Docusign Envelope ID.. OAAM82LLC76C474>988Ck4D06FA52D924 Registered number: 01088993 Charity number: 312999 ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD IA Company limited by guarantee) GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 'ADHVQE03• 1311212024 COMPANIES HOUSE A38 #49 Oocu$fjn Envelope ID.. OAW82fyC76C474M8804D06FA52D924 ST CHRISTOPHER'S SCHOOL {HAMPSTEADI LTD IA Company limited by guarantee) CONTENTS Page Reference and admlnl8tratlve detalls of the School, Its Governors and advisors Governorn. report Independent auditorfs report on the financial statements Statement of flnanclal actfvltles 3-11 12-15 16 Balance sheet 17 statement of cash flows 18 Notes to the financial statements 19-37 Docusign Envelope ID.. OAA44B21>C76C4743-98804D06FA52D924 ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company Ilmlled by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Kunle Barker Joe Cohen, Vice Chair Vivienne Durham Silvia Fiaccavento, Chair Marc Hersheson Sarah Kavanaugh Sarah Knollys {resigned 31 August 2024) Helen Munn Frances Rarnsey Marie Riboud-seydoux Andrew Sandars Anya Waddington Nina Kingsmill Moore (appointed 15 October 20241 Company registered number 01088993 Charlty registered numbèr 312999 Regl•tgrod offlco 32 Belsize Lane Hampstead London NW3 SAE Independent auditor Crowe U.K. LLP R+ Building 2 Blagrave Street Reading 8erk5hire RG1 1AZ Bankern Lloyds Bank 140 Camden High Street London NW1 ONG Solicitors Farrer & Co 66 Lincoln's Inn Fields Holborn London WC2A 3LH Page 1 DooJg¢gn Envelope ID.. OAAU82fyC76C474>9B804DO6FA520924 ST CHRISTOPHER'S SCHOOL (HAMPSTEADI LTD IA company Ilmited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL. ITS GOVERNORS AND ADVISERS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Insuranc• Brokers Aon UK Limited 1 Foxfield Hazlemere High Wycombe Bucks HP15 7AQ Page 2 Docusign Envelope ID: OAW82LiC76C474>9B81HOOSFA52D924 ST CHRISTOPHER'S SCHOOL {HAMPSTEADI LTD IA company limited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Govemors present their annual report togelher with the audited financial statements of the charitable company ft)r the 1 September 2023 to 31 August 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Companies Act 2006 and the "Accounting and Reporting by Charities. Ststement of Recommended Practice" applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS1021 (effective 1st January 2015). The Govemors for the period under review to the date of signing the financial statements were.. Silvia Fiaccavento - Chair Joe Cohen - Vice Chair Kunle Barker Vivienne Durharn Marc Hersheson Sarah Kavanaugh Sarah Knollys (resigned 31 August 2024) Helen Munn Frances Ramsey Marie Riboud-seydoux Andrew Sandars Anya Waddington The Company has no share capital and consequently none of the Governor5 has any interest in any shares of the Company. The Governors constitute directors of the company for Companies Act 2006 purposes. Structure, gov•rnanc• and management St Christophels school IHampstead} Limited was formed in 1972. The school is a registered charity No. 312999 and a company Limited by Guarantee No. 01088993. Electlon of governors New governors to St Christopherfs school are elected by the whole governing body of the school. No person shall be admitted as a member unless they are first approved by the goveming body and the governing body has absolute discretion as to the admission of this person. New governors are given an introductory pack which includes a copy of the Articles. a detailed history of the school, an applicalion for membership and a declaration of willingness to act as a govemor. The governors also have access to an online Board Portal which contains key infonnation induding meeting agendas and minutes. The Company Secretary registers new governors online at Companies House. The governors give their tirne on a voluntary basis to the governance of the charity. The school governors attend appropriate Iraining according to their skills and experience, including statutory safeguarding training. Page 3 DOcus￿n Envelope ID.. I)AAA4B2I￿c76c474>9BB04IX6FA52o924 ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD IA company limited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Structure, governance and management (continued) Senlor leadership team The following members of staff were part of the senior leadership team for the period under revlew Head~ Sandrine Paillasse Deputy Head- Mark Maddocks Deputy Head - Ella Schierenberg Head of Upper school- Amy Ullman Head of Lower school - Emity Poster (maternity leave from 12 November 2023), James Greene (from 13 November 2023) Bursar- Paul Neagle (Resigned April 2024), Stephen Cole (Interim- Appointed May 2024) Organlsatlonal structure and declslon maklng St Christopherfs school is governed by a board of governors. The Board appoints the Head and in consultstion wilh the Head, the Bursar. The Head reports to the governors at termly Board meetings having sent out a written report on that term's activities. This report and other related matters are discussed at each Board Meeting. The Bursar reports to the Head and, for financial Matters, to the Finance Committee,. they refer, on a termly basis, to the Board wilh financial reports, building reports and any other matters conceming the non-educational aspects of running the school. The annual audited accounts for St Christopherfs school are presented lo the Board for their approval. Meetings of the Board are called, when required, over and above the termly Board Meetings. The subcommittee structure was reviewed during the year and now there are four s￿￿0mMittees which meet on a regular basis (except from the Govemance and Remuneration Commitleee that meets annually or as requlredl and prepare a report for the Board's consideration. These sub-committees are as follows - Risk and Compliance Committee,. Finance Committee; the Education Committee.. and the Governance and Remuneration Committee The Head holds regular meetings with all the teaching staff to discuss the educational running of the school and specific topics. Day-tlxlay matters are discussed at weekly briefings, chaired by the Head. Senior Leadership Team {SLT) meelings are held weekly. The Head regularly meet with each member of the SLT, and at least fortnighuy with the pastoral leaders and the 8ursar. The Head is responsible for the appointment of all staff, other than the Bursar. who is appointed by the governors with assistance from the Head, and who also fills the role of clerk to the governors. The appointment of Deputy Heads is done in conjuncts'on with the education committee. The school operates banded salary ranges (including upper pay scale progression) for teaching staff {both teachers and teaching assistants). The banded ranges are benchmarked against those of other independent schools using external Ihird-paty surveys. This allows the school to retain high Calib￿ staff. All salaries and bands are reviewed annually and any increase is approved by the governors. The salaries of key personnel are reviewed by the finance committee. The school benefits from its relationship with the Parents, Teachers and Friends of St Christopherfs Association {PTFAJ. This is a charity managed and operated by the parents of St Christopherfs who generously raise and donate funds for particular projects. Page 4 Do¢us¢gn Envelope ID.. OfvAA4B2¢>C76C4743-9B804D06FA52D924 ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company Ilmil￿ by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Objectives and activities The aim of the charity is to provide preparatory school education for girls be￿een 4 and 11 yeafs Within a secure. fn'endly learning environment where there is a strong emphasis placed on academic and social devebpment. The school's key objectives are as follows: To achieve high academic standards by encouraging independent learning in a stimulating and chikl- centred environment that fosters pupils, ability lo take their own decisions To integrate creativity in all its aspects across the curriculum, including digital learning To instil an atmosphere of mutual trust, tolerance and friendship centred around respect- for self, for each other and for the community and the environment To help pupils develop over time into responsible, self-confident, inclusive, and aware young people, ready to embrace the challenges of secondary education and the modern world beyond To engage with and support the wider community in which the school is located through charitable work, providing access to the school's facilities and resources and proviéing financial assistance to those who may not otherwise be in a position to benefit from a St Christopher's education. The principal beneficiaries are the school's pupils who are encouraged to take advantage of the broad curriculum which encornpasses philosophy, the arts and sciences, alongside the skills of literacy and numeracy. Pupils. needs are met by reviewing the curriculum, through continuous assessment of their educatsonal and personal development and their achievements and through regular interaction with their parents. The medium- to long-term aims of the charity are to offer an all-round, intellectually stimulating, and inclusive education to girls, broadening their academic horizons whilst nurturing kindness, generosity. emotional intelligence and individuality. We aim to prepare our pupils for the full range of potential challenges they may encounter, by guiding them to become deep thinkers and resourceful inquirers. The charity's overarching strategy is to remain an innovative preparatory school and parents, first choice for their daughterfs education. The rnost significant recent investment has been Ihe enhancement of our Reception classrooms dunng the summer of 2024. This meant that we were able to welcome 59 new girls into the school in September, of whom 37 Joined Reception. It is hoped that many of these girfs will stay with us for a total of seven academic years. Istaff are encouraged to keep up to date with educational research and the developing field of digital technology and to ensure that pupils are well prepared for the secondary stage af their education. We expect our leachers to be foNiard Ihinking in all aspects of the curriculum as part of their professional Development. In January 2024 we appointed a Head of Action Research. Our partnership programme has grown and will continue to grow in the medium term,. contacts wrth local primaries, international schools and with local and gk)bal community charities will be fostered and developed. A Head of School Operations and Partnerships was appointed in November 2023. The policies adopted in furtherance of these objectives are detemiined by the governors. Within this govemance framework. the overall leadership of the school is the responsibility of the Head. Financial and administrative sponsibilities are delegated to the Bursar. Page 5 DocusKJn Envelope IO.. OAA44B20£76C4743-9B804D06FA520924 ST CHRISTOPHER'S SCHOOL IHAMPSTEAD) LTD (A company limited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Statement of Governors, responsibilities The Chair is elecled by the Board. It is the custom also to elect a Vice-chair. Meetings of the Board are chaired by the Chair or in hislher absence by the Vice-chair. Govemors are periodically encouraged to attend conferences or seminars, the costs of which are borne by the school. From time-l￿tIMe members of staff are invited to address the Governors (for instance subject leaders are invited to present termly to members of the Education Commilteel. The Governors (who are directors of St Christophels School (Hampstead) Limited for the purposes of company law} are responsible ft)r preparing the Governars, Annual Report and the financial ststements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kin9dom Accounting Standards). Company law requires the Governors to prepare financial statements for each financial year. Under company law, the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the School and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Governors are required to.. select suitable accountlng pollcies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable antj prudent., state whether applicable UK Accounting Standards {FRS 1021 have been followed. subject io any material departures disclosed and explained in the financial statements., prepare the financial statements on Ihe going concern basis unless it is inappropriate to presume that the School will continue in business. The Governors are responsible for keepin9 adequate accounting records that are sulTicient to show and explain the School's transactions and disclose with reasonable accuracy at any time the financial position of the School and enable them to ensure that the financial statements comply with the Companies Acl 2006. They are also responsible for safeguarding the assets ol the School and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. Strateglc report Public Benofft In shaping the objectives for the year, the Governors have considered the Charity Commission's guidance on public benefit, including the guidance 'Public benefit. running a charity IPB21" To support the public benefit obieclives, the charity supports a number of pupils on means4ested bursaries and the school aims to increase the number of pupils receiving such bursaries. St Christopherfs school supported 3 {2023.- 4) pupils through its bursary programme during this financial year. This support reduced net annual fee income in the current year by £53,700 (2023.. £67,476). During the year the St Christopher's eornmunity focused its fijndraising effort on the Legacy appeal to fund means-lested bursaries for children whose families would not otheThvise be able to afft)rd a private education. Through the Give As You Live fundraising pages pupils and their families and friends raised more than £3.300 plus Gift Aid worth an additional £220 as well as more than £100 betr￿een Bronte Xmas Jumper Day and Jeans for Genes, a total of more than £3,620 {2023'. £3,393). Page 6 DoGu$i9n Envelope ID: OAW82LLC76C4743-98804D06FA52D924 ST CHRISTOPHER'S SCHOOL IHAMPSTEAD) LTD IA company limited by guarantee) GOVERNORS. REPORT (CONnNUED) FOR THE YEAR ENDED 31 AUGUST 2024 Year 6 pupils also raised a total of £2,216 (2023.. £402) for the school's bursary fund. Flnanclal Revlew The results for the year are set out in the Statement of Financial Activities. The school recorded an increase in unrestricted funds for the year of £390,504 (2023.. £426,313). Fee incorne amounted to £4,821,163 (2003.. £4,367,060). Funding of £31,093 (2023.. £22.000) was received to support pupils, education needs (2023.. one). Reserves Pollcy The Governors and staff are committed to a continual process of improving the school's buildings and facilities. As the main building is well over 100 years old, it requires extensive and continual maintenance. Current reserves are at a level to enable the school to maintain and improve the buildings and ground5. to comply with its health and safety and statutory obligations and to maintain a buffer in case of unexpeGtgd expgnses or shortlall in income. The school aims to maintain reserves at such a level to cover one temi's expenditure as a minimum (using the prior yearfs expenditure to set the target), the target for 2023-24 was £1.388,322 (2022-23.. £1,322,204), This was maintained throughout the year. On 31 August 2024 the charity had total reseNes of £7,865,830 {2023.' £7,457,510) of which £5,906,567 (2023.. £5.016,400} was represented by tangible fixed assets li,e. the school premises and equipment) that could only be realised by their disposal. Of these total reserve funds, £24,155 (2023.. £6,339) were restricted in use lo supporting bursaries. As at the balance sheet dale the free reserves (being total reserve funds less tangible fixed assets and restricted funds) were £1,935,108 (2023.. £2,434,771). Revlew of Actlvltles and Achlevomonts . Academlc A total of 244 girls were in the school at the end of the accounting period {2023.' 249). As a prep school, we see one of our fundamental roles as helping to ensure the most appropriate outcome for girls as they leave aged 11. We are extremely proud of the range of schools to which our girls prcceed, which include leading day and boarding schools. We aim to work closely with parents to find Ihe most fitting choice, and lo equip the girls so that they not only tak8 the examinations in their stride, but also thrive once they are there. Year 6 leavers in July 2024 gained entry to the following senior schools.. American School in London. 8elmont School, Channing School, Cheltenham Ladies, College, City of London School for Girls, Francis Hlannd {Regent's Park), Godolphin and Latymer, Haberdashers, Girls, School, Highgate School, North London Collegiate School, Queen's College London, South Hampstead High School, St Paul's Girls, School. St Marylebone School, Wycombe Abbey. Page 7 DorJJsNn Envelope ID.. OAW821K76C474>9B804006FA52D924 ST CHRISTOPHER'S SCHOOL IHAMPSTEAD) LTD {A company limited by guarantee) GOVERNORS. REPORT (CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Fundraising The school received donations of £7,216 in the financial year (2023.. £13,829>. This included funds received from the Parents, Teacher5 and Friends Association (PTFA) of £5,000 {2023'. £13,427). PTFA donations have funded a variety of aclivities to support the learning of puplls in the whole school whilst also generously supporting the update to our new Reception playground. The Association has also contributed lo the school's bursary fund. Bullding$ The major capital expenditure project in 2023-2024 was the building extension designed to produce two new "staleknof-the-art" classrooms for the Reception year group. This project entered the construction phase in Easter 2024 and was close to completion in August 2024. Objectives for the year A key objective this year was to bring harmony and alignment in our teaching of thinking skills. In January 2024 we appointed a Head of Constwclive Thinking,, Philosophy is a core subject from Reception,. from September 2024, all pupils will receive chess lessons. Our commitment to modernise our IT provision. In January 2024 we appolnted a Head of IT and Digital Innovation. All pupils In the Upper School now have access to a personal device. We redesigned our SharePoint and all departments have now migrated to it. The School's SCR is now on Ihe Cloud, ensuring compliance and ease of use. With the appointment of a permanent Deputy Head Pastoral, the SL T has been stable, and roles clearly defined. We have also sponsored a teacher for their ELSA training, enhancing our pastoral support provision. Our new report system was rolled out in Sprlng to give parents more clarity about next steps, and a holistic report on their daughterfs progress, with all aspects of school life considered (pastoral, co-curricular. academlc). With the Head of Action Research, we have sought to evaluate the impact of leaming enrichment interiention. The department and its impact will be an area of focus in 2024-2025. with an increasing number of pupils presenting a range of learning needs. 2023-2024 was the first year of the new school uniform (and a year of transition>. The uniform was amended to reflect parents, preferences. In September 2024, all pupil$ will be wearing our new style. The School continued to prepare for the new ISI Framework of inspection and the Head carried out t¥VO ISI inspects-ons during the year. Future developments and plans Sandrine Paillasse left to return to Paris at the end of August after four successful years as Head. We were very lucky to have in Mark Maddocks an interim Head who has brought wisdom, humour and his experience as Deputy Head (Academic) to the role. Christopher Hammond, an experienced head, Joins us in April 2025 as our new Head. Page 8 Docusign Envelope ID.. OAAU82¢>C76C474>9B804006FA52D924 ST CHRISTOPHER'S SCHOOL (HAMPSTEADI LTD (A company Ilm5ted by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Pupil numbers have been strong, and have in fact increased (255 in 2024-2025, 244 the year before). The govemors and SLT are aware, however, that this can change quickly, particularly considering the current economic situation. In order to mitigate the risk of reduced school roll, the school continues to investigate and take advantage of rental opportunities for the school's facilities, with consideration given to the need to safeguarding both the pupils and the school's assets. The Governors and SLT are committed to improving the school's facilities., the next phases of the School's maslerplan will be discussed in 2024-2025, taking into consideration parental demands, pupils, needs. and the new Labour government's VAT legislation. We hope that in 2024-2025 Al will be a focus in enhancing teaching and learning {TL). but also streamlining teacher workload. Fixed Assets The movements in fixed assets are shown in note 9 to the financial statements. In the opinion of the Governors the market value of the school's Ireehold land and buildings is considerably in excess of book value. All the fixed assets owned are held for the purposes of the school. Rlsk Management In the lighl of Corporate Governance guidance contained within the SORP, the Governor5 have established systems to review the major strategic, business and operational risks to which the school is exposed. Systems are established to mitigate those risks and procedu￿$ have been implemented to minimise any potential impact on the school should any of those risks materialise. Detailed consideration of risk is delegaled to the various Committees, which report formally to the Goveming Body on risk. The risk management process and the resulting report identifies risks, assesses their impact and likelihood and. where necessary, recommends controls to mitigate and monitor those risks that are assessed as high. The generic controls used by the school to minimise risk indude.. an annual health and safety audit carried out by an independent expert accompanied by a Govemor responsible for reporting to the Board on health and safety matters., an annual fire risk assessment is carried out by professional fire advisers- detailed terms of reference together with fomial agendas for Committee and Board activity; strategic development planning, reviewed annually by the Finance Committee; comprehensive budgeting and management accounting., established organisational structures and lines of reporting., formal written policies Induding clear authorisation and approval levels; and vetting procedures as required by law for the protection of children. The Governors have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Page 9 D¢Kusign Envelope ID.. oAA4482￿c76c4743-9B804DO6FA52o924 ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The Board maintains a risk register which is updated and reviewed regularly and monitored by the Committees and Senior Leadership Team. The key risks for the school include: A safeguarding incident - a key risk lor any school with children in Its Care A poor education quality inspection ieport which could threaten our strong academic reputalion Economic downturn wlth fewer parents able to afft)rd independent schools resulting in reduced revenue Loss of key leaders Political change- the loss of charrtable business rates relief and the requirement lo charge VAT on school fees For each risk, mitigating controls are identified and monitored. Fundral8lng Actlvlty The school does not engage in large-scale fundraising activities like mass mailings, telephone fundraising or door-to-door campaigns. The school does not employ a separate fundraising team or third-paty organisation to help raise funds. Any small-level fundraising activities focus on the current parents and other individuals or organisations connected with the school rather than the wider community. Year 6 pupils run an annual Legacy Project in the sumrner term, raising funds for the bursary programme. During the financial year, the school did not receive any fundraising complaints requiring actlon by the Fundraising Regulator. OlsabllSty Statèment The school seeks to achieve the objecb'ves set down in the Disaknlity Discrimination Act 1995 and Equality Act 2010, and in particular commits to provKling'. a rolling audit programme of facilities and provision of aceess; the school takes professional advice on the improvement of access an¢J facilits'es on all major construction work and refurbishment to existing buildings., a learning enrichment department which includes specialist teachers to support pupils wlth learnlng difficulties ané l or disabilities and continues to introduce and monltor 5UPPOrt as ￿quIred. counselling and welfare services for pupils and staff., and specialist equipment as required where its use is identified as beneficlal by the learning enrichment team. bl dl Page 10 Docusiw Envelope ID.. OA444B21K76C474&9BeND06FA52D924 ST CHRISTOPHER'S SCHOOL IHAMPSTEAD) LTD IA company limlted by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Employment of dl•abled p•opl• The school considers am application8 for employment from people with disabilits'es. Where an existing employee becornes disabled, every effort is made to ensure that employment with the school continues. The school's policy is to provide training, career development and opportunities for promokn'on that are, as far as possible, identical to those for other employees. Golng con¢orn The Governors have undertaken a thorough financial risk analysis and have fully revised their financial forecasts and budgets to ensure that the long-term economic viability and stability of St Christophe¢s School are sustained. Therefore. these financial statements have been prepared on the going concern basis. Dl8cIo8ure of Infomiatlon to audltor Each of the persons who are Govemors at the lime when this Governors, report is approved has confimied that: so far as that Governor is aware, there is no relevant audit inforrnation of which the charity's auditor is unaware, and that Governor has taken all the Steps that ought to have been taken as a Govemor In order to be aware of any relevant audit infomiation and to establish that the charity's auditor is aware of thai information. Audltor The audltor, Crowe U.K. LLP, has Indlcated his willingness to continue in office. The designated Govemors will propose a motion reappointing the auditor at a meeting of the Governors. Approved by order of the members of the board Df Governors and signed an their behall by". 11gn•d tsy,. 1FAD9AaBEE834D5... Silvia Fiaccavento (Chairl Date.. 2 7 November 2024 Page11 Docusign Envelopg ID.. oA4A4B2￿76c474>gB8cL4Do6FAS2D924 ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD IA company limlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD Opinion We have audited the financial statements of St Christopherfs School (Hampstead) Ltd (the 'charilable company,) for the year ended 31 August 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their pfeparation is applicable law and United Kingdom Accounting Slandards, induding Financial Reporting Standard 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended., have been property prepared in a¢¢¢rdan¢e with United Kingdom Generally AC￿pted Accounting Practice., and have been prepared in accordanGg With the requlrements of the Companies Act 2006, Basls for opinion We conducted our audit in accordance with International Standard5 on Auditing (UK) IISAS {UK}) and applicable law. Our responsibilities under those standards are further described in the Audilols responsibilits'es for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Klngdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for aur opinion. Concluslons relatlng to golng concern In auditing the financial stalements, we have concluded that the Governors, use ol the going concern basis of accounting in the preparaiion of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individualty or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when Ihe financial statements are authorised for issua. Our responsibilities and the responsibilities of the Governors with respect to going concern are described In the relevant sections of this report. Page 12 Docusi9n Envelope ID.. OAW82¢>c76c474>988t￿4DO6FAs2D924 ST CHRISTOPHER'S SCHOOL IHAMPSTEAD> LTD (A company limlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST CHRISTOPHER'S SCHOOL IHAMPSTEAD) LTD (CONTINUED) Other Infomiatlon The other information comprises the infomiation included in the Annual Report other than the financial statements and our Auditorfs Report thereon. The Govemors are responsible for the other infomiation contained within the Annual Report. Our opinion on the financial statements does not cover the other infomation and, except to the exlenl otherwise explicitly stated in our report, we do not express any fom of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to be materialty misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise lo a material misstatement in the financial statements Ihemselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to ￿pOrt that fact. We have nothing to report in this regard. Opinion on oth•r matters prescribed by the Compan1•8 Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the informats'on given in the Governors, report including the Strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Governors, report and the Strategic report have been prepared in accordance with applicable legal requirements. Matters on which we are requlred to roport by •xceptlon In the light of our knowledge ahd undersianding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors, report including the Strategic report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audil have not been received from branches not visited by u5; or the financial statements are not in agreement with the accounting records and retums; or certain disclosures of Govemors, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. Responsibilities of Govemors As explained more fully in the Governors. responsibilities statement, the Governors (who are also the directors 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 give a true and fair view. and for such internal control as the Governors detemine is necessary to enable the preparation of financial statements that are free from material misststement, whether dua to fraud or error. In preparing the financial statements, the Governors are responsible for assessing the charitable cornpany's ability to continue as a going concem, disclosing, as applicable, matters related lo going concern and using the going concem basis of accounting unless the Govemors either intend to liquidate the charitable company or to ase operats'ons, or have no realistic alternative but to do so. Page 13 Doojsign Envelope ID.. oA4A4B2￿c76C474&988O4o0SFA52D924 ST CHRISTOPHER'S SCHOOL IHAMPSTEAD) LTD IA company limited by guarantee) INDEPENDENT AUDITOR% REPORT TO THE MEMBERS OF ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (CONTINUEDI Auditorfs responsibilities for the audlt of the financial Statements Our objectives are to obtaln reasonable assurance about whether the financial statements as a whole are free from malerial misstatement, whether due to fraud or error, and to issue an Auditols Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will a￿ayS detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could ￿asonablY be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregulanties. including fraud, are instances of non9BB04D06FA52D924 ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD IA company limited by guarantee) STATEMENT OF FINANCIAL ACTNMES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Unreslricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Nol• Income from: Donations and legacies.. Donats"ons Government grants Charitable activities.. Fees receivable 7,216 7,216 31,093 13,829 22, 000 31.093 4,821,163 137,026 4,821,163 147,626 4,367,060 160, 023 Other charitable in￿me Investments. Bank interest receivable Other income 10,600 92,642 45,197 92,642 45,197 26, 744 7,961 Total Income 5,127,121 17,816 5,144,937 4,597,617 Expendlture on: Charitable activities 4,736,617 4,736.617 4, 164, 965 Total expenditure 4,736,617 4,736,617 4, 164, 965 Net movement In funds 390,504 17,816 408,320 432. 652 Reconclllatlon of lund8: Total funds brought forward Net movement in fvnds 7,451,171 390,504 6,339 17,816 7,457,510 408,320 7,024, 858 432, 652 Total funds carri•d forward 19 7.841,675 24,155 7,865,830 7,457.510 The Statement of financial activities indudes all gains and losses recognised in the year. The notes on pages 19 to 37 form part of these financial statements. Page 16 Doojsign En¥elope10.' OAM4B2t￿C76c474&9B8￿4oO6FA92Dg24 ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company lifflited by guarantee) REGISTERED NUMBER: 01088993 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Flxod a•89ts Tangible assets Current assets 13 5,906,567 5,016.400 Debtors Cash at bank and in hand 14 209,056 3,222,799 111,401 3,431, 856 3.431,855 3, 543,257 Creditors.. amounts falling due within one year 15 (1,450,152) (1,078,838) Net currnnt assets 1,981,703 2,464.419 Total assets le88 current Ilabllitles 7.888,270 7,480,819 Creditors.. amounts falling due after more than one year 16 122,440) (23.309J Total net a880t• 7,865.830 7,457,510 Charlty funds Restricted funds Unrestricted funds 19 19 24.156 7,841,676 6,339 7,451, 171 Total funds 7,865,830 7,45T,510 The Governors acknowledge their responsibilities for complying wrth the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Governors on 27 November 2024 and signed on their behalf by.. Slwed tsr. IFAD9ABBEE834D5... Silvia Fiaccavento (Chair) The notes on pages 19 to 37 fonn part of these financial statements. Page 17 Docusign Envelope ID.. oAAA4B2￿c76c474￿988NDO6FAS2o924 ST CHRISTOPHER'S SCHOOL {HAMPSTEAD) LTD (A eompany limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Cash flow8 from operatlng activities Net cash providedbyl (used in) operating activib'es 22 753,794 (828.220) Cash flows from Investlng aetlvltles Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets 92,642 26, 744 953 (160, 658) 13 11,055,493) Not cash used In Investlng actlvltle8 1962,8511 (132.961) Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 1209,0571 3,431,856 (961,181) 4, 393. 037 23 Cash and cash equlvalents at th• end of the y••r 23 3,222,799 3,431,856 The notes on pages 19 to 37 form part of these financial statements Page 18 Docusign Envelope ID.. OAAq4B20-C76C474>98804t)06FA52D924 ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD IA company Ilmited by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General information St Christopher's School {Hampsteadl Limited is a registered chanty with the Charilies Commission England and Wales (chartiy number 312999) and was incorporated as a company limited by guarantee (company number 01088993) on 29 December 1972. The address of its registered office is 32 Belsize Lane, London NW3 SAE Accountlng pollcles 2.1 Basis of preparatlon of financial statements The financial statements have been prepared in accordan￿ with the Charities SORP IFRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with th&Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. St Christopher's School (Hampsteadl Ltd meets the definition of a public benefit entity under FRS 102, Assets and liabililies are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates. 2.2 Going conc•rn The Governors believe that the School's financial resources and contingency planning is sufficient to ensure the ablllty of the Schocl to continue as a going concern for the foreseeable future, being at least ￿e1ve months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis. 2.3 Incomo All income is recognised once the School has entitlement to the income, It is probable that the income will be received and the amount of income receivable can be measured reliably. Fee8 and 8lmllar earned incom Fees receivable represent amounts receivable as fees and charges for services in respect of the provision of education to pupils in the school. Fees receivable are stated after deducting allowances, scholarships, and other remissions granted by the School. Donations Voluntary incoming resources are accounted for as and when entitlement arises, the amounts can be reliably quanlified and the economic benefit to the school is considered probable. other Income This comprises income from rents and lettings in the nomBI course of business. Page 19 Docusign Envelope ID.. OAWB21>C76C4743-98804D06FA52D924 ST CHRISTOPHER'S SCHOOL IHAMPSTEAD) LTD IA eompany limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policigs {continued> 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, It is probable that a Iransfer of economic benefits will be required in settlement and the amount of the oblgation can be measured reliably. Expenditure is classified by acts'vity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between ihose activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the School's objectives, as well as any associaled support costs. 2.5 Interest recelvable Interest on funds held on deposit is induded when receivable and the amount can be measured reliably by the School; this is normally upon notification of the interest paid or payable by the institution with whom the lunds are deposited. 2.6 Taxatlon The School is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the School is potentially exempt from taxation in respect of income or capital gains received within categQTies covered by Chapter 3 Part 11 of the Corporation Tax Acl 2010 or Section 256 of the Taxation ol Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 2.7 Tanglble flxed assets and depreclatlon Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset Can be measured reliably. Tangible fixed assets are initially recognised al Cost. After rewnition, under the wst model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be induded in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases. Freehold land Not depreciated Freehold buildings 2Vo straight line Fixtures, fittings and equipment 250/0 reducing balance Page 20 Doujsign Envelope ID.. 0AM4B2￿c76c4743-9B804DO6FA52Dg24 ST CHRISTOPHER'S SCHOOL IHAMPSTEAD) LTD IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due, 2.9 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.10 Liabilities and provlsions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a tiansfer of economic benefit will be required in settlement, and the amount of the settlernent can be ests'mated reliably. Liabillties are recognised al the amount that the School anticipates it will pay to settle the debt or the amounl it has received as advanced payments for the goods Of services il must provide, Provisions are measured at the best estimate of the amounts required to Settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-lax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.11 Flnanclal Instruments The School only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which a￿ subsequently measured al amortised cost using Ihe effective interest method. 2.12 Operating leases Rentals paid under operating leases are charged lo the Statement of financial activities on a straight- line basis over tho lease term. Page 21 DO￿31gll Envelope ID.. OAWB21K76C4743-98804008FA52D924 ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limlted by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 . Accounting policies (conlinuedl 2.13 Pon6ion8 The School has contributed lo APTIS, a defined contribution pension scheme on behalf of teaching staff. The assets of the scheme are held separately from those of the School. The pension cost charges represent contributions by the School to the scheme, which is recognised when they become payable. The school has a residtsal ongolng liability to a defined benefit pension scheme in respect of a former employee. The company partiGipates 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. The School also contributes to a pension scheme for non-teaching staff providing benefits based on a defined contribution scheme. The assets of the scheme are held separately from those of the School. The pension cost charges represenl contributions by the School to the scheme, which is recognised when they become payable. For further information on all pensions see Note 26. 2.14 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the School and which have not been designated for other purposes. Reslricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the School for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 2.15 PupS1 deposit¥ Although under normal circumstances these will be repaid in future years when the pupils complete their education at the school, pupi15 can leave at earlier dates. The School does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the Balance Sheet dale and, in line wilh the requlrements in FRS 102, the balance of deposits held has been included within current liabilities. Page 22 Docusi9n Envelopg ID.. OANA482¢>C76C4743-9Be04D06FA52D924 ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Critical accountlng estlmates and areas of judgment In the application of the charity's accounting policie5, the governors are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other source5. The estimates and associated assumptions a￿ based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical accounting estimates and assumptions.. Penslon Actuarial assumptions for defined benefit pension scheme. Depreclallon The key area ofjudgment for the governors to consider is that of depreciation and its adequacy, The main asset is the propety, and the governors feel that the low depreciation policy is reasonable, considering the fact that the building is well maintained and ils residual value is likely to exceed the nel book value at the end of its useful economic life. Other assets are depreciated at 25./¢ reducing balance, which is considered adequate for fixtures, fittings and equipment. Page 23 Dovjsign Envelope ID.. OAAA4B21K76C4743-98WtM)6FA52D924 ST CHRISTOPHER'S SCHOOL (HAMPSTEADI LTD (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Incon* from donations and legacies Unrestricted Restricted fund6 funds 2024 2024 Total fund$ 2024 Donations Government grants 7.216 7,216 31.093 31,093 31,093 7,216 38,309 Unrestricted funds 2023 Restncted funds 2023 Total funds 2023 Donations Govemment grants 11,840 22,000 1.989 13,829 22, 000 33,840 1,989 35,829 Ineomo frorn charltable actlvltles - School f••$ 2024 2023 Gross fees Less.. Bursaries and allowances 4.897,200 (86,637) 4,456, 550 (99. 790) 4.810,$63 4,356, 760 Add back.. Bursaries paid for by restricted funds 10,600 10,300 4,821,163 4,367,060 Page 24 Docusign Envelope ID.. OAqA482￿76c474>9B8NDo6FAs2Dg24 ST CHRISTOPHER'S SCHOOL IHAMPSTEAD) LTD IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from charitable activities - Other income 2024 2023 Othor educational charitable activitles Extras income Hardship levy (festricled) Registration fees 79,798 10,600 49,311 115,887 10,300 25, 750 139,709 151,937 Other acllvlties Other income 7,917 8, 086 147,626 160. 023 Investment Incomo 2024 2023 Interest receivable 92,642 26. 744 The total investment incorne is unrestricted in both the current and prior year. Other incom• 2024 2023 Other income 45,197 7,961 The total other income is unrestricted in both the current and prior year. Page 25 DO￿$19n Envelope ID.. OAAA4B2LLC76C4743-9B8041XJ6FA52D924 ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Anatysts of expenditure on charltable actlvlties Summary by fund type Unrestricted funds 2024 Total 2024 Teaching costs Welfare costs Premises cos15 Support costs 2,725,830 478,410 389.272 1,143,105 2,725,830 478,410 389,272 1,143,105 4,736,617 4,736,617 Unrestricted funds 2023 Restncted funds 2023 Total 2023 Teaching cosls Welfare costs Premises costs Support costs 2.626, 750 409, 434 343, 655 779, 7 76 5.950 2, 632, 700 409,434 343, 655 779, 176 4.159,015 5.950 4,164,965 Page 26 Docusign Envelope ID.. OA444B21K76C4743-9B804LX)6FA52D924 ST CHRISTOPHER'S SCHOOL IHAMPSTEAD) LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Anatysls of expenditur• on charitable a¢tivltle$ Iconllnued) summary by expondlture typ• Staff costs Dopreclation Other costs 2024 2024 2024 Total 2024 Teaching costs Welfare costs Premises costs Support costs 2,346,047 95.862 67,959 311,824 382,548 291,905 609,858 2,725,830 478,410 389,272 1,143.105 97,367 533,247 2,975,156 165,326 1,596,135 4,736.617 Included within the support costs are govemance costs of £55,346 (2023.. £26,634). staff costs Depreciation 2023 2023 other costs 2023 Total 2023 Teaching cosis 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 10. Net incoming rosourees Expenditure includes.. 2024 2023 Fees payable to the School's auditor in respect of.. Audit of the School's annual accounts - All non-audit services not included above Depreciation 17,840 1,550 165,326 16,215 4,020 181.040 Page 27 Docu$NJn Envelope ID.. OA&44B21K76C474>98804CMJ6FA52D924 ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined conlribution pension schemes 2.336,410 246,303 392,443 2,074,553 215,636 327,490 2.975,156 2,617,679 Total redundancy payments in the year amounted to £Nil (2023.. £Nil). The average number of persons employed by the School during the year was as follows.. 2024 No. 2023 No. Teaching Administrative Domestic 42 42 53 51 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2024 No. 2023 No. In the band £60,001- £70,000 In the band £80,001- £90,000 In the band £90,001- £100,000 In Ihe band £120,001- £130,000 Retirement benefits are accruing for four (2023.. three) higher paid employees. Contributions for the year totalled £83,742 (2023. £65.813). SLT comprised of elght individuals.. in 2023 it Included eight Indivlduals. The senior leadership team members, listed on page 4 within the Governors, Report. received aggregale remuneration of £713,599 (2023. £668.202), Page 28 Docusign Envelope ID: 0A444821￿76C4743-9B8O4D06FAs2o924 ST CHRISTOPHER'S SCHOOL IHAMPSTEAD) LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Govemors. remuneration and expense$ During the year, no Govemors received any remuneralion or other benefits (2023 - £NIL). During the year ended 31 August 2024, no Governor expenses have been incurred (2023 - £NILJ. 13. Tanglble fixed assets Freehold Fixtures, Assets land & fittings and under buildings equipment Construction Totsl Cost or valuation At 1 September 2023 Additions 6,313,183 1,531,204 31,333 96,408 1,024,160 7,940.795 1,055,493 At 31 August 2024 6,313,183 1,562,537 1,120,568 8,996,288 Depreclatlon At 1 September 2023 Charge for the year 1,654,238 97,367 1,270,157 87,959 2,924,39S 185,326 At 31 August 2024 1,751,605 1,338,116 3,089,721 Net book value At 31 August 2024 4,561,578 224.421 1,120,568 5,906,567 At 31 August 2023 4,658,945 261,047 96,408 5,016,400 The net book value of land and buildings consists almost entirely of freehold buildings. In Ihe opinion of the Governors the cost of freehold land induded within Ihe above figure is not material. All tangible fixed assets are held for use by the school on direct charitable activities. Page 29 Docusign Envelope ID.. 0Aw82￿c7Sc474>988O4oO8FA52o924 ST CHRISTOPHER'S SCHOOL IHAMPSTEADI LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Debtors 2024 2023 Due within on• year Trade debtors Other debtors Prepaymenls and accrued income 56,081 38,463 114,512 32,919 78.482 209,056 111,401 16. Credltors.. Amounts falllng due wlthln one year 2024 2023 Trade creditors Other taxation and social security Pensions Other Creditors Accruals Pupil deposits Fees in advance (see note 171 12S,990 60,923 13,318 28,563 444,2S2 583,548 193,558 101, 125 57,329 70,248 1,14T 39,039 631, 701 178,249 1.450,1S2 1,078,838 18. Credltors: Amounts falling due after more than one year 2024 2023 Pension deficit creditor 22,440 23, 309 Page 30 Docu&gn En¥elope ID.. OA444B2fyC76C474>9BWD06FA520924 ST CHRISTOPHER'S SCHOOL IHAMPSTEAD> LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Deferred income (Fe0• In advanc•) 2024 2023 Deferred income at 1 September 2023 Resources deferred during the year Amounts released from previous periods 178,249 1,491,343 193,558 158,983 (178,249) (1,472,077) D•l•rr•d Incom• at 31 August 2023 ¢8ee not• 1 S) 193,558 178,249 18. Flnanclal Instrum•nts 2024 2023 Flnancial a88ets Financial a55ets measured at amortised cost 3.320.756 3,464, 775 2024 2023 Financial liabilities Financial liabilities measured at amortised cost {1,237,496) (900, 589) Financial assets measured at amortlsed cost comprise trade debtors, oiher debtors and cash at bank. Fiinancial liabilities measured at amortised cost comprise trade creditors. accruals, acceptance deposits and other creditors. Page 31 Docusign En￿lope ID.. ¢)Ai44821>C76C474>988N006FA520924 ST CHRISTOPHER'S SCHOOL IHAMPSTEAD) LTD (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Statement of funds Statement of funds - current year Balance at 1 Septembar 2023 Balance at 31 August 2024 Income Expenditure Unrestrlcted funds General Funds 7,451.171 5,127.121 14,736,617) 7.841,675 Restrlcted fund8 Hardshiplbursary 6,339 17,816 24.155 Total of funds 7,457,510 5,144,937 (4,736,617) 7,865,830 Restricted lunds relale to hardshop I bursary fees charged to families to support bursary puplls at the school. All resources donated were spent within the academic year. Statement of funds - prlor year Balance at 1 Seplember 2022 Balance at 31 August 2023 Income Expendlture Unrestrlcted funds General Funds Hall AV Equipment 7,024, 858 4,575,328 (4, 149,015) 10,000 {io,000) 7,451, 171 7,024, 858 4. 585. 328 (4, 159,015) 7,451,171 Restrlcted funds Hardshiplbursary 12,289 (5,950) 6.339 Total of funds 7,024,858 4,597,617 (4, 164, 965) 7,457,570 Page 32 Docusign Envelope ID.. OAAA482¢>C76C4743-9B81HD06FA520924 ST CHRISTOPHER'S SCHOOL (HAMPSTEADI LTD (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Summary offunds Summary of funds . Current year Balance at 1 September 2023 Balance at 31 August 2024 Income Expenditure General funds Restricted funds 7,451,171 6,339 5,127.121 17,816 14,736.617) 7,841.675 24,155 7,457,510 5.144,937 (4.736,617> 7,865.830 Summary of funds . prlor y•ar Balance at I September 2022 881ance 8t 31 August 2023 Income Expenditure General funds Restricted funds 7, 024, 858 4.585,328 (4, 159,015) 12,289 (5,950) 7,451, 171 6,339 7, 024, 858 4,597,617 (4, 164,965) 7,457.510 21. Anatysls of nel assets between funds Anatysls of net assets between funds - current perlod Unrestflcted Restricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due in more Ihan one year 5,906.567 3.407,700 (1.450,152) (22,440) S,906,S67 3,431,855 (1,450,152) (22.440 24,155 Total 7.841,675 24,155 7,865.830 Page 33 Docusign Envelope ID.. OAAA482(kC76C474>9B804D06FA52D924 ST CHRISTOPHER'S SCHOOL (HAMPSTEADI LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Analysls of n•t assets batwe•n fund8 (contlnued) Analysls of net assets between lunds - prlor period Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 5,016.400 3,536.918 (1,078.838) (23,309) 5,016.400 3, 543,257 (1,078,838) (23,309) 6.339 Total 7,451,171 6,339 7,457,510 22. Re¢onclllatlon of net movement In funds to net cash flow from operatlng actlvltlos 2024 2023 Net income for the period (as per Stalement of Financial Activities) 408,320 432.652 Adjustments for: Depreciation charges Dividends, interests and rents from investments Loss on Ihe sale of fixed assets Increase in debtors Increasel(decrease) in creditors 165,326 192,642) 181,040 (26, 744) 865 197,6SS) (22,816) 370,445 (1,393,217) Net cash (used invprovided by operating activities 753,794 (828,220) 23. Analysls of cash and cash •qulvalents 2024 2023 Cash in hand 3,222,799 3.431.856 Total cash and cash equlvalents 3,222,799 3,431.856 Page 34 Docusign Envelope ID. OA4A4B21>C76C474>988¢HD06FA52D924 ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company Ilmfted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 24. Anatysls of changes In net debt At1 September At31 2023 Cash flovts August 2024 Cash at bank and in hand 3.431.856 1209,057) 3.222.799 3,431,856 1209,057) 3,222,799 25. Capltal commltmonts There were capital commitments of £250.109 at year end (2023.. £Nil). 26. Penslon commftments Independent Schools, Pension Scheme The company has a residual ongoing liabilty to a defined benefit pension scheme in respect of a former employee. The company participates in the Independent Schools, Pension Scheme 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 possible for the company lo obtain sufficient infomiation lo enable it to account for the scheme as a defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme. The scheme is subject lo the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a 'last-man standing arrangement,. Therefore. the company is potentially liable for other participating employers, obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was carned out with an effective date of 30 September 2020. This actuarial valuation was certified on 22 December 2021 and showed assets of £201.1m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the trustees and the participating employers have agreed that additional contributions wi15 be paid, in combination from all employers, to the scheme as follows.. Deficit contributions From 1 September 2022 to 30 June 2032 £2,687,000 per annum (payable monthly, increasing by 3% on each 1 sl September) The recovery plan contributions are allocated to each participating employer in line with their ests'mated share of the scheme liabilities. Page 35 DooJsign Envglopg10.' OAM482fyC76C4743-9B8fy4D06FA52D924 ST CHRISTOPHER'S SCHOOL (HAMPSTEADI LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 26. Pension commitments (continued) Where the scheme is in deficit and where the company has ag￿ed to a deficit funding arrangement the company recognises a liability for this obligab'on. The amount recognised is the net present value of the deficit reduction contributions payabl8 under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rale is recognised as a finance cost. The School contributed to the defined CDntribulion pension scheme for non-teaching staff. Contributions totalling £80,810 were payable to the scheme for Ihe year. APTIS The School ha5 contributed to APTIS, a defined contribution pension scheme on behalf of teachin9 Staff. Contributions totalling £311,633 were payable to the scheme for the year. The School is aware of the Virgin Media v NTL Pension Trustees 11 Limited Court of Appeal judgement which may give rise to adjustments to the scheme. At present the legal process is incomplete and therefore we are unable to quantify any potents'al liabilities. 2024 2023 Present value of provision 22,440 23,309 Roconclllation of openlng and closlng provhlon8: 2024 2023 Provision at start of period Unwinding of the discount factor Deficit contribution paid Remeasurements- impact of any change in assumptions Remeasurements- amendrnents to the contribulion schedule 23,309 1,257 12,999) 873 26,579 1,078 (2,911) (1,437) 22,440 23, 309 Page 36 DocuswJn Envelope ID.. oAiA4821￿c76c4743-9BeO4DOSFA52o924 ST CHRISTOPHER'S SCHOOL IHAMPSTEADI LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Deflned Contrlbutlon8 Schemes The school participated in other defined contribution schemes for non-teaching staff.. 2024 2023 Contributs'ons payable by the school for the year 81,679 56, 603 27. Operating lease commltments At 31 August 2024 the School had commitments to make future minimum lease payments under non- cancellable operating leases as follows.. 2024 2023 Not later than 1 year Later than 1 year and not later than S years 44,259 15,247 35, 055 37,669 59,506 72, 124 28. Members. Ilablllty Each membèr of the charitable company undertakes to contribute 10 the assets of the company in the event of it being wound up while helshe is a member, or within one year after helshe ceases to be member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before helshe ceases to be a member. 29. Related party transactlons Donations totalling £7,216 (2023.- £11,587) were received from PTFA (Parents, Teachers and Friends Associats-on), p￿vIOuslY known as Friends of St Christophels School {Hampstead) Limited. This is a parents. association which assists in providing facilities for education not normally covered by the school's funds. Page 37