# **ST GEORGE'S SCHOOL (HARPENDEN) LIMITED (BY GUARANTEE)** 

**(Company Registered Number: 00397914) (Charity Registered Number: 311050)** 

## **CONSOLIDATED AUDITED** 

**REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED** 

**31 MARCH 2024** 



## St. George's School (Harpenden) Limited (By Guarantee) Contents 

Year ended 31st March 2024 

||**Page**|
|---|---|
|Legal and Administrative Details|1|
|Trustees' Report|2 - 6|
|Independent Auditors' Report|7 - 10|
|Consolidated Statement of Financial Activities|11|
|Consolidated Balance Sheet|12|
|Charity Balance Sheet|13|
|Notes to the Accounts|14 - 23|





## St. George's School (Harpenden) Limited (By Guarantee) Legal and Administrative Details 

St. George's School (Harpenden) Limited is a company limited by guarantee (00397914) and a registered charity (311050). It is governed by its Memorandum and Articles of Association dated 18th August 1945 and as amended by Special Resolutions passed on 15th December 1966 and 2nd November 2004. From 16th January 2013 St George's School (Harpenden) Limited was governed by a new set of Articles. 

The consolidated statements include the figures of St Georges School (Harpenden) Lettings Limited and St George's School Residential Lettings Limited. The registered company numbers of these two companies are 04552567 and 06816157 respectively. 

## **Directors/Trustees** 

The directors, who are also the trustees of the charitable company, who served during the year are: 

Mr K.R. Parsons (Chairman) Mr K. Andrews Mr A. J Clark Mr J. Hayward Mrs G.M. Ingram (resigned 12/01/2024) Mr P Davidson 

None of the directors who held office at the end of the financial year had any interest in the charitable company or its subsidiary. 

**Registered Office** St. George's School Sun Lane Harpenden Hertfordshire AL5 4TD **Advisors** _Auditors_ Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP _Bankers_ Barclays Bank Plc 1 Churchill Place Canary Wharf London E14 5HP _Solicitors_ Browne Jacobson LLP Mowbray House Castle Meadow Road Nottingham NG2 1BJ _Investment Managers_ M & G Investments CCLA Investment Laurence Pountney Hill Management Ltd Senator London House EC4R 0HH 85 Queen Victoria Street London EC4V 4ET 

Schroder Unit Trusts Limited PO Box 1102 Chelmsford CM99 2XX 

Mayfair Capital Investment Management Ltd 55 Wells Street London, W1T 3PT 

1 



## St. George's School (Harpenden) Limited (By Guarantee) Report of the Directors For the year ended 31st March 2023 

The Directors, who are the trustees of the charitable company, present their report together with the audited financial statements for the year ended 31st March 2024 which have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice Accounting and Reporting by Charities (SORP applicable from 1 January 2019) and with the Charities Act 2011 and 2022. 

## **1. Definitions** 

Throughout this report "The Company" and "The Charity'' mean St George's School (Harpenden) Limited; "The School" means St George's School, Harpenden; "The Lettings Company" means St George's School (Harpenden) Lettings Limited; "Residential Lettings" means St. George's Academy Trust. 

**2. Objects, Structure, Governance and Management** the School became an Academy, the Company was a founding member and its Directors have been involved in running the School continuously from 1945 to the present day. Its Memorandum and Articles of Association provide the basis for its governance. 

the United Kingdom, in particular by supporting the maintenance, carrying on, management and development of St George's School, Harpenden Academy Trust, a co- educational school with a non-denominational Christian character offering a broad and balanced curriculum. 

The Company's aims are to help all the pupils at the School achieve a sense of fulfilment at school and as adults by providing a first class education; encouraging respect for moral and spiritual values within the context of its Christian foundation; helping them to grow into mature, selfdisciplined citizens and caring members of society and facilitating an environment that provides for equality of opportunity and promotes good relations between individuals within the School and in their wider community. 

The Company is managed by a Board of Directors. Those Directors are recruited according to their areas of expertise and how these might benefit the objectives and activities of the Company. Mostly this is from their experience of and understanding of the way that the Academy works or some skill that is beneficial to the running of the Company and the Academy. The appointment of Directors is the responsibility of the members of the Company under its constitution. Under the mpany has the right to appoint the majority of Governors meetings and it is felt that going forward a mix of virtual and face to face meetings will be the norm. 

The Company owns The Lettings Company and day to day management of lettings are Directors. 

At the Balance Sheet date there were 5 Directors. No fee or other remuneration, apart from travelling expenses, is paid to the Directors for their services, but they can charge for professional services provided outside these roles. A Director who is absent without good cause from all 

2 



## St. George's School (Harpenden) Limited 

(By Guarantee) Report of the Directors For the year ended 31st March 2023 

meetings of the Directors for twelve consecutive months or notifies the Chairman in writing of his/her wish to resign ceases to be a Director. 

## **3. Public Benefit** 

The existence of the Company is fundamental to the character and philosophy of the Academy. It imbues the Academy's Foundation, underpinning its status as an Academy, and thereby enables the Academy to maintain its Christian ethos through its admissions criteria. 

The Academy is the only Faith secondary school in the Harpenden area, and places for both day and boarding, are heavily in demand. It admits pupils irrespective of academic ability and seeks to help them achieve the very best results of which they are capable. It has a first-class Learning Support team, which helps increasing numbers of pupils with a wide variety of learning difficulties. 

The existence of the boarding houses at St George's can provide a valuable safe haven for children who for whatever reason have difficulties at home and who qualify for a boarding need ildren from the day School have been accommodated at short notice because of changes in their circumstances, such as changes in contracts which resulted in moves abroad, or family bereavement, and this has enabled them to complete their courses at St George's. Without the boarding facility they might not have been able to remain at the School and their futures would have been more precarious. 

As in all state maintained boarding schools, there are no fees for day places. Boarding fees are charged to pay for the dedicated facilities, and no charge is made to the boarding pupils' families for their education. In principle, boarding places are open to any child who by virtue of his or her right of abode in the United Kingdom is entitled to education in a maintained school, though boarding need and suitability for boarding must be considered according to the admissions criteria. 

The Directors, as the Charity Trustees, confirm that they have complied with the duty in section 4 relevant sub-sector guidance concerning the operation of the public benefit requirement under that Act. 

## **4. Objectives and Activities** 

## **2023/2024** 

The Company continued to actively manage its long-term investments and during the period under review the Directors were pleased that they had in previous years acted to diversify their investment portfolio, which was largely the same value at the end of the year under review as the beginning. 

The Company continued to support the School with pledges of funds towards the Window replacement and new toilet construction. Because the Schools Capital Projects bid was not successful the pledges were not called on during the year under review. 

Property. A decision was made to proceed with the for the further enhancement and enlargement of the Property. Planning permission for this work was eventually obtained and work commenced 

3 



## St. George's School (Harpenden) Limited 

(By Guarantee) Report of the Directors For the year ended 31st March 2023 

on the 1st May 2024. It is anticipated that the work will be completed in November or December 2024. 

a healthy state. As a result, income continued to increase. The Company further increased its revenue from lettings. 

## **2024/2025** 

The Company will continue to support the School as it recovers its ability to support capital build projects. The Company will make available financial support so that the School can undertake some of the work to the fabric of the campus which is now more urgent because of the failure to secure public funding. 

The Company will finish its modernisation and extension programme at 18 Sun Lane, Harpenden which it is hoped will provide a property that is fit for purpose for the next 30 years and will increase the value of the property by the same, if not more, than the amount spent on the project. 

Harpenden in 2023/2024 The Company intends to expand its relationship with the Academy, to eatest benefit to the Academy. 

## **5. Achievements and performance** 

The Company's main object of supporting the Academy is measured by the School's achievements and performance, and through the level of Management support provided by the Company for the furtherance of the School's activities. 

The Company's main activities are property rental and fundraising. In addition, lettings provide income in the trading company, St George's School (Harpenden) Lettings Ltd, which is wholly owned by the Company and whose profits are gifted to the Company at the year end. Most of the rental income in 2023/2024 related only to Musicale's rental of Homecroft. 

Lettings income comes from a wide range of activities in which third parties use the Company's facilities at the School site. Following the end of the Coronavirus pandemic the Directors are d up and are now back to prepandemic levels. 

Staff housing is provided by the Company to the Head teacher, two resident caretakers and the Director of Boarding for the better fulfilment of their contracts with the Academy. 

## **6. Financial Review** 

There was a surplus of £26,337 for the year (2023: £35,217 deficit). There was a deficit from operations £2,182 but these were offset by the Unrealised gains on investments to create an allowed it to make a donation to the Academy of £251,860 (2023: £52,790). The Directors are satisfied with the current and ongoing financial position of the Company. The Directors are ongoing objectives of the Company. 

4 



## St. George's School (Harpenden) Limited 

(By Guarantee) Report of the Directors For the year ended 31st March 2023 

## **7. Risk Assessment** 

The Directors have this year developed their own formal risk management process to assess the business risks and implement risk management strategies that comply with the recommendations of the Charity Commission. The risks affecting the Company are broadly the same as those that affect the Academy. This involves anticipating the types of risks the Company faces, prioritising them in terms of potential impact and likelihood of occurrence, and identifying means of mitigating them. Many of these, but not all, can be met by appropriate insurance, such as insurance of the buildings, employee and public liability and legal expenses, Director Indemnity and business interruption. The Directors do not perceive any great risk in the operation of the Lettings Company whose risks are broadly the same and are mitigated by insurance and contractual conditions. In both entities the risks are reviewed every year and appropriate changes to systems and procedures are made to manage those risks. 

## **8. Reserves Policy** 

As of 31 March 2024, total funds were £17,514,208. Of this amount £8,954,615 was unrestricted funds and £8,559,593 represented restricted funds. 

The aim of the Directors is to maintain Company reserves at a level that would cover any unforeseen circumstances that would be the liability of the Company. For 2024/25 the minimum estimated amount is £100k. Reserves are currently at a much higher level than this. The reserves policy is reviewed by the Directors on an annual basis. 

## **9. Investment Policy** 

The Directors continue to monitor the Charity's investments in property and securities so that they are aligned with the operational and financial needs of the Academy and provide, so far as they can, the level of reserves needed for present and future funding. The Directors have initiated a policy of realising gains in the value of its investments when they are significant thereby securing additional monies to further the objects of the Company this plan has been stalled by the effect on capital values of recent global economic problems. The Directors anticipate that the value of investments may reduce as the current global financial headwinds have their effect on the global economy in the current fragile state of world affairs. Directors will aim to mitigate the effect of this 

## **10. Directors' Responsibilities** 

The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires Directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Directors are required to: 

- Select suitable accounting policies and then apply them consistently; 

- Observe 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; 

5 



## St. George's School (Harpenden) Limited 

(By Guarantee) Report of theDirectors For the year ended 31st March 2023 

Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

By order of the Board y wie! YI ie EewuUl 

K. R. Parsons .R. Parsons Chairman 

Date: 

6 



## Independent Auditors' Report to the Members of St. George's School (Harpenden) Limited for the year ended 31 March 2024 

## **Opinion** 

We have audited the financial statements of St George's School (Harpenden) Limited  (the parent charitable company)  and its subsidiaries (the group) for the year ended 31 March 2024 which comprise the Group Statement of Financial Activities, the Group Summary Income and Expenditure Account, the Group and Parent Charitable Company Balance Sheets and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is 

Practice). 

In our opinion the financial statements 

and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial 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** 

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 to events company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the annual report, other than the financial contained within the annual report. Our opinion on the financial statements 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. 

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 knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements 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. 

7 



## Independent Auditors' Report to the Members of St. George's School (Harpenden) Limited for the year ended 31 March 2024 

We have nothing to report in this regard. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- statements are prepared is consistent with the financial statements; and 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the 

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 require us to report to you if, in our opinion: 

the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or records and returns; or 

- we have not received all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small Annual Report and from preparing a strategic report. 

## **Responsibilities of trustees** 

are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the group and parent going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so. 

We have been appointed as auditor under the Companies Act 2006 and section 151  of the Charities Act 2011 and report in accordance with those Acts. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

8 



## Independent Auditors' Report to the Members of St. George's School (Harpenden) Limited for the year ended 31 March 2024 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: 

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report. 

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 internal control that we identify during our audit. 

## **Explanation as to what extent the audit was considered capable of detecting irregularities,** 

Irregularities, including fraud, are instances of non-compliance 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. 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company. 

Our approach was as follows: 

- We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011 and 2022, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence 

9 



## Independent Auditors' Report to the Members of St. George's School (Harpenden) Limited for the year ended 31 March 2024 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 

## **Use of our report** 

3 of Part 16 of the Companies Act 2006 and, in respect of the consolidated financial statements, to the 

the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company, the charitable company’s members, as a body, and the charity’s trustees, as a body, for our audit work, for this report, or for the opinion we have formed. rk, tor this report, or tor the opinion we nave tormed. ” f - . **Shivani Kothari** i Vloore K Ma STOW Swmely| Lup 

## **For and on behalf of Moore Kingston Smith LLP** 

Chartered Accountants 

9 Appold Street London EC2A 2AP 

Date: 21 October 2024 

10 



## St. George's School (Harpenden) Limited Consolidated Statement of Financial Activities 

## (Incorporating the Summary Income and Expenditure Account) For the year ended 31 March 2024 

|**Note**<br>**Income and endowments from:**<br>Donations and legacies<br>2<br>Charitable activities<br>3<br>Other trading activities<br>4<br>Investments<br>5<br>Other<br>6<br>**Total**<br>**Expenditure on:**<br>Raising funds<br>7<br>Charitable activities<br>8<br>Other<br>9<br>**Total**<br>Unrealised<br>Gains/(losses) on<br>investments<br>13<br>**Net Income/(Expenditure)**<br>**Transfers between funds**<br>**Net Movement in Funds**<br>Reconciliation of funds:<br>Total funds brought<br>forward<br>**Total funds carried**<br>**forward**<br>16<br>**Net Income/(Expenditure) before**<br>**gains/(losses)**|**Total**<br>**Unrestricted**<br>**Restricted**<br>**Funds**<br>**Funds**<br>**Funds**<br>**2024**<br>**£**<br>**£**<br>**£**<br>8,544<br>-<br>8,544<br>40,820<br>-<br>40,820<br>154,955<br>-<br>154,955<br>86,222<br>461<br>86,683<br>123,824<br>-<br>123,824<br>414,365<br>461<br>414,826<br>145,315<br>-<br>145,315<br>251,860<br>-<br>251,860<br>19,833<br>-<br>19,833<br>417,008<br>-<br>417,008<br>(2,643)<br>461<br>(2,182)<br>28,519<br>-<br>28,519<br>25,876<br>461<br>26,337<br>-<br>-<br>-<br>25,876<br>461<br>26,337<br>8,928,739<br>8,559,132<br>17,487,871<br>8,954,615<br>8,559,593<br>17,514,208<br>|**Total**<br>**Funds**<br>**2023**<br>**£**<br>7,407<br>45,770<br>157,132<br>62,327<br>19,684|
|---|---|---|
|||292,320|
|||104,617<br>52,790<br>7,189|
|||164,596|
|||127,724|
|||(162,941)<br>(35,217)|
|||-<br>(35,217)<br>17,523,088|
|||17,487,871|



All gains and losses arising in the year have been included in the Statement of Financial Activities and arise from continuing operations. 

The notes on pages 10 to 20 form a part of these financial statements. 

11 



## St. George's School (Harpenden) Limited 

## (By Guarantee) 

Consolidated Balance Sheet at 31 March 2024 

||**Notes**|**2024**|**2024**|**2023**|**2023**|
|---|---|---|---|---|---|
|||**£**|**£**|**£**|**£**|
|**Fixed Assets:**||||||
|Tangible assets|12||14,071,963||14,071,963|
|Investments|13||2,735,302||2,708,521|
|_Total fixed assets_|||16,807,265||16,780,484|
|**Current Assets:**||||||
|Debtors|14|31,400||22,071||
|Short term deposits||187,106||86,344||
|Cash at bank and in hand||587,752||666,919||
|_Total current assets_||806,258||775,334||
|**Liabilities:**||||||
|Creditors: Amounts falling due||||||
|within one year|15|(99,315)||(67,947)||
|_Net current assets_|||706,943||707,387|
|**Total net assets**|||17,514,208||17,487,871|
|**The funds of the charity:**||||||
|Unrestricted funds||||||
|General|16||2,298,259||2,270,545|
|Revaluation Reserve|16||1,500,000||1,500,000|
|Designated funds|16||5,156,356||5,158,194|
|Restricted funds|16||8,559,593||8,559,132|
|_Total funds_|||17,514,208||17,487,871|



The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. 

## K.R. Parsons 

Chairman 

The notes on pages 10 to 20 form a part of these financial statements. Company Registration Number: 00397914 

12 



## St. George's School (Harpenden) Limited 

## (by Guarantee) Charity Balance Sheet at 31 March 2024 

||**Notes**|**2024**|**2024**|**2023**|**2023**|
|---|---|---|---|---|---|
|||**£**|**£**|**£**|**£**|
|**Fixed Assets:**||||||
|Tangible assets|12||14,071,963||14,071,963|
|Investments|13||2,735,302||2,708,521|
|Investments in Subsidiaries|13||2||2|
|_Total fixed assets_|||16,807,267||16,780,486|
|**Current Assets:**||||||
|Debtors|14|10,047||10,981||
|Short term deposits||187,106||86,344||
|Cash at bank and in hand||542,444||592,960||
|_Total current assets_||739,597||690,285||
|**Liabilities:**||||||
|Creditors: Amounts falling due||||||
|within one year|15|(46,981)||(40,206)||
|_Net Current Assets_|||692,616||650,079|
|**Total net assets**|||17,499,883||17,430,565|
|**The funds of the charity:**||||||
|Unrestricted funds||||||
|General|16||2,283,934||2,213,239|
|Revaluation Fund|16||1,500,000||1,500,000|
|Designated funds|16||5,156,356||5,158,194|
|Restricted funds|16||8,559,593||8,559,132|
|_Total charity funds_|||17,499,883||17,430,565|



The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. 

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. 

K.R. Parsons R. Parsons[-] : Chairman 

The notes on pages 10 to 20 form a part of these financial statements. 

Company Registration Number: 00397914 

13 



## St. George's School (Harpenden) Limited (By Guarantee) Notes to the Accounts For the year ended 31 March 2024 

## **1 Accounting Policies** 

## **(a) Accounting Convention** 

The financial statements have been prepared under the historical cost convention, except for investments which are stated at market valuation, and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice Accounting and Reporting by Charities (SORP applicable from 1 January 2019) and with the Charities Act 2011 and amendments included in Charities Act 2022. 

These financial statements consolidate the results of the Charity and its wholly-owned subsidiaries, St. George's School (Harpenden) Lettings Limited and St George's Residential Lettings Limited (dormant company), on a line by line basis. 

No separate Statement of Financial Activities (SoFA) have been prepared for the Charity as permitted by Section 408 of the Companies Act 2006 and FRS 102 Section 1.12 (b) respectively. The charity's net surplus was £49,335. 

## **(b) Going concern** 

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable group to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements.  After making enquiries the trustees have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements. 

## **(c) Incoming resources** 

- All income is accounted for when receivable with the exception of donations and gifts which are accounted for when received. 

## **(d) Tangible Fixed Assets** 

- (i) Freehold land and buildings are functional assets and are shown at cost. Their value is maintained by a full programme of repair and renovation and the book value is substantially less that the present value for insurance purposes of approximately £68m. On this basis, no provision for depreciation on the freehold land and buildings is made. The freehold buildings are reviewed annually for any potential impairment. 

- (ii) Fixtures and fittings are depreciated at 10% & 20% per annum on a straight line basis. 

- (iii) Computer equipment is depreciated at 33 1/3% per annum on a reduced balance basis. 

- (iv) Motor vehicles are depreciated at 25% per annum on a straight line basis. (v) Grants received for buildings are credited to restricted funds through the Statement of Financial Activities. 

- (vi) Gifts-in-kind in the form of tangible fixed assets are included in the financial statements at their value to the Charity, as estimated by the directors.  Non-monetary gifts of services are not valued. 

- (vii) Assets over £5,000 are capitalised in the financial statements. 

14 



## St. George's School (Harpenden) Limited 

## (By Guarantee) Notes to the Accounts 

For the year ended 31 March 2024 (Continued) 

## **1 Accounting Policies (Continued)** 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. 

## **(f) Financial assets** 

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. 

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition. 

Basic financial assets are initially measured at fair value plus transaction costs, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Other financial assets classified as fair value through profit or loss are measured at fair value. 

## **Loans and receivables** 

Loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition. 

## **Impairment of financial assets** 

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. 

15 



St. George's School (Harpenden) Limited (By Guarantee) 

Notes to the Accounts 

For the year ended 31 March 2024 (Continued) 

## **1 Accounting Policies (Continued)** 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the statement of financial activities. 

## **(g) Financial Liabilities** 

Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Other financial liabilities classified as fair value through profit or loss are measured at fair value. 

## **Other financial liabilities** 

Other financial liabilities, are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. 

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition. 

## **(h) Investments** 

- (i) Investments are stated in the financial statements at market value in accordance with the Statement of Recommended Practice issued by the Charity Commission. Gains or losses on investments are disclosed in the Statement of Financial Activities. 

- (ii) Investment income is accounted for on a receivable basis. 

## **(i) Resources Expended** 

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Wherever possible costs are directly attributed to these headings. Costs common to more than one area are apportioned on a reasonable basis or on a direct cost basis. The irrecoverable element of VAT is included with the expense item to which it relates. 

Support costs are those costs incurred in support of the charitable objectives.  These have been allocated to the charitable activities on a basis that fairly reflects the true use of those resource within the organisation. 

The costs of raising funds are those costs of seeking potential funders and applying for funding. 

## **(j) Cash and cash equivalents** 

Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less. 

## **(k) Debtors and creditors** 

Debtors and creditors receivable or payable within one year of the reporting date are carried at their at transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest. 

16 



## St. George's School (Harpenden) Limited 

## (By Guarantee) 

## Notes to the Accounts 

For the year ended 31 March 2024 (Continued) 

## **1 Accounting Policies (Continued)** 

## **(l) Funds** 

Unrestricted - these represent funds which the trustees are free to use in accordance with the charitable objects. 

Designated - these are funds set aside by the trustees for specific purposes. 

Restricted - these are funds that can only be used for a particular purpose within the objects of the Charity as specified by the donor. 

## **(m) Leasing and hire purchase commitments** 

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. 

## **(n) Critical Estimates** 

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the Directors to have the most significant effect on amounts recognised in the financial statements: 

The valuations of investment properties, for which the Foundation has obtained assurance from its professional valuers that the valuations included in the accounts have not materially changed since the date of valuation. 

## **(o) Charity SOFA** 

|Income<br>Cost of raising funds<br>Costs of charitable activities<br>Other costs<br>Gains/(losses)  on investments<br>Net Income/(Expenditure)<br>Net Movement in Funds|**2024**<br>**£**<br>317,178<br>(4,686)<br>(251,860)<br>(19,933)<br>28,619<br>69,318<br>69,318|**2023**<br>**£**<br>167,929<br>(4,794)<br>(52,790)<br>(7,189)<br>(162,941)|
|---|---|---|
|||(59,785)|
|||(59,785)|



17 



## St. George's School (Harpenden) Limited 

## (By Guarantee) Notes to the Accounts 

For the year ended 31 March 2024 (Continued) 

## **2 Income from donations and legacies** 

|Donations<br>Donations<br>**3**<br>**Income from charitable activities**<br>Property rental income<br>**4**<br>**Income from other trading activities**<br>Subsidiary lettings income<br>**5**<br>**Income from investments**<br>Interest received<br>Dividends received<br>**6**<br>**Other income**<br>Management fees<br>Other Income<br>**7**<br>**Expenditure on raising funds**<br>Development Office<br>Lettings and rentals|**2024**<br>**Restricted**<br>**Funds**<br>**£**<br>461<br>-<br>461|**2024**<br>**Unrestricted**<br>**Funds**<br>**£**<br>8,544<br>8,544<br>**2023**<br>**Unrestricted**<br>**Funds**<br>**£**<br>7,407<br>7,407<br>**2024**<br>**Unrestricted**<br>**Funds**<br>**£**<br>33,937<br>52,285<br>86,222|**2024**<br>**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>**2023**<br>**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>**2024**<br>**Unrestricted**<br>**Funds**<br>**£**<br>40,820<br>40,820<br>**2024**<br>**Unrestricted**<br>**Funds**<br>**£**<br>154,955<br>154,955<br>**2024**<br>**Total**<br>**Funds**<br>**£**<br>34,398<br>52,285<br>86,683<br>**2024**<br>**Unrestricted**<br>**Funds**<br>**£**<br>15,955<br>107,869<br>123,824<br>**2024**<br>**Unrestricted**<br>**Funds**<br>**£**<br>4,686<br>140,629<br>145,315|**2024**<br>**Total**<br>**Funds**<br>**£**<br>8,544|
|---|---|---|---|---|
|||||8,544|
|||||**2023**<br>**Total**<br>**Funds**<br>**£**<br>7,407|
|||||7,407|
|||||**2023**<br>**Unrestricted**<br>**Funds**<br>**£**<br>45,770|
|||||45,770|
|||||**2023**<br>**Unrestricted**<br>**Funds**<br>**£**<br>157,132|
|||||157,132|
|||||**2023**<br>**Total**<br>**Funds**<br>**£**<br>10,025<br>52,302|
|||||62,327|
|||||**2023**<br>**Unrestricted**<br>**Funds**<br>**£**<br>15,504<br>4,180|
|||||19,684|
|||||**2023**<br>**Unrestricted**<br>**Funds**<br>**£**<br>4,792<br>99,825|
|||||104,617|



18 



## St. George's School (Harpenden) Limited 

## (By Guarantee) 

## Notes to the Accounts 

For the year ended 31 March 2024 (Continued) 

## **8** 

## **Expenditure on charitable activities** 

|**Expenditure on charitable activities**|||
|---|---|---|
|Donation to St George's Academy|**2024**<br>**2024**<br>**2024**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>251,860<br>-<br>251,860<br>251,860<br>-<br>251,860|**2023**<br>**Total**<br>**Funds**<br>**£**<br>52,790|
|||52,790|



In 2024 restricted expenditure totalled £nil and unrestricted £251,860. 

## **9 Other expenditure** 

|Support costs:<br>Audit and accountancy<br>Other costs<br>Legal and professional|**2024**<br>**2024**<br>**2024**<br>**2023**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>**£**<br>10,000<br>10,000<br>5,025<br>4,812<br>4,812<br>1,303<br>5,021<br>5,021<br>861<br>19,833<br>-<br>19,833<br>7,189|
|---|---|



## **10 Staff Costs** 

|**Staff Costs**<br>Wages and salary costs recharged from the school:<br>Sports Centre staff<br>Other|**2024**<br>**£**<br>25,566<br>72,508<br>98,074|**2023**<br>**£**<br>35,139<br>27,477|
|---|---|---|
|||62,616|



The staff costs recognised in the accounts are in respect of the subsidiary company only. There were no employees in the year paid more than £60,000 (2023: none). 

The average number of persons employed by the group during the year was nil (2023: nil) 

Directors received neither remuneration nor reimbursed expenses in the current or preceding year. Key management personnel (Trustees) did not receive remuneration during the current or prior year. 

## **11 Trading Subsidiary** 

## _Income from subsidiary's trading activities_ 

The Charity owns the whole of the ordinary share capital, consisting of 1 ordinary share of £1 of St. George's School (Harpenden) Lettings Limited, which provides letting facilities. The Charity also owns the whole of the ordinary share capital, consisting of 1 ordinary share of £1 of St George's School Residential lettings Limited, which is dormant. The subsidiaries donate  their taxable profit to the Charity each year.  Their trading results for the year, as extracted from the  financial statements, are summarised below: 

19 



## St. George's School (Harpenden) Limited 

## (By Guarantee) 

## Notes to the Accounts 

For the year ended 31 March 2024 (Continued) 

## **11 Trading Subsidiary (Continued)** 

|**St George's School (Harpenden) Lettings Limited**<br>Turnover<br>Cost of sales<br>Gross profit<br>Administration expenses<br>Operating profit<br>Profit on ordinary activities before taxation<br>Retained profit brought forward<br>Profit on ordinary activities before taxation<br>Distribution<br>Retained profit carried forward<br>**12**<br>**Tangible Fixed Assets**<br>**Freehold**<br>**Land and**<br>**Fixtures and**<br>**_Group Fixed Assets_**<br>**Buildings**<br>**Fittings**<br>**£**<br>**£**<br>**Cost**<br>At 1 April 2023 and at 31<br>March 2024<br>14,071,963<br>95,011<br>**Depreciation**<br>At 1 April 2023<br>-<br>95,011<br>Charge for year<br>-<br>-<br>At 31 March 2024<br>-<br>95,011<br>**Net Book Value**<br>At 31 March 2024<br>14,071,963<br>-<br>At 31 March 2023<br>14,071,963<br>-|**Computer**<br>**Equipment**<br>**£**<br>30,541<br>30,541<br>-<br>30,541<br>-<br>-|**2024**<br>**£**<br>154,955<br>(63,283)<br>91,672<br>(77,344)<br>14,328<br>14,328<br>57,307<br>14,328<br>(57,307)<br>14,328<br>**Vehicles**<br>**£**<br>16,700<br>16,700<br>-<br>16,700<br>-<br>-|**2023**<br>**£**<br>157,132<br>(65,459)|
|---|---|---|---|
||||91,673<br>(34,366)<br>57,307<br>57,307|
||||32,741<br>57,307<br>(32,741)|
||||57,307|
||||**Total**<br>**£**<br>14,214,215|
||||142,252<br>-|
||||142,252|
||||14,071,963|
||||14,071,963|



The buildings have been insured on a declared value of £68m. 

|**_Charity Fixed Assets_**<br>**Cost**<br>At 1 April 2023 and at 31<br>March 2024<br>**Depreciation**<br>At 1 April 2023<br>Charge for year<br>At 31 March 2024<br>**Net Book Value**<br>At 31 March 2024<br>At 31 March 2023|**Freehold**<br>**Land and**<br>**Buildings**<br>**£**<br>14,071,963<br>-<br>-<br>-<br>14,071,963<br>14,071,963|**Fixtures and**<br>**Fittings**<br>**£**<br>81,376<br>81,376<br>-<br>81,376<br>-<br>-|**Computer**<br>**Equipment**<br>**£**<br>30,541<br>30,541<br>-<br>30,541<br>-<br>-|**Vehicles**<br>**£**<br>16,700<br>16,700<br>-<br>16,700<br>-<br>-|**Total**<br>**£**<br>14,200,580|
|---|---|---|---|---|---|
||||||128,617<br>-|
||||||128,617|
||||||14,071,963|
||||||14,071,963|



20 



## St. George's School (Harpenden) Limited 

## (By Guarantee) Notes to the Accounts 

For the year ended 31 March 2024 (Continued) 

|**13**<br>**Investments**<br>**At**<br>**31st March**<br>**_Group_**<br>**2023**<br>**Additions**<br>**£**<br>**£**<br>**Investment Properties**<br>1,500,000<br>-<br>**Listed Investments at Market Value**<br>**Designated Fund  - Special Fund Investments**<br>M & G 'A' Income Fund<br>1,838<br>-<br>1,838<br>-<br>COIF - Charities<br>Investment Fund Income<br>Units<br>417,094<br>-<br>Schroders - Charity Multi<br>Asset Fund<br>319,472<br>-<br>Mayfair - PITCH Fund<br>470,117<br>-<br>1,206,683<br>-<br>**Market Value of Listed**<br>**Investments**<br>1,208,521<br>-<br>**Cost of Listed**<br>1,119,943<br>-<br>**Investments**<br>**Total market value**<br>**2,708,521**<br>**-**<br>**Unrestricted Funds -**<br>**Jarvis Legacy**|**Total**<br>**gain/(loss)**<br>**£**<br>-|**Disposal**<br>**£**<br>-<br>(1,738)<br>(1,738)<br>-<br>-<br>-<br>-<br>(1,738)<br>(3,501)<br>**(1,738)**|**At**<br>**31st March**<br>**2024**<br>**£**<br>1,500,000|
|---|---|---|---|
||(100)||-|
||(100)||-|
||37,754<br>22,738<br>(31,873)||454,848<br>342,210<br>438,244|
||28,619||1,235,302|
||28,519<br>-<br>**28,519**||1,235,302|
||||1,116,442|
|||||
||||**2,735,302**|



The investment property, comprising the house used by the Headteacher of the School situated on Sun Lane, Harpenden, was valued at the year end by a local estate agent with good knowledge of the area. 

The investments of the charity are as above, plus £1 investment in its subsidiary, St George's School (Harpenden) Lettings Limited and St Georges School Residential Lettings Limited, which has remained dormant in the year. 

|**14**<br>**Debtors**<br>Trade debtors<br>Other debtors<br>Other taxes and social<br>security<br>Prepayments and accrued<br>income<br>**Amounts falling due**<br>**within one year:**|**2024**<br>**2023**<br>**2024**<br>**2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>21,353<br>10,086<br>11<br>1,061<br>11<br>1,061<br>-<br>1,127<br>123<br>10,036<br>9,797<br>10,036<br>9,797<br>31,400<br>22,071<br>10,047<br>10,981<br>**Charity**<br>**Consolidated**|
|---|---|



21 



## St. George's School (Harpenden) Limited 

## (By Guarantee) 

## Notes to the Accounts 

For the year ended 31 March 2024 (Continued) 

|**15**<br>**Creditors**<br>Trade creditors<br>Accruals and deferred income<br>Other taxes and social security<br>Other creditors<br>**15.1 Deferred Income**<br>Amount brought forward<br>Transferred to income in year<br>Amounts deferred during the year<br>Balance carried forward<br>**Amounts falling due within one**<br>**year:**|**2024**<br>**2023**<br>**£**<br>**£**<br>4,778<br>-<br>90,653<br>67,947<br>3,349<br>-<br>535<br>-<br>99,315<br>78,413<br>**2024**<br>**2023**<br>**£**<br>**£**<br>52,882<br>64,787<br>(52,882)<br>(64,787)<br>75,260<br>52,882<br>75,260<br>52,882<br>**Consolidated**|**2024**<br>**2023**<br>**£**<br>**£**<br>4,778<br>-<br>41,926<br>40,206<br>66<br>-<br>211<br>-<br>46,981<br>40,206<br>**2024**<br>**2023**<br>**£**<br>**£**<br>32,052<br>22,499<br>(32,052)<br>(22,250)<br>31,929<br>31,803<br>31,929<br>32,052<br>**Charity**|**2024**<br>**2023**<br>**£**<br>**£**<br>4,778<br>-<br>41,926<br>40,206<br>66<br>-<br>211<br>-<br>46,981<br>40,206<br>**2024**<br>**2023**<br>**£**<br>**£**<br>32,052<br>22,499<br>(32,052)<br>(22,250)<br>31,929<br>31,803<br>31,929<br>32,052<br>**Charity**|
|---|---|---|---|
||||40,206|
||||**2023**<br>**£**<br>22,499<br>(22,250)<br>31,803|
||||32,052|



The deferred income relates to deposits held for rent paid in advance and residential and events bookings income which was billed and received in advance for the following year. 

|**16**<br>**Funds**<br>**_Group_**<br>**Unrestricted Funds**<br>General Fund<br>Designated Funds<br>Property Fund<br>Revaluation Reserve<br>**Restricted Funds**<br>Grants/donations for capital assets<br>Other donations<br>**22**<br>Maier Bequest and Prize Fund<br>Library Fund<br>**Total Charity Funds**|**At**<br>**1 April**<br>**2024**<br>**£**<br>2,270,545<br>1,838<br>5,156,356<br>1,500,000<br>8,928,739<br>8,497,552<br>52,141<br>7,623<br>1,816<br>8,559,132<br>17,487,871|**Net**<br>**Incoming/**<br>**(Outgoing)**<br>**Resources**<br>**for the Year **<br>**£**<br>(905)<br>(1,738)<br>-<br>-<br>(2,643)<br>-<br>-<br>371<br>90<br>461<br>(2,182)|**Gains/**<br>**(Losses)**<br>**on**<br> **Investments**<br>**£**<br>28,619<br>(100)<br>-<br>-<br>28,519<br>-<br>-<br>-<br>-<br>-<br>28,519|**Transfers**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**At**<br>**31st March**<br>**2024**<br>**£**<br>2,298,259<br>-<br>5,156,356<br>1,500,000|
|---|---|---|---|---|---|
||||||8,954,615|
||||||8,497,552<br>52,141<br>7,994<br>1,906|
||||||8,559,593|
||||||17,514,208|



22 



## St. George's School (Harpenden) Limited (By Guarantee) Notes to the Accounts 

For the year ended 31 March 2024 (Continued) 

## **16 Funds (Continued)** 

|**_Charity_**<br>**Unrestricted Funds**<br>General Fund<br>Designated Funds<br>Property Fund<br>Revaluation Reserve<br>**Restricted Funds**<br>Grants/donations for capital<br>assets<br>Other donations<br>Maier Bequest and Prize<br>Fund<br>Library Fund<br>**Total Charity Funds**|**At**<br>**1 April**<br>**2024**<br>**£**<br>2,213,239<br>1,838<br>5,156,356<br>1,500,000<br>8,871,433<br>8,497,552<br>52,141<br>7,623<br>1,816<br>8,559,132<br>17,430,565|**Net**<br>**Incoming/**<br>**(Outgoing)**<br>**Resources**<br>**for the Year**<br>**£**<br>41,976<br>(1,738)<br>-<br>-<br>40,238<br>-<br>-<br>371<br>90<br>461<br>40,699|**Gains/**<br>**(Losses)**<br>**on**<br>**Investments**<br>**£**<br>28,719<br>(100)<br>-<br>-<br>28,619<br>-<br>-<br>-<br>-<br>28,619|**Transfers**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**At**<br>**31st March**<br>**2024**<br>**£**<br>2,283,934<br>-<br>5,156,356<br>1,500,000|
|---|---|---|---|---|---|
||||||8,940,290|
||||||8,497,552<br>52,141<br>7,994<br>1,906|
||||||8,559,593|
||||||17,499,883|



The revaluation reserve represents the revaluation in relation to the investment property during the year. 

## **Nature and Purpose of Restricted Funds** 

**Grants/donations for capital assets** represent the brought forward figure of the income received towards tangible fixed assets. All of the money has been spent to date. The donations received during the year relate to the science block appeal. 

**The Huckett fund** represents donations and accumulated income which can be used to assist Old Georgians who become students of Wadham or Lady Margaret Hall Colleges.  It can also be used to provide a "Leavers Prize" based on merit. 

**The Maier Bequest and Prize fund** can be used to financially assist any Boarder at the School who is in need of financial support.  Part of the fund can be used to provide an award to students. 

**The Library fund** represents donations received towards the School Library. 

**Other donations** represent funds collected for specific purposes, such as Buy a Brick Scheme, Science Lab Appeal, Chapel Appeal and other parental donations. 

23 



## St. George's School (Harpenden) Limited 

## (By Guarantee) Notes to the Accounts 

For the year ended 31 March 2024 (Continued) 

|**17**<br>**Analysis of Net Assets between Funds**<br>**Unrestricted Funds**<br>General Fund<br>Designated Funds<br>Property Fund<br>Revaluation Reserve<br>**Restricted Funds**<br>Grants/donations for capital assets<br>Other donations<br>Maier Bequest and Prize Fund<br>Library Fund<br>**Total**|**Fixed**<br>**Assets &**<br>**Investments**<br>**£**<br>-<br>1,235,302<br>5,522,270<br>1,500,000<br>8,257,572<br>8,497,552<br>52,141<br>-<br>-<br>8,549,693<br>16,807,265|**Current**<br>**Assets**<br>**£**<br>796,358<br>-<br>-<br>-<br>796,358<br>-<br>-<br>7,994<br>1,906<br>9,900<br>806,258|**Liabilities**<br>**£**<br>(99,315)<br>-<br>-<br>-<br>(99,315)<br>-<br>-<br>-<br>-<br>-<br>(99,315)|**Total**<br>**£**<br>697,043<br>1,235,302<br>5,522,270<br>1,500,000<br>8,954,615|
|---|---|---|---|---|
|||||8,497,552<br>52,141<br>7,994<br>1,906|
|||||8,559,593|
|||||17,514,208|



The majority of the charitable company's assets are tied up in the value of the properties. 

## **18 Related Party Transactions** 

During the year the charitable company made donations of £251,860 (2023: £52,790) to St George's Academy, the school which occupies the site owned by the charitable company. At the year end the company included £nil (2023:£3,365 ) in accruals in respect of amounts due to St George's Academy. 

The charitable company received a monthly management charge from the Academy totalling £15,955 (2023: £15,504) of which £nil (2023: £nil) was outstanding in trade debtors at the year end. 

## **19 Financial Commitments** 

As at 31st March 2024 the group was committed to making the following future minimum lease payments 

|Within one year<br>Between two and five years<br>In over five years|**2024**<br>**£**<br>7,326<br>-<br>-<br>7,326|**2023**<br>**£**<br>17,580<br>7,326<br>-|
|---|---|---|
|||24,906|



## **20 Capital Commitments** 

At the year end The Charity has committed £289,478 in respect of capital works at 18 Sun Lane. 

## **21 Subsidiary Undertakings** 

The subsidiary undertakings of St George's School (Harpenden) Limited are  St George's School (Harpenden) Lettings Limited and St George's School Residential Lettings Limited, a dormant subsidiary. The registered office of these two entities is Sun Lane, Harpenden, Herts, AL5 4TD. Both of these entities are exempt from audit by article s479A of the Companies Act 2006. 

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