Coryany No. 00420867 Registered in England Chamry No. 312762 ST HELEN'S SCHOOL, NORTHWOOD ANNUAL REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2023 ST HELENS SCHOOL NORTHWOOD ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 Con¢en¢s Page Goyerncrt. Offctrs and Ad¥isers Annual Report of the GoverrKYs Governors. Report Strategic Reporr Independ¥t Auditty's Report 18 Con50fidared Statem￿[ of Rnanoal Actimties 21 Consolidated Balance theet 22 School Balance Sheet 23 C0Th501idated Ca5hflow Sra¢ernent 24 Note% to the Financial Stat*Mnts 25 ST HELENS SCHOOU NORTHWOOD GOVERNORS. OFFICERS AND ADVISERS YEAR ENDED 31 AUGUST 2023 GOVERNORS, DIRECTORS AND CHARITY TRUSTEES The Governors of Sr Helen's School, NOrth￿r0d rthe School.? are rhe S¢h¢x*l's charlty trustees under charity law and the directors of the charitable company. The members of the Governing Body who served In office a5 Governors during rhe year and subsequentty ￿ detailed below. ppa6nTd 22 Sept•nbv 2022 .,Appointed 8 DeC￿)ber 2014 App¢intd 8 Detember 2014 App￿Thted 18 Ncwember 2022 pp￿nIed 23 September 2022 APP￿nted 12 july 2023 Appointed 20 No¥￿nber 1020. resign&l 31 August 2023 Appoinred a D¢ctrnber 2016. re5igne¢i 8 October 2022 ppoin¢ed 24 October 2022 ,,Appointed S Decanber 2011 Appointed 8 December 2014. re$￿Tred 4 December 2023 ,Appoinred 5 October 2020. resigned 3 DecwnbÈr 1023 ppunted 10 December 2018. resig#tyJ 13 February 2023 Appcd Gtr￿rnlng Cwncil present their Annual Report for rhe year ded 31 Augusc2023 undertheCharitiesAct 2011. Charities SORP and thecompanies Act 2006.thusincludin8 the Director5. Report and Strdiegic Reporr under the Companies Acr 2006. ¢ogether￿th the audited financ Statements for the year. The c￿S011d3ted financial statements inelvde the financial SLatements of Sr Helen'5 S¢h¢)ol. Northv*wd aThd it5 subsidiary comp¥rby. St Helen'5 Enterprises Limiied. GOVERNORS. FiEPORT CONSTITUTION AND OBJECTS St Helen'$ kh￿•1 was fc*Jnded in 1899 and 1$ rff15tered V•ith the Ctharity Commlssion uhder charyty number 311762. The Schod's G¢)vwnor& executr¥e officer& address and profe55ipnal advisors are as lisred on page 1. The Schcd Is a cornpaThy lirnlted by guardntee and is ioverned by its merrwandum and artieles of associatic dated 4 October 1946 as I￿rnded by Special resolutions passed ¢)n 26 March 1996. 22 Marrh 2004 and 30 lune 2015. Charitable Objects The charity's abjècc$ as ser tyJt In it5 wmndum 0fassoc1arl￿ are to: advance educatiorb in particular by (but not limited to) arrying ar NOrth%￿0d in the County of Mlddlesex and e15evknwe a5 may from tlme to time by lh¢ Charity be thought ffit, a day andl¢r boardlhg xhool or cdleg< or schools or cdleges- Ihd advance rellgion rhwgh the pmvision for *whip and knKrUCti￿ in the Christian tradl¢lon and ￿¥th respect for all fwths rellgions and rdigious dN¥siry. AIMS, OBJECTIVES AND ACTIVITIES Aims and Iniended Impact In line with its charirable objÈcr5. the khod all￿= To prnvi¢Je each and every gid with the opptyrunity and means to achieve a¢ademl¢ exeellenee- by promotlnK lThtellectual curiosity. ¢x¢irement and ambitbon To provlde our srudents wth the personal skllls. emoti¢)nal resilience and confidence to achlwE thdr full po¢enrial through a varied. rich and ch•llenglng ¢o-curricular programme To know, value and respecr all glds as ind1vidu￿$ so as to best support them on their iournry through the Schod To ensure that the Schc*Jl, the glrfs. fhe sraff and parents play a ffijll and a¢rlv¢ part the lotal. natlon and global C¢)mmunlry Ourglrls ￿11 be brave and tru< ever inrel1ectua1￿ CUri+WS. Theywll believe they can doanyLhin& They wll want to explore how they can besc inrernct vA¢h rhe Y￿4 around th￿￿ and make a dSffer¢nte for the better in their way. They ￿11 be ready for vknatever the (uture bring Page 3 ST HELENS SCHOOU NORTHWOOD ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2023 Ovr girls wll.. be excited about th￿r karnin& aKYays asking the question Mty.: be independenL adventLifous. ambitbous and resllien be rhe probl¢m-sdvers aThd trailbla2ers rommw. alvrnys be guided by integrity and thwr eJ•N* ￿rOng moral principle5: cdebrate diver5srT. be compasslonace towards rhemsths and otherL At the Same tlme. rhe SChts￿ aims to Pr￿￿e fa¢iliri¢s and opportunities IDr Ihe benOt of Its knal comnwnlty. The trusrees cty)firm that have had regard to the Charity Commi5siofb'5 guidante on public beneffit reviewing it5 objective5 and actMrle> Objectlves for rhe Year The main objertives Ihe year we Continue to proNide a hlgh Iv4el of education and mathuin • high level of aCh￿Vement throughour rhe Schoul through the ongc4ng enhancement of staff professional d￿￿¢)prn￿t and leadership qvalitie5. Further develop rhe exception￿ pa5tc*al ¢are prthided to w'rLs at the sch{￿1. ce￿tInUe to invest in the khod's t￿$tIng &01itles thr¢xJgh Scab￿ lee Income and pruden¢ Manag￿eTht of projected surplu Update the Estates Strategy to meet th¢ netsls ol the Schod for the next 10 years. The provision of bursarie5 to offer opportunirles girk without some f￿anC￿l assistanc& rnight not be able to take up a plate ar St. Hekn's. Develop Ilnks wth I￿/1 slate primary schools to pr￿ole khod's bursary proEramrne. Develop h'Trks with kxal 51ate s¢hods Eo identify opportunities tr joint vthing and support. GOVERNANCE AND MANAGEMENT Governing Body The charity is run by its trustees. %thoconsr¢tute the Sch4xl'5 Cwncil of Gt)vernors and are the direciors for che purposes of company law. ￿￿nCIl 15 self-app¢*nung and may from cime EO ¢imÈ irt￿te universitie5 (and ocher fijrther education bodies) or professbonal bodies to Trominare a Gtr•erncf. C￿nCil may con515t of between fve and twenty membvs. Servlct on Ctyjncil is for a tenn of rhree y¢•rs and retiring Kovernprs can be redected a m2xlmum of 3 times alrer an Snitlal cemi of 3 years to Serve up to 12 years in rotal. CpuTrcil iths Ir$ govttnance responsibilives seri¢￿11Y and. a5 a ￿rge charity. airns ta have a governance trarne￿k that is fic for purpw compliant and effiuent. The CouThal has e5¢ablished * solid f￿ndarIOn in governancein Nthichall tru$rets are clearabouttheirrclts and legxlresporssibiliti4 are commiited ro supporting St Hden'$ to deliver it5 cbjec(5 rnOSf tffettivety fc¢ the benefit of it5 beneficlaries and contribute to the S¢hoof'$ ¢ontlnued Impr¢vemenL Page 4 ST HELEN'S SCHOOU NORTHWOOD ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2023 erall. the kh￿1.5 Council of G￿••￿{￿ rT*rts a Very si£nffitant proportion of the recommeThded and besc practice for governance c¢ntairted %%ithin the Charity Governance Code (publishedjuty 2017) across rhe Code. 7 principle5 and is comfortabk there are Tho signthcant *re*s of rwithv required. Arr30gementswll continw to be monitored agalnst the best prnc¢Ke principle5 contained within the Ccd Recru itm ent an d ¢rain ing of Governor5 Governors are aPP￿nIed a5 vacancies arise New memb*s of the Councl of G¢yrtmors are t￿ted based on ncffninat1￿S from the Governors and the executive officer5 and on the candidate5. professional qualities experience. pers{￿*[ competence and a￿lIabilitY. Candidates are interviewed and the sulrabllky of caAdidatts i¥ dixu55ed by Councll before candidate5 are invited to join Council as approP￿ttL The genernl policy is that New G0Vwn*￿ are inducted inio the *￿rkingS of the khool. including Council pol and procedures. ac an induction Ses$h￿ specialty organised for chem. The new Govern%v5 are also invlted to attend specialist external courses on the role and responsibilitie5 01 charity trustees and in School trainlng e.g.. child protectian aThd 5afe8uardin8 delivered by the Designated S*feguarding l*ad. A5required, G￿emor5 attend LYCern￿tr￿s[eelrI1￿lThg and Infrntk>n course5 desl¥ned to keep them Informed and updared on currenc issues ITh the sectLY aThd regulaw requirements. Organisational m anagem ent The School Governors, as trusttts of the charityand directors of the company. are re5pon5ible for the overall management and control of the Schod. Full C￿n£￿1 mews frnlty oTh¢e a trn Committees are sta￿￿ by Ippropriare governors. ￿ch regard io expwienc¢ expertise and interest. Changes to School ltsdership VAS recentty annovnced V*irh the appuntrrent of Head starting in September 2024 ané new &Jsiness Direcror. The schod 15 currentty being managed by an Inttrlm Head untsl Augu$t 2024. The Governors meet three tlmes ptr year to revlew the s¢raieKY and perf￿rnance of the School and co set operntlng plan5 and budgets. The cl IMpler￿tIng rhwr policie¥ Is ¢arrl¢d out by 2 Commlrtee5= The linance and Estates Committee scrurinises re4enu¢ budger. capital expenditu￿ HR ind progress against the Esiares Ma5terplxn. building proie£ts ind maiThtenance. This Commitree also suptrvises and fina115es the audiied financlal statements and aThnU￿ rep¢￿ forapprtrrtl by the Council of Governors. The Committee is chaired by Nadeem Boghani and meets once each tenn. The Edutati*)M Committee con5ider5 edu￿tional and pastoral policy. Covcurrfcular opporyunities and the role of ￿ in educat1￿. The Committee is chaired by Ben Turntr and me￿$ onte each terni. Fc41owing the departure of the former Head of SchoJl, an Interim Head is in p￿Ce until August 2024 and rhe t)evAy appolnted Head of Schcd comrreThces in September 2024. The Cornn￿ttees. decislons are rarif*d by rh¢ full Coun YEAR ENDED 31 AUGUST 2023 Edutatiomal r¢lnstared follrh%ing the relaxation of CcNid 19 res[r￿tIOnS, culminaling in the summer holidays ￿th a Music T¢)vr for •pproximatety 100 rtudents to Pari% and Phab Week in which &xth Forni puplls from St Helen¥ 2nd Mwchant Ta￿or9. Schoo15 pro￿ded care and activities lor a number of young people dlsablliries. Pr￿idIng rhtyr familie5 V*ich rnuch.ned&l respite c*r& There **re a variety ol other trip5 and visits atrt)%s the UK including those kn the CCF and a Dukn of Edinburgh tronze award expedition and serles of trips across rrther Year Groups A whde school parent survey wa5 coThdu¢red ITr￿￿￿ry 2023. The results were a￿a￿Sed. and an actlon plah of initiatives Communicated to Prq) and Senior Schcol parenr5 wthbch Included * revkw of homework and pupl behaviour policies at the Prep Schod. rhe development of a Qulet Zone for students and a rt*ew of the Parent Portal interface ITh Senior School. The s¢hod's Depury Head Pastoral conducted a staff ￿l-being 5Utvey in the Avturnn rernK *ith feedback to the Executfi￿ team and aueed accl￿$ in¢lu&"ng supwtNe conYersath)n5. St Heleh'5 Is a papUlarsch¢X￿ and Ihe GrNernors bekneve that the Schod wlll continue to attracth.￿h nurtier5 of application5 Irsto thefore5eeable Th¢ G¢>vernors are nevertheless avrdre that the current econtsmlc environmcnc may affecc levels c4 application5 ￿ the abiliry to ply kts lfi rht shc*ter tem and thi5 15 taken inro account when ihe fee Increases for rhe 2023n4 acaderic year I￿re ser. ln addition, the Governors wll determine wheihw ￿PItal progTrrM*s and rhe asso£l*ted ffijnds may need to be paused Ihe event of a malor change. PU8LIC BENEFIT Granc-m aking Policy Thls year, St. Helen's pupils benefited L1.85m P021: £1.49m) 3￿rded irs scholar5hip5 and bursar6es. Eath year. the School makes available a Trur￿)er of schol¥thips ro detray a proportion of tuition fees. AvArds are ￿de based on academlc ability and are not rdated to financial ¢ir¢umsrances. The Sch¢Jol a￿0 makes available a small numbw of awards *rL sporc and drama. Approximately third5 of the khotsl's grants are awarded as bursarie5. By granting bursariE% the School also seeks Eo ensure coniinuity of edU(ar1￿ lor ￿1 its pupikn and to Pr￿de opporEuni¢ies for gids who. iihout $on* thnancial *ssistanc< might not be abk 10 take up a place at St Helen's. A bursary is dlscretionary mean5-te5ted ffinancial which. in some cases, covers 100% of fees and associated extras. jr$a￿e$ are not linked to schc43rships and a gid coukl receive borh. The School does not have an endowment but6JTrds bursarles from inc¢)nK particularlyrhatgenerared from its trading subsdiary. St HdEn's Enterprls& Llmited. As * resulr. Ihe arn￿￿t available for bursaries mighr flucruate from year to year bur 15 generalty increasing (Ner time. The Sehod Is mlndful rhat k must ensure a balanceber%4wn feÈrf>aylng p2renr many of whom make conyderable per50nal sacrffices to fund their child's education. and those benefiting from the •w4rds. 2022-23 the Schoal prtr4fjded burs*￿1 help to 79 chih4ren at a c05r of £1.325.708 equate5 to 8.5% of Sen1￿ school fee5. AD additi(￿￿ three pupils %4ve hardship bursaries totalllng £27.8S6. The fees of 33 children were fijlty covered by bur￿￿ and / lurther7 by a combination of bvr5arle5 and s¢hok#rshlps. Where appr(prlate for those on ffijll bursarie& the Sch&J also C￿sIderS ￿ndIng ancillary cott¥ in particular lunche5. cO￿h travd and trips vthich are consldered a part of the curriculum. Jrsary funding has grovm to Its current lelel from a36.000 In 2007-2008 and a thJnd of £1.Sm has been budgered for 2024-24. The Governors of the Schod Inr*thd ro bursaries a5 Schod finaThtes all¢)w over ¢irnE. Page 10 ST HELEN'S SCHOOL. NORTHWOOD ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2023 WritteTh inhrrnation about bursaries and hth¥ to appty fvx Them is available fr<￿ the Admi5$1ons Department or the Accounts Department of rhe Schcd and from the P4Jr5ary and Hardship Policy published ￿ the Schwl'5 website. knforrnation 15 a150 available at Schod Open Days amij dixussed in the khool prospecrus. The Schoofs &Jsiness Direccor and Head of Finance are available during the school day to discuss p¢xential bursary or hardship applications. The availability of bursaries is artrvdy promoted at ￿￿rketIng vi51t5 to local leeder schools and the Schod Outrèath Proxramme 5eek5 to identify and liaise ￿th state junior schools £0 encouraKe applkant5 who mi&hr never have considered St Helen's co •ppty fry * bursary and a plate at the School. The Schod aims to gNe bursaries to those rt judges to reg￿lre fee asslstance In a¢¢*)rdan¢e Wth rhe fvnds the scho￿ ha5 availablo The SchocA assesses * %4ide of ts¢¢¢rs. Includin£ Into￿ ￿j(lO1￿8$, assets and Ilabllirie5 a5 %%*11 a5 The 5pe¢tfic famity circum5tance5 in every cast Because clrcum51ances can differ vAdely in deserving cases, the School does not publish deralled bursary ¢rirexia. Schools Togerher St Helen's I￿rkS in partnership with other lotsl schoo15 in a varw of ways and is afvftys Icd(ing to develop and extend It$ partnership and LWtrea¢h As a 5chwl, ￿ bc4( carefijlly at wh*¢ provision our Paryner5h¢) schoo15 need and look to support them in * mulrirude of ways. Our Year.12 Outreath and Volunteerir Programme is a bespoke progrdmme d¥igned in cdlaboration with wr Partnership schools. Ihus et)surlng tk we are maxirnising our 511PPOrt exactty vknere it is needed. As an independenc school, St Helen's ts cfjnmltced ¢ofuWllllng its responslblllty to share resources and facilitie5 th children and youTh¥ people in the IcCurriculum. Operdrior and Parrnerships. vi51ts these schods regularty to gaiTh * dtwr undérsunding of each setting and the areas %thith St Hden's restyJrces might be of particularvalue The 4reed kcvs of offem.ngs is to enable pupils to experience specialist teachers ind equiprnent. todevel0p.cu￿ural capitaf and Prn￿de a broader per5pecrlve c the opporturbities available to thern beyond primary schod. Comm unity Invofvement Sc Helen'5 invofve5 Itsdf in C¢m￿MUnItY In a %%ide varrety of Wdy5. OF particular lrnportance Is Ics eontmbut through the provision of bur5atie5- the School is particularty keen to encc4Jrage appllcant5 from rhe local ¢ommun6¢y. A sSgnffieanr number ol Schod staff are invofved in the%(N￿an£t of I￿81 schools and Mub¢t Academy Trusts. On the SLT, Ihe Deputy Head {Atadeinkl. Depury Head ICo£urricular. Operations and Partner5hipsl Assistant Head ITe*ching and Learnin%) and Deputy Head of Prep khool are all Go¥emors In state-m&intain¥J schools. The School's f4ciliries Eorbtinue to be open ro fhe community iThcludin8 the gyTn and wmrnfjng clubs based at the sports centr4 sp¢xts clubs whKh use the all-v*ath¥ pitch and Air donx and the use of che School'5 grounds for community-focused sumnw camp5. The School a150 SUPPtYr$ the Milirary Covenant I￿ and NATO Staff ba¥ed ar th¢ Pern*neni Headquarters in NCrthM*>￿. they are able to Ust the s￿MmIng pod every weekday rnoming throughout che year. The School has Ilnks with a IrKal Special needs xhod and14xal resident1￿ h¢>mes and rhe local ccmmunity is invlted to actend SchocA evenis. During Ihe acadeTThc year 2023-2024. the Deputy Head Co£urricular, Operations and Partnw5hips aims to fvrther iinhs ￿T[h rhe North*r#)d Re5bJents A5S0aatÈon The khool raised 122.806 forchariile5 rhroUgh￿ttheye￿rChr0Jgh various iThltiatives such 3snon-uDiforrn day% cake Mles book reading and has beers able to suppcrt a numbEr ¢f intem*tioMI. national and k£al charit*5 including.. PHA& Lknin< Macnwllan and yc￿￿8 Mind. Volunteers The School's Head of Prep has set up a new Friends of St HelEn's grt￿p IFOSH) for the Prep khoc4 and Lhi5 has made an exCell￿t start. FINANCIAL REVIEW Results for rhe year Pupil numbers remained stable and Ihe S¢h4xI had a suceessfvl year financially %%ith inCo￿￿n£ resources rocall L24.1 m12022-. £21.2ml with the Ma1￿￿ty (94%) zenerared by xh￿1 fees *t)d other educational income. Sr Helen's En[erp￿se$ operntes under IKence frorn the School and activltie5 indude rETrting the School grounds and buildings a5 ￿11 a5 a¢rNbries based in rhe Sporrs Complex. Incow* from the Enterpr15e5 expetted ro be to recover follov4ing the liking d Covld resfri¢tions. Ho￿er. with an increased focus on strategic direcrion, marketin8 and rebraThding to rdleLi the launch of Eve¢)is olknng in addition to the Sport5 Centre and venue hire. the Sehotrl ret￿Yed a contributycffi from Enierprises of 1346k for rhe year. The year ended wth EThterprise$ generating £1.070.000 P022 £992,000) revenue and £346.000 12022.. £397.0fy)1 operating surplus in the year. e￿611Th% it to donate L346.000 to rhe Schod under gift aid. The company held £522.00012022.. £556.0001 cash at the year end. Page 12 ST HELENS SCHOOL NORTHWOOD ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2023 The G(wernors carefully consklered theeconomic (1￿UMstanCeS vknen considering fee increases for the 2022- 23 acadernlc year and balanced this ayinst rhe Schod'$ Strategic plans to conrinue ro Improve the standard ol education offered and the facilities and staff res￿JrceS necessary and ir5 commitment to burgry scholarship funding. The Governors 4reed rhat f¢e5 ¥houkl increase by 3.S% to £22.218 ptr aAnum wth Prep School fees increasing by 3.S% ro £18.723 per annum from Sept*nber 2023. summary. day4trday expendlture remaintrj T￿1 ¢ontroJkd and the School g￿trated Fbet incoming resource5 of I2.2m (2022: £1.4m). Net Current liabilities rtarbd at £0.96m (2022.. £3.6ml relletting acerned Iiabilitits. At the year end. the School hdd no free reserves Cash generated 15 invested in rhe provisKJn of educati￿, partlculady In Increased bursary ￿nding. Flxed A$sers The directors are satlsfied thii there are no indicators of inwairmeTht to the market value of the Schod's freehold properties which 15 5ub5tantialty In excess cl ihe value and hence a prclessional valuatlc quantlfylng the dlfference is not rtqulred. Fundra15ing Fundrnising at St Helen's Is an imp¢)rtanr part of Ihe operation of the School but rÈmaln$ embryonlc. Fundraisf Is usu2IIy urbdertaken by che khool's Development Office and Jffiliatth organlsations of, primarily. volunteer group5 of parent5 and alumni. There are no professM)Thal fiJThdraising organisatlons used artd $0 r*0 monitorlng processes required. The khool subscribes to the Fundraising Regulator and adheres to the Ccde of FundraIs￿vd Pracii¢e when undertaking fijndraising actThity. There no Complaints recer¥d by the School In relatittn ¢0 fijndraising activity in rhe past year. The khool (akns its reSP￿sIbilItY to any￿¢ vtho might be vulnerable very $wlousty and this Wll continue to be considered in rh¢ School's approach to fundraising activity. Reserves Policy The G0Vem￿ are cornrnitted to a policy of continuing ¢0 impri)ve the Schod through buildlng and rtfvrbi5hmenc as as investing in teaching re5wrce& A substantial part of funding for this wll be mei from the annual surpluses of incorne over expendirurt As a consequente of the Governors. investment pP4ns for the Schod's buildin85. the School does not currently hdd any free rew¥eL The GLvernors are aware of • tree r¢s¢rYts defiert and do not consider that this prtwits a financial risk to rhe Sthod in che short to medium rern) v4hilsL net incorning resource5 remain strong. The policy on reserve5 is reviewed annually by the finance and Risk Cornmittee5. The School currenrly plans ro invest its annu operating surpluses buildiThz5 and facilities in the coming years. in line WLh the School's strategic development plan aThd Estates Masterplan and wll continue to keop its dwelopmenr plans and fvture requirement for resekves tsnder r*iew. The Governors are satlsfied that operating cash Ilows remain strong and *ill be sufficient to &ll¢)w the School to meet its liabilities as they tsll du& HovRver. the Governors a150 recognise that th¢ levd5 of reserves I￿11 fluctuate in response to ¢¢onrffiic conditions and during pencrt4s of strar¢gl¢ Investrnent in the School estare. In july 2018, a small finance fdcility wxs arrnnged vArh rht School's bank to accommodite shty( rem cash ow requirements during the capTtal programme and this arraThgem￿t continue& ReEular dtalogue Is malntalna wth rhe School's bank to ensure th3r the approprlate financial facilitie5 are avallabk to tall on should the need arisc Accwdingly, rhe Gov¢rn•r5 ¢￿51der that the 8oingr issue by the Board of Directors on 11 M*r¢h 1024 and signed OTh its behaw.. Philip Young (Director) Nadeem eoghani (Directorl The notes on pages 23 to 34 form part of these financ41 51arements Page21 ST HELENS SCHOOL. NORTHWOOD sTAT￿ENT OF CASH FLOWS AS AT 31 AUGUST 2023 2023 £'ooo 2022 £'ooo £'ooo Nei cash outllow from operations.. Net cash provided by operating acuTrAtres 3.069 2.579 Cash fkjw frorn investFng actrvities-. Purchase of tangible fixed ossets kncome from bank & other investments Ner cash (used Inl I provided by investing activitie5 19591 141 1707) (818) 1700) Change cash and cash equlvalents In the reporting perioa 2,251 1,879 Cash and ¢3sh equlnlents at beglnnlng of perir¥J 1.200 16791 Cash and cash equivaknt5 at the end rhe repartlng 3.451 1.200 (Il Recontlliacion of ner income to net cash flow from operating acrlviibes 2023 2022 £'ooo £'ooo 2.154 fOOO 1.427 Net incomlng resources Ellmlnavon ¢f non4Jpernting cash flvw5'. InvestmeThts Inc4Jme Deprecia11￿ charge Loss on disposal of fixed assets Oncroastydecrease In debrors IDecreasellincrease ir% creditors {tx¢luding fe¢5 in advance $ch￿e and deposit) {141) 1.154 17) 1.098 58 (227) r211 1141 (71) (13) Ptyision Scheme revaluation Increase in fees in advante scheme creditors Incr¢w parents depoyts 207 (331) 146 226 915 1.152 Net cash inflow from Operat￿￿$ 3.069 2,579 (ill Analysls of cash & cash equlvalents 2023 2022 {￿00 Cash Jr bank Overdraft 3.451 1.200 3.451 1,200 Page 22 ST HELEN'S SCHOOU NORTHWOOD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2023 The compory is O PrNote limited com* Inco¢￿r01ed in the E￿10nd t1￿4 Wales (w"stered m 00420867} or oprates frorn its registsred oifitt in Edsttwry Rott4 Nortlv*w4 Mit*llesex. HA6 3AS 1 ACCOUNTING POLICIES (al Accounting convention The fin*n¢l*l $raternent5 have been prepared in ateordancevith the Finartcial ReporrinÉ Standard applicable the UK and Republicof Irdand IFRS1021. (he Companies Act2006 and the Starernent of Recomm￿ded PrdCti£e applicable to charities preparing their accounr$ In a¢e(xdance wth the linancial R¢pcrtinz Standard applicab n (he UK and Republic of kehnd (FRS 102) - Second Edrcion. The fiJnctloThal currency of the School is considered 10 be GBP because that h rhe currEn¢y of the primary economic environrneTht in *thlch the Schooj operate The &ccount$ are drnvm up on the historical c(￿ b￿5 of acC￿ntIn￿ as modlfizd by the revaluation of Investrnent properties and orher InYe5tn*nt& The School hast*k¢n advantsgeofthe o¢eTr¥Jtlon avalLabktoa qualfylngentity irb Ffts 102 frcffn the requiremen¢ ro pre5enr a ¢h3rfty only Cash Flow S¢acrnt v•ith the conscAidated financial Sratement The School is a Publlc Benefit Entity regisrered a5 a Eharity in England and Wales and a cornpany Ilmited by guarantee. k was InC￿POrated on 04 Ocrober 1946 (company numbw. 00420867) and registered as a charlty on 21 March 1963 (ch4riTy nutrt>er. 312762). The khool ha5 taken advantage dtheexemptron undersettion 408 of rhe C¢rnpanies Act 2006 not ¢0 publish it5 oym income and expendirure account. Crl¢i¢al *c¢ounrlhg judlements and key sources of estimatk)n uncerralniy the application of the atcounting pc4icies. trnstee5 are required to make judgeft*nr. e5timace5, assumptions about the carryin¥ value of as*E$ and liabilitie5 that are not rea*Jily apparent from other sour¢¢%. rhe estSmaie¥ and undedying assumprions are based on hI￿O￿tal experience and other factors rhat are considered to b¢ reltranL Actual results may dlffEr from these e5timate5. The estimates and undedying assumptions are reVI￿d on an On8￿ng ba$i$. Rwsions to accovnting esrirnates are recognised the ptriC4J in v+hich the estimate r5 r￿Sed rf the revision affetts onty that period. or In the period of the revis￿ and future perlods rf the revision allecied curreni and furure periods. In the view ol the trurtee¥ no Assumptions concerning thefvrure or ertimatioTh uncertainty affecting a5set5 or liabilitle$ at the balante sheet date are likely to result in a material adjusrn*nt to thvr carying amounts in the nexr financial year. {bl Going Concern Havlng revie%%*d the fijnding facillcies available to the School togerhtr wth ihe expected ongolng demand for places and the School's turure proiected cash flovth the Governors have a reastsAable expectation that the School has adequate re5wrces to continu¢ ir5 activities the foreseeable fvture and con51der that ¢her¢ were no rnacerial uncertainrles ov¢r the Schod's financial ￿•bIlITY. Accordingty, they conrinue to adcyt the going concern basis in preparing the financial statemEni& Icl Consolldation The coThsolldated financlal sratements consolidate the ffinanclal statements of the xhool. 115 Ytholly owned subsidiary. St. Hdert's Enrerpri5e5 Limited, company number 01834608. No separate Statement of Fin•n¢i Activitie5 ISOFA} has been presenied ft>r the charity alone. •$ p¢rrni¢ted by Section 408 of rhe Cornpanie5 Att Page 23 ST HELEN'S SCHOOU NORTHWOOD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2023 {dl Fees receivable and similar income Fees recvvable aAd charges for rhe use ol Pre￿i￿e% ire accounted for in the perriod in which the 5eMce Is provided. Fees receivable are Stit￿ deducting ￿l0￿￿ne￿ bursari4 sChO￿r5b1pS and other remission5 granied by the schod from its unrestricted frjnds. Donat￿$5 are accounttd for vthen the School knows wrh probabilitythat the funds will be rec*ved. Donavons reeeNed lor rhe8eneral purpose of the Schod are credittd to unrestricted funds. Donati¢￿$ subiect to the specik V+ishes of rhe dorsor are credited ro the relevant restricted fijnd. Where d4xatic￿S are rectived other4%ise thaTh in tash. they are valued at the mark¢t ¥￿￿e of the undedylng assets received at the date of recEIpL {e) Expendi¢ur¢ All expenditure is accounted on an accruals basis and has clas&fied under headlngs rhat aggregate al cost5 4llot*ted to that category. All expenditure is stated gros5 of irre¢oYerable VAT. Charitable expendlture comprises those Costs In¢urred by the charity ITr the deliyery d its activit*s and sexvices lor its beneficiarie5. It Includes both cost5thatcan be allocared directtyto suchacti￿O¢s8nd those costs dan irbdlre¢¢ narurenecessary to 5upp¢>rr Ihem. Support C05rs cOmp￿Se genernl managemenL gov¥nJn¢< accountin£ and fjnarbcing. G¢Y￿￿2n£e c05t5 are the osts associated V*ith the gen￿￿1 running of the charitable ¢Mipny as opposed co Ihose ¢o¥rs assoclated %%ith tu#dra15ing or Charitab￿actI￿ty. heluded*ithin thiscategoryare cosrs associated ￿th the strateglt as opposed to day-to4ay minag¢ment of thecharicable ¢gmpany's acrivit*5. The rernainder ofche support costs are shov as support C05t5 of 5¢hoding. 11) Bursarie5 Bursarie5 ￿nd$ are provided for and included in expenditure the to 31 August 2023 as they are subject to remew ar the end of that PUiC41. (g) Operating lea5e5 Rpthrals under operating leases charged on a straighr4ine ba515 the lease tenn. even If rhe payments are not made ON such a basi& 8eneffits received and r¢cebvable as an incenrive ro S-VdTh an ¢JpeThting lease are slmilaAy spread on a straightline basis the lease ipm (h) Fixed assets aThd deprÈ¢lation Depreciation 15 pro￿ded ()n ffixed assets in use except tr¢thold Pand. at rates designed to wrfte off rheir c05t less anticipated re￿d￿al value over the period c* their estimated usefvl lives. The rate5 Used are: Freehdd buildings - 2% d cost Temporary bulldlMg5 - 20% of cost lixture5. Irrings and equipment - 10% of cost Computer and poc4 equipment - 33 113% dcost Motu vehlck5 - 25% of cosi Gym Equipment - 20% of cost Atquisltlon c4 equiprnefjt for educat1￿￿1 purposes is V*Tilten off to education costs In the year af purchase A55e15 consrwction are capit3lised but noc deprecia¢¢d until broughr into Use. Significant btsildffvd improvements Sxcure$. ffitiings and equipmenc art Capitallsed and carried in th¢ b•lan¢e sheet at hlstorical COSL Icem5 Costing less than £2.000 art ￿tten dr in the ye¥ of purchase unkn undwtaken as i prlect then the whole amount is capit￿lSed. Page 24 ST HELEN￿ SCHOOU NORTHWOOD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2013 {il Pension schemes The School ton¢ributes to the Teachers. Superannuation Scheme a£rates set by rhe sChty￿ acruary and advis to the board of directors by the scheme adminisirator. The school also contributes to a d￿ned contribut1( sche￿￿ for non.¢eachin¥ 5raff. The contributions charged ro rhe income and exptnditure att￿Jnt In respect of both 5cheme5 are those payable in accordance wirh the ryle5 of the scheme5. The School has un(und2d pension cornmitments to fi)rrner employees. PrrNislons hr the capttal Cosr of rhe commitments have been made based on Ihe lrfe expectanry of the l)nrnr employee5. based on calcvlatiu performed by a qualifiedactuary. k wa5 355umed rhatthe annual payments w￿JId increase ar the rnie of intrease In the refall prfces index each year. A discount fdCtorequNalent to the yield on long d*t¢d AA rdted corporate bonds was Used to calculate the of Capiral. 11) Flnanelal Ins¢rument5 èaslc fin•ncl*l Insrrumenr5 are InttSalty recoKni5ed at transactlon value and 5ubwueThtly mÈasured at amortlsed cost ￿th the exCeptiC￿ cl investments wthich are held at fair valu¢ Financtal a55ets hdd at amort15ed cost comprise cash at bank and in hand, rogethervAth trxde and other debtors. A specrfic provision is made for debts for vthi¢h re¢ov¥ablllty is in doubt. Cash at bank and in hand is defined as all ¢ash held in Instant acces5 bank accounts and used as %thng capitsl. ￿.￿anCial liablllrles held at amertised cost comprise all creditors excepi social securfty and other taxe¥ and prSocial security costs
Other pension costs
Agency staff
**The number of persons employed during the year was:**
Teaching staff
Non-teaching staff|**2023**
**2022**
**£'000**
**£'000**
11,467
10,350
1,234
1,067
2,002
1,863| |---|---| ||14,703
13,280
388
409| ||15,091
13,689| ||**Number**
**Number**
179
169
166
165
345
334| No emoluments were paid to the directors of the school. The number of employees whose emoluments exceeded £60,000 was: ||**Number**|**Number**| |---|---|---| |£60,001 - £70,000|18|18| |£70,001 - £80,000|12|6| |£80,001 - £90,000|2|3| |£90,001 - £100,000|2|1| |£100,001 - £110,000|1|-| |£120,001 - £130,000|1|-| |£150,001 - £160,000|-|1| |£310,001 - £320,000|1|| Contributions of £529,235 were made to the Teachers' Superannuation Scheme for 24 (2022 - £422,925 for 24) higher paid employees and contributions amounting to £45,244 were made to a defined contribution scheme for five (2022 - £35,060 for five) higher paid employees. ||**£'000**|**£'000**| |---|---|---| |Aggregate employee remuneration of key management personnel|1,497|1,273| |Number of employees|12|12| Redundancy and termination payments of £265,594 were paid during the year (2022 - £140,766). Page 28 o vo ST HELEN'S SCHOO4 NORTHWOOD NOTES TO THE FWANCIAL STATEMENTS AS AT 31 AUGUST 2023 Subsidiary undertakings The school has a subsidiary company. St Hekn's Enrerprises Limited. vknich is owned and incorporated in Erbgland and Wales, company number 02834608. The principal activw of St Helen's Enterprises knrnited is to Eenerdte trading income th* khool. 10 Debcor5 due wlthiA ont year Consolidated 2023 £'ooo 112 School 2023 2021 £'ooo 183 2022 £'ooo 66 396 432 894 Trnde debtors Amounts owed by subsldmry undertahSn£ Prepayments & accrued in¢rffie 50 346 445 841 447 434 617 559 11 Cash at bank and in hand Con501idaced Total 2023 School Ttsr*l 2023 £'ooo 2.928 Total 2022 Total 2022 'ooo 646 Current acc¢)uni$ Cash in hand 3.450 1.199 3.451 1.2 2.929 647 12 Creditors due wythin 1 year Consolidated 2023 'ooo 310 1.838 1.360 290 743 772 5.323 School 2023 I'ooo 315 1.648 1,358 288 745 739 5.093 2022 'ooo 501 1.631 1.691 312 730 603 5.468 2022 £'ooo 479 1.460 1,691 295 730 547 Trade creditors Fees in advance Fee deposits Taxation & social security costs Oiher creditc Accruals 5.196 13 Advan¢e fee payment Consoiidaied 2023 £'ooo 1,631 (1.631) 1.838 1.838 School 2023 £'ooo 1.460 {1.4601 1.648 1.648 2022 £'ooo 1.485 (1.485) 1.631 1.631 2022 L'ooo 1.358 {1,3581 1.460 1,460 At I Septernber Released in year Ca$h r¢¢¢lved In advance A¢ 31 August Page 30 ST HELEN'S SCHOOL. NORTHWOOD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2023 14 Pension Schemes Consolhlated 2023 2022 £'ooo £'ooo 98 111 24 23 (23) 1231 15 School 2023 £'ooo 98 24 2012 £'ooo 111 23 (23) 113} 98 At 1 Septemb Paid durin8 the yeir Decrease In prov[¥ Re-valuation At 31 Au8U5t (381 84 98 1S Restricted FvThds 1 Sept 2022 Incom ing Outgoing £'ooo £'ooo £'ooo 50 31 Aug 2023 'ooo 52 Movemenr in year Transfer £'ooo rsarie5 Fund Srudenr En￿¢hM￿￿ Fund Capital FL4nd Prtze Fund Oonation5 101 104 139 298 139 303 PriTr fvnds reweseni donation5 re£eived a significant where the d￿Or specffied (hat Ihe Income ds io lund a pri7e. 16 Designated Funds 1 Sept 2022 Incom ing Ourgoing 'ooo £'ooo 'ooo 38 31 Aug 2023 £'ooo 38 Transfer 'ooo Development Fund Development fund is ¢0 make pr¢y•l$loD f¢r th¢ devd0pm￿l of the xhool estates. 17 Anatysls of net 355ets between funds Restrirted re$trlct¢d Funds Fu Trds £'ooo £'ooo Toral F￿ndS £'ooo Consolidated funds at 31 Auxust 2023 are represented by= T*Thgible Axed Assers Net current assetsllliabilities) Credirors due after more than rne year Provlslon for liabilities 30.253 (1.6161 {421 (841 28,511 30.253 (1,313) (421 303 303 28,814 Sthool fu nds at 31 August 2023 are represented by: Tangible Fixed Assets Nec Currenc a5setslOiabilitie5) Creditor5 due after more than I￿¢ year Provlslon for Ilablllrle$ 30,253 11.626 (42) (84) 28,501 30,253 11,323) (42} 184} 28,804 303 303 Page31 ST HELEN% SCHOOL NORTHWOOD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2023 18 Capltal com rnltrnencs The school has £1.783.000 (pbJs VAT)