Registered number: 2681512 Charity number: 1014651 ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) CONTENTS Page Reference and administrative details of the Company, its Governors and advisers Trustees, report Independent auditors. report on the financial statements Statemenl of flnancial activities 3-11 12-15 16 Balance sheet 17 Statement of cash flows 18 Notes to the financial statements 19-38
ST CATHERINE'S SCHOOL TWICKENHAM {A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Governors Ms S Hamillon, Chair of Govemors Mrs H Campbell Mrs G Costello (resigned 31 August 2024) Dr D Coughlan Mr M Edwards Mr A Esguevillas Lete Mrs E Morris Mr J Richards Ms V Mast (appointed 1 September 2024) Ms R Toner (appointed 1 November 2024) Company registered number 2681512 Charity registered number 1014651 Registered office Cross Deep Twickenham Middlesex TW14QJ Senior staff Headmistress.. Mrs J McPherson BA (Hons), DipED. MA Bursar, Clerk to the Governors and Company Secretary.. Jonathan Hughes BA (Hons), FCA Senior Deputy Head.. Mrs A Saunders MA (Cantab). PGDL, QTS Head of Prep.. Ms C Sharps BA (Hons)- from 1 January 2024 Head of Sixth Form.. Mr C Stringer BA MA Deputy Head Academic.. Mrs J Hennis Rowe, BA (Hons). MA, PGCE Deputy Head Pastoral: Mrs L Eagers, Bsc (Dunelm), MEd (Cantab), PGCE (Cantab} Pag8 1
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee> REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Independent auditors Feltons Chartered Accountants 1 The Green Richmond Surrey TW91PL Bankers National Westminster Bank plc 25 King Street Twickenham TW13SU Solicitors Veale Wasbrough Vizards Orchard Court Orchard Lane Bristol BS15WS Pension Advisors Barnett Waddington LLP 2 London Wall Place London EC2Y SAU Insurance Brokers Marsh Ltd 4 Milton Road Haywards Heath West Sussex RH16 1AH Page 2
ST CATHERINE'S SCHOOL TWICKENHAM {A company limited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Governors (who are also directors of the charity for the purposes of the Companies Act} presenl their annual report togelher with the audited financial statements of the Company for the period 1 September 2023 to 31 August 2024. The Annual report serves the purposes of both a Trustees. report and a directors, report under company law. The Trustees confirm that the Annual report and financial stalemenls of the charitable company comply with the current statutory requirements, the requirements of the charitable companys governing document and the provisions of the Statement of Recommended Practice (SORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) {effective 1 January 2019). Structure, governance and management Constitution St Catherine's School Twickenham was founded in 1914. On 27 January 1992 it was incorporated as a charitable company, limited by guarantee, registered in England and Wales under company number 2681512 and charity number 1014651. The governing document is the Memorandum and Articles of Association dated 7 December 2009. b. Organisational structure and decision-making policies Under the Memorandum and Articles of Association, the Governors are the members and the Directors of the Company. Under clause 4 of the Articles of Association, the Board of Governors consists of not less than four and not more than fifteen individuals. All Governors are eligible for re election. The Governors who served during the year end and since are shown on page 1 of these financial ststements. The Governing Body is legally responsible for the overall management and control of the School and meets at least three times per year. The Governing Body delegates to Committees the duties specified under the name of each Committee and may, as they see fit, refer other matters to them respectively from time to time. The current Committees of the Governing Body are as follows: Finance, Premises and General Purposes Education Safeguarding Health and Safety In the opinion of the Board of Governors there is no individual able to exercise significant control over the company, in accordance with the Companies Act 2006. The day to day running of the School is delegated to the employees who are considered to be key management personnel, being the Headmistress and the Bursar and Clerk to the Governors, supported by other members of the Senior Management Team, being the Senior Deputy Head, the Head of Prep, the Head of Sixth Form, the Deputy Head {Academic) and the Deputy Head (Pastoral)- The remuneration of key management personnel is set by the Board. The appropriateness and relevance of the remuneration policy is reviewed annually including reference to comparisons with other independent schools to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere. Delivery of the Company's charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure. Page 3
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee> GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Structure, governance and management {continued) c. Methods of appointment or election of Governors The Charity's elected Governors are appointed at a meeting of the Board on the basis of nominations received from existing Governors and the Headmistress to the Board's specifications concerning eligibility, personal competence, range of specialist skills and local availability. d. Policies adopted for the induction and training of governors New Governors are inducted into the workings of the School, including Board policy and procedures, through an informal induction programme, including visits to the School, meetings with senior staff and the provision of information relevant to being a Governor and Trustee. Training, seminars and conferences are available to all Governors to enable them to keep abreast of developments affecting the School and the independenl school sector. Objectives and activities a. Policies Charitable Objects The objects of the Charity, in accordance with its Memorandum and Articles of Association, are the advancement of education generally and, in particular, the provision and conduct of an independent Catholic day school for girls, who are educated from the age of five up to the age of eighteen. In the furtherance of this Object the Governors, as the charity trustees, have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub sector guidance concerning the operation of the Public Benefit requirement under that Act. In meeting these objects, the School's aim is to be a place where girls of all faiths are helped to achieve their personal best and to be part of a friendly and welcoming community. Our goal is to be a school that lives the Gospel values, promotes the dignity of every individual and is committed to inspire all pupils to achieve academic excellence. The spiritual, moral, social and cultural development of pupils is supported through Ihe faith life of the School, which is welcoming and focused on building self worth and belonging. We actively promote the fundamental British values of democracy, the rule of law, individual liberty, free speech and mutual respect and tolerance of those with different faiths and beliefs. The School's goal is also achieved through a wide range of opportunities for all pupils preparing them for the challenges of adult life and helping them to understand and fulfil their responsibilities to self, family and the wider community. Public benefit aim The School's public benefit aim includes its admissions policy, to widen access by assisting students from lower income, or otherwise disadvantaged families, to benefit from a St Catherine's education. It is a requirement that applicants are in sympathy with the Catholic ethos of the School, and selection procedures are also accessible to all applicants regardless of ethnicity, disability or background. We aim to provide the highest quality of academic tuition and to develop the provision of a wide range of opportunities for all pupils, irrespective of their means, faith or cultural background. The School also makes its facilities available to the wider local community. The School's public benefit aim also includes being a valued and responsible member of the community, through building strong mutually beneficial relationships with other schools and community organisalions. Page 4
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Objectives and activities (continued) The Board's main objectives are li} to educate pupils lo high levels of personal and academic achievement lil) to further develop marketing strategies to increase pupil retention and recruitment lili) to further improve communication, both within the School and to external parties {iv) to continue to improve the fabric of the School, its facilities and resources In setting objectives and planning for activities, the Governors have given due consideration to general guidance published by the Charity Commission relating to public benefit. including the guidance 'Public benefit: running a charity {P82)'. b. Strategies for achieving objectives li) Staffing: to maintain the existing high teacherlpupil ratio., to appoint new teaching staff, including staff to support the slrenglh of the School's mission and ethos, together with additional admin roles to support HR, Marketing, IT and other roles., ii) Pupils.. to continue to monitor and develop pupils who have been identified as Able, Gifted & Talented. to develop schemes of work throughout Key Stages 3, 4 and 5,. to cater for GCSE and A Level exams., to continue to develop the new reporting structures; to continue to develop co-curricular provision, and to focus on well being and self worth,. to further support pupils through university applications processes., to continue to develop senior and middle management skills, so as to better enable department and pupil progress,. to continue to develop the Careers programme., iii) Marketing.. to continue to develop marketing materials, and promote a strong and attractive image of the School through the website and social media., to use analysis about the admissions process to improve pupil recruitment; to further develop and maintain effective communication with prospective parents; to conlinue to raise the School's profile externally through participation in external events and competitions,. to continue to market departmental and whole school successes, including via social media- to monitor and improve transition from Prep to Senior School., to continue to invest in Prep so as to strengthen the Year 3-6 model. iv) Communication.. to improve the School website. to ensure all necessary information is readily available on the website,. to further develop and improve communications with current parents., to build on the new opportunities afforded by the implementation of the School's platforms, ISAMS and My School Portal,. v) Community.. to continue to make the School's facilities available to Ihe local community, including with St Mary's University and the Diocese of Westminster,. to further develop the regular community newsletter- to further develop links with local primary schools both in the state and independent sectors., to improve the site, including teaching and sporting facilities,. to use the new Creative Hub to enable community links. c. Activities undertaken to achieve objectives The Charity principally provides education in the Royal Borough of Richmond for girls from the ages of five to eighteen. This year tho school's student population averaged 404 pupils {2023.' 438), of whom 32512023.. 357) were in the Senior School. Page 5
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) GOVERNORS. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Strategic report Achievements and performance a. Review of activitles and factors relevant to achieve objectives Operational performance of the school This was another strong year for GCSE results at St Catherine's. GCSE results were outstanding with a value added score of approximately 1. 42 % (2023.. 36 % ) of pupils achieved grades 9-8, 63 % 12023.. 56 % ) achieved 9-7 and 81 % (2023.. 76 % ) achieved grades 9-6 It was a highly successful year for St Catherine's A Level pupils which was matched with a very strong range of university destinations, with the majority of the year group winning places at Russell Group institutions.. 45 % (2023- 42 % ) of the grades were A. A. 720/0 (2023: 78°/.) of the grades were A. B,. 18V/o (2023: 110/0) of the grades were A". The School has enjoyed more success with academic competitions, including a Year 9 pupil winning the Independent School Mathematician of the Year. Two pupils won the ISA National Championship for Key Stage 3 debating, and St Catherine's pupils placed first and second in the Year 9 ISA STEAM competition. There were also successes in competitions for English (first place in the Key Stage 2 Shakespeare monologue), Medicine and Film & Animation. Pupils have continued to enjoy a wide range of co curricular activities. Improvements to the Swimming Pool {including seating and flooring) and work to improve the playing fields have enhanced the PE and Games environment. Additional staff have also been hired to improve the overall sporting provision and there has been an increased number of fixtures across all sports. Our pupils continue to excel at sport, winning medals internally. locally and nationally. Assembly celebrations regularly include praise for outstanding achievement. We continue to have considerable success in athletics, gymnastics, swimming and rowing in particular. Notable achievements included both Prep and Senior reaching the ISA Athletics national finals. A Year 8 pupil won the National Junior Indoor Rowing Championships. Several pupils represent the region, country or nation in their sport. The Duke of Edinburgh's Award Scheme remains very popular with Senior School pupils and numbers participating at Bronze, Silver and Gold levels are strong. Our musicians have had great success in their Associated Board exams, and drama pupils achieve high LAMDA grades. The drama productions were also great successes, as were the choir concerts, and a pupil cast and crew from the School perform at the Edinburgh Fringe every two years. A Year 4 pupil reached Ihe final of the ISA Music competition, and St Catherine's placed first for the flute ensemble at the ISA Band Competition. Facilities During the Summer of 2024 a comprehensive refurbishment of much of the site was completed. All main buildings were repainted and carpets were laid across much of the senior school. Upgrades to Ihe playing fields and the swimming pool will enable higher usage of these key sporting assets. Significant upgrades to IT infrastructure, network and security are ongoing. A refurbished ICT suite was completed over the Summer including Apple technology to provide best in class teaching and learning. Page 6
ST CATHERINE'S SCHOOL TWICKENHAM {A company limited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Strategic report {continued) Achievements and performance (continued} Other notable improvements include the reconfiguralion of internal offices, a new medical room. curtains for the Main Hall and other targeted improvements across a number of other areas. In September 2024 St Catherine's took over the St James Parish Hall, which is now known as The Creative Hub. The Hub provides dedicated textiles and drama I performing space for the benefit of the School and the local community. Public Benefit Through the School's Public Benefit activity, St Catherine's aims to be a valued member of the community, sustaining strong relationships with local maintained schools and other civic bodies. Additionally, the School encourages our pupils in their altruistic activities, supporting local, national and international initiatives for the wider good. The School is pleased to make facilities available (including the swimming pool,the Hall and the 'Creative Hub,) to other school and community groups. Public Service by Staff: Several members of staff have governing roles in maintained primary and senior schools. Other staff contribute to the community in roles within their churches and other volunteer groups, including a staff member who serves as chair of a group supporting refugees in Ihe community through a local organisation Refugees Welcome in Richmond, and another who serves as a Deputy Commissioner within the Scouts. Links with Local Maintained Schools and Community Groups: St Catherine's continues to forge links with the wider community. We have maintained our very good relationship with St Marfs University. including support for trainee teachers, and attendance at weekly Mass, where pupils read and sing for the congregation,. local parishioners are also invited to attend feast day Masses at St Catherine's and are invited to enjoy a Christmas lunch with the Prep and Sixth Form girls. During 2024 St Catherine's invited over 200 local state and independenl Sixth Form pupils to attend an all day event 'Life Beyond School, al St Catherine's. Wo have further developed strong links with St James, Catholic Primary School, including liaison about inspection preparation and a secondment from St Catherine's, whereby we are now pleased to provide a part time Chaplain. We also support the Twickenham Choral Society with subsidised access to our facilities and through financial donations to support specific programmes of events in the local community. Staff are also working on projects to widen music partnership with the maintained sector. Links with local groups include the School's commitment to charity. St Catherine's pupils work hard to support number of organisations, including the Richmond Christmas Dinner Fund, Mary's Meals and Justice Defenders. The Creativo Hub has enabled more links to be established with the community, including the St James Parish Youth Group. The School also has links with Pope's Grotto PreseNation Trust. The Headmistress sits on the board and we help the objectives of the Trust by opening up the School to host visits to the Grotto. Page 7
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) GOVERNORS. REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 Strategic report (continued) Achievements and performance (continued) Facilities.. We continue to make our School facilities available, either free of charge or at subsidised rates, to local and other charitable groups within and outside school hours. The School remains cornmitted to working with other schools in the area, both independent and state, to support and enhance pupils, educational experience. Examples of such support include providing resources and support lo a number of local maintained schools, making our swimming pool and vehicles available to schools either free of charge or at subsidised rates and providing officials for various County Sporting events, like netball and cross country championships. Bursary Support.. We continue to offer means tested bursaries, increasing access to families who would not otherwise be able to send their daughters to the school. During this academic year 28 (2023.. 36) pupils have benefited from our Bursaries programme. The spiritual life of the School The spiritual life of the School is an important part of each day at St Catherine's. Whole School, Senior, Prep and House Assemblies all include prayer and worship. The Chaplaincy have especially importanl roles, supporting the programme for Mass and liturgies, running retreats and working with other staff to support pupil faith formation and wellbeing. Throughout the year Mass was celebrated al the School on Holy Days of obligation and special feast days. St Catherine's Day at the end of the Summer Temi is an established school event, and includes a Mass for the whole community. A rota enables pupils from each Year Group to attend the Parish Mass on Tuesdays at St Mary's University. Several pupils in the Senior School received the Sacrament of Confirmation, and many Prep girls received their first Holy Communion. Members of staff attended the Masses to share in the celebrations with the girls. The School Travel Plan The School's Travel Plan has been awarded Gold level accreditation with STARS, a national scheme which has the objectives of promoling active travel to school. reducing congestion and improving safety around schools. b. Going concern After making appropriate enquiries, the govemors have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future. For this reason, Ihey continue lo 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. c. Fundraising initiatives and performance The School is beginning a formal appeal for the Music and Art building,. the Summer Ball will be the first major fundraiser. The Friends of St Catherine's {FOSCI supports initiatives, funding Prep equipment, pupil talks, sports equipment and academic resources in order to enhance pupil provision and experience. Page 8
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Strategic report (continued) Financial and risk management objectives and policies Financial review The School's financial position is secure, with reserves increased from year to year with a positive cash flow for the year from operations. At the year end fixed deposits and bank balances amounted to £5,282k, a increase of £973k over tho previous year. During the year, bank loan repayments wore made of £50k (2023 £240k) and fixed asset purchases were made of £424k (2023 . £123k). The total income for the year was 4.60/0 higher than last year (2023.. 6.6 /0 higher). Within that figure, gross fee income was 4.7°/o higher than the previous year (2023: 2.4 % higher). Tuition fees, net of bursary, scholarship awards and other reductions, were 4.6 % higher than last year {2023- 3.10/0 higher). Bursary awards of £286k {2023 - £316k) were made as part of discounts during the year. School Activities Income was £29k lower12023 £236k higher). On the expenditure side, the cost of raising funds (bank loan interest and rate cap premium} was £62k higher {2023 £63k higher} than last year. Charitable activities expenditure was net 4.10/0 higher than last year12023: 5.96 % higher)- This was mainly due to higher staff salaries, an increase in resource provision, and higher employer pension contributions to the teachers pensions schemes, largely due to the significant 74 % increase in the Teachers Pension Scheme employer contribution rate befeen September 2019 and April 2024. A pensions consultation during the financial year has now capped the School's exposure to further rate increases. Net income for the year was 38.2°/o lower than last year at £28,941 {2023: £46,846). This net income has resulted in a return on net tuition fees of 0.4°/. (2023.. 0.80/01. The net income for the year of £28,941 has increased the unrestricted reseNes to £8.975,631. b. Reserves policy Governors keep under review the level and nature of the reserve funds of the School. The annual net operating surplus that is generated is the School's prime source of funding. The accumulation of free reserves is required to finance working capilal needs together with the ongoing capital expenditure necessary to upgrade the School's facilities in order to meet the aspirations of the stakeholders of a premier educational establishment. Al 31 August 2024 there were unrestricted funds of £8,975,631 (2023.. £8,946,690) and tangible fixed assets of £8,302,289 giving positive free reserves of £673,342. The SORP definition of free reserves excludes the fixed assets which have been financed by long tem loans which are included within the definition. For the purposes of short and medium term financial management. the Governors are concerned more with the management of working capital, and the healthy working capital position is entirely in line with the policy of seeking to maintain free resources of at least six weeks total income, to cover the eventuality of a material decline in incoming resources or material unexpected expenditure. c. Principal risks and uncertainties The Board of Governors has considered the principal areas of the School's operations and considered the major risks faced from time to time in each of these areas. Detailed consideration of risk is delegated, as considered appropriate, to individual members of the Board, its Committees and members of the School Senior Management Team. Utilising a Risk Management Matrix, risks are identified, assessed as to their likelihood and potential impact, together with relevant mitigating controls operaled during the year. The above persons monitor the effectiveness of the systems of internal control and viable means, including insurance cover and appointing consultants where appropriate, by which those risks already identified can best be mitigated. A formal review of the risk management process is undertaken by the full Board of Governors on an annual basis. Page 9
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The principal risks currently facing the School are any significant fall in pupil numbers, government action adversely affecting independent schools (including the introduction of VAT on tuition fees from January 2024, increases to employers National Insurance from April 2025 and the loss of mandatory business rate relief from April 2025), the potential failure of compliance with statutory or other regulations and significant cost increases. The general state of the economy will also affect the level and stability of interest rates, which will affect the ability and inclination of banks to lend, the cost of borrowing and the level of investment returns. The key controls used by the School to manage risk include: Detailed terms of reference for all committees Comprehensive strategic planning, budgeting and management accounting Established organisational structures and reporting lines Periodic review of the risk management matrix delegated to Governors, Committees and consolidated by the Board of Governors The establishment of dedicated standing committees for Safeguarding Regular minuted Compliance Meetings, and SEND and Accessibility Meetings attended by SMT and other relevant staff Regular Health and Saf@ty reviews of the site, including visits by governors Rolling review of written School policies Clear authorisation and approval levels and segregation of duties Governors annual strategy day and skills assessment Safeguarding procedures as required by law for the protection of children d. Fixed assets The School's tangible assets are all held for use by the School and at the dale of the accounts there is a legal charge and debenture over them as security for the bank loans. The Governors are confident that the market value of these assets which are currently in use are in excess of the value reflected in these financial statements. An independent valuation for secured lending purposes was carried out in 2023 by a firm of Chariered Surveyors which valued the freehold interest in the property at a market value in its existing use and present condition as a fully equipped and operational entity, having regard to its trading potential of £11 .3 million. Material investments policy The investment powers of the Governors are carried out in accordance with the Memorandum and Articles of Association. The Governors continue to keep under review the investment risks and rewards in the current market and the economy. The investment policy is to maximise the total return with a low risk approach, within the bounds of current financial market conditions. Bearing in mind future emerging development plans, all available retained funds, other than those required for project and day to day working capital management, are placed on deposit with competitive reputable banking institutions. Page 10
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Statement of Trustees. responsibilities The Governors (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees, report including the Strategic report and the financial stalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Govemors to prepare financial statements for each fsnancial year. Under company law, the Governors must not approve the financial statemonts unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources. including its income and expenditure, for that period. In preparing these financial statements, the Governor5 are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP {FRS 102}', make judgments and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Standards (FRS 102} 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 will conlinue in business. The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assels of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditors Each of the persons who are Governors at the time when this Trustees, report is approved has confirmed that: so far as that Trustee is aware, there is no relevant audit information of which the charitls auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Auditors The auditors, Feltons, have indicated their willingness to continue in office. The designated Governors will propose a motion reappointing the auditors at a meeting of the Governors. Approved by order of the members of the board of Governors on 17 March 2025 and signed on their behalf by: Sylvia Hamilton Chair of Governors & Trustee Page11
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST CATHERINE'S SCHOOL TWICKENHAM Opinion We have audited the financial statements of St Catherine's School Twickenham {the 'charitable companl) for the year ended 31 August 2024 which comprise the Statement of financial activities. the Balance sheet, the Slatement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: 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 accordan 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 United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparalion 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 e1ve 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. Page 12
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST CATHERINE'S SCHOOL TWICKENHAM (CONTINUED} Other information The other information comprises the information included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstalements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit= the information given in the Trustees, Report including the Strategic Report for the financial year for which the financial stalements are prepared is consistent with the financial statements. the Trustees, Report and the Strategic Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception Sn the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report including the Strategic Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our 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. Page13
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST CATHERINE'S SCHOOL TWICKENHAM {CONTINUED) Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, 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. Auditors. responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audil 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 irregularitios, including fraud is detailed below: We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. We obtained an understanding of laws and regulations that could reasonably be expected to have a material effect on the financial statements through discussion with management and those charged with governance, including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. We inquired of management and those charged with governance as lo any known instances of non- compliance or suspected non-compliance with laws and regulations. We remained alert to any indications of non-compliance throughout the audit. We addressed the risk of fraud through management override by feviewing the appropriateness of a sample of journal entries and other adjustments,. assessing whether the judgements made in making key accounting estimates are indicative of a potential bias; and evalualing the business rationale of any significant transactions that are unusual or outside the normal course of business that we come across throughout the audit. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstalement in the financial statements or non-compliance with regulation. This risk increases the more 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. Page 14
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST CATHERINE'S SCHOOL TWICKENHAM (CONTINUED) A further description of our responsibilities for the audit of the financial statements is located on the Flnancial Reporting Council's webstte at: www.frc.or .ukJauditorsres onsibilities. This description forms part of our Auditors. report. Use of our report This report is made solely to the charitable companvs members, as a bo(ly, in accordance with Chapter 3 of Part 16 of the Companies Acl 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 pemiitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members. as a body. for our audit work. for this report, or for the opinions we have formed. Richard Rhodes (Senior slatutory auditor) for and on behalf of Feltons Chartered Accountants Statutory Auditor 1 The Green Richmond Surrey TW91PL Date: If131Lr Page 15
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT} FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Charitable activities Lettings income Investments 7,225,232 99,022 147,122 7,225,232 99,022 147,122 6,993,041 88, 130 62,248 Total income 7,471,376 7,471,376 7,143,419 Expenditure on: Raising funds Charitable activities 173,166 7,269,269 173,166 7,269,269 111,298 6,985,275 Total expenditure 7,442,435 7,442,435 7,096,573 Net movement in funds 28,941 28,941 46,846 Reconciliation of funds: Total funds brought forward Nel movement in funds 8,946,690 28,941 8,946,690 28,941 8, 899,844 46,846 Total funds carried forward 8,975,631 8,975,631 8,946, 690 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 19 to 38 form part of these financial statements. Page 16
ST CATHERINE'S SCHOOL TWICKENHAM {A company limited by guarantee) REGISTERED NUMBER: 2681512 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Fixed assets Tangible assels 13 8,302,289 8,221,072 8,302,289 8,221,072 Current assets Debtors 14 1,779,405 5,281,872 1, 925,485 4,308,548 Cash at bank and in hand 7.061,277 6, 234,033 Creditors.. amounts falling due within one year 15 (3,559,334) (3,115,316) Net current assets 3,501,943 3,118,717 Total assets less current liabilities 11,804.232 11,339,789 Creditors: amounts falling due after more than one year 16 (2,828.601) (2,393,099) Total net assets 8,975,631 8,946,690 Charity funds Restricted funds Unrestricted funds 18 18 8,975,631 8,946,690 Total funds 8,975,631 8,946,690 The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees on 17 March 2025 and signed on their behalf by: Sylvia Hamilton Chair of Governors & Trustee The notes on pages 19 to 38 form part of these financial statements. Page 17
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flows from operating activities Net cash used in operating activities 1,300,998 (187,400) Cash flows from Investing actlvities Dividends, interests and rents from investments Purchase of tangible fixed assets 147,122 62,248 (424,384) (122,818) Net cash used in investing activitles (277,262) {60,570} Cash flows from financing activities Repayments of borrowing (50,412) (240, 135) Net cash used in financing activities (50,412) {240,135) Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 973,324 (488,105) 4, 796,653 4,308,548 Cash and cash equivalents at the end of the year 5,281,872 4,308, 548 The notes on pages 19 to 38 form part of these financial statements Page 18
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. St Catherine's School Twickenham meets the definiliors of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise staled in the relevant accounting policy. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £. 1.2 Company status The company is a private company limited by guarantee and is registered in England & Wales. The address of the registered office is Cross Deep, Twickenham, Middlesex, TW14QJ. The members of the Company are the Governors named on page 1. In the event of the Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. 1.3 Going concern The financial statements are prepared on a going concern basis. The governors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, they continue to adopt the going concern basis of accounting in preparing the financial statements. 1.4 Income All income is recognised once the 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. Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP IFRS 1021, the general volunteer time of the Friends of St Catherine's is not recognised and refer to the Governors, report for more information about their contribution. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift lo the company which is the amount the company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market., a corresponding amount is then recognised in expenditure in the period of receipt. Page 19
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs. including support costs involved in undertaking each activity. Direct costs attribulable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. Support costs are those costs incurred directly in support of expenditure on the objects of the Company. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitable activities and Governance costs are costs incurred on the Companls educational operations, including support costs and costs relating to the governance of the company apportioned to charitable aclivities. 1.6 Redundancy and termination payments Redundancy and termination payments are recognised when there is a demonstrable commitment on an individual or group basis that cannol be realistically withdrawn. 1.7 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 1.8 Tangible fixed assets and depreclation A review for impairment of a fixed asset is carried 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 ar8 recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account. Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases.. Page 20
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued} 1.8 Tangible fixed assets and depreciation (continued) Freehold property Motor vehicles Fixtures and fittings 2%-10% oncost 20 % on cost 20 %-33.3 /0 on cost Depreciation is charged as from the year that the assets are brought into use. 1.9 Debtors Fee and olher debtors are recognised at the seltlement amount after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due. 1.10 Cash at bank and in hand Cash at bank and in hand includ@s cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.11 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be eslimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or seNices it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. Liabilities are recognised at the amounl Ihat the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is bas@d on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 1.12 Financlal instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.13 Operating leases Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term. Page 21
ST CATHERINE'S SCHOOL TWICKENHAM {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 1.14 Pensions The company participates in a defined contribution pension scheme for the non teaching staff and the pension charge represents the amounts payable by the company lo the fund in respect of the year. For information on the Teachers, Pension Scheme, please see note 24. 1.15 Fund accounting General funds are unreslricted fund5 which are available for use at the discretion of the Governors in furtherance of the general objectives of the company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Governors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Critical accounting estimates and areas of Judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (i) Recoverability of receivables If necessary, the charity establishes a provision for receivables that are estimated not to be recoverable. When assessing the recoverability the governors consider factors such as aging of receivables, past experience of recoverability, and the credit profile of an individual or groups of customers. (li) Determining residual value and useful economic lives of property, plant and equipment The charily depreciate5 tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variely of factors, including technological innovation, product life cycles and maintenance programmes. Critical areas of judgment: {1) Assessing indicators of impairment In assessing whether there have been any indicators of impaimient of assets, the governors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairment identified during the current financial year. Page 22
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from charitable actlvities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Tuition fees 6,464,739 742,419 18,074 6,464,739 742,419 18,074 6, 179,409 771,588 42.044 School activities Other income 7,225,232 7,225,232 6,993,041 Analysis of tuition fees 2024 2023 Gross fees Discounts and staff allowances Scholarships Bursaries 7,091,055 6.775,306 (94,816) (86,094) (245,138) (194, 131) (286,362) (315,672) 6,464,739 6, 179,409 Analysis of school activities income 2024 2023 After school club 8reakfast club 12,551 4,627 256,155 35,623 18,187 46,610 368,666 17,352 9,351 238,308 41,722 20,060 68, 144 376,651 Visits and trips Examination fees Registration fees Fee deposits surrendered Catering income 742,419 771,588 Page 23
ST CATHERINE'S SCHOOL TWICKENHAM {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of school activities income {contlnued} The average number of pupils in each category and the termly fees charged during the year were as folSows'. 2024 2024 2023 No. 2023 Senior School Junior School Early Years 325 5,970 4,930 4,670 357 5.340 4,410 4,180 73 71 10 Total 404 438 Lettings income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Lettings income 99,022 99,022 88, 130 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Interest receivable 147,122 147,122 62,248 Page 24
ST CATHERINE'S SCHOOL TWICKENHAM IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Expenditure on raising funds Costs of raising voluntary income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Bank interest and rate cap premium 173,166 173,166 111,298 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Total funds 2024 Total funds 2023 Tuition fees School activities 6,558,933 710,336 6,558,933 710,336 6,354, 768 630.507 7,269,269 7,269,269 6, 985,275 Page 25
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Tuition fees School activities 4.929,439 710,336 1,629,494 6,558,933 710,336 6,354, 768 630,507 5,639,775 1,629,494 7,269,269 6,985,275 Total 2023 5,509,656 1,475,619 6,985,275 Page 26
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure by activities (continued) Analysis of direct costs School operations 2024 School activities 2024 Total funds 2024 Total funds 2023 After school club 169 2,427 407,359 267,118 33,263 169 2,427 407,359 267,118 33,263 455,526 37,918 214,154 74,357 390 30 Breakfast club 192 Catering expenditure Visits and trips Exam fees Repairs and maintenance Rates 380,678 208,259 41,348 366,603 42,026 210,767 73,453 2, 500 290,424 24, 500 6,364 16,550 11,270 3,488,822 345.870 455,526 37,918 214,154 74,357 390 utilities Insurance Advertising Books & other academic resources ICT Development Office expenses Training & subs Bank and credit card charges Staff costs Depreciation 193,840 193,840 22,144 23,736 20,731 3,543,476 343,167 22,144 23,736 20,731 3,543,476 343,167 4,929,439 710,336 5,639,775 5, 509,656 Total 2023 4,879, 149 630,507 5, 509,656 Page 27
ST CATHERINE'S SCHOOL TWICKENHAM {A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure by activities (continued) Analysis of support costs School tuition 2024 Total funds 2024 Total funds 2023 Motor expenses Advertising Bad debts and debt collection costs Computer costs Office expenses Telephone Training and subscriptions Staff costs Governance costs 7,855 98,986 6,336 97,389 120,754 17,250 10,322 1,188,017 82,585 7,855 98,986 6,336 97,389 120,754 17,250 10,322 1,188,017 82,585 9,302 50,203 30,427 132,469 104, 759 12,278 17,433 1,059,057 59,691 1,629,494 1,629,494 t,475,619 Total 2023 1,475,618 1.475,619 Analysis of governance costs School tuition Total funds 2024 2024 Total funds 2023 Auditor's remuneration Professional fees 21,853 40,049 20,683 21,853 40,049 20,683 18,294 17,117 24, 280 Legal fees 82.585 82,585 59,691 Page 28
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Auditors. remuneration 2024 2023 Fees payable to the Company's auditor for the audit of the Companrfs annual accounts 14,418 13,602 Fees payable to the Company's auditor in respect of.. All non-audit services not included above 5,922 5,597 10. Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes Operating costs of defined benefit pension schemes 3,664,047 368,305 124,412 574,729 3,554,691 371,613 54, 136 567,438 4,731,493 4,547,878 During the year the Company made a total of £12,600 (2023 £24,110) in redundancy payments and £Nil (2023 £Nil) in ex-gratia payments. No balances were outstanding relating to these at the balancg sheet date. The average number of persons employed by the Company during the year was as follows.. 2024 2023 No. Teaching Non-teaching 56 59 37 41 97 96 Page 29
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Staff costs (continued) The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2024 No. 2023 No. In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £80,001- £90,000 In the band £90,001 £100,000 In the band £100,001- £110,000 In the band £110,001- £130,000 In the band £150,001- £180,000 14 The aggregate remuneration of key management personnel is £753,699 (2023.. £718,956). 11. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 August 2024. no Trustee expenses have been incurred (2023 - £NIL). As itemised above, none of the governors received any private benefit from the Charity. In particular no governor or person connected with a governor received any benefits from means tested bursaries awarded to pupils. 12. Taxation As a charity, St Catherine's School Twickenham is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity. 13. Tangible fixed assets Freehold property Motor Fixtures and vehiGles fittings Total Cost or valuation At 1 September 2023 Additions Disposals 11,732,852 313,494 56.292 1,167,786 110,890 12.956,930 424,384 {25,880} (25,880) At 31 August 2024 12,046,346 30,412 1,278,676 13,355,434 Page 30
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Tangible fixed assets (continued) Freehold property Motor Fixtures and vehicles fittings Total Depreclatlon At 1 September 2023 Charge for the year On disposals 3,565,122 319,017 56,292 1,114,444 24,150 4.735,858 343,167 (25,880) {25,880} At 31 August 2024 3,884,139 30,412 1,138,594 5.053,145 Net book value At 31 August 2024 8.162,207 140,082 8,302,289 At 31 August 2023 8, 167, 730 53,342 8,221,072 The Freehold Land & Buildings have been separated in their component parts on completion of the building works and the useful lives reviewed and amended. The depreciation has been charged on the basis of the revised useful lives. 14. Debtors 2024 2023 Due within one year Fee debtors Prepayments and accrued income 1,658,429 120,976 1.860,334 65,151 1,779,405 1,925,485 Page 31
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Creditors: Amounts falling due within one year 2024 2023 Bank loans Pupil deposits and fees in advance for Autumn term Account5 payable other laxation and social security Other creditors Accrua15 63,087 2,847,830 321,368 97,322 126,954 102,773 223,333 2,426, 134 212,334 100. 728 84,913 67,874 3,559,334 3,115,316 Pupil deposits and fees in advance for Autumn term include the following deferred income.. Deferred incom8 2024 2023 Deferred income brought forward Resources deferred during the year Amounts released from previous years 2,363,386 2,271,844 2,788,330 2,363,386 (2,363,386) (2,271,844) 2,788,330 2,363,386 Deferred income carried forward Page 32
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Creditors: Amounts falling due after more than one year 2024 2023 Bank loans Pupil deposits and fees in advance 2,168,683 659,918 2,058,849 334,250 2,828,601 2,393,099 The loan of £2,231,770 {2023.' £2,282,182) is secured over the property and associated assets and the most recent external valuation for secured lending was carried out by property consultants, with a value of £11.3 million. The interest rate on this loan is 1.59 % over the lending bank's base rate. Where base rate is below zero, it will be deemed to be zero. The loan repayments are based on a 20 year period. 17. Financial instruments 2024 2023 Financial assets measured at amortised cost 6,940,433 6, 168, 882 Financial liabilities measured at amortised cost 4,990,828 3,044,301 Financial assets measured at amortised cost comprise bank balances, trade debtors and other debtors. Financial liabilities measured at amortised cost comprise bank loans, trade creditors. other creditors, accruals and deposits. Page 33
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Statement of funds statement of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Income Expenditure Unrestricted funds Designated funds Sisters of Mercy Fund 596,639 596,639 General funds General Funds 8,350,051 7,471,376 {7,442,435) 8,378,992 Total Unrestricted funds 8,946,690 7,471,376 (7,442,435) 8.975,631 Statement of funds - prior year Balance at 1 September 2022 Balance at 31 August 2023 Income Expenditure Unrestricted funds Designated funds Sislers of Mercy Fund 596,639 596,639 General funds General Funds 8,303,205 7, 143,419 (7, 096,573) 8.350,051 Total Unrestrlcted funds 8, 899,844 7, 143,419 (7,096,573) 8.946,690 The Sisters of Mercy Fund, which is considered to be a Designated fund, was established to make a permanent record of the gift and to distinguish it from funds arising from the School's operations and other sources. Page 34
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Summary of funds Summary of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Income Expendlture Designated funds General funds 596,639 8,350,051 596,639 8,378,992 7,471,376 {7,442,435) 8,946,690 7,471,376 (7,442,435) 8,975,631 Summary of funds - prlor year Balance at 1 September 2022 Balance at 31 August 2023 Income Expenditure Designated funds General funds 596, 639 8,303,205 596,639 (7, 096,573) 8,350,051 7,143,419 8, 899, 844 7, 143,419 (7,096,573) 8,946,690 20. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 8,302,289 8,302,289 6,965,815 6,965,815 (3,793,540) {3,793,540) (2,498,933) {2,498,933) Total 8,975,631 8,975,631 Page 35
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Analysis of net assets between funds {continued) Analysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Current assets 8,221,072 8,221,072 6, 234,033 6,234,033 (3,115,316) (3,115,316) (2,393, 099) (2,393,099) Creditors due within one year Creditors due in more than one year Total 8,946,690 8, 946,690 21. Reconciliation of net movement In funds to net cash flow from op8rating activities 2024 2023 Net income for the period (as per Statement of Financial Activities) 28,941 46,846 Adjustments for: Depreciation charges Dividends, interests and rents from investments Decreasel(increase} in debtors Increasel(decrease) in creditors 343,167 {147,122) 146,080 929,932 345,870 (62, 248) (388, 735) (129,133) Net cash provided byl{used in) operatlng activities 1,300,998 (187,400) 22. Analysis of cash and cash equTvalents 2024 2023 Cash in hand 5,281,872 4,308,548 Total cash and cash equivalents 5,281,872 4, 308,548 Page 36
ST CATHERINE'S SCHOOL TWICKENHAM {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 23. Analysis of changes in net debt At1 September At31 2023 Cash flows August 2024 Cash at bank and in hand Debt due within 1 year Debt due after 1 year 4,308,548 973,324 5,281,872 {223,333) 160,246 {63,087) (2,058,849) {109,834) (2,168,683) 2,026,366 1,023,736 3,050,102 24. Pension commitments Teachers, Pension Scheme The School participates in the Teachers, Pension Scheme ('the TPS.) for some of its teaching staff. The pension charge for the year includes contributions payable to the TPS of £574,729 {2023'. £567,438) and at the year end £72,737 (2023.. £52,249) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. Following the Mccloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the oplion that provides them with the grealer benefits, and in preparing the 2020 valuation ha5 valued the 'greater value, benefits for groups of relevant members. The employer contribution rate for the TPS is 28.6 %, and employers are also required to pay a scheme administration levy of 0.080/0 giving a total employer contribution rate of 28.68 /0. Following a consultation with staff which concluded in February 2024 capped the employer contribution rate under a negotiated arrangement that staff in TPS would fund future additional TPS contributions under a salary sacrifice arrangement. Defined Conlribution Pension Schemes Retirement benefits for some teaching and all non teaching staff are provided by contributions from the employer and employees to defined contribution schemes. The charge for the year ended 31 August 2024 is £124,412 12023.. £54,136) and at year end £25,084 {2023'. £8,312) was accrued in respect of contributions to these schemes. Page 37
ST CATHERINE'S SCHOOL TWICKENHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 25. Operating lease commitments At 31 August 2024 the Charity had commitments to make future minimum lease payments under non- cancellable operating leases as follows-. 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 56,499 126,225 17,211 86,676 182,724 103,887 26. Related party transactlons During the year, the Company provided a total of £58,488 (2023 - £47,191) in discounts on tuition fees for the children of staff members. There were no other related party transactions in the year, nor are there any outstanding balances owing beeen related parties and the Company at 31 August 2024. Page 38