Registered number: 04228443 Charity number: 1088480 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Illllllll *ADIKVDTM* 2311212024 COMPANIES HOUSE #240 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) CONTENTS Page Reference and adrninistrative details of the Charity. its Governors and advisers Governors. report Independent audlloes report on th• financlal stat•m•nts Statement of financlal actlvltles 3-15 16-19 20 Balance sheet 21 Statement of cash flows 22 Notes to the flnanclal statements 23-47 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 DirectorslGovernors Br l LeBlanc SC, BS, Med, MPS Mr S Watson 8A, FCA1 Mr K McGovern BSC. MRICS {resigned 12 January 2024)1 Mr B Hutchinson, LLB Hons (Law) (resigned 30 November 2023)2 Br Ronald J. Hingle, SC, M Ed, BS Mr O Adams, BA1 Mrs N Lloyd {resigned 8 October 2024)1.3 Br J Holthaus SC, MA1,2 Mrs 8M Elliott MA (Cantab), PGCE2 Mrs H Loveman Bsc (resigned 7 October 2024) Mr E van Dijk (appointed 26 September 2024)1 Mr S Bryne BA(Open), MA. NPQH (appoinled 8 October 2024)2 Ms EM Sharpe, PGCE, SENCO, MEd (appointed 26 September 2024)2 Mr D Keogh (appointed 26 September 2024)1 Member of Finance and General Purposes Committee 2 Member of Education, Strategy and Policy Committee 3 Parent of a student al St Columba's College during the period Company registered number 04228443 Charity registered number 1088480 Reglst•r•d office and principal addrèss King Hary Lane Sl Albans Hertfordshire AL3 4AW Offlcern Head of College- Mr K Guest MA Bursar- Mrs RJ McHattie. BA (Hon8), ACMA, CGMA Independent auditor Crowe U.K. LLP R+ Building. 2 Blagrave Street Reading Berkshire RG1 1AZ Bankers Barclays Bank 11 Bank Court Marlowes Hemel Hempstead HP11BX Sollcltors Stone King LLP 13 Queen Square Bath BA12HJ Page 1 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Insurance Brokers Marsh Commercial 3rd Floor Ashton House 499, Silbury Bo(tlevard Milton Keynes MK9 2AH Page 2 ST COLUIIIBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Governors present their annual report together with the audited financial statements of the Charity for the year 1 September 2023 to 31 August 2024. The Annual report serves the purposes of both a Governors. report and a directors. report under company law. The Govemors confirm that the Annual report and financial statements of the charitable Company comply with the current statutory requirements, the requirements of the charitable companls governing document and the provisions of the Ststement of Recommended Practice (SORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). REFERENCE AND ADMINISTRATIVE INFORMATION Details of the Governors, executive officers and principal advisors at the time of signing, unless otherwise indicaled. are shown on page 1. STRUCTURE, GOVERNANCE AND MANAGEMENT Organlsatlonal Management The Memben8 hold the reserved authority over appointing Board Members, disposa18, constructions, loans. Contracts and purchases planned or unbud9eted beyond prior limits set by the Members: questions affecting ethos and Catholicity of the College,. and the appointment of Govemors. The Governors appoint the auditor for the Charity,. receive the accounts of the Charity for the previous financial year.. receive notice of the retirement of Governors whose terms of office will have come to an end,. reappoint Governors as applicable, and to discuss and detemiine any issues ol policy or deal with any other business put before them. The Governors are duly registered with Companies House as Directors of the Company and the Charity Commission. To discharge their duty, Ihey meet as a Board at least three times each year. The work of implementing most of Iheir policies is carried out by committees which have agreed, and annually revised. Terms of Reference to assist their functionalty. The committees are as follows.. Finance and General Purposes Committee,. Education Strategy and Policy Committee. Further subcommrttees may be constituted as required. The operational management of the College is delegated to the Headmaster and Bursar, who together are supported by the College Leadership Team (CLT>. The Headmaster and the 8ursar are attendees at Governors, meetings. Members of the CLT may attend Governors, meetings by invitation. Governlng Documents The govemance structure of St Columba's College and Preparatory School (the College) is set forth in its Memorandum and Articles of Associalion {2001, revised 2012) which define the duties and powers of the Members. Trustees and Governors. An Instrument of Government further defines the roles of Governors, the Headmaster, the Head of the Preparatory School, the Bursar, and the Dean. The Instrument affirms that the College is conducted as a Roman Calholic school, and it establishes policy governing the admission of pupils. Recruitment, Induction and Training of Governors Governors will normally seprfe a term of office no longer than nine years. A full induction programme is managed by the Clerk to Ihe Board of Governors. Governors receive induction in respect of safeguarding., sources of revenue; propety and asset holdings., Board Policies and Procedures. The Dean inducts new Governors wrth briefings on the mission and charism of the College. Governors are made aware of specialist training opportunities, including workshops and seminars, by the Clerk as appropriate. In addition to familiarisation wrth current Strategic and Financial Planning documentation, new information is cascaded to the full goveming body at its regular meetings. The Board holds an annual away day at which strategic matters are discussed. Page 3 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued Governance and Leadershlp The Governors discharge their legal duties and responsibilities for the overall governance in accordance with the College Articles of Association. Instrument of Government and Terms of Reference documentation. Regular scheduled Board and sub-committee meetings are held, both in person and virtually. Alongside their committee responsibilities, governors regularly visit departments within the College to meet with staff and see Ihe College in operation. One Governor is appointed by the Members as Dean to the College and there are governors nominated for Safeguarding and Health and Safety. The educational leadership of the C¢llege 1$ delégated to the Headmaster,. who is supported by the College Leadership Team. The Bursar. who senies as Company Secretary and Clerk to the Governors, is responsible for the overall leadership and management of the support funclions of the College and reporting of the financial and property resources., she is supported by departmental managers. Key Management Personnel Remuneratlon The College's key management personnel are named in note 11 of this report. Arrangements are in place for setting the remuneration for these personnel and the arrangements have due regard to benchmark information and market pay for these roles. This exercise, together with the overall remuneration of other personnel, foms part of the budget process and the 8oard's annual salary review. Relationships The College advances its religious mission in cooperalion with the Diocese of Westminster, It collaborates with other Catholic schools in both the independent and slate sectors. The College supports the work of the Brothers of the Sacred Heart (Charity No. 231733). It also collaborates with the Catholic Agency for Overseas Development (Charity No. 2857761, lo strengthen our students. solidarity with the developing world and annually supports local charities. The College actively $upp¢rts the attainment of the highest standard$ in the independent $¢hools' sector through the membership of the following: The Headmaster is a member of the.. The Heads, Conference (HMC). The Catholic Independent Schools, Conference (CISC>', and The Society Heads (S of H). The Head of the Prep School is a member of the.. Independent Association of Prep Schools (IAPS). The College is a member of the.. Independent Schools, Bursars. Association (ISBA),. and Association of Governing Bodies of Independent Schools {AGBIS) Page 4 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 OBJECTS. AIMS AND OBJECTIVES Prlnclpal actlvltle• The Charity provides education in St Albans to young people from Ihe age of 4 to 18. The College also runs summer schools for its own students. Public examinakn'on results were strong (see below) and 71 Oh of students gained their first choice of university place. This year, the College's Senior School averaged 599 students (2023.. 592) and the Preparatory School averaged 221 students (2023.. 204). Charitable Objects The object of the Charity Company, sel forth in the Memorandum of Association, is to advance the Roman Catholic religion by the conduct of a Roman Catholic School or Schools. Alms and Intended Impact St. Columba's College is a Catholic, independent, cooducational day school, established in the educational tradition of the Brothers of the Sacred Heart, for pupils from 4-18. St. Columba's College is committed to promoting and realising Gospel values in an environmenl of academic endeavour and personal discipline. We work in partnership with students and parents and in accordance wrth the traditions of the Catholic Church and the chansm of the Brothers Df the Sacred Heart. We seek to provide a Christian education in which each student is personally valued and challenged to pursue the highest standards in spiritual, moral, cultural, intellectual and physical development. We aim to share an experience of Christian community in which all grow in faith through wotship and mutual support and by responding to the needs of the community al large. We expect each student to develop their own particular talents in pursuit of their GOd￿1ven vocation. "Forming Young People of Faith, Hope and Love for the Futur6.' This school community believes that every one of our students is uniquely equipped to make a profound contribution to society. Page S ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL {A company limited by guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENOED 31 AUGUST 2024 OBJECTS, AIMS AND OBJECTIVES (continued Our Alms In order to meet each individual's needs, the College aims to nurture young people who are.. . confident in their knowledge that they are loved by God self-molivated and disciplined reflective and resilient intellectually curious ambitious and assured community builders Our Offer To achieve the above, we offer.. - a broad range of challenging educational opportunilies holistic educalion an extensive and varied programme of Curricular and exlra-curricular activrties an experience of Christian community which promotes spiritual and moral engagement high quality pastoral care which provides a safe and secure environment {'sanctuary') in which each individual is known. valued and treasured Our Values Our values are grounded in the charism of our founder, Andre Coindre. We believe education, in the spirit of this charism is holistic. rooted in religious values, structured through friendly discipline, nurtured by personal attention, and committed to academic eX￿llenCe. Objectlves for the Year In shaping our objectives for the financial year and planning our adivities, the Governors have considered the Charity Commission's guidance on public benefit. including the guidance 'Public Benefit.. Running a Charity, {P82). Objectives for the 2023124 school year were.. In furtherance of the Charitable Objectives, to strive lo provide an experience of Christian Community which promotes spiritual and moral engagement., To maintain the current high standards of academic achievement as measured by external public examinations and independent value-added criteria., To continue wrth the implementation of changes lo the curriculum, assessment and téaching and l¢arning policies; To enhancè the College's public benefit through an expansion of outreach activities, bursary provision for needy students and support for the African schools of Ihe Brothers of the Sacred Heart., To work lo promote employee engagement., To review the College's operation cost base to ensure maximum cost efficiency whilst maintaining the highest educational standards., To continue wrth the enhanced maintenance programme as outlined in the College Improvement Plan. Page 6 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL {A company limited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT Rlsk Management Governors are responsible for the governance management of the risks faced by the College. Detailed consideration of risk is delegated to the College Leadership Team. Risks are identified, and controls established throughout the year. A formal review of the Charity's risk management processes is undertaken on an annual basis. Through the risk management processes established for the College, Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can onty provide reasonable but not absolute assurance that major risks have been adequately managed. The key controls used by the Charity include.. formal agendas for all Committee and Board activity., detailed temis of reference for all Committees,. comprehensive strategic planning, budgeting and management accounting., established organisational structure and lines of reporting.. formal written policies,. clear authorisation and approval levels,. and vetting procedures as required by law for the protection of the vulnerable. For the financial year ended 31st Augusl 2024, the key risks identified were the continued financial pr8ssure on our parent demographic and competition from local high-achieving maintained schools and academies who are funded by central government. The College is also aware of the risks posed lo all independent sector schools by current political headwinds such as the potential loss of charitable stalus,. loss of business rates relief- and the threat of the imposition of VAT on school fees. Page 7 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT (continued BURSARY, SCHOLARSHIP AND FAMILY DISCOUNT PROVISION Bursarial Provision Whilst understanding that, as a business, the College aims to generate sufficient operating surpluses to be able to invest in its infrastructure,. it is important that the education it offers is available to those whose parents are unable to afford the benefits of an independent education. Governors have given careful consideration to the Charity Commission's general guidance on Public Benefit and in particular to its supplementary Public 8enefit Guidance on advancing education and fee charging. St Columba's College provides public benefit by offering means-tested bursaries to students for whom independent education is beyond the family financial means. Alongside tradrtional bursary awards, in fulfilment of the Charrty's object lo advance the Roman Catholic religion, Coindre Bursaries are offered to Catholic pupils who would not otherwise have access to the benefits of an independent Catholic education. All bursaries are means- tested on application, and annually, through the submission of a Confidential Statement of Financial Circumstances form and supporting documentation by parenls or guardians. Qualifying candidates must meet the College's standard entrance requirements for admission. Twenty-four bursaries with a total value of £428,720 {2022123 thity-one awards totalling £399,119) were in place for the 2023124 school year gifting a remission of fees from 50 % to 1000/0. Infonnation about Ihe bursary and the application process is available on the College's websrte alongside the Coindre Bursary provision which is also publicised annually in Roman Catholic primary schools across Middlesex. North London and Hertfordshire. The Charity also offers financial assistance to existing family households undergoing hardship., however, as the charity does not have a substantial endowment, financial assistance is means-tested to ensure a balance be￿een fee-paying parents, many of whom make considerable personal sacrifices to fund their children's education, and the beneficiaries of financial aid. Scholarships The College awards scholarships lo students who perfomi at a high academic, musical, dramatic or sporting level. The continuance of the scholarship award is dependent on the pupil maintaining a level of progression relevant to the award high standards of behaviour and maintaining the ethos of the College. Famlly dlscount provl$ion To assist families who have more than one child In the school, the Charity offers a sibling discount of 30/0 for the second child, 4C+/o for the third child and 50/0 for the fourth child enrolled at the College. In 2023124 a range of scholarships were linked to remission of fees with a total of £499,811 {2022123.' £470,374) being awarded in scholarships and sibling discounts. Page 8 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT (contlnued) OPERATIONAL PERFORMANCE OF THE SCHOOL Prep School The Prep School has enjoyed a busy and rewarding year. The Prep will offer co*ducation from Reception through to Prep 5 from September 2024 and the roll continues to grow which is very encouraging, given the hallenges facing independent educalion, and, in particular the Prep School market. The Prep Leadership reviews activities and events on a regular basis and introduced the hugely popular Columban Fest in May 2024 with over 300 people attending an afternoon of family fun. Parents and families are regularly invited into the school to encourage and maintain the family feel of the school. This front facing dialogue and engagement is very important to the parental body. The Prep Sport and Music offer continues to tlourish with some 99 fixtures offered throughout this year including pre-season mini local tours. The number of Prep children perfomiing at College music recitals is impressive. Leadership opportunities are extensive and children are given the opportunity lo present or perform at two weekly Assemblies. Relention to the Senior School is very high at 90 /• which echoes the value of the 4-18 education. All children are encouraged to understand and support the charism and ethos of the College as well as the journey of the Brothers of the Scared Heart. Brother Larry has been a very popular addition and he meets and greets pupils on arrival each morning. There is a continued focus on promoting the wellbeing of children and staff including 'Feelgood Friday, and the Slaff Book Club. Senlor School 2024 marked an excellent year of public examination results for St Columba's College. These exceptional results are testament to the determination, care and support shown to our Students by our passionate and innovative academic staff. In the GCSES, the percentage of grades at 9-7 {A".A) was 57.5•/o. This compares very favourably to the independent school average of 48.4°/o and represenls more than three times the national 9-7 average percentage for boys 118.90h). The number of students who got a full set of GCSES at 9-7 increased to seventeen, and nineteen students achieved ten or more 9-7 grades. Thirty-seven students {380A) achieved al least one grade 9. Eighty-four students {86Q/o) achieved at least one grade 7 or higher. Two students gained nine grade 9s and two more gained eight grade 9s. This year,15.60h of entries at SCC scored the top grade of 9. This is more than three times higher than the national average for grade 9$ (S•/o). The A Level results are the best (in a year unaffected by pandemic arrangements) since 2014. Our top perfonner scored 4 A" grades with more students achieving 3 A. grades. 72.70k of entries were awarded A".B, compared to the national average of 55.4Q/¢. Twenty-eight students achieved results of AAB or higher. As an institution whose charitable objective is the advancement of religion, St Columba's College takes special pride in rts students, achievements in Religious Education. Some 70% of the cohort achieved grades 9 to 7 in GCSE Religious Studies. with seventeen students achieving Ihe maximum grade 9. Nineteen students sat A level Religious Studies with a superb 94.70/0 gaining A".B passes. Religious Studies was our most successful A Level subject for A'.B grades, representing its vitsl importance in the curriculum and the strong RE teaching throughout the College. Page 9 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL IA company lirnited by guarantee) GOVERNORS. REPORT (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT (continued Charitles & Public Benefit Columban Fayr?: In November, hundred8 of current and former staff, students and their families come to the Fayre which has been part of College life for over sixty years and is a popular event in the St Albans calendar. Beneficiaries of the 2023-24 Fayre were.. CAFOD Youth Al the Margins and Icon Hope The British Heart Foundation {in memory of fomier Headmaster, David 8uxton> Rays of Sunshine Christmas Jumper Day: Christmas Jumper day is a wonderfully festive way to end the Michaelmas Term and in 2023 raised £700 towards the Mission Appeal, Baton Rouge which t¢xJk place in July 2024. Foodbank Appeal: The 2023-24 Foodbank Appeal was exxended to raise supplies for the local Hygiene Bank. A total of 1.1 tonnes of food and a car full of hygiene supplies were donated as part of the Lenten Appeal Homeless Sleepout for Open Door: 2024 saw the tenth anniversary of the Sleepout. Five staff. twenty Sixlh Formers and over fifty students from Year 9- Year 11 students took part in this immersive experience at the end of the Lent term raisin9 £1,780 for Open Ooor, a St Albans homeless shelter. CAFOD & The CAFOD Young Leaders Programme: St Columba's College has raised over £70,000 for CAFOD over the past eighteen years through a wide range of events, from bike rides to world record attempts. Each year, Sixth Fom students attend training sessions al Amigo Hall where they ne￿Ork with other Sixth Fomi groups in the Diocese of Westminster and share ideas about social jusliee. In May 2024, St Columba's hosted the Diocesan Training Day for slate and independent school CAFOO groups. The Inter House Bake Off goes from strength to strength. Each year the CAFOD group introduces a new class and 2024's new entry was 'World Culiures,. Over forty large cakes were entered along with numerous cupcakes making it one of the tastiest fundraisers of the yearl On Sunday 21st January, St Columba's hosted the Fred Hughes Race 2024. College provided parking, toilets, refreshments and a race HQ for for over fifteen hundred runners and their supporters. £500 raised al this event was donated to our Assistant Head. Mr Tatham's CAFOO fundraiser- running the 2024 London Marathon. Overall. £2,500 was raised for CAFOD. St Albans Half Marathon: Some 80 students, staff. and parent volunteers helped with the distribution of medals at the finishing line of this event. Sixth Fom students raised money for Project Respond 2024 by offering car- parking at the College. Duke of Edinburgh Award Bronze and Gold Schemès: As part of the qualrfication student8 undertake voluntary work in the local community taking part in, for example, recycling projects, helping at a youth club, helping in animal shelters. Over sixty students took part in the Bronze award and Iwelve sixth formers participated in the Gold award clocking up a minimum of 2,500 hours of volunteering in reality students completed many more hours which had a significant impact in the local community. Combined Cadet Force (Army and RAF): The Combined Cadet Force (CCFI continues to attract considerable number of recruits, with 100 student cadets on roll. The contingent led the Park Street Remembrance Day Parade in 2023 - parading there in memory of Old Columban Capt. James Phillipson who was killed in action. Page 10 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL {A company limited by guarantee) GOVERNORS, REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT (contlnued) In 2023-24 one senior member of the Army Section held the prestigious posilion of the Lord Lieutenant of Hertfordshire's Cadet. In this role, the cadet formed part of the Honour Guard at the Coronation of HRH King Charles 111 and accompanied the Lord Lieutenant to a number of prestigious events throughout the year, including a visit by Princess Royal. The College is immensety proud that the baton of the Lord Lieutenant of Hertfordshire's Cadet will be passed on to another member of the contingent for 2024-25. This is asignificant honour for the Section and the College. Internalional Trips Sl Columba's students first participated in the Student Mission Trip with other Brothers of the Sacred Heart Schools in Thibodaux, Louisiana, USA in 2022. This summer five students and staff flew to Baton Rouge, USA, where they undertook the physical tasks of gutting and decorating homes. They leamed about the impact of charities in deprived parts of the Southern States of America and formed friendships with students from nine other schools in the Province. The pinnacle of fonration and service experience is the Project Respond trip to Zambia, which has been running since the 1990s. A thirty strong Columban group commilted three weeks of the summer holidays to WO￿ in our sister 5¢hools in Zambia. Students raised funds throughout the year to fund their travel costs and to buy much- needed supplies for the schools. The students were supported in their work in Zambia by generous donations of decorating supplies from Columban families. Other School partnershlps: Currently eleven staff volunteer their time a8 govemor8 in State schools. The College has played hosl to local schools for Maths Challenges, music collaboration days, sporting events, such as cross country and the St Albans Primary Schools Year 6 Girls. 6-a-side Tournament. Our Si>Ah Form volunteers continue to work in the local special needs school, Watling View, and St Adrians Primary School as they have done for many years. Page11 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL IA company limlted by guarantee) GOVERNORS, REPORT (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 FINANCIAL REVIEW The College's financial perfomance is set out in the Statement of Financial Activities on page 21. During ihe financial year to 31st August 2024, the Company made a profit of £153,086 (2023.. loss of £41,579). Overall cash in hand balances increased over the year by £3.3m. Income is derived largely from the charging of tuition fees and the College's charitable status ensures that parents have the assurance that all income is reinvested in the College to improve its assets and facilities for the benefit of current and future pupils. The College continued to allocate significant resources to staffing to reflect the importance of recruitment and retention of high- calibre teaching and support staff. Overall fee income has increased by 8•A on last year- this reflects the corresponding increase in the College roll When setting the fees, the Governors are mindful of the need to balance the quality of the educational services provided against the fees charged to parents for those senrfices. The College considers a number of key perfomiance indicators in relation to financial performance. These iridicalors allow the College to monitor perfomance of budgets and cashflow over time and in relation to the sector in general. As Govemors, we consider the financial position in keeping with market conditions and are pleased with the results for the year. Reserves pollcy The ReseNes Policy is to maintain financial resources sufficient to meet the College's normal working capital requirements, as well as current and future bursary and capital expenditure obligations and plans. This policy is reviewed at least annually. The reserves of the College are represented by the unrestricted and restricted funds as shown in note 20. The total funds held by the College at the end of the year were £13,481,221. Of these funds £215,881 was restricted and not available for general use. This leaves an unrestricled funds balance of £13,265.340 of which £11,532,134 represents the tangible fixed assets of the Charity and £107,203 have been designated. Available unrestricted reserves Iherefore amount to £1,626,003. The Governors are delighted to r8POrt investment ol substantial sums into College buildings as part of an ongoing programme of refurbishment. development and investmenl to maintain excellent teaching facilities for our students. The College has a rolling long-term maintenance plan and Governor5 are confident that future capital expenditure requirements in this area can be met from funds generated from continuing operations. The Governors are satisfied that ongoing Capital axpenditure can continue to be funded from annual operating surpluses and so consider that the existing levels of reserves are appropriate for the short and medium operational needs of the College. Additional reseryes generated from ongoing operations will conlinue to be used to support the award of further bursaries and to finance continuing capilal expenditu￿ on improvements to the facilities. infrastructure and buildings on the College campus which will further improve the offer for our pupils and the wider community. Page 12 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL IA company limited by guarantee) GOVERNORS, REPORT ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Restrlcted and Deslgnated Funds There were six restricted funds held by the College during the year.. 80SH Developing World Fund.. consisting of funds raised via a voluntary annual levy on Columban parents to support the work of the Brothers of the Sacred Heart in less developed countries., Development Fund: consisting of funds raised by the school comrnunty to support a range of teaching and learning and extra-curricular activities benefitting the students., Sports Fund.. consisting of funds raised by the school community to support the sporting activities undertaken by the school Bursary Fund.. to provide bursaries for pupils at the College., Charism Fund.. consisling of funds donated to support Ihe development of and training in the charism of the Brothers ol the Sacred Heart at St Columba's College., and Combined Cadel Force (CCF).. consisting of funds for the use of the CCF contingent. There were two designated fund held by the College during the year= Hardship Fund.. to support parents who have children at the College and who have encountered financial hardship through circumstances outside their direct control. CCF Fund.. to further the activities of the CCF contingent within Ihe College. Investment policy The College does not have an investment portfolio. Cash surpluses and advances are held by the College's bankers in separate interest-bearing accounts as applicable. Fundralslng Statement st Columba's College is registered with the Fundraising Regulator {ID-185872) and follows its regulatory code of fundraising practice. The College raises funds principally from alumni, staff and current parents. The College is also fortunate and grateful to receive donations and occasional legacies from individuals, particularly from people who are part of, or have been part of, our Columban Ne￿Ork and wish to show their appreciation and support. St Columba's College does not èngage in large-scale fundraising activities such as mass mailings, telephone fund- raising or door-to4oor campaigns. Sl Columba's College has not received any complaints about any asped of its fundraising. Page 13 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guaranteel GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 FUTURE PLANS Formation Goals An environment in which every student is regarded as an individual with unique, GOd￿1ven talents and qualities Personalised attention An exceptionally strong pastoral care system which pays attention to student well-being Formation opportunities provided for a wide variety of interests, talents and life skill development Academic Goa Cultivating academic excellence through rigour Pathways that allow all students to fulfil their full potential Instilling a passion for learning High quality teaching and learning thal meets the needs of all students As a through-school, preparing our students to seamlessly transition from Lower Prep to Upper Prep, KS2 to KS3, KS4 to to KS5 rnmunl ement Markellng & Admissions To promote and proactively recruit students to the College to its capacity To cultivate the College's reputation Actively reflecl the charism of the College Development & Alumnl Relatlons To establish an effective and professional Development function for the College which brin93 in significant funds to support Ihe College's future capilal project ambitions To create new opportunities for giving and a cunure of philanthropic generosity Generate greater, wider alumni engagement and provide support for alternative skills-based pathways for 16-18 education Public Benefft To nurture partnerships in the local community To ecord, promote and celebrate charity, service and public benefrt esource Develo Human To Provide an effective staff development process that supports Ihe principles of equality, diversty and inclusion To Provide effective CPDltraining for all members of staff To Promote the benefits of working at scc To Pursue altemative and creative ways of recruiting and developing high quality Staff To Provide pathways and opportunrties for succession planning me Physical To ensure the College's Estate resources and facilities are optimised to meet the changing needs of the curriculum, students and staff in an increasingly competitive market. To maximise income revenue. Page 14 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company Ilmited by guarantee) GOVERNORS, REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Statement of Governorg. responsibilities The Govemors (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Governors, report and the financial statements in accordance with applicable law and Unrted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Govemors to prepare financial statements for each financial year. Under company law, the Governors must not aPP￿ve the financial statements unless they are satisfied that they give a Irue and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that penod. In preparing these financial statements. the Governors are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102); make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards (FRS 102) have been followed. subject lo any material departures disclosed and explained in the financial statements, prepare the financial slalements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Governors are responsible for keeping adequate accounling records that are sufficient to show and explain the CharitYs transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and d¢te¢ti¢n of fraud and other irrogularities. Dlsclosure of Inforniatlon to audltor Each of tho persons who are Governors at Ihe time when this Governors, report is approved has confirmed that.. so far as that Governor is aware, there is no relevant audit infomiation of which the charitrfs auditor is unaware. and that Governor has taken all the steps that ought to have been taken as a Govemor in order to be aware of any relevant audit information and to establish that Ihe charity's auditor is aware of that information. Audltor The auditor, Crowe U.K. LLP, has indicated his willingness to continue in office. The designated Governors wll propose a motion reappointing the auditor at a meeting of the Govemors. Approved by order of the members of the board of Govemors and signed on their behalf by.. &19£ 7h£￿_ gr $eph Holthaus Dean and Trustee Mrs RJ McHattie Company Secretary Date.. 4 . 12 aoJ4- Page 15 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL Oplnion We have audited the financial statements of St Columba's College & Preparalory School (the 'charity') for the year ended 31 August 2024 which comprise the Statement of financial activities. the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial $tatement$'. give a true and fair view of the state of the charitable CoMpan￿S affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepled Accounting Practice., and have been prepared in accordance wrth the requirements of the Companies Act 2006. 8asls for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs 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 thal are relevant to our audit of the financial slatemenls in the Uniled Kingdom. including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Govemors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condrtions that, individually or colleclively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and tha responsibilities of the Governors with respect to going concem are described in the relevant sections of this report. Other Infomiatlon The other information comprises the information included in the Annual report other than the financial statements and our Auditorfs report thereon. The Governors are responsible for the other infomiation Contained within the Annual report. Our opinion on the financial stalements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to be materialty misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied. we conclude that there is a material misstatement of this other infomation, we are required to report that fact. Page 16 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company Ilmited by guarantee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL ICONTINUED) We have nothing to report in this regard. Oplnlon on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomation given in the Govemors, report for the financial year for which the financial statements are prepared is consistent wrth the financial statements. the Govemors, report has been prepared in accordance with applicable legal requirements. Matters on which wo are requlred lo report by exceptlon In the light of our knowledgo and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors, report. We have nothing to report in respect of the following matters in relation to which 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 slatements are not in agreement with Ihe 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. Responslbllitles of trustees As explained more fully in the Govemors, responsibilities statement, the Governors (who are also the director$ of the charitable company for the purposes of company law) are responsible for the preparalion of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Governors are responsible for assessing the charitable compan￿$ ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either inlend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page 17 ST COLUM8A'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (CONTINUED) Auditorfs responslbllltios for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenl. whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on Ihe basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks wrthin which the charrtable company operates, focusing on Ihose laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were taxation legislation. together with the Charities SORP {FRS 102) and Companies Act 2006. We assessed the required compliance wilh these laws and regulations as part of our audit procedures on the related financial statement items. In addition. we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the College's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, Health and Safely, General Data Protection Regulations, Safeguarding and Food Standards. Audiling standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities. including fraud, to be within the timing of recognition of non-fee income, and the override of controls by management. Our audit procedures to respond to risk of non-fee income recognition included selecting a sample of income during the year, agreeing back to the relevant documentation and ensuring il has been recognised correctly. Our audit procedures lo respond to the risk of management override included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of joumals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and Independent Schools Inspectorate, and reading minutes of meelings of those charged with governance. Owing to the inherent limitations of an audrt, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, Ihe further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identfy rt. In addition, as with any audit. there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions. misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected lo detect noncompliance with all laws and regulation$. A further description of our responsibilities for Ihe audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .ukJauditorsres onsibilities. This description fom)s part of our Auditorfs report. Page 18 ST COLUM8A'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (CONTINUED) Use of our report This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so Ihat we might state to the charitable companls members those matlers we are required to state to them in an Auditorfs report and for no other purpose. To the fullesl extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and its member5. as a body, for our audit work, for this report, or for the opinions we have fomied. Alastalr Lyon (Senior statutory auditor) for and on behalf of Crowe U.K. LLP Statutory Auditor R+ Building, 2 Blagrave Street Reading Berkshire RG11A2 Date: 13 December 2024 Page 19 ST COLUMBA'S COLLEGE & PREPAFIATORY SCHOOL (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Inveslmenls 32,110 15.365,39S 69,178 82,189 114,299 15,365,395 69,178 157,615 13, 729,073 10,261 Tolal incom¢ 15,466,683 82,189 15,548,872 13,896,949 Expenditure on: Raising funds Charitable activities 43,662 15,381,438 43,662 15,437,731 42,096 13,896,432 56,293 Total expenditure 15,425,100 56,293 15,481,393 13, 938,528 Net movement In funds before other recognlsed galnsllloss•s) 41,583 26,896 67,479 (41,579) Other recognised gainsl(losses): Gains on revaluation of investment propety 85,607 85,607 Net movement In funds 127,190 2S,896 153,086 (47,579) Reconclliatlon of fund8: Total funds brought forward Net movement in funds 13,138,1SO 127,190 189,986 25,896 13,328,135 153,086 13,369, 714 (41,579) Total funds carried forward 13,265,340 215,881 13,481,221 13,328, 135 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 23 to 47 fom part of these financial statements. Page 20 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL IA cornpany limited by guarantee) REGISTERED NUMBER: 04228443 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Flxed assets Tangible assets Investmeni P￿PertY 13 14 11,532,134 2,750,000 11,747,349 2, 608, 067 14,282,134 14,355,416 Current assets Stocks Debtors Cash at bank and in hand 1,488 280,674 5.065,886 1,098 294,097 1,797,818 15 5.348,048 2,093,013 Credrtors= amounts falling due within one year 16 (4,206,139) (3, 120, 294) Net current assets I Ilabllites 1,141,909 (1,027,281) Total assets less current Ilabllltl 16,424,043 13,328, 135 Creditors.. amounts falling due after more than one year 17 (1,942,822) Total net assets 13,481,221 13,328, 135 Charlty funds Restricted funds Unrestricled funds 20 20 215,881 13,265,340 189, 985 13, 138, 150 Total funds 13,481,221 13,328, 135 The Govemors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Govemors and signed on their behalf Br Jos Holthaus (Dean Dale.. nd Trustee) 12 Jo2* The notes on pages 23 10 47 lorm part of Ihese linancial slalemenl5. Page 21 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Not• Cash flows from operating activitles Net cash generated from operating activities 23 900,848 43, 663 Cash flows from investlng actlvitles Proceeds from the sale of tangible fixed assels Purchase of tangible fixed assets Purchase of investments 12,000 (688,572) (1,890, 900) 156,326) (2, 608,067) Net cash used In Investing activities 1732,898) {4,498,967) Cash flows from flnancing activities Repayments of borrowing Repayments of finance leases Interest received Receipts from payments on account (691) (4,746) 69,178 3,036,377 (612) (4,068) 10,261 Net cash provided by financing activitles 3,100,118 5,581 Change In cash and cash equlvalenls In the year Cash and cash equivalents at the beginning of the year 3,268,068 14,449,723) 1.797,818 6.247,541 Cash and cash equivalents at the end of the year 24 5,065,886 1. 797,818 The notes on pages 23 to 47 form part of these financial statements Page 22 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General Informatlon St Columba's College and Preparatory School is a private company limtied by guarantee and incorporated in England and Wales. The registered office is King Hary Lane, St Albans, Hertfordshire, AL3 4AW. Accountlng pollcl•s 2.1 8asls of preparatlon of flnanclal statements The financial statements have been prepared in accordance wrth the Charities SORP (FRS 102) Accounting and Reporting by Charities., Stalement of Recommended Practice applicable to charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 20191. the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. st Columba's College & Preparatory School meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at hlstorical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Going concern After making enquiries, the govemors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingty they continue to adopt the going concern basis in Pfeparing the financial statements. 2.3 Income All income is recognised 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 measured reliably. Fees and slmllar Income Fees receivable and similar income are recogni5ed in the period for which the Servi￿ is provided. Fees are stated after deducting bursaries, scholarships, and other remissions granted by the College. Grants and bursarles Bursaries and allowances from unrestricted funds towards College fees are treated as a reduction in those fees. Bursaries funded from restricted funds are included as expenditure in the period in which the award is given or committed. Donations policy Donations received for the general purpose of the College are credited to "unrestricted lunds.. Donations received for specific projects or activities are credited to 'restricted funds.. All donations are accounted for when the governors know with certainty that they will be received. Investment Income Investment income is recognised on a receivable basis. Page 23 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcles {contlnued) 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefrt to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligalion can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs. including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contnbute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charg•s allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraisin9 activities events and non-charitable trading. Expenditure on charitable activities is incurred on direclly undertaking the activilies which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.6 Taxation The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly. the Charity is potentially exempl from taxation in respect of income or capilal gains received within categories covered by Chapler 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or 9ains are applied exclusively to charitable purposes. 2.6 Tanglble flxed assets and depreclation Tangible fixed assets costing £5,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset Can be measured reliably. Tangible fixed assets are initially recognised at cosl. After recognition, under the cost model, tangible fixed assels are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed assel into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following bases.. Freehold property {at valuation) 50 years Structural improvement 20 years Plant, equipment and IT Be￿een 3 and 10 years Motor vehicles 4 years Fixtures and fittings 10 years Olher fixed assets - MUGA Be￿een 1 S and 50 years Page 24 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng policios Icontlnued) 2.7 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ' 2.9 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short malurty of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10 Llabllltles and provlsions Liabilrties are recognised when there is an obli9ation at the Balance sheet dale a5 a ￿sU11 of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or serwices it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discounl rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.11 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently rneasu￿d at amortised cost using the effective interest method. 2.12 Finance leases and hire purchase Assets oblained under hire purchase contracts and finance leases are capilalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Charty. Obligations under such agreements are included in credrtors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Page 25 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcles Icontlnued 2.13 Employee benefits The costs of short-tenn employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Terminalion benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or lo provide termination benefits. 2.14 Pension$ The charity contributes to the Teachers. Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi- employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the College. In accordance with FRS102 therefore, the scheme is accounted for as a defined contribution scheme. The charity also operates a defined contributory group personal pension scheme for non-teaching staff, During the period the company also paid benefits into a Standard Life Defined Contribution scheme for non-teaching staff. Contributions are charged to the Statement of Financial Activilies as incurred. From 1 January 2024, the College entered into phased withdrawal from the Teachers, Pension Scheme. All teaching staff joining on or after 1 January 2024 are enrolled into a defined contribution scheme run by AVIVA IAPTISI. Existing teaching staff may opt out of the Teacher's Pension Scheme and join the APTIS Scheme if they wish to do so. 2.15 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Oesignated funds comprise un￿stricted funds that have been set aside by the Governors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by Ihe Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 2.16 Investment property Investment property is carried at fair value detemiined annually by the trustees and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Financial Activities. Page 26 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Crltical accountlng estlmates and areas of judgment In the application of the charity's accounting policies, which are described in note 2, govemors a required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results rnay differ from these estimates. Crrtical accounting estimates and a55umptions'. The governors consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty. The estimates and undeflying assumptions are reviewed on an On-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and fulure periods if the revision affects the current and future periods. Deposits The governors have reviewed the contract terms under which pupil fee deposits are held by the College. Although under nomial circumstances these will be repaid over future years when the pupils complete their education at the College, pupils can leave at earlier dales. The College does not therefore have an uncondilional right to retain the individual deposits for at least 12 months after the balance sheet date and, In line with the requirements in FRS 102, the balance of the deposits held at 31 August 2023 have been included within current liabilities. The prior year pupil fee deposits balance has been similarly represented. Income from donatlons and legacles Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Donations 32,110 82,189 114,299 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Donations 38,278 119.337 157,615 Page 27 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from charitable activities 2024 2023 The College's fee Income comprised. Gross fees Less.. Scholarship$, bur$aries and other discounts 14.944,757 13,522.416 11.339,706) (959,680) 13.605,051 12,562, 736 Other educatlonal Income Entrance and registration fees Other anclllary actlvlties 36,282 28, 858 College coaches, sales of text books, and other income 1.724,062 1, 137,479 15,365,395 13, 729,073 Investment Income 2024 2023 8ank interest receivable 69,178 10,261 69,178 10,261 Page 28 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure on charitable activltles Summary by fund type Unrestricted Restrlct funds funds 2024 2024 Total 2024 Teaching Teaching support costs Premises maintenance Administration costs Depreciation 7.565,349 2,707,735 2,569,742 1,637,538 901,074 7,565,349 2,707,735 2,669,742 1,693,831 901,074 56,293 15,381,438 56,293 15,437,731 Unrestricted funds 2023 Restricted funds 2023 Tot 2023 Teaching Teaching support costs Premises maintenance Adminislration costs Depreciation 7, I￿,890 1, 688,647 2,460, 108 1, 695,639 807,339 7, 150. 890 1,688,647 2,460, 108 1, 789, 448 807, 339 93, 809 13. 802, 623 93,809 13, 896,432 Page 29 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure on charitable activitles (contlnued) Summary by expenditure typ• Staff costs Depreciation Other costs 2024 2024 2024 Total 2024 Teaching Teaching support costs Premises maintenance Administration costs Depreciation 7,089,597 1,128.795 315,780 819,560 475.752 1,578,940 2,253,962 874,271 7,565,349 2,707,735 2,569,742 1,693,831 901,074 901,074 9,353,732 901,074 5,182,925 15,437,731 Teaching support costs include payments to the 8rothers for working at the College. Included within support costs are governance costs of £30,381 (2023.. £29, 622). Slaff costs Depreciation Other costs 2023 2023 2023 Total 2023 Teaching Teaching support ¢o$ts Premises maintenance Administration costs D8pre¢iation 6,258,053 1,053,414 263, 704 885,032 892, 837 635, 233 2, 196, 404 904,416 7. 150, 890 1, 688, 647 2,460, 108 1, 789,448 801, 339 807, 339 8,460,203 807,339 4. 628, 890 13,896, 432 Page 30 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Expenditure on raising funds- Flnanclng costs Costs of rai¥ing voluntary Income Unrestrlcted funds 2024 Total funds 2024 Bank charges Finance lease interest Fundraising costs 33,276 691 9,695 33,276 691 9,695 43,662 43,662 Unreslricted funds 2023 Tolal funds 2023 Bank charges Finance lease interest Costs of raising voluntary income 3 19,766 612 21,718 19,766 612 21,718 42,096 42,096 Page 31 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Net incoming resources These are stated after charging.. 2024 2023 Depreciation Operating lease rentals Fees payable to auditors: current period audit fee Teachers, Pension audil 901,074 161,354 26,304 1,308 807,339 161,354 19,750 990 11. Staff costs 2024 2023 Wages ar)d salaries Social security costs Pension costs Other staff costs 7,091,461 767,668 1,422,340 72,263 6,528.217 696,300 1, 169, 175 66,511 9,353,732 8,460,203 Included in wages and salaries is £12,696 of settlement costs (2023.. £147, 688). The average number of persons employed by the Charity during the year was as follows.. 2024 No. 2023 No. Educational Welfare Administration and campus support Premises 102 26 42 102 24 177 187 Page 32 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Staff costs (continued The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2024 No. 2023 No. In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £80.001- £90,000 In the band £90,001- £100,000 In the band £100,001- £110,000 In the band £140,001- £150,000 In the band £160.001- £170,000 16 Employers pension contributions in relation to the above totalled £417,064 during the year (2023.. £185,520). Key management personnel (comprising Ihe Headmaster, the Head of the Prep School, the Deputy Head and three Assistant Heads of the Senior School. the Deputy Head of the Prep School, the Heads of Sixth Form, the Dean of the College, the Bursar, plus the governors} received aggregate remuneration of £861,836 (2023.. £1,015, 608). 12. Governors. remuneration and expenses During the year. no Governors received any remuneration or other benefits (2023 - £NIL). During the year ended 31 August 2024, expenses tolalling £T01 were reimbursed or paid directly to 2 Governors (2023 - £2, 67810 2 Govemors) for travel, accommodation, subscriptions, and subsistence. Page 33 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL IA comparby limltsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. T•nglbl• Ilx•d ••••t• A••ot• und•r th• Motor FIx￿r•S and couYs8 of vohlcl88 IlttlThg• Comtruetlon Fr•ehold Multl u•• prop•rty Games Are4 Pl•nt 4nd rn4chlnery Toi•l Cost or valuatlon Al 1 September 2023 Addition$ Disposals Tr8nslers bet￿en cla$$e$ 13,747,960 69,196 2.104,678 124,S38 179,491 23,910 120,3401 4.637,232 339,307 1.691,473 22,260,840 131,621 688,572 120.3401 1.723.094 11,723,094) At 31 AugU$t 2024 13,817,164 1,723,094 2,229,214 183,081 4,978.539 22,929,072 Depr•clatlon Al 1 September 2023 Charge lor the year On disposal$ Tranllers bthvèen clasiei 5,998.158 300,236 1.810,183 187.021 161,326 8.683 117,6271 2.643,824 37S.205 10,51J,491 901.074 117,8271 49.929 3,255 13,2561 At 31 August 2024 6,298.394 53,184 1,973,949 162,382 2.919,029 11,396,938 Page 34 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL IA company Ilmlted by guaraTht•el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AVGUST 2024 13. Tin¥lble flx•d M••t• Icontlnuedl A#%•t• under th Motor Flxtur•s and ¢our•• ol ¥8hlcles fftilng• conAtru¢llon Frn•hold Multl property Gamo• Area Plant •nd machlnery Total N•t b1￿k v•lu• At 31 Augu8t 2024 7,518,770 1,669,910 255,266 30,679 2,057,510 11,532,134 Al 31 Augtss1202J 7, 749.810 294,493 18. 165 2,093.408 1.591,473 11, 747.349 Motor vohicles incI￿￿e3 itern$ *llh 8 nel book v81ue of £NIl 12023.. £4.7461 held under finance ￿88e. Amortisation ol £Nil12023.. £4.0681 is included w￿h1n Ihe depreciation Chargv and inler&$t 01 £69112023., £6121 wa$ paKJ In relation to the lea$e during Ihe year. Page 35 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Investment property Freehold investment property Valuation At 1 September 2023 Additions Surplus on revaluation 2,608,067 56,326 85,607 At 31 August 2024 2,750,000 The charily completed the purchase of 3 Romans End, which is located on the school premises, in the prior year for £2.6m. The intention is for the building is to be rented out in future years, however no income was generated from the property during FY24. 15. Debtor? 2024 2023 Duo wlthln one y•ar Trade debtors Other debtors Prepayments and accrued income 55,760 7S,905 149,009 67,497 31,458 195, 142 280,674 294,097 Page 36 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limllod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Credltors: Amounts falling due within one year 2024 2023 Obligations under finance lease and hire purchase contracts Fees in advance Trade Creditors Other taxation and social security Other creditors Accruals Deposits repayable 4, 746 1,428.048 79,805 312,271 156,217 341,407 797, 800 1,431,793 303,186 366,215 64,803 123,087 823,500 3,112,584 1,093,55S 3, 120,294 Deferred income - Fees on account 4,206,139 3, 120, 294 17. Creditors: Amounts falling due after mor• than one year 2024 2023 Deferred income - Fees on account 18 1,942,822 The finance lease Is repayable as follows: 2024 2023 Within 1 year Wrthin two lo five years 4, 746 4, 746 Page 37 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Deferred Income - Fees on account Amounts may be paid on account to the School to be applied toward the cost of future'tuition fees. The money may be returned subject to the specific conditions slated within the Scheme literature. Assumin9 pupils will remain at the School fee$ on account will be applied as follow$'.- 2024 Within 1 year 1,093,555 1,093,555 Within 1 to 2 year$ Within 2 to 5 years More than 5 years 834,873 982,840 125,108 1,942,821 3,036,376 The balance represents the accrued liability under the contracts. The movements during the year are detailed as follows'.- 2024 Fees received on account Utilised 3,036,377 At 31 August 2024 3,036,377 Page 38 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Financial instruments 2024 2023 Financial assets and liabllltles Financial assets measured at fair value through income and expenditure Financial liabilities measured at amortised cost 5,197,550 1, 896, 773 (1,314,576) (1,379,975) 2024 2023 Interest income and expense Total interest income for financial assets held at amortised cost Tolal interesl expense for financial liabilrties helf at amortised cost 69.178 691 10,261 612 Financial assets measured al fair value through income and expenditure comprise fees receivable, other deblors. and cash in hand. Financial liabilities held at amortised cost are bank loans, trade creditors, deposits repayable, other creditors, accruals and net obligations under finance leases. Page 39 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Ststement of funds Statement of funds - current year 8alance at 1 September 2023 Balance at Galnsl 31 August (Losses 2024 Income Expenditure Unrestrlcted funds Deslgnated funds Hardship Fund CCF 85.230 11,467 550 31,560 85,780 21,423 121,604) 96,697 32,110 121,604) 107,203 General funds Unrestricted General Fund 13,041,453 16,434,573 (15,403,496) 85,607 13,158,137 Total Unrestricted funds 13,138,150 1S.466,683 115.425,100) 85,607 13,265,340 Restrlcted funds Development Fund Charism Fund Sports Fund BOSH Developing World Fund Bursary Fund CCF 47,526 13,537 7,939 24,890 93,856 2,237 17,032) 40,494 13,537 7,939 31,260 122,661 6,370 69,271 6,548 140,476) 18,785} 189,98S 82,189 156,293 215,881 Total of funds 13.328,135 15,548,872 115,481,393 85,607 13,481,221 Page 40 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company Ilmited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Statement of funds Icontlnued) Statement of funds - prlor year Balance al I Seplember 2022 Balance at 31 August 2023 Income Expenditure Unrostri¢ted funds Deslgnated funds Hardship Fund CCF 76,282 8, 948 11,467 85,230 11,467 76,282 20,415 96,697 General funds Unrestricted General Fund 13, 128,975 13, 757, 197 (13,844, 719) 13,041,453 Total Unrestrlcted lunds 13,205,257 13, 777,612 (13,844, 719) 13, 138, 150 Restrlcted funds Development Fund Charism Fund Sport5 Fund 80SH Developing World Fund Bursary Fund CCF 47,526 13,537 7,939 18,620 71,349 5,486 47,526 13,537 7, 939 24, 890 93, 856 2,237 6,270 110,914 2. 153 (88,407) (5,402) 164,457 119,337 (93, 809) 189, 985 Total of funds 13,369, 714 13,896,949 (13,938,528) 13,328, 135 Page 41 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Statement of funds Icontlnued) Designated Funds The Hardship Fund is intended to be used to support parents who have children at the College and have encountered financial hardship through circumstances outside their direct control, such as bereavement. The College aims to support Ihe pupil through to the end of their current key stsge of education. The CCF Fund is intended to support the running of the CCF Contingent in the College and may be used at the discretion of the SSI and Contingent Commander in accordance with the financial policies and procedures of the College. Re$trl¢tod Fund$ The Development Fund was set up to enable parents to support a range of teaching and leaming projects and extra-curricular activities benefitting the students, The Charism fund represents funds donated to support the development of and training in the charism of the Brothers of the Sacred Heart at St Columba's College. The Sports Fund relates to funds raised by the school community via the annual Sportsman's Dinner to support the sporting activities undertaken by the school. The BOSH Developing World Fund holds funds raised via a voluntary annual levy on Columban parents to support the work of the Brothers of the Sacred Heart in less developed countries. The Bursary Fund is inténded to bé used to provide a$si$lance to those parents whose income is such that they would not otherwise be able lo pay full fees. The Combined Cadet Force (CCFI Fund relales lo funds held for the sole use ol the CCF contingent. Page 42 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Summary of funds Summary of funds- Current year Balance at 1 September 2023 Balance at Gainsl 31 August (Losses) 2024 Income Expenditure Oesignaled funds General funds Restricted funds 96,697 32,110 (21,604) 13,041,4S3 15.434,573 (1 $.403,496) 189,985 82,189 ($6,293) 107,203 85,607 13,158,137 215,881 13,328,135 15,548,872 (1S,481,393) 85,607 13,481,221 Summary of funds - prlor year 8a18n¢e at 1 September 2022 Balance al 31 Augusl 2023 Income Expenditure Designated funds General funds Restricted funds 76, 282 20,415 96,697 13, 128,975 13, 757, 197 (13,844, 719) 13,041,453 164,457 119,337 (93, 809) 189,985 13,369, 714 13, 896.949 (13,938, 528) 13,328, 135 22. Analysls of net assets betwéèn funds Analysls of net assets between funds - current perlod Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Investment propety Current assets Creditors due within one year Creditors due in more than one year 11,532,134 2,750,000 5,132,167 (4,206,139) (1,942,822) 11,532,134 2,750,000 5,348,048 (4,206,139) (1,942.822) 215,881 Total 13,265,340 215,881 13,481,221 Page 43 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 22. Analysis of net assets between funds (continued) Analygls of net assets between funds - prlor porlod Unrestricled funds 2023 Restricted funds 2023 Tolal funds 2023 Tangible fixed assets Investment propety Current assets Creditors due within one year 11,747,349 2, 608,067 1, 903,028 (3. 120.294) 11,747,349 2, 608,067 2,093,013 (3, 120, 294) 189,985 Total 13, 138, 150 189,985 13, 328, 135 23. Reconciliation of net movement In funds to net cash flow from operating activities 2024 2023 Net incomelexpendrture for the period (as per Statement of Financial Activities) 67,479 (41,579) Adjustments for: Depreciation charges Interest receivable Interest payable on finance lease Lossl{profit> on the sale of fixed assets Decreasel(increase) in stocks Decreasel(increase) in debtors Decrease in ¢redrtors 901,074 169,178) 691 19,287) 1390) 13,423 (2,964) 807,339 (10,267) 612 1,279 (51,243) (662,484) Net cash provlded by op•ratlng actSvltl•s 900,848 43,663 Page 44 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 24. Analys18 of cash and cash gqulvalents 2024 2023 Cash in hand S,065.886 1, 797,818 Total cash and cash equivalents 5,065,886 1, 797,818 25. Analysls of changes In net debt September A131 2023 Cash flows August 2024 Cash at bank and in hand Debt due within 1 year Debt due after 1 year Finance leases 1,797,818 3,268,068 5,065,886 11,093,656) {1,093,5551 11,942,822) (1,942,822) 4,746 (4,746) 1,793,072 236,437 2,029,509 Debt due within one year and debt due after 1 year relates to the payment on account scheme. 26. Capital commitments There were no caprtal commitments at the year end. 27. Pension commltments As explained in the accounting policies, the company contributed to three pension schemes on behalf of its employees during the year. Teachers, superannuatlon scheme The College participates in the Teachers, Pension Scheme (°the TPS'I for its leaching staff. The pension charge for the year includes contributions payable to the TPS of £1,291,748 (2023.. £1,017,020) and at the yearend £156,402 (2023 - £129, 74n was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 (as amended). Members contribute on a 'pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. Page 45 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 27. Penslon commltments (continued) The employer contribution rate 18 set by the Secretary of Slate following scheme valuations undertaken by the Government Actuarls Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. Following the Mccloud judgement, the remedy proposed that when benefrts become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with Ihe greater benefits, and in preparing the 2020 valuation has valued the'greater value, benefits for groups of relevant members. The employer contribution rate for the TPS is 28.60h, and employers are also required to pay a scheme administration levy of 0.08 /¢ giving a total employer contribution rate of 28.680/0. From 1 January 2024, the College entered phased withdrawal from TPS following consultation with staff. All leaching staff joining the College on or after 1 January 2024 are enrolled into the APTIS scheme. Teachers and staff before 1 January 2024 may. should they so desire, opl out of TPS and join the APTIS scheme. Payments of £29,015 were made to APTIS in 23124 and there was a year end creditor of £6.289 for the scheme. Non-Teaching Staff The company contributes on a money purchase basis to a group personal pension scheme with Standard Life. Contributions totalling £130.593 (2023.. £98, 155) were payable to this scheme for the year. 28. Operating lease commitments At 31 August 2024 Ihe Charity had commitments to make future minimum lease payments under non- cancellable operating leases as follows.. 2024 2023 Plant and Machinery Not later than 1 year Later than 1 year and not later than S years 146,099 393,743 151,307 151,307 539,842 302,614 29. Members, liability Each member of the charitable company undertakes to contribute to the assets of the company in the evenl of it being wound up vthile helshe is a member, or within one year after helshe ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before helshe ceases to be a member. Page 46 ST COLUMBA'S COLLEGE & PREPARATORY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 30. Related party transactions The Charity has three trustees in common with the Brothers of the Sacred Heart, Brother Ronald Hingle and Brother ltry LeBlanc and Brother Joseph Holthaus. During the year ended 31 August 2023, a number of payments were made lo the Brothers of the Sacred Heart Charity. The following payments have been made during the period a) Payment under a transfer agreement of 25 June 2001 (as amended by an agreement of 27 April 2009), £249,487 (2023.. £227, 589) b) Payment for time spent by the brothers working in the College, £50,951 (2023.. £56, 100) c) Payment for lodge rental and expenses, £12,000 (2023.. £12,ooo) Page 47