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
referen￿d 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 be￿een 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 pla￿d 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 la￿S 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 SUC￿ssfUllY 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 reSoUr￿S 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 con￿rn 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 annoUn￿d
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 Pro￿sseS 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 I￿egular1ties.
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 con￿rn 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 re￿iVed 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 InStan￿S 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 be￿een 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 re￿iVed 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 COn￿ssIOnS
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.