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← St Joseph's College Limited

2025-07-31-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 2025

COLLEGE.? ee

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

Page(s)

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||||||| |---|---|---|---|---|---| |Governors’ Annual|REPort...........ccceesssssseeseseseteesesesesesesssessessessnesesesesesenseensnsseneasscesacesseeeesseeseeeeessee]d| |Statement of Governors’|Responsibilities|............|ccc csseesseseseeseneeseeeeseseeseseeeesteasseteesetsesteseseenes20| |Independent Auditor's|Report to|the|Members|of St Joseph’s College|Limited.....................21| |Statement|of Financial|Activities (Incorporating Income and|Expenditure Account)|.........26| |AIANNCO|SGOE|casscccsissacssrsacccsaceicassessssiusvsshetenstavisiatsnasuebasanasbnsbiietoiesvisiaicisvavicaisiideneuvaecisaevisesceleT| |StHEGHIONE|OF CASH|PIOWS|siscssiscisissiscsiascassarsarcsrcacepivaccangnciacsatsaatiaveaiiasatassnciamientmamsmieTERNERD| |NOteS to|the|Financial|Statements|seccsssiscissississcscscssscecnericisandaremsuinirenamnmesacssmaninmacehe|

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StCOLLEGE JOSEPH’S Ls

(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 C Ross (Vice Chair of Governors) Mr A Newman

Mrs G Stronach Mrs K Nichols Mr H Tuckett Mrs E Bailey Mr J Button Mr P Dennis Mr K Connelly Mr C Richardson-Smith Ms C Phelps Mr P Lewis Mrs E Hardwick Mrs Julie Henkel Senior Leadership Team Mrs D Clarke Mr S Cinnamond Mrs S Edwards Mrs V Harvey Mr A O’Riordan MrsJ Keech Miss R Young Mrs G Rowlands Mrs A Childs Mrs D Searle Clerk to Governors

Resigned 21 January 2025

Appointed as Vice Chair 21 January 2025 Resigned 21 January 2025 Appointed 24 September 2024 Appointed 21 January - resigned 29 August 2025 Appointed 21 January 2025 Appointed 25 March 2025

Appointed 21 January 2025

Principal Deputy Principal Director of Marketing & Engagement Vice Principal Co-curricular Director of Business Development Director of Finance (Left 10 January 2025) Head of Finance (Appointed 1 January 2025) Vice Principal Pastoral Vice Principal Head of Prep (Left 31 December 2024) Vice Principal Head of Prep (4 September 2024)

Mrs L Stanmore Seo

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St JOSEPH’S?
COLLEGE
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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

Summer Auditco Limited

820 The Crescent, Colchester Business Park, Colchester, Essex, C04 9YQ

REGISTERED CHARITY NUMBER 1051688 REGISTERED COMPANY NUMBER 3142500

3142500

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COLLEGE? ee

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

The Trustees ofSt Joseph’s College Limited present their annual report and financial statements for the year ended 31 July 2025 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 27-52 form part ofthis 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 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 ofthe 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 Head 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)

° Environmental

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 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 and Principal are conducted alongside a detailed tour of the College’s campus, buildings, and facilities.

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

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. In between each board meeting the Principal provides the board with a verbal update on key matters. 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, Governor Hub.

Governors’ sub-committees

The Board operates the following sub-committees:

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The above sub committees were dissolved over the course of the academic year and the following sub committees started from June 2025.

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

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 2025 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 maintained in the College’s Risk Register included:

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 a Christian school to provide for the furtherance of education ofchildren 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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(A Company Limited by Guarantee and not having a Share Capital)

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.

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 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.

  1. Review of Achievements & Performance for 2024-25

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 2024-25.

A review of Governance conducted by AGBIS (the Association of Governors Bodies in Independent Schools) in June 2024, highlighted the strengths of Governance at the College and some areas for further development resulting in the reconfiguration of a number of Governors’ sub-committees.

A number of Senior Leadership roles were revised to include a Director of Marketing & Engagement, a new Head of Prep School and a Vice Principal Pastoral. The designation and appointment of a Deputy Head of Prep School, Head of Student Recruitment and Head of Boarding were also part of the College’s strategic focus on key areas of the school and their 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.

Equality, Diversity, & Inclusion (EDI) 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. EDI has been allocated to the Vice Principal Pastoral to ensure this important work is embedded further across all aspects of the College with an audit being completed and shared with the Board of Governors.

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St JOSEPH’S? COLLEGE

,

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

Academic Achievement

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

This year brought record-breaking academic results for the College at both GCSE and A-Level.

Attainment at GCSE in English at 92% Grade 4+ and Mathematics at 90% Grade 4+ were significantly above national averages at 71% and 72% respectively. With 86% of GCSE grades at 4+. It was especially pleasing to note that 33%of grades at GCSE were at 7-9 v 22% nationally and 8%ofgrades were at grade 9 v 5% nationally.

Particularly strong results were evidenced across 12 GCSE subjects who secured at least 40% of their grades at 7-9 including Fine Art at 80%, Spanish at 73%, Statistics at 67% and Physics at 60%.

A numberof students in Years 7-9 secured excellent results in the GCSE level qualification the HPQ and FPQ, with 100% achieving A*-B.

As part of stretch and challenge, seven of our more able Year 11 mathematicians were entered into the Additional Mathematics qualification. This qualification overlaps the first year of A Level Mathematics in terms of content, these students attained these excellent results alongside their GCSEs including 3 Grade A, 2 Grade B and 2 Grade C.

At Level 3, the average UCAS points were equivalent to AAB with 65% of students achieving at least 1 A/A grade or equivalent, 45% achieved at least 2 A/A grade or equivalent and 26% achieved at least 3 A*/A grades or equivalent. The College’s A-Level results were significantly above national averages.

A-A 40% (national average 28%) A-B 74% (national average 55% A*-C 93% (national average 78%)

Student university destinations:

,

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

One of the most pleasing aspects ofthe public examination results 2025 was the strong achievement amongst our SEND students.

GCSE Grade 4+

91% English (86% CAT projected)

77% Maths (64% CAT projected)

73% English & Maths (59% CAT projected)

Level 3

A Level

BTEC

Destinations

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Oracy continued to be successfully embedded across the College, alongside the introduction of the following courses:

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

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.

In our Prep School, a new sleeping area was created for Nursery pupils and a well-being garden built in place of the former pond area.

A substantive assembly rota of themes across the year for students in Years 3-13 was in place incorporating the values of fundamental British Values.

To support Senior School girls with building and maintaining of positive relationships, key staff were trained to deliver a programme called Girls on Board.

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.

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 38 Rugby Festival, Remembrance activities and Carol Services, Musical productions including the Prep Year 6 Summer Production and Infant Show and annual Arts Festival.

The community's marking of VE-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 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 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.

The College’s inaugural Giving Day on 19 March, raised in excess of £30k and was also supported by the College’s catering partner Thomas Franks to deliver 4000 meals locally to a range of organizations. ae

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

Sport

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

2024-2025 saw the embedding of[the][ U18][girls’][ and][ boys’][Football][Festival][ and][ U18][Netball][Festival.]

The College continued to host its annual National Schools U18 Rugby Festival with the College finishing in 5 position overall. One student was selected to play for England U18 rugby.

The U16 boys won the England Schools Football Association (ESFA) national cup back-to back and for a second time.

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, sport trips to a sport village near Barcelona for Senior School students and a Year 8/9 netball, football and cricket tour to Dubai. The Summer included Prep residential trips including France for Year 6 pupils.

The College's senior debating team won the regional Rotary debating competition, and the Chemistry team wona 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. This year’s Senior School annual Musical ‘Aladdin’ was another huge success performed over two evenings at a local theatre.

Boarding

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

Work has been continued to improve the aesthetics and quality of the College’s boarding provision for students and also in terms of staff accommodation. After much research a decision was taken to reconfigure the 2 boarding houses into separate Junior and Sixth Form boarding accommodation.

Catering

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

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

The College remains pleased with its decision to outsources its catering to Thomas Franks for student and staff lunches, our boarding community and visitors to the school. Thomas Franks has supported the College successfully with the catering for significant events such as its annual Rugby Festival in October and the opening and refurbishment of a coffee shop ‘The Club House’. The College has retained 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 has continued to develop its use of its Management Information System, iSAMS, including in regard to Marketing, Admissions and HR.

Digitised and streamlined processes providing stakeholders with live up to date information have been embedded resulting in more cohesive operations.

Security has been enhanced with upgrades to our CCTV system and increased access controls to buildings.

The College has replaced all its desktop PC’s with latest generation Lenovo devices-this upgrade has increased the number of dual display workstations that staff and students have access to modern high-performance equipment. The College’s e-commerce platform has been further developed.

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.

The College’s boarding houses have had further refurbishment works carried out in them, in regard to their aesthetics and their reconfiguration into separate Junior and Sixth Form Boarding houses.

The Nursery has had a new sleep room built and decorated and a designed EYFS area and hub created.

A new performing Arts area has been developed for the Prep School.

Over the summer holiday period, a new all-weather pitch was installed in partnership with Ipswich Town Foundation (ITF) and the refurbishment of the College’s Netball courts completed.

Environmental performance and sustainability

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

We will develop an intrinsic culture ofsustainability 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%ofold 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 and over the summer holiday period 2025, the senior school was also awarded its Eco-Schools Green flag status.

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 June 2025 were 593 pupils of whom 510 were day pupils and boarders totalled 83.

The continued strong pupil base was 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 2026-29 is being prepared and will be shared with stakeholders and available on the College’s website.

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 a local 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 provision of a range of sport-based holiday camps. In addition, the College plays an active role in raising funds for local and national charities including St Elizabeth Hospice and Young Minds.

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

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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 52 (2024: 43) pupils awarded a bursary during the financial year, with a value in the year of £192k.

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.

In addition:

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

The College will continue to generate public benefit in the ways outlines 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 2024-25 the College:

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.

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

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.

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 to 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 monthsof expenditure, which currently equates to £2,828,359.

As at 31 July 2025, total funds comprised:

Total unrestricted funds

Total restricted funds

£4,121,969

£14,788

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 £1,416,136 (2024: £1,218,703), 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 College’s three-year strategic plan 2025 is to be evaluated and a new 3-year plan published for 2026-29 which will be 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 do. 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 ofthe[College,] the[ level][of][free] reserves, the three-year rolling budget and accompanying cash flow forecasts.

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

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.

13. Disclosure of information to auditor

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

14. Auditor

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:

LE P Glading (Chair of the Board of Goverfiors) Date: 10 /oty: ) (

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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:

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P Glading (Chair of the Board/of G nors)
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St JOSEPH’S?
COLLEGE
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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 2025 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.

Emphasis of matter

We draw attention to note 19 ofthe financial statements, which discloses that under the terms ofthe £6.030m loan facility agreement with the bank, the College has undertaken to comply with certain financial covenants. As these covenants have not been met as at 31 July 2025, the bank reserves its rights and remedies under the facility agreement, including the right to make demand for repayment of the loan at any time. As the bank has not exercised this right at the date these financial statements were approved, the financial statements disclosure reflects the repayment terms set out in the loan agreement.

Our opinion is not modified in respect of this matter, which is appropriately disclosed.

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

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 ofthe 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.

22

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SUSEaES?
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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)

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 ofthe 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 ofthe following matters[in] relation[to] which the Companies Act 2006 requires us to report to you if, in our opinion:

23

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Independent Auditor’s Report to the Members

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

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.

24

(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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St JOSEPH’S
COLLEGE
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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 2025

Unrestricted Restricted Total Total
funds Funds funds Funds
2025 2025 2025 2024
Notes £ E E £
Income from:
Charitable activities 4,5 10,647,172 4,567 10,651,739 11,214,895
Other trading 9 271,300 271,300 216,678
activities :
Totalincome 10,918,472 4,567 10,923,039 11,431,573
Expenditure on:
Raising funds 10 - - - -
Charitable activities 11 11,481,146 - 11,481,146 11,155,265
Total expenditure 11,481,146 - 11,481,146 11,155,265
Netincome (562,674) 4,567 (558,107) 276,308
Netmovement in (562,674) 4,567 (558,107) 276,308
funds TEETER
Reconciliation of 21,22
funds:
Total funds brought 4,684,643 10,221 4,694,864 4,418,556
forward
Netmovement in (562,674) 4,567 (558,107) 276,308
funds
ee
Total funds 4,121,969 14,788 4,136,757 4,694,864
carriedforward

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

The notes on pages 31 to 51 form part of these financial statements.

26

St JOSEPH’S COLLEGE

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

Balance Sheet As at 31 July 2025

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||||||| |---|---|---|---|---|---| |2025|2025|2024|2024| |Notes|£|£|£|£| |Fixed|Assets| |Tangible|assets|15|11,489,085|11,531,346| |Current Assets| |Stocks|16|15,961|24,538| |Debtors|17|1,348,257|1,398,246| |Cash|at bank and|in|24|808,012|1,022,205| |hand| |2,172,230|2,444,989| |Creditors:|amounts|18|(3,310,691)|(3,035,254)| |falling|due|within| |one|year| |Net current|(1,138,461)|(590,265)| |liabilities| |Total assets|less|10,350,624|10,941,081| |current|liabilities| |Creditors:|amounts|19|(6,213,867)|(6,246,217)| |falling|due|after| |more|than|one|year| |Net assets|4,136,757|4,694,864| |Charity funds| |Restricted|funds|plzz|14,788|10,221| |Unrestricted|funds|21,22|4,121,969|4,684,643| |Total|funds|4,136,757|4,694,864|

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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:

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|||||| |---|---|---|---|---| |Mr|Perry Glading|tA“ET| |Chair|of|the|Board|of Goverrérs|

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Company registration number: 3142500

27

St JOSEPH’S? COLLEGE

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

Statement of Cash Flows Year Ended 31 July 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |Notes|£|2| |Cash|flows from operating|activities| |Net|cash|generated|from|operating|activities|23|898,871|1,181,142| |Cash|flows from|investing activities| |Bank|interest paid|12|(403,247)|(413,248)| |Purchase|of tangible|fixed assets|15|(551,697)|(381,444)| |Net cash|used|in|investing activities|(954,944)|(794,692)| |Cash|flows|from|financing activities| |New|loans|25|325,675|-| |Repayments|of borrowing|25|(415,570)|(402,000)| |Repayment|of finance|leases|(68,225)|(61,127)| |Net cash used|in|financing activities|(158,120)|(463,127)| |Change|in cash and cash equivalents|in the year|(214,193)|(76,676)| |Cash and cash|equivalents|at the beginning|ofthe year|1,022,205|1,098,881| |Cash and|cash|equivalents at the end of the year|24|808,012|1,022,205|

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The notes on pages 31 to 51 form part of these financial statements.

28

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

,

Notes to the Financial Statements

Year Ended 31 July 2025

  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 4. The nature ofthe College’s operations is detailed in the Governors’ Annual Report.

2. Accounting Policies

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,

.

29

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

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. Fees received in advance of education to be provided in future years are accounted for under an advance fee payment scheme and held asa 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.

30

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

The estimated useful lives are as follows: 

  - Freehold property - 30 to 50 years straight line Improvements to freehold - Over the life of the freehold property property

  - Motor vehicles - 25% reducing balance Fixtures and fittings - 10% to 20% reducing balance / straight line .

  - Computer equipment . 25% straight line

31 |

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

2.10 Liabilities and provisions

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

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.

;

32

(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.

33

(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 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:

ne

ne

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St JOSEPH’S
COLLEGE
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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
2025 2025 2025
£ a £,
Educational 10,647,172 4,567 10,651,739
operations
Unrestricted Restricted Total
Funds Funds Funds
2024 2024 2024
£ £ £
Educational 11,214,895 - 11,214,895
operations

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

Notes 2025 2024
£ £
School fees 6 9,618,975 10,216,287
Other educational income 7 341,505 396,108
Other ancillary trading income 8 686,692 602,500
10,647,172 11,214,895
  1. School fees
2025 2024
£ £
Gross fees 11,700,558 12,492,017
Less: Total bursaries, scholarships and (2,081,583) (2,275,729)
allowances
Total 9,618,975 10,216,288

ST

St JOSEPH’S COLLEGE

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

Bursaries, scholarships and allowances were attributed to 414 pupils (2024 — 367) Within this total, bursaries were £191,616 (2024 - £217,547), scholarships were £1,342,185 (2024 - £1,508,015) and allowances were £477,615 (2024-£550,166).

Te Other educational income

2025 2024
£ £
Registration fees 18,287 20,461
Other examination fees 50,978 46,630
Fees in lieu of notice 253,980 299,967
Additional boarding 18,260 29,050
Total 341,505 396,108

8. Other ancillary trading income

2025 2024
£ £
Refectory income 274,594 238,902
Transport service income 248,091 227,240
Rugby festival income 146,201 100,191
Other miscellaneous items 17,806 36,167
Total 686,692 602,500

9. Income from trading activities

Unrestricted Restricted Total
Funds Funds Funds
2025 2025 2025
£ £ c
Hire ofschool premises 271,300 - 271,300
Total 271,300 - 271,300

36

St JOSEPH’S COLLEGE

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

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

10. Expenditure on raising funds

Unrestricted Restricted Total
Funds Funds Funds
2025 2025 2025
£ rf £
Support costs - Chapel . - -
fundraising
Total - - -
Unrestricted Restricted Total
Funds Funds Funds
2024 2024 2024
£ £ £
Support costs - Chapel - - -
fundraising
Total - - -

37

St JOSEPH’S COLLEGE

(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
2025 2025 2025
£ £ £
Educational 11,481,146 . 11,481,146
operations
Total 11,481,146 . 11,481,146
Unrestricted Funds Restricted Total
2024 Funds Funds
2024 2024
E £ £
Educational 11,155,265 - 11,155,265
operations
Total 11,155,265 - 11,155,265

12. Analysis of expenditure on charitable activities - by type

Activities Support Total
undertaken costs Funds
directly
2025 2025 2025
£ £ £
Educational operations 6,957,347 4,523,799 11,481,146
Total 6,957,347 4,523,799 11,481,146
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

38

St JOSEPH’S COLLEGE

(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

Total Funds Total Funds
2025 2024
E £
Staffcosts 4,016,528 5,389,333
Depreciation 593,958 551,858
Teaching 598,308 802,962
Welfare 777,474 402,462
Premises 971,079 939,053
Total 6,957,347 8,085,668

Analysis of support costs

Total Funds Total Funds
2025 2024
£ £
Staffcosts 3,096,831 1,593,713
Governance costs 5,631 4,927
Administration expenses 270,841 170,082
Advertising 219,311 200,335
Agents commission 114,851 185,473
Bankand finance charges 403,247 413,248
Events and festivals : 160,145 170,590
Insurance 109,204 114,097
Other 10,402 1,830
Professional fees 133,336 215,302
Total 4,523,799 3,069,597

Included within professional fees is auditor’s remuneration in respect of the audit of the financial statements of £19,530 (2024 - £18,543). Fees in respect of other assurance services, payable to the auditor amounted to ENil (2024- Nil).

39

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

St JOSEPH’S COLLEGE

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|||||| |---|---|---|---|---| |13.|Staff costs| |2025|2024| |£|£| |Wages|and|salaries|5,835,165|5,802,352| |Social|security|costs|638,662|570,092| |Pension|costs|617,064|610,602| |Total|7,090,891|6,983,046|

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Current year includes salary costs of £319,042. relating to our outsourced catering team Thomas Franks (2024 E£Nil catering function was inhouse)

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

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|||||| |---|---|---|---|---| |2025|2024| |No.|No.| |Teaching|78|78| |Administration,|domestic|and|97|95| |grounds| |Total|175|173|

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

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||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |No.|No.| |In|the|band|£1|to|£60,000|2|1| |In|the|band|£60,001|to|£70,000|1|1| |In|the|band|£70,001|to £80,000|a|ut| |In|the|band|£80,001|to|£90,000|-|1| |In|the|band|£90,000|to|£100,000|:|2| |In|the|band|£100,001|to|£110,000|1|1| |In|the|band|£110,001|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 band £150,000|to|£210,000|4|1|

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8 employees (2024 - 6) are members ofthe APTIS defined contribution pension scheme, contributions of £94,237 (2024 - £84,278) were made in respect of the above employees during the period August 2024 to July 2025.

The total amount of employee benefits received by Key Management Personnel is £885,430 (2024 - £937,264). Fee concession benefits received by Key Management Personnel are disclosed in Note 29. The College considers its Key Management Personnel comprise the Trustees and the Senior Leadership Team. 2 on

St JOSEPH’S COLLEGE

(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 (2024 - ENil).

During the year ended 31 July 2025, expenses totalling £Nil (2024 - ENil) were reimbursed to Governors.

15. Tangible fixed assets

Freehold
property&
property
improvements
£		 Motor
vehicles
£		 Fixtures&
fittings
£E		 Computer
Equip.
£		 Total
£
Cost
At 1 August2024 14,187,405 190,371 1,603,643 1,749,179 17,730,598
Additions 197,813 - 245,452 108,432 551,697
At31 July2025 14,385,218 190,371 1,849,095 1,857,611 18,282,295
Depreciation
At 1August2024 3,513,226 158,521 1,151,285 1,376,220 6,199,252
Charge inyear 296,299 7,963 129,532 160,164 593,958
At31 July2025 3,809,525 166,484 1,280,817 1,536,384 6,793,210
Net book value
At 31 July 2025 10,575,693 23,887 568,278 321,227 11,489,085
At31July2024 10,674,179 31,850 452,358 372,959 11,531,346

Included within freehold property is freehold land amounting to £1,498,500 (2024 - £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 £206,236 (2024- £305,265)

41

St JOSEPH’S? COLLEGE

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

16. Stocks

2025 2024
£ £
Stocks held 15,961 24,538
17.
Debtors
2025 2024
5 £
Due within oneyear
Trade debtors 1,010,901 1,055,774
Otherdebtors 12,131 3,874
Prepayments and accrued income 325:225 338,598
1,348,257 1,398,246

18. Creditors: Amounts falling due within one year

2025 2024
3 £
Bankloan (see note 19) 476,633 402,000
Advance fee payments 409,259 427,582
Trade creditors 735,631 476,177
Deposits held 220,338 565,888
Other taxation and social security 650,301 132,392
Other creditors 118,572 404,897
Accruals and deferred income 667,063 558,093
Ipads 32,894 68,225
3,310,691 3,035,254

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.

42

St JOSEPH’S? COLLEGE

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

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

Advance fee payment scheme

2025 2024
£ “2
Balance at 1 August 904,957 1,093,727
New contracts 329,940 286,395
Amounts used to pay for fees (441,653) (475,164)
Advancefeepaymentsheldat31July 793,244 904,957

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:

2025 2024
£ £
Within oneyear 409,259 427,582
Between2 to 5years 383,985 477,375
Morethan5 years . -
Advancefeepaymentsheldat31July 793,244 904,957

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

2025 2024
£ £
Bank loans 5,061,472 5,226,000
Advance fee payments 383,985 477,375
Deposits held 768,410 509,948
Other creditors
iPads - 32,894
6,213,867 6,246,217

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.

43

St JOSEPH’S? COLLEGE

(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 loans are as follows:

==> picture [462 x 77] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2025|2024| |£|fi:| |Within|one year|483,419|402,000| |Between|2|to|5 years|4,578,053|5,226,000| |Bank loan|at|31|July|5,061,472|5,628,000|

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

The current bank loan facility of £6.030m was renewed on 3™ May 2023 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.

Under the terms of the £6.030m loan facility agreement with the bank, the College has undertaken to comply with certain financial covenants. As these covenants have not been met as at 31 July 2025, the bank reserves its rights and remedies under the facilty agreement, including the right to make demand for repayment of the loan at any time. As the bank has not exercised this right at the date these financial statements were approved, the financial statements disclosure reflects the repayment terms set out in the loan agreement

20. Creditors: Hire purchase and Finance leases

Minimum lease payments under hire purchase fall due as follows:

==> picture [461 x 75] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2025|2024| |£|£| |Within|one year|33,822|75,406| |Between|1|to|5|years|-|38,822| |Total|at|31|July|33,822|114,228|

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

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St JOSEPH’S COLLEGE

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

21. Statement of funds

Statementoffunds - currentyear Statementoffunds - currentyear
Balance at Income Expenditure Transfers Balance at31
1 August2024 In / Out July 2025
£ £ £ £ £
Unrestricted
funds
General fund 4,684,643 10,918,472 (11,481,146) : 4,121,969
Restricted
funds
World project 6,532 - - - 6,532
ParentTeacher 2,906 4,567 - - 7,473
Association
donation
Chapel 599 - - = 599
Child Under Care 184 - . - 184
premium
10,221 4,567 - : 14,788
Total offunds 4,694,864 10,923,039 (11,481,146) - 4,136,757
Statementoffunds - prioryear
Balance at Income Expenditure Transfers Balanceat31
1 August In / Out July 2024
2023
£ £ £ £
£
Unrestricted
funds
General fund 4,408,987 11,430,921 (11,155,265) - 4,684,643
Restricted
funds
World project 6,532 - - - 6,532
ParentTeacher 2,906 - - - 2,906
Association
donation
Chapel (53) - 652 - 599
Child Under 184 . - - 184
Care premium
9,569 652 - : 10,221
Total offunds 4,418,556 11,431,573 (11,155,265) - 4,694,864
Restrictedfunds

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==> picture [114 x 30] intentionally omitted <==

----- Start of picture text -----
St JOSEPH’S?
COLLEGE
----- End of picture text -----

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

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 2025:

World project fund

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

Unrestricted Restricted Total
Funds Funds Funds
2025 2025 2025
£ £ E
Tangible fixed assets 11,489,085 - 11,489,085
Currentassets 2,157,442 14,788 2,172,230
Creditors due within oneyear (3,310,691) - (3,310,691)
Creditors duebeyond oneyear (6,213,867) - (6,213,867)
Total 4,121,969 14,788 4,136,757

46

St JOSEPH’S? COLLEGE

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

22. Analysis of net assets between funds (continued)

Prior year

Unrestricted Restricted Total
Funds Funds Funds
2024 2024 2024
£ £ £
Tangible fixed assets 11,531,346 - 11,531,346
Currentassets 2,434,768 10,221 2,444,989
Creditors due within oneyear (3,035,254) - (3,035,254)
Creditors duebeyond oneyear (6,246,217) - (6,246,217)
Total 4,684,643 10,221 4,694,864
  1. Reconciliation of net movement in funds to net cash flow from operating activities
2025 2024
£ £
Netincome for theyear (558,107) 276,595
(as perthe StatementofFinancial
Activities)
Adjustments for:
Depreciation charge 12,14 593,958 551,571
Bank interest payable 12 403,247 413,248
Decrease/(increase) in stocks 16 8,577 (4,082)
Decrease/(increase) in debtors 17 49,989 (8,781)
Increase/(decrease) in creditors 19,20 401,207 (47,409)
Netcashgenerated fromoperating 898,871 1,181,142
activities

24. Analysis of cash and cash equivalents

2025 2024
£ £
Cash in handand atbank 808,012 1,022,205
Total cashandcashequivalents 808,012 1,022,205

i ene

St JOSEPH’S? COLLEGE

(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
2024 changes 2025
£ £ £
Cash inhandand at 1,022,205 (214,193) - 808,012
bank
Debtduewithin one (402,000) 415,570 (490,203) (476,633)
year
Debtduebeyond (5,226,000) (325,675) 490,203 (5,061,472)
oneyear
(4,605,795) (124,298) - (4,730,093)

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 £506,497 (2024 - £520,872) payable to APTIS. At the year end, there were contributions of £57,517 (2024 - £57,671) 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 £181,849 (2024 - £90,814). At the year end, there were contributions of £14,339 (2024 - £16,283) payable in respect of the scheme and is included in other creditors.

Fy Operating leases

At 31 July 2025 the College had commitments to make future minimum lease payments under noncancellable operating leases as follows:

2025 2024
£ £
Within oneyear 138,387 151,698
Between one and fiveyears 125,331 201,951
After morethan fiveyears = -
, 263,718 353,649

Total lease payments during the year amounted to £235,098 (2024 - £301,710).

48

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----- Start of picture text -----
St JOSEPH’S?
COLLEGE
----- End of picture text -----

(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 havea significant interest, amounting to £96,393 (2024 -Nil). At the year end, a balance of £558 (2024 - ENil) 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.

4 (2024 - 3) of the Governors are parents or guardians of pupils attending the College. 2 (2024 - 1) of these pupils have received academic scholarships totalling £1,177 in respect of fees (2024 - £2,926). 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 (2024 - 4) members ofthe Senior Leadership Team are parents or guardians of pupils attending the College. 6 (2024 - 6) of these pupils have received staff fee concessions totalling £87,819 in respect of fees (2024 - £83,123). 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