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2023-07-31-accounts

Company Number: 3142500 Charity Number: 1051688

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ST JOSEPH’S
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(A company limited by guarantee and not having a share capital)

Report and Financial Statements Year Ended 31 July 2023

COLLEGE.? ee

(A Company Limited by Guarantee and not having a Share Capital)

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Page(s)| |RETIRE|FRMUMEIII|TRI|icici|sca|cesses|AABN|SIAR|a|Sg|ae| |Statement of Governors|Responsibibtles: sisicsicossisscsssecisscoysssasssenasecsssnerecteaaesenneserempramnmasniele| |Independent|Auditor's Report to the MembersofSt Joseph's|College|Limited.|.....................23| |Statement of Financial|Activities (Incorporating Income and|Expenditure|Account)|.........27| |Balance|SHC|tacit|tener|AeeS| |Statetient|Of Cash|PIGWS|cscs icciicncninccnmancaninanammimanammnanmnnananaaae| |Notes|‘to the|Financial|Statements|ic,ccscssniinnniiiioneee|eee|tener|een|BO|

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(A Company Limited by Guarantee and not having a Share Capital)

Governors’ Annual Report

Governors

Mr P Glading (Chair of Governors) Mr R Stace (Vice Chair of Governors)

Mr A Newman Mr M Potter Mr J Button

Mr P Dennis Mrs V Fox Mr K Connelly Mr C Richardson-Smith Mr C Ross

Mr P Lewis MrsJ Ludlum Mrs E Hardwick

Resigned 24 January 2023

Appointed 24 January 2023 Appointed 24 January 2023 Appointed 6 February 2023

Senior Leadership Team

Mrs D Clarke Mr S Cinnamond Mrs S Edwards

Mrs V Harvey Mr A O'Riordan Mrs J Keech Mrs G Rowlands Mrs V Wood Mrs A Childs

Principal

Deputy Principal

Director of Marketing, Admissions & Communications

Vice Principal Co-curricular

Director of Business Development & Sport Director of Finance

Vice Principal Pastoral & Boarding

Vice Principal Head of Prep (Resigned 21 April 2023) Vice Principal Head ofPrep (Appointed 01 April 2023)

Clerk to Governors

Mrs L Stanmore

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(A Company Limited by Guarantee and not having a Share Capital)

1. Administrative Information

REGISTERED OFFICE

St Joseph's College

Birkfield House

Belstead Road, Ipswich IP2 9DR

BANKERS

Barclays Bank PLC

1 Princes Street, Ipswich IP1 1PB

SOLICITORS

Veale Wasbrough Vizards

24 King William Street, London EC4R 9AT

AUDITOR

SB Audit LLP

820 The Crescent, Colchester Business Park, Colchester, Essex, CO4 9YQ

REGISTERED CHARITY NUMBER 1051688

REGISTERED COMPANY NUMBER

3142500

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? (A Company Limited by Guarantee and not having a Share Capital)

The Trustees of St Joseph's College Limited present their annual report and financial statements for the year ended 31 July 2023 under the Charities Act 2011 and the Charities SORP (FRS 102) including the Director's Report under Companies Act 2006 together with the audited financial statements for the year.

The information on pages 27-50 form part of this report.

  1. Structure, Governance & Management St Joseph's College Limited (the “Charitable Company” or the “College”) is a company limited by guarantee having no share capital. The Company was registered as a charity in 1996 and is governed by its Memorandumof Association and Articles of Association.

The Governing Body

The Trustees (also serve as Company Directors and are referred to as Governors) are appointed by the Board, for initial terms of office of three years, after which they can be re-elected. Each Trustee of the Charitable Company is a guarantor and undertakes to contribute to the assets of the Charitable Company in the event of it being wound up such amounts as may be required. Each guarantor’s liability is limited to £1.

The function of the Board of Governors is to set out the College's strategic vision and aims and to monitor its performance against agreed objectives. The Governing Body also has ultimate responsibility for meeting all the College’s regulatory requirements. All Trustees are members of the Board with the Principal, Deputy Principal and Director of Finance always in attendance at Board meetings, with other members of the Senior Leadership Team (SLT) in attendance as required. The Board may, with the consent of the Chair of Governors, invite suitably qualified individuals who are neither Governors, nor members of staff, to join Board meetings on occasions, where it is felt that their expertise, knowledge, and vision would be of value and benefit.

The Board has a membership with expertise, skills, and knowledge in the following areas:

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(A Company Limited by Guarantee and not having a Share Capital)

The Board of Governors endeavours to ensure that some Governors have strong connections with and knowledge of the College, either in their capacity as former pupils or staff or as a current or former parent.

The Board receives regular relevant training as required, with individual Governors attending specific training provided internally or externally, including but not limited to safeguarding and compliance.

This academic year, Governors have completed training in the form of both AGBIS webinars and conferences throughout the year, together with a specific training session for all Governors which took place on campus. These ‘Everyone's Invited’ sessions form an important part of the College’s continued focus on providing a strong pastoral service for our students. In addition to this training courses covering Safeguarding, Health in Education (Hieda)/BSA were also attended.

New Trustees undertake a detailed induction process which includes the provision of extensive information and documentation about the College, its operations and the role and responsibilities of Trustees. Meetings with the Chair of Governors, Vice Chair of Governors and Principal are conducted alongside a detailed tour ofthe[College’s] campus, buildings, and[facilities.]

The Director of Finance and Principal inform the Board about regulatory, financial, charity and safeguarding updates, which relate to the sound and effective governance and management of independent schools. The day-to-day management of the College is delegated to the Principal.

In their role as Directors of the College, the Governors must act in a way that they consider, in good faith, would be most likely to promote the success of the College in line with the requirements set out in section 172(1) of the Companies Act 2006. In doing so they have regard to:

The Governors perform their role with regard to the above requirements with their performance on these requirements being evidenced within this report.

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Organisation

The Board of Governors meets on a bi-monthly basis to conduct its regular business, in January, March, May, June, September and December, with one mecting devoted annually to a ‘Strategy’ session, most usually in May. One Annual General Meeting “AGM” is devoted to election and reelection of Governors, election of Auditor and approval of the Audited Annual Accounts, most usually in January - in extenuating circumstances, an extraordinary meeting may be convened.

The Clerk to the Governors, is responsible for servicing and administering all Board and Governors’ committee meetings and uploading minutes, agendas and papers to the College’s secure online governance platform, Board Intelligence.

Governors’ sub-committees

The Board operates the following sub-committees:

The “GSDGP”, “GECG” & GSWG meet termly.

All other sub committees meet six times per year mainly on a bi-monthly basis.

In addition there is a Nominations and Remuneration Committee which sits as required, the members of that committee are selected by the Chair based on the need at the time.

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COLLEGE.? ee (A Company Limited by Guarantee and not having a Share Capital)

Corporate Governance & Risk Management

The College and the Board are committed to high standards of corporate governance. The Board is responsible for the College’s system of[internal][control][and][for][reviewing][its][effectiveness.][There][is] an ongoing process for identifying, evaluating, and managing the potential financial, commercial, charitable, operational, social, environmental, and ethical risks for the College. The Trustees take steps to manage these risks by means of systems of controls, policies, monitoring and committees. The Governors’ sub-committee groups review key internal operational and financial controls and confirm the operating effectiveness of those to the Board of Governors.

A review of the risk register undertaken during the year ending 31 July 2023 and the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable and not absolute assurance that major risks have been adequately managed and minimised.

The key risks, and measures identified to best manage those risks, are as summarised as follows:

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a
Pupil Profile The College fails to maintain | The Board and SLT are united in their aims to
an appropriate pupil profile | prioritise the retention of existing pupils, and
to achieve its financial model | the recruitment of new pupils, by identifying
/ targets. our need, level of revenues required and
ensuring that admissions and retentions meet
this objective and the overall strategic
objectives of the College.
Strategic planning of — international
recruitment to new markets is continued,
Business The College fails to/| Inline with the College’s overall risk register
Continuity adequately plan to ensure | the College has business continuity plans in
business continuity in the | place to cover events such as but not limited
event ofa major event, either | to the continued provision of education and
physical or virtual. provision of key services such as boarding
and catering facilities. These risks and
mitigation strategies are reviewed by the
Board and SLT.
Global / | The international political | [The] [development] [of] [a] [clear] [strategic] [plan] [to]
International | landscape impacts the] ensure that the College remains robust,
political risk effective recruitment of | responsive and agile ina changing market and
international pupils. world.
The Labour Party wins a | The College continues to lobby through trade
general election and: bodies wherever possible, and aims to
communicate with its stakeholders to best
mitigate this position.
1. VAT is added to school
fees.
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(A Company Limited by Guarantee and not having a Share Capital)

  1. Business rates relief is removed. 3. Lack ofstrategic planning by the College’ to minimise of 1 & 2 above. Environmental | Failure to plan andj| Ensuring an overarching Carbon Net Zero implement green polices and | strategy is in place which includes an Estates strategies. Decarbonisation Plan.

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COLLEGE
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(A Company Limited by Guarantee and not having a Share Capital)

3. Charities Act 2011 & Public Benefit

The Trustees are aware of their responsibilities for demonstrating public benefit. They have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. The College has demonstrated and continues to demonstrate a number of areas of public benefit within its core charitable objectives. The identifiable benefits include the advancement of education and community support.

Charitable Objects

The object of the Charity is to create, establish and maintain Christian schools to provide for the furtherance of education of children of[either][or][both][sexes.]

The objects are fulfilled by operating a 2-19 co-educational independent school guided by Christian values. The College seeks to ensure all pupils’ achievement and personal development is excellent, preparing them for higher education, the world of work and a successful and happy life beyond the College.

The College’s Core Framework is below:

MISSION

At St Joseph's College, academic achievement, ideas, intellectual curiosity, collaboration and resilience are ofequal importance.

VISION

Continue to grow our nurturing environment, in which students are inspired to reach their full potential.

MOTTO

Faith, Hard Work and Tenacity (Fides, Labore et Tenacitate).

VALUES

Aspiration, Respect & Confidence.

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(A Company Limited by Guarantee and not having a Share Capital)

OUR AIMS

For the needs of each pupil's mind, body, heart, and spirit to be met, so that each one:

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(A Company Limited by Guarantee and not having a Share Capital)

.

4. Strategic objectives

The Strategic Objectives are set to ensure the delivery of the College’s strategic educational aims within the framework of the College’s ethos and our new Strategic Development Plan 2025 (the version for 2025 is available on the College's website). These Strategic Objectives are set in the context of the broader strategic aims set for the charitable trust, the College and its pupils.

In setting the College’s objectives, the Governors and Senior Leadership Team have given careful consideration to the Charity Commission’s guidance on public benefit and in particular, to its supplementary public benefit guidance on advancing education and on fee-charging.

The College’s focus continues to be maximising academic attainment and achievement across the age and ability range, the further widening of access to the education provided by the College, the continued enhancementofpastoral care, increasing the provision and involvement of pupils in extracurricular activities and developing the College’s facilities.

The Strategic Objectives (‘SO’) for the Strategic Development Plan 2025:

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |$0O:1|||Governance &|Leadership|:| |We|will|ensure|effective,|ethical|and|respectful|leadership|and|management|of St| |Joseph’s|College|to|drive|its strategic objectives.| |Academic Achievement| |We|will deliver a vibrant leaning|culture, coupled with high|expectations,|which adds| |value|to students academic achievement.| |$0:3|| Personal|Development,|health and wellbeing| |We will ensure a broad range ofopportunities|for|students so that each develops their| |heart,|mind,|body|and|spirit|whilst|embracing|the|values|of democracy,|the|rule|of| |law,|individual|liberty,|respect and tolerance.| |$O:4|||Communication,|community and|culture| |We|will nurture and support every member of|our College community.|

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|||||| |---|---|---|---|---| |Sport| |We|will continue|to ensure|that sport and exercise are valued and important| |dimensions of|the|lives of|all students.| |Arts|and|Enrichment| |We|will ensure|all students are exposed|to an|Arts and Enrichment programme| |which|develops their creativity,|confidence and individuality.|

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(A Company Limited by Guarantee and not having a Share Capital)

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STtTJOSEPH'S Bo
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$O:7 | Boarding We will continue to provide a warm, nurturing and supportive environment where students have space to thrive and develop.

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Catering
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We will provide high quality catering, with nutritious food and exemplary service that brings our community together.

Technology, services and infrastructure We will evaluate the best technological practice and service provision, to further enhance teaching, learning, communication and administration across the College. $0:10 | Campus and Facilities

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||||| |---|---|---|---| |We|will ensure high|quality and well maintained facilities for students,|staff,| |parents and|visitors, providing a safe and stimulating environment|to maximise| |educational opportunities.|

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$0:11 | Environmental performance and sustainability
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We will develop an intrinsic culture ofsustainability in our community.

The Strategic Objectives were reviewed in October 2023 and due to significant progress made in achieving these objectives a revised plan will be updated and published for the next 3 years 2024-26 as noted in section 6 ofthis report.

  1. Review of Achievements & Performance for the Year

The above objectives SO:1 to SO:11 have been met by the following.

$0:1

The board approved SDP was published to parents October 2022. Recruitment of high-quality staff remains a priority and the College has invested in both the quantity and quality of staff recruited. Teaching staff have been provided with substantive training for the introduction of iPads across the Senior School. Diversity, Equity & Inclusion (DEI) remains a high priority and all College staffin received training in September 2023 Standards were met for the ‘Quality of leadership in and the management of schools’ - ISI] Regulatory Compliance Inspection in June 2023

$0:2

There has been excellent attainment in GCSE English and Mathematics and good achievement across Level 3 (A-level, BTEC, CTEC & EPQ). Decisions have been made to introduce the following additional courses into the curriculum:

© A-level English Language, Computer Science and Politics o BTEC Level 2 & 3 in Engineering and Textiles with Fashion

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St JOSEPH’S COLLEGE

(A Company Limited by Guarantee and not having a Share Capital) o WJEC Level 2 Vocational Award in Hospitality & Catering and GCSE Computer Studies o OracyinYears7&8 There has been an overhaul of the English teaching programme in the Prep School. An innovative digital teaching and learning programme has been introduced in the Senior School, using a combination ofiPads, Microsoft One Note and[digital] writing pencils. In line with our vision to maximise all students’ attainment and achievement. Standards were met for the ‘Quality of education provided’ ISI] Regulatory Compliance Inspection in June 2023

$0:3

Relationships Sex and Health education (RSHE) in the Senior School together with a personal Social Health Relationship and Economic (PSHRE) program within the Prep school have been embedded in line with DfE statutory guidance. A Well-being hub in the Chapel for Senior School students has been introduced. In line with our drive for enhanced eco awareness planting and maintaining of trees, shrubs and bulbs cared for by students and the Science Faculty has been introduced. Charity House events bringing together the wider community have taken place. Standards were met for the ‘Spiritual, moral, social and cultural development of pupils’ and ‘Welfare, health and safety of pupils’ - IS] Regulatory Compliance Inspection June 2023

$0:4

The College continues to host various events for students, parents, staff and the wider community such as the annual Rugby Festival, Arts Festival, Easter Extravaganza, Musical and the newly introduced Lashing cricket event. The preparation and build of a new College website has been completed with regular news articles and insights. The College continues to engage with charities both local, national and international. The College works with the local community providing access to its facilities and campus.

S0:5

A full reviewof Sport and its provision and programmes has been completed as a result there has been substantial change and investment made in staffing and sports programmes. In particular the College made significant progress in Girls Football, with the U18 College team winning the County Cup, The Independent Schools Cup and the All England’s School Cup in the academic year 2022-2023.

$0:6

Beyond the classroom, students have enjoyed day and residential trips in both the UK and overseas. Senior Schools students have also had the opportunity to participate in overseas exchange programmes in Australia and Argentina. Opportunities have been provided to students to compete in Maths, Science Olympiads as well as Debating, public speaking and writing competitions. An exclusive partnership with Arts International has been established

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(A Company Limited by Guarantee and not having a Share Capital)

to provide students with a wealth of opportunities to work with professional from both the TV and stage.

S0:7

Much work has been completed to improve the aesthetics of the boarding provision. The College was judged to be fully compliant with the DFE National Minimum standards for Boarding Schools.

$0:8

A significant and positive change was the decision to outsource the Colleges catering function to our new catering partner Thomas Franks. This will provided improved menus, choice, better nutritional value and specific nutritionists for example sports, to ensure we are provide all students with a healthy and balance diet.

$0:9

During the year, the College invested and implemented a new Management Information System iSAMS, providing greater access to data and an opportunity to improve processes. A significant move in terms of teaching and learning was the decision to finance and introduce iPads for all Senior School students and staff. In addition to this and as a result of increasing cyber security threats, the College had increased training for all staff in relation to cyber security.

$0:10

Improvements continue to be made around the campus, some recent improvements include a refresh of carpeting and curtains in boarding, decorating of the external walls in the sixth form quad area, re surfacing of the Netball courts, refurbishment of the refectory, refresh of the Drama studio and the provision of external secure lockers for students. Standards met for the ‘Premises of and accommodation at schools’ ISI Regulatory Compliance Inspection - June 2023.

$0:11

Environment has been introduced as a specific topic within the Governors Health and Safety group. The Principal will be tasked with ensuring an overarching Carbon Net Zero strategy is in place and will work closely with Estates and Facilities manager, Board of Governors an SLT to ensure this is delivered. A rollout of LED lighting has been undertaken with 80% of old lighting having been replaced with LED. Wild areas have been introduced around the campus to encourage wildlife and an Eco-Schools Green Flag accreditation in place for the Prep School.

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COLLEGE
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(A Company Limited by Guarantee and not having a Share Capital)

Principal activities of the year

The College continued to provide education for boys and girls between the ages of 2 and 19 years as an independent day and boarding School. Pupil numbers as at July 2023 were 593 pupils of whom 525 were day pupils and boarders totalled 68.

The continued strong pupil base is due to many factors, including positive attainment and achievement in public examination results, diversification of Boarding and the wide provision of academic courses to include GCSE, BTEC, CTEC, EPQ, as well as A-level in the Sixth Form. The College's inclusive ethos and an ability to identify and support a wide range of pupils’ abilities and talents, outstanding pastoral care, continually upgraded facilities, have supported the retention and recruitment of pupils.

6. Future Plans

The plan for the year ahead centres on the continued delivery and development of the Strategic Objectives (Pages 11 & 12), which are updated in a rolling 3-year Strategic Development Plan, a new version for 2024-26 is being prepared and will be shared with stakeholders and available on the College’s website in January 2024.

7. Community Engagement

The Board supports the use ofthe College's facilities and grounds by other schools and groups in the community that are involved in educational or child-related activities. Our community engagement includes support for local schools with regard to sport and the arts, as well as the use for local sports clubs including football, cricket, netball and hockey. In addition to this the College plays an active role in raising funds for charities within our local community.

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(A Company Limited by Guarantee and not having a Share Capital)

8. Public Benefit

The College offers means-tested financial assistance for pupils whose parents could not otherwise afford access to the College’s education. Bursaries are awarded on the basis of financial assistance needed following appropriate achievement in the entrance assessment and process. In line with the College's policy to continue to relieve hardship where pupils’ education and future prospects would otherwise be at risk, Bursary funding continued to be provided with 41 (2022: 64) pupils awarded a bursary during the financial year, with a value in the year of £248k. An individual's gender, ethnicity, race, religion, or disability do not form part of our assessment process. Scholarships are also awarded to internal candidates for Years 5,7 & 12 and to external candidates into Years 5, 7, 9 and 12. Awards are based on performance during assessments and are awarded in Academic, Art, Drama, Dance, Music, Sport and STEM.

The College educated 593 individuals, boys and girls, at some stage of the year, between the ages of 2 and 19, for the public benefit.

In addition:

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(A Company Limited by Guarantee and not having a Share Capital)

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The College will continue to generate public benefit in the ways outlined above. We will also continue to invite pupils from local state schools to attend certain educational events at the College through collaborative projects, as well as through sharing our facilities including our sport fields/pitches and Chapel.

9. Recent Capital Expenditure

During 2022-23 the College:

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(A Company Limited by Guarantee and not having a Share Capital)

10. Fundraising

The College does not make use of professional fundraisers or commercial participators. No complaints have been received regarding the College's fundraising activities.

11. Key Management Personnel Remuneration Setting

The remuneration of Key Management Personnel is reviewed at least once per annum, or at any change in post-holder, initially by the Principal, who will propose a recommendation for Board consideration, and approval prior to award. Any alteration to the Principal's remuneration, is led by the Chair of Governors and considered by the Board.

12. Financial Review & Results for the Year

The continued focus on the commercial structure of the business, to provide a strong financial foundation to enable the continued development of the College’s operational assets, is viewed as essential.

The Governors are therefore pleased to report the current year surplus, disclosed on page 27. The College closed the year with 593 pupils on roll (2022: 575),

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(A Company Limited by Guarantee and not having a Share Capital)

13. Reserves Policy

The Governors recognise the need for prudent financial management and review the level of reserves annually.

The continued compliance with bank borrowing is central in the financial aims and targets of the business, and the College continues to enjoy a positive relationship with Barclays Bank PLC.

The Governors have determined that the appropriate level of free unrestricted reserves should provide sufficient working capital to provide a cushion to deal with unexpected emergencies. This will be no less than 3 months of expenditure, which currently equates to £2,422,802.

As at 31 July 2023, total funds comprised:

Total unrestricted funds £4,408,934
Total restrictedfunds £9,622

The College’s campus dominates the assets held by the College, and the continued maintenance and development of this asset is central to ensuring the safe stewardship of this asset for the College’s future.

On the basis defined by the Charities SORP, which excludes Unrestricted Fixed Assets, Restricted Current Assets and the Bank Loan, the College has net negative free reserves of £1,262,827 (2022: £1,459,139), which is in keeping with our sector, and created by the current improvement of the College campus, financed by borrowings taken out specifically for that purpose.

14. Impact of Coronavirus

The College is now seeing a positive move, back toward pre-pandemic levels of boarding numbers as the market continues to recover. Growth over the coming years is expected to be strong.

Finances

The College continued to assess, manage, and mitigate the key financial implications following the pandemic which included a reduction in some fee incomes, and significant ancillary revenue streams, delays in the receipt of some regular payments, and safety measures to continue providing a Covid19 secure environment for pupils as we move forward.

As we come out of the pandemic continued focus is being put on building core and ancillary revenue streams back to pre-pandemic levels.

The College continues to consider measures to make any operational cost savings, along with ensuring that any external funding options are explored on an ongoing basis.

Cashflow also continues to be carefully monitored and managed, to ensure that the College continues to meet its obligations and plans for the future. Financial projections are produced regularly, and discussed both by the GFG and by the Board, to ensure as a team we are well informed and able to respond quickly.

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(A Company Limited by Guarantee and not having a Share Capital)

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Reserves

Details of our reserves are given in section 13 of this report. We aim to manage the impact on our reserves through this period and retain our original aims keeping the ongoing situation under continual close review.

Future plans

The three-year strategic plan for the College remains a key part of our future planning. Our aim to develop the campus as a future focussed resource for our community, remains at the heart of what we are doing. The Board of Governors have taken forward plans to enhance the College’s Boarding facilities. The development of these plans remains ongoing.

Going Concern

The Board of Governors has considered the financial position ofthe College, the level of free reserves, the three-year rolling budget and accompanying cash flow forecasts, which consider any ongoing effects following the Pandemic together with the current cost of living crisis.

The bank loan facility was renewed in April 2023 for a further 5-year period on similar terms to the facility that was in place at the year end.

Consequently, the Governors believe the College is well placed to manage its business risks successfully. The Governors have a reasonable expectation that the College has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

15. Disclosure of information to auditor

The Directors at the time when the Governors’ Annual Report is approved have confirmed that:

16. Auditor

Our auditor, Scrutton Bland LLP transferred their audit registration and therefore that part of[their] business into a newly incorporated limited liability partnership, SB Audit LLP, on 1 April 2023. The auditor, SB Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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(A Company Limited by Guarantee and not having a Share Capital)

This report was approved by the Board of Governors and signed on their behalf by:

P Glading (Chair of the Board of Governors)

:

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(A Company Limited by Guarantee and not having a Share Capital)

Statement of Governors’ Responsibilities

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

Company law requires the Governors to prepare financial statements for each financial year. Under company law, the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state ofaffairs[of][the][College] and[of][its] incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the College’s transactions and disclose with reasonable accuracy at any time, the financial position of the College and enable them to ensure that the financial statements comply with the Companies Act 2006. Governors are also responsible for safeguarding the assets of the College and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the Board of Governors and signed on its behalf by:

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P Glading (Chair of the ile rtsvsu Date: 3|/O1] 2d.

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(A Company Limited by Guarantee and not having a Share Capital)

Independent Auditor's Report to the Members of St Joseph’s College Limited

Opinion

We have audited the financial statements of St Joseph’s College Limited (the ‘Charitable Company’) for the year ended 31 July 2023 which comprises of the Statement of Financial Activities (Incorporating Income and Expenditure Account), the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“United Kingdom Generally Accepted Accounting Practice”).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Governors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

23

? (A Company Limited by Guarantee and not having a Share Capital)

Independent Auditor's Report to the Members of St Joseph's College Limited (continued)

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of 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 Governors’ Annual Report (including the Strategic Report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

24

----- Start of picture text -----
SCOLLEGE>? ee
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? ee (A Company Limited by Guarantee and not having a Share Capital)

Independent Auditor’s Report to the Members of St Joseph’s College Limited (continued)

Responsibilities of Governors

As explained more fully in the Statement of Governors’ Responsibilities, set out on page 22, the Governors (who are also the Directors of the Charitable Company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor's responsibilities for the audit of the financial statements

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

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

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Charitable Company.

The following laws and regulations were identified as being of significance to the Charitable Company.

Firstly, the Charitable Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Charitable Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation.

25

veel

(A Company Limited by Guarantee and not having a Share Capital)

Independent Auditor's Report to the Members of St Joseph's College Limited (continued)

We identified the following areas as those most likely to have such an effect: compliance with the requirements of The Charities Commission, the Independent Schools Inspectorate, health and safety, safeguarding rules, human rights and employment law and GDPR compliance. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of theManagement and inspection of regulatory and legal correspondence, if any.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Charitable Company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of board minutes, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud. There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become awareof it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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

Use of our report

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

SB Actik cre Timothy O'Connor (Senior Statutory Auditor) For and on behalfof SB Audit LLP Chartered Accountants and Statutory Auditor 820 The Crescent Colchester Business Park Colchester Essex C04 9YQ

a

7

St JOSEPH’S COLLEGE

(A Company Limited by Guarantee and not having a Share Capital)

Statement of Financial Activities (Incorporating Income and Expenditure Account) Year Ended 31 July 2023

Unrestricted Restricted Total Total
funds Funds funds Funds
2023 2023 2023 2022
Notes £ £ £ £
Income from:
Charitable activities 4,5 9,990,074 : 9,990,074 8,946,741
Othertrading 10 225,568 1,510 227,078 121,657
activities
Total income 10,215,642 1,510 40,217,152 9,068,398
Expenditure on:
Raising funds 11 - 1,563 1,563 -
Charitable activities 12 9,691,207 : 9,691,207 8,837,922
Total expenditure 9,691,207 1,563 9,692,770 8,837,922
Netincome 524,435 (53) 524,382 230,476
Netmovement in 524,435 (53) 524,382 230,476
funds
Reconciliation of 22,23
funds:
Total funds brought 3,884,552 9,622 3,894,174 3,663,698
forward
Netmovement in 524,435 (53) 524,382 230,476
funds
Total funds 4,408,987 9,569 4,418,556 3,894,174
carriedforward

The Statement of Financial Activities includes all gains and losses recognised in the current and prior years.

The notes on pages 30 to 50 form part of these financial statements.

27

| |

StJOSEPH’Sa COLLEGE

(A Company Limited by Guarantee and not having a Share Capita!)

Balance Sheet As at 31 July 2023

2023 2023 2022 2022
Notes e i £ £
Fixed Assets
Tangible assets 16 11,701,761 11,637,401
Current Assets
Stocks 17 20,456 26,031
Debtors 18 1,389,465 1,439,513
Cash atbank and in 25 1,098,881 469,024
hand
2,508,802 1,934,568
Creditors: amounts 19 (2,425,637) (8,324,470)
falling due within
one year 7
Netcurrent 83,165 (6,389,902)
liabilities
Total assets less 11,784,926 5,247,499
current liabilities
Creditors: amounts 20 (7,366,370) (1,353,325)
falling due after
more than one year
Net assets 4,418,556 3,894,174
Charity funds
Restricted funds 22,23 9,569 9,622
Unrestricted funds 22,23 4,408,987 3,884,552
Totalfunds 4,418,556 3,894,174

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 Governorson >| lo 24. and signed on their behalf by:

----- Start of picture text -----
4 , , [Pa]
Mr Perry Glading LS tiles a Pa
Chair of the Board of Governors e rs
Company registration number: 3142500
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28

STJOSEPH’S? COLLEGE

(A Company Limited by Guarantee and not having a Share Capital)

Statement of Cash Flows Year Ended 31 July 2023

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2023|2022| |Notes|E|£| |Cash|flows from|operating|activities| |Net|cash|generated|from|operating|activities|24|1,580,672|668,890| |Cash|flows|from|investing|activities| |Bank|interest|paid|13|(322,282)|(225,266)| |Purchase of|tangible|fixed|assets|16|(347,651)|(171,079)| |Net cash|used|in investing activities|(669,933)|(396,345)| |Cash|flows from|financing activities| |Repayments|of|borrowing|26|(263,710)|(410,335)| |Repayment of finance|leases|(LZ, 172)|.| |Net cash|used|in|financing activities|(280,882)|(410,335)| |Change|in|cash and cash equivalents|in the year|629,857|(137,790)| |Cash|and|cash|equivalents|at the|beginning|of|the|year|469,024|606,814| |Cash|and|cash|equivalents|at the|end|of the year|25|1,098,881|469,024|

----- End of picture text -----

The notes on pages 27 to 48 form part of[these][financial][statements.]

29

(A Company Limited by Guarantee and not having a Share Capital)

Notes to the Financial Statements

Year Ended 31 July 2023

  1. General Information

  2. St Joseph's College is a company limited by guarantee, incorporated in England and Wales. The registered office and principal place of operation is detailed on page 3. The nature of[the][College's][operations][are][detailed][in][the][Governors’][Annual][Report.]

2. Accounting Policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and 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 (FRS102) and Companies Act 2006.

St Joseph's College Limited meets the definition ofa public benefit entity under FRS102. The financial statements are prepared in sterling, which is the functional currency of the College, and rounded to the nearest pound.

2.2 Going Concern

Working with the Senior Leadership Team, the Governors have sought to consider all available information, and the impact on the latest financial models for the College's liquid resources for a period of not less than twelve months from the date of approval of these financial statements. Scenario planning for various foreseeable adverse changes has been carefully considered, along with potential strategies designed to lead the College through the current sustained period ofglobal uncertainty.

The bank loan facility in place was due to mature on 4 January 2023, however in December 2022 an extension to this facility was secured with the current lender until 4 May 2023 whilst the renewal process takes place. Subsequently, in April 2023 the bank loan facility was renewed for a further five-year period on terms similar to the previous facility.

30

(A Company Limited by Guarantee and not having a Share Capital)

Based on the modelling, and all information regarding the future student profile, the Governors have a reasonable expectation that the College has adequate resources to meet its liabilities as they fall due and to continue in operation for the foreseeable future, being a period of not less than twelve months from the date of approval of these financial statements, and to continue to adopt the going concern basis of accounting in preparing the financial statements.

All income is recognised once the College has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Fees receivable are accounted for in the period in which the service is provided. Scholarships and bursaries are funded from the unrestricted funds are deducted from fees receivable. Fee received in advance of education to be provided in future years are accounted for under an advance fee payment scheme and held as a liability until either taken to income in the term when used, or else refunded.

All income is included in the period in which the College is entitled to receipt.

2.4 Expenditure

Expenditure is accounted for on an accruals basis. Overhead and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year, either by reference to staff time or space occupied as appropriate.

Grants payable to third parties are within the charitable objectives of the College. Bursaries, grants and allowances are accounted for as soon as the recipient is notified of an unconditional grant, as this gives rise to an expectation that the recipient will receive the grant.

Where the grant is conditional and related to future performance, the grant is accrued once the conditions are met.

31

{A Company Limited by Guarantee and not having a Share Capital)

2.5 Taxation

The estimated useful lives are as follows:

Freehold property - 30to 50years straight line
Improvements to freehold . Over the life ofthe freehold
property property
Motorvehicles - 25% reducingbalance
Fixtures and fittings - 10% to 20% reducingbalance /
straight line
Computerequipment - 25%straightline

2.7 Stocks

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

32

(A Company Limited by Guarantee and not having a Share Capital)

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

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

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the College anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2,11 Financial Instruments

The College only holds basic financial instruments. The financial assets and liabilities of the College are as follows:

Financial assets - trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 18. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value.

Financial liabilities - trade creditors, accruals and other creditors will be classified as financial instruments and are measured at amortised cost as detailed in Notes 19 and 20. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to bea financial liability, as the cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument.

33

(A Company Limited by Guarantee and not having a Share Capital)

2.12 Operating leases

Rentals paid under operating leases are charged to the Statementof Financial Activities on a straight line basis over the lease term.

2.13 Pensions

The College also operates a defined contribution pension scheme for non-teaching

employees. Under the scheme, the College pays fixed contributions into separate entities. Once contributions are made, the College has no further payment obligations. The contributions are recognised as an expense in the Statement of Financial Activities.

2.14 Fund accounting

2.15 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Grants ofa revenue nature are recognised in the Statement of Financial Activity in the same period as the related expenditure.

et a3 ae

(A Company Limited by Guarantee and not having a Share Capital)

3 Critical accounting estimates and areas of judgement

Estimates and judgements 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.

The College 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 havea significant risk of causing a material adjustment to the carrying amountsof assets and liabilities within the next financial year are listed below:

35

St JOSEPH’S COLLEGE

(A Company Limited by Guarantee and not having a Share Capital)

4, Income from charitable activities

Unrestricted Restricted Total
Funds Funds Funds
2023 2023 2023
£ £ £
Educational 9,990,074 - 9,990,074
operations
Unrestricted Restricted Total
Funds Funds Funds
2022 2022 2022
£ £ £
Educational 8,946,741 - 8,946,741
operations

5. Analysis of income from charitable activities by type of income

Notes 2023 2022
E E
School fees 6 9,087,273 8,155,698
Other educational income 7 395,197 347,568
Other ancillarytrading income 8 507,603 442,099
Exceptional government funding 9 - 1,376
9,990,073 8,946,741

6. School fees

2023 2022
£ 2
Gross fees 11,240,231 10,131,295
Less: Total bursaries, scholarshipsand (2,152,958) (1,975,597)
allowances
Total 9,087,273 8,155,698

36

St JOSEPH’S COLLEGE

(A Company Limited by Guarantee and not having a Share Capital)

Bursaries, scholarships and allowances were attributed to 377 pupils (2022 - 422). Within this total, bursaries were £247,849 (2022 - £247,616), scholarships were £1,410,326 (2022 - £1,231,975) and allowances were £494,783 (2022 - £496,006).

Te Other educational income

2023 2022
£ f
Registration fees 22,275 22,695
Other examination fees 30,259 41,680
Fees in lieu ofnotice 333,823 174,563
Additional boarding 8,840 108,630
Total 395,197 347,568

8. Other ancillary trading income

2023 2022
£ £
Refectory income 214,213 179,479
Transportservice income 196,386 166,691
Rugby festival income 70,354 73,660
Other miscellaneous items 26,650 22,269
Total 507,603 442,099

9, Exceptional government funding

2023 2022
£ £
Coronavirus support - 1,376
Total - 1,376

37

St JOSEPH’S? COLLEGE

(A Company Limited by Guarantee and not having a Share Capital)

10. Income from trading activities

Unrestricted Restricted Total
Funds Funds Funds
2023 2023 2023
E E £
Hire ofschool premises 225,568 - 225,568
Chapel fundraising - 1,510 1,510
Total 225,568 1,510 227,078
Unrestricted Restricted Total
Funds Funds Funds
2022 2022 2022
£ £ £
Hire ofschool premises 119,202 - 119,202
Chapel fundraising 2,455 - 2,455
Total 121:657 - 121,657

TE. Expenditure on raising funds

Unrestricted Restricted Total
Funds Funds Funds
2023 2023 2023
£ £ £
Support costs -Chapel - 1,563 1,563
fundraising
Total . 1,563 1,563
Unrestricted Restricted Total
Funds Funds Funds
2022 2022 2022
£ £ £
Support costs - Chapel - - -
fundraising
Total - - -

38

StJOSEPH’S? COLLEGE

(A Company Limited by Guarantee and not having a Share Capital)

‘LZ. Analysis of expenditure on charitable activities - by fund

Unrestricted Unrestricted Restricted Total
Funds Funds Funds
2023 2023 2023
E E £
Educational 9,691,207 - 9,691,207
operations
Total 9,691,207 - 9,691,207
Unrestricted Funds Restricted Total
2022 Funds Funds
2022 2022
£ £ £
Educational 8,837,922 - 8,837,922
operations
Total 8,837,922 - 8,837,922

13. Analysis of expenditure on charitable activities - by type

Activities Support Total
undertaken costs Funds
directly
2023 2023 2023
:; £ £
Educational operations 7,074,331 2,616,875 9,691,206
Total 7,074,331 2,616,875 9,691,206
Activities Support Total
undertaken costs Funds
directly
2022 2022 2022
£ £ E
Educational operations 6,570,888 2,267,034 8,837,922
Total 6,570,888 2,267,034 8,837,922

39

SCOLLEGE:t eS

(A Company Limited by Guarantee and not having a Share Capital)

13. Analysis of expenditure on charitable activities - by type (continued)

Analysis of direct costs

Total Funds Total Funds
2023 2022
£ 3
Staffcosts 4,676,276 4,528,251
Depreciation 462,708 449,501
Teaching 608,136 520,323
Welfare 390,112 339,053
Premises 937,099 734,799
Total 7,074,331 6,570,887

Analysis of support costs

Total Funds Total Funds
2023 2022
£ £
Staffcosts 1,497,902 1,318,656
Governancecosts 4,686 11,783
Administration expenses 118,859 118,122
Advertising 187,467 246,224
Agentscommission 114,036 52.702
Bankand finance charges 322,282 225,266
Events and festivals 98,215 117,394
Insurance 90,586 89,585
Other 34,206 32,328
Professional fees 148,636 54,924
Total 2,616,875 2,267,034

Included within professional fees is auditor’s remuneration in respect of the audit of the financial statements of £15,029 (2022 - £15,000). Fees in respect of other assurance services, payable to the auditor amounted to ENil (2022 - £1,320).

40

(A Company Limited by Guarantee and not having a Share Capital)

ST JOSEPH’S COLLEGE

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |14.|Staff costs| |2023|2022| |E|£| |Wages|and|salaries|5,097,468|4,840,550| |Social|security|costs|554,692|456,660| |Pension|costs|522,017|549,697| |Total|6,174,177|5,846,907| |The average|number|of|[persons][ employed]|[by][ the]|[College]|[during]|[the][ year][ was]|[as]|[follows:]| |2023|2022| |No.|No,| |Teaching|79|80| |Administration,|domestic and|104|96| |grounds| |Total|183|176|

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

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||||||||| |---|---|---|---|---|---|---|---| |2023|2022| |No.|No.| |In|the|band|£60,001|to|£70,000|2|4| |In|the|band|£70,001|to|£80,000|-|1| |In|the|band|£80,001|to|£90,000|1|:| |In|the|band|£90,000|to|£100,000|2|1| |In|the band|£110,000|to|£120,000|-|-| |In|the|band|£120,001|to|£130,000|-|-| |In|the band|£130,001|to|£140,000|-|-| |In|the|band|£140,000|to|£150,000|-|-| |In|the|bank £150,000|to|£180,000|1|1|

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None (2022 — 5) of the above individuals were members of the Teachers’ Pension defined benefit scheme. Pension contributions of ENil (2022 - £7,642) were made in respect of the above employees for this scheme, which ended in August 2021. 7 employees (2022 - 5) are members of the APTIS defined contribution pension scheme, contributions of £65,410 (2022 - £53,906) were made in respect of the above employees during the period August 2022 to July 2023.

The total amount of employee benefits received by Key Management Personnel is £855,812 (2022 - £805,998). Fee concession benefits received by Key Management Personnel are disclosed in Note 30. The College considers its Key Management Personnel comprise the Trustees and the Senior Leadership Team.

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a
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41

St JOSEPH'S? COLLEGE

(A Company Limited by Guarantee and not having a Share Capital)

15. Governors’ remuneration and expenses

During the year, none ofthe Governors received any remuneration[for] their qualifying services[to] the College or other benefits (2022 — ENil).

During the year ended 31 July 2023, expenses totalling £Nil (2022 - ENil) were reimbursed to Governors.

16. Tangible fixed assets

16.
Tangible		 fixed assetsassets
Freehold
property&
property Motor Fixtures& Computer
improvements vehicles fittings Equip. Total
£ £ E £ £
Cost
At 1 August2022 14,081,922 160,403 1,282,959 1,296,802 16,822,086
Additions 6,568 - 169,208 $51,292 527,068
At 31 July2023 14,088,490 160,403 1,452,167 1,648,094 17,349,154
Depreciation
At 1 August2022 2,900,111 151,508 961,629 1,171,437 5,184,685
Charge inyear 306,331 2,224 87,817 66,336 462,708
At 31 July2023 3,206,442 153,732 1,049,446 1,237,773 5,647,393
Net book value
At31 July2023 10,882,048 6,671 402,721 410,321 11,701,761
At31July2022 11,181,811 8,895 321,330 125,365 11,637,401

Included within freehold property is freehold land amounting to £1,498,500 (2022 - £1,498,500) which is not depreciated. All tangible fixed assets are held for charitable purposes.

Included within freehold property are assets under construction with a net book value of £288,708 (2022 - £282,139).

:

42

StTJOSEPH'S? COLLEGE

(A Company Limited by Guarantee and not having a Share Capital)

17. Stocks
2023 2022
E £
Stocks held 20,456 26,031
18.
Debtors
2023 2022
E £
Due within oneyear
Trade debtors 1,082,804 1,188,587
Other debtors 5,468 31,604
Prepayments and accrued income 301,193 219,322
1,389,465 1,439,513

19. Creditors: Amounts falling due within one year

2023 2022
£ £
Bankloan (see note 20) 402,000 6,293,710
Advance fee payments 480,494 434,333
Trade creditors 244,851 283,429
Deposits held 94,604 126,923
Othertaxation and social security 127,179 117,750
Other creditors 444,001 630,785
Accruals and deferred income 571,381 437,540
iPads 61127 -
2,425,637 8,324,470

Parental deposits held may be returned after a student leaves the College. Deposits relating to students who departed the College prior to the year-end are aged less than one year, all other deposits are therefore assumed to be due after more than one year.

43

esse a

St JOSEPH’S COLLEGE

(A Company Limited by Guarantee and not having a Share Capital)

19. Creditors: Amounts falling due within one year (continued)

Advance fee payment scheme

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2023|2022| |£|£| |Balance|at|1|August|1,133,078|776,752| |New|contracts|435,881|632,758| |Amounts|used|to|pay|for|fees|(475,232)|(276,432)| |ag| |Advance|fee|payments|held|at 31|July|eng1,093,727rreggne1,133,078 e|

----- End of picture text -----

Parents may enter into a contract to pay the school in advance for contributions towards tuition fees. The money may be returned, subject to specific conditions, on the receipt of due notice. Assuming that the pupils remain at the school the fees will be applied as follows:

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|||||||| |---|---|---|---|---|---|---| |2023|2022| |E|£| |Within|one year|480,494|434,333| |Between|2|to|5 years|613,232|664,275| |More than|5|years|-|34,470| |ee| |Advance|eee| |fee payments|held|at|31|July|1,093,726|1,133,078|

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

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||||| |---|---|---|---| |2023|2022| |£|E| |Bank|loan|5,628,000|-| |Advance|fee payments|613,232|698,745| |Deposits|held|1,024,019|618,580| |Other|creditors|-|36,000| |iPads|101,119|-| |7,366,370|1,353,325|

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The bank loan was drawn down in May 2023 following the refinancing of existing borrowing. The term of the loan is 5 years, with payments being made quarterly.

The bank loan is secured by a charge on the assets of the College. The Governors have processes in place to ensure that financial covenants within the loan agreement are actively monitored and compliance is maintained.

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St JOSEPH’S? COLLEGE

(A Company Limited by Guarantee and not having a Share Capital)

20. Creditors: Amounts falling due after more than one year (continued)

The ageing profile of the bank loan is as follows:

2023 2022
E €
Within oneyear 402,000 6,293,710
Between 2 to 5 years 5,628,000 -
7
Bankloanat31July 6,030,000 6,293,710

The previous bank loan facility in place was due to mature on 4 January 2023, however in December 2022 an extension to this facility was secured with the current lender until 4 May 2023 when the renewal took place. Subsequently, on the 03 May 2023 a bank loan facility of £6.030m was renewed for a further five-year period on terms similar to the previous facility with interest charged at a fixed rate plus a margin of 7.088% per annum.

21. Creditors: Hire purchase and Finance leases

Minimum lease payments under hire purchase fall due as follows:

2023 2022
E E
Within one year 75,406 -
Between 1 to 5 years 109,228 -
Totalat31July 184,634 -

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St JOSEPH’S COLLEGE

(A Company Limited by Guarantee and not having a Share Capital)

22: Statement of funds

Statement of funds - current year

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||||||||| |---|---|---|---|---|---|---|---| |Balance|at|Income|Expenditure|Transfers|Balance|at 31| |1|August 2022|In|/ Out|July 2023| |£| |£E|£| |Unrestricted| |funds| |General|fund|3,884,552|10,215,642|(9,691,207)|-|4,408,987| |Restricted| |funds| |World|project|6,532|-|-|-|6,532| |Parent Teacher|2,906|-|-|-|2,906| |Association| |donation| |Chapel|-|1,510|(1,563)|(53)| |Child|Under|Care|184|.|-|.|184| |premium| |9,622|1510|(1,563)|.|9,569| |Total|of funds|3,894,174|10,217,152|(9,692,770)|-|4,418,556| |—| |iaee|

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|||||||| |---|---|---|---|---|---|---| |Statement of funds|-|prior year| |Balance|at|Income|Expenditure|Transfers|Balance|at 31| |1 August|In|/ Out|July 2022| |2021| |£|£|£|£|£| |Unrestricted| |funds| |General|fund|3,654,076|9,068,398|(8,837,922)|-|3,884,552| |Restricted| |funds| |World|project|6,532|-|:|-|6,532| |Parent Teacher|2,906|-|+|-|2,906| |Child|Under Care|184|184| |premium| |9,622|-|-|-|9,622| |ee| |Total|ee|eee| |of funds|3,663,698|9,068,398|(8,837,922)|-|3,894,174|

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a

2

(A Company Limited by Guarantee and not having a Share Capital)

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St JOSEPH’S
COLLEGE
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Restricted funds

These funds represent money held to finance projects and events to be held at the College, and donations received, where the funds were given with restrictions imposed by the donor. During the current and prior years the funds were expended in line with the objectives of each fund.

The following are restricted funds in the year as at 31 July 2023:

World project fund

The World project fund represents funds raised and spent in relation to the supportofthe Osiligi project in Kenya, where the College is supporting the Obaya Maasai co-educational school and its pupils.

Parent Teacher Association Donation

This fund comprises income to fund outdoor equipment for both the Prep and Senior elements of the College campus. The fund will be released as and when the equipment has been installed by the College.

Child Under Care Premium

This fund comprises income provided to assist and support specific students. The release of qualifying expenditure is included within this fund as they are discharged.

23. Analysis of net assets between funds

Current year

Unrestricted Restricted Total
Funds Funds Funds
2023 2023 2023
£ £ £
Tangible fixed assets 11,701,761 - 11,701,761
Currentassets 2,499,233 9,569 2,508,802
Creditors due within oneyear (2,425,637) - (2,425,637)
Creditors due beyondoneyear (7,366,370) - (7,366,370)
Total 4,408,987 9,569 4,418,556

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St JOSEPH’S? COLLEGE

(A Company Limited by Guarantee and not having a Share Capital)

23. Analysis of net assets between funds (continued)

Prior year

Unrestricted Restricted Total
Funds Funds Funds
2022 2022 2022
E FE £
Tangible fixed assets 11,637,401 - 11,637,401
Current assets 1,924,946 9,622 1,934,568
Creditors duewithin oneyear (8,324,470) - (8,324,470)
Creditors duebeyond oneyear (1,393,325) - (1,353,325)
Total 3,884,552 9,622 3,894,174

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

2023 2022
E E
Netincome for theyear 524,382 230,476
(as perthe Statement of Financial
Activities)
Adjustments for:
Depreciation charge 13,16 462,708 449,501
Bank interest payable 13 322,282 225,266
Decrease in stocks a 5,575 9,246
Decrease/(increase) indebtors 18 50,048 (402,657)
Increase in creditors 19,20 215,677 157,058
Netcashgenerated fromoperating 1,580,672 668,890
activities

25. Analysis of cash and cash equivalents

2023 2022
£ £
Cash in hand and atbank 1,098,881 469,024
Total cashandcashequivalents 1,098,881 469,024

BB

StJOSEPH’S? COLLEGE (A Company Limited by Guarantee and not having a Share Capital)

26. Analysis of changes in net debt

At 1August Cash flows Non-cash At 31 July
2022 changes 2023
£ £
Cash in hand and at 469,024 629,857 1,098,881
bank
Debtdue within one (6,293,710) 263,710 5,628,000 (402,000)
year
Debtdue beyond - - (5,628,000) (5,628,000)
one year
(5,824,686) 893,567 - (4,931,119)

Zi. Pension commitments

The College participates in a defined contribution scheme The AVIVA Pension trust for Independent Schools “APTIS” the pension charge for the year includes contributions totalling £488,282 (2022 - £508,539) payable to APTIS. At the year end, there were contributions of £53,025 (2022 - £52,316) payable in respect of this scheme and included in other creditors.

The College operates a defined contribution pension scheme for non-teaching staff. Contributions payable during the year were £110,997 (2022 - £60,881). At the year end, there were contributions of £14,516 (2021 - £10,754) payable in respect of the scheme and is included in other creditors.

28. Operating leases

At 31 July 2023 the College had commitments to make future minimum lease payments under noncancellable operating leases as follows:

2023 2022
E £
Within oneyear 157,741 151,467
Between oneand fiveyears 285,693 305,740
Aftermorethan fiveyears - -
443,434 457,207

Total lease payments during the year amounted to £174,424 (2022 - £170,820).

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St JOSEPH’S?
COLLEGE
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(A Company Limited by Guarantee and not having a Share Capital)

29. Controlling Party

There is no ultimate controlling party of the College.

30. Related party transactions

Transactions between the College and Governors

During the year the College purchased professional services from organisations controlled by individual Governors, or in which Governors have a significant interest, amounting to £3,469 (2022 - £14,072). At the year end, a balance ofENil (2022 - £451) was due to these organisations.

These services have been individually considered, and the Governors are satisfied that they are all provided at open market value on an arms-length basis.

R Stace (Governor) is the owner of Richard Stace Employment Law Solicitors. During the year asum of £3,469 (2022 - £14,072) was payable to Richard Stace Employment Law Solicitors for employment law advice. At the year end, a balance of ENil (2022 - £451) was due to Richard Stace Employment Law Solicitors.

4 (2022 - 4) of the Governors are parents or guardians of pupils attending the College. 5 (2022 - 6) of these pupils have received academic scholarships totalling £15,582 in respect of fees (2022 - £21,984). These scholarships were provided at the same level of support and under the same assessment criteria as for all other pupils at the College. None of the Governors to which this relates were involved in any decisions relating to the scholarships offered.

Transactions between the College and employees of the College

No employees of the College nor persons connected with them, received benefits from the College apart from their remuneration, except for where they are parents or guardiansofpupils attending the College. They did not receive any additional benefits by virtue of their position.

6 (2022 - 7) membersofthe Senior Leadership Team are parents or guardians ofpupils attending the College. 9 (2022 - 12) of these pupils have received staff fee concessions totalling £106,916 in respect of fees (2022 - £101,715). These concessions are provided in line with the College’s policy.

31. Members’ liability

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

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