Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 THE URSULINE PREPARATORY SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Charity Number 1058282
Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 THE URSULINE PREPARATORY SCHOOL FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 CONTETrThS PAGES Trustees and professional advisers Trustees, Annual Report Independent auditorfs report to the trustees Statement of financial activities 2to6 7t09 10 Statement of financial position Statement of cash flows 11 12 Notes to the financial statements 13to20
Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 THE URSULINE PREPARATORY SCHOOL TRUSTEES AND PROFESSIONAL ADVISERS Registered charity name Registered address The Ursuline Preparatory School The Ursuline Preparatory School Great Ropers Lane Warley BrenOod Essex CM13 3HR Charlty number Trustees 1058282 G Moule Mrs F East Mrs A Hyams J O'shea Auditor M J Bushell Audit LLP Chartered Accountants & Slatutory Auditors 8 High Street Brentwood Essex CM14 4AB Bankers Lloyds Bank PLC Website www.ursulineprepwarley.co.uk
Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 THE URSULINE PREPARATORY SCHOOL TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2024 The ti'ii%tees present their report and the finaiicial statements of the charity for tlie yeai. ended 31 Aligiisl 2024. These have been prepared in accordance with the accouiiting policies set out iii the notes to tlie financial slaleinei)15 aiid coinply with Ilie chai'ity's governiiig document, the Cliarities Act 201 l aiid Accounting aiid Reporting bji Charitie.s.' 8talemeiil of Reeonimeiided Practice applicable to charities preparing tlieir accoiints Ai) accoi'daiice will) Ilie Fii)ai)cial Reportiilg Staiidard applicable ii) Ilie UK aiid Republic of Ireland (FRS102) (efteclive 1st JanLiaiy 2015). REFERII NCI AND ADMINISTRATIVE DETAILS Reference and administralive details air sliown in the schedule of iiiistees and professional advisers on page of the financial stateinents. THE TRUSTEI ES Tlie ti'iislees wlio served the charity during tlie year were ag follows- G Molile Mrs F East Mrs A Hyains J O'sliea STRUCTURE, GOVII RNANCE AND IVIANAGEMENT Governing (loeument Tlie scliool 15 an Liniiicorporaled OlEanisatioi) IEgulated by ils Tiiist Deed dated 18th Sepletnber 1996. Governing body Tlie IrLlStees ale the governing body of the school. As set out iii the Ti'ust Deed. the scliool is &dtninistered by iiol Inore Ihai) foiir 01- le5S thai) two triistees. New Irustees are appointed by a resolution of the existing trLlStees at a special meeting called by the chairman or any two tnistees. The triislees are provided with siiitable information and traii)iiig to enable them to adequately fulfil tl)eii' dillies. The li'uslees seek to coniply with advice detailed in the Cl)arity Goveniance Code as published by tlie Chai'ity Coinmission of England and Wales. OrgaJiisatiOn81 sti'ucture The Ii'ustees. as the charity ti'ustees of tlie school, are legally responsible for the overall manageinent and conti'ol of tl)e school and Inect at least tlii'ce times a ycai-. Tlie day to day iiiniiiiig of the scliool is delegated to the head-teaclier who assi.sts and advise5 tlie IrLI.Stees and atteiids theii. Ineetiiigs. Iii additioii, the ti'iislees have established a Board of Goveniors whicl) coiisi51s of tlic trLlStees, tlie head- teacller, I'epresenlatives of tlie scl)ool staff, pareiils of pupils, the Romaii Catliolic faith and Ilie school's Parents and Friends Associalion and other co-opted Ineinbei's. Tlie Boai'd of Govemots usually meets once a terin aiid coiisiders Inalte relatiiig to Ihe education of tlie piipils and makes comIe[]dat1OnS to the head-teacher and Iriistees. Risk management Tlie ti'ustee5 Loiifii'in that systeins have been eslablished to enable regulai. financial IErxiits to be pi'odiiced and freqiient contact is Inade with tlie liead-teacher to disciiss issues which arise froin day to day. Iii addition, as iiienlioned above, Ille liead-teachei. also attends the Ineetiiigs of Ilie ti-listees so that step5 cali be laken to mitigale Ilie majoi. strategic, biisiness aiid operalional I'isks tliat the scliool faces.
Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 THE URSULINE PREPARATORY SCHOOL TRUSTEES, ANNUAL REPORT (contlnuedj YEAR ENDED 31 AUGUST 2024 OBJECTIVES AND ACTIVITIES Piiblie benefit The Iruslces coIifii'ni Iliat they liave complied willi tlie Irquircinent in tlie Cliaritics Act 2011 to l)ave due I'egai-d to tlie Charity Commission giiidance on public benefit wlieii reviewiii8 our ainis aild objectives aiid iii plaiiiiiiig OLII. future aclivilics. Objectives I"he object of the school is the provision of education. iiicliidiiig social and pliysical training and i'eligious education, iii accordaiice with ihe doclrines aiid priiiciples of tlie Roinaii Catliolic faith to childreii between Ihe ages of 3 and I l at the school. The school 15 small and consists of nine classes all of which are situated in the one biiilding. Aims Tlie school seeks to give each pupil tlie opportiinity to fiiifil his or hei. full potential and tliereby biiild self- coiifidence. Tlie school also aims to instil in each piipil a seiise of conimlinity aiid social re£poii8ibility- Objectives of tlie y¢ai- The fociis continiies to be on the achievement of the aims of the sclM)ol applied to the piipils as they inove tlii'oiigli the scliool. Revieiv of Activities and performallce foi. the year Anotlier biisy yeai., but one that we appreciated as a very stable one, especially after the affects of Covid dui'iiig Ilie last few ye<irs. The childi'¢i) loved beiiig able to Piirlivipale in a vasl array of extra-curriculai. activities, cumpetiti0115 aiid toiimamenls and have achieved a great deal. We had 33 offets for secondary schools and 19 scholaJ5hip awards in a variety of disciplines includiiig iiiiisic, sport, all-roiiiideis, langLiage and academic acliieveineiits. PFA Tlie scliool is siipported by a very active Parents and Fi'iends. Association ('The Ursliliiie PIEparatory Scliool Pai'enls dnd Friei)ds' Associalioii, ("PFA")). Tlie object of Ilie PFA is to advai)ce tlie educatioii oftlie piipils in the 8cliool in particiilar by- developing effective I'elationships between ihe staff, pai'eiits and otl)eis llssociad witli tlie scliool. and engaging in activities or providiii8 facilities or equipinent wl)ich support tlie scliool and advai)ces tlie education of the piipils. Evel'y pareiil is a iiieiiiber of Ilie PFA and it lias a Ird-WOrkIng cominiltee. The paitiils and staff tlioroiiglily enjoyed participating in the i)onnal very well SLlPPOlted functions. The PFA provided fiinds for a new Ininibiis for the whole school.
Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 THE URSULINE PREPARATORY SCHOOL TRUSTEES, ANNUAL REPORT (continued) YEAR ENDED 31 AUGUST 2024 ACHIEVEMENI'.S AND PF.RFORMANCE Trips, sport anil Masses Trips Tl)e cliildren weir exposed to a 'eat variety ofexperiences. We took the children lo 33 differeiit venues to enhance their academic, personal and physical development. Speech, Di'ama and Publie Spexkillg Once again, the ¢liildreii Sal ovei. 80 LAMDA exailliiiations and aLhieved l OOYO pass rate. We were deligl)ted that 800/0 of children received the top distinclion award with the Temaining 200/0 acliieving the second grade. Physical Education We wei'e delighted to be able to participate in a vasl nuinbei. of spoitii)g fixtLires ai)d coiiipetilioiis. We becaine Disli'ict Champions in atlilelics, girls, football, cross couiilry. leiiiiis. rugby, iietball and swimming. The children also acliieved regional siiccess in athletics, cross coiintry, iieiball. swimining and rligby. Every single child in the top jiinioi. class represented Iheir school thi'oiighoiit tlie yeai-. Art Tlie children eilled tlie i'egional coinpetition wiiining 7 oul of l O eiiti'ies witl) 2 goiiig oli to Ilie Natioiial finals. We weie delighted with ihis resiill as Art is an area of the curriciiliim which we are trying to develop. Dance Tlie cliildrcn competed iii Ihc ISA National Dance coin11110n, finisliiiig iii secoiid place. MLISIC Tlie cliildren aehieved l 00% ivi their Miisical Tlieatie aiid in all the individiial insh-uiment exams. M41&ses Jt ivas delightfiil to celebrate oui. Masses both in scliool aiid in the Bi'eiitwood Cailiedi'al. 11 was especially Iiice to be back iii Brentwood Catliedral for oiir Christinas Sei'vice of Light and ihat tl)e pai'enls coiild atteiid aiid shal'e it witli us. Aclqdeniie siiccess Tlie School is extreinely piY)ud of ils acadeinic achievemeiils, especially as we do iiot select children 011 acadeinic ability and we eiis111'e that children have a conlii)Iial patl) thiDugli to Ilie age of I l years. We sat foi. 14 different secoiidary schools incliidiiig Winchester, Felsted, Lancing, Bi'eiitwood. New Hall dl)d Ilie Esse,x aiid Keiil grdillinai. scliools. The class receiiied 32 offers foi- 5econdaiy scliools aiid 19 scliolarship awards in a variety of disciplines inclliding miisic, sport. all-roiiiiders, langiiage aiid acadeinic acliieveiiieiils.
Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 THE URSULINE PREPARATORY SCHOOL TRUSTEES, ANNUAL REPORT( contlnued) YEAR ENDED 31 AUGUST 2024 Aca(lemie success (evntd.) We were deliglited with the SA T's IEsiill£ bealing the National average pass In8 by 23Yo aiid 26f/io and tlie in-depth pass Inark by 57 /0 and 320/0. Cllai'itable activities Cal'e for othei'% is at the coir of oiir school and periiieates oiir 5cliool etlios. We aiiii to Imake our PLipiIs aiyai'e th¢lt (hey live in a privileged ei)viroi)menl aiid Iliat tliere arc a greal iiuinbei. of childitii in Ihc woi'ld who do Iiot have the advantages they liave. -1 o achleve this we seek to instil in thein a sense of benevolenee aiid social i'espoiisibility. Tlieirfore, we wci'e dclighied tlial, oiice agaiii, the childreii i115tigated sevei'al cliarity initiatives diiring the year and, along with ilieir parents, IEsponded extreinely well to the chai-ity appeals. The School Inanaged to raise £7,720 (2023: £6.253) Ihroiigliout tlie year for cliarities includiiig CAFOD, Brain Reseaich, Gieat Onnond Street Ho.spital. Cliallenging MND. Childi'en with Cancel.. Brenlwood Catliolic Childi'en's Society, The Cliildren's Society, Coiiiic Relief and BBC ChildiEn iii Need. FI INANCIAL REVIEW Resolirces inci'eased by £56,341 (2023: £35,938). School fee iiicoine increased by £120,869 (2023: £139,490) reflecting an average increase of 6.60/0 (2023: 6.50/0) in aiinual fee chaiEes 011 I st Septeinber 2023. The iiicirase is pi'iinai'ily due lo a fee ii)ci'ease coupled with nioi'e ptE-reception cliildren starling on a fiill time basis. Resoiii-ce5 expended iiicrea8ed by £1 fv1,251 (2023: £67,437) due pi'iinai'ily to (iL(Ideinic purcl)ase costs. Tlie PFA doiialed £54,271 (2023.. £19.541) towaiyis a IninibLlS, gifts, flin day and other items for which the truslee.$ are exti'einely gi?tefiil. £90.178 (2023: £14,555) was spent diii'iiig tlie year 011 langible fixed assets aiid at tlie year-eiid school fiinds, all of wliicli are unre.stricted. stood at £1.227,042 (2023.. £1,170,701). Tlie ti'ustees con5idei- the results foi. the year to be satisfactory. Rese)'ves policy At 3 1st Aiigiist 2024 tlie school's net CiilTent a55els aiE in deficit by £75,468 (2023.. £154,026). The reseeS policy of the Trustees is lo continiie to build Lip fire reserves by iiieaiis of aiinlial iiicrLases iii rcsoiii'ces vhei'e possible. However, thi5 is siibject to Ilie circiimslances prevailiiig each year whicli Inay mean Iliat it will not be possible to PlDduce a SLlI'pILlS at that tiine. PLANS FOR FUTURE PERIODS The school coinimiinity is always working hard to impi'ove all aspects of Ilie educalioii offered to tl)e cliildreii. We are a150 looking to coinpleting our ICT developments. We also hope to further develop the Music Depaitmenl. witl) tlie inclusion of ali orchestra. Howevei.. willi the iiiti'odiiction of VAT on school fees oiir plan is to consolidate 11)e acadeinic provisioii pi'ovided to all of tlie cliildren at piEsent. The Ti'LlStees woiild like to thank the Governors, Teachers, PFA and all tlie parents for the treinendous effoit and SLlPPOIt they have pi'ovided. They have helped Inake 2023124 anoilier supei'b yeai. for all tlie children in tlie School community.
Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 THE URSULINE PREPARATORY SCHOOL TRUSTEES, ANNUAL REPORT (con¢lnuedJ YEAR ENDED 31 AUGUST 2024 STATfi.MF.NT OF TRIJSTF,F.S' RESPONSIBILrriES Tlie Ii'iislegs alE respoi)sible foi. prepariiig Il)e .1 I'uslees, Annual Rewrt ai)d the fiiiancial stalements in accordance with applicable law And Uiiited Kingdom Accountiiig Siandards (Uiiited Kiiigdoin Genci'ally Accepted Accoui)tiiig Pi'aclice). The law (Ipplicable to cliarilies iii England and Wales I'eqliires the triistees to prepaie fiiiai)cial slateilleiits foi- eacli financial yeai. wliicli give a Iiue Iiiid fair view of Ilie state of affaiis uf the cli¢ll'lty aiid of Ilie iiicoinii)g resources oiid applic¢ilion of Irsoui'ces of il)e cliarity for Ilial pei'iod. In preparing these financial statements, the trustees are reqiiired 10- select siiitable accounting licieS and thei) apply Ihein consisleiiily. ' observe tlie Inethixls and pi'inciples in Ihe Charities SORP. Inake jiidgements and accoiinting estiinates that are reasonable and pi-udent; ' state wliether applicable accoiinting standanls have been followed, subject to any material depaitui'es disclosed and explaiiied iii the fii)aiicial 51ateineIits' pi'epaiE the fiiiancial Slatemenls on the going conceni basis iinless it 18 inappropriate to PlESLime that the chai'ity will contilllie in operation. Tl)e Ii-ustees are responsible for kecping sit1Cle1)I accouiiting I'ecoi'ds that disclose willi reasonable &Lciii'acy at aiiy time the financial positioii of the cliarity and enable ihem lo ensiire tliat tlie fiiiancial statemeiils coinply witli tlie Charities Act 201 I, the Chaiily (Accouiils ai)d Rcpoi1s) Regiila110115 2008 aiid tlic provisioiis of il)e trust (leed. Tliey air also I'esponsible foi. safeguardii)g the asseis of tlie cliai-ity and hence foi. takiiig IEa8onable steps for the preveiitioi) and dcleclion of fi'alid ai)d other ii'regLilarilies. half oftlie trustees Si ia..Jk 77B289e030D541.. C MOULE "I'ruslee 12 May 2025
Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 TH7E URSULINE PREPARATORY SCHOOL INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE URSULINE PREPARATORY SCHOOL YEAR ENDED 31 AUGUST 2024 OPINION We have audiied the financial stateineiits of Tlie Ursliliiie Preparatoiy Scliool (tlie 'Cliai'ily') foi. die yeai. ended 31 AiigiisÉ 2024 which coinprise Ihe Statement of Financial Aclivilies. 11)e Ilalaiice Slieel, the Siateineiit of C¢tslI Flows and Ilie iioles to the finaiiciiil sllc teineiit5, iiicludiiig a siiiiiinai'y of sigiiificaiit accoiiiitiiig policies. The financial repoi1ing fi'aineivoi* that has been applied iii theii- pi'epai'ation is applicdble laiv aiid United Kingdoin Accouiiting Siai)dai'ds, ii)cliidiiig Fiiiaiicial Repoitiiig Staiidard 102 Tlie Financial Repoi'fiJ?g ,giapidai'd applicable in ihe UK and Reijiiblic of li'elai7d (United Klilgdoi (ienei'ally AcLepled Accouiitii)g PiaLlice). In oiii. opinion the finaiicial statements: give a true and fail. view of the slate of tlie cliarily's affair5 a5 at 31s1 August 2024 atid of its ii)coiniiig resoEirces and application of resoiirces foi. the year tlien ended. liave beeii pi'operly pi'epared in ilCLoixlance will) United Kiiigdoin Geiierally Accepted Accoiinlii)g Pi'aclice. and have bn prepared in accoixlaiice wilh the requireiTJeniS of tlie Cl)arities Act 201 IIASIS FOR OPINION Wc condiicted oui- aiidit in accoixlance with Intemational Standards on Aiiditing (UK) (ISAS (UK)) and applicable law. Our i'espoiisibililies uiider tliose staiidai'ds ait fuitl)ei' described in t]ie Auditor's i'esponsibililies foi. the aiidit of the financial stateinents section of Olir report. We are independeiit of tlie chai'ity iii accoi'd¢inLe witli the eiliical i'eqLiiIEiiieiits 11)at are iylevaiit to Ilie audil of il)e finai)cial slateineiits in the UK, incliiding the FRC'S Ethical Standai'd, and we have fiilfilled oiir other etliical Sponsibl1111eS in accoi'dance with tliese requireineiits. We IlIeve that tlie audit evidenLe we liave obiaiiied 15 SLifficient and appropriate to pi'ovide a basis for oiir opinion. IISK OF OUR REPORT This iepoi'l is Inade solely to tlie cliai-ily's triLStees, as a body, in accoi'daiice witli Part 4 of Ilie Cliai'ities (Accolints and Repoils) Regiilations 2008. Oiir a41dit work has beeli iindertaken so that we iiiight slate to the cliai'ity's tl'L15lee5 11)ose Indtlers we at-e Irquii-ed to slate lo tliein iii ali audito¢s itporl and foi. iio otliei- PLII'POSe. To the fiillest exteiit peiinitted l)y law. we do not accept or asstiine IEspoiisibility to anyone otliei- tliaii tlie cl)ai'ily aiid tlie charity's ti-ustees as a l)ody, for oui. audit woi'k. foi. Iliis i'epx)rt, or for the opinioiis we have forined. CONCLUSIONS RELATING TO COING CONCLRN Iii aiiditing the fiiiancial 51ateinents we liave concluded Il)al tlie ti'iistee5' Use OF the goiiig concei'n basis of accoiintiiig iii the preparatioii of the fiiiancial stateineiits is appi'opi-iale. Based oli tlie work we liave perfoi'med, we have not ideiitified any material uiicerlainties relating to events or conditions tliat, individiially or collectively, may cast significant doiibt on Ilie cliai'ity's ability to coiitiniie as a goiiig concem foi. a period of at least twelve illonths fi'oin when the financial statemeiits are aiithoi'ised for i55LIe. Oiii. I'e5ponsibilities and the i'esponsibilities of tlie trustees with respect lo going coiicern aiE described iii tlie relevant sections of this itport. OTHV.R INF()RMATION Tlie otliei. infonnatioii coinpi-i5es tlie informatioii iiicliided in the TrLlStees' Annual Repoit othei- than tlie financial statemenls and oiii. auditoi s I'eport Ihereoii. Tlie trustees al'e Itspoiisible foi. the otlier inforimation coiilaiiied witliiii the anniial report. Oiir responsibility is to l'ead the other iiifoiinatioii and, in doing so, coiisidei. whetlier ilie othei- infonnatioii is Inaterially inconsisleiil witli tlie financial stdleineiits oi. oui. knowledgc obtained in the course of Ilie audit or other¥vise appears to be materially Inisstated. If we identify sucli Inatei-ial incoiisisleiicies or appaient Inatei'ial Inisslaleinenls, we ait requiiEd lo deleriniiie wlielliei. Iliis gives I'ise to a material niisstatement in the finaiicial statemeiits themselves. If, ba.sed on the work we have
Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 THE URSULINE PREPARATORY SCHOOL INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE URSULINE PREPARATORY SCHOOL( continued) YEAR ENDED 31 AUGUST 2024 OTHER INFORMATION (COIYTINUED) perfoi-med. Ive concliide tliat there is a material Inisstaleinent of this othei. infoi'illatioii, we are reqiiiiEd io i'epoi'l tl)is fact. We have notl)ing lo i'eport in this regard. MATTF.RS ON WHICH WE ARF REQUtRED TO RF.PORT BY EXCEPTION We Iidve iiotliiiig lo Irport iii iyspect of Ille following iiiatters iii relalion to wl)icli tlie Charities (ALcoiinls and Reports) Regiilations 2008 reqiiire Ll.$ to repoit to yoii if, in our opiiiion". Ilie ii)forindtioii given li) tlie truslees, Itpoi'l is iiiconsisteiit iii ]Y Iiialei'ial Irspecl witli the fiiiancial stateinents. or SLirricienl accoLintii)g iecoi'ds have not been kepi; oi. the fiiiaiici1115tateineiits are not in agi'eeinenl wilh Ilie accoiinting iecord5 aiid ielui-iis. or we have iiot i-eceived all the information aiid explaiiatioiis we requiiE for OLII. aLKlit. RESPONSIBILI'fiEI S OF TRUSTEES As explaii)ed morc fiilly in the Stateineiil of Ti'ustccs. Rcspoiisibililies set out on page 6, tlie trLlStecs are iespoi)sible foi. Ilie pi'ep(Iralioii of fiiiaiicial slateinenls and for being salisfied Iliat they give a ti-lie and fair view, aiid foi. SLich intei'nal control as the trile¢S deterinine is iiecessaiy lo eiiablc the prepai'atioi) of fiiiancial statenieiits thal aiE free fi'oin material mi5slatemeRt. wlietlier due lo fraud or error. Iii preparing the financial slalemenls, Ilie trustees are responsible for assessiiig tlie chai'ity's ability lo conliiiiie as a going concern. disclosing, as applicable, matters I'elaled lo going concern aiid usiiig Ihc going cuiicei'ii basis of aLcouiiliiig uiiless Ille Irustees eithei. intend to liquidate tlie cliaiity or cease operation, or liave no i'ealistie alternative biit to do so. UDITOR'.8 RFSPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We Iiave beeii appoii)led as audiloi- Lindei. section 144 of Ilie Cl)arilies Act 2011 and iepoil iii accordance with the Act and ielevant regiilations Inade or liaving effect IhereiindeT. Oiii. objeclives are to obtain Irasonable assiiraiice abolit wlielher tlie financial stateinents as a whole al'e free froiii iiiatei'ial Inisslatcinenl, wheiliei. dlie to fr(iiid or error. aiid to issiie an (111(litoi s I'epoit tlial ii)cludes our 01)inioii. Reasonable a8siirance is a high level of assiiraiice bitt 18 not a gii81-aiitee that ali audit coiidiicled in accoi'ddnce will) ISAS (UK) will alwilys dclccl a Inalerial Ini551ateinent wlieii it exists. Misslaleiiieiils cali ai-ise from frnud or ermr and are considered material if. individiially or in aggregate. Ihey could reasoiiably be expected to infliieiice the econoinic decisioiis of iisers laken on Ilie basis of these fiiiaiicial slaleinenls, Tlie exteiit to wliich our proccdures are capable ofdetecting irirgularities, ijicludiiig fi'aiid, is delail¢d below.. Maiiagemeiil overi'ide of coiitrols Aiidiling the risk of management override of conti'ols, incliiding throligh testing joui'nal enti'ies aiid oiliei. adjLlStineiils foi- appi-opriateiiess, aiid evaliialing Ilie business rationale of sigiiificant ti'aiisactions outside tlie normal coiirse of biisiness. Noii cuinpliaiice ivilli laivs aiid ieglilalioiis F,nqiiiiy of Inanagcinent, tl)ose cliarged ivitli goveniance Reviewiiig Ininiiles of Ineetings of those charged witli governance. Revicwiiig fiiiaiicial staleineiil disLlosui'es aiid tesliiig to SLlPPOI'liiig du]n¢t)1atioI] to assess compliance ivitli applicable laws aiid iegiilations.
Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 THE URSULINE PREPARATORY SCHOOL INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE URSULINE PREPARATORY SCHOOL (continued) YEAR ENDED 31 AUGUST 2024 A fiii'iliei. desci-iption of oiii. I'esrK>nsibililies foi. Ilie audil of the fiiiaiici¢il 5t(Iteii)eiits is Ited on tlie Financial Reporting Coiincil's website at.. .li'L.i)I'U Lik..'audiloi'i respon5ibililies. This description fonns part of oui. auditoi s pOl.1. 21 May 2025 C.orllé voii Wielligh ACA (Senioi. Statlltoiy Auditor) Foi. and on behalf of M J Biisliell Audit LLP Chai'lei'ed ALcounlanls Staftitory Auditoi. 8 High StireL Breiitwood, Essex, CMI 4 4AB
Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 THE URSULINE PREPARATORY SCHOOL STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST 2024 Total Funds 2024 Total Fiiiids 2023 Note INCOM Donatioiis aiid Grants IiiLoille froin cliai'ilable activities 54,271 2,238,610 19,541 2,088,686 T()TAL INCI)ME 2,292,881 2,1011,227 I XPENDITURE Expeiiditiire 01) chai'itable activities Oihei. expeTtses TOTAL EXPENDITURE (2,147,035) (1.989,371) (89,505) (82.918) (2236,540) (2.072.289) NET INCOME/(EXPENDITURE) FOR THE YEAR 56,341 35.938 RECONCILIA'fioN OF FUND Total fiinds bi'oiighi foiivai'd TOTAL FUNDS CARRIED FORWARD 1,170,701 1,134.763 1,227,042 1,170,701 The Statemei)t of F inancial Activities incliides all gaii)s and losses in Ilie year and 11)ei'efore a statement of total recognised gains aiid losses l)as not been prepared. All of the above amounts relate to conlinuiiig aelivities. 10-
Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 THE URSULINE PREPARATORY SCHOOL STATEMENT OF FINANCIAL POSITION 31 AUGUST 2024 2024 2023 Note FIXED ASSETS Tangible assets CURRLI NT ASSETS Stocks Debiois Cash at bank and in hand 10 1,302,510 1.324.727 1,559 680,704 J,080.457 2,112 593,207 197.457 12 1,762,720 792,776 CREDITORS: Amoullts falling due within one year 13 (1,332,810) (931,273) NET CURRENT ASSETS 429,910 (138,497) TOTAL ASSETS LESS CURRENT LIABILrriES 1,732,420 1,186.230 CREDITORS: Amounts falling duc after more thAn one year 14 (505,378) (15,529) NET ASSETS 1,227,042 1,170,701 FUNDS Unreslricled income funds 17 1,227.042 1,170,701 TOTAL FUNDS 1,227,042 1,170,701 12 May 2025 These financial Statements were approved by the twstees and authorised foi" issue on the ........................ and al'e signed on their behalf by: DocuSvJMd 77B289W3ODs41.. G MOUL Ti'ustee
Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 THE URSULINE PREPARATORY SCHOOL STATEMENT OF CASH FLOWS YEAR ENDED 31 AUGUST 2024 2024 2023 Cash floivs from opei'ating activities Net Incole1(expend1Iure) 56,341 35,938 Adjiisliiienlsfoi" DepiEcialion of tangible fixed assels Loss on disposal of tangible fixed assets Lo<in inlerest included in financing activities A07,067 5,328 1,340 99,459 5,633 Changes 111." Decreasel(Increase) in stock (Iiicrease) in debtors Increasel(Decrease) in creditors.. amolints falling due < lyear liicreasel(DeLrease) in ci'editois- amounts falling due > lyear 553 (87,497) 401,849 499,953 (401) (81,328) (5,183) Cash geneialed from operations 984,934 54,118 Interest receRved Nel cash from opci'ating activities 984,934 54,118 Cash floivs from investlDg aetivities Purcha.se of tangible assets Disposal of tangible assets (90.178) (14,555) Nel cash used in investing activities (90,178) (14,555) Cash floivs from financing activities Interest paid Repayment of bank loans (1,340) (10,416) (5,633) (101,957) Net cash used in investing activities (11,756) {107,590) Net inerea5e in cash and cash equiV[entS Cash cash equivalents at beginning of year 883,000 197,457 (68,027) 265.484 Cash and cash equivalents at end of year 1,080,457 197,457 12-
Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 THE URSULINE PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 GFNERAL INFOKMATION The entity is a I'egistered charity in England aiid Wales. T]ie address ofihe pi'incipal office is Old Gi'eat Ropers, Gi'eal RnpeiB Lane. Warley, BIEntwood. Essex CM13 3HR. BASIS OF PREI PARATION 'rhe fiiiaiicial sl<ttemeiils liave beeii piEpared in accordaiice willi 'Accountiiig and Repoi1ii)g by Cliai'ities.. Statement of Recommeiided Practice applicable to chai-ities preparing their accoiints iii accordan¢e with Ihe Financial Reportiiig Slandard applicable iii the UK ¢il)d Republic of Ila1]d (FRS 102) (Sccond Edition), and the Fiiiancial Repoiting Standard applicable in the Uiiited Kingdom and Republic uf li'¥land (Tr'RS 102) and Ilie Cliarilies Acl 201 l and UK Geiiei'ally Accepled Pi'actice as il applies fi'oin l JanLiary 2015. The financial stateinents have been prepared to give a 'true and fair, vieiv and have depaited from tlie Chai'ities (Accoiints and Reports) Regiilations 2008 only to the extent reqUId to pi'ovide a 'trLie and fail. viei¥' Tliis depaitlire lias involved following 'Accoui)tiiig and Reporting by Chaiitics.. Stateimenl of Reeorninended Pi7ctice applicable lo cliarities piepai'ing theii. accolints in accoi'dance w'ith the Financial Reporliiig Staiidard applicable iii die UK and Republic of Iirlaiid (FRS 102) (Sccoi)d (b.dition)' I'alher than tlie Accoiinting and Reporting by Charities- Stateinenl of Reconimended P17Ctice effective fi'om l Api'il 2005 wliicli lias since been withdrawn. ACCOUNTING POLICIES Basis of accounting The financial staleinenls liave been piepai'ed uiider Ilie Iiistoi-ical cost basis. The financial stateineiits al'e PTEpared in slerling. wliich is the funclional curreiicy of t1 charity. Going concern Fee receipts contiiiue to be received and the 'frustees feel the no material iincei1aiiities about tlie charity's abil ity to coiiliiiiie. C'i'itical accouJ]ting eytimates And ai'eas of judgement In ihe application of Ilie School's accoiiiiting policies the Iriistees are Irquired to Tnake judgements, estimates and assiimplions aboiil the carryiiig valiie of laiigible fixed assets. Tlie esliiiidles aiid Iiiidei'lyiiig assiimplion5 are based on histoi'ical expei'ience and other tactors tliat ale considei'ed to be relevant and air Irviewed oli ai) 01)going basis. The key soui'ces of estiination uiicertaii)ly tliat have a significant effect 011 the amoiints recogjiised iii the financial statemeiits air descTibed below. Critical area5 of ju(Igement T<iiigJible fixed assets repi'eseiit a significaiil proportioii of tlie School's luldl assets. Tl)erefoie tlie estimates and assiiinptions iknade lo deterinine the carrying value and i'elated depiEciation are ci'itical to tlie Scliool'5 fiiiaiicial position aiid pei'foriiiaiicc. The depi'eLiation cliai'ge is dei'ived after deteniiiiiiiig ali esliinate of eacli asset's expected useful life and expected residual valiie at the end of its life. Fund ae¢ounting Uni'esti'icted fiiiids are available for iise at the discretion of the IrLlStees to furtlier aiiy of the chai'ity's objectives. 13
Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 THE URSULINE PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (eojiiiiiiied) Income SclTrool fees included iii Ilie academic ye<ir to wliicli they relate aiid are staled after the dediictioii of Sibling aiid teacher discounts and any other allowances approved by the trustees. Othei. incoine is iiicliided ivhen i'cceivable. Doiiations frown the Pairiits aiid Friends Association towards specific expenditui'e air incliided when 5ucli expenditiire is incui'red. Expenditure Expendilure is included on ali accruals basis. Expenditure includes ilTecovernble VA'J. wliicl) is repoited as part of the expenditure to which it IElates. Cliarilable expenditiii'e cuinpi'ises Il)ose COSIS incuii'ed by the scliool iii tlie delivei')i of its activities and seivices foi. its beneficiaries. It iiicludes both costs that can be allocated directly to sucli activities aiid 1110se costs of an iiidirecl iitttiii'e iiecessaiy to suppoi'l theiii. Other expeiiditui'e incliides ihose costs &8wiated with Ineeting the con8tihitional and statiitory IEquiI'ement5 of thc school and iiicludc the aiidit fee5 and costs a550cialed witli tlie slralcgic Inanageinenl of the school. Tangible fIxed assets All fixcd assets costiiig moit tliaii £1,000 are capilali5ed. Taiigible fixed assets air cairied at cosl, nei of. depreciatioii and any provisioii for impairinent. Depi'eciation is ealciilated so as to write off the cost of an asset, less its esliinaled residual valiie, over Ilie Lisefiil eLolloiiiiL life of Iliat assel as follows.. Fixliires & Fittings Moloi. Veliicles Leaseliold Property Coinpiiteis Playgi'ound eqiiipment Straiglit line over 5 years. 25 % per aiiiiuin of iiel book valiie. stiaighi line over 30 yeais. sli'aighi lii)e over 3 years. slrnight line ovei- l O years Stocks Stock is included at ihe lower of cost 01- net realisable value. Debtoi Ti'ade and oilier debt015 air recognised al tlic selllenieiit ainounl after any discounts offered. Pi'epaymeiits are valiied at the amoiint prepaid net of aiiy discoiinls diie. Ci'editor8 and provisions Cirditoi's and piDvisions are reengnised Mihere tlie charity has a present obligation Itsiilting from a past event that will pi'obably rcsult in the transfer of fiinds to a tliird paity arid tlie aiiioui)I due Io setlle Ilie obligation can be Ineasured 01- estimated reliably. 14-
Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 THE URSULINE PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLlCtES (eoiiiiiiiied) Opei'ating lease agi'eements Reiitals applicable to operating leases wlieiE substantially all of the beiiefits and risks of owiiersliip reinaÉn willi the lessor al'e chai'ged against profits on a straight line basis over tlie period of the lease. Financial Instruments The school oiily lia5 finaiicial assets and liabilities of a kiiid tliat qualify as basic fiiiaiicial ii)sti'uinenls. Basic financial instruments ale initially recognised at transaction value and SLibseqLienily measui'ed at tlieii. se¢tleiiiei)t value. willi the exceptioii of bank loans, which are subsequently iiiea511red at ai)iortised cost Lising the effective interest method. Pension costs The scliool coiili'ibiites to tlie 'l'eacliers' Peiisioii Defined Beiiefits Scheiiie at iales sei by Il)e Sclieine Actiiaiy. Tlie scheine is A iniilii-einployei. pen5ioii scheme and il is not possible to ideiilify tlie assets aiid liabilities of tlie scheme ,111Ch ale allributable to Il)e scliool. Tliei'efoi'e, in acLordai)ce witli FRS 17, the scheme is accounled for as a defined conlribLltion scheine. The scl)ool also contributes lo a defined contribution peiisloii scheme foi. qualifyiiig slaff ivlio are i)ot eligible foi. the Teachers, Pension t)efined Benefits Sclieme. Coiitriblltions to both sclieines are cliarged in the Statement of Financial Activities iii accordaiice ivith the rLiles of the schemes. Bursaries Bursaries a awarded al tl)e discyelion of tlie trustees aiid are not ideiitified separately iii tlie fiiiaiicial statements. INCOME FROM DONATIOIYS AND GRANTS (UNRESTRicfED) Total Thinds 2024 Total Piiiids 2023 Donations-Pai'ents and Friends Association 54,271 19,541 INCOME FROM CHARITABLE AcfIviTtES (UNRII STRicfE¢ D) Total Funds 2024 Total fuiids 2023 School fees Ollier ii)coine 2,180,638 57,972 2,059,769 28,917 2,238,610 2.088.686
Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 THE URSULINE PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 EXPENDITURE ON CHARITABLE ACTIVITIES BY AcfIviTY TYPE (UNRESTRICTED) Total Triinds Total Fiiiids 2024 2023 Teacliiiiby (ind cal'e of childirn Riiiiiliiig costs at)d Inainteii(IiiLe of school 1,599,107 547,928 .456,913 532,458 2,147,035 1,989,371 OTHLR EXPENDITURE (UNRESTRICTED) Total Fiinds 2024 Total Fiiiids 2023 Adiniiiisliilion staff salaries F.Inployei s NIC IIisLII'diice Accoiintaiicy fees Audit fees Bank chai'ges Poslage, slatioiiery aiid leleplione Othei. pension costs Pi-ivate liealih ii)sui'aiice Adveilisitig and website costs Reiilal of office eqLiipiiienl Pi'inting Loaii Inteirst Paid 40,057 4,528 451 3,S34 7,200 1,502 14,469 2.003 1,852 223 3,888 36,003 3,769 2.971 6,060 1,570 12,193 1.800 582 3,888 8,449 5,633 1,340 82,918 NET 1Tr4COIVIE FOR THE YEAR I'liis is stated after charging: 2024 2023 Staff pension contribiitioiis Depreciation ALiditoi's' fees Opei-ating lease costs.. Laiid and bliildings 212,927 107,067 7,200 182,007 99,459 6,060 35,515 35,515 srAFF CO.STS AND EMOLUMENTS To¢1 staff costs )vere A5 follow5: 2024 2023 Wages aiid salai'ies Social seciii-ity costs Other pension costs Pi'ivate health iiisiirance lJ98,331 144,518 212,927 42,463 .297.358 130,162 182,007 32,604 1,798,239 1,642,131 16-
Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 THE URSULINE PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 STAFF COSYS AND EMOLUMENTS Icoiviiiiied) ParlieuliQl'S of einployees: The (ivei'age iiiiinbei. of eiiiployees dui'iiig tlie year iyas as follows: 2024 2023 Acadeimic -Fiill Time -Pail Tiine -Fiill Tiine -Part Tiine 18 Is 20 Ancillary 43 45 The number of employees whose reinuneration for the yeai. fell within the follomiing bands, wei'e: 2024 2023 £60,00 I to £70.000 £180,001 to £190,000 £190,001 to £200,000 Of t]iese, tliei'e aiE foiir employees accruing beiiefits under the Teacheis, Pension Seheime. F.Inployei' contributions paid on theii. belialf amoiinted lo £66,373 (2023= 3 eniployees £43,849). Key Inaiiageinent peisoiinel are considered lo be tlie Head Teaclier and the School BLirsai' who IEceived total IEmuiieidtion of £266,388 (2023.. £246.562). 10. TANGIBLE FIXED ASSETS Pla.Ygi'ouiid & al'ly Yexrs Equipment LeAseholil Irnproyenients Fixtures & Fittings mOtr Veliicles Cornputers Tol41 COST At I Sep 2023 Additions Disposals At 31 Aiig 2024 1,974205 151,991 43,936 25,522 36,000 162,902 10,242 39,958 2,354,578 90,178 (5,375) (5,000) (375) 39,583 2,439,381 1,969,205 195,927 61,522 173,144 DEPRFCIATION At I Sep 2023 Chai'ge for tl)e year Disposals in year At 31 Aug 2024 724,358 65,473 139,745 13.554 24,138 3,721 125,179 20,633 16,431 3,686 (47) 20,070 1,136,871 1,029,851 107,067 (47) 789,831 153,299 27,859 145,812 NEI T BOOK VALUE At 31 Aug 2024 1,179,374 At 31 Aug 2023 42,628 33,663 27,332 19,513 1,302,SIO 1,249,847 12,246 1.384 37,723 23,527 1,324,727 I'he scliool signed a 99 year lease of11)e scliool biiildings dated 17111 May 1994 and a substaiitial aiiioiint has been spent on refiirbishment and the conslruction of a i)ew scliool hall. 17
Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 THE URSULINE PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 11. STOCKS 2024 2023 Stock 1,559 2,112 12. DF,BTORS 2024 2023 Tiade dcbtors Othei. debtors Pirpayinents 596,095 648 83,961 529,667 929 62,611 680,704 593.207 13. CREDITORS: Amounts fAlling due Jyithin one year 2024 2023 Bank loan (note 14) 'I'i'ade ci'edit013 PA YE and social security Deposits lield Fees i'eceived in advance Fees in Advance Sclieine A¢ci'iials Olher creditois 223 535 6,496 15,291 50,000 720.524 16,773 780,666 338,408 139,931 138,397 30 1,332,810 931,273 14. CREI DrroRS: Amouiits fAlling due aftei. mol'e tlian one yeai. 2024 2023 Fees iii Advaiice Sclieme Bank loan iepayable 499,953 5.425 15,529 505,378 15,529 The bank loan is itpay4ble &s follows: Witliiii oiie yeai. (i)ole 13) Belweeii two and five years More than 5 years 223 535 1,078 2,742 5,6411 16.064 On 29 Septeinber 2017, tlie school drew doivii a loan of £450,000 froiii Lloyds Bank PIC to assist iyith tlie fii)aiicing OF Il)e coiisti'uctioii of Ilie iiew scliool Iiall. Tl)e loan is secLlI-ed b)1 a firsl leg(Il cliai'ge fiT)in the TrLlStees of Tlie lJr8111ine Preparatoiy School over tlie leasehold land and biiildings at Old Gi'eal Ropers. Girat Ropers Lane. Warley, Breiilwood, Essex, CM13 3HR. 18
Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 THE URSULINE PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 14. CRII DITORS: Amoiints falling due after more than one yeAI' (coiiliiiiied) 2024 2023 Tlie fees in advance fall diie as follows.. Within one year (note 13) Between two and fivc years More than 5 yeatS 1,119,074 440271 720,524 1,619,027 720,524 The scliool has in place a Fees in Advance Scheine to pix)vide a method ivheirby the cost of a child's educalkoi) at the scliool can be rediiced by tnaking an advanced luinp suin paynient. AinoLiiils received are applied to invoices foi. futtire terms as agreed. "rhe advanced paytmenl is iioii-refundable and forms pait of the school's general futKIs. 15. COMMITMENTS UNDER OPERATING LEASES The scliool was coininitted to making minimuin payments linder non-cancellable operating leases as set oiit below= 2024 2023 Withiii oiie year Iii two to five yeai's Aftei- Imore tliai) 5 years 38,431 142,060 2262,743 44,263 144,976 2,298,258 16. CAprrAL COMMITMII NTS The charity had no capital commitmeiits at tlie balaiice sheet date (2023- £5,000). 17. UNRFSTRICTED INCOME FUNDS Balance at I Sep 2023 BalAllce at 31 Aug 2024 Income Expenditllre General Flinds 1,170,701 2,292,881 {2,236,540) 1,227,042 18. REI LATED PARTY TRANSACTIONS None of the trustees received any remiinei?tion or expenses duriiig tlie CUlTeiit or previous year. 19. PENSION SCHEMES The school participates in ihe Teachers, Pensioii Scheine ("die TPS"), for its leacliing staff. Tlie pension charge for the year incliides conlribution5 payable to the TPS of £191,399 (2023: £162.256) and at the year end £0 (2023.. £0) was acciued in respect of coiitributions to this scheme. 19-
Docusign Envelope ID". D3AFE9EE-9FB8AD9C439&F3CED85F60D5 THE URSULINE PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 19. PENSION SCHEMES (ttsiiiliiiied) Tlie TPS is an iinfiiiided Inulti-einployer defiiied benefits pension scheme goveimed by 'l'l)e Teac]ie. Pensions Reglilations 2010 (as aiiiended) and Mie Teacliei3' Peiision Scheme Regiilations 2014 (as ainei)ded). Meinbeis coi)tribute on a "pay as yoii go" basis with coi)Iribulions fi'oin Inembers aiid the einployer being ciEdited lo the Exchequer. Retirement and other pensioii benefits aiE paid by public ruiids pi'ovided by Pai'liainent. Tlie einployei- coiili-iblilioii rale 15 Set by Ilie SeCl(lIY of State following sclieine valiiations Iindei'laken by the CJovemmenl Aetiiary's Department. Tlie most IEcent actuai'ial valiialion of the TPS was piepai'ed a5 at 31 Mai'ch 2020 aiid Ilie Valuatioii Report was publislied in October 2023. rollowiiig Ilie Mccloiid jLidgen)eiit, tlie reinedy proposed tlial ivheii benefits become payable, eligible Ineinbei's Can select to IEceive tliem froin eitlier the fo11ned or legacy scheines for the period l April 2015 to J l March 2022. Tlie actliai'ies l)ave assuined tliat Iiien)beis are likely lo clioose tlie oplioii tlial provides them witli the gater benefils, and in prepariiig Ilie 2020 valuatioii has valued tlie 'gi'eater value" ller]tS for groups of I'elevant Ineinbers. The employer contributioii rate for tlie TPS 15 28.6/0, aiid employer5 ale also i'equired to pay a sclieine adininistralion levy of 0.080/0 giving a lotal einployei- coiiti'ibLilion rate of 28.680/0. Non-leaching staff are eligible to participate in a stakeholde Pension 8clieme {"SP8") maiiaged by Lcgal and Genei'al. The assets of the SPS air held separately fi-oin those ofiiie scliool. Durii)g tlie yeai. tlie school conlribllted 5Yo of pensionable salaries of pailicipaling.stafTto tl)e SP8. The pensioi) charge for the yeai. incliides conlriblltions payable to the SPS of £21,528 (2023: £19.750). Thei'e were no ainoiints Linpaid or prepaid to eitlier scheine at tlie balaiice slieet dale. 20-