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← St Joseph's College Limited

2024-07-31-accounts

Company Number: 3142500 Charity Number: 1051688

(A company limited by guarantee and not having a share capital)

Report and Financial Statements Year Ended 31 July 2024

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

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||| |---|---| |Governors’ Annual Report|.................................................................................................................. 2| |Statement of Governors’ Responsibilities|..................................................................................... 21| |Independent Auditor’s Report to the Members of St Joseph’s College Limited|..................... 22| |Statement of Financial Activities (Incorporating Income and Expenditure Account)|......... 26| |Balance Sheet|...................................................................................................................................... 27| |Statement of Cash Flows|................................................................................................................... 28| |Notes to the Financial Statements|.................................................................................................. 29|

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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) Resigned 21 January 2025 Mr A Newman (Resigned 21 January 25) Mr M Potter Resigned 23 January 2024 Mr J Button Mr P Dennis Mr K Connelly Mr C Richardson-Smith Mr C Ross Mr P Lewis Mrs J Ludlum Resigned 23 January 2024 Mrs E Hardwick Mrs Julie Henkel Mrs G Stronach Appointed 16 September 2024 Miss C Phelps Appointed 21 January 2025 Mr H Tuckett Appointed 21 January 2025 Mrs E Bailey Appointed 11 March 2025 Miss K Nichols Appointed 21 January 2025

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 A Childs Mrs D Searle Miss R Young

Principal Deputy Principal Director of Marketing & Communications Vice Principal Co-curricular Director of Operations & Business Development Director of Finance (Resigned 10 January 2025) Vice Principal Pastoral & Boarding Vice Principal Prep (Resigned 31 December 2024) Vice Principal Prep (Appointed 1 September 2024) Head of Finance (Appointed 1 January 2025)

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

Sumer Auditco Limited (formerly 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 2024 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 29-52 form part of this report.

2. 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 Memorandum of 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, Head of Prep School 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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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, governance and compliance.

This academic year, Governors have completed training in the form of both AGBIS webinars and conferences throughout the year. 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, training courses covering Safeguarding, VAT on fees and other significant threats, strategies to manage risks of political change, and a green strategy 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 of the 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, Governors have due regard for:

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 meeting 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 Auditors and approval of the Audited Annual Accounts, most usually in January - in extenuating circumstances, an Extraordinary Governors’ Meeting (EGM)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:

• Governors’ Finance Group ‘’GFG’’
• Governors’ Health, Safety & Environment Group ‘’GHSEG’’
• Governors’ Staff Development & Personnel Group ‘’GSDPG’’
• Governors’ Education & Curriculum Group ‘’GECG’’
• Governors’ Building Group ‘’GBG’’
• Governors’ Safeguarding & Wellbeing Group “GSWG”

The “GSDGP”, “GECG” & GSWG meet termly (GSDGP dissolved on 11 March 2024)

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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Corporate Governance & Risk Management

The College and the Board of Governors 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 was undertaken during the year ending 31 July 2024 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 maintained in the College’s Risk Register which includes:

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.

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The College’s Core Framework is below:

MISSION

At St Joseph ’ s College, academic achievement, ideas, intellectual curiosity, collaboration and resilience are of equal 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.

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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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 Strategic Development Plan 2025. 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 enhancement of pastoral care, increasing the provision and involvement of pupils in extracurricular activities and developing further the College’s facilities.

5. Review of Achievements & Performance for 2023-24

Governance & Leadership

We will ensure effective, ethical and respectful leadership and management of St Joseph’s College to drive its strategic objectives.

The College’s Strategic Development Plan (SDP) objectives remained the focus for ongoing strategic work and development during 2023-24. The SDP was reviewed and evaluated, and work has commenced on a new plan to be published Summer 2025.

A review of Governance was conducted by AGBIS (the Association of Governors Bodies in Independent Schools) in June 2024, highlighting the strengths of the Governance at the College and some areas for further development.

Retention and recruitment of high-quality staff remained a priority, with the College continuing to invest in its staffing resource and staff training, in particular for middle managers through the funding of NPQSL and NPQLT courses. Strategic new positions were created including a Director of Business Development and Operations, in the Prep School an Assistant Head of Teaching and Learning and a Stretch and Challenge Coordinator in the Senior School to anticipate NACE accreditation and a Literacy Coordinator to promote language acquisition across the curriculum in the Senior School.

The implementation of iPads across the Senior School was a huge success enhancing the quality of teaching and learning and student engagement. Surveys of students, staff and parents were overwhelmingly positive regarding this pedagogical innovation across Years 7-13.

Diversity, Equity & Inclusion (DEI) remained a high priority as evidenced through RSE, PSHE and Faith, Life & Wellbeing (FLW) lessons, the College’s assembly themes, visiting speakers and use of the resource ‘Thought for the Week’ in the Senior School and assemblies in the Prep School. DEI has

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been allocated to a member of the Senior Leadership Team for the following year to ensure this important work is embedded further across all aspects of the College as a 2-19 co-educational day and boarding school.

Academic Achievement

We will deliver a vibrant leaning culture, coupled with high expectations, which adds value to students’ academic achievement.

Attainment at GCSE in English and Mathematics was significantly above national average with 82% of GCSE grades at 4+. Particularly strong results were evidenced across the Arts, including the subjects Fine Art, Photography, Drama and Textiles. The lowest ability quartile achieved particularly strong value-added results.

A number of students in Year 10 and one in Year 9 were entered early for GCSE Maths and GCSE Statistics, achieving excellent results including Grades 7-9.

At Level 3, the average UCAS points were equivalent to BBB with 66% of students achieving at least 1 A/A grade or equivalent, 5% achieved at least 2 A/A grade or equivalent and 15% achieved at least 3 A*/A grades or equivalent.

Student destinations included Oxford to read Classics and Cambridge to read Medicine, as well as prestigious degree apprenticeships at the Bank of England, Unilever, engineering and quantity surveying companies.

Oracy was successfully introduced into Years 7-9, as well as the following additional courses:

The Higher Project Qualification (HPQ) and the Foundation Project Qualification (FPQ) were taught to some of our more able students in Years 7-9 as a key part of our stretch and challenge programme. Outstanding results were achieved with 100% of students attaining A*-B at both HPQ, (GCSE level equivalent qualification) and the FPQ (level 1 equivalent qualification).

An innovative digital teaching and learning programme was introduced in the Senior School, using a combination of iPads, Microsoft One Note and digital writing pencils, in line with our vision to maximise all students’ attainment and achievement.

Additional resourcing for literacy was provided through the introduction of a literacy building platform, Bedrock English for students in ears 5-13 and the introduction of an E-library for both Prep and Senior School students. A new literacy scheme was also introduced in Prep School and staff trained on this.

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Personal Development, health and wellbeing

We will ensure a broad range of opportunities 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.

Relationships, Sex and Health education (RSE) in the Senior School continued to be delivered through the FLW curriculum together with a Personal Social Health Relationship and Economic (PSHRE) programme in the Prep School.

A well-being classroom was created for Prep School pupils which is in addition to the well-being area in the Chapel for Senior School students.

In line with our drive for enhanced eco awareness, planting and maintaining of trees, shrubs and bulbs by students and the Science Faculty has continued. Charity House events bringing together the wider community have also taken place.

The Diana Award Anti-bullying Ambassador Programme was introduced in the Senior School.

Communication, community and culture

We will nurture and support every member of our College community.

Annual community events continued to be much enjoyed including our 37[th] Rugby Festival, Remembrance and Carol Services, Musical productions including the Prep Year 6 Summer Production and Infant Show, Arts Festival and Lashings event.

The community’s marking of D-Day 80 proved to be an enjoyable community event for all involved across Prep and Senior School including families and friends of the school on campus and the lighting of a bespoke beacon, engineered on campus by staff and students.

The College has continued to develop the reach of its social media feeds and with the introduction of a school TikTok channel.

The College continues to engage with charities both local, national and international and works with the local community providing access to its facilities and campus, as well as supporting with the loan of its resources. Prep school pupils sang in the community visiting care homes for D-Day 80, as well as Carols at Christmas. Sixth Form students have continued with the elderly be-friending scheme in a local care home. Food parcels were collected at Christmas and delivered to local charities as part of the College’s annual People in Need Campaign.

Sport

We will continue to ensure that sport and exercise are valued and important dimensions of the lives of all students.

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2023-2024 saw the introduction of an U18 girls’ and boys’ Football Festival with St Joseph’s male and female teams winning this inaugural event against strong competition.

The College continued to host its annual Rugby and Netball Festivals, as well as the MCC and Lashings events on campus.

The U15 boys’ won the England Schools Football Association (ESFA) national cup, the U18 girls won the county Football cup and the U15 girls’ won the county Cricket cup.

A strategic new and self-funded position was created of a Rugby Development Officer to carry out outreach work both in maintained and independent schools, as well as local rugby clubs.

Arts and Enrichment

We will ensure all students are exposed to an Arts and Enrichment programme which develops their creativity, confidence and individuality

Beyond the classroom, students (Prep and Senior, Day and Boarding) have enjoyed day and residential trips in both the UK and overseas.

Trips and visits this academic year have included curriculum trips, as well as an inaugural sport trip to Barcelona to a sport village which involved over 100 students taking part in rugby, netball and football activities over February half-term week. Easter included another successful ski trip and the summer included a Year 4-6 residential trip to Birch Hall, as well as a successful senior boys’ Rugby tour to South Africa.

The College’s senior debating team won the district rotary debating competition, and the Chemistry team won a Silver Olympiad. Students came in the top 5 % of an international global Maths challenge.

One of the main Arts trips was to Paris over the October half-term. An exclusive partnership with Arts International continued to provide students with a wealth of opportunities to work with professionals from both the TV and stage. This year’s annual Musical ‘Legally Blonde’ was another huge success.

Boarding

We will continue to provide a warm, nurturing and supportive environment where students have space to thrive and develop.

Much work has been completed to improve the aesthetics and quality of the College’s boarding provision for students and also in terms of staff accommodation. The staffing of Boarding was reviewed and enhanced further.

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The College was judged to be fully compliant with the DFE National Minimum standards for Boarding Schools in March 2023.

Catering

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

The decision to outsource the College’s catering to Thomas Franks has proven to be a significant success both for student and staff lunches, our boarding community and visitors to the school. The appointment of an Executive Chef Manager in November, who has led the school’s catering function with passion, pride and energy, has enhanced further still the College’s offering. Improved quality has been evidenced through uptake, menus, hospitality and positive feedback. The College was pleased with its 5-star Food Hygiene rating awarded in January 2024.

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

The College invested in and implemented a new Management Information System, iSAMS. This has provided a better platform for storing and recoding data as well as reporting on various functions of the College.

A significant development 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.

A new pupil services area was created in the centre of the senior school, so that students can easily access IT and reprographics support.

Campus and Facilities

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.

Both boarding houses had refurbishment works carried out in them.

An outdoor reading gazebo was erected in the Prep playground with funds raised by friends and families.

A re-surfacing of the Netball courts was completed, with the provision of external secure lockers for students.

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Environmental performance and sustainability

We will develop an intrinsic culture of sustainability in our community

‘Environment’ was introduced as a specific topic within the Governors Health and Safety group, now known as GHSEG. The rollout of LED lighting has continued with over 80% of old lighting having been replaced with LED. Additional controls have been fitted on boilers to allow more efficient controlling of heating.

Wild areas have been cared for around the campus by staff and students to encourage wildlife. The Prep School Pupil Eco-committee has continued with work ongoing in support of its Green Flag accreditation.

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 2024 were 608 pupils of whom 517 were day pupils and boarders totalled 91.

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 of the 2025 Strategic Development Plan - a new version for 2025-28 is being prepared and will be shared with stakeholders and available on the College’s website in July 2025.

7. Community Engagement

The Board supports the use of the 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, including and SEND school, with regard to sport and the arts, as well as the use for local sports clubs including football, cricket, netball and hockey and the holiday, activity and food programme (HAF). In addition to this the College plays an active role in raising funds for charities within our local community.

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8. Public Benefit

St Joseph’s 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 required following the admissions and entrance assessment process, in line with the College’s policy and ethos to continue to relieve hardship where pupils’ education and future prospects could otherwise be at risk, Bursary funding continued to be provided with 43 (2023: 41) pupils awarded a bursary during the financial year, with a value in the year of £218k.

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 608 pupils between the ages of 2 and 19 over the academic year 23-24.

In addition:

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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 maintained schools to attend certain educational events at the College through collaborative projects, as well as through sharing our resources and facilities including our beautiful Chapel.

In addition to the public benefits listed above, teachers from St Joseph’s College provide their expert services as examiners for public examinations such as GCSE and A-level.

9. Recent Capital Expenditure

During 2023-24 the College:

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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 29. The College closed the 2023-24 academic year with 608 pupils on roll (2022 -2023 closed on 593 pupils).

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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 2024, total funds comprised:

Total unrestricted funds £4,684,643 Total restricted funds £10,221

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

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 £1,218,703 (2023: £1,262,827), 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.

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 has 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 of the 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 Board of Governors believes that the College is well placed to manage its business risks successfully. The Board has 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.

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14. Disclosure of information to auditor

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

15. Auditor

On 28 March 2024 our auditor, SB Audit LLP merged with Sumer Auditco Limited.

Accordingly, SB Audit LLP formally resigned as the Company’s auditor with the Directors duly appointing Sumer Auditco Limited to fill the vacancy arising. The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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

…………………………………….

P Glading (Chair of the Board of Governors)

Date:

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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 of affairs 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:

…………………………………….

P Glading (Chair of the Board of Governors)

Date:

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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 2024 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 of this report.

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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 :

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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 of detecting 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.

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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 (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 the Management 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 aware of 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.

John Perry (Senior Statutory Auditor) For and on behalf of Sumer Auditco Limited Statutory Auditor Fitzroy House Crown Street Ipswich Suffolk IP1 3LG

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

Statement of Financial Activities (Incorporating Income and Expenditure Account)

Year Ended 31 July 2024

Unrestricted Restricted Total Total
funds Funds funds Funds
2024 2024 2024 2023
Notes £ £ £ £
Income from:
Charitable activities 4,5 11,214,895 - 11,214,895 9,990,074
Other trading 9 216,026 652 216,678 227,078
activities
Total income 11,430,921 652 11,431,573 10,217,152
Expenditure on:
Raising funds 10 - - - 1,563
Charitable activities 11 11,155,265 - 11,155,265 9,691,207
Total expenditure 11,155,265 - 11,155,265 9,692,770
Net income 275,656 652 276,308 524,382
Net movement in 275,656 652 276,308 524,382
funds
Reconciliation of 21,22
funds:
Total funds brought 4,408,987 9,569 4,418,556 3,894,174
forward
Net movement in 275,656 652 276,308 524,382
funds
Total funds 4,684,643 10,221 4,694,864 4,418,556
carried forward

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.

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

Balance Sheet As at 31 July 2024

2024 2024 2023 2023
Notes £ £ £ £
Fixed Assets
Tangible assets 15 11,531,346 11,701,761
Current Assets
Stocks 16 24,538 20,456
Debtors 17 1,398,246 1,389,465
Cash at bank and in 24 1,022,205 1,098,881
hand
2,444,989 2,508,802
Creditors: amounts 18 (3,035,254) (2,425,637)
falling due within
one year
Net current (590,265) 83,165
liabilities
Total assets less 10,941,081 11,784,926
current liabilities
Creditors: amounts 19 (6,246,217) (7,366,370)
falling due after
more than one year
Net assets 4,694,864 4,418,556
Charity funds
Restricted funds 21,22 10,221 9,569
Unrestrictedfunds 21,22 4,684,643 4,408,987
Total funds 4,694,864 4,418,556

The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Governors on and signed on their behalf by:

Mr Perry Glading Chair of the Board of Governors

Company registration number: 3142500

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

Statement of Cash Flows Year Ended 31 July 2024

2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operating activities 23 1,181,142 1,580,672
Cash flows from investing activities
Bank interest paid 12 (413,248) (322,282)
Purchase of tangible fixed assets 15 (381,444) (347,651)
Net cash used in investing activities (794,692) (669,933)
Cash flows from financing activities
Repayments of borrowing 25 (402,000) (263,710)
Repayment of finance leases (61,127) (17,172)
Net cash used in financing activities (463,127) (280,882)
Change in cash and cash equivalents in the year (76,676) 629,857
Cash and cash equivalents at the beginning of the year 1,098,881 469,024
Cash and cash equivalents at the end of the year 24 1,022,205 1,098,881

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

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

Notes to the Financial Statements Year Ended 31 July 2024

1. General Information

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 of a 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

The Governors have considered the financial position of the College.

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 of global uncertainty.

The bank loan facility was secured with the current lender in April 2023 the bank loan facility was renewed for a further five-year period on terms similar to the previous facility.

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,

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and to continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3 Income

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.

Governance costs comprise the costs of running the College, including strategic planning for its future development, also internal and external audit, any legal advice for the College Governors, and all the costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.

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.

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

2.5 Taxation

2.6 Tangible fixed assets and depreciation

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. Impairment losses are recognised in the Statement of Financial Activities.

Depreciation is not charged on freehold land. Depreciation is charged so as to allocate the cost of the tangible fixed assets, less their residual value over their estimated useful lives, on a reducing balance basis.

The estimated useful lives are as follows:

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.

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

2.8 Debtors

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

2.9 Cash at bank and in hand

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

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the 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 be a 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.

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

2.12 Operating leases

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

2.13 Pensions

From 1 September 2021 teaching staff were (unless opted out) enrolled in the Aviva Pension trust for Independent Schools (“APTIS”) a defined contribution pension scheme, under the scheme, the College pays a fixed contribution. Once contributions are made, the College has no further payment obligations. The contributions are recognised as an expense in the Statement of Financial Activities.

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

General funds are unrestricted funds which are available for use at the discretion of the Governors in the furtherance of the general objectives of the College and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the College for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Once restricted clauses have been completed or achieved, the College will transfer any remaining funds to Unrestricted Funds as appropriate.

2.15 Employee benefits

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

2.16 Government Grants

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

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

3. Critical accounting estimates and areas of judgement

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 have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are listed below:

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

4. Income from charitable activities

Unrestricted Restricted Total
Funds Funds Funds
2024 2024 2024
£ £ £
Educational 11,214,895 - 11,214,895
operations
Unrestricted Restricted Total
Funds Funds Funds
2023 2023 2023
£ £ £
Educational 9,990,074 - 9,990,074
operations

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

Notes 2024 2023
£ £
School fees 6 10,216,287 9,087,273
Other educational income 7 396,108 395,197
Other ancillary trading income 8 602,500 507,603
11,214,895 9,990,073

6. School fees

2024 2023
£ £
Gross fees 12,492,017 11,240,231
Less: Total bursaries, scholarships and (2,275,729) (2,152,958)
allowances
Total 10,216,287 9,087,273

Bursaries, scholarships and allowances were attributed to 367 pupils (2023 – 377) Within this total, bursaries were £217,547 (2023 - £247,849), scholarships were £1,508,015 (2023 - £1,410,326) and allowances were £550,166 (2023 - £494,783).

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

7. Other educational income

2024 2023
£ £
Registration fees 20,461 22,275
Other examination fees 46,630 30,259
Fees in lieu of notice 299,967 333,823
Additional boarding 29,050 8,840
Total 396,108 395,197

8. Other ancillary trading income

2024 2023
£ £
Refectory income 238,902 214,213
Transport service income 227,240 196,386
Rugby festival income 100,191 70,354
Other miscellaneous items 36,167 26,650
Total 602,500 507,603

9. Income from trading activities

Unrestricted Restricted Total
Funds Funds Funds
2024 2024 2024
£ £ £
Hire of school premises 216,026 - 193,026
Chapel fundraising - 652 652
Total 216,026 652 193,678

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

Unrestricted Restricted Total
Funds Funds Funds
2023 2023 2023
£ £ £
Hire of school premises 225,568 - 225,568
Chapel fundraising - 1,510 1,510
Total 225,568 1,510 227,078

10. Expenditure on raising funds

Unrestricted Restricted Total
Funds Funds Funds
2024 2024 2024
£ £ £
Support costs – Chapel - - -
fundraising
Total - - -
Unrestricted Restricted Total
Funds Funds Funds
2023 2023 2023
£ £ £
Support costs – Chapel - 1,563 1,563
fundraising
Total - 1,563 1,563

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

11. Analysis of expenditure on charitable activities – by fund

Unrestricted Restricted Total
Funds Funds Funds
2024 2024 2024
£ £ £
Educational 11,155,265 - 11,155,265
operations
Total 11,155,265 - 11,155,265
Unrestricted Funds Restricted Total
2023 Funds Funds
2023 2023
£ £ £
Educational 9,691,207 - 9,691,207
operations
Total 9,691,207 - 9,691,207

12. Analysis of expenditure on charitable activities – by type

Activities Support Total
undertaken costs Funds
directly
2024 2024 2024
£ £ £
Educational operations 8,085,668 3,069,597 11,155,265
Total 8,085,668 3,069,597 11,155,265
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

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

12. Analysis of expenditure on charitable activities – by type (continued)

Analysis of direct costs

Analysis of direct costs
Total Funds Total Funds
2024 2023
£ £
Staff costs 5,389,333 4,676,276
Depreciation 551,858 462,708
Teaching 802,962 608,136
Welfare 402,462 390,112
Premises 939,053 937,099
Total 8,085,668 7,074,331

Analysis of support costs

Analysis of support costs
Total Funds Total Funds
2024 2023
£ £
Staff costs 1,593,713 1,497,902
Governance costs 4,927 4,686
Administration expenses 170,082 118,859
Advertising 200,335 187,467
Agents commission 185,473 114,036
Bank and finance charges 413,248 322,282
Events and festivals 170,590 98,215
Insurance 114,097 90,586
Other 1,830 34,206
Professional fees 215,302 148,636
Total 3,069,597 2,616,875

Included within professional fees is auditor’s remuneration in respect of the audit of the financial statements of £18,543 (2023 - £15,029). Fees in respect of other assurance services, payable to the auditor amounted to £Nil (2022 - Nil).

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

13.
Staff costs
2024 2023
£ £
Wages and salaries 5,802,352 5,097,468
Social security costs 570,092 554,692
Pension costs 610,602 522,017
Total 6,983,046 6,174,177

current year includes salary costs of £309,991. relating out our outsourced catering team Thomas Franks (2024 £Nil catering function was inhouse)

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

2024 2023
No. No.
Teaching 78 79
Administration, domestic and 95 104
grounds
Total 173 183

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

£60,000 was:
2024 2023
No. No.
In the band £1 to £60,000 1 -
In the band £60,001 to £70,000 1 2
In the band £70,001 to £80,000 1 -
In the band £80,001 to £90,000 1 1
In the band £90,000 to £100,000 2 2
In the band £110,000 to £120,000 1 -
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

6 employees (2023 – 7) are members of the APTIS defined contribution pension scheme, contributions of £84,278 (2022 - £65,410) were made in respect of the above employees during the period August 2023 to July 2024.

The total amount of employee benefits received by Key Management Personnel is £937,264 (2023 - £855,812). 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 Company Limited by Guarantee and not having a Share Capital)

14. Governors’ remuneration and expenses

During the year, none of the Governors received any remuneration for their qualifying services to the College or other benefits (2023 – £Nil).

During the year ended 31 July 2024, expenses totalling £Nil (2023 - £Nil) were reimbursed to Governors.

15. Tangible fixed assets

15.
Tangible fixed assets		 Tangible fixed assets
Freehold
property &
property Motor Fixtures & Computer
improvements vehicles fittings Equip. Total
£ £ £ £ £
Cost
At 1 August 2023 14,088,490 160,403 1,452,167 1,648,094 17,349,154
Additions 98,914 29,969 151,477 101,085 381,444
At 31 July 2024 14,187,405 190,371 1,603,643 1,749,179 17,730,598
Depreciation
At 1 August 2024 3,206,442 153,732 1,049,446 1,237,773 5,647,393
Charge in year 306,784 4,790 101,839 138,446 551,859
At 31 July 2024 3,513,226 158,521 1,151,285 1,376,220 6,199,252
Net book value
At 31 July 2024 10,674,179 31,851 452,358 372,959 11,531,346
At 31 July 2023 10,882,048 6,671 402,721 410,321 11,701,761

Included within freehold property is freehold land amounting to £1,498,500 (2023 - £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 £305,265 (2023 - £288,708).

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==> picture [471 x 232] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |16.|Stocks| |2024|2023| |£|£| |Stocks held|24,538|20,456| |17.|Debtors| |2024|2023| |£|£| |Due within one year| |Trade debtors|1,055,774|1,082,804| |Other debtors|3,874|5,468| |Prepayments and accrued income|338,598|301,193| |1,398,246|1,389,465|

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

18. Creditors: Amounts falling due within one year

==> picture [465 x 165] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Bank loan (see note 20)|402,000|402,000| |Advance fee payments|427,582|480,494| |Trade creditors|476,177|244,851| |Deposits held|565,888|94,604| |Other taxation and social security|132,392|127,179| |Other creditors|404,897|444,001| |Accruals and deferred income|558,093|571,381| |iPads|68,225|61,127| |3,035,254|2,425,637|

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

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.

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

Advance fee payment scheme

Advance fee payment scheme
2024 2023
£ £
Balance at 1 August 1,093,727 1,133,078
New contracts 286,395 435,881
Amounts used to pay for fees (475,164) (475,232)
Advance fee payments held at 31 July 904,957 1,093,727

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:

2024 2023
£ £
Within one year 427,582 480,494
Between 2 to 5 years 477,375 613,232
More than 5 years - -
Advance fee payments held at 31 July 904,957 1,093,726

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

2024 2023
£ £
Bank loan 5,226,000 5,628,000
Advance fee payments 477,375 613,232
Deposits held 509,948 1,024,019
Other creditors - -
iPads 32,894 101,119
6,246,217 7,366,370

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

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

The ageing profile of the bank loan is as follows:

2024 2023
£ £
Within one year 402,000 402,000
Between 2 to 5 years 5,226,000 5,628,000
Bank loan at 31 July 5,628,000 6,030,000

The current bank loan facility of £6.030m was renewed on 3[rd] May 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.

20. Creditors: Hire purchase and Finance leases

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£ £
Within one year 75,406 75,406
Between 1 to 5 years 38,822 109,228
Total at 31 July 114,228 184,634

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

21. Statement of funds

Statement of funds – current year

Balance at Income Expenditure Transfers Transfers Balance at 31
1 August 2023 In / Out July 2024
£ £ £ £ £
Unrestricted
funds
General fund 4,408,987 11,430,921 (11,155,265) - 4,684,643
Restricted
funds
World project 6,532 - - - -
6,532
Parent Teacher 2,906 - - - -
2,906
Association
donation
Chapel (53) 652 - 599
Child Under Care 184 - - - -
184
premium
9,569 652 - - -
10,221
Total of funds 4,418,556 11,431,573 (11,155,265) - -
4,694,556
Statement of funds – prior year
Balance at Income Expenditure Transfers Balance at 31
1 August In / Out July 2023
2022
£
£ £ £ £
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 184 - - - 184
Care premium
9,622 1,510 (1,563) - 9,569
Total of funds 3,894,174 10,217,152 (9,692,770) - 4,418,556

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

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 2024:

World project fund

The World project fund represents funds raised and spent in relation to the support of the 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.

22. Analysis of net assets between funds

Current year

Current year
Unrestricted Restricted Total
Funds Funds Funds
2024 2024 2024
£ £ £
Tangible fixed assets 11,514,378 - 11,514,378
Current assets 2,376,221 10,221 2,386,442
Creditors due within one year (2,640,180) - (2,640,180)
Creditors due beyond one year (6,565,489) - (6,565,489)
Total 4,684,930 10,221 4,695,151

46

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

22. Analysis of net assets between funds (continued)

Prior year

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

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

2024 2023
£ £
Net income for the year 276,595 524,382
(as per the Statement of Financial
Activities)
Adjustments for:
Depreciation charge 13,16 551,571 462,708
Bank interest payable 13 413,248 322,282
Decrease in stocks 17 (4,082) 5,575
increase in debtors 18 (8,781) 50,048
(Decrease)/increase in creditors 19,20 (47,409) 215,677
Net cash generated from operating 1,181,142 1,580,672
activities

24. Analysis of cash and cash equivalents

2024 2023
£ £
Cash in hand and at bank 1,022,205 1,098,881
Total cash and cash equivalents 1,022,205 1,098,881

47

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

25. Analysis of changes in net debt

At 1August Cash flows Non-cash At 31 July
2023 changes 2024
£ £ £
Cash in hand and at 1,098,881 (76,676) 1,022,205
bank
Debt due within one (402,000) 402,000 (402,000) (402,000)
year
Debt due beyond (5,628,000) - 402,000 (5,226,000)
one year
(4,931,119) 325,324 - (4,605,795)

26. 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 £520,872 (2023 - £488,282) payable to APTIS. At the year end, there were contributions of £57,671 (2023 - £53,025) 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 £90,814 (2023 - £110,997). At the year end, there were contributions of £16,283 (2023 - £14,516) payable in respect of the scheme and is included in other creditors.

27. Operating leases

At 31 July 2024 the College had commitments to make future minimum lease payments under noncancellable operating leases as follows:

cancellable operating leases as follows:
2024 2023
£ £
Within one year 151,698 157,741
Between one and five years 201,951 285,693
After more than five years - -
353,649 443,434

Total lease payments during the year amounted to £301,710 (2022 - £174,424).

48

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

28. Controlling Party

There is no ultimate controlling party of the College.

29. 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 £Nil (2023 - £3,469). At the year end, a balance of £Nil (2023 – £Nil) 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 a sum of £Nil (2023 - £3,469) was payable to Richard Stace Employment Law Solicitors for employment law advice. At the year end, a balance of £Nil (2023 – £Nil) was due to Richard Stace Employment Law Solicitors.

3 (2023 – 4) of the Governors are parents or guardians of pupils attending the College. 1 (2023 – 5) of these pupils have received academic scholarships totalling £2,926 in respect of fees (2023 - £15,582). 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 guardians of pupils attending the College. They did not receive any additional benefits by virtue of their position.

4 (2023 – 6) members of the Senior Leadership Team are parents or guardians of pupils attending the College. 6 (2023 – 9) of these pupils have received staff fee concessions totalling £83,123 in respect of fees (2023 - £106,916). These concessions are provided in line with the College’s policy.

30. 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.

49