Reglstered number: 05900743 Charlty numbèr: 1115975 RATCLIFFE COLLEGE (A company Ilmlted by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 RATCLIFFE COLLEGE IA company limited by guarantee) CONTENTS Page Reference and administrative detai15 of the Company. its Trustees and advlsers Trustegs. report 4-20 Independent auditors, report on the finan¢ial statements 21-25 Consolidated statement of financlal a¢￿vItIeS 26 Consolidated Imlance sheet 27-28 Company balance shgot 29-30 Consolidated ytatement of cash flows 31 Notes to the financial statements 32-69 RAT¢LIFFE COLLEGE (A Company Ilmltod by guarantse) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023 Trustogs Rev Fr A Furlong Rev Fr C Fuse. Chairman Rev Fr P Salnler Rev Fr T Thomas Mr R Gamble Mr P Rudd Mr S Burns Mrs M Goldslraw (resigned 4 September 20221 Rev Fr D Myers {reslgned 4 September 20221 Company reglstered nUM￿r 05900743 Charlty roglstgrod number 1115975 Registered office Fosse Way, Ralcliffe On The Wreake, Leicester, Leicestershire, LE7 4SG Govgmors The schwl has Ils own Goveming 8ody. The members who have served during the year and since are as follows.. Chair of Governors Mrs S Spillane Foundation Governors Rev Fr P A J Sainler Mr P Rudd Mr S Bums Ordinary Govemors Capt. D Amies lappoinled 26 September 20221 Mr S Astill (appointed 26 September 20221 Mr A Cameron-smilh (appointed 26 Septemb9r 20221 Mrs K Colville {resigned 1 Septembar 2022} MT M Cummins rs T Gamble Mrs J Linnet (resigned 1 September 20231 Mrs L Marsden Iresigngd 1 September 20221 Mrs M Riley Mrs M Kewell Mr M Wells lappoinled 25 November 20221 Page 1 RATCLIFFE COLLEGE IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 The Governors operated the following sub-comrnillees during the year: Pastoral, Boarding and Child Prote¢tKJn Chaired by Mrs T Gamble Education Chaired by Mrs M Kewell Finance and General Purposes Chaired by Mr S Burns Co-curricular Chaired by Mr M Cummins Remuneration Chaired by Mr S Bums Fr President Fr P Sainter Clerk lo the governors Ms J Scothern Senior Leadership Teafn Mr J Reddin, Headmaster Mr C Bellamy, Director ol Finan￿ & Operations Mr K Ryce Ms J Davis Mr C Ooneganlleaver April 20231 Mr B Harrison Mrs M Markham Mrs S Minford Mr J Rainer (starter April 20231 Mr A Yell (resigned 10 February 20231 Company Secretary Mr C Bellamy lappointed 1 September 20231 Independent auditors Duncan & foplis Audit Ltd, 3 Princes Court, Royal Way. Loughborough, LE11 5XR Bankers National Westminster Bank PLC, Market Place, Loughborough, Leicestershire, LE113NZ Lawyers Shakespeares LLP, 2 Colton Square, Leicesler, LE1 1QH Veale Wasbrough Vizards LLP, Narrow Quay House, Narrow auay, Bristol. BS1 4QA Page 2 RATCLIFFE COLLEGE (A company Ilmlt•d by guarant••) REFERENCE AND ADMINISTRATNE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2023 Inv•stment adv180rs Brewin Dolphin Ltd, 4th Flcor. 9 Colmoro Row. Birniingham. 83 2BJ H¢attsvood Wealth Managemenl Ltd, No 1 Kingsw8y, London, WC28 6AN Page 3 14ATCLIFFE COLLEGE {A ¢ompany 11m1t￿ by guarante•l TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The Trustees present their annval ￿ port together with the audited financial statements of the Company for the 1 Septernber 2022 10 31 August 2023. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company Comply with the ¢urrent statutory reqLJirements, Ihe rèquirements of Ihe charitable ¢ompanls governing document and the provisions of the Statement ol Recommènded Pra¢ti¢e ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1 C121 (effective 1 January 20191. Oble¢ttves and actlvltles . Tho Objocts of the Charity The Dbjects of the Charity are primarily the provision of a Roman Catholic School for boys and girls between the ages of three and nineteen and to carry on such other charitable works as advance the Roman Catholic religion. b. Alms Through the work in the School. the Charity seeks to provide an education for the children in the spirit of the Gospel and the traditions of the Catholic Faith. 11 seeks lo develop the natural and spiritual talents ol each child to Ihe best of his or her ability. Although il is a Catholic School. Ralcliffe welcome5 children from other lailhs where it is felt that they can benefit from Ihe ideals and environment provided. The Trustees, thTough thé Govèrning Body, seek to employ staff sympalhetic lo the aims and objects of the School and who could give their fullest support lo the work and the objects of the Charity. . Main Objectives and Strategies for the Year Each year the Charity produces a School Development Plan which sets out in detail the main objectives for the year and how these will be achieved throLJgh the operational departments of the School. The Senior Leadership Team inilially identify a series of Whole School Objectives. which are formally presented lo staff annually, logether with headline sub-objeclives for each target before being broken down into departmental operating plans for Academic departments, Pastoral areas and Support Services departrnenls. Progress against the tsrgets within the$9 detailed plans is reported by departments, monitored by the Senior Leadership Team and formally reported lo Governors on a termly basis. For each item within the detailed plan, there is an outline Df the reasons for the target, the steps proposed lo achieve it, an estimate ol the likely resources needed and an update on prog￿SS made includin9 identifiable success criteria. For the year ended 31 August 2023, the following Key Areas were Klenlified.. To b• a c•ntr• of academic axcellenco and Catholic leadership To create in5plrational learning environments to support academlc and co-¢urrl¢ular excellence. To dev&lop the CoSl&ge roll to a¢h5gvg long-term financial sgcurity To develop the boarding offer To be an environmentally sustainable school To develop student and staff wellbeing To in¢rtra$¥ our Publi¢ Bonefit Page 4 RATCUFFE COLLEGE (A ¢ompany Ilmltod by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Objective5 and activities IGontinuodl d. Volunteers The School receives assistance from a small number of volunteers who are genefally parents of students al the Sch¢X)I, who help out wtth school trips and aclNlties. e. Public Ben•fit The TnJ8tees have considered the guidance contained in the Charity Commis8ion'8 general guidance on publi¢ benefft and in particular ils supplementary public benefrt guidance on advancing education and on fee-charging, when oxercising their powers and duties and planning the future aGltvitie5 of the Charsty. The Gospel of Matthew recounts Jesus, words that insofar as we care for our po0￿St brothers, and si$lers' needs, we do il for Jesus. Our School Motto echoes this - Love is the ftjlfilmenl of the Law. 11 is in service to others that the great variety of ages. backgiounds. creeds and experiences among our staff and $tuden*s finds a common purpose. Partnershlp with LoiC8St9rshirg County Crlckol Club The Official Partnership with Leicestershire County Cricket Club continues to flourish, and we are proud of the opportunities the partnership offers our student8. staff and the Rat¢liffe Gommunty. The College supported Leicestershire County Cricket ¢l￿b wf(h a busy summer of cricket at Ratellffe Colleg8 hosting 22 LCCC Pathway fixtur&s. Tho visiting counties included teams from Bedfordshire, Durham, Northamptonshire, Nottinghamshire, Oxfordshire, WaN4i¢kshire, and Yorkshire. A special thank you lo Mr Chris Moody, Head of Grounds, and his team who have provided excellent wickets for our visitsng counties, and ft>r all their dedication lo promoting the sport of cri¢ket. Thg College looks fO￿ard to continuing our partnership wlh Léicestèrshi￿ County Cri¢ket Club lor the 2024 season and to welcome back players, their familie8 and the LCCC Academy Pathway coaches to the College for next season's cricket. Enhanclng the Ratcliffv experfonce The fundraising over the course of this academic year has made a resounding difference lo many aspects of the College. Parent donations, alongside donations from the Parents Associatson have amassed to over £33.500 which have supported projects or items within the school directly benefrtling students throughout the year, onhancing the1gamin9 experience. Ratcllffe College Ukralnl•n Crl31s Appeal Wg are delighted to share the Incredible news of generosty and support from one of our este8med Old Ralcliffians, Mr. Peter Daley Iclass of '561. Mr. Dal8Ys heartlelt wish to uplift the boarding eyperience for our Ukrainian girls has made a lasting impact. His donation enabled us lo enhance the aceommodalKJn and liwng spaces for our Ukrainian students. The gids, with carefL¢I consideration and help from their friends in Boarding, chose to use the money to purchase a new targè sofa. a wffeg machine, some stools for Ihe kitchen, and other decorations SLtch as mim)rs and decorattrve itgms to transfomi their shared living spaces. We express Our deepest thanks to Mr. Daley for his rematftable support. which has signffj￿anIty impactad the Page 5 RATCLIFFE COLLEGE IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Objectives and activities Icontinuedl lives of our Ukiainian girls in boarding. Hi5 involvement and generosity exemplify the spirit of the Ralcliffian community and echoes the spirit of 'giving back ID Ralcliffe,. Lourdes Pilgrimage HCPT 2023 40 Pilgrims look part in the annual HCPT pilgrimage to Lourdes in France, slaying al Hosanna House. HCPT'S Hosanna House offers life changing pilgrimages lo Lourdes for disabled and disadvantaged people of all ages, something that Ralcliffe College governors, staff, old Ratcliffians and stLJdents has supported for many years. The week was truly special, we look part in torch light processions, prayer al the grollo and holy masses al many places including the underground Basilica and a local Ukrainian church. As always it was a life changing experience, and we look forward returning next year. Cathollc Schools Carol Concert In ald of Menphys This was the first time post the pandemic where the Coltege could once more lake part in the Carol Concert in aid of Menphys al De Montfort Hall in Leicester on the evening of Friday 2nd December. Sixteen students from the School Choir had the opportunity lo lake part in this wonderful concert and we decided lo make a day of i(, attending rehearsals with the other local Catholic primary and secondary schools in the morning and early afternoon, and thereafter enjoyed a game ol bowling al Lane7 and then dinner at Pizza Express before the concert. Ratcliffe students joined in with five massed Choir songs, and many congregational carols. in addition lo performing a 5010 number and sang Mf. Finn's own compos11ion, 'Ring out the Bells,. My sincere thanks lo Mr. Finn for attending the rehearsa15 and the evening performance lo accompany us on the piano whilst he was suffering with the flu. Thanks also to Maisie Ashford-clark and Ben Kay for acting as cOmpe￿S for the first half of the concert- they really excelled themselves and We￿ superb ambassadors for the school. In addition to raising over £100,000 for both domestic and overseas causes during the year, the College has aided the community in many other ways, including.. - Voluntary Service Unil weekly assistance lo the Syslon Friendship Group Sl Vincent de Paul Society Mother Teresa Group Provision of surplus clothing for donation overseas Hosting the Annual Community Carol Service. with refreshments Nursery & Junior Nativity performance for local senior citizens group Donation of surplus food lo local homeless centres Donation of Harvest Festival provisions to the Carpenlerf5 Amis Assislan¢e at the Carpenter's Am)s Helping out at the LOROS Charity shop in Syston Free use of School ground5 for local charitable fundraising events Free use of School minibus and driver to local village primary school & other charitable groups Financial support and sludenl participalK)n for HCPT in the annual Lourdes Pilgrimage Page 6 RATCLIFFE COLLEGE {A company Ilmlt¢d by guaranteo) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Obla¢tlves and actlvltles Icontlnuedl f. Bursary Policy Ratcliffe College wishes lo encourage the inelLTrsion of thr1d￿n, from all sections of s¢xiety. whose parents feel they can sharo in and benefrt from the ideals and environment of the School. In order to facilitate the accossibility of the School lo parents who would otherwise be precluded for financial reasons, the School introduced a bursary scheme with effect from September 2008, (Rosminian Bursaries) which aims lo offer a number of new bursaries each year. Dtjring the year ended 31 August 2023, there were 9 students in receipt of s¥Jch bLtTsaries, with a total value of £128,000. l of these bursaries was newty awarded £1 the beginning of the School Year. The School is committgd to the widening of the accessibilty of ils resources to the public through the provision of bursafies and aims to increase the lolal value of bursaries awarded yfrar on year. bul musl act within ils fin8ncio1 means at all times. An additional 5 bursaries of 100Vts wero awarded lo students from the Ukrain8 totaling £167,000. In 2012113 School Year, a further Bursary Scheme was launched which offers bursaries of up to 100Yo lo talented students (judged in ￿latIon to academic performance, sport, music, drama or art & design} entering the Sixih Form from the maintained 5edor who meet the financial crrteria. 13 students were in receipt of bursaries to the value of £104.000 under thg scheme this year. The SchcKJl has also established an addFtional bursary scheme for students of all 8ge8, Using annual fvnding provided by a former sludenl. Fund$ to the valufr of £21,000 supporting a number of students which were gwen out during the year. An 8ddiliono1 £12,000 was awarded from the Jame fund lo support costs that are unrelated to fees for the Ukraine fund. In addilron the School has for many years offered redurtions of lesser bul not instgnrficanl amounts against the main school fees, based on financial circumstances, via tts relationship with a trust set up through ils past pupils. association. During the 2022r23 Sch¢)ol Year, there were 16 students in receipt of $u¢h bursaries, lotaling £51,000. Thg School encourages applications for 11$ various bursary schemes via the production of a proth)tional booklet and the inclusion of a dislincl page w5thin the School Website. g. Fundralsing Rat¢liffe Collego subscribes to the Code of Funtjraising Practice in all of its fundraising activities. The code is implemented Ihrotsgh oui fundraising processes. Every person involved in fundraising for Ratcirffe College, is trained and inducted on the expectslions as set out In the code of practice. We Comp￿ with all the GDPR legal requirements regarding don0￿, or fundraisers, personal data. No third-party organisalions or consultants were Sed for raising ftjnds for Ralclrffe College. There have been no breaches or complaints receThied with the application of this code and GDPR regulations in the repo￿￿9 period. Strategk rèport Achigvaments and perfom)anc• . Key perfomiance Indlcators The Trustees are vory keen to See that the elho8 of the S¢hool 1$ maintained. Antonio Rosmini, the Founder of the Institute of Charity, was an advanced thinker and respeded educationalist both in his own age and today. When Ratcliffe College was founded he laid down the basic principles tspon which the School shotjld b& run, and the Trustees seek to Conlinye these today. The important person is the child. His or her welfare and Page 7 RATCLIFFE COLLEGE (A company limited by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Stratègic report Icontlnuedl Achlgvements and performan¢e {continued) development lo full potential have lo be al the forefionl in everything that is undertaken in the School. Thi5 applies in the spiritual life of the children and in the organisalion of the academic, physical and cultural activities of the School. These principles are set out in the Mission Slalemenl of the School. A Level Results Congralulalion5 to Year 13 students al Ralcliffe College who enjoyed success in their A Levels this summer. with many proijdly achieving their first-choice deslinalions. Among the students who were delighted wlh their results were Krtty Ye who commences her gap year having attained 5 A's, whilst Marco Chan, fellow boarder, will read Medicine al Brighton and Sussex Medical School having achieved 3 A's and 2 A grades. Congratulations also to Danai Masiyakurima. having achieved 1 A. and 4 A grades and Daniel Bailey. Deputy Hèad Boy. who achieved 3 A grades and commences a Flying Start Apprenticeship with PCW. 3 A grades were achieved by Ella Clark, Charles Jin, Kush Parekh, Luca Salem and Vyashli Rajpara. Tallulah Wood, who achieved a Triple Distinction in her BTEC National Extended Diploma in Sport. is heading lo the University of Nottingham lo study Sport Rehabililalion. Mr Reddin, Headmaster said.. 'A special mention lo our rising football star, and inspiring student, Olivia Gilbertson, who kicks off her overseas adventure this week, as she embarks upon her Soccer Scholarship at Quincy University, Illinois IUSAI. We wish her every success with her studies and her footballing journey., "The cohort of 2023 will always be synonymous with the challenoes prèsented by the pandemic, having received Teacher Assessed Grade5 in 2021, and they are the first cohort lo experience the impact of the Government's decision ID lighten up on grade Inflation lo reflect pre-pandemic levels. We are incrodibly proud of the way in which they have supported one another and remained true to our Mission as a C*holic School. We wish them every suceess as they move on lo higher education and successful careers in the future. Thank you, Year 13, for being such wonderful ambassador5 for Ratcliffe College." GCSE Results Students al Ratcliffe College were delighted with their GCSE results this year. Foty-five percent of all grades 7 or above. double the national average. Headmaster, Mr Jonathan Reddin. commented.. "Heartfelt congratulations ID all our students who received their GCSE results today. l am especially proud of their grades, which have been achieved against the uncertainly of the COVID pandemic. The students and their teachers have worked incredibly hard and thoroughly deserve this succes5. We are excited to b8 welcoming this cohort into our fantastic Sixth Form in September and we look forward lo their continued success as they begin their A Level courses.. Special congralulalion5 to Harry Bird and Millie Lake who achieved grade 7 or above in eleven subjects. We also congratulate Ethan Zhan9. Alice Bower. Maisie Collier, and Mollie Hunt who achieved grade 7 or above in ten subjects. whilst Ayobomi Abiodun. Bella Wilson, Amy Yip. Bruce Cheung. Jack Lam. Francesca Best, Thea Appleyard, Holty McNeeney, Lucas Gronow, Olly Clark. and Issac Lui achieved grade 7 or above in nine subjects, a rnarvellous achievement. Page 8 RATCLIFFE COLLEGE {A company 11m1t￿ by guarante•) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Strateglc report Icontlnued} Achievèments and parfomiance {contlnu•d) Beyond academlc excellenee, Ralcliffe College focuses on nurturlng the whole child with an emphasis on developin9 their spiritual. moral, social, and physical attributes through an oulslanding pastoral caT8 programme. which includes access lo a broad range of co4urrieular and enrichment opportunities. Whether joining our Sixth Fomi as a day student or a boarder, our young people develop into confident, articulate, independent and caring individtsafs who go on to make a positive drfference to the communities in which they live and woth. Cro$$ Country Succes8 The Cross Country Team had another rem8rkable year, 8howcasing their ¢onlinuous gro￿ and success. The season was filled with not&worthy perfofmances that truly highlightod tho exceptional talent of the Ratcliffe College team. The year kicked off with the highty anticipated King Henry Vlll Relays, Whe￿ two teams proudly represented the school. The A team naTrowty missed first place byjust 1 second, secLtring an impressNe second place finish. Il's worth noting that their time of 54 minutes and 49 seconds was the third fastest in the 23-year history of the race. This achievement is even more remarkable considering that the race was an U18 competition. The team, omposed of Shai King, Violet Rudkin, Luan Power, and Matslda L)on. demonstrated OLrtstanding skill and delerminatK>n. The team'$ su¢¢ess ￿ntinued at the Leicestershire and Rulland Championships, where the girfs d¢)minaled their res￿lIVe age groups. Matilda Don (Year 7 Girfsl. Violet Rudkin (Junior Girls}, and Shai King Ilnter Girls) all emerged victorious in their races, securing wins across the board. 8uiEOing upon their triumph$ 8t the County championships. five girls from the team went on lo compete in Ihe national championships. Matikja achieved an impressive fourth place finish in the Year 7 ChaMp￿nShIpS, while Luan secured a commendable 20th place in the Junior Giris category. Shai displayed remarkable talent. earning silver medal in the Inlermediale Girls Tace. Furthemiore. Shai's exceptional perfomance qualified her for the SIAB Inlemalional Race. where she finished in an Impra88ive fourth position. A huge ￿ngratUlationS goes out to all the stydonls who lopresented the school team this year. Their dgdicalion and hard work were evident In their outstanding perfomiances. Looking ahead, the team hopes lo extend their 8uccesses to include boys. teams in the upeoming year. Page 9 RATCUFFE COLLEGE IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Strategic report {continued) Achievements and perfomiance Icontlnuedl Financial review a. Flnanclal Results The year represented an improvement in financial perfomance following the impact of the global outbreak of COVID-19 on prior year performance. Incoming Tesources were £15,260,461. Resources expended were £15.390,380. The nel outgoing resources (before investment lossesl for the year ended 31 August 2023 w85 £129,919. The overall nel movement in funds for the year ended 31 August 2023 was a net decrease in funds of £226,352 following a £96,433 loss on the fair value of investments during the year. Fee income for the year was £14,885,298. This was expended in the pursuit of the objectives outlined within this report. b. Subsidiaries The Charity has one wholly-owned subsidiary, which carries out non-charilable activities for the Charity. Ralcliffe Enterprises Limited provides catering and conference facilities for organisalions and individuals using the facilities of Ralcliffe College, along with the operation of the College tuck shop, break-time shop and vending machines. Its profil for the year ended 31 August 2023 was £28,211 12022.. £18,174). A Gift Aid payment of £14.046 was made to the Charity during the year12022.' £nill. More details regarding the Enterprises subsidiary are Shown in note 34 to the finaricial slalemenls. . Reserves policy Al 31 August 2023, the unreslricled funds of the Group were £26,288,583. £28.115,535 is represented by fixed assets. Therefore, the Group Currently has no free reserves and £4,329,453 has been used lo finance expenditure on fixed assets through loans and borrowings. Governors ensure that there are adequate resources available lo meet the financial requirements of the School and aim to reach a level of free reserves of at least hair a term's expenditure in the near future. At 31 August 2023, the restricted funds of the Group were £495,970. The purpose of these funds is to contribute towards bursaries and scholarships for students. Page10 RATCUFFE COLLEGE {A company limitgd by guar•nt•fj) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 d. Investment Powers, Poll¢y and Portornianc• The Truslees, investment powers are govemed by the trust deed, whlch pem)its the charit￿S funds to be invested in securities listed on the London Stock exchan9e. The Trustees, policy was to maintain income while preserving the real value of the investments. Historical investments are reslricted funds ¥￿Ich were invested by Brewin Dolphin Securities in a portfolio of fixed interest and equity funds. The investment values have incieased by £3.568 10 £226,692 during the year and inve$lmenl income in 2023 was £5,076, a relum of 2.24.10 on average investment values. The TrLSSt$es are seeking to improve perforniance I￿th in lems of capital growth and income generation. The Charty holds ￿ further funds with Handelsbanken Asset Management. The fitsl fund is kn¢)wn as th Balanced Mulli Asset Fund C. As of 31 August 2023, these were valued at £626,314. The second fund Is known as the Income Plus Mulli A88et Fund C and is aimed al generating in￿me, to replace the diminishing returns from fixed interest deposits. This fund wa5 first invested during 2017118 and as of 31 Augy5t 2023 this was valued at £896,844. In addrtion to these investments, the Charity has an investment property. Ralcliffe Fam. This was valued 81 £1,100,000 at 31 August 2023 following a professional valuation bein9 carried out by Mather Jamie in December 2022. Structurei govgrn•nco and managgment . Constitutlon The charity is controlled by ils goveming docLtmenl, a deed of trust, and constilules a limited company, limiled by guarantee, a5 defined by the Companies Act 2006. b. Structure and Gov8rnan¢8 The Charitable Company 'Ratcliffe College. was incorporal&J on 9 August 2006 arsd registered under the number 1115975 with the Charity Commission. From 1 September 2006, the Company look over the net assets and ope¥ations of the Charity 'Trustees of Ratcliffe College. leslablished by a Trust Deed executed in 1923) which related to Ralcliffe Cdlege, a school at Fos$e Way, Ralcliffe on the Wreake, Leicestershiro, founded in 1847. At the same lime. the remaining nel assets and operations of the Charity 'TTUStees of Rat¢liffe College" were transferred to a second Charitable Con7pany "Grace Oieu Manor School. Icbarty number 11159761 which operates a school of the same name in Thringstone, Leicostershire, founded as the Preparatory School for Ratcliffe College in 1933. 'Truslee$ of R*liffe College. no longer has any as$et5 Qr operations and has been deregistered a$ a charty- Page11 RATCLIFFE COLLEGE IA company limited by guarantee) TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023 Structure, governance and management {continued) c. Governance The foundation of Ratcliffè College was made by the Religious Congregation called the Institute of Charity (often called the Rosminians after the Founder, Blessed Antonio Ro$mini}. The Trustees are mgmbers of the Congregation. Members of the Congregation provide Chaplaincy facilities in the school. New Trustees are appointed by Fr Provincial in consultation wrth the Board of Trustees. Where additional Trustees are required. they are either appointed from the members of the Rosminians or the Charity encourages existing Trustees and Governors to pul forward namgs or discusses with similar organisalions whether they are aware ol suitable candidates. The Governing Body consists of up to ￿e1ve members of whom IMO are Trustees (Foundation Govemorsl., the remaining len are appointed by the Trustees (Ordinary Governors) after consullalion with the Goveming Body. The terms of service are detailed in the Memorandum and Articles of Association, Article 55. Where additional Govemors are required, the Charity encourages existing Trustees and Governors lo put fonKard names or discusses with similar organisalions whether they are aware of suitable candidates. New Trustees and Governors are provided with full infofmalion on the Charity's constitution, object5 and finances. Training material is made available as necessary and appropriate training seminars are held or made available externally for the benefil of the Trustees and Govemors. d. Management The Trustees enlrusl the management of the School lo the Board of Govemors, whose powers and duties are sel out in the Memorandum and Articles of Association, Article $5. The Trustees are kèpl fully informed of the management of the School, receiving Minutes of the Governors, Meetings and their sub committees. These are reviewed regularty in the Trustee meetings. The accounts attached show the financial position of the School. which is commented on in the various notes therein. The Headmaster and Director of Finance meet formally with the TrLJStees on a lemly basis. The Remuneration Committee meets al least onc@ per year lo set the remuneration of membgTS of the School's Senior Leadership Team for the following year. Recomrnendalions on salaries are made lo the Committee by the Head and Director Df Finance, accompanied by sector specific salary survey infomalion as appropriate. o. Connected Charlties The Institute of Charity {charity number 2225081 and Grace Dieu Manor School l¢harily number 1115976} are considered lo be connected to the main charity because they have.. Common, parallel or related objects and aclivilies. and Common control Page12 RATCLIFFE COLLEGE (A company Ilmltèd by gu#Yantèè) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2023 Structur0. govemance and management (Gontlnugd) f. Truste&s None of the current Tru$lee$ are resident in the School. The Trustees receive no remuneration for their service8, nor (where applicable) for the work they do in the School. The Tru5teo$ are entitled to recoup lègilimale expenses incuryed in the course of their duties as Trustees. g. Employment Polici88 It is the School's policy to have effective communscalion and consult8tion with it$ staff. In addition lo the fornal appraisal sy81em, Teaching staff attend a staff briefing each moming before classes begin, have at least one collective INSET session per teTm and operate a Common Room Committee lo raise matters of interest or concgm with tho School. Non-teaching Staff have access lo the notes of the staff briefings and discuss matters of interest or concem al the weekly Diary Meoling. Copios of all employTnenl policies are coritained within the relevant Staff Handb(x)ks and a￿ available on the Staff shared aroa of the Sch￿1 nelAvork. h. Dlsabled Employees The School gtvos proper consideration lo all applications for employment of disabled persons. Those who are recruited and Ihoso who become disabled in employment recewe appropriate training. career development and promotion. Page13 RATCLIFFE COLLEGE IA company limited by guaranteel TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Structure, govomance and management (continued} l. Prlnclpal Risks and Uncertainties Str&l8gic Risk Assessment The Governing Body and SLT held two Strategic Enlerprise Risk Workshops in March and Juty 2022 resp&¢tively. The workshops were lead by consullanls from Ecclesiastical Risk Management. The exercise idenlrfied 23 key strategic risks to the College, which were iecorded on a revised strategic risk register. The Risk Management Exercise was based on the seven Strategic Objectives identif￿d within the College S Year Slralegic Plan. The Enterprise Risk Management Framework then identifies the following risk calegorie$', Strategi¢ Risks: Negative impact on strategic objectives e.g. reorganisalion, change in priorities, financial sustainability, reputation issue Operational: Negative impact ori day-l04ay operations e.g. Loss of a critical system. theft, damage, property maintenance, business interruption People: Negative impact on staff, volunteers of the organisation or the people it interacts with e.g. key person dependency, rècrurtment & retention. capacty & capability LegallRegulatory: Negative impact on the organisalion's ability to comply wth the legal & regulatory landscape e.g. governance, non-compliance. breach of data protection Financial: Negative impact on tha tinancials of the organi5alion e.g. increased pension fund liabilities, negative movements in the inlerest rate, fraud, fvndraising The Strategic Risk register was completed in July 2022, there is a process in place lo ensure risk reporting is part of regular meetings, the monilofing of which, is dele9aled lo the Senior Management Team. Health & Safety The Health and Safety Committee mee15 lermly and Ils minutes are passed to the Governing Body, which carries out ils own review of the Health and safety policy on an annu81 basis. The Governors Finance and General PLJrposes Committee receives a lermly report on Health and Safety. A specific Governor is nominated lo have Health and Safety responsibility. an¢J as such is a member of the Health and Safely Committee. The Trustees are happy that all major risks have been reviewed and the appropriate systems or procedLtres. as outlined above, have been established in order lo manage those risk5. Risk Management In addition to the Strategic Risk management exercise. a number of issues have been identified whrh Could have a significant impact on the future funding of the school. Page 14 RATCLIFFE COLLEGE IA company Ilmlted by guarantse) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Structur8, govornancè and managomènt Icontlnu•dl Pupll numbers The School eurrenlly is virtualty at capacty across all age ranges, but recruitment in year 5 is expected lo remain challenging for the foreseeable future. as this is not a natural year to change schods. The recTuf(ment of overseas boarders has been signfficanlly negalivety impacted by the COVID-19 Pandemic, and this is expected to remaln challenging for at least a further 24 months. En•Tgy Costs In October 2023 the College signed a tsvelve4nonlh contract for the suppty of electrlcty. Iherelore fixlng the major energy ¢05ts lo the College until October 2024. In addition, the College undertook the inslallalion of 300 solar panels in August 2023, which should reduce the tclal electricity costs, on a long-temi basis. Govemm•nt Policy T9a¢hers Pen$ion$ Schemg An increase in employer cOntrib￿lI0nS to Ihe Teacheis. Pension Scheme ITPS) was impkmented on 1 Septembef 2019, the school remained in the TPS for thè 2022-23 yeaf. The Govemmenl missed the September 2022 deadline lo announce the SCAPE discount rate, which is used lo project benefrt payments back to the present day. Following this tong peri¢)d with very little concrgle infomialion on Ihg TPS valuatK)n, the Govemors will have somo foresight when HM Treasury responds lo tho SCAPE di$coL¢nl rale consultation. Ahhough there is no timetable in place. there 18 an expectation that TPS valuation results may appear in earty 2024. ahead of changes lo College costs $Ch￿uled for Aprfl 2024. Los$ of Mandatory Busingss Rate Relief IMBRRI The potential abolition of the 800/0 discretionary relief on business rates for Independent Sch¢)ols has been talked about lor a llttle while and has been implemented in Scotland and probable in Wales. The College will be making provi¥ion in the 2024-2025 and 2025-2026 budget forewts for the10$3 of M8RR. Affordablllty of a Ratcllffe educatlon The School operates in a very competitive le￿al market, wth the continuing trend of school fees rising faster than earnings acTOSS the Independent Sector. The governors are mindful of the number of families being ptaced under greater pressure by nsing fee$, as wo11 as those boing Fjolenlially priced out ol the market place in the first place. Th¢ Govenors wnsider the following factor5 will potenlialty have an impad on the costs of school feo$'. Rising cost of living costs for families Post Cov1￿19 pandemic lag effeel on families Proposal for VAT on school fees and the abolition of M8RR Increased cost of electricity Saftrguardlng of puplls, staff and prèmls8S The saf$ty of ovory child is of paramount importance al Rat¢liffe Collggg. Safeguarding and Child prote¢tion are seen a$ everyone's responsibility. Ratcliffe College is 8 place where we h¢lp young people to achieve their greatest potential. The wamth of the Ralcliffe community allows children lo thrive in all aspects of school lrfe. 11 15 therefore essential that the foundation lor our eommunty is buitt upon 8 secure and safe environment whe our students can be free lo develop without abuse, wrth the space to grow and be ¢hildr¢n. Page15 RATCLIFFE COLLEGE IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Plans for future period$ The School has drawn up a 2022-2027 5 year Strategic Development Plan, 'Learning and Growing in the Light of the Gospel" based around ils Vision "To be a loading Catholic independent day and boarding school. which is financially secure. The Vision Stslement is- "Encouraging Big ideas" The Strategic Plan- Provides a coherent strategi¢ vision for the College. Provides the opportunity for all within the College community to embrace this vision and work together to ensure ils delivery. Serves as a clear slalemenl of intent for the College's Senior Leadership Team (SLTI and members ol the Goveming Body and Board of Trustees. Provides all members of the Ralcliffe College community (students. staff, current and prospective parents. member5 of Governing Body and Board of Trustees, Old Ratcliffiansl, with a clear understanding of the future direction of the College. Whole College Culture: A clear. understood and 'lived' Catholic Mission with an inspirabonal Vision A safe and secure environment with effective management of resources Highly effective leadership and governance High slandards and expectations for all built on a strong safeguarding culture A bespoke, innovative, creative curriculum underpinned by outstanding Teaching and Leaming Ratcliffe College Stralegic Framework: Ten core strands have been identified as providing the framework necessary to meet these slTalegic goals. These are based upon the ISI framework. The quality of student achievement and learning The quality of leaching and assessment The quality of pastoral cale and arrangements for student welfare (including boarding) The quality of our co-curTiculaT provision The quality of the spiritual, moral, social and cultural development of our students The quality of leadership and management The quality of governance The quality of communications including marketing and alumni relations Public Benefit- Charitable Activities Commercial Enterprise Page 16 RATCLIFFE COLLEGE IA ¢ompany limltsd by guarnntsel TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Sectlon 172 The Govemors and TrLtslees consider both individu8lly and colleetively, that they have acted in a way that they consider. in good faith, would be most likely lo promote the success of the charitable company, and group in order, to achiove its charitabl¢ purposes and in doing so has given ￿ard to the stakeholders and matters set out in s172 of the Companies Act. The success of Ralcirffe College is reliant on the SLtpport of all of OUT Stakeholders, and it is important to the long- teryn succes5 of the colleg8. to continue lo build and maintain positive relationships with all stakeholders. Relationshlps with our èmployoes Thè college recognises the key to our suecess are our people. and we wanl them to be su¢cossful both as individuals and as a team. The cOl￿e is commilled to providing a working environment and culture that promotes equal opportunities and is free from discrimination. Our behaviour is consistent with the expectations of our community. and we recognise the benefit of effective communication with employees. The college ensures that infomiation 1$ readily available to employees through regular meeting5, an intranet sits, mlkg8 app, daily and weekly briefings. Rolatlonshlps wlth our students The students are key lo eveWing that we do. The Govemors and Trustees and charity are wnmitied lo promoting excellence and the individual needs of ea¢h student is onlral to the succè￿ of the colkge. Further detail included on Pages 7 to 9. R•latlon$hlps with our widor Community The eollege welcomes several of the wider ¢ommunily-ba$ed organisalion$ onto the ￿MpuS daily. This in¢lude$ l¢xal primary schools and voluntary groups making use of the schools, wido range of facilili8s. Students al the college exiend their reach oufyvards into the wder community through extensive fundraising actwities and events. These events very successftjlw raise significant funds and at the same lime promote awareness in the student b¢)dy lo wider ¢ommunty and global Ghallgnges. Further details of specific gxamples of community projecls in the year on Pages 5 and 6. Sclence Workshopg for Local Prlmary Schools SL Josephs Catholl¢ Prlmary School Sclgncg Work$hop~ Forgn$l¢ Sclen¢e Children from Sl Joseph's Catholic Voluntary Academy thoroughly enjoyod becoming forensic scientists at Ralcliffe College. The children were introduced lo rw leaming experiences throughout and they certainly wasted no lime rolling their sleeves up lo crack the casel Hostsng workshops like these al Ratcliffe is great for developing partnerships with Irjcal Primary schools and the W￿er community, and as Sl Joseph's is a fellow Catholic School we were delighted lo welcome them and strengthen our relationship further.. Plumtreè Prlmary School Sclen¢e Workshop - FO￿e$ In September, 14 Plumtree Primary School pupils were welcomed to Rat¢liffg College to spend the day with thg Science Department in a series of excrting wothshops related to the topic of forces. The day began with a trio of demonstrations, observing how a push fiom the air can speed things up, how a m8gnelic force can slow things down, 2nd how air pressure can change the shape of an object. After being wowed al the sight ol magically expanding shaving foam. levitating ping pong balls and air-powered unravelling toilet roll, the thildren were then ready to start the fir81 of their two science workshops. Page 17 RATCLIFFE COLLEGE IA company Ilmlted by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Greenhouse gas emissions. energy consumptlon and energy efficiency action The School's greenhouse gas emissions and energy consumption are as follows.. 2023 2022 Scope 1 emissions lin tonnes of C02 equivalontl: Gas consumption Heating oil and vehicle fleet 187.08 477.67 235 30 525.26 Total scope 1 664.75 760 56 Scope 2 omissions lin tonnes of C02 8quival8nti'. Electricity 211.01 230.02 Total gross emSsslons {In tonnes of C02 equivalentl 875.76 990.58 The Strèamlined Energy and Carbon Reportln9 ISECRI figures will present a benchmark for future activity. We have a policy of recoiding and reviewing all energy use and investigating unexplained ariomalie5. The main School electricity is half hourly and consumption use is studied to check that il follows expected pattern5 of use. Both staff and pupils are well aware of and wish lo contribute to reducing energy consumption and follow best practice lo achieve this. Quantification and reF)Orting methodology The methodology we have used is The GHG Protocol Corporate Accounting and Reporting Standard. We have followed the 2013 UK Government Environmental Reporting Guidelines lupdaled March 20191. We have used the 2022 UK Governmenl's Conversion Factors for Company Reporting. The energy efficiency narrative methodology has been created based on energy management best practice. Organisational boundary We have used the financial control approach. Page 18 RATCLIFFE COLLEGE (A company Ilmit￿ by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Groonhouse gas èmissions, energy eonsumption and energy efflclency actlon Icontlnuedl Int•nslty ratlo 2023 2022 Melrlc used.. £m turover 14.637 13.306 Intsnslty ratlo.. Tonnes of C02 equivalent per £m lum¢Mr 59.83 74.45 11 was dacided to Use total Em tumover as our metric. The resulting intensity ratio of tC02e per total £m tumover will best refiecl changes in operation and energy consumption over time. Statement of Trustees. responslbllltl•s The Trustees (who are also the d1￿CtorS of the Company for the purpose$ ol company lawl are responsible for preparing the Trustees, report including the Strategic report and the financial slalemenls in a￿ordanCe wfth applicable taw and Unitgd Kingdom A￿OUntIng Standards Iunited Kingdom Generally Accepted Accounting Pr8Cticel. Company law requires the TNslees to prepare financial 5tatem8nts for each financial . ur￿er company law, the Trustee5 must not approve the financial statements unless they are sati$fi¢d that they give a true and fair vsew of the slate of affairs of the Group and the Company and of their incoming resour¢8$ and application ol resource$, including their income and expend(ture, for that perioj. In preparing these financial slatemenls. the Trustees are required to.. select suitable accounting policies and Ihfjn apply them ¢onsislently', observe the methods and principles of the Charilios SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been folEowed, subject to any material departures disclosed and explained in the financial slatemenl$', preparo the financial slalemenls on the going concern basis unloss f( is inappropriate to presume that the Group will conlinue in business. The Truste8s afg responsible for kesping adoquale accounting records that are suffici9nl lo show and explain the Group and the Companls transactions and di￿￿O$e with reasonable accuracy al any time the financial position of the Group and the Company and enable them lo ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safèguarding the assets of the Group and the Company and henc& fof taking reasonable Steps for the prevention and detection of Iraud and other irregulafities. Dlsc5osure of Inforniatlon to audttors Eaeh of the persons who are Trustees at the time when this Trustees. report is approved ha$ ¢onfimed th81.. so far as that Tmstee is aware, there is no relevant audit inlormation of which the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken s$ a Trustee in order lo be aware of any relevant audit infomiation and lo establish that the charitable group's auditors are aware of Ihal information. Page 19 RATCLIFFE COLLEGE A company Ilmited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Approved by order of the members of the board of Trustees and signed on their behalf by.. Mr S Burns Dale.. Page 20 RATCUFFE GOLLEGE (A company Ilmlted by guarantsel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF RATCLIFFE COLLEGE Opinion We have audited the financial statements of Ralcliffe College (the 'parenl charitable company'l and its subsidiaries Ilhe group'l for the year ended 31 August 2023 which comprise the Consolidated statement of finanoal activiiies, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and Unf(ed Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Klngdom Generalty Accepted Accounting Practlce). In our opinion the financial slalement$'. give a true and fair view of the state of the Group's and of the paTenl eharilable companls affairs as at 31 AugLtrsI 2023 and of the Group'$ incoming re$ource5 arKI applicatw of re50urce5, including ils in¢om8 and expenditure for the year then ondfjd,. have been property prepared in a¢coTdance with United Kingdom Generally Accepted Accounting Practice., and have been prepare¢l in accordance with the requirements of the Companies Ad 2006. Bas18 for oplnlon We conducted our audit in accordance With Inlernalion81 Standards on Auditing (UK) {ISAs IUK}l and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the aud(t of the financial statements Section of our Teport. We are independent of the Group in accordance wf(h the ethical requirements that are relevant to our audr( of the financial st*ements in the United Kin9dom, including the Financial Reporting Council's Ethical Stsndard, and we have fulfilled o*Jr other ethical fesponsibililies in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropTiate to provide a basis for our opinion. Concluslons rnlatlng to golng ¢on¢ern In auditing the financial slalements, we have concluded that the Tru8tees' use of the going concem basis of a¢eounling in the preparation of the financial statements is approprlal8. Ba$od on the Work we have ￿rroM7Qd, we have not identified any material uncertainties relating to evonl$ or conditions that, individually or colle¢livety, may cast signrficanl doubl on the Group's or the parent charrtable company's abilty lo continue as a going concem for a period of al le8St months from when the financial $lalemenls are aulhorised for issue. Our responsibilitie5 and the responsibilities of the Trustees wth rgspect to going conc8Tn are doscribed in the relevant sections of this report. Page 21 RATCUFFE COLLEGE IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF RATCUFFE COLLEGE ICONTINUEDI Other information The other infomation comprises the information included in the Annual report other than the financial statements and our Audilors, report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial slalernents does not cover the other information and, except lo the extent otherwise explicitly slated in our report, w¢ do not express any fomi of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other infom)alion is materially inconsislenl with the financial slalemenls or our knowledge obtained in the course of the audit, or otherwise appeafs to be materially misslaled. If we idenlty such material inconsistencies or apparent material misslalemenls, we are required lo detemiine whether this gives rise lo a material misslalemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fa¢l. We have nothing to report in this regard. Opirbion on other matters prescribed by th8 Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the Information given in the Trustees, report including the Strategic report for the financwl year for which the financial slalemenls are prepared is consistent with the financial slalemenls. the Trustees. report and the Strategic report have been prepaied in accordance with appli¢able legal requirements. Mattèrs on which we a￿ rèquired to report by exception In the light of our knowledge and understanding of the charitable ¢ompany and ils environment obtained in the course of the audi(, we have not idenlrfied material misstalemenls in the Trustees. report including the Strategic report. We have nothing lo report in respect of the following matters in relation lo which Companies Act 2006 requires us lo report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or retums 8dequale for our audit have not been received from branches not visited by us.. or the parent charitable company financial slalemenls are not in agreement with the accounting records and returns.. or certain disclosu￿$ of Trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Page 22 RATCLIFFE COLLEGE (A company Ilmltgd by guaranteo) INDEPENDENT AUDITORS. RepoRT TO THE MEMBERS OF RATCUFFE COLLEGE {coKfiNUED) RèsponsibiSiti8s of trustoes As explained more fully in the Twslees, responsibilities $18lement. the Trtsslees {who are 0150 tho directors of the charitable company for the purposes of company Saw) are responsible for the preparallon of the finaneial statements and for being satisfied that they give a true and fair view, and for such intemal Control as the Trustees detemiine is necessary to enable the pieparalion of financial statements that are fie$ from material misstatement, whether due to fraud or erTOr. In preparing the financial Statements, the Trusteos ar9 responsible for assessing the Group's and the parent charitable companls abilty to continue as a going concern. di8cIo8ing, as applieable. matters related lo going ¢oncem and using the going concem basis of accounting unless the Trustees either intend lo liquidate the Group or the parent charitable company or to ceasè operations. 01 havo no iealislic akernalive but to do so. Page 23 RATCLIFFE COLLEGE IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF RATCUFFE COLLEGE ICONTINUEDI Auditors. responsibilities for the audit of the financial statements Our objectives are lo 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 Auditors. report that includes our opinion. Reasonable assurance is a high level ol assurance. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalement when il exists. Misslalemenls can arise from fraud or orror and are considered material if, individually or in the aggrega19, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misslalemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of delecling irregularities, includin9 fraud is detailed below.. We have idenlrfied areas of laws and regulation5 that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Trustees and other key management obtained as part of the work required by auditing standards, We have also discussed with the Trustees and other key manageTnent the policies and procedures relating lo compliance with law5 and regulations. We communicated laws and regulation5 throughout the team and remained alert to any indications of non compliance throughout the audit. The potential impact of different laws and regulations varies considerably. Firstly, the college is siJbje¢t to laws and regulations thal directly impact the financial slalemenls (for example financial reporting legislation) and we have assessed the extent of compliance wrth such laws as part of our financial slalements audit. We evaluated management's incentives and OPPDrtunilies for fraudulent manipulation of the financial slalemenls lincluding risk of override of controls) and determined that the principal risks were related Ic) management bias in accounting eslimales and judgemenlal areas of the financial statements such as depreciation of pioperty, plant and equipment, the valuation of investment property , the level of provision for bad and doubtful debts, as well as the risk of inappropriate journal entries lo manipulate reported surplusldeficil. Audit procedures performed by the engagement team included the identification and lesling of unusual material journal entries and challenging management on key eslimales, assumptions and judgements made in the preparation of the financial slatemenls. We Carried out detailed substantive les15 on material accounting eslimales, including reviewing the method5 and data used by management to make those eslimales, re perfoming the calculation. reviewing the outcome of prior year eslimales and also reviewing the outcome of current year estimates since the financial reporting date. We also reviewed financial slalemenl disclosures and tested these to supporting documenlation to assess compliance with laws and ￿gUlatiOns. and we performed analytical procedures lo identify any unusual or un&xpecl8d relalw)nships that may indicate risks of material misslalemenl due lo fraud. Secondly. the College is subje¢l lo other laws and regulations where the consequence lor non-compliance could have a material effect on the amounts or disclosures in the financial slalemenls. We Idenlrfied the following areas as those most likely lo have such an effect.. Child Welfare and Health and Safety Legislation. inspections by the Independent Schools Inspeclorale, compliance with the Charrtable objectives, public benefrt. fundraising regulations, data protection. employment law and safeguarding. The college is subject to regular internal and external audits lo ensure compliance with these areas. Auditing standards limit the required audit procedures lo identify non-compliance with these laws and regulations to enquiry of the Trustees and other key management and inspection. This inspection included a review of the latest available extem81 audits for any evidence of non-¢ompli8nce, reading minutes of meetin95 of those ¢harged with governance, and discu5sion5 with key management. Through these procedures, if we became aware of any non-compliance. we considerecl the impact on the procedures performed on the reialed financial slalement items. Page 24 RATCUFFE COLLEGE IA company lirnited by guaranto91 INDEPENDENT AUDITORS. REPORT TO THE MEM8ERS OF RATCLIFFE COLLEGE {CONTINUEDI Owing lo the inherent limitations of an audit. thore is an unavoidable risk that we may not have detected some material misslalemenls in the financial slatenwnls, even though ￿ have properly planned and pgrformed our audtt in a￿OrdanCe w(th auditing standards. The further removed non NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Group statement of funds Group statament of funds . current year 8alance at 1 September 2022 Balance at Galnsl 31 August (Lo$se$l 2023 Transfvr8 Snlout Income Expendlture Unrèstrlcted funds Doslgnated funds Designated Fund$- all funds 114,649} 73,243 68,594 Genernl funds General Fund$- all funds 26.477.169 16,085,757 116.157,6821 173,243) 11011121 26,229,989 T¢)tal Unrestrlcted funds 26.477.169 16.085,757 {15.172.231 1102,1121 26,288,583 Page S7 RATCLIFFE COLLEGE (A company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 24. Statement of funds Icontinuèdl Balance at 1 Septembor 2022 Balance at 31 August 2023 Transfers inlout Gainsl (Losses) Income Expenditure Restrlcted funds Peter Daley Fund 8irch Legacy for Scholarships Black Legacy for Scholarships Other Funds Ukraine Appeal Foundation Projects Foundation Bursaries 1847 Bursary fund 50,526 32,408 142,5131 40,421 289,085 3.813 1,6661 4.454 295,686 4,114 75,407 80,605 124 14341 169,2431 63 1,162 4,207 77,129 63,460 994 52,098 33,999 39,474 161,422) 12,051 24,138 121.122) 3,016 21,725 121.725) 533.736 174,704 1218.149} 5.679 495,970 Total of funds 27,010,905 1 S,260,461 115,390,380} 196,4331 26,784,553 Page 58 o r) ¢0 ¢ 0> O) I ryj ) ty u> ¢f* ¢0 ) ¢0 th) c) (J c£ I I 1111 IIA OO¢TJ J (yj LQ o tJ¢J aliill ?o)(noJLL RATCLIFFE COLLEGE (A company Ilmltad by guarantsè> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 27. Analys18 of group net assets botwoen fund8 Analysls of group net assets betweon funds- currant y8•r unr￿trICted R•$trlcted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fbxed assèt investment$ Inve5tmgnl property Current assets Credttor8 due within one year Creditors due In more than one year 28,115,535 1.749,S37 873,308 3.550,067 14,170,106) 13.829,7581 28.115.535 1,749.537 1,100,000 3.819.346 {4.170.1061 {3.829,758} 226,692 269,278 Total 26.288,583 495,970 26.784.553 Analysls of group net assets betr￿en funds- pilor year UnTrstri¢l8d funds 2022 R8sbicf funds 2022 Tot81 funds 2022 Tongible fixed asset$ Fixed asset investments Investment prop8ty Current assets Credrtors wrthin one year Creditors due in more Ihan one year 28,223,331 1,581,231 i. 100,000 4,330, 783 (4,354,673) (4,403,503) 28,223,331 1.804,368 I,foo,000 4,641,382 f4,354,673J f4,403,503J 223, 13T 310,599 Total 26,477,169 $33, 736 27.010,905 Revaluatlon Resgrve Included within the general fund is £473,000 {2022.. £473,000) made up of the aggregate surplus on re measurement of investment properties. Page65 RATCLIFFE COLLEGE IA company Ilmlted by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 28. Reconciliatlon of net movement funds to net cash flow from operating activities Group 2023 Group 2022 Nel Incomelexpendi(ure for the year las per Slalemenl of Financial Activities) 1226,3521 369,899 Adjustments for-. Depreciation charges {Gains)ILosses on the sale of investment property IGains}ILosses on investments Dividends, interes15 and rents from inveslrnents Finan￿ costs IlncreasellDecreas6 in stock IlncreasellDecrease in debtors IncreasellDecreasel in creditors 1,048,841 1,008,561 (280, 000) 176.632 (52,074) 116,069 3,075 88.296 908. 771 96,433 165,6071 221,869 19.5741 152,9941 1566,8781 Net cash provided by operating activitigs 445,738 2,339,229 29. Analysls of cash and cash equivalents Group 2023 Group 2022 Cash in hand Cash held for investment Short term deposits 2,361,369 21,065 7SO,000 3,995, 974 14,719 Total cash and cash equivalents 3,132,434 4,010,093 Page 66 RATCLIFFE COLLEGE (A company Ilmlt•d by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 30. Analysis of chang0$ In net debt At1 Septsmber At31 2022 Cash flows August 2023 Cash al bank and in hand Debt due within 1 year Debt after 1 year Llquid investments 3,995,974 {1,6346051 2.361.369 {117,373) (382,3231 {499.696) 14403.S03) 573,745 (3.829,758) 750.000 750,000 (524,9021 1693.1831 11.218,0851 31. Capita5 eommltments Group 2023 Group 2022 Company 2023 Company 2022 Contracted for but not provld•d In thes• rinanclal stat•m•nts Acquisition of tangible fixed assets 32,153 32, 153 32. Op•rntlng lea$e commltmonts At 31 August 2023 the Group and the Company had commitments lo make future mlnimum leasè payments under nOn￿n￿lIable oporating leases as follows.. Group 2023 Gmup 2022 Company 2023 Company 2022 Nol181er than 1 year Later than 1 year and not later than 5 yea Later than 5 yea 114.020 123.881 44. 762 513,227 5,043 114,020 123,881 44, 762 513,227 5,043 237.901 563,032 237,901 563,032 Page 67 **RATCLIFFE COLLEGE (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** ## **33. Trustees' benefits: advances, credit and guarantees** No remuneration or benefits were provided by the Charity to any Trustee or Governor during the year, other than the Charity purchasing Trustees indemnity insurance at a premium of £Nil (2022: £4,413). Travel expenses to and from meetings of £614 (2022: £1,181) were reimbursed to Trustees during the year. Nil (2022: Nil) Trustees are accruing pension arrangements. The total amount of employee benefits received by key management personnel for the School is £875,226 (2022: £1,043,199) and the Group is £875,226 (2022: £1,043,199). The Charity considers its key management personnel to consist of the Senior Leadership Team. ## **34. Principal subsidiaries** The following was a subsidiary undertaking of the Company: |**Name**||**Company**|**Principal activity**|**Holding**| |---|---|---|---|---| |||**number**||| |Ratcliffe Enterprises Limited||02707219|Provision of summer|100%| ||||school and|| ||||conference facilities|| ||||for organisations and|| ||||individuals using the|| ||||facilities of Ratcliffe|| ||||College, along with|| ||||the college tuck shop|| ||||and school shops|| |The financial results of the subsidiary for|the year were:|||| |**Name**|**Income**|**Expenditure**
**Profit/(Loss)**||**Net assets**| ||**£**||**£**
**/ Surplus/**|**£**| ||||**(Deficit) for**|| ||||**the year**|| ||||**£**|| |Ratcliffe Enterprises Limited|**111,046**|**82,835**
**28,211**||**28,214**| The financial results of the subsidiary for the year were: Page 68 RATCUFFE COLLEGE {A company Ilmlt•d by guarante0} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Related ￿rtY transactions The Institute of Charity (Charity number. 222508} and Grace Dieu Manor Sch[￿1 Icharity Number.. 11159761 are ¢onsidered to be connected lo the main Charty because they have.. 1) Common, parallel or relalod objects and activities", and 2) commn control. During the year a donation of £156,071 12022.. £140,617> was pald lo Tho Institute of Charity {a ¢onnected charity). Also paid lo The Institute of Charity d(tring the year was a eonlribution towards costs in rola1v￿ to Father President, this lotslled £22,32312022.' £23.3661. The college made purchases totalling £3IXI12022'. £NIL} from the IOC in th8 year. A donolion under Gilt Aid of £14,046 was made lo Ralcliffe College by Ratcliffe Enterprises Limited (2022.. £NILI and income of £38,557 {2022.. £21,789} was received in respect of v8riou$ expense rgcharges. £62.93012022'. £50,750) was paid to Ratclrffe Enterprises Limilod for Shop ilem3. AS 8131 August 2022 the ICO owed RC £63,964 in resp¢¢t of expenses Incurred on their behaw. Further to this, in our year Ratcliffe College loaned further amounts tolalling £2,412 {2022.. £1,262) lo IOC to aSSiSt with the frxed costs Grace Dieu was still liable for following the cessation of ils trade in Summer 2020. There is £66.311 included within (Xher debtors as al 31st August 2023 in respect of Ih8sg. Ratcltffe Collegg also appeared to cover the c08t of the Rosmini Centre, church and archiving for the Institthe of Charity of £37,681 {2022.' £40,902) during the year. Ralcliffe College pay for the upkeep of the Rosmini Centre linve5tmenl property) and church, wh¢ch are typically OCCLFpied by the priests from the IOC. Archsving costs are incurred as the PTiesls look after and maintain dd records for the school. These are historic costs incurred yearryon-year and are athhorised in line with nomial transadions. Page 69