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2023-08-31-accounts

Charity Registration No. 1110311

Company Registration No. 05412328 (England and Wales)

ST MARY'S COLLEGE CROSBY TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

ST MARY'S COLLEGE CROSBY TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Father M S Fitzsimons
Mrs P Old
Mr D Mccaughrean
Mrs L Martindale
Mr A Symons
Mrs H P Thompson
Mr M J McKenna
Mrs S M Ward
Mr C Wright
Mr C J Cleugh (Appointed 17 November 2023)
Charity number 1110311
Company number 05412328
Registered office Everest Road
Crosby
Merseyside
L23 5TW
Auditor DSG
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
Solicitors Weightmans LLP
100 Old Hall Street
Liverpool
L3 9QJ
Hill Dickinson LLP
50 Fountain Street
Manchester
M2 2AS
Principal Mr Michael Kennedy BSc M.A.

ST MARY'S COLLEGE CROSBY TRUST LIMITED

CONTENTS

Page
Trustees' report 1 - 8
Statement of trustees' responsibilities 9
Independent auditor's report 10 - 12
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 31

ST MARY'S COLLEGE CROSBY TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2023

The trustees present their annual report and financial statements for the year ended 31 August 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association dated 14 March 2005, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

The Charity was incorporated on 4 April 2005 and commenced its activities on 1 January 2006. The Trust was set up to continue the work of the Christian Brothers, a Roman Catholic Order of Teaching Brothers, former Trustees of St. Mary’s College, and to continue the Edmund Rice (Founder of the Christian Brothers) ethos.

St. Mary’s College Crosby is a co-educational independent school for pupils up to 18 years. The Senior School has pupils from 11 to 18 years old and the Preparatory School has pupils from 4 to 11 years old. There is, on the college site, a separate Early Years Department which caters for children up to 4 years old.

The Trustees of the Charity reflect the connection with the Archdiocese through the presence of a ‘Juridic’ person appointed by the Archdiocese, during the year this was Father M Fitzsimons. All Trustees give their time freely and no remuneration was paid in the year. Furthermore no Trustee, or person associated with a Trustee, received any benefit from either means tested bursaries or scholarships awarded to our pupils. No expenses were reimbursed to Trustees during the period.

Objectives and activities

The ongoing long term objectives of the charity are (i) the advancement of education at St. Mary’s College, Crosby in accordance with the spirit and ideals of Blessed Edmund Rice and (ii) to advance the Roman Catholic religion by the conduct of a Roman Catholic School or Roman Catholic Schools in any part of the world.

Our mission is to provide an independent Catholic education for boys and girls of all faiths aged 0-18; to provide individual challenge towards holistic and balanced development, service and achievement for life and beyond; and to try to show our Faith by the way we live, showing care and consideration for each other, those around us and the environment.

We provide a Christian school community in which pupils feel welcome, safe, recognised and known by name – supported by a framework of love, order, stability and affection. We aim to enable pupils to achieve their fullest selves and the highest outcomes of which they are capable, encouraging excellence in all spheres.

We are committed to safeguarding and promoting the welfare of our pupils and expect all staff and volunteers to share this commitment. Everyone who has contact with a pupil on an individual basis is subject to an Enhanced DBS Check before they can come into our schools.

Within this context, the school aims to maintain and improve its position as one of the leading academic schools within the North West – and is recognised as Number One performing school in Sefton within the Summer 2023 GCSE Results table, in addition to being been hailed as an ‘outstanding’ school in a new report by the Catholic Schools Inspectorate, where Inspectors gave St. Mary’s an ‘outstanding’ rating in all three categories they assess.

The independent school sector has seen a decline in pupil numbers over the past decade. However, since 2014 St Mary’s pupil numbers have steadily increased and the objective of the charity is to maintain this pupil number growth to ensure ongoing financial stability. This will enable the longer term objectives as set out above. Pupil numbers continue to grow as the strategy to communicate the positive qualities of the Trust’s education and care through all sections for pupils from 0-18 years continues.

The Business Plan contains a strong focus on the strategy to develop teaching and learning and not just business goals. The College is a member of the Liverpool Archdiocese Secondary Schools' Partnership allowing school and subject leaders to participate in training and share best practice with other Archdiocese schools. The College utilises the Archdiocesan services of a school’s improvement partner to ensure that the high standards of compliance and education noted at the latest inspection by the Independent Schools Inspectorate (ISI) are maintained and built upon.

ST MARY'S COLLEGE CROSBY TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Objectives and activities (continued)

The broad curriculum and wide range of extra-curricular activities are regularly reviewed to ensure that they continue to adequately provide the breadth and depth for all of our boys and girls to find where their individual strengths lie, so they can confidently learn and develop. In addition, leaders and staff continually assess the way in which the curriculum is delivered to ensure the best possible outcomes for all pupils.

Public Benefit

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. They continue to self-assess St. Mary’s College against the measures of what the Charity Commission considers would constitute passing the ‘Public Benefit’ test to maintain Charitable Status.

Activities

The principal activity of the Charity is the provision of education to boys and girls of all and no faith from the age of 0 to 18. This is provided in its Bright Sparks nursery until the age of 4, its Preparatory School from the age of 4 to 11, and at its College from the age of 11 to 18.

The Trustees are committed to ensuring that a St Mary’s education is not restricted only to those who can afford fees. The Memorandum and Articles of Association provide that St. Mary’s College makes available a top quality education to many pupils from poorer households. To provide access to an education at St. Mary’s for as many children as possible, we provide excellence awards and means tested Scholarships and Bursaries. In the year, 35 pupils received means tested awards of over 50% of the value of fees, with a further 342 pupils receiving non means tested excellence awards.

Pupils and staff are encouraged to reach outwards, supporting and engaging with the local community and the wider world, especially the poor and marginalised in society. This charitable ethos, particularly the principle of thinking of others and not just oneself, is at the core of the education that the School provides, and the following pupil-based activities took place during the period:

Strategic report

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the trustees to present a strategic report.

Achievements and performance

The Independent Schools Inspectorate (ISI) conducted its latest Regulatory Compliance Inspection in October 2021. This inspection reports only on regulatory compliance and the rating is noted as either ‘met’ or ‘not met’. The inspectors reported that the standards were met in all areas.

ISI carried out an Educational Quality Inspection in March 2017 and the school was given the highest rating of Excellent in all areas. The report stated that ‘the quality of pupil’s academic and other achievements is excellent’ and ‘the quality of pupil’s personal development is excellent’. It was noted that ‘pupils develop high levels of knowledge, understanding and skills in relation to their abilities and demonstrate excellent performance and creativity in their extra-curricular activities’ and that ‘pupils show exceptional attitudes towards their learning with a very strong work ethic.’ The report went further to state that ‘pupils are unfailingly kind, caring, courteous and respectful to others’ and ‘show a strong awareness of the needs of others outside their own community’.

ST MARY'S COLLEGE CROSBY TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Achievements and performance (continued)

A further, unannounced additional inspection in May 2023, by ISI at the request of the Department of Education also confirmed that the College met the compliance and requirements of both the Education (Independent school Standards) Regulations 2014, and of the Early Years Statutory Framework.

The Early Years 0-2 year provision was inspected by Ofsted in May 2017 and was rated as Outstanding in all 4 key inspection areas, and also inspected by ISI, accompanied by a lead Ofsted inspector for monitoring purposes, in October 2021, once again resulting in an Outstanding rating. The Ofsted report noted that ‘leadership is inspiring and inspirational’ and ‘the quality of teaching is excellent’. The report went on to say that ‘all children make excellent progress in their development and acquire an abundance of skills that will support them in their future learning’.

Following the introduction of the revised ISE Inspection framework in 2023, the Archdiocese inspected both the Preparatory School across 2 days in in March 2023 and similarly the Senior College was also inspected in November 23. Both the Preparatory School and the College received the highest possible “Overall effectiveness Score” of 1, in al three categories inspected, and rated 1 in all three sub-categories.

The inspectors noted that students are encouraged to develop their talents and make the right choices in life by staff whom they regard as ‘role models’. They added that students are ‘thoroughly motivated’ and that they demonstrate the ‘highest standards of behaviour’. They are also ‘committed to making full use of their lessons’ with a ‘sense of purpose’ and an ‘emphasis on every minute counting’. The report stated that this adds up to a diligent approach as reflected in the schools excellent A-level and GCSE results each year.

At the time of reporting, copies of the above-mentioned Inspection Reports are viewable on the College Website - - - https://stmarys.ac/our school/inspection reports/

Since the COVID-19 pandemic, 22-23 saw the second year of external examinations in the traditional pre-COVID setting, after several years of Teacher-Assessed grades, and the College is particularly proud of its pupils’ dedication and performance in our 2023 A Level and GCSE results.:

At St. Mary’s College, academic excellence comes as standard and we have a proud tradition of outstanding academic achievement.

Our 2023 examination results were extremely pleasing:

ST MARY'S COLLEGE CROSBY TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Achievements and performance (continued)

St. Mary’s has a great track record in improving students’ performance: we are regularly in the top 5% nationally for ‘value added’, a measure of quality reflecting the extent to which the educational experience enhances pupils’ knowledge, abilities, skills and performance at public examinations beyond predicted levels.

The Mathematics Department annually enters the UKMT Maths Challenge and achieves a range of Gold, Silver and Bronze medals.

St. Mary’s College has been honoured as an Associate School by the Royal Society in recognition of the high quality of science teaching at St. Mary’s over many years.

A St Mary’s education is about so much more than academic success and the wider opportunities available to students is testament to this.

Sport is an important part of life at St Mary’s and although once again this was affected by the enforced restrictions, it continued to thrive throughout the 2022/23 academic year. Although the fixtures calendar was severely curtailed, the sports department ensured a full year of sport was available for our pupils. The focus during the year was to maintain pupil engagement, fitness and, most importantly, support their mental health. Our pupils continued to represent their country, county and district and this reflects the high quality sports provision at the school.

The music department offers a depth of opportunity in music, allowing pupils to choose from a wide range of instruments and participate in Stage Band, Symphony Orchestra, Show Choir and Chamber Choir and subsequently perform in the various school concerts. Concerts were not able to be held as result of the pandemic however pupils were able to continue their instrumental tuition, maintaining the high standard of music highlighted in the 2017 ISI report as ‘exceptional’, which was further evidenced by the return of “Proms in the Park” after a 3 year hiatus due to Covid restrictions which saw around 250 pupils playing on an outdoor stage to an audience of approximately 2,000 paying audience members.

Pupils also participate in extensive extra-curricular activities including CCF, Duke of Edinburgh, and numerous clubs including Debate, Drama, Science, Mandarin, Photography, Chess, Cookery and Gardening. They also operate a Student Council which allows the pupils to put forward and address issues important to them. They are encouraged to try as many activities as possible to find what they enjoy or are good at. This range of opportunity contributes to the aim to develop the ‘whole’ person, allowing pupils to discover their own talents and reach their full potential.

The vast majority of our students achieve their first choice of university.

Financial review

Net current assets and subsequently net resources are the primary financial KPI of the charity.

Despite recording a surplus of £209,242 the charity had net current assets of £770,100 at 31 August 2023 , reduced from £827,695 in the prior year. This was largely due to the charity's planned capital expenditure in the period. It is intended that the school will generate a surplus in 2023/24, however there are a number of uncertainties around a possible change of national Government that may have an adverse impact and require some strategic income and cost mitigation. The Trust holds investments, included as a fixed asset, of £1,399,384 (2022: £1,378,552) which are easily liquidated and if required can be drawn upon, however it is not anticipated that this will be necessary in the next year.

The charity has total net assets of £4,607,769 (2022: £4,398,697) which represents the retained net incoming resources for the period from incorporation to 31 August 2022 plus the net incoming resources for the year ended 31 August 2023 of £209,072 (2022: £480,750).

ST MARY'S COLLEGE CROSBY TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Financial review (continued)

There are finance lease liabilities of £437,500. This is made up of the liability to the Congregation of Christian Brothers in respect of the Land and Buildings obtained on a 99-year lease for £1.2m.

In the year, all phases of the school generated a surplus, and the investment portfolio saw a growth in value of £5,596 (2022: £105,010 decrease) which reduced the overall outcome. This resulted in an overall increase in funds available to the Trust for charitable purposes for the year ending 31 August 2023 of £209,072 (2022: £478,750).

The principal funding sources for the year were fees generated from pupils and fundraising by the College, Sundry Income from School Meals and Bus Income, and some donations from the Parents’ Association.

Reserves policy

In establishing its reserves policy and identifying the continued future of the Charity as a going concern, the Trustees take account of the following information: its risk assessment; its budgets and business plan; its investments; and its level of reserves. The Trustees are satisfied with the position and are confident that the Charity continues as a going concern for the forthcoming period.

The Trustees have established a policy to reserve designated contingency funds of £660,000 (2022: £660,000) which they have calculated to be adequate to cover all outstanding contractual obligations including pupil deposits, composite fees and employment liabilities. A further £2,513,269 (2022 £2,301,230) of designated funds are invested in fixed assets , being the net book value of fixed assets net of the finance lease obligation.

The Trustees have considered the level of free funds required by the Charity and are of the view that free funds should be maximised. The level of free funds at 31 August 2023 of £1,374,414 (2022: £1,352,611) is considered adequate, The aim is to build reserves from annual operating surpluses and investment returns to both meet the future needs of the school and allow further capital expenditure, repairs and refurbishment to equip the School with the up to date facilities needed to maintain and enhance the current educational experience of its pupils.

Investment policy

Any cash that is available to invest on a day to day basis is placed overnight into two money-at-call accounts with HSBC Bank.

As at 31 August 2023 there was £1,399,384 (2022: £1,378,552) of investments managed by Evelyn Investments (formerly known as Tilney), on behalf of the Trustees which generated a total return (capital & income) of 1.1% in the 12 months to 31st August 2023, over the same period UK equity performance was +5.4%*, the target return benchmark of UK CPI+3% was +9.8% and the peer group benchmark ARC Sterling Steady Growth All Charities Index returned +0.6%.

The Trustees accept that the attainment of the long term investment objectives requires the acceptance of a certain level of risk which can result in volatility and occasionally declines in the capital value of the fund. The Trustees reviewed their Investment Policy in the year and decided to continue with a medium risk for their investment portfolio.

Based upon the Trust’s projected incomes and expenditures for the next year, no investments are expected to be sold to finance operations in the year ending 31 August 2024.

ST MARY'S COLLEGE CROSBY TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Risk factors

The Trustees consider the major risks to which the Charity is exposed and the steps that need to be taken to mitigate the potential impact of those risks. As part of the process, committees are set up in the College to consider the controls already in place and the key areas that require further action. They report back with recommendations for action. These recommendations are subject to review to monitor implementation and effectiveness. This forms part of the annual process of review by the Trustees to ensure that the operations of the Charity are adequately protected against the risks it faces in achieving its objectives.

The main risk factors are economic and political as follows:

Economic Risk:

Similar to most independent schools, a major risk to the Trust is reduced pupil numbers. This risk was expected to become even more prevalent due to the economic uncertainty resulting from the Covid-19 pandemic, coupled with the ongoing “Cost of Living Crisis” sparked by high inflation, the Ukraine invasion, post-Brexit legislation and other geo-political factors. To date, this has not materialised and the Trust has experienced a sustained upward trend in pupil numbers as parents realise the enhanced provision offered by St Mary’s during school closures. The longer term effects of the pandemic still remain uncertain. Costs are monitored closely and the cost structure allows for flex in line with pupil numbers.

Additionally, the continued strategy to focus on educational excellence means that the charity is able to target an increase in pupil numbers due to the premium quality of education on offer. The enhanced marketing of the advantages of a St. Mary’s education further addresses the risk. The continued increase in pupil numbers reflects the combined success of these efforts.

Political Risk :

The political environment poses further risk to the Trust, with continued rhetoric surrounding removal of VAT exemption on school fees, donations and other income and gains, and the removal of business rates relief and charitable status plus possible Corporation Tax being of particular concern, enhanced by the current opinions about the likelihood of a Labour Government from late 2024 . In addition, the Government’s decision in 2019 to increase employers’ Teacher’s Pension Scheme (TPS) contributions from 16.48% to 23.6% significantly increased costs.

This is compounded by the finalised outcome from HM Treasury’s June 2021 consultation on the valuation methodology of unfunded public sector pension schemes implemented another increase up to 28.6% from April 2024. That outcome poses further financial risk to the Trust. For this reason, Trustees will consider the impact of the latest increase very carefully.

These factors are something that the charity has little control over but could have the greatest impact on its future. Further, the impact of increases to National Living Wage in recent years, including over £1.00 per hour effective April 2024 adds additional pressure on other staff costs to maintain pay differentials for attraction and retention of staff in more-skilled support roles.

The Trustees continue to focus on the factors they can control which are pupil numbers and cost control allowing the school to build reserves to help mitigate the potential impact should any of these ideas be implemented. In addition, there is a recognition of the need to continue to support representative bodies such as Headmasters and Headmistresses Conference (HMC) and ISI in lobbying the social and economic benefits offered by the independent schools sector.

Plans for future periods

The key aims are:

The main focus remains improving the current and future provision of education at St. Mary’s.

ST MARY'S COLLEGE CROSBY TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Structure, governance and management

St. Mary’s College Crosby Trust Limited (“the Company”) is a Company Limited by Guarantee, and not having share capital.

The members of the Company shall be, for the time being, the subscribers to the Memorandum of Association, and shall consist of the Archbishop of Liverpool or his nominee, and such other persons as the members of the Company shall from time to time admit to membership, and shall be entered in the Register of Members, provided that at all times a majority of the members shall be Roman Catholic. The maximum permitted number of members of the Company is nine.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Prof C G Mills (Resigned 13 October 2022)
Father M S Fitzsimons
Mrs P Old
Mr D Mccaughrean
Mrs L Martindale
Mr J Wright (Resigned 15 June 2023)
Mr A Symons
Mrs H P Thompson
Mr C Platt (Resigned 27 February 2024)
Mr M J McKenna
Mrs S Tsao (Resigned 24 January 2024)
Mrs S M Ward
Mr C Wright
Mr A Duncan (Resigned 31 August 2023)
Mr C J Cleugh (Appointed 17 November 2023)

In February 2021, a resolution was passed to implement a governance restructure. Prior to this, the charity operated with a Board of Trustees who were the directors of the charity, who in turn appointed a Board of Governors who undertook the majority of the responsibility for managing the charity. Legal advice was taken and it was agreed that a restructure to a single Board of Governors would be the most efficient way to deliver robust governance to the charity. Individuals who were trustees and governors of the charity, and willing to continue to serve, became members of a single Board of Governors. In doing so, those individuals became directors of the company and the charity trustees. The members remain unchanged.

The Trustees are recruited and appointed by the members. Some of the Trustees have previous experience of Trusteeship and advice is available from the Archdiocese of Liverpool. When a new Trustee is appointed he/she (a) is given a copy of the Memorandum and Articles of Association, (b) is given relevant documents produced by the Charity Commission, (c) meets all of the Trustees, (d) attends any appropriate training course(s).

St. Mary’s College Crosby, despite being an Independent Trust with no formal links with the Christian Brothers Trust, is committed to being closely associated with other schools worldwide that were founded by the Christian Brothers i.e. that follow the eight essentials of an Edmund Rice School.

ST MARY'S COLLEGE CROSBY TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Pay policy for senior staff

The Trustees consider the following to be the key management personnel of the charity in charge of directing and controlling, running and operating the Trust on a day to day basis:

All Trustees give their time freely and no Trustee received remuneration in the year. No expenses were reimbursed to Trustees in the year (2022: £Nil).

The pay of the management staff noted above is reviewed annually and is increased in line with the increases paid to all of the Charity’s staff.

Auditor

In accordance with the company's articles, a resolution proposing that DSG be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report, including the strategic report, was approved by the Board of Trustees.

Mrs S M Ward Trustee

9 May 2024

ST MARY'S COLLEGE CROSBY TRUST LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees have a duty under section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee-charging.

Law applicable to incorporated charities in England and Wales requires the Trustees, who are also directors of the company, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity at the end of the year and of its financial activities during the year then ended. In preparing those financial statements, the Trustees are required to:

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 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 detection of fraud and other irregularities.

The Trustees also confirm that as far as they are aware there is no relevant audit information of which the charity’s auditors are unaware and they have taken all steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

In approving this Trustees’ Report, the trustees, in their capacity as directors, also approve the Strategic Report contained therein.

ST MARY'S COLLEGE CROSBY TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF ST MARY'S COLLEGE CROSBY TRUST LIMITED

Opinion

We have audited the financial statements of St Mary's College Crosby Trust Limited (the ‘charity’) for the year ended 31 August 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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 statements:

Basis 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have 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 trustees' 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 conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance 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 materially 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 performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ST MARY'S COLLEGE CROSBY TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ST MARY'S COLLEGE CROSBY TRUST LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities 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 misstatement, 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 the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

ST MARY'S COLLEGE CROSBY TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ST MARY'S COLLEGE CROSBY TRUST LIMITED

Capability of the audit in detecting irregularities, including fraud

Based on our discussions with the charity’s management and the Trustees, we identified that the following laws and regulations are significant to the entity:

These matters were discussed amongst the engagement team at the planning stage and the team remained alert to non-compliance throughout the audit.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and noncompliance with laws and regulations) comprised of: inquiries of management and the Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of Trustee meeting minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jean Ellis BA FCA CTA (Senior Statutory Auditor) for and on behalf of DSG 9 May 2024 Chartered Accountants Statutory Auditor Castle Chambers 43 Castle Street Liverpool L2 9TL

ST MARY'S COLLEGE CROSBY TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted Restricted **Total ** Unrestricted Restricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
Notes £ £ £ £ £ £
Income from:
Donations and legacies 3 20,038 - 20,038 34,590 - 34,590
Charitable activities 4 9,247,058 660,840 9,907,898 8,521,920 332,713 8,854,633
Investments 5 32,708 - 32,708 17,676 - 17,676
Other income 6 - - - 1,620 - 1,620
Total income 9,299,804 660,840 9,960,644 8,575,806 332,713 8,908,519
Expenditure on:
Raising funds 7 11,467 - 11,467 11,585 - 11,585
Charitable activities 8 9,071,514 671,644 9,743,158 8,018,311 292,863 8,311,174
Total resources expended 9,082,981 671,644 9,754,625 8,029,896 292,863 8,322,759
Net gains/(losses) on
investments 13 3,053 - 3,053 (105,010) - (105,010)
Gross transfers between
funds - - - (31,040) 31,040 -
Net movement in funds 219,876 (10,804) 209,072 409,860 70,890 480,750
Fund balances at 1 September
2022 4,327,807 70,890 4,398,697 3,917,947 - 3,917,947
Fund balances at 31 August
2023 4,547,683 60,086 4,607,769 4,327,807 70,890 4,398,697

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

ST MARY'S COLLEGE CROSBY TRUST LIMITED

BALANCE SHEET

AS AT 31 AUGUST 2023

2023 2023 2022 2022
Notes £ £ £ £
Fixed assets
Tangible assets 15 2,950,769 2,756,110
Investments 16 1,399,384 1,378,552
4,350,153 4,134,662
Current assets
Stocks 18 37,210 38,532
Debtors 19 372,860 210,647
Cash at bank and in hand 1,440,364 1,663,485
1,850,434 1,912,664
Creditors: amounts falling due within 21
one year 1,080,334 1,084,969
Net current assets 770,100 827,695
Total assets less current liabilities 5,120,253 4,962,357
Creditors: amounts falling due after
more than one year 22 (512,484) (563,660)
Net assets 4,607,769 4,398,697
The funds of the charity
Restricted income funds 23 60,086 70,890
Unrestricted funds 4,547,683 4,327,807
4,607,769 4,398,697

The financial statements were approved by the trustees on 9 May 2024

Mrs S M Ward Trustee

Company registration number 05412328 (England and Wales)

ST MARY'S COLLEGE CROSBY TRUST LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2023

2023 2022
Notes £ £ £ £
Cash flows from operating activities
Cash generated from operations 29 278,653 1,051,484
Investing activities
Purchase of tangible fixed assets (469,528) (472,299)
Proceeds from disposal of tangible fixed
assets 2,825 -
Purchase of investments (256,726) (217,268)
Proceeds from disposal of investments 238,947 131,958
Investment income received 32,708 17,676
Net cash used in investing activities (451,774) (539,933)
Financing activities
Payment of obligations under finance leases (50,000) (57,983)
Net cash used in financing activities (50,000) (57,983)
Net (decrease)/increase in cash and cash
equivalents (223,121) 453,568
Cash and cash equivalents at beginning of year 1,663,485 1,209,917
Cash and cash equivalents at end of year 1,440,364 1,663,485

ST MARY'S COLLEGE CROSBY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

Charity information

St Mary's College Crosby Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Everest Road, Crosby, Merseyside, L23 5TW.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association dated 14 March 2005 the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include the revaluation of fixed asset investments. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Income is shown net of fee discounts.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

Resources expended are accounted for on an accruals basis and is recognised when there is a legal or constructive obligation to pay.

ST MARY'S COLLEGE CROSBY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

Expenditure on charitable activities includes the costs of teaching salaries, and other educational activities undertaken to further the purposes of the charity and their associated support costs.

Other expenditure represents those items not falling into any other heading.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Governance costs are the costs associated with the governance arrangements of the charitable company which relates to the general running of the charitable company as opposed to those costs associated with fundraising or charitable activity. Included within this category are costs associated with the strategic as opposed to day-to-day management of the charitable company's activities, those incurred in the governance of its assets and are associated with constitutional and statutory requirements.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activity.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 2% straight line Leasehold land and buildings 2% straight line Leasehold improvements 2% - 10% straight line Fixtures and fittings 10% - 20% straight line Motor vehicles 20% straight line

Assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

All plant and equipment purchased with a cost of greater than £500 is capitalised.

The leasehold college buildings are constructed on land owned by the Trustees of the English Province of the Congregation of Christian Brothers. The College has taken out a 99-year lease on the college building, which is being amortised over 50 years.

1.7 Fixed asset investments

The college has a portfolio of investments in quoted companies. Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price in an active market. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

ST MARY'S COLLEGE CROSBY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.9 Stocks

Stocks are stated at the lower of cost and net realisable value.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

ST MARY'S COLLEGE CROSBY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The college also participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £548,832 (2022: £499,916) and at the yearend £46,281 (2022: £41,664) was accrued in respect of contributions to this scheme.

The Teachers' Pension Scheme (TPS or scheme) is a statutory, unfunded, defined benefit occupational scheme, governed by the Teachers' Pensions Regulations 2010 (as amended), and the Teachers’ Pension Scheme Regulations 2014 (as amended). These regulations apply to teachers in schools and other educational establishments, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership.

Membership is automatic for full-time teachers and lecturers and, from 1 January 2007, automatic too for teachers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS.

The Teachers' Pension Budgeting And Valuation Account

Although members may be employed by various bodies, their retirement and other pension benefits are set out in regulations made under the Superannuation Act (1972) and Public Service Pensions Act (2013) and are paid by public funds provided by Parliament. The TPS is an unfunded scheme and members contribute on a ’pay as you go ‘basis – contributions from members, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Acts.

The Teachers' Pensions Regulations 2010 require an annual account, the Teachers' Pension Budgeting and Valuation Account, to be kept of receipts and expenditure (including the cost of pension increases). From 1 April 2001, the Account has been credited with a real rate of return, which is equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return.

ST MARY'S COLLEGE CROSBY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

Valuation of the Teachers' Pension Scheme

As a result of the latest scheme valuation employer contributions were increased in September 2019 from a rate of 16.4% to 23.6%. Employers also pay a charge equivalent to 0.08% of pensionable salary costs to cover administration expenses.

The next valuation is expected to take effect in 2023.

A copy of the latest valuation report can be found on the Teachers’ Pension Scheme website.

Scheme changes

In December 2018, the Court of Appeal held that transitional protection provisions contained in the reformed judicial and firefighter pension schemes, introduced as part of public service pension reforms in 2015, gave rise to direct age discrimination and were therefore unlawful. The Supreme Court, in a decision made in June 2019, rejected the Government’s application for permission to appeal the Court of Appeal’s ruling and subsequently referred the case to an Employment Tribunal to determine a remedy which will need to be offered to those members of the two schemes who were subject of the age discrimination.

Since then, claims have also been lodged against the main public service schemes including the TPS. The Department has conceded those in line with the rest of the government. In July 2020 HM Treasury launched a 12-week public consultation which will provide evidence to support the delivery of an appropriate remedy for the affected schemes, including TPS.

A final remedy will be determined once the results of the consultation are established.

In December 2019, a further legal challenge was made against the TPS relating to an identified equalities issue whereby male survivors of opposite-sex marriages and civil partnerships are treated less favourably than survivors in same-sex marriages and civil partnerships. The Secretary of State for Education agreed not to defend the case. In June 2020, the Employment Tribunal recorded its findings in respect of the claimant. DfE is currently working to establish what changes are necessary to address this discrimination.

Any impact of these events will be taken into account when the next scheme valuation is implemented. This is scheduled to be implemented in April 2023, based on April 2020 data.

1.14 Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to net income/(expenditure) for the year so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ST MARY'S COLLEGE CROSBY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

3 Income from donations and legacies

Unrestricted Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 20,038 34,590
Income from charitable activities
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
School fees
8,732,435		 - 8,732,435 8,122,880 - 8,122,880
Fee discounts
(269,522)		 - (269,522) (259,244) - (259,244)
Other income
784,145		 660,840 1,444,985 658,284 332,713 990,997
9,247,058 660,840 9,907,898 8,521,920 332,713 8,854,633

4 Income from charitable activities

5 Income from investments

Income from investments
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Income from listed investments 26,706 17,523
Interest receivable 6,002 153
32,708 17,676
Other income
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Coronavirus Job Retention Scheme Grants - 1,620

6 Other income

ST MARY'S COLLEGE CROSBY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

7 Expenditure on raising funds

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2023 2022
£ £
Investment management 11,467 11,585
8 Expenditure on charitable activities
Total Total
2023 2022
£ £
Direct costs
Staff costs 4,257,654 3,816,267
Depreciation and impairment 272,044 258,271
Other costs 4,123,009 3,283,159
8,652,707 7,357,697
Share of support and governance costs (see note 9)
Support 1,082,291 945,377
Governance 8,160 8,100
9,743,158 8,311,174
Analysis by fund
Unrestricted funds 9,071,514 8,018,311
Restricted funds 671,644 292,863
9,743,158 8,311,174

Other costs include scholarships and bursaries of £1,539,870 (2022: £1,486,987).

9 Support costs allocated to activities

Total Total
2023 2022
£ £
Staff costs 1,082,291 945,377
Governance 8,160 8,100

ST MARY'S COLLEGE CROSBY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

10 Auditor's remuneration

Fees payable to the charity's auditor and associates: 2023 2022
£ £
For audit services
Audit of the financial statements of the charity 8,160 8,100

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2022: None).

12 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2023 2022
Number Number
Teaching 115 116
Other 56 52
Total 171 168
Employment costs 2023 2022
£ £
Wages and salaries 4,329,498 3,863,528
Social security costs 393,264 347,403
Other pension costs 617,183 550,713
5,339,945 4,761,644

The number of employees whose annual remuneration was more than £60,000 is as follows:


is as follows:
2023 2022
Number Number
Salary £60,001 to £70,000 4 1
Salary £90,001 to £100,000 1 1

Pension contributions payable in respect of the above employees totalled £70,322 (2022: £36,219).

ST MARY'S COLLEGE CROSBY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

12 Employees

(Continued)

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023 2022
£ £
Aggregate compensation 363,967 325,052

The key management personnel comprise the Chair of the Board of Governors and other Trustees, the Principal, the Head of the Preparatory School, the Head of Early Years and the Business Director.

No Trustee or person associated with a Trustee received any benefit from either means tested bursaries or scholarships awarded to our pupils during the year (2022: £nil). No expenses were reimbursed to Trustees during the year (2022: £nil).

In common with most independent schools, there is a contractual right to standard staff discount if an employees child joins the school.

There were no other related party transactions in the year (2022: none).

13 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2023 2022
Gains/(losses) arising on: £ £
Revaluation of investments (47,685)
(142,915)
Sale of investments 50,738 37,905
3,053 (105,010)

14 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

ST MARY'S COLLEGE CROSBY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

15 Tangible fixed assets

Tangible fixed assets
Freehold land Leasehold Leasehold Assets under Fixtures and Motor Total
and buildings land and improvements construction fittings vehicles
buildings
£ £ £ £ £ £ £
Cost
At 1 September 2022 630,424 1,200,000 1,560,067 222,187 1,933,374 73,906 5,619,958
Additions - - 29,917 343,818 82,599 13,194 469,528
Disposals - - - - - (5,650) (5,650)
Transfers 58,353 - 288,163 (446,150) 99,634 - -
At 31 August 2023 688,777 1,200,000 1,878,147 119,855 2,115,607 81,450 6,083,836
Depreciation and impairment
At 1 September 2022 174,318 400,000 857,755 - 1,390,336 41,439 2,863,848
Depreciation charged in the year 14,089 24,000 29,058 - 191,436 13,461 272,044
Eliminated in respect of disposals - - - - - (2,825) (2,825)
At 31 August 2023 188,407 424,000 886,813 - 1,581,772 52,075 3,133,067
Carrying amount
At 31 August 2023 500,370 776,000 991,334 119,855 533,835 29,375 2,950,769
At 31 August 2022 456,106 800,000 702,312 222,187 543,038 32,467 2,756,110

ST MARY'S COLLEGE CROSBY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

16 Fixed asset investments

Listed Cash in Total
investments portfolio
£ £ £
Cost or valuation
At 1 September 2022 1,341,617 36,935 1,378,552
Additions 256,726 - 256,726
Valuation changes (47,685) - (47,685)
Cash movement - 18,826 18,826
Disposals (207,035) - (207,035)
At 31 August 2023 1,343,623 55,761 1,399,384
Carrying amount
At 31 August 2023 1,343,623 55,761 1,399,384
At 31 August 2022 1,341,617 36,935 1,378,552

Fixed asset investments revalued

Investments are included at revalued amounts, being the market value of the shares at the year end. The historical cost of the shares was £939,808 (2020: £936,910).

17 Financial instruments

17 Financial instruments
2023 2022
£ £
Carrying amount of financial assets
Instruments measured at fair value through profit or loss 1,343,623 1,341,617
18 Stocks
2023 2022
£ £
Finished goods and goods for resale 37,210 38,532
19 Debtors
2023 2022
Amounts falling due within one year: £ £
Trade debtors 81,156 100,670
Other debtors 143,104 371
Prepayments and accrued income 148,600 109,606
372,860 210,647

ST MARY'S COLLEGE CROSBY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

20 Finance lease obligations

Future minimum lease payments due under finance leases:

Future minimum lease payments due under finance leases:
2023 2022
£ £
Within one year 50,000 43,964
Within two and five years 200,000 181,207
In over five years 187,500 215,743
437,500 440,914

The lease is repayable by equal quarterly instalments. In agreement with the Christian Brothers, instalments were recommenced in the 2022 financial year. No interest is charged.

21 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2023 2022
Notes £ £
Obligations under finance leases 20 50,000 43,964
Other taxation and social security 98,068 86,621
Trade creditors 323,388 348,345
Other creditors 73,818 63,809
Accruals and deferred income 535,060 542,230
1,080,334 1,084,969
Creditors: amounts falling due after more than one year
2023 2022
Notes £ £
Obligations under finance leases 20 387,500 396,950
Other creditors 124,984 166,710
512,484 563,660

22 Creditors: amounts falling due after more than one year

ST MARY'S COLLEGE CROSBY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

23 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

At 1 Incoming
Resources
Resources		 **Transfers ** At 31 August At 31 August
September
resources		 expended 2023
2022
£ £ £ £ £
College excursions 70,890 660,840 (671,644) - 60,086
Previous year: At 1 Incoming
Resources		 **Transfers ** At 31 August
September
resources		 expended 2022
2021
£ £ £ £ £
College excursions - 332,713 (292,863) 31,040 70,890

24 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 Incoming
Resources
Resources		 Transfers Gains and At 31 August
September
resources		 expended losses 2023
2022
£ £ £ £ £ £
Fixed Assets 2,315,196 - - 198,073 - 2,513,269
Contingency 660,000 - - - - 660,000
General funds 1,352,611 9,299,804 (9,082,981) (198,073) 3,053 1,374,414
4,327,807 9,299,804 (9,082,981) - 3,053 4,547,683
Previous year: At 1 Incoming
Resources		 Transfers Gains and At 31 August
September
resources		 expended losses 2022
2021
£ £ £ £ £ £
Fixed Assets 2,043,185 - - 272,011 - 2,315,196
Contingency 660,000 - - - - 660,000
General funds 1,214,762 8,575,806 (8,029,896) (303,051) (105,010) 1,352,611
3,917,947 8,575,806 (8,029,896) (31,040) (105,010) 4,327,807

ST MARY'S COLLEGE CROSBY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

24 Unrestricted funds

(Continued)

Fixed assets – this represents the net book value of the Charity’s fixed assets (less the liabilities thereon) as this represents funds which are tied up in those assets used for the charitable activities and thus are not considered to be “free” funds. The transfer of funds is in relation to the movement on fixed assets and borrowings in the year.

Contingency – this represents the estimated costs of significantly curtailing the operations of the entity should this be required in the future.

25 Analysis of net assets between funds

Unrestricted Designated Designated
Restricted
Restricted		 Total
funds funds funds
2023 2023 2023 2023
£ £ £ £
Fund balances at 31 August 2023 are represented by:
Tangible assets
-		 2,950,769 - 2,950,769
Investments
739,384		 660,000 - 1,399,384
Current assets/(liabilities)
760,014		 (50,000) 60,086 770,100
Long term liabilities
(124,984)		 (387,500) - (512,484)
1,374,414 3,173,269 60,086 4,607,769
Unrestricted Designated
Restricted		 Total
funds funds funds
2022 2022 2022 2022
£ £ £ £
Fund balances at 31 August 2022 are represented by:
Tangible assets
-		 2,756,110 - 2,756,110
Investments
718,552		 660,000 - 1,378,552
Current assets/(liabilities)
800,769		 (43,964) 70,890 827,695
Long term liabilities
(166,710)		 (396,950) - (563,660)
1,352,611 2,975,196 70,890 4,398,697

ST MARY'S COLLEGE CROSBY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

26 Operating lease commitments

Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023 2022
£ £
Within one year 10,728 10,728
Between two and five years 10,728 10,728
In over five years 21,456 32,184
42,912 53,640
27 Capital commitments 2023 2022
£ £
Amounts contracted for but not provided in the financial statements:
2023 2022
£ £
Acquisition of property, plant and equipment 288,323 68,970
28 Related party transactions
Transactions with related parties
There were no disclosable related party transactions during the year (2022 - none).
29 Cash generated from operations 2023 2022
£ £
Surplus for the year 209,072 480,750
Adjustments for:
Investment income recognised in statement of financial activities (32,708) (17,676)
Gain on disposal of investments (50,738) (37,905)
Fair value gains and losses on investments 47,685 142,915
Depreciation and impairment of tangible fixed assets 272,044 258,271
Movements in working capital:
Decrease/(increase) in stocks 1,322 (8,961)
(Increase)/decrease in debtors (162,213) 80,332
(Decrease)/increase in creditors (5,811) 153,758
Cash generated from operations 278,653 1,051,484

ST MARY'S COLLEGE CROSBY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

30 Analysis of changes in net funds
At 1 September **Cash flows ** Other non-cash At 31 August
2022 changes 2023
£ £ £ £
Cash at bank and in hand 1,663,485 (223,121) - 1,440,364
Obligations under finance leases (440,914) 50,000 (46,586) (437,500)
1,222,571 (173,121) (46,586) 1,002,864