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2023-08-31-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 2023

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 - 11
Independent auditor's report on the financial statements 12 - 15
Statement of financial activities 16
Balance sheet 17 - 18
Statement of cash flows 19
Notes to the financial statements 20 - 37

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 2023

Trustees Mr Alastair Dominic Roberts, Chair
Mrs Dawn Bhoma
Mrs Helen Crossley
Mrs Elizabeth Hibbert
Mr Stephen Mainstone
Mr Bryan O'Callaghan
Mrs Ciara Chellun
Mr Mark O'Halloran
Dr Nadia Oozeerally
Mrs Sarah Raja (appointed 9 November 2022)
Company registered
number
00830735
Charity registered
number
312045
Registered office
6 Downs Road
Epsom
Surrey
KT18 5HE
Secretary
Mrs H M Serrano
Headteacher
Mrs Bronia Grehan
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 2023

The Trustees present their annual report together with the audited financial statements of the charity for the year 1 September 2022 to 31 August 2023. 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 (FRS102) (effective 1 January 2019).

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 and nursery 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 and development whilst supporting our families through their child’s early years of education.

Our school and nursery is a happy, creative, and stimulating setting, which provides every child with a broad and challenging education within a caring and secure family environment. We encourage mutual respect and understanding, cooperation and tolerance of others, and place a strong emphasis on high standards of manners and good behaviour.

The happy atmosphere of the School promotes excellent relationships between staff, pupils, and parents making for a warm, supportive, and lively community.

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 age, disability, gender reassignment, marriage or civil partnership, pregnancy and maternity, race, religion/belief, sex, and sexual orientation. We will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled.

Page 2

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2023

Ethos, Aims, and Objectives (continued)

b. Our Aims

Our aim is for our children to leave St Christopher’s as independent, highly motivated, and engaged learners.

Our approach is based on our values of excellence, empathy, and endeavour.

Our values are supported by the pillars of respect, kindness, integrity, creativity, courage, and resilience.

We do this by:

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 considered the Charity Commission’s public benefit guidance.

Our key objectives for the year included:

• Following our successful ISI Compliance Inspection in June 2023, ensure we are compliant for the next inspection.

• Continue to celebrate our pupils achievements and the experiences they are given at St Christopher’s via social media platforms.

Page 3

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2023

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:

e. Access policy

St Christopher’s is part of a wider community and we encourage our staff and pupils to engage and participate.

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 several 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 £13,311 (2022 - £12,354) 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 2023

Achievements and performance

a. Review of the year

This has been an exciting year in the history of St Christopher’s as we welcomed our new Headteacher following the retirement of Mrs Thackray after 12 very successful years. After an extremely rigorous interview process, we were delighted to welcome Mrs Bronia Grehan in September 2022. Amazingly, Mrs Grehan is only the 6th Headteacher since the school opened in 1938.

A full ISA Inspection took place in June with a final grading of ‘ Excellent ’ in all areas. An extremely pleasing testament to all the hard work that goes into the running of the School.

Throughout the year, the School continued to be close to fully subscribed, allowing the fulfilment of our aims and key objectives for 2022 – 2023. 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 Safeguarding and Child Protection policy is also available in the School Reception area. A new Strategic School Improvement Plan has been put into place.

The 7+ process was successfully completed within its new timeline before Christmas, with all children being offered a place from their chosen options. Alongside the two most popular destinations for our pupils, St Paul’s and Kings College, Wimbledon also accepted students from St Christopher’s this year for the first time, thereby expanding the breadth of our follow-on schools.

Pupils 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. Throughout the School, our academic achievements continue to be impressive. Very nearly all pupils are working at the expected level for their age group. With a large number of pupils exceeding age-related expectations.

Highlights of the year include:

• A piece of Art work from a Reception pupil and two pieces from pupils in KS1 have been awarded prizes in the ISA national awards.

• Wellbeing week included an array of activities that promoted good mental health such as learning a new skill such as den building and practising gratitude in the art of giving or sharing flowers.

• An International Week was held for the first time to celebrate our diverse community and cultures. The children had opportunities to experience Korean Martial Arts, to learn about the festival of Holi, enjoy Art from Pakistan and medicine from Iran. Stories from different cultures were shared and the whole school came together to share food from around the world.

• A mini Science week was held to coincide with British Science week including a visiting Scientist, a workshop at a local school and a visit from Epsom and Ewell Council Recycling team.

• Holding our annual Poetry Recital competition in which all pupils learn and recite a poem leading up to the Final held in front of the whole school judged by a member of the Governing body.

• There have been opportunities for all pupils to demonstrate their acting skills. Year 2 performed an amazing Panto – ‘Panto-Pandemonium’, Years 1 & 2 joined forces to put on a super production of ‘Wind in the Willows’ and the Early Years entertained us with 'The Bee Musical'.

• Year 2 had the opportunity to sing at Guildford Children’s Music festival and the Coulsdon and Purley Music Festival as well as representing St, Christopher’s at the Remembrance Service at Bourne Hall.

• Sporting highlights have included: The Elf Run, The Great Pancake Race, and Irish Dancing on Mother’s Day. As well as the usual sporting events shared with local schools.

Page 5

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2023

Achievements and performance (continued)

• This year the PTA held a Coronation Picnic instead of a Summer Fair. Each pupil was given a Coronation coin to commemorate the day.

Our Curriculum has been enhanced by many school outings:

• Reception visited Painshill Park, Brooklands Museum and the Sea creatures at Chessington World of Adventures.

• Year 1 visited Gatton Park, the Chertsey Museum, the British Wildlife Centre as well as enjoying a production of ‘Matilda’ at a local school.

• Year 2 visited Hampton Court Palace, Pizza Express, Denbies, Wakefield Place as well as enjoying their annual residential trip to Juniper Hall.

• Last but by no means least, Pre- Reception had their first school trip in the summer term, to enjoy the role play areas at ‘Little Street’ in West Byfleet.

Our charity support this year included gifts to:

Our partnership with parents has continued to thrive through our ‘Sharing our Learning’ initiative which was followed a couple of days later by Parents’ Evenings giving the parents the opportunity to discuss the learning they had witnessed. Our Wrap Around Care of Larks and Owls and Holiday Clubs continue to be very well supported. The PTA continue to support the School in many ways; the most notable this year being a visit from the Easter Bunny and a Farm on the field on the first day back of the summer term.

Page 6

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2023

Financial review

a. Principal funding

The state of the School affairs at 31st August 2023 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 £152,092, (2022 – £113,686).

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 invest 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.

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 2022/23 total funds were £1,600,746 (2022: £1,448,654) of which total unrestricted funds were £1,599,413 (2022: £1,447,696) and total restricted funds were £1,333 (2022: £958). The closing value of our tangible fixed assets was £435,989 (2022: £471,623), leaving £1,163,424 (2022: £976,073) as free reserves.

Designated Capital Reserves - currently we have allocated capital reserves of £100,000 to a roof repair fund.

General Reserves are set at a target range of 6 months of operating costs (c£880,000). The Governors feel that 6 months’ 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 are currently above the target, but these reserves are expected to be used as outlined below.

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

Page 7

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2023

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 counterparty 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 12 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. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Structure, governance and management

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 providing a first-class education to boys and girls.

Governors’ meetings, to which the Headteacher, Bursar, and Deputy Headteacher 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 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 Headteacher, the Bursar, the Deputy Head and Assistant Head comprise the key management personnel. The pay and remuneration of the Headteacher and all staff is set by the Finance Committee and is kept under annual review. A number of criteria are used in setting pay:

Page 8

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2023

Structure, governance and management (continued)

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 Headteacher, supported by the Senior Management Team (SMT). The Headteacher 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.

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.

e. Governor recruitment and training

Board members are elected at a full Governors' meeting and normally hold office for a minimum of 5 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 reelection. 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 and administration methods.

Page 9

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2023

Structure, governance and management (continued)

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.

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 Headteacher, SMT and subject co-ordinators continue to review the curriculum to ensure that the educational qualifications remain appropriate for our pupils’ development.

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.

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 10

st Chrlstopherfs School TNst (Epsom) Umltod IA company Ilmlted by guaranteo) Trustses. r•port Icontinu•d) for the year endod 31 August 2023 statement of TfUStees' mpon¥ibilltle8 The Trustees (who are also the direthrs of thè tharlty for the purposes of company lawl are responsible for preparlng tha Ttustee5' report and the financAal statements in accordanen wlth applicablo law and Unitèd Kingdom Accounting Standards (United tQngdom Gener8lIyAr￿pted Accounting Practice). Company law requir88 the Trustees to prepare financial statsments for each finanaal year. Under company law, the Trustees musl not approve the ffnan&al statements unless they ar8 satisfied that they give a true and fair vlew of the state of affairs of the chadty and of Hs incomlro resources and application of resources, including Its Income and expondilure. ftir that period. In preparlng theso financial ststoments, the Trustees are required lo: selert suitsblo a￿ount[￿9 pdicie5 afKI then appty them consistenU￿. observe th8 methods and pilnupl8s of the Charities SORP IFRS 1021" make judgments and accounting estimates tr￿1 are reasonable and Pn￿ent. slate wh8th8r applicable UK Accounting Standards IFRS 102} have been followed. subject to any malarial departures disclosed and explained in the financial statements: prepare the finanuai stalernenls on the going concem basis unless it15 inapproprigts to prgsume that the charityvAII continue in bUSin￿s. The Tmslea8 are r8sponsib]8 for kaeping ad8qu8la 8ccounbng rècords Ihat ar8 sufficient to show and explain the charitls transactions and disdose with reasollab￿ a￿ura￿v at anytime the financial position of the charity and enable them lo ensure that the financial statements comply with the Companies Act 2L)06. They are also responslble for safeguarding the assets of the charity and hence ￿ taking reasonable steps for the prev8nlion and detection of fraud and other iffegularities. Dlsclosure of Infommtlon to audltor Each of the persons who are Trusts88 at the tim& when thks Tru8tees' repKJrt is approved ha8 conf1m)￿l Ihal.. 80 far as that Trustee is aware, tI￿re is no relgvant audll Inf0m￿on of ￿7¢h th8 chartvs auditor Is unaware, and that Trustee has taken all thè steps that wght to h8ve been taken as a Trustse in order to bo aware of any rèlevant audlt Infomiation and to establish that the chaws athjitor Is aware of Ihat Infomialion. Audltor The audltor, Kresion Reeves LLP. has indThted their wllingness to ￿nIJnU0 In office. The designated Trustees will propose a motion reappoirrtbng the audrtor at a rrwting of the Trustees. Approvgd by order of th8 mambeTS of the board ofTrust8es and svJned on th8ir b8half ty. MrA D Roberts (Chair) Date: 13 P4e11

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 2023 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.

Page 12

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)

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.

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 13

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:

• Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including safeguarding, health and safety and employment) and fraud, and review of the reports made by management; and

• Challenging assumptions and judgements made by management in its significant accounting estimates; and

• Reading minutes of meetings of those charged with governance and reviewing correspondence with relevant tax and regulatory authorities; and

• Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and

• Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.

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

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

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 (continued)

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

Chartered Accountants Statutory Auditor

Horsham

Date: 26 April 2024

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

Page 15

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 2023

Note
Income from:
Donations and legacies
4
Charitable activities
5
Investments
7
Total income
Expenditure on:
Charitable activities
8
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
10,000
1,898,220
6,589
1,914,809
1,763,092
1,763,092
151,717
1,447,696
151,717
1,599,413		 Restricted
funds
2023
£
4,074
-
-
4,074
3,699
3,699
375
958
375
1,333		 Total
funds
2023
£
14,074
1,898,220
6,589
1,918,883
1,766,791
1,766,791
152,092
1,448,654
152,092
1,600,746		 Total
funds
2022
£
13,182
1,784,006
191
1,797,379
1,683,693
1,683,693
113,686
1,334,968
113,686
1,448,654

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

The notes on pages 20 to 37 form part of these financial statements.

Page 16

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

Balance sheet as at 31 August 2023

Note
Fixed assets
Tangible assets
14
Current assets
Stocks
Debtors
15
Cash at bank and in hand
21
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
17
Unrestricted funds
17
Total funds		 1,081
374,082
1,542,787
1,917,950
(753,193)		 2023
£
435,989
435,989
1,164,757
1,600,746
1,600,746
1,333
1,599,413
1,600,746		 1,224
375,498
1,315,891
1,692,613
(715,582)		 2022
£
471,623
471,623
977,031
1,448,654
1,448,654
958
1,447,696
1,448,654

Page 17

st Chrlstopherfs School Trust (Epsom) Umltsd IA company Ilmlted by guarantse) Reglst•r•d number: 00830735 Balance shggt Icontlnued as at 31 August2023 The entity w8s entitled to 8xemplK)n from audlt uThJer 8ecUon 477 of lh6 Companles Act 20c￿. The member8 have not requirad the antity to otrtaio an 8udit for thg Jpar in question in a(£ordanc8 wtth $8ction 476 ofthe Companies Art 20￿. Howev8r. an audil Is wulr•d in wlth 144 of the Charittes Act 2011. The Trustegs ad(no%ledge thelr rnsP￿￿obl1￿es for o)mpfylng vAth ts r8qulrem$nts of ts Act wlth respect to acCoun￿ng records and Prepara￿C￿ of firwicial 8tatements. The financlal statem￿ts have been prepared In a￿Ordan[ wtth the pr￿1(￿S applICab￿ to en￿￿e8 subJe¢t to the smell companies r¢gime. The financial statements were approved and aulhori￿ for issue bythe Trustees and swJned on thelr behdf by. Mr AD Robgrts (Ch8ir) Date: i 4 2c&2 The notss on pages 20 to 37 f￿M partofthese finarmaal statements. Pag8 18

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Statement of cash flows
for the year ended 31 August 2023
Note
Cash flows from operating activities
Net cash used in operating activities
19
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash 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
20
The notes on pages 20 to 37 form part of these financial statements		 2023
£
231,257
6,589
(10,950)
(4,361)
226,896
1,315,891
1,542,787		 2022
£
158,360
191
(859)
(668)
157,692
1,158,199
1,315,891

Page 19

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2023

1. General information

St Christopher's School Trust is a company limited by guarantee, incorporated in England. The registered office and principal place of business is 6 Downs Road, Epsom, Surrey, KT18 5HE. The principal activity of the charity continues to be the provision of pre-preparatory school and nursery for girls and boys up to the age of 7.

2. Accounting policies

2.1 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.

The financial statements are prepared in Sterling (£) and rounded to the nearest £1.

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.

2.2 Going concern

Having reviewed the funding facilities available to the school together with the expected ongoing 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 foreseeable future and consider that there are no material uncertainties over the school's financial viability. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

2.3 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 20

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2023

2. Accounting policies (continued)

2.4 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.

2.5 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.

2.6 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.

2.7 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 21

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2023

2. Accounting policies (continued)

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs relating to the purchase.

2.9 Debtors

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

2.10 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.

2.11 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.

2.12 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.

2.13 Operating leases

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

2.14 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 22

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

Notes to the financial statements for the year ended 31 August 2023

2. Accounting policies (continued)

2.15 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.

3. 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.

Critical accounting estimates and assumptions:

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. 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.

Estimates are made in determining the useful lives and residual values of fixed assets when calculating the depreciation charge.

Critical areas of judgment:

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

4. Income from donations and legacies

Unrestricted
funds
2023
£
Donations
-
Legacies
10,000
10,000		 Restricted
funds
2023
£
4,074
-
4,074		 Total
funds
2023
£
4,074
10,000
14,074

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 2023

4. Income from donations and legacies (continued)

Restricted Total
funds funds
2022 2022
£ £
Donations 13,182 13,182

5. Income from charitable activities

Unrestricted
funds
2023
£
Teaching (note 6)
1,797,463
Premises
65
Before & after school care and holiday club
100,692
Total 2023
1,898,220		 Total
funds
2023
£
1,797,463
65
100,692
1,898,220

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. The holiday club is for Early Years pupils.

Teaching (note 6)
Premises
Before & after school care
Total 2022		 Unrestricted
funds
2022
£
1,684,215
590
99,701
1,784,506		 Restricted
funds
2022
£
(500)
-
-
(500)		 Total
funds
2022
£
1,683,715
590
99,701
1,784,006

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 2023

6. Analysis of teaching income

Unrestricted
funds		 Unrestricted
funds		 Unrestricted
funds		 Total
funds
2023 2023
£ £
Fee income 1,822,153 1,822,153
Uniform income 1,206 1,206
Discounts (12,585) (12,585)
Bursaries (13,311) (13,311)
Total 2023 1,797,463 1,797,463
Unrestricted
funds		 Restricted
funds		 Total
funds
2022 2022 2022
£ £ £
Fee income 1,708,046 - 1,708,046
Uniform income 909 - 909
Discounts (12,386) - (12,386)
Bursaries (12,354) (500) (12,854)
Total 2022 1,684,215 (500) 1,683,715

7. Investment income

Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Investment income - bank interest 6,589 6,589 191

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

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 2023

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2023
£
Teaching
1,278,312
Premises
258,143
Ancillary and other
209,013
Charitable donations from collections
36
Expenditure on governance
17,588
1,763,092		 Restricted
funds
2023
£
1,783
-
-
1,916
-
3,699		 Total
2023
£
1,280,095
258,143
209,013
1,952
17,588
1,766,791
Teaching
Premises
Ancillary and other
Charitable donations from collections
Expenditure on governance		 Unrestricted
funds
2022
£
1,235,296
231,147
189,581
105
14,007
1,670,136		 Restricted
funds
2022
£
5,724
-
-
7,833
-
13,557		 Total
2022
£
1,241,020
231,147
189,581
7,938
14,007
1,683,693

9. Analysis of expenditure by activities

Teaching
Premises
Ancillary and other
Charitable donations from collections
Expenditure on governance		 Activities
undertaken
directly
2023
£
1,280,095
258,143
209,013
-
-
1,747,251		 Grant
funding of
activities
2023
£
-
-
-
1,952
-
1,952		 Support
costs
2023
£
-
-
-
-
17,588
17,588		 Total
funds
2023
£
1,280,095
258,143
209,013
1,952
17,588
1,766,791

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 2023

9. Analysis of expenditure by activities (continued)

Teaching
Premises
Ancillary and other
Charitable donations from collections
Expenditure on governance		 Activities
undertaken
directly
2022
£
1,241,020
231,147
189,581
-
-
1,661,748		 Grant
funding of
activities
2022
£
-
-
-
7,938
-
7,938		 Support
costs
2022
£
-
-
-
-
14,007
14,007		 Total
funds
2022
£
1,241,020
231,147
189,581
7,938
14,007
1,683,693

Analysis of direct costs

Staff costs
Depreciation
Academic
Administration
Property
Financial
Total 2023		 Teaching
2023
£
1,125,285
-
71,082
69,234
-
14,494
1,280,095		 Premises
2023
£
50,190
46,584
-
-
161,369
-
258,143		 Ancillary
and other
2023
£
209,013
-
-
-
-
-
209,013		 Total
funds
2023
£
1,384,488
46,584
71,082
69,234
161,369
14,494
1,747,251

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 2023

9. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff costs
Depreciation
Academic
Administration
Property
Financial		 Teaching
2022
£
1,081,115
-
63,948
82,567
-
13,390
1,241,020		 Premises
2022
£
48,169
44,741
-
-
138,237
-
231,147		 Ancillary and
other
2022
£
189,581
-
-
-
-
-
189,581		 Total
funds
2022
£
1,318,865
44,741
63,948
82,567
138,237
13,390
1,661,748

10. Analysis of grants

Grants to Total
Institutions funds
2023 2023
£ £
Charitable donations from collections 1,952 1,952

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 with the exception of donations made directly by the school which were paid from unrestricted funds as shown in note 8.

Grants to Total
Institutions funds
2022 2022
£ £
Grants, Charitable donations from collections 7,938 7,938

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 2023

11. Governance costs - Auditor's remuneration

2023 2022
£ £
Fees payable to the charity's auditor for the audit of the charity's annual
accounts 10,500 8,500
Fees payable to the charity's auditor in respect of:
All non-audit services not included above 6,008 4,146

12. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
1,128,482
87,039
168,967
1,384,488		 2022
£
1,067,073
86,135
165,657
1,318,865

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		 2023
No.
10
26
13
49		 2022
No.
11
26
12
49

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

2023 2022
No. No.
In the band £60,001 - £70,000 1 -
In the band £90,001 - £100,000 1 1

The charity considers its key management personnel comprises the Head teacher, Deputy Head, Assistant Head and the Bursar.

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 2023

Key management personnel

Wages and salaries
Social security costs
Other pension costs		 2023
£
260,273
31,325
48,950
340,548		 2022
£
258,913
32,001
50,566
341,480

13. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 August 2023, no Trustee expenses have been incurred (2022 - £NIL).

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 2023

14. Tangible fixed assets

Freehold
property
£
Cost or valuation
At 1 September 2022
182,291
Additions
-
At 31 August 2023
182,291
Depreciation
At 1 September 2022
140,471
Charge for the year
3,645
At 31 August 2023
144,116
Net book value
At 31 August 2023
38,175
At 31 August 2022
41,820
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Freehold
improvem'ts
£
722,170
-
722,170
301,965
34,387
336,352
385,818
420,205		 Fixtures and
fittings
£
170,406
5,651
176,057
160,808
5,903
166,711
9,346
9,598		 Computer
equipment
£
65,175
5,299
70,474
65,175
2,649
67,824
2,650
-
2023
£
356,296
117
17,669
374,082		 Total
£
1,140,042
10,950
1,150,992
668,419
46,584
715,003
435,989
471,623
2022
£
362,361
8
13,129
375,498

15. Debtors

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 2023

16. 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		 2023
£
25,962
23,381
173,703
530,147
753,193
2023
£
512,028
503,237
(512,028)
503,237		 2022
£
11,231
21,935
154,372
528,044
715,582
2022
£
473,252
512,028
(473,252)
512,028

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

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 2023

17. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Roof repair fund
General funds
General Funds
Total Unrestricted funds
Restricted funds
Charitable Collections Fund
Parent Teacher Association Fund
Bursary Hardship Fund
Total of funds		 Balance at 1
September
2022
£
100,000
1,347,696
1,447,696
-
(375)
1,333
958
1,448,654		 Income
£
-
1,914,809
1,914,809
1,916
2,158
-
4,074
1,918,883		 Expenditure
£
-
(1,763,092)
(1,763,092)
(1,916)
(1,783)
-
(3,699)
(1,766,791)		 Balance at
31 August
2023
£
100,000
1,499,413
1,599,413
-
-
1,333
1,333
1,600,746

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 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 33

St Christopher's School Trust (Epsom) Limited

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2023

17. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Roof repair fund
General funds
General Funds
Total Unrestricted funds
Restricted funds
Charitable Collections Fund
Parent Teacher Association
Fund
Bursary Hardship Fund
Total of funds		 Balance at
1 September
2021
£
80,000
1,253,135
1,333,135
-
-
1,833
1,833
1,334,968		 Income
£
-
1,784,697
1,784,697
7,833
5,349
(500)
12,682
1,797,379		 Expenditure
£
-
(1,670,136)
(1,670,136)
(7,833)
(5,724)
-
(13,557)
(1,683,693)		 Transfers
in/out
£
20,000
(20,000)
-
-
-
-
-
-		 Balance at
31 August
2022
£
100,000
1,347,696
1,447,696
-
(375)
1,333
958
1,448,654

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 2023

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
Tangible fixed assets
435,989
Current assets
1,916,617
Creditors due within one year
(753,193)
Total
1,599,413
Analysis of net assets between funds - prior year
Unrestricted
funds
2022
£
Tangible fixed assets
471,623
Current assets
1,691,655
Creditors due within one year
(715,582)
Total
1,447,696		 Restricted
funds
2023
£
-
1,333
-
1,333
Restricted
funds
2022
£
-
958
-
958		 Total
funds
2023
£
435,989
1,917,950
(753,193)
1,600,746
Total
funds
2022
£
471,623
1,692,613
(715,582)
1,448,654

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

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by operating activities		 2023
£
152,092
46,584
(6,589)
143
1,416
37,611
231,257		 2022
£
113,686
44,740
(191)
(1,224)
(46,242)
47,591
158,360

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 2023

20. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2023
£
1,542,787
1,542,787		 2022
£
1,315,891
1,315,891

21. Analysis of changes in net debt

Cash at bank and in hand At 1
September
2022
£
1,315,891
1,315,891		 Cash flows
At 31
August 2023
£
£
226,896
1,542,787
226,896
1,542,787		 Cash flows
At 31
August 2023
£
£
226,896
1,542,787
226,896
1,542,787
1,542,787

22. 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 £22,186 (2022: £22,363) and there were contributions due of £2,109 (2022: £1,747) 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 contributions 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 £146,781 (2022: £143,294) and at the year-end £12,576 (2022: £11,835) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by the Teachers' Pension Scheme 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 2020 and the Valuation Report was published in October 2023.

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 2023

22. Pension commitments (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 1 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 have valued the 'greater value' benefits for the groups of relevant members.

The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

23. Operating lease commitments

At 31 August 2023 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		 2023
£
1,272
954
2,226		 2022
£
1,272
2,226
3,498

24. Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1.05 for the debts and liabilities contracted before he/she ceases to be a member.

25. Related party transactions

The charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the charity at 31 August 2023.

Page 37