Cornpany No. 01088993 Charity No. 312999 ST CHRISTOPHER'S SCHOOL IHAMPSTEADI UMITED GOVERNORS, REPORT AND FINANaAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
INDEX Report of the 8oard of G(Nernors Independent Auditorf$ Report li Statement of Financlal Artwities 15 Balante Sheet 16 Cash Flow Statement 17 Notes to the Flnanclal Staiements 18
ST CHRISTOPHER'S SCHOOL IHAMPSTEADI UMITED REPORT OF THE BOARD OF GOVERNORS The 8overnors present their report and accountsfor Stchrt0PheS School IHarnp5teadl Ltd forthe yearended 31 Au¥us1 Z022. The accounts have been prepared in accordance with the accounting policies sei out in note I to the accounts and compty with the charitV'5 trust deed. the Companies Act 21))6 and the "Accounting and Reportin8 by Charities: Statement of Recommended Practice" applicable to charits preparing their accounts in accordance wlth the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS1021 leffèrtNe 1st january 20151. The Governors forthe perlod under re¥bew to the dale of $18nlng the financial statements were.. Nick Green. Chair Kunle Barker lappolnted 30 November 20221 Joe Cohen Vfvlenne Durham Silvia Fiaccavento (appointed 13 January 20231 Patrick Gilmartin Iresi8ned 30 November 20221 Marc Hershe50n Sarah Kavanau8h Sarah Knolly5 Rachel Lewis Ifesigned 25 March 20221 Helen Munn (appointed 30 Novtmber 20221 Frances Ramsev Marie Riboud-Seyd¢)ux lapFointed 30 November 20221 Andrew Sandars Alchard Sherwood Iresl8ned 3 Septemter 20221 Anya Waddin8ton The Company has no share capital and consequently none of the Govemors has any inter5t in any shares of the Company. The Governors consiilute directors of the company for Companies Act 2006 purposes. Structurei $overnance *rtd m•n•stment St Christopherfs school (Hampsteadl Limited was fomied in 1972. The school is • chartty registered In England and Wales under charity No. 312999 and is a company Limited by Guarantee No. 01088993. Elertlon of goVerbr$ New 8overnors to St ChrislophÈrfs school a elected by the whole governing body of the sthool. No person shall be admrtted a5 a membef unless they are first approved by the governing body and the 8overnin8 bodv has absolute discretion as to the admission of this person. New governors are given an introductory pack by the clerk to the governors (also the CompanySe¢rttaryl which includes a copy of the Articles, a detailed history of the school. an application for membership and a dedaralion of willingness to art as a 8oveinor. The 80vernoT5 a150 have access to an online Board Portal which contains key information including policie5 and meetin8 agèndas and minutes. The Cornpany Secretary re8islers row governors online at Cornpanies House. The governor$ 8i¥e theÉr time on a Voluntary basis to the 8o¥ernance of the charity- The school 8overnors attend appropriate trainin8 according 10 their ski115 and experieno.
ST CHRISTOPHER'S SCHOOL IHAMPSTEADI UMITED REPORT OF THE DOARD OF GOVERNORS SeTrlor leadership team The following membeis of stsff were part ofthe senior lershlp team for the period under review Head- Sandfine Pailla5se Deputy Head- Mark Maddocks Deputy Head- Elizabeth £Idge Head of Upper school-Amy Ullrnan Head of Lower school- Ella Schierenber8 6ursar- Emma Ghosh (to 22 April 20221, Paul Nea8 Ifrom l January 20231 Principal address.. 32 6eblz• Lane Hampstead London NW3 SAE Reglstered office.. 32 Belsize Lane Hampsie London NW3 SAE Audilor.. Crowe UK LLP Aquis House 49.518la8rave Street R¢adin6 RGI IPL Bankers. Lloyds Bank Camden Town Branth 14n rAmrtpn Hh 5trppt London NWI ONG So11cOrs.. Forref & Co 66 Lincoln's Inn Fiekts Holborn London WC2A 3LH Insurance Broker: Aon UK Llmited l Foxfld Hazlemere Hi8h Wycombe Bucks HP15 7AQ
ST CHRISTOPHER'S SCHOOL {HAMPSTEADI UMITED REPORT OF THE 80ARD OF GOVERNORS Organisational strurture a•)d decis•on maki St Christopherfs school is governed by a board of governors. The Board appolnts the Head and in consultation with the Head, the Bursar. The Head Teports to the governors at temity Board meetings having sent out a written report on thal term's activrties. This report and oiher related matters are discussed at each Board Meeting. The Bursar reports to the Head and, for financial matters. to the Finance Committee- helshe refers, on a terrnly basis, to the Board with financial reports. buildin8 reports and any other matters concernln8 the rK)nducational aspects of runnin8 the school. The annual audrted accountsforst Christopherfs school are presented to the Boardfor thelrapproval. Meetin8S of the Board are called, when required. over and at#)ve the terrnty 8oard Meetings. There are six sutrtrcommittees which meet on a termly basis and prepare a report for the Board's consideration. The sub-committees are as follow5 - Heatth. Safety and Premises Cornmittee.. Finance Committee.. Strate8V Committee,. Safe8uardin8 and Welfare Committee,. Education Committee.. and a Partnershlps and 8ursary Committee. The Head holds regular meetings wf(h all the teaching staff to discuss the edu¢atlonal nsnnlng of the School and specifi¢ topics. Day-to-day matter5 are dis¢ussed at weekly briefin8S. thaired by the Head, Senior Leadeiship Team ISLTI meetin8$ are held weekty. The Hea(1 rneets wrth each member of the SLT weekly. The Head 15 responsible for the appointment ol all staff, oiher than the Bursar, who is appointed by the goverrbor5 with assistance from the Head. and who also fills the role of Clerk to the Rovernors. The appointment of other members ol the Senior Leadership Team is done in conjunction wrth the education committee. The school operates banded salary ran8es for teachlng staff. The banded ran8es ar benchmarked a6ain5t those ol other independeni schools u5in8 external ihird-party suryeys. This allows the school to retain hi8h calibre staff. All salarie5 and bands are reviewed annually and any Increase is approved by the 8ovemors. The salarles of key perwnnel are revlewed by the finance committee. The school benèfits from its relatnShiP with the Friends of St Christopherfs IFOSC: now known as the Parents, Teachers and Friends of St Christopherfs As50CLation, PTFAI. This is a charity managed and operated by the paren15 of St Christopherfs who Benerousty raise and donate funds for particular projerts. Oblectl¥es and artmtles The aSm of the tharity 15 10 provide preparatory school education for girls between 4 and 11 years wlthin seture, friendly learnlng environment where there Is a stron8 emphasis pCed on academic and social developfflent. The school's key obJectNes are as folh)ws- To achieve hlgh academk standards by encoura8inB independent lèamin8 in a stimulating and child- ¢entred environment that fosters pupils. ability to take their own decisions To inte8role creativily in all its aspects across the crUluM To instil an atmosphere of mutual trust, tolerance and friendship centrèd zround respect- for self, for each other and for the community and environment in which we live and work To help pupils develop over time into respjnsible. self-confident and awa young people. ready to embrace the challenges ofsecondary education and the Modern world beyond To enEa8e with and support the wider communtty in which the school i* located through charitable work. providin8 access to the Jthoofs facilities and rcsources ond providin8 finan¢ial a$51Stan¢e to those who may not otherwise be in a Wsition to benefft from a St Christopherfs education
ST CHRISTOPHER'S SCHOOL IHAMPSTEADI UMITED REPORT OF THE BOARD OF GOVERNORS The Principal benefKiaries are the school's pupils who are encouraged to take advantage of the broad curriculum which encompasses phbiosophy. the arts and sciences. alon85idethe ski115 of literacy and numeracy. Pupils, needs are met by TeviewinB the curriculum. thrgush Continuous assessment of their educatiot)al and personal devekjpment and their achievements and throu8h regular interaction with their parents. The medlum- to Ion8-lerm aims of the charlty are to offer an all-round, Intellectual stirnulatinB and inclusive education to girts. broadenFng their academic horizons whitst nurturln8 kindness, generosrty. emotlonal inltlligence and indrvTrduality. We aim to pièparÈ our puplls for thè full rangè of potential challenge5 they mav encounter. by guidin8 them to become deep thlnkers and resourceful Inquirers. The charity's overarchin8 Strate Is to remain an Innovatlve preparatory school and parents. first cholce for thelr dtyughterfs education. Key investments for ihe medium term will include an enhCement to our Receoi¢)n provision which Includes site improvernents that have been granted planning approval. Investment in IT equipment will also fomi a key part of our plan5 for the next few years remote Jnd hybrid learning provision has changed the nature of teaching within the school and the Tesources qUIred by teachers to optimise both In classroom and home learnin8 have ch•n8ed. Our partnershlp programme has Brown and wlll continue to 8row In the medlum temi.. contacts wlth k)cal primaries, international scPwls and with local and 8bbal communfrty ¢harr£ies wlll be fostered •nd (Jeveloped. Siaff are encoura8ed to keep vp to date wlth educational r*sh and thè devèloplng fièld of di8ltal technology and to ensure that pupils are well piepared for Ihe secondary stage of their educaiTrDn. We expect our teacher5 to be forward thinkin8 in all aspects of the curriculum a5 part of their professional development. A5 the school conllnues to Brow. Invesiments will be made to modem15e rts brandln8 and positionlng,. this wlll include new marketin8 material and soUrCes, 5u¢h as the sthoofs website, and a new unrform. The pollcles 0pted In furthtrance of ihese obhectl¥es •re derMIned by iht governors. Wlthln ihls 80vernaTrce framework, the overall leadership ol the school is the responsibility of the Head. FlnJn¢ial and administratfve re5ponsibilitles are delegated to the Bursar. srATEMENf OF GOVERf40RS' ftESPONSIBLUTIÉS The Chalr is elected by the Board. It 15 the custom also to ekn a Vice-chair. Meetings of the Board are chaired by the Chair or in his absence by the Vicelhair. Governots are perk)dlcalty encouraged io attend conferences Of seminars, the costs of whith are borne by the school. From time to time members of staff are im14ted to address the Go¥emors. The Governors (who are dlrectors ofst Chrlstopherfs School (Hampsteadl Llmited forlhe purposes of company lawl are iesponslble for preparin8 the Governots. Annual Report and the flnanclal staiements In accordanco with applicable law and United Kingdom Generalty Accepted Accounting Practice Ivnited Kingdom Accountin8 Standafdsl. Company law requires the Governors to prepare financlal statements for each financial year. Under company law the Governors must not approve the financial statements unless they are SatfIed that thrygive a true and lair vlew of the slate of affair5 of ihe charitable company and of the incomin8 resources and application of resources, ineludlng the Income and expenditufe. of the charitable companyfor that riod. In preparln8these financial statemenis. the Governors are rÈquired to:
ST CHRISTOPHER'S SGMOOL (HAMP5TEADI UMITeD REPORT OF THE BOARD OF GOVERNORS select suitable accounting policies and then apV them consistent. nh%prv. thg. mèthods and principles in thè Charitiès SORP.. rnake judgements and estimates that are reasonable and prudent; state whether applicable UK accountin8 Standards have been followed, subject to any material departures disc105ed and explained in the financial statements.. and prèpare the financial statements on the going concern basi5 unle$5 tt is inappropriate to Presume that the charitable company will continue in business. The Governors are responsible for keepin8 adequaie accounting records that are suffKient to show and explaiwb the charitable company's transactions. distlose with reasonable accuracy ai any time the financial p051tion of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2(Q6 and the provisions of the charity's con5titulion. They are also responsible for safeguarding the assets of the charity and hence for takln8 reasonable step5 for the preveniion and detedion ol fraud and other irre8ularrties. So far as ihe Governors are aware, there is no relevant audit informatK)n of which the Charitable Companvs audltors are unaware. The Governors have taken the steps that they ou8ht to have taken in order to make Ihemselves aware of any relevant audit informatk>n and to e5tabli5h that the Charttable Company's auditors art aware of that information. GOVERNORS, STRATEGIC REPORT Publlc 8enefft In shaplng the objectives for the year. Ihe Governors have considered the Charity Commi5510n'$ 8uidance on public benefit. Including the guidance"Publi¢ bènefit: rnnning a charity IP821- To support the public benefit nhlprtivps, thp r.harity supptsrts a number of Dupils on means-tested bursaries and the school aims to Increase the number of pupils recefving such bursaries. St Chrlstopherfs school 5UPPOrted 4 pupils throu8h tts bursary programme during thls financial year12021- 5 pupils). This support reduced net annual fee incorne in the current year by £64.712 12021: £75,245). St Chri5topherfs has joined forces with some of the top sthools in London to be part of ihe London Fee As515tanct Consortium ILFACI. This schernt promotes and encoura8e5 bursary applications to independent schools from all pupils re8aidless of their back8round. We are proud to be part of this campaign whlch raises the proflle of trwjrsaries acr055 London. The school has a knn8 tradition of 51IPWrti other charits. Durin8 the year the school community raised £19,94112021.. £5,652) for other charit5 includin8 Jeans for Genes, The Royal Free Charity. Children's Soclety. The Royal British Legion, DEC British Red Cross Ukrainian Appeal and Mind. Durin8 the pandemic. we hosied two hxal state schools onllne for a music workshop and started our international partnership. We always aim to develop and expand our partnerships both locally and internationalty. This year we have created many new partnerships with trth State and independent boys, schools. We have formed a new partnership Wbth Fleet School for book week. a cricket workshop and outdoor learning on Hampstead Heath. WFth regards to local boys, schoots. we held a joint Heath Day. took part in d¢ba*in8 and h05ted • che tournament. ln1ernatK>nal, wc continued our partnership with 5wawou S¢hool in Sierra Leone, lettèr writÉn8 and sharing experiences.
ST CHRISTOPHER'S SCHOOL IHAMPSTEADI LIMITED REPORT OF THE BOARO OF GOVERNORS As part of a charity effort, wè raised money for 5W)rts equipment which will be sent out to the school this Christmas. Two of our PGCE students took part in their second placement in our local partners school in Hampsiead, sharlng professional developmeni and leaching and learnin8 experbences. Year 6 pupi15 also raised a total of £12,469 forthe school's bursary fund. Flnandal re The results for the year a Set out In the Statement of Financial ActNit. The school recorded an increase In UN$triaed fund5 for ihe year of £103,91612021'. £317,S(Kil. Fee income amounted to £3,917,S6412021: £3.765.3401. Fundlng of £23.CO)12021= £7.3441 was received to support one pupifs education needs. ReseThes P¢lky The Govefnofs and staff ale committed to a (onlinual process of improvln8 the school's bulldlngs and facilitie5. As the main buildin8 15 well over ICM) years old. It requires extensive and continual maintenance. Curienl reserves are at a level to enable the Sch(1 to maintain and irnprowe the building5 and grounds, ta cornply with Its health and safety and statutory obll8atlons and to malntaln a buffer In case of unexpected expen5é5 or shortfall in Income. The school aims to maintain reserves at such a level to cover one temi's expenditure as a minimum lusin8 the prlor yearfs expendllure to set ihe iar8eil. Ihe t•r8ei for 2021.21 was £1.199.53512020-21'. £1.289,4521. This was malntalned Ihrou8hout the year. On 31 August 2022 the charity had total re5eNes of £7.024.85812021: £6.920.9421 of which £ 5,038,fo 12021.. £4,7,758) was represented by tangible fixed assets li.e. the school Premises and equipmentl that could only be realised by their disposal. Of ihese total reserve fvnds. £Nil12021'. £Nill were restrirted in use to supporting bursaries as all restricled income received was spent in the year. al the balance sheet date the free reserves Ibeing total reserve fvnds less tangib fixed assets and restricted funds) were £1.986.25812021'. £2.130.1841. R¢¥lew ol A¥111¢$ and Adknents. A¢•demk A total of 242 8ids were in the school at the end of the account1r perh)d. As 4 prep s¢hool. we see one of tsur fundamental roles a5 helpin8 to ensure the most appropriate outcome for girls as thèy leave a8ed 11. We Jre ertremety pr¢wd of ihe r¥n8e of Schools to which our 8irls proceed. which include teadin8 day afid boarding schools. We aim to work closely wltb parent5 to find the most fitting choice. and to equip the girls so ihai they not only take ihe examinations in their stride. but a150 thrive once they are there. Year 6 leavers in July 2022 gained entry to the followlng senlor sthoojs.. Bedales. Belmont. Bri8hton Colle8e, Channing School. Crty of London Sch1 for Girls. both Franci5 Holbjnd Sth001s. Godolphin & Latymer School,, Henrietta 8arnetl School, Hi8h8ae Sthool, lfflmanuel College, JCOSS. Kin8 Alfred. Lancin8 College. Latymer Upper. Maida Vale. North London Colle8iate. Northbr4d8e House. Oundle. Queen's College. Queen'5 Gate, Queen5wood, Rodean. South Hampstead HiRh School. St Maryleljone. St Michael's Grammar School. St Paul's Girls, School, the Latymerschool and Wycomte Abbey. The girls achieved a rangeof aCadern, music and other SchOr$hips. lull details of which are Included on our website.
8T GHRISTOPMER'S SGHOOL IHAMPSTEAOI UMITED REPORT OF THE BOARD OF GOVERNORS The school is proud to have been nominated for ihe Independent Prep School of the Year TES award. Fw)draisin8 The sch(K)I received donatw)ns of £23,829 in the financial year. This included funds received from the Friends of St Christopherfs IFOSCI of £7,172. FOSC donatlons have funded a variety of attivities to support the learning of puplls in the whole school in¢ludlng a performance ofThe Ternpest by The Globe Theatre, fundin8the annu41 Football FestNal and Animal Farm vlsits alongside supportin8 the update to our Hall's AV system. Bulldin This year key chan8es fof the $6te included the relocation of our school office (exchanged lo¢atlon wkh classroom). By relocating the School office. the school ha5 improved its security arrangements and our abllity to welcome visito. The refufbishment of the school office has included three distinct areas.. a warting area in the office. a wellbeing area and hot-deskin8 for staff in the conservatory. and a seatlng aa in the lobby/hall It has enabled the school to use the Space in a more versatlle and flexible fashlon. The classroom (with which the olfice was swapped) was cornpleiely re.fitted to include new technolo8Y equipment. as well as modular furniture to suil the needs of KSI ¢eachin8 and learning. The staff room was also extensively reftsibished. Because of ihe pandemic, seating arTan8ements had been removed. With re8ulations removed, we Saw an opportunity to Te-think the communal space to allow staff to work collaboratively or quietlyi or indecd to rclaJ¢. Toa and eoffee facllities arg 4$$11• to all Staff, ham•sGin8 further a positi¥e and inclusNe school culture. The flnal major refurbishment project in 202V2022 was the He*$ study, wllh a view to re-thlnkthe space as rn0 wel¢omlng for ¥i5itOTS and small 8rcP meetin8S. Oblertl¥es lty the ye•r A key Oblecte for the year was to enhance staff access to dlgital technolo8y- all teachlng Staff now have a l.'I device. We have Jlso modernised the classroom5' d¥rtal equipment with new inieraaive whiteboards. The school also focused ¢t5 efforts on inclusion and was awarded Brortie by UNICEF Rht$ Re5pectin8 School Awards. We reviewed our admissions Pfocedures to be ffi0 inclusive. whilst remaining a selective school. It was also the aim of the sch¢)ol in 2022 to pass the ISI inspection loverduel.. ff¢ w45 deemed to be outstèndlng In all cateBories in March 2022. Future deTrtlopm•nts and plans Key areas for development wffthin the school include the enhancement of the ReCeptn classrooms and playground forwhich plannin8 permission has been granted. This will enable theschool to increase its nurnbers very modestly to 260 pupib. A full masterplan will be finallsed In 2022-2023 to ensure the buildings continue to 511PPOrt the best education, and the schooV5 ambitions to become more sustainable. Flxed Assets The movefflents in fixed assets are shown in nole 9 to the financial statements. In the opinion of the Governo the market value of the school's freehold land and buildin85 is considerably in excess of book value. All the red assets owned are held forthe purposes of the school.
ST CHRISTOPHER'S SCHOOL IHAMPSTEADI LIMF0 REPORT OF THE BOARD OF GOVERNORS Risk Managernent Iwi Ihe lht or CDrsJvr4le GovernificE sUJaIe coDtalnEd wmhln the 50RP. 1hE Governor5 have e5tabllshed systems to ieview the maioi strate8i¢, business and operational ri5k5 to which the school is exposed. Systems are established to mitiBate those risks and procedures have been implemented to mlnlmise any potential impact on the school should any of those risks materialise. Detailed consideration of rk is dele8ated to the Strategy Committee. which reports formalty to the Governing 8ody on risk. The risk mana8ement proces5 and the resuliin8 rewrt identrfies rks, assesses their impart and likelih¢)od and, where necessary. recornmends controls to rnitigate and monitor those risks that are assessed as high. The generlc controls used by ihe sth¢)ol to mlnlmise risk include= detailed terms of refence together with formal agendas for Committ• and Board a¢tivlty.' strategic development plannin& re¥Wed annualty by the Finance commee. comprehensive budgeting and management accountin& esiablished or8ani5alional 5trudures and line5 of reportin& formal written policies including clear authorisation and approval levels.. and vettln8 procedures as required by law for the protection of childrèn. The Governors have assessed the major risks to which the chartty Is exposed, and are satbfied that systems are in place to fflitite exposure to the major fisks. The 8oard maintains a risk req15ter which is uTrJaled and revwed gUlarlY and fflonltored bv ihe sub¢omffjittee5 and Senior Leadership Team. The key risks for the school include.. A safe8uardin8 incideni- a key risk for any school wilh children in its care A poor education qualty inspection rtport which could threaten our strong academic reputation Economic downturn with fewer parents able to afford independent schools resultinR in reduced revenue L055 of key leaders Polr(ical change - the loss of charltable status IncludlNd the potential loss of charitable l)uslness rate rellef and ihe requireme io charge VAT on school fees For each rlsk, mttl8gtln8 controls are Identiw and monltored. Fundralsln8 A¢tlvlty The school does not en8a8e in large scale fundraisin8 aclbvr1S like mass mailin8S. telephone fundraisin8 or doof-to-doof campaigns. The school does not employ a s¢rate fundraising team or ihird-party or8anisatlon to help raise funds. Any small level fundraisin8 a¢tivrties focus on the current parents and other individuals or or8anisations connerted wrth the school rather than the wKler community. Year 6 pupils ran a Le8aCY Pfoject in the summef term 2022, raising funds for the bursary programme. During the financial year, the school did not receive any fundraising cornplaints re4uirin8 aciion by the Fundraishng Regulator. Dlsablllty St•tement The school seeks to achieve the objectpies set down in the Disabillty Discrimlnatlon Act 1995 and Equality Act 2010, and in particular commits to pr(widing'. al a rollirb8 audit pro8ramme gf faciliii¢s and provision of ae$S,. the sth00l tak¢s profession41 odvic¢ on the improvement of access and facilities on all major constnjction work and refurbishment to existing buildin8S,'
ST CHAISTOPHGR'S SCHOOL (HAMPSTEADI UMITED REPORT OF THE BOARD OF GOVERNORS bl a learnin8 enrichment department whKh includes specialist teachers to support pupils with learning difficulties and l of disabilities and continues to rntroduce and monitor suppofl as required,. cl counselling and welfare services for pupi15 and staff.. and dl specialist equipment as required where its Use 15 iderttrfotl as benefKial by the learning enrlchment team. Employment ol dSsabled people The school considers all appl¢cationsforempWnent from peopWIth disabilities. Where an existing employee becomes disabled. every effort is made to ensure thai employment wrth the school continue5. The school's policy is to provide trainin& career development and opportunities for promotion that are. as far as possible, Identical to those for other employees. Golni concern The Governors have undertaken a thorou8h financial risk ana$1$ and hwe fulty revised theirfirsancialforecasts and budgets to ensure that the k*n8-term economic viability and stability of St Christopherf5 School are Sllstained. Trefore, these financial statements have been prepared on the 8oinB concern basls. Audltors The ayditors. Crowe UK LLP, wlll be proposed for -aPpOIntment in accordance wlth Sectlon 485 of the Companies Art 2006. The Governors. Annual Report, prepared underthe Charrties Att 20114nd Companles Act 2OJ6, was approved by the Governin8 Body of St Christopherfs school IHampste•dl Limf(ed on 22- March 2023. Including in their r.apacity as company dirertor5 approvlnff the Strate1 Report thereln. and is sKqned as authorfsed on Rs beha N Green Chalr
A Crowe CrTrw¢ LLP Membet ofcrOMrGIth Aquu 4951 Blw¥e StItEt ¥crtshiie KLtl IVL Uli T¢1 444101118 959 7222 Fu+¥ IQII IK 9584640 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LIMITED Oplrtlon We have audrted the financial ststements ol St Christopherfs School IHomp8Tadl Limited for the year ande<l 31 August 2022 which ccfflprise the Statement of Financk?l A¢tNrts. the Balance Sheet. the Cash Fbw Slaternent and notes to ihe financsal statements, including a $ummary of 51gnifKant accounting poli¢ig$. The financ1 reporting framework thai has b88n appl in t1r proparation is applicable law and Uniled Kingdom A¢¢oufttiny Standards. including Financ1 Reporting Standard 102 The Financial Reporting Standard tn the UK and R•publK Lrf Irelan(l {Unrted Kingdom Generally Acc8Pt8d Accounting PractKel. In our opinion the financkql 8tatement8'. give a true and lair wew of the state of tharrtabkn ¢cKnpanVs affairs as al 31 Aug¢J512022 and of th• group'$ in¢oming r•sources )d app110n of rosources lor rhe year then •rKIgd." hav• propedy prepared in Cold8e wilh United Kingthjn G•rwalty AePted AccountirvJ Prxtu., and hav• been prepared in accordance ith thè requirements of the Ccfflpanig$ Act 20C6. 8•818 for oplnlon Wo coThJuct•d our audrt in accwdance tth InlemwMal Standwds on Auditmig {UKI IISAS IUKII and applicabl8 law. Our responsibilrties under those standards are further descnb•d In th Audrtor'$ responsibilrts for Ihe audrt of the fmanck•l stalements ol our roport. We are indep8rdent ol the group in accordance with the ethical wuirements that are relevant to otsr audrt of the financial statem8nls in the UK, includino the FRC'S Ethtal SId0. and we have luNAfed Our olher ethical fe$pon$knilrt$ in accordance vthh thase requirements. We that the audrt evKlence we have obtained is suificient and appropnate to provth a basra for our cynth. Con¢lu•lons r•latlng to golng conc•rn We nothing lo repjt in respect of folltriNJ mattern in relatKffl to thg ISAS IUKI requir• u$ to 18port to you where.. the Iru8lee5' use ofthe wing concem basi5 ofPu0ling in tha pr¥parath ofthe financial statements is not appropriat8". or the trustees have not dxk)•d in the fmanoal 8ts1ements any identrf*d material uncertaintS that may cast significant doubt about the 9roup'$ or the ¢ha¥itabkn company5 ability to continue to adopt the going concèrn basis of accounting fw a PWKKI of al knasl rn8 from dai• wh8n tha linanck41 ststemenls are aut$4[1 for Iue Page11
Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LIMITED Oth•r Informatlon The trustees are rèsponsible for the other infornathx. The other InfOrnat comprises the inforrnation in¢luded in the annual report. other than the financk?I statements and our auditor's report Ihereon. Our opinion on the financial statements doos notcoverthe other infumatft and, exceplto the extent oth¥Mise explicrtly stated in our POrt, we do not express any lorm of assuranc• conclusion thereon. In ¢onne¢tion with our audit of the financial staternents. our responsijilily 1$ lo read the other inforynalion and, in doing so, $er whether the other inform8ton 1$ materially incons¢$tent with tha financial slalemenls or our knowfedge obtain8d in Ihe audrt or Otherwi aparS to be materially misstated. 11 we identify su¢h matorial inconsistencies or apparent m•t•rial misstatements. we ar iequired to deternine whethw th•r• is a material mi881atemont in the finortial statements or a material misstatoment of the olhor infomialw. If, based on ihe work wa have rfOrMed, conclude that th•ro 1$ a material mi55tatwntnt of this other infom41. w• required to rewt that fact. Wa ha¥e nc4hing lo rew1 in thr4 r•g¥d. OplnlarA on oth•r m•tt•rn prMcrlb•d by th• Companlo Aet 2006 In our¢irfon based on t V•Th undertakon in the course d our audi tho infonnatK)n givon in thè trust•&s' rw. thKh indudes th• dir•ctorn' report and Ihtr 8lralegic rewt prepar¢d for th• prye8 of ¢(panY ¢aw, for the financial yw for lch thè financial 8tatement¥ arg pr¢p8rnd Li consist•nt wrth Ihe finan¢io1 sialoments., and the strategic report and the dire¢l¢xs' report in¢hJded wthinthe Irus¢tts' r•pNt have beon prnpar•d tseeordonco vth apPlib I r•4uir•m•nts. M•tt•rs on whl¢h w• •1• r•qulr•d to r•wrt by •XPIll)n In lighl ofthe kndge and underntanding dthe group and the ¢hafitable company and Iheir•nwfonmenl obtained in Ihg course of Ihe audit. we have not Malen mi5$1alements in the slralegi report or th• dir•¢to, r•p0rt inelud•d w¢thin th• tru$t••$' r•port. We have nclhing to Iwrt in resped ol the lolknm.ng matt•rn in relatK)n to thg CompanitiJ Act 20C6 requires us lo rewt to you rf, in our opinion: lh• chafty has not kept adwuat• ¥counliThJ rtt(Yd$: or ihe charty finrtu•l Stat•mt8 ar8 n( in tyrwnont wrth tho accounting rtwds and retums.. or certain dck)sUre8 of iru$ttts' r•muneratJn spetsfrtd by Lqw are nrA made; or we have not re¢•ved al the inf0rnatn and explartations we require lor our audrt. R•spon8lbilltl•s of the Gov•rno A5 explairted more fully in the Statement of Go¥8mors' Resw511IS sgl out on page 5. the Ggvemors {who are a150 the directors ol the charrtabk Company for tho purposes of c(¥7)pany lawl are re5ponsibl¢ for the preparation ot the finano81 statements and for bw"ft9 satisfied that they gwe a tru8 and fair vi8W. and for such internal control as the iruslees detemiinè is necessary lo enable the preparation of financial ?tatements thH* are free from material misstatemènL whather duo to fraud or •rror. Paoe12
A Crowe INDEPENOENT AUDITOR'S REPORT TO THE MEMBERS OF ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LIMITED In preparsng thè fin•nekni1 statements. the trust0è5 aro resp$>1? f¢X a$5essing the group's or tho ¢h¥ritablo company's ability to eontinu¢ as a going ton¢wn. dis¢tosin9. a$ applublè. rnattèrs rel8ted to going coneèm and u$ing the going concem basi5 of auntIng unless the trustee5 either intend to INuidate the charitabb cnpanY or to cèase operatiorbs. or have no Tealistic aMemaiNe but lo do so Audltols r••ponslbllltl•s for th• udlt of th• fln•nelal stat•m•nt• Our objectives are to obtain reasonable assurnnce abovt ¥hher the finClstaternents as a vthole are free from material missiaternent, Whther due lo frwd or e01. to Issue an audrtor's report that includes our opinion. R•gsonabl• assurarteo s a lèv•1 o18s$vrnnu. bth is not a gtsarant Ihal an conduet•d in accordance wrth ISAS IUKI alayS detect a material misstatement on rt exists. Misstatements can arise trn fraud or error and are consthred material rf. indmdualty Of in the aggregate. they coukl reasonabty be 0xcle to influence th& e¢oTr)m de¢isbJns of urs tsken basis ofthese finèn¢kql Stalemenls. A furthar ¢Jexription of our wpty)sibilrtw for the audit of the finantyo181•tements is l¢xale<l M the Fin8n¢lal R8POrting Coun¢il'¥ w¢bsrte •t". Thts descnplion foms part ol our auditorfs r•port. Ext•nt tts whlch th• udlt canSd•vAd rapahl• al d•tArtlno IrragulrftSAA. 5nrludSng fraijd Irregularitiés, including fraud. arè instancas of non-complNCe wrth lawg and r•Julations. Wa Idènlrfied and ass•ssed the risk$ of matengl mi$$tatemènt of the fin8ncio1 st#t•Mnts irn•guiaritiès. wh•th•r du• to fraud or error. and dcussed th9 beh¥een audrt ieam members We then de81gned and perfomed audrt pdureS responsNe to tha nyku. dud9 Otkninmg vlidence luirKnt and appropriato to provKle basis for our opinKIn. We obtained an understanding ol th¥ legal and rogulatory IrnKirks within whKh th? chantable company operates, fSing on those and reguLgtK)ns thal have a direct effect on the determination ol material amounls and disclosures in the finckl slatements. The Lgws and regulat)ns we considered in this context were the ¢7panIeS Act 20C6. CharrtI Act tCg&thw CharrtS SORP IFRS 1021. We assess tha required compliance wrth these lthvs and wulatKins a$ part of our audrt prrtedufes on thè related financial ¥tamerrt Kvms. In addition. we considered pffjwsions of 01herS and regulations that do not have 8 direct effect on Ihefinanci81 $lemenls bul complkrynce wrth whh mvJhl be lundaMen1 lo the charitable company's abilrty lo operate or lo avo+d a mater[81 penaty. We aL40 conwder&J Ihe OPFQrtunrts and incentleS th81 may exisl wrthin Ihe charitable ccpanY for fraud The laws and regutM)ns we conshlered In Ihi8 Conte lor thè UK operations werg Tho Educalion Ilndependenl S¢hcrf)I Standard$l Regulaibgn$ 2014, He8ltt and S8fdy and Gener81 Dats PrO)n RegUtions. Audrtin9 slandard$ limrt thè requK8d audrt PfOC8duros to OntrfY non-compliance with thosè laws and regulations to ènquiry of the Govemwa and clh•i management and insp•ctKJn ol regulatory and al Corre8denCe, rf any. The greatest risk of material Impact on the financral stalernents is frm irregularrts, induding fraud, lo be wrthin the timing of recognition of non-fee income. aThJ the override ol contrds by management. Our audit prCedureS lo respond lo these nsks induded enquirres of markagement. and the Finance and General Purposes Commrttee about their ovm hdentrfati0n and assessment ol the risks of irreguL8rrties. sample testing on the posting of journals, sampb testing on non.lee income. revng ountIng estimates for biases. reviewng gUlatOry orTespondence wilh the ChaTrty Crynmi85K)n, lTrJePe1wrt Schoc45 In6peLlorate. and rejIng minutes of meetings of those charpj with govemance. 13
Crowe
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LIMITED
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non compliance and cannot be expected to detect non-compliance with all laws and regulations.
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 matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Alastair Lyon Senior Statutory Auditor
For and on behalf of Crowe U.K. LLP Statutory Auditor Reading 49-51 Blagrave Street Reading Berkshire RG11PL
Date 21 April 2023
14
ST CHRISTOPHER'S SCHOOL IHAMPSTEADI UMITED STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 AUGUST 2022 Iln¢orpor•tlng an Incomè and EXnlture Account) Total Funds 2022 ilnrestrlcted Fund5 Restricted Funds 2021 Note INCOME FROM: Charitable Artlvlties Fees receivable Other charitable income 3.917.564 9379 ,917,564 3, 765.340 103.429 92.344 9,850 Donations and le8ades Donations 681 17,245 23.829 11.253 Go¥ernm*nt Grants Coronjvlrus Job Retention Scheme Other grants 10,299 7,334 23,IXK) 23,IXK) Invesiments Investment income 1.892 1,892 2,453 Other income 815 815 Totsl Income 27 EXPENDITURE ONS Ch•rItae Artlvlties: School operatin8 Costs 939 $18 3 966 613 3598 Total Expendlture P4•t mo¥em•nt In funth 103916 103,916 317.5LXI Bal•n¢es brw8ht l•rw•rd t I Septembef 2021 6 920 942 Balances carrled forward •131 Au6ust 2022 Is The notes on pages 18 to 32 form part of these Financijl stsiernents. 15
ST CHRISTOPHER'S SCHOOL IHAMPSTEADI U•AITED REGISTERED NUMBER 01088993 BALANCE SHEET AT 31 AUGUST 2022 2022 2021 FIXED ASSErs Tangible fixed assets 5.038.61X) 4,790.758 CURRENT ASSETS Debtors Cash at bank and in hand io 88.585 85,960 4.481.622 3,240,998 CREOITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR NET CURRENT ASSET5 32 TOTAL ASSETS LESS CURRENT LIABILITIES 7.071.152 6,977.130 CREDITORS: AMOUPIFS FALLING DUE AFTER MORE THAN ONE YEAR 12 NET ASSErs RESERVES ftestrlcted funds Vnrestficted funds 15 15 7 024 858 6 920 942 TOTAL FUNDS These linancial statements were approved and autlK¥rised for issue ty the Board of Governors and were signed on thelr behalf on N Green Chair The notes on pa8e5 18 to 32 fomi part of the Financial Statements. 16
ST CHRISTOPHER'S SCHOOL IHAMPSTEAOI UMITED ASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Note Net cash Inflow from: Operating activities 16 1.655.6S9 533.303 Cash flows from In¥esiln8 artfvltles Payments to acqulre fixed assets 1419.5521 f49,801J Interest received Incr••s•lldecre•s•l In c•sh In the ye•r 1.237.999 485,955 Cash balance at I September 2021 Cash b•lat at 31 AU$l 2022 The balance at 31 Au8USt 2022 includes amounts receNed inathanceforthe folk)wingyearfs feesof £1,491,342 12021.. £267,781). Thls cash flow statement also comprlses the full extent of the anatysis of movements in net debt. The notes on pages 18 to 32 forn7 part of the Financial Statements. 17
ar CHwaTOPHER'S SCHOOL (HAMPSTL4DI LIMITED NOTES TO THE FIMANCIAL STATEA1EIs FOR THE YEAR ENDED 31 AUGUST 2022 I ACCOUNTING POUCIES al Charity Inl¢Ymation St Chri5topherfs School (Hampsteadl Limited 15 a re815tered tharlty with the Charities Commission Ell8land and Wales Icharity number 3129991 and was incorporated as a company limited bv guarantee (company number 010889931 on 29" Dernber 1972. The address of ¢ts re815tered office 1$ 66 Prescot Street, London El 8NN. bl Basis of preparation of finandal ststemtnts The financial statements have been prepared underth• hlstorical cost convèntM)n. The financial statements have been prepared in accordance with Accounting and Reportin8 bv Charities.. Statement of Recommended Practice applicable to charlties preparin8 their at¢ounts in accordance with the FInCial Rewrting Standard applicabse in the UK and Republic of Ireland IFRS 1021- Icharities SORP IFRS 10211 and the Financwl Rep)rtlng Standard applicable in the UK and Republic of Ireland IFRS 1021. St Christopherfs School IHJrnp51*1dl Umlted meets the definItn of a publlc beneflt entrty under FRS 102. The functional currenty of ihe School Is consldered to be GBP because that Is the Currenty of the primary economic environment in which the School operates. cl Goln8 ¢on¢em The GovefThofs believe thai the School's financlal resources and Contlngency plannin8 is Sufficient to ensure the ability of the School to continue as a goin8 concern lor the foreseeable future, being at least twelve months from the date ol approval of these finan¢ial statements and therefoTh? havp thp finanrlal %lal•mpnts on a ¢oinR concern basis. dl Fees and slmllar earned Income Fees receivable presertt amounts recebvable as fees and thar8es for seThlces In respect of the provision of education to pupi in the sthool. Fees receivable are stated after deductlng Ilowances, scholarships, and other rems1on5 granted by ihe School. el Donations income Voluntary incoming resources are accounted for as and when entitlement arises, the amounts can be reliably quantrfied and the economi¢ benefrt to the school 15 considered probable. Investment Income Investment income frorn bank balan$ is accounted foroD an accruals basls. 81 Other Intome This comprise5 intome from rents and lettin8S irt the nomlal course of business. hl Expenditur¢ Expenditure is a¢crued as soon as a liability is considered probable, discounted to present value for longer tem liabilities. Cliaiiiable aLtivltle5 include the salary cost a¢)d oflKe costs latin$ to the runnin8 of the School. This also includes governance costs which are the costs of compfying with the constitutional and statutory requirements of the School. 18
ST CHRISTOPHER'S SCHOOL IHAMPSTEADI UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 11 TanglIe fixed assets and depredatlo TaTrgiblefixed assets are stated at historical cosi less depreciation. Oepreciation is provided using eiiherthe sirèi8ht-line ba515 Qr Keduciil8 balan£e basi5 at rates which reflect the anticipated useful lfves of the assets and their estimated residual values. Freehold land Freehold buildings Fixtures. frttings & equipmènt Not depreciated 2% strnight line 25% reduting balance Expenditure on rued assets is tapr(ali%ed ex¢eo for txpÈnditure incurred oft the replacèment of assets of low value with a short IKe. Repair. renovation and replacement expenditure is written off as expenrtu in the Statement of Financial AciNilS. Items costin8 less than are written off as an expense as acquired. 11 Stock Stoc15 are valued at the lower of c05t an(1 net reali5able value. kl Cash •nd Ilquld resour¢es Short-term deposils. which can be called on demand wfthout any materlal penalty. are Included within cash balance5 in the 8atsnce Sheet. 11 Pensi( C0515 The School contributes to the Teachers. Defined Beneffts Pension Scheme at rate5 set by the Scheme Actuary ènd advlsed to the Board by the Scheme Administrator. The scheme is a mU1- employer pension scheme and it is not possible to Ident the assets and liabilities of the scheme which are attributable to the school. In accordan with FRS 102 thereforè. the sthtme 15 accounted for a5 a defined contribution scheme. Ihe company has a residual ongoing Iiabilny to a delir benefit penslon scheme In respe of a former employee. The company participates in the scheme, a multi-employer scheme whTrch provides benefbts to some 66 non-aswclated employers. The scheme15 a deflned benefit scheme In the UK. The >chool pJrtirlp•tes in • defined trI119n xheme for non-te•chin8 J¢•ff. For further Information on all pensbons see Note 21. ml Operatln8 leases Cost5 in respect of operaiin8 leases aye char8ed on a straht.Ilne basis overthe lease term. n) Recosnsilon Ol Ilabllhles Liabilities a recognlsed once there is a le14 CONVutye obl+gatn that cornrnits the School to the obljation. 19
8T ¢HRI3TOPHER'¥ seHOOL IHAMPSTEAOI UMITC.D PK)TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2022 ol Jud¥ements In applyin8 accountin8 pollcies and key sources of estimatlon uncertalnty In the application of the charlvs accountin8 policie5, the governors are required to make judgements. estimates and assumptions about the carrying arnount of assets and liabilities that are nol readily apparent from othersources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be rebevant. Actual results mav differ from these estimates. The •5timates and underlying assumptions are reviewed on an ongoing basls. Revisions to a¢tountin8 estimates are recognised in the period in which the estimate Is revised where the revision affects onty that period, or in the period of the revision and future periods where the revision affects b)th current and future periods. Key sources of esiimatlon unc•rt•lnty Depre¢l•tlon The key area of judgment for the 8o¥emors to consider is that of depreciation and its adequacv. The main asset is the property. and the 8overnors feel that the low depreciation policy ts reasonable, considerin8 the fact that the trwJildin8 is well malntained and its residual value is likely to exceed the net book value at ihe end of its useful econornic lile. Other assets are depreciated at 25% reducin8 balance. which is consKlered adequaie for fixtures, frttin8s and equipment. pl Artrtd funds Aeslricted lunds c¢)mprlse income funds sublect io speclflc trusts arisin8 elther from the donorfs wishes or the terms of a particular fundraising Initiatwe. ql Flnan¢l•l Instnmnts Basic financial instruments are initially recoRnised at transaction value and subsequently rneasured at amortlsed cost. A specifK provls)n1s made for debts for whlch recoverablllty 15 In doubt. rl Pupil Deposlts Although under norrnal cir¢umstances these will be repaid in future year5 when the pupils complete their tducation at the school, pupils can leave at earlier dates. The School does not therefore have an unconditional right to retain the individual deposits forat least 12 months after the Balance Sheet date and, in line with the requlrements in FRS 102, the balance of deposlts held has been included within current liabilities. 20
ST CHRISTOPHER'S SCHOOL IHAMPSTEADI UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 FEES RECEIVABLE CONSISTOF: 2022 2021 Gr055 fee5 Le55'. Bursaries and alwanS 3.998,5(W) 3,837,310 3,X17,714 3.755,040 Add back.. Bursarits paid for by restrittÈd funds OThER CHARITABLE INCOME 2022 2021 Other eduutlonal tharltable artl¥ttles Extras Income Hardship Iw Ireslrictedl Re8lStration fees 59.003 9,850 48,637 10,350 Other a¢thAtles Other incomc INVESTMErir INCOME 2022 2021 Interest receivable OTHER INCOME 2022 2021 Other income 21
ST CMRISTOPHER'S SCHOOL (trLAAIPSTEAOI UMITED MOTES TO THE FIIIANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ANALYSIS OF TOTAL RESOURCES EXPENOED 2021 Total 2021 Stsff costs Oepreciation (Note 81 (Note 7) Charit•ble a¢tlvltles TeaehinB costs Welfare costs Premises Support costs Total 2,045,704 925ZI 248.896 a.596 276.240 74,344 2.368.944 2,181,421 393.117 347,147 373,606 392,391 97,366 Included wlthin the support Costs are oovemance costs of £26,30512021.. £17,291). NET INCOMING RESOURCES 2022 2021 Expenditure includes.. Audltors. remuneration audit other 14.100 3,515 12,260 1,250 Depreclatlon 2022 2021 TOTAL sfAFF cosrs Wa8es and S•bartes Social security costs Other penslon costs 1.947.133 217,315 327 1,874.140 197,443 2022 Number 2021 Number The avera8e monthly headcount of employees durin8 the year w4$= Teachin8 Administrathe Domestic 41 39 22
ST CHRISTOPHEA'S SCHOOL IHAMPSTEADI LIIAITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 TOTAL STAFF COSTS ltorttknuedl 2022 Number 2021 Number The following number of empbyees had salars within the range as below.. £60.(QO. £69.999 f 70.00)- £79.999 E80.(N)). £89,999 £110.(. £119,999 £I20,0)- £129.999 Retirement benefits are accruin8 for fNe12021.' fNeJ higher paid employees. Contrlbutions for the year totalled £85,18812021.' E76,697). The prioryearfs costs include additional accommodatioTh cost5 550ciated with Ihe Head who w)$ provided with temw)rary accommodatlon In London whlle she undertook the role. For the purposes of the Companies Aci the GO¥errr5 ale directors. No Governor received any remuneration or benefi15 froffl the sel1 during thE year (3031.. fNIIJ. No Travel expenses w¥ie reimbursed to Governors during the year12021.' £Nifj. The total remuneratlon for the Senk)r Leadershlp Team was.. 2022 2021 Senior Leadership Team In 2022 the group comprised of six individuals. In 2021 ft included eht Individuals. The senior leadershlp team members afe listed on page 3 withln the Governors. Report. Total redundancy payments Sn the ¥r amounted to £Nil12021,. £17.8231. 23
ST CtrIRISTOPMEft'3 3CHOOL IHAMPSTEADI UMtTED NOTES TO THE FINANCIAL 8TATEMEKfs FOR THE YEAR ENDED 31 AUGUST 2022 TANGIBLE FIXEO ASSETS Freehold Land and Buil(fin Fixtures. Fittings & Equipment Total Cost I valu•tlon At I September 2021 Addrtions Disposals At 31 Au8USt 2022 6.056.031 245.608 1,306.372 173.944 7.362.403 419,552 7 781955 Depreclatlon At I Stptèmber 2021 Charge for year At 31 AUBUSI 2022 1.459,274 1.112,371 2.571,645 56 1186 715 74 Net book lut Ar JI AU8USt 2022 38 At 31 August 2021 The net book value of land and buildings consists almosi entirety of freehold buildings. In the oplnion vfili¥ Guveriiurs the cosi of freehold land included Yiiihin the above fi8yre i¥ not mthterial. All t#n8ible fixed assws are held for use by the school on dirert charltable activlties. 10 DE8TORS 2022 2021 Trade debtOTS Prepayments and a¢¢rued income 4,833 83 Prepayments are slated after IMpaient provisions totalllng £Nil {2021.- £6,668). 24
ST CHRISTOPHER'S SCHOOL IHAMPSTEADI LIMITEO NOTES TO THE FINANCIAL sTATEME1s FOR THE YEAR ENDED 31 AUGUST 2022 li CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2021 Trade creditors Other tax and social security Other Creditor5 Accruals Deposits Fees In athance 229.221 93,053 52.168 16,398 48.287 683.537 147162 49.405 629.844 12 CREDITORS: AMOUPITS FALLING DUE AFTER ONE YEAR 2022 2021 Fees In aan¢t 19,715 37,625 Pension deficit credrtor 13 OEFERREO INCOME {FEE5 IN ADVA14CEI 2022 2021 Deferred Income at I September 2021 267,781 257,675 ReSOUTces deferred in the year Amounts released from prevKius years Deferred income at 31 Au8USt 2022 1,435,665 103 212.103 14 FINANCIAL INsfRUMEP4TS 2022 2021 Financial assets measured at amortised cost Financial liakylities measured at amortsed cost 4.398.560 96¥045 3,184,414 779.489 Included within financial assets hekl at amortised cost a trade debtots, other debtors and cash at bank. Included within financial liabilitie5 held at arnortised cost are trade credrtor5, accruals, acceptance dep)sits and other creditors.
ST GHRISTQPHER'S SCHOOL fHAhlPSTEADI UMSTEO NOTES TO THE FINANCIAL STATEIIENTS FOR THE YEAR EMDED 31 AUGUST 2022 15A ANALY$15 OF NET ASSETS 8EfwEEN FUNOS The schoofs net assets beltsng to the various funds a5 folh)w5= Nt Current Lon8 Terni Liabil1$ Fund Balances Restriued Funds Unrestrieted Funds Total 158 FUNDS Surplus l Balance at movement 31 August In fvnds for 2022 the year Balat at I t•mber 2021 Income Empendbturn Restrbrted Funds Horflship / bursary 27.095 127.1)951 Tot•1 Restrl¢ted Ivnds Unrestrlcted Fund5 G•n•ral Funds 104 916 7024A4 Total Unrestrlrted Fund5 39 Total Funds 4.430.529 13.966.613> Restrlcted funds relate to hardship I bursary fees char8ed to families to support bursary pupils at the school. All fesotsrces donated were spent within the academic year. 16 RECONCIUATION OF NEf INCOME TO NEf CASH FLOW 202Z 2021 Nei incoming resour Investment income Depreciation charges Ilncreasel / decrease in debtors Increase I Idecreasel in credltors 103.916 11.8921 171.710 12.6251 1.384.550 317.500 (2,453) 153.737 13.863 50,656 Net cash inflow from operating actNrtie5 26
ST CHRISTOPHER'S SCHOOL IHAMPSTEADI LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 17 FINANCIAL COMMITMENTS The future minimum lease payment of the charitable company under non-rancelloble operatin8 leases, In respe¢E of Other eouipmeni. s as folw$.. 2022 2021 Payable within l year Payable between l and S years 2,448 2,858 18 CAPITAL COMMITMENT There were no capital commltments at year end12021.' £23,795J. 19 GOVERNORS. LIABILITY In the event of the schc)I beln8 wound up. the Ilability of ejch Governor Is Ilmlted to one pound. 20 RELATED PARYIES Donations totalling £6,58412021.. £11,253J were receNed froffl PTFA (Parents, Teachers and Friends A550Clationl, previously known as Friends of St Chri5topherfs Sthool IHamp51eadl Limited. Thi5 is parents, assoclatlon whlch assists in providing facilities for èdutation not normalty eovered by the s£hooYs funds. The school spent £3.01212021.. £10.459J with Farrer & Co for school legal - RKhel lewls, school 8overnor for part of the year, is a partner at this law fimi. The School spent £Nil12021.' £2.0141 with the Girls, School Association for annual membership and traifflin8 cour5es-Vivienne Durham. a school8ovemor. wa5 Ch1 Executive of the GSA for part of this peri(Jd. 21 PENSION SCHEME5 111 Teach•rf Penslon kheme The school participate5 in the Teachers. Pension Scheme l-the TPS") for tts teaching staff. The ptnslon charge for the year in¢ludes toniributions payable to the TPS of £262,98112021.. £259.9671 and at the ytar-end £Nil12021.. EN14 was aetrved in respett of contribJtKns to this seheme. The School 6$ plannln8 on leavin8 the TPS in Au8USt 2023. The IPS 15 an unfunded mult+-employer defined benefits pension scheme governed by The Teachers, Pensions Regulatlons 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las amendedl. Members contribute on a-pay as you 80" bas With contributK)ns from members arsd the empbyer being credited to the Exchequer. Retirement and other pension benefrt5 are patd public funds provided by Parliament. 27
5T CHRISTQPHER'S SCH(X)L IMAMPSTEAOI Uh11TED NOTES TO THE FINA14CIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 21 PENSION SCHEME5 l¢oniinuedl The employer conifibuiion raie 15 Sei ty the 5ecreiary 01 SIle (ulluwiiig sLlieii)e valuation5 undertaken by the GovernmentActuarfs Department. The most recent artuarial valuation of the TPS was prered as ai 31 March 2016 and the Valuation Report, which was published in March 2019. confimed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from I September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribut¢on rate of 23.68%. The 31 March 2016 Valuatron Report was prepared in a¢¢ordance with the benefits set out in the scheme regulation5 and under the approach spetthed in the Directbons. as they applled at 5 March 2019. However. the assumptions were considered and set by the Department for Education prior to the rullng in thè 'McCloudlSar8eant casè.. Thts case has required iht courts to C0115ider Cases Teg3rdin8 ihe Implementation of the 2015 refornis to Public Servi¢e Pensions includin8 the Teachers, Pensions. On 27 lune 2019 Ihe Supreme Court tlenied the government permisslon to appeal the Court of Appeal's jud8ment that transltional provision5 introduced to the reforrned pension schemes in 2015 gave rise to unlawful a8e discrimination. The 8ov*mment is respeclin8 the Court's decision and has sald it will en8a8e ful with the Employrnent Tiibunal as well as ernployer and member representative5 to agree how the dlscriminations will be remedied. The 8ovemment announced OTh 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able io choose either legacy or refornied scheme benefiis in respect of their servlce durlng the period between l April 2015 and 31 March 2022 at the point they become payable. The TPS 15 sublert to a cost cap rnechanism whlth was put In placè to protect taxpayers againit unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced thai ihere would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost ¢3p mechanlsm lollowin8 the Lourt ot Appeal's rulin6 In the McCloudlSar8e3nT case and uniii there Is certainty atr))ut Ihe value of pensK)t)s to employees from April 2015 onward5. The pause was lifted in July 2020. and a consuttation was launched on 24 June on prowsed Changes to the cost control mechanism followin8 a wiew by the Government Actuary. Followin8 a public consultation, the Government has accepted three key proposals recommended by the Government Actuary and are alm1 io Impl¥iibelll Iliese Llidiitse) iii ¢Miit for the 2020 ¥•lu•tlons. The 2016 cost control valuations have since been completed in January 2022, and the results indicated Ihat there would be no changes to benelits or mernber contributions required. The resu$ of the cost cap valuation are not used to set the employer contributM)n rate, and HM Treasury has conlirmed that any changes to the employercontribution rate resultin8 from the 2020 valuations wlll take effect In Aprll 2024. Untll the 2020 valuatim is completed it is not p)SsIb to conclude on any financial impact or future changes to the contribution rates of the TPS. According. no provision for any additional past benefrt pension costs is included in these finarbcial statements. Illl Indende1)t Schools. Pensi¢)n Scheme The company has a residual ongoing liability to a defined benefrt pension scheme in respect of a former employee. The company participates in the scheme, a multi-employer scheme which provides benefits to some 66 non-associated employers. The scheme is a defined benefit scheme in the UK. It is not P055ible forthe companyto obtain sufficient informalion to enable itlo account forthe scheme as a defined benefrt 5cherne. Therefore, tt accounts for the scheme as a defined contribution scheme. 28
ST CHRISTOPHER'S SCHCM)L IHAMPSTEADI LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 21 PENSION SCHEMES IcontiNedl The scheme s subject to the funding legislatn ouilined in ihe Pensions Act 2(N whtch came into force on 30 December 21KJ5. Thi5, tO8ether wrth documents issued by the Pensions Regulator and TechnKal Actuarial Standards issued by the Financial Reporting Council, set out the framework for fundin8 defined benefrt oCcupatn41 pefi$n KMe$ In the UK. The scheme i% ¢la55ified as a'last-man Stsndin8 arransemenl,. Therefore, the company is potent¢alty Ilable for other partiopatin8 ernployers, oblatIonS if those empkjyers are unable to meet their Share of the scheme deficrt folh)wing withdrawal from the scheme. Participating employers are legalty requlred to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A lull o¢tuarialvaluatkn forihe scheme was carr1ed0 with an èffettive dale of 30 September 1020. This artuarlal valuat5on was ¢ertIf0 on 22 De¢•mbor 2011 and showed ass5 of E201.Im. liabilities of £256.3m and a deficit of £5S.2m. To eliminate this funding shortfall. the trustees and the participatin8 employer5 have a8reed that addItn01 contribution5 will be pahl, in combination from all employers, to the xheme as follow5.. Deficlt contributions From I September 2022 to 30Junt 2032 £2,687,CW perannum (payable monthty, Increasln8 by 3% on ¢aLli 1st kyieiiilxil The recovery plan contribution5 are allocated to each participatin8 employer in line wrth their estimated share of the scheme Ilabllltles. Whor• th• schem• is in d•ll¢lt Jnd wher• th• wmpany h¥5 agr•ed tts • d•llclt fundln¥ aYtan8•m•m the company reco8ni5es a h'ability for this obli8alion. The amount reco8nised is the net present value ol thè defi¢rf redu¢iion ¢ontributions pay•ble under thè a8rement that relaie5 to the de11t. The presint value 15 ¢akulated usin8 the discount rate dalled in these disclosures. The unwlndin8 of the discount rate Is recogni%ed as a fiMnce cost. Present values of provislon: 2022 2021 Present value of provision 579 Reconciliation of openlD8 and closin8 pfovisK*rts- 2022 2021 Provision at start of period Unwinding of the discount factor Defitit contribution paid Remeasurements- impact of any change in assumptions Remeasurement5- amendments to the contribution schedule 20.805 215 12,242) {4.4121 22,960 195 12.177) f173) Provi5Kin at the end of the period 29
ST CHRISTOPHER'S SCHOOL IHAMPSTEADI UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 zi PENSION SCHEMES Icontlnuedl Illil Dtflned Contributions Sthemes The school participaied in other defined contribution schemes for non-teaching staff.. 2022 2021 Contribution5 payable by the company for the year 30
ST CHRISTOPHER'S SCHOOL IHAMPSTEADI UMITED NOTES TO THE FINANCIAL STATEMEPTh8 FOR THE YEAR ENDED 31 AUGUST 2022 22 COMPARATIVE STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDEO 31 AUGusf 2021 rotul Funds 2021 Unrtstrirted Funds Restricted Funds Note INCOME FROM.. Choritt7ble Activities Fees recelvoble Other¢horitable income 3.765.340 81.994 3.765.340 92,344 10.350 Donotlons ond le9ocies l)onotions 11.253 11.253 Government Gronts Coronovlrus Job Retention Scheme Other qronts 10,299 7,334 10.299 7.334 Investments Investment Income 2.453 2.453 Other Income Otherincome Total Income EXPENDITURE ON.. Choritoble Activit$.. School operoting tQsts 3.588,255 10.350 3.598.605 Loss on dispos01 01Aed osset3 Tot¢71 Expenditure 10350 3 $98 605 Net movement InAunds 317,5 317.5th) 8oltsn¢es bmuqhtfarwrd ot 15eptember2020 8alunces corriedfonvard at 31 Atsgtsst 2021 15 31
ST CHR15TOPHER'5 5CHQQL IHAMPbTEAOI LIMITEQ NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ?4A COMPARATIVE NET ASSETS OF THE FUNDS OF ThE SCHOOL FOR THE YEAR ENDED 31 AUGUST 2021 FlxedAssets Net Current A55et5 Long Term Liobilitles Fund 8olonces RestrKted Funds Unrestricted Funds Totol 4 790 758 6 920 942 23B COMPARATIVE FUNDS PAOTE Uftrestrirted Funds Restrrrted Funds Income Expenditure Surplus/movementlnfvndsfor the ytor Openlnq volut ullufids Closing volue offunds 3.5.755 10.350 317.5C 32