Rggistered number: 0709159 Charity number: 312648 ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company limitsd by guarantse) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
ST. MARTIN'S {NORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA company limited by guarantee) CONTENTS Page Reference and administrative details of the Company. its trustees and advlsers Trustees. report Independent auditorfs report on the financial statgments Statement of financlal activities 9-12 13 Balance sheet 14 Statement of cash flows 15 Notes to the financlal Statements 16-24
ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA Company limlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 Trustees Mr A Harris, Chairman Mrs A Baldwin Mr K Desai Mr S Everson Mr J Fowler Mrv Hales Mr NA Hinds Mr K Kothari Mr J Odofin Mrs C Marks Mrs P Mastin Mrs M Merali Mrs P Patel Mr J Richards Dr B Williams (Appointed 8 December 20221 (Resigned 8 July 20221 (Resigned 8 December 20221 (Appointed 8 December 20221 (Resigned 8 July 20221 {Appoinled 8 December 20221 (Appointed 8 December 20221 School offlcer8 Mr S Dunn {Head leacherl Mrs A Curran {Bursarl Company registered number 0709159 Charity reglstered number 312648 Registered office 40 Moor Park Road Northwood Middlesex HA62DJ Audltor Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Bankers National Westminster Bank PIC 159 High Street Rickmansworth Hertrordshire WD3 1AR
ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED {A company limlted by guaranteel TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The members of Sl Martin's (Northwoodl Preparatory School Trust Limited present their annual report for the year ended 315I August 2022 under the Charities Act 2011 and the Companies Act 2006, this includes the Directorfs Report and Strategic Report under the 2006 Act, together with the audrf(ed financial statements for the year. DIRECTOR'S REPORT Constitutions and obltS St Martin's INorthwoodl Charitable Trust Limited is a charitable company limited by guarantee. Its registrats'on number is 312648 and the company registration is 0709159. The company is governed by ils Memorandum and Articles of Association dating from 28 November 1961 which state that ils object is the advancement of education. In furtherance thereof, the company opeiate5 St Martin's School. a preparatory school. Govemanc• and Management Goveming body The Directors serve as Trustees of the Charity and under the terms of the above arbcles are also members of the Company. They are elected by the Board of Directors on the basis of nominations received from serving Directors, the Headmaster and others. GovernorslDireclors are selected on the basis of their skills and surtability. New Governors are inducted into the workings of the Charity including Board policy and procedures, by attending Governors, meetings, reviewing the Governors, handbook, receiving support from experienced Governors and being d1Cted lo relevant guidelines and courses. The tenure of office for a member of the Governing body is for an initial period of 4 years. with a Governtsr being eligible for re-election for further terms of office every 3 years thereafter. Former parents and former pupils may serve as Governor5. Staff are not pemiitted to serve as Governors. Mrs Christine Marks and Mr James Fowler resigned as Governors effective at the end of the summer lemi on the 8th July and Mr Vernon Hales resigned at the board meeting on December 2022. Mr Kishan Desai, Mr Junior Odofin. Mrs Mariam Merali and Mrs Preeli Patel were appointed as Governors on the 81h December 2022. Oryanisational Management The Governors are legally responsible for the overall management and oversight of the School. They usually meet as a board three or more times per year, once each term, lo determine policy and to monttor the operations of the company. Their role is assisted by the work of the sub-committees who meet each term In advan of the Board meeting. The sub committees are.. Governance, Finance & Operations, Teaching & Learning, Estates, Remuneration, Marketing and Corporate Social Responsibility. There are also two school committees which nominated govemors attend being Information & Communications ThnOlOgY and Health & Safety The Finance & Operations Committee, as assisted by the Schwl's Bursar and accountants, is responsible for implementing financial strategy and policies of the Board including the preparation of budgets and forecasts. This corllmittee also has oversight of any operational matters not covered by any of the other committees, significantly Human Resources {HRI. This Committee meets every term and more often if necessary. Audit and risk management related lo the Schcol's Financial and Human Resources risks are dealt with by the Finance & Operatsons Committee.
ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED {A cornpany limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The day lo day running of the School is delegated lo the Headmaster. who with the Bursar attends all meetings of the Goveining Body and subsidiary committees. They in turn are supported by the other members of the School leadership team comprising 4 Assistant Heads with responsibilities for Pre-Prep, Pastoral, Academic and Organisation & Compliance respectively. Pay and remuneration of staff is reviewed annually in line with the School's Pay Policy and is overseen by the Remuneotion Committee who will also recommend to the Board changes to the pay and remuneration of the Headmaster and Bursar. The Finan & Operations Committee give final approval to all other pay awards. STRATEGIC REPORT Aims. Objectives and Activitles Sl Martin's aims to provide boys. aged 3 - 13. with the bieadlh of education and experience for them to realise their full potential at school in a safe and friendly environment, and to be well prepared for future life. To achieve this. the School applies eight key principles as follows.. 1. The school to have a happy, friendly atmosphere as well as a fair. secure. disciplined framework for learning. 2. The boys lo receive an all-round education to develop the whole person. by the provi$lon of academic. sporting, artistic and musical opportunities. 3. The teaehing to be of the highest quality. including the best of traditional and contemporary approaches, to enable the boys tr) fulfil their potential. 4. Communication beeen parents. headmaster, staff and boys to be of paramount importance at all stages of school life. 5. While preserving the fundamental Christian ethos of the s¢hool in ils present mulli-cullural mix, to cultivate respect and understanding of other faiths and cultures. 6. The buildings. facilities and resources to be of a high standard. safe and suitable for today's needs. 7. Good relations with the local community lo be fostered and, where appropriate, joint projects to be developed and school facilities lo be made available. 8. The pastoral care to underpin the moral ethos of the school by promoting the values of honesty. integrity, respect and humility. These aims are achieved in a number of way$. They underpin the operational ethos of the school and are referend in strategic and school development planning. In the process of self-evaluation for inspection, these are used as markers for this prosS. In terms of governance, each of the principles is directly related lo the work of a sub-committee of the Full Board. Achlevements and perfomian¢e The school prides itself on not only the quality of the eduealion provided, but also its record in examinations to senior schools. The school is well plaTrd to prepare boys for a wide range of schools. bul in practice these tend to be local lo the area. Traditionally, the focus was always on 13+ transfer with only a small number sitting al 11 + and principally for the maintained grammar schools. This has changed significantly over the last 3 years with the vast majority of boys undertaking these assessments in the January of Year Six. This ha5 meant that parallel approach for 11+ and 13+ is now required.
ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED {A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The following sets out the 11+ and 13+ offers and scholarships: AWARDS AT YEAR EIGHT (13+) 2022 AWARDS AT YEAR SIX111+) 2022 Merchant Taylor's School 11 places offered 2 Academic Scholarships Merchant Taylorfs School 27 places offered 3 Academic Scholarships Haberdashers, Boys, School 2 places offered 1 Academlc Scholarship Haberdashers. Boys. School 10 places offered 1 Music Scholarship John Lyon School 6 places offered 1 Music Scholarship John Lyon School 6 places offered St Alban's School S places offered 1 Academic Scholarship St Alban's School 3 places offeied Aldenham School 4 places offered 3 Academic Scholarships Harrow School 1 place offered In March the school had a full ISI Focused Com liance and Educational Qualil Ins fully compliant and exeellent in both areas of Educational Quality.. ection and was found to be The achievement of the pupils, including their academic development, and The petson81 development of the pupils. As the Assistant Head and Head of Prep-Prep left at the end of December 2021 and her replacement didn't start until September 2022, there were joint Acting Heads of Pre-Prep in place for terms. The Head of the Junior Department Iyears 3 and 4) left at Easter and a member of the junior staff was appointed lo Acting Head of Juniors for the Summer term. Pupil numbers continued to be slightly below but close to budgeted levels and bursaries were approximately 3.75°k of gross fee income. The school continues lo help some families that were impacted by Covid. Investment in the sile and facilities continued with the installation of new outside cricket nels, further classroom
ST. MARTIN'S INORTHWOOD} PREPARATORY SCHOOL TRUST LIMITED {A company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 upgrades and significant investment in IT in the classrooms with a further 2 sets of i-pads for pupils. AJI teachers, Pcs were upgraded and new screens installed in a number of locations throughout the school in line with the IT strategy. The Leaining Support classrooms have been revamped with a new one being eated from the old juniois staff office and a new staff work room Created in the old flat in main school. There was also significant investment in the school's propety portfolio with complete refurbishment to both our Ashursl Close and Mezen Close houses in advance of new staff tenarsls moving in in September 2022. The 5 year electrical inspection also look place during the year. Ongoing investment has been made in the new school website which is due to launch in the summer of 2023. The school remains in a healthy stale and is well placed, both financially and academically. for the challenges ahead. Parental satisfaction remains very high and has been strengthened by the way the school has continued lo operate and develop since the pandemic. The benefits of increased technological capability continue to be key in moving forward and we will be seeking to capitalise on the decreased reliance on physical media and increased independence of the boys in their own learning. School centenary It was the school's ¢entenary in September 2022 and we s18rted a whole year of lebratIonS in July 2022 with Centenary Ball on school grounds. A marquee was hired and this was also used for the Presentation Day and both events were a great celebration of bringing the whole St Martin's community together again on site and in person. Communty. Social and Charitable In considering the provision of Public Benefit. the Governors have given due consideration lo the Charity Commission's PLJblished guidance on the Public Benefit requirement under the Charities Act 2011. During the year £230,781 {2021'. 278,4551, representing 3.75 /0 {2021.' 4.630/0) of fee income, was gwen as bursaries in support of 2212021.. 301 boys who would not otherwise have been able to afford to stay, and enjoy the benefits of, St Martin's education. The 2021 numbers in¢lude emergency bursaries given as a result of the pandemic. The School's designated charity was Dementia UK and, due to a great fundraising effort, we have been able to donate £10,000 lo them. St Martin's have resumed the support of local state primary schools through the use of our sporting facililles and in particular the swimming pool and our staff outreach co-ordinator ha5 resumed the liaison and development of working partnerships with other schools. FINANCIAL REVIEW Results for the year The full year surplus of £411,97212021-. £412,741) was better than the budget of £254,897. Despite pupil numbers being slightly lower than budget. we continue lo carefully control all our costs. The surplus represented a 6.71 Yo12021- 6.87%} relum on gross fee income. Both income and costs were just over 6-70k higher than the previous year resulting in a very similar surplus as the previous year. The nel value of fixed assets was £9,515.63512021'. £9,642,616). a decrease of £126,981 Teftecling a higher rale of depreciation than investment in fixed assets. The company's cash position stood at £3,676,279 {2021'. £3,917,011} at year end.
ST. MARTIN'S {NORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The balance on all borrowings at the end of the period was £ Nil12021.. £636,844). The School paid off the bank loan in September 2021 following agreement with the Governors. Reserves policy Unrestricted funds al year end totalled £12,384.719 {2021'. £11,972,747) of which fixed assets less bank loans were £9,554.78312021. £9,005,772) leaving free reserves of £2,829,93612021. £2,966,975). Reserves adequately cover future spending plans which are highlighted under future plans below. The Governors are determined that reserves are continually re-invested in the School for the benefit of the boys whilst ensuring that the School remains in a strong financial wsition. Going concern The School produces regular financial information including budgets, forecasts and a longer term strategic business plan, which are closely monitored by the Govemors. These bLJdgels, cash flows and forecasts have been reviewed and revised to lake into consideration the current economi¢ climate, utility and fuel costs and their potential impact. A likely change in government and the threat that might pose lo independent schools is also now under consideration with the potential of the School to lose its charitable status and the introduction of VAT on school fees. Revised forecasts have been prepared together with cash-llows, based on the potential seenarios, with sensitivity analysis on the key assumptions. The cash flow modelling with sensitivity analysis indicates that the cash reserves of the School are adequate lo meet the charity's obligations as they fall due. Therefore, the Governors have a reasonable expectation that the charity has adequate resources lo continue its activities for the foreseeable future and consider that there were no material un¢ertainlies over the School's financial viability. Accordingly, they continue lo adopt the going concem basis in preparing the financial statements as outlined in the Statement of Governors, Responsibilities. FUTURE PLANS The Governors and Leadership team are in the process of formulating a new Strategic Plan. A number of sub sections of the plan are being developed within the school in preparation for an Overall School Strategic plan to be developed with the Governing body. A strategy day s¢heduled for March 2020 look place in October 2021 and the Slralegic Plan will be further developed alongside the marketing and branding work. Over the next 1-5 years our potential plans include. Ongoing implementation of the IT strategy lo include upgrade of classroom display equipment and provide dedicated devi$ liPadsl for year 5-8 and additional sets of classroom devices for the younger age groups.. Enhancement of the outside environment and entrance for Kindergarten and Pre-Prep', Window replacement in the Pre-Prep building and improving connectivity beeen the Pre-Prep building and the Main School.. Development of nursery inside facilities., Enhancement ofjunior school section {years 3 & 41., Provision of an additional set of boys, toilets.. Creats'on of more outdoor learning spaces.. and Upgrade of sports facililies-new MUGA, climbing wall and gymnasium equipment. Risk managemont The Board of Governors is responsible for the oversight of the risks faced by the School. Detailed consideration of risks is delegated to the specific committees relevant to the particular identified risk, managed by the Senior Leadership Team. Risks are identified, assessed and controls established throughout the year. The Board monitors the effectiveness of the system of inlefnal controls and other means. including insurance cover. by
ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA company limited by guarantee} TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 which those identified risks can be mitigated. The key controls used by the Charity include.. formal agendas for all Committee and Board activity., detailed tems of reference for all Committees.. comprehensive strategic planning, budgeting and management accounting., fomial written policies., clear aulhorisation and approval levels., and vetting procedures as required by law for the protection of the vulnerable. Through the risk management pro$$e$ established for the School, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. 11 is recognised that the systems can only provide reasonable bul not absolute assurance that major risks have been adequately managed. During the year the risks that continued to receive particular attenb'on related lo.. Extemal or inlemal factors leading lo low morale resulting in poor educational standards, high stress levels and absencelsick leave. This has particular relevance lo the legacy impact of the pandemi¢ and the stresses that are consequent to th8t. These have been mitigated by the appointment of key pastoral stsff, a strengthening of the school's HR funct1n with improved links to occupational health services Macro-economic risk of the impact an uncontrollable national event will have on the school - such as the pandemic. This is mitigated by robust measures in place lo keep the school running remotely if needed. Strong reserves are retained lo ensure stability financially if income drastically reduces. Both of the above risks have reduced in significance as the pandemic has eased and the senior leadership team and the govemors a increasingly focusing on the fi)Ilowing emerging risks.. A change in government bringing about a significant change lo the status of independent schools, specifically by the inlroduetion of VAT on school fees and the loss of charitable status. We will continue to monitor this, model the potential impact and ensure that we focus on demonstrating our charitable benefit. Changes in the perception of 11+ and 13+ entry routes to our key destination schools and the threat of other schools being perceived as 'all through, schools may impact our pupil numbers. Our new marketing campaign and communication with existing and prospective parents are directly focused on mitigating thi$ risk. Trustees. responslbllities $tatement The members of the Board of Governors (who are also the directors of Sl Martin's (Northwoodl Preparatory School Trust Limited for the purposes of company lawl are responsible for preparing the Annual Report and the financial slalements in accordance with applicable law and FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. Company law requires the members of the Board of Governors lo prepare financial statements for each financial year. Under company law they must not approve the financial statements un5ess they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and the group, including the income land its application) and expenditure of the group for that year. In preparing these financial slalements, the members of the Board of Governors are required to.
ST. MARTIN'S INORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 select the most suitable accounting policies and then apply them consislenlly.. observe the methods and principles in the Charities SORP 2019 IFRS 1021- make judgments and estimates that are reasonable and prudent.. stste whether applicable UK accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the Charitable company will continue in business. The members of the Board of Governors are responsible for keeping adequate accounting records that are sufficient lo sh()w and explain the charitable company's transactions. disclose with reasonable accuracy at any time the finaneial position of the charitsble company and enable them lo ensure that the financial slalemenls comply with the Companies Act 2006 and the provisions of the charity's constitution They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevenbon and detection of fraud and other irregularities. AUDITORS Each of the persons who is a trustee at the dale of approval of this report confirms that.. so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware., and they have taken all steps that they ought to have taken as a trustee lo make themselves aware of any relevant audit information and to establish that the ¢haTity's auditor is aware of that information. A resolution proposing the re-appointment of Crowe U.K. LLP as audrtors lo the company will be pul to the Annual General Meeting. The Trustees, annual report and the strategic reFX)rt were approved on 23 March 2023 and signed on behaK of the Board of Trustees by.. MrA Harris IChaimian} Trustee Date.. 23 March 2023
ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMED Opinion We have audited the financial statements of St. Martin's {Northwoodl Preparatory School Trust Limited Ilhe 'eharilable company'l for the year ended 31 August 2022 which comprise the Statement of Financial Aclivilies, the Balance sheet, the Statement of cash flows and the related notes, including 8 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 slatemenls.. give a true and fair view of the stale of the charitable company's affairs as at 31 August 2022 and of its income and expenditure fof the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted AccounlirTrg Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. 8a$i$ for opinion We conducted our audit in accordance wlth International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibiSi118s for the audit of the financial ststements section of our report. We are independent of the charslable company in accordance with the elhul requirements that are relevant to our audit of the financial slalements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the trustee's use of the going ctsn¢ern 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 unrtaInlieS lating to events or condits'ons that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a Feriod of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concem are described in the relevant sections of this report. Other information The trustees are responsible for the other information contained within the annual report. The other information comprises the information Includ in the annual report, other than the financiab statements and our auditor's report Ihereon. Our opinion on the financial slalements does not cover the other information and, except to the extent otherwise expliciuy stated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othetwise appears lo be materially misstated. If we identify such rnaterial inconsistencies or apparent material misslalements, we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material
ST. MARTIN'S INORTHVVOOD} PREPARATORY SCHOOL TRUST LIMITED IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. MARTIN'S {NORTHWOOD} PREPARATORY SCHOOL TRUST LIMITED misstatement of this other information, we are required to report that fact. We have nothing lo report in this regard. Oplnlon on other matters prescribed by the Companios Act 2006 In our opinion, based on the work undertaken in the wurse of the audit.. the information given in the Trustees. Report which includes the Directors, Report and the Strategic Report prepared for the purposes ol company law. for the financh31 year for which the financial slalements are prepared is consistent with the financial statements., and the Strategic Report and Directors, Rep have been prepared in accordance wrth applicable legal requirements. Matters on which vrn are requir to report by exception In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audi( we have not identified material misslalements in the strateglc report or the directors, report included within the trustees. report. We have nothing to report in respect of the following matters in relation lo which the Companies Act 2006 requires us lo report lo you if, in our opinion.. adequate and proper accounting records have not been kept,. or the financial statements are not in agreement wlh the accounting records and returns., or certain disclosures of trustees. remuneration specified by law are not made., or we have not received all the informab'on and explanations we require for our audit., or the Iruslees were not entitled lo prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, directors, report and from the requirement to prepare a strategic report. Rosponsiblllties of Trustees As explained more fully in the trustees. reswnsibililies statement sel out on page 7, the Iruslees (who are also the directors of the charitgble company for the purposes of company lawl are responsible for the preparation of the financial slalements and for being satisfied that they gNe a true and falr view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial slalements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the charitable company or to cease operations, or have no realistic allernalive bul to do so. Auditor's responsibillties for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, 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, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI wi51 always detect a material misstatement when il exists, Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influen¢e the economic decisions of users taken on the basis of these financial statements.
ST. MARTIN'S INORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED IA company Ilmited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED Details of the extent lo which the audit was considered capable of delecling irregularities, including fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilities ft)r the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.or ijklaudilorsres onsibililies. This description forms part of our audilorfs rèport. Extent to which the audlt was considered capable of d¢tocting Irregularltie$, including fraud Irregularities. including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstalemenl of the financial statements from irregularities, whether due lo fraud or error, and discussed these beeen our audit team members. Vve then designed and performed audit procedures responsive to those risks. including obtaining audit eviden sufficient and appropriate lo provide a basis ftsr our opinion. We obtaiNed an understanding of the legal and regulatory frameworks within which the charitable company operates, ftseusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the fi'nancial stalemenls. The laws and regulations we considered in this context were the Companies Act 20Q6 and tsxalion legislation together wilh the Charities SORP {FRS 102}. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial stslement items. In addition, we considered provisions of other laws and regulalDns that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Charitable company's ability lo operate OT to avoid a material penalty. Vve also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we conSided in this context for the UK operations were The Education Ilndependenl School Standards) Regulations 2014 and General Dats Protection Regulation IGDPRI. Auditing standards limlt the required audit prOdureS lo identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial slalements from irregularities, including fraud, lo be within the override of controls by management Our audit procedures to respond to these risks included enquiries of management, and the Finance and Operabons Commrttee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases. reviewing any regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsled and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial ststemenls, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit. there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected lo detect non-compliance with all laws and regulations. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Pa
ST. PMRTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those matters we are required lo slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members a5 a body, for our audit work, for this report, or for the opinions we have formed. Andrew Thomas Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Slalutory Auditor London (Statutory Auditor) Date.. 28 March 2023
ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMffED {A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022 Unrestricted funds 2022 Unrgstricted funds 2021 Note Income from: Donations and legacies Charitable activities Investments Total Income 2,921 6,094,348 7,195 12,099 5, 726.293 5,197 6 104464 5 743 589 Expenditure on". Charitable acb'vilies Total expendlture 5.692,492 5,330,848 5 692 492 5 330 848 Net movement In funds 411972 472 741 Total fvnds brought fomard 11,972,747 11,560,006 Total funds carried forward 12 384719 11972 747 The Slalement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 16 to 24 form part of these financial slalements. Pa 13
ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA company limited by guarantee) REGISTERED NUMBER: 0709159 BALANCE SHEET AS AT 31 AUGUST 2022 2022 2027 Note Flxed assets Tangible assets Assets under construction Intangible Assets 10a 9,515.635 9,642,616 10b 39,148 9,554,783 9,642,616 Current assets Debtors Cash at bank and in hand 11 1,713.855 3,676.279 1,522,373 3,917,011 5,390,134 5,439,384 Creditors.. amounts falling due within one year 12 12,560,198) (3, 109,253) Net current assets 2,829,936 2,330, 131 Total assets less Current Ilabllltles Creditors.. amounts falling due after more than one year 12,384,719 11,972,747 Total net assets Charity funds Unrestricted funds 12.384,719 11.972, 747 Totsl fund$ The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial ststements were approved and authorised for issue by the Trustees on 23 March 2023 and signed on their behalf by.. MrA Harri$ Trustee Date.. 23 March 2023 The notes on pages 16 to 24 form part of these financial statements.
ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022 Note 2022 2021 Cash flows from operating activiti¢s Nel cash used in operating activities 14 633,789 744,286 Cash flows from Investing activitigs Dividends, interests and rents from investments Purchase of tangible fixed assets Investment in Intangible Assets under construction 7,195 (205,724 139,148} 5,197 (565, 794) Net cash used In Investing activities {237,677) 1560,5971 Cash flows from financing activities Repayments of borrowing {636.844) (154,21 IJ Net cash used in financing activitles 1636.844) 1154.2111 Change in cash and cash equivalents In the y¢ar Cash and cash equivalents at the beginning of the year 1240,7321 3,917.011 29.478 3,887,533 Cash and cash equivalonts at the end of the year 15 The notes on pages 16 to 24 form part of these financial statements
ST. MARTIN'S {NORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 General information The charity is a public benefit entity and a PTivale company limited by guarantee, registered in England and INales and a registered charity in England and Wales. The address of the registered office is 40, Moor Park Road, Northwood. Middlesex, HA6 2DJ. Accountlng policies 2.1 Basls of preparation of financial statements The financi81 statements have been prepared in accordance with Ihe Charities SORP {FRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. Sl. Martin's (Northwoodl Preparatory School Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unsS olhewise slated in the relevant accounting policy. No provision has been made for corporation tax or deferred lax as the charty is a registered charity and therefore exempt. 2.2 Critical accounting Sudgements and sources of key estimation uncertainty In the application of the accounting policie$, Trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimate$. The estrmales and underlying assumptions are VieWed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period. or in the period of the revision and future periods if the revision affected current and fvture periods. In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities al the balance sheet dale are likely lo result in a material adjustment to their carrying amounts in the next financial year. The following accounting policies have been applied consislenlly in dealing wl(h items which are considered material in relation to the School's financial statements. 2.3 Golng concern As detsiled in the Trustees, Report. the Trustees have reviewed and revised the School's financial forecasting in I"KJht of the current economic climate, fuel and utility pricing and the threat of a new Government and ils potential impact. Revised forec8sls have been prepared together with cash- flows, based on the potential scenarios, with sensitivity analysis on the key assumptions. The cash flow modelling with sensitivity analysis indicates that the cash reserves of the School are adequate lo meet the charity's obligations as they fall due. Having regard to the above, the current cash position, and the expected cash flow over the next 12- 24 months the Governors have a reasonable expectation that the School has adequate resources lo continue its activities for the foreseeable future and consider that there were no material uncertainties over the School's financial viability. Accordingly, they continue lo adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees, Responsibilities.
ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA company limrted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 2.4 Income All school income is included in the statement of financial activities when entitlement has passed to it, il is probable that the economic benefits associated with the transaction will flow lo the school and the amount can be reliably measured. The following specific policies are applied lo particular categories of income.. Fees receivable and charges for ServIS and use of premises. less any allowances, scholarships. bursaries granted by the S¢hool are accounted for in the lemi to which rt applies. This is classified as unreslricled funds. Income from donations or grants is recognised when there is evidence of entitlement lo the donalionlgranl, receipt is probable and its amount Can be measured reliably. Income from donated goods is measured at the fair value of the goods unless this is impractical lo measure reliably. in which case the value is derived from the cost to the donor or the esb'mated resale value. Donated facilities and setvices are recognised in the accounts when received if the value Can be reliably measured. No amounts are included for the contribution of general volunteers. 2.5 Expenditure Expenditure is recognised on an accruals basis as a liability is incued. Expenditure includes VAT which cannot be recovered, and is classified under headings of the statement of financial activities lo which il relates.. Expenditure on education includes all costs incurred by the school in undertaking education that furthers its charitable aims for the benefit of its pupils, including those support costs and eosls relating to the governance of the charity apportioned lo education. Other expenditure includes all expenditure that is neither related lo raising funds for the charty nor part of its expenditure on education. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to education are allocated directly to education. 2.6 Fixed assets and depreciation Both Tangible and Intangible fixed assets are initially recognised at cost. DepCIall0n is calculated so as lo Vrte off the cost or valuation of an asset, less ils residual value, over the useful economic life of that asset as follows.. Freehold buildings 20 Plant 10Yo Motor vehicles 25° Fixtures and fittings 20° Compulets & Office equipment 20° Sports Uniform and Equipment 50Vo Marketing Materials and Website Ilnlangiblel reducing balance straight line straight line straight line straight line straight line straight line 2.7 Impaimient of fixed assets A review for indicatofs of impaimient is carried out at each reporting date, with the recoverable amount
ST. MARTIN'S (NORTHWOODI PREPARATORY SCHOOL TRUST LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 being eslimaled where such indrcalors exist. Where the carrying value exceeds the recoverable amovnL the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal al each reporting date. For the purposes of impairment testing, when it is not possible to estimate the rgcoverable amount of an individual asset. an estimate is made of the recoverable amount ol the cash-generaling unit to which the asset belongs. The cash-generating unil is the smallest identifiable group of assets that includes the asset and generates Gash inflows that are largely independent ol the cash inflows from other assets or groups of assets. 2.8 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Liabilities and provlslons Liabilities are recognised when there is an obligation at the Balance sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 2.10 Financial instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basi¢ financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the exception of bank 108ns which are subsequently measured at amortised cost using the effective interest method. 2.11 Pensions For teachers the School contributes lo the Teachers, Pension Scheme at rates set by the scheme actuary and advised to the School by the scheme administrator. The School is unable lo identify ils share of the Scheme Funds and therefore the Scheme has been accounted for as a defined contribution scheme. For non-teaching 51aff the School contributes to defined contribution pension schemes. For the Teachers, Pension Stheme and for defined contribution schemes the amount charged to the ststement of Financial Activities in respect of pension costs and other post-retirement benefits are the contributions payable in the year. Differences beeen contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. 2.12 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 Company and which have not been designated for other purposes Income from donatlons and legacies Unrestricted Unrestricted funds funds 2022 2021 Donations and appeal receipts 18
ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA company limited by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Incomo from charitable •¢tivities Unrestricted Unrestricted funds funds 2022 2021 Gross School fees Less.. Bursaries, scholarships and other conces$lons 6.137,898 1268.911) 6,003,974 (467, 121) 5,868.987 5, 536,853 Other educational income Rental inwme from housing Furlough income 183,109 41,562 690 68,349 63.386 5T.705 Other educational income includes educational trip income of £125,256 which is not comparable to prior year which was impacted by COVID. Investment income Unrestrlct ed Unrestricted funds funds 2022 2021 Bank interest Analysis of expendfture Staff costs 2022 Other costs 2022 Total costs 2022 Total costs 2021 CharAtable aGtiVits- Education Teaching Premises Welfare 3,350.290 284.343 185.675 488.681 269,926 337.335 152.222 624.020 3,620,216 621,678 337,897 1,112,701 3.353,990 589,619 346,911 1.040,328 Support costs Total Included within support costs are governance costs totalling £18,78212021.' £31,182).
ST. MARTIN'S (NORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Auditor's remuneration 2022 2021 Fees payable to the Company'5 auditor for the audit of the Company's annual accounts 15,000 15.550 TTUStees' remuneratlon and expenses During the year, no Tnjstees receNed any remuneration or other benefits nor clairned for any expenses (2021- £NILJ. staff costs 2022 2021 Vvages and salaries Social security costs Pension costs Other employee benefits 3,301,598 340,202 647,951 19,238 3, 185,633 319,556 630,631 10,978 Key management personnel comprised the senior leadership team. Aggregate employee benefits paid to key management personnel in the year tolalled £584,77212021.. £699,075). There was a Settlement agreement fully paid in the year totalling £35,10012021.' £Nill. Total payments to the school's defined contribution scheme for non-teaching staff in the yearwas £151.956 12021.. £158.2201. Amounts payable at year end totalled £17,75712021. £4701. The average number of rgOnS employed by the Company during the year was as ft)Ilows'. 2022 2021 No. No. Teaching (including unqualified leaching and assistants Administration Domestic (Catering) Eststes {includes Cleaning) 72 10 69 10 10 13
ST. MARTIN'S INORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2022 The number of ernpk)yees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2022 No. 2021 In the band £60,000 - £69,999 n the band £70,000- £79,999 In the band £80,000 - £89,999 In the band £110,000 - £119,999 In the band £120,000 - £129,999 10a. Tangible Fixed Assets Fre¢hold buildings Plant Motor Fixtures vehicles and fittings Computsr Sports equipmènt wear & equiprn ent Total Cost or Valuation At 1 September 2021 Addits"ons Disposals At 31 August 2022 Depreciation At 1 September 2021 Charge for year On disposals At 31 August 2022 Net Book value At 31 August 2022 At 31 August 2021 12.051.257 359.395 34,742 809,216 240.021 13,494,631 36.599 19,495 93,236 53.088 3,306 205.724 12,051,257 395.994 54,237 902,452 293,109 3.306 13,700,355 2,886,202 206,956 34,742 S82,869 141.246 3,852,015 182.081 31,538 1,625 76,528 40,933 332.705 3,068,283 238,494 36.367 659.397 182,179 4.184,720 ,982.974 157.500 17,870 243,055 110,930 3.306 9,515,635 9, 165,055 152,439 226,347 98.775 9.642,616 10b Intangible Assets Assets Under Construction 2022 2021 Website & Marketing 39,148 Total Asset5 39,148
ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA company limited by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 11. Debtors 2022 2021 Trade debtors Prepayments and accrued income 1,568,949 144,906 1.423,086 99,287 12. Credftors: Amounts falling due within one year 2022 2021 Bank loans 636,844 Trade creditors Other taxation and social securtty Other creditors Fee deposits Advanced fees Accruals 103,876 80,326 62,648 296,500 1,954,211 62,637 135,298 80,422 65.239 284.250 t,860,048 47,152 13. Financiol instruments 2022 2021 Financial assets Financial assets measured at amortised cost la} Financial liabilities Financial liabilities measured at amortised cost Ibl lal Financial assets include cash, trade and fee debtors, other debtors and accrued income. Ibl Financial liabilities include deposits. fees in advance, trade creditors and other creditors. 14. Reconclllation of net movement in lunds to net cash flow from operating activities 2022 2021 Nel income for the period las per Statement of Financial Acb'viliesl Adjustments for: Depreciation charges Dividends, Interests and rents from investments IlncreasellDecrease in debtors Increaselldecrease) in creditors 332.705 17,195} 1191,482) 87.789 323,332 (5, 197) 30,936 (17.526) Net cash provided by operating activities
ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 15. Analysis of cash and cash equlvalents 2022 2021 Cash in hand 16. Analysis of changes In net debt At 1 September 2021 Cash flows At 31 August 2022 Cash at bank and in hand Debt due within 1 year Debt due after 1 year 3,917,011 1636,8441 (240,7321 636,844 3,676,279 17. Related partieg During the year family members of key management were employed by the school on arm'5 length basis and received reMUneraln and benefits totalling £54.83712021,. £23,975) 18. Pension ¢ommitrnents The School participates in the Teachers, Pension Scheme I'the TPS'I for ils leaching staff. The pension charge for the year includes contributions payable lo the TPS of £495,99512021.' £472,4111 and al the yearend £58,26512021 £55,970) was accrued in respect of eontributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulalitsns 2014 las amended). Members contribute on 8 pay as you go. basis with eonlribulions 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 Gontribution rate is set by the Secretary of Stste following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as al 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rale for the TPS would increase from 16.4 /0 lo 23.6Qh from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08°k giving a lolal empk)yer contribution rale of 23.68%. 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 al 5 March 2019. However, the assumptions were considered and set by the Department for Education prior lo the ruling in the 'McCloud/Sargeant case.. This case has required the courts to consider cases regarding the implementation of the 2015 relorms lo Public Service Pensions including the Teacheis, Pensions.
ST. MARTIN'S INORTHWOOD} PREPARATORY SCHOOL TRUST LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 On 27 June 2019 the Supreme Court denied the government permission lo appeal the Court of Appeal's judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise lo unlawful age discrimination. The government is respecting the Court's decision and has said il will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government annoUnd on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able lo choose either legacy or reformed scheme benefits in respect of their Servi during the period beeen 1 April 2015 and 31 March 2022 at the point they become payable. The TPS is subject lo a cost cap meehanism which was put in place lo protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary lo the Treasury. having in 2018 announced that there would be a review of this cost cap mechanism. in January 2019 announced a pause lo the cost cap mechanism following the Court of Appeal's ruling in the Mccloudlsargeant case and until there is certainty about the value of pensions lo employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched in June 2021 on proposed changes to the cost control mechanism following a review by the Government Actuary. Following the public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in lime for the 2020 valuations. The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no changes lo benefits or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has confirmed Ihal any changes lo the employer contribution rate resulting from the 2020 valuations will take effect in April 2024. Until the 2020 valuation is completed il is not possible to conclude on any financial impael 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. 19. Future capital commitments Al 31 August 2022, the School had a future capital commitment of £60.707 {2021.. £NIL}. This relates to the inslallatson of a new terrace canopy.