ST PAUL'S CATHEDRAL CHOIR SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 Charity 312718
ST PAUL'S CATHEDRAL CHOIR SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Officers and professional advisers Trustees. repon Statem¢Di of tyus¢e¢s' responsibilities swement 10 Indeprndent auditor'5 report Statement of financial activities 13 Balance sheet 14 Notes to the fjnanciai ststernents 15-25
ST PAUL'S CATHEDRAL CHOIR SCHOOL OFFICERS AND PROFESSIONAL ADVISERS FOR THE YEAR ENDED31 DECEMBER2021 TRUSTEES Chapter of St Paul's Cathedral= The Dean, the Very Rev'd Dr David Ison Thr Rey'd Cat)ou James Milne The Rev'd CatKsn Jonathan Brewster (resigned 13110r21) The Venerable Sheila Watson Ms Pim Baxter Ms Sheila Nicoll Mr Clement Hutton-mills {app)inted 15 Mar¢h 2021) Canon Dr Paula G(K)der (In attendance) GOVERNORS The Dean. the Very Rev'd Dr David Ison (Chair of Governors) Th¢ Rev'd Canon James Milne # Mr Gavin Ralston V Mrs Jill Aisher X Col Edward YorkeS Mr lan Wilson ' Mrs Jane Sladdin 11 Mrs Hatty Morley S Mr Mark Coote W Ms Pim B&xter S Mr Robert-jan T¢mmink Mr Andrew de Silva lapkKsinted 3011 If21yI *Member of tht FinaThce and Re50urce5 Committrt V Chair of Finan¢e and Resource5 Committee
Member of the Education Curriculum and Standards Commit
X Chair of Education Curriculum and Standards Commirtee Smember of Marketing and Communicalion5 Cornmittee W Chair of Marketing and Communications HEADMASTER S Larter Evan5 BA {Hons}. PGCE. FRSA BURSAR Mr Martin Kiddle CATHEDRAL REGISTRAR Ms Emma Davies CATHEDRAL DIRECTOR OF MUSIC Mr Andrew CanYoad- +in attendance at all Governing Body m¢¢tin85 REGISTERED OFFICE 2 New Clian8e London EC4M 9AD CHARITY REGISTRATION NUMBER 312718
ST PAUL'S CATHEDRAL CHOIR SCHOOL OFFICERS AND PROFESSIONAL ADVISERS FOR THE YEAR ENDED31 DECEMBER 2021 BANKERS Lloyds TSB Bank plc 70- 71 Cheapside London EC2V 6EN SOLICITORS Winckworth Sherwood LLP Minerva House 5 Mont88ue Close London SEI 8BB Veale Wasbrough Vizards LLP Barnards Inn 86 Fetter Lane London EC4A IAD AUDITOR Haysma¢irbiyre LLP 10 Queen Sireei Place London EC4R IAG INSURERS Ecclesiastical Insurance Office plc Beaufort House Brunswick Road Gloucester GLI IJZ
r PAUL'S CATHEDRAL CHOIR SCHOOL INDEPENDENf AUDITOR'S REPORT TO THE TRusfEES OF sr PAUL'S CATHEDRAL CHOIR SCHOOL FOR THE YEAR ENDED 31 DECEMBER 2021 The Tru5tee5 present their annual report and the audited financia] 5t8tements foT the year ended 31 December 2021, prepared in accordance with the Financial RetM)rtin8 Standard applicable in the Unii¢d Kingdom and Republi¢ of Ireland (FRS 1021. IhE Charhlies Semen1 of Recommended Practice and ihe Charities Act 2011. srATUS AND ADMINisfRATION The Corporation of the Caihedrnl Church of 5t Paul in London (St Paul's Cathedral). opeT8tes St Paul's Cathedrnl School under Statute XVI ofthe InstruTnent e5tabli5hed for St Paul's Cathedrdl dated 13 May 2000 and updated thereafter. The statute sets down the obj¢ctives for the school and the powers and procedures by wbi¢h Chapler will ensure th¢ proper management of the School. The role of the Caihedral is as the seat of th¢ Bishop of London and a ¢¢ntye for worship and mission. On I Scpiember 2005 an Instwment of DelegatioD delegaied responsibility for the 8overnance of the School to a Governing Body (the current mernbers of whi¢h are listed on Page 2 of this document). Th¢ School, which is unin¢orpor8ted and has ¢haritsble ststus. has its affairs overseen by a T[ce b)dy. The Twsiees of the school are ¢he Chapter of Si Paul's Cathedral. The Chapier also has representation on the Governing Body, which consists of up to 12 member5. The Body ha5 a Finance and Re50urce5 Sub£omrnittee. an Education Curriculum and Standard5 Committee and a Marketin8 and Cornmunications was set up in 2021 to help supwrt the expansion of school numbers and counier competition among city schools_ Oiher wothing parties are ser up as the need arises. The Governors delegate day to day managemeni responsibiliiies io the Headmasier and his Senior Managemcnt TeaTn which irtcludes the Bursar, Deputy H¢ad Academic. Deputy Head P&storaL Deputy DSL and Head of Pre Prep. RVCTURE, GOVERNANCE AND MANAGEME Governing Doeurntnt The School is governed by its Instrument of Delegatio which eam¢ into effect on I S¢pi¢mb¢r 2005 and is subj¢¢t to a five yearly review with a ¢anc¢llatioTh clause. Governing Body The Governing B(xly. when complete. conSLSts of The Dean and 4 rnembeTS of Chapter, and 7 lay governors. The initial lay governors were appointed by the Chapter. in con5ultaiion with the Headmasier. bur lay governors ar¢ now ¢Ited at full Govemors. meeiings. Lay govemors are apFX)inied according to the spe¢ialisi skills they can offer. The Cathedral and School have begun work to review the constilution of the Governing body wiihin the Instrument of Delegation. and aim to Separate Ihc role of the Ikan from that of Chair of Governor5 and to recon5idcr the tcrm5 and eifect of the Instrument of Delegation. Trustee and Governor Tr*inlng New trus¢ees and governors are inducied it)w the WOTking ofihe S¢h(KJl by the Headm&sier and Bursar. and are regularly updated through briefing5 at the Sch(K>l and externa] irustee and 8overnortraining course5 The Govemoys meet ai le&8t three times a year to ddemiine the general policy of the S¢hwl and to review its overall managemeni and ¢ontrol. The work of overseeing ihe smplementation of most of the Goveming Body's policies is Carried out by the Finance and Resources sUc4)mltt¢C. which meets before each mettin8 of the full Governing B(Miy and at other time5 as required. The Governor5, Education Curriculum and Standards Committee continued io monitor ihe pro8r¢ss of the deportmental and staff peer reviews carried out. The Markding and Communications ¢ommitiee will look at the promotion of the school as well as ¢ommunicaiion with current parents and supwjrters. St Paul's Cathedral Sch(x)l is an active member of the Indcpcndent Association of Preparatory Schoo15 IIAPSI, for the promotion and mainten2nce of preparatory School standards generally. and ofthe Choir Schools Association. li also tske5 part in p¢er-group siudies for the evalu]0 of quality and perfomian¢e improvem¢ni meihods. The s¢hool is also a memb¢r of the Independent Schools Bursars. A$slation, giving li a¢¢ess thr la(est financial and managernent devcloprncnt5 Iri the education sector. By co-operating with lo¢a] ¢hariti¢s and state s¢h(K)ls. the School ¢nd¢avouTS to wid¢n public access io th¢ schooling il provides, and io awaken in th¢ pupils an awareness of the social ¢oniext of the educaiion they receive at the School. See
ST PAUL'S CATHEDRALCHOIRSCHOOL TRUSTEES. REPORT FOR THE YEAR ENDEDJI DECEMBER 2(121 TRUSTEES, REPORT (contiNu¢d) CHARITABLE OWECTS Si Paul'5 Cathedral School exists for th¢ ¢dutrdiion, nunure and care of th¢ choristrr5 of Si Paul's Cathedral. It a150 ha5 a responsibility to educatc such oihcr pupils bdwttn the ages of lour and thirteen a5 can be properly 8¢commodat¢d from time to time within the School. Alms and Principle5 S¢ Poul's Cathedral kh(xJl 1$ 8 Christian. co-educationa] Community %vhere the value5 of loye. justice. tolerance, speCt, honesty, servi¢e at)d trust are encourased and prxtiscd to prnle positive ]llionshipS thTOU8hout the school cornmunity. The school aims to insiil a love of leoming through a broad c1¢u1Urn. It aims io give ¢ach pupil ihe opportunity to dcv¢lop inlellectually. 50cially. personally. physically. culiurally and spiritually. All pupi15 are encouraged io work io the bem of iheir ability and to achieve siathdards of ¢xcellw¢e ITh all of their endeavours. Through the corporate life of the %hoDI and through good p85toral care. the school encourages the independence of the individual as well Is mutual reSnSIbIlIty. It aims to make ils Pupbls aware of the wider comrnuntty and encournges a ¢105e working relationship with paTeThts and guardians. Printipal Activity St Paul'5 Cathra1 S¢11.5 prit)¢ipal activiiy continues to be the provision of educaiioD in a boarding environment for the St Paul's Calhra] choristers. of which there can be up 10 36. In orderto deliver a firJancially viable ¢urri¢ulum and to create a more balanced sch(K>l environment for the Chorisle. it educates approximately 260 day children frt)m the ages of 4 to 13. Objeetives for the Vear The Govemors. main objective continues to be to eduCe ail the Sdh)ol's puphls to at le&4t the same high standard achieved in previous y¢ar5, 50 that Ihey %vill be able fully lo benefit from theirchosert senior school for ihe ClMnpletioTh of their education in due course. Our strategy for achievin8this is to mainiain a high ¢eacher-io-pypiI ratio, tailoring our services as appropriate in each case to suit individual need5 The Schwl's buildin8 development of a new boarding block h&$ allowed improvernenis tts staff ac¢omrnodalioN and Lh¢ ¢r¢atiot) of new clr[m)m space. The 5chwl had iwo form entry ai RttplK)n as from September 2021. After ihre¢ years there will be an increase of pupil numb¢r5 of ai leasi 45. REVIEW OF AcfiviTIES AND ACHIEVEMEKrs public benefit below. The extent of this wowk was limiied In 2021 because of the restrcitions placed on all school aaiviiie5 by the impact of ihe Covid patldemic. During ihe year there iyere on averase 25 boy choristcr5 agcd bdween 7 and 11, 158 day pupils of the same age5. and 63 pre- PTCP childrrn aged between 4 and 7 on the schrx>l's roll. The ivhole school is mixed, although there are fewer girls than boys itl the main h0O1. Ai ihe end of 2021 there were 102 8ir15 Ln the h0O]I2020.. 99). In September 22 there will be a se¢ond Receplion ftjrm making 5 ¢12ss¢s ID Recepiion with the full compltmtnl of6 being a¢hi¢ved in Seplember 2023. The school contirhued tts be responsive io COVID measures, with such things a5 pareiit briefings and meelings held online. Commurticaiions Temaincd frequent and fluid, providin8 high levels of reassurance to parents and other stakeholders. Sports fixtures and music performances were the main activities thai returned in g(x>d spirit5. arhd we ¢oniinued io plan opiimiiiscally and flexibly. During the January io F¢bruary 2021 lockdown. pupils Ik part in an impmvis31ion CoMlion (104 vide05 iyere 5ubtnit- led remotely by pupils) and 12 of our leaving Year 8s Secured rnusic aivatds io their senior schools {that's over half of all Y8 leavers). On coiming out of lockdown in March, 13 early-morning ensembles tk place every week in strict year-group bubble5. Whi15t no exams were iaken in Spring ierni, 101 were thken in July. of wlLi¢h 64Yty were ai merit or dis1in¢iion level. Between March and July, 4 year-group corLter the Hous¢ Mvsic Compeiiiion and a leaving concert foT MTS M¢Lean were re¢orded and thared wilh parenis. Tivo of our ens¢rnbl¢s trptesenied the school al Li1. ihe Chiirchjui'd (St Mary le Boi¥l and we reeorded a Siinimer Concert of over 40 videos. comprising not just Ihe school choir and ensemble perfor- mantes. bu¢ every class in school, rncanin8 each child was able io peiforni (and some multiple times). By the Autumn. we managed to return to a degree of norniality.. the House Piano Compeiiion and some class concerts were Alloived live audien¢¢s. By D¢¢¢mber. however. as the new begw) io svike, only 18 music exams were tsken13
ST PAUL'S CATHEDRAL CHOIR SCHOOL TRUSTEES. REPORT FOR THE YEAR ENDED31 DECEMBER 21J21 TRUSTEES. REPORT (continued) at merit or distinction) and there were some cancellations lo concerts and service5. The Chatnber Choir and Bread St choirs did, however. manage to lead carol services for Chartered Accountsnts. Britain-Australia Society and the Bread St Ward. The School Carol Service ensured every child in )01 had the OprtUnIty to perfomi (either as pan of a choiror iheiryear group) in the Cathedral. Some trips, trM)th at home were p)ssible during the Autumn Terni they included, art workshops at St Paul's Cathedral , visits to the Jewish Museum, Am)y Museum. Florence N'ighiingale Museum.IMer trbps included a weekend naiional football tournament. Georgraphy river trip and overnight Camping foryeats 3 and 4. All of the leavers of 2020-21 weni on to good senior s¢hools. 26 s¢holaTships were offered io leavers = 8 a¢ad¢mi¢. 14 IIIUSLf, I sport, 2 an and l Headmast¢Vs Kholarthips wilh often substaniial bursaries offered. This achievement has been helped greatly by the high-quality teaching stalywe have bttn able to retaith aod recruit in the face of intense competiliot) from other London sch(K)Is and who continue to mainlain high standtrds in an increasingly wmwiiive market for senior s¢hcK)I places in tx>ndon and elsewhere. The final sectional Completion for the building Project was the 5 Mah 2021. The final project ¢osi was £8.2 M wilh the commitment by the School to thi5 C05t bein8 in exce55 of£4.Om. A 5l8nifJcant individual donation of £lm over 3 years will be used to reduce ihe level of external bank loan fiJndin8 and mitl8ale the impact on reserves. Future budgets and foreca515 have been updaied io refle¢t ihe possible impacis on income and pupil numbers as a resuli of ihe COVID pandemi¢- increased marketing and other mitigation measurts are in place. 8nd ihe Cw)vernors will keep the situ10 under regular review. The financing of the building project has lead to a fall in the level of the SclK)ol's reserves frorn 20221 onw#rds but the Govemors will maiThlain the reservts at prudent levels in line with their reserve5 tKJlicy. Risk Management. #nd printipal risk5 and uncert*intie5 A detailed Risk Managerncnt a5se5sment i5 prepared annually then updated each term for Governors io include both intemal and exiemal factors Ihai may impact on the operation. Their likelihood and potential impac15 are &ssessed aThd any required action is formulated. The main risks under consideration in¢lude parttcularly the Covid pandemic and the impacl on trend5 Wlth re5P¢Ct to pupil numbrT5. Th¢ ar¢ mOTbitored arld thc numbeT ofrurreni applicaiitsns were Compared to previous years. Currcntly there are still three to four applicants per available plact. With respect to stock market volatility and it5 impart ort inveslm¢nt5 the school receives and acts upon advice from the Cathedral's Inveslment Advi50ry Committee. Currently the School's inv¢stments are managed by CCLA. The proximity of Si Pdul's Cathedral and other City Institutions means that the school is located in a sensi(ive and high profile area with res1 w possible ierrorisi aciivity. Stsff r¢¢eive regular briefings from City of London Police specialists and attend the Cathedral's Security Advisory group meeiings io ensure they are up io date with the latest advice and amend any erner8ency procedure5 as appropriate. Robust plans arc in place for dealing with emergencies that may arise either internally or externally lo the Sch1. Day to day healih and safely is monitored by the schfy)l Health and Safety Committe¢ who are SUPkKprted by PIB Risk Managemeni Advisors. This committee reports dirtttly to the F&R Committee including an annual review of all accidents involving pupils. As parl of their annual review PIB will look at all of the required hnsptttion rewrts which include PA T t¢stin& fire and smokc alarni test, gas safety checks and kitchen equipment servicing. Public Benefjt The Trustee5 are aware of fhe Guidance issued by the Charity Commissiott under the Charities Act 2011 iii relation io Public B¢nefit and are rnindful of their obligations (o have regard thereto. The Trustees are confident ihe Charity's activities are in pursuii of its obje¢is }d are delivering public benefLt. This ts achieved by the provision of education for the choristers and school buTsarie$ 10 fvnd the ¢dy¢aiion of non-chorister pupils whose parents would Thot nomially b¢ able to fund the required fees. The boarding fees of ¢horisieTS are partly hnded by the Si Paul's Cathedral ChoTisiei Twsi. Chorisiers are offered a place based on thesr singing ability and pcrsoTbal attributes only. The Cathedral Church of Si Paul pays the Tuition fees forall Chorist¢rs. During 2021, six day-pupils re¢eiv¢d supwjn for part or all of their fees from ihe Bursary Fund and 15 choristers received SUPPOrt from the Chorister Tnjst (see t1¢$ I l and 14 10 th¢ financial statements) for their Boarding Fees. Govemors decided to limit the fee irb¢Tease to 3Y• effe¢iive September 2110 rel]e¢i the impact of Covid.
ST PAUL'S CATHEDRALCHOIR SCHOOL TRUSTEES. REPORT FOR THE YEAR EIYDED31 DECEMBER2021 TRUSTEES. REPORT (fOJbtinued) Public Benefil (continued) Governor5 continue to encourage the sclKx)l io take every OprtUnity to diversify their activitie5 in the area of education, particularly in regard io th¢ proviston of musieal OPrtunity to as wide a public as possible. The Cathedral Choir suprtS musical educarion and palmeIP work benefilting state school$ acr05S the Diocese of London. In the past year. this has in¢luded iis'sing with Si Paul's. programme. which ha5 helped 5ch(M)Is return to ,rmal. 5inginÈ. We rdn a choral 5umm¢r5chool for 50 children, culminating in Evenson8 at the Carhedral. The Hackney Children'5and Senior Choirs gained new membership. a new chornl academy was founded in iwo primary s¢hools, and digiial singing &55emblies ftaturing the chorisiers. shared with Sch1$ across ihe UK helped sclM)ols return to Collective Worship. Members of th¢ must¢ staff seek to share the expcrience of sin8ing * SI Paul'5 with rhildll in more Ihan 30 schools peryear, surcr55fully reaching and recTUitin8 ch0ri51ers from diverse barkground5. In addition. th¢ partrtership work aciivcly support thc CPD of musi¢ t¢a¢hers in partner schools &s well as musical colleagues in other Cathedrals. During 2020. many fundraising activiiies wer¢ limiied ID scope however the 5ch(xTrl sclK)ol still raised rMney for Jeans ft*r Gene5. Children in nttd. Christmas Jump¢r Day- Save the Children, Christm&s Service- Greal Orrnond Street Ho5Pltal. RBL Poppy Appcal. World BoDk Day. and the children have now the Buide dog puppy spon50rcd by the school. The School eontinuesto devekjp its networkof primary edu101$ in the swe nlt)laIned sector{primaryl to 5h8reprofe55ional development, Such as through collaknrating with 5ubiECt clustergmups. for¢xampl¢ in modern for¢ign langages. In addition, the Head is amemberof the City of London'5 Hvdd Tfdchers. Forum. agroup of head tea¢hers from across the City of London (both mainiain¢d and independeni). who to share information. best prarticc and, p055ibl¢, rtsources. With the apw)intment of a new Head of SFK)rt ive are now actively planniTh8 for widening OUT Sports participation to include maintained primary schools within our fixiures and tournaments. The Sch(x)I continue5 it5 partnership whth the Royal College of Musi¢ whereby under8raduate musieians experience musi¢ twbing in a schwl selling. With the new building work now complete. the S¢hth)18bms io set up iwilighi ieacher iraining programme5 in ICT and Music for non-specialist teachers from ihe mainlained sector. FINANCIAL REVIEW AND RESULTS FOR THE I'EAR The school generaied n¢1 in¢ome during ihe year of £665.73212020.. £1.598.328) TEpr¢seniing 14.7. /012020.' 30.520/0) of total revenues. However ihis included £84,712 of reslricled ineomc {2020..808,7211 of wh5ch £81.65212020.. £805,903) was donations for the S¢hool Buildjng project. Pupil nurnbers averaged 246 in 202112020.. 254). ensuring the school made hn unrestTlCted operating SUTplus of £420,387 (2020.. £718,058) betn8 9.3QA12020-. 16.2%) of total unrestricted revenues. The surplus was achieved afier chaiging depCiatIon for the year of £211,815 (2020.. £60.655}. Capital expenditUTe for 2021 was split bettveen £978.681 for the sch1 developmeni proje¢L £33.153 for ICT.gen¢ral byildin8 works £66,381 and for fixlures and fltlings £67,790. In the ytar £78,0s1 {2020: £70,581) has bEen set aside as Dc5ignated Funds. These have been designated by ihe Governors for ihe puryx)se of awarding bursaries to day pupils. The sum is rnade up of inCot ftom ihe School Capital Fund1£30,0071 and 6.kn of ihe previous year's Unresiriaed Fund surplus1£48.051 l. resultitlg a further ir&nsfer1£27.7801 being required from the cuwreni year surylys io clear the d¢fi¢ii in the Bursary Fund. In accordance with the condit10115 of the In5tTurnent of Delegation and Financial Memoraftdum adopted by the 5ch¢Jol. the school's initial unrestricted reserves were fixed at £400,000 at 31 De¢emb¢r 2005 and a reseThes policy was introduced based on iinresiricted reserve5 being a minimum of 20°/th of annual fees. The School has ¢oniinued tt) 5e¢ure an annual operating surplus since 2005, taking unre5trithed rtseTve5 10 £6.963.33412020.. £6.461.1951. Over the lasi fiv¢ y¢ws th¢ Trusiees have coniinu¢d io in¢tease unrestricted rc5erves to enable ihc school io finaTh¢¢ a significani portion of the planned school dev¢lopm¢nt project. This has etlabled the Sch(M)I to contribute over £4rn to the financivg of the pwje¢t The other part of the funding for th¢ Building Projttt came from a loan from St Paul's Cathedral tsf £2.5 mrllion taken out in the naTfLt of the Ca¢hedTal from Lloyds Banking Group and repayable by 2033. The School ha5 agreed to make ba¢k back ym¢nts to the Cathed41 to cover payments of interesi and repayments of capital to Lloyds bank.
Sr PAUL'S CATHEDRALCHOIR SCHOOL TRUSTEES, REPORT FOR THE YEAR ENDED31 DECEMBER2021 TRUSTEES, REPORT (continlled) Under the same Instrument of Dele8ation ihe Cathedra] transferred to the h0o1 the"Sch(M)I Capital Fund" and the S¢hool Scholarships, Prizes and Bursaries Fund {known as the Prizes Fund) on 31 December 2005 amoLEntit)8 10 £615.000. At the. end of 2020 these endowTnent funds st(KMI at £1.299.05312020.. £1.l36,4761 and the ac¢umulated restricted irttorne arising from the latter endowment stood at £38.08412020.. £37.0681 held as a cash balance Rerves and Reserves Policy Reserv¢s consisi of Unresirided fimds. Restirfed funds (cash balance of prizts fund) and Endowmeni fund5 .The Trustee5 will seek to mainiain 8 minimum level of unrestricted reseTV¢S equiv8len¢ 10 25% of orte year's running costs, deflned as expenditu on charitable activities. At 31 December2021, unresiricied Tesernes are £6.963.334 or 172.8% of the 2021 school expenditure on charitable artiviiies {£4,028,101)12019..174% of running costs of £3,709,180). Governors have agreed that some of these reserves can be used ts) flnance the fOrthming Schwl building project. As at the end of 2020 £4,000,00 has been ¢ommitlrd. Senior mon•gement remuneration policy The remuneration of the Heodmasier and Burw is set by the Governor5. FUNDRAISING POLICY The School fundraises primarily from iDSiiiulion% tru515 arHI foundations. together with oc¢asional ¢v¢ni-based fundraising and individual donations. The charity doe5 not tn8a8e in eold-calling or sireei-based fundraising or use third party fundrnL5er5. The school has not received any complaints in the y¢aT in conneciion with the propriety of its fundraisin8. The School lakes all reasonable sieps to treat donors fairly. enablin8 them to mak¢ infom>ed decisions about any donation. This include$ taking into account the need5 of any rA)tential dot)or who may be in vulnerdble circumstances or require additional care and supw)rt to make an infomied decision. The ¢hariry has fundraising costs of less than £ll)O.000: hence it has not been asked 1sterwI1h the Fundriising Regulator and, in view of ihe llaiur¢ of ihc fundrdising undertaken, the charity has not io date registered voluntarily. FUTURE PLAIYS In De¢emb¢r 2016 ihe SCI] was granted plttnning pennission to l)uild a new Boarding House. expand the dining area and cr¢e extra Classrooms by rehousing the resident 51aff in the existing Boarding House. This work commenced in July 2019 and th¢ final sectional completion was 5 March 2021. This has enabled Ihe seh(M)I to expand its pre prep department and to provide some addillon specialisi classroo$ and 5¢cure arding accommodaiion of the Tequired starbdaTd for many years to come. The firsi new Reception ¢lass started in September 2021 and Prt Prep will bc up to 6 forn)s in September 2023. The eytra claSSm$ has enobled the school to have Covid isolation rooms and ie5ting r00rn5 which will eventually be used as genernl classroorns. The schiK>ls key objective5 contimu¢ to be the educating of pupils to the sam¢ high sthndards, or higher. as in previous years. The Twstees remain ¢(rIdet ihat St Paul'5 Cathedrdl Sch1 will bc a 8oin8 concem for the next 12 Tllollths and beyond. There are long waiting lists for the next four year5 for both the 4+ and 7+ ¢niry points. and the school has introdliced an I l + scholarship programmc which is attractin8 a small number of applicants hiiherto not served by the sehool. Once the Pre-Prep has 8rown io two forni enuy, th¢ 7+ ¢ntry IKTrini will offer fewer places. however. it is aniicipaied ihat this will remain an important and attraaive etJtry poini for some pupils. Budgels and forecasts have been updai¢d refleci the impact of the COVID 19 virus and competition from othcr city schools . However, the Governo do recogni5e grealer uncertainly a5 to pupil numbers than for some time. reflecting the change in workit)g pra¢ti¢¢s in ccntrdl London as a rc5uIt of the pandemie. Having ¢ompl¢¢ed ihe physi1 development ofthe eswe. the Seniorlxadership and the Governing body are working togeiher 10 define a new 5 year straiegi¢ plan. Part of that plan is io establish the School as a Foundaiion, wilh its own legal identity. while remaining an intcgTal and vith] part of the Caihedral's mission. Noie 17 Posi Ba]an¢e Sheet Events gLYe5 more delail of the progress with thL5 exerci. Invt¢Tht Powers and Trw¢ees' Authorlty
ST PAUL'S CATHEDRALCHOIR SCHOOL TRUSTEES. REPORT FOR THE YEAR ENDED31 DECEMBER2O21 TRUSTEES. REPORT (continued) The School 15 wholly owned by the Cathedral Church of St Paul in London. li is therefore subject to the Cathedrals. Measure 2021 in addition to charily law. Trusttts may invest funds in 8ny ofihe following= Jnweslment Powers and Tru5tets' Authoiity (ct)ntinw¢d) Land Funds administered for ihe Central Boanl of Finance of the Church of England Invesiments in which IstetS may inve# under ihe geffral p)wer5 of investment in ihe Trnsie¢s Act 20(• iv) Th¢ improvement of developmenl or property beloDgiThg lo the Chedral The Investment Ptsli¢y for School fvnds must meet the requirements of the CBF thurch of England Ethical Policy. The Trusi¢es regularly consider the rrOm18nCe by its investment rnanager of the investments held. The Trustees Consider, supported by an irmlependeni review. th t*rfonnaThce 15 satisfxtory.
sr PAUL'S CATHEDRAL CHOIR SCHOOL TRu¥fEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 srATEMENT OF TRUSTEES. REspof4SIBILITIES The Tn2slees are resp)nsible for preparing the Trustees, rert and the financial siatetnents in a¢¢oTdance with plicable law and the United Kingdom Aceounting Standard5 (Unf(ed Kmgdorn Gcner311y Accepted Accouniing Practice). The TnESt¢¢s aTe rpOnSIble for preparing the TTUStee5' Ann1 Repon and the fthanctal statements in accordance with the applicable law and United Kingdom Accounling Staryjards (United Kingdotn Generallj Accepigj Accoutlting Practie¢). including FRS102"The Financial Re[]ng Statthrd appli¢#ble in the UK and Republi¢ of Ireland" The law appl]ble ¢0 chariiies in England and Wale5 requires the tnetS to prepare rtnancial statements for each financial year which give a true and fa view of th¢ state of affaits of the charity and of the in¢oming resources and appIltion of restsLtrees of th¢ Iharity for thai peri¢)d. In preEorin8 these financial slatentS. the tnjstees are required to.. - select suitable accounting policics and then apply them consimently . observe the Method$ and winciple5 tn the Charities SORP - mak¢ judgmenis and esiimares thai are rea50tth&le andprudent - are whether applicable acwjnting standards have b¢oL followed - prepare the fIn¢tal siatements on the80ingcrHKern basis unless it is U)apprOlatr topre5umethatthe charity will ¢ontinue in business. The trustee5 arc responsible for keeping prow accounting records thar di5¢105e with reasonable aeeuracy at any time the rinancial p051tion of the charity and enable them to ensure that the fJnan¢ial atements Comply with the Charities Act 2011 and T¢gulations made ihereunder_ They are also rcsponsible for safeguard8 the a55et5 ofthe clwity and hence for taking Teasonable strps for the prevention aThJ detectithj of fraud and other irregularitle The IntteS are Tcsponsible lor the maintenonceand integrityofthe charityand financial infonnaiion included on the eharity's website. Ltgislation the United Kingdom governing the preparation and dissemination of fmancial statem¢nts may differ from Itgtslation in other jurisdiciion& Approved by the B0d of TnJste¢s on 22 June 2022 and sign¢d on its behalf by: The Very Rev'd DI David Ison Tee and chairnn of Governors 10
ST PAUL'SCATHEDRALCHOIR SCHO( INDEPENDENfAUDITORS' REPORT FOR THE YEAR ENDED31 DECEMBER2O21 Opinion We hoye audiied the finan¢ial statements rjf St Paul'5 Cathedral Cknir School ftir the year ended 31 December 2021, which comprise the staiement of financial tLVllies, the balance 5htti. the cash flow statement and the note5 to th¢ financial Statem¢nt% including a summary of significant accouniins policies. The financial reporting framework ihat has been applied in their preparalion is applicable law and United Kingdom A¢¢otsniin8 Stsndards, including Financial Reporting Standard 102 The Financial Keporting Siandard appIlble in th¢ UK and Republic of Irelatld (United Kin8dom Generally Acccpted Accountin8 Practice). In ouropiniw the financial statements= give 8 tw¢ and lair view of the slate olthe charity's affairs as at 31 De¢ember 2021 and of Ils nel movement in fund5 for ¢he year ihen et)ded,. have been properly prepared tn accordance wilh Uniied Kingdom Generally Accepted Accounting Practiee. and have bECll prepared in ac¢otdatKe with lh¢ requirnnents of the Clwitics Act 2011. Ba$1$ ft)r opinlffvn We have beeth appointed as auditor under seclion 144 of the Charities Act 2011 rrw¥rt in accordance with the Act and rclevant regulations made or having effect thereunder. We conducted our audit in a¢cordan¢e with Iniemaiional Stsndards on Auditing (UK) IISAS {UK)) and appli¢abl¢ law. Our reswnshbilities under those standards are further described in ihe Auditor's re5w>n5ibili¢ie5 for the audit of the finan¢iai statements seciion of our rert. We are indqjendent of ihe ¢hariry in accordance with the ethic requiremenis ihai are T¢l¢¥aDi to our audit of the financial 5tatemeTht5 in the UK. including the FRC'5 Ethical Standard. and we havc fulfilled our other eihical responsibilities in accordanee with these requirements. We believe that the audit evidence wc have obtained is suffi¢ieth¢ and 0ppmprit to provide a basi5 for our opinion. Ctsneluslons relatSng to going conc¢rn In auditing lh¢ financial siat¢m¢nts. we have concluded that the Tnstees, use of the going thi¢ern basis of accounting in the PTepardtion of th¢ finanrial stht¢m¢thts is appropriale. Based on the work we have perfoTtned. we have noi ideniified any malerial uncertainties relating to event5 or conditions that. individ11[Y or colleetively. tnay cast signiflcani doubt on the charity's ability w contlnue as a going concern for a period of at le&st twelve rnonths from when the finartciaj sthments are authorised for issue. Oiir reswnsibilities and the resnsibIlItieS of the Truslecs With rcspect to going concern are described in th¢ relevant sections of ihis report. Other iDf•rmAtion The Tnisle¢s are r¢S$1b1¢ for the other infomation. The oiher infonnation cornpri5¢5 thc infonnation iDcluded in the Trustee5' Annual Report. Our opirtion the fJt)ancial st8temenis doc5 not cover the other information and. except to the extent otherwise explicitly stated IN our rert. we do not exp$5 any forni of &s5urance conclusion thereon. In conneclion Ivith our audit of the financial sta(ements, our r¢SnSIbilItY is to read the other information and, in doing so, consider whether the other inforniation 15 materially incon515tent iviih the fJn8neial s(atements or our knowledge obtained in thE audit or otherwise appears to k materially misstated. If we identify such material inco#sisien¢ies or apparent material n?L55tatetnents. we are required to deiemiine whdherthere is a material mis5tatemenl in the financial siatements or a material isstatement of the oiher information. If. based on the work we have performed. we conclude ihat there is a maL¢rial mi55tatement of ihL5 other inforniaiion. Ive are required io report faci. We have nothing to rewKt in this regard. Mitters on whith we are required io report by exception We hav¢ nothing 10 report in respect of the folloiying matters in relation to ivhich the Charities lActs 2nd Reports) Regulations 2008 tequire us io rew)rt io you if. in our opinion= adeoua¢¢ a¢¢ouniing r¢¢ords hav¢ noi been kept by the charity: or sufficieTht acrounting records have thot been kept,. or the charity financial $1oiemenis are noi in agrtement with the accounlin8 records and returns. or we have not received all thE informaiion and explanations we require for our audit.
ST PAUL'S CATHEDRAL CHOIR SCHOOL INDEPENDENT AUDITORS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 Responsibilities of Tree for the fu¢tal ststemettts As explained mor¢ fully in the Tru51ee'5 responsibiliiies ststemeni set oui on page 10. the Trusiees are re5ponsibl¢ for the prepara(ion of ihe financial 5taiemenis and for being satisfied that they give a true and fair view. and for such iniernal ¢ontrol as ihe Trusiee deiermine is necessary io enable ihe ptepardiion of financial slatrm¢nts that ar¢ free fT(Fm material missia(emeni, whether due 10 fraud or error. In Neparing the financi staiemert the Trustee5 are responsible for &55¢ssing the charity's abiliiy to coniinue as a goin8 concern, disclosing, as applicable. maiters relaied 10 80ing concern and using the going ¢on¢¢rn basis of accounting unless Ihe Trustee etiher Innd io liquidate the charity or to Ce OTations. or have no reali51ic aliernaiive bui to do so. Auditor's responsibilities for the Audit of the fUnCl?] Statements Our objectives are to obtain reasonable a55urance about wheiher the financial siamenis as a whole are free from material misstatement. whether due 10 fraud or error. and to issue an auditor's repon ihai includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit condu¢ied in accordance with ISA5 (UK) will always deCl material misstaiemeni when it exists. Misstatements can ari5¢ frorn fraud or error and are considered maieiial if, individually or in the aggregale. they could reasonably be expec1 10 influence the economic decisions of users taken on the ba5LS of these financial statements. Irregularities. includin8 fraud, are instance5 of non-compliance with laws and re8ulaiion5. We design prctedures in line with our responsibilities. outlined above. lo detect maierial misSleMen in respeci of irregularities. including fraud. The extent to whi¢h our procedures are capabl¢ of d¢tKiing Irregulariti including fraud is detailed Ilow= B¢d on our understanding of th¢ chariiy and the environmeni in which ii operates. we identifKd that (he principal risks of non-compliance wilh law5 and Tegulaiions relad io regisred charilies and independent schtKTrls, and we considered the extent 10 which noD-cQTnpliae might have a rnaierial effeci on the fit)ancial siaiemertts. We alsts considered those laws and regulations thai have a direct impxt on ihe preparaiion of the fit)ancial atementS such as the Charitie5 Act 2011 and other faciors such as iaxation. We evaluated managemeni's inceniivcs and opwrtuniiies for frauduleni manipulation of the financial statemen15 (including Ihe risk of ovcttide of conrrols) and deiermined ihai the prithcipal risks were related Lo manual accounting journals. Audii procedures F¢rformed by ihe engagemeni ieam included= Discussions with management including cortsideralion of known or susrrtted instances of Don-compliance wilh laws and regulaiion and fraud: Evaluating nnageMent'S controls designed io pr¢veni and deci irregulariues; and Ideniifying and iesiing journals. in panicular journal eniries p)sied with unusual #ceount COTnbiThations. postings by unusual u5er5 or with unusuai des¢ripiions. Because of ihe inhereni limitaTions of an audil, there is a risk ihai we will noi detect all irregulati(ie5. including those leadiThg to a marial missthremeni in ihe financial SthMents or non-compliatice with Tegulation. This risk increa5e5 th¢ tnore that compliat)ce wilh a law or iegula¢ion is removed from ihe events and transaciions ieflecied li] the financial 5talem¢nts. as we will be less likely io become aware of insiat)w of norb-compliance. The risk is also greater regarding irTegulariti¢s due to fraud raiher than ¢ryOT. 05 fraud involves inieniional con¢ealmen(, forgery. collusion. omig%ion or tnisrepres¢nt&iion. A funher descripiion of our r¢SFKinsibiliiies for the audii of the financial siatrmenis is located on th¢ Finala] Reporting Council's websiie ai.. iiii i%.Iri.nfh.iikliiuIIiiLifsL-L'. i)%ihili¢iLs. This deSCri10n forms part of our auditor'5 r¢port. Use ofour report Thi5 repon is made solely io the ¢hariiy'5 Trusiees. as a bcdy. in accotdance wilh section 144 olthe Charilies Act 2011 and regulaiions made under se¢iion 154 of lh Aci. Our audit work has been undertaken so that we mighi stale to lh¢ charity's Trusiees Ihose mailers we are required 10 si io them in an Audilols repoti and for no othei purpose. To the fullest exient permiited by law, we do not accepi or assume responsibilily to at)yone other than the charity's Trwtee as a body for our audii work, for Ihis report, OT for the opinions we have formed. Haysmaciniyre LLP Siaiuiory Audiior i¥a LV 10 Queen Strttt Place IA)ndon EC4R IAG Haysmaciniyre LLP is eligible to wt as an audiior ID iern)s of seciion 1212 of the Companies Act 2( 12
ST PAUL'S CATHEDRAL CHOIR SCHOOL STATEMENT OF FINANCIAL ACTIVITI&S FOR THE YEAR ENDED 31 DECE.MBER 2021 Total 2021 Total 2020 Unres¢ri¢ted Rt5trieted Endowm¢n¢ Note Income from: DDnaiions Invesimenis 3.1,408 30,165 81.752 2.9fA) 115.160 -3.1,125 35.833 CliaTiluble &Liiviiies: School fees Other ancillary incorne 4.051.148 4.053.148 317.449 4.0,30.1 291,556 2b Oiher irading 14.318 14,318 14.733 Total income 4.448.488 84,712 4.533,21X) 5,235,929 Expenditure on: Charitable aciivtiies (4.028.101) (1,944) (4.010,045) {3,710.725} Totsl Expenditure (4.028.101) (1,944) (4,0.30,445) 13.710.725) Nei incorne excludiihg invesimenis gains 420.787 82.768 501.155 1,525.204 Nei gains on invesimeThls 162.577 162,577 Net income 82.768 162,577 665.732 1,598,128 Transfers between funds 10 81.752 (81.752) Net movement im funds 1,016 162.577 1,598,328 Reconeiliation of funds Toial fund5 brought forward l(P12 6.461.195 37.( 1.136,477 7.634.740 6.036,412 Total funds carried forward 6.963.734 1.299.054 8,3W,472 7,634,740 All am(bunis derive from continuing aclivilies. All gains and losses recognis¢d in the year are included in ihe ofFinancial Activiiies. Noies I 14 forwn part of thC financial arnents. 13
ST PAUL'S CATHEDRAL CHOIR SCHOOL BALANCE SHEET AS AT 31 DECEMBER 2021 Totsl 21121 Total 2029 ote FIXED ASSETS Investments Tangibl¢ assets 1299.053 8.799.092 I,l36,476 7.864,9CKI TOTAL FIXED ASSETS 10.tr98.145 9,IK)1,376 ctJRRENT ASSETS D¢biors C&sh at bank and in hand 122.730 .348.153 89.510 1,191,409 TOTAL CURRENT ASSETS 1.470.883 1,280,919 Ctujilois." amounis fallin8 due one year (972.W} (708383) NET CURR£YT ASSETS 498.417 572536 Crediior5 falling du¢ after One year (2296.0901 11,939.172) TOAL NET ASSETS 8,300,472 7.634.740 FUNDS UrenCted fvnds Rcstricied fijnds Endowment fimds 6.963.334 38.084 1.299.054 6.461.195 37.068 1.136,477 10 10 TOTAL FUNDS 8.31,472 7,634,740 Noies 110 14 form part of these fjttancial statcments. These financial statements iveT¢ approved and authorised for Ie by the BrArd orTnl$ on 22 JuDe 2022 Signed ort behalf ot'ihc Board of TTUS*eS'. The Very R¢v'd Dr David Ison Ttee 14
sr PAUL'S CATHEDRAL CHOIR SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EP4DED 31 DECEMBER 2021 I. ACCOUNTING POLICIES Accountbng Bsis The fjnancial 51atements are pwartd ut)der the his¢ori¢al cost convention modiflcd by the revaluation of investment ass¢is io market value and in compliance with Acwunling and Reponing by Charities: Siaiement of Recomrnended P11¢¢ appllcable io charities preparing their flnancial 5tatemeth¢s in cOrdanCe wilh the Finan¢ial Reporting Standard 102,"The Finaneial RewTrrtin8 Standard applicable in the United Kingdom and ih¢ Republic of Ireland" I'FRS 102") and the Chariiies Act 2011. The financial siaiements ar¢ prepared ITh sterling which is the functional currency oftk Cbarity. Mon¢irary amounts in these finanrrdl slateTnenis are round¢d to the nearest tKJund. The Charity is a Public Benefit Entity as defined by FRS 102. The trustees eonsider that there are no material uncertainili¢s aff1]g the Charity's ability io contiThue as a 801Th8 concern for at least iwelve months fom? the date of approval of the accounts. Feej Similsr Income Fee5 reccivablc for the pn)vision of ducation and ¢harg¢s for 5ervice5 and use of premises are accotsnted for in the period when the school 15 entitled to receive them. they ¢an b¢ measured and the receipt is probable. These are included ill income from charitable aclivities. Fee5 receivable s¢at¢d afteid¢dtsctin8 allowances, seknlarships and other rerni5sions granted by ihe school from its unrestrkcted funds. but include contributions ¢t1¥¢d from Resiri¢ted Funds for scholarghips. bursaries and oiher grants. rk)nations are also ac¢ount¢d for OTh a r¢c¢ivable basis although in practice the criteria of en(iilemen¢, measurement and probability are fr¢quertUy ffily met at the of receipt. Expendifure Expenditure i5 accounted for (tyn an aC¢Tuals basi& VAT is >n¢luded with the item of expense lo which it relates. Approximately 65QA of sUprt costs are speni in direct suppon ofieaching activity and the remaining 35°h on welfa and premises supwrt. Depreciation on the school tninibu5 is included in support costs. Tea¢hSng Mat¢riils Supplies of game5 equipmenl F)k$, Stationery atKI sundry materials off io the Staiement of Financial Affair5 as s[ as the expenditure on procuring them is in¢urred. CAPitAli5tion of Fixed Assets Assets above the c05t of £250 ivsth a usefvl life exceeding one year are capitslised on the balance shett and depreciation is provided Ls set out in the folloiybng paragraph. Depreclaiion Depi¢¢iaiion of iangible assets is provided al rates calculated io wrilc off the ex¢ess of ¢OSf over th¢ ¢sltmaitd residual amount evenly over ihe estimated useful eeonornic live5 of each class of 5¢( on a straighi line ba515, subject to annual review. Only assds costing over £250 are capiialised. The useful eco¥LOmiC lives are currenily as follows= Buildings improvements extensions Furniture and equipment New Buildin8 works 10-20y¢ar5 3- Ioyears 25-50 years Pensio• Sehemes The School contributes io the Tea¢heTS' Pension Scheme at rales set by the Scheme Artuary arhd advised io the School by the Scheme Administrator. Th¢ S¢heme is a mulli-employer pension scheme and it 15 not P05siblt lo identif). the assels and liabilitie5 of thc Scheme whieh are attributable io the Charity. In accordance with FRS102 the Scheme is ac¢ounied for as a defined contribution scheme. i¥hilsi li is a defined benefit scheme. Contributiotts are accounied for as a defined contribution scheme and ¢orttributions accounted for when advised as due by the Scheme Administrator. 15
ST PAUL'S CATHEDRAL CHOIR SCHOOL NOTES TO THE FINANCIAL STATEMENTS (cotttittued) FOR THE YEAR ENDED 31 DECEMBER 2021 I. ACCOUNTING POLICILS (lined) Pension schem (ntinued} The Si Paul's cathedr Final Salary Pension Scheme ceased kIng further contribution5 in May 21X)7 and under th¢ arrangemeni made with ihe Caihedral the School is no( required io make futther conltibuiions. The School also coniribuces io a defined contribution scheme wKih AVIVA. The scheme is available to all employees. Th¢ assets of the scheme are held separately irh independently adtnini5lered fu]5. For defined coniribuiion schemes the amoutti charged io the Ststement of Financial Activities in respect of nsIon c0515 and other post-reiirement benefils IS the coniribution5 payablc in the year. Difference5 between conlribution5 payable in the year and coniribuiions actually paid are shown eithcr accrua15 or prepayments in the balance sheet. T#xation The School is a registered charity and as such is exempt from taxation on its income and gains to the extent that th¢y are applied to Lts charitable PUTposes. Cashflow Staternent In accordance with the provisions of FRS102 section 1.12 a cash flow stsierneni has noi tgen prepwed as ihe School's cash flows are included in the consolidated financial staternents of St Paul's Cathedral. IDYtttments All investrnents are revalued annually at open market value. Any unrea]i5ed change in value since Ihe dale of acquisiiion or the last balance sheet date is credited or charged ro ihe Siaiemeni of Financial Aciiviiies. Any realised gain or loss (calculated as net sale5 proceed5 less value ai the last balance sheei d3K orcosi if acquiredduring the year) is also crediied or charged to the Statement of Financial Adiviti¢s. Cash at Bank and in Hand Cash at Bank and in Hand includes funds held on shon ierni deposits. All the funds on Deposit are for less Ihan 3 monihs and allow immediat¢ access. Funds Funds are classified beiween restricied ond unresiricied in accordance with the legal constraints on their use, and the consequent degree of flexibiliiy which ihe Tru¢¢$ have on using the income ihai gave rise io the funds. Rtstricied Funds These are fund5 subjeci to specific condiiions or MIS which are binding on ihe Tnjsiees. The restriction may be on income or capital or t#)th. Unrestri¢ted Funds These are all funds oiher rhan endowmeni aThl resiricwl funds and include funds designated for a specific puq)ose by the Trusiees. Designated Funds These are fund5 allocaied io the Bursary Fund and are math up of Income from Ihe Capitsl fund plus 6% of the prior year's unresir1cd Surplus and fund from Ihe curreni year surplus sufficieni io ensure the fund is noi in defLCit. Critieal accounting judgments and sourees of estimation uncert*inty In the applicaiion of ihe School's accouniing policies. which are described in ihis note, the TnleeS are requittd io make judgements, esiimaie5 and assumpiions atrx)ui ihe carrying amounts of assets and liabiliiies that are noi readily appareni from oiheT sources. The esiimaies and associaied assumpiions are based on historical expenence and oiher factors thai are considered 10 be Televani. Aciual resvlis may differ from ihese esiimaies. The esiimaies and underlying aSSUtnpiions are reviewed on an 0going basis. R¢vi5ioJJs io accouniing esiimaies are recognised in ihe riod in which the e51imaie is revised if Ih¢ revision aff15 only thai Fer1, OT in ihe of the revision and fuiure riOdS if the revision affecis boih current and fuiur¢ period5. The Trustees do not consider theT¢ are any uilical judgements or sources of esurnauon unceriainiy requiring disclosure. 16
ST PAUL'S CATHEDRAL CHOIR SCHOOL NOTES TO THE FINANCIAL STATEMENTS Icontittued) FOR THE YEAR ENDED 31 DECEMBER 2021 FEE INCthIIE 2021 Tot41 2020 T•t*l Glo55 SchoDI fees Less-. di5coun15 Less- ioial bursaries and prize5 4,147.636 116.417) (78.051) 4,274.489 1143,605) (70,581) Net fees receivable 4,053,148 4.060.303 Add.. bur50ries and prizes funthd by restricied fu15 Total 4.053.148 4.060.303 2b. OTHER ANCILLARY CHARITABLE INCOME Extras Regisiraiion fee5 Sch1 irips OTr 250.078 20.5(M) 10.716 30.155 258,238 18,501 7.532 7,285 Total 317.449 291,556 OTHER TRADING Music and unifonn s31¢s Oiher 12,746 1,572 Total 14.318 INVFSTh(ENT INCOME Invesimeni Income from Capilal Fund Invesimeni IoMe from Scholarship and Prhzcs Fund Inieresi on Cash Deposiis 30.(M)7 28,977 2.859 158 Total 33.125 EXPENDITURE Chgritable expeJ)dilure includes: Depieciaiion Auditors. Remuneraiion 211.815 9.6(X) 60.654 Total StatT Costs ¢ornprised: Wages and Salaries Social Securiiy Co515 Other PensioTh Cosis 2.191.711 214.014 742.817 2.216,997 21.1,91 326.806 Tol•l 2,748,578 2.757.714 17
ST PAUL'S CATHEDRAL CHOIR SCHOOL NOTES TO THE FINANCIAL STATEMENTS (¢ontiJw¢d) FOR THE YEAR ENDED 31 DECEMBER 2021 EXPENDITURE leontinued) 2021 2020 The verage number •temployees itt th¢ Yr. T¢llehing Mu51 Teaching assistani Dotnestic AdminisirJiion 33 20 13 33 19 12 Total 79 77 The number of high paid employee5 £so,(- £60.OCX) £60,(M)1- £70.0(X) £70,(M)1- £80.0(J) £80,1 - £90.0) £90,(K>i - £ioo,o(x) 2021 2020 Aggregaie employee benefirs of ihe SenioT Managemen(Team {Key Management Personnel) are: £481.417 £473.425 The Governors received no remunerdtion, reimbjrsed expenses or kner for the eurrent or previous years. ANALYSIS OF TOTAL EXPENDtTURE 2021 Staff Total D¢pre¢iatioD EducAtion: Teaching Welfare Pretnises Support costs Governanc¢ costs 2 J27.294 55.111 131.641 2fA).387 183.351 42.872 2,553,517 373,970 566.760 382.400 153,398 266.176 122.013 153.398 168.943 Total 2.774.433 1.043.797 211.815 4,030,045 Staff Total 2020 Depreciation Education: Teaching Welfare Femis¢s Suppori cosis Governance cos 2.261.945 93.671 156.673 255.870 131.951 261.134 303.fl)3 130.839 48.378 30.973 2.424.869 354.805 489,958 392,715 48,378 29.682 2,768.165 881.5 fA).655 3,710,725 Total 18
ST PAUL>S CATHEDRAL CHOIR SCHOOL NOTES TO THE FINANCIAL STArnIENTS (coD¢inued) FOR THE YEAR ENDED 31 DECFMBER 2(121 ANALYSIS OF EXPENDITURE {contiouedl .8upport ctssts include Ihe costs of ihe five lminis1ra1ive staff of the sch1. Oiher suppori costs relate to ¢XP¢nS¢S involved in the supp1 of Tehing. Welfare and Pretnises. INvEmENTs The Invesirnent fund% (Capitsl aThJ Scholarships Funds) are under the management of CCLA Invesiment ManaoemenL Ltd and conSLSt rnainly of quoted equiiies. There wer¢ Do addilions and disposal in ihe year 2021 Capital Fund Scholarship & prizes fund Total Market value ai l January 2021 Revaluation in ihe year 102.056 14.599 .176.476 162.577 147.978 Market Value ai 31 tkcember 2021 1.182.398 116.655 1,299.053 Spli¢ of iDVeStmenls Invesimeni assets in ihe UK 31 December 2021 Investment assets ouiside the UK 31 December 2021 451.759 845.294 Total 1.299.053 Historical CO of inv¢51m¢nts 601,940 2020 Capital Fund Scholarship & prizes fund Total Markel value ai l Jartuary 2020 Revaluaiion in the year 967,863 66.557 95.490 0,566 1.067.-353 Markei Value ai 11 D¢cember 2020 .024.420 102.056 1,116,476 Split of inyestments Invesimeni 3sseis in the UK 31 December 2020 Invesltneni asseis ouiside ihe UK 11 December 2020 771.667 TotAI 1,136.476 HIOr1ed1 cost of invesimenis 601.940 As ai Ihc lime of signing the xcouThiS ihe value of Invesimenis w&5 not ¢[181[Y different from ihe year end. No disposals or acquisiiion5 hay¢ tten mad¢ since the year end. 19
ST PAUL'S CATHEDRAL CHOIR SCHOOL NOTES TO THE FINANCIAL STATEMENTS l¢ontitsued} FOR THE YEAR ENDED 31 DECEMBER 2021 TANGIBLE FIXED ASSETS Fixthres, fittings and equipment Building improvements 2021 Tol4ls Cost or Valuation At l January 2021 Addilions 9.039.736 I,045.(2 655,570 100,944 9,695,306 1,146,¢X)6 A5 31 Dec¢rnE¢r 2021 10.084.798 756,514 10,841,312 Depreciation Ar l January 2021 Char8e fol ihe year 1.259.894 570,512 42,872 1,830,4f 211,814 At 31 December 2021 1,428,836 2,042,220 Net Book Value At 31 December 2021 8,655,962 143,130 8,799.092 At 31 December 2020 7,779,842 85.058 7.864.9(M) The freeholds of the Si Paul's Cathedral School and SL Augustine's Hous< New Change. London EC4M 9AD are owned by the Corporation of th¢ cath Church of Si Paul in LoThJon. Accordingly. they are not shown on the School's balance sheet. DEBTORS 2021 2020 Amounts falling due within one ycwr School fees Accrued Incorne Oiher Debiws 20.116 85.862 16.752 (4.8951 84.246 10,159 122.7.10 89,510 CREDrroRS 2021 2020 Amounts flliMg due within one year Returnable deposits Fees in advance Sundry CrcdilOT5 Aecruals and Deferred Income Due io St Paul's Cathedral 137.80D 165.IK)O 37.805 474.211 157.650 110,300 21,254 454,155 102,674 972.466 708,383 Amounts flling due after one year Amounis owing 10 Si Paul's Cathedral Due 2-5 year5 £735.027 over 5 years £1,561.063 2.296.090 1,939,172
ST PAULS CATHEDRAL CHOIR SCHOOL NOTES TO THE FINANCIAL STATEMEKfs Itohtinued) FOR THE YEAR ENDED JI DECEMBER 2021 CREDITORS leontinued) In S¢pternber 2020. Si Paul's Caihedral ¢ntered into a£2.5m loan faciliiy wilh Lloyds bank and subsequently loancd ihe School an equivaleni loari OD ihe same repayment ternis io fund ihe completion of the building projeci. Amounls were drawn from St Paul's Caihdral in laie Septernber 2020. Ihe full £2.5m wa5 drawn down from ihe Caihedral by end of March 2021. Capiial repaymenis Slaned in NOveMr 2021 and Lhc balance will be rcpaid 10 Ihe Caihedrnl over Iwelvc years ai an inieresi rate of 1.27% above ihe Bank of England base raie. 10. ENDOWMENT AIYD RESTRICTED FUNDS Endowm¢nt and res(ricied funds consisi of ihe Capital fund and Scholarship and Pri fund. All futbjs are held as either cash or investments under the managernent of CCLA Invement Management and consist mainly of quoied equiiies. Endowment fUl- 2021 Capitsl Fund Scholarship & PriZE5 fund Totsl Fund ai l January Revaluion in th¢ year 1.014.420 147.978 102,056 14,599 .136.476 162.577 FUMI ai 31 De¢¢mber 1.182.398 116,655 1.299.05.1 Endowment funds- 2020 Capital Seholrship Fund & prizes Totsl Fund ai l January Revaluaiion in the year 967.863 66.557 95.490 6.566 1.063,353 73.124 Fund ai 31 December 1,034,420 102.056 1.136.476 Restrict fund Iheld as ¢&sh)-2021 Total Fund ai l January Net income for ihe year 37.068 1,016 FurMI al 31 December Restricted fund (held as wh)-2020 Tot81 Fund ai l January Net income for th¢ year 35.825 Fund 3¢ 31 DecemEr 37.068 Thc balanc¢ on restricied Teserves rele$ lo the Sch(K*l Scholarship and Prizes Fund. 21
ST PAUL'S CATHEDRAL CHOIR SCHOOL NOTES TO THE FINANCIAL STATEMENTS leotstittued) FOR THEYEAR ENDED 31 DECEMBER 2021 Sehool Capitsl Fund lTrcorne generated by Ihe Capital Fund may drawn down by and utilised by the Governors for S¢if1C putposes for the benefit ol the school and is therefore recogrtised in urhtcstrictcd funds. Further details are 8iven in notes 10 and 11. 50% of the Capital of the Fund 15 available lo I tK)JTowed by the Govcrning Body foi specifsc purpose5 for the bEnefit of the School. SCIM] Schol*r5hip and Prizes Fund The income from the Scholarships. Prize5 and Bursaries Fund will be applied by the Governing Body to award prize5 and scholorshkps a( their discretion. and is therefore recognised ITh unrestrictd funds. No capital was transferred to Unrestricted Reserves in the year. TraDsfer5 The irartsfer of £81.752 (2020 £805.903) oui of Yestricted fuEMts In unrestticied rtds relates (o the StriCtionS in relation to dona¢ions iowards the building ptoieci being saiisfied. 11. UNRLSTRICTED FUNDS: MOVEMENTS IN THE YEAR 2021 Genernl De5igD8ted Designat¢d Income from School Capitsl BUary Fund Total At l January Surplus l (deficiil for ihe year Designation in ihe year Inoie 12) Further Transfer required Transfer from tried funds 6,461,195 468,431 (25.223) (22.821) 81.752 6,461.195 420,387 30.007 {30.(K17) (78,051) 55,230 22,821 81.752 A(31 December 6.963,334 6,963,334 UNR&STRICTED FUNDS: MOVEMENfs IN THE YEAR 21120 Gemrd Designated Designated Income from School C8pital Fund Total At l January Surplus 1 (defLCltI for the year Designaiion in ihe y¢ar (note 12) Transfer from restricted funds 4.937.234 759,662 (43.083) 4,937,234 718.058 28,977 (28.977) 170.581) 72.060 805,903 At 31 Decembei 6,459,716 ,479 6,461,195 22
sr PAUL'S CATHEDRAL CHOIR SCHOOL NOTES TO THE FINANCIAL STATEMEN15 (continued) FOR THE YEAR ENDED 31 DECEMBER 2021 11 DKSIGNA TED FUNDS In¢ome from School Capitsl FuDd In 20(N). Governors. Wlth the Agreemeni of the Ttustees, vod io iransfeT some or ail of th¢ income from ihe Capiial Fund h year io (he Bursary Fuod in order io build ihis up for future use. Ihis arrangemeni has continued and T¢mains urtchanged. Hence in 2020 all of ihe income was an$(¢r[¢d to the bursary funds as shown in Thote I l. Sehool Bursary Fund Since 2010 ihe Bursary Fund h&$ Ixen a Designated Fut)d. The Fund assists day ¢hildr¢n parents who find themselves in finan¢ial difficuliy during iheir child's stay in ihe School and li is hoped io extend ihis a55isiancc to ncw fa¥nilies in Ihe fuiure. 6% of each year's Unresiricied Fund surplus is pui aside for ihis purpose. In 2021 the sum was £25,223 (6% of ihe 2021 unrestricted surplus of £420.387) plus the iThcom¢ from thecapiial Flhnd I£30.0071 which is Iransferred io the Bursary Fund mentioned in No 10 atM)ve making £$5.23 balance transfer of £22.821 from General funds was r¢quir¢d. The Governors have agreed thai Finance and G¢neral Purpo Commhiiee will be responsible foroverseeing the award of granis. 13. ULTIMATE PARENT The Charity'5 Controlling eniiiy is the corallOn of the Cathedral Church of St Paul in London commonly known a5 St Paul's Caihedral. ThL iesults of the Schwl are consolidad into ihe consolidated flnancial siaiements of Si Paul'5 Cathedral. Copie5 of IhL Caihedral's fInala1 stements may be obtaiMI Irom The Chapr House. S¢ Paul's Churchyard. London EC4M 8AD. I STAFF PENsIof4S Teachers The School parlicipaies in ihe Teachers. Pension Scheme {England atMI Walcs) ( Ihe TPS") foT Lis leaching siaff. The tnSIOn chorge for lh¢ year includes coniribuiions payable io the TPS of £278.964 (2020.. £273,465) and ai ihe year- cnd £nil (2020= £nil) was accwed in re5Frtt of contributions to this scheme. The TPS 15 an unfunded multi-¢mploycr d¢fin¢d trw¢fI pension $chee governed by The Teachers. Pensions Regulations 2010 (as amended) and The T¢achers' Pension Scheme Regulaiions 2014 (as amended). M¢mb¢r5 conlribuie on a'pay as you go" basis with coniributions from llMbers and ihe employer being ¢rediied to the Exchequei. Reiiremeni and oiher pension benefits ore paid by public lu]NJs provided by Parliament. The employer coniribuiion rate 15 Sei by ihe Secretary of Siaie following scheme valuaiions underlakeTh by ihe Goveinmeni Aciuary's Departm¢ni. The llM)St receni acTuarial valuaiion of ihe TPS wa5 pr¢par¢d a5 ai 11 Match 2016 and ihe Valuation Report, which was published in Mar¢h 2019. confirmed Ihat the employei conlribulion r¢ foT the TPS would intrease from 16.4% 10 2.3.6 from I Sepiember 2019. Employeis are also required io pay a scheme administraiion levy of 0.08% giving a ioial employer contribuiion rdle 0123.68%. Th¢ 11 March 2016 Valuaiion Repon was prepared in accordance with the bBr5efits sei oui in the scheme regulalion5 aThd undei Ihe appioach specified in ihe Direciion5. as they applied ai 5 Match 2019. However, the a5sumpiions were 23
ST PAUL'S CATHEDRAL CHOIR SCHOOL NOTES TO THE FINANCIAL STATEmEps {wntinued} FOR THE YEAR ENDED 31 DECEMBER 2021 T¢x¢htrs ltontinued) conSided and set by the Department for EdU10n priorto the Tuling in th¢'M¢CloudlSar8eant c&%e'. This case h&s required the io Consider cases regarding the impl¢mentsiion of the 2015 refonns to Public Service Pensions including the Teachcrs, Pcn510llS. On 27 June 2059 the Supreme Court denied ihe govemmeni perniission to appeal the Court of Appeal's judgment that transitional provisions introduced to the refornied pension s¢hem¢s in 2015 gave rise to unlawful ag¢ discrimination. The govemment Ks respecting the Court's decision and has said il will engage fully with the Employment Tribunal as well as employer and member represtntatives to agree how the di5CTimination5 will be remedied. Th¢ government announ¢ed on 4 Febnjary 2021 that it iniends to Proceed with a deferred choice underpin under which membeTS will be able io Choose e¥ihei legacy oi refomied scheme benefiis in respect of iheir service during the period between l April 2015 and 31 March 2022 ai the point they become payable The TPS is subjeci io a cost cap me¢hanism whi¢h wa5 pul in place to proteet taxpayers against unforeseen changes Ill scheme rosts. The Chief Secreiary to ihe Treasury, having in 2018 announced that there would be a review of thi5 cost eap mechanisrn. in January 2019 announccd a pause to the Cosi cap me¢hanism followiDg the Court of Appeal's ruling in the M¢CloudlSarg¢ant Use and until there is certainty gFK)ut the value of pensions to etnployees from April 2015 onwards. The pause was lifted in July 2020. and a consultstion w&5 launched on 24 June on proposed change5 to the cosl control mechanism following a review by the Governmeni A¢ivary. Following a public ¢on5uliation. the Governrnent have cepted three key prowsals recornmended by the Govemmeni Aciuary. and are aiming io implement these chan8es in tirne for the 2020 valuations. In view of ihe alyove rulings and decisions the assumwions used in the 3 l Mah 2016 Acthariaj Valuation may become inappropriate. In ihi5 scenario. a valuation prepared in accordat)¢e with vISed benefiis and 5uitsbly r¢vis¢d assumptions would yield different resulr5 than those contained in the Actuarial Valuation. Until the corbsultation and the cost cap mechanism review are ¢ompleted it is not PDssible to conclude on any flnancial irnpact or fure Changes io the contribution rnies of the TPS. Accordingly no provision for any additional P8St benefjt pension costs 15 included in ihe5e financial staternents. Other Sta Defined Contribution Scheme: 43 non-teachin8 Staff participate in the defirted coniribution scheme run by Aviva and provided by St Paul's Caihedrdl for its staff.. The assets of ihe Scheme are held in indepcndently administered funds. The pension charge for 2021 ildeS ¢oniribution5 payable to ih¢ scheme of £63.849 (2020.. £53.3411 Final Salary Pension Scherne: four non-leachiThg staff parti¢ipai¢d in the Si Pavl's Caihedtal Final Salory Pensio Scheme which c105ed io service accru31 on 15th May 2007. According to the terms of the Instrument of Delegation, 811 administration costs of the Cathedral Pension Schemes will be IK>me by St Paul'5 Cathedral. As sueh no costs or liabiliiies are included in the accounts of Si Paul's Cathedral School. Th¢ Cathedral is re5rK>nsible for a defined knefit pension 5theme and the asseis of the Scheme are held in a separaie trustee administered fund. Although closed to servicc accrual. thc retirement benefits for mEmbers of this scheme 8]r based on employees. final remuneratiot) and the length of seryi¢e to May 2007. The pension cost is a55essed in accordance with the advirc of an independent a¢ary using the projecied unit m¢th¢)d on the basi5 of an annual vatuaiion updale and charged kn ihe Statement of Financial Activities as descrtbed below. There was a scheme fundiDg valuation of ihe Scheme as at 30th September 2019. The fundin8 plan is for the Scheme to hold assets equal io the va]ue of the benefits using the mhOdo]0gY as set oui in the Scheme's S¢aiement of Fundin8 Principle5. This valuaiion showed a seheme surplus of £0.9m. The Trusiees and Chapier therefore a8Teed that no further defLCit contribution5 werr required to nieEt thc Siatulory Funding Objtciive. In practi¢e, this funding plan will be reviewed following the cornpletion of subsequent scheme funding valuatiorts. the next of which is due as ai 30 September 2022. 24
ST PAUL'S CATHEDRALCHOIRSCHOOL NOTES TO THE FINANCIAL sTATEMElrs le•ntlMued) FOR THE YEAR ENDEDJI DECEMBER 2021 15. RELATED PARTY TRANSACTIONS Tuiiiort fees of £430.20212020.. £471.0001 ar music fees of £53.64212020.. £60.0001 weT¢ Paid by Si Paufs Cathedral 10 the sclKMTrI for the educalion of the Chorisiets. Th¢ Cathedral paid a grarbt ioialling £500,000 in 2019 but nothing further iTb 2020 to firtance the Learning in Harniony Building Project. The school paid rental income to the Cathedral of £125.195 12020: £125.000}. The bala¢ due io the Caih¢dral 15 d¢thil¢d in Note 9 Durins the year the St Paul's Cathedral Chorister Tnjst ¢ontyitrtLied £83,30312020.. £89.478} toward5 the Boarding fees of 1212020.. 171 chorislers. The Precenlor 15 a TTUSt¢e of the School and iht Chori51¢1 Trust. The Governors made aggregate (kynations to the 5cIKJol of £35LX2020£550) 16. CAPITAL COMMITMENTS The school buildin8 contract with Borras Consiruciion Lid was mpled in 2021. There afe entiorS still oulsianding of £99.352 plus vat cqualling £119.224. There were no other Capi comrniiments at Jl Decernber 2021. 17. POST BALANCE SHEET EVENTS The Governors of the Si Paul'5 Caihedral Sch¢Jol and Chapter of th¢ Cathedral have 51art¢d di5fU55ions wilh th¢ objective of restructurtng the governance arrdngements at the School. As part of this exercise the tsade and assets will Move from ihe Schty)l in its curr¢ni structure as an nirrPorated charity to a new incorporated charity. Discussions are ongoing and the n¢w ¢hang¢s are expected Lake plxe within the nexr year. The Schwl'5 results Ivill continue to be ¢onsolidaied in the Caihrdral's financial statements. 25