Company Number: 1838655 Charity Number: 516113 The St Peter and St Paul School Trust Annual Report and Flnancial Statements Year Ended 31 August 2024
The St Peter and St Paul School Trust Annual report and ffnancial statements for the year ended 31 August 2024 Contents Pages: Reference and administrative details of the charitable company* its trustees and advTsors 2to8 Report of the trustees 9t012 Independent auditor5, report 13 Statement of financial actiVTties 14 Balance sheet 15 Statement of cash flows 16to26 Notes formlng part of the financial statements
The St Peter and St Paul School Trust Reference and administrative details of the charltable companyp Its trustees and advisors for the year ended 31 August 2024 Trustees Mr5 K Denton - resigned 30 November 2024 Mr P Pollard Mr C Ball Mr C Burton Revd P Coleman Mrs A Catnm Mr N Clarkson Mrs C Kay Mrs R Cockcroft - appointed 01 Septernber 2024 Mr T Watson-mitchell - appointed 01 September 2024 Head Mr T Newton Senior Leadership Team Mr T Newton Mrs A Austin Mr S Nixon Mrs G Horne Mr E Gregory Mr R A Castleton Company registered number 1838655 Charity registered number 516113 Registered Office Brambling House Hady Hill Chesterfield S41 OEF Auditors Harris & Co Limited lknrland House 13 Huddersfield Road Barnsley South Yorkshire S70 2LW Bankers Lloyds Bank Rose Hill Chesterfield S40 1LR
The St Peter and St Paul School Trnst Report of the trustees (including directors, report) for the year ended 31 August 2024 The Board of Trustees submits its report, together with the financial statements for the year ended 31 August 2024. The financial statements have been prepared in accordance with the accounting polices set out in notes to the accounts and comply with the charitable company's governing document, the Charities Act 2011 and Accounting and Report7ng by Charities: Statement of Recommended Practice applicable to charities in the UK and Republic of Ireland (FRS102) published on 16 July 2014 (as amended by Update Bulletin 1 published on 2 February 2016). Structure. Governance and Management Governfng Document and Principal Activity The principal activity is the operation of a primary school which dates to 1948. The charitable company was Incorporated in England and Wales under the Companies Act In 1984. The school is governed by its Memorandum and Articles of Association. The Liability of its members is limited to £1 each by guarantee. The investment powers of the charitable company are set out in its Memorandum and ArticLe5 of Association and aLlow the charitable company to borrow and invest at the Board's discretion. In 2023124 the Chair was Mrs K Denton who stood down at the end of her tenure in November 2024 being replaced by Mrs A Camm. Governfng Body The school is governed by the Board of Trustees, together with the Headteacher and Senior Management, who are responsible for setting its strategic direction and for estabLishing policy. The minimum number of Trustees is 5. No Trustee receives any remuneration from the school. Trustees who have children attending the school are charged full fees. Appolntment of Trustees The Articles of Association of the Trust provide for the annual retirement of one third of the Board and the appointment by election of their successors. The Board contains a mix of parents from the school and members of the wider community. A wide variety of professionals and an educatTonalist from outside this school serve on the Board. The Board of Trustees operates the following sub-committees: Finance Sub-committee (Chairman: Nick Clarkson), Education 5ub-Committee (Chairman: Revd Patrick Coleman), and Estates and Health & Safety Sub-committee (Chairman: Chris Ball). Trustee Induction Trustees receive a letter of introduction together with copies of the Memorandum and Articles of Association, a series of induction documents and earlier Board Minute5. Trustees attend statutory training, including safeguarding, and are encouraged to attend other relevant train7ng e.g. safeguarding, online-5afety and finance, which may be provided in house or by competent external bodies, such as AGBIS for which the school has membership. Organisational structure and decision rnakfng The Board of Trustees meets at Least once each terrn. although in practice once each half-term, (minimum of 3 times a year) and each fulL meeting is preceded by a meeting for each of the sub- committees. The Finance Office provides cashflow against budget reports and Termly Management Accounts for the Business & Finance sub-committee and for full Board Mting5. Finance Sub-committee is responsible for planning the financlal sustainability of the school. The Education Sub-committee is responsible for ensuring the curriculum offering and the standard of education and monitoring meet the required standards and are continually developing. The commlttee also has oversight of the pastoral and well-being provision of the school for both pupiLs and staff. The Estates and Health & safety Sub-committee is there to ensure the Trust'5 main asset, its buildings, are properly utilised and maintained and that all who enter our prem7ses are safe. Minutes of all sub-committee meetings are submitted to all tmstee5. Aims and objectives are recorded in the Board Action Plan which is periodically reviewed.
The St Peter and St Paul School Twst Report of the tru5tee5 (includlng dlrectors, report) for the year ended 31 August 2024 The day to day running of the school is delegated to the Head supported by the Senlor Leadership Team who meet weekly during term time. They are also involved with one or more of the Sub-committees providlng a direct link to the Trustees. They are responsible for ensuring that the school works within the policies and procedures approved by the Trustees. The Head oversees the recruitment of all staff and is invited to attend all trustee meetings. Pay pollcy for senior staff Reference is taken of pay scales within the state and private education sector on appointment but is not a binding princlple. Consideration Is aLso given to experience and skills, and preva7ling market rates. After appointment the remuneration is reviewed annuallyy taklng into account performance. The judgement of perfomiance is under-pinned by setting of objectives and revlew of achievement during the year. Rlsk Management The Trustees and staff team of the Trust have worked together to identify the major risks to which the charitable company is exposed, reviewed the current systems and policies that mitigate the risks and implemented a number of changes to further reduce the risks. The Trustees are commltted to monitoring a risk register and to taking action (from a regularly reviewed action plan), constantly to improve the management of the trust for all Its stakeholders. The trustees are satisfied that the major risks identified, includlng the recent imposition of 20% VAT on School Fees, business rates changes, national insurance rises and above 7nflation increase in the minimum wage, have been adequately mitigated where necessary. The risks identified incLude academlc attainment, personnel matters, financial constraints, government legislative change as above, operational and market factors. Reserves Pollcy As at the 31, August 2024 the charitable company had no restricted funds and so its total funds of £702,717 (2023: £740,569) were all unrestricted. The forecast for 2024125 shows a surplus position and whilst the 2025126 budget is currently break-even, the Board look forward to working towards growing this into a modest surplus. Alms, Objectlves and Prlncipal Activities The objects of the school are speclfied in the Memorandum of Association. The principal activlty of the charitable company continued to be the provision of educational facilities at St Peter & St Paul School, Chesterfield. This is, however, set in the context of the broader goals we set for the school and its pupiLs. In setting our objectives and planning our activities Trustees have given careful consideration to the Charity Commission's general guidance on public benefit. The Aims of the St Peter and St Paul khool Trust are to provide the best: Standard of Education Standard of Care Opportunities Preparation for life for pupils Investment for parents
The St Peter and St Paul School Trust Report of the trustees (including directors. report) for the year ended 31 August 2024 Revlew of Actlvltfes and Achlevements Academic SPSP continues to perform competitively versu5 local state primary schools and independent schools. The school took part in external SAT'S at Year 6. 100% of pupils met or exceeded the expected national standard in reading, 94% met or exceeded the expected National standard in Grammar, punctuation and spelling, 80% met or exceeded the expected National Standard in Mathematics. 100% of pupils met the national expected standard in writing and also in Science. Year one took part in internal phonics screening with a 94% pass rate. All children in Years 1 contlnue to be assessed through the Rising Stars Assessments on a termly basis with data used to further inform planning and intervention in the quest to further raise attainment. All but one pupil Year 6 were awarded their first-choice secondary school. The school ha5 continued to develop its academic programme with a focus on reviewing the Mathematics curriculum, introducing a new scheme and online platform to further sUPPOrt learning in this area of the curriculum. The curricuLum continues to be reviewed on an ongoing basis to ensure that it is relevant and appropriate to our pupils and a development plan for further improvements is in place. Music and Drama Parents. Assemblies, musical concerts and drama performances occur frequently throughout the year with all children given the opportunity to perform in a varlety of contexts. Individual music lessons continue in person with children taking up new instruments and preparing to take ABRSM music exams throughout the year in at least seven different instruments. Sport remaTns a significant part of school life. Children continued to enjoy a balanced programme of sport and PE taught by specialist teachers. Swimming is taught throughout the school from Reception Cla55. The children take part in regularly inter school fixtures from year 3-6 as well as wider events like interhouse cross country and an annual sports, day. Plans for the new MUGA pitch look to be positive since Sports England's recent removaL of objections and the Spring of 2025 is looking to positiveLy enter the planning process. Life skills The Life Skills curriculum has been redesigned and now features a bi-annual rolling programme of Life Skill5 including, swimming, mini first aid, young enterprise, forest school, finance for children, wellbeing, team building, Nutrition, Eco and sustainability for all pupils in KS2. The essential maintenance was carried out to our own climbing wall which is a feature of the schools. new enrichment offer. The annual residential and activity week for all pupils was a success and Forest School continue5 to be taught weekly to Reception, Year 1 and Year 2.
The St Peter and St Paul School Trust Report of the trustees (including directors, report) for the year ended 31 August 2024 Facilities Our investment in IT continued with new IPAD'S for Reception to Year 3. We continue to invest in prograrnmes such as 'MyConcern' and teaching programmes to enhance the academ7c and pastoral support for our children. Bursa Awards The trustee tearn continue to view Bursary awards as critical in ensuring that children from families who would otherwise not be able to afford independent education can access the education we offer. Our Bursary Awards are available to aLI who meet our general entry requirements and are made on the basis of parental means or to relieve hardship where a pupil's educatTon and future prospects would otherwise be at risk, for example in the case of redundancy. Bursary awards range from 10% to 30% remission of fee5. Bursaries are awarded on an annual basis and are subject to an annual review. Our process is based on the guidance from ISBA. Our bursaries and scholarships comprise approx7mately 4% of our total fees. To underline the value we place on continuity for familles, we offer discounts where parents have more than one child at schooL. The value of all bursaries in the year were £43,367 (2023: £56,963) and as a result we were able to support 14 (2023: 18) pupils through our bursary scheme. Bursaries are reviewed on an annual basis during the Spring term and are approved by a Bursary Committee. enditure Rigorous cost controls have again ensured that the finances of the school are in line with what is needed to ensure sustainabiLity. Expenditure for 2023-24 has remained tishtly controlled and are at a level that will ensure continuity based on a minitnum baseline of pupil numbers. The school roll was 111 during the academic year. Public Benefit The trustees are fully aware of their restM)nsibilities under the Charities Act 2011 to demonstrate the public benefit provided. This is an area under constant review and will continue to be improved wherever thi5 is possible without detractlng from the objectives of the school. St Peter & St Paul Sch(M)l is a charitable trust which seek5 to benefit the public through the pursult of its stated alms. The school benefits society by educating children from all backgrounds and intellectual abilities. The school is broadly non-seLective by academic ability. Our fees are set at a level to ensure the financial viability of the school and at a level that is consistent with our aim of providing a f7rst-class education to all our pupils. As an equal opportunity organisation, we are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity? religion, sex, sexual orientation or disability. We will make reasonable adjustment to meet the needs of staff or pupils who are or become disabled.
The St Peter and St Paul School Trust Report of the trustees (Includlng directors, report) for the year ended 31 August 2024 Public Benefit continued Access to the education we offer is not restricted to those who can afford our fees. We believe our pupils benefit from learning within a diverse community. A great deal of learning occurs through social interaction, conversation and shared experiences which help our pupils develop an understanding of the world around us. The Trustees have always given consideration to applications from parents who are unable to pay full fees and this is formalised under the School's Bursary Scheme to ensure that education at St Peter and St Paul is made available to some pupils who would otherwise be unable to afford it. The Trustees believe in the importance of the school's reLationship and involvement with the local comrnunity. Pupils at our school are encouraged to become engaged with the community by supporting charities both local and national. We are actively involved in our local NHS hospital and the Crooked Spire Church and Parish. When appropriate our local community are invited to attend events held at SPSP. Volunteers Our parent body (Friends of SPSP) have been instrumental in raising funds for the school with a range of events. The Board would like to take this opportunity to thank all parents and Friends of SPSP for their continuing and valuable support. Flnancial Revfew The school's financial year is set to coincide with the academic year, running from 1 September to 31, August each year. The account5 for the year ended 31" August 2024 are included below. The school Is self-financing; the only income being from fee5 paid by parents, after-school clubs and hire charges for use of school building by other organisations. Our aim is not to produce a profit, but when any surplus is made, it will be used to fund the immediate and future operations of the school and any developments. As an educat70nal charity we received tax exemption in the year 2023124 on our educatTonal activities provided these are applied to our charitable aims. However, we are unable to reclaim VAT on our costs as we are exempt for VAT purposes. In addition, we pay national insurance contributions as an employer. This year the school educated 111 children. This saved the public purse £772,560 assuming an estimated cost of £6,960 per pupil for state education which frees this amount for spending elsewhere in the public sector. During the year, the school made a net loss of £37,852 (2023: £64,309 surplus). Unrestricted funds carried for*iard are £702,717 (2023: £740,569).
The St Peter and St Paul School Trust Report of the trustees (including dirertor5' report) for the year ended 31 August 2024 Going Concern The charitable company has made a net loss of £37,852 in comparison to a surplus of £64,309 (2023) and the trustees have taken steps to ensure costs are tightly controlled while specifically increasing the revenue streams for the charitable company and again projecting a surplus in 2025126. The charitable company has prepared detailed flnanclal forecasts to August 2026 based on signed up pupll numbers, revenue streams and known costs. The latest management accounts show the financial results are in line with the charltable company's forecasted results. The cashflow forecasts shows the school can work within the available overdraft limit and the bank has agreed to continue the provision of the overdraft facility. After making appropriate enquiries, the trustees have a reasonable expectation that the school has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Plans for Future Period5 The Trustees intend to contlnue their current strategy of investing in high quality education for our pupils to build on current success. They intend to maintain the school's position in a competitive market by exploiting the school's continued improved performance, optimising the strengths of the leadership team and achieving a high standard of academic results whilst maintaining the depth of the education provided. Future plans continue to include the improvement of the infrastructure of the school including classroom facilities for future pupils whilst improving standards for current pupils who benefit from investments made in the past. The positive development with Sport England pushes forward the MUGA development into delivery In 2025126. Trustees, re5ponslbllltfies fn relatlon to the financial statements The Trustees (who are also directors of The St Peter and St Paul School Trust for the purposes of company law) are responsible for preparing the report of the Trustees and the financial statements in accordance with appLicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The St Peter and St Paul School Trust Report of the trustees (Including directors, report) for the year ended 31 August 2024 Trustees, responslbllltles in relation to the fSnandal statements continued Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charltable company and of the profit and loss of the charitable company for that period. In preparing those financial statements, the Trustees are required to: Select suitable accounting policies and then apply them conslstently; Observe the methods and principles in the Charities SORP 2015 (FRS102)' Make judgements and estimates that are reasonable and prudent; State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and expLained in the financial statements. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company WILI contlnue in bus7ness. The Trustees are responsible for keeping adequate records, which disc105e with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of Information to the auditor5 We, the directors of the charitable company who held office at the date of approval of these financial statements as set out above each confirm, so far as we are aware, that: There is no relevant audit information of which the charitable company's auditors are unaware. and We have taken all reasonable steps that we ought to have taken as directors in order to make ourselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The Trustees report was approved by the Trustees on 6 May 2025 y order of the Board Mrs A Camm Chair of Trustees
The St Peter and St Paul School Trust Independent Auditors, Report to the Trustees of The St Peter and St Paul School Opinion We have audited the financial statements of The St Peter and St Paul School Trust (the 'charitable company,) for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied Tn their preparation T5 applicabLe law and United Kingdorn Account7ng Standards, including Financial Reportlng 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 properly prepared in accordance with United Kingdotn Generally Accepted Accounting Practice" and have bn prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon 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 Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requ7rements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responslbilities 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. Concluslons relatlng to golng concern In auditing the financial statements, we have concLuded that the trustees, use of the going concern basis of accounting in the preparation of the flnancial 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 CoMpanS ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for iue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the Information in the Report of the trustees but does not include the financiaL statements and our Independent Auditors. Report thereon. Our opinion on the financial statements d5 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.
The St Peter and St Paul School Trust Independent Audltors, Report to the Trustees of The St Peter and St Paul School In connect70n with our audlt of the financial statements, our responsibillty 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 audit or otherwise appears to be materially mTSStated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatetnent 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. Opinfons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, Report for the fTnancTal year for whlch the financial Statements are prepared is consistent with the financiaL statements; and the Trustees Report has been prepared in accordance with applicable legal requirements. Matter5 on whlch we are required to report by exceptlon In the light of the 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 Trustees Report. We have nothing to report in respect of the following matters where the Companies Act 2CM)6 requires us to report to you if, in our oplnS0n: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees. remuneration specified by law are not made; or we have not received all the information and explanations we requ7re for our audit. Re5ponsibilfties of trustees As explained more fully in the Statement of Trustees, Responsibilities set out on page 8, the trustees 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 trustees determine 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 trustees are responsible for assessing the charltable company's ability to continue as a g07ng concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 10
The St Peter and St Paul School Trust Independent Auditors, Report to the Trustees of The St Peter and St Paul School Audltors. responslbllltles for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the flnancial statements as a whole are free from materlal misstatement, whether due to fraud or error, and to issue an Independent Auditors, 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 irregularit7es, including fraud is detailed below: Identlfyfng and assesslng potential risks related to irregularities In identifying and assessing risks of material misstatement In respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: Enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and prcKedures relating to: Identifying, evaluating and complying with laws and regulations and whether they were aware of any Instances of non-compliance. Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud" The internal controls established to mitigate risk related to fraud or non-compliance with laws & regulations. Obtaining an understanding of the legal and regulatory frameworks that the charitable company operates in, focusing on those Laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the UK Companies Act 2006, Charities Statement of Recomrnended Practice, UK financial reporting standards as issued by the Financial Reporting Council, employment, environmental and health and safety legislation. Audit response to risks identified To address the risk of fraud through management override of controls, we: Performed analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; Tested the appropriateness of journal entries and other adjustments. Assessed the judgements used in accounting estimates to assess whether these may be indicative of potential bias; and Evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. To address the risk of irregularities and non-compLiance with laws and regulations, we deslgned procedures that included, but were not limited to= Reviewing the financial Statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations; Enquiring of management as to actual and potential litigatlon and cLa7ms' Reading the minutes of meetings of those charged with governance. Reviewing correspondence with relevant regulators and the charity's legal advisors as necessary. 11
The St Peter and St Paul School Trust Independent Audltors, Report to the Trustees of The St Peter and St Paul School Because of the inherent limitatTons of an audit, there is a risk that we will not detect all Irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increase5 the rnore that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud invoLves intentional concealment, forgery) collusion, omission or misrepresentation. A further description of our responsibilities 15 available on the Financial Reporting Council's website at: htt :I/vw.frc.0r .uk/Our-Work/Audit/Audit-and-assurance/Standards-and- uidancelStandards-and- uidance-for-auditors/Auditors-res onsibilities-for-auditlDescri tion- of-auditors-res nsibilities-for-audit.as x. This description forms part of our auditorfs 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 Auditors. Report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. r C4. lan Bragger FCA (Senior Statutory Auditor) for and on behalf of Harris & Co Lim7ted Chartered Accountants & Statutory Auditor Marland House 13 Huddersfield Road Barnsley South Yorkshire S70 2LW 01 181¥ 12
The St Peter and St Paul School Trust Statement of financlal actlvitles for the year ended 31 August 2024 (incorporatlng an Income and expenditure account) Note Total funds Total funds (All unrestricted) (All unrestricted) 2024 2023 Income from: Donations and legacies Charitable activities Other trading activitles 2,363 1,243,083 70,163 320 1,226,005 70,768 Total income 1,315,609 1,297,093 Expenditure: Charitable activities 1,353,461 1,232,784 Total expenditure 1,353,461 1,232,784 Net surplus/(deficit) before other recognised gains and losses and net movement in funds (37,852) 64,309 Reconciliation of funds (unrestricted): Total funds brought forward 740,569 676,260 Total funds carried for¥Yard 702,717 740,569 The notes on pages 16 to 26 form part of these financial statements. 13
The St Peter and St Paul School Trust Balance sheet at 31 August 2024 Company number 1838655 Note 2024 2023 Fixed assets Tanglble assets 10 1,137,395 1,149,265 Current assets Stock Debtors Cash at bank and in hand 11 12 25,217 239,161 337,473 26.236 261,369 299,989 601,851 587,594 Credltors: amounts falllng due within one year 13 (769,425) (729,9451 Net current liabllities (167,574) (142,351) Total assets less current liabllltles Creditors: amounts falling due After more than one year 969,821 1,006,914 14 (267,104) (266,345) Net Assets 702,717 740, 569 Funds Unrestricted funds 702,717 740,569 The directors acknowledge their responsibillties for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to small cornpanTes subject to the smaLI companies, regime and in accordance with FRS102 SORP. The financial statements were approved and authorised for issue by the Board on 6 May 2025 signed on their behalf by: Mrs A Camm Trustee The notes on pages 16 to 26 form part of these financial statements. 14
The St Peter and St Paul School Trust Statement of cash flows for the year ended 31 August 2024 2024 2023 Cash flow from operating actlvltle5 Net cash generated l{used) In operating Seebelow activities 77,059 89,630 Cash flows from investing activities Purchase of tangible fixed assets Proceeds on sale of tangible fixed assets (5,507) (24,084) Net cash used in investlng act1vltles (5,507) 24,084 Cash flows from flnancing activities Loan repayments Cash from new borrowings {34,068) (32,089) Net cash generatedl(used) In flnanclng activities (34,068) {32,089) Change in cash and cash equivalents in the year 37,484 33,457 Cash and cash equivalents brought forward 299,989 266,532 Cash and cash equivalents carried fOrard See below 337 473 299,989 Reconclllatlon of net movement In funds to net cash flow from operatlng actfvltles Net surplus1(deficit) for the year {as per statement of financial activities Depreciation charge {Increase)/decrease in stocks {Increase)/decrease in debtors Increase/(decrease) in creditors (37,852) 17,377 1,019 22,208 74,307 64,309 16,269 5,533 (40,080) 43,599 Net cash provided by operating activities 77,059 Analysls of cash and cash equivalents Bank and Cash in hand Overdraft repayable on demand 337,473 299,989 Net cash and cash equivalents 337 473 299 989 15
The St Peter and St Paul School Trnst Notes forming part of the flnanclal statements for the year ended 31 August 2024 Accountlng policie5 1.1 Basls of preparation of financial statements The charitable company constitutes a public benefit entity as defined by FRS102. The financial Statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recomrnended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS102), the Companie5 Act 2006 and UK Generally Accepted Practice. The financial statements are prepared under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies and key judgements and estimates applied in the preparation of these financial statements are set out below, These accounting policies and key judgements and estimates have been consistently applied to all years presented unless othepNise stated. 1.2 Company status The charitable company is a company limited by guarantee. The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. 1.3 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. The charitable company currently has no restricted funds. 1.4 Going concern The charitable company has reported a deficit of £37,852 during the year and at 31 August 2024 (2023: £64,309 surplus) and had net current liabilities of £167,574 (2023: £142,351) (an increase of 18% compared to the prior year). The Trustees have taken steps to ensure costs are tightly controlled while increasing the revenue streams for the charitable company. The charitable company has prepared detailed financial forecasts to August 2025 based on signed up pupil numbers and known cost5. The latest management accounts show the financial results are in line with the charitable company's forecasted improved results. The cashflow forecasts shows the school can work within the available overdraft limit and the bank agreed to extend the provision of the overdraft facility in July 2024. Whilst the overdraft is due for review in July 2025, the bank has previously been very supportive and in view of the recent improvement in the financial position, and continued strong cash position, the Trustees believe that facilities will continue to be made available beyond the review date. After making appropriate enquirles, the trustees have a reasonable expectation that the school has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial 5tatementS. 16
The St Peter and St Paul School Trnst Notes formlng part of the flnanclal statements for the year ended 31 August 2024 (continued) Accountlng policies (continued) The Trustees and staff team of the Trust have worked together to identify the major risk5 to which the charitable company is exposed, reviewed the current systems and policies that mitigate the risks and implemented a number of changes to further reduce the risks. The Trustees are committed to monitoring a risk register and to taking action (from a regularly reviewed action plan) constantly to improve the anagement of the trust for all its stakeholders. The trustees are satisfied that the major rlsks identified, including the recent imposition of 20% VAT on School Fees, Business Rates changes, National Insurance rises and above inflation increase in the minTmum wage, have been adequately mitigated where necessary. The risks identified include academic attainment, personnel matters, financial constraints, Governmental legislative change as al)ove, operational and market factors. Income recognition All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income from charitable activities consists of fee charges billed, on a termly basis, less bursaries and other discounts. Fees are recognised in line with the term to which they relate. It also includes income from school trips, music lessons and school clubs. For donations to be recognlsed the charitable company will have been notified of the amounts and the settlement date in writing. If there are any conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charitable company, and it is probable that they will be fulfilled. Income from trading activities includes income from the shop uniform shop, breakfast and holiday clubs and rent to raise funds for the charitable company. Income is received in exchange for supplying goods or services fn order to raise funds and is recognised when entitlement has occurred. Interest income is recognised as the charitable company's right to receive payment Ts established. Expenditure recognition 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. Support costs are those costs incurred directly in support of expenditure on the objects of the charitable company. Costs of raising funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. 17
The St Peter and St Paul School Trust Note5 formlng part of the financlal statements for the year ended 31 August 2024 (Continued) Accounting policies (Contlnued) Charitable activities and governance costs are costs incurred on the charitable company's educatlonal operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities. All expenditure is inclusive of irrecoverable VAT. Tangible flxed assets and depreciation Items costing more than £500 are capitalised, amounts less than this may be capitalised if part of a specific project. review for impairment of a fixed asset is carrfed out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impalrment losses are recognised in the statement of financial activities Incorporating income and expenditure account. Tangible fixed assets are stated at cost or valuation, net of depreclatlon and any provision for impairment. Freehold land and buildings are depreciated to reduce the value in the accounts to residual value over its estimated useful Life. Based on this residual value, no depreciation is currently charged on land and buildings. Depreciation on other tangible fixed assets is caLculated in order to write off the cost of each asset, less thei r estimated residual value, over its estimated useful life using annual rates as follow5: Temporary buildings Furniture and fittings Computer over 15 years straight line 15% straight line 25% straight line As permitted under FRS102, the charitable company has elected not to adopt a policy of revaLuation of tangible fixed assets. The charitable company will retain the book valuation of the land and buildings based on historical cost. Operating lease rentals Rentals under operatlng leases are charged to the Ststement of Financial Activities on a straight-line basis over the lease term. Stocks Stocks are valued at the lower of cost and net realisable value after maklng due allowance for obsolete and 5low-moving stocks. Costs includes all direct costs. 1.10 Debtors Trade and other debtors are recognised at the settlement amount after any discount is offered. Prepayments are valued at the amount prepaid net of any discounts due. 1.11 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 thr& months or less from the date of acquisition or opening of the deposit or similar account. 18
The St Peter and St Paul School Trust Notes formfjng part of the finandal statements for the year ended 31 August 2024 (Continued) Accountlng polfcles (Contlnued) 1.12 Llabilities 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 W7ll be requTred in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advance payments for the goods and services it rnust provide. Provisions are measured at the best estimate of the amounts required to settLe the obligations. 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 liabilTty. The unwinding of the discount is recognised w7thin interest payable and similar charges. Financial instrument5 The charitable company has only financial assets and finarbcial liabilities of a kind that qualify as basic financial Instruments. Basic financial instruments are initlally recognised at transaction vaLue and subsequently measured at their settlement value with the exception of bank loans whTch are subsequently measured at amortised cost using the effective interest method. Employee benefits Deflned contributlon pension scheme The school contributes to a defined contribution pension scheme for the benefit of the salaried teaching and salaried non-teaching employees. The pension costs charged against net incoming resources are the contribution payable to the defined contribution schemes in respect of the accounting period in accordance with FRS102. 1.13 1.14 1.15 Terminatlon benefits Termination benefits are employee benefits payable as a result of the school's decision to terminate an employee's employment before the normal retirement date. Prior year adjustment A prior year adjustment has been made to the 31 August 2023 figure5 reported regarding the presentation of staff costs to reclassify costs of £86,199 from teaching staff costs to support and governance staff costs. This has impacted note 6 on page 21 as folLows: 1) Reduction to Teaching staff costs by £86,199 2) Increase to Share of support costs by £84,894 3) Increase to Share of Governance costs by £1,305 In addition, these above adjustments have also resulted in an increase to Salarles, wages and related costs by £86,199, shown in note 7 on page 21 . 19
The St Peter and St Paul School Trust Notes forming part of the flnancial statements for the year ended 31 August 2024 (Continued) Income from donations and legacies 2024 2023 Donations and legacies 2,363 320 Income from charltable activities 2024 2023 Fee income Discounts and bursaries 1,227,678 (96,105) 1,233,107 1110,329) Fee5 for other activities 111,510 103,227 Net fees 1,243,083 1,226,005 Other tradfng activitie5 2024 2023 Income from school uniform shop Rent received Holiday and breakfast clubs 16,912 46,391 6,860 16,617 42,951 11,200 70,163 70,768 20
The St Peter and St Paul School Trust Notes formlng part of the flnanclal statements for the year ended 31 August 2024 (Continued) Expendlture on charftable activities 2024 2023 (Restated Costs of running the School Teaching staff costs Staff tralning and welfare Dlsbursements Event costs Uniform shop purchases Rent, rates and water Grounds costs Light and heat Insurance Repairs, renewals and cleaning Telephone Subscriptlons and journals Licences and maintenance Professional fees Postage and stationery Advertising and marketing Sundries Lease and hire of equipment Lease of minibus Motor expenses Kitchen supplies Books and classroom materials Bad debts Bank charges Loan interest Depreclation 556,864 2,698 53,573 10,814 10,661 17,826 8,023 79,915 22,265 18,514 4,143 19,017 20,561 9,391 8,532 3,011 2,693 2,534 9,422 2,658 38,917 11,060 469,652 7,507 47,223 7,875 13,277 13,783 8,872 86,302 17,155 30,582 3,939 12,256 19,749 9,339 9,089 11,928 347 3,289 12,894 3,733 36,094 13,842 14,612 906 15,495 16,269 1,808 16,080 17,377 948,357 886,009 Share of support costs (see note 7) Share of Governance costs (see note 7) 363,595 41,509 312,457 34,318 1,353,461 1,232,784 Support Costs Support Costs Governance Costs 2024 2023 Basls of (Restated) allocation Salaries, wages and related 363,595 costs Accounting and finance fees 29,309 392,904 337,175 Allocated on Time 9,600 Governance 12,200 12,200 363,595 41,509 405,104 346,775 Accounting and finance fees include auditor's remuneration of £9,450 (2023: £9,(x)o) inclusive of VAT. 21
The St Peter and St Paul School Trust Notes formlng part of the flnanclal statements for the year ended 31 August 2024 (Contlnued) CorporatSon tax The charitable company is exempt from tax on Income and gains falling w7thTn sections 466 to 493 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applled to its charitable objects. Staff costs 2024 2023 Analysis of staff costs: Salaries National insurance Pension costs 744,071 60,823 144,874 634,568 55,366 116,893 949,768 806, 827 No directors, who are also the trustees, received any remuneration in the year. The directors did not receive any reimbursement for expenses in the year. The charitable company pays for indemnity insurance for the trustee5 as part of its overall insurance cover. The annual premium is included In the commercial combined policy premium. Key management personnel comprise of the senior management team. The total pay and employee benefits for the senior management team were £330,860 (2023: £283,903). One employee's total emoluments exceeded £60,000 In the year to 31 August 2024, (which fell within the earnings bracket £60,000 £70,000). No employees, emolurnents exceeded E60,000 in the year to 31 August 2023. There were no settlement agreements made during the year so no payments were paid under these agreements during the year (2023: £nil}. The average nurnber of employees: 2024 2023 Full Time Part Time Full Time Part Tlme Teachers Other staff 10 13 10 15 15 15 12 The average number of employees as a full time equivalent: Z024 2023 Teachers Other staff 11 22 20 22
The St Peter and St Paul School Trust Notes formlng part of the financial ststements for the year ended 31 August 2024 (Contlnued) 10 Tangible assets Freehold Temporary land and bulldlngs buildings Flxture5 and equlpment Computers Total Cost At 1 September 2023 Additions 1,098,879 120,317 2,250 206,357 564 80,539 1,506,092 2,693 5,507 At 31 August 2024 1,098,879 122,567 206,921 83,232 1,511,599 Depreciation At 1 September 2023 Provided for the year 96,255 8,071 188,823 4,716 71,749 4,590 356,827 17,377 At 31 August 2024 104,326 193,539 76,339 374,204 Net book value At 31 August 2024 1,098,879 18,241 13,382 6,893 1,137,395 At 31 August 2023 1,098,879 24,062 17,534 8,790 1,149,265 11 Stocks 2024 2023 Good5 held for resale 25,217 26,236 12 Debtors 2024 2023 Trade debtors Other debtors and prepayments 186,142 53,019 202,929 58,440 239,161 261,369 23
The St Peter and St Paul School Trust Notes formfng part of the financial statements for the year ended 31 August 2024 (Contlnued) 13 Creditors: amounts falllng due wlthln one year 2024 2023 Bank loan and overdrafts (secured see note 15) Trade creditor5 Other taxation and social security Other creditors Accruals Deferred income - fees paid Tn advance 34,067 12,193 32,089 23,175 3,407 14,737 705,021 8,264 12,317 654,100 769,425 729,945 14 Credftors: amounts falling due after more than one year: 2024 2023 Bank loan {secured - see note 15) Deferred income - non-current Other creditors 207,799 35,105 24,200 243,845 22,500 267,104 266,345 An analysis of maturity of debt is as foll0v. Repayable in more than one year but not more than two years: Bank loan Deferred income - non-current Other creditors 34,067 23,404 3,500 32,089 4,250 Repayable between two and five years: Bank loan Deferred income - non-current Other creditors 102,202 11,702 12,500 96,266 11,250 Repayable in more than five years: Bank loan Other creditors 71,529 8,200 115,490 7,000 267,104 266,345 24
The St Peter and St Paul School Trust Notes forming part of the financial statements for the year ended 31 August 2024 (Continued) 15 Financial commltment5 and details of indebtedness The variable rate mortgage loan is repayable over 25 years from October 2005 at 1.75% over Lloyds Bank base rate. The fixed rate mortgage loan of £250,000 is repayable over 19 years at a fixed rate of 5.804%. The Bounce Back Loan of £50,000 is repayable over 10 years with no repayments in the first year at 2.5% interest which accrues from the end of the first year. The loan and the bank overdraft are secured on the assets of the Trust and in particular on Brambling House. Hire purchase contracts are secured on the assets to which they relate. 16 Deferred Income 2024 2023 Deferred income at 1 September 2023 Resources deferred during the year Amounts reLeased from previous years 654,100 740,126 {654,100) 612,316 654,100 {612,316) Deferred income at 31 August 2024 740,126 654,100 Disclosed as: Creditors: amounts falling due within one year Creditors: amounts falling due in more than one year 705,021 35,105 654,100 17 Operatlng lease commitments At 31 August 2024 the Trust was committed to making the following payments under other operating leases as follows: 2024 2023 Operating leases which expire: Within 1 year Within 2 to 5 years 10,268 10,528 18,014 10,926 20,796 28,940 25
The St Peter and St Paul School Trust Notes formlng part of the financlal statements for the year ended 31 August 2024 (Continued) 18 Related party transactlons During the year four trustees (2023: four trustees) had a total of four children (2023: five children) attending the school. Their fees were charged on the same basis available to any other children attending the school. The total fees charged to trustees were £42,128 (2023: £39,712). No bursaries were made available for children of trustees (2023: none). The senior management team had a total of two children (2023: three children) attending the school. The total fees charged to the senior management team were £22,108 (2023: £32,217), of which £21,381 was for school fees (2023: £29,907) and £727 of other income {2023: £2,310). Discounts on school fees provided to the senior management team during the year totalled £10,211 {2023: £15,230). These discounts are in line with school policy. During the year the school purchased services totalling £2,815 (2023: £384) from W G Pollard Limited, a company of which Mr P Pollard is a director. 19 Penslon Obllgations The pension charge in the flnancial statements for the year includes contributions payable to Aviva of £123,258 (2023: £103,999}, in reLation to a defined contrTbution pension scheme for teachers, of which 100% were employer contributions. At 31 August 2024, no balances were due to Aviva (2023: £nil). In addition to the above, contribut7ons of £32,056 (2023: £26,410) were made to a separate defined contribution scheme in relation to other staff, of which £21,616 (2023: £12,894) were employer contributions. At 31 August 2024, £nil (2023: £nil) was accrued in respect of contributions to this scheme. 20 Status The charitable company is incorporated in England and Wales under the Companies Act 1985 as a private company limited by guarantee and not having a share capital. It Is recorded in the Central Register of Charities as Number 516113. There is no overall controlling party. 26