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.
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