S, PAUL'S CATHEDIIAL SCHOOL ST PAUL'S CATHEDRAL CHOIR SCHOOL ANNUAL REPORT AND FINANCIALSTATEMENTS YEAR ENDED 31 DECEMBER 2024 Charity no. 312718
St Paul's Cathedral Choir School Annual Report and Financial Statements at 31 December 2024 Contents Page Charity Information Trustees, Report io Statement of Trustees, Responsibilities li Independent Auditor's Report 14 Statement of Financial Activities 15 Balance sheet 16 Notes to the Financial Statements
St Paul's Cathedral Choir School Charity Information at 31 December 2024 Trustees The Chapter of St Paul's Cathedral.. The Dean, the Very Reverend Andrew Tremlett Canon James Milne Iretired 14, May 20241 Canon Dr Neil Evans (retired 31st July 20241 Canon Dr Paula Gooder Canon Sheila Nicoll OBE Canon Gillian Bowen Canon Clement Hutton-mills Canon Peter Aire5 OBE Canon Alison Gowman CBE Canon Morag Ellis KC Canon Mervyn Mcculllagh Canon Dr Catherine Okoronkwo (From 8, September 20241 Canon Philip Banks (From 5, October 20241 Governors Robert-jan Temmink KC Ichairl The Dean, the Very Reverend Andrew Tremlett (Vice Chairl Canon James Milne n# Iretired 14, May 20241 Canon Dr Paula Gooder $ Gavin Ra15ton V Andrew de Silva X Edward Wild S Iretired 7, December 2024.. reappointed 19 March 20251 Simon Robson Brown ' Paula Jefferson h# Susan Wessels # (appointed 4, March 20241 Ailsa Anderson S (appointed 4, March 20241 Canon Dr Catherine Okoronkwo (appointed 19 March 20251 Canon Philip Banks (appointed 19 March 20251 Lead Governor for Safeguarding Member of the Finance and Resource5 Committee V Chair of Finance and Resources Committee
Member of the Curriculum and Standards Committee
X Chair of Curriculum and Standards Committee S Member of Marketing and Communications Comrnittee W Chair of Marketing and Communications Committee Head Judith Fremont-Barne5 MA IHonsl MEd Bursar S J Vickery MA MSC (retired 24, January 20251 K Evans BA (Openl Cert Acc Iopenl Cmgr FCMI (appointed Interim 26 February 20251 th Cathedral Director of Music Andrew Carwood MBE + +in attendance at all Governing Body meetings
St Paul's Cathedral Choir School Charity Information at 31 December 2024 IContinued} Registered Office 2 New Change, London EC4M 9AD Charity Registration Number 312718 Bankers Lloyds Banking Group plc, 70- 71 Cheapside, London, EC2V 6EN Solicitors Veale Wasbrough Vizards LLP, Barnards Inn, 86 Fetter Lane, London, EC4A IAD SA Law LLP, Gladstone Place, 36-38 Upper Marlborough Road, St Albans, Hertfordshire, ALI 3UU Auditors Haysmac LLP, 10 Queen Street Place, London, EC4R IAG Insurers Ecclesiastical Insurance Office plc, Beaufort House, Brunswick Road, Gloucester, GLI IJZ Investment managers CCLA Investment Management Limited, One Angel Lane, London, EC4R 3AB
St Paul's Cathedral Choir School Trustee's Report at 31 December 2024 The Trustees present their annual report and the audited financial statements for the year ended 31 December 2024, prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Statement of Recommended Practice and the Charities Act 2011. STATUS AND ADMINISTRATION The Corporation of the Cathedral Church of St Paul in London 1st Paul's Cathedral), operates St Paul's Cathedral School ISPCSI under Statute XVI of the Instrument established for St Paul's Cathedral dated 13 May 2000 and updated thereafter. The statute sets down the objective5 for the school and the powers and procedures by which Chapter will ensure the proper management of SPCS. The role of the Cathedral is as the seat of the Bishop of London and a centre for worship and mission. On I September 2005 an Instrument of Delegation delegated responsibility for the governance of SPCS to a Governing Body (the current members of which are listed on Page 2 of this document). SPCS, whith is unincorporated and ha5 charitab5e status, has its affairs overseen by a Trustee body. The Trustees of SPCS school are the Chapter of St Paul's Cathedral. The Chapter also has representation on the Governing Body, which consists of up to 12 member5. The Governing Body ha5 a Finance and Resources sub-committee, a Curriculum and Standards 5ub-Committee, nominations sub-committee and a Marketing and Communications sub-committee, the last set up in 2021 to help support the expansion of school numbers and counter competition among City schools. Other working parties are set up as the need arises. The Governors delegate day to day management responsibilities to the Head and the Senior Leadership Team which comprises of the Bursar, Senior Deputy Head, Deputy Head Academic, Head of Boarding and Head of Pre Prep. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The School is governed by it5 Instrurllent of Delegation, which came into effect on I September 2005 and is Subject to a five- vearly review with a cancellation clause. Governing Body The Governing Body. when complete, consists of The Dean and up to 4 members of Chapter, and 7 lay governors. The initial lay governors were appointed by the Chapter, in consultation with the Head, but lay governors are now proposed at full Governors, meeting5 by the nominations sub-committee, which is convened on an ad hoc basis as required, and are approved nd formally appointed by Chapter in accordance with the Corporation'5 recruitment policies. Lay governors are appointed according to the specialist skills they can offer. The constitution of the Governing Body within the Instrument of Delegation is under review by the Chapter and the Governing Body during 2024-25. Trustee and Governor Training New Trustees and governors are inducted into the working of SPCS by the Head and Bursar and are regularly updated through briefin85 at the school and external Trustee and governor training courses. As a minimum, every Governor is required to undertake safeguarding training which 15 provided online and via an in-person school-specific briefing. Governance The Governors meet at least three times a year to determine the general strategy of SPCS and to review its overall management and control. The work of overseeing the implementation of most of the Governing Body's policies 15 carried out by the Finance and Resources sub-committee, which meets before each meeting of the full Governing Body and at other times as required. The Governors, Curriculum and Standards sub-committee continue to monitor the education standards of SPCS and policies relevant to that committee's areas of expert15e and oversight. Relationship5 SPCS is an active member of the Independent As50Clation of Preparatory Schools IIAPSI, for the promotion and maintenance of preparatory school standards generally, the Choir Schools Association and the Society of Heads- the Head serves on its Executive Committee. It also takes part in peer-group studies for the evaluation of quality and performance improvement methods. SPCS is also a mernber of the Boarding Schoo55 Association, drawing on expert knowledge in the boarding pupil environment. The Independent Schools Bursars, Association also provides access to the latest financial and management developments in the education sector. SPCS benefits from membership of the Education Forum of the Corporation of the City of London.
St Paul's Cathedral Choir School Trustee's Report at 31 December 2024 (Continued) CHARITABLE OBJEcrs SPCS exists for the education, nurture and care of the Choristers of St Paul's Cathedral. It also has a responsibility to educate such other pupils between the ages of four and thirteen as can be properly accommodated from time to time within the school. Purpose and Principles SPCS is a Christian, co-educational community where the values of love, justice, tolerance, respect, honesty, service and trust are encouraged and practised to promote positive relationships throughout the school community. The School aims to instil a love of learning through a broad curriculum. It aims to give each pupil the opportunity to develop intellectually, socially, personally, physically, culturally and spiritually. All pupi15 are encouraged to work to the best of their ability and to achieve 5tandard5 of excellence in all their endeavours. Through the corporate life of SPCS and through good pastoral care, the school encourages the independence of the individual as well as mutual responsibility. It aim5 to make its pupils aware of the wider community and encourages a close working relationship with parents and guardians. Principal Activity SPCS'S principal activity continues to be the provision of education in a boarding environment for the St Paul's Cathedral Choristers. To create a more balanced school environment for the Choristers, the school also educates day children from the ages of 4 to 13. Aim5 for the Year The Governor5, main objective continues to be to maintain the high standard of education for all the pupils, ensuring that they receive a holistic education which will enable them to experience wellbeing, achieve the best possible outcomes in and beyond the classroom and, in due course, be active and effective adult members of society. Pupils are prepared for entry to a wide range of selective senior schools- we set achievable but ambitious targets for our pupi15. During the calendar year 2024, SPCS grew to its new maximum pupil roll of 285 and Since ha5 been consistently oversubscribed with waiting lists for all sections of the School. Having been inspected in March 2022 and found to be non-compliant in relation to equal opportunities in that those girls at the School, at the time of inspection, were unable to join the Cathedral Choir. Chapterfs decision lin April 20231 to admit girls to the Choir was followed by the arrival of the first girl probationers, or trainees, as day pupi15 in September 2023 and plans for a second boarding house to accommodate the increased size of the choir and a concerted recruitment campaign for both boy and girl Choristers. The Choir is in the protess of expansion, following the admission of the first girl Choristers in June 2024, to an ultimate Size of 59. Girl Choristers were formally admitted, following their probationary training, to the Choir of St Paul's Cathedral, in June 2024, amid much celebration and with considerable media attention, nationally and internationally. Recruitment for both girl and boy Choristers saw a significant increase during 2024, with increased social media and print media activity, an intrease in the work of Cathedral Outreach programmes and school attendance at recruitment events. The programme to train and introduce the girl Choristers educated by St Paul's Cathedral School is managed by the Girls, Voices Projert Board. Central to the admission of boarding Choristers is the refurbishment of the former Head's House to create staff accommodation, and of a former staff accommodation block to house the second (junior, co-educational) boarding house. Buxton Building Contractors Limited were appointed for this work- works began in mid-july 2024 and is on track for completion in early July 2025. A series of Action Plans have been in place and unannounced Progress Monitoring Visits by the Independent Schools Inspectorate have taken place. The rnost recent Progress Monitoring Visit (July 20241 found that acceptable progress had taken place with relation to the Action Plan, that the school's safeguarding arrangements were otherwise fully compliant, and teaching was found to meet equality requirements other than in the opportunity for girls to board. A new Action Plan was required by the Department for Education, produced and accepted.
St Paul's Cathedral Choir School Trustee's Report at 31 December 2024 (Continued) Our already strong pastoral work Irecognised as 'pastorally 5uperb' by the Good Schools Guide, which reviewed us very positively in 20241, was further strengthened in 2024 by the addition of a Mental Health Lead and a part time School Counsellor. REVIEW OF ACTIVITIES AND ACHIEVEMENTS During the academic year 2023-24 number5 remained strong with an average of 17 boy and 6 girl Choristers aged between 7 and 13, 155-day pupils (excluding the chorister number) of the same ages, and 107 Pre-prep children (aged between 4 and 71 on the school's roll. The 17 boy Choristers boarded. Learning beyond the classroom remain5 central to the School's education.. we continue to make the most of our centr31 London location, including trips to the National Portrait Gallery, Tate, Tower of London, Kew Gardens and Globe Theatre. In 2024, residential trips included the Year 7 Geography Field Studies trip to Norfolk in May, a Snowdon Activity Challenge for Year 8 in June and the French curriculum trip to Normandy for all in Year 7 and 8 in October. Creative learning opportunities on site included putting Frankenstein on trial, a castle-making competition, a caterpillar to butterfly project and Science Week including, a crime scene simulation and a lecture on neuroscience. Drama production5 included our musical Reception Nativity in the Cathedral Crypt. nativities for Years l and 2 at School and a lively comic drama by Year 8, devised during their post Common Entrance programme. Year 8 pupi55 came in the top 10 of the SATIPS General Knowledge Quiz and had work published in the Daunt Books Creative Writing competition. In-house quizzes on general knowledge and geography were highly competitive. Careers Day gave pupils the opportunity to hear from a wide range of speakers about future employment routes. Among a number of pupil voice initiatives, the school held its own General Election. The Choir gave a broadcast of Evensong on Radio 3 and performed at numerous special services, including the OBE thanksgiving, attended by His Majesty the King, and the Invictus Games thanksgiving service, attended by His Royal Highne5S Prince Harry. The Chamber Choir and Choir joined in singing a blessing for the incoming Lord Mayor of London and held a busy schedule of concerts and services with 5ivery companies and in local hospitals during the Christmas period. A Year 7 pupil wrote an original carol, performed by the Chamber Choir at the lighting of the Lord Mayor's Christmas tree. School concert5 took place at Merchant Taylors, Hall and St Giles, Cripplegate as well as Scholars and House Music Concerts. Prep pupils, their teachers and families participated in the Cathedral Advent Sunday and Palm Sunday services,. our Head Boy and Head Girl read le550ns at the Cathedral's Christmas Carol services. Year 8 pupils trained as Cathedral Tour Guides and gave well-received tours to parents and grandparents in their final week at School. The School commemorated Remembrance Day as a community- Pre-prep pupils also selected inspirational characters from history to research and present. World Book Day was celebrated with a variety of literature-based activitie5. 'Odd Socks Da gave the school a chance to note and understand the strength differences bring to our community. Art was exhibited for all age groups, with particularly strong work this year in printing and weaving. Prep pupils continue to compete successfully across London in every sport; as well as the use of our own astro pitch on site, we use facilities at Finsbury Leisure Centre and Coram Fields. The School held two very successful Sports Days in July at Finsbury Park AthletlC5 Track, for Pre-prep and Prep pupils. Our 2024 leaver5 achieved well at both Il+ and 13+, gaining admission to a wide range of highly competitive schools in and beyond London. The majority of Il+ pupils had 2 or more offers and 5 academic, l art and I drèma scholarship were awarded. At 13+, 4 music scholarships, I drama scholarship and an entrance prize for the top Common Entrance French result were awarded. ABRSM Imusic examl results were very Strong and our large cohort of LAMDA lacting exam) candidates all achieved Distinction5 in their exams.. an outstanding result.
St Paul's Cathedral Choir School Trustee's Report at 31 December 2024 (Continued) Community and Public Benefit The Trustees remain aware of their responsibilities under the Charities Act 2022 in relation to public benefit. The Trustees are confident the Charity's activities are in pursUIt of its objects and are delivering public benefit. This is achieved by the provision of education for the Choristers and school bursaries to fund the education of day pupils to enable access to the school. The boarding fees of Choristers are funded as necessary by the St Paul's Cathedral Chorister Trust on a means-te5ted ba515. The Cathedral Church of St Paul pays the tuition fees for all Choristers. In addition to the 5ignific3nt bursary support provided by the Chorister Trust and Cathedr31, additional music scholarships were offered in the academic year 2023-24 at the Year 7 entry point. Bursary support enabled access to the school for a number of day pupils. During 2023-24, 512023.. 61 day pupils received support for part or all of their fee5 from the Bursary Fund and 1212023.. 141 Choristers received support from the Chorister Trust for their Boarding Fees. Our pupil-led programme of charity events included whole school charity event5 such a5 Red Nose Day and Jeans for Genes, charities chosen by our pupil Heads of Charity. Other charities supported included Spitalfields Crypt Trust and the Evelina Children's Hospital. Pupils sang in a number of community events, including carolling at nearby Bart's and the Royal Free H05Pltal. Residential, senior leadership and music staff sUPPOrt the work of the Cathedral Choir in its outreach work on musical education and partnership work which in turn benef its state schools across the Diocese of London. A number of visiting choir5 are hosted by the school and participate in choral events alongside the Choir. The Head is a member of the City of London Headteachers, Forum, a group of head teachers from across the City of London Iboth maintained and independentl, who meet to share information, best practice and, where possible, resource5. FINANCIAL REVIEW AND RESULTS FOR THE YEAR Governor5 were fflindful during this year of the need to respond to the anticipated Government announcement that VAT would be charged on school fees,. since this development came earlier than had been expected, in January 2025, the response required a mid-year consideration of our fees. Fees, which had been increased by 5.75Yo in September 2024, were reduced by 4Y. from January 2025 to reflect the 5avin8S the School expects to make from recovering VAT and to reduce the impact of the imposltion of VAT on parents. The school generated net income during the year of £78,158 12023.. £250,202) representing 1.3% 12023.. 4.7Y.l of total revenues. However, this included £26,114 of restricted income 12023.. £157,195) of which £2,70012023.. £145,085) was a donation for the boarding house project. Pupil numbers averaged 28512023.. 2701, ensurin8 the school made an unrestricted operating surplus of £23.34312023..1£14,823 in deficit). The surplus was after charging depreciation for the year of £251,612 12023: £249,335). Capital expenditure for 2024 was spent on ICT £6,25312023 £34,638), general building works £43,58712023 £68,2001 and fixtures and fittings £8,95712023 £7,768). In the prior year, £90,424 was set aside a5 Designated Funds. These were designated by the Governors for the purpose of awarding bursaries to day pupils. The sum was made up of income from the School Capital Fund £31,198 and 6Yo of the previous year's Unrestricted Fund surplus £3,798, with a transfer of £55,428 to support the Bursary Fund. The Governor5 have agreed no f urther designations are required for 2024. The Governor5 consider a number of key performance indicators in relation to financial performance and remain confident that St Paul'5 Cathedral Choir School will be a going concern for the next 12 months and beyond.
St Paul's Cathedral Choir School Trustee's Report ot 31 December 2024 (Continued) Risk Management, and principal risks and uncertaintie5 A detailed Risk Register is updated e?ch term to include both internal and external factors that may impact on the School's operation. Their likelihood and potential impacts are 35sessed, and any required action is formulated. The key risks under consideration are safeguarding,. non-compliance with ISI inspections,. Health and Safety,. and affordability of feesllocal competition. The Governors, along with all staff, take the safeguarding of our pupils seriou51y. All appointment5 are in line with safer recruitment processes, and all governors and staff undertake an induction that involves a detailed safeguarding brief and online training. Governors and Staff receive annual safeguarding training, and staff receive regular update5 from the DSL and her 5UPPOrtinE staff. A governor is nominated as Safeguarding Lead who regularly, no less than termly, visits the school to receive and overview brief from the Designated Safeguarding Lead IDSLI and sight of the SCR. Safeguarding is included as an agenda item at each meeting of the Full Governing Board for which the DSL tables a paper. In March 2022, the school was unable to meet the requirements of the 3 yearly Independent Schools Inspectorate I'ISI") regulatory compliance inspection. The ISI deemed that the school failed to meet its f ull obligation to accommodate and educate Chorister5 in respect of gender equality according to the Equality Act 2010. Subsequently, and as anticipated, the school was subjected to an ISI unannounced progress inspection in May 2023 and July 2024. The ISI inspectors were able to see on both occasions the steps being taken to create a choral programme for girls of equal stature to that for boys. The school and Cathedral began to admit girl probationers as day pupils in the first instance in September 2023, with the aim of offering a full and equal chorister boarding programme to both gir15 and boys from September 2025. Day to day health and safety is rnonitored by the school Health and Safety Committee who are supported by PIB Risk Management Advisors. This committee reports directly to the Finance & Resources Sub-committee and makes an annual report of all accidents involving pupils. The data and trends are monitored by the Governing Body. As part of their annual review, PIB will look at all the required inspection reports which include PAT testing, legionella, asbestos, fire and smoke alarm test, high pressure vesse15, gas safety checks and kitchen equipment servicing. The Board of Governors continually monitor the affordability of fee5 and local competition via the work of the Finance and Resources Sub Committee. The affordability of fees and the level of local competition are assessed through a combination of financial analysis, market research, and Stakeholder feedback. School leadership typically uses data available within the Iridependent School Sector and in the public domain to benchmarks tuition fees against those of comparable 5choo15 in the area. considering factors Such as facilities, academic outcomes, extracurricular offerings, and reputation. Affordability Is also evaluated in relation to the income demographics of current and prospective families, often through surveys or community data. Additionally, the school monitors enrolment trends, retention rates, and inquiries to gauge how fee levels impact demand. Local competition is assessed by analysing the offering5, pricing strategies, and marketing efforts of nearby schools, allowing the School to position itself effectively while maintaining financial sustainability and accessibility for its target families. The Governors are aware of significant COSt pressures from higher Employer Contributions to the Teachers, Pension scheme Ifrom April 20241. significant increases to the costs of catering, uti5ities and other core expenses, and the rise in Emp5oyer National Insurance Contributions from April 2025. The proximity of St Paul's Cathedral and other high-prof ile in5titution5 means that the school 15 in a sensitive area with respect to possible terrorist activity. Staff receive briefings from City of London Police specialists and attend the Cathedral's Security Advisory group meeting5 to ensure they are up to date with the latest advice and amend emergency procedure5 as appropriate. Robust plans are in place for dealing with emergencies that may arise either internally or externally to the school. The school has an internal alarm system to aid lockdown event5. Under the Instrument of Delegation, the Cathedral transferred to the school the "School Capita5 Fund" and the School Scholarship5, Prizes and Bursaries Fund (known as the Prizes Fund) on 31 December 2005 amounting to £615,000. At the end of 2024 these endowment funds stood at £1,282,66712023.. £1,253.9651 and the accumulated restricted income arising from the latter endowment stood at £76,86712023: £50.7541 he5d a5 a cash balance.
St Paul's Cathedral Choir School Trustee's Report at 31 December 2024 (Continued) Reserves and Reserves Policy The School's assets consist of unrestricted funds, restricted funds (cash balance of prizes fundl and Endowment funds. The Trustees will seek to maintain a minimum level of unrestrirted reserves equivalent to 25% of one yearfs running costs, defined as expenditure on charitable activities. As at 31 December 2024, unrestricted funds Stood at £7,653,50612023.' £7,630,1631 or 133Yo of the 2024 School expenditure on charitable activities, £5.782,28812023'. E5,225,2661. However, a large part of these reserves represents the investment in the boarding house building and are therefore not a cash asset. Cash reserves at 31 December 2024 were £1,440,85712023'. £1,277,916), representin8 24.8 Yo of spending on charitable activities during the year. Governor5 consider this a pr(Jdent sum given financial headwinds and a local market and consistently increasing operating costs. Senior management rernuneration polity The remuneration of the Head and Bursar is set by the Governor5 on an annual basis. Other member5 of SLT have their annual pay award determined by the Governing Body lin line with all 5t8ffl on an annual basis. FUNDRAISING POLICY The School fundraises primarily from institutions, trusts and foundations, together with occasional event-based fundraising and individual donations. The charity does not engage in cold-calling or street-based fundraising or use third party fundraisers. The school has not received any complaints in the year in connection with the propriety of its fundraising. The School takes all reasonable steps to treat donors fairlyi enabling them to make informed decisions about any donation. This includes considerin8 the needs of any potential donor who may be in vulnerable circumstances or require additional care and sUPPOrt to make an informed decision. The charity has fundraising costs of less than £IOO,000,. hence it is not required to register with the Fundraising Regulator. FUTURE PLANS The School's central development project in 2024-25 is the refurbishment of a boarding house necessary to accommodate the increased size of the Choir. This £2.8m project is on track for completion in July 2025. The separation of the top lines will come in due course, as the girl Chorister group gains in size and experience. The project is managed by the Girls, Voices Projert, chaired by the Precentor, and underwritten by the Cathedral. Investment Powers and Trustees, Authority The school is wholly owned by the Cathedral Church of St Paul in London. It is therefore subject to the Cathedrals, Measure 2021 in addition to charity law. Trustees may invest funds in any of the following.. Land Funds administered for the Central Board of Finance of the Church of England Investments in which Trustees may invest under the general powers of investment in the Trustees Act 2000 iv. The improvement of development or property belonging to the Cathedral The Investment Policy for School funds must meet the requirements of the CBF Church of England Ethical Policy. The Trustees regularly consider the performance by its investment manager and of the investments held. The Trustees consider, supported by an independent review, that performance is satisfactory when measured against the benchmark of a margin over Consumer Price Inflation
St Paul's Cathedral Choir School Statement of Trustees Responsibilities at 31 December 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and the United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practicel- The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with the applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice), including FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The law applicable to charities in England and Wales require5 the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to: select 5Ultable accounting policies and then apply them consistently observe the methods and principles in the Charities SORP make judgments and estimates that are reasonable and prudent state whether applicable accounting standards have been followed prepare the financial Statements on the going concern basi5 unle55 It is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the f inancial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and regulations made thereunder. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charit¢s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the Governing Body and the Board of Trustees on 2 July 2025 and signed on its behalf by: Paula Gooder Chair of Governor5 io
St Paul's Cathedral Choir School Independent Auditorfs Report at 31 December 2024 Opinion We have audited the financial statements of St Paul'5 Cathedral Choir School for the year ended 31 December 2024, which comprise the statement of f inancial activities, the balance sheet, the cash flow statement and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that ha5 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 Iunited Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charit¢s affairs as at 31 December 2024 and of its net movement in funds 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 Charities Act 2011. Basis for opinion We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing IU KI IISAS IUKII 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 charity in accordance with the ethical requirements that are relevant to our audit of the financial stotements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilitie5 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 relating to going concern In auditing the f inancial 5tatement5, we have concluded that the Trustees, 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 charity'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 concern are described in the relevant sections of this report. Other inforrnation The Trustees are responsible for the other information. The other information comprises the information included in the Trustees, Annual Report. Our opinion on the f inanci31 statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any forrn of assurance conclusion thereon. In connection with our audit of the financial statement5, 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 otherwise appears to be materially mi55tated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a rnaterial misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this Other information, we are required to report that fact. We have nothin8 to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reportsl Regulations 2008 require us to report to you if, in our opinion.. dequate accounting records have not been kept by the charity,. or sufficient accounting records have not been kept,. or the charity financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. li
St Paul's Cathedral Choir School Independent Auditor's Report at 31 December 2024 (Continued) Responsibilities of Trustee for the financial statements As explained more fully in the Trustee's responsibilities Statement set out on page 10, the Trustees are responsible for the preparation of the f inancial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustee determine is necessary to enable the preparation of financial 5tatement5 that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity'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 Trustee either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the f inancial statement5 as a whole are free from material mi55tatement, 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 15 not a guarantee that an audit conducted in accordance with ISA5 IU Kl will always detect a material mi55tatement when it exists. Misstatements can arise from f raud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic deci5ion5 of users taken on the basis of these f inancial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatement5 in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to registered charities and independent schools, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the f inancial statements such as the Charities Act 2011 and other factors such as taxation. We evaluated management'5 incentives and opportunities for fraudulent manipulation of the financial statements lincluding the risk of override of controls) and determined that the principal risks were related to manual accounting journals. Audit procedures performed by the engagement team included.. Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud,. Evaluating management's contro15 designed to prevent and detect irregularities,. and Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the event5 and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation A further description of our responsibilities for the audit of the financial statements Is located on the Financial Reporting Council's website at.. www.frc.or auditorsres onsibilities. This description forms part of our auditor's report. 12
St Paul's Cathedral Choir School Independent Auditor's Report at 31 December 2024 (Continued) Use of our report This report is made solely to the charity's Trustees, as a body, in accordance with section 144 of the Charities Art 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's Trustees 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 charity's Trustee as a body for our audit work, for this report, or for the opinions we have formed. Haysmac LLP Statutory Auditor Haysmac LLP is eligible to art as an auditor in terms of Section 1212 of the Companies Act 2006 1210912025 13
St Paul's Cathedral Choir School Statement of Financial Activities ISOFAI at 31 December 2024 2024 Total 2023 Total Unrestricted Restricted Endowment Note Income from: Donation5 Investments 3,886 22,228 3,886 137,776 158,085 46,386 115,548 Choritoble activities- School Fees Ancillary Other trading 2a 2b 2c 5,137,903 526,707 25,473 5,137,903 526,707 25,473 4,769,218 365,573 28,376 Total income 5.805.631 26,114 5,831.745 5,367,638 Expenditure on: Charitable activities 5,782,288 5,782,288 5,225,266 Total Expenditure 5.782,288 5,782,288 5,225.266 Net income excluding investments gains 23,343 26,114 49,456 142,372 Net gains investments on 6 28,702 28,702 107,830 Net incomelExpenditure 23,343 26,114 28,702 78,158 250,202 Net movement in funds 23,343 26,114 28,702 78,158 250,202 Reconciliation funds Total funds brought 10,11 forward 7,630,163 50,754 1,253,965 8,934,882 8,684,680 Total funds carried 10, forward li 7.653,506 76.867 1,282,667 9,013,040 8.934.882 All amounts derive from continuing activities. All gains and losses recognised in the year are included in the Statement of Financial Activities. The notes on pages 16 - 27 form part of these financial statements. 14
St Paul'5 Cathedral Choir School Balance Sheet at 31 December 2024 2024 Total 2023 Total Note Fixed Assets Investments Tangible assets 1,282,667 8,317,527 1,253,965 8,510,343 Total Fixed Assets 9.600,194 9,764,308 Current Assets Debtors Cash at bank and in hand 236,644 1,440,857 225,354 1,277,916 Total Current Assets 1,677,501 1,503.270 Creditors.. amounts falling due within one year 11,150,088) 11,194,568) Net Current Assets 527,413 308.702 Creditors.. amounts falling due after more than one year 11,114,568) 11,138,128) Total Net Assets 9,013,040 8.934,882 Funds Unrestricted Restricted Endowment li io io 7,653,506 76,867 1,282,667 7,630,163 50,754 1,253,965 Total Funds 9,013,040 8,934,882 These Financial Statement were approved by the Governing Body on 2. July 2025 and signed on behalf of the Governing Bodv and Trustees. Paula Gooder Chair of Governors The notes on page5 16 - 27 form part of these financial statements. 15
St Paul's Cathedral Choir School Notes to the Financial Statements For year ended 31 December 2024 I. ACCOUNTING POLICIES Accounting Basi5 The financial statements are prepared under the historical cost convention as modified by the revaluation of investment assets to market value and in compliance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their financial statements in accordance with the Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" I'FRS 102,1 and the Charitie5 Act 2011. The accounts Ifinancial statements) have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to give a 'true and fair, view. Thi5 departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Regulations. The financial 5tatement5 are prepared in sterling which 15 the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest pound. The Charity Is a Public Benefit Entity as defined by FRS 102. Going Concern The trustees consider that there are no material uncertainties affecting the Charity's ability to continue as a going concern for at least twelve month5 form the date of approval of the accounts. Fees and Similar Income Fees receivable for the provision of education and charges for services and use of premises 15 accounted for in the period when the school is entitled to receive them, they can be measured, and the receipt 15 probable. These are included in income from charitable activities. Fees receivables are stated after deducting allowances, scholarships and other remissions granted by the school from its unrestricted funds, but include contributions received f rom Restricted Funds for scholarships, bursarie5 and other grant5. Donations are also accounted for on a receivable basis although in practice the criteria of entitlement, measurement and probability are frequently only met at the point of receipt. Expenditure Expenditure is accounted for on an accrua15 basis. VAT is included with the item of expense to which it relates. Approximately 65Yo of support costs are spent in direct 5UPPOrt of teaching activity and the remaining 35% on welfare and premises support. Teaching Materials Supplies of games equipment, books, stationery and sundry materials are written off to the Statement of Financial Affairs as soon as the expenditure on procuring them is incurred. Capitalisation of Fixed A55ets Assets above the cost of £250 with a useful life exceeding one year are capitalised on the balance sheet and depreciation is provided as Set out in the following paragraph. Depreciation Depreciation of tangible a55etS 15 provided at rates calculated to write off the exces5 of c05t over the estimated residual amount evenly over the estimated useful economic lives of each class of asset on a straight-line basis, subject to annual review. Only assets costing over £250 are capitalised. The useful economic 5ives are currently as follows.. Buildings improvements and extensions Furniture and equipment New Building works 10-20years 3 - 10 year5 25-50years 16
St Paul's Cathedral Choir School Notes to the Financial Statements For year ended 31 December 2024 fcontinued) ACCOUNTING POLICIES (contlnuedj Pension Schemes The School contributes to the Teachers, Pension Scheme I'TPS") at rates set by the Scheme Actuary and advised to the School by the Scheme Administrator. The Scheme is a multi-employer pension scheme, and it is not possible to identify the assets and liabilities of the Scheme which are attributable to the Charity. In accordance with FRS102 the Scheme is accounted for as a defined contribution scheme, whilst it is a defined benefit scheme. Contributions are accounted for as a defined contribution scheme and contributions are accounted for when advised as due by the Scheme Administrator. The St Paul'5 Cathedral119721 Pension and Life Assurance Scheme ceased taking further contributions in May 2007 and under the arrangement made with the Cathedral the School is not required to make further contributions. The School also contributes to a defined contribution scheme managed by Aviva which is available to all employees. The assets of the scheme are held separately in independently administered funds. For defined contribution schemes the amount charged to the Statement of Financial Activities in respect of pension costs and other post-retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions artually paid are shown as either accruals or prepayments in the balance sheet. New teacher employees now join the Aviva DC scheme and not the TPS. Taxation The School is a registered charity and as such 15 exempt from taxation on its income and gains to the extent that they are applied to its charitable purposes. Cashflow Statement In accordance with the provisions of FR5102 section 1.12 a cash flow statement ha5 not been prepared as the School'5 cash flows are included in the consolidated financial statements of St Paul's Cathedral. Investments All investments are revalued annually at open market value. Any unrealised change in value since the date of acquisition or the last balance sheet date is credited or charged to the Statement of Financial Activities. Any realised gain or 1055 (calculated as net sales proceeds less value at the last balance sheet date, or cost if acquired during the yearl is also credited or charged to the Statement of Financial Artivities. Cash at Bank and in Hand Cash at Bank and in Hand includes funds held on short term deposits. All the funds on Deposit are for less than 3 month5 and allow immediate access. Funds Funds are classified between restricted and unrestricted in accordance with the legal constraints on their use, and the consequent degree of flexibility which the Trustees have on using the income that gave rise to the funds. Restricted Funds These are funds subject to specific conditions or trusts, which are binding on the Trustees. The restriction may be on income or capital or both. Unre5trirted Funds These are all funds other than endowment and restricted funds and include funds designated for a specific purpose. Endowment Funds These represent the market value of the funds originally endowed by the Cathedral on the School in 2005. Designated Funds These are f unds allocated to the Bursary Fund and are rnade up of Income from the Capital fund plus 6Yo of the prior yearfs Unrestricted surplus and fund f rom the current year surplus sufficient to ensure the fund is not in deficit. 17
St Paul's Cathedral Choir School Notes to the Financial Statements For year ended 31 December 2024 (continuedj Critical accounting judgments and sources of estimation uncertainty In the application of the School's accounting policies, which are described in this note, the Tru5tee5 are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and assoclated 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 assumption5 are reviewed on an ongoing bas15. Revisions to accoLJnting 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 affects both current and future periods. The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure. 2024 Total 2023 Total 2a Fee Income Gross school fees Le55.' discount5 Le55.' total bursaries and prizes 5,209,491 111,1801 160,4071 4.845,705 17,3331 169,1541 Net Fees receivable 5,137,903 4,769.218 2b Other Ancillary Charity Income Music and extras Registration fee5 School trips Other 295,463 20,000 97,700 113,544 265,239 17,400 29,560 53,374 Total 526,707 365,573 2c Other Trading Music sales Other 11,794 13,679 13,941 14,435 Total 25,473 28,376 Investment Income Bank Interest Capital Fund Cash Deposit5 Scholarship and Prizes Fund 80,739 34,809 15,211 7,017 34,276 8,005 4,105 Total 137,776 46,386 18
St Paul's Cathedral Choir School Notes to the Financial Statements For year ended 31 December 2024 (continued) Expenditure 2024 Total 2023 Total Charitable expenditure includes: Depreciation Auditorfs remuneration 251,612 14,885 249,338 12,180 staff C05ts con5iSt of Wages and salaries Social security costs Other pension costs 3,016,644 304,371 507,578 2,650,569 260,955 408,038 Total 3,828,592 3,319,562 Included in the staff costs are termination payment5 Of £37,20212023-. £nill. The average number of employees during the year was 85 follows.. 2024 No. 2023 No. Administration Domestic Music Teaching Teaching assistant Welfare 24 32 18 22 34 13 Total 93 82 The number of higher paid employees during the year was as follows.. £60,000 to £70,000 £70,001 to £80,000 £80,001 to £90,000 £IIO,001 to £120,000 Total Employer's pension contributions in relation to the above totalled £141,802 during the year12023.. £65,720). Key management personnel, comprising the Head, Bursar, Senior Deputy Head, Deputy Head Academic, Head of boarding and Head of Pre-Prep, plus the school governors, received aggregate remuneration of £670,318 12023.. £552,463). The Governors received no renumeration or other benefits for the year. During the year one Governor was reimbursed for a safeguarding course, expenses amounting to £18012023: £541. 19
St Paul's Cathedral Choir School Notes to the Financial Statements For year ended 31 Detember 2024 Icontinuedj Staff Costs Total Other Depreciation Analysis of Total Expenditure 2024 Education Governance Loan interest payment Premise5 Support Teaching 3,142,764 214,877 6,180 64,561 299,799 502,674 613,993 37,426 3,395,067 6,180 64,561 694,637 902,352 719,491 180,652 399,679 105,498 214,186 Total 3,828,592 1,702,084 251,612 5,782,288 Staff Costs Total Other Depreciation 2023 Education Governance Loan interest payment Premises Support Teaching 2,763,182 200,493 108,591 105,519 426,575 281,933 533,258 42,589 3,006,264 108,591 105,519 805,915 575,798 623,179 172,594 293,865 89,921 206,746 3,319,562 1,656,369 249,335 5,225,266 Total Support costs include the costs of the 812023.. 51 administrative staff of the school. Other support costs relate to expenses involved in the 5UPPOrt of Teachirig, Welfare and Premises. 20
St Paul's Cathedral Choir School Notes to the Financial Statements For year ended 31 December 2024 (continuedj Investments The Investment funds (Capital and Scholarshipsl are managed by CCLA Investment Management Ltd and consist mainly of quoted equities and bonds. Capital Fund Scholarship5 & Prizes fund Total 2024 Market value l January 2024 Revaluation in the year 1,141,336 26,124 112,629 2,578 1,253,965 28,702 Market Value 31 December 2024 1,167,460 115,207 1,282,667 Split of investments Assets in the UK at 31 December 2024 Assets outside the UK at 31 December 2024 466,634 816,033 Total 1,282,667 Capitsl Fund Scholarships & Prizes fund Total 2023 Market value l January 2023 Revaluation in the year 1,043,212 98,124 102,923 9,706 1,146,135 107,830 Market Value at 310ecember 2023 1,141,336 112,629 1,253,965 Split of investments A55ets in the UK at 31 Decerllber 2023 Assets outside the UK at 31 December 2023 438,888 815,077 Total 1,253,965 21
St Paul's Cathedral Choir School Notes to the Financial Statements For year ended 31 December 2024 (continuedj Tangible Fixed Assets Fixtures. fittings and equipment Building improvements Totals 2024 Cost or Valuation At l January 2024 Addition of assets 10,218,653 43,587 824,399 15,208 11,043,052 58,796 At 31 December 2024 10,262,240 839,607 11,101,848 2024 Depreciation At ljanuary 2024 Charge for the year 1,839,012 214,186 693,697 37,426 2,532,709 251,612 At 31 December 2024 2,053,198 731,123 2,784,321 Net Book Value At 31 December 2024 8,209,042 107,318 8,317,527 At 31 December 2023 8,379,641 130,702 8,510,343 The freehold of the School and St Augustine's House, London EC4M 9AD are owned by the Corporation of the Cathedral Church of St Paul. Accordingly, these assets are not shown on the School's balance sheet. However, the Boarding House is a School asset and shown on the balance sheet. 2024 Total 2023 Total Debtors Amount5folling due within one yeor Accrued Income Other Debtors School fees 153,701 87,073 115,4201 54,90 182,354 Total 236,644 225,354 2024 Total 2023 Total Creditors Amounts folling due within one yeor Accruals and Deferred Income Cathedral capital loan Due to Cathedral School Deposits Sundry Creditors Term of Fees in lieu 204,418 116,999 26,203 150,900 42,843 608,726 585,759 202,864 40,009 144,100 41,837 179,999 1,150,088 1,194,568 22
St Paul's Cathedral Choir School Notes to the Financial Statements For year ended 31 December 2024 (continued) Credltors fcontinuedj 2024 Total 2023 Total Creditors Amountsfolling due ofter one year Cathedral capital loan 1,114,568 1,138,128 In September 2020, the Cathedral entered into a £2.5m loan facility with Lloyds Banking Group.. subsequently the repayments and interest charge5 were passed to the school for payment. The agreed terms were the Bank of England base rate plus a margin of 3.23%, repayable over a 12 year term. In June 2023, the Cathedral settled the entire loan with Lloyds and a8reed with the School that the interest charge would be reduced to the equivalent of the CCLA deposit. This rate fluctuates in broad keeping with the base rate. 23
St Paul's Cathedral Choir School Notes to the Financial Statements Foryear ended 31 December 2024 (Continued) 10. Endowment and Restricted Funds Endowment and restricted funds consist of the Capital fund and Scholarship l& Prizel fund. All funds are held as either cash or investments under the management of CCLA Investment Management Ltd and consist mainly of quoted equities and bonds. Capital Fund Scholarship & prizes fund 2024 Endowment funds Total Fund value ljanuary 2024 Revaluation in the year 1,141,337 26,124 112,628 2,578 1,253,965 28,702 Fund value 31 December 2024 1,167,461 115,206 1,282,667 Capital Fund Stholarship & prizes fund 2023 Endowment funds Total Fund value l January 2023 Revaluation in the year 1,043,212 98,124 102,923 9,706 1,146,135 107,830 Fund value 31 December 2023 1,141,336 112,629 1,253,965 2024 Restricted fund Total Fund at l January 2024 Net income for the year 50,754 26,113 Fund at 31 December 2024 76,867 2023 Restricted fund Total Fund at I january 2023 Net income for the year Transfer to Unrestricted Funds 38,644 157,195 1145,0851 Fund at 31 December 2023 50,754 School Capital Fund Income generated by the Capital Fund may be drawn down and utilised by the Governors for specific purposes for the benefit of the school and is therefore recognised in unrestricted funds. Further details are given in note5 10 and 11. Also, 50Yo of the Capital of the Fund is available to be borrowed by the Governing Body for specific purposes for the benefit of the School. 24
St Paul's Cathedral Choir School Notes to the Financial Statements For year ended 31 December 2024 (continued) 10. Endowment and Restricted Fund (Continued) School Scholarship and Prizes Fund The income from the Scholarships, Prizes and Bursaries Fund will be applied by the Governing Body to award prizes and scholarships at their discretion and is therefore recognised in unrestricted funds. No capital was transferred to Unrestricted Reserves in the year. ii. Unrestricted Funds: Movements Designated Income from Capital Fund Designated School Bursary General Total 2024 Unrestricted Funds Fund at l January 2024 Surplus/lDeficitl in the year 7,630,163 23,343 7,630,163 23,343 Fund at 31 December 2024 7,653,506 7,653,506 Genera Designated Income from Capital Fund Designated School Bursary Total 2023 Unrestrirted Funds Fund at l January 2023 Surplus/lDeficitl in the year Designation in the year INote 121 Transfer from restricted f unds 7,499,901 44,403 159,2261 145,085 7,499,901 114,8231 31,198 131,1981 190,4241 90,424 145,08S At 31 December 2021 7,630,163 7,630,163 25
St Paul's Cathedral Choir School Notes to the Financial Statements For year ended 31 December 2024 {continuedJ 12. DESIGNATED FUNDS Income from School Capit31 Fund In 2009, Governors, Wlth the agreement of the Trustees, voted to transfer some or all of the income from the Capital Fund each year to the Bursary Fund in order to build this up for future use, this arrangement has continued and remains unchanged. The Governors have discussed and agreed that no further designations required for 2024. School Bursary Fund Since 2010 the Bursary Fund has been a Designated Fund. The Fund assist5 day children parents who find themselves in financial difficulty during their child'5 Stay in the school and is extend to new familie5. 6Yo of each yearfs Unrestricted Fund surplus was put aside for this purpose in prior years. In 2023 £90,424 was Set aside a5 Designated Funds. These were designated by the Governors for the purpose of awarding bursaries to day pupils. The sum is made up of income from the School Capital £31,198 and 6Yo of the previous yearfs Unrestricted Fund surplus £3,798, with a transfer £55,428 to support the Bursary Fund. The Governors have discussed and agreed no further designations are required for 2024. The Governors have agreed that Finance and Resources Committee are responsible for overseeing the award of bursaries. 13. ULTIMATE PARENT The Charity's controlling entity is the Corporation of the Cathedral Church of St Paul in London commonly known as St Paul's Cathedral. The results of the School are consolidated into the con501idated financial statements of St Paul's Cathedral. Copies of the Cathedral's financial statements are available on the Cathedral's website. 14. STAFF PENSIONS Teachers The school participates in the Teachers, Pension Scheme IEngland and Wales) I'the TPS'I for its existing teaching staff, any new teaching staff from 8, January 2024 are enrolled onto an Aviva Scheme. The pension charge for the year include5 contributions payable to the TPS of £382,304, 12023.. £284,691) and at the year-end £nil 12023.. £nill was accrued in respect of contributions to thi5 scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pen5i0n Scheme Regulations 2014 las amendedl. Member5 contribute on a "pay a5 you go" ba51S Wlth 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 wa5 prepared as at 31 March 2020 and the Valuation Report was published in March 2023. The employer contribution rate increase from 23.6Yo to 28.6% in April 2024 following the 2020 valuation. 26
St Paul's Cathedral Choir School Notes to the Financial Statements For year ended 31 December 2024 (continued) Other Staff Defined Contribution Scheme: 51 non-teaching staff (including Music tutorsl and 3 teaching staff participate in a defined contribution scheme run by Aviva and provided by St Paul's Cathedral for its staff. The assets of the scheme are held in independently administered funds. The pension charge for 2024 includes contributions payable to the scheme of £72,86612023.. £74,868) Final Salary Pension Scheme: 4 non-teaching staff participated in the St Paul's Cathedral 119721 Pension and Life Assurance Scheme. The Cathedral is responsible for this defined benefit pension scheme which was closed to further service accrual from May 2007. Although closed to service accrual from May 2007, scheme benefits for those who remained employed f rom that date remained linked to final remuneration until 31 December 2022. The assets of the Scheme are held in a separate trustee administered fund. The pension cost is assessed in accordance with the advice of an independent actuary using the projected unit method based on an annual valuation update and charged to the Cathedral's Statement of Financial Activities. As such no costs or liabilities are included in the accounts of St Paul's Cathedral School. 15. RELATED PARTY TRANSACTIONS In May 2023, the School entered an inter-company loan arrangement with the Cathedral. In December 2024, the balance stood at £1,231,56712023.. £1,340,992). Tuition fees of £533,54012023.. £472,371) and music fees of £62,39212023- £56,626) were paid by St Paul's Cathedral to the school for the education of the Choristers. The school paid rental income to the Cathedral of £136,80412023: £135,200). The balance due to the Cathedral is detailed in Note 9. During the year the St Paul's Cathedral Chorister Trust contributed £82,40212023'. £90,820) towards the Boarding fees of 1212023-. 141 choristers. The Precentor is a Trustee of the School and the Chorister Trust. 16. CAPITAL COMMITMENTS The school building contract with Borras Construction Ltd was completed in March 2021. Final retentions Costs totalling £90,146 plus VAT to make a total of £108,175 were recouped by Borras in early 2024 and there are no further balances outstanding. There were no other capital commitments at 31 December 2024. 27