R¢gislered numbtrr: 01088993 Chaflty numbor: 312999 ST CHRISTOPHER'S SCHOOL {HAMPSTEAD) LTD. (A company limited by guarantee) GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 111111 •A(LQQ2T7• 0￿112￿24 COMPAMES HOUSE W232 ST CHRISTOPHER'S SCHOOL (HAMPSTEADI LTD IA company limit•d ty guarantee) CONTENTS Page RefereiKe and administrative details of the School. lis Govemors and advlsers Governor5. Teport Independent audltorfs repovt on the financial statements StstsmeTht of financial activities 3-10 Balanc• 8ht*t 16 Statement of ea$h flows 17 NotOS to th• financial statements 18-36 ST CHRISTOPHER'S SCHOOL IHAMPSTEAD) LTD IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL. ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023 Governors Nick Green, Chair {resigned 31 August 20231 Kunle Barker {appointed 30 Novembef 20221 Joe Cohen Vivienne Durham Sifvfa Fiaccavento lappointed 13 January 2023. elected as Chair from 1 September 20231 Patrick Gilmafknn I￿s19ned 30 Novemtrer 20221 Marc Hersheson Sarah Kavanaugh Sarah Knofiys Helen Munn laprA)inted 30 November 20221 Frances Ramsey Marie Rjboud-seydoux (appointeil 30 November 20221 Andrew Sandars Richard Sherwood (resigned 3 September 20221 Anya Waddington Comp*n¥ rèAl$teied number 01088993 Charity regist•fed number 312999 Re9iSt8red office 32 8els¢ze Lane Hampslead London NW3 SAE Independent aydltgT Crowe U.K. LLP Aquis House 49-51 Blagiave Street Reading Berkshire RG1 1PL Bankgrs Lboyds Bank 140 Camden H•3h Street London NW1 ONG Solicitors Farrer & Co 66 Lincoln's 5nn Fields Holbom London WC2A 3LH ST CHRISTOPHER'S SCHOOL {HAMPSTEAD) LTD IA company limited by guaTanteel REFERENCE AND ADMINISTIiATIVE DETAILS OF THE SCHOOL ITS GOVERNORS ANO ADVISERS {CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023 Inuran¢¢ Broke Aon UK Limrte 1 Foxfield Hazlemere High Wycombe Bucks HP15 7AQ Page 2 ST CHRISTOPHER'S SCHOOL {HAMPSTEADI LTD IA company limitsd by guarant•o1 GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The Governors present their annual rewrt together wrth the audited financial statements of the charitable company lor the yeai 1 September 2022 to 31 Augusl 2023. The a￿OuntS have been prepa￿￿ in accordance wrth the aecounbng policies set out in note 1 to the accounts and compty with the charity's trnsl deed, the Compantes Act 20C6 and the "Accounting and Reporting by Charities" Statement ol Recornmended PraCts"￿' applicable to charitie5 preparing their accounts in a¢￿[dance with the Finanoal Reporting Stsndard a￿l¢able in the UK and Repubtic of Ireland IFRS102) {effective 1st January 201 $1. .The Govemor5 for ihe period under revtew to the date of sNJning the finan￿al st8ten*nls were". Nick Green, Chair (resigned 31 August 20231 Kunle Barker lappointed 30 November 20221 Joe Coher Vivienne Durham Silvia Fiaceavento lappoinled 13 January 2023.. elected as Chair from 1 September 20231 Patrick Gilmartin (resigned 30 November 20221 M8r¢ Hersheson Sarah Kavanaugh Sarah Kndlys Helen Munn (appointed 30 November 20221 Frances Ramsey Marie Riboud4eydoux {appoiated 30 November 20221 Andrew Sand3rs Rithard Shemood IresNJned 3 September 2022) Anya Waddington The Company has no share ¢apitsl and consequenNy none of Ihe Govemors has any N)teresl in any shafes.of the Company. The Govern¢irs ¢on$tilute directors of the coTryJany for Companies Act 20.06 purposes. Stru¢ture. govemance and management St Christopherfs school (Hampsteadl Limited was fomed in 1972. The school is a registered charity No. 312999 and a company Lirniled by Guarantee No. 01088993. Election of govemoffs New govemors lo Si Christopher's school are erected by the Who￿ governing body of the %hool. No peison shall be admitted as a ￿￿mbe1 unless they are first approved by the goveming body and the governing body ha5 absolute discrets.on as to the admission of this person. New govemors a￿ given an introductory pack by the clerk to.the goveinors (also the Company Secretsryl wh4ch indudes a copy ol the Arts"cles. a detailed history of the hool. an applicafr.on foc membership and a declarats.on of willingness lo act as a governor. The governors also have access lo an online Board Portal whKh conta￿n5 key infomplion includiryJ policies and meeting agend05 and minutes. The Company Secretary regisiers new goverrbors online al Companies House. The govemors give their lime ¢)n a voluntary basis to the govemanee of the charity. The school govemors attend appropri8te training according lo their skills and experience. inclLFding slatulory safeguarding training. Page 3 ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD IA company Ilmtted by guarante•) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 .sttu¢ture. gov¢rnanc• and manag•m¢Trt l¢ontinued Senior l•adership toam The followin9 members of stsff were part of the Sènior leadership team for the perK)d under ￿}riew Head- Sandrine Paillasse Deputy Head- Mark Maddocks Oeputy Head- Éllzabelh Elvidge Imalemty tea¥e frcffn January 2023) Head of Upper s¢hool- Amy Ullman Head of Lowei school- Ella Schie￿nberg Acting Deputy Head Imateinity cover from JanLbary 20231- Ella Schiefenberg Acting Head of Lower Sthool (maternity cover frorn January 20231- Emily Poster Bursar- Jonathan Powell.linterim- July to November 20221," Diana Robinson linterim- November to December 20221". Paul Neagle lfrom January 2023} Organisational structure and decislon m*k•ng Sl Christophers school is govemed by a board of governors. The Board apkxxnts the Head and in consultalion with Ihe Head. the Bursar. The Head report5 to the governors at lermty Board meeb.ngs havin9 senl out a written report on that term's activities. This report and othef related malters are discussed at each Board Meetsng. The Bursar reports to the Head and, for fin3n¢ial mattef5. to the Finance Committee. ihey refer. on a terrnty bays. lo the Board with financial Teports. building rep)rts 8nd any other matters con¢eming the noneducation31 aspects of running the school. The annual audited accounts for St christ0￿e￿$ are presented to the 8oard for their approval Meetings ol the Boarfj are called. when requi￿d. over and above the termly Board Meetsngs. There are six suknmmittees which meet on a lermty basis and p￿pare a ￿port for the Board's consideration. The sub-committees are as follows - Health. Salety and Prernises Committee", Fin8n¢e Committee." Strategy Committee,. SalegLtarding and Wellafe Committee." Educatson Committee. and a Partnerships Bursary C¢xnmittee. The Head hokls regular meeb.ngs with *1 the tea¢hmg staff to discuss the educational runnin9 01 the school and specific topics. Day-1C￿￿aY matters are discussed al weekty briefings, chaired by the Head. Senior Leadership Team ISLT} meetings arè held weekty. The Head regularty rneei wrth ea¢h member ol the SLT. and at least fortntghtly ￿th the pastoral 5eadefS and Ihe Bursar. The Head is responsible lor the appointment of all staff, other than the Bvrsar. who Is appointed by the govemors with assistartrce from the Head, and who also fills the role of clerk to the governofs. The apporntment of Deputy Head5 is diine in Conjunction with thè Education Committee. The school operates banded salary ranges {wKluding upKw pay scale wcgresslonl for leathin9 Staff. The .banded ranges are benchmarked against those of other independent s¢hools using exlemal Ihiid-paty surveys. This allows the school lo relain high calibre staff. Al saLaries and bands are revEwed annually. and any increase is approved by ihe governors. The salarie5 of key personnel we reviewed by the finafKe committee. The school benefits from rts relationship with the Pa￿ftts. Teachews. and Friend5 of St Chnslopherfs Assoaalion IPTFAI. This is a charity managed and opeTated by the parents ol St Chrtstopherfs who genero¢Jsty raise ar donate funds for pa￿'Cular projects. Page 4 ST CHRISTOPHER'S SCHOOL IHAMPSTEADI LTD IA CoM￿nY limit¢d by guarant••) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENOED 31 AUGUST 2023 Objectlves and activitles The aim ol Ifie charity is to Pfowde preparatory schwl education for girfs be￿een 4 and 11 years within a secure, lriendly learning environment where there is a stron9 emphast5 placed on academic and social development. The schod's key objectives *e as fdjows.. To achieve high academtc standards by encouraging independenl learning in a sb'mulaling and child- centred environment that fosters PLEpils' abilty lo lake their own decisions To Integrate creabvity in all its aspects across Ihe curriculum. including digital learning To instil an almospheie of mutual trust, t0￿rance and friendship cenlred afounrj respect- for self, for each other and for the community and the environment To help pupils develop ovef time into responsible, self4confidenl, inclusNe, and aware young people", ready to embrace the challenges ol seCOr￿ary ed¢Jcation and the modem wodd beyond To engage and support the W￿eT community In vthich the school Is kncated through eharrtable work, providing attess to the school's tsu"lthes and TesouTces and provmaing financial as*slance lo those who may not othe￿iSe be a position fo benefit trom a Sl Chnstopheff s educalKSn. The principal benefKtanes are the school's pupils who are encouraged lo take advantage of the broad curriculum which encompasses philosophy, the arts and sciences, alongside the skills of literacy and numeracy. Pupils, needs are met by revwing the curriculum, through conunuous assessment ol their educahonal and personal development and their achievements and through regular interaclion with their parent5. The medium- to long4erm aims of the charity are to offer an all-round. intellectualty stimulating. and inclusive education lo girfs, broadening their a¢ademK htsriions whilst nurturing kindr4ess, generosity. emotional Intell￿enCe and indtvidualty. We aim to prepare our pupils lor the full range ol potentr'al challenges they may encounter. by guiding them lo become deep Ihinkets and resourceful inquirers. The tharity's overarching strategy is lo remain an innovalNe preparatory school and parents, first choice for their daLtghte¢s educab'on. Key inveslments for the short- temi will include an enharKemenl to our Re￿Ption provision which indudes sle improvements that have been granted plannin9 approval Ilo be completed by September 20241. Investment in IT equipment will continue to form a key part of our plans for the next few years- for our pupils, education and teaching tools, and lo facililate workflow for business administraticrfk Staff are encouraged to keep up to dale with edu¢ab'onal research and the developing field of digrtal teehnology and to ensure that pupils are well prepafed for the secondary stage of Iheii educats"on. We expect our teachers to be foTh¥ard thinking in all aspects of the curriculum as part of their ptofessional development Our partnership programme ha5 grown and wll continue to 9row in the medium lefm.. contacts with local primaries, intemab.onal schotsls and with k)cal and global community tharitEs will be fostered and developed. The policies adopted in furtherance of these obje¢tives are deterniined by the 9oveTnors. Within this 9overnan¢e framewofk. the overall leadership of the 5th001 is the ￿SpOnsI￿.11ty ol the Head. Financial and adminislrative responsibiliti'es are delegated to the Bursar. Paae 5 ST CHRISTOPHER'S SCHOOL IHAMPSTEAD} LTD IA ¢offlpany limited by guarantee) GOVERNORS. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 . Statvmenl of Governors. responslbilill•s The Chair is elected by Ihe Board. It is the cust¢)m also to elect a Ificelhair. Meetings ol the Board are chaired by the Chair or in their absen￿ by the Wicfrchair. Govemor5 are"periodully erKwraged to attend conferences or seminars. the costs gf which are borne by the school. From time40-trrne members ol stsff are invited lo address Ihe Governors Ifoi instance subject leaders are invitsd to present lefmly to n*mbers of the Educatson Conwnitteel. The Govemor5 (who are director5 of St Christopherfs Schcd (Hampsteadl Limited fer the purpose5 Ot company lawl are responsible lor prepanng the Governors. Annual Report and the financial statements in accordance with appl￿ble law and United Kingdom Generally Acwited A¢wJnbng Prxttce (United lQ"ngdom Accounting Slandardsl. Company ￿ requires the Governors lo prepa￿ financial ststeffents for each financial year. Under company law. the Govemors musl not approve the financial stsiements unless they are satisfied that they give a true 8nd lair view of the state of affaits of ttie School and of ils incoming resources and application ol resourees, including its income and expendrture. for that period. In preparing these finar￿la1 statements, the Governors are required to". select surtable accounting poIKies and then appty them eonsistentty". observe the methods antj prinaples of the Ch8rities SORP IFRS 1021", make judgments arKI accounting estimales that a￿ reasonable and prudent," stale whether applicable UK Accounts"ng Standards {FRS 1￿2> have been followed. subject to any material deparlures disdosed and eX￿aIned in the financial ststemenls" P￿pare the financial statements on the going Concern basis Un￿$$ il is inappropriate lo wesume Ihat the Schc4Jl will continue in business. The Governor5 are reSpOns￿le for keeping adequate accounlin9 recor05 that are sufficient lo show and explain the Sehool's transactions and disdose with reasonable accurxy at any t>me the financial position of the School and enablè them io ensLtre Ihat the financial stalemenis comply with the Companies Act 2006. They are also responsible for saleguarding the assets of the School and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularilies. stTategi¢ report Publlc Benefft In shaping the objectives for the year. the Governors have considered the Charity Commis510fl'5 guidance on public benefit. includin9 the guidance 'PUbl￿ benefrt." njnning a chanty IP821'. To support the public benefit objectives, the charity supports a number of pupils on means&tested bursaries and the 5th001 aims lo increase the number of pupils reeeiving such bursaries. Sl Chrislopherfs school supported 4 pupils through its bursary programme during Ihis financial year {2022.' 4 pupils). This support reduced nel annual lee income in the current year by £67,476 (2022.. £64, 712). The SChTr￿ has a tra¢Jition of supporting other charities. Duiing the year the school ccrtmmunity raised £3.393 (2022" t19,941J for charits.es including Jeans for Genes, The Royal Free Hospital Charity, Water Aid. and the Red Cross Turkey and Syria earthquake appeal. This amount does not include the Year 6 pupils, legacy project and their contribution of £402 to the school's Bursary Funds. Page 6 ST CHRISTOPHER'S SCHOOL IHAMPSTEADI LTD {A ¢¢>mpany limlt•d by guaranteo) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENOEO 31 AUGUST 2023 Over the past yeaf we have strengthened ¢yJr partnerships local tws, schools." runnyig a I￿nt Heath Day, taking part in yoga sessions, and running a movie night loi the older pupils. We continue lo build our relationship with The Royal Fcee Hospital." they had a slall al our Summer fair and ran assemblies for the PLtpil$, and we wi continue raising money for the charity over the wnter perK)d, Singing al the hospital this Christmas alongside another I￿al stste school_ Intemationally. we cLJntinued our partnership with Swawou Schor)l in Sierra Leone. letter writing and sharing experiences. We also undertook a uniform collectson which was sent lo the school. Two members of stsff afso seNed as govem¢y5 of state-maintair￿1 schoo15 durin9 the year. Flnancial Rgvlpw The results for the year are set out in the stsrement of Financial Athvilies. The school recorded an increase in unrestn'cled funds for the year of £426,313 {2022.. £103.916). Fee income amounted lo £4.367,060 (2022 £3. 917.564) Funding of £22.000 (2022. £23.000) was received to support one pupil's educatson needs. Re$ep4es Poli¢y The Govemors and stsff are committed to a continual prf*e55 of improving the school's buildings and facilities. As thg main building is well over 100 years old, il requires exten*ve and ¢onlinual maintenance. Current reseNes are al a level lo enable the school to mainlain and improve the buik1ings and grounds. lo ¢omply with ils health and safety ar￿ 5talutory obligations and lo maintain a buffer in case of unexpected expenses or shortlall in income. The sch¢X)l aims lo maintain reserye5 al such a kvel lo Cover one term's expenditure as a mnimum (using the prior year's expenditure to set the target), the target lor 2022-23 was £1.322,204 f2021-22.' £1,199.535). This was maintained throughout Ihe year. On 31 August 2023 the chanty had totsl reserves of £7,457,510 (2022." £7,024. 858) of which £5,016,4W {2022.' £5,038,600) was represented by tangible fixed asset5 li e. the school pfemTrses and equipment) that could only be reali5ed by their disposal. Of Ihese total reserve fijnds. £6.339 (2022." £Ni4 wefe restricted in use lo supporting bur5arie5. As at the balance sheet dale Ihe free ￿serveS (being total reserve funds less tangible fixed assets and restricted fvndsl were £2.434,771 (2022. £1,986,258J Review of Activltles and Achievements - Academic A total of 249 girls were in the school at the end of the accountsng perifyd. As a prep school, we see one of our fundamentsl roles as helyng to ensu￿ the most appropriate outcome lor girls as they leave aged l l. We are extrenkly proud ol the range of schools lo which our girls Pfoceed, which include leading day and boarding SchO￿s. We aim to work closety with paients to find the most fitb'ng choice, and lo equip the girfs so that they not only take the exarninatsons in their stride, but also thrive once they are there. Year 6 leavers in July 2023 gained enty lo the following senior schools Channing, Cheltenham Ladies, Coltege,. City of London Sthool for Girts. Francis Homand. Godolphin and Latymer Seh¢X•l, Guildford High School, Haberdasher5' Girls. School. Ha¢leytsJry, Highgate. JCOSS. North London Collegiate School, Oak Knoll School of the Holy Child (New Jetsey, USA). Queen's College, South Hampslead High. School, Sl Maigarel's. Sl Marylebone. an¢J St Paul's Girls, Scho(A. Page 7 ST CHRISTOPHER'S SCHOOL IHAMPSTEADI LTD (A company limited by guarantse} GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 . Fundraising Ttte school ￿e1ved donations 01 £13.829 in the financial year 12022.. £23.829J. These included funds received from the Parents. Teachers and Fr*nds Asso¢pt￿n IPTFA) of £13,426 (2022.. £7. 172). PTFA donatrons have lunded a variety of aclNittes lo support the leaming of pupiis in the whole school and have whilst also generously SUPPOfts"ng the UK¥Jate lo i)ur Hairs AV system. The As5walion has a150 Gonlribuled lo the school's bursary fund. Buildlngs The maiN capital expenditure proiect n 2022-2023 was the planning and desNJn of a building extension designed lo Produ￿ fv40 new "Start of the arf classiooms fof the RKepb"on year group. This project is due to enter the nstnjclion phase in Easlef 2024 and is scheduled lor completion in September of that year_ Oblectives lof the year A key objectThie for the year was to enhance staff access to digital technology. leaching staff were equipped with 1..1 devices the previous year. We rolw out dewees to adminislrakn.ve staff too. Pupils in yea￿ S and 6 were also given 1..1 devices Ikept in school). As the school has conts.nued to grow: Investments were made lo modemise rts branding and posib"oning." this included new marketsng material and resources. such as the school's websrte, and a new unifomi, both rolled out in September 2023. Futurè developments and plan¥ Key areas for development wthin the 9th001 indude the enhartcement of the Reception dassrooms and playground for which plannin9 pemiissictrn has been gonted. This wll enable the school lo increase its numbers very modestly to 260 pupils. There ale also plans for the refurbishment of the conservatory and the building of a new wellness Hub. A full 10-year masterplan was drawn up in 2022-2023 to ensure that the school's tyJildings and facilities continue 19" SYPFQrt the best educabon. and the schoofs ambitions to bewre ffore sustainable. FIX￿ Assets The movements in fixed assets are shown in note 9 to Ihe finanaal ststeff*nts. In the opinh)n of the Governors the market value ol the school's freehold knd and buildings is W￿lderab￿ bn exc£ss of book value. All the fixed assets owned are held for the purwses of the schTrS. Rlsk Managemenl In the light ot Cofporale Governance guhdance contained within the SORP. the Govemofs have established systems lo review the major strategic. bugness and operational risks to whsch the school is exposed. Systems are established lo miligale those risks and procedu￿$ have teen implemented lo minimise any potential impact on the should any of Ihose risk5 maleriali5e. Page 8 ST CHRISTOPHER'S SCHOOL IHAMPSTEADI LTD IA company limited by guarantee> GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Detsi(e(I ￿nsideratIon ol risk is delegated to the various Committees, which report formally lo the Goveming Body on risk. The risk managemenl process and the resutling report identifies risks. assesses their impact and likelihood and, where necessary, recommends contrds lo milKJale and monitor those risks that are assessed as high. The generic controls used by Ihe SCW lo minimtse risk Ir￿lUde.. deta￿ed tern￿ of refe￿n￿ together formal agendas for Committee and Boafd a¢tiwty.' strategic development planning, re￿eWed annualty by the Finance Committee; Comprehensive bvdgeling and managemenl accounting, establtshed Organisati￿al stwctures and line5 of reporting", lofmal written policies kncluding ¢leaF authoriSat￿n and approval levels." and vetting procedu￿$ as wuired by law for the proieth.on of ehildren. The Governors have assessed Ihe major risks to whth the charity is exF4)sed. afi¢J are satisfied that systems are in place lo mitigate exposure lo the major risks. The Board maintains a risk register which ts updated and reviewed iegularjy and monitored by the Committees and Senior Leadership Team. The key risks for the scttool indude. A safeguarding incident- a key risk for any school with children in its care A poor edUcat￿n quality inspectson report which coukl threaten our strong academir reputation Economic downturn with fewer parents able lo afford independent schLX)15 resulting in reduced revenue L05s of key leaders Po5itical change - the loss of charitable status including the potential k)ss ol charitable business rates relief ar￿ the requirement to charge VAT on school fees For each risk. mits"gab"ng Controls are Kdenty"tknl and tr￿ltOred. Fundiaising A¢tlvity The school does not engage in large scale fiJn¢Jraiyng actsvits.es like mass mailings. lebepht)ne fundraising or door-to-door campaigns. The school does not employ a separate fijndraising team Of third-party organisats'on to help oise funds. Any small level fijndraising activtb.es locus on the cUr￿n1 parents other individuals or organisalions connected wrth the school rather than the wider community. Year 6 pupils ran a Legacy project in the summer lem 2022, raising fijnds for the bursary programme. Dunng the financial year. the school did not receive any fundraising coM￿dints requiring action by the Fundraising Regulator. Disability Statement The school seeks to achieve Ihe objectives set du*n in the Di5akn"lity Discrimination Act 199S and Equality Act 2010, and in paTkn"cular commits lo providing.. a rolling audit programme of tscilities and provi$icJn of access.. Ihe sch￿1 takes professi¢)nal advice on the improvemeni of access and faalilies on all major ¢onsiruction woth and refvrbishment to existsng buildings., b) a learning enrichment department whJ¢h includes speciahst tea¢heis lo supwt puyls with learning difficull*s and l or disabilities and continues lo introduce and mTritor support as required, counselling and wellare seThices for pupils and staff". and speoalisl equipment a5 required where its use is identif￿d as beneficial by Ihe learning enrichmenl team. d) Page 9 ST CHRISTOPHER'S SCHOOL {HAMPSTEAD) LTD IA company Ilmited by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 ALIGUST 2023 Employmgnt of disabled peop The schrjol considers all applicat￿5 for employment from people with disablibes. Where an existing employee becomes disabled. every effort is made to ensure that empfoymenl wrth the school continue5. The school'5 policy is lo provide training, Career development and opportunibes for Prorr￿￿.On thal are. as far as possible, ident￿1 lo those for other empbyees. Going ¢on¢ern The Govemors have undertaken a thorough financial risk anatysis ar)d have fijlly revised their.financial forecasts and budgets lo ensure that the long-lemi econt)mic viability and stability of St Christopherfs School are sustained. Therefore, Ihese.finan¢ial statements have been prepared on the goin9 concern bas4$. Dls¢losure ol Infommtlon to audltor Each of the pwsons who are Govemors al the when this Govemrs, report is approved has confim)ed that. 50 far as that Governo( is aware. there is no relevanl audit information of which the charitys audrtor is unaware. and that Governof has laken all the steps Ihat ought lo have been taken as a GovernoT in order to be aware of any relevant audit inlormatKJn and to establish thal the charity's auditor is aware of that information. Auditor The auditor, Crowe U.K. LLP, has indicated his willingness lo conbnue in offKe. The designated Governors will propose a motion reappointing the auditor at a meebng of the Govemots. Approved by order ol the member5 of Ihe board of Govemors and svjned on their behalf by. sirvla Fla¢¢avento {Chairl Dale". Page 10 ST CHRISTOPHER'S SCHOOL IHAMPSTEAD) LTD {A ¢ompany limited by guarant•el INDEPENOENT AUDITOR'S REPORT TO THE MEM8ERS OF ST CHRISTOPHER'S SCHOOL (HAMPSTEADI LTD Op+nion We have audited the financial ststements of St Christophers School (Hampsteadl Ltd Ithe's¢hool'l f¢r the year ended 31 August 2023 which comprise the s￿terne￿t of financial activities, the Balance sheet, the Slalement of cash fiows and the related notes. induding a summary of significant accountsng policie5. The financial reporting framework that ttas been applied in their preparation is ap￿1¢at￿e Lqw and United Kingdom Accounting Standards, in¢lu¢Jing Finanual Reporb"ng Standard 102 'The Financial Repo￿"n9 Standard ap￿Kable in the UK and Republtc ol Irelani£ (United Kingdom Generalty Accepted Accounting Practice}. In oui opinion the financial stalemenls". give a Irve and faif view of Ihe stsle of ihe charitable Company'5 affairs as at 31 August 2023 and of ils incoming resources and application of resources. Including rts income and expenditure for the year then ended". have been Property prepared n accordance ¥itth United lfjngdom Generally Accepted Aeeounting Practice," and have been prepared in accordance the requirements of the Compan* Act 2006. Basls for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) IISAS IUKII and applicable law. OUT respon5ibilib.es under those standard5 are fvrther described in the Audilorfs responsibilities for the audit of the financial statements section ol our feport. We are independent of the Charitab￿ company in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls in the United Kingdom. including the Financial Reporb"ng Council's Ethical Standard, and we have fvffilled our other ethical responsibil￿"e$ in accordar￿e with these reqvirements We believe that the audrt evidence we have obtained is suffi'eienl and apwopriate to provide a bas&s for our opnion. Con¢lu$lon$ relating to golng ¢oncem In a￿d￿ng the financial stalernents. we have conclude¢J that the Governors, use of the 90ing concern basis of accounting in the preparation of Ihe financial slalements is appropriate. 8ased on the work we have perfofft)ed. vle have not Identified any malerial uncertainties retsling to events or condibons that. indwi¢Jually or collectivdy. may cast significant doubt on the charitable company's ability lo continue as a going con¢em for a of al least ￿¢ve months from when the financial statements are authorised for issue. Our responsibilities and the reswnsibilib'es of Ihe Governors th respect to 90ing ttjncern ale described in the relevant sections of this reporL Page 11 ST CHRISTOPHER'S SCHOOL IHAMPSTEADI LTD IA company lifflited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST CHRISTOPHER'S SCHOOL IHAMPSTEAD) LTD {CONnNUEDI Othef Information The other Infomiation ￿MPriseS the information irtduded in the Annual ieFQrt other than the financLal statemen15 nd oui Auditorfs report thereon. The Governors are responsible for the other information contained wrthin the Annual report. Our opinion on the financial statements does not cover the other infomation and, except to the extent otheThvise eX￿1￿11Y stated in our report. we do not express any fomi ol assurance conclusion Ihereon. Our sponsibility is lo read the other information and. in doing so. consider whether the other information is materially inconsistent with the financiaj slalemenls or our knowtedge obtained in the course of the audit, or othefwse appears lo be malerialty misstated. If we idenknfy such material inconsistencies or apparent malerial misstatements, we afe required lo determine whether this gives nse to a material misstatement in the financial statements themselves. 11. based on the work we have pertormed. we condude that there Is a material mis51alernent of this other info¥Mat￿n. we are required lo report that fact. We have nothing lo report ln this regard. Opinion on other matt•fS pr•s¢rib¢d by the Companies Act 2006 In our opinion, based ori the wafk undertaken in the course of the aL￿rt.. Ihe informats.on given in the Govemors. report ￿￿dIng the Strategic report for the financial year lor which the financial slalements are prepared is ¢onsislenl with the financial statements. the Governors, report Ihe SlfategK report have beèn prepared In accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of OLtr knowledge and understsnding of the charitable company and its environrnent obtained In the ourse of the audiL we have not identifierj material misslalenEnts in Ihe Governors. report including the Strategic reporL We have nothing to report in iespect of the fc41own9 matters in felation lo whth Companies Act 2006 reqLtires us to reKX)rt to you rf. in our opinton.. adequate accountin9 records have not been kept. or fetums adequate fof our audit have not been re￿1Ve¢Y from branches not visrted by us-, or the financial statements are rbot in agreement with the accounting fecords and re￿M$.. or ertain tjisclosures of Govemors. remuneralK*n specified by law are not made.. or we have not received all the infomats.on and ex￿ana￿'Ons we require for our audit Responsibilitles of Governors As explained mre fully in the Governors. responsibilits.es statement, the Govemor5 (who are also the directots of the charitable company for the purposes of company law} are responsible for the preparation of the financial statements and for being satisfied that they gwe a true and lair view, and for such inlemal control as the Governors detemine is necessary to enable Ihe preparabon ol finanaal ststements that are free from material misstatement, whether dLte to fraud or error. In Pfeparing the finanaal stslements, the Governors are responsible for assessing the charitable eompany's ability lo continue as a going concem. disclosing, as applicab￿, matter5 related lo going concern and using the going concern basis of accounting unless the Governors either Intend lo 14uhlale the charitable company or lo" cease operations, or have no ￿1151￿ allematsve but lo do so. Page 12 ST CHRISTOPHER'S SCHOOL IHAMPSTEADI LTD (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST CHRISTOPHER'S SCHOOL {HAMPSTEADI LTD ICONTINUEDI Auditorf$ respon$lbil(ties for the audlt of the financial statements Our objects'ves a￿ to obtain reasonable assurance about whether the financial statements as a whole are free from material misststement, whether due lo fraud oi error, and to isstje an Audilorfs feport that inclLTrdes our opinion. Reasonable assuTrnce is a hrgh level of assurance. buf is not a guarantee that an audit conducted in accordance with ISAS IUKI will afvlays detect a material misstatement when il exists. Misslalemenls can arise from fraud or error and are considered material Il. Indmdualty or in the aggregate, they could reasonably be expected lo Influence the economic decisions of users taken on the basis ol these finanual stslements. Irregularities, including fraud. are instances of non-cornpliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to dete¢l material mi5Statemen15 in respect of Irregtslarilies, induding fraud. The extent io which our Procedures are capable of detects.ng irregularities, inclLbding fraud is detailed bebw.. We obtained an understanding of the legal and iegulatory fiameworks vrithin whieh the charitable company operates. focusin9 on those laws and regulations thal have a direct effect on the delefminalion of material amounts arKI disdosure5 in the financial statements. The laws and regulats.ons we cortsidered in this context were the Companies Act 2006. Chants"es Act together wrth the Charitses SORP {FRS 7021. We assessed the iequired compliance wilh these laws and regulations as part of our audit procedures on the related financial statement ttem5. In adrjilion. we considere¢J provis￿n$ ol other 13ws and regulalions that do not have a direct effect on Ihe financial statements but c¢Jmplian¢e with which mighl be fundamental to the charitable company's ability lo operate or lo avo￿ a material penalty. We also considered the opportunrties and in¢enttve5 that may exist within the charitable company for fraud. The laws and regulations we considered in ihis context lor the UK operatKJns were The Education Ilndependent Sch(x)I Standards) Re9ulalions 2014, Health and Safety and General Data Proleetlon Regulations. Auditing standards limit the required audit procedures lo identify non-compliance with these laws and regulations to enquiry ol the Govemors and other management and inspection of regulatory and le9al wriespondence, if any. The greatest rtsk of material impact ¢Jn the financial ststefflenls is from Irregularities, includtng fraud, lo be within . the override of controls by management. Oui audit pr¢xedures lo respond lo these nsks included enquiries of managemenl. and the Finance and General Purposes Committee atrK)ul their own idenb"ficat10n and assessment of the risks ol irre9ularib'es, sampk tesbng on the posting of journals. reviewing accounting e5tsmates for biases, viewing fegulatory correspondence ￿1￿ the Charity Commis*on. Independent Schoo15 Inspectoiale. and reading minutes of meetings of those charged with governance. Cming to the inherent ￿mItab"Ofis of an audrt, there is an UnavoKyab￿ risk that we may not have detected some material. misslalements in the ffinanual statements. even Ihough we have propety planned and pertormed our audit in accordance audits.ng standards. For example. the fvrther removed nonnnallon Sl Chrislophe¢5 sch(￿ IHarnp51eadl Limited is a registered charity with the Charits"es Commissio England and Wales Icharkn"y nurnter 3129991 and was incorpoialed as a company limited by guarantee (company number 010889931 on 29 December 1972. The add￿$$ of ils re9islered office Is 32 8elsize Lane. London NW3 SAE Accounting poli¢les 2.1 . Basm of preparation of financial stalements The financial statements have been prepaied in accordance with the Charjtses SORP IFRS '1021- Accounth'ng and Reporting by Charities". Slalemenl of Recommended Practice applicable lo charities p￿paring their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffectNe 1 January 20191. the Finanoal Reporting Stsrtdard appluble in the UK and Rewblic of Irejané {FRS 1021 and the Companies Act 2006. Sl Chrislopherfs School IHampslead) Ltd meets the definition of a public benefit enlity.under FRS 102. As5els and liabilitie5 are initkilly recognised fit historical cost or Iransacbon value unless olherw75e staled in the relevant accounting policy. The fvnclional currency ol the School is cor*sidered lo be GBP because ihal is the currency of the primary econorric environffrtnt in whth the School operates. 22 Going ¢oncem The Govemors believe Ihat the School's financial resources and cnntingency planning is SLbffieienl to ensure the abiltty of the School lo continue as a going concern lor the foreseeable futufe. being at least hvelve months from the date of approval of these financial slalemenls and therefore have prepared the finanaal statements on a going concem bo95. 13 In¢on l income is recognised once the SchoL4 has en￿ement lo the income, it is probable that Ihe income will be recewed and the amwnt of inwme rrfeivable Can be measure(I reliabty. F•e¥ and Slmllar earned income Fees receivable Tepresenl am¢)unts receNabbe as fees aTrJ tharges lor services in respect of the provision of education to pupils in the sch¢)ol. Fees f￿eNable are stated after deducbng allowances. seholarships, and other feW￿SSIOnS gcanled by Ihe Schtx)I. Donation$ Voluntary incomin9 resources are a￿OUnted for as and when entiuement arises, the amounts can be reliably quantified and the econoThc benefit to the school is consklered probable. Other incomo This comprises income from rents and letbngs in the normal course of business. Page 18 ST CHRISTOPHER'S SCHOOL (HAMPSTEADI LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies (continued) 2A Expenditure Expenditure on charitable a¢tivities is inCu￿ed on direcdy undertaking the activities wh￿h further the Sehool's obiecknves, as well as any associate(1 support costs. 2.5 Inter•st rKeivable Snteresl on funds held on depjsil is included when receivable and the amovnl can be measured reliably by the S¢hool- this 15 nomally upon notification of the interest paid or payable by the inslilulion with whom the funds are deposited. 2.6 Taxatlon The School is considered to pass the iesls set out in Paragraph 1 Schedule 6 01 the FinarKe Act 2010 and therelore it meets the definIt￿n of a charitsble company for UK corporation tax purposes. Accordingly, the School is potentially exempt from taxatKJn in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Ad 2010 or See￿on 256 of the TaxalN)n ol Chargeable Gains Act 1992, to the extent that such Income or gains are appl¢ed exelusively to Charitable PLsfp05es. . 17 Tanglbk fixed assets and depreciation Tangible fixed assets c05ting £500 or more are eapitalised and ￿cOgnised when future economic benefits are probable and the cost or value of Ihe a55et can be measured reliabjy. Tangible fixed assets are initsalty recognised at C05L After recognition. under the c051 model, tangible fixed assets are measured at cost less accumulated depieciab.on and any accurnulaled impairrnenl losses. Al costs incurred to bn'ng a langible fixed asset Into its intended working condition shoL*k5 be included in the measurerr£nl of cost Oepreciation is Charged so as lo alocate the Cost of tangible fixed assets less Iheir ￿sidual value over their estimated useful lÈves. oepreaab.on is provided on the fcA10￿￿9 bases." Freehold land. - Not depreciated Fieehold bujjdings 2°A Stra￿h1 line Fixlures. fiitings and eqUipn￿￿t - 25% ceducing balance 2.8 Deblofs Trade and other debtors 8fe recognised at the setuement amount after any trade discount offeied. Prepayments are valued al the amount prepaid nel of any trade dise(MJnts ¢Jue. 2.9 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid rrtvestmenls w(Ih a short matunty of three months or less from the datè of aequigtion or opening of the dep051t or similar account. Page 19 ST CHRISTOPHER'S SCHOOL IHAMPSTEADI LTD IA Cl￿panY limited by guannteel NOTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 31 AUGUST 2023 A¢countlng policies (continued 2.10 Liabiltrtie¥ and provisions Liabilities are ￿Cognised when there is an Obl￿atiOn at the Balance sheet date as a result of a past event, it is piobable that a transfer of economic benefit will be requiretl in getttemenl. and the amount of the settlerrEnl can be e51irnated relk3bty. Liabilities are recognised at the amount that the School antiupates it will pay lo settle me debt or the amount rt has received as adVa￿d payments for the goods or serV￿eS rt mLSSt provide. Provisions are measLFred at the best estimate of the amounts required to settle the oNigalion. Where the effect of the time value of money is mafenal, the provision 15 based on the pr2senl value of those amounts, discounted at the pre-tax discoLtnt rate that reflects the risks 5pecffj￿ to the liability. The urNinding of the discount is reco9nised in the Stalement of financial activib.es as a financ£ ctssl. 2.11 Financial instruments The School only has finanaal assets and finanaal liabilitses of a kn.nd that qualify 8$ basK financial instrument5. Basic financial inslrurr*nls are inrtially reco9nised al Iransacbon value and subsequently measured at their se￿ement value with the exception of bank loans which are subseqLienlly measured * arrortised cost using the effeth.ve interest method. 2.12 Op•rating leas•s Rentals paid under operating leases are charged lo the Statement of financial aclrwties on a straight- line basis over Ihe lease term. 2.13 Pen$lons The School contributed to the Teather5' Defined Benefits Pension Scheme at rates set ty the Scheme kluary and advised lo the Board by the Scheme Administralof. The scheme is a mulli- em￿ayer pension scheme and il is not posgble to ￿ent[fy the assets and liabilitses of the ￿tterne which are attn"bulable lo the sch¢>Jl_ In accordance with FRS 102 Iherelore, the scheme ts accounted for as a defined wntribution stheme. The School left the scheme on 31 August 2023. The school has a iesKlual on90ing liability lo a defined benefit pension scheme in respect of a former employee. The company participates in the scheme. a mulb"-employer scheme which provides benefits to some 66 non￿ssC£1ated ern￿OYerS. The Scher￿ is a defined benefft Scheme in the UK. Thè school partiupates in a defmed Contribution scheme for Mn-teaching staff. For lurther InfO￿atIOn on all pensions see Note 26. Page 20 ST CHRISTOPHER'S SCHOOL IHAMPSTEAD) LTD (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies Icontinued) 2.14 Fund accounting General funds a￿ unrestricted funds which are available for use at the discretion of the Govèrnors in furtherance of the geneTai objectives of ihe School and whth have not been designated for other Pur￿se5. Reslricted lunds afe fvnds which are to be used in accordance with specific reslnctions imposed by donors or which have been raised by the School for part*cular purposes The costs of raising and administering such funds are charged against the specific lund. The aim and use ol each reslricled fvnd is sel oul in the notes to the financial staternents. 2.15 Pupil deposits though under normal ¢I￿umS￿n¢eS these will be repaid in future years when the pupils complete their edU￿tIon at the school. pupils can leave at eadief dates. The SthDoI does not therefore have an uncon¢Jitional rKJht to relain the Individual deposrts for at least 12 months after the Balance Sheet ale and. in line wilh the requirements in FRS 102, the balance of deposits held has been included wi¢h*n current liabilibes. Critical accounting eslirnates and ar*a$ of judgmont In the application of the charity's accwnting pohcies. the govemors are required to make judgemenls, esb"males and assvmpb'ons about the carrying amount of assets and liabilitses that are not readily apparent from other sources. The eslimales and a5souated assumpbons are based on historical experience and olher factors that are conside￿￿ to be ielevanl. Actual results may differ from these ests"males. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting estymates are recognised in the pertod in which the estsmale Is revised where the revision affects only that period, or rn the penod of the revtsion and future periods where the revision affecfs bolh cvrrenl and future periods. Key sources of estimatson ￿￿ertaInty D¢prociation The key area of judgment for the governoTS to consider is that of deP￿cla￿"On and ils adequacy. The main asset is the propety, and the governors feel that the low depreciats.on policy is reasonable, considering the lacl that the building is well m3Trntained and tts resOual value is likety lo exceed the net book value at the end of its useful eeoftomic life. Other assels are depreualed at 25Vo reducing balance, whrh is cOn￿dered adequate for fixtures. fittr-ngs and equipfflenl Page 21 ST CHRISTOPHER'S SCHOOL IHAMPSTEADI LTD (A company Ilmited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 AUGUST 2023 Ine¢me from donations and le9acies Unrestrfcted Restricted funds funds 2023 2023 Total funds 2023 Donations 11.840 22,000 1,989 13.829 22,000 Govemment granls 33,840 1.989 35.829 Unrestricted lunds 2022 Reslricled funds 2022 Tolal funds 2022 Donathons 6,584 23.OLXI 17,245 23, 829 23.000 Govemment grants 29,584 17.245 46.829 In¢ome from charitable a¢tivities. School fees 2023 2022 Gloss fees Less.. 8uisaries and allwances 4,456,550 199,790) 3,998,500 (90, 786) 4.356,760 3,907, 714 Add bxk.. Bursaries pald for by restn.cted tunds 10.300 9.85Q 4.367,060 3,917.564 Page 22 ST CHRISTOPHER'S SCHOOL IHAMPSTEAOI LTD (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 202J In¢ome from charitsble activlties - Other in¢ome 2023 2022 Oth•r educational Charitable activhie5 Exlra5 income Hardship Irestittedl Registrat¢on fees 115.887 10.300 25.750 59,803 9,850 26,5QO 151,937 96, 153 Other aclivttses Other income 8.086 7,276 160.023 103,429 Investment income 2023 2022 Interest receivable 26.744 1,892 The total investment incOff￿ is unrestrtcted in both the CLTrrrent and prior year. Other incom• 2023 2022 Other income 7.961 815 The total other income Is unreslrithd in bolh the current and prK*r year. Page 23 ST CHRISTOPHER'S SCHOOL IHAMPSTEAD) LTD (A company limit•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Analysls of exwnditure on ¢haritabk •ctivities Summary by fund type Vnrestrbeted Restricted fynds ftsnrf$ 2023 2023 Total 2023 Teaching ¢05ts WelfaTe costs 2,626,750 409.434 343.655 779,176 5.950 2,632,700 409.434 343.655 779,176 Prernises costs Support costs 4.159,015 5,950 4,164,965 Unrnstricted funds 2Q22 Restricted fvnds 20Z2 rot81 2022 Teaching costs ielfare costs Premises costs 2.341.849 393.117 373,606 830.946 27.095 2.368.944 393,117 373,606 830,946 Support costs 3.939,518 27.C195 3.966,613 Page 24 ST CHRISTOPHER'S SCHOOL IHAMPSIEADI LTD IA company limiled by guarant•• NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Anatysis ol expendilure on charitable acti¥i¢i¢s l¢ontinu•dl Surnmary by ex￿ndIt￿re typ* Staff ¢osts Depreciation Other costs 2023 2023 2023 Total 2023 Teachin9 Costs Welfare costs Premises costs Support costs 2.191.744 88.288 83.442 357.514 321.146 246.057 441,529 2,632.700 409,434 343,655 779,176 97,598 337.647 2.617,679 181.040 1,366,246 4.164,965 Induded within the support costs a￿ goveman¢e costs of £26.634 (2022.. £26.305). Staff cwls DepreoalJ"on 2022 2022 Othercosls 2022 Total 2022 Teaching costs Welfare cos15 Premises eosls Support costs 2.045, 704 92,521 74.344 24a896 300.596 276.240 476.846 2.368,944 393,117 373,606 830.946 97.366 354, 100 2.492.325 171,710 1.302.578 3.966. 613 10. Net incomlng resources Expenditure includes.. 2023 2022 Fees payable to the Schoofs auditor in resFed ot. - Audit of the Schoof5 annual accounts - All non4udil services not included atove Oepreeiatyon 16.215 4.020 181.040 14. 100 3.515 1Tf, 710 ST CHRISTOPHER'S SCHOOL IHAMPSTEADI LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Staff ¢￿ts 2023 2022 Wages and salaries Social secunty costs Conlributson lo defined eontribution pension schemes 2.074,553 215,636 327,490 1.947.133 217,315 327,877 2,617,679 2.492.325 Total redundancy payments in the year arTr)unted lo £Nil (2022.. £￿￿). The average number of persons emplo.yed by the School during the year was as follows." 2023 No. 2022 No. Teaching Administrative Domesb 42 41 51 51 The number of employees whose emplo.yee beneffts (excluding employer penS￿n cos15} exeeeded £80.000 was.. 2023 No. 2022 No. In the band £60.001- É7D.000 In the band£70.001- £80,000 In the band £80,001 - £90.000 In the band £120,001- £130,000 Retirement benefrts are accruing for 3 12022 five) highei paid employees. Conlributions for the year tolalled £65,81312022.. £85,188). SLT comprised of eight indNiduals," in 2022 it induded six indivMlu4s. The senior leadership team membefs, listed on page 1 within the Govemors. Report. recetved aggwate remuneralion of £668.202 (2022.. £631.648). Page 26 ST CHRISTOPHER'S SCHOOL IHAMPSTEADI LTD {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 12. Governors. remuneration and expenses Ouring the year. no Governors receNed any femuneratson ￿ other benefits (2022- £NIL). During the year ended 31 August 2023. no Govemor expenses have been incurred {2022- £NILJ. 13. Tanglble flxod aydets Freehold Fixturns, Assets land & fittings and under buildiTr9S equipment ¢onstru¢tion Totsl Cost or valuation At 1 September 2022 Addition5 Oisposa15 6J01,639 11.544 IA80,316 52.706 11,818) 7,781,955 160,658 (1.8181 96,408 At 31 August 2023 6,313.183 1,531.204 96.408 7.940.795 Depreciation Al 1 September 2022 Chatge for the year 1.556.640 97.S9B 1,186.715 83.442 2.743,35S 181.040 At 31 August 2023 1,654.238 1,270.157 2.924.395 Net book value Al 31 August 2023 4,658,94S 261.047 96.408 5,016.400 At 31 August 2022 4 744.999 293,601 5,038,600 The net book value of land and buikdiThJs eonsists almost entsfely of freehold buildings. In Ihe opinion of the Govemo¥s the cost ol freehold land included wrthin Ihe above figu￿ is not malenal. All tangible fixed assets are held for use by the school on direct eharrtable activÈts"es. Page 27 ST CHRISTOPHER'S SCHOOL IHAMPSTEAD) LTD IA Company limited by guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 I￿ . Debtors 2023 2022 Duv within one year Trade debtors 32,919 T8,482 5.285 83.300 Prepayments and accrued incorr* 111,401 88.585 1S. Creditors.. Arnounts lallin9 due within one y•ar 2023 2022 Trade cr8ditsrs Other taxab.on and 500al secunty Pensions Other cre¢Jitors A¢uuals Pupil deposits Fees in a(1var￿e (see nole 171 101,125 57,329 70.248 1,147 39,039 631.701 178.249 229.221 16.397 48.287 683.537 1,471,628 1.078.838 2,449,070 16. Cr•dltors: Amounts lalling due after more than one year 2023 2022 Fees in advance Pension dtht u¢drtOf 19,715 26.579 23.309 23,309 46.294 Pagg 28 ST CHRJSTOPHER'S SCHOOL IHAMPSTEAD) LTD IA ¢ompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2023 17. Deferred incorne IF¢es in advance) 2023 2022 Deferred income al 1 September 2022 Resources dèferred during the yeai Amounts released from previo¢Js perK*Js 1,491.343 158,983 11.472.077) 267, T81 1,435,665 (212, 103) Deferred income at 31 August 2023 Iseo note 151 178.249 1.491,343 18. Flnan¢ial Instruments 2023 2022 Financlal assets Financial assets measured at amorb'sed Cost 3,464,77S 4.398,560 2023 2022 Financial liabilities Financial liabilits.es measured at amortised cost 1900,5891 (961.045) Financial as5e15 measured at arno￿"Sed cost comprise trade debtots, other debtors and cash at bank. Fiinanthal liabilities measuTed at amortised cost cornpnse trade credilois, accluals, acceptance deposits and olher ¢￿dito($. Page 29 ST CHRISTOPHER'S SCHOOL {HAMPSTEADI LTD IA ¢ompany limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2023 19. Statement of fumls St•t¢m¢nt of funds- current year Balance at 1 September 2022 Balance at 31 August 2023 Income Expgnditure Unreslricted funds General Funds Hall AV Equipment 7.024,858 4.575,328 14.149.015) 7.451.171 10.000 110.000} 7,024.858 4,585,328 (4.159,0151 7,451,171 Restrl¢ted funds Hardshiploufsary 12.289 {5.950 6.339 Total of lunds 7.024,858 4,597.617 14.164,9651 7.457,S10 Restricted funds relate lo hardshop I bursary fees charged to families to support bursary pupils at the school. All resources donated were SFent wrthin the ac*rn￿ year. Statement of funds- prior year Balance at I September 2021 Balance al. 31 August 2022 Incorne Expendtlure Unrestrlcted funds General fund5 6.920. 942 4.043,434 (3.939.518) 7.024. 858 Re$tri¢ted lunds Hardship I bu￿ary 2T,095 (27,095) Total of funds 6.920.942 4.070.529 (3.966.613) 7.024.858 Page 30 ST CHRISTOPHER'S SCHOOL {HAMPSTEADI LTD (A company lirnited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 20. Summary ol lunds Summary ol funds - Current year Balance at 1 September 2022 31 Avgust 2023 In¢ome Expenditur• General bjnds Restricted fijnds 7.024.8S8 4.585.328 14.1S9.0151 12.219 (5,9501 7.451.171 6.339 7.024.858 4.597.617 14.164,96SI 7,4S7.510 Summary ot funds - prior year Balance at I September 2021 58lanc8 at 31 Augusl 2022 Income Expenditur General fvnds Reslricted funds 6.920.942 4.LM3.434 27.095 (3.939.518J (27.095) 7,024.858 6.920.942 4.070.529 (3.966.613J T.024.858 21. Anatysis of net assets between funds Anatysis of net asset$ b¢￿e0Th fun(ts- currgn¢ ygar Unrestrieted Ro$lricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due ￿1h1n one year Creditors due in more than one year 5,016.400 3,536.918 {1.078,838) 123.309 5.016,400 3,543.257 11,078,838) 123.309) 6.339 Tetal 7,451,171 6,339 7.457,510 Page 31 ST CHRISTOPHERS SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2023 21. Anafysis ol net assets b¢twvn fibnds {continu•dl Analysi$ ol net assets between funds- PT1￿ year Unreslncled funds 2022 Total funcls 2022 Tangible fixed assets Current assets Creditors due wthtn une year Creditors due in nK¥e than one year 5.038,600 5,038,600 4.481.622 4.481.622 f2.449.070) (2.449,070) (46.294) (46.294) T¢tal 7,024.858 7,024,858 22. Reconclliatlon of net movement in funds to net cash Ilow from operaiing activtties 2023 2022 Nel irKome for Ihe year (as per Ststement of Financial ActNities) 432,652 103.916 Adjustments lor: DePre¢￿tiOn charges Dividends. interests and renls from investments Loss on the sale of fixed assets Increase in debtors InereaselldeeTeasel in creditors 181.040 126.744) 865 122.8161 11.393.217> 171. 770 (1.892) f2,.625J 1,384,5 N•t cash (used invprovided by operating a¢ti¥lties 1828,220) 1,655,659 23. Anafysis ol cash and cash equivalefits 2023 2022 Cash in hand 3.431,856 4.393.037 Totsl cash and cash equivalents 3.431.856 4.393.037 Page 32 ST CHRISTOPHER'S SCHOOL IHAMPSTEAD) LTD (A company limit￿ by guarant*•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2023 24. Analys1$ of Changes In net debt At1 September At31 2022 Cash flows August 2023 Cash at bank and in hand 4.393.037 3,431,8S6 4.393,037 (961.1811 3,431,656 25. Capital commilrnents There were no capital commitmen15 al year end12022". £Nill. 26. Penslon commitments Teachors.. Penslon Scheme The s¢hool participated in the Teachers. Pengon Scheme I'the TPS-I for ils teaching staff during the year. The pension charge for the year indudes contn"bulions Payab￿ to Ihe TPS of £270,887 12022.. £262. 981) and al the year*nd £Nil (2022." £Nil) was accrued in respect gf contributions lo this scheme. The School left the TPS on 31 August 2023. The TPS is an unfvnded mulb"*mployer defined benefits pension scheme govemed by The Teachers. Pensions RegLslations 2010 las amen¢Jedl and The Teachers. Pènsion Scheme Regulabons 2014 las amended) Members contribute on a "pay as you go. basis with contributions ffoffl members and the employer being credited lo the Exchequer. Reti￿rnent and other pension benefits are paid by public funds provided by Part￿Ment. The employer eonln"bulion rate is sel by the Secretary of Slate following scheme valuatKsns undertaken by the Government Actuary's Department The rnosl recent acluafial valuation of the TPS was prepared as at 31 March 2020 and the VahJakn"on Report wa5 published in October 2023. Following the Mccbud judgemenl. the remedy proposed that when benefits become payable. eli9ible members can select to recewe them from either the reformed or legacy 5cherne5 for the period 1 April 2015 10 31 March 2022. The acwaries have assumed that members are likely to choose the optM)n that proyide5 thern with the 9realer benefits, and in preparing the 2020 valuation have valued thè 'greater value. benefits for groups of relevant n*mbers. The Valuati¢￿ confinned that the employer ￿ntri1￿￿On rate for the TPS woukl inrJease from 23.6% 10 28.6QA from 1 April 2024. Employers are also required lo pay a scheme adminislrats.on levy of 0_08% giving a total employer eonlributton rate of 28.68%. Page 33 ST CHRISTOPHER'S SCHOOL (HAMPSTEADI LTD (A company limited by gu•ranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 26. Pen$i¢n Commitments {continuedl Independent Schools. Penslon Scheme The company has a resKlual ¢)ngoing liability to a defined benefft pension schenE in respect of a former employee. The company participates in th1r￿ependenl Schools. Pension Schemee scheme, a mulli- ern￿oYe{ scheme which pfovides benefits to some 66 non-associated employers. The scheme is a defined benefrt scheme in the UK It is not possible for the company lo obtain sufficient infomiats'on lo enable it to account for the scheme as a defined benefit scheme. Therefore. il accounts for Ihe scheme as a defined contn"buts"on scherne. The scheme is subject to the funding legislation outlined in Ihe PensK>n$ 2004 whrh came Into force on 30 December 2005. This. togelher with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Repo￿"ng Counul, sel out the framework for fvn¢Jing defined benefit occupabonal pension schemes in the UK The scheme is classified as a 'lasl-man standing arrarTrgemen¥. Therefore. the company is potentsalty liable for other partiopabng employers, obligaty'ons if those employers are unable to meet their share of the scheme deficit follffing withdfawal Irom the scheme. Participatsng empbyers are legally required to meet their share of the scheme defia"t on an annuity purd)ase basis on withdrawal from the scheme. A full actuarial valualiori for the schefne was earried OLtI wrth an effeeb.ve date of 30 September 2020. This tuarial valuation was certified on 22 De￿rnber 2011 and showed assets of £201 1rn. liabilib.es of £256.3m and a deficit of £5S.2rn. To elimbnale this fvnding shortfall, the truslees and the participating employers have agieed Ihal additsonal contributions will be parfj. in combination from all employers, lo the scheme a5 folkh¥s". Def￿1 contributions From 1 September 2022 10 30 June 2032 £2.687.000 per annum (paYa￿e monthly. increasing by 3% on each 1st September) The recovery ￿an conlnbutions are althated to each participa*"ng empfoyer in line with their estimated share of Ihe scheme habilits'es. Where the scherne Is in deficit and where the Company has agreed lo a deficit funding arrangement the company recognises a liabilty for this obligats"on. The arnount Tecognised 15 the net present value of the deficit reduction ￿ntributionS paYa￿e under the agreement that relate5 to the deficit. The present value is alculaled usng the discount rnle detailed In these disdosures. The unwinding of the discount rale is recognised as a finance cosL Pr•sent values of provision 2023 2022 Present value of provTrsi 23.309 26,579 Page 34 ST CHRISTOPHER'S SCHOOL IHAMPSTEAD) LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 R•conciliation of opening and ¢losing provislons: 2023 2022 Provision at start of perir•J . Unwinding ol the diseounl faclor Deficit contribution paid Remeasurements- impact of any change in assumpbons Remeasu￿ments- amendments to the contributs.on schedule 26,579 1,078 (2.9111 11.4J71 20.805 215 12.242) (4.412) 12.213 23.309 26,579 Dtfined Contributions S¢h¢m8S The school parb"cipaled in other defined contribution Schemes for non-teathing staff.. 2023 2022 Contributions payable by the school for the year 56.603 57.934 27. Operating lease commilrnenls At 31 August 2023 the School had commitments to make luture minimum lease payments under non cancellable operab.ng leases as follws." 2023 2022 Not later than 1 year Later than 1 year and not lalei Ihan 5 year5 3S,055 37,669 2,448 7,956 72,724 10.404 28. Member5. liability Eath member of the charitable company undertakes lo contribute to the assets of the company in the event of il being wound up while helshe is a member. or within one year after helshe ceases lo be member, sueh amount as may be required. not exceeding £1 for Ihe debts and liabililies contracted before helshe ceases to be a member. Page 35 ST CHRISTOPHER3 SCHOOL IHAMPSTEAD) LTO {A company limit•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 202J 29. . Relatsd party transa¢tions Donati￿5 loialling £11.587 f2022." £6.584) We￿ receNed from PTFA IParenls, Teachers and Friends Associalionl. previously known as Friends of Sl Chiislopherfs SGh¢y)I (Hampsleadl Limited. This is a pa￿nIs, assoc￿lI0n Wh￿ assists in provKling faC1￿￿S for edvcat*)n not normally covered by the school's funds. The school spent £Nil (2022." £3,012) th Fariei & Co for s¢lKsoI ￿31 adv￿ - Rachel Lewis, a forrT*r school governor for part of the prioi year, is a partner al this law fimi. Page 36