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2024-08-31-accounts

Registered number: 00537118 Charity number: 312720

ST MARGARET’S SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee) GOVERNORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

RPG Crouch Chapman LLP Chartered Accountants & Statutory Auditor 40 Gracechurch Street London EC3V 0BT

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

CONTENTS

CONTENTS
Page
Reference and administra�ve details of the School, its Governors and advisers
Governors' report 1 - 12
Statement of fnancial ac�vi�es 13 - 14
Balance sheet 15 - 16
Statement of cash fows 17
Notes to the fnancial statements 18 - 39

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

Trustees Report

Registered number: 00537118 Charity number: 312720

Reference and Administra�ve Details of the School, its Governors and Advisers For the Year Ended 31[st] August 2024

Governors Mrs E Brettle, Chairman Ms D Atkinson Mr M Feldman Mr E Grower (Resigned November 2024) Mr D MacNeill Mrs T Marton Rev A Tresidder Miss M C Mendham Mrs L McBride Mr F Patel Dr A Wayne Mrs M Wayne Company registered number 00537118 Charity registered number 312720 Registered office 18 Kidderpore Gardens, Hampstead London NW3 7SR Principal Mr M Webster Bursar Mrs S Beschizza Clerk to the Governors Mrs S Beschizza Website www.st-margarets.co.uk Independent auditors RPGCC 40 Gracechurch Street, London EC3V OBT Bankers CAF Bank Limited 25 Kings Hill Avenue, Kings Hill West Mailing Kent ME19 4JQ Solicitors Veale Wasborough Vizards Orchard Court Orchard Lane Bristol BS1 5WS Investment Advisors Canaccord Genuity Wealth Management 88 Wood Street London EC2V 7QR Insurance Brokers Marsh Brokers Limited Capital House 1-5 Perrymount Road Haywards Heath West Sussex RH16 3SY

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

Governors' Report

For the Year Ended 31[st] August 2024

The Governors of St Margaret’s School (Hampstead) Limited present their Annual Report together with the audited Financial Statements of the School for the 1[st] September 2023 to 31[st] August 2024. The Annual Report serves the purposes of both a Trustees' report and a Directors' report under company law. The Governors confirm that the Annual Report and Financial Statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Prac�ce (SORP) applicable to chari�es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effec�ve 1[st] January 2019).

Since the School qualifies as small under sec�on 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Aims, Objec�ves and Ac�vi�es

Our aims

The principal object of the company, as authorised by its Memorandum and Ar�cles of Associa�on, is to carry on at 18 Kidderpore Gardens, Hampstead, London NW3 7SR, a school for the general education of girls.

We aim, through our Junior and Senior Schools, to provide a secure, caring and challenging learning environment in which girls are encouraged to strive for excellence in all that they do. Respect for other lies at the heart of the school community, within which the poten�al and talent of everyone can be recognised, nurtured and realised. At St Margaret’s, educa�on is seen as a partnership between pupils, parents and teachers. Specifically, our aims are to:

Our objec�ves

maintain and enhance the academic success of the School.

This objective is, however set in the context of the broader goals we set for the School and its pupils.

In se�ng our objec�ves and planning our ac�vi�es our Governors have given careful considera�on to the Charity Commission’s public benefit guidance.

Our key objec�ves for the year included:

1

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

Achievements and Performance

Pupil numbers and fees

Our educa�onal ac�vi�es are carried out through our Senior School and our Junior School. The average number of pupils on roll during the academic year 2023/2024 was 167. This is almost at our capacity of 170, the maximum number which can be comfortably accommodated on school premises.

Our fees are set at a level required to ensure that the School’s costs, a high proportion of which relate to teachers’ salaries, are covered. Fees during the academic year 2023/2024 before the deduction of any means assisted bursaries were: Years Recep�on to 2 £5,399 per term Years 3 to 6 £5,943 per term Year 7 to 11 £6,254 per term

Curriculum

technological, human and social, physical and aesthe�c and crea�ve educa�on, appropriate for their ages and ap�tudes, and through which each girl may learn and make progress. We aim to equip every girl with the skills and knowledge which will prepare her for the responsibili�es, challenges and opportuni�es of her future educa�on and adult life.

Our curriculum con�nues to be broadly based on the Na�onal Curriculum throughout the four Key Stages but we take advantage of our ability, as an independent School, to adapt it to suit the specific needs of our pupils and our smaller than average cohorts.

development. It includes the extra-curricular and �metabled ac�vi�es that the School organises in order to enrich the experience of the girls. It also includes the ‘hidden curriculum’ which aims to help girls develop posi�ve behaviour and a�tudes.

Examples of enhancements to the curriculum this year include:

2

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

Co-curricular ac�vi�es

Music

Drama

This year, students from Years 5 to 11 were all, once again, taught Drama by our subject specialist teacher. The KS2 curriculum, for Years 5 & 6, introduces the students to a broad range of drama skills and ac�vi�es designed to prepare them for the Senior School curriculum as well as building their confidence and inter-personal skills. Highlights for Year 5 included a development of work previously done around WW2 evacuees, examining the drama�za�on of the novel Goodnight Mr Tom. The main focus for work with Year 6, was the end of KS2 produc�on of Into The Woods. The Year 8 SOL based upon Noughts & Crosses was developed further leading into a considera�on of how stories can be adapted drama�cally.

In September 2023 all the GCSE drama students atended a performance of The Empress by Tanika Gupta at the Lyric Theatre Hammersmith. Year 11 students returned to the Lyric to watch a produc�on of Faith Healer by Brian Friel. We also con�nue to make use of the streaming service, Drama Online, which has proved useful to the teaching not only of GCSE classes, when examining aspects of design and direc�ng, but also for groups at KS3. The KS4 curriculum changed, with Tanika’s Gupta’s adap�on of A Doll’s House, by Ibsen, replacing DNA as the studied text for the writen exam.

The LAMDA classes introduced in February 2023, for students across the school, and taking place a�er school on Mondays and Tuesday lunch�me for Infants, have gone from strength to strength with many of the girls par�cipa�ng being entered for exams at an appropriate level and the majority passing with Dis�nc�on. Karen Kiely the principal of Achieve Arts who delivers this programme, has expressed herself to be absolutely thrilled to be working with St Margaret’s girls.

Sport

The Physical Educa�on (PE) curriculum is designed in alignment with the na�onal curriculum, ensuring that all pupils: develop competence and confidence across a broad range of physical ac�vi�es; engage in sustained periods of physical ac�vity; par�cipate in compe��ve sports and ac�vi�es; adopt and maintain a healthy, ac�ve lifestyle.

Academic year 2023-2024, we have focused on providing a clear and structured progression from Recep�on through to Year 11. At the senior level, we have expanded our curriculum to include a greater variety of invasion games, enabling students to develop and apply advanced atacking and defensive strategies across mul�ple sports.

3

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

sports available include netball, football, gymnas�cs, fixed-seat rowing, dance, volleyball, badminton, non-contact rugby, fitness, handball, basketball, trampolining, swimming, rounders, cricket, athle�cs, tennis, table tennis and climbing.

The core focus of our curriculum is to cul�vate a lifelong enjoyment of movement while simultaneously developing students' fundamental movement skills. We strive to provide opportuni�es for students to be compe��ve and excel as athletes, fostering both par�cipa�on and high performance.

Facili�es and Loca�ons

Compe��ve Sport and Extracurricular Ac�vi�es

sports include:

enthusiasm and skill development. Parents have also noted a marked improvement in students’ gameplay and

netball, running, rounders, sailing, tennis, table tennis, ballet, yoga, jazz/modern dance, cheerleading and karate.

The PE Department has had an excep�onal year, with an expanded curriculum, increased compe��ve success, and a flourishing extracurricular program. We are commited to fostering a lifelong love for physical ac�vity, equipping students with the skills, confidence, and opportuni�es to excel. We are building a strong culture of spor�ng excellence, ensuring every student has the chance to develop, compete, and thrive.

Details of Bursary and Scholarship Awards

Bursaries

This year the value of means tested bursaries totalled £117,419 and represented 4% of our gross fees. They provided fund is also assistance to eight of our pupils of which six pupils benefited from a full remission of fees. A hardship available to help pupils in receipt of bursaries meet the costs of school trips, examina�on entrance fees and similar expenses.

Review

The Governors are constantly reviewing our Bursary policy to ensure that as many children as possible can accept offers of places at our School through the availability of means tested fee assistance. Our policy is designed to widen access to our School. We anticipate this will help inform the development of our policy and help ensure the objective of wider access continues to be achieved.

4

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

Community Service

The girls have undertaken community work in the following ways:

The School also supports the local neighbourhood association, Redfrog, that uses our premises for their annual AGM.

Environmental Ini�a�ves

Building on the eco-schools international accreditation in academic year 2021-22, the eco work was integrated into the Y6 science curriculum and focused on recycling and reuse. This culminated in two activities:

An ongoing collection and recycling of used batteries by all classes in the school. Year 4 collected the most and the prize for this was some equipment to assist with Forest School. On PSHE day, the junior school classes brought in recyclable materials and re purposed them into a range of new and innovative objects.

In 2023-4 we began developing places to take part in the TfL’s Travel for Life ini�a�ve to raise awareness of, and changing behaviours towards, sustainable modes of transport such as cycling, scoo�ng and walking to school.

Pupils par�cipated in Pedestrian Skills training, worked with local police to educate drivers on the dangers of speeding, liter picked in the local area and par�cipated in na�onwide schemes such as ‘Walk to School Week’, ‘Clean Air Day’ and ‘Outdoor Classroom Day’.

Community Access

We see St Margaret’s School as a part of a wider community.

with our local community. The School’s Public Benefit Coordinator has contacted local schools and has produced plans for us to provide local pupils with opportunities in areas that their present schools are unable to fulfil.

Future Plans

The Governors intend to continue their current strategies of maintaining the School’s position in a compe��ve market by investing to provide high quality education for our pupils. Achieving a high standard of academic results is a constant aim whilst maintaining the breadth and depth of the education provided.

The Principal and Senior staff continue to review the curriculum to ensure that the educational qualifications remain appropriate for our pupils’ development.

The principal source of income is fees accounting for 98.6 % of the School’s income. The Governors are continuing their strategy of deploying all net incoming resources to invest in the educational purposes and fabric of our Junior and Senior Schools.

through without cost to the educa�on we offer, our bursary programme and our ‘teaching links’ programme create a social asset the Exchequer.

Financial Review

Our Finances

As a charity, the parents of our pupils have the assurance that all the income of the School must be applied for educa�onal purposes. As an educa�onal charity, we enjoy tax exemption on our educational activities and on our investment income and gains provided these are applied for our charitable aims. As a charity we are also entitled to an 80% reduction on our business rates on the property we occupy for our charitable purposes.

5

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

us to maintain our bursary policies and ‘teaching link’s programme.

However, as an educational charity, we are unable to reclaim VAT input tax on our costs, as we are exempt for VAT purposes. We also pay tax as an employer through the national insurance contributions we make.

Developments and Maintenance

The School has a planned programme of decoration/ maintenance with every classroom being decorated every 3 years with all common areas decorated annually.

All electronic whiteboards have been replaced with LED Clevertouch Screens.

IT Strategy

The School’s Management Informa�on System has been replaced and are now using iSAMS. This incorporates the administration and finance systems; it is hosted on the cloud to mitigate the risk of hosting the database onsite and to enable ease of remote working. Administra�on and management have all moved to Teams and One Drive for all non-teaching related work.

Teachers continue to use the Google suite of applications to support their teaching with many using the skills they with new learnt during lockdown to enhance their in-person teaching. All teachers and support staff have been issued laptops to enable remote working when necessary.

Students

Year 3 to Year 11 pupils are given Google accounts when they join St Margaret’s. They are taught in ICT lessons how to use them appropriately.

Hardware

All pupils from Y3 – Y11 are issued with a school Chromebook which they use in class, and for remote learning when necessary. The school is looking to move the senior students onto a Windows based device such as the Microso� Surface to enable a wider range of applica�ons to be used.

Reserves and Financial Health

flow analysis as part of the effec�ve stewardship of the School.

In common with other independent schools, the Governors have invested substantial sums into new School refurbishment in recent years and have a con�nuing programme of refurbishment, development, and investment to maintain excellent teaching facilities for our pupils.

The closing value of our tangible assets, property, plant and equipment, was £6,072,535.

The Governors consider that given the strength of the charity’s balance sheet, the stable cash flow from full student rolls, the ongoing popularity of our School, and the available banking facility that can be called upon if need arises, that the finances are in good health.

and the arrangements at our Investment Advisers Cannacord Genuity Wealth Management are in place to provide an adequate ‘safety net’ should it be required.

The total funds as at 31 August 2024 were £7,660,536 of which £6,083,236 was designated and £1,577,300 were unrestricted.

6

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

Going Concern

A�er making appropriate enquiries, the Trustees have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future. For this reason, they con�nue to adopt the going concern concern basis can be found basis in preparing the financial statements. Further details regarding the adop�on of the going in the accounting policies.

Investment Policy and Performance Statement (writen by the School's Investment Advisers)

The por�olio has seen con�nued progression. We realigned the Equity alloca�on by inves�ng in direct equi�es which should yield greater performance in the longer term. We have sought to take advantage of the UK Gilt market and subsequently, Fixed Income exposure is allocated to short, dated UK Gilts which should reduce vola�lity in an uncertain environment.

Our current view is to invest into highly cash genera�ve businesses whilst currently holding a below market weigh�ng to technology due to inflated mul�ples.

Our Ethos Strategy and Policies

St Margaret’s is, by any manner of reckoning, a very small school, having not just small classes but only one class per year group from age 4 to age 16. This situation may have been arrived at by accident of history, but it is now embraced and celebrated by the Governors as a mater of positive policy. The close-knit community which our size engenders is integral to our academic and pastoral success and is one of the prime reasons why parents choose St Margaret’s for their daughters in preference to the many larger schools available to them locally in both independent and maintained sectors.

The Governors are commited to broadening access to the School by every means at their disposal, whilst having regard to their duty to safeguard its long-term future.

Our School is commited to safeguarding and promo�ng the welfare of our pupils and requires all staff and volunteers to share this commitment.

Our ethos: A caring School serving our local community and society

Our fees are set at a level to ensure the financial viability of the School and at a level that is consistent with our aim of providing a first class education to girls.

School will be able to educate and develop a prospective pupil to the best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to sa�sfy ourselves and parents that poten�al pupils can cope with the pace of learning and benefit from the educa�on we provide. An individual’s economic status, gender, ethnicity, race, religion or disability do not form part of our assessment processes.

We are an equal opportunity organisa�on and are commited to a working environment that is free from any form of discrimina�on on the grounds of colour, race, ethnicity, religion, sex, sexual orientation, or disability. We will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled.

Our School is commited to safeguarding and promo�ng the welfare of our pupils and requires all staff and volunteers to share this commitment.

the school meets all its obligations as regards the quality of provision and care for the girls of the school. The school was awarded an ‘Excellent’ grade for both the two Educational Quality inspection criteria.

Parents are given regular informa�on about their children’s social and academic progress through parent evenings and online progress grades, in addition to the traditional end of term and year reports. We maintain regular contact with parents throughout the year through informal contacts and through our newsletter.

7

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

The school operates a mostly ‘open door’ policy and parents are given access to teachers’ direct email addresses with a view to maintaining close communication opportunities.

Access Policy

believe our pupils benefit from learning within a diverse community. A great deal of learning occurs through social interaction, conversation and shared experiences which helps our pupils develop an understanding of the perspectives of other people that will be vital in their adult lives.

Our bursary policy together with our ‘Teaching Links’ programme contribute to a widening of access to the education we offer and the facilities we enjoy.

Teaching Links

are commited to developing our ‘Teaching Links’ programme of cooperation and joint working with local state Junior and Secondary schools. Please see our “Community Access Sec�on” above.

Bursary Policy

At St Margaret’s we believe whole-heartedly in the value of a tradi�onal academic educa�on within a small scale, “family” environment. This is an expensive endeavour, and our fees must cover our costs as well as providing for the future maintenance, development, and stability of the school. We are well aware that, in consequence, an education at St Margaret’s is beyond the means of some parents whose daughters would derive considerable benefit from what we have to offer. The Governors are commited to broadening access to the School by every means at their disposal, including by offering means-tested financial assistance, of up to 100% remission of fees, to parents of suitable applicants.

Where funds allow, the school will continue to give sympathetic consideration to cases where the parents of existing pupils experience a sudden, unforeseen change in circumstances which would result in their daughter otherwise having to be withdrawn from the school. For the sake of clarity, these awards are termed Hardship Grants.

The bursary awards range from 25% to 100 % remission of fees. In the year, we awarded eight bursaries at an average of £14,677 each.

The success of our bursary scheme is explained in our review of activities and achievements sec�on of this report. Details of bursary awards are also set out in note 5 to the accounts.

Other Policies on Assistance

Financial Planning Policy

School and a school fee plan is available to help those who wish to fund educational costs through regular contributions.

Family Discounts Policy

daughters at the School.

Promo�ng High Academic Standards

High academic standards are promoted through consistently excellent teaching and learning, monitoring pupil assessment and progress, suppor�ng the professional development of staff and colleagues, ensuring effec�ve performance management of staff and providing opportuni�es for pupil and parental feedback (through surveys and face to face mee�ngs).

8

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

Structure, Governance and Management

Cons�tu�on

St. Margaret’s School (Hampstead) Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Associa�on.

Governance

The Governors, who are also the charity trustees, are responsible for the overall management and control of St Margaret’s School and hold six full Governors meetings a year. The work of implementing most of their policies is carried out by members of the Board. The St Margaret’s School Bursar is responsible for coordinating the work of the Governors and their Commitees, preparation of papers and management accounts and the review of maters arising.

All trustees give of their time freely and no remunera�on or expenses were paid in the year for their Governing duties.

Key management personnel

The Governors consider that they, together with the Principal, the Bursar and the Senior Leadership Team comprise the Key Management Personnel (see note 11 to the accounts). The Governors give their time freely and the remunera�on of the Principal and senior staff is set by the Salary Committee and is kept under annual review.

A number of criteria are used in setting pay:

9

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

The Governors have given delegated authority to the Principal and Bursar to pay higher salaries for exceptional candidates and excep�onal staff members where this is in the interest of the School.

Organisa�onal Management

The Governors determine the general policy of the School. The day-to-day running of the School is delegated to the Principal, supported by Senior staff. The Principal undertakes the key leadership role overseeing educational, pastoral and administrative func�ons in consultation with the Senior Leadership Team. The day-to-day administration of both Junior and Senior School is undertaken within the policies and procedures approved by the Governors.

the Governors’ recruitment of administrative and non-teaching support staff. The Principal and Bursar are invited to attend mee�ngs.

Other Rela�onships

The Principal is a member of the Girls School Associa�on which is an opportunity to share exper�se, knowledge and experience across the independent school sector. The Conference also permits appropriate representation to Government and regulators of the views of the sector The school belongs to the London Consor�um group of schools for the running and administration of the 11+ examina�on.

Risk Management

The Governors are responsible for the overseeing of the risks faced by the School. Detailed considera�ons of risk are delegated to the Senior Management of the School. Risks are identified, assessed and controls established throughout the year. A formal review of the charity’s risk management processes is undertaken on a termly basis. Risk is managed under the headings of financial sustainability, school safety, student welfare, employment, school trips and events and community access.

risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

Governor recruitment and training

When recruiting new trustees, the most important attribute is a commitment to the School and an understanding of education as a holistic and rounded experience of personal growth. Governors are recruited by personal recommenda�on and are inducted into the workings of the School and the Board by the Chairman, Bursar, and the Principal. We also invite senior local business people to consider joining our Board.

10

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

One Governor may have one or more of these skills.

New Governors are appointed by the existing Board of Governors. The current Governors come from a variety of backgrounds and include a solicitor, two accountants, a psychologist and a general practitioner. One Governor is a 1 have served former pupil. The majority live within a five-mile radius of the school. All Governors listed on page throughout the year except where indicated.

Auditors

Approved by order of the members of the board of Governors and signed on their behalf by:

Mrs E Brettle

Chair of Governors Date: 13[th] May 2025

11

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

For the Year Ended 31[st] August 2024

The Governors (who are also the directors of the School for the purposes of company law) are responsible for preparing the Governors' Report and the financial statements in accordance with applicable law and United Kingdom

Company law requires the Governors to prepare financial statements for each financial . Under company law, the

and fair view of the income and

the

and enable

them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the School and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Governors and signed on its behalf by:

Mrs E Brettle

Chair of Governors Date: 13[th] May 2025

12

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024

Note
Income and
endowments from:
Dona�ons and
legacies
4
Charitable ac�vi�es
5
Other trading
ac�vi�es
6
Investments
7
Total income and
endowments
Expenditure on:
Raising funds
8
Charitable ac�vi�es
9
Total expenditure
Net
income/(expenditure)
before net gains/(losses)
on investments
Net gains/(losses) on
investments
Net
income/(expenditure)
Transfers between funds
19
Net movement in funds
Reconcilia�on of funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Unrestricted
funds
2024
£
5,225
3,169,586
34,723
53,133		 Restricted
funds
2024
£

-

(18,762)

-

-		 Designated
funds
2024
£
-

-
-
-		 Total
funds
2024
£
5,225
3,150,824
34,723
53,133		 Total
funds
2023
£

2,764

2,861,006

45,395

21,963
3,262,667
(18,762)
-		 3,243,905
2,931,128

12,432
2,891,302


-

-
-
-
12,432
2,891,302


11,575

2,722,333
2,903,734
-		 - 2,903,734
2,733,908

358,933
91,134

(18,762)

-
-
-
340,171
91,134


197,220

(10,551)
450,067

150,366
(18,762)

6,526
-

(156,892)		 431,305

-
186,669
-
600,433
(12,236)
(156,892)
431,305
186,669
976,867
600,433

12,236

(12,236)


6,240,128

(156,892)

7,229,231

431,305
7,042,562

186,669
1,577,300
-		 6,083,236
7,660,536
7,229,231

13

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024

14

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee) REGISTERED NUMBER: 00537118

BALANCE SHEET AS AT 31 AUGUST 2024

(A company limited by guarantee)
REGISTERED NUMBER: 00537118
BALANCE SHEET
AS AT 31 AUGUST 2024
Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one year
16
Net current assets
Total assets less current liabili�es
Creditors: amounts falling due a�er more than
one year
17
Net assets excluding pension liability
Defned beneft pension scheme liability
24
Total net assets
Charity funds
Designated funds
19
Restricted funds
19
Unrestricted funds
19
Total funds		 46,306
880,631		 2024
£
6,072,535
1,508,117


34,334
547,220		 2023
£
6,083,236
1,289,834
7,580,652




308,211		 7,373,070




71,728
926,937
(618,726)		 581,554
(509,826)








7,888,863
(196,500)		 7,444,798
(181,500)
7,692,363
(31,827)		 7,263,298
(34,067)
7,660,536 7,229,231
6,083,236
-
1,577,300		 6,240,128
12,236
976,867
7,660,536 7,229,231

15

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2024

The en�ty was en�tled to exemp�on from audit under sec�on 477 of the Companies Act 2006.

The members have not required the en�ty to obtain an audit for the year in ques�on in accordance with sec�on 476 of the Companies Act 2006.

However, an audit is required in accordance with sec�on 144 of the Chari�es Act 2011.

The Governors acknowledge their responsibili�es for complying with the requirements of the Act with respect to accoun�ng records and prepara�on of financial statements.

companies regime.

Mrs E Bretle

16

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED
(A company limited by guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
Cash fows from opera�ng ac�vi�es
Net cash used in opera�ng ac�vi�es
Cash fows from inves�ng ac�vi�es
Dividends, interests and rents from investments
Proceeds from the sale of intangible assets
Purchase of tangible fxed assets
Proceeds from sale of investments
Purchase of investments
Net cash used in inves�ng ac�vi�es
Cash fows from fnancing ac�vi�es
Net cash provided by fnancing ac�vi�es
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 8 to 28 form part of these fnancial statements		 2024
£
398,758
 2023
£

458,316
53,133
66,921
(58,252)
847,295
(974,444)
21,963

-

(191,300)

192,696

(497,297)
(65,347)
(473,938)
-
 -
333,411
547,220
(15,622)

562,842
880,631
547,220

17

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1. General informa�on

St. Margaret’s School (Hampstead) Limited is a private company limited by guarantee incorporated in England. The registered office is 18 Kidderpore Gardens, Hampstead, London, NW3 7SR. The principal aims of the charitable company are shown in the Governors Report.

2. Accoun�ng policies

and Repor�ng by Chari�es: Statement of Recommended Prac�ce applicable to chari�es preparing their accounts in accordance with the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (FRS 102) (effec�ve 1 January 2019), the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

and liabili�es are ini�ally recognised at historical cost or transac�on value unless otherwise stated in the relevant accoun�ng policy.

The accounts are prepared in sterling, which is the func�onal currency of the charity. Monetary amounts in

The principal accoun�ng policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.2 Going concern

Having reviewed the resources and funding available to the school together with the expected ongoing demand for places and the school's projected cash flows, the Governors have a reasonable expecta�on that the School has adequate resources to con�nue its ac�vi�es for the foreseeable future and consider that there are no material uncertain�es over the school's financial viability. Thus the Governors con�nue to adopt the going concern basis of accoun�ng in preparing the accounts.

2.3 Income

All income is recognised once the School has en�tlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income arises in the United Kingdom from educa�onal and allied ac�vi�es and is accounted for in the year to which it relates. Tui�on fees unpaid at the balance sheet date and rela�ng to the period to that date are brought in as income with a provision created in respect of those for which recoverability is considered to be doub�ul. Fees received in advance at the balance sheet date are included in creditors as deferred income.

Cash dona�ons are recognised on receipt. Other dona�ons are recognised once the charity has been no�fied of the dona�on, unless performance condi�ons require deferral of the amount.

Investment income is recognised on a receivable basis.

18

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2. Accounting policies (continued)

2.4 Expenditure

to a third party, it is probable that a transfer of economic benefits will be required in setlement and the amount of the obliga�on can be measured reliably.

Expenditure on raising funds comprises costs incurred in managing the School's investment por�olio.

Expenditure on charitable ac�vi�es is all expenditure incurred on the School's opera�ons. In addi�on to direct costs, these include all support costs and costs rela�ng to the governance of the School which it is considered appropriate to allocate in full to charitable ac�vi�es.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the School; this is normally upon no�fica�on of the interest paid or payable by the ins�tu�on with whom the funds are deposited.

probable and the cost or value of the asset can be measured reliably.

fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their fair value at the date of revalua�on less any subsequent accumulated deprecia�on and subsequent accumulated impairment losses.

from that which would be determined using fair value at the end of the repor�ng date.

Fair values are determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers. If there is no market-based evidence of fair value because of the specialised nature of the tangible fixed asset and it is rarely sold, except as part of a contribu�ng business, a School may need to es�mate fair value using an income or depreciated replacement cost approach.

revalua�on reserve being shown in the Statement of funds note.

Land is not depreciated. Deprecia�on on other assets is charged so as to allocate the cost of tangible fixed assets less their residual value over their es�mated useful lives, using the straight-line method from the date they are brought into use.

Deprecia�on is provided on the following basis:

Freehold property - 2% on valua�on
Motor vehicles - 33% on cost
Ofce equipment - 33% on cost

The Governors are of the opinion that the residual value of the Freehold property has been reached and are therefore currently not deprecia�ng it any further.

19

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2. Accounting policies (continued)

2.7 Investments

The School's por�olio is managed professionally by Canaccord Genuity Wealth Management, in accordance with the objec�ve of providing a balance of capital growth and income. Investments are stated at market value.

and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Ac�vi�es.

2.8 Debtors

Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisi�on or opening of the deposit or similar account.

2.10 Liabili�es

Liabili�es and provisions are recognised when there is an obliga�on at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in setlement, and the amount of the setlement can be es�mated reliably.

Liabili�es are recognised at the amount that the School an�cipates it will pay to setle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best es�mate of the amounts required to setle the obliga�on. Where the effect of the �me value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial ac�vi�es as a finance cost.

2.11 Financial instruments

Basic financial instruments are ini�ally recognised at transac�on value and subsequently measured at their setlement value with the excep�on of bank loans which are subsequently measured at amor�sed cost using

2.12 Opera�ng leases

over the lease term.

20

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2. Accounting policies (continued)

Independent Schools and the pension charge represents the amounts payable by the School to the fund in respect of the year.

The School is also a member of a mul�-employer plan, ISPS. Where it is not possible for the School to obtain sufficient informa�on to enable it to account for the plan as a defined benefit plan, it accounts for the plan as a defined contribu�on plan and the contribu�ons are recognised in the period

to which they relate. The ISPS is a funded scheme and the assets are held separately from those of the school in separate trustee administered funds. The trustee commissions an actuarial valua�on of the scheme every three years using the prospec�ve unit credit method. Where the actuarial valua�on reveals a shor�all of assets compared to liabili�es a provision for addi�onal agreed contribu�on payments is also recognised in full.

The cost of any unused holiday en�tlement is recognised in the period in which the employee's services are received.

to terminate the employment of an employee or to provide termina�on benefits.

2.15 Fund accoun�ng

General funds are unrestricted funds which are available for use at the discre�on of the Governors in furtherance of the general objec�ves of the School and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Governors for par�cular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

which have been raised by the School for par�cular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to

Investment income, gains and losses are allocated to the appropriate fund.

21

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

3. Cri�cal accoun�ng es�mates and areas of judgment

Es�mates and judgments are con�nually evaluated and are based on historical experience and other factors, including expecta�ons of future events that are believed to be reasonable under the circumstances.

Cri�cal accoun�ng es�mates and assump�ons:

The School makes es�mates and assump�ons concerning the future. The resul�ng accoun�ng es�mates and assump�ons will, by defini�on, seldom equal the related actual results. The es�mates and assump�ons that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabili�es within the next financial year are discussed below.

number of factors that are determined on an actuarial basis using a variety of assump�ons. The assump�ons used in determining the net cost (income) for pensions include the discount rate. Any changes in these assump�ons will impact the carrying amount of the pension liability.

Valuation of land and buildings

The carrying value of the land and buildings depends on the market values of similar property in the local area and will fluctuate according to market condi�ons.

Cri�cal areas of judgment:

Pupil deposits:

A deposit is collected in respect of each pupil joining the school. This may be used to cover outstanding fees and expenses on the departure of the pupil, or retained in lieu of fees if the required no�ce of withdrawal is not given. As pupils are expected to remain at the school for several years and depar�ng pupils are replaced by new students the Governors consider it is appropriate to treat all deposits are repayable a�er more than one year.

22

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

4. Income from dona�ons and legacies

Dona�ons
Dona�ons		 Unrestricted
funds
2024
£
5,225		 Total
funds
2024
£

5,225
Unrestricted
funds
2023
£
2,764		 Total
funds
2023
£

2,764

5. Income from charitable ac�vi�es

Tui�on fees and school ac�vi�es
Bursaries, scholarships and discounts
Tui�on fees and school ac�vi�es
Bursaries, scholarships and discounts		 Unrestricted
funds
2024
£
3,333,850
(164,264)		 Restricted
funds
2024
£

-

(18,762)		 Total
funds
2024
£
3,333,850

(183,026)
3,169,586
(18,762)
3,150,824
Unrestricted
funds
2023
£
3,064,878
(186,337)
Restricted
funds
2023
£

-

(17,535)
Total
funds
2023
£
3,064,878

(203,872)
2,878,541
(17,535)
2,861,006

During the year the School received income in rela�on to Autumn 2024 fees. These have been included in deferred income. The same situa�on applied in 2023.

23

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

6. Income from other trading ac�vi�es

Income from non charitable trading ac�vi�es

Other fees and hire income
Other fees and hire income		 Unrestricted
funds
2024
£
34,723		 Total
funds
2024
£

34,723
Unrestricted
funds
2023
£
45,395		 Total
funds
2023
£

45,395

7. Investment income

Dividends
Interest
Dividends
Interest		 Unrestricted
funds
2023
£
14,843
5,068		 Unrestricted
funds
2024
£
39,581
13,552		 Total
funds
2024
£

39,581

13,552
53,133
53,133
Designated
funds
2023
£

2,052

-		 Total
funds
2023
£

16,895
5,068
19,911
2,052
21,963

24

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

8. Expenditure on raising funds

Costs of raising voluntary income

Investment management costs
Investment management costs		 Designated
funds
2023
£
10,167		 Unrestricted
funds
2024
£
12,432		 Total
funds
2024
£

12,432
Designated
funds
2023
£

1,408		 Total
funds
2023
£

11,575

9. Analysis of expenditure by ac�vi�es

Tui�on fees and school ac�vi�es
Tui�on fees and school ac�vi�es		 Ac�vi�es
undertaken
directly
2024
£
2,093,228		 Support costs
2024
£

798,074		 Total
funds
2024
£

2,891,302
As restated
Actvites
undertaken
directly
2023
£
1,976,929		 As restated
Support costs
2023
£

745,404		 As restated
Total
funds
2023
£

2,722,333

25

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

9. Analysis of expenditure by activities (continued)

During the year, the Governors re-assessed the alloca�on of costs between direct costs and support costs to beter reflect the prac�cal nature of these costs. Figures are therefore marked as re-stated, however, the total expenses remain unchanged.

All expenditure on charitable ac�vi�es in 2024 and 2023 was from unrestricted funds.

Analysis of direct costs

Staf costs
Deprecia�on
Food & Catering
Sports, Music, Art
Premises & Equipment
Analysis of support costs
Staf costs
Premises & Equipment
Other Costs
Governance costs		 Total
funds
2024
£
1,743,814
23,238
69,115
67,432
189,629		 As restated
Total
funds
2023
£

1,463,564

144,288

136,945

76,615

155,517
2,093,228
1,976,929
Total
funds
2024
£
409,865
223,140
140,389
24,680		 As restated
Total
funds
2023
£

406,437

166,133

147,356

25,478
798,074
745,404

26

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

10. Auditors' remunera�on

Fees payable to the School's auditor for the audit of the School's annual accounts 2024
£
12,000		 2023
£

12,600

11.

Wages and salaries
Social security costs
Contribu�on to defned contribu�on pension schemes		 2024
£
1,740,055
185,864
227,760		 2023
£

1,522,426

168,608

178,967
2,153,679
1,870,001

The average number of persons employed by the School during the year was as follows:

Teachers
Ofce and domes�cs		 2024
No.
27
14		 2023
No.

26

14
41
40

The average headcount expressed as full-�me equivalents was:

Teachers
Ofce and domes�cs		 2024
No.
24
10		 2023
No.

21

11
34
32

27

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
No. No.
In the band £60,001 - £70,000 - 2
In the band £70,001 - £80,000 2 2
In the band £80,001 - £90,000 1 1
In the band £90,001 - £100,000 1 -
In the band £100,001 - £110,000 1 -

The total remunera�on paid during the year to the senior management team was £294,256 (2023: £490,067)

12. Governors' remunera�on and expenses

reimbursed (2023: expenses totalling £286 were reimbursed or paid directly to 2 Governors).

28

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

Cost or valua�on
At 1 September 2023
Addi�ons
Disposals
At 31 August 2024
Deprecia�on
At 1 September 2023
Charge for the year
On disposals
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023		 Freehold
property
£
6,179,556
-
(22,429)
 Motor
vehicles
£

67,688
-

-
 Ofce
equipment
£

902,315
58,252
(44,492)
 Total
£

7,149,559

58,252

(66,921)
6,157,127
67,688
916,075
7,140,890
211,785
-
22,429
9,392
22,540

-
845,146

699
(43,636)
1,066,323

23,239

(21,207)
234,214
31,932
802,209
1,068,355
5,922,913
35,756
113,866
6,072,535
5,967,771
58,296
57,169
6,083,236

29

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

On 1 September 2019, the freehold land and buildings were revalued by the Trustees.

The carrying amount under the cost model for the assets which have been revalued would have been £1,881,116 (2023 - £1,881,116).

Deprecia�on is no longer provided on the freehold property as the Governors are of the opinion that the residual value has been reached.

14. Fixed asset investments

Cost or valua�on
At 1 September 2023
Addi�ons
Disposals
Revalua�ons
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023		 Listed
investments
£
1,260,499
972,682
(847,295)
91,134
 Cash accounts
£

29,339

1,758

-

-
 Total
£

1,289,838

974,440
(847,295)
91,134
1,477,020
31,097		 1,508,117
1,477,020
31,097
1,508,117
1,260,499
29,339		 1,289,838

30

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

Material investments

Those investments making up more than 5% of the total market value of the por�olio in the current or prior year were:

were:
UK Government Gilts 0.25% Jan 2025
UK Government Gilts 0.625% June 2025
UK Government Gilts 1% April 2024
Schroder Asian Total RTN INV CO PLC ORD GDP
UK Government Gilts 2.75% September 2024
UK Government Gilts 3.75% March 2027
UK Government Gilts 4.125% January 2027
Fundsmith LLP Equity INC NAV		 2024
£
-
73,997
-
-
81,135
81,776
78,071
46,437		 2023
£
74,972

70,738
73,361
47,000

-

-

-

41,776
361,416
307,847
Listed investments
Listed investments		 UK
2024
£
982,057		 Overseas
2024
£

526,060		 Total
funds
2024
£

1,508,117
UK
2023
£
718,993		 Overseas
2023
£

570,901		 Total
funds
2023
£

1,289,894

31

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

15.
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
16.
Creditors: Amounts falling due within one year
Trade creditors
Other creditors
Accruals and deferred income
Deferred income represents tui�on fees received in advance as follows:
Deferred income at 1 September 2023
Resources deferred during the year
Amounts released from previous periods		 2024
£
16,971
4,133
25,202		 2023
£

19,746

1,183

13,405
46,306
34,334
2024
£
19,855
42,076
556,795		 2023
£

27,476

40,908

441,442
618,726
509,826
2024
£
425,750
541,046
(425,750)		 2023
£

343,562

425,750

(343,562)
541,046
425,750

32

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

17. Creditors: Amounts falling due a�er more than one year

Other creditors
18.
Financial instruments
Financial assets
Financial assets measured at fair value through income and expenditure		 2024
£
196,500		 2023
£

181,500
2024
£
1,508,117		 2023
£

1,289,834

Financial assets measured at fair value through income and expenditure comprise the charity's investment por�olio.

33

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

19. Statement of funds

Statement of funds - current year

Unrestricted
funds
General Funds - all
funds
Designated Funds
Fixed Asset
Reserve
Revalua�on
Reserve
Morton
Scholarship Fund
Restricted funds
Sal� Bursary
Total of funds		 Balance at 1
September
2023
£

976,867		 Income
£
3,262,667		 Expenditure
£
(2,903,734)		 Transfers
in/out
£
150,366		 Gains/
(Losses)
£
91,134		 Balance at 31
August 2024
£
1,577,300

1,881,116
4,202,120
156,892

-

-

-
-
-
-
-
-
(156,892)
-
-

-
1,881,116
4,202,120
-
6,240,128
-
 -
 (156,892)
-
 6,083,236
12,236
(18,762)
-		 6,526
-		 -

7,229,231


3,243,905

(2,903,734)

-
91,134
7,660,536

34

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

19. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
General Funds - all
funds
Designated Funds
Fixed Asset
Reserve
Revalua�on
Reserve
Morton
Scholarship Fund
Restricted funds
Sal� Bursary		 Balance at
1 September
2022
£

819,694		 Income
£
2,946,611		 Expenditure
£
(2,732,500)		 Transfers
in/out
£
(46,387)		 Gains/
(Losses)
£
(10,551)		 Balance at
31 August
2023
£
976,867

1,772,450
4,263,774
156,873

-

-

2,052
-
-

(1,408)
-
-

-
-
-
-
1,881,116
4,202,120
156,892
6,193,097
2,052
(1,408)
-
 -
 6,240,128
29,771
(17,535)
-		 - - 12,236

Total of funds

7,042,562 2,931,128 (2,733,908) (46,387) (10,551) 7,229,231

35

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

19. Statement of funds (continued)

Restricted funds

The Sal� Bursary was established to provide a scholarship to a single student to ensure the highest probability of their success for their full educa�on at the school.

Designated funds

provide scholarships and bursaries to future pupils. With effect of 31 August 2024, the Governors have decided that this designa�on is no longer useful.

The Fixed Asset Reserve was established in accordance with Charity Commission guidance to separately iden�fy the value of the fixed assets held by the school. Transfers represent net movements on fixed assets in the year.

The Revalua�on Reserve represents the movements in fair value of the property held by the School. Transfers represent deprecia�on and revalua�ons movements on the valua�on of land and property held by the school.

20. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fxed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabili�es and charges
Total		 Unrestricted
funds
2024
£
(10,701)
1,508,117
926,937
(618,726)
(196,500)
(31,827)
 Designated
funds
2024
£

6,083,236

-

-

-

-

-
 Total
funds
2024
£

6,072,535
1,508,117
926,937
(618,726)
(196,500)
(31,827)
1,577,300
6,083,236
7,660,536

36

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

20. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fxed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabili�es and charges
Total		 Designated
funds
2023
£
-
1,132,942
569,318
(509,826)
(181,500)
(34,067)		 Restricted
funds
2023
£
-

-

12,236

-

-

-		 Endowment
funds
2023
£
6,083,236
156,892

-
-
-
-		 Total
funds
2023
£

6,083,236

1,289,834
581,554
(509,826)
(181,500)
(34,067)

7,229,231
976,867
12,236
6,240,128

21.

Net income for the period (as per Statement of Financial Ac�vi�es)
Adjustments for:
Deprecia�on charges
Gains/(losses) on investments
Dividends, interests and rents from investments
Decrease/(increase) in debtors
Increase in creditors
Increase/ (decrease) in provisions
Net cash provided by opera�ng ac�vi�es		 2024
£
431,305		 2023
£
186,669
2,032
(91,134)
(53,133)
(11,972)
123,900
(2,240)
144,288

10,551

(21,963)

6,536

136,425

(4,190)

458,316
398,758

37

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

22. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2024
£
880,631		 2023
£

547,220
880,631
547,220

23. Analysis of changes in net debt

Cash at bank and in hand At 1
September
2023
£
547,220		 Cash fows
£

333,411		 At 31 August
2024
£

880,631
547,220
333,411
880,631

24. Pension commitments

non-teaching staff. Academic and related staff are now in the Aviva Pension Trust for Independent Schools (APTIS), a defined contribu�on scheme. Non-teaching staff are in the Independent Schools' Pension Scheme (ISPS), which is managed by TPT Re�rement Solu�ons.

Aviva Pension Trust for Independent Schools (APTIS)

The pension charge for the year includes contribu�ons payable to APTIS of £225,521 (2023: £174,777) and at the year-end £Nil (2023 - £Nil) was accrued in respect of contribu�ons to this scheme.

TPT Re�rement Solu�ons - Independent Schools' Pension Scheme (the scheme)

employers. ISPS is a contracted-out of the State scheme. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient informa�on to enable it to account for the scheme as a defined benefit

The scheme is subject to the funding legisla�on outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Repor�ng Council, set out the framework for funding defined benefit occupa�onal pension schemes in the UK.

38

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

24. Pension commitments (continued)

par�cipa�ng employers' obliga�ons if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Par�cipa�ng employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

actuarial valua�on was cer�fied on 22 December 2021 and showed assets of £201.1m, liabili�es of £256.3m and a deficit of £55.2m. To eliminate this funding shor�all, the trustees and the par�cipa�ng employers have agreed that addi�onal contribu�ons will be paid, in combina�on from all employers, to the scheme from 1 September 2022 to 30 June 2032 in the sum of £2,687,000 pa (payable monthly and increasing by 3% on each 1st September). The recovery plan contribu�ons are allocated to each par�cipa�ng employer in line with their es�mated share of the scheme liabili�es.

2032 the School is required to contribute £2,240 pa (payable monthly and increasing by 3% on each 1st September).

In accordance with FRS 102, the School must recognise a liabililty measured at the present value of the contribu�ons payable that arise from the deficit recovery agreement. The value of the provision recognised 31 August 2024 is £31,827 (2023: £34,067)

25. Members' liability

The school is a charitable company limited by guarantee. The members of the charitable company are the Governors names on page 1. Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year a�er he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabili�es contracted before he/she ceases to be a member.

26. Related party transac�ons

balance outstanding at the end of the current or prior year.

Mrs M Wayne, a governor, was paid a sum of £434 (2023: £425) for invigila�on services. There was no balance outstanding at the end of the current or prior year.

39

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

Opinion

31 August 2024 which comprise the statement of financial ac�vi�es, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accoun�ng policies. The financial repor�ng framework that has been applied in their prepara�on is applicable law and United Kingdom Accoun�ng Standards, including Financial Repor�ng Standard 102 'The Financial Repor�ng Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accoun�ng Prac�ce).

Basis for opinion

We conducted our audit in accordance with Interna�onal Standards on Audi�ng (UK) (ISAs (UK)) and applicable law. Our responsibili�es under those standards are further described in the Auditors' responsibili�es for the audit of the financial statements sec�on of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Repor�ng Council's Ethical Standard, and we have fulfilled our other ethical responsibili�es 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 rela�ng to going concern

in the prepara�on of the financial statements is appropriate.

that, individually or collec�vely, may cast significant doubt on the charitable company's ability to con�nue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibili�es and the responsibili�es of the Governors with respect to going concern are described in the relevant sec�ons of this report.

In our evalua�on of the Governors’ conclusions, we considered the risks associated with the charity’s business model, including the effects arising from macroeconomic uncertain�es and analysed how those risks might affect the charity's financial resources or ability to con�nue opera�ons over the period of twelve months from the date when the financial statements are authorised for issue. In accordance with the above, we have nothing to report in these respects. However, as we cannot predict all future events or condi�ons and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the �me they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the charity will con�nue in opera�on.

40

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

Other informa�on

our auditors' report thereon. The Governors are responsible for the other informa�on contained within the annual report. Our opinion on the financial statements does not cover the other informa�on and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other

statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we iden�fy such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other informa�on, we are required to report that fact.

We have nothing to report in this regard.

Capability of the audit to detect irregulari�es including fraud

We gained an understanding of the legal and regulatory framework applicable to the charity and the industry in which it operates and considered the risk of acts by the charity which were contrary to applicable laws and regula�ons, including fraud. These included, but were not limited to, compliance with Companies Act 2006, the Chari�es Act 2011 and FRS102.

We designed audit procedures to respond to the risk, recognising that the risk of not detec�ng a material misstatement due to fraud is higher than the risk of not detec�ng one resul�ng from error, as fraud may involve deliberate concealment.

included, but were not limited to:

There are inherent limita�ons in the audit procedures described above and the further removed noncompliance with laws and regula�ons is from the events and transac�ons reflected in the financial statements, the less likely we would become aware of it. We also addressed the risk of management override of internal controls, including tes�ng journals and evalua�ng whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Opinion on other maters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

41

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

Maters on which we are required to report by excep�on

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not iden�fied material misstatements in the Governors' report.

We have nothing to report in respect of the following maters in rela�on to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibili�es of Governors

As explained more fully in the Governors' responsibili�es statement, the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the prepara�on of the financial statements and for being sa�sfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the prepara�on of financial statements that are free from material misstatement, whether due to fraud or error.

con�nue as a going concern, disclosing, as applicable, maters related to going concern and using the going concern basis of accoun�ng unless the Governors either intend to liquidate the charitable company or to cease opera�ons, or have no realis�c alterna�ve but to do so.

material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic

Irregulari�es, including fraud, are instances of non-compliance with laws and regula�ons. We design procedures in line with our responsibili�es, outlined above, to detect material misstatements in respect of irregulari�es, including fraud. The extent to which our procedures are capable of detec�ng irregulari�es, including fraud is detailed in the relevant paragraph above.

Council's website at: www.frc.org.uk/auditorsresponsibili�es. This descrip�on forms part of our auditors' report.

42

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those maters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permited by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Steven Johnson FCCA (senior statutory auditor) for and on behalf of RPG Crouch Chapman LLP (RPGCC) Chartered Accountants and Registered Auditor 40 Gracechurch Street London EC3V 0BT

Date: 13[th] May 2025

43