IRIS Accounts Production v25.2.0.378 Other Company accounts True false Pounds 1.9.23 31.8.24 31.8.24 FY FRS 102 Audited Small companies regime for accounts Full Charities SORP Defined benefit pension plans true true true true true false true false false false false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh025107912023-08-31025107912024-08-31025107912023-09-012024-08-31025107912022-08-31025107912022-09-012023-08-31025107912023-08-3102510791ns0:CharitableCompanyLimitedByGuarantee2023-09-012024-08-3102510791ns15:PoundSterling2023-09-012024-08-3102510791ns11:FRS1022023-09-012024-08-3102510791ns11:Audited2023-09-012024-08-3102510791ns11:SmallCompaniesRegimeForAccounts2023-09-012024-08-3102510791ns11:FullAccounts2023-09-012024-08-3102510791ns11:CharitiesSORP2023-09-012024-08-3102510791ns10:TotalForAllPensionPlansExcludingMedicalOtherPlans2023-09-012024-08-310251079132023-09-012024-08-310251079122023-09-012024-08-3102510791ns16:EnglandWales2023-09-012024-08-3102510791ns11:RegisteredOffice2023-09-012024-08-3102510791ns0:Trustee22023-09-012024-08-3102510791ns0:Trustee32023-09-012024-08-3102510791ns0:Trustee42023-09-012024-08-3102510791ns0:Trustee12023-09-012024-08-3102510791ns0:Trustee52023-09-012024-08-3102510791ns0:Trustee62023-09-012024-08-3102510791ns0:Trustee72023-09-012024-08-3102510791ns0:Trustee82023-09-012024-08-3102510791ns0:Trustee92023-09-012024-08-3102510791ns11:CompanySecretary12023-09-012024-08-3102510791ns0:Activity82023-09-012024-08-3102510791ns0:Activity82022-09-012023-08-3102510791ns10:WithinOneYear2024-08-3102510791ns10:WithinOneYear2023-08-3102510791ns0:TotalUnrestrictedFunds2024-08-3102510791ns10:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill2023-09-012024-08-310251079122023-09-012024-08-310251079132023-09-012024-08-310251079142023-09-012024-08-310251079142022-09-012023-08-310251079152023-09-012024-08-310251079152022-09-012023-08-310251079162023-09-012024-08-310251079162022-09-012023-08-310251079172023-09-012024-08-310251079172022-09-012023-08-310251079182023-09-012024-08-310251079182022-09-012023-08-3102510791102023-09-012024-08-3102510791102022-09-012023-08-3102510791112023-09-012024-08-3102510791112022-09-012023-08-3102510791ns10:OwnedAssets2023-09-012024-08-3102510791ns10:OwnedAssets2022-09-012023-08-3102510791ns0:GBP60001ToGBP700002023-09-012024-08-3102510791ns0:GBP60001ToGBP700002022-09-012023-08-3102510791ns10:ComputerSoftware2023-08-3102510791ns10:ComputerSoftware2024-08-3102510791ns10:ComputerSoftware2023-08-3102510791ns10:OwnedOrFreeholdAssetsns10:LandBuildings2023-08-3102510791ns10:ShortLeaseholdAssetsns10:LandBuildings2023-08-3102510791ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-08-3102510791ns10:PlantMachinery2023-08-3102510791ns10:OwnedOrFreeholdAssetsns10:LandBuildings2023-09-012024-08-3102510791ns10:ShortLeaseholdAssetsns10:LandBuildings2023-09-012024-08-3102510791ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-09-012024-08-3102510791ns10:PlantMachinery2023-09-012024-08-3102510791ns10:OwnedOrFreeholdAssetsns10:LandBuildings2024-08-3102510791ns10:ShortLeaseholdAssetsns10:LandBuildings2024-08-3102510791ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-08-3102510791ns10:PlantMachinery2024-08-3102510791ns10:OwnedOrFreeholdAssetsns10:LandBuildings2023-08-3102510791ns10:ShortLeaseholdAssetsns10:LandBuildings2023-08-3102510791ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-08-3102510791ns10:PlantMachinery2023-08-3102510791ns10:FurnitureFittings2023-08-3102510791ns10:MotorVehicles2023-08-3102510791ns10:ComputerEquipment2023-08-3102510791ns10:FurnitureFittings2023-09-012024-08-3102510791ns10:MotorVehicles2023-09-012024-08-3102510791ns10:ComputerEquipment2023-09-012024-08-3102510791ns10:FurnitureFittings2024-08-3102510791ns10:MotorVehicles2024-08-3102510791ns10:ComputerEquipment2024-08-3102510791ns10:FurnitureFittings2023-08-3102510791ns10:MotorVehicles2023-08-3102510791ns10:ComputerEquipment2023-08-3102510791ns10:BetweenOneFiveYears2024-08-3102510791ns10:BetweenOneFiveYears2023-08-3102510791ns10:MoreThanFiveYears2024-08-3102510791ns10:MoreThanFiveYears2023-08-3102510791ns10:AllPeriods2024-08-3102510791ns10:AllPeriods2023-08-3102510791ns0:TotalUnrestrictedFunds2023-08-3102510791ns0:TotalUnrestrictedFunds2023-09-012024-08-310251079112023-09-012024-08-31
REGISTERED COMPANY NUMBER: 02510791 (England and Wales)
REGISTERED CHARITY NUMBER: 1001211














Report of the Trustees and

Audited Financial Statements for the Year Ended 31 August 2024

for

St. Gerard's School Trust

St. Gerard's School Trust






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Report of the Trustees 1 to 9

Report of the Independent Auditors 10 to 12

Statement of Financial Activities 13

Balance Sheet 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 17 to 30

St. Gerard's School Trust (Registered number: 02510791)

Report of the Trustees
for the Year Ended 31 August 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of 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).

Founded in 1915 by the Congregation of the Sisters of Mercy as a girls' day and boarding school, St Gerard's moved to its current location in 1917 where it stands in its own grounds. It has been a fully co-educational day school since the early 1980s. In 1990, a trust was formed and the first lay head teacher appointed in 1991.

OBJECTIVES AND ACTIVITIES
Objectives and aims
St Gerard’s is a day school for children between the age 4 and 18. The Trust continues its mission to provide a high standard of Christian-based education from Reception through A Level, nurturing individual gifts in a caring, inclusive, and co educational setting, with regulation by Estyn, membership of ISA and WISC, and designation by the Welsh Government as having a religious character.

Significant activities
It aims to carry out these objectives by having reference to:

A Christian Setting
Within its Catholic foundation and Christian tradition, St Gerard's aims to welcome students from all traditions in a setting, where every young person has the opportunity to make the most of his or her individual gifts, laying the firm foundation of a successful future, within a caring community.

All-round Development
We seek the all-round development - academic, social and spiritual - of all pupils in our care, aiming for the highest standards each can attain, equipping them as fully as possible for their life beyond school. We wish to help pupils develop as happy, confident people whose contribution to society as adults will be responsible, positive, disciplined and unselfish.

We have a particular commitment to having:

*a welcoming environment in which students are respected as individuals and to which they can contribute in many ways;

*high quality teaching from well-qualified, experienced and committed staff;

*careful monitoring of student progress, and a readiness to help with individual advice and support whenever needed;

*small teaching groups; as well as a variety of opportunities to serve the different skills and interests of students in the school.

The school does not offer specific provision for special needs but it has a proud record of fostering notable success in those students with mild learning difficulties.

Public benefit
The trustees believe that they have complied with the duties as set out in Section 17(5) of the Charities Act 2011, that is to have due regard to the public benefit guidance published by the Charity Commission.


St. Gerard's School Trust (Registered number: 02510791)

Report of the Trustees
for the Year Ended 31 August 2024

ACHIEVEMENTS AND PERFORMANCE
Charitable activities
St Gerard's School Trust has continued to demonstrate outstanding performance, both academically and within our community, maintaining its leadership in Gwynedd and standing out on a national scale.

Academic Excellence:

GCSE Performance:
In 2024, students achieved a *97% pass rate (A-C)**, consistently well above the 62.2% national average. Remarkably, 58% of all GCSE grades were A/A*, more than triple the 19.2% national benchmark.

A-Level Performance:
The School remains within the UK's top 150 secondary schools for A-Level outcomes.

League Table Rankings:
Our excellent exam results placed St Gerard's prominently in national league tables, topping Gwynedd's standings and featuring among the UK's leading independent schools.

Estyn commented positively: "Pupils' performance in GCSE examinations is consistently high when compared with the national average.

Estyn Inspection (March 2025)
The most recent inspection in March 2025 affirmed that St Gerard's meets all the Independent School Standards (Wales) Regulations 2024, with no areas of non-compliance identified.

Key highlights include:
A welcoming, inclusive environment, where pupils feel safe and supported in their learning.
High expectations maintained by staff, employing skilled questioning and encouraging independent learning.
A well-coordinated inclusive provision for additional learning needs, supported by detailed pupil profiles and strategies.
Rapid and significant improvement in PSHE and careers education following the previous inspection.
One recommendation to continue embedding current improvement priorities, signifying a strong self-improvement culture.


St. Gerard's School Trust (Registered number: 02510791)

Report of the Trustees
for the Year Ended 31 August 2024


ACHIEVEMENTS AND PERFORMANCE
Review or other activities
Charitable Engagements:
In 2024, our school community maintained its strong philanthropic ethos. Fundraising efforts included notable campaigns such as the senior school's Just Giving initiative, contributing to various local and national causes. Highlights include:
-Support for underprivileged children and 1:1 mentorship through alumni initiatives.
-Continued integration and educational support for displaced Ukrainian pupils, in partnership with the school and alumni, including White Label Casinos.
These efforts reflect the collective commitment of students, staff, parents, and alumni to both local and global causes.

Infrastructure Enhancements:
Following the launch of a two-year fundraising initiative led by alumnus-backed White Label Casinos, the school is progressing major facility upgrades:
- Redevelopment plans include improved sports and education facilities.
- Initial work has begun on site enhancements aimed at increasing pupil intake and community engagement.
This initiative is a proactive response to evolving needs and supports the Trust's long-term sustainability and capacity.

Challenges and Resilience:
No new major challenges were recorded this year; however, the Trust remains vigilant regarding:
- Property covenant constraints that previously affected junior school site developments.
-Ongoing regulatory monitoring, including VAT implications and estate management.
Despite these, the school continues to demonstrate adaptability and strategic decision-making


Recognition and Prospects:
Notable Achievements:
Senior pupils have received distinguished offers from top-tier universities and showcased exceptional performance academically and extracurricularly. Our value-added scores confirm that, on average, students achieve nearly one grade higher per subject at A-level relative to national benchmarks.

Strategic Outlook
With the facility upgrade programme underway and a strong financial footing, the Trust is well-positioned to expand enrolment and reinforce its reputation for excellence. Trustees continue to monitor external pressures such as regulatory shifts, ensuring the School remains responsive and forward-looking.


St. Gerard's School Trust (Registered number: 02510791)

Report of the Trustees
for the Year Ended 31 August 2024

FINANCIAL REVIEW
Financial review
Overall Performance
The financial performance of St Gerard's School Trust for the year ended 31 August 2024 is outlined in the Statement of Financial Activities. For the year ended 31 August 2024, St Gerard's School Trust reported a net expenditure of £272,457 (2023: £48,878), resulting in closing unrestricted funds of £447,557 (2023: £720,014). The deficit reflects reduced income from pupil fees, alongside continued investment in staffing and facilities to support long-term educational standards

Income and Expenditure Overview:

Income
Total income was £1,318,067 (2023: £1,597,184), with pupil fees of £1,277,192 accounting for the majority. The decline from the prior year is primarily due to lower enrolment and reduced income from trips and excursions.

Expenditure
Expenditure totalled £1,590,524 (2023: £1,646,062). Staffing costs remained the largest element at £1,109,567, reflecting the Trust's commitment to small class sizes and high-quality teaching. Premises costs increased due to

Cash Flow
Cash balances were £106,613 (2023: £206,750), after £155,311 was invested in capital improvements.

Pensions
The Trust remains committed to meeting its obligations under the Teachers' Pension Scheme and the TPT Independent Schools' Pension Scheme, with the latter carrying a liability of £37,365 at year end. Contributions continue in line with the agreed recovery plan.

Risk Management, Going Concern and Future Plans
The Trustees regularly review financial, operational, and compliance risks. Key risks include:

- The introduction of 20% VAT on school fees from January 2025.
- Rising pension and payroll costs.
- Enrolment pressures due to wider economic conditions.

In response, the Trust is undertaking a full review of its business model, including:
- Staffing structures and cost efficiency.
- Enhanced marketing and pupil recruitment strategies.
- Generating additional income through the hire of the school's new sports facilities.

These measures, combined with active reserves management, are designed to return the Trust to a sustainable surplus. The Trustees have considered these factors and, given current reserves, cash flows, and the absence of external debt (other than capital), are satisfied that the Trust remains a going concern for at least the next 12 months.


St. Gerard's School Trust (Registered number: 02510791)

Report of the Trustees
for the Year Ended 31 August 2024


FINANCIAL REVIEW
Reserves policy
The Trustees aim to maintain free reserves at a level sufficient to provide financial stability and ensure the ongoing operation of the school in the event of unforeseen circumstances. Free reserves are defined as unrestricted funds less the net book value of tangible fixed assets, as these assets are essential for the delivery of our charitable objectives.

At 31 August 2024, free reserves stood at a deficit of £329,691 (2023: £54,332). The negative position at year-end reflects a planned year of transition, with expenditure incurred to prepare for the relocation of the primary school to the main site. This strategic investment was made to improve operational efficiency and long-term sustainability.

Subsequent to the year-end, on 9 June 2025, the sale of the primary school property was completed, generating proceeds of £285,451, which will be reinvested in supporting the Trust's objectives and strengthening reserves.

The Trustees are confident that, with this sale completed, continued monitoring of costs, and initiatives to diversify income, the Trust is well positioned to restore reserves to a sustainable level over the medium term.

Reserves are allocated across three primary funds:
1. General funds - unrestricted and available at trustees' discretion for immediate use.
2. Unrestricted pension liability fund - reflecting the School's share of the deficit in defined-benefit pension schemes, with contributions made according to a long-term recovery plan.
3. Designated funds - set aside for earmarked future projects or potential liabilities.

Future Outlook:
Trustees remain acutely aware of external financial pressures, particularly:
- 20% VAT on school fees, effective from January 2025, which is projected to increase costs significantly and potentially impact enrolment.
-Withdrawal of business rates relief and anticipated rises in employer pension and National Insurance contributions, which may affect future surpluses.

In response, the School is proactively:
- Stress-testing its reserves policy to evaluate the impact of VAT and cost escalation scenarios.
- Reviewing whether to designate additional funds (e.g., bursary or contingency reserves) if affordability issues arise for families.
- Adjusting fee levels, fee structures, and budget forecasts to maintain stability and educational quality.


This financial review underscores our ongoing commitment to prudent fiscal management, ensuring that St Gerard's School Trust remains well-positioned to provide an exceptional educational experience while adapting to external financial pressures.

The School, for transparency, therefore allocates reserves into one of two types of funds:

General funds
These are available to spend on activities that further any of the purposes & objects of the School and are allocated at the discretion of the trustees.

Unrestricted pension liability fund
As set out in the notes of the financial statements, the School partakes in pension schemes operated by two pension providers:

Scheme 1: Teachers' Pension Scheme - (TPS)

The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees' working lives with the school trust in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. As stated above, the TPS is a multi-employer scheme and there is insufficient information available to use defined benefit accounting. The TPS is therefore treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate.

St. Gerard's School Trust (Registered number: 02510791)

Report of the Trustees
for the Year Ended 31 August 2024


FINANCIAL REVIEW

Scheme 2: TPT Retirement Solutions - Independent Schools' Pension Scheme

The company participates in the scheme, a multi-employer scheme which provides benefits to some 51 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.

The pension reserve, which represents the School's TPT defined benefit pension liabilities as at year end, has annual valuations prepared by the company, and there is a repayment plan in place so as to eliminate the deficit over a 10 year period. The pensions reserve is reduced by payments made against the agreed recovery plans in the year.

However, should circumstances dictate that the funds are urgently needed elsewhere, then the funds retained therein will be used to further the general aims of the School and will be reallocated at the discretion of the trustees.

Unrestricted bursary fund
These funds, which arose from a generous donation made to the School by its former Head, Miss Parkinson, were fully utilised in the year to August 2019. The primary aim of the fund was to further the support available to pupils, but an unused discretion was granted by the donor for use elsewhere should an urgent need arise.

As at the end of 2024 the School's funds stood at:

Unrestricted funds
£ 484,922 General funds
(£ 37,365) Pension liability fund
£ - Bursary fund
£447,557 Total funds


St. Gerard's School Trust (Registered number: 02510791)

Report of the Trustees
for the Year Ended 31 August 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charitable company is controlled by its governing documents, its Memorandum and Articles of Association, which were incorporated on 11 June 1990 under the registration number 02510791 and amended on 29 November 2016. It constitutes a limited company, limited by guarantee as defined by the Companies Act 2006.

As the company is limited by guarantee the subscribers confirms that in the event of the company being wound up while they are a member, or within one year after they cease to be a member, they will contribute to the assets of St Gerard's School Trust such amounts as may be required for:

* payment of debts and liabilities of the company contracted before they cease to be a member,

* payments of costs, charges and expenses of winding up, and,

* adjustments of the rights of the contributors among themselves, not exceeding the specified amount below.

Subscriber's details and amounts guaranteed

£10 - Mrs A McFarlane

£10 - Miss A Parkinson

£10 - Mrs A Pethig

£10 - Mrs A V Buckland

St. Gerard's School Trust was also registered as a charity on 10 December 1990, under the charity number 1001211.

Recruitment and appointment of new trustees
Only the board of trustees, not individual trustees, may appoint a charity trustee. Trustees are appointed as local Catholics and Christians with appropriate business and social knowledge.

Organisational structure
The Trust
In the transition to lay control, a board of trustees was formed, whose concern is the overall welfare and development of St Gerard's School Trust.

The Governing Body
The Board of Trustees meet, on average, four times a year.

The Chair of Trustees can be contacted via the Trust address which is the school address on the cover page.
A list of the members of the above body is available on request from the school office.

Trustees are appointed in accordance with section 21 of the School's memorandum and articles of association.

The board of Trustees determines the general policy of the school. The day to day management of the school is delegated to the Head Teacher and the Business Manager:

The Head Teacher: Mr. C. Harrison

The Business Manager: Mr S Griffiths

Key management remuneration
The governing board consider the School's key management personnel to be the trustees and the designated 'Senior Management Team', which comprised the head and deputy head teachers as well as the Business Manager. Total employment benefits including employer national insurance and pension contributions of the key management personnel are disclosed in a note to the financial statements.


St. Gerard's School Trust (Registered number: 02510791)

Report of the Trustees
for the Year Ended 31 August 2024


STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Furthermore routine risk assessments have been carried out, identifying and considering potential risks to the charity's operation. Systems by which the risks could be minimised for the present and the future have been implemented and continue to be reviewed.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02510791 (England and Wales)

Registered Charity number
1001211

Registered office
3 Ffriddoedd Road
Bangor
Gwynedd
LL57 2EL

Trustees
Mrs A J Pethig (resigned 18.4.24)
Mr D Breslin
Mrs W McBride
Mrs M J Benson
Mr B Pigott
Ms G M McDonagh (resigned 18.4.24)
Mrs A Jones (resigned 18.4.24)
Dr E L Rawkins (resigned 12.6.24)
Mr D A Clarke (appointed 18.4.24)

Company Secretary
Mr S M Griffiths

Senior Statutory Auditor
Susan Harris MA ACA

Auditors
Champion Accountants LLP
Chartered Accountants, Statutory Auditor
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE

Bankers
HSBC Bank plc
274 High Street
Bangor
Gwynedd
LL57 1RU

Solicitors
Elwyn Jones & Co.
123 High Street
Bangor
Gwynedd
LL57 1NT

St. Gerard's School Trust (Registered number: 02510791)

Report of the Trustees
for the Year Ended 31 August 2024


REFERENCE AND ADMINISTRATIVE DETAILS
Accountant
Dunn & Ellis Cyf
Chartered Accountants and Chartered Tax Advisers
St. David's Building
Lombard Street
Porthmadog
Gwynedd
LL49 9AP

PRINCIPAL ACTIVITY
The trust's principal activity is that of a fee-receiving educational establishment to educate children of all faiths.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of St. Gerard's 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).

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 charitable company and of the incoming resources and application of resources, including the income and expenditure, 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 consistently;
-observe the methods and principles in the Charity SORP;
-make judgements and estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable 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.

In so far as the trustees are aware:

-there is no relevant audit information of which the charitable company's auditors are unaware; and
-the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS
The auditors, Champion Accountants LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 31 August 2025 and signed on its behalf by:




Mrs M J Benson - Trustee

Report of the Independent Auditors to the Members of
St. Gerard's School Trust (Registered number: 02510791)

Opinion
We have audited the financial statements of St. Gerard's School Trust (the 'charitable company') for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (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 Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 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 requirements 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 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 trustees' 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 trustees with respect to going concern are described in the relevant sections of this report.

Emphasis of matter
We draw attention to the Going Concern section within Note 2 (Accounting Policies) to the financial statements, which describes the factors considered by the Trustees in concluding that the going concern basis of preparation is appropriate. That section also explains the uncertainties, including potential changes affecting the independent school sector, which could impact the School's financial performance and cash flows, and acknowledges that there remains a risk that adverse circumstances could arise which might affect the School's ability to continue beyond 12 months. Our opinion is not modified in respect of this matter.

Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
St. Gerard's School Trust (Registered number: 02510791)


Matters on which we are required to report by exception
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 Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our 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 require for our audit; or
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (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 trustees 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 trustees 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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our 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 a Report of the Independent Auditors 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.

Extent to which the audit is considered capable of detecting irregularities, including fraud

The responsibility for the prevention and detection of irregularities, including fraud, lies with the trustees and with those charged with governance. The objectives of our audit in respect of irregularities and fraud are to assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient, appropriate audit evidence regarding the assessed risks and to respond appropriately to fraud or suspected fraud identified during the audit.

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 Report of the Independent Auditors.

Report of the Independent Auditors to the Members of
St. Gerard's School Trust (Registered number: 02510791)


Audit procedures

We determine significant applicable laws and regulations through discussion with those charged with governance and our own knowledge of the industry and design audit procedures to help identify instances of non-compliance with those laws and regulations that may have a material effect on the financial statements.

Our approach is to consider the legal and regulatory frameworks directly applicable to the financial statements reporting framework ((FRS 102 and the Companies Act 2006), safeguarding regulations and the relevant tax compliance regulations in the UK; the nature of the industry; the business performance and the key drivers for management remuneration; the control environment and the procedures in place to address identified risks, including management override, non-compliance with laws and regulations and to prevent and detect fraud or irregularity. We communicate identified laws and regulations throughout our team and remain alert to any indications of non-compliance throughout the audit.

Our procedures are designed to provide reasonable assurance that the financial statements are free from material misstatement or error and include: enquiries of management and of staff in key compliance functions; review of minutes of meetings of those charged with governance; review and testing of manual journals and significant transactions outside the normal course of business; review of financial statement disclosures and testing to supporting documentation; performance of analytical procedures.

We are not responsible for preventing non-compliance and due to the inherent limitations of an audit, as described above, the audit cannot be relied upon to detect all instances of non-compliance with laws and regulations.

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




Susan Harris MA ACA (Senior Statutory Auditor)
for and on behalf of Champion Accountants LLP
Chartered Accountants, Statutory Auditor
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE

31 August 2025

St. Gerard's School Trust

Statement of Financial Activities
(Incorporating an Income and Expenditure Account)
for the Year Ended 31 August 2024

31.8.24 31.8.23
Unrestricted Total
funds funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Charitable activities 4
Incoming receipts from charitable activities 1,318,049 1,595,610

Investment income 3 18 1,574
Total 1,318,067 1,597,184

EXPENDITURE ON
Direct charitable expenditure 5 1,557,369 1,624,065


Governance & support 33,155 21,997
Total 1,590,524 1,646,062

NET INCOME/(EXPENDITURE) (272,457 ) (48,878 )


RECONCILIATION OF FUNDS
Total funds brought forward 720,014 768,892

TOTAL FUNDS CARRIED FORWARD 447,557 720,014

St. Gerard's School Trust (Registered number: 02510791)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Unrestricted Total
funds funds
Notes £    £   
FIXED ASSETS
Tangible assets 11 777,248 665,682

CURRENT ASSETS
Stocks 12 3,661 3,617
Debtors 13 161,428 97,215
Cash at bank and in hand 108,575 207,006
273,664 307,838

CREDITORS
Amounts falling due within one year 14 (565,990 ) (214,695 )

NET CURRENT ASSETS (292,326 ) 93,143

TOTAL ASSETS LESS CURRENT
LIABILITIES

484,922

758,825

PENSION LIABILITY 18 (37,365 ) (38,811 )

NET ASSETS 447,557 720,014
FUNDS 17
Unrestricted funds 447,557 720,014
TOTAL FUNDS 447,557 720,014

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 31 August 2025 and were signed on its behalf by:





Mrs M J Benson - Trustee

St. Gerard's School Trust

Cash Flow Statement
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 54,111 (63,464 )
Interest paid (137 ) (253 )
Net cash provided by/(used in) operating activities 53,974 (63,717 )

Cash flows from investing activities
Purchase of tangible fixed assets (155,311 ) (6,560 )
Sale of tangible fixed assets 1,200 -
Net cash used in investing activities (154,111 ) (6,560 )

Change in cash and cash equivalents in
the reporting period

(100,137

)

(70,277

)
Cash and cash equivalents at the
beginning of the reporting period

2

206,750

277,027
Cash and cash equivalents at the end of
the reporting period

2

106,613

206,750

St. Gerard's School Trust

Notes to the Cash Flow Statement
for the Year Ended 31 August 2024

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING
ACTIVITIES
31.8.24 31.8.23
£    £   
Net expenditure for the reporting period (as per the Statement of
Financial Activities)

(272,457

)

(48,878

)
Adjustments for:
Depreciation charges 38,130 20,492
Loss on disposal of fixed assets 4,414 -
Interest paid 137 253
Increase in stocks (44 ) -
Increase in debtors (64,213 ) (44,983 )
Increase in creditors 349,589 15,095
Difference between pension charge and cash contributions (1,445 ) (5,443 )
Net cash provided by/(used in) operations 54,111 (63,464 )

2. ANALYSIS OF CASH AND CASH EQUIVALENTS
31.8.24 31.8.23
£    £   
Cash in hand 1,055 432
Notice deposits (less than 3 months) 107,520 206,574
Overdrafts included in bank loans and overdrafts falling due within one year (1,962 ) (256 )
Total cash and cash equivalents 106,613 206,750



3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 207,006 (98,431 ) 108,575
Bank overdraft (256 ) (1,706 ) (1,962 )
206,750 (100,137 ) 106,613
Total 206,750 (100,137 ) 106,613

St. Gerard's School Trust

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

St Gerard's School Trust is a limited company, limited by guarantee as defined by the Companies Act 2006 and is registered in England and Wales. The company is also registered as a charity with the Charity Commission.

The company's registered numbers and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in Sterling, to the nearest £.

Going Concern

The financial statements have been prepared on a going concern basis. In reaching this conclusion, the Trustees have considered the impact of recent and proposed changes affecting the independent school sector, including the introduction of VAT on school fees, potential changes to charitable relief on business rates, and increases in employment-related taxes and other operating costs. These factors create uncertainty in respect of the School's future financial performance and cash flows.

The Trustees have prepared forecasts covering a period of at least 12 months from the date of approval of these financial statements. These forecasts include plans to manage costs, safeguard pupil numbers, and diversify income, including seeking legacies and donations. The Trustees are satisfied that, based on these plans and the resources available, the School has adequate financial resources to continue in operational existence for the foreseeable future.

Accordingly, the financial statements are prepared on a going concern basis. The Trustees acknowledge that, as with any organisation, there remains a risk that adverse circumstances could arise which might impact the School's ability to continue beyond 12 months. The financial statements do not include any adjustments that would be required if the going concern basis were inappropriate.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Fee income
School Fees receivable are accounted for in the period in which the service is provided.

Deferred income - advance fees
Where income is received in advance of meeting any performance related conditions and there is not unconditional entitlement to the income, its recognition is deferred and included in creditors as deferred income until the performance conditions are met.

Donations and legacies
Donations and legacies receivable for the general purposes of the charity are credited to ‘unrestricted funds’. Donations and legacies for purposes restricted by the wishes of the donor are taken to ‘restricted funds’.

Investment income
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable.


St. Gerard's School Trust

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Income
Other income
This includes uniform sales and entrance fees are recognised upon receipt.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Intangible assets - website
The website development costs, which are deemed to meet the required criteria, are stated at their cost price, less accumulated depreciation and less amounts recognised in respect of impairment.

The website is deemed to have an expected useful life of 5 years and will be depreciated evenly over this period.

Tangible fixed assets
Fixed assets are stated at their cost prices, less accumulated depreciation and less amounts recognised in respect of impairment.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

a. Freehold property - 1%* on a straight line basis
b. Property improvements - 1%* on a straight line basis
c. Plant & equipment - 25% on a reducing balance basis
d. Motor vehicles - 20% on a reducing balance basis
e. Fixtures & fittings - 25% on a reducing balance basis
f. Furniture etc - 25% on a reducing balance basis
g. Computer equipment - 25% on a reducing balance basis

* For the purpose of the calculation of the Freehold property depreciation charge, the Freehold land with an estimated value of £100,000 on purchase in 2001 is excluded.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation & value added tax
The charity is exempt from corporation tax on its charitable activities.

The charity is not registered for VAT and as a consequence all figures are included as gross figures.

Fund accounting
All funds are currently unrestricted and these can be used in accordance with the charitable objectives at the discretion of the trustees.

There are currently no restricted funds, but the when they arise they can only be used for the particular restricted purposes within the objectives of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.


St. Gerard's School Trust

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Cash at bank
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity from the date of acquisition or opening of the deposit or similar account.

Debtors & creditors
Debtors
Debtors are recognised at the settlement amount due after any discount offered.

Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.

The company has currently not entered into any hire purchase agreements for assets.

Pension scheme disclosures
The charity participates in two multi-employer defined benefits pension schemes: the Teachers' Pension Scheme (England & Wales) for its teaching staff and a scheme operated by TPT Retirement Solutions and known as the Independent Schools' Pension Scheme, for its non-teaching staff.

Scheme 1: Teachers' Pension Scheme - (TPS)
The TPS is treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate.

Scheme 2: TPT Retirement Solutions - Independent Schools' Pension Scheme
Here there are two schemes in operation:

A defined benefit scheme:
This being closed to new entrants.

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.

This scheme is treated in line with accounting principles, and so a provision for the school's share of the deficit is provided for, with actuary adjustments, interest and charges being accounted for through the statement of financial activities.

A defined contribution scheme:
This being treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate.


St. Gerard's School Trust

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

3. INVESTMENT INCOME
31.8.24 31.8.23
£    £   
Bank interest received 18 1,574

4. INCOME FROM CHARITABLE ACTIVITIES
31.8.24 31.8.23
Activity £    £   
School fees Incoming receipts from charitable activities 1,277,192 1,521,870
Events & charitable activities Incoming receipts from charitable activities 14,852 13,314
Other income Incoming receipts from charitable activities 10,160 5,045
Entrance fees Incoming receipts from charitable activities 850 550
Examination fees Incoming receipts from charitable activities - 409
Uniform sales Incoming receipts from charitable activities 14,431 6,220
Trips & excursions Incoming receipts from charitable activities 564 48,202
1,318,049 1,595,610

Reconciliation of the gross fees to the net amount disclosed on the statement of financial activities

2024 2023
Gross fees £1,408,746 £1,608,167
Less:
Bursaries £25,146 £26,529
Discounts & other deductions £106,408 £59,768

Fee income invoiced in the year £1,277,192 1,521,870

5. DIRECT CHARITABLE EXPENDITURE

Administration of the school
31.8.24 31.8.23
£    £   
Diocese land rent 100 100
Departmental expenses 21,916 25,031
Examination fees 12,584 13,901
Subscription & licences 25,742 15,393
Telephone 5,710 5,760
Postage and stationery 21,074 29,436
Sundry meetings & refreshments 3,761 3,330
Advertising 33,531 3,259
Continued professional development and training 545 2,189
Protective clothing 635 -
Trips & excursions 14,063 56,532
Uniform purchases 20,517 11,630
Minibus running costs 3,484 2,907
Disclosure and barring service checks 349 375
Repairs and renewals 819 -
IT maintenance and contracts 36,000 40,000
Equipment Repairs 688 -
Sundry expenses 775 -
Depreciation 38,130 20,492
Carried forward 240,423 230,335

St. Gerard's School Trust

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

5. DIRECT CHARITABLE EXPENDITURE - continued

Administration of the school - continued

31.8.24 31.8.23
£    £   
Brought forward 240,423 230,335
Loss on sale of assets 4,414 -
Interest payable and similar charges 137 253
Events & charitable activities 21,757 10,645
266,731 241,233


Staffing costs
31.8.24 31.8.23
£    £   
Staff costs 1,109,567 1,246,865
Recruitment costs 5,735 1,020
Interest payable and similar charges 3,547 (597 )
1,118,849 1,247,288


Premises costs
31.8.24 31.8.23
£    £   
Cleaning and waste removal 23,664 47,724
Heat & light 49,650 33,717
Insurance 14,019 12,480
Rates & water 8,501 8,545
Building maintenance & other repairs and renewals 75,532 33,078
Property repairs 423 -
171,789 135,544

Aggregate amounts 1,557,369 1,624,065


St. Gerard's School Trust

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

6. SUPPORT COSTS
Governance
costs
£   
Other resources expended 33,155

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.8.24 31.8.23
£    £   
Auditors' remuneration 4,800 4,800
Depreciation - owned assets 38,131 20,494
Diocese land rent 100 100
Deficit on disposal of fixed assets 4,414 -

8. TRUSTEES' REMUNERATION AND BENEFITS

All trustees give their time freely and there were no other benefits received by them neither during the year ended 31 August 2024 nor for the year ended 31 August 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.


9. STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL
31.8.24 31.8.23
£    £   
Wages and salaries 921,988 971,907
Social security costs 79,661 89,508
Other pension costs 107,918 185,450
1,109,567 1,246,865

The average monthly number of employees during the year was as follows:

31.8.24 31.8.23
Full time teachers 16 15
Part time teachers 9 14
Full time teaching assistants 1 1
Part time laboratory technician 1 1
Part time caretakers 4 3
Management & administration (full time) 3 3
Management & administration (part time) - 1
34 38

St. Gerard's School Trust

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

9. STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL - continued

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

31.8.24 31.8.23
£60,001 - £70,000 1 1

The governing board consider the School's key management personnel to be the trustees and the designated 'Senior Management Team', which comprised the head and deputy head teachers as well as the Business Manager. Total employment benefits including employer national insurance and pension contributions of the key management personnel amounted to £235,337 in the year (2023: £247,980).

The School also made a total contribution of £115,128 (2023: £190,298) into pension plans on behalf of the employees, with this including the contributions made to key management personnel. For more information about the pension plans, reference should be made to note 2 and 18.

10. INTANGIBLE FIXED ASSETS
Website
£   
COST
At 1 September 2023 and 31 August 2024 4,500
AMORTISATION
At 1 September 2023 and 31 August 2024 4,500
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 -

11. TANGIBLE FIXED ASSETS
Freehold Property Plant & Motor
property improvements machinery vehicle
£    £    £    £   
COST
At 1 September 2023 303,244 415,449 65,323 27,600
Additions - 73,058 3,613 -
Disposals - - (19,800 ) -
At 31 August 2024 303,244 488,507 49,136 27,600
DEPRECIATION
At 1 September 2023 44,714 55,630 52,250 9,936
Charge for year 2,032 4,885 3,872 3,533
Eliminated on disposal - - (14,186 ) -
At 31 August 2024 46,746 60,515 41,936 13,469
NET BOOK VALUE
At 31 August 2024 256,498 427,992 7,200 14,131
At 31 August 2023 258,530 359,819 13,073 17,664

St. Gerard's School Trust

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

11. TANGIBLE FIXED ASSETS - continued
Fixtures
and Furniture Computer
fittings etc equipment Totals
£    £    £    £   
COST
At 1 September 2023 573,596 17,391 49,963 1,452,566
Additions 69,930 6,700 2,010 155,311
Disposals - - - (19,800 )
At 31 August 2024 643,526 24,091 51,973 1,588,077
DEPRECIATION
At 1 September 2023 568,798 14,988 40,568 786,884
Charge for year 18,682 2,276 2,851 38,131
Eliminated on disposal - - - (14,186 )
At 31 August 2024 587,480 17,264 43,419 810,829
NET BOOK VALUE
At 31 August 2024 56,046 6,827 8,554 777,248
At 31 August 2023 4,798 2,403 9,395 665,682

12. STOCKS
31.8.24 31.8.23
£    £   
Stocks 3,661 3,617

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
School fees 143,991 79,206
Prepayments 17,437 18,009
161,428 97,215


St. Gerard's School Trust

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts (see note 15) 1,962 256
Trade creditors 23,643 29,871
Social security and other taxes 169,871 23,170
Other creditors 14,067 (733 )
Locker deposits 550 550
Advanced receipts 327,157 151,351
Accrued expenses 28,740 10,230
565,990 214,695

15. LOANS

An analysis of the maturity of loans is given below:

31.8.24 31.8.23
£    £   
Amounts falling due within one year on demand:
Bank overdrafts 1,962 256

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.8.24 31.8.23
£    £   
Within one year 41,265 36,000
Between one and five years 110,328 72,000
In more than five years 67,624 -
219,217 108,000

In June 2022 the School renewed its 4 year computer equipment maintenance agreement with Computer Solutions Cymru Limited. This agreement commenced in September 2022 and included the support of all equipment owned and leased by the School.

In August 2024, a new 10-year lease contract was entered into with JLA for new boilers.

17. MOVEMENT IN FUNDS
Net Transfers
movement between At
At 1.9.23 in funds funds 31.8.24
£    £    £    £   
Unrestricted funds
General fund 758,825 (272,457 ) (1,446 ) 484,922
Pension liability fund (38,811 ) - 1,446 (37,365 )
720,014 (272,457 ) - 447,557
TOTAL FUNDS 720,014 (272,457 ) - 447,557

St. Gerard's School Trust

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 1,318,067 (1,590,524 ) (272,457 )

TOTAL FUNDS 1,318,067 (1,590,524 ) (272,457 )


Comparatives for movement in funds

Net Transfers
movement between At
At 1.9.22 in funds funds 31.8.23
£    £    £    £   
Unrestricted funds
General fund 813,148 (48,878 ) (5,445 ) 758,825
Pension liability fund (44,256 ) - 5,445 (38,811 )
768,892 (48,878 ) - 720,014
TOTAL FUNDS 768,892 (48,878 ) - 720,014

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 1,597,184 (1,646,062 ) (48,878 )

TOTAL FUNDS 1,597,184 (1,646,062 ) (48,878 )

General funds
These are available to spend on activities that further any of the purposes & objects of the School and are allocated at the discretion of the trustees.

Unrestricted pension liability fund
The pension reserve, which represents the School's TPT defined benefit pension liabilities as at year end, has annual valuations prepared by the company, and there is a repayment plan in place so as to eliminate the deficit over a 10 year period. The pensions reserve is reduced by payments made against the agreed recovery plans in the year.

However, should circumstances dictate that the funds are urgently needed elsewhere, then the funds retained therein will be used to further the general aims of the School and will be reallocated at the discretion of the trustees.

St. Gerard's School Trust

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

18. EMPLOYEE BENEFIT OBLIGATIONS

Pension and similar obligations

Teachers' Pension Scheme

Introduction
The Teachers' Pension Scheme (TPS or scheme) is a statutory, unfunded, defined benefit occupational scheme, governed by the Teachers' Pensions Regulations 2010 (as amended), and the Teachers' Pension Scheme Regulations 2014 (as amended). These regulations apply to teachers in schools and other educational establishments, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership.

Membership is automatic for full-time teachers and lecturers and, from 1 January 2007, automatic too for teachers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS.

The Teachers' Pension Budgeting and Valuation Account
Although members may be employed by various bodies, their retirement and other pension benefits are set out in regulations made under the Superannuation Act (1972) and Public Service Pensions Act (2013) and are paid by public funds provided by Parliament. The TPS is an unfunded scheme and members contribute on a 'pay as you go 'basis - contributions from members, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Acts.

The Teachers' Pensions Regulations 2010 require an annual account, the Teachers' Pension Budgeting and Valuation Account, to be kept of receipts and expenditure (including the cost of pension increases). From 1 April 2001, the Account has been credited with a real rate of return, which is equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return.

Valuation of the Teachers' Pension Scheme
As a result of the latest scheme valuation employer contributions were increased in October 2023 from a rate of 23.6% to 28.6%. Employers also pay a charge equivalent to 0.08% of pensionable salary costs to cover administration expenses.
The increased contributions will be in effect from April 2024.

A copy of the latest valuation report can be found on the Teachers' Pension website: https://www.teacherspensions.co.uk/employers/resources/employer-help/references/financial-note.aspx

Scheme Changes
In December 2018, the Court of Appeal held that transitional protection provisions contained in the reformed judicial and firefighter pension schemes, introduced as part of public service pension reforms in 2015, gave rise to direct age discrimination and were therefore unlawful. The Supreme Court, in a decision made in June 2019, rejected the Government's application for permission to appeal the Court of Appeal's ruling and subsequently referred the case to an Employment Tribunal to determine a remedy which will need to be offered to those members of the two schemes who were subject of the age discrimination.

Since then, claims have also been lodged against the main public service schemes including the TPS. The Department has conceded those in line with the rest of the government. In July 2020 HM Treasury launched a 12-week public consultation which will provide evidence to support the delivery of an appropriate remedy for the affected schemes, including TPS.

A final remedy will be determined once the results of the consultation are established.

In December 2019, a further legal challenge was made against the TPS relating to an identified equalities issue whereby male survivors of opposite-sex marriages and civil partnerships are treated less favourably than survivors in same-sex marriages and civil partnerships. The Secretary of State for Education agreed not to defend the case. In June 2020, the Employment Tribunal recorded its findings in respect of the claimant. DfE is currently working to establish what changes are necessary to address this discrimination.

St. Gerard's School Trust

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

18. EMPLOYEE BENEFIT OBLIGATIONS - continued


Any impact of these events will be taken into account when the next scheme valuation is implemented.

Other Information
Under the definitions set out in FRS 102, the TPS is a multi-employer defined benefit pension scheme. The School has accounted for its contributions to the scheme as if it were a defined contribution scheme in line with the provisions set out and the School has set out above the information available on the scheme.

TPT Retirement Solutions - Independent Schools' Pension Scheme

Introduction
A full actuarial valuation for the scheme was carried out with an effective date of 30 September 2023. This actuarial valuation was certified on 11 December 2024 and showed assets of £99.2m, liabilities of £151.5m and a deficit of £52.3m. 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 2025 to 31 January 2034: £6,000,000 per annum (payable monthly and increasing by 3% on each 1st September)

Note that the scheme's previous valuation was carried out with an effective date of 30 September 2020. This valuation showed assets of £201.1m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

- From 1 September 2022 to 30 June 2032: £2,687,000 per annum (payable monthly and 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.

Present value of provision

31 August 2024 £37,365
31 August 2023 £38,811
31 August 2022 £44,256
31 August 2021 £53,787

Reconciliation of opening and closing provisions

Period Ending 31 August 2024

Provision at start of period £38,811
Unwinding of the discount factor (interest expense) £2,093
Deficit contribution paid (£4,993 )
Remeasurements - impact of any change in assumptions £1,454
Remeasurements - amendments to the contribution schedule £-
Provision at end of period £37,365

Period Ending 31 August 2023


St. Gerard's School Trust

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

18. EMPLOYEE BENEFIT OBLIGATIONS - continued

Provision at start of period £44,256
Unwinding of the discount factor (interest expense) £1,795
Deficit contribution paid (£4,848 )
Remeasurements - impact of any change in assumptions (£2,392 )
Remeasurements - amendments to the contribution schedule £-
Provision at end of period £38,811

Income and expenditure impact

Period Ending 31 August 2024

Unwinding of the discount factor (interest expense) £2,093
Remeasurements - impact of any change in assumptions £1,454
Remeasurements - amendments to the contribution schedule £-
Contributions paid in respect of future service * £-
Cost recognised in income and expenditure account £-

Period Ending 31 August 2023

Unwinding of the discount factor (interest expense) £1,795
Remeasurements - impact of any change in assumptions (£2,392 )
Remeasurements - amendments to the contribution schedule £-
Contributions paid in respect of future service * £-
Cost recognised in income and expenditure account £-

*includes defined contribution schemes and future service contributions (i.e. excluding any deficit reduction payments) to defined benefit schemes which are treated as defined contribution schemes.

Assumptions

Discount rates used:
31 August 2024 4.68% per annum
31 August 2023 5.79% per annum
31 August 2022 4.31% per annum
31 August 2021 1.09% per annum

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

19. RELATED PARTY DISCLOSURES

There were no related party transactions for the two years ended on 31 August 2024 except as described within the notes and trustees report of these financial statements.


St. Gerard's School Trust

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

20. POST BALANCE SHEET EVENTS

The trustees have considered the need for disclosure and confirm that they do not believe there to be any adjusting or non-adjusting events to note.