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2025-08-31-accounts

Registered number: 01088993 Charity number: 312999

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the School, its Governors and advisers 1
Governors' report 2 - 10
Independent auditor's report on the financial statements 11 - 14
Statement of financial activities 15
Balance sheet 16
Statement of cash flows 17
Notes to the financial statements 18 - 36

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025

Governors Silvia Fiaccavento, Chair
Kunle Barker
Joe Cohen, Vice Chair (resigned 1 January 2025)
Vivienne Durham (resigned 31 August 2025)
Marc Hersheson (resigned 1 January 2025)
Sarah Kavanaugh (resigned 1 January 2025)
Helen Munn, Chair of Risk & Compliance Committee
Frances Ramsey
Marie Riboud-Seydoux
Andrew Sandars (resigned 26 June 2025)
Anya Waddington, Vice Chair
Nina Kingsmill Moore (appointed 15 October 2024)
James Hutton-Mills, Chair of Finance Committee (appointed 27 November 2024)
Alkit Patel (appointed 1 January 2025)
Naomi Goode (appointed 1 January 2025)
Katharine Woodcock (appointed 27 August 2025)
Company registered
number
01088993
Charity registered
number
312999
Registered office
32 Belsize Lane
Hampstead
London
NW3 5AE
Independent auditor
Crowe U.K. LLP
R+ Building
2 Blagrave Street
Reading
RG1 1AZ
Bankers
Lloyds Bank
140 Camden High Street
London
NW1 0NG
Solicitors
Farrer & Co
66 Lincoln's Inn Fields
Holborn
London
WC2A 3LH
Insurance Brokers
Aon UK Limited
1 Foxfield
Hazlemere
High Wycombe
Bucks
HP15 7AQ

Page 1

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD

(A company limited by guarantee)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The Governors present their annual report together with the audited financial statements of the charitable company for the year 1 September 2024 to 31 August 2025.

The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the charity's trust deed, the Companies Act 2006 and the "Accounting and Reporting by Charities: Statement of Recommended Practice" applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1st January 2019).

The Governors for the period under review to the date of signing the financial statements were:

Silvia Fiaccavento – Chair

Joe Cohen – Vice Chair (resigned 1st January 2025) Vivienne Durham (resigned 31st August 2025) Marc Hersheson (resigned 1st January 2025) Sarah Kavanaugh (resigned 1st January 2025) Andrew Sandars (resigned 26th June 2025) James Hutton Mills – Chair of Finance Committee (joined 27th November 2024) Nina Kingsmill Moore (joined 15th October 2024) Alkit Patel (joined 1st January 2025) Naomi Goode (Joined 1st Jan 2025) Katharine Woodcock – Chair of Education Committee (joined 27th August 2025) Kunle Barker Helen Munn – Chair of Risk & Compliance Committee Frances Ramsey Marie Riboud-Seydoux Anya Waddington – Vice Chair

The Company has no share capital and consequently none of the Governors has any interest in any shares of the Company. The Governors constitute directors of the company for Companies Act 2006 purposes.

Structure, governance and management

St Christopher’s school (Hampstead) Limited was formed in 1972. The school is a registered charity No. 312999 and a company Limited by Guarantee No. 01088993.

Election of governors

New governors to St Christopher’s 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 governing body and the governing body has absolute discretion as to the admission of this person. New governors are given an introductory pack by the clerk to the governors (also the Company Secretary) which includes a copy of the Articles, a detailed history of the school, an application for membership and a declaration of willingness to act as a governor. The governors also have access to an online Board Portal which contains key information including policies and meeting agendas and minutes. The Company Secretary registers new governors online at Companies House.

The governors give their time on a voluntary basis to the governance of the charity. The school governors attend appropriate training according to their skills and experience, including statutory safeguarding training.

Page 2

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Structure, governance and management (continued)

Senior leadership team

The following members of staff were part of the senior leadership team for the period under review:

Head – Mark Maddocks from 01/09/24 – 01/04/25, Chris Hammond 01/04/25 – 26/06/25, Mark Maddocks 26/06/25 onwards Deputy Head Academic – Carla Boxell Deputy Head Pastoral – Lizi Courtney-Magee Head of Upper school – Amy Ullman Head of Lower school – James Greene Head of EYFS – Jennie McGovern Head of Digital technology and IT – Holly Thomas Bursar – Jonathan Powell 01/09/24 till 21/10/24, Richard Edwards 21/10/24 onwards

Organisational structure and decision making

St Christopher’s school is governed by a board of governors. The Board appoints the Head and in consultation with 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 with financial reports, building reports and any other matters concerning the non-educational aspects of running the school.

The annual audited accounts for St Christopher’s school are presented to the Board for their approval. Meetings of the Board are called, when required, over and above the termly Board Meetings.

There are three sub-committees which meet on a termly basis and prepare a report for the Board’s consideration. These sub-committees are as follows – Risk and Compliance Committee; Finance Committee; Education Committee. In addition the Governance and Remuneration Committee meets on a yearly basis.

The Head holds regular meetings with all the teaching staff to discuss the educational running of the school and specific topics. Day-to-day matters are discussed at weekly briefings, chaired by the Head. Senior Leadership Team (SLT) meetings are held weekly. The Head regularly meets with each member of the SLT, and at least fortnightly with the pastoral leaders and the Bursar.

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 with the involvement of 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 third-party surveys. This allows the school to retain high calibre 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 and in some cases the Governance and Remuneration Committee.

The school benefits from its relationship with the Parents, Teachers and Friends of St Christopher’s Association (PTFA). This is a charity managed and operated by the parents of St Christopher’s who generously raise and donate funds for particular projects.

Page 3

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Objectives and activities

The aim of the charity is to provide preparatory school education for girls between 4 and 11 years within a secure, friendly learning environment where there is a strong emphasis placed on academic and social development. The school’s key objectives are as follows:

The principal beneficiaries are the school’s pupils who are encouraged to 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 reviewing the curriculum, through continuous assessment of their educational 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 daughter’s education.

Staff 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 of their education. We expect our teachers to be forward thinking in all aspects of the curriculum as part of their professional Development.

Our partnership programme has grown and will continue to grow in the medium term; contacts with local primaries, international schools and with local and global community charities will be fostered and developed. A Head of School Operations and Partnerships was appointed in January 2024.

The policies adopted in furtherance of these objectives are determined by the governors. Within this governance framework, the overall leadership of the school is the responsibility of the Head. Financial and administrative responsibilities are delegated to the Bursar.

Page 4

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Statement of Governors' responsibilities

The Chair is elected by the Board. It is the custom also to elect a Vice-Chair. Meetings of the Board are chaired by the Chair or in her absence by the Vice-Chair.

Governors are periodically encouraged to attend conferences or seminars, the costs of which are borne by the school. From time-to-time members of staff are invited to address the Governors (for instance subject leaders are invited to present termly to members of the Education Committee).

The Governors (who are also the directors of the School for the purposes of company law) are responsible for preparing the Governors' report including the Strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 state 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:

The Governors are responsible for keeping adequate accounting records that are sufficient 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 Act 2006. They are also responsible for safeguarding the assets of the School and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as the Governors are aware, there is no relevant audit information of which the Charitable Company’s auditors are unaware. The Governors have taken the steps that they ought to have taken in order to make themselves aware of any relevant audit information and to establish that the Charitable Company's auditors are aware of that information.

Page 5

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Strategic report

Public Benefit

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 (PB2)”. To support the public benefit objectives, the charity supports a number of pupils on means-tested bursaries and the school aims to increase the number of pupils receiving such bursaries.

St Christopher’s school supported 5 (2024 - 3) pupils through its bursary programme during this financial year. This support reduced net annual fee income in the current year by £89,834.

The school has a long tradition of supporting other charities. During the year the school community raised £3,945 (2024: £3,620) for other charities such as Royal British Legion, Royal Free Charity, and the Society for the Protection of Animals.

Financial Review

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 £395,006 (2024: £390,504). Fee income amounted to £5,139,888 (2024: £4,821,163).

Funding of £38,867 (2024: £31,093) was received to support two pupils’ education needs (2024: two).

Reserves Policy

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 grounds, to comply with its health and safety and statutory obligations and to maintain a buffer in case of unexpected expenses or shortfall in income.

The school aims to maintain reserves at such a level to cover one term's expenditure as a minimum (using the prior year’s expenditure to set the target), the target for 2025 was £1,578,872 (2024: £1,388,322) . This was maintained throughout the year.

On 31 August 2025 the charity had total reserves of £8,272,228 (2024: £7,865,830) of which £5,989,882 (2024: £5,906,567) was represented by tangible fixed assets (i.e. the school premises and equipment) that could only be realised by their disposal. Of these total reserve funds, £35,547 (2024: £24,155) were restricted in use to supporting bursaries.

As at the balance sheet date the free reserves (being total reserve funds less tangible fixed assets and restricted funds) were £2,246,799 (2024: £1,935,108) .

Page 6

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Strategic report (continued)

Review of Activities and Achievements - Academic

A total of 257 girls were in the school at the end of the accounting period.

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 proceed, which include leading day and boarding schools. We aim to work closely with parents to find the most fitting choice, and to equip the girls so that they not only take the examinations in their stride, but also thrive once they are there.

Year 6 leavers in July 2025 gained entry to the following senior schools: American School in London, Channing School, City of London School for Girls, Downe House, Francis Holland (Regent’s Park), Godolphin and Latymer, Haberdashers’ Girls’ School, Henrietta Barnett, Highgate School, Mill Hill County, North London Collegiate School, South Hampstead High School, St Paul’s Girls’ School.

Fundraising

The school received donations of £Nil in the financial year (2024: £7,216) . This included funds received from the Parents, Teachers and Friends Association (PTFA) of £Nil (2024: £5,000).

Objectives for the year

St Christopher's remains committed to providing a first class academic and pastoral education. This continued ambition has helped to maintain strong pupil numbers and new applications in an increasingly difficult macroeconomic climate. We have strategized carefully - and taken decisive action - about how to maintain our strength at those key milestones where the school's reputation and financial health is safeguarded - admissions at 4+, retention at 7+ and excellence at 11+. Numbers are holding up impressively.

The school looks to continually develop and strengthen its teaching staff. Our professional review and development programme (PRD) has been extended to all staff to build a more inclusive system. More calendar time than ever has been devoted to staff learning, with the focus of teaching staff directed to the implementation of our 'Making Thinking Visible' programme inspired by Harvard models.

This is one of several ways that the school is looking to enhance its teaching and learning. We continue to look at effective implementation of technology throughout the school so that technology is used as a tool for learning and not just a substitution. A lot of work goes into ensuring children understand how to stay safe online, including when using AI in their future lives.

Pastorally we have rolled out the zone of regulation programme to improve the girls' ability to identify and regulate their emotions. A buddy system has been launched across key stages and older girls have received training with regular sessions planned. We plan to develop the rear playground to make this a more conducive arena for purposeful play and happy social interaction, particularly for our older girls.

Last year's 11+ results were arguably our best in recent memory, and shows that our education is in fine fettle. Consequently, the school has looked to increase its social media presence to represent to the wider community life in the school and our achievements. Our follows on social media continue to rise. The parent portal on the school website has been running since June and has been well received.

In short, our aim is to continue to provide a top-notch pastoral and academic education for our families, in the context of a financially robust school which remains profoundly ambitious for its girls.

Page 7

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Strategic report (continued)

Review of Activities and Achievements - Academic (continued)

Future developments and plans

Pupil numbers have been stable in a tough environment, we ended the year with 257 (248 in 2023-2024). For 2024-2025 we have 253 pupils caused in part by a small year 6. Next year we are targeting hitting a new high of 263 if numbers in lower years remain constant. We see very strong interest in parents applying to send their daughter to St C’s with over 205 registering for next year’s Reception calls already. The governors and SLT are aware, however, that this can change quickly, particularly considering the current economic situation and continue to explore further opportunities for pupil recruitment (e.g. relocation agencies). The school continues to engage with families on the value of a St Christophers education from Reception to year 6. The Bursar’s office is continually looking to raise revenue from summer camps and renting out the school during half term and holidays to bring in incremental income.

Fixed Assets

The movements in fixed assets are shown in note 13 to the financial statements. In the opinion of the Governors the market value of the school’s freehold land and buildings is considerably in excess of book value. All the fixed assets owned are held for the purposes of the school.

Risk Management

IIn the light of Corporate Governance guidance contained within the SORP, the Governors 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 procedures have been implemented to minimise any potential impact on the school should any of those risks materialise.

Detailed consideration of risk is delegated to the various Committees, which report to the Governing 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. The controls used by the school to minimise risk include:

Page 8

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Strategic report (continued)

Review of Activities and Achievements - Academic (continued)

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. The key risks for the school include:

Fundraising Activity

The school does not engage in large scale fundraising activities or employ a separate fundraising team or thirdparty fundraising organisation. Smaller level fundraising activities focus on the current parents and other individuals or organisations connected with the school. Year 6 pupils run an annual Legacy project in the summer term, raising funds for the bursary programme. During the financial year, the school did not receive any fundraising complaints requiring action by the Fundraising Regulator.

Disability Statement

The school seeks to achieve the objectives set down in the Disability Discrimination Act 1995 and Equality Act 2010, and in particular commits to providing:

Employment of disabled people

The school considers all applications for employment from people with disabilities. Where an existing employee becomes 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 promotion that are, as far as possible, identical to those for other employees.

Going concern

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 Christopher’s School are sustained. Therefore, these financial statements have been prepared on the going concern basis.

Page 9

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Disclosure of information to auditor

Each of the persons who are Governors at the time when this Governors' report is approved has confirmed that:

Auditor

The auditor, Crowe U.K. LLP, has indicated his willingness to continue in office. The designated Governors will propose a motion reappointing the auditor at a meeting of the Governors.

The Governors’ Annual Report, prepared under the Charities Act 2011 and Companies Act 2006, was approved by the Governing Body of St Christopher’s school (Hampstead) Limited on 26th March 2025, including in their capacity as company directors approving the Strategic Report therein, and is signed as authorised on its behalf by:

Silvia Fiaccavento

(Chair)

Date:

Page 10

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited 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 Christopher's School (Hampstead) Ltd (the 'charitable company') for the year ended 31 August 2025 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 preparation is applicable law and United Kingdom Accounting Standards, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities 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 Kingdom, 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 our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governors' use of the going concern basis of accounting in the preparation 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, individually 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 the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

Page 11

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Governors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not 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:

Page 12

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (CONTINUED)

Responsibilities of Governors

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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Charities Act together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. Auditing standards limit the required audit procedures to identify noncompliance with these laws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance and General Purposes Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and Independent Schools Inspectorate, and reading minutes of meetings of those charged with governance.

Page 13

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (CONTINUED)

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Use of our report

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

THIS REPORT HAS NOT YET BEEN SIGNED

Alastair Lyon (Senior statutory auditor)

for and on behalf of Crowe U.K. LLP Statutory Auditor R+ Building 2 Blagrave Street Reading RG1 1AZ

Date:

Page 14

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025

Note
Income from:
Donations and legacies:
4
Donations
Government grants
Charitable activities:
Fees receivable
5
Other charitable income
6
Investments:
Bank interest receivable
7
Other income
8
Total income
Expenditure on:
Charitable activities
9
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
-
38,867
5,139,888
131,153
71,673
72,651
5,454,232
5,059,226
5,059,226
395,006
7,841,675
395,006
8,236,681		 Restricted
funds
2025
£
-
-
-
11,392
-
-
11,392
-
-
11,392
24,155
11,392
35,547		 Total
funds
2025
£
-
38,867
5,139,888
142,545
71,673
72,651
5,465,624
5,059,226
5,059,226
406,398
7,865,830
406,398
8,272,228		 Total
funds
2024
£
7,216
31,093
4,821,163
147,626
92,642
45,197
5,144,937
4,736,617
4,736,617
408,320
7,457,510
408,320
7,865,830

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 18 to 36 form part of these financial statements.

Page 15

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee) REGISTERED NUMBER: 01088993

BALANCE SHEET AS AT 31 AUGUST 2025

Note
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
16
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 589,208
3,327,587
3,916,795
(1,586,099)		 2025
£
5,989,882
2,330,696
8,320,578
(48,350)
8,272,228
35,547
8,236,681
8,272,228		 209,056
3,222,799
3,431,855
(1,450,152)		 2024
£
5,906,567
1,981,703
7,888,270
(22,440)
7,865,830
24,155
7,841,675
7,865,830

The Governors acknowledge their responsibilities for complying with 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 and signed on their behalf by:

Silvia Fiaccavento (Chair) Date:

The notes on pages 18 to 36 form part of these financial statements.

Page 16

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Note
Cash flows from operating activities
Net cash provided by operating activities
21
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
22
The notes on pages 18 to 36 form part of these financial statements		 2025
£
307,048
71,673
(273,933)
(202,260)
104,788
3,222,799
3,327,587		 2024
£
753,794
92,642
(1,055,493)
(962,851)
(209,057)
3,431,856
3,222,799

Page 17

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. General information

St Christopher's School (Hampstead) Limited is a registered charity with the Charities Commission England and Wales (charity 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 5AE

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (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 (Hampstead) Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities 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 concern

The Governors believe that the School's financial resources and contingency planning is sufficient to ensure the ability of the School to continue as a going concern for the foreseeable future, being at least twelve months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.

2.3 Income

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.

Fees and similar earned income

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 quantified and the economic benefit to the school is considered probable.

Other income

This comprises income from rents and lettings in the normal course of business.

Page 18

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. 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 those 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 associated support costs.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the School; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Taxation

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 categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.7 Tangible fixed assets and depreciation

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 at cost. After recognition, under the cost 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 included 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 2% straight line - Fixtures, fittings and equipment 25% reducing balance

Page 19

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. 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 date of acquisition or opening of the deposit or similar account.

2.10 Liabilities and provisions

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 transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the School anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best 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-tax 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 Financial 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 are subsequently measured at amortised cost using the effective interest method.

2.12 Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straightline basis over the lease term.

Page 20

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.13 Pensions

The School has contributed to 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 residual ongoing liability to a defined benefit pension scheme in respect of a former employee. The company participates in the scheme, a multi-employer scheme which provides benefits to some 66 non-associated employers. The scheme is a defined benefit scheme in the UK.

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 represent contributions by the School to the scheme, which is recognised when they become payable.

For further information on all pensions see Note 25.

2.14 Fund accounting

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.

Restricted 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 Pupil deposits

Although under normal circumstances these will be repaid in future years when the pupils complete their education at the school, pupils 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 date and, in line with the requirements in FRS 102, the balance of deposits held has been included within current liabilities.

Page 21

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

3. Critical accounting estimates and areas of judgment

In the application of the charity’s accounting policies, 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 sources. The estimates and associated assumptions are 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:

Pension

Actuarial assumptions for defined benefit pension scheme.

Depreciation

The key area of judgment for the governors to consider is that of depreciation and its adequacy. The main asset is the property, and the governors feel that the low depreciation policy is reasonable, considering the fact that the building is well maintained and its residual value is likely to exceed the net 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 22

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

4. Income from donations and legacies

Unrestricted
funds
2025
£
Government grants
38,867
Unrestricted
funds
2024
£
Donations
-
Government grants
31,093
31,093
Income from charitable activities - School fees
Gross fees
Less: Bursaries and allowances		 Restricted
funds
2025
£
-
Restricted
funds
2024
£
7,216
-
7,216
2025
£
5,231,412
(91,524)
5,139,888		 Total
funds
2025
£
38,867
Total
funds
2024
£
7,216
31,093
38,309
2024
£
4,897,200
(76,037)
4,821,163

5. Income from charitable activities - School fees

Page 23

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

6.
Income from charitable activities - Other income
2025
£
Other educational charitable activities
Extras income
98,569
Hardship levy (restricted)
11,392
Registration fees
32,584
142,545
Other activities
Other income
-
142,545
7.
Investment income
2025
£
Interest receivable
71,673
The total investment income is unrestricted in both the current and prior year.
8.
Other income
2025
£
Other income
72,651
The total other income is unrestricted in both the current and prior year.		 2024
£
79,798
10,600
49,311
139,709
7,917
147,626
2024
£
92,642
2024
£
45,197

Page 24

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

9. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2025
£
Teaching costs
3,018,864
Welfare costs
513,798
Premises costs
508,990
Support costs
1,017,574
5,059,226
Unrestricted
funds
2024
£
Teaching costs
2,725,830
Welfare costs
478,410
Premises costs
389,272
Support costs
1,143,105
4,736,617		 Total
2025
£
3,018,864
513,798
508,990
1,017,574
5,059,226
Total
2024
£
2,725,830
478,410
389,272
1,143,105
4,736,617

Page 25

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

9. Analysis of expenditure on charitable activities (continued)

Summary by expenditure type

Teaching costs
Welfare costs
Premises costs
Support costs		 Staff costs
2025
Depreciation
2025
£
£
2,601,621
60,671
112,049
-
-
129,947
540,325
-
3,253,995
190,618		 Other costs
2025
£
356,572
401,749
379,043
477,249
1,614,613		 Total
2025
£
3,018,864
513,798
508,990
1,017,574
5,059,226

Included within the support costs are governance costs of £44,738 (2024: £55,346) .

Teaching costs
Welfare costs
Premises costs
Support costs		 Staff costs
2024
£
2,346,047
95,862
-
533,247
2,975,156		 Depreciation
2024
£
67,959
-
97,367
-
165,326		 Other costs
2024
£
311,824
382,548
291,905
609,858
1,596,135		 Total
2024
£
2,725,830
478,410
389,272
1,143,105
4,736,617

10. Net incoming resources

Expenditure includes:

2025 2024
£ £
Fees payable to the School's auditor in respect of:
- Audit of the School's annual accounts 19,270 17,840
- All non-audit services not included above 1,650 1,550
Depreciation 190,618 165,326

Page 26

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2025
£
2,535,106
285,093
433,796
3,253,995		 2024
£
2,336,410
246,303
392,443
2,975,156

Total redundancy payments in the year amounted to £Nil (2024: £Nil) .

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

Teaching
Administrative
Domestic		 2025
No.
45
8
3
56		 2024
No.
42
8
3
53

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025 2024
No. No.
In the band £60,001 - £70,000 6 2
In the band £70,001 - £80,000 2 -
In the band £80,001 - £90,000 1 -
In the band £90,001 - £100,000 - 2
In the band £110,001 - £120,000 1 -
In the band £120,001 - £130,000 - 1

Retirement benefits are accruing for ten (2024: four) higher paid employees. Contributions for the year totalled £110,207 (2024: £83,742) .

SLT comprised of 10 individuals (2024: 8 individuals) . The senior leadership team members, listed on page 3 within the Governors' Report, received aggregate remuneration of £866,979 (2024: £713,599) .

Page 27

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

12. Governors' remuneration and expenses

During the year, no Governors received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 August 2025, expenses totalling £ 317 were reimbursed or paid directly to 2 Governors (2024 - £NIL to Governor) for entertaining and gifts.

13. Tangible fixed assets

Cost or valuation
At 1 September 2024
Additions
Transfers between classes
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Freehold
land &
buildings
£
6,313,183
1,848
1,353,523
7,668,554
1,751,605
129,947
1,881,552
5,787,002
4,561,578		 Fixtures,
fittings and
equipment
Assets
under
construction
£
£
1,562,537
1,120,568
22,659
249,426
16,471
(1,369,994)
1,601,667
-
1,338,116
-
60,671
-
1,398,787
-
202,880
-
224,421
1,120,568		 Total
£
8,996,288
273,933
-
9,270,221
3,089,721
190,618
3,280,339
5,989,882
5,906,567

The net book value of land and buildings consists almost entirely of freehold buildings. In the opinion of the Governors the cost of freehold land included within the above figure is not material. All tangible fixed assets are held for use by the school on direct charitable activities.

Page 28

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

14. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2025
£
385,386
43,087
160,735
589,208		 2024
£
56,081
38,463
114,512
209,056

15. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Pensions
Other creditors
Accruals
Pupil deposits
Fees in advance (see note 17)		 2025
£
199,858
409,550
56,581
42,269
41,690
631,643
204,508
1,586,099		 2024
£
125,990
60,923
13,318
28,563
444,252
583,548
193,558
1,450,152

16. Creditors: Amounts falling due after more than one year

2025 2024
£ £
Pension deficit creditor 48,350 22,440

Page 29

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

17. Deferred income (Fees in advance)

Deferred income at 1 September 2024
Resources deferred during the year
Amounts released from previous periods
Deferred income at 31 August 2025 (see note 15)
Financial instruments
Financial assets
Financial assets measured at amortised cost
Financial liabilities
Financial liabilities measured at amortised cost		 2025
£
193,558
204,508
(193,558)
204,508
2025
£
3,756,060
2025
£
(964,750)		 2024
£
178,249
193,558
(178,249)
193,558
2024
£
3,320,756
2024
£
(1,237,496)

18. Financial instruments

Financial assets measured at amortised cost comprise trade debtors, other debtors and cash at bank.

Fiinancial liabilities measured at amortised cost comprise trade creditors, accruals, acceptance deposits and other creditors.

Page 30

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

19. Statement of funds

Statement of funds - current year
Balance at 1 Balance at
September 31 August
2024 Income Expenditure 2025
£ £ £ £
Unrestricted funds
General Funds 7,841,675 5,454,232 (5,059,226) 8,236,681
Restricted funds
Hardship/bursary 24,155 11,392 - 35,547
Total of funds 7,865,830 5,465,624 (5,059,226) 8,272,228
Restricted funds relate to hardship / bursary fees charged to families to support bursary pupils at the
school.
Statement of funds - prior year
Balance at Balance at
1 September 31 August
2023 Income Expenditure 2024
£ £ £ £
Unrestricted funds
General Funds 7,451,171 5,127,121 (4,736,617) 7,841,675
Restricted funds
Hardship/bursary 6,339 17,816 - 24,155
Total of funds 7,457,510 5,144,937 (4,736,617) 7,865,830

Page 31

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
5,989,882
Current assets
3,881,248
Creditors due within one year
(1,586,099)
Creditors due in more than one year
(48,350)
Total
8,236,681		 Restricted
funds
2025
£
-
35,547
-
-
35,547		 Total
funds
2025
£
5,989,882
3,916,795
(1,586,099)
(48,350)
8,272,228

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2024
£
5,906,567
3,407,700
(1,450,152)
(22,440)
7,841,675		 Restricted
funds
2024
£
-
24,155
-
-
24,155		 Total
funds
2024
£
5,906,567
3,431,855
(1,450,152)
(22,440)
7,865,830

Page 32

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Increase in debtors
Increase in creditors
Net cash provided by operating activities
22.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
23.
Analysis of changes in net debt
At 1
September
2024
£
Cash at bank and in hand
3,222,799
3,222,799		 2025
2024
£
£
406,398
408,320
190,618
165,326
(71,673)
(92,642)
(380,152)
(97,655)
161,857
370,445
307,048
753,794
2025
2024
£
£
3,327,587
3,222,799
3,327,587
3,222,799
Cash flows
At 31
August 2025
£
£
104,788
3,327,587
104,788
3,327,587

24. Capital commitments

There were capital commitments of £Nil at year end (2024: £250,109) .

Page 33

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

25. Pension commitments

Independent Schools’ Pension Scheme

The company has a residual ongoing liability to a defined benefit pension scheme in respect of a former employee. The company participates in the Independent Schools’ Pension 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 to obtain sufficient information to 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 to 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 carried 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 will 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 1st September)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable 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 rate is recognised as a finance cost.

The School contributed to the defined contribution pension scheme for non-teaching staff. Contributions totalling £82,730 were payable to the scheme for the year.

APTIS

The School has contributed to APTIS, a defined contribution pension scheme on behalf of teaching staff. Contributions totalling £325,156 were payable to the scheme for the year.

Page 34

ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

25. Pension commitments (continued)

2025 2024
£ £
Present value of provision 48,350 22,440

Reconciliation of opening and closing provisions:

Provision at start of period
Unwinding of the discount factor (interest expense)
Deficit contribution paid
Remeasurements – impact of any change in assumptions
Remeasurements – amendments to the contribution schedule		 2025
£
22,440
979
(3,089)
(207)
28,227
48,350		 2024
£
23,309
1,257
(2,999)
873
-
22,440

Defined Contributions Schemes

The school participated in other defined contribution schemes for non-teaching staff:

2025 2024
£ £
Contributions payable by the school for the year 82,730 81,679

26. Operating lease commitments

At 31 August 2025 the School had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2025
£
78,006
116,602
194,608		 2024
£
44,259
15,247
59,506

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ST CHRISTOPHER'S SCHOOL (HAMPSTEAD) LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

27. Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

28. Related party transactions

Donations totalling £Nil (2024: £7,216) were received from PTFA (Parents, Teachers and Friends Association), previously known as Friends of St Christopher’s School (Hampstead) Limited. This is a parents’ association which assists in providing facilities for education not normally covered by the school’s funds.

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