ST RONAN'S SCHOOL (HAWKHURST) (COMPANY LIMITED BY GUARANTEE) REPORT AND FINANCIAL gfATEMENTS FOR THE YEAR ENDED 31 ￿ JULY 2023 Reglstered number. 3419744 Charity number: 1066420 St Ronon's kho#l IH•wkhvr%•l G•v•rnois' Reyrt lor th• y•or ended 3111 Jvly 2tr23 CONTENTS of the Finan¢ial Stat¢menls for the Year Ended 31 st July 2023 Twstees, Offlcers und Advlsors........-.......-.- ... Reference ond Administrative Informalion..............................---....-.--....- Objects, Pvblic Benefit, Awns and Principal Activitie5........................-.-....---.. Strvctvre, Govemonce ond Monogement......... Principal Rlsks ond Uncertalntles.....-..-.....-. Employment poli¢y........-.-....--.-........ Reserves and Golng Concern..........--..-..... ..... Reylew of Athleyements and PerfornKJnce................. .10 Financlal Review and Results for the Yeor.................................. Future Plons......-.-........-.-......--.......- Stotement of Governors, RespMsibilites............-.....-..........--...... 12. Small Componles Provision..---..........-..-...-.....-...-.....-.-..... Independent Audltor's Report.-..... 14. Siolement of Flnonclol AdlvFtles Ilncorporating an Income and Expendhure Accountl17 Balonce Sheet.-.-........--....... 16. Cash Flow Statement...-.....---....- 17. Accountlng P¢llcies.....-..........-.....-..-...--.-... 18. Notes to the Flnoncitsl Siotemenls......................--.... ..20 ..23 Sl Rtrntsn's khool IH•wkhurtll Go¥¢rnors' Rtport lor the year ended 3111 July 2023 The Governors of the charity, who are also the Company Directors and the Trustees of the School, who served durlng the year were: . Commltlees (sèe sedlon 41 F&GP4 Mr N A Beort Elèctèd 18 Morth 23 Dr S P B￿ler-GalIle MB Ch& MRCGP - Retired 18 March 23 H&51 Prof K Docre BA M4 PhD V[￿-ChaIrman Mr C S Long•r BSC, DIPARCH RIBA, IHBC Mrs J Lowe BA (Hon5, Cert Edl Mr J C B Lucos MA- Retired 18 Morch 2023 Mrs G E Mocleoy BA IHonsl Mr D Oliver MPhll Mr N Phillis hlA R5 Mr A R￿$ BA IHonsl Cholrman Mr B A Seton Bsc (Econl Mr N P Sladd•n FCA, DChA, BFP Ms K J Wesl- Elected 18 Morth 23 Mrs E A Worthinglon &A PGCE MA F&GP4 F&GP4 F&GP4 H&SI l H•olrh 8 5ol*ty* 2 Esiales. J Curit￿￿￿. 4 Flnonce & Gernerol Purposes, 5 Exe¢wlve %¥nwxralbJn. é Soteguardiig Officers lcvrrenlly and Ihrovghout the year Mr W Treluwny-vemon Bsc (Honsl Headmaster Mr D Ansell BA (Honsl Bvrsor ond Company Secretary Profe$$i•n41 Advisors Avdilork" haysmaclntyre LLP, I O Queen Street Place, London EC4R I AG Bankersi Notwest, Cronbro¢* Bronch, High Street. Cranbrook. Kent. TN17 3EJ Svensk¢ Handelsbanken AB, 7-9 Church Road. Tunbrld9e Welb, TNI I HT Solicitors: Veale Wo5borough Vizard5, Narrow Quoy Hous• Narrow Qvay* Bristol BSI 4QA Principgl Address Suint Ronon's School, Woter Lane. Hawkhurst, Ke￿ TN18 5DJ Website: www.s intron St Ronun's School (Hawkhurstl G•vernais' Report for the year •nd•d 31 July 2023 Saint Ronan'5 School IHawkhurstl I'the School,) was founded in 1883 and was constitihed as a ¢horitoble componyi Ilmlted by gvorantee, on 14 Augv5t 1997. The C¢)mpany registration number is 3419744 and it does not hove ony shore capital. The liabillty of the Directors is limited *0 £1 eaclh The School is a chorliy ond Its registrotion nvmber 151066420. The School operates in premises and on land whrth ore leosed from Tong5wood Estate Limited ITELI for whlth It poys rent. The leasè rèquires the School to mointuln the property ond eslote as well us providing all the equipment ond furniture necessory for the wnning of the School. TEL 15 the sole Trustee of the Horrls Will T￿st Icharity number 2777191. The Harri5 Will Trust wos fornled upon the death of a former proprletorial Headmoster to provide Inter olio premises ai Waler Lane, Hawkhurst as long os the S¢h¢)ol remains as a preparotory school with similar Q1rn5 and ethos to those ot the time of the fomiation of the Harrls Wlll Trvst in 1957. 3 OB.IF.fTS. P[IF41 Ir. BFNFFIT. AIM.q AND PRINC.IPAI ACTIVITIFS The Object of the Chaiitoble Compuny, In accordonce with its Memorondum and ArtiG1•5 of Association, is to advance the educotion of children at Soint Ronon's School and to carry out suth legal octivltle$ us moy old in any way the edvcational aim of the School. In furtherunce of th15 Object the Directors, 05 the Chority Trustees, hove complièd with the duty in Sl 7 of the Charities Act 2011 to hove due regard to the Charity Commission'5 published general ond relevant subsector guldonce cO￿erning the operotion of the Publlc Ben•fil requirement under that Act. Piincipal Adivily and Income Sovrcas Salnt Ronon's School's principal octivity continued to be thot of a co-educational day and boarding school for 3 to 13 year old childr￿￿ The Sthool's principal source ¢1 Income is f rom sthool fees. Eiho$ The School hos a distinctlve churarter und it is this charni, this magic, that people fall in love with. It Is u fomlly sth¢)ol with on informol and happy atrnosphere where Yoff ure approochable ond mud unremarkable. In a world where children seem to grow up ever faster, Saint Ronan'5 prtsvide5 o hoppy environmeni for children to remain lusi that. We wont th• children lo enioy school, relish the opportunhles offered and be inspired to work hord, to be kindi gentle, courteous and honest. Cor• valuos for Pupils Our motto, Floreat Soinl Ronun's, mean5 'Lei Saint Ronan's f lourish" Central io thls ore ihe School's core volues:_ What Really Mottèrs We are gentle - we don'l hurt others We are kind end helpful - we don't hurt anybody's feelings We listen - we don't intemJpt We ore honest - w• den'l coyer up the trvih We work hard - we don't waste our own ilme or others, We look gfter property - we d¢n't woslo or damage things St khool IHuwkhur$ll Gèv•rn•is' Rtporf for ihe yeur *Ml¢d 3151 July 2023 Ronian Charaderi$tics In uddition, wè recognise, rewards ond promote these Ronian Characterlstics: Empaihy:. We put ourselves into the position of others and try to see and feel thlngs from their point of view. Aworeness:. We moke sure we know whal is needed from u5 and how we can be most helpful to oth•rs. Perseverance:_ We keep trying to creote our best, even when we fnd things difficult. Cvrlosity:. We ask questlons und want to learn more. Imoglnotion:_ We think for ourselves and create new ideas. co-oper￿1￿nl- We work together as a leorning teom. Suint Ronan's Strategic Aim5 are: To provide the children with un excellent oll-round edvcation with o suilable ronge of Curricular ond extro-currlculor opportunltles To provide inspiring teaching which promotes both leamlng and ochlevement To encovruge the children's spiritual, moral, soclal and culivrol development To provide effectlve pustorol support and guidance To maintain a ¢onstnJ¢tiYe relationship with parents and carers To 'mind the magic, Objedives The Govemors oversee these aims via the School's Development Plun, which lo¢)ks ¢1 all aspecfs of School Ilfe and chorts a pathway for continued improvement. The Board'5 moin objective 15 to ensure thai the Sch¢)ol c¢ntlnues to offer f irst closs educalion by the implemenlotion of this Development Plon# providing o range of opportunitie5 Suited to the interests, aptltvdes and needs of oll the children in the School's care. Publi< Benefil To satlsfy Its publlc benefit obligations the School willi Provide means tested bursary and scholarshlp places to asslst children from lower inccrfne or oiherwlse dlsodvantoged families to benefit from the Sthool's oclivlties To continue to develop collaborative worklng arrangements with appropriate charities ond other educationol bodies to provide access to School facilities for those who ore nable to ottend the khool itself a5 fee paying pupil5. The Sthool acilvely pr¢)moles link5 with locol tharitie5 ond stote sclK*ols which olso help5 the pupils at Saint Ronan'5 to ￿derStand the soclol context of their education. Tom Elliott, Heod of Commvnlty Engagement, coordinales the School's activitie5 with the local ccmmunily. Entrance The School hos fomial entronce exominotion. An Indlvlduul's eCc￿MI¢ sto1v$* gender, ethnicityft race, religion or disobility do not form part of the sd￿01,$ assessment process. Sl Ronon's School IHuwkhurs11 Govemo11' R•yrt for Ihe ￿￿1 •nded 31 tt July 2023 Since the end of COVID-19, Ihe Sthool ha5 actively s¢)Ught to renew ovr efforts ond strengthen the llnks with local piimory Sd￿1$ ond community groups (see Seclion 81. Salni Ronon's is on equal opporhJnlty organisation and Is committed to a working enYironm•nt thot 15 free from any fom ol discrKninotion on the grounds of colour, race, ethnkityi religion, sex, sexual orientatlon or dlsubllity. The School would make reasonable adjustments to meet the needs of sloff or pupils who are, or become, disabled. Grani Making In ihe year endlng 31 * July 2023 the School gave tho following financial support to tho fomilies ol children attending Saint Ronan's: Discount Number of Pupils 2022-23 2021-22 Stanley Harris Scholarshlp Meons Tested Bursarie5 Music Scholarships Sibling Discounts Mllliary Dlscounls £30,428 £213,563 £5,507 £59,324 £0 £29,385 £212,804 £6,514 £53,050 £0 J 33 23 The Stunley Harrls Scholarshlp Is a non means tested award given, on entry• for excellence in eiiher academic obility, sport, ort or music. Means tested owards ore deterniined by the Stholarshlp & Bursory Sub-commlttee (Headmaster, Bursar and Chairn7an of Governors) followlng an examination of meons and o home Yisit by an independent ossessor. In the Summer Temi of 2023 there were 33 children rKeivlng such awards, attending the School when they w¢uld otherwise hove been unable. In order to preserve continuity of education, means tested awards may be grunted in cases of hcrd5hlp. Fee usslslonce, which 1$ funded entirely from fee Income, occ¢)uniod for 2.70/0 of the School's lotal fee income. To widen public acce5S to the School further in Coses where the School was unable lo help finonciallyi families were/are adyised of other Educationgl Tnjsts Ihat might be oble lo help fund their children's education. Teachlng Stoff wlth children ot the School also benefited from fee support whlch further redvced gross onnuol fee income by £271,86412021-22: £222,999). The lotol cost of 5vch grant making by the Sthool was £580.68612021-22: £513,200) in reduced fee Incon*. Parents of oll Nursery oge children and o number of Ihose wlth chlldren In Reception recelve state aid though the Govemmenl's Eorly Yeors Free Enliilement scheme. Volunteers The Friend5 of Saint RI￿an,5 (FOR, the School's Parents. Associotionl conlribvted £8,200 to school funds in the post year through their fund-raising activities. The Govemors would like lo take thls opportunity to thank oll those parents who gave $0 freely of thelr time in the past yeor. Their ¢(Intinued support is highly volued. Notably* FOR also rolsed over £50,000 for Ukralnlan refvgees and for Childhood Leukoemic research through o truly memoroble a charity ball. St R•nan'i School (Hgwkhurnil Govern•is' R•part for th• year •fftd￿ 3111 July 2023 . Jl i IERNANCE AND MANAGEMENT Governing Dg¢vm•nl The Company is governed by its Memorandum and Artkles of Assocloil¢ Governing Body The Trustee5, who are also the Directors for the purposes of company low, ocl os the Govemlng Body of the School ond ore referred to as the Govemors. They are elected oi the Annual General Meeting following thelr co-option by the Full Board. The Chairman of the Governors mointolns tj matrix of desirable govemoi skllls, whlch is revlewed at every meeting. The Chairman is elected by the Board and may hold offlce for vp lo nlne years. The Chairs of principal committee5 are elected annuallyi and incumbents may stond for r•-•lection. After o Govemor has served 3 consecullve temis in office, they sholl be eligible for r•-•le¢tion only ofter o yeor hcjs elopsed since he or she retired as Governor, unless the Board considers It would be in the best interesls of the Charity for o Governor to be eligible for re-election on thelr retirement for svch number of furiher terms as the Board shall resolv& Govern•1 Tr¢ining Nèw Governors are inducted into the workings of the School, Includlng Goyeming Body policy ond piocedures, by the Head, Bursar and. as opproprlote, other school staff. All Governors completed Salegvarding training in June 2023, whilst some Govemors also took advontoge during the yeor ol the opportunily to undertake additional training arronged by the Associ¢lion of Governing Bodies of Independent Schoo15 IAGBISI, The Independent Schools. Bursars Associotion IISBAI ond by the Boordlng Schools, Associolion IBSAI. The purpose of the training is lo keep Goyemors informed and updated on cvrrent issue5 In the 5eclor and regvlatory reqvirements. Or9unisulional Munagemenl The Govemors, who meet as a Board ot leosi three ilme5 o yeor, gre legolly responsibl• for the overall management and control of the Sthool. In addlllon, there ore flve permonent wb- commlttees Ilsted below. The committees are charged wlth recelving reports from the principol execvtiye officers und exomining detoiled issues. A range of professional advisers are reloined to support the work of the school and the Goyemlng Body. FiTran￿ and General Pu￿0$0$ Commitloo (F&GP) monilors, evolu¢Jtes, advlses and make$ recommendations to the Full Board on all matter5 Teluting t¢ the finonces of the School. The Committee 15 chalred by Mr NP Sladden. Curri¢ulum Committee monitor5, evaluates, advises and mokes recommendations lo the Fvll P*oord on oll motters relating to the legming experiences ond progress ol th• children at Saini Ronan's. The Committee is chaired by Mr N Phlllls. Eslolos Commillee monitors, evoluotes, odvises and makes recommendalions to the Full Boord on all motter$ reloilng to the 5ch¢)o1'5 250 ocre estate, the physical environment ospeets of the Developrnent Plan and the monltorlng of bullding projects. The Commlttee Is cholred by Mr S Lon9er. Hoalth and Safety Committee monitors, evaluates, advises ond mokes recommendotlons to the Full Board on all matters reloting to the heolth ond safety of the children ond stoff ut Soint Ronan's. The Commitlee was chaired by Dr S Bvtler-Gallie until the AGM, und then by M$ K West. Safeguarding and Pasloral Care Commill•• rnonitor4 advise5 und makes reports and retommendotlons to the hjll Boord ond Heodmoster, on matters relatlng to Ihe $1 Ronun's S¢hool IHawlEhurstl Go¥*mois' Report Ihe •Ad•d 3111 July 2023 protecilon, safety and well-belng of chlldren ai Salnt Ronan's. The Committee Is ¢hqirod by Mrs G MocLeay. Additional sub-committees ore formed to deal with specific issues e.g. Scholarship & Bursary, Siaff Remunerullon and Executive Remunerotion or areas where speciullst sludles are reqvlred All operaling polltles ore routinely examined ond omended where oppropriote. The day to doy rvnning of the Stht)ol is delegated to the Headmaster, supported by the Bursar and other members of the Senlor Monogemeni Teom. Remunerotion is sei by the Board. with the policy objective of retaining stoff ond ensuring appropriate incentive$ to encourage enhanced perfomian¢e and in a fair and responsible monner, rewording for individual contributions to the School'5 success. RerThJneration Is revlewed annually inclvding reference to benthmorklng provided by Independent Sth¢)ol ossociolions to ensure that Saint Ronan's remains sensliive to the broader Issues of pay ond employment conditions elsewhere. Grnvp Strudvre und relationships Soini Ronon's School IHowkhur5tl Is Ilmlted by guarantee and Is a reglstered chorlty. Suint Ronan's is an active member of ISBA and the AGBIS, which are conslituents of the Independent Schools Co￿¢11115Cl. It is also o member of the BSA The Heod 1$ un active member of Ihe Independent A5socialion of Preparatory Schools IIAPS). These organisations exist to promote ond maintain high Standards generally in independent education. IlTrlflPnl Prri<-_ '.N- l_Ip,'rtEP,Tf:INTIE-. The School'5 aclivitie5 are kept under regular review by Governors and Senior Management, ond attention Is given to any rlsks which may arise. Rlsks are mopped and discussed, with step5 laken to minimise their occurrence and potential impgcl on the continued of the School. The risk mup is formolly revlewed aMuoIIy. The prlnclpol short-temi risks identif led are: Finonciol uncertainty caused by economic, political and geo-political events, nomely the addition of VAT io School fees and the loss of MBRR The re-emergence of the COVIDI 9 Pandemic The movement of chlldren lo local Grummar Schools whh ihe redudlon kn enlry oge from 13 years to I l yeors. Rising Inpvl co$ts The ever-presenl risks identif led are: Foslure to deliver the School's stated aims Failure to attract and retain high qvalily stalf Foilure to comply with Chority Commission or Independent School requirements Risk of cyber-attack on IT systems and data and the potentiol of f inoncial fraud Cotcstrophic events which could cav5e significant damage to the School's premises" for exomple, flood or f ire Personal Health and Safety rlsks, such as a malor accldent Involvlng the School's pupils and/or stoH Decllne In pupll Thmibers Sl Ronan's School {Hawkhur￿l Govwnors, Report hr the y•ai •ndod 31 V July 2023 The mod significant potential risk 15 a decline in pupil numbers. This moy be coused by ony combination of ¢ fall in the number of children ottending Independenl preparatory schools, due to matters of porental affordobility, competing offer5 from other schools, economic uncertolnty or pressure, chonges in leglslolive, tox or charity regulations. key controls used by the Governors Include: Detailed risk mupping Fomial agendas and briefing papers for committee and svb-c¢nwnlttee meetings Verbal updates from slaff Strategic and business plonning Budgeting and monogement occovnting Cleor authori$otion and approval levels Vetting procedures as required by law for the protecilon of children A proadive approach to risk Is mointained and the Governors reyiew the rlsk map regularly wilh the Head ond Bvrsor. 6. EMPLOYMENT POLICY The School Is un equal opportvnltie$ employer and recogni5es the weolth of experience amongst its staff and encourages participation by them in moking de¢islons likely to affect their inlere5ts. These take the form ol regular sloff meeilngs, Heod of Departmenl Meetlngs, Departmental Meetings, 1883 Meetings lo staff forum) or exceplional meetings us and when deemed necessory. Stoff are briefed at the beginning of each temi on bullding works whith have been completed and of strategic decisions being considgred. P.FPFQIIFP ANFI (7(IINC-. (-.o,WiC.FR. In common wilh other independent schools, Saint Ronan's School has, over the yeors, invesled its surpluses into mainloining the fabric of the estate and improving the educational facilities. At the yeor-end, St Ronan's hod totol funds 01 £3,680,998 all of which was unrestricled 12022: £3,665,2771. These funds are onalysed on page 29 and are principally composed of £4,433,979120221 £4,544.8301 of fixed ossets offset by debi. The Governors monoge ond monlior the financial strength ond ￿serVeS of the Sch¢)ol on o termly basis vio management accounts ond cath flow forecasts prepared by the Bursar. Financiul budgets and forecas15 have been prepared for the periods to 31 St July 2027. A key ¢omponenl of the School's financial perfomiance is pupil numbers, whlch continued to be at a high level in September 2023 thereby providing a high degree of certolnly for o positive finonclul operoting result In the financiol yeor to 31 July 2024. The School hold5 a cash reserve and an overdroft facility to ensvre that there are Suff icient liqvid fvnds ¢volluble to meet ony shortfoll orislng from short lem) flvcluoilons In Its IrKome and expenditure operoting models und to glve sufficient tlme to loke the ne￿$SOrY corrective action. In making thelr going concern ussessment ihe Govemors have ccfftsidered a period of at leu$t 12 months following the date of approvol of this report ond detemilned there ore no material uncertaintie5 abovt the School's ability to conilnue os o golng concem. The remoinder of the funds held by the School are represented by the Inveslment the School has mode In the fabric of ihe buildings and other School assets. St RoTrqn's kho•l (Hawkhuisll Go¥ernars' Report lor th• y•ui •nd•d 3111 J¥ly 2023 8. RFVIF.W o¥ ACHIEVEMENTS AND PERFORMANCE Operational Performunce of the S¢hool Free of the shackles of the COVID-19 pondemic, the School enjoyed a wonderful year of fun, explorotion, and creativity. The children revelled in a full calendar of events throughout the yeur, whether thai be trips to the theatre, beoch sthool* Sports molches or guest speokers relurning to the Great Space. The acodemic results have continued to impress thls year and the 63 children who left us to their senior schools departed with a record hovl of 38 seholorshlps won. We were delighted to have been named the Sch<)ol with 'The Best Sense of School Spiril, by Muddy Siilettos, 0$ well 0$ being highly commended for our 'ExperIe￿I01 Lecrning.. It w¢$ also u huge credit to see the Headmaster shortlisted for the 'TES Headteocher of the Yeor Ilndependentl Award,. The School hos olso been shortlisled for both the 'Kindness' and 'Animal Support. awards by the Sch¢)ol House Magazine and finollyi u real honour to have been $hortli$ted for the Independeni School of the Yeor awords as a finallst for 'Prep School of the Year.. Whi15t awords and nominolions themselves are noi the School's focus, the retognltlon that the School has achleved on a notionol 51age hos been remarkoble as speaks volumes to the dedication and hard work of its stoff. And this is seen and appreciated by onyone Ylslllng the School. Public BenefTt One thing thot Soint Ronon's has olways excelled at is rollying the support of thjr staffi pupils and their parents to raise funds for charities and this year our commltmenl to good causes remuins as strong as ever. As well as on Impresslve £6,000 ralsed through the sponsored walk in June, further fundraising activities continued through rf)e course of the year and over £2,500 was roised at u remarkably warm ond sunny Autumn Fair. The charities svpported this year have included Macmillan, Leukoemia Core, Schools in Ukroine. Versus Arthrltis, the Big Cat Sancluory ond Botterseo Dogs, Home. A charlly thal we have supported this year Is Book$2Africo, with 7 boxe5 of unvsed Maths textbooks sent to a very deserving couse. Closer to hOTr￿, the School has continued to help local primary schools wilh thelr transport needs whenever we con, loking locol children to the cinema, swimming lessons, and to Soint Ronan's for sessions with ovr IT and Arts departmenls. Last June olso saw the Inaugurol Tongswood Cricket Festivol, o competition for five local primary schools and o team of ovr own Year 6 pupils. This yeor, St Michael's Primary was triumphanl in the round robin conlesl. In the week prlor to the c¢￿teSt, Iwo of our sports staff went lo Hawkhurst Primory School for a training session, os although they were very keen to take part in the competition, owlng to o lack of facllltles, most of the children hod never played cricket, so on Urgent introductory course was requiredl An excellent response was received to our plea for donations to our Horyest Festival appeal, and In the f ir5t week after Hulf Temi, our Year 3 classes agoin visited the Food Banks in Hastings and Pttddock Wood io deliver ihe produce ihut we have safely gothered h. It wa$ a busy ond virtuovs time for thot purtl¢ulor year, as they olso went on trips in December to sing carols and brlng festlve Cheer to the residen15 of three locol core home>. Hawkhurst Hovse, Hortley House and Lorchmere. FOR'S Charity Clrcus Boll In Odober was also o reol highlight, enjoyed by nearly 400 gvests. The effort that went into its runnlng was monumental and it proved a great SLFccess* providing valuable funds tor Iwo worthy charitie& St Ronun's khool (Hawkhuistl G¢v•rn•r$' R•p•rt for lh• y•tsi •nd•d 37￿ July 2023 C). I INIS: .1 IA. IXX.- Iol: Supported 201 jobs both wlthln Ihe School and In the School's supply me and expendilure, of the chorliy for that period. In preparlng these flnanciol statements, the Govem¢r5 are required io: Following advice from the School's oc¢ount¢nts, to elect suitoble occountlng policies and then opply them con$istentlyt Observe the meihod5 and principles In ihe Churltles SORP; Make judgements ond estlmates that are reasoncble and prudent: State whether applicoble UK Accounting standards have been followed, svbiect to ony moterial deparlvres distlosed and explained in the tlnonciol stotements; ond Prepare the financial 5tatement5 On the going concem basis unless It Is inoppropriate to presume that the tharltoble compony will continue in business The Govemors ore responsible for keeping odequote acc￿ntIng records that ara sufficient to show and exploin the Sthool's transoctions. disclose with reasonable accurocy ot any tlme the finoncial positlon of the charitoble Company ond enable them to ensure that the financlal stotements comply wlth the Companies Act 2006. They are also responsible for safegvarding the o$sets of ihe chorllable Company ond hence for taklng reasonable steps for the prevention and detection of froud ond other Irregularitie So far as each of the Governors is aware at the time the report is approved: There is no relevanl uudlt Infom)otlon of which the charitoble Company's avdilor is unaware," and The Governor5 have taken all steps thoi they ought to have taken to moke themselves aware of ony relevont oudlt Infomiation ond to establish thai the auditor is aware of that infomiotion. 12. SMALL COMPANIES PROVISION Thls report hos been prepared in accordance with the spe¢iul provisions for ynall componies under Port Vll of iha Companies Ad 2006. Approved by the Board ol Govemors ot lis meeting on 30th November 2023 ond sign¢d on it5 behalf by: rew Ro$s, Chairnian Si Ronun's School (Huwkhvrstl Ind•￿nd•n1 Audllor's Rèport F•r th• y•ar •nd•d 31¥1 July 2023 13. INDEPENDENT AUDITOR'S REPORT TO THE MEM8ERS OF ST RONAN'S SCHOOL (HAWKHURST) Opinion We hove audlied the flnunclol slotements of St Ronan's School (Hawkhursil for Ihe yeor ended 31 July 2023 whlch c(xnprise the Statement of Financial Activitie5, the Balance Sheets, the Cosh Flow Stalement and notes to the finonciol slate￿ents. includlng a summory of significant accovnting policies. The f inancial reporting framework that h05 been opplied in their preparation is applicable law and Unlted Klngdom Accountlng Standards, In¢ludlng Financiol Reporting Standard 7 02 The Financial Reporting Sfandord applicable in the UK ond Republic ot Irelund (United Kingdom Generally Accepted Acco￿tIng Practlcel. In I￿r opinion, the financial Yatements: glve a true ond fair vlew of the state of the charitoble company'5 offalrs os 01 31 July 2023 and of the charitable company's net movement in funds, including the income and expenditure, for the year then ended; haye been properly prepared in occordance with United Klngdom Generally Accepted A¢¢ovnling Practice. and have been prèpared in accordance with the iequirements of the Companies Act 2006. Basis for opinion In auditing the financial statements, we have concluded that ihe Iruslees, use of the going concern basis of accounting in the preporotlon of the finonciol stolemanls is appropriate. Based on the work we have perforn*d, we hove not Identified any matèrial uncertainties relating to events or conditions thot, individually or collectivelyi moy cast significant doubt on the chariloble company's obilily to ¢¢)ntinue os o going concem for a period of at leost Iwelve mo￿hS from when the financiol statements are outhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going C￿ern ore described in the relevant sections of this report. ConclvsTons relating to going concern We conducted our audlt In accordance with Intemotionol Stundards on Auditing IUKI IISAS IUK}l and applicable low. Our responslbllliles under those standards are further described In the Auditor's responslblllties for the oudlt of the financial stateménts section of our report. We are independent of the Charity in accordonce with the ethical requirements thut ore relev¢nt to our audit of the finunclal slotements In ihe UK, including the FRC'$ Eihlcol Standard, ond we have fulfllled our other ethicol r05ponsibililies in accordance with these requirements. We belleve thol the audit evidence we have obiained 15 sufficient and appropriate to provlde o basis for our opinion. Oiher inFormotion The trustees are responsible for other infomialion. The other informolion comprises the infamiation Included in the Govemors, Report. Our opinion on the financial statements does nol cover the other inlormalion ond, except to the extent otherwise expllcltly stated In our report, we do not express ony form of assurance concluslon thereon. In Cor¥￿110n wilh ¢x•r audll of the f inanclal stotements, our responsibility is to read the other infomiution and, in doing 50, consider wheiher the oiher infomiation is materially inconslstent with the financial statements or our knowledge obtained in the avdlt or otherwise oppears to be moterially misstated. If we identify such material inconsi5tencie5 Qr upporent material mlsstotements, we ore required to detem)Ine whether there is u material misstatement in the financlal stctemenls or o materiol 13 Si R•nan's Sehool (Hawkhuistl Ind•pend•￿ Audiloi'5 R•porf for th• yoar •Trd•d 3141 Jvly 2023 mlsstotement of the other infomiotion. If, based on the wod( we have perforn*d, we conclude that there is o moterial misstutement of this other infomiotion, we are required io report that fott. We have nothing to report in this regord. OpTnions on other m¢tters prescribed by the Companies Act 2006 In our oplnlon, based on the work underttsken In the course of the oudlt.* the infomutlon glven In the Govemors, Report (which includes the director5, report prepor•d for the p4)rposes of compony lowl for the finontial year for whlch the flnunclol stulements ore prepared is conslstent wlth the flnancial slutements,. ond the directors, report included wlihin the Governors, Report have been prepared In occordance with applicable legal requirements. Motler$ on which we are reqviyed to roport by exception In the lighi of the knowledge and vnderstqnding of the charitable compony and its environment obtalned in the ¢¢)urse of the oudh, we haye nol Identlfied maleriol misstatements in the Governors, Report (which incorporates the direclors, report). We have ￿thIng to report in respect of the following matters In relotion to which Ihe Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have noi been kept by the ¢h¢rltoble companyi or the charitable compony finonciol statements ore not In agreement with Ihe accountlng records and retvrns; or certoin disclosures of twslees, remunerotion specif led by law ore not made," or we hove not received all the informalion ond explonations we require for c￿r ovdit; or the trustees were not entitled to prepare the fIn0r￿[01 statements in accordance wlth the small companies. re9ime and take advonloge of the smoll componie5' exemptions in prepurlng the truslees, report ond from the requirement to prepare a strate9ic report. Responsibilities of Trustees f or the f inancial slutemenls As explained more fvlly in the Governors, responsibilities statement set out on puge 12, the Governors (who ore also the Directors of ihe charitoble tt•rnpony for the pvrposes of compony lowl are responsible for the preparation of the flnanciol statements and for being satisfied they give a true ond fair view, and for such intemal control os the trustee5 deterniine is necessary to enable the P￿pur¢t1¢n of financial slotemenls thut ore fre• from mal•rial misstatemenl. whether due lo fraud or error. In preporlng ihe finonclal stulements, the Trustees ore responslble for asses5in9 the choritable Compony's ability lo conlinve as a going concern, disclosingi tss applicoble, matters related to going concern and using thè going concern basis of accountlng unless the Trustees elther intend to liquidule the tharitable Cornpany or to cease operations, or hove no reolistic alternative but to do so. Audilor's responsibilitie$ for the uudil of the finqn¢iol statements Our objectives are lo obtain reasonuble aswrance abovt whether Ihe finonciol statements as a whole are free from material misstatement, whether due lo fraud or error, and to issve an ouditor's report thoi Inclvdes our oplnion. Reos¢)noble cssurance 1$ a high level of a55urance, but is not a guarontee that an oudit conduded in occordance with ISAS IUKI will alway5 detert a material misstatement when It exists. Mlsslalements con arise from fraud or error and are considered material if, individually or in the uggregule, they Could reosonubly be expKted to influence the economic decision$ of users taken on the bosis of these finonciol stotements. Irregulurliles, Includlng fraud. ore Inslonces of non-compliance whh lows ond regulations. We deslgn procedures in line with our responsibilities, outlined above, to detect molerial misstatements in respect 14 St Ronan'6 Sehool (Hawkh￿r$Ij IMl*pendenl Auditor's R•porl for th• y•ar ended 3151 July 2023 of irregularities, including fraud. The extent to which ovr procedures are copuble of d•t8cling irregulariiles, including froud is detoiled below. Bosed on our understondlng of the chorltable company and the environment in whl¢h it operates, we identified thot the principal risks of non-compliance with laws and regulali¢n$ related to the regulotory requlrements of the Chority Commission and the Independent Schools Inspectorate, and we consldered the •xtenl to which non-compl10n￿ might hove o mal•rial effect on the financial statements. We olso considered those luws ond regulolions ihot have o direct Impacl C￿ the prepurotion of the flnoncial slatemenls such as the Companies Aci 2006. the Charities Act 2011, ond payroll taxes. We evaluated monagement's Incentives and opportunities for fraudvlent monipulthlon of the financial statements (including ihe risk of override of controls), and determined thot the principal risks were related to in appropriote journal entries and managemènt bias in making accounting estimate> Audit procedures performed by the engugemenl teom included: Inspecting correspondence with regulotors and tox authorities; Discussions with management including consideration of known or svspecled instances of non- compllance with laws and regulation and frtsud,. Reviewing minutes of Govemors. meetings In ihe year: Evoluuling manogement's conlrol$ designed to prevent and detect irregvloritie$; Identifying and testing journols, in particular journcl entries posted with vnvsuol occount Combinations, postlngs by unvsvol vsers or wlth unusual des¢riplion5; and Chollenging asswiptions ond judgements made by management In thelr crlticol occovnting estimates. Because of the Inherent llm1tot￿ns of on audit, there is a risk thal we will not detecl oll irregulurilies, Including those leoding to g moteriol misstaternent in the flnonciul statements or non-compliance with regulution. This risk in¢reases the more that ¢ompli¢nce with a law or regulction is renK•ved from the events and tronsadlons reflected in the financiol statements, os we wlll be less Ilkely to becomg qwaro of instances of non-compliance. The risk 15 also greater regarding irregularities occurring due to f raud rother than error, as fraud involves inlentlonal conceolmenl, forgeryi colluslon, omlssion misr•presentaticn. A further descripti¢)n of our resF>onsibilitles lor the oudil of the financiol staterner￿ Is locoted on the Finoncial Reporting Council's website at: www.frc.or ouditor5res onsibilitie& Thls descrlption form5 part of ovr ovdilor's report. Use of our Report Th15 report Is made solely lo the charltable comptsny's members, as a body* in accordance with Chapter 3 of Part 16 of the Componies Act 2006. Our audit work has been vndertoken so that we might stole to the charitable company's members those motters we ure requlred to stole to them in an Auditor s report and for no other purpose. To the fulle$t extent permitted by low, we do not accept or ossume responsibility to onyone other than the choritable company and the charliablo company $ members, ¢s a bodyi for ovr audit work, for Ihis report, or for the opinions we have fomied. St Ronon'$ 5¢h•ol IHgwkhur611 Ind•pend•nt Audilor'l R•port f•r th• y•41 •hded 3111 Jvly 2023 Richard Weaver Isenlor Stalulory Audltorl For and on behalf of Hoyynaclntyre LLP, Statutory Audltors l O Queen Street Place London EC4R I AG Dale: 14 December 2023 Si R•naTh'$ S¢ho•1 (Huwkhursil s￿￿m•￿t ol FSn•n¢l•l Adlvltl•s f•r th• y•ur •Thded 314 July 2V23 14. STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING AN INCOME AND EXPENDITURE AccouNT) T•lql 2023 T•tsl 2022 un￿thI￿ed Rutri¢l INCOME FROM: 1.299 1,299 2,834 Olh•v trtsdinp tsdivrli School faclll?y bnlngs Churflable qdlvliias Pro¥ls5on of edKatlrJn Anclllary Iradlng 14.347 14,347 12,957 7.376,770 341,427 7.370770 341A27 6.930554 228,007 TOTAL 7133.843 7Z33,843 7.174.352 EXPEMDIWRE ON: Raisi￿ fund Fintsn¢¥ ¢0515 ChoihJbl• •xP•ndI￿lW. Provlsl¢n of •d￿￿￿) 26758 26,758 34,806 7,691.364 7,691,364 7A1 8,006 TOTAL 7718.122 7118,122 7A53812 NET AIOVVdÉNT IN FUMDS 15.721 15121 1379.0001 T•l41 lunds br￿9￿ fww¥rd 3,665,277 3,665.277 4.044.337 T￿1)1 lund$ eurrltd lorwurd io 3.680.998 3,080.998 3,665.277 Th? o¢¢omp¢nylng éorm purt ol these account5. Sl Ronan's School {H•wkhursll balanv Sh¢•t as ￿ 31 ￿ Jyly 2023 C•mpoThy r•gistrqlion nvmber 03419f44 bALANCE SHE&'I' 2023 2022 Not• FIXED ASSETS To1191b￿ fixed o$sets 4,433.979 4,544O30 CURRENT ASSETS St Debtors Cosh ut bonk ond in hund 22.814 443,767 843,100 22.814 409,877 923,593 1.309.081 1.356,284 CREDITORS: omounts folllng due wlthln onè Yeor 11.308,1261 11.167,6031 NET CURRENT ASSETS 158A451 188,681 TOTAL ASSETS LES5 CURRENT LIABILITIES 4￿75￿34 4.733.511 CREDITQRS fglllng du• gher more thon ¢)n• y•or I694￿36> 11.068.234) NET ASSErs 3,680,998 3.665,277 FUNDS Unre5trlctsd knds R•strkn•d lunds 3.6BO.998 3h65,277 TOTAL FUNDS 3,680,998 3,665.277 These finonciol statement5 haye been prepared in occordon¢¢ wlth th• provlslon$ oppllcoble to compan1•5 5ubl•d t¢* the 5moll componies, regime. Approv*d by the Board and Qui￿rISed for IS￿ on 30th Nmmber 2023 ond slgtpd on Its behalf byt Mr N P 51odden Governor ond Choirrnon of thè Finonce and Generol Purposes Commlff¢¢ The occcthpanylny form purt of O¢¢OLm Sl Ronan's S¢hool IHvwkhuisil Cash Fl•w Sttdement for the y•ar •nd•413lSt July 2023 Compuny ￿gIstr￿atrIoTh numb•r. 03419744 16. CASH FLOW STATEMENT 2023 20ri Cth$h Ilows fvom 4p•ralirt9 qdivilitrs: N•1 wovidjd by adivili•s IA} 309.198 395,279 Cash Il•ws fvom Inv•stlng odlvltl•s: Poym?nt5 for tangibl• fix•d 0ss•ts 1284.377) 1478,0321 1284.377) 1478P321 Cash fhws Irom fifftaAeing aclivili•s: Repoyment of borrowit)gs Interest poyob 191.1181 114.1961 146J811 114,157) 1105.3141 160,9381 Chonee in cash and cash equ5¥o￿nIs In thè report￿9 pèrlod Cosh ond c05h •quivohTrnts al beg￿nIng of the reporting p8riod 180.4931 1143,6911 923￿93 1.067.284 Cosh and co$h egulvalent$ ot the end of reportlng p¢rlod IBI 843,1ts) 923,593 R•concilial•on of i￿0￿• to n•1 ￿$h Ilow from operdng adiv•ti•s 2023 2022 N•t inc•m• for Ifv• WPOTling p•riod los p•r th• stdl•m•nt of fintsn¢lul udlvlllesl Adjustrn•n15 for. Deprecithlon thorge5 Interesl payab 08crease increosel in stock5 Ilncreosel/decreo59 In debtors D•creas• in cr•diknr5 114.7161 1379,0601 395.228 14.196 428523 14.157 19.4271 115.293 225,793 /( 133,8901 182,0571 N•t rAsh w•vld•d by •p•r•tlng odlvlile$ 309,198 395.279 Analysis OF caih and ￿$h gqvival•nts 2023 2022 Cosh in h￿d 843.100 ?23￿93 Total ¢ash and vnt5 Special discour Stonfey Horrls stholorshlp 7.980.084 1213,5671 15.5071 159.3241 1271.8641 122.6141 130A381 7,443,754 1212.8041 153,0501 1222,9991 117,8331 Tolal f••s re¢eivabl• 7.376.770 6,930,554 Staff d[s￿u￿ts and ￿TSarI&S were awarded to 21 ond 2912022: 1 g ond 351 Individuols respeclively dwing lh• year. ANCILLARY TRADING Anclllory trodlng in￿8 ond costs r•lth• to th• provision ol eXtravL￿rItsJlQr actiyities. fees Insw(m¢• ond r•gistrotw* f••s. Unle￿rI￿ad funds 2023 Unrnstri¢l•d funds 2022 Sale ol extros Fe&$ Insuron Regisiroilon fees mis¢ell<￿￿O￿s 323,626 219,658 2.745 15,056 2500 5,849 341,427 228,007 23 R¢non's S¢hool IHuwkhur$ll N•ts$ ts ih• Flnun¢lo1 Skni*monts th• y•gr •nd8d JI il July 2023 EXPENDITURE 2023 X122 Charitoble expenditure inclvdedi OperLlting leose rentol$ - offlts •qvlpmenl plant and mathlnery lond ond bLlldlngs Depreeialpjn - owned ossets Avdltor'$ remuffterotlon 28,205 48,917 29.710 395,228 26,308 11,680 42,089 30,117 428.523 24,200 STAFF COSTS 2023 2022 WooÈs and salorres Sodal $ecwrlty costs Pension c¢)ntiib￿1Ofi$ 4,135.744 412,761 723,476 4,0?A.548 400A47 694,914 5.271,981 5,119,909 N•. The ¢Jveigge ruJmb*r of employees h the year wo&. Teochlng- Full ilmè Port time Dome￿14 including growds und moirrtenon¢¢ AdmiThistTutK 58 25 36 58 26 36 129 132 nvmber d •rry*l•ya•s whose •molvmonls •X¢¢•d￿ £60,000 ww 2023 2022 £60,WI - £70.C￿0 £70,WI - £80,000 £80,001 _ £90,000 £90,001 - £100,O¢)o £130,001 - £140,OCQ £150,001 - £1 60,OCQ £160,C¥)1 _ £170,OC4) Chorily rnokes C4Jntribukioh5 to vorlous penslon schem•s. Th• oss•ts of these $themes ofe held s¢porth&ly from of the Chority In lTrdependertly odmlnlstered funds. Thè penslon costs chorge repr•5•nts conirlbLrflons poyable by the Charlty lo the funds and umoullt•d to £723,47512022.. £694,914). No Govemor receiv•d ony •molum•nts durlno ellher perlod. Gtsvernors. expenses reiM￿￿r$ed in the perlod tstalled £nil120221 £nill Key Manogement Person￿1 were pold on oggr•got• r•muneroiion of £858,83312022.. £821.9551. 24 Sl Ronqn'8 kh•ol IHqwkhvr511 N•hs to tho Flnanelal Slql•m•nls lh* y•ar •nd•d 3141 J¥ly 2023 ANALYSIS OF TOTAL Exp￿DITuRE Sltsff Totul 2023 0•P￿cIall0n Olh•v ol rolsIr￿ fvnd Flnonce costs (note n oritoblo o¢tivhl** T•othlng cosls Welfare co#$ Premlses ¢osts Support ¢osls Inote 81 26158 26358 3.863,895 109,725 405.471 832.890 347A92 600,622 512,749 563,192 4,211 A87 710,347 1.311172 IA57.758 333.552 01,076 Tolql •xp•Trdilur• 5.271,961 39S.228 2,050,913 7.718.122 ANALYSIS OF TOYAL EXPENDITURE- PRIOR YEAR •5ts DgpR¢ld•n Olhor 2022 Cost of ro151ng fvndst Finan￿ costs (note 7) Thoritab￿ oclrvitrie ye0th￿9 costs Welfare cost5 Premlses costs pport costs (note 81 34,806 34.800 3,712,475 105,503 495,172 806.759 364,806 578,369 547,106 479,893 4,077.281 683.872 1.392.022 1.365331 349,744 78,779 T•lul •xp•ndilu 5.119.909 428,523 2,004,980 7,553A12 All svpport costs relthe lo the one ottlvity of running the school. FINANLT COSTS 2023 2022 tharge5 BO￿ loon Interest Bod ond doubrful debts 12,562 14,196 20.649 14.157 26.758 34,806 SUPPORT COSTS 2023 2022 Stoff costs Office cos15 Dgpreciotion Gov•monc• c05ts INtst* 91 832,890 535,514 61,676 27.678 806,759 454,342 78,779 25,551 IA57.758 1,365,431 25 Sl Ronan'E Sehool IHawkhur5tl Nolts to the Financial Slatements the yeav ended 31 July 2023 GOVERNANCE COSTS 2023 20r2 Audtior's renumerotM- slatvtory audil Auditor's renumerutw- other cos15 Metrtry cost5 15.785 10,523 1.370 14h40 9,500 1351 27.678 25A51 10. TANGIBLE FIXED ASSETS th• c•uv¥• FvwThilvr• rtd •4¥lpm•nl Prop•rfy IMpM¥•m•nls Sports T•chnol•gY conslrudion v•hid•s C•sl I August 2022 Addltlons 337,723 44.980 5.224,606 110.454 759.146 1,219,638 31,888 828,549 97,054 30,958 8AOO,621 284,3r 31 Jvly 2023 382703 5.335,060 759,146 1,251.526 925,604 30,958 8k+84,99i D•prn¢itttion l Atsgvst 2022 Chtsrge lor the y¢ur 1,846,283 272￿87 334,195 24,325 933,816 95.402 732,725 61k70 8,771 1,238 3,855,79( 395,22 31 July 2023 2XJ58,870 358520 1,029,218 794AOI io,010 4.25SA41 Bod Valu• 31 July 2023 382,703 3,276,190 400,626 222,308 131,203 20,948 4A33,97 31 July 2022 337Z23 3,378,323 424,951 ?85,822 9S,824 22.187 4A44A31 kndLthd wlihin property Improvemenls Is o leusehold premhjm at a c05t of £1 50.00012022.. £150.OCQl ond OCC￿n￿lated depredrjtlon ol £150,00012022: £150,000 26 51 R•n•n'$ Sch•ol IH4wkhursll Not•s lo th• Finon¢ial Stal•mgnts lh• year •nd•d 311Tr July 2023 DEBTORS 2023 2022 Fee5 Ott*r debiors Pr*paymènts ¢ttd h)come 266,551 24,217 152,999 263,369 11,496 135,012 443,707 409,877 12. CREDITORS: tsm•unli fulllng 4hJ• whhln on• y•ar 2023 2022 Bunk loans ond overdrofts Trade credltors Other creditovs Other lax•s ¢¥nd s¢xlol seoJYlty Acuv(Jls tsnd d*f*rred irthnè 378￿?9 252J84 110,178 109.008 576,857 310,970 180,749 126,415 104,614 444,855 1,368,126 1.167,603 Included withln occruols ond deferred incom• falling due within one year is an OrnOLmt of £555,04 1 12022.. £4253801 relutlng lo fees pold In odvon¢• by porents. Induded wiihln other cr•ditors or• arnounts t￿ollIng £86,141 12022: £83,8891 in re$pe¢t af 0￿standIng pension contribvtion> 13. CREDITOR&. •mounl$ Iolllno du• oft•r more than one year 2023 2022 Btsnk k•tsr Other creditor5 Ac¢rvols gDd deferred 190,673 194,603 309,260 289.720 200.100 578A14 694.536 1,068,234 I￿l￿ded ￿ occruols ond deferred kncome Is £309,26012022- £578,414) of fe85 pold In odvonce by parent5, whKth are repuyable after one yeor, bvt before five yeun. bank loon Is repoyuble by oquol rnonthly instdlments ￿ttl1 I lth Aprll 2027 ot o flx•d rute of 3.860/0￿r onThL￿. Anulylli d d•￿ MI￿11￿ 2023 21)22 Amowts payobltr. one yeor or le$5 or orb demond more thon ore year but not mDre thon Iwo yeors Between two ond flve yeurs After five yeors 318,899 77.054 113.619 310,970 77,054 212,666 So9￿72 000,690 27 Sl Ronun's khool IH•wkhvr8t} Nole$ t• Ihe Fihun¢lo1 si0￿Mon•s th• year •nded 31d July 2023 14. OTHER FINANCIAL COMMITMENTS At 31 July 2023 the School had eommllments und*r 1￿1-¢¢nee11￿ble operthlng leo%e¥ for eqL4pm•nt os tolltsw* 2022 itsnd tyyd bv51dings 2023 Land ond bvildings Olh•r Explrlng Wlthln l yeor Beiween 2_ 5 years 27.905 43.391 85A07 153.229 31.206 65,177 50,351 112A73 71,290 238,736 96,383 162,824 15. PENSION AND SIMILAR OBLIGATIOMS Tha School participates in the Teochers, Pw)sion Scheme I￿* TPS'I lor its teoehing slaff. The pensi¢)n thor￿ for the yeor Indud•s contribvtvans puyobltr to the TPS ol U67.73912022- £569,8531 ond ot th• yéar-end £nll12022 £nill was accrved in re5ped of ¢ontrIb￿lOn5 lo thi5 stheme. Th* TPS Is unfvnded multl-8mpbyer d•fln•d b•nellts penslon 5dwe goyémed by the Teod*rs' Penslons R•9uloliorts 2010 la5 amendedl ond the Teathèrs. Pension 5d￿ne Regvlotion$ 2014105 omendedl Members othrilyme on o 'poy as you go bosis with ¢ohtr[b￿lo￿5 from nwber5 ond employer b•ing credhed to the Exthequer. Retirement ond otlwr ￿nskIn bo￿VrtS are pold by publ1¢ funds provlded by Porll Thè pousè wos lifted in July 2020. ond lollowlng o publlc ¢onsvltatlon In 2021. the Government ￿¢￿PIed three key prop95015 re¢i)mm*ndèd by th8 Goverr¥nent Actvoryi and ar• airning to irnplem¢nt th¢w thongas In Ilme lor the 2020 volvolion The 2016 cost wntrol volu¢)Ilons were COMP￿ted in JoNJory 2022, and the re5vIts indkoid thai there would b• thonges to ￿nefits or member contributlons requlred. The rewks of the c05t ¢op voluatlon ar• nol used io set th? amploy8r contribulion rate, ond HM Trou$ury ￿S Indlcat•d thot ony rhorys lo the employer Contrib￿10￿ rote resultlng from th• 2020 vofvvth?n5 will takè effect In April 2024. Urhtll th• 2020 vuhjotlon 1$ ¢c4npt¢tsd, It Is TrJl P95$1b￿ to conclude on any flnundul Imp0¢t or fvtvre chonge5 to the ¢ontrIb￿lOn rote$ of the TPS. Accordingly no provision for ony oddlllonal past benefit penskn costs 15 in¢luded In th•5• finpncitsl stotement 28 Sl Ronan's Scho•1 (Hawkh￿r$I> Nolos l• Flnun¢lal Sith•menl$ th• y•or *nd￿ 31* Jvty 2023 16. FUND5 31 July 2022 31 Jvly 2023 In¢•m• Exp•ndltur• Unrestrkkd - Acojmulated reser 3.665,277 7.733,843 17318,1221 15121 Tolul Ivnd$ 3,665.277 7133,843 17,718,122) 15,721 FVNDS- PRIOR YEAR 31 July 31 Juty 2022 In¢•me Exp•fiditvr• Transfers Unrwffkned Imds 4,042,411 7.174.352 17A53,4121 ,926 3.665.277 Restrkled Fouthaln 1,926 11,9261 T•knl w•stsl¢thd Funds 1.926 11.9261 Total Ivnd$ 4,044,337 7,174.352 17,553AI 21 3.065.277 ALLocAnoN OF NET ASSETS Fix•d aSS•ts ss•tsl L•ng lorm Ilublllli•s Restrt¢ted ft￿￿$ Unrestriclod fvnd5 4A33.979 158,4451 1694.5361 3,680,998 4A33,979 158.4451 1694.5301 3,680,998 ALLOCATION OF NET ASSETS- PRIOR YEAR Net turrnnl a6$81$1 Iliabilit•8s) Flxed o$uts Long t• Total Restric￿1 fvnds Unrestrlded funds 4.544,830 188,681 11,068,234) 3.665,277 4,544,830 188,681 11,068,2341 3k65,277 29 St Ranan's School IHgwkhvr5tl Not•s lo th• Finan¢i<¥l Sl•lem¢nt$ th¢ y•ai •nded 31 ￿ J¥ly 2V23 18. RELATED PARTY TRANSAcnoNS Stephen Langer. a Governor 91 th* $thool* provld•d orchlÈecbJral serv1￿$ in i•lthion lo the ongolng dlning rotsm prolecl to a volu8 of £9.00012022: £9,000). This remolns in ￿ 05set5 in the course ol constrvulon balonce p nole I There were rK* r*loted porty tron50clicw r•qulrin9 dtsck)svr• ￿ eilher the current or prior yeur. 30