Registered number: 0709159 Charity number: 312648 ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
ST. MARTIN'S {NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company Ilmited by guarantee) CONTENTS Page Reference and administrative details of the Company, its trustees and advisers Trustees, report Independent auditor's report on the flnancial statements statement of financial activities 10-13 14 Balance sheet 15 Statement of cash flows 16 Notes to the finanelal statements 17- 25
ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company Ilmited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees Mr A Harris, Chairman Mr K Desai Mr S Everson Mr N A Hinds Mr K Kothari Mr J Odofin Mrs P Mastin Mrs M Merali Dr Anits Munro Mrs P Patel Mr J Richards Mr D Sabato Mr R Sykes Dr B Williams (resigned 151h January 2025) (resigned 1 St July 2024) (appointed 2181 March 2024) {appointed 5th December 2024) (appointed 5th December 2024) School officers Mr S Dunn (Head Teacher) Mrs A Curran (Bursar) Company registered number 0709159 Charity registered number 312648 Reglstered offlc8 40 Moor Park Road Northwood Middlesex HA6 2DJ Auditor Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Bankers National Westminster Bank PIC 72-74 High Street Watford Hertfordshire VD17 2GZ
ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The members of St Martin's {Northwood) Preparatory School Trust Limited present their annual report for the year ended 315t August 2024 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 Objects St Martin's (Northwood) Charitable Trust Limited is a charitable company limited by guarantee. Its registration number is 312648 and the company registration is 0709159. The company is govemed by its Memorandum and Articles of Association dating from 28 November 1961 which stste that its object is the advancement of education. In furtherance thereof, the company operates St Martin's School, a preparatory school. Governance and Management Govemlng body The Directors seNe as Trustees of the Charity and under the temis 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, meetings, reviewing the Governors, handbook, receiving support from experienced Governors and being directed to relevant guidelines and courses. The tenure of office for a member of the Governing body is for an initial period of 4 years, with a Governor being eligible for re-election for further terms of office every 3 years thereafter. Former parents and former pupils may serve as Governors. Staff are not permitted to serve as Governors. Oryanisational Management The Governors are legally responsible for the overall management and oversight of the School. They usually meet as a board three or more times per year, On each term, to determine policy and to monitor the operations of the company. Their role is assisted by the work of the sub-committees who meet each term in advance of the Board meeting. The sub committees are.. Governance, Finance & Operations, 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 & Operations 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 (HRI 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-to4ay management of the School is entrusted to the Headmaster, who, alongside the Bursar, participates in all meetings of the Governing Body and its subsidiary committees. They are supported by the School Leadership Team, which includes four Assistant Heads, each with specific responsibilities.. Pre-Prep, Pastoral, Academic, and Organisation & Compliance. The Board is responsible for approving the overall budget, ensuring that the Finance & Operations Committee
ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 operates within its parameters. Staff pay and remuneration are reviewed annually in accordance with the School's Pay Policy. This process is overseen by the Remuneration Committee, which also makes recommendations to the Board regarding adjustments to the pay and benefits of the Headmaster and Bursar. Final approval for all other pay awards is granted by the Finance & Operations Committee. STRATEGIC REPORT Aims, Objectives and Actlvltles st Martin'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. Our vision is to create well-rounded individuals who are nol only intellectually curious but empathetic, resilient, and ready to face the challenges of the world. Through nurturing relationships, academic excellence and co-curricular opportunities we ensure that every boy is ready to lead with confidence, creativity, and a strong sense of purpose. To be better prepared for future life. Our Five-year Strategic Plan is built around seven key objectives that will shape and drive our continued growth and success 1. Academic Excellence. We aspire to provide an outstanding academic education at every stage of the learning journey. Our commitment to excellence driving our teaching practices, curriculum development and assessmenl methods. 2. Pastoral Care. Our award-winning pastoral care ensures that each boy feels supported, understood, and emotionally resilient. We aim to create a nurturing environment where every child can thrive, both in and out of the classroom. 3. Identity & Values. Our school's identity is defined by our core values. We celebrate diversity, empathy, and tolerance, ensuring every boy feels valued. Through characterful education, we instil qualities that will serve our boys well beyond the classroom. 4. Vibrant Learning Environment. We seek to enhance our teaching methods and facilities. Our classrooms will continue to be hubs of creativity, curiosity and collaboration with technology complementing traditional teaching. 5. Destination & Future. Our ultimate goal is to prepare our boys for life beyond school. We envision them as happy, independent, confident, and emotionally intelligent young individuals. They will leave us equipped to make a real difference in their senior schools and beyond. 6. Community Engagement. Our parents, staff and governors form a united front. Together, we share the common goal of helping each child succeed. We value open communication, collaboration and active participation. 7. Leadership In The Prep School World. We strive to lead not only in academic excellence but in shaping the future of prep school education. We are dedicated to innovation, forward thinking practices and continuous to ensure we remain at the forefront of educational development. These aims are achieved in a number of ways. They underpin the operational ethos of the school and are referend in strategic and school development planning. In the process of self-evaluation for inspection, these are used as markers for this process. In terms of governan, each of the principles is directly related to the work of a sub4ommittee of the Full Board. In support of the Strategic Objectives, St Martin's key values are.. Happiness- The wellbeing of all at our school is a key priority for us. Happy children learn effectively, and good
ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 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. Hard Work- We value effort in all its 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. Put 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 members of the farnily are encouraged to interact with the younger boys and relationships beeen stsff and pupils are warm and respectful. This extends to our parent body who are actively encouraged to be involved in school life. Achlevements and performance The school prides itself on not only the quality of the education provided, but also its record in examinations to senior schools. The school is well plad to prepare boys for a wide range of schools, but in practice these tend to be local to the area. Traditionally, the focus was always on 13+ transfer with only a small number sitting at 11+ and principally for the maintsined grammar schools. This has changed significantly over recent years with 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 EIGHT (13+) 2024 AWARDS AT YEAR SIX (11+) 2024 Aldenham School 1 lace offered Aldenham School 3 laces offered Haberdashers. Bo 4 laces offered 1 Music Scholarshi s. School of London School 1 lace offered Dr Challoner's School 1 place offered John L on School 1 lace offered 1 Academic Scholarship Haberdashers. Bo 6 laces offered 1 Academic Scholarship 1 Music Scholarshi s. School Merchant Ta lor's School 19 laces offered 5 Academic Scholarshi 1 Drama Scholarship 1 Art Scholarshi 1 S orts Scholarshi Ham ton School 1 lace offered Haile bu School 1 place offered st Alban's School 8 laces offered Pa
ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company limited by guarantee TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 John L on School 6 places offered St Mar aret's School 5 laces offered Merchant Ta lor's School 24 laS offered 2 Academic Scholarships Reed's School 1 lace offered 1 Music Scholarship 1 S orts Scholarshi Gol Queen Elizabeth's School, Barnet School 3 laces offered Westminster School 3 laces offered 1 Music Scholarshi Throughout the year, our staff body has remained stable, particularly within the Leadership and Management teams. However, we faced several external challenges. Merchant Taylors, School changed its admissions policy to become an exclusive 11-plus school from September 2025. This was followed by the General Election, resulting in the Labour party's appointment. They have imposed VAT on school fees, removed business rates relief, and recently announced an increase in employer's Nl contributions, all of which will take effect in the next financial year. Our 0 direct competitors have decided to stop at Year Six, but at St Martin's, we are committed to continuing to Year Eight and are focusing our enhanced marketing strategy on this goal. Despite these challenges, we have continued to invest in our site and facilities. This summer, we completed o major projects at a total cost of nearly £1.4 million net of VAT. The larger project involved linking the Pre- Prep building to the main school, internalizing some previously underuti1ised space, creating a new Medical Room in the centre of the school, installing new boys, toilets, and upgrading the heating system for both this area and the entire Pre-Prep The second project was a complete redevelopment of the swimming pool, including replacing internal and external windows and doors, retiling, installing a new pool cover, and adding a new Air Handling Unit. We also continued to invest in IT and technology, deploying digital signage throughout the school. Additionally, we created a new 'Early Years, dining facility in the Autumn Term and upgraded the Main School dining room in the Summer Term with new tables, flooring, and curtain screening for the servery The school remains in a healthy state and is well-positioned, both financially and academically, for the significant challenges ahead. The governors continue to review the school's strategy and regularly update scenario planning. Parentsl satisfaction remains very high, bolstered by the school's continued operation and development despite changes to Senior school entry processes and the Labour government's policies. We must continue to monitor the impact of all extemal threats, take appropriate actions to control costs, and focus on admissions and pupil retention. The School underwent a thorough ISI inspection in January 2025 and SUCssfUllY met all the Independent School Standards. The feedback gathered through staff, parent, and student surveys conducted during the inspection was overwhelmingly positive, reflecting a strong sense of satisfaction and support across the School community.
ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Community, Soclal and Charltable In considering the provision of Public Benefit, the Govemors have given due consideration to the Charity Commission's published guidan on the Public Benefit requirement under the Charities Act 2011. During the year, we provided £229,286 (2023.. £252,212) in bursaries, which represents 3.42 % (2023.. 3.87 % ) of our fee income. This support enabled 21 (2023.. 22) boys, who othenNise could not afford it, to continue their education at st Martin's and enjoy its benefits. Our designated charity for the year was Great Ormond Street Hospitsl, and thanks to a tremendous fundraising effort, we were able to donate £9,000 to them. St Martin's also supports local state primary schools by offering access to our sporting facilities, particularly the swimming pool, and providing specialist teaching resources. Our staff outreach ccordinator manages partnerships with other schools, and we host workshops and events such as STEAM {Science, Technology, Engineering, Art and Maths) days and author visits that invite participation from both independent and state schools. FINANCIAL REVIEW Results for the year The full-year surplus of £158,773 (2023.. £290,733) fell short of the budgeted £257,050. While cost control remained a key focus and revenues were strong, we also continued to benefit from our investment strategy that leveraged high interest rates. However, we incurred additional costs due to increased bursaries and discounts, as well as a heightened focus on marketing, associated market surveys and studies, and consultancy. These expenses were necessary to explore our strategic options and secure pupil recruitment for the next year. We were also impacted by the increase in employer Teachers Pension contributions from 23.68 % to 28.68 % effective from April 2024. The surplus represented a 2.37 % return on gross fee income (2023.. 4.46VoJ. Iplhilst income was just under 50fi higher than the previous year, costs were over 7 % higher creating a lower surplus as the income and expenditure move towards each other. The net value of tangible fixed assets was £9,916,38612023. £9,475,413), an increase of £440,973 reflecting the major projects being underway and the staged payments that had taken place to that point. The company's cash position stood at £4,711,000 (2023.. £3,863,627) at year end which included £1,250,000 of treasury reserve bonds. The school has no borrowings. Reserves policy Unrestricted frjnds at year end totslled £12,834,225 (2023.. £12,675,452) of which fixed assets were £9,962,224 {2023. £9,515,486) leaving free reserves of £2,872,001 (2023.. £3,159,966) Reserves adequately cover future spending plans which are highlighted under future plans below. The Governors are determined that reserves are continually re-invested in the School for the benefit of the boys whilst ensuring that the School remains in a strong financial position to meet the market and economic challenges highlighted above. Going concern The School regularly produces financial information, including budgets, forecasts, and a long-term strategic business plan, all of which are closely monitored by the Governors. These budgets, cash flows, and forecasts are continually reviewed to account for the changing environment. We are committed to maintaining pupil numbers and controlling costs. Despite the significant support provided to parents during these unprecedented times, our cash reserves remain strong. If pupil numbers were to drop significantly, we might need to restructure the school, but we are currently in a financially strong position.
ST. MARTIN'S INORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Additionally, we have several residential properties that could be sold if necessary. Revised forecasts and cash tlows have been prepared based on the latest scenarios, with sensitivity analysis on key assumptions. This cash flow modelling indicates that the School's cash reserves are sufficient to meet the charity's obligations as they come due. Therefore, the Governors have a reasonable expectation that the charity has adequate reSoUrS to continue its activities for the foreseeable future and consider that there are no material uncertainties regarding the School's financial viability. Accordingly, they continue to adopt the going conrn basis in preparing the financial statements, as outlined in the Ststement of Governors, Responsibilities. FUTURE PLANS Despite the current threats, the Governors and Leadership team are keen to continue to develop the school whilst looking at strategies to control costs. Teachers, Penslon Scheme (TPS) In September 2024, the school began a phased withdrawal from the TPS, initially with no plans for a complete withdrawal. However, due to the risks posed by changes in admissions at Merchant Taylor's School and the new government policies introducing VAT, loss of business rate relief, and increased National Insurance, the governors have decided to consult with staff about a full withdrawal by September 2025. This decision was influenced by the Labour government's announcement on July 29, 2024, that VAT on school fees would be implemented in January 2025, along with the increased employer National Insurance contributions annoUnd in the Autumn statement. strategy Day November 2023 In November 2023, the Governors and Leadership Team held an offsite strategy day to thoroughly examine how changes in the external political, economic, and market environment could impact the School's financial position. They discussed several potential strategies for the school's future direction, which remain under review. As some of the school's key risks materialised over the year, the work done during the Strategy Day, particularly the initial Scenario Planning, has been continuously utilised and further developed. This ongoing effort helps the School navigate the challenges it faces. Marketing Strategy After the strategy day, significant consideration was given to the School's marketing efforts to boost pupil recruitment. It was decided to hire a firm of school marketing specialists to conduct market research and assist in developing the marketing strategy. Based on the market research, the School appointed a rnarketing company to create and implement the Marketing Strategy. A member of their team now works with us remotely as the Director of Marketing & Admissions. They have also helped enhance our website and worked on Search Engine Optimization {SEO) to attract new prospective parents. As a result, we have seen a notable increase in enquiries and visits to the school, which has led to an increase in in-year admissions. School Land and Building Developments Having recently completed major building projects and several smaller upgrades to our facilities, we are now reviewing our future plans. Over the next 1-5 years, our potential plans include-
ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Developing indoor facilities for the nursery Creating an improved outdoor play environment for Junior and Middle boys (Years 3 to 6). Establishing a new Pre-Prep entrance at the site of the flats at 62 Kewferry Road. This facility will include additional office spa, more room for Wrap Around Care, and a new assembly space for the Pre-Prep boys. RISK MANAGEMENT The Board of Governors is responsible for the oversight of the risks faced by the School. Detailed consideration of risks is delegated to the specific committees relevant to the particular identified risk, managed by the Senior Leadership Team. Risks are identified, assessed and controls established throughout the year. The Board monitors the effectiveness of the system of internal controls and other means, including insurance cover, by which those identified risks can be mitigated. The key controls used by the Charity include.. formal agendas for all Cornmittee and Board activity., detailed temis of reference for all Committees,. comprehensive strategic planning, budgeting and management accounting., fomial written policies. clear authorisation and approval levels., and vetting procedures as required by law for the protection of the vulnerable. Through the risk management ProsseS established for the School, the Governors are satisfied that the major risks identified are being 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 a number of risks became reality relating to.. A change in government bringing about a significant change to the status of independent schools, specifically by the introduction of VAT on school fees and the loss of charitable status. IAlhilst the school hasn't lost charitable status there is a loss of business rate relief. The senior schools we feed changing their approach to recruitment and selection of boys into their schools. The result of these risks materialising threatens our pupil numbers and most significantly our income. We have committed to assist the parents by absorbing a large amount of the VAT in the 2024125 year in order to support and retain as many families as possible. The board tskes these risks very seriously It actively reviews and updates its strategy to determine St Martin's direction going forwards. The School has a good cash reserve and a strong balance sheet and, significantly, no debt, so whilst actively looking at alternative strategies to make a material difference to the school in light of these risks, the governors have time to consider options carefully and implement a robust updated strategy. Trustees, responsibilities Statement The members of the Board of Governors (who are also the directors of St Martin's (Northwood) Preparatory School Trust Limited for the purposes of company law) 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.
ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company Ilmlted by guaranteo) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Company law requires the members of the Board of Governors 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 affairs of the charitable company and the group, including the income (and its application) and expenditure of the group for that year. In preparing these financial statements, the members of the Board of Govemors are required to.. select the most suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2019 (FRS 102)., make judgments and estimates that are reasonable and prudent., state 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 unless it is inappropriate to presume that the charitable company will continue in business. The members of the Board of Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions, disclose with reasonable accuracy at any time 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 assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other Iegular1ties. 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 information of which the charity's auditor is unaware; and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to estsblish that the charity's auditor is aware of that information. A resolution proposing the re-appointment of Crowe U.K. LLP as auditors to the company will be put to the Annual General Meeting. The Trustees, annual report and the strategic report were approved on 3 April 2025 and signed on behalf of the Board of Trustees by.. Mr A Harris (Chairman) Trustee Date: 3 April 2025
ST. MARTIN'S INORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED Oplnlon We have audited the financial statements of St. Martin's (Northwood) Preparatory School Trust Limited (the 'charitable company,) for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice)- In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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. Conclusions r•latlng to golng concern In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going conrn are described in the relevant sections of this report. other information The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditors report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otheMise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material
ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. MARTIN'S {NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED misstatement of this other information, we are required to report that fact. lrfe have nothing to report in this regard. Opinion on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report which includes the Directors, Report and the Strategic 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 exception 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 misstatements in the strategic report or the directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate and proper accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not reiVed all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, directors, report and from the requirement to prepare a strategic report. Responsibllltles of Trustees As explained more fully in the trustees, responsibilities statement set out on page 7, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltofs responsibilities for the audit of the financlal statements Our objectives are to obtain reasonable assuran about whether the financial ststements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misststements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. MARTIN'S (NORTHWOOD) 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 further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: wNvw.frc.or . uklauditorsres onsibilities. This description forms part of our auditor's report. Extent to which the audit was considered capable of detecting irregularities, Includlng fraud Irregularities, including fraud, are InStanS of non-compliance 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 beeen 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 determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and taxation legislation together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations 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 to 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 (Independent School Standards) Regulations 2014 and General Data Protection Regulation (GDPR) Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance and Operations Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting ofjournals, reviewing accounting estimates for biases, reviewing any regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misststements in the financial statements, 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 {irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of
ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. MARTIN'S (NORTHWOOD PREPARATORY SCHOOL TRUST LIMITED Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this 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 (Statutory Auditor) Date.. 17 April 2025
ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestrlcted funds 2024 Unrestricted funds 2023 Noto Income from: Donations and legacies Charitable activities Investments Total income 22,466 6,631.800 170.612 7,481 6, 545,520 73, 758 6 824 878 6 626 759 Expenditure on: Charitable activities Total expenditure 6,666.105 6,336,026 6 666 105 6 336 026 Net movement in funds 158 773 290 733 Total funds brought forward 12,675,452 12,384, 719 Total funds carrled forward 12 834 225 12 675 452 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 17 to 25 form part of these financial statements.
ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company Ilmlted by guarantee) REGISTERED NUMBER: 0709159 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Fixed assets Tangible assets Assets under construction 10a 9,334,688 9,458,3q7 Tangible Assets Intangible Assets 10b 581,699 45,837 17,096 40,073 10c 9,962,224 9,515,486 Current assets Debtors Stock Cash at bank and in hand Cash Investments 11 12 16 16 1,901,626 14,838 806,000 3,905,000 1,982,074 1, 063, 627 2, 800, 000 6,627,464 5, 845, 701 Creditors.. amounts falling due within one year 13 13,111,547 (2, 685, 735) Net current assets 3,515,917 3, 159,966 Total assets less current liabilities Creditors.. amounts falling due after more than one year 13,478,141 12,675,452 (643,916) Total net assets Charity funds Unrestricted funds 12,834,225 12,675,452 Total funds The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees on 3 April 2025 and signed on their behalf by- Mr A Harris Trustee Date.. 3 April 2025 The notes on pages 17 to 25 form part of these financial statements. Pa
ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED IA company Ilmlted by guarantèo STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 Not8 2023 2023 Cash flows from operating activities Net cash used in operating activities 15 1,515,771 430,112 Cash flows from Investlng actlvltles Dividends, interests and rents from investments Purchase of tangible fixed assets Investment in tangible asset under construction Investment in Intangible Assets under construction 170,612 (261,275) (564,603 {13,132) 73, 758 (298, 501) (17,096) (925) Net cash used In Investlng actlvltles 1668,398) {242,7641 Cash flows from financing activities Repayments of borrowing Net cash used in financing activities Change In cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 847,373 3,863,627 (187.348) 3,676,2T9 Cash and cash equivalents at the end of the year 16 The notes on pages 17 to 25 form part of these financial statements
ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General information 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, Moor Park Road, Northwood, Middlesex, HA6 2DJ. Accounting policles 2.1 8asls of preparatlon of flnanclal statements The financial statements have been prepared in accordance with the Charities SORP (FRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} and the Companies Act 2006. st. Martin's {Northwood) Preparatory School Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy No provision has been made for corporation tax or deferred tax as the charity is a registered charity and therefore exempt. 2.2 Critical accounting judgements and sources of key estlmatlon uncertainty In the application of the accounting policies, Trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the School's financial ststements. 2.3 Going 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, changes to admission arrangements by local senior schools, fuel and utility pricing and the policies introduced by the new Government and their potential impact. 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 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 flow over the next 12- 24 months the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future and considerthat 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 outlined in the Statement of Trustees, Responsibilities.
ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A ¢ompany Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 2.4 Income All school income is included in the statement of financial activities when entitlement has passed to it, it is probable that the economic benefits associated with the transaction will flow to the school and the amount can be reliably measured. The following specific policies are applied to 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 term to which it applies. This is classified as unrestricted funds. Amounts reiVed prior to the balance sheet date for autumn term fees are recorded as fees received in advance, as are amounts received for future periods under the Fees in Advance scheme. The income is recorded gross of the discount related to that period which is charged as finance cost to the same period. Income from donations or grants is recognised when there is evidence of entitlement to the donatsonlgrant, receipt is probable and its amount can be measured reliably. 2.5 Expendlture 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.. Expenditure on education includes all costs incurred by the school in undertaking education that furthers its charitable aims for the benefit of its pupils, including those support costs and costs relating to the governance of the charity apportioned to education. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on education. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to education are allocated directly to education. 2.6 Fixed assets and depreciation Both Tangible and Intsngible fixed assets are initially recognised at cost with a capitalisation threshold of £1,000. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Freehold buildings Plant Motor vehicles Fixtures and fittings Computers & Office equipment Sports Uniform and Equipment Marketing Materials and Website (Intangible) 2% reducing balan straight line straight line straight line straight line straight line straight line 25% 20/0 20% 500 25° 2.7 Impalmlent of flxed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable
ST. MARTIN'S INORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED IA company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash infiows that are largely independent of the cash inflows from other assets or groups of assets. 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Stock Stock includes including catering stock (both food and drink), marketing gifts and materials, staff IEeeces and uniform items for resale. 2.10 Liabilltles and provlslons Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 2.11 Financial instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic f nancial instruments Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.12 Pensions For teachers the School contributes to the Teachers, Pension Scheme at rates set by the scheme actuary and advised to the School by the scheme administrator. Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The School is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the School has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined contribution scheme. For non-teaching staff the School contributes to a defined contribution pension scheme. For the Teachers, Pension Scheme and for the defined contrlbution scheme the amount charged to the Statement of Financial Activities in respect of pension costs and other post-retirement benefits are the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. 2.13 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from donations and legacies Unrestricted Unrestricted funds funds 2024 2023 Donations and appeal receipts 481 Income from charitablo activltlo8 Unrestricted Unrestricted funds funds 2024 2023 Gross School fees Less.. Bursaries, scholarships and other COnssIOnS 6,707, 735 6. 522,026 (341,099) (342,297) 6,366,636 6, 179, 729 Other educational income Rental income from housing 208,185 56,979 318,046 47,745 Investment income Unrestrict ed Unrestricted funds funds 2024 2023 Bank interest £124,02312023." £40,424) relates to interest received and accrued on Treasury Reserve Deposits. £ 14,859 (2023: £Nil) relates to interest received and accrued on the new CCLA COIF Investment Fund
ST. MARTIN'S {NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysls of exponditure Staff costs 2024 Other costs 2024 Total costs 2024 Total costs 2023 Charitable activities - Education Teaching Premises Welfare 3,995,485 268,706 224,455 517,085 319,685 475,982 190,616 674,091 4,315,170 744,688 415,071 1,191,176 4,065,980 726,280 394, 883 1, 148,883 Support costs Total Included within support costs are governance costs totalling £52,194 (2023.. £54,547) Auditorfs remuneration 2024 2023 Fees payable to the Company's auditor for the audit of the Company's annual accounts 18,750 17,700 Trustees. remuneratlon and expensas During the year, no Trustees received any remuneration or other benefits nor claimed for any expenses (2023 - £NIL) Staff costs 2024 2023 Wages and salaries Social security costs Pension costs other employee benefits 3,797,348 403,113 772,228 20,259 3.477,505 365, 768 674, 839 25, 760 Key management personnel comprised the senior leadership team. Aggregate employee benefits paid to key management personnel in the year totalled £729,537 (2023: £670,917). During the year, total redundancy and settlements made were £54,159 {2023.' £9,843), of which £0 was outstanding at the year-end. Total payments to the school's defined contribution scheme for non-teaching staff in the yearwas £163,979 (2023. £152,838) Amounts payable at year end totalled £19,948 {2023. £18,378). The average number of persons ernployed by the Company during the year was as follows..
ST. MARTIN'S (NORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 No. No. Teaching (including unqualified teaching and assistants Administration Domestic {Catering) Estates (includes Cleaning) 74 10 10 76 10 10 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2024 No. 2023 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 £90,000 - £109,999 In the band £120,000- £129,999 In the band £130,000- £139,999 10a. Tangible Fixed Assets Freehold buildings Plant Motor Flxture vehicles sand flttlngs Computer Sports equipment wear & equipm ent Total Cost or Valuation At 1 Septernbef 2023 Additions Disposals At 31 August 2023 Depreclatlon At 1 September 2023 Charge for year On disposals At 31 August 2024 Net Book value At 31 August 2024 At 31 August 2023 12,051,257 425,779 47,770 1,053,074 264,676 3,306 13,845,862 44,773 50,245 66,000 97,664 (15,525) 36,483 12,096,030 476,024 98,245 1,114,255 2,593 261,275 52,008 267,269 3,306 14,055,129 3,246,748 267,222 34,774 694,314 142,834 1,663 4,387.545 175,217 39,308 10,373 (15.525) 3,421,965 306,530 29,622 118,759 33,895 779,178 37,006 1,653 382,316 49,420 4,720.441 179,840 3,306 8,674,065 169,494 68.623 335,077 87,429 9,334,688 8,804,509 158,557 12,996 358, 760 121,842 1, 653 9,458,317
ST. MARTIN'S INORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10b Tangible Assets Under Construction 2024 2023 School Development- Undercroft Swirnming Pool Refurbishment 395,713 185,986 17,096 Total Tangible Assets Under Construction 581,699 17,096 10c Intanglble Assets Website & Marketing Materials Cost or Valuation At 1 September 2023 Additions Disposals At 31 August 2024 40,073 13,132 53,205 Depreciation At 1 Septernber 2023 Charge for Year 7,367 At 31 August 2024 7,367 Net Book value At 31 August 2024 At 31 August 2023 45,837 40,073 11. Debtors 2024 2023 Trade debtors Prepayments and accrued income 1,717,745 183,881 1,770,446 211,628 The Prepayrnents and accrued income figure include the Trips prepayments amount of £18,599 (2023.. 13,031).
ST. MARTIN'S INORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12 Stock 2024 2023 Stock 14,838 13. Creditors: Amounts falling due within one year 2024 2023 Bank loans Trade creditors Other taxation and social security Other creditors Fee deposits Advanced fees Accruals 193,104 104,977 96,542 317,200 2,348,586 51,138 121, 177 94,463 80, 935 298, 450 2,G51,165 39,545 The Advanced fees includes an amount relating to lump sums paid to the School as advan payment of future fees in the next academic year 202412025 of £420,552 {2023.' £0) 14. Credltors: Amounts falling due after more than one year 2024 2023 Fees in Advance Scheme 643,916 15. Reconclllatlon of net movement In funds to net cash flow from operating activities 2024 2023 Net income for the period (as per Statement of Financial Activities) Adjustments for: Depreciation charges Loss on disposal of assets Dividends, interests and rents from investments {Increase)IDecrease in debtors Increasel{decreasel in creditors {Increase)IDecrease in stock 389,684 2,588 (170,612) 80,448 1,069,728 (14,838) 355,818 (73, 758) (253, 683) 111,002 Net cash provided by operatlng actlvltles 112
ST. MARTIN'S INORTHWOOD) PREPARATORY SCHOOL TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Analysis of cash and cash equivalents 2024 2023 Cash in hand Treasury Reserves CCLA COIF Investment Fund 806,000 1,250,000 2,655,000 1,063,627 2, 800,000 17. Related partles During the year family members of key management were employed by the School on arm's length basis and received remuneration and benefits totalling £52,875 {2023,. £66,970). 18. Pension commltments The School participates in the Teachers. Pension Scheme ("the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £612,443 (2023.. £522,000) and at the year-end £76,036 {2023- £61,904) was accrued in respect of contributions to this scheme. The TPS is an unfvnded multi*mployer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las 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 contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The latest valuation showed total scheme liabilities of £262,000 million and notional assets of £222,200 million, giving a notional past seNice deficit of £39,800 million. Following the Mccloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes ft)r the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the 'greatervalue' benefits for groups of relevant members. The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6 % to 28.6010 from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08 % giving a total employer contribution rate of 28.680/0. 19. Future capital commitments At 31 August 2024, the School had future capital comrnitments of £956,694 (2023.. £45,000). Of this £821,817 relates to the major development project due to complete at the end of the October half term incorporating the joining of the Pre-Prep building to the Phoenix block, creation of a new first aid room and new boys, toilets and extending the internal footprint of the building to incorporate external and previously inaccessible areas. The remaining £134,877 relates to the re-development of the inside swimming pool incorporating a new Air Handling Unit, ducting and lighting, new windows, external and internal doors, electric covers and tiling throughout.