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, re￿Iving 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. communi￿110n 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, Int￿rity,
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 be￿een 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 pla￿S 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 pla￿S 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 be￿een 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-P￿p 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 expendi￿re 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 con￿rn 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 insp￿tion 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-￿t1￿Ment benefits are
the contribution5 poyable in the year. Differences be￿een 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 remunera￿on
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