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2021-08-31-accounts

Registered number: 00830735 Charity number: 312045

St Christopher's School Trust (Epsom) Limited (A company limited by guarantee)

Trustees' report and financial statements

for the year ended 31 August 2021

St Christopher's School Trust (Epsom) Limited (A company limited by guarantee)

Contents

Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees' report 2 - 14
Independent auditor's report on the financial statements 15 - 18
Statement of financial activities 19
Balance sheet 20 - 21
Statement of cash flows 22
Notes to the financial statements 23 - 39

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Reference and administrative details of the charity, its Trustees and advisers for the year ended 31 August 2021

Trustees Mrs Helen Crossley
Mrs Kirsty Park, Chair
Mr Alastair Dominic Roberts (appointed 8 October 2020)
Mr Nigel Field (resigned 10 November 2021)
Mr Richard Harris (resigned 24 March 2021)
Mr Colin Lott (resigned 31 August 2021)
Mr Stephen Mainstone
Mrs Elizabeth Hibbert
Mrs Dawn Bhoma
Mr Bryan O'Callaghan
Dr Nadia Oozeerally (appointed 27 October 2021)
Mr Mark O'Halloran (appointed 27 October 2021)
Mrs Ciara Chellun (appointed 27 October 2021)
Company registered
number
00830735
Charity registered
number
312045
Registered office
6 Downs Road
Epsom
Surrey
KT18 5HE
Secretary
Mrs H M Serrano
Headteacher
Mrs Annie Thackray
Independent auditor
Kreston Reeves LLP
Chartered Accountants
Statutory Auditor
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
Bankers
Lloyds Bank Plc
64 High Street
Epsom
Surrey
KT19 8AT

Page 1

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Trustees' report for the year ended 31 August 2021

The Trustees present their annual report together with the audited financial statements of the charity for the 1 September 2020 to 31 August 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The Charitable Company is a company limited by guarantee and has a registered Charity number of 312045 and a registered company number of 00830735.

Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

St Christopher's School is a charitable trust which seeks to benefit the public through the pursuit of its stated aims.

Principal Activity

The principal activity of the charity continues to be the provision of a pre-preparatory school for girls and boys up to the age of 7.

Ethos, Aims and Objectives

a. Our ethos: a caring school serving our local community and society

St Christopher’s primary purpose is to challenge and inspire every child and give them the best possible start to their education. We understand the importance of parent partnership to enable successful transition from home to school and through the vital early years of education.

Our School is committed to safeguarding and promoting the welfare of our pupils and expects all staff and volunteers to share this commitment.

We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability. We will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled.

b. Our aims

The School aims to:

• build a partnership with parents and guardians to make the transition from home to school as easy as possible, ensuring that positive attitudes develop as they begin their education

• produce independent, highly motivated and engaged leaners

• give each child a thorough grounding in literacy, numeracy and IT skills to enable them to make the maximum possible progress

• provide equal opportunities for all the children in its care, ensuring mutual respect and understanding, cooperation and a tolerance of others thus creating a desire to contribute to the wider community. In doing so, we prepare our pupils for the opportunities, responsibilities and experience of later life

• plan the curriculum so that all children can develop socially, emotionally, intellectually and physically, acquiring skills, concepts, attitudes and knowledge to enable them to become successful lifelong learners

Page 2

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2021

Ethos, Aims and Objectives (continued)

• provide a happy, safe and stimulating environment for its pupils, staff and visitors

• to communicate fully and clearly with parents, parents of prospective pupils, visitors and outside agencies

• offer inspirational enrichment and opportunities via school trips and visitors

• provide equality of challenge. Young children can have diverse additional needs including both support to imbed a difficult concept or enrichment for children who demonstrate particular talent in a subject.

c. Our Objectives

The primary objective, as set out in the Memorandum and Articles of Association, is the advancement of education by conducting a day school for boys and girls. The children's ages range from 2¾ - 7 years.

In setting our objectives and planning our activities, the Governors have given careful consideration to the Charity Commission’s public benefit guidance.

Our key objectives for the year included:

• Continuing to maintain links with the community offering help to other schools and support to charities both local, national and international

• Following our successful ISI Compliance Inspection in February 2019, ensure we are compliant for next inspection, expected circa Spring 2022.

• Continue to embed our IT Curriculum to offer new opportunities to all age-groups

• Having included SMSC in Work Scrutiny, continue to focus on the SMSC objectives across the year groups

• Continue to ensure online safety to pupils, parents and the wider community

• Continue to enhance partnerships with our families across the year groups with initiatives such as our termly ‘Sharing our Learning’.

• Continue to offer the Outdoor Adventures initiative throughout the school with particular focus on problem solving outside.

• Maximise the use of our buildings and outdoor areas.

• Continuing to use staff meetings and discussions to ensure that the needs of every pupil are protected and met

• Continuing to develop and improve differentiated lessons to ensure that the needs of all children including SEN and Able, Gifted and Talented are met through mapping and monitoring children’s performance in literacy, numeracy, science and across the curriculum

• Continuing to target and implement One:One tuition or small group opportunities for identified pupils as appropriate

• Continue to assess and track attainment and progress in Science alongside Reading, Writing, Maths and the EYFS on INSIGHT Tracker

• Continue to highlight through Social Communication platforms of Facebook, Instagram and Twitter the wonderful opportunities our children experience.

Page 3

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2021

Ethos, Aims and Objectives (continued)

d. Strategy and Policies

The Governors are responsible for setting a strategy for achieving the objectives they have set. The focus of our strategy is on the development of our pupils, their continued high levels of academic and co-curricular achievement, their happiness and wellbeing and to further wider access to the education our School provides. In taking forward our strategy we:

• review and benchmark the School’s academic syllabus, teaching practices and examination results

• ensure the range of co-curricular activities available to our pupils is stimulating and challenging whilst specifically working to ensure the wellbeing of our pupils.

• invest in technology and the infrastructure of our school

• co-operate and share our limited resources with local schools

• continue to review and develop our methods for awarding bursaries to ensure wider access to pupils from all backgrounds

e. Access policy

St Christopher’s is part of a wider community and we encourage our staff and pupils to engage and participate. The Governors are committed to our ‘Teaching Links’ programme of co-operation and joint working with local state nurseries and infant schools.

f. Bursary policy

The Governors view our bursary awards as important in helping to ensure children from families who would otherwise not be able to afford the fees can access the education we offer. Our bursary awards are available to all who meet our general entry requirements and are made solely on the basis of parental means or to relieve hardship where a pupil’s education and future prospects would otherwise be at risk for example in the case of redundancy or bereavement.

In assessing means, we take a number of factors into account including family income, investments and savings and family circumstances. However, our School does not have a large endowment and in funding our awards we have to be mindful that we must ensure a balance between fee-paying parents, many of whom make considerable personal sacrifice to fund their child’s education, and those benefiting from the awards.

This year, bursaries of £6,068 (2020 - £18,642) were awarded.

The Governors remain committed to widening access to our school through the above subsidies, additionally to underline the value we place on continuity for families we offer sibling discounts where parents have more than one child at the School.

Page 4

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2021

Achievements and performance

a. Review of the year

The School was close to fully subscribed in the academic year, allowing the fulfilment of its aims and key objectives for 2020 – 2021. School policies and procedures continue to be reviewed on a rotational basis and are available to staff, parents and governors via the website. A copy of our Child Protection & Safeguarding policy is also available in the School Reception area. A rolling five-year School Development Plan is in operation.

It was negotiated and agreed with two major follow on schools to hold the 7+ Assessments at the end of November. The schools also made the undertaking that they would tell the parents the results before Christmas. All Year 2 pupils achieved a place at their chosen school.

The children in Key Stage One continue to be assessed against the National Curriculum objectives for their year group using termly assessments in Maths, Reading, Writing and Science when appropriate. The majority are working in line or exceeding age related expectations.

The children at the end of the EYFS are usually assessed against the Early Learning Goals and whether they achieve a Good Level of Development. The vast majority of our Reception children achieve a Good Level of Development and a large number are exceeding age related expectations.

During 2020-21 Covid-19 pandemic continued to affect St Christopher’s. Along with the uncertainty surrounding the virus, challenges include the raising of the employer’s statutory teacher pension contribution rate from 16.48 to 23.68%. These have placed huge pressures on the School. However, by maintaining an extremely strong local reputation, and offering an outstanding provision within the classroom and remotely, the School has faced these challenges with resilience and confidence, and it does and will continue to thrive.

The year began with great excitement when we heard we had been shortlisted for ‘Independent Pre-Prep of the Year 2020’ at the Independent School of the year 2020 Awards. This was shortly followed with more good news when it was announced that St. Christopher’s had been shortlisted in the top 3 in the country independent ’Junior School of the Year 2020’ in the ISA Awards. There followed a visit from the new CEO of the ISA, who subsequently tweeted about the ‘amazing atmosphere with such dedicated and creative staff’. The highlight of the year came in late February when it was announced that St Christopher’s had been awarded Independent Junior School of the year 2020.

A further achievement nationally was a second place in the ISA National Art competition for a Key Stage 1 Group piece inspired by Dale Chihully.

We were delighted to receive a special mention in the ISA National Remote Learning Awards. With no age categories, St Christopher’s was up against huge schools and yet we were recognised for our outstanding provision.

September saw the official opening of the Bark Area Imagination Play Zone. Paid for by the generosity of a legacy from a past Chair of Governors and generously supported by a contribution from the PTA, this new area enhances our outdoor provision.

A former pupil of the school (circa 1943) wanted to show his appreciation of the school and his admiration for teachers and his donation was invested in Reading Planet, an online digital reading scheme.

The autumn term began with great excitement as the marquee (the Party tent) was transformed into a Big Top. All government guidelines were followed, as the pupils became enthralled with circus activities which overflowed into the classroom for a circus themed week. For those pupils who were nervous about returning to school, these activities gave them an opportunity to settle back into school in their own time.

Restrictions were still in place preventing parents from coming into school, so the staff continued to produce and record class assemblies that could be viewed by all the children in their classrooms and could also be accessed by parents from their own homes. Information evenings were provided remotely by Loom. This program allowed a set of previously recorded information slides to be sent out to parents and they could type in questions related

Page 5

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2021

Achievements and performance (continued)

to each slide. Information evenings were then arranged via Zoom and the previously submitted questions were answered. Parents Evenings also took place over the airways via ‘School Cloud.’

Harvest Festival, the end of term assembly, the Winter Music concert and the Christingle traditions were all produced as filmed events. Even a virtual tour of the school was created for potential parents, with starring roles for the Head Boy and Head Girl.

In January 2021, with less than 24 hours notice, the school was prevented from returning after the Christmas break. This ‘lockdown’ was different from the first one as Nursery and Pre-Reception were allowed in to school, with only key worker’s children from other year groups. From Reception through to Year 2, the school resumed online learning led by the teaching staff, with teaching assistants supporting the pupils in class.

All pupils eventually returned in early March and at last the school was able to return to the hub of cheerful activity that had been so eagerly anticipated.

b. Community links

• The school supported Epsom Hospital Casey Ward by providing various pieces of technological play equipment

• Year 2 were invited to sing Carols outside Linden House Residential Home with residents watching from their windows.

• The annual Toy Assembly, as always, supported the Epsom and Ewell Foodbank.

• Christmas Jumper Day supported Save the Children.

• Elf day supported the Alzheimer’s Society charity

• The School Council raised money to support Marcus Rashford’s Lunch initiative.

• With help from the PTA, we supported World Oceans Day 2021

• St Christopher’s has continued to support Epsom Primary school by providing a full range of art equipment and resources for 4 age groups.

• St. Christopher’s also supported the Elephants Tea Party giving much needed funds to Child Bereavement UK.

c. Partnerships

• We supported Epsom in Bloom by planting sunflower seeds.

• Plans for linking with other schools for the annual Music Festival and The Great Read had to be put on hold because of the pandemic.

Page 6

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2021

Achievements and performance (continued)

d. Pastoral

• Wellbeing has been top of the agenda throughout the year and Wellbeing Wednesdays was introduced. Children’s Mental Health week ran in the first week in February and this year’s theme was ‘Express Yourself.’ May was Mental Health Awareness month. Our newly acquired ‘Jigsaw’ PSHE programme gave the children invaluable strategies to help them cope in these difficult times.

• 2 members of staff trained to be Mental Health champions

• Our termly House Day was adapted to accommodate government guidelines allowing pupils to get to know staff and pupils outside their normal teaching group.

• Behaviour incentives are positive in nature and related to animals. This year we have included Manners Moles to boost the emphasis on politeness and manners and the winner of the most number of Moles received a soft cuddly mole.

To encourage sensible eating in the lunch hall and to encourage young children to try new foods we introduced a Lunchtime Leopard reward alongside our weekly Lunchtime Superstar Certificate.

Page 7

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2021

Financial review

a. Principal funding

The state of the School affairs at 31st August 2021 and its operations for the year ended on that date are set out in the attached financial statements.

The School made a surplus for the year of £110,532, (2020 – loss of £11,243).

The principal source of income is fees and related income, accounting for 99% of the School’s income. The Governors are continuing their strategy of deploying a significant proportion of net incoming resources to investing in the educational purposes and fabric of our Nursery and Pre-Prep.

As a charity, the parents of our pupils have the assurance that all the income of the School must be applied for educational purposes. As an educational charity, we benefit from tax exemption on our educational activities and on our investment income and gains, provided these are applied for our charitable aims. As a Charity we are also entitled to an 80% reduction on our business rates on the property we occupy for our educational purposes.

However, as an educational charity, we are unable to reclaim VAT input tax on our costs as we are exempt for VAT purposes. We also pay tax as an employer through the national insurance contributions we make.

In addition to the very substantial benefits our school brings to our pupils, the local community and society through the education we offer, our bursary programme and our ‘teaching links’ programme create a social asset without cost to the Exchequer.

Page 8

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2021

b. Reserves policy

The Governors regularly review the finances, budgets and cash flows as part of their stewardship of the School. As part of this review, the Governors review the level of reserves at least annually in line with guidance issued by the Charity Commission.

The School is solely reliant on its fee income to sustain its activities. The Governors recognise that the appropriate level of reserves may fluctuate during periods of investment or due to changes in our fee income, as a result of unexpected fluctuations in pupil numbers.

Our reserves policy and the amount held as reserves is adjusted as our perception of any financial risk and other factors change. The level of reserves kept is based on two factors:-

  1. General Reserves to provide for unexpected and unpredictable needs

  2. Designated Capital Reserves established in order to fund capital expenditure and other investments that would not be affordable if financed from a single year’s income.

At the end of our financial year 2020/21 total funds were £1,334,968 of which total unrestricted funds were £1,333,135 and total restricted funds were £1,833. The closing value of our tangible fixed assets was £515,504, leaving £817,631 as unrestricted reserves.

Designated Capital Reserves - currently we have allocated capital reserves of £80,000 to a roof repair fund.

General Reserves are set at a target range of 6 months of operating costs (c£750,000). The Governors feel that 6 month’s reserves is the appropriate level of time in order to allow them to assess and monitor the requirements of the School and to adapt to any significant financial changes. These reserves will ensure the continuity of our service provision and allow us to fulfil our responsibilities to our pupils and staff. We currently have £737,631 as available General Reserves which is considered to be in line with the target.

The Governors have invested substantial sums into the School in recent years and have a continuing programme of refurbishment and investment identified in our School Development plan to maintain and improve the excellent teaching facilities for our pupils and ensure the continuing viability of the School.

c. Investments policy

The Memorandum and Articles of Association of the Trust give the Governing Board the power to invest moneys not immediately required for its purposes in or upon such investments which it deems fit. The Board looks to maximise return whilst ensuring there is diversification of funds so as to reduce the School’s counter party risk.

Diversification is achieved by holding a variety of deposits in different institutions that give access over a range of periods; short notice, 32 day notice and longer term fixed term deposits of up to 18 months. Funds are allocated between these deposit lengths in line with School’s predicted working capital requirements.

d. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

Structure, governance and management

Page 9

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2021

Structure, governance and management (continued)

a. Constitution

St Christopher's School Trust (Epsom) Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association (10 December 1964), and a deed of trust (1965).

The Governors, both as directors of the company and as the trustees, are legally responsible for the management of the charity. They are responsible for the management, operation and overall control of the charity, including all matters relating to financial governance and grant making. Fees are set at a level to ensure the accessibility and financial viability of the school and at a level that is consistent with the aim of providing a first class education to boys and girls.

Governors’ meetings, to which the Head teacher, Bursar and Deputy Head teacher are invited, take place a minimum of three times a year. At those meetings, representatives of the Parents’ Association are invited to attend for specific items. If an agenda item requires additional information, teaching staff may be invited to attend the meeting to discuss a specific issue or present on areas of the curriculum. Additional meetings are held by the Finance committee, the Health & Safety group, the Marketing group, the School Development group and the Compliance group.

The School bursar is also the Clerk to Governors and is responsible for co-ordinating the work of the Governors and their Committees and Groups, preparation of papers and management accounts and the review of matters arising.

b. Key management personnel

The Governors together with the Head teacher, the Bursar, the Deputy Head and Senior Teacher comprise the key management personnel. The pay and remuneration of the Head teacher and all staff is set by the Finance Committee and is kept under annual review. A number of criteria are used in setting pay:

c. Organisational management

The Governors determine the general policy of the School and review its overall management and control for which they are legally responsible. The day to day running of the School is delegated to the Head teacher, supported by the Senior Management Team (SMT). The Head teacher undertakes the key leadership role overseeing educational, pastoral and administrative functions in consultation with the SMT. The day-to-day administration of the Nursery and Pre-Reception is undertaken within the policies and procedures approved by the Governors. Any significant expenditure decisions and major capital projects are referred to the Governors for prior approval.

Page 10

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2021

Structure, governance and management (continued)

d. Risk management

The Governors are responsible for the overseeing of the risks faced by the School. Detailed consideration of the risks is delegated to the Senior Management of the School. Risks are identified, assessed and controls established throughout the year. Risk is managed under the headings of financial sustainability, school safety, pupil welfare, employment, school trips and events and community access.

The main risks that the Governors have identified and the plans to manage those risks are:

• Reputation: The School’s success is built on its reputation for the education and well-being of our pupils. We manage this risk through Safeguarding policies and procedures, staff safer recruitment policies, pastoral support for pupils and staff, active identification and resolution of health and safety related issues and table-top exercises of our Critical Incident procedure.

• Finances: Our ability to continue is reliant on pupil fees and the ability to pay bills as they fall due. This risk is managed by marketing activity, having a reputation for academic excellence, active cash-flow management and our Reserves Policy.

• Curriculum: Academic excellence requires the most able teachers with state of the art facilities delivering the curriculum to able pupils. We manage this risk by combining attractive salaries, on-going investment in our premises and staff CPD, an approach to enrolment that works with supportive parents whose children have a love of learning and a bursary scheme that enables accessibility.

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. Risk management has been particularly key in 2020/21 due to the Covid-19 pandemic where there has been a greater financial risk to the School.

Page 11

St Christopher's School Trust (Epsom) Limited (A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2021

Structure, governance and management (continued)

e. Governor recruitment and training

Board members are elected at a full Governors' meeting and normally hold office for a minimum of 5 years and a maximum of 15 years. There may be no more than 15 and no fewer than 5 Governors. At each Annual General Meeting one third of the members of the council (or if their number is not a multiple of three then the nearest number to one third) must retire. The members who must retire are those who have been longest in office since their appointment or re-election. A retiring member of the council is eligible for re-election.

A new trustee undergoes a full induction process and competence is maintained through access to a variety of training media.

All trustees give their time freely and no remuneration was paid in the year. Governors are entitled to claim reasonable expenses incurred through attending relevant training courses. No Governor or person connected with a Governor received any benefit from means tested bursaries awarded to our pupils.

Governors are invited to school functions and also conduct focused visits to the School during the school day to gain an understanding of the teaching an administration methods.

The Governing body requires depth and breadth of experience to carry out its duties effectively and efficiently. We recruit new trustees that have a passion for St Christopher’s, an understanding of the importance of educating the whole child and ensuring the happiness and well-being of all pupils. We invite past parents and other suitably qualified personnel to consider joining our Board.

Governors consider that the skills and experience of the Board should comprise the following:

f. Members' liability

The liability of each of the members (who currently number 10) is limited to an amount not exceeding £1.05 in certain terms described in the company's Memorandum and Articles of Association.

Page 12

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2021

Plans for future periods

The Governors intend to continue their current strategies of maintaining the School’s position in a competitive market by investing to provide high quality education for our pupils. Achieving a high standard of academic results, whilst maintaining the breadth and depth of the education provided and the happiness and well-being of our pupils, is a constant aim. We remain committed to providing training opportunities to ensure the CPD of all our staff and governors.

The Head teacher, SMT and subject co-ordinators continue to review the curriculum to ensure that the educational qualifications remain appropriate for our pupils’ development and to further imbed IT into the curriculum.

Our future plans are financed primarily from fee income and from our reserves. The Governors need to maintain an equitable balance ensuring our current pupils benefit whilst, at the same time, ensuring a sound infrastructure and financial base are preserved for the next generation of pupils in the same way as our current pupils benefit today from the investment in the past.

The Governors view our bursary awards as important in widening access to the education our school provides. The Governors have reviewed our Bursary Awards policy to ensure that eligible children can accept offers of places at our school through the availability of means tested fee assistance. We have reviewed the earning thresholds applied to our bursary awards.

The Governors intend to further develop our ‘Teaching Links’ programme by extending our links and exchanges with the State sector in consultation with Heads of our local state infant schools and nurseries.

Maintaining and developing the fabric and facilities of the school remain central to our strategy.

Information on fundraising practices

The school recognises the contribution made by its supporters, with voluntary donations being a valuable part of the school's incoming resources. All fundraising activity is carried out by the PTA which is led by an elected committee of parents and operates independently from the school. This group raises money for the school through events and activities which are voluntary and advertised in a non-intrusive manner.

The school does not utilise the services of any external commercial fundraisers. Given that the majority of donations are from parents of current pupils, either direct or through the PTA, and only limited fundraising activity takes place, the school does not consider it necessary at this time to subscribe to a fundraising regulator.

Page 13

St Chrlstophor's School Trust IEp59m) Limited {A company Ilmlted by 9uarant80) Trustee8' report Icontlnued) for the year ended 31 August 2021 Staternont of TruBt••S' rn8pon8lbllltlo8 The Trustees (who are also thg directors of the ¢harity for the purposes of COTnpany law} are responsible for pTrparing the Trustees, report and the finandal statements in accordance wilh appIl￿ble law and United Kingdom Accounts'ng Standards (United Kingdom Gen8rally Acc&pted Accounting Practice). Company law requlres the Twstees to prepare financial stat8ments for each financial . Und8r company law, tho Trustees must not approve the financial statements unless they are Satisfied that they give a Irue and fair view of the state of affairs of the Charity and of its incoming iesources and application of resources, in¢luding ils income 8nd expendilure, for that period. In preparfng these financial stalements, the Trustegs are required to= select suitable accounlng pollcies aTrJ then appty them consislenuy. observe the methods and prlnclples of the Charities SORP IFRS 102)., make judgments and accounting estimates that ar8 rèasonable and prudent.. stale whether applicable UK Accounting Standarfs IFRS 1021 have been followed, subjed to any matsrial departures disdosed and explained in the financial slatemenls. prepare Ihe financial st8tem8nts on thé going concam basis unless it is inappropriate to pr&sum6 that the charity will trA)ntinu8 in businoss. The Trustees are respmsible for keeping adequate accounling records that are sufficient to show and explain the chariws transa(aions and disclose reasonable accuracy al any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the awts of the charity and hence for laking reasonable steps for the prevention and detection of fraud and Dther irregularities. Disclosure of Intomiatlon lo auditor Each of the p8rsons who are Tfustees al the tlme when this Trustees, report is approved has ¢onfirmed thaL' so far as that Trustee is aware. there is no relevant audit information of which the charivs au(tilor is unaware, and that Trustse has taken all the steps that ought lo have been taken as a Trustee in order to be aware of any rglevanl audit infomiatlon and to estsblish that the chariws auditor is aware of that infomiation. Auditor The auditor. Kreston Reeves LLP, has indicated hi5 willingne5$ to continu8 in office. Th8 desiqnated Truslees will propose a motion reappolntlng the auditor at a meeling of the Twstees. Approved by order of the members of the board of Trustse5 and signed on their behalf by.. Mr5 Klrsty Park Chair Dale.. 2¥Jo3121 Page 14

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Independent auditor's report to the Members of St Christopher's School Trust (Epsom) Limited

Opinion

We have audited the financial statements of St Christopher's School Trust (Epsom) Limited (the 'charitable company') for the year ended 31 August 2021 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 15

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Independent auditor's report to the Members of St Christopher's School Trust (Epsom) Limited (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, 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.

Page 16

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Independent auditor's report to the Members of St Christopher's School Trust (Epsom) Limited (continued)

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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:

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the charitable company and sector, and through discussion with the Governors and other management (as required by auditing standards), we identified that the principal risks of noncompliance with laws and regulations related to safeguarding, health and safety legislation and employment law. 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, Charities Statement of Recommended Practice, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. 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 management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included:

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

Page 17

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Independent auditor's report to the Members of St Christopher's School Trust (Epsom) Limited (continued)

estimates and related disclosures made by the Trustees.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Kreston Reeves LLP

Kreston Reeves LLP Chartered Accountants Statutory Auditor

Horsham

Date: 14 April 2022

Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 18

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Statement of financial activities (incorporating income and expenditure account) for the year ended 31 August 2021

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
6
Total income
Expenditure on:
Charitable activities
7
Total expenditure
Net income/(expenditure)
Transfers between funds
16
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
5,383
1,618,006
2,798
1,626,187
1,521,198
1,521,198
104,989
8,622
113,611
1,219,524
113,611
1,333,135		 Restricted
funds
2021
£
15,777
-
-
15,777
10,234
10,234
5,543
(8,622)
(3,079)
4,912
(3,079)
1,833		 Total
funds
2021
£
21,160
1,618,006
2,798
1,641,964
1,531,432
1,531,432
110,532
-
110,532
1,224,436
110,532
1,334,968		 Total
funds
2020
£
68,911
1,494,886
2,928
1,566,725
1,577,968
1,577,968
(11,243)
-
(11,243)
1,235,679
(11,243)
1,224,436

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 23 to 39 form part of these financial statements.

Page 19

St Christopher's School Trust (Epsom) Limited (A company limited by guarantee) Registered number: 00830735

Balance sheet as at 31 August 2021

Note
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total net assets
Charity funds
Restricted funds
16
Unrestricted funds
16
Total funds		 329,256
1,158,199
1,487,455
(667,991)		 2021
£
515,504
515,504
819,464
1,334,968
1,833
1,333,135
1,334,968		 327,823
962,959
1,290,782
(634,605)		 2020
£
568,259
568,259
656,177
1,224,436
4,912
1,219,524
1,224,436

Page 20

St Christopher's School Trust {Epsom) Limitsd IA company limlted by guaTantee) Reglstered number: 00830735 Balan￿ $h801 {continued) as at 31 August 2021 The entity was entbtled to exemptlon from audit under section 477 of the Companies Act 2006. The members have not requI￿d the entity to oblain an audit for th8 year in question in accordan¢e with section 476 of the Companies Act 2006. However, an audlt is required in accordance ￿1th sectlon 144 of th& Gharities Act 2011. The Trustees ad(nowledge their responslbiSities for complyirvJ Iwth the requirements of the Act with respect to accounting records and preparalion of finanLial statements. The financial statements have been prepared ￿ ￿OrdanC w6th the provisions applicabl8 to èntitles subject to the small companies regime. Tho financial statemènts were 8pproved and authorised for issue by the Trustees and signed on thèir behalf by.. rsty Park Chair Dat8: £1031xi The notes on pages 23 to 39 form part of these financial statements. Pago 21

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Statement of cash flows
for the year ended 31 August 2021
Note
Cash flows from operating activities
Net cash used in operating activities
18
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
19
The notes on pages 23 to 39 form part of these financial statements		 2021
£
192,442
2,798
-
2,798
195,240
962,959
1,158,199		 2020
£
51,137
2,928
(67,148)
(64,220)
(13,083)
976,042
962,959

Page 22

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2021

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

St Christopher's School Trust (Epsom) Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The presentational currency is £ sterling. The figures in the financial statements have been rounded to the nearest £1.

1.2 Going concern

Having reviewed the funding facilities available to the school together with the expected ongoing concern demand for places and the school's projected cash flows, the Governors have a reasonable expectation that the school has adequate resources to continue its activities for the forseeable future and consider that there were no material uncertainties over the school's financial viability. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

These considerations take into account the impact of Covid-19 and the Trustees have concluded that it is appropriate to continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees' Responsibilities.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income from government grants is recognised when the School has met the conditions or incurred the expenditure attaching to the grant and it is probable that the grant will be received.

Where invoices are raised before the year end in relation to the following year, they are included as deferred income.

Page 23

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2021

1. Accounting policies (continued)

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Expenditure on charitable activities includes school operating costs such as teaching, welfare, premises and support costs.

All expenditure is inclusive of irrecoverable VAT.

1.5 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 institution with whom the funds are deposited.

1.6 Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Freehold property - 2% straight line
Freehold Improvements - 5-10% straight line
Fixtures and fittings - 20% straight line
Computer equipment - 50% straight line

Page 24

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2021

1. Accounting policies (continued)

1.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.9 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.

1.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

1.11 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.12 Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term.

1.13 Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

The charity is a member of a multi-employer plan. Where it is not possible for the charity to obtain sufficient information to enable it to account for the plan as a defined benefit plan, it accounts for the plan as a defined contribution plan.

Page 25

St Christopher's School Trust (Epsom) Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2021

1. Accounting policies (continued)

1.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

Under component accounting the freehold buildings are divided into major components which are considered to have substantially different useful lives. Judgement is used in allocating property costs between components and in determining the useful lives of each component and this judgement may have a material impact on the depreciation charge.

3. Income from donations and legacies

Unrestricted
funds
2021
£
Donations
-
Legacies
-
Grants
5,383
Total 2021
5,383		 Restricted
funds
2021
£
15,777
-
-
15,777		 Total
funds
2021
£
15,777
-
5,383
21,160

During the current and prior year the School received government grants in the form of payments under the CJRS for staff members furloughed during COVID-19 restrictions.

Page 26

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2021

3. Income from donations and legacies (continued)

Donations
Legacies
Grants
Total 2020		 Unrestricted
funds
2020
£
-
20,000
36,883
56,883		 Restricted
funds
2020
£
12,028
-
-
12,028		 Total
funds
2020
£
12,028
20,000
36,883
68,911

4. Income from charitable activities

Unrestricted
funds
2021
£
Teaching (note 5)
1,564,186
Premises
1,100
Before & after school care
52,720
1,618,006		 Total
funds
2021
£
1,564,186
1,100
52,720
1,618,006

The purpose of 'Before & after school care' is to provide care for children attending the school who cannot be collected by their parent or guardian at the end of the school day.

Teaching (note 5)
Premises
Before & after school care
Total 2020		 Unrestricted
funds
2020
£
1,452,093
1,448
43,345
1,496,886		 Restricted
funds
2020
£
(2,000)
-
-
(2,000)		 Total
funds
2020
£
1,450,093
1,448
43,345
1,494,886

Page 27

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2021

5. Analysis of teaching income

Unrestricted
funds
2021
£
Fee income
1,579,842
Uniform income
1,182
Discounts
(10,770)
Bursaries
(6,068)
Total 2021
1,564,186		 Total
funds
2021
£
1,579,842
1,182
(10,770)
(6,068)
1,564,186
Fee income
Uniform income
Discounts
Bursaries
Total 2020		 Unrestricted
funds
2020
£
1,571,607
1,058
(103,930)
(16,642)
1,452,093		 Restricted
funds
2020
£
-
-
-
(2,000)
(2,000)		 Total
funds
2020
£
1,571,607
1,058
(103,930)
(18,642)
1,450,093

6. Investment income

Unrestricted Total Total
funds funds funds
2021 2021 2020
£ £ £
Investment income - bank interest 2,798 2,798 2,928

All investment income in the current and prior year related to unrestricted funds.

Page 28

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2021

7. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2021
£
Teaching
1,117,418
Premises
210,769
Ancillary and other
179,713
Charitable donations
36
Expenditure on governance
13,262
Total 2021
1,521,198		 Restricted
funds
2021
£
5,980
-
-
4,254
-
10,234		 Total
funds
2021
£
1,123,398
210,769
179,713
4,290
13,262
1,531,432
Teaching
Premises
Ancillary and other
Charitable donations from collections
Expenditure on governance
Total 2020		 Unrestricted
funds
2020
£
1,133,118
240,259
189,433
59
9,983
1,572,852		 Restricted
funds
2020
£
1,952
-
-
3,164
-
5,116		 Total
funds
2020
£
1,135,070
240,259
189,433
3,223
9,983
1,577,968

8. Analysis of expenditure by activities

Teaching
Premises
Ancillary and other
Charitable donations from collections
Expenditure on governance
Total 2021		 Activities
undertaken
directly
2021
£
1,123,398
210,769
179,713
-
-
1,513,880		 Grant
funding of
activities
2021
£
-
-
-
4,290
-
4,290		 Support
costs
2021
£
-
-
-
-
13,262
13,262		 Total
funds
2021
£
1,123,398
210,769
179,713
4,290
13,262
1,531,432

Page 29

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2021

8. Analysis of expenditure by activities (continued)

Teaching
Premises
Ancillary and other
Charitable donations from collections
Expenditure on governance		 Activities
undertaken
directly
2020
£
1,135,070
240,259
189,433
-
-
1,564,762		 Grant
funding of
activities
2020
£
-
-
-
3,223
-
3,223		 Support
costs
2020
£
-
-
-
-
9,983
9,983		 Total
funds
2020
£
1,135,070
240,259
189,433
3,223
9,983
1,577,968

Analysis of direct costs

Staff costs
Depreciation
Academic
Administration
Property
Financial
Total 2021		 Teaching
2021
£
1,008,821
-
49,316
52,138
-
13,123
1,123,398		 Premises
2021
£
43,133
52,755
-
-
114,881
-
210,769		 Ancillary
and other
2021
£
179,713
-
-
-
-
-
179,713		 Total
funds
2021
£
1,231,667
52,755
49,316
52,138
114,881
13,123
1,513,880

Page 30

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2021

8. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff costs
Depreciation
Academic
Administration
Property
Financial		 Teaching
2020
£
1,041,824
-
39,351
41,335
-
12,560
1,135,070		 Premises
2020
£
44,782
61,599
-
-
133,878
-
240,259		 Ancillary and
other
2020
£
189,433
-
-
-
-
-
189,433		 Total
funds
2020
£
1,276,039
61,599
39,351
41,335
133,878
12,560
1,564,762

9. Analysis of grants

Grants to Total
Institutions funds
2021 2021
£ £
Charitable donations from collections 4,290 4,290

All grants paid in the current and prior year represented restricted charitable donations received from collections and were recorded as income and expenditure from restricted funds.

Grants, Charitable donations from collections
Governance costs - Auditor's remuneration
Fees payable to the charity's auditor for the audit of the charity's annual
accounts
Fees payable to the charity's auditor in respect of:
All non-audit services not included above		 Grants to
Institutions
2020
£
3,223
2021
£
8,760
2,910		 Total
funds
2020
£
3,223
2020
£
8,025
2,425

10. Governance costs - Auditor's remuneration

Page 31

St Christopher's School Trust (Epsom) Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2021

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2021
£
992,030
78,362
161,275
1,231,667		 2020
£
1,039,325
77,054
159,660
1,276,039

The average number of persons employed by the charity during the year was as follows:

Teaching - Full time
Teaching - Part time
Administrative and ancillary staff		 2021
No.
11
24
12
47		 2020
No.
11
27
11
49

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2021 2020
No. No.
In the band £90,001 - £100,000 1 1

The charity considers its key management personnel comprises the Head Teacher, Academic Deputy Head, the Bursar and a Senior Teacher.

Key management personnel

Wages and salaries
Social security costs
Other pension costs		 2021
£
247,812
29,301
47,930
325,043		 2020
£
250,058
29,543
46,326
325,927

Page 32

St Christopher's School Trust (Epsom) Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2021

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).

During the year ended 31 August 2021, no Trustee expenses have been incurred (2020 - £NIL).

13. Tangible fixed assets

Freehold
property
£
Cost or valuation
At 1 September 2020
182,291
At 31 August 2021
182,291
Depreciation
At 1 September 2020
133,180
Charge for the year
3,646
At 31 August 2021
136,826
Net book value
At 31 August 2021
45,465
At 31 August 2020
49,111
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Freehold
improvem'ts
£
722,170
722,170
233,191
34,387
267,578
454,592
488,979		 Fixtures and
fittings
£
169,547
169,547
141,034
13,066
154,100
15,447
28,513		 Computer
equipment
£
91,841
91,841
90,185
1,656
91,841
-
1,656
2021
£
318,182
385
10,689
329,256		 Total
£
1,165,849
1,165,849
597,590
52,755
650,345
515,504
568,259
2020
£
313,494
1,034
13,295
327,823

14. Debtors

Page 33

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2021

15. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income
Deferred income at 1 September
Resources deferred during the year
Amounts released from previous periods
Deferred income at 31 August		 2021
£
11,012
20,324
146,112
490,543
667,991
2021
£
418,619
473,252
(418,619)
473,252		 2020
£
50,658
18,557
137,620
427,770
634,605
2020
£
436,279
418,619
(436,279)
418,619

Where invoices are raised before the year end relating to the autumn term, they are included as deferred income.

Page 34

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2021

16. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Roof repair fund
General funds
General Funds - all funds
Total Unrestricted funds
Restricted funds
Charitable Collections Fund
Parent Teacher Association
Fund
Bursary Hardship Fund
Total of funds		 Balance at 1
September
2020
£
60,000
1,159,524
1,219,524
3,079
-
1,833
4,912
1,224,436		 Income
£
-
1,626,187
1,626,187
1,175
14,602
-
15,777
1,641,964		 Expenditure
£
-
(1,521,198)
(1,521,198)
(4,254)
(5,980)
-
(10,234)
(1,531,432)		 Transfers
in/out
£
20,000
(11,378)
8,622
-
(8,622)
-
(8,622)
-		 Balance at
31 August
2021
£
80,000
1,253,135
1,333,135
-
-
1,833
1,833
1,334,968

Designated Funds have been established by transfers from General Funds in order to fund future capital expenditure. Currently funds have been allocated towards roof repairs.

The Charitable Collections Fund represents funds raised on behalf of various charities, which are then paid to those charities as donations.

The Parent Teacher Association Fund represents funds raised and donated to the school by the Parent Teacher Association with specific restrictions placed on the use of the funds. The balance of £8,622 relates to funding to be utilised on the rear bark play area (£7,012) and the purchase of a marquee (£1,610).

The Bursary Hardship Fund represents donations received from parents equivalent to discounts they were given. This money is held in a separate fund to be used to provide additional bursaries.

Page 35

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2021

16. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Roof repair fund
Nursery redevelopment fund
General funds
General Funds - all funds
Total Unrestricted funds
Restricted funds
Charitable Collections Fund
Parent Teacher Association
Fund
Bursary Hardship Fund
Total of funds		 Balance at
1 September
2019
£
60,000
40,000
100,000
1,135,679
1,235,679
-
-
-
-
1,235,679		 Income
£
-
-
-
1,556,697
1,556,697
6,243
1,952
1,833
10,028
1,566,725		 Expenditure
£
-
-
-
(1,572,852)
(1,572,852)
(3,164)
(1,952)
-
(5,116)
(1,577,968)		 Transfers
in/out
£
-
(40,000)
(40,000)
40,000
-
-
-
-
-
-		 Balance at
31 August
2020
£
60,000
-
60,000
1,159,524
1,219,524
3,079
-
1,833
4,912
1,224,436

Page 36

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2021

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2021
£
Tangible fixed assets
515,504
Current assets
1,485,622
Creditors due within one year
(667,991)
Total
1,333,135
Analysis of net assets between funds - prior year
Unrestricted
funds
2020
£
Tangible fixed assets
568,259
Current assets
1,285,870
Creditors due within one year
(634,605)
Total
1,219,524		 Restricted
funds
2021
£
-
1,833
-
1,833
Restricted
funds
2020
£
-
4,912
-
4,912		 Total
funds
2021
£
515,504
1,487,455
(667,991)
1,334,968
Total
funds
2020
£
568,259
1,290,782
(634,605)
1,224,436

18. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Increase in debtors
Increase in creditors
Net cash provided by operating activities		 2021
£
110,532
52,755
(2,798)
(1,433)
33,386
192,442		 2020
£
(11,243)
61,599
(2,928)
(1,846)
5,555
51,137

Page 37

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2021

19. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2021
£
1,158,199
1,158,199		 2020
£
962,959
962,959

20. Analysis of changes in net cash and debt

Cash at bank and in hand At 1
September
2020
£
962,959
962,959		 Cash flows
At 31
August 2021
£
£
195,240
1,158,199
195,240
1,158,199		 Cash flows
At 31
August 2021
£
£
195,240
1,158,199
195,240
1,158,199
1,158,199

21. Pension commitments

Defined contribution pension scheme

The school operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the school in an independently administered fund. The pension cost charge represents contributions payable by the school to the fund and amounted to £20,300 (2020: £21,201) and there were contributions due of £1,766 (2020: £1,711) at the year end included in other creditors.

Contributions in respect of the company's defined contribution scheme are charged to the income and expenditure account for the year in which they are payable to the scheme. Differences between contribitions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.

Teachers' pension scheme

The School 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 £140,975 (2020: £139,093) and at the year-end £11,902 (2020: £11,352) 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 2010 (as 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 as at 31 March 2016 and the Valuation Report published in March 2019.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the

Page 38

St Christopher's School Trust (Epsom) Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2021

21. Pension commitments (continued)

‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until a remedy to the discrimination conclusion has been determined by the Employment Tribunal it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

22. Operating lease commitments

At 31 August 2021 the charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2021
£
1,272
3,498
4,770		 2020
£
954
-
954

23. Related party transactions

Mr C J Lott

(Governor and director of Fibonacci-Architects Limited)

During the year Mr C J Lott was a governor at the school and a director at Fibonacci-Architects Limited. The school engaged Fibonacci-Architects Limited to provide architectural services in connection with the new art room project. During the year a total of £nil (2020: £480) was invoiced to the school from Fibonacci-Architects Limited. The balance owed at the year end was £nil (2020: £nil).

Page 39