St Albans Education Group (limited by guarantee) Report and financial statements for the year ended 31 August 2024 Company number.. 321911 Registered charity number: 311065
St Albans Education Group (limited by guarantee) Governors, report for the year ended 31 August 2024 The Governors of St Albans Education Graup (the Company") present their annual report and audited accounts for the year ended 31 August 2024 and confirm that they comply with the requirements of the Charities Act 201 I, the Trust Deed and the Charities SORP 2015. The Governors are also the charity trustees and directors of the Company. St Albans Education Group is a company limited by Guarantee and changed its name from St Albans High School for Girls to St Albans Education Group on 26 September 2024. The Company delivers its Aims and Objectives through the operation of two Schools - St Albans High School for Girls (Senior and Prepl ("STAHS" or "The School") and Stormont School ("Stormont") The Stormont operation was acquired by the Company on 2 Seprember 2024 (see note 22 to the accounts). Accordingly, this report and the accounts refer solely to the STAHS operation for the year ended 31 August 2024 except where explicitly stated. Our aim5 The Company's vision is to develop happy, resilient young people who will embrace opportunities and lead lives of consequence. The object of the Company, as laid down in the Company's Articles of Association, is to advance education in accordance with the principles of the Church of England for pupils and young children of either or both sexes. Our objectives The objectives are outlined in the Company's development plan and reflect the educational aims and the ethos of the Company. In setting the objectives and planning the activities of the Company, the Governors have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee charging. Ccontinued)
St Albans Education Group (limited by guarantee) Governors, report for the year ended 31 August 2024 Our objectives (continued) The School's main objectivos for the year 2023-24 were as follows,, to promote excellent outcomes for pupils by delivering a rich and challenging curriculum and a progressive and ambitious co-curriculum which ensures engagement for all to develop intellcctually resiliont and independent pupils who leave school with the tools to help them live fulf 111 i ng. ha ppy and successful adult lives to recruit and reta in highly able and motivated pupils. regardless of the ir background to attract and retain outstanding staff and support thom through appropriate profpssional development to onsure that the School provides a safe, sustainable and i nspi rational environment i n which to learn and work, including seamless integration of information services and technology throughout the Group to ensure that the School engages in meaningful and broad partnerships and provides substantial public benefit for our local and regional communities to onsuro that forward financial and estates planning is thorough and meets the needs of the School to ensure that our School brand reflects the ethos and valuos of the School and that our markoting (including website, school films, print matorials and digital marketing) is current and impactful. Intended impact The principal beneficiaries of these aims and objectives are St Albans Education Group's pupils whose education is provided by the Company and funded by paronts. guardians or from othor charitable sources. Over 60% of the School's pupils are drawn from the local community. living within 5 milesof STAHS Senior School. Families on lower incomes are supported through our means-tested bursary schemo. Particularly talented pupils may receive other concessions such as roduction in fees, access to free music lessons and accoss to free elite sports coaching through our wide-ranging Scholars, Programme. Through partnership links established with a number of schools. the School also contributes to. and benefits from. the sharing of good practice with other education professionals. Wherever possible, access to the School's facilities is shared with local schools, community groups and other institutions.
St Albans Education Group (limited by guarantee) Governors, report for the year ended 31 August 2024 Our ethos, strategies and policies The Company is a charity which seeks lo benefit the public through the pursuit of its stated aims. The fees are set by the Governors each year at a level which ensures the financial viability of the Company and which is consistent with the aim of providing a first class education. The School welcomes pupils from all backgrounds. Entrance assessments and interviews are held to ensure that potential pupils will be able to cope with the pace of learni ng and benefit from the education which the School provides. STAFIS values each individual member of our community and is committed to ensuring that everyone has equal access to opportunities and is supported to roach thcir porsonal, educational and professional goals. All reasonable adjustmonts are mado 10 meet the needs of Staff or pupils who are, or who become, disablod, The School's Executive Team has been working with diversity and incliision char'ities to produce, consult with our c.ommunity upon and implement a School-wido Equality, Diversily and Inclusion IEDII strategy. This Strategy sets out tho School's corTiiniiment to and objectives flir EOI and tho necessary stops to onsure tliat EDI is at the heart of our instifution and that STAHS is a truly inclusive school arid workplace. The School has fakcn account of the Equal ity, Diversity and Inclusion princi ples in the Charity Governance Code refreshed in 2020. The Governors, sfaff and volunteers are fully committed to safeguarding and promoting the welfare of pupils and cxpoct this commitment to be shared by all mombcrs of the School community. Governors receive regular updates on rcgulatory and statutory changes to Keeping Children Sale in Education (KCSIE) from the School's Executive Team and via regular updates from the School's lawyers and the Association of Governing Bodies of Independent Schools IAGBIS). The house systom is the main framework for pastoral carc. Pupils are cared for within their houses by their house tutor and houscmastcr/mistrcss, a responsibility which is shared in years 12 and 13 with the Hoad of Sixth Form and sixth form tutors. Parents are given information about thoir children's social and academic progress through regular paronts, evenings, in addition to end of term and year reports. The School maintains rogular contact with parents throughout the year through informal contacts. parent forums and events and the publication of electronic newsletters and termly letters from the Head and Head of Prep.
St Albans Education Group (limited by guarantee) Governors. report for the year ended 31 August 2024 Access policy, including bursary policy The Governors are concerned that education at STAHS should not be restricted to those who can afford the fees. Through its means-tested bursary scheme the School is now supporting 54 pupils12023. 63). This support, which is available on a needs basis as determined by the Head in consultation with the Bursar, following a policy determined by the Governors, reduced annual fee income by £1,042k (2023. £1,144k). The amount available for means-tested bursaries was El.197k. For the coming year. this sum stands at £960k, representing 3.7¥0 of gross fee income. Means-tested fee5 assistance can be awarded up to l OOYO of the tuition fees at any time from year 7 (aged 11 +), and, in the year. 31 pupils received bursarie5 equivalent to 100% of tuition fees12023. 38). The Governors see bursary awards as an important means of ensuring that pupils from families who would not otherwise be able to afford the fees can access the education which the School offers. Bursaries are available to pupils who meet the School's entry requirements and are mado on the basis of both academic potential and parental means orto relieve hardshipwhere a pupil's education and future prospects would otherwise be at risk. Such circumstances might occur, for example, in a case of redundancy or death of a parent. Other pollcles on as51stance Financial plannlng policy In order to assist parents with payment of fees, the School makes available a number of different schemes, including an option to pay monthly through arrangements with an external finance institution, School Fee Plan. Family discounts policy Discounts are available to families with more than two children in the School. Non-fee asslstance pollcy Assistance can be made available in respect of the cost of "extras" including. for example. lunches. coaches and school trips as appropriate. Scholarship policy Scholarship awards are made to recognise high academic potential or ability in other activities such as art, design and technology, music, sport and drama. Such scholarships are awarded with a fixed remission of fees and are available on entry to the Senior School at year 7 and on progression or entry to year l O and year12. Where further assistance is required. scholarship awards may be supplemented by a means tested bursary. Scholarships are largely honorary, and generally include a fee remission ol l O¥0. except in exceptional circumstancos where a particularly gifted pupil may be offered a higher level of fee remission.
St Albans Education Group (limited by guarantee) Governors, report for the year ended 31 August 2024 Investment Policy The Governors, investment powers are governed by the Articles of Association which permit the funds of the Company to be invested as may be thought fit, subject to such conditions and consents as may be imposed or required by law. The Governors may, from time to time. invest in such properties as they consider beneficial to the School's strategic interests. It is the Governors, pol icy to mitigate the risks associated with having surplus funds concentrated in one institution by investing them in short to medium term cash deposits with a range of mainstream UK financial institutions. This also serves the Governors, policy of maximising the return on such surpluses. The Company has a Treasury Management Policy which is reviewed on a termly basis and the Finance Commirtee receives regular treasury reports from the Bursary.
St Albans Education Group (limited by guarantee) Governors, report for the year ended 31 August 2024 Strategic report Review of activities and achievements Pupil numbers The principal activity continues to be the provision of a day school for 4 to 18 year-old pupils. During the year STAHS had an average of 815 pupils in the Senior School and 334 pupils in the Prep School12022- 23. 823 and 332 pupils respectively). Academic In the academic year 2023-2gi, 310/0 of all A level grades were al A. 73% achieved A" A and 88% at A* B with 7 students achieving straight A's. 52¥0 achioving all A, A grades, l 00% ol pupils entered for the EPQ (Extended Projoct Qualification) oarned A' A grades. All Oxford, Cambridge. Medicino and Veiorinary offL)rs woro mei and 87 % took up their first-chnice university offer. At GCSE, 40% of grades were ai 9, 86% were ar 9- 7, 95,/0 at 9- 6, and 99Vo al 9- 5 with 18 students achieving 9 or moro GCSES at Grade 9. Over 54Yo of Year 11 pupils achievod all Grades 9 - 7. Although the academic outcomes are impressivo, our mission goes boyond examination rcsults as vve prepare our students to live lives of consoqucncc through our Teach to 25 Strategy. Thc acadomic profile of the School remains very strong. STAI IS makp.s a significant contribution to the national education community through the employment and training of several oarly carocr teachers and initial teacher trainees, and the provision of examiners to the major examining bodies. The School encouragcs toachers to share good practice and dovolop their own expcrtisc through an extensive internal professional dovclopment programme and by forming cluster groups, joining profossional worki ng parties and visiting local and national schools from both sectors to share ideas. Co-currlculum The School offers a wide range of enriching oducational trips and visits throughout the year for pupils of all ages. including international exchanges and languago immersion opportunities. Educational partnLJrships with institiitions i n Eijrope and beyond are a focus for development. reflecting thp Srhnol'% international focus, Ouke of Edinburgh expoditions are well-attended at all levels, and academic departments continuo to offer a range of opportunities to extend the curriculum boyond the classroom with trips to universities, museums, galleries, performances and oxhibitions, Community service Many pupils choose to undertake community service within the local area. This includes taking posts at children's and youth Community groups, senior citizens, residence5. day care centres. local primary schools, nurseries, the Cathedral and Abbey Church of St Alban and Age Concern. ID addition to these activities, the pupils and staff have organised several charitable fund-raising everits for the benefit of organisations that support the local community. Public benefit The Governors have g iven s ign ificant consideration to the Charity Commission gui dance on public benefit, including the guidance 'Public Benefit.. Running a Charity, IPB21. Icontinued)
St Albans Education Group (limited by guarantee) Governors. report lor the year ended 31 August 2024 Strategic report Review of activities and achievements (continued) Use of STAHS facilities STAHS facilities are made available for use by the local community whenever possible. The School makes its sports and other faci lities availablo to local schools, c.ommunity groups and charitics and to the vvider community at favourable rates (including free-of-charge uso of facilities in some instanc.es). STAHS events The School hosts em inent visiting speakers and organ ises a wide range of enrichment activities for the benefit of pupils. Tho School rcgularly invites pupils and staff from othor local schools io aitend these events in order that they might benefit from the exlensivo pi'ogramme. Examples include.. An annudl Oxbridge Admissions Conference for pupils considoring Oxbridge applications. In March 2024 10 local SLhools participated in tho ovent, with a total of 150 attor)dees. An Aerospace careers evcnt, hold in September 2023, attended by l 00 students from local 13 local schools. Tho Children's 8ook Festival in June 2024 welcomed around 1,000 visitors, including members of the local community. Teaching and learning partnerships The School is involved in several teaching and learning partnerships supporting loLal and regional schools, pupils and teachers, includi ng., Providing practice interviews for pupils at six state schools under the Advanced Maths Support Programme to improvo their chances of an offer from Oxford or Cambridgc to study Maths or Maths-related courses. Orchestra Partnership and Vocal Workshop Days giving over 200 Year 3 . Year 6 pupils from 25 different schools the opportunity to perform in a symphony orchestra and sing in a choir. School teachers running choirs and ensombles for children at four local primary schools. with weekly rehearsals and pupils taking part in performances, Sixth Formers from the School are also involved to support this work. A Maestro Masterclass and Recital series open to local schools to attend. Royal Institution mathematics masterclasses involving pupils from five local primary schools with Sixth Form students from the School acting as student leaders. Children from the local village nursery accessing the Prep school's woodlands to support their development of understanding of the world around them and the environment. Provision of two day-long teacher training workshops for 30 trainee teachers through our partnership with the Alban Federation. The Lumina Tutoring partnership through which Senior school teaching staff provide online, subject-specific, one-to-one tutorial sessions for children and young people who are looked after. (continued)
St Albans Education Group (limited by guarantee) Governors, report lor the year ended 31 August 2024 Strategic report Review of activities and achievements (continued) Pupil charitable activities 260 pupi15 undertook voluntary work, volunteering a total of 2.041 hours with a social value of over £1 0,000 as part of the Duke of Edinburgh Award Scheme, Including working in charity shops and libraries, supporting Brownie and Rainbow packs and sports coaching. Just over E27,000 was raised and donated to 20 different charities through pupi I fundra ising initiatives. Several members of staff volunteer expertise to support local schools by acting as a Governor. The School sUPPOrts this where appropriate, for example allowing time off school to fulfil Govcrnor commitmonts. Fundralslng The Company raises funds principally from current parents and alumni. STAHS is also fortunate and grateful to receive donations and occasional legacies from individuals, especially those who have been member5 of the School community in the past and wish to show Iheir appreciation and support. The Company does not engage in any large-scale fundraising activities such as mass mailings, telephone fund-raising or door-to-door campaigns. No donations are sought from the general public and the Company has not engaged in fundraising activities requiring disclosure under Sl 62A of the Charities Act 201 l . The charity received no complaints in the year regarding its fundraising practices.
St Albans Education Group (limited by guarantee) Governors, report For the year ended 31 August 2024 Strategic report Our finances The Company's net income was £3,OO&k for the year (2023. E2.659kl. including investment gains on property revaluations of £926k (2023. £nil), The Company's net operating income, before investment gains. was £2,078k (2023. E2.659k). The investment surplus, being net operating income excluding depreciation, was £3,106k12023. £3.674kl. This was 13.60/0 of net tuition fee income (2023,, 17.5 % I which was i n excess of the target for the year. It is intended the cash generated from the surplus will be used in future years Lo fund capital projects. Notc) 8a to the financial statements sets out an analysis of the assets attributable to tho various funds. These assots are suffirienl to meet the obligations ol the Company on a lund-by-fund basis. The Company's tangible fixed assets are all held for continuing use by the Company. rhe Governors c.onsider that thc market value on an existing use basis ol Company land and buildings is not less than the net book valuc shovvn i n the notes to the financial statements. The Governors, target is that the ideal level of free reservos to airt) for is 5 % ol fee income. rhe Govcrnors, policy is to continuo bLJilding up tho Company s free reserves to the idpal lovol by means of annual operating surpluses with minimal reliance on bank finance. The accumulated fund at tho year-ond was E36,081 k which was sufficient to cover the fixed assets of E32,675k without recourse to bank borrowing. During the year various i n itiatives from the Development Offico and the Parents, Association raiscd E34k (2023.. £126kl. As the Company is a charity, the parents of the pupils have the assurance that all of the income of the Company will be applied for educational purposes. As an educational charity tho Company enjoys tax exemption. Gains from this exemption are applied to help achieve the charitable aims, Risk management The Govornors are responsible for the oversight of the risks faced by the School. Detailed considerations of risk are delegated to the senior leadership of the School. The major risks to which the School is exposed are assessed in relation to thc likely damage to the financial and reputational wellbeing of the School and/or its infrastructure, within the context of its long-term strategic objectives and the School's abil ity to tolerat? the impact of said risk5. Senior leadership perform a monthly review of the Risk Register and specialist external advice is takcn to inform Governors on key issues. Risk i s a standing agenda item for all committees. The main areas of risk are considered to bo. external factors - sector, economic, politlC31 business interruption arising from critical i ncidcnts staffing recruitment a nd retention financial cost pressures, external and internal children s welfare - safeguarding regulatory compliance. (continuedl
St Albans Education Group (limited by guarantee) Governors, report For the year ended 31 August 2024 Strategic report Risk management (continued) Safeguarding and health and safety are always significant areas for risk management. and they are standing agenda items at full Council meetings. Through the risk management processes established for the School, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. Principal rlsks and uncertainties The Governors consider the principal risks to be Lhe ability of the Company to cope with the economic impact of potential changes to education and economic policy including the imposition of VAT on school fees vvhich affects the ability of parents to fund private education, tho loss ol busiiiess rates rel ief. or other as yet undp.fined levies. the ability of the Company to rLJtain a market share in a highly competitive region., tho increasing risks around cyber-security.. and the increase to oporating costs caused by changes to the pensiun obligations and tax status of the Company. As a result, working with tho School's Executive Team, the Governors continue to monitor the education sector closely, both nationally and locally, in order to react responsivcly to changes in market conditions. Likevvise. Governors moniror the controls and processes adopted by the School to recruit staff and ensure that fhc highest standards are maintained in all areas ol the School. The Governors ensure a multi-layered approach to cyber-socurity is followed to minimise all conceivablc risks. Through the risk management procosses established across the School, the Governors are satisfied that the major risks identified have been adequately mitigated, in so far as is possible. Directors. duties Section 172 of the Companles Act In summary, as required by Soction 172 of the Companies Act, the directors (Governors) must act in a way thoy considor, in good faith. would be most likoly to promote the succes5 of thc company for the benefit of its members as a whole and, in doing so, have rogard lamongst other matters) to,. the likely consequences of any decision in the long term the interests of the company s employccs the need to foster the company s business relationships with suppliers. customers and others the impact of the coinpany's operations on the community and environment the desirability of the company maintaining a reputation for high standards of business conduct and the need to act fairly as between members of the company.
St Albans Education Group (limited by guarantee) Governors. report For the year ended 31 August 2024 Strategic report Overview of how the Governors performed their duties Shareholders Tho Company is limited by guarantoe and has no shareholders. Employees The School operates a framework for employee engagement. Meetings are held between local management and employees providing employee voice. The ability for employees to express their views, get involved in decision making and provide feedback is through consultation groups, committees and. formally, through voluntary union recognition. Meetings are held at least once per term between the Executive Team and the union representatives, with a Governor in atlendance on at least an annual basis. Stakeholders, puplls and parents The School exists lo provide excellent standards of teaching with in a stimulating and challerigiiig cnvironmont in ordcr that pupi Is can reach their full potential acadomically, in co-curricular activities and personally. The Head provides rogular foodback lo the Governors ar termly Education Committee meetings. The Governors regularly altend School events. havo a structured programme of Govornor visit days and policy into practice reviews and are visible i n the School community to parents and pupils. Parents receive continual progress updatos on pupi15' performance throughout tho ycar plus regular communication from the I lead. Suppliers We value all our suppl iors, fostering long term, mutually bencf icial relationshi ps with those critical to the Sc.hool's success. Suppliers are generally paid on 30 day terms. Koy procurement decisions are presented to the Governors by thc Exccutivo Tcam prior to final decisions being made. The Governors roviow the procurement policy regularly to ensure the School continues to receive tho best valuo lor money. Communlty and envlronment, culture and values As a charity, the Company seeks to benefit the public through the pursuit of its aims. Safeguarding underpins all operations and the Governors receive regular updates on regulatory and statutory changes to safeguarding legislation. The Governors set the Bursary policy and receive rogular information as to its implementation in order to maximise tho support ava ilable to families who could otherwise not afford tho fees. Public benefit is at the heart of the School's activities, evidenced by wider usage of the School's facilities, events in the community, partnership work and fundraising activities undertaken by pupils and staff. STAHS has developed a sustainability plan, which is now being implemented.
St Albans Education Group (limited by guarantee) Governors, report For the year ended 31 August 2024 Strategic report Equality, diversity and inclusion The School encourages the development of an environment in which diver%ity 15 valued, as supported by the School-wide Equality. Diversity and Inclusion strategy referred to u nder the 'Our ethos, strategies and policies section of the Governors, report. An i mportant part of putti ng this into practice is a commitme.nt to prohibit discrimination on any grounds including disability, gender or racial background in 311 employmont mattors. The School aims to increase employment opportunities for people who have a disability and to ensure that its recruitment and seloction processes are fully accessible. All School staff. students, visitors and contraciors are expected to treat people from all backgrounds with respect. If, however, an individual feels they havo been discriminated against or harassed, they are encouraged to report the incidont. Line managers. as part of their managerial responsibilities, must ensuro thero is no discrimi nation. Discrimination i n recru itment, selection or etnpluyment is treated seriously and could provide grounds for disciplinary action. Employees with disabilities Rocruitment. we accommodate applicants during the interview and assessment process. at which point workplace adjustmonts that thcy roquiro are discussed. Job advorts are accessible. The sc.hool is prepared to make reasonable adjustments for candidates who are invitod to intervievv to enable them to attend. Employmont.. When an existing employee becomes disabled. we make reasonablo adjustments lo help them return to work. This means ensuring disabled people can overcome ariy substantial disadvantages they may have undertaking their jobs and progrossing in work. making physical changes to the workplace. We support disablod omployee5 to apply for an Ac.coss to Work grant. which can help to fund any necessary adjustments or support. Wc risk assess for the workplace and identify specific risks associated with a disability. Employee engagement The School operates a framework for employee engagement which includes information and consultation which complies with the requirements of the Information and Consultation of Employees Regulation 2004. Regular meetings are held between local management and employees providing employee voice. Employees are able to oxpress their views, get involved in decision making and provide feedback through consultation groups. committees and, formally, through the JNCC. Effective internal communication exists at all levels.. there is clarity of job expectations, career advancement and learning opportunities.
St Albans Education Group (Ilmited by guarantee) Governors, report For the year ended 31 August 2024 Strategic report Energy and carbon report Environmental Impact STAHS seeks to reduce its environmental impact whilst working to deliver the full School curriculum. In 2023 the School obtained Eco Schools accreditation for our work in this area. To align with other reporting conventions in the School, energy reporting now roports consumption within the academic year versus the previous methodology of reporting within a calendar year. Total carbon dioxide emissions for academic year 2023-24 were 459.033 tonnes of which 43.62 % is related to the consumption of purchased electricity, 56.11 ¥0 natural gas and the balance from usc of Ihe School maintenance vehicle. During summer 2022 & 2023 significant investment in the swimming pool was undertaken, both the pumps and filtration system Icl 5 years old at the time of these projects) were replaced. The pool is a significant consumer of energy on the Estate. The pool temperature was also further reduced fram 29c to 28.5c. This investment and the adjustment to the controls continue to drive economies in our consumption year on year. Intensity ratlo The average pupil roll for the year 2023/24 was 1,149 pupils equates to carbon dioxide production per pupil per year of 399 kg. The average pupil roll for the year 2022/23 was 1,155 pupils equating to carbon dioxide production per pupil per year of 449kg, (continued)
St Albans Education Group (limited by guarantee) Governors. report For the year ended 31 August 2024 Strategic report Energy and carbon report (continued) Total energy Consumed (Academic Year 2023-24) KILO watt hour (Kwh) - A 967,097 1 ,258,084 466 C02 conversion rate (Kg/KWh) -B• 0.20705 0.20440 2.66155 TOTAL Total C02 Kgs (AXB) 200 237 257,152 1,240 458,630 Electricity Gas Fuels (LTR) 43.66 56.07 0.27 100.00 Average Per Pupil 1.149 -399 Co2 kgs Gov.Uk Greenhouse gas reporting: conversion factors 2024 Total energy Consumed (Academic Year 2022-23) Kilo watt hour (Kwh) - A C02 conversion rate (Kg/KWh) _B 0.20496 0.20226 2.62600 TOTAL Total C02 Kgs (AXB) 199,707 317,995 1,142 518,844 Electricity Gas Fuels (LTR) 974,372 1.572,212 435 38.49 61.29 0.22 100.00 Average Per Pupil 1155 - 449 Co2 Kgs *Gov.Uk Greenhouse gas reporting.. conversion factors 2023 2025 Energy Contract5 Re-Procurement In September 2025 the Company's existing energy contracts are due to expire. The Company is already in conversations with its energy procurement specialists to explore the most economic contract, but it 15 anticipated that there will be meaningful increases in energy prices when the current contract expires (let i n 20221.
St Albans Education Group (limited by guarantee) Governors. report For the year ended 31 August 2024 Strategic report Future plans The School's vision is to develop happy, resilient young people who will embrace opportunities and lead lives of consequence. This vision is underpinned by the School's values. At STAHS. We value intellectual, social and moral development. Our pupils thrive on the high expectations we have of thom, and our dedicated staff create an environment where kindness and gcnorosity of spirit are as important a5 academic excellence Wo valuo diversity. We aro proud of our diverse community whor? oach pupil is valued for who they are and encouraged to share their unique p?rspective on the world We value challenge and risk-taking. We nurture our pupils, sense of adventure and help them dovelop emotional and montal agility. Thc School's Strategic Plan 2023-2028 sets out key aims and is a framework for the educational. organisational and capital dovolopmont of the School. The Plan has been developcd with input from representatives of tho whole School community. All areas of the five-year stratcgy support the School's Teach to 25 philosophy, to prepare young peoplc for lifc bcyond school, equipping them with the skills, independence and knowlodge needed to navigate thei r path in the critical early years of adult life. The School's Aims aro.. To ensurc that STAHS., l. Is an institution of cducational excellence. 2. Preparcs pupils for the futurc. 3. Provides excellent pastoral care. 4. Is a diverse and inclusive school and workplace. 5. Provides an inspiring and wolcoming learning environment. 6. Makes a positive impact in our community. The Governors intend to continue to upgrade and improve the facilities of the School to ensure that pupils are able to achieve their full potential academically and in all their other activities in the School. It is intended that the School should generate sufficient financial surplus to facilitate an ongoing programme of investment in facilities for the benef it of pupi15 and other young people. The Governors have engaged with planning design consultants to facilitate the strategic review of the School's Estate Plan. This will encompass a number of major projects which will be funded by cash reserves and external finance over the next five to ten years.
St Albans Education Group (limited by guaranteej Governors. report For the year ended 31 August 2024 Strategic report Structure, governance and management St Albans High School for Girls was founded by Trust Deed. The School was incorporated in 1936 under the name St Albans High School for Girls" as a company limited by guarantee. The Company changed its name in September 2024 to "5t Albans Education Group There were no specific restrictions to the charity's operations imposed by the governing document in the period. The charity can lend and borrow funds on such terms that may seem expedient as directed by the Articles of Association. All Governors, as trustees, give of their time freely. Expenses totalling E2,672 were reimbursed in the year (2023. £4,171). There were related party transactions of Enil in the ycar (2023. £nil) see note 17. In accordance with normal commercial practice, the Company has provided insuranco to protect Governors and Officers from claims arising due to negligent acts, errars or omissions occurring whilst on School business. This insurance provides cover ol up to E5 million for any one claim. The premium paid for this insurance is i ncludod within administration costs and for 2024 stood at E2k12023'. £2k). Organisatlonal management The Council is the governing body of the School. A Governor may serve for up to 7 years (which may be extended In certain limited circumstances). The Council consists of a minimum of 12 Governors and a maximum of 18 Governors of whom, when the Council is complete. one is ex-off icio (The Dean of St Albans) 17 are elected Governors The Council delegates some of its work to the following Committees., Finance, Estates, Education, Safeguarding, Governance and Strategy. The Remuneration sub-committee reports to the Finance Committee. All six Committees report to Council. The Safeguarding Committee meets annually. The Finance Committee and Council meet four times a year. The remaining Committees usually meet once a term. (continued)
St Albans Education Group (limited by guarantee) Governors, report For the year ended 31 August 2024 Strategic report Structure, governance and management IcontinuL,dl Governor recruitment and training Governors are appointed so as to cover the many disciplines and experience required by the Governing Body and to ensure diversity In all aspects including gender, disability and racial background. The Governors have a commitment to prohibit discrimination on any grounds. Succession planning and recruitment to fill vacancie5 are considered by the Governance Committee and car)didates are seen by other Governors before their appointment is recommended to and approved by Council. New Governors are inducted Into the workings of the School and tho rosponsibilitics of boing a trustee of a registorod charity by thc allocation of a govornor Inentor and an induction session. New Governors are required to attend the AGBIS new governor seminar or complete the AGBIS e-learning course as soon as possible after appointment. All Governors are encouraged to attend seminars run by AGBIS and other providers, such as firms of accountants, throughout thc year and are committed to completing the STAI IS annual safeguarding and child protection training. Governors. responsibilities Company and charity law requires the Governors, as trustees of the charity. to preparo financial statcments lor each f i nancial ycar wh ich givc a true and lair view of the state of affa irs of the charity and of its financial activities for that period. In preparing rhe5e financial statements, the Governors are requ ired to.. select suitable accounting pol icies and apply them consistently make judgements and estimates that are reasonablo and prudont observe rhe methods and principles in the Charitios SORP 2015 IFRS 1021 state whether tho policios adopted arp in accordance vvith applicable accounting standards. subjecl to any material departures disclosed and explaincd in thc financial statements prepare the f i nancial statements on the going concern basis unless it is inappropriate to assume that the charity will conti nue in business. The Governors are responsible for keeping proper accounting records which disclose with reasonable accuracy, at any time, the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and thc Companies Act 2006. They are responsible for safeguarding the assets of the charity and, hence. for taking rcasonable steps for the prevention and detection of f raud and other irregularities. (continued)
St Albans Education Group (limited by guarantee) Governors. report For the year ended 31 August 2024 Strategic report Structure, governance and management Ccontinued) Statement of disclosure to auditors (a) so far as the Governors are aware, there is no relevant audit information of which the charity s auditors are unaware, and (bl they have taken all the steps that they ought to have taken as Governors in order to make themselves aware of any relevant audit information and to establish that the charity s auditors are aware of that information. Audltor5 Messrs Moore Kingston Smith, Chartered Accountants, will offer themselves for re-appointment as Auditors at the General Meoting in December 2024. Approved by the Council on 19 December 2024. Signed on its behalf by Mrs A Arnold Chair
St Albans Education Group (limited by guarantee) Governors, report For the year ended 31 August 2024 Governors and charity trustees The Directors of the company, who are also the Governors of St Albans Education Group and trustees of the charity, and who served during the year and subsequent to the year-end were.. Mrs A J Arnold Bsc (Hons) Mr D Ascott FCA MBA (appointed December 2023) Mrs L Bernard BA (Hons) Dr M Carradice Bsc (Hons) MA PhD (Cantabl ACA CTA ACT Mr E H Charlesworth Bsc (Hons) MRICS (resigned February 20241 Mr N Enright MA Ioxon) MBA NPQH FRSA Ms E A de Galleani BA (Hons) Iresigned December 2023) Mr B Hobart Bsc (Hons) MA MRICS (appointed September 20231 Mrs H Hodgkiss BA (Honsl (appointed September 2024) Mrs C Jewell BA114ons) PGCE Icantabl The Very Revd J Kelly-moore BA LLB BD Mrs S Kironde-strain PGDip Mr S R Martin MA (Oxonl 1,4.6 Mr C Murray BA IHons) 5,6,7 Mrs M E Pontin MA (Oxonl (appointed September 2023. resigned March 2024) 5 Mr D Roe Bsc (Honsl MRICS (resigned December 2023) Mr B S Tattar BA (Hons) ACA (appointed December 2023) Mrs V Stockman-Black LLB (Hons) CIMA QTS (resigned March 2024) 1,2,4,6,7 Cchair) 1,4,5 1,2.6.8 2,4,7,8 (Vice Chair) Finance Committee Education Committee Remuneration sub-commitlee Safeguarding Estates Committee Governance Committee strategy Committee At the general meeting in December 2023.. Alison Arnold was -elected as Chair of Council,. Carol Jewoll was re-elected as Vice-chair of Council and for a second 3-year term,, Chris Murray was re-elected for a second 3-year term., Edward Charlesworth, Sara Kironde-strain. Lara Bernard and Victoria Stockman- Black were re-elected following their probationary year. Ms E A de Galleani and Mr D Roe retired at the General Meeting in December 2023, Mr E H Charlesworth resigned in February 2024 and Mrs M E Pontin and Mrs V Stockman-Black resigned in March 2024. (continued)
St Albans Education Group (limited by guarantee) Governors, report For the year ended 31 August 2024 Governors and charity trustees (continued) Officers The Head Mrs A Waite BSC {Rutgers), MSC Ioxonl The Bursar & Secretary Mr P Daly FCG Contact details School Address & Registered Office Townsend Avenue, St Albans Hertfordshire ALI 3SJ Advisers Bankers Barclays Bank PLC and Clydesdale Bank PLC Aud itors Messrs Moore Kingston Smith 6" Floor, Appold House London EC2A 2AP 20
St Albans Education Group (limited by guarantee) Independent Auditor's report to the members of St Albans Education Group Opinion We have audited the financial statements of St Albans Education Group I'the company.) for the year ended 31 August 2024 which comprise the Statement of Financial Activities. the Balance Sheet. the Cash Flow Statement and notes to the financial statements, including signif icant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Iroland. (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a truo and fair vicw of tho stato of the charitable company's affairs as at 31 August 2023 and ol it5 incom ing resource5 and appl ication of resources, including its income and expenditure, for the year thon endcd, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practico,, and have been prepared in accordance with the requiremcnts of the Companies Act 2006. Basis lor opinion We conductod our aLJdit in accordance with International Standards on Auditing IUK) IISAS IUKI) and applicable law. Our responsibilities under thosc standards aro fur'ther described in the Auditor's Rosponsibilities for the audit of the financial statements section of our roport, We are i ndependent of the charitable company in acc.ordanco with tho ethical requirements that are relevant to our audit ol thc financial statements in the UK, Including the FRC'S Ethical Standard. and we have fulfilled our other othical rosponsibilities in accordanco with these requirements. We believe that the oudit evidence we have obtained is suff icient a nd a ppropriate to provide a basis for our opi nion. Conclusions relating to going concern In auditing the financia I statemonts, wc have concluded that the trustees, use of the going concern basis of accounting in the preparatiori of the f inancial 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 go ing concern are described in the relevant sections of th is report. Iconti nuedl 21
St Albans Education Group (limited by guarantee) Independent Auditor's report to the members of St Albans Education Group Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report, Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility Is to read the other Information and. in doing so, considerwhether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatemDnts, we are required to dotormine whether there is a material misstatement in the financial statements themselves. If, basod on the work we have porformed, we conclude that there is a matorial misstatomont of this Other information, wc are required to roport that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undortaken in the course of the audit. the information given i n the strategic rcport and the trustees, annual report for the financial year for which the financial statements are prepared is consistent with the financial statements., and the strategic report and tho trustees, annual report havc been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we havc not identified material misstaiements in the stratcgic report or the trustees, annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting rp.cords have not been kept. or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit, (continued) 22
St Albans Education Group (limited by guarantee) Independent auditor's report to the members of St Albans Education Group Responsibilities of trustees As explained more fully in the trustees, rosponsibilities statement. 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 fa ir 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 prepari ng the f i nancial statemonts. the trustees are responsible for assessing the charitablo Lompany's ability lo continue as a going concern. disc.losing, as applicable, mattcrs r-olated to going concern and using the going concern basis of accounting unless tho trustees either intend to liquidate the charitable company or to ccaso operations, or havo no realistic alrernative but to do so. Auditor's responsibilities for the audit ol the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from matcrial misstatemp.nt. whether due to fraud or error, and to issue an auditor's roport that includos our opinion. Reasonable assurance is a high level of assuranco but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always dptect a material misstatoment when it exists. Misstatements can arise from fraud or orror and are considered material if. individually or in aggrcgate, they could roasonably be expected to influence the economic decisions of usors taken on the basis of these financial statements. As part of an audit in accordance with ISAS IUK) we oxercise professional judgement and maintain professional scepticism throughout tho audit. We also. Identify and assess the risks of matorial misstatement of the fina ncial Statements, whether due to fraud or crror. design and perform audit procedures responsive to thoso risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. 'fhe risk of not detecting a material m isstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relovant to the audit in order to design audit procedures that arc appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company s internal control. Evaluate the appropriateness of accounting policies used and tho reasonableness of accounting estimates and related disclosures made by ihe trustees. (continued) 23
St Albans Education Group (limited by guarantee) Independent auditor's report to the members of St Albans Education Group Auditor's responsibilities for the audit of the financial statements (continued) Conclude on the appropriateness of the trustees, use of Ihe going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty oxists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. Ifwe conclude that a material uricertainty exists, we are required to draw attention in our auditor s roport to the related disclosures in the f i nancial statements or, if such disclosurcs are inadequate, to modify our opinion. Our conclusions are basod on tho audit evidence obtained up to the date of our auditor's report. Howovor, future events or conditions may cause the charitable company to cease to continue as a going concern. Evaluate the overall presentation, structure and contoiit of the financi al statements. inc.l uding the disclosures, and whothor tho financial statements represent the underlying transaction5 and events In a manner that achieves fair presentation. We communicate with those charged with governance reoarding, among other matters, the planned scope and timing of tho dudit and significant audit findings, including any significant deficioncic5 in internal control that we identify during our audit. Explanation as to what extent the audit was considered capable of detecting irregularities, including Iraud Irregularities. including fraud, arc instanccs ol non-cumpliance with laws and regulations. We design procedures in line with our responsibilities, outlinod above, to detect material misstatemonts in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting i rregularilies. including fraud is dota i led bolow. The objectives of our audit in r-e%pect of fraud. are, to identify and assess the risks of material misstatcrr)ent of the financial statements due to fraud,, to obtain sufficient appropriato audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks., and to respond appropriately to instances of fraud or suspected fraud identif led during the audit. However, the primary respons ibil ity for thc prevention and detection of fraud rests with both management and those charged with governance of the charitable company. Our approach was as follows. We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP. and UK financial reporting Standards as issued by the Financial Reporting Council We obtair)ed an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. (continued) 24
St Albans Education Group (limited by guarantee) Independent auditor's report to the members of St Albans Education Group Explanation as to what extent the audit was considered capable of detecting irregularities, including f raud (continued) We assessed the risk of material misstatement of the f inancial statements. including the risk ol material misslalement due to fraud and how it might occur, by holding discussions with management and those charged with governance. We inquired ol management and those charged with governance as to any known insiances of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those chargod with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to bocome aware of instances of non-compliance with laws and regulations that are not closoly related lo events and tran5aclions reflected in the financial statements. Also. the risk ol not detecting a material misstatemont duo lo fraud is higher than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations. or through collusion. Use of our report This report is made solely to the charitable company's mombers, a5 a body, in accordanco with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undcrtakon so that we might state to the company s members those matters we are required to state to them in an auditor's report and for no other purposc. To thc fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body. for our audit work, for this report, or for the opinions we havo formed, NO0 kIj5h1 gK4tL L Shivani Kothari (Senior Statutory Auditor) Date 22 January 2025 for and on behalf of Moore Kingston Smith LLP Statutory Auditor 6 Floor 9 Appold Street London EC2A 2AP 25
St Albans Education Group (Ilmited by guarantee) Statement of financial activities (including income and expenditure account) for the year ended 31 August 2024 Note 21 Restricted Funds Unrestricted Funds 2024 Total 2023 Total Notes Income £'ooo £'ooo £'ooo E'ooo Donations and grants Income fmm charitabLe activities Tuition fees receivable Non-tuition fees income Investment income 13 14 22,908 2,840 24 22,908 2.840 20.993 2,904 15 Total Income Expenditure Expenditure on charitable activities Teaching costs Welfare costs Premises costs Administration of the Group Governance costs Coach hire Interest paid (14,435) (2,148) (2,923) (3,552) 12501 17021 95 114.435) 12,1481 12,9231 13,5521 (250) (702) (12,376) (1,914) (3,0351 13,2141 (491 (6471 Total expenditure 18 4105 Net income and net movement in funds for the year before investment gains / (losses) 2,078 2,078 2,659 Investment gains / (losses) 926 Net income and net movement in funds for the year 3,004 3,004 2,659 Reconciliation of funds Total funds bmught forward None of the company's activities were acquired or discontinued during the above two financial periods. The company has no other recognised gains or losses in the year. The notes on pages 30 to 47 form part of these financial statement5 26
St Albans Education Group (limited by guarantee) Balance sheet as at 31 August 2024 (as restated) 2023 Notes 2024 £'ooo £'ooo £'DOO £'ooo Fixed assets Tangible fixed asset5 Investments 28,788 29,723 32,675 29,723 Current assets Stock Debtors Investmonts Cash at bank and in hand 24 471 6.379 24 467 6.085 15564 12,668 Creditors: amounts falling due wlthln one year 7a Net current assets 49 Total assets less current 40,167 36.197 Creditors.. amounts falling due after more than one year 7b Total net assets Funds of the charlty Restrlcted fund Unrestricted fund Designated fund Accumulated fund 8b 91 91 8b 109 104 Total charity funds Approved by the Governors on 19 December 2024 A Arnold Chair D Ascott Chair of Finance Company Number, 321911 The notes on pages 30 to 47 form part of these financial statements 27
St Albans Education Group (limlted by guarantee) Cash flow statement for the year ended 31 August 2024 Cas restated) 2023 Note 2024 E'ooo £'ooo Cash generated by operating activities Cash flows from Investing activities Interest income Investment income Finance costs Cash reclassified as current investments Payments to acquire tangible assets 177 424 1951 (294) 151 212 1108) (6,085) Cash (absorbed) by Investlng activities Cash flow5 from financlng actlvltle5 Fees in advance - received Fees in advance utilised against fees Repayment of borrowing 4897 12,3351 38 3,264 (2,709) Cash generated by linancing actlvltles (Decrease) / Increase in cash and cash eguivalents in the yea r Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 2598 (3,272) The notes on pages 30 to 47 form part of these financial statements 28
St Albans Education Group (limited by guarantee) Cash flow statement for the year ended 31 August 2024 Notes to the cash flow statement A. Reconciliation of net movement in funds to net cash flow from operatlng activities las restated) 2023 2024 £'ooo £'ooo Net movement in funds Non-operating cash flows eliminated.. Financing costs Depreciation Interest income Investment income Loss on disposal of fixed assets Fixed asset adjustment Gain on investment revaluations (Increase) in stock (Increase) in debtors Increase / (decrease) in creditors Net cash generated by operating activities 3,004 2,659 95 1,028 (177) (424) 47 50 19261 108 1,015 (2121 112) (72) (4) The nates on pages 30 tD 47 form part of these financial statements 29
St Albans Education Group (limited by guarantee) Notes to the financial statements for the year ended 31 August 2024 Accounting policies Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities. Statement of Recommended Practice applicable to charities prepari ng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective l January 20151 (charities SORP (FRS 10211, the Financial Reporting Standard applicable ir) the and Republic of Ireland (FRS 1021 and the Companies Act 2006. The accounts are prepared in sterling, which is the functional currency of the Company Monetary amounts in these accounts are rounded to the nearest El,000. The Company meet% the dpfinition of a public benefit ontity under FRS 102. A5set5 and liabilities are initially recognised under the histor'ical Lost convention as modified by the revaluation of invostmcnts in accordanco with the Companies Act 2006 and applicablo accounting standards in the United Kingdom. b) Going concern Theso firiancial statomonts havo been prepared on the basis the Company is a going coiicern. The Company recorded a net surplus of income over expendituro and net cash inflows in thc ycar ende.d 31 August 2024 and has net assets at thai year end of £36.3m. The Governors are of the opinion that the Company has adequate resources to continue to operate lor the forosoeable future, being not less than one year from the approval of these financial statemer)ts. For that reason. the Govornors believe it is appropriate to proparc the financial statements on a going concern basis. Income and expcnditure and cash flows for the current trading year are reforecast each month. A budget or a forecast lincome and expenditure and cash flow) is also maintained for the following year as well as longer term high levol financial plans. Scenario plann ing and sensitivity analyses around potential future and ongoing events is a koy part ol this process. Tho Company has taken into account the impact of a roccssion, inflationary increases, increases in interest ratos and the political landscape. including the impact of the imposition of VAT on school fees and the removal of charitable rates relief. i n its fi nancial forecasts. Crltlcal estlmates and Judgements In the application of the accounting policies. Governors are required to make judgements, esti mates. 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. Actual results may differ from these estimates. The estimates and underlying assumptions are revievved on an ongoing basis. Revisions to accounting estimaies are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period ol the revision and f uture period if the revision affects current and future periods. (conti nued) 30
St Albans Education Group (limited by guarantee) Notes to the financial statements for the year ended 31 August 2024 Accounting policies (continued) Critical estimates and judgements (continued) The present value of the defined benefit Teachers, Pension Scheme and its current liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions and estimates. Any changes in these assumptions and estimates, which are disclosed in note 12. will impact Lhe carrying amount of the pension liability and future contributions to the scheme. CriticaL judgments The annual depreciation charge for fixed assets is sensitive to changes In the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values aro re-assessed annually. They are amended when necessary to reflect current estimates. d) Income Income is recognised when the charity has enritlement to the funds. any performance conditions attached to the itemls) of income havc been met, it is probable that the income will be received and the amount can be measured reliably. For legacies, entitlement is taken when a distribution is received from the estate. Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships. bursaries and other remissions allowed by the school of El.728k (2023.. £1,782k). Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is normally upon notification of the interest paid or payable by the bank. i) Fund accounting Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity s work or for specif ic projects being undertaken by the charity. Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party. it is probable that settlement will be required and the amount of the obligation can be measured reliably h) Operating leases The charity classifies the lease of photocopying and certain IT equipment as operating leases. Rental charges are charged on a straight line basis over the term of the lease. (continuedj 31
St Albans Education Group (limited by guarantee) Notes to the financial statements for the year ended 31 August 2024 Accounting policies (continued) Tangible fixed assets Individual fixed assets costing £5D.ODD or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows. Buildings and development projects including associated project costs - stra ighi Li ne method over their estimated usef ul life Furniture and equipment_ l 0_20% straight line method Assets are only depreciated once they are ready for use Expenditure on IT i nfrastructure and replacement furniture and equipment is written off in f ull in the period In which It is Incurred. i) Investments Fixed Asset Investments Investment properties are valued as individual invostments at their market values as at the balance sheet date. Investment rental income is recognised in the period to which it relates. Purchases and sales of investment properties are recognisod on cxchange of contracts, Unrealised gains and lossos arising on the revaluation of investment properties are credited or charged to the Statement of Financial Activities. Current Asset Investments Investments comprising bank deposits with notice terms over 90 days are shown at their statement value as at the balanco sheet date. Investment interest receivable is recognised in tho period to which it relates. k) Stocks Stocks are valued at the lower of cost and net realisable value. i) Debtors Trade and other dcbtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due. Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors and provisions Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and tho amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Icontinued) 32
St Albans Education Group (limited by guarantee) Note5 to the financial statements tor the year ended 31 August 2024 Accounting policies (continued) Financial instruments The company has elected to apply the provisions of Section I I 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Fina ncial assets and l labilities are offset, with the net amounts presented in the financial statements. when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. With the exception of accruals, prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. p) Penslon schemes The Company contributes to the Teachers, Pension Scheme at rates set by the Scheme Actuary and as advised by the Scheme Administrator. The scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme attributable to the Company. In accordance with FRS17 therefore, the scheme is accounted for as a defined contribution scheme. The Company also contributes to other schemes for non-teaching staff and new teaching staff from l January 2023. The pension schemes are externally funded. Payments made to the schemes are charged to the income and expenditure account as incurred. 33
St Albans Education Group (limited by guarantee) Notes to the financial statements for the year ended 31 August 2024 Tangible fixed assets Land Building5 Furniture & equipment E'OOO Total £'ooo E'OOO £'ooo Cost As at 1 September 2023 Additions Transfer to investments Adjustments Disposals As at 31 August 2024 5,461 784 (8901 36,357 2,060 (2.122) (50) 353 307 42,171 3.151 (3,012) 150J 104 Depreclatlon As at I September 2023 Charged in year Transfer to investments Disposals As at 31 August 2024 12,096 1,011 (51) 352 17 12,448 1,028 (51) 57 Net book value At 31 August 2024 'L8£ At 31 August 2023 Additions to Land and to Buildings comprise £2,835 relating to a property subsequently transferred to investments and £9k in fees relating to a property purchase completed subsequont to the year-end, £3.012k was transferred to fixed asset investments in the year, in relation to two properties. Clydesdale Bank PLC has a legal charge over the freehold land and buildings at Wheathampstead House, Codicote Road, Wheathampstead AL4 8DJ. Clydesdale Bank PLC has a legal charge over the freehold land and buildings at The Lodge (formerly 1-4 Lodge Cottages), Codicote Road, Wheathampstead AL4 8DS. 34
St Albans Education Group (Ilmited by guarantee) Notes to the financial statements for the year ended 31 August 2024 Fixed Asset Investments Properties £'ooo Total £'ooo Valuation As at 1 September 2023 Transfer from tangible fixed assets Revaluations As at 31 August 2024 2,961 926 2,961 926 The properties have been transferred from fixed assets at thei r original cost less any accumulated depreciation and have been valued at the balance sheet date, with any revaluations cred ited or charged to the Statement of Financial Activities. One property was valued by Savills PLC Chartered Surveyors. regulated by RICS. One property was valued internally. using closely comparable market data. Stocks 2024 f'ooo 2023 E'ooo Consumables Debtors 2024 £'ooo 2023 £'ooo Fees in arrears and recoverable costs Other dobtors Prepayments 142 107 222 84 102 Current Asset Investments (as restated) 2023 £'ooo 2024 £'ooo Bank deposits These comprise bank deposit accounts with notice terms in excess of 90 days. 35
St Albans Education Group (limited by guarantee) Notes to the linancial statements for the year ended 31 August 2024 7a Creditors: amounts falling due within one year 2024 £'ooo 2023 Bank loans and overdrafts Deferred income Trade creditors Other creditors Taxation and social security costs Accruals 395 4,856 670 1.639 287 225 381 3,294 424 1.516 272 7b Creditors: amounts falling due after more than one year 2024 2023 £'ooo Bank loans Deferred income 1.967 2,362 Analysis of loans Bank loans Included in current liabilities 2,362 395 2,'1143 Loan maturity analysis Within one year In more than one year but less than two years In more than two years but not more than five Over five years 395 381 409 395 1,323 1,313 654 The bank loan is to part-finance the catering and sixth form development Irepayable by monthly instalments over l O years from February 2020 with a fixed Interest rate of 3,6710 The loan is secured by way of a charge over freehold land and buildings. (continued) 36
St Albans Education Group (limited by guarantee) Notes to the financial statements for the year ended 31 August 2024 7b Creditors: amounts falling due after more than one year (continued) Analysis of deferred income 2024 £'ooo 2023 £'ooo Due within one year Due after more than one year 4,856 3.294 Deferred income movement Brought forward Released in year Dcferred in year Carried forward 3.852 (3,335) 3,355 (2,7081 Deferred Incomc comprises fees paid in advance. Allocatlon of the charlty's net assets The net assets are held for various funds as follows'.- Creditor5 due after more than one year Net current assets Flxed assets Total 2024 £'ooo Total 2023 £'ooo £'ooo E'ooo £'ooo Restricted fund Designared fund Accumulated fund 91 91 91 109 104 104 37
St Albans Education Group (limited by guarantee) Notes to the financial statements for the year ended 31 August 2024 Funds analysis Investment Opening Income Expenditure gain/(loss) £'ooo £'ooo £'ooo £'ooo Closing £'ooo 2024 Accumulated unrestricted fund 33,082 26.133 124.060) 926 36,081 Designated fund: Preparatory School Sixth form Musical instruments Concerts School play The Duke of Edinburgh Award Scheme Total designated fund Total unrestrlcted fund 52 19 12 15 52 19 13 13 (3) (18) (91 15 16 104 50 Restrlcted fund Bursary fund Annual fund Total restricted lund Total funds 64 64 Investment gain/ioss £'OOD Opening Income Expenditure £'ooo £'ooo £'ooo Closlng £'ooo 2023 Accumulated unrestricted fund 30,393 23,974 (21,285) 33,082 Deslgnated fund: Preparatory School Sixth form Musical instruments Concerts School play The Duke of Edinburgh Award Scheme Total designated fund Total unrestricted fund 52 39 12 14 10 52 19 12 15 (201 151 116) 134 28 104 Restricted fund Bursary fund Annual fund Total restricted fund Total funds 64 64 Icontinuedl 38
St Albans Education Group (limited by guarantee) Notes to the financial statements for the year ended 31 August 2024 8b Funds analysis (continued) Designated tunds The Prep School fund is for the purchase of equipment for the Prep School. The fund is expected to be fully spent by August 2025. The Sixth Form fund is to provide furnishings and small items for the Sixth Form. The fund is expected to be fully spent by August 2025. The Musical Instruments fund is the cover the upkeep of the Company's instrument stock. It is funded by income f rom the hire of instruments. This is a recurring fund and is l ikely to continue for the foreseeable future. The Concerts account is to fund special concerts and is funded by ticket sales to said concerts. This is a recurri ng f und and is likely to continue for the foreseeable future, The Duke of Edinburgh Award Scheme fund is to cover the cost Df pupils achieving these awards and replacing equipment required. Income is derived from parental contributions. This is a recurring fund a nd is likely to continue for the foreseeable future. The School Play fund is intended to support the STAHS Theatre Company and income is derived from ticket sales to thei r performances. This is a recurring fund and is li kely to continue for the foreseeable future. Restrlcted funds The Annual Fund is a scheme designed to raise money to fund bursaries, prizes and educational lectures. The income comprises donations to the Company. The Bursary Fund is intended to provide assistance to those parents whose income is such that they would not otherwise be able to pay full fees. Reconciliation of movements in Company funds 2024 2023 £'ooo £'ooo Opening funds Ma in fund surplus for the f inancial year Closing funds 33,277 30,618 39
St Albans Education Group (limited by guarantee) Notes to the financial statements for the year ended 31 August 2024 Ioa Operating lease commitments At the reporting end date, the Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which all fall due as follows'.- 2024 £'ooo 2023 £'ooo Within one year Between two and five years Over five years 132 89 125 97 l Ob Capltal commitments Capital commitments at the year-end amounted to £nil (2023. £nill. Legal status of the Trust The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up. the liability in respect of the guarantee is limited to El per member of the charity. 12 Pension schemes The Company participates in the Teachers, Pension Scheme ("the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,657k (2023. £1,555k) and at the year-end £204k (2023 - £177k) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 201 O las amended) and The Teachers, Pension Scheme Regulations 2014 (as amended) Members contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary s Department. The most recent actuarial valuation of the TPS was prepared a5 at 31 March 2020 and the Valuation Report was published in October 2023. Icontinued) 40
St Albans Education Group (limited by guarantee) Notes to the financial statements for the year ended 31 August 2024 12 Pension schemes (continued) Following the Mccloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period l April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the 'greater value, benefits for groups of relevant members. The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%. The Company a150 runs a scheme for its non-teaching staff and for new teaching staff from January 2023. which is a defined contribution (DC) scheme. The cost for the year represents the Company's contributions to the scheme of £545k (2023. £298k) There were DC contributions outstanding of £3k at 31 August 2024 (2023.. £43k). 13 Income from grants and donations 2024 Total £'ooo 2023 Total £'ooo Restrlcted £'ooo Unrestrlcted £'ooo Donations 105 14 Income from charltable activities 2024 £'ODO 2023 £'ooo Tuition fees receivable consist of.. Gross tuition fees 22 Bursaries Grants and allowances (1 ,042l 11,1441 63 22.2Q8 20.-9 Non-tuition fees income consists of.. Coaches Lunches Other 806 619 41 791 608 41
St Albans Education Group (limited by guarantee) Notes to the financial statements for the year ended 31 August 2024 15 Investment income 2024 £'ooo 2023 £'ooo Rental income from investment properties Bank interest from longer-term deposits 130 294 16 Net income is stated after charging 2024 E'OOO 2023 £'ooo Auditors, remuneration Non-audit remuneration paid to auditors Governors. training Depreciation Hire of equipment IT infrastructure 33 29 22 1,028 137 1.015 130 2024 £'ooo 2023 £'ooo Staff costs Wages and salaries Social security Pension contributior)s Insurance 11,798 1,258 2,202 10,470 1,853 Staff costs include £24k in respect of redundancy / termination payments, relating to 1 member of staff12023 - £35k, relating to 3 members of staff) These costs are recognised as exponditure when approved by Governors and are funded from net income. Icontinuedl 42
St Albans Education Group (limited by guarantee) Notes to the financial statements for the year ended 31 August 2024 Net income is stated after charging Ccontinued) Staff Costs (continued) The number of employees whose emoluments exceeded £60,000 is stated below.. 2024 2023 £60,001- £70,000 £70,001 £80,000 £80.001 E90 000 E90,001 £100,000 £120,001 £130,000 £130,001 £140,000 £180,001 EI 90,000 £200.001 £210.000 38. 24 The employer pension contributions for the above employees were E916k (2023. E513k). The bandings indicated with "*" above include some staff that have exchangcd employer's pension contributions for additional salary. The average number of employees during tho year was as follows:_ 2024 2023 2024 (number) 2023 (number) equivalent) equivalent) Teaching and technicians 156 147 180 172 Welfare 19 25 26 Premises Administration The key management personnel of the Company are listed on pages 19 and 20, comprising the Governors, Head and Bursar. The total remuneration (including pension contributions and employers. national insurance) of the key management personnel of the Company for the year totalled £407k (2023. £365k). 43
St Albans Education Group (limited by guarantee) Notes to the financial statements for the year ended 31 August 2024 Related party transactions There were no related party transactions in the year (2023.. Enill. The Head's spouse is an employee of the School and is paid in accordance with a standard contract of employment which is overseen by the HR department and the Remuneration Committee. The Head is the TreasLJrer and a Director of The Heads, Conference l HMC"). The School continues to be a member of HMC and any payments made to HMC are in the normal course of the Head's membership, 18 Analysis of total expenditure 2024 Staff Costs Other Depreciation Total 2024 £'ooo £'ooo £'ODO £'ooo Charitable expenditure Teaching costs Welfare costs Premises costs Administration of the Company Governance costs Coach hire Interest paid 11,933 950 293 2,242 2.502 1,198 1,602 1,310 14,435 2,148 2.923 3,552 1,028 250 250 702 95 702 95 (continuedl 44
St Albans Education Group (limited by guarantee) Notes to the financial statements tor the year ended 31 August 2024 18 Analysis of total expenditure Ccontinued) 2023 Staff Costs Other Depreciation Total 2023 £'ooo £'ooo E'OOO £'ooo Charitable expenditure Teaching costs Welfare costs Premises costs Administration of the Company Governance costs Coach hire Interest paid 10,252 837 286 2,183 2,124 1,077 1,734 1,031 12,376 1.914 3.035 3,214 1,015 49 49 647 647 Governance costs include £209k12023.' £nil) in professional fees relating to the post year-end merger with Stormont School. 19 Interest payable and similar charges 2024 £'ooo 2023 £'ooo Bank loans and overdrafts 20 Corporation tax The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 45
St Albans Education Group (limlted by guarantee) Notes to the financial statements for the year ended 31 August 2024 21 Statement of financial activities - prior year fund split 2023 2023 Restricted Unrestricted Funds Funds E'ooo £'ODO 2024 Total £'ooo 2023 Total £'ooo Income Donatlons and grants Income Irom charltable activities Tuition fees receivable Non-tuition fees i ncome Investment income 105 22.908 2.840 20,993 2,904 20.993 2,904 Total Income Expenditure Expendlture on charitable actlvltles Teaching costs Welfare costs Premises costs Administration of the Group Governance costs Coach hire Interest paid Total expendlture 114,435) (2,148) 12,923) 13,552) (250) (702) 112.376) (1,914) (3,035) C3,214) 149) 1647) 108 (12,3761 (1,9141 (3,035) 13,214) (49) (647) 21 Net income and net movement in funds for the year before investment gain5 1 losses 2,078 2,659 2,659 Investment gains / losses Net income and net movement in funds for the year 46
St Albans Education Group (limited by guarantee) Notes to the financial statements for the year ended 31 August 2024 22 Post balance sheet events (non-adjusting) On 02 September 2024, St Albans High School for Girls completed a merger deed with Stormont School (Company registration number 726540, Charity registration number 311079) whereby the assets, liabilities and activities of Stormont School were transferred to St Albans H igh School for Girls on that date. Stormont School will continue to operate under the St Albans Education Group family of schools but the Stormont charitable company will be wound up in due course. On 26 September 2024, St Albans High School for Girls changed its name to St Albans Education Group. On 11 October 2024, the Group purchased a freehold property for £l,ODO,000. 47