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 obl￿tS
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 d1￿Cted 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 T￿hnOlOgY 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$lon of academic.
sporting, artistic and musical opportunities.
3. The teaehing to be of the highest quality. including the best of traditional and contemporary approaches, to
enable the boys tr) fulfil their potential.
4. Communication be￿een parents. headmaster, staff and boys to be of paramount importance at all stages of
school life.
5. While preserving the fundamental Christian ethos of the s¢hool in ils present mulli-cullural mix, to cultivate
respect and understanding of other faiths and cultures.
6. The buildings. facilities and resources to be of a high standard. safe and suitable for today's needs.
7. Good relations with the local community lo be fostered and, where appropriate, joint projects to be developed
and school facilities lo be made available.
8. The pastoral care to underpin the moral ethos of the school by promoting the values of honesty. integrity,
respect and humility.
These aims are achieved in a number of way$. They underpin the operational ethos of the school and are
referen￿d in strategic and school development planning. In the process of self-evaluation for inspection, these
are used as markers for this pro￿sS. 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 e￿ated 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 be￿een 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 funct￿1n 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 LIM￿ED
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 un￿rtaInlieS ￿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 be￿een 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 conSide￿d 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 prO￿dureS 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 un￿sS 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 ServI￿S 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 incu￿ed. 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.
Dep￿CIall0n is calculated so as lo V￿rte 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 be￿een 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 aGtiVit￿s- 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 reMUneral￿n 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 annoUn￿d 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 be￿een 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.