilnks and partnerships wlth other schools and the local community in areas such as music. sport and the provision for the most ablé., Encouraging puplls, staff, members of Ihe local community and other org8nisations such as clubs and local maintained schools to benefit from the use of the School's facilitl8s', and Using local food suppliers to support the local 8conorny and to improve the quality of the fresh food served at the School. The School aims to maximise opportunities for sharing best practice with the maintained sector by seeking opportunitie5 for local primary schools to work in partnership with St Cedd's School on joint projects, workshops and events at the School. Principal risks and uncertaintles The Governors rnanage the risks to Ihe School and have implemented controls such as formal agendas for Governor meetings. detailed terms of reference for all committees, a clear development plan. detailed budget planning, monitoring and review, clear financial delegation, regular review of written policies and clear safeguarding procedures. The Board of Governors continue to keep the School's activities under review and monitor the effectiveness of the systems of internal controls by which risks are identified. Action is taken to mitigate those risks. The formal risk management process is reviewed on an annual basis to ensure that all known strategic risks are identified, although it is recognised that systems cannot provide absolute assurance that all possible risks have been listed. There were no serious incidents or other matters relating to the School over the previous financial year that th8 School needed to bring to Ihe attention of the Charity Commission, and there are currently no serious threats or risks to the charity's beneficiaries, services, assets or r8putation. The School's suc¢ess is built on its reputation for the educafjon and well-being of the pupils. The 10
St Cedd's School Educational Trust Limited Company Llmited by Guarantee Trustees, Annual Report (Incorporatlng the Director's Report) f¢ontlnued) Year ended 31 August 2024 School's viability Is reliant on the pupll roll which reflects Its strong reputallon. Govemors are conscious that past performance in maintslning pupil numbers cannot be depend8d upon and failure to attract pupils is accordingly identlfied as a key risk. Particular attention is paid to marketing and pupil recruitment in mltlgation. as well as mlnlmising the risk to the S¢hool's reputation due to adverse publicty. Trustees, respon5ibilitles statement The trustees, who are also direciors for th8 purposes of company law, are r8sponslble for preparing the Irustees. report and the financial statèments in accordance with appllcable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requir8S th8 charity trustees to prepare financial statements for each year which give a true and fair vlew of the state of affairs of the charltable company and the Incoming resources and application of resources, including the income and expenditure. for that period. In preparing these financial statements, the trustees are requlred to: select suitab16 a¢counting policles and then apply them consistently. observe the methods and principles in th8 applicable Chariiles SORP,. make judgments and accounting estimates that are reasonable and prudent., prepare the financial ststernents on the going ¢oncem basis unless it is inappropriate to presume that the charlty will continue In business. The trustees are responsible for keeping ad8qUate accounting records that are sufficient to show and explain the charity's transactions and disclose with rèasonable accuracy at any time the financial position of thè charity and enable them to ensure that the financlal statements compFy with the Companies Act 2006. They ar8 also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the Prevention and d61ection of fraud and other Irregularities. Audllor Each of the persons who 15 a truste8 at the date of approval of this report confirms that.. so far as th8y are aware. ther8 is no relevant audit infomiation of which the charity's auditor is unaware,. antj they have taken all steps thal they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor Is aware of that information. The auditor is deemed to have been re-appointed in accordance wlth section 487 of the Companies Act 2006. 11
St Cedd's School Educational Trust Limited Company Llmitad by Guarantee Trustees. Annual Report (Incorporatlng the Directorfs Report) fcontlnu•d) Year ended 31 August 2024 The trustees, annual report and the strategic report were approved on on behalf of the board of trustees by.. 25 and signed G C Allen Chair 12
St Cedd's School Educational Trust Limited Company Llmlted by Guarantee Independent Auditor's Report to the Members of St Cedd's School Educational Trust Limited Year ended 31 August 2024 Oplnlon We have audlted th8 financial stat8m8nts of St Cedd's School Educational Trust Llmlted (the 'chariV) for the year ended 31 August 2024 which cornprise the statement of financial activities (including Income and expèndlture aGcounl). statement of financlal position, statement of cash flows and the related notes. including a summary of significant accounting policies. The financial reporting framework that has been applied In their preparation is applicable law and United Kingdom Accounting standards, including FRS 1Q2 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practlce). In our opinion the financial stat8m8nts- glve a true and fair view of the stste of the charity's affalrs as at 31 August 2024 and of its incoming resourc8s and application of resources. including its income and expenditure, for the year then ended: have been prop8rly prepared in accordance wlth United Kingdom Generally Acc8Pted Accounting Practica; have been pr8pared in accordance with the requirèments of the Companies Act 2006. Basls for opinion We conducted our audit in accordance WFth Intemational Standards on Auditing IUKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the audilorfs responsibilities for the audit of the financial statements section of our report. We are independent of the Gharity in accordance with the ethical requirements that ar& 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 a¢¢ordan¢e with these requirements. We believe that the audit evidence we have obtained is suffi¢ient and appropriate to provldè a basis for our opinion. Concluslons relating lo going concern In auditing the financial statements, we have concluded that the trustees, use of the 90ing concern basis of accounting in the preparation of the financial statements Is appropriate. Based on the work we have perfomied, wè have not identified any mat8rial unc&rtalnties relatlng to events or conditions that, individually or collectively, may ¢ast Slgnificant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financlal statements are authoris8d for issue. Our responsibilities and the responsibilities of the trustees wlth respect to going concern are described in the relevant sections of this report. 13
St Cedd's School Educational Trust Limited Company Llmlted by Guarantee Independent Auditor's Report to the Members of St Cedd's School Educatlonal Trust Limited (¢ontinuedJ Year ended 31 August 2024 Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial stalernenls does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audlt of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledgè obtained in the audlt or otherwise appears to be malerialty misstated. If we identify such malerial inconsistencies or apparent material misstatements, we are required to determine whether there Is a material misstatement in the financial statements or a material misstatement of the other informatlon. If, based on the work we have performed, we Conclude that there Is a material misstatement of this other infomiation, we are requlred to report that fact. We have nothing to r8POrt In this regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent wlth the finan¢ial ststements,. and the trustees. report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light of the knowledge and understanding of the charity and its environment oblained in the course of the audit, we have not identified material misstatements in the Irustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion- adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us- or the financial statem8nts are not in agreement wlth the accounting records and returns. or certain disdosures of trustees, remuneration speclfied by law are not made., or we have not recelv8d all the information and explanatlons we require for our audit. 14
St Cedd's School Educational Trust Limited Company Llmited by Guarantee Independent Auditor's Report to Ihe Members of St Cedd's School Educational Trust Limited (¢1edj Year ended 31 August 2024 Responsibilities of trusteès As explalned more fully in thè twstees, r8sponslbilities statement, the tru5tee5 (who are also the directors for the purposes of company law) are responsible for thè preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial ststements thal are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are r8sponsible for assessing the charitys ability to continue as a going Concern, disclosing. as applicabla, matters related to going GonGern and using the going concern basis of accounting unless the trustees either intend to liquldate the charty or to C8ase operations. or have no realistic alternative but to do so. 15
St Cedd's School Educational Trust Limited Company Limlted by Guarantee Independent Auditorfs Report to the Members of St Cedd's School Educatlonal Trust Llmited (conLlnu•d) Year ended 31 August 2024 Audllofs responsibilities for thè audlt of the financial statements Our objectives are to Obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurancè, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will aayS detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularitie5, including fraud. are instsnces of non-compliance wf(h laws and regulations. We design procedures in line with our responsibilities. OLrtlined above, to detect material misststemenls in respect of irregularltles. including fraud. The extent to which our procedures ar8 capable of detecting irregularlties, including fraud is d8tailed below: Our approach to identifying and assessing the risks of materlal mlsstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: The engagement partner ensured that the engagement team collectlvely had th8 appropriate competence, capabilities and skills to Identrfy or recognls8 non-compliance with applicabl8 laws and regulations. We focused on specific laws and regulations which we ¢onsidered may have a direct materlal effect on the financial 5tstements or the operalions for the company, including the Compani8s Act 2006. tsx legislation and data protection, anti-brlbery, employment, environrnental and health and safety legislation. We assessed the extent of compliance with thè laws and regulations identified above through making 8nquiries of managem8nt. Identified laws and regulations were communicated with the audit team regularly and the team remained alert of instances of non-compliance throughout the audit. We assessed the susceptibility of the company'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 susceptibility to fraud, their knowledge of actual. suspected and alleged fraud. Considering the internal controls in place to mitigate the risks of fraud and nonrfompliance with laws and regulations To address the risk of fraud through management bias and override of controls, we. Perfomed analytical procedures to identfy any unusual or unexpected relationships Tested journal entrles to identify unusual transactions Assessed whether judgements and assumptions made in determining the 8ccounting estimates 16
St Cedd's School Educational Trust Limited Company Limlted by Guarantee Independent Auditor's Report to the Members of St Cedd's School Edu¢atlonal Trust Llmited {contlnu•d) Year ended 31 August 2024 were indicative of potential bias. Investigated th8 rationa behind slgnificant or unusual transactlon5 In respt)nse to th8 risk of irr8gularitles and non-compliancè with laws and r8gulatlons, we designed procedures which included, but were not limited to: Agreeing financial statement dlsclosures to undertying supporting documentation Enquiring of manag8menl 8$ to actual and potential litigation and claims Because of the Inh9renl limitations of an audit. therè is a risk that we will not delect all irregulariti8S, induding those leading to a material misstatement in the financial stalem8nts or non-compliance wSth regulation. Thls risk increases the more that compliance with a law or regulatlon Is removed from the events and Iransactlons reflected in the financial statements, as we will be less likely to become aware of instances of non-compllance. The rlsk Is also greater regarding IrrularitIeS occurring due to fraud rather than error, as fraud involves intentional concealm8nt, forgery, collusion, omission or misrepresentation. As part of an audit in accordance wilh ISAS (UK), we eXeiSe professional judgment and maintain professional scepticism throughout the audit. W6 also: Identify and assess the rlsks of material misststement of the financial statements, whether due to fraud or error, design and perform audlt procedures responsiv8 to those risks, and obtain audlt evidence that is sufflci8nl and appropriate to provide a basis for our opinion. The risk of nol deteding a material mlsststement r8sulting from fraud is higher than for one resulting from èrror. as fraud may involve collusion, forgery, intentional omissions. misrepresentations, or the overrlde of intemal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures Ihat are appropriate In the Gircumstances, but not for the purpose of expressing an opinion on the effectlveness of the internal control. Evaluate the appropri8teness of accounting Folicies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit 8vidence obtsined, wh8ther a material uncertalnty axists related to events or conditions that may casl signrficant doubt on th& charity's ability to continue as a going concem. If we conclude that a material uncertainty exists, we are reqUId to draw attention in our auditor's report to th8 related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However. futur8 events or conditions may cause the charity lo cease to continue as a going concern. Evaluate the ov8rall presentstion. structure and content of the finan¢ial statements, including the disclosures, and whelher th8 finanoial ststements represent the underlying transactions and events in a mannar that achieves fair presentation. 17
St Cedd's School Educational Trust Limited Company Llmlted by Guarantee Independent Auditor's Report to the Members of St Cedd's School Educational Trust Limited (convnuedj Year ended 31 August 2024 We communicate with those charged with governance regarding, among other matters. the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in intemal control that we identify during our audit. Use of our report This report is mad8 solely to the charitys members, as a body. In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audlt work has been undertaken $0 that we might state to the charltys members those matters we are required to stste to them in an 8uditor's report and for no other purpose. To the fullest extent pem)itted by law, we do not aG¢ept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for thls report. or for thè opinions we have formed. S A Moffell (Senior Statutory Auditor) For and on behalf of Edmund Carr LLP Chartered Accountants & Statutory Auditor 146 New London Road Chelmsford Essex CM2 OAW 0410 £h120 1 18
St Cedd's School Educational Trust Limited Company Limited by Guarantee Statement of Flnancial Activities (includlng income and expendlture account) Year ended 31 August 2024 2024 2023 Total funds Totsl funds Income and ondowments Charitable activities Other trading activitl8S Investment income 4,648,361 68,152 63,940 4.281,523 76.714 9,938 Totsl income 4,778,453 4,368.175 Expenditure Expenditur8 on raising funds.. Costs offinanclng Costs of other trading activlti8s Expendlture on charitable activities Total expendlture 1,949 44,972 10,11 4.469,941 3.492 55.652 4,221.464 4.516,862 4.280,608 Nel Income and net movoment In funds 261,591 87,667 Reconciliation of funds Total funds brought forward Total funds carried forard 5,940,253 5.852,686 6,201,844 5,940,253 The statement of financial adivities includes all gains and losses recognlsed in thè year. Atl income and exp8nditure derive from continuing activities. All income and expenditure for both years was unrestricted. Th8 notss on pago$ 22 to 32 fomi part ollhese flnanclal stat¢m•nts. 19
St Cedd's School Educational Trust Limited Company Llmited by Guarantee Statement of Financial Posltlon 31 August 2024 2024 2023 Fixèd assots Tangible fixed assets 17 4.963.138 5.073.643 Curront assets Stocks Debtors Cash al bank and in hand 18 19 63.410 147,849 3.078,063 68,317 116.755 1,290.976 3.289,322 1,476.048 Credltors: amounts falling due wlthln one year Net current assets 20 1.980,366 536,438 1,308,956 939,610 Total assets less Current liabilities 6.272,094 6.013,253 Credltors: amounts falling due after more than one year Net assets 21 70,250 73,000 6.201,844 5,940.253 Funds of the charity Unrestricted funds 6.201,844 5.940.253 Total chaiity funds 23 6,201,844 5.940.253 These financial statements havè been prepared in accordance with the provisions applicable to companies subject to the m8dium companl8s reglme. Th8s8 ncial statements were approved by the board of trust88s and authoris8d for issue on are signed on b8halfofthe board by- G C Allen Trustee stee Thè nol•s on pages 22 to 32 forni part of these financial statèmènts. 20
St Cedd's School Educational Trust Limited Company Limited by Guarantee Statement of Cash Flows Year ended 31 August 2024 2024 2023 Cash flows from operating a¢tlvltles Net income 261,591 87.567 Adjustments for Depreciation of tangible fixed assets Other interest re¢eivable and similar income Accrued expenses 115,995 163.940) 22,968 127,455 (9,938) 259 Changes in.. stocks Trade and other debtors Trade and other creditors 4,907 {31,0941 1,418,210 3,925 (3,670) 147.545 Cash generated from operations 1,728.637 353.143 Interest received 63,940 9.938 Net cash from operating activities 1.7g2,577 363.081 Cash flows from investing actlvltles Purchase of tangible assets Net cash used in investing activities (5,490) 15.490) (83,338) (83.338> Net Increase in cash and cash oquivalents Cash and cash èquivalents at beglnnlng of year Cash and cash èquivalents at end of year 1,787,087 1,290,976 279,743 1.011,233 3,078,063 1.290,976 The notes on pag•s 22 to 32 forn) part of these financlal statements. 21
St Cedd's School Educational Trust Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 August 2024 Genéral information The charity is a public benefit entity and a private company limited by guarantee. registered in England and Wales and a registered charity in England and Wales. The address of the registered officè is 178a New London Road. Chelmsford, Essex, CM2 OAR. Statement of compliance These financial statements have been prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities prep8ring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {Charities SORP {FRS 102>) and the Companies Act 2006. Accountlng polici8s Basls of preparatlon Tha finan¢ial statements have been prepared on ihe historical cost basis, as modified by the revaluallon of certain financial assets and liabilities and investment properties measured at fair value through Income or expenditure. Th8 financial slat8m8nts are prepared in sterling, which is the functional currency of the entity- St Cedd's School Educational Trust Limited me8ts the dafinltlon of a public ben8fit entity under FRS102. Taxatlon The company, as a charitable company, is not liable for assessmenl to taxation on its results to the extent that these are applied to its charitable objects. Going concem Th8rg are no material UnrtaIntieS about the charitys ability to continue. Freehold proporty Freehold property is initially recorded at cost. which includes purchase price and any directly attributable expenditure. Freehold propety is revalued to its fair value at each reporting date and any changes in fair value are recognised in profil or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of freehold propety, it shall be transferred lo tangible assets and treated as such until it is expected that fair value will be reliably m8asurable on an on-going basis, Pension plan$ The School makes contributions to both defined benefit and defined ¢onlribution schemes. Further detsils can be found in note 22. 22
St Cedd's School Educational Trust Limited Company Limited by Guarantee Notes to the Flnanclal Statements (conllnued) Year ended 31 August 2024 Judgements and key sources of estimation uncertainty The preparation of the financial sL*ements requires management to make judgements. estimates and assurnptions that affect Ihe amounts reported. These estimates and judgements are continually reviewed and are based on experience and Other factors, including expectations of future events that are believed to be reasonable under the circumstsnces. Fund accounting Unrestricted funds comprise of the accumulated surplus on general funds that are available for use at Ihe discretion of the trustees in furthèrance of the objectives of the Charity. Restricted funds are funds subject to special conditions imposed by the donor. The funds ar8 not therefore available for tho work performed by the Charity Other than Ihat specified by the donor. Incomlng resourees All incoming resources ar8 included in the statement of financial activities when entitlement has passed to the charity., it is probable that the è¢onomi¢ benefits associated with Ihe transaction will flow to the charity and the amount can rèliably measured. The following specific policies are applled to particular categories of incom8'. income from donatlons or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured rèliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received rf tt)e value can be reliably measured. No amounts are included for the contribution of general volunteers. income from conlracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and retumed if unspent. in which case it may be regarded as restricted. Rèsources expendod All expenditure on th6 running of the school is considered by the trustees to be eithèr directly related to its charitsble activity and is accounted for on an aGGrual basis, or related to general costs relating to the administering of the charity which arè included undèr governance Costs. Where costs cannot be direclly apportioned they have b88n allocated to activities on a basls consistent with the use of resources. The irrecoverable element of VAT is Includ8d with the related item of 8xpens6. 23
St Cedd's School Educational Trust Limited Company Llmlted by Guarantee Notes to the Financial Statements (¢ontinu¢d) Year ended 31 August 2024 Accounting pollcles (conlinuodj Tangible assets Assets ¢osting £5,000 or more are capitslised as tangible fixed assets and are carried at cost, net of depreciation and any provisions for impairment. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impaimient losses. An increase in the carrying amount of an ass8t as a result of a revaluation, is recognised in other recognis6d gains and losses, unless it reverses a charge for impaimient that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, Is recognised in olher recognised gains and losses, except to which it offsets any previous revaluation gain, in whlch ¢ase Ihe loss is shown within other recognised gain8 and lossos on the statement of financial actlvltles. Depreciation Depreciation Is calculated so as to write off th8 Cost or valuation of an asset. less its residual value, over the useful economic lrfe of that asset as foll0v. Freehold buildings Fixturés and other equipment Demountables Computer equipment 20/0 Straight line 20 /0 straight line 1 OQ/ts Straight line 33°k straight line Impalrnient of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exisl. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing. when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the ash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. stocks Stocks are m8asured at the lower of cost and estimated selling priGe le56 Costs to complete and sell. Cost includes all costs of purchase. costs of conversion and other costs incurred in bringing the stock to its present locatlon and condition. 24-
St Cedd's School Educational Trust Limited Company Limited by Guarantee Notes to the Financial Statements {eontsnu•d) Year ended 31 August 2024 Accountlng policies (tInued) Flnanclal Instrumènts The charitable company only has fin8n¢ial assets and financial liabilities of a kind that qualify as basic financial instruments. BasiG financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Limited by guarantee St Cedd's School Educational Trust is a charitable company limlted by guarantee. The guarantee of each member is limited to £1. Charitable actlvltles Total Funds Totsl Funds 2024 2023 School faes Clubs Registration fees Mls¢ellaneous school income 4.411,508 4.072,423 223,807 193,211 6,600 7,300 6,446 8,589 4,648,361 4.281.523 Other tradlng actlvltl8s Total Fund¥ Total Funds 2024 2023 Shop income Commission income 64,852 1,300 75,830 66.152 76,714 Investmont Income Total Funds Total Funds 2024 2023 Bank interest receivable 63.940 9,938 Costs of financing Total Funds Total Funds 2024 2023 Bank interest and charges 1,949 3,492 25
St Cedd's School Educational Trust Limited Company Llmlted by Guarantee Notes to the Flnancial Statements (Contlnu Year ended 31 August 2024 Costs of other tradlng a¢tivilies Total Funds Total Funds 2024 2023 Costs of other trading activities - Shop costs 44,972 55,652 10. Expenditure on charitable actlvltles by fund type Total Funds Total Funds 2024 2023 Provision of education Support costs 3,485.417 3.285,276 984.524 936.188 4,469.941 4,221,464 11. Expenditure on charitable aetlvlties by a¢tivlty type Activities undertaken directly Support Total funds costs 2024 Total fund 2023 Provision of education Governance costs 3,485.417 957,362 27,162 4.442,779 27,162 4.196.460 25.004 3.485,417 984,524 4.469,941 4,221.464 12. Analysis of support costs Total 2024 Total 2023 Staff costs General office Governance costs Advertlsing, publicty & recruitment 636,465 319,541 13,065 15.453 600,103 311.920 12,420 11,745 984.524 936,188 13. Net Income Net income is ststed after chargingl(¢rediting): 2024 2023 Depreciation of tanglbl8 fixed assets 115.995 127,455 26
St Cedd's School Educational Trust Limited Company Limited by Guarantee Notes to the Financial Statements (eontlnu•d) Year ended 31 August 2024 14. Auditors remuneration 2024 2023 Fees payabl8 for th8 audit of the financial statements 11,970 11.400 Fees payable to the charitys auditor and its associates for other services.. Payroll and oth8r servic8S 15,193 13.603 15. Staff costs Th8 total staff costs and employee beneffts for thè reportlng period are analysed as follows: 2024 2023 Wages and salaries Social security costs Pension costs Other employee benefits 2,448.888 207,495 409,245 20,147 2,324,805 208,886 355,219 13.381 3,085.775 2.902.291 Totsl termination payments amounted to £3,250 {2023 - £Nil) and related to compensalion for termination of employment of one member of stsff. The average head ¢ount of employees during tho year was 97 {2023', 97). The number of employeès whose remuneration for the year (including employerfs national insurance contributions and other benefts) fell within the following bands, were- 2024 2023 £60.000 to £69,999 £70.000 to £79,999 £80,000 to £89,999 £100,000 to £109,999 £110,000 to £119,999 Key Management Pèrsonngl Key management personnel include all persons that have authorlty and r8sponsibility for planning, directing and controlling the actlvlties of the charity. The total compensation pald to key managemènt personnel for services provided to the charity was £472,915 (2023: £450,754). 16. Trustee remuneratlon and expenses Trustees, liability insurance premium costs are borne by the company. During the year no remuneration was paid to any of the Governors. Expenses of £45 {2023: £2) were reimbursed to one Govémor for travel costs during the year. 27
St Cedd's School Educational Trust Limited Company Limited by Guarantee Notes to the Flnanclal Statements (¢ontlnu•dJ Year ended 31 August 2024 17. Tangible flxed assets Fixtures and other Computer equipment Demountables Equipment Land and buildings Total Cost At 1 September 2023 Additions 5,506,232 404,041 5,490 238,803 485,117 6.634.193 5,490 At 31 August 2024 Depreclatlon At 1 September 2023 Charge for the y88r At 31 August 2024 Carrylng amount At 31 August 2024 At 31 August 2023 5,506,232 409,531 238,803 485,117 6.639,683 529.215 91,723 359,993 18,336 186,225 5,936 485,117 1.560,550 115,995 620.938 378,329 192,161 485,117 1.676,545 4,885.294 31,202 46,642 4.963,138 4,977.017 44,048 52,578 5,073,643 The School site at New London Road was revalued In Novembèr 2017 by Bidwells LLP, Chartered Surveyors, to have a fair value of £5,295.000. There was a desktop valuation carried out in 2021 which supported th8 carrying value In the accounls and the Trustees consider the carrying value at each reporting date. Included in land and buildings is the valuation of land of £1,765,000 {2023: £1,765,000) which is not depreciat8d. 18. Stocks 2024 2023 Stock 83.410 68,317 19. Debtors 2024 2023 Trade debtors Prepayments and accrued income 8,314 139,535 2,529 114.226 147,849 116,755 28
St Cedd's School Educational Trust Limited Company Limited by Guarantee Notes to the Financial Slatements (conllnued) Year ended 31 August 2024 20. Creditors: amounts falllng due within one year 2024 2023 Trade creditors Accruals and deferred income Pupil deposits held Re¢eipts in advance Other credltors 8,821 42,441 10,500 1,819,150 99,454 92.295 19,473 11.250 318.097 95,323 1.980,366 536,438 21. Creditors: arnounts falling due after moro than ong year 2024 2023 Pupil deposits held 70.250 73,000 29
St Cedd's School Educational Trust Limited Company Llmlted by Guarantee Notes to the Flnancial Statements (wirfnued) Year ended 31 August 2024 22. Penslons and other post rotlr8m•nt boneffts The Tea¢hers' Pension Scheme The Teachers. Pension Scheme {TPS) is a statutory, contributory. defined benefit schem8. govemed by th8 Tèa¢hers' Pension Scheme Regulations 2014. Membership is automatlc for teachers. All teachers hav8 th8 optlon to opt-out of the TPS following enrolment. The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retlrement and othar penslon benefits are paid by public funds provided by Padiament, Valuatlon of the Teachers, Pension Scheme The Govemment Actuary, using nomial actuarial principles, conducts a formal actuarial review of the TPS in accordance with th8 Public Service Pensions (Valuations and Employer Cost Cap) Direclions 2014 published by HM Treasury every 4 years. The aim of the review 15 lo specify the level of future contributions. Actuarlal scheme valuations are dependent on assumptions about the value of futur8 costs, design of beneffts and many other factors. The latest actuarial valuatlon of th8 TPS was carri8d out as at 31 Mar¢h 2020. The valuation report was published by the Department for Education on 27 October 2023, with th8 SCAPE rate, set by HMT, apptying a notional investment relum bas8d on 1.70/0 above the rate of CPI. The key èlements of the valuation and subsequent consultation are: 1) employer contribution rales set at 28.68°A of pensionable pay (including a 0.080/0 administration levyl. This is an increase by 50/c in employer contrlbutions and the cost control result is such that no change in member benefits is needed. 2) total scheme liabilities (pensions curmntly in payment and the estimated cost of future benefits) for service to the effective date of £262,000 mlllion and notional assets (estimated future contributions together with the notional investments held al the valuation date) of £222,200 million, giving a notional past seNice deficlt of £39,800 million. The result of this valuation was implemented from 1 April 2024. The next valuation result Is due to be implemented from 1 April 2028. The above is the standard positlon for schools. However, the charity has agreed contracts of employments with teaching staff that have thè effect of Capping employer contribution rates for those teachers that remain enrolled in the TPS of 23.68Yo. The charity's teaching stsff have a hoice between {1} remaining in the TPS and funding the excess contribution via reduced salary- (il) Opllng out of the TPS and joining the new APTIS defined contribution {DC) scheme. or (lil) opting out entirely. The employerfs p8nsion costs pald to TPS in the period amounted to £340,844 (31108123: £309.252). A copy of the valuation report and supporting documentation is on the Tea¢hers' Pensions webslte. Undér Ihe definilions set oul in FRS 102. the TPS is an unfunded multi*mployer pension schème. The school has accounted for its contributions to th8 schem8 as if it were a defined contrlbullon scheme. The charitsble company has set otrt above the infomallon available on the scheme. 30
St Cedd's School Educational Trust Limited Company Limited by Guaranteo Notes to the Flnancial Statements (contlnued) Year ended 31 August 2024 Defined contribution schemes The amount recognised in the statement of financial activities in relalion to defined contribulion sthemes was £68,646 (2023.. £46,193). 23. Analysis of charitablè funds Unrestrlcted funds At 1 September 2023 At 31 August 2024 Income Expenditure General funds 5,940.253 4.778.453 {4,516,862) 6.201.844 4.778,453 {4,516,862) 6.201.844 5.940,253 At 1 September 2022 At 31 August 2023 Income Expenditure General funds 5,852.686 4,368.175 {4.280,608) 5.940.253 4.368.175 {4,280,608) 5,940.253 5.852,686 24. Analysis of net assets between funds Unréstrlcted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Creditors gr8at8r than 1 year Not assets 4.963,138 4.963,138 3,289,322 3.289.322 {1.980,366} {1,980,366) (70,250) (70.250) 6,201,844 6.201.844 Unrestricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 5,073,643 5.073,643 1,476,048 1.476,048 (536,438) {536.438) (73,000) (73,000) 5,940,253 5,940.253 31
St Cedd's School Educational Trust Limited Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 August 2024 25. Analysls of changes in net debt At At 1 Sep 2023 Cash flows 31 Aug 2024 Cash at bank and in hand 1,290,976 1,787.087 3,078.063 26. Related partles During the year totsl related paty transactions were £Nil {2023'. £Nil) 32