REGISTERED CHARITY NUMBER.. 1085079 Report of the Trustees and Financial Statements for the Year Ended 31st August 2023 for The Loyola Prepar#¢ory School Trust Cooper Paul Statutory Auditors Abacus House 14-18 Forest Road Loughton Essex IGIO IDX
The Loyola Preparatory School Trust Contents of the Finhnci#l Statements for the Year Ended 31st August 2023 Page Report of the trustees Report of the independent auditors 7 to 10 Statement of financial activities li Statement of financi41 position 12 Statement of cash flows 13 Notes to the statement of cash flows 14 Note5 to the financial statements 15 to 21 Detailed statement of financial activities 22
The Loyola Preparatory School Trust Report of the Trustees for the Year Ended 31st August 2023 The Trustees present their report with thc financial statements of the ¢harity for the year ended 31 st August 2023. Thc Trust¢es have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended PydCti¢e applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelatsd (FRS 102) (cffective l January 2019). Objectives and activities Chariluble objeclives The objects of the charity are to advance the Roman Catholic religion by maintaining a Catholic s¢hool. whose activities are coiiducted in accordan¢¢ with canon law and wbich provides edu¢2tion in the Ignatian tradition. It is the duty of the tnjstees 2nd goyernors to advance and support this aim. Sirtstegie Aim andJntendedEffect The School's strategic Aim is the attainment of the highest academic levels whilst at the same timc allowing pupiLs to benefit from a varied ¢xtrll-¢UTTicular programme. This is intended to draw out their abilities and academic potential, awaken and develop wider intcrests in life and motivate them for a successful carecr at their secondary school. Objectivesfor iheyear The Board's main objective continues to be to educate all of the School's pupils to at least the same high standard achieved by th¢ School in previous years, so that pupils will be able to rcach theiT Potential and derive greatest benefit from their chosen school for the eventual completion of thcir cducation. Our strategy for achieving this is to ¢ontinue thc School's current teaching arrangements with a constant cmphasis on high standards. adding value to each child and tailoring our setvi¢¢s where nec¢ssary to meet the specific needs of a particular pupil. Achievement and performanee The aim of the tStee$ is to operate the school at a sUlUS to ensure that there are funds available to provide for upkeep and development of the premises and to provide additional resources for the school AS n¢ccssary. The funds held at present are planned to be used for the redevelopment of the premises andlor teaching resourtts. Ffinanclal revlew Income from activitics for the ycar, prim8Jily from school fees, increased by 0.9 /0 to £1,981,380. Direct exp¢nditure relating to the Charity's objectives amounted to £1,930,625 with 71.9/0 of this figure being iu respect of stsff salary and pension costs. After taking account of class resources, administration costs, premises expenses and catering costs there was a surplus of £50,755 which has been added to the Charitys reserves. Reservespoliry It is the policy of the charity to maintain unrestricted funds. which are the frec rcscrvcs of the charity, at a level which enables it to provide for unexpected premises rnaintcnancc cost and the overall development of the school. Unrestricted funds were maintained at this level throughout the year. Inveslmenlpowers andpolicy The trustees, investment powers are governed by the Trust Deed, which perniits the charity's fimds to b¢ us¢d at the absolute discretion of the trustees. However a low risk policy is followed so that available retained funds, other than tbose required for day to day cash management, are placed with the Ch&riti¢s Official Investment Funds (COIF) managed by CCLA Investment Nlanagement Limited. Page I
The Loyola Preparatory School Trn5t Report of the Trustees for the Year Ended 31st August 2023 Future plans The k¢y objectives for the future are.. To strengthen the Ignatian character of the school by T¢-activating links with the Jesuit Institute To promote and increase the Catholic uptske of School places while ensuring the school continues to welcome pupils of all faiths To maintain th¢ current higlL Standards of academic achievement as measured by external examinations for cnty to senior schools and internal ongoing aS$5MentS throughout the whol¢ school To recognise that each pupil has individual talents aThd to encourage, support and develop these during their time at the school To balance aeademi¢ 2¢hi¢vcment throu maintaining a curriculutll allowing full scope for the development of sporting, artlStic and social as well as academic bkills To encouragc cross-sector partnership working in linc with the Departtnent of Education's Joint Undcrstanding programme To continue to build and encourage community access to the School's facilities To market the school place vacancies and prospects at 7+ Strueturej governanee and manageellt S£otvs and admiuistralion The ¢harity is const]ted by a Trust Deed dated 2nd November 2000 and registered with the Charity CommL5sions under charity number 1085079. Organualional Management Thc Governors are appointed by the Trustees and mc¢t as a Board at least six times a year lo determine the general policy of the charity and review its overall management and control, for which thcy arc legally responsible. The day-to-day running oif thc school is delegated to the H¢adEnistress supported by administration staff and other senior tcachcrs. During the year, six persons served as Governors. Tnre£ induction and troining The Trustees are appointed by the Bishop of BTentwood following consultations with eKlSting trustees who may receive nomination% from the Board of Governors and other local parties. An appointmcnt will be based on such matters as the nomination's cligibility. personal conipetence, specialist skills and availability. New trustees r¢ceiv¢ various pie¢es of written inforniation regarding the workings of the school as a registered charity. Reference and admlnlstratlve details Registered Charity nutnber 1085079 Principal address 103 Palmerston Road Buckhurst Hill Essex IG9 5NH Trustees Dominic Savage {Cbairperson) Michael Blundell (Retired 171312023) Patricia Alder Fr. John Joseph Harvey David Maxim Anne Catherine D'CnLZ (appointed 119120221 Fr. Robert William Page (appoint£d 119120221 Pag¢ 2
The Loyola Prep&r#tory School Trust Report of the Trustees for the Year Ended 315t August 2023 Reference and administrative detsils Auditors Coopcr Paul Statutory Auditors Abacus House 14-18 Forest Road ughton Essex IGIO IDX Clerk to the Trustees Maria Rosario HeadmRstress Kirsry Anthony Page 3
The Loyola Preparatory School Trust Report of the Trnstees for the Year Ended 31$t August 2023 Public benefit during 2022123 The guidance from the Charity CoTnmission states that public benefit provided by Loyola Preparatory School must be conslstent with the School's charitable objects. The Declaration of Trust of Loyola Preparatory School dated 2nd November 2000 states that "The objects of the Charity are to advance thc Roman Catholic religion by advancing education by the provision of a catholic school to be ¢onducted a¢cordance with ¢anon law and the Ignatian tradition which it shall be the duty of the Governor8 alld Trustees to advance and support. Public Benefit tbrou h the #dvance of the Roman Catholic reli on The advance of religion has been long accepted as a charitsble act. It has been the intention of the Trustees and Governors in pursuance of their duties as stated in the Charitable Objects that Loyola both advance Roman Catholicism through its ethos, religious educational programme and its liturgical life and through promoting an appreciation of its values within those of other faiths and traditions who are members of th¢ school as well as promoting appreciation arnongst Roman Catholic pupils of the valu¢s of such other faiths and traditiolls. School ethos.. This is i'eflected within the school Misqion Statement and is based on principles associated with the iradition of St Ignalius of Loyola as praclised by Ihe Society of Jesus, the original foundcrs of the school. R.E. programme.. As a Roman Catholic School, Loyola must teach R.E. according to the Curriculum Directory of the (Catholic) Bishops of Ellgland and Wales. The school utilises the Education programmc "Com¢ and Sc¢" for this pujposc. A significant con]poncnt of the course is Comparative Religion and pupils from other Creeds and traditions are encouraged to speak about their practice in order to support mutual appreciation and understanding between Faiths. Lityrgical Lifc.. Thc liturgical lifc of thc school rcvolvcs around a w¢¢kly Mass to which all pupils attend and participate. Parents and members of the local Catholic parishes are able to attend. Pupils also participatc in classroom collective worship OD a daily b)S. In additioN thc choir sang at thc St Thomas, Advent Ecumcnical Scrvicc. Public Benefit throu h Advancin Education Education itself has long been (and remains) a charitable purpose and public good. Loyola has a virtually non-selective intake. Historically. the pupils, Iesults are by the age of I l in advance of the state sector averdge in the Key Stage 2 SATS. Loyola Kcy Stage 2 SATS Results in May 2023 Loyo12.. 0/0 of pupils 2chieving he ¢x e¢ied standard 96/ ationally.. % of pupils achicving heex ected standard 73/0 lish Readin nglish grammar, punctuation ellin SPAG) rilin athemati¢s 730/0 As a rasuli of tbe excellent standard of education, pupils in Year 6 achieved the following offers into secondary s¢hools Bancrofts Brentwood Bishop Stortford College Caldicott Chigwell Dartford College 8 places plus l Acaden)ic Scholarship I I plaees plus 5 Academic Scholarshtps I places plus l A¢ademi¢ plus I Sports S¢holarship I plac< (2nd round for St Edwards & Harrow 13+) 10 places plus l Academic Scholarship I place Page 4
The Loyola Preparatory Scbool Trust Report of the Trustees for the Year Ended 31st August 2023 Public Benefit throu h Advancin Educjtio continued Forest 9 places plus 3 Acad¢Tnic plus I Sports Scholarship Haberdashers I place Haileybury 2 places plus l A¢ad¢mic plus I Sports Scholarship Ilfiord County I placc Ilford G[lnMar I place New Hall 2 placcs plus l Academic Scbo12rship Radley I place {2nd round tor Harrow 13+) Royal ColChesr Grammar 2 places St Edmund's College 5 places plus l Academic Scholarship St Micbaels I place Tunbridge I place Wellington I place West Hatch 2 places En totsl this constitutes 61 place offers plus 17 scholarships offered. Brcakdown of pupils, destination schools 75 /0 Independent Schools 17Q/o State Maintained Schools 80/0 Gramm Schools Bursar5es and Scbolarshi Loyola provided six fee reductions for Hum¢ Scholars totslling £11,610. Fund ra5sln for charities: Part of thc school's charitable work is fund raising in support of Catholic charities and the advancement of Rornan Catholi¢ity'. the Catholic Fund for Overseas Dcvclopmcnt (CAFOD) & the Brentwood Catholic Children's Socicty (BCCSI. During the year the school also supported A12h¢imer's Society, Children in Need, Ukraine, Haven House, Cancer Research. NSPCC and Macmillan Cancer. Chdrilable donations of food are also made to the Epping Food Bank. Other activtties that benefit children from other s¢hools and advance education In previous years Loyola has been COTnmitt¢d in providing and benefiting where possible, the wider local cornTnuniry. Loyola weTe able to support a local theatiical group {Upstage) with the use of our school hall for pantomime rehearsals throughout September to January 2023 at no cost. This allowed the use of the premises to advance educational tspporttmities and to open up a Catholic environment for the benefit of the wider community. Loyola also hosted ÉL Secondary School Fair was held in the Whitsun temi with invitations sent to all local (state maintailled) primary schools. Staff were also available to offer guidance through thc I l+ process. Statement of trustees, responsibilities The trustccs are responsible for preparing the Report of the tmstees and the fmancial statemcnts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicc). Page 5
The Loyola PrepArAtory Sehool Trust Report of the Trustees for the Year Ended 31$t August 2023 Statement of trustees, respon5ibilities- continued The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires thc tNstees to prepare financial staterllents foI each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial ststements. the trustees are required to select suitsble accounting policies and then apply them consistently. observe the methods and prinLiples in the Charity SORP- mak¢ judgements and estimates thai are reasonable ond prudent. state whether applicabl¢ accounting standards have been followed, subject to any material departures disclosed and explained in the finaDeial statements- prcpar¢ the financial statements on thc going conccrn basis unlcss it is inappropriate to presume that the ¢harity will ¢ontinue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to cnable them to ensurc that the financial statements cornply with the Charities Act 2011, the Charity {Accounts and Report5} Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hen¢¢ for takillg reasonable steps for the prevention and detection of fraud and other irregularities. Approved by ordcr of the board of trustees on .. and signed on its behalf by: Do c Savage- Chair of Trust¢es Page 6
Report of the Independent Auditors to the Trustees of The Loyola Preparatory Sehool Trust Opinion We have auditcd thc financial stat¢mcnts of The Loyola Preparatory School Tnt (the 'eharity') for the year ended 31st August 2023 which comprisc the Stat¢ment of financial activities, the Statement of financial position, the Statement of cash flows and nolcs to thc finan¢ial statements. inrluding a sutnmary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Gencrally Acccpted Accounting Practice). In our opinion the financial statements: give a truc and fair view of the state of the ch2rity's affairs as at 3 1st August 2023 and of its incoming resourccs and application of resources, for the year then ended- have been properly PTepated in aceoTdance with United Kingdom Genendly Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Chan'ties Act 201 I. Basis for opinion We conducted our audit in a¢¢ordan¢e with tnt¢rnalional Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are filllher described in the Auditors, responsibilities for the audit of the financial stat¢TnentS bertion of our report. We are independent of the charity in accordance with the ethical requirements thar are relevani to our audit of the financial statements in the UK, including the FRC'S Ethical Standrf 8nd we hav¢ lfilled our other ethical responsibilities in a¢cordan¢e with these requirements. We believe that the audit evidencc wc have obtaincd 15 sufficicnt and appropriate lo provide a basis for our opinion. Conclusions relatlng to going eoncern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in tbc preparation of the fInan¢ial statements is appropriate. Based on thc work we have perfomjed, we have not identified any material uncertainties relating to events or conditions that. individually or collcctivcly. may cast significant doubt on the chariWs ability to continue as a going concern for a period of at least twelve months from wh¢n the fllydncial statements are authorised for issue. Our responsibilities and the responsibilities of the tnJsÈ¢s with respect to going concern are described in the relevant sections of this report. Other inforrllation The trustees are responsible for the other infortnation. The other infonnation comprises the infonnation iDeluded in the Annual reporl other than the financial statements and our Report of the independent auditors thereon. Our opinion on the financial statements does not cover the other information and. except to the extent othenvise explicitly Stated in our report, we do not express any fonn of assurancc conclusion thereon. In ¢onnection with our audit of the financial statements, our responsibility is to read the other inforn]ation 2nd, in doing so, considcr whcthcr the other infonnation is materially inconsistcnt with thc financial statements or our knowledge obtained in the audit or othenvise appears to be materially misstated. If we identify such material inconsistcncics or apparent materi21 misstatements, we are required to detern]ine whether this giv¢s rise to a material misstatement in the financial slal¢m¢nts th¢ms¢lv¢s. If, based on the work wc have perfornied, we conclude that thcre is a material mis%tat¢ment of this other inforn)ation, we are required to rcport that fact. We have nothing to report in this rcgatd. Page 7
Report of the Independent Auditors to the Trustees of The Loyola Preparatory S£bool Trust Matten on Ivhich lye are required to report by exception We have nothing lo report in respect of the following matters wh¢r¢ the Charitics {Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion= the infonnation given in the Report of the trustees is illconsistent in any material respect with th¢ financial statements. or sufficient accounting records have not been kcpt- or the financial ststements are not in agreement with the accounting records and rekns. or we have not received all the inforn]ation and explanations we require for our audit. Responslbllltffies oltrustees As explained Tnore fully in the StateTnent of trustees, responsibilities, the trustees are responsible for the preparation of the financial statements which give a tLiJe and fair view, and for such intemal control as the trustees dcterniiDe is necessary to enable the preparation of fjnancial statements that are frcc from material misstatemenl, whether due to fraud or QTOr. In preparing the financial statements, the tNstees are responsible for assessing the charity's ability to continue as a goillg concern, disclosing, as applicable, matters related to going concern arLd using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to ccasc operations, or have no rcalistic alternative but to do so. Page 8
Report of the fndependent Auditor$ to the Trustees of The Loyola Preparatory School Trust Our responsibilities for the audit of the financial statement5 We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Aet and r¢l¢vant r¢gulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the finan¢ial statements as a whole are free from matcrial misslatemenL whether due to fraud or error, and to issue a Report of the independent auditors that includes our opinion. Reasonable assurance is a high level of 2ssuran¢e, but is not a guarantee that an audit conducted in accordance with ISAS {UK} will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economtc decisions of users takcn on the basis of these financial stal¢ment5. The extent to which our procedures are capable of detecting iryegularities, including fraud is detailed below.. Our approach to identifying and assessing the risks of material misstatcment in respect of irresularities, including fraud and non-compliance with laws and regulations, was as follows.. -our engagement partner ensured that the engagement teatn collectively bad the appropriatc compctence, capabilities and skills to identify or recogni.%e non-compliance with applicable laws and regulations- -we identified tlie laws and rcgulations applicable to the charity through discussions with management, and from our knowledge and experience of charity operations. -we focused on specific laws and regulations which we considered may have a direct material effect on the financial stat¢mcnts or the operations of the charity, including such as the Charities Act 2011, data protection, anti-bribery, employLnent. environmental and health attd safety legtslation- -wc ass¢sscd the extent of compliance with the laws and regulations identified above through making enquiries of managemcnt and inspecting legal correspondence- and -identified laws and regulations were communicated within the audit team regularly and the team remained alert to instanccs of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by.. -rnaking enquiries of management as to where they considered there was susceptibility to fraud. th¢ir knowledge of actual, suspected and alleged fraud. -considering the internal controls in plaee to mitigate risks of fraud and non•compliance with laws and regulauons" To address the risk of fraud through managcment bias and override of controls. we.. -perforn]ed analytical procedures to identify any unusual or unexpected relationthips. -tested journal ¢ntrie5 to identify unusual transactions,. -assessed whether judgements and assumptions made in detennining the accounting estimates were indicative of potential bias. -investigated the rationale behind SilfiCallt or unusual transactions. In response to the risk of irregularities and non-compliance with laws and rcgulations, we designed procedures which included, but were not limited to-. -agreeing financial statement disclosures to underlying supporting documentation- -reading the n]inutes of meetings olthose charged with governance. -¢nquiring of managemeDt as to actual and potcntial litigation and claims- -r¢viewing Correspondence with th¢ ¢harity'$ Icgal advisors. There are itth¢rent limitaiions in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it LS that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-eomplian¢e with laws and regulations to enquiry of managemcnt and the inspection of regulatory and legal cottespondence, if any- Page 9
Report of the Independent Auditors to the Trustees of The Loyola Preparatory Sehool Trust Material misstatements that arise due lo fraud can be harder to dctect than those that arise from em)r as they may involve deliberate concealrnent or collusion. A fither description of our responsibilities for the audit of the financial statements is located on the Financial Reportillg Council's website at www.frc.org.uklauditorsresponsibilities. This description fomis part of our Rcport of the Indcp¢ndcnt Auditors. Use of our report This report is made solely to the charity's trustees. as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 21)08. Our audit work has been undertaken so that we might state to the Chity'S trustccs thosc mattcrs we are requircd to state to then in an auditors, report and for no other pu4)ose. To the fullest exlent perniitted by law. we do not accept or assume responsibility to anyone other than the charity and the clwity's trustees as a b<xly, for our audit work. for this report. or for Ihc Qpillions we have fonned. Ctsoper Paul Statutory Auditors Abacus House 14-18 Forest Road Loughton E55¢X IGIO IDX Date.. ..... Page 10
The Loyola Preparatory School Trust Statement of Financial ActiTrTrties for tbe Year Ended 31st August 2023 2023 Unrestriet¢d funds 2022 Total funds Note5 Ineome and endowments from Other trading activities tnvesttnent income Other illcomc I,966.420 12,700 1,944,268 1,052 19,339 Totsl 1,981,380 1,964,659 Expenditure on Charitable activities School 1,930 625 1,917,570 NET INCOME 50.755 47,089 Reconciliation of fllnds Total fvnds brought forward 2,603.121 2,556.032 Total funds carried fonward 2,653.876 2603 121 The notes forni part of these financial siatements Pagell
The Loyola Preparatory School Trust Ststement of Financial Position 31st August 2023 2023 Unrestricted funds 2022 Total funds Note$ Fixed assets Tangible assets 2,154.013 2,215,076 Current assets Dcbtors Cash at bank and in hand io 67,418 940,603 58,379 868,535 1,008.021 926.914 Creditors Amounts falling due within one year {354,253) (360,512) Net current assets 653,768 566,402 Total assets less current liabilities 2,807,781 2,781,478 Creditors Amounts falling due aft¢r more than one year 12 (153,905) {178,357} NET ASSETS 2,653.876 2,603.121 Funds Unrcstricted fimds 14 2,653,876 2.603,121 Total funds 2,653 876 2603 121 The finan¢i&l statements were approved by the Board of Trustecs and authoris¢d for issue on and were signed on its behalf by.. Dorninic Savage- Chair of Trjstees The notes fornj part of thcsc financial statements Page 12
The Loyola Prep#ra¢ory School Trust Statement of Cash Flows for the Year Ended 31st August 2023 2023 2022 Notes Cash flows from operating activities Cash generated from operations Enterest paid 147,342 6.837) 182,003 10,044) Net Cash provided by operating activities 140,505 171959 Cash flows from investing activities Purchase of tangible fixed assets Interest received (43.845) 102 (77,936) Net Cash used in investing activities 43 743) 77 905) Casb flows from financing activities Loan repayments in year 24,694) (21.486) Net cash used in finaJ)cing activities 21,486) Change in eash and eash equlvalent$ In the reportlng period Cash and eash equivalents at the beginning of the reporting period 72,068 72,568 868 535 795,967 Cash and cash equivalents at the end of the reporting period 940 603 868 535 The notes forni part of these financial statements Page 13
The Loyola Preparatory School Trust Notes to the Statement of Cash Flows for the Year Ended 31st August 2023 Re¢oll¢iiiation of net income to Det cash flow from operating activities 2023 2022 Net income for the reporting period (as per the Statement of fjn#n¢i%l Activities) Adjustments for: Deprcciution charges Jnterest received lThtercst paid Increase in debtors (Decrease)lillcrease in creditors 50,755 47,089 104,908 (102) 6,837 (9,039) 6,017 102,409 {31) 10,0 (19,093) Net eash provided by operatlons 147 342 182,003 Analysis of ehanges In net funds At 119122 Cash flow At 3118123 Trltt cish Cash at bank and in hand 868,535 72,068 940.603 868,535 72,068 940 603 Debt Dcbts falling due within l ycar Debts falling due after l year (23,241) 178 357 242 {22,999) I53.905 201598) 176,9IM) Total 666,937 763 699 The notes forn) part of ihese financial ststements Page 14
The Loyola Preparatory School Trust Notes to the Financial Statements for the Yegr Ended 31st August 2023 Aceountiug policies Bas1$ of preparing the financial stateents The finaneial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 102) 'Accounting and Reporting by Charities: Statement tsf Rccommended Practice applicable to charities preparing their a¢¢ounts in accordance with the Finanelal Reporting Stsndard applicable in the UK and Republic of Ircland (FRS 102) (effective l January 20191,, Financial Repcirting Standard 102 'The Financial Reporting Standard applicabl¢ in th¢ UK and Republic of Ireland, and the Charities A¢t 2011. Thc fllLancial statements have been prepared under the historical cost eonvention. Income All income is reCOlSed in the Statement of Financial Activities once the charily has entitlement to the funds. it is probable that the in¢ome will b¢ rcceived and the amount can be measured relAably. Expenditure Liabilities are reeognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expcnditure, it is probable that a transfer tsf cconomic benefits will be required in settlemcnt and thc amount of the obligation can be measured reliably. Expendibjre is accounted for on an accNals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular h¢adings they have been allocated to 2Ctivities OD a basis consistent with the use of resources. Tangible fixed assets Depre¢i2tion is provided at the following annual rates in order lo write off each asset over its estimated useful life. Frcchold propcrty Fixtures and fittings Motor vehicles Computer equipment Straight line over 50 yea Over 10 years 250/0 on reducing balance Over 4 years Taxation The charity is exempl from tax on its charitable activities. Fund a¢¢ounting Unrestricted funds can be used in accordaThce with the charitable objectives at the discretion of the tru5tccs. Resthctcd funds can only be used for particular restricted purposes within the objects of the charity- Rcstrictions aris¢ when specified by the donor or when ndS are raised for particular restricted purposes. Further explanation Df the nature and purpose of each fund is included in the notes to the financial statements. Pag¢ 15
The Loyola Preparatory School Tru$t Notes to the Financial Statements- continued for the Year Ended 31st August 2023 Other trading activities 2023 2022 Fees receivable Grant income Commissions receivable Homework classes & elubs N0D-rendab1e entwic¢ fees Other income Before & after %ehool club Holiday club 1,821,687 5,100 49 11.535 8,700 25,125 54.686 1,844,077 2,333 6,102 11,019 11,050 4,704 40,868 24,115 1,966,420 1,944,268 Investment income 2023 2022 Charities Trust Fund Deposit account interest 12,598 102 1.021 31 Charltable activltles costs Support eosts (see note 5) Direct Costs Totals S¢hool 1923 788 1,930,625 Support costs Other School Page 16
The Loyola Preparatory School Trust Notes to the Finanelal Statements - continued for the Year Ended 31st August 2023 Trustees, remuneration and benefjts There were no trnstees, remuncration or other benefits for the year ended 3 1st August 2023 nor for the year ended 3 1st August 2022. Trustees, expenses There wcrc no trustees, expenses paid for the year ended 3 1st August 2023 nor for th¢ year ended 3 1st August 2022. Staff Costs 2023 2022 Wages and salaries Social security costs Other pension costs 1,128.440 104,475 155.068 1,163,431 97,074 155 769 1,387,983 1,416,274 The avernge monthly numbcr of employccs during the year was as follows: 2023 FTE 13.79 9.90 2.43 1.00 3.93 2022 FfE 15.45 9.56 2.62 3.29 3.93 Teaching Classroom assistsnts and welfare Administration Premises Cateiing 31.05 34.85 Two employees received emoluments in ¢K¢ess of £60,000 but below £70,000. One Cmploycc rcccived cmolumcnts in cxccss of £70.000 but below £80.000. Comparatives for the statement of finallcial activities Unrestricted funds Income and endowment$ from Other trading activities InvcstmcT)t income oihcr inCOllRe 1,944,268 1,052 19.339 Total 1,964,659 Expenditure on Page 17
The Loyola Preparatory School Trust Iyotes to the Financial Statements- continued for the Year Ended 3 1st August 2023 Comparatives for the statement of financial activities- continued Unrestricted funds Charftable 2rtAvitles School 1,917,570 NET INCOME 47,089 Reeonciliation of funds Total funds brought forward 2,556,032 Total funds carried forward 2,603,121 Tangible fixed assets Fixtures and rittings Freehold property Motor vehicles Computer equipment Totals Cost At 1st September 2022 Additions Disposals 2,899,035 421,580 35,444 41,702 99,150 8,401 3,461,467 43,845 17,652 13 688) Ai 31st August 2023 2,899.035 457,024 28,014 103,587 3,487,660 Depreciation At 1st September 2022 Charge for year Eliminated on disposal 924,103 57,981 211,577 39,667 32,837 2,216 13,688) 77,874 5,044 3,964) 1,246,391 104,908 17,652 At 31 st August 2023 982,084 251,244 1333 647 Net book value At 31 st August 2023 1916951 205.780 6.649 24,633 2.154013 At 31st August 2022 1974 932 210,003 8,865 21,276 2,215,076 Pagc 18
The Loyola Preparatory School Trust Notes to the Finaneixl Stxtements- continued for the Yegr Ended 31st August 2023 io. Debtors: amounts falling due within one year 2023 2022 Trade debtors Prepayments 19,487 47,931 13,130 45,249 58,379 ii. Creditors: amounts falling due wlthin one year 2023 2022 Bank loans and overdrafts (see note 13) TTrde creditors Other creditors 22,999 215,162 116,092 23.241 216.349 120,922 354,253 360,512 12. Creditors: amounts falling due after more than one year 2023 2022 Bank loans (see note 13) 153,905 178 357 13. Loans An analysis of the maturity of loans is given below.. 2023 2022 Amounts falling due within one year on demand: Bank loans 22.999 Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due betw¢¢n two 2nd five years.. Bank loans- 2-5 years 77.350 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 40,512 78,559 Page 19
The Loyola PrepAratory Sehool Trust Notes to the Financial Statements- continued for the Year Ended 31st August 2023 14. Movement in funds Net movement fin funds At 3118123 At 119122 Unrestricted funds General fiind 2,603,121 50.755 2,653,876 TOTAL FUTr4DS 2,603 121 2,653,876 Net movement in funds. included in thc above are as follows.. Incoming resources Resources expended Movement in funds Unrestrleted fund5 General fund 1,981,380 (1,930,625) 50,755 TOTAL FUNDS 1,981380 1,930.625) 50,755 Comparatives for movement in funds Net movement in funds At 3118122 At 119121 Unrestricted fund$ General fund 2,556,032 47,089 2.603,121 TOTAL FUNDS 2,556,032 47.089 2 603,121 Comparative net movement ill fvnds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 1.964,659 (1,917,570) 47,089 TOTAL FUNDS 1,964.659 1,917,570 47,089 Page 20
The Loyola Preparatory Sehool Trust Notes to the Financial Statements - Continued for the Year Ended 31$t August 2023 14. Lvlovetnent ill funds- continued A cuent year 12 months attd prior year 12 months Combined position is as follows.. Net movement in funds At 3118123 At 119121 Unrestrieted funds Genernl fid 2.556,032 97,844 2,653,876 TOTAL FUNDS 2,556,032 2 653,876 A current year 12 months and prior year 12 months ¢ombined net movement in funds, included in the above are as follows.. Incoming resource$ Resources expended Movement in funds Unrestricted funds General fund 3,946,039 (3,848,195) 97,844 TOTAL FUNDS 3 946 039 3,848,195) 97,844 15. Related party disclosures There were no related party transactions for the year ended 3 1st August 2023. Page21
The Loyola PrepAratori' School Trust Detailed Statement of Financial Activities for the Year Ended 315t August 2023 2023 2022 Income and endowments Other tradlng actAvftles Fees receivable Grant Encom¢ Commissions receivable Homework classes & clubs Non-refundable entrance fees Other income Before & after school club Holiday Club 1,821.687 5,100 49 11,535 8,700 25,125 54,686 39,538 1.844,077 2,333 6,102 11,019 11,050 4,704 40,868 24,115 1.966,420 1,944,268 Investment income Chariti¢g Trust Fund Deposit account interest 12,598 102 1,021 31 12,700 1,052 Other income Other illcomc 2260 19,339 Tot incoming resources l.981,380 1,964,659 Expenditllre Chgritable activities Teaching costs AdministTation ¢osts PmiseS Costs 1,172,413 304,292 1,180,601 286,210 1,923,788 1,907.526 Support eosts Other Bank interest 6,837 Totsl regources expended 1,930,625 1,917,570 Net income 50,755 47.089 This page does noi fom part of the statutory finan¢ial st&temenrs Page 22