2025-03-31-accounts

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 2025

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

Year ended 31st March 2025

	Page
Legal and Administrative Details	1
Trustees' Report	2 - 5
Independent Auditors' Report	6 - 9
Consolidated Statement of Financial Activities	10
Consolidated Balance Sheet	11
Charity Balance Sheet	12
Notes to the Accounts	13 - 23

St. George's School (Harpenden) Limited

(By Guarantee) Report of the Directors For the year ended 31st March 2025

St. George's School (Harpenden) Limited is a Charitable 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 Charitable 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 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 CCLA Investment Mayfair Capital Investment Management Ltd Management Ltd Senator House 55 Wells Street 85 Queen Victoria London, W1T 3PT Street London EC4V 4ET Schroder Unit Trusts Limited PO Box 1102 Chelmsford CM99 2XX

1

St. George's School (Harpenden) Limited (By Guarantee) Report of the Directors For the year ended 31st March 2025

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 2025 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 Charitable Company" means St George's School (Harpenden) Lettings Limited; "Residential Lettings" means St. George's Residential Lettings Limited and the Academy Trust means St. George’s School, Harpenden Academy Trust.

2. Objects, Structure, Governance and Management The Charitable Company was formed in 1945 to take over St. George’s School from private ownership. When the School became an Academy, the Charitable Company was a founding member and its Directors have been involved with the management of the School continuously from 1945 to the present day. Its Memorandum and Articles of Association provide the basis for its governance.

The Charitable Company’s objects are specifically restricted to advance, for the public benefit, education in the United Kingdom, in particular by supporting the maintenance, carrying on, management and development of St George's School, Harpenden Academy Trust, a coeducational school with a non-denominational Christian character offering a broad and balanced curriculum.

The Charitable 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, self-disciplined 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 Charitable 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 Charitable 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 Charitable Company and the Academy. The appointment of Directors is the responsibility of the members of the Charitable Company under its constitution. Under the Academy’s Funding Agreement, the Charitable Company has the right to appoint the majority of Governors of the Academy. All of the Charitable Company’s Directors were previously Governors of the Academy. The Charitable Company’s Board of Directors adopted new technology to allow them to hold virtual board meetings and it is felt that going forward a mix of virtual and face to face meetings will be the norm.

The Charitable Company owns The Lettings Charitable Company and day to day management of lettings are undertaken by the Academy’s Finance Office, the Director of Lettings and the Site Management team. The Academy’s Finance Office team provide management support to the Charitable Company’s 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 2025

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 Charitable 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 as in the School’s boarding admission criteria. In the past, several children 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 of the Charities Act 2006 to have due regard to the Charity Commission’s' published general and relevant sub-sector guidance concerning the operation of the public benefit requirement under that Act.

4. Objectives and Activities 2024/2025

The Charitable 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 Charitable Company continued to support the School with pledges of funds towards the Window replacement. Because the Schools Capital Projects bid was not successful the pledges were not called on during the year under review. However, post the year end the School heard that its bid has been accepted and that funding will be made available.

Following a large programme of repairs and renovations undertaken to the Charitable Company’s Sun Lane 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 on the 1[st] May 2024. That work was largely completed in November 2024.

The Charitable Company’s lettings of its sports facilities and other accommodation in the School returned to a healthy state. As a result, income continued to increase. The Charitable Company further increased its revenue from lettings.

3

St. George's School (Harpenden) Limited (By Guarantee) Report of the Directors For the year ended 31st March 2025

2025/2026

The Charitable Company will continue to support the School as it recovers its ability to support capital build projects. The Charitable 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 going to happen because of the receipt of public funding.

The Charitable Company will finish off the last parts of 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.

Having shared some informal meetings with the Governing Body of St. George’s School, Harpenden in 2024/2025 The Charitable Company will expand its relationship with the Academy, to actively work with the Governors in utilising the Charitable Company’s resources for the greatest benefit to the Academy.

5. Achievements and performance

The Charitable 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 Charitable Company for the furtherance of the School's activities.

The Charitable Company's main activities are property rental and fundraising. In addition, lettings provide income in the trading Charitable Company, St George's School (Harpenden) Lettings Ltd, which is wholly owned by the Charitable Company and whose profits are gifted to the Charitable Company at the year end. Most of the rental income in 2024/2025 related only to Musicale's rental of Homecroft.

Lettings income comes from a wide range of activities in which third parties use the Charitable Company's facilities at the School site. Following the end of the Coronavirus pandemic the Directors are pleased to report that uses of the Charitable Company’s facilities have picked up and are now back to pre-pandemic levels.

Staff housing is provided by the Charitable 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 deficit of £30,165 for the year (2024: £26,337 surplus). There was a deficit from operations of £182,374 but this was offset by a fair value uplift of the value of investments by £200,000 reduced the yearly deficit considerably. The Directors were able to donate to the Academy £319,516 (2024: £251,860). The Directors are satisfied with the current and ongoing financial position of the Charitable Company. The Directors are satisfied with the strength of the Charitable Company’s balance sheet and that it is sufficiently robust for the ongoing objectives of the Charitable Company.

7. Risk Assessment

The Directors formal risk management process to assess and manage the business risks and comply with the recommendations of the Charity Commission has bedded in this year. The risks affecting the Charitable Company are largely to do with its trading activities and asset management. 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 Charitable Company whose risks are broadly the same and are mitigated by insurance and

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St. George's School (Harpenden) Limited (By Guarantee) Report of the Directors For the year ended 31st March 2025

contractual conditions. In both entities the risks are reviewed every year and this year there were no changes that the Directors felt need to be made to its risk management manual.

8. Reserves Policy

As of 31 March 2025, total funds were £17,484,043. Of this amount £8,923,960 were unrestricted funds and £8,560,083 were restricted funds.

The aim of the Directors is to maintain Charitable Company reserves at a level that would cover any unforeseen circumstances that would be the liability of the Charitable Company. For 2025/26 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 policy of realising gains in the value of its investments when they are significant has not been operating in the turbulent economy that we witnessed in the last trading year however the income from our investments has held up quite well. 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 on the Charitable Company’s investments.

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).

Charitable 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;

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 K. R. Parsons Koh—s Chairman

Date: 7th July 2025

5

Independent Auditors' Report to the Members of St. George's School (Harpenden) Limited for the year ended 31 March 2025

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 2025 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 applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements

• give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 March 2025 and of the group’s incoming resources and application of resources, including its income 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 applicable law. Our responsibilities under those standards are further described in the Auditor’s 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 statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and parent charitable 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 statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent 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.

We have nothing to report in this regard.

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Independent Auditors' Report to the Members of St. George's School (Harpenden) Limited for the year ended 31 March 2025

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• trustees’ annual report have been prepared in accordance with applicable legal requirements.

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 trustees’ annual report.

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

• the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; 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 companies regime and take advantage of the small companies exemption in preparing the Trustees’ Annual Report and from preparing a strategic report.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 2, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to 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.

Auditor’s Responsibilities for the audit of the financial statements

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 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 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.

7

Independent Auditors' Report to the Members of St. George's School (Harpenden) Limited for the year ended 31 March 2025

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 effectiveness of the group and parent charitable company’s internal control.

• 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

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Independent Auditors' Report to the Members of St. George's School (Harpenden) Limited for the year ended 31 March 2025

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

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and, in respect of the consolidated financial statements, to the charity’s trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to 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.

Shivani Kothari

For and on behalf of Moore Kingston Smith LLP

Chartered Accountants

9 Appold Street London EC2A 2AP

Date: 13 August 2025

9

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

(Incorporating the Summary Income and Expenditure Account) For the year ended 31 March 2025

Note Income and endowments from: Donations and legacies 2 Charitable activities 3 Other trading activities 4 Investments 5 Other 6 Total Expenditure on: Raising funds 7 Charitable activities 8 Other 9 Total Unrealised Gains/(losses) on investments 13 Gains/(losses) on fairvalue uplift 13 Net Income/(Expenditure) Transfers between funds Net Movement in Funds Reconciliation of funds: Total funds brought forward Total funds carried forward 16 Net Income/(Expenditure) before gains/(losses)	Total Unrestricted Restricted Funds Funds Funds 2025 £ £ £ 8,938 - 8,938 43,820 43,820 203,448 - 203,448 70,030 490 70,520 20,098 - 20,098 346,334 490 346,824 161,126 - 161,126 319,516 - 319,516 48,556 - 48,556 529,198 - 529,198 (182,864) 490 (182,374) (47,791) - (47,791) 200,000 - 200,000 (30,655) 490 (30,165) - - - (30,655) 490 (30,165) 8,954,615 8,559,593 17,514,208 8,923,960 8,560,083 17,484,043	Total Funds 2024 £ 8,544 40,820 154,955 86,683 123,824 414,826 145,315 251,860 19,833 417,008 (2,182) 28,519 - 26,337 - 26,337 17,487,871 17,514,208

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 13 to 22 form a part of these financial statements.

10

St. George's School (Harpenden) Limited

(By Guarantee)

Consolidated Balance Sheet at 31 March 2025

	Notes	2025	2025	2024	2024
		£	£	£	£
Fixed Assets:
Tangible assets	12		14,071,963		14,071,963
Investments	13		2,887,511		2,735,302
Total fixed assets			16,959,474		16,807,265
Current Assets:
Debtors	14	18,722		31,400
Short term deposits		196,408		187,106
Cash at bank and in hand		399,971		587,752
Total current assets		615,101		806,258
Liabilities:
Creditors: Amounts falling due
within one year	15	(90,532)		(99,315)
Net current assets			524,569		706,943
Total net assets			17,484,043		17,514,208
The funds of the charity:
Unrestricted funds
General	16		2,067,604		2,298,259
Revaluation Reserve	16		1,700,000		1,500,000
Designated funds	16		5,156,356		5,156,356
Restricted funds	16		8,560,083		8,559,593
Total funds			17,484,043		17,514,208

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

The financial statements were approved by the board and authorised for issue on …........ and are signed on 7/7/25 its behalf by:

K.R. Parsons

Chairman

The notes on pages 13 to 22 form a part of these financial statements. Company Registration Number: 00397914

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St. George's School (Harpenden) Limited

(by Guarantee) Charity Balance Sheet at 31 March 2025

	Notes	2025	2025	2024	2024
		£	£	£	£
Fixed Assets:
Tangible assets	12		14,071,963		14,071,963
Investments	13		2,887,511		2,735,302
Investments in Subsidiaries	13		2		2
Total fixed assets			16,959,476		16,807,267
Current Assets:
Debtors	14	8,564		10,047
Short term deposits		196,408		187,106
Cash at bank and in hand		320,369		542,444
Total current assets		525,341		739,597
Liabilities:
Creditors: Amounts falling due
within one year	15	(48,238)		(46,981)
Net Current Assets			477,103		692,616
Total net assets			17,436,579		17,499,883
The funds of the charity:
Unrestricted funds
General	16		2,020,140		2,283,934
Revaluation Fund	16		1,700,000		1,500,000
Designated funds	16		5,156,356		5,156,356
Restricted funds	16		8,560,083		8,559,593
Total charity funds			17,436,579		17,499,883

The charity's net deficit was £63,304 (2024: surplus of £69,318)

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

The financial statements were approved by the board and authorised for issue on …........ and are signed on 7/7/25 its behalf by:

K.R. Parsons

Chairman

The notes on pages 13 to 22 form a part of these financial statements.

Company Registration Number: 00397914

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St. George's School (Harpenden) Limited (By Guarantee) Notes to the Accounts For the year ended 31 March 2025

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.

(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% 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.

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St. George's School (Harpenden) Limited

(By Guarantee) Notes to the Accounts

For the year ended 31 March 2025 (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

The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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.

14

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

For the year ended 31 March 2025 (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.

Investment property, which is property held to earn rentals and, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value (iii) are recognised in profit or loss.

(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.

Included within short term investments are short term liquid deposits with a maturity date of more than three months.

(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.

15

St. George's School (Harpenden) Limited

(By Guarantee)

Notes to the Accounts

For the year ended 31 March 2025 (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 are materially correct.

For the impairment review carried out on the freehold property held by Foundation, the trustees have evaluated the property and considered no impairment is needed.

16

St. George's School (Harpenden) Limited

(By Guarantee) Notes to the Accounts

For the year ended 31 March 2025 (Continued)

2 Income from donations and legacies

Donations	2025 Unrestricted Funds £ 8,938 8,938	2024 Unrestricted Funds £ 8,544 8,544

3 Income from charitable activities

Property rental income Income from other trading activities Subsidiary lettings income	2025 Unrestricted Funds £ 43,820 43,820 2025 Unrestricted Funds £ 203,448 203,448	2024 Unrestricted Funds £ 40,820 40,820 2024 Unrestricted Funds £ 154,955 154,955

4 Income from other trading activities

5 Income from investments

Interest received Dividends received Other income Management fees Other Income Expenditure on raising funds Development Office Lettings and rentals	2025 Restricted Funds £ 490 - 490	2025 Unrestricted Funds £ 19,109 50,921 70,030	2025 Total Funds £ 19,599 50,921 70,520 2025 Unrestricted Funds £ 16,250 3,848 20,098 2025 Unrestricted Funds £ 5,145 155,981 161,126	2024 Total Funds £ 34,398 52,285 86,683 2024 Unrestricted Funds £ 15,955 107,869 123,824 2024 Unrestricted Funds £ 4,686 140,629 145,315

6 Other income

7 Expenditure on raising funds

17

St. George's School (Harpenden) Limited

(By Guarantee)

Notes to the Accounts

For the year ended 31 March 2025 (Continued)

8 Expenditure on charitable activities

Donation to St George's Academy	2025 2025 2025 Unrestricted Restricted Total Funds Funds Funds £ £ £ 319,516 - 319,516 319,516 - 319,516	2024 Total Funds £ 251,860 251,860

All donations received in 2024 were unrestricted.

9 Other expenditure

Support costs: Audit and accountancy Other costs Legal and professional	2025 2025 2025 Unrestricted Restricted Total Funds Funds Funds £ £ £ 26,295 - 26,295 22,158 - 22,158 103 - 103 48,556 - 48,556	2024 Total Funds £ 10,000 4,812 5,021 19,833

10 Staff Costs

Staff Costs Wages and salary costs recharged from the school: Sports Centre staff Other	2025 £ 18,474 81,993 100,467	2024 £ 25,566 72,508 98,074

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 (2024: none).

The average number of persons employed by the group during the year was nil (2024: 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:

18

St. George's School (Harpenden) Limited

(By Guarantee)

Notes to the Accounts

For the year ended 31 March 2025 (Continued)

11 Trading Subsidiary (Continued) St George's School (Harpenden) Lettings Limited Turnover Cost of sales Gross profit Administration expenses Operating profit Profit on ordinary activities before taxation Retained profit brought forward Profit on ordinary activities before taxation Distribution Retained profit carried forward 12 Tangible Fixed Assets Freehold Land and Fixtures and Computer Group Fixed Assets Buildings Fittings Equipment £ £ £ Cost At 1 April 2024 and at 31 March 2025 14,071,963 95,011 30,541 Depreciation At 1 April 2024 - 95,011 30,541 Charge for year - - - At 31 March 2025 - 95,011 30,541 Net Book Value At 31 March 2025 14,071,963 - - At 31 March 2024 14,071,963 - - Freehold Land and Fixtures and Computer Charity Fixed Assets Buildings Fittings Equipment £ £ £ Cost At 1 April 2024 and at 31 March 2025 14,071,963 81,376 30,541 Depreciation At 1 April 2024 - 81,376 30,541 Charge for year - - - At 31 March 2025 - 81,376 30,541 Net Book Value At 31 March 2025 14,071,963 - - At 31 March 2024 14,071,963 - - The buildings have been insured on a declared value of £72m.	2025 £ 203,448 (67,072) 136,376 (88,911) 47,465 47,465 14,328 47,465 (14,328) 47,465 Vehicles £ 16,700 16,700 - 16,700 - - Vehicles £ 16,700 16,700 - 16,700 - -	2024 £ 154,955 (63,283) 91,672 (77,344) 14,328 14,328 57,307 14,328 (57,307) 14,328 Total £ 14,214,215 142,252 - 142,252 14,071,963 14,071,963 Total £ 14,200,580 128,617 - 128,617 14,071,963 14,071,963

19

St. George's School (Harpenden) Limited

(By Guarantee) Notes to the Accounts

For the year ended 31 March 2025 (Continued)

13 Investments At 31st March Group 2024 £ Investment Properties 1,500,000 Listed Investments at Market Value COIF - Charities Investment Fund Income Units 454,848 Schroders - Charity Multi Asset Fund 342,210 Mayfair - PITCH Fund 438,244 1,235,302 Market Value of Listed Investments 1,235,302 Cost of Listed 1,116,442 Investments Total market value 2,735,302 Unrestricted Funds - Jarvis Legacy	Additions £ - - - - - - - -	Total gain/(loss) £ 200,000 (21,192) (32,689) 6,090 (47,791) (47,791) - 152,209	Disposal £ - - - - - - - -	At 31st March 2025 £ 1,700,000 433,656 309,521 444,334 1,187,511 1,187,511 1,116,442 2,887,511

Investment property comprises the house used by the Headteacher of the School situated on Sun Lane, Harpenden, The fair value of the investment property has been arrived at on the basis of a valuation carried out by Bradford & Howley Estate agents, who are not connected with the charity. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

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 Debtors Trade debtors Other debtors Other taxes and social security Prepayments and accrued income Amounts falling due within one year:	2025 2024 £ £ 10,158 21,353 - 11 - - 8,564 10,036 18,722 31,400 Consolidated	2025 2024 £ £ - - - 11 - 8,564 10,036 8,564 10,047 Charity

20

St. George's School (Harpenden) Limited

(By Guarantee) Notes to the Accounts

For the year ended 31 March 2025 (Continued)

15	Creditors	Consolidated	Consolidated		Charity	Charity
		2025	2024		2025	2024
	Amounts falling due within one	£	£		£	£
	year:
	Trade creditors	-	4,778		-	4,778
	Accruals and deferred income	89,517	90,653		47,388	41,926
	Other taxes and social security	779	3,349		816	66
	Other creditors	236	535		34	211
		90,532	99,315		48,238	46,981
**15.1 **	Deferred Income Amount brought forward Transferred to income in year Amounts deferred during the year	2025 £ 75,260 (75,260) 60,331	2024 £ 52,882 (52,882) 75,260		2025 £ 31,929 (31,929) -	2024 £ 32,052 (32,052) 31,929
	Balance carried forward	60,331	75,260		-	31,929
16	Funds Net Incoming/ Gains/ At (Outgoing) (Losses) 1 April Resources on Group 2024 for the Year Investments Transfers £ £ £ £ Unrestricted Funds General Fund 2,298,259 (182,864) 152,209 (200,000) Designated Funds Property Fund 5,156,356 - - - Revaluation Reserve 1,500,000 - - 200,000 The deferred income relates to deposits held for rent paid in advance and residential and events income which was billed and received in advance for the following year.					At 31st March 2025 £ 2,067,604 5,156,356 1,700,000 bookings
		8,954,615	(182,864)	152,209	-	8,923,960
	Restricted Funds Grants/donations for capital assets Other donations Maier Bequest and Prize Fund Library Fund	8,497,552 52,141 7,994 1,906	- - 395 95	- - - -	- - - -	8,497,552 52,141 8,389 2,001
		8,559,593	490	-	-	8,560,083
	Total Charity Funds	17,514,208	(182,374)	152,209	-	17,484,043

21

St. George's School (Harpenden) Limited

(By Guarantee) Notes to the Accounts

For the year ended 31 March 2025 (Continued)

16 Funds (Continued)

Charity Unrestricted Funds General Fund Designated Funds Property Fund Revaluation Reserve Restricted Funds Grants/donations for capital assets Other donations Maier Bequest and Prize Fund Library Fund Total Charity Funds	At 1 April 2024 £ 2,283,934 5,156,356 1,500,000 8,940,290 8,497,552 52,141 7,994 1,906 8,559,593 17,499,883	Net Incoming/ (Outgoing) Resources for the Year £ (216,003) - - (216,003) - - 395 95 490 (215,513)	Gains/ (Losses) on Investments £ 152,209 - - 152,209 - - - - 152,209	Transfers £ (200,000) - 200,000 - - - - - - -	At 31st March 2025 £ 2,020,140 5,156,356 1,700,000 8,876,496 8,497,552 52,141 8,389 2,001 8,560,083 17,436,579

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 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.

22

St. George's School (Harpenden) Limited

(By Guarantee) Notes to the Accounts

For the year ended 31 March 2025 (Continued)

17 Analysis of Net Assets between Funds Unrestricted Funds General Fund Designated Funds Property Fund Revaluation Reserve Restricted Funds Grants/donations for capital assets Other donations Maier Bequest and Prize Fund Library Fund Total	Fixed Assets & Investments £ 1,553,425 5,156,356 1,700,000 8,409,781 8,497,552 52,141 - - 8,549,693 16,959,474	Current Assets £ 604,711 - - 604,711 - - 8,389 2,001 10,390 615,101	Liabilities £ (90,532) - - (90,532) - - - - - (90,532)	Total £ 2,067,604 5,156,356 1,700,000 8,923,960 8,497,552 52,141 8,389 2,001 8,560,083 17,484,043

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 did not enter into any transactions with related parties.

19 Financial Commitments

As at 31 March 2025 the group was committed to making the following future minimum lease payments

Within one year Between two and five years In over five years	2025 £ 16,234 56,820 - 73,054	2024 £ 7,326 - - 7,326

20 Capital Commitments

At the year end The Charity has committed to give St George's School Harpenden Academy Trust £20,000 (2024: £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.

23

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 2025

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

Year ended 31st March 2025

	Page
Legal and Administrative Details	1
Trustees' Report	2 - 5
Independent Auditors' Report	6 - 9
Consolidated Statement of Financial Activities	10
Consolidated Balance Sheet	11
Charity Balance Sheet	12
Notes to the Accounts	13 - 23

St. George's School (Harpenden) Limited

(By Guarantee) Report of the Directors For the year ended 31st March 2025

St. George's School (Harpenden) Limited is a Charitable 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 Charitable 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 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 CCLA Investment Mayfair Capital Investment Management Ltd Management Ltd Senator House 55 Wells Street 85 Queen Victoria London, W1T 3PT Street London EC4V 4ET Schroder Unit Trusts Limited PO Box 1102 Chelmsford CM99 2XX

1

St. George's School (Harpenden) Limited (By Guarantee) Report of the Directors For the year ended 31st March 2025

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 2025 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 Charitable Company" means St George's School (Harpenden) Lettings Limited; "Residential Lettings" means St. George's Residential Lettings Limited and the Academy Trust means St. George’s School, Harpenden Academy Trust.

2. Objects, Structure, Governance and Management The Charitable Company was formed in 1945 to take over St. George’s School from private ownership. When the School became an Academy, the Charitable Company was a founding member and its Directors have been involved with the management of the School continuously from 1945 to the present day. Its Memorandum and Articles of Association provide the basis for its governance.

The Charitable Company’s objects are specifically restricted to advance, for the public benefit, education in the United Kingdom, in particular by supporting the maintenance, carrying on, management and development of St George's School, Harpenden Academy Trust, a coeducational school with a non-denominational Christian character offering a broad and balanced curriculum.

The Charitable 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, self-disciplined 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 Charitable 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 Charitable 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 Charitable Company and the Academy. The appointment of Directors is the responsibility of the members of the Charitable Company under its constitution. Under the Academy’s Funding Agreement, the Charitable Company has the right to appoint the majority of Governors of the Academy. All of the Charitable Company’s Directors were previously Governors of the Academy. The Charitable Company’s Board of Directors adopted new technology to allow them to hold virtual board meetings and it is felt that going forward a mix of virtual and face to face meetings will be the norm.

The Charitable Company owns The Lettings Charitable Company and day to day management of lettings are undertaken by the Academy’s Finance Office, the Director of Lettings and the Site Management team. The Academy’s Finance Office team provide management support to the Charitable Company’s 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 2025

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 Charitable 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 as in the School’s boarding admission criteria. In the past, several children 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 of the Charities Act 2006 to have due regard to the Charity Commission’s' published general and relevant sub-sector guidance concerning the operation of the public benefit requirement under that Act.

4. Objectives and Activities 2024/2025

The Charitable 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 Charitable Company continued to support the School with pledges of funds towards the Window replacement. Because the Schools Capital Projects bid was not successful the pledges were not called on during the year under review. However, post the year end the School heard that its bid has been accepted and that funding will be made available.

Following a large programme of repairs and renovations undertaken to the Charitable Company’s Sun Lane 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 on the 1[st] May 2024. That work was largely completed in November 2024.

The Charitable Company’s lettings of its sports facilities and other accommodation in the School returned to a healthy state. As a result, income continued to increase. The Charitable Company further increased its revenue from lettings.

3

St. George's School (Harpenden) Limited (By Guarantee) Report of the Directors For the year ended 31st March 2025

2025/2026

The Charitable Company will continue to support the School as it recovers its ability to support capital build projects. The Charitable 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 going to happen because of the receipt of public funding.

The Charitable Company will finish off the last parts of 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.

Having shared some informal meetings with the Governing Body of St. George’s School, Harpenden in 2024/2025 The Charitable Company will expand its relationship with the Academy, to actively work with the Governors in utilising the Charitable Company’s resources for the greatest benefit to the Academy.

5. Achievements and performance

The Charitable 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 Charitable Company for the furtherance of the School's activities.

The Charitable Company's main activities are property rental and fundraising. In addition, lettings provide income in the trading Charitable Company, St George's School (Harpenden) Lettings Ltd, which is wholly owned by the Charitable Company and whose profits are gifted to the Charitable Company at the year end. Most of the rental income in 2024/2025 related only to Musicale's rental of Homecroft.

Lettings income comes from a wide range of activities in which third parties use the Charitable Company's facilities at the School site. Following the end of the Coronavirus pandemic the Directors are pleased to report that uses of the Charitable Company’s facilities have picked up and are now back to pre-pandemic levels.

Staff housing is provided by the Charitable 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 deficit of £30,165 for the year (2024: £26,337 surplus). There was a deficit from operations of £182,374 but this was offset by a fair value uplift of the value of investments by £200,000 reduced the yearly deficit considerably. The Directors were able to donate to the Academy £319,516 (2024: £251,860). The Directors are satisfied with the current and ongoing financial position of the Charitable Company. The Directors are satisfied with the strength of the Charitable Company’s balance sheet and that it is sufficiently robust for the ongoing objectives of the Charitable Company.

7. Risk Assessment

The Directors formal risk management process to assess and manage the business risks and comply with the recommendations of the Charity Commission has bedded in this year. The risks affecting the Charitable Company are largely to do with its trading activities and asset management. 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 Charitable Company whose risks are broadly the same and are mitigated by insurance and

4

St. George's School (Harpenden) Limited (By Guarantee) Report of the Directors For the year ended 31st March 2025

contractual conditions. In both entities the risks are reviewed every year and this year there were no changes that the Directors felt need to be made to its risk management manual.

8. Reserves Policy

As of 31 March 2025, total funds were £17,484,043. Of this amount £8,923,960 were unrestricted funds and £8,560,083 were restricted funds.

The aim of the Directors is to maintain Charitable Company reserves at a level that would cover any unforeseen circumstances that would be the liability of the Charitable Company. For 2025/26 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 policy of realising gains in the value of its investments when they are significant has not been operating in the turbulent economy that we witnessed in the last trading year however the income from our investments has held up quite well. 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 on the Charitable Company’s investments.

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).

Charitable 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;

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 K. R. Parsons Koh—s Chairman

Date: 7th July 2025

5

Independent Auditors' Report to the Members of St. George's School (Harpenden) Limited for the year ended 31 March 2025

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 2025 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 applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements

• give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 March 2025 and of the group’s incoming resources and application of resources, including its income 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 applicable law. Our responsibilities under those standards are further described in the Auditor’s 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 statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and parent charitable 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 statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent 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.

We have nothing to report in this regard.

6

Independent Auditors' Report to the Members of St. George's School (Harpenden) Limited for the year ended 31 March 2025

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• trustees’ annual report have been prepared in accordance with applicable legal requirements.

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 trustees’ annual report.

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

• the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; 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 companies regime and take advantage of the small companies exemption in preparing the Trustees’ Annual Report and from preparing a strategic report.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 2, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to 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.

Auditor’s Responsibilities for the audit of the financial statements

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 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 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.

7

Independent Auditors' Report to the Members of St. George's School (Harpenden) Limited for the year ended 31 March 2025

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 effectiveness of the group and parent charitable company’s internal control.

• 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

8

Independent Auditors' Report to the Members of St. George's School (Harpenden) Limited for the year ended 31 March 2025

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

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and, in respect of the consolidated financial statements, to the charity’s trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to 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.

Shivani Kothari

For and on behalf of Moore Kingston Smith LLP

Chartered Accountants

9 Appold Street London EC2A 2AP

Date: 13 August 2025

9

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

(Incorporating the Summary Income and Expenditure Account) For the year ended 31 March 2025

Note Income and endowments from: Donations and legacies 2 Charitable activities 3 Other trading activities 4 Investments 5 Other 6 Total Expenditure on: Raising funds 7 Charitable activities 8 Other 9 Total Unrealised Gains/(losses) on investments 13 Gains/(losses) on fairvalue uplift 13 Net Income/(Expenditure) Transfers between funds Net Movement in Funds Reconciliation of funds: Total funds brought forward Total funds carried forward 16 Net Income/(Expenditure) before gains/(losses)	Total Unrestricted Restricted Funds Funds Funds 2025 £ £ £ 8,938 - 8,938 43,820 43,820 203,448 - 203,448 70,030 490 70,520 20,098 - 20,098 346,334 490 346,824 161,126 - 161,126 319,516 - 319,516 48,556 - 48,556 529,198 - 529,198 (182,864) 490 (182,374) (47,791) - (47,791) 200,000 - 200,000 (30,655) 490 (30,165) - - - (30,655) 490 (30,165) 8,954,615 8,559,593 17,514,208 8,923,960 8,560,083 17,484,043	Total Funds 2024 £ 8,544 40,820 154,955 86,683 123,824 414,826 145,315 251,860 19,833 417,008 (2,182) 28,519 - 26,337 - 26,337 17,487,871 17,514,208

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 13 to 22 form a part of these financial statements.

10

St. George's School (Harpenden) Limited

(By Guarantee)

Consolidated Balance Sheet at 31 March 2025

	Notes	2025	2025	2024	2024
		£	£	£	£
Fixed Assets:
Tangible assets	12		14,071,963		14,071,963
Investments	13		2,887,511		2,735,302
Total fixed assets			16,959,474		16,807,265
Current Assets:
Debtors	14	18,722		31,400
Short term deposits		196,408		187,106
Cash at bank and in hand		399,971		587,752
Total current assets		615,101		806,258
Liabilities:
Creditors: Amounts falling due
within one year	15	(90,532)		(99,315)
Net current assets			524,569		706,943
Total net assets			17,484,043		17,514,208
The funds of the charity:
Unrestricted funds
General	16		2,067,604		2,298,259
Revaluation Reserve	16		1,700,000		1,500,000
Designated funds	16		5,156,356		5,156,356
Restricted funds	16		8,560,083		8,559,593
Total funds			17,484,043		17,514,208

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

The financial statements were approved by the board and authorised for issue on …........ and are signed on 7/7/25 its behalf by:

K.R. Parsons

Chairman

The notes on pages 13 to 22 form a part of these financial statements. Company Registration Number: 00397914

11

St. George's School (Harpenden) Limited

(by Guarantee) Charity Balance Sheet at 31 March 2025

	Notes	2025	2025	2024	2024
		£	£	£	£
Fixed Assets:
Tangible assets	12		14,071,963		14,071,963
Investments	13		2,887,511		2,735,302
Investments in Subsidiaries	13		2		2
Total fixed assets			16,959,476		16,807,267
Current Assets:
Debtors	14	8,564		10,047
Short term deposits		196,408		187,106
Cash at bank and in hand		320,369		542,444
Total current assets		525,341		739,597
Liabilities:
Creditors: Amounts falling due
within one year	15	(48,238)		(46,981)
Net Current Assets			477,103		692,616
Total net assets			17,436,579		17,499,883
The funds of the charity:
Unrestricted funds
General	16		2,020,140		2,283,934
Revaluation Fund	16		1,700,000		1,500,000
Designated funds	16		5,156,356		5,156,356
Restricted funds	16		8,560,083		8,559,593
Total charity funds			17,436,579		17,499,883

The charity's net deficit was £63,304 (2024: surplus of £69,318)

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

The financial statements were approved by the board and authorised for issue on …........ and are signed on 7/7/25 its behalf by:

K.R. Parsons

Chairman

The notes on pages 13 to 22 form a part of these financial statements.

Company Registration Number: 00397914

12

St. George's School (Harpenden) Limited (By Guarantee) Notes to the Accounts For the year ended 31 March 2025

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.

(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% 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.

13

St. George's School (Harpenden) Limited

(By Guarantee) Notes to the Accounts

For the year ended 31 March 2025 (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

The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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.

14

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

For the year ended 31 March 2025 (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.

Investment property, which is property held to earn rentals and, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value (iii) are recognised in profit or loss.

(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.

Included within short term investments are short term liquid deposits with a maturity date of more than three months.

(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.

15

St. George's School (Harpenden) Limited

(By Guarantee)

Notes to the Accounts

For the year ended 31 March 2025 (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 are materially correct.

For the impairment review carried out on the freehold property held by Foundation, the trustees have evaluated the property and considered no impairment is needed.

16

St. George's School (Harpenden) Limited

(By Guarantee) Notes to the Accounts

For the year ended 31 March 2025 (Continued)

2 Income from donations and legacies

Donations	2025 Unrestricted Funds £ 8,938 8,938	2024 Unrestricted Funds £ 8,544 8,544

3 Income from charitable activities

Property rental income Income from other trading activities Subsidiary lettings income	2025 Unrestricted Funds £ 43,820 43,820 2025 Unrestricted Funds £ 203,448 203,448	2024 Unrestricted Funds £ 40,820 40,820 2024 Unrestricted Funds £ 154,955 154,955

4 Income from other trading activities

5 Income from investments

Interest received Dividends received Other income Management fees Other Income Expenditure on raising funds Development Office Lettings and rentals	2025 Restricted Funds £ 490 - 490	2025 Unrestricted Funds £ 19,109 50,921 70,030	2025 Total Funds £ 19,599 50,921 70,520 2025 Unrestricted Funds £ 16,250 3,848 20,098 2025 Unrestricted Funds £ 5,145 155,981 161,126	2024 Total Funds £ 34,398 52,285 86,683 2024 Unrestricted Funds £ 15,955 107,869 123,824 2024 Unrestricted Funds £ 4,686 140,629 145,315

6 Other income

7 Expenditure on raising funds

17

St. George's School (Harpenden) Limited

(By Guarantee)

Notes to the Accounts

For the year ended 31 March 2025 (Continued)

8 Expenditure on charitable activities

Donation to St George's Academy	2025 2025 2025 Unrestricted Restricted Total Funds Funds Funds £ £ £ 319,516 - 319,516 319,516 - 319,516	2024 Total Funds £ 251,860 251,860

All donations received in 2024 were unrestricted.

9 Other expenditure

Support costs: Audit and accountancy Other costs Legal and professional	2025 2025 2025 Unrestricted Restricted Total Funds Funds Funds £ £ £ 26,295 - 26,295 22,158 - 22,158 103 - 103 48,556 - 48,556	2024 Total Funds £ 10,000 4,812 5,021 19,833

10 Staff Costs

Staff Costs Wages and salary costs recharged from the school: Sports Centre staff Other	2025 £ 18,474 81,993 100,467	2024 £ 25,566 72,508 98,074

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 (2024: none).

The average number of persons employed by the group during the year was nil (2024: 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:

18

St. George's School (Harpenden) Limited

(By Guarantee)

Notes to the Accounts

For the year ended 31 March 2025 (Continued)

11 Trading Subsidiary (Continued) St George's School (Harpenden) Lettings Limited Turnover Cost of sales Gross profit Administration expenses Operating profit Profit on ordinary activities before taxation Retained profit brought forward Profit on ordinary activities before taxation Distribution Retained profit carried forward 12 Tangible Fixed Assets Freehold Land and Fixtures and Computer Group Fixed Assets Buildings Fittings Equipment £ £ £ Cost At 1 April 2024 and at 31 March 2025 14,071,963 95,011 30,541 Depreciation At 1 April 2024 - 95,011 30,541 Charge for year - - - At 31 March 2025 - 95,011 30,541 Net Book Value At 31 March 2025 14,071,963 - - At 31 March 2024 14,071,963 - - Freehold Land and Fixtures and Computer Charity Fixed Assets Buildings Fittings Equipment £ £ £ Cost At 1 April 2024 and at 31 March 2025 14,071,963 81,376 30,541 Depreciation At 1 April 2024 - 81,376 30,541 Charge for year - - - At 31 March 2025 - 81,376 30,541 Net Book Value At 31 March 2025 14,071,963 - - At 31 March 2024 14,071,963 - - The buildings have been insured on a declared value of £72m.	2025 £ 203,448 (67,072) 136,376 (88,911) 47,465 47,465 14,328 47,465 (14,328) 47,465 Vehicles £ 16,700 16,700 - 16,700 - - Vehicles £ 16,700 16,700 - 16,700 - -	2024 £ 154,955 (63,283) 91,672 (77,344) 14,328 14,328 57,307 14,328 (57,307) 14,328 Total £ 14,214,215 142,252 - 142,252 14,071,963 14,071,963 Total £ 14,200,580 128,617 - 128,617 14,071,963 14,071,963

19

St. George's School (Harpenden) Limited

(By Guarantee) Notes to the Accounts

For the year ended 31 March 2025 (Continued)

13 Investments At 31st March Group 2024 £ Investment Properties 1,500,000 Listed Investments at Market Value COIF - Charities Investment Fund Income Units 454,848 Schroders - Charity Multi Asset Fund 342,210 Mayfair - PITCH Fund 438,244 1,235,302 Market Value of Listed Investments 1,235,302 Cost of Listed 1,116,442 Investments Total market value 2,735,302 Unrestricted Funds - Jarvis Legacy	Additions £ - - - - - - - -	Total gain/(loss) £ 200,000 (21,192) (32,689) 6,090 (47,791) (47,791) - 152,209	Disposal £ - - - - - - - -	At 31st March 2025 £ 1,700,000 433,656 309,521 444,334 1,187,511 1,187,511 1,116,442 2,887,511

Investment property comprises the house used by the Headteacher of the School situated on Sun Lane, Harpenden, The fair value of the investment property has been arrived at on the basis of a valuation carried out by Bradford & Howley Estate agents, who are not connected with the charity. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

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 Debtors Trade debtors Other debtors Other taxes and social security Prepayments and accrued income Amounts falling due within one year:	2025 2024 £ £ 10,158 21,353 - 11 - - 8,564 10,036 18,722 31,400 Consolidated	2025 2024 £ £ - - - 11 - 8,564 10,036 8,564 10,047 Charity

20

St. George's School (Harpenden) Limited

(By Guarantee) Notes to the Accounts

For the year ended 31 March 2025 (Continued)

15	Creditors	Consolidated	Consolidated		Charity	Charity
		2025	2024		2025	2024
	Amounts falling due within one	£	£		£	£
	year:
	Trade creditors	-	4,778		-	4,778
	Accruals and deferred income	89,517	90,653		47,388	41,926
	Other taxes and social security	779	3,349		816	66
	Other creditors	236	535		34	211
		90,532	99,315		48,238	46,981
**15.1 **	Deferred Income Amount brought forward Transferred to income in year Amounts deferred during the year	2025 £ 75,260 (75,260) 60,331	2024 £ 52,882 (52,882) 75,260		2025 £ 31,929 (31,929) -	2024 £ 32,052 (32,052) 31,929
	Balance carried forward	60,331	75,260		-	31,929
16	Funds Net Incoming/ Gains/ At (Outgoing) (Losses) 1 April Resources on Group 2024 for the Year Investments Transfers £ £ £ £ Unrestricted Funds General Fund 2,298,259 (182,864) 152,209 (200,000) Designated Funds Property Fund 5,156,356 - - - Revaluation Reserve 1,500,000 - - 200,000 The deferred income relates to deposits held for rent paid in advance and residential and events income which was billed and received in advance for the following year.					At 31st March 2025 £ 2,067,604 5,156,356 1,700,000 bookings
		8,954,615	(182,864)	152,209	-	8,923,960
	Restricted Funds Grants/donations for capital assets Other donations Maier Bequest and Prize Fund Library Fund	8,497,552 52,141 7,994 1,906	- - 395 95	- - - -	- - - -	8,497,552 52,141 8,389 2,001
		8,559,593	490	-	-	8,560,083
	Total Charity Funds	17,514,208	(182,374)	152,209	-	17,484,043

21

St. George's School (Harpenden) Limited

(By Guarantee) Notes to the Accounts

For the year ended 31 March 2025 (Continued)

16 Funds (Continued)

Charity Unrestricted Funds General Fund Designated Funds Property Fund Revaluation Reserve Restricted Funds Grants/donations for capital assets Other donations Maier Bequest and Prize Fund Library Fund Total Charity Funds	At 1 April 2024 £ 2,283,934 5,156,356 1,500,000 8,940,290 8,497,552 52,141 7,994 1,906 8,559,593 17,499,883	Net Incoming/ (Outgoing) Resources for the Year £ (216,003) - - (216,003) - - 395 95 490 (215,513)	Gains/ (Losses) on Investments £ 152,209 - - 152,209 - - - - 152,209	Transfers £ (200,000) - 200,000 - - - - - - -	At 31st March 2025 £ 2,020,140 5,156,356 1,700,000 8,876,496 8,497,552 52,141 8,389 2,001 8,560,083 17,436,579

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 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.

22

St. George's School (Harpenden) Limited

(By Guarantee) Notes to the Accounts

For the year ended 31 March 2025 (Continued)

17 Analysis of Net Assets between Funds Unrestricted Funds General Fund Designated Funds Property Fund Revaluation Reserve Restricted Funds Grants/donations for capital assets Other donations Maier Bequest and Prize Fund Library Fund Total	Fixed Assets & Investments £ 1,553,425 5,156,356 1,700,000 8,409,781 8,497,552 52,141 - - 8,549,693 16,959,474	Current Assets £ 604,711 - - 604,711 - - 8,389 2,001 10,390 615,101	Liabilities £ (90,532) - - (90,532) - - - - - (90,532)	Total £ 2,067,604 5,156,356 1,700,000 8,923,960 8,497,552 52,141 8,389 2,001 8,560,083 17,484,043

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 did not enter into any transactions with related parties.

19 Financial Commitments

As at 31 March 2025 the group was committed to making the following future minimum lease payments

Within one year Between two and five years In over five years	2025 £ 16,234 56,820 - 73,054	2024 £ 7,326 - - 7,326

20 Capital Commitments

At the year end The Charity has committed to give St George's School Harpenden Academy Trust £20,000 (2024: £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.

23

St George’s School (Harpenden) Limited and 100! (Harpenden) Limited and St George’s School (Harpenden) Lettings 1001 (Harpenden) Lettings Limited.

Post-Audit Management Report nt Report Year Ended 31 March 2025 2025

Post-Audit Management Report – St George’s School (Harpenden) Limited and St George’s School (Harpenden) Lettings Limited.

We have completed the audit of St George’s School (Harpenden) Limited and St George’s School (Harpenden) Lettings Limited for the year ended 31 March 2025 and we expect to issue an unqualified audit opinion.

This report covers the findings from our audit, the scope of which was yur audit, the scope of which was communicated to you prior to commencing the work. It includes some incing the work. It includes some recommendations for improving the accounting and internal control systems iccounting and internal control systems as well as highlighting some future developments that may be of interest to avelopmentsthat may be of interest to the board.

We hope that the recommendations are practical and are able to be are practical and are able to be implemented. We would be grateful if you could discuss the points as a board f you could discuss the points as a board and will welcome a written response. Please extend our thanks to team for all Please extend our thanks to team for all their help with the audit. If you have any concerns or questions arising from this report, please contact s arising from this report, please contact Anjali Kothari or Ellie Mackereth.

Yours faithfully,

…………………………………………………

Moore Kingston Smith LLP

…………………………………………………

Date

2

Contents

Audit Approach	4
Significant findings from the Audit	7
Operation of the Accounting and Internal Control Systems	8
Corrected Misstatements and Reclassifications	12
Uncorrected Immaterial Misstatements and Reclassifications	13
Sector updates	14
Other matters	26

This report has been prepared for the sole use of the board/audit committee of St George’s School (Harpenden) Limited and St George’s School (Harpenden) Lettings Limited and must not be shown to any third parties without our prior consent. No responsibility is accepted by Moore Kingston Smith LLP towards any third party acting or refraining from action as a result of this report.

3

Audit Approach - Risks

As outlined in our audit scoping report dated 23 April 2025, our audit approach is based on an assessment of the audit risk relevant to the individual financial statement areas. Areas of risk are categorised according to their susceptibility to material misstatement, whether through complexity of transactions or accounting treatment. For each area we calculated a level of testing and review sufficient to give comfort that the financial statements are free from material misstatement.

The following table lists any risks identified at the planning stage and during the course of the audit, our approach to mitigate the risk and our conclusions from completing this work.

4

Audit approach – Risks (continued)

Risk	Audit Approach	Conclusion
Revenue/recognition	We will determine the nature of all revenue	From our testing, we have obtained reasonable
	streams and consider the correct revenue	assurance that revenue is not materially
There is a risk that income may not be included	recognition point and determine whether cut off	misstated.
correctly as some elements or sources of	has been treated correctly.
income may not be recognised in the correct
period.
Management/override	We will test journals and miscellaneous	From our testing, we have obtained reasonable
	payments to identify entries which are out of the	assurance that management override has not
There is a risk the management will override	norm. We will also hold discussions with	caused a material misstatement to the
the internal controls and raise payments or	management and directors.	accounts.
journals that are out of the ordinary.
Going concern	We will review forecasts and budgets prepared	From the work carried out, we have obtained
	and assess the assumptions used to prepare	reasonable assurance that the charity will
There is a risk that charity’s and group’s	the documents. We will obtain letters of	continue operating for at least the next 12
activities might be negatively impacted by the	representation	months.

Going concern There is a risk that charity’s and group’s activities might be negatively impacted by the current economic factors (rising inflation and interest rates, cost of living crisis)

5

Audit approach – Risks (continued)

Risk Audit Approach Conclusion Investment property valuation We will review the property valuations, both During our testing, a journal was raised to external and internal and assess the account for the uplift in the value of the There is a risk that investment property will not assumptions used. investment property per the valuation provided. be valued correctly at the year-end end as no full professional valuation will have occurred. There is also uncertainty over the valuations given current economic climate. Land and buildings impairment We will review Board’s assessment of the From our testing, we have obtained reasonable impairment and assumptions used. assurance that the value of land and buildings There is a risk that school’s land and buildings We will review the level of capital and in the accounts are materially correct. might be impaired maintenance spent relating to the property

6

Significant findings from the audit

We are required under International Standards on Auditing to request you to correct all misstatements identified during our audit, with the exception of those that are clearly trivial.

contents of this section of our report and any items disclosed in this report should not therefore be taken as a comprehensive list of such weaknesses.

Management Representation Letter

Corrected material misstatements and reclassifications

Included on page 12 are the corrected material misstatements identified during the course of our audit work which have been discussed and agreed with you.

A draft of our proposed management representation letter has been sent to you under separate cover. All of the matters included in this letter on which we seek the Directors’ formal confirmation are in respect of routine matters except the following:

Uncorrected immaterial misstatements and reclassifications

Included on page 13 are the uncorrected misstatements or reclassifications that are not trivial and are not material, both in isolation and in aggregate, which we identified during the audit work and which you do not propose to adjust in the financial statements.

Observations concerning the operation of the accounting and control systems

We detail in the next section other matters concerning the operation of the accounting and control systems that we consider should be brought to your attention. The observations have been ranked in order of potential risk to the business. Significant internal control issues; which we believe need immediate attention are denoted using a red flag. We have also included an assessment of the extent to which our previous recommendations have been implemented.

We look forward to receiving your responses on the points raised.

Due to the nature of an audit, we may not have identified all weaknesses within the accounting and internal control systems which may exist, and the

7

Operating of the accounting and internal control systems

We are required to report to you in writing ~~,~~ significant deficiencies in the internal control environment that we have identified during the course of our audit. These matters are limited to those which we have concluded are of sufficient importance to be reported to you. Our audit cannot necessarily be expected to disclose all matters that may be of interest to you and, as a result, the matters reported may not be the only ones which exist. As part of our work, we considered internal controls relevant to the preparation of the financial statements such that we were able to design appropriate audit procedures. This work was not for the purpose of expressing an opinion on the effectiveness of internal control.

We have categorised the internal deficiencies noted via a colour-scale rating system. The key to which follows:

We consider this to be of critical importance and would recommend that it is addressed as a matter of urgent priority

The control should be strengthened to enhance operational efficiency but we do not consider this to be an urgent priority

This is provided for either information only or we do not consider there to be a risk of material loss

8

Operating of the accounting and internal control system – Prior year observations

VAT

No VAT is currently being charged on the academy management fee from the Foundation. This was due to a manual override by an employee, which resulted in an underreporting of VAT due to HMRC. This issue was only identified during the audit, indicating a weakness in the VAT control environment.

We recommend strengthening controls around VAT processing, particularly by restricting the ability to override systemgenerated VAT treatments. Management should also contact HMRC to correct any affected VAT returns, either directly or through the MKS VAT team. The corresponding entries on the academy side should also be reviewed and corrected to ensure consistency.

Management has acknowledged the issue and confirmed that the correction process is currently underway.

Bank mandate

The bank mandate still includes Roger Usher and Penny Carey as authorised signatories, despite their departure. This presents a risk of unauthorised access to funds, and potentially increases the risk of fraud or misappropriation.

We recommend that the bank mandate be reviewed and updated promptly whenever a signatory leaves the organisation to ensure only current, authorised personnel have access.

Management has confirmed that the bank mandate is currently being updated.

Income recognition

Lettings income is currently being recognised at the point of booking through the online system, rather than over the period the units are occupied. As a result, income includes amounts that should have been deferred to the following financial year.

We recommend reviewing income recognition around the year-end to ensure that revenue is recorded in the correct accounting period, in line with the correct accounting policy.

This issue has been acknowledged and has been attributed to the implementation of the new Bookteq system. A revised approach has now been established to ensure correct treatment going forward.

9

Operating of the accounting and internal control system – Prior year observations

Bank audit letter

The Chapel bank account is listed on the bank audit letter but is not reflected in the trial balance. This inconsistency suggests that the account is either incorrectly listed on the bank audit letter or is being omitted from accounting system.

We recommend reviewing the treatment of the Chapel bank account and either removing it from the bank letter or including it in the trial balance, depending on its appropriate classification. This will help ensure consistency between the bank and the financial records.

The Chapel remains a central part of the school community, with donations collected during services used for chapelrelated expenses. As these funds are not part of the academy’s operations, they should be accounted for within the Foundation’s records. Management agrees that the account should be included in the financial statements and will establish a dedicated nominal code to ensure proper recording going forward

Declaration of interests

Annual declarations of interest have not been updated for all trustees. This increases the risk that related party transactions may be omitted from the financial statements, either inadvertently or due to lack of oversight. This could lead to incomplete disclosure of related party transactions, potentially impacting transparency and regulatory compliance.

We recommend that declarations of interest be reviewed and updated annually for all trustees. These should be cross-referenced Management has confirmed that Tim, the with publicly available information, such as new COO, is currently in the process of Companies House and the Charity updating the declarations. Commission, to ensure completeness and accuracy.

10

Operating of the accounting and internal control system – Prior year observations

Prior year observation		Recommendation	Response	Follow-up
Fixed assets 1. Fixed assets register is not maintained. There is a risk that financial statements are inaccurate. There is also a risk that company does not maintain correct accounting records.	1.	Produce and update a fixed asset register, ensuring that assets are included at cost and depreciation is shown if necessary. Include the dates of acquisition. Update schedule for any future assets	1. A fixed asset register is currently being produced and will be finalised by the end of the current financial year 2024-25. 2. The Foundation Company had	1. Fixed asset register does not breakdown information, cost or depreciation values for assets held at nil net book value. Going forward a new FAR is kept.CLEARED.
2. The Board prepares Buildings Project Report and discusses on a regular basis. However there is no assessment made to ensure that current amounts shown in the financial statements are still correct.		acquired. 2. We recommend that a valuation is sought on a regular basis.	arranged for a valuation report for insurance purposes, to be completed by an external organisation in January 2024. A re- valuation will be completed every 3 years.	2. We would recommend an internal review is also completed annually to assess whether trustees believe an impairment is needed, this should be written so we can review the assumptions
				used.
Management fees
There is no documentation for the increase of management fees charged each year. The lack of supporting documentation for the fees charged each year adds complications to testing a high risk area.	Document the management fee charge (e.g. invoice, correspondence) to support the amount which is included in income.		The fixed annual fee will be discussed and agreed by the Foundation Directors at the Spring term meeting. The amount of the Management Fee will be documented.	This is now discussed and documented within board meetings CLEARED

The lack of supporting documentation for the fees charged each year adds complications to testing a high risk area.

VAT

It has been noted that there is a debit balance of £823 that relates to input VAT that should have reclaimed in Q2 2022/23.

We had identified this issue after No issue was noted this year for the last audit adjustments were reclaiming VAT, however issue Ensure that all purchases/ sales received. This was caused by a around control of VAT has been with VAT are reflected within the system error that staff were included in the current year VAT returns. unaware of. The correction will observations. be made for the Q2 VAT return in 24-25.

11

Corrected misstatements and reclassifications

Description	Balance sheet	Balance sheet	SOFA	SOFA	Effect on Net Surplus
	Dr	Cr	Dr	Cr	(Dr)/Cr
Investments		47,791
Unrealised gains/losses on investments			47,791		(47,791)
Being the revaluation of investments during the year
Investment properties	200,000
Gain on revaluation of investment property				200,000	200,000
Being the revaluation of the investment property during the year
Total effect on net profit as a result of corrected misstatements					152,209

12

Uncorrected misstatements and reclassifications

Description	Balance sheet	Balance sheet	SOFA	SOFA	Effect on Net Surplus
	Dr	Cr	Dr	Cr	(Dr)/Cr
Trade creditor		63,903
VAT liability	63,903
Being the missing VAT charged on the contributions to the academy
Total effect on net profit as a result of uncorrected misstatements					-

13

Other matters

Engagement & Independence

Our engagement objective was the audit of St George’s School (Harpenden) Limited and St George’s School (Harpenden) Lettings Limited.

We have implemented policies and procedures to meet the requirements of the Financial Reporting Council’s (FRC) Ethical Standards. To this end we considered our independence and objectivity in respect of the audit for the period under review before commencing planning our audit and communicated with you on these matters in our audit scoping report.

Matters specifically required by other Auditing Standards to be communicated to those charged with governance

Other than as already explained in our Engagement Letter, Audit Scoping Report and this Post-Audit Management Report, there are no other specific matters to communicate as a result of our audit of the financial statements under review.

No other matters have come to our attention during the audit which we are required to communicate to you and the safeguards adopted were as described in our audit scoping report.

Qualitative aspects of accounting practices, accounting policies and financial reporting

Based on our audit work performed, we believe that the Strategic Report, Directors’ Report and financial statements for the period under review comply with United Kingdom Accounting Standards and the Companies Act 2006.

During the course of our audit of the financial statements for the period under review, we did not identify any inappropriate accounting policies or practices.

14

Sector Updates

Fraud in the Charity Sector

According to the latest BDO Charity Fraud Report, the level of financial fraud at charities is up 42% with almost half of all frauds being committed by staff members, volunteers or trustees. 84% of these resulted in a financial loss to the charity.

Action Fraud’s 2023 report detailed how fraudsters diverted more than £2.7m from charities, with 501 separate charity fraud crimes being reported during the year to 31 October 2023. Whilst these figures remained broadly in line with the year before, this is clearly an issue that cannot be ignored.

Detecting fraud is considered very challenging but with the introduction of the Economic Crime and Corporate Transparency Act it is becoming even more important that Charites have robust systems, procedures and controls in place to demonstrate they have done their level best to mitigate against this risk.

The Charity Commission published bespoke guidance on how trustees can protect their charity from cyber crime and a separate, shorter, guide on fraud . Both of these reports can be access here:

Protect your charity from cyber crime - GOV.UK and Protect your charity from fraud - GOV.UK

The Commission’s guidance makes clear that cyber fraud, particularly phishing attacks, pose a significant threat to charities that handle financial and personal data. The Commission’s own casework has identified phishing as the most common form of cyber-enabled fraud experienced by charities. Both guides stress the significance of reporting all instances of attempted fraud, even unsuccessful ones, to Action Fraud.

According to the BDO report, Charities that experienced losses of £10,000 or more, in 2023, doubled according to 43% of charities. Respondents who lost between £100,000 and £1m accounted for 12% of these, with 2% reporting over £1m lost due to fraud.

The most common fraud, according to the report, was the misappropriation of cash or assets with 42% of charities suffering from theft, followed by expense and subsistence fraud at 35%.

Alongside our own Moore Kingston Smith specialists in this area, the sector has developed a suite of tools, guides and blogs which are worth a visit. The Charity Commission, with the Fraud Advisory Panel, also run a campaign called Charity Fraud Awareness Week. All are designed to ensure you are aware of the vulnerabilities that exist and provide help.

Since Covid, working practices have changed significantly and teams were once working together, remote/isolated working has become commonplace. As a result, there is far less checking of one’s peers and failings in process can go undetected. This is not to say that fraudulent activity is predominantly taking place within an organisation but the improvements in cyber security and the level of diligence being placed on external attacks has made catching externally perpetrated fraud that much easier to spot.

A long-standing employee isn’t always someone who is loyal to the charity. By the same token, are newer employees empowered sufficiently to feel they can come forward with a concern.

15

Sector Updates

Management, and Trustees, should take a hard look at the organisation and determine where they feel vulnerabilities lie. Once found, processes and controls should be put in place, or enhanced as necessary, to hopefully prevent mis-use of the trust’s assets.

Some of the prevalent current frauds and potential controls to protect your charity from these, include:

“Supplier mandate fraud”

Contact is made from a “supplier” employee who is noting (either by phone or official headed notepaper) a change of bank details. The bank details are fraudulent.

Control to mitigate the risk – review and approval of all standing data supplier changes and calls to confirm BEFORE updates processed.

“Batch supplier duplication”

An example of an internal fraud – the details of a supplier are duplicated onto the system and the duplicate given the fraudulent parties bank details. “Real invoices” are paid twice, hidden in the batch run, once real and once fraudulent.

Controls to mitigate the risk – Approval of new suppliers and monthly management accounts reviews. The additional payment debit will need to be either to a balance sheet code or will be seen through an inflated expense code on the SOFA.

fraudulent bank details), enrols ghost employees for payment or processes fake invoices through “busy” nominal codes such as temp staff costs.

Controls to mitigate the risk - This fraud is almost always discovered through a review of management accounts vs budgets. Preventive controls would include approval of staff detail changes and “lock down” on leavers details in a timely fashion.

“Email takeover”

An internet-based fraud that is expanding rapidly (and becoming more sophisticated). The finance team receive an email “from” the FD/CEO usually late afternoon, indicating they have forgotten to pay a key supplier and it should be paid immediately.

The email is fraudulent and so are the bank details given.

Controls to mitigate the risk – Communication by phone or face to face to confirm details. Do not allow payments to supplier details that do not match those saved on the standing data.

However, not all vulnerabilities can be seen by those charged with governance and so it becomes necessary to seek external opinion, to regularly undertake training, to randomly check on how people respond to emails, etc.

Here at MKS we have specialists that can assist in determining vulnerabilities and can advise on how to plug the gaps. If this is a concern for you, please do reach out to your MKS client contact for further assistance.

“Fraudulent staff/temp staff costs”

The fraudulent party continues to pay staff after they have left (using updated

16

Sector Updates

Additional information can also be found at the following:

The Fraud Advisory Panel (a registered charity and independent voice of the anti-fraud community) - https://www.fraudadvisorypanel.org/

10 questions every Trustee should ask about Fraud and suggested policies - https://www.gov.uk/guidance/protect-your-charity-from-fraud

• The National Cyber Security Centre - https://www.ncsc.gov.uk/news/advice thwart-devastating-cyber-attacks-small-charities

Action Fraud for reporting - https://www.actionfraud.police.uk/

• BDO Prevent Charity Fraud report: Home Page Prevent Charity Fraud

17

Sector Updates

The Economic Crime and Corporate Transparency Act 2023 (ECCT Act) – Failure to prevent fraud

One of the key changes being brought about by the ECCT Act is the new criminal offence of failure to prevent fraud.

Although this currently applies to organisations (whether in incorporated in the UK or outside the UK ) that have more than 250 employees, £36m of turnover/income or total assets of more than £18m , this is likely to filter down to all organisations and it would be advisable for small and mediumsized organisations to also take heed of the guidance issued, especially as they may also be liable if they form part of the chain.

Although this applies to incorporated organisations, only, unincorporated organisations are advised to consider the proposals for good governance purposes.

Under the new legislation, as of 1 September 2025 (only 8 months left to comply), large organisations would become criminally liable to a fraud offence committed by an employee, subsidiary or agent, for the organisation's benefit, where the organisation did not have reasonable fraud prevention procedures in place. In certain circumstances, the offence will also apply where the fraud offence is committed with the intention of benefitting a client of the organisation (even if there is no advantage gained). It does not need to be demonstrated that directors or senior managers ordered, or knew about, the fraud.

The offence of failure to prevent fraud applies to specific fraud offences, which the guidance refers to as ‘base fraud’ offences. These are listed in Schedule 13 of the Economic Crime and Corporate Transparency Act 2023 (Economic Crime and Corporate Transparency Act 2023).

The issue of who is intended to benefit from the underlying fraud is key to determining whether a relevant organisation can be held accountable for the offence of failure to prevent fraud. However, an organisation does not need to receive any benefit for the offence to apply. It is enough that the organisation was intended to be the beneficiary.

Individuals who carried out the actual fraud can still be prosecuted under existing laws, but, crucially, the organisation which employs them will now face a prosecution too if investigators can reasonably conclude that they failed to prevent the crime .

The processes and controls that organisations should have in place should be informed by the following six principles:-

• Top level commitment

• Risk assessment

• Proportionate risk-based prevention procedures

• Due diligence

• Communication (including training)

• Monitoring and review

18

Sector Updates

Organisations, must start planning properly for compliance with this new regime and ensuring their systems, policies and procedures are brought up to date and are in place to avoid falling foul of the new legislation. There is no “grace period” provided for, so organisations with multi-lingual staff and where the concepts of economic crime compliance requirements may be very different, will find this a challenge.

Suffice to say that this change is something the Serious Fraud Office (SFO) is intending to take advantage of, as this will assist them to improve their enforcement record when it comes to economic crime.

For areas of the business identified as being particularly high risk of fraud, consider obtaining professional advice on policies and procedures to ascertain whether there are sufficient checks and balances in place and to obtain advice as to additional checks, balances and safeguards which could be introduced. The fact that professional advice has been obtained may assist in the event of a prosecution as it demonstrates that proper steps have been taken to consider policies, procedures and safeguards.

The onus will lie with businesses to demonstrate they have taken steps to prevent fraud, and they will no longer be able to turn a blind eye to the actions of employees and associates.

Further information regarding the new guidance can be found here: Economic Crime and Corporate Transparency Act 2023: Guidance to organisations on the offence of failure to prevent fraud (accessible version) - GOV.UK

19

Sector Updates

Cyber Crime

The latest survey reports indicate the 3 out 10 charities have experienced cyber security breaches in the last year, equating to around 61,000 registered charities.

The annual cybersecurity breaches survey reports that 30% of charities experienced a cybersecurity breach or attack in the previous 12 months, equating to around 61,000 registered charities.

The most common attacks (86% of charities surveyed) are phishing attacks, in which staff receive fraudulent emails or are directed to bogus websites, followed closely by people impersonating organisations in emails or online and then viruses and malware.

Charities with an income of over £500,000 were more likely to see cybersecurity as a high priority (88%). However, the findings suggest that only one or two board members possess the required technical skills/knowledge in cyber security.

Furthermore, limited training appears to have been spent on cyber security awareness for charity staff. There has also been a marked decline in deploying activities to identify cybersecurity risks, reviewing immediate supplier risks and having a formal cybersecurity strategy in place.

There are 169,029 registered charities in England and Wales with an annual sector revenue value of £99.7 billion. All of these charities collect huge volumes of data from donors through to beneficiaries, and a significant number of these share data with external organisations such as marketing companies or donor management providers. It is therefore quite easy to see the motives for direct attacks on charities and cyber criminals aim to access charities’ networks and/or information through the supply chain.

The Board is ultimately responsible for making sure a charity is taking appropriate measures to protect itself from a cyber attack ( not the IT team) and taking steps to stay secure online is deemed to be a core component of good governance.

Trustees don’t need to be technical experts, but they do need to know enough about the importance of cyber security, to facilitate educated discussions and collaboration with key staff, volunteers and stakeholders

On this note, and in the face of relentless cyber attacks on UK organisations, DSIT (Department for Science, Innovation and Technology) and NCSC (National Cyber Security Centre) have produced a range of documents and advice, much of it targeted at Boards including a new Cyber Security Governance Code (which can be accessed here: Cyber Governance Code of Practice - NCSC.GOV.UK)

In summary, the risks to all charities from cyber-crime are increasing in terms of impact, significance, cost and repercussions. The nature of the sector model and its reliance on financial donations (often processed by a thirdparty), means that all organisations need to be aware of (and guard against) the cyber threat.

Further information on the role of trustees can be found here: DATA PRIVACY: Understanding the responsibilities of the Trustee - MOORE ClearComm

A copy of the cybersecurity breaches survey can be found here: Cyber security breaches survey 2025 - GOV.UK

A copy of the Cyber Security Toolkit for Boards can be found here: Cyber Security Toolkit for Boards - NCSC.GOV.UK

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Sector Updates

New Company Size Thresholds

The upcoming changes to UK company size limits (impacting charitable companies), taking effect for accounting periods commencing on or after 6 April 2025 , represent a significant shift for charities managing auditing and regulatory requirements, particularly those considering applying for audit exemption. Understanding these updates is essential for those charged with governance, to ensure compliance and avoid complications.

What has changed?

The UK government has revised the company size limits, affecting qualification for company status across all sizes and audit exemption eligibility. These changes impact income, gross assets (referred to in the legislation as ‘balance sheet total’) and employee numbers. These are summarised in the table below.

For companies that previously qualified under the old limits, these updated thresholds, effective for accounting periods commencing on or after 6 April 2025 , may alter compliance requirements. Companies must assess eligibility annually, as thresholds must be met for two consecutive years unless it is the first year of operation.

falling into an excluded category like financial services and included within section 384 of the Companies Act 2006.

Audit exemption can save time and resources but managing the new regulations can be complex. Companies must evaluate group structures, intercompany trade and other factors accurately.

Key considerations

Review your status : Ensure your business meets the updated UK company size limits and qualifies for audit exemption.

Understand group dynamics : If part of a larger group, apply the new limits to consolidated figures, considering intergroup eliminations. Different thresholds, before any consolidation adjustments have been made, are not replicated in the table.

Assess exclusions : Certain industries, such as banking, remain ineligible regardless of size.

Clear record-keeping and transparent reporting are vital to demonstrate compliance.

Impact on audit exemption

The updated UK company size limits directly affect audit exemption criteria. Companies below these limits can apply for exemption from statutory audit, provided they meet other criteria, such as not being part of a larger group or

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Sector Updates

Company size	Criterion	New threshold	Previous threshold
Micro	Turnover not more than:	£1 million	£632k
	Balance sheet total not more than:	£500k	£316k
	Employees not more than:	10	10
Small	Turnover not more than:	£15 million	£10.2 million
	Balance sheet total not more than:	£7.5 million	£5.1 million
	Employees not more than:	50	50
Medium	Turnover not more than:	£54 million	£36 million
	Balance sheet total not more than:	£27 million	£18 million
	Employees not more than:	250	250

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Sector Updates

THE CHARITY SORP Update: Consultation Phase

The Charities Statement of Recommended Practice (SORP) has been updated to reflect changes introduced by the Financial Reporting Council to FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland and a public consultation, running to some 304 pages, has been launched. The Exposure Draft can be found here: exposure-draftsorp-2026-1-

As we have already mentioned previously, the proposed changes include:-

• Introduction of three tiers of income (up to £500K, £500K - £15m, and over £15m) to ensure proportionate reporting, while also meeting the information needs of users. *

• Advancing reporting in important areas such as impact reporting, reserves, going concern and volunteers.

• Introduction of proportionate reporting for environmental, social and governance issues.

SORP 2026 will require charities to account for most operating leases on the balance sheet, resulting in an increase in assets and liabilities. There will also be changes to how a charity presents expenses relating to the lease in the statement of financial activities. A potential impact of this, is that it increases the gross asset value of a charity and pulls them into the requirement to have an audit.

However, operating leases for les than 12 months and/or low value leases are not considered. Furthermore, there is a suggestion to treat as a Gift in Kind any leases that are below market value.

On revenue recognition, it will look to adopt the new FRS 102 approach with the introduction of a five-step revenue recognition model for income from exchange contracts (as opposed to non-exchange contracts) – an exchange contract being a contract that has performance obligations attached to it. This means that charities will need to recognise income from exchange contracts differently and they will have to carefully assess their revenue recognition accounting policies to ensure they are compliant with the new requirements.

• Introduction of reporting for smaller charities.

The 5 steps of recognition include:

• These currently do not align with the audit thresholds. However, there is a separate consultation on threshold changes also taking place and the deadline for sharing views on this is 12 June .

• Identify the presence of a contract with a third party

• Identify the performance obligations in the contract

• Determine the transaction price

Each tier will have its own set of reporting requirements with the greatest reporting being reserved for those charities that fall into Tier 3 (greater than £15m of income).

• Allocation of the price to the obligations in the contract

• Recognise the income when or as an obligation is satisfied

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Sector Updates

A possible relief to many is the suggestion that cash flow statements will be reserved for Tier 3 charities only. However, the standard setters are asking those in Tiers 1 and 2 to think about whether the cashflow statement adds value to their users, before eliminating it.

SORP 2026 will introduce a few changes to the Trustees Report:

• Proportionate reporting for environmental, social and governance (ESG) issues. However, this is reserved for those charities that fall into Tier 3.

information over your specific circumstances.

Charities, their trustees, employees and beneficiaries have been asked to share their views on the draft changes by 20 June . The feedback will help shape the final version, which is expected to be published in autumn 2025 and will become effective from January 2026 .

To share your views on the new SORP, please refer to this link: Home – SORP

• Emphasising the impact a charity makes – i.e. the differences it has made to its beneficiaries.

• The contributions made by volunteers (though, not trustees)

• More disclosure and explanations on the reserves of a charity – the different fund balances held, why funds are designated.

• More disclosure on Plans for the Future

• Legacy income explanation – how much legacy income has been recognised but not yet received and what impacts this has on the funds of the charity.

• Total Return and Social investments disclosure – with charities that fall into Tiers 2 and 3 to have a policy on their use of social investments.

• The format of the Statement of Financial Activities (SOFA).

The overall aim of the new disclosures being to enhance the accountability and transparency of charity financial statements.

Although the significant alterations in SORP 2026 have already been agreed, the consultation exercise is an opportunity for charities to ready themselves for the two most significant changes but to also ask for clarity / further

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Sector Updates

THE CHARITY SORP Update: Practical Tips

The next iteration of the Charities Statement of Recommended Practice (SORP) is expected to be implemented from 1 January 2026, so for most charities this will be applicable for the first time for the year ended 31 December 2026 or 31 March 2027. Feels like a long way away, but when a new SORP is applied for the first time there are “retrospective applications” resulting in restatements for the comparative period and adjustments to opening balances at the start of the prior year (so 1 January 2025 or 1 April 2025).

The upcoming changes to the Charities SORP (and FRS 102 that impact on charities) will have challenges but it is also an opportunity to improve processes and aid transparency, for example regarding income contracts and lease agreements.

In November 2024, the FRC issued an updated suite of FRS 102 factsheets, intended to highlight certain requirements arising from the changes and include factsheets for the two key topics mentioned above. These will assist you in preparing for changes early.

• Revenue recognition: a five-step revenue recognition model will be introduced for all contracts with customers . This requires charities to identify the distinct goods or services promised to the customer (verbally or in writing) and the amount of consideration it will be entitled to in return. This may affect charities receiving income from contracts or certain performance-related grants. As a result, the timing of revenue recognition may change. These changes can be reflected by restating comparatives or by amending the opening reserves .

While the new five-step model may require a change in mindset and is likely to take time to get used to once effective, having a single revenue recognition model should achieve more consistent and comparable accounting. Ultimately, this will lead to higher quality, more reliable information – an ambition ICAEW supports

• Heritage assets and income from non-exchange transactions, such as recognising income from goods donated to charity shops, donated services and facilities, and legacies will be dealt with specifically in the new Charities SORP.

Practical steps to undertake now (or soon)

Key changes arising from the revised FRS 102 (and their impact on charities)

• Lease accounting : the distinction between operating and finance leases will be removed for lessees. This means that more leases will be recognised on the balance sheet (asset and liability). While there are some exemptions that allow short-term leases and leases of low-value assets to remain off-balance sheet, the exemptions granted to microentities reporting under FRS 105 are (unfortunately) not available to charities. These changes will not require a restatement of comparatives ~~but will instead be reflected in an amendment to the opening reserves.~~

Practical tips for charities to start preparing for the upcoming changes.

• Analyse lease commitments : create a list of all current leases, categorising them as operating or finance leases under the current framework and listing the terms and conditions of the lease agreement. Estimate how the new lease accounting standards might affect your balance sheet and Statement of Financial Activities (e.g. increased depreciation, reduced rental costs).

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Sector Updates

Also consider the impact of the changing recognition, for example for bank covenants (or on whether the charity breaches the asset-related audit threshold).

• Assess income streams and contracts : conduct a detailed review of your charity’s income streams to identify those with performance conditions, especially those that span multiple accounting periods. For each revenue stream, document any performance obligations and their associated transaction values per the contract. This will help in determining when income should be recognised under the new rules.

• Strengthen financial reporting processes : ensure that your charity is collecting the necessary data, such as detailed lease terms, and performance metrics for contractual income. Provide training for finance staff and trustees to understand the upcoming changes and their implications.

• Engage early with professional advisors : consult with your auditors and advisors early to understand how the changes may affect your charity's specific circumstances, for example by modelling potential scenarios to ascertain how asset and liability values might be impacted by the changes and understand potential knock-on effects.

• Stay informed and participate in the consultation : regularly check for updates on the Charities SORP consultation, for example by reading our newsletters / email bulletins (along with those published by the regulators) and registering for relevant training events and webinars. Being informed will help you anticipate specific requirements. If your charity has specific concerns or unique circumstances, please consider responding to the SORP consultation in due course. Input from the sector will be invaluable in shaping the final version of the SORP .

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ABOUT MOORE KINGSTON SMITH PARTNERS A presence in 112 countries ++•+t+m￿t+•l Ilth 3rd 11 in the Accountancy Age SO+SO In the Accountancy Age Mid-Tier Po¥ver Index 2022 Supporting clients in a changing world since c.840 1923 people 100 MOORE Kingston Smith

We are International

Moore Kingston Smith is part of Moore Global Network Limited, one of the world’s major accounting and consulting networks. With a strong presence on every continent, the network covers over 600 locations across 112 countries. We are ideally placed to offer our clients the strength and experience of this network to support their international work.

Moore Global Network Limited is one of the largest international accounting and consulting groups worldwide. Today the network comprises 609 offices in 112 countries throughout the world, incorporating 30,569 people and with fees of more than US$ 3.06 billion. You can be confident that we have the resources and capabilities to meet your needs.

Managing audits and dealing with multi-jurisdictional tax matters of multi-national operations is the core of our business. The scope of our global client management extends, therefore, beyond the delivery of compliance services to advising on international business structures and tax planning to minimise tax liabilities

over 600 112 locations | countries | over 30,000 professional staff

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