Registered number.. 07091S9 Charlty number.. 312648 ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company limitsd by guarantee TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
ST. MARTIN'S (NORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA ¢ompany limitod by guarnntge) CONTENTS Page Reference and adminlstratlve delalls of the Companyi its truste8s and advisers Tru8tees' report Independent audltor'¥ report on tho financial statements Statement of flnanclal a¢tlvltleg 9-12 13 Balance shogt 14 Statement of cash flows 15 Notes to th• financial statements 16-24
ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA company limitod by guaranteg) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023 Trustees MrA Harris, Chairman Mrs A Baldwin Mr K Desai Mr S Everson (Resigned 7 July 20231 (Appointed 8 December 2022) Mr V Hales Mr N A Hinds Mr K Kothari Mr J Odofin (Resigned 8 December 20221 (Appointed 8 December 20221 Mrs P Mastin Mrs M Merali Mrs P Patel Mr J Richards Dr B Williams (Appointed 8 December 2022) (Appointed 8 December 20221 School offlcefs Mr S Dunn (Head Teacher) Mrs A Curran {BursaTI Company rngisl•red number 0709159 Charlty regi8tered number 312648 Registered offlce 40 Moor Park Road Northwood Middlesex HA62DJ Audltor Crowe U K. LLP 55 Ludgate Hill London EC4M 7JW BankeTS National Westminster Bank PIC 159 High Street Rickmansworth Hertrordshire WD3 1AR
ST. MARTIN'S INORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The members of St Martin's (Northwoodl Preparatory School Trust Limite(J present their annual report for the year ended 31st August 2023 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 audited financial statements for the year. DIRECTOR'S REPORT Constitutlons and Oljjects St Martin's {Northwoodl Charitable Trust Limited is a charitable company limited by guarantee. Its registration 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 slate that its object is the advancement of education. In furtheran thereof, the company operates St Martin's School, a preparalory school. Governance and Management Governlng body The Directors serve as Truslees of the Charity and under the terms of the above articles 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. GovernorslDirectors are selected on the basis of their skills and suitability New Governors are inducted into the workings of the Charity including Board policy and procedures, by attending Governors, meetr'ngs, reviewng the Governors, handbook, reIving support from experienced Govemors and being directed to relevant guidelines and courses. The tenure of office for a member of the Goveming body is for an initial period of 4 years, wrth a Govemor being eligible for re-election for further terms of office every 3 years thereafter. Former parents and fomier pupils May serve as Governors. Staff are not pemiitted to serve as Governors Mr Vernon Hales resigned at the board meeting on V December 2022 and Mrs Anna Baldwin Signed at the end of the Summer Term on the Ph July 2023. Mr Kishan Desai, Mr Junior Odofin, MTS Mariarn Merali and Mrs Preeli Patel were appointed as Govemors on the 81h December 2022. Organlsatlonal Management The Govemors are legally responsible for Ihe overall management and oversight of the School. They usually meet as a board three or more times per year, once each temi, to determine policy and to monitor the operations of the company. Their role is assisted by the work of the $ub<ommittees who meet each temi in advance of the Board meeting. The sub committees are.. Governance, Finance & Operation$, Teaching & Learning, Estates, Remuneration, Marketing and Corporate Social Responsibility. There are also school committees which nominated governors attend being Information & Communications Technology and Health & Safety The Finance & Operab'ons Committee, as assisted by the School's Bursar and accountants, is responsible for implementing financial strategy and policies of the Board including the preparation of budgets and forecasts. This committee also has oversight of any operational matters not covered by any of the other committees, significantly Human Resources IHRI. This Committee meets every term and more often if necessary. Audit and risk management related to the School's Financial and Human Resources risks are dealt with by the Finance & Operations Committee. The day to day running of the School is delegated to the Headmasler, who with the Bursar attends all meetings
ST. MARTIN'S {NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 of the Goveming Body ané subsidiary committees. They in lum 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 ané remuneration of staff is reviewed annually in line with the School's Pay Policy an¢J is overseen by the Remuneration Committee who will a150 recommend lo the Board changes to the pay and remuneration of the Headmaster and Bursar. The Finance & Operations Committee give final approval to all other pay awards. STRATEGIC REPORT Alms, Oblectlves and Actlvltle8 st MaTtin's aims to provide boys, aged 3 - 13, with the breadth of education and experience for them to realise their full potential at school in a safe and friendly environment, and lo be better prepared for fijlure life. To achEve this, the School applies eight key principles as follows.. l The school to have a happy, friendly atmosphere as well as a fair. secure, disciplined framework for learning. 2. The boys to receive an all-round education to develop the whole person, by the provision of academic, sporting, artist'c and musical opportunities. 3. The teaching to be of the highest quality, includlng the best of traditional and contemporary approaches, lo enable the boys to fulfil their potenb'al. 4. communi110n b&een parents, headmaster, staff and boys to be of paramount importance at all stsges of school life. 5. While preserving the fundamentsl Christian ethos of the school in ils present multi-cultural mlx. lo cultivate respect and understanding of other faiths and cultures. 6. The buildings, facilities and resources lo be of a high standard, safe and suitable for today's needs. 7. Good relations wth the local community to be fostered and, where appropriate, joint projects lo be developed and school fa¢ilit'es to be made available. 8. The pastoral care to underpin the moral ethos of the school by promoting the values of honesty, Intrity, respect and humility. These aims are achieved in a number of way5. They underpin the operational ethos of the school and are referenced in strategic and school development planning In the process of self-evaluation for inspection, these are used as markers for this process. In terms of governance, each of the principles is directly related lo the work of a sub-committee of the Full Board. In support of the mS and Objects"ves, St Marbn'$ key values are.. Happiness- The wellbeing of all at our school is a key priority for us. Happy children learn effectively and good mental health equips the boys for life as they grow older. Success - We want our boys to experience success in a wide range of activities. Academic success is important. but there are so many other opportunities for our boys to enjoy. These build self-confidence and enable pupils to tackle new challenges and experiences. Opportunity - There is so much of our pupils, story that is yet unwritten, and it is our purpose to offer as many opportunities as possible.
ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Hard Work- We value effort in all ils forms. The effort that the boys put into all aspects of their time at school makes such a difference to the outcomes that they enjoy. Pul simply we believe in working hard and playing hard. Each Other- The school has a strong sense of community and can be seen as a large family. The older membeTS of the family are encouraged lo interact with the younger boys and relationships beeen staff and pupils are warm and respectful This extends to our parent body who are acts'vely encouraged to be involved in school life. Achlevements and performance The school prides itself on not only the quality of the educ8tion provided, but also its record in examinations to senior schools. The school is well placed to prepare boys for a wide range of schools, but in practice these lend to be local to the area. Traditionally, the focus was always on 13+ transfer with only a small number sith'ng al 11+ and principally for the maintained grammar schools. This has changed significantly over recent years wth the vast majority of boys undertaking these assessments in the January of Year Six. This has meant that a parallel approach for 11 + and 13+ is now required. The following sets out the 11 + and 13+ offers and scholarships.. AWARDS AT YEAR EIGHT113+) 2023 AWARDS AT YEAR SIX (11+) 2023 Merchant Taylor's School 18 places offered 2 Academic Scholarships Merchant Taylor's School 31 plaS offered 7 Academic Scholarships {2 Majorl Haberdashers, Boys, School 1 place offered Haberdashers, Boys, School 10 places offered 1 Academic Scholarship John Lyon School 4 places offered 2 Academic Scholarship John Lyon School 4 places offered st Alban's School 5 plaS offered 1 Academic Scholarship St Margaret's School 2 pla$ offered Aldenham School 1 place offered Tonbridge School 1 place offere 1 Academic Scholarship 1 Music Scholarship The new Head of Pre-Prep started in September 2022 and the Ath'ng Head of Juniors was made permanent in her post at the same time. During the year there was another internal appointrnent to Acting Deputy Head of Pre-Prep covering a maternty leave. This post was made permanent in September 2023.
ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company Ilmlted by guarantsel TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Wth a good nursery intake pupil numbers were strong and on budget for the school as a whole and bursaries were approximately 3.87Yo of gross fee income. Investment in the site and facilities continued with the installation of a new canopy on the main terrace, a new Earfy Years outside play area and a Climbing Wall, partly funded by the parents association - Friends of St Martins IFOSMI, was installed in the Sports Hall. Continued investment in IT and technology continued with all Main School classrooms now having upgraded display equipment. Further investment has been made in the new school website which has just launched in January 2024. In the Autumn Term of 202312024 we have invested in the creation of a new 'Early Years, dining facility. The school remains in a healthy state and is well placed, both financially and academically, for the challenges ahead. The governors Continue to review the strategy of the school against the extemal landscape and have undertaken Scenario planning against potential political and economic changes. Parentsl satisfaction remains very high and has been strengthened by the way the sehool has eontinued to operate and develop in the fa of changes to the Senior school entry prtseesses and the prospect of changes that a labour government might bring. Communlty, Soclal and Charitable In considering the provision of Public Benefit, the Govemors have given due considerab'on lo the Charity Commission's published guidance on the Public Benefit requirement under the Charities Act 2011 During the year £252,21212022.' £230,781), representing 3.87%12022.' 3.750kl of fee income, was given as bursaries In support of 2212022." 221 boys who would not otherwise have been able lo afford to stay, and enjoy the benefits of. St Martin's education. The School's designated charity was Famis For City Children and, due to a great fundraising effort, we have been able to donate £7,50a to them. st Martin's support local state primary schools through the use of our sporting facilities and in particular the swimming pool and we also supply some specialist teaching resources lo a stale primary school. Our staff outreach co-ordinator manages working partnership5 Wlth other schools and we have hold workshops and similar events lo which other independent and slate schools are Invited. FINANCIAL REVIEW Re8uIt8 for the year The fvll year surplus of £290,73312022. £411.9721 was better than the budget of £257,050. lIst cost control was important and revenues were strong, we benefitted from a new investment strategy of using treasury bonds to ensure that we could benefit from the higher inteTesl rates in place throughout the year. The surplus represented a 4.460k12022.' 6.71 %) retum on gross fee income. Whilst income was just under 40 higher than the previous year, costs were almost 6% higher creating a lower surplus as the income and expenditure move towards each other. The net value of fixed assets was £9,475,41312022.' £9,515,635), a decrease of £39,297 reflecting a higher rale of depreciation than investment in fixed assets. The company's cash position stood at £3,863,62712022.' £3,676,279) at year ené which included £2,800,000 of treasury reserve bonds. The school has no borrowings Reserves poll¢yUnrestricted funds at year end totalled £12.675,45212022." £12.384,7191 of which fixed assets less bank loans were £9,515,48612022'. £9,554,783) leaving free reserves of £3,159,96612022. £2.829.9361 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
ST. MARTIN'S {NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company limitod by guaranto0) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 whilst ensuring that the S¢hool remains in a strong financial position. Going con¢ern The School produces regular financial information including budgets, forecasts and a longer tenn strategic business plan, which are closely monitored by the Governors. These budgets, cash flows and forecasts have been reviewed and revised lo take into consideration a potential change in govemment and the threat that might pose to independent schools 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-flows, based on the potential scenarios, with sensitivity analysis on the key assumptions. The cash flow modelling with sensitivity analysis indicates that the cash re$eNes of the School are adequate to meet the charity's obligations as they fall due. Therefore, the Governor5 have a reasonable expectstion that the charity has adequate resources lo continue Ils activities for the foreseeable future and consider that there were no material uncertainties over the School's financial viability. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as oullined in the Statement of Governors, Responsibilities. FUTURE PLANS Despite the current threats the Governors and Leadership team are keen to continue to develop the schtr)I whilst looking at strategies to control costs. Teachers, Pension Schgmo {TPS) The employer contribution rate for the TPS increased from 23.6¥0 to 28.6% from 1 April 2024. Whilst the School has no immediate plans to close the TPS to existing staff a sub-committee of the Govemors, the Headmaster and the Bursar have been working with the School's appointed pensions advisors and il is planned that all new starters to the teaching staff will not be able to join TPS bul instead will be offered a new APTIS pension scheme. This will make considerable costs savings with any new appointments and any of the current Staff who may ch005e to move across. Strategy Day Novgmb8r 2023 The Governors and Leadership Team held an offsite strategy day in November 2023 when they looked in detall at the impact on the financial position of Ihe School that changes in the external politica1, economic and market environment could have on the School. A number of potential strategies for changes to the shape and future direction of the school were discussed and remain under review. Marketlng Stratsgy Following the strategy day a great deal of consideration was given to marketing of the School in order to drive pupil recruitment and il was decided to appoint a firm of School marketing specialisls to undertake some market research and then assist in the development of the marketing strategy. School Land and Bulldlng Developments The most significant planned development is a building project to infill the 'undercroff beeen the Main School and Pre-Prep buildings. Following a posib'vely received pre-applicalion to Hillingdon Council we are in the process of applying for full planning permission and moving towards a build project through the summer holidays of 2024 and the first half of the Autumn Term 24 This project will incorporate rnore boys. toilets, new windows to and improvement of the fapde of the existing Pre-Pp buildin9 and will incorporate a new First Aid Room in the heart of the school close lo the sports facilities and to Pre-Prep.
ST. MARTIN'S (NORTHWOODI PREPARATORY SCHOOL TRUST LIMITED {A company Ilmlted by guarnnteo) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Over the next 1-5 years other potential plans include.. Development of nursery inside facilities.. Creats'on of an improved outdotsrs play environment for the Junior and Middles boys (years 3 to 61',and The creation of a new Pre-Prep entrance to the School in the pace of the flats al 62, Kewferry Road. This facility would include more office space, additional space for Wrap Around Care and a new Assembly space for the Pre-Prep boys. RISK MANAGEMENT The Board of Govemors is responsible for the oversight of the risks faced by the School. Detailed consideration of risks is delegaled 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 effects"veness of the system of intemal controls and other means, including Insuran cover, by which those identified risks can be mitigated. The key controls used by the Charity include,. formal agendas for all Committee and Board activity., detailed terms of ference for all Committees., comprehensive strategic planning, budgeting and management accounting.. formal written policies.. clear authorisab'on and approval levels., and vetting procedures as required by law for the protection of the vulnerable. Through the risk management processes established for the School. the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that the systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. During the year the risks that continued to receive particular attention related to-. A change in govemment bringing about a signfficant change to the status of independent schools, specifically by the introduction of VAT on school fees and the loss of charitable status The likelihood of this risk has increased over the year and the expectation Is that it will happen and relatively quickly. The continuing competition for recruiting to the nursery combined with falling birth rates. The senior Schools we feed thanging their approach to recruitment and selection of boys into their scho¢l$. The combination of all three of these risks could have a material Impact on our pupil numbers and ability an most significantly our in¢ome. Most parents will be stretched lo pay an extra 200k on fees so the School will look at ways of mitigating the impact on them whilst 5e¢uring our own financial position, potentially faced with falling numbers. The board takes these risks very seriously and has already held one full strategy day and undertaken a thorough review of some detsiled scenario planning. In March 2024, Merchant Taylor's School announced their intention to change to an ex¢lusively Year 7111 +1 entry school from September 2025. Whilst this is the realisation of one of our significant risks, the board is adively reviewing and updab.ng its strategy to determine St Martin's direction going forwarés. The School has a good cash reserve and a strong balance sheet and, significantly, no ¢Jebt, so whilst actively looking at alternative strategies lo make a material differen to the school in light of these risks, the governors have time to consider opb'ons carefully and implement a robust updated strategy.
ST. MARTIN'S INORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED A company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDEO 31 AUGUST 2023 Trustees. responslblllties statement The members of the Board of Govemors (who are also the directors of St Martin'5 (Northwood) Preparatory School Twst Limited for the purposes of company lawl are responsible for preparing the Annual Report and the financial statements 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 Govemors to prepare financial statements for each financial year. Under company law they must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affair5 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 statements, the members of the Board of Governors are required to.. select the most suitable accounting policies and then apply them consistenUy', observe the methods and principles in the Charities SORP 2019 IFRS 1021., make judgmenls and estimates that are reasonable and prudent, slate whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis un5ess rt is inappropriate lo presume that the charitable company will continue in business. The members of the Board of Govemors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions, disclose with reasonable accuracy at any "me the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity's constitution. They are also responsible for safeguarding the asset5 Of the charity and for taking reasonable steps for the prevention and detection of traud and other irregularities. AUDITORS Each of the persons who is a trustee at the date of approval of this report confirms that.. so far as they are aware, there is no relevant audit infomialion of which the charity's auditor is unaware", and they have taken all steps that they ought to have taken as 8 trustee lo make themselves aware of any relevant aLkdit information and to establish that the charity's 8uditor is 8ware of that infomiation. A resolution proposing the re-appointment of Crowe U.K. LLP as auditors lo the company will be put to the Annual General Meeting. The Trustees, annual report and the strategi¢ report were approved on 21 March 2024 and signed on behalf of the Board of Trustees by.. Mr A Harris (Chairman) Trustee Date.. 21 March 2024
8T. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA company Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. MARTIN'S INORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED Oplnlon We have audited the financial stslernents of St. Martin's {Northwoodl Preparatory School Trust Limited (the 'charitable company.) for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance sheet. the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparalicn is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial $tstements'. give a true and fair view of the stale of the charitable company's affairs as at 31 August 2023 and of its income and expendire for the year then ended.. have been properfy prepared in accordance with United lQngdom Generally Accepted Accounting Practice,. an have been prepared in accordance with the requirements of the Companies Act 2006. Ba81s for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audiloff s responsibilities for the audit of the financial statements section of our report. We are independent of the charitsble company in accordance th the ethical requirements that are relevant to our audit of the financial statements 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 to provide a basis for our opinion. Con¢luslons relallng to golng Concern In auditing the financial statements, we have concluded that the trustee's use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast signrficanl doubt on the charitable company's ability to continue as a going concern for 8 period of at least e1ve months from when the financial statements are authorised for issue. OUT responsibilities and the responsibilities of the Iruslees with respect lo going conrn are described in the relevant sections of this report. other information The truslees are responsible for the other infomiation ¢ontsined within the annual P)rt. The other information comprises the information included in the annual report. other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial ststemenls or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we Identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise 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 {NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company Ilmfted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED mi$5talement of this other information, we are required Ic report that fact. We have nothing to report in Ihis gard. Opinion on other matter• Prescribed by the Companie8 Act 2006 In our opinion, based on the work undertaken in the course of the audit., the infomiation given in the Trustees, Report which includes the Directors, Report and the Strategie Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Strategic Report and Directors, Report have been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstalemenls in the strategic report or the directors, report included within the trustees, report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 quires us to report to you if, in our opinion.. adequate and proper accounting records have not been kept., or the financial ststemenls are not in agreement with the aecounting records and returns., or certain disclosures of Iruslees. remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the trustees were not entilled to prepare the financial slaternents in accordan with the sm811 companies regime and take advantage of the small companies, exemptions in preparing the trustees. directors, report and from the qUirement to prepare a strategic report. Responsibilitios of Trustggs As explained more fully in the trustees, responsibilities stslement sel out on page 7, the twstees (who are also the directors of the charitable company for the purposes of company lawl a responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from materi31 misslatemen[ whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charilable ¢ompany or to cease operations, or have no realistic alternative but lo do so. Audltor's responslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial ststements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material rnisslatement 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 to Influen the economic deasions of users taken on the basis of these financial staternents.
ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED {A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. MARTIN'S INORTHWOOD PREPARATORY SCHOOL TRUST LIMITED Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. A fvrther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.o .uklauditorsres This description forms part of our auditor's report. Extsnt to whlch the audlt was consldered capablg of detectlng Irregularltles, Includlng fraud Irregularities. including fraud, are instances of non-complian with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these behveen our audit team members. We then designed and performed audit procedures responsive to those risks. including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the Charitable company operates, focusing on those laws and regulations that have a direct effect on the delerminalion of material amounts and dis¢losure$ in the financial ststemenls. The laws and regulations we considered in this context were the Companies Act 2006 and taxation legislation together with the Charities SORP IFRS 1021. We assessed the required compliance with these laws and reguSations as part of our audit procedures on the lated financial ststement Items In addition, we considered provisions of other laws and reguSations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or lo avoid a material penalty We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education Ilndependent School Standards) Regulations 2014 and General Data Prolection Regulation IGDPRI Auditlng stsndards limlt the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and insption of regulatory and legal correspondence, if any. We idenb'fied the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond lo these risks included enquirie5 Qf management, and the Finance and Operations Committee about their own identification and asse$$ment of the ri$k$ of irregularities, sample testing on the posting of journals, reviewing accounting eslimales for biases. reviewing any regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Otsted and reading minutes of meetings of those charged with governan. ing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial stalemenls, 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 transacb.ons 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 rernained a higher risk of non-delection of irregularities, as these may involve collusion, forgery, intentional omis5i0n$, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and ¢annot be expected to delect non4ompliance with all laws and regulations. Use of our roport This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of
ST. MARTIN'S (NORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA company Ilmited by guarantse) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED Part 16 of the Companie5 Acl 2006. Our audit work has been undertaken 50 Ihat we might state lo the charitable company's members those matters we are qUired to stste to them in an auditoff s POrt 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'5 members as a body, for our au(Jit work, for thi5 report, or for the opinions we have formed. Dipesh Chhatralia Senior Statutory Auditor For and on behalf of Crowe U.K. LLP statutory Auditor London Islatutory Auditor) Date.. 22 March 2024
ST. MARTIN'S INORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING AN INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2023 Unrestrlcted funds 2023 Unrestricted funds 2022 Note Income from: Donations and legacies Charitable activities Investments Total incom? 7,481 6,545,520 73,758 2,921 6.094,348 7,195 6 626 759 104 464 Expendlture on: Charitable activities Total expenditure 6,336.026 5, 692.492 6 336 026 5 692 492 Not mov•mont In fvnd8 290 733 411972 Total funds brought forward 12,384,719 11,972.747 Totsl funds ¢arrled forward 12 675452 12384 719 The Statement of Financial Actfvities includes all gains and losses recognised in the year. The notss on pages 16 to 24 form part of these financial ststements.
ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company limited by guarantee) REGISTERED NUMBER: 0709159 BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 Note Flxed assets Tangible assets Assets under con8tructlon Tangible Assets Intangible Assets Ioa 9,458,317 9,515.635 10b 10c 17,096 40,073 39.148 9,515,486 9,554, 783 Current asset8 Debtors Cash at bank and in hand Treasury Reserves I less than one yearl 1,982,074 1.063,627 2.800.000 1, 728.390 3,676.279 5,845,701 5,404,669 Creditors.. amounts falling due within one year 12 12,685,735) (2,574, 733) Net currgnt assots 3,159.966 2,829.936 Total assets less currenl Ilabllltles Creditors.. amounts falling due after more than one year 12,675A52 12,384,719 Total net assets Charlty funds Unrestricted funds 12,675,452 12,384,719 Total funds The Trustees acknowledge their responsibilities for complying with the requirements of the Act wth respect to accounting records and preparation of financial ststemenls. The financial statements were approved and authorised for issue by the Trustees on 21 March 2024 and signed on their behalf by.. MrA Harris Trustee Dale.. 21 March 2024 The note5 on pages 16 to 24 fomi part of these financial ststemenls.
ST. MARTIN'S {NORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA company Ilmlted by guarant) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023 Note 2023 2022 Cash flows from operating activities Nel cash used in operating activities 13 430,112 633,789 Cash flows from Invesllng actlvltles Dividends. interests and rents from investrments Purchase of tangible fixed assets Investment in tangible asset under construction Investment in Intangible Assets under construction 73,758 1298,5011 (17,096) {9251 7. 195 {205. 724) f39. 148) Net cash used In Inve8tlng activitiOS {242,7641 1237,6771 Cash flows from financing activltl88 Repayments of borrowing (636.844) Nel ¢a8h u8ed In Ilnanclng activlties 1636,8441 Change in cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 187,348 3,676,279 (240.732) 3.917,011 Cash and cash fjquivalents at the end of the ye•r 14 The notes on pages 16 to 24 fom part of these financial statements
ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA company Ilmlted by guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 General infonnation The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 40, Mc>Jr Park Road, Northwood, Middlesex, HA6 2DJ. Accountlng policies 2.1 Basis of preparallon of financlal statement8 The financial statements have been prepared in accordance wlh the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. st Maitn's (Northwoodl Preparatory School Tfust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in Ihe relevant accounting policy. No Provision has been made for wrporation tax or deferred tax as the charty is a gIStered charty and therefore exempl 2.2 Critlcal accountlng judgements and source8 of key e8llmatlon uncertainty In the application of the accounting policies, Trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilibes that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experients and other factors that are considered to be relevanl. Aclual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to acounting estimates are recognised in the period in which the estimate is revised if Ihe revision ffec15 only that period, or in the period of the revision and future periods if the revision affected current anc5 future periods In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balan sheet dale are likely lo result in a material adjustment to their carying amounts in the next financial year. The following accounting policies have been applied consislenlly in dealing with iterns which are considered material in relation lo the School's financial statements. 2.3 Golng concern As detailed in the Trustees, Report, the Trustees have reviewed and revised the School's financial forecasting in light of the Current economic climate, fuel and utility pneing and the threat of a new Government and its potential impact. Revised forecasts have been prepared together with cash- flows, based on the potential scenarios, wlh sensitivity analysis on the key assumptions. The cash flow modelling with sensitivity analysis indicates that the cash reserves of the School are adequate to meet the charity's obligations as they fall due. Having regard to the above, the current cash position, and the expected cash low over the next 12- 24 months the Governors have a reasonable expectation that the School has adequate resources to conkn'nue its activities for the foreseeable future and consider that there were no rnaterial 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 Stslemenl of Trustees, Responsibilib'es.
ST. MARTIN'S INORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED IA company Ilmltod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 2A Income All school income is included in the statement of financial activities when entiuement has passed lo it, it 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 services and use of premises. less any allowances, scholarships. bursaries granted by the School are accounted for in the temi to which it applies. This is classified as unrestricted funds. Income from donations or grants is recognised when there is evidence of entitlement lo the donationlgrant, receipt is probable and ts 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 estimated resale value. Donated faeililies and services are recognised in Ihe aG¢ounts when received if the value can be reliably measured. No amounts are included for the contribub.on of general volunteers. 2.5 Expenditur• Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT which cannot be recovered, and is classified under headings of the statement of financial activities to which it relates.. Expendrture on education includes all costs incurred by the %hool in undertaking education that furthers its charitable aims for the benefit of Ils pupils, including those support costs and costs relating to the governance of the charity apportioned to educats"on. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on education. I costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to education are allocated directly lo education. 2.6 Fixed assets and depreciation Both Tangible and Intsngible fixed assets are initially recognised at co$1 with a capitalisation threshold of £1,000. Depreciab'on is calculated so as to write off the cost or valuation of an asset, less rts residual value, over the usefijl economic life of that asset as follows.. Freehold buildings Plant Motor vehides Fixtures and fittings Computers & Office equipment Sports Uniform and Equipment Marketr'ng Materials and Website Ilntsngiblel reducing balan straight line straight line slraighl line slraighl line straight line straight line 10¥0 25¥0 20% 20°h 50. 25%
ST. MARTIN'S {NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED {A company limlteil by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 2.7 Impalrnient of flxed assets A review for indicators of impairment15 carried out at each reporting dale, with the recoverable amount being estimated Whe such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impoired accordingly. Prior impairments are also reviewed for possible reversal at eaeh repo.ng date. For the purposes of impairment testing. when it is not possible lo estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash4enerating unil to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. 2.8 Deblors Trade and other debtors are recognised at the setuement amount after any trade discount offered. Prepayments are valued at the amount prep8id nel of any trade discounts due. 2.9 Liabllltles and provtslons Liabilities are recognised when there is an obligation al the 8alance sheet date as a result of a past event, il is probable that a transfer of economic benefit wll be required in settlement, and the amount of the settlement can be estimated reliably. 2.10 Financial instrum•nts The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are inib'ally recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.11 Pensions For teachers the School contn"butes to the Teachers, Pension Scheme at rates set by the scheme actuary and advised to the School by the scheme administrator. The School is unable to identify ils share of the Scheme Funds and therefo the Scheme has been accounted for as a defined contribub.on scheme For non-teaching staff the School contributes lo defined contribution pension schemes. For the Teachers, Pension Scheme and for defined conlribulion schemes Ihe amount charged to the Statement of Financial Activities in respect of pension ¢o$ls and other post-t1Ment benefits are the contribution5 poyable in the year. Differences beeen contributions payable in the year and ontributions actually paid are shown as either accruals or prepayments in the balance sheet. 2.12 Fund accountlng General fvnds 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.
ST, MARTIN'S (NORTHWOODI PREPARATORY SCHOOL TRUST LIMITED (A company 1Smlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Income from donatlons and legacles Unr8Strlcted Unrestiicted funds funds 2023 2022 Donations and appeal receipts Income from charltable actlvltles Unrestrlcted Unr8Strict8d funds funds 2023 2022 Gross School fees Les5". Bursaries, scholarships and other concessions 6,522,026 6.137,898 {342.2971 (268.911) 6.179.729 5,868.987 other educational Income Rental income from housing Furlough income 318,046 47,745 183, 109 41,562 690 Investment incom• Unre8tTlct ed Unrestricted funds funds 2023 2022 Bank interest £40,42412022.' £0) relates to interest received and accrued on Treasury Reserve Deposits.
ST. MARTIN'S {NORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA company Ilmfted by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Analysls of expenditure Staff costs 2023 Other costs 2023 Total costs 2023 Tot81 costs 2022 Charit8ble 8Ctivities- Education Teaching Premises Welfare 3,625,153 244,126 204,228 511,673 440,827 482,154 190,655 637,210 4,065,980 726,280 394,883 1,148,883 3,620,216 621,678 337, 897 1. 112,701 Support costs Total Included within support ¢osls are governance Costs totslling £54,54712022'. £18,782). Audltorfs remuneraon 2023 2022 Fees payable to the Company's auditor for the audit of the Company's annual accounts 17,700 15,000 Trusts•s' remuneration and oxpenses During the year, no Tru5tee5 received any remuneration or other benefits nor claimed for any expenses (2022- £NILJ Staff costs 2023 2022 Wages and salaries Social security costs Pension costs Other employee benefits 3,477,505 365,768 674,839 25,760 3,301,598 340,202 647,951 19,238 Key management personnel comprised the senior leadership team. Aggregate employee benefits paid to key management personnel in the year totalled £670,91712022.' £584,772). There was a redundancy fully paid in the year totalling £9,84312022.' £32,100). Total payments to the school's defined contribution scheme for non-teaching staff in the yearwas £152,838 12022. £151,956) Amounts payable at year end tolalled £18,37812022'. £17,757>. The average number of persons employed by the Company during the year was as follows..
ST. MARTIN'S INORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA ¢ompany Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 No. No. Teaching lincluding unqualified teaching and assistants Administration Domestic {Cateringl Estates (includes Cleaning) 76 10 10 72 10 13 The number of employees whose employee benefits lexcltsding employer pension costs) exceeded £60,000 was.. 2023 No. 2022 No. In the band £60,000 - £69,999 In 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 During the year there were no settlement agreements12022'. £35,100) 10a. Tangibl• Flxed Assets Froehold buildings Plant Motor Flxtures vehlcles and fittlngs Computer Sport8 equlpment wear & equlpm ent Total Cost or Valuatlon At 1 September 2022 Additions Disposal$ At 31 August 2023 Depreciation At 1 September 2022 Charge for year On disposals At 31 August 2023 Net Book valuo At 31 August 2023 At 31 August 2022 12,051,257 395.994 54,237 902,452 293,109 3,306 13,700,355 36,202 214,676 6,417 6.467 64,054 12.061.257 425,779 47,770 1,053,074 47.623 298,501 76,056 152 994 264,676 3,306 13,845,862 3,068,283 238.494 36,367 659,397 182,179 4,184,720 178,465 35,145 4.874 6,467 3.246,748 267,222 34,774 98.971 64,054 694,314 36,711 1,653 76,056 142.834 355,819 152,994 4.387,545 1,653 .804.509 158,557 12,996 358,760 121,842 1,653 9,458.317 8.982.974 157.500 17,870 243,055 110.930 3.306 9,515,635 Pa
ST. MARTIN'S {NORTHWOODI PREPARATORY SCHOOL TRUST LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 10 Tanglblt Assets Under Conslructlon 2023 2022 School Development- PP lo Main School Underpass and Rebuild of 62 Kewferry Road 17,096 Total Tangible Assets Under Construcb'on 17.096 10c Inlanglble Assets Assets Under Construction 2023 2022 Website & Marketing 40.073 39,148 Total Assets 11. Debtor8 2023 2022 Trade debtors Prepayments and accrued income 1,770,446 211,628 1,568,950 159.440 The Prepayments and accrued income figure include the Trips prepayments amount of £13,031 {2022.' 14,5341. 12. Cr•ditors: Amounts falling due withln one year 2023 2022 Bank loans Trade creditors Other laxalion and social security Other creditors Fee deposits Advanced fees Accruals 121.177 94,463 80,935 298,450 2.051,16S 39,545 103,877 80,326 77,182 296,500 1.954,211 62,637
ST. MARTIN'S INORTHV¥OOD) PREPARATORY SCHOOL TRUST LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 13. Reconclllatlon of net movement in funds to net cash flow from opeTatln9 actlvltle8 2023 2022 Nel income for the period las per Statement of Financial Acb'vib'esl Adjustrnents for: Depreciation charge5 Dividends, interests and rents from investments IlncreasellDecrease in debtors Increaselldecreasel in creditors 355,818 {73,7581 1253,683) 111,002 332. 705 {7, 195) (191,482) 87,789 N•t cash provlded by operatlng activltles 14. Analysis of cash and cash equlvalents 2023 2022 Cash in hand Treasury Reserves 1,063,627 2,800,000 3,676,2T9 27 16. Rolatsd partles During the year family members of key management were employed by the School on arm's length basis and received remuneration and benefits lotalling £66,97012022,' £54,837 16. Pen8lon commitments The School participates in the Teachers, Pension Scheme {'the TPS'I for its leaching staff. The pension charge for the year includes contributions payable to the TPS of £522,00012022.' £495,995) and at the year-end £61,90412022 - £58.264 was accrued in respect of contnbutions to this scheme. The TPS is an unftjnded multi-employer defined benefits pension scheTne governed by The Teachers. Pensions Regulations 2010 {as amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members contribute on a "pay as you go. basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contributs.on 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 2020 and the Valuation Report was published in October 2023. Following the Mccloud judgement, the remedy proposed that when Ixnefils become payable, eligible members can select to receive them from either the reformed or legacy schernes for the period 1 April 2015 10 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued Ihe'greater value, benefits for groups of relevant members
ST. MARTIN'S {NORTHWOODI PREPARATORY SCHOOL TRUST LIMITED (A company Ilmlted by guarante8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 The valuation Confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6°/o from 1 April 2024. Employers are also required lo pay a scheme administrab'on levy of 0.08% givlng total employer contribution rale of 28.68%. 17. Future capital commitments At 31 August 2023, the School had a future capitsl commitment of £45,00012022.. £60.7071 This relates lo the purchase of a lease extension on the propety at 10, Langton Grove. Pa