COMPANY NUMBER: 535836
REGISTERED CHARITY NUMBER: 311062
ST CHRISTOPHER SCHOOL
{LETCHWORTH) LIMITED
GOVERNORS, REPORT
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED
GOVERNORS, REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
CONTENTS
REFERENCE & ADMINISTRATIVE INFORMATION..........................................................................
PUBLIC BENEFIT AIMS AND INTENDED IMPACT...........................................................................
GOVERNANCEAND MANAGEMENT...............................................................................................
STRATEGIC REPORT.......................................................................................................................
REVIEWOF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR... .... .................................
FINANCIAL REVIEW AND RESULTS FOR THE YEAR..........................................,.................
STATEMENT OF DIRECTORS. RESPONSIBILITIES.....................................................................
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2021...............14
BALANCE SHEET ASAT31 AUGUST2021 ...................................................................................15
STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 AUGUST 2021.................................16
COMPANY INFORMATION...................... .
.17
ACCOUNTING POLICIES..............................................
FEES RECEIVABLE.................. ...
.17
.19
ANALYSIS OF TOTAL RESOURCES EXPENDED............................................
TANGIBLE FIXED ASSETS...
..20
..22
INVESTMENTS..................................................
..23
DE8TORS.....................................................................................................................,.......,..23
CREDITORS.. DUEWITHIN ONE YEAR..................................................................................23
CREDITORS.. DUE AFTER MORE THAN ONE YEAR..
..24
BANKLOAN.........................................................................................................................24
SHARE CAPITAL..................................................
UNRESTRICTED FUNDS.....................................................................................................25
OPERATING LEASE COMMITMENTS.............................................................................25
TEACHERS. PENSION DEFINED BENEFITS SCHEME..............................................
..25
ST CHRISTOPHER SCHOOL GUILDS LIMITED.................................................................26
CONTRACTS AND COMMITMENTS.............. ....................................................................27
CASH FLOW.........................................................................................................................27
10.
11.
..24
12.
13.
14.
15.
16.
17.
Page I

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED
GOVERNORS, REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
REFERENCE & ADIAINISTRATIVE INFORMATION
St Christopher School (Lelchworth) Limited is a charitable company formed in 1954, charity
registration number 311062, company registration number 535836. The registered ofFsce and princtpal
address of the Company is al Barrington Road, Letchworth Garden City, Hertfordshire SG6 3JZ.
DIRECTORS
The Directors of the Company, who are also the charity trustees, and the Govemors of the School and
who served during the year were..
Bertie Leigh
Chair IResigned 0910712021)
Sarah lthlcoyne" Vice Chair I Chair from 0910712021
Sophie Nolan
Resigned 3110712021
Peter Mcmeekin
John Simmonds
Rabinder Singh Resigned 0510312021
Ben Walker
Resigned 1710612021
Dasha Nicholls
Rebecca Glover Appointed 0610312021
"Parent of a pupil at the School.
The Governors can be contacted through the Chairman who can be written to at the School address.
Governors can also be Contacted through the Bursar, who is also Clerk to the Governors. by email at
bursar@stchris.co.uk.
KEY EXECUTIVES AND PROFESSIONAL ADVISERS
Head
Emm&Kate Henry
Martin Scoble
Appointed 1 September 2020
Haysmacintyre LLP
10 Queen Street Place
London
EC4R 1AG
Bursar. Clerk to the Governors
and Company Se¢retsry
Auditors
Principal Bankers
Barclays Bank plc
Station Place
Lelchworth Garden Cty
Hertfordshire
SG6 3RZ
Website
www.stchris.co.uk
Page 2

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED
GOVERNORS, REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
The Board of Directors present their Annual Report for the year ended 31 August 2021 under the
Charities Act 2011 and the Companies Act 2006. thus including the Directors, Report and Strategic
Report under the 2006 Act, together with the audited slatem8nts for the year.
CONSTITUTION AND OBJECTS
Sl Christopher School (Lelchworthl Limited is a charitable ¢ornpany formed in 19S4, charity Tegislralion
number 311062, company registration number 535836. The Company is governed by its Memorandum
and Article$ of Association, last amended on 9 December 1995.
OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES
The Obje¢t of the Company. in accordance with ils Memorandum of Asscriation, is the education of
girls, boys or adults of either sex as an interdenominational schogl with religious and ethical teaching
based on the broadest principles of national and international fellowship and goodwill.
PUBLIC BENEFIT AIMS AND INTENDED IMPACT
The School's public benefit aim is to ensure that children leave having achieved their full potential at
school and equipped with the skills and self-confidence for their future life and work. The School seeks
lo be a continuously developing community of children and adults working together lo enable all lo
achieve their best academically and beyond the classroom in an open atmosphere, where all are valued
as individuals and encouraged lo develop in curiosity, competence, judgernenl, kindness and
courage. 11 aims for pupils to become self-disciplined and self-motivated individuals, who are
independent learners and creative thinkers able to make informed choices in a modern wodd with a
commitment lo servi￿. Thus the School seeks lo prepare pupils for happy and fvlfilled lives in the
service of others. St Christopher is committed to providing 8 first class education in a caring
environment, infomiality, healthy living and seff-government. We aim lo ensure that all achieve the
success thèy deserve without relying on contrived competition. We also believe that what happens to
them at school is an end in itself as well as being a preparation for later life.. that the purpose of a child
is to be a successful and luifilled chikl as well as to grow into a successful and fulfilled adult.
Pupils at Sl Christopher School Letchworth are charged fees. The cost of these fees may restriel the
number of people able lo benefit from this part of the charity's activities. In order to prevent this, the
School makes available bursaries and fee remissions, through its financial planning and in association
with an endowment dedicated to the financial support of children attending the School. Bursaries are
rneans tested and are open to application by anyone eligible tojoin the School. In 202012021. the School
provided £457K (last year £443kl in means tested bursary funding, the equivalent of 4.8 Yo of gross fees
(last year 4.70A). This provided up to 1 OOOA remission of the day fee to 41 pupils (last year 50}. This
represents 7.80/0 of the pupil body Ilasl year 9.11¥0}. The School has worked with a number of Local
Authorities lo make available its educational practice and etho$ lo a number of children who would
particularly benefit from it but would not be able to afford the full fee. The School has been taking part
in a joint initiative with the Children, Schools and Families department lo support a nuTnber of looked-
after children in boarding and day settings.
As part of the S¢hool's commitment to providing benefit in the public interest we support a number of
broader educational activities. The School operates extramural courses for members of the local
community which are open to all. In aédition, its swimming pool is regularly open lo other organisalions,
as are the School's games fields. theatre, dance and music facilities. There are also strong links wth
regional arts associations. A thriving community service programme makes up an integral part of pupils,
activities. In the furtherance of these aims the Governors. as charity Iruslees, have complied with the
duly in s. 17 of the Charities Act 2011 to have due regard lo the Charity Commission's published general
guidance.
Page 3

ST CHRISTOPHER SCHOOL (LETCHWORTH} LIMITED
GOVERNORS, REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
The School is committed to an international approach. There are pupils from a wide mnge of social.
cultural and national backgrounds. There is an extensive exchange programme with overseas schools.
Pupils continue to take part in an established exchange in France and an exchange programme with a
Spanish school. The School maintains close links with a number of schools in India and pupils 2nd staff
teach at a local school as part of the Rajasthan expedition. However, due lo the global pandemic, these
trips and exchanges have been restrided during this period.
In the furtherance of these aims the Governors, as charity trustees, have complied wsth the duty in s.
17 01 the Charities Act 2011 to have due regard lo the Charity Commission's published general and
relevant sub-sector guidance concerning the operation of the Public Benefit requirement in that Act.
GOVERNANCE AND MANAGEMENT
GOVERNING BODY
The Directors, who are also required under the Articles to serve as members of the Company. are
elected at 8 full Directors, Meeting on the basis of the Board's specifications concerning eligibility.
personal competence, specialist skills and local availability. Under the Company's Articles of
Association. the number of Governors may not be less than three or greater than twelve, al least two
of whom must be aelively engaged in educational work. One-third of ils members are required to retire
by rotation al each AGM. The first appointed, or longest serving since last reappointment, is the first to
retire. Members retiring by rotation can be re-elected. The Governors Consist of individuals with a range
of backgrounds., including former parents and a parent nominated by the Parents, Circle as well as
serving Heads of other independent schools and a local resident Delails of the Governors. together
with the School's officers and principal advisers are given on page 2.
TRUSTEE RECRUITMENT AND TRAINING
The Board is a $elf-appointing body. Board members a￿ appointed for terms of four or five years and
can be re-elected although the practice in the case of kne parent governor is not lo do 50. New DirecloTS
are inducted into the workings of the School. and also of the Company as a registered charity, including
Board Policy and Procedures, by the Chairman and Bursar. Guidance information and courses are
made available lo all govemors at the Company's expense, through the Independent sch￿1$ Coun¢il
and the Association of Goveming Bodies of Independent Schools.
ORGANISATIONAL MANAGEMENT
The Directors meet as a Board at least four limes a year to determine the general policy of the Company
and review its overall management and control, for which they are legally responsible. This includes the
review of the budgets and annual accounts and reports. The Head and the Bursar attend all meetings
of the governors. The day-to-day running of the School is delegaleé to the Head and the Bursar,
supported by other members of the Senior Leadership Team and together this group are the key
management personnel. The Senior Leadership Team consists of the Head, Bursar, Deputy Head,
Head of Junior School, Acadernic Director, Director of Aclivilies, Director of Pastoral Care and the
Marketing and Communications Manager.
Rernuneralion is Set by the governors, with the objective of providing appropriate incentives to
encourage enhanced performance and of rewarding fairly and responsibly individual contributions to
the School's success. Remuneration of all staff at the School is based on pay scales. The
appropriateness and relevance of the scales is reviewed annually, including reference to Comparisons
wf(h olher independent schools lo ensure that the School remains sensitive to the broader issues of
pay and employment conditions elsewhere. We aim to recruit, subject to experience, at the lower to
medium point within a band, providing scope for rewarding excellence. Delivery of the School's
charitable vision and purpose is primarily dependent on our key management personnel and staff costs
are the largest single element of our charitable expenditure.
Page 4

ST CHRISTOPHER SCHOOL {LETCHWORTH) LIMITED
GOVERNORS, REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
There is a long-established School Coun¢il, which is chaired by an elected senior pupil. Motions passed
by the Council have to be ratified by a meeting of the whole Senior School. While policies and rules
can be created through the School Council, the Head has an overall veto, although in practice il is rarely
exercised. The School is committed to ensuring that self-government continues to be an important part
of pupils, experience at the SChC￿.
GROUP STRUCTURE AND RELATIONSHIPS
The Company has a wholly owned non-charitable subsidiary, St Christopher School Guilds Limited,
with the School receiving any surpluses earned by the company as a covenanted donation. During the
year ended 31 August 2021, the St Christopher School Guilds Limited was inath've.
Sl Christopher S¢hool is an active member of the Society of Heads and the Boarding Schools
Association for the promotion and maintenance of school standards generally. The School also has a
thriving network of Old Scholars who ar8 an integral part of the St Chris community.
EMPLOYMENT POLICY
The School aspires to SUPF)Ort excellence in education through rigorous and continuous evaluation of
quality and performance, the application of best practice and a widespread desire lo improve standards.
The School is an equal opportunities employer. Full and fair consideration is given to job applications
from disabled persons and due consideration is given lo their training and employment needs.
Communication with employees continues through normal management channels in a variety of forms.
STRATEGIC REPORT
MISSION STATEMENT
Sl Christopher School seeks to be a continuously developing community of children and adults working
together to enable all to achieve their best. We seek excellen￿ in academics and beyond the
classroom, encouraging open atmosphere, where all are valued as individuals and encouraged lo
develop in curiosity, competence, judgement, kindness and courage. Our aim is that pupils should
become self-disciplined and self-motivated people who are independent learners and creative thinkers.
each one able to make informed choices wth a commitment to service, informality, healthy living and
self-government. Thus the School seeks to prepare PUFMIS for happy and fulfilled live5 Irs the service of
others.
OBJECTIVES FOR THE YEAR
St Christopher will remain a truly independent school and we are committed to celebrating our
differences and the successes that these bring to the young people who are the life blood of this School.
We Continue to strive for ways to enable as many different children from as many diffe￿nI backgrounds
to take advantage of this unique education.
Specific objects'ves for the year include..
1. Evaluation of Teaching and Learning
2. Review of the Boarding offer wth associated investment requirements
3. Completion of the Teacher Pension Scheme ITPSI consultation
4. Review of the budget setting and monitoring procesges
During the year the following achievements were made against these objectives..
Page S

ST CHRISTOPHER SCHOOL {LETCHWORTH) LIMITED
GOVERNORS, REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
1. Evaluation of Teaching and Learning. The Head conducted a whole range of interviews and
discussions with individual members of staff prior to formally starting at the school. Included
within this feedback was the desire for increased assessment and support surrounding lesson
observations and continual improvement. Restructured to focus on academic ambition and
review of implemented plans a5 part of a perf0rrnan￿ management cycle.
2. Review of the Boarding offer with associated investment requirements. The Boaiding offer
has been consolidated onto the main school site to enable a continued vibrant and cohesive
Boarding community. Further evaluation of the future boarding offer continues to enable a
costed and coherent delivery.
3. Completion of the Teacher Pension {TPSI consultation. The consultation of the future of the
teachers pensions began in January 2020. Due to the global pandemic and national
lockdowns the consullalion was paused in March 2020 and resumed in September 2020. A
range of indivKlual consultations. whole staff meetings, working party sessions with staff and
governors., and engagement with parents all fed into and led to a decision from the governors
on 5 December 2020 to exil the TPS bul delay that exil untsl the end of the academic year on
31 August 2021.
4. Review the budget setbng and monitoring processes. Due lo covid-19 and the wider
environment the entire in-year budget and capital programme were reassessed and re-
profiled lo ensure pr￿lIty of funding and effort to support the approach during lockdowns both
academically and welfare. An initial review of the budget setting approach has also been
Conducted and resulted in a more consultative approve with all budget holders and heads of
departments. Budget monitoring against individual budget lines has also been established
through the academic year lo ensure value for money and focus on quality delivery.
PRINCIPAL ACTivrrY
The Company's principal activity conb'nues to be the provision of education to boys and girls from the
ages of 3 10 18 at its Montessori Nursery, Junior School and Senior School. Due to the global pandemic
and the national lockdown portions of the school year were either laught rernolely or through blended
learning with some in school and others isolating at home. Staff and pupils reacted with real dedication
and professionalism throughout this difficult period lo ensure that the children continued to receive a
balanced curriculum.
The Junior School's children are aged from 3 to 11. nearly all of whom will proceed to the Senior School.
Currently there are 97 pupils in the Junior School. The Head of the Junior School is responsible for the
leadership and management of the Junior School on a day-to-day basis, under the overall direction of
the Head of the School.
The Senior School has children from the age of 11 to 18. There are three lorm entry into yeafS 7 and 8
and four into Year 9 up lo GCSE and 20 subjects are available at ASIA Level in the Sixth Form. There
are currently 331 children in the Senior School of whom 53 are in the Sixth Form.
National exams were cancelled this year due to Covid-19. Instead Centre-Assessed Grades (CAGS)
were used to assKJn grades based on a range of evidence. including teacher assessment. This has,
again. been a challenging process although lessons had been identified and leamt from 2019120.
GRANT4JIAKING
The School offers bursaries lo those parents whose income is such that they would not otherwise be
able lo pay the full fees. The School encourages applications on behalf of young people who would
benefit from a Sl Christopher education, regardless of their background or ability to pay. The School
offers fee-assistance of up to 1 Ooya of the fees on a means-tested basis. The awards afe based on an
assessment by the Head of how much a child will be able lo benefit from the School and the degree of
asslstance required. The Bursary Committee meets once a term to consider bursary applications and
Page 6

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED
GOVERNORS, REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
review the progress of each bursary holder. The availability of all awards for fe&as51Stance, together
wrth the terms and conditions of awards. are advertised on our website at www.stchris.co.uk.
The Robertson Bursary Trust ftjnds a small number of pupils annually lo attend the Sixth Form, to
enable them lo complete their A levels at St Christopher. The fvnd was set up by the Robertson family,
who have played an important part in the St Christopher community as pupils, active Old Scholars and
on the Board of Govemors for many years. All awards are based on parental income and are conditional
for their continuance on appropriate levels of performance and good behaviour. The School is also able
lo make some awards in conjunction with Robertson Bursary Trust awards up to and including 1 OOih>
of the fees.
FUNDRAISING
Governors have not empk)yed any third paty to fundraise on their behalf, nor has the School conducted
any fundraising activity in the year. The School will not accept a donation given by someone who
knowingly lacked capacity at the lime of donating and if this information later materialised, would
promptly return the donation. During the year, no complainls have been received about our tundraising.
REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR
OPERATIONAL PERFORMANCE OF THE SCHOOL
The pupils have been incredibly resilient throughout the most challenging and potenbally disruptive
period in their educational careers. They have remained engaged in their learning across the subject
areas and both teaching and non-teaching staff have been innovative and hard working. All terms were
impacted due to Covid-19, including the introduction of on-site asymptomatic lateral flow testing. This
testing facility was sel up and operated entirely by the non-teaching staff in addition lo their daily ¥oles.
demonstrating again the stron9 ethos at st Chris.
The School is committed to helping a number of chIld￿n with individual needs, providing that balance
is maintained within the School and at each year group. Our excellent team of lulors and other non-
teaching staff continue to complement a highly effective and dedicated leaching stsff.
The School is committed to robust procedures for safeguarding children. A number of key staff have
2ttended NCSL training on safer recruitment and Child Protection training confomis to Stalulory
requirements for all staff. A governor, Dr Dasha Nicholls. has specific responsibility for safeguarding.
The Governors undertake a public benefit audit annually lo monitor the benefits that the School is
providing as a charity. In addition to the School's direct educational activities and the access that it
provides thTough bursaries, the School allows other organisations, including maintained schools and
charities, to use its facilities at a reduced rale or at no charge. The School actively investigates ways of
increasing its engagement with local, national and internation81 organisalions to ensure that a wide
seth'on of the public benefits from the School's activities.
The School's community work. both here and abroad, continues lo be a real strength of the School,
further recognising the School's commitment to service. All Lower Vl students are required lo cornplete
significant period of community work. All children in the Senior School are required to support a local
charity or group. This support may be through fundraising or it may be through offering physical
assistance. The opportunities ft)r this year have been largely reduced due to the pandemic. although
opportunities continue to be explored.
We continue actively to support overseas projects and exchanges. although. again, these have had to
be cancelled or postponed due lo the pandemic.
Page 7

ST CHRISTOPHER SCHOOL ILETCHWORTHI LIMITED
GOVERNORS, REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
St Christopher believes that education works bestwhen it is a partnership beiween the child, the School
and parents. To this end our Parents, Circle is one of the oldest parent teacher organisats.ons in the
country and we are proud that it supports the wider life antj community of the School. All parent helpefs
are appropriately vetted.
FINANCIAL REVIEW AND RESULTS FOR THE YEAR
During the year the School made a surplus of £258.6k {2020'. Deficit £180.6kl before investment gains
or losses. Fee income al the Junior School and the Senior School rose by 6.50/0 against 2020, this takes
account of the fee discount given during the Summer Term during the first national lockdown when the
school was teaching all children remotely. The cash flows for the School has naturally been impacted
by the fee reduction and the net asset position of £10.1 m million12020'. £9.7 millionl reflects this.
The results for the year are set out on page 14 of the accounts.
RESERVES
At the balance sheet date, the School held unrestricted funds tolalling £10,057k12020'. £9.798k). The
School's buildings represent £11,195k and other fixed assets lots1 £10,471 k.
The School has limhed f￿e reserves as all surpluses not reinvested in tsngible fixed assets are
designated for future projects or risk mitigation (see below). the Governors have examined the School's
cash flows and are satisfied that they are adequate for the purpose of continuing as a going concem
for the foreseeable future and therefore will continue as a going concem.
For some years the Governors have had an established policy of keeping a cash reserve at a level
equating lo be￿een one and three months, expenditure1£750k lo £2,250kl. Al the year end, the cash
reserve was £2.505k. representing just over three monlh's expenditure.
FUTURE PLANS
Sl Christopher will remain a truly independent school and we are committed lo celebrating our
differen¢es and the successes that these bring lo the young people who are the life blood of this School.
We continue to strive for ways to enable as many different children from as many different backgrounds
to tske advantage of this unique education.
Specific pkns for the next year include..
1. Development of 2022- 2032 strategic plan.
2. Continue lo evaluate and update the whole chikl element of the St Chris offer. including PSHE
and safeguarding.
3. Continue to focus on added value and rigour within leaching and learning.
4. Maintain pandemic flexibility.
5. Review and assess governance arrangements.
RISK MANAGEMENT
The Board and the Staff Senior Leadership Team ¢ontinue lo keep the School's activities under review,
partieularly with regard to any major risks that may arise from lime to lime as well as the systems and
procedures established lo manage them. They monitor the effectiveness of the system of internal
controls and other viable means, including insurance cover where appropriate. by which those risks
already identified can best be managed. A formal review of the School's risk management processes
is undertaken on an annual basis.
Page 8

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED
GOVERNORS, REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
The key Controls used by the School include..
Formal agendas for all Board activity
Comprehensive strategic planning, budgeting and management accounting
Established organisational structure and lines of reporting
Formal written policies
Clear authorisalion and approval levels., and
Vetting procedures as required by law for the protection of the vulnerable
The Governors have reviewed the princip81 areas of the School's operations and considered the major
risks faced in each area. The principal risks against which the School has to guard are.. a failure to
protect our pupils, staff. faciliti'es and systems., a failure to maintain the quality of our staff,. and the
experience of the pupils, a failure to manage the impact of adverse economic conditions. Through the
risk management processes established for the School the Governors are satisfied that the major risks
have been adequately managed.
APPRECIATION
Governors acknowledged the sustained commitment and hard work of the Head, staff. pupils and
parents. We recognise that it is as a result of their work in that the School thrives, develops and meets
the needs of its pupils Governors are most grateful for this and for the continued support of parents,
fomer pupils and other friends of the School.
DIRECTORS
The Directors during the year under review and the shares in the company in which they were interested
at the beginning and end of the year were..
Ordlnary shares of £1 each
At 31 August 2021 AI 1 September 2020
Bertle Lelgh
Sarah Kilcoyne
Sophle Nolan
Peter M¢Meekin
John Simmonds
Rabindgr Singh
Ben Walker
Rebecca Glovor
Dasha Nicholls
Page 9

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED
STATEMENT OF DIRECTORS. RESPONSIBILITIES
STATEMENT OF DIRECTORS, RESPONSI8ILrriES
The Directors are responsible for preparing the Directors, Report and the financial statements in
accordance with applicable law and regulations.
Company law requires the Directors lo prepare financial statements for each financial year in
accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting
Stsndardsl and applicable law.
Under company law the Directors must not approve the financial statements unless they are satisfied
Ihat they give a true and fair view of the stale of affairs of the charitable company and of the surplus or
deficit of the charitable company for that period. In preparing these financial stalemenls. the Directors
are required to..
select Suitable ac¢ounting policies and then apply them consistently.
make judgments and accounting estimates that are reasonable and prudent.,
prepare the financial statements on the going GonTrm basis unless it is inappropriate to
presume that the charitable company will continue in business.
The Directors are responsible for ensuring that adequate accounting records are maintained that are
sufficient to show and explain the charitable company's transactions and disclose with reasonable
accuracy at any lime the financial posilH)n of the charitable company and enable them lo ensu￿ that
the financial statements comply with the Companies Act 2006. They are also ￿sponsible for
safeguarding the assets of the charitable company and ensuring their proper application in a¢¢ordance
with charity law, and hence for taking reasonable steps for the prevention and dete¢lion of fraud and
other irregularities.
So far as each Director is aware, there is no relevant audit information of which the cornpany's auditor
is unaware. Each Diredor has taken all the steps that helshe ought to have taken as a Director in order
lo make himselflherself aware of any relevant audit information and lo establish that the company's
auditor is aware of that information.
AUDITOR
Hayma¢intyre LLP has indicated its wllingness to be reappointed as statutory auditor.
This Annual Report. prepared under the Charitw Act 2011 and the Companies Act 2006, was approved
by the Goveming Body of St Christopher School (Letchworthl Limited on 5 December 2020, including
in their capacity as company directors approving the Strategic Report contained therein, and is signed
as authorised on rts behalf by:
Peter Mcmeekin
Chairman
Date..
2(lléfL 2ozL
Page 10

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST CHRISTOPHER
SCHOOL {LETCHWORTH) LIMITED
Opinion
We have audited the financial statements of St. Christopher School {Letchworthl Limited for the year
ended 31 August 2020 which comprise of the Slalement of Financial Aclivilies, the Balance Sheet. the
Statement of Cash Flows and the notes lo the financial statements, including a summary of significant
accounting policies. The financial reporting framework that has been applied in their preparation is
applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102
The Fin8ncial Reporting St8nd8rd applicable in the UK and Republic of Ireland {United Kingdom
Generally Accepted Accounting Praclicel.
In our opinion, the financial statements.
give a true and fair view of the slate of the charitable company's affairs as at ended 31 August
2021 and of the charitable company's nel movement in funds. including the 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.
Basis for opinion
We conducted our audit in accordance with 1nlernab.onal Standards on Auditing IUKI IISAS IUKII 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
charity in accordance with the ethical requirements that are relevant to our audit of the financia5
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 concem
In auditing the financial statements. we have concluded that the trustees, use ofthe going concern basis
of accounting in the preparation of the financial statements is appropriate.
Based on the work we have ttrformed. we have not identified any material uncertainties relating to
events or conditions that, individually or collectively. may cast significant doubl on the charitsble
company's ability to continue as a going concern for a period of at least fv4elve months from when the
financial statements are authorised for issue.
Our responsibilib'es and the responsibilib'es of the trustees with respect to going concem are described
in the relev8nl section$ of this ieport.
Other Infomiatlon
The trustees are responsible for the other information. The other information comprises the inforrnation
included in the Governols Report. Our opinion on the financial statements does not cover the other
information and. except to the extent otherwise explicitly slated in our report, we do not express any
form of assurance conclusion Ihereon.
In connection with our audit of the finanaal statements. our responsibility is to read the other informatw)n
and. in doing so, consider whether the other information is materially inconsistent with the financial
statements or OUT knowledge obtained in the audit or otherwise appears to be materially misstated. If
we identify such material inconsistencies or apparent material misslatemenls. we are required to
determine whether there is a material misslatemenl in the financial ststements or a material
misstatement of the other information. If, based on the work we have performed, we conclude that there
is a material misstatement of this other Info￿allOn. we are required lo report that fact. We have nothing
to report in this regard.
Page11

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST CHRISTOPHER
SCHOOL (LETCHWORTH) LIMITED
Opinlons 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 Govemor's Report {which includes the strategic report and the
diredors, report prepared for the purposes of company lawl for the financial year for which the
financial statements are prepared is consistent with the financial statements., and
the strategic report and the directors, report included within the Governor's Report have been
prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exceptson
In the light oflhe knowledge and understanding ofthe charitable company and ils environment obtained
in the course of the audit, we have not identified rnalerial misslalements in the Governor's Report (which
incorporates the strategi¢ report and the directors. report}.
We have nothing to report in respect of the following matters in relation to which the Companies Act
20C6 requires us to report to you if. in our opinion..
adequate accounting records have not been kept by the charitsble company., or
the charitsble company financial statements are not in agreement with the accounts'ng records
and returns., or
certain disclosures of trustees, remuneration specified by law a￿ not made.. or
we have not received all the information and explanations we require for our audit.
Responslbilities of trustees for the financlal staternents
As explained more fully in the trustees, responsibilities statement Iset out on page 101, the trustees (who
are also the directors of the charitable company for the purposes of company lawl 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 a￿ free from material misstatement, whether due to fraud or error.
In preparing the financia5 statements, the trustees are responsible for assessing the charitable
company's ability lo 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 charitable company or to cease operations. or have no realistic altemative bul to do so.
Auditor's responsibilities for the audit of the financial slatements
Our objectives are to obtain reasonable assurance about whether the financial statements as a who
are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that
includes our opinion. Reasonable assurance is a high level of assuran￿, but is not a guarantee that an
audit conducted in accordance with ISAS {UKI wi51 always detect a material misslalement when it exists.
Misststements can arise from fraud or error and are considered materh31 if, individually or in the
aggregate, Ihey could reasonably be expected lo influence the economic decisions ot users taken on
the basis of these finanaal statements.
Irregularities, including fraud, are instances of non-compliance with laws and ￿gUlatiOns. We degign
procedures in line with our responsibilities. outlined above, to detect material misstatements in respect
of irregularities, including fraud. The exlenl to which our procedures are capable of deteth'ng
irregularities, induding fraud is detailed below..
Based on our understsnding of the charitable company and the environment in which it operates, we
identified that the principal risks of non-complian￿ with laws and regulations related lo independent
school regulations, safeguarding regulations, health and safety requirements, GDPR, employment law
and Charity Commission's general guidance and we considered the extent lo which non-compliance
might have a material effect on the financial statements. We also considered those laws and regulations
that have a direct impact on the preparation of the financial statements such as the Companies Act
2006 and the Charities Act 2011, and consider other factors such as payroll taxes and VAT.
Page 12

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST CHRISTOPHER
SCHOOL (LETCHWORTH) LIMITED
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial
Statements {including the risk of override of controls), and determined that the principal risks were
related to posting inappropriate journal entries and management bias in ￿rtain accounting estimates
and judgements such as the valuation of investment properties. Audit procedures performed by the
engagement team included..
Discussions with management including consideration of known orsuspecled instances of non-
Complian￿ with laws and regulation and fraud,.
Evaluating management's controls designed to prevent and detect Ifregularilies.,
Identifying and testing journals, in particular journal entries posted with unusual descriptions..
and
Challenging assumptions and judgements made by management in their critical accounting
estimates and challenge of the underlying assumptions.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council's website at.. www.frc.org.uklaudilorsresponsibilities. This description foms
part of our auditor's report
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. Our audit work has been undertaken 59 that we might slate to
the charitsble company's members those matters we are required lo state to them in an Auditorfs report
and for no other purpose. To the fullest extent permitted by law. we do not accept or assume
responsibility to anyone other than the charitable company and the charitable companls mernbers as
Ixjdy, for our audit work, for this report, or for the opinions we have formed.
Adam Halsey (Senlor Statutory Auditor)
10 Queen Street Place
London
EC4R 1AG
For and on tehalf of Haysmacintyre LLP, Statutory Auditors
Date: 26 April 2022
Page 13

ST CHRISTOPHER SCHOOL {LETCHWORTHI LIMITED
STATEMENT OF FINANCIAL ACTIVITES WHICH INCORPORATES THE
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2021
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2021
Notes
2021
2020
Income from Charltable Activities
9.378,792
8,826,302
Grants & Donatlons
In¢orning Rosouiees from Other Trading Athltles
Lettings
168,214
550.197
11X,234
113,689
Investments
Bank and other interest
Other Income
855
37,617
1,510
8,536
Total Incomg
9,691,712
9,500,234
EXPENDITURE
Cost of Raising Funds
Charltable Activities
Education and grant making
9,450,821
9,680,873
Total Expendlture
9.450,821
9.680,873
Net incoming resources bgfore gain and lo¥ses
240,891
(180,639)
Net Gain on investments
17,705
24.563
Net movement in funds
258.596
(156.076)
Balan￿S brought forward al
1 September 2020
9.798.167
9.954,243
Balances Garried forward at
31 August 2021
10 056,763
9 798.167
The results sel our above all relate to continuing operation5 and relate entirely to unrestricted funds.
The notes on pages 18 to 28 form part of those accounts.
Page 14

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2021
BALANCE SHEET AS AT 31 AUGUST 2021
Notes
2021
2020
TANGIBLE FIXED ASSETS
School buildings and equipment
9.598,857
10,126,724
INVESTMENTS
1,700,007
1,680.007
CURRENT ASSETS
Debtors
Cash
1 S7.142
2,505.172
416,983
920,920
2.662,314
1.337.903
CREDITORS: amounts due within one year
3,600,703
.495,837
NET CURRENT LIABILITIES
938,389
1, 157,934
TOTAL ASSETS LESS CURRENT LIABILITIES
10,360,475
10,648,797
CREDITORS: amounts due after more than one year
Loan & Fees in Advance
303.712
850.630
TOTAL NET ASSETS
10,056.763
9,798,167
CAPITAL AND RESERVES
Called up share capital
11
40
40
UNRESTRICTED FUNDS
General Reserve
Designated Reserves
9,854,085
202,638
9,798,127
TOTAL UNRESTRICTED FUNDS
12
10,056,723
9.798.127
10.056,763
9,798,167
Approved and authorised for issue by the Directors on
and signed on their behalf by
Peter Memeekin
Directors
Alison Burrows
Date..
2£ hO£IL 2oZL
Tho notes on pages 18 to 28 form part of these accounts.
Page 15

ST CHRISTOPHER SCHOOL ILETCHWORTH) LIMITED
STATEMENT OF CASH FLOW
FOR THE YEAR ENDED 31 AUGUST 2021
STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 AUGUST 2021
Notes
2021
2020
Cash flows from Operating Actlvltles:
Nel cash Provided by operating activities
117al
1,792.042
(8.687)
Cash flows from Investing Aclivities:
Payments for tangible fixed assets
Payments for investments
1170,7401
(548,796)
1170,7401
(548.796)
Interest Re￿iVed
Interest Paid on Loan
Property Rental Income
Proceeds from sale of fixed assets
Transfer lo investment properties
Management charges for rental property
855
(12.759)
57.675
1,510
(11,220J
59,548
12.295}
8,409
35.067
(5,437J
9,218
35.183
Net cash flows used in investing activities:
1135.6731
(513,613)
Cash flows from Financing Activlties-
New Loan
Repayments on Loan
Cash flows used in financing actlvltles:
500,QOO
26,535
473,465
72,117
172.1171
Change in cash and cash equivalents In the reporting
period
1,584,252
48,835
Cash and cash equivalents al the beginning of the
reporting period
920.920
969, 755
Cash and cash equivalgnts at the end of the reportlng {17b)
period
2,505.172
920.920
The notes on pages 17 to 28 forrn parl of these accounts.
Page 16

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2021
1. COMPANY INFORMATION
The School is a Public Benefit Entity registered as a charity in England and Wales and a
company limited by guarantee. It was incorporated on 16 July 1954 (company number
5358361 and registered as a charity on 19 February 1963 (charity number 311062).
2. ACCOUNTING POLICIES
al Basls of Preparation
The financial statements have been prepared under the historical cost convention in
aceordanee with Financial Reporting Standard applicable in the UK and Republic of Ireland
IFRS102 second edition, effective 1 January 20191. the Companies Act 2006 and the
Statement of Recommended Practice applicable to charities preparing their account5 in
accordance with the Financial Reporting Standard applicable in the UK and Republic of
Ireland IFRS1021.
The functional currency of the School is considered to be GBP because that is the currency of
the primary economic environment in which the School operates.
After reviewing the School's forecasts and projections, the Govemors have a reasonable
expectation that it has adequate resources to continue in operational existence of the
foreseeable future and consider there were no material uncertainties over the School's
financial viability. The School therefore ¢ontinues to adopt the going concern basis for
preparing ils financial slalements.
The School owns the whole of the share capital of St Christopher School Guilds Limited,
which is dormant. In the opinion of the Govemors the 8Ctivilies of the company are ntst
material in the context of the overall accounts and therefore consolidated accounts are not
prepared. The company results and nel assets position al the balance sheet date are set out
in note 14.
Critical Accounting Judgements and Key Source5 of Estimatlon Uncertsinty
In the application of the accounting policies. Trustees are required to make judgement,
estimates and assumptions about the carrying value of assets and Siabilib'es that are not
readily apparent from other sources. The estimates and underfying assumptions are based on
historical experience and other factors that are considered lo be relevant.
The Iruslees consider the value of investment properties by reference lo informal information
prOv￿ed by the School's lelling agent. If there is a change in the tenancy or signifi¢ant market
volatility, then the trustees will consider the need for a formal professional revaluation.
b} Tangible Fixed Assets
Depreciation is provided on all tangible fixed assets in use, other than freehold land, at rates
and bases calculated to write off the cost less estimated residual value of each assel over its
expected useful life, as follows..
Long leasehold property, acquired prior lo 1979 - over the term of the lease
Long ￿asehold property
- be￿een 25 and 50 years
Motor vehicles
- over 5 years
Fixtures, fittings and equipment
- be￿een 5 and 10 years
Leasehold improvements
- over 20 years
Plant
- over 20 years
Computer equipment
- over 3 years
Page 17

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2021
Long leasehold property is considered by the directors to have a sufficient ewnomic life to
allow it lo be amorbsed over ils lease term of 100 years, as al 31 August 2014. Its service
potential is such that the directors consider the carrying value. The directors will review this
position annually. The Sehool capilalises all items over £1,000.
c) Inveslment Propertles
Investment properties are stated at their market value at the balance sheet date. No
depreciation is provided for in respect of investment properties in accordance with FRS102.
Such properties are held for their investment potential and not for consumption within the
business. This is a departure from the Companies Act 20CE which requires all properties to be
depreciated. however the trustees consider that to depreciate them would not enable the
financial slalements lo give a true and fair view.
dl Fees and other edueatlonal Income
Fees receivable are staled after deducting scholarships, bursaries and other allowances
granled by the school and amounts in respect of co-curricular activib'es for the education of
pupils, such as school trips. and is shown in the statement of financial activities nel. This
presentation has been adopted lo allow 8 fuller understanding of the total amounts involved
within the school's operations and is in line with generally accepted praetice within the sector.
e) Expendlture
Expenditure is accounted for on an accruals basis. Overhead and other Costs not directly
attributable lo partlcular functional acts'vity categories are apportioned over the relevant
categories on the basis of management estimates of the amounts attributable to that activity
in the year, either by reference to staff time or space occupied, as appropriate. The
irrecoverable element of VAT is included with the item of expense lo which it ￿lates. Support
staff costs include staff, depreciation, other costs and govemance Costs which compromise
the costs of complying with constilulional and statutory requirements. Support costs are
allocated across expenditure categories within the Statement of Financial Activities on the
basis of departmental activity.
fj Operating leases
Rentals under operating leases are charged on a straight-line basis over the lease term, even
if the payments are not made on such a basis. Benefits received and re￿Ivable as an
in¢ents've to sign an operating lease are similarly spread on a straight-line basis over the lease
lemi.
gl Pensions
The School conlributes to the Teachers, Pension Defined Benefits Scheme al rates set by the
Scheme Actuary and advised lo the Board by the Scheme Adminislralor. The Scheme is a
multi-employer pension scheme and il is not possible to identify the assets and liabililles of
the Scheme whi¢h are attributable to the School. In accordance with FRS102 the Scheme is
accounted for as a defined contribution scheme. The School also contributes to a defined
contribution pension scheme for its non-leaching staff.
h) Funds
Unreslricled School ftjnds are available for use at the discretion of the Governors in
furtherance of the general obl￿tIveS of the School and which have not been designated for
other purposes.
il Financial Instruments
Basic financial instruments are initially recognised at transaction value and subsequently
measured at amortised.
Page 18

ST CHRISTOPHER SCHOOL {LETCHWORTH) LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2021
Financial assets held at amortised cost comprise cash at bank and in hand together with
trade and other debtors, together wrth all debtors (gross of any bad debt provision) excluding
prepayments.
A specific provision is made for debts for which recoverability is in doubL
Cash al bank and in hand is defined as all cash held in instant access bank accounts and
used as working capital.
Financial liabilities indude all creditors excluding deferred income, taxation and social
securfty, provisions and estimated accruals.
Assets and liabilities held in foreign currency are translated lo GBP at the balance sheet date
at an appropriate year end exchange rate.
j) Government grants
Grants received under the furfough scheme have been ￿oUnted for an accruals basis and
are included in other income.
FEES RECEIVABLE
2021
2020
Fee5 receivable consists of..
School Fees
Less.. Bursaries
Alowances
9,601,158 9.012,437
1457.4041 (443,245)
441.507
396,520
8,702.247 8,172,672
other fees receivable
560,272
601,055
Fees Receivable
9.262,519 8,773,727
Coaching charges
Swimming Pool Income
280
115,993
859
51,T16
Total Income from Charitsble Aclivrttes
9,378,792 8.826,302
Page 19

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2021
ANALYSIS OF TOTAL RESOURCES EXPENDED
2021
staff costs
Other
Dgpreclatlon
Total
Cost of Taising Funds
Charitable Activities:
Education
Welfare
Prernises
Swimming Pool Costs
Support Costs
4,822,655
849,507
233,944
119.422
634.977
510,399
305,860
760,436
9,463
505,404
5.333,054
1.155,367
1.693,134
128,885
1.140,381
698.754
6,660.505 2.091,562
698,754
9,450,821
2020
Cost of ralslng Funds
Charitable Actlvftles..
EduGation
Welfare
Premises
Swimming pool costs
Support Costs
4, 787,255
611,302
222,346
142.576
1.099.593
482,025
340, 726
675,815
38,553
579,825
88.653
23.090
588.572
5,357,933
975, 118
1,486, 733
181,129
1.679,960
542
6,863,072 2.116,944
700, 857
9.680,873
Included within Other Costs above were Governance costs of £20912020.. £5881 relating lo
expenses.
2021
2020
other expenditure includes..
Auditor's remuneration..
for audit linc VATI
Operating lease rentals- other
Depreciation
20,040
37,350
698,607
16,500
71.435
700,857
Staff Costs
Wages and salaries
Social Security costs
Pension contribub'ons
5,287.863
476.238
916,404
6.660,505
5.427,897
493,13t
942.044
6, 863,072
The staff costs Include agency staff costs of £128k {2020.' £94,340) and redundancy costs of
£43.642.
Page 20

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2021
The average number of employees in the year was..
2021
Average FTE Average Actual
No.
No.
78
78
25
33
37
48
20
25
12
12
172
196
2020
Average FTE
No.
70
23
38
22
11
164
Average
Actual No.
78
31
45
21
13
188
Teachers
Academic Support
Welfare
Premises
Administration
Total
Neither the Directors nor persons connected with them received any remuneration oi other
benefits from the School or any connected organisalion.
Rglatgd Party Transactions
2021
2020
Reimbursement of trustee expenses
Number of trustse reimbursed
£0
£0
The Trustees received no remuneration but did receive reimbursement of expenses. There were
no transactions wrth related parties.
The number of employees whi)se emoluments exceeded £60,000 We￿..
2021
No.
2020
No.
£60,001- £70,000
£70,001- £80,000
£90,001- £100,000
£100,001- £110.000
£110,001- £120,000
£120,001- £130,0
The total aggregate remuneration for key management was £950,185 {2020.' £779,465) were
charged to the Statement of Financial Activities during the year.
Page 21

00￿
*0*
to

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2021
INVESTMENTS
2021
2020
Investment properties bl￿d
Transfer from fixed assets
lrnprovements and additional costs
Gains on revaluation
1.680.000 1.650,000
2.295
17.705
5,437
24,563
Investment properties cl
1,700.000 1,680,000
Investment in subsidiary undertaking (note 14}
1,700,007 1,680,007
In 2013, properties were transferred from tangible fixed assets to investment properties
following a change of use and in January 2019 a further property was transferred. The market
value of all 4 properties as al 31 August 2021 was estimated by Iwal real estste agents using
their knowledge of the local market for such assets. The Trustees valued these properties at
£1,697,705 based on this informal advice.
DEBTORS
2021
2020
Fees
Other debtors
Prepayments and accrued income
18,669
21,109
117,364
180,305
8,729
227,949
157,142
416,983
CREDITORS: DUE WITHIN ONE YEAR
2021
2020
Bank Loan Inole 10)
Fees in advance
Parental deposits
Trade creditors
Other taxes and social security
A¢¢ruals and deferred income
Other creditors
581,397
132, 065
1.859.848 1,226, 658
628.078
642,541
213,869
89,055
125,806
130,519
52.734
135,243
138,971
139. 756
3,600,703 2.495,837
Parenlal deposits
Parents pay a deposit on accepting a place for their child and the money is returned subject lo
offset of outstanding costs after their child leaves the school.
The Governors have concluded that the School does not have an unconditional fight to retain the
individual deposits for al least 12 months after the balance Sheet date so present refundable
deposits are within current liabilities.
Page 23

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2021
CREDITORS: DUE AFfER MORE THAN ONE YEAR:
2021
2020
From one lo two years..
Fees in advance
Loan {nole 101
24.675
205.011
25,470
726,460
From ￿ to five years..
Fees in advance
Loan
74.026
74,025
Five years onwards..
Fees in advance
Loan
24,675
Totsl
303,712
850.630
10.
BANK LOAN
2021
2020
Amounts falling due..
Within one year
Within one to ￿ years
Within two to five years
581,397
205,011
132,065
726,460
Total
786,408
858,525
The Bank Loan consists of a mortgage with Barclays Bank plc dated 24 May 2017 and Covid-19
Busines$ Interruption Loan ICBILI dated 9 April 2020.
The mortgage was raised in 2017 to partly fund the purchase of Elmscott linveslmenl property)
and is secured upon the propety. The kjan is repayable monthly and the interest rate is 2.75%
over base.
The Covid Business Interruption Loan {CBILI was raised in 2020 for £500,000. The loan is
repayable over 2 years after the Business Interruption Period (BIP) has passed. During the BIP
112 months from the draw down dale) the interest is paid by UK Government. The loan is
repayable monthly and the interest rate is 2.300A over base.
11.
SHARE CAPITAL
No.
2021
Value
2021
Value
2020
2020
Allotted and fully paid..
Ordinary shares of £1 each
40
40
40
40
The ordinary shareholders have no rights to re¢eive any dividend or bonus out of proffts and no
rights lo surplus assets on a winding up.
Page 24

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2021
12.
UNRESTRICTED FUNDS
1 September Surplusllloss)
2021
Tran8fera
31 August
General funds
9,798.127
258.596
1202,6381
9,854,085
Designated funds
Fees reserve
Capital reserve
30,000
172,638
30,000
172,638
Total designated fund$
202,638
202,638
Total unrestricted funds
9,798,127
258,596
10,OS6,723
2020
I September surplu￿{10$$)
Transfers
31 August
General funds
9,954,203
(156,076J
9,798.127
Total unrestricted funds
9.954.243
(156,076)
9.798.127
Two designated reseNes were set up during the year. being the fees reserve and capital
reserve. The School have transferred £30,000 from general funds to the Fees reserve to
ensure mitigation against future fee payments. The School transferred £172.638 from general
funds to the Capital reseNe lo enable investment in site and specifically infrastructure
projects.
13.
OPERATING LEASE COMMITMENTS
2021
2020
Total value of minimum lease payments over remaining lrfe..
Within one year
Within kn to five years
More than five years
31,060
51,215
31,060
82,275
14.
TEACHERS, PENSION DEFINED BENEFITS SCHEME
The School participates in the Teachers, Pension Scheme rthe TPS") for ils teaching staff. The
pension charge for the year indudes contribution$ payable lo the TPS of £1,010,508 {2020:
£747,270) and at the year-end £nil {2020.. £nil) was accrued in respect of contributions to this
scheme.
The TPS is an unfUr￿ed mulli*mployer defined benefits pension scheme govemed by The
Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme
Regu18tion$ 2014 las amended). Members contribute on a'pay as you go" basis with
contributions from members and the employer being credited tr) the Exchequer. Retirement and
other pension benefits are paid by public funds provided by Parliament.
The employer contribution rate is sel by the S6rretsry of Slate following scheme valuations
undertaken by the Government Actuary's Department. The most recent actuarial valuation of
the TPS was prepa￿d as at 31 March 2016 and the Valuation Report, which was published in
March 2019, confirmed that the employer contribution rate for the TPS would increase from
16.40/0 to 23.60k from 1 September 2019. Employers are also required to pay a scheme
adminislralion levy of 0.080k giving a total employer contribution rate of 23.680A.
Page 25

ST CHRISTOPHER SCHOOL {LETCHWORTH) LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2021
The 31 March 2016 Valuation Report was prepared in accordance with the beneflls sel out In
the scheme regulations and under the approach specified In the Directions, as they applied al 5
March 2019. However, the assumptions were considered and sel by the Department for
Education prior lo the ruling in the 'McCloudlSargeant ¢ase'. Thi5 case has required the courts
to consider cases regarding the implementation of the 2015 refomis lo Public Service Pensions
including the Teachers, Pensions.
On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of
Appeal's judgment that transitional provisions introduced to the reformed pension schemes in
2015 gave rise to unlawful age di5criminalion. The government is respecting the Court's
decision and has said it will engage fully with the Employment Tribunal as well as employer and
member representatives to agree how the discriminations WISE be remedied. The government
announced on 4 February 2021 that it intends to proceed wtth a deferred choice underpin under
which members will be able lo choose either legacy or reformed scheme benefits in respect of
their service during the period between 1 April 2015 and 31 March 2022 al the point they
become payable.
The TPS is subject to a cost cap mechanism which was pul in place lo protect taxpayers
against unforeseen changes in scheme costs. The Chief Secretary to the Treasury. having in
2018 announced that there would be a review of this cost cap mechanism, in January 2019
announced a pause to the cost cap mechanism following the Court of Appeal's ruling in the
Mecloudlsargeanl case and until there is certainty about the value of pensions to employees
from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched
on 24 June on proposed changes to the cost control mechanism following a review by the
Government Actuary. Following a public consullalion, the Government have accepted three key
proposals recommended by the Government Actuary, and are aiming lo implement these
changes in time for the 2020 valuations.
In view of the above rulings and decisions the assumptions used in the 31 March 2016
Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in
accordance with revised benefits and suitably revised assumptions would yield different results
than those contained in the Actuarial Valuation.
Until the cost cap mechanism revision is completed it is not possible to conclude on any
financial impact or future changes lo the contribution rates of the TPS. Accordingly no provision
for any additional past benefit pension costs is included in these financial statements.
The School also runs a defined contribution pension seheme for non-leaching staff. The cost
for the year ￿ presents the School's contribution to the scheme of £224.74312020'. £194,774).
15.
ST CHRISTOPHER SCHOOL GUILDS LIMITED
The school holds a 1000A interest in a trading company, St Christopher School Guilds Limited
(company number 32259761. with the School receiving any surpluses earned by the company as
a ¢ovenanted distribution. From 1 September 2011, all letting transactions are dealt through St
Christopher School and Sl Christopher School Guilds Limited is currendy dormant.
The financial statements of the company at 31 August, which are not consolidated with the
School financial statements. showed the following position..
2021
2020
Net Assels
Page 26

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2021
16.
CONTRACTS AND COMMITMENTS
Capitsl expenditure of £nil has been ¢onlracted for as at 31 August 2021 {2020 £5.907).
17.
CASH FLOW
{al Reconciliatlon of Net Incoming Rgsources to Net Cash Inflow from Operations
2021
2020
Net incoming resources
258 596
180,639
Elimination of non-operating cash flows-.
Interest received
Interest of loan repaid
Rental Income from investment
Cost of Management of Rental Properties
Gains on investment properties
Depreciation charges
Decreasellincreasel in Debtors
{Decrease}lin¢rease in Creditors
18551
12,759
{57,675}
8,409
{17.7051
698,607
259,841
630,065
(1,510)
11,220
(59,548J
9,218
700,858
(77,651)
(410,635)
171,952
Net cash inflow from operations
Ibl Analysis of cash and cash equivalents
Cash hgld and at bank
2.505.172
920,920
(c) Analysls of changes In net funds
Balance at 1
September 2020
Balance at
31 August2021
Cash Flows
Cash at bank & in hand
Loan {nole 101
920,920
858 535
62,385
1,584,252
2,505,172
786 418
1,718,754
1,656,369
Recon¢iliotion of Net Cash Flow to movement In net debt
2021
2020
Increaselldecreasel in cash in the year
Cash oufflow from decrease in debt
Movement in net Idebtyfunds In the year
Opening nel funds
Closing net funds
1,584,252
(48.835)
473,465
(522,300)
584, 685
62,385
1,656,369
1718,754
Page 27

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2021
Page 28