SÈRvif4 URSULINE PREPARATORY SCHOOL WIMBLEDON TRUST (Limited by guarantee) FINANCIAL STATEMENTS AND ANNUAL REPORT FOR THE YEAR ENDING 31 AUGUST 2024 Company Reglstratlon No. 03914222 Charlty Registratlon No. 1079754 Jacob Cavenagh & Skeet Chartered Accountants 5 Robin Hood Lane Sutton Surrev SMI 2SW
URSULINE PREPARATORY SCHOOL WIMBLEDON TRUST (Limited by guarantee) FINANCIAL STATEMENTS AND ANNUAL REPORT FOR THE YEAR ENDING 31 AUGUST 2024 Contents Page Trustees, Report Report of the Independent Auditor Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Financial Statements 8-10 li 12 13 14-20
URSULINE PREPARATORY SCHOOL WIMBLEDON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Refefence and administrative information Trustees and Directors The trustees of the charity, who are directors of the company. are as follows; Ms A Thimont Mr G A Smith Mr M Leclerq Mr R Barraclough Ms S Badger Governors Ms M D'Aprano Ichairl Miss G Deen Mr M Jones Mr C King Mr5 M Monaghan Mr P Morgan Ms J O'Mear3 Mrs T Townsend Ms B Turner Mrs C Whatlin8 (resigned 31 Au8USt 20241 Iresigned 8 November 20231 Iresigned 31 August 20241 (resigned 31 Au8USt 20241 (resigned 31 August 20241 (resigned 31 August 20241 (resigned 31 August 20241 (resigned 31 August 20241 Iresigned 31 August 20241 Ire518ned 31 Au8USt 20241 Secretary Mrs H Robinson Head Ms C Molina-Freire (left 31 August 20241 Clerk to Governors MrsA King 8ur50r Mrs H Robinson Key Management Personnel The following are responsible for the day-to-day management of the charity and are therefore considered to be Key Management Personnel: The Trustees The Governors The Head The Bursar Miss K Donaghy (Deputy Headl luntil left 31 August 20241 Ms R Cherry (Assistant Headl luntil left 31 December 20231 Mrs N Cleeve Ichaplainl luntil left 31 August 20241 M5 AM Mccarthy IPA to Head and Office Managerl (until left 31 August 20241 (until resignedl (until left 31 Au8USt 20241
URSULINE PREPARATORY SCHOOL WIMBLEDON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (continued} Reference and administrative Information (continued) Reglstered Offlce 18 The Downs London SW20 8HR Auditors Jacob Cavenagh& Skeet 5 Robin Hood Lane Sutton Surrey SMI 2SW Bonkers HSBC 69 Pall Mall London SWIY SEY Solicltors Veale Wasbrough Vizards LLP Orchard Court Orchard Lane BSI 5WS Moore Barlow LLP The Oriel Sydenham Road Guildford GUI 3SR
URSULINE PREPARATORY SCHOOL WIMBLEDON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Icontinuedl STRUCTURE, GOVERNANCE AND MANAGEMENT Background and governance Ursuline Preparatory School Wimbledon Trust was registered as a charity on 8 March 2000 and was incorporated on 26 January 2000 as a company limited by guarantee. The liability of the members is limited to £1. Subscribers to the Trust's Memorandum are the initial members of the company, and subsequent members are either ex officio members or elected members. The Trustees and Governors of the Preparatory School are ex officio members. Elected members are appointed by the Trustees for a term of four years or less as may be determined at the time of election and are eligible for consecutive periods not exceeding twelve years in a88regate. New Trustees are nominated by the Trustees and are then elected by the Members at the Annual General Meeting. The Chair of the Trustees is elected by a majority of the Trustees. The Chair of the Board of Governors and Foundation Governors are appointed by the Trustees. In makin8 these appointments the Trustees have re8ard to eligibility, personal competence and the balance of specialist skills required. The Preparatory School was transferred to the Trust by the Trustees of the Roman Union of the Order of St Ursula on I September 2000. The revised Memorandum of Association was adopted in March 2015, updated in March 2021 and re8lStered with the Re8lStrar of Companies and the Charity commissOn. At 31 Au8USt 2024 the company ceased to operate as a School. Prlnclpal Activity Up to 31 August 2024, the Ursuline Preparatory School provided education for girls a8ed 3-11 (Early Years, Key Sta8es 1&21 and boy5 a8ed 3-4 (Pre- School only). Organlsatlonal structure and management The School was governed by its Memorandum of Association and the related Instrument of Governance. The Trustees and the Governors determine the general policy of the Trust. Trustee meetin85 are held at least three times each vear to develop general policy and review the overall management and control of the School. Governance of the school was delegated by the Trustees to the Governors throu8h the Instrument of Governance. Governors, meetin85 were held every term to review the management and progress of the school against its plans and policies. When Governors met each term, thev received the Head's report together with financial and other reports. The management of the School was delegated to the Head supported by the Senior Leadership Team. The key management personnel of the charity as listed on page I were in charge of directing, controllin8, running and operating the charity on a day to day basis. All Trustees and Governors give of their time freely and none received any remuneration in the year. Details of Trustees, and Governors, expenses and related party transaction5 are disclosed in Note 6 to the financial statements. The pay of the Head and other senior staff was reviewed annually and normally increased in accordance with verage earnings and assessed performance. The School was a member of IAPS and supports charities, local, national and international. Trustees. responslbilities The Trustees (who are also directors of Ursuline Preparatory School Wimbledon Trust for the purposes of company lawl are responsib5e for preparing the Trustees, Report lin¢orporating the directors, report) and the financial statements in accordan ce with applicable law and United Kingdom Accounting Standards, including Financial Reportin8 Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
URSULINE PREPARATORY SCHOOL WIMBLEDON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Icontinuedl STRUCTURE. GOVERNANCE AND MANAGEMENT (continued) Trustees, responsibilities Icontinuedl Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incomin8 resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and apply them consistently,. observe the methods and principles in the Charities SORP; make judgments and estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue its operations. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companie5 Act 2006. They are also responsible for safeg¢Jarding the assets of the charitable company and hence for taking reasonable steps for the prevention of fraud and other irregularities. The Trustees are responsible for the maintenance and inte8rity of thè corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Disclosure of Informatlon to audltors To the knowledge and belief of the Trustees, there is no relevant information of which the charity's auditors are not aware, and the Trustees have taken all the step5 necessary to make themselves aware of any relevant audit information, and to establish that the company's auditors are aware of that information. AIMS AND OBJECTIVES Until the end of the summer term in July 2024, the Trust sought to provide the highest quality education within the Ursuline tradition in accordance with the School's mission statement.. To maintain high standards of academic and extra-curricular education. To provide specific educational provision for pupils with higher academic ability while also ensuring suitable teaching and extra support is in place for those pupils who would benefit from it. To continue the first class pastoral care we provide for pupil5. To provide continuing support for our pupils already in receipt of fee assistance through bursaries. To play our part in the life of our local community throu8h access to our facilitie5. Going forward, the Trustees will ensure that the Trust's activities are in line with its objects which are to advance the Roman Catholic religion, with a particular emphasis on education.
URSULINE PREPARATORY SCHOOL WIMBLEDON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Icontinuedl REVIEW OF THE YEAR Review of activities and achievements 2023124 Senior School Offer5 School Received offer Scholarship Box Hill Claremont Fan City of London Emanuel Epsom College JAGS Kingston Gfammar Schol Lady Eleanor Holles Notre Dame Putney High School St John's Leatherhead St Teresa's Effingham Surbiton High School Sutton High School Wimbledon High School Grammar.. Tiffin/Wallington Despite the announcement in November 2023 of the proposed closure of the School at the end of the academic year, the School continued with the full range of educational activities. Our children continued to flourish academically and pastorally, and the staff worked exceptionally hard to ensure that it was business as usual to the very last day. There were residential trips to France Iyear 61, Swanage (Year 51 and juniper Hall (Years 3 and 41. There were musical recita Is, nativities and the splendid end of year production of Porridge where our pupils showed off their acting, singing and comedic talents. In addition to normal lessons there were many educational trip5 and workshops including to theatres, museums, farms and churches. There was first aid training, science and maths workshops and much more. To mark the closure of the school we invited current and past pupils, parents and staff to a thanksgiving mass followed bv afternoon tea at the school. All were given the opportunity to look around the school, reMinsce and share happy memories of their time at Ursuline Prep. Fees Our fees for the year before the deduction of any means-tested bursaries were.. Pre School (full timel to Year 6 £13,980. Assessment Results Our 5tandardised assessment week ran in May 2024 as usual and our children in Years 1- 6 completed Progress Tests in English IPTE GL Assessment) and Progress Tests in Maths IPTM GL Assessment51- As our results show, all year groups achieved a mean standardised score ISASI well above the national average benchmark11001 in both Maths and English.
URSULINE PREPARATORY SCHOOL WIMBLEDON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Icontinuedl Trinl 2024 Standardised Test Results In En Ilsh PTE and Mathematlcs National average SAS Ursuline Average SAS- PTM Imathsl 121 Ursuline Average SAS- PTE {Englishl 128 Year I loo Year2 loo 117 117 Year 3 loo 109 117 Year 4 loo 118 114 Year 5 loo 117 117 Year 6 loo 117 119 Detalls of Bursary Awards Four of the School's pupi15 received financial a551Stance throu8h the award of a Bursary. All were in receipt of an award of 33%. Community Service and publlc benefit The Trustees have regard for the public benefit guidance published by the Charity Commission as required by the Charities Act 2011. The School facilities were available for community use either free or at discounted rates. The School sought to widen public access to the school site. Camp Beaumont hired our school premises for school holiday children's camps, durin8 the Christmas, Easter and Summer holidays and the Michaelmas and Lent half terms. The camp was available to Ursuline Prep School pupils and all other local children. The Multi Use Games Area was hired to various local sports clubs. The hall was used by our neighbours for meeting5. Reserves The statement of financial activities shows that total expenditure for the year exceeded total income, with net expenditure of £813,79512023'. £ 113,6931. The balance sheet shows that total funds of the Trust were £2,351,27412023. £3,165,069). These were represented by tangible fixed assets of £4,917,418 12023.. £5,056,108) and net current liabilities of £737,842 12023.. £62,779). Finance due after more than one year is provided by deposits, a loan from the Roman Union of the Order of St Ursula and a loan from HSBC plc as set out in Note 11. Investment pollcy The Company's Memorandum of Association permits the investment of monies of the charitable company not immediately required for its purposes in such investments, securities or property as may be thought f it by the director5, subject to any restrictions which may, for the time being, be imposed or required by law. The Company has made no such investments during the year.
URSULINE PREPARATORY SCHOOL WIMBLEDON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (continued) Fundraising In line with the reporting requirements included in the Charities Act 2016 the Governors are pleased to confirm that all fundraising is done in compliance with best fundraising practice. All fundraising activities follow traditional methods. During the year no professional fundraisers were employed. There were no complaints or criticisms during the year about our fundraising activities. Fixed Assets The changes in fixed assets during the year are explained in the note5 to the financial statements. RSsk During the year, the Trustees continued to review the general environment in which the charity operated to identify potential major risks and the systems and procedures Set up to manage them and the Senior Leadership Team kept the school's activities under review. With careful financial management all financial risks were averted, and the Trust was fortunate to sell the property soon after the school closure to avoid the risks inherent in owning an empty property over the winter. Future of the Trust On l November 2023 the Trustee5 and Governors of the Ursuline Preparatory School, Wimbledon, were very Sad to announce the proposed closure of the school at the end of Au8USt 2024. A number of factors led to this position, despite careful measures to ensure the highest Quality of education for girls in the area. The previous few years had been very difficult for small schools Such as the Ursuline Prep. Pupil numbers had fallen significantly due to a series of unprecedented economic events, general financial pressure and a declinin8 birthrate. As at September 2023 the number of pupils had fallen below the levels that allowed the school to plan for its future and it was felt important to give all the members of our Ursuline Family time to plan for their future. We were deli8hted that The Ursuline Prep continued to provide the highest quality Catholic education for all the children in its community for the whole academic year and that most of our children were able to stay at the school until the end of the summer term. The Year 6 Evening of Celebration and prizegiving and mass on the last day of term were very poignant occasions as the whole school said 8oodbye and gave thanks for eighty years of Ursuline education at 18 The Downs. At 31 Au8USt 2024 the charity ceased to operate as a school and on 7 October 2024 the school site was sold to Kings College Wimbledon. We were pleased to be able to donate all our learning equipment and supplies to a range of local schools and educational establishments. A decision will be taken by the Trustees whether to wind the charity up or fulfil its charitable objectives in another way. Accordingly, the financial statements have been prepared on a basis other than as a going concern as a school. This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. Ann Th5mont- Trustee and Chalr of Trustees 10 December 2024
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF URSULINE PREPARATORY SCHOOL WIMBLEDON TRUST FOR THE YEAR ENDED 31 AUGUST 2024 Opinion We have audited the financial statements of Ursuline Preparatory School Wimbledon Trust (the 'charity'l for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the 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 to the law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel. In our opinion the financial statements.. 8ive a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its income and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accountin8 Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinlon We conducted our audit in accordance with International Standards on Auditin8 IUKI IISAS IUKII 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 fulfi Iled 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. Emphasls of matter- flnancial statements prepared on a basis other than going concern We draw attention to Note 17 of the financial statements, which explains that the charity ceased to trade in August 2024 and therefore the Trustees do not consider it to be appropriate to adopt the 80in8 concern basis of accounti ng in preparing the financial statements. Accordin8ly the financial statements have been prepared on a basis other than 80in8 concern as described in Note Ib. Our opinion is not modified in respect of this matter. Other infor matlon The other information comprises the irnformation included in the annual report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information. 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 thereon. In connection with our audit of the financial statements, 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 knowled8e obtained in 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 there is a material misstatement in the financial statements or material misstatement of the other information. 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 nothin8 to report in this regard. Oplnlons on other matters pre5crlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit: the information 8iven in the Trustees, Report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the directors, report included within the Trustee5' Report has been prepared in accordance with applicable le8al requirements. Matters on which we are required to report by e¥ceptlon In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors, report included with the Tru5tee5' report.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF URSULINE PREPARATORY SCHOOL WIMBLEDON TRUST FOR THE YEAR ENDED 31 AUGUST 2024 We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of governors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit; or the tfustees were not entitled to prepare the financial statements in accoidance with the small companies, regime and take advantage of the small companies, exemptions in preparing the trusteès. report and from the requirement to prepare a strategic rèport. Responslbllltles of Trustees As explained more fully in the Trustees, responsibilities statement, the Trustees Iwho are 31so the directors of the charitab le company for the purposes of company lawl 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 Trustees 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 Trustees are responsible for assessing the charity'5 ability to continue as a going concern, disclosing, as applicable, matters related to going concern and u5in8 the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Auditor's responslbllities for the audit of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from materi31 misstatement, whether due to fraud or error, and tO155ue an auditor's report that includes our opinion. Reasonable assurance is a hi8h level of a55urance, but is not 3 8uarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatemer)t when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggre8ate, 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.. Based on our understandin8 of the charity, we identified that the principal risks of non-compliance with laws and re8ulations related to employment and financial reporting legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud mi8ht occur, by making enquiries of management, considering the internal controls in place and discussion amon8St the engagement team. We determined that the principal risks were related to management bias in accounting estimates, presentation of separatelv disclosed item5 and management override of controls. In response to the risks identified we designed procedures which included, but were not limited to, challengin8 significant accounting estimates, a8reeing financial statement di5closure5 to underlying supporting documentation, evaluating the internal controls, reviewing Tru5tees' minutes and identifying and testing journal entrie5. There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatement5 that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financia I Reportin8 Council's website at= http'./lwww.frc.or8.uk/auditorsrespon5ibilities. This description forms part of our auditor's report.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF URSULINE PREPARATORY SCHOOL WIMBLEDON TRUST FOR THE YEAR ENDED 31 AUGUST 2024 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 and regulations made under that Act. 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 asstjme responsibility to anyone other than the charitable company and its members as a body, for our audit work, for this report, or for the opinions we have formed. Miriam Hickson FCA CTA Senlor Statutory Auditor For and on behalf of jacob Cavenagh& Skeet Statutory Auditor Chartered Accountants S Robin Hood Lane Sutton Surrey SMI 25W 10 December 2024 10-
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URSULINE PREPARATORY SCHOOL WIMBLEDON TRUST BALANCE SHEET AT 31 AUGUST 2024 Com Istralion Number.. 03914222 Notes 2024 2023 Flxed assets Tangible fixed asset5 4,917,418 5,056,108 Current assets Debtors Cash at bank and in hand 20,154 66,205 622 490 688,695 22.793 Creditors: amount5 fallin8 due within one year io 1760 6351 17514741 Net current {liabilities)/assets 1 737 8421 1 62 7791 Total assets less current Ilabilltles Credltors: amounts falling due after more than one year 4,179,576 4,993,329 li 11828 3021 11828 2601 Net assets Funds Unrestricted Capital reserve fund General fund 12 3,010,506 1659 7321 2,350,774 3,088,143 3,164,569 Restricted Ursuline Links 50 The financial statements were prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. Approved by the Truslees on 10 December 2024 and signed on their behalf by: AAwtr Ann Thlmont- Trustee and Chalr of Trustees 12-
URSULINE PREPARATORY SCHOOL WIMBLEDON TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Net cash (used inllprovided by operating activities (see below} 1435,1551 182,655 Cash flows from investin8 actlvitles Payments made in respect of fixed asset additions Proceeds reali5ed on fixed asset disposals Net cash provided byllused inl investin8 activities 1 1,8601 1167,0711 1167 0711 Cash flows from financln8 activities Interest paid Loan Irepaymentsl Net cash (used inl flnanclng artlvltles 1134,7831 1610531 1195 8361 1105,6921 1136 0841 12417761 Net cash loutflow} 1619,8511 1226,1921 Cash and cash equivalents at I September 2023 848 682 Cash and cash equlvalents at 31 August 2024 Note: Cash flows from operatln8 actSvltles Net {expenditurel 1813,7951 1113,6931 Depreciation (Gainllloss on disposal of fixed assets Loan interest payable included in financing activities Decrease in debtors Increase in creditors 140,550 113,0001 134,783 46,051 121,439 105,692 1,519 Net cash {used Inllprovided by operatln8 actlvltles Analysls of changes In net debt At I September 2023 Cash flows Other non- At 31 August cash changes 2024 Cash at bank Bank overdraft Bank and other loans repayable within one year Bank and other loans repayable after more than one year 622,490 1 619,8511 1 504,1001 61,095 2,639 1 504 1001 1 78,6101 1 139,7051 Total net debt ILL1) {LQfiUl 13
URSULINE PREPARATORY SCHOOL WIMBLEDON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 I. ACCOUNTING POLICIES Ursuline Preparatory School Wimbledon Trust 15 a private company limited by guarantee incorporated in England and Wales. The registered office is 18 The Downs, London SW20 8HR. Basis of preparatlon of the Ilnancial statements These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102,1, "Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006, the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from l January 2019. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The linancial statements have been prepared on the historical cost convention and to include certain financial instrvments at fair value. The principal accounting policies adopted are set out below. b. Golng concern As explained in Note 17 to the financial statements, the charity ceased to trade on 31 August 2024 and the financial statements have therefore been prepared on a basis other than that of going concern. This basis includes revised estimates of useful economic life of non property assets, doubtful debts and when deposits will be repayable. Agreed and paid redundancy costs have been recognised in these accounts, Fees School fees consist of amounts billed for the academic year ending 31 August and are net of siblin8 discounts. Amount5 billed during July for the first term of the following academic year are eliminated and any receipts prior to the year end relatin8 to these invoices are deferred and disclosed within creditors as Fees received in advance. d. Other Income Voluntary incorne and donations lincluding le8acie5 and grants) are accounted for once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be reliably measured. Where material assets are donated to the company for its use, these are capitalised at the estimated market value at the date of the 8ift an d included under income. Allocatlon of expendlture Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. Roi5ing funds All direct expenditure on fundraising, marketing and financing are allocated to this category, with an additional apportionment of staff overheads based on mana8ement estimates of avera8e time spent on these costs. Choritoble activities All costs relating to the provision of education are included here. This incorporate5 all direct teaching, premises and admin istrative and support costs lapart from such staffing time as apportioned to cost of generating fundsl. Governance cost5 This comprises expenditure on compliance with statutory legal requirements and is included in charitable activities. 14-
URSULINE PREPARATORY SCHOOL WIMBLEDON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 {continued} I. ACCOUNTING POLICIES Icontinuedl Tangible fixed assets Tangible fixed assets are shown at historical cost less depreciation. Individual assets under £1,000 are expensed in the year of acquisition. Depreciation is provided over the expected useful economic life of the asset5 as follows: Freehold buildings Security system Equipment and computer system School equipment 50 years 2 years 2 years 2 years Freehold land and buildings in the course of construction are not depreciated. Debtors Fees and extras receivable and other debtors are included at the settlement amount due. Prepayment5 are valued at the amount prepaid. Cash and cash equivalents Cash at bank and in hand includes cash and Short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit. Credltors and provlslons Creditors and provisions are reco8nised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recoBnised at their settlement amount. Concessionary loans are included at historical cost, Financlal Instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Penslon schemes The School participated in a defined contribution pension scheme for teaching staff. The assets of these schemes are held separately from those of the School in independently administered funds. The School also contributed to a defined contribution scheme for non-teaching staff at a rate of 7% of basic pay. The assets of the Scheme are held separately from those of the School in an independently administered fund. Contributions to both Schemes are charged to the SOFA as they become payable in accordance with the Rules of the Schemes. 2. DONATIONS AND LEGACIES Unrestrlcted Funds Restricted Funds Total 2024 Total 2023 Grants received Donations received Total Grants and Donations received 91,645 351 91,645 351 94,170 The school receives a termly grant from the local council for childcare given for 15 hours a week for nursery pupils. 15-
URSULINE PREPARATORY SCHOOL WIMBLEDON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued) 3. OTHER TRADING ACTIVITIES Unrestricted Funds Restricted Funds Total 2024 Total 2023 Income from sundry activities Expenditure on Sundry activities Net income 183,144 1114 8951 183,144 228,936 1114 8951 1123 977 4. INCOME FROM OTHER SOURCES Unrestricted Funds Restricted Funds Total 2024 Total 2023 Hire of hall 5. TOTAL EXPENDITURE 2024 Depreciation & Impalrment 2023 Total Staff costs Other costs Total Charitoble activities Teaching costs Premises Support Costs 1,427,853 187,592 169,398 170 470 527,460 7,431 123,230 1,622,876 1,405,692 292,628 397.236 719 768 433 491 2,635,272 2,236,419 539 409 1,967,262 140,550 Roi5ing funds Fundraising trading Costs Inote 31 Marketing and publicity Bank and loan interest Bad debt Irecoveryl/expenditure Total expenditure 114,895 9,381 134,783 114,895 9,381 134,783 123,977 10,983 105.692 Included in other support Costs are the following: 2024 2023 Stationery Computer costs Telephone and postage Legal and other professional fees Governance costs.. audit Accountancy Sundry expenses Insurance Travel and subsistence Total other support costs 10,065 40,093 4,012 75,653 7,158 9,335 21,780 2,103 271 11,095 38,606 4.644 8,260 6,852 13,417 18,341 2,079 659
URSULINE PREPARATORY SCHOOL WIMBLEDON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued) 6. STAFF COSTS AND RELATED PARTY TRANSACTIONS 2024 2023 Wages and salaries Redundancies Social security costs Pension contributions 1,284,655 1,241,291 418,613 128,019 135 975 116,090 129 833 The average number of employees Ibased on headcountl in the year was: Teaching Support staff 29 12 30 13 The total rernuneration of Key Management Personnel durin8 the year amounted to £376,84512023'. £282,549>. Trustees, liability insurance premium5 of £2, 10312023.. £2,097) were borne by the School. One employee received emoluments of between £60,000 and £70,00012023'. none) and one employee received emoluments between £70,000 and £80,000 in the year12023'. onel and one employee received emolument5 between £IOO,000 and £110,000 in the year12023'. none). None of the directors or Governors received any remuneration for services as a Trustee of the charity or as a director of the company and none of the directors received any reimbursement for expenses incurred in relation to the charity during the current or previous year. No Governors received a reimbursement of expenses12023'. none). Payments of £nil12023'. £2001 were made to third parties in respect of trainin8 courses for three Governors. Total donations from trustees and Governors amounted to £2012023.. £nill. Mrs C Whatling and Mrs H Hogben, governors, are parents and Mr G Smith, a trustee, is a grandparent, of pupils that attended the school for whom fees were payable to the school. Fees payable and any discounts were charged and awarded on the same basis as for other parent5. Termination payments of £418,613 were recognised during the year when a8reement was reached 12023.. £nill and are included in staff costs above. 7. TANGIBLE FIXED ASSETS Freehold land & buildlngs Equlpment Securlty & computer system System School Equlpment Total Cost At I September 2023 Additions Disposals At 31 August 2024 6,208,460 1,860 89,246 269,740 168,357 6,735,803 1,860 12611561 158 8201 1319 9761 8 584 ifiL7 io 417 6 210 320 Depreciatlon and lrnpairment At I September 2023 Charge for the year Disposals At 31 August 2024 1, 173,119 119,783 85,797 3,449 259,853 9.887 261156 160,926 1,679,695 7,431 140,550 158 8201 1319 97 109 537 1 500 269 1292 902 Net Book Value At 31 August 2024 At 31 August 2023 491741 35.341 The freehold property was sold in October 2024.
URSULINE PREPARATORY SCHOOL WIMBLEDON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued) 8. DEBTORS 2024 2023 School fees Prepayments 1,065 27,618 9. CASH AT BANK AND IN HAND 2024 2023 Oeposit accounts Current accounts Petty cash 2,139 500 621,488 802 200 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank overdraft Trade creditors Fees received in advance Deposits Loan Repayments to the Roman Union of the Order of St Ursula Loan repayments due to HSBC Bank plc Other taxes and social security Staff pensions Accrua15 504, 100 26,354 78,642 209,443 151,902 28,008 111,697 28,956 16,861 125 965 78,610 28,771 18,064 An overdraft facility of £760,000 was granted durin8 the year. The interest rate was 3.8% above the base rate. This was secured on the school property. This was fully repaid in October 2024. 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Loan repayments due to Roman Union of the Order of St Ursula In 1-2 years In 2-5 years After 5 years 60,644 41,972 Loan repayments due to HSBC Bank plc In 1-2 years In 2-5 years After 5 years 138,988 120.431 475,553 414,022 1153 117 1251835 1767 658 1786 288 The loan facilities from HSBC Bank plc are secured by a first charge on the School property and are repayable by monthly instalments ending in 2035. The interest rate is fixed at 1.75% above base rate subject to review. This loan value as a proportion of the carryin8 value of the School property is 37.55%12023.' 37.7%1. The loan from the Trustees of the English Province of the Roman Union of the Order of St Ursula is interest free. This is secured by fixed and floating charges over the School assets not already mort8a8ed. It is repayable by equal monthlv nstalments over 5 years, but a 12 month repayment holiday was granted in May 2020. All borrowin85 were repaid in October 2024 and all char8es were satisfied.
URSULINE PREPARATORY SCHOOL WIMBLEDON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 {conlinuedl 12. FUNDS Result from SOFA Balance BIF 8alance CIF Transfers 2024 Unfestrlcted Capital reserve General 3,088,143 177,6371 3,010,506 659 7321 2,350,774 1813 7951 1813,795 3,164,569 Restrl¢ted Parents, Association Ursuline Links 500 QES I) 500 3512.7A 2023 Unrestrlcted Capital reserwe General 2,906,427 181,716 3,088,143 3,278,262 1167,5681 53,875 3,164,569 Restrlcted Parents, Association Ursuline Links 53,875 153,8751 500 500 The School funds are held in designated funds. The separate desi8n3tions are intended to distinguish between the different sources of the funds and their application as follows.. al Capital reserve.. this fund is designated to ensure that the value of tangible fixed assets is separated from the liquid general funds. The amounts owed under the loans are offset against the net book value of freehold land and buildings before this and the value of significant equipment is designated as the total to be retained in the fund. bl Parents, Association.. this fund represents donations from the Parents, Association, which were spent on capital items, therefore a transfer to unrestricted funds has been made. cl Ursuline Links.. this fund was set up for monies to be given to Ursuline Links, a registered charity which is a volunteer programme run by the Ursuline Sisters. It aims to give Students and adults opportunities to be of service in the UK and abroad.
URSULINE PREPARATORY SCHOOL WIMBLEDON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 {continuedl 13. PENSION SCHEMES The School participated in a defined contribution pension scheme for teaching staff after leaving the Teachers, Pension Scheme. The assets of these schemes are held separately from those of the School in independently administered funds. The pension charge for the year includes contributions payable to these schemes of £104, 13112023.. £100,832). At the year end, E12,680 of pension contributions were outstanding12023.' £12,341) for this scheme. This was paid after the year end. The School also participated in defined contribution pension schemes for other members of staff. The assets of these schemes are held separately from those of the School in independently administered funds. The pension charge for the year includes contributions payable to these schemes of £31,844 12023: £29,001). At the year end, £5,384 of pension contributions were outstanding12023.. £4,520) for this scheme. This was paid after the year end. 14. TAXATION The School is a re8lStered charity and therefore is exempt from corporation tax on income derived from its charitable activities. 15. CONTROLLING PARTY The School's Articles of Association state that the Trustees have control of the Company and its property and funds. A Deed of Priority is in place and Schedule 2 - Deed of Overage provides that 25% of the gross sale proceeds are due to the Ursuline Order if the school buildings are disposed of. Overage of £2,125,000 was paid in October 2024. The Ursuline Order has made an interest free103n of £140,000 to the Trust, repayable over five years from March 2020. The loan is secured by a debenture 8iving a fixed and floating charge over all assets, not already mortgaged. This loan was repaid in October 2024. 16. LEASE COMMITMENTS 2024 2023 Within one year Within two to five years 2,777 Lease costs expended during the year amounted to £2,77712023.' £9,255). 17. POST BALANCE SHEET EVENT On 2 November 2023 the trustees announced the closure of the school at the end of August 2024 as the number of pupils had fallen below the levels that allowed the school to plan for the future. The freehold property was sold in October 2024 and the overage and all borrowing5 were repaid in October 2024. All charges were then released. Funds of £3,452,000 were realised from the property sale after repayment of the borrowings and payment of the overage due. -20-