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2025-08-31-accounts

COMPANY NUMBER: 535836 REGISTERED CHARITY NUMBER: 311062

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED GOVERNORS’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED CONTENTS PAGE FOR THE YEAR ENDED 31 AUGUST 2025

CONTENTS
REFERENCE & ADMINISTRATIVE INFORMATION 1
PUBLIC BENEFIT AIMS AND INTENDED IMPACT 2
GOVERNANCE AND MANAGEMENT 3
STRATEGIC REPORT 4
REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR 6
STATEMENT OF DIRECTORS’ RESPONSIBILITIES 11
INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF
ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED 12
INCOME AND EXPENDITURE ACCOUNT 16
BALANCE SHEET 17
STATEMENT OF CASH FLOW 18
NOTES TO THE ACCOUNTS 19

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2025

REFERENCE & ADMINISTRATIVE INFORMATION

St Christopher School (Letchworth) Limited is a charitable company formed in 1954, charity registration number 311062, company registration number 535836. The registered office and principal address of the Company is at Barrington Road, Letchworth Garden City, Hertfordshire SG6 3JZ.

DIRECTORS

The Directors of the Company, who are also the charity trustees, and the Governors of the School and who served during the year were:

Jakub Kozlowski * Chair (resigned 13.10.25) Dr Aashish Bansal (appointed 18.09.25) Chair (appointed 12.01.26) Alison Burrows * Vice Chair (resigned 07.10.25) Chair (appointed 08.10.24, resigned 07.10.25) Paul Juniper (appointed 01.09.24) Vice Chair (appointed 12.01.26) Rouane Mendel Dr Christopher Toepfer Anastasia Nicholls (appointed 01.09.24) Anders Jacobsen (appointed 16.01.25) Georgiy Danilenko (appointed 01.09.25) *parents of a pupil

The Governors can be contacted through the Chairman who can be written to at the School address. Governors can also be contacted through the Clerk to the Governors, by email at toni.warner@stchris.co.uk

KEY EXECUTIVES AND PROFESSIONAL ADVISERS

Head Rich Jones Chief Operating Officer Simon Holmes (resigned 31.08.25) Clerk to the Governors and Toni Warner (appointed 07.10.25) Company Secretary Auditors HaysMac LLP 10 Queen Street Place London EC4R 1AG Principal Bankers Barclays Bank plc Station Place Letchworth Garden City Hertfordshire SG6 3RZ

Website

www.stchris.co.uk

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ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The Board of Directors present their Annual Report for the year ended 31 August 2025 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 statements for the year.

CONSTITUTION AND OBJECTS

St Christopher School (Letchworth) Limited is a charitable company formed in 1954, charity registration number 311062, company registration number 535836. The Company is governed by its Memorandum and Articles of Association, last amended on 9 December 1995.

OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES

The Object of the Company, in accordance with its Memorandum of Association, is the education of girls, boys or adults of either sex as an interdenominational school 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 to be a continuously developing community of children and adults working together to enable all to achieve their best academically and beyond the classroom in an open atmosphere, where all are valued as individuals and encouraged to develop in curiosity, competence, judgement, kindness and courage. It 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 world with a commitment to service.

Thus, the School seeks to prepare pupils for happy and fulfilled lives in the service of others. St Christopher is committed to providing a first-class education in a caring environment, informality, healthy living and self-government. We aim to ensure that all achieve the success they 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 fulfilled child as well as to grow into a successful and fulfilled adult.

Pupils at St Christopher School Letchworth are charged fees. The cost of these fees may restrict the number of people able to 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 means tested and are open to application by anyone eligible to join the School.

In 2024/2025, the School provided £411K (last year £346K) in means tested bursary funding, the equivalent of 4.1% of gross fees (last year 3.1%).

This provided up to 100% remission of the day fee to 28 pupils (last year 30). This represents 5.5% of the pupil body (last year 7.3%). The School has worked with a number of Local Authorities to make available its educational practice and ethos to a number of children who would particularly benefit from it but would not be able to afford the full fee.

As part of the School’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 addition, its swimming pool is regularly open to other organisations, as are the School’s games fields, theatre, dance and music facilities. There are also strong links with regional arts associations. A thriving community service programme makes up an integral part of pupils’ activities. The school also supports local charities throughout the year with various fundraising activities supported by the Major officials (Student Council) and Parents Circle (PTA).

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ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The School is committed to an international approach. There are pupils from a wide range of social, cultural and national backgrounds. Trips have increased over this year taking our students on World Challenge to France, Boston, Switzerland, Italy and Spain.

In the furtherance of these aims the Governors, as charity trustees, have complied with the duty in s.17 of the Charities Act 2011 to have due regard to 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 a 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, at least two of whom must be actively engaged in educational work. One-third of its members are required to retire by rotation at 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 pupils and current parents, as well as local residents. Details of the Governors, together with the School’s officers and principal advisers are given on page 1.

TRUSTEE RECRUITMENT AND TRAINING

The Board is a self-appointing body. Board members are appointed for terms of four or five years and can be re-elected although the practice in the case of the parent governor is not to do so. New Directors 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 Clerk to the Governors. Guidance information and courses are made available to all governors at the Company’s expense, through the Independent Schools Council and the Association of Governing Bodies of Independent Schools.

ORGANISATIONAL MANAGEMENT

The Directors meet as a Board at least three times 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 Clerk to Governors attend all meetings of the governors.

The day-to-day running of the School is delegated to the Head and 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, Finance Strategy Lead, Deputy Head, Head of Junior School, Asst Head: Pastoral, Asst Head: Pupil Well Being, Asst Head: Co Curriculum, SENCO, Director of People, Asst Head: 6th Form, and the Director of Marketing and Admissions.

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ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Remuneration 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 with other independent schools to 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.

There is a long-established School Council, 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 it is rarely exercised. The School is committed to ensuring that self-government continues to be an important part of pupils’ experience at the School.

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 2025, the St Christopher School Guilds Limited was inactive.

St Christopher School 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 are an integral part of the St Chris community.

EMPLOYMENT POLICY

The School aspires to support excellence in education through rigorous and continuous evaluation of quality and performance, the application of best practice and a widespread desire to 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 to their training and employment needs. Communication with employees continues through normal management channels in a variety of forms.

STRATEGIC REPORT

MISSION STATEMENT

St Christopher School seeks to be a continuously developing community of children and adults working together to enable all to achieve their best. We seek excellence in academics and beyond the classroom, encouraging open atmosphere, where all are valued as individuals and encouraged to 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 with a commitment to service, informality, healthy living and self-government. Thus, the School seeks to prepare pupils for happy and fulfilled lives in the service of others.

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ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2025

OBJECTIVES FOR THE YEAR

St Christopher remains committed to celebrating the distinctive character of the School and the positive impact this has on the young people at its heart. The School continues to seek ways to broaden access to its education, enabling pupils from a wide range of backgrounds to benefit from its ethos, educational approach and community.

Governors will keep the School’s long-term sustainability under active review, ensuring that strategic decisions are taken in the best interests of pupils and in line with the charitable objectives of the School.

PRINCIPAL ACTIVITY

The Company’s principal activity continues to be the provision of education for boys and girls from the ages of 3 to 18 at its Nursery, Junior School and Senior School.

The Junior School's children are aged from 3 to 11, nearly all of whom will proceed to the Senior School. Currently there are 142 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 currently 368 children in the Senior School of whom 91 are in the Sixth Form.

GRANT-MAKING

The School offers bursaries to those parents whose income is such that they would not otherwise be able to pay the full fees. The School encourages applications on behalf of young people who would benefit from a St Christopher education, regardless of their background or ability to pay. The School offers fee-assistance of up to 100% of the fees on a means-tested basis. The awards are based on an assessment by the Head of how much a child will be able to benefit from the School and the degree of assistance required. The Bursary Committee meets once a year to consider bursary applications and on a termly basis to review the progress of each bursary holder. The availability of all awards for feeassistance, together with the terms and conditions of awards, are advertised on our website at www.stchris.co.uk.

The Robertson Bursary Trust funds a small number of pupils annually to attend the Sixth Form, to enable them to complete their A levels at St Christopher. The fund 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 Governors 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 to make some awards in conjunction with Robertson Bursary Trust, awards up to and including 100% of the fees.

FUNDRAISING

Governors have not employed any third party 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 time of donating and if this information later materialised, would promptly return the donation. During the year, no complaints have been received about our fundraising.

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ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2025

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Sector Environment and Financial Context

During the financial year ended 31 August 2025, St Christopher School operated within a period of significant change for the independent school sector. The introduction of VAT on independent school fees from January 2025, alongside the removal of business rates relief and increases in both the National Living Wage and employer National Insurance contributions, created substantial financial pressure across the sector.

In response, the Governors of St Christopher School adopted a measured approach to the introduction of VAT. The School absorbed the majority of the 20% VAT element of fees until September 2025 in order to support pupil continuity and allow families time to adjust to the new regulatory environment. While this approach contributed to a reported operating deficit in the financial year, Governors considered it to be a prudent and time-limited measure taken in the long-term interests of the School and its community.

Across the independent sector, average pupil roll declined by approximately 7% in September 2025. By comparison, St Christopher School experienced a reduction in total pupil numbers of 2.4%, significantly outperforming the sector average.

Alongside this, the School continued to review operational efficiency, cost structures and medium and long-term financial planning in order to maintain resilience in a challenging external environment. Governors maintained close oversight of both educational performance and financial sustainability throughout the year, ensuring that the School’s strategic direction continued to be delivered in a measured and financially responsible manner.

Strategic Leadership and Governance

During the financial year, St Christopher School continued to embed the Strategic Development Plan 2024–2030.

The strategy provides a clear framework for the long-term development of the School and is structured around six interconnected priorities:

Leadership structures across both the Junior and Senior Schools continued to stabilise during the period, enabling greater consistency in the delivery of teaching, pastoral care and operational management.

Senior leaders and Governors maintained close oversight of the School’s transformation programme, which included developments in curriculum design, inclusion provision and operational structures.

Professional development for staff continued to be delivered through the School’s appraisal and performance management framework, supported by the Clear Review system. Regular review meetings and structured objectives enabled improved accountability and supported the professional growth of staff across the School. Governance oversight remained strong, with Governors maintaining active engagement in strategic planning, safeguarding oversight and financial monitoring.

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ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Educational Quality and Academic Outcomes

Academic outcomes remained strong during the year and reflected the quality of teaching and learning across the School.

In the Department for Education’s Key Stage 4 performance data, St Christopher School achieved the highest Attainment 8 score among schools in North Hertfordshire and Stevenage.

As a non-selective school, this outcome reflects the progress made by pupils across a broad academic curriculum and highlights the School’s ability to support pupils of varying abilities to achieve strong outcomes.

GCSE results in 2025 were as follows:

Sixth Form results also remained strong. In A Level and AS Level examinations:

The School’s academic tracking and reporting systems continued to mature during the period, enabling improved monitoring of pupil progress and earlier identification of support needs.

Curriculum and Co-Curricular Development

During the financial year, St Christopher School continued to develop its “Curriculum 2030” framework, designed to deliver a broad and balanced education aligned with the School’s progressive ethos.

Work undertaken during the year included the redesign of the Key Stage 3 and Key Stage 4 curriculum to provide greater depth of learning, a balanced academic and creative programme, and enhanced opportunities for critical thinking and interdisciplinary study.

The revised curriculum, launched in September 2025, included:

At Sixth Form level, the School expanded its post-16 offer to include a broader range of A Level subjects alongside several vocational and applied pathways, including BTEC and Level 3 Diploma courses.

Co-curricular provision continued to be a central element of the St Christopher School experience. During the year the School refreshed its co-curricular programme in preparation for implementation in September 2025.

Activities were organised across six strands:

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ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2025

This structure ensured that pupils could develop a broad range of interests and experiences beyond the classroom.

The School also continued to deliver its Late Summer Programme, offering enrichment opportunities including robotics, Duke of Edinburgh participation and project-based learning.

Inclusion and Individualised Learning

St Christopher School continued to strengthen its approach to individualised learning during the financial year.

A new Inclusion Strategy Lead was appointed to develop a whole-school approach to inclusion and to transform the existing Individual Needs department into a broader Inclusion Team.

This work focused on strengthening the School’s “Quality First Teaching” approach, ensuring that pupils across the ability range receive appropriate challenge and support within the classroom.

The School also developed Arunfield, a specialist resourced provision designed to support neurodiverse pupils and those with additional learning needs.

Arunfield opened in September 2025 and builds on the success of the Mulberry pastoral and wellbeing hub within the Senior School.

The provision brings together specialist staff and external professionals to support pupils through a combination of classroom integration and targeted interventions.

Additional staffing appointments during the year strengthened provision across both the Junior and Senior Schools, including specialist teachers, Learning Support Assistants and a Sixth Form Learning Mentor.

Inspection and Regulatory Assurance

In November 2025 St Christopher School underwent a full inspection by the Independent Schools Inspectorate.

The inspection confirmed that the School met all regulatory standards, providing independent assurance regarding safeguarding arrangements, governance oversight and operational compliance. Inspectors highlighted the strength of the School’s supportive environment, its pastoral care systems and the breadth of opportunities available to pupils.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

During the year the School made a deficit of £1,259K (2024: deficit £93.1k) before investment gains or losses. Fee income at the Junior School and the Senior School decreased by 9.6% against 2024. The cash flows for the School remain good and the cash position of £1.534 million (2024: £1.696 million) reflects this.

The School has recorded a deficit in the year, principally arising from its decision to support families by absorbing the cost of VAT on fees between January and September 2025. This reflects the School’s continued commitment to its community during a period of change.

The results for the year are set out on page 16 of the accounts.

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ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2025

RESERVES

At the balance sheet date, the School held unrestricted funds totalling £8,644K (2024: £9,871K). The School’s buildings represent £7,046K and other fixed assets total £732K.

The School has limited free reserves as all surpluses not invested in tangible fixed assets are designated for future projects or risk mitigation. The Governors have examined the School’s cash flows and are satisfied that they are adequate for the purpose of continuing as a going concern for the foreseeable future.

For some years the Governors have had an established policy of keeping a cash reserve at a level equating to between one and three months’ expenditure (£750K to £2,250K). At the year end, the cash reserve was £1,534K, representing just over two month’s expenditure.

FUTURE PLANS

Governors will keep the School’s long-term sustainability under active review, ensuring that strategic decisions are taken in the best interests of pupils and in line with the charitable objectives of the School.

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ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2025

RISK MANAGEMENT

The Board and the Staff Senior Leadership Team continue to keep the School's activities under review, particularly with regard to any major risks that may arise from time to time as well as the systems and procedures established to 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.

The key controls used by the School include:

The Governors have reviewed the principal 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, facilities and systems; a failure to maintain the quality of our staff and the experience of the pupils; and 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 acknowledge the sustained commitment and hard work of the Head, staff, pupils and parents. We recognise that it is as a result of their work 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, former 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:

Ordinary shares of £1 each Ordinary shares of £1 each
At 31 August 2025 At 1 September 2024
Alison Burrows 16 7
Rouane Mendel 4 7
Jakub Kozlowski 4 12
Dasha Nicholls 0 7
Chris Toepfer 4 7
Paul Juniper 4 0
Ana Nichols 4 0
Anders Jacobson 4 0
40 40

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ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED STATEMENT OF DIRECTORS RESPONSBILITIES FOR THE YEAR ENDED 31 AUGUST 2025

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

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 to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the surplus or deficit of the charitable company for that period. In preparing these financial statements, the

Directors are required to:

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 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 ensuring their proper application in accordance with charity law, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each Director is aware, there is no relevant audit information of which the company’s auditor is unaware. Each Director has taken all the steps that he/she ought to have taken as a Director in order to make himself/herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

AUDITOR

HaysMac LLP has indicated its willingness to be reappointed as statutory auditor.

This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of St Christopher School (Letchworth) Limited on , 23/04/2026 including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by:

Dr Aashish Bansal - Chair

Date: 07/05/2026

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INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED FOR THE YEAR ENDED 31 AUGUST 2025

OPINION

We have audited the financial statements of St. Christopher School (Letchworth) Limited for the year ended 31 August 2025 which comprise of the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 charity 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 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 trustees are responsible for the other information. The other information comprises the information included in the Governor’s 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.

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INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED FOR THE YEAR ENDED 31 AUGUST 2025

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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 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 information, we are required to report that fact. We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governor’s Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES FOR THE FINANCIAL STATEMENTS

As explained more fully in the trustees’ responsibilities statement set out on page 11, 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

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INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED FOR THE YEAR ENDED 31 AUGUST 2025

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to independent school regulations, safeguarding regulations, health and safety requirements, GDPR, employment law and Charity Commission’s general guidance and we considered the extent to 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.

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 certain accounting estimates and judgements such as the valuation of investment properties. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED FOR THE YEAR ENDED 31 AUGUST 2025

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 so that we might state to the charitable company's members those matters 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 anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Adam Halsey (Senior Statutory Auditor)

For and on behalf of HaysMac LLP, Statutory Auditors

Date: 8 May 2026

10 Queen Street Place London EC4R 1AG

Page 15

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED STATEMENT OF FINANCIAL ACTIVITIES WHICH INCORPORATES THE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2025

Notes
INCOME
Income from Charitable
Activities
3
Incoming Resources from
Other Trading Activities
Lettings
Investment income
Donations income
Total Income
EXPENDITURE
Charitable Activities
Education and grant making
Total Expenditure
4
Net outgoing/incoming
resources before gain and losses
Net Gain on investments
6
Net movement in funds
Balances brought forward at
1 September 2024
Balances carried forward at
31 August 2025		 Unrestricted
funds 2025
£
9,997,211
112,721
57,715
3,955
10,171,602
11,598,340
11,598,340
(1,426,738)
200,000
(1,226,738)
9,870,648
8,643,910		 Restricted
funds 2025
£
-
-
-
167,345
167,345
-
-
167,345
-
167,345
-
167,345		 Total funds
2025
£
9,997,211
112,721
57,715
171,300
10,338,947
11,598,340
11,598,340
(1,259,393)
200,000
(1,059,393)
9,870,648
8,811,255		 2024
£
11,342,218
99,581
56,400
5,868
11,504,067
11,597,191
11,597,191
(93,124)
-
(93,124)
9,963,772
9,870,648

The results set out above all relate to continuing operations.

The notes on pages 19 to 30 form part of these accounts.

Page 16

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED BALANCE SHEET AS AT 31 AUGUST 2025

Notes
TANGIBLE FIXED ASSETS
School buildings and equipment
5
INVESTMENTS
6
CURRENT ASSETS
Debtors
7
Cash
CREDITORS:amounts due within one year
8
NET CURRENT
(LIABILITIES)/ ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS:amounts due after more than
one year
9
Loan & Fees in Advance
TOTAL NET ASSETS
CAPITAL AND RESERVES
Called up share capital
11
UNRESTRICTED FUNDS
General Reserve
Designated Reserves
TOTAL UNRESTRICTED FUNDS
12
TOTAL RESTRICTED FUNDS
13		 2025
£
7,779,618
1,775,007
3,779,766
1,534,227
5,313,993
(6,057,363)
(743,370)
8,811,255
-
8,811,255
40
8,643,870
-
8,643,870
167,345
8,811,255		 2024
£
8,457,771
1,575,007
1,115,359
1,696,392
2,811,751
(2,273,832)
537,919
10,570,697
(700,049)
9,870,648
40
9,870,608
-
9,870,608
-
9,870,648

Approved and authorised for issue by the Directors on and signed on their behalf by

Dr Aashish Bansal

Date: 07/05/2026

The notes on pages 19 to 30 form part of these accounts.

Page 17

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 AUGUST 2025

Notes
Cash flows from Operating Activities:
Net cash provided by operating activities
Cash flows from Investing Activities:
Payments for tangible fixed assets
Payments for investments
Property rental income
Net cash flows used in investing activities:
Cash flows from Financing Activities:
New Loan
Repayments of Loan
Cash flows used in financing activities:
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of the
reporting period		 2025
£
(100,528)
(31,102)
-
(31,102)
57,715
26,613
-
(88,250)
(88,250)
(162,165)
1,696,392
1,534,227		 2024
£
(270,512)
(156,319)
-
(156,319)
56,400
(99,919)
-
(80,973)
(80,973)
(451,404)
2,147,796
1,696,392

The notes on pages 19 to 30 form part of these accounts.

Page 18

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

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 535836) and registered as a charity on 19 February 1963 (charity number 311062).

2. ACCOUNTING POLICIES

a) Basis of Preparation

The financial statements have been prepared under the historical cost convention in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102 second edition, effective 1 January 2019), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

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.

The School owns the whole of the share capital of St Christopher School Guilds Limited, which is dormant. In the opinion of the Governors the activities of the company are not material in the context of the overall accounts and therefore consolidated accounts are not prepared. The company results and net assets position at the balance sheet date are set out in note 15.

Critical Accounting Judgements and Key Sources of Estimation Uncertainty

In the application of the accounting policies, Trustees are required to make judgement, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant.

The trustees consider the value of investment properties by reference to informal information provided by the School’s letting agent. If there is a change in the tenancy or significant market volatility, then the trustees will consider the need for a formal professional revaluation.

b) Going Concern

After reviewing the School’s forecasts and projections, the Governors have a reasonable expectation that it has adequate resources to continue in operational existence of the foreseeable future and there is no material uncertainty with regards to going concern. The School there continues to adopt the going concern basis for preparing its financial statements.

c) 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 asset over its expected useful life, as follows:

Long leasehold property, acquired prior to 1979 - over the term of the lease
Long leasehold property - between 25 and 50 years
Motor vehicles - over 5 years
Fixtures, fittings and equipment - between 5 and 10 years
Leasehold improvements - over 20 years
Plant - over 20 years
Computer equipment - over 3 years

Page 19

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

Long leasehold property is considered by the directors to have a sufficient economic life to allow it to be amortised over its lease term, as at 31 August 2014. The directors will review this position annually. The School capitalises all items over £1,000.

d) Investment Properties

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.

e) Fees and other educational income

Fees receivable are stated after deducting scholarships, bursaries and other allowances granted by the school and amounts in respect of co-curricular activities for the education of pupils, such as school trips, and is shown in the statement of financial activities net. This presentation has been adopted to allow a fuller understanding of the total amounts involved within the school’s operations and is in line with generally accepted practice within the sector.

f) Expenditure

Expenditure is accounted for on an accruals basis. Overhead and other costs not directly attributable to particular functional activity 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 to which it relates. Support staff costs include staff, depreciation, other costs and governance costs which compromise the costs of complying with constitutional and statutory requirements. Support costs are allocated across expenditure categories within the Statement of Financial Activities on the basis of departmental activity.

g) 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 receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

h) Pensions

The School previously participated in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The Scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the Scheme which are attributable to the School. In accordance with FRS102 the Scheme is accounted for as a defined contribution scheme. This closed to new entrants on 1 September 2021. The School also contributes to a defined contribution pension scheme for its non-teaching staff.

i) Funds

Unrestricted School funds are available for use at the discretion of the Governors in furtherance of the general objectives of the School and which have not been designated for other purposes.

j) Financial Instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised.

Page 20

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

Financial assets held at amortised cost comprise cash at bank and in hand together with trade and other debtors, together with all debtors (gross of any bad debt provision) excluding prepayments. A specific provision is made for debts for which recoverability is in doubt.

Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital.

Financial liabilities include all creditors excluding deferred income, taxation and social security, provisions and estimated accruals.

Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate.

3. FEES RECEIVABLE

Fees receivable consists of:

Fees receivable consists of:
School Fees
Less: Bursaries
Allowances
Other fees receivable
Fees Receivable
Coaching charges
Swimming Pool Income
Total Income from Charitable Activities		 2025
£
10,031,533
(411,068)
(558,448)
9,062,017
762,657
9,824,674
-
172,537
9,997,211		 2024
£
11,100,353
(346,477)
(571,293)
10,182,583
1,001,016
11,183,599
520
158,099
11,342,218

Page 21

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

4. ANALYSIS OF TOTAL RESOURCES EXPENDED

2025
Charitable Activities:
Education
Welfare
Premises
Swimming Pool Costs
Support Costs
2024
Charitable Activities:
Education
Welfare
Premises
Swimming Pool Costs
Support Costs
Support costs include:
Staff costs
Legal and professional fees
Marketing and advertising
IT costs
Telephones
Postage and stationery
Governance
Administration
Bank charges and interest		 Staff costs
£
5,271,294
964,942
255,979
229,356
998,834
7,720,405
Staff costs
£
5,301,457
973,803
419,706
251,032
941,737
7,887,735		 Other
£
618,236
700,056
965,981
21,021
863,386
3,168,680
Other
£
860,422
741,119
740,005
39,687
620,453
3,001,686		 Depreciation
£
-
-
709,255
-
-
709,255
Depreciation
£
-
-
707,770
-
-
707,770
2025
£
998,834
355,247
146,358
138,798
22,948
76,502
57,081
1,067
65,385
1,862,220		 Total
£
5,889,530
1,664,998
1,931,215
250,377
1,862,220
11,598,340
Total
£
6,161,879
1,714,922
1,867,481
290,719
1,562,190
11,597,191
2024
£
941,737
221,304
143,795
32,154
31,767
101,790
54,958
(57,677)
92,362
1,562,190

Included within governance costs of £279 (2024: £0) relating to expenses reimbursed to governors.

Page 22

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

Other expenditure includes:
Auditor’s remuneration:
for audit
for accounts preparation
Operating lease rentals – other
Depreciation
Staff Costs
Wages and salaries
Social security costs
Pension contributions		 2025
£
31,327
3,300
64,670
709,255
6,211,074
672,019
837,312
7,720,405		 2024
£
20,500
3,500
31,803
707,770
6,407,189
642,444
871,207
7,920,840

The staff costs include agency staff costs of £33,261 (2024: £107,035) and redundancy costs of £88,320 (2024: £57,589).

Page 23

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

The average number of employees in the year was:

Teachers
Academic Support
Welfare
Premises
Administration
Total		 2025
Average
Actual No.
70
42
28
27
18
185		 Average
FTE No.
64
28
20
22
15
149		 2024
Average
Actual No.
79
40
25
33
18
195		 Average
FTE No.
73
27
17
25
15
157

Neither the Directors nor persons connected with them received any remuneration or other benefits from the School or any connected organisation.

from the School or any connected organisation.
2025 2024
£ £
Related Party Transactions
Reimbursement of trustee expenses 279 -
Number of trustees reimbursed 1 -

No Trustees received remuneration or expenses. There were no transactions with related parties. The number of employees whose emoluments exceeded £60,000 were:

2025 2024
No. No.
£60,001 - £70,000 6 4
£70,001 - £80,000 1 3
£80,001 - £90,000 1 -
£90,001 - £100,000 1 -
£100,001 - £110,000 1 1
£110,001 - £120,000 1 1
£130,001 - £140,000 - 1

The total aggregate remuneration for key management charged to the Statement of Financial Activities during the year was £1,027,985 (2024: £1,261,801).

Page 24

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

5. TANGIBLE FIXED ASSETS

Cost/valuation
1 September 2024
Additions at cost
31 August 2025
Depreciation
1 September 2024
Charge for year
31 August 2025
Net book values
31 August 2025
31 August 2024		 Long
leasehold
property
£
11,194,884
-
11,194,884
6,209,476
224,738
6,434,214
4,760,670
4,985,408		 Motor
vehicles
£
84,663
-
84,663
84,663
-
84,663
-
-		 Fixtures
fittings and
equipment
£
3,876,245
29,993
3,906,238
3,417,879
119,913
3,537,792
368,446
458,366		 Leasehold
improvements
£
5,320,949
-
5,320,949
2,768,250
265,933
3,034,183
2,286,766
2,552,699		 Plant
£
978,441
-
978,441
611,487
48,921
660,408
318,033
366,954		 Computer
equipment
£
1,126,754
1,109
1,127,863
1,032,410
49,750
1,082,160
45,703
94,344		 Total
£
22,581,936
31,102
22,613,038
14,124,165
709,255
14,833,420
7,779,618
8,457,771

Page 25

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

6. INVESTMENTS

Investment properties b/fwd
Transfer from fixed assets
Improvements and additional costs
Gains/(Loss) on revaluation
Investment properties c/fwd
Investment in subsidiary undertaking (note 15)		 2025
£
1,575,000
-
-
200,000
1,775,000
7
1,775,007		 2024
£
1,575,000
-
-
-
1,575,000
7
1,575,007

In 2013, two 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 at 31[st] August 2025 was estimated by local real estate agents using their knowledge of the local market for such assets. The Trustees valued these properties at £1,775,000 based on this informal advice.

7. DEBTORS

Fees
Other debtors
Prepayments and accrued income		 2025
£
3,445,965
54,838
278,963
3,779,766		 2024
£
572,153
82,493
460,713
1,115,359

There has been a change in presentation following the introduction of VAT regarding fees: historically the School netted off forthcoming Autumn Term fee debtors (invoices issued pre-year-end for fees due post-year-end) against the corresponding deferred income. Fee debtors now reflects invoices issued before year-end. There is a corresponding impact on deferred income in creditors in note 8.

8. CREDITORS: DUE WITHIN ONE YEAR

Bank Loan (note 10)
Fees in advance
Parental deposits
Trade creditors
Other taxes and social security
Accruals and deferred income
Other creditors		 2025
£
689,951
-
635,588
138,398
1,016,363
3,397,977
179,086
6,057,363		 2024
£
88,249
1,002,748
654,563
312,974
161,480
50,351
3,467
2,273,832

Page 26

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

Parental deposits

Parents pay a deposit on accepting a place for their child and the money is returned subject to offset of outstanding costs after their child leaves the school.

The Governors have concluded that the School does not have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date so present refundable deposits are within current liabilities.

9. CREDITORS: DUE AFTER MORE THAN ONE YEAR:

From one to two years:
Fees in advance
Loan (note 10)
From two to five years:
Loan (note 10)
Total
10. BANK LOANS
Amounts falling due:
Within one year
Within one to two years
Within two to five years
Total		 2025
£
-
-
-
-
2025
£
689,951
-
-
689,951		 2024
£
10,097
96,272
593,680
700,049
2024
£
88,249
96,272
593,680
778,201

Bank Loans consists of a new consolidated loan with Barclays Bank plc dated 16 June 2022.

The outstanding amount on the mortgage previously held with Barclays Bank plc and raised in 2017 to fund the purchase of Elmscott (investment property) was consolidated into a new bank loan in June 2022. The new loan is repayable over 5 years on a monthly basis and the interest rate is 3% over base.

There was a breach in the terms of the bank loan covenants within the financial year. The School absorbed the majority of the 20% VAT element of fees until September 2025 in order to support pupil continuity and allow families time to adjust to the new regulatory environment which contributed to this breach. Positive discussions have been had with the bank, but as no waiver was in place at the balance sheet date the bank loans have been reclassified as falling due within one year.

11. SHARE CAPITAL

Allotted and fully paid:
Ordinary shares of £1 each		 2025
No.
40		 2025
£
40		 2024
No.
40		 2024
£.
40

The ordinary shareholders have no rights to receive any dividend or bonus out of profits and no rights to surplus assets on a winding up.

Page 27

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

12. UNRESTRICTED FUNDS

2025
1 September
2024
Deficit
£
£
General funds
9,870,608
(1,426,738)
Total general funds
9,870,608
(1,426,738)
2024
1 September
2023
Deficit
£
£
General funds
9,963,732
(93,124)
Total general funds
9,963,732
(93,124)
13. RESTRICTED FUNDS
2025
1 September
2024
Surplus
£
£
Mahony Trust
-
167,345
Total restricted funds
-
167,345
14. OPERATING LEASE COMMITMENTS
Total value of minimum lease payments over remaining life:
Within one year
Within two to five years
More than five years		 Gains/losses
on revaluation
£
200,000
200,000
Gains/losses
on revaluation
£
-
-
Transfers
£
-
-
2025
£
74,038
236,297
4,742		 31 August
2025
8,643,870
8,643,870
31 August
2024
9,870,608
9,870,608
31 August
2025
167,345
167,345
2024
£
29,784
52,140
10,217

15. TEACHERS’ PENSION SCHEMES

The School previously participated in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. On 1 September 2021, all teaching staff were transferred to Aviva Pension Trust for Independent Schools (APTIS). The pension charge for the year includes contributions payable to the APTIS of £576,179 (2024: payable £597,199).

The School also runs a defined contribution pension scheme for non-teaching staff. The cost for the year represents the School’s contribution to the scheme of £270,847 (2024: £274,088).

Page 28

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

16. ST CHRISTOPHER SCHOOL GUILDS LIMITED

The school holds a 100% interest in a trading company, St Christopher School Guilds Limited (company number 3225976), with the School receiving any surpluses earned by the company as a covenanted distribution. From 1 September 2011, all letting transactions are dealt through St Christopher School and St Christopher School Guilds Limited is currently dormant.

The financial statements of the company at 31 August, which are not consolidated with the School financial statements, showed the following position:

2025 2024
£ £
Net Assets 7 7

17. CONTRACTS AND COMMITMENTS

Capital expenditure of £nil has been contracted for as at 31 August 2025 (2024: £nil).

18. CASH FLOW

(a) Reconciliation of Net Incoming Resources to Net Cash Inflow from Operations

Net incoming resources
Elimination of non-operating cash flows:
Capital repayment of loan
Rental Income from investment
Depreciation charges
(Increase)/decrease in Debtors
(Decrease)/increase in Creditors
Net cash (outflow)/inflow from operations
(b) Analysis of cash and cash equivalents
Cash held and at bank
(c) Analysis of changes in net funds
Cash at bank & in hand
Loan (note 10)		 Balance
at
1 September
2024
£
1,696,392
(778,201)
918,191		 2025
£
(1,259,393)
88,250
(57,715)
709,255
(2,664,407)
3,083,482
1,158,865
(100,528)
2025
£
1,534,227
Cashflows
£
(162,165)
88,250
(73,915)		 2024
£
(93,124)
80,973
(56,400)
707,770
(683,258)
(226,473)
(177,388)
(270,512)
2024
£
1,696,392
Balance
at
31 August
2025
1,534,227
(689,951)
844,276

Page 29

ST CHRISTOPHER SCHOOL (LETCHWORTH) LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

Reconciliation of Net Cash Flow to movement in net debt

Increase/(decrease) in cash in the year
Cash outflow from decrease in debt
Movement in net (debt)/funds in the year
Opening net funds
Closing net funds		 2025
£
(162,165)
88,250
(73,915)
918,191
844,276		 2024
£
(451,404)
80,973
(370,431)
1,288,622
918,191

Page 30